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COPYRIGHTED IN 1937 BY WILLIAM B. DANA
COMPANY, NCW YORK*
10^7
ENTEREO AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEWYORK, UNDER THE ACT OF MARCH 3, 1879.
VOL. 145. l"MdW;f5l&3iX,lCop,_ NEW
BROOKLYN
oo
YORK, SEPTEMBER 18, 1937
NO. 3769
William «>r. Spruce SU.,N.Y.City
TRUST
THE CHASE
COMPANY
Chartered
NATIONAL BANK
1866
Kidder, Peabody
George V. McLaughlin
President
NEW
YORK
CITY
OF
NEW
chase
YORK
is
tra-
ditionally a bankers' bank.
For
Federal Deposit Insurance
Member
THE
The
BOSTON
PHILADELPHIA
BROOKLYN
NEW YORK
OF
Co.
&
many
it
years
Corporation
served
a
has
large number
of banks and bankers
as
New York
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1
correspondent
and
depository.
reserve
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Boston
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Established 18S0
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AND OTHER
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wertheim & Co.
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Sept. 18, 1937
Chronicle
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& HARDEN
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Head Office:
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(ESTABLISHED 1817)
(With
which the Western Australian Bank and The
Australian Bank of Commerce Ltd., are amalgamated)
Securities
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W-Palm Beach No. 84
Dividends
UNITED FRUIT COMPANY
LOUIS
DIVIDEND
A dividend of
the
We buy and sell lor our
(DRMGAN.MIIMR &(b.
—
INC.—
Ingraham Bldg.,
stock
this
of
declared payable on
own account
Florida Municipal Bonds
Capital
NO.
153
seventy-five cents
per
Company
October 15,
share
has
on
been
1937, to stock¬
holders of record at the close of business September
23, 1937.
Stik
Co.
a
LIONEL
W.
UDELL, Treasurer.
ba/nt Laura
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AMERICAN
MIAMI
MANUFACTURING
Noble
Bell System Teletype MM I 80
COMPANY
and West Streets
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Members St. Louis Stock
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The Board of Directors of the American Manu¬
facturing
quarterly
Company
has declared the regular
dividend of $1.25 per share on the
Preferred Stock of the Company.
Also a dividend
of $1.00 per share on the Common Stock both
MILWAUKEE
Payable October 1, 1937 to Stockholders of record
eptember 15,1937.
ROBERT
B.
BROWN, Treasurer.
Missouri and Southwestern
WISCONSIN
Stocks and Bonds
CORPORATION SECURITIES
Teletype—Milwaukee 92
EDGAR, RICKER&CO.
750 North Water
Street,
Milwaukee, Wis.
National Power & Light Company
$6 PREFERRED STOCK DIVIDEND
Smith, Moore & Go,
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
The
quarterly dividend of $1.50 per
$6 Preferred Stock of National
Light Company has been declared
for payment November 1, 1937, to holders of
record at the close of business September 27,
share
Power
regular
on
the
&
1937.
ALEXANDER SIMPSON,
Treasurer.
.( '
fltttmerrifl
K
No. 3769.
SEPTEMBER 18, 1937
Vol. 145
CONTENTS
Editorials
page
1782
Financial Situation
The Risks of
1795
Capital Investment in Shipping
-1797
Lawlessness and War
Comment and Review
Gross and Net Earnings
the Month of July
Week
on
the
of United States Railroads for
1798
1787
1787
1792 & 1741
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
1802
Course of the Bond Market
1803
Indications of Business Activity.
Week
on
the New York Stock
Exchange
1785
Week
on
the New York Curb Exchange
1840
News
Current Events and Discussions
1815
Bank and Trust
1840
1890
Company Items
General Corporation and Investment
News
1930
1931
Dry Goods Trade
State and
Municipal Department
—
Stocks and Bonds
1846 & 1855
Foreign Stock Exchange Quotations
Dividends Declared
1847
Auction Sales
1889
New York Stock Exchange—Stock
Quotations
New York Stock Exchange—Bond
Quotations __1856 & 1866
New York Curb Exchange—Stock
Quotations
New York Curb
1856
.... -
Exchange—Bond Quotations
Other Exchanges—Stock
1878
1883
and Bond Quotations
Canadian Markets—Stock and Bond
1872
1876
Quotations
Over-the-Counter Securities—Stock & Bond Quotations .1886
Reports
1791
1841
Foreign Bank Statements
Course of Bank
Clearings
Federal Reserve Bank Statements
1853
General Corporation
1890
and Investment News
Commodities
1919
The Commercial Markets and the Crops
Cotton
— .
Breadstuff s
Published Every Saturday Morning by the William B. Dana Company,
—1921
1926
25 Spruce Street, New
York City
Business
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs
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. Da:
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
Possessions, $16.00 per year, $9.00 for 6 months: in Dominion of Canada, $16.60 per year, $9.76 for 6 months,
America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
Asia, Australia and Africa, $20.00 per year. $11.60 for 6 months.
Transient display advertising matter, 45 cents
per agate line
Contract and card rates on request.
NOTE;
On account of the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
in United States and
South
and Central
(except Spain)
The Financial Situation
the
Treasury
Federal
desterilizing
in
of inactive
store
$300,000,000 of
authorities
that
cations of business
its
keep
led
that
inevitably
with major responsibility for the steps taken. Yet it is
a fact that what is known as sentiment seems to
and
ket
the
general bus¬
situation
iness
mar¬
the
in
as
government bond market,
could
hardly have failed
to
have such
is
true
bank
the
that
It
result.
a
these
inflationary efforts,
at least up
to the time at
public
statistics
were
compiled, remained largely
the
in
oretical
the
of
realm
the¬
the prospective.
or
The Federal Reserve banks
had
bought
may
showing
the
of
continuation
a
ex¬
pansion of commercial, in¬
dustrial
and
agricultural
loans, had persisted in sell¬
ing
obliga-
government
gations, and there was
no
increase in rediscounts
by
member banks.
All this seemed to show
that,
as
had been expected
in many quarters,
so
immediate effect upon
banking
than
degree
of
ume
other
situation
increase
to
or
the
in
one
another the vol¬
held
excess reserves
by member banks, but it
did not put an
end to the
discussion
the
bility of
very
of
further
a
wave
real inflation.
this latter there
This
reason.
was
of
For
and
reason
prove
is to
be
undertake
used them
much
have
may
the
the
doubt
that
retiring
early this week, and
he
that
render
likely
advocating
is
of
governmental body not only
to see that truth, the whole truth and noth¬
ing but the truth is told about securities,
but to decide whether
not
or
not
or
he
program
further
one
into
this is
to
must
offer
is
thus
realm
vaguely outlining
factors
is
engaged
in
course
that all
business
of
under
conditions
or
by
a
by the politicians?
mide
out
everything.
a
case
for
no one
public
now
many
assume
others in Washington
the case proved.
seem
that
is
our
There remains considerable
to the standards by which Washington
being
a
are
there¬
a
fact
more
fact which
for
counts, moreover,
rather wide
to
views
now
differences
ac¬
the
in
held concerning
prospects.
The
steps
simple,
daily
stood, and
of
is
spreading that should
are
widely realized and under¬
the
rather widely
community
confronted
fore far from
Securities
and
the
what
The situation and
business
of
Yet the retiring Chairman of
and
Exchange Commission
the
of
the outlook with which the
who
control
to
course
by the Government
will be.
minimum of intervention
We know of
do
and then forecast
discount
steps
is
production and distribution which do not
involve exploitation of any group or groups.
The question is;
Can this end be achieved
best by constant governmental interference
and control
its
in
to
effect of such presumptive
public interest" in that it
supplying the wants of the
and
decide
events,
and
Federal
may
alter the natural
a
cost
all-powerful
wisdom
public, which naturally wishes to have its
wants supplied regularly, dependably, at
a
minimum
already existing, but
try to guess what the
Government
day.
of
well-known
now
New Deal-ism and various other kindred fads
is
industry and
must
as
with
conclu¬
reasonably ascertained
or
the phrase goes, and that there¬
fore it must be regulated, controlled, and
more
or
less managed by government.
This
seems
to
us
to
be a non sequitur, which
again and again is being employed by those
who defend Fascism, Communism, Socialism,
"affected
concerning the proba¬
ble reaction of
controlling, business enterprise.
The
particular program suggested at this time
is of less interest than the general philosophy
and
the
broad premises upon
which this
program, whatever it is. seems to rest.
The general idea seems to be that the
securities business is "affected with a public
The fact
only reach some
working
trade to fairly
interfering with,
of
not
of
sion
precisely what
that took the Government still
the
The
man now
sort
and
interest",
extraor¬
difficult.
practical business
speaker had in mind, it is certain that
would be
outlook
the
and
appraisal
accurate
dinarily
individuals and
corporations should be permitted
any given security to the public.
But whether
complicate
greatly
the existing situation
a
ineffective in the view of
expected.
they
control
to
of economic events
course
assign a precise
these, but those
of
career
credit managers further action of the same or similar
sort
to when and how
there will
good
apparently
already taken
to
assume
as vague as
the
the creation of
found in the fact that the opinion is
held
I
control
fere and the uncertainty as
consider
Where there is
finance
with the trend of his thought, are not
has
possi¬
with
official who
of the
no
for
meaning to words
the steps
far taken have had
need
familiar
the
while
It is this readiness of the
Federal authorities to inter¬
have something like a
It is not altogether easy to
the
banks
we
private
Factor.
Complicating
be control."
obligations, member
ment
of
finance in all of its aspects.
found
The
and the work
expand until
ministry
govern¬
no
than is realized.
saying that "these are public
in £hat direction
press as
institutions
with
Washington officials more
Referring
apparently
to
the financial
operations of corporations and the alleged
need of governmental intervention and con¬
trol, the retiring Chairman of the Securities
and Exchange Commission is quoted in the
to
the
which
Unproved Premise
an
weighed
have
may
weekly
figures revealed that
damage—a fact which
with
Assuming
threatened
have been damaged a good deal, or at least
al¬
be found
to
was
to
necessary
available, coming
money
reason
much in the stock
as
seem
the
to
conclusion that the
for them
as
Washington,
charged
consequently in their view can hardly be
and
government obli-
did in cir¬
steps
cumstances
most
quantities
superabundance of
a
these
as
such
in
activity had not shown sufficient
faltering to occasion great uneasiness at
gations would henceforth be purchased in the open
market
that the various indi¬
To such observers it appears
gold, and the announcement of the
Reserve
Commission.
concerned the Securities and Exchange
ONCE again inflationdiscussion. The action of
has moved into the fore¬
ground of public
first
question that
confronts the observer, and in ordinary circumstances
about the only
concern
course
one
that he would need greatly to
himself with, is:
of
business
What is likely to be the
during
the
next
assuming that it is left largely to its
few months,
own
devices?
officials will
measure
the effectiveness of such steps,
The steps so far taken by the authorities—reduction
in rediscount rates, desterilization of gold, and the
To
appears
that the behavior of the stock
announcement
indicating the
and
desirable, of
uncertainty
many
market
as
it
up
to and including the early part of this
as appears
intention,
open
if,
when,
market operations
past week had more deeply impressed the Treasury
by the Federal Reserve banks—seem not of them-
and
selves to have
Reserve
officials
than
they
seemed to have
very
materially altered the outlook.
Volume
Financial
145
apparently not changed their policies
The banks have
in
appreciable degree
any
and
result of these steps,
as a
responsible opinion seems to hold
more
fairly
result of anything that has yet been done by the authorities,
About the only change that has occurred in the mental
state existing in the business community seems to be
closely related to the prospect, real or imagined, of
inflationary developments, which in turn seems to
be more closely connected in the minds of most
definitely that they will not do
so as a
observers with what the Government may
do in the
future than with what it has done in the past.
The
of business
course
two takes
by
server
added
on
reason
during the next month or
importance to the thoughtful ob-
of the fact that it is almost univer-
sally believed that it will largely determine the pol-
icy and the
initiated
ties
of intervention likely to be
program
by the Federal Government.
prices
Have securi-
about completed their downward
now
and if not would continued weakness in the
course,
securities markets alone induce action
ington authorities ?
This is
by the Wash-
question
a
now
often
being asked, and about the only answer obtainable
is
an
for
echo of the
question itself. It seems to be taken
granted that should industry and trade lag seri-
ously during the next month or two our economic
be counted
can
managers
upon
devices from this
this
To
is
dence
not
possible to obtain
now
variety of
answers.
an
The actual evi-
The reaction of the
yet conclusive.
public to higher prices, regarded as inevitable
far
so
they have not yet become an actuality, has not
as
yet been adequately tested.
the Labor
Day holidays
Results obtained since
seem
highly varied.
of business during the next
course
few months have been without sufficient warrant, it
what in that case the policies
ask
to
proper
of the Administration
is
once
would
more
likely to be when Congress
are
In such
in session.
circumstances it
probably be futile to tell New Deal
that their restrictive and
punitive
managers
programs
of the
past have done great harm to business and that more
of the
same
Indeed
they
prove
furnish
the
order
some
might be little short of disastrous.
of the dire
good political ammunition in an effort on
of
favor.
the undesirable
On the other
sumably would put
as
predictions of today, should
not well founded, might of themselves
part of the President to drive through Congress
some
those
an
he is known
eventuality
end to inflationary steps such
or
weaken the force of de-
budget situation becomes too trou-
To press
this
course
of reasoning
one
step
farther, should the course of events during the next
few months follow such
lined it would appear
at most to
a
will of
remember that in the past
neither
ment
measures
inflationary
have been
both have been
course
not fail
to
under New Deal manage-
stimuli
nor
restrictive
administered alone, but that
applied at One and the same time with
the result that the full effects of
neither have been
We have been able to discover no convincing
.to suppose that Washington officials have
in either group of programs. It would
therefore appear to be inadvisable to assume that
Ave s^a^ have occasion to feel the full and unchecked
f°rce
either in the early future. We nmy well
sfe ^ur^er efforts to inflate and we are likely to
find that the President is inclined to insist upon
continuance of restrictive measures. In such an
event, what we should have from Washington would
n0^
unlike what we have had in the past, a situa^on
which ^ie °fficiai right hand ignores what
^ie °fficiai
iian(i doeth. The reaction of the busiliess community may or may not be identical with
^ia^
^ie Past? but ^ie impingement of governmental forces would be about the same,
^
Ultimate Effects
to
pre-
steps and at least curtail their scope,
unless indeed the
blesome.
an
recently taken,
mand for such
measures
hand, such
Self-destructive Combinations
realistic student
The
reason
If-Business Continues Good
is
general pattern.
felt.
Assuming that fears entertained in many quarters
concerning the
.
sity of intervening with measures they think will
give business a fillip? What then would they do?
If one may judge from what they have already done
in the recent past, and what they have been prone to
do all along, their first step would be larger doses
from the inflation vial; that is, further desterilization of gold and actual purchases of substantial
amounts of government obligations in the open market. It would be impossible at this time to foresee
how far such processes would have to be carried before they exerted a really marked effect upon the
course of affairs. It could well be, of course, that
the authorities would presently feel themselves
obliged to resort to larger government outlays and
greater deficits in order to "prime the pump."
Indeed, should there be a substantial recession in
business and a sharp reduction in profits, such a
result might well prove almost automatic, since tax
collections would without question shrink very appreciably and relief expenditures expand. Whether
developments of this nature would tend more to
stimulate inflationary developments in the business
structure or more to cause entrepreneurs to act with
still greater caution in view of the spreading realization of the hazard already inherent in the budgetary
a^d banking situations, is a question that would inevitably arise should the course of events follow this
point forward, will business lag?
question it is
almost infinite
to take steps de-
But if left to its own
signed to stimulate activity.
1783
Chronicle
pattern as has been out-
that the net result would be
postpone the period of anxiety and pos-
So much for the current situation, the steps that
have been recently taken to alter it, and the
prospect
of further intervention by the politicians and their
The man of affairs
considerable period in
representative at Washington.
who must lay his plans for a
the future cannot of course content
himself with
problems. He must reach
sort of conclusion concerning the longer term
these more immediate
some
prospects and the ultimate effects of current
public
and other policies. When we turn to this aspect of
sibly the definite "show-down" until some time next
the current situation we find the task of
year.
appraisal
even more
But
suppose
the majority is correct in its
ap-
difficult in some respects but immensely
simpler in others. The farther one undertakes to
into the future the more difficult it becomes
praisal of the outlook for the early future, and we
peer
find
industry and trade lagging in a degree that
to discern detail, but the very inability to see the
New Deal managers to feel under the neces-
detail sometimes lends sharpness to the perspective.
causes
1784
Financial
Chronicle
Sept.
is,
V
Viewing the whole matter in this broader
first fact
likely to catch the
eye
count rates, they constitute a retreat from the sensi-
the
way,
is the characteristic
ble and
readiness of economic planners to alter their plans
in the face of current
we
have witnessed
practical difficulties.
during the past week
or
same
old
always characterized those in places of
when
an
ministered
to
til
reached.
further
no
officials
a
usually for the simple
others
have
would
inevitably usher in
the
was
form
a
to
necessary
Taken together,
striking combination, designed
mo-
of the country.
economy
The Treasury moved with great alacrity to
out its part in this arrangement.
that by that time it
gold from the inactive fund
.deposit of
measures
period of painful
in circulation.
currency
moves
be
may
effects of the usual autumn
money
ment, however evil the ultimate effects may be on
apply corrective measures,
reason
to resume
which the Treasury finds advantageous at the
regularly
apparent that the application of such
second
the
are
to maintain that altogether artificial ease in money
stage where there could
and
lacked the hardihood to
was
these
disease, which is unfortunately
blinking the fact that something
public
awry,
gain of
stage in the so-called cycle had been
When the
progressive one, reached
be
offset the harder
were
wholesome expansion of trade un-
as
the Federal Reserve banks
notes to whatever extent
ury
excess reserves
Under
market operations, through purchase of Treas-
open
The resulting effects have usually then
so.
corresponding amount.
a
measure
that they were doing so or unwilling
rather late
a
by
usually ad-
bring themselves to the conclusion that they
doing
fund to meet ordinary Treasury requirements, thus
inadvertently, those administering them
unaware
been described
a
were
The first of the
decided upon, rather hastily, provides
increasing member bank deposits and
give place to recession.
past "shots in the arm"
requirements
reserve
for release of $300,000,000 of the gold in the inactive
power
inflationary upward swing seemed to reach
In the
being
measures now
wincing and relenting and refraining that
its crest and threatened to
increases of
Treasury's inactive gold fund.
What
two is the
have
necessary
and the immobilization of gold acquisitions in the
was
carry
The $300,000,000
"cashed" through
equal amount of gold certificates with
an
re-
the Federal Reserve Bank Fund, and the general
adjustments.
Almost without exception the cycle,
account of the Treasury with the banks increased
so-called, has
run
its
evitable aftermath.
in
planned
was
primed.
a
course
and produced the in-
Under the New Deal the
advance.
The
pump
to
was
similarly.
flow,
own
no
further priming
which
to be
was
to be drawn from the
ing stream and stored for
at
some
It seemed
was
primed for
many
again to need it.
months,
even years,
finally to be "catching" hold. The priming
somewhat
curtailed, and almost at
began to cough
pump
in priming the pump
future date when it seemed
The pump was
flow
use
a
little.
of
self-support-
now
the
once
It required only a
found
their
disbursements
of
the
purposes,
increased
by
this basis but also because
on
sizable post-Labor Day return of currency from
a
circulation.
-
balances
reserve
$154,739,000, not only
applied, but the water that had been used for that
purpose was
Treasury
and the funds filtered rapidly to the member banks,
be
When it had "caught" and had begun to
yield its
But
quarter-date were large, for public debt
cycle
Because of the return flow of
market
open
banks
operations
needless and
were
of
none are
transactions, the
banks
Reserve
recorded.
result of the gold incident and the other,
nary
currency,
Federal
the
excess reserves
As
more
a
ordi-
of member
estimated at $880,000,000 as of Wednes-
are
day night,
$120,000,000 for the statement week,
up
relatively few weeks of uncertainty before the prim-
Obviously enough, all the gold deposit of the Treas-
ing flow
ury
again increased, with promises, both
was
implied and
express,
that it would be further in-
creased if circumstances seemed to
suggest it.
differences between the old and the
new
largely upon the surface. What good
for
expecting the ultimate
is there
reason
consequences
The
evidently lie
to differ in
essentials?
measures
imposed in the past
be reflected in
soon
operations, and
of
a
since
excess reserves,
we
thus have the curious prospect
guaranteed total of about $1,000,000,000
for the country.
cess reserves
of the higher
be
As to restrictive
will
the currency expansion will be offset by open market
regarded
reserve
as a
Even
ex-
the basis
on
requirements, that
can
only
dangerous aggregate.
The condition statement of the 12 Federal Re-
or
planned for the future, it would be utterly absurd
serve
to think of
of $299,000,000 in the gold certificate holdings, to
have
us
activity
ments
cious
thus
them,
do,
apparently the President would
as
well designed to stimulate business
as
to sustain the economic system.
or
depending for their validity
creating effective demand for goods that might
are
of
course
in the nature of
in
upon some spe-
theory of "spreading purchasing power" and
otherwise be produced and go
ers
Argu-
a
begging for
palpable balderdash.
consum-
If anything
major recession in business is
now
prospect the Administration needs to look much
farther
and
much
more
realistically for remedies
which would not make the last state of
things
worse
the first.
than
banks, combined, reflects
an aggregate
an
actual increase
of $9,129,890,000, but this means only
that the usual small weekly adjustments required
the return of $1,000,000 of the certificates.
cash flowing back to the banks, the total
moved
$324,300,000
up
Sept. 15.
to
With
reserves
$9,435,402,000
as
tion dropped $24,170,000 to $4,271,313,000.
gate
of
Federal Reserve notes in actual circula-
deposits with
the
Aggre-
12 banks increased
$370,-
807,000 to $7,525,233,000, with the account varia-
tions consisting of
an
increase of member bank de-
posits by $154,739,000 to $6,864,732,000;
a
gain of
Treasury general account deposits by $217,296,000
to
FederaljReserve Bank Statement
$347,686,000;
a
decrease of foreign bank deposits
by $590,000 to $199,837,000, and
a
decrease of other
FRESH monetary dispensations rapidity these deposits by $638,000 toand
$112,978,000.liabilitiestotal
With off,
Washington with remarkable emanate from
sharply
reserves up
days,
reflect
broad
last
and the
some
and
current banking
of
the
latest
far-reaching
Monday.
statistics already
changes ordered.
measures
were
Two
announced
Like the recent reductions of redis-
so
the
ratio increased to
reserve
currency
80.0% from 79.6%,
despite the gain in deposit liabilities.
Discounts by
the System drifted lower by $361,000 to $23,198,000.
Industrial
advances
were
down
$106,000
to
$20,-
Volume
Financial
145
Bankers' bill holdings
603,000.
were
$9,000 lower at
$3,067,000, and holdings of United States Government securities remained at
$2,526,190,000.
.
.
Business Failures in
AUGUST business failures
downward
almost
of
trend
August
abruptly reversed the
the
prevailing
figures
continuously since December, 1935.
exceeded
ures
the
of
those
same
In the
which fail-
only other two months in the period in
month
a
year
earlier, the degree of increase was extremely slight,
but last month failures
1936,
August,
8% greater than in
were
44%
liabilities
and
In
greater.
addition, although August failures and liabilities
are
nearly always
near
liabilities
month's
month this year,
the lowest for the year, last
easily the highest of any
were
the number of failures, while sub-
stantially higher than July, and also higher than
June,
In
was
lower than the months preceding those,
large part, the increase in liabilities was due to
the failure of
large
one
subsidiaries in the
which involved
trict
in
of
excess
numbered
total
$2,000,000.
and several of its
liabilities
substantially
Insolvencies
in
August
707, involving $11,916,000 liabilities; in
1936, these
August,
company
Philadelphia Federal Reserve Dis-
655, with liabilities
were
of
$8,271,000; and in July, 1937, failures numbering
only 618 involved $7,766,000 of liabilities.
When
the
of
-classes
and
trade
having had
are
construction
arranged
in
according
year
to
are
revealed
as
than last; liabili-
the manufacturing and
also
were
divisions
failures this
more
ties involved
failures
failures
industry, the manufacturing, wholesale
much greater than
wholesale
in 1936 but
considerably smaller in the construction line,
were
One hundred
for
failed
and
forty-eight manufacturing firms
$5,603,060 in August this year
as com-
pared with 104 for $1,852,000 in 1936; wholesale
numbered
failures
trade
77 this year attended
by
$2,346,000 liabilities, while last year there were 70
failures
having only $1,164,000 liabilities; construe-
tion failures amounted to 49 this year
and only 36
failures
of
announcement that the Treasury would cash immediately $300,000,000 of the gold in its inactive fund,
and that Federal Reserve open market operations
would be resumed to tide the money market over
the period of currency expansion proved of momentary aid to the stock market and of more lasting
assistance to the bond market. The underlying fact
appears to be that much uncertainty exists as to
the course of business, the incidence of the burdensome and still growing taxation, the political situation here and abroad, and the repercussions of the
wars that are in progress in China and Spain. Trading volume on the New York Stock Exchange showed
the same erratic tendencies displayed by price
trends. Turnover in the full sessions ranged from
less than 1,000,000 shares to more than 2,500,000
shares.
In the trading of the short session, last Saturday,
prices bounded forward. This movement was an
obvious correction of the overdone declines that
marked the dealings during most of last week.
Gains of 1 to 3 points were recorded in leading
stocks. When dealings were resumed on Monday
the market was faced with the announcement
achieved after a series of upward and downward
were
Retail
with $3,255,000 last
maneuvers
that reflected accurately the uncertain
failures in
the commercial
involving $437,000 liabilities, com-
of mind prevalent among traders and investors. Steel and copper stocks bore the brunt of
with 37, involving $502,000 liabilities, last
the selling, while farm implement issues and some
There were 30
year.
service
pared
group,
state
of the utility shares reflected modest
year.
In the
there
failures than
Louis
years.
District
there
was
a
like
wise advanced.
year ago;
only in the
number
in
both
In all the others failures were moderately
higher, and in most of them liabilities involved were
higher.
The increase in the Philadelphia Dis-
alone was
to
The
1936, while in the St.
a
Richmond, Minneapolis and Dallas districts were
there fewer failures than in
buying.
with railroad stocks the
leaders of the market, on rumors of an accord on the
wage question.
Gains of 1 to 5 points appeared
in the carrier stocks, while industrial leaders like-
large majority of Federal Reserve districts
were more
trict
of the
credit measures, which were correctly assayed
as inflationary in nature.
At the opening prices
were marked higher by 2 to 7 points, but the buying
wave soon was exhausted and replaced by a fresh
spasm of liquidation, which carried prices 1 to 4
points down from the previous levels. The market
was more impressed by the seriousness with which
Washington viewed the situation than by the inflationary credit steps. On Tuesday the trend was
abruptly upward, with all groups participating and
with final gains amounting to 2 to 5 points in promi-
new
somewhat lower
totaling 403
$2,896,000 in comparison
also
show advances. There were also some losses, however, among the investment securities. The Monday
August, 1936, and involved liabilities
$634,000 compared with $1,498,000 in 1936.
than the 408 of
the market. Prices moved in a wide arc, and even
in single sessions the trend sometimes swung from
sharp gains to equally decided losses.
In most
issues the gains were more pronounced than the
losses, and for the week as a whole the bulk of stocks
lient stocks. Short lines were covered to some degree, and this aided the market.
The main trend
on Wednesday was downward, with this result
last, but liabilities this year were no more than
trade
1785
Chronicle
$4,365,000 from
no
more
$411,000 in 1936.
than
...
tone improved on Thursday,
Utility shares were relatively dull,
Continuing on its erratic way, the market yesterday
turned downward once more, with losses of 1 to 3
points recorded in leading shares. The liquidation
was modest, but it sufficed to set virtually all
groups
back.
In the listed bond
The New York Stock Market
announced
on
market the credit control steps
Monday proved a dominant influence.
HIGHLY erratic the New York stock market this railroadStatesindustrial bonds showed small and perUnited and Treasury issues and best-rated utility,
equities in movements marked the trading
in
week.
week
The unsettlement that was in evidence last
again prevailed as trading started last Mon-
day, and at the close yesterday there was still no
indication of
a more
settled and reasonable view of
sistent gains,
was
in session after session.
The advance
most pronounced, relatively speaking, in the
short-term securities of the United States GovernThese movements in investment issues were
ment.
Financial
1786
fractional, of
but they apparently put an
course,
end to the slow downward drift of recent months,
Among railroad issues of secondary classifications
and of the default
took
status, a sharp upward revision
Other bonds of more or less speculative
place.
hue moved
upward and downward with the equities
and closed
yesterday without important change.
the
In
commodity markets, agricultural items moved
wide
in
than
swings, with recessions more pronounced
gains.
Spot
and
copper
other
base
metals
steady, but the futures drifted sharply lower
were
and caused
Foreign
some
dealings
exchange
with the franc
about the
concern
were
price structure.
watched
closely,
persistently weak, despite the official
The French unit fell to lowest levels since
control.
1926, and sterling also
was
weak at times.
The
Sept. is, 1937
Chronicle
pared with the close on Friday a week ago,
at yesterday's close show moderate advances.
prices
Gen-
46 on
Friday of last week; Consolidated Edison Co. of
N. Y. at 32% against 31%; Columbia Gas & Elec.
at 11% against 10%; Public Service of N. J. at 39%
against 38; J. I. Case Threshing Machine at 144
against 137; International Harvester at 97% exdiv. against 90; Sears, Roebuck & Co. at 81 against
78%; Montgomery Ward & Co. at 50% against 51%;
Woolworth at 42% against 42%, and American Tel.
& Tel. at 161% against 160;%.
Western Union
closed yesterday at 34% against 41% on Friday of
eral Electric closed yesterday at 48% against
last week; Allied Chemical & Eye at 204 against
203; E. I. du Pont de Nemours at 151 against 142%;
National Cash Register at 26% against 25%; inter-
against 55%; National
foreign units recovered somewhat yesterday, but in
national Nickel at 55%
the
Dairy Products at 17% against 18; National Biscuit
meanwhile
large additional gold shipments to
the United States
found necessary.
were
On the New York Stock
a
high
new
touched
level
Exchange
for
at
York
stocks
Curb
Call loans
remained
On
130% against 127%; Lorillard at 20 against
the
20%; U. S. Industrial Alcohol at 29 against 28;
on
unchanged
New
York
half-day session
shares;
Stock
Monday they
on
shares;
Exchange the sales at
Saturday last
on
on
Saturday
day, 575,145 shares;
were
365,940 shares;
trend and
on
was
prices, in turn,
without
came
sions
and
in for
maneuvering, at times suffering wide
occasions
other
higher territory.
on
*
present week
much
on
Mon-
Thursday, 194,535
on
Friday, 166,910 shares.
on
stock market the
definite
Friday,
Tuesday, 348,455 shares;
on
Wednesday, 248,370 shares;
shares, and
on
On the New York Curb Exchange
814,310 shares.
the sales last
on
Wednesday, 1,143,140
Thursday, 885,780 shares, and
on
1,404,120
were
2,561,820 shares;
were
Tuesday, 1,510,250 shares;
reces-
moving forward to
Saturday prices recovered moder-
ately from the losses sustained in the early part of
last week
closed
and
After the short
market
on
Monday
trifle below the
a
levels.
respite
came
on
became
day's best
Saturday last the
in for further revision and
prices declined from 2 to 10 points.
Profit-taking
quite general in late trading with the
more
prominent issues bearing the brunt of the attack.
This sudden change in trend was attributed to the
Federal
Reserve
Board's
action
in
freeing $300,-
000,000 of sterilized gold to meet the needs of busiin
ness
the
coming months.
plunged downward in
a
Just
the market
as
fury of selling the day be-
fore, sudden improvement set in
left
on
Tuesday, which
prices 2 to 5 points higher at the close.
consideration
of the
other
were
factors,
market's
Board's
Further
action, coupled with
undoubtedly responsible for the
spirited advance.
developed
Uncertain
movements
watt hours against 2,320,982,000 in the preceding
yesterday, resulting in declines of 1 to 3
week and 2,098,924,000 in the corresponding week
opening
on
from 1 to 5
on
points
tion of wage
and
here and there
was
evident.
A
a
At
gen-
Thursday's
characterized
by carrier issues, which rose
the announcement of
a resump-
negotiations between labor leaders and
managements,
higher ground.
the
general
list
Modest liquidation
advanced
was
points, which embraced the general list.
considered of less significance at the moment
to
higher
trading; spurred
the market
are
present in
Wednesday,
closing time extreme irregularity prevailed.
the
27% against 27.
Tlie steel stocks were irregularly changed this
week. United States Steel closed yesterday at 94%
against 93 on Friday of last week; Inland Steel at
^90 against 96; Bethlehem Steel at 80% against
8(H4> aud Youngstown Sheet & Tube at 67% against
08%. In the motor group, Auburn Auto closed
yesterday at 15 against 12% on Friday of last week;
General Motors at 51% against 48%; Chrysler at
97% against 94%, and Hupp Motors at 3% against
3%. In the rubber group, Goodyear Tire & Rubber
closed yesterday at 32% against 30 on Friday of last
week; United States Rubber at 43% against 40%,
and B. F. Goodrich at 30 against 28%. The railroad
shares made modest gains the present week. Pennsylvania RR. closed yesterday at 313% against 30%
on Friday of last week; Atchison Topeka & Santa
a^ 61 against 59; New York Central at 28%
against 27%; Union Pacific at 106 against 105;
Southern Pacific at 33% against 32%; Southern
Railway at 21% against 19, and Northern Pacific at
21 against 19%. Among the oil stocks, Standard
Oil of N. J. closed yesterday at 59% against 58% on
Friday-of last week; Shell Union Oil at.22% against
22%, and Atlantic Refining at 25% against 23%.
In the copper group, Anaconda Copper closed yesterday at 45% against 48% on Friday of last week;
American Smelting & Refining at 77% against 79,
and Phelps Dodge at 40 against 42%.
Trade and industrial reports indicate a good
maintenance of general business, but these indices
than the dwindling back-log of steel orders. Steel
operations for the week ending today were estimated by the American Iron and Steel Institute at
80.4% of capacity against the 71.6% of the preceding Labor-Day week, and 72.5% at this time last
year. Production of electric energy for the week to
Sept. 11, which included Labor Day, is reported by
the Edison Electric Institute at 2,154,276,000 kilo-
on
tendency to climb to higher levels
erallv
Canada Dry at 18 against 19%; Schenley Distillers
at 36% against 36%, and National Distillers at
the
The
23%; Texas Gulf Sulphur at 34%
against 33%; Continental Can at 39% against 50%;
Eastman Kodak at 178 against 178; Standard
Brands at 10% against 10%; Westinghouse Elec. &
and
high levels
new
Exchange
631
York
New
1%.
the
a
the
low levels.
new
Stock
while
year
On
stocks touched
4
385 stocks touched
New
the
levels.
low
new
at 23% against
Exchange 1 stock touched
As
com-
of 1936.
Car loadings of revenue freight for the
Financial
Volume 145
Association of
Chiefly be¬
cause of the holiday, this represented a decrease of
93,334 cars from the previous week, but a gain of
11,115 cars over the same week of last year.
As indicating the course of the commodity mar¬
kets, the September option for wheat in Chicago
closed yesterday at 103%c. as against 105%c. on
Friday of last week. September corn at Chicago
closed yesterday at 11314c. as against 105c. the
close on Friday of last week.
September oats at
Chicago closed yesterday at 31%c. as against 31%c.
week to
Sept. 11
the close
reported by the
are
Railroads
American
at
711,299 cars.
Friday of last week.
on
York closed
yesterday at 9.05c. as against 9.23c. the close on
Friday of last week.
The spot price for rubber
yesterday was 18.53c. as against 19.18c. the close
on
Friday of last week.
Domestic copper closed
yesterday at 14c., the close on Friday of last week.
The
spot price for cotton here in New
the
In London
ounce
price of bar silver yesterday Avas
against 19 15/16 pence per
Friday of last week, and spot silver in
20 pence per
on
ounce as
closed
New York
yesterday at 44%c., the close on
matter
the
In
of
the
foreign
cable
exchanges,
London closed yesterday
on
at $4.96% as
against $4.94% the close on Friday of last week,
and cable transfers on Paris closed yesterday at
3.39%c.
against 3.5614c. the close on Friday
as
of
last week.
European Stock Markets
SECURITY prices moved slowlythe leading Euro¬
but impressively
exchange in
lower
on
stock
Quotations gave
Lon¬
don, Paris and Berlin, and a modest recovery there¬
after cancelled only a part of the losses. The sharp
recessions in New York apparently were the chief
financial centers, this week.
pean
way
throughout the first half of the week at
cause
of the unsettlement in
European markets. Like
of the Atlantic, those
the commentators on this side
in
Europe
It
was
were
mystified by the New York declines.
generally agreed that the Wall Street attack
of "nerves" would wear off
of
quickly, but the reactions
the movement nevertheless were
felt in foreign
Also of much concern was the persistent
weakness of the French franc in the foreign ex¬
trading.
situation in the prin¬
remains fairly
wide variations in commodity
World politics remain highly
change markets. The economic
cipal industrial countries of Europe
favorable, but some
prices
were
dubious
was
and
noted.
uncertain, and
no
comfort whatever
gained in any market from a contemplation
the events in
of
Spain and China, and the international
repercussions of those wars.
Opening levels on the London Stock Exchange re¬
degree of uncertainty, last Monday.
flected
a
funds
were
little
British
changed throughout the session,
while most industrial issues held close to
previous
Commodity secu¬
rities receded, as did Continental and Far Eastern
obligations. The Anglo-American list improved on
reports of a good opening at New York. In another
quiet session on Tuesday, levels of gilt-edged issues
were hardly changed, but industrial stocks suffered
figures, with losses predominant.
centered
securities, which rose
sharply on reports of a similar movement in New
York. Commodity issues were uncertain. Little ac¬
a
general and pronounced slump. Interest
mainly
in
trans-Atlantic
and gilt-edged se¬
session. But other
sections developed weakness, which carried indus¬
trial stocks to materially lower levels. Commodity
tivity
was
curities
noted on Wednesday,
again were steady in that
stocks and international issues
joined in the down¬
swing. The tone steadied on Thursday, with British
still unmoved. Some demand was noted for
funds
still were un¬
Copper stocks were weak in the commodity
group,
while international issues showed small
losses and gains in about equal proportions.
In a
dull session yesterday gilt-edged issues were steady,
industrial
securities, although others
certain.
but industrial stocks declined.
International issues
irregular.
were
Liquidation was the order of the day on
the Paris
of the week. Trad¬
ing was on a small scale, but buyers proved reluc¬
tant and quotations fell in all departments. Rentes
showed fractional declines, while larger losses ap¬
Bourse
during the initial session
peared in French equities and international securi¬
Even the favorable week-end reports from New
ties.
York
failed
to
the Bourse.
impress
Tuesday started with a small
Dealings on
rally, which soon was
orders
sinking spell as selling
turned into another
Friday of last week.
transfers
1787
Chronicle
Weakness of the franc
French equities.
A few bank stocks improved, while foreign securi¬
ties were better as a whole. In a quiet session on
Wednesday, rentes again receded in reflection of the
further fall of the franc. French bank, industrial
and other equities joined the downward movement,
but the typical Bourse reaction to inflationary fears
was apparent in a sharp upswing of gold mining
stocks and international securities. A degree of con¬
fidence finally was restored on Thursday, and a
little buying of rentes and French equities took
place in that session. Foreign securities suffered
modest reactions. Rentes again were marked higher
poured into the market.
caused
selling of rentes and some
yesterday, while French
issues marked
equities and international
time.
controlled Berlin Boerse
prices improved
slightly. Heavy industrial stocks were in best de¬
mand, while a little inquiry also appeared for elec¬
trical and chemical issues. Fixed-income securities
were neglected and unchanged.
The trend on Tues¬
day was toward lower levels, with losses amounting
to 3 points in some of the leading issues. The reces¬
sion was general in equities, despite small dealings,
but fixed-interest issues were steady. The tone again
was soft on Wednesday, and there was no improve¬
ment in the trading volume. Losses of 1 to 2 points
were common in the more active stocks, but many
issues were not quoted at all. Public buying finally
was noted on a small scale, Thursday, but it suf¬
ficed to lift quotations for most groups of stocks. A
few of the bank issues showed sharp gains, while
industrial stocks generally were better. The fixedincome group remained dull.
Movements yesterday
were
mainly toward lower levels, with changes
Trading on the carefully
was
very
modest on Monday, and
small.
Foreign Policy
WASHINGTON reports indicate that the Roose¬
Administration is feeling, its way care¬
velt.
fully in the ever more
national
affairs,
keeping the United
in
progress
troublesome sphere of inter¬
the fundamental aim of
with
States out of the wars already
and any others that may
develop.
It
1788
is
Financial
Chronicle
sufficiently obvious that
noted
grave anxiety is occa¬
by the Mediterranean complications of the
Spanish civil war, while the Sino-Japanese conflict
The
is
method of
were
sioned
While spend¬
few days at his Hyde Park, N. Y., home over
a
the last
week-end, President Roosevelt
consideration to these problems.
he admitted in
than
they
his
to
The President conferred at
numerous recent
Washington, Tuesday,
returned to
Washington.
ing the Neutrality Act,
partial embargo
strip of the
a
Reform of the
step in the ambitious
one
received
some
study.
It is significant that
separa¬
Treaty of Versailles
occupied the committee entrusted with this study..
Without actually invoka
to warring
arms
for dividing all but
tion of the Covenant from the
The United States
was announced
the President imposed
shipments of
on
the program
League, which is merely
Government, it was divulged at
Washington, is placing before the Geneva body the
after Mr. Roosevelt
soon
plan, but only to the extent that authorization,
plan to bring Germany back into the organization,
prom¬
foreign shores.
prolonged studies
again next week..
Tuesday the British Pales¬
Holy Land between these factions.
great length with
visitors to
question to die, while the
any
may come up
granted for negotiations with Arabs and Jews
on
news¬
Ambassador-at-Large, Norman H. Davis, and
One result of the
permitting
was
better
keep this
situation, Mr. Roosevelt
already has been placed be¬
tine
becoming entangled in the "pretty seri¬
international
with
in
be to those who read the
seem to
Nation from
ised.
are no
war
subcommittee, which is the favorite League
The Council approved on
World conditions,
address,
a
Spanish intervention
gave careful
Every effort would be made
papers.
ous"
informal
an
by the League and action postponed..
Sino-Japanese
fore
causing at least equal perturbation.
ing
Sept. 18, 1937
°
statement in favor of peace
made by Secretary Hull
July 16, together with the solocited replies from.
on
60 nations.
Japan and China.
Merchant vessels owned by the
United States Government were forbidden to trans¬
port arms, ammunition and implements of
war
to
Nyon Anti-Piracy Accord
the Far Eastern
UNDER the leadership of treaty against sub¬
Great Britain and
France,
nine-Power
the
marine
contestants, while other ships flying
United States flag were warned that
they engage
in such trade at their
ment-owned
ships
own
risk.
So far
concerned, this
are
as
govern¬
to all
intents and purposes an
application of the neutral¬
was
ity
measure,
the
proclamation of May 1, relating to the Spanish
referred to as applicable also in the present
since the list of prescribed articles in
war, was
instance.
the
The
danger of Japanese interference with
government-owned
Diego
ship, Wichita, due at San
route to China with 19 airplanes abroad,
en
presumably prompted the presidential
lias been declared in the Far
war
of this fact the
sidered
a
partial embargo
No
East, and in view
hardly be
can
admirable action for
very
move.
ing nation, but at least it has the
con¬
leading trad¬
a
merit of realism.
Warnings that American ships
may find it danger¬
operate in the Mediterranean and Sino-Japa¬
to
ous
nese war zones
ment of late.
Americans
dent to leave
voiced
were
have been issued
were
by the State Depart¬
warned
by the Presi¬
China, but when strenuous objections
by
nationals
our
there, Secretary of
State Cordell Hull declared that American marines
were
to remain and to offer the best
tion to
possible protec¬
citizens, circumstances considered.
our
a
in
piracy in the Mediterranean
conference at
a
to 14.
vious
some
The
treaty
with
were
such
in session at
important matters
as
this
the
war
between
China and
the
Japan and the foreign interference in
Spanish civil war to consider.
These matters
were
placed before the League bodies by the nations
that feel themselves
aggrieved, with the customary
indifferent results.
Dr.
warned
-
the
aims not
tion of
Assembly
Wednesday that Japan
only at the political and economic domina¬
China, but also at the elimination
interests.
tinued
He urged the
armed
on
of
Valencia
in
war was
Foreign
placed before the
Thursday, when Premier Juan Negrin
regime
complained
"piracy" in the Mediterranean and
under
foreign
flagrant violation of
treaty obligations.
meddling in the Spanish
Council
of
League to act against "con¬
aggression
international law and
the
Wellington Koo of China
on
Article
XI.
In
both
of
Italian
demanded action
cases
like
seems
a queer
echo from pre¬
method of
a
cumber¬
dealing with the problem presented
by repeated attacks and sinkings of neutral ship¬
ping engaged in trade with Spain.
Spanish loyal¬
ists
and
insurgents alike disclaimed all responsi¬
bility for the submarine piracy, which
exclusively at
merchant
loyalist ports.
attacked
on
directed
cargo
The British destroyer Havock
one
explained.
was
ships carrying
occasion, with the
Although
Russia
still
reason
leveled
to
was
un¬
emphatic
charges against Italy, in connection with the piracy,,
the identity of the submarines remains undisclosed.
Obviously enough, the British, French and other
governments
that
Spanish
had
really remained neutral in the
desire to determine definitely
nationality of the submarines, for that
might have precipitated an international incident of
war
no
the actual
the gravest nature.
such
a
rumors
There is still
development,
from
faint chance for
a
since
moreover,
persistent
Cartagena, Spain, suggest that
submarine lies
the bottom
on
outside
that
a
pirate
harbor,
busily engaged in attempts to
raise the vessel.
BOTHNations
the Assembly and the Council of the League
Geneva
week,
of
formulated
centuries, but actually it is merely
with loyalist divers
League of Nations
was
Nyon, Switzerland, from Sept. 10
the
complaints
The
Nyon
Conference
Great Britain and
nations,
France,
in
addition
to
Russia, Yugoslavia,.
Greece, Turkey, Egypt, Rumania and Bulgaria. In¬
vitations sent to
declined.
In
Germany, Italy and Albania
a neutral
sink any
ship.
submarine caught
Great Britain and France-
undertook to divide the
great
tween
bulk of the task be¬
them, while other nations bordering the Medi¬
terranean
are
to
police their
own
territorial waters.
Russia undertakes to
police the Black Sea.
fining the
the
were
general, the conferees agreed to police
the Mediterranean and
molesting
are
area
In de¬
to be policed, care was taken to avoid
Tyrrhenian and Adriatic
Seas, contiguous toThe hope prevailed that Italy would still
join the Nyon accord or perhaps undertake some
Italy.
policing with her ample fleet, and it
information
was
conveyed
governments at Rome and Berlin.
on
Tuesday with
a
seems
diplomatically
that full
to
the
Italy responded
note to the British and French;
Volume
Financial
145
Governments
suggesting that Rome could not par¬
ticipate unless its part in the patrolling equaled in
This evidence of Italian
France.
or
willingness to
in the
cooperate was considered most encouraging
Europe, and examinations
democratic countries of
of the
new
accord
quickly
were
made with a view to
could
participation
Italian
whether
determining
Some question appears to exist
readily be accepted.
point, since modification of the treaty prob¬
this
on
The
Council
without
The
and responsibility that of either Great Britain
scope
1789
Chronicle
adjourned until next week, however,
acting on the Spanish demand.
fighting within Spain again was carried on
in the two main
zones
of the strip along
the Bay of
The insurgents
north, despite hampering rain
Biscay, and the Saragossa salient.
drove forward in the
weather, and the capture of Gijon, last of
and cold
the
strongholds left to the Asturians, was reported
Defenders of
imminent.
into two groups,
Gijon
are
said to have split
with the dissension likely to make
ably would require the consent of all signatories.
the
insurgent capture of the city that much easier.
Russia, it is feared, might block a change intended
At
Santander, meanwhile, military tribunals
to
dealing with
permit Italian policing.
international
Although
in
conferences
recent
usually have been slow and fruitless affairs,
years
that at
Nyon moved swiftly and successfully toward
its end.
An official statement was issued last Satur¬
This
day to indicate the course of the meeting.
completed
communication revealed the outline of the
accord, which was signed and published Tuesday.
submarine
The
accord
described
were
as
counter-attack
The Brit¬
and, if possible, destroy the pirate ships.
assigned virtually the
French fleets were
and
docu¬
acts of piracy in the
ment, and the nine nations agreed to
ish
the
occasioned
which
sinkings
entire Mediterranean, the Italian waters being ex¬
insurgents in their
Bilbao.
The
own
against the rebel lines near Saragossa, with the aim
of
cutting the long lines that stretch southward
matters, the participating countries agreed not to
submarines
out unless
due notice
send
their
were
given and a surface ship detailed to accom¬
Merchant ships in all
the submersible.
pany
advised
be
to
are
own
follow
to
designated
cases
routes
through the Mediterranean, so that convoys can be
Great Britain and France
arranged, if necessary.
proceeded to concentrate a formidable joint fleet
in
Mediterranean
the
There
to be
seems
that the
some
out
stamp
to
reason
piracy.
the
believe, however,
gesture of the Nyon agreement will suffice,
the
since
to
attacks
submarine
on
neutral
shipping
Thursday, but the insurgents claimed the defeat of
The Valencia
the attack.
cated
willingness
settle
to
mission
war
loyalists and insurgents this week, not only
through the Nyon Anti-Piracy Treaty, but also in
The Nyon pact in itself may well
other ways.
many
bring forth
strains in the relations of demo¬
new
cratic States with
Italy, and perhaps with Germany,
As the Italian Government studied the
too.
cations of the
trust
impli¬
Nyon parley and the decision to
patrol to Great Britain and France, its anger
that
effect
that
Franco,
was
In Paris the fear prevailed
tions
and
150,000
was
rumors
Italian
a
circulated
troops
Hardly of
patched to Spain.
the tension
a
paign.
in
Premier
might be
dis¬
nature to decrease
charge before the League of Na¬
the
Mediterranean
Juan
Negrin,
regime in Spain, named Italy
as
of
"piracy"
the
Sino-Japanese War
SOME modest the undeclared Sino-Japanese war
aspects of efforts to clarify the international
were
same
Without
concern
struggle with enormous armies.
much
mention
a
as
of the American
Roosevelt
President
neutrality
legislation,
nounced
Tuesday that merchant ships owned by
on
an¬
the United States Government are not to carry mu¬
nitions
implements of war to China or Japan, and
or
other American vessels
he warned
such
items
to
This statement caused
risk.
that they carry
warring countries at their own
the
dismay in China, which
importation of war materials necessary,
The League of Nations
Japan was unconcerned.
Koo of China to take
nese
and
The
that threatens
of
XVII
ferred
this
the
matter
loyal¬
by the
peace.
But the
Covenant.
to
an
League
re¬
committee
advisory
on
Thursday, with a recommendation that the United
States take
part in the deliberations.
Reference of
subcommittees is the tra¬
League method of shelving embarrassing
important
ditional
matters
to
questions.
An attempt
realities of the
to
to
arouse
the American people to the
Sino-Japanese situation, with
enlisting their support for China,
was
a
view
made last
Saturday by Mme. Chiang Kai-shek, wife of the Chi¬
nese
Nationalist leader.
Speaking
she denounced the "lies" of the
and accused them of
and all occasions.
seizing
over
the radio,
Japanese militarists
power on any
pretext
The Japanese attitude again was
set forth
cre¬
cognizance of the Japa¬
aggression and to act under Articles X, XI
Minister Koki Hirota.
Valencia
time demanded action
itself in any matter
so
contestants con¬
week, while the
the brutal
cam¬
League under Article XI, which obliges the League
to
this
made
tinued
were
the State that
"terrorism" in the Mediterranean.
ist leader at the
the
to
Council, Thursday, that Italian warships
the attackers
ated
en¬
Italy would turn to more direct aid for General
Francisco
States, it was
resulting from the conflict.
age
virtually the entire task of the Mediterranean
reported on the rise.
A Spanish com¬
will visit the United
soon
added, to arrange compensation for property dam¬
ton
tween
has evinced a
$30,000,000 of private
Assembly and Council were asked by Dr. Welling¬
INTERNATIONAL complications of the Spanish
overshadowed the actual fighting be¬
civil
some
debts owed in the United States.
but
Spanish War
Government, it was indi¬
Washington, Wednesday,
at
finds the
suddenly ceased when the accord was reached.
Heavy engagements were reported
toward Teruel.
In order to simplify
territorial waters.
at that town and at
success
loyalists attempted again to advance
cepted, while other riparian nations agreed to watch
their
are
50,000 prisoners taken by the
some
by Premier Fumimaro Konoe and Foreign
These
leading spokesmen for
Japan declared last Sunday that anti-Japanese ele¬
ments in China must be
"thoroughly chastized," not
only for Japanese safety, but for the welfare of the
Far
East.
scribed
ist
as
The
anti-Japanese elements
the Chinese army,
were
de¬
the Nanking National¬
Government, and the Nationalist movement.
The
1790
Financial
Japanese objective, according to Mr. Hirota, is to
see "a
happy tranquil North China, and all China
freed
from
calamities
into
danger
practice
adjusted
our
troops are concentrated, with much expected of them
as
Nanking Government in 10 years of warfare.
The policy is well known
a
recurrence
will enable
to put
us
of Eastern Asia.
now
are
wag¬
hope that Economic col¬
a
fighting at Shanghai and in northern China.
Nationalist regime at
of the Chinese
The
Nanking has accepted the aid
Communists, who already have
their well-trained
to the defense of the
men
sian aid is not yet clear.
troops
the
obviously being designed to
process
entire
against Japan.
Chinese
nation
Nor is there,
customary defections of
scant
fighting
the
on
It
the
is
available
about
Japanese
that
areas
The Japanese,
for
naval
estimated
now
the
and
that
The
was
merchant
the
Chinese
struggle number 800,000,
between the
evenly
North China fronts.
Shanghai
Japanese invaders
and
esti¬
are
by the Shanghai correspondent of the New
York
"Times"
which
to
180,000
have
280,000
fighting
are
100,000 at Shanghai.
the J apanese
J apanese
North
China, of
China
and
Virtually the entire Japanese
course,
and much of
air force also is participating.
warfare, but the costs plainly
Backed by the pounding
guns
were
of the Japa¬
naval concentration in the
Whangpoo River,
Shanghai, troops of that country surged ahead
nese
off
late last week in
around
area
the
the
drive
a
to
gain control of the
International
Chinese forces resisted
cided for
Settlement.
The
stubbornly, but finally de¬
purely tactical
reasons
to withdraw from
jutting salient to prepared positions running from
the North
north.
Station in
German
Shanghai to
lines
are
beyond
Japanese naval
reply
in
nese
in
forth
set
profusion,
some
if in
were
general
terms, at the Nazi Congress in Nuremberg, which
started
of the
Sept. 7 and closed last Monday.
meeting
was
The tone
set last week, when the speakers
urged work and sacrifice upon the German nation,
as
of
means
a
achieving the economic aim of self-
Chancellor Adolf Hitler emphasized
sufficiency.
these
points in
an
address last Saturday to 50,000
youths of the movement.
But
more
attention
was
paid this week to international aspects of German
affairs, and the sessions thus assumed
terest for
non-German
observers.
the attendance at the Nazi
greater in¬
a
Significant
was
rally of the diplomatic
representatives of Great Britain, France and the
United
the
States, this being the first occasion
party
congress
tives last
foreign
Sunday, and in the
felt
countries, and
sure
nies
of her
came
that the
designs
The question of colo¬
problem will be solved in
one way
rights for Germany had been solved.
simply of
matter of
a
common
tirades
always labeled
could
not
he added,
In closing the
sense.
against
Bolshevism,
tolerate
the
establishment
Democratic
of
such
also
a
system in
will
have
themselves with Bolshevism, whether
or
to
fascist
parades
of
brown
in
per¬
Spain.
concern
they want to
not, according to the German leader.
enormous
he
The Reich
of communism
spread
statesmen
con¬
of his
which
"Jewish Bolshevism."
as
one
Europe, he said, and especially would refuse to
mit the
an¬
The colonial
war or peace,
Monday, Herr Hitler launched into
customary
of
the question of equal international
as
question is not
gress,
on
inevitably, and Herr Hitler remarked
up
other, just
of that inter¬
no
in her well-armed state
now
security.
own
which
press representa¬
course
view he declared that the Reich has
other
on
granted that distinction.
was
Chancellor Hitler received
and
The usual
black-shirted
guards marked the sessions.
orderly
effective
Chinese
manner,
range
of the
realignment
and
even
was
the Japa¬
strategically important village
on
the north front
reported recaptured
by the Chinese from the invaders.
its dreaded appearance
rates
banks.
Cholera made
at Shanghai, to the dismay
of all contestants and all civilians.
In North China
any
Present rates at the
leading centers
are
shown
in the table which follows:
DISCOUNT RATES OF
Late this week the
maneuver.
was
THERE have been no changes during the week in
the discount
of
of the foreign central
oppo¬
raged with the greatest fierceness at Lotien,
Shanghai, and the place
Discount Rates of Foreign Central Banks
withdrawal, since the
to which the Chinese cannot
The
completed the
conflict
of
an
the
a
praised the discipline with which their
nents
a
guns,
kind.
effected in
point 15 miles
a
**
military advisers of the Chinese
long have been urging such
new
German Nazis
AIMS and ideas of the German Nazi leaders
but
forces made gains this week in both the
main theaters of
heavy.
in
men
in
is engaged in the war, of
navy
lords in
fronts, with all the speed that
by
marines.
mated
yet, any sign of
as
war
struggle
alien soil far from their bases, brought
divisions and fresh war material
permitted
divided
the
army
several
armies
in
allegiance to Nanking.
additional
to
From all Chinese Prov¬
being drawn to reinforce the fight¬
are
ing forces, this
owe
of the mechanized ad¬
use
juncts of modern armies.
sent
country.
Whether this implies direct or indirect Soviet Rus¬
the
The
well equipped, on the other
are
quick victories and the Chinese resigned
a Japanese victory.
Huge armies
being concentrated in the two main centers of
unify
Japanese forces
hand, and skilled in the
settling down to the
lapse will prevent
inces
that communist
by the Chinese, since they were able to defy the
stubborn defense and
are
area
long and costly war, with the Japanese in¬
a
tent upon
a
conflict
tests of the northern
It is in that
come.
such
be the domination
to
of
to
are
1937
is,
policy."
so
Both countries
ing of
of
But the real
areas.
still
Sept.
present hostilities and Sino-Japa¬
the
relations
nese
to
the
as
Chronicle
Rate in
Country
FOREIGN
Pre¬
Effect
Date
vious
Sept 17
Argentina..
Established
Rate in
Rate
3 H
Mar.
Austria
3
July
10 1935
Batavla
4
July
1 1935
Belgium
Bulgaria.
2
Canada
Chile
Colombia
CENTRAL BANKS
Date
vious
Established
Rate
Holland
2
2 1936
2H
4~
Hungary
4
Aug. 28 1935
lYx
4
India
3
Nov. 29 1935
3K
Wjiy 15 1935
Vi
2H
Ireland
3
June 30 1932
6
AUg. 15 1935
7
Italy
4H
May 18 1936
2H
Mar. 11
4
Jan.
24 1935
4H
4
July
18 1933
5
3
_
1 1936
Pre¬
Effect
Sept 17
Country
Jan.
1 1936
1935
3.29
Japan
Java
3
Dec.
Apr.
Jan.
6 1936
14 1937
3H
5
3.65
4
5
Feb.
1
Lithuania..
.
July
1 1936
3H
Morocco
4*
6
Czechoslo¬
vakia
Jugoslavia
.
1935
6*
6
Japanese armies moved west and
engage
forces
the waiting Chinese troops.
were
able
to
claim
south
to
The invading
gains in the initial
4
Jan.
5
Norway
4
4
Oct.
19 1936
3H
Poland
5
Oct.
25 1933
2
June 30 1932
2 Yi
Portugal...
4
Aug.
11 1937
Estonia
5
Sept. 25 1934
6H
Rumania
4H
Dec.
7 1934
6
Finland
three
May 28 1935
Dec.
5 1936
4
Dec.
4H
South Africa
3 H
May 15 1933
4
Danzig
Denmark
en¬
_
France
some
Greece
Germany
counters, and the Chinese admitted defeat in
_
England
3^
_
.
2
1937
4 1934
.
.
3H
4K
Sept. 2 1937
Sept. 30 1932
4
Spain..
5
July
4
5
Sweden
3
Jan.
7
Switzerland
2H
1H
1933
6
Nov. 25 1936
2
4 1937
Dec.
10 1935
1
5H
Volume
Financial
145
1791
Chronicle
Bank of
Foreign Money Rates
Germany Statement
IN LONDON open market discount rates9-16% on THE statement for the second quarter of holdings
for short
bills
ber showed
further increase in gold Septem¬
Friday
9-16%
against
on
were
a
as
Friday of last week, and 9-16% for three months'
of
bills
marks.
against 9-16%
as
call at London
on
Friday
on
Money
Friday of last week.
on
At Paris the
%%-
was
market rate remains at 3%% and in Switzer¬
open
land at
1%.
V
:' v'\
Bank of
uV
England Statement
together with
resulted
in
a
duced the total to
of
of
increase
£1,017,000 in
holdings at £328,047,961
record and compare with
Public
deposits
£2,531,049.
and
reserves.
the highest
£247,940,825
£494,000
rose
are
a year
other
on
ago.
deposits
The latter consists of bankers accounts
years ago
wras
a
4,763,000,000 marks, compared
4,300,768,000 marks last
reserves
in
£164,376.
The
reserve
slightly to 25.4% from 25.2%
the proportion
year
Government
on
loans
securities
other securities,
on
and
discounts
comprise
was
was
a
now
at
1.6%,
40.50%.
Loans
£1,930,000 and
£85,531.
Other securities
advances
rose
which
fell
off
No
£168,413.
Sept. 15,
Sept. 16,
1936
1937
2.60% the previous year.
Silver and other coin
51,937,000 marks, investments 22,000
marks, other assets 8,468,000 marks and other
liabilities 7,789,000 marks.
Below we furnish a com¬
parison of the different items for three years:
Changes
Govt, securities
Sept. 18,
Sept. 19,
1934
Advances
Investments
Other assets
Liabilities—
Notes in circulation
Bank of France Statement
HE statement for the week of
Gold
francs
\
of
ratio
a
Sept. 9 showed
an
to 55,761,282,739 francs.
aggregated 53,532,188,178
of extreme
of
The Bank's
reserve
slightly to 52.08%, compared with 58.03%
A contraction in note circulation of
francs
reduced
the
Circulation last
total
to
89,369,-
stood at 84,154,412,435 francs and the previous year 81,523,726,295 francs. Credit balances abroad, bills bought
abroad, advances against securities and temporary
advances to State showed decreases, namely 1,000,000
francs, 44,000,000 francs, 632,000,000 francs and
10,000,000 francs, respectively. Below we furnish the
various items with comparisons for three years:
BANK
OF FRANCE'S
year
COMPARATIVE
Sept.
Francs
Gold holdings
Credit bals. abroad,
Francs
Sept. 11 1936
Sept. 13 1935
Francs
Francs
+43,750,015 55,761,282,739 53,532,188,178 71,995,893,967
—1,000,000
14,220,599
143,695,581
8,245,687
French commerc'l
bills
discounted
..
bought abr'd
Adv. against securs.
b Bills
Note circulation
Credit current accts.
c
9 1937
8,229,359,905 6,510,865,066 6,685,556,235
753,116,263 1,235,627,281 1,228,624,308
—104,000,000 3,841.005,216 3,596,152,435 3,143,046,758
—632,000,000 89,369,890,900 84,154,412,435 81,523,726,295
+586,000,000 17,705,574,426 8,101,942,355 13,560,986,559
+482,000,000
—44,000,000
Temp. advs. with¬
out int. to State._
major
The Washington de¬
to presage
appear
period
The Treasury "cashing"
just that much, potentially, while
currency
in circulation is to be off¬
open
market purchases of
In
the
weekly marketing of Treasury discount
bills, rates promptly reflected the official ukase.
the
Treasury sold $50,000,000 bills due in 273 days
Monday, at
an average
previous sale of
bill
and
a
commercial
paper
with little business done.
York Stock
rate of 0.584%, against
like issue at 0.711%.
rates
were
Call loans
Bankers'
motionless,
on
the New
Exchange held to 1% for all transac¬
tions, while time loans remained at 1^4% for
turities
to
90
months'
ma¬
datings.
days, and at 1%% for four to six
New York Money Rates
DEALING in detail with call loan rates on the
Stock Exchange from day to day, 1%
the
was
ruling quotation all through the week for both
and renewals.
quiet,
this week.
90
no
The
market
for
time
new
money
transactions having been reported
Rates continued nominal at
Vyi%
up
to
days and 1J^% for four to six months' maturities.
The
demand for prime commercial paper has been
brisk this week. Paper has been available in
good supply but it is short of the requirements.
Rates are unchanged at 1% for all maturities.
very
—10,000,000 26,008,126,645 13,328,423,300
Propor'n of gold on
hand to sight llab.
a
developments of
in money.
ease
resumption of
a
continues
Changes
for Week
Market
Treasury securities by the Federal Reserve.
loans
STATEMENT
week,
to be noted.
reserves
by
The
586,000,000 francs.
this
are
increase of
last
890,900 francs.
a
set
before 71,995,893,967 francs.
632,000,000
N4
$300,000,000 gold from the inactive fund increases
also recorded in French commercial
ago.
2.60%
almost indefinite continuance of the current
year
482,000,000 francs and in creditor current
rose
year
1.66%
cisions, announced last Monday,
was
accounts of
782,418,000
241,978,000
1.6%
changed
importance
the
and
An increase
bills
up
a year ago
669,473,000
237,059,000
ALTHOUGH rates in the money market were una
any
gold holdings of 43,750,050 francs,
brought the total
holdings
649,410,000
266,984,000
—15,682,000
+ 7,789,000
note circul'n.
excess
which
—173,000,000 4,763,000,000 4,300,768,000 3,907,344,000
New York Money
81,598,337 83,159,999 81,679,164 80,655,963
29,253,479 26,012,308 18,365,803 23,641,091
5,038,359
9,184,302
11.852.658
6,137,838
9,192,227
Securities
21,198,687 20,069,177 14,159,650 12,227,965 14,448,864
Reserve notes & coin
39,895,000 63,078,355 56.165.659 76,053,970 81,262,684
Coin and bullion
328,047,961 247,940,825 194,315,231 192.433,716 191,732.440
Proportion of reserve
M
to liabilities
25.4%
40.50%
38.19%
48.18%
48.56%
Bank rate
2%
2%
2%
2%
2%
in
No change
Sliver and other coin
1933
advances..
increase
Reichsmarks
Sept. 20,
1935
26,237,046
T
Reichsmarks
Reichsmarks
65,978,000
94,817,000
+36,000
69,951,000
29,620,000
22,528,000
20,055,000
5,555,000
5,436,000
5,636,000
—186,000
—278,966,000 4,825,089,000 4,467,799,000 3,838,111,000
164,811,000
+ 51,937,000
160,690,000
188,746,000
43,866,000
41,423,000
33,006,000
—7,608,000
665,920,000
527,464,000
403,696,000
+22,000
561,971,000
687,511,000
+ 8,468,000
796,415,000
Of which depos. abr'd
Res've in for'n currency
Bills of exch. & checks.
curr. to
109,072,000
Other securities
&
Gold and bullion
14 1935
15 1937 Sept. 15 1936 Sept.
Sept.
Reichsmarks
Propor'n of gold & for'n
144,488,660 140,841,906 129.599,723 137,338,177 149,109,377
Other deposits
Bankers'
accounts 108,397,414 102,182,958
92,018,504 99,837,219 105,687,990
36,091,246
Other accounts
38,658,948 37,581,219 37,500,958 43,421,387
Dlsct.
Assets—
488,152,000 444,862,470 398,149,572 376,379,746 370,469,756
12,463,000
14,841,946
17,464,679 20,449,059
18,218,506
deposits
reserve
and
Oth. daily matur. oblig.
Other liabilities
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Public
Bank's
against 1.66% last year
as
increased
week
made in the 2% discount rate:
Circulation
was
in bills
currency,
The
obligations.
maturing
ratio stands
pro¬
increased
£82,882 and securities which
change
A decrease
year.
foreign
exchange and checks, in advances, and in other
daily
for Week
earlier; last
94,817,000 marks.
173,000,000 marks re¬
gain of £2,695,425 and other
accounts which fell off
rose
69,951,000
REICHSBANK'S COMPARATIVE STATEMENT
in which there
portion
now
aggregated 65,-
ago
year
a
circulation of
also recorded in
contraction of £996,000 in circulation,
an
holdings
A loss in note
further increase
a
Gold
978,000 marks and two
with
THE statement for theofweek ended Sept. 15 which
£21,564 in bullion, shows
Gold
36,000 marks, the total of which is
+0.07%
Includes bills purchased In France,
52.08%
58.03%
b Includes bills discounted abroad,
c
Rep¬
resenting drafts on Treasury on 10-bllllon-franc credit opened at Bank.
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 frano; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the frano.
Bankers' Acceptances
75.72%
THE demand for prime bankers' acceptances has
shown moderate improvement
last week,
over
and
while
high
class bills
are
more
plentiful the
Financial
1792
There has been
supply is still short of requirements.
The official quotations
change in the rates.
no
issued
as
Chronicle
and including 90 days
%% bid and
are
London
9-16% asked.
The bill-buying rate of the New
to 90
%% for bills running from 1
days, %% for 91- to 120-day bills and 1% for
121- to
and
Continental
the
on
discoverable in
bourses
weaknesses
There
perplexity
to the cause of the
as
displayed in New York.
certainly
was
lack of confidence
no
holdings of acceptances decreased from $3,076,000 to
$3,067,000.
was
rates
same
Bank
of
those
as
New
acceptances
reported by the Federal Reserve
The
York.
for
rates
Asked
H
9i6
9is
90 Days
Bid
7i6
K
K
;
K
30 Days
Bid
Asked
Asked
7i6
DELIVERY WITHIN THIRTY
Asked
*i»
60 Days-
Asked
Bid
Prime eligible bills
Bid
K
7,«
K% bid
%% bid
-
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
been converted into bank
the schedule of rates
for
classes
of
at
paper
RATES OF
Federal
the
different
may
Sept.
Boston
New
Date
17
Rale
Sept.
1
Aug. 27 1937
Sept.
4 1937
IK
ray
11 1935
Aug. 27 1937
2
ik
Chicago
ik
Aug. 21
Aug. 21
the
1937
1937
program
2 1937
2
St. Louis
ik
Sept.
IK
Aug. 24 1937
IK
Sept.
3 1937
2
IK
Aug. 31
San
l ^
?ept.
1937
2
3 1937
between
2
the
Course of Sterling Exchange
firmness
in
dollar.
the
close
Although
was
French
reached
the
indicate
weeks
firm
a
ago,
present
undertone,
the
as
quotations still
British
unit
in demand in many
countries and foreign funds
constantly
to
seasonal
account
moving
pressure
and the
the disturbed
in
the
against
cessation
sterling
of
has
on
stimulated
from
this
week has been between
compared with
a range
$4.96 last week.
been
with
The
between
a
The
several
effect
on
of
compared
$4.96%
a
few weeks has had
foreign exchange quotations.
declines in New
of
event
rency
York Stock
Exchange
a
templating
London
or
other foreign markets.
London, Paris, and Amsterdam
in
On the contrary
were
at
a
loss to
of its gold
disturbances
gold she
the
save
resources, as
now
in
year
has.
Thus,
very
as
cur¬
The British and
ago.
decide to make
may
kind
in
Europe
a
bilateral
would permit any other
that
Washington
is
con¬
of monetary policy revision.
Wednesday Mr. William W. Butterworth, United
States
Treasury attache in London, who had just
arrived
in
this
conferred
country,
with
Secretary
Morgenthau and other Treasury officials, persumably
the French economic and
monetary
on
past Mr. Butterworth
sury's
representative in
British
officials.
His
situation.
has served
as
In
the Trea¬
monetary discussions with
present
conference,
which
under
a
ordinary circumstances might be regarded as
routine duty, is significant at
this time as Sir
is
reflected
a
sort
Phillips,
fully
beyond question that the
indications
some
Treasury,
they
pound, at which it
participate to the extent of its ability.
are
Frederick
were
was
a new
alteration in the tripartite
an
agreements of
There
On
range
derangement of franc exchange could
domiciled
nor
From Saturday to
This represented
acute
more
quotations did not result in the recall of foreign funds
here,
is
use
American authorities
relative
for bankers' sight
between $4.94% and
Last week the franc ranged
France would need all the
the
no
further
nation to
movement
The erratic behavior of financial markets both in
practically
any
the
week ago.
New York and abroad in the past
by
It
agreement of such
$4.96%
con¬
likely to affect the future of
hardly dare to intervene to
easily necessitate
The range for cable transfers has
of
unit.
can
the
$4.94% and $4.96 11-16
and
the banking world into its
3.56% and 3.58%.
the present
of between $4.94 15-16 and
$4.94 9-16
range
range
is
requirements,
a
which
has already occurred,
Tuesday of this week the
the Continent and
foreign funds to the New York market, with
firming in the dollar.
as
the
mean
program,
be reversed without notice.
3.37%.
are
commercial
on
tourist
political situation
East
Far
Aside
London.
on
Wednesday, when the unit dropped
on
on
hold the
to
franc
few
bearing
believed the French stabilization fund intended
sterling has receded from the high level of $4.99%
a
time
any
level of around 140 francs to the
STERLING exchange is Current around the reflect
steady quotations levels
prevalent last week.
seasonal
no
necessarily
3.53% and 3.73 1-16.
between
the
not
may
or
in New York to
2
Kansas City
Dallas
have
sterilization
serious matter
more
French franc
2
2
R'lnnea polls
can
foreign exchanges is the renewed decline in the
2
ik
Atlanta
Francisco
the
IK
Cleveland
in the inactive
now
Treasury Department does not take either the
A
2
Richmond
gold
fidence.
2
2 1937
IK
IK
York
Philadelphia
does
of
general public
Previous
govern¬
else -have
deposits.
System
be resumed at
the
The
Established
Effect on
or
future foreign exchange trends.
transfer
The
abandonment
Rale in
Federal Reserve Bank
Reserve
either present or
in effect
FEDERAL RESERVE BANKS
into
gone
here,
gold fund by the transfer of this amount to the
or
DISCOUNT
Any selling of American
plan of the United States Treasury to
new
now
Reserve banks:
invested here to
moneys
paper
desterilize $300,000,000 of
rates
The following is
various
other
or
other short-term
or
The
Discount Rates of the Federal Reserve Banks
the
Continental
equities by foreigners must have
DAYS
-
Eligible non-member banks
foreign funds to the United States for
of security and investment and the failure
purposes
ment
as
further
circumstances—a
two
—120 Days
150 Days
Bid
Asked
H
movement of
by
leave the New York shelter.
180 Days
Bid
Prime eligible bills
evidenced
of any
DELIVERY
SPOT
Eligible member banks
market
open
follows:
are as
FOR
quoting the
are
the
on
here,
part of European investors in the situation
Open market dealers
due
was
chiefly to the combined influences of disturbed domes¬
tic conditions and
The Federal Reserve Bank's
180-day bills.
The hesitancy
chancelleries.
biased
York Reserve Bank is
was
scares
war
daily developments either in Spain or from the
7-16% asked; for bills running for four months, 9-16%
and
to
European markets were hardly influenced by
The
the
bid and
%% asked; for five and six months, %% bid
securities
entirely without foundation.
by the Federal Reserve Bank of New York for
bills up to
York
New
in
ness
Sept. 18, 1937
officials
United
Under-Secretary of the British
expected
within
States
a
to
few
Treasury
confer
days.
with
The
officials
Washington
statement
that
the
of
sharp
interpret the severe drops in New York last week.
decline in the fYanc is simply "a French
problem" is
The attempt
not to be
in
some
quarters to attribute the weak¬
interpreted literally.
Volume
Financial
145
The British import
favorable
visible
on
balance continues to
parently unconcerned and
improvement
the whole
sees on
trade.
in
export
a
ap¬
steady
unfavorable
The
import balances of the last eight months must be
attributed
and
Date—
$1,385,761,103
+$13,220,447
September 10
September 11
September 13
1.392,299,362
+6.538,259
requirements tends to intensify the unfavor¬
London feels that
balance.
the unfavorable visible balance is
revenues
invisible
on
insurance, and
overseas
from shipping,
account
re-exports during August of
with
and
£37,425,778, compared
a
£88,505,039
month
a
Exports
ago.
Imports
1936.
and £66,057,000
ago
year
a
£42,546,205, against £47,569,834
were
and £22,087,000.
£86,659,083, against
were
Re-exports
£6,687,100, against
were
The
rate
following tables show the
Paris, the London
on
The
Board
111.4 in
with
Trade's
of
August, 1936 there
Raw materials show
a
gain of 17%, with
a
gain of 30%
The London money
Call money against
bills is in supply at %%.
Two-
9-16%, four-months' bills
are
and six-months'
23 32%.
bills
offer in the London market this week
Gold
on
taken for
was
unknown destination but it is known that much of it
taken
York,
by arbitrageurs for transshipment to New
although the profit
£121,000,
£395,000,
Monday £233,000,
on
Wednesday
on
£450,000, and
usch transactions is
On Saturday last there
relatively small.
able
on
£396,000,
on
avail¬
Tuesday
Thursday
Friday £328,000.
on
At the Port of New York the
the week ended
was
on
Sept. 15,
Reserve Bank of New
as
York,
reported by the Federal
follows:
Exports
None
$7,713,000 total
Tuesday,
140s. 3146..
PRICE
Sept. 14
PAID
FOR GOLD
Gold Earmarked far Foreign Account
Decrease:
Saturday, Sept. 11
have been
notified
The
above
received
figures
which
of
are
metal,
or
received,
for
$1,338,000
the
from England
were no
exports of
held earmarked for
On Friday $5,295,900 of gold
of which $2,514,200
on
was
came
was
from Canada,
$1,693,600 from England and $1,088,100 from India.
There
were
no
exports of the metal or change in gold
held earmarked for
cally
daily Treasury statements issued during the week
Wednesday,
day changes
35.00
35.00
Friday,
Sept. 17
35.00
was
$4.94 9-16@$4.94 13-16.
pound
$4.94%@$4.94%
range
was as
are our own
follows.
The day-tp-
Tuesday sterling presented
trading.
cable
Bankers' sight
transfers
the
The
bankers'
for
sterling
$4.95 for bankers' sight
cable transfers.
On
steady.
Thursday exchange
The
transfers.
The
bankers'
range
On
on
London
$4.95 1-16@
range was
Friday sterling continued
$4.95 11-16@$4.96 1-16 for
was
$4.95%@$4.96%
and
sight
Closing
quotations
demand
for
$4.9611-16
$4.94 9-16@
bankers' sight and $4.95%@$4.95%
$4.95 7-16 for
cable
On Wednesday
was
range
and $4.94%@$4.95 1-16 for
quiet and steady.
was
$4.94 15-16@$4.95%;
was
The
easier.
was
On
firmer tone in limited
a
$4.95@$4.95 9-16.
Commercial
bills
and
for
Friday
on
$4.96%
for
cable
were
cable
sight bills finished at $4.96%,
$4.95%,
at
documents
for
ninety-day
bills
at
days)
(60
payment
at
Cotton and
Continental and Other Foreign Exchange
THEshould be said is facing a new crisis or perhaps
French franc that the franc
phase
it
of
is in
continued
the
calculations:
cris
which
s
In
Wednesday's trading the franc dropped to 3.37%
and the next
day declined again to
At the outbreak of the
the Latin currency units,
19.30
When the
cents.
was
the franc
Armistice
was
were
cable
was
one
of
quoted at
signed the
In 1919 when the final
treaty was signed the franc was 15.5.
When France
moved into the Ruhr in 1923, the franc was worth
7 cents,
and two
years
later when France withdrew
the franc
franc
dropped to 2 cents.
stabilized the
calculations:
war
all of which
worth 18.4 cents.
daily Treasury statements issued during the week
The day-to-
3.37 for
transfers.
ended last Wednesday, was as
follows.
a new
developed after the
close of the World War.
when
transfers
Monday
On
$4.94 13-16@$4.95 7-16
was
1926
are our own
Bankers'
cable
sight and $4.94%@$4.95% for cable transfers.
from the Ruhr,
Gold held in the inactive fund, as indicated in the
day changes
and
slightly firmer in limited trading.
was
on
dull and steady, showing practi¬
was
change from the previous close.
no
franc
foreign account.
Gold held in the inactive fund, as indicated in the
ended last
Sept. 16
grain for payment closed at $4.96%.
week ended
came
There
change in gold
foreign account.
$35.00
Thursday,
sight
that approximately $11,960,000 of gold
and $952,200 from India.
the
Wednesday, Sept. 15
35.00
$5,183,000
On Thursday $2,290,200 of gold
Wednesday.
(FEDERAL
Referring to day-to-day rates sterling exchange
San
at
STATES
UNITED
BANK)
_$35.00
Saturday last
Francisco, of which $11,540,000 came from Japan
and $420 000 from Australia.
reoeived
BY THE
RESERVE
140s. 6d»
Sept. 16.>._. 140s. 5d»
Sept. 17... 140s. 3^d.
$4.95, and seven-day grain bills at $4.96.
Net Change in
146.82
Wednesday, Sept. 15
$4.95 7-16,
Note—We
__.138.58
Thursday,
Friday,
sixty-day
374.000 from India
was
146.84
Sept. 16
Sept. 17
140s. 6d.
transfers.
$3,788 000 from Canada
3,551,000 from England
143.18
Thursday,
Friday,
140s. 7d.
transfers.
GOLD MOVEMENT AT NEW YORK, SEPT. 9-SEPT. 15, INCLUSIVE
I mparts
Wednesday, Sept. 15
138.73
Saturday, Sept. 11
Monday Sept. 13
for
gold movement for
was as
CHECK RATE ON PARIS
138.90
were
over a year ago.
market continues unchanged.
and three-months' bills
19-32%,
was
9%% and industrial materials 20%%.
London check
market gold price,
LONDON OPEN MARKET GOLD PRICE
averaged
Compared
August, against 111.5 in July.
foodstuffs up
was
Saturday, Sept. 11..
Monday. Sept. 13
Tuesday, Sept. 14
Sept. 13
Tuesday, Sept. 14
index
wholesale
mean
open
paid for gold by the United States:
MEAN LONDON
Monday,
£6,803,436 and £4,356,000, respectively.
week continued
the
Montreal funds ranged between
discount of 1-32% and par.
£31,131,769 in July and with £26,443,000 in
August,
+6,546,686
Week Ended Wednesday
during
exchange
relatively steady.
and the price
balance of imports over exports
a
+3,910.525
$252,717,095
Preliminary figures supplied by the British Board
of Trade show
1,113,276,875
Canadian
completely offset
investment returns.
—291,222.969
1,119,823,661
Net Decrease for the
+8,289,957
1,109,366,350
abroad, while the excessive
able aspect of the import
by
1,400,589,319
September 14...
September 15
demand for su'fch imported materials to meet rearma¬
ment
Daily Change
Amount
9
September
largely to the higher prices of foodstuffs
materials from
raw
GOLD HELD IN THE TREASURY'S INACTIVE FUND
seem un¬
London is
but
account,
1793
Chronicle
United
excessive
States
unit
at
dollar
was
down to 4% cents.
inflation
4
was
In
recognized, the
The Poincare Government
cents
was
in
1928.
devalued
in
When the
1934,
the
Financial
1794
franc
to' 6 2-3
rose
1936 the franc
In
cents.
again devalued and declined to 5 cents.
A third
devaluation occurred in 1937 and the franc fell to
4
immediately following the auth¬
Almost
cents.
Chautemps Government to rule by
orization of the
decree for
two-month
the
period ending Aug. 31,
Bonnet, the finance minister, decided to cut the
M.
franc from
of between 3.72% and 3.74% cents, and the
London check rate
Paris ruled
on
and 132.94 francs to the
between
and
resolved
the
schillings closed at 18.85, against
Czechoslovakia at 3.49%, againt
situation
of the tourist
strengthened through the influence
traffic, which
exceptionally heavy this year in
was
London
It
16, 1926.
rate
ranged between
Paris
on
francs to the pound,
145.75
and
140.87
check
break of 19 points to the
On the same day
a
lowest level since Nov.
rate for the
mean
day being 143.18.
level of the
proving ground to establish the natural
franc with respect to
In
the
thought that the present level may be the
is
other currencies.
foreign exchange circles the opinion seems to
prevail that the object of the Paris authorities is to
the
bring
unit
The
franc into
On
franc.
for
alignment with the Belgian
Wednesday the belga, which is the Belgian
foreign
quoted at 16.83%.
was
purposes,
belga consists of five Belgian francs, so that the
quotations prevailing for the belga this week would
a value of 3.367 cents for the Belgian franc.
indicate
The
French control
seems
acted only in
to have
a
It appears
■quite impossible for the French control to operate
actively in support either of the franc or French
desultory
during the past few weeks.
way
Future francs
Government rentes.
are
at a severe
discount.
would
It
seem
soon
the
franc
so
Government
or
lose its entire
tion is
that were the French
endeavor strenuously to support
probable
stabilization fund to
either
gold holdings.
The French
the
are
it
would
The present situa¬
maintenance
been
The
franc have been
of the
agreement.
The brunt
exchange stabilization has from the
borne
authorities.
tripartite currency agreement.
practically unable to play a full part
of the burden of
first
bonds,
critical that bankers feel that some revision
must be made of the
in
predicted, not
repeatedly set forth in these columns.
Belgian
even
hardly
at
dollar rate.
be
by the French authorities.
currency
is the steadiest of the lead¬
ing Continentals and seems to have
been affected
all by the fluctuations in the sterlingThe German free or gold mark is held
by the rigid exchange control in close relationship to
movements of sterling and the
dollar.
The
Italian lira is also kept steady by strict control.
The following table shows the relation of the lead¬
ing European currencies to the United States dollar:
the
,
Old Dollar
Parity
b France
3.92
<Tranc)
Belgium (belga)
Holland (guilder)
New dollar parity as
between Sept. 25
6.63
8.91
19.30
32.67
and Oct. 3, 1936.
gold and allowed to "float"
b The franc cut from
This Week
3.37
to 3.57%
a
16.95
5.26
Switzerland (franc)
a
Parity
16.83
to 16.843^
5.26K to 5.26^
22.96^ to 22.98
40.20
68.06
54.993^ to 55.16
before devaluation of the European currencies
13.90
Italy (lira)
Range
New Dollar
on
June 30.
Poland at 18.92, against
Finland at 2.20, against 2.19. Greek
exchange closed at 0.91%, against 0.90%.
*
18.92; and
on
EXCHANGE on the countries neutral duringwith
steady, moving in close sympathy the
war
is
The Swiss franc and the
firmest of the neutrals,
although both Swiss and Dutch funds are constantly
being invested in both London and New York. The
banking position of Switzerland and Holland is
extremely strong.
There is a steady movement of
uneasy Continental funds into both countries, which
doubtless offsets the trend of Swiss francs and Dutch
sterling and the dollar.
Holland
guilder
are
the
guilders into foreign investments.
referring to
Amsterdam market commentators in
York stock market
the decline last week in the New
say
that the slump then
experienced
or any further
the movement
of capital to the United States, as even less remunera¬
tive investments which are "politically" safe may be
decline will have
only
a
slight effect
on
preferred by Europeans to the retention
funds in
a
Amsterdam finished on Friday at
Bankers' sight on
55.15, against 55.02 on Friday of
transfers
at
sight bills
closed at
at
last week; cable
commercial
against 55.02; and
55.16,
against 54.97.
55.10,
Swiss francs
22.96% for checks and at 22.96% for cable
transfers,
against
22.97
22.97.
and
checks finished at 22.17 and cable
Copenhagen
transfers at 22.17,
on Sweden closed
25.61, against 25.50%
Checks
against 22.08 and 22.08.
at 25.61 and cable transfers at
and
of their
politically divided Europe.
25.50%; while checks on Norway finished at
and cable transfers at 24.96, against 24.85%
24.96
and
24.85%.
Spanish pesetas were not
quoted in
New York.
by the London and Washington
reasons for the weakness in the
The outcome of the French financial crisis cannot
The
0.74, against 0.74; on
18.87; exchange on
on Bucha¬
3.49%;
—#—
just stated, the franc declined to 3.37% in
Wednesday's trading,
the
rest at
of the Paris international exhibition.
consequence
As
marks were 40.13 for bankers'
cable transfers, in com¬
parison with 40.13 and 40; 13. Italian lire closed at
5.26% for bankers' sight bills and at 5.26% for
cable transfers, against 5.26% and 5.26%. Austrian
sight bills and 40.13 for
June 30 and it
the
hoped that
Friday
146.81, against 139.00 on
would be entirely
position of the Bank of France
under constant pressure even since
was
132.91
The franc has been
pound.
on
Friday of last week. In
New York sight bills on the French center finished
at 3.39, against 3.55% on Friday of last week; cable
transfers at 3.39%, against 3.56%. Antwerp belgas
closed at 16.83% for bankers' sight and at 16.83% for
cable transfers, against 16.83% and 16.83%.
Final
at
quotations for Berlin
gold and allow it to find its own level.
During the week ended Sept. 4 the franc had a
range
closed
The London check rate on Paris
was
13, 1937
Sept.
Chronicle
4
EXCHANGE on the South American countries is
steady although the market is extremely quiet.
These currencies
move
during the past few
in close
sympathy with sterl¬
The strong firmness manifest
ing and the dollar.
years
is due to the expansion of
export trade and the consequent
period of domestic
prosperity.
Friday, official
bills, against
32.97 on Friday of last week; cable transfers at 33.05,
against 32.97. The unofficial or free market close
Argentine
paper
pesos
closed
on
quotations, at 33.05 for bankers' sight
was_29j5@30.20, against 29.90@30.05.
Brazilian
milreis, official rates, were 8.85, against 8.83. »The
unofficial or free market in milreis, is 6.40@6.50,
against 6.35@6.50.
Chilean exchange islnominally
quoted at 5.19, against 5.19.
25.75, against 25.75.
4
Peru is nominal at
Volume
Financial
145
EXCHANGE on the Far Eastern sterling, is in so far
these units
allied with countries, steady.
are
as
Hong¬
of the Dutch East
especially true of the Indian rupee, the
This is
and the
kong dollar,
currency
dollar and the Japanese yen
The Shanghai
Indies.
are
of
the
war
on
that the
of
subject to fluctuations as a result
course
There have been reports
the mainland.
Japanese
might be further devalued,
yen
although Tokio authorities assert that the yen will
be maintained at its present peg to sterling at the
of
rate
2d.
Is.
yen.
per
It is believed that the
Japanese authorities are planning to
ship consider¬
quantities of gold to London.
United States Commerce
Department
I
first
officials
during the
amounted to $192,-
United States exports to Japan
seven
months of this year
compared with $105,000,000 in the same
050,000,
Exports to China were valued at
$36,955,000, compared with $26,117,000 in the first
period last
year.
months of 1936.
seven
everything
restriction and guaranteed them
every
except actual profits, they still couldn't put up a
dime."
The
discovery
conditions disclosed
expected to be available until late in
not
:
Just why the
ctisis
facts which threaten a
rine Act
was
passed, is
a
question which it would
to answer were it not for other examples
of half-baked
has
legislation which the Administration
Here is
supported.
an
Act which proposes the
creation, with the aid of large government subsi¬
dies, of
merchant marine capable of meeting for¬
a
eign competition in the carrying of American oceanborne
and
commerce
in time of
nage
war.
providing auxiliary naval ton¬
A preliminary program, as out¬
37.36.
Congress in addition to about $200,000,000
by the Commission, called for the early con¬
struction of
mated
at
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
exchange) in the principal European banks as of
reported
respective dates of most recent statements,
to
by special cable yesterday (Friday); comparisons
us
shown for the
are
corresponding dates in the previous
France
Germany b.
Spain
.....
Italy
Netherlands
Nat. Belg._
Switzerland
Sweden
Denmark
Norway
..
...
90,777,000
90,597,000
191,732,440
658,092,791
12,214.400
90,402,000
53,013,000
68,577.000
75,960,000
56,846,000
49,976,000
71,951,000
58,921,000
105,707,000
54,159,000
75,694,000
77,158,000
64,968,000
61,461,000
24,132,000
97,621,000
46,612,000
19,900,000
15.486,000
6,552,000
7,394,000
7,397,000
13,994,000
7,397,000
6,604,000
6,601,000
6,579,000
6,569.000
428,257,505
2,223,900
88,092,000
42.575,000
192,433,716
657,227,599
194,315,231
575,967,151
3,259,850
,
3,026,000
Prev. week. 1,066,449,569 1,064,147,780 1,148,145,515 1,252,480,038 1,264,698,401
1936, latest figure available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
Dec. 31,
Amount held
a
are
£1.002.750.
c Amount held Aug. 1, 1936, latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold, 0.9 fine, equal to one franc; this was the second change In the gold's value
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
65.6 mgs. previously.
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.
reported at
was
not covered
to be met
that
The Risks of
Capital Investment in
Shipping
statements
made last
one
Sunday by Joseph P.
of his associates to the effect that the
execu¬
tion of the Government's merchant marine program
was
unexpectedly faced with a crisis could hardly
have
occasioned
owners
and
much
surprise to American
ship
operators. The reason for the crisis, ac¬
cording to Mr. Kennedy, was the "apparent inabil¬
ity" of
tal
some
shipping companies to obtain the capi¬
required for the new construction which, under
the Merchant Marine
Act, they
dertake in return for
sidies.
ed
as
As
one
of Mr.
are
expected to
un¬
building and operating sub¬
Kennedy's associates
saying of these ship operators, "if
obvious
would
have to be found.
seem
prudence and business common sense
to have dictated that
Congress, before
reasonably certain that the necessary private
would be
made
capital
was
we
quot¬
removed
forthcoming under the conditions regulat¬
ing its use, and that the vessels
could be built and
operated under the conditions which the Act pre¬
scribes. Yet it was left to the Commission to find
out, by elaborate and detailed inquiry, what the ac¬
tual needs of the merchant marine were, whether
the tonnage
contemplated could be built in available
yards,
found
capital could be
If there were de¬
and whether the needed
by the shipping companies.
fects in the
stipulations of the Act regarding con¬
struction
operations, the Commission was never¬
or
expected to give such effect to the Act as it
could.
discovery of the "apparent
The
inability" of pri¬
companies to obtain capital could not have
vate
Kennedy, Chairman of the Maritime Commission,
and
by differential subsidies would have
by the shipping companies, it was
considerable amount of new capital
a
theless
The
however, was to be expended only for
subsidies, and so much of the cost of construction as
£
£
247,940,825
Total week. 1,066,710,396 1,063,089,230 1,145,436,232 1,253,936,515 1,263,901,631
Bank of Germany
which the
Since the govern¬
in hand.
authorizing this colossal program, should have
£
£
£
328.047,961
293,480,435
2,493,000
c87,323,000
a25,232.000
105,490,000
102,343,000
83,206.000
25,944,000
6,549,000
6,602,000
England
which
of
1933
1934
1935
1936
1937
$500,000,000,
$150,000,000 was appropriated by the last
amount
would
Banks of—
The ultimate cost was esti¬
approximately
Government
four years:
or more
with vessels modern in size, speed
accommodations.
and
300
eventually necessary to replace
as
obsolete tonnage
ment money,
of
95 vessels, and some
some
indicated
were
Commission already had
Banks
were
brought out long ago, before the Merchant Ma¬
not
lined
Gold Bullion in European
Oc¬
...
yesterday were
28.93, against 28.85 on Friday of last week. Hong¬
kong closed at 31.06@31Jdn against 31.00@31 1-16;
Shanghai is nominal at 29%@30 1-32, againsb
29%@2915-16; Manila closed at 50}^, against
50.25; Singapore at 58}^, against 58.15; Bombay at
37.52, against 37.36; and Calcutta at 37.52, against
Closing quotations for yen checks
least, to
by the comprehensive investiga¬
the full findings of which, however,
has under way,
tober.
untoward situation
shipping industry which the Commission
tion of the
are
of this
to have been due, in the main at
appears
not be easy
able
state that
1795
Chronicle
been
a
great
surprise to Mr. Kennedy.
He was
while plenty
of capital was available, there was an obstacle to
"greater investment in shipping" in the "uncertainty
quoted as saying, some time ago, that
the Government's
over
can
policy."
"If," he said, "we
definite program and give assur¬
reasonable continuity, we may be able to get
agree upon a
ance
of
into
shipping the capital that is so badly needed,
Without
ance,
to
such
agreement and without such assur¬
clinging
evidently been
of the defects of the Act and the
shipping officials have made of it,
investors can hardly be blamed for
other, more stable fields." He has
aware, moreover,
criticisms which
and
has moved
cautiously in all the steps he has
1796
Financial
thus far taken.
to have
seem
investment
larger government aid than is pos¬
behalf it is made.
for the
prospect would not be bright.
unpromising outlook
of them is far to seek.
none
of
with
vari¬
One reason,
in the present
financial
capital except in
connec¬
reorganization.
new
If such
financial
some
are
that it will not be
repudiated by the men in whose
No shipper or passenger can be
that vessels will
sure
depart according to the an¬
schedule, and no captain can have confi¬
nounced
dence in the
while his
operating companies, and their
some
inability to attract
tion
intensify the opposition of the other,
tions will not
or
perhaps, is to be found
structure
representatives of one of the contending organiza¬
shipping is discouraging, and that
reasons
but
ous,
he would
as
in
sible under the Act the
The
learned,
now
Sept 18, 1937
far
with
even
Yet he has
suspected, that the outlook for capital
Chronicle
loyalty and discipline of his personnel
ship is in port.
is to be the
What, under these circumstances,
Government's
policy?
Mr. Kennedy has shown com¬
mendable firmness in
ordering drastic treatment of
reorganization is necessary, and the Securities and
the
Exchange Commission
erated, steamship at Montevideo who refused to per¬
to regard the matter
were
falling within its province, the record in rail¬
as
road
reorganizations
proval of
layed.
a
pending suggests that
form their duties because of
plan would probably be long de¬
new
ity in the case of privately owned and operated ves¬
The rearrangement of routes and consolida¬
The
sels.
to have in mind
course
might well be expected to precede
investment of
capital, since the investor
new
naturally wish to know,
where and how his
capital
among
subsidies, intended to
offset differences in construction
United
the
States
could be stabilized for
other things,
to be employed. There
was
is doubt whether differential
between
and
or
operating costs
foreign countries,
long in view of the frequent
changes in costs of materials and labor and the
pos¬
is
leans
only Government policy thus far discern¬
let
to
obviously to the labor side.
interruptions of service may at
operating
There
ent
American tonnage
how much
can
be
two
one,
built.
or
will be needed
r
three
the
years,
new
The needs of the navy
tonnage has been
for auxiliary merchant
tonnage seem equally uncertain, and it has been
a
can
merchant marine, it must have
be
A further and
mounting would reduce
consequently, earning
On
some
of these
been canvassed in
capacity and,
cargo
an
elaborate
report by the Mari¬
time Association of the Port of New
mary
of which
mission
on
York,
a sum¬
Thursday, the Com¬
be expected to have
may
amount of
released
was
time,"
a
vided
operation.
con¬
policy" set forth in the
fully realized within
a
reasonable
have such vessels as it deems necessary
may
private
naval yards, and charter
or
private operators.
The provisions
are
Were all the desired information at
that
the
charter
may
pro¬
be terminated by the
proclaims
national
emer¬
provisions
open
a
gency.
considerable
serious obstacles to
re¬
Commission, "without cost to the United States,"
There
Mr.
its
the pres¬
labor
weighty obstacle is found in Title
whenever the President
the
pointed out
as
maritime
garding chartering contain, in general, all necessary
completed, and not all of the defects in the Act
is
in
it finds that the "national
important information when its inquiry
that have been
long
assurance as
some
the investment.
on
safeguards, but it is nevertheless specifically
power.
matters, a number of which have
co¬
Under this Title the Commission, if
Act "cannot be
constructed in
for gun
profit
situation
VII of the Act.
the vessels to
greater strength
such
no
intolerable
urged that the additional construction expense due
or
of
assurance
to
requirements of greater speed
time occasion
tinues.
or
profitably employed when, after
any
operate with government subsidies in building and
perhaps by foreign governments, to meet the
present activity in ship building abroad,
prospect of
If private capital is to
heavy operating losses.
American
new
that
as
profitable return, and in which sudden and enforced
and
how much
As long
which there is at best only a doubtful
new
It is far from clear, in
their
run
Labor Relations Board
policy continues, capital may well avoid a field in
reasonable
competition.
and violence
controversy
the National
while
sibility of action by foreign builders and operators,
view of the
sympathy with striking
longshoremen in Uruguay, but he is without author¬
ible
would
Government-owned, but privately op¬
a
ap¬
now
tion of services which the Commission is understood
any
of
crew
way
can
be
doubt that these
no
to government ownership and
Kennedy has himself expressed
opposition to such
a program,
operation.
strongly
but all that is
his
neces¬
to bring government ownership about is for
sary
hand, however, and all the criticisms waived, there
investors, already deterred, in prospect at least, by
would still remain
the restrictions
an
extraordinary labor situation
which, if it is to continue, is likely to discourage
the
even
most
optimistic capitalists from making
substantial investments in shipping.
The conditions
in maritime labor
are
rival
but
collective
unions, bitterly hostile
and violent in
and
intolerable. Not
over
uation, to withhold the capital advances needed to
only
wage
one
prevailed
are
there
contracts,
to the other
their denunciations of the purposes
leadership of the opposing organization,
are
then build the
claim
an
"emergency." We have had too much "emer¬
lengths to which it
may
"uncertainty
of truckmen, into the contest. Docks at Pacific
ports
of the
down
vent
by
strikes, often suddenly declared, delay
sailings, and water fronts
mass
There is
picketing,
no
open
threats
certainty that
any
or pre¬
are
kept in turmoil
or
actual violence.
labor agreement with
may
be carried.
over
obstacles
and it will
an
"a
greater investment in
or
ship¬
not the risk is there,
operate to discourage capital investment
undertaking which, under the most favorable
conditions, lacks
of
of the
Mr. Kennedy
the Government's policy" as one
to
ping," but whether he did
in
aware
have had this risk in mind when he instanced
those
freight that cannot be handled, sit-
private operators will be subject to
gency" legislation already not to be
as
crowded with
may
them,
own
cancellation whenever the President chooses to pro¬
contending for the control of marine labor in all its
dragging other unions, such
ships, the Government will
and charters to
branches and
are
imposed by the Act, the uncertain¬
shipping outlook and a chaotic labor sit¬
give effect to the subsidy plan. The Commission
which for months have
protracted disputes
ties of the
profit.
an
entirely satisfactory
assurance
volume
Financial
145
The
ferred
speed with which the nine-Power conference
Nyon agreed to do something about the "pirate"
submarines in the Mediterranean is in
trast to the
striking con¬
long drawn out and essentially fruitless
performance of the much-heralded Non-intervention
Committee at London.
preventing direct
rebels in
or
Committee
When it
was
a
question of
indirect aid to either loyalists
or
Spain, the deliberations of the London
were
marked
above re¬
to
either party to the Spanish war is to be "counter¬
attacked and, if possible, destroyed." The authority
to attack and destroy is extended to cover the case
of any submarine "encountered in the vicinity of a
position where a ship not belonging to either of the
conflicting Spanish parties recently has been at¬
tacked," in violation of the rules of international
law, "in circumstances which give valid grounds
contrary to the rules of international law
Lawlessness and War
at
1797
Chronicle
by radical differences of
opinion, outspoken charges and counter-charges, ad¬
to,
merchant vessel not belonging
any
for belief that the submarine was
With the
journments, delays, references of proposals to sub¬
imposing array of force which the sig¬
committees, postponements for further considera¬
natory
tion, and other devices familiar in bodies which do
France,
are
anxious that any¬
Meantime, it was matter of
thing should be done.
general knowledge that substantial aid was being
extended to one or the other of the contending sides
Spain with the tacit consent of some of the Pow¬
in
ers
represented
ity
was
not
were
As
-
the Committee, and that neutral¬
soon
as
it
appeared that
one or more
undetermined
of
mysteri¬
nationality were
large in the Mediterranean, however, and that
at
merchant vessels of some
openly charged Italy with responsibility for
ment
the
A selected group
reached
for
of Powers was invited
quickly
joint action in suppressing what, for
conference,
a
and France bestirred
Great Britain
attacks,
themselves.
to
nominally neutral Powers
being attacked, and when the Russian Govern¬
were
and
agreement was
an
"piracy" in
diplomatic reasons, was denominated
The larger part of the task was
the Mediterranean.
by Great Britain and France, but other
assumed
Mediterranean
accepted certain responsibilities for patrolling their
signatory Powers bordering on the
territorial waters and rendering such assistance to
the
war
vessels of other Powers as might be neces¬
Neither Germany nor Italy took part in the
sary.
specifically
conference, the absence of Italy being
due
the
to
went
on
some
without them.
As
a
result of the agreement,
naval vessels are reported to have been
200
assembled for
in
of Russia, but the conference
presence
action, and the greatest "pirate" hunt
the
"piracy," as
specific ground of the charge of
stated in
the Nyon
agreement, is the violation by
offending submarines of the rules
tional law
or
referred to in the Treaty of
of interna¬
London of
Yet the whole situation is
destroyed.
anomalous, and its possible consequences for Euro¬
Nyon did not shrewdly insist upon drawing Italy
into
the
notwithstanding its absence
agreement,
conference, by assigning to it a patrol zone
which embraced its
to
why the diplomats
It is hard to understand
sion.
at
such as to cause serious apprehen¬
are
pean peace
own
coasts, and thereby force it
put an end to any unlawful acts of
its submarines
if it be true that Italian submarines are
The exclusion
ers.
Mediterranean
has
the offend¬
Italy, the most important
of
the extent of its
in
Power
coasts,
brought Italy and Germany nearer together and
increased the
possibility of a collision between Italy
Russia, while the refusal of the League to ad¬
and
mit that
Ethiopia
no
longer exists as an indepen¬
irritation. The suppression
dent State is a further
of
"piracy" in the Mediterranean has no real bear¬
in Spain, al¬
somewhat with
does it lessen the likelihood
ing upon the future course of the war
though it may conceivably interfere
the rebel
blockade, nor
that the Valencia Government
will before long give
to that of General Franco.
way
regarded
as a
Piracy is rightly
crime against civilization, but its sup¬
pression is not war, and as far as
in
war
ers
amounts only to an
attempt to deal with inter¬
precise relation to the
national lawlessness whose
war
determined.
has not been
Whether the undeclared war
which is being waged
not, in strictness, be classed as
lessness as far as
become a
influence upon
Spain is concerned the action of the Pow¬
the
in China should
history has begun.
The
and
able to muster, the outlawed submarines,
still remain, ought soon to be discovered and
captured
from the
yet greatly jeopardized.
as
submarines
ous
on
being made a by-word even if neutral rights
if any
Britain
Great
particularly
Powers,
not know what to do and are not
guilty of the at¬
tack."
question of more than theoretical interest
League of Nations undertakes to
if the
law¬
Japan's part in it is concerned will
act seriously
If the League, responding to the ap¬
regarding it.
April 22, 1930, regarding the sinking
peal of China, decides to
vessels, the violations being
recognize Japan as an ag¬
gressor,
of merchant
further denounced as
"contrary to the most elementary dictates of hu¬
manity." The joint action agreed upon is to be taken
"without in any way admitting the right of either
Spain to exercise belligerent
rights or to interfere with merchant ships on the
high seas, even if laws of warfare at sea are ob¬
served, and without prejudice to the right of any
party to the conflict in
participating Power to take such action as may be
proper to protect its merchant shipping from any
kind of interference on the
high seas,
sibility of further collective measures
upon
or
to the pos¬
being agreed
visions
as
reservations, and subject to such pro¬
are
Mediterranean
to
govern
zones
out, any submarine
course
constitutes a violation of the
naval operations in the
which
the agreement, marks
which attacks, in any manner
spirit and in¬
formulated rules, of international
tent, if not of the
is given to the provoca¬
law.
After all due weight
tions
which/have stirred Japan to action, it is diffi¬
see in that situation anything which justifies
cult to
large-scale military and naval
the
which Japan
than
operations in
is engaged. To the neutral observer the
operations suggest conquest and
subjugation, rather
punishment for irritating conduct, as the aims
which Japan
the
subsequently."
With these
would
the inquiry which would naturally follow
be based upon the assumption that Japan's
has in mind.
other hand,
whether
clared, stands on a very
lawlessness which
erranean,
and
force as is
no
or
An aggressive war, on
not it is formally de¬
different basis from the
is being dealt with in the Medit¬
such mobilization of international
being witnessed in the Mediterranean is
1798
Financial
likely to be undertaken in the Far East
conduct
of
Japan is
formally
if the
even
denounced
by
the
League.
of President Roosevelt in
forbidding
government-owned Vessels to carry arms
plies to either China
or
Japan has
a
or war sup-
special interest,
legal authority for Mr. Roosevelt's action has
Sept.
1937
18,
American vessels and their cargoes that attempt to
the Japanese blockade there will be, apparently,
run
no
The action
The
Chronicle
It is this latter
redress.
danger that is most
important, for government-owned vessels
paratively few, but the seizure of
sel, under color of
are
com-
American
an
ves-
disclaimer of responsibility
a
which it is doubtful that Mr. Roosevelt is legally
not been indicated in the announcements that have
impowered to declare,
been
serious complications.
made, and it is not clear that
ity exists.
are
declaring that
civil
exists, but
war
is
as
as
far
yet
in the
parently,
whose payment is highly uncertain. Much of the loss
a
and
owners
arms
operators of other vessels that they will
in
engage
such
trade
their
at
own
risk.
Act cannot fail to
see
how
operates. China, with only
suitable for
cant navy
overseas
an
insignifi-
a
hard and direct
reported to have entered formal protest
navy
large merchant fleet
a
in the world, regards the
prohibition with equanimity.
Theoretically, China
may
still purchase
and
privately-owned American vessels
war
supplies in the United States
under-
may
take to deliver them, but Japan will see to it that
no
supplies reach China, and for the seizure of
Gross and
Railroad
mixture
Net
Japanese forces have been
a
hopeful and pessimistic items for the
French Governments and their military and naval
authorities in China
and energy,
could
the Chinese and the
Japanese, however,
pan seems
ference.
velt's
ill-disposed to tolerate
It is
reflects
general business, since
earnings make
gross
comparison with the
actual
an
and
decline
of
same
are
month of last
net
revenues,
Obviously enough,
more
probably is accentuated to
and
often
unfortunate
phase of carrier activities.
business
costs
despite the
operative throughout the struc-
of the railroads the trend is
close
rapidly
more
ture of American business at this time.
and it
a
thus have the spectacle
we
increase of business transacted.
such tendencies
July,
well-sustained level
a
But operating costs advanced
than gross revenues,
of
Our tabulation of
and net earnings of the railroads for
year.
In the
case
readily apparent,
a
degree by the
regulation
of
every
The general advance of
plainly merits
a
more
rapid
and
sweeping increase of railroad freight rates than the
Interstate
Commerce
dency of granting.
other
of the
_
Commission
There is
some
shows
evidence,
on
squeezing of these carriers between the
of inelastic
.....
,
„
lower millstone ot
the
aware
upper
charges for services and the
,
a
ten-
any
hand, that the Commission is becoming
millstone
n
that will involve the United States
in the war, and that American participation in the
Far Eastern Advisory Committee which
Operating results of the railroads for July afford
in
good basis for estimating the essential trend,
comparison with previous tendencies.
was
formed
by the League in 1933 to deal with Manchuria, and
lias
now7
been revived by the League Council to deal
with Japan's course in China, may be
emphatically
declined.
terial recession
w7as
of
the
July, 193G,
no
No
ma-
comparison.
activities
such aspects were to be noted, since
area
gross revenues
The large grain and
to market, although in
move
drought conditions prevailed
producing
business
general
in that month, while crop develop-
apparent
of the
large part of the
over a
country.
Accordingly, the
of the railroads increased in July to
$304,551,039 from $349,143,052 in the
ating costs advanced
even more
month
same
of 1936, a gain of $15,407,987, or 4.41%.
But oper-
than gross revenues,
owing to the high and ever-increasing
w7age
scale,
the continually more burdensome pension charges,
the
advancing costs of materials, and the need for
effecting long-deferred
ment changes.
maintenance
and
improve-
The net earnings of the railroads
for July were only $98,485,524 against $101,379,262
in July, 1936,
a
decrease of $2,893,738,
or
2.85%.
Some of the important grain carrying roads made
gains in both
serves
gross
and net revenues, which only
to emphasize the trend that now is evident,
apart from such activities.
We present the results
in tabular form:
Month of m-
operating
1936
235,636
236.126
—490
0.20%
$364,551,039
$349,143,052
+$15,407,987
4.41%
266,065,515
expenses
Net earnIngs
247,763,790
+18,301,725
7.38%
72.98%
70.96%
-*2'893'738
2'85%
*9M85'624 $101'379'262
The problem of railroad
importance.
inc.
1937
Mileage of 137 roads
Ratio of expenses to earnings-
and costs of materials.
very
outside inter-
any
discriminatory action does not foreshadow7
further steps
Gross earnings
1
speedy advance of wages, taxes
4
a
contend-
are
earnestly to be hoped that Mr. Roose-
ments favored the
favorable
of the indis-
some
ing desperately for their respective causes, and Ja-
other crops began to
of
not, with greater firm-
have prevented
principal carriersxof the Nation.
presented herewith,
It
is difficult to believe that the American, British and
consideration of holders of bonds and stocks of the
gross
very
scrupulous about safeguarding foreign interests.
Earnings of United States Railroads for the Month of July
operating statistics currently afford
of
the
nationals, hospitals and business establishments. Both
small merchant marine
a
trade, with only
largest
of war, but it is not clear that either
or
unequally the prohibition
against it, while Japan, with
and the third
damages
criminate attacks that have been made upon foreign
and with its ports blockaded by the Japa-
blow and is
claims for
Neutrality
in Mr. Roosevelt's action
nese, sees
in
save
that has been suffered is, no doubt, the inevitable
ness
Even the strongest supporters of the
redress
no
consequence
henceforth
exposed and the property
as
shipments to either party
government-owned vessels, and by notifying the
such
war areas are
the Chinese
barring
the way to
open
losses that have been sustained there is also, ap-
happened, however, is that the
of
well
no
in China, and the conflict there is not
What has
may
For the personal dangers to which American citizens
States has intervened in the conflict to the
United
in
state of
a
proclamation
a
States is concerned there
war
war.
extent
operative only when the Act
formally put into effect by
the United
public
such author-
The prohibitions of the Neutrality Act
intended to become
has been
any
wages
Although railroad
(+)
or
Dec.
(-)
is of particular
wages
as
a
whole
Volume
at the
were
workers
granted recently a general increase,
sure
to cut
heavily into the net revenues of
Operating workers demanded out¬
carriers.
these
advances of wages, under the threat of a
rageous
strike, and that question now has been placed before
the National Mediation Board.
The net figures pre¬
herewith
sented
and
of
at
the
railroads find
on
during July, and which, so
concerned, promises to con¬
are
the basis of the good crops.
As
showing the trend of trade and business, the
and steel industries
the iron
first in order.
come
Here most gratify¬
ing improvement is shown, the tonnage in the case
industry being the largest for the month
each
According to the figures compiled by
since 1929.
Steel
and
Iron
American
Institute, 4,556,596
steel ingots were produced in
tons of
gross
month under review as
in
the
another
of
automobiles—here
vehicles in July
what less than in
cars
find
that
the output
feet
as
with
July
1936,
or
2% more than in the corresponding
happened, too, that the grain movement over
roads
month since
was
due
considerably larger
was
the other
last year.
primary markets, as the receipts of all
cereals
were
along in this article, and
of wheat,
combined, reached 145,297,000 bushels as against only 144,977,000 bushels
in the corresponding five weeks of last year; 52,receipts at the Western primary markets
oats, barley and rye,
corn,
in 1934;
139,394,000
in 1931, and 142,364,000 in 1930, but comparing
with 153,824,000 bushels in the same five weeks
205,000 bushels in 1935; 106,051,000 bushels
124,192,000 in 1933; 75,074,000 in 1932;
of 1929.
It
In 1929, however, the
is, however, when
railroads of the country
of all that has been
Division of the Association
the number of cars
1930)
1934;
1934;
in
1933;
loaded with revenue freight on
the United States totaled 3,812,088
in
1932;
3,118,872 in
1933; 2,429,330
in 1932, and
foregoing we have been dealing with
the railroads
,
now
of the country collectively.
to the separate
3,954,000 in 1931; 5,557,000 in 1930, and 4,810,000
exhibits
in 1929.
reads
recorded for the month since
against 3,572,849 cars in the same five
1936; 2,820,169 cars in 1935 ; 2,963,675 in
all the
In
with 3,925,000
3,021,000
Car Service
of American Railroads,
3,759,462 in 1931, but comparing with 4,475.391 in
1930 and no less than 5,265,998 cars in 1929.
anthracite
July, 1936; 3,536,000 in 1935; 3,443,000
3,677,000
as
weeks of
production, only 2,697,000 net tons were mined in
in
July the present year,
according to figures compiled by the
(the largest number
net tons in
that the composite result
For the five weeks of
fested.
the railroads of
July the present year as compared
turn to the statistics
freight on all the
said above is most clearly mani¬
with 22,339,000 in 1935;
24,869,000 in 1934; 29,482,000 in 1933; 17,857,000 in
1932, and 29,790,000 in 1931. In 1930, however, the
output was 34,715,000 and in 1929 reached 41,379,000
of Pennsylvania
we
showing the loading of revenue
The bituminous output reached
case
further
therefore need only say
weeks ended J uly 31, 1937, the
here that for the five
of
greatly reduced scale as compared
In the
much smaller than in July
We deal with the details of the Western
only 31,610,000 net tons as against 32,005,000 in
tons.
in
for the
The present year's increase
July, 1929.
movement in a separate paragraph
grain
July, 1936, but comparing
net
than
entirely to the larger receipts of wheat at
the Western
July, 1937—bituminous and anthra¬
a year ago.
present year aggregated 985,867,000
July, 1936, when the traffic was the largest
turned out reached 500,840.
a
Shipments of lumber in the same
12%.
against only 883,808,000 feet in the similar
as
It
Regarding that very important industry, the min¬
on
an
cut of
against only 878,604,000 feet in the same
Western
ing of coal, the statistics prepared by the United
States Bureau of Mines show that the quantity of
cite—was
Association,
weeks of last year.
1934; 229,357 in 1933; 109,143 in 1932; 218,490 in
ccal mined in
Manufacturers
Lumber
weeks of
against 440,731 in July last year, but com¬
cars
large in¬
of 537 identical mills reported a
as
1937,
paring with 332,109 cars in 1935; 264,933 cars in
number of
a
reaching 898,432,000 feet in the four weeks of July,
the highest for the month
1931, and 265,533 in 1930.
showed
period of 1936, or a gain of 12%, while orders re¬
ceived were also considerably larger than last year,
only 438,834 automobiles were produced in July,
1937,
industry likewise
According to the figures compiled by the
increase of
the present year was some¬
was
lumber
four weeks the
The Bureau of the Census reports that
since 1929.
In view of the
735,000 feet in the same four weeks of 1936, or an
July a year ago, when the number
turned out
$652,436,100 in July, 1929.
1,090,517,000 feet of lumber as compared with 977,-.
against 3,914,370 gross tons
we
but compar¬
and with no less
substantial improvement in the building trade,
average
great basic industry—the manufacture
to
1931,
in
in 1930
$367,528,400
National
July last year (an increase of more than
of
Rocky Mountains totaled $321,-
$285,997,300
and
crease.
and
motor
1932,
the
16%)
2,267,827 gross tons in July, 1935.
The July
output in previous years back to and including 1929
is as follows: 1,489,453 tons in 1934; 3,168,354 in
1933; 806,722 in 1932; 1,887,580 in 1931; 2,922,220
in 1930, and 4,850,583 in 1929.
In the case of pig
iron, the present year's July output of 3,498,858
gross tons compares with only 2,594,268 tons in
July, 1936, and but 1,520,263 in 1935. Carrying the
comparisons further back, we find that the make
of pig iron in July, 1934, was 1,224,826 tons; in 1933,
1,792,452 tons; in 1932, 572,296; in 1931, 1,463,320;
in 1930, 2,639,537, and in 1929, 3,785,120 tons.
As
in
of
July, 1937, in the
against only $294,734,500 in July, 1936
as
ing with
general increase of business, which
while
a
naturally
the
602,700
very
figures relating to
of
37 States east of the
than
the railroads
indices
construction contracts issued in
really favorable factor at the
The only
in progress
tinue for
which
costs,
period when their own revenues are
a
is the
was
as
taxes,
piled by the F. W. Dodge Corp., the money value
Nor is it necessary to dwell upon the
general
moment
far
for
According to the statistics com¬
period.
recovery
(an increase of 8%); $159,257,500 in 1935; $119,-
restricted.
still
deductions
present
year's record established a new high level for the
662,300 in 1934; $82,554,400 in 1933; $128,768,700
emphasis.
onerous
before
are
hand, building activity was much
other
the
greater than in July a year ago—in fact, the
advancing levies of government need no
the
rise
On
highest levels in history, non-operating
were
which is
1799
Financial Chronicle
145
as
in
a
roads and systems, we find the
consonance
whole.
Turning
with the showing for the
In our compilations giving the
1800
Financial
Chronicle
increases and decreases in gross and net
earnings in
of
excess
to
$100,000, only 16 roads,
record
increase
an
above that amount.
tinguished
reporting
and
Missabe & Iron
and net alike
Top & Santa Fe__
Chicago Rock Island &
Pacific (2 roads)
Colorado & Sou (2 roads)
Bessen
Topeka & Santa Fe,
net.
in gross
creases
in the
earnings,
of the
case
great trunk lines,
New York Central
earnings
of
$407,550,
$1,303,956 in
the
the
the
net.
a
NY New Hav & Hartf..
116,727
Western
Orleans
Texas
(3 roads)
&
of
loss of $691,809
(These figures
the
cover
Chesapeake & Ohio__
Baltii,
ore
__
418,616
Total (31 roads)
ing Pittsburgh & Lake Erie, the result is
loss of
a
in the
&
same
$778,211 in net earnings.)
category
Other roads
the New York New Haven
are
Hartford, which with $395,298 gain in
gross re¬
115,060.
$9,362,368
When
the
roads
decrease of $778,211.
a
arranged in
are
groups or
geo¬
graphical divisions, according to their location, the
part played
by heavily increased
illustrated.
Of
three
the
districts—the
great
and the Western—are
Pocahontas)
reveals
while in the
case
of the net
is
groups
earnings, six regions
the
as
are
As to the districts them¬
of the gross,
case
Western, is able to record
of
case
below.
the net.
Our
an
by
summary
As previously explained,
we
the roads to conform to the classification of
group
the
the
one,
region (the
one
decrease in gross earnings,
obliged to report losses.
only
which the
Eastern, the Southern,
divided, only
a
is well
expenses
eight regions into
increase in
and
124,631
118,861
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Lcuis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre I aule.
Includ¬
result is
earnings
134,867
133.008
128,457
a
selves, all three show gains in the
gross
145,371
_
433,764
i
but
$1,395,020 in
Nashville.
_
& Ohio
Lehigh Valley
201,874
195,776
195,622
_
Detroit Toledo & Ironton
operations of the New York Central and its leased
increase of
W
S790.324 Minn & St Louis
a691,809 Denver & Rio Grande W
646,061 St Louis Southwestern.
580,890 Chicago & East Illinois._
528,857 Atlantic Coast Line
lines; including the Pittsburgh & Lake Erie, the
an
__
Ontario &
Pacific
Louisville &
6,524,251
Chic Mil St P & Pacific
Union Pacific
an
gain
__
_
York
New
New Vork Central
decrease in net
a
Pacific
Wabash
Decrease
Erie, show¬
latter
earnings and
gross
of
case
and
a
j Chic Burl & Quincy
144,157
126,570
Chicago North Western
and $542,986
System, the former reporting
279,240
274,400
272,293
259,986'
258,739
221,922
202,216
146,532'Northern
__
Total (17 roads)
net, are found those two
Reading
Norfolk & Western
Chic StP M & O
Chicago Great Western.
obliged to report de¬
$2,219,855 and
_
and
the Pennsylvania RR. and the
increase in gross of
191,427
Mexico
and $476,663 increase in
are
__
..
New York Chic & St L_.
275,088
New
Among the roads, which, while showing in¬
creases
in
gross
& Lake Erie
$409,936
407,550'
393,116
321,638
285,977
Erie (2 roads)
St Louis-San Fran (2 rds)
System, with $1,180,562 gain in gross and
$898,194 increase in net; the Colorado & Southern
ing $580,268 gain in
MONTH
Decrease
Illinois Central
Seaboard Air Line
$451,855 increase in net; the Chicago Rock Island &
increase in net, and the Bessemer & Lake
1937
18,
THE
Mil StP & S S Marie
Pacific
gross
er
_
$1,741,440 gain in net; the Southern Pacific
System, with $641,594 increase in
FOR
JULY, 1937
Southern Pacific (2 roads
Elgin Joliet & Eastern
gross
gross
EARNINGS
898,194
542,986
476,663
451,855
Virginian
Range, with $2,008,008 gain in
NET
SI,741,440 Southern.
1,604,039 Pennsylvania
Atch
Chief among the roads so dis¬
System, reporting $2,288,584 increase in
IN
Increase
Dul Missabe & Ir Range
increase of $3,133,180 in
on
Sept.
CHANGES
OF
able
are
gross earnings
gain of $1,604,039 in net earnings; the Duluth
a
and
in both gross
the Atchison
are
find,
we
PRINCIPAL
Interstate
Commerce
Commission.
ports $221,922 loss in net; the Louisville & Nash¬
daries of the different groups
ville, with
The
boun¬
cated in the footnote to the table:
of
an
increase of $265,451 in gross and
a
loss
$145,371 in net, and the Seaboard Air Line,
porting $314,703 gain in
Lack of space prevents our
net.
re¬
naming separately
(with their decreases) the roads which have suffered
losses in
both
confine ourselves to
outstanding.
and net earnings,
gross
SUMMARY
naming only
a
so
we
few of the most
are
indi¬
GROUPS
-Gross
Month of July—
Eastern District-—
Earnings-——
1937
1936
$
S
13,372,737
64,560,330
12,879,606
+ 493,131
3.82
64,275,827
+ 284,503
0.44
76,018,184
72,869,641
+ 3,148,543
4.32
.,..153,951,251
150,025,074
+3,926,177
2.61
New England region GO roads)...
Great Lakes region (24 roads)....
Central Eastern region (18 roads).
shall
The Chesapeake & Ohio, reporting a
BY
District and Region
and $191,427 loss in
gross
and regions
Total (52 roads)
line. ( + )
(—)
or Dec.
$
%
Southern District—
Southern region (28 roads)
40,909,586
40,101,670
+ 807,916
2.01
Pocahontas region (4 roads)
20,744,570
20,851,076
—106,506
0.51
Total (32 roads)..
61,654,156
60,952,746
+ 701,410
1.15
$646,061 in net; the Chicago Milwaukee St. Paul &
Northwestern region (15 roads)
Central Western region (16 roads).
45,787,016
+ 1,595,198
3.60
+ 7,156,572
10.70
Pacific, with $371,249 decrease in
Southwestern region (22 roads)
29,135,261
44,191,818
66,866,783
27,106,631
+ 2,028,630
7.48
148,945,632
138,165,232
+10,780.400
7.80
(137roads)....364,551,039
349,143,052
+15.407,987
4.41
decrease
of
decrease
in
$578,409
the
gross
a
of
and $528,857
Western District—
Total (53 roads)
and $580,890 decrease in net,
decrease in gross of
a
loss in net earnings of $418,616.
subjoined table
we
show
all
changes for
separate roads and systems for amounts in
$100,000, whether increases
gross
and
Total all districts
gross
Lehigh Valley, with
$290,231 and
the
earnings
gross
net; the Baltimore & Ohio, reporting
$115,045 loss in
and
in
or
In
the
74,023,355
District and Region—
Month of July
-Net
Mileage
Earnings—
1937
1936
1936
$
$
2,697,612
15,013,518
2,876,292
26,417
7,045
26,540
Central Eastern reg'n 24,756
Eastern District—
New England region.
1937
Great Lakes region..
6,982
Inc. (+) or Dee. (-
$
—178,680
17,383,948 —2,370.430
%
6.21
13.63
24,852
21,877.030
22,838,320
—961,290
4.20
58,155
68,437
39,588,160
43,098.560 —3.510,400
8.14
38,735
6,045
38,878
6,010
8,807,443
9,763,639
—956,196
9.79
8,929,660
9,694,205
—764,545
7.88
44,780
44,888
17,737,103
19,457,844 —1,720.741
8.84
Northwestern region. 46,084
Central West, region 56,898
Southwestern region. 29,719
46,216
12,942,151
56,752
12,585,468
20,841,686
18,615,006
29,833
7,733,107
7,265,701
—356,683
+2,226,680
+467.406
132,801
41,160,261
38,822.858
+2,337,403
6.02
Total all districts.235,636 236,126
98,485,524
101,379,262 —2,893,738
2.85
Total
of
Southern District—
decreases, and in both
Southern region
Pocahontas region..
excess
and net:
Total
Western District—
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF
JULY,
Increase
Atch Top & Santa Fe
$3,133,180
Southern Pacific (2 roads)
2,288,584
Tt)
Great Northern.
Mobile & Ohio
Pere Marquette
._
Pennsylvania
2,219,855
Dul Missabe & Ir Range
2,008,008
New York Central
al .303,956
Chicago Rock Island &
Pacific (2 roads)
1,180,562
Colorado & Sou (2 roads)
641,594
Bessen
er & Lake Erie
St Louis-San Fran (2 rds)
__
Elgin Joliet & Eastern._
New York N H & Hartf
Missouri Pacific
...
Seaboard Air Line
Virginian
Mil St P& S S Marie....
Louisville &. Nashville
_.
Missouri-Kansas-Texas.
Texas Pacific
Atlantic Coast Line
Western Maryland
Union Pacific
Den & Rio Grande West
New
Orleans
Texas
580,268
442,345
423,448
395,298
323,204
314,703
282,110
280,888
265,451
213,728
190,672
189,680
188,700
188,241
174,880
1937
108,616
$17,907,917
132,701
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN
Decrease
Chesapeake & Ohio
$578,409
371,249
309,122
290,231
275,364
250,565
230,311
156,636
151,853
143,671
134,104
115,045
111,518
106,643
100,078
Chic Mil St P & Pac-.-.
New York Ont & Western
Lehigh Valley..
Wabash
Illinois Central
Chic & North West
N Y Chic & St Louis
Minn & St Louis
..
Detroit Tol & Ironton
Chic St P M & O
Baltin
ore
& Ohio
Reading.
Del Lack & Western
Chicago Great Western.*
&
Mexico (3 roads)
Total.....
114,876
Total (33 roads)
Total
(15 roads)
$3,324,799
DISTRICT
New England Region—Comprises the New
England States.
Great
TMkes
Region—Comprises the section
on
the Canadian
boundary between
New England and the westerly shore of Lake
Michigan to Chicago, and north of
line from Chicago via Pittsburgh to New York.
a
Central Eastern Region—Comprises the section south of the Great Lakes
Region
east of a line from
to the mouth
Chicago through Peoria to St. Louis and the Mississippi River
of the Ohio River, and north of the Ohio River to Parkersburg,
Va., and a line thence to the southwestern
River to its mouth.
corner
SOUTHERN
Southern
W.
of Maryland and by the Potomac
DISTRICT
Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of
Virginia to the Atlantic.
Pocahontas
Virginia,
165,823
6.43
CTPft
$147,093
142,154
Norfolk & Western
2,75
11.96
Region—Comprises the section
east
and south of a
of
Kentucky
line from
and
the
Ohio
north
River
of the
north
to
Parkersburg to the southwestern
southern
boundary
of
Parkersburg.
corner
W. Va.,
of Maryland and
thence by the Potomac River to Its mouth.
a
These figures cover the operations of the New York Central
and leased
Cincinnati
Chicago & St.
lines—Cleveland
Cincinnati
Northern,
Louis,
and
Evansville
Indianapolis &
cluding the Pittsburgh & Lake Erie the result is
an
Michigan
Terre
Central,
Haute.
In¬
increase of $1,395,020.
WESTERN
DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific,
Region—Comprises the section south of the Northwestern Region
Peoria and thence to St. Louis, and north of a line
Kansas City and thence to El Paso and by the Mexican boundary
Central Western
line
west of a
from Chicago to
from St. Louis to
to the
Financial
14S
Volume
Southwestern Region—Comprises
Louis
and by the Rio
We
Mississippi River
the section lying between the
and a line from St. Louis to Kansas
City and thence to El Paso,
already indicated that Western
the
July a year ago,
larger grain traffic than in
when
roads
advantage of a
(taking them collectively) had the
the
The present year's improvement
grain movement was the largest for
period since 1929.
spring wheat move¬
the result of a much larger
primary markets
during the five weeks ended July 31 reaching 121,527,900 bushels as against only 95,243,000 bushels
ment, the receipts at the Western
19367
in the
were
same
a
on
last year,
bushels
with
12,026,000
greatly reduced scale as compared
the receipts of corn being only
of
bushels;
19,707,000
oats,
but
of barley, 1,827,000
against 20,297,000;
against
2,306,000 bushels. Altogether, receipts at the West¬
ern primary markets of the five staples, wheat, corn,
oats, barley and rye, in the five weeks ended July 31,
against 7,424,000, and of rye, but 1,357,000
1937,
145,297,000 bushels as against only
totaled
144,977,000 bushels in the same five weeks of 1936;
52,205,000 bushels in 1935; 106,051,000 in 1934 ; 124,-
139,394,000 in
comparing with
153,824,000 bushels in the corresponding weeks of
192,000 in 1933; 75,074,000 in 1932;
1931, and 142,364,000 in 1930, but
In the following
1929.
the Western
table
WESTERN FLOUR AND
Wheat
(bush.)
(bbls.)
July 31—
we
grain movement in
Flour
5Wks. End.
Oats
Barley
Rye
(bush.)
(bush.)
(bush.)
(bush.)
2,062,000
2,225,000
1,082,000
1,353,000
73,000
92,000
Corn
(bush.)
1,239,000
give the details of
our
usual form:
1,846,000
8,706,000
13,146,000
1,557,000
1 ,'841,000
65,308,000
46,429,000
5,670,000
12,863,000
1,343,000
2,260,000
5,767,000
4,097,000
594,000
2,415.000
1,038,000
1,608,000
21,112,000
-
1,225,000
1,162,000
1937
50,000
140,000
44,000
790,000
1,480,000
640,000
169,000
229,000
261,000
City—
389,000
442,000
St. Joseph—
Wichita—
Sioux
11,025,000
78,000
City—
1,313,000
997,000
1936
Total all—
11,469,000 176,041,000
1936
11,604,000 154,740,000 123,327,000 58,159,000
On
the
ment
other
46,585,000 12,971,000
hand, the Western livestock move¬
to have been much smaller than
appears
larger, reaching 3,309 carloads against 2,707 cars in
July last
at Chicago they were only
year,
against 8,940
5,466 cars
and at Omaha but 1,744 cars as
cars,
compared with 2,203 cars.
As
the
to
never
very
Southern roads—
over
season—the movement so far as the port re¬
crop
ceipts of cotton
than in
case
traffic
cotton
large in July, it being the tail end of the
concerned was very much larger
are
July last year, but fell far below 1936 in the
of the overland
latter
bales
(bush.)
Barley
Rye
(bush.)
(bush.)
(bush.)
3,859,000
5,789,000
152,000
1,125,000
1,123,000
425,000
842,000
13,556,000
1,133,000
10,615,000
8.492.000
7,026,000
6,107,000
7,989,000
341,000
891,000
838,000
7,081,000
4,036,000
589,000
681,000
1,000
2,000
113,000
6,000
518,000
674,000
235,000
419,000
81,000
3,761,000
1,859,000
53,000
44,000
154,000
120,000
1,083,000
181,000
881,000
2,833,000
5.342,000
240,000
395,000
1,000
Going
paring with but 21,191 bales in July, 1935.
further
is with 37,914 bales in
back, comparison
1934; 30,603 in 1933 ; 14,361 in 1932; 28,361 in 1931;
At the
128,999
outports, the receipts comprised
Southern
in
bales
4,000
245,000
606,000
77,COO
6,000
133,000
148,666
95,000
14,383,000
792,000
present year
the
July
against only
as
112,000
343,000
33,189
1937, aggregated only
against 49,945 bales in July, 1936, but com¬
as
588,000
1,151,000
The
shipments of the staple.
during July,
18,912 in 1930, and 60,918 bales in 1929.
Oats
in
While the receipts at Kansas City were
July, 1936.
GRAIN RECEIPTS
Corn
8,470,00
73,715,000 34,142,000 23,559,000
1931
Chicago—
1937
1936
GRAIN RECEIPTS—Concluded
AND
Wheat
(bbls.)
All the other cereals
five weeks of 1936.
against
8,560,000
119933667
FLOUR
Flour
July 31—
Kansas
Grande to the Gulf of Mexico.
have
much
was
1119993336776
WESTERN
7 Mo8. End.
Peoria—
Pacific..
south of St.
1801
Chronicle
101,820 bales in the same period of 1936, and 107,688
1935, but comparing with 217,472 bales in
bales in
Minneapolis—
1937.
*
Dtduth—
Milwaukee—
68,000
92,000
48,000
1932, however, the July receipts were only
Back in
93,986 bales in 1931; 81,860 in 1930, and 77,294 bales
in 1929.
RECEIPTS OF COTTON AT
Toledo—
1936.
SOUTHERN PORTS FOR MONTH OF JULY
1937, 1936 AND 1935
1 TO THE END OF JULY,
SINCE JAN.
AND
Detroit—
Since Jan.
Month of July
1937.
*
1936
-
-
«.
1932..
1934; 430,852 bales in 1933, and 178,997 in
1
!
Ports
1935
1936
1937
1935
1936
1937
Indianapolis and Omaha—
27,000
16,199,000
3,952,000
496,000
10,205,000
569,000
762,000
244,000
31,000
Beaumont.
11,065
6,783
95
1937
1936.
584,000
8,222,000
1,681,000
1,536,000
103,000
24,000
New Orleans..
19,952
32~318
22^391
628,757
504,590
Mobile
20,827
2,751
11,325
160,212
70,084
1936
'V
61,000
Houston, &c_
Peoria—
183,000
639,000
193,000
.
1936
1,048,000
1,103,000
1,876,000
476,000
221,000
39,000
445,000
352,000
169,000
.
Kansas City—
19,261
16,984
7,955
16,923
16,261
43,323
58,470
72,000
50,669,000
363,000
1936
79,000
32,731,000
1,833,000
416,000
652,000
133
2,610
1,112
1,283
22,880
7,941
6,840
1,192
49,904
41,203
4~208
"i~554
~1,709
30,862
23", 58 i
31,997
194
134
2,303
932
~1~366
325
115
11,265
6,782
5,161
2,738
2,424
1,502
22,650
19,747
15,920
7
2,554
Pensacola
Savannah
~
Lake Charles..
Wilmington
St. Joseph—
32,565
320,570
34,414
15,926
16,785
Charleston
1937
167,646
...
Brunswick
"
196,807
3,852
12,273
54,032
...
Corpus Christ!.
St. Louis—
1937.
Galveston..
307,782
389,247
180,542
190,488
52,676
1,463,000
3,294.000
1937
Norfolk
2,867
'
1937
1936
mm-m-rn
5,243,000
3,341,000
32,000
151,000
170,000
288
620
450
268,000
Jacksonville.
1,677
..
1937
12,482,000
2,000
6,461,000
15,000
32,000
1937
968,000
38,000
86,000
93,000
56,000
1936
575,000
197,000.
72,000
81,000
4,000
107,688 1,343,778 1,426,626
15,000
1936
101,820
128,999
Total
Wichita—
868,061
Years
Results for Earlier
Sioux City—
The
by the
recorded
unsatisfactory results
(taking them collectively)
the country
railroads of
in July the present
Total all—
1937
1936
1,661,000 121,527,000
95,243,000
2,081,000
8,560,000
12,026,000
19,707,000 20,297,000
WESTERN FLOUR AND
1,827,000
7,424,000
1,357,000
2,306,000
GRAIN RECEIPTS
namely, a gain in gross earnings of
year,
(or 2.85%), followed substantial
7Mos. End.
Flour
Wheat
Corn
Oats
Barley
Rye
July 31—
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
5,999,000
5,972,000
19,036,000
29,245,000
9,548,000
5,340,000
2,711,000
15,493,000
36,553,000 15,657,000
7,786,000
3,398,000
1937
17,186,000
2,556,000
26,307,000
2,310,000
3,109,000
7,210,000 15,330,000
7,910.000
1936
19,467,000
3,760,000
77,000
2,432,000
904,000
704,000
2,667,000
2,193,000
Chicago—
1937
1936
Minneapolis—
$15,407,987 (or
$2,893,738
4.41%), accompanied by a loss in net earnings of
(76.82%),
gains,
both
increases in both gross and
(27.04%)
earnings—$74,334,762
net
1936.
July,
respectively—in
it will be remembered, came on
gross
and
alike in
net
and
But
$44,052,680
these
large
top of decreases in
the
the two previous years
shrinkage in July, 1935, having been
$646,683 in gross and
Duluth—
1937.
3,751,000
106,000
1936
4,576,000
2,276,000
1,828,000
4,253,000
Milwaukee—
1937
430,000
4,035,000
1936
478,000
2,206,000
229,000
5,562.000
540,000
710,000
11,696,000
record
4,703,000
1936
8,088,000
1,250,000
2,183,000
3,382,000
77,000
3,935,000
212,000
119,000
205,000
alio
to
time
1937
an
ings
and
no
Detroit—
67,000
2.0C0
54,000
80,000
933,000
109,000
504,000
825,000
1937,
1936
63,000
422,000
18,359,000
19,630,COO
1937
and
in 1934,
$17,757,929 in gross and
In July, 1933, however, the roads were
large gains, there having been at that
less
after
increase
an
than
$59,691,784
of
advance
in
117.74%).
tremendous
losses
(25.13%)
net
earnings
But
these
in
the
12,180,000
26,945,000
8,304,000
7,643,000
424,000
788,000
St. Louis—
found that the heavy
of
3,412,000
14,179,000
11,084,000
4,817,000
1,455,000
198,000
3,460,000
13,113,000
13,754,000
5,932,000
1,446,000
463,000
of
gains,
in
gross
earn¬
$54,334,821
we
(or
find, came
three years preceding.
carrying the comparison back, beyond
Indianapolis and Omaha1936
in net,
$31,234,339 in net.
297,000
Toledo—
I(1937
11936
$10,108,077
In
1932, 1931, 1930, it is
shrinkage of these three years—a loss
$138,851,525 in gross and $50,857,523 in net in July, 1932,
following $80,150,008
loss in
gross
and $28,465,456 loss in
1802
in
net
Financial
July, 1931, and $101,152,657 loss in
753,737 loss in net in
gain
in
(which
that
and
in gross and
alike,
in
net
moderate
1929
July,
in
improvement
$11,711,856 increase in net.
In July, 1927,
on
there was heavy contraction in gross and
the moderate increase
and
in
July,
1928,
was
of what had been lost in 1927, and only a
a recovery
partial recovery at that.
reached
no
less than
the
of
$35,436,548,
net
in
compilation showed $3,333,445 increase
our
other hand,
merely
follows
also
July, 1928, when
net
and $43,-
before the advent of the stock market panic in
was
year),
the
$30,793,381 gain
and
gross
gross
1930—comes after $43,884,198
July,
The loss in gross in July, 1927,
$48,297,061,
or
8.67%
and the loss in
At the
same
or
22.03%.
time, the
fact must not be overlooked that the 1927 losses came after
substantial gains in goth gross and net in each of the
very
two
preceding
in
July, 1925,
in
gross
In July, 1926, our compilation showed
years.
$33,875,085 gain in
and $21,435,011 gair in net, while
gross
tabulation registered $40,595,601 increase
our
and $27,819,865 in net.
On the other hand, how¬
it is equally important to bear in mind that in July,
ever,
1925, comparison
1924.
Presidential
with heavily diminished earnings in
was
The latter,
it
may
be recalled,
such
election, -when
was
decided slump in
very
a
the year of the
business occurred,
and this
ished traffic
the country's transportation
time, and
our
So decided
small.
and
over
reflected in heavily dimin¬
was
the
was
lines, large
slump in business at that
great the contraction in railroad traffic, that
so
July compilation recorded
a
falling off in
gross
earn¬
ings of $53,517,158, or 10.02%, and a falling off in net of
or 7.86% as compared with the year preceding
This last, though, was a year of very active busi¬
when the railroads enjoyed—at least in the great
$9,601,754,
(1923).
ness,
manufacturing districts of the East—the
movement in their entire
recorded
the
largest traffic
Our tables for July, 1923,
of $91,678,679 in gross and $18,-
history.
gain
huge
very
392,282 in net.
However, if
still further back
we go
gain in gross itself followed
we
find that the 1923
losses in both 1922 and 1921,
though the gains in net were continuous, extending through
even while the gross earnings were declining.
1921 and 1922
Our tabulations for July,
1922, showed a decrease of $19,960,589 in the gross, with $1,964,485 increase (1.95%) in the
net.
The reason for the poor showing in that year was that
the strike at the unionized coal mines of the country, which
had been such a disturbing factor in the months preceding,
not
only continued, but that its adverse effects were greatly
emphasized by the fact that on July 1 the railroad shopmen
had also gone on strike, and that this led to acts of violence
the part of the men
on
who quit work,
their sympathiz¬
ers, to prevent others from taking the abandoned jobs, with
the
result of interrupting railroad
instances
tion
in
same
freight
time
a
year
by
the
effect.
into
went
Interstate
There
reduction of about 7% to
at
was
8% in the
Com¬
the
wages
of
the shop crafts employees and the maintenance of way men,
but the benefit that might have accrued from this was, of
vitiated
course,
by
the shopmen's
strike,
rather than decreased them.
expenses
which
increased
The previous year
there
had been a
reduction in wages of 12%, effective
July 1, 1921, but this, in turn, followed a 20% increase in
wages put in effect by the Labor Board
immediately after its advent to power.
on
an
antecedent
loss
of
no
less
July, 1921, as compared with July, 1920.
the loss in 1921
the net at that time.
to no
$66,407,116 in
On the other bond,
was%attended by an enormous saving in
with the result of bringing
penses,
than
a
ex¬
gain of $84,615,721 in
The contraction in expenses amounted
less than
shrinkage in
$151,022,837, and while due in part to the
the volume of traffic, owing to the intense
business depression
prevailing, it was in
no
small degree the
outgrowth of dire necessity, the railroads being obliged to
practice the utmost saving and economy to avert bank-
duptcy after the
them
in
ment
enormous
additions to
expenses forced upon
year
The truth is,
preceding,
prior to
1921
during the period
expenses
of
had been mounting
in such a prodigious way that in 1920 net earnings had
got down to a point where some of the best-managed proper¬
were
barely able to meet ordinary running expenses, not
And it is the inflated
to mention taxes and fixed charges.
expense
accounts of these earlier years that furnished
basis for the savings and
As
an
the
economies effected subsequently.
indication of how expenses had risen in 1920 and prior
years,
we
may
note that in
July,
1920, though
our
tables
showed
$65,975,059 gain in gross, they registered $69,121,669
decrease in net, while in July, 1919, there was a falling off
in
both
e:ross
111999220680546354727
30
Preceding
+ 5.88
—0.68
+ 10.35
+ 5.38
—3,6?
+0.89
+ 16.70
+ 15.09
+34.00
—3.13
+ 16.43
—12.59
—4.31
+20.70
—10.02
Preced'g
234,500
238,169
230,076
230,712
206,084
235,407
243,042
244,249
245.699
231.700
226,654
220,459
230,991
235,082
235,477
235,145
+ 8.44
236.762
+ 6.50
236,885
—8.67
238,316
240,433
241,450
235,049
232,831
242,228
241,348
239,160
237,700
236,672
235,636
+0.65
+8.55
—18.16
—17.49
—36.89
+ 25.13
—6.05
—0.23
+ 27.04
+ 4.41
Net Earnings
Inc.
(+)
or
Dec.
226,493
227,194
203,773
231,639
241,796
243,563
244,921
230,570
226,934
218,918
230,410
234,556
235,813
235,407
236,525
235,348
237,711
238,906
241,183
242,979
232,405
242,221
241,906
240,882
239,000
237,892
236,126
(—)
Month of
Year
July
Year
Given
-
1919..
-
1923..
...
1935.
Preceding
$78,350,772
73,157,547
72,423,469
79,427,565
64,354,370
75.359,466
87,684,985
108,709,496
111,424,452
144,348,682
96,727,014
18,827,733
99,807,935
102,258,414
121,044,775
112,626,696
139,606,752
161,079,612
125,438,334
137,412,487
168,428.748
165,580,269
96,965,387
46,125,932
100,483,838
67,569,491
57,478,685
101,398,055
1918.
$67,267,352
77,643,305
72,392,058
70,536,977
67,620,157
76,358,377
77,833,745
88,421,559
108,293,945
109,882,551
152,079,422
87.949,402
15,192,214
Per Cent
Amount
+ 16.48
—5.78
+ $11,083,420
—4,485,758
+31,411
+ 8,890,588
—3,265,787
—998,911
+ 9,851,240
+0.04
+ 12.61
—4.83
—1.31
+ 12.66
+22.94
+2.89
+20,287.937
+ 3,130,597
+34,466,131
—66,352,408
—69,121,669
+ 84,615,721
+ 1.964,485
+ 18,392,282
100,293,929
102,652,493
122,228,450
111,786,887
139,644,601
160,874,882
125,700,631
137,635,367
216,676,353
125,430,843
+31.36
—36.40
—78.70
+556.97
+ 1.95
+ 17.92
—7.86
—9,601,754
+27,819,865
+ 24.80
+ 15.35
+21,435,011
—35,436,548
+ 11,711,856
+ 30,793,381
—51,096,084
—28,465,456
—50,857,523
+ 54,334,821
—31,234,339
—10,108,077
+ 44,052,680
—2,893,738
96,983,455
46,148,017
98,803,830
67,586,762
57,345,375
101,379,262
98,485,524
—22.03
+ 9.37
+22.37
—23.61
—22.73
—52.43
+ 117.74
—31.61
—14.96
+ 76.82
—2.85
The Course of the Bond Market
recorded
Bonds have
substantial
a
went to new lows
many groups
in
+ 12.66
Year
Given
Per Cent
Amount
$219,964,739 $195,245,655 +$24,719,084
+ 12,812,422
230,615,776 217,803,354
224.751.Q83 226,306,735
—1,555,652
245,695,532 222.587.872 +23,007,660
235,849,764 223,813,526
+12,036,238
252,231,248 261,803,011
—9,571,763
262,948,115 260,624,000
+2,234,115
308,040,791 263,944,649
+44,096,142
353,219,982 306,891,957
+46,328,025
463,684,172 346.022,857 + 117,661,315
454,588,513 469,246,733 —14,658,220
+ 65,975,059
467,351,544 401,376,485
460,989,697 527,396,813 —66,407,116
442,736,397 462,696,986 —19,960,589
+ 91,678,679
534,634,552 442.955.873
480,704,944 534,222,102 —53,517,158
521,638,604 480,943,003
+40,595,601
555,471,276 521,596,191
+33,875,085
508,413,874 556,710,935 —48,297,061
512,145,831
+ 3,333,445
508,811,786
556,706,135 512,821,937
+43,484,198
456,369,950 657,522,607 —101,152,657
377,938,882 458,088,890 —80,150,008
237,462,789 376,314,314 -138,851,525
+ 59,691,784
297,185,484 237,493,700
275,583,676 293,341,605 —17,757,929
274,963,381
275,610,064
—646,683
349,256,586 274,921,824
+74,334,762
+ 15,407,987
364,551,039 349,143,052
1921.
1936472
Year
Given
particular
revealed
on
rally this week after
Monday.
High
strength.
moved far from their position a
Railroad bonds
have
grades
not
week ago, but United States
Governments have made small fractional gains each day.
High-grade and medium-grade railroad bonds have shown
mixed
were
vanced
were
fluctuations.
price
3 points to 104;
New York Central 4s, 1998, at 94
Speculative and defaulted railroad bonds were
off 1.
but in general showed gains.
somewhat irregular,
Erie 5s,
Southern
5s, 1961,
1967, closed
at 65%,
declined
to 20;
at
Pacific deb. 3%s, 1970,
Union
% at 94%; Louisville & Nashville 4%s, 2003, ad¬
up
1%
up
2%;
Missouri
Norfolk
Pacific 5s, 1977,
gained 2%
32%.
Speculative and second-grade utility bonds have seen good
price recovery.
vanced
2%
to
Associated Gas & Electric 5%s,
1938, ad¬
Transit
5s, 1966,
72;
Interborough
Rapid
gained 3 at 63; Portland General Electric 4%s, 1960, rose 1
58%; Tide Water Power 5s, 1979, were up %
to
The
at
at 89%.
1966, which closed
Brooklyn-Manhattan Transit 4%s,
71%, off 3, and Western Union Telegraph 5s, 1960, which
fell 8% to 78%, were
quite weak because of special develop¬
High grades moved only fractionally and remained
ments.
quite firm.
industrials
Top-ranking
and
declines
among
have
improved, while
medium-grade
and
advances
speculative issues
and net—$14,658,220 in
352,408 in the latter.
In the following
comparisons back to
190.9:
the former and $55,we
have
been
obligations have been strong, Anaconda Copper 4%s,
furnish the July
Non-ferrous metal com¬
about evenly balanced.
govern¬
up
ties
119933267582407
Mileage
(+) or
Decrease (—)
Year
pany
control.
the
Increase
Year
July
July 1, 1920,
Not only did the 1923 gain of $91,678,679 in gross earnings
follow $19,960,589 loss in July, 1922, but this latter, in turn,
followed
111999226738045
6
Gross Earnings
Month of
that the 10% horizontal reduc¬
rates promulgated
Commission
merce
some
It should not be forgotten, either, that it
July 1 of that
on
operations, and in
preventing the movement of coal from the
even
non-union mines.
was
or
11999013254
Sept. 18, 1937
Chronicle
1950, closing at 106,
vailed among
% to 97%.
up
1%.
Higher prices also have pre¬
the oils, Standard Oil
(N. J.) 3s, 1961, rising
The steels have not done so well, Inland Steel
3%s, 1961, receding 1 to 104%.
Building supply company
issues have been reactionary, Crane Co.
3%s, 1951, closing 1
point lower at 100%.
Among foreign bonds, Japanese and Italian issues showed
some
signs
prices.
of
Germans remained under
French Governments met lower
Americans finished generally with little
improvement.
and offerings of
pressure,
South
change.
Moody's computed
are
given
in
the
bond prices and
following tables:
bond yield
averages
Financial
Volume 145
(Based
Govt.
Daily
Bonds
All 120
Domes¬
by Ratings
A
Aa
Aaa
Baa
K.
R.
P.
Indus.
U.
Corp.
120 Domestic
tic
Averages
Prices)
120 Domestic Corporate *
1937
Daily
120 Domestic
Corporate by Croups
tic
Corp.*
Averages
(REVISED)
AVERAGES
(Based on Individua iClosing
by Ratings
Domes¬
1937
YIELD
BOND
Average Yields)
120 Domestic Corporate *
120
All
U. S.
on
MOODY'S
PRICES (REVISED)
MOODY'S BOND
1803
Chronicle
Baa
A
Aa
Aaa
Corporate by Groups *
4.06
5.23
R.
R.
P.
U.
Indus.
4.58
3.97
3.52
99.66
109.24
98.97
81.48
90.59
100.53
108.85
Sept. 17-
4.02
3.29
Sept. 17- 108.36
113.48
3.50
108.66
16-
4.03
3.53
100.53
3.97
90.59
4.58
98.97
81.35
5.24
109.24
4.06
113.27
3.50
99.48
3.30
16- 108.30
3.54
109.05
108.46
3.97
90.29
4.60
80.96
5.27
98.80
4.07
113.27
3.30
15- 108.19
4.04
3.51
99.31
15..
109.05
80.84
108.46
4.04
3.30
3.51
5.28
113.27
98.80
4.07
99.31
14-
14- 108.05
100.35
3.98
90.29
4.60
108.46
13-
4.05
3.31
3.52
4.07
5.30
4.62
3.99
3.54
100.18
5.24
4.58
3.96
3.55
100.53
3.54
13- 107.96
99.14
113.07
108.85
98.80
80.58
89.99
113.07
109.24
81.35
90.59
100.70
108.27
4.03
3.31
3.50
99.48
11-
11- 107.78
98.97
4.06
100.88
108 46
10-
4.02
3.30
3.50
4.05
5.21
4.56
3.95
3.54
3 54
10.. 107.78
99.66
113.27
109.24
99 14
81 74
90 90
101.06
108.46
4.01
3.30
3 94
91.20
4.54
82.13
5.18
109.24
99.14
4.05
113.27
3.50
99.83
9-
9- 107 76
108.46
8-
4 01
3.54
101.06
3 94
91.35
4 53
82.40
5 16
109.24
99.14
4 05
113.07
3 50
99.83
3 31
8- 107.81
3.28
4.03
5.11
4.51
3.92
3.51
7- 107.85
3.98
3.49
100.35
7—
6- Stock
Exchan ge
4.. 108.01
100.53
113.68
3- 108.04
100.70
113.68
...
83.06
91.66
101.41
101.41
109.24
4-
3.97
3.28
3.48
3.92
3.50
92.12
4.48
83.46
5.08
99.66
4.02
109.64
101.58
109.24
3„
3.96
3.28
3.48
3.91
3.50
92.12
4.48
83.60
5.07
99.66
4.02
100.64
109.24
2„
3.96
3.27
3.48
4.02
4.07
3.50
109.64
101.58
3.91
83.60
92.12
4.48
99.66
1
3.96
3.27
3.48
4.02
5.05
4.46
3.91
3.50
Aug. 27
109.44
113.68
Exchan ge
6- Stock
Clos ed
113.89
100.70
2- 108.11
99.48
109.05
.
Clos ed
99.66
83.87
92.43
101.58
109.24
101.58
109.24
3.27
3.49
3.50
—
3.96
3.91
92.59
4.45
84.01
5.04
99.66
4.02
109.44
101.94
109.64
20-
3.94
3.26
3.47
5.01
3.89
3.48
84.41
92.75
4.44
100.00
4.00
109.84
102.30
110.24
13-
3.90
3.22
3.43
3.95
4.98
3.87
3 45
94.01
4.36
84.83
3 95
5 00
1-. 108.31
100.70
113.89
109.64
Weekly—
Aug. 27- 108.28
100.70
113.89
20- 108.86
101.06
114.09
—
Weekly—
13- 109.12
101.76
114.93
110.63
100.88
84.55
110.24
6—
3.90
3 45
100.88
102.12
3 88
111.03
93.85
4 37
114.72
3 41
101.76
3 23
6- 109.49
109.84
July 30-
3.91
3.47
101.94
3.by
93.85
4.37
84.28
5 02
100.70
3.96
110.63
3.43
101.58
114.72
3.23
July 30- 109.52
23.. 109.22
23..
3.90
3.26
3.43
3.95
4.30
3.50
85.10
109.24
4.96
100.88
101.76
3.90
94.97
101.58
108.85
16-
3.91
3.27
3.45
3.97
3.91
3.52
94.97
4 30
85.24
4.95
100.53
101.06
109.24
9-
3.91
3.27
3.45
3.97
4.95
3 94
3.50
95. J 3
4.29
85.24
100.18
108.66
2-
3.95
3.28
3.47
4.00
5.05
3.99
3.53
94.33
4.34
83.87
4.01
3.53
101.76
114.09
110.63
108.90
16-
101.58
113.89
110.24
9-
108.59
101.58
113 89
110 24
100 53
2-
108.39
100.38
113.68
109.84
100.00
93.87
99.83
108.66
June 25—
3.96
5.05
99.83
4.01
113.48
109.64
3.48
108.36
1UQ.70
3.29
June 25—
94.33
4.34
100.70
109.24
3.92
3.98
3 96
95.13
4.29
100.35
85.10
4.96
110.24
3.45
113.89
3.27
108.44
101.41
18-
18-
113.89
85.65
109.24
11-
3.90
3.50
101.76
3.27
108.53
100.88
3.95
11-
95 95
4.24
100.70
3.96
4.92
110.43
3.44
109.05
4-
3.91
3.29
3.45
3.98
4.92
3.51
100 35
100.70
3.96
95.46
4.27
85.65
3.46
3.98
4.92
4.26
3.97
3.52
3.50
108.59
101 58
113 48
110 24
May 28.. 108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
May 28..
3.92
3.30
100.88
108.66
21-
3.91
3.31
3.95
3.53
95.46
4.27
86.07
4.89
109.84
100.35
3.98
101.58
113.07
3.47
21„ 108.22
109.44
100.88
3.55
112.25
95.13
4.29
3.95
86.21
4.88
99.83
4.01
101.23
3.93
3.49
107.97
14..
3.35
14..
108.27
101.23
108.08
3.91
4.81
3.93
3.56
87.21
95.78
4.25
100.18
3.99
109.05
3.51
112.45
3.34
108.03
101.58
7-
7-
106.92
Apr. 30—
3.96
3.39
3.55
4.03
4.86
4.30
3.96
3 62
94.97
100.70
3.58
4.03
4.83
4.28
3.96
3.64
4-
86 50
Apr. 30.
107.59
100.70
111.43
108.27
99.48
23.
107.17
100.70
111.23
107.69
99 48
86.92
95.29
ICO 70
106 54
23-
3.96
3.40
106 54
16-
3.96
3.41
3.57
4.03
4.81
3 64
99.48
100.70
3.96
95.62
4.26
87.21
99.31
105.41
9..
4 03
3 48
3.61
4.09
4.92
4.33
4.04
3 70
4.01
3.66
107.88
107 79
100.70
111.03
9-
107.23
99.48
109.64
107.11
98.45
85.65
94.49
86.64
99.83
106.17
3.99
3.59
4.85
107.49
98.80
4.07
110.63
3 43
107.19
100.18
2..
2-
95.13
4.29
107.30
Mar. 25..
3.93
3.37
3.53
4.03
4.76
4.23
3.96
3.60
96.11
100.70
4.05
4.76
4.23
3.95
3.60
16.
87 93
108.40
19.
101.23
111.84
108.27
99.48
101.23
111.84
108.46
99.14
87.93
96.11
100 88
107 30
19..
3.93
3.37
3.54
109.32
Mar 25..
108.27
12..
3.87
3.32
3.50
3.98
4.66
3.55
100.35
101.76
3.90
97.45
4.15
89.40
4.55
3.90
4.57
4.09
3.81
3.49
12..
110.76
102.30
112.86
109.24
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
3.79
3.26
5.
111.82
5_.
109.84
Feb. 26..
3.78
3.23
3.42
4.47
103.93
103.93
3.78
90.59
98.62
4.08
102 12
4.58
110.83
3.88
114.72
104.11
109.44
19..
3.77
3.25
3.42
3.86
4.55
4.06
3.77
3,49
4.52
4.02
3.76
3.46
Ffib. 26-
112.18
98.97
19- 112.12
104.11
114.30
110.83
102.48
91.C5
104.48
114.93
102.84
91.51
99.66
104.30
110.04
11-
3.75
3.22
3.41
11— 112.20
111.03
3.84
5_.
3.72
3.18
3.37
3.81
4.51
4.CO
3.43
91.66
105.G4
110.63
3.72
1C0.00
29..
3.35
3.80
4.52
4.00
3.72
3.39
5-
105.04
112.21
105.41
103.38
111.84
115.78
29..
Jan.
112.34
116.64
112.25
103.56
91.51
100.00
105.04
111.43
3.70
3.14
112.05
22..
3.66
3.09
3.30
3.76
3.36
113.27
105.79
3.68
101.23
3.93
92.38
4.47
104.30
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3 35
3.66
3.35
22..
112.39
106.17
117.72
15..
112 53
106.36
118.16
113.48
104.48
92 28
101.23
106.17
8.
112 71
106 36
117.94
113.89
104.48
91.97
101 23
106.17
112 25
41
106 17
112.45
112.78
106 54
118 16
113.89
104.67
1937 107.01
99.14
109.64
107.11
98 28
High 1937
Low
1
Yr.
92 43
80 58
101
99.31
89.99
Ago
101.23
111.03
116.21
89.99
98.28
103.02
110.83
85.79
101.76
94.01
3.08
3.27
3.75
4.49
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
4.03
3.48
3.61
4.10
5.30
4.62
4.04
3.70
3.78
3.16
3.41
3.93
4.62
4.10
3.83
3.42
4.36
3.60
3.84
4.46
5.53
4.91
3.90
4.36
High 1937
Yr. Aoo
Sept.17'36
107.30
92.43
102.84
77.72
Sept .17*35
of one "typical" bond (4% coupon, maturing in 30 years), and do not Pu^P°^.to show.either^the'average
merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
picture of the bond market.
computed from average yields on the basis
movement of actual price quotations.
They
These prices are
or
3.65
3.93
2 Yts.Aqo
94.01
Sept .17*35 106.47
.
8..
Low
1
103.93
Sept.17*36 110.82
♦
105.41
V
2 Yts.Aqo
level
Jan.
the average
yield averages, tha latter being the truer
Indications of Business Activity
TRADE—COMMERCIAL
OF
STATE
THE
EPITOME
Friday Night, Sept. 17, 1937.
There
sharp
a
was
drop
business activity
in
the
past
to the Labor Day holiday.
However, all industrial departments showed declines, with
the exception of coal production and petroleum runs to stills.
The "Journal of Commerce"
business index declined to
week,
95.0
in
due
large
measure
against a revised figure of 102.1 for the previous
and 90.9 for the corresponding week of last year.
as
week
moderate improve¬
ment thus far in September over the corresponding period
of August, the gain has not yet been sufficient to prevent
the further shrinkage of mill backlogs, and a slow decline
in operations to an estimated 80% of capacity, three points
below the pre-lioliday output, has occurred, "Iron Age"
points out in its midweek review.
The magazine estimates
that tonnage received by the mills this month is from 15%
to 30% higher than for the first half of August, a leading
producer, for example, having reported a gain of about 16%,
Although the steel industry has shown a
about 25%.
while another's total has risen
"However, steel
approximately at the low
point of the summer," the review observes.
"What actually
is happening now is a gradual adjustment of operations
to the current demand."
Production of electricity in the
business
in
States
United
August
early
for
the
was
week
ended
September
11
totaled
2,154,276,000 kilowatt hours, a gain of 2.6% over output of
2,098,924,000 for the like week a year ago, according to the
Edison Electric Institute.
The latest figures declined 7.7%
from
were
the preceding week.
Substantial increases in output
reported for the week in all major geographic regions,
compared with the like week of last year.
Engineering
construction awards for the wTeek total $47,347,000.
This
is
of 16%
decrease
a
week
in
from the total of the corresponding
in "Engineering News-Record."
32% below the 1936 week, but public
3% above 1936.
The Association of American
Wednesday estimated Class I carriers had
1936,
as
reported
Private construction is
contracts are
Railroads
on
operating revenues of $279,793,028 in August, an increase
of 1.3% over the same month last year.
A "very important
surge
forward in business" within the next few weeks was
Secretary of Commerce Roper, with
forecast Wednesday by
the
explanation,
however, that percentages of profit may
ratios to production and sales
Production schedules of General Motors
not continue in their present
in
the
Corp.
new
era.
call for the building of
100,000 more cars l£ok^l937
produced in 1936, William S. Knudsen, President,
It is stated that numerous auto¬
mobile manufacturers will be satisfied if production of new
than were
said
models
1936
Wednesday last.
on
during
the remainder
Such opinions are
volume.
of the year equals the high
total to fall below that
based on doubts that the indus¬
while some expect the
level,
record-breaking volume of the final
The open weather of the fall and winter
absence of production difficulties combined
try could surpass the
quarter
a year ago.
in 1936 and
the
it is pointed out.
Moreover, the
models will be an important factor.
Unexpectedly heavy demand for fall merchandise this week
boosted retail volume 4% to 10% over last week, and 8%
to 20% over the like period of last,year, and provided some
stores with their biggest week of the year, according to
Dun & Bradstreet trade review.
Responding to the acceler¬
ated rate of consumer buying, wholesale markets recovered
rapidly, the size of re-orders clearly showing the incomplete¬
ness of inventories in many stores.
Car loadings of revenue
freight in the week ended Sept. 11, which included the Labor
Day holiday, totaled 711,299 cars, a decrease of 93,334 cars
from the previous week and an increase of 11,115 cars over
permit
to
this
record,
price increase on 1938
the
like
1936 week.
The selling wave
which battered the French franc to the
unit gaining
There was nothing extraordinary in
during the past week.
Maximum
temperatures for the week were mostly seasonable, averag¬
ing generally in the high 70's or low 80's in the Northeast
and from 88 degrees to 92 degrees in the Great Plains and
the Mississippi Valley.
Maxima were high in the Central
Valleys of California, while the highest for the week was
106 degrees at Phoenix, Ariz., on two davs.
One of the
favorable features of the week's weather was the cessation
of the continued rains in most Southern States.
In this
area the long-continued wet spell was very unfavorable for
outside operations, but it was brought to a close toward
the latter part of the week by a reaction to clear, sunshiny
weather.
In many parts of this area conditions are still
too damp, with continued warm, sunshiny weather needed.
The cool weather at the close of the week was beneficial
in some sections in delaying too rapid drying and ripening
of crops, while the light to moderate rainfall was favorable
in conditioning pastures
in many sections.
Light frosts
were
noted in many areas from the upper Ohio Valley
lowest level since
1926 subsided today with the
lVs points to 3.38%c.
weather developments
1804
Financial
northward
Plains.
the
over
Lake
region
Scattered light frosts
and the
were also
northern
Great
reported from parts
of New
England and the Pacific Northwest.
In the New
City area the weather has been generally clear and
mild.
Today it was raining and cool here, with tempera¬
tures ranging from 57 to 66 degrees.
The forecast was for
York
fair, slightly cooler tonight.
Boston it
Saturday fair.
Overnight at
Baltimore, 62 to 80; Pitts¬
56 to 76 degrees;
was
burgh, 46 to 86; Portland, Me., 52 to 70; Chicago 44 to 60;
Cincinnati, 42 to 68; Cleveland, 52 to 60; Detroit, 40 to 56;
Charleston, 72 to 84; Milwaukee, 46 to 60; Savannah, 72
to 90; Dallas, 68 to 90; Kansas City, 48 to 70;
Springfield,
Mo., 54 to 70; Oklahoma City, 58 to 80; Salt Lake City,
56 to 90; Seattle, 56 to 70; Montreal, 50 to
64, and Winni¬
peg, 34 to 54.
Chronicle
Sept.
increase
of 11,513 cars, or 1.7% over the total loadings
corresponding week of 1935.
For the week ended
Sept. 4, 1937, loadings were 5.2% above those for the like
week of 1936, and 35.9% over those for the corresponding
week of 1935.
Loadings for the week ended Aug. 28, 1937,
showed a gain of 4.4% when compared with 1936 and a rise
of 15.6% when comparison is made with the same week of
for the
1935.
,s
.
t
The first 18
major railroads to report for the week ended
Sept. 11, 1937, loaded a total of 321,917 cars of revenue
freight on their own lines, compared with 370,024 cars in the
preceding week and 323,441 cars in the seven days ended
Sept. 12, 1936.
A comparative table follows:
REVENUE
FREIGHT LOADED AND RECEIVED FROM
and Steel Industry Viewed by Col. Leonard P.
Ayres of Cleveland Trust Co. as Holding Leadership
in
Business
Few
Activity—Also Points
Years
Holding
Close
1937
to
One
to
The
fact
"the
that
volume
of
industrial
Loaded
Sept. 4
1937
1937
21,956
Rec'd from. Connections
Weeks Ended—
1936
Sept. 12
1937
1936
1937
24,093
34.657
20,100
22,340
Chesapeake A Ohio Ry
Sept. 4
Sept. 12 Sept. 11
30,091
Atchison Topeka A Santa Fe Ry.
Baltimore & Ohio RR
re¬
Own Lines
Sept. 11
of
production
on
Weeks Ended—
One
as
Level
Production
CONNECTIONS
(Number of Cars)
Iron
of
1937
18,
24,824
23,263
15,496
30 835
5,485
14,726
9,270
6,046
17,598
10,917
9,426
5,413
15,205
9.395
mained
Chicago Burlington A Quincy RR.
14,769
16,994
was
Chicago Mllw St Paul A Pac Ry__
18,826
14,811
22,311
20,850
19,433
7,822
8,947
7,745
15,438
10,427
11,780
9.867
2.550
2,726
2,184
1,371
1,540
unchanged from June to July, and apnarently it
unchanged again from July to August, although com¬
plete figures for last month are not as yet available," is
commented upon by Colonel Leonard P. Ayres, Vice-Presi¬
International Great Northern RR
2,263
2.481
2,351
1,843
2,085
Missouri-Kansas-Texas
dent of the Cleveland Trust Co. of
5,182
5,698
5,298
2,638
2,984
Missouri Pacific RR
14,848
13,684
15,948
8,511
9,262
1,273
1,534
3,020
8,456
New York Central Lines
36,723
43,415
42,816
37.056
5.375
36,549
4.822
36.670
4,613
8,516
9.772
Norfolk A Western Ry
22,258
23,848
23,480
4,048
4,239
4,229
Pennsylvania RR
Pere Marquette Ry
62 258
72,255
62,448
39.972
43,756
39.560
4,794
5,389
4,476
5,240
Cleveland, Ohio, who, in
company's "Business Bulletin" issued Sept. 15, in part,
the
also says:
Last
the
volume
of
industrial
that
from
It
is
production
5% below the computed normal level.
it fell to 10.7% below normal, and
year
far
December
than
more
level.
same
noteworthy
in
January of this
since then it has held at not
ever
Gulf Coast Lines
RR
New York Chicago A St Louis Ry.
during
this
business
year
activity
by the volume of industrial production has been moving side¬
close to the line that marks the level that is 10% below the computed
level.
have
There
has
it
been
and
examples
may
prosperity
business
month,
only
1937.
in
there
was
of
The
year
of
in
the
in
years
activity
period
a
found
be
few
a
business
which
far
so
business,
has
1818
the
tbe records
business
held
showed
1876,
of
to
similar
a
in
sort
same
history
slosely
so
of
1902,
and
in
He
is
nearly
now
in
the
of
Business
of
So far this
the
for
13%
has
above
the
of
of
hundred
as
good
be
of
as
million
the
dollars
goods
consumer
paid
out
a
strikes
stances
as
Interchanged between S. P. Co .-Pacific Lines and
high
are
favorably
electric
The
1936.
the
output
with 194.3
Bail-
been
about
Factory
week ended
32,698
14,408
76,549
in
better
is
than
the
1937
much lower
laborers
largely
off
this
it
as
in
1929.
The
they
were
eight
was
than
not
nearly
through Federal
population.
high, and
so
subventions,
amounting to
of
a
several
of
1936
the
sales
of
by the free spending
the veterans.
that the
all
nearly
This
business
they do with those of last
of
the
of
there is
year
sorts
huge
no
com¬
Under the circum¬
records
of
this
year
com¬
year.
a
were
net
changes for
22% above the correspond¬
of 212,692 cars, or 35-9% above the corre¬
Loading of
Figures
for
1935
reduced
due
cars,
freight for the week of Sept. 4
revenue
Labor
to
or
was
Day
increase of
an
2.2% above the preceding week.
Miscellaneous freight loading totaled 324,637 cars, an increase of 11,178
cars
above the preceding week, 11,707 cars above the corresponding week in
1936, and 99,722
cars above the corresponding week in 1935Loading of merchandise less than carload lot freight totaled 172,258
increase of
an
2,709
sponding week in 1936 and 32,286
cars
above the
same
week in 1935.
Coal loading amounted to 134,917 cars, an increase of 6,879
24,271
cars
Grain
3,065
above the
and
cars
grain
cars,
above the preceding week, 76 cars above the corre¬
cars
cars
same
cars
above
above the corresponding week in 1936 and
week in 1935.
products
loading
totaled
below the preceding week, but
corresponding week in 1936, and 1,452
In the Western districts alone,
grain
38,101
an increase
cars
cars,
a
of 5,439
above the
same
decrease
cars
of
above the
week in 1935.
and grain products loading for the week
ended Sept. 4 totaled 26,855 cars, a decrease of 3,216 cars below the pre¬
ceding week, but
an
increase of 5,958 cars above the corresponding week
in 1936.
Live stock loading amounted to 14,582 cars,
the preceding week, but
1936, and 513
cars
a
decrease of 2,370
below the
an
increase of 585
cars
week in 1935.
same
bejow the
cars
same
above
week in
In the Western districts
alone, loading of live stock for the week ended Sept. 4 totaled 11,521
increase of 683
an
cars
cars
cars,
above the preceding week, but a decrease of 2,030
below the corresponding week in 1936.
Forest products loading totaled 37,498 cars, a decrease of 930
copper,
above the
cars
same
Ore loading amounted to 72,388
lead and
silver.
cars
below
preceding week, but
week in
an
increase
1936, and 40,548
cars
same
cars
a
decrease of 502
16,290
above
cars
below the
cars
the corresponding
above the corresponding week in 1935.
Coke loading amounted to 10,252
the
week in 1935.
cars,
of
above the
cars, an increase
same
of 406
cars
above the
week in 1936 and 4,305 cars above
week in 1935.
All districts reported increases in the number of
cars
loaded with
revenue
freight, compared with the corresponding weeks in 1936 and 1935.
Loading of revenue freight in 1937 compared with the two previous
years
follows:
The movement of the index
parisons, is
Sept.
Sept.
Sept.
Sept.
Sept.
Thurs., Sept.
Fri.,
Sept.
an Increase
1935.
preceding week, 456
no
follows:
as
increase of 39,502 cars, or 5
was an
week in
65,623
reviewing the
the preceding week, but an increase of 3,154 cars above the same week in
week ago.
There
15,210
holiday.
than
year
commercial
now
are
This
cars.
sponding
Sept. 12, 1936
freight for tbe week ended Sept. 4 totaled 804,633
the preceding week. 4.750
of
declined.
Revenue
34,226
Sept. 4 reported
revenue
ing week in 1936 and
employment
silk, corn and hogs rose, while cocoa, hides,
rubber, wheat, steel scrap, cotton, wool, coffee and sugar
.
18.51/
31,967
13,436
System
The Association of American Railroads in
of
1936.
have
power
year.
are
Moody's Index of Staple Commodity Prices declined
slightly this week, closing at 193.9 this Friday, as compared
Sat.,
Mod.,
Tues.,
Wed.,
27,113
Total
year.
remarkable
as
of
date
Moody's Commodity Index Slightly Lower
Fri.,
Sept. 4, 1937
44,403
Central
Illinois
in the
as
to
in
than
greater
last
and
CONNECTIONS
Not available
Chicago Rock Island A Pacific Ry.
1936. and 10,621
Prices
RECEIPTS FROM
Weeks Ended—
17,260
1937
months
gasoline,
loans and mortgages
on
the bonus to
it is rather
Texas A New
Sept. 11, 1937
the
one.
for
parable artificial stimulus to increase business activity.
pare
has
among
conspicuously high
similar
whole
or
being stimulated
were
in
the
records
10%
of
a
as
as
months
summer
so
and
for
whole,
a
relieved,
payments
country this
the farm proporietors that it is probable
paid to farm
have been
from
the
the
about
among
almost
wages
this
in the prosperity year of 1929.
population
population
interest
During
sums
great
so
will
The
farmers
burden
not
oil
of
far
so
in
the last prosperity year
truly notable
a
is
those
living for the farmers
years ago.
the
above
been
agricultural
income
costs
as
are
industrial
Farm
lines
but nevertheless
production
all
resulting
the corresponding figures
been almost
that
the
have
Conditions
the
other
part well
of steel
1929,
in the corresponding months of 1936, and
was
setback
loadings and the production
car
7,636
(Number of Cars)
depression, but in
the volume of steel production
year
the record is
in
steel,
coal,
automobiles
road
and
most
it
serious
activity
iron
mining of
cars
Loading of
of the output of
excess
depression.
independent producers,
case
8,395
war
been seized by the iron and steel
that the production
sure
third greater than
a
view
7,557
TOTAL LOADINGS AND
on to say:
goes
will be well in
out of the
way
1937 that leadership has
been
Excludes
1916.
industry led the
before the
5.440
St. Louis-San Francisco Ry.
industry."
year
5,718
Other
the
Colonel Ayres, at the same time, observes that "the auto¬
It
X7.159
stability of
1859-1860.
activity usually
mobile
6,506
x8 657
Orleans RR. Co.
this
trends.
ward
7.300
x7,706
321.917 370,024 323,441 1S6.205 210,859 184,935
level
one
There are only a few such
instances,
for
shows decided changes in volume from month to
and these changes are usually parts of distinct upward or down¬
year
6,440
28,637
4,782
Total
x
4,391
7,690
35,016
.
.
during
country
as
.
8 969
6,051
measured
ways
normal
8.053
31,902
Pittsburgh A Lake Erie RR
Southern Pacific Lines
as
8,286
4,799
6,920
Wabash Ry
far
so
Then
little
a
.
.
.
that
only
was
Chicago A North Western Ry...
as
during the week, with
com¬
follows:
10
11
13
14
15
16
17
Freight
1937
194.3
No Index
193.7
195.7
.195.1
193.4
193.9
Car
Week
2 weeks ago,
Sept. 3
-193.5
203.2
Month ago, Aug. 17
Year ago, Sept. 17
186.4
208.7
1936 High—Dec. 28
Low—May 12
1937 High—April 5
Low—Sept. 1
Loadings
Ended
162 7
__
Drop 93,334
Sept. 11
228.1
192.9
3,316,886
1935
2,974,553
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,572,849
2,954,522
765,131
2,766,107
26,660,535
23,876,296
21,075,543
2,778,265
3,003,498
2,955,241
3,897,704
2,976,522
3,812,088
Four weeks in March
Four weeks in April
Five weeks in May
Four weeks in June
Five
weeks in July
Four weeks in August..
in
Total..
In the
1936
3,115,708
804,633
.,
Week of Sept. 4...
Cars
Loadings of revenue freight for the week ended Sept. 11,
1937, totaled 711,299 cars.
This is a decline of 93,334 cars,
or 11.6 %, from the
preceding week; an increase of 11,115 cars,
or 1.7%, from the total for the like week of
1936, and an
Five weeks in January
Four weeks in February.
following
we
a
2,302,101
2,887,975
2,465,735
2,820,169
2,502,704
591,941
undertake to show also the loadings
for the week ended Sept. 4.
total of 82 roads showed increases
for separate roads and
systems
During this period
2,330,492
2,408,319
when compared with the same week last year.
Volume
Financial
145
FREIGHT
REVENUE
AND
LOADED
FROM
RECEIVED
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT. 4
Total Revenue
from Connections
1935
1936
1937
Southern District—(Concl.)
574
Bangor A Aroostook
Boston
A Maine...
548
582
1,182
1,222
1,256
8,575
1,749
1,346
8.566
1,695
891
280
299
6,462
1,228
9,450
9,737
2,414
Chicago Indianapolis & Louisv.
114
79
1,946
2,089
3,716
6,793
7,224
5,985
7,226
Wlnston-Saiem
574
368
336
170
138
2,637
1,654
241
295
260
13,534
3,057
10,466
2,204
208
151
2,188
9,250
2,992
4,317
2,507
43,415
10,877
1,490
9,380
2,991
3,851
700
1,260
2,584
14,972
7,210
1,966
1,076
8,132
Lehigh A Hudson River
Lehigh A New England.......
Maine
...
Central...
Monongahela
Montour
New York Central Lines
N. Y. N. H. A Hartford
5,390
2,451
2,141
Total..
6,877
1,978
1,278
59
69
42,386
11,551
1,690
10,110
Duluth Missabe A Northern
Pittsburgh Shawmut A North..
339
456
225
259
216
1,304
1,395
1,177
1,805
1,562
9,772
7,136
964
675
672
577
993
5,718
4,669
6.084
8,395
8,125
4,898
4,654
3,696
3,774
3,358
157,151
155,919
115,824
161,657
160,568
Rutland
Bessemer A Lake Erie
511
538
416
884
Ft
232
21,383
21,386
3,393
Dodge Des Moines A South.
....
1
599
8,225
1,809
6,871
2,209
1,724
5,850
12,837
11,499
10,506
609
468
3,552
560
651
...
3,716
2,123
Lake Superior A Ishpemlng
Minneapolis A Rt. Louis
Minn. St. Paul A 8. S. M
Northern Pacific
70
1,952
2,742
4,206
407
307
260
374
1,788
1,470
1,609
1,660
141,105
122,103
90,618
53,365
24,093
3,484
21,064
2,993
17,743
2,410
6,046
2,491
687
325
216
117
16,994
17,123
1,543
13,736
1,577
10,086
9,426
Spokane International
Spokane Portland A Seattle...
Total
765
34,657
6,087
33,126
6,343
24,980
17,598
2,995
16,869
2,859
11
3,283
270
Buffalo Creek A Gauley
364
295
9
1,148
6,644
1,326
957
21
33
...
Cambria A Indiana
Atch. Top A
Alton
Sante Fe System..
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Hllnols Midland
Chicago Rock Island A Pacific.
2,228
14,170
570
532
63
44
349
306
43
56
Chicago A Eastern Illinois
2,825
130
71
22
20
Colorado A Southern
799
Pennsylvania.
929
276
Llgonler Valley..
Long Island
11,209
11,001
117
Central RR. of New Jersey...
Cornwall
826
593
2,131
2,608
1,505
43,967
6,146
(Pittsburgh)
...
1,474
72,255
14,869
17,002
4,189
867
9,400
1
1
51,223
3,336
3,682
Western Maryland
6,983
15,886
6,145
61
40
West Virginia Northern
1,574
43,756
16,059
7,327
1,792
71,502
14,567
13,995
46
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
Union
283
Elgin Jollet A Eastern
413
Central Western District—
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
A
7,706
431
Duluth South Shore A Atlantic.
Pittsburgh A Shawmut
4,289
4,888
5,178
28,813
Chicago Rt. P. Minn. A Omaha
Great Northern
1,079
5.375
1,198
5,173
468
Chicago MHw. St. P. A Pacific*
314
42,816
11,540
1,554
580
20,631
2,722
21,614
4,117
15,400
1,135
7,705
16,214
2,185
18,012
3,640
8,321
1,641
9,188
252
2,788
Chicago Great Western
Green Bay A Western
Cumberland
2,055
11,780
3,055
8,548
4,010
858
20,850
2,973
21,568
4,500
20,539
Chicago A Northern Western..
34
Total
62,515
818
7,291
2,151
5,213
Wheeling A Lake Erie...
85,650
Northwestern District—
6,913
.......
973
104,834
Belt Ry. of Chicago
30
Wabash
159
14,755
5,249
Pittsburgh A West Virginia....
821
201
1,383
125
Pere Marquette
334
192
5.979
2,554
287
Chicago A St. Louis
Pittsburgh A Lake Erie
17,507
456
Southbound
328
Y
8,333
21,429
470
....
......
7,944
5,389
N
8,218
21,626
1,062
1,006
2,618
3,857
14,550
6,654
2,235
31,810
8,518
1,404
2,445
42.357
11,013
Southern System
1.567
5,300
8,068
5,574
New York Ontario A Western.
296
Tennessee Central
223
Erie
375
105,887
22
954
Detroit A Toledo Shore Line..
Grand Trunk Western
1,038
473
417
Seaboard Air Line
32
1,527
5,233
9,045
13,534
3,630
Detroit Toledo A Ironton
1,022
Richmond Fred. A Potomac...
2,348
.........
Delaware Lackawanna A West.
Detroit A Mackinac
1937
376
Piedmont Northern
20
Delaware A Hudson
Lehigh Valley
2,269
1935
413
1,049
Norfolk Southern
1,529
5,233
9,309
Central Indiana
Central Vermont
1936
1937
Eastern District—
Ann Arbor..
from Connections
Freight Loaded
Railroads
1936
1937
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
1805
Chronicle
5,688
2,884
6,099
155,309
160,407
107,384
109,036
107,869
1,055
5,401
739
Fort Worth A Denver
937
841
26
1,114
2,012
1,892
1,151
1,231
1,976
1,722
1,128
945
1,305
1,864
1,666
182
133
204
34
26,386
24,147
19,008
271
268
272
15,553
14,734
13,065
5,494
1,433
9,705
City
Terminal
Northern
North Western Pacific.
Peoria A Pekln Union
Pacific
Southern
Total.
2,430
Denver A Salt Lake
Illinois
933
9,278
2,415
2,858
1,118
3,902
Denver A Rio Grande Western.
Nevada
13,337
(Pacific)
Toledo Peoria A Western
Union Pacific System
916
3,471
1,552
3,277
981
119
841
489
567
481
393
15
1,908
1,948
1,538
2,665
122,712
112,968
92,537
58,486
213
Utah
Western Pacific.....
Pocahontas District—
Chesapeake A Ohio
24,824
23,848
24,586
23,848
20,410
Norfolk A Western
759
862
644
Norfolk A Portsmouth Belt Line
18,349
10,917
4,239
1,182
10,448
4,519
1,125
4,632
4,064
3,886
942
808
54,063
Virginian
53,360
43,289
17,280
16,900
Total
....
Southwestern
Total.
Alton
District—
230
202
5,450
239
211
166
293
201
150
144
231
2,726
2,481
2,166
1,823
1,939
Southern
A
Burllngton-Rock Island
Fort Smith A Western
207
219
163
1,540
2,085
1,402
2,278
1,602
2,196
1,554
1,553
1,229
2,117
1,203
302
261
141
487
404
325
192
924
855
846
753
190
129
135
245
5,698
16,684
5,402
4,288
17,033
13,817
2,984
9,262
Gulf Coast Lines.
Southern District—
International-Great Northern..
'
232
322
228
222
156
A W. P.—W. RR. of Ala..
753
871
772
1,268
1,311
Atlanta Birmingham A Coast..
712
776
724
661
668
9,255
4,626
8,897
6,859
4,355
4,440
2,742
1,067
1,732
4,217
2,780
1,011
1,622
Ml8sourl-Kansas-Texas
Missouri Pacific
Alabama Tennessee A Northern
Atl
Atlantic
Coast
Line
Central
of Georgia
Charleston A Western Carolina
485
Columbus A
418
347
1,354
1,207
1,016
4C7
505
295
321
302
159
147
137
412
357
448
Clinchfleld
429
Greenville
Durham A Southern
Florida
4,363
...
Kansas
City Southern
Louisiana A Arkansas
Louisiana Arkansas A Texas
Litchfield A Madison...
Midland Valley
Missouri A Arkansas
Lines..
41
276
Georgia
41
51
13
Natchez A Southern
42
39
78
117
Quanah Acme A Pacific
112
117
66
96
895
821
1,417
1,620
St. Louis-San Francisco
8,898
9,041
450
St. Louis Southwestern
Texas A New Orleans
Texas A Pacific
Terminal RR. Assn. of St. Louis
2,677
2,661
7,783
4,931
2,427
4,638
2,463
876
3,078
8,630
5,513
7,129
1,867
5,809
3,951
2,010
3,163
3,900
17,599
254
244
202
79
25
22
19
28
63,308
60,638
47,639
60,478
Nashville
545
418
402
1,925
23,991
1,740
19,293
18,135
1,095
11,530
21,778
213
4,917
370
Wichita
264
314
191
387
319
Wetherford M. W. A N. W—
1,875
1,702
1,887
1,779
255
MobUe A Ohio
Nashville-Chattanooga A St. L.
208
11,341
4,708
2,026
2,907
Macon Dublin A Savannah*
Mississippi Central
2,990
Note—Previous year's figures revised.
Ended
536
424
Illinois Central System
Wholesale
369
1,877
23,646
22,809
Georgia A Florida
Gulf Mobile A Northern....
Louisville A
516
46
858
East Coast
Gainesville Midland
2,313
340
2,174
2,219
Commodity Prices Advanced During Week
Sept. 14, According to "Annalist" Index
Sharply higher hog prices, that reflected smaller receipts
leading markets, lifted the "Annalist" Weekly Index of
Wholesale Commodity Prices to 94.7 on Sept.
14 from
93.9 (revised) on Sept. 7, the "Annalist" announced on
Sept. 16.
It added:
Other gains were made by the rest of the livestock group and most of the
meats, by butter and eggs, lemons and tin.
Grain prices declined, along
with cotton and cotton textiles, rice, apples, bananas, leather and rubber.
THE
"ANNALIST"
WEEKLY INDEX
COMMODITY
(1926
=
Falls A Southern
Total
* Previous figures.
at
OF WHOLESALE
of Labor, during the
announcement
made
In
The advance more than
brought the
above that, of
a
Sept. 15,
1936
avorage.
The allbelow the level of a month ago, and is 6.5%
year ago.
foods and fuel and lighting materials groups, building
In addition to the
materials,
offset, the decreases of the past two weeks and
ail-commodity index to 86.8% of the 1926
commodity index is 0.8%
housefurnishing goods, and miscellaneous commodities also in¬
recorded by the farm products, hidos and
Minor decreases were
creased.
textile products, and chemicals and drugs groups.
metal
products remained
averaged
0.3%
lower than in the preceding week.
100.7
82.4
index—85.7—is 0.9% below the coiresponding week
171.7
71.4
above
t90.8
89.3
109.2
-
articles
t87.5
*90.8
Fuels
89.8
88.2
M etals
97.8
*70.9
products
Food products
Textile products
109.2
88.9
Building materials
69.9
69.9
66.4
Chemicals
90.0
89.5
85.9
Miscellaneous
79.5
79.8
68.7
94.7
t93.9
85.4
All commodities
Preliminary,
Metals
unchanged at last week's level.
Wholesale prices of raw materials increased 0.1% during the week.
The current index for raw materials—83.4—is 2.1% below the corresponding
week of last month and 2.0% above that of last year
Semi -manufactured
and
Sept. 7, 1937
Statistics, United States Department
week ended Sept. 11, according to an
Sept. 16 by Commissioner Lubin.
issuing the announcement Mr. Lubin stated:
of the Bureau of Labor
leather products,
PRICES
100)
Sept. 14, 1937
Farm
*
A Gulf
Kansas Oklahoma
2,639
a
The index for the finished product1- group rose 0.6%
It is 7.9% above the corresponding week
year ago.
to the level of four
This week's
of August and 12-6%
weeks ago.
of last year.
The index for the large group
"all commodities other than farm products"
farm
Non-agricultural commodity prices
0^3% lower than last month and 7.9% above a year ago.
Industrial
commodity prices are at the level of a month ago and 8.0% higher than last
advanced 0.5%
and that for the group "all commodities other than
products and foods"
increased 0.1%.
are
t Revised.
year.
Increase
in
Wholesale
Commodity
Prices
During
Week Ended Sept. 11 Reported by United States
Department of Labor
An advance of
Wholesale prices
wholesale prices of foods
prices largely accounted for the
0.5% increase in the index of wholesale commodity prices
and
a
The following
Sept. 16:
1.1% in
average
seasonal rise in coal
because of
average
cereal
an
is
from
Mr.
Lubin's
announcement
of processed foods rose 1.1% during the week largely
increase of 2.1% in prices of butter, cheese, and
milk and an
A minor increase was reported for
Fruit and vegetable prices dropped 1.4%.
Individual
advance of 0.9%
products
of
in meats.
Financial
1806
food items for which higher prices were
Sept. 18, 1937
Chronicle
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
reported were butter, fresh milk
Compiled by The National Fertilizer
(Chicago market), rye and wheat flour, hominy grits, white corn meal,
Prices were lower for rice,
and cottonseed oil.
granulated sugar,
salt,
canned and dried fruits, fresh fruits, dried beans, white
The current index for foods
edible tallow, and corn oil.
cured pork, pepper,
and sweet potatoes,
Per Cent
Month
Ago
Week
Week
Sept. 4,
11,
Sept.
Group
the
Aug.
Total Index
Year
Ago
14, Sept. 12,
1937
month and 3.7% above a year ago.
—86.&—is 0.1% higher than last
1937
1937
1936
index to increase 0.8%
Average prices for coke and petroleum products were stationary.
Fuel oil
83.1
86.0
85.1
85.2
Fats and oils
69.1
69.5
73.4
83.7
Cottonseed oil.-
72.3
73.2
77.4
108.8
products
84.3
81.8
86.6
Foods
25.3
in anthracite and 0.4% in bituminous coal
A seasonal advance of 2.1%
to
Preced'g
Latest
Each Group
Bears
(1926-1928 =100)
Association.
bananas, canned tomatoes, fresh pork, fresh mutton, Santos coffee, lard,
prices caused the fuel and lighting materials group
Farm
23.0
slightly and Pennsylvania
Oklahoma field and kerosene increased
the
79.8
crude
declined.
petroleum
57.8
68.5
88.6
91.9
101.1
92.3
75.4
90.5
86.9
86.6
Fuels
17.3
86.2
86.5
86.7
77.5
79.7
10.8
Miscellaneous commodities..
86.1
Textiles..-.—----—.---—
71.8
72.4
75.2
69.4
lower.
Cement,
steel, and other building materials remained unchanged.
In¬
8.2
106.1
106.1
106.2
84.0
6.1
Building materials
87.4
S7.5
86.1
pine
1.3
Chemicals
95.6
95.6
95.6
95.1
Average prices
.3
Fertilizer materials
72.8
72.8
72.3
67.5
.3
Fertilizers
79.9
79.9
78.6
73.7
Farm
96.4
96.4
96.4
92.6
86.9
85.9
87.5
80.4
The indexes for the subgroups of lumber and plumbing
heating materials were higher and brick and tile,
structural
building material items showing higher prices were yellow
dividual
52.2
92.6
85.5
the preceding week.
and
50.9
Livestock
higher than for
building materials group was 0.1%
for the
The index
Cotton
Grains
in
flooring, rosin, copal gum, heating boilers, and radiators.
building brick, yellow pine lath, and turpen¬
for floor and wall tile, common
Metals
7.1
.3
•
-
and
—
drugs
machinery.
82.1
tine were lower.
for
Slightly higher prices for furniture resulted in a fractional increase
the housefurnishing
index for the farm products group as a
and grains rose 5.0%.
The
Important farm products registering price advances were all grains,
wools.
cotton,
This week's farm products index—84.5—
and flaxseed.
peanuts,
3.4% below the level of a month ago and 0.1% lower than a year ago.
The index for the hides and leather products group declined
fractionally
primarily because of lower prices for hides and skins and leather.
Average
prod¬
prices for shoes remained unchanged from last week and other leather
drugs
pharmaceuticals remained at the levels of the week before and chemical
fertilizer materials and mixed fertilizers and
Average prices for
and
The index for the group of chemicals and drugs
prices declined fractionally.
decreased
items
and
registering
decreases
price
muslin,
Japanese
Clothing declined 0.4%; cotton goods, 0.6%; silk
0.9%; and woolen and worsted goods,
rayon,
flannel,
of knit goods, the general trend for all textile product
downward.
was
men's work shirts
were
brown sheeting,
cloth,
print
Minor price fluctuations within the metals
sulted in
were
and trousers, cotton
fabric,
tire
cotton
yarns,
Average
advanced.
for
Bureau of Labor
The
agricultural
implements,
the average
on
the
when prices reached a low level, shows, for
1932,
for
average
of
eggs
Both the whole¬
received
1932.
Eggs have shown the least increase in prices since
have risen only 14%, and the price
by farmers only 39%,.
The Conference Board's comparisons are
shown in the following table:
FIRST SEVEN MONTHS OF 1937
COMPARED WITH 1932 AVERAGE
Retail
Wholesale
Received
Prices
Prices
Prices
by Farmers
32%
57%
Eggs.
70%
39%
Milk
47%
Pork
178%
136%
Potatoes.
for the year 1926 as 100.
Sept. 15, 1934, and Sept. 16, 1933:
food item in the Avage earners budget.
which constitute a major part of the
sale and retail prices
159%
143%
101%
Wheat..-
209%
*74%
*56%
Beef.
Statistics includes 784 prices series,
14, 1935,
12, 1936. Sept
weeks and for Sept
for wheat has risen 209%, the
retail price of bread only 21%. Similar
of beef, pork, potatoes, milk, and Cggs,
wholesale price of flour 74%, but the
motor
following table shows the index numbers for the main groups of com¬
modities for the past five
the first seven months of this year
comparison of average prices for
with
example, that the price received by farmers
Iron and steel prices
weighted according to their relative importance in the country's markets,
and is based
prices of foodstuffs have in general advanced less
than have the corresponding wholesale prices
prices received by farmers, according to an analysis
by the National Industrial Conference Board, made public
Sept. 11, which went on to say:
1932
PERCENTAGE INCREASE IN PRICES,
vehicles, and nonferrous metals showed no change.
The index of the
by National
Analysis
and the
drop in scrap steel and plumbing and heating
prices
an
Retail
since
and metal products group re¬
change in the index during the week.
no
down slightly because of a
prices
Textile items
1.2%.
silk, worsted yarns, Manila hemp, and raw jute.
raw
to
Conference Board
variations are indicated in the case
0.1%.
Wit h the exception
Prices
and
Prices
According
Industrial
A
including harness showed a minor increase.
ucts
Wholesale
Farmers,
Lower prices
items, alfalfa seed, and foreign
Less Since 1932
Received by
of Foodstuffs Advanced
Prices
Than
whole declined 0.1%.
reported for all livestock and poultry
Retail
were stationary.
Livestock and poultry prices dropped 2.5%
is
Auto¬
reported for cylinder oil in the Oklahoma field.
mobile tires and tubes and paper and pulp
were
combined
Prices of crude rubber rose 2-6%.
feed prices advanced 6.4%.
Cattle
Lower prices were
All groups
100.0
Furnishings showed no change.
goods group.
*
Flour,
Retail price of
Flour.
x
14%
14%
17%
,
15%
59%
bread increased 21 %.
•
(1926==100)
Department Store Sales of Board of Governors
Reserve System Decreased from July
Index of
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
4
28
21
14
12
14
15
1937
1937
1937
1937
1937
1935
1936
1934
86.4
86.5
87.3
87.5
81.5
80.8
77.5
70.5
84.5
84.6
85.0
87.1
87.5
84.6
81.2
73.7
55.9
86.6
85.7
85.3
86.8
86.5
83.5
86.4
76.2
65.1
108.5 108.6 108.7 108.6 108.6
95.0
91.6
84.8
92.0
Farm products
.
.
to
1933
86.8
All commodities
Hides and leather products.
Federal
August
16
Commodity Groups
Foods
of
Sept.
11
Textile products
76.9
76.6
76.1
75.8
75.5
70.2
71.2
70.6
75.5
Fuel and lighting materials..
79.8
79.2
79.1
78.9
78.9
77.0
74.7
75.5
72.5
Metals and metal products..
96.4
96.4
95.5
95.5
95.5
85.9
86.0
85.9
81.7
Building materials
82.0
Chemicals
96.4
96.3
96.5
96.4
96.7
86.8
85.3
85.9
80.9
81.0
81.2
81.7
82.0
81.5
78.9
76.5
Housefurnishing goods
92.8
92.7
92.7
92.7
92.7
82.8
81.8
83.0
78.7
Miscellaneous
76.9
76.6
77.0
77.2
77.4
71.3
66.9
70.7
The report
issued
on
Sept. 8 by the Board of Governors
that ''department
of the Federal Reserve System indicates
store sales showed less than the usual
seasonal increase
and the Board's adjusted index declined
a level slightly lower than in earlier
months of this year."
The index for the last three months
and for August, 1936, is shown below.
from July to August
from 94% to 91%,
64.8
and
drugs
Raw materials..
other
June,
August,
1937
1937
1936
Adjusted for seasonal variation
91
94
93
86
72
65
90
68
85.0
85.2
81.8
86.5
86,6
86.5
76.1
*
*
*
89.1
82.4
*
♦
*
88.9
88.3
88.4
than
87.2
commodities
86.8
86.8
87.3
87.5
80.8
80.7
78.3
73.6
Without seasonal adjustment
86.0
farm products and foods..
*
July,
1937
83.6
86.0
than
farm products
All
1923-25 AVERAGE=100
August,
83.3
88.9
other
SALES.
STORE
DEPARTMENT
*
*
85.7
Finished products
commodities
INDEX OF
*
83.4
_
Semi-manufactured articles..
All
72.1
85.9
85.8
85.9
86.0
79.6
78.0
78.5
76.1
4% larger than in August,
sales were
9% larger than in the corresponding period of last year,
said the Board, presenting the following compilatiou:
Total
sales
in
August
were
1936, and in the first eight months of this year
Not computed.
Wholesale Commodity Prices
Week
Ended
Sept.
11,
Advanced Slightly During
According to
National
REPORT
BY FEDERAL
RESERVE DISTRICTS
Fertilizer Association
■
P. C. Change from Year
Reversing the downward trend of the previous seven weeks,
the general level of wholesale commodity prices was somewhat
higher during the week ended Sept. 11, according to the
index compiled
by the National Fertilizer Association.
Based on the 1926-28 average of 100%, last week the index
advanced to 86.9% from 85.9% in the
preceding week.
A month ago it stood at 87.5% and a year ago at 80.4%.
The Association's announcement, under date of Sept. 13,
53
32
+5
+ 7
52
27
+6
29
+8
+ 16
25
11
+3
+5
52
25
__
Cleveland
Richmond
+ 10
24
18
+ 13
52
31
+8
._j—
+ 12
34
17
21
0
+5
39
+8
+6
25
+ 10
+ 10
19
9
+6
+8
91
33
+9
495
255
Dallas
San Francisco-
product index is now 6.0%
but
modities
resulted
currently
price
is
average
cession;
substantial
the
not
group
far
cotton
goods,
increases
index
below
again declined,
cotton,
the week
material
in
Changes in food prices were mixed
higher.
10 items included in the group declining and eight
rather
index
higher than a year ago, while the
the
in
moving
year's
several
upward.
highest
making the eighth
and
coarse
textiles
important
The
point.
for lumber.
which
fell off slightly
as
a
food price
The textile
were
result
all
lower during
the building
of lower quotations
Advances were registered by the indexes representing the prices
of miscellaneous commodities and fuels.
Twenty-six price series included in the index declined during the
and
25
advanced;
advances;
in
advances.
in
week
week there were 43 declines and
18
preceding week there were 34 declines and
14
the preceding
the second
17
*
August figures
of business
Saturdays
preliminary;
in most
days this year and last year,
as
cities the month had the same number
but in August this year there were four
compared with five a year ago.
com¬
ccnsecutive weekly re¬
The only other group index to show a decline was
average,
+4
Total
exception of the two preceding weeks, was still at the year's lowest level.
advancing,
J
The group index, however, with the
product prices was generally upward.
during the week with
14
+4
+ 9
Atlanta
Kansas City
all-commodity index is 8.1%
+5
—1
New York.
Philadelphia
Minneapolis
farm
Included
—2
Boston.-
With the exception of cotton, which declined
The
of
Cities
Reporting
Federal Reserve districts:
Higher prices for farm products and foods were primarily responsible
during the week to the lowest level reached since 1933, the trend of farm
Number
Stores
Months
August *
St. Louis
for the upturn in the index.
Number
of
Chicago
continued:
Ago
Eight
August
Chain
Store
Sales
Below
Expectations
Average daily volume of leading chain store systems in
August fell short of seasonal performance, according to the
"Chain Store Age" index made public on Sept. 13.
i
The index of sales in August was 113.2 of the 1929-1931
as 100, as against 114.5 in July.
declined from 109.6 to 109.0.
The greatest recession was in the 5-and-10-variety chains.
The index for this group declined to 116.0 in August from
120.0 in July.
The figure for August, 1936, was 112.5,
average
for the month taken
A year ago the index figure
Volume
Financial
145
Index figures for other chain groups were: Drug chains,
in August vs. 131.0 in July; shoe chains, 130.0 in
1807
Chronicle
130.0 in July; apparel chains, 123.0 in August vs.
July.
The preliminary index for grocery chain sales in August
is 106.0, as against 105.6 in July.
August
MOUNTAINS
ROCKY
vs.
No. Of
New Floor
Projects
124.0 in
Space (.Sq. Ft.)
7,735
3,574
1,681
18,919,700
21,154,000
2,003,400
$73,448,300
117,209.800
94,446,000
12,990
42,077,100
$285,104,100
7,982
24,392,900
$100,522,500
Non-residential building.
3,504
80.379,900
Public works and utilities
1,426
15,503,500
388,700
12,912
40,285,100
$275,281,400
65,753
9,361
176,160,900
144,372,300
6,070,600
$670,800,800
819,234,900
609,906,800
101,852
326,603,800
$2,099,942,500
54,463
140,826,700
Non-residential building.
25,989
Public works and utilities
10,959
124,390,300
3,710,500
$507,360,800
666,238,400
633,757,500
91,411
268,927,500
$1,807,356,700
1937—Residential building
Non-residential building.
Totals
The
Sept.
During Week Ended
2,154,276,000 Kwh.
Production
11
Institute, in its weekly statement,
Edison Electric
of electricity by the electric
light and power industry of the United States for the week
ended Sept. 11, 1937, totaled 2,154,276,000 kwh., or 6.2%
above the 2,098,924,000 kwh. produced in the corresponding
Total construction
1936—Residential building
disclosed that the production
Total construction
26,738
Non-residential building.
Public works and utilities
PERCENTAGE INCREASE
OVER PREVIOUS YEAR
Total construction
Major Geographic
Regions
Week Ended
x
11,
Sept.
1937
94,379,000
First Eight Months—
1937—Residential building
The Institute's statement follows:
week of 1936.
Valuation
Month of August—
Public works and utilities
Electric
EAST OF THE
AWARDED—37 STATES
CONSTRUCTION CONTRACTS
129.0
Week Ended
Week, Ended
Week Ended
Aug. 28,
Sept. 4. 1937
1937 Aug. 21, 1937
1936—Residential building
•
5.3
6.7
6.4
Middle Atlantic
5.0
10.0
7.0
6.8
Central Industrial
8.2
11.0
9.5
12.3
West Central
5.3
6.5
1.4
0.9
7.5
New England
1
2.0
4.5
5.2
5.1
14.7
18.3
18.4
5.3
7.6
6.2
8.6
8.0
NEW CONTEMPLATED
10.0
.
DATA FOR RECENT WEEKS (THOUSANDS OF
1937
of
Valuation
Projects
Valuation
Month of August—
$104,292,700
9,627
Non-residential building
8,736
3,591
$108,087,200
187,249,400
3,019
80,980,500
Public works and utilities
1,710
192,406,600
1,277
147,875,800
14,037
$487,743,200
13,923
$333,149,000
80,530
30,898
$1,044,528,400
Non-residential building
11.064
1,216,002,700
1,097,491,600
67,195
27,484
Public works and utilities
11,713
$776,696,100
786,831,900
848,181,600
122,492
$3,358,022,700
106,392
$2,411,709,600
Residential building
Cent
1929
1932
1935
1937
1936
No.
Projects
KILOWATT-HOURS)
Change
Week Ended
1936
1937
No. of
1
Per
MOUNTAINS
ROCKY
Adjusted to include holiday conditions in both years.
*
REPORTED—37 STATES EAST OF THE
WORK
8.1
Pacific Coast
Total United States
Total construction
1
20.2
5.9
Southern States
Rocky Mountain
7
from
Total construction
1936
June
June
12
June
19
•
»
July
3
10
July
17
•
July
24
--
July
1,628,520
1,381,452
1,945,018
+ 13.8
1,989,798
2,005,243
+ 11.3
1,435,471
1,441,532
2,029,639
+ 10.3
1,956,230
+ 7.2
2,029,704
+ 13.2
1,724,491
1,742,506
1,774,654
1,772,138
1,655.420
1,766,010
2,258,776
•
June 26
+ 10.9
2,298,005
mm
July
1,922,108
+ 7.6
1,807,037
+ 8.0
1,823,521
1,821,398
2,131,092
2,214,166
2,213,783
2,238,332
2.238,268
2,096.266
5
+ 11.6
31
2,256,335
2,099,712
2.008,284
Aug.
7
Aug.
14
2,261,725
2,300,547
2,079,137
2,079,149
+ 10.6
2.304,032
2,093,928
2,294,713
1,440.541
1,456,961
1,341.730
1,415,704
1,433,993
1,440,386
Aug. 28
Sept. 4
Sept. 11
--
1,426.986
1,415,122
1,431,910
2.125.502
+ 8.0
1.839,815
1.436.440
2,135,598
2,098.924
+8.6
+6.2
1,809,716
1,752,066
1,464,700
2,154,276
»«•
+ 10.0
2,320.982
Aug. 21
1,819,371
1,832,695
+ 8.8
World Industrial Production During
1,423,977
1,615,085
1,689,925
1.699,227
1,702,501
1,723,428
1,592,075
1,711,625
1.727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
July Shows Little
Board Reports
little
according to
the regular monthly survey of the National Industrial Con¬
ference Board, made public Sept. 13.
Output advanced mod¬
erately in Canada, Germany, Austria, Belgium, Holland,
Po'and, Japan, Australia, and a number of South American
countries; declined in Great Britain and France, and re¬
industrial
production
during
showed
July
change from the level of the preceding month,
mained
says
level
the June
at
in
the
business
France
against
United States and
Trend
of
in
Business
Year
According to Horwath
Hotels,
August Over Same Month
& Horwath—Increases in
Ago Almost Identical with Those for
July
__In their monthly survey of the trend of^business in hotels
Horwath
HorwatbTstate"that~"there was no changejm
the "trends of hotel sales, occupancy and room rates in
August, as the increases over the corresponding month of
last year were almost identical with those for July."
The
firm added:
However, the following shows a rather steady
sales since the beginning cf the year,
room
tapering-off of restaurant
which may have significance because
spending than
sensitive indicators of public
these sales, as a rule, are more
sales:
Corresponding
Increase Over
Italy,
trade
Periods of Last
for
third
the
Year
to
June,
bringing the
gold value for
the highest level since December,
1931.
countries during the first six months of this year
gain of 26% over the corresponding period of 1936, but remained
trade in these
Foreign
a
first six months of 1929.
stock prices on the world's leading
55% below the
Common
stantially during July and the first two
As
securities
declined
a
Restaurant
Sales
Sales
13%
13%
10%
7%
1937—January-April, Inclusive
May-August, inclusive.
—
Conventions
increases
in
the
1936
the
greater than
Cleveland increases
month;
were smaller
August, 1936, because business resulting
centennial expositions this year
from the
did not equal that of last year.
of 1929 are
from the corresponding months
The decreases in total sales
behind
business and in Texas sales fell
of convention
high marks set in
resulted in
August
during
Philadelphia
over
because of a lack
4%
10%
July-August
shown in the following:
exchanges recovered sub¬
weeks of August, but then declined.
to the New York, London and
was experienced by all of the
the advance was chiefly confined
Amsterdam markets, the ensuing recession
Although
leading exchanges.
Room
consecutive
usual
during
advanced
(Spain excluded)
countries
showed
receded
activity
heavy imports.
International
71
Total construction
the Board, which reports further as follows:
month.
Uncertainty as to the scope of the recent price-fixing legislation was
disturbing to business, but modification of the original restrictions has
enabled the export industries, especially iron and steel, to
derive some
advantage from the devaluation of the franc.
Other industries, notably
manufacturers of textiles, have found the lower franc an added protection
In
Residential building
1,761,594
1,674,588
Change from June National Industrial Conference
World
First Eight Months—
result of the hostilities in the Far East, Japanese
sharply.
Mar.
22%
New York City.
May
April
17%
22%
June
15%
Avge.
Aug.
July
18%
15%
14%
Chicago...
27
9
6
x3
16
17
12
Philadelphia
44
44
41
37
42
41
42
14
1
0
14
Washington
16
18
22
14
4
13
18
19
14
4
x4
16
19
11
Pacific Coast
22
19
21
2Q
8
1
15
All others
August
23
34
Detroit
Construction Contracts Awarded in
29
Cleveland
19
12
20
25
15
15
18
21%
13%
15%
13%
10%
14%
14%
30%
24%
24%
19%
16%
20%
22%
HOTELS IN AUGUST, 1937, COMPARED
WITH
record of total construction in the 37 Eastern
States amounted to $285,104,100, as reported by F. W. Dodge
The August
Corp.
This contract volume compares with $275,281,400
of last year and with $321,602,700 for July of
Total
Same month last year.
for August
this year.
Of the August,
$117,209,800
non-residential
building,
L...
total, T. S. Holden, Vice-
"Approximately two-thirds
to August decline in contracts was due to a decrease in the
publicly-financed work.
In addition, there occurred also a
President of F. W. Dodge
of
AUGUST,
1936
and $94,446,000 was for public
Commenting about the August construction
amount
Increase.
1937, volume, $73,448,300 represented residential building,
works and utilities.
of the July
x
TREND OF BUSINESS IN
Corp., stated that:
$30,000,000 in the total for unusually large projects,
dollars and over and which happened to start in
July rather than during August.
In spite of these two adverse influences,
the August total represented a gain of 4% over last year and a decline of
less than 11% from July of this year.
"Disappointment in the August residential building total is not so great
as would
be indicated by the contract figures.
Admittedly, residential
contracts fell below the total for the corresponding month of the previous
M
u
!**■>
1
L.
'
Room
Sales
Percentage of Increase (+)
m
or
Decrease
Occupancy
age
It.
Same
Rooms
Res¬
This
taurant
Total
Ik'
drop of more than
Month
i
Month
for the first time during the recovery period, but the August, 1936,
record was inflated by public housing amounting to almost $32,000,000.
In
for
the
current
month's
record
less than $1,000,000
Consequently, private residential building shows a
August of last year."
public housing.
6% gain over
there was included
Inc.
of
(+)
or
Last Year Dec. (—)
jobs costing a million
year
Rate
Percent¬
(—)
63
+7
+6
+9
+3
66
68
+ 12
Philadelphia
+ 12
+ 14
+ 11
40
36
+5
Washington
+ 14
+ 20
+7
54
45
+2
+5
+ 1
+ 12
83
87
+4
64
+ 11
New York City
Chicago
Cleveland—
—
+6 «
+8
+5
64
+6
65
+9
+ 12
+5
74
70
+6
—12
—13
—10
64
71
—2
All others
+8
+ 11
+4
60
57
+8
Total
+7
+ 10
+4
63
61
+7
+ 11
+ 11
+ 10
67
65
+7
Detroit
Pacific Coast
Texas
Year to date
+ 10
+ 13
1808
Financial
General Business Conditions in Canada
During August
Continue Upward Trend, According to Dominion
Securities
"General
in
conditions
has
been
according
Canada
during
continuation
a
apparent
since
the
current
issue
of
the
to
of
the
the
"Review"
The
Statistics's
113.7
the
ended
tures,
to
contrast
and
loans
of
"Canadian
Monthly
Dominion
110.5
1936,
which
the
surplus of $36,598,705,
was
about $26,000,000.
publication
contains
business, trade and
sition
the
of
finance,
If
this
trend
of
Province
the
Canadian
stock
British
of
and
Extraction of minerals
Manufacturing
of
bond
four
1936,
and
_____________
July,
1937*
1937*
2.841,000
1,431,000
1,584,000
1,566,000
1,840,000
1,993,000
2,001,000
1,167,000
978,000
7,542,000
7,454,000
Trade, distribution, and finance
7,325,000
928,000
6,993,000
Service industries
9,160,000
8,862,000
9,268,000
9,225.000
1,383,000
1,341,000
1,425,000
1,428,000
_■
Miscellaneous industries and servicesTotal employed
*
991,000
47.368.000 44,125,000 46,898,000 46,923,000
Preliminary.
in
Weekly
Report
of
Lumber
Movement,
Sept. 4, 1937
during
Canadian
po¬
newsprint
industry.
Week
Ended
The lumber
industry during the week ended Sept. 4, 1937,
73% of the 1929 weekly average of production and
of 1929 shipments.
The week's reported production
25% greater than new business booked and 10% heavier
68%
was
financial
the
June,
1936
deficit
Columbia, and discusses
markets
July,
2,416,000
stood at
review of the
WORKERS
Construction
again have a
may
persons
10,650,000 11,269,000 11,610,000 11,639,000
268,000
191,000
202,000
204,000
18,582.000 15,469,000 16,850,000 16,973,000
l,087,00r
714,000
768,000
759,000
11,071,000 10,554,000 11,527,000 11,656,000
—
Total Industry
expendi¬
continues
statistics
current
a
EMPLOYED
Agriculture
of
expenditures
lower by
592,000
Public utilities
overall
an
by
Transportation
all
period
same
there
increased
1929
Forestry and fishing.
the deficit of the Canadian National
During
remaining eight months it is very likely that Canada
surplus and possibly reduce its debt.
The
Bureau
than
more
have
to
Average
further reports:
$36,598,705
was
into the Nation's employed labor force.
persons
estimated
Group Division
July 31 to
on
The ordinary revenues increased approximately $36,000,000,
were at practically the same
level and total
ordinary
expenditures
the
from
a very substantial improvement over
the "Review" states.
Total revenues
advances.
and
the current
to
$25,713,008.
while
the
period
is
of
1^)37, showed
$205,113,498,
force
July, 1936, and by 4,754,000 since 1929.
upward trend
expenditures of the Dominion Government for the
including unemployment relief,
Railway,
real
that
gained
labor
total
early spring of 1933,"
the
The publication
July 31,
corresponding
amounted
of
and
revenues
months
states
index
Aug. 28.
on
The
weekly
The
NUMBER OF
month
Review," published bv the Dominion Securities Corp., New
York.
reabsorption of 2,798,000
a
since
Corp.
August again sliowed
which
Chronicle
than
reported
shipments.
Reported production and new
considerably less than in the preceding week;
shipments were slightly less.
Reported production and
shipments were about the same as, and new orders were
orders
were
than in corresponding week of 1936.
less
Living of Wage Earners in United States
Advanced Slightly from July to August—Increase
in Year 4.0%, According to National
Industrial
National produc¬
for the week ended Sept. 4, 1937, by 10%
fewer mills was 10% less than the output (revised
figure)
of the preceding week; shipments were
3% less than ship¬
Conference
ments of that
Cost
of
Board
The cost of
tion
reported
week;
13% below that week's
new orders were
orders, according to reports to the Nation nl Lumber Manu¬
living of wage earners in the United States in
August, 1937, was slightly—0.1%—higher than in July,
according to the monthly survey of the National Industrial
Conference Board.
All major groups except food advanced
in cost.
Living costs in August of this year were 4.0%
higher than a year ago, and 24.1% higher than in their
low point in 1933, but still 12.0% lower than in
August,
1929.
In an announcement issued Sept. 10 the Conference
corresponding week of 1936; shipments were
1% below last year's shipments of the same week, and new
orders were 20% below orders of
the 1936 week.
The
Board also stated:
Association
Food
level
0.5%
prices declined
1.7%
above
spring of 1933.
from July to August, bringing them to
of August,
that
1936,
and
42.9%
the
Production in the week ended
softwood
In August, 1937, they were still 20.9% below the August,
Rents continued upward, rising 0.8% from July to August.
Rents
are
10.7% higher than in August, 1936, and 40.0% higher than in January,
1934, their low point, but only 4.6% lower than in August, 1929.
Clothing
increased
prices
6.3%
were
1.2%
from
July
higher than in August,
August.
to
August.
In
1936, 28.2%
higher than
in April, 1933, their low point, but 21.8% lower than in August, 1929.
Coal
prices rose seasonally—0.5%—from July to August.
They were
August, 1937, 0.4% lower than in August, 1936, and 7.6% lower than
in August, 1929.
The cost of sundries
level 2.6%
a
rose
above the low
The
purchasing value of the dollar
112.4
was
cents
in
of
August,
1937,
and 100 cents in 1923.
Item
production,
;
1937,
Northern
mills
produced
shipped
Revised figures
275,843,000
pine
and
hemlock
249,296,000
226,898,000
feet;
for the preceding week
shipments,
feet;
Southern
233,950,000
week
of
hardwoods reported
Sept.
4.
but
All
reported shipments
orders
Southern
below
1936;
all
but
West
pine,
All
output.
Northern hemlock reported orders
and
cypress
corresponding
513
combined;
feet.
Southern
of
similar
1936
Lumber
Coast
below
Northern
and
week.
orders
reported
wood
mills totaled
mills.
feet,
for the week ended
188,645,000
Shipments
feet,
from
91
hardwood
5% below production.
or
for
the
Production
mills
give
Shipments
Sept. 4,
1937, by 439 soft¬
21% below the production of the
or
reported
as
8% below production.
or
Reports
week
same
was
20% below production.
Production
feet.
11,266,000
as
reported for the
as
217,457,000
were
237,480,000
business
new
feet,
week
were
same
11,816,000 feet.
was
Per Cent of
Increase (+) or
Importance
1923==100
Decrease (—)
a
in Family
from
Budyet
4,
during the week ended
and
9,441,000 feet,
Indexes of the
Cost of Living
Sept. 4, 1937, was shown by
both 1937 and 1936 as 0.1%
hemlock reported shipments below last year's week, and all but Western
pine, California redwood and Northern pine reported production below that
or
Relative
Sept.
softwoods
230,683,000
regions but
Coast
and
regions but Southern
112.5 cents in July, 1937, 116.8 cents in August, 1936,
compared with
for
199,911,000 fed;.
572
same
point of 1933, and only 2.1% below the level of August, 1929.
as
of
below production
West
ended
hardwoods
orders
orders,
All
slightly—0.1%—from July to August, bringing
above that of August, 1936, and 7.5%
week
Mills,
feet;
those
in
It to
of
feet
booked
now
1937, they
reporting
further reported:
During the
were:
1929, level.
mills
below output in
a
above that of the
Association from regional associations
covering
operations of important liardwood and softwood mills.
facturers
August,
July,
1937
1937
July, 1937,
to
Identical Mill Reports
Last
week's
feet, and
feet
Food*
33
87.3
87.7
20—
87.8
87.1
and
not
—0.5
Housing
production of
a year
216,610,000
August,
feet
ago it
and
431
identical
softwood mills
237,027,000 feet; shipments
was
219,639,000
feet,
and
orders
236,762,000-
was
were,
respectively,
187,982,Ood
received,
received.
+0.8
235,685,000 feet.
Report of identical mills of Southern hardwoods
+ 1.2
Clothing
12
77.8
76.9
84.6
83.8
70.9
70.0
+ 1.3
84.4
84.1
+ 0.4
83.2
82.8
+0.5
86.7
86.7
0
30
97.0
96.9
+ 0.1
100
89.0
88.9
+0.1
112.4
112.5
—O.l
...
Men's
Women's
;
Fuel and light
Coal
5
Gas and electricity
Sundries
-
+ 1.0
Lumber
Manufacturing During Four
Aug. 28, 1937
Weeks
Ended
We
give herewith data on identical mills for four weeks
Aug. 28 as reported by the NationalfLumber Manu¬
facturers Association on Sept. 14:
ended
Weighted avge., all items.
Purchasing value of dollar..
*
Based on
for July
a
food price indexes of the
An
United States Bureau of Labor Statistics
13, 1937, and Aug. 17, 1937.
Figures on revised basis for dates prior to July, 1936,
Living in the United States, 1914-1936," price $2.50.
Revised series.
may
of 542
average
mills reported as
be
Production
ound in "Cost of
Softwoods
National Industrial Conference Board
Reports Number
Unemployed Workers in July Unchanged from
June
Unemployment in the United States in July is estimated
at
a
total of 6,119,000, which represents
practically no
change from the estimate for the preceding month, accord¬
ing to the latest report of the National Industrial Confer¬
ence
Board, made public Sept. 13.
ment
advance
the
month and
Increases
fishing
of
private
agencies aggregating 46,923,000
over
total
for
ployed in non-agricultural
culture,
fields
in
was
and
in
of
public
transportation
18,000 in construction, and
The
unemployment
last
year.
persons
25,000.
and
in
permanent
in July showed
The number
aggregated
of 129,000
utilities,
were
in
and
35,284,000
offset
total
During
manufacturing,
few
a
by
88,000 in trade, distribution and finance,
month
announce¬
of
net
a
persons
persons
em¬
during
practically unchanged in relation to the total in June.
employment
13,000
June
activities
enterprise
thousand
decreases
in
29,000 in
in
forestry
agri¬
and
employment
43,000 in the service
of
industries,
9,000 in the extraction of minerals.
in
the
July
12
was
months
2,206,000
the
less than
Conference
in
Board
the National Lumber
Shipments
Total lumber
Production
Orders Received
same
estimates
1937
905,192
930,481
946,306
was
the
four
weeks
ended
41,114
Aug.
28,
1936
860,401 1,011,653
37,805
41,185
898,206 1,052,838
1937,
as
reported
4% above that of corresponding weeks of 1936.
production in 1937
was
3%
above that of the
same
16% above the record of comparable mills during the
1935.
Soft¬
weeks of 1936
same
period of
Hardwood output was 19% above production of the 1936 period.
Shipments during the four weeks ended Aug. 28, 1937,
were
2% below
weeks of 1936, softwoods showing loss of 1%
and
hardwoods loss of 13%.
Orders received during the four weeks ended Aug. 28, 1937, were
15%
below those of corresponding weeks of 1936.
Softwood orders in 1937
were
15%
weeks
below those of similar weeks of 1936 and 8% above the same
Hardwood orders showed loss of 8% as compared with
of 1935.
corresponding weeks of 1936.
On Aug. 28, 1937,
gross stocks as reported by 467 softwood mills were
3,724,758,000 feet, the equivalent of 121 days' average production (threeyears average,
1934-5-6),
as
compared with 3,616,363,000 feet
on
Aug. 29,
1936, the equivalent of 118 days' average production.
On
the
1936
894,657
35,824
during
by these mills,
and
1937
1,088,532 1,049,586
Hardwoods
wood
1936
1,036,934 1,006.152
51,698
43,434
those of corresponding
employment in all
government
the
The Board's
continued:
Total
to
(In 1,000 Feet)
1937
of
follows
Trade Barometer for the four weeks ended Aug. 28, 1937:
Aug. 28, 1937, unfilled orders as reported by 461 softwood mills were
739,577,000 feet, the equivalent of 25 days' average production compared
with 799,021,000 feet on Aug. 29,1936, the equivalent of 27 days' production.
Volume
Financial
145
[In short tons—96-degree equivalent]
1929
Buying Power of Farmers' Income for 1937 Nears
Level
1809
Chronicle
Reports Bureau of Agricultural Economics
buying power of the farmers' income this year will be
virtually back at the 1929 level, the Bureau of Agricultural
Economics, United States Department of Agriculture, said
in the September issue of "The Agricultural Situation."
Although farm income this year is somewhat below the predepression level, it was pointed out that prices which farmers
have to pay for their supplies also are somewhat lower than
during the years prior to 1930. Consequently, the publica¬
tion states, the exchange value of farmers' income this year
for other goods and services is about like it was prior to the
depression and is nearly equal to the peak year 1929.
An
announcement of the Department of Agriculture further
summarized the publication as follows:
'
1
•
Quantity Charged Against Quota
The
Income
from
of farm
sales
1937 is
products In
expected to be about
1929.
expressed,
$1,000,000,000 larger than in 1936. and larger than any year since
In estimating
both
cash
the buying power of 1937 income, the Bureau
Quota
Cuba
375,000
Puerto Rico
126.033
55,411
5,482
60,893
19,321
610,863
447,077
130,820
577,897
32,966
Total
Charges Against the Quotas for Individual Countries
-1.
charged against the quota for foreign
The 15.286 short tons, raw value,
months of the year against the quotas
pounds, the amounts of sugar which may be
The following table shows, in
admitted
from
such
for the individual full duty countries.
countries
1937, the amounts charged against the
in
quotas during the January-August
period, and the amounts which may be
admitted during the remainder of the year:
Quantity Which
May Be Ad¬
Charged
Balance
mitted in 1937
Against Quota
Remaining
Area
Colombia
year's purchasing power with that during the period
1924-29. the Bureau commented that "it is only fair to say that In the
Costa ltlca
for
In comparing this
values
were
as
a
group
were
relatively
not
Farm land
prosperous.
declining during most of this period, the mortgage
burdensome, taxes
to prices
were
debt was
relative
high, and prices of farm products were low
294,308
1,197
Canada
China and Hongkong
Czechoslovakia
Dominican Republic
Month of August, 1937
1937
1,505,251
2,200,239
2,126,146
1,750,337
453,844
1,912,106
570,879
3,431,177
803,064
3,073.422
4,438,662
3,900,552
1,035,215
5,509,790
Grand total of all mills reporting.
1936
1,094,922
2,210.687
Lake, Central and Southern
299,060
5,732,817
217,865
5,510,500
4,710" 554
10,221,004
11,114,100
6,216,140
y3,5~2~9~780
11.95R977
2,686,360
55,672,000
30,572,907
25,099,093
11,951,977
Quotas not used to date__
Unallotted
reserve
Total.
Argentina, 14,577 pounds: Australia, 204; British Malaya, 26; Dutch Wes
Indies, 6; France, 175; Germany, 117; Honduras, 3,432,568; Italy, 1,751; Japan.
x
4,009; Salvador, 8,208,542; and Venezuela, 290,002.
y Most of this was allotted In
accordance with General Sugar Quota Regulations, Series 4, Supplement 1.
Full Duly
6,188,475
10,992,889
12,447,851
4,632,502
Sugars in Customs' Custody
The following table shows the total amount
cations for certification have been made to
cannot be released
increased
are
of sugar from the full duty
custody as of Sept. 1, 1937, for which appli¬
Quantity
Belgium
States
of
Received by United
Areas During First Eight
Sugar
Refined
__
Off-Shore
from
Raw
Refined
The report shows that the
quantity of sugar charged against the quotas for all off-shore
areas, includiug the full duty countries, during the eight
months' period January-August amounted to 4,032,157 short
tons, raw value.
Quotas are shown as established by Gen¬
eral Sugar Qi ota Regulations, Series 4, No. 2, issued Sept. 2,
1937, pursuant to the provisions of the Sugar Act of 1937;
these regulations were referred to in our issue of Sept. 4,
page 1517.
The Sugar Section announced:
Virgin Islands and Hawaii recorded
from those
areas
entered
as
prior to Sept. 1, 1937.
or
certified for entry
The statistics on full duty coun¬
tries include, in addition to the sugar actually
entered before Sept. 1, 1937,
all
such
quantities
transit
certified
for
including
The figures
Sept. 1, 1937.
on
entry,
turn, weight and polarization data
are
certified
quantities in
subject to change after final out¬
for all importations
are
available.
The report also shows that there was a total of 37,661 short tons of sugar,
commercial value, from full
duty countries stored in Customs* custody
on
Sept. 1, awaiting release against possible increase in the quotas for these
countries
There
as
185,000
,
Raw
-
75,321.775
7,910,084
Total refined
67,411,691
Total raw
allotted
to
Quota
Sugar
Philippine
and
Foreign
3,361,700
16.741,818
1,700,000
Refined
Total of all sugars
Than
Other
Countries
Deficits
Cuba
Re-
by Sec¬
of Agriculture Wallace
retary
Secretary of Agriculture Henry A. Wallace on Sept. 9 re-
foreign countries
allotted the deficiencies in supplies of the
had
which
filled
not
reallotment
The
204(b)
was
of the new
vides that if
their
1937
made
in
sugar
accordance
Sugar Act of 1937.
with
Sept.
1.
Section
This section pro¬
the first day of September in any calendar
on
quotas in effect on July 1 of any
ficiencies may be prorated to other
which have filled their quotas
On' Sept. 10
177,400 short tons of sugar, raw value, charged against the
quotas by
the so-called full duty countries have not filled their
year
the result of increased consumption or reallotment of deficits.
were
987,164
250,000
Refined
Peru
quotas.
This report Includes all sugars from Cuba, the Philippines, Puerto Rico,
the
876,420
50,669,873
Refined
... .......
... ......
United Kingdom
status of the 1937 sugar
Value)
Refined
__
Netherlands
Peru.
Months of 1937
The Sugar Section of the Agricultural Adjustment Admin¬
istration issued on Sept. 4 its eighth monthly report on the
in Pounds
549,800
Refined
Guatemala.
sugars
of deficits*
Type of Sugar {Commercial
Area
Dutch East Indies..
Tons
Such
the Sugar Section.
from Customs' custody in 1937 unless the full duty quotas
the result of increased consumption or reallotment
as
Dominican Republic
Short
2*148
350,667
Czechoslovakia
4,032,157
"
11,114,100
350,667
...
countries stored in Customs'
1936
1937
Pacific Coast
592
6,031,877
217,865
_
B.
2 Mos. Ended Aug. 31
Month of August
Southwest
921,022
_
(NUMBER OF BARRELS)
PRODUCTION OF FLOUR
Northwest
211,384
332,754
921,614
Guatemala
Haiti
x
263,302
6,668,480
334,902
Dutch East Indies
Peru
summarizes the comparative flour
production as totaled for the mills reporting in the following
milling centers.
These mills annually account for approxi¬
mately 65 % of the total estimated United States flour
production.
13*635
267
20,597
United Kingdom
Inc.,
"T065
132
274,484
267
Nicaragua
Mills,
564,205
20,597
263,302
6,668,480
211,384
Netherlands
Production of Flour During
294,308
564,205
288,114
Brazil
Mexico
of most other commodities.
General
made during the first eight
countries other than Cuba is the total of charges
year.
farmers
9~703
29,616
Belgium
1920's
17,398
80,214
of the
1937—governmental payments excluded—is 98%
of the 1924-29 period compared with 93% last year, 62% in 1932 and 104%
in 1929.
Including payments received by farmers under the agricultural
adjustment programs, the ratio is estimated as 103 compared with 96 last
estimated
income
12,343
Philippines
paid, indicated that the buying power
ratio of cash income to prices
3,942
371,058
126,033
19,913
95.597
275,461
113,690
2,515
Remaining
Hawaii
A comparison of these percentages, as a
1924-29.
Total
Charges
1924 to date as per¬
paid by farmers from
and prices
income
centages of the years
Area
Balance
Sugar Polar¬ \Sugar Polar¬
izing Less
izing 99.8
99.8
cleg. & Above than
1937
calendar year, these de¬
such full duty countries
by the first *f September.
Secretary Wallace reallotted the 1937 Philip¬
value, to foreign
quota for the continental sugar cane areas and 731,939 short tons, raw value,
pine sugar deficit of 86,805 short tons, raw
against the quota for the continental sugar beet area during the first
countries, other than iGuba, on the basis of the proration of
months of this year.
seven
Data for August are not yet available.
The quantities charged against the off-shore areas
during the first eight
Established Under the Amounts
Latest Regulations
Cuba
9,396
27,836
4,032,157
840,954
....I..
988,551
..............
Virgin Islands
_
Foreign countries other than Cuba
Total
Direct
Is included
against the various
quotas
since the
in
direct
included In the total quota for each area.
cates the
from
the above
amounts
consumption
sugar
charged
quota is
The following tabulation indi¬
1937 direct consumption sugar quotas and charges against such
quotas during the period January-August, showing separately sugar polar¬
izing 99.8 degrees and above and sugar polarizing less than 99.8 degrees.
The last column shows the balance available for entry
of the year.
The separation of
sugars
during the remainder
into polarization groups is based
on
reports of the outturn weight and polarization for each cargo of direct con¬
sumption sugar entered against the quotas:
In announcing this the
which
may
establishes
be admitted into the United States free of
the Philippines during any calendar year at
800,000 long tons
of refined sugar (equivalent to
985,000 short tons, raw value, on the basis of the estimated polariza¬
tion of 1937).
A quantity of 13,499 short tons of Philippines 1936 duty¬
free sugar which did not clear customs custody until after Jan.
1, 1937,
and is therefore chargeable against the 1937 quota for the Philippines,
cannot be counted against the 1937 duty-free quota.
Consequently, 998,499
short tons of sugar may enter the United States duty free in 1937 against
the
1937 Philippine quota of
1,085,304 short tons, raw value, leaving
unrefined
86,805
Consumption Sugars
sugar
duty
of
would
consumption
1937.
and
sugar
50,000 long tons
about
1,785,210
747,139
826,311
652,736
5,475
15,286
4,966,579
Puerto Rico
Direct
Charged
Against Quotas
2,014,538
1,085,304
Philippines
amount of sugar
the
1937 Sugar Quotas
Hawaii
of the Sugar Act of
Agricultural Adjustment Administration said:
The
Tydings-McDuffie Act (Philippine Independence Act)
[Tons of 2,000 pounds—96 degrees]
Area
in effect for such ">untries pursuant to Section
the quotas
204(a)
months of the year are as follows:
advices
of
the
on which the full rate of duty of 1.875c. per pound
entered from the Philippine Islands in 1937.
Official
from the Philippines indicate the Islands will not avail themselves
6hort
be
tons
paid if
privilege of shipping the
The following
1937 quotas
due to the
full-duty
sugar
remaining in their quota.
tabulation shows the increases made in the
of the various foreign countries other than Cuba
reallotment of deficiencies in supplies of foreign
countries and
and also the
reallotment of the deficit of the Philippines,
present 1937 quotas following the adjustments
(in pounds, raw value) :
Financial
1810
•
.
'
,
.
'
'
1937
18
240,708 bales In 1936.
The distribution for August, 1937 follows: United
Kingdom, 2,209; Netherlands, 1,695; Belgium, 402; France, 3,550; Germany, 8,620;
'
,
.
,
Increase from
Deficiencies
Philippine
Italy, 235; Canada, 804; Honduras, 5; Japan, 6,973; Union of South Africa, 286.
1937
Islands
Revised
Countries
Deficiency
Quotas a
0
0
0
0
0
334,747
2,208,237
2,837,292
0
Argentina, b
463
595
—
Australia, b
-
Belgium..
Brazil, b
The world's
0
0
0
0
641,729
4,233,314
0
—
963,549
2,004
304
Colombia
23,427
7,584,752
154,542
1,975,592
50,034,589
240.429
1,586,046
Costa Rica
299,480
Czechoslovakia
Dominican Republic
Dutch East Indies
production of commercial cotton, exclusive of linters, grown
in 1936, as compiled from various sources was 30,386,000 bales, counting
American in runningi bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the united States) for
the year ending July 31,1936, was 27,631,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 152,000,000.
5,439,248
1,238.033
2,575
China and Hongkong.b
STATISTICS
WORLD
of Foreign
Canada
Sept.
and
k
.
Increase from
:
Chronicle
198,566
2,538.374
64,287.821
2,037,859
0
Dutch West Indies.b
0
0
France, b
0
0
0
Germany, b
0
0
0
Guatemala, b
0
1,168,101
Haiti, Republic of.b.
0
3,233,158
Honduras, b
0
0
on
Cottonseed Oil
Production
Sept. 11 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand,
and cottonseed products manufactured, shipped out, on
hand and exported for one month ending Aug. 31, 1937
0
0
Report
On
1,500,855
4,154,180
0
♦
Census
0
-
-
Italy _b__.
0
0
107,146,044
0
0
0
398,850
2,631,107
3,380.624
0
0
0
-
247,800
Netherlands
0
Nicaragua, b.
Peru
SEED RECEIVED,
Salvador, b
United Kingdom
Venezuela, b
State
Aug. 1 to Aug. 31
Unallotted
reserve
1936
28,296
39,827
32,766
80,475
19,728
17,285
23,744
15,301
22,153
90,930
9,859
11,703
17,471
10,913
14,330
42,956
5,271
14,372
27,315
25,959
22,385
140,040
11,168
17,310
24,233
23,527
38,903
47,395
20.203
380,728
Georgia
Louisiana
Mississippi
All other states
*
Does not Include the first 10 short tons of sugar or liquid sugar Imported from
a
252,289
179,272
102,644
241,239
171,571
51,197
1937
1936
Includes seed destroyed at mills but not 39,783 tons and 21,926 tons on hand
Aug. 1
than Cuba, In any calendar year established in Sec. 212
9,601 tons and 2,628 tons reshipped for 1937 and 1936 respectively.
nor
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT.
AND
1937. [Because of the fact that they]
their quotas by Sept. 1, 1937, these quotas were taken from
them, In accordance with Sec. 204(b) of the Sugar Act of 1937, and reassigned
to countries which had filled their quotas by Sept. 1.
b These countries were assigned quotas for
did not
Aug. 31
1937
31,364
48,713
41,071
36,422
210,676
12,482
Alabama
United States.....
any foreign country, other
of the Sugar Act of 1937.
Aug. 31
Aug. 1
(TONS)
On Hand at Mills
229,282,000
173,610,000
22,412,733
Total
Crushed
1936
1937
Texas
223,065,860
6,216,140
Sub-total
CRUSHED AND ON HAND
Received at Mills*
1,348,881
2,100,337
24,854,576
12,641,215
1,049,821
1,634,672
19,344,076
83,390,729
COTTON
0
0
Japan.b
Mexico, b
and 1936:
ON
HAND
fill any of
Produced
Aug.
Census
Report
Under
the
on
date
Cotton Consumed and
&c., in August
on
Hand,
Sept. 14, 1937 the Census Bureau
issued its report showing cotton consumed in the United
States, cotton on hand, active cotton spindles and im¬
ports and exports of cotton for the month of August, 1937
and 1936.
Cotton consumed amounted to 604,380 bales of
lint and 72,215 bales of linters, compared with 583,066 bales
of lint and 74,517 bales of linters in July, 1937 and 575,014
bales of lint and 66,197 bales of linters in August, 1936.
It
will be seen that there is an increase in August, 1937 when
compared with the previous year in the total lint and linters
combined of 35,384 bales, or 5.51%.
The following is the
statement:
AUGUST REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON
1937-38
meal,,
1937-38
|
1936-37
*9,684,412
19,191,508
a440,947,270
318,873,305
41,084
65,053
1937-38
43,328
J
SPINDLES
On Hand
Aug. 31
Aug. 31
1937-38
43,819
1,818
1936-37
and
tons
Hulls, tons...
88
226
68
246
1937-38
7,284
2,991
1,702
2,008
6,978
818
1,608
2,201
1937-38
1936-37
Linters, running
bales
Hull
On hand
Aug. 1 to
38,103,440
23,113,070
1936-37
Cake
Shipped out
51,812,215
29,843,939
628,115,856
20.498,710
78,442
46,418
48,738
27,426
38,998
22,080
1,032
1936-37
Refined oil, lbs. I
of
Cotton In running bales, counting round as half bales, except
Crude oil, lbs
1
Aug. 1 to
Aug. 31
On Hand
Season
Item
23,893
60,843
1937-38
1936-37
fiber,
500-
lb. bales
Grabbots, motes,
Ac.,
500-lb.
bales
...
1936-37
*31,112,048
26,644,750
a342,350,474
238,001.649
85,826
67,026
48,379
27,084
22,235
29,139
33,700
44,445
43,687
24,235
77,606
36.760
777
2,073
*
Includes 3,537,634 and 4,238,255 pounds held by refining and manufacturing
establishments and 3,589,480 and 10,607,720 pounds in transit to refiners and
consumers
a
Aug. 1, 1937 and Aug. 31, 1937 respectively.
13,216,638 and 11,349,469 pounds held by refiners, brokers, agents
Includes
and warehousemen at places other than refineries and amnufacturing establishments
and 8,134,478 and 4,031,615 pounds In transit to manufacturers of lard substitute,
oleomargarine,
soap, &c., Aug. 1, 1937 and Aug. 31,
b Produced from 30,037,878 pounds of crude oil.
1937 respectively,
foreign, which Is In
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR 12 MONTHS
500-pound bales]
ENDING JULY 31
Cotton on Hand
Cotton Consumed
Aug. 31
During—
Spinales
In Con¬
12
Months
Year
suming
In
Public
Storage
August
July 31
ments
presses
Cbales)
-{
Ended
(.bales)
United States
Items
Cotton
(bales)
Active
During
(bales)
Establish¬ & at Com¬
August
(Number)
New England States...
Oil, refined, pounds
Linters, running bales
Imports—Oil, crude, pounds
Oil, refined, pounds
1937 604,380 7,944,803
1936 575,014 6,351,160
960,899 3,504,127 24,353,102
755,788 4,308,995 23,413,928
1937 505,449 6,622,305
1936 480,868 5,335,801
732,004 3,436,855 17,775,110
584,893 4,272,372 17,248,574
56,188 5,855,108
182,845
1937
1936
All
other
States
1937
81,428 1,070,946
76,306
831,573
1936
17,503
17,840
251,552
183,786
1937
6,371
76,829
137,696
46,050
34,208
11,084
33,199
2,415
5,443,080
722,884
722,274
10,984
17,168
Included Above—
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds
1936
6,030
66,982
1937
11,540
7,120
769
102,566
64,339
20,837
1,366
21,376
5,709
74
1937
72,215
66,197
817,302
734,204
199,121
151,895
47,387
1936
Other foreign cotton
29,254
25,862
33,337
16,185
3,639
1937
1936
Amer.-Egyptian cotton.
26,993
15,753
971
Not Included Above—
Linters
29,599
Imports of Foreign Cotton (500-lb. Bales)
5,571,054 refined, "withdrawn from warehouse for consumption,"
4,223,764 refined "entered directly into warehouse."
Petroleum
and
Its
Products—Crude
Output Again
Dips—Petroleum
Stocks
Show
Expansion—Oil
Compact Meeting Oct. 14-15—Rehearing Denied
Skelly Oil
Daily average production of crude oil in the United States
again slumped during the week ended Sept. 11, the 50,150barrel reduction reported by the American Petroluem In¬
stitute paring the total to 3,642,400 barrels, which is only
133,100 barrels above the daily average market demand
estimate for
3.792
153,959
157,2. 6
508.443
559,231
contrast to the
24,215
1,479,167
1936
256
43
1,741
1,010
1,142
51,437
319
27,391
65,602
1,125
25,914
3,387
3~668
4,843
589
419
79,115
18,082
57,655
1,134
8,458
Peru
China
...
12,671
253,034
154,817
5,905
-
British India
All other
Total.
12 months ending July 31,
75,268
1937, amounted to 47,633
equivalent 50-pound bales.
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Country to Which Exported
12 Mos. End. July 31
August
1937
United Kingdom
1936
1937
1936
47,982
61,159
1,144,362
1,409,547
France
29,585
24,439
50,261
29,968
10,922
18,216
655,248
Italy..
Germany..
Spain
Belgium
Other Europe
Japan
680,927
379,896
765,485
207,114
279
397,636
649,647
279
"5,709
~9~443
1,550,499
13,957
306,640
3,074
2,745
59,374
248,288
49,217
220,415
182,487
5,440,044
5,972.566
China
Canada
..
.......
36,452
Note—Linters exported, not Included above, were 24,779 bales during August In
1937 and 10,585 bales in 1936; 270,400 bales for the 12 mos. ending July 31 in 1937
and
21,748
1937
1936
2,935
Total
Not available
8,398
1937
All other................
_
5,923,128 pounds refined, "entered directly for
33,918
17,049
12 Mos. End. July SI
August
Egypt
Linters Imported during
are
September of the Umted States Bureau of Mines.
was the second successive
weekly dip in the
production totals, and contracted with the all-time record
high of 3,731,450 barrels set in the Aug. 28 period which
marked the culmination of an upswing that saw crude
output
set new record peaks for six consecutive weeks.
The re¬
ductions in the Sept. 4-11 periods aggregated more than
100,000 barrels daily.
Oklahoma reported a cut of 35,000 barrels in its daily
average outturn which pared the total to 604,500 barrels,
against the Bureau of Mines' recommended total of 633,600
and the State allowable of 600,000 barrels.
A reduction of
30,200 barrels achieved by Texas producers brought the total
down to 1,479,800 barrels, against 1,413,600 barrels set
by
the Bureau and 1,441,734 fixed
by the Railroad Commission.
Louisiana cut-back production 9,150 barrels daily, making
the average production 255,950 barrels, against the 247,900barrel figure recommended
by the Federal agency and the
State allowable of 265,495 barrels.
Kansas kept pace with
the other major
oil-producing States in lowering its output,
a 4,150-barrel cut there
paring the aggregate to 188,400, in
Country of Production
Mexico
1937
*24,259,245
*185,813,667
29,564
47,633
1936
403,223
3,129,179
10,505
240,708
13,514,808
121,890,460
3,272
consumption,"
'
1936
Egyptian cotton
600,117
2,906,145
4,437
270,400
Cake and meal, tons of 2,000 pounds
♦Amounts for August,
Cotton-growing States..
1937
Exports—Oil, crude, pounds
The decline
200,900-barrel recommendation of the Bureau
196,250 barrels set by the Corporation Com¬
California was the sole large oil-producer to show a
gain, production there rising 16,900 barrels to 685,600 barrels,
against the joint State-Federal quota of 638,200 barrels.
Stocks of domestic and foreign crude petroleum turned
upward during the first week of September, in contrast to
of Mines and
mission.
Volume
Financial
145
Chronicle
1811
member of the Texas Railroad Commission, earlier in the
week issued a statement declaring that the Texas oil industry
A strong undertow of
public resentment against excessive
gasoline taxation is gathering force among the motorists of
the United States, who since 1929 have seen their annual
gasoine tax bill increased from $431,311,519 to nearly
$1,000,000,000, Baird H. Markham, director of the American
Petroluem Industries Committee, declared in New York City
on
Sept. 15 at a 7-State conference on automotive taxation.
Delegates representing State committees of petroleum
refiners, distributors, and service station operators in
Connecticut, Maine, Massachusetts, New Hampshire, New
York, Rhode Island and Vermont attended the conference
entered the Sept. 1 start of the fiscal year with
which lasted
loss in the
previous period, the Bureau of Xvlines reported
%Washington on Sept. 15.
The 911,000-barrel increase
lifted the total to 310,417,089 barrels.
Domestic oil storage
rose 679,000 barrels, and holdings of foreign crude gained
a
in
232,000 barrels.
Members of the Oil States Compact Commission were
notified during mid-week that its next meeting will be held
Oct. 14 and 15 at Houston, Texas, by E. O. Thompson,
Chairman of the Commission.
Mr.
Thompson, who also is
a
"bright
pros¬
pects" for the future.
The oil business in Texas and
Oklahoma, he pointed out,
authority by the regula¬
tory bodies of the two States.
"The Oklahoma Commission
made a decided cut in their production effective Sept. 1,
and the Railroad Commission of Texas attempted to bring
Texas
production within the requirements of market
demand," he concluded.
Dispatches from Fort Worth, Texas, on Sept. 16 disclosed
that the Gulf Refining Co., operator of the only pipe line
outlet from the Lisbon pool in north Louisiana, would dis¬
continue on Oct. 1 all purchases of Lisbon crude.
Due to
the fact that a new pipe line planned for the field will not be
completed until mia-October, Gulf's action will mean that
the 105 producers' daily average output of 16,000 barrels
will have no buyers for about two weeks.
The Skelly Oil Co. was expected to appeal the denial by
the Oklahoma Corporation Commission of a rehearing of
the case in which the latter held several weeks ago that the
company had padded potentials in 18 of Park College lease
wells in the Fitts field, and must make up 448,000 barrels
overage.
Reford Bond, Chairman, announced the Com¬
mission's decision on Sept. 16, after the company had agreed
to waive the right to submit Written argument and proposed
draft of findings and asked the Commission to pass upon the
merits of the case immediately.
Next move of the company,
dispatches indicated, would be asking the State Supreme
Court for a supersedeas to permit continued operation of
the wells pending the Court's final decision on the case.
Stocks of all oils at the close of July of 553,424,000 barrels
were 2,739,000 barrels over the previous month, the Bureau
of Mines reported in Washington on Sept. 10.
Gasoline
stocks on July 31 were off 4,272,000 barrels from the June 30
total to 77,038,000 barrels.
Crude oil held in stprage in
Texas as of Sept. 1 was 4,453,079 barrels, against 4,391,114
on
Aug. 1, the Texas Railroad Commission reported with
29,762 flowing wells and 43,740 pumping wells in operation
is under control due to the exercise of
as
of the first of the current month.
Stiffening of the Mexican Government's attitude toward
the labor unions in their controversy with the foreign oil
companies was disclosed in dispatches from Mexico City.
The strike against the British Eagle Oil Co. in the Poza Rica
zone near Tampico, which had held up the operations of the
only pipe line into the Nation's capital during the 10 weeks'
life of the strike, was settled early in the week.
In addition
to
stiff reprimands
from President Cardenas, Antonio
Villalobos, head of the Federal Labor Board, issued a warning
note to
Mexican labor unions.
There
no
were
Typical Crudes
12.60
per
FUEL
OIL
DEALERS
CITED
BY
INVENTORIES
STOCKS CLIMB—PRICE-CUTTING
REPORTED—EXCESSIVE
BAIRD
H.
U. S. Gasoline (Above 65
New York—
finished
1.35
...
....
1.09
1.42
1.22
Gulf..
Shell Eastern.
Richfield Oil(Cal.)
.08%
.07%
Warner-Qulnlan..
Tide Water Oil Co
New
Orleans.
-.05)4
.06 %-.07
Gulf ports
Tulsa
.07%
.05)4
.05H-.0554
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
I North Texas
(Bayonne)
$.05%
|
$.04
Los Angeles_.
|New Orleans.$.05%-.05)4
| Tulsa
03%-.04
.03J4-.05
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
Bunker C
| California 24 plus D
$1.35
Gas
N. Y.
New Orleans C
$1.00-1.25
$.105
Phlla., Bunker C
1.35
2.201
Diesel 28-30 D
Oil, F.O.B. Refinery
(Bayonne)—
or
Terminal
I Chicago—
27 plus
$.04%
I
28-30 D
$.053
$.02%-.03
j Tulsa...
I
Gasoline, Service Station, Tax Included
$.19
(Newark
$.1651
.19
xNew York
x
I Boston.
.18
Brooklyn
Buffalo
I
$1.75
Chicago..
.177
xNot including 2% city sales tax.
Average" Crude
Daily
Ended
The
Oil Production During
Sept. 11 Placed at 3,642,400 Barrels
American
Petroleum
Institute
estimates
Week
that
Imports of petroleum for domestic
and receipts in bond at principal
use
11 totaled 1,210,000 barrels,
daily average of 172,857 barrels, compared with
a
daily average of 212,857
ended Sept.
11 totaled 79,000 barrels,
a
daily average of 11,286 barrels,
compared with a daily average of 1,571 barrels for the week ended Sept. 4
and
22,500 barrels for the four weeks ended Sept. 11.
Reports received from refining companies owning 88 9% of the 4,119,000
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
Dlh—
TAXATION
estimated
daily potential refining capacity of the United
States,
basis, 3,455,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 66,456,000 barrels of finished and
unfinished gasoline and
114,666,000 barrels of
gas
and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the Industry
MARKHAM
Sept.
the
daily average gross crude oil production for the week ended
Sept. 11, 1937, was 3,642,400 barrels.
This was a drop of
50,150 barrels from the output of the previous week, but
the current week's figure remained above the 3,509,300
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during September.
Daily aver¬
age production for the four weeks ended Sept. 11, 1937, is
estimated at 3,702,450 barrels.
The daily average output
for the week ended Sept. 12, 1936, totaled 3,020,850 barrels.
Further details, as reported by the Institute, follow:
1.30
2 10
barrels in stocks of finished and
gasoline during the week ended
..$.05
.07)4
_
barrel
BY FUEL OIL
GASOLINE
Chicago
$.07%
08 %
.08
_
1.21
11
un¬
pared
total holdings to 66,456,000 barrels, according to American
Petroleum
Institute reports.
Refinery holdings dipped
on a
daily during the week.
Refinery operations climbed fractionally to set a new allhigh at 86.2% of capacity.
Daily average runs
of crude oil to stills, however, held unchanged at 3,455,000
barrels.
Production of cracked gasoline spurted 40,000
barrels to set a new high daily average output figure of
795,000 barrels.
Gas and fuel oil stocks continued to show
seasonal gains, rising 1,223,000 barrels during the week to
114,666,000 barrels.
Reports of price-slashing by dealers in the retail fuel oil
price market continued to gain wide circulation, in the trade
The high prices set by the major companies make it easy for
the smaller dealers to capitalize on thw wide spread between
what they pay and what the major companies are asking
purchasers.
Kerosene and other oils showed further signs
of seasonal stiffening in the price levels.
Metropolitan
retail gasoline prices continue somewhat disturbed.
Retail
and wholesale prices of refined products in the major consum¬
ing areas in the country continued to hold steady.
a
;
^
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED SEPT.
11,
1937
(Figures in Thousands of Barrels of 42 Gallons Each)
barrels to 35,564,000, with bulk terminal stocks
dropping 547,000 barrels to 23,470,000 barrels.
Inventories
of unfinished motor fuel gained 209,000 barrels to 7,422,000
barrels.
as
Bureau of Mines' basis, produced an average of 795.000 barrels
254,000
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
Stocks
of
Finished
District
Poten¬
Total
P. C.
Oper¬
At Re¬
age
ated
fineries
P. C.
669 100.0
East Coast..
669
Appalachian.
Ind., HI., Ky
Kan.,
146
129
529
489
Unfln'd
Gas
in
Daily
Aver¬
Reporting
tial
Rate
time record
Other Cities—
Texas
J_.$0.7%
Socon y-Vacuum
whole,
A decline of 592,000
Octane), Tank Car Lota, F.O.B. Refinery
New York-
Stand. Oil N.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
....$1.27
REFINERY OPERATIONS SPURT TO NEW PEAK—GAS AND
FUEL
to understand that
come
weeks ended Sept. 11.
Eldorado, Ark., 40.—
Rusk. Texas, 40 and over
.....
PRODUCTS—MOTOR
As the motorists
being made the tax-goats of the Nation, that millions
of the dollars that they pay allegedly for the use of roads are
diverted to non-highway purposes, that unwise spending
dissipates a substantial part of road tolls, the resentment and
opposition to excessive gasoline and other automotive taxes
gathers strength."
are
barrels for the week ended Sept. 4 and 185,071 barrels daily for the four
Barrel at Wells
1.25
1.27 Darst Creek..
Illinois.
1.35 Central Field. Mich
Western Kentucky...
1.40 Sunburst, Mont.
Mld-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 Petrolla, Canada
REFINED
they
a
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lime (Ohio Oil Co.)
Corning, Pa
of the motorists.
United States ports for the week ended Sept.
crude oil price changes.
Prices of
through Sept. 17.
"Although the motorists are not organized into pressure
groups to fight the unfair piling on of taxes by the State and
Federal governments, throughout their ranks the country
over, there is a strong latent, although inarticulate, dis¬
satisfaction with the mounting burden of gasoline taxation,"
he said.
"Beneath the surface, one can see in every State
the beginnings of a strong opposition to the tax exploitation
and
Terms., Nap'tha
Distil.
dbc..
577
86.2
88.4
111
86.0
903
92.4
445
91.0
6,406
3,538
1,239
5,622
2,150
158
349
221
1,732
375
5,308
12,249
1,455
3,420
1,327
Fuel
Oil
14,636
212
898
798
7,170
491
3,636
1,824
10,398
3,115
Okla.,
452
383
84.7
327
85.4
Inland Texas
355
201
56.6
139
69.2
Texas Gulf..
793
757
95.5
739
97.6
La. Gulf
174
168
Mo.
96.6
162
96.4
768
646
No.La.-Ark.
91
58
63.7
44
75.9
237
100
72
Rocky Mtn_
California...
89
62
69.7
49
79.0
1,215
98
774
821
746
90.9
565
75.7
7,768
2",361
1,648
68.541
Reported—
3,662
88.9
3,158
86.2
457
297
33,004
2,560
22,760
Est. Unreptd
710
7,102 111,386
320
3,280
4,119
4,119
3,455
35,564
3,455
35,818
23,470
24,017
7,422 114,666
7,213 113,443
z3,029
32,615
19,821
6,438 112,764
394
xEst.tot.U.S.
Sept.11 '37
Sept. 4'37
4,119
4,119
U.S. B. of M.
xSept.ll '36
x
Estimated Bureau of Mines' basis,
z
September, 1936 dally
average.
Financial
1812
Chronicle
PRODUCTION
DAILY AVERAGE CRUDE OIL
(Figures In Barrels)
barrels,
Four
M..
Week
Dept. of
State
Inter tor
Allowable
Ended
Ended
Previous
Ended
Sept. 11
1937
Sept. 12
1936
from
Sept. 11
Sept. 1
Calcu¬
Week
1937
lations
Week
Weeks
Change
{Sept.)
50,000,000-barrel
the
1,500.000 barrels below
about
tinued
exceed
to
in motor-fuel stocks of
565.450
56,300
July
—350
81.050
75,050
62,200
33,650
26.500
222,900
—9,950
235,900
600,000
604,500 —35,000
196,250
188.400
—4,150
78,230
64.250
70,700
74.500
33.650
—9,450
42,863
221,866
110,934
West Central Texas.
West Texas
162,850
natural
31
products of particular intert«t were
3,000.000 barrels in both light adn heavy fuel oil
the Increases of about
—7,900
126.300
59,900
+ 1,300
+ 150
474,000
434 600
stocks.
been such as to keep days
—3,850
269,800
224,250
164.400
217,900
177,500
Coastal Texas
1,413.600 1,441,734 1,479.800 —30,200 1,520,000 1,153,300
Total Texas
petroleum
and
—2.850
—6,300
87,550
81.300
169.850
North Louisiana
174,400
154,600
255,950
—9.150
261,950
235,900
36.600
+300
-t-300
+3,250
36,050
136,600
Total Louisiana
265,495
247,900
58.1
in
the
light
has
grades,
supply considerably under a year ago.
the price Index
61 8, compared with 61.5 in June
Bureau of Labor Statistics,
of the
data
for
particularly
demand,
July
products in
July.
28,150
113,850
86.100
-
Coastal Louisiana
the
However,
According to
for
62,446,000 barrels a
with
the statistics of the other
Among
171.900
unfinished gasoline on
and
compared
barrels,
70.120,000
were
119,550
Southwest Texas—
The predicted decline
somewhat offset by a seasonal gain in
Stocks of finished
stocks.
gasoline
475,750
264,850
475 308
was
about 5,000,000 barrels almost materialised as Tar
245,534
-
total
declining to 2.962.000 barrels
although
3,000.000 barrels in June.
202,749
East Central Texas
East Texas.
the
Exports of motor fuel con¬
year ago.
—150
633.600
200,900
North Texas
been exceeded,
has
expectations.
gasoline was concerned, but was
as
634,750
194,100
Oklahoma
Kansas
Panhandle Texas...
level
estimates,
the
July from just over
in
Although this marked the first
9% above that of a year ago.
or
that
time
B. of
Sept. 18, 1937
demand for motor fuel in July was 50,929.000
The indicated domestic
was
1936.
The refinery data
of this report were compiled fr< m schedules of refineries
having an aggregate daily
crude-oil capacity of 3.901.000 barrels.
Th.-se
and
operated at 87% of capacity, compared with 85% in June
refineries
80% in July, 1936.
Arkansas
29,900
124,300
141,100
Michigan....
40,400
51.800
Wyoming
55,900
18.200
61,350
Eastern
Montana
Colorado
18,250
18,000
—250
+300
4,850
114,150
78.350
638,200
3,509,300
Jan. to
3,642,400 —50,150 3,702,450 3,020,850
Jan. to
June,
July,
July,
July,
1937
1937
1936
1937
1936
New Supply—
Domestic production:
627.989
110.721
3,572
105,812
92,078
Dally average
3,527
2,970
3,448
2.948
Natural gasoliue
4,128
3,869
3,355
27.101
23,339
256
227
210
1,707
1,398
115,105
109,908
95.643
759.695
652.726
3,713
3,664
3,085
3,583
3,064
Crude petroleum...—
Recommendations of Central Committee of California Oil Producers,
x
ALL OILS
July,
5,050
2,956,800 —67,050 3.027.550 2,432.950
587.900
685,600 + 16,900
674,900
X638.200
Total East of Calif.. 2.871,100
California
AND DEMAND OF
(Thousands of barrels of 42 gallons)
41,700
18.000
4,550
114,000
101,400
SUPPLY
30.350
58.750
114,500
5,000
New Mexico.
48,350
+ 7,150
+400
Benzol-a
y Production for week ended Aug. 28 revised to include more complete informatloh
new pools In southern Illinois.
New figures are as follows:
Eastern, 139,650
barrels; total United States, 3,745,500 barrels.
Total production
on
Daily average
730,887
Imports b:
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
Crude petroleum:
174
229
187
1,011
1,566
3,025
Receipts in bond..
—
Receipts for domestic use....
2,466
2,460
13,925
16.583
Reflued products: c
The
average
Total
new
3.531
684.655
3,837
3,238
3.739
3.214
2,739
1.990
d4.798
34,778
3.798
118.281
113,122
105.162
757,910
680,857
3,816
3,771
3,392
3,575
3,197
6.363
stocks, all oils
6,181
4.458
34,808
27.079
—
Demand—
Total demand
Dally
average
—
Exports b:
Crude petroleum
Refined products
9,556
8,771
6.297
58,1/9
45.271
50.929
48,580
46.638
294.659
267.599
—
Domestic demand:
Motor
fuel......
3.594
Kerosene..
Lubricants
64.114
55.043
191,118
175.617
2,039
2,123
13,931
13.096
88
82
639
374
476
3.144
3,660
2,674
2,564
12,563
10,795
.......
.............—
1,510
1,321
1.488
4,386
4.042
5,531
6.333
4,951
35,276
31.037
198
206
151
1,368
1.296
2,839
Road oil..
1,941
3,256
13.968
17.190
102,362
98,170
94.407
664.923
608,507
3,302
3,272
3,045
3,136
2,857
308,666
308,788
306.390
308,666
306,390
....
Stocks
Total domestic demand
July 31, 1937
July,
June,
1937
July,
July,
1937
1937
\
At
1936
Refin¬
Plants
& Ter¬
eries
East coast
867
8,850
982
Arkansas
California
51,650
Total
Dally
aver.
Refin¬
& Ter¬
eries
minals
3.948
38~877
798
5",625
672
5,448
2,814
602
536
4,368
40,894
1,932
3,990
84
3,287
126
8,988
85,409
6,846
3,073
75.905
126
8,450
84
142
84
Stocks—
Crude petroleum
Natural gasoline.
6,918
fc. Total, all oils
Days' supply
2.131
5.846
6.918
5.840
235,640
233.262
237,840
233,262
550,685
545,498
553,424
545,498
145
....
6,257
237,840
553,424
Refined products...
132
4,830
2,743
2,200 110,082
—
146
161
155
171
5,723
43~473
962
6,487
7,020
5" 964
5,769 40,542 34,817
49,547 350,956 331,161 111,342
6,516
Rocky Mountain
Plants
48,825 334,013 279,019
31.582
8,564 55,181
4,357
53,161
_
Louisiana
Dally average
At
At
5,940
6,852
39,197 268,719 232,470
19,361
4,141
32,019
42,482
Kansas
Texas
minals
6,720
Oklahoma
June 30, 1937
At
Jan.-
Jan.-
4~626
35,066
a
From
Goal
other Imports
c
Division,
and
Imports include
b Imports of
PRODUCTION OF CRUDE PETROLEUM
(Thousands of barrels ol 42 gallons)
July
4,128
3,869
27,101
23,339
133
aver.
129
128
3,556
3,362
3,157
3,100
Total
Crude Petroleum and
Petroleum Products,
July, 1937
The
monthly petroleum statement of the United States
Bureau of Mines declared that the daily average production
of crude petroleum in July, 1937, was 3,571,600 barrels.
This was 44,500 barrels above the average of the previous
month, but slightly under the record of May.
The Bureau's
daily average for the
State,
1,415,700
15.000 barrels under the record average of May.
barrels,
was
The increase in east Texas
468.200 barrels daily in June to 473.700 barrels daily in July was
probably directly related to the gain in number of wells completed from
178 in
June to 243 in
July.
The Oklahoma City field regained some of
the ground lost in June, the 10,000-barrel rise in
the increase in the State's total.
daily output about matching
Production in California remained
tually unchanged at about 664,000 barrels daily.
showed
record.
barrels.
a
small gain,
Production
in
Illinois
a
new
high, with
continued
upward
an average
as
was a
new
of 207,300
expected,
and
the
State became the eleventh in rank among the producing States compared
with
fourteenth in June.
lished themselves
as
of
Among the individual fields which have estab¬
major importance
Talco, Texas, and Lisbon, La.
are
Refined Products
tillates. and in July the average of 43.2%
and
the
1.4% below that of July, 1936.
reduction in the yield from a
barrels daily.
was
0.3% below that of June
1936
5,669
36.0
1,128
37.6
7,765
79.7
2,426
80.9
16,766
12,965
59.6
1.833
61.1
43.5
444.9
1,343
13,184
439.5
85,802
6.273
7,822
17.295
14.934
9.628
76.291
20,576
California.
663.7
19,914
663.8
132,646
125.970
44.7
9,368
128
4.1
109
3.6
861
972
530
17.1
463
15.4
2,916
2,536
73
2.4
74
2.5
475
461
6,427
207.3
6,039
201.3
41,492
487
15.7
498
16.6
3,255
5,224
172.7
35,719
32,552
3.150
29.680
10.103
Indiana
Kansas
Kentucky
Total
.......
Louisiana
168.5
5,181
1.549
Rest of State.-
50.0
1.495
49.8
1,211
7,984
39.0
1,038
34.6
5,713
4.593
257.5
7,714
257.1
52,145
1,303
42.0
1,218
40.6
7,999
10,713
314
Michigan
Montana
New
Mexico
New
York
Ohio
Oklahoma—Oklahoma City
10.2
317
10.6
2.096
5,362
173 0
4,914
163.8
37,676
29,435
44.436
7,410
3.158
14.838
2,616
2.259
31.016
29,889
116.754
519
16.8
527
17.6
3,588
3,425
110.5
3,331
111.0
22,069
484
15.6
481
16.1
3,196
4,366
140.9
10.361
334.2
9,971
332.4
20,089
648.1
19,165
638.9
69,523
136.634
Pennsylvania
1,689
54.5
1,613
53.8
10,874
Texas—Gulf coast
9,841
317.5
64,902
205.8
9,342
5,985
311.4
6.379
199.5
42,931
14,685
97.995
Seminole
Rest of State
Total Oklahoma
West Texas
East Texas
4,280
142.7
55.849
9,642
48.349
35,773
99,052
12,959
473.7
14,046
468.2
Panhandle
2,446
78.9
2.378
79.3
Rodessa.
1,135
36.6
1,123
37.4
8,365
Rest of State
9,399
303.2
8,867
295.6
61.765
48.180
43,885 1,415.7
41,741
1,391.4
244,849
Total Texas.....
West Virginia
Wyoming—Salt Creek........
The yield of gasoline continued to decline In favor of gas oil and dis¬
1937
27.8
Illinois
Louisiana's production
but the daily average of 257,500 barrels
Kansas also established
vir¬
Average
833
Colorado
about
from
Total
1,360
Rodessa
major producing districts of Texas recorded increases in
1.116
1,848
e
Louisiana—Gulf coast
report further stated:
but the
January to July
Daily
13.792
Santa Fe Springs
Rest of Stat
27.6
2,470
Long Beach
Total
Average
855
Kettleman Hills
July
1937
June,
110
California—Huntington Beach.
of the
1937
Daily
Arkansas
Most
BY STATES AND
PRINCIPAL FIELDS
2.186
Total (thousands
Dally
crude as reported to Bureau ol Mines; all
exports from
Bureau of Foreign aud Domestic Commerce,
unfinished oils; July, 699,000 barrels,
d Decrease.
173,376 162,498 1138242 980,238 141,204 149,352 132,594 130,200
5,417
5,593
4,602
5,369
of barrels)....
037
103
482
2,782
Wax
Losses
897
28,495
6,139
23.320
Still gas
Production
4*481
29.777
6.295
26,060
1,931
...
...
Coke
STOCKS OF NATURAL GASOLINE
3.019
3,259
6,614
25,849
Gas oil and distillate fuels
Residual fuel oils
Miscellaneous
111., Mich., Ky_.
10,249
5,191
792,688
Dally average
(In Thousands of Gallons)
Appalachian
12,866
397
100.364
Asphalt
PRODUCTION AND
1,677
421
115,112
3,904
supply, all olls__
Increase In
2,088
603
121.020
Receipts for domestic use
production of natural gasoline continued
to increase in July, 1937, according to a report prepared
by the Bureau of Mines for Harold L. Ickes, Secretary of
the Interior.
The daily average production in July was
5,593,000 gallons, which was 176,000 above the average in
June and the highest average since January, 1931.
The
most notable increases in production in July were in the
Oklahoma City, Panhandle, and East Texas fields. '
Although refinery consumption increased materially over
June, exports were materially lower.
This decrease, com¬
bined with the gain in production, was reflected in stocks,
which increased to a new high for the year of 290,556,000
gallons, or 6,918,000 barrels.
daily
2,113
Receipts In bond
July Production of Natural Gasoline
r
Rest of State
Total Wyoming
Other, a
16.150
536
10.6
333
11.1
292,108
2,238
482
15.5
491
16.4
3,431
1,137
30.7
946
31.5
1,619
52.2
1,437
47.9
7.160
10.591
35
31
110,721 3,671.6 105,812 3,527.1
730,887
627,989
329
5
5
2,241
3.562
4.273
7,835
In terms of crude-oil requirements,
year
ago
represents just over
Total United States
100,000
a
Includes Mississippi, Missouri, Tennessee and Utah.
Volume
Financial
145
Weekly Coal Production Statistics
United
The National Bituminous Coal Commission of the
States Department of the Interior in its current
weekly coal
soft coal for the
week ended Sept. 4 is estimated at 8,400,000 net tons.
This
is a rise of 457,000 tons, or 5.8%. from the output in the
preceding week.
The cumulative production of bituminous
coal for the calendar year 1937 to date is 300,548,000 tons.
This is 8.8% 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 Sept. 4 is estimated at
830,000 tons.
Compared with the preceding week this shows
an
increase of 82,000 tons, or 11.0%.
The consolidated
report of both of the aforementioned organization follows:
report stated that the total production of
STATES PRODUCTION
ESTIMATED UNITED
COKE
OF COAL AND
Preliminary Estimates of Production of Coal for Month
of August, 1937
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous Coal
Commission, bituminous coal output during the month of
August, 1937, amounted to 33,665,000 net tons, compared
with 33,086,000 net tons in the corresponding month last
year and 31,912,000 tons in July, 1937.
Anthracite pro¬
duction during August totaled 2,584,000 net tons, as against
3,503,000 tons a year ago and 2,661,000 tons in July, 1937.
The consolidated statement of the two aforementioned
organizations follows:
of
Working
{Net Tons)
Days
{Net Tons)
33.665.000
BEEHIVE
Number
Jot
26
1,295.000
287,688,000
26
99,400
32,837.000
26
9,938
2,367,800
31.912.000
26
1,227,000
2,661,000
26
102.300
285.000
26
10,962
33.086.000
26
1,273,000
265.922,000
3,503,000
26
134,700
36,997,000
120,300
26
4,627
858.400
July, 1937 {Revised)—
a
Bituminous coal
d8,400.000
7.943,000
8.279.000
dl.400.000
Total, Including mine fuel
Dally average
Pennsylvania anthracite: b
Total, including mine fuel
1,324,000
1,380,000
a
Anthracite coal b
Beehive coke
830.000
748.000
738.000
Dally average....
138,300
125,300
123.000
Aug.. 1936 {Revised)—
Bituminous coal a
Commercial production.I
790,000
712,000
703,000
Anthracite coal b
Beehive coke
Beehive coke*
57,900
34,800
9,650
59,300
United States total
5,800
9,883
Dally average
Calendar year to date f—
historical comparison and statistical convenience, the
production of lignite and of anthracite and seml-authracite outside of Pennsylvania,
b Total
production. Including colliery fuel, washery and dredge coal, and coal
shipped hy truck from authorized operations,
c Final figures.
Note—All current estimates will later be adjusted to agree with the results of the
1929
1936
1937
c
Includes for purposes of
a
complete canvass of production made at the end of the calendar year.
Bituminous coal: a
300.548,000
355.156.000
1,299,000
1,670,000
h33,206.000
...
276,116,000
1,414,000
Total, Including mine fuel
h37.295.000
181,500
h46,279.000
225,200
Daily average
Zinc Production of the World
Pennsylvania anthracite: b
Total. Including mine fuel
161,600
average
Commercial production.!
g
a
g
Zinc
Beehive coke:
2,408,300
927,400
4,689.000
11,414
United States total
4,395
22,223
Dally average
Includes for purposes of historical comparison and statistical convenience the
production of lignite and anthracite and seml-anthraclte outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from autnonzed
|
a
full weeks ending
Nore that method
computing the cumulation differs slightly from that used In previous reports
this series
ft Comparable data not yet available,
h Sum of 35 weeks ending
operations
d Subject to revision,
e Revised,
f sum of 36
Sept. 4. 1937, and corresponding 36 weeks of 1936 and 1929.
of
of
Aug. 28
I Excludes mine fuel.
ESTIMATED
of August
{Net Tons)
2,5*4.000
a
Anthracite coal b
Sept. 5. 1936
Beehive coke
Dally
Year to End
258,400
Bituminous coal
Bituminous coal:
Working
Day
per
Aug. 1937 {I'rellmlnary)
Aug. 28, 1937 e
Sept. 4, 1937
Week Ended—
Calendar
Average
Total
Month
NET TONS)
(IN
1813
Chronicle
WEEKLY
production of the world by primary metallurgical
plants in the first seven months of 1937 total 1,059,858
short tons, according to the American Bureau of Metal
Statistics.
This compares with 925,614 tons in the same
p riod last year.
Production in July was 151,078 tons,
against 139,084 tons in July, 1936.
Production, by countries
in short tons, follows:
March
AND MONTHLY
Net
of
June
July
55.012
50,526
49.181
Jan.-July
337.771
17.371
France
17,469
17.894
17.507
16.827
109.146
23,200
America
Belgium & Netherlands.a
Ton?]
carUiadlngs and river shipments
receipt of monthly tonnage report* from district and
[In Thousands
May
52,009
22,900
23,500
22.900
24,300
161.600
6,178
Other North
PRODUCTION OF COAL,
SPATES
BY
April
53.202
United States
5,961
6,090
5.410
5.403
and
are
State
subject to revision on
sources
or
based
39.782
of final annual return? from the operator? )
14,572
15,331
14,312
C15.000
102.270
3,576
3,474
3,628
3,556
c3.600
23.796
Rhodesia
1,960
1,691
1,322
1,243
1,243
600
434
c500
c500
c500
3.773
12.599
11.965
12,457
11.954
C12.024
84.354
26,600
26,900
27.400
27,000
28.000
186.200
Germany
Spain
Monthly Production
Week Ended
14.912
Elsewhere, b
railroad
on
Italy
Anglo-Australian
(The currenty estimates are
11.166
State
A ug.
July
1937 p
1936
June
July
1937
28 Aug. 21 Aug. 29
1937 p
1937
1936
2
2
2
1.059,858
52.009
55,012
50.526
49.181
337.771
105,366
108,122
104.382
106.897
7
1,060
722,087
10
76
61
69
147
63
143
Poland,
Yugoslavia, Japau, and
Indo-China, with estimates for Czechoslovakia and Russia,
c Estimated or partly
104
84
121
335
361
293
estimated.
1
1
1
3
1
1
808
682
864
2,910
2.654
3,125
245
256
285
1,008
1,063
1,018
223
226
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Itolana
228
1,140
42
36
50
68
67
202
109
109
123
356
330
723
6S5
764
3,005
3,080
2,995
161
121
142
536
518
509
28
Missouri
Kentucky—Eastern
V\ eateru
27
31
110
105
120
1.650
1,830
1.558
2,534
2,678
2,683
metal
3
4
12
12
16
47
48
57
188
180
193
27
28
23
140
126
122
17
17
393
415
North and South Dakota
I 2,046
2,021
55
68
17
I
63
6,039
5,905
6,256
117
95
87
430
438
362
15
16
14
64
58
57
Texas
62
53
47
181
189
107
254
245
228
1,077
1,012
900
30
28
29
121
133
1,707
1,811
9,460
9,440
9,488
559
472
89
82
318
360
2
1
2
493
Northern, b
97
Wyoming
*
*
Other Western States.c
1
were
stocks
7,611
8,034
31,912
31.726
32,005
748
475
1,143
2,661
4,475
3,925
Copper
8,086
9,177
34,573
36,201
35,930
O., Virginian, K. & M., B. C. & G.,
b Rest of State,
Including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona. California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from weekly anthracite and beehive coal report of the Bureau of Mines,
e Represents
that portion of the State not included in western Pennsylvania,
f Figures are comparable with records for 1935 and cover production of western
Pennsylvania as defined by the NRA Sub-Divisional Code Authority,
p Pre¬
a
and
Includes operations on the N. & W,, C. &.
on
the
liminary.
B.
&
O.
In
Kanawha,
expected increase in stocks both
Copper Institute revealed an
hero and abroad.
Mine production has
smaller producers
been steadily climbing, indicating activity among many
8,691
All coal
downward
higher and quicksilver was slightly lower.
Copper
for August showed another gain.
The publication
The statistics for August reported by the
bituminous coal
a
further stated:
7,943
Pennsylvania anthracite.d
reflected
London
in
355
1
Washington..
West Virginia—Southern.®
Prices
markets.
tendency, but quotations here continued steady on a moder¬
ate volume of business.
Domestic and Chinese antimony
118
1,817
Utah
Virginia
Metals—Foreign Prices
Non-ferrous
in
Lower—Copper Stocks Increase
378
3
Montana
Western, f
Norway,
2,114 (
Michigan
Tennessee
Week
Quiet
b Includes
"Metal and Mineral Markets" in the issue of Sept. 16,
reported that sharp declines in the stock market during the
week just past, caused apparently by anxiety concerning the
trend of business for the fourth quarter, and apprehension
about the political situation abroad, were important factors
contributing to a quiet seven-day period in the non-ferrous
New Mexico
Pennsylvania—Eastern.e
estimated,
1
Maryland
Ohio
Partly
a
411
Iowa
Kansas and
Total
154,90S
11
897
163,134
157,375
160.198
Elsewhere
Alaska
156,078
53.202
106.906
World's total
United States
Mason, and Clay counties,
* Less than 1,000 tons.
at
These increases, howevor, are not viewed by the
present price levels.
trade
unwieldy, as present stocks in this
as
The increase in foreign production was higher than
decrease in consumption during the last three
Stocks of refined for the world roso from
to
U. S. scrap, &c
11,597
92,803
11,818
13,780
96,093
189,845
198,711
July. 1937
Aug.. 1936
475.289
703.533
Lehigh Valley RR
485.532
511,065
Deliveries,
Foreign
mine
Foreign scrap, &c—
July, 1936
769,783
refined
United States
67,356
79,611
113,660
180.601
170,184
U. S. Exports, domestic
80,135
105,545
193,271
185.680
Sales of copper in the domestic
week.
102,165
5,534
6,373
117,741
123,484
Stocks, refined:
Production (refined):
Foreign
68,019
113,245
Foreign
11,390
only
United States
August
(ap¬
parent consumption):
Totals
Totals
the past
532.221
July
77,448
Totals
Aug., 1937
15.496 tons.
August
73,627
ments
Reading Co
a
and August, in short tons, follow:
July
during the preceding month of July, of 15,426 net
tons, or 0.64%, and when compared with August, 1936,
shows a decrease of 480,447 net tons, or 16.47%.
Ship¬
ments by originating carriers fin net tons) are as follows:
expected in view of
months, in spite of war scares
313,115 tons at the end of July
328,611 tons on Aug. 31, or an increase of
It. 8. mine;
Shipments of anthracite for the month of August, 1937,
reported to the Anthracite Instituet, amounted to 2,436,930 net tons.
This is an increase, as compared with ship¬
123,484
and rearmament.
Production (blister):
as
to
month's supply at the present rate of consumption.
tons, or less than two
The figures for July
August Anthracite Shipments Up 0.64%
country amount
United States
195,374
Foreign
Totals
205,127
313,115
328,611
market were in moderate volume during
week, involving 6,523 tons, compared to 4,233 tons for the previous
Total sales
for
the
month
651,941
745.044
Central RR. of New Jersey
177,929
175.488
217,287
263.020
closed lower for the week, but the
306.316
304.330
409.545
amount
to
10,755.
Prices in London
steady.
Del., Lackawanna & Western RR.
274.487
Delaware & Hudson RR. Corp
264.452
221,180
292.080
319.415
Pennsylvania RR
299.730
297.098
260.360
305.575
Erie RR
275,468
203.680
246.004
178.456
203.476
N. Y. Ontario & Western Ry
59.683
306.468
58.826
Lehigh & New England RR
67.428
69,774
105.710
2,421,504
2,917,377
3.345.309
rts of refined copper*
from the United States (foreign and domestic)
amounted to 29.046 short tons during July, against 23,162 tons in June.
83,447
2,436,930
E
domestic price of 14c., Valley, continues
Lead
The week's business in lead was good, despite the slight
Total
Sales reported by leading
decline in London
..
producers for the seven-day period ended Sept. 15
1814
Financial
exceeding
5,200
The
tons.
of
price
lead
common
remained
steady
at
Chronicle
Sept. is, 1937
PRODUCTION
OF
COKE
PIG
booked
New York, and 6.35c., St. Louis.
this side
on
for
was
October
being about 50% covered.
now
95%
approximately
Most of the tonnage
bit slow in the
a
booked by the St. Joseph Lead Co. on its own brands at
was
Consumers
a
bought metal sparingly during the week, and
believe
that
interests
most
for the remainder of the year.
in the
many
well covered for their requirements
are
The steady decline in London during the
week influenced buyers on the conservative side, and the volume of busi¬
done
small, totaling 1,727 tons of Prime Western and 400 tons
was
of brass special.
Most sales
others
Unfilled orders
made
were
being booked
abroad
reduced 3,584 tons, to 95,828 tons.
were
the average-price basis.
on
the trade views
business
week
19,667
34,632
18,363
23.060
1,823,706
2,040,311
2,403,683
2,648,401
24,228
3,107,506
2,586,240
34,415
15,549
19,706,593
13,528,226
170,857
128,058
July
3,498.858
3,605,818
2,594,268
2,711,721
2,730,393
2,991,887
23,913
August
20,205
20,658
15,919
19,805
24,368
April
Half
year
September
October
November
about
135
Shipments of zinc from
of high
tons
being sufficient to
as
done in
Sept.
grade.
These
Year
x
These totals do not Include charcoal pig Iron,
tin
by
and dealers alike during
consumers
Sept. 9, when the price
Straits metal ranged
prompt
The International Tin Committee met in Paris
between
59.625 and
Sept. 9 and voted to
on
production of tin in the countries participating in the control
110%
of standard tonnages for the fourth quarter of the
year.
This rate has been in effect since the beginning of the second quarter.
Chinese tin, 99%, was nominally as follows:
58.375c.; Sept.
11,
58.375c.;
Sept.
13,
Sept. 9
57.875c.; Sept. 10,
,
58.375c.; Sept.
14,
58.535c., and
Sept. 15, 58.625c.
DAILY
y
Included In pig iron figures.
Orders
Rise
Slowly
Backlogs
as
Shrink
59.875c. per lb.
maintain
25,715
254,728
30,618,797
ample metal for
assure
Save for Thursday,
15.
lb.,
per
29,596
2,947,365
3,115,037
December
Steel
was
ended
59.125c.
plan at
26,765
2,025,885
2,999,218
3,459,473
3,391,665
3.537,231
increased domestic production during the rest of
requirements.
Pair
was
24,766
24,988
22,725
3.211,500
February
Tin
the
27,757
January
March
7%c., St. Louis, basis for Prime Western,
during the week included
year,
most
the
on
imports, together with
the
y
1936
1937
June
buying became
new
Zinc
ness
1936
1937
May
Although
premium.
trade
Ferromanganese
Pig Iron x
delivery, the needs for that month
Consumers' September requirements are
part of the week, shipments are proceeding at a satisfactory rate.
Business
FERROMANGANESE
OF
Sales of occasional small lots for prompt
covered.
delivery were reported.
latter
AND
(GROSS TONS)
6.50c. per pound, the contract settling basis of the American Smelting &
Refining Co.,
IRON
The
Sept. 16 issue of the "Iron Age" reported that although
a moderate improvement thus
far in September over the corresponding period of August,
the gain has not yet been sufficient to prevent the further
shrinkage of mill backlogs and a slow decline in operations
to an estimated 80%, which, while above the Labor Day
week rate, is three points below the pre-holiday output.
The ' 'Age'' further reported:
new
steel business has shown
Tonnage received by the mills this month is variously figured at from
15 to 30% over the first half of last month.
PRICES OF METALS
("E. & M. J." QUOTATIONS)
Output
and
«**
>
A leading producer, for exam¬
ple, has had a gain of about 16%, while another's total has risen 23%.
However, steel business in early August was approximately at the low point
Straits
Electrolytic Copper
Tin
Lead
of the
Zinc
summer.
Such
New York
Dom.,Refy. Exp., Refy.
New York
St. Louis
St. Louis
and
improvement
as
has occurred has
come
hesitancy of buyers.
The steel industry has been mystified by the sharp
13.775
13.575
6.50
6.35
7.25
13.775
13.525
59.625
6.50
6.35
7.25
decline in prices of its securities: after allowing
13.775
13.550
59.625
6.50
6.35
7.25
in
13.775
13.525
59.625
6.50
6.35
7.25
13.775
13.450
59.785
6.50
6.35
7.25
13.775
9
Sept. 10
Sept. 11
Sept. 13
Sept. 14
Sept. 15
Sept.
13.350
59.875
5.50
6.35
7.25
59.125
in the face of war scares
drastic stock market slump, which undoubtedly have added to the
a
for
downward
some revision
operations and business volume from the recent high rates, it sees no
for
reason
a
pessimistic view of steel trade conditions
the remainder of
over
the year.
What actually is happening now is a gradual adjustment of operations to
Average
_
13.775
.
13.496
59.610
6.50
7.25
6.35
the current demand.
Consumption remains high in
a
number of important
prices for calendar week ended Sept. 11 are: Domestic copper f.o.b.
13.775c.; export copper, 13.508c.; Straits tin, 59.125c.; New York lead,
6.500c.; St. Louis lead, 6.350c.; St. Louis zinc, 7.250c., and sliver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
industries, including can-making and farm equipment manufacturing, with
refinery,
automobile production in a rising trend that will call for more steel soon;
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.
stocks
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
ther drop in operations, a balance between supply
Average
but at the
With
same
which
a
time
they
a
Lead
Tin, Std.
3M
Sept.
Sept.
15
Sept.
Sept.
61 %
62
261 %
62
264%
55
62
264
54%
55%
55%
9
10
13
14_.
Sept.
3M
Spot
61
264%
55i',6
55",6
55516
553i6
5415,6
54916
3M
Spot
3M
Spot
221,6
21%
21%
22%
23
2213,6
23%
22",6
21%
21%
215,6
21%
22
227,6
22%
221,6
21%
Prices for lead and zinc are the official buyer's prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
All are in pounds sterling per long ton (2,240 lb.).
prices.
and
orders.
some
fur¬
buying
Steel companies
There have been
scrap.
of
declines
$1 at Cleveland, 50c. at Pittsburgh, Youngstown and Philadelphia and 25c.
at
21%
21%
22
260%
262%
263%
263%
263%
263%
replenishment
now on,
and demand is expected
markets, where prices of steel-making grades have
have almost entirely stopped
{Bid)
and jobbers have fairly large
placing
business from
declined 50c. to $1 a ton in several of the principal centers.
Zinc
Electro
Spot
before
new
This current readjustment to a delayed fall demand finds reflection again
this week in the scrap
Copper
many consumers
liquidating
probable rising trend in
to be reached within the next few weeks.
Daily London Prices
Copper, Std.
good
are
Chicago.
above
the
The "Iron Age"
low
composite price, at $19.33, is still $2.25
scrap
point in June and $2.59 below the spring peak.
It has
dropped $1.25 since Aug. 24.
Production of steel presents a mixed picture.
In
an
effort to make up
for lost time last week, some mills in the Pittsburgh district are temporarily
running at higher than their pre-holiday rate, and the district
is averaging
82% of capacity, the
same as
week before last.
as
a whole
At Chicago,
however, the decline from two weeks ago is five and a half points to 80 % %
•
Compared with the week ended Sept. 4, there have also been downward
revisions of operations in the
August Pig Iron Output Up 3% in Daily Rate
"Iron
The
Age,"
in
its
issue
of
Sept.
9, reported
that
As
a
measure
with 3,498,858 tons in July.
compares
continued
month
to rise,
the gain
tons
gross
The daily rate last
over
July amounting to
from 112,866 tons to 116,317 tons.
reported:
The "Age" further
3%,
or
There
was
furnaces
and
on
1, the
Sept.
furnaces
National
Steel
No.
Corp.;
2
Steel
Corp.;
blew
producers
in
three
furnaces
on
or
took
and
Aug. 1
banked,
one
took
off
in
were
Cambria,
the following:
the
Bethlehem
of the American
banked included
or
one
Sparrows
Steel
and
Co.,
and
the
new
activity being only moderately below the
month since the spring
Isabella unit of the Carnegie-
one
furnace,
one
Bethlehem
Colorado
Steel
Fuel
& Iron
Co.;
In the
offing
are
from
as
farmers turn from work in the fields to
habilitation of their properties.
of available
238
to
the American
239
furnaces
A sign of confidence in the midst of much
and formed metal manufacturers for steel for first
quarter production of
automobile parts, refrigerators and electrical equipment.
Although steel backlogs have been declining, pig iron orders for the
well ahead of those last month.
At Chicago shipments
Machine tool orders
are
5% in
presses
rose
placed by General Motors Corp. for its new hardware plant at Trenton,
N.J.
Connellsville foundry coke has declined 10c. a ton to $4.25.
THE
"IRON AGE"
COMPOSITE PRICES
Sept. 14, 1937, 2.605c. a Lb.
Steel
(Based
new
Hamilton
No.
2
furnace of
on steel bars, beams, tank
plates
Rolling Mill Co.
One week ago
One month ago
2.605c.
wire, rails,
2.605c.
rolled strips.
One year ago
by the addition of the
re¬
running
about
An order for 400
August, and the outlook for fall is encouraging.
Co.
making pig iron have been increased
a
re¬
uncertainty is the appearance in the Chicago district of inquiries from pressed
Finished
number
of 83.9% for the
larger orders from the automobile industry, probably
furnace.
The
average
of 1930.
before the end of the month, and the beginning of what is expected to be
was
Rolling Mill Co.
Point
Corp.,
Steel
Susquehanna,
One
at its
even
presents a fairly satisfactory situation, the
mainder of the year are substantial.
one
Republic
Haselton,
blown out
The United States Steel Corp.
blown
furnace
blown out
Furnaces
were
191
business activity, steel production,
first eight months of this year and, excepting 1937, it is well above any
large agricultural demand,
making iron
blast.
off
Hamilton
Illinois
furnace
Four furnaces
daily.
independent
the
Among
one
one
blast.
put in
were
number
same
of
115,445 tons
three
blast,
loss
net
operating at the rate of 115,420 tons daily against 192
producing
and
a
current
of general
rate of around 80%,
present
production of coke pig iron in August at 3,605,818
Youngstown. Cleveland-Lorain and Buffalo
districts.
2.159c.
85% of the United States output.
black pipe, sheets and hot
These products represent
High
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
Low
1937
MONTHS
1932
SINCE
1933
JAN
1,
1934
1932—GROSS
1935
TONS
1936
1937
Mar.
9
2.330c.
2.330c.
Dec.
28
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Apr.
Jan.
2
2.015c.
Oct;
24
3
2.008c.
1933
BY
1936
1935
STATES
2.605c.
1.867c.
Apr.
18
1.926c.
Feb.
2
Mar.
2
8
January
31,380
18,348
39,201
47,656
65,351
103,597
1932
1.977c.
Oct.
4
February
33,251
31,201
19,798
45,131
57.448
62,886
107,115
1931
2.037c.
Jan.
13
1.945c.
Deo. 29
17,484
52,243
57,098
111,596
1930
2.273c.
Jan.
7
2.018c.
Dec.
April
28,430
20,787
57,561
55.449
65,816
80.125
May
25,276
20.935
28,621
65,900
55,713
85,432
114,104
42,166
64,338
51,750
86,208
103,584
28,412
24,536
54,134
54,138
74,331
108,876
March
June..
113,055
Sept. 14, 1937, $23.25
One week ago
One month ago
First six months.
August
18,461
17,115
57,821
59,142
34,012
49,041
56.816
83,686
87,475
September...
19,753
50,742
29,935
59,216
91,010
October
43,754
30,679
63,820
November.
20,800
21,042
36,174
31,898
58,864
December..
17,615
38,131
33,149
67,950
96,512
98,246
100.485
July
39,510
One year ago
a
9
Pig Iron
Gross Ton
(Based on average
$23.25]
23.25
18.73
of basic Iron at Valley
furnace and foundry irons at Chicago,
Philadelphia,
L
Buffalo,
Valley,
and
Southern iron at Cincinnati.
High
Low
$20.25
Feb.
112.866
1937
116,317
Mar.
1936
Nov. 24
18.73
Aug. 11
1935
Nov.
5
17.83
May 14
1934
9
1
16
mos.
average
/
23,733
36,199
43,592
57,556
83,658
Jan.
Dec.
5
13.56
Jan.
1932
Jan.
5
13.56
Dec.
6
1931
12
16.90
1933....
Jan.
6
14.79
Dec.
15
Jan,
7
15.90
Dec.
16
1930
May
18.21
27
3
volume
Financial
145
Steel
Based
One month ago
One year ago
.
on
No,
1
melting
heavy
$21.92
1936
17.75
13.42
13.00
12.25
8.50
Dec.
Dec.
Mar.
Aug.
Jan.
11.33
15.00
Jan.
Feb.
1934
1933
1932
i
1931
1930
The American Iron and
$17.08
Mar. 30
1937
June 15
12.67
June
9
10
13
8
10.33
Apr.
9.50
Sept. 25
3
6.43
on
July
8.50
Steel Institute
Jan.
Dec.
Dec.
Sept. 13
6
an-
indi¬
98%
capacity of the industry will be 80.4% of capa¬
city for the week beginning Sept. 13, compared with 71.6%
one week ago, 83.2% one month ago and 72.5% one yearago.
This represents an increase of 8.8 points, or 12.3%,
over the estimate for the week ended Sept. 7, 1937.
Weekly
indicated rates of steel operations since Aug. 3, 1936, follow:
1936—
1936—
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct.
5
Oct.
12
Oct.
19
Oct.
26
Nov.
2
Nov.
9
Dec.
Dec.
Dec.
91.0%
Aug.
91.2%
Aug.
90.0%
91.0%
Aug.
77.4%
74.1%
23
74.3%
30
75.9%
7
76.6%
14___._79.2%
21
77.0%
28
77.0%
1937—
Jan.
4
Jan.
11
Jan.
18
Jan.
67.3%
July
Mar.
Dec.
5
89.9%
90.3%
91.3%
92.3%
Nov.
Nov.
June 28
5
Apr. 12
79.4% Apr. 19
78.8% Apr. 26
3
80.6% May
70.0%
72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
..74.2%
74.3%
74.7%
74.0%
14
July
Aug. 10
Aug. 31
June
90.7%
Feb.
Aug. 24
7
Mar. 29
Nov. 16
25
Mar.
1
8
Mar. 15
Apr.
Feb.
1
Feb.
8
77.9% May 10
79.6% May 17
80.6% May 24
Feb.
15
81.6% May 31
June 21
July
12
82.7%
19
82.5%
26
84.3%
2
85.5%
9_.._»84.6%
16
83.2%
23
83.8%
30
84.1 %
July
Aug.
Aug.
7.....71.6%
Sept. 13
80.4%
Sept.
Cleveland, in its summary of the iron and
steel markets on Sept. 13, stated:
"Steel," of
Cross currents
that the
are
evident in the steel market and evidence
expected revival after seasonal summer slackness is
delayed until late this month.
accumulates
likely to be
political situation
heavier steel
as
it touches industry is none too reassuring.
tive use is somewhat
being
Building is slack and approach
On the other hand, some increase in buying is noted,
are
far from
as
¬
especially
far deferred
being hard pressed to continue operations at a
as
ten weeks, though other mills can
do better.
De¬
Tin plate demands are strong and production is at the highest point.
mand for semi-finished steel is lively
in
some
50 cents
reduced their
but quotations have
Consumers are buying
various grades.
on
embargoes against shipment on contracts are in
cases
effect.
Intensity of steel production is reflected in figures for August with out¬
July and
put of 4,861,879 gross tons of steel ingots, 6.7% greater than in
Pro¬
approaching the all-time record of 4,939,086 tons in August, 1929.
duction in eight months
totaled 38,183,018 tons, which is only 1.65% less
than eight months' production in
is
August total
1929, at 38,825,843 tons.
16% greater than for the same month a year ago.
For the first time in 20 years iron
and steel exports, excluding scrap, in
July approached the monthly averages of shipments during 1917.
exports in July were 461,391 gross tons, 50.6% higher than in July,
Pig iron
was
These
1936.
168,538 tons,
428,047 tons, slightly under those
the largest item exported, except scrap, totaling
largest for this
year.
of June.
seven
For
Scrap exports were
have been 2,600,707 tons, the
months scrap exports
the
same
period
In
474,389 tons of pig iron were exported.
and wire products are increasingly
week, completing
Automotive production made only a slight drop last
Chrysler made the
59,017 units, compared with 64,200 the previous week.
from -26,600
heaviest
drop,
23,096.
Ford remained steadily at 26,000 and the other producers
a
from
5,800
to
Motors
General
2,100.
to
made
Some of the latter are in production on new
gain from 5,800 to 7,821.
models.
Although shipments of finished steel by the United States Steel Corp.
in
August, at 1,107,858 tons, fell below those of July, they were well above
For eight months
August last year and the best for that month since 1929.
compared with 6,905,904 for the same months
the total is 9,908,884 tons,
in 1936.
Declining scrap prices in practically all important
brought
a
onsuming centers
drop of 42 cents in the composite for steelmaking scrap, to
$19.33.
weeks in July, all the gains of
This is practically the level of the last two
The same factor caused a decline of 6 cents in
August being wiped out.
The finished steel composite is
$40.21.
unchanged at $61.70.
Steel ingot production for the week ended Sept. 13 is
placed at 793^% of capacity, according to the "Wall Street
Journal" of Sept. 16.
This compares with 73% in the pre¬
vious week and 84% two weeks ago.
The "Journal" fur¬
ther reported:
U. S. Steel is estimated at 78)4%. against
attributable to auto requirements.
In sheets backlogs are still extensive, deliveries in some
satisfactory rate.
cases
been settled.
delayed, though some business for this purpose is be¬
in sheets and bars, largely
Producers
Buying
The expected outpouring of specifications for automo¬
ing colder weather.
ing placed.
the
products is definitely light, railroads deferring decisions
until rates and wages have
As a mat¬
better terms.
In the domestic market prices are largely nominal
little and
the iron and steel composite, to
1
European and Oriental threats of war have an unsettling effect and
in
extension of the June purchase, on
highest level feVer attained, more than double the like period of 1936.
76.2 "V,
76.6%
75.9%
75.0%
June
Mar. 22
71.4%
Aug. 17
1937—
82.5%
85.8%
.87.3%
88.9%
89.6%
22
3
an
been lowered about
9
of the steel
1937—
is
fact, brokers buying for export in Eastern centers have
29
11.25
12
6
18
this
scrap
offering prices the past few days.
23
6.75
for export at about $2 above the price contracted
caused little disturbance in the market.
Some opinion exists
steelmaking
in June has
ter of
21
nounced that telegraphic reports which it has received
cated that the operating rate of steel companies having
Aug.
tons of
that
Low
High
1935
steel
Philadelphia
quotations at Pittsburgh,
and Chicago.
$19.75
20.50
16.50
cartel for about 250,000
Conclusion of negotiations by the European scrap
Sciap
Sept. 14, 1937, $19.33 a Gross Ton
One week ago
1815
Chronicle
84% two weeks ago.
70% in the week before and
Leading independents are credited with 80%, com¬
pared with 75% in the preceding week and 84% two weeks ago.
The following table gives a
comparison of the percentage of production
with the nearest corresponding
week of previous years, together with the
approximate changes, in points, from the week
immediately preceding:
active.
Industry
1937
7914+634
1936
71
+2
78X+8M
68
+ 134
1935
52
+2
42
Pennsylvania 0.5 point
1934
21
+1
64.5, Youngstown 8 to 65, Cleveland 16 to 62, Buffalo 7 to 79, New Eng¬
1933
40
—2
1932
15
various
were
resumed to
an
extent that carried the rate to about
land 5 to
Contract
declined 14
Detroit gained 5 points to 100%.
65, and Wheeling 15 to 76.
were
78% for the latter
For the week operations at Pittsburgh
points to 69%, Chicago 13 points to 73, Eastern
Rates
However, operations
producers, the rate for the Week being 72%.
part of the period.
to
Independents
U. S. Steel
shutdown of
Steel production was reduced last week by the Labor Day
unchanged at Birmingham, 91, Cincinnati, 89, and St. Louis, 77.
domestic spiegeleisen, ferrochrome
which
has been causing some speculation.
Sept. 15, 1937
$
23,000,000
3,00,0000
2,526,000,000
advances
(not
(+)
or
+1H
3334 + 1)4
1930
58
+2
65
+2
52
+1
—3
81
.—1
1929
8434—D4
88
192S
80
+2
79
+2
81
62
—3
64
—3
60
Other Reserve bank credit
...
Gold stock
Treasury currency
Sept. 8,1937
$
—1,000,000
Below is the statement of the Board of Governors
~I-_IIZZrr
21,000,000
Sept. 16. 1936
$
+15.000,000
+~96~,boo",666
banks, which latter will not be available until the
+ 26,000,000
+ 26,000,000
+103,000,000
12 651,000,000
+47.000,000
+1,889 000,000
2.590,000,000
+ 3,000,000
+83,000,000
—43,000,000
6,554,000,000
3.405,000,000 —261,000,000
348,000,000 + 218,000,000
+ 155,000,000
+ 659.000,000
+299,000,000
+1,124,000,000
—70,000,000
Non-member deposits and other Fed¬
member
coming
Monday:
ASSETS AND
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL
RESERVE CITIES
(In Millions of Dollars)
New York City
Sept. 15
,
1937
s
■
$
Assets—
Loans and
8,370
4,083
$
241
1,635
244
1,608
164
1,118
1,146
259
135
77
105
Chicago
Sept. 8 Sept. 16
1937
1936
$
$
2,083
586
2,010
732
2,018
723
*
*
33
459
33
450
*
*
*
31
31
*
8,803
3,355
and
On securities
Otherwise secured & unsec'd
Open market paper
brokers
Sept. 16 Sept. 15
1936
1937
$
$
8,285
4.049
248
industrial,
agricultural loans:
Commercial,
to
1937
167
investments—total._
Loans—total..
Loans
Sept. 8
and dealers
1,013
52
80
14
2
41
52
79
14
2
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
134
*
133
65
*
15
5
Other loans:
231
197
229
194
2,896
2,932
3,863
23
39
916
925
1,111
398
942
2,475
51
67
453
397
958
2,360
.53
68
463
454
1,131
2,265
51
74
453
99
263
589
22
145
60
100
270
570
24
122
63
92
294
598
33
191
68
5,928
722
5,999
730
346
6,307
567
193
1,522
453
1,514
453
1,533
448
346
57
57
101
1,822
536
20
,381
2,405
376
527
505
7
630
5
Other liabilities
1,944
524
5
388
29
344
17
17
21
1,474
1,480
1,425
243
244
235
Obligations fully guaranteed by
United States Government
__
Other securities
579,000,000
—
Cash in vault
+8,000,000
,
Balances with domestic banks..
Other assets—net
*•
*
23
38
*
*
Otherwise secured & unsec'd
On securities
Liabilities
25,000,000
2,598,000,000
6,865.000,000
eral Reserve accounts
Reserve
week, issued in advance of full statements of the
rent
(—)
—8,000,000
Money In circulation
Treasury deposits with F. R. bank..
of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
Federal
Reserve with Fed. Res. banks..
Member bank reserve balances
Treasury cash
York City and
Chicago—Brokers' Loans
Demand
Total Reserve bank credit
+234
—3
U. S. Govt, direct obligations-..
Decrease
including
$15,000,000 commitm'ts—Sept. 15
+2
30
Returns of Member Banks in New
Since
Industrial
-234
1534
26
Capital account
Increase
U. S. Government securities
41
—2
14
1931
The Week with the Federal Reserve Banks
During the week ended Sept. 15 member banks reserve
balances increased $155,000,000.
Additions to member
bank reserves arose from decreases of $308,000,000 in
Treasury cash other thkn inactive gold and $43,000,000 in
money in circulation and increases of $26,000,000 in Reserve
bank credit and $3,000,000 in Treasury currency, offset in
part by increases of $218,000,000 in Treasury deposits with
Federal Reserve banks and $8,000,000 in non-member de¬
posits and other Federal Reserve accounts.
Excess reserves
of member banks on Sept. 15 were estimated to be approxi¬
mately $880,000,000, an increase of $120,000,000 for the
week.
Inactive gold included in the gold stock and Treasury
cash amounted to $1,120,000,000 on Sept. 15, a decrease
of $253,000,000 for the week.
During the week $300,000,000 was withdrawn from the inactive gold account and
deposited in the Federal Reserve banks.
The statement in full for the week ended Sept. 15 in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 1854 and 1855.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Sept. 15, 1937, were as follows:
Bills bought
22
19H + 1K
38
+5
7334 +234
60
+234
1927
prices on ferromanganese,
and ferrosilicon have been reaffirmed, thus settling a trade question
Bills discounted
80
+1
+65,000,000
deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
*
Comparable figures not available.
7
Financial
1816
Complete
of Member Banks of the Federal
the Preceding Week
Returns
Reserve System for
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until
the 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
System respecting the
returns of the entire body of reporting memb<r banks of
the Federal Reserve System for the week ended with the
close of business Sept. 8:
of Governors of the Federal Reserve
The
condition
weekly reporting
member
banks
in
Sept.
An increase of $50,000,000 in commercial, industrial and agri¬
8:
cultural loans and
in
securities;
decrease of $29,000,000 in loans to brokers and dealers
a
decrease
a
of $113,000,000
demand deposits—adjusted,
in
and increases of $21,000,000 in time deposits, $17,000,000 in Government
deposits, and $33,000,000 in deposits credited to domestic banks.
Commercial, industrial and agricultural
New
York
at
all
banks.
Other loans
Loans
purchasing or
all
reporting member banks, and increased $6,000,000 in the Chicago
district.
Holdings of United States Government direct obligations declined $3,000,000 and holdings of obligations fully guaranteed by the United States
Government increased $2,000,000.
Holdings of "Other securities" declined
$7,000,000 in the Chicago district and $17,000,000 at all reporting member
banks.
) Demand deposits—adjusted declined $61,000,000
York
City,
$33,000,000 in the Cleveland District, $21,000,000 in the Chicago district
and $113,000,000 at all reporting member banks.
$21,000,000
creased
New
at
all
New
York
City,
Government
$17,000,000
deposits
all
at
in¬
reporting
Deposits credited to domestic banks declined $36,000,000
City and increased in the other districts, the principal in¬
creases
being $15,000,000 in the Richmond district and $11,000,000 in the
Dallas
district, and
all
reporting member
banks showing a net increase
of $33,000,000.
Borrowings of weekly reporting member banks amounted to $23,000,000
Sept.
on
8,
an
increase of $12,000,000 in
New
York
City
These payments, which still remain available, have already been
accepted by the majority of League Loans bondholders.
1936, Greece paid 40% on
Greece—Under the arrangement of August,
to March 31, 1937, since when she has once again
current coupons up
been
in
complete default on her external debt including the two League Loans.
In
August, 1936, the bondholders' representatives had given an undertaking
possibilities (between August, 1936, and March. 1937) of a
settlement
permanent
possibility
for
warned the
They
external debt.
Greek
the
however, that while they were ready to discuss the
Greek Government,
of arriving at
permanent
a
settlement, that possibility must
obviously depend upon the adequacy of the terms which the Greek Govern¬
The Greek Government have so far made no proposal
might offer.
ment
for such
d 50% of the interest and a 60-year sinking
settlement, beyd
a
begin to operate in live years, which has been rejected as inade¬
quate.
In spite of strenuc <* efforts
the
by the bondholders' representatives
Government have further refused
Greek
offer has also been rejected
direct.
pay
than 40%
more
committee's
The
on
This
inadequate and the Greek Government have
of offering
their intention1
announced
for
reasons
unilaterally
it
being
holders to accept the Greek Government's
a
to
falling due before f j conclusion of a permanent settlement.
the
to
bondholders
bond¬
unable to recommend
offer either for
a permanent or
They repeat that
temporary settlement are fully set out in the report.
they remain ready to discuss any proper plan for a permanent settlement
which
Greek
the
Government
undertake
cannot
which
the
forward,
put
tnay
but declare
responsibility of recommending
that
they know do not adequately represent Greece's capacity to
meet her contractual
The committee finally once again urge
obligations.
the Greek Government j,o make an
Estonia maintained, the
acceptable offer for current
coupons.
full service of her League Loan
Danzig also maintained the full service of her League Loans but,
of
grounds
permanently
reduced
asked
circumstances,, .recently
of her external debt service.
reduction
permanent
they
the acceptance of
on
for
The committee
the
the
were
satisfied Danzig's request was not unjustified and, although they regretted
that reduction
version in
being effected by technical default rather than by
was
the normal way,
They accordingly agreed to reductions in the rates of
present impossible
interest
the loans
on
con¬
they recognized that this latter course was at
follows:
as
7% mortgage loan, 1925. reduced to 5%
(as from
Sept. 2, 1937).
and
6H% (tobacco monopoly) loan, 1927, reduced to 4H% (as from Oct. 2,
'
1937)
A summary
of the principal assets and liabilities of the
reporting member banks, together with changes for the
week and year ended Sept. 8, 1937, follows:
Increase
(+)
Decrease
or
(—)
with
of the
postponements
reductions
final
Sept. 1, 1937
Sept. 9, 1936
$
$
$
Loans and investments—total
22,315,000,000
—4,000,000
—118,000,000
Loans—total
10,041,000,000
+ 14,000,000
+1,414,000,000
+ 50,000.000
*
464,000,000
—2,000,000
—29,000,000
694,000,000
—9,000,000
1,163.000,000
141,000,000
—1,000,000
+ 17.000,000
+ 6,000,000
+53,000,000
The
years.
of the loans on the new scale,
tractual
Danzig
the bondholders would recover their full con¬
After careful consideration of the information supplied by
rights.
of
and
representatives
further
evidence
from
independent
*
1,363,000,000
by five
by similar reductions
Danzig external loans and the Danzig Govern¬
undertook, moreover, that if default occurred on the future service
ment
the
dates
redemption
for the League Loans were accompanied
in the service of the other
Since
Sept. 8, 1937
Mean¬
1936, the Bulgarian Credit Bank (with the authority
Bulgarian Government) had made an offer of a final payment in full
of the
coupons.
being partly
Offset by reductions of $4,000,000 elsewhere.
Assets—
bondholders*
the
to
discharge of bondholders' claims in respect of all outstanding partly paid
the Chicago district and
banks.
York City and
New
Time deposits increased
$5,000,000 in
member
reporting
$12,000,000 in
member banks.
in
York
it
32H% of the interest in full discharge of the relative coupons.
while in November,
terms
New
in
recommend
accordingly
Bulgaria continued to transfer 21 M% on current coupons until Decem¬
coupons
for
decided
reasonable and not likely at any time to be
was
They
upon.
ber, 1936, when at further discussions payments were raised for two years
to
$25,000,000 in New York City and $29,-
reporting member
$16,000,000 in
arrangement
acceptance.
loans increased $34,000,000 in
carrying securities declined $16,000,000 in New York City and $9,000,000
at
this
fund to
City and $50,000,000 at all reporting member banks.
to brokers and dealers declined
000,000
that
improved
101
leading cities shows the following principal changes for the week ended
Sept. 18, 1937
present position and future prospects of Hungary, the Committee
to discuss the
of
statement
Chronicle
Commercial, Industrial, and agri¬
Open market paper
ments
+ 122,000.000
Loans to banks
published during the past
bankers
and
memorials
or
Real estate loans
the
in
the
circumstances
Danzig
*
the
which
committee
the
itself.
regarding the League Loans, com¬
These
documents
*
716,000,000
812,000,000
—1,000,000
Otherwise secured and unsec'd
U. S. Govt, direct obligations..__
8,190,000,000
—3,000,666
1,132,000.000
2,952,000.000
+ 2,000,000
the
the
League Council
took
receiving
on
1932, and the resolution
the committee's
memorial.
There is also the usual set of cables and graphs giving statistical data re¬
—105,000,000
—17,000,000
which
include
also
League Loans Committee addressed to the British
Government and the League of Nations in July,
Other loans:
On securities
year
prising announcements by the debtor governments, the trustees, the paying
Loans to brokers and dealers in
loans for purchasing
carrying securities.
that
The appendices to the report contain for reference a full set of the docu¬
595,000,000
Otherwise secured and unsec'd 4,093.000,000
Other
decided
committee
Government's proposals were reasonable and they accordingly recommended
bondholders to accept them.
cultural loans:
On securities
securities
the
sources,
—367.000.000
Obligations
fully guaranteed
United States Government
Other securities
garding the League Loans.
*
-
The report is on sale at the offices of the committee at 3, Bank Buildings,
-1,060,000,000
by
Reserve with Fed. Res. banks
Cash in vault
5,162,000,000
Balances with domestic banks....
307,000,000
1,619,000,000
+53,000,000
—24,000.000
+26,000.000
—87,000,000
—19,000,000
Princes St., London, E. C. 2, at 5s. per copy.
—656,000,000
Reported Seizure of
Anarchists—Civil
Liabilities—
Demand deposits—ad justed
Time deposits..
.•_*
..14,811,000.000
5,289,000,000
United States Government deposits
608,000,000
Inter-bank deposits:
k. Domestic banks..
4,916.000,000
Foreign banks
583,000,000
Borrowings.
23,000,000
*
Gijon, Spanish Loyalist Port by
War Said to Prevail on Many
Fronts
+ 17,000,000
—107,000,000
+253,000.000
—213,000,000
+33,000,000
—985.000,000
—2,000,000
+ 177.000.000
+ 8,000,000
+ 1,000,000
—113,000,000
+21,000,000
contained
Comparable figures not available.
«
vf
Reports that anarchists1 had set up an Austrian dictator¬
ship at Gijon, a Spanish Loyalist port in the northwest, were
Associated
in
Press
accounts
this
week
from
Hendaye, France, at the Spanish Border.
The advices were
credited to an announcement by insurgent officers at Irun.
On Sept. 13 the Associated?Press saidi
The sudden anarchistic coup d'etat resulted in severance of relations with
central
Fifth
Annual
Report of League Loans Committee
(London)—Improvement
Noted
in
Position
of
League Loan Countries
member
of
the
Committee.
The
report
notes
substantial
improvement in the position of the various
League Loan countries, namely, Hungary, Bulgaria, Greece,
Estonia and Danzig.
The following is the summary of the
report as made available on Sept. 15 by Speyer & Co.:
Summary of Fifth Annual Report of League Loans Committee (London)
In
their fifth
annual
report the League Loans Committee are able to
record substantial improvement in the position of the League Loan coun¬
tries who have been meeting only a portion of their debt service.
As
a
result
they have looked for and with the exception of Greece, have obtained from
these countries increased payments in respect of League Loan service.
Hungary
transferred
50%
At further discussions in June
of the loan
was
pay interest in
on
a
current
coupons
during
the
past
year.
permanent settlement for the future service
concluded whereby, as from Aug.
2, 1937,
Hungary will
full at 4H% (Italian tranche 4 1-5%)—that is to
say,
60%
of the contractual rate, to bondholders who accept the new arrangement,
and will recommence sinking fund operations as from Aug
1% cumulative sinking fund.
be
released
from
respect
partial payments since default began.
2, 1940, with a
In return the Hungarian Government will
all liability in
establishment of Belarmino Tomas
insurgents declared.
The stroke
came
as
asturian
staff of the government's Gijon
dic¬
army,
They said foreign military experts also were jailed.
as
inland
an
column
of Insurgent
General
Francisco
Franco's army continued toward Gijon with a slow advance south of the
Speyer & Co., New York, announced on Sept. 15 the re¬
ceipt of a summary of the Fifth Annual Report of the League
Loans Committee (London) from Eliot Wadsworth, the
American
government,
tator and imprisonment of the general
of coupons
which
received only
After careful consideration of the
Europa Mountains in Leon
along the coast
Province.
The insurgent column and others
seeking to join on a general assault on Gijon, last im¬
are
portant government
stronghold
on
the Biscayan coast.
Later Associated Press accounts (Sept.. 14) from
Hendaye:
Secret military advices said that Belarmino Tomas, issued a decree break¬
ing off relations with the Spanish Loyalist Government and setting up a
separate anarchist state in Asturias, with
One of Tomas's first acts
general staff of the Spanish
over,
was
to
himself the dictator.
order the imprisonment of the whole
Loyalists' retreating northern
army.
More¬
insurgent headquarters at Irun stated he imprisoned foreign military
experts with the Government forces.
...
The insurgent field headquarters on the Leon front, in this sector, was
moved up to
La Robla, the insurgent communique said, from which the
southern offensive faced
a
2,500-foot climb after their Asturian foes.
Loyalist reports said that air attacks southwest of Llanes,
Biscay about 50 air miles
positions
along
a
counter-attack, it
east
strategic
was
on
the Bay of
of'Gijon, had forced the Asturians to abandon
road.
These,
however,
were
regained in
a
said.
There was still another insurgent column advancing westward on Gijon
along the coast but apparently it still was held in check east of Rivadesella.
A week ago, in our item on page 1668 regarding the Spanish
situation, it was reported that the insurgents were surround¬
ing Gijon.
On Sept. 11 it was stated that Gen. Franco's
*
Volume
Financial
145
the Austrian defenders of Gijon
reported to have captured
Mazucha Peak, dominating the coastal road to the Spanish
Loyalists' last important Biscayan seaport.
In part, the
Navarrese column, battling
in
mountain snowstorm, were
a
Associated Press added:
The
Foot
by
hours, according
14
lasted
battle
frontier.
Asturian mines were
the French
the
the
Villaviciosa, in
march from Santander, is only about 13
Villaviciosa.
Rivadesella and
westward
the line of the insurgents'
Loyalist
hardy
the
between
Cuera Mountains,
to reports reaching
troops recruited from
driven from their posiiions on the western ridge of
foot
air miles east of Gijon.
insurgentidispatches said, were hastening
Internal troubles in Gijon,
date of Sept. 16 the Associated Press,
Hendaye, said:
Under
from
the
month.
did at Santander last
fali of the city, just as they
reporting
v
•
high command paid tribute today to the stubborn
forces defending Gijon, but asserted that all ob¬
The Spanish insurgent
resistance of the Asturian
jectives had been attained.
-c
pushing its spear
defense lines along the Leon highway,
the
edge of Villa Simplex.
A Navarrese column
as
-ar
Gijon, with Rivadesella
the insurgent
pushing northward towurd
high command reported.
vn
consolidf£ing their positions before
the Asturian fortifications along the Sella Rive^js
The coastal column, the third prong of the insurgent offensive, mean¬
while was held stationary awaiting a junction with the Navarrese column.
In
that
the insurgents were
sector
forces outside
Madrid on the city's western defense lines was reported on
Sept. 14.
The Associated Press said that Loyalist defenders
sought to repulse the insurgents with machine guns and anti¬
opening of a new attack by insurgent
The
tank guns,
and added:
The positions on
were
around Madrid for 10 months,
the siege lines, locked
unchanged, despite the new drive.
Madrid
The bombardment of
was
r, r
<
reported by the Loyalists to be
on
Sept. 16 by the Insurgents
indicated in United Press accounts from
which
we
to crash into
Madrid, from
Powers would concert among
A reference to
week ago, page
1667, in which it was noted that Italy and Germany had
declined to participate; the Powers joining in the confer¬
ence
were
Great Britain, France, Soviet Russia, Turkey,
Greece, Rumania, Bulgaria, Egypt and Yugoslavia
It was
observed in Associated Press accounts from Nyon on Sept. 11
that the agreement left the way open for Italian participa¬
tion on equal terms with the British and French, even for
possible cooperation in the anti-pirate drive between Italy
and Russia, whose accusations of Italian submarine attacks
kept Italy from the council table. In part, these advices
continued
streets were filled
shrieked over the tall buildings
business despite the bombardment.
do
to
said:
also
say
with civilians, while shells crashed into
The
The
the
following to
in part:
fronts today as the
contending armies strove to establish new gains before cold weather sets in.
On the Aragon battlefront. Government troops smashed desperately to
cut enemy communications between Teruel and Saragossa.
They were
flung back with 5,000 casualties, Insurgent military dispatches said.
General Francisco Franco's columns met strong resistance on the Bay of
Biscay coast, where a three-pronged drive against Gijon is attempting to
bring all Northwestern Spain under Insurgent rule.
General Franco's
commanders paid tribute to the defense of their Asturian foes in the rugged
Spain's civil war raged with revived ferocity on many
did
plan
and
End
France
That Great Britain has
Be
Non-intervention
Used to Eliminate
patrol of Spain to make available her full quota
of warships to combat "piracy" in the Mediterranean, was
reported in Associated Press advices from London, yesterday
(Sept. 17), which said that France had joined in the decision.
intervention
The advices continued:
in the Mediterranean.
missar,
Office announced the end of the patrol, formed by
nation non-intervention committee in an effort to
meeting closed:
have reached
"We
an
accord
to end
the patrol, carried on by French
ships after Germany and Ita.y " ithdrew
and British war¬
The
Mussolini
and Reichsfuehrer Hitler.
the
pirate control,
the formal
for
will
Russia
signing.
special control
have
piracy and dissent in the Medi¬
the Nyon Powers met in Geneva to discuss warfare
terranean
and came
as
against surface ships and aircrafts as
well as pirate submarines.
«•
Agreement Reached by Nine-Power Conference at
Nyon, Switzerland, on Policing of Mediterranean
Waters
to
Combat
"Pirate" Submarines—Main
Responsibility
Britain
Black
and
and
for
Patrol
Sea—Way Open for
with
Lodged
France—Russian
Great
Warships to Patrol
Participation by Italy
Nyon accord.
Russia
that
means
The nine-Power conference at
JTyon, Switzerland, held at
to consider meas¬
ures
to
insure
"pirate"
accord
on
the
of
merchant
shipping
against
submarines in the Mediterranean, reached an
Sept. 11 whereby each of the Powers participating
in
the conference is
of
its
the
safety
own
to be held responsible
for the policing
each acting
in concert with
territorial
waters,
the main responsibility for the policing
other powers;
"would be carried, out
by Franco-British naval
forces, as agreed upon by the French and British Govern¬
ments," said a communique issued at the close of the con¬
of
the
ference
seas
on
assigned to
Se^t.
11.
Patrol
Russia, it was
of
the
indicated
which said that representatives of the
Black
Sea
would be
in the communique,
"Power of the Black
the Black Sea freely
send warships from
can
interests or to accompany
in defense of her national
Mediterranean
into the
units of her merchant fleet if she
considers them endangered.
communique issued at Nyon, as given in the Associ¬
ated Press advices to the New York "Times," follows:
The
The
sitting
conference,
as
a
committee, met this afternoon
with Yvon
presiding.
France
Delbos of
speaking in the name of the
Powers of the Balkan Entente, said representatives of those Powers, after
consideration of naval forces at their disposal, had come to the following
Pouritch
Bozidar
Count
of
Yugoslavia,
conclusion:
for policing its own terri¬
Power should be responsible
Each riparian
waters.
Each
2.
Power should be
riparian
concert with other
able to act in
riparian Powers with the view of collaboration.
3. On maritime
routes which are most used
carried out
and in accordance with
which might be agreed upon, policing of the seas would be
by Franco-British naval forces, as has been agreed upon by the
added
Pouritch
Count
Governments.
British
and
French
the
of
riparian
Powers
associate
themselves
that
Bulgaria stated he supported the
representative,
note of the declarations made by the
supported by the Bulgarian representative,
taken
having
President,
The
declaration of
Entente.
Balkan
Yugoslav
of the Balkan Entente hoped
invited to the conference would
which would be
Powers
the decision of the conference,
them.
communicated to
the
the
Mediterranean
with
and
British and French delegations the draft text.
After, examination, paragraph by paragraph, certain changes in the text
the draft proposals were approved and then the proposals were approved
a whole,
subject to approval of the governments concerned.
submitted in the name of the
of
Black
Sea
the discussion, representatives of the riparian Powers
informed the conference that should freedom of traffic
Black
Sea
be threatened by
During
themselves
among
the necessary steps to be
to
as
submarine action, those Powers would
of the
in the
concert
taken to halt such
activities.
was
agreed
into force as soon as
that the text adopted would come
signed by the different governments.
The President said the conference worked rapidly and
successfully.
In
important contribution to reestablishment of the law
of nations, in pacification in the Mediterranean, to the freedom of naviga¬
tion and to the general cause of peace, which should follow from respect
so
of
doing, it made an
the law
of nations.
congratulated the different delegations on the good will that marked
He felt certain the agreement, apart from drawing the different
He
their work.
represented at the conferences closer to
States
work
of
The
will
each other, would assist the
peace.
next
meeting
be held at
of
conference,
the
for signature
of the agreement,
the beginning of next week.
Germany
the instance of Great Britain and France,
While she
Mediterranean, the accord
the Black Sea.
1936 Treaty of Montreaux, regulafting the movement of
warships through the Dardanelles, will be operative in all matters touching
stipulates that the
It
change in policy on the part of Britain,
The decision was called a major
over
participate in the general policing of the
will not
Italo-German resentment.
marking perhaps a stiffer attitude against
in a draft
is embodied
as
week
next
are
foreign observers beb. ved, merely would add to the
fight piracy in
to which the Associated Press accounts said:
The agreement reached probably will be known as "the accord of Nyon."
The draft protocol is to be submitted at once to the participating govern¬
ments for approval.
If this is given, the delegates will reassemble early
as
openly resentful of the Nine-Power
Agreement drafted at Nyon and giving Britain and France major control
of the pirate war in the Mediterranean.
The withdrawal of warships now on duty, to patrol Spain to strengthen
Germany already
and
Italy
to how we are going to
of policing
plan
proposed
protocol,
in anger because of attacks against
June, was considered a n aw rebuff to Premier
their ships last
as
the Mediterranean."
keep arms and men from
Civil war.
either side in the Spanish
The decision
the 27-
assigned a
was
Black Sea operations, but
charge of
convoys
Russia
George Kiosseivanoff of
The Foreign
in
lesser part in the patrol—in
with the right to send her ships as
into the Mediterranean—Maxim Litvinoff, Moscow's Foreign Com¬
indicated satisfaction with the agreement when he said after the
Soviet
Although
itineraries
terminated the unsuccessful non¬
because of
merchantmen
two Russian
torial
Spain—Ships to
"Piracy" in Mediterranean
participation
Nyon
to
1.
+
of
the Mediterranean
declined an invita¬
Soviet charges that Italian submarines had sunk
German
mention
not
Germany stood aloof with Italy when the latter
Sella River region.
Britain
Spanish civil war.
patrol.
and protect
Patrol
their plan to eradicate one
out without her
to carry
the
buildings.
Hendaye the Associated Press had the
Great
patrol, but if Italy declines the
Rome to enter the anti-pirate
offshoots of
to Invite
others agreed
of the most dangerous
The conference agreed
remained uncertain.
adherence
Italian
This
From
be taken to halt such activities."
appeared in our issue of a
steps to
the conference
Soviet
residential districts.
Madrilenos
Sea be threatened by
the Black
also quote:
Shells struck In the center of the town or
should freedom of traffic
submarine action, those
themselves as to the necessary
Sea informed the conference that
of
tion
encountered simifen resistance,
immediate objective,
its
smashed through
head yesterday to
the Biscayan port,
column, driving toward
An insurgent
1817
Chronicle
An
earlier communique, issued
The
conference,
sitting
as
a
Sept. 10, said:
committee
of
whole,
the
examined the
principles of action to put an end to acts of piracy in the Mediterranean
bv submarines against merchant ships.
It also studied the manner in which forces other than submarines to be
utilized in this effect should be employed.
The discussion brought up
several points necessitating further study.
Several meetings will be held on this subject tomorrow morning.
The
conference will meet again as a committee of the whole at 4 p. m. to¬
morrow.
On
that date
(Sept. 10)
the United Press advices from
Nyon said, in part:
Maxim
Litvinoff,
public session
Soviet
'
Commissar
of
Foreign
Affairs, who upset the
of the conference with his warning of independent Soviet
the secret meeting [on Sept. 10].
action, was the first to leave
1818
"An
Financial
agreement has been
Russia
reached in
principle," he said,
indicating that
satisfied.
was
The
warning
hurled
was
like
bombshell
a
into
the
conference.
It
will
virtual
was
—quick
its
destroy
to
"It must and
to
take
the
own
"cannot allow
the
position where
a
a
ship not
belonging to either of the conflicting Spanish parties recently has been
in
of the rules
violation
in
which
circumstances
measures."
British
referred
give valid grounds
to
in
the
paragraph
previous
for belief the submarine
was
In order to facilitate putting into force of the above arrangements
(3)
Foreign Secretary, Anthony Eden
of single-handed
dangers
Mediterranean—broke off
secret
Instructions mentioned in the preceding paragraph shall extend to
guilty of the attack.
The
its
ultimatum.
grasp
Litvinoff said dramatically,
M.
property.
Sept. 18, 193 7
submarine encountered in the vicinity of
attacked
Soviet Government,"
"The
anyone
(2)
any
Russian
war-like
Chronicle
Russian
reprisals
in
the
public session and turned the meeting into
in
Powers have
agreed upon
the
In the Western Mediterranean and Malta channel, with the exception
1.
a
of the Tyrrhenian
one.
the participating
practical manner,
a
following arrangements:
Sea which may form the subject of
special arrange¬
a
ment, the British and French fleets will operate both on the high seas and
Reporting that the German
be
to
unwilling
to
Government
the
approve
anti-piracy
Mediterranean under the terms of the
Associated Press advices,
Informed
ment
however,
sources,
understood
was
patrol
of
the
would
make
of the Adriatic
formal
no
state¬
Italy's official decision.
Neville
Sir
of the British
regret
the
Nyon
German
in
sessions
Foreign
Herr
could
during
Minister,
Nazi
the
reported
was
accorded
was
understanding
Albania,
to
Germany,
Germany
visit 'with
a
at
not
was
Baron
party
in
Neurath,
von
Nurnbcrg.
until
taken the view thatv nothing
Spanish Insurgent General Fran¬
belligerent rights and
was
invited to collaborate
reached.
hend any danger to shipping in accordance
ments
be asked for.
today
by
3.
France,
Russia,
Turkey,
Bulgaria,
Rumania,
Yugoslavia and Egypt.
would
said
A.
M.
Delbos*
ceived at
Mediterranean
he spoke,
that they had
was
"invited Italy,
a
as we
re¬
great
referred
zones
invited
efficacy, would happily complete the work of
appeasement we desire
accompanied by
C.
to
in
Eden Hopes
a
proceed
of
urgent
passage
after notification to the other
on
the surface and are
surface ship.
Power
for purposes of exercises, certain
reserves,
are
exempt from
Sections A and B.
the presence
territorial waters of any foreign submarines except in
distress
where conditions
or
prescribed in
Section
B
are
fulfilled.
The participating Powers also agree, in order to simplify the problems
in
carrying
the
out
above
measures
described,
that
will
they
severally advise their merchant shipping to follow certain main route3 in
Mediterranean
the
agreed
upon
them
among
and
defined
in
.
Annex
11
hereto.
Nothing in the present agreement in
national
engagements which
any way
prejudices existing inter¬
have been registered with the Secretariat of
League of Nations.
If any
briefly*
very
on
participating Powers further undertake not to allow
their respective
for Collaboration
who spoke
restrict the use
manner:
submarine will be
defined in Annex 1 hereto, in which its submarines
The
case
no
the Mediterranean.
may
Each participating
areas
the
Secretary Anthony Eden of Britain,
following
participating Powers, provided that they proceed
Her help, aside from its
pursue."
Foreign
Submarines
involved
word had been
no
Mediterranean Power, to participate in the work undertaken,
to
patrol
of the aircraft.
her to participate in the work of this conference.
own
B.
tlje French supplying 40% of the destroyers and "a
only reference to Italy, from whom
the time
of the
stated in Sections B and C below,
as
sent to sea within
in
tonight that the Anglo-French
substantial proportion"
Except
the restrictions mentioned in
begin in the morning with 60 destroyers and "a large number of
scouting aircraft,"
the limits
by the participating Powers in order to take account of any
The participating Powers agree that in order to simplify the operation
"It will
be translated into action tomorrow."
British
revision
of their submarines in the Mediterranean in the
Foreign Minister Yvon Delbos of France, presiding, declared:
The
understood that
It is further
paragraphs 1 and 2 above and their allocation shall be subject at any time
to
all but Spanish ships in the Mediterranean was signed
Britain,
that may
In particular, they will permit them to take action in their
of the above-mentioned measures, they will, for their part,
With Italy absent and officially silent, the "Nyon arrangement" to end
Greece,
Other participating Govern¬
possessing a sea border on the Mediterranean will undertake, within
change in the situation.
signing of the accord took place at Nyon on Sept. 14.
Reporting its signing a wireless message Sept. 14 to the
"Times" from Nyon said in part:
here
with the exception
the limit of their resources, to furnish these fleets any assistance
The
on
seas,
with the division of the area
agreed upon between the two Governments.
con¬
ference, declined to participate.
submarine attacks
On the high
Sea, the British and French fleets will operate up to the
entrance to the Dardanelles in those areas where there is reason to appre¬
territorial waters and use such of their ports as they shall indicate.
of the governments invited to join the
one
the
participating in
Konstantin
congress
expressed
have
to
done in the Mediterranean
Franco
any
Ambassador
British
Government that
Neurath
von
be
cisco
Henderson,
In the Eastern Mediterranean, each of the participating Powers will
2.
operate in its own territorial waters.
the Mediterranean patrol until Premier Benito Mussolini announced
on
participating Powers in accordance with the
division of the area agreed upon by the two Governments.
Nyon accord, Berlin
Sept. 11, said, in part:
said Germany
in the territorial waters of the
of the participating Powers notifies of its intention of withdrawing
from the present arrangement, notification will take effect after the expira¬
saying that he wished to make "no commentary now," merely expressed
tion of 30 days and any of the other participating Powers may
the hope of "close collaboration among all the interested
nations, whether
on
they
date.
are here or not."
the
The conference was not closed but merely adjourned
indefinitely. M.
Delbos stated that the parties reserved the right to reinforce the arrange¬
ment if necessary
in
possibly aircraft attacks when
In United
necessary
as
regards surface
"ripe."
or
Press advices from
Nyon on Sept. 13 it was
Italy formally accepted the plan
day Sept. 13, although Italy's approval was con¬
In part these advices continued:
that
Russia
They have
Secretary Aghnides has been
authorized to reconvoke the conference to consider action
stated
annexes
and
are
to periodic revision
open
the Mediterranean
ditional.
abandoned the
British diplomats said that the Italian "reservations"
were
of
technical
a
character, easily overcome, and predicted that 60 British and French
announced in Moscow that
was
Foreign Commissar Maxim Litvinoff
protest
against
the
small role
in
"certain
the
meeting here,
Mediterranean
and France.
on
The text of the accord
as
Whereas, arising out of the Spanish
conflict, attacks repeatedly have
been committed in the Mediterranean
by submarines against merchant
ships not belonging to either of the conflicting Spanish parties, and
Whereas these attacks
Part
IV
are
of the
violations
of the
rules
of international law
Treaty of London of April 22,
1930, with
regard to the sinking of merchant ships, and constitute
acts contrary to
the most elementary dictates of
humanity which should be justly treated
acts of
as
piracy, and
Whereas, without in
any way admitting the right of either party to the
conflict in Spain to exercise belligerent rights or to interfere
with merchant
ships
out
on
the high
seas, even
if laws of warfare at
sea are
observed, and with¬
prejudice to the right of
any participating Power to take such action as
be proper to protect its merchant shipping from any kind of interference
the high seas or to the possibility of further collective measures
being
may
on
agreed
upon
subsequently, it is
necessary in the first place to agree upon
certain special
collective measures against piratical acts by submarines.
In view thereof, the undersigned,
being authorized to this effect by their
respective
Governments, have
between the 9th and
14th
met
following provisions, which shall
The
participating
in
conference at
of September,
enter
Nyon,
Switzerland,
1937, and have agreed
upon
the
take
the
immediately into force:
Powers will instruct
their
naval
forces
to
action indicated in paragraphs 2 and 3 below with the view
to the protection
of all merchant ships not belonging to either of the
conflicting Spanish par¬
ties.
(1) Any submarine which attacks such
a
ship in
any
manner
to the rules of international law referred to in the
international
the limitation and reduction of naval armaments
signed in
1930, and confirmed in
a
London April 22,
protocol signed in London, Nov. 6, 1936. shall be
counter-attacked and, if possible, destroyed.
contrary
treaty, for
time
It
in
the
signed protocols including surface
provide that patroling ships shall open five immediately
attacking vessels contrary to the London naval accord of 1936.
Any airplanes,
or
warships
submarines not
or
carrying well-marked
flags will be considered pirates and fired
identi¬
upon.
The patroling of the Mediterranean in accordance with the
nine-Power agreement was put into effect on Sept.
Spanish
Government
American
Begins
Creditors
on
Negotiations
Debts
Incurred
16.
to
Pay
Prior
to
Civil Strife—Secretary of State Hull Also Informed
given in Associated
Sept. 14, follows:
same
Spain.
accords
fications
Press advices from Geneva
referred to in
and
craft
footing of equality with Great Britain
a
patrol of
accord.
patrol
According to the Rome correspondent of the "Times"
(Arnaldo Cortesi), in a note delivered to the British and
French charges d'affaires on Sept. 14, the Italian Govern¬
ment refused to give adherence to the conclusions of the
Nyon conference unless Italy participates in patrolling the
naval
supporting Powers adhering to the Nyon
against piracy,
aircraft
on
warship
by deciding to include surface warships
well as submarines, and at the
non-intervention
agreement
reserva¬
that had been allotted to Italy.
as
added:
The
Italian officials here disclosed Italy's acceptance with
a
airplanes
ships
had been authorized to sign the accord.
containing
dispositions which are
circumstances require.
as
Great Britain, France and seven
war¬
ships would be patroling Mediterranean trade routes within 48 hours.
tions"
stated:
technical
According to Geneva advi.es (Associated Press) the Pow¬
ers yesterday (Sept. 17)
extended their war on "piracy" in
and
was
was
are
been made public and probably will not be because they
not
late in the
It
Sept. 15 it
referred to in the text
still being shaped by admiralty experts of the nine treaty Powers.
the next sessions."
and
withdraw
date if it communicates its intention to this effect before that
In the "Times" of
The
and would consider "other forms of aggression in Geneva
According to the British understanding,
craft
same
Country Seeks
to Satisfy War Claims
Secretary of State Cordell Hull was informed on Sept. 15
by Miles M. Sherover, President of the Hanover Sales Co., of
New York, the official
purchasing and sales agency in this
country of the Spanish Government, that Spain desires to
enter into
negotiations looking toward the payment of
between $30,000,000 and $50,000,000 of private debts to
American creditors.
Mr. Sherover presented to Secretary
Hull a letter from Premier Juan
Negrin of Spain setting forth
the Spanish Government's
intentions, and authorizing him
(Mr. Sherover) to take initial steps to bring about a settle¬
ment of the debts.
The letter explained that the debts were
all incurred before the start of the civil strife in
Spain in
July, 1936, and date from 1935 to the first half of 1936.
Premier Negrin also said in his letter to Mr. Sherover that
it is the purpose of the
Spanish Government to form a
commission to negotiate with Americans who have suffered
injury to their interests or property incident to the war.
The following Washington account of Sept. 15, is from the
New York "Times" of
Sept. 16:
The debts, incurred from early in 1935 to the outbreak of the civil
in
war
July, 1936, aggregate between $30,000,000 and $50,000,000, Mr. Sherover
adding that an examination of books would easily determine the
said,
exact amount.
is
There would be
no
question
over payment,
planned to pay part in cash and part in instalments
years.
Many companies
and other automobile
are
a
Ingersoll-Rand,
I.
T. &
It
period of
concerned, including General Motors,
corporations.
Singer Sewing Machine Co.
he declared.
over
Ford
T., and the
Volume
Financial
145
No estimate is available of the total of damage elaims that
These
the
will
civil
taken
when
Motors
General
the
during
by occupation, such as
Ford
and
in
plants
Barcelona
Interests affected in all sections of Spain would
over.
will be filed.
American-owned property in Spain
to
by outright destruction or
either
war,
occurred
damages
cover
1819
Chronicle
were
be covered by
The
United
capacity.
States
There
was
was
a
member of that committee in a consultative
considerable speculation in Geneva as to whether
Washington would consider itself stiU an active member of the inactive
committee.
presentations would elicit three reactions
Dr. Koo said he hoped that his
from the assembly:
the arrangements, it was announced.
"1.
We quote
in part, the letter, of Premier Negrin from the
Washington advices quoted above:
Meanwhile the Government
has the firm
of Spain
already by its previous acts, to attend with diligence
problems of
these
among
of foreign property and the
the status
are
expressed
abroad.
economic nature which we confront
an
Outstanding
purpose,
and efficiency to the
problem of credits pending payment by Spain for
merchandise furnished our
country.
to repeat
said to you and expect
form a commission
of foreigners who have
publicly, it is the purpose of the government to
shall
assemble
and
with
deal
the
claims
suffered injury to their interests or property
due to the
through illegitimate actions
for example, that the
incurred prior to the
military uprising of July 18, 1936, and date from 1935 and the first half of
1936.
Nevertheless the government regards as just the petition of American
creditors; and, although this is a problem which it has inherited, it is dis¬
posed to reach an agreement with these creditors concerning the manner of
paying these debts.
The agreement may consist, in general terms, in the
payment of a part of the recognized debts in cash and the balance in instal¬
ments throughout a period of years, with normal interest until they are
have
we
aggression in flagrant violation
should be clearly denounced.
of China, jeopardizing the
That the illegal blockades of the coast
established rights of navigation and commerce,
should be expressly repudi¬
ated.
hope the horrors of indiscriminate and deliberate bombing from
the air by Japanese war planes of Chinese and foreign non-combatants in
disregard of the sanctity of civilian life may be condemned by every voice
in this assembly."
"3.
I
Japan is not
League member.
a
Assembly laid
basis for discussion of disarmament
a
today
by reconstituting its disarmament committee, long dormant.
There
was
dissenter—Hungary.
one
loser said that he could
not sit
The delegate of that world war
the committee "because another year
on
has passed without Hungary being
accorded equality at arms."
war.
With respect to pending credits, you are aware,
debts
"2.
The League
With respect to the first point, as I have already
which
That this policy of continued armed
of international law and treaty obligations
pending with your country were all
entirely Paid.
Indicating that the Council of the League put China's
appeal in the hands of its revived Advisory Committee on
Sept. 16, and asked the United States to take part in its
deliberations, the Associated Press from Geneva that day
further reported:
1 :
made
Quick dispatch of invitations to Washington and 22 other capitals
it certain that the United States soon must decide if it
will cooperate with
formerly served.
the committee, on which its representative
question
With China's conditional
article XVII—
By its action the League also pushed into the background any
of sanctions against Japan—at least
for a time,
approval, the couneil shelved her appeal under the covenant
the sanctions section.
China
Appeals to League of Nations, Asking Sanctions
Against Japan—League Asks U. S. to Join Advisory
In
Committee
In
Matter
Nations
on
filed
Government
with the League
appeal
an
of
to invoke sanctions against
Sept. 12 asking it
"Japanese aggression."
The intention of China to appeal
to the League was noted in our Sept. 11 issue, page 1668.
The
signed by Dr. V. K. Wellington Koo, China's
Ambassador to France, who, with Quo Tai-chi, her Ambassa¬
appeal,
dor to Great Britain,
League Assembly,
planned to represent China before the
given as follows in Geneva advices,
was
Sept. 13, to the New York "Times" from Clarence K. Streit:
Under
to
instructions
take
cognizance of
the fact that Japan has
that
with
tinuing
aggression
stitutes
a
the
1937,
and air
and
force.
It
is
an
existing political inde¬
Nations, and clearly con¬
under the Covenant's Article X.
The
grave
falls within
instrument's Article XI, wherefore it is a matter
same
of
the
case
I
communicated
of
Covenant's
will now
hear
her protest may ask both
her undeclared
Japan
Japan is not likely to do.
She
League mediation whatsoever in
in the East.
war
League sanctions, committee
Despite the apparent shelving of actual
members will be empowered to
recommend to their respective governments
such matters
of credits to the aggressor and the stoppage
of
as
the suspension
shipments.
arms
This
committee
Manchuria,
was
created in
conquest the League
a
1933
a
as
result of Japan's seizure of
failed to stop.
There was an American
consultative member then.
Today's action
was
taken up in private Council session.
Wellington Koo, the Chinese envoy, accepted the
Dr.
but he reserved the right to appeal again to
Council's decision,
the Council direct and to invoke
Article XVII, if he feels it necessary.
Washington dispatch Sept. 16 to the New
Secretary of State Hull promised to give
consideration to the invitation to the United States to join
in the deliberations of the Far Eastern Advisory Committee
According to
York
a
"Times",
of the
It
League.
added that pending receipt of the
aspects of it
reply of this
was
official invitation, he declined to discuss any
and other officials refused to forecast what the
Government would be.
beg
statements of the
the League Aug. 30 and Sept. 12,
leave
to
refer to
to
members
League
and of the advisory com¬
under the assembly resolution of Feb.
up
the
of
virtue
invaded Cliina and is con¬
navy
integrity
territorial
the information
set
army,
the whole League.
facts
for
mittee
her
Japanese aggression has thus created also
Government
Chinese
all
member of the League of
a
of the
for
concern
government I have the honor to invite you
my
to be dealt with
which the
the purview
Fdr
the
China,
case
situation
of
invasion
against
pendence of
from
which
committee
has made it plain that she will ignore any
previously announced intentions, the
with
accordance
Chinese
The
and China to state their cases—something
24,
to
Have
Withdrawn
from
Sections—Japanese Claim Gains on
Article III.
Paragraph 3,
Shanghai
North Fronts
China—Japan's Notice of Proposed Bombing of
Said
Chinese
1933, adopted in
of
in
China, the Chinese Government holds, without prejudice to the continuing
validity and binding effect of all decisions hitherto taken by the Assembly
and Council in the Sino-Japanese conflict, that the Covenant's Article XVII
opening of the greatest offensive undertaken by the
Japanese army since the Russo-Japanese war in 1904-05,
is
was
In
of
view
also
In
Japan's
relation
to the
League and her action
applicable.
government's
my
X,
Covenant's Articles
such
upon
present
XI
and
means
name,
and
I hereby invoke the application of the
XVII and appeal to the Council to advise
take
to
action
such
may
as
be
appropriate
and
for the situation under the said articles.
necessary
Covenant, providing for economic and military
United 'Press advices from Geneva on
sanctions,
Sept. 12
said:
of the
which
would bring the United States into diplomatic consultations on the Far
East crisis.
The advisory committee was created in 1933 at the time of
Japan's Marichurian invasion and, under a resolution of the League Assem¬
bly, the United States was recognized even though it was not a League
delegation also will seek an immediate convocation
Chinese
The
International
Committee
Advisory
Chinese-Japanese
on
Conflicts,
member.
Article
XVII
by
enemy
with
disputes
quit
the
tion
between
a
be
under
never
League
cripple her
invoked before.
It deals
non-member, Japan having
which China hopes to
has been
State and a
provides that should the non-member refuse a League invita¬
discuss the dispute
to
may
Covenant,
sanctions,
of
League.
Article
The
the
of
means
invoked
if
at Geneva,
it is shown
then—under Paragraph 3—sanctions
that the non-member has resorted to an
Chinese
delegation
was
League to impose sanctions on
ever,
to
"Our
spokesman
the
States and Great Britain
justice, will again associate herself with League action,"
said.
crisis now has
definitely developed' into a world crisis,
the independence and
the general peace of the
Japanese aggression not only is threatening
territorial
integrity
of
China,
but
is menacing
world."
15 Dr. Koo declared that the
for urgent action by
the
Associated Press advices from Geneva Sept. 15
Before the League on Sept.
Eastern situation "calls
Far
League."
added:
was
said to be outflanking the Chinese
resistance,
which has defeated all
Peiping-Hankow Ry. since early in the conflict, now
Chinese base at Tsangchow,
with the question, or
committee set up by
decide—now that China
itself, leave the Assembly
first refer the appeal to the old Sino-Japanese advisory
appealed definitely for action—whether to act
the assembly in 1933.
60 miles south of Tientsin.
14 the New York "Times"
correspondent at Shanghai (Hallett Abend) reported that the
Nanking Government admitted the previous night that the
Chinese forces around Shanghai were falling back to prepared
positions, running approximately from North Station in
Chapei through Tachang and the Liuhang-Lotien sector,
about 15 miles north of Chapei.
At the same time (Sept. 13) a wireless account from
Nanking to the "Times" stated:
of
date
Under
Sept.
Shanghai withdrawal
of territory to Japan
is keenly regretted, especially in civilian circles, but there is a general
realization of the necessity of removing Chinese troops from the range of
Japanese naval guns and thus avoiding the terrific casualties that have
Government has accepted the Chinese
The yielding of even a few miles
with equanimity.
week.
reporting from Shanghai on Sept. 16, Mr. Abend
of the "Times" said that another important change in the
Chinese line between Klangwan and Lotien, about five miles
and 20 miles, respectively, north of Shanghai, was announced
officially by Chinese-Shanghai headquarters on Sept. 15.
We also quote from these advices:
Further
The Chinese
as
the pivot
This eliminates a dangerous salient.
The withdrawal, it was
toward
Kiating,
claimed, had been effected with complete
Japanese attacks in futile attempts to crash
about
five
miles
spokesman said Japanese forces that
Sept. 14
bank.
order¬
through
westward of Lotien. The Chinese
crossed the creek near Lotien Tuesday
Sept. 15 and now occupied
had been forced to recross it yesterday
the northern
with Lotien
swinging northward
said they were carrying out prearranged plans,
of the right flank of their armies, the line
from there.
liness, despite savage
He said that it was for the League Council to
has
advices continued:
and weakening their stubborn
Japanese efforts to advance down the
nine weeks old.
Twenty thousand Japanese cavalry formed the spearhead of the drive
below Peiping, in which some 60,000 Japanese were said to have routed
eight Chinese divisions, or 100,000 men, along a 70-mile front.
This operation was independent of but coordinated with Japan's drive
down the Tientsin-Pukow Ry., which reached a point 10 miles north of the
It
been inflicted in the last
hope is that the United States, being devoted to the cause of peace
"The Far Eastern
and
of persuading the
Japan because of its failure to halt Italy's
public support in the United
side, the Chinese spokesman 6aid.
and international
the
of the difficulties
mobilize
China's
on
aware
The appeal under Article XVII was expected, how¬
Ethiopia.
conquest of
on
The Nanking
aggressive war.
The
reported by the Associated Press as having been an¬
at Peiping on Sept. 15,
driving the Chinese back
a broad front south and southwest of Peiping.
In part
nounced at Japanese headquarters
when it was said that the army was
these
Stating that the appeal was to be placed before the League
Assembly on Sept. 13 and would be based on Article XYII
of the League
Chinese Area
The
1820
Financial
Chronicle
A wireless message
from Tientsin Sept. 14 to the "Times"
from Douglas Robertson is quoted in
part as follows:
Following the Japanese occupation of Tatung, in Shansi Province, and
Kwangling, important strategic position about 65 miles southeast of Tatung,
Japanese headquarters here announced advances had been made in two
sectors—namely,
on
the
Tientsin-Pukow
and
Peiping-Hankow
other
The
Government
Advancing toward Tsangchow, about 55
miles south of Tientsin
the
on
advanced along the Peiping-Hankow line after
successful crossing of the
a
Yungting River.
the
Sino-Japanese encounters appeared in
1668.
Many conflicting accounts of
our
July 11 issue,
page
the
developments
appear
from time to time in the various
following (Associated Press) is
press accounts, as to this the
from Shanghai Sept. 14:
There were conflicting reports today of
engagements in the Province of
Chahar, north of China's Great Wall.
Chinese asserted they had recap¬
most important city in the province.
tured Kalgan,
Likewise special
advices
Sept.
15 from Nanking to
"Times" stated:
the
foreign imports for most of its
facture its
Capture
of Tatung, in Shansi Province, by the
Japanese was denied
night by Chinese officials, although foreign press
agencies con¬
offices
in
Nanking said they had received
General Yen Hsi-shan, Shansi leader,
reporting that
telegram from
a
Chinese army still
a
notice
issued
was
at
President's action is
on
Japanese
authorities that they considered
and channels of
transportation and communication
centers
between Shanghai, Nanking and
Hangchow
being puLto Chinese military
would bomb them
this
Sept. 9 by
all methods,
more
use
and
at
as
present
United
a
and, therefore, the Japanese
intensively.
Advices to
"Times," wireless advices received
Shanghai, added in part:
Mr. Abend at
Press accounts from
moving southward from Hankow
to
Canton—which must eventually be the
way out for 1,200 Americans
from the Hankow consular area—the
Japanese spokesman said that if the
United States Embassy notified
Japanese authorities of the date, hour and
routing of such trains, every effort would be made to assure them
against
disaster.
while Japan is able to manu¬
disheartened at President
In part, these advices said:
Nanking, to whom the United Press telephoned
said that "whatever purpose may have inspired this order, its
effect is to help Japan,
aiid
limit China."
Japan he said, with one of the
world's largest merchant fleets, protected by a
Owned
Roosevelt
from
tion to China
Vessels
by
China lacks
merchant fleet, except for a few coastwise vessels, and is
a
Chairman
Kennedy of the Maritime Commission an¬
Sept. 16, that in compliance with the partial
embargo of President Roosevelt, orders had been issued to
on
all Government-owned merchant vessels not to
carry arms
barred in the order.
United Press advices from San Pedro,
Cal., reporting the unloading of the Wichita stated:
Government-owned freighter Wichita was bound for Manila today
without the cargo of munitions and airplanes which it had taken aboard at
Baltimore.
The
two
planes"
The
readily
were
on
Wichita
two
of cartridges and
cases
convertible into
States
Government has been prohibited by President Roose¬
velt, who issued the following statement at
Washington on
Sept. 14 making known his embargo:
Merchant
vessels owned by the Government of
the United States will
hereafter, until further notice, be permitted to
transport to China or
Japan any of the arms, ammunition or implements of war which were listed
not
in
the
President's
Any other
to
merchant
transport
of
any
further notice,
The
proclamation
do
vessels,
the
at
so
their
on
the
transportation of
to
China
flag,
There
it
was
through Japanese waters, she
way
was
"for fences around the caribou ranches in the
was
Japan
or
attempt
The
planes,
the
Bellanca's
will,
docks.
left
were
Presumably they will be loaded
until
to
given
was
in
his
to
return
his
signing of the neutrality bill, and
of May 8, page 3101.
The
these
to
columns
President's statement of
Washington from
Sept. 14 followed
Park, N. Y.
Prior
Hyde
the President conferred
during the day with
and Joseph P. Kennedy, Chairman
Maritime
Commission.
In
Washington
the
advices,
Sept. 14, to the New York "Times" it was stated that gov¬
ernment-owned ships in the Far Eastern trade to which the
ban applies with its
greatest force, are limited to those of
the American Pioneer
Line, consisting of 13 vessels.
the
same
The
advices
Pioneer
for the
Line
account
The
first
of
we
the
direct
operated
Maritime
stop the shipment
on
planes
commercial
are
consequence
lanca
From
quote:
ships
by
the
the Roosevelt
prohibition
the steamer Wichita
destined
for
of
the
China.
Steamship
Co.
presumably will
Pioneer
The
Line
Wichita,
of
be
19
conflict
along
merchant
The
issue
left
orders
ship
was
The
9,000
Jeff
to
the
or
to
They
New
Wichita
action
Eastern
ship.
a
known
vessels
Davis,
Cusseta,
Far
not
13
tons.
The
Study Issue
of
the
planes
the
Pioneer
are
vessel
all
transferred
that
will
to
take
a
the
in
the
neighborhood
of
City of Dalhart, City of Elwood, City of Rayville,
Orleans, Potter, Swakla, Tampa, Unicoi, Ward, West
and
Yomachichi.
President, the most direct he
followed
preliminary
has
warnings
yet taken
in
the
in the
form
of
to
American merchant
ships to exercise caution in operating
along the China coast and in the Mediterranean.
Yesterday (Sept. 17) the Chinese Ambassador at Wash¬
ington, C. T. Wang formally protested to Secretary Hull
against President Roosevelt's embargo.
Associated Press
advices from Washington said:
The
State
China
vessels operating in the
Department's warning of
to
East
has
China
in
operate
resulted
which
the
Pakhoi
to
in
makes
adjacent
against
the
the
it
of
creation
dangerous
danger
a
for American
waters.
Japanese authorities have announced
blockade
a
entrance
of
or
the
entire
coast
Chinese
of
egress
Chinese authorities
have announced their intention, in view of the
to take apparent action against all Japanese naval vessels along
Chinese coast and have requested that naval and merchant vessels of
the
Powers
transports
decks
in
avoid
a
proximity
have
and
their
conspicuous
Japanese
naval
vessels
and
respective national
colors
painted
on
Chinese authorities have
(a)
The
mouth
navigation
of
Sept.
of
all
and
to
military
their
top
manner.
The
Min
also announced
River
shipping
in
Fukien
through
that
the
following:
Province
place
has
has
been
closed
to
suspended
been
as
4.
(b) Beginning Sept. 9 no foreign merchant vessels will be permitted1 to
navigate at night in waters between Bocca Tigris Forts and Canton.
United States Citizens in Seaports of China
Urged to
Evacuate—Ambassador Johnson Closes Consulate
at
Swatow—Secretary
Will Protect
From
Shanghai
Nationals
on
Says
Limit of
United^ States
Ability |» ^
was reported in Associated
States citizens in almost all the
principal seaports of China
of
Hull
to
Sept. 10 it
Press advices that United
urged to evacuate in view
were
increasing perils from Japan's air and naval attacks along
China's coast.
Ambassador
Consulate
there
These Associated Press advices continued in
at
Nelson
Swatow,
at
T.
Johnson,
at
Nanking,
ordered
the
American
in
Kwangtung Province, closed and all Americans
Previously he had authorized closing of the American
evacuated.
Amoy
and
Foochow,
formerly
thriving
ports
Fukien
of
Province.
are:
the
merchant
on
Far
of
coast
vessels
Consulates
Line
the
in
the
Chinwangtao
third
tomorrow and then
be
will
American
tonight.
of
emergency,
official notices
Whether
privately-owned
dangers
of
part:
Maritime Commission will consider the
question
foreign
risk
to
the
blockade,
Bel-
which
recently with the planes and barbed wire for China, is due in
San Pedro, Calif., tomorrow under a
schedule calling for her to sail for
the Orient the
following day.
Commission
of
coast
Sept. 10 follows:
to
Baltimore
The
the
to
on
shipping of attacks
Mediterranean Sea.
Commission.
of
adjacent
Sept. 10 by the State Department at Wash¬
ington.
The warning, it is stated, was broadcast through
the Navy Hydrographic
Office, which, as noted in our
Sept. 11 issue, page 1661, had previously warned American
action
Secretary of State Hull
of
,
Department atj Washington to
Against Dangers in^Waters^Off
plying in waters
issued
was
con¬
privately owned ship.4^
warning to American merchant vessels
those
The
The President's proclamation of
May 1, referred to above,
was issued
following the
issuance of the
Vessels
technically
the Panama-Pacific Line
on
on some
shipping.
24-hour basis.
a
State
Coast of China
A
the
quo,
by
American
from
status
Philippines and not for
super-fast mail type,
new
signed for mail service in the Orient,
risk.
Neutrality Act remains in
,JWake Island
shipment of barbed wire still aboard, but the skipper said
a
barbed wire entanglements."
zone
which
to
shipments in Government boats.
war
will go through the "American Corridor" by
way of Hawaii
and Guam.
The
American
"mail
consigned
exempt from the embargo.^
After the unloading the ship's course was changed and instead of
going to
1937.
1,
articles
own
the
policy remaining
May
flying
listed
question of applying
government
of
19 fast
all
already had started her voyage from Baltimore when the
issued, and shippers believed it
was
bombers,
unloaded here to avert the first crisis arising from President
were
Roosevelt's ban
order
of revolvers,
case
which
Hongkong,
Own Risk—Protest
The transport of
arms, ammunition or implements of war
to China or Japan by merchant vessels
owned by the United
basis, transport¬
he pointed out.
can arms,
Ammuni¬
Japan—Other Ships Act at Their
by Chinese Ambassador
or
easily can con¬
navy,
carry
utterly incapable of attempting to supply herself with much-needed Ameri¬
President
and
and
ing them to the Orient in Japanese bottoms.
Warning
Prohibited
Transporting Arms
mighty
cash
a
♦
Government
that the
envoy
Shanghai Sept. 15 reported
as
Hongkong by the shorter "Great Circle"
When the question of
sending Chinese refugee trains safely from Shanghai
broached, a Japanese spokesman said safety guarantees could be
given,
but only if safety were asked
through neutral diplomatic channels.
On a question as to the
safety of trains
which, Chinese officials
conference that he had received Ambassador
tinue to purchase American munitions on
from
was
behalf of his
Government order which speaks for itself.
A high Chinese official in
the news,
more
effect in the
war materials
Chinese Government officials
The
Shanghai
the action
over
1937
18,
on
Wang's protest, Secretary Hull said he had replied to the
held Tatung and that the Japanese had been
repulsed.
Formal
Secretary of State
in considerable quantities.
own
In announcing at his press
nounced
firmed the Japanese claims.
Military
disappointment
Roosevelt's order.
A reference to
here last
its
the
to
contend, benefits Japan indirectly and inflicts direct damage on China.
4
China's objection is based on the fact that that Government must rely on
rail lines.
railway to Pukow, Japanese forces took Hingtsi, about 10 miles north of
Tsan chow, and pressed on southward.
Other Japanese detachments
Sept.
Ambassador expressed
Several
Province,
hundred'
were
Americans
at
urged to get out as
Tsingtao,
soon
as
chief
possible.
seaport
of
Shangtung
United States officials
indicated they feared that
Tsingtao soon would be a field of hostilities.
American lives were
gravely endangered
yesterday
and
Swatow.
two-hour
dugouts.
avoid
planes
and
at
Shanghai,
warships subjected Amoy to
a
.
.
.
Amoy
terrific
bombardment, causing American residents to seek shelter in
The American gunboat Asheville was caught in the bombardment;
several air
to
Japanese
a
bombs
hail
fell
of
close
to
her and
her
crew
took
shelter
below
decks
shrapnel.
A
punishing raid by Japanese planes made Swatow, northeast of Hong
Kong, unsafe for American and British residents.
At
Hong Kong the
British
destroyer Thracian had
steam up
preparatory to a
run
to
Swatow,
Volume
Financial
145
where
reported the Japanese attacks had
consul
the British
gerous
created a dan¬
situation.
closing of the American Consulates
The proposed
•
at Foo-
1676.
Supplementing his statements early last week (referred
to in our item on page 1676) Secretary Hull was reported
under date of Sept. 9 (in a Washington dispatch to the New
York "Times")
as
making amply clear that the United
Amoy was noted in our Sept. 11 issue, page
chow and
limit
intended to retain its
Far East during the SinoIn part the advices from which we
ability and that it
its
of
military and naval forces in the
Japanese emergency.
of
was
by way of summarization,
declared
Hull
Mr.
there
that
emphasized
danger,
extends during
to set at rest
President Roosevelt, who last
Condition of Canadian Banks
condition of the Canadian
figures for June 30, 1937,
Comparative Figures of
following we compare the
banks for July 31, 1937, with the
and July 31, i.936:
In the
stated
THE DOMINION OF
CANADA
July 31, 1937 June 30,1937 July 31, 1936
Assets
Current gold and subsidiary
S
$
$
coin-
4,681,489
4,006,210
........
Elsewhere..
Total.
4,930,518
4,582,704
5.421,729
11,519,002
8,687,699
In Canada...
9,513,222
16,940,731
Dominion notes.
43,418*059
36,024~280
189,835,653
6,309,229
22,655,059
137,057,440
185,883,803
5,687.762
25,508,551
108,634,305
6,329,337
4,433,479
24,398,881
Deposits with Bank of Canada.
Notes of other banks
Cheques on other banks
22,599,920
24,476,251
89,909,346
from other banks In Canada
Kingdom
Due from banks and banking correspond
■
■
95,234,818
'
Government
Dominion
.
.
1
1,125,886,871 1,136,723,189 1,087,725,127
lsh, foreign and colonial public securl
183,875,810
121,469,751
ties other than Canadian
Call and short
180,437,247
124,799,059
»
value
marketable
sufficient
cover
Elsewhere than In Canada
Elsewhere
114,426,462
73,485,094
734.888,808
158,463,301
116,126,876
70.484,846
728,290,407
168,661,756
90,858,925
57,608,297
649,772.815
Loans
to
.
Non-current
17",040,928
17,675^809
98,207,781
towns,
18,446"oi4
107,532,972
100,852,383
11,680,616
cities,
York,
Loans
Committee (London) state that they cannot recommend to
bondholders an offer of the Greek Government to pay 40%
of interest on coupons which have matured since March 31,
Bondholders and
Greek Government had
proposals for the permanent settlement of the future service of Greek
external loans on the basis of 50% of the contractual
interest. These
proposals, for the reasons given in the communique, were rejected by the
Council of Foreign Bondholders and the League Loans Committee as inade¬
In
the
11,793,125
8,674,538
13,463,211
8,817,675
4,682,666
74,602,851
75,414,608
68,787,818
72,765,631
less amounts (If any) written
off
per contra
Minister of Finance
circulation
the
with
for the security oi note
Shares of and loans to controlled cos...
golng beads.
7,025,143
11,175,303
7,137,377
11,253,925
7,015,120
9,276,685
2,214,536
Liabilities
113,363,675
Notes In circulation
112,992,378
119,071,107
Balance due to Dominion Govt, after de¬
36,295,736
48,618,689
18,955,535
46,941,055
47,~5~75~6i6
42",679",293
666,767,428
ducting adv. for credits, pay-lists, &o_
713,177,394
618,608,437
Advances under the Finance Act..
Balance due to Provincial governments.
Deposits by the public, payable on de¬
mand In Canada
by
the
notice or on
a
public,
payable
after
Loans
from
1,493,973,647
376,010,075
425,279.262
fixed day In Canada... 1,572,154,385 1,569,815,485
Deposits elsewhere other than In Canada
427,482,612
Canada,
In
banks
other
secured. Including bills redlscounted.
Deposits made by and balances due to
Elsewhere
than
In
.....
Kingdom
ents In the United
Canada
announced unilaterally and with¬
of the bondholders an offer to
pay 40% of the interest on coupons which have matured since March 31,
1937.
The Council of Foreign Bondholders and the League Loans Com¬
mittee already in 1936 declared a 40% payment to be inadequate.
Since
that date tall indications have continued to support their view that it is
well within the capacity of Greece to pay a more reasonable percentage
on
her obligations and the fact that the Greek Government itself has de¬
clared its ability to pay 50% permanently is an obvious indication that it
can do so temporarily.
The Council of Foreign Bondholders and the League
Loans Committee must, therefore, again emphasize that they cannot recom¬
out
17,281,613
12,212,823
10,654,053
42,931,567
906,575
31,614,338
1,418,967
68,787,818
2,870,461
2,546,286
133,750,000
145,500,000
72,765,631
2,900,556
63,650,414
2,527,579
2,539,950
132,750,000
145,500,000
of credit out¬
standing
.
Liabilities not Incl. under foregoing heads
Dividends declared and unpaid
Rest or reserve fund
Capital paid up
809,387
133,750,000
145,500,000
3,287,028,707 3,346,516,419 3,073,743,300
official reports, the footings In
totals given.
Note—Owing to the omission of the cents in the
the above do not exactly agree with the
Deutsche Bank und Disconto Gesellschaft, Merged in
1929, Resumes Former Name of Deutsche Bank
The
Bank, which was consolidated with the
Gesellschaft in 1929 as the Deutsche Bank und
Deutsche
Disconto
Disconto Gesellschaft, has
resumed its original
name
without
change in the financial structure, according to a wireless
message from Berlin to the New York "Times ' of Sept. 9.
any
the
representatives
bondholders to accept
referred to
the present offer.
of Aug. 6 of the two
The communique
above, was given in our
bondholders' groups,
issue of Aug. 21, page
848.
+.
Midland Trust Co. of New York Appointed
Successor Trustee for Department of Cauca Valley
Marine
(Republic of Colombia) 7% Gold Bonds
Midland Trust Co. of New York has been
The Marine
appointed successor trustee, fiscal agent and transfer agent
Department of Cauca Valley (Republic of Colombia,
S. A.) external secured 7% sinking fund gold bonds due
June 1, 1948 issued under agreement dated Aug. 21, 1928.
+.
City of Copenhagen
(Denmark) Calls for Redemption
4% Loan of 1901
City of Copenhagen has called for redemption on
Nov. 15, 1937, 590,200 Kr. principal amount of its 4% loan
1901, according to announcement Sept. 15 made by
Heidelbach, Ickelheimer & Co., 49 Wall Street, New York
of
Portions of Two
Series of 8% External Gold Bonds of
State^Loan of 1922 Called for Re¬
Czechoslovak
demption Oct. 1
Kuhn, Loeb & Co., The National City Bank of New
and Kidder, Peabody & Co. announce that there has
York
been
lot for redemption for the sinking fund on Oct. 1,
1937, $211,300 principal amount of 8% secured external
sinking fund gold bonds due April 1, 1951, comprised in the
first portion of the Czechoslovak State Loan of 1922, and
$123,500 principal amount of 8% secured external sinking
fund gold bonds, series B, due Oct. 1, 1952, of the same
loan.
The bonds so drawn will be paid at their face amount
at the offices of Kuhn, Loeb & Co., Kidder, Peabody & Co.
and The National City Bank of New York on presentation
of the bonds and coupons maturing after Oct. 1, 1937.
Interest on drawn bonds will cease to accrue on and after
drawn by
Oct.
1.
♦
Bills payable
and letters
with
agreement
and
United Kingdom
Acceptances
13,789,849
15,552,673
13,290,353
40,608,467
1,117,708
other banks In Canada
6 the Council of Foreign
Committee announced that the
The Greek Government have now
quate.
1,903,209
3,298.936,480 3,358,508,958 3,083,526,785
Total assets
Deposits
Loans
City.
Liabilities of customers under letters of
Deposit
communique of Aug.
63,650,414
1,975,176
Mortgages on real estate sold by bank.
premises at not more than cost
4,238,171
8,695,439
4,250.776
Bank
as
League
The
74,514,691
vided for
Real estate other than bank premises..
credit
their
Portion of
estimated loss pro¬
loans,
The communique follows:
1937.
munlclpa
and school districts
Sept. 15 through
&
146,623,341
Loans to the Government of Canada
Loans to Provincial governments.
communique issued in New York
for
t<
Other current loans & dlsc'ts In Canada
Greek
Since
Co. and the National City Bank of New
the Council of Foreign Bondholders and the League
170,612,885
99,055,975
(not exceeding 30 days)
'
a
a
Speyer
.
;
Government securltles.
4%
defense."
Groups Oppose Offer of
Pay 40% on Interest Due
1184, and Aug. 7, page
1
United Klnudom
to
"consolidation of national
March
In
Due rrom banks and banking correspond
ents In the United
Bondholders'
Two
floated the loan last July 1, paying
Its announced purpose was
interest.
mend
■
du<
balance
and
with
totaled 4,950,807,000 rubles.
subscriptions
said
The Government unexpectedly
70,474,292
Including bills redlscounted
made
The advices continued:
closed.
4,887,562
43,587,078
182,516,827
5,918,802
24,292,547
90,715,529
Notes of Bank of Canada
Deposits
that
defense loan
made
CONDITION OF THE BANKS OF
STATEMENT OF
4,000,000-Rubels Over subscribed
Sept. 3, it was
the
Soviet's 4,000,000-ruble ($800,000,000)
was over-subscribed and that the lists had been
Government
reports that there was a
week-end was
would remain in China at their own risk.
They were also calculated to
reassure American business men
in Shanghai and Tientsin who have feared
that their Government was forsaking them.
signed
and
for¬
In Associated Press advices from Moscow,
time of danger.
remarks, which were made at a press conference, were
evidently de¬
disagreement between him
quoted as saying Americans
member of the governing board,
Mr Abs will be in charge of the
including transactions with the United States.
Soviet Defense Loan of
period of that
His
I
eign department,
'
unanimity in the Government on this
policy and that there was every reason to expect that unanimity to continue.
The Government's responsibility with regard to its nationals in time
the
Hermann J. Abs has been appointed a
succeeding the late Gustaf Schlieper.
Officials
quote added:
He
Items regarding the amalgamation of these
two banks
appeared in 1929 in these columns of Sept. 28, page 1994 and
Oct. 12, page 2321.
The "Times" advices also said:
its nationals in China to
States Government would protect
the
1821
Chronicle
Trading on New York Stock and New York
Curb Exchanges During Week Ended Aug. 21
Member
percentage of trading in stocks on the
New
and New York Curb Exchanges during the
week ended Aug. 21, by members for their own account,
The
York Stock
the Stock Exchange, was lower
ended Aug. 14, it was announced
yesterday (Sept. 17) by the Securities and Exchange Com¬
mission.
Member trading on the Stock Exchange during
the week ended Aug. 21 amounted to 1,534,948 shares (in
round-lot transactions), the Commission noted, or 18.62%
of total transactions on the Exchange of 4,120,800 shares.
This compares with 1,762,480 shares of stock bought and
sold on the Exchange for the account of members during the
previous week, which was 18.99% of total transactions that
except odd-lot dealers on
than in the preceding week
week of 4,641,450
shares.
1822
On
Financial
the New
York
Curb
Exchange members traded for
their own account
during the week ended Aug. 31 to the
amount of 339,625 shares,
against total transactions of
1,101,420 shares, a percentage of 15.42%.
In the preceding
week ended Aug. 14 member
trading on the Curb Exchange
was
17.58% of total transactions of 1,084,045 shares, the
member trading having amounted to
381,195 shares.
The data issued
by the Commission is in the series of
current figures
being published weekly in accordance with
Chronicle
Sept. 18, 1937
Changes in Amount of Their Own Stock Reacquired
by
Companies Listed on New York Stock and New
York Curb Exchanges
The
monthly list of companies listed on the New York
Exchange reporting changes in the reacquired holdings
own stock was issued
by the Exchange on Sept. 16.
A previous list was given in our issue of
Aug. 21, page 1183.
The following is the list issued
Sept. 15:
Stock
of their
its program embodied in its
report to
the "Feasibility and
Congress in June, 1936,
Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended
Aug. 14 were given in these columns of
Sept. 11, page 1670.
The SEC, in making available the
figures for the week ended Aug. 21, said:
Shares
Shares
Previously
Per Latest
Reported
Report
941,375
946,675
3.500
5,000
15,460
on
The figures given for total round-lot
volume in the table for the New York
Stock Exchange and the New York
Curb Exchange represent the
volume
of all round-lot sales of
stock effected
on those
exchanges as distinguished
from the volume reported
by the ticker.
The total round-lot volume for
the week ended
Aug
21 on the New York Stock
shares,
New
was
York
Exchange, 4,120,300
7 8% larger than the volume
reported
Curb
Exchange,
total
1,101,420 shares exceeded by 3.7%
and warrants).
round-lot
the ticker.
on
volume
in
the
On the
same
week,
the ticker volume (exclusive of
rights
The data published
today are based upon reports filed with the New York
Exchange and the New York Curb Exchange
by their respective
These reports are classified as follows:
Stock
members.
New
York
New
Slock
Other than
Initiated
as
Exchange
1,074
_
Reports showing transactions.
As specialists *
869
193
105
specialists
on
floor
206
Initiated off floor
Reports showing
number
of
reports
in
the
various
than the number of
reports received
carry entries in more than
NEW
YORK
STOCK
one
classifications
because, at times,
a
may
total
more
single report may
classification.
EXCHANGE—TRANSACTIONS IN
OF MEMBERS * (SHARES)
ALL
STOCKS
FOR ACCOUNT
Per
Week
the Exchange
Cent
a
680
_
15
6,243
564,110
33,469
12.081
607,900
2,724
2,619
Burlington Mills Corp., common
Byron Jackson Co., common
100
Corp., preferred
Davega Stores Corp., 5% preferred
Detroit Edison Co., common
Federal Mining and Smelting
400
Co., preferred.....
862
870
778,846
2,006
2,406
1,073
1,142
164,429
12,627
163,831
11,627
368,385
356.501
65,447
6,842
floor—Bought
M
90
100
3,244
93,053
511,055
511,051
4,782
4,769
2,267
Thermoid Co., common
Thermoid Co., 83 preferred
Tidewater Associated Oil
2,274
2,587
91,812
preferred
1,548
Co.,
common
947
88,740
203,143
35,318
2,700
14,260
35,118
2.663
Wheeling Steel Corp., common...
Wheeling Steel Corp, preferred
14,240
39"
283,313 shares not authorized for listing
the
on
b Includes 34,918 shares not authorized for
listing
York
1,044
934
Transamerica Corp., capital
b United States Leather Co.,
7% prior preferred.
United States Tobacco Co., preferred
New
2.
Initiated off the
floor—Bought
Sold.
Exchange announced on Sept. 16
listed companies have reported
of reacquired stock and bonds held:
amount
Shares
Shares per
Latest
Total
.
Round-lot
transactions
of
registered—Bought...
American Equities Co. (common)
American General Corp. (82 div. ser.
specialists
In
stocks
In
4.37
which
364,380
375,850
.
Sold..
Total
$3
740,230
Total round-lot transactions of
members, except transactions
of odd-lot dealers in
stocks in which registered—Bought._
Sold
Total
8.98
In round
18.62
lots—Bought..
'■
•
...
.
2.
In odd lots
i
(including odd-lot transactions
Bought
_>
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF
MEMBERS *
on
IN
ALL
STOCKS
(SHARES)
8,700
8,900
5,851
5,451
...
141
160
1,350
1,450
1,050
1,275
a
of
floor—Bought
19,600
26,310
Total
45,910
Initiated off the
floor—Bought
2.09
Earlier by SEC
1937, of the daily corrected figures on odd-lot transactions
specialists in stocks, rights and war¬
on
the New York Stock
Exchange, continuing a series
figures being published weekly by the Commission.
The figures for the week ended
Aug. 28 were given in these
columns Sept. 4, page 1507.
The data published are based
upon reports filed daily with
the Commission
by odd-lot dealers and specialists.
The
following are the figures for the weeks ended Sept. 4 and
Sept. 11:
ODD-LOT TRANSACTIONS
25,595
23,520
Sold
Be Made Available
of current
Per
Cent
1,101,420
transactions
Sold.
2.
315
of odd-lot dealers and
rants
the Exchange
transactions of members,
except
specialists In stocks in which
registered:
1. Initiated on the
185
Securities and
Exchange Commission has made
public summaries for the weeks ended Sept. 4 and Sept.11,
Total Jor
Week
Round-lot
410
4,875
Reports
Week Ended Aug. 21, 1937
Total volume of round-lot
sales effected
7,282
None
4,881
-
The
1,414,021
CURB
300
Rustless Iron & Steel Corp. (com.)
Sterchi Bros. Stores, Inc.
(5% 2nd pref.)
6% 1st preferred..
to
648,234
765,787
Total
YORK
814,000
Odd-Lot Trading on New York Stock
Exchange During
Weeks Ended Sept. 4 and Sept.
11—Daily
302,970
of specialists):
Sold
NEW
534
272,386
6,401 6/10
824,000
818,800
5,201 6/10
202,770
100,200
Sold
/"■
294
239,286
7,783
Oilstocks, Ltd. (capital)
32/100
1,629
10,547
International Utilities Corp. (81.75 pref.)
The Knott Corp
Lane Bryant (7% preferred)
Michigan Gas & Oil Corp. (com.)
701,965
832,983
1,534,948
Total
Hygrade Food Prods. Corp. (conv. 6s A 1949).
Conv. 6s B, 1949
109,441
2,047
preferred
conv.
59,398 27/38
20,677 6/10
10,147
Class A
Transactions for account of
odd-lot dealers In stocks In which
registered:
1.
pref.)
Bickford's, Inc. (preferred)..
Cohn & Rosenberger, Inc. (com.)
Davenport Hosiery Mills, Inc. (conv. pref.)..
The Equity Corp. (common)..
Report
57,668 27/38
19,427 6/10
96,952 65/100
Common
360,268
_
Reported
5.27
131,615
228,653
New York
fully
Previously
434,450
Yorti Stock
on the
Curb
following
205,970
228,480
Total
M
1,576
33,574
26,047
Swift & Co., capital..
Texas Corp.,.capital
the
2,500
2,996
755.452
Hat Corp. of America, preferred
International Harvester Co., common
The New
800
1,800
2,689
•
General Motors Corp., common
Gimbel Brothers, Inc., 86 preferred
Includes
34,406
12,481
8,996
Canada Dry Ginger Ale, Inc., common
Consolidated Oil
a
570
14
5,228
Corp., common
Atlas Corp., 6% preferred
Atlas Powder Co., common
changes in the
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which
registered:
Initiated on the
Sold
15,813
Atlas
that
4,120,800
Round-lot
1.
common
Stock Exchange.
Total for
on
Co.,
Armour & Co., (Illinois), common
Artloom Corp., preferred
Exchange,
Week Ended Aug. 21, 1937
Total volume of round-lot sales
effected
common
W. A. Sheaffer Pen Co., common
Sloss-Sheffield Steel & Iron Co., 86
112
620
*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¬
nated for the New York Stock
Exchange, since specialists on the New York Curb
Exohange perform the functions of the New York Stock
Exchange odd-lot dealer as
well as those of the
specialist.
The
Express Co.,
Allis-Chalmers Manufacturing Co., common
Archer-Daniels-Midland Co., common
Remington Rand, Inc., 84.50 preferred
Safeway Stores, Inc., 5% preferred
52
283
553
no transactions
aAdams
Alaska Juneau Gold Mining
Kimberly-Clark Corp., common
Phelps Dodge Corp., capital..
Pittsburgh Screw & Bolt Corp., common
Pure Oil Co., 8% preferred
Real Silk Hosiery Mills, Inc., 7% preferred
Curb
Exchange
Number of reports received
York
Name
OF ODD-LOT DEALERS
AND
SPECIALISTS
IN STOCKS, RIGHTS AND
WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEK ENDED SEPT. 4, 1937
Total
2.23
49,115
Round-lot
transactions
Sales
of
specialists
registered—Bought.....
In
stocks
In
which
Trade Date
Sold
Total
No.Ord.
244,600
11.10
Bought
Sold
Total
339,625
Odd-lot transactions of specialists
In stocks In which registered:
Bought.
Sold
Total
_
87,047
66,025
their firms
actions
includes
both
purchases
and
sales,
i
while
the
total
3 and 4
3,850
Value
No.Ord
Shares
to
SeU)
,
Value
92,991
104,046
$4,256,384
4,806,838
3,296
3,577
78,596
176,296
226,474
7,887,479
4,957
124,490
6,603
5,526
7,768,018
195,939
9,968,843
8,159,123
182,155
7,682
143,403
6,071,005
31,413
795,746 $35,078,667
6
Exchange
7
14,467
8
14,929
389,004
9
10,447
26,937
268,717
372,347 $14,000,657
13,612,333
9,548,736
673,359 23,125,567
23,959
84,573
$3,207,351
3,472,105
5,761,850
613,217 $26,280,329
Closed
8,766
13,629
7,870
19,078
262,430 $10,122,347
389.982
13,423,692
217,956
7,354,793
563.983
19,378,811
their
Total for week
Exchange
Shares
(Customers' Orders
8,699
Total for week
Sept. 10 and 11
and
Exchange transactions.
In
calculating these percentages the total of members'
transactions is compared with
twice the total
Exchange volume for the reason that the total of members' trans¬
includes only sales.
2
Sept.
Sept.
Sept.
Sept.
153,072
*
The term "members"
includes all Exchange members,
partners, including special partners.
a
Percentage of members' transactions to total
7,001
Sept.
15.42
4,181
1
Sept.
138,995
200,630
Aug. 30
Aug. 31
Sept.
Total round-lot transactions
for accounts of all members:
Purchases
(<Customers' Orders to Buy)
93,800
150,800
.
volume
66,780 1703,427 $60,287,293
The commission announced
to reduce to
one
49,343 1434,351 $50,279,643
Sept. 10 that it has arranged
day the time required in making its daily
on
report of odd-lot transactions
on
the New York Stock Ex-
Volume
Financial
145
change.
Hereafter, the daily reports will be published on
the day after the transactions occur, instead of two days
after.
The Commission explained:
V
This step has been made possible by the decision to include in the
report only the transactions
oyer
95% of this business
tinue to be
based
on
daily
of the group of odd-lot dealers who handle
the Exchange
The weekly figures will con¬
Commission com¬
reports from all odd-lot dealers
on
parisons have indicated that the slightly smaller coverage afforded by the
preliminary figures will not increase the
new
tween the daily
necessary
discrepancies be¬
1823
Chronicle
the registrants estimated that expenses
commissions
increased
and
discounts
of 5.5% would be incurred: 4.6% for
and agents (reflecting the
underwriters
to
proportion of stock issues) and 0.9% for other expenses in con¬
nection with flotation and Issuance.
After payment of such expenses, the
registrants estimated that they would retain, as net proceeds.
was
to be offered
the
registrants
by various selling agents and 9.9% was to be offered by
themselves.
The
indicated that
and 10.2%
registration statements
89.3% of the securities
was
to the registrants' own
figures and the weekly figures.
$144,125,000.
Approximately 67.4% of the $152,510,000 of securities proposed for cash
offering for the account of the registrants was underwritten, while 22.7%
security-holders.
to be offered to the public generally
Among the large issues for which registration statements became effective
Chicago Board of Trade Doubles Margins on September
Corn to Avoid Attempted Corner
The
Clearing House Association of the Chicago Board of
Sept 15 increased the margins required on trans¬
actions in September corn from 4 cents to 8 cents a bushel,
effective Sept. 16.
The action was taken, it is explained,
as an effort to prevent a
possible corner in the commodity.
The Clearing House Association also announced that the
minimum initial margins which must be secured from cus¬
tomers on transactions in September corn contracts were 12
cents a bushel on speculative transactions and 8 cents on
hedging and spreading transactions.
Chicago advices,
Sept. 15, to the New York "Times" of Sept. 16, had the
following to say:
Trade
Co.
The attention of the trade
grain trades from
a
also called to the rules of the
was
fully margined
Of
total of $122,289,000 of common stock issues and
a
000,000,
respectively,
other issues having convertible features.
one
corn
either above
or
the
officials
Administration
would
of
the
Exchange
comment
on
the
nor
the
action
of
below the close of the
Exchange
Commodity
Conduct
Business
Committee of the previous day calling for a complete report on the open
interest in
the
September
of
rumors
MENTS
THAT
BECAME
FULLY
from all members of the Exchange.
DURING
EFFECTIVE
However,
Percent
Reserved for
Conversion
Type of Security
No. Units of
No. of
Common stock
of
Bonds, &c.
48
Preferred
stock....
Certificates of participa¬
tion, beneficial int.,
21
warrants, &c
Secured bonds
Gross
July,
June,
July,
Amount
1937
1937
1936
Stocks, &c.
Face Ami.
10
14,333,887 $122,288,520
2,218,494
85,690,489
30.1
16.9
21.9
41.2
21.7
4.2
25,390,327
12.4
4.7
9.2
5
29,600~666
29.929.250
14.6
37.4
46.7
1
3,500,000
3,587,500
1.7
19.1
17.4
0.2
Debentures
one
0.6
$266,886,086
100.0
100.0
100.0
Short-term notes
Total
commission house had cables from China and Western
85
Reorganization and Exchange Securities
In addition to the new issues, two issues of certificates of
Registration
of
85
Issues
New
Totaling $266,886,000
Under
Securities
Act
Effective
During July—
Three Reorganization and Exchange Issues Also
Become Effective
registered (in
Securities Act of 1933 indicates that
securities totaling
$266,886,000 became fully effective during July, 1937. The
comparable figures for the preceding month and for the same
month of 1936 are $369,065,000 and $362,925,000, respec¬
tively. It is explained by the Commission that included in
the amounts for July and June this year and
July, 1936, are
securities which have been registered but are intended for
purposes other than cash sale for the account of the regis¬
trants, approximately as follows:
new
and
issue of voting trust
an
stock
common
Consolidated
having
July, 1936
June, 1937
Co.
of
N.
Y.
SECURITIES
OF
BECAME FULLY
$61,497,000
10,512,000
$6,037,000
7,602,000
29,740,666
1,905,000
163,000
Common
48,000
70,000
Exchange Commission, in its
Aug. 30, also had the following to say:
announce¬
$144,000,000 from the immediate cash sale of the securities registered for
They further indicated that they proposed to apply 42.6%
toward
the
repayment of indebtedness: 29%
for "new"
(13.2% for plant and equipment and 15.8% for additional
working capital) and 23.2% for the purchase of securities of other companies
money purposes
for investment.
As indicated in the footnote below, a total of $61,497,000 of securities
registered during July, 1937,
of other issues
totals,
the
was
registered for
having convertible features.
estimated
gross
reserve against conversion
Excluding these issues from the
proceeds of the securities registered
manufacturing companies totaled $106,232,000
&c
for conversion.
for securities
the
total,
securities
with
or
51.7%
of the months
while
with
The financial and investment companies accounted
estimated gross
the
electric,
estimated
gas
proceeds of $43,771,000,
or
21.3% of
and water utility companies registered
proceeds of $35,167,000
gross
or
17.1%.
July, 1937 (other than Issues reserved for conversion) totaled $61,792,000
or 30.1% of the aggregate, and preferred stock issues, on the same
basis,
or
1
or
approximately $114,376,000
offering
for
as
account
were
or
42.9% of all the securities regis¬
of
the
registrants.
Of this
total,
about
registered "for the account of others"; $10,512,000
reserved for the exercise of options; $10,037,000 were registered for
exchange for other securities; and $48,000
were
registered for the payment
of miscellaneous selling costs and claims.
After deducting the above amounts, there remained $152,510,000 of
registered securities proposed to be offered for sale for the account of the
registrants.
Of these securities, $151,303,000 represented issues of already
were to be the initial offerings of
established enterprises, while $1,207,000
newly organized companies.
1,824,507
2,076,704
188,097
$11,288,299
3z
....
market
actual
value or
$396,916
1-3 of face value where market
was
$6,319,778
x
Repre¬
not available,
to Prevent Write-Ups by Parent Firms in
Consolidating Accounts with Subsidiaries
SEC
Acts
Securities
The
and
Exchange
Commission
published
on
Sept. 13 an opinion in its accounting series outlining a pro¬
cedure which would prevent write-ups arising in the con¬
of
solidation
accounts
by
a
parent company with those
of
through the elimination of only a portion
of the investment account.
The opinion, prepared by Car¬
subsidiaries
its
G.
man
to
ence
Blough, Chief Accountant, was written with refer¬
unnamed company, but the
one
wider
have
principles enunciated
Commission's belief.
The
by the Commission explained:
in
application,
announcement
the
contends that the purpose of the consolidated balance sheet
and its subsidiaries
The opinion
is to reflect the financial condition of a parent company
if they
as
were
a
single organization.
the subsidiaries' net
that
only the
the
par
or
substitution,
Thus the parent's actual equities in
the
assets should be substituted for its investments in
consolidation of the accounts.
In some instances the Commission has found
stated value of stocks of subsidiaries are eliminated
the surpluses of the subsidiaries
with the result that
improperly included as surplus in the consolidation.
are
indicates,
since
no
constitutes,
new
The
in
effect,
a
write-up in
added.
This, the opinion
the consolidated accounts,
assets have actually been
following is the text of Mr. Blough's letter:
You have
stated earlier, were reserved for conversion of other securi¬
ties; $32,282,000
were
the
$9.21l"595
These issues were registered in two registration statements.
1.7%; and certificates of participation,
tered during the month were intended for purposes other than immediate
$61,497,000,
1
tOl
Secured bonds aggregated only $29,929,000
14.6%; debentures $3,588,000
cash
1
Refers to securities to be issued in exchange for existing securities,
sents
beneficial interest and warrants totaled $25,390,000 or 12.4%.
In all,
675,000
1,029,159
392,933
199"318
Total
in
The estimated gross proceeds of common stock issues
registered during
totaled $84,690,000 or 41.2%.
$1,767,512
630,667
—
bonds
Voting trust certificates
by the
aggregate of $205,389,000 of securities registered for purposes other than
reserve
July, 1936
$9,501
Debentures
for the largest part for preferred
were
The issuers estimated that they would obtain approximately
amount
June, 1937
stock
$48,550,000
and common stock issues, and the chief registrants were the manufacturing
this
July, 1937
Certificate of participation, beneficial
*
$46,007,000
The Securities and
of
STATE¬
1937
Preferred stock
4,732,000
$114,376,000
their account.
REGISTRATION
Approximate Market Value x
z
Registrations during the month
IN
DURING JULY,
No. of
Issues
Type of Security
3,000,000
Registered for the "account of others"
To be issued In exchange for other securities
To be Issued against claims, other assets, &c
Total..
Lighting Co.'s
26.704,000
10,037,000
There was also registered
Westchester
8.007.000
32,282",666
Reserved for the exercise of options
Reserved for other subsequent issuance
$6,597,000
the
INCLUDED
EFFECTIVE
Certificates of deposit
vertible features
on
MENTS FOR REORGANIZATION AND EXCHANGE* ISSUES? WHICH
Short-term notes
Reserved for conversion of Issues with con¬
registered for issuance against
was
registration statement covering the guarantee of the
Edison
TYPES
THE
Interest,
1937
a
certificates
value of $2,076,704.
a
$25,000,000 314% general mortgage bonds, due 1967.
Secured
July,
deposit were
statement involving another security as well) for issuance
a
against outstanding preferred stock having a market value of $9,211,595,
during July, 1937
On Aug. 30 the Securities and Exchange Commission made
known that analysis of statements registered under the
companies.
of Total
Less Securities
Total Securities Registered
Europe asking for information.
ment of
1937
JULY,
prospective corner spread today over the greater part of
a
the world and
corn
and common
for bonds and
of the total against 16.3%
TYPES OF NEW SECURITIES INCLUDED IN 60 REGISTRATION STATE
Issues
the
On the basis of securities regis¬
Exchange
previous day.
Neither
against conversion of
debentures, and 12.4% for certificates of participation, warrants, &c.
the basis of initial requirements.
day in September
reserve
tered for purposes other than reserve for conversion, preferred
stock issues aggregated 71.3%
to accept orders for new
under the Exchange regulations flucuations of 8 cents a bushel are per¬
mitted in
for
registered
were
The doubling of the margin requirements was not a surprise to the trade,
as
$85,690,000 of
preferred stock issues registered during July 1937. $60,497,000 and $1,-
customer unless all open grain trades in the account
on
of 450,000
The American Rolling Mill Oo. issue
were:
cumulative convertible pref. stock; Westchester Lighting
$25,000,000 general mortgage bonds, 3H% series, due 1967; and the
Maryland Fund, Inc. issue of 1,000,000 shares of capital stock.
on
which provide that members are not permitted
are
during the month
shares of 4H%
In connection with the sale of the securities.
requested my opinion concerning the propriety of the practice
the subject company, in consolidating its accounts with those of
subsidiaries, eliminated from its investment account only the par or
whereby
its
stated
value of
It is my
the stocks of subsidiaries.
understanding that:
the parent company was in excess
proportionate interest in the equities in the net assets of the subsidiaries as
of the latter.
2. The parent's equities in the surpluses of the subsidiaries at the dates their stocks
were acquired by the parent were Included as part of consolidated surplus.
3
The amount of the parent's investment account not eliminated was shown as
an asset on the consolidated balance sheet, designated "Excess of Cost over Parlor
Stated Value of the Securities of Subsidiaries Eliminated in Consolidation."
1.
The aggregate cost of these investments to
of its
shown on the books
The
acquisition
by
another constitutes, in
company of the controlling stock interest in
effect, the acquisition of the assets of the acquired
one
1824
Financial
subject to its liabilities and the interests
company
of
Chronicle
minority stockholders.
The
values of such assets, after
deducting the liabilities and minority
interests, constitute the equity of the parent in the subsidiary and the book
value
of
such
equity
is
equal
the
to
The
of
purpose
of
consolidated
a
parent
a
single organization.
equities
in
therein.
net
Thus,
such
in
of
the
is
surpluses
account
in
at
remaining
the
net
The
is
to
of
sheet,
by
for
the
to
were
its
a
par
the
value
represented
thereby)
thereof
cost
properly
may
the
over
be
retained
company's
in
pluses
investment
of
amount
an
account,
equal to
issue
the
respective
dates
of
the
shall
The opinion
is the third of
from
time
to
for
time
development
of
in
to
interpretations
Commission
After
listing
outstanding,
and
during
the trustee shall
ately of the occurrence of
(a)
purpose
standards
3253, and April 3,
♦
New
York
Stock Exchange Revises
Requirements for
Listings—Embodies Additional Protective
Bond
Provisions
for
Mortgages,
Indentures,
Deeds
of
Trust and Trustees
The Committee
Stock List of the New York
on
change has revised
its form
of
Stock Ex¬
was
of
"Requirements for Listing
Applications" to include additional protective provisions for
mortgages, indentures and deeds of trust and for trustees
bond
issues,
Sept. 13.
The
it
announced by the
Exchange on
requirements, the Exchange explained,
new
represent a codification of the existing practices of the
committee, which have developed, particularly in the past
year, following the studies of a subcommittee appointed in
sections
of
the form
which
have
been
1.
The
committee
request
or
of
series
any
the
will
demand
trustee
indenture
will
Percentage of
to
upon
majority
the
to
in
the
principal
of
by which the
of
amount
such
is
List
issue
is
immedi¬
of the following events:
any
or
'
other reductions in amount of bonds outstanding.
*
»
of $308,112,141.
The drop during
August this year is attributed to losses
domestic shipments and for
those based on goods stored in or
shipped between foreign
countries.
As compared with a year ago
(Aug. 31, 1936)
decreases were shown only in credits created for dollar
exchange and based on goods stored in or shipped between
foreign countries.
The report for Aug. 31 was issued as
follows by the New York Federal Reserve Bank:
in credits drawn
BANKERS'
—BY
default.
action
bonds
to
compel
will
of
The
the
rescind
DISTRICTS
July 31, 1937
$34,242,346
251,618.375
13,463,670
2,924,405
266,591
1,636,067
13,597,583
323,679
$36,499,151
New York..
Philadelphia
Cleveland
Richmond
Atlanta
2,785,976
Y,~6~35~264
21,302,997
691,023
18,077,111
$351,556,950
$308,112,141
Dallas
12.
21,387,798
Minneapolis
Kansas City
11.
435,888
$343,881,754
9.
10.
San Francisco
Grand total
ACCORDING
action.
2,855,352
2,710
Decrease for month, $7,675,196.
a
$29,349,635
220,400,272
12,273,427
4,156,845
226,706
947,367
18,658,654
473,039
260,110,533
13,396,406
2,166,000
555,424
the
of
Aug. 31,1936
1,658,514
12,649,569
313,962
2,468,506
Chicago
St. Louis
minority
any
RESERVE
Aug. 31,1937
Boston
2.
committee
holders
FEDERAL
Federal Reserve District
1.
8.
necessary
for imports,
DOLLAR ACCEPTANCES OUTSTANDING—UNITED STATES
7.
remedy given by
any
of
event
any
bond
Stock
on
acceptances outstanding were below the previous month.
However, the volume outstanding at the close of the latest
month was $35,769,613 above the
figure for Aug. 31, 1936,
6.
TRUST
an indenture whereby a
30% in principal amount
indenture
enforcement
provision
listed
the
as
5.
OF
in
than
more
that
of outstanding
bankers' acceptances on
reported by the Acceptance Analysis Unit of
the Federal Reserve Bank of New York, totaled
$343,881,754,
a decrease of $7,675,196 from the
July 31 figure of $351,556,950.
This is the sixth consecutive month in which
now
Controlling Trustee
such
of
occurrence
a
of
by
DEEDS
provision
any
holders
secured
proceed with
object
not
object to
of the
bonds
of
AND
Bonds
period
volume
The
Aug. 31,
4.
MORTGAGES, INDENTURES
the
notify the Committee
Cancellations, retirements
3.
revised
follows:
as
been deposited In ac¬
$7,675,196 During August Noted in Volume
of
Outstanding Bankers' Acceptances—Aug. 31
Total of $343,881,754 Compares with
$351,556,950
July 31—Showed Gain of $35,769,613 Over Year Ago
1936.
The revised form outlines certain protective
provisions which must be included in mortgages, indentures
and deeds of trust, in order to
comply with the committee's
listing requirements.
The
has
(d)
May,
read
other security
or
(c)
on
2226.
page
Stock
on
Any change or removal of deposited collateral.
Declaration by the trustee that the principal amount Is duo and payable.
Issuance or authentication of additional or duplicate bonds.
(b)
publishing
of contributing to the
issues of May 15, page
our
Committee
listing additional amounts of previously listed issues, the
a
certificate indicating:
<
That the additional collateial
is
and practice in major
The two previous opinions were re¬
accounting questions.
ferred
the
uniform
series of
a
the
debenture
or
Decrease of
,
accounting principles which
present to the
1937
18,
bond
a
submit
acquisition of
their stocks.
list
(c) The principal amount, numbers and denominations authenticated.
(d) The disposition of prior obligations.
'
consolidated assets and surplus are over¬
the parent's proportionate share of the sur¬
at
as
to
indicating:
'
the subsidiaries
shall
made
That the additional amount is issued in conformity with the terms of the
3.
procedure, which, in my opinion, conforms
generally accepted accounting practice, has not been followed
by the subject company.
Instead, by eliminating only an amount equal
to the par or stated value of
the subsidiaries' stocks from the
parent
such
is
cordance with the terms of the Indenture.
among
and
stated
(a)
(b)
equities
consolidation
application
mortgage, indenture, or deed of trust.
by the parent and its proportionate share
Any part of the parent's investment
acquisition.
excess
certificate
trustee
parent
stated
or
the trustee for
a
At the time of
investment
from
that
(c) That the collateral or other security described in the indenture has been de¬
posited with the trustee.
(d) The numbers, denominations and principal amount of bonds authenticated.
(e) The disposition of prior obligations.
financial
they
Sept.
time
That the trustee has accepted the trust.
(b) That the securities applied for are Issued under the terms of the mortgage,
indenture, or deed of trust.
the parent company's
eliminating
equal
the
if
as
the
(a)
assets.
foregoing
to sound
issue,
List
the
reflect
substituted
are
amount
an
(representing the
assets
the consolidated
value
subsidiaries
balance
a
effected
subsidiaries' stocks owned
their
its
subsidiaries
of
substitution
company's investment account
of
balance sheet
and
company
assets
This
stated
or
stock(s)
plus the portion of the surplus(es) of the
owned by the acquiring company
subsidiary applicable thereto.
condition
par
At
2.
Increase for year, $35,769,613.
TO
NATURE OF CREDIT
,
2.
Release of Lien or
Satisfaction of Mortgage Upon Deposit of Redemption
Price
The
committee
which
permits the
mortgage, upon
the
requires that
be
to
are
of
contain
the trustee of
provisions
impressed with
which
trust
a
Aug. 31, 1937
July 31, 1937
Aug. 31, 1936
$133,444,501
71,257,827
10,124,461
58,038,606
1,635,012
$142,787,372
70,777,197
11,381,319
53,805,407
1,599,322
$104,438,637
62,645,714
69,381,347
71,206,333
79,147,460
Trustee
indenture, mortgage or deed of trust
or collateral,
or the satisfaction of a
liens
the deposit with
shall
security
funds
release
with
any
for
funds sufficient
clearly
the
establish
benefit of
to redeem
that
the
such
outstanding
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or
shipped
between foreign countries
unpaid bonds.
The
committee
positary
that
all
funds
deposited
with
the
trustee,
de¬
or
deed
requires
of
paying agent pursuant to the terms of any indenture, mortgage
trust, either for the redemption of the security or otherwise,
shall be segregated and held
by the trustee, depositary, or paying agent
as
a
separate trust fund for the benefit of holders of unpaid bonds or
or
BILLS HELD BY ACCEPTING BANKS
Own bills
Bills of others
Discharge
The
for
of
the
least
at
redemption
days
price
benefit
of
the
with
after
becomes
the
the
1.
A
surplus
date
of
company
funds
In
trustee
is
institution
or
Each
which
and
accept
(a)
be
mortgage,
as
by
FOR
adequate
appointed'
indenture
bond
a
principal,
funds
so
payments
interest
issues
of
a
deposited
truste
are
is
a
BOND
institution
experience
as
or
substantial
facilities
trustee of mortgages,
for
capital
handling
indentures and
qualified
trust company
as
deed
the
separate trustee.
of
7ts
The
a
of
same
The
trust,
under
corporation
Committee
are
on
the
provisions
issued,
Stock
List
should
Dealers'
Rate
%
180
Selling Rate
H
*16
us,
of the volume of bankers'
acceptances
close of each month since
Aug. 31, 1935:
1935—
Oct.
31
Nov. 30
Dec. 31
1936—
$321,807,411 Apr.
327,834,317 May
362,984,286 June
387,373,711 July
396,957,504 Aug.
1936—
Jan.
31
Feb.
29.
Mar. 31
will
of
30
<
916
furnishes
a
record
outstanding at the
1937—
.$343,694,299 Jan.
30
31
$387,227,280
401,107,760
396,471,668
395,031,279
385,795,967
364,203,843
351,556,950
31
343,881,754
30
330,531,460
Feb.
30
316,531,732
Mar. 31
31
315,528,440 Apr.
308,112,141 May
315,000,590 June
330,205,152 July
349,053,490 Aug.
372,816,963
31
Sept. 30
Oct. 31
384,146,875
376,804,749 Nov. 30
359,004,507 Dec. 31
Value of Commercial
be
by
not
listed bond issue shall be made without the
Committee
150
.following table, compiled by
other banking
director of the issuing corporation.
the
120
716
>4
_
No change of trustee for
prior approval
Buying
27
30
29
30
co-trustee.
or
or
(b) A trust company, banking institution or other
corporation in which an officer
of the issuing corporation is an executive
officer.
(c) A trust company, banking institution or other corporation which is
controlled
by or which itself controls the issuing corporation.
,
Dealers'
Days—
716
60
90
Sept. 30
having
and
30
Aug. 31
ISSUES
trustee:
An officer
Selling Rate
1937
Dealers'
Buying Rate
Days—
13,
or
acceptable for listing on the New York Stock
jurisdictions where the appointment of an individual
those
different
represented
the
such
(irrespective of whether the
banking
required by law,
must
the
for
institution) as a separate trust fund for the
outstanding unpaid bonds and coupons.
corporate trust business is required
Exchange.
funds
when
unless
deeds of trust of bond issue
as
of
banking
or
holders
trust
trustee
payable,
TRUSTEES
and
Dealers'
provision in an indenture, mortgage
discharge the obligation of the issuer
principal, interest, or redemption price of the
deposit
10
company
SEPT.
to
segregated and held by the trustee
trust
CURRENT MARKET RATES ON PRIME BANKERS
ACCEPTANCES
any
cperates
the
of
the
upon
object to
which
payment
security
until
will
trust
119,842,259
....$263,160,812
of Obligation Upon Deposit of Funds with Trustee
committee
deed
or
_
Decrease for month, $2,284,713.
unless sucji trustee, depositary or paying agent is a trust
company
banking institution having substantial capital and surplus funds.
3.
.$143,318,553
.
.
Total..
coupons,
or
9,763,985
50,183,313
1,933,032
on
Stock List.
New
York
Paper Outstanding
Federal
$329,000^000 Aug. 31
1930
Is
Reserve
as
Reported
Bank—Total
Highest Since
of
December,
The
following announcement showing the total value of
commercial paper outstanding on
Aug. 31 was issued on
Sept. 14 by the Federal Reserve Bank of New York:
Reports received by this bank from commercial paper dealers show
$329,000,000 of open market paper outstanding on Aug. 31,1937.
total of
a
Volume
Financial
145
This figure for Aug. 31 compares with $324, 700,000 outthe close of
standing on July 31 and with $205,200,000 at
increase for
August, 1936.
It is observed that while the
total is now
August over the previous month is small, the
highest since December, 1930.
July
Nov. 30
$191,300,000
31
198,800,000
Sept. 30
Aug. 31
197,300,000
324,700,000 Oct.
31
June 30
284,600,000
May 31
286,900,000
285,000,000
Apr.
30
290,400,000
267,600,000
243,800,000
Mar. 31
Feb.
28
Jan.
1936—
1936—
1937—
Aug. 31 .....$329,000,000
31
1936—
July
205.200,000
187,600,000
31
Feb.
20..
Jan.
31
Figures
showed
a
.
Reserve districts covering the latest examination
$1,954,200,766 by 614 banks in the New York district,
1.89% were in the loss column, 1.38% doubtful and 11.31% slow.
of
covering net sound
Statistics
capital of National banks and its relation
O'Connor.
In 5,312 National banks,
by Mr.
to
deposits also
said, sound copital aggregated
171.500,000
812,527,585,
178,400,000
180,400,000
183,100,000
176,800,000
banks
168,700,000
Nov. 30..
May 31
184,300,000
173,700,000
Oct.
31..
Sept. 30_.
180.200,000 Aug. 31..
the
New
sum¬
8, to
or
given
were
Federal
York
$844,285,496,
was
$3,215,511,548, with total deposits
ratio of capital to deposits of 1 to 8.34.
Reserve District, the net sound capital of the
average
an
total deposits
$26,For
614
$6,000,330,039, and the ratio of
1 to 7.11.
capital to deposits
215,200,000
Dec. 31
273-Day Treasury Bills to Amount
New Offering of
of
Liquidation
$50,000,000,
22, 1937
Receiverships of National Banks
38
Completed During August
Tenders to
completion of the liquidation of 38
receiverships of National banks during August was made
on Sept. 9 by J. F. T. O'Connor, Comptroller of the Cur¬
rency.
This makes a total of 773 receiverships finally closed
or restored to solvency since the Banking Holiday of March,
1933.
The Comptroller's announcement added:
Total disbursements, including offsets allowed, to depositors and other
creditors of these 773 receiverships, exclusive of the 42 restored to solvency,
aggregated $266,115,288, or an average return of 79.42% of total liabilities,
Announcement of the
while unsecured
dividends amounting to an average of
Dividends distributed to creditors of all active
creditors received
of their claims
67.06%
month of August, 1937, amounted to $4,261,613.
dividends paid and distributions to depositors of all receiverships
receiverships during the
Total
31. 1937,
Aug
from March 16, 1933, to
liquidated and
solvency during August:
by Henry Morgenthau Jr., Secretary of the Treasury.
The
tenders will not be received at the Treasury Department,
Washington.
The Treasury bills will be sold on a
They (the bills) will be
P.C. Total
Per Cent
Dividend
of
Including
ments to
Declared
Failure
Offsets
Total
to All
Liabilities Claimants
Allowed
$1,000,
of
denominations
No
tender
for
Nat.Bk.,SpringvaIe, Me.y
Co., Cam¬
$2,218,522
11-6 -33
First National Bank & Trust
10-3-33
248,944
105.88
109.9
234,186
104.67
107.981
442,105
105.28
106.8
2- 2-32
165,497
99.57
99.5
5-14-25
1,384,542
76.88
75.53
10-26-33
200,297
243,019
85.67
67.
82.41
73.
151,417
77,152
114,005
92.94
90-i
1,476,832
Hopedale Nat. Bank, Hopedale,
111
Burgettstown Nat. Bk., Burgettstown, Pa
First National Bank of Commerce, Tarpon
Springs, Fla.y
First National Bank, Fairfax, Okla
4-12-32
12-20-33
First National Bank, Hull, Iowa.y
First National Bank,
11-15-32
McCloud, Okla
11-12-31
Texas
1-11-32
Vandeventer Nat. Bank, St. Louis, Mo..
First National Bank, Pharr,
3- 4-32
111
10-18-29
111
7- 9-31
First National Bank, Mechanicville, N. Y.
1-27-31
First National Bank, Clinton, S. C
2-15-32
Sedalia National Bank, Sedalia, Mo
3-31-31
First National Bank, Worthington, W. Va
1-12-33
First National Bank, Littleton, Colo
9-27-33
First National Bank, Crescent City, Ill.y
10-10-31
First National Bank, Carterville, 111
3- 8-32
First National Bank. Hartwell, Ga_...
11-13-31
First National Bank, Marceline, Mo
3-27-34
First Nat. Bank, San Gabriel, Calif.y.
5-15-29
First National Bank, Lakeland, Fla
2-27-34
First National Bank, Holly Grove, Ark.y.
9-13-33
First National Bank, Hicksvllle, Ohlo.y..
First National Bank, Hamilton,
First National Bank, Taylorville,
ment securities.
or
such respect shall be final.
be advised of the acceptance or rejection
Those
thereof.
offered for Treasury bills allotted must be made at the
banks in cash or other immediately available funds on
96.75
95.75
207,678
92.55
90.63
Federal
98.48
96.39
Sept. 22,
998,967
74.99
72.66
314,345
523,850
103.25
95.94
93.95
and its customers up to any
153,743
290,350
77.24
71.32
of existing deposits
80.43
75.61
district.
115,621
87.85
83.7
233,313
66.17
53.15
105.
Reserve
1937, provided, however, any qualified depositary will be per¬
credit for Treasury bills allotted to it for itself
mitted to make payment by
The Treasury
qualified in excess
Reserve Bank of its
amount for which it shall be
when so notified by the Federal
bills will be exempt, as to principal
and interest, and any
other disposition thereof will also be exempt, from all
and inheritance taxes.
No loss from the sale or other
172,986
97.49
95.817
gain from the sale or
125,703
45.05
31.57
taxation, except estate
338,883
94.73
1,280,673
68,030
261,228
58.4
98.28
104.6
87.9
36.11
bills shall be allowed as a deduction, or otherwise
of any tax now or hereafter imposed by the
recognized, for the purposes
112.7
United States or any of its
37.32
59.585
7-30
162,004
49.86
15.8
92.45
disposition of the Treasury
100.
56.5
82.54
5-25-32
502,167
1-28-32
248,977
61.53
10-30-33
384,393
106.37
250,072
107.6
109.84
Treasury
possessions.
418, as amended, and this notice
bills and govern the conditions of their
Department Circular No.
prescribe the terms of the Treasury
issue.
111.4
12-13-33
51.16
177,089
89.54
83.6
1-32
120,046
70.15
47,995
95.99
379,850
94.6
94.6
Government
Securities
Purchased by
95.99
10-27-32
$12,510,000 ,of
34.7
5-23-32
12-30-31
6-
and collect stock
to complete unfinished
assessment covering deficiency in
liquidation. y Formerly in con¬
servatorship.
liquidation of National banks completed
of Aug. 14, page 1028.
Reference to the
applied for, and his action in any
1,315,240
64.38
Receiver appointed to levy
of assets sold,
hour for receipt of tenders on Sept.
the Federal Reserve banks or branches
Payment at the price
219,972
—
Cresco, Iowa.y
First National Bank, Arthur, Ill.y
First National Bank, Frederlcktown, Ohio
First National Bank, Crofton, Neb
United States Nat. Bk., LaGrande, Ore.*
Schmelz Nat. Bk., Newport News, Va.x.
First National Bank,
20,
thereof
up to the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than the
Immediately after the closing
submitting tenders will
33.
282,963
10-
of Treasury bills applied for, unless the tenders are
of payment by an incorporated bank
trust company.
amount
69.6
5-23-31
City, Iowa
City National Bank, Spur, Texas
Citizens National Bank, Salmon, Idaho
First National Bank, Hiawatha, Kan
value
57.24
incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit of
1937, all tenders received at
10-22-31
First National Bank, Holton, Kan
First National Bank, Lake
78.67
without cash deposit from
companies and from
and trust
accompanied by an express guaranty
106.9
Nat.Bk.,Central City, Neb.y 11- 1-33
11-15-33
Webster Nat. Bank, Webster, N. Y.y
bridge City, Ind.y
Each
be used.
Tenders will be accepted
or
Central City
$1,000 will be considered.
The price offered must be expressed
than three decimal places, e.g., 99.125.
of $1,000.
with not more
the basis of 100,
Fractions must not
than
amount less
an
10% of the face amount
The Sprlngvale
106.38
issued in bearer form only, and in amounts or
$10,000, $100,000, $500,000, and $1,000,000
tender must be in multiples
on
Total Dis¬
discount basis to the
They will be dated Sept. 22, 1937, and
will mature on June 22, 1938; on the maturity date the face
amount will be payable without interest.
An issue of similar
securities in amount of $50,025,000 will mature on Sept. 22.
In his announcement of Sept. 16 Secretary Morgenthau
highest bidders.
1937
bursement^ Disburse¬
offering of $50,000,000, or thereabouts,
273-day Treasury bills, to be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Sept. 20, were invited on Sept. 16,
of
(maturity valueL
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF AUGUST,
Date
a new
of
Thereabouts—To Be Dated Sept.
or
stated:
amounted to $873,487,834
the 38 National banks
The following are
finally closed or restored to
x
in
Federal
for
loans
of which
follows
as
31..
June 30
Apr. 30__...
Mar. 31
.$175,600,000
177,721,250
Comptroller O'Connor were
Washington dispatch, Sept.
the New York "Times" of Sept. 9:
of
remarks
Further
marized
lie
_.
1935—
Dec.
1825
Chronicle
Treasury During August
Net market
purchases of Government securities for Treas¬
investment accounts for the calendar month of August,
1937, amounted to $12,510,000, Secretary Morgenthau an¬
nounced Sept. 15.
This compares with $4,812,050 of the
ury
purchased during July.
tabulation shows the Treasury's transactions
Government securities, by months, since the beginning of
securities
The following
during July was made in our issue
in
1935:
Improved Loan Situation of National Banks Reported
by Comptroller of Currency O'Connor—Commends
Work of American Institute of Banking
Chapter of the American
Institute of Banking, Educational Section of the American
Bankers Association, J. P. T. O'Connor, Comptroller of the
Currency, reported on Sept. 8 that the loan situation of the
country's National banks in 1937 was more favorable than
in 1934.
The Comptroller also took occasion to commend
the work of the American Institute of Banking, stating that
"the success of a bank depends greatly upon competent,
efficient and industrious officers and employees, and your
study courses enable young men and women to become more
proficient in their work and thereby render more valuable
services to their institutions."
Regarding the loan situa¬
addressing the Washington
In
tion, the Comptroller stated:
1934
In
mercial
we
loans
made
as
a
careful
reported
by
compilation
our
National
of the classifications of com¬
bank
examiners
in each of
National banks with the following results:
The total amount of
loans was $7,740,596,000.
The examiners placed 2.88% of these loans in
the loss column, 4.19% in the doubtful column, and 27.05% in the slow
5,275
column.
We have just
recent examination
the
The
the
of
completed another compilation taken from the most
5,312 National banks during the present yehr,
with
The total amount of Joans was $8,426,931,749.
0.65% of these loans in the loss column, 1.14% in
doubtful column, and 10.68% in the slow column.
following
results:
examiners placed
1936—
1935—
January
February
March
April
May
June
July
August...
September
October
November
December
-
$5,420,800 purchased May
June
;
1,300,000 purchased
41,049,000 purchased July
August
21,900,000 sold
23,326,525 purchased September
8,765,500 purchased October
November
33,426,000 purchased
December
35,439,000 purchased
1937—
60,085,000 purchased
..17,385,000 purchased January
February
18,419,000 sold
5,275,200 purchased March
February
March
April
30,465,400 purchased
15,466.700 purchased
3.794,850 purchased
47,438,650 purchased
27,021,200 purchased
5,912,300 purchased
24,174,100 purchased
.
..18,546,850 purchased
4,500,000 purchased
32,702,150 purchased
19,025,000 purchased
14,363,300 purchased
5,701,800 purchased
119,553,000 purchased
May
11.S56.500 purchased
3,853,550 purchased
June
24,370,400 purchased
July
4,812,050 purchased
12,510,000 purchased
April
1936—
January
$15,794,000 purchased
August
$176,174,000 Received to Offering of $50,000,000 of 273Day Treasury Bills Dated Sept. 15—$50,010,000 Ac¬
cepted at Average Rate of 0.584%
Announcement that bids of $176,174,000 had been received
to the offering of $50,000,000, or thereabouts, of 273-day
Treasury bills, dated Sept. 15, 1937, and maturing June 15,
1938, was made on Sept. 13 by Henry Morgenthau Jr.,
Secretary of the Treasury.
The tenders were received up to
2 p. m., Eastern Standard Time, Sept. 13, at the Federal
Reserve banks and the branches thereof.
Of the amount
received, Secretary Morgenthau said, $50,010,000 were ac-
1826
Financial
Chronicle
cepted.
Previous reference to the offering of
Treasury bills
made in our issue of Sept. 11,
was
is from Mr.
Morgenthau's
accepted
Total applied for, $176,174,000
Total accepted. $50,010,000
Range:
High
99 630—Equivalent rate
approximately 0.488%
Low
99 547—Equivalent rate
approximately 0.597%
Average price 99 557—Equivalent rate approximately
0.584%
(90% of the amount bid for at the low price was
tax collections.
The
Treasury's Sept. 15 financing was offered on Sept. 7
subscription books were closed Sept. 9.
The
new
134% notes will mature on Dec. 15, 1938, and the 2%
notes on Sept. 15,
1942; neither issue is subject to call for
redemption prior to maturity.
Reference to the financing
appeared in these columns of Sept. 11, page 1674.
The
subscriotions and allotments to the
firancing were divided
among the several Federal Reserve districts and the
Treasury
and
accepted )
Mints
Will
Mined
Continue
Prior
Approves
After
Dec.
Date—President
31
Silver
Roosevelt
Opinion of Treasury
Counsel—Proc¬
Authorzing Purchases Due to Expire at
lamation
>
Receive
to
That
to
Close of Year
Treasury Department announced on Sept. 15 that the
various mints have been instructed to
receive, after Dec. 31,
domestic silver mined prior to
that
on
date,
For 1K%
For 2%
Notes, Series Notes, Series
Fed. Reserve
Ms rict
even
E-1938
Boston
though the Presidential proclamation under which the silver
purchasa program has been carried out expires at the close
of this year.
President Roosevelt, the Treasury made known
has approved an
opinion of the general counsel of the Treas¬
ury Department to this effect.
The opinion of the counsel
New York..
.
Philadelphia
.
Richmond..
Atlanta
Chicago
48,763,100
.
St. Louis
Secretary of the Treasury Henry Morgenthau Jr. received several inquiries from
mining interests
as to whether silver mined
up to Dec. 31, 1937, but which
could not be delivered
by that date, would be purchased by
the Treasury at the
prevailing price of 77.57 cents an ounce.
The proclamation in
question was issued by the President on
Dec. 21, 1933.
In
commenting
Treasury's announcement of
Sept. 15, Washington advices, that day, to the New York
"Journal of Commerce" of
Sept. 16, noted:
Today's announcement was taken as notification to all
interested in the
silver situation that with the close of the
year the present
domestic-mined
purchase price would be suspended
It is
on
1938 production.
likely, also, that the Treasury will suspend purchase of
foreign silver,
forecast.
However, it was added, Congress will reconvene for the
was
next
regular session early in January, even if not called into
an extra session
earlier, and there is expected to be plenty of
agitation for new legislation.
Senator Thomas (Dem.,
Okla.) has been critical of the administration of
the silver-purchase policy in the
past and promises new
inflationary legisla¬
tion will be pushed when
Congress reconvenes.
The
Administration twice
previously changed its domestic purchase price of silver in
1935, when its
program boosted the world price.
The expiration of the
under which the United States
agreed to absorb
other countries to take care of their
effect upon the situation
question.
own
London agreement
domestically-mined silver,
production, will really have little
because, in the United States, it is purely
a
political
No estimate of the value of the silver
acquired under the purchase program
It was learned that the
Treasury Department had undertaken
is available.
to prepare a statement
concerning silver stocks but
discrepancies
when efforts were made to match
volume with value.
made public shortly, however, it was
learned.
were found
The report will be
Series
B-1942
$2,904,200
$10,220,400
11.098.700
8,163.900
2,180,100
959,700
8,158,700
613.200
976.500
703,900
Total......$433,507,900 $342,135,800
Treasury to Release $300,000,000 of "Sterilized" Gold
at
Suggestion
of
Open Market Committee of
Federal Reserve
System—Designed to Ease Credit
Situation Due to Seasonal
Factors—Reserve System
Purchase Short-Term Government
to
A
the
on
2%
Notes,
Minneapolis..
Kansas City.
13,002,300
4,251,100
8,701,600
.
For
Series
2?-1938
5,931.100 Dallas
15,035.900 San Francisco
10.135,800 Treasury
2.007.800
2,675,000
.
Notes,
Mstrict
$15,699,900
255.410.800
11,369.900
11,382.200
5.644.300
.
Cleveland.
ForlH%
Fed. Reserve
B-1942
$19,751,700
299,901.900
.
obtained after
was
it
the
follows:
as
The
midnight
7
Treasury.
The Treasury is also required to pay off in
cash, with funds from its working balance, seven issues of
Treasury bills totaling $350,569,000, which matured between
Sept. 16 and today (Sept. 18), and $168,400,000 of interest
on the
public debt, which fell due Sept. 15.
The Treasury's
working balance has been reimbursed by Sept. 15 income
1674.
bids to the offering
announcement of Sept. 13:
page
The following regarding the
•4
Sept. 18,
Obligations
temporary
reversal
of
the
Treasury's gold
tion"
"steriliza¬
policy, and an open market operation
whereby the
Reserve System will purchase short-term
government securi¬
ties in sufficient
amount to "meet seasonal withdrawals of
currency from the banks and other seasonal
requirements,"
was
announced on Sept. 12
by the Federal Open Market
Committee of the Federal Reserve
System.
At the sugges¬
tion
of
the
committee the Secretary of the Tn
sury has
agreed to release $300,000,000 from the
Treasury's inactive
gold fund, into which the
Treasury, since the start of the
policy of "sterilizing" gold last December, has accumidated
approximately $1,400,000,000.
this
"action
is
The committee explained that
in
conformity with the usual policy of the
System to facilitate the financing of
orderly marketing of
crops and of autumn trade," and
"together with the recent
reductions of discount rates at the several Federal
Reserve
banks, it will enable the banks to meet readilv any increased
seasonal demands for credit and
currency and contribute to
the continuation of
easy credit conditions."
The committee's announcement
followed a two-day meet¬
ing in Washington, Sept. 11 and 12, at which the business
credit situation was reviewed.
It is stated that final
and
Secretary Morgenthau made public on Sept. 15 the follow¬
ing memorandum addressed to President
Roosevelt, and
which the President
approved:
MEMORANDUM
FOR
THE
proclamation shall remain
December. 1937, unless repealed
proclamation.
in
or
as
force and effect
amended, provides
until
the
thirty-first day of
or by subsequent
a
considerable period of time elapses
between the date silver is mined and the
date when the refining of the silver
has been completed and the
silver is delivered to a Mint.
a
question has arisen
Dec
31,
Accordingly,
as
to whether domestic silver mined
prior to
midnight,
1937, may be received by the mints after that
date under said
Proclamation.
I
advised by the General Counsel of the
Treasury that in his opinion
the mints may continue after Dee
31, 1937, to receive under said Proclama¬
tion, domestic silver mined prior to
midnight, Dec. 31, 1937, and otherwise
complying with the Proclamation.
I am in accord with such
opinion.
you
approve,
the mints
will be instructed that
they may
31, 1937, to accept under said Proclamation
newlydomestic silver mined prior to
midnight of Dec. 31, 1937.
continue
mined
after
indicate
foregoing, I should appreciate
below.
it if you would so
Secretary of the Treasury
APPROVED:
14,
and
Federal
12
and
expected
the
Open
coming
weeks
in
short-term
Market
the
Figures
All of
not
the
subscriptions were allotted.
The Treasury had
offered any of the new notes for
cash, limiting the amount
to be issued to
the amount of the
3J4% notes tendered in
exchange.
The 3>i
ing to
% notes not exchanged for the new notes, amount¬
$41,839,800, are being redeemed in cash
by the
Ooer»
Market Com¬
the
the
committee
market
open
in
met
credit
banks
for
time
its
to
view
of
credit
Executive
time
Sept.
on
In
and
currency
authorized
from
Washington
situation.
during
Committee
sufficient
11
the
amounts
to
of
United
States Government obligations to
provide funds to meet
withdrawals of currency from the banks and other seasonal
require¬
ments.
Reduction of the additional
holdings in the open market portfolio
is contemplated when the
seasonal influences are reversed or other circum¬
stances
make
their
The purpose of
volume
of
retention
further
a
unnecessary.
this action
excess
for the
ease
of
means
is to
maintain
adequate
reserves
policy of monetary
for
at
the
member
banks
continuation
furtherance of
economic
of
an
aggregate
the
System's
recovery.
making this
policy effective, the Open Market
Committee recommended that the Board of
Governors of the Federal Reserve
request the Secretary
of the Treasury to release
System
approximately
of
acted
Governors
gold
from
the
this
upon
release at
equivalent
an
This
on
Henry Morgenthau Jr., Secretary of the
Treasury, an¬
nounced on Sept. 14 that
reports from the Federal Reserve
banks indicate that
$775,643,700 of the $817,483,500 of
3M% notes of series A-1937, which matured on Sept. 15,
had been tendered in
exchange either for the 15-month
1^% Treasury notes of series E-1938 or the five-year
2%
Treasury notes of series B-1942, offered last week in the
Treasury's Sept. 15 financing operation.
The exchange
subscriptions for the llA% notes totaled
$433,507,900,
while those for the
2% notes amounted to $342,135,800.
re¬
seasonal
place
Treasury's Sept. 15 Financing—
$775,643,700 of 33^% Notes Converted—$433,507,900
Exchanged for ll/i% Notes and $342,135,800 for
2% Notes
of the
and
the
on
action
facilitate the
Together
of
amount
Federal
in
inactive
the
desired
funds
at
available
conformity
with
the
the
Reserve
banks,
seasonal
continuation
recent
of
it
demands
easy
reductions
will
for
credit
enable
credit
account.
and
the
amount
of
disposal
The
gold.
usual
of
of
policy
the
of
the
This will
banks
crops
discount
the
and
banks
of the
and
System
and of autumn
rates
to
currency
at
meet
and
the
to
trade.
several
readily
any
contribute
to
conditions.
The discount rates of the Federal
Reserve banks
1% at the New York institution, the lowest rate
bank has
Board
Secretary
reserves.
the
financing of orderly marketing of
with
increased
the
is
Treasury's
recommendation
once
correspondingly increase their
Final
Marriner
Committee
business
demands
Treasury agreed to
1937.
the
Sept. 12 in a
S. Eccles, Chair¬
of Governors of the Federal
reviewed
seasonal
of
ROOSEVELT
for
reached
was
:
$300,000,000
D
The White House,
Sept.
The
As
H. MORGENTHAU, JR.
FRANKLIN
recommendation
gold
ing is the formal announcement
mittee
Dec
If you approve of the
committee's
"sterilized"
Reserve Sys¬
tem, and Secretary of the Treasury Henry Morcrenthau
Jr.,
who is at his farm in Dutchess
County, N. Y. The follow¬
purchase
am
Accordingly, if
the
on
the
of the Board
man
modified by Act of Congress
As you know, in the normal
course
of
telephone conversation between
PRESIDENT:
The Silver Proclamation of Dec.
21, 1933,
This
agreement
lease
0
are
-
now
central
maintained at
any time, and V/j% at the other
During the past several weeks reductions
in the rates of
% of 1% were made by all of the banks
excepting Cleve^nd, which had had the 1%% rate in effect
since May, 1935.
Reference to the changes in the rates was
Reserve banks.
made in
our
Sept. 12,
on
issues of Sept. 11, page 1671:
Sept. 4, page 1509;
Aug. 28, page 1343, and
Aug. 21, page 1186.
The Washington
correspondent of the New York "Journal
of Commerce," Clarence L.
Linz, commenting, under date of
It
is
denied
repudiation
vast
sums
of
of
the action taken, said, in part:
by officials here that the#program constitutes in effect
the
policy
the Nation's
of
the
Board
which
idle bank money
led
to
the
a
impounding of
to prevent credit inflation and
Financial
Volume 145
unmanageable speculation.
large loss of
New
York
The
it
lose of
the
developed in the
notwithstanding
that
largely
was
of Excess Reserves
the middle
from
reserves
excess
related,
was
declared
appreciable tightness
no
market.
Loss
The
Board
by banks,
reserves
money
concentrated
of July to
early in August,
the banks of New York and
in
Chicago.
It could
not be
discussions
learned
the
between
what consideration may
Board
have been given in the
of the Open Market
Committee in
respect of the question of the adequacy of marginal require¬
However, it has been made manifest right along that there is no
ments.
is made
of the
In
no
volume
the
to
brokers'
of
liquidation
week's
past
present rules and reference
indicating that perhaps much
Administration circles to liberalize
sentiment in
loans
as
by "cash" customers.
was
debacle offers
quarters here it is insisted that the stock market
some
Federal
tend
problem #other than when there is uncertainty it iB likely to ex¬
general business, and in that the government is intensely interested.
to
presumably to buoy up confidence, and this will
undoubtedly be accentuated by the current Board action.
A further desire,
of course, is to minimize the necessity and the desire of banks to liquidate
their
and
of business,
it
to engage in an
market operation in short-term government paper should give stability,
was
to
New York "Sun" of Sept. 13 had the fol¬
lowing to say, in part:
of confidence and
another perpendicular decline
today, equaling in its severity the disastrous breaks of last Tuesday
[Sept. 7] and Friday [Sept. 10]. The financial community, and apparently
a
large section of the country as a whole, construed as a confession of
weakness the decision of the monetary authorities to take $300,000,000 of
the sterilized gold and place it as the base of the credit structure.
The little ground gained by the stock market in its early stage was
attributed to buying orders accumulated over the week-end and not can¬
celed before the implications of the Treasury's latest move were fully
appreciated.
These early gains made the subsequent decline seem more
Alarmed
than
severe
the Treasury
what
at
stock
the
reassurance,
net
market
changes
The
avowed
cheap credit when
it?
$1,370,000,000
$300,000,000
the day would indicate.
on
credit.
This
inject
it
latest
move
crop
gold,
is
the
Federal
Hudson
of
fession
weakness
conditions
easy money
Treasury
the
involve
System
take
as
basis
a
follows closely
remained
new
In
as
much
policy is
so
recently
as
the
after
whether there
as
is any
market
stock
was
Sitting in his
the Treasury
one
such thing
as
a
settled and well
of
State
mental
graduating
S^ept. 10,
group of
a
Hospital,
on
hygienists is
of the
one
valuable examples
before
car
semi-circle
a
members of
attendants,
of
and others making up an audience of 500, the President
informally to the three
and nine
men
women
of the graduat¬
nurses
ing class.
Mr.
Roosevelt admonished
bility
the
to
people
of
the graduates and
the
public mental hospitals who
and
no
valuable
more
sent
were
work
The
State.
home cured
being
was
the staff
percentage
patients
rising
was
accomplished
their responsi¬
on
of
in
the
in
year,
every
medical
science
today.
It
with
was
tion
pride that he pointed to the record of his Administra¬
some
Governor.
as
beds
6,000
or
Going into office he had found the State lacking 5,000
to
properly
care
started
program
the
for
his
during
but
insane,
result
a
as
New
Administration
the States in hospitalization of
among
of
the
stands
York
these patients.
Pays Tribute to Dr. Parsons
Regret
expressed
was
by
the
President
the
over
Frederick Y. Parsons, head of the State insanity work,
and his work
staff
Dr.
Tribune," in its account from its
President
welcomed
was
athletic
the
at
superintendent of the hospital, and
was
field
the President's
hospital
father had
1867, and
in
from 1872 to 1895, except
The
hospital is
thought-out
deeded
125
by Judge Charles
Judge Hopkins recalled
of
acres
that he had served
for
by Dr. Ralph P. Fol-
introduced
Hopkins, President of the Board of Managers.
that
of
correspondent, said, in part:
The
som,
A.
departure
from public service,
praised.
The New York "Herald
last May that many observers have begun to
Last May the program of doubling reserve require¬
banks was completed and the avowed purpose of that move
Nurses at
Hospital
River
work
open
the nursing staff
the
breaking wide open.
diametrically opposed to the
that the
interesting and
talked
as
market for Treasury bonds became strong at the start
even
so
credit
following
wonder
monetary policy.
Hudson
Mental
of
of
of public service.
A staff
correspondent of tbe New York "Times," at Hyde
Park (N. Y.), reporting this under date of Sept. 10, added :
the
on
volume of government securities for Federal
purchase of large
Reserve account, the
The
the government's
in
most
River State
Work
Graduation
Roosevelt, in addressing
the
at
nurses
Out of
will
inserting this $300,000,000 gold into the credit structure will
plan of
President
Commends
Talk to
in
provide ample
to
movements.
Reserve
Roosevelt
Hygienists
building
general downward changes in rediscount rates of the Federal Reserve banks.
The financial community was inclined to appraise this move as a con¬
was
President
first
to facilitate
the
into
...
Credit
Help
"sterilized"
of
toward
step
to
it is needed
horde
and
as a measure
into
of the Treasury's
purpose
and
intended
went
Aimed
and
Sept. 14 the President held a Cabinet meeting,rand
on that
day his announcement, given elsewhere in this
issue today, prohibiting Government owned ships,, from
transporting to Chiiia or Japan arms and ammunitions listed
in his May 1 proclamation.
declared
following the Treasury Depart¬
tbe developments
ment's move, the
the
On
issued
The intention of the System
argued.
As
of
ridge Long, former Ambassador to Italy.
holdings of government securities to obtain funds to meet commercial
agricultural demands.
open
Robert W. Bingham, Ambassador, to England; Franklin Mott Gunther,
Minister to Rumania; Lincoln MacVeagh, Minister to Greece, and Breckin¬
by various government agencies stressing the
Statements have been issued
"goodness"
1827
leaving Hyde Park he conferred there during the current week
with Norman H. Davis, Ambassador at Large in Europe,
James A. Moffett, former Housing Adminstrator and Bernard
M. Baruch, who recently returned from abroad.
On Sept. 11
it was noted in United Press advices from Hyde Park that
foreign experts who visited the President during his recent
stay there included:
members
bank
and
Chronicle
land
the
to
member of
a
as
State
for
the board
five-year interval.
one
few miles north of Poughkeepsie.
a
policy in Washington.
ments
was
the
in
to
The injection
inflation.
prevent credit
banking structure at this stage is
a
Roosevelt
President
of sterilized gold into the
Mobilization
in the opposite direction.
move
Secretary of Treasury Morgenthau to Discuss Monetary
with
British Treasury
Official—Sir
Agreement
Frederick Phillips to Confer with Secretary Next
on
the
tri-partite monetary agreement.
Advices from Washing¬
ton, Sept. 16 (by Clarence L. Linz), to the New York
"Journal of Commerce" of Sept. 17, said:
While from the tone of his informal announcement Secretary Morgenthau
to be attached to the
that there was no great importance
forthcoming conference, observers could not overlook
the fact that it will follow closely arrival here of William W. Butterworth,
Second Secretary of the American Embassy in
London, and that H. Merle
Cochran, First Secretary of the American Embassy in Paris has been
called
to
Washington
to
advise
Mr.
Morgenthau
"the Nation's
concerning
...
re¬
events
Declaring that there
no
was no
Roosevelt
as
British finance experts, Mr. Morgenthau
"Mr.
specific objective involyed.
from time to time having officials of
of the members of the tripartite monetary agreement visit
to the
working of the agreement.
Undoubtedly, officials of the
Treasury's Interests in England, just
in France, is here.
as
Mr. Cochran does
organizations,
cam¬
President
(through
which
great success."
a
.
.
.
necessities
the
which
the lesser privileged."
to
dent's
statement,
their
are
added that it is the duty of all of us "to
erous
.
.
.
with
fortunates
due."
He
be kind and gen¬
The following is the Presi¬
made public
on
Sept.
13
by Charles
P.
Taft, Chairman of the members of a National Citizens Com¬
mittee, named to supervise the drive:
"I
am
happy to invite the Nation's attention once more to the annual
for
Mobilization
Human
Needs
which
in
communities
are
preparing cam¬
finance by voluntary contributions their local institutions and
agencies in the field of human welfare," the President's message said.
"In a world shaken by strife, distrust and bloodshed, our Nation has
steered a peaceful course; steadily progressing toward the goal of human
conservation.
It has campaigned with great intensity for the peace-time
paigns
to
betterment
of
those
have suffered adversity,
who
even
destitution, because
economic and business upheavals.
welfare
Both visit Washington once or twice
load
"Normal
need,
the
proved
more
a
year in
order
The Federal Government had to assist
the private and public agencies could
than
changes in our
economy
are
opportunities which are their due.
who
lesser
Returns to Washington from
Hyde Park, N. Y.
who left Washington for a three
Aug. 26, following the adjournment of
Congress, returned to the White House on Sept. 14.
During
his brief vacation the President spent the time at Hyde Park,
N. Y. and cruising on Long Island Sound.
He left Hyde
Park late Sept. 13 for Washington on a special train.
Before
rapid that we
the
more
fortunate
to
It is but the duty of those of us
kind and generous toward the
he
agencies supported by the Mobilization for Human Needs cover a
range
the
of
human
endeavor.
Through the
right to public confidence.
years
these agencies have
So, too, has the Mobilization
for
Needs.
"Especially significant is the emphasis these agencies give to the questions
health and social adjustment as they affect the younger generation—the
beys
of
so
all agencies, public
privileged.
"The
of
marked and
to provide large numbers of unfortunates with the necessities
been
have
so
during prosperous times, the assistance of
even
and
wide
pioneers in social welfare.
Public
the burden became too great for
when
private,
President Roosevelt
and education of the youth
investment.
And we should
be the men and women of
they who will decide the all-important question of the
In actual
and girls.
our
on
were
necessary
for.
care
Human
Roosevelt
agencies
activity became
the
when
earned
weeks' vacation
welfare
"Private
what is transpiring abroad and take back with them the Treasury's
viewpoint on various matters."
President
Needs
Human
welfare
and
Butterworth, who has been assigned by the State Department to
to report
annual
the hope that this year's Mobilization
private agencies to carry it alone.
United States Treasury will make similar visits abroad.
look after the
the
to
the campaign is con¬
"Normal changes in our
economy," says the President, "are so marked
that we
need
the assistance of all agencies to provide un¬
Washington in order to have more direct contacts and permit the exchange
of views
local
their
expresses
ducted) "will be
particular significance to be attached to the
"It is simply establishing a policy of
the treasuries
attention"
v
visits here of the American and
said there is
of
tributions
of
abroad
Needs
paign by communities for the financing by voluntary con¬
for
Week
Secretary of the Treasury Henry Morgenthau Jr. revealed
on Sept. 16 that Sir Frederick Phillips, Under-Secretary of
the British Treasury, is coming to this country at his request.
Sir Frederick is expected to arrive in Washington over this
week-end and to confer with Secretary Morgenthau and other
Treasury officials on Monday (Sept. 20).
Secretary Morgen¬
seemed to desire to give the impression
Attention^ to Annual
Expresses Hope
Human
it Will Be "A Great Success"
Directing
thau indicated that the conversations will be centered
Calling
for
dollars the
care
country is perhaps our greatest capital
remember that the boys and girls of today will
tomorrow.
It
is
future of our country.
"I
hope with all my heart that this year's Mobilization for Human Needs
will be
a
great success."
Financial
1828
Gover¬
of
Governors in Atlantic City—Proposal of Governor
Lehman for Unification of Taxes Reported Favored
President Roosevelt Entertains at White House
of
nors
Conference
States—Following
17
by President
President Roosevelt entertained at a White House luncheon
Sept. 16, the Governors of 17 States.
An invitation to
by the President on Sept. 7, incident
Governors* Conference, held at Atlantic City
on
them had been extended
to the Annual
this week, from Sept. 14 to
16.
At the conference the need
early action looking toward the coordination of Federal
pointed out on Sept. 14, by
Governor Lehman of New York, and a resolution (offered
for
State and local tax systems was
•
by Governor Cross of Connecticut), was adopted by the
Governors on the same day, endorsing Mr. Lehman's pro¬
posal, and requesting President Roosevelt to take the in¬
itiative in consultation with the Governors.
The President
toward bringing about a co¬
ordination of State and Federal tax systems to eliminate
duplication.
United Press advices from Washington Sept. 16
in its report of the conference noted this and said:
is indicated
favoring
as
"The TVesident told
us
a move
that he
was
always agreeable to discuss problems
through the conference method," Gov. George C. Peery of Virginia said
Except for this commitment Peery added, the discussion
after the luncheon.
"entirely social."
was
on
in the destiny of the United States.
Roosevelt and John L. Lewis, Head of CIO
President
Confer
L. Lewis, Chairman
Organization, conferred at
Washington on Sept. 15, both the White House and Mr.
Lewis made non-committal statements after the 15-minute
conference, but (said United Press advices from Washington)
it was indicated that the differences which developed when
Mr. Roosevelt wished a "plague on both your houses" dur¬
ing the CIO strike in "little steel" were discussed.
In part
While President Roosevelt and John
for the Committee for Industrial
these advices continued:
Mr. Lewis told newspapermen on
besides
Governor
♦
leader said that a
Says Nation Has Been Acting and
Thinking in National Terms for Past Four Years—
Addresses
Exercises
Commemorating 75th Anni¬
reached.
Roosevelt's visit with Mr. Lewis was
House officials said Mr.
White
During the past four years the nation has been "not only
acting but also thinking in national terms," President
Roosevelt said yesterday (Sept. 17) in addressing a gathering
estimated at between 15,000 and 20,000 at the Antietam
Battlefield, in Maryland, in observance of the 75 anniversary
of the Civil War battle fought there.
Pointing out that the
effects of the era of reconstruction following the Civil War
encouraged "sectionalism" and led to "misunderstanding,"
and "greatly retarded the unity of the nation," the President
said that "deeply we appreciate that the distress of difficulty
of any one part of the Union adversely affects each and every
other part.
We stand ready in all parts to lend a helping
those Americans who need it most."
to
President's address
The
discussion "covered almost every¬
"very pleasant," and added that their
They said the conference had been arranged
thing,"
several days ago.
Day address of Mr. Lewis which was assumed
as directed at the administration
because of the strictures
incident to the steel strike, was referred to in our Sept. 11,
The Labor
1681.
page
+.
Roosevelt
President
International
Hopes
Situation
Will
Quiet Down In Next Few Weeks—Informal
Talk At Hyde Park, N. Y. to Roosevelt Home Club
11 President Roosevelt, in an informal talk to
Hyde Park, N. Y., expressed
the hope that the international situation would quiet down
in the next few weeks, so that he could work only four or
five hours a day instead of the "ten and twelve I am putting
in now."
A staff correspondent at Hyde Park of the New
York "Times", whose account we quote, also reported:
On Sept.
the Roosevelt Home Club, at
the President
declared that "we
are
doing everything we can in the
United States—
United States—botn the people and the Government of the
to
keep
He
of war."
us out
received
first
a
hand
report
European conditions from
to-day on
Bernard M. Baruch, just returned from abroad, who when asked about the
of Battle of Antietam
versary
he had
reviewed or whether any decisions were
He refused to say what topics were
He
President Roosevelt
leaving the White House that
Pressed for more Information, the labor
"number of matters of mutual interest" were discussed.
value."
"nothing to say of news
Governors
cluded
hand
that unity in the spirit of tolerance, of willingness to
In all we do to foster
help our neighbor, and of faith
issue,
attending the White House luncheon in¬
Peery, and Governor Lehman,
Governor Hoffman of New Jersey; Governor McMullen of
Delaware; Governor Cross of Connecticut; Governor Johnston
of South Carolina; Governor Aiken of Vermont; Governor
Townsend of Indiana; Governor Graves of Alabama; Gover¬
nor Stark of Missouri; Governor Cone of Florida; Governor
Allred of Texas; Governor Holt of West Virginia; Governor
Cochrane
of Nebraska;
Governor Miller of Wyoming,
Governor Blood of Utah, and Governor Winship of Puerto
Rico.
v '
The
Sept. 18, 1937
Chronicle
situation there said:
"It is
Any thing
tinder box.
a
can
happen."
The President made his remarks in a talk to the Roosevelt Home Club,
a
Roosevelt
gathered on the front lawn of the farm house which Mr.
owns.
Introduced
in
formed to assist him in political cam¬
of neighbors and friends
group
paigns, which
"Franklin" by former Judge John E. Mack, who put him
as
nomination
at
national
two
conventions,
devoted
President
the
Us
speech largely to the necessity of planning, which he said was necessary
to keep us out
of war.
Regards Situation as Serious
"I have only had two or three
hours to myself since I first came here,
"They are not any
largely because of international conditions," he said.
better than
be to those of us who read the newspapers.
they appear to
They are pretty serious and I am glad, as Mrs. O'Day said, that we are
doing everything we can in the United States—both the people and the
follows:
Government of the United States—to keep us out of war."
The passage of time has a strange
those which have occurred in
effect
all great crises, especially on
on
History, in the
comparatively recent years.
Actually in the minds of almost everyone, we do not class as history those
tFings
which have
come
Mrs.
said in
the events of yesterday and of the past week.
strict interpretation, covers
to pass within our own memory or that of our
parents.
At
On the other hand they think of the
In my own case, though
their childhood
War with Spain as history.
of
between the States, the results of that war and of the
And today,
75
many among us
years
difficult years
some
North—tactically
Whether
we
one
be old
or
young,
the wrongs of the long four
of the brave
honor those who fell
we
had
war
was
can
still visualize as
war
invade the
war
years
never
been.
between the States.
We
can
and
we
We can
do revere
this and other fields.
'
,
generation of Americans who
and for the generations of Americans who have come after
was
the will of God that we remain one people.
Today, old and young alike, are saddened by the knowledge of the bitter
that followed the war—years bitter to the South because of economic
destruction
and the denial
to
its
population of the normal rights of free
Americans—years bitter to the North because victory engendered among
the baser passions of revenge and tyranny.
We must not deny that the effects of
made
themselves
felt
in
many
the so-called "era of reconstruction"
evil waysffor
half a century.
to define the
once
more as a
history of the present generation; but I venture
nation of restored unity.
not
acted
I believe also, that the past four
mark the first occasion, certainly since the war between the States,
and perhaps during the
question
as to
be removed.
we
whole 150 years of our Government, that we are
Union adversely affects each and every other part.
We stand ready in all
Americans who need it most.
of the spirits of those who fell on this field—Union soldiers
parts to lend a helping hand to those
and Confederate soldiers—we can believe that they rejoice with us in the
unity of understanding which is so increasingly ours today.
He refused to answer
and to withdraw, our fleets and military forces would
The question Was too
suppositious, he said.
President
Roosevelt
Alleged
Defers
Comment
of
Connections
Klan
on
Reports of
Supreme
Court
Justice Black Until Return of Latter From Abroad
Newspaper reports of alleged membership in the Ku Klux
Klan of Hugo L. Black, recently appointed to the United
States Supreme Court were referred to by President Roose¬
velt on Sept. 14 when at a.press conference in Washington
he read the following statement:
"I
know
stories
are
"Mr.
only what
I have read in the newspapers.
I note that the
running serially, and their publication is not complete.
Justice
Black
is
in
Europe,
where
Until such
undubtedly
timo
as
he cannot
get
he returns, there is no
further comment to be made."
It
was
observed in
that the
quotation,
Black to
the
an
the
a
Washington dispatch Sept. 14 to the
President read
the statement for
unusual procedure.
direct
The nomination of Mr.
Supreme Court by President Roosevelt, and
of the appointment by the Senate was
issue of Aug. 21, page 1191.
confirmation
noted in
our
+
appreciate that the distress or difficulty of any one part of the
In the presence
confined to financial circles, but
change in his belief that our nationals
remain ao their own risk.
only acting but also thinking in national terms.
Deeply
no
whether, after ample timo had been given Americans there
to receive his warning
"Times"
the belief that it was not until the World War of 20 years ago that we
years
Mr. Roose¬
They en¬
tarded the unity of the nation.
soon
a
was
the full text of these articles.
couraged sectionalism, they led to misunderstanding and they greatly re¬
It is too
He indicated that thore
the
them, that the conflict did not end in a division of our land into two nations.
I like to think that it
the world and by no means
over
in China should got out or
Civil
of the decisive engagements of the
know today that it was best, for the
fought the
.
this was rigntly so, adding that it
felt in every home.
old,
who fought on both sides—we can and we do
men
on
financial news service remarked
that there seemed to bo a "jittery" psychology in the countrj
jt serves us little to discuss again the rights
wish
the
but could come pretty close to speaking for those
democratic,
The topic came up when a reporter for a
spelled the failure of the attempt.
and
that
not
all
drawn battle, but actually a factor of vital importance
a
but
many
of the possibility
of every democratic
Roosevelt added that he could not speak for the government* that
Mr.
were
was
marked the first effort of the Confederacy to
to the final result because it
years
Roosevelt raid there was
conference earlier in the day Mr.
In addition there was deep concern on the part
velt broke into the question to say that
relationship to their own lives.
because it
But
press
It is, therefore, an American battle
who can remember it.
We know that Antietam was
memory
war.
still
after the critical battle of Antietam, there are
which thousands of Americans, middle-aged and
War
Large from New York, had
that were.
I came into the world 17 years after the close of
that followed it do not make me think of it as history.
bearing
Representative at
government in the world.
memories.
war
a
O'Day,
talk earlier that she hoped we would stay out of war.
fear in every home throughout the world, and rightly so,
Young people in their early twenties today have little or no personal
recollection of the recent World War; but it entered into
the
Caroline
a
They urge us
Resolution Was Placed Before Senate Before Adjourn¬
ment
Calling for
Mortgage Bank
Study
of
Need
for
a
Central
A resolution that a joint Congressional committee be
appointed to study the need of establishment of a central
Volume
Financial
145
of the Harvard Law School.
mortgage bank was submitted to the Senate in the closing
days of the session of Congress recently ended by Senators
Wagner, of New York, and Pepper, of Florida, it was
pointed out on Sept. 5 by the National Association of Real
Estate Boards, Chicago.
The resolution, which was not
acted upon, remains on the Senate calendar.
"The WagnerPepper bill, to establish such a central institution for stabiliza¬
tion of long-term credit, now before the Senate Committee
on Banking and Currency, is expected to be made an active
subject of study by the Committee when Congress reas¬
sembles," the Association said.
General Cummings Files Brief in United
Supreme Court to Aid States in Taxation
Contractors Doing Federal Work
Attorney
States
of
Cummings of
General Homer S.
involving
brief in the United States Supreme Court
a
by the States of West Virginia
receipts of contractors engaged in
imposed
taxes
and Washington on gross
building dams for the Federal Government was made known
in
dispatches
press
the
New
that Government
State
also
the
position
selling to
He
A
"In
for
by
cases
could
the
last
case
The
cases
present
burdened
exclusive
This
gasoline
for
storage
ago."
year
a
the
latter
was
asserts
in
.
The
Whether the State
questions:
two
United
the
by the
bought
exercised
States
3.
public interest.
The "cushion" for the market is not provided by those who have short
positions, but rather by small buyers and sellers who constitute "the
term
back-bone cf the country."
4.
There should be
and
extension of Federal control to cover reorganiza¬
an
investment
trusts
toward
and
the
that
Government
Government's right
to refuse to accept
exclusive juris¬
Washington advices, Sept. 14, special to the New York
15, summarized Mr. Landis' remarks as
"Times" of Sept.
follows:
As to the work of the commission, Mr. Landis said that very substantial
been made and that personally he hoped its duties would be
by the adoption of legislation in the next Congress dealing with
increased
other subjects such as reorganizations and the investment trusts.
Mr. Landis said that the best reply
commission
and
property.
vices
three
From
cases.
"Herald Tribune"
the
ad¬
Congress in the Summer of 1936 on the advisability
feasibility of the segregation cf the broker-dealer function.
"I
am,"
borne out
and
more
K.
State Tax Commissioner
James,
of the State of
West Virginia
tax on gross receipts on the amounts paid by the United States to the
Dravo Contracting Company for building navigation dams on the Ohio and
Virginia
Kanawha
The
Rivers.
Commission
of
the
contracting business,
the
on
Grand
amounts
by the facts brought cut by investigation."
more
He
by
Replies
"Activity"
on
one source
from which complaints emanate, Mr.
Landis said, was that the desirable type of market was a market in which
there
much buying and selling as possible, no matter what the motive,
was as
long as there was no fraud and deceit, or manipulation.
a
cases—Silas
two
of
Washington
Mason
Company, etc.,
David
and
H.
Ryan
v.
Tax
State of
v.
Washington, tax on the privilege of engaging in the
the
on
State of
philosophy
brief
Columbia
the
Constitution
should
be
that
points out
the
to
exempt
no
River.
express
that
effect
from
•
The position of the commission,
Mr. Landis said, was that there were
That position, he said, was taken not on the ground that
public interest.
does
it
not
buying
create
power,
but
that typo of speculative activity
ready to be liquidated
Although
and
dual
the
protect
"Increased
exemption of
additional
brief
a
Federal
of
the
the
of
would
the
be
ground that it is necessary
Federal
to
a par
Government;
greater
a
received
revenue
on
would
Federal
with all other purchasers.
by the
at
of
United States,
if the
least partially offset
State
if
taxes,
the
the
expenses
exemption
by the State which
carrying
on
a
rise or fall in the market.
first, cry to have something done, he said, did not come
.
.
States
would
benefit from
than the United
extent
a
of
a
The
was
on
the country west of the Hudson River, while the
in the
panicky feeling
congested financial centers.
'Why this
said Mr. Landis.
of thinness of the market*"
cry
have learned is that the short-term specualtive
interest is not one that
One of the
cushion when other factors make for a decline or rise.
a
we
"Does
One thing
the thinness of the market, make for more erratic movements*-'
things
fearful
After all, he said, the triumph of the administration was
revolution.
built
do know is that last week the cushion came trom elsewhere."
remarks
Asked if his
could
be interpreted
as
answer
an
of the Stock Exchange, Mr. Landis said that he was dealing
to
Gay
Mr.
with his thoughts
but not his words.
Sees
More
Stable
Market
for Federal
aid,"
Mr. Landis insisted that the thinness of the market could not be measured
merely by buying power.
cases
a
it is argued by
for liquidation
of
is
the Federal Government by
restricted,
such
may
as
be
regarded
reason
as
of
proper
roads and schools, main¬
assist the Federal Government in building and
If there was eliminated, he said, more of the
than there was for buying power, then he felt there was
He felt that the present market was iar more stable than a market,
gain.
with larger speculative positions.
He
not
was
arguing, Mr. Landis said, for the complete elimination of the
speculative operator but that he should not be dominant in the market.
Mr.
States,
its projects, the brief contends.
he
to the
would
Landis
said,
were
not
discuss
in
detail margin
be
a
that
He reiterated that,
the higher margin requirements
where special commitments
were
also eliminated the need for the buying power to
eliminated,
The
—
Defends Commis¬
sion's Policies Against Attack by President
New York Stock
Gay of
Exchange
Sept. 14 formally accepted, with
"real regret," the resignation of James M. Landis as Chair¬
man
of the Securities and Exchange Commission.
Mr.
Landis, who had indicated last June his desire to leave the
Government service, submitted his resignation to the Presion
dentjunder date of Sept. 11.
there
liquidate them.
following is the text of the correspondence bearing on
resignation exchanged by Mr. Landis and President
,
Chairman of SEC to Become
of Harvard Law School
President Roosevelt
As
situation.
Roosevelt:
James M. Landis Resigns as
which,
situation where there would be too much in bank loans
outstanding against collateral, but that
was
requirements,
under the jurisdiction of the Tederal Reserve Board.
necessity for the liquidation of collateral for bank loans, he said that
relieved
the
Dean
.
from those sources
which he termed "the backbone of the country," and they were not
there might
in
payment to the State for the facilities,
tained
make for either
Looking back to 1933, Mr. Landis said conditions were very blue
any
by the States should have the natural
lessening the claims of States
increase
Landis said, may
doctrine
Government.
Any
As illustrating
the security markets, he said that "a real estate market
speculation was a market built on sand", and "a very dangerous
Any cushion to be found in this type of speculative activity, Mr.
thing."
Government
States cannot complain
United
collected
restricted
is
immunity
additional
the
effect
individuals
to
the
in
recalls such immunity
restricting the exemption
decision
that
states
which
taxes
cost
restriction
the
the
and
by the other, but
being required to enter the market place
and
to be found
is
upholding the State taxes would increase the expenses of the
the
on
system of government.
admitting that
Government,
of trading, the commission had taken its position.
his argument outside
acts as
statement
States
the
taxation
time, Mr. Landis asserted, made for an unstable market and against
at any
that type
we
has been recognized by judicial decision, on the
to
That
rejected when Congress adopted the Securities Exchange
was
Act."
seeking to impose this tax
Washington
Practice Called Fair
The
justifiable,
"Under that philosophy," he added, "the market of 1929 was
except for the pool operations, and the Florida boom was justifiable.
a
paid by the United States to the contractors building the
Dam
Coulee
other
State
Washington—involve
Company—involves
Contracting
Dravo
v.
and which are
"enunciating ideas there expressed,
he said,
The position taken
built
also take the following:
we
One of them—Ernest
West
Exchange
the Securities
An excessive number of long or short positions
the
of the
to Mr. Gay and other critics
be found in the report that
to
was
Commission sent to
makes the market less stable than it ought to be.
According to advices from Washington to tlie New York
Tribune" a single brief was filed by the Govern¬
in
adopt a
speculative activities, not strictly manipulative, but which were against the
"Herald
ment
cannot
corporations because of their importance to
the public.
for the
Government
dams.
point made by the contractors, but the Department of
a
Past and future aims of the commission is to eliminate excessive short
2.
so
.
whether
the areas
over
the
the
such
.
on
and
Government
building
Justice
where the
unconstitutional
was
sale to the United States.
market that should create any particular
a
term speculation because it is not in the
police
asking the Attorney General to intervene
the Government's view
diction
for
municipalities
to
"thin" in relation to the number of
although
daily is not
concern.
which held that a State tax on
storage for
reargument,
jurisdiction
of
from
from
only
The present market,
1.
transactions made
argued last Spring before the high court and the court
were
tax
purpose
of
down
and
motorcycles
Texas Company,
v.
decided
was
them
set
selling
taxes
collected consti¬
not be
could
sales
dealers
dealers selling gasoline
from
Motorcycle Company v. United
Federal
withdrawn
was
which held that State gasoline
Knox,
Indian
;
The
dissenting opinion.
strong
a
constitutionally
Guard
Coast
special press conference Mr. Landis indicated clearly his position to
a
that:
argues.
was
v.
contended
must overrule three of its
Court
brief
there
Company
that
Graves
withdrawal
gasoline
Oil
States
from
At
be
those
the extent
doctrine to
Supreme
the
collected
held
and
purposes,
immunity
implied
of
Chairman of the SEC has not
capacity of Chairman.
In reporting the re¬
tiring Chairman's remarks at his press conference Sept. 14,
a Washington account, that day, to the New York "Journal
of Commerce" of Sept. 15, said in part:
progress had
immunity
decisions
be
not
which
tutionally
rule
the
restricting
the Cummings
those
United
States,
the
Government,
of
Panhand'e
are
the
restrict
to
the
each
taxes
decision
a
contracting with a State.
or
decisions,"
"In
be subject to all
taxes."
State
as
will act in the
result will be that private individuals
reciprocally and allow the Federal Government to tax
order
prior
to
that
operate
selling to
accepted the Gov¬
if the Supreme Court
immediate
"the
to Mr. Landis
successor
yet been chosen. Mr. Landis said that George C. Mathews
laissez-faire attitude
Reciprocity
Operate in
non-discriminatory
added
would
we
taken
were
a
tions
contracting with the Federal Government will
or
applicable
"Times"
following:
Cummings said today that
ernment's
Federal and
the
the account to the
From
Would
Mr.
business with
doing
of those
Governments.
take
stated that the purpose of
was
Mr. Landis's remarks
reply to those of Charles R. Gay, President of the New
York Stock Exchange, in his annual report last month,
wherein he suggested that Government regulation might be
resulting in the destruction of a broad and liquid market.
The report of Mr. Gay was referred to in our issue of Aug. 21,
page 1185.
as
overrule several former decisions to end tax
the brief is to
exemption
it
regulation of trading through the SEC had
resulted in thin markets.
In the advices to
Washington.
from
"Times"
York
After attending his last Com¬
mission meeting on Sept. 14, Mr. Landis held a special press
conference at which he defended the SEC against complaints
as
The filing on Sept. 14 by U. S. Attorney
1829
Chronicle
He resigned to become Dean
Dear
Mr.
Sept.
President—
I must at this time tender to you my
SEC. for within
a
11,
1937
resignation as a member of the
few days I shall have to assume my new duties at the
Harvard Law School.
It has
been
ministration.
a
rare
privilege to have served my country and your Ad¬
I could not have wished for a richer experience nor a happier
association, for there is no satisfaction so fine as work under conditions that
make possible achievement and under leadership that inspires.
To me, as to thousands
will channel the
course
have been done
are
of others, these
years
of all further effort.
have brought direction that
For
as
great as the things that
the symbols that you have given men to live by.
1830
I
Financial
but poorly speak my gratitude for the
opportunity you
corded me and for the unfailing consideration you have
can
have
Chronicle
ac¬
problems.
And that is
it should be, for our commission and
as
work sprang from your mind,
utterances,
your
wish once more to repledge my
ideals.
your
loyalty and m>
To
J.
yours,
M,
sit-down
strikes,
of the members of the organization
strikes designed or calculated to
LAND IS.
immediately concerned,
coerce the government,
or
Sept. 14, 1937
whether local, State or national, either directly or by inflict¬
Dear Jim:
It is with real regret that I accept your
resignation as
SEO.
But I do not feel that I
can
standing opportunity for service
has been
As
tendered
to
Securities
Act
of
1933,
of the SEC and
as
a
member
of the
pioneer effort of modern democracy.
financial
regulation
could
government
public.
And the
as
Federal
one
Trade
of the original members
where
not
of the
most
intelligently
success in
You have been
supposed
intervene
which you
experts
for
the
have played
so
portant not only for its Immediate accomplishments but
toward protection given
by Government to the
mightily to
leader in
a
were
a
of
as an
the
part is im¬
a
My regret at
leaving is tempered by the hope that in
your
be
may
firing line.
Faithfully
to
Hope for Impartial
Appraisal of Stock Exchange Restrictions
Commenting
interview given to the press by James
M. Landis on Sept. 15, Charles R.
Gay, President of the
New York Stock Exchange
expressed the hope "that we may
take stock
impartially of the restrictions which have been
laid upon exchanges
that we may assess the re¬
sulting gains and losses from the viewpoint of the public
on an
.
welfare."
.
.
Mr.
Landis, in retiring on Sept. 15 as Chairman
of the Securities and
Exchange Commission defended the
policies of the Commission, which Mr. Gay had criticized in
his recent annual
report, to which reference was made in
these columns Aug. 21,
page 1185.
The remarks of Mr.
Landis
referred
are
in his comments
to say on
There is
is that
a
to
elsewhere in this issue.
Mr.
Mr. Landis' statement, had the
on
Gay,
following
Sept. 15:
one
no
disagreement and that
interest.
There
should
be
no
disagreement,
best
serves
furthermore,
on
the public
other
one
point and that is that the best method of
determining the kind of market
which is most desirable, from the
viewpoint of the public, is through a care¬
ful dispassionate and realistic consideration of
all relevant facts.
To that end it
seems
appropriate to repeat the suggestion made in my
report that all persons in Government and without
now
reappraise existing
market conditions to determine the
degree to which the public welfare is
being served.
and
exchanges and
and sell securities that
we
upon
the millions of individuals who buy
may assess the
resulting gains and losses from the
viewpoint of the public welfare.
effort to
an
was
"fearful that, in
what might be termed sporadic evils, undue restraints
cure
being placed
on normal, proper action, thus
ditions."
can
I
creating abnormal market
only repeat what I said in that report:
find
"That good has resulted from Government
supervision and regulation Is granted.
we should assess losses
against gains.
If the result
a broad and
liquid National market Is being impaired so that it does
not function freely, It
follows, of course, that it may cease to function in time of
stress.
Then, Indeed, the public Interest is being harmed.
"This is not said in a
fault-finding spirit.
We of the New York Stock Exchange
are in sympathy with the endeavor
to promote the public wa'fare
>
t ose who are
charged with the administration of the Act of 1934.
We see, however, grave danger
If regulation is carried to the
point where the essential public service rendered by a
However, the time is here when
broad, liquid market is destroyed."
*
"With all deference to Mr.
Landis, for whom I have the highest respect,
I
see
no
to
reason
the
be made,
now
be
upheld
must be
freedom
the
of
eo
by
care¬
individual
belog in endeavoring within
may
it will
intervals
the
still be necessary to make
be held
can
their
of
existing chaos
financial
and
of the wage-worker may
responsible
operations.
if
for
develop
to
It
really
we
is
propose
situation
a
in
be steadily and satisfactorily
how
carefully
the
its
labor
drafted,
Canada
to
and
fail
can
the
this
of
kind,
make
to
and
livelihood
of
conceive
would
of
are
widely
so
raise
however
and
new
many
authority, that of
questions
those
of
different
that
regimentation
problems
more
of
kind
conditions
jacket
that
Arizona,
or
life
the
of
has
not
this
Amendment
done
uniform
State
Plainly,
plan work
liberty
resort
most
as
to
State
and
crack
the
for
opposed
are
Whether
disastrous,
both
economic
leaders
of
British
Trade
the
of
the
of
apparently
which
be
shall
it
solve
supplement
to
as
this
be necessary
may
desire.
fundamental
between
the
of
economic
curious
struggle
and
peace
anomalies
In other
that
is
They
which
when
who
shall
is
desire
to
matter
a
of
all
in
Unions
done, it remains
the public
brought
and
essentials
Act points
then, by
quickly
must
protect
organized
arc
Trade
that there
first,
are,
Federal,
organizations
Disputes and
comic
as
so
kind
reactionary radi¬
they themselves
or
who
of any
war
knowledge and of constant demonstration.
particularly
have been
tragic
as
radicals
of
these
words,
which
that
upon
common
plain.
reactionary
and their hatred
except
war
those
are
peace
looked
State and
war,
labor
shall
are
of
purpose.
all
be
fact of
a
conclusions
legislation,
any
to
this
taste, hut it is
much
One
war.
break
and
part
which to
in
would
the
to
of
Florida.
history
but
way
then
man
again
regimentation,
economic
however
aspects,
The
and
of
forms
lesson,
and
what
strait-
form of nation-wide
legislation
permit,
of
a
vigorous and persistent advocates and supporters of strikes in all
between nations
by
racketeers.
the
formal
The
When
way.
be^
from
about
so
action, both State
Federal, to make the members of labor organizations fully responsible
American citizens for their acts
as
its
and
to
a
that
American
right-minded
again
ardently profess their love
and
government
thought
deal with
to
into
Massachusetts and
of
Michigan
attempt at
taught
and
all
activity which
and
secure
every
back
come
we
ordered
constant
cals
to
of
governmental
upon
them
put
to
which
solve.
Any
the greatest advan¬
understanding
citizens
any
have
demand
to
of
have
industry
possibly
be called
can
from
impossible
which is that local
group
the sound
prooeed
conditions
as
between
the
should
of
of
one
trouble.
and
of climate, of soil
almost
could
however
or
Pacific
legislation by that amount of Federal control which
make the
to
to
or
would
Surely
so.
is
it
Montana,
form
quickly than
One
and
new
dangerous
form
neighborly
the
by
of
personal
any
people.
problem
and
Federal
more
regimentation of
of
is
it
away
attempting
alike
worn
the
cause
certainly
more
be
Pennsylvania
Nothing will
spirit
a
without
are,
must
of
in
a
meant
the
to
any
than
form of government,
the constituent States,
this
well
possibly
the Atlantic
attempt at legislation of this kind throws
tages of the Federal
war
...
introduce
to
Mexico, conditions of population,
nation-wide
a
not
of
efforts
of
through the enactment of legisla¬
giving authority to an official public
hours of labor.
It is hard to under¬
application,
wages
the Gulf
form
a
of preventing it as to
means
problem
territory which stretches from
a
that the strike is
ways and
strongly supported
are
proposal
any
to find
to prevent military war between nations.
into
regulate
to
stand
In
there
element
again and again
reason
means
nation-wide in
corporation.
toward
it
The
has
absence
either
this
of
individuals
as
legal
liability,
or
members of
as
although
a
advance
any
been
strongly opposed by labor leaders, is really a distinct
damage to the interests of the wage-workers.
Mr. Justice Brandeis, more
than
30 years
Supreme
change my views.
he
limit
establishing these policies
the
of
much
as
now
agency
that
indicates that
can
will
it
and
avoid
out
and
ways
difficult
are
con¬
wise
no
have been done,
be repeated
must
make.
I pointed out recently in
my annual report that I
because
organizations themselves
stated
at
to
condition
there is
their
It is my hope that we
may take stock impartially of the restrictions which
have been laid upon
judgment
my
enforced,
time, any law of this kind
to which
shall
labor
order
the
Eighteenth
point upon which there should be
securities market should be provMed which
them
in
shortest
reports
bring
tion,
President Gay of New York Stock
Exchange in Answer
to J. M. Landis of SEC
Expresses
made, and in
improved.
Just
ROOSEVELT
the
The
impossible
which
yours.
FRANKLIN D.
com¬
monetary.
new
a
any
improve the conditions under which he works, whether
much
make
It
your
conduit for bringing to the world of
scholarship a
fuller appreciation of the problems of those
you leave on the
you
citizens of
quickest way in which to accomplish this is
provide that these labor organizations shall be incorporated and required
quite
of those who have to make decisions in the
administration of great affairs—
and you leave behind you greater
respect and appreciation for the scholar
in Government.
be
same
group
to
or
that
their acts.
to
to the councils
the
upon
v
it will
so
When
certain
of the people who can
masses
should
At the
the
of
or
physical
damage
law against
the
limits of the law
to
Yoii have brought the invaluable perspective of the scholar
position
worker
encouragement
get it no other way.
and
fully drafted that
that
sure
protection
large
field of
and
He added:
these acts
public opinion.
Commission
its second Chairman, you have contributed
as
All
illegal
Congressional committees in the drafting of the
charged with the enforcement of that Act,
a
hardship
munity.
dean of the Harvard Law School which
you.
collaborator with
a
ing
member of the
a
ask you to postpone any
longer the out¬
as
sympathetic
or
that directly affected
by a
dispute between employer and employee, or strikes in breach
of an existing agreement as to collective b. rgaining or labor
relations, or strikes called without a vote by secret ballot
I
devotion.
Respectifully
called
are
strikes in industries other than
our
them
what
nance
always exhibited
to our
Sept. 18, 1937
ago
Court
of
and long before his appointment to be a
the
United
States,
these
used
highly
Justice of the
significant words:
This practical immunity of the unions from legal liability Is deemed by many labor
leaders
Dr. Nicholas
Murray Butler Discussing Labor Problem
Declares
There Must Be Legislation to
Protect
Public from Economic War
Brought by Reaction¬
aries—Sees
British Trades
Union
Act
Pointing
a great advantage.
To me It appears to be Just the reverse.
It tends to
officers and members reckless and lawless, and thereby to alienate public
sympathy and bring failure upon their efforts.
It creates on the part of the em¬
ployers, also, a bitter antagonism, not so much on account of lawless Acts as from
make
a
deep-rooted sense of Injustice, arising from the feeling that while
is subject to law, the union holds a
position of legal irresponsibility.
Way—Viewing Division
Between Political Parties
Would Describe One "Constitutional Liberal" and
the Other
"Reactionary Radical"
Under
the
caption, "The Background of the Labor Prob¬
lem," Dr. Nicholas Murray Butler, President of Columbia
University, addressed the Parrish Art Museum at South¬
ampton, L. I., on Sept. 5, at which time, in pointing to the
"new and menacing
importance" which trade disputes have
assumed during the
year, he said:
It
is
high
time that
responsibility for
interests
of
the
public
devastating effects
the
very
matter
consequences.
looked
those
but
to
upon
be
It
and
that
and
the
is
solely
of
in
of
the
Dr.
forces
and
drift
of
which
which
of
that
aspect
or
as
trade
from
pressure
groups
underlie
and
has
from
come
very
problems
the
which
the
to
disputes.
without
these
the
protect
be
This
grave
be
viewpoint
not
they organize,
shape them
be brought
Butler declared that "at the
present time it would
to be quite obvious that public opinion will not counte¬
noted
"the
that
industrial
problem in all its
is why the industrial
problem lies at the root of every prac¬
tical movement to restore and to maintain world
prosperity,
as well as to establish and to maintain international
peace."
He went
to say
on
that "it is becoming obvious that in the
United
States this industrial problem is to
control
the
political
differences
immediately before us."
The
existing
existence
For
of
At
no
they
the
of
have
are
no
present
by
fact,
it
therefore
the
come
of
into
divides
constructively
of
great
Republican
form
past
and
fashion and to
policies
of
the
years
has
it
save
and
immediately
in
purpose
been
name,
as
sentimental
was
Democrat,
increasingly
the
same
and
into
Civil
that
plain
War.
these
underlying diffennces
originally
appeal
came
the
following
the
many
The
case.
proud
two
memories,
longer really significant in the way that they once were.
time, both of the historic American parties are completely
reason
cannot he fitted
of
years
and
Continuing, he said, in part:
parties,
present
thought
names
wrecked
political
their
longer represent,
political
party
but
in
number
a
parties
of
interpreted.
Butler
employer
aspects has become wmrld-wide," and he asserted that "this
height of its
will
government
our
war
indefinitely
importance
to the
rose
policies
economic
superficial
aims
such
accompaniment
to
highest
their
opinion
principles
form
usual
permitted
public
existence
immediately concerned and the
that
light and
seem
of
ordinary
cannot
American
bringing into
Dr.
the
the
either
their
fact
that
of their
membership
the
commanding
industrial
traditional programs and,
from
top
bottom.
to
as
problem
a
matter
The time has
when, if the economic life of the people is to be dealt with
and
immediate
intelligently
future
must
by
government,
represent
then
different
and
the
party
opposing
division
ways
of
Volume
developing
strife,
and
Financial
145
Nation's
the
whether
between
agriculturists,
economic
between
or
and
resources
and employed,
employers
our
people
own
between industrialists
those
and
of
other
any
With
this
in
mind, the line of division between the political parties
clearly indicated.
tional
Liberal,
economic
The
lying the
statesmanship,
it
tion to
States and its classic Bill of Rights..
to
open
by
amendment
people themselves
the
time to be not sufficiently elastic in its interpreta¬
prove at any
meet the
The
solve
Pro¬
since it
would, on the other hand, proceed to deal with the economic questions of
the time without any restriction whatever arising from the American form
of government.
This Radical party, whatever its name, would be reac¬
tionary in fact because its aim would be to pull up by the roots every¬
thing that exists, to destroy the gains of centuries of economic, social and
political development, and to insist upon regimentation by government
should
gressive,
substitute
a
this
Radical
achievement
Were
the
would
of
be
constructive
be
to
liberty.
called
spokesmen
The
cleared of
and
difference
individual
the fundamental
democracy there
a
Banker's party or a
is
School Teacher's
or a
in the
the name and trying to
bearing
party
a
or
yesterday, General Dawes did not make any predictions on whether there
versation indicated that he did not consider a European war imminent.
present
reorganization
and the
comes
6ooner
the American
of
our
all
in
government
interests
shall we increase the effectiveness
and the more adequately serve the
the sooner
conditions,
day
its
parts
the entire people.
of
Outweigh Unfavorable Factors Ac¬
cording to Roger W. Babson in Study of Next Year
Two—Improved Business Looked for in Fall—
Controlling Crops, Managing Money, &c., Root of
or
Our Economic Troubles
Presenting
of "Cross-currents of Today," Roger
survey
a
W. Babson, in addressing the Boston Chamber of
a
his address Dr. Butler took occasion
that "the present day popular use of capitalism as
to state
of contempt and
term
a
toric
derision is absolutely without his¬
economic justification."
He further said:
or
This term
cal
seized upon by
was
liberty because of
with
increasing
liberty
for
makes
unpopularity,
vehemence
and
generation.
It
Socialists
and
radical
as
the
is
a
be
has
been
used
attack against
weapon of the Com¬
favorite
should
it
and
of
weapon
recognized
as
such.
and adds:
With
and
tremendous crops, nothing can stop
our
stockholders
boom,
but
business
period of
more
business
money
capital
possible,
what they are really fighting is that
namely, liberty, whether social, economic
peak."
and
You
retard the flow of water by a
can
is
his
in
convertible, or non-callable,
must be
has the
As to inflation, Mr. Babson
have
describe
to
which
have
the speeding
by
ment.
he
wage-worker
does
not
are
believe
as
played
and
a
this exploitation.
His sympathies,
He is compelled to take action
upon.
make
to
which he
payments
very
Of course,
thirst for power.
of their
of
Within
the
limits
or
does not
persecution
for
labor,
the
increase
practical
of
.
.
no
and
its results
their
or
monetary
wages
and
salaries and
of illness or dependent old age,
development of collective
The
leaders.
wish
not
his
himself
representatives—who
do so,
to
aloof
doctrine
Charles
bargaining is sound
affected
are
by
its
results.
No
from
shop
any
is
compulsory
not
G.
Dawes
organization.
That is why the sobut highly inconsistent with
only undesirable,
of personal or
economic liberty.
Looks
for
Continuance of
Satis¬
predicted that the current wave of good business would last
into 1939, that a stock market collapse will occur in late
1938 or in 1939 and that thereafter there will be a minor
recession in business lasting one or two years.
Regarding his present predictions (made public
quoted as follows:
Sept. 8)
he is
continuance of
fall in the light of the declining
stock prices.
see
no
indications in business of a
business conditions continue
day of reckoning is coming.
Con¬
The vicious new tax on undistributed earnings,
make the next depression worse than the last.
can
But that
Far
Eastern
Branch of
Federal
of San Francisco Advocated
by
of
Bank
Reserve
Willis—Son of Late H. Parker Willis
Proposal with View to Developing Foreign
Makes
Trade
Federal
America's foreign
trade is advocated by Dr. Parker B. Willis, Professor of
Economics in the University of Vermont, in a study pub¬
lack of confidence and expect to
satisfactory," he said.
of a
Establishment
branch of the
Eastern
Far
Francisco
San
of
Bank
Reserve
aid
to
by the "Columbia University Press."
A branch in
is also suggested by Dr. Willis, who points out
lished
Hawaii
that
trade has
foreign
reached a point at which
further
development will not take place unless there is interna¬
tional development of capital.
Dr. Willis, who is a son of
the late H.
Parker Willis, authority on banking, states
of
that "consideration
been
contemplated;"
branch in the Far East has never
a
he contends,
this
in
Coast
Pacific
however, that there
is
direction."
Dr. Willis declares that
America's position in foreign trade must be
secured through adequate banking facilities abroad."
Only
one bank in the Pacific States, the Bank of America, has
participated in the movement to establish branches
the study shows.
"The others have held back,
largely because of the risk involved and the fact that the
rapid economic development in the region has continuously
far
so
abroad,
It is further stated:
used their funds."
Pacific
Most
bankers
Coast
have
preferred
to
use
native
banks
in
is thought that better
service at less cost is secured through these channels.
The native banks
are
credited with having a better understanding of the business methods
handling
and
most
habits
of
of their
their
own
foreign
It
transactions.
nationals.
They are better able to obtain credit information on
good trade this year and next," he said when
questioned about the prospect of business this
see
huge
"ultimately
Despite the recent recession in prices, continuance of
satisfactory general business conditions is looked for by
Charles G. Dawes, Chairman of the City National Bank &
Trust Co. of Chicago, and former Vice-President of the
United States.
It is pointed out that earlier this year in a
book entitled, "How Long Prosperity?", General Dawes
"I
our
"logical basis for one, and," he says, "the future of foreign
trade relatively will depend upon the activity of the San
Francisco Reserve Bank and the member banks of the
factory Business Conditions
"I see a
will
money,
them.
to pay
Establishment
the provision
should he be allowed to suffer at the hands either
or
of his employers because he prefers to hold
nor
workers
fellow
closed
called
any
How else
dollar.
are
admirable if it is participated in by those and only those—
chosen
managing
Dr. Parker B.
wage-worker should be compelled to join in collective bargaining if he does
of
20c.
the future.
the shortening of the hours
highly desirable,
as much in the interest of the general public as in that
of
the wage-workers
themselves who are to be directly affected.
The
practical problem is how to bring about these desirable results without
permitting economic war at the cost of the general public or the exploita¬
tion of the organized wage-workers by those who profess to be their repre¬
security in case
and
a
fear that some time a
I
crops,
money
.
possibility,
indeed necessary,
sentatives
I say that the chances are six to
knows.
one
toward
legislating wages, hours or prices, or
giving relief will not eliminate selfishness, the root of our economic and
social troubles.
Some year the instalment debts of Main Street and the
Federal debts of Pennymann Avenue will become due when there will be
trolling
in
of
its
extent
paid?
Inflation or repudiation
Remember that the total world income will not pay
possible.
is
for
large
the total capital invested.
on
Not only hundreds but thousands of
wage-workers who have had no desire whatever to lay down their tools
have been compelled by their so-called leaders to engage in strikes under
the guise of promoting the interests of wage-workers, while all that was
really at stake was the glorification of these unworthy leaders and the
denunciation
of
his fellow wage-workers.
satisfaction
a
labor-saving machinery and
by
corporation and public debts be
personal
continued,
the threat
make, under
loyalty to
No
headed
are
we
if
to
To
us.
upon
offset
inflation
the future?
that
dis¬
desire
far
today.
What of
four
creeping
thus
been
of production.
This, however, has retarded employ¬
is largely responsible for our unemployment
up
Therefore,
Notwithstanding
steadily
is
effects
situation
business outlook would be incomplete without
the violent denials at Wash¬
the
on
inflation.
inflation
ington,
harmful
country
large scale by those whom we
Nothing is doing so great damage
on
racketeers.
as
the
interests of
fact that wage-workers in this
exploited
being
hie emotions and his fears
in
talk
a
reference
In conclusion he said:
to
come
the
to
following to say:
Certainly
a
or
bullish for the
He declares himself as "still
Butler made the following
speech Dr.
unfortunately the obvious
quite innocently
are
dam, but
The same principle applies to prosperity.
in a gradually declining bond market," he
are
non-taxable."
comments:
It
agencies give
he contends that "in order for new issues to hold
price they
in
up
2%
Elsewhere
I am forecasting no
other Administration
they did this spring, they really prolong the current
as
destroy the water!
"We
says, and
seems
political.
or
Farmers, wage-workers
it.
to spend.
improvement.
Board
Reserve
prosperity.
this does not
have
promise
crack,
a
all
will
do
I
the Federal
When
While
be fighting capital,
they profess to
which
the enemies of social, economic and politi¬
presumed
its
violence
full
a
and
munists
He states that "gen¬
fall,"
unfavorable factors."
next few months" as to stocks.
another part of
In
Commerce
"careful study" of the same "shows
or two at least the favorable factors
Sept. 14, stated that
that for the next year
serve
people align themselves on the basis of fundamental principles which apply
to
Factors
Mr. Babson views high-grade bonds as "having seen their
this party
sooner
r.
♦
Favorable
population.
The
general war in the near future, although the tenor of his con¬
a
eral business is bound to be better this fall that last
As party names and
Farmer's Party
When discussing the business situation
inflation of the currency.
or
1939, General
conditioned his predictions upon there not being
far outweigh the
place for a Labor party any
no
"Wall Street
the
of thought and
differences
the party contest.
in
satisfactory."
bureau
and the public
misconceptions
many
Chicago
making his earlier forecast of prosperity lasting into
wars
of
fact they would
the interests of
any other special economic or social group.
Democracy implies equality
of
opportunity, and democratic government can only be carried on in
accordance with definite underlying principles of thought and action and
not with a view to the domination or advantage of any group
or class
party
In
Dawes had specifically
exist, this is not the case, and that of itself is a very
In
a
of
control
its
Radical,
people to organize themselves into two such parties,
involved
now
serious matter.
for
for
from
advices
Journal" said:
on
quickly
were
party divisions
zeal
to understand
come
than
and
wish
Reactionary
as
kind.
any
that
policy
more
their
in
the American
soon
probably
would
designated
ordered
for
of
would
air
be
party would in words attack Fascism, but in
Fascism
exceed
which
party,
properly
In
might be
really important needs of the moment.
opposition
For
expected.
stock market
starting in October, 1899, which continued for a long time,
while general business conditions remained
within the limits of the principles under¬
but
remains
to
in the stock market, such setbacks
power
in times of prosperity are to be
forward-facing and
spirit of liberal,
a
and
questions
economic
with
Constitution of the United
Constitution
should
deal
to
they arise in
as
is
of buying
instance, during the years 1899, 1900 and 1901 there was a
party, which might properly be called Constitu¬
one
would aim
problems
constructive
as
the lack
to
speculative markets
on
depression
nation.
That
"As
economic
preventing
of
or
"1831
Chronicle
in
the
if
their
own
American
the
native
the business houses
be passed on to the correspondent of
bank without arousing the antagonism which might develop
country,
and this
business
house
can
were
subject
representative of an American branch bank.
to
a
credit investigation
by
a
1832
Other
Financial
bankers
ing that if
The
foreign
trade,
of
will
be
active
able
and
development of foreign branches,
effective
more
larger
a
It
is
Coast
bankers at
Coast
banks
This
Foreign
of
exports
and
ment
Pacific
the
the
will
Coast
foreign
capitalized
Reserve
Bank
a
the Pacific
there
banks
Coast
well
Further industrial devel¬
the
volume
Foreign
branch
of
the
develop¬
Action
Hawaii
for
the
on
the
and
Hawaii
to carry
is
the cost
their
desirable,
of exchange,
correspondents
because
of
of
the
in
an
the form of
possibility that
be raised
would
protest
on
the
exchange charges.
Existing law also affords
in
one
The
Cuba
would
Hawaiian
Consequently,
require
Islands
are
branch
a
only
The
volume
business
handle
to
ever,
of
discounting
definitely
eliminate
for
entirely
and
the cost of branch
is
Hawaii
and
shipments
not
it
is
to
currency
Reserve
foreign
a
Profits
felt
not
ores
entirely within the logic of
it is
taking its
State,
removed
far
so
from the
ore
the
from the ground, ship¬
being there paid for its product, would
the
from
of interstate
stream
commerce
as
provisions of the Wagner Act.
the
adjust
Act.
that
the
large to promote
an
the
how¬
agency,
supply,
would
It
would
Destructive
the
in
field were
Sept. 7 with the opening of
on
the American
of
convention
annual
in tlie mining
activities
Mining
Congress.
Associated Press advices from Salt Lake City, noting this,
reported:
Analyzing the government's proposals for withdrawal of mineral-bearing
lands, Erskine R. Myer of Denver said:
"The simplicity and effectiveness of the
rules of the mining industry might
well
be considered today as an example to those
who frame the policies of our Government.
when the Secretary of the Interior proposes that a system which has
Therefore,
well for many generations be discarded and that all minerals be made
subject to a Federal leasing law, we are entitled to scrutinize the proposal, to dis¬
cover whether or not it will maintain the benefits of our present system."
served so
Speaking
"Stream
on
and the Mining
Pollution
Robert M.
Industry,"
"Interstate problems can be solved throught interstate compacts.*" Where
tion is serious and the expense of removing it prohibitive, Federal grants in
abatement of the
intervention should stop."
Dr.
Francis
A.
run.
President of the Montana School of
Thomson,
Mines at
Butte, criticized the government's road-building program.
"Millions of dollars have been spent in developing roads but little
has been diverted to building of roads to
Thomson's
Supplementing Dr.
the
of this money
mining areas," he pointed out.
Carl J.
address,
Trauerman,
President
of
said the mining industry wanted men
Mining Association of Montana,
"the initialed
government departments to build roads
mining centers as an aid to priming the pumps of industrial recovery,"
to
that
but
and
long
pollu¬
aid of
But there I believe Federal
pollution could well be justified.
who had worked under
sufficiently
the
"objects to the
Department of the Interior
on
aca¬
Join
in
program
demic grounds."
the mainland.
and
Finance
Urged
Companies
to
Movement to Put Instalment Financing on Sounder
Declared
Tax
be
to
it
Banks
Undistributed
hand,
a
Federal Government
country.
operation.
and
arrangement
of
Federal
not
Establishment of
out
even
better
a
the
to
possession,
permitted,
is
in
currency
make
insular
rediscounting.
or
because an agency similar to the
amendment
an
an
service rendered would offset
extensive
obstacle,
an
within
mine
a
would
other
criticized by three speakers
part of those correspondent banks which would be deprived of their income
in
the
drawing its
Searls, San Francisco attorney, declared:
San Francisco would
However, it has not moved in this
agency.
held
San "Fran¬
It is likewise observed:
part of the Federal Reserve Bank of
establishment
direction,
branch of the Federal
at
On
that
free
that
otherwise
"The trade between Hawaii and
is forced
cisco," it is explained.
be
be
to
continuous shipments of notes between the two
are
in
or
Francisco
according to Dr. Willis.
as
depot
currency
San
of
refinement,
company,
and shipping the bullion in interstate
not come within the provisions of the
ping intrastate to the smelter and
an
would, however, supplement this.
The location of
for
Wagner Act.
large smelting
a
reducing them
States,
many
commerce
1926
indorsed in
and
increase
locally.
financed
trade
through
only
was
both at home and abroad,
naturally
from
Sept. 18, 1937
hardly conceivable that
Convention.
Trade
sufficiently
It is
statute
trade
program
equipped to cafe for foreign trade in all phases.
opment
same
home.
at
foreign
share of
the
are
the
foreign trade, the Pacific Coast banks
emphasize the fact,
to
necessary
Pacific
developing and maintaining
accustomed
are
extension of
secure
in
Chronicle
realiz¬
advantages would
would be furnished with
business
they
definite
overcome
campaign for branches abroad.
by Pacific
the
which
to
to
be
American
and
revival
a
the
could be
costs
branch would
service
With
favored
the initial
result.
kind
have
Basis—Commercial
Unnecessary by W. Mont Ferry at Annual Metal
Mining Convention at Salt Lake City—Wagner
Credit
Corp. Fixes Maximum
Payments
Maturities and Minimum Down
Urging finance companies, banks and bankers, and auto¬
"join in the general movement now going
Labor Relations Act Discussed
mobile dealers to
The
to
Federal
undistributed
the mining
industry,
profits tax, in its application
declared
was
to be "discouraging,
destructive and unnecessary" by W. Mont Ferry, in address¬
ing
Sept. 10 the annual Metal Mining Convention and
on
Exposition of the Western Division of the American Mining
Congress, at Salt Lake City, Utah. Mr. Ferry, who is VicePresident and Managing Director of the Silver King Coali¬
Surplus earnings must be conserved to meet adverse economic conditions.
chaos
from
example of
when
when
pletely
to
was
emergency
tax—a
penalty,
workers.
our
losing
a
industry
reserves
cannot
if
more
Under
risks
to the
of
50%.
than
by
actually
depleted
except by
striking
employment
which
would
payrolls alive
capital
profits
in
order
law
tax
to
this
unnecessary
application
and
of
meet
unjust
this
of
the
a
heavy
necessity
new
mineral
addition
law
to
sacrifices
for present and temporary
the
revenue.
laws, especially in the several States, is largely
to ignorance of the industry's problems, to an ever-
insisting demand for 'easy money,' and to the selfishness
of organized minorities and organized tax spenders."
Citing Bureau of Internal Revenue figures, the speaker
showed that unprofitable mines outnumber profitable mines
by five to
that 63% of the total gross production
one,
produced at
was
great loss, that the
net profits before corporate Federal income taxes and per¬
sonal Federal and
deducting
total
State income taxes
4.6% of the
sented
gross
Federal
to what
a
were
deducted
repre¬
value of the product and that after
corporate taxes
production
gross
made
was
3.6%.
was
becomes
only
the net profit
"Should
an
inquiry
on
be
of the
remaining 96.4% of the
gross mine dollar," he said, "it is found that it is spent for
as
labor, material, supplies and in the payment of the numerous
other than the straight Federal corporate tax.
Ma¬
terial and supplies have been called 'canned labor,' hence
by far the greatest part of the gross mine dollar is spent
taxes
for labor."
"The Wagner Act As It Affects the Mining Industry" was
attorney of
ment
any
on
Sept. 9 by W. W. Ray,
Salt Lake City, Utah, who termed this enact¬
in the
labor
relations field
"more
far-reaching than
national legislation heretofore existing."
decisions of the Supreme Court in the Jones &
Laughlin Steel Co., the Associated Press, Fruehauf-Trailer
Co., Friedman-Harry Marx Clothing Co. cases as indicative
the
entry of
through
the
the Federal
control
of
Government into
manufacturing
a
new
processes
field
directly
allied with interstate transactions.
These cases, he said, "may convey to you a fair idea as
to whether
or
not
the purview of the
maturity ranges from 18 months for vehicles not more
mum
than two years old to 12 months
old,
minimum
the
your
Act."
down
for vehicles over two years
in each instance being
payment
83%% of the cash selling price, not including cost of insur¬
Maximum maturities
ance.
on
refrigerators, heating equip¬
machinery, &c., except heavy
machinery and equipment, has been set at from 18 to 36
months, with minimum down payments of from 5% to 20%,
with a minimum of $5.
In making known the new schedule, Mr. Duncan said:
domestic
ment,
rightly expect finance companies to promptly do their own
bankers
The
appliances,
cleaning"
by
pursuing
a
vigorous
campaign to get their
current
purchases of retail instalment contracts more nearly back to former normal
maturities
in
a
an
ever,
as
finance
am
payments without the banks becoming very aggressive
They also properly
campaign.
whose
panies,
take
I
and down
expect the larger finance com¬
be questioned in this matter, to
aggressive lead for the good of all concerned.
The bankers, how¬
well as the larger finance companies, rightfully expect the smaller
companies to actively cooperate to carry out such a program.
such
sure
credit
that
the
scarcely
can
will
bankers
ever
from time
to
time check
up
with each
respective finance company customers to learn exactly what progress
of their
has been
made to
bring its instalment finance business back to a sounder
basis, and to ascertain which companies are not cooperating but are seeking
those which are.
competitive advantage
over
Instalment
a
came
recent depression with great
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 time is bound to come.
The con¬
tinued extension of long terms on retail instalment contracts will unduly,
and may even unsoundly, expand the indebtedness of purchasers, as well as
financing
credit to those
through
the
companies in the business.
the total amount of credit extended to finance
to
carry
their
Association
the
has
existing
expanded
unsound
right
contracts
the
Dealers
trend
toward long terms, short down
payments and
Finance companies have never had a better oppor¬
business is unusually active, to take
steps to substantially reduce the number of irregular retail instal¬
definite
at
companies in order for them
The National Automobile
just passed a resolution urging finance companies to curb
capital loans to dealers.
ment
outstandings.
risk
of
now,
they
while their
purchase and to eliminate undesirable
losing
some
current
volume
which
at
business
even
present they will
scarcely miss.
Mr. Ray cited
the recent
of
insurance, while on used cars and trucks the maxi¬
cost of
tunity than
discussed before the convention
on
trucks, with a minimum down payment of 33%% (30% west
of the Rocky Mountains) of the cash selling price, including
"house
of mine tax
profitable and 37%
Baltimore, announced
future
Addressing the meeting under the title "Mine Taxation,"
Mr. Ferry pointed out "tlie increase in number and severity
due
Commodity Credit Corporation,
Aug. 31 a new schedule of terms
for retail instalment sales, fixing' minimum down payments
and maximum maturities.
Effective Sept. 1 the company
established a standard maximum maturity of 18 approxi¬
Chairman of the
Duncan,
these
the payment of
development
com¬
Thus the perpetuation of the
The
mining.
a
Individual mines
undistributed
ventures—the
Federal Treasury
work
kept many
for providing funds
mining
maintain
some
reserves
and
this
be restored
please,
you
New
threatened
is
natural
returns
to
reserves
heavily handicapped by this law.
area—are
emerging furnishes
The non-ferrous metal mining indus¬
game.
surplus
money
reserves
of
now
their
use
families.
work.
at
men
are
These
exhausted
keep
we
vainly seeking
reduced
whole
a
said
their
for
production
try as
is
desperately but
were
food
it
metal miners
how
men
furnish
which
during the past year or two," A. E.
basis than it lias been
mately equal monthly payments on new passenger cars and
tion Mines Co., in his criticisms of the tax said:
The
instalment financing on a more liquid and sounder
to put
on
individual operations come within
He added:
B.
J.
Buttenwieser
Before
Convention
of
Financial
Advertisers Association Likens Investment Banking
to
a
Profession—Describes Those In That Field As
Functioning
as
Financial Advisers
Observing that "investment banking is often described as
a business,"
Benjamin J. Buttenwieser, a partner in Kuhn,
Loeb & Co., of New York, stated on Sept. 14 that "it is all
of that, but beyond that, it savors considerably of a profession
in that in addition to the actual relationship of buyer and
Volume
and shipping, insurance, receipts on
minor items amounted to
$1,027,000,000 during 1936, while "imports" of correspond- '
ing services—payments to the outside world—aggregated
an estimated total of $1,214,000,000.
In commenting on the figures, a Washington dispatch
Aug. 31 to the New York "Herald Tribune" of Sept. 1 said:
This country customarily runs an adverse balance on "exchange of
remittances,
function when they
seller under which investment bankers
a
Their continuing relationship as
professional adviser.
borrower is predicated on considerations no
at the outset of this
poration
or
different from those
discussion, that is, the faith of their
which I cited
client, be it a cor¬
integrity,
of obligor, in the
government or any other type
a
doctor or any
banker to a
analagous to a lawyer or a
In this latter activity they are
other
services," the so-called invisible items,
banker whom such
bankers
fail to discharge their duties to their clients with the degree of skill and
satisfaction which these clients rightfully expect, they will lose their clients
just as would a lawyer or a doctor whose professional services are unsatis
ability, resourcefulness and resources of the investment
borrower has chosen
If such investment
its banking adviser.
as
A very important consideration
apparisal of their banker is the soundness
factory to their clients or their patients.
clients'
in investment bankers'
To win
and maintain the confidence of their clients, investment bankers must have
a very enviable record in judging the time when the market will be propi¬
tious for the issuance of their clients' securities, must be skillful in their
judgment of the type of security which will best suit the requirements of
the borrower and at the same time be attractive to the public and must be
canny in their judgment of the price at which such a security can be success¬
fully marketed and consequently what price can properly be paid to the
of the bankers' advice as to the time, type
freight
interest and dividend account, and
security issue from a borrower and then, in turn,
offer it to the public for sale, they likewise function as finan¬
cial advisers." Continuing he said:
pirihase
1833
Chronicle
Financial
145
and price of an issue.
but the excess of exports ver im¬
decided balance in favor of the
usually large enough to leave a
ports is
United
States.
$153,000,000 adverse balance in 1936
compared with a favorable
balance of $183,000,000 on trade and services
in 1935 and a favorable bal¬
The
of $461,000,000
ance
in
1928,
Not in 44
1936
1935,
had an unfavorable balance on
of only $34,000,000 on trade
It compared with $236,000,000 in
has the United States
years
The favorable balance
the smallest since 1895.
was
$725,000,000
1930.
1929 and $629,000,000 in
$447,000,000 in
trade account alone.
in
The favorable balance was
1934.
in
1934, $841,000,000 in 1929
$478,000,000 in
and $1,037,000,000 in
1928,
Trade authorities indicated in Washington
last week that the
trend in
adverse this year than last
exports in the first half of this year was $147,-
the country's international trade was even more
The
of imports over
excess
000,000, against
an excess
for imports of only $9,500,000 in
borrower for such a security.
period last year.
spoke thus in an address before the
Syracuse, N. Y., of the Financial
Advertisers' Association, delivered under the title, "Public
Relations In Investment Banking." In his discussion of the
subject he said that "if an investment banking firm conducts
itself with unquestioned integrity and real intelligence, its
balance
on
is
the comparable
heavily adverse
unfavorable this year than last.
Buttenwieser
Mr.
convention
annual
more
at
a foreword to the report, Daniel C. Roper, Secretary
Commerce, said that the "improvement in world eco¬
nomic conditions was reflected in the estimated incomes
dealt."
He went
on
to say:
Especially true is this in the
ment
greatest
of the public's
case
integrity
which
to
the
public's
of the
guardians
an
occasional
error
investment banker is
it is ruthless,
in business
judgment—for it realizes that even
subject to human frailties and is not
and I think rightly so, in its condemnation
bankers who waiver at all in honesty or fidelity.
which such bankers seek to
a
it is
public following for the securities
proper
market, they must exert painstaking effort to
be
stressed,
securities which
because
it
This observation
be clearly understood
must
that not all
public can be of the same investment
offered to the
are
investment banker
investment level.
a proper
caliber nor, in fact, should they be, for its is not always
the same type of
investor to whom such different calibers of investments are offered.
It
is
not,
is
as
often
so
fallaciously
believed,
bankers to issue only the very highest grade of
Doing that would, it
Many
to
a
worthy borrower, possibly in
some
.
.
.
the role of investment
ultra-conservative
discharge only
to me,
seems
a
securities".
part of their duties.
infant industry, well entitled
development, would be deprived of the opportunity for such
greater
development through failure to obtain the requisite capital; and many a
person
willing to undertake
speculation and well warranted in so doing
a
might be deprived of the opportunity to share in the natural growth of such
an
infant
ness
vital
Moreover, economic trends, financial changes, busi¬
industry.
activity, political considerations—these and many other factors are
to
sponsor
the
determination
of the
type
that
of security which it is timely to
to the public.
fc_The eminent British economist, Walter
"daring
money
performs
a
Bagehot" enunciated the principle
useful function"
and it is in the careful
purveying of this daring money out of their own resources and through that
limited portion of the public warranted in undertaking such
that I have
a
just
now
and
yet
speculation,
endeavored to indicate investment bankers can play
vital role in the development of a nation's industries.
vincingly
fairly
describing
security
borrowers relatively unknown or untried,
interest and participation
In clearly, con¬
issues—especially
those
of
though yet very worthy of the
of such portion^of the public as is warranted in
fostering such enterprises—and in creating
as a
result of reduction in
dollar bonds held by
1935 to $176,000,000 in
1936,
outstanding issues through redemption
sinking fund purchases), the aggregate income from American invest¬
estimated $568,000,000 in 1936 from $521,-
ments abroad increased to an
by this country
properties increased
more than in proportion to corresponding receipts.
These estimated pay¬
ments of $238,0 0,000 in 1936, exceeding those of 1935 by $67,000,000,
were influenced
by the year's increase in foreign holdings of American
shares, by an increase in average dividend rates, and by improved earnings
Total interest and dividend payments
000,000 in 1935.
foreign holders of American securities and business
to
of foreign owned direct investments.
...
the end that the public receives in every detail what the
purports to offer to it and at
should
infallible—
of investment
Although interest payments on outstanding foreign
and
foreign coun¬
He added:
American investors fell from $188,000,000 in
In his remarks Secretary
of investment bankers,
From the standpoint of the public relations
obvious that in order to maintain
from or
While it may, as it should,
compromise with high principlas of integrity.
an
of
investments ought to
Conversely, the public is quick to scent any wavering
measure.
condone
experience'with invest¬
live up to the high plane
bankers whom it rightfully expects to
by Americans on their investments in
received
(largely
its
apparently
In
tries."
is
clientele
international payments position
of
advertisement, for
favorable public opinion in all walks of life is attracted by
the satisfactory experience of those with whom one has
satisfied
own
Since the United States always runs a
service account, the
a
Roper also had the following to
say:
United States
$3,483,000,000, an increase
of $232,000,000 over similar transactions in 1935.
Estimated purchases
of goods and services (exclusive of gold and silver) amounted to $3,636,000,000, or $568,000,000 more than in the preceding year.
The year's net im¬
estimated
The
ports
services by the
sale of merchandise and
during 1936 aggregated
to the rest of the world
(including earmarking operations)
of gold and silver
amounted to
of capital funds
from foreign centers for (1) the accumulation of dollar balances, (2) the pur¬
chase of American securities, (3) the purchase of foreign dollar bonds, held
in the United States, for redemption and sinking fund purposes, and (4) the
purchase of American-held foreign securities by foreign debtors (i.^e.,
repatriation of their own obligations) or by other foreigners.
^ 4|
The value of merchandise exports in 1936 amounted to $2,456,000,000,
or approximately 8% more than in 1935.
The year's merchandise imports
of $2,422,000,000 exceeded those of the preceding year by 18%.
A part
of the increase in the value of both exports and imports resulted from price
advances.
On a quantity basis, exports increased 5% and imports 11%
over 1935.
The increase in the value of exports was due largely to the ex¬
pansion in the trade in finished and semi-finished manufactures, while the
increase in the value of imports applied to all economic classes, with par¬
ticularly marked gains in crude materials, semi-manufactures, and manufac¬
tured foodstuffs.
The increase in merchandise exports during 1936 was
influenced by the improvement in world economic conditions, by the re¬
$1,210,000,000 and
closely related to the movement
were
laxation of trade restrictions in some areas,
foreign
countries
for armament materials.
and resulting greater
continued scarcity
important
commodities as a result of drought, were
factors in the year's increase in imports.
The
Domestic business recovery
purchasing power, together with the
of certain agricultural
sound public following for
and by the demand in some
.
.
.
reported net inflow of short-term banking
funds, the net inward
result of mis¬
them, you gentlemen, as financial advertising and public relations experts,
movement
likewise play an important role.
$1,172,000,000 in 1936, or
counterpart
year's net inflow of gold of $1,030,000,000 and in net silver
imports of $180,000,000.
The aggregate value of these two items virtually
offset the net capital movements, while, as already indicated, the excess of
total trade and service imports over trade and service exports was also com¬
The Securities Act,
years,
with
which
you
cellaneous
have heard so much discussed in recent
has, as its basic philosophy, the principle of complete disclosure and
concepFl do not'believe any reasonable
the fairness and wisdom of that
person can
take issue.
There
may
be
some
theories or doctrines underlying
the Securities Act which are unsound—and I am one of
that in some respects it could and should be
those who believe
improved—but here again this
isji subject which limitations of time preclude my now discussing.
ship with the public, and all of us should, can find no fault with any legis¬
lation which seeks to
codify what has always been the first business prin¬
ciple of any investment bankers of standing, namely, "caveat vendor" and
not "caveat
emptor."
$153,000,000 Deficit in International Trade of United
States in 1936 Reported by Department of Com¬
merce—Compares with Favorable Balance in 1935
of $183,000,000—Merchandise Balance Last Year
Totaled Only $34,000,000
For the first time in many years
1936 had
an
the United States during
unfavorable international balance in trade and
Aug. 31 by the United
of Commerce in its annual report on the
balance of international payments.
According to the re¬
capital
in
security
transactions
transactions and the net
aggregated
These movements had their
$365,000,000 less than in 1935.
in effect in the
paratively small
Net foreign purchases
I do
reiterate, however, that investment bankers who value their sound relation¬
of funds
of foreign dollar balances
was more sensitive to political and financial uncertainties and followed a
rather erratic course.
As a result not only of the subsidence of war fears
abroad and the temporary amelioration of the French financial situation,
but also of a feeling of uncertainty abroad regarding the course of American
monetary policy, foreign dollar balances tended downward during the greater
part of the first quarter of the year.
The movement of French funds to
London, which began in large volume after the fall of the Laval Govern¬
ment late in January, was further influenced by the German occupation of
the Rhineland early in March.
In the meantime the withdrawal of foreign
dollar balances continued; but, with the approach of the French Parlia¬
mentary elections, the movement of both
foreign banking funds and secur¬
ity funds to the United States assumed comparatively
in
gram on
June 19. heavy gold imports into the United States
flow to the United States of
States Department
the greater part of which was reported as an
$187,000,000 in the international exchange of services, re¬
sulting in an adverse balance on the two accounts of $153,000,000, and comparing with a favorable balance in 1935 of
$183,000,000.
The report said that total estimated United
States "exports" of such services as .tourist accommodations,
large proportions
During the period between the run-off elections of May 3
France and the announcement of the new Government's financial pro¬
during April.
service account, it was made known on
port, merchandise trade during the year was favorable to
the extent of $34,000,000, but there was excess payments of
without
of American securities continued virtually
interruption during the year; but the movement
an
reflected the
unusually large volume of foreign
capital,
addition to the outstanding
foreign liabilities of American banks.
Following the announcement of the new French
program,
Government's financial
the franc as well as the currencies of the other
gold bloc countries
strengthened, and the movement of gold to the United States was
checked.
Although the steady inflow of foreign capital into the American security
markets
continued,
the
inward
movement
pf short-term banking funds
remained comparatively unimportant until the
currency
crisis in September.
culmination of the European
The tripartite monetary declaration of Sept.
25 by the Governments of the United States, Great
Britain and France.
1834
Financial
and the currency
followed
by
adjustment
foreign
increased
related to the latter
buying
American
of
securities.
Closely
heavy engagements of gold abroad for shipment
were
to the United States.
enacted in various countries were
measures
Foreign buying of American securities featured the
international capital movements of the last quarter of the year,
with the
Chronicle
reported,
foreign securities during that quarter accounted for
of the entire year's net
than 40%
more
10.6% below the number in June. The average
June to July is 4.8%.
The July
foreclosures were also 17.5% less than a year ago.
Mr.
Fergus further noted:
presenting in its report the table below, showing the
United States balance of international payments during
1936, with comparative data for 1935, the Department of
Commerce said:
Only the Cincinnati and Topeka districts had
are
granting of long-term loans to foreign borrowers may influence the lending
country's volume of merchandise exports and possibly the amount of shortliabilities
term
closures in the first
owed
by its banks to foreign banking institutions.
accumulation of net cash claims
by
of capital transactions.
Payments by foreign gov¬
ernments may
require the collection of fewer taxes in the receiving country,
with the possibility that part of the domestic funds thus released may cause
larger expenditures abroad by merchants
tourists.
or
Large expenditimes
the
seasonal
average
July
movement,
changes
were
However, all districts registered June to July recessions in the number
of foreclosures except
Des Moines, Little Rock and Portland, where ad¬
of 15.8%, 11.6%
and 1.6%, respectively, were reported. The Dis¬
trict of Columbia and 25 States reported 1,929 less cases than in the pre¬
ceding month,
States reported
three
change,
no
Hence, there resulted
375.
increases totaling
and 20 States reported
decrease of 1,554 fore¬
a net
closures for the country as a whole.
In
The
one country against another as a result
with
Compared
July of last
comparison with
eight districts showed declines
year,
four revealed advances in the number of foreclosures.
while
The 12.1% decline in the United States during the first seven months of
of trade and service transactions will tend to influence the trend and volume
of gold movements and
larger number of fore¬
a
months of this year than in the corresponding
seven
favorable in seven Federal Home Loan Bank Districts and unfavorable in
five.
vances
exceedingly varied and tend constantly to
positive and negative influences upon each other.
For example, the
exert
or
period of 1934.
inflow of funds for such purchases.
In
International transactions
1937
recession from
seasonal
result that the net inward movement of funds for the purchase of domestic
and
Sept. 18,
1937 from the number reported for the same period of last year was reflected
in 10 of the 12 Federal Home Loan Bank Districts.
Districts had
Portland
Only the Topeka and
adverse movements with increases
of 62.2%
and
5.4%, respectively.
abroad by American tourists may, in turn, tend to influence foreign business
favorably and lead to increased sales by
abroad.
us
It
ossible to
im
is
to note their relative
Many of the
ported
served by the annual balance of international pay
A nation engaged in international trade
themselves.
is constantly remitting and
receiving funds
the national frontiers.
across
Its capacity to absorb the stream of cash claims coming from abroad de
buy
the nature and
upon
balance
of payments
sources
reflects
a
of its income from abroad.
country's
Normally
a
capacity to pay, its ability to
borrow abroad, and its changing requirements for foreign goods
Budgetary and monetary policies are frequently influenced
or to
Home
in
Mortgage Loans During July by
Building and
Loan
Associations
Re¬
Savings,
significance.
purposes
mentsat once suggest
pends
Increase
these influences statistically, but it is possible to trace them and
measure
FHLBB
by
New home mortgage
loans made by active savings, build¬
ing and loan associations in the United States during July
aggregated $72,057,000, an increase of 27% as compared
with $56,855,000 in July, 1936, it was reported on Sept. 4
by the Federal Home Loan Bank Board. The Board also
noted:
and services.
by the results of the international balance.
the banker, the investor, and the student of world affairs all watch the ebb
The significance of particular classes of transactions depends, of course,
upon
the special factors underlying them.
cial position may
such
A country's international finan¬
be materially affected by the results of involuntary acts,
defaults by foreign debtors in a time of transfer difficulties.
as
change and transfer restrictions
creditor,
may require reinvestment
Ex¬
compared
abroad by the
with
the
$24,874,000
loaned
during
increase of
an
36%
State chartered
the figure for July, 1936, which
over
1935-36
1935
from for¬
000 in July last year.
New loaning activity of thrift and home-financing institutions has held
well during the summer, despite the falling off of building because of
eigners
to
Receipts
Net
for¬
credits
eigners
(+)
for "im¬
ports"
(credits) (<debits)
or
debits
(—)
from for¬
eigners
eigners
to
for "ex¬ for "im¬
ports"
ports"
(credits) (debits)
Tourist
credits
(+)
or
debits
(—)
+ 236
2,456
2,422
86
+ 19
66
41
+34
+25
63
99
—36
68
129
—61
117
409
—292
125
497
92
—87
5
115
—110
educational &
other contributions
28
521
Interest and dividends
Govt,
32
—32
238
"568
+330
1
+1
28
84
—56
30
96
52
+ 77
164
66
+ 98
3,251
3,068
+ 183
3,483
—153
3,636
Gold and Silver—
The
have
2
1,741
28
—1,739
tions (net)
1,144
—1,116
(c)
Gold movements (net).19
355
—1,030
—336
3
—180
183
—2,075
amount
capital
it
their
up
is
a
HOLC
mortgages
+ 462
banking funds (net)
3,475
+ 758
2,717
+ 970
"~31
—12
~31
—
discharging their
These mortgages have averaged in
month
this
over
period.
five-month
for
They
years.
effect
in
mortgage
had
perpetual.
and
ills
to
Today
their
be renewed
a
know
owners
large per¬
a
"35
"57
+ 1,537
-
-
-
+ 355
-
Following
gages
free
for
the
ownership
are
the number and total amounts of the mort¬
months
seven
No.
Amount
969
Amount
May.
861
1,274
1,277
As of last Dec. 31
1,446
S3.369,234.43
June.
1,323
3,130,893.52
July.
$2,394,132.04
2,050,983.27
2,877,622.67
2,986,946.00
1,355
3,383,400.60
total of 12,339 mortgages, valued at
a
$26,559,150, had been paid in full.
+22
+ 1,172
♦
«.
"
-
-
-
—
States
Building & Loan League Reports on
Borrowings for Payment of Repairs and Moderniza¬
tion of Homes—Specialized Era in Work Regarded
+ 191
'
—
United
Ended
as
and sales, &c.); (2) goods whose export
official
and
are
paid in full and retired during the first
April
This item consists roughly of 3 parts: (1) exports and imports of goods for which
data are available but not recorded in the official trade figures (e. g., ships, bunkerfuel purchases
their
these homes
years
of 1937:
a
omitted
on
so,
home
real
eco¬
or
three
large majority of
'
recovering their
are
particularly interesting to note that
.
(net)
families
first time.
+ 404
+ 105
-—-—
Residual Item (net)
by
last
since
1,200
every
Miscellaneous capital items
Total capital items
than
more
homes
March
1,529
short-term
(net)
Paper currency movements
tear
$3,000,000
consistently upward
five
past
three-year mortgages
February
move¬
1,991
of
but
status,
on
these
save
total value of $46,-
a
is it significant that these borrowers
January
(e)
Movement
to
than
more
Not only
nomic
reported
—1,210
'
Capital Items (d)—
ments
able
been
been
has
during the
No.
movements (net)
Long-term
paid-in-full loans
Every month
silver
and
Corporation,
He added:
obligations to the Corporation in full.
+86
—1,739
Silver exports and imports.
gold
of
trend
September.
in
probable foreclosure during the Corporation's
752,363, he said.
of
Gold exports and imports.
Gold
earmarking
opera¬
Total
the
of
three-year lending period, represented
were
,
Manager
These discharged mortgages, made to
from
of
homes as of Aug. 1, Charles A.
on
centage of them had been carrying standard
and service
items
General
Sept. 11.
—66
129
Miscellaneous services
trade
+ 350
(excl.
transactions
Total
—28
171
(b)
war-debt receipts)
loans for
new
Loan Corporation has been repaid
20,844 mortgages
on
Jones,
—372
5
expenditures
War-debt receipts
full
homes
2,047
105
Immigrant remittances...
Charitable,
The Home Owners'
Net
for¬
2,283
Freight and shipping
The total of
10% under the June figure of $80,510,000.
was
Reports 20,844 Home Mortgages Repaid as
Aug. 1—Represented Total Value of $46,752,363
Paym'ts
Trade & Service Items—
Merchandise
July
HOLC
1936
Paym'ts
for "ex¬
ports"
Merchandise adjustm'ts a.
members
not
are
[In Millions of Dollars]
Receipts
Item
$21,490,000.
was
building and loan associations which
Increased material costs and other conditions.
STATES,
Federal
1936.
of the system made loans totaling $10,182,000, as compared with $10,495,-
up
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED
increase of 31%
an
July,
savings and loan associations wrote new loans amounting to $29,213,000,
though normally he would have his (interest) receipts trans¬
even
ferred for expenditure or investment at home.
$32,662,000,
Home Loan Bank System accounted for
as
and flow of the international movement of funds.
building and loan association members of the Federal
State chartered
The exporter, the importer,
or import is wholly or partly
(e. g., unrecorded parcel-post shipments, goods
smuggled into the country, &c.); (3) corrections of certain recorded trade figures to
allow for possible overvaluations (in case of goods sent on consignment) or under¬
valuation (in case of imports subject to ad valorem duties), uncollectible accounts, &c.
from
trade
b Less than
c
d
value
families have
borrowed
1% of the total
about
of residential
property in the country to pay for re¬
pairs and modernization since the campaign for remodeling
$500,000.
Negligible.
started three years ago this month,
Capital it&ns are viewed as "exports" and "imports" of evidences of Indebted¬
Home
ness.
e
American
data
1
This item takes account of all reported security movements between the United
States and foreign countries and includes international sales and purchases of longterm issues, new underwriting, sales and purchases of properties not represented
by security issues, and security transfers resulting from redemption and sinking fund
operations.
Loan League reported in Chicago on Sept. 11.
on
Low Level in
at
July
Except for the short month of February, 1937, there
were
comparable information is available, it was announced on
Aug. 26 by Cor win A. Fergus, Director of the Division of
Research
Board.
&
Statistics
Foreclosures
of
the
Federal
Home
Loan
Bank
during July totaled 13,118, Mr. Fergus
the
installation
of
plants and
heating
said an announcement bearing
the committee's remarks by the
Building & Loan League.
continued:
A
been
fewer non-farm real estate foreclosures in July than in any
other month since January, 1934, the earliest date for which
excluding
other detachable equipment,
on
Non-Farm Real Estate Foreclosures
The estimate
credit disbursed includes only the amounts for structural
repairs,
It
FHLBB Reports
the Home Building and
Owning Committee of the United States Building &
total
of
derived
$578,500,000
from
the
credit
modernization
in
combined
sources
the
of
estimated
is
to
have
building and loan
savings,
associations, the banks and finance companies, and the Home Owners' Loan
Corporation between September,
Committee
time
their
by
computes
home
hands
that
about
1934,
and
have
repaired
In
and now.
$100,000,000
financing institutions
which
them
for
has
had
resale,
addition, the League
been spent during this
repossessed properties
and
that
an
on
additional
$50,000,000 has been put out in cash for home renovation.
On
the
estimated
basis
to
be
of
the
worth
census
of
1930,
$70,000,000,000.
existing residential
The
decline in
properties
real
were
estate values
Volume
Financial
145
houses would place
partially offset by additions to the existing volume of
the
present day value of all residential properties
and
end
of
this
C.
"Savings,
done
the
and
for
D.
C., Chairman of the League
committee.
associations are placing about this amount
of this credit are either totally or
other
.
had the
general activity in home repairing
over,
means
and remodel¬
even
Jones, Chairman of the
Reconstruction Finance Corporation, on Sept. 9 that a loan
intimated
was
by
Jesse
H.
similar to that applicable to cotton, mav be put
into operation to beg the price on a bumper crop of corn,
it is learned from Washington press accounts of Sept. 9.
Mr. Jones is said to have declared that "we may have to
$50,000,000 to $60,000,000, as an enor¬
mous crop is in nrospect."
The United States Department
of Agriculture's Sept. 1 estimate fixed this year's corn
crop at 2,549,000,000 bushels.
corn
40c Minimum
The five points granted
in
Establishment of forty hours a
of eight hours each, exclusive of
Administration announced
for cotton price ad¬
justment payments will be required to file with their
County Agricultural Conservation Associations the original
sales certificates or receipts for all cotton sold from the
1937 crop.
These receipts must show the date of sale,
name and address of the producer, number and gross weight
of the bales, and the signature and address of the buyer,
The
Agricultural
Adjustment
Sept. 9 that cotton producers applying
3. Establishment of minimum wage rates
much show the number of pounds
in terms of line cotton,
than
the
number of bales and gross weight.
Receipts for lint
sold but not baled must show the pounds of lint, rather than the
rather
cotton
bales and
of
number
For
sales
or
weight.
gross
made,
and
producers
cotton
receipts
already
certificates
sales
the number of pounds expressed
cotton and
file them
will be required to obtain
with the Secretaries of their
Associations not later than Sept. 30, 1937.
This may be done either by mailing the receipt to the Secretary of the
Association
or
delivering it in person.
Duplicate sales certificates or
receipts should be retained by the producers.
Receipts for cotton sold after Sept. 15, 1937, must be filed with the
Secretary of the County Agricultural Conservation Association not later
County Agricultural Conservation
than
days after the date of sale.
15
cotton
The
price
adjustment
hour to all employes on piece
base rate of 40c
an
4.
Consideration of
a
5.
Right of the committee of Amsterdam
mum
and
officials,
company
payment
plan,
for which
appropriated $130,000,000, provides for payments
on 65%
of a grower's 1937 base production, provided the
cotton is sold prior to July 1, 1938.
A grower, however,
be paid in
will not
be
made
on
larger
a
of his 1937 production.
If suf¬
the $130,000,000, payment will
percentage of the base production.
excess
remain
funds
from
payments will be the difference between 12c. per
and the average price of %-inch middling cotton on
The
pound
the 10
designated spot markets on the day of sale.
No payment,
however, will be more than 3c. a pound. Previous reference
to the plan was made in our issue of Sept. 4, page 1518.
29,264,848 Working Days Lost by Strikes in 21
According to International
Labor Office (Geneva) Year Book—Loss in United
States 13,901,956 Days
Total of
Countries During 1936,
During 1936 there was a total of 29,264,848 working days
lost by strikes in 21 countries for which figures were avail¬
able,
Labor Office
it
the International
year book.
Labor disputes in those countries
totaled 6,684 and involved 24,233,430 workers,
according to the current edition of
in that year
was
stated in a
wireless message from Geneva,
land, to the New York "Times" of
The
United States led with
a
Switzer¬
Sept. 9, which added:
loss of 13,901,956 days in
2.172 disputes
second, lost 4,006,556 days in 2,058
disputes involving 664,593 workers.
Great Britain, third, lost 1,830,000
days in 808 disputes involving 315,000 workers.
Austria, which had the
best record, lost only 269 days in three strikes involving 123 workers.
Others, in the order of the number of days lost, were Denmark, India,
788,648
involving
Argentina,
Irish
Free
Estonia,
workers.
China,
State,
Textile Workers Union, No.
the super¬
regular working day or
in grievance, the foreman,
during
the
period of the individual in grievance.
overtime
The negotiating
five
work.
seniority plan.
1, to confer with individuals who are
intendents
A minimum
and mini¬
concessions
committee of the local union
from
that brought about these
was composed of the
management
Mohawk
the
Galusha, President of the union,
Merle P.
officers of the union.
stated
meeting will be held in the near
of incorporation making them a legal bargaining
yesterday that a general membership
future and that the charter
spite of rumors to the contrary.
production workers in the
Mohawk
members and pledges of
the independent group, which is waging a silent battle on the C. I. O.
Louis Stark, subregional director of the T. W. O. C. here, said he felt
many of the members of the independent union joined that group because
they were afraid of being laid off during the slack season in the mill.
Regardless of Mr. Stark's remarks on the independent union, the in¬
dependent group will seek sole bargaining rights as soon as their charter
Mr. Galusha said that of the 5,129
is
2,800 and 3,100 were
granted, the independent officials
Plant in Toledo of
said.
Spicer Manufacturing Co. Reopens—
M.E.S.A. Continues
plant of the Spicer Manufacturing Co. in Toledo,
was closed on Aug. 31 following a strike called
by the Mechanics Educational Society of America, reopened
on Sept.
13 and about 800 workers returned to their jobs,
although the plant continued to be picketed by M.E.S.A.
members.
The workers who returned to the plant are said
to have been members of the United Automobile Workers
The
Ohio, which
of America, affiliate
The strike
zation.
of the Committee for Industrial Organi¬
called by the M.E.S.A. to rectify
was
grievances and obtain wage increases, a union statement
said.
The M.E.S.A., which claims membership of 4,500 in
affiliated either with the C.I.O. or
of Labor. In a Toledo dispatch
the "Wall Street Journal" of Sept. 14, it was stated:
the MESA polled 803 votes to 1938 for the U.A.W.A. on the
15 Toledo
plants, is not
the American Federation
Congress
ficient
of 40c an hour.
Strike Called by
is sold in the seed, the receipt
If cotton
of seed
days
paid all employes on an hourly rate
rate of 40c an hour is to be
continuing:
the announcement said,
week, based upon five working
Sundays and holidays.
and group insurance.
Consideration of life, health, accident
2.
Mills, he estimated between
Applying for Price Adjustment Payments
efforts of the
^
agent, is expected this week in
Required to File Sales Certificates
Wage
Mohawk employees through the
independent union are:
loans' of
Cotton Growers
granted by the mill
toward securing five requests
management.
program,
make
week
unpublicized conferences last
moved in
Union
the week before
and
1.
Being Considered by Administra¬
tion, Chairman Jones of RFC Hints
Textile
they have
the local, independent
is in the last stages and
majority of employees signed to their pledge cards,
Amsterdam
Corn-Loan Program
It
say:
.
if the years specializing in this
activity have come to a close, he said.
Only about a fourth of the neces¬
sary repairs and remodeling which the Department of Commerce estimated
to be needed on homes five years ago have been completed, counting the
cash and credit expenditures alike during the past three years.
no
following to
With the C. I. O. claiming their drive
sources
.
continued
is by
however,
ing,
regarded the independent group as a factor.
The demands
granted by the company provide, among other things, a
40-hour, five-day week, minimum wages, and time and onehalf, instead of time and a third, for overtime. The foregoing
is learned from Amsterdam advices, Sept. 14, special to the
New York "Journal of Commerce" of Sept. 15, which also
a
partially closed off."
The need'
be
loan
and
building
month,
every
will
modernization has
$5,000,000 to $10,000,000 worth
each month from now on," comments
only
that
Washington,
Baltz,
in home repairs and
era
probability
of work
sort
Edward
the specialized
the
with
arrived,
of
committee says.
$60,000,000,000, the
"The
between $57,000,000,000
1835
Chronicle
Poland,
Czechoslovakia, Australia, Canada, Hungary, Rumania,
the Netherlands, Switzerland, Finland, New Zealand,
No figures were available for France,
Palestine and South Africa.
Germany and Italy.
special to
Although
NLRB
election last
February, fewer
mained with the union in the
than 400 of the members
have re¬
plant, it is said.
strike are key men in the tool division and
somewhat despite Mr. Dana's claim that he
is obtaining other skilled workers for the tool and die division.
M
Several days will be required to determine whether the small group of
highly-skilled members of the MESA, on strike at the plant can cut ma¬
However, many of those on
may
be able to cut production
terially into Spicer's
production.
Earl Streeter. president
in other
of the local MESA, said
Toledo plants are refusing to
the plant on
Monday.
Railway Grants Wage Increase
Handlers—Strike Averted
Southern
A wage
members of the union
work with Spicer parts.
of 25 loaded trucks not to enter
succeeded in inducing drivers
The union
increase of five cents an hour
the Southern Railway to
to Freight
has been granted by
freight handlers and miscellaneous
employees, thereby averting a strike of approximately
1,000 workers, it was announced in Washington on Sept. 9
by G. A. Link, representative of the Brotherhood of Railway
and Steamship Clerks.
On Sept. 7 George M. Harrison,
President of the
authorized
a
Brotherhood, said in Cincinnati that he
strike of the workers,
Washington to confer
had
and sent Mr. Link to
with the railroad management.
The
increase was the result of this conference. In reporting
Mr. Harrison's remarks, Cincinnati advices of Sept. 7, to
wage
"Journal of Commerce" of Sept. 8, said:
affected by the threatened strike call service the
Washington and New Orleans, Harrison said.
The brotherhood president said that under an agreement reached during
the summer a five-cent pay increase was to have become effective Aug. 1
for 800,000 members of 14 affiliated railroad unions. He said the Southern
Railway had not included the freight handlers in its application of the
the Chicago
The
employes
Southern's line between
increase.
Amsterdam, N. Y. Grants
Union—C.I.O. Had Been
Seeking to Organize Workers
Announcement was made on Sept. 14 by Howard L.
Shuttleworth, Vice-President of the Mohawk Carpet Mills,
Inc., Amsterdam, N. Y., that five requests of the inde¬
pendent Amsterdam Textile Workers Union, Local No. 1,
had been granted, to become effective on Sept. 20.
The
Committee for Industrial Organization is reported to have
been conducting an organizing campaign among the em¬
ployees of the company for nearly six months, and had not
Mohawk Carpet Mills, Inc., at
Demands of Independent
Workers
End Strike in Pozarica
Oil Field in Mexico—
Gasoline and Fuel Oil Averted
""The strike in the Pozarica oil field in Mexico City, which
threatened a gasoline and fuel oil shortage in'that city, was
settled on Sept. 15, following the intervention of President
Lazaro Cardenas, of Mexico, who insisted that the dispute
be ended.
The strike had been called on July 21 by the
Union of Petroleum Workers alleging that the Aguila Oil
Co. failed to comply with labor contracts. , Previous reference
to the strike was made in our issue of Sept. 11, page 1679.
Shortage of
1836
The
Financial
following bearing
Chronicle
the termination of the strike is from
City, Sent. 15, appearing in
the New York "Times" of Sept. 16:
istic purpose and practice, from the uses of sensationalism
on
wireless advices from Mexico
The Agnila Co
to
relation
the
One
was
pesos to the union for strike costs, but made no other concessions, a result
Mr.
Luce
victory for the company.
as a
in
The ending of the strike paves the way for the Government to dictate
new
a
that
fields,
danger
but
imminent
an
while
workers
that
dispute
President
they
prejudicing
were
be settled
to
Cardenas's
by
the
statement
their
in
case
Government,
the
Sunday
warning
the general
President
expressed
the
companies, whoso representatives said they found
the
Mr.
The settlement of the strike indicates that, despite rumors to the con¬
President Cardenas still has
control
labor
the
over
movement
In
Mexico and is able to suppress extremists when he wishes.
It is
believed
now
that
here
the
dispute,
wage
impose
taxes
new
the
on
the
companies,
so-called
Press
writers
on
Morrow-Cailes
to
City, Sept. 15, it
Although
closed
were
with
the
to
Pozarica field,
of millions of
consequent loss
a
tourist trade and in
confined
The field is
taxes.
the
main
industry, the
to
pesos
pipe lines
of the most important in Mexico
one
and averages a daily production of 60.000 barrels of crude oil.
of
Painters
Acceptance
in
of
New
New
York^
Following
Providing
Wage
Increase
A
Association of Master Painters and Decorators and District
Council 9 of the Brotherhood of Painters, Decorators and
Paperhangers, settling
strike of about 13,000 painters in
boroughs of New York City.
The
painters had been on strike since Aug. 28.
Under the agree¬
ment, reached on Sept. 12 by officers of the two organiza¬
tions, and ratified on Sept. 13 by the painters, members of
Manhattan and
of
rather
a
holidays.
_
Secretary-Treasurer of District Council 18, Brotherhood
agreement
an
been reached yesterday, after a discussion lasting 18 hours, with
the
Boss Painters Association.
| Some
Mr.
1.200 painters,
Freeman said,
pendent shops
about
half
prepared to
wh,ch
had
of those
had
who
been
back to work, the rest
go
already
accepted
strike
ou
being in inde¬
the agreement
indicated
or
their willingness to accept it.
} The
and
a
its
of $11.20
day,
a
$9 for
as against
a
seven-hour day
a
seven-hour day previously.
The closed shop is to be continued, with 50% of all men to be hired through
the
union.
check
Shop and job stewards
hours and
on
are
be appointed by the union to
to
by H. R. Luce
the
to
"Fortune"
and
"Life," declared
that "the
present
crisis in world affairs may be described as a crisis in jour¬
nalism."
Mr. Luce, addressing the Institute on Sept. 2,
modern
dictatorships unspeakable because they
pressed the truth, it
from
and
sup¬
noted in Associated Press accounts
was
Williamstown, from which the following is also taken:
Dictators,
by
the destruction
acquiesce in
"Here
in
all
engage
their
the talent
he
in
journalism,
he said,
led
desire
to
men
enslavement.
own
America,"
of
said,
the
"the
world,
press
free
to
is
free—economically
commit
moral
and
free
to
intellectual
He
a
said
there
was
to impose
way
real
a
if
you
question
as
whether
to
heavy government controls
organization and leave the
"And
touch
it
democracy could
other
forms
of
find
human
untouched.
press
at
all
on
all,
how
assist
the
can
touch
you
it
and
such
This
as
a
people in
quality
no
would
governing
of
instruction
people yet under the
involve
themselves,
in
telling the people
executive
"Herald
assistant
Tribune";
to
Oswald
the
facts
had been
sun
some
Before the session at which
rest,
before the
he
said,
the
very
Mr.
the
and
willing
problems
or
press
an
must
amount
of
public
able to receive.
unpalatable facts.
Luce spoke, Wilbur For¬
editor
Garrison
of
the
Villard,
New
"Herald
to
He criticized the "give:
•
substructure
this,
reporting
of
further
business.
Mr.
quoted
writing of
.
.
and editorials—is of "such public
news
the
.
conduct itself
must
newspaper
as
a
good.
common
Urges Public Service
which
out
our
than
rather
current
obstruction
who
men
truths
and
.
.
capital,
some
The
regain
only
amusement
get
some
sense
one
lies—whether
side
about
democratic
the
of
the
poor,
helpless
The
freedom
of
by
the
of
and
moving
process.
itself—are the
press
who
picture,
political
government,
the
with¬
sheets
They want help and not
.
press—in
event.
in
deal
half-
labor
parties,
press."
or
news
.
.
the
of
confidence
than
the
vitalize
to
that public
more
to
eddies.
freedom
give
to
little
want
surface
the
.
whole
or
the
of
be
Readers
their efforts
to
"Some enemies
strive
will
papers
handbills.
advertisers'
public
service
individual
the
the
caught
in
the
hideous glare
carries with it and implies
press
Aug. 29, of the six-day session of the
Garfield, President emeritus of
Williams College, was noted in our issue of Sept. 4, page
1511, at which time we gave the message addressed by
opening,
President
the
on
by Dr. Harry A.
Roosevelt
Institute of
under the
analysis
quote
from
some
the
of
the
educational
film
Dr.
R.
Everett
Clincby,
director of
The sessions
Relations.
held
were
auspices of the National Conference of Jews and
Christians, and
an
to
Human
of the early sessions were devoted to
to the
advices
had
function
industry to show (we
Tribune") that its
picture
motion
"Herald
become
important
more
to
public than the entertainment function to
producers
themselves
like
would
to
limit
the
which
"The
it.
right to work" and the "right to strike" were also among
the discussions.
the
Tribune"
staff
correspondent
(Joseph
agreed with each other
New York State Bankers Association Expects to Oper¬
ate Pension Plan for State Banks by Jan. 1, Accord¬
ing to Savings Banks "Association News Bulletin"
The New York State Bankers Association expects to
put
self-operating pension system for the banks of the State
into operation by Jan. 1, it was stated in the Sept. 10 issue of
the Savings Banks "Association News Bulletin." At a meet¬
ing to be held at Association headquarters shortly, the "Bulle¬
tin" says, the trustees of the pension plan are
expected to
give full approval to the final plans and regulations. The
Association has been giving considerable thought to the mat¬
ter for past two years.
The publication further stated:
The plan is designed to provide protection against three major hazards:
death, old
age
and total and permanent disability.
It will be supported by
the joint contributions of employees and banks and provides for
beginning at the
age
of 65 for
a
retire¬
and 60 for women;
men
a
disability allowance for employees who become incapacitated after serving
a
participating bank for 10
or more years,
and
a
death benefit, payable to
the beneficiary of
an
The employee leaving the employ of a
allowance.
employee who dies before becoming eligible for retire¬
bank before be¬
coming eligible for benefits will have returned to him his full contributions
plus accrued interest, and
an
employee who goes from one participating
Employee
contributions
will
amount
to
the plan.
approximately
4%
of salary.
on
B.
of
the
every
services and
will
to about
run
5% of the total payroll.
The New York State Bankers Association will be the fourth State organi¬
zation of bankers to
adopt pension plans, such plans having already bten
The New York State
Bankers Association, however, will be the first to operate its
fund.
own
pension
The others have provided for operation by insurance companies.
contributing
New
Phillips), the speakers
almost
the ages of the
employees and the extent to which the bank wishes to give credit for past
York
Nation," and Fulton Oursler, editor of "Lib¬
Magazine," also presented their views on the press.
According
citizens could not continue
put into effect in Oregon, Illinois and New Jersey.
editor of "The
erty
to
The contributions of the bank will vary depending upon
offer to the people of this country in the next few decades such
affairs
opposed
the significant, complicated and
in
technology.
bank to another may continue his membership in
much
blight sets in?" he asked.
To
an
on
Urged
ment
enslavement."
own
instructed
must
we
...
ment fund for life
suicide, free to pander to the people and by pandering to seduce them to
their
conscientiously
Luce asserted,
cost-defraying
the
of
eervices
"But
a
"Crisis in Journalism"
as
Speaking recently before the Institute of Human Rela¬
tions, at Williamstown, Mass., Henry R. Luce, publisher of
called
writing,
placed
working conditions
Opposition Voiced at Recent Williamstown (Mass.)
Meeting to Closed Shop Advocated by American
Newspaper Guild—Present World Crisis Viewed
"Time,"
be
might
they
advices,
concern," he said, "that
American
contract, according to Mr. Freeman, provides for
wage
be
public trustee, dedicating its beet heart, conscience and professional ability
Institute
A similar strike of painters in Brooklyn, which began on
Sept. 1, has also ended; in reporting this the Brooklyn
"Eagle" of Sept. 13 said:
had
would
which
follows:
as
hood, the painters will receive $10.50 for a seven-hour day,
instead of $9, and double time rates for work on Sundays
announced that
shop would
newspaper
Milton, President-editor of the Chattanooga
Press
Bronx
Decorators and Paperhangers,
closed
the
into
pro-labor view."
a
finance, politics and
than
United
intelligent
Sam Freeman,
American
"News," asserted on Sept. 1 that the newspaper's primary
importance lies in its "professional performance"
of
of Painters,
the
social
12 Manhattan and Bronx locals affiliated with the Brother¬
and
inject
inject
the-public-what-it-wants" editorial policy.
granting a wage increase of approximately
signed on Sept. 13 by representatives of the
was
to
restriction
Mr.
society,
contract,
17%,
view about
...
themselves unless
facts
Milton
Ended
Contract
of
member of it, all agreeing that
a
will
you
lines,
although
This performance—the
Strike
of
capable
talent available, and to the compulsion it would place
join
George Fort
Settlement of the walkout also relieved danger of a gasoline and fuel oil
shortage.
presence
more
change of much social significance
Guild
the
the
to
organization.
industrial
an
govern
stated:
was
"is
press
of
point
a
was
Education of Public
In
difficult
advices from Mexico
to
"for
between the
objected
on
agreement in this respect will not be violated.
In United
the
Shop Opposed
unknowingly,
editor in hiring any
compromise basis by the end of the month and that, while the Government
may
Villard
professional
Joseph us Daniels of the United States expressed interest, will be settled
a
government
Ambassador
which
in
of
undesirable.
was
that
perhaps
that,
unconsciously and
attitude.
trary,
that
identical
an
shop
said
Forrest
mean
entirely different labor
an
also
the closed
that
and
Mr.
then
shared
four
organization of editorial workers
Villalobos, chief of the Labor Board, to the Presidential Palace and spoke
Villalobos immediately called labor leaders to him and
we
remained free.
press
encroachment
optimistic, recognized
more
Newspaper Guild, including Mr. Villard,
Antonio
to him.
Senor
the
in
opinion
Closed
The
the
wage-scale
called
danger
Forrest,
Mr.
After negotiations for the settlement of the strike had been broken off
despite
two
protecting the public interest than at any time in our history.
British companies.
yesterday
but
reader
The account from which
democracy would disappear unless the
saw
other
a
scale for the entire petroleum industry, including American and
wage
and
newspaper
quote continued, in part:
workers 75% of their wagas during the period of the strike, as well as 25.000
generally regarded here
between
points of agreement emerged.
against which the strike was directed, agreed to pay the
,
Sept. 18, 1937
York
dis¬
phase of journal¬
1937
Edition
of
"Houston's
Financial
Review"
Now
Available
"Houston's Annual
been
released
for
Financial
distribution,
consecutive year for
Review"
marking
the publication.
for
the
1937 lias
just
thirty-seventh
Volume
This year's book
contains 1,216 pages, covering some
1,504
first edition,
when 126 company analyses were covered.
Easy reference
is provided to details on the various companies, the book
giving their latest balance sheets, changes of dividend and
market records, histories, description of plant and proper¬
ties, details of funded debt, et cetera.
Of ^articular im¬
portance is the attention given to the numerous companies
which underwent reorganization or changes in capital set-up
during the past 12 months.
The following are also featured
Death
in the current "Review":
Stock
Montreal
prices
years.
metal
sanction
official
Having the
the
Exchange,
of both the Toronto Stock Exchange
the review contains a
and
record of high and
stocks and bonds extending back a number of
Information is also given on the larger producing gold and base
mines, as well as the industrial companies.
Individual sales records
listed
all
of
the Toronto, Montreal, Calgary and Vancouver Exchanges,
tabulated form of authorized commission rates.
In addition
membership of the Toronto and Montreal Exchanges, a representative
list of brokers in other Canadian cities is given, together with details of
Dominion and Provincial financing, bank debits and other vital informa¬
posted
are
of
along with
to
a
the
compiled as a record for
but has now assumed the
position of being the "Blackstone" of Canadian finance.
The "Review," or
"Blue Book," as it is more familiarly known, is
compiled and issued by Houston's Standard Publications, with offices at
the
Primarily
listed
stocks
184
on
financial review was
annual
the
Canadian Exchanges,
two
Street, Toronto.
Bay
of
of
Masaryk, founder and first President
Republic, died early Sept. 14 in
Garrigue
Czeehoslovakian
the
One
and Fiftieth An¬
Constitution
Hundred
of Signing of
(Sept. 17) fitting cere¬
monies were held in observance of the 150th anniversary of
the signing at Philadelphia of the Constitution of the United
States on Sept. 17, 1787.
The day had been declared a
legal holiday for the civic and military departments of the
Federal Government and had been proclaimed by Governor
Lehman of New York State and Mayor LaGuardia of New
York City.
Many civic and patriotic organizations in New
York City observed the event, and last night a dinner was
held at the Hotel Waldorf-Astoria, attended by a large
gathering.
Speakers at the dinner included Frederic R.
Coudert Sr., head of the committee which sponsored the
affair, Supreme Court Justice Ferdinand Pecora, and Charles
H. Tuttle, former United States District Attorney.
The
gathering also heard the address of President Roosevelt
broadcast last night from the Sylvan Theatre, in Washington,
was
87 years old.
Dr. Ma¬
born on March 7, 1S50, at Hodonin,
border village in Southern Moravia, assumed the office
President
of Czechoslovakia
in December, 1918, about
saryk,,
who
was
a
of
a
been proclaimed.
In May,
1920, he was elected by Parliament for a seven-year term
and was reelected in 1927 and 1934.
However, he served
month
only
the
after
republic
had
December, 1935,
of his last term, resigning in
one year
the republic's present
to be succeeded by Dr. Eduard Benes,
Shortly after Dr. Masaryk resigned the Cabinet
him the title of "President Liberator," to be
President.
conferred
on
added to his unofficial title of
"Father of the
Czechoslovak
of
Condolence
Republic."
♦
to
Message
Sends
Roosevelt
President
President Benes
The following message
of condolence was sent by
President
Sept. 14 to the President of Czechoslovakia,
Eduard Benes, on the death of former President Masaryk:
Roosevelt
I
on
and deep sympathy
of your beloved
G. Masaryk.
His
idealism, his untiring efforts for peace and his intimate association
this country due to his former residence here have endeared him to the
desire to
express
to
Your Excellency my sincere
and that of the people of the
Observes
niversary
He
Czechoslovakia.
Prague,
high
with
American
United States upon (he death
President
the
fellow-countryman,
Nation
G.
Masaryk, Founder and First
Czechoslovakia—Had Headed Re¬
public 17 Years
Thomas
difficult to obtain.
otherwise
tion
Thomas
of
President
corporations, a significant comparison with the
low
1837
Financial Chronicle
145
liberator, Thomas
people.
Throughout the nation yesterday
and rebroadcast by
New York stations.
R. Marsh, Former
Death of A.
President of New York
Cotton Exchange
Marsh,
Richmond
Arthur
President of the New York
during 1909 and 1910, and a member of
the Exchange for the past 35 years, died on Sept. 16 of
pneumonia in St. Luke's Hospital in New York City.
He
was 75 years old.
Born in Newport, R. I., Mr. Marsh was
graduated from Harvard in 1883.
He first embarked on a
teaching career, serving as Assistant Professor in English
Literature at the University of Kansas from 1886 to 1891
and Assistant Professor and later Professor of Comparative
Literature at Harvard from 1893 to 1899.
In the latter year
Mr. Marsh went to Texas and became President of the
Planters Compress Co.
The following year, however, he
came to New York as an independent cotton broker, purchas¬
Cotton Exchange
ing his seat on the New York Cotton Exchange in August,
1902.
From 1911 to 1926 Mr. Marsh was editor-in-chief of
Shrine in Colorado Erected in Memory
of Will Rogers
Dedication of
Will
The
Rogers
Shrine of the Sun on Cheyenne Moun¬
Sept. 6 to the memory of
tain in Colorado was dedicated on
died with Wiley Post in an Alaskan
Aug. 15, 1935. The shrine was built by
Spencer Penrose, Colorado Springs mining man, in tribute
to the humorist.
A description of the dedication as con¬
tained in Associated Press accounts of Sept. 6 from Colorado
the late humorist, who
airplane crash
Springs
on
slowly into the plaza of
Rogers Shrine of the Sun on Cheyenne Mountain on Sept. 6.
Chimes in the Shrine tower pealed solemn notes while persons, assembled
to dedicate the shrine to the cowboy philosopher, bowed their heads.
The crowd congregated on the shrine's promontory, half a mile above
the eastward sweeping plains, was a conglomeration of diverse classes and
horse,
its
saddle
empty, stepped
exhibition symbolic of Rogers's characteristic friend¬
Ed C. Johnson of Colorado.
Rogers's relatives, Mrs. McSpadden, Mrs. Luckett, Lane and W. M.
Gulager of Muskogee, cousins, unveiled Jo Davidson's bust of the humorist.
Chief Fred Lookout of the Osage tribe, an Oklahoma friend of the cowboy
philosopher who died with Wiley Post in an Alaskan plane crash, dedicated,
in his native tongue, the shrine and delivered it to Rogers's spiritr
Mr. Penrose then pressed a button lighting in the tower's pinnacle a
sodium vapor flare he intends shall burn as a beacon for Rogers's memory
as
long as the tower stands.
an
American
ship for all people, said Senator
Mr.
David
Rogers' death was referred to
17. 1935, page
in these columns Aug.
1037.
New York Designates Tuesday
Legion Day—Proclaims Munici¬
pal Holiday—Legionnaires to Hold National Con¬
vention in New York City Sept. 20-23
Members of the American Legion and their friends have
been gathering in New York City the past week to attend
the National Convention of the organization, to be held from
Sept. 20 to Sept. 23.
A feature of the convention will be a
massive parade of the Legionnaires on Fifth Avenue on Sept.
21.
Mayor LaGuardia, of New York City, on Sept. 16
issued a proclamation designating Sept. 21 American Legion
Day and proclaiming the day a municipal holiday for all city
employees.
The proclamation urged "the citizens of our
community that they recognize and observe it as a day of
patriotic celebration dedicated to the ideals of our Nation,
and that they display the National colors in.private homes
and in commercial establishments, as the city in turn will
display them on all public buildings and all maritime craft
under the jurisdiction of the executive departments; and that,
wherever possible, mercantile and commercial institutions
throughout the city will follow the example of the munici¬
pality by declaring a holiday
"
Mayor LaGuardia of
Sept. 21 American
Resigns from SEC for Law Practice
Trading and Exchange Division
Saperstein
Headed
—Had
Since Aug.
1, 1934—-Retirement Date
Left to Discre-
Commission
of
tion
Will
types,
Chronicle" later the "Economic
World," which discontinued publication in 1926.
He was
instrumental in the organization of the Wool Associates of
the New York Cotton Exchange and served as Vice-President
from 1934 to the early part of this year.
follows:
buckskin
A
the
and
World
"Market
the
^
David"Saperstein, director of the Trading and Exchange
Division of the Securities and Exchange Commission since
Aug. 1, 1934, resigned on Sept. 13, and left to the Commis¬
sion's determination the date on which the resignation shall
become effective.
Mr. Saperstein, who will return to the
private practice of law, in tendering his resignation said
that "I shall consider it a privilege to respond to any call
which the Commission may desire to make on my services
after my retirement to private life."
Chairman James M.
Landis, who himself left the Commission on Sept. 14 to be¬
come Dean of the Harvard Law School, accepted the resigna¬
tion on Sept. 13 "with great reluctance," but wrote to
Mr. Saperstein that "the Commission would like to have you
remain for a short time so that the details of work now being
completed may have the benefit of your personal guidance A'
The retirement of Chairman Landis from the Commission is
referred to elsewhere in our issue of today.
The Com¬
mission's announcement regarding Mr. Saperstein's resigna¬
tion said:
f Mr. Saperstein has been director of that
[Trading and Exchange 1 Division
1934, and prior to that was as¬
Pecora in the Senate investigations of the
financial markets which led to the passage of the Securities Act of 1933 and
the Securities Exchange Act of 1934.
since
the
Commission was organized in
sociated with
Judge Ferdinand
Saperstein has been frequently mentioned as a possible
membership on the SEC, it was noted in Washing¬
ton advices, Sept. 13, to the New York "Herald Tribune" of
Sept. 14, which said:
JMr.
choice for
Mr.
Saperstein's resignation came immediately prior to the resignation
Landis, Chairman of the SEC, and the appointment by the
of James M.
President of a successor
has
been
the
person
to Mr. Landis as a
possibility for promotion to
President's
to
return
Considered
by
was
tomorrow,
By resigning prior to the
Mr. Saperstein removed
Mr. Landis and of
of candidates for the posts of
D. Ross, who will also resign.
brokerage circles one
Saperstein has been
He
the Commission.
Washington
himself from a long list
Commissioner J.
commissioner. Mr. Saperstein
mentioned as a
within the SEC organization most
of the ablest of SEC experts, Mr.
the SEC was organized.
director of the division since
associated with and one of the mainstays
of the Pecora investigation
he became a colleague of Judge
of stock markets.
From 1928 to 1933, when
Pecora, he was a
member of the law firm of
Platoff, Saperstein & Platof
1838
Financial
located in Union City, N.J.
Act of
He aided in drafting the Securities Exchange
1934 and has been in charge of SEC regulation and
supervision of
Chronicle
Objectives of the bureau, which is
Mr.
Saperstein's letter of resignation, together with the
reply of Chairman Landis, follow:
Dear Jim:
recreational
Trading and Exchange Division.
consideration for
some
time.
of
knowledge,
foreign
As you know, I have had this step under
My decision to resign has been made difficult
natural reluctance to leave the Government service after five
years.
It has been rendered even more difficult
by the fact that I
a
areas
an
outgrowth of the park, parkway and
study being conducted by the National Park Service under
congressional authority,
promotion
It is with deep regret that I submit my
resignation as Director of the
1937
18,
interest abroad in this country's scenic and recreational attractions.
the markets.
by
Sept.
bureau the benefit of his extensive travel experience and help to stimulat
use
of
combine
to
are
America's
of international
business
health
and
promotion, stimulation
recreational
and
resources
understanding and good will by encouraging
travel.
The bureau will function
ticated type supplied
as
clearing house for travel of
a
every
authen¬
by governmental, State and private agencies and will
be kept current on all facts relating to travel and
transportation.
have thoroughly
enjoyed
my
particular,
association with the Commission generally and with you, in
have been loathe to dissociate myself from active
and
par¬
ticipation in the profoundly significant work in which it is
engaged. Out¬
weighing these considerations, however, has been the increasing pressure
of personal affairs which
finally prompts me to reenter the private practice
of the law.
I have delayed my decision until I could feel that
the problems which
the Commission had
assigned to my division had neared solution. Many of
those problems have now been met and I feel that
the work on the remainder
has so far progressed that
only details remain to be worked out. I am con¬
fident that the members of my staff who will remain with
the
Commission
are
fully competent
in order that
seem
to carry this work
the Commission may
through to completion.
make such
desirable in the immediate future. I
am
use
of my services
me
the work
of my
of the co-operation which
and
division.
privilege to respond to
on
I need
as
may
leaving to it the determination
of the date upon which this
resignation shall take effect.
I am deeply appreciative of the confidence
which the
placed in
Nevertheless,
Commission has
have afforded
you
hardly add that
I shall
to
me
in
consider it
a
call which the Commission may desire to make
any
my services after my retirement to private life.
In
at
closing,
I wish you personally every
may
the Harvard
Law
in your new work
success
School, which I understand
begin within
to
you are
few days.
a
Faithfully
<'
yours,
DAVID
It is with great reluctance that
resignation
the
Commission brings itself to accept
Director of the Trading and Exchange Division.
as
First Fall
Lehman
Be
to
Guest Speaker
at
Meeting of the Chamber of Commerce of
State of New York
Oct. 7
on
Governor Herbert H. Lehman will be the
guest of honor
and speaker at the first fall
meeting of the Chamber of Com¬
on Oct. 7.
His subject will
Winthrop W. Aldrich, President of
the Chamber, will preside at the
meeting which will be held at
noon in the Great Hall at 65
Liberty St.
It is announced
that this will be the first time in
many years that a Governor
of New York State has addressed a
regular monthly meeting
of the Chamber.
Charles S. Whitman, who spoke at a
special meeting in December, 1918, which was called to dis¬
cuss the proposed
treaty between New York and New Jersey
to develop the Port of New
York, was the last Governor
of the Empire State to address the members in the Chamber
Building.
Governor Walter E. Edge of New Jersey spoke
at the same meeting and former Governor Charles E.
Hughes,
now Chief Justice of the
Supreme Court of the United States,
merce
be
of the State of New York
announced
also
was
SAPERSTEIN.
Dear Dave:
your
Governor Herbert H.
a
October
later.
guest of honor.
Governor Lehman's address at the
meeting will be preceded by the regular business
meeting of the Chamber at which action will be taken
number of
on
a
important reports.
I must confess
a certain special sense of
regret at your departure from
for you were truly a part of its earliest
beginnings.
I cannot
this scene,
help recalling that it
was
you
and
a small group
leadership of Judge Pecora, first dared attack
of
regulating security markets.
for
courage and
sociates
Afterwards
wisdom and limitless
rich
were
in
those
of others who, under the
the
qualities
because
energy,
the
foundations
you
were
you carried on with us to fashion the processes
and only We can know the full
and your
firmly
details
of work
now
being completed
and
I
have the
may
benefit
of your
personal guidance.
The Cpmipission,
wish
that
am
sure
tou will find happiness in
of events will
For me,
bring
all
personally,
there is
association which has been
so
a
of your
your
you again into the
new
associates,
extend
work and that the
every
course
public service.
distinct
loss
stimulating and
in
so
the
interruption of
an
happy.
Sincerely,
JAMES
M.
Security
Dominating
Factor in
Security Business
closing session Sept. 11 of the fourth annualcon-
vention of the National
Security Traders Association in At"
City, N. J., Arthur E. Farrell, of H, M, Byllesby
Co., Chicago, was re-elected President for the coming year,
lantic
&
and at the
same
time Miami
1938 convention,
was
chosen
which will be held
as
some
the
place for the
time
during the
accepting the office, Mr. Farrell
urged the Associated to concentrate on self-regulation and
self-education during the coming year.
Atlantic City ad¬
vices, Sept. 11, appearing in the Philadelphia
"Inquirer"
of Sept. 12, quoted Mr. Farrell as
stating:
month of November.
We have become
In
dominant factor in the security business, and
by selfregulation we can form the nucleus of a still stronger
group to regulate the
over-the-counter market in unlisted securities.
That is better than com-
pelling the
Government_to do the regulating.
Sept. 11 were JoseplTtjannonTIif
May & Gannon, Boston, First Vice-President; Ernest E.
Blum, of Brush, Slocumb & Co., San Francisco, Second VicePresident; L. B. Carroll, of Prescott, Wright, Snider Co.,
Kansas City, Secretary; and William
Perry Brown, of New¬
man,
Harris & Co., New Orleans, Treasurer.
Previous
reference
Sept. 11,
to
the
page
on
convention
in
appeared in these columns of
1670.
companies and mortgage-lending institutions.
Principal guest speakers who will address the 24th annual
convention of the Mortgage Bankers Association of
America,
13, 14 and lo, in Cleveland were announced Sept. 14
by James W. Collins, Association President and include
Carroll 13. Merriain, Dmectors of the Reconstruction Finance
Corporation; Charles F. Williams, President of the Western
&
Southern
Life Insurance Co. of
Cincinnati; Governor
Myers of the Farm Credit Administration, and
Henry Bruere, President of the Bowery Savings Bank of
New York City.
Governor Myers will address the conven¬
tion on the opening
day, speaking on "Cooperative Credit:
How It Is Operating."
Mr. Morriam will speak on "What
William I.
of Our
Stewardship?" following the annual presidential ad¬
dress by Mr. Collins.
The second day's session will be de¬
voted to the organization's new
"Appraisal Clinic."
On the
third day, Mr. Williams will
speak on "The Trend of Mort¬
Investments," to be followed by Mr. Bruere whose sub¬
gage
ject has not been announced.
30th
Annual
Real
Oct.
Convention
Estate
Boards
Named
to
Post
to
Assist in
in
Encouraging
United States
foreign
Sept. 11 by
encourage
tourist travel in the United States, was made on
Harold L. Ickes, Secretary of the Interior.
Mr. Gerard will
serve as an adviser to
the United States Tourist
Bureau,
which was opened in New York at the
beginning of this year
Mr. Gerard, it is stated, is of the
opinion that a centralized,
nation* dy authorized tourist bureau would be effective in
attracting foreign tourists to this country.
In reporting his
appointment, Washington advices, Sept. 11, to the New York
"Herald Tribune" of Sept. 12, said:
Mr.
not
Gerard's
be defined.
duties,
the
Interior
Department explained
He would give the directors of the
today,
Government
could
tourist
National
Association
Be
in
Held
of
Pittsburgh
20-22
projected State action to give more
equitable tax treatment to homes, farms and other realestate will be an important feature of the
coming 30th annual
convention of the National Association of Real Estate
to be held in Pittsburgh, Oct. 20-22,
nouncement
by
the
Boards,
according to an an¬
issued Aug. 28, which
Association,
further stated:
The first speaker definitely to
program is
detail
be scheduled
on
the
general convention
former Governor Meyers Y. Cooper of Ohio, who will give in
the
on
actual
facts
on
Ohio's
experience with
tax
the real-estate tax, particularly as it affects
on
on
and
the
over-all
one
hand
the other hand governmental operation in the
State and the municipality.
An
informal
interstate
conference
modernization i\ill be held at
Announcement of the appointment of James W.
Gerard,
former American Ambassador to
Germany, as collaborator
of the work of the National Park Service to
of
to
A national discussion of
some
Foreign Tourist Travel
of
in the Mortgage Bankers Association of
America, at the end of the fiscal year ended Aug. 31, 1937,
reached an all-time high record, George H.
Patterson, Secre¬
tary, announced Sept. 11.
The membership showed an
increase of exactly 100 during the
past year.
Forty-one
States are now represented,
including leading commercial
banks, real-estate organizations, title and trust, life insurance
real-estate tax totals and
W. Gerard
Association
100
Cleveland Oc<;. 13-15
limitation
J.
of
Membership
a
Other officers elected
Bankers
Increase
an
Oct.
LANDIS, Chairman.
A. E. Farrell Re-elected President of National
Traders Association—Cites Traders as
At the
Mortgage
Shows
During Past
Year—Reaches All-Time High—Annual Convention
as¬
of your contribution in that work.
measure
in
America
built.
of administration,
Now, without attempting to take undue
advantage of your generosity,
the Commission would like to have
you remain for a short time so that
the
Membership
overwhelming problem
I cannot but recall the need in those days
a
on
projected
State
action
for
luncheon meeting Thursday, Oct. 21.
tax
The
conference will be under the auspices of the Association's National Com¬
mittee
of
on
Real Estate Taxation, with Committee Chairman E. L.
Marting
Akron, Ohio, scheduled to preside.
The St. Louis Real Estate Exchange is the first to
plan a special train
to the convention.
the
party.
Realtors of the West and Southwest
The Tulsa
Real
Estate
Board
has
are
invited to join
already indicated that it
will accept the invitation.
#
Second Regional Convention of New
England Realtors
to Be Held at
Hartford, Conn., Sept. 22 and 23
Governor Wilbur Cross of Connecticut and Paul E. Stark,
Madison, Wis., President of the National Association of Real
Estate Boards, will be the featured speakers at New
England's
second regional convention of realtors, to be held at HartI
Volume
Financial
145
ford, Conn., Sept. 22 and 23.
The convention will draw
together real-estate boards of the six New England States
for discussions with national real-estate leaders in appraisal,
real-estate management, brokerage and home building from
all over the country.
An announcement Sept. 11, issued
by the National Association of Real Estate Boards, con¬
tinued:
Moorestown, N. J., and C. M. Malone, President, Guardian Trust Co.,
Houston, Texas.
Dinner
of
York
New
Chapter American
Banking
Institute of
Harry B. Culshaw of the Pennsylvania Co. of Philadel¬
was the speaker at the New York Chapter, American
Institute of Banking Consuls' and Committee Members'
dinner held at the Hotel Victoria, New York, on Sept. 9, it
was announced
by J. Stanley Brown.
Mr. Brown is the
phia,
The Hartford Real Estate Board will be hosts to the convention, which
will
1839
Chronicle
follow
the
regional convention for
general pattern of the first such
New England held in Springfield, Mass., last year.
Headquarters will be
the Bond Hotel.
Industries' needs, the selection of locations for retail business, new mort¬
Personnel Director of the Chemical Bank and Trust Co. and
high-lighted in the program, already complete, announced today by John
elected President of New York Chapter for 1936-37.
American Institute of Banking is the educational
section of the American Bankers' Association.
There are
M.
234
attitudes, techniques in real-estate appraisal and real-estate manage¬
gage
topics
ment, opportunities and helps opening today for the home builder are
Hutchinson, Waterbury, Conn., Vice-President of the National Asso¬
ciation of Real Estate Boards for the region,
sessions and make the
who will preside at general
Mr. Hutchinson is head of the
keynote address,
was
The
chapters throughout the United States and more than
58,000 persons employed in banks are members of the insti¬
tute.
program committee for the convention.
New York Chapter has over 4,700 members.
inaugurating the 37th school year of New York Chapter,
^
In
than 500 Consuls apd Committee Members gathered
Mr. Culshaw is the present Chairman
of the Philadelphia Bankers' Forum and has been actively
more
Leipzig
Trade
Marked
Fair
Concludes
Increase
1,978th
of
Number
and
Attendance
in
with
Session
associated in local and national A.
Exhibitors
The
with
Leipzig Fair concluded its 1,978th session
marked increase in attendance and
a
exhibitors, it
Sept. 2
on
the number of
recently announced in New York by the
Leipzig Trade Fair, Inc.
From the announcement we quote:
150,000 exhibitors and buyers, attracted from 74 countries.
over
than
6,000
visited
buyers from
the
Fair,
foreign
3,700 foreign
More
Statements" in Trenton
fall.
buyers last
the demand both for
of 35% over
an increase
participation has fully doubled.
A general increase in
materials and finished products was
raw
indicated in
world markets.
Addresses
Smith
of
American
Association
Bankers
Urges Members to Attend Annual Convention in
Boston
Oct.
Will
Considered
Be
11-14—Serious
Fuestions
Banking
look
to
at
the
annual
Bankers Association, to be held in
K.
will
of
convention
come
Boston, Oct. 11-14, Tom
Swith, President of the organization, declared in
munication sent out
a
com¬
Sept. 12 to its 13,000 members
on
for
up
American
the
urg¬
bit to fields of sport for examples pointing the way
a
friendly
and
tional
Educational
section
of
Rickey.
The
headquarters
of
the
He
year's meeting will be
the sixty-third annual convention of the Association.
met in Boston
1913, having met there previously to that
Last year's convention was held in San Francisco,
in 1886.
with
The convention
Sept. 12, President Smith stated:
is the unique
throughout the Nation
policies
of
to
actions
opportunity presented each
play
of
full
a
and
year
part in
equal
banking
organized
toward
for bankers
determining
the
banking
important
problems.
All
banks, large
their
viewpoints
small, city
or
on
major
State
country,
or
questions
banking
of
or
National,
here
practice,
only
will
number
The
serious
extent
to
they
which
each
depends
avail
citizens
who
power
do
do
have
important
not
convention
take
none
but
not govern to
an
an
active
national
the
Not
subjects,
but
true
cross-section
themselves—on
opportunity to
the
attend
part
in
the
blame
processes
if
the
of
the
capacity,
qualify
a
be
must
will
I think
a
and
take
our
is
the
the
Uphold Dual
Amendment
To
Bankers
As¬
sociation's State Bank Division, it was announced in New
York Sept. 15, has filed for presentation to the general
convention of the association, which will be held in Boston,
Oct. 11-14, a proposed amendment to the constitution of the
organization which would add to the provision defining the
division's scope as being to "embrace all matters of interest
to state banks" the words "especially the
upholding of the
dual banking system and state automony."
At the sugges¬
tion of President Tom K.
Smith of the Association
of the Division's resolution
embodying the proposed amend¬
members by Executive Manager
ment has
F.
been sent to all
a
copy
N.
Shepherd.
The action of the committee was taken
at a recent meeting held in Chicago, which
unanimously
adopted the resolution. The members of the committee are:
Harry A.
Brinkman,
Vice
President,
Harris
Trust
&
Savings Bank,
Chicago, 111., chairman: Fred B. Brady, Vice President, Commerce Trust
be
to
So
does
while,
challenges
I
ability
every
you
have
mu6t
undertake it with
completely
consumes
&
Trust
Co.,
Winston-
Salem, N. C.; H. W. Koeneke, President, The Security Bank of Ponca City,
Okla.; Charles H. Laird Jr., President, Burlington County Trust Co.,
to
Assuming
that
the
objective
a
his
meet
help
most
to
First, the thing he is
for
reason
has
doing it.
It
qualify
to
on
professional sport.
should
be
finance
real
very
a
not only within
a
with
man
worthiness.
its
is
a
career
make yourself counted.
is the greatest
The
third
worthy,
requirement
It is pathetic to
to
succeed,
cannot
see a
and
arrange
yet
in
then
good,
one
A desire to win that
qualification
the
of
a
champion.
realization
of
is
it
his assets.
line
any
endeavor
of
is
correct
technique.
of fine strength and ability consumed by desire
man
fail
because
he
coordinate
cannot
He cannot become
a
his
forces.
He
master of technique.
Dr. Stonier, in introducing Mr. Rickey, declared there are
things in common in professional training both
pull
be based
mean
Banking.
you
in
baseball club, the Institute believes that promotion
solely
more
no
on
merit.
organized coercion,
your
training.
The Institute is a training institution for
Revisions to Effect
According
surance,
A.
political
business and have the ability to put what
Baseball believes
know into practice, you will succeed in either field.
Rate
banking
a
career.
Further Savings in Bank
to
Insurance
Committee
In¬
of
B. A.
Changes made in rates
of
Favoritism,
in baseball than they do in the American Institute of
know
If you
for
He stated:
for business.
Bankers
No, 2 and No. 8 Revised forms
on
Blanket Bonds
following negotiations between
the Insurance Committee of the American Bankers Associa¬
tion and the rating
bureau of the surety companies, will effect
further savings of about $1,200,000 annually in the aggregate
cost of bank insurance in addition to savings of $600,000 a
effected in 1936, it is brought out by James E. Baum,
Secretary of the Committee, in a statement in the current
by the Associa¬
tion's Protective Department.
Mr. Baum's statement says:
year
number of the "Protective Bulletin" issued
In
April,
1936 the
Insurance Committee issued
Standard
Bank
of
ability
think
great desire to do the job.
a
player
a
changes
Salt Lake City, Utah, president of the State Bank Division;
W. S. Elliott, Vice President and Cashier, Bank of Canton,
Canton, Ga.;
Wachovia
even
There
job must challenge
Trust Co.,
President,
a
to have
Institute
his
I
speaking tonight stand upon the threshold of
am
men
The opportunity for wide public service
countries.
A
the
Religion
sport,
Fidelity Schedule Bond and in June,
Hanes,
be
done.
too.
Bank, Parsons, Kan.; H. M. Chamberlain, Vice President, Walker Bank &
M.
of
that
game.
my
must
Co., Kansas City, Mo.; Harry A. Bryant, President, Parsons Commercial
Robert
a
were
bank
Second, having concluded that the thing to be undertaken is
in
To
American
ought
worth
of all.
greatest
to whom
democratic
administrations
Constitution At Annual Convention
of
chapters
2,867
make
to
things
the almost unlimited influence
country but between
You
can,
There
does.
it
be
must
while.
that
something
Banking
should
executive committee
is
introduced
Rickey said:
graduate
he
three
championship in
a
Like the professional
The
which
is the largest adult
aggregating
some
best
the
you
worth
appreciation of
the
do
give
to win
man
basis.
that
stimulating
to
urge
I
sport and
Association's
Institute
years ago,
In his address Mr.
of
doing must be
many
Banking Division of A. B. A.
Banking
System
in
Proposed
that the
graduating class
hope
tremendous
of
extent
suit them.
State
Institute,
Association,
everything.
analogy in the fact that those of
themselves to
a
for consideration.
up
represents a
the
of
There is
come
members
our
on
themselves
part in the proceedings.
government
discuss
banking questions will
viewpoints
which
to
outstanding speakers
of
banking
In
whatever
have
opportunity to exert their influence in the affairs of the Association.
of Banking
Stonier, Na¬
educational undertaking in the country, with an enrollment
of over 40,000 students in 293 chapter and study groups,
that
and
the
Bankers
Institute, he said, founded 37
4,000 official delegates and others in attendance.
over
his communication
In
It last
in
stated
of
Institute
Dr. Harold
exercises jointly over a national radio hookup
through the courtesy of the National Broaden sting Co. The
convention
additional accommoda¬
of
mencement
year's
guests.
settlement
enabled for the fifth consecutive year to conduct their com¬
women.
of
Director
American
the
the
will be the Statler Hotel, with ample
tions in other nearby hotels.
This
of American
chapters throughout the country.
and
tainment
and
radio address to the annual joint
a
commencement exercises
for
handling of the meeting and the hospitable enter¬
solution
of the St. Louis Cardinals baseball team, declared in
Louis, Sept. 10, in
ing them to attend the meeting.
The Boston bankers, Mr.
Smith said, are making thorough and efficient preparations
the
satisfactory
trouble," Branch Rickey, Vice-President and General Man¬
Mr.
of serious banking questions
consideration
Graduates
Banking, business and government "can well occasionally
St.
A number
Chapter.
American Institute of Banking Chapters Hold Nation¬
wide
Commencement
Exercises—Branch
Rickey
ager
President
number of
a
"Analyzing Financial
+.
The
Fair comprised 5,505 exhibits of the newest art and industrial products, in¬
American
B. for
I.
instructor of
an
States,
United
including the
countries,
compared with
as
cluding 361 from countries other than Germany,
1936.
He is also
years.
was
The generally greater activity in world trade is reflected by the attendance
of
to hear Mr. Culshaw.
to
Committee
coverages
forms
of
broaden
Form
with
No.
the
the
8
given
coverage
Revised.
1^36
an
improved form of
secured the adoption of
under
Bankers
Blanket
Further negotiations by
underwriters,
promise early
the
many
Bond,
Insurance
adoption of additional
and clarifying changes in both the No. 8 Revised and No.
Bankers
Blanket
Bond
and
a
broader, revised
Association's copyrighted Burglary and Robbery Policy.
edition
of
2
the
1840
Financial
Since all
these
improvements raise the quality of insurance protection
essential to sound banking and premium rates had risen sharply until
the Committee
without
These reductions cut down bank insurance
Happily,
annually.
continued
Blanket Bonds charted
directed
was
19:16,
confronted with the task of securing broader insurance
was
disturbing the rate schedules, including the reductions secured
year ago.
Chronicle
the
improvement
loss
in
a
$600,000
experience
under
Insurance Committee's course of action
further reductions in the rates
toward
costs about
From
that
$270,000,
Pa.
We quote
14,000
After several conferences with the surety companies' rating bureau,
tracts.
tion's
fault.
Three
reductions
announced
were
July
on
12.
become retroactive to July
to
of
the
unsecured
Bankers blanket
which
Bond
reduced
were
will
and
not
to
fidelity
f" The
statement presents explanatory material including a
table of the new rates applicable to the smaller
banks, and declares that these supplementary annual savings
detailed
of
$1,200,000 are available to banks carrying blanket bonds,
either by a pro rata refund or by applying the pro rata refund
to the cost of an increased amount of insurance or broader
the
to
institu¬
941/2% of the $3,620,000 de¬
declared.
♦
A
forgery bonds, the rates for
or
returned
amount
total
previous dividends have been
1,
April 27. 1936 and continue unchanged
on
the
dividend
creditors
These changes relate only to the No. 2 and No. 8 Revised forms of
19:47.
unsecured
to
Bank of Wilkinsburg,
the paper further, in part:
distribution
With
7%,
of
that day
on
National
First
14, it is
totaling
Sept.
of
fourth)
(the
distributed
to he
was
con¬
charged for these
dividend
a
creditors of the closed
which
"Post-Gazette"
Pittsburgh
the
learned
1937
18
Sept.
providing
plan
for
payment
the
approximately
of
$1,200,000 to depositors of the old American State Savings
Bank of Lansing, Mich., about Nov. 1, was approved Sept. 10
by Judge Leland W. Carr of the Ingham Circuit Court.
A
Lansing dispatch on Sept. 10, appearing in the Detroit "Free
Press," in noting this, added:
The
about
the
authorized
court
struction
Finance
bank
borrow
to
$1,125,000
the Recon¬
from
The dividend will bring total payments
Corporation.
to
85% of the original deposits.
coverage.
4
ITEMS
ABOUT
Arrangements
BANKS,
TRUST
COMPANIES,
&c.
made Sept. 11 for the transfer of a
Exchange membership at $75,000.
The
previous transaction was at the same price on Sept. 1.
New
York
were
Stock
Arrangements were completed Sept. 9 for the sale of a
membership in The Chicago Stock Exchange at $2,000,
unchanged from the last previous sale.
'
appointed a Vice President of the
Company, New York, at a meeting of
the Board of Directors held Sept. 16.
was
Bank of Manhattan
•
A.
C.
Chafey, President of the Nyack National Bank &
York, has been appointed a Vice-President
of the Bank of New York & Trust Co., it was announced
on
Sept. 14.
He is expected to resign his present position
Trust
Co., New
and take up his new duties on
Oct. 1.
•
•<"'
.
"
'
'I
"
•
Herbert
R.
Seaman
elected
was
President
Brooklyn Savings Bank, New York,
of
the
East
appointed Treasurer.
4
Alterations have started at
for
Trust
the
Co.
end
of the present
ferred to
the
of 35
age
square
to
The
the
bank
after
which
This
space.
the
of
make
to
deposits
will
will
be
which
For
has been
enable
will
any
of the Kings Highway office, which is one of the four
offices of Manufacturers Trust Co. in Flatlmsh and one of
ager
18
the
offices
is
the
64
bank
the
Greater
Throughout
maintains
of
New
in
the
for
all of
tion
of
distribution
Manufac¬
the
by Judge V. J.
closed
director
of
Journal,"
which
National
the
Farmers Trust Co.
stated
also
City Bank
(New York).
and
that
he
is
Bank-
City
the
was
Stoneham
to
become
a
Bank of Everett,
ald" of
The
Trust
Co., Stoneliam,
branch
of the
Mass.,
on
Sept. 13
Coimfv National
Middlesex
Mass., it is learned from the Boston "Her¬
Sept. 12, which added:
Middlesex
Boston, with
total
is
one
of
resources
and undivided profits
the
in
largest
excess
of
Checks to out-of-tlie-city
doors
its
authorized Saturday
was
Strieker in Hinds Chancery Court.
April
has paid
It
1933.
10,
[Sept.
11]
The institu¬
depositors
in
excess
♦
In competition with all banks in the United States and
Canada, the Bank of America National Trust. & Savings
Association, San Francisco, Calif., has been awarded first
place for the excellence of its advertising during the past
year, President L. M. Giannini has been advised by the
editors of "Bank Ad-Views," New York financial advertising
review.
The award was based largely upon the newspaper
advertising campaign in approximately 400 California news¬
papers.
■
' ■
S- v ■
♦
That
of the Bank
tion
G.
Fred
Stevenot has
of America
resigned
National
become
President
of
to
Transamerica
sidiary
nounced
the
of
as
Trust
Vice-President
a
& Savings Associa¬
Bankamerica
the
Corporation,
Co.,
sub¬
a
been
has
an¬
by John M. Grant, President of the Transamerica
Corporation, who stated that Mr. Stevenot would aggressive¬
ly develop the business of the Bankamerica Co., which, dur¬
ing the past few months, has been increasingly active in
the
underwriting and distribution of security issues.
by the Transamerica Corp. continued:
The
announcement
Mr. Stevenot
has had
wide experience in public and corporate refinancing,
having, since he became
a
conducted
important
been active
america
number
a
as
a
of
director
Corporation.
Vice-President of
and
Mr.
the Bank of
financial
member of
Stevenot
the
served
America
reorganizations.
He
in
as
a
member
of
the
1933,
has also
executive committee of
Trans¬
California
Railroad Commission from 1930 to 1933.
♦
The Board of Directors of the Bank of America National
Trust
at
&
Savings Association
(head office San Francisco)
meeting raised the regular annual dividend rate
recent
a
from
of
$2 to $2.40 a share by declaring a semi-annual dividend
$1.20 a share, one-half of which is payable on Sept. 30
and
one-half
and
Dec.
15,
on
Dec.
31
to
stockholders
respectively.
Commenting
tion, A. P. Giannini, Chairman, said:
"Because
results
ness,
of
and
we
of
our
continuing satisfactory
because of the
feel
that
we
of
on
record
Sept. 15
the Board's
experience in
normal
operating
generally promising outlook for California
should
pass
to our
on
stockholders
a
ac¬
busi¬
larger portion
Bank of America's profits."
Effective Sept. 4, the First National Bank in Reno, Reno,
Nev., changed its title to the First National Bank of Nevada.
THE
CURB
EXCHANGE
Curb stocks have moved up and down during most of the
present week without definite or sustained trend.
There
were some modest advances recorded
among the specialties
during the fore part of the week but sharp selling checked the
♦
The
Jackson
•
Reginald B. Taylor, Vice-President of the Niagara Share
Street
The
deposits.
will be obtained at the Deposit
$2,800,000.
Corp., has been elected a director of the Buffalo Industrial
Bank, Buffalo. N. Y., it is learned from Buffalo advices to
"Wall
their
by the bank
Brooklyn and Queens.
♦
the
of
mailed.
will be
final
The
Brooklyn.
of
Frederick
Supervising Vice-President
turers Trust Co. branches in
Borough
Manufacturers Trust Co.
W. Bruchhauser
York,
banking offices.
100%
cheeks for Jacksonians
Guaranty Bank & Trust Co. beginning Sept. 21.
depositors
&
that a
Sept. 12, authority for this, added:
Receiver Cox said
enable
growing clientele.
design,
and
time of the dav or night,
Robert W. Van I)e Water is the Man¬
banking hours.
received
have
Sept. 11
on
40%, amounting to $858,577, would he paid
Sept. 21.
With tliis payment, depositors
on
considerable
a
and
night depository
window
17th
feet
quarters,
its
front¬
a
approximately
square
represents
present
customers, a
show
the
900
has
Jackson, Miss., announced
depositors
will
business
the
East
is
interior
about
to hotter accommodate
merchants
time
location
new
the
of
area
of
over
convenience
in
be completed
to
Kings Highway between
feet,
size
The
quarters.
on
the
included
Manufacturers
of
expected
are
November, at which
public
increase in
Kings Highway. Brook¬
Kings Highway branch at 1709 will be trans¬
Streets.
2700
of
new
feet
ISth
devoted
1717
Highway office
These alterations
the
toward
Kings
new
to
Sept. 13, succeeding
on
David Morehouse, who has reitred.
Mr. Seaman, who has
been with the bank 18 years, is the eighth President.
At the
same time Charles L. Auer was elected First Vice
President,
Harold S. Graham, Secretary and Alfred G. Freeman was
lyn,
of
final dividend of
afternoon
♦
Frederic J. Fuller
Cox, receiver of the defunct Merchants Bank
Co.
"News" of
—4
:
Harold
Trust
suburban banks operating north
$11,1100,000,
a
of
surplus of $500,000,
in excess of $225,000.
upswing and few stocks were able to hold their gains. Public
were fairly steady but the advances were
generally
small.
Oil stocks moved up and down and
mining and metal
shares have shown little change either
way.
Irregular price movements with a tendency toward lower
levels was the feature of the dealings
during the brief session
on
Saturday. The volume of trading was unusually heavy
utilities
and totaled
4
Effective
examiner
Sept. 13, Robert A. Wilson, heretofore
of
the
Federal
Reserve
Bank
at
a
trust
Philadelphia,
became Trust Officer of the Pennsylvania Co. for Insurances
on
Lives
&
Granting Annuities of Philadelphia.
his appointment, the
Mr.
Wilson
graduation
joined
from
He also served
as
the
the
In noting
Philadelphia "Record" of Sept. 13 said:
State
Wharton
Banking
School
of
Department
the
in
University
1925,
of
following
Pennsylvania.
Trust Officer of the Equitable Trust Co. of Atlantic City.
1
approximately 366,000 shares against 55,000 on
the preceding Saturday.
There was some buying among the
specialties and gains ranging from 1 to 2 or more points were
apparent in this group.
Public utility stocks, particularly
in
the preferred
section, were fractionally higher and
moderate gains were registered by the mining and metal
issues and
some
of the oil shares.
Soft spots were in evidence
throughout the list but the recessions were usually small and
without special significance.
Prominent among the stocks
closing on the side of the advance were Aluminum Co. of
Ameripa, 2 points to 125; Creole Petroleum, 1 point to 30;
Volume
Financial
145
Niles-Bement-Pond, 3 points to 50; and Pepperell Manu¬
facturing Co., 1% points to 106%.
Prices tumbled sharply downward on Monday as a sudden
burst of selling checked the modest advances of the previous
session.
During the opening hour prices were generally
irregular but broke sharply as the session advanced. The
losses were more pronounced among the high class specialties,
Babcock & W ilcox dipping 8 points to 100; Aluminum Co. of
America, 5 points to 120; Sherwin Williams, 6 points to 109;
American Cyanamid B, 7% points to 29%; Jones & Laughlin
Steel, 4 points to 76 and Nelii Corp., 7 points to 40. Public
utilities also were under selling pressure, Carolina Power &
Light 7 pref. slipping back 5% points to 87, Empire Gas &
Fuel 8% pref. dropping 8 points to 37%; United Gas pref.,
8 points to 100 and Central Power & Light pref., 5 points to
75.
The losses among the oil shares and mining stocks were
not so pronounced.
The trend of the market was completely reversed on
Tuesday and a large part of Monday's losses were canceled.
The recovery extended to nearly every section of the list,
and while buying lagged in the final hour, closing prices were
only slightly under the tops for the day. Outstanding among
the leaders of the advance
Aluminum Co. of America,
were
10 points to 130; Brown Co. pref., 5 points to 62; NilesBement-Pond, 7 points to 50; United Gas pref., 5 points to
105; Central Power & Light pref., 6 points to 81; Gulf Oil
Corp., 3% points to 51%; Pepperell Manufacturing Co.,
3% points to 107%, and Thew Shovel, 3% points to 24%.
Curb market prices were fairly steady during the early
trading on Wednesday but turned irregular as the day
advanced and several prominent market favorites sold off a
point or more before the trading ended.
Some of the less
active stocks showed little change but the list, as a whole,
lower
was
back with
the session closed.
as
Babcock & Wilcox
came
gain of 3% points to 99%, Brill pref. moved up
points to 35, Safety Car Heating & Lighting improved
4% points to 114 and Childs pref. advanced 4 points to 65.
On the side of the decline the noteworthy losses were Am¬
erican Book Co., 5 points to 52; Colts Patent Firearms, 5
points to 75; Pepperell Manufacturing Co., 3% points to
104%, and Jones & Laughlin Steel, 2 points to 72.
Trading dropped off on Thursday as interest lagged and
stocks moved within a narrow range.
There was no pressure
on the list but many followers were
apparently waiting further
developments in the foreign situation before making new
a
4
commitments.
There
were
some
TRANSACTIONS
AT
TREE
NEW
YORK
CURB
currencies
Bonds (Par
PRINCIPAL
\
Week Ended
Saturday
AND
BROAD
STREET.
Foreign
Domestic
FOREIGN
EXCHANGE
RATES
365,940
575,145
1,325,000
Tuesday
348.455
Wednesday
Thursday
248,370
194,535
Friday
$590,000
UNDER
BY
TARIFF
FEDERAL
ACT
OF
RESERVE
1930
Noon Buying Rate for Cable Transom
New York
Value in United ^aits Money
Country and Monetary
Unit
Sept. 11
Europe—
Sept. 13
Sept. 14
$
Sept. 15
Sept. 16
Sept. 17
$
S
Austria, schilling
Belgium, belga
.18.8516*
.188550*
.188528*
.188533*
.188514*
188580*
.168321
.168367
.168367
.168317
.168301
168294
Bulgaria, lev
.012850*
.012850*
.012850*
.012875*
.012850*
012850*
.034914
.034912
.034916
.034914
.034925
034948
Denmark, krone
220791
England, pound sterl'g 4.9466 .'5
Finland, markka
.021860
.221018
.221045
.220822
.221050
4.951041
4.952041
4.946916
4.952291
.021879
.024882
.021860
.021905
.035663
.035678
.035667
.033846
.033705
Germany, relchsmark
Greece, drachma
.401160
.401207
.401167
.401114
.009028*
.009071*
.009068*
.009060*,
Holland, guilder
Hungary, pengo
Italy, lira
.549939
.550282
.550428
.550046
.197475*
.197475*
.197475*
.197500*
.197475*
.052603
.052605
.052605
.052605
.052600
Norway, krone
.248510
.248712
.248818
.248560
.248762
Poland, zloty
Portugal, escudo
.188850
.188950
.188800
.188933
.188925
.044733*
.044883*
.044850*
.044850*
.044883*
.04490S*
Rumania, leu
Spain, peseta
.007296*,
007296*
.007379*
.007367*
.007279*
.007282*
.065428*
.064750*
.065062*
.065285*
.064583*
,064928*
.255339
.255027 I
Czechoslo'kia,
koruna
France, franc
--
Sweden, krona...
.254997
-
Switzerland, franc
Yugoslavia, dinar
I
.255227
I
.229676
.229687
.022933*
.023020*
221435
962333
021920
,
033816
401157
.041100
1
I
.229671
.229698
.023020*
.023020*
.009066*
009083*
.550242
,551100
,197500*
,052605
|
,249258
,188900
.255250
.229687
.255747
J
.229657
.023020*
.023020*
Asia—
China—
Chefoo (yuan) dol'r
.297208
.296041
296354
Hankow(yuan) dolT
Shanghai (yuan) dol
Tientsln(yuan) dol'r
Hongkong, dollar..
.297208
.297208
.296312
.296000
.296041
,296354
.297208
.297208
.297208
.297208
.296312
.296000
.296041
296354
.296312
.296000
.296041
,296354
.309093
.309015
.309583
.309093
.309375
,309765
India, rupee
.297208
.373405
.296312
.296000
Singapore (S. S.) dol'r
.373644
.373922
.373431
.373833
288278
.288539
.288703
.288360
.288575
289046
.580000
Japan, yen
.580250
.580875
.580000
.580250
581375
374377
Australasia—
Australia, pound
New
3.943854*3.945750*3.945468*3.941250*3.944218*3
952000*
Zealand, pound. 3.971750* 3.975125* 3.975416* 3.972562 * 3.974322 * 3 ,981250*
Africa—
South Africa, pound.. 4.902375* 4.902968* 4.905104* 4.901785* 4.904062*
4.913281*
North America—
Canada, dollar
Cuba, peso
Mexico, peso
.999783
.999855
.999843/
.999000
.999000
.999000
.999000
.999000
.277500
dollar
.999819
.999000
Newfoundland,
.277500
.277500
.277500
.277500
.277500
.997343
.997402
.997343
.997421
.997388
.997343
.330133*
.999843
.999879
South America—
Argentina, peso
.329733*
Brazil (official) mllrels
.086985*
(Free) mllrels
Chile, peso-.....-,-.
.064222
.051666*
Colombia,
peso
Uruguay,
peso..
.329950*' .330066*
.330621*
.087238*
.087204*
.087238*
.064111
.063966
.051725*
.051725*
.051725*
.051725*
.051725*
.569905*
.569905*
.570905*
.569905*
.567905*
.569905*
.791666*
.791875*
.791875*
.791250*
.791250
.791500*
.329980*
.087204*
!
I
.064133
.087221*
!
.064111
.064189
♦Nominal rates; firm rates not avallablo.
COURSE
OF
BANK
CLEARINGS
Bank
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday,
Sept. 28)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be
1.0% below
those for the corresponding week last year.
Our preliminary
total stands at $6,728,617,987, against $6,799,950,045 for
the
same
week
week in 1936.
ended
At this center there is loss for the
Friday of 2.3%.
Our comparative
summary
for the week follows:
Clearings—Returns by Telegraph
U—- -4 -
-
Kansas City
St. Louis....
Total
DEPARTMENT!
YORK
SEPT. 11, 1937, TO SEPT. 17, 1937, INCLUSIVE
Per
1937
-- -
-
Boston
Corporate
CERTIFIED
BANKS TO TREASURY
Chicago....
Foreign
Oovernment
NEW
Corporation
Week Ending Sept. 18
Value)
FOREIGN
Memoer Federal Reserve ISystem
Member New York Clearing House Association
Member Federal Deposit Insurance
\
Philadelphia
of
Shares)
1937
OFPICR
55
EXCHANGE
(Number
Sept. 17.
quoted in the New Yoik market.
MANUFACTURERS TRUST COMPANY
New York.
Stocks
1841
Foreign Exchange orders transacted in all
scattered
strong spots
in the minority.
through the list but these were
The best
gains were in the specialties group and included among
others American Meter, 2% points to 33%; Colts Patent
Firearms, 3% points to 60%; Pittsburgh Plate Glass, 3%
points to 113%, and Great Northern Paper, 2 points to 37.
Babcock & Wilcox moved back 1% points to 101, and Jones
& Laughlin Steel gained 2 points to 74.
The transfers were
again down, the total for the day being approximately
195,735 shares against 248,765 on Wednesday.
Dullness and irregularity were the outstanding character¬
istics of the curb market trading on Friday.
There were a
few slow moving stocks that stood out against the trend, but
the list, as a whole, was lower and the transfers were down to
167,000 shares against 195,000 on the preceding day.
Promi¬
nent among the market leaders closing on the side of the
decline were Aluminum Co. of America, 3 points to 127;
Carrier Corp., 4 points to 45; Jones & Laughlin Steel, 5
points to 69; Thew Shovel, 2 points to 23; Niles-BementPond, 3 points to 47, and Pittsburgh & Lake Erie, 5 points to
73.
As compared with the final prices of Friday of last week
the range was slightly higher, Aluminum Co. of America
closing last night at 127 against 123 on Friday a week ago;
American Cyanamid B at 30% against 28%; Ford of Canada
A at 20% against 19%; Gulf Oil Corp. at 51
against 50;
Humble Oil (new) at 74 against 72; Lake Shore Mines at
49% against 47%, and New Jersey Zinc at 75 against 72%.
DAILY
Chronicle
_
......———. -
San Francisco
-
-* -
1936
$3,411,062,691
315,955,845
252,000.000
196,045,000
$3,491,555,905
266.712.703
324,000.000
—22.2
201,765.000
—2.8
91,790,896
95.483,000
91,396,416
91,500.000
140.000,000
+0.4
+ 4.4
+20.3
115,367.257
98,146.414
89,452,983
+36
+ 8.2
+23.4
—12.1
Cent
—2.3
+ 18.5
$22,000
v
62,000
$15,000
55.000
1,442.000
Pittsburgh
1,282,000
40,000
33,000
1,355.000
Detroit
106,224.683
859,000
20,000
6,000
885.000
Cleveland
110,396.294
1,141.000
951,000
27.000
19,000
1,187.000
Baltimore
63,297,331
71.977.650
166,910
35,000
26,000
1,012,000
New Orleans..
42,471.000
42,802,000
—0.8
1,899,355
$6,148,000
$206,000
$154,000
$6,508,000
$5,024,676,328
832,852,245
—1.0
Other cities, five days
$4,972,704,759
717,810,230
Total all cities, five days..
All cities, one day
$5,690,514,989
1,038,102,998
$5,857,528,573
—2.9
942,421,472
+ 10.2
$6,728,617,987
$6,799,950,045
-1.0
Monday
Total
Sales at
Week Ended Sept.
17
$627,000
Jan. I to Sept.
17
New York Curb
Exchange
1937
Stocks—No. of shares.
1936
1937
'
;
1,589.590
$312,145,000
9.230,000
$597,942,000
13,023.000
154,000
$10,664,000
182,000
273,000
7,648,000
9,321,000
$6,508,000
$11,119,000
$329,023,000
$620,286,000
EXCHANGE
RATES
79,629,967
government..
Total
206,000
FOREIGN
Pursuant to the
Act
of
1930,
Reserve
Bank
is
now
cases
has to be estimated.
\
In the elaborate detailed statement,
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
—13.8
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above, the last day
of the week in all
requirements of Section 522 of the Tariff
the Federal
Twelve cities, five days
93,301,213
i
Foreign corporate
119.560.019
Total all cities for week
1,899,355
$6,148,000
Bonds
Domestic
Foreign
1936
168,418.000
however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended
Sept. 11.
For that week there
was a decrease of
4.0%, the aggregate
clearings for the whole country having amounted to
$4,754,541,406, against $4,953,967,427 in the same week
of
1842
Financial
in 1936.
Outside of this city there was
Chronicle
increase of 3.4%,
the bank
clearings at this center having recorded a loss of
9.0%.
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 show a loss of
8.4%, in the Boston
Reserve District of 2.1%, and in the
Philadelphia Reserve
District of 4.0%.
In the Cleveland Reserve District the
totals record
Week Ended Sept. 11
Clearings at—
inc. or
1937
districts:
y'-f;
a
;;
15,336,000
1,164,877
14,722,000
1,003,416
V
Wis.—Milwaukee
la.—Cedar Rap.
70,726,568
2,604,692
1,155,164
$
365,349
83,109,513
—6.0
+ 12.9
2,313,958
1,126.131
841,678
14,378,000
811,806
4,362,822
17.849,421
—12.0
+ 3.J
+4.2
+ 16.1
303,619
68,161,712
1,834,986
913,467
593,776
13,057,000
603.953
4,412,750
+0.7
16,489,134
16,723,645
1,061,465
6,841,686
3,103,766
—1.4
+8.6
—13.8
363,539
—13.1
6,337,491
3,057,922
351,670
244,765,777
+ 10.5
261,052,181
236,250,522
618,236
3,098,072
2,517,538
863,494
599,434
954,499
7,431,881
2,676,606
315,740
Sioux City
111.—Bloom'gton.
Chicago.
+ 38.6
4,444,504
Des Moines
270,403,588
Decatur
—10.1 + •■'
952,594
3,670,909
14,746,071
840,158
5,521,040
2,967,029
546,978
796,008
Springfield.
881,638
—9.7
3,081,499
1,194,864
1,185,247
Peoria
Rockford
Total (18 cities)
Inc.or
1937
1936
Federal Reserve Dists.
1st
Boston
12 cities
$
S
Richmond
935,977
South Bend
CLEARINGS
Week End. Sept. 11,1937
6th
1934
3,808,034
1,034,639
1,024,751
—19.1
+15.6
+ 15.7
1,159,777
875,492
401,184,620
379,684,406
+ 6.7
402,650,116
354,561,088
77,800,000
27,696,492
14,855,531
65,800,000
24,317,599
15,826,755
557,404
.
SUMMARY OF BANK
2nd New York. 13
3rd Philadelphia 10
4tb
Cleveland-_ 5
287,772
Terre Haute
by Federal Reserve
summary
S
207,566
75,202,473
2,307,817
1,313,189
906,255
Grand RapidsLansing
Ind.—Ft. Wayne
Indianapolis
4.1%.
furnish
1935
%
Seventh Feder al Reserve D istric—Chic ago—
Detroit
Reserve District the totals are smaller
by 0.8%.
In the
Kansas City Reserve District there is an increase of
2.2%,
in the Dallas Reserve District of
4.3%, and in the San
Francisco Reserve District of
we
Dec.
$
Mich.—AnnArbor
a
following
1936
$
gain of 3.3% and in the Richmond Reserve
District of 13.4%, but in the Atlanta Reserve
District the
totals register a decrease of
0.5%.
The Chicago Reserve
District has managed to enlarge its totals
by 5.7% and the
Minneapolis Reserve District by 1.4%, but in the St. Louis
In the
Sept. 18. 1937
an
Dec.
%
186,455,001
1935
S
190,401,378
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
73,100,000
70,100,000
+4.3
1934
Ky.—Louisville..
211,575,710
191,238,965
—8.4
"
2,799,593,200
3,056,510,443
3,350,191,914
"
286,968,928
—4.0
329,652,532
237,831,382
+3.3
240,019,512
27,279,826
19,740,773
X
Qulncy
Total (4 cities)
194,982,685
-
_
6
"
111,498,416
98,289.754
6th
+ 13.4
Atlanta
110,521,216
10
"
125.177,703
—0.5
Chicago —18
"
126,056,299
379,684,406
8th
+5.7
St.
4
"
402.650,115
354,561,088
117,579,599
Ninth Federal
—0.8
Minneapolis 7
10th KansasClty 10
11th Dallas
6
"
120,763,023
106,351,354
105,405,945
86,812,836
Minn.—Duluth..
"
106,950,635
95,945,377
117,097,764
114,547,000
"
132,832,364
122,373,905
59,936,203
57,473,716
12th San
"
X
X
459,000
+ 31.6
411,000
407,000
116,634,418
117,579,599
—0.8
120,763,023
106.351,354
2,718,138
74,180,875
23,345,068
2,702,619
67,240.487
21,100,348
2,014,563
672,775
740,900
531,675
461,647
105,214,992
401,184,620
X
604,000
102,199,765
124,593,740
7th
—1.0
—19.3
X
272,787,963
245,645,541
15,930,794
111.—Jacksonville
3,200,385,172
275,557,605
"
26,999,624
Tenn.—Memphis
S
—2.1
_
Louis.
_
9th
210,938,953
112 cities
Outside N. Y. City
Canada.
_
We
202,690,282
+21.4
+2.2
+ 4.3
+4.1
4,754,541,406
4,953,967,427
—4.0
5,411,374,410
4,986,443,538
2,047,263,179
Fran-.11
Total
116,634,418
1,980,539,793
+3.4
2,165,912,078
add
297,008,148
303,044,513
50,188,864
52,989,661
229,972,226
Minneapolis
St. Paul
187,412,611
N. D.—Fargo
S. D.—Aberdeen.
Mont.—Billings
—2.0
316,500,095
2,485,171
cities).
105,405,945
334,287,292
Tenth Federal
1936
$
$
1934
Springfield
649,762
—12.8
1,610,208
162,440,187
+ 12.1
513,907
1,984,142
—2.2
181,711,136
484,573
324,668
653,782
2,769,540
1,659,515
609,411
298,133
644,910
—20.5
712,192
+8.9
299,510
+ 1.4
520,954
186,455,001
1,324,683
—9.7
—6.0
410,576
Total (12 cities)
9,855,709
2,991,088
2,514,696
1,073,897
7,850,797
2,392,838
8,456,500
2,971,150
106,950,635
05,945,377
2,051,228
29,428,032
3,343,593
2,555,062
80,095,577
3,467.831
City
as
109,601
122,999
2,528,861
—13.1
27,482,166
—3.3
2,044,183
2,409,530
—12.3
+ 5.3
2,668,764
755,234
862,762
—15.4
—33.4
117,097,764
114,547,000
+2.2
132,832,364
122,373,905
1,114,454
38,356,750
5,621,183
1,935,000
41,377.585
5,412,473
2,937,000
Pueblo
;
Total (10 cities)
6,909,900
339,788
418,023
190,401,378
—2.1
Eleventh Fede al Reserve D istrict—Daii
Texas—Austin...
Dallas
+23.3
—9.5
+ 18.7
—5.2
99,996
94,562
662,569
575,455
1.242,772
45,970,158
as—
1,267,302
44,602,809
5,518,589
1,997,000
+ 14.9
+ 1.2
—1.9
+ 3.1
872,951
6,343,133
Galveston
Wichita Falls..
2,020.000
796.823
729,639
+9.2
763,838
La.—Shreveport.
211,575,710
Ft. Worth....
3,563,317
3,358,377
+ 6.1
2,397,639
2,389.652
59,936,203
57,473,716
+4.3
50,188,864
52,989,661
191,238,965
Total
Feder al Reserve D istrict—New
Y.—Albany..
Binghamton..
3,378,316
+21.4
521,105
2,783,081
8,085,200
N.H.—Manches'r
603,974
+ 5.1
+ 26.9
8,481,500
N.
2,216,719
86,812,836
574,101
227.840
—2.9
2,634,460
1,708,575
8,238,123
3,071,833
New Haven
R. I.—Providence
570,894
1,419,123
166,765,751
+4.9
7,437,070
2,888,651
Worcester
Conn.—Hartford
937,451
574,193
Wichita
%
1,804,282
158,864,137
Fall River
Lowell
Second
1935
666,329
New Bedford--
v
75,662,900
638,865
Kan.Topeka
Dec.
Reserve Dist rict—Boston
Me.—Bangor
;
+ 7.0
127,411
138,841
2,497,826
34,148,335
2,063,721
3,868,115
85,306,181
3,357,366
692,831
631.747
Colo.—Colo.Spg.
inc. or
1937
95,247
Mo.—Kan. City.
St. Joseph
Lincoln
Omaha
__
—6.6
+ 0.5
+ 5.2
+ 12.1
Reserve Dis trict—Kans
151,700
2,287,454
26,584,835
1,792,585
2,860,550
79,583,348
2,528,987
Week Ended Sept. 11
Portland
569,754
755,658
+ 46.9
+ 33.2
our
Clearings at—
Mass.—Boston
572,364
794,949
Neb.—Fremont..
Hastings
First Federal
2,446,328
55,766,485
22,982,867
2,075,025
_
Helena
Total (7
detailed statement
showing last week's
figures for each city separately for the four years:
now
3,593,088
74.277,179
21,462,528
2,220,666
1,876,325,316
32 cities
_
Reserve Dis trist—Minn eapolis
York-
5,425,310
822,593
6,178,441
843,206
—12.2
13,651, 564
—2.4
824, 168
27,500,000
796,907
24,400,000
+ 12.7
29,400, 000
589,869
535,779
628,541
541,698
New York
2,707,278,227 2,973,427,634
Rochester
6,355,162
6,093,759
Syracuse
3,581,859
2,971,404
Westchester Co
2,345,393
1,948,505
Conn.—Stamford
3,097,968
2,566,182
N. J.—Montclair
282,718
273,320
27,061,193
+ 10.1
566, 081
580, 322
575,097
3,245,462. 332
6,451, 229
,110,118,222
(6cities).
X
Buffalo
Elmlra
Jamestown
Newark
Northern N. J.
14,629,384
27.056,176
+ 16.0
—9.0
+ 4.3
+4.3
+ 19.2
17,368, 375
26,955, 659
-8.4
363,679
363,649
259,438
320,837
*400,000
246,759
+ 13.4
1,243,463
277,000,000
—9.9
993,210
+8.8
2,034,929
1,416,498
1,312,232
2,001,000
+4.3
N.J.—Trenton..
1,130,882
266,000,000
1,080,967
2,123,000
803,432
1,307,558
2,125,000
Total (10 cities)
275,557.605
286,968,928
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
Wilkes-Barre..
York
Fourth
—9.1
+ 5.1
4.0
■■
—43.3
—0.4
+ 6.2
-4.0
x
49,534,013
Cleveland
73,775,140
9,222,600
1,295,205
Columbus.
Mansfield
Youngstown...
Pa.—Pittsburgh
.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk..
—35 8
1,210,191
+ 7.0
—1.1
+ 1 3
386,992
426,678
334,958
972,344
318,000,000
1,122,592
2,179,202
1,191,410
1,431,356
3,607,000
329,652,532
297,080
974,465
1,130,922
2,424,000
272,787,963
83,024,326
194,982,685
Reserve Dist rict—Richm ond-
3,122,523
14,781,658
42,700,000
1,161,936
1,097,609
12,250,000
15,090,424
1,779,495
cities)
2,914,043
12,989,878
44,600,000
1,181,747
1,138,930
11,058,000
15,612,735
1,843,263
Canada—
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
...
St. John
Victoria
+ 3.8
+ 13.4
110,521,216
102,199,765
Edmonton
Brandon
545,996
Saskatoon
Moose Jaw
Fort William
Medicine Hat..
a-
—4.3
—1.7
—3.6
+ 10.8
—3.3
—3.5
2,544,504
11,856,466
38,900,000
895,058
763,012
10,023,000
15,892,521
1,239,036
x
192,622
33,646,485
—10.8
—3.6
147,915
29,768,748
105,844
22,995,551
124,593,740
125,177,703
—0.5
126,056,299
1,257,318
535,112
738,096
777,115
644,833
254,545
515,187
661,746
Peterborough
Sherbrooke..
Kitchener.
1,017,952
2,239,583
391,305
783,782
Windsor
Prince Albert-..
Monet on.
+4.1
229,972,226
187,412,611
+7.6
+3.6
+ 14.6
+ 7.5
+ 11.3
+ 17.6
755,062
25,167,647
5,411,374,410 4.986,443,538
+3.4 2,165,912,078 1,876,325,316
Epded Sept. 9
86,612,427
74,121,076
63,682,769
14,102,223
22,937.610
2,690,785
2,214,876
3,612,916
6,138,336
1,473,922
1,486,774
1,998,908
3,459.742
6,917,616
376,820
425,420
Total (32 cities)
*
Estimated,
x
—1.2
+ 19.0
—35.2
+6.3
+ 12.8
+ 45.0
—0.3
+38.8
—11.9
+ 12.4
—0.8
+ 1.4
—5.5
—43.1
—10.9
100,340,379
79,616,632
60,307,386
13,786,397
18,204,095
5,236,203
2,527,188
4,267,337
5,434,393
1,536,188
1,523,283
2,763,484
3,419,123
4,743,596
+28.3
265,995
596,461
—23.8
1,491,805
701,711
684,361
—23.7
573,622
758,866
598,154
613,954
369,894
740,647'
603,805
679,423
+ 7.9
+14.4
—11.6
729,243
255,096
615,427
—28.4
545,645
+ 21.3
824,094
2,133,158
377,202
+23.5
297,008,148
303,044,513
105,214,992
Sudbury.
1935
1,650,493
603,741
461,534
394,816
391,130
745,219
563,619
490,077
Chatham
Dec.
1934
%
490,208
890,844
Kingston
Sarnia
171,910
32,438,185
85,576,041
88,177,917
41,252,697
14,985,720
25,867,884
3,902,605
2,208,063
5,016,102
4,627,288
1,656,176
1,474,389
2,027,030
3,268,851
3,934,245
335,822
Lethbridge
952,791
46,916,799
13,501,661
1936
$
Regina—
1,054,939
3,263,989
13,661.060
46,400,000
1,232,751
1,007,037
13,574,000
15,389,581
1,611,218
11,821,655
2,691,998
2,379,974
101,504,030
2,394,158
1.080,278
1,539,787
—17.5
28,977,022
9,111,000
inc. or
1937
122,682
1,989,000
38,716,832
51,504,737
18,266,081
+ 7.2
+ 13.8
—4.0
+52.1
33,511,467
10,084,000
1,109.422
31,042,846
13,754,992
3,526,008
2,856,3u9
128,503,52y
2,791,425
1,179,490
1,612,738
ai-
Brantford
Reserve Dist rict—Atlant
202,690,282
Week
Clearings
New Westminster
Miss.—Jackson..
Vlcksburg
+ 3.2
+5.7
1,519,659
Outside New York 2,047,263,179 1,980,539,793
London
164,370
2,160,000
37,371,089
—13.7
(112
Calgary..
98,289,754
La.—New Orleans
M
106,897,730
111,498,416
.
1,141,667
240.019,512
Total (6 cities).
Mobile
60,392,521
8,436,900
+ 3.3
D.C.—Washing'n
Fla.—Jack'nville.
Ala.—Birm'ham
41,987,271
+ 12.5
+26.6
Macon
70,611,774
10,935,600
1,361,064
1,426,614
27,727,353
12,902,467
3,014.391
2,695,587
108,262,000
2,530,397
1,042,261
SCO
838,755
99,359,181
1,284,287
41,734,619
17,556,611
Ga.—Atlanta...
Augusta
Grand total
—6.5
1,869,352
237,831,382
+ 5.2
Nashville
San Jose
cities)
111,818,583
1,988,000
35,465,450
Tenn.—Knoxville
Francisco.
+ 9.6
9,412,000
225,321
1,028,068
264,000,000
245,645,541
2,092,000
36,601.228
1,357,053
52,851,350
18,223,971
Sixth Federal
San
Franci
32,167,553
4,754,541,406 4,953,967,427
Pasadena
x
x
+ 43.0
S. C.—Charleston
Md.—Baltimore.
210,938,953
Calif.—L'g Beach
Montreal
50,213,344
x
260,787
Richmond
Santa Barbara.
Stockton
Ore.—Portland..
Utah—S. L. City
3,350,191,914 3,200,385,172
x
50,075,030
72,822,280
14,364,700
372,814
Total (10
400, 000
5,252,644
2,931,000
1,216.948
2,385,665
314,727
14,392,200
24,669,090
Feder al Reserve D
istrict—Clev eland-
Ohio—Canton
Cincinnati..
D istrict—San
35,258,601
8,801,000
1,230,675
22,873,723
13,879,806
3,123,009
3,0a7,913
116.330,000
2,816,702
1,225,701
2,311,823
Sopkane
Yakima
465,467
Reserve Dist tict—Philad
elphia
Pa.—Altoona
Scranton
Twelfth Feder al Reserve
Wash.—Seattle..
Total (11 cities)
2,212, 978
2,768, 359
Total (13 cities) 2,799,593,200
3,056,510,443
Third Federal
3 550 847
+20.5
+20.4
+20.7
+3.4
14,031,500
22,699,015
10,206,012
Figures not available.
—0.2
+5.0
+ 3.7
+29.8
871,715
2,077,174
331,250
+ 19.5
649,728
524,653
401,938
477,100
857,650
—2.0
316.500,095
+ 22.1
+24.1
+25.3
117,500,110
84,780,461
71,309,953
14.194,238
3,842,804
3,730,851
2,369,503
3,245,769
6,569,436
1,603,692
1,463,352
2,166,707
3,335,740
6,458,254
323,455
493,680
1,458,938
495,033
672,795
652,315
491,235
267,021
683,650
520,144
851,821
1,741,312
309,128
596,962
550,622
434,327
413,894
760,290
334,287,292
Volume
Financial
145
1937—The statement of condition of the National banks under the Comp¬
Condition of National Banks June 30,
troller's call of June
summarized below.
included.
30, 1937, has just been issued and is
previous calls back to and including March 4, 1936, are
ABSTRACT OF REPORT OF CONDITION OF
AND
DEC.
1843
Chronicle
For purposes of comparison, like details for
NATIONAL BANKS IN THE UNITED STATES ON MARCH 4, JUNE 30,
31, 1936, AND MARCH 31 AND JUNE 30, 1937
Mar. 4 1936
June 30. 1936
<5,381 Banks)
(5,374 Banks)
$7,430,864,000
$7,759,149,000
4,235,000
6,480,438,000
7,072,979.000
1936
(5,331 Banks)
Mar. 31. 1937
(5,311 Banks)
1937
(5.299 Banks)
$8,267,328,000
3,882.000
7,300.159,000
$8,469,204,000
5,368,000
6,813.206,000
$8,807,782,000
5,113.000
6,902,521,000
1.385.395.000
4,094.490,000
78,717.000
633.095.000
1,316,674,000
3,903,092,000
96,441,000
635,670,000
162,409,000
4,152.889,000
444,598.000
3,780,382,000
8,215.000
8.265,000
229,000
112,791,000
Dec. 31.
Assets—
Loans and discounts (including rediscounts)
Overdrafts
:
United States government securities, direct
guaranteed
Securities
and
by
United
States
obligations
government
to
as
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
in
1,305,541.000
3,803.037.000
85,774,000
647,194.000
184.211.000
3,637,060,000
469.042,000
4,092.344.000
7,689.000
collection.....
Balances with other banks and cash items in process of
Cash items not in process of collection...
Acceptances of other banks and bills of exchange or
endorsement
........
Securities borrowed
drafts sold with
...
....
Other assets
—
—
.........
...
9.099,000
6.083.000
388.000
154.406.000
5,779,000
273.000
134,637,000
7,014,000
368,000
121,821,000
1.374.385.000
4,035,261 000
81.395.000
641.550.000
184.123.00
3,520.901.000
531.694.000
176.506.000
3.828 463.000
518.503.000
$28,293,019,000 $29,702,839,000 $31,070,441,000 $30,049,172,000 $30,337,071,000
Total
Liabilities—
Demand deposits o individuals, partnerships and corporations
Time deposits of individuals, partnerships, and corporations
State, county, and municipal deposits
United States government and postal savings deposits
....
Deposits of other banks
and cashiers' checks,
checks outstanding, &c
Certified
cash letters of credit,
.........
.....
and travelers'
....
Not secured
$10,863,696,000 $11,665,872,000 $12,691,606,000 $12,132,545,000 $12,430,183,000
7.469.842,000
7,401,394,000
7.281.494.000
6.878.346.000
7,074.544.000
2,203.466,000
2,119,798,000
2,057.872.000
1,953.679.000
2,108.486.000
467,873.000
378.020,000
586.905,000
829.903.000
658.230,000
3,790,587,000
f 4,211.591.000
4,111,092,000
4,450.048.000
4,168.004.000
1
365,238,000
353.644,000
469,147,000
372,261,000
403.962,000
$24,869,455,000 $26,200,453,000 $27,608,397,000 $26,515,110,000 $26,765,913,000
2,246,824,000
2.122.628.000
2,136,482,000
2,388,301,000
2.604.598,000
22,736,827,000 23,595.859,000 25,220,096,000 24,378,628,000 24,519.089,000
Total deposits
Secured by pledge of loans and/or
Investments
by pledge of loans and/or investments
Bills payable
Rediscounts
Obligations on Industrial advances transferred to the Fed. Res. Bank..
Acceptances of other banks and bills of exchange or drafts sold with
endorsement.
Acceptances executed for customers
Acceptances executed by other banks for account of repotlng banks...
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
*
Dividends declared but not yet payable and amounts set aside
dividends not declared
...........
Preferred stock retirement funds
262.000
10,000
10,000
562,000
10,000
4,647,000
84,289.000
10,282,000
6.083 000
81,865.000
13.794.000
388.000
5,779.000
8,265.000
99,794,000
13,616,000
47,316.000
47,636,000
7,014,000
104.243,000
14,210,000
368.000
59,767,000
28,043.000
28,642.000
110,579.000
1.598.815.000
1,016.582.000
19,442,000
118,587.000
27,703,000
148,949,000
1,582.131,000
1,073,154,000
....
..........
8,985,000
137.460,000
155 449 .000
1,691.375.000
895,242.000
327.782,000
151.056.000
5,889.000
...
....
Reserves for contingencies
447.000
38.000
1,750.246,000
Capital stock (see memorandum below)
Surplus
$676,000
7,968.000
112,000
$1,585,000
4,330.000
83.126 000
11,504,000
273.000
for
Other liabilities
Undivided profits, net
751,000
12,155.000
62.000
50,343,000
....
835.000
2,588.000
547,000
....
$586,000
2,425.000
843.000
Agreements to repurchase U. S. government and other securities sold..
973.393.000
346.039.000
147.219 000
7,702.000
368.525.000
146.467.000
10.621.000
1.586.072,000
1,059,257.000
385.445,000
157,929,000
8.700.000
229,000
51,221,000
389,233.000
155,623.000
12,024,000
$28,293,019,000 $29,702,839,000 $31,070,441,000 $30,049,172,000 >30,337,071,000
Total
Memorandum:
Par
4,634.115,000
140,396.000
..............
vault
4,328.831.000
7,501.000
547,000
—.—-—
1,352,019,000
4,082,065,000
101,869,000
636.352.000
175,104,000
3.918,035,000
483.510,000
3,876,071.000
7,166,000
4.647,000
principal
Other bonds, stocks, securities, &c
Customers' liability account of acceptances
Cash
interest
4.193.000
June 30,
value
Class
Class
*
of capital stock:
preferred stock
B preferred stock
$281,012,000
$481,708,000
21,021,000
1,254,381,000
$285,826,000
18.653,000
1.287,222,000
1,288,749.000
$1,698,251,000
$1,605 011,000
$1,591,701,000
$1,587,726,000
$1,871,796,000
$2,352,584,000
2,129.484.000
29.950.000
614,369.000
24,780.000
$1,948,458,000
601,497,000
24.891,000
$2,063,195,000
611 070.000
$2,536,631,000
$2,993,604,000
$2,768,633,000
$2,574,846,000
$2,662,909,000
$705,160,000
1,166.324,000
393,639,000
159,676,000
6,680,000
$888,956,000
1,247.125 000
596.785.000
152.612.000
3.347.000
$732,246,000
1,308,843.000
465.873.000
163,794.000
3,630,000
$463,089,000
1,317,797,000
534.252,000
154,933,000
11,508,000
$527,465,000
1,365,989.000
87,181,000
17.281,000
Total
19.310,000
1,269.930.000
638,774.000
26.061.000
....
20.261.000
87.838.000
16.941.000
76.344.000
17,903.000
76,015,000
17,252,000
76,266,000
16,977,000
$2,536,631,000
Common stock.....
1,254.762.000
$1,757,110,000
A
$2,993,604,000
$2,768,633,000
$2,574,846,000
$2,662,909,000
$423,228,000
$315,771,000
Loans and investments pledged to secure liabilities:
U. 8. government obligations, direct and/or
fully guaranteed
Other bonds, stocks, and securities
....
Loans and discounts (excluding rediscounts)
Total
....
Pledged:
Against
Against
Against
Against
Against
United States government and postal savings deposits
State, county, and municipal deposits
deposits of trust department...
other deposits
borrowings
With State authorities to qualify for the exercise of fiduciary
powers
For other purposes
...
Total..
17,965,000
574,946,000
24,768,000
515,425,000
151,281,000
9,506,000
Details of demand deposits:
$10,863,696,000 $11,665,872,000 $12 ,691.606,000
565.356.000
692.527.000
436,656,000
1 .823.571.000
1,786.484.000
1.668.095.000
Deposits of individuals, partnerships, and corporations
States government deposits
United
State, county and municipal deposits
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
Deposits of private banks and American branches of foreign banks
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks, but excluding amounts
due to own foreign branches)
Certified and cashiers checks (including dividend checks). letters
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve Bank (transit account)
Details of time deposits:
State, county and municipal deposits
Certificates of deposit.
Deposits evidenced by savings pass book
Christmas savings and similar accounts
:
Open accounts
....
Postal savings
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
Deposits of private banks and American branches of foreign banks.
Deposits or banks in foreign countries (including balances of
foreign branches of other American banks, but excluding
amounts due to own foreign branches)
...
...
...
Ratio of required reserves to
Central Reserve cities
Reserve cities
Country banks
....
Total United States
3,864,604,000
51,646,000
3.772.714.000
71.619.000
1,010.248.000
3,647,308,000
97 183,000
3,313,532,000
110,283,000
167,986,000
194.184,000
198,769,000
234,232,000
266,661,000
365,238,000
353.644,000
469,147,000
372.261,000
403,962.000
322.002.000
667.621.000
137,376,000
234,301.000
608,230.000
6,360.083 000
16,218.000
296.863.000
92.874,000
202,714,000
600.688,000
6,413,936,000
41,510,000
345,260,000
86,316,000
114,990,000
8,163,000
121.640.000
2,942,000
121.826,000
4,107,000
123,472,000
4,027,000
98,368,000
3,956,000
4,202,000
4,905,000
4,815,000
4.870,000
5,369,000
12.01%
7.51%
11.99%
7.55%
9.36%
4.87%
7.87%
20.69%
13.52%
16.30%
8.55%
13.65%
23.82%
285,584,000
654,061.000
5,911,688,000
27,962,000
284,635,000
150,249,000
net demand plus time deposits:
Other Reserve cities
All
....
*
$2,132,545,000 $12,430,183,000
379,331.000
291,704,000
1,973,578,000
1,917,084,000
9.34%
4.80%
7.84%
6,067.704.000
50.829.000
288.390.000
17.92
11.62
14.11
7.37-/0
11.85%
102,701,000
229,888,000
591,423,000
6.511,352.000
61 352,000
305,715. 00
88,542.000
15.39%
18.69%
9.79%
15.63%
Financial
1844
FINANCIAL
ENGLISH
MARKET—PER
Chronicle
Sept.
CABLE
rH
V<©
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Tues.,
Mon.,
Sat.,
Sept. 14
19 15-16d.
140s.7d.
Thvrs.,
Sept. 15
19 15-16d.
Sept. 13
Sept. 11
Silver, per oz._
19%d.
Gold, p. flneoz. 140s.6d.
Consols, 2%%
Holiday
British 3%%—
W. L_.
Holiday
Wed.,
19 15-16d.
73 7-16
•
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73%
73%
100%
100%
100%
100%
110%
U0%
101%
Ml
100%
110 %
a,
110%
73 13-16
Holiday
73%
J
'rH
y
00
44%
50.00
44%
44%
44%
g§
lO rH
50.00
50.00
50.00
IN
CHANGES
77.57
77.57
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price of silver per ounce (in cents) in the United
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Sept. 17
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to t- to t-
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1960-90
Bar N. Y.
ss
;
Fri.,
Sept. 16
140s.3%d. 104s.6d.
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NATIONAL BANK NOTES
We give
below tables which show all the monthly changes
legal tenders on
deposit therefor:
i
IrH
£
s
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I
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IS
3 e
I
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,
,
63
in National bank notes and in bonds and
Amount Bonds
on
National Batik Circulation
Afloat
on—
rH©fr-t-rHVlCOVt©eO
WNOHOO^HNWO^®
to* -H* t-" vi* to rl eo oo oo
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6
Legal
Bonas
Tenders
Total
$
$
$
$
Aug. 31 1937.
b600,000
a261,542,195
31 1937.
b600,000
June 30 1937.
b600,000
May 31 1937.
Apr. 30 1937.
beoo.ooo
3265.492,159
a271.564.454
a277.484.675
a283,639,865
a290,584,270
b600.000
beoo.ooo
beoo.ooo
beoo.ooo
Mar. 31 1937.
Feb. 28 1937.
80 1937.
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81 1936.
Bept. 30 1936.
Aug. 81 1936.
beoo.ooo
cor-cotoq©rlV<rHi-lV<
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272.164.454
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100
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a
313,738,265
321,812,120
328.659,920
339.115,895
348,386,855
$2,279,181 Federal Reserve bank notes, outstanding Sept. 1, 1937, secured by
lawful money, against $2,307,460 on Sept. 1, 1936.
a Includes proceeds for called bonds redeemed by Secretary of tbe Treasury
b Secured by $600,000 U. S 2% Consols, 1930, deposited with the U. S. Treasurer.
V*
CO
278.084.675
284,239,865
291.184.270
298,076.385
305,431,788
a304,831,788
a313.138.265
a321,212,12a
a328.059.920
a338.515.895
a347.786.855
INO
NCOnVdNS
6*
262,142,195
266.092,159
a297.476.385
beoo.ooo
beoo.ooo
beoo.ooo
beoo.ooo
Dee. 81 1936.
Nov. 30 1936.
Oct.
tOCOCOCOOOOrHN©©
OOt-OONrH©VI©CO©
tot-®t-ooioeoooofr-
63
2
Secure Circula¬
Jan.
CO
5
Deposit to
tion for National
Bank Notes
July
h
to
to
i
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l/>
'3
Sb
§
co
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JO
tQdOdd>QHO«lH
POOJOO^HONOCarHCg
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t— t— CO O 00 © © 00 to
MaVtrHt—VlrHrHVIlNOOCO
CONrHVCOC^VI—H
00
5
t— rH
following shows the amount of National bank notes
afloat and the amount of legal tender deposits Aug. 2, 1937,
and Sept. 1, 1937, and their increase or decrease during the
month of August:
© rH O
IN IN
i:
IrHUS
O
rH
V
r-COCOrHQ00©NVI
«
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*
co© t-©o®ov<©
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I
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00
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a
i
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to
00 CO
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CO
National Bank Notes—Total Afloat—
Amount afloat, Aug. 2, 1937
Net decrease during August
$266,092,160
3,949,965
Amount of bank notes afloat Sept. 1, 1937
rH
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$262,142,195
Amount
on
2,1937
3,949,965
l
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w
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I
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i
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CH
t-"
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1937
monthly report of the Treasury Department, showing
as of July 31,
1937, of governmental
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for Aug. 31, 1937.
The report is the
38th such to be issued by the Treasury; the last previous one,
for June 30, 1937, appeared in our issue of Aug. 28, 1937,
page 1360.
The report for July 31 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of $2,641,040,147
which compares with $2,720,935,018 June 30, 1937.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of July 31 was shown to be $1,219,321,882.
This
compares with $1,222,423,022 as of June 30, 1937.
In the
case of these Government agencies, the Government's
pro¬
prietary interest is the excess of assets over liabilities, ex¬
clusive
of inter-agency
items, less the privately-owned
interests:
i
VI
100
I
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COO
VI 00
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I
00
I ON
J
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FOOTNOTES FOR ACCOMPANYING
TABLE
Non-stock (or includes non-stock proprietary interests).
b Excess
c
ico.
ooeo'eo*
V *H CO
3
CORPO¬
The
'
qvj_qt-1— n n
0(N*0*
rH
assets and liabilities
a
cocon®co©vi
I IN
J
wCO
RATIONS AND CREDIT AGENCIES AS OF JULY
31,
ICO
ICO
I
oo
tq^wcqNoq
I
GOVERNMENTAL
I
I
t—
I
~
N
llll
^
ON
IrH
100
*
CO
J
called bonds redeemed by Secretary of the Treasury.
REPORT
MONTHLY
I
out
$265,492,160
deposit to redeem National bank notes, Sept. 1,1937-.-- $261,542,195
Includes proceeds for
ICO
O
;
;<N
Legal Tender Notes—
Amount deposited to redeem National bank notes, Aug.
Net amount of bank notes redeemed In August
00
CO
it-to
I tO 00
inter-agency assets (deduct).
Deficit (deduct)
d Exclusive of lnter-agency assets and liabilities
(except bond investments).
e
Also includes real estate and other property held for sale,
f
Adjusted for inter-agency items and items in transit,
g Includes legal reserves and undivided profits totaling
$4,714,077.
1 Includes U. S. Housing Corporation, U. S. Railroad Administration, U. S.
Spruce Production Corporation, and notes received on account of sale of surplus war
supplies.
J Includes Disaster Loan Corp.; Electric Home and Farm Authority; Farm Credit
Administration (crop-production and other loans); Federal Housing Administration;
Prisons Industries, Inc.; Indian Rehabilitation loans; Inland Waterways
r.S
Federal
I3
a*s
II
8A
Corporation; Puerto Rico Reconstruction Administration; Resettlement Adminis¬
tration; Rural Electrification Administration; The RFC Mortgage Company;
Tennessee Valley Associated Cooperatives, Inc.; Tennessee Valley Authority; loans
to railroads and lnter-agency interest held by the Uhlted States Treasury.
k Net after
Farm
deducting estimated amount of uncollectible obligations held by tbe
Credit Administration.
1 Includes
$5,813,784 due to Federal Land banks from the U. S. Treasury for
subscriptions to paid-in surplus.
m
Shares
Federal
of
State
building
and
loan
associations,
$33,110,600;
shares
of
avlngs and loan associations, $155,880,000.
n
Less than $1,000.
o
Assets not classified.
^
■a§o t
aj
v
o "
o
Includes only the amount of capital stock held by the
United States,
q
allfla
< 2
Si^! >»
|S|pa ■oSs,2Sw
S
2ggo
O
iAiSti
03 -
g
0£ OD
o
20
w
In liquidation.
Represents capital stock, paid-in surplus, and other proprietary lnter-agency
Interests which are not deducted from the capital stock and paid-in surplus of the
r
evmspondlng organizations.
iliagigli
h"i^'s§oi's,g'gs:
1845
Flll&nci&l Chronicle
145
Volume
RECEIPTS
GOVERNMENT
AND
-Month of
Trust Accounts, Increment-
EXPENDITURES
of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for August, 1937
and 1936, and the two months of the fiscal years 1937-38
Through the courtesy of the Secretary
and 1936-37:
Trust
$
35,397,266
301,069,704
tax
MLscell. internal revenue
Unjust enrichment tax
Gaxes under Social Secur. Act
1936-37
$
92,538,244
522,141,678
I'
71,190,235
464,681,961
566,132
$
32,069,402
263,872,142
204,783
-
113,535,346
20,268
38,789,854
...
67,294
239,064
35,769
37,994
4,750,499
19,610,610
7,373,577
4,799,867
106,844,645
11,403,034
94,111,659
23,410,826
149,007,889
52,250,140
15,318,203
23,109,900
44,690,007
49,108,053
d20,900,184
Total
34,763,321
79,438,655
in checking
49,778,102
d60,550,566
44,367,840
30,141
277,411
66,343,774
receipts:
acc'ts
of Govt, agencies (net), &c._.
i
Chargeable against increment on
gold:
166,221
Melting losses, &c
)
1
Payments to Fed. Res. banks
1
(sec. 13b, Fed. Res. Act, as
I
national
of
retirement
3,949,965
9,738,985
10,022,260
23,334,960
68,618,000
4,796,000
97,684,000
10,998,000
200,000
bank notes..
50,000
Unemployment trust fund:
Investments
Govt.-owned se¬
Other
Old-age
reserve
account:
d 1,000,000
Investm'ts & transfers (net)--
Interest—for'n obligations
1,661,254
2,036,871
4,256,613
4,355,754
1,639,610
2,055,437
3,734,068
10,093,385
other----
Panama Canal tolls, &C
Seigniorage
Other miscellaneous
453,457,982
receipts
575,000
575,000
amended)
For
curities:
Total
33,234,465
6,062,087
...
Unemployment trust fund.
—------
Principal—for'n obliga'ns
All
22,485,340
77,319,435
dollar-
tion in weight of gold
Seigniorage
J.
52,407
60,453,607
*
.*
Customs
of
s
$
.
13,822,466
Increment resulting from reduc¬
Transactions
and their
Taxes upon carriers
Proceeds
1937-38
1936
1937
Revenue:
employees....
July 1 to Aug. 31
Month of August
Funds
Receipts—
Miscellaneous
$
10,694,368
accounts
Trust accounts
Income
1936
$
Expenditures—
General and Special
Internal
August-
mi
Gold, &c.
on
Receipts—
-July 1 to Aug. 31—
1937-38
1936-37
343,015,357
18,225,252
4,221,174
12,248.220
4,236,105
7,220,276
9,073,246
24,679,455
862,618,619
9,128,585
108,081
61,359,800
Total
7,395,671
88,164,208
78,625,951
128,711,264
70,381,938
32,751,859
Excess of receipts or credits
Excess of expenditures
Expenditures—
d20,000,000
4,265,735
Benefit payments.
636,902,126
154,438
..10,000,000
Benefit payments
Railroad retirement account:
76,461,124
64,753,382
General:
1.
Departmental
42,465,140
3,953,539
14,380,580
-
Public buildings a
Public highways a
River
and
flood control
102,633,927
7,585,533
32,538,861
94,232,374
3,052,010
14,652,609
9,187,376
28,868,611
a
Receipts—
Market operations:
Cash:
Treasury savings securities.
1,134,537
2,309,843
-
9,365,734
2,527,757
241,402
102,035
871,812
13,631,919
1,489,937
46,583,075
5,000,000
25,523,482
5,000,000
34,838,784
44,082,492
33,437,241
38,832,491
67,796,869
90,312,548
66,548,677
77,447,433
48,085,603
12,811,187
47,564,461
96,399,322
57,357,401
Farm Credit Administration..
31,348,231
2,019.319
21,917,372
d3,l3l,954
Authority..
public debt
3,323,161
20,683,823
3,729,952
25,904,522
97,070,653
36,717,827
63,231,635
1,116,783
7,025,954
23,806,530
d3,015,580
3,789,614
32,970,158
35,787,358
2,377,093
5,590,582
889,760
2,827,080
6,772,658
417,302
8.
186,746
17,097,541
504,738
U.
2,037,049
10,000,000
Panama Canal
739,062
a
Postal deficiency C
-
Retirement Act
Railroad
Social Security Act--.
Share)
Dlst. Of Col. (U. S.
National defense:
a
Army
Navy:::::::::
Administration
Veterans'
a__
Agricultural Adjust. Program
Civilian Conservation Corps a
Tennessee Valley
Interest
on
the
19,729,836
Refunds:
Customs
Internal revenue
-
1,071,712
3,876,059
299,505
Processing tax on farm prod.
.
719,884
3,790,048
415,552
400,300,000
42
Treasury bills
6,115,417
2,644,952
Reclamation projects a b
Public Debt Accounts
17,738,372
and
work
harbor
55,014,672
1,534,027
8,698,399
15,125,713
a
bonds
savings
200,219,000
750,566,000
32,524,886
Adjusted service bonds
70,649,301
228,034,074
821,215,343
1,319,100
Sub-total
27,815,074
432,824,928
unclassified sales)
23,524,900
2,903,150
86,007,90q
97,684,000
11,048,000
309,592,543
283,702,315
646,972,675
533,088,194
53,014,108
503,337,10
Exchanges:
Treasury notes
Treasury bonds
<
Sub-total
Special series:
Unemploy. trust fund (ctfs.).
acc't (notes).
68,618,000
41,000,000
Railroad retirem't acc't (notes)
4,796,000
10,000,000
Old-age
Civil
reserve
service
82,000,000
10,000,000
fund
retirement
71,300,000
43,700,000
367,000
363,000
469,000
(notes)
500,000
Foreign Service retirem't fund
(notes)
Sub-total
450,323,000
42
(incl.
Canal
Zone
fund
retirement
(notes)
Alaska Railroad retirem't fund
2.
Recovery and relief:
Agricultural aid:
9,132,158
Federal Land banks
Relief....
184,954
-
Public works
10,187,314
14,179,191
9,917,191
839,567
11,844,262
49,202,191
Public highways
2,558,968
10,867,406
1,696,267
31,681,932
5,425,597
19,509,503
3,524,366
61,713,763
2,944,692
1,955,194
14,912,884
333,978
152,629,406
30,752,468
6,603,904
4,244,974
235,034,721
44,084,719
28,389,700
650,300
314,680,470
67,674,731
River and harbor work and
flood
control
Electrification
Rural
Adrn.
107,684,581
Works Progress Admin
All
21,246,418
Other
Treasury bills
2,647,806
Administra'n
13,060,314
10,099,509
32,231,280
414,765,000
449,616,000
303,500
491,300
458,700
352,150
15,626,050
1,328,300
16,767,150
10,000
bonds
1,824,048
8,492,959
3,602,291
9,092,750
75,427,600
20,993,350
485,364,400
First Liberty bonds
249,300
957,100
800,250
2,451,300
Fourth
639,400
1,877,350
1,524,350
4,502,000
2,900
2,360
715,360
891,880
34,285
30,428
52,898
76,729
4,374,215
11,830,135
11,586,860
27,454,410
302,905,571
460,760,627
991,184,860
1,500,000
15,000,000
3,000,000
50,000,000
1,900,000
1,700,000
1,900,000
1,700,000
19,000
30,000
37,000
50,000
15,000
46,000
15,000
46,000
3,434,000
16,776,000
4,952,000
51,846,000
224,429,132
319,681,571
465,712,627
1,043,030,860
U. S. savings bonds
4,004,782
Adjusted service bonds
23,429,757
Housing Admin.
Liberty bonds
Postal Savings bonds
2,967
91
Admin, for Indus. Recovery
d5,426
Other debt items
5,006
National
175,403,729
Sub-total
269,275,723
373,413,223
570,914,009
bank
and
notes
Fed. Res. bank notes
e
Agricultural aid:
Commodity Credit Corp—
73,561
807,893
dl,129,304
d66,406,100
Farm Credit Administra'n.
d4,659,335
d2,856,714
d5,874,583
17,982,779
15,877,383
37,167,594
45,415,298
d581,394
d76,580
Exchanges:
d5,710,432
157,951
Public
Treasury notes.
Treasury bonds.
works:
Loans and grants to
States,
&c
municipalities,
Loans to railroads
—
—
Adjusted
of
Bank
Export-Import
d46,388
Washington
d23,202
d95,120
loans
Corp.—airect
_
d3,128,652
_
50,000
Civil service retirement fund
and
Sub-tOtal
certificate
service
(certificates)
Unemploy. trust fund (ctfs.).
d24,389,418
d21,900,175
dl99,961,995
10,221,965
expenditures
fund
d466,447
Finance
Reconstruction
Sub-total.
Special series:
Miscellaneous:
dll,165,452
8,091,832
(notes)
Foreign Service retirem't fund
d 226,971,725
(notes)
Canal
Zone
retirement
fund
(notes)
Transfers to trust accts., &c.:
Old-age
reserve
20,000,000
share)
—
Sub-total
-
..........
9,637,282
Adjusted service ctf. fund
Govt, employees' retirement
funds (U. S.
83,000,000
41,000,000
account
Railroad retirement account
61,000,000
-
9,637,282
Sub-total
30,000,000
39,753,332
—
73,255,000
186,255,000
86,488,632
Total public debt
18,088,950
fund, &C.)-_
556,218,236
Total expenditures..
Excess of
30,550
23,128,350
569,538,818
1,214,763,279
986,647,461
receipts
102,760,254
...
Excess
of
102,760,254
retirements. _
226,523,461
352,144,660
349,745,335
public debt
226,523,461
18,088,950
352,144,660
30,550
Treasury notes..
102,760,254
208,434,511
352,114,HO
326,616,985
-32,751,859
retirements)
&c., excess of receipts
+ 64,753,382
—70,381,938
+ 76,461,124
(—) or
(+)
70,008,395
273,187,893
281,732,172
retirem'ts.
3,949,965
9,738,985
10,022,260
23,334,960
Total excess Of expenditures-.
66,058,430
263,448,908
271,709,912
379,743,149
+263,286,466
—326,775,505
+ 348,716,954
—777,818,001
+329,344,896
—63,326,597
+ 620,426,866
—398,074,852
36,715,695,702
33,443,795,238
Lass national bank
Increase
403,078,109
(+) or decrease (—) in
general fund balance.....
(+) or decrease (—) in
public debt
-
Increase
the
Public
debt
at
beginning
of
month or year
Public debt this date
37,045,040,598
33,380,468,641
36,424,613,732 33,778,543,493
37,045,040,598 33,380,468,64
+198,349,000
+5,192,000
+335,801,000
+707,000
—294,350
—303,500
—491,300
—458,700
—352,150
+19,854,854
—15,626,050
—1,328,300
—16,767,150
—28,748,484
+41,016,182
—357,789,864
—34,243
—30,428
—52,856
—76,729
—4,374,215
—11,830,135
—11,586,860
—27,454,410
+213,148,896
—51,346,597
+363,357,866
—401,839,853
+116,196,000
—11,980,000
+257,069,000
+329,344,896
—63,326,597
+620,426,866
National bank notes and Fed¬
Sub-total..
Special series
Increment on gold,
expenditures
-
Other debt items
349,745,335
23,128,350
(excl.
expenditures
Trust accts.,
(+) or Decrease (—)
operations:
Treasury bills
T
Certificates of indebtedness..
eral Reserve bank notes
expenditures
Lass public debt
398,074,853
Market
Summary
Excess Of
63,326,597
Excess of expenditures.
Bonds
Excess Of expenditures
620,426,866
329,344,896
in Public Debt—
(sinking
retirements
Debt
expend's.
46,735,300
Increase
5.
195,027,000
294,350
Treasury notes
Miscellaneous'
4.
644,956,008
Certificates of indebtedness
2,495,751
4,957,693
2,346,019
Revolving funds (net):
55,611,000
1,086,139,493
220,995,132
1,516,641
11,362,746
_.
d5,328
2,074,305
730,830
Emergency housing--..-.-
3.
262,021,000
256,354,974
Expenditures—
Treasury
169
5,069,646
699,138
Home Loan system
Resettlement
4,796,000
553,774,028
201,951,000
receipts..
Market operations:
Cash:
Aid to home-owners:
Federal
119,630,000
Sub-total.
Total public debt
(incl. work relief)
Reclamation projects b-___
201,000
12,000
(notes)
Total
+3,765,000
—398,074,85
these accounts for the months and the fiscal years
and relief expenditures," the classification of which
statement of classified receipts and expenditures appearing on
Additional expenditures on
a
included under "Recovery
are
will be shown in the
Treasury statement for the 15th of each month.
b General expenditures under this caption for the fiscal year 1937 are included In
"Departmental."
"Recovery and relief expenditures" under this caption for the
page 7 of the dally
fiscal year 1937 include only Boulder Canyon project, other
for that year being Included in "Public Works—All other."
reclamation project
for the fiscal year 1938 have been
reduced by $634,266.02 on account of the transfer of that amount by the Post Office
Department to the U. S. Maritime Commission pursuant to the Act of June 29, 1936
(49 Stat. 1988).
These transferred funds when expended by the U. S. Maritime
Commission are classified on this page as "Departmental," and on page 7 on the 15th
c
The expenditures
of the month as
d Excess of
e
under this classification
"Departmental—U. S. Maritime Commission."
credits (deduct),
Details are shown in
supplementary statement.
1846
Financial
Chronicle
COMPARATIVE PUBLIC DEBT STATEMENT
Sept. 18, 1937
Toronto Stock
Exchange
(On the baste of dally Treasury statements)
Friday
Sales
Last
Aug. 31,1919,
March
Dec.
When War Debt
Lowest PostrWar
Was at its Peak
31,1917,
Stock* (Concluded)
Par
West flank..
Net bal. in general fund.
$1,282,044,346.28 326,596,701,648.01 $16,026,087,087.07
74,216,460.05
1,118,109,634.76
306,803,319.55
West, Canadian Flour,
Preferred
Gross debt per capita. ..
Computed rate of int.
312.36
Interestbearing debt outstand(per cent)
3250.18
$129.66
_
2.395
Aug. 31, 1936,
Gross debt
Net bal. In general fund.
3.750
4.196
Last Month
Aug. 31,1937
Low
31
2,000
25
5
13
5
45
45
High
Sept
4%
36%
Sept
12%
40
Sept
11%
Sept
Sept
11%
13
90
95
30
11c
2%c
3,500
4c
4c
500
3%
3%
3%
165
3
June
163
3
Aug
10
""I6c
8%c
White Eagle
Wiltsey-Coghlan
Winnipeg Eleo A...
*
l
l%c
l%o
*
Jan
10
3%
l
•
Aug
Jan
90
1 900
Whitewater Mines
90
7,100
8%c Sept
l%c Aug
3%e July
18%
Jan
106%
Jan
30o
Mar
5c
Jan
17c
Feb
Jan
Jan
100
22
40
20
Sept
44
Jan
100
Wood (Alex) pref
Wood Cadillac
20
62
62
10
53
Jan
95
Aug
1
""§6c
24c
30c
•
24o
Yfnlr Yankee OirLT^„
.
Zlmmerknlt
6.50
5.90
6.55
18,200
13,832
10
Jan
*
28c
22c
29c
15,900
20c June
52o
Feb
*
Wright Hargreaves
July 31,1937,
Year Ago
31
Shares
40
*
*
Preferred
a
Range Since Jan. 1 1937
for
Week
High
31
100
B
per annum on
Low
100
......
Preferred
31,207,827,886.23 325,478,592,113.25 $15,719,283,767.52
Price
*
Westons
Gross debt less net bal.
In general fund
of Prices
Debt
Pre-War Debt
Gross debt
Week's Range
Sale
31,1930,
5%
5
BH
120
3% May
7%
Apr
Sept
6 86 June
77c
8
Feb
333,380.468,640.98 $36,715,695,702.64 $37,045,040,598.38
1,903,692,202.55
2,902,190,851.04
2,638,904,384.85
Gross debt less net bal.
In general fund
per annum on
WM.CiWA.LIER & Co.
331,476,776,438.43 $34,076,791,317.79 $34,142,849,747.34
Gross debt per capita...
Computed rate of int.
3259.61
a$286.07
a$283.71
MEMBERS
Interest-
New York Stock Exchange
bearing debt outstand¬
a
Los
Mon.,
Sept. 13
Sal.,
Sept. 11
114/4%
7/430/75/257/6
53/3
British Amer Tobacco.
Canadian Marconi
Central Mln a invest.
Cons Goldfields of S A.
Crown Mines
Courtaulds S a Co....
Distillers Co
Ford Ltd
Gaumont Pictures ord.
A
...
Geduld Prop Mines...
Gold Exploration A
113/9
6/9
430/76/5
258/9
52/9
440/-
75/-
258/9
52/-
4/6
30/149/3
150/7%
HOLI¬
Par
Stocks—
Bandini Petroleum Co
Price
4/-
29/6
146/3
145/-
17/6
77/14/47/6
£7%
72/6
£5 7/32
£44%
£5732
71203/9
60/39/158/9
28/6
£5
£5%
£44%
Cop M.
Royal Dutch Co
7/32
£5%
£57»
7h
205/60/40/160/29/3
28/9
205/60/39/9
160/29/32/6
Shell Transport
Kalgurll Gold M...
Sub Nigel Mines
Triplex safety Glass
Unilever Ltd.
Union Corp
United Molasses
West Rand Cousol M..
77/6
£7
7t
£7
£44%
£5732
7/9
201/3
60/39/3
157/6
28/3
31/3
32/6
Witwatersrand
Cons__l
Barket A Gay Furn
Co
45c
380
45c
3,000
38c
1
1%
1%
1%
100
1%
60c
Barnhart-Morrow
60c
8o0
600
60c
3%
2%
3%
900
2%
Sept
4c
2,000
4c
Sept
Sept
Warrants
Central Investment
Chapman's Ice Cream
Chrysler Corp
100
4c
26
2%
98%
Consolidated Oil Corp
Consolidated Steel Corp
13
6%
5
11%
1
92 %0
10
General Paint Corp com...
50%
11%
13
Emsco Derrick A Equip
General Motors
com
com
£8
£7%
Globe Grain A Milling..25
Closing prices of representative stocks
each day of the past week:
Sept.
Sept.
11
received by cable
as
13
Sept.
Sept.
15
126
...134
Allgemeine Elektrlzltaets-Geeeltechaft
(6%)
Berliner Kraft u. Llcht (b%)
Gommerz-und Erivat-Bank A. G.
—
16
(6%).—.117
Dessauer Gas (7%)
120
Deutsche Bank und Dlsconto-Geeell. (5%). 123
Deutsche Krduel 16%)
....
161
Deutsche Relchsbahn (German Rys) pf 7% .128
Dresdner Bank (4%)
....
...106
Farbenlndustrle 1. G. (7%)...—
—164
Qesfuerel (6%)—
-164
Hamburger Elektrlzitaetswerke (8%)
157
Hapag
..........
78
Mannesmann Roehren (4%%)
121
Norddeutscher Lloyd
.....—.—.—
79
Reichsbank (8%)
-...204
Rheinlscbe Braunkohle (8%).............
....
..
134
134
168
168
117
120
Toronto Stock
Sale
Price
168
118
119
119
121
123
123
122
123
152
152
152
153
128
128
128
105
105
112
...
165
164
165
163
153
153
154
154
158
158
158
159
80
80
80
81
122
121
123
122
82
83
206
207
208
80
206
230
160
230
214
216
page
Friday
Par
134
117
213
213
215
33%
23%
Goodyear TAR Co
Hancock Oil Co A com
of Prices
High
Low
Range Since Jan. 1 1937
Week
Shares
Low
200
2% Sept
97% June
8% Sept
12% Sept
3%
Jan
11% Sept
100
9
1,200
13
600
6%
12%
90c 92 %c
48%
50%
100
900
11%
13
200
11
7%
600
6
100
*
7
6
100
32%
800
21
700
20c
18c
20c
Lockheed Aircraft Corp_.l
10%
9%
10%
Jan
Jan
60c
Feb
Feb
3%
5%
85c
400
300
75c June
1%
2%
1%
Sept
Mid-Western Oil Co..-10c
12c
12c
12c
3,000
lc
Jan
Mt Diablo Oil M A Dev..l
55c
52 %c
55c
2,000
52 %c
Sept
1
Oceanic Oil Co
1
1
33c
1.15
18c
10
8%
23
33o
1.00
18c
10
35c
1.15
20c
10
100
10
15,300
13
1,300
1,500
2,000
Jan
Apr
Mar
46
16%
85o
8%
Feb
18c
2%
5%
2,200
Feb
Mar
9%
85o
16
Mar
Aug
5%
8%
Mar
15%
Mar
3%
21
19%
1.50
Industries..2
Corp. 10
5
Mar
27%
Los Angeles Investment .10
National Funding
Nordon Corp Ltd
Mar
72 %c
Jan
Mascot Oil Co
2%
Jan
17%
17%
Sept
Sept
Sept
2% Sept
5% June
Co
Feb
Feb
12%
16c June
75c
3,900
13.800
1,800
2.800
Mfg
4%
135
18%
30%
11%
8%
85c
Menasco
Feb
Sept
Sept
Sept
Sept
22c
1
Feb
70
75o
Angeles
Jan
13c
43
Jan
20c
Los
Feb
7%
June
11%
33%
23%
Jan
2.25
60c
100
6
Apr
48%
11%
33%
21%
Jau
90c
3%
300
11%
7
9%
3,800
85c
May
July
30c Sept
6%
Feb
Feb
10
1.45
Mar
Jan
4%
23o June
97 %c
Apr
12%
Jan
45
Feb
80c
Feb
2.00
Mar
40c
Mar
70c
J an
18:
Sept
Sept
Sept
Sept
Sept
June
32
Jan
37%
32%
Feb
100
8
Feb
18
1
95c
90o
95c
600
90c
Pacific Finance Corp comlO
Pacific G A E com
25
17%
28%
29%
26%
17%
28%
29%
26%
17%
800
28%
29%
26%
100
17%
28%
28%
300
26
Mar
28%
Jan
23
23
23
100
23
Sept
35
Feb
40%
39%
5%
40%
400
6%
4,900
36
36
Sept
Sept
36
Sept
6% Sept
1% Sept
5% Sept
6% 1st pref
25
5%% 1st pref
25
Paclflo Indemnity Co.—10
Pacific Lighting com
*
Republic Petroleum com.l
6%% pref
50
Richfield Oil
Samson Corp B com
6% preferred
36
7%
1%
com
Warrants
Roberts Public Markets. _2
Ryan Aeronautical Co
6
1
*
10
6%
1%
6%
1%
5%
1%
7%
2%
6%
1.30
1.30
1.30
3
2
3
3
San Gabriel River Imp. .10
14%
14%
14%
Security Co units ben Int..
Sierra Trading Corp...25c
Signal Oil A Gas Co A
*
Sontag Drug Stores
*
37
37
37
So Calif Edison Co Ltd..25
Original pref
25
6% pref B
25
5%% pref C
25
So Calif Gas 6% pref A—25
Southern Pacific Co
100
Standard Oil Co of Calif..*
11c
11c
50
14,600
4,300
300
900
10
100
100
50
52%
5%
13%
Feb
2c
Sept
Sept
32%
Jan
41
Feb
29%
Jan
28%
Mar
35
30
27%
26%
29%
33%
27%
600
26
27%
26%
460
25
29%
29%
30
200
29%
33%
500
40%
3%
1,200
1,800
Sept
38
Sepit
3% Sept
33% Sept
20% Sept
13
Sept
20% Sept
10% Sept
14
25
22%
10
12
6
3%
35
600
20%
20%
20%
100
13
14%
20%
10%
23
7,400
4,600
12
400
6
120
6
Jan
July
29%
6
Sept
Sept
8
8
8
300
6%
4
1
Yosemite Ptld Cement
Feb
Feb
16c
35
34
17%
56
Jan
35
3%
Jan
6%
Jan
3
14%
37
32
Sept
10% Sept
22% Sept
34% Aug
26% June
34
July
Feb
1,400
1
25
*
*
9%
Mar
33
38
3%
3.25
23
40%
10% May
1.45 June
32
100
Jan
Feb
July
3%
4,000
200
50
Jan
Apr
1%
10%
22%
10%
1% May
39%
33
Sunray Oil Corp
Superior Oil Co
Taylor Milling Corp.
Transamerlca Corp
Wellington Oil Co..
7c
100
10%
22%
Weber Showcase A F lstpf *
for
2%
98%
22c
Universal Consol Oil
1885)
Sales
Week's Range
8%
12%
6%
11%
26
10
Kinner Airpl A Motor...1
Lincoln
Petroleum
10c
Union Oil of Calif.
Exchange
(Continued from
Last
134
117
..
216
128
128
...
128
Salzdetfurth (6%)
Siemens A Halske (8%)
17
of Par
127
128
127
134
168
117
120
123
152
128
105
164
155
158
79
123
81
206
230
Sept.
Sept.
14
-Per Cent
7%
6
Golden State Co
Pacific Clay Products
Pacific Distillers Inc
STOCK EXCHANGE
BERLIN
Berliner Handete-GeeeliBCbalt
£7%
£7%
26
98%
9
Exeter Oil Co A
4c
26
2%
5
Claude Neon Elec Prods
Ollnda Land Co
£8
High
July
Sept
Sept
Sept
Occidental Petroleum
...
Low
3%
Holly Development Co__l
68/1%
£5 5/32
£43%
£5^32
7/6
200/59/9
39/1%
157/6
28/6
30/7%
70/£5 7/32
a
£44716
17/6
77/—
13/9
46/10%
Range Since Jan. 1, 1937
Shares
1,500
Buckeye Union Oil v t c__l
4/6
29/6
29/6
147/6
146/3
146/10%
High
4%
107/20/26/9
5/1%
172/6
168/9
4/6
30/148/9
148/9
Low
4%
106 /3
72/6(
Stocks (Continued)
Week
4%
104/4%
19/6
26/9
5/1%
175/170/-
£6%
Palmletkull Gold M
THE
for
of Prices
1
Bolsa-Chica OH A com._ 10
73/9
17/6
77/6
14/9
46/10%
Box
Areas
Week's Range
Sale
£16%
Rand fr Est Gold
West
Last
£16%
19/6
26/3
5/1%
172/6
Sales
Friday
Fri.,
£17
Rand Mines
DAY
Mines of Kalgoorlle.
Roan Antelope
Angeles Stock Exchange
Sept. 17
111/10% 101/3
7171430/435/72/6
73/9
250/253/9
51/9
51/6
113/71-
17/6
77/6
14/9
47/6
£6%
So
Thurs.,
Sept. 16
Wed.,
Sept. 15
............
Lake View South Gold
Metal
Teletype L.A. 290
Sept, 11 to Sept. 17, both inclusive, compiled from official salea liata
Gladdlng-M cBean a Co
Finance of Australia.
Hudson Bay Mln A 8m
Imp Tob of G B A I..
Tues.,
Sept. 14
"
received by cable
as
106/19/3
26/6
bi¬
ll 5/167/6
19/7%
26/6
5/3
176/.162/6
Electric A Musical ind.
IMP S
Los Angeles
£17%
£17%
107/6
De Beers
(E)._
San Francisco Stock Exchange
LONDON STOCK EXCHANGE
Quotations of representative stocks
each, day of the past week:
Geduld
Chicago Board of Trade
Stock Exchange
523 W. 6th St.
Subject to revision.
THE
Los Angeles
2.569
2.579
2.556
ing (per cent)
4
4
600
3% Sept
Aug
Mar
48
14%
Jan
31
Aug
62%
49%
Mar
Feb
5
Feb
55
Mar
25%
16%
28%
Mar
18%
July
9
Aug
Feb
Feb
13%
Apr
5% June
High
Mining—
15%
Taiiibiyus—
Preferred............50
............i
5%c
53%
5%c
Teck Hughes
—-—*
Texas Canadian....
*
5.05
4.66
Tasiiuta
1.55
Toburn Gold
1
Toronto Elevators
108
2.25
*
Toronto General Trusts 100
Toronto Mortgage
Tovsagniac
1.80
22
"85""
86
120
..50
Exploration..*
1
1.26
13
Tip Top Tailors
Tip Top Taltors prel...l00
"80c
80c
16
410
10
1.60
25.900
280
10
Feb
16
5
104
Mar
110
1.80 Sept
Sept
85
Sept
46
108
2.50
23
85%
120
90c
3,860
735
48
19
14,450
35c
500
88c
14,400
—*
13%
15%
United Oils...
*
13o
17c
United Steel—
*
6%
5%
6%
...........—•
7.00
6.75
7.05
4,080
14,300
7,195
3,635
.1
1.00
90c
1.05
6,t>00
2.75
24,577
*
2.40
2.20
5c
Sept
4.55 June
1.25
Sept
22
120
Sept
*
18c
18c
18c
2,000
1
210
21o
22c
500
20c
2%c
2c
2%o
1
33o
33c
35c
13,000
3,400
l%o
Amer Rad a Std Sanitary. *
Cities Service Co
...*
16%
16%
2%
16%
2%
2%
900
4%
1,100
13%
100
Blk Mammoth Cons MlOo
Cardinal
Gold
%«
Feb
Imperial Development 25c
6.00
Jan
Tom Reed Gold
28
2.35
4.65
Jan
Apr
110
Feb
126
Mar
Curttes-Wright Corp
1
2%
2%
4%
Electric Bond A Share
5
13%
*
46%
51%
28%
Commonwealth A Sou...*
73c June
2.00
Feb
General Electric Co
Sept
2.60
Feb
Montgomery Ward A Co.*
50o June
1.10
13c
Apr
Sept
19
700
Sept
Sept
Jan
33c Sept
39c June
82 %o
Feb
9c
Feb
480
Jan
29%
Feb
Unlisted—
350
13
18o
Jan
Aug
Apr
Aug
New York Central RR___*
2
4%
13%
46%
49%
28%
Feb
Packard Motor Car....._*
Mar
Radio Corp of America...*
9%
7%
10%
Radio-Kelth-Orpheum
Standard Oil Co (N J)
United Corp (Del)
25
*
7%
60%
4%
60%
5
12%
11%
Jan
5% Sept
5,75 Sept
11%
90c Sept
2.10 June
2.25 June
9.10 May
4.66
leb
41
Walkers.
Preferred
Jan
13%
36c
Waite Annuel
Jan
54
5,700
14,545
63c
Venvures
June
62
16%
5.10
Vein Gold..--.....--—.1
Vulcan Oils
Jan
53%
5%c
Treadwell-Yukon
Union Gas
16%
40%
44
6,260
40%
Sept
52%
July
19
19
19%
1,204
19
May
20
Jan
North American Aviation. 1
Warner Bros Pictures
*
No par value.
8%
7
9
7
4
100
400
46%
100
52
300
28%
100
9%
7%
10%
7%
60%
1,100
1,500
2,100
4%
12%
1,300
200
300
900
Sept
Sept
Sept
4% Sept
13% Sept
46% Sept
49% Sept
28% Sept
8
Sept
16%
2%
2
Feb
Mar
Mar
Jan
Feb
June
10
Apr
Sept
Sept
Sept
72
Feb
8%
17%
Feb
June
7
4
Jan
Feb
12%
12%
Sept
8
11%
62%
58%
54%
Jan
Mar
17%
7
60%
5%
4%
8%
27%
Jan
Jan
Volume
1847
Financial Chronicle
145
NATIONAL BANKS
Comptroller of the Currency, Treasury
from the office of the
Preferred
BRANCHES AUTHORIZED
Sept. 3—"National Bank of Washington, Tacoma,
Washington," Tacoma,
Town of Kalama, Cowlitz County,
Location of branch:
Wash.
Wash.
Certificate No. 1366A.
Sept. 7—"National Bank of Washington, Tacoma, Washington," Tacoma,
Wash.
Location of branch: Town of Castle Rock, Cowlitz County,
Wash.
Certificate No. 1367A.
Amount
VOLUNTARY LIQUIDATIONS
Sept. 7—The Kent National Bank, Kent, Wash
Effective Aug. 26, 1937.
Liq. agent: J. A. Oliver, Kent, Wash.
Absorbed by: "National Bank of Washington, Tacoma, Washton," Tacoma, Wash.
Charter No. 3417.
Sept. 9—The First National Bank of Earlville, Earlville, N. Y.
$40,000
(common stock, $50,000 preferred B, $50,000)
Effective Aug. 28, 1937.
Liq. agent: The National Bank &
Trust Co. of Norwich, N. Y., charter No. 1354.
Absorbed
by: The National Bank & Trust Co. of Norwich, N. Y.,
100,000
(quarterly)
Oct.
Oct.
Oct.
12Hc
Oct.
25c
Oct.
30c
20c
Sept.
Sept.
20c
Oct.
$3 H
68Mc
(quar.)
Special
Backstay Welt Co. (quar.)
Oct.
.
■
BancOhio Corp. (quarterly)
Bank of N. Y. & Trust Co. (quar.)
Corp., 5H % Pref. (quar.)
Barnsdall Oil Co. (quarterly)
B elding-H emin way
Belt RR. & Stockyards Co. (quar,)
6% preferred (quarterly)
Bickford's, Inc. (quar.)__
Preferred (quar.)
Birmingham Electric $6 preferred
$7 preferred
Bon Ami Co. class A (quar.)
Class B (quar.)
Boston Acceptance Co., Inc., 7% pref
7% preferred quarterly)
,«•—
25,000
Pa
Effective Sept. 8, 1937.
Liq. agent:
Pa.
No absorbing or succeeding
C. P. Dague, Scenery Hill,
bank.
OF TITLE
CHANGE
To: First National
Sept. 4—First National Bank in Reno, Reno, Nev.
Bank of Nevada, Reno, Nev.
Boston Edison Co.
Normal fall season
30%
Worse than 1936
37%
Better than 1936
40%
The tabulated results show narrower profit margins, however, as
As good as
27%
1936
Worse
45%
-
-
-
the
the firm concludes,
whole,"
siderably better for fall, but profits are in no way commensurate.
however,
predicated
be
can
to
as
retail, re-orders and sales, which ad¬
business starts in
been lagging this month, until autumn
mittedly have
Little,
earnest."
—Although efforts have been made in recent years to create distinctions
issued by the States and their municipalities
for tax purposes among bonds
the bonds were issued, the rulings of the
based upon the purpose for which
courts
to
over
many
the conclusion
State's
source
and
creation
particularly the Supreme Court, lead inevitably
that all bonds of any State or any public agency of a
years,
of
regardless
its
character,
method of organization or
by the United States,
derived from such bonds Is also exempt, according to an
of revenue, are exempt from direct taxation
the income
opinion
Hoffman, and
prepared by the law firm of Thomson, Wood &
distributed in the form of a booklet by Brown Harriman & Co.,
Inc., 63
The booklet distributed by Brown Harriman & Co., Inc. is
Tax Exempt Status of State
entitled "The
and Municipal Bonds" and contains a history
of the subject and an analysis of the court rulings.
—Elder & Co. announce that John A.
MacLaren, formerly manager of
the Municipal Bond
Department of C, G. Novotny & Co., Inc., has been
appointed
of their
manager
bim
Investment Department and
John Nuveen &
Hammond
will have as¬
was
Co., Chicago, announce that W. H. Hammond has
formerly connected with
and trading departments.
Bartlett, Knight & Co., of
that city.
added Konrad Katzenellenbogen,
with Graham Newman Corp. to the staff of their
—Seligman, Lubetkin & Co., Inc., have
connected
formerly
corporate statistical department.
office in
Bridgeport under the management of Lowell Mason for the transaction of a
—Falvey. Waddell & Co.. Inc., announces the opening of an
general securities business.
^
—Otto Menke, for many years
with Henry L. Doherty & Co., has become
handle retail investments
associated with Robert E. Hautz & Co., Inc., to
and foreign exchange.
—New burger, Loeb & Co..
announce
the opening of a
members of the New York Stock Exchange,
branch office at 99 Madison Ave., New York.
are grouped in two
separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
we
we
show
the
dividends
previously announced, but which
Further details and record of past
been paid.
dividend payments in many cases are given under the com¬
have not yet
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week are:
15
Sept. 27
Sept. 27
Oct. 11
17 He
11
(quar.)
Ul
Nov.
6Hc
Oct.
Distillery, pref. (quar.)-.
$1H
Oct.
Brunswick-Balke-Collender Co. (special).
50c
Oct.
16
14
30
14
Sept. 20
Sept. 20
Oct.
;Sept. 20
Oct.
Sept. 20
Oct.,
1
Sept. 15
Oct. 15
J25c
6%
preferred (extra)
Brown Forman
Preferred
(quarterly)
Bucyrus-Erie Co., preferred
25c
Power pref. (quar.)__
1st preferred (quar.)
Building Products, Ltd., class A and B (quar.)__
Class A and B (extra)
Bulova Watch Co., Inc
Burco, Inc., $3 preferred (quar.)
Burt (F. N.) & Co. (quarterly)
Preferred (quarterly)
Canada Bread Co., Ltd., pref. A. (quar.)—
Oct.
UK
Nov.
50c
Oct.
25c
Oct.
$1
75c
50c
A%1K
37Hc
Oct.
1 Sept. 30
1 Sept. 20
1 Sept. 22
50c
Oct.
l,Sept. 22
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 24
(quar.)
(quar.)
Oct.
Sept. 29 Sept. 24
Oct.
1 Sept. 20
Sept. 30 Sept. 27
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct. 15 Sept. 30
Co
(quar.)
(extra)
Co
|Oct.
Quarterly
Compressed Industrial Gases, Inc
Concol. Chemical Industries cl. A
Share
Name of Company
Aetna Insurance Co.
Oct.
15c
—
Oct.
UK
6% preferred (quarterly)
Aluminum Goods Mfg. Co
American Beverage Corp. pref. (quar.)
American Box Board Co., common
American Brake Shoe & Foundry (interim)
Preferred (quar.)
American Coach & Body
American Crystal Sugar Co
1st preferred (quarterly). —
American District Telep. of N. J. (quar.)
Oct.
25c
Aloe (A. S.) Co., 7% pref. (quar.)
Aluminum Co. of American, preferred
Oct.
i!?i
Oct.
25c
Hoe Co., pref. (quar.)
8% pref. (quar.)
7% pref. (qu.)
American Investment Co. of 111.,
8% preferred (quarterly)
Oct.
.Oct.
$1
75c
50c
75c
Sept.
$1.31 K Sept.
25c
Oct.
50c
$1H
Oct.
Oct.
$1 K
Sept.
Oct.
Oct.
Sept.
uk
Oct.
$2
Oct.
Oct.
20
16
24
24
20
21
21
15
15
5
Sept. 15
Sept. 20
Sept. 20
1 Sept. 24
Sept 30 Sept. 20
Oct. 20 Oct.
2
Oct. 30 Oct.
2
Oct. 15 Sept. 25
Sept. 30 Sept. 20
1 Sept. 20
1 Sept. 20
Oct,
Oct.
—
.
■
HS
25c
35c
Dobeckmun Co., common (quar»)
Dominion Rubber Co., Ltd., pref.
tUK
(quar.)
(quar.)
$2
10c
50c
Early & Daniel Co
preferred (quar.)
East Missouri Power Co., 7% pref.
Eastern Steel Products, Ltd., pref.
Eason Oil Co.
37 He
-
(s.-a.)(quar.)
Easy Washing Machine class A and B (qu.)
Electric Bond & Share Co., $6 pref. (quar.)
Equitable Investment Corp
Family Security Corp., A (quar.)
7% preferred (quarterly)-Fifth Avenue Coach
$3H
UK
25c
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct. 15 Oct.
1
Sept. 30 Sept. 22
Oct.
l:Sept. 24
Oct. 15 Sept. 21
Sept. 30 Sept. 20
Oct.
4 Sept. 23
Oct.
l|Sept.20
Oct.
1 Sept. 16
Sept. 30 Sept. 24
Nov.
M
25c
6Hc
17Hc
Nov.
Sept.
Sept.
Sept.
Sept.
l'Oct.
l'Oct.
29 Sept.
23 Sept.
30 Sept.
30 Sept.
7
7
22
16
15
15
50c
First National
Quarterly
First National Corp. (Portland) class A
First Nat'l Stores, Inc., 7% 1st pref. (quar.)--.
Fishman (M. H.) Co., 7% pref. (quar.)__
5% preferred (quarterly)
Florence Stove Co. (quarterly)
Food Machinery Corp. (quar.)--
Preferred
|Oct.
25c
Oct.
1 Sept. 16
15
15Sept.25
%IK
UK
UK
50c
62 He
37Hc
1 Sept. 18
15 Sept. 30
Sept. 30 Sept. 24
Sept. 30 Sept. 23
.Sept. 30 Sept. 23
Sept. 22 Sept. 15
Oct.
1 Sept. 20
Oct.
llSept. 16
l!Sept. 18
|Oct.
11 Sept. 30
Oct.
25 Sept.24
30c
Oct.
liSept. 20
UK
Oct.
75c
[Oct.
]Sept. 20
I Sept. 20
50c
Oct.
Sept. 20
75c
Sept. 29 Sept.
Sept. 29 Sept.
Oct.
1|Sept.
Oct. 15 Sept.
Oct.
75c
$5
Life Assurance (quar.)
$1H
$1H
Die, $6 preferred
$6 preferred
Hamilton Mfg. Co., participating pref. A
Harbauer Co. (quar.)
Hartford Fire Insurance Co. (quar.) —
(quar.)
30
15 Nov. 30
25c
50c
Oct.
1 Sept. 15
Oct.
1 Sept. 24
—
37$
_
43 Kc
15c
Gold Mines (monthly)
Dec.
23
23
20
Sept. 30 Sept. 18
Oct.
1 Sept. 23
25c
Extra
Extra
Oct.
40c
Extra
Preferred (quar.)
Oct.
3 Dec.
[Oct. 15 Sept. 30
$2
& Electric Co., $3 pref
(quar.)
Lakes Steamship Co. (quar.)
Hollinger Consol.
Jan.
40c
Co
Haverty Furniture Co., pref. (quar.)
Heller (Walter E.) & Co. (quar.)
1 Sept. 20
$25
$25
25c
Gibson Art Co.
Greenfield Tap &
1 Sept. 18
Oct.
$2H
(quar.)
Great Western
1 Sept. 15
Oct.
25c
(quarterly)
Co. (quarterly)
Fundamental Investors, Inc
General Baking Co., preferred
General Capital Corp. (quar.)
General Electric Co
Fulton Trust
General Fireproofing
Oct.
$2H
15c
Great
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Sept. 20
Oct.
(2 shs. for ~1)
Detroit Edison Co. (quar.)
Detroit Steel Products Co
Diamond Shoe Corp. (quar.)
Preferred (quarterly)
Diamond Ginger Ale Co. (quar.)
Sept. 20
Oct.
15
Oct.
Stock div. of 200%
Oct.
Oct.
1 Sept. 18
|Nov. 15 Oct.
General Water, Gas
25c
15 Sept. 25
1 Oct.
15
1 Oct.
15
Nov.
Deere & Qo
Oct.
8Hc
$1li
Sept. 15
Sept. 30
Sept. 23
1 Sept. 20
1 Sept. 22
3 Dec. 22
Nov.
and B (qu.)-_
(quar.)
Corroon & Reynolds Corp. preferred A_
Cyrstal Tissue Co. (quar.)
Sept. 21
Sept. 16
Sept. 16
UK
Preferred (quar.)
Holders
Payable of Record
40c
(quarterly)
Affiliated Fund, Inc. (quar.)
Ainsworth Mfg. Corp
American Hard Rubber.
Oct.
Jan.
(quar.)
Life Insurance
Duplan Silk Corp. preferred
Durham Mfg. Co. (initial)
1 Sept. 20
Oct.
(extra)
Extra
1 Sept. 20
Oct.
series B (quar.)
$7 cumul. pref. (quar.)
Commercial National Bank & Trust
Class A and B
1 Sept. 21
Sept. 30 Sept. 17
Oct.
LSept. 20
Oct.
1 Sept. 27
City Investing Co., preferred (quar.) —
Clark Controller Co
Claude Neon Electric Products (quar.)_
Connecticut General
ljSept.20
Oct.
1$
Chicago Ry. Equipment, preferred
Chrungold Corp
Cincinnati Advertising Products (quar.)
Cumul. preferred
1 Sept. 20
Oct.
Prior lien preferred (quar.)
Coleman Lamp & Stove
1 Sept. 20
Oct.
Chamberlain Metal Weatherstrip
Class A
1 Sept.20
150c
——----
Coca-Cola Bottling class A
1 Sept.15
Oct.
f$5
Central & South West Utilities Co—
Prior lien preferred (quar.)
Climax Molybdenum
Sept. 16
Sept.16
Oct
ttl2Hc Oct.,
j62Hc Oct.
(quar.)
Canadian Westinghouse Co., Ldt. (quar.)
Central Aguirre Association
Chemical Bank & Trust Co.
_
Sept. 30 Sept. 18
Sept. 25 Sept. 17
Oct.
1 Sept.15
UK
Canada Life Assurance Co.
-
Oct.
40c
Buffalo Niagara & Eastern
Extra
Oct.
Oct.
UH
Common (interim)
Sept.
Sept.
Sept.
Sept.
Oct.
75c
Extra
When
20
20
22
22
16
16
Sept. 20
Oct. 15
Oct.
Nov.
75c
Foreign Bond Assoc.
Per
American Fork &
15
Oct.
Sept.
Sept.
tl7Hc
$5 preferred (quarterly)
Empire Safe Deposit Co. (quar.) — -—-——
DIVIDENDS
first
Oct.
Oct.
Oct.
Consolidated Oil Corp. (quar.)
Continental Baking Corp., pref.
Walter E. Sullivan.
become associated with them in their wholesale
Mr.
Oct.
Colonial Ice Co., common
Wall St., New York.
sociated with
Oct.
$1
62Hc
Preferred B
"business has been seen as con¬
Oct.
UK
Preferred B
27%
Better
"On
follows:
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
21
Oct.
62 ^c
$1H
Common (reduced)
questionnaire
on fall manufacturing prospects sent out by Josephthal & Co., 120 Broad¬
way, New York stated that the outlook this year is for a better fall season
than in 1936, according to J. L. Amberg, economist for the firm.
The
questionnaire
addressed to executives of many industries, from dolls to
leather, from paper to electrical equipment, showed these tabulated results:
t9
30c
(quar.)__
Brooklyn Borough Gas Co., 6% pref. (quar.) —
—Forty per cent of the business executives answering a
Oct.
Oct.
Oct.
75c
Brewers & Distillers of Vancouver
NOTICES
Nov.
75c
British American Oil Co.. Ltd.
CURRENT
Oct.
,
25c
25c
(quarterly)
Boston Insurance Co.
23
15
15
20 |
20 |
15
Sept. 15
Sept. 24
Sept. 20
Sept. 20
Sept. 20
Sept. 20
Sept. 22
Sept. 24
Sept 24
Oct.
80c
_
Hill,
Oct.
Oct.
UK
Barker Bros.
charter No. 1354.
Sept. 9—The First National Bank of Scenery Hill, Scenery
Oct.
30c
Art Metal Construction
Automatic Voting Machine
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1
UK
Apex Electric Mfg. Co
Preferred (quarterly)
Arkansas Power & Light $7 preferred
$6 preferred—
Extra
Payable of Record
10c
Angostura-Wuppermann Corp
American Mfg. Co., common
Department:
Holders
When
Per
Share
Name of Company
banks is
following information regarding National
The
t5c
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
7 Sept. 23
Oct.
7 Sept. 23
Financial
1848
Per
of Company
Hormel (Geo. A.) Co.
>
Share
(quarterly.
Name
25c
25c
(quarterly)
K Preferred (quarterly)
Howe Sound Co. (quar.)
87*ac
75c
75c
Extra
25c
Hussman-Ligonier Co. (quar.)
Preferred (quarterly)
68Mc
Ideal Cement Co_
50c
*
50c
Illuminating Shares Co., class A (quar.)
Imperial Chemical Industries (interim)
Independent Pneumatic Tool (quar.)
Indiana Hydro-Electric Power Co. 7% pref
Industrial Rayon Corp__ —
International Business Machines Corp
3%
62Xc
SIX
50c
six
(quar.)
International Harvester Co. (year end final)
International Nickel of Canada, pref. (quar.)__.
Intertype Corp., 1st preferred (quar.)
Irving Air Chute Co. (quar.)
Island Creek Coal Co., common (quar.)
Preferred (quar.)
Jamaica Public Service, Ltd., (quar.)
Preferred (quar.)
Jones & Laughlin Steel preferred
Kahn's (E.) Sons Co. (quar.)
1st preferred (quar.)
Kansas Gas & Electric, 7% pref. (quar.)
$6 preferred (quar.)..
Keith-Albee-Orpheum, 7% pref. A & B
Kentucky Uilities Co., 6% pref. (quar.)
30c
International Buttonhole Machine
Oct.
30
30
30
30
Nov.
1 Oct.
25c
Oct.
50c
Oct.
20
1 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
9 Sept.
22
10
24
22*
1 Sept. 15
15 Sept.27
Oct.
Nov.
1 Oct.
Oct.
1
Oct.
50c
Oct.
1 Sept. 20
1 Sept. 24
Oct.
43 Ac
MA
tiiM
2
Sept. 20
1 Sept. 24
1 Sept. 18
Oct.
Oct.
Oct.
1 Sept. 18
15 Sept. 30
25c
Merchants Petroleum
Minnesota Power & Light Co.. 7%
1 Sept. 20
1 Sept. 13
Oct.
1 Sept. 13
1 Sept. 27
Oct.
15 sent. 25
Oct.
15 Oct.
Sept.
25
25c
25c
37^c
1S1X
50c
1X%
MX
MX
50c
25c
$2
75c
MX
3c
Oct.
J50c
$1^
MX
Xc
He
$2
MX
(quar.)
1
Sept. 30 Sept. 23
Oct. 15 Sept. 30
Oct.
Oct.
Oct.
Oct.
Oct.
Oct,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15 Sept.
2 Sept.
10
10
10
10
10
20
New Bradford Oil Co
18c
New
50c
Oct.
$1^
Oct.
Extra
Murphy (G. C.) Co., pref. (quar.)
Murray Ohio Mfg. Co
Muskegon Motor Specialty, pref. A
30c
$1
National Bond & Share
National Cash Register
25c
25c
National Fuel Gas Co
25c
National Power & Light preferred
National Pumps, pref. (quar.)
(quar.)
SIX
13 He
England Power Assoc. $2 pref. (quar.)
6% preferred (quar.)
New Hampshire Fire Insurance Co. (qu.)
New York City Omnibus (initial)
New York Pow. & Lt. 7% pref. (quar.)__
$6 preferred (quar.)
— -New York & Honduras Rosario Mining Co
New York Trust Co. (quar.)
Niagara Wire Weaving Co. (initial)
Noblitt-Sparks Industries (quar.)
North American Rayon preferred (quar.)
Northern Indiana Public Service Co. 7% pref__
6% preferred--.
5X% preferred
Northern States Power Co. (Del.) 7% pfd. (qu.)
6% preferred (quarterly)
Northern States Power Co. (Minn.) $o pfd. (qu.)
North Star Oil Co. 7% preferred
Northwestern Electric 7% preferred
Novadel-Agene Corp, (quar.)
Oak Screw Products Co. (initial)
.
Extra
40c
Oct.
$2.40
Oct.
MX
MX
Oct.
$1.15
75c
,
75c
1S1X
t$l^
\X%
1X%
MX
18 Xc
MX
50c
10c
20c
;
Ogilvie Flour Mills (quar.)
Colony Insurance Co
Colony Trust Assoc. (quar.)___
Ontario Mfg. Co--_
Pacific Gas & Electric (quar.)
Packer Corp. (quar.)
Page-Hersey Tubes, Ltd
Peerless Corp
Philip Morris & Co., Ltd. (quar,)__
Phoenix Insurance Co. (quar.)
Plymouth Cordage Co. (quar.)
Plymouth Oil Co., com. (quar.)
Pond Creek Pocahontas Co. (quar.).
Old
Old
15c
t35c
50c
40c
$1
30c
75c
50c
$1^
35c
50c
Pressed Steel Car
25c
5%
5%
5%
5%
1st preferred.
1st preferred.
2nd preferred
2nd preferred
Procter & Gamble 8%
-
18^c
6Xc
SI %
62 Xc
preferred (quar.)
Providence Gas Co. (quar.)
Providence Washington Insurance
Pullman, Inc. (quar.)
Pyle-National Co
I
Rath Packing Co
$2
20c
25c
t
37 Xc
50c
33 l-3c
_
Reliance Electric & Engineering
25c
Republic Investors Fund, Inc.,
Rich man Bros. Co. (quar.)
75c
lc
I_I
25c
12 Xc
St. Louis National Stockyards
(quar.)
Seaboard Commercial Corp. (quar.)
SIX
20c
Preferred A (quar.)
Selfridge Provincial Stores
Shamrock Oil & Gas preferred (quar.)
I
"I
I_
Shawmut Associates
Extra.
Sivyer Steel Castings Co
illHIIII
(quar.)
"2
Soss Manufacturing Co.
(quar.)
Southern Calif. Gas, 6% pref.
(quar.)
I"
6% preferred A (quar.)
Southern. Natural Gas class A
S. M. A. Corp.
Southwestern Bell Telep., pref. (quar.)
Standard National Corp. 7% prer. (quar.)
Stearns
(Frederick) &
Preferred (quar.)
&o-
»
-
-
_
11ZIZ.
15
20
18*
17
20
21
30
30
30
30
30
30
Oct.
1
Oct.
18
21
17
17
22
20
15
20
30*
Sept.
Sept.
Oct.
Sept.
Sept. 27 Sept.
Sept. 27 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct. 15 Sept.
Oct.
Oct.
15 Oct.
5
Sept. 15
Sept. 25 Sept. 20
Oct.
15 Oct.
Oct.
1 Sept.
Sept. 27 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct. 20 Sept.
Oct. 20 Sept.
1
15
15
8*
24
30
30
Dec.
6 Nov. 20
Oct. 20 Sept. 30
Dec. 24 Dec. 10
Oct. 15 Sept. 24
Oct.
1 Sept. 15
Sept. 29 Sept. 16
Nov. 15 Oct.
Oct.
1 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
25
18
20
15
15
20
20
15
20
23
22
20
20
24
23
18
18
8 Nov. 16
Oct.
-IIII
Singer Mfg. Co
_
30c
10c
Rubinstein (H.) Inc., class A (quar.)
Russek's Fifth Avenue, Inc. (quar.)
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.,,
Sept.
Oct.
14 Sept.
Oct.
14 Sept.
Oct.
14 Sept.
Oct. 20 Sept.
Oct. 20 Sept.
Oct. 15 Sept.
Dec.
20c
50c
^
Oct.
2X%
Reed Roller Bit Co
Extra
20c
6
Sept. 15
62 Xc
20c
com
15 Oct.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Reece Buttonhole Machine (quar.)
Extra
Root Petroleum $1.20 pref. (quar.)
Rossia Insurance Co. of Amer
Sept. 21
Sept. 21
1 Sept. 15
10 Oct.
Oct.
Nov.
50c
Oct.
$1^
Oct.
1 Sept. 25
25c
Oct.
1 Sept. 10
Torrington Co
— Tuckett Tobacco, Ltd., pref. (quar.)
Union Twist Drill Co. (quar.)
Preferred (quar.) —
— - - - -—
United Fruit Co
United Investors Realty Corp., class A
40c
Oct.
MX
Oct.
Thompson Products
Preferred (quar.) —_—
United
25c
75c
7!tc
Specialties
10c
United States Sugar Corp
Preferred (quar.)
Preferred
(quar.)
Preferred
(quar.)
Preferred
SIX
--SIX
SIX
six
(quar.)
Universal Leaf Tobacco Co., Inc
75c
Preferred (quar.)
Universal Products Co
Idl
Utah-Idaho Sugar Co
Yan Camp Milk Co.
Preferred (quar.)
.
5c
--
—,
25c
(special)---.
$1
SIX
—-■
—
40c
SIX
75c
---
Below
we
50c
$1
75c
Western Electric Co
Western Pipe &
Extra
15c
SIX
50c
Steel of Calif, (quar.)
25c
20c
15c
25c
1 Sept. 25
1 Sept. 21
15 Sept. 30
Sept. 30 Sept. 23
Sept. 30 Sept. 23
Oct. 15 Sept.23
Sept. 27 Sept. 15
Oct.
1 Sept. 24
Oct. 10 Sept. 25
Oct.
Jan.
15 Sept. 15
15 Dec. 15
Apr.
15 Mar. 15
July
15 Tune 15
Nov.
1 Oct.
Oct.
1 Sept. 23
Sept. 30
Sept. 30
Oct.
1
20
Sept. 22
Sept.17
Sept. 25
Sept. 25
Oct.
1
Nov.
1 Oct. 1 6
Sept. 30 Sept. 21
Sept. 30 Sept.21
Oct.
Sept.20
Oct.
Sept.20
Oct.
Sept. 20 1
Oct.
1 Sept. 20
Oct.
5 Sept. 27
Sept. 30 Sept. 24
Oct.
5 Sept. 24
Oct.
5 Sept. 24
Sept. 30 Sept. 15
Sept. 30 Sept. 23
Oct.
1 Sept. 20
1 Sept.20
50c
Oct.
six
mx
Oct.
10c
1 Sept.20
1 Sept. 20
Sept. 30 Sept. 20
Oct.
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Name
Share
of Company
40c
Abbott Laboratories (quar.).
Extra
Acme Glove Works (quar.)
10c
12}^c
__
6X% preferred (quar.).
AforH
ranam & Straus.
5c
(quar.)
Addressograph-Multigraph Corp
Adams Royalty Co.
Aero Supply Mfg. Co.. class
Aetna Ball Bearing Mfg. Co
35c
mx
A__
40c
50c
(quar.)
(nuar.)
Agnew-Surpass Shoe Stores 7% pref. (quar.)
Agricultural Insurance Co. (N. Y.) (quar.)
Air Reduction Co., Inc. (quarterly)
Aetna Casualty & Surety
Aetna Life Tasurance Co.
20c
t$l .75
75c
25c
75c
Extra
60c
1
Oct.
1
Oct.
1
Sept.15
Sept.15
Nov.
15
1
Oct.
1 Sept.20
15c
Oct
1
43 Xc
Oct
SIX
2*4
-
10c
50c
50c
75c
$4
25c
75c
American Bank Note Co
_
American Can Co. preferred (quar.)
American Capital Corp. $3 preferred
1X%
American Cigarette & Cigar,
$1 X
68Xc
t75c
preferred (quar.).
American Cities Power & Light class A (quar )_.
Opt. div., l-16th sh. class B stock or cash.
$3 class A (quar.)
Opt. div., l-32d sh. cl. B stk. or cash.
American Cyanamid Co., class A & B com (qu.)
American Envelope Co.. 7% pref. A (quar.)
American Express Co. (quar.)
American Gas & Electric Co. common (quar.)..
Preferred (quar.)
American Hair & Felt, 6% pref. (quar.)
Oct.
Dec
Dec
Oct.
75c
Nov.
15c
Oct.
$1*
SIX
35c
SIX
SIX
six
1 Oct.
11
Sept. 15
Nov
25
Nov.
Oct.
Oct.
15
15
15
22
Sept. 14*
Sept. 7
Sept.
1
Sept. 7
Sept. 7
Sept. 15
Sept. 7
Sept. 7
Sept.
Oct.
50c
Sept.
American Indemnity Co
90c
American Insurance Co. (Newark, N. J.) (s.-a.)
Extra
26c
6c
Oct.
Oct.
Oct.
15c
American Paper Goods, 7<z preferred (quarterly)
15
Sept. 17
Sept. 8
25c
—
15
Dec.
20c
pref. (quar.)
Dec.
Dec.
Oct.
Oct.
75c
American Machine & Metals.
31
31
1 Sept. 17
Sept. 30 Sept.10
Oct.
1 Sept. 13*
Oct.
1 Sept
13*
Oct.
1 Sept.17*
Oct.
1 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 18
American Home Products (monthly)
American Tee Co. (Jersey City, N. J.) preferred-
American Hawaiian Steamship (quar.)
American Hide & Leather preferred (quar.)
8
Sept.15
1 Sept.10
1 Sept. 21
Sept. 30 Sept. 13
Sept. 25 Sept
1
Oct. 15 Sept. 30
Sept 30 Sept 16
Oct.
Oct.
$5% preferred (quarterly)
Sept.
Sept. 30 Sept. 15
-—
American Agricultural Chemical
American Power & Light Co., $6
$5 preferred (quarterly).
1 Oct.
15
Oct.
3%
2Xc
Amalgamated Leather Cos., pref. (quar.)
(quarterly)
Nov.
Oct.
SIX
(quar.)
pref. (quar.).
pref. (quar
Alabama & Vicksburg Ry. Co. (s.-a.)
Allen Electric & Equipment (quar.)
Allied Laboratories, Inc
Allied Products Corp., class A (quar.)
Allied Stores 5% preferred (quar.)
Allis-Chalmers Mfg Co
Alpha Portland Cement
Aluminum Industries, Inc. (quarterly)
Aluminum Manufacturing, Inc. (quar.)..
Quarterly
——
7% preferred (quar.)
7% preferred (quar.)
Preferred
Sept. 30 Sept. 14
Sept. 30 Sept.14
Oct.
1 Sept. 18
Oct.
1 Sept.18
Sept. 30 Sept. 20
Oct.
1 Sept. 17
Sept. 22 Sept. 2
Oct.
1 Sept.15
Sept. 25 Sept.15
Oct.
1 Aug
28
Oct.
1 Aug. 28
Oct.
1 Sept.15
Oct.
1 Sept. 20
Oct. 15 Sept.?0
Oct. 15 Sept. 30
SIX
Alabama Mills, Inc., common
Alabama Power Co., $7 pref.
Holders
When
Payable of Record
Oct.
SIX
SIX
MX
Oct.
Oct.
Dec.
7
Sept.
Sept.
Sept.
Sept.
Dec.
5
Amer. Radiator & Standard Sanitary (quar.)
15c
Sept.
Aug. 27
American Rolling Mill Co. (quar.)
50c
Oct.
American Safety Razor (quar.)
50c
Sept.
Sept. 15
Sept. 15
Sept. 10
American Shin Building Co
American Snuff Co. (quar.)
50c
Nov.
Oct.
75c
Oct.
$1^
Oct.
Sept. 9
Sept., 9
Sept. 15
Sept. 14
Sept. 7
Sept.
7
Sept. 10
Sept. 15
Sept. 10
4X% preferred
Preferred
(initial, quar.)
.
.
.
(quar )
$1,125
Oct.
50c
Sept.
American Stores Co
25c
Oct.
American Sugar Refining (quarterly)
Preferred
(quarterly
50c
Oct.
21
20
27
25
25
15
Tilo Roofing Co., Inc
American Steel Foundries
15 Sept. 30
15 Sept. 30
15
1 Sept. 15
Sept. 30 Sept. 25 )
Sept. 23 Sept. 20
Sept. 23 Sept. 20
10
10
1
26 Oct.
1 Oct.
Oct.
20
24
1 Sept. 20
1 Sept. 20
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
20c
37Xc
50c
Weyenberg Shoe Mfg. Co
Western Union Teleg., action deferred
Willys-Overland Motors, pref. (quar.)
Winn & Lovett Grovery Co., class B
Class A quar.)
7% preferred (quar.)
Wisconsin Hydro-Electric 6% pref
Woodley Petroleum Co. (quar.)
1 Sept. 20
1 Sept. 24
t$3X
23
30
20
22
15
50c
Taylor-Colquitt (quar.)
Oct.
Oct.
15
Oct.
15
Oct.
30
Oct.
24
Oct.
1 Sept. 22
Oct.
1 Sept. 25
Oct. 15iSept. 30
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Nov.
Sept. 27
Oct.
Sept. 20
Sept. 17 Sept. 10
Mountain States Telep. & Teleg. (quar.)
Sun Ray
Virginia Railway, pref. (quar.)
Vlchek Tool Co
Preferred (quar.)
Wagner Baking Corp-7% preferred (quar.)
2d preferred (quar.)
Weinberger Drug Stores (quar.)
West Coast Oil Co. preferred (quar.)
Oct.
t50c
$1^
t75c
- - - -
Co. of Canada (quar.)
Drug Co. (quar.)
Preferred (quar.)_._
Superior Water, Light & Power, 7% pf. (quar.).
Sweet's Steel Co- —■
Sun Life Assurance
Sept. 20
Oct. 20 Sept. 30
Oct.
1 oept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 18
Oct. 15 Sept. 30*
Oct. 15 sept. 30*
1 Sept. 24
Oct.
1 Sept. 20
Oct.
Oct.
1 Sept. 24
Oct.
1 Sept. 20
pref.—
A dividend of SIX and 58c
$6 preferred
$6 preferred (quarterly)
6% preferred
6% preferred (quarterly)
Missouri Edison Co., $7 cum. pref. (qu.)
M. J. & M. ivl. Consol. Oil
1 Sept. 20
Oct.
10c
Liquid Carbonic Corp. spec, year-end div
Lion Oil Refining Co. (quar.)
Lipton (T. J.) Inc., class A (quar.)
Preferred (quar J
Loew's (Marcus) Theatres 7 % preferred
MacAndrews & Forbes Co. common (quar.)...
Preferred (quar.)
;
Mahoning Coal RR
Manischewitz (B.) Co. preferred (quar.)
Marlin-Rockwell Corp. (quar.)
——
McKay Machine Co. (quar.)
Preferred (quar.)
McQuay-Norris Mfg. (quar.)
Merchants Bank of N. Y. (quar.)
Oct.
six
nx
six
SIX
six
Oct.
Sept. 30 Sept.
11 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
25c
Sterling Aluminum Products
Stroock (S.) & Co., Inc
—
Suburban Electric Security 2d $4 pref -
Extra
Oct.
Holders
When
Payable of Record
Stecher Traung Lithograph
25c
40c
Share
of Company
2
Sept.18
Sept. 18
Sept. 24
Sept. 24
Sept. 30 Sept. 17
Sept. 30 Sept. 15
Oct.
1 Sept. 16
Oot.
Knott Corp
Name
2
15 Oct.
15 Oct.
Sept.
Sept.
Sept.
Sept.
$2
tai
Per
Holders
When
Payable of Record
Oct.
6% preferred (quarterly)
Houston Natural Gas
Sept. 18, 193 7
Chronicle
s\x
American Superpower Corp., 1st pref. (quar.)..
American
Telep. & Teleg. (quar.)
American Tobacco Co., pref. (quar.)
American Toll Bridge Co
(nuar)
$2.
SIX
.
2c
Oct.
Oct.
Oct.
Oct.
Dec.
Dec.
15
1
American Water Works & Electric Co., Inc.—
1st $6 preferred (quar.)
Anaconda Copper Mining Co
Anchor Cap Corp., common
six
S6X conv. preferred (quarterly)
Appalachian Electric Power, $7 pref. (quar.)
$15/S
SIX
50c
15c
Oct
1 Sept. 17
Sept. 27 Sept.
7
1 Sept. 17
1 Sept. 17
Oct.
1 Sept.
1
Oct.
Oct.
1849
Chronicle
Financial
145
Volume
$6 preferred (quar.)
7% preferred (quar.)
Armour & Co. (Del.) preferred (quar.)
Arnold Constable Corp
Art Metal Works, Inc. (quar.)
Asbestos Mfg. Co.
SI.40 pref. (quar.)
Assoc. Breweries of Canada, (quar.)
Preferred (quarterly)
Ashland Oil & Refining (quar.)
Associates Investment Co. (quar.).
5% preferred (quar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.) —
Atlantic City Fire Ins. Co. (quar.)
Atlantic Refining Co. preferred (quar.)
Autocar Co. S3 preferred (quar.)
Automobile Insurance Co. (Hartford) (quar.) —
1 Sept. 10
Central Power Co., 7%
Oct.
1 Sept. 10
6% preferred
Champion Paper & Fibre, pref. (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)
Chesebrough Mfg. Co
10
Sept..20 Sept. 10
.21 Sept. 10
Sept.
12 He
20c
Nov.
35c
.
1 Oct.
t$lH
[Oct.
1 Sept.
22
$1
75c
Sept. 20
Oct.
28
20
20
15
$1.15
Aug.
Sept.
Oct.
Sept.25 Sept.
Sept. 20 Sept.
12 He
Sept. 20 Sept. 15
25c
$1
15c
Baldwin Rubber Co. optional
dividend
of a share
Special opt. div. of cash of 10-65
stock for each common held
Oct.
_
in
Quarterly
63c
Bangor & Aroostook RR. Co., common
Cumulative convertible preferred
Bangor Hydro-Electric, 7% pref. (quar.)....
6% pref. (quar.)
Bankers Trust Co. (quar.)
Bank of the Manhattan Co. (quar.)
Bastian Blessing Co. (quar.)
-
Oct.
im
—
Oct.
Oct.
$1H
Oct.
50c
Oct.
37 He
Oct.
40c
Oct.
25c
Oct.
—
Extra
Preferred
Oct.
(quarterly)
Bath Iron Works Corp., payable In
3%
stock
ilk
Bayuk Cigars, Inc., preferred (quarterly)
Beatrice Creamery Co. (quarterly.
(quarterly)
1 Sept. 15
Oct.
Oct.
Oct.
Sept. 15
Oct.
iSept. 15
#1
(quar.).
$15*
$3.27
t#2
25c
A (quar.)
Bell Telephone (Pa.), pref. (quar.)
Bethlehem Steel Corp. 7% preferred
Oct.
Oct.
Dec.
Oct.
Oct.
(quar.)
25c
Oct.
t$3H
Oct.
Bird Machine Co.
12 He
25c
Sept. 28
Sept. 30
Sept.30
Sept. 30
Sept. 30
Sept.30
Sept. 30
Sfpt.25
(quar.)
Decker Mfg. Co. (quar.)
Extras
-;
——
Blaw-Knox Co. (interim)
Bliss & Laughlin, Inc. (quar.)
50c
-
25c
50c
—
50c
Extra-
37 He
37 He
Preferred (quar.)
Bloomingdaie Bros., Inc
#1V*
Bohn Aluminum & Brass Corp__
Bower Roller
Oct.
1
Oct.
15
$2
#15*
$1
Bearing
Bralorne Mines, Ltd. (quar.)
Brazilian Traction Light & Power,
Sept. 30
1
Oct.
Sept. 25
10c
pref. (quar.)
Oct.
15
#1H
Oct.
1
Sept. 25
Sept. 30
Sept. 30
(C.) & Co., Ltd. (monthly)
Bridgeport Brass Co. (quar.)
Br'dgeport Gas Light Co. (quar.)
Bridgeport Machine Co. (quar.)
Preferred (quar.)
Briggs Mfg. Co
-,
Brillo Mfg. Co., Inc., common (quar.)
Class A (quarterly)
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.)
British-Columbia Power Corp., A stock
Broad Street Investing Co
Brooklyn-Manhattan Transit—
Brewer
14
14
7*
Oct.
Oct.
Oct.
Oct.
Quarterly
Preferred
Common
Feb.
Burdines, Inc., $2.80 pref. (quar.)
7 Sept
25*%
5H% preferred (semi-annual)
1
1
(quar.)
Calaveras Cement Co. 7% preferred
1
California Packing Corp.
Preferred (quar.)
Canada Cement Co.. preferred
Canada & Dominion Sugar, Ltd.
(quar.)
Canada Northern Power Corp.,
Ltd.,
common.
7% cumul. preferred (quarterly)
Canada Packers
Canada
(quarterly)
Permanent Mtge. (Toronto, Ont.) (qu.)
Canadian Breweries, preferred
Canadian Canners Ltd., 5% 1st
Convertible preferred
pref. (quar.)—
$40c
$$15*
7% partic. preferred (quarterly)
Canadian Cottons, Ltd. (quarterly)
Preferred (quarterly)
(quar.)
(quar.)
Canadian Fairbanks Morse Ltd. pref.
8% preferred (quar.)
_ _
_
Canadian General Electric (quar.)
Canadian Industries, Ltd., class A &
B
7% preferred (quar.)
—
Canadian Wirebound Boxes, class A (quar.) —
Canfield Oil Co., 7% pref. (quar.)
Common (quarterly)
Cannon Mills Co
Capital Administration Co. $3 class A pref.(qu.)
Cariboo Gold Quartz Mining Co. (quar.)
Carnation Co., 5% pref. (quar.)
Carolina Power &. Light, $6 pref. (quar.)
$7 preferred (quarterly)
Carolina Telep. & Teleg. (quar.)
Carpenter Steel Co. (interim)
Carriers & General Corp. common (quar )
Carter (J. W.) Co., common
Case (J. I.), preferred (quar.)..
Celanese Corp. of America, common (quar.)
7% cumul. prior preferred (quar.)
7% cumul. 1st preferred (semi-ann.)
Central Hanover Bank & Trust Co. (quar.) —
Cemrai Illinois Light Co.. 4H% pf- (quar.) __
Central Maine Power. 7% preferred
Central Patricia Gold Mines (interim)
Centrifugal Pipe Corp. (guar.)
Sept. 15
15 Sept. 30
1 Sept.
1 Sept.
15
15
,30 Sept. 17
,30 Sept. 17
1 Sept. 17
1 Sept. 17
15 Sept. 30
1 Sept. 15
1 Sept. 15
1 Sept. 15
30! Sept. 30
15, Sept. 30
1 Sept. 15
30 Sept. 20
30 Sept. 20
Sept. 18
Sept. 20
Sept. 10
Sept. 20
Sept. 11
Sept. 11
Sept. 23
,20 Sept.
4
Sept. 20
,20 Sept. 10
Sept. 12
Sept. 17
Sept. 17
31 Dec.
15
Sept.
Sept.
Sept.
.30 Sept.
17
20
10
15
15 Nov
....
1 ol>*c
Common
—
Oct.
Dec.
1-5-38 Dec
5
Dec
(quar.)..
Co. (quar.)
15 Sept.
Sept.
Oct.]
Oct.
Sept.
Oct.
Sept.
Oct.
Diamond State Telep.. pref.
(quarterly)
Class A (quarterly)Doctor Pepner Ho, (rmartorly)
Dominion Coal Co., Ltd.. 6% pref. (quar.)
Dominion Glass Co., Ltd. (quar.)
Preferred (quar.)
Dominion Textile Co .(quar.) —
Dixie-Vortex Co.,
-
—
Sept.
Sept.
Oct.' 15 Sept.
Sept.
Oct.'
15
15
30
Nov. 15 Nov.
4
Oct.
Oct.
RR. (semi-ann.)
--
1
Preferred (quarterly).
Sept. 15
Sept. 15
Oct.
(quar.)
—.
15C
Oct.
Sept. 15
Sept. 15
Oct.
Oct.
Preferred (quar.)
preferred (quar.)
du Pont de Nemours (E. I.) 6% debentures.$4 H preferred (initial
Duquesne Light Co., 5% pref. (quar.)
Duro Test Corp. (quar.)
-
Dunean Mills 7%
Extra
Interim
—
Corp
——
Fuel Assoc., 6% pref4H% preferred (quarterly)
Eastern Steamship Lines, $2 pref. (quar.)
Eastern Utilities Assoc
(quarterly)
Eastman Kodak Co. (quar.)
Preferred (quarterly)
Ecuadorian Corp., Ltd—-—
Electric Auto-Lite
—
—
Eastern Footwear
Eastern Gas &
30 !
Sept. 20
Aug. 28
Sept. 20
Oct.
Oct.
(quar.)
Duke Power Co
Eagle Picber Lead--,
Preferred (quar.)
15
20
20
10
1Q
Dec.
Oct.
Dow Drug Co
Draper Corp
Driver-Harris Co.. 7% pref
Nov
1
Marl'38 Feb 15*38
Preferred (sem -ann )
Preferred
20
Sept. 29 Sept. 15
Sept 29 Sept. 15
1 Sept. 20
Oct.
1 Sept. 20
Oct.
Raynolds class A & B (quar.)
(quar.)
Dover & Rockaway
1 Nov. 20
1
1 Oct.
23 Dec. 23
Sept. 20 Sept. 15
Diamond Match Co
Diamond T Motor Car
5
14
Sept. 25 Sept. 20
Oct.
5 Sept. 16
Oct.
1 Sept. 16
Sept. 25 Sept. 15
Sept. 25 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 20
Sept.20 Sept. 10
Dec.
Preferred
1
.
i
Extra..
1 Sept. 15
15 Oct.
24 Dec.
for each
Davega Stores Corp. pref. (quar.)
Dayton & Michigan RR. Co. 8% pref
Devoe &
25 Sept. 30
15 Sept. 30
150c
$25c
30
15
Sept. 24 Sept. 18
Oct.
1 Aug. 31
Sept. 30
Extra
20 Aug. 31
1 Nov. 15
t#2
tl5c
Canadian Celanese, Ltd
Canadian Foreign Investment Corp.
$37 He
t J 30c
$15* %
t75c
Dec.
(semi-ann.)
Deixel-Wemmer-Gilbert (quar.)
8
8
15
1 Sept. 20
15 Sept 30
Oct.
Dejay Stores, Inc. (quar.)
De Long Hook & Eye (quarterly)
.
Delta Electric Co. (quar.)
Dentists Supply Co. of N. Y. (quar.)
7% preferred (quarterly) — .
7% preferred (quarterly)
——
Detroit Harvester Co., extra
Detroit Hillsdale & Southwestern RR. (s.-a.)_Detroit Steel Corp. (quarterly) —
30 Sept. 15
15 Oct. 30
15 Oct.
preferred (quarterly)
(quar.)
Sept. 15
t#2
37 He
62 He
t tSI 5*
(quar.)
(quar.)
International Corp. class A
(quar.)
Crown Zellerbach Corp. (resumed)
Crucible Steel Co. of America, preferred
8% preferred (quar.)
Cuban Atlantic Sugar Co. (initial)
Curtis Publishing Co. $7 preferred
Cutler-Hammer, Inc., stock dividend
Distribution of one additional share
share held.
17
16
15
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Oct.
1 Sept. 18
Sept. 24 Sept. 14
Oct.
1 Sept. 10*
Oct.
1 Sept.10*
Oct.
1 Sept. 13
Sept. 30 Sept. 16
Sept. 30 Sept. 20
—-
—
Class A
Sept.15
35c
Preferred
Oct.
Crown Cork
Sept. 15
$1
1 Sept. 10
1 Sept. 10
Oct.
—
Cream of Wheat Corp
-,
1 Sept. 17
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept.30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
pref. (qu.)_
Extra
1
40c
Calamba Sugar Estate (quar.)
Extra
Sept. 15
1 Sept. 15
1 Oct. 15
Oct.
5% preferred (quar.)
Creameries of America (quar.)
1 Sept. 15
Sept. 20 Sept. 7
Sept. 24
1
5 Oct.
Oct.
—
Crowell Publishing Co.
Sept. 15
Sept. 15
Oct.
Oct.
Preferred (quarterly)
1 Sept. 25
31 Mar. 15
Oct.
Oct.
Coronet Phosphate
1 Sept. 30
1 Sept. 20
Dec.
Oct.
Nov.
Continental Steel Corp. (quarterly)
14
Sept. 20 1
Sept. 201
Sept. 30 Dec. 24
Oct.
Oct.
Special
Crum & Forster,
Nov. 15
Dec.
Oct.
Oct.
.—
Diamond Fibre Co
Continental Gas & Elec. Corp. prior
Continental Oil Co. (Del.)
Oct.
Burlington Steel Ltd
Byers (A. M.) Co. 7% preferred
Cable & Wire (Holding), Ltd.—
$1H
$1H
$15*
$1H
#1
*
#1
75c
75c
Nov.
(quarterly)
preferred (quarterly)
Continental
Sept.30 Sept. 16*
Sept. 30 Sept. 16*
Sept.30 Sept. 15
Oct. 11 Sept. 20
Bullard Co
75c
$15*
-
4
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Oct.
Sept. 10
Oct.
Sept.10
Oct.
Sept. 10
Oct.
Sept. 15
Sept. 15
Oct.
(quar.)
Consol. Retail Stores 8% preferred (quar.)
Consumers Power Co., $5 pref. (quar.)
$4 H preferred (quarterly)
Continental Bank & Trust Co. (quar.)
I
1
Oct.
Oct.
10c
$1
50c
Co. of Bait.—
Series A 5%
Dec. 31
Apr
Sopt
Oct.
Co 7% cum. pref. (quar.)
3H% cum. pref. (quar.)
Bucyrus-Monighan, class A (quar.)
Budd Wheel Co., pref. (quarterly)
Preferred (participating dividend)
Bruce (E. L.)
foe
—
111
Sept.
1 Sept. 10
Sept. 30 Sept. 13
1 Sept. 17
Oct.
1
Oct. 15 Oct.
Consolidated Laundries preferred
1
Oct.
37otc
(quar.)
1
15
20
111
Oct.
•25c
(quarterly)—
1 Nov. 10
15 Oct. 10
Oct.
$1 H
$1
-
Consol. Gas Elec. Light & Power
3
3
3
3
15 Sept. 30
Sept. 21
15
1-1.5-38
4-15-38
Oct
1
Feb. 28
(quar.)
—
(quar.)
—
(quar.)
Brooklyn Union Gas
—.—-—
Brown Fence & Wire Co., pref. A (semi-ann.)
Preferred
Dec.
Consolidated Dry-Goods, 7% pref. (s.-a.)
Consol. Edison Co. (N. Y.) pref. (quar.)
Sept.
Sept.
Sept.
Sept
Oct.
Preferred
1 Sept. 20
Sept. 30 Sept. 18
Dec.
1 Nov. 10
Oct.
$1.0b4
Connecticut Gas & Coke Security, pref.
Connecticut Light & Power (quar.)
1 Sept. 15
Oct.
$1.06H
Cosmos Imperial Mills,
Oct.
$5-,85
(quar.)
$6 preferred (quar.)
Confederation Life Assoc. (Ont.)
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
75c
(quarterly)
20
Sept. 25 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
$15*
pref--—
Commonwealth Utilities, 7% pref. A (qu.)
6% preferred B (quarterly)
6 H % preferred C (quarterly) - Commonwealth Water & Light Co. $ 7pref. (qu.)
18
18
18
Sept. 15
Sept. 15
Sept. 15
Sept. 24
Aug. 31
Sept. 10
Sept.
1
Sept. 30
Sept. 15
Sept. 20
Sept. 17
Sept 16
1
Oct.
75c
Co
Boston Elevated Ry. (quarterly)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Sept. 15
Sept. 30 Sept.15
Nov. 15 Nov. 10
Oct.
$15*
Commonwealth & Southern Corp., $6
1 Sept. 20
Sept. 15
50c
Borg-Warner Corp
Borne Scrymser Co
Boston & Albany RR.
Preferred
1 Sept
Oct.
50c
1 Sept. 17
1 Mar. 20
Oct.
50c
1 Sept.
Oct.
# 15*
50c
$1,125
50c
87He
preferred- (quarterly)
Commercial Investment Trust
15 Sept. 20
1 Sept. 3
Sept. 3
•
15
Oct.
Oct.
*1H
--
8
8
8
10
10
20
15
15
20
20
15
Sept. 25 Sept. 15
Sept. 30 Sept 20
1 Sept. 30
Oct.
$15*
15c
.
_
4H%
15 Sept. 23
1
18 Dec.
B-G
5% preferred (quar.)
Foods, preferred
Extra
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Sept. 25 Sept.
$15*
$1 j*
—
1 Sept.
1 Sept.
Oct.
75c
Colgate-Pal moll ve-Peet. pref (quar.)
Colonial Finance Co. (Lima. Ohio)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Pictures Corp., com. (quar.)
Commercial Alcohols. Ltd., 8% pref. (quar.)
Commercial Gre at Co. (quar.)
Sept. 20 Sept. 13
Oct.
Oct.
$1H
75c
62He
$2
$lf*
15c
Cluett, Peabody & Co., Inc., pref. (quar.)
Coca-Cola Co. (quar.)_
Coca-Cola International Corp. (quar.)
Sept. 11
$1
Oct.
15 |Sept. 30
1 Sept. 16
Oct.
#1
Clorox Chemical Co—
25c
Oct.
50c
Belding-Corticelli (quarterly).
^Preferred (quarterly)
Belgian National Rys., American shares
Bell Telephone of Canada (quar.)
Bellows Sc Co..clas8
1 Sept. 15
1 Sept. 15
Sept. 14
1 Sept. 14
1 Sept. 15
Sept. 11
25c
id
Beech Creek Railroac Co.
Beech-Nut Packing Co.
Extra.
1 Sept. 15
1 Sept. 14*
Dec. 30 Dec. 15
Oct. 15 Sept. 30
#15*
_
_
1 Aug. 31
1 Aug. 31
1 Sept. 10
1 Sept. 10
15 Sept. 30
Oct.
50c
#1
Extra.
Sept. 30 Sept. 20
Oct.
5
Nov.
Oct.
H
#1H
75c
70c
Chicago Flexible Shaft (quar.)
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Pneumatic Tool, $3 pref. (quar.)
Prior preferred (quarterly)
Chicago Towel Co
Preferred (quarterly)
Chicago Venetian Blind (quar.)
Christiana Securities Co 7% preferred (quar.)__
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati & Suburban Bell Telep
Cincinnati Union Terminal Co.. 5% pref (qu.)Citizens Water Co. (Wash., Pa.) pref. (quar.)—
City Auto Stamping (quar.)
City Ice & Fuel (quar.)
City of Paris Dry Goods Co. 7% 1st pref. (qu.)Cleveland Electric Illuminating (quar.)
Preferred (quar.)
Cleveland Graphite Bronze (interim)
Cleveland & Pittsburgh RR. Co. gtd. (quar.)__
Special guaranteed (quar
Clinton Water Works Co. 7% pref. (quar.)
Sept..30 Sept. 20
Sept..30 Sept. 15
Sept..30 Sept. 15
10c
75c
#15*
Babcock & Wilcox Co
Black &
20
Sept..30 Sept. 15
1 Sept. 15
Oct.
J20c
Baldwin Co
Preferred
1 Sept
Oct.
$15*
Payable of Record
#15*
preferred
Oct.
Armour & Co. (111.)
Holders
When
Per
Share
Name of Company
Payable of Record
Share
of Company
Holders
When
Per
Name
Oct.
OctT
Oct.
25
Oct.
25 Oct.
8
8
15 Sept. 15
Sept. 25 Sept. 15
Sent. 25 Sept. 15
Oct.
Sept. 25 Sept. 15
Oct.
Sept. J5
Oct.
Sept. 15
Sept. 30 Sept. 24
Oct.
Sept. 15
Oct.
-
Sept. 15
Oct.
Sept. 17
Nov. 15 Nov.
9
Oct.
Sept.
4
Oct.
Sept.
4
Oct.
—
Oct.
1 Sept. 10
1 Sept. 21
1850
Financial
Per
Name of Company
When
Share
Electrograpbic Corp. (quar.)
Preferred (quarterly)
Electric Controller & Mfg. (quarterly)
Electric Products Corp
Electric Storage Battery (quar.)
Preferred (quarterly)
El Paso Electric Co. (Texas) $6 pref. (qu.)
7% preferred A (quarterly)
El Paso Natural Gas Co., common (quar.)
Emporium Capwell Corp. (quar.)
7% preferred (seroi-ann.)
4 Vi% cumul. preferred A (quarterly)
4H% cumul. preferred A (quarterly)
Endicott-Johnson Corp
25c
*v£
$1
50c
50c
!||
50c
25c
$3H
5Q4c
564c
Oct.
3 Dec.
10
Dec.
Mines, (quar.)
Fanny Farmer Candy Shops (quar.)
Extra
Extra
50c
50c
Faultless Rubber Co. (quar.)
Fedders Manufacturing Co. (quar.)
Dec.
Oct.
Oct.
Oct.
35c
35c
50c
Feltman & Curme Shoe Stores, pref—
Ferro Enamel Corp
Fidelity Investors. 5% pref. (s.-a.)
Oct.
87 He
75c
Federal Insurance (Jersey City) (quar.)
Federated Deptartment Stores
Oct.
Sept. 20
$2H
$6
Fifth Avenue Bank or New \ ork
(quar.)
Filene's (Wm.) Sons Co
50c
*
Preferred (quar.)
Finance Co. of Amer. (Bait.), common A & B—
7% pref. and 7% pref. class A
First Bank Stock Corp. (s.-a.)
First National Stores, Inc. (quar.)
Flintkote Co. common
Fiorsheim Shoe Co. class A (quar.)..
......
—
Foreign Light & Power 1st pref. (qu.)
Formica Insulation (quar.)
Foster & Kleiser Co., pref. (quar.)
Fox (Peter) Brewing 6% pref. (quar.)
(quar.)
Freeport Sulphur Co.. preferred (quar.)
Fruehauf-Trailer (increased)
Fuller Brush Co., 7% preferred (quar.)—
Fundamental Investors-..
$1H
t$lH
t$lH
Preferred
25c
67c
30c
$6 cum. preferred (quar.)
General Public Service, $6 pref. (quar.)
S1H
$1H
$1H
$14
$5H
preferred (quar.)
Genera 1 Public Utilities, Inc., $5
pf. (quar.)
General Railway Signal
25c
Preferred (quarterly)
General Telep. Corp. common.
25 Oct.
Oct.
Sept. 20
Sept. 22
Sept.16
Oct.
Sept. 15
Oct.
Sept. 20
Oct.
Sept. 15
Sept. 20 Sept. 15
Oct.
Oct.
$1H
Dec.
1 Nov. 20
3-1-38
2-18-38
6-1-38
5-20-38
Oct.
1 Sept. 10*
Nov.
1 Oct.
4
Sept. 25 Sept. 15
Oct.
25 Oct.
Oct.
Oct.
Oct.
Oct.
1 Sept. 20
Nov.
Oct.
1 Sept. 20
1 Oct. 15
1 Oct.
15
1 Sept. 20
Oct.
1
Nov.
Oct.
1
25c
10c
75c
preferred (quar )
General Theatres Equipment (interim)
General Time Instruments (quar.)
Sept. 23
Sept. £3
Oct.
25c
Extra
Sept. 28
25c
Preferred (quar.)
General Tire & Rubber pref. (quar.)...
Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.)
Gibraltar Fire & Marine Insurance
Gilbert (A. C.) Co. preferred (quar.)
Gilchrist Co
$1H
$1H
$1H
$14
50c
87 He
__
1
Oct.
Oct.
1
1
Sept.30
Oct.
1
Oct.
1
Oct.
Oct.
1
1
25c
Preferred (quar.)
Oct.
1
Oct.
1
56Hc
Gillette Safety Razor Co. (quar.)
25c
Preferred (quarterly).
$1H
ce
Globe-Wernicke Co., Preferred (quar.)
Godchaux Sugars, Inc., class A
Preferred (quar.)
Goebel Brewing Co. (quar.)
50c
$1
5c
$1H
60c
Optional payment l-50th sh.
each share held.
Preferred (quarterly)
Goodrich (B. F.) Co., common
common
for
$5 cumulative preferred
Goodyear Tire & Rubber (Canada) (quar.)
...
(guar.)
62 He
50c
$14
J62c
J62Hc
Gorton-Pew Fisheries (quar.)..
$1
Grand Rapids Varnish (quar.)
Granite City Steel Co., common
Grant (W. T.) Co
Great Western Electro Chemical
25c
37 He
35c
preferred (qu.).
30c
60c
Greenwich Water & Gas System, 6%
pref
Greif Bros. Cooperage
Corp., class A
Greyhound Corp. (quar.)...
Preferred (quar.)
Griggs, Cooper & Co. 7% preferred (quar.)
Group No. 1 Oil Corp. (quar.)
Guaranty Trust Co. of New York (quar.)
Gulf Oil Corp
Gulf Power Co. $6 preferred
(quar.)
Hackensack Water Co preferred A (quar.)
Haloid Co. (quar.)..
Hamilton Cotton Co., Ltd., $2 pref
Hamilton United Theatres, Ltd., 7%
pref
Hammermill Paper 6% preferred
$1*4
$1H
80c
20c
13 *4 c
Harrisburg Gas Co. 7 % pref. (quar.)
Nov.
Oct.
Sept. 10
Sept. 10
Sept. 9
Sept. 9
Sept. 15
Sept.17
Sept. 20
Sept. 20
Sept. 20
Sept. 15
Sept. 15
Sept. 14
Sept. 18
Sept. 15
Sept. 17
Sept. 17
Sept.17
Sept. 7
1 Oct.
1
1 Sept. 20
1 Sept. 18
1 Sept. 18
Sept. 30 Sept. 11
Sept. 30 Sept. 11
Oct.
1 Sept. 30
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept.30 Sept. 18
Sept.30 Sept.18
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
1
Sept. 30 Sept. 20
Sept. 30 Sept. 16
Oct.
Sept. 14
Oct.
Sept. 20
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 20
Oct.
Sept. 18*
Oct
Sept. 21
Oct.
Sept. 21
Oct.
3%
Oct.
Oct.
1 Oct.
1
Sept. 30 Sept. 10
1 Sept. 3
1 Sept. 15
1 Sept. 20
International Cellucotton Products Co
Extra
International Harvester (quar.)
International Mining
—
—
,
International Shoe Co. (quar.)
International Silver preferred
International Vitamin Corp. (quar.)
-
Investment Co. of America (quar.)
Investors Royalty Co. (quar.)
Preferred (quarterly)
Iowa Public Service, $7, 1st pref. (quar.)
$6H, 1st preferred 'quar.)
$6, 1st preferred (quar.)
Iron Fireman Mfg Co (quar.)
__
Extra
Preferred (quarterly)
Joliet & Chicago RR. Co.. gtd. (quar.)
Joplin Water Works Co., 6% pref. (quar.)
Joelin-Schmidt Corp. 7% pref. (quar.)
KansasCity Power & Light 1st pref B (quar.)
$7 cum. pref. (quar.)
Kansas Utilities Co. 7% preferred (quar.)
Kemper-Thomas Co.—
7% special preferrred (quar.)
Kennecott Copper Corp
Special
Keystone Public Service. $2.80 pref. (quar.)
Kimberly-Clark Corp. (quar.)
-
Special
Koppers Co., preferred (quar.)
Kroebler Mfg. Co. 6% pref. A
(quar.)
6% preferred A (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
J.)
Landis Machine (quarterly)
7%
preferred
(quarterly)
Lang (John A.) & Sons, Ltd. (quar.)
Lava Cap Gold Mining
Lazarus (F. & R.) Co
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., com. (quar.)
Preferred (quar.)
Lehman Corp. (quar.)
10
10
4
4
11*
15
14
11
Oct.
1 Aug. 31
Sept. 29 Sept. 20
Sept. 30 Sept. 18
Oct.
1 Sept. 15
Oct.
9 Sept. 22
Oct.
1 Sept. 20
Oct.
1 Sept 20
Oct. 15 Sept. 20
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Oct.
1 Sept. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15*
Oct.
1 Sept. 15
Oct.
1 Sept. 15*
Sept. 30 Sept. 10
Oct.
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 20
1
Nov. 10
Oct.
1 Sept. 10
Oct.
Oct.
1 Sept. 10
liSept.
1 Sept.
I Sept. 20 Sept.
Sept. 24 Sept.
Sept. 24 Sept.
Oct.
1 Sept.
Oct.
4 Sept.
-
{Oct.
10
10
3
10
10
17
21
1
5 Oct.
Oct.
Otc.
1 Sept.
1 Sept.
1 Sept.
1 Sept.
1
Sept.
1 Sept.
1 Sept.
1 Sept.
20
14
15
15
20
20
20
15
1
Sept. 17
1 Sept. 20
9
28 Oct.
1
.30 Sept.
—
—
Special
3
.30 Sept. 3
1 Sept. 15
1 Sept.
1 Sept.
11
11
1 Sept. 11
1 Sept. 21
1 Sept. 15
1 ~iept. 15
1
ept. 15
1
1 Oct.
1 Sept. 20
.30 Sept. 15
.30 Sept. 15
1 Sept.
1 Sept.
31 Dec.
1 Sept.
11
24
24
20
1 Oct.
20
1 Sept.
3
18
1 Sept.
Nov
15
15
1
.30
Dec
Sept.
Sept.
.25 Sept.
1 Sept.
1 Oct.
5
6
15
10
15
15
14
1 Sept. 14
8 Sept. 24
8
Sept. 24
Leslie Salt Co. (quarterly)
15 Dec.
1
21 Oct.
5
Oct.
15 Sept. 30
6
1-3-38 Dec. 31
—
King Seeley, 5H% pref. (quar.)
Kings County Lighting Co. 7% pref. ser. B (qu.)
6% preferred series C (quar.).
5% preferred series D (quar.).
Lackawanna RR. Co. (N
Lambert Co. (quar.)
1
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Extra
Locke Steel Chain
25c
1 Sept. 15
1 Sept. 20
1 Sept. 10
12 Oct.
Sept. 30 Sept. 18
Oct
1 Sept. 30
Preferred (quar.)
Kirkland Lake Gold Mining (interim)
Klein (D. E.) & Co., Inc. (quar.)
Kleinert (I. B.) Rubber Co. (quar.)
I
20
Sept. 30 Sept. 10
Sept. 30 Sept. 15
Kellogg (S.) & Sons (quar.)
20 Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
(quar.)
15
15
20
20
Dec. 30 Dec. 20
Oct.
1 Sept. 10
Oct.
Sept. 30 Sept.18
1 Sept..17
t$lH
30 Sept.
30 Sept.
30 Sept.
30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept.
Sept
Sept.
Sept.
Oct.
Oct.
Katz Drug Co., preferred (quar.)
(quar.)
Kaynee Co., 7% pref (guar.)
Kaufmann Department Stores
Oct.
+50c
Oct.
Sept 30 Sept. 16
Sept. 30 Sept.l5
Oct.
1 Sept. 15
Sept. 30 Aug. 31
•JS
25
>ct.
Oct.
Kaufman (Chas. A.) Ltd
Oct.
25c
$1*4
$14
62 He
$14
Oct.
Oct.
pref. (quar.)
40c
$1H
43 *4c
Oct.
1 Sept. 20
1 Sept. 20
Oct.
—
7% pref. (quar.)
cum.
$1H
$1*4
25c
5
Oct.
6% preferred (quar.)
Pref
Nov
Oct.
Dec.
Irving Trust Co. (quar.)
Jersey Central Power & Light, 7% pref. (qu.)__
6% preferred (quarterly)
54% preferred (quarterly).
Jewel Tea Co.. Inc. (quar.).
Johns-Manville Corp. (quar.)
Kansas Electric Power Co.
<
i'2
Indianapolis Power & Light Co. 6H% pref. (qu.)
6% preferred (quar.)
Indianapolis Water Co., 5% pref. ser. A. (qu.)_
Indiana Security Corp 6% preferred (quar.)
Indiana Steel Products (quar.)
Indiana Water Co. 5% preferred A (quar.)
Institutional Security. Ltd.—
Bank Group shares, class A
Inter Island Steam & Navigation Ltd
Interlake Iron Corp. (resumed)
Interlake Steamship Co
International Business Machine Corp
International Nickel of Canada*.
International Ocean Telegraph (quar.)
International Power Co. 7 % preferred
International Salt Co
1 Sept. 18
1 Sept. 15
Sept. 25 Sept. 20
Sept. 27 Sept. 11
62 He
50c
Preferred (semi-ann.)
Kansas Power Co. $6
Oct.
43 *4 c
Special
Le Tourneau, Inc. (quar.)
Liggett & Myers Tobacco, pref. (quar.)
Lincoln National Life Insurance Co.
(qu.)..
Lincoln Service Corp. (quar.)
7% preferred (quarterly)
Lindsay Light & Chemical Co. pref. (qu.)
Link Belt Co., preferred (quar.)
Liquid Carbonic Corp., new (quar.)
I.
Little Miami RR., special guaranteed
(quar.)
Original capital
(quar.)
Hanover Fire Insurance (N. Y.)
(quar.)
Harbison-Walker Refractories pref.
(quar.)
1
Sept.30
Oct.
$1*4
Hanes (P. H.) Knitting Co. 7% preferred
(quar.)
common
Oct.
Oct.
Extra
Gold & Stock Telegraph (quar.)
Goldblatt Bros..
Great Western Sugar (quar.)
Preferred (quar.)
Sept. 24
50c
30c
Glidden Co. (quar.)
Extra
15
1 Sept. 20
1 Sept. 20
Oct.
8 Sept. 17
1 Sept. 17
Sept. 20 Sept. 8
Oct.
40c
6% preferred (quar.)
.
Sept. 25 Sept. 16
Dec.
1 Nov. 15
37Hc
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)
22
18
25
17
28
15
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 20
Sept. 25 Sept. 14
Sept. 24 Sept.14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 30 Sept.15
Oct.
1 Sept. 15
$1H
Humber Oil & Refining Co. (quar.)
Sept. 10
Sept. 10
Sept. 15
Sept. 17
Sept 20
Sept.21
Sept. 1
Sept. 10
Sept. 20
Sept. 30
Sept.18
Sept. 28 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 25 Sept.
$1.05
37 He
Preferred 'initial)
15
_
25c
$1*4
$14
$1*4
$1H
$14
Convertible preferred (quar.)
General Printing Ink Corp. common
Howes Bros Co., 7% 1st & 2d pref. (quar.)
15
15
15
16
Payable of Record
Oct.
15
8
-
25c
General Paint
1
1
Sept. 25
50c
Co. (liquidating)
Holmes (D. H.) Ltd. (quar.)
Holophane Co. preferred (semi-annual)
Homes take Mining Co. (monthly)
Hoskins Mfg. Co
Hotel Barbizon
Inc.. vot. tr. ctf». (quar.)
II oudai 11 e-IIersh ey, class B
Class A (quar.)
Houston Oil Field Material
30 Sept. 20
30 Sept. 20
1 Sept. 20
1 Sept. 18
25 Sept. 15
60c
Oct.
1 Sept. 15
25c I Oct.
1 Sept 15
$1,125 Sept. 30 Sept. 15
J25c
Sept. 18 Aug. 28
Oct.
$1H
Sept. 20
20c
Oct.
Sept. 15
37 He
Oct.
Sept. 15
15c
Oct.
Sept. 15
25c
Oct.
Sept. 15
$1H Nov.
Oct. 15
50c
7% preferred (quar.)
7% preferred (quar.)
General Mills, Inc., preferred (quar.)
General Motors Corp., $5 preferred (quar.)
General Outdoor Advertising preferred
Oct.
Oct.
$1,184 Oct.
15c
Sept.
1 H%
Sept.
25c Oct.
62 He
Oct.
25c '.Sept.
$1*4
Gannett Co. 6% preferred (quar.)
General American Investors pref. (quar.)
General Box Co. (increased)
General Candy Corp. class A
General Cigar Co.. Inc., 7% preferred
(quar.)..
Oct.
Oct.
50c
50c
10
18
17 Dec.
50c
$1H
Holland Land
10 Nov. 30
1 Nov. 30
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
20c
$1*4
314c
$5 preferred (auarterly)
10
Dec.
Fansteel Metallurgical Corp. $5 pref. (quar.)...
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
(M. A.) Co..
3 Dec.
Jan.
Falstaff Brewing Corp. 6% pref. (s.-a.)
Hanna
3 Dec.
3 Dec.
25c
$1H
Holland Furnace Co
10
10
10
Jan.
15c
(quar.)
5% preferred (quar.)
Hinde & Dauch Paper
Preferred (quar.)
Hires (Chas. E.) Co.—
Class A and B and management (extra)
Class A common (quar.)
10
3 Dec.
Jan.
Evans Products Co. (quar.)
Ex-Cell-O Corp
Prefer ed
3 Dec.
Jan.
common
Hibbard. Spencer, Bartlett <?k Co (monthly)
Hickok Oil Corp., 7% prior preferred (quar.)__
Sept. 20
Jan.
$14
$1*4
W.) Co.
Preferred (quar.)
Hercules Motors Corp. (quar.)
Hercules Powder Co. (quar.)
1 Sept. 20
1 Sept. 20
Jan.
30c
20c
$14
$1*4
Helme (G.
1 Sept. 18
Oct.
Class B (quar )
Food Machinery Corp. preferred (quar.)
Ford Motor Co. of Canada A & B (quar.)
Harvey Hubbell, Inc
Agricultural Co. (mo.)
Holders
When
Share
Hazel-Atlas Glass Co. (quar.)
Heath (D. C.) & Co. preferred (quar.)
Hein-Werner Motor Parts (quar.)
1 Sept. 18
1
—.
Per
Name of Company
Hawaiian
Sept. 30 Sept. 20
Sept. 30 Sept. 10
Sept. 30 Sept.10
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
Oct.
1 Sept. 15
Sept. 23 Sept. 11
Oct.
1 Sept. 21
1-2-38 Dec. 23
Oct.
Oct.
Esquire-Coronet, Inc. (quar.)
conv.
Oct.
Oct.
Guaranteed betterment (quar.)
$3
1 Nov. 10
1 Nov. 10
1 Sept. 20
75c
(quar.)
Engineers Public Service, $5 preferred
$5H preferred
$6 preferred
$5 preferred
$5 preferred (quarterly)
$5H preferred
$5H preferred (quarterly)
$6 preferred
$6 preferred (quarterly)
Erie & Pittsburgh RR. Co.. 7% gtd. (quar.)
Falcon bridge Nickel
Dec.
Dec.
Sept. 18, 1937
Holders
Payable of Record
$14
m*A
t $4,125
Preferred
Chronicle
Extra
I
Nov. 15
1 Sept. 10
1 Oct
26
,28 Aug. 31
,28 Aug. 31
.20 Sept. 7
1 Sept. 15
25 Sept. 20
10 Nov. 26
10 Nov 26
1
1
Volume
Financial
145
Lockhart Power Co.. 7% pref. (s.-a.)
Lock Joint Pipe Oo. (monthly)
Monthly...........
Monthly
75c
75c
75c
...........
^
Sept. 30
Lone Star Cement Corp
Preferred (quar.)
Loose-Wiles Biscuit Co.. 5%
1
1
(quar.),
Oct.
SIX
preferred (quar.).
Oct.
1
1
Oct.
Oct.
SIX
six
37 Xc
ilH
7% preferred (quar.)
6% preferred (quar.)
Class A & B (qua*.)
Lunkenheimer Co., preferred (quarterly)
Preferred (quar.)
Macfadden Publications, Inc.,
1
Oct.
%
1
Oct.
SIX
*114.
S2X
■.
Lord & Taylor (quar.)
Louisville Gas & Elec. (Ky.), 5% pref.
Oct.
SIX
Long Island Lighting Co. 7% pref. series A (qu.)
6% preferred series B (quar.)
Lorillard (P.) Co. (quar.)
Oct.
Oct.
15
15
15
Sept. 25
50c
Oct.
50c
50c
Oct.
Margay Oil Corp
25c
Oct.
Marine Midland Corp. (quarterly)
Marion-Reserve Power Co. $5 prer.
10c
Oct.
-
SIX
SIX
Oct.
—
5c
Preferred (quarterly)
Mapes Consol. Mfg. Co. (quar.)
Extra
(quar.)
Master Electric Co
(Quarterly)
Mathieson Alkali Works (quar.)
Preferred (quar.)
McCiatchy Newspapers, 7% pref. (quar.)——
7% preferred (quarterly)
McColi-Frontenac Oil, preferred (quarterly)—
40c
37Xc
MX
43 He
Oct.
Oct.
75c
75c
Extra
Memphis Natural Gas Co., preferred (quar.)—.
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.)
Mercantile Acceptance Corp. of Calif.—
6% preferred (uuar.)
5% preferred (quar.)
Merchants & Miners Transportation Co
tiff
six
30c
25c
Oct.
Oct.
Oct.
Oct.
50c
Oct.
$2
Oct.
*1X
Oct.
15c
Dec.
MX
MX
SIX
tSlH
Oct.
Oct.
Oct.
Oct.
Oct.
$1.84
Dec.
Preferred
Oct.
Mueller Brass Co. (quar.)
Extra
PGt8r Pftlll
1
Oct.
1 Sept.
1 Sept.
Oct.
1 Oct
i
1-2-38 Jan
2
ii
10c
25c
(quar.)
Ring
25c
Extra
Mutual Chemical Co. of Amer., 6%
6% pref. (quar.)
$1*
MX
MX
pref. (quar.)
-
E.) & Bro
National Battery Co., pref. (quar.)
National Bearing Metals Corp. pref.
National Biscuit Co. (quar.)
National Bond & Investment Co.
55c
—
MX
(quar.)
40c
36c
(quar.)
SIX
5% preferred (quar.)
150c
National Breweries, Ltd. (quar.)
*44c
Preferred (quar.)
30c
National Dairy Products
Class A and B (quar.)
MX
National Enameling & Stamping Co
National Funding Corp. 6% series A
National Gypsum, 1st pref. (quar.)
—
pref. (qu.)_
50c
37 Xc
MX
25c
2nd preferred (quarterly)
National Lead Co. (quar.)
\2Xc
MX
Extra
1 Nov. 2b
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
30
29
29
30
30
Dec.
18 Dec.
Sept. 20
Sept 14
Sept.14
Sept. 10
Sept. 10
28 Sept. 18
16
Sept. 27 Sept. 15
Oct.
1 Sept. 20
Nov.
1 Oct.
18
15 Sept. 10
Sept. 21 Sept.10
Sept. 21 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
1
Oct.
1 Sept.
1
Sept. 30 Sept. 17
Sept. 30 Aug. 31
Oct.
1 Sept. 16
Oct.,
1 Sept. 16
Sept. 30 Sept. 10
Oct.
50c
Oct.
MX
N. J
(quar.)
Oct.
Oct.
14
10c
Navarro Oil Co
Sept. 30 Sept. 20
Oct.
Sept. 15
$1.31X Oct.
Sept. 15
Nov. 20
Dec.
MX
Nov.
Sept. 30
MX
$1
(quar.)
Nevada-California Elec. pref. (quar.)
New Amsterdam Casually (s.-a.;
(s.-a.)
Newberry (J. J.) Co. (quar.)
New England Gas & Electric Assoc. $5H pref—
New England Power Co., pref. (quar.)
New England Telep. & Tel eg
New Jersey Water Co. 7% pref. (quar.)
New York Lackawanna & Western Ry. Co—
New York Transit Co
Niagara Share Corp. of Md., class A pref. (qu.).
Nineteen Hundred Corp.. class A (quar.)
Norfolk & Western Ry. (quar.)
...
North American Co. common (quar.)
Preferred (quar.)
Northern Oklahoma Gas Oo. 6% pref. (qu.)...
Northern RR. Co. of N. J., 4% pref (quar.) —
Norwalk Tire & Rubber Co. preferred
r
Dec.
20c
National Sugar Refining Co. of
National Supply Co., preferred
Newark & Bloomfield RR. Co.
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
1 Sept.
1
1 Sept. 20
1 Sept. 13
02 Xc
(quar.)
■
30c
Oct.
Sept.
MX
Oct.
60c
Oct.
50c
Oct.
Sept. 17
16
31
MX
Sept.
Aug.
Oct.
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct. 15 Sept.
Sept. 21 Sept.
50c
Nov. 15 Nov.
MX
MX
MX
MX
25c
S2X
30c
75c
"si
mx
Sept. 30 Sept. 18
Oct.
1 Sept. 23
Oct.
1 Sept. 15
Nov. 15 Nov.
5
2-15-38 Feb.
5
Oct.
1 Sept. 15
_
1
10
10
20
10
24
9
1
Sept. 18 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Dec.
Dec.
$1X
Oct.
IllC
»»
(quar.).
-
*
Co. $5 preferred (quar.)
pref. A (quar.)
—
(quar.)
v
(Am. shs.).
of B. C. (quar.),,.
Pittsburgh Bessemer & Lake Erie RR (s.-a.),_
Pittsburgh Ft. Wayne & Chicago Ry. Oo. (qu.)_
7% preferred (quar.)
Pittsburgh Plate Glass Co
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
Plough, Inc. (quar.)
Plymouth Oil Co. (quar.)
Pollock Paper & Box Co. 7% pref. (quar.)
Porto Rico Power Oo. 7% pref. (quar.)
Power Corp. of Canada 6% cum. pref. (quar.) __
1 Nov. 16
1 Nov 20
Sept. 24 Sept. 20
Dec.
Dec.
Oct.
Oct.
Oct.
Oct.
Oct.
—
Public%?rviceCo?a?Okla.~7% prior"lien"(qu.jI'
1 Sept.
30
30
30
30
1
Oct.
1
Sept. 30
Sept. 30
7% pref. (quar.)
(quar.)
l5
30 Sept.
Oct.
Oct.
1
Oct.
1
Oct.
Pure Oil Co.
1
Sept.25
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Nov. 30 Nov.
1st pf.
Dec.
....
1
1
Sept. 23
Sept. 17
Nov. 15
(qu.),.
Sept
16
Sept. 16
Sept. 9
Preferred (quar.)
—
Sept. 10
----
Sept.10
Ltd. (quar.)
Republic Portland Cement, 5% preferred (quar.)
Republic Steel Corp. 6% preferred (quar.).
6% nreferred A (quar.)
Reynolds Metals Co.5X% 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.),.
Richmond Water Works Corp. 6% pref. (qu.),,.
Rich's. Inc.. 6X% pref. (quar.)
20
20
1
1
10
10
10
1
Sept. 15
Sept. 8
Reading Co. 2nd
Inc., interim
1 Sept. 15
1 Sept. 15
Sept.
Sept.
Sept.
Sept
Sept.
.
preferred (quarterly)
Reece Folding Machine (quar.)
Regent Knitting Mills, non-cumu.. pref.
Reliable Stores Corp. (quar.)
21
Oct.
7% preferred (quar.)
Remington Rand,
Renner Co
Reno Gold Mines
Dec.
1 3-38
5X% preferred (quar.).
6% preferred (quar.).
8% preferred (quar.).
Quaker Oats Co. (quar.)
Preferred (quar.)
Queens Borough Gas & Electric Co.
6% preferred (quar.)
Radio Corp. of Amer., *3X cumul. conv.
8
2 Sept.
15 Sept. 30
1 Sept. 21
Oct.
(monthly)
(monthly)
N. J. (quar.)
(quar.)
15
1 Sept. 15
Oct.
Colorado. 7% pref. (mo.)
Electrotype Co
15
15
1
Oct.
8% preferred (quar )
Rapid
1 Sept.
Oct.
Public Service Corp. of
$5 preferred
15 Sept. 30
15 Sept 30
Nov.
Serai-annual
6% prior lien (quar.),
Public Service Elec & Gas
8
15
Sept. 15
15 Sept.
15 Sept.
Oct.
pref (quar.)
(quar.)
Providence & Worcester RR. Co. (quar.)
Prudential Investors pref. (quar.)
Public National Bank & Trust (s.-a.)
(quar.)
1
Oct.
Prosperity Co.. Tnc , 5%
Pressed Metals of Amer.
$5 preferred
l5
15 Dec.
Oct.
Extra
6% preferred
5% preferred
1 Nov. 20
1 Sept.
Sept. 30 Sept.
Oct.
6% non-cum. pref. (quar.)
Pratt & Lambert, lnc
Premier Gold Mining (quar.)
Public Service of
1,Sept. 15
l'Sept. 15
Sept. 30 Sept. 15
Oct.
Sept. 10
Oct.
Sept. 10
Oct.
Sept. 15
Oct.
Sept.15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 8
Oct.
Sept. 8
Oct.
Sept. 20
Oct.
Sept. 17
Sept. 30 Sept. 20
Oct.
1 Sept. 10
1 Sept. 21
Oct.
1 Sept.
Oct.
1
1 Sept.
Oct.
1
1 Sept. 10
Oct.
1 Sept. 15
Oct.
10 Sept. 30
Oct
1-10-38 Dec. 31
Oct.
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30'Sept. l5
Sept. 30 Sept. 15
1 Aug. 31
1 Sept.
1
1 Sept. 15
1 Sept. 10
5 Sept. 10
1 Sept. 10
Oct.
(quar.),,
Extra
4*
30 Sept. 20
24 Sept. 10
24 Sept. 10
30 Sept. 20
30 Sept. 20
22Xc
40c
Pioneer Gold Mines
1 Oct.
50c
National Standard Co. (quar.)
Sept.
Sept. 15
Sept. 15
Sept. 1
Pinchin Johnson & Co., Ltd.
18 Sept.
30c
Oct.
50c
stock
Oct.
Oct.
15c
(quar.)
Pictorial Paper Package Corp.
14
14
1
Oct.
six
pref. (quar.),—
Pickle Crow Gold Mines
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
National Oil Products Co. (interim),
Nehi Corp
1st preferred (quarterly)
Neiman-Marcus Co. 7% pref.
15 Sept. 10
1 Sept. 17
Nov.
50c
National Steel Corp.
Extra
Sept.15
15
1 Sept.
Oct.
50c
Preferred B (quar.)
National Malleable & Steel Casting
Sept.
Sept.
Sept.
23
15
15
30
20
30
15
15
18
10
$1
8% preferred (quarterly)
Phoenix Securities, $3 conv.
Oct.
25c
—
Sept.
$6 preferred (quar.)
Philadelphia Electric Power. 8% pref. (quar.),.
Phillips Packing Co. pref. (quar.)
Phoenix Finance Corp., 8% pref. (quar.).
40c
—
Oct.
(quar.)
Philadelphia
15 Oct.
Sept.
Sept.
Sept.
Perfection Stove Co. (quar.)
Oct.
MX
Oct.
$1
Peoples Drug Stores, lnc
Special
Peoria Water Works 7% pref. (quar.)
Perfect Circle (quar.)
MX
MX
7% preferred (quar.)
Sept.
(quar.)
Preferred
MX
Morris Plan insurance Society (quar.)
Motor Products Co
Oct.
25c
50c
Pennsylvania Water & Power Co.
Oct.
65c
Oct.
10c
Pennsylvania Edison Co. $5 pref.
$2.80 preferred (quar.)
Pennsylvania Glass Sand..
Oct.
S3X
Oct.
Penney iJ. C.) Co. common
MX
MX
MX
<* t.
Sept.
15
15
Corp. $7 preferred (quar.)
(quar.)
7% preferred (quar.)
7% preferred (quar.)
Penna Power & Light $7 pref. (quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
1 Nov. 10
Class B (quar.)
ct
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1$1
(quar.)
Opt. div. of cash or 6% cum. conv. pref.
1 Sept. 15
1
1 Sept. 15
Quarterly
Morris Finance Co. class A (quar.)
Natomas Co.
Oct.
44Hc
SIX
(quar.)
Oct.
Sept.
-
Pi tures, Inc., 1st
2d preferred (quar.)
Park & Tilford, Inc., common
50c
Moore Corp., Ltd. (quar.)
Preferred A & B (quar.)
Moore ,Wm. R.) Dr
Goods
Sept.
Sept.
70c
—
stock
Paramount
15
87 Xc
Class A (quar.)
Oct.
Oct.
15
(quar.).—.
Pet Milk Co.
5% preferred (quar.)
Montgomery Ward & Co
Sept.10
Sept. 25
Sept. 25
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 14
Sept. 15
Oct.
Packard Motor Car Co
Sept.15
Sept. 20
Sept. 15
Sept. 15
Mil nor. Inc..
Sept. 15
Sept.
Oct.
Paraffine Co.'s, lnc
Preferred (quar.)
20
20
20
18
15
Dec.
Oct.
40c
(quar.)
Extra
Nov. 15
Oct.
Sept.15
Sept. 15
Oct.
Jan.
Oct.
SIX
Pacific Tin Corp., special
16
31
31
Sept.
Oct.
increased
—
Mississippi River Power, 6% pref. (qu.)
Miss. Valley P. S. 6% pref. B (quar.)
-Mock, Judson, Voehringer Co., preferred (qu.).
Monarch Knitting Co. 7% pref
Monongahela West Penn Public Service—
Preferred (quarterly)
Monongahela valley Water 7% pref. (quar.)
Monroe Chemical Co., pref. (quar.)
Monsanto Chemical Co. SIX preferred
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1,
Montana Dakota Utilities Co. 6% pref. (quar.)
Preferred
15
Oct.
5(
8% preferred (quar.)
Mid vale Co. of Deia
Oct.
Oct.
Sept.
Sept.
10c
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
$2 non-cumulative (quar.)
Oct.
Nov.
Pacific Lighting Corp. $6 pref. (quar.)
Pacific Telephone & Telegraph
Sept. 20
Sept.15
Sept. 15
Sept 20
*1X
Oct.
Peninsular Telephone
25c
Midland Steel Products
Oct.
Nov.
Parke, Davis & Co
Oct.
tSlH
Oct.
Nov.
Extra
1
15
15
20
11
11
Oct
20c
Pacific Indemnity Co. (quar.)
$1
Metropolitan Coal Co. 7% preferred
Metropolitan Edison Co., $8 preferred
Meyer-BiankeCo., 7% preferred (quar.).--
Oct.
Oct.
16 He
$1H
—
Pacific Guano & Fertilizer Co.
25c
—
—
Mesta Machine Co. common
(quar.)—
Pathe Film
Oct.
Messiuger Corp. (quar.)
Oct.
Oct.
Dec.
25c
Merrimac Mills Co. (initial)
Oct.
Sept.
Sept.
45c
Dec.
40c
Merck & Co., lnc
Preferred (quarterly)
,.
8% preferred (quar.)
0X% preferred (quar.)
5% preferred (quar )
1 Sept. 20
1 Sept. 15
Sept. 20 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
75c
SIX
SIX
$1.65
SIX
$1.80
Sept. 21
Sept. 15
Sept. 20
Sept. 8
Sept. 15
Sept. 15
Sept. 15
Sept.15
Sept. 15
Sept. 10
Sept. 10
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Oct.
Oct.
Pacific Finance of Calif,
15 Sept. 30
1 Sept. 20
Oct.
50c
Mead Corp
Mead Joiinson & Co. (quar.)-
Myers (F
Oct.
50c
McKeesport Tin Plate Corp
1 Sept. 15
1 Sept. 20
Nov. 30 Nov. 30
25c
_
9 Sept. 20
1 Sept. 17
Sept. 30 Sept. 20
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 7
Sept. 30 Sept. 7
Aug. 31 Aug. 31
75c
(quar.)_
1 Sept.15
1 Sept. 15
Oct.
88?
Class B (extra)
6
1 Sept. 15
1
15 Oct.
Oct.
40c
-
Mcivee (Arthur G.) classB
2
Nov. 16 Nov
50c
$1i1
$7 preferred (quar.)
$7.20 preferred (quar.)
30c
Ohio Finance Co., common.
SIX
referred (quarterly),.
58 l-3c
Ohio Public Service Co., 7% pref. (mo.).
50c
6% preferred (monthly).
412-3c
5% preferred (monthly)^
$1
Ohio Service Holding Corp
70c
Ohio Water Service, series A (increased)
114
Oklahoma Natural Gas 6% pref. (quar.)—
10c
Old Joe Distilling Co. 8% pref. (quar.)
10c
8% preferred (quar.)
$2
Omnibus Corp., pref. (quar.)
20c
Onomea Sugar Co. (monthly)
SIX
Orange & Rockland Elec. Co. 6% pref. (quar.),,
SIX
5% preferred (quar.)
40c
Otis Elevator Co. (increased)
SIX
Preferred (quar.)
J80c
Ottawa Electric Ry. Co
XS1X
Ottawa Light Heat & Power (quar.)
Preferred (quarterly)
.
J50c
Ottawa Traction Co
$1
Outboard Marine & Mfg
10
15
15
15
15
17*
17
30
30
30
31
21
Sept. 30 Sept. 18
Oct.
Manufacturers Trust Co. (quar.)
Piston
28
Sept. 21 Aug. 31
25c
%\£
50c
Marion Water Co. 7% pref. (quar.)
Mar-Tex Oil Co. com. & com. class A (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
1
1-3-38 Dec
Oct
preferred—
Tfitf*
Magnin (1.) & Co. (quar.) 8% preferred (quar.)
Muskegon
$6 preferred (quar.)
$6.60 preferred (quar.)
1-3-38 Dec. 31
8% preferred (quar.)
TVnnlrs
1 Sept.
Oct-
Holders
of Record
Oakland Title Insurance Guarantee,
Ohio Brass Co
Ohio Edison Co. $5 pref. (quar.)
Dec. 31 Dec. 20
8% preferred (quar.)
Company
Novadel-AgeneCorp. common (quar.).
Nova Scotia Light & Power (quar.)
Sept. 30 Sept. 25
Sept. 30 Sept 20
Oct. 30 Oct. 20
Nov. 30 Nov. 20
71
.......
Name of
Payable of Record
—
Monthly
Per
Share
Holders
When
Per
Share
Name of Company
1851
Chronicle
Nov. 20
13
13
30*
15
4
15
20
$1 X
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIX
Sept. 20
SIX
25c
75c
SIX
1852
Financial
Company
(quar.)
$7 preferred (quar.)
Riverside Silu Mills class A (quar.)
Roan Antelope Copper Mines ord reg
Roberts Public Markets Inc. (quar.)
Rochester Telephone Corp. (quar.)
6M% preferi-eu 'quar.)
Roeser & Pendleton, Inc. (quar.)
j
Oct.
Sept. 20
Oct.
Sept. 10
15c
Sept. 30 Sept.15
Oct.
1 Sept. 15
50c
11 M
50c
SIM
75c
—
75c
---
Dec.
Oct.
25c
8% pref. A (quar.)
SI M
SI H
I) (quar.)
6% preferred (semi-annual).
Scheniey Distillers Corp. (quar.)___
/_—
Preferred (quar ).......
ScoviH Manufacturing Co..
-—:
Scranton Electric 16 preferred
(quar.)
S3
75c
—
SIM
—
50c
—
—
SIM
60c
-.—
(quar.)
15c
10c
;
$2 preferred (quarterly)
50c
Securities Acceptance Corp. (quar.)
20c
37 Mc
6% preferred (quarterly)
Selected Industriesconv stock
15 M preferred (quarterly)
t37Mc
SIM
SIM
Servel, Inc. preferred (quarterly)
Preferred (quarterlyt
Sharon Steel Corp. (quar.)
Preferred (quar.)
_
30c
Oct.
SIM
12Mc
Oct.
Oct.
Si H
25c
Siscoe Gold Mines (.quar.)
Oct.
...
5c
Sept.
Sept.
Sept.
50c
Sloss-Sheffield Steel & Iron pref. (quar.)
SIM
Smith
(L. Q.) & Corona Typewriter (quar.)
Preferred (quarterly)
quar
11Sept. 20
1'Nov
South Carolina Power Co
$6 pref. (quar.)
Southern Acid & Sulphur Co.
7% pref. (quar.)
Sou Calif Edison. Ltd..
Oct.
SI M
_
Extra
Pittsburgh Water Co., 7% pref. (quar.).
preferred (quarterly)
South
Porto Rico Sugar Co., com.
(quar.)
Extra
—
Southwestern Gas & Electric Co.—
7°7, cumulative preferred (quar.)
,
Southwestern Light & Power Co., $6 pref
Southwest Natural Gas Co.. $6 pref A
(qu )..
South West Pennsylvania
Pipe Line
Spang, CI a,fant & Co., Inc., pref..
Spencer Kellogg & Sons, Inc. (quar.)
Springfield Gas Light, $7 pref. (quar.)
Square D Co
(Quarterly
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
Standard Brands. Inc
14 M preferred (quarterly).
Standard Fuel Co.. 6M% pref.
(quar.)
Standard Oil Co. (Ohio), 5% cumulative
pref...
;
Standard Steel Construction, $3
pref. A
Starrett (L. S.) Co
Preferred (quar.)
Steelier-Trauug Lithograph 7M% pref. (quar.).
7%% preferred (quar >
Stein (A.) & Co., pref.
(quar.)
Sterchi Bros. Siores, Inc.,
6% pref. (quar.)
5% preferred (quar.)
Stix, Baer & Fuller, 7% preferred
(quar.)
7% preferred (quar.),.
Stokely Bros. & Co. (quar.)
Strawbridge & Clothier, preferred
Sunray Oil Corp., pref. (quar.)
Sunshine Mining Co. (quar.).
Superheaier Co. (in'Teased)
Sutherland Paper Co.
(quar.)
Oct.
1
1
Oct.
1 Sept. 15
62 Mc
Oct.
1 Sept. 15
Oct.
1 Sept. 15
SI y
Oct.
1 Sept. 15
SI.125
SIM
Oct.
1 Sept. 15
1 Sept. 20
50c
Oct.
Oct.
SI M
Oct.
40c
Dec.
15 Dec.
15 Sept
25c
Oct.
Oct.
Oct.
tSIM
Oct.
50c
Dec.
Oct.
1 Sept.
Sept..30,Sept.
Sept. .30 Sept.
Sept, 30, Sept.
75c
25c
43 Mc
43 Mc
2()o
JlOc
J5c
12Mc
Special stock dividend
,
5,
$1 M
25c
25c
Tennessee Electric Power Co.,
7.2% pref. (qu.)_
7% preferred (quarterly)..;
6% preferred (quarterly)
5% preferred (Quarterly)-
1 Sept. 15
1 Sept. 15
20%
SI.80
SIM
P.
60c
50c
50c
15c
25c
SI.125
3LDec.
1«
15
20
20
15
Dec. 31IDec
15
Oct.
1 Sept. 16
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Sept. 30 Sept. 15
Oct.
15iOct.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Aug.
Sept. 30 Sept.
1 Sept.
Nov.
Oct
l'Sept.
Oct.
1 Sept.
~
<
1
20
20
1
16
15
17
15
15
l
>ct.
Sept. 19 Aug
2
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept.10
Oct.
1 Sept. 10
Sept. 25 Sept. 4
Sept. 25 Sept. 4
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
1 Sept. 15
Oct.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Sept. 30 Sept.10
Oct.
1 Sept. 15
Oct.
Oct.
1 Sept. 10
1 Sept. 10
Oct
Oct.
Oct.
Oct.
Nov.
Oct.
Oct.
Sept. 15
Sept. 15
SI
50c
RR
:
J
— —
(quar )
(Seattle) (quar.)._
United Profit Sharing preferred (semi-ann.)
United Shoe Machinery (quar.)
Preferred (quarterly)
United States Foil Co., Inc., com. A&B
Preferred (quarterly)
United State* Graphite Co
(quar )
United States Guarantee Co.
(quar.)_
——_
—.
pref
Van Norman Machine Tool Co
Vapor Car Heating Co
nr
7% pref
Oct.
Oct.
12 Mc
Oct.
Sept. 15*
SI M
Oct.
Sept. 15*
Dec.
Sept
18
15
Oct.
Sept
Sept
t17M
I Oct.
Sept
10
Aug
31*
30*
_
75c
Sept.
Dec.
Nov
25c
Oct.
Sept. 15
Oct.
Sept
Oct.
75c
—
—
D->r
Dec
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15
10
10
10
11 M
Dec.
Dec.
1
Oct.
Get,.
Sept.
Sept.
8
8
Sept.
Sept. 20
25
J
11 M
_
—
Oct.
11 M
Sept.
$2
—
Sept.
11M
11 M
Aug. 31
Sept. 11
Oct.
Oct.
Sept. 10
Sept. 10
Oct
Got
10c
Sept.
Sept.
20c
Oct.
Sept.
1
Sept. 10
Sept. 20
1M%
50c
**
11 M
—
.—
Get.
Hept
Get.
75c
Sept.
Sept. 14
Sept. 18
11M
5% preferred (semi-ann.)
Waukesha Motor Co. (quar.)
11 M
12 M
25c
(s.-a.)
Washington Ry. & El. Co., 5% pref. (quar.)
Wayne Pump Co
11
til
Warren RR. Co.. guaranteed
50c
—
Special
11
Brower
(quar.)
Wellington Fund, Inc. (quar )
—
10c
15c
—,
—
-
10c
75c
(quarterly)
Preferred (quarterly)
—
Western Light & Telep.. pref.
(quar.)
Westinghouse Air Brake
Quarterly
West Jersey & Seashore RR. Co. (s.-a.)
11M
43 Mc
25c
25c
—
6% Special guaranteed (s.-a.)
West Kootenay Power & Light, pref.
(quar.)
Westmoreland
Inc. (quarterly)
SIM
11 M
11M
30c
11 M
pref. (quar.).
50c
50c
(quar.)
—
—
20c
West Penn Flectric Co., class A
West Penna. Power Co., 7%
pref. (quar.)
6% preferred (quarterly)
West Texas Utilities, 16 preferred
11M
SIM
11 M
16 preferred (quar.).Wast Virginia Water Service Co. 16
pref
Wheeling Steel Corp., 15 pref. (initial)
6% preferred
Whltaker Paper Co
7% preferred (quar )..
White Rock Mineral Springs
11 M
t$3
11 M
t50c
Extra
15 Oct.
Oct.
1 Sept. 15
Oct.
Nov.
1 Sept. 17
10 Oct.
Dec
I
30 38
• »ec
1 3- -38 Dec.
Dec.
1 Nov
Oct.
Get.
Get.
13
Nov
Sept. 30 Sept.
Sept. 30 Sept
Oct.
15 Sept.
Oct.
15 Sept.
Sept. 25 Sept.
Oct. 30 Sept.
1
1
1 Nov. 15
Nov
15
1
u
15
15
20
20
15
30
81
15
15
1 Sept. 22
15
1 Sepf
1 Sept.20
Sept. 20 Sept. 10
Oct.
1 Sept. 20
Oct.
1 Sept. 15
Sept. 30 Sept.17
Nov.
1 Oct.
5
Nov.
Oct.
Oct.
1
Oct.
5
1
1
Oct.
Oct.
1
Sept.15
Sept. 15
Sept. 15
1
Sept.24
Oct.
1
Oct.
1
Sept
20
$1M
35c
Get.
l
Sent.
20
Oct.
1
11M
Oct.
Oct.
11 M
Wisconsin Public Service Co.
7% preferred
6M% preferred
6% preferred
Wood (Alan) Steel 7%
preferred
til M
til H
til M
til M
11M
(quar.).,
50c
Wright-Hargreaves Mines, Ltd. (quar.)
10c
Extra
5c
—
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg.,
pref—
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube (quar.)
(quar.)
Yukon Gold Co
25c
Sept.24
Sept. 20
1 Sept. 20
1 Sept.15
1 Sept 11
Oct.
11 M
SIM
SIM
50c
..
(monthly)
Oct.
Dec.
Dec
I*
SIM
11 M
L—
(quar.)
1st & 2nd preferred
(quarterly)
White Villa Grocers, Inc., 6% pref.
(quar.)
Whitman (Wm.) & Co., Inc., 7%
pref. (quar.)..
Wichita Water Co., 7% pref.
(quar.)
Winstead Hosiery Co. (quarterly)
Preferred
15
Sept. 20
Sept, 30iSept. 17
t-S2 Oct.
Sept. 15
11.162, Oct.
Sept. .1
Oct.
11
Sept.
1
40c
ait ham Warch
prior preferred
(quar.)
Ward Baking Corp. 7% preferred
Warren (S. D.) Co,—
Co.
15
2 M %
2 M %
(quar.)
Wailuku Sugar Co
Waldorf System, Inc., common
Wrigley (Wm.) Jr.
Nov.
Sept.
Oct.
11H
Virginian Ry...
Virginia Public Service, 7% pref
6% preferred (quar.)
Vulcan Detinning. preferred
rouarterly
Wagner Electric Corp., common
Woolf Bros., Inc., 7%
preferred
Worcester Salt common (quar.)
5|Sept. 14
30c
10c
Victor Chemical Works
Victor Monaghan Co., 7% pref. (quar.)
Virginia Electric & Power, pref, (quar )
Westmoreland Water Co., 16
Weston Electrical Instrument
Class A (quar.)
Weston (Geo.). Ltd.
5 Sent, 14
Oct.
50c
6 Mc
Vicksburg Shreveport & Pacific Ry. (s.-an.)
Preferred (semi-annual)
Western Grocers, Ltd.
15
50c
62 Mc
37 Mc
12 M
_
Vagabond Coach Co. (monthly)..
Van de ICamps Holland Dutch Bankers
16 M preferred (quarterly)
—
Sppt
Sept 20
Sept. 21
29!Sept. 30
Sept.
25c
16 preferred
Extra.
Oct.
Oct.
13
25c
U lea Clinton & Binghamton RR
Debenture (semi-ann.)
Weishaum Bros
5
15
SI M
..
_—
Universal Cyclops Steel (quar.)
Upressit Metal Cap Corp. 8% pref
_
Oct.
Sept
Sept
$15
—
—
Oct.
Oct:
11 M
—
—
0
Sept. 3
Aug 31
Aug. 31
Oct.
—__
(quarterly)
Power & Light Co., $7
Doc
Sept
Sept
11 M
t3c
—-
(quar.)
Utah
Sept. 10
1-3
Sept.
58 l-3c
53c
—
United States Gypsum Co. (quar.)
—
Oct
7
50c
—
—
Sept.
50c
12 M
j
—-j
& Canal
...
Sept. 10
25c
United Pacific Insurance Co.
Preferred
Sent. 10
Oct.
20c
Improvement (quar.)
J
Oct.
Oct.
SIM
SIM
(quarterly)
7
1 5
15*
25c
6% preferred (monthly)
N
Oct.
3
15
18
7
25c
——
-——-
United Gold Equities of Canada, std. shs
United Light & Rys., 7% pref (mo.)..
6.36% preferred (monthly)
United
Oct.
II
11
31
75c
Preferred (quarterly)
Preferred
Oct.
Oct.
15 Oct.
Nov.
1 Get.
16
Nov
15
1
Get.*
1
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Oct.
1 Sept. 15
Sept. 20 Aug. 20
Sept. 30 Sept,. 20
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Oct.
1
Sept. 20
Sept 10
Sept.15
15c
Oct.
1
SIM
Oct.
1
75c
$1
11 %
Oct.
1 Sept.11
Oct.
1
6c
Oct.
1 Sept. 18
Sept.11
Sept. 24 Sept. 13
•Transfer books not closed for this dividend
_
25c
Oct.
50c
Sept. 30 Sept. 10
Sept. 20 Sent. 7
50c
-
Preferred (quart rly)
United Elastic Corp. (quar.)
United Gas
Sept. 15
25c
$1 M
12
20c
_
-
30
SI M
68Mc
Bonus
1
Sept. 15
Sept. ,30 Sept. 17
Sept. 30 Sept. 17
Sept 30 Sept. 23
15c
Teck-Hughes Gold Mines
I
SIM
SIM
SIM
Tecumseh Products Co
Sept. 20 Sept. 10
Oct.
1 Sept. 13
SI.125
SIM
SIM
5c
Extra
30
Sept
55c
20c
50c
5M% partic. preference (quar.)
Tamelyn <G ) Ltd (quarterly)
Taylor & Fenn Co. (quar.)...
Taylor Milling Corp. (quar.).
Oct.
1 Sept. 15
Sept. 30 Sept. 20
SI M
Tacony-Palmyra Bridge Co. (quar.)
common
1 Sept. 15*
1 Sept 20
Sept. 30 Sept. 15
$1 M
35c
30c
15 Oct.
15 Oct,
Oct.
1 Sept. 15
Swift & Co. (quar.)
Sylvanite Gold Mines. Ltd.
(quar.)
(quar.)
Sept
Sept. 30 Sept. 15
1 Sept. 15
40c
20c
Extra
Todd Shipyards Corp.
Oct.
Oct.
SI
*
15 Sept. 20
15 Sept. 13
30 Sept. 15
Oct.
75c
Thatcher Mfg
Tide Water Assoc. Oil, $4M pref.
(quar.)
Tilo Roofing Co
Timken-Deiroit Axle (interim)
Oct.
Si M
25c
7.2% preferred (monthly)
6% preferred (monthly)
Oct.
77 Mc
SI h
SIM
68 Mc
Texas Corp. (quarterly)
Texon Oil & Land Co.
(quar.).
15 Sept. 20
15 Sept. 20
50c
Preferred (quar.)
Preferred (quar.)
Talcott (James). Inc..
1 Sept. 15
1 Sept. 10
Oct.
Oct
80c
2%
Southern & Atlantic Teleg., gtd.
(s.-a.)Southern Ry. Co., Mobile & Ohio
(stk. tr. ctfs.)
—
|
15 Sept. 30
1 Sept. 15
Ort.
—
Original pref. (quar.).
37 He
Preferred series C (quar.)
34 Mc
Southern Canada Power Co., Ltd.—
6% cum. partic. pref. (quar.)
J1M%
Southern Counties Gas of Calif.
6% pref. (quar.)
SIM
South Penn Oil Co. (quar.)
37 Mc
_—--—
Sept.
Sept.
Sept.
Sept.
Sept.
80c
'
—
Sept. 11
Sept. 11
Sept. 15
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
—
Extra
United Corporation. S3 cum. pref. (quar.)
United Dyewood Corp., com. (quar.)
1
10
20
Nov
Oct.
Corp
__—
—
15
Oct.
tSUM
Union Premier Food Stores (quar.)
United Biscuit Co. of America, pref. (quar.)
United Carbon Co. (quar.)
Extra—
Oct.
Oct.
Oct.
11M
$1M
50c
37 Mc
11
50c
-
Union Pacific KR.
_
10
15
15
16
14
SIM
—
Union Elec. Lt. & Power. Co
(Mo.) 7% pref
Union Investment Co. common
Semi-annual.
Oct.
Sept.
Sept.
Sept.
Sept.
SIM
—
Extra..
;
United States Trust Co.
(quar.)——.
Oct.
15c
pref——
10
15
15
15
15
Oct.
SIM
Union Carbide & Carbon
United States Leather Co., prior preferred
United States Pipe & Foundry Co., com.
(quar.i
Common (quarterly)
United States Playing Card Co.
Si
(H.) Paper Co. (quar.)
Souotone Corp., Preferred
(quarterly)
Standard Products Co.
SIM
—
14
15
15
15
15
Oct.
62 Mc
20c
—
Union Buffalo Mill Co., 7%
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
$1 M
—..
Holders
Oct.
Oct.
Oct.
11M
11M
—
Special..
Sept.
Oct.
Oct.
Oct.
41 2-3c
$1 M
15
3
30
30
50c
)
Smith
6%
Sept.
24 Sept.
15 Sept.
15 Sept.
II Sept.
1 Sept.
1 Sept.
1 Sept.
31 Sept.
30 Sept.
21 Sept.
1 Sept.
SIM
_
<'o
2d
1
Oct,
Oct.
lc
Skelly Oil Co.
1
15 Sept. 15
Sept.
2c
■
Sept.15
Sept.15
15 Dec.
Oct.
Oct.
15c
Shell Union Oil
Corp.. 5M% pref. (quar.)
Sheller Mfg. Corp. (quarterly)
Sherwin Willian.s of Canada,
preferred
Silver King Coalition (quar.)..
Sept.15
.
$1 M
Shattuck (Frank G.) (quar.)
Sheep Creek uold Mining, Ltd. (quar.)...
q
1 -3-38 I >ec
Si H
_
Sepi
Sept.18
Oct.
Sept 18
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept 15
Sept. 30 Sept.16
Oct.
1 Sept.17
Oct.
1 Sept. 15
Oct.
1 Sept.
1
Sept. 30 Sept. 15
Sept. 27 Sept. 15
Sept.27 Sept. 15
Sept. 27 Sept. 15
Oct.
liSept 10
Oct.
1 Sept 10
Oct.
1 Sept. 16
Oct.
I Sept. 16
Oct.
1 Sept. 17
$2
SIM
—
—
liSept.18
Sept. 18
Sept. 18
Sept. 18
Sept 20
Sept.30
Sept. 30
Sept. 30
25c
6
'Sept.15
Oct.
Oct.
Oct.
SI M
6
16 .Dec.
Oct.
Oct.
SI M
—•
Lace t 'o.
10
Sept.20
16 Dec.
Dec.
$2M
7M% preferred B (quar.)
7% preferred C (quar.)
Morgan
Dec.
10c
10c
25c
Seaboard Finance Corp.
Extra
1
15c
50c
_
1937
Payable of Record
58 l-3c
(mo.)
6% preferred (monthly)
5% preferred (monthly)
Toronto Mortgage Co. (Ont.) quar.)
Towle Mfg. Co. (quarterly)
Traders Finance Corp., 7% pref. B (quar.)
6% preferred A (quarterly).,
Tri-Continental Corp., .16 cum. pref. (qu.)
Trico Products Corp. (quar.)
Truax Traer Goal Co. (quar.)—
Tubize'Chatillon Corp., class A
7% cum. preferred (quarterly)
Twentieth Century-Fox Film Corp. common
Preferred (quar.)
Underwood Elliott Fisher
__
Savannah Electric & Power
Dec. 10
Mar. 10
June
South
Sangamo Electric Co. (quar.)
6 M% preferred
Oct.
25c
of
—___
Extra
Jan.
Apr.
July
—
common
..
South
Sept. 20
Sept. 20
60c
Preferred (quar.)
Stn Francisco Remedial Loan Assoc.
(quar.)
W • rterlv
i
'
tS
21
Oct.
25c
St. 'osepii Le.tU t 'o i.quar.)
St. Louis Rocky Mt. & Pacific
Smith
Sept.15
Sept. 15
25c
Safety Car Heating & Lighting Co
Safeway Stores. Inc. (quar.)
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
on
Toledo Edison Co., 7% pref.
1.
18,
When
Share
Tintic Standard Mining Go
1
Oct.
$1 M
11M
extra
Scram
1 Sept.15
Oct.
2s. 6d. Oct.
20c
Oct.
Ross Gear <Sc Tool Co. (quar.)
RuberoiU Co
ommon
v
Oct.
50c
25c
to
common
stockholders
Pcr'o Rico Sugar Co.
Ruua Mfg Co
(quar.)
Company
25c
25c
Payable
Name of
11M
Quarterly
Quarterly
Quarterly
Russell & Co-
Per
Payable of Record
Hitter Dental Mfg.
Sept.
' Holders
When
Name of
Chronicle
t Od
account of accumulated dividends.
t Payable in Canadian funds, and In the case of
deduction of a tax of 5% of the amount of such dividend will be made.
2^aHana^*a,
York
Weekly Return of the New
Clearing House
STATEMENT
Average
A verage
Bank of Manhattan Co.
20,000,000
77,500,000
20,000,000
90.000,000
Bank....
Cbera Bank A Trust Co.
Suaranty Trust Trust
Co
anufacturers
Cent Hanover BkATr Co
Bank Tr Co.
Excb
First National Bank
Irving Trust Co
3,553 200
25,000,000
10,000.000
5,000,000
12,500,000
7,000,000
7,000,000
75,366 200
8,092 ,800
8,616 ,700
276,431,000
74,033,000
77,624,000
523,547,000
894,463,200
9,348,382.000
Title Guar A Trust Co..
Marlne Midland Tr Co..
York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
Totals
9,012 200
28,136 ,700
As
not
following
are
BUSINESS
BANKS
—
8,671,000
1,760,000
3,372,000
discounted-
15,607,000
15,761,000
5,132,000
market
1,083,000
1,093,000
5,387,000
5,402,000
1,103,000
7,067,000
Bonds
211,831,000
Treasury notes
332,269,000
180,929,000
211.S31.000
332,269,000
180,929,000
102,766,000
392,320,000
165,475,000
725,029,000
725,029,000
660,561,000
747,106,000
747,285,000
673,863,000
S. Govt, obligations,
guaranteed
Totnj
bills
Bills bought in open
Industrial advances
3,265,000
28,218,000
2,146,000
50,731,000
..
United States Government securities:
...
741,416,000
Total U.S. Government securities..
Total bills and securities
...
"
8,095,000
5,505,000
215,017,000
119,985,000
10,021,000
Federal Reserve notes of other
Bank premises
10,021,000
10,417,000
..
All other assets
Total assets
.
10. 1937
Liabilities—
AVERAGE FIGURES
F.
notes in actual
R
acc't-
National...
Trade Bank of N. Y.
277,685
1,508,178
71,845
29,160,500
25,313,000
5,541,788
108,400
751.300
254,500
5,417,500
4.897.200
206,235,000
51,067,000
51,474,000
51,474,000
Surplus (Section 13b).
Reserve for contingencies
7,744,000
7,744,000
9,117,000
9,117,000
1,524,000
1,319,000
Deferred availability Items
Capital
FIGURES
paid in...
.....
(Sect Ion 7).. ... .. ... ... ... ..
4,611,990,000 4,217,311,000 4,138,587,000
Total liabilities
Res
Loans
N
Cash
and
D\sc
*6,325,100
Fulton....
...
Lawyers
United States
Gross
Trust Cos.
Deposits
4,253,400
1,046,692
12,799
432,900
532,500
954,900
15,547,071
Brooklyn—
Brooklyn
83,958,000
30,353,349
2,799,318
*
Includes amount
with Federal Reserve as follows:
ciary, $6,000,700; Fulton,
total
to deposit and
combined ....
reserve
liability
10,220,740
10,542,738
23,763,300
36,779,400
85,534,734
Commitments
make
to
.
industrial
Other cash" does not include
Reserve bank m>tes
i
over
32,740,769
100
5,270,000
ad-
ban res
t
9,490,000
1
by the United States Treasury Tor
banks when the dollar was, on Jan
the gold taken
31. 1934. devalued from
59.06 cents, these certificates being worth less to the
Itself having been appropriated as profit by
the provisions of the Gold Reserve Act of 1934.
cents
to
difference, the difference
Empire, $3,879,400; Fidu¬
under
$6,163,200; Lawyers, $9,825,000.
Federal
Federal Reserve notes or a bank's own
,(i
These are certificates given
from the Reserve
84.3%
83.6%
877,000
bills purchased
on
correspondents.....
for foreign
65,854,500
84.5%
729,000
5,089,000
F. R. note liabilities
Contingent
53,000 114,308,000
34,821,000
5,360,211
3,271,000
Kin su County
of
Ratio
S
$
8,781,400
1,884,970
954,216
197,360
9,077,534
11,159,519 *1,101,961
*6,421,300
20,941,900
27,669,300 *10,561,700
75,299,358 23,904,851
Fiduciary.,
Banks and
$
56,852,500
Federation
Dep. Other
and
S
$
Manhattan—
Empire
Dep.,
Y
Elsewhere
Jnrestments
181,068,000
50,179,000
50,825,000
7,744,000
8,849,000
6,816,000
125,306,000
51,061,000
All other liabilities...—
632,000
Su r pi us
COMPANIES—AVER AGE
3,329,174.000 3,016,901,000 2,997,258,000
Total deposits.
1,694,800
Brooklyn—
TRUST
Other deposits
S
S
384,000
6,678,856
People'" National
Foreign bank
Gross'
Deposits
7,459,800
6,992,000
141,600
23,699,100
24,912,000
Sterling
Trust Cos.
$
S
S
Manhattan—
Grace National
Banks and
Elsewhere
954,383,000
835,848,000
955,661,000
2,970,602,000 2,846,055,000 2,692,862,000
48,757,000
139,741,000
240,003,000
29,641,000
72,443,000
71,853,000
144,014,000
49,646,000
46,716,000
circulation
Treasurer—General account...
S
U
Dep. Other
Y. and
N.
Including
Bank Notes
13,203,000
4,611,990,000 4,217,311,000 4,138,587,000
CLOSING OF
Res. Dep.,
Other Ca*h,
Loans,
D\sc. and
83,000
7,749,000
187,761,000
K,856,000
27,857,000
banks...
Uncollected Items.........
Deposits— Member bank reserve
Investments
84,000
94,000
banks
Due from foreign
WEEK ENDED FRIDAY, SEPT.
STATE
AND
7,090,000
7,958,000
U.
t\
direct o' mlly
Other bills discounted
6 $93,414,000;
CLEARING HOUSE WITH THE
FOR THE
NATIONAL
7,649,000
Secured
ended Sept. 10:
the figures for the week
NOT IN
3,230,418,000
reserves.
discounted:
Bi is
York "Times"
INSTITUTIONS
t
3,621,240,000 3,321,228,000
Total
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
returns
are
Other cash
30, 1937; trust
per
The New
3,542,215,000 3,245,780,000 3,164,955,000
1,276,000
1,279,000
1,119,000
74,172,000
64,184,000
77,906,000
i.
Redemption fund—F. R. notes
575,000
15,046,000
88,486,000
1,295 900
official reports:
National, June 30, 1937; State, June
companies, June 30, 1937.
Includes deposits in foreign branches as follows:
a 8277,492,000;
C$118,451,000; d $43,898,000.
*
hand and due from
United States Treasury
Treasury bills
47,093,000
<Z764,135,000
500,000
Avenue Bank
Bankers Trust Co
New
39,979,000
4,054, 900
128,220 000 cl,850,854,000
100,270,000
Chase National Bank
Fifth
179,891 500 61,363,839,000
450,567,000
43,503 300
700,952,000
68,112 400
243,689,000
17,508 900
433,628,000
107,641 600
472,949,000
60,956 200
4.000,000
Bk A Tr Co
Continental
1937 Sept. 16,1936
$
Assets—
10,676,000
46,010,000
203,133,000
23,916,000
79,351,000
107,685,000
59,460,000
24,112,000
3,800,000
4.0S5.000
2,829,000
48,643,000
4,281,000
38,500,000
140,219,000
408,235,000
300
25,769 700
57,496 600 al, 483,699,000
416,924,000
54,132 100
42,777,000
21,000,000
15,000,000
10,000,000
50,000,000
Co
8,
$
Gold certificates on
13,102
6,000,000
Corn
Sept. 15, 1937 Sept.
$
$
Co
comparison
business Sept. 15,
date last year:
Deposit,
Surplus and
Members
Bank of N Y A Trust
Federal Reserve
1937,
with the previous week and the corresponding
of
New York at the close
Time
Deposits,
Profits
Capital
Net Demand
Undivided
*
♦
Clearing House
National City
in
YORK CLEARING HOUSE
SATURDAY, SEPT. 11, 1937
WEEK ENDED
Bank of
shows the condition of the
The following
Bank of
MEMBERS OF THE NEW
OF
ASSOCIATION FOR THE
of the Federal Reserve
New York
Condition
City
the New York City
The weekly statement issued by
Clearing House is given in full below:
1853
Chronicle
Financial
145
Volume
extent of the
the Treasury
Weekly Return for the Member Banks of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of ilCurrent Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were male la the breakdown of loans as reported In this statement, which were described in an
Following is the weekly statement
announcement
Reserve Bauk of New
of the Federal
York of April 20, 1937. as follows:
confined to the classification of loans and discounts.
This classification has been ohanged primarily to show the amounts to
(1) commercial, ln lu-trlai, and agricultural loans, and (2j loans (other than to brokers and dealers) for the purpose of purchasing or carrying seou-ttles
The
also eliminates the distinction between loaas to brokers aad dealers in securities looated in New York City and those located outside New York City
Provision has been
made also to Include "acceptances of own bank purchased or
dlscountf*." with "acceptances and commercial paper bought in open market" under the revised oaptlon
"open market paper,' Instead of In "all other loans" as at present.
The
ohauges
In the report form are
revised form
it was made known that the new Items "commercial,
"otherwise secured and unsecured."
of the revisions was published In the May 29, 1937, Issue of the
Subsequent to the above announcement
segregated as "on securities" and
A more detailed explanation
ASSETS AND LIABILITIES
OF WEEKLY REPORTING MEMBER BANKS IN 101
Federal Reserve Districts—
5
$
$
1,293
1,176
1,907
629
10,041
713
9,250
4,528
Loans—total
480
711
244
Commercial, Indus, and agrlcui. loans:
Otherwise secured and
_)tber loans for purchasing or
726
507
176
289
235
43
10
51
55
9
40
43
15
13
258
19
39
123
591
132
82
335
243
94
136
1,728
177
162
290
4
55
12
7
35
18
27
91
25
12
3
175
8
60
6
23
4
3
27
2
1,160
23
4
43
98
13
9
14
15
57
6
20
21
368
1
1
2
14
9
76
694
38
338
38
39
19
16
1,163
84
242
60
178
29
26
83
46
6
5
8
25
46
11
141
5
105
3
3
716
Loans to banks
2
65
262
49
120
30
Other loans:
On securities-.
unsecured ..
obligations
by U. S. Gbvt.
Otherwise secured and
United States Government
Obligations fully guar,
Reserve Bank..
Cash in vault
with domestlo banks
45
61
26
107
58
39
34
260
44
28
58
52
812
870
171
1,447
209
672
321
269
3,155
291
193
422
170
8,190
29
34
188
46
13
44
30
125
1,132
22
442
99
60
75
409
284
65
49
276
44
1,125
266
124
136
99
2,952
5,162
2,482
112
782
136
79
325
330
145
116
229
178
248
70
16
38
18
11
59
10
6
13
33
135
117
149
114
101
271
76
171
87
75
1,619
95
24
17
23
1,292
Other assets—net
80
536
87
107
42
41
946
6,524
801
1,076
427
333
2,264
396
272
14,811
184
122
8
LIABILITIES
deposits—adjusted—
deposits..
277
1,139
289
745
199
187
867
608
37
356
18
15
11
16
75
Inter-bank deposits:
175
703
1
197
11
22
144
179
28
212
s
•:
5,289
Time deposits
United States Government
9
307
Other securities
487
382
903
147
126
1,007
2
13
20
37
225
121
370
192
246
8
,
4,916
205
1.888
263
331
583
Domestic banks
Foreign banks
2,124
1,043
4,093
carrying
estate loans
Demand
403
309
464
securities
Reserve with Federal
$
663
1,363
unsecured_.
Open market paper
'xjans to brokers and dealers
Balances
263
3,094
1,050
San Fran.
*
i
%
S
s
543
Dallas
Minneap. Kan. dig
595
On securities
Real
»
ON SEPT. 8, 1937 (In Million, of Dollar.)
St. Louis
Chicago
Atlanta
$
*
$
$
Investments—total
would eaoh be
"Chronicle," page 3590.
LEADING CITIES. BY DISTRICTS,
Cleveland Richmond
Phila.
22,315
ASSETS
Loans and
New York
Boston
Total
industrial, and agricultural loans" and "other loans"
12
538
5
1
23
1
20
852
7
20
8
6
323
20
23
5
394
17
3
26
88
364
88
329
346
91
81
1,614
228
91
237
56
3,613
-
Borrowings
Other liabilities
Capital account
17
1
1
1
Financial
1854
Chronicle
Sept. 18, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
Reserve
Thursday afternoon, Sept. 16,
on
The first table presents the results
Wednesday.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve note statement
returns
on
resources
The comments of the Board of Governors of the Federal Reserve System upon the
Agents and the Federal Reserve banks.
for the latest week
appear
in our department of "Current Events and Discussions
AND LIABILITIES
COMBINED RESOURCES
OP THE
FEDERAL
RESERVE
BANKS
AT THE CLOSE OP
•
V-":
Gold ctfs. on hand and due from U. S. Treas.x
Aug. 25,
Aug. 18,
1937
1937
1937
1937
Aug. 4,
1937
S
$
$
S
$
$
11,
Aug.
_.
9,129,890
9,192
296,320
8,830,890
8,831,389
8,831,948
8.949
9,423
8,831.946
10,122
8,832,398
8,964
271,248
294,237
308,865
303,051
9,435,402
Other cash *
...
Sept. 1,
1937
$
Redemption fund (Federal Reserve notes)
reserves
Sept. 8,
15,
Sept.
ASSETS
BUSINESS
9,111,102
9,134,575
9,150,236
9,145,119
15, 1937
SEPT.
i\, '•
1937
Three ciphers (000) omitted
Total
The Federal
and liabilities separately for each of the twelve banks.
(third table following) gives details regarding transactions in Federal Reserve notes between the
28.
July
21,
July
1937
$
Sept. 16,
1936
1937
$
$
8,386,071
8,833,899
9,936
8,833.906
9,976
12,102
306,903
8,833,399
9,784
312,308
323,657
318.928
263,529
9,150,085
9,155,491
9.167.492
9,162,809
8,661,702
10,784
'''
■
;
'
'
v
Bills discounted:
Secured
by
direct
or
U.
S.
Government
obligations,
3,952
4,059
13,151
10,047
8,619
4,901
3,553
23,559
23,726
18,703
18,288
16,697
15,403
15,217
12,172
8,011
3,076
20,709
3,076
20,785
3,077
3,073
3.280
21,007
3,078
21,082
3,201
20.929
3,072
21,043
21,596
21,665
3,096
28,521
738,073
738,073
737,073
732,508
378,077
630,404
631,404
1,157,713
635,909
635,969
1,162,713
630,969
1,162.713
630.969
1,443,363
,630,404
732,508
1,157,713
635,969
732,508
1,157,713
732,508
1,157,713
732,508
1,157,713
738,073
1,157,713
2,526,190
2,526,190
2.520.190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,430,227
2,573,058
Total U. 8. Government securities.
10,316
6,377
2,526,190
Treasury bills
11,674
5,023
630,404
Treasury notes
13,755
4,533
10,026
7,391
1,157,713
United States Government securities—Bonds..
11,312
10,811
20,603
Total bills discounted
Bills bought In open market
Industrial advances
12,915
11,372
3,067
-
12,187
23,198
fully guaranteed
Other bills discounted
2,573,534
2,573,777
2,568,899
2,568,558
2,567.002
2,565,753
2,566,204
2,663,307
2,469,855
608,787
Other securities
Foreign loans
on gold
Total bills and securities
Gold held abroad
.
""231
221
221
29,143
36,704
23,057
569,257
45,425
46,931
27,785
625,356
45,423
45,515
12,979,510
12,369,527
12,452,652
Federal Reserve notes in actual circulation
4,271,313
4,295,483
Deposits—Member banks' reserve account
United States Treasurer—General account-.
6,864,732
6,709,993
Foreign banks
347,686
199,837
Other deposits
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
859,544
""220
""219
""227
"""222
"""222
24,200
25,444
25,686
28.917
26,320
643,160
582,875
45,501
645,445
45.582
780,969
45,479
28,198
601.649
45.500
32,396
580,791
""227
"""222
44,726
43,966
42,692
44,769
43,588
37,888
12,414,551
12.471,975
12,414,652
12,439,505
12,439.530
12,489.870
12,025,011
4,260,604
4.234,680
4,238,391
4,228.043
4.222.016
4,193.413
4,197.871
4,045,458
6,681,124
252,690
6,858,300
183,743
193,493
6,635,764
308,778
195,093
6,775,505
227.818
200.205
6,743.874
155,689
199,602
6,205,735
130,390
200,427
113,616
,731,214
156,264
189,657
146,887
6.729,546
185.042
161.864
112,978
Bank premises
682,630
45,502
43,520
156.059
140,513
133,626
124,926
120,372
95,966
417,924
56,762
193,937
6,874,358
45,428
All other assets
Total assets
45,572
48,058
LIABILITIES
Total deposits
160,885
7,525,233
7,154,426
7,224,022
7,246,695
7,239,678
7,260.9 3
7.264,561
7,308,737
7,299,873
Deferred availability items
834,534
570,618
584.978
646,593
589,461
645.176
132,590
132,531
132,533
145,854
27.490
6,485
35,838
5,598
35.871
6,693
132,588
145,854
27,490
35,838
7,230
578,259
132,530
145,854
27,490
606,265
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
620,482
132,594
145,854
27,490
35,839
5,767
5,672
12,979,510
12,369,527
12,452,652
12,414,551
12,471,975
80.0%
79.6%
79.5%
79.7%
1,579
1,727
1,873
1,932
15,021
15,236
15,404
1-15 days bills discounted
16-30 days bills discounted
21,223
21,422
20,537
445
706
802
362
397
426
31-60 days bills discounted
61-90 days bills discounted
854
1,024
1,101
914
920
829
333
1,092
742
666
945
663
74
194
139
222
260
824
822
788
339
23,559
23,726
18,703
18,288
16,697
15,403
15,217
12,172
8.011
273
1,623
.
145,854
27,490
35,803
All other liabilities
Total liabilities
Ratio of total reserves
liability
132.407
132,514
145.854
27,490
35.873
27,490
35,871
145,854
27,490
5,004
6,297
6,220
12,167
12,414,652
12,439,505
12,439,530
12,489,870
12,025,011
79.7%
79.6%
79.7%
^9-7%
79.7%
79.3%
2,478
2,780
2,917
3,212
3,587
15,179
15,249
15,304
15,366
15,726
15,859
23,543
16,546
16,083
14,237
12,554
12,304
9,624
6,324
447
511
283
915
774
918
163
806
559
1,094
35,838
*
27,088
34.240
35.872
deposits and Federal
to
Reserve note liabilities combined
Contingent
756,014
130,185
145,501
132,442
145,854
145,854
27,490
bills
on
purchased
for
foreign correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities—
603
Over 90 days bills discounted
r
:i
73
Total bills discounted
23,198
1-16 days bills bought in open market
16-30 days bills bought in open market
81-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought in open market.
91
-
1,271
262
208
178
177
271
225
473
1,555
89
90
173
232
726
1,284
1,328
784
142
2,567
2,549
2,549
2,550
274
3,076
3,076
3,077
3,073
3,072
3,078
3,201
3,280
3,096
908
970
936
783
636
657
1,149
1,216
1,592
422
445
334
224
426
534
251
94
87
398
423
462
526
649
691
672
861
656
674
728
667
498
564
445
446
524
792
844
737
18,143
Total industrial advances
238
90
391
887
61-90 days industrial advances
Over 90 days industrial advances
1,286
1,333
416
3,067
3/days industrial advances
16-30 days industrial advances
81-60 days industrial advances
569
1,200
168
682
Total bills bought in open market
132
1,555
723
I-
69
391
18,227
18,457
18,556
18,662
18,755
18,788
18,905
18,844
25,182
/ \
.
612
20,603
20,709
20,785
20,929
21,007
21,043
21,082
21,596
21,665
28,521
1-16 days U. S. Government securities
16-30 days U. S. Government securities..
31-60 days U S. Government securities
28,366
27,472
57,034
103,105
101,670
43,375
18,246
140,359
61-90 days U. S. Government securities
Over 90 days U. S. Government securities
59,655
59,729
58,034
57.821
38,628
27,447
142,926
57,736
41,439
32,189
54,821
61,055
20,246
104,170
33,045
26,006
28,546
106,880
54,736
2,266,389
2,353,663
2,276,455
2,276,299
2,278,079
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
4,620,315
349,002
4,624,774
329,291
4,563,174
302,570
4,560,971
4,554,501
316,110
4,544,445
326,291
4,271,313
4,295,483
4,260,604
4,234,680
4,632,132
22,807
32,000
4,619,132
4,600,632
23,339
20,000
4,686,939
Total U. 8. Government securities
55,472
60,794
2,280,813
29,447
30,546
138,834
56,472
2,270,891
4,674,298
4,643,971
"
39,009
43,375
127,416
65,816
65,661
200,919
2,259,453
2,256,693
2,083,044
2,526,190
2,526,190
2,526,190
2,430,227
4,532,357
310,341
4,523,643
330,230
4,540.032
342,161
4,349,616
316,402
4,238,391
4,228,043
4,222.016
4,193,413
4,197,871
4,045,458
4,594,632
18,277
20,000
4,593,632
4,593,632
16;il7
4,585,632
4,325,838
6,411
20,000
4,582,132
14,579
20,000
4,580,632
17,907
20,000
4,632,909
4,631.539
4,616,711
4,615.163
65,661
1-15 days other securities...
16-30 days other securities
31-60 days other securities
._
._
61-90 days other securities
Over 90 days other securities
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
•
304,158
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. S. Treas..
on
By eligible paper
United States Government securities...
Total collateral
*
r
"Other cash"
These
are
cents on Jan.
does
not
include Federal
Reserve notes,
t
Revised
figure.
4.62^
'.!£
.
<
...
•
14,531
11,677
20,000
20.00f^ »..
4.617.309
"•00°
4,415,249
.
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
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated
the provisions of the Gold Reserve Act of 1934.
23,166
32,000
as
profit by the Treasury under
-
Volume
of the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors
WEEKLY STATEMENT OP RESOURCES
Three Ciphers
on
hand
and
«
9,192
296,320
234,019 1.734,265
304,465
710,139
9
699,936
1,653
188,329
295,577
196,183
276,504
9
%
9
9
487,794
345
986
493
1,552
581
1,006
551
239
361
22,342
17,133
17,642
15,614
40,986
15,506
6,647
17,815
13,713
24,872
77,906
202,403
726.461
507
26.144
251,185 1,775,832
293,016
203,381
313.631
160
426
250
348
151
135
62
176
302
183
561
312
524
453
690
486,914 3,621,240
510,481
728,258
322,600
520
7,649
802
970
363
325
9,435,402
reserves
9
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
%
BUSINESS SEPT. 15 1937
460,464 3,542,215
1,119
306
9,129,890
from United States Treasury
Redemption fund—Fed. Res. notes.-
Atlanta
$
$
due
Other cash *
Total
5
Cleveland Richmond
Phila.
$
%
RESOURCES
certificates
New York
Boston
Total
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
OF EACH OF
(000) Omitted
Federal Reserve Agent at—
Gold
AND LIABILITIES
1855
Chronicle
Financial
145
7,958
19
48
314
525
15,607
821
1,018
677
1,530
160
Bills discounted:
Secured by U. S. Govt, obligations,
direct and(or) fully guaranteed..
13,151
Other bills discounted
10,047
23,198
845
318
293
120
107
384
86
87
218
1,083
87
224
60
3,067
5,387
809
807
264
53,781
61,369
45,202
24.614
100,387
54,663
45,944
332,269
180,929
71,850
112,703
63,999
211,831
1,166
28.818
84.374
1,929
38,868
60,968
33,198
175
630,404
3,739
62,330
97,768
53,238
580
2,954
732
20,603
738,073
1,157,713
Total bills discounted
2,526,190
184,109
725,029
213,336
245,922
218,214
248,042
...
Bills bought in open market
Industrial advances
S. Government securities—Bonds.
U
1,005
;,
Treasury notes
Treasury bills
Total U. S. Govt, securities
>
2,061
50,866
127.584
32,543
51,046
27,697
69,474
27,796
37,661
20,506
36,266
56,885
30,976
133,034
110.991
278,398
111,385
82,176
124,127
98,634
219,049
135,760
112,803
279,749
112,296
83,280
125,318
100,340
222.018
32,428
81,340
24,009
Total bills and securities
2,573,058
188,132
747.106
22
20
9
8
26
6
94
6
17
3
231
4
Due from foreign banks..
63,942
86,186
24,160
42,474
35,382
47,282
215,017
1,572
37,183
1,884
86,030
3,019
2,176
10,021
4,868
6,267
10,417
4,469
4,048
1,964
26,718
2,208
1,422
3,569
859,544
45,428
2,144
73,081
2,737
2,361
4,064
8,095
1,580
1,983
29,143
1,036
654
598
803,032 1,074,401
Fed. Res. notes of other banks
Uncollected Items
Bank premises
36,704
Another resources
Total
766,886 4,611,990
12,979,510
resources
121,189
4,633
16
2,357
1,514
3,177
1,246
3,381
3,334
1,387
1,327
1,617
1,461
2,685
538,692
397,208 2,188,332
447,815
315,549
488,206
341.492 1,005,907
i
LIABILITIES
955,661
318,780
439,229
203,779
167,152
975,200
180,141
139,801
166,762
92,571
344,449
173,753
5,363
255,078
9,501
182.493
8,080
5,808
10,757
14,221
14,621
23,233
5,808
199,837
7,010
4,607
Foreign bank
19,628
200,791
5,953
,6,009
131,217
5,801
71,853
6,555
3,908
2,013
11,344
2,323
6,257
4,236
112,978
2,512
191
Other deposits
221,413
14,626
8,612
4,682
556,067
350,606 2,970,602
240,003
1,494
462,672
17,113
18,427
22,241
998,802
347,686
361,238
4,255
369,044 3,329,174
249,333
190,034 1,049,287
219,010
143,638
270,578
200,617
592,389
70,688
27,246
4,394
5,616
118,998
38,008
3,841
4,655
22,745
2,891
40,894
37,244
44,598
4,053
3,870
10,169
21,504
3,116
754
1,416
545
1,003
3,613
1,142
2,034
941
3,851
1,262
1,847
2,037
230
624
,
287,788
4,271,313
F. R. notes/in actual circulation
Deposits:
6,864,732
Member bank reserve account
U. S. Treasurer—General account.
Total deposits
46,716
391,676
520,453
834,534
85,992
206,235
59,087
32,799
132,590
145.854
9,380
51,061
4,877
51,474
12,257
13,362
4,325
12,935
9,826
2,874
14,323
4,869
1,007
1,570
9,117
1,524
3,000
3,121
3,422
1,497
1,690
545
534
227
322
803,032 1.074,401
538.692
7,525,233
—
Deferred
availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
27,490
35,803
Reserve for contingencies
7,744
412
6,693
All other liabilities
Total liabilities
766,886 4.611,990
12,979.510
1,200
415
321
223
397,208 2,188.332
447,815
315,549
488,206
Commitments to make Indus .advances
*
cash" does
"Other
not Include
9,645
1,996
341,492 1,005,907
729
130
122
57
47
154
40
31
39
140
925
1,758
312
10
1,037
52
120
302
5,089
94
39
97
1,958
1,579
15,021
correspondents
12,862
7,749
1,316
Contingent liability on bills purchased
for foreign
24,740
3,31
Reeerve notes
Federal
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers
(000) Omitted
Boston
Total
Federal Reserve Bank of—
Federal Reserve notes:
In actual circulation
Collateral
held
by
I
%
%
S
S
San Fran,
Dallas
Louis Minneap. Kan. City
St.
t
186,130 1,009,604
195,746
144,647
178,600
34,404
15,605
4,846
11,838
103,131
10,560
393,315
18,978
203,779
167,152
975,200
180,141
139,801
166,762
92,571
344,449
473,000
215,000
171,000 1,020,000
190,632
146,000
180,000
104,500
399,000
1,018
607
445
312
524
453
688
146,312
180,524
104,953
399,688
4.620,315
349,002
331,395 1,060,440
104,779
43,607
334,223
469,490
213,594
15,443
30,261
9,815
287.788
955,661
318.780
439,229
4,632,132
Held by Federal Reserve Bank
Chicago
S
S
%
S
4,271,313
Issued to F. R. Bank by F. R. Agent
Atlanta
Cleveland Richmond
Phila.
New York
%
336,000 1,060,000
337,000
822
48.866
Agent as security
for notes Issued to banks:
Gold
hand and due
certificates on
from United States Treasury
Eligible paper
States
United
Securities
Government
337,822
336.845 1,075,443
4,686,939
Total collateral
160
1,490
12,000
20,000
32,000
U. S. Government securities
York Stock
15,443
845
22,807
...
on
the
New
192,490 1,020,160
215,607
474,018
Transactions
at
Stock and Bond
Rates
quoted
are
the
Averages—See page 1871.
Quotations of representative stocks as
0.25%
Feb.
9 1938
0.40%
0.25%
Feb.
16 1938
0.40%
0.30%
Feb
23 1938
0.40%
0.30%
0.30%
Mar.
2 1938
0.43%
Mar.
9 1938
0.43%
•
6
1937
Oct.
13
1937
■
Oct.
20 1937,
Oct.
27 1937
Nov.
0.30%
.
Nov. 10 1937.
Mar. 16 1938
Mar.
23 1938
Mar. 30 1938
0 35%
0 35%
June
1937
8 1937
0 35%
15 1937
0 35%
Dec.
22 1937
0.35%
Deo.
29 1937.
0
1
Dec.
5 1938,
Jan.
12
Jan.
1938 ........
Francs
0 45%
Dec.
1937
Sept. 11
0 43%
April 6 1938
April 13 1938
April 20 1938
April 27 1938
May
4 1938.
May 11 1938
May 18 1938
May 25 1938
Dec.
1937
Nor. 24
35%
1
Cie
0.45%
Comptolr Natlonale
0.50%
Coty 8 A
0 50%
Courrleres
0 53%
Jan.
19 1938
0 37%
June
8 1938
0 53%
Jan.
26 1938.
0 37%
June
15 1938
0.53%
2
Feb.
Credit Lyonnalse
--
-
-
Lyonnalse cap..
Energle Electrlque du Nord_.._
Energle Electrlque du Littoral—
Kuhlmann
................
Holiday
L'Air Llqulde
Quotations for United States Treasury Notes—Friday,
Sept. 17
Lyon(PLM)
NordRy
Orleans Ry 6%
Pathe
a
Figures after decimal point represent one or more
point.
32ds of
Capital
—
PechineyRentes, Perpetual 3%.
Rentes
4%, 1917---...-----.-
1918
4H%. 1932 A
4^%. 1932 B
5%, 1920
Rentes 4%,
Dec.
Deo
15 1938—_
15 194
Sept. 15
Dec.
...
1*^9—
15 1939—-
June 15 1941
Mar.
15 1939...
Mar.
15 1941.-.
June 15 1940
Deo.
15 1940—-
Bid
Asked
Maturity
Mar. 15 1940...
i y<%
100.16
100.18
IH%
l X%
IX%
IX %
99.14
100 18
Mar.
15,1942...
15 1*742.
IX%
1X%
IX%
1X%
Rentes
Int.
Int.
Rate
Maturity
100 20
Sept
100 18
100 20
June
100
100 2
100.18
lfrV>;9
Sept-li li8
1 ,938...
100 28
100.30
Feb.
100.13
100 15
June
100 21
100.33
Mar. 15 1938.-.
100.19
100 21
16 1938...
Rate
Bid
Ailed
Rentes
Rentes
IX %
IH%
l%%
2X%
100 31
101.1
100.14 .100.16
100.25
100.27
101.31
102.1
101.29
101 31
100.31
2X%
2X%
100.29
101.28
101.30
3%
101.14
101.16
Royal Dutch
Saint Gobaln C &
-
C--
...
Schneider <fe Cle
Soclete Francalse
Ford
Fonclere
Soclete Lyonnalse..----------Soclete Marseillaise..
Tublze Artlflcal Silk, pref
Union d'Electrlclte..-.-..-—
Soclete Generale
Wagon-Llts-...--
288
25,700
565
1,200
50
501
296
26,400
560
1,150
50
525
297
26,300
569
1,170
47
520
689
190
693
180
688
180
215
458
1,360
1,160
290
477
216
457
1,370
218
454
1,360
1,160
293
479
1,180
290
480
1,170
299
477
Eaux
0.40%
1938
-
Credit Commercial de France..
1,134
441
216
465
1,340
d'Escompte
6,200
1,138
440
694
190
d'Electrlclte
Transatlantique..
Citroen B
0 50%
1938
Generale
Cle Generale
0 50%
6,200
1,130
423
291
25,700
565
1,210
50
510
Canal de Suez cap
Cle Dlstr d'Electrlclte
6,300
1,138
425
Banque de l'Union Parlslenne—
Canadian Pacific.—
0.45%
cable
Sept. 13 Sept. 14 Sept. 15 Sept. 16 Sept. 17
Francs
Francs
Francs
Francs
Francs
6,300
--
Des Pays Baa
Banque de Paris et
0.45%
received by
of the past week:
Bank of France...........
0.43%
0.32%
0 32%
0.35%
Nov. 17
each day
0.43%
0.32%
0.32%
3 1937
PARIS BOURSE
Asked
Bid
Asked
■
Oct.
Exchange,
1871.
Bills—Friday, Sept. 17
THE
Sept. 29 1937
Stock
York
for discount at purchase.
Bid
Sept. 22 1937
New
Daily, Weekly and Yearly—See page
Exchange—See following page.
United States Treasury
203,077
590
606
618
760
356
22
1.748
71.60
72.20
71.80
77.25
78.40
96.50
6,260
990
737
772
357
22
1,740
71.80
72.20
71.60
77.30
78.40
96.25
6.230
1,020
728
765
355
22
1,789
70.50
71.30
70.90
76.75
78.10
97.75
6,460
1,040
727
770
356
22
1,808
71.75
71,10
71.10
77.20
78.25
95.50
6,470
1,785
1,135
70
120
1,175
1,780
1,105
70
125
1,165
1,880
1,095
70
127
180
361
102
181
356
102
186
342
1,892
1,100
70
123
1,180
469
183
357
104
101
494
990
785
1,165
-.—
6,300
301
26,200
l",206
47
190
1,390
1,190
1,040
356
72.00
71.75
71.20
77.30
78.50
95.60
6,410
71
1937
18
Sept.
1856
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
is taken of such sales In computing the range for the year.
No
they are the only transactions of the day.
account
United States Government Securities
the New York Stock Exchange
on
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Below
furnish
we
a
Daily Record of U. S. Bond Prices Sept.
Daily Record of U. S. Bond Prices Sept. 11 Sept. 13 Sept. 14 Sept. 15 Sept. 16 Sept. 17
High
115.22
Low
4KB, 1947-62
115.21
115.13
115.21
C1086
Treasury
115.15
115.13
115.21
15
115.23
115.19
115.23
115.27
115.19
115.23
40
High
105.18
105.24
106
Low
105.18
105.18
105.25
106
105.18
105.24
105.31
106
106.2
5
Total sales <n $1,000 units...
6
110.17
110.21
Low
110.17
110.21
Close
110.17
110.21
2J4S, 1951-54
111.8
111.2
111.6
111.4
111.8
111.8
111.10
17
Low
109
109
109.18
109
109.18
109.19
109.18
Total sates in $1,000 units...
109.21
17
106.5
High
106.22
106.5
106.22
106.22
Federal Farm Mortgage
25
High
101.31
102.8
102.20
102.23
102.3
102.4
102.11
102.19
102.12
102.12
102.18
102.20
12
123
15
8
103.11
103.18
103.22
103.23
99.15
99.18
99.22
99.20
99.19
99.22
52
14
102
97.19
97.24
98.7
98.8
97.17
97.23
97.29
98.5
98.3
97.14
97.17
97.24
98.6
98.5
98.5
133
102.8
102.12
102.8
102.12
102.20
102.30
103.1
102.12
102.25
102.30
103.1
11
25
99.31
101.26
102.1
102.14
102.10
99.27
101.23
101.25
102.6
102.10
102 12
101.26
102.1
102.14
102.10
102.12
2
121
35
10
102.24
102.31
Oi086
Federal Farm Mortgage
34
102.9
(High
103.13
103.22
103.23
103.18
103.22
103.23
(Close
20
18
6
3
Total sales in $1,000 units...
105.9
105.14
105.21
105.22
105.20
105.6
105.9
105.11
105.16
105.19
(Close1
Federal Farm Mortgage
Total sales in $1,000 units..
105.11
105.9
1
1
105.21
105.19
6
105.19
106
106.3
106.9
106.13
i Low.
105.19
105.28
106.3
106.9
(Close
105.19
2
High
103.31
—i.
,
106.3
106
106.9
3
500
Home Owners' Loan
104.8
104.11
104.13
104.8
Low.
103.28
104
Close
103.31
104.8
nnsalesin $1,000 units..
103.25
High
104
103.25
104
Close
Total sales in $1,000 units...
103.25
104
5
2
[High
105.16
105.22
| Low
(Low
104.11
104.12
104.9
104.11
104
104.12
1
8
30
109
20
25
10 6.
106.10
105.16
105.18
105.23
106. 1
106.6
105.21
106.11
106.6
106.10
36
46
102.5
102.12
102.13
102.6
102.12
102.13
100.4
100.5
100
100.4
2
102.15
16
12
7
100.20
100.23
100.24
100.5
100.8
100.20
100.20
100.5
100.18
100.20
100.24
42
11
12
High
Low
99.20
Close
16
99.24
99.22
Total sales in $1 000 unite
106.9
5
101.28
101.28
100
99.28
100
3
100.8
100.9
100.1
100.8
100.9
100.1
170
9
100.12
100.1
100.8
5
8
10
Odd lot.
106.9
105.16
101.23
99.27
Home Owners' Loan
106.9
(Close
102.16
99.27
2948. 1942-44
Total sales in $1,000 units...
102.6
101.27
99.31
(High
Total sales in $1,000 unite..
*
106
8
.
102
(Close
104.8
104.11
104.9
104.2
101.19
101.271
1939-49..(Low.
2948, series B.
12
104.9
104.2
101.16
104.12
2
26
*14
(Low
I
Home Owners' Loan
104.12
104.11
48
11
101.26
102
I
101.19
Total sales in $1,000 unite.
8
102
100.4
(High
3b, series A, 1944-52
t
100.4
100.4
I
106.13
5
103.2
103.2
10
Total sales in $1,000 units..
106.13
Total sales in $1,000 units...
102.30
102.30
2
I Close
1
(High
102.18
102.24
(Low.
105.20
24
,
26
10
103.2
102.9
(High
2948, 1942-47
102.12
102.9
(l-ow
38. 1942-47
105.20
105.6
103.1
102.8
(High
103.11
105.6
12
103.2
102.25
99.27
3b, 1944-49
103.11
116
16
51
223^
4
98.6
12
103.8
fHtgh
3Ks. 1941
99.9
102.4
103.8
< Low. i
3K 1,1949-52
99.22
102.4
Low.
8*81.1946-49.
99.21
99.14
102.4
Close
8Kb. 1941-43
99.21
28
103.9
Total sates In $1,000 units...
3 KB, 1940-43
56
99.14
97.11
High
88. 1946-48
99.26
65
Total sales in $1,000 unite..
8
292
99.23
99.23
154
.....(Low
I
102.22
Total sales in $1,000 units...
99.23
99.25
312
97.14
(High
Federal Farm Mortgage
102.19
102.3
99.15
99.18
127
17
I Cvl08t5
102.22
101.30
101.30
—
99.10
99.9
.
Total sales in $1,000 units...
10
Low
OlOSC
3s, 1951-66.....
99.26
99.2
(Low
3948. 1944-64
106.22
Total sales in $1,000 units...
99.27
99.6
1 Close
'-•-l
106.22
106.5
99.25
99.8
Total salts in $1,000 unite.
106.22
Low
1
99.18
201
(Low
2KB. 1949-53
12
Close
3KS. 1943 47.
32
99.5
99
99.4
(High
109.19
109
30
Total sates in $1,000 unite.
7
109
25
99.10
I Oiosc
109
High
100.12
100.11
1
(Low
294b. 1956-59
Close
3»8. 1946-66.
100.12
100.8
(High
111.8
111.2
33
100.8
100.11
99.4
I Close
110.28
8
100.4
100
Total sales in $1,000 unite.
111.5
27
1
Total sales in $1,000 units...
100.12
100
10
(High
(Low
106.4
67
17
111.2
(High
4s, 1944-64...
106.2
100.13
100.4
100.4
Total sales in $1,000 units...
2
Sept. 15 Sept. 16 Sept. 17
100.2
99.26
I C*loB6
106.2
Close
1943-46.
*1
13 Sept. 14
100.4
99.26
(
29^8, 1948-51
id Sept.
99.26'
(High
Low.
115.27
3
Total sales in $1,000 units...
3 \i%
Treasurv
115.27
'
7
Note—The
bonds.
(High
105.14
(Low.
3 lis, 1944-46
105.10
105.10
105.11
105 10
105.11
1
5
77
(Close
Total sales in $1,000 units..
(High
100.3
( Low
(Close
2Kb, 1965-60
100.3
100 8
105.14
above
105.30
only
sales
of
coupon
106
105.12
105.24
105 28
105.31
105 14
105 30
105 28
105.31
1
Treas. 3s, 1951-55
3
5
20
1
Treas.
100.14
100.20
100.24
100.2
100.5
100.12
100.16
100.13
100.18
100.18
96
66
Treas.4>£s, 1947-52.. 115.22
to 115.22
1
Treas. 3Jis, 1944-46..105.28 to 105.28
to 102.8
102.8
3^3,1941-43..105.19
2
Treas.
2^3,1955-60..100.15 to 100.15
to 105.19
100.18
340
2
100.18
100.6
99.29
100.20
67
(High
101.21
102.3
102.9
Low
101.21
101.23
102.1
102.6
102.8
Close
101.21
102.3
102.9
102.6
102.8
Total sales in $1,000 unite.
includes
Transactions in registered bonds were:
105.30
Total sales in $1,000 units...
2 Ks, 1945-47
table
6
16
88
13
160
102.11
33
United States
39
Treasury Bills—See previous
page.
102.9
921
United
6
States
Treasury
Notes,
&c.—See
previous
page.
New York Stock Record
LOW
AND
Saturday
Sep
11
$ per share
*42
43
*50
62*2
HIGH
SALE
Sep
Tuesday
13
Sep
$ per share
41
14*4
22
*4834
64
63
2
20
27i2
2
66
10%
92i2
1034
1%
2
6738
1%
*
20%
22
25
2712
13*2
201
1412
14l2
143s
20%
19
1438
1434
13%
20%
15*4
1934
14*2
3i2
38
38
35
35
79
7134
78
78
78
79
79
20
20'4
2014
2112
61
61
60
60
*
68
1%
178
Q9
10%
2
207s
*20
68
1%
92
11
2%
22
>4
18
334
*36
7312
79
44%
61%
71%
15%
23%
28%
17?
1%
67
1%
1034
2%
2
25
2034
1438
206
27%
14%
205
131?
14
204
*14%
1534
206
204
151?
2014
14%
1412
203s
14*2
14t2
1934
1934
20
1434
1538
14
1478
*16
18*8
414
38
76*?
77
5712
5914
59*2
hz
14%
197s
1438
3812
76i2
*36
38
*36
*75i2
77
77
*18
43s
181?
438
79
*78
83
20*2
2034
207s
60^
2078
*60l8
21%
*59%
6058
*60*8
79
7914
21%
60%
57%
4%
2.600
43?
100
Jan
6
85
Aug 13
22% M -11
69
1434Sept 11
22
28*s
Adaras-Mlllls
No
par
Address
MultlgrCorp
10
Advance Humely......No par
Air Reduction [no.....No
par
Sept 11
Air Way El Appliance..No
par
26'2Sept 11
l%Sept 7
6M2Sept 8
13s Sept 11
07
Vtcksburg RR Co..100
MIb
Atlled
industries
1
Dye.No
60
delivery,
Sept 13
200
Sept 13
14% Sept 10
pa-
__5
Inc....No
Corp.
No
....
l878Sept 7
13% Sept 13
70
Sept 7
par
par
5% preferred
100
Allte Chalmers
Mfg....No par
63i8 Sept 13
per
share
36
4*8
Apr
A or
74*4
Feb
15*4
Nov
3
17'g Jun*
35*4
Feb
9
f «h
70
22 ig
Jan 26
80%
5%
100i2
15*4
6*8
59*4
Feb 11
Feb 11
Jan
7
n
New stock,
r
Casb sale
x
A
...
Ex-dlv.
8
o
y
Oct
17*2 Sep*
2*2
12*8
Apr
Jan
61*2 Nov
12*4
124
Jan
60'j Nov
Jan
60
Nov
27
Apr
64*2
Nov
267g July
40*8
68% Feb 17
5218 Feb 18
45*8 Mar 15
237g Apr 12
258% Mar 9
Jan
6%
103
6*2
245
Apr
Nov
Nov
Oct
Aug
157
JaD
Jan 16
217g Mar 6
23
Aug
Jan
20'b Nov
85
69
Jan
90
Nov
35*8
Jan
8i
Deo
17's Aug 14
33 >8
Mar
9
101 *2
en
Nov
Ms'
Sept 11
50
86*2
July
Sept
Note......10
6
Jan
A or
2
20
Bank
Preferred
Jan
2H*
13
78
6%
34%
37%
91
American
1
60
58
Jau
Jan
Jau 22
7134Sept 13
17%Sept 11
3'2Sept 13
xl >s
No?
Jan 25
Amerada Corp..
...No pai
Am AgrlcCnem
(Del) ..No par
i8Sept 13
CemrTlNo~yar
95s
Feb 25
Feb IS
83% Jan 22
"32 Sept 3
39*4 Jan 28
87g Mar 13
62% Mar 15
1147g Mar 11
Rights
Amalgam Leather Coa Ino
6% cOuV preferred
500
8
13
inc..
5.000
3.300
Aug
20'4 Sept 13
Sept 13
25
Alpha Portland
21%
Sept 13
Sept 15
23
No par
Mills Co
Allied Stores
19
21
*43 "
Mar
I
59
Mar It
978Sept 10
l%Sept 13
10
No par
5 K %Pref A with $30 warlOO
6 4 % Pref A with $ 10 war 100
6 4%Pref A without warlOO
$2 50 prior oonv pref.No par
1.600
200
Del
63»<
Co......
.25
Express....... No par
Aided Chemical 4
Allied Kid Co
60%
a
Acme Steel
Adams
5.200
6.200
84
2034
60%
Mar
Highest
share $
Mar
Allen
76
*81
65
69
1.900
800
per
8
Allegheny Steel Co
4.200
$
Sept 13
8.100
36.300
share
per
Sept
Allegheny Corp
39
75%
$
56
34.200
15.500
'32 262.200
19
share
per
1936
Lowest
41
Alaska Juneau Gold
58%
*32
t In receivership,
m
100
206
*70
17%
438
932
18i2
75l2
77
57l2
732
I4
1812
4%
*36
*70
5,000
m
$
Year
Highest
Abbott Laboratories...No par
Abraham 4 Straus....No par
13.500
24
14
*70
5.800
m
Lowest
Par
Range for Previous
100-Share Lots
Ala 4
700
3.300
21%
27%
1434
14%
197s
15
700
2,700
25
*19
22
2814
600
11.900
21
20%
*19
27
20
1%
92
10%
25
800
68
*90
21
2638
Bid and asked prices; no sales on this
day
*90
2
*20
59
78
67
*17S
667s
1*4
28%
56*2
*34
2
22
58
4*8
2
21
70
19
28
*20
70
>8
18*4
23%
*17
271?
73
*32
24*4
28
28
22
208
20
4
*23i2
25
2H4
25%
13*2
16
17*2
24i2
28
21
27
*4
17*2
3%
15
21
23
5318
71*4
15
21
26
56*2
73
15
21
23
55%
72
15i4
25
*15
*70
73
21
21
*15
77
*48
2
23
*70
62l2
11
25
206
6212
1 8
21
13
*2312
2778
*42-%
1058
19
200
2
1478
*43
44
2
*15
*14*2
Shares
43
11
*15
13*2
$ per share
92
23
205
$ per share
42
1012
178
23
13*4
28
2
66
134
*15
203
$ per share
*7078
*16
19*4
Ranoe Since Jan. 1
On Basis of
Week
7214
15*4
2334
15%
1%
92l2
10*2
Sept. 17
62l2
2
10
Sept. 16
*48-34
2
1*4
STOCKS
YORK STOCK
EXCHANGE
Sept. 15
62*2
28
*84
1*4
$ per share
2234
66
1%
14
*4834
72i4
1434
2334
27
2
Sales
the
62l2
72*4
1434
2234
2
CENT
Friday
43
70
2234
26i2
NOT PER
Thursday
*42
15i8
2612
SHARE,
Wednesday
43
72
*71
PRICES—PER
NEW
Monday
6*4
10*4 May
4
Oct
31*4 Nor
"34"
Nov
34% Nov
5*4
Dec
3914 Dee
1251* Mar
75
Jan
Jan 22
49
July
Jan 16
75% F<«b 4
36
Dee
65*a
Apr
65
Jan
73
Nov
4l*g
Ex-rlght
.
89
Nov
^ Called for redemption.
Volume
LOW
NEW
for
Saturday
Monday
Tuesday
Sept. 13
Sept. 14
Sept. 15
Thursday
Sept. 16
Wednesday
Sept. 11
*45
Friday
|
Sept. 17
95
92%
*110
*100% 107
*2534
29
*100% 10714
2534
2534
10i2
11
10
1H2
18
18%
18%
1878
22
20%
2134
♦
*
95
95s
5t8
9*8
5*8
*934
434
6%
6%
*9%
5%
13
5%
*9%
12%
5%
*10%
35
37
36
37%
37
14%
27%
15%
28
14%
16%
2834
16%
28
28
13%
6%
38%
*36
36%
1334
14%
27%
13%
14%
25
2734
13%
5%
213
36
35
35
*36
38%
41%
39%
*41
42
2%
39%
2%
13%
13%
6
5%
*39U
2'8
1934
20
1034
10%
2%
19%
10%
32
92
17%
13%
5%
*35%
♦41%
2%
13%
6
5%
2%
2%
American Chicle
2%
110
Dec
152% Apr 12
32
Sept 10
174
Jan
9
162
May
71
Feb
4
30%
104% Feb
4
67
Apr
Ap-
100
111
115
Jau 25
98
Apr 26
112
Aug 12
25
June 15
29
Jan 25
10
Sept 13
15%
28%
16
28%
35%
35%
42
.100
Tiling..I
88%Juue 14
99% Mar
6% J une 30
13% Jan 28
9% Sept 11
17
Jan IS
3%
9*4
Jan
14%
Feb
434 Sept 13
13*4 Jan 22
6%
Ap>-
9*4
Mar
29*4
60%
Deo
12
Jan
Apr
22%
Deo
25
Apr
60%
Dee
July
Alcohol
let preferred.
Encaustic
$7 preferred
J?
2d
If
.
Corp..20
So Par
...
No par
orcferred A
$0 preferred
..No par
American
2%
4,300
1,400
6,300
8,600
Amer
6%
13
Jan
4%
31%
Oct
Oct
46
52% Mar
37
Jan
Home Products
..I
pref
100
11
29
34
32
33%
32%
33%
33
21%
11%
34%
91%
93%
93
93%
93
93%
93
9334
1,100
1734
6%
46%
6%
21
11
94
46
21
1034
16%
6%
17%
17%
17%
17
18%
17%
17%
4,500
7
7
7
7
3,100
Amer Mach A Metals..No par
Amer Metal Co Ltd
46
107
106
106
*108
124
*108
124
*108
119
60
62
*62
68
*63
69
*65
69
65
65
62%
7%
8%
50
52
42
43%
16%
15%
34
90%
23%
91%
23%
*24%
19%
21
20
2134
37%
38
37
37%
79%
8034
77
82
*138% 111%
53%
53%
*
"38"
*
39%
32
141-4
3:14%
39%
14%
*38
37%
138
♦135
74%
7634
*136
9%
9%
934
15%
14%
*90
93%
7%
734
7%
54%
10%
51%
*
92
28
*24%
22
7934
"38%
40
281666
34
92
26%
"39%
80
Apr
21
May
10
27
Apr
Apr
118
Dec
134
July
r35%
Jau
69
Nov
7%
Feb
14% July
Feb
87% Sept
74% Sept
4H%
13
14%
13
13%
3,000
39
37%
38
1,000
American Sugar
76
76
77
78%
15
16
15%
93%
*81%
734
93%
....25
8%
55
52
56
53
54%
10%
13
11%
1234
12
50%
70
70
17%
18%
*103
*104
108
*16
20
*14%
5%
38%
534
5%
40
40
108
70
17%
*104
*14%
*5%
18
5%
0% preferred
Founders Inc
4,500
35,900
9
82
*85
*
*
110
16
"51%
10%
10%
6
6
*95
10
578
*95
100
1234
*827«
1438
13%
*82%
90
*90
104
*45
*90
1334
*8278
1334
87
f6 1st preferred
No par
Woolen.....No par
100
Preferred
Amer Zinc Lead A Smelt
.....25
25
7
'
92
*S834
90
"56%
92
33
38
6378
93
*
85
92%
92
39
35%
38
12
*10%
13
17
15%
17%
25%
25
10
11
110
*105
*105% 110
13%
13%
13%
1338
11
*10
*17
104
104
50
*8884
92
85
85
64
24,600
95
3834
10,000
11%
*104
11%
*1634
20%
500
25%
25%
25%
12,900
106
*104
11%
1,300
106
12%
4
4
*28
30
3%
3%
334
3%
3%
14%
3%
3%
1578
14%
15%
16%
16%
61
61
*61
70
64
64
66
60
*61
70
64
65%
66%
68
•
I884
•
20%
-
-
-
I8S4
1938
17%
2034
18%
19%
22%
22
22
23
19%
2234
2234
24%
23
24
4,100
42%
40
40
*36
40
*36
40
38
38
39
39
500
102% 103
*102
104
*102
104
102
102
*102
104
90
*102% 104
21
37
"l8%
19%
12%
12%
1934
*
"I§"
12%
22%
22
23
1934
*20
20%
20%
203s
37
20
22%
20
*35
36%
35
35
22
20
13%
*112
219
21
19
103%
*108
111
10%
107*
*99% 103%
*100
10%
111
10%
*8334
16%
1934
1534
16*1
15%
"17"
20
20%
19%
20%
61%
83%
_£1%
18%
'16
74
18%
112
112
*21
51%
332
*50%
77
18%
*110
'32
51%
8434
18%
111
20
51%
80%
19*4
13%
13%
115
*112
*99% 101%
*107
111
11
11
22
101%
111
13%
20%
19,000
13%
2,200
60
•*20
22
1,700
*
101%
*107~
11
13%Sept 13
49% Sept 16
67%Sept 14
113*4 Apr 26
Vot
4% Sept 11
of Del (The)
Assented
3% Sept 10
3
Sept 11
..........
Baltimore A Onio........
100% May 11
1,6
%2
3I6
'32
45
45
45
48
*47
48
47
22%
22
23
23
23
24
24
17%
18%
17
18
18
18%
18
1834
*46%
23
*21
23
*20%
23
*20%
23
74
*72
80
*72
80
*72
80
'Bid and asked prices; no sales on
this da;.
*20%
23
24%
18%
*20%
*72
80
*72
{In receivership,
300
80
Apr
118%
Deo
94
Mar 11
48
Jan
84
Nov
133
Jan 13
xll2
Jan
131
Nov
9
2
1
25
12
29
SO
14
June
30%
Feb
26% June
64%
Mar
6% June
10%
Jan
9% Feb
52% Mar
9% Jan
11% Jan
9% Jan
29%June
Apr
3
46% Jan
7*4 Mar
2% July
11*4
Dec
2% July
97g
Dec
29% Apr
33*4 July
947g
Deo
947g
Dec
23*4 Aug 18
45
110% Feb
27% Nov
21
Apr
Apr
41%
Oct
39
Deo
49%
Feb
Dec
1578
8
43*8 Mar
24% Nov
38%
8
32
Jan
13%
28% Nov
42
Jan
No par
preferred.........—100
Beatrice Creamery...
25
$5 preferred w w
No par
8
ll%Sept 10
1678 Sept
Bayuk Cigars inc
1st
Co
20
111
June 17
219
Sept 13
101
105
best A Co
.Bethlehem Steel (Del)-No pa'
5% preferred
.......20
7% preferred
—100
84
"26
n
New stock,
r
28% Deo
22% Nov
115
Dec
28% Nov
June 28
105*4 Mar
105
July
6
114*4 July
85
Feb
112
Dec
Feb
Jan 16
Jao
4
June 17
'32 Sept 8
45
Sept 13
15*4 Feb
88%
30%
23*4
62*4
105%
20
July
Feb
Jan
Jan
Mar
Jan
129% Feb
"32 Sept
13
Dec
83
June
16% Mar
89% May
21%
Jan
32%
20
Jan
25%
48
Jan
72
Apr
16% Apr
45*4
107% July
Oct
Oct
Nov
77*4
Deo
20
Dec
135% Nov
23
Jan
65%
Dec
Sept 14
38
28*4
Dec
16
Sept 10
2978 Mar
14% July
*34%
247g
Deo
21
Sept 10
32% Jan
18% May
74
x
69*4 Feb
22
100
Gash •<Hie.
May
Jan
June 22
Blgelow-Sanf Carp Inc. No par
Black A Decker Mtg Co No par
Blaw-Knox Co
No par
Blumeotha! A Co pref
14% Jan
16*4 June
110
Aug
17
Bloomlngdale Brothers.No par
__
a Def. delivery,
Jan
Aug
18
108
Rights
20%
100
15%Sept 13
73
35% Feb
115
Jan
28*4 Feb
10% Sept 10
Beldlng-Hemlnway
8,200
23
Oct
64*4 Nov
35%
Sept
1,000
187g
31%
Sept 13
500
24%
6
18% Mar 6
52% Mar 10
116% Feb
26%June
109
Sept
June 29
'16 287,600
47
Mar 13
18
19% Sept 13
9o<r
29
34
47%June 14
72,900
Deo
20
No par
18
Oct
49
55% Mar 17
88% Aug
Inc............10
Brothers.......No par
Barker
Beneficial Indus Loan..No par
82
107
Feb
May
2778 Nov
6H% preferred....—.—60
Barnsdall Oil Co........---6
Barber Co
"l~,806
110
Jan
21% Apr
11
Apr
13% Apr
Feb 11
400
18
Jan
90*4
47*4 Mar 17
38
3,400
80
09
7
5
14". 100
110
9
6
52%
1778
Oct
Feb
17%
833s
Oct
124
20% Sept 13
Sept 16
100
4% preferred
...100
Bangor A Aroostook..-.-.-50
Conv 5% preierred...—100
*83%
110
112
Feb
Feb
20%
177g
Dec
98
Mar
22%
108
57% Feb 18
40% Mar 17
167g
8034
95
9
125
120
20
110
Jan 28
101
120
*51
18
Apr
17% Sept 13
1784
83%
12%
5
Sept 10
60
51
111
Jan
24*4 Mar
14% Sept 10
60
Sept 10
13
......100
tr ctfs
8
9
20
*1778
62% Mar
18% Nov
Jan
Jan
29
$5 prior A
Avla u Corp
Sept
Sept
167g
*110
Deo
7%
8%
No par
3
fBatdwtn Loco Works.No par
4
51
80
83%
128
95
Jan 18
20
11
Jan
Aug
104
84
16% Feb 27
17% Jan 21
July 23
100
Feb
Beech-Nut Packing
111
Jan
Jan
66%
Feb
Mar 11
17%
11%
4% June
47%
44
53
.
----
*1078
*83%
17
30
112
222%
45
900
35%
all2
23%
50
8,100
22%
Jan
70% Mar 13
37
20
*51
33
332
13%
23%
6
15%Sept 13
1934
20
18
20
20%
*20
*107"
35%
Jan
I
23% Sept 13
104
Sept 15
16%
"1678
111
35
115
*
22%
*20
22%
10
Sept 13
Sept 13
...No par
Belgian Nat Rys part pref——
Bendlx Aviation........—.5
♦83*4
18
1978
13%
23%
*112
19%
11
*110
35
13%
111
51%
22%
*20
20%
115
19%
19%
*99% 103
*100
11%
*8334
*8334
16%
127S
112
*100
23%
19
112
21
2034
*45
21%
115
*112
18%
22%
19%
44,200
1834
19%
33
Preferred assented.....
22
Sept 10
126
36*4
Preferred
*40
Jan
Sept 11
700
.
Jan
110%
7%
12
400
-
122
Automobile—No par
No par
9.800
66
60
Jan
May
105%
Jan
48,000
27,400
60
118
6
Feb 18
4
Auetln Nichols....
15%
Apr
8
Mar
46
111
18%
Auburn
16%
37
121% Feb
Sept 10
1,500
40
Jan
Feb
46
89% Deo
26*4 Mar
Nov
96
8278 Aug 20
Aug 27
Deo
55% Nov
Nov
13*4 Feb 27
12*4 Sept 13
50
7
99% Mar
2
Deo
43
2
Mar
Feb
7*4 Mar
July
Jan
57S Sept 13
70*4
79
June
81*4
95
Jan
Jan
15%
Oct
Feb
9
4
60*4 Sept 13
10
Sept 13
3% July
11%
3
8
1,600
15%
334
1678
15%
21%
A...100
1
6% conv preferred..- -.100
Tack Corp
No par
4,800
22.700
Jan
10% Feb 10
Jan
Atlas
4%
384
37g
3%
15%
*
Corp
100
3%
3
4% conv pref series
6% preferred—....
60
Atlas Powder
—No par
3%
3%
RR...100
Atl G A W 1 SS Lines. .No par
6% preferred
.....100
Atlantic Reflulng
...25
Atlas
434
92*4
27*4
109*4 Sept
37% Jan 12
7
Atlantic Coast Line
300
47g
Deo
Apr
111
91*4 Sept 16
1,400
434
18
87b June
19%
May
-100
6% preferred
9,600
478
Mar
Feb 18
13%
4%
Feb
150
June 29
4934
434
378
104
Jan
97
Feb 13
94*4 May
104
Feb
13%
4%
38% Sept 13
116*4 May 4
105
Sept 11
2
Feb
88% Mar
136
35
24*4 Aug
111
88
*49%
434
4%
Jau
62*4 Sept
97
Sept
Nov
Feb 23
Sect 13
Jan
63% Aug
145
26%
Jan
17% Sept 13
36
Jan
Dec
Dec
102%
May
70
64
190%
Jan 12
79
73%
145%
Apr
7% Sept
106
13%
4%
4%
I
56% Sept 13
*65
70
70
70
*65
*67%
67%
67%
67%
120% *114
120%
120% *114
120% *114
120% *114
83^
8%
8%
834
8%
9%
87g
878
8%
8%
15
15
15
14%
15%
13%
13%
13%
13%
12%
5
4lo
4%
4%
*4%
4
47g
4%
4%
4%
30
33
30
*30%
34%
30"
*30%
30
30
*27
^8%
-
12
Feb
Dec
Nov
162*4 Mar
Ma'
87
14% Jan 18
88*4 Scr-t 15
Aug 5
49%
13%
*49%
107
45%
103
Oct
20*8 Mar
28
85
13%
13%
4978
4
149%
24
.100
100
5% pref with warrants
$5 pref without warrants
49%
13%
*49%
99% Feb
Jau
79% Feb 23
Dry Goods...... 1
13%
50
8
Jan 28
Atch Topeks A Santa Fe-.I'W
1,000
3734
Jan
99
Dec
129
69% Mar 10
Jan
107
30
2034
24%
Associated
20
6084
3938
Jan 11
7
1st preferred....—100
2d preferred
190
Assoc Investment Co.-No par
6434
*92
...100
7%
90
36
Apr
6678
47% Sept 13
44%
No par
6%
*60
67%
120% *114 '
*67
*114
8
105
7,500
85
25%
24%
14%
Corp
Preferred..
4978
50
50
50
105
Art loom
*45%
17
al7
23%
*17%
24%
18
24%
Arnold
50
37%
..No Par
Constable Corp
6
80
*46
93
No par
100
fA conv pref
2,800
90
9134
7% preferred
100
ArmourAC'i(Del)pf 7% gtdlJU
Armour A Co of Ullnols
5
600
100
"59%
24%
48%
26% Jan 20
Jan
Juue22
4.900
"l4"
*88
Apr
44
6% Sept 13
10%
*85
92
11
17
11
*
*84
*
Jan
20%
Feb 23
Mining
7% preferred
15
"l4%
133%
Feb
Feb 23
W Paper Co
Armstrong Cork Co
90
62%
35%
2358
7
7%
5
73% Jan 21
20
18
Copper
Jan
Jari
67% Mar
185
20
No par
Archer Daniels Mldl'd.No par
A P
Jan
56*4
2
Jan
May 21
Andes
25%
136%
Jan 13
6%
105
6,600
54
100
85
92
43,100
10
*83
8834
"59%
400
83%
50
*
61%
20
•
*85
15
*45%
88*4
"59%
-
90
*80
50
1,200
-
61*4 Sept 16
100
$6.50 conv preferred.No par
7
10%
10%
100
3934
100
"l4~
*8278
*45
7
300
June 25
7% Sept 11
No par
Anchor Cap Corp
'
100
52%
53%
10%
Anaconda W A Cable..No par
200
104
*94
105
*
100
14%
97g
83 7g
53
7%
6*4
87
10%
|5 onor conv pref
500
«.
88
1
Anaconda Copper Mining..60
3,600
....---•
106%
84%
*94
1034
*10%
10%
95
55
85
3934
984
54
"—II
117,966
6%
*5%
84%
100
52%
100
*
19
♦120
*120
84%
*85
54%
*80
93
37
95
•
-
10
9%
104
62%
93
6%
6%
-
534
40
40
41%
M
84%
*90
.
85
10%
1034
100
934
8434
105
"53"
55
105
*43
92
"eo"
•
534
56""
48%
77%
19
106% 106% *103% 106% *103
*80
55
♦
41
20
20
68% Jan 29
148
20% Feb 3
29% Jan 13
American
6,100
*102% 108
*17
1934
♦102% 108
634
*120
83
82
110
"50%
5334
20
*5%
40
9%
934
9%
87
19%
20
120
105
*103% 105
107
105
80
18
40
*60
*40
219%
108
6%
*48"
45%
19%
*104
Jan 28
9% Sept 10
14% Sept 13
12%
70
177g
18%
120
38%
*120
*120
♦65
70
108
Mar 19
150% Jan 26
100
10
53%
50
12
Am Type
52%
11%
58"
uue
Am Water Wks A Eleo. No par
300
8
48%
50*4
49%
68
74% May 18
10,500
93%
*48~
~60~~
*48"
60
51%
18%
18%
47%
80
*68
*50
55
*48
55
49%
28*4 Nov
25
Common class B
$6 preferred
*47"
73% J
8
21,100
8
12%
.
Sept
128% May 13
*81%
54
39*4
187
93%
117g
5478
12*4
53*4
11%
Dec
Sept 13
15%
Jan
Nov
Apr
Sept 13
13678 139%
10%
1034
8%
June 17
37
18
20
11
77g
5I84
121
Amer
1,300
27%
165% Aug
31
157
16%
*80
8%
37
100
Jan
23*4 July
<
Telep A Teleg Co... 100
American Tobacco
-.25
1034
93%
8
No par
Refining.. 100
167
Feb
Am Sumatra Tobacco..No par
4,200
Apr
Feb
Feb 20
1,000
77
78
*
Feb
18*4
15
54% Nov
29
24.200
78%
*76
79
61% Sept 33
13l%July
1
32
Sept 13
13
Sept 16
Preferred
100
36%
122% Nov
2978 Jan
36
21%
15%
16*8
♦81%
161
137% 137%
136% 136%
1078
10%
139% *13634 138%
1034
10%
10%
15%
7734
78%
78
45% Ma' 11
164%
♦20%
21%
77
*76
78
*76
76
7S%
9%
21%
16234 165
35% Sept 10
Jan 21
143*4 Jan 13
25% Jan 25
120
*103
120
*100
43
Dec
48%
101% Aug 18
23%Sept 10
19% Sept 11
Co.No par
American Stores
3834
21
89% Sept 13
.18.50
153
100
14%
120
25
Foundries..No oar
39%
21
72% Jan 12
29% Feb 3
170
100
Raaor
Snuff...
14
162% 166%
40%June 17
15% Sept 13
Apr 16
31% Sept 7
6% preferred
*38%
*100
pa'
par
105*4 Mar 11
14%
21
Jan 18
154
39%
163
Jan 13
Sept 13
14
120
Feb 15
16%
87%
Sept 15
*37%
21
75
June 17
77
237%
*91
Sept 13
7
49% J une 28
par
138
14%
37%
2157
60
tar
....100
Amer Meet
16,100
I
106
par
conv pref
American
700
39%
68*4 Mar 10
129% Feb
100
Rolling Mill..
Preferred
133
~38"
Sept 14
125
Smelting A Refg.No par
Amer
300
52
52
♦
No par
100
Amer Ship Building
23,400
138
7734
40
66
8
American Seating Co..No par
450
39%
39
138
133
5
American Safety
2,600
81%
Feb
13% Jan 20
American
200
22%
Jan
15% Nov
29% Mar
6.400
26%
24
6% Sept 11
43
Sept 7
Preferred
22
52
52
3978
4,700
54,100
26%
138
*
133
9034
92%
38
38
53
*51%
*
33%
34%
16% Sept
9% Apr
23% Apr
16% Sept 13
162
22
*136
138
138
51%
22
83
79%
81%
*2534
38
38
38
140
133
2034
14%
*89
80
161
157
77%
3734
*138
133
26%
22%
33%
91%
4,300
17%
16%
27% Feb 15
17*4 Mar II
5878 Feb 4
Jan
6178 Nov
5% Jan
91% Sept 13
6% conv preferred
Amer Newa N V Corp..No
Amer Power A Light...No
$0 preferred
..No
$r> preferred
No
Am Rad A Stand San'y.No
35,900
4534
45»4
*155
162
*165
22
91
93
21
125%
20
21
20%
15934 160%
7534
7534
77
*2434
52
2% Sept
100
40
*90
121
121
x91
26%
17%
34%
33%
34%
46%
16%
162
♦155
162
46
17%
16%
92%
138% 138%
51%
52%
*.—
133
35
53%
44
16%
33%
31%
89%
32%
44%
16
*155
162
*155
162
*150
44
54
3
4*4 Mar 16
8% Mar
10% Sept 13
29
Sept 13
Internal Corp...No par
Preferred
180
8%
5238
8%
834
8%
53%
834
8%
52%
8%
44%
47
46
53
8%
53
44%
16%
15%
46%
52
8%
50%
4134
45
4834
45
5
Amer Macb A Fdy Co.-No par
200
44
2% Sept 11
Jan 7
17%
Feb
American locomotive.-Ar par
7.700
107
119
62%
7%
6%
26%
7%
47%
7%
39% Sept 13
No par
ice
non-cum
21
10%
*7%
45%
Deo
21%
11% Mar 13
55*4 Mar 13
20
17%
21
Sept 13
10%
100
38% Jan 22
587S Jan 22
Sept 11
20
17%
Sept 13
Sept 14
11%
*80
25
Aug
Sept
8%
5
10
20
33%
13% Sept 10
Jan 18
32
101
35
America^
21%
1134
6S78
Apr
Apr
89
213
American
2%
21%
11%
3234
34% Sept 10
2
50
6% preferred
42
2338 Mar
Hlae A Leather... 1
Hawaiian 86 Co
Amer
600
*41
16% Deo
35% Nov
7% July
20% July
16% Jan
300
6
120*4 Dec
113% Oct
35*4 Dec
Amer European Sees
No par
Amer A For n Power...A* pai
1,200
11,800
13%
534
13%
6
Nov
Dec
Deo
3
4,300
2,000
37
27
Deo
60%
30*4 Mar 31
American
100
38
Nov
87% May
Deo
137% July
33% Jan 21
6%
"7", 800
39,500
7,000
6
534
61% Sept 17
24% Sept 10
3334 Aug25
150
Apr 25
American Crystal Sugar
6%
10%
Deo
174
33%
*106
"
9
20% Sept 13
5,100
37
2%
Jan
10
Am Comm'l
413S
2%
42
121
share
70%
141
1734 Sept 14
American Colortype Co
94%
13%
90%Juue 15
Am Coal Co of N J(Alleg Co)25
10
16%
5%
N"
2,800
28
13
May
par
5% preferred
3.450
6%
*9%
37
124
100
11,900
12%
6%
57g
Apr
Feb 18
jhaln A Cable lnc.No par
Am
19%
23
*
10%
40
160
100
12
6%
80*4 Feb 16
Mar 25
No par
Preferred
700
19%
94%
94%
6%
538
America" Card Fdy
5,900
29
22%
634
35
5
*
2334
6%
35
13l2
22%
6%
11
578
534
36
22
12%
37
6%
*27
22
94l2
95
6
.
20%
22
29
12%
20
*25%
19%
*25%
Sept 13
100
Preferred
500
share
per
share $ per
45
100
American Can
4,300
$
per
25
pref—
conv
"""800
100
100
10134
100
103
10112 10112 *101
*25%
29
*25%
29
11
lll2
11%
12%
19%
19%
1734
1978
6% %
*110
*110
*110
*118
*110
21
20
$
share
per
Highest
Lowest
Highest
$
125
Am Drake Shoe «fe Fdy.JV* par
2,100
134
*127
134
94
Par
Shares
*127
134
*127% 134
127
127
*127% 134
9778
98
97
98
97%
99
95% 100
97
156% 156%
158
158
*15714 158% *15713 15934 *157% 158% 2156% 156%
33
3434
33
34
33% 34%
I
3334 34%
33% 3414
32l2 33%
63
63
61%
61%
63
63
63
63
63
63
63
63
f
26%
2678
26% 27%
26%
27%
25
26
2634
2734
24% 27%
*127
Lowest
Week
$ per share
50
50
52
48%
Previous
Year 1936
100-SAa'tf Lou
EXCHANGE
the
j
$ per share
49
49
47
45
47
45
4812
$ per share
$ per share
$ per share
$ per share
|
On Basis of
8TOCK
YORK
Range fo
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
1857
New York Stock Record —Continued—Page 2
145
Sept 11
Ex-dlv.
y
94%
Jan
Jan
Ex-rlghta.
77'
•
J"lv
Dec
38% Nov
i?n
net
1 Called for redemption.
New York Stock
1858
LOW
SALE PRICES—PER
HIGH
AND
Record—Continued—Page 3
SHARE, NOT PER CENT
Sales
STOCKS
for
NEW YORK
Saturday
Monday
Tuesday
Friday
the
Sept. 13
Sept. 14
Wednesday
Sept. 15.
Thursday
Sept. 11
Sept. 16
Sept. 17
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis of
STOCK
Week,
$ per share
Shares
24*
2434
22*
39
3 984
38*
26*
40*
♦39
26*
3984
39
89
89
88
88
"
*87
88
87
2 634
40*
87*
87
41*
20i2
4212
20*
42
42
41*
41*
41
41
41
20
20
20*
21*
21*
22*
20*
20
22*
4234
20*
22*
43*
21
40»4
6*
21*
*18
£41
43*
13
37
44
41
184
28
12
10*
15*
26
♦41
104
15*
15
13*
104
7*
2834
a;14*
39*
1484
14
39*
2884
14*
40*
41*
46
*43
46
£39*
43*
37
*36
37
*36
3634
900
7,600
1434
14
16*
4984
15*
*49*
37
2*
41*
16
6*
6*
658
6*
45*
26
47*
27*
1284
26*
1234
12
13
47*
£27*
12*
24
24*
23*
25
24
14
6384
6*
4
4*
11*
*1038
1434
16*
12*
13*
26*
16*
12*
2634
17*
13*
13*
27*
5*
26*
5*
4
7
20
16
133g
27*
5*
13*
13*
28
28
1234
25*
4*
1434
13*
15
15
434
13*
1538
14*
15
63
63
63
60
60
*52
23*
31*
2358
*30*
*51*
23
2*
12
25
19*
.
.
10
"
.
.
20
9*
40*
10*
47
*40
♦
24
26
6
584
1984
38
*
10*
10*
20
10*
9*
40
40
11
*10*
47
*40
47
*40
47
*
95
♦
95
95*
*90*
94
*94*
26
*25
26
*26
5*
5*
5*
146
143
147
145
114
114
80
82
114* 114*
83
84*
77*
29*
29*
4*
5
83*
1784
16
1784
9*
*7*
9*
8*
9
*7*
*95
106
64*
65*
8*
8*
47
106
110
45*
106
106
106
30
31
31
63
31*
*30
5*
5*
313s
5&s
54
54
42*
17
17
10*
*9*
10
9
8
106
*95
63*
9*
43*
54
*
*17
*9*
8
*8
9934
*95
65*
9*
63
93s
46
*107* 109
*41
12*
54
57
5434
44
4*
1*
4*
4*
1*
1*
1*
13s
1*
6
6*
5*
6*
684
19*
20*
1*
2*
2*
7*
19*
20
7*
20*
1*
2*
238
7*
18*
1*
19*
19
40*
40
40*
40
1*
1*
2*
2*
2*
6*
17
6*
2*
6*
17
17*
40
40
I84
1*
384
3*
3
1*
3*
2*
3*
13
12
16*
734
52*
97*
16*
42*
*91
*1*
2*
4*
4*
4*
1*
3*
3*
12
1638
3834
112
107
3684
39*
88
"21*
85*
19*
22*
*127*
*127*
107
132
57
57
57
14*
15
1434
*95
*
38
27
*24
1134
13
13»4
15
*12
23*
24
25
24
24
*107
112
1984
*36
20
40
10*
10*
4,800
97*
16*
16*
78
77
78
16*
*78
75
*70
75
*70
5*
53g
37*
37*
109
*107* 108
102
38
*.
*85*
2034
21*
137*
57* 57*
15
1558
*
38
"26*
*
15
14
*12*
14
*1058
14*
25
25*
25*
25
25
19*
20*
41
11*
20*
*37*
21
40*
1038
11
*70
584
87
75
*
...
102
*_
10
160
2,000
87
"2O84
10
2134
*127*
4,700
•> ..
....
*24*
106
106*
2034
2134
37*
37*
1058
11*
58*
15*
*26*
1378
15*
*11
27*
140
*
38
14*
16*
1838
*13*
25*
25*
3,800
15
11*
15*
17
940
to.'..
27
1,500
1,300
6,400
100
64,500
400
11S4
90
*88
90
*89
90
11*
*88*
897g
82
*77
82
*77
82
*77
82
*96*
98
97*
98
5738
55*
*96* 100
5234
55
53*
56
56
103
*99
103
11*
*99
1034
2*
2
46
47*
41
1134
2*
46
10*
2
45*
103
1134
2*
47
*99* 103
1158
2*
45*
12*
2*
47*
♦Bid and asked prices; no sales on this day.
56*
57*
*97* 100
56
57*
*997g 103
1134
2*
47
12
2*
48*
to-
25*
90
67*
.
3,200
*77
*97* 102*
56*
57*
.
27
*1C3
107
105* 106
£21*
21*
21*
21*
*36
38*
*36* 38*
11
.
26
56
56
.
53*
97*2
57
_
56
53
_
8,900
300
97*
10,200
*9978 103
12,
24,800
12*
2*
2* 100,400
.
48
{ Inr eceiverehip.
48
a
.
.
.
.
.
3,000
Def. delivery.
Jan
Mar
Jan
Mar 11
10*
Jan
37
60
Aug
16
Feb
$3
conv
4
1* Aug 31
Sept
6* Sept
19* Sept
l*Sept
2* Sept
7
10
13
13
13
2* Sept 11
6* Sept 10
100
100
Feb
684 May
18*
63
IO384
Feb
Nov
Oct
Deo
984
Feb
Jan
186
June
Jan
143
July
Jan
92*
116
54*
105* Aug 11
41*May20
115
68* Nov
2
9* Apr 20
19184 Aug 3
129* Jan 22
*91
Nov
21* May
~32* "Jan
June
9
106
Deo
48* Mar
8
19
54
Apr
May
39*
7
Jan
37*
Dec
6* Nov
9*
Dec
82*
39*
12*
107*
Jan
Jan 12
Jan 28
115
25*
110
86
Dec
Deo
Sept
Jan 26
41* Jan 15
24* Jan 11
14* Mar 3
Jan 14
86* Mar 10
23* Feb 10
82
100
6
Chicago Pneumat Tool. No
Feb 10
Feb
35
Apr
57
Feb
Apr
97* May
4784 j an
8* June
67* Sept
12
Nov
6*
108
74
Oct
Nov
19* Mar
72* Deo
4
101
Mar
63*June 10
19
Aug
38>4
Deo
48
22*
Jan
69*
Apr
Feb 13
111
Deo
90* Mar
6
59
Jan
68* Mar
4
51
Jan
77* Nov
1* May
2* Jan
1* Apr
3* Jan
8* Deo
2* Feb
14* Deo
33* Nov
2* Feb
6* Feb
4* Feb
12* Oct
24* Deo
100
4* Mar 16
13* Mar 17
4
Mar
8
18* Mar
6
32
100
Nov
Mar 11
Jan 20
3* Mar 18
7* Mar 17
6* Mar
4
19* Feb 17
par
17
Sept 11
33
Feb
preferred...No par
35
June 14
45
4
25*
1*
2*
2*
684
Jan
May
Apr
Apr
Apr
May
12* Apr
Aug 28
{Chic Rock Isi A Pacific.-.100
7% preferred..........100
6% preferred
100
1* Sept
3* Sept
2* Sept
12
Sept
3* Mar 17
13
13
10* Feb 19
No par
Chlckasha Cotton Oil
Chlids Co...
10
15*May
1
No par
7* Sept
46* Jan
90* Sept
15* Sept
13
22
13
Chile Copper Co
Chrysler Corp
City Ice A Fuel
26
5
..No par
preferred
Clark Equipment
100
60
Sept
10
13
No
pa;
C
6% preferred
Collins A Alkman
80
Mar 11
135* Feb 11
21* Feb 18
8
92
Feb 18
Feb 16
74
July 16
4* Sept 11
32* Apr 7
98 May 21
102S4June 21
35
Jan
5
1* Apr
3* Apr
3* Apr
1984 Jan
17* Sept
7
Jan
3
Feb
8
Jan
8
July
32* Oct
30* Jan
14>4 Deo
25
Jan
85*
15*
72*
Jan
Jan
138* Nov
Jan
89»4 Nov
45
Mar
51
23
50
Deo
Nov
85* Sept 13
10* Mar
48
1
Aug 10
484
23*
Nov
Jan
13* Nov
Jan
46* Mar
103* Apr
5
90
Feb
98
Oct
113
7
107*
Jan
July
11184
47*
Deo
Jau
48* Aug 16
No
Oct
Jan 14
82
Feb
19* Sept 13
125* Aug 11
29* July 15
132*June 3
48
Apr
124
Jan
129
July
par
122* Jan
170* Apr
2
84
Jan
134
Nov
9
55*
58
Nov
6
56* Jan 29
No par
14* Sept 11
..100
102
No par
39
conv preferred
100
June
1
Sept 13
106*Sept
10
90
33
100
No par
Class A
Colgate-Palmollve-Peet
8* Mar 8
27* Jan 14
22* Jan 29
16* Mar 3
'
6
C C & St L Ry 5% pref.100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7% gtd. 50
Cluett Pcabody A Co..-No par
PreferredCoca-Cola Co (The)
77
100
City Investing Co
City Stores
9
13
Chicago Yellow Cab
5%
.
350
82
2
«
8,600
13*
89
11*
.
"SOO
54
*99
.
24*
24*
13*
89
573«
.
1,700
*77
90
82
54*
.
37*
553s
*80
*77
.
*6,200
106* 106*
383S
383S
21*
.
5*
5*
3684
38
38
15
10*
75
3834
54
35*June
111
100
100
Preterm!
280
300
15
109*
79
400
14
105
78*
12,000
15
108* 109
16
83
153g
13*
24
16*
98* 117,300
16*
900
58*
12*
23*
240
15*
12*
25*
3,200
*56*
15
12
24
3,200
8
*5634
12*
25
18
52*
102* 102* *102* 1C278 *102* 10278
4234
42
43*
43*
42*
42*
*95
*95
*95
106*
106*
106*
11
2434
400
139
27*
12*
24
127s
3,500
137* 138*
26
24
5,500
4,100
Jan 14
17*
61*
18*
52*
8
90* Aug 16
l*Sept 10
{Chic A East 111 Ry Co... 100
1,000
134
4*
3*
8
9934
*127*
25
*37
40*
52*
96*
8
102
a38
26
*12*
18*
60
*107* 108
135
1584
38
*
88
*21*
58*
15
538
*38
38
*127*
134*
*56*
*
18
734
*52*
96* 100
102* 102* *102* 102*
39
43*
41* 43*
*95
106* *95
106*
106*
38
*25
19*
*12*
17*
Nov
18s Sept
July 13
35* Jan 4
10* Sept 13
54
Sept 11
42
Sept 10
100
4% preferred
Sept 10
48* Sept
...6
Preferred series A
May 13
107
Chesapeake Corp
.No par
Chesapeake A Ohio Ry
.25
1,900
*107
16*
*
8
*
57
*102* 102*
42*
4234
3*
278
8
734
100
.....No par
Checker Cab
8
8
ChampPap A Fib Co 6% pf 100
Common
Sept
60
1
{Chicago A North West'n.100
234
8
18
Sept 13
9
100
18,100
3*
278
60
Sept 13
61
par
14,200
2*
734
73s
28
{Chic Mil St P A Pac.-No par
5% preferred
100
284
17
102* July 9
26* Jan 6
106
Sept 14
...
Chicago Mall Order Co
7*
102
130
500
3
13
6* Sept 8
Sept 13
No par
2,200
5,600
1*
*12*
Sept 13
110* Sept 11
77* Sept 13
6% preferred
100
Ceianese Corp of Amer.No par
7% preferred..
100
Celotex Co
No par
6% prior preferred
2*
*52*
21*
Caterpillar Tractor
2,500
734
13
3
16* Nov
134
Preferred
500
Jan
Carriers A General Corp
1
Case (J I) Co
100
Preferred
.....100
Cerro de Pasco Copper .No par
20
*
Jan
Certain-Teed Products
25g
*12*
Deo
91
7*
20*
1*
73g
20*
l3s
3*
Oct
48>4
Jan 18
6% preferred
{Chicago Great Western..
1*
378
33*
Aug 27
106
1,700
2,400
5,000
2034
*33g
6* Mar
29* Deo
88* Deo
24
8~700
1*
3*
33* Nov
Jan
Apr
June
22
Apr
30* Apr
92* Sept 17
7,700
5
1*
*39*
31* Nov
16* Nov
Deo
5
"
*434
40
Deo
Carpenter Steel Co
Sept 13
5
40
Apr
Jan *100
6* Sept 8
98* Aug 16
178
734
2034
40*
Deo
87
16
2*
19
Mar
Jan
Sept 16
Century Ribbon Mllls..No
*17g
19*
Oct
9
33*
Feb
45
Central RR of New Jersey. 100
Central Vioieta Sugar Co.—19
2*
19
34*
102
10* Sept 13
600
*1*
1938
Deo
Jan
94* July 28
1
200
10*
278
Mar
Jan
$3 preferred A
10
Carolina Clinch A Ohio Ry. 100
Stamped
..100
300
1*
Jan 11
Apr
2*
8*
14*
13*
29*
2*
16*
54*
Apr
12* May
4584 Jan
1,400
2,100
18,400
20*
9* Sept 13
Sept 15
40
June 29
57
1»4
3
96
91
7*
Aug
29* Sept 10
4* Sept 13
45
*478
25
No par
4
Central 111 Lt 4H% pref--100
91
134
2* Jan
30
57
4*
....1
1,000
16,100
25g
39
2
62
6% preferred
100
Central Agulrre Assoc..No par
Central Foundry Co
1
44
738
102
136
340
57
3
.
200
1,400
90*
13s
5*
36*
2
48* Feb
Mar 22
8*
10134
6258
134
*4*
87
300
46
I84
..
3,400
21,200
90*
4*
38*
85*
*85*
21*
20*
*127*
138
2,900
60
13*
1*
40
136
700
13
4
4*
348$ Mar
Sept 13
50
50
13*
158
36
Sept 11
30
Capital Admin class A
48
4
*70
5
22
60
Canadian Pacific Ry
Cannon Mills
48
13s
75
38
36* 36*
34*
*100* 102
*100* 102
No par
No par
700
5458
20*
7*
*52* 60
96* 100*
*16
16*
Byron Jackson Co
California Packing
600
49
334
12*
16*
91
25
14
69*
40* Apr
4334
7
.
Sept 17
45
1*
a78
4*
55
57
10*
*
3*
3*
12*
16*
734
78
484
49
4*
1*
"2*
2*
7*
45
*13
18*
100
35* Deo
30* Deo
107* 107* *10684 107*
48
par
No
1
115* Sept
10* Apr
183s
13s
*70
75
*
2
45* Feb
18* Mar
36* Mar 3
9* Feb 25
3384 Mar 9
19",800
57g
938
1
Jan
8* Apr
11* Jan
2084 Apr
61
30*
60
Feb
Deo
Sept
15* May
38* Mar 19
74*
*95
10034
6258
97«
39
85
116
Jan
16* Sept 13
*Sept 13
101
3*
2*
78
78*
93
1*
8
7*
60
*52*
90* 100
16
15*
17
9*
43*8 »4434
90* 90*
*1V8
2*
55
45
I84
2.*
62
*107* 109
46
45
20
45*
1258
93
1*
*95
43
42*
2*
9934
64*
9*
36* Feb 9
1184 Jan 29
9*
54
32
*884
*7*
7
107* Sent
Jan
110
*18
8
Feb 15
Dec
Jan
130
9
8
Jan
13
65* Mar 2
45* Jan 18
18* July 14
22*
21*
6
6,800
19
9
8*
IO84
*89*
1*
96
18
10
98
8* May
8* Jan
30
57g
3178
*63*
30*
5*
Jan 11
Oct
Jan
3788 Feb 13
115
*104
Feb 3
Mar 12
Oct
57
65*
6* Feb 25
20* Jan 12
92*
2634
30*
30*
53g
55s
£101
*102* 105
19
46*
*13
108
Jan 11'
58* Sept
44* May
45
Sept
June 28
146
63
*104
7
51* Mar
106
11* Sept 13
144
32
74*
Jan
Jan
24
83
*63
17
110
1U*
Feb
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
Rights
Canada Southern Ry Co--100
*114
147* 147*
8
11
Dec
40*
97*
Jan 12
14* Sept 13
13* Sept 13
30
5
47
2634
*534
30
33
53
26* Sept 11
4* Apr 28
13* Sept 13
—.10
6% conv preferred
Butte Copper A Zinc
Byers Co (A M)
Partlc preferred
11
~92*
6
8
38* Jan 14
102* Jan 2
62>4 Jan 14
Apr
Calumet A Hecla Cons Cop..5
94
92*
4*
538
{Bueh Term Bldg gu pf ctta 100
Butler Bros
3978
*44*
25*
*114
100
To""
*
6
61*
10*
42*
1034
45
12* Mar
4,500
26,400
38 102,800
978
*35*
*10*
11
30*
67*
*i()9~
13*
10*
61*
*29*
9
45*
*8
*
50* July
4*
26,900
23,200
19
18
par
11
18* Feb
64* Mar
Callahan Zinc-Lead
*52
-
42*
30*
30
47
3
8434
84*
84*
10434 10484 *104* 106
*101
106
*105
106
31* 32*
31
31* 32* £31'4
32*
31*
62*
*_
--
25*
148
*102* 10634 *102* 10634 *102* IO684 *102* 105
*106
2,900
1,200
No
5% preferred
27«
*
.
94
*91*
6
110* 111
134
45
27
6
63
4*
24*
32
"3*
*
94
30*
*70
24
30*
24*
110
1
Debentures
*52
9*
*35*
*10*
11
107*
77
32
*
40
*1084
61
*16
57
19
10
*36
28
7*
57
*52
11*
62
52*
94*
6O84
*
*
*52
...to
42
96
*90*
95*
18*
*
....
31
16
5*
1534
1258
62
13
7,600
1,700
11,600
3,900
27
31
40
750
13*
12*
*104
20
17
27
108
1*
300
28
1234
104* 104* *103* 106
3084 31*
29*
32*
*89*
{Bueh Terminal
27*
19*
*104
*109*
Burroughs Add Mach—lVo par
2,800
4*
157s
12*
140*
110* 110*
79* 80
*95
Burl'ngton Mills Corp.
26*
*
June 16
1,700
6,700
13*
16*
58
100
123s
27
*50
7% preferred
Aug 10
6* Sept 13
25
12*
*
101
yl2* July
43* Apr
69
Bucyrus-Erie Co
420
Jan
5* Nov
Jan
9,100
5
11*
1* July
Jan
24*
24*
117*
14*
par
Apr
Nov
41
14* Sept 8
12* Sept 10
100
6
47
32* Aug
Jan 13
Brons-Balke-CoUender.N® pari
No
Jan
Jan 23
2,000
7% preferred...
June
25*
8
50
Budd (E G) Mfg
39
share
per
37* Deo
63* Mar
100* Apr
47
41* Sept 14
50
16* Apr
40* Dec
80* June
Deo
No par
28,000
Highest
share $
47
Brown Shoe Co
Sept 17
Sept 17
$ per
53* Feb 13
25* Sept 13
15
No par
478
50* Aug 25
1584 Mar 23
4* Jan 11
34
Aug 14
23* Feb 23
59* Feb 11
No par
10* Sept 13
47
Bullard Co
15*
Jan 18
Brooklyn Union Gas
2
2,200
4
Jan 22
93
35
28
2634
18*
to...
Sept 13
Sept 9
Sept 11
7
5*
3
3*
Sept 13
Sept 13
10
12*
3
41
5«4 Sept
26*
3
2*
13
37
44* Sept
26
Sept
12
Sept
22*June
3* Sept
11*Sept
12*
2*
27* Sept 10
No par
15S4
*23*
*3058
Bearing Co. 17
Bridgeport Brass Co
No par
Brlggs Manufacturing.JV® par
Brlggs A Stratton
No par
No par
*12*
1658
133g
*27*
17
*52
.
Roller
Bulova Watch
25
138
29*
484
_
5
Budd Wheel
1234
96
584
*50*
-
Corp
Maine RR
1,400
2684
11*
26
-
Boston A
5,200
24
10*
43*
*90"
-
Borg-Warner
7*
5*
6034
23*
31*
28
48*
26*
19*
11*
*.
31
30*
.
438
1434
*52
15
46* Apr 13
25
Aug 16
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manb Transit—No par
$6 prerfered series A .No par
100
778
63*
15*
16
1
Bower
1,000
10,200
1,500
2,700
14
2*
11*
42
*40
22*
23*
30
*50
.
5*
14*
84* Aug 4
Sept 15
20
Sept 10
No par
Borden Co (The)
share
41
No par
Class B
per
49* Mar 3
48* Feb 13
25
13
25
438
*12*
Bon Ami class A—
Bond Stores Ino
$
June 24
l*June 18
108
2*
12*
*
*56
22*
31
«•
5*
12*
37
678
28
2458
22* Sept 13
5
47*
27*
123s
48*
27*
6
Bohn Aluminum & Brass
100
600
16*
63
7
6*
£48
28
27
*61*
30*
63
Boeing Airplane Co
{Botany Cons Mills class A.60
42
7*
$ per share
20* Sept 13
38* Apr 28
5* Sept 13
13,100
7,200
26*
*104
734
63*
48
27
5*
14*
108
7*
*17
12*
2484
384
*15*
135g
6*
27*
11*
14*
25*
*41*
4734
26*
1234
24*
3*
*12*
48
3*
14
*104
Par
300
48
16
15*
7*
62*
15
47
*11*
Year 1936
Lowest
Highest
400
2S4
14
15*
12
*41*
108
Jn2
62
2*
26*
42
26
15*
1458
7*
*13s
*28
15*
48*
11*
15*
26*
42
2*
48*
42
*104
11*
17
11*
16*
15*
734
234
51
*41
14*
60
284
26
108
7*
63
39
*43*
36*
2*
11*
26
*104
43*
*7
44
15*
1334
7*
60
*28*
14*
41*
1384
104
6*
28*
15*
4984
25*
15*
12*
104
184
4634
22
80
9
26
*50
22*
1,100
15,300
18,800
1,200
*7*
42*
1937
Range lor Previous
\WJ-Share Lots
Lowest
320
20
*138
2834
45*
5
42
1*
64*
26*
87*
20
7*
64*
6*
3*
11*
16*
13*
87
*41
1*
*11
12
16*
*41
7
87
41
1*
2*
5084
26
42*
42*
14*
1234
1,500
6*
*36
2*
50*
25*
16*
50*
26
26,600
22*
43*
7*
134
2934
14*
40*
43*
*42
36
2*
12
15*
60
29
3534
36
2I4
2
27
41
38
44
3512
26*
41
*27*
13*
40*
44
1384
27*
40*
1*
14*
37*
*27*
*20
26
*39
18.
EXCHANGE
6*
42*
6*
1«8
30
14U
39*
li*
25*
2134
44*
20*
39*
2H4
2434
Sept.
69
June
25* Mar 19
104* Jan
62* Feb
112* Mar
Jan
13
June
100
Aug
39* Apr
90
77*
21*
Deo
Dec
Deo
106* Feb
6684 Nov
Colonial Beacon Oil...No par
26
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
24* Sept 17
11
Sept 13
51* Feb
27* Mar
13*Sept 13
30
Jan
19*
Jan
37* Mar
13* Sept 10
23* Sept 10
23* Sept 13
105 Sept 14
29
Jan
16
Jan
36
94
Jan
4% 1st preferred
100
4% 2d preferred
100
Columbia Broad SysIncclA2.60
Class B
2.50
Columbian Carbon v 10 No par
Columbia Plct v t c—.No par
$2.75
conv
preferred. No par
Columbia Gas A Elec. .No par
6% preferred series A... 100
6% preferred
100
Commercial Credit
10
Jan 18
19* Sept 13
37*Sept 15
n New stock.
No
par
Apr
Aug
31* Aug
12584 Apr
39* Jan
46* Jan
20* Jan
10
June 14
June 28
108
Jan
75
July
8
101
Jan
41
Sept 13
30
Oct
28* Sept
48
Dec
19
36*
Feb
8*
Jan
Dec
Mar
32
80
53* Sept 17
4^ % conv preferred
100
97
Sept 8
Con m'l Invest Trust.-No
par
62
Sept 10
$4.25 conv pf ser '35.No par zlOO
Sept 9
Commercial Solvents..No par
1034Sept 13
Commonw'lth A Sou...No par
2 May 19
$6 preferred series
45
69* Jan
114
Jan
80* Jan
120
Jan
14
Jan
90*
8O84
Jan
136* Aug
*45* Jan
51* Jan
23* July
10834 Oct
Jan
103
44
Jan
31
May
39* Dec
100* July
55
Jan
97
Jan
Nov
9I84 Nov
136
21* Jan
14* June
24*
4* Jan
75* Jan
Apr
59* Apr
5*
2*
Aug
84* Sept
128
82
Nov
Feb
Feb
Feb
Volume
LOW
AND
New York Stock Record—Continued—Page 4
145
HIGH
SALE PRICES—PER
Sales
NOT PER CENT
SHARE,
STOCKS
NEW
for
Saturday
Monday
Sept. 13
11
Sept
$ per share
Tuesday
Sept. 14
$ per share
$ per share
*9
10
8%
9
31%
92
31%
32
32
12
12
12
12
*11
10%
12%
10
10
14%
15
14%
834
15%
9
9
76
«...
8%
10%
15%
9%
8%
*
Sept
*
76
9
*11
Week
$ per share
34
800
9
*8%
9%
9%
32%
*11%
33%
4,100
16
10%
16%
10%
*10%
18%
130
16%
17%
16%
16%
9%
9%
9%
9%
9%
7,500
2,200
15
76
*
76
Ranoe Since Jan. 1
On Basis of
STOCK
Shares
32%
*11%
*10%
16%
9%
16%
9%
Sept. 17
% per share
9%
33%
16%
32
YORK
*
76
400
16
76
"83%
83%
"83"
83%
"83"
83
*83"
83%
*83"
84
*83~
84
*83
85
*83
85
*83
85
*83
85
*83
85
*83
85
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
10
9
10
10
10%
10%
10%
9%
9%
*9%
10%
10%
34
32% 33%
33%
30% 31%
30%
32%
32%
32%
31%
31%
103
103
102% 102%
*102% 103% *102% 103%
103%
103% 103% *103
7
7
7%
7
7%
6%
7%
7%
*6%
7%
6%
7%
*
12
13
13%
12%
13%
12%
12%
12%
12%
12%
13%
12%
♦104% 105% *104% 105% *104% 105% *104% 105% *104% 105% *104% 105%
5%
*5%
4%
5%
5%
4%
4%
4%
4%
4%
6%
5%
%
%
%
%
%
%
%
%
%
%
%
%
8
*8
8
7
9
8%
8%
7%
7%
8%
8%
8%
*30
39
*32
*34
38
40%
40% *29
40%' *34
40% *34
,
Range for Previous
Year 1936
Conde Nasi Pub Inc
3
No par
Congoieum-Nalrn Jnc_.No
Congress Cigar
No par
Conn Ry A Ltg 4^ % prel. 100
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% Preferred
__100
4,400
14,800
2,400
12
5% preferred
v t o
share
Lowest
$ per share
7
July
19% Feb 11
45% Mar 11
19% Jan 23
10
Sept 11
Sept 13
22
14
Sept 10
26
Jan 14
July
30% Aug
Highest
per share
15% Dec
44% Jan
25% Mar
16
Jan
15
Aug
33%
Jan
8
June
19%
Dec
7
8% Sept 10
76
Aug 2
83
Sept 13
87
Mar
85
Nov
95
Mar 11
72%
Jan
95
Nov
83
35 preferred
No par
Consol RR of Cuba 6% pf_ 100
^Consolidated Textile. .No par
Consol Coal Co (Del) v t c__25
1,900
per
8I2 Sept 9
3112Sept 11
par
35,700
1,000
1,800
57,400
5,000
Highest
I per share
Lowest
Par
8H % prior pref w w
100
6H % prior prf ex-war— 100
Consol Film Industries
1
32 partlc pref
No par
Consol Edison of N Y—No par
35 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp______.No par
60
2
100-Share Lots
EXCHANGE
Sept. 16
15
$ per share
8%
32%
16%
10%
the
Friday
Thursday
Wednesday
1859
92
Mar
6
73%
Feb
94
Nov
Aug 31
2
Sept 10
Sept 13
30i4Sept 13
9
.
9912 June 16
6I2 Sept 8
Sept 13
12
104
Aug 6
4l4Sept 13
i2Sept 17
7
Sept 13
33
100
Feb 24
18% Jan 15
2
5% Jan 20
18% Jan 9
49% Jan 23
66% June
4% Sept
15% Apr
27% Apr
Jan 12
102
13% Feb 26
17% Apr 6
105% Jan 23
101
108
10% Jan
4
1% Feb 27
Jan
3% Apr
11% Apr
7%
20%
48%
109
Feb
Feb
Oct
July
9% Nov
17%
Dec
Jan
106% June
5% Sept
12% Nov
%May
1%
Jan
June
12% June
9%
37%
Deo
6
92% Aug 16
37% Apr 13
37% Jan 14
15% May
10% Jan
35% Nov
13% Apr
5234 Apr
6
2
Deo
r
*
90%
22%
17%
2%
"20
15%
2%
91%1
♦
"21%
15%
2
89%
22%
89% *._-23% "22%
89%
23%
16%
17%
16%
2%
*82%
54%
2tl3%
32%
1%
38%
22%
84
80
82
82%
2%
82%
50%
51%
53
52
55
*13%
33%
1%
37%
14%
33%
13
14%
34%
13%
31%
14
33
1%
2
40
*21
*82
50%
30%
2
2
88
100
Consumers P Co34.50pfNo par
89% Sept 14
22%
23%
22%
23
18
17%
17«4
Container Corp of America. 20
Continental Bak class A No par
2%
284
16,300
10,200
22,400
20
17%
2%
85%
55%
14%
32%
*88
18
2
23%
17%
2%
2%
85%
56
14%
33
2
89%
*
.
2%
85%
56
53%
5584
13,600
14%
33%
14
14%
3,100
33
34
1%
39%
2
1*8
2
4,700
13,500
40%
18,900
24
1%
37%
*19%
23
38%
x23%
59
56%
59
58
420
57
57
59
4,400
38%
58%
39%
•llflis,*
...
108
108
40%
23%
23
23
23%
23%
59
69
59%
59%
59%
58%
59%
60
60
60%
59%
59%
58%
59%
*161% 165
*161% 165
161% 161% *161% 165
6%
6%
6%
6%
6%
6%
6%
6%
41
42
42
43
43
41%
41%
43%
58%
*161% 165% *161% 165%
5%
6%
5%
6%
40% 41
38% 41%
56%
39
40%
22%
106
107%
500
7,100
107%
106
—100
50
June 17
Continental Diamond Fibre. .5
Continental Insurance
32.50
13
Sept 10
Continental
Motors
Continental Oil of Del
30i2Sept 13
1% SeDt 13
36% Sept 10
22i2Septl5
56% Sept 13
1
6
Continental 8teel Corp. No par
Corn Excb Bank Trust Co..20
Corn Products Refining
25
Preferred-.-
64% May 13
153
Apr 14
584 Sept 8
38% Sept 13
113%May 3
100% June 17
25
Sept 10
100
Coty Inc
Crane Co
No par
25
17% preferred..
6% conv pref
1,100
107% 107% *108% 110
107%
preferred
20
300
10,800
______.No par
Continental Can Inc
400
URis«ilfiis,e 11615,-llfilS,,
*106
8%
500
88
*80
Class B
Sept 11
15% Sept 13
2
Sept 13
80
Sept 10
100
100
27
27
27
26
900
Cream of Wheat ctfs
14
13
14
26%
13%
26%
14
14
14%
15
*15
15%
2,700
Crosiey Radio Corp
No par
13
Sept 10
60%
47%
39%
56
61
58%
61
14%
59%
14%
60
61
58%
59%
56
58
4,900
Crown Cork A Seal
No par
56
Sept 13
*40%
*35%
44
*43
46
*43
46
*43
45%
*43
46
32.25
39
*36%
38
♦36%
38
*37
38
*37
38
Pref ex-warrants
18%
92%
59%
18%
*92%
58%
18%
17%
18%
93%
59%
91
91
400
58%
59
3,700
25%
25%
*40%
*36
25%
26
17
18
15%
18%
17%
*92%
97
91
91
58%
56%
59
92%
57%
57
129
*110
1
110
1
1%
7
6
7%
107%
36%
7%
•
"36%
7%
6%
68
7%
*66%
4%
4%
15
*
71
♦
14
*.._.
45
"67"
1%
6%
7%
*6%
7
*105
36
34%
8%
8
67%
68
4%
15%
4%
14%
*
71
69
66
102%
11%
11%
16
15%
102% 102%
107
110
100
25
25
17%
24%
17%
24%
17%
26
11%
3%
17
*100
11
3%
100
58
24
17%
26%
217%
25%
11%
24%
*
19
68
4%
41
*
24%
37%
*6%
40%
17%
26%
17%
25%
28
17%
26%
27%
11%
3%
12
11%
12%
11%
12
*10%
*50%
34%
35
35
29
29%
38%
29%
39%
30%
39%
*6%
38%
43
37%
*6%
41%
*6%
41%
7%
43%
-
*35
44
*21%
♦%
*%
22%
%
*%
1
%
3
3
13
13
*116% 120
2%
12
107
*37%
*116% 120
145
142
146
137
134
134
mmm m
3
*158
160
*158
29
27
159% 159%
30
30%
158
158
160
160
16%
8%
4%
15%
60
60
57
9%
4%
17%
61%
57%
31%
1
2%
23%
23%
51
109
7%
23
*48%
*109
24
51
60
*58%
*57
3%
10%
15%
3%
11%
11
11%
*75
78%
5%
15%
2%
2%
16%
43%
16
66
♦75
5%
14%
2
1%
*14%
43%
19
89%
100
*96% 102
4%
4%
5
2%
•
5%
2%
484
14,400
17
17%
57.400
62
60%
64
63
63%
64
64
56
*56
60
31
32
32
32
32
1
1
1
1
1
3
3%
25%
3%
25%
23%
51
109
8%
64
61
75
*49%
*109
8%
*56%
25
*47
51
9
*56%
62
100
63
*60
63
500
75
*60%
*3%
10%
74
100
4
1,900
10,800
6,100
16
12
12
12%
15%
12%
16%
6%
16%
2%
2%
2
4
12%
78%
6%
*74%
16%
Xl6
2%
2
20
16%
4,000
4,800
2%
2,200
18
2%
16%
47
45%
2%
16%
46%
6,400
6%
6%
6
Sept 13
24% Sept
9
90% Mar 10
18%
fan 16
24
Feb
Jan
5
95% Apr
1% Sept
9
6%
Sept
Jan
125
3%
20
129
99% Mar
114
4
Jan
10%
Jan
Sept
36% May
59
43%
Jan
7% Apr
44%
24%
90
143% July 23
31% Mar
5
5
108%
Jan
Jan
108% Dec
32% Nov
17% Sept 10
Sept 13
29
19% Apr
33% Nov
23
68% Mar 17
36%
Jan
54%
Oct
10% Sept 13
24% Mar 17
10% Feb 18
14% Apr
23%
9%
Feb
Diesel-Wemmer-Gllbert
10
JDenv A Rio Gr West 6%pfl00
....100
2% Sept 13
Sept 11
9% Apr 9
100
Detroit Edison
19
59
23% Sept 13
33
Aug 2
12% Sept 13
Diamond Match
No par
6% participating pref
26
Diamond T Motor Car Co. .2
Distil Corp-Seagr'a Ltd Ao par
5% pref with warrants.. 100
Dixie-Vortex Co
No par
No
Class A
116%
4%
Jan
153
7
128
22
May 19
4
May
Apr
30
May 13
13
June
42
Jan
63
30%
37%
Oct
Oct
40%
34%
Jan
76% Feb 19
36% Feb 2
4018 Feb 4
23
Apr 10
Jan
43
29
Mar 17
18% Apr
96
Mar
9
93
Dec
95%
25
Feb
9
19
Oct
25
34
June 21
Aug
40% Deo
Sept 13
41% Jan 25
46% Feb 17
40
28
par
41% Jan
7% Apr
50% Jan
61% June
12% Deo
82% Oct
36% Sept 13
8% Aug 21
38% Sept 13
103
Sept 11
No par
No par
Dre8ser(SR)Mfg conv ANo par
Class B
—No par
51
Jan 28
12% Mar
8
77% Jan 25
143% July 13
Jan
51
Deo
Sept 17
39% Jan
7
Jan
36%
1% Jan
5
% May
1%
Dec
Jan
6% preferred
Dunhlll International
% Sept 11
3% Feb 19
2% Sept 13
8% Jan 16
1% Jan
4% July
100
—1
Duplan Silk—.—..—No par
8% preferred
100
Du P de Nemours(E I)& Co 20
6% non-voting deb
100
Duquesne Light 5% 1st pf. 100
Eastern Rolling Mills
..5
Eastman Kodak iN J).No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eltingon Schtlu
No par
Electric Auto-Lite (The)
6
Electric Boat
3
Elec A Mus Inc Am shares—
Electric Power A Light-No par
37 preferred.———No par
36 preferred..
No par
Elec Storage Battery..No par
tElk Horn Coal Corp .-No par
6% preferred...
50
El Paso Natural Gas
—3
Corp
55
12
Sept 13
112
May 28
142
Jan 16
17% Jan 19
122
29
5%
13% Aug
3
Oct
Jan
120
114
Feb
180% Jan 18
133
Apr
184% Nov
135% Feb 19
129
Feb
136%
110
115% Jan 22
rl 11% June
116
Aug 5
Sept 13
Apr 29
198
Aug 16
156
Apr
185
Aug
150
Apr
163
Jan 11
152
July
166
Mar
27
2
Sept 13
7% Sept
30%Sept
8% Sept
4% Sept
Mar
5
5% July
13
16
Mar 17
2812 Jan
5% Apr
10
45% Feb 11
30% Apr
37% Feb 11
Feb 23
13
16
13
7% Feb 6
26% Jan 14
14%June 14
57
Sept 13
53
17
Sept 11
30% Sept 14
10
Apr
7%
Feb
Jan
25%
Deo
32%
Jan
94%
Dec
Deo
8
29%
Jan
87%
39%
Dec
55%
%
Jan
Jan
1%
Jan
Jan 19
8
Jan 18
51
29
Jan 18
60
Feb 11
1%
22% Nov
105%June 10
115% Jan 19
7% Sept 11
17% Jap 16
63% July
Aug
7% Jan
78% Jan 30
Sept
8
110
6%
29%
69
Feb
116
July
16%
55
Aug
45%
Jan
60
July
81
Feb 19
48
Jan
84% Oct
89% June
par
65
Aug
55
Jan
97
11
3% Sept
100
100
100
23% Mar 17
1484 Sept
35% Mar 17
10% Sept
28%
50
x75%May
Eureka Vacuum Cleaner
5
Evans Products Co
5
Exchange Buffet Corp.Nc par
14% Sept
14% Jan 21
34% Mar 3
Sept
6% Jan 21
134 Sept
Sept
Sept
5% Jan 28
28
Jan 28
80
4% Sept
2
Mar 17
Jan 14
5% Apr
Apr
Apr
34%
Oct
11%
Jan
29
Oct
68
Jan
69
Jan
12
Jan
16
23% July
4%
Jan
2% June
15% Aug
Jan
8% Mar
4% Mar
40%
Apr
27%
84
Jan
101%
37
Aug
*96% 102
5
4%
101
101
*99
102
*99
101
300
100
94% Apr
129
Apr
4%
5
5
5
5%
2%
5%
5%
5%
2%
3
3
Foderai Motor Truck.-No par
Federal Screw Works..No par
Fed era) Water Serv A
Ho par
4% Sept
4% Sept
2% Sept
697b Mar
7% Jan
Bid and asked prices; no sales on this day.
5
4%
584
t In receivership,
a
6,100
3,100
3%
3
6,100
15
39
150
Mar
42
Sept
15
Sept
88
100
.
Def. delivery.
n
■
■
New stock.
*>■ 1
£
—
rCash sale.
71% Jan 15
210% Jan 14
*
Ex-dlv.
70
Jan 11
29% Jan 18
Jan
2
11% Feb 19
11% Feb 25
6
g
Jan 14
Ex-rtghts.
Juue
10% Deo
18% Sept
4
*5%
Deo
par
Mar 11
5
Jan
Feb
Deo
Dec
par
934 Sept
Preferred
Feb
Deo
87
234Sept 13
21% Apr 28
50
17%
5
6%
44% Jan 16
2
June
Dec
40% Nov
15% Nov
47% Nov
7
2
1
12%
92% Jan
par
preferred
Deo
8
86% Feb 10
9% Jan 15
36
Deo
151
103
1,000
Deo
Jan 19
Sept 10
150
730
Jan
8%
18%
130%June 29
5% preferred
-.100
Engineers Public Service
1
35 conv preferred
No
35^£ preferred w w_.No
36 preferred
No
Equitable Office Bidg. .No
Erie Railroad
4% 1st preferred
4% 2d preferred
Sept 10
Sept
2%
Jan
Dec
Nov
%June 25
37
21
66% Jan
5
Jan
June 28
Federal Mln<t Smelt Co.—100
2%
Dec
Aug
16% Sept 11
Sept 10
500
16
15%
2,650
—
43%
Feb
Oct
21%
800
16
43
Feb
11%
18
79
No par
Douglas Aircraft
Aug 4
Aug 10
Jan
89
"
—
Deo
Delaware A Hudson....—100
103
16
45
—
Jan
Dec
100
16
89%
45
«.
Jan
Apr
Dec
52
*88
16
*88
43%
*100
Deo
27
107
89
16
89%
43%
*100
Dec
70% Jan
88% Deo
19% Nov
120
*88
*100
43%
-
2%
Dec
9% Mar
21% Dec
*88
43%
15%
*90
45
Oct
Deo
14% Mar
Jan
35% May
16% June
63%
Deo
5
109
"66%
Delaware Lack A Western..50
Erie A Pitts RR Co
78
16
109% Jan
19%
Apr
*103
*90
2,200
2%
16%
2%
1
20% Feb 11
7% May
28
120
16
45%
<0=
6%
12%
*74%
Mar
43
68% Nov
49% Nov
*103
15%
44
*96% 102
4%
4%
5
4%
2%
2%
2%
2%
*16%
78
11%
17%
12%
16
Jan 11
Dec
Deo
35% Sept
91% Nov
120
16
44%
15
*6%
4
11%
17%
12%
17% Jan 4
14% Jan 12
127
44
Deo
7% Mar
5012
Fairbanks Co
25
8% preferred
100
Fairbanks Morse A Co .No par
6% preferred
100
Fajardo Bug Co of Pr Rico. 20
Federal Light A Traction., 15
2%
15
43
89%
2,000
63
16%
108
9
62
10%
44%
8%
*64%
4
2
20
*59%
10%
6%
9%
25% Apr 13
108«4 Apr 15
81% Mar 3
Aug 16
100
No par
Preferred....
Endicott-Johnson
110
75
4
6%
15%
2%
3%
24%
49%
61
10%
15%
1234
*74%
6
3%
x24%
63
4
15%
2%
2%
3%
25%
1,600
2,000
4,100
4,700
61
*6334
10%
15%
78
1,200
1
*59
4
*75
61
32%
*47
9
3,400
32%
*%
*108
10%
15%
78%
*57
50
16
15
3%
60
4%
110% *107% 110
43%
*95
19,700
4%
18%
15
*88
9
4%
17%
39
44
8,600
14,400
9%
4%
61
*85
*90
85g
34%
18%
*58%
3%
11%
14%
11%
9
2.800
30
29%
8%
33%
8%
4%
*63%
66
3%
934
34%
16%
8%
63%
74
8%
30%
8%
4%
*49%
63
63%
*67
8%
33%
17%
109
9
*57
30%
55%
30%
110%
7%
8%
9
34%
40
60
3%
*45
9
8%
33%
9%
4%
16%
1
109
190
159%
8%
34%
2%
'
5.300
29%
3%
113
3,200
8
3
10
300
9%
32%
8%
1
113
■
10,700
179%
28%
54
*9%
| 200
178
28%
8%
31
*113
9%
2,800
180%
34
1
3%
179
31
56
3%
800
178% 180
31%
9%
4%
16%
32%
%
1%
3%
Nov
15% Mar
43% Jan
46% July
170
tDuluth S S A Atlantic... 100
300
»%
"37%
11% Sept 10
15% Sept 13
99%June 28
900. _Pow Chemical Co
*1%
Mar
Davega Stores Corp.—
Conv 5% pref
Dominion Stores Ltd.-No par
43%
%
"35"
Feb 27
43
1%
Jan 16
62
*6%
42%
*%
*1%
3%
37
28% Jan 15
100% Feb 3
56% Jan 8
6
7%
21
Nov
4
*6%
112
140
Jan 14
Dome Mines Ltd
21
Nov
8% Mar
Doehler Die CastlngCo No par
112
136
Aug 13
86
30
*35%
Jan 28
115
23% Mar
Deere A Co
Apr
121
14
5
25
Dayton Pow & Lt 4^ % Pf-100
46
69% Oct
82% June
Oct
67% Aug 19
41
Sept 14
65
Sept 13
.1
Deo
Aug
4% Sept 11
Sept 13
1
....
Class A
4,100
178
9%
65
Mar
July
Cushman's Sons 7% pref..100
38 preferred
No par
Cutlei^Hammer Inc.—No par
2,500
14% *12%
14% *12%
14% *1212 14%
*116% 120
*116% 120
*116% 120
*116% 120
149
146
150
152% 150% 152%
146% 151
*134
137
134% 134%
*133% 135% *133% 137
*112
Curtiss-Wright
35
*12
9%
3434 Sept 17
7% Sept 8
50
40
21%
3
Cudahy Packing
Curtis Pub Co (The)-.-No par
Preferred
No par
33
43%
3
6%Sept 13
109% July 21
10
Feb
4
44%
4
Sept 11
100
..100
Dec
55% Apr
63% Aug
46
41
6
Cuba RR 6% pref
Cuban-American Sugar
25
87% Jan
24% Mar
158
Jan 11
39%
*36
4
67%
63%
10% Mar 16
3
56% Feb
MarlO
32
17,600
8
Feb 13
1%
71% Jan 15
171% Jan 14
3
*32
7%
77
135
32
42% 44%
113% 115
35% Mar
Sept 13
39%
*21
2%
1,100
28% June
Sept 11
35
22
%
160
1
111
300
18%
11
1
32
43%
%
18
1,700
8,400
49
23
23
110
39%
*37%
1%
175
53
78
*21
1%
178
32%
18
44
*%
113% 113% *112
8
8%
8%
7%
12%
22
1
174
8
Xl2%
17%
*77%
18%
2,900
100
12%
*32
16,200
2,500
60
37
19
8,000
1,000
1,400
9,400
Nov
17
9
_—.100
6% non-cum preferred. .100
Devoe A laynolds A..No par
24%
78
110
Nov
109
Feb
Jan
Jan
Jan
Feb
...No par
......
(The)
19
37
*18%
Preferred
Cuba Co
Jan
4
Jan
Dec
17% June
35% Apr
2% Apr
July 19
109%
69%
25%
42>4
3%
47% Jan 28
1
Sept
15% Sept 13
Sept 13
51
Det A Mackinac Ry Co—100
24%
17%
*77%
18%
300
900
37
19
91
15%
24%
79%
.
111
106
*%
3
12
7%
42%
19
1
%
143
'
22
1
*134
9
8%
174% 176
106
18%
105
*6
*10%
*49%
60
24
*35%
12%
35
105
*88
58
39
22
100
19
30%
45
43%
*10%
*50%
36%
103
1%
19
*77%
22
16%
15%
4%
*35g
105
108
*10
18
58
24%
3%
3%
*105
14%
*9
80
*35
42
3%
105
105
13
8
24%
17%
17%
28
41%
114
24%
12%
17%
103
4%
17%
110
17%
13
♦34%
2,200
1,200
27
12%
17%
79%
18%
34%
17%
10
68
24%
37%
7%
"29%
2
25
30
*
15
114
25
25
18%
60
110
25
37
80
7%
112
*24
5
35 conv pref
No par
Crucible Steel of America.. 100
16,400
*11
12%
12%
18
17%
*15%
102%
102% *101
12%
*15%
24
18
59,600
41
"66%
*101
♦35%
*34
4%
•
68%
400
71
102
37
80
23%
18
41
"68"
4,400
15%
*
102
24
18%
35%
18
8%
4%
*12%
*15%
41%
68%
13%
♦
67
108
111
19
*50%
80
16%
*77%
7%
"67%
15%
71
"l~3o6
8%
4%
15%
4%
15%
7,800
41%June29
Crown Zellerbach Corp
Preferred
35
66
8%
66%
*
71
*34%
12%
30%
434
15%
*_
34%
8%
35%
8%
66%
4%
68
7%
pref w w_.No par
37
110
*90
35%
8%
58
12%
16%
.
4%
15
15%
37
37
13%
17%
;
*35%
8%
♦66%
8%
5,300
320
9
7%
7%
110
*90
1%
9
9
7%
7%
24
*12
28%
35%
67%
12%
9
7%
110
23%
37
*158
♦
19,100
conv
No par
No par
300
115
1%
1%
*1%
26
115
128
*110
1%
*50%
*34
*114
1%
7%
7%
7%
109
11%
3%
3%
105
105%
16
*8%
2%
3%
104% 105%
16
*8%
129
*112
1%
9%
10%
*
19
*50%
24%
10%
16
*
108
24%
23
100
*8
129
12%
16%
16%
100% 100%
112
18%
92%
58%
60
71
"IV
41%
"65"
68%
11%
11%
*14%
*110
1%
109
"35%
8
*66%
4%
14%
6
*
110
18%
92%
x27
26% Mar
Jan
5% Jan 15
25
Deo
Jan
71%
Jan
210%
Feb
61%
Dec
Dec
Deo
Dec
8% Apr
34%
122%
31%
18%
3
21b
92
Dec
Mar
123% Nov
12% Mar
Apr
6
Deo
Jan
6
Oct
1 Called fo rredemption.
New York Stock Record—Continued—Page 5
1860
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
STOCKS
NEW YORK STOCK
EXCHANGE
J If!
Sept. 11
Sept. 14
28
28
88
88
88
33
33%
$ per share
28
28%
28
88
Sept. 15
1
S per share
28
Wednesday
■
Sept. 13
$ per share
Tuesday
$ per share
Monday
1
♦
31
2934
*85%
34%
"28%
29%
♦
39
"28%
28%
28%
8 934
"33"
3484
*
39
"27%
28%
*
"29"
21
42
*38
42
31
*28
31
*28
*28%
39%
20
*15%
3%
3%
97g
8%
3,100
95%
320
37S
9%
19
*90%
*
28*s
28*8
122
*96
53%
9*8
10
*
29%
*
28%
29%
*90
100
100
7
7%
7%
7%
68
*__
7,900
*6%
4,900
20
7%
1,200
68
|*.._.
'
20
3%
37g
4
4
978
9
9%
9%
*29
31%
31
31
20%
*20
96
*92
31
1934
*90%
9%
9%
11
1138
*96
105
56%
54
10%
10%
*
134
....
9%
11%
38
2834
38%
115
*100
29
28%
200
80
20
*15%
130
2,400
10%
10%
5,700
*
134
18%
17%
37
*100
29
100
1,700
*115
120
120
*115
*115
120
121% *115
120
49
48
4838
49
4678
4638
47%
47%
48%
35
35%
35%
34%
35%
35
34%
35%
34%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1*8
50
*39
50
*40
46
*41
50
*42
50
59
5984
*50
59
*56
58%
*53
58%
*53%
58%
m
4434
m
35
♦44
*42
36
38
53
53
3
34
*50%
2%
3%
4
378
*100
3%
100
110
28
29%
75%
32%
28%
75
30%
*69
30
6*8
*77
74
79
2%
7%
2%
14%
2%
738
234
14%
27%
3234
8
2%
27%
31%
17%
3934
2%
14%
27
z32
16%
17*8
37
4034
32
31%
32%
*-..
*
135
...
37
35
37
37
37%
5278
52%
52%
*50%
52%
278
378
3%
3
3
4
100
*95
2978
30%
*67
75
32%
33%
103
IOH4 102
7%
6%
*101% 105
6
-
*74
77
2*8
2%
7*8
8%
2%
4
100
80
77%
2%
2%
8%
7%
2%
7%
9
""234
*100
9*8
31%
30
*32%
10%
33
10*8
27
26
105
*100
33fi
9978 100
10
154
934
100
9
10%
♦
....
10%
"24*8
100
*98*s
*125%
25
136
£130
132
25%
12934
*127% 128
128
128
128
56
56
135
5%
56
10634
*98
*29
33
30%
538
*54%
*98
♦101% 10684
*25
6
56
32%
*29
3034
3034
*100
32
10%
27
34
7%
31
*28%
*32%
10%
*26
2%
34
33
7%
31
30
33
11%
27
3034
8%
31%
*28%
*32%
10%
102
100
34
33
132
129
*87%
.9%
96
10
*87%
3%
3378
129
59
32%
31%
54%
55
*55
98
98
*100
*20
30%
32%
31%
*29
8%
10%
27%
10%
*26%
*105
x3l
100
31%
104
20
20
25%
25%
23
26
2434
25
25
25%
25
25%
*111
....
-
-
*111
500
90
20
35
3,400
132
10
1,300
*55
62
106% *100% 106%
*100
2,600
100
96
32%
m
20
34
*87%
57%!
1,200
mmm mm
*128
96
19%
mmmm
1.200
106
11
19%
*111
8%
*10%
19
104
700
190
10%
105
*100
20
2,300
34
32
3%
*3%
3%
*103% 108
*105% 107%
10%
10%
10%
10%
10%
1038
10%
105
*99% 105
*9978 105
*99% 105
♦
*134
154
154
154
*125% 154
26
27
25%
26% 26% 225"
26%
133
135% 137%
136% 137
135% 137%
128
*127% 133 78 *127% 13378 *127% 133%
578
6
6%
6
578
6%
6%
103
•
20.600
33
10%
m
3,100
30
102
33
*129
2,500
rnmmm
2
1%
32
19
45
Grand
32
*100
4478
Grauby Consul MSA P
*29
20
*32%
5,500
3,500
1.800
*29
32%
mm
mm
m
m
11,400
200
10.000
100
32
70
20
1,700
2.800
3,300
_
6012 Sept 14
25
Sept 13
11U Sept 13
6>£%
preferred
8%
Gulf
preferred
Mobile
6%
10
Watch Co...No pa'
preferred
..100
2% Sept 10
6% cum preferred
Rights
100
S4
Hlnde A
Holland
6%
Holly Sugar Corp.....No par
7% preferred
100
247%
47%
*31
34
19%
218%
19%
7.200
*57
5878
58%
*57
60%
58%
58%
*5678
60%
57%
59%
500
*80
91
8934
86
88
*87
88
88
88
11%
6978
2%
11%
11%
68%
2%
29,000
67
9%
*8
9%
400
12
12%
17.700
Hudson Motor Car
3%
12.000
Hupp Motor Car Corp
17%
19.400
Illinois Central
234
*734
984
734
734
11%
3%
IOS4
12%
1578
17
15%
17%
34
34
30
32
32%
U
3%
♦
52%
"16"
•
10
3%
♦
3%
52%
""9%
10
*50
*9
*258
278
7%
734
778
11%
11%
3%
16%
12%
3%
17%
32%
52%
11
17%
12%
3%
16%
*30
32
32
12%
3%
18%
33%
50
50
50
*9%
11%
*10
3%
Bid and asked prices, no sales on tbis day.
*8
2%
3%
17
Homestake Mining
Jan 25
437g Feb 11
24
Aug 30
207s Feb 1
88'8 Feb 23
61 '2
47*8 Mar 11
Household Fin
com
Hudson A
Nov
105
Jau
3%
32%
110
Apr
Apr
106
Jan
2
Apr
26% May
Apr
32% Apr
33%
17
July
30% July
48%
Deo
71
Deo
89
Deo
31*4 Dec
44% Nov
79% "Oct
27% Nov
Oct
92
37% Dec
52% Seut
65%
Jan
56
Deo
6>4
84
37S
Jan
6% Nov
116
Feb
Jau
Sept
8%
7%
10%
118
35%
Got
Dee
317®
Apr
105%
Deo
14%
Deo
96% July
434 Feb
9
2
June
Jan 12
1% July
6*8 Jau 22
48is Feb
8
47*8
Jan
6
Apr
16
Apr
24% Aug
28% Jau
28i2 Mar
8
16
3%
Jan
Jau
4%
Feb
Mar
Jan
x25* Nov
11 >4
6%
44
Dec
52% Nov
22% Oct
46%
42%
Oct
2
31
Jan
145% Mar 2
64U Mar 10
136
Jau
149% Aug
3912 Mar 10
50% Mar
22
Apr
39% Nov
16% Feb
14»4
17% Nov
42% Jan
8
Deo
65
Deo
Oct
434 Jan 11
6
1% July
24
4>4
Deo
66
Deo
1984
Mar
Jau
9
17% Mar
6
9%
69>2 Mar
3434 Feb
6
30%
Jan
62%
8
30
Jan
34%
Dec
36
7
33
Juue
37
Aug
Jan
20*8 Feb 10
6
July
Jau
Jau
15%
Deo
31
Feb 16
14
Jau
108
Feb 18
xl04
Deo
125% Nov
100
June
105% Mar
105
Jan 22
68% Mar
6
30%
Jau
Feb 26
120
Jau
Jan 11
12
Jau
107
Feb 26
104
Nov
8
Jau 14
I7«4
11712 Aug 13
15% Jan 25
32
Oct
55
135%
Nov
Dec
Deo
18% Nov
115
Jan
Ayr
9
Mar
99>« Dec
12*8 Aug
133
Mar
4%
21%
Jan
126
Feb
9
117
May
141
Jan
166
Jan
6
150% July
25% Apr
165
Deo
39*8 Feb 11
41
Got
3
84
Jan
150
Deo
126
Aug
135
Apr
Mav 22
64i4Sept 15
98
Sept 15
111
32% July 13
37
3012 Sept 11
10i>2 July
I
1812Sept 10
23
Sept 13
110
Aug
6
Feb
67»4 Jan 21
Jau 19
Juue
687s Sept
102
Sept
80
Jan
119
Feb
4
52«4
Feb
120'2
Jan
108
Juue
30s4 Mar
9
Jau
19%
Jan
30%
43% Jan
Jan
4984
124
3334
427g
108
11434 Mar
Feb
115
407
Dec
544
41
5
397a Juue
44%
277a Feb 11
22% July
33
stk.No par
573k Mar 25
73
Jan 11
5434 June
Sept 14
Sept 10
94
Deo
Doe
Oct
Dec
Oct
Feb
Mar 20
par
86
100
v t
10
C..25
5
Jan
1712 Jan 22
4
90i2 Mar 10
100
2% Sept 11
67s Jau 21
100
6%July
62*4
Jan
I
1034Sept 13
No par
3
1
May 11
I57s Jan 21
23 U Feb 17
30
50
51
51
110
50
72
11
10
Leased lines 4%
RR f*er ctfs ser1»*i
...100
100
4
QN Spnt
1000
sun*,
Sept 15
x
Ex-div.
1 3
y
6%
Jan
48% Jan
3% Juue
8% Apr
13% May
Feb
Mar
x78% Nov
137g
Deo
65
Deo
57g
Jan
17%
Feb
22*8 Nov
414 Aug 17
15'aSept 13
Sept 13
38
6% preferred series A...100
r
Fob
Feb
86% Nov
50i2June 29
Manhattan
<iocx
Jan
Nov
Deo
Jau
32%
90
Apr
21*8 July
iiOO
77
66*4May 20
Feb
Deo
118% Mar
478 Deo
Jan
70
5
1
June
June
Aug
*13%
Jan
2734 Feb
6%
67
17% Sept 13
6% preferred
Now
584
Jau
4434 Sept 10
Sept 13
5% preferred
n
77
123% Nov
59% Deo
1584 Deo
Jan
I8*s
31
Houston Oil of Texas
1,500
Jan
Aug
135i2 Feb 2
6% Sept 15
12.60
Class B
Howe Sound Co..
350
Jau
Jau
Oct
123
No par
Houdallle-Hershey cl A.No
6.000
deuvr-ry
Mar II
13% Jan 18
800
10
Feb 17
141
35
a
Jan 28
8% Feb 19
116
*30
} In roeeivorsnip.
537g
118
Feb
185
No par
preferred..No par
Sons (A)..
6
33%
2%
May
23'4Sept 11
No par
Furance
conv
Oct
70%
12984 Sept 14
preierred...No par
Dauche Paper Co. 10
Hollander A
16
4%
71
125
conv
48%
2%
7%
11%
3%
163S
140
514 Sept 13
Hershey Chocolate
19
2%
9% Sept 11
96:<8 Aug 25
25
100
48
700
9
9978 Sept 13
Hecker Prod Corp v t o.No par
Helme (G W)
*31%
11%
June
2
19%
67%
8
25
Hazel-Atlus Glass Co
32
11%
3334
Aug II
48%
71%
103
100
w
32
11
6
90
6>$% preferred w
Hayes Body Corp..
47%
69
Jan
9
19
*87
88
140
19%
11%
7
4
Apr 13
Sept 10
32
72
Jan
Sept 11
47
10%
4
70% Feb
May 14
46%
7078
4878
32
32
11
Feb
H7i2 Jan 22
534 Jan 20
98
1834
72%
234
538 Jan 13
65 >s
128
19%
58%
10
Jan 19
Jan
Jau
July
Mar 20
6% preferred
100
Hat Corp of America cl A....1
33%
65%
2%
19
110
Hauna (M A) Co $5 pf.Nv par
Harbison-Walk Refrac.No par
46%
*S4%
Sept
June29
26«2 Apr 17
9% Sept 8
25% Apr 2
25
Hall Printing
Hamilton
31
1034
707g
234
70 »2 Feb 11
78
14
58
Dec
1U2 Mar 18
30
.......100
Water........25
7% preferred class A
45%
10
1
59
27
«% preferred
Hackensack
17%
900
Feb
l%Sept 11
S.pt17
6
Sept 13
32
..100
Northern.. 100
A
140
Jan 18
9i2Sept 10
10
Guantanamo Sugar....No par
18%
"4.300
July 21
1
L) Co Inc
(H
No par
.
Sept 14
132
Green Bay A West RR Co. 100
No par
102
*111
x31
Greyhound Corp (The).No par
Green
Motors
.
Sept 13
16% Sept 13
37
Sept 13
100
Powder
31
25%
Preferred
35
68
4
26
x32
Hercules
100
3J4
64% Jan 29
6578 Jan 18
15
No par
Hercules
400
Nov
96
.No par
T)
18
86
4
Jau
Sept 11
l4i2Sept 11
>8 Sept 16
pref series...No par
conv
2,400
*100
19%
25%
$3
"2"206
31,000
Deo
44
6% Jan
4
2
Sept 14
6
Union Co tr ctfs—..I
Preferred
40
55
Sept 13
2% Sept 13
1
Motors
2%
*32%
105
........
Graham Palee
8
33
27
Jan
74
30
32%
105
33
96
834
105
132
*9%
35
*100
105%
9%
2%|
27
105% *105
100
2%
1834
*111
......100
17
2%
19
♦111
70
8%
18%
101% 102
83
17%
16%
17%
17%
41
44
41
40%
43%
32%
31%
31%
31%
31%
135
*133% 135
*133% 135
56
56
56
*50%
*50%
26%
26%
26%
26%
26%
1278
12%
12%
13%
13%
10
*9%
*9%
97S
9%
4
3%
3%
*100% 108
*10278 108
154
♦_
25
32%
*129
9%
96
"2%
3%
*987S 100
~23%
7
*28
108
*-
42
*31
96
*74
Great Northern pref
100
Great Western Sugar. .No par
33
9
6
30.100
33
*105% 105%
27^4
100
48.600
12834 Nov
59% June
13*8
Gotham Silk Hose.....No pa-
2%
Jan
Dec
74
Goodyear TlreA Rubb.No par
$5 conv preferred
No par
2%
Deo
Jan
49
50i2 Mar 11
5,800
2%
60*8
17
70%
87*4 Mar 11
2,000
Preferred..
Jan
Deo
Sept 10
7
53.400
H84
28
Aug 25
7
32%
33%
105% 105%
Oct
Jau
6884 Sept 15
No par
Oct
7
28
F)-..-No par
-
39%
30
♦
6% preferred
40%
30
9%
Goodrich Co (B
155
Apr
5>4
100
Gt Nor Iron Ore Prop. No par
*32
32
♦
800
9,200
*28
102
20.300
75
1778
33%
132
30%
1
Nov
152
678 Feb 25
Gold & Stock Telegraph Co 100
Deo
20
Jan
68>8 Jan 18
Brewing Co
141
76
Jan
10s4
104%
Apr
Apr
Feb
2i2Sept 13
3% Sept 8
Go eh el
14*8 Nov
Jau
42%
Apr
50?8 Aug 27
......
Nov
333s
1
preferred
conv
17%
30
32
29%
*71
8
97
30
105% Aug
177g Nov
34%
9
60
4H%
39
42
*129
20
Sept
Deo
8% May
44% Feb
Gliddeu Co (The)....-No par
Gobel (Adolf)
17%
1%
*100
8.200
Jan 13
Nov
15%
647s Jan 21
9
Grant (W
*9%
32
13,000
4
100
152
90 >4 Mar
...No par
Granite City Steel
1%
102
3%
4
*95
4
62% Jau 23
9
1.300
9%
132
200
Mar
65
126% Mar 31
29 % Mar
No par
Brothers
2,500
is4
*26%
6%
32
4,600
70
4
14'4 Sept 8
75
Sept 10
34
Sept 13
Glmbel
$6 preferred
'
52
3%
Razor..No par
preferred...No par
conv
34
934
*129
11,400
$5
Sept 17
Sept 13
183s Sept 10
12
Sept 13
Tire & Runber Co.. 6
General
100
27
1%
*100
19% Sept 13
33
Aug i2
34
934
934
Gen Theat Equip Corp. No par
*26
1%
26
3,000
15
934
-
38
35
1%
«*
Gen Steel Cast S6 pref. No par
27%
9%
•»
700
15
1%
10%
36
Juue28
2 % Sept 10
2312 Sept 13
Corp. No par
Feb 11
32% Mar
1
40
Instru
14
4
15>4 Feb
General Refractories—No par
Gen Time
Feb
2
800
100
153
9
3,500
14.400
5
60>2 Jan
104
11% May
100
9
86% Feb 17
19% Jan 14
122* Feb
6% preferred..
100
Gen Realty & Utilities......I
16 preferred
No par
.
15i2Mar
Jan
105U
I
17aSept 8
27% Sept 11
No par
1
July
June 21
Railway Signal...No par
Jan 16
19i2 Feb
124
106
33
9%
26
80
Gen
33
106% Jan 28
May
1
Sept 13
*14
26%
26%
12%
-
3,900
Sept 8
Aug 26
1
8
7% Aug
x39%Juue 21
11
Sept 8
..No par
15%
27%
*50%
26
4,700
16
13
Sept 13
Sept 11
Sept 17
Ink
Jan
153s July 19
I'zMay 19
Sept 8
.....No par
Common
General Printing
73
13
5812 Sept 17
40
34
13%
Feb
8'2Sept
31
Sept
19
Sept
9312 Sept
113
15%
27%
50%
Deo
10
33%
231
32
31%
*133% 135
*133%
78
63%
Jau
117
33%
26%
♦105%
2%
8
Jan
Apr
No par
$6 preferred
Gen Public Service
10
Apr
334
Gen outdoor Adv A...No par
Motors Corp
Oct
Feb
Nov xl36
108
47%
100
$5 preferred.
Feb
3D2
48
General
23% July
9734
35*8
4
46
pref series A.No par
preferred
127
8
8
4484 Sept 12
34i2Sept 9
General Mills—......No par
6%
Jan 13
Mar 25
July
3
122
Foods
conv
9534 July
63
7i2 Mar
100
....No par
Gen'l Gas A Elec A....No pa•
16
3214
9
481s Jan
28
No par
Klectrlo
Jan
Sept 14
16 >8 Sept 13
37
Sept 17
105
Sept 11
100
preferred
7%
Deo
Sept
No par
27%
12
31%
3%.
4%
100
32%
33%
*106% 107%
678
6%
2%
7%
2%
117
10% Sept 13
Aug 2
6112 Sept 13
9% Sept 10
130
Sept 2
5
Sept 10
No par
A
Gillette Safety
79%
36%
*74
83
98
No par
7% cum preferred..
Deo
45%
183s Jan 12
9
9
preferred
.No par
Transportation..... 5
General Baking.
.......6
9,900
*72%
*50%
.10
16
6,600
79%
37%
1
Gen Amer Investors..-No par
Class
48%
Apr
284 Sept 10
Gen Am
General Cigar Inc
Jan 14
June
17
-No par
Gar Wood Industries Inc
3
Cable
135
1134 Mar
30
...No pa'
15%
50%
26%
33%
10%
2%
2,600
2,700
74
*72%
*37%
*50%
T
.......
11
24%May 14
Sept 11
1
32%
1738
12%
31%
*27%
77%
800
16%
52
preferred
|3
14
June
105
No par
$6 2d preferred..
7%
*2%
*15%
5034
2634
6~
7
conv
12%
12%
16%
4
preferred—No par
No par
pf 100
Free port Sulphur Co...
10
6% conv preferred
.100
Fuller (G A) prior pref-No pa*
17
19%
19%
*66
17%
3%
65
26
10
.
2%
15%
2
11%
7
33%
600
31
17
*95
104
6%
*30
74
72
25
7
20
12%
*65%
21
31
32%
52,500
25%
41%
41%
21%
21%
29%
20%
12%
m'
40
2%
25%
41
x29%
104
(
"2%
42
x72
12%
44
rr21%
29%
Francisco Sugar Co
Foster Wheeler
General
40
40
73
26%
♦35
40
24%
General
103
42
31%
7
*
2%
26%
6&%
33%
40
103
30
105
120
m
800
9%
*9%
9%
9%
214
14
14%
14%
*106% 108% *105% 108
234
2%
2%
2%
30
31
30%
31%
75
II84
♦
40
3078
26
*50%
4%
100
120
m
12,900
>
2%
*24%
41%
54i2 Feb
27
<
1534
2/34
32%
18%
42*s
32%
135
"56%
62
638
4
110
3%
120
m
mmmmm•
50%
52%
50%
51%
*116% 117% *116% 117%
*
32
11
5,700
59
1
40
13
16
37i29ept
9512 Sept
Sept
96
Sept
6% Sept
100
4Yi% conv pref
84,300
50
58%
mm
700
116%
28%
28%
*115
47%
35%
*118
Deo
Deo
General
37
40
115
29
120 T
120 '
120
121% r 118% 118% '*118
48
52
50
50
5138
51%
485S 50%
117
117
117
117
117
11734 *116
117%
40
40
40
40
40
40
*37% 42
8
9
9
8%
9%
9%
8%
9%
1434
*13%
14%
14%
14%
14%
14%
14%
♦108%
108% 108% *106% 108%
*108%
2
2%
2%
23S
2%
2%
234
*2%
29
30
3U78
30% 3034
31%
27% 2978
*
*
♦
103
103
103
104%
2%
"2%
2%
"2l"2
2%
2%
""2%
"~2%
24
25
*23
26
27
23% 2434
*25%
42
42
43
41
42%
4334
41% 4134
44
41
43
43
38
38
40
40%
22
21
1938
2138
22%
21%
20% 21
*25
*25
30
29%
29% *26
29% *26
20
18%
19%
20%
18%
19% 20
19%
12
1234
12%
12%
1278
12%
12%
12%
*65
74
71
71
70
70
*65%
*65%
16
15%
15-%
17%
17%
16%
17%
16%
*73
78
77
80
*73%
*72%
79%
*72%
5634
4,300
6
17
m
Nov
68% Nov
42% Deo
34%
J8 1st preferred.....No par
General Bronze
6
mmm
Apr
40
30% Sept
40% Sept
Deo
Dec
4,000
134
""e"
6
46%
.
m
-
10%
34%
'118
•
3,600
10534
378 Aug
Gannet Co conv $6 pf
mm
Feb
45
Game well Co (The)
m,
100%
25% Mar
120
56
36%
978 Feb
58
Apr
98
Sept
200
105
4934 Nov
Jan
Jan
6812 Feb
630
10%
Apr
20<4
39i2 Mar
96
*96
38
z247g
Aug 23
34
*37
28%
4614 Feb
115% Nov
2% Sept 10
20
54%
18%
Sept 13
9
46% Nov
Dec
20%
40
20
11
I07i2 Feb
52U Mar
share
per
Jan
105
31
*92
56%
3934 Feb 19
413s Mar 11
20
t Follansbee Brothers..No par
Food Machinery Corp
100
96
2.800
4
No par
Florence Stove Co
23
9%
10%
4384 Mar
108?8 Mar 9
45% Jan 18
Highest
share $
per
Florshelra Shoe class A. No par
Galr Co Inc (Robert)
9%
$
share
37
Gabriel Co (The) cl A ..No par
978
per
Sept 10
Sept 11
6,700
*100
115
101 igJui-e 30
3,400
105
"~6~
6% preferred series A—100
First National Stores. .No par
Fllntkote Co (The)
No par
9%
10%
19%
38%
27% Sept 11
4%
11
*
39% Apr 23
9%
*30%
55
10%
134
No par
Rubber... 10
Firestone Tire &
4
4%
9%
*96
56%
6
18%
38%
20
978
105
6
19
*95
30
19%
96
18
6,000
%
shaie
F'k'n Simon & Co lnc7%
27%
29%
*90
100
7%
68
18%
17
17%
1878
38%
115
28*8
*90
96%
"5%
5%
16%
37%
*95
11
11%
55
134
3834
9%
105
"5"
105
*27
9*8
1C%
28%
68
96
5%
1734
1784
*3558
♦115
3%
43%
95%
32
9%
6
105
*42%
96
17
3%
51%
938
»
44
20
*96
-
96
19
•
-
44
96
11
-
96%
32
105
W«.
43
96
9%
200
31
3%
378
"26"
26%
*25% 26
"26% 26%
26%
26%
10634 106% *106% 110 1*106% 110 1*106% 110
1
1
32
32
*28
35
30% 32 1 *30% 35
10
9
3%
1,700
14,100
96%
20
34
1
41
7%
20
3%
9
3%
3%
39
23%
96
96
26
*15
2278
41%
*
68
~24%
*38%
23%
29
7
26
38%
22%
3%
38%
96
....
38
22%
600
28
28*8
*
106%
•
29578
98
6%
134
102
Fidel
per
1936
Louresi
Highest
2712 SePt 16
88
Sept 11
31
Sept 13
Stores-No par
preferred
—10o
Ptien Fire Ins N Y..2.50
ty<%
Ftlene's (Wm) Sous Co
5,500
S
Federated Dept
300
37
*38
106% 106%
*28% 40
♦130
5,000
29%
*27%
26%
97
9%
102
33%
29
♦
35
29%
43
#
68
54
33%
|
1,700
35
37%
97%
2634
11
34
28%
27%
89%
3
98
52
33
*20
102
27%
*80
89%
*27%
38
*96
35
27%
*38
38
*31%
*19%
93%
9%
*75
Par
Year
Share Lots
Lowest
Shares
per share
278
40%
*97%
„
27%
89%
| $
32%
40
*27%
2*8
2*8
25
per share
40
40
105
| $
On Basis of 100
Week
*21%
35
*60
Sept. 17
22%
40
~~6%
Sept. 16
101% 102
38%
38%
21%
23%
^2
*35%
*27%
2%
*_
1
20*8
21%
26
the
29%
102
102%
101% 101% *101% 102% *102
37
38%
38%
37%
37%
37%
Friday
38
33%
♦
36
Thursday
■
1937
Range tor Previous
Ranot Sine* Jan. 1
Sales
fflT
LOW
Saturday
Sept. 18,
Mar
17
18%
Apr
67>2 Mar 11
30
June
Jan 20
58
Jan
2Ri» M»' 11
Ex-rights,
II
May
29% Oct
54% 8ept
73% Oct
20
Oot
II Called tor redemption.
Volume
AND
LOW
Monday
Sept. 11
Sept. 13
Wednesday
Sept. 15
Tuesday
Sept. 14
*45g
5%
41
41
*
|
938
*116
120
119
119
138
*132
138
138
138
230
100
100
100
3,600
99
2212
4%
578
21%
4%
514
*35%
40
1734
4
35
35
139
139
143
4712
25
4278
4278
9%
*634
10%
10%
8
10%
9%
734
10%
9%
10
734,
10%;
57%^
56%
56%
57%,
135%
13534 13534 *133
14%
14%
15%
14%
10%
10%
10
10%
5
5%
5%
5%
81%
84 34
81% 86
534
5%
*5
578
4%
434
47
2038
20%
91%
9134
90
91
1734
*14
*89
14
14
24U
|*117
112
9812 104
124
121
10712
12H2
•
*117
|
*123
125
*14
*25%
25%
125
*117
62% 62%
104% 106 |
113
113
14
25%
2412
125
63
63
64%'
1934
I
114% 11434
60%
2634
125
62%
10434 106%
8%
*25%
*117
*62%
105
*122
125
125
113
114% *113
1734
2634
125
65%
107%
125
118
27%
27%
*27%
120% *11734 120% *1178! 120%
120% *118
*119% 120% *118
11%
12%
12
12
12%
13
11%
10
12%
11%
22
22\
22
22
2134
2134
20
21
21
20%
25%
25%
26
26
26
*25% 26
2534
26%
26%
*18%
19
18%
18%
18%
20
18%
18%
*18
18%
28
28
28
*26%
*92% 100
*80
100
*90
12
11
13
13
11
8%
*102%
55%
12%
32
3%
2934
9%
8%
*102% 106
106
57%
5234
66%
12%
11%
12%
31
32%
32%
3%
3%
334
9%
30
28
*26%
100
*90
28
100
100
14%
14
1434
11
11
12
334
30
35
19%
13
13%
35
*32
3%
3%
30%
*30
13%
*13
35
*32
35
3%
45
18%
19%
19
20%
20%
*6%
2034
20%
21
20%
20%
2034
22%
20%
21
7%
*6%
7
6%
6%
7%
*29
29%
7%
29%
334
*34
4
45
1834
*
*30
24%
21
21%
21
2134
1,410
5,300
978
300
*30
*8%
3078
297g
30
19%
19%
19%
15
16
*23%
1834
15
15
*15
17
*15%
17
30
*21
24
*23
30
*20%
29%
*23%
3434
18
18%
3:1734
18%
12
*10
12
*10
19
19
19
19
19%
ISO
23%
14
1834
45
600
1,400
18%
*23%
17%
30
98% Sept 13
Kansas
100
Stores.S12.50
preferred
4%
Kelsey Hayes Wheel couv
Class B
May 25
No par
51
Apr 29
Kennecott Copper..
Keystone Steel A W
Co No par
No par
1
58 preferred
..No par
55 prior preferred....No par
Kresge (8 8) Co
10
Kresge Fept Stores
No par
8% puferred
100
Kress (S H) A Co..
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
KImberly Clark
Kluney (G
R) Co
100
preferred
1234
1234
500
37%
37%
2,200
61%
61%
7,300
Llbbey Owens Ford Gl.No par
10
11
10%
11%
11%
11%
Llbby McNeill A
25%
25%
25%
25%
2534
12%
26%
6,700
26%
11%
26%
95%
95%
1,200
Life
934
10%
26%
96
*94
26
*91%
95
95
95
95
95
*157% 165
*157% 164
20
20
20%
*20
*93
9434
96
*93%
9534
95%
158
*157% 161
20
*19%
95
9534
158
*93
95%
2678
8
3,900
36
11,600
95
95
95
95%
*159% 160% *159% 162%
20
20
*19%
20
4134
39%
43
41
43
42%
44
42%
44
54
50%
21%
53
5134
5134
52
52
*51%
59
*1978
22%
Lambert Co
Lee Rubber A Tire
100
100
200
45
52
52%
900
23%
24%
76
74
75%
7611
74% 77
72
7634
74%
74%
72%
*105% 10584 *105% 10534
*105% 10534 *105% 10534 *105% 10534 *105% 10534
5.000
22%
22
1%
407s
4%
*28%
1%
1%
3934
1%
41%
42%
4
4%
29
106
*105
23%
75%
28%
*105
5%
28%
106
21s4
1%
41
4%
28
*105
24
23%
1%
41%
1%
4234
5%
28%
106
19
19
75
70
74
71
265s
29
27
20
20%
20% xl9%
135
137% 2134
19
18%
18%
185s
75
4%
28
*105
20
20
20%
26%
28
*31
32
*31
35%
38%
31%
*31
40
5%
28%
106
20%
411*
5
5
4
*2734
*105
20%
135
19
*18%
70%
72
*72
2834
29%
19
71%
30%
*31
32
*10%
11
10%
10%
11
12
39%
3%
*2%
40
39%
40
41
42
10%
44
1%
4378
32
2934
*31
28%
106
1%
42%
478
*2734
*105
1%
44%
5
28%
4
*4%
4
*3
5
11%
11
13
3%
3%
*3
6%
11
10%
*11%
*39%
*4%
5%
*3
11%
12%
42
5%
800
1,000
28%
4,900
32
20
3,400
11,300
12
123.!
900
Madison Square
Gard..No par
38
900
Magma Copper
10
4%
4%
5
*3%
5
*3%
11%
11%
11%
1134
15
*10
15
*10
15
*10
13
*10
12
*10
12
*10
12
20
16
1634
*16%
20
*16
18%
*16
18%
*16
18%
734
8
i"050
15
*10
17
17
3
2%
2%
8%
8
8%
9
1%
1
1%
*13
2%
40
*5%
14
14
*
2%
"39"
20%
19
16
15%
5%
5
11
14
13%
6 *1%
.*33
,
19%
iL 153s
} 40%
41
30
30
*155
167
1%
5
39
29%
155
40
21%
17%
5%
41%
30%
155
8%
*33%
*30
52%
63g
54%
34%
33
44%
52%
*30
33%
44%
55
8%
2%
8%
*1%
*5%
7
*4
17
102% 102% *100
7
1%
*36
1984
16%
17
17
8
8%
8%
17
*16%
1634
3%
2%
2%
3%
9
8%
9%
1%
*1%
9
1%
16
3%
834
*1%
1%
*1%
7
*5%
11
*5%
11
12%
12%
12
12%
2%
*13
40
*32
14
*2
1%
2%
*134
*35
38
21%
17%
38
2034
17%
684
40
22
21%
22
1734
17%
5%
17%
5%
6
39%
2934
41
40
30%
30%
5%
40%
30%
*155
157
*155
157
53
53
54
54
6%
*29%
7
7
34%
*29%
*30
44%
*30
102%
*97
102% *100
3%
*9
7%
36
44%
102%
*5%
*1%
21%
16%
4%
4034
5%
4134
41
30
3019
303s
*155
*53%
157
54%
*7%
8
*2978
36
*30
44%
*97
102%
50
1,900
8%
100
....100
Pref ctfs of deposit
100
Mandei Bros
No par
Preferred
J Manhattan Ry
Manhattan
Maracalbo OH
8,300
Marine
1%
260
2%
"""166
10
39
500
22
9.500
16%
12,300
5%
3.600
41%
30-%
5,200
5,700
Bid and asked prices; no sales on
this day.
Dec
19% Jan 14
17%
Dec
4
69% Mar 10
87
Feb
28%
Jan
109% Feb
20% Mar
8
Dec
126%
Dec
133
Dec
9% Mar 30
2934 Sept 11
18
Sept 10
Sept 10
20
6% Sept 14
May 11
105
29% Sept
18
7
Feb 30
71
35% July
2
15% Jan 16
Jan 13
8
9% Sept 13
24
Jan
4
8ept10
160
Jan
6
9% Sept 13
l%Sept
8
12
Feb
Jan 18
9
Jan 16
15% Mar
29
Aug
113% Feb
Apr
94% Apr
8% Jan
Oct
Feb
9% Apr
Oct
89
May
12
Jan
38% May
47% Jan
May
4
97
Mar
5
Jan
23%
Feb
Apr
Sept 14
Aug
2
Jan
87% Aug 11
Jan 23
110
3% Feb
AU4%
1034 Jan 26
35%
3%
8
jt3834
43% Jan
110
May 12
Feb
107
3%
Feb
Deo
Oct
45
Jan
May
113
Sept
21% Apr
140
Dec
20
May
30%
Jan
102%
8
4134 Mar 11
4
36
26% Sept
30%May
7
127% Aug 10
33
37
Sept 13
Sept 10
'%6 Sept
1
10%Juue 14
38
Sept 17
3% Sept 11
4%May 14
99
Mar 17
Feb 11
57%
Jan
134% Nov
132% Feb
9
127%
62% Mar
58% Mar
8
8
27-%
Jan
49%
40%
Apr
65% Nov
1% Aug 12
15% Jan 2U
63
Mar 10
7% Jan 12
7
30
Jan 11
Oct
8%
Jan
15%
34%
1%
Jan
67
Nov
Jan
9
Dec
7%
Jan
35%
Deo
Mar 30
10% Sept 13
Jan
29% Jan 30
1
Oct
42
Oct
Sept 17
No par
MasonlteCorp
—No par
Mathleson Alkali Wks.No par
Oct
33
Dec
Co
Jan
Feb
32
Martin-Parry Corp
Jan
35
Jan 14
Martin (Glenn L)
151
22% July
16% Jan 20:
Co...No pa'
26%
2834 Jan 13
July
39
Marlln-Rockwell Corp
8% Mar
18!% Sept 13
70
Sept 13
28% Feb
6%J line IS1
preferred
108% July
61%
Jan
15%Juue14
prior
Deo
Deo
Jan
100]
100
100
100
100
1
55
67%
Apr
21
75% Mar 11
7% guar. 100
-25
Exploration.. 1
63% Nov
26% July 26
8
14734 Jan 20
127
Jan
Apr
43
28
Jan
19
July
*19%Sept 14
Nov
Dec
257s
105
31%
115
170%
36
Sept 13
13
Oct
63
4
Nov
80% Nov
160
83% Feb 15
3984 Sept 13
65
116%
50% Sept 13
21% Sept 13
4
12334 Nov
2134 Nov
9734 Mar
39% Sept 10
Aug 14
Nov
19
25
Jan 13
45% Nov
180
4
May
175
Feb
18% Nov
I884 Dec
22
7
Jan 28
2634
July
2
2
5
114
23%May
Jan
July
15%
51% Feb
24% Mar 17
334
June
7%
1734 Mar
27% Mar 11
203
74%
15% July
Mar
24
79
Jan
18% Nov
Jan
41% Jan 14
58% Jan
64%
32% Nov
Jan
Sept 11
28
20% Apr
4% Apr
50% July
Sept 13
il 884 May
Jan
Nov
337s
56
May 20
61
20% Apr
35
94%June 14
151
May 20
Apr
30
32
18% Jan 18
93
Deo
7%
Dec
43%June 10
21% Feb 11
8
25% Sept 14
46%
Nov
Sept 13
938 Sept
Jan
378 May
28
32% Sept 11
1234Sept 16
6
Oct
18%
19% June
Jan 14
17
24%
51
27%
17% Sept
Oct
63% Nov
3534 Aug
8
Sept 10
Jan
47% Jan 23
Jan 14
23
Jan
24%
107
135
24%
Sept
Feb
Nov
28%
Feb
147
June 14
15
36% Nov
33%
110
6
29% Jan
Dec
Apr
Apr
48% Aug
50%
1734 June
June
16
Apr
2% Sept 13
634 Feb 17
8% Sept 13
14% Feb 13
1
Sept 10
3% Mar 29
7
Sept
12
8
20
Jan 21
Sept 16
39
Jan 20
l%Sept 14
38
Sept 15
6% Mar 27
5is4 Mar
Deo
6
4
4
30% Mar Iu
15% Sept 11
12% Dec]
17% May
2% Jan
8% Apr
1% Jan
6% July
1834 Jan
2% July
41
11%
May
Jan
18
57%
Nov
Jan
23% Feb
2434 Deo
634 Mar
1234 Aug
3% Mar
23
Nov
45
Nov
7%
Deo
56% Nov
25% Nov
29% Apr 30
18%
Jan
4% Sept 17
Sept 13
13% Jan 10
6% Apr
39
74
Feb
4134
Jan
8
*27%
Apr
Jan 25
1537s
Jan
"l2"
Mar
5
29% Sept 13
42% Nov
163
Deo
53%
54%
1,300
May
51 %June
2
66% Mar 11
43% May
70
Nov
7%
7%
1,500
Maytag Co.
15% Jan 11
13% Apr
21%
30%
30%
300
6% Sept 13
30% Sept 17
35
June 3
*155
*30
*97
157
10
44%
102%
l"6
preferred
100
Department Stores... 10
No par
53 preferred w w
No par
53 preferred ex-warr. No par
56 1st cum pref
...No par
7%
d Change of name
*
19%
23% Feb 11
7
Midland Corp......5
Marhsall Field A
Jan
16% Jan 11
preferred
6% 2d preferred
6%
80
Jan 14
110
Jan
21 %
Market Street Ry—
6%
7
Dec
10% Sept 10
Sept 2
Shirt
1,600
3,900
Jan
23%
12
Modified 5% guar
16%
3%
8%
14
-.100
t Manatl Sugar
Certificates of deposit...
5
11%
*10
17%
...
38
13%
284
100
-10
7 %
preferred
100
Louisville Gas A El A.-No par
Louisville A Nashville
100
Ludlum Steel
1
MacAndrews A Forbes
10
6% preferred
No par
Mack Trucks Inc..
No par
Macy (R H) Co Inc
No pa*
Rights
No par
17
27% Jan 18
4634 Apr 14
July 28
preferred
44% Jan 16
Mar 5
19%
35
Sept 10
June 22
Lorlllard (P) Co
6
33g Sept 11
30
1
5
700
1178Sept 13
No par xl05
12%
15
*734
.........No par
40
*10
8
Inc
I no
Loft
5
12%
*10
7%
Liquid Carbonic Corp .No par
*38
12
8
.No par
Link Belt Co
5%
75
15
17
k
7,500
1,510
*70%
*1634
-
10,500
77
*9
7
Preferred
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
No par
Lone Star Cement Corp No pa'
Long Beli Lumber A.,.No par
Loose Wiles
Biscuit
25
300
*31
.......-25
100
56.50 preferred..
"7/200
32
Tobacco..25
Loew s
20%
28
Liggett A Myers
Series
B
12,300
13534 13534
*18%
1934
2978
Llbby No par
Savers Corp
5
28,100
106
*10
I
6,800
20%
20%
135'%
20
127% 127% *127% 130% *127% 130% *127% 130% *127% 130%
X34»4
35%
35%
35%
34
35%
3434
33
35%
36%
40
40l.|
39%
39%
40
3934 40%
39% 40%
37%
127% 127%
35%
1%
13534 13534
137
138
138
24
x22
2338
(The)
Lane Bryant
2,500
44
4034
*51%
June 28
18% Sept 10
101
61
10
Sept 13
25
8% Sept 13
1
38
26%
20
Kendall Co 56 pt pf A .No per
1234
6.400
Feb
Sept
93% Nov
152
26
59
734
35
1%
lb'ioo
12134
126
121
37%
8
1034
2
Jan
May
Jan
14
36%
8
36
1%
3,200
170
88
Nov
37%
59%
*12%
8%
38%
10%
58%
8
13
58
37
1%
24
*110
5
116
59
734
1%
11
4
Jan
Apr
2234
31% Nov
Mar 17
57%
1%
7%
25%
170
Apr
113
Aug
87% Jan
Oct
107
Mar 17
35
1%
10%
134
978
Jan
29
13
9%
24%
*110
Jan
15
24% Aug
121
5834
1034
10%
25%
170
100
2.500
82
19% Feb
37% Nov
115% Apr 8
10
Sept 13
5%
4,200
Nov
Apr
pf ser B No par
City Southern.... 100
Kan City PA L
37
6%
36%
24%
*110
19%
24%
93
10%
27% Sept 16
57
6
32%
25
170
12
June
11% Sept
10
Kalamazoo Stove A Furn
35
8
3534
18%
50
39% July
*12%
8
32%
*12%
1%
10
*10
Feb 19
Jan
14
1%
1%
10
12
19
Nov
46
67
9%
24%
*110
18%
35
Jones & Laugh Steel pref..100
38
10
25%
170
18%
Feb
53%
Apr
75% May
56
1%
*109
17%
*10
Oct
30
Oct
15
Jan
38
9%
18%
Apr
47
Feb 15
3634
1234
25%
170
9%
1734
24%
19
23
136
37%
13%
37%
18%
25%
*110
18%
9%
12
61% Nov
126
1%
6%
33%
*12%
17%
18%
Jan
Mar 18
No par
-—No par
—5
Lehigh Portland Cement...25
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)—No par
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
177s
*10
Jan
Sept 11
3434
17%
500
9,700
Oct
Oct
3
112
cl AI
35
Dec
11%
10%
120
Sept 11
*31
Dec
98%
Jan
100
Preferred
11
4.000
8%
4
155
June 16
58,700
Dec
Dec
14%
Mar 11
127
60% Sei 115
No par
Nov
23 38
19%
26% Jan 30
30
Apr 15
Jun 16
121
No par
Johns-Manvllle
Sept 10
24% Sept 10
1
preferred
Jewel Tea Inc
Sept 13
14
No par
1
66% Nov
136
334
15% Feb 19
36% Jan 18
107% Apr 6
96
3,800
3%
89
100
....
Corp
20% Apr
Deo
110
7
18% Sept 13
Kayser (J) A Co
5
Keith Albee^Orpheum pf..l00
23
8
Preferred
6
6
Jan 30
49% Jan
Kaufmann Dept
13
37S
7% Sept
6
10%
52
Sept 10
87
100
No par
Stores.No par
83,
500
~~5~6O6
43% May
125% Feb
334 Apr
2% Jan
1% Jan
57% Feb 16
2834 Jan 25
700
22%
8
Interstate Dept
1,700
55%
19%
18%
19%
5,400
103%
*11
*27
20
13
29%
19%
30
200
5134
14%
29%
150
20
103% *102
fi634
13%
21
5434
preferred
No par
Inter Telep & Teleg
56
""960
mo
11
*102
100
preferred
7%
dar 101
Feb 16
10
4% Sept 14
43%May 26
23% Sept 13
41%July 6
3134 Jan 2
130
11
*32
Voting trust certlfs..No par
5%
6,500
1334
12131
Sept 13
75
670
125
1034
57%
100
91,
110
108
1334
102
834Sept 13
4% Sept 10
No paT
4% Sept 10
107
13%
18
Internat Rys of Cent Am..100
*122
10%
56
5434 Sept
No par
B._
7% pref
36,500
Ian
6
Class C
125
13%
*27%
34
*90
Apr
5
400
*90
234
Jan
Island Creek Coal
19
16% Jan 29
Apr
Apr
Apr
Apr
Intertype
*1834
Apr
24?<
120
28
*26%
II/34 117;%
12
11%
*20
23%
*25% 257S
160
73%
500
118
Jan
13534
1734
*113
148%
7
90
66
Dec
Jan 18
13% Sept 11
20%
9%
9%
102% 102%
57%
5534
102
Class
180
25%
105%
127% May 27
6,700
25%
Jan
100
Preferred
Inter Pap & Pow
44,600
*62%
66%
cl A..No par
Int Nickel of Canada..No par
9%
*117
5
Feb
884
20%
*14
4
Dec
90
9%
I>
Jan
Aug
8
93
91
9%
21%
Deo
194
189
18%
*86
90
87g
20%
Apr
160
7%
Jan
100
90
Dec
2234 July
5% Mar
Dec
No par
3734
Deo
2% July
4%
Shoe
9%
207g
92%
5%
18%
Apr 14
Apr 14
13%
International Silver
92
Jun
2%
7
International Salt
41%
Apr
9% July
Mar 16
Mar II
9
International
38
89
51*>
49%
107
11%
28%
9%
63%
4834 Nov
112
Sept
18%
600
38
2078
*3%
May
15% Apr
500
*88
14
<
210
48%
Jan
Jan
37
93s Sept 11
90
1
400
90
1812
5%
7%
1878
Hydro-EIec Sya cl A...25
38
38
89
5%
Oct
Dec
Internat Mining Corp
23,000
83%
5%
8684
5
Int Mercantile Marlne.No par
24
*38
14i2
1034
Dec
24%
6%
10%
111% July 16
5
7
Jan
Feb
8% Sept 13
6
Sept 13
200
97S
Nov
162
Int
8,100
8,000
5
Deo
122
Sept 10
41%
*41%
38
91i2
79,700
140
144% Apr30
Preferred.
*35%
*23
4134
20i2
56%
553s
135% 135%
14
14%
147
Aug
...100
No par
Internat Harvester
4,300
10%
May
88% July
120
800
11,600
9%
106
125
6
Sept 11
137
Business Machines. No par
*23
25
4184
834
Int
20.300
10
100
Prior preferred
2,100
share
15% Nov
13% Jan 20
3% Sept 11
32
Sept 11
Agricultural..No par
42%
3S%
25
9
18,800
Internet
Feb
per
41% Nov
33% Feb 23
6
Jan 18
Aug 19
484
15% Sept
No par
4% Jan
25% May
5
Feb
143
Jan 21
104
No par
Rubber
Iron
43.!
49%
2434
427g
8I4
Interlake
Highest
share %
64% Apr20
41
100
preferred
Intereont'l
30,200
per
July 30
144
4% Sept 13
5% Sept 13
t Interboro Rap Tr v t o... 100
Corp.-No par
[
share
22% Jan 20
47% Apr 20
per
131% Mar
1
1738May 18
~4~390
7%
73g
June
94
1
91
434
47%
25%l
14l2
112
151
151
8
115% Sept 10
133% Mar 27
d Interchemlcal
100
20,500
150%
150
152
9
28% Sept
100
In8urat)8hares Ctfs Inc
3,700
1.100
148
2:96% 100
98% 101
151
46
9H2
121
10134
97
4%
47%
4%
20
106
*146
*4134
87
834
25i2
148
Z25%
95
125
147
4278
37
62
147
23l2
37
*2414
*37
47
5
*90
*1*7
38
48
4278
37i2
8i2
38
46i2
2314
47i2
25
39
147
145
5834
57%
5618
5714f
5434 58%
*13134 13534 *13134 13534 *13234 13534
15
15
14
1438
13%
13i4
8 34
10
10%
9%
984
938
5
5%
5%
5'8
4%
4%
80
75
84%
85%
82
8414
434
434
4l2
4i2
4i2
4l2
5
4%
40%
4
4%
4
38
.
No par
Steel
6%
5%
18
17%
10
5
share
Sept 10
Inspiration Cons Copper.. .20
22,100
108
5%
6%
18
*5%
*17%
414
334
4034
*40
5 per
No par
No par
preferred
6%
Inland
3,100
6
6
6
*100% 104% *100
183g
17%
4%
4034
578
57g
5"
378
'
6
*40
*101% 108
534
177g
4%
36i2
5l2
1634
3i2
6
41
*634
*39
108
*100
4%
21%
4%
1934
22
4%
21%
22%
4%
21%
4%
2258
458
5i2
41
100
10038
100
100
98
91
953g
99
973g
95
152
152% *150i2 152!% *151
9
9%
912
8i2
9i8
7
6
714
734
7
10
978
1038
9i2
9%
*314
Ingersoll Rand
118
1512
3«8
3314
33
612
1,000
118
6
140
*150%
834
Industrial Rayon
*133
108
378
9H2
Indian Refining
138
5
1714
32
1,700
8,000
120
*100
137
10%
32
*130
534
'3%
10%
*118
95i2
19%
4l2
5i8
*30%
108
514
I6I4
Par
31
10%
32
1038
317g
31
3178
3114
Shares
138
138
9714
21%
434
512
9512
2034
31
29
$ per share
$ per share
3034
1936
Lowest
Highest
Lowest
117i2 120
138
138
Sept. 17
Week
10
10
10
958
10i2
9i8
Thursday
Sept. 16
the
|
Year
100-Share Lots
EXCHANGE
Friday
1
$ per share
$ per share
$ per share
10
3012
115i2 117
9%
29%
On Basis of
STOCK
YORK
NEW
for
Range for Previous
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Saturday
$ per shzre
1861
New York Stock Record—Continued—Page 6
145
I In receivership,
a Del. delivery,
a
New stock,
142
97
May 17
July
from Intern atlonal
r Cash sale,
8
165
Feb
44
Jan 13
43%
55
Feb
45
Jan 13
44
Nov
50%
Apr
111
Jan 22
103
Jan
110%
Oct
Dec
Print! ng Ink Corp.
t Ex-dlv.
t Ex-rlgUts.
^ Called tor redemption.
1862
LOW
New York Stock
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
for
NEW
Saturday
Monday
Tuesday
Wednesday
Thursday
Sept. 13
Friday
the
Sept. 11
Sept. 14
Sept. 15
Sept. 16
Sept. 17
$ per share
$ per share
*20*2
19
$ per share
19
1984
$
per share
20
$ per share
16i2
13i2
20i2
14i2
*80
98
80
80
*70
90
*70
93
*76
98
*4614
15i8
45
45
44
45
*43
47
*42
45
10 i8
46i2
16i«
3314
32i2
10%
41
41
14
33
*3014
1034
14
10i8
*81
21
*
14*4
34%
10*2
IH4
11
11%
41
41
42
4234
11*4
94
*81
22
22
11
n
*75"
68
*65
66'8
6578
8*4
30
2112
50i2
7*2
30i2
*1914
52l2
7*8
28i2
*1914
50
48
1514
25%
1414
16
23%
26
26*4
35
35
32
112
112
103% 103%
96
94%
*106
114
9
93s
*80
90
100
On Basis of
*106%
8%
81%
1
3%
*1*4
*1%
3%
*1%
22
21%
21
4%
4%
15%
2%
4%
16*4
4*4
15
17
2%
2*8
4%
4
28*4
93%
52%
48%
28*2
95*2
53%
31
31
31
31
*51
54
*51
54
%
26
93
1
28
%
27%
17*2
17%
30
30
10
80%
16%
73
«...
8%
9%
63
15%
16%
1,600
15,900
4284
4234
11*2
1,100
4,800
11
*81
2234
90
65
9
94
96
52
*20
36
2*2
97
53%
1
29*4
*51
5284
3,300
114
10
9'
16,300
4*2
15*4
2*2
4%
27%
97%
50*4
*30*2
*51*4
9
9%
63
17
9%
*56
17
71%
*107
—
71%
«•«
9%
63
*21
16%
27*2
*21%
17%
17
18%
18
16%
15%
9
9*2
«
63
1534
95
*90
*47
50
*46
25*4
24%
17%
*109
18
111
95
*90
75
50
48
26%
24%
17%
25
27
18%
*109
17%
18%
111
*109
111
107% 107*2 *107% 108
108
108
13
13*8
5%
26%
*26*2
9%
31%
*153
5%
27%
28
9*2
31%
159
132
40
8*2
%
8%
%
U
5%
2638
26%
8%
9%
*56
63
15*2
15%
23
23
17*2
18*4
1734
18%
86
2534
159
132*2 132%
36*2 39*2
8*2
9*4
%
%
**4
82
27%
%
24
*122
124
6
87
28%
122
6
6
834
*37
49%
*106
.
8%
39
18
"23%
834
6
6
27%
27%
28*2
9%
31%
48
26*2
"27%
25%
25
54
57
54*2
25%
29%
10*2
27%
30
6
9
9
*34
36
48%
107
*46
*106
48*2
30
28*2
12,700
27*2
100
9%
33*2
11,400
12,400
160
17,100
400
14
2,000
9*8
35
100
10
26%
25*4
26*2
24%
26*2
57*2
57
58*2
55
56
27%
29*4
28
30*4
25*2
6
500
1,800
300
63
25%
9%
18,400
48%
33%
12
8,800
10634
62
24%
4%
100
*46
33%
26*4
6
1334
*117
6%
1334
18
12",500
2,500
29% 161,000
33%
6034
34*2
31%
35
2,200
62%
61
62
25%
534
12%
26%
2434
5%
2534
2,600
10,500
6
2,130
13
13%
1,320
6
13
125
119
119
125
*118% 125
*119
*120
125
*120
125
*119
*118% 128
128
*119
128
*119
128
*120
128
*120
128
%
%
%
%
%
%
%
34
%
84
34
84
*
*
*
*
87
*
*
86%
86%
84%
82
82
"3"
~~3~
3%
3%
"3%
3%
"3%
3%
3%
3*2
3%
384
8
8*4
8*2
8%
R5o
83s
8%
Q5o
834
9%
9
2
2
2
1%
2
1%
2%
2%
2%
2%
2%
2*4
8
8*4
8
7%
8%
8
8%
8%
8
8%
8%
8%
*50*2 60
55
55
*50*2
55
*50
67
*50
67
*50
55
85
*83%
85
83
82%
83
84
85
88
92
90*2
9034
*93
*95%
97
96*2
*93% 95
94%
97%
98
100
101
102
1*8
1*4
1*4
1%
1%
1%
1%
1*4
1%
1%
1%
1%
*205
220
21%
*50*2
7%
*205
220
*206
220
*215
225
219
110
*103
223
*103
*218
110
*103
110
*103
110
*104
105
*104
22
52
51%
52
8%
19*2
99%
20%
43
45
3
21%
23%
52
*50*2
*99*2 101
*98
7%
8*2
*99*2 100*4
98*8
98%
21*4
18%
42%
2%
43
222%
*50%
83S
8%
*99% 100%
98%
19%
43%
3%
15
16*4
32%
15%
49
3%
30*2
15%
49%
51
11%
47%
10%
51
10*4
12%
12
97
95
95
30%
15
*95
11*4
30%
*_ '
"l4%
*
*22*2
55
*136
74
*70
24
mmtmm
88*4
82%
16%
6
16%
5%
♦
18%
8%
Bid
16
8%
*135
72%
22%
62%
*21%
*116
5
8*8
*93%
138
*52
—
86*2
16%
17
31
3%
32%
16%
52%
13%
97
.
M
-
-
73
21%
*52
138
74%
21%
62%
*116
23%
51%
8%
9*4
*9934100
98%^
21%
44
12
11*4
11*2
11%
12%
32%
29%
32%
30%
32%
129% *125
129% *127
129*2
15
15%
13%
16%
15%
55
*116
3%
31
138
*72"
"2",900
~6~.806
7,700
*98%
20%
43
3%
99%
2134
43%
3%
32
32
16
1634
53%
13%
52
13*2
*93%
12%
32%
98
2234
*51
23%
51%
9
9%
*99% 100
*98%
20%
9934
22%
42
43
3%
*32*2
15%
51%
13%
*93%
3%
33%
16%
470
560
12%
35
138
76
2134
*52
2134
62%
*116
138
140
75*2
20*2
9934
3,300
*28%
31*4
120
15%
16%
51%
13%
26,500
*20%
2134
62*2
300
*116
87
9234
92
93*2
17
17
17
21%
11
11
and asked prices; no sales on this
day.
7
22
13*4
93*2
17%
6%
8~900
4,700
6%
770
21»4
*20
630
12
11%
{ In receivership,
10
"
92%
17
10*4
390
*52
6
18%
18,900
15%
140
800
16%
10
10
a
1,290
Def. delivery,
Apr 8
8*2 Sept 13
May 18
23
Sept 11
90
Aug 20
48
Sept 14
24% Sept 13
17*4 Sept 13
100 xl0734June
1
100
107
Mar 11
12
10
Nat Gypsum Co
National Lead
pr
Deo
4
Feb
7%
Feb
Feb
Oct
33% Dec
103
Mar
68
Nov
69%
Feb
71
Feb
2% Nov
43*2 Oct
108*2 Jan 26
20% Feb 11
N Y Air Brake
New York Central
103*2 Feb
57*4
38%
26*8
112%
112
153
Jan
30%
Dec
3
100
Dec
Aug 17
Feb 25
21
Apr
Apr
Feb
8
Mar 11
May 20
24% Mar
9
21
107%
Oct
107
Dec
10
Apr
Jan
164%
37%
107%
Dec
"32%
Nov
Dec
Dec
28% July
112% Mar
112
June
24*4 Nov
10% Jan 28
Oet
171
Deo
147
Nov
54
Dec
July
9
Jan
2
Sept 13
Sept 14
5% Sept 14
28% Sept 10
July 2
48
Sept 13
37
17
Apr
7
June 24
22% Sept 10
54
8ept 13
25% Sept 13
Mar 17
25% June
Mar
28
3
61% Jan 22
26% June
14% Jan 14
9% May
% Jan
2% Jan 18
1
Oct
Jan 18
%
57*4
19%
74%
7%
10*4
3234
Apr
137
Aug
2
12*8 Jan 16
13% Feb 25
57*4 Feb 13
64% Mar 10
109
Jan 11
37
Mar 17
Jan
Jan
July
June
Mar
37% Apr
36*2 Nov
61%
14%
Deo
Feb
3
Feb
1%
Feb
Jan
99% Aug 14
41% Aug 6
"33%
78
Deo
75*2 Nov
133
Deo
12% Nov
13% Jan
Apr
60
41
Apr
104% Apr
110
Nov
Apr
Nov
64% Nov
10%
Feb
43
41% Jan 18
9
Apr
40
Deo
98*2 Feb 10
65% Mar 17
32*2
Jan
83
Deo
27%
Jan
49%
Oct
Oct
31
Sept 13
72
Mar 17
17%
Jan
53%
55
Sept 14
100
Jan 22
36%
Jan
95
21
Sept
July 15
Sept 13
3% July
10% May
15
Nov
4
11
par
N Y Lack A West Ry Co.. 100
{ N Y N H A Hartford... 100
Conv preferred
100
85
3
Sept 13
Sept 8
May 19
%Sept 11
Aug 6
SeDt10
7% Sept
8
l*2Sept 10
7% Sept 13
Shlpbldg Corp part stk..l
100
55
No par
No par
June 28
63*2June 14
73
{ Norfolk Southern
100
Norfolk A Western.......100
Adjust 4% pref...
100
North American Co....No
par
June
9
1*8 Aug 26
212
102
21
31% Mar 19
12% Jan 22
25% Jan 22
135
Jan 20
119
137
Mar 12
2
97
Jan
Feb 10
90
Jan
3
Apr
9% Mar
8
6% Feb 11
19% Feb 11
76*2 Jan 22
102%May 3
112i4May 6
434 Mar 3
Jan 14
210
105
8
67% Feb 3
17% Jan 21
104% Jan 8
105
95
par
Mar 23
100
126
13
18
40
8
10
10
June 28
No par
July
7
13% Sept 13
112% Jan 23
73
Sept 14
20% Sept 16
52
Sept 8
100
1 st pref. .No par
Outboard Marine A Mfg
5
conv
.........No par
114
10
No par
No par
2
Mai
4
82% Sept
16% Sept
4% Sept
15% Sept
8
Sept
5
13
Ex-dlv.
Jan 28
36% Mar 11
53% Jan 22
6% Mar 3
16
11*4 Sept 11
29% Sept 13
No par
Mar
93*2 Apr
1% Aug
Jan
34% Jan 14
Sept
2% Sept
26'4May
14%Sept
47% Sept
10
Sept
50
83
114
8
18% Sept 13
.......No par
July
9% Apr
May
272
42
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No
par
8% preferred A
100
4
57
Apr
93
No par
7% Apr
Sept 10
June 17
7% Sept 11
50
138
Jan
1
48%June 18
Northern Central Ry Co...50
Northern Pacific
100
150
125
26*2 Feb 25
13
8
10
10
y
Jan 18
22% Apr 5
73
Apr 20
26% Feb 16
114
Feb 13
19% Mar
1
45% Jan 21
140
Feb
Jan
May
23% Apr
52%
Feb
6%
Jan
98
Jan
97% Apr1
23% July
50
Aug
2
Jan
19
Aug
12% Aug
24% Jan
17
107
July
Jan
8
Jan
24%
Apr
3
123
24% Mar 8
Sept 16
70
July
140
97
Mar
8
28
Jan 12
Jan
12% July
Oct
Sept
2% Feb
99% Sept
6% Dec
18*4 Deo
7*2 Feb
15% Mar
99
Sept
104
Nov
109% Aug
2% Jan
310%
Oct
115
Oct
35*2 July
59
June
14% Deo
106% July
103
36%
67
Nov
Feb
Mar
4% Mar
32
Nov
18
Dec
59% Deo
25% Mar
115% Feb
19% Nov
3934 Nov
136
June
2034 Mar
120% Nov
79
Dec
83%
47
Jan
70
Nov
114
July
114
July
13
July
22
Deo
15
Dec
32%
29%
Dec
Deo
Jan 26
75
29% Nov
Jan
7
Jan
9734June 25
6% preferred
50
North Amer Aviation
1
No Amer Edison $6
pf.Wo par
Cash sale.
33% Jan 13
19% Dec
15% Mar
38>4
Jan
125
r
2
Jan 18
137%
119
New stock,
33% Mar
167
155
60
1st preferred
2d preferred
"47*2 "Oct
Jan 29
24
No par
Pacific Amer Fisheries Inc
Pacific Coast
May
12% Apr
9*2 Apr
2834 Oct
"20%
Jan 22
100
Preferred...
100
Owens-Illinois Glass Co.. 12.50
9
150
50
Elevator
Mar
18% Jan 21
171
10% preferred
{NY Investors Inc...Wo
6% preferred
Otis Steel..
7% prior preferred
62*2 Nov
Mar 11
N Y A Harlem
Preferred
Ohio Oil Co
22% Mar
Jan
44
No par
Norwalk Tire A Rubb
Apr
8
120
1
Telegraph
47% Mar 11
24
*4 Sept 11
N Y Chic A St Louis Co...100
6% preferred series A... 100
NYC Omnibus Corp..No par
Northwestern
14
43
1
224% Jan 28
18% Apr 22
70
...No par
No par
N Y Steam $6 pref
$7 pref series A
Deo
38
100
7% preferred
Dec
79*2 Aug
35
100
Dock....
5% preferred
36>4
108
9
36*2 Sept 13
8*2 Sept 11
*2 Sept 9
No par
New York
Mar
101% Nov
127
25
{ New Orl Tex A Mex
Newport Industries
Jan
44% May
102% July
Nov
8
100
Newberry Co (J J)
5% pref series A
27
154% Apr 26
.100
Supply of Del.....10
Preferred..
100
National Tea Co
No par
Natomas Co
No par
Nelsner Bros Inc
1
n
29%
9%
33%
8% Sept
2 9% Sept
National
Outlet Co
Feb
2634Sept
6% preferred B
100
Nat Mall A St Cast's Co No par
National Power A Lt
No par
Nat Rysof Mex 1st 4% pf.100
$5.50
Feb
6*2
26% Sept 13
...10
6% 2d preferred
National Steel Corp
Sept 13
5*2 Sept 11
1
ferred A
May
Mar 13
71
8
2234June 14
Nat Distillers Prod
No par
Nat Enam A Stamping.Wo par
7%
14^4 Sept
145
par
preferred
70
21
90
8% Sept 13
No par
Oppenhelm Coll A Co.-Wo
8 9~"
18%
10
77*2
-
pref class A
Otis
15%
102
10
7% Pref class B
Nat Depart Stores
6%
Feb
5*4
Jan-
36% Feb 11
67
100
1,100
5%
16%
9
14,100
98
*76
-
par
pref
8,600
16%
19%
9%
6,400
62*2
-
cum
12%
140
par
No par
Corp No
7%
Deo
2%
Jan
Jan
Sept
15% Aug 16
99% Mar 19
78*4 Sept 13
1534 Sept 13
July 6
par
100
33
34*2
*127% 129
87*2
634
380
3%
6
1634
634
20%
80
38,300
42
3%
88*2
16%
6
200
34,000
76*2
20*2
*52
*116
200
30~800
21%
42
*93%
*11%
12%
76
*98*4
20%
13
33
pref erred... Wo
{NY Ontario A Western.. 100
3,500
52
51
12%
*135
52
98
Feb 13
N Y
20
8%
9%
*99% 100
14
33
66*2 Jan 18
3*2 Feb 26
38% Jan 15
12
94
Mar 15
1,800
23
22*2
53
127% 127% *127% 129
16
15%
16
1534
14
26
4,200
105
23
50
226
22%
Feb 17
21% Sept 10
16% Sept 13
100
1,300
*13
62
46
51
Nat Aviation Corp
National Biscuit
700
*106
33%
13
58% Jan 23
20
3,700
18
55
MarlO
Sept 10
Nat Cash Register.....Wo
par
Nat Dairy Products...No par
100
106
31
69
12% Mar
3% Jan
19% Aug
79
May
3534 Jan
41% Dec
60*2 Jan
84 Jan
28% Apr
107% Aug 27
9% Sept 13
600
106
62%
24%
5%
13%
13
B...1
12,600
27,700
91
2884
29*2
*118*2 123
6%
6*8
*34*4
"l'Boo
*13
34
4
9*8
3578
48%
*46
Apr 29
Murray Corp of America... 10
Myers F & E Bros
We par
Nash-Kelvlnator Corp
6
7%
18
60
11
6%
18,000
107
31
22%
27%
*26*2
9*2
2,000
2
Jan 23
85
Mfg Co class
conv
2/%
*12%
24%
57*2
62
5%
13%
3034
*34*4
33
23
978
4,400
5*2
14%
Mar 17
Mar 17
x2 8*2 Sept 13
49*2
*584
30*2
*118*4 125
6%
61
5*4
12%
28*4
*26*2
9%
32*2
29*2
121
33
22
6*4
2834
638
834
8%
37
26*2
54%
29%
2238
27%
121
6
18
25
28%
28%
120
*9%
60
*
30
9%
32
5%
8%
*106
18
*8384
49*2
26*2
V
*34%
48%
107
*28
6
13
5
Mar 17
Mar 17
1
Nat Bond A Invest Co.No par
5% pref ser A w w
100
Nat Bond A Share
31%
3284
32
33%
155
155
*155% 156
*152% 156
*152% 156
134
134
132% 132l2
130
134
*130
136*4
38
39
38
3 884
37*2
*37
37*2
38*2
9
8%
8%
9*4
9
9*s
9
9*4
%
1
%
*%
* I
1
1
**2
*%
%
*14
%
**4
*2
*l4
*2
85
86
86
85%
85
86
z84
85
834
48
30*8
9%
27%
18*4
23,900
160
17*2
17%
18
111
111
*108*2 111
*108*2 111
10k
108
*107*2 110
*107*2 110
13%
13%
1338
13*2
13*4
13*2
7
*28
90
50
27
18
*5%
26%
120
37
*10%
*48
13
6*4
*106
49%
107
_
124
37
90
49
27%
14
Nashv Chatt A St Louis..100
National Acme
1
100
16
24*2
49
14",600
Apr
9%
34%
6*4
12%
40%
13
8
48
...5
.
5% preferred..-
9%
153s
2634
17%
34
8
4
-
Munslngwear Inc
No
Murphy Co (G C)...Wo
*107
~9%
23
92
12%
534
27%
26%
934
32%
30
'4
84
14
*155
132%
40
12
*90
$7
70
300
10
92%
49*2
13
13
1,200
17*2
*71
10
9*2
10
984
9%
10
23%
24*4
23% 24%
23% 2434
23% 24%
24
24*4
23*2
23%
*151 *4 163
*15U4 156
*151% 156
*151% 156
*151*4 154*2 *148*4 154
23
23
23%
23*2
23% 24
23% 23%
23*2 23%
23*2
23*2
*90
5% Mar
6*4 Jan
9
Mulllns
*16*2
63
Aug 3
2% Jan 23
15
3,900
Wheel
6*2 Jan
57*4 Jan
1% July
2% Aug
2% Jan
1634 June
108
31
10%
78*2
*
17*4
*56
16*4
23*2
18*4
13
16% Mar 11
Sept 10
75
938
Deo
13
17
10*4
78
*107
9%
*56
22%
—
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
Mont Ward & Co Inc.-Wo par
Morrel (J) & Co
No par
Morris A Essex
60
Nov
120
Motor
10
—
100
112
Dec
Mueller Brass Co
10*2
71%
No par
No par
Apr
119
1,400
80
16%
Mission Corp
Mo-Kan Texas RR
265
MarlO
3,800
78%
*107
100
Mar 17
124
8% Sept
81 *2 Sept
%Sept
2% July
2
Sept
21
Sept
4
Sept
15
Sept
2% Sept
3% Sept
26
Sept
100
120
4
18*2
79
17
7% preferred
4% leased line ctfs
48% Sept
Sept 13
31
19
31
30% Nov
131% Mar
May
18*2
183s
75
94
108
27
31
10
par
Mother Lode Coalition.We par
19*4
217% Apr
21% Jan
Sept
Minn-Honeywell Regu.Wo
Motor Products Corp..We par
3034
*75*4
1678
*68*2
35% Mar i0
48% Mar 5
Dec
109
4,500
19%
Nov
16%
Mar
48,900
10
Oct
65
Jan
88
100
1
45
Jan
5%
Jan 22
{Missouri Pacific
5% conv preferred
%
2:2884
Jan
40%
106
29%
1
30
31*2
41
8
June 21
3,400
20
Jan 16
72% Mar 5
26*4 Feb 23
9
94
16,000
300
Dec
Jan 13
Feb
2*2
4*2
53
Oct
12
86
16% Feb
47% Mar
110
100
31
91
Deo
93*2 Aug 13
23% Sept 13
31
34
5284
65*4 Jan
6% May
Dec
Nov
2
Preferred series A
3,300
122
Feb 16
Jan
10,100
2,300
80,600
Dec
1234
122
13,100
97*2
21% Nov
Jan
108%
28«4
Sept 13
4%
27%
49% Nov
Dec
June 16
16*2
52*4
Jan
14»4 Nov
32
""120
3,700
8
295
8
May
31
July
63
Sept
%May
3034
....
22%
16*4
8%
22
8% Apr
3734 Jan
11% Apr
108
3
22
Oct
Mllw El Ry & Lt 6% pf--100
Minn St Paul & S 8 Marie. 100
10
9%
*77%
16%
71%
10
600
2%
Sept
Deo
101
Sept 10
Sept 13
14
Nov
24%
493s
June
100
1st pref
cum
1,600
18%
31%
10*4
48
46
16
No par
8%
1
17%
80
Mid Continent Petrol
Midland Steel Prod
90
28%
%
29
19
Deo
23% Nov
101% Deo
40*2 Nov
x95
Aug 24
Sept 16
65
Jan
37
June
38*s
112% Jan 14
34% Apr 19
7% Sept 13
28*2 Sept 13
5
1
*1*4
19
Sept 10
17*2 Sept 13
Sept 10
1
92
share
per
Feb
2% May
47*2 Jan 12
10% Sept 13
92
100
4% conv pref ser B
100
Minn Mollne Pow lmpl No
par
$6.50 conv preferred.No pat
*2
8
9% Sept 13
41
Sept 11
No par
90
97
29%
53
53
100
Sept
90
Mengel Co. (The)
5% conv 1st pref
170
60
9%
5278
30
Highest
share $
$ per
29
106% Mar 2
64% Mar 12
2812 Jan 19
42% Jan 14
42% Mar 24
16% Mar 17
40% Jan 12
14
Sept 13
w w'sNo par
8,700
98
Sept 13
88
25*2
37*4
113*4
1,200
24% Feb 11
No par
Miami Copper
96
27*2
97
51*4
*30*2
*5138
78
32
$5.50 pref ser B
Melville Shoe
Sept 10
32% May 10
...No par
11,200
114
4*2
2738
Mead Corp
16 pref series A
Lowest
$ per share
36
Jan
2
80
100
"i',900
*96
2*2
378
preferred
50%
14%
14
25*4
conv
share
per
19
Merch & Mln Trans Co. No par
Mesta Machine Co
6
50%
18
4
97
21%
*110
2%
*30%
6,700
470
36*4
115
15
51
5334
600
9
32%
2634
36*4
*112
32
65
884
*31*4
21*2
53*2
15*4
*52*2
1434
28
90
65
*20
"T,900
94
*75*4
32*2
Year 1936
Highest
13% Sept 13
1
McKeesport Tin Plate
10
McKesson & Robblns
5
$3 conv preferred
No par
McLellan Stores
1
6%
22*4
►
f
No par
100
McGraw Eiec Co
5
McGraw Hill Pub Co ..No
par
Mclntyre Porcupine Mines..5
94
22
1
"l5"
17*8
8%
8%
11%
29
8*2
23
30*2
11
%
*
63
15
*22%
30
18%
*107
-
1,400
5,500
28%
*67
-
28
200
14*2
8%
16
86
35
31
78%
15%
16%
*66
*107
1538
2%
3%
27
*30%
1
9%
*80
2%
4%
27
28%
17%
228%
9
16%
2%
3%
McCrory Stores Corp
6% conv preferred
14*2
34*2
94
26
115
4,000
4234
11*2
65
36
115
Par
McCall Corp
30*4
11*2
31*2
27
26%
35
15%
2%
434
27%
93%
51%
27%
1434
34
U4%
*97% 99%
14*2
11
65*4
Lowest
300
35
*75*4
884
32%
21%
51*2
15*2
3:51
*76
Range for Previous
100-Share Lots
EXCHANGE
1,400
f
*97*2 9934
97*2
97*2
97
98
100
103*2 10558
102
103*8
114
*106% 114
*106% 114
*106*2 114
9
9%
10
9%
93s
9%
10
82
81%
84
90
91
90
*88*4
1
1
1%
1
%
34
34
3%
*1%
3%
*1%
3%
*13s
3*2
2
2
2
2%
2
*2
278
22
21%
21%
21% 22
22*4 22*4
4%
4%
4%
4%
434
438
434
94
*1
52i2
1578
65l4
8*1
21*4
14*2
14%
04.
85
3H2
*19*2
27
114
100
1*4
1*8
21*2
14*2
34*4
30*4
11%
94
*70
6578
838
31*4
25%
33%
114
20*2
*
88
15
35
112
*81
94
*65
8
11*4
94
2I84
89
30
2112
HI4
117s
20
*75
734
143a
*42
95
29l2
22
143s
31
*70
*1914
4934
1434
1434
34
*85
94
1434
3014
94
*
94
20
14i2
3434
22
17i2
1978
31l2
3312
3:31
III4
41i4
1H2
41
94
2014
14
3412
31
III4
*76
13i2
14
33i8
31
9l2
'20%
14l2
Sept. 18, 1937
Range Since Jan. 1
STOCK
Shares
*20
YORK
Week
$ per share
*_
7
115
June
9
103% Aug 11
23
Jan
7
15% Feb
1
3*2
40
3
8*4 July
4% Jan
Mar
27*4 Feb
Ex-rlghts.
2
Jan
Deo
jf Called for redemption.
Volume
LOW
Sales
CENT
SHARE, NOT PER
SALE PRICES—PER
HIGH
AND
Wednesday
Tuesday
Monday
Friday
the
On Basts of
STOCK
Sept. 11
Sept. 13
Sept. 14
Sept. 15
Sept. 16
Sept. 17
1 per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
28
28%
38
*16
1734
3834
27*2
38%
1934
20
20
140
18
18
7
10
*70%
*56
61
*55%
*93
102
126*2 128%
16%
15%
24
2334
334
3%
36
36
24
*23%
2%
2%
[2
■i
8
7%
634
234
5%
*43*2
a;84%
2%
484
4%
*43*2
3
3
4%
5%
36
*18%
31%
23
*44
46*2
*15%
33*4
44
113% 113%
41*2
39%
4%
4%
21
21
26
76
*
*60
63
*
*10
20
*
65
60
13%
6%
4034
42%
6%
39%
38%
39
39*2
6%
3*4
4*2
4%
5*8
4*4
1
1*8
5»4
827'
85
84i2
10*4
11*4
1034
51
503s
4934
*3
73s
*4i2
55
*35
10%
11
2778
277g
6%
7%
44
1
234
7,200
Parmelee Transporta'n.No par
2
Sept 11
7% Jan 14
8%
13%
15,700
Pathe Film Corp
6%May 18
8,200
10,100
Patlno M lnes A
10*2 Jan 5
23% Mar 11
z5%
6
*42S4
45
300
87%
88
7,800
3%
3
3
5%
6%
5%
29%
29%
6
6%
*3
2%
3
3
5
5%
5*2
5%
Peerless Corp
Penlck A Ford
8,200
Penn-Dixle
400
500
29,300
+
Peoples Drug Stores...No par
20
3,800
6% conv preferred..... .100
People's G L A C (Chic).. 100
8
200
Peoria A Eastern
400
Pere Marquette
70
100
70
65
65
*55
61
*50"
19
*12
18
*12
18%
6% Prior preferred
5% preferred....
70
*14
14%
6%
14%
7%
15
7
""3%
4
1
*41
12
*11%
12
45
11
11%
49%
*27%
*
20
72
July
87% Jan
No par
49% Jan
...
23,500
53%
45
12
2,400
28
79
20
*19*4
21%
*74%
78
*75
19
"3*2
*11
*82
.
3*4
378
123
1*2
1%
Pittsburgh Coal of Pa..... 100
10
6% preferred
100
Corp No par
$5 conv pref
No par
Pitts Ft W A Chicago
100
7% gtd conv preferred..100
48
Sept 13
18% Jan 2
76*2 Jan 22
Pitts Coke A Iron
12
87
Sept
Sept 10
165
~*9%
13%
400
*50
55
300
12
*10
12
200
90
*86
90
30
*166% 170
12%
11%
20
20
20
19
19
84
80
80
82%
82%
*1%
19
*11
3%
334
*100
115
18
20
*100
1%
♦11
19
*100
20
19
21*4
*1%
20%
21%
*1%
21*4
15
1578
15
16
16
16
16
16
16
1*4
♦1%
15
5*8
5*8
5*4
12*2
1378
38
5434
37
1%
534
1184
15
14
14
*12%
15
*14%
38
*13*2
*117
15*4
384
1%
5*4
4
30
30
40
56*2
54
56
117
117
118
55*2
*117
.
t
22
4,100
*16%
20
1534
16
16
*15%
16
4
4
4
1%
1%
1%
1,200
3,600
2,700
2,300
*1251
130
*135
148
16%
110*2 110*2
15%
44
43
*42
44
41%
41%
1,100
6,900
55
54
53
55%
55*4
56%
118
117% 117% *117% 117% *117
40
39
39
39%
3934
38%
101% 10134 *101
101% *10034 102%
114
*113% 113% *113
*11284 114
*120
130
*123
140
142
*138
143
*133
143
*130
143
*130
112
*110
112
40
16*2
15%
110*4 110*2
99
41
4234
4184
16%
17%'
110*4 110*2
16%
42
42%
17*2
4384
98
99
12*2
1534
1584
9%
*122
8%
9*2
11%
15*4
9%
1134
11%
1534
10*4
*15*4
62
534
678
30
29*2
28*4
31*2
934
n
*92
4284
17
17%
16*2
110% 110'% *110«4 112%
98
98
9834
*97%
"66"
"67*2
6*4
6%
30
30
30*4
31%
68
"
7
634
6%
7%
31%
40
*37
40
*37
40
32
*32
37
*32
37
534
5*2
79*2
1*2
18
*58
1%
*11
1*2
1*2
1%
13%
13%
13%
*1%
*13%
*15
16
16
*15*4
16*4
*15%
*14
17
19%
17
20%
*15
18*4
*84
87
84
84
*76
87
87
*86
90
*86
4
334
27%
4
4%
31%
6%
*58
79*2
*15
17
15
15
19*4
87*2
8934
19%
19%
*80
104
103% 104
100
100*2 100*2
*97% 101*2
25%
26%
27
26
70
*
70
*
124
*
124
*
90
*70
2034
21
*70
20*2
103*2 *101
*101
90
22%
102
124
90
21
23
*101
15
16
16%
17
a; 1534
49
49%
48%
50
*59l2
65
59%
5934
49*2
59%
*11
12
*11
49*2
50
1%
2
4%
3*2
*11%
*
13%
34
•
25
26
80
*
80
124
♦
124
22%
*75
90
102
2234
102
2234
*95
23
103*2
16%
15%
16
1534
16
49*2
4934
49*2
4934
25%
24%
*75
23
2,600
100
1(3*2
16
49%
2,900
4934
*1534
6,400
*59*2
65
*00
65
*60
65
60
*11%
12%
*11%
12
12
12
100
16
16
*16%
19
*16%
19
800
*70
75
70
70
68
68
900
*26%
27
26%
12%
x25
26
3
3
47*2
50
50%
1%
2
3%
334
1%
3%
52
1%
11%
*11
4%
13%
34
*15
34
26
26
3%
51%
1%
1 4
3%
52%
52
3%
53
26
26
1,400
*3
3%
2,500
50
51%
8,000
1%
134
1
2
2
1,900
4%
4%
434
4*2
434
7,300
*11
13%
*11
13%
*11
34
*18
34
*18
34
20
13%
*18
Bid and asked prices; no sales cn this
3%
day.
t In receivership,
1st
7
28% Sept 13
36 June 26
Sept 13
5% Sept 11
60
Sept 7
1
Sept 11
100
No par
A Co
13% Sept 15
Sept 10
100
preferred
a
Def
Reliance Mfg
Reo
....
delivery,
80
86
3% Sept
27% Sept
103%Sept
5
Motor Car
Republic Stee' Corp ..No par
6% conv
preferred..
100
prior pref ser A. 100
6% conv
Revere Copper A Brass
Class A
20
90
2234
*95
3,800
15*2
3
10
400
70%
2%
*__.
99
*94%
70%
15*2
70
2%
1,100
#15%
15%
70
28
4%
25,300
30% 124,800
4%
29
103% 104
26
*
ReIs (Robt)
Jan
Sept 13
Sept 13
May 19
Sept 16
20
Feb 15
107
18% Jan
12*4 Mar
105
Sept
584 Sept 13
29 May 18
7% preferred
5M% preferred
—
97%June
24% Sept
5
10
r Cash sale,
9% May
16% Oct
9*4 May
83*2 Jan
68*2 Apr
Jan
Jan 11
39
Jan
8
37
Jan
49
Mar
4384 Jan
13% Jan 16
83
Jan 20
4% Mar
30
Mar
5
5
8
35*2 Mar 31
29% Mar 9
94% Jan 30
22% Feb
110
Feb 18
9*2 Feb
47% Mar
124
Apr
110% Mar
49% Apr
Apr
Apr
95*4 Jan
30% Jan
112
9% Jan
65*8 Oct
1% Apr
12% May
16
Aug
17*2 Aug
81
Dec
99*8 Sept
4% July
16%
77
Apr
May
78% May
10
Apr
24% June
90
Apr
92
Dec
22*2 May
Apr
Jan
105
34% Jan
25
July
48% Sept
58
Jan
50
Apr
59% Sept
67
Jan
58% Sept
11% Sept
14
Feb
8*4 Nov
15
Sept
60
Apr
25
Sept
2% Sept
4384 Jan
31*2 Feb
86% Mar
38
984 Feb
65
19*2
Feb
32
Jan
June
Mar
5% June
22
July
l%Sept
1%
Jan
11% Feb
10
Sept
20*4 Mar
2%
7%
Jan
Jan
20
x
434 Mar
3*2 Sept
X St Louis Southwestern.. 100
5% preferred
100
New stock,
May
91% May
Jan
Jan
June
Sept
103
5
98
15
Aug
28%
139
July
Jan
16
35*2
Jan
20% Sept
36%
8
47
Sept
101
Jan 15
10*8 Apr 19
89
100
.....100
3
25
21
6
8
128
37% Aug 25
71
} St Louis San Francisco. .100
6% preferred
...100
n
80
124
Reynolds Metals Co...No par
5M% conv pref..
.100
Reyno ds Spring
...1
Reynolds (R J) Tob class B. 10
Common
10
Rhine Westphalia El A Pow—
Ritter Dental Mfg
No par
Roan Antelope Copper Mlnen
Ruberold Co (The)....No par
Rutland RR 7% pref
100
St Joseph Lead
..... 10
4
24% Feb 3
112*4 Feb 27
2384 Feb
784June 29
17
100
72*8 Feb
15% Sept 14
Sept 15
87*2
Feb
10S4Sept 13
32
4
Jan 21
Jan
15
89%
5234
112%
128%
140%
146
Co
10
Remington Rand—
1
Preferred with warrants..25
Rensselaer A Sar RR Co
100
*86
118% Jan
17*4 Oct
57*2 Oct
40% May
115*4 Dec
39
Apr
112
200
*76
Feb 11
65% Jan 15
Jan
6*4 May
17*2 Oct
113% Jan 25
15
87*2
Feb 10
86
Jan
1%
Sept 13
Reliable Stores Corp...No par
86
31
4%
June 17
400
30,700
Jan
3% Jan 22
15*2 Jan 20
31% Feb 11
Jan
Feb
16
20
18%
12
Apr
Apr
Apr
16%
\
*11
15%
*25%
2%
*75
2,300
May
33*8 Feb 4
11% Jan 22
No par
62
1% Apr
11%
20
Quaker State Oil Ref Cor p. .10
Radio Corp of Amer. ..No par
%5 preferred B..
No par
S3.6h conv 1st pref..No par
103
Jan
29% Apr 22
*8 Sept
fRadio-Kelth-Orph
No par
Ray bet us Manhattan. No par
Reading
—50
4% 1st preferred
50
4% 2d preferred
...50
Real Silk Hosiery
6
Oct
Jan
21
22% Aug 30
2
Preferred
"
Jan 12
3
June
2%
58%
113%
'32 Sept
Purity Bakeries
5
14
10312
200
124
27
80
*
2,500
47% Mar
1% May
8
June 24
15
15
20
50
59%
1%
""400
12
74
15
*71
103*2
86
79*2
*1%
16
90
*50
80
~
8% conv preferred...
6% preferred...
Rights
8% Feb
1
July 14
141
Jan
49
Jan 21
Jan 20
162% Jan 25
2
100 zl 12% July 30
9934 July
107%June 28
98
Sept 14
3~800
124
26%
27%
*75
*76
*58
79%
1%
4*8
4%
4%
4%
2934 31
31%
29%
106
104l2 104% *102
96
99
*94%
*94%
29*2 31%
10434 105
100
19%
87*2
8934
*86
4%
104
25%
*58
79*2
36% Sept 13
100
100
40
*14
1*2
6
Sept 16
114% Mar 25
No pat
8% preferred.
40,200
33*2
634
6*2
*13
18%
30%
6%
*58
*15
*
5% pf (ser of Feb. 1 '29). 100
J ..No par
14% Sept 17
Sept 10
53
Pub Serv Corp of N
400
7%
33%
79*2
1%
15%
*
36
1,420
6834
*37
6
15%
15
15
6%
6
5%
13%
15%
16%
3%
1184 Sept 13
5% conv 1st pref.........5
5% conv 2d pref..
60
Procter A Gamble
No par
2,100
32
29%
Preened Steel Car Co Inc
15% Sept 13
31%
*37
15
tPostal Tel A Cable 7% pf.100
1
Sept 10
No par
30%
32
5
Pure Oil (The)
31%
40
No par
65,100
31
32
8
Sept 11
Sept
13%Sept 13
3*2 Sept 11
l%Sept 10
No par
Porto Rlc Am Tob cl A .No par
1,300
*35%
15
10,900
32
35
June 22
1
20
Plymouth Oil Co
5
Pond Creek Pocahon..No par
Class B
July 26
3% Sept 13
Sept 13
32
40
16
40
32%
*3578
4
Jan 12
79
110
*32
32%
23% Dec
28
10% 202,100
6%
8
X97U Apr 29
18
Sept 13
900
32
Mar
6% preferred
.......100
Pittsburgh United
26
Conv pref unstamped
100
Pittsburgh A West Va
100
Plttston Co (The)
No par
6,700
32
30%
32%
43
140
16%
130
18% Sept 13
No par
1134
"68%
Feb
7*2 Apr
Pullman Inc..
934
k
Mar
170
8
Pub Ser El A Gas pf $5_No par
11%
7
155
7
Jan 12
Poor A Co class B
7% June
35% Apr
Jan 18
Mar 10
130
<•
16%
68*2
Jan
Dec
Dec
Jan
124
12
130
July
8
27%
49*4
Mar
....100
100
10%
"6s"
70
20
4
7% preferred...
16%
k
Jan
5% July
38*8
175
122
6% preferred.
16
69*4
May
190
Sept 11
Corp...
100
11%
130
"67%
Apr
7*4
68
Apr 12
........100
pref
200
16
934
Mar
66
174% Apr 23
10% Sept 13
No par
$5 preferred
1134
10*4
*20
*58 j
1 i
42
40 84
8
l%Sept 14
cum
400
130
16%
110% 110%
99
*97%
98
130
June
Feb 17
1
7%
14,200
"6565 "
*12
9,900
143
*110
*111
*111
Pittsburgh Steel Co
40
117%
40%
101 s4
113%
130
1034
5%
55
*122
16
31*2
200
101
*32
11%
6*4
14%
125
99
30
15
14%
113
*32
11%
9%
14%
125
99
»1534
5%
15%
16%
5%
15%
14%
*14%
43
5%
18
5%
14%
*14*2
6
113
43
42
5%
15%
16%
21%
1%
101
38*2
*11034
*11034
1%
5*4
Plttsb Screw A Bolt...No par
3,700
11,000
22
*334
1%
430
22%
1%
*1%
1*4
37%
*100*2
*112*2
36*4
37*2
*1014 101*2
*113
113*2
4
-
*1%
15
4
13%
334
14
3*2
1%
-
22
22
*14
22
6,200
22
20
20
20
1*4
"
■
1%
20
21*4
1*4
115
Flour Aillls
Pitts Term Coal
I884
384
3%
*100
Plllsbury
60
4
20
*1*8
*12
3%
115
800
15
19
1*2
1%
I884
3%
334
115
*100
*1%
2078
.
*1%
*12
19
3%
334
115
8,900
11%
1%
81% Jan
3% Jan
8% Jan
1% July
14% Aug 16
100% Aug 14
13%
1134
*1%
56
40
12
1*2
July 16
Pirelli Co of Italy "Am shares"
11%
*19%
84
*1
2*4
*1*4
II84
Sept 10
33% Jan
July 30
June
20
84
18*4
79
*17*2
11
12*4
July
6
26
20
13
5
18
100
*175
~Io%
25
64
10% Sept 10
100
8% conv pref
Jan 16
2 7%
6
44
1
3*8 Feb
9*2 Jan
74i2 Jan
20*4 Apr
5
100
.
Jan 12
14
95% Aug 31
28
62
*166% 170
7% preferred
Phillips Petroleum
Pierce Oil
%Sept 13
Apr
45
*27%
*
*86
90
*166*4 170
Phillips Jones Corp
Preferred
4% Sept 10
No par
Phoenix Hosiery.....
5%
52
*11%
7% preferred
110
*11%
45
60
12
*86
'
*10
11%
*51
♦10
*86
93
87
87%
*166*4 170
*166*4 170
Sept 16
45
45
7*2 Feb
10
800
52%
*4%
6%
55%
100% Jan
No par
100
78
*72
50
60
JPhila Rapid Tran Co
June 28
3% Sept 11
76
No par
70
IOS4
78
preferred
Phillip Morris A Co Ltd...10
11%
54
$6
—
25
50
6,900
*934
53
—
Phelps-Dodge Corp
Philadelphia Co 6% pref
6*2 Sept
Phila A Read C A I
10%
28
Jan
12% June
1,060
10
*72
•»
320
88
*27
Jan
16
8,600
87
*43
56
J
%
88
28
8
Jan 11
3%
5%
5%
8734
45
11
900
«.
89
*44
Jan
Jan
15,300
78
78
534
28
91
25
Jan
1
11%
par
45*2
534
11*2
25% Apr
64% Jan
25%
39%
*3%
7
59% Mar 10
54% Jan 14
41
6*4
Jan
17
10*8 June
39
*3%
5
87
5
13% Feb 19
1
*40
Jan
4
48% Mar
4% Jan
8
39% Sept 13
38*2June 23
534
6*4
4
Mar
20% Sept 14
65
Sept 16
69
Sept 7
19 June 2
13% Sept 13
4
45
Apr
Pfelffer Brewing Co...No par
3934
78
Feb
Mar
38
Petroleum Corp of Am......5
42
5334
30
110
6
4,200
*5%
51
9
65*2 Feb
3,800
*3*2
*19%
Jan
June
17
28% Apr
7%
534
10*4
Mar
28*4
14%
4
8734
Mar
Feb 2
Feb
1
Feb 10
Mar 17
7%
39
*3%
No
Aug
3% June
4*2 Jan
14%
41
1
Milk.
60
7%
39
I
Pet
32% Nov
Jan
1434
39
*
'
47% Mar
6% June
21% Mar 11
4284
78
1
rnsmmmm
.
Jan
II684 Jan 27
July 15
39% Sept 13
100
100
100
*45
1434
6%
112
Deo
5%
69
63
Sept 13
100
22
*5%
22
*
19
*72
11
65
100
43
44
*42*4
Deo
37%
8
12*2
76*2
29*4
50%
Sept 14
Deo
22*4
4%
6% Jan 23
30% Sept 7
41
Sept 10
50
Pennsylvania RR
*13*2 116
*42
65
55
49%
26
Penn G1 Sand Corp v t cNo par
33
xl 784
$7 conv pref ser A...No par
22
31%
H78
20
11*2
No
174
10*8 May
1*8 Jan
64
10384 Mar
13
2% Sept 13
4% Sept 11
par
Cement
June
7% Feb 18
Jan
9
2
81 % Sept
10
*18%
78
*1
3% Jan
38%May 13
par
1,400
Sept 13
13
No par
Penney (J C)
..No
Penn Coal A Coke Corp
1734
33
11*2
*27%
11*2
12
12
12
90
171
June 16
88
45
10
*87
23
44
50%
*3%
48
*166
Parker Rust Proof Co. ..2.50
No par
Dec
97*2
40 84 May
23
Apr
1,300
EnterprNo par
3
Feb
Deo
25
234 July
Sept 11
86%
89
*72
52%
10
8
3% Sept 13
109*2
8*8 Aug
17*2 Jan
36
2%
13%
59
5
Feb 25
Feb 3
Aug 25
Jan
No par
44
6%
42
10*4
10*4
48
234
8%
13%
Jan 28
Jan 28
Parke Davis A Co
87*2
13%
July
7% Aug
1,200
37*4
25*4
44
*37
86
86*4
11
25
2384 Sept 11
1
67
103
200*2
26*4
34%
8%
4484
29%
xl5%June 14
1
C M
Utah
Park
36,000
44
39%
3%
5*4
%
6
52
*36*2
25
334
86
6
78
4*4
*48*4
*10*2
3*2
....10
Mar 10
Jan
4% Apr
74% Apr
Jan
Apr
90
Deo
Oct
20%
Jan
109% Mar 18
2834 Jan 28
4
Inc
6% 2d preferred
Park-Tllford
44
42%
t*
*10
*23*2
700
June
16%June 14
121 June 29
1
1st preferred.......100
6%
9,200
88
45
*27%
8
17*2
99
100
13s
18%
4% Jan 25
May 13
121
6
Jan
67% Sept 14
No par
Paramount Pictures Inc..
1,300
135
60
100
4% conv preferred
125:600
8*2
39
50
"16*4
2%
2%
400
61
100
14%
41
43%
39*2
6%
*
46
*43
14
1484
78
*72
78
*72
8
734
76
*57*2
*14%
78
1
78
*
20
*14
14%
1334
x\7h
44
l%8ept
conv preferred
Parafflue Co Inc
10
8%
13*2
5%
8
3434
*29%
3434
*29%
18%
18%
18%
18%
33%
3134
31%
32%
31*2
44
*42
44
44
*3984
*3984
*113% 116
113% 113% *113% 116
*42
44
44
43
41
42%
*5
8
8
5
5
*4%
*22
30
*21% 28
20% 20*2
*3034
19
30%
32*2
*113% 116
40
3934
5%
*4%
t Pan handle Prod A Ref No par
23*2
13%
11*4 Apr
6% Jan
12% Aug
Corp.
32%
29
26
*26
6%
44
6
12% Feb 18
17% Jan 20
*56*4
*17
July
29»4 Apr
330
135
Deo
152
8
1,700
19*2
153
Jan
8
2
1834
Jan
140
Sept
80
*93
118
2
Sept
Western OU
Packard Motor Car
Deo
4
Jan
7
2
60
47%
Jan
10
Pac
July
58*4 July
149
No par
76
100
41
Jan
Dec
14% May
Pan-Amer Petrol A Transp..5
2
59
100
4484
152
132% Sept 11
133
Apr 28
16
Sept 13
100
30*4
5384 Jan 14
44% Jan 9
Sept 11
400
76
*93
TeJep A Teleg
6% preferred
2,700
54,300
77g
11
2
60
234
2%
Pacific
...No par
t per share g per share
30
Dec
39% Nov
share
Jan 12
38
1984 Sept 13
10
19*4
734
104
*57%
38
72
75
*94
13%
4*2
87
*21
13
81%
2%
44
86*2
8%
88%
5*2
6%
5%
44
58
*934
10
1%
1%
100
2%
734
2%
14
13
1334
13%
77*2
57%
*93
74
19
10
z7%
10%
10%
19*4
19*4
7%
Pacific Ltg Corp......No par
Pacific Mills...
220
25
per
32% Jan 14
17% Sept 8
27% Sept 13
(Cal).10
3,900
1,600
21*4
137*2
140
$
share
per
Pacific Gas A Electric
140
140*4
Pacific Finance Corp
$
9,900
41
40io
19*4
19s4
1934
1834
17
19%
18%
19*2
140
*133
137
*132% 135*2 *136
122% 130
18
17%
17%
17%
1734
17% a;1638
15%
*23*2
25
24
24
24
25%
*24%
2334
4
3%
3%
3%
334
3%
3%
3%
*37
37*4
37%
36%
3634
36% 86*2
36%
24*2
24*2
24
24%
24%
24%
23*2 24*2
18%
17%
60
100
*93
20%
19*2
10%
1%
75
80
21
*140
140
7%
7%
*934
1%
1%
1%
21
19
7%
10*2
10*2
78
77
19
18
40%
2034
137% *132% 137*2 *130
140
7%
1%
1%
*133
140
18*2
7
20%
2O84
2834
Par
Lowest
Highest
Lowest
500
18*2
29%
18*2
18iR
29%
40%
30
40
*
16
7%
10
40
137% 138
137*2
*
140
29
39%
*20
22
I784
17%
29%
1734
18%
29%
40*2
28
89%
*133
132% 140
*
*17
17%
28%
Year 1938
100-Share Lots
EXCHANGE
Week
*17%
Range for Previous
Ranoe Since Jan. 1
STOCKS
NEW YORK
for
Saturday
1863
New York Stock Record—Continued—Page 8
145
Aug
37*2 Mar
Ex-dlv.
lv Ex-rights
18
Jan
U Called for redemption.
New York Stock
1864
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Record—Continued—Page 9
CENT
Sales
STOCKS
for
Saturday
Monday
Tuesday
Wednesday
Sept. 11
Sept. 13
Sept. 14
$ per share
$ per share
$ per share
1
30%
32%
95
95
*95
104
104
*101
29%
30%
*95
100
104
20
18%
36%
20%
20%
22
38
39
38
39%
92
90
92
*89
1%
8%
1%
9%
40%
8%
40%
1
3
30
81
21%
22%
10%
8%
56
3%
42%
230
90
*88%
11
8
8%
56
56
30%
56
$ per share
Shares
1%
9%
40%
1%
3%
30%
6%
83%
23%
11%
31%
93%
8%
*11%
31%
11%
31%
11%
31%
11%
31%
*91
94%
8%
92%
92%
8%
8%
56
*30%
32%
56
30%
23%
35%
3
39%
3%
42%
3
43%
3
3
41%
*91% 101
8%
30%
22%
43%
*3
110
122
119
125
115
100
102
102
101
21
24
23
10
130
2,900
7,700
6,900
10,600
700
40,900
19,100
21%
32%
145
*141
145
3
42%
3
42%
3
41%
102
700
9,200
900
42%
5,200
102
*96
_
*141
145
*141
22%
22%
22%
32
33%
32
20%
21%
20
31%
32%
29
32%
30%
32%
31
34
30%
35%
22%
34%
20%
32%
*10
45
*40
60
*
*52
"4%
5
"~4%
*50
12%
*73%
76
12%
*73%
76
*26
28%
14%
*26
28%
14
28
13%
24%
48%
28
49
58
28
13%
*73%
*26%
14%
26%
48%
*48
15%
*5%
*85
5%
*5%
Sloss Sheff Steel & Iron
58
*54
94
*85
76
*73%
76
28%
15%
27%
49%
*26%
14%
*27%
28%
15%
*15
5%
5%
15
18%
*73%
*26%
*
76
73%
*27%
31
30%
*27%
500
8% preferred
18%
19
18%
75%
19
18
18%
22,200
77%
76%
75
75%
Southern Calif Edison
32
32
31
32%
32
34
*33
35
33
33
£32
32%
10%
10%
10%
11%
10%
10%
11%
10%
11%
14%
*27
100
100
5% preferred..
.......100
Spear & Co
*33
13%
16
3%
4%
4%
4%
4%
7%
6%
7
6%
6%
15
16%
15%
15%
32
30
32
30
30
36%
36
2%
39%
"38%
15%
30
30
32
37
2%
37%
38%
~38%
38
37%
38%
38%
39%
39%
*33
*30
35%
2% *.
_
40
*33
59%
57%
61%
32%
62%
13%
12%
32%
59%
*33%
62%
60%
32
62%
13%
14%
*13
17%
13%
18
17%
62%
14%
14%
*12%
17%
14
16%
18%
10
9%
10%
*65
65%
65%
*119
121% 122
9%
10%
65% 65%
*121% 123
18
63
18%
10%
122
36%
26
3%
26%
25
26
26
25%
16%
21%
28%
16%
21%
29%
17
17%
16%
21%
21
12
12%
11%
*120
21%
9%
9
*48%
3
27
10
3%
3%
13
11%
9
9%
£9
52
*47%
53
34%
10%
33%
35
34%
35
34
9%
10%
10%
11%
10%
9%
9%
9%
9%
9%
31%
*31%
35
30
£30
30
63
*62
62%
9%
31
31
9%
30%
*30
35
30
*62.
6%
♦
63
6%
86
"5%
*30
6
45
2
2%
*7
7%
23%
23%
3
13
*62
3%
13
*6%
*
8
86
"5%
*30
2%
7
23
3%
14
6%
50
2%
7%
24%
3%
14
*7
*
*31
2%
*7%
23%
3%
17%
16%
18
90
17
*88
8814
18%
55%
20%
13%
17%
89%
18%
20%
20%
54 %
57
13%
9%
11%
6%
101
3%
9%
12
6%
101
8%
13
8%
13
30%
*38
31%
42
6%
6%
90
52%
5%
5%
50
2%
8
24%
3%
14%
18
90
26%
16%
16%
21%
29%
13%
10%
21%
29%
12%
10%
10
*9%
10
52
50%
50%
53%
5%
34%
12%
9%
31%
5%
34
7%
2%
3%
14%
17%
*91%
19%
6%
*35
50
2%
2%
8
*7%
24
*7
24
24%
3%
14%
3%
14%
18
17%
*91
9%
10%
12%
10%
10%
12
12%
6%
13%
13
99
8%
*10%
30
*38
6%
100%
9
12
32%
42
6%
*98
8%
*12
£30%
*37%
6%
13%
14%
2%
2
80
2%
80
81
66
66
60
65%
61%
87%
89
89%
21%
21%
110%
85%
20%
88%
21%
105%
*89%
25%
22%
102
*88
24%
20%
22
110
92%
25%
23%
Bid and asked prices,
6%
100%
9%
15%
32
42
6%
55
14%
2%
82%
65%
91%
22%
109
92%
25%
23%
31%
*39
*55
$4 preferred
$6 cum prior pref
$7 cum prior pref
32
32
33
200
63
100
*62~
7%
*6t2
*35
2%
2i2
8
*7
*2438
2i2
~~2~600
400
2,500
4
4
15
15
8,700
1,700
1678
*91
1714
92
16,200
800
28% Feb 11
75
Sept 15
2734 Apr 26
1OI4 Sept 13
Apr 30
June 14
66
95
22%
1'05
14%
1434
15l2
4,100
2%
2%
8OI4
258
8U4
1838
2,300
1,800
9478
2214
22i2
106
108l2
23,200
17%
18
95%
9234
22%
2,500
11,900
6,800
106
90
*25%
23%
f
109
*88
107%
89%
*25%
25%
23%
24%
89%
25%
25
25l2
2.600
24
2338
2414
37,800
*88
In receivership
90
a
300
Def. delivery,
Mar
8
Jan 12
72% Jan
7
Feb
13%
Apr
9%
Feb
Jan
27%
Deo
62
Deo
72%
Deo
Apr
Apr
Mar
Jan 11
2
Feb
3%
35
Aug
47%
Feb
Sept 11
50
Feb
32%
jan
48%
Deo
9
Jan
14%
30%
8
64i2Septl6
6% preferred
100
Sunshine Mining Co.
118
10
6
Aug
12% Sept 15
Sept 14
20
Feb 17
77% Jan 11
125
Jan
4
34
3
Seot13
Superior steel
Sutherland Paper Co
100
25
Sept 13
47% Mar 11
10
Sweets Co of Amer (The)...50
25
Sept 14
Swift & Co
2034Sept 13
Swift
6Mi% preferred
5
Texas Pacific Land Trust
Texas & Pacific Ry Co
Thatcher Mfg
$3.60 conv pref
15% Jan
28
57% Feb
100
69
6% Sept 11
Aug 31
5% Sept 10
£40
2
Sept
134 Sept
Sept 11
No par
13
Sept 11
15% June 17
10
pref
88% Sept 13
Cash sale,
5
r
49
July
48% Nov
63% Oct
16
Nov
110
Feb
"9%" "Feb
Jan 25
13% Nov'
32% July
8% Mar
Jan 25
26
Feb
14%
4
Jan
Jan
Apr
Jan
39%
21%
Deo
jan
"27%
Deo
Feb
Aug 13
Aug
2
Sept 13
22%
27%
11%
109%
12
74% Nov
Jan 11
14%
Jan
"27%
Apr
Jan 22
10% May
Mar
8
Jan 21
Mar
3
26% Mar
8
7%
93
22%
Deo
Jau
12
Feb
Jan
110
Mar 13
13
17% Jan 22
8% May
11
94
Jan 20
13
25
Oct
Mar 29
40% Mar 13
50
10
June 14
13
Ex-dlv
Apr
4% Jan
7% Apr
22% June
31% Apr
June 28
Sept
85i4Sept
2034Sept
102
Sept
88i2Sept
2434June
2078 Sept
100
Jan
Dec
Jau
17
73
No par
Oct
9%
13
55% Deo
8% Deo
44% Nov
15% Feb
14% Mar
Jau
5
Feb 11
12%
60
100
Jan
Mar
37% Oct
13% Nov
26% Nov
35% Jan
20% Deo
15% Deo
3%
Jan 13
Mar
56
6'8Sept
54
Sept
12% Sept
2
Sept
par
Deo
2
39
_.i
Dec
6% Mar
8%
24%
4%
Sept
1234Sept 10
30
Sept 13
No par
60
42%
12% Mar
4
812 Jan 11
par
Oct
8% May
Feb
99
No par
10
100
r
8%
15%
28%
10%
40%
21%
98%
Jau
8% June
85
28% Feb 11
6% Sept 13
Union Carbide & Carb. No
par
Union Oil California.......25
New stock,
£40
4
79
1338 Sept 11
9% Sept 10
11
Sept 13
incls
Under Elliott Fisher Co No
par
Union Bag & Pap
n
1
3
17%June 14
Tri-Continental Corp ..No pur
$6 preferred
No par
4% preferred
13% Mar
93% Jan
13% Feb
54% Sept 11
2
Transue & W illiams St'l No
par
Union Tank Car
Jan
33% Apr
3
United Aircraft Corp
Nov
Jan 13
par
Union Pacific
6
33
Feb 19
Mar 22
Corp No
Jau
48
2
8
Sept 13
Coach Co
Ulen & Co.......
6% May
5->8 Apr
28%
64
Sept 13
7
Twin
Mar 30
Nov
12% Nov
28
83
i
....10
Preferred
9% Mar 15
15
9% June
61% Aug
CorpNo
3
Jau
15% Jan 28
54% Mar 6
23
Truscon Steel
15% Mar
Jan
Apr
28% Apr
9i8Sept 13
30% Sept 13
25
Truax Traer Coal
8% Jan 12
6%
20%
7%
30
Transamerlca Corp
Transcout & West'n Air
23
16% Jan 22
par
conv
Jan 20
44
100
$4 50
9% July
9% Sept 13
Third Avenue Ry
pref
Tide W ater Assoc Oil
Mar 31
3308 Sept 13
igO
com
8
65% Apr 22
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co. No
$3.50
Nov
3
9% Sept 13
1
...
pref
125
8
Jan 25
Jan 20
Mar
4912 Sept 13
4% Sept 8
...No par
conv
Jau
Jan
11
No par
The hair.
118
Jan
17% Jan 21
No par
Thermold Co
Mar
3
13
8
5% Sept 13
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil... 10
15%
91
27
13
Sept
Sept
Sept
9
Sept
48%June
Tennessee Corp
Dec
Jan
Dec
2
13
Jan
9
50
Telautograph Corp
Jau
70
3
11 *4
Symington-Gould Corp ww._l
Jan
7% Mar
27
International Ltd
9%
Mar
61% Feb
39%
20%
28%
33%
23%
13
25
25
20% July 12
Superheater Co (The)..No par
Superior Oil
1
80
81%
8
18% Nov
July
Feb 19
...No par
59
14%
2%
81%
«16%
93%
22%
Mar
43% Nov
129
17% Jan 20
*56
2%
Jan 22
Jan
4
9% Sept 13
$1.50 preferred
No par
Twin City Rap Trans..No
par
14%
8
50
1
20th Ceu Fox Film
82
8
Jan 20
Feb
33% Jan 29
No par
(The)
11,700
59
Apr
Apr
Apr 28
Mar
16% Sept
Studebaker Corp
Sun Oil
"4", 200
*56
21%
14%
120%
9%
5%
9%
24%
26%
Nov
12i2Sept 10
Stone & Webster
7
60
53% Mar
Oct
10l8
1314
634
3178
65
37
Jan
16% Apr
137g
3138
95%
48%
16%
128%
12%
14%
32%
24% Aug
Jan
Feb 11
41
no sales on till* day
Sept 13
Apr
44
21
7
22
Jan 18
13*8 Sept 13
*38
90%
Aug 14
50
Jan
1
Stokely Bros & Co Inc
*39
64
35
Oct
Oct
..5
Stewart-V\ aruer
32%
14%
2%
23% Jan 12
May
Dec
10%
7%
2
Mar
78% Nov
24% Apr
Tlmken Roller Bearlng.No
par
41
Jan
9%
27
92%
36%
65
8,800
7%
36
June
Jan 29
42
7%
2
Jan
75
4,500
12l2
Feb
114% Nov
Apr
62i4 Sept 13
29,800
*1014
94
5%
6%
73%
29%
15%
13%
10
14l4
1038
1314
100
7
Jan 28
Feb 26
Oct
Sterling Products Inc
*97i2 102
12
Jan
31
Oct
11% Nov
82
Dec
20l2
400
63% June
101% Mar
70%
5914
2,600
Mar 17
Dec
40%
14
9
59
31
20's
9
54%
Jan{
Jan
59
5,900
Jan
6% July
55%
14
4,100
10,100
19
34
24% May
58%
7
6
Jan 20
Mar 16
9
..No par
Timken Detroit Axle
10
7
32% July
47% Oct
26% Dec
5
$3 div
8
Mar
Mar
Preferred
25
4
177g
300
60% Mar
65%
11%
77%
104%
9%
12% Apr
Feb
160
Mar
"
MOO
Jan
July
7%
35% Aug
76
40
24%
93
8
86
6%
160
17% Nov
114
48
10
7,300
26,600
11,200
1,000
2
Jan
Mar
3% July
26
Apr
36% July 12
.....9
57,000
16,600
155
12% May
110
Sept 10
...1
558
3434
12
9
Jan
Deo
32
Without warrants
»_
30%
Sept
30% May 14
6714 Sept 13
Talcott Inc (James)
978
21
,10
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
1,500
514
3438
1H8
9%
6%
15%
25'
8,700
86
40
No par
4,800
5178
5%
June
June 29
13
*97% 102%
9%
*9%
*11%
127g
31%
32%
81
May 22
Sept 8
30
10
54
115
44
No par
10l2
52
2934 F c I 15
23U Aug 14
1378 Sept 13
24i4Sept 13
..No par
20%
7
9%
7
7
434 Sept 10
1234Sept 13
5i4May 18
58
*97% 102%
*10%
5
No par
JStand Gas & El Co
19%
7
9
5812 Feb
92
Sept
234 Sept 13
13
600
63
*60
1,600
7,300
4,800
8,600
*62
7
1,500
1634
2214
6I4
62
6%
1,900
1078
5334
62
86
6,000
27,300
1034
33%
*30
13
1
IOI4
32%
7
Stand Co mm Tobacco
30
28,200
*534
32
~6%
900
6
*30
*
1,300
7,200
11
33
31%
600
25%
26%
72
Jan
Sept
Sept 13
No par 12015i6
2938
1338
*938
*4734
9%
11
6%
£26%
16%
21%
28%
34%
117g
13%
10%
12
25i2
13%
10%
9%
13%
6%
29%
11%
13%
10
26%
17
21%
57
6%
26
*30
8
6%
26%
26
13%
12%
25
39
3%
26%
13%
14%
2%
8214
22%
800
56
13
24%
21%
18,500
42,800
13%
55
89
I8I4
57%
56%
89
1778
10%
13%
9%
54
107
19%
64%
94%
20%
58%
54
2
18%
10%
64%
20%
57%
54
82%
10%
86
~~6i"4
13
6
49%
4%
10
15i4
13
10%
52%
51%
33%
15
13%
6
51
5
6314
10%
11
5%
63%
15
63%
15%
10%
51%
9%
5
35
*5%
5%
*5%
10%
50%
6034
34
6
5%
10%
4%
1
No par
Standard Oil of Kansas
34", 500
59%
36
*47%
*5%
40
60%
52
10%
5%
16%
35
26
28
122
85
Feb
37
28%
12%
10%
9%
26%
25
10%
*48%
No par
Square D Co class B
Standard Brands
2,700
1038
10%
64%
6412
122
122
*11914 122
12%
14%
13i8
14i8
37
37
36%
3714
3%
3%
358
334
Nov
Sept
40% June
25
Standard Oil of Indiana
3%
25%
25%
*15%
21%
28%
12%
10%
*9%
26
29
10%
12%
3614
3%
25
9
52
34
36%
17%
26
9
9%
£16%
19
64%
Deo
Apr
23%
20,600
37%
54
Jan
6%
47%
132
8
17
2
Conv $4.50 pref
600
*13
13
Mar
Jan
28% Deo
127% Nov
14% Jan
48% Oct
Dec
65% Mar 11
43% Mar 17
4U8
*33
Mar 10
120
19%
97%
32i2 Jan 13
4018
40
197
Dec
8% July
19% Jan
£3% June
14
13
41%
60
414 Apr 21
60% A pr 22
10214 Feb 4
1C2
Apr
13
Stand Investing Corp..No par
Standard Oil of Calif..No par
15%
17%
16%
20%
3%
18%
21%Sept
29% Sept
18*8 Sept
29
Sept
300
63
10%
64%
66
16
Mar 29
15,900
63
£13
141
2%
£36
Marl6
42i2 Jan 12
40%
36%
58
31% Sept 16
"40"
39
14%
14
28,300
13,400
7,600
32%
*
3434 Feb 19
105% Feb 2
1778 Mar 11
638 Feb 26
38%
*33
60%
62%
15%
17%
34%
36
Spiegel Inc
Jan 15
Mar 18
40%
2%
8
234 Sept 11
40%
37
59%
16U
37%
41
*34
June 17
"39%
38
39%
*33
36
15%
*31
96
Sept 13
32
Sept 13
2% Sept 8
3734 Sept 13
2% *_
40
58%
32
62%
1,800
30,600
4%
6%
36%
2%
38%
40
1
H Preferred
35
36%
*2%
38%
37
15
25
Southern Pacific Co
Southern Railway
930
7
3938 Sept 13
98i2 Apr 29
85% Jan 2
$3 conv preferred A ..No par
75
3%
Mar 20
1034Sept 17
33% Sept 13
3
Aug 13
210
19%
3%
6%
14%
102
1,300
1~5~3O6
78
6%
Nov
26
18%
3%
Dec
45
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Splcer Mfg Co
No par
78
6
64
Apr
75
19
2%
Jan
30%
14%
No par
81
3%
6%
100
$5.50 preferred
17
6
Jan
101% Nov
31% Nov
19% Nov
32% Deo
104% Deo
11% Deo
43%
5
75%
3%
July
4%
Deo
Deo
7% Nov
Jan 21
45
15,MO
11
Jan
89
1
P%
44
Feb
Mobile & Ohio Stk tr ctfs 100
77
10%
Deo
44
Spalding (A G) & Bros.No par
1st preferred
100
Spang Chalfant & Co 6% pflOO
Sparks Wlthlngton
No par
17%
47
Feb
2%
65
Platinum.1
So Porto Rico Sugar...No par
■
77
47
Feb
Feb
July 21
100
47
47
Mar 10
4%
20%
Sept 17
21% Sept 13
1,100
29
48
10%
14
110
76
15
42i2 Mar 10
120
South Am Gold &
49%
18%
48
5
Jan
Sept 13
7% Sept 13
17% Nov
55% Nov
101% Mar
Apr
Jan
89
114% Mar
Jan
Jan
Feb
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp5H% pref 100
l(b 2 00
58,800
28%
15%
2
49% Nov
Heb 16
34,500
11,100
5%
*26%
14%
1
40i8
....
15
28%
15%
5
%
2
£24% Sept 17
17
Sept 10
94
5%
5%
15%
100
No par
Jan
11 '4 Mar
Jan 11
58
*85
$6 preferred
8i2
54% Apr
Dec
1% May
7% June
2
54l2
3,600
5%
*54
10
25
100
Jan
14", 700
33
92
15%
Slmms Petroleum...
2%
90,900
45
*30
5%
100
9
20i2Sept 13
600
22%
34%
21%
58
5
5%
13%
32%
45
*30
6%
*54
94
"5"
5%
18
5%
*
94
*15
45
5%
59%
*
92
245
23
preferred..
Feb
23% Feb 10
45% Jan 14
Smith (A O) Corp
10
Smith & Cor Typewr__.No par
Snider Packing Corp...No par
1,300
145
22%
33%
21%
5
140
1,900
conv
Skeliy Oil Co
6% preferred
270
23
31%
48
""
6^%
Silver King Coalition Mines.5
Simmons Co
No par
June
11%
20%
23
11,300
11
37% July
15%
22%
105% *104% 105
11
11
10%
37
37%
37%
Nov
4
23
11
114
17*8 Feb 10
30
36%
Aug
98% Aug 18
No par
10,400
108
110% Sept
34
56
22%
Deo
6
3
10% Sept 11
29
$3.50 conv pref ser A.No par
20
5
1
99
78% Sept 13
20's Sept 13
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
22%
34%
*30
Servel Inc
Dec
30% Aug
3% July
59% Jan
110
21
5%
Sears, Roebuck & Co ..No par
285s Sept 13
6% Sept 11
800
18%
52
3
100
No par
59%
21%
29%
*5
4-2% preferred
July
96
6
93
3i4
share
per
27
Mar
5134 Mar 17
8% Sept 13
30%
22%
34%
20%
*30
2
Jan 13
Highest
share $
per
98% Mar 15
Sept 10
Sept 11
Sharpe & Dohme
400
101
22%
27i2 Mar
14% Jan 4
36% Sept 10
Sept 10
1%June 24
90
1
No par
No par
No par
6,200
19%
21%
Jan
Feb
46
103
Jan 11
Seagrave Corp
$
113
£38
Seaboard Oil Co of Del.No par
share
per
113
30
105
Year 1936
Lowest
934 Sept 13
July 9
99
July 9
95
Line...No par
Air
$
2
100
Sharon Steel Corp
$5 conv pref
8%
115
*141
JSeaboard
share
No par
Shattuck (F G)
91%
145
*143
1
8% preferred
3,600
8%
*143
145
fSchulte Retail Stores
4,700
30%
91%
26
24%
25% 26
25%
18
19
17%
*17%
*17%
18
18
19
18%
19%
18%
19%
*110% 113
*110% 113
*110% 113
*110%
3
3
3
2%
3
2%
2%
32
32%
31% 33
231% 31%
31%
24%
*17%
24%
100
Scott Paper Co
5,500
3,800
117
119
*115% 126
103
103% *101% 104%
*22
24%
21%
21%
25%
25%
25% £24%
24%
19
19
19
*17%
*17%
19%
19%
19%
18%
19%
113
*110% 113
*110% 113
3
3
3
3%
3%
32
31%
32%
31%
31%
20%
25%
17%
5)4% preferred
1,300
500
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
200
11%
30%
Range for Previous
Highest
104%June 29
No par
5% preferred
per
*56
3
100
23
Safeway Stores
30
$
30%
*96
121
23
Par
59%
3%
102% 103
6,500
Lowest
*30%
42% 43%
*91% 102
*91% 102%
11%
18, 1937
EXCHANGE
*56
56
30%
23
22%
22%
104% 104% *104% 104-% *104% 105
12
12
10%
211%
11%
10%
33%
37%
35%
37%
36%
37%
101
116
81%
21%
30%
21%
23
22%
*103% 104%
11%
11%
*96
82%
7%
56%
30%
34%
*6%
23%
11%
30%
8%
30%
3%
29%
7%
89
30%
92%
*90
3%
31
29
10%
30
1
1%
3%
28%
*6%
78%
20%
10%
6%
79
8%
40%
41
1
31
6%
1%
9%
40
1%
3%
92
1%
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
YORK
Week
32
32
£31%
32%
*95
*95
99%
99%
*93%
99%
*98
*98
104
104
*96% 104
108
108
*103% 108
*103% 108
22
22
22% 22%
21%
22%
39
238%
39%
39%
36%
38%
*88
91
*89
91
*89% 91%
1
1%
1% r 1%
1%
1%
9%
*8%
*8%
9%
*3%
9%
40
40
40%
40%
39%
39%
1%
1%
1%
1%
1%
1%
4
4
3%
3%
3%
8%
29
30%
31%
30%
30% 31
7
7
7
6%
6%
7%
82
82%
81%
83%
80%
82%
22% 23%
23%
22%
22%
22%
108
19%
1%
Sept. 17
31%
36%
*89
the
$ per share
100
*105
108
Friday
Sept. 15
32
103% *101
108
107% 107%
31%
NEW
Thursday
Sept 16
Sept.
u78 Jan 25
100%
111
13
13
13
10
Jan
8
91% Mar 27
Feb 20
28% Feb
4
148% Mar 16
99% Jan 13
14
31% Feb
4
13
35% Mar
5
y
Ex-rights.
65%
Jan
2% June
74^ June
38% May
71% Jan
20% Aug
108% Jan
90% Jan
22% Jan
20% Apr
9% Nov
28
Deo
38% Nov
47% Nov
17% Deo
109
Deo
8%
Jan
102%
Deo
70
Dec
105% Nov
28% Feb
149% Aug
100
June
31%
Feb
32%
Feb
H Called for redemption
Volume
LOW
AND
New York Stock
145
PRICES—PER
SALE
HIGH
Sales
CENT
NOT PER
SHARE,
Monday
Tuesday
Wednesday
Sept. 11
Sept. 13
Sept. 14
Sept. 15
$ per share
10%
*15
11%
15
19
21%
21%
21%
112
*113%
"
11
11%
10%
11%
1134
22
£76
78
*28%
4%
3484
9%
29%
4%
*29
30
9%
9%
16%
16
16%
*16
17%
17%
9534
*81
87
*81
96
80
*28%
30
4
4%
3434
35%
9
9%
16%
*
6%
42%
,8
6%
42%
35%
7
634
41%
42
76%
36
*81
18%
15%
*81
96
?%
90
1%
1%
10%
11%
10%
11%
*1%
66
10
10
1034
13
12
11%
82
85
82
86
*161
165
*161
165
13%
1334
47
47
13%
27%
27
2834
8%
8%
8
9%
14%
108
*85
40
41%
12%
7%
13%
7%
700
67
9,500
30,500
12
1,000
4,400
2,200
7%
13%
67
*46
29
29
*8%
8%
1434
14%
4938
29%
9%
15
*28%
8%
42%
42
43
41%
8%
42%
80%
834
45%
82%
8%
43%
834
45%
44
108
8%
14%
15
8%
*16%
65
*62
67
147
147
58
*52
1
*43
48%
53
1%
1%
1%
24%
25%
28
29%
*103% 105
40
40%
6
5%
40
38
111
*110
*73%
*118%
3
5%
*3
9%
1%
*41
*41
45
23%
27
*103%
40
538
35%
*5%
17
253g
26
*87
90
87
87
*86
10%
40%
*19%
11
10
11%
42
39%
43
1934
*19
*18
20
*14
123
26
4
4%
*54
11%
11%
11
26
26%
26%
26%
87%
86
86
86
11%
1134
113s
1134
43%
43
43%
42%
43
19
19
19
18
18
4
4%
%
%
%
%
5%
4%
5%
4%
20
*12
*32
35
31
32
23%
23%
2334
21%
24%
38
39
36
40%
40
*32
3
3%
1%
1%
34%
34%
*80
80%
99
99
100% 100%
95
96%
3%
*1%
33g
3%
1%
*1%
34%
34
35%
80
80
*96
99
*77%
96
12%
*50%
%
54%
%
584
5%
5%
5%
122%
121
121
*113% 116
23%
23%
113
63g
6
10%
6%
10
1%
1%
1%
3%
4
334
42%
43%
31
32
128% 131%
*144
159%
19
19
*37%
17%
*27
38
17%
6
2%
2
4%
4%
37%
42
31
34
142
17%
*36
1784
144
*137
19%
19%
*36
38
1734
1734
29
27
110
*90
*90
43
40
40%
100
100
82
82
18%
145
•
5%
Waldorf System
1,900
Walgreen
7,500
97
120% 120% *120% 122%
30
11338 1133g *113% 116
26
25%
2534
253g
7
7%
7%
6%
1,900
*1%
4%
33%
31
*1%
12
*134
4
2%
4%
34%
35
31%
35%
32
30%
131% 134%
Ward Baking class A...No par
32%
130% 132
*138
5,800
36,800
*36
17%
784 Mar
Sept 13
9
19% Feb 11
Feb
8
Feb
137% June
4%
Feb
jan
19
Nov
Apr
39%
Dec
5%
Jan
1238
26%
Apr
4934 Nov
17%
10%
Apr
Jan
20
Nov
52
Nov
2%
47%
Apr
Jan
9%
Apr
18%
Dec
Apr
69
Dec
9%
30
8
18
Sept 14
50% Feb
334 Sept 13
Sept
7
99% Mar
2
Jan
5
64
1
1034 Feb 26
18
1
69% Jan 23
38Sept 14
134 Feb 17
No par
5
Co
Motor
Jan
May
Sept
No par
No par
Quinlan
Bros..
Waukesha
5
19%
19
1
44
% June
4% Sept 13
12%
Jan 25
4%
Jan
21% Aug 27
31
Sept 13
35%
Jan 16
15%
Jan
23% Sept 11
36
Sept 13
38% Feb 19
46
Mar 10
Dec
7% Nov
Nov
105
2%
Feb
1234
38%
Dec
Dec
21
Apr
37%
Dec
19%
Apr
39%
Dec
5034 Aug 10
934 Feb
1
2%
6
56
Jan
Mar 17
6% June
1
Feb
11%
Aug
284
Jan
33% Jtine
5238
Dec
No par
80
Mar 13
78
Feb
West Penn El class A..No par
89
July 14
108
Aug 26
9134
Jan
107
90%June 17
109
Feb 11
96
Jan
110
Apr
103
Aug 26
Sept
$4 conv preferred
100
100
preferred
preferred
7%
6%
west Penn Power 7%
Western
100' 110% Apr 9
23% Sept 11
Maryland
Sept 13
1134 Mar
5
10
Sept 11
23% Mar
6
100
100
preferred
6%
Western
115% Jan
6
100
Western Pacific..
Union Telegraph.100
87
Feb
102
Jan
124% Sept
Jan
11634
Dec
8%
Apr
12%
434 Mar 17
Feb
Apr
23% Sept
11% Mar 17
Sept 16
83% Jan 22
15
1% Nov
5%
Aug
72% May
30% Sept 10
6
3434
Jan
50
———50
122% Sept 13
142
Sept 13
167% Jan 22
170
Jan 22
94%
Jan
123%
par
303g Jan 22
par
17% Sept 13
3534 July 2
17% Sept 11
27% Feb 23
1st
preferred
Instrum't.No
Class A
No
21
*36
38
*36
38
17%
*16%
1834
*17
18%
500
Westvaco Chlor Prod..No par
70
Weston Elec
2 5%
Sept
7
Dec
Sept
29% July 12
l%Sept 11
3% Sept 10
33
8334
116%
11134
123% Mar
Co—.IO
100
2d preferred
4%
1
4
Apr 10
pref.100! 118
preferred
6%
Western Auto Supply
July
81
84% Feb
5734 Mar
39
34%
May
Jan
6
7
4
Feb
9%
Feb
96% Nov
250%
Dec
153%
Oct
Oct
Jan
22% June
160
3334
Jan
Oct
39
Jan
1934 June
32
July
3134 Nov
Jan
35%
35%
Oct
28
*27%
28
500
94
*85
94
*85
94
60
5% conv preferred
30
Wheeling & L Erie Ry. Co. 100
90
Jan 18
115
Apr 13
34
91
Nov
105
*90
105
*90
105
114
Jan 18
126
Aug 6
Mar 11
99
July 2120
Oct
"9", 100
5}^% conv preferred—100
Wheeling Steel Corp...No par
28
45
43
44
46
*95
110
80
*75
45%
*73
*11
25%
8%
8
74
28
28%
*100% 110
2%
10%
1034
3%
24
1834
3%
3%
26
25
43%
*98
80%
*16
19%
19%
£14
3%
25
24
3%
*3%
3%
3%
3%
5%
1034
8%
5%
5%
5
5%
*3%
4%
10%
10%
10%
8
74
*72%
103g
*10%
8%
74%
*73
8%
8%
8%
74
73
May 20
126% Aug 14
78
Sept 13
Sept 11
17% Sept 13
33% Feb 16
13% Sept
18%
800
WhiteDent'lMfgCo(The SS) 20
White
3,700
4%
4,900
Willys-Overland Motors—
3,100
10%
14,000
White Sewing
43
43%
3134
33
42%
31%
32%
*96%
97%
96
96
80
*80
95
95
96
*91
95
*90
96
97%
$6
75
80
*74%
80
*74%
*76
80
*76
*75
80
*76
78
78%
76%
66%
*64%
6434
65
*66
40
41
40
40
17%
17
18
*
120
34
34%
66
72
69
72%
*88
98
*90
90%
33
37
3534
3%
37%
4%
17%
*
80
80
80
*75%
85
*75
85
65
*64%
65
39
*38
40
1,100
183g
17%
18%
18
64,800
*87
34%
71
97
36%
37%
4%
day.
*
123,
£34
34
*
123
*3334
34%
200
50
1,700
70
67%
69%
24,500
98
94%
94%
100
36
37%
36
4
4%
67%
*90
37%
a
15,800
4%
4%
1 In receivership,
100
8,000
Def. delivery,
7
Preferred B 6%—j.i
Jan 25
2% Sept 13
684 Mar 22
39%
Dec
109%
Feb
23% Sept 11
46% Jan
6% Jan 25
234Sept 13
934 Sept 10
7% Sept 10
Sept 13
Feb
28% Nov
1384 July
17% Nov
183S
3%
16
234
12% Feb 27
11
87
Jan
71
Nov
Apr
Apr
3634
Dec
8684
Dec
8O84
Oct
Jan 22
23%
4
47
112% Mar 25
112
Aug
100
Mar 10
56
100
76'4June30
47
Jan
82% July 12
92
76% Sept 15
128
Mar
6
62%
Jan
Wrigley (Wm) Jr (Del) .No par
6434 Sept 13
39
Sept 15
76
Jan
7
63
62% Jan 27
37% Feb 16
25
Preferred
B..1
15
Sept 10
100
Yellow Truck & Coach cl
117
Sept 13
Wire..No par
Youngstown S & T
No par
5V$% preferred
100
Young Spring &
Zenith Radio Corp
No par
Zonlte Products Corp
n
New stock,
r
Cash sale.
2
Aug 11
Jan 23
46% Feb 15
333s Sept 13
66
Sept 13
101% Mar
94% Sept 17
115
30
June 17
3% Sept
1
142
Ex-dlv.
8
y
Jan
6
stamped 100
Yale & Towne Mfg Co
Nov
5% Mar
Apr
4484
Jan
634 Nov
43
June
70
65% Jan 20
Sept 14
Jan
6% June
9184 Mar
42% Sept 15
27
Sept 10
95
Apr
5% Sept
12
Sept
72
81
Apr
Wright Aeronautical...No par
6% preferred B
39
17%
7% pre! A stamped
100
240
*6434
123
34%
68%
4
80
82
39
39
Bid and asked prices; no sales on this
82
80%
66%
6,600
100
10
preferred
Wool worth (F W) Co
WorthlngtonP&M (Del)No par
Preferred A 7%
100
50
19,400
10
No par
Wilson & Co Inc
500
19
4% Sept 10
6% conv pref
900
8%
97%
78
ctf. .No par]
3%
2,900
3234
80
1
Motor Co
White Rk Min Spr
Mach...No par
$4 conv preferred
No par
Wilcox Oil & Gas
5
3%
44%
*94%
21% July
84
July
9034 Aug 31
23%May 15
200
43
65
99
par|
13,000
73
4
100
85 conv prior pref...No
24%
3%
Jan
Preferred
19%
14
38
500
200
19%
18%
14
46%
110
*76
80%
96
4%
10% Mar
Westlngh'se Air Brake.No par
42%
31%
334
Jan
Westlnghouse El & Mfg
96
3%
5
Aug
14,000
32
35%
Dec
86
*85
7234
34%
41%
131% Aug
4% June
Mar 17
Aug
2%
lu,100
2,300
Dec
16
Sept 13
144
20%
Apr
May
Dec
5834
114% May
1334 Dec
18;% Mar 16
11
143
144
4
14
8%
5% Sept 11
55
*20
19%
Mar
109
Aug
48% July
6% July 15
5
Warren Fdy & Pipe
1,400
1,800
4,900
Jan
2834 Aug
4%
49% Nov
116
120
10% Mar 16
No par
$3.85 conv pref
38
20%
27%
24%
2%
5%
26
119
.100
Warner Bros Pictures
260
44
15%
No par
Class B
20%
144
*138
1734
4%
33
130% 134%
38
2%
4%
*10
Apr
Dec
122% Jan 11
51% July 15
210
113% 113%
25%
25%
Jan
Feb
40
Dec
30%
11734 Feb 2
3
Sept 10
39% Sept 13
No par
Preferred
400
120% 120%
28»4
2110%
Oct
57
Jan
Walk(H)Good & W Ltd No par
$3 convertible pref ..No par
97
Apr
Aug
1834 Mar 11
tWarner
96
Apr
2%
92% Aug 18
j Warren
96
Aug
6% Mar
70
84%June24
10
Sept 13
9,100
3,100
Nov
165
115
Mar 12
No par
7,800
700
Nov
92
2114%
4H% pref with warrants 100
Walworth Co
100
1,500
7
49
Co
Preferred.
55,400
par
Jan
1234
2478June 24
100
96
33%
No
578 Sept 14
17
No par
500
23,300
2934
117
preferred B
3~600
43
16%
preferred A
5%
8,300
97
34%
7134
100
100
100
tWabash Railway
"
31%
78%
100
Preferred
44%
96
334
98
97
119
34%
Feb 17
160
20
6684
6934
70
360
4%
3934
3234
40
*88
100
42%
27%
*69
15%
Vulcan
98
*65
3434
160
3034
68
119
Sept 14
105
2
2%
5%
40
100
Detinning
102
*90
234
3
*64
5
4
101
12
6
Feb 15
Jan
*79
12
7438 Apr
115
Mar
100
6%
11%
2%
4%
35%
32%
6
37
*100
6%
1234 Apr
135
80
*16
85
Sept 13
June29
5
Sept 14
103
*13%
80
? 5%
Mar
May 12
123
101
14
80
47
5% preferred.—;
.100
Virginia Ry Co 6% pref—.100
£99% 100
11%
44% Jan 20
Virginia Iron Coal & Coke. 100
80
19%
19%
*67%
*67%
June
16%
70
103
14
96%
30
115
105
Jan
39% Mar 11
38%Sept 8
5% Sept 13
100
preferred
3%
58% Jan 20
103% Aug 19
No par
Jan
9
Sep/ 13
27
50
7
160
103
18%
*
Sept
153
Apr
Mar
July
Va El & Pow $6 pref ...No par
80
18%
44%
45
23% Sept
57%
1
2%
5
Chem
6734 May
Jan 20
9
20
103
13%
*91
Sept
4% Jan 13
100
7% 1st preferred
*100
19%
7%
1
July 15
Sept 10
18
10
l%Sept 11
Sept 11
13%
72
Jan 18
1
*16%
8
5
Jan 19
3
13%
10%
Vick Chemical Co
164
108
34
19%
75
Van Raalte Co Inc
Jan 21
July
884 Nov
May 17
86
1
13%
*934
100
Preferred
84% Jan 11
21
Wesson Oil & Snowdrift No par
17%
4%
Vanadium Corp of Am.No par
No par
Apr
Sept 17
35%
19%
734
*71%
43%
27%
12", 100
Sales
5
June 11
35%
18%
234
Vadsco
5
17
35%
1334
3
1
Oct
8% Feb
Dec
9
Mar
59% Sept 17
142%May 17
52
Sept 17
35%
80
78
4%
futilities Pow & Light A
160
Apr
79%
90
42%
45%
4%
100
131
5
75%
118
27%
■
2%
preferred
9
Jan
Feb
9%
65
No par
110
2334
169
Wells Fargo & Co
6%
168
136
Wayne Pump Co
Webster Elsenlohr
11%
15434 Nov
144
July
May 15
100
25%
Jan
Jan
Apr
Apr 29
478 Sept 13
par
Nov
46%
120
No
101
115%
147
Jan
10334 Nov
Jan 22
100
No par
72% July
68%
...No par
3,000
80
Mar 11
Jan 18
126% Mar 11
150
3% Sept 13
9
7538
Sept 13
5,600
36
72% Mar
121
1%
*73
24%
23%
Jan
8
66% Sept 13
75
Jan 14
3%
19
23%
33
47
105
50
13,300
8,300
"2~300
Jan
Jan
Sept
70% Sept
.100
Universal Pictures 1st pref.100
6%
104
Dec
_■
8,900
3,700
Jan
Dec
100
Va-Carolina
71
Apr
9%
18»8
19%
100
2,100
Aug
49% Nov
——50
i',900
10
63%
56 conv pref. A
"
22% Mar 17
112
Mar 30
Jan
40%
95%
Oct
Jan
1%
95
4%
Apr
3%
*77%
59
15% Mar 13
7%
39%
*
62% Nov
Aug
8%
1638
1%
80
20% Nov
Aug
31%
21%
Sept 13
3%
*95
2%
33
*2234
35%
Jan
49
9
Mar 22
19% Jan 12
Universal Leaf Tob
8%
Jan
39%
125% Nov
Feb
169%
72% Mar 31
118
Feb 18
United Stockyards Corp
1
United Stores class A..No par
40
May
7i2Sept 13
39
3%
78
3%
35
24
36
80% May
40% Sept 13
78
Sept 13
20
1st preferred
Tobacco
24% June
160
No par
Universal-Cyclops Steel Corp 1
110
4
*1%
17%
1334
3
S
Jan
£39%
9934101
*15
Feb 10
90
110
125
Feb
172
*90
27
*90
*100
137
May 10
2334 Nov
No par
500
500
%
5%
100
U S Steel Corp
Preferred
8,300
55
5
50
Preferred
20
40
34% Jan 13
1114 Sept 11
Sept 11
82
156
3%
1%
3634
3134
129% 133
122% 133%
Apr
40%
3%
113% 113%
*10%
24
10
300
5
*13
20
2u% Jan 19
*1%
40
98
6%
*33
24%
11%
41%
19%
12%
%
Jan
Sept 13
10
3%
13g
4034
*120% 121
11
*13
36
24
99
2434
28
*33
101
24%
10
35
25
*95
113%
24
*121
%
5
*13
99
96%
12
12%
*50%
%
Nov
5
U S Smelting Ref & Min
60
*55
12%
25
100
100% 100%
434
5
100
Jan
U S Pipe & Foundry..
18
18
18
60
54%
5%
*10
*57
12
*2
4%
18
4%
64
41%
*19
19%
*52
12%
55
r
18
4%
434
*55
64
11
12%
55
18
18
4%
*55
*19%
2634
90
11%
"26" "Feb
Jan
2
Corp
U S Realty & Impt
U S Rubber
20
*86
86%
".1%
Apr
91
5H% conv pref
4334
26%
13
3
20
15,700
1%
20
9
3% Jan 28
100
"bjoo
55
1%
20
2434 Mar
No par
preferred-
Preferred
Jan
100% Feb
..100
preferred
U S Hoffman Mach
U
19%
113% July
1'2 Apr29
Gypsuin
8%
Jan
Dec
Nov
1234 Sept 14
89
43,900
8,200
14% Nov
109
June
8%
8912 Sept 13
Prior preferred
8%
Jan
29% Aug
105
par
1212 Sept 13
1%
4034
64
*50
59
*10
*17
No
Partlc & conv class A .No par
1%
26
*183,
18
334
S6 first preferred
3,600
17
*41
Jan 14
1434
1%
4334
17
113% Jan 14
16% Feb
8
8%
*11934 125
%
v
*41
1
4
Jan
100
U S & Foreign Secur... No par
7%
102% July
6*2 Jan
70
134
10%
19%
*53
64
*50
1%
*1%
20
*17
17
123
123
*120
10
23% Mar 22
25
2634
25% 26%
2534
25% 26%
26%
30
30
30
30
30
2734 29
29% 29%
*103% 105
*103% 105
*103% 105
*103% 115
115
41
41
41
*40%
40% 40%
40%
41%
41%
6%
6
6
6
6%
6%
6%
5%
6%
40 U
40
40%
40% 41%
4034 42
38% 40%
111
111
110% 110% *110% 111
*110% 111
111
6io
6%
*5%
6
*5%
5%
5%
6
5%
18%
No par
U S Distrlb Corp
200
26%
25%
25%
*41
46
1%
1%
4334
87
June 14
67
52
55
66%
43% Feb
*11934 125
*11934 125
73
*70
*70
72
*?0
71
73
72%
74
73%
85%
*118% 125
*118% 125
*118% 125
*118% 125
125
*118% 125
3%
3%
3%
3%
3%
*3%
3%
3%
3%
3%
3%
6%
5%
534
584
6%
5%
5%
5%
5%
5%
5%
*
*2
6
6
*3
7
*3
*3
834
884
834
10
10
10%
9
"l6% 10% £10
10%
9%
9%
938
124
*120
1%
1
1%
1%
1%
1
18
27
1%
'
55
5034 Nov
13% Sept 13
Sept 11
2,500
61
59%
59%
147%
147% *146
*60
58
32% June
47
45
17
July
2612 Sept 11
6I4 Jan 2
42%
*
17
147% *146
58
134
67
*16%
18
67
*62
58
*53
*
67
*16%
17%
6434
147% 147% *144
55
1%
*110%
6%
6%
*18%
*
67
*16%
6434
17%
147
6434
*144
*
67
Jan
4
U S Industrial Alcohol-No par
U S Leather
No par
8%
4234
834
93
8
3,700
3,100
40%
43
45%
106% Feb 26
Mar
11
108
*80
108
*80
108
*80
29%
8%
14%
15
100
preferred
Conv
48% Aug
16% Feb
26s4 Apr 19
16
No par
80
29
29
Apr
15% Sept 17
United Paperboard
U S
*158% 165
14
14%
1034
10
U S Freight
1434
40%
46%
United Gas Improvt
3,300
493g
5%
Jan 14
32%June 15
9
Sept 10
8634Mar 19
2,900
90
8% Jan 14
117
5
..No par
Sept 11
1334
13%
92
158% 158% *15434 161
14
14
*14
1434
4938
49%
*46%
*46%
35% Nov
9% Feb
Jan
Apr
Apr
64
90
12%
90
12%
91
9634 Nov
22%
Mar 17
No par
560
Jan
Jan
Sept 13
10%
33% Nov
Oct
68
41
11%
share
25% Sept
37% Nov
111
5
$5
per
Jan
16% Apr
24% Mar
3
35
June 17
13
Highest
share $
6
2878 Sept
4
per
Feb
91
7
$
II734 Feb
69'4 Apr 28
United Eng & Fdy
United Fruit
10%
12%
2118 Sept 13
Sept 13
112
9% Mar 11
63
Mar 2
11%
89
10'4 Sept 13
Sept 13
15
95i8 Aug 17
558June 17
10%
90
share
per
per
5
200
10%
12%
5
share
2438 Jan 12
31% Feb 10
30% Jan 11
5
United Electric Coal Cos
1%
40%
*——
17%
17%
preferred
*1%
82
79
82
81
78
81
80%
83%
79%
81%
81
78
2,800
*79
80
79
78
78% 80
78% 80
79%
7684
300
*67
69%
*65
69%
70
70
*67%
67%
70%
*67%
69%
66%
98
97%
93% 9534 554,400
94%
9334
9634
95%
8934
94%
97%
93%
125
125
3,300
121
125
124% 125%
125% 126
124% 122
124% 126
*11934 127% *11934 127% *11934 127% *11934 127% *11934 127% *11934 127%
50
150% 150%
154
154
154
154
150% 150%
*150% 154
*14934 154
4,300
5%
5
5%
5%
5%
5%
53.1
5%
534
5%
5%
4%
4
3 >8
10,400
3%
334
334
3%
334
3%
3%
3%
3%
3%
*
.
$3
United Drug Inc
United Dyewood Corp
Preferred
1%
8%
44%
*80
No par
United Carr Fast Corp No par
United Corp
No par
200
93
100
*1%
42
7%
Preferred
1%
39
40%
13
*80
United Biscuit
*1%
108
7%
7%
8%
13%
lb~506
105
105
93
*80
*85
43%
7%
42
14%
11%
12%
700
17
43
6534
105
9%
5
No par
No par
United Carbon
1%
165
1334
*47%
28%
*8%
13%
50
26%
14
11%
105
93
13
#85%
*159
1434
*47%
67
United Amer Bosch
10%
*1%
1%
*80
7%
*40
43
3,100
6,700
36
96
*81
7%
*40
13%
93
75,000
9%
*17%
67%
1134
*80
43g
934
17%
89%
6%
200
9%
103% 104
7
634
33%
4%
13
11%
*30
*35%
90
65
30%
9%
13
1134
105%
1,700
4%
Un Air Lines Transport
70
7534
36%
*80
66%
11%
1,000
22%
112
4%
738
300
"7534
36%
42
42
20,000
16%
Par
Lowest
Highest
Lowest
Shares
7484
43g
36%
65
66
65
65%
12
11%
11%
11%
*102% 105% *104% 10734
7
7%
7%
8%
7%
1234
13%
13%
1234
13%
64
104
22%
*
30
7
7
41%
112
"74%
76%
16%
1934
22
22
♦
96
4%
4%
$ per share
12%
11%
100-Share Lots
On Basis of
STOCK
YORK
EXCHANGE
Week
Sept. 17
30
*29
3534
9%
9%
6%
41
4
35
*16%
22
112
,
$ per share
12
11%
11%
112
Friday
Sept. 16
16
16
19
15
*15%
21%
2138 21%
113%
113% *112
79
80
Thursday
J
$ per share
$ per share
$ per share
,
the
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
NEW
for
Saturday
1865
Record-Concluded—Page 10
6
Jan 27
4334 Aug 31
9% Jan 16
Ex-righta.
Aug
Apr
884 Jan
83% Jan
42% July
4184 Jan
333g
105
Jan
Jan
584 July
11%
14034 Sept
79
Feb
51
Nov
23%
Dec
163%
Dec
55
Ap
8734
122
Ocr
Au i
42% Nov
9%
If Called for redemption.
Jan
1866
Sept. 18, 1937
YORK
NEW
STOCK EXCHANGE
Bond
NOTICE—Prices are
"an(Tinterest"—except for Income
,yadiWeekly and Yearly
rF,droceR
and defaulted bonds.
Cash and deferred delivery sales are disregarded in the week's range,
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
No account is taken of such sales in computing the range for the year.
unless
occur.
aE
Week's
bonds
Week Ended
Friday
La&t
Range or
Sale
STOCK EXCHANGE
N. Y.
Friday
Price
Sept. 17
Bid
<k
<3
eqcQ
Asked
Low
Since
Jan. 1
No,
High
Low
U. S. Government
4#s.~_Oct. 15 1947-1952
3 94s...-Oct. 15 1943-1945
4s
Dec. 15 1944-1954
394s
Mar. 15 1946-1956
S%8-..June 15 1943-1947
3s.
Sept. 15 1951-1955
3s
June 15 1946-1948
394s...June 15 1940-1943
394a.—Mar. 15 1941-1943
3948...June 15 1946-1949
394s...Dec. 15 1949-1952
394s
..Aug. 16 1941
394s
Apr. 16 1944-1946
294a..-Mar. 16 1955-1960
294s...Sept. 15 1945-1947
294s
Sept. 15 1948-1951
294s.. .June 15 1951-1954
Jan.
3s_
15 1942-1947 J
115.13
115.27
105.18
106.4
111.8
liO.17
111.16
93
109.12115.20
109
109.21
31
107.12114.9
106.5
104.28110.18
61
101
♦6s Apr 1 1935 coup on..Oct 1961 A O
j
♦6s July 1 1935 coup on..Jan 1961 J
♦Colombia Mtge Bank 694s...1947 A O
♦Sinking fund 7s of 1926
1946 mn
106.22
38
102.23
458
101
103.23
163
102.10107.30
105.6
106.28
59
106.13
518
104.20107.27
104.24108.24
103.28
104.12
73
102.20108.24
103.25
106.9
105.22
105.28
104.12
71
102.24108.18
105.16
106.10
116
104.24108.24
106
111
104
109.25
100.24
696
99
104.30
105.31 105.10
100.11
102.8
99.29
101.21
99.26
102.11 1138
100.13
99
100.18106.16
99.2 104.16
99
99.27
915
98.4
103.17
99.22
99.2
99.22
189
98
103.18
98.5
97.11
98.8
468
96.6
101.22
103.2
55
103.1
102.12 101.23
J 103.2
102.9
102.14
212
101.7
F
A
M
J
f 7s series C.
17s series D
A
O
N
J
103.2
19
101.8
105.23
40
99.6
104.10
1054
♦External
a
f 7s 1st series
♦External
sec s
98.16102.31
♦External
sec s
f 7s 3d series.1957 A
1972 F
A
S f extl conv loan 4s Apr....1972 A
O
1094
1094
20
1094
22
9 94
10094
10094
26
*
6
33
100*32
18
30
8
100',6 100*,6
10094
10094
10094 100,93Z
102
10294
10094
10094
102
9494
9454
9494
9494
14
20
41
94%
94%
10794
283
52
63
10
J
107
107
107
10694
10294
10294
104
95
10794
102%
104%
♦Bavaria (Free State) 694s.... 1945 F
A
2
994
994
10194
1956 M N
J
1957 J
External g 494s of 1928
97
34
1957 m s
Austrian (Govt) s f 7s...
2294
1094
994
Antwerp (City) external 5s
1958 J
IfArgentine Govt Pub Wks 6s.. 1960 A
Argentine (National Government)—
H External s f 6s of Oct 1925..1959IA
lExtlsf 6sof May 1926— -_1960!M N
"Extl 6s Pub Wks May 1927.1961 M N
S f external 4 Vis
1971 mn
J
23
994
994
f 7s 2d series.1957 A
1955
*1994
31
21%
1949 m s
110
109
J
10854
10894
External 30-year s f 7s—...1955 J D
Bergan (Norway) extl s f 5s...1960 m s
11794
11694
10894
11794
f 6s—
*103
*19
♦Berlin (Germany) s f 694s
1950 A O
♦External sinking fund 6s... 1958 J D
♦Brazil (U S of) external 8s
1941 J D
♦External s f 694s of 1926—.1957 A O
♦External s! 694s of 1927—1967 A O
1952 J D
..1957 M S
1958 F
1960 A
—
—
Denmark 20-year extl 6s
2594
35
47
38
3594
4754
10294
10294
10394
17
13
5
-----
mm —
—
8994
100%
1
10694
106%
6
8994
*86
91
-----
10
-
—
—
—
78
8194
126
7894
80%
49
79
8194
80%
12
8094
*58
3
63%
32
O
10754
10694
10794
76
112 J4
11294
9894
9894
9894
11394
29
99%
9994
42
99
24
9294
*5494
92%
73
A
9994
9994
9294
1954 J
1950 M
62
114
35
57
38
38
2
1960 J
J
28
28
4
1960 A
O
28
2994
5
9994 10394
9994 10354
101
10594
10494 11094
111
11494
97
10194
9654 10394
9954
9294 95
60
5094
35
5494
2654 40
2694 4094
3094
4894
1894 2594
19%
110
1894
1894
1994
1994
73
1894
25
1894
128
1894
1894
19%'
64
1894
19%
20
1894
1894
1894
1694
1994'
60
17
29
17
11
17
21
2494
2454
2454
2494
2154
2154
2194
17
18
1694
1961 a
o
17
1694
1694
17
1694
..I960 m s
32
1894
D
1951 J D
♦Cologne (City) Germany 5 948.1950 M S
2994
22
3
D
J
2194
8
.1962 M N
External gold 594s..
1955
External g 4 94s
Apr 15 1962
Deutsche Bk Am part ctf 6s... 1932
.1948
1871.
*6094
75%
*7594
*7594
7594
1494
1
38
10494 10794
10094 10394
9794 10194
45
is
77%
77%
82
....
60
7494
8294
72
82
73
82
*
75
75
8194
*
75
7594
*
79%
74J4
1994
....
*19
Estonia (Republic of) 7s
56%
J
...1967
J
♦El Salvador 8s ctfs of dep
Finland (Republic) ext 6s
1945 M s
♦Frankfort (City of) s f 6 94s. ..1953 M N
French Republic 794s stamped. 1941 J D
794s unstamped...
99
108
107
3
56%
2
99%
10
108
*19
1949
4
110
d
103%
10094
116
4
100
1949 j
25%
102
10094
1941
External 7s stamped
7s unstamped
8194
81
26
100
1
----
1
5594 66J4
98
10094
10594 109
1794
2594
102
12494
98
11994
10594 130
100
124
German Govt International—
2594
23%
1958 J
♦(Cons Agric Loan) 694s
*20
v
*18
s
25%
24%
-----
135
----
----
29%
31
75
25
25
6
2094
1894
2594
2794
2394
3194
2894
2594
36
3094
30
3294
6
2394
34
36
36
1
33
42
29%
D
f ser 7s..1964 mn
1968 F A
♦Sink fund secured 6s
30
31
42
2794
3594
100
3
9894
1952
*19
*
105
25%
20
105
♦Hungarian Land M Inst 7948.1961 M N
♦Sinking fund 794s ser B
1961 M N
♦Hungary (Kingdom of) 794s. .1944 F A
Irish Free State extl
s
I960 M n
J
d
f 5s
Italy (Kingdom of) extl 7s
1951
Italian Cred Consortium7sser B,'47
Italian Public Utility extl 7s...1952
Japanese Govt 30-yr s f 6 94s...1954
*2294
58
----
----
105
7
23
2
1
22%
-----
26
----
----
21
59%
9694 10194
17
1594
105
2194
2194
2194
2194
4794
25
2094
107
3094
3094
3094
2794
6294
1
1894
1554
1554
1554
1554
13 94
25
22
1494
14%
55
53 94
73
*1994
24%
1894
2694
*
*110
114
J
F
A
11594
83%
81
80
9394
81
82%
14
8094
94
69%
71%
11
85
78%
85%
99
6894
64
6894
33
6994 8294
7194 10094
61
8994
40%
8394
S
J
111
80%
40%
M
Extl sinking fund 5 94s
1965 M N
Jugoslavia State Mtge Bank—
"76"
1957
1947
*19
2194
♦Leipzig (Germany) s f7s
Lower Austria /Province) 7948-1950
*96%
9%
494
♦Medellln (Colombia) 694s
d
1954 j
♦Mexican Irrlg assenting 4 94s. 1943 mn
♦Mexico (US) extl 5s of 1899 £ 1945 Q J
24
3
---.
102%
2994
1945 Q
♦4s of 1904
1954 J
17
10
42
26
5%
*4
d
J
----
4s of 1904
4s of 1910 large
4s of 1910 small
11
8
9
4
4%
394
*4%
J
394
9%
9%
71%
OC
1
69%
82
2594
10
34
26
27
74
7594
2494
24%
65%
60%
10194
10194
10494
10594
10194
9994
9514
10294
103%
102%
O
A
106
20-year external 6s
1944 F
A
External sink fund 494s
External s f 494s
1956 M
S
10594 zl05%
106
105%
10294
102%
10094
100%
*102%
O
1963
A
Municipal Bank extl s f 5s...1970 J
♦Nuremburg (City) extl 6s
1952 F
D
1953 M
Oslo (City) s f 494s
Panama (Rep) extl 594s
♦Extl s f 5s ser A
1955 A
1953 J
....1947 M
d
15
106
10
10594
103%
101%
23
8
9
63
---
24
-
-
-
17
-
23
6194,
55
62
15
102
*10694
102%
-----
8
.
59
33
76
66%
10594
105
10894
109
10694
10494
10194
10394
2594
85
6394
7994
9794 103%
10494 107
6794
85
67%
67%
1
58
58%
13
22%
68
S
1959 m s
♦Nat Loan extl s f 6s 1st ser..1960 j
♦Nat Loan extl s f 6s 2d ser..1961
♦Poland (Rep of) gold 6s..
1940
5
103%
103%
107%
65
1963 M N
......1963 MN
----
6094
D
1968 m n
6
65
O
S
106
*19
A
Oriental Devel guar 6s
Extl deb 5948
13
6994
*66%
A
..1965
9
13%
7
I
25
...1959 m n
New So Wales (State )extl 5s..1957 F
External s f 5s
Apr 1958
Norway 20-year extl 6a.
1943
1
25
74
D
394
7%
1
♦Montevideo (City) 7s
♦6s series A
1952 J
"22
8
J
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
11%
8%
4
J
♦Stamped
11%
—
of '13 assent(large) '33 J
f ext loan
17
594
*
71
s
9%
4%
594
6
8
1194
4%
*4
Milan (City, Italy) extl
694s... 1952 A O
Minaa Geraes (State)—
♦Sec extl s f 694s._.
1958 M S
♦Sec extl s f 694s
1959 m s
4s
10094
6
4%
*4
D
1954 j
♦Assentirg
♦Assenting
♦Assenting
♦{Treas 6s
♦{Small
1994
95
7%
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
♦Stabilization loan s f 7s.....1947
♦External sink fund g 8s
1950
page
23
1
27
3694
10094 10594
10394
9794 102
10294 105
5694 6894
10394 10594
10394 10594
101
102
9954 10294
9754 106 94
8294 9394
8394 92
7594 8494
8554
7554
77
8694
88
7894
56
6594
19%
1961 J
A
100
34
...1957 J
O
F
3394
10254
2654
1894
1894
1894
1894
1894
1894
1894
1894
1694
A
100
3294
O
m n
Jan 1961 J
10294
77
29%
A
99
3794
3794
30
♦Externa] sinking fund 6s... 1963 M N
see
35
101
2
90
25
2794
1967 J
For footnotes
102
106%
10294
100
10694
10294
10094
1942
22%
6994
4794
10094
1944 J
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
104
10694
O
22%
*2294
1894
2994
3094
1961 J
f 6s
82
104%
10494
31
58
J
35
*100*32
♦Extl sinking fund 6s..Sept 1961 M s
♦External sinking fund 6s... 1962 M S
s
O
1951 A
1942 A
10194
103%
6094
104%
103%
"58"
J
4254
1952 M N
'Guar
16194"
Czechoslovakia (Rep of) 8s
3
----
104
1949 F A
j
Sinking fund 594s— .Jan 15 1953 J
♦Public wks 594s.—June 30 1945 J D
External loan 494s
20
3394
10494
-----
♦7s unmatured coupon on...1946
2594
175
O
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 94s May coup off 1968 mn
Chile Mtge Bank 694s
♦Sink fund 654s of 1926
•Guar s f 6s
3194
10494
*104%
10094
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 794s '50
Helslngfors (City) ext 6 94s
1960
Hungarian Cons Municipal Loan—
♦7948 unmatured coup on... 1945
18
-
31
14
7954
f 6s
33
10494
A
10354
10494
11554 11894
2794
A
s
1949 F
Haiti (Republic) sf 6s ser A
9
10194
O
♦Ry ref extl
♦7s Nov 1 1936 coupon on...1951 m n
1944 M S
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
110
11094
2794
1976 A
♦Farm Loan 6s ser A Apr 15 1938
♦Chile (Rep)—Extl s f 7s
1942
♦External sinking fund 6s... 1960
♦Extl sinking fund 6s...Feb 1961
99
♦Greek Government
111
10194
1975 m n
J
1984 J
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s..July 15
♦Farm Loan s f 63
Oct 15
95
9594
9494
11094
105 54
J
Extl
Aug 15 1945 F
98
10394
108
D
Extl re-ad J
7-year 294s
30-year 3s
23
♦7s with all unmat coup
"78"
1960 A
9654
9094
9494
10454
10454
9994
9
8
S
10-year 294s
25-year 394s
80
9694
♦7s unstamped
1949
German Prov & Communal Bks
900
10294
A
5s
6994
96
10094 10394
10094 10254
3794
10294
10294
1977 M
1976 F
Canada (Dom of) 30-yr 4a
77
9
9694
100'l6 103
3594
10294
1961 F
4%s-4%s
454s
3% external s f if bonds
3
71%
♦594s of 1930 stamped
1965 J D
♦5 94s unstamped...
1965
♦594s 8tamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A O
23
36
S
f 494s
-
20
1094
20
1094
1094
2094
994
1794
994
1694
994
1694
9894 102
100'16 10254
46
3794
1961 M
stamped
♦694s stamped..
Extl s f 4948-4948
Refunding s f 4%s-4%s
-
2094
3594
tExternal s f 6s ser C-3
1960 A O
♦Buenos Aires (Prov) extl 6s.-.1961 M S
♦6s
-
20
30
45
D
Budapest (City of)—
♦6s July 1 1935 coupon on... 1962 J
Buenos Aires (City) 694s B-2..1955 J
K External 8 f 6s ser C-2
5i
85
70
20
30
10094
*19
3754
3794
A
1950 J
Sinking fund gold 5s
20-year s f 6s.—
-
1094
1894
110
1955 J
Belgium 25-yr extl 694s
100%
84
{♦Stamped extd to Sept 1 1935— m s
1094
1094
1094
1957 A
Australia 30-year 5s
External 5s of 1927
98%
Dominican Rep Cust Ad 594s.. 1942 M S
1st ser 594s of 1926
..1940 A O
1094
.1945 J
S f extl conv loan 4s Feb
9894
98.28103.2
15
20
3094
3094
9694 10194
93
10094
"76"
99.24105.3
17
31
1953 M N
1957 F A
1957 F A
J
Cordoba (Prov) Argentina 7s.. 1942 j
Costa Rica (Republic of)—
♦Cordoba (City) 7s
♦7s stamped
92
40
5
38
38
82
196
2394
2394
----
2494
2494
2094
23%
10094
172
100
30
3
100%
100.12
9994
61
10094
100.24
2394
2394
49
A
5948 2nd series.
...1969 A O
♦Dresden (City) external 7s... 1945 mn
2394
25%
2594
2394
D
99.27
1945 J
s
High
1952 J
99.20
1945 J
f 7s series B
s
a
Brisbane (City) s f 5s
Low
High
106.10
100.11105.17
102
102.16
24%
24%
2394
*23%
2394
....
♦External
♦7s (Central Ry)
Since
Jan. 1
1947 F
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 494s
Sinking fund 8s ser B
102.4
25
25
2d series sink fund 594s
1940 A O
Customs Admins 5 94s 2d ser. 1961 m s
5%s 1st series
1969 A O
♦External
s
Range
3
c
Colombia (Republic of)
109.26
103.8
1 1939-1949 F A 100.24
1942-1944 J J 100.8
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947
♦Sink fund 6s Apr coupon on.1948
Akershus (Dept) Ext 5s
1963
♦Antioqula (Dept) coll 7s A...1945
External
Low
104.2
Foreign Govt. & Municipals—
s
Price
Sept. 17
113.16 121.14
101.30
101.26
...Mar. 1 1942-1947 M S
Home Owners' Loan Corp—
3s series A
May
1 1944-1952 M N 102.13 101.16
♦External
Friday
Bid
&
Asked
High
106.2
2948
294s series B..Aug.
294s series G
Week Ended
Range or
Sale
STOCK EXCHANGE
Foreign Govt. & Mun. (Cont.)
A O
A O
J d
M S
J D
M s
J D
J D
M S
J D
J d
F A
A O
Treasury
M S
Treasury
M
Treasury
M s
Treasury
J D
Treasury 294s—Sept. 15 1956-1959 M s
Treasury 294s...Deo. 15 1949-1953 J d
Federal Farm Mortgage Corp—
394s
Mar. 15 1944-1964 M S
3s
-...May 15 1944-1949 M N
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
N. Y.
Week's
Last
bonds
Range
Is
22%
18%
1694
6
28
17
28
83
16
26
16
26
62J4
58
76
2294
8094
17
17
16
16
16
16
16%
82
6094
58
60%
22
47
7594
71
7594
14
60
80
5394
5994
53%
28
4594
64
Volume
1867
New York Bond Record—Continued—Page 2
145
Friday
Week's
BONDS
Last
Range or
Range
N. Y. STOCK EXCHANGE
Sale
Friday
Since
Week Ended
Price
Sept. 17
Bid
dk
■_
Price
17
19
24
33*
Bid
cons
24
J
23
23*
19
23
31
1952
♦Prussia (Free State) extl 6*8.1951
M N
97
97
1
92
100
20
20
1
17*
25*
♦Berlin Elec El & Undergr 6 *s 1956
20
20
3
16*
25*
Beth Steel cons M 4*s ser
1961
♦External
s
M
25*
S
1952 A
O
A
O
109*
108*
109*
8
1947 F
A
109*
109 *
111 *
14
1950 M
f 6s.
S
Queensland (State) extl 8 f 7s.. 1941
25-year external 6s
♦Rhine-Main-Danube 7s A
20
108* 113*
109
32*
F
A
1946
♦6 *s Aug coupon otf_.
A
O
25
26*
25
34*
1st M 5s series II
1st g
A
O
26*
22*
24
22*
33
27 *
28 *
40
21*
21*
23
27*
21*
23 *
22 *
24
24
22*
24
24
69
71 *
69
32*
32*
83*
22 *
♦88 April coupon off
♦6s June coupon off
♦7s May coupon off
1968
1966
♦7s June coupon off
1967
Rome (City) extl 6*8
1952
Rouraanla (Kingdom of) Monopolies
♦78 August coupon off.->...1959
♦Saarbruecken (City) 6s
D
J
M N
J
D
A
O
1953
F
J
40
41
*18
A
J
~n~~
25
41
Sao Paulo (City of, Brazil)—
♦8s May coupon off
1952
off..1957
♦Extl 6*s May coupon
26
26*
7
22*
22*
22 *
11
M N
M N
37 *
38
2
36*
44
26 *
28*
26*
23
26*
43*
25
22*
9i*
24 *
13
22*
35*
34*
92 *
17
91
98
20 *
3
19*
25
25
25
*23*
O
D
A
M N
F
1971
F
♦External
s f
s
Vienna (City of)
♦Warsaw
Yokohama (City) extl
90*
4
O
"62*
"55 *
62 *
"23
101*
10i*
101*
67*
64*
8
96
64 *
20
*
A
M N
65 >4
65
64 *
63
6s......1961
63*
c
O
101* 106
78*
66*
65
73*
10
55*
1
99*
80*
"99H
M N
63
61*
M N
1952
6s
105"
A
"16*
"13
14*
14*
5
*88*
J
J
A
O
1955
1960
1942
1962
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A..
Canadian Nat gold 4*s
July
Oct
Guaranteed gold 5s
Guaranteed gold 5s
63*
72
Guararteed gold 5s
63
70*
Guar gold
70*
83*
Guaranteed gold 4 *s
Guaranteed gold 4*s..Sept
63*
78
100
80*
103
92* 100*
F
A
53
50
53
39*
57
J
D
64*
60*
64*
56*
86*
(City) external 7s...1958
16*
O
39*
98*
M N
A
O
30
z59*
June 15
4*s
Canadian Northern deb 6 *s..
deb stk
Canadian Pac Ry 4%
O
^{♦Abltibi Pow A Paper 1st 58.1953
1948
Adams Express coll tr g 4s
10 year deb 4 *s
stamped.. 1946
...1952
A 5a......1943
1943
1st cons 48 series B
100*
99*
F
103*
A
*79*
104 *
84
Coll & conv 5s......
1949
1950
♦5s stamped
1950
....
...1998
1942
Allegh A West 1st gu 4s
Allegh Val gen guar g 4a
Allied Stores Corp deb 4*8
1950
M
1951
4 Ha debentures
98 X 105*
40
1st A cons g 6s ser
Cart A Adlr 1st gu gold 4s
99*
Celotex Corp deb 4 *s w w
59
76
75
64
74
♦Ref A gen
103*
101
107
♦Ref A gen
F
83 *
88
74
72
*43*
A
"44"
♦Cent Branch U P 1st g
105h 110
104
83 *
J
103*
110H 115
"108*
M
75
83 X
72
45
79
96*
93*
72*
101*
40
A
M
44H
40
95
93 H 120*
108 *
108H
98 *
99H
96
97
O
F
'~96*
S
107 M
112*
98* 101*
96
100*
♦Chatt Dlv
♦Mac A Nor Dlv 1st g
Am Internat Corp copv
Amer Telep A
5*s..l949
Teleg—
M
J
S
J
J
MN
A
J
O
debentures
......1961
J
D
debentures
1966
J
J
Founders conv deb. 1950
MN
Amer Wat Wks A Elec 6s ser A. 1975
3*8
3*8
♦Am Type
deb 4 *s 1950
Anaconda Cop M In s f
A
69
69
99*
D
M N
20-year sinking fund 5 *s—1943
J
Convertible debenture 4*8.-1939
*102*
O
93* 102*
267
69
100
14
87
105H
45
73 H
"Io5*
104 *
104*
104*
105
113
112*
113H
136
101H
103 Ji
139
99*
98 *
99 h
106
103*
99*<
99 *
114
105
99 H
116
31
126
188
104*
106
106
6
105
106
92
87*
100
5s
111* 114
101* 113
96* 102*
96* 102*
105
200
103
110*
104* 107
..1967
5 f Income deb
JAnn Arbor 1st g 4s
1955
Ark A Mem Bridge A Term 5a.
1964
Q
A
General 4s...
1995
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
1995
1995
....1955
1955
Conv 4s of 1905
1960
...1948
1965
Conv gold 4s of 1910
Conv deb 4 Ha
A
1962
5s......1946
Atl A ('harl A L 1st 4 Ha A
1944
1st 30-year 5s series B
1944
Atl Coast Hue 1st cods 4s July 1952
General unified 4 Ha A
1964
10-year coll tr 5s
..May 1 1946
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf AWI89 coll tr 5s
1959
Auburn Auto conv deb 4*8—1939
Austin A N W 1st gu g 5s
1941
Cal-Arlz 1st A ref 4*s A
O
98 *
M N
J
109*
109H
106* 116
106
J
102
104
102
112
109
107H
104* 109*
103* 110
106 Ji
104* 108
107H
107* 111
106
105
107
112H
110
114
112H
111
113*
118* 118*
108
111*
106 *
*i04
M
S
J
D
112*
112*
*114*
J
J
*109*
J
111 *
111H
110
99*
101H
99
87 H
86
J
M
J
J
S
D
101*
87
M N
MN
86
101*
89*
J
J
100*
99*
88
116
105*
99*
99* 106*
101H
89H
40
*
88
99*
41H
40
60*
41H
40
41*
68*
54
31
14
80*
"74*
70 H
*35*
105*
105H
105* 107*
105
104
tBaldwln Loco Works 1st 5S...1940
5s assented
1940
A O
Bait A Ohio 1st g 4s
July 1948
A
1995
1st gold 58
July 1948
Ref A gen 6s series C
1995
PLEAWVaSys ref 4s
1941
Refund A gen 5s series
58 H
Southwest Dlv
103 X
2
99*
97 H
100 Vi
248
67
66
A
O
105*
102*
105H
64
D
80 *
76*
80 H
61
96
95*
98
51
J
J
A...1959
M
S
90
J
D
4*s
F
Bangor A Aroostook 1st 5s
Ref A gen M 5s series
2000
1960
1996
1943
1951
Con ref 4s
1951
48 stamped
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 Ha
1951
Bell Telep of Pa 5s series B
1948
1960
1st A ref 5s series C
For footnotes
see
page
1871
151
J
J
Ref A gen 5s series
70
D
1st 3 Ha-5s.-1950
Tol A Cln Dlv 1st ref 4s
Conv
103 H
J
M N
90
*_
"~65*
92 H
47
85 %
13
5
12
11
13
21
J
*18
29
J
♦13
A
22
13
J
13
J
*15
M
A
A
O
J
A
A
A
~65*
*
"45*
39
O
F
109
107*
*103
"85*
84*
*79
M N
♦
M N
M N
S
74*
M
119*
119*
M
S
48
39
109*
"el
1
37
106
89*
113
88
87
119*
1
74*
76
8
106*
107
6
15
106*
106*
S
118*
117*
119
M N
95*
94*
96*
64
F
A
96
95
96
47
J
J
*106
109*
J
J
*
111
J
J
J
J
M
S
M N
M
114*
42*
107
"iio*
110*
M
S
110
110
F
A
108
108
112
112*
*
t{♦Chicago A East 111 1st 6s... 1934 M N
{♦C A E 111 Ry (new Co) gen 5s. 1951
♦Certificates of deposit..
—
MN
Chicago A Erie 1st gold 5s
1982 M S
$♦ Chicago Great West 1st 4s...1959 J
J
t*Chlc Ind A Loulsv ref 6s
1947 J J
♦Refunding g 5s series B
1947 J J
♦Refunding 4s series C
1947 M N
♦1st A gen 5s series A
1966 J J
♦1st A gen 6s series B_.May 1966
J
J
Chic Ind A Sou 50-yr 4s
1956 J D
Chic L S A East 1st 4*s
1969
16
114*
*108"
43
1958
1977
1971
l03" "25
*103*
"47*
J
F
102*
102*
J
J
12
*105*
S
F
"86*
80
S
M
J
32*
*101
M
ref g 3s
1949
Div 3*8.-1949
Illinois Division 4s
1949
83*
"32
106*
Chic Milw A St.
"24"
44
23
107*
no*
110*
40
108*
112*
15
5
16
28
100
"26*
20*
23
25*
23
"91
12
117*
117*
5
27*
31*
144
22
22*
2
22*
22*
"31*
22
♦18
11
8*
10
*98
23*
11
4
"l6
103
106*
97* 108*
66
94*
102* 116*
76* 103*
95* 105
1 1989
1 1989
♦Gen 4*s series E—May 1 1989
♦Gen 4*s series F—May 1 1989
l»Chlc Milw St P A Pac 5s A.. 1975
♦Conv adj 5s
Jan 1 2000
t*Chlc A No West gen g
107*
88
99*
65
93*
54*
82*
♦General
64*
♦4 *s
90
3*s—1987
1987
4s
A
58 *
54*
8
66 *
J
64*
113 *
H3H
10
111
116
stamped
{♦Secured 6*s
108*
109
26
103
110
110
5
109
110*
116*
5s
May 1
♦1st A ref 4*s stpd.May 1
78*
103*
♦1st A
70
72
*102"
301
63
71
102
93*
117*
U7H
115* 121*
126
126 H
120
131
..1987
...1936
2037
2037
ref 4*s ser C.May 1 2037
4*s series A
1949
♦Conv
42*
39*
14
46
45
42*
46
46
♦46
"18*
19*
6*
5*
M N
28*
28*
6*
29*
31
30*
31
30
30
M N
*30*
31*
x
M N
32
37
18
18*
18
16*
18*
16
17*
D
M N
"II*
800
51
6
8
36*
18*
J
"720
"~9
35
"34"
IVI N
12
49
16*
M N
♦1st ref g
5
41
41*
♦38
46
♦Stpd 4s non-p Fed lnc tax 1987
M N
♦Gen 4*s stpd Fed lnc tax..1987
M N
♦Gen 5s stpd Fed lnc tax
1987
F
10*
101
♦111*
Paul—
May 1 1989
♦Gen g 3*s series B_. May
♦Gen 4*s series C—May
J
*
56
21
12*
Chic Burl A Q—111
M
'I()8*
"2
18*
O
Chic A Alton RR
67 a
69
65
"16
13
M N
A
♦Gen 4s series A
*104*
M N
74*
85*
"68 H
"68*
13
101
93*
4*s '50
1939
.1992
Ref A impt mtge 3 *s ser D. . 1996
Ref A Impt M 3*8 ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s...1946
R A A Dlv 1st con g 4s
1989
2d consol gold 4s_.-------1989
Warm Spring V 1st g 5s
1941
series B
series A
8
74
25
Champion Pap A Fibre deb
Cbes A Ohio 1st con g 5s
1st A ref 5s
21
42
100*
101
A
1960
1st A ref 4 *s
212
103*
110*
F
4s—1954
4s
9
3
72
*65
*
|*Cent RR A Bkg of Ga coll 5s 1937
5s extended to May 1 1942
Central Steel 1st g s f 8s
...1941
Certain-teed Prod 5*8 A
1948
General
4
110
*102*
_z92*
112
102
106
D
J
74
105
94* 100*
95
99*
107 *
D
J
60
97H
108 *
42*
*107
D
J
96*
31
101
98H
*102*
To4
D
J
_97*
97
Nov
Rocky Mtn Dlv 1st 4s
J
Trans-Con Short L 1st 4s...1958
Atl Knox A Nor 1st g
J
89
101
S
F
35 H
67 H
J
M
4s series B.1965
J
1st M s f 4s ser C (Del)
1957
Atchison Top A Santa Fe—
Armour A Co (Del)
34*
Jan
101*
*
General gold 4*s
♦Anglo-Chilean Nitrate—
107
D
gold 4s. .1949
Through Short L 1st gu
Guaranteed g 5s
107
95*
A
1987
Cent Pacific 1st ref gu
103*
114*
107*
101*
114*
D
F
104* 109*
103* 106*
122*
94*
103*
113*
J
^♦CeDt New Eng 1st gu 4s
1961 J
Central of N J gen g 5s..—..1987
4s
59
123
J
ref 3 *s. 1965
111 Elec & Gas 1st 5s
1951
Illinois Light 3*8
1966
General
113*
103*
M N
Cent Hud G & E 1st &
Cent
112*
"112*
J
1941
Gen mortgage 5s
18
115*
D
1946
1941
♦Mobile Dlv 1st g 5s
38
117*
115*
113*
D
1946
5s. 1947
Central Foundry mtge 6s
12
118
"95"
J
5s.-Nov 1945
1945
5 *s series B
1959
5s series C
1959
pur money g 4s..1951
♦Mid Ga A Atl Dlv pur m
Cent
1955
2030
1953
1949
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
American Ice 8 f deb 5a
Amcr I G Chem conv 5*8
1950
1198
1947
1948
S
D
^♦Central of Ga 1st g
♦Consol gold 5s
93*
A
A
4s
116
J
1938
A.Dec 15 1952
105*
39
J
...1949
76
113
S
1960
101
116*
112*
115*
117*
J
»
1946
Carriers A Ger Corp deb 5s w w
1
116*
113
106
65*
*67
A
A
109*
116"
A
♦Cpll A conv 5s
84
99
65*
J
♦Albany Perfor Wrap Pap 6s.. 1948
A
6s with warr assented
—1948
1946
Alleghany Corp coll trust 5s...1944
....
*113*
*i07*
J
Alb A Susq 1st guar 3 *8
194
99 *
J
Adriatic Elec Co extl 7s
Ala Gt Sou 1st cons
*99*
M
1947
Coll trust 4a of 1907
85*
88
5
5
13
116*
115*
Dec 1 1954
^♦Car Cent 1st guar 4s
85
19
21
117*
Caro CllDCh A Ohio 1st 5s
J
16*
100*
104*
112*
perpeLJ
trust 4 *s
Collateral
1003,6
103*
O
A
66
65
65
J
A
"53" "~6
52
M N
1944
5s equip trust ctfs
Coll trust gold 5s
RAILROAD AND INDUSTRIAL
COMPANIES
1957
1969
1969
1970
1955
1956
1951
1946
'
Coll trust 4 *s
29
A
t*Bush Term Bldgs 5s gu
105
8
73*
*104*
A
HCal G A E Corp unlf A ret 58-1937
J
Cal Pack conv deb 5s
—1940
*98 *
166* ""2
110*
69
71*
M N
31
S
Bank 7s..1952
D
57
M
F
A
J
110*
J
F
40*
63
100*
J
24
31*
*107
A
F
25*
105
1964
f 6s
Venetian Prov Mtge
17
8
J
...1960
6s
106*
21
A
Trondhjem (City) 1st 5*s
1957
♦Uruguay (Republic) extl 8s...1946
♦External
A
F
..1961
f 5*s guar
s
105*
53 *
J
Tokyo City 5s loan of 1912....1952
External
A
1
106*
29*
31*
8
M N
52
*
48
18
40
53 *
118
94*
28*
28*
D
J
114*
118
152
92*
1952
5s
99
113*
114*
15
"23
"94*
30
Codsoi
69*
101*
75*
54*
86*
"*4
D
♦Certificates of deposit
JBush Terminal 1st 4s
1946
1955
f 5*s
s
32*
~98~
98
A
J
29
M N
♦Slleslan Landowners Assn 6s_.1947
Sydney (Ctty)
D
8
t
M N
JJ^Burl C R A Nor 1st A coll 5s 1934
22
J
70*
*
J
M N
Buff Roch A Pitts consol 4 *s.. 1957
20*
*19*
S
J
Syria (Province of) 7s
71*
IVI N
1950
1938
Buffalo Gen Elec 4 *s ser B
1981
Buff Niag Elec 3*s series C..1967
M
1946
Serbs Croats A Slovenes (Kingdom)
♦8s Nov I 1937 coupon on...1962
♦78 Nov 1 1937 coupon on...lP62
♦Silesia (Prov of) extl 7b
1958
M N
loo*
'lOi*
Bruns A West 1st gu g 4s
J
♦Sinking fund g 6*s_.
M N
Brown Shoe s f deb 3*8
27 *
34
17
*
J
1957
37*
J
20
17
14*
16
F
19*
15
O
J
65
76*
A
A
1947
1950
1st lien A ref 6s series A
Debenture gold 5s
J
Secured s f 7s
...1940
♦Saxon State Mtge Inst 78...-1946 J
Taiwan Elec Pow a f 5 *s
22*
35*
34*
J
♦External 7s Sept coupon off 1956
1968
27
1941
Bklyn Edison cons mtge 3*s__1966
Bklyn Manhat Transit 4*s
1966
Bklyn Qu Co & Sub con gtd 5s. 1491
1st 5s stamped
1941
Bklyn Union El 1st g 5a
1950
Bklyn Un Gas 1st cons g 5s
1945
J
1936
♦External 8s July coupon off. 1950
♦External 6s July coupon off.
26
41*
F
Brooklyn City RR 1st 5s
69
64 ~
*
♦Certificates of deposit
1st lien & ref 5s series B
San Paulo (State of)—
§♦88 July coupon off
25*
21*
33
1955
42
66*
67*
"65"
O
A
109*
17*
S
M
1934
15*Botany Cons Mills 6*s
84
*107*
M N
1961
4*s series JJ
Boston & N y Air Line 1st 4s
Rio Grande do Sul (State of)—
118
96
D
J
1967
1955
104
96
—1944
Big Sandy 1st 4s
21*
33
103
104
113
36 *
22
20*
♦18
D..1960
1966
Cons mtge 3*s series E
*20
1948
1953
20*
20*
22
1955
♦Debenture 6s
BostOD & Maine 1st 5s A C
Rio de Janeiro (City of)—
♦88 April coupon off
No.
24
24
6*s..195i
♦Deb sinking fund 6*s
1959
1966
♦8a June coupon off
High
♦104*'
3*s__1943
♦Berlin City Elec Co deb
25 *
♦7*s July coupon off
Prague (Greater City) 7*a
"Sa
§3
Low
High
No.
Belvidere Delaware
D
Friday
&
Asked
Sale
EXCHANGE
Week Ended Sept.
Porto Alegre (City of)—
Range or
Last
BONDS
N. Y. STOCK
Jan. 1
Asked
High
Low
Foreign Govt. &Munlc. (Concl.)
Week's
Friday
9*
12
"22
27
40
38
364
New York Bond Record
1868
Sept. 18, 1937
Continued- Page 3
Friday
&
Hewlett
L
en4
—
eMembers
Hros.
Johnson
j
Gen A ref 5s ser E
F
A
A
RAILROAD 'BONDS
Chicago, III.
135 So. La Salle St.
Vrirate Wire
tDul A Iron Range 1st 5s
Randolph 7711
Connections
'Dlgby 4-5200
A
4s... 1995
♦
1st 4s assented
1995
♦Second gold 4s..
1995
♦2d 4s assented
1995
Detroit Terra A Tunnel 4%s._1961
Dow Chemical deb 3s
1951
{{♦Dul Sou Shore A AtlgSs.—
Duquesne Light 1st M 3%s
"5^. Y. 1-761 -i- 'Bell System Teletype •>- Cgo. 543
1937
1937
1965
Nor Dlv 1st 4S..1948
East T Va A Ga Dlv 1st 5s
1956
Ed El 111 Bklyn 1st cons 4s
1939
Ed El ill (N Y) 1st cons g 5s.. 1995
Electric Auto Lite conv 4s
1952
East Ry Minn
Week's
Friday
Last
BONDS
N.
Y.
Range or
Price
17
Bid
.4 ske
A
1.(111
{{♦Chicago Railways 1st os stpd
Feb 1 1937 25% par paid—
{♦Chic RI&PRy gen 4s_ —.1988
♦Conv g 4 Vis
1960
June 15 1951 J
Memphis Dlv 1st g 4s
..1951 J
Chic T H A 3'eastern 1st 5s..-I960 J
42 M
55
15
13%
50
im
22 M
14%
37
13
25 M
13%
14
7
132
8%
*
D
3%s
106
......
....
*86
D
D
..."
-
12%
7
105
26%
22%
16
113%
94%
94%
98%
90
85
90
7
90
85
90
85
2
85
99%
75 M
91
*
Dec 1 1960 M S
5s
43 M
30 %
13
11%
8
D
Inc gu
24%
47
12%
M N
1951 J
Gold
83 M
13
13%
♦Certificates of deposit
{♦Secured 4%s series A
1952
♦Certificates of deposit...
Ch St L & New Orleans 5s
High
13
15
—1934
{♦Refunding gold 4s
60
125
27%
*
Since
Low
2
60
24%
26%
Range
Jan. 1
lliul
60
♦Certificates of deposit...
■§
52
Friday
Sale
STOCK EXCHANGE
Week Ended Sept.
75
1963
1963
..1951
1st mtge 3%s series
3%s
E
guaranteed
109%
107%
106
107
33
104%
105%
20
101M 108%
102%
103%
78
101
54
100% 108%
99 M 105%
80
14
99%
100%
O
79
80
{♦Choc Okla A Gulf cons 5s.—1952 IVI N
1966 F A
Cln Leb A Nor 1st con gu 4s.-.1942 M N
*14
...
......
35
100%
100%
-
-
.
-
11
100%
*104%
IVI N
....
107%
107%
1
103%
C...1957
series D. .1971 IVI N
J
1943 J
1st mtge guar 3%s
104
6
103%
......
M
Cincinnati Gas A Elec 3%s
Cln Un Term 1st gu 5s ser
4
......
J
1943 A
Chllds Co deb 5s
107%
109%
104 M 113
103
111%
Chic & West Indiana con 4s—1952 J
1st A ref M 4 %s ser D
1902 M
104%
20
79
35
94
40%
97 M
104%
104 M
105 M
108%
101
110%
109%
Cleve Cln Chic A St L gen 4s ... 1993
D
1993
D
1977
J
87%
85%
89
79
85 M
98M
J
103%
103%
104
5
103 M
106%
104
104
General 5s series B
Ref A impt 4 %s series
E
Cairo Dlv 1st gold 4s..
1939
Cln Wabash A M Dlv 1st 4s. 1991 J
St L Dlv. 1st coll tr g 4s
1990
99%
*
J
M N
*
95
......
4s
1940 M S
J
W W Val Dlv 1st g 4s
1940 J
Cleve-Cllffs Iron 1st mtge4%s_1950 M N
J
Cleve Elec Ilium 1st M 3%s—1965
Spr A Col Dlv 1st
116%
......
*104
g
7
100%
_
....
2
-
.
-
.
97
107%
115M 118
91% 104
95
....
107%
5
106M 108
109%
109%
1
105%
A
O
*106
Series B 3%s guar
Series A 4%s guar
1942
-.1942
..1948
1950
4%s series A
1977
A ref mtge 4 %s series B.1981
A
O
J
*106
M N
111%
110% 110%
*102
J
Series C 3 %s guar
Series D 3 %s guar
Gen
Gen
F
A
__
105
100%
......
58%
4 Ha
f 3%s
A
108
105
106%
22
104 M
111%
101%
29
99 M
105 M
100
109
*99%
5
103%
79%
5
79%
54
59
29
112M
76 M
96
54
77 M
99%
58
*112%
113%
"106"
104%
106"
29
102
97%
96%
97%
44
94
8
97% 105%
98
105
96 M
105%
109
A
'
102%
102%
16
103
*105%
J
.
..._.
.
..
-
106%
106%
15
105
106%
F
105%
14
A
104%
103%
104%
42
103%
103%
104
32
108 %
100%
99% 105M
104 M
*105
J
106
105% H2M
104% 107 %
100% 108M
102% 106 %
101
107%
♦Consolidated Hydro Elec Works
of Upper Wuertemberg
7s.-.1956
Consol Gas (N Y) deb 4%s
1951
Consol Oil conv deb 3%s
1951
{♦Consol Ry non-conv deb 4s-.1954
J
20
J
105%
42
99%
101%
210
*21%
29%
105%
1955 J
♦Debenture 4s
105%
101%
......
J
J
♦Debenture 4s
1955 A
♦Debenture 4s
.1956
*20
1st mtge 3%s_.
1st mtge 3Ms
Container Corp 1st 6s
N
N
D
42
63 M
14
103 M
110M
24
101%
98%
102%
99
104
104%
16
99% 107%
98 M 108%
96 % 103%
105 M
102
100%
100%
18
8
99
Copenhagen Telep 5s.-Feb 15 1954
F
A
102
102%
6
Crane Co
F
A
100%
101%
43
106%
106%
104%
f deb 3%s._
1951
-
......
s f 4s
1950 M N
J
Crown Willamette Paper 6s....1951 J
Crown Cork A Seal
1942 J
D
1952 J
J
7%s series A extended to 1946
J
Cuba Nor Ry 1st 5%s
Cuba RR 1st 5s g
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4Mb
1st A ref 4Mb
1st mortgage 4 Ms
Den Gas A El 1st A ref
Stamped
as to
......
D
A
O
1969 J
see
......
J
J
4 Ms.-.1947 IVI
page
1871.
103
107
6
104
7
44%
20
103 M 106
65
40
46
49
12
46
54
56
14
54
64%
62 M
42
55
42
105
78
*105%
3
45
24
106%
80
82
107
-
-
.
.
J.
101% 108
78
95 M
104 M 107
101% 104
106%
108%
106 M
1
104%
106%
105%
*107%
108%
36%
11%
16
22
21
15
21
38
10%
J
*106%
19%
21
21%
A
s
97
105%
105%
1951 IVI N
100M 103%
99 % 102%
40
*103
s f 5s... 1951 IVI N
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.__Apr 1978 AO
J
{♦Des M A Ft Dodge 4s ctfs
1935 J
For footnotes
81%
J
.1969 J
Penna tax
gu
42
......
1943 IVI N
J
1971 J
{♦Den A R G 1st cons g 4s
1936 J
{♦Consol gold 4Ms
1936 J
{♦Den A R G West gen 5s.Aug 1955 F
{♦Des Plains Val 1st
48
D
J
6s series B extended to 1946
Dayton Pow A Lt 1st A ref 3 Ms 1960
104%
a43%
1T%
14
10M
23
9%
11%
61
9%
16
19
14
4%
*42
4%
61
122
2
19 M
14
4%
50%
A
O
M N
J
J
F
118%
101
102%
*35
lOOhz 102%
72%
34%
~42%
105%
106
106%
46
113%
103%
116%
103% 107%
131
139%
106%
104
111%
106%
111%
111%
108% 113%
100% 105%
107
106% 112
105
106%
*106
D
*105
O
IVI N
"65%
A
O
65%
J
J
*117%
1957 J
J
116%
1947
IVI N
*108%
1938
IVI
J
1927
Ref A Impt 5s of
of 1930
Erie A Jersey 1st s f 6s
Genessee River 1st s f 6s
Ref A Impt 5s
N Y A Erie RR ext 1st 4s
Fairbanks
o
1st 5s 1942
5s International series
1942
1st Hen s f 5s stamped
1942
1st lien 6s stamped
1942
30-year deb 6s series B
1954
s
D
1974
73
54
68
74%
92%
94%
70
69%
69%
94%
91
93%
62"
65%
169
62
89
62
65%
207
62
79%
89
114% 119
116%
116%
109
*66
101
101%
99
118%
114%
70
101%
99%
64%
23
5
101
80%
105
98% 103%
s
98%
98%
3
IVI
S
3
100
s
100%
103%
100%
IVI
103%
1
101
93%
92%
93%
6
104%
92% 105
93%
93%
93%
6
82
IVI
D
M
*55
S
77
65
D
68
"15
11%
10%
9%
11%
9%
of deposit—
♦Certificates
106
97% 106%
75%
*
S
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 %s. .1959 J
♦1st A ref 5s series A
25
S
1946 J
f 7s
103
111
103% 107
97%
68
73
"69%
A
1954
1956
Morse deb 4s
97%
106%
o
Federal Light A Traction
111
112
113%
103%
*131%
J
110
104
113%
J
A
102
107
*107
IVI N
J
55
111
101%
1967
1975
..1955
prior
4s
98% 102%
103%
96%
70
81%
87
117
60%
9%
53
9%
20
20%
1952
Fonda Johns A Glov 4%s
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s_.
1982
9
4
*2%
3%
Fort St U D Co 1st g 4 %s
1941
J
J
*104%
Framerlcan Ind Dev 20-yr 7%s
1942
J
J
107%
M N
65%
65%
O
92%
92%
6s.-.1956
6%
2%
4
9%
3
17%
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Galv Hous A Hend 1st 5 %s A—1938 A
Gas A EI of Berg Co cons g 5s.
.1949
J
Gen Amer Investors deb 5s A. .1952 F
Gen Cable 1st s f 5%s A
1947 J
5
106% 107%
108",
107% 110%
65%
A
J
J
J
87%
IVI N
s
f deb 6s
121% 122%
101%
100 %
106
103% 106%
30
41%
38%
*38%
38%
38%
102%
30
39%
40
29%
40
40
F
A
103%
101%
103%
98% 105
F
A
101%
100%
101%
98% 105%
J
J
J
J
"73"
"73"
74%
73
-97%
J
J
*28
35
30
44%
J
J
30
30
30
A
O
35
23
J
D
103%
102
103%
J
D
100%
104%
100%
101
104
104%
IVI N
IVI
J
J
102
*20%
101% 103%
102
52
30%
107
97% 101%
103
106
s
96%
95% 107%
D
104%
103% 103%
..
108% 111
J
J
A
*108%
95
J
77
75
76%
74
70
98%
95%
110
77%
76%
95
69%
D
F
1950' J
1st A gen s f 6%s
100%
105%
D
:—1948
deb 3s '46
15-year 3%s deb
1951
Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5%s with warr.1949
{♦Ga A Ala Ry 1st cons5s Oct 1 *45
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6s
1945
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 5s—1957
Gotham Silk Hosiery deb 5s w w '46
Gouv A Oswegatchle 1st 5s
1942
Grand R A I ext 1st gu g 4%s.. 1941
Grays Point Term 1st gu 5s
1947
Gt Cons El Pow (Japan) 7s
1944
♦20-year
92
100%
100%
105%
J
Jan 15 1945
♦Sinking fund deb 6%s
1940
1
*116
D
♦Gen Elec (Germany) 7s
Great Northern
4%s series A..1961
1952
J
1973
J
106%
1976
1977
1946
1946
1967
J
102%
J
General 5%s series B
General 5s series C
General 4%s series D
General 4%s series E
General mtge 4s series G
Gen mtge 4s series H
Gen mtge 3%s series I
♦Green Bay A West deb ctfs A
116%
113%
116%
117%
114% 119%
106
107
106
J
101
101%
112%
103
102%
117%,
J
106
104%
106%
203
90%
91%
73
J
91%
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5%s B
1st mtge 5s series C
1940
1950
1950
*50
Feb
10
M N
115%
100% 109%
108%
102%
100%
118% 1122
*105%
A
O
A
O
*95
92%
Gulf A S I 1st ref A ter 5s Feb 1952 J
90%
60
67
10%
111
141%
104% 111%
12
10
106
166"
96
65
15
106%
100% 106%
92% 103%
93
*93%
J
*93%
1952
Stamped
s
1961 A
f 4 %s
97%
1966 A
10-year deb 4%s
1946
1949 J
1999 J
g
4 %s
♦Hoe (R) A Co 1st mtge
...1944
{♦Housatonic Ry cons g 5s
1937
Houston Oil sink fund 5%s A-.1940
Hudson Coal 1st
8
..
104%
102% 105%
107
105% 108
23
*17%
*116%
88
M N
IVI N
60
102
102%
D
Hudson Co Gas 1st g 5s
1949 M N
Hudson A Manhat 1st 5s ser A.1957 F A
♦Adjustment Income 5s Feb 1957 A O
Illinois Bell Telep 3 Ms ser B...1970 A
Illinois Central 1st gold 4s
1951 J
O
39%
*119%
93%
13
60
86%
101
103%
41%
120%
88
38
24%
26%
119
106%
28
*110%
*
Extended 1st gold 3%s
1st gold 3s sterling
1952
Refunding 4s
Purchased lines 3 %s
Collateral trust gold 4s
J
1952 J
1953 M N
Refunding 5s
40-year 4%s
1955 M N
Cairo Bridge gold 4s
Litchfield Dlv 1st gold 3s
Loulsv Dlv A Term g 3 %s.
s
A
O
72
1955 M N
68
1950
*89
*
.
.
12
Springfield Dlv 1st
Western Lines 1st g 4s
"93"
92%
93
72
72
95
70%
72%
68
96
74%
90%
90
67%
82
82
5
82
52
52
2
56
116
62
80
*104
*91%
104%
105
109
95
93
98
106%
102%
95
95
*11III
83
82%
89%
*
91
88
92%
*
93%
93%
98%
3%s...1951
1951
—
67%
1953
57%
111
107%
107%
67%
1951
32%
g
A
101% 110
102
102
1951 IVI
1 1966 F
57%
116% 124
85%
61%
36%
21%
110
104"
1951 A O
Collateral trust gold 4s
97%
2
29
60
"56
J
1951 J
84
102%
105%
25
105%
28
114% 126%
117%
64
61%
61%
J
1st gold 3%s
Aug
99%
99% 105%
*106%
A
1962 J
f 5s ser A
93%
93%
98%
102%
104%
1952 J
♦Harpen Mining 6s
Hocking Val 1st cons
90"
102
A
Hackensack Water 1st 4s
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s...1951
Gold 3 %s
1951
22%
113%
113%
J
Feb
♦Debentures ctfs B
27
103%
104
J
J
41%
114%
*99%
O
J
48
114
o
1st consol gen Hen g
....
106%
......
A
J
45
*41
60
65
45
"49
101
114%
D
Conv 4s series A
Gulf States Util 4s series C
102%
102%
D
1953
Series B
1953
Gen conv 4s series D—-—1953
Erie RR 1st cons g 4s
Gulf States Steel
68%
J
109%
55
97%
40
105%
66
*44
Low
60
*105%
41M
......
66
D
J
33
D
s
107%
41M
40%
71M
N
J
J
Series C 3%s
27
1943 J
15-year deb 5s
99 M
......
s f 5s
1960 J
Consumers Power 3%s.May 1 1965 IVI N
May 1 1965 IVI
1970 M
...1966 M
1946 J
27
101
*53
106%
1
27
*20
26
18%
105 M 108 M
28
32
27
I
♦Consolidation Coal
1st mtge 3%s
4
20
12
D
75
*58
J
3
114%
111M 115
1956 A
3 %s debentures
113
103 M 108
98%
99
1943 A
1951
1951
1961
Consol Edison (N Y) deb 3%s,1946
s
50
51
Commercial Invest Tr deb 3 %s 1951 J
guar
106M
108M 116%
101%
101
......
J
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3%s—1951 A O
Stamped
111M
99%
100%
101%
O
Conn Rlv Pow
111"
20
104%
46
*105%
Gen Motors Accept Corp
109%
103%
......
IVI N
Columnia A H V 1st ext g 4s. .1948 A
Columbus A Tol 1st ext 4s
1955 F
Coon Ry A L 1st A ref 4 %s
105
106
ins
109
109
O
Conn A Passum Rlv 1st 4s
_
*108%
Apr 15 1952 A
Jan 15 1961 J
Debenture 5s
*
113"
107
109
*107
Columbia G A E deb 5s.—May 1952 IVI N
Debenture 5s
109%
*
Cleve Short Line 1st gu 4
%s—1961
Cleve Union Term gu 5%s
1972
1st s f 5s series B guar
1973
1st sf 4%s series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen b f 5s.. 1943
♦5s Income mtge
1970
Colo A South 4%s series A
1980
....
109"
S
J
3%s ser B
Francisco Sugar coll trust
10l" 103"
107
B.1942
Cleve A Pgh gen gu 4 %s ser
109
High
111% 116 %
106% 110%
105% 111%
114
104%
...
*100%
No,
O
Erie A Pitts g gu
Fiat deb
104 M 104%
*104%
Clearfield A Mah 1st gu 4s
High
D
J
Jan. 1
106%
J
IVI N
Since
O
CQ6Q
1965
1940
1940
1996
1996
6s stamped
Ernesto Breda 7s
107%
108%
1944
1st mtge 4s series D
3 951
-1965
El Paso A 8 W 1st 5s
3d mtge 4%s..
Chicago Union StationGuaranteed 48
1941
Elgin Joliet A East 1st g 5s
El Paso Nat Gas 4 %s ser A
O
O
Asked
108%
103%
114
O
M
F
1965
%s ser G—1966
♦Detroit A Mac 1st Hen g
Range
is
tk
Bid
Low
D..1961
1952
Gen A ref mtge 3
York, GN<. Y.
Friday
113%
106%
Price
Gen A ref M 4s ser
One Wall Street
Range or
Sale
STOCK EXCHANGE
Week Ended Sept. 17
Y.
Detroit Edison Co 4%s ser
York Stock Exchange
Y»rk Curb exchange
f
Week's
Last
BONDS
N
90
100% 100%
90
101%
Friday
N.
Week's
Last
Range or
Sale
Friday
£3
bonds
Y. STOCK EXCHANGE
Week Ended Sept. 17
Bid
Price
Nft,
&
Chic St L & N
series A
52
58
63%
152
58
4
19
21
77
"20 h
o
A
18%
61h
67
22
61%
60h
66
56
60%
92 h
96%
91
92% 104%
100%
101
13
30 %
26h
31
83
'75%
8
"87"
87
75
79
94%
65%
80%
85
88
169
67
66
69
84
S
103
a
o
9%
3
90
102%
100
93
13
103%
*94%
102
45
80
45
77%
78%
J
108h
108%
108%
104h
104H
104%
100
77%
109%
102% 105
14
D
22
78
95
80
2
j
J
64
42%
82
j
J
106
101% 108
45
66%
44
33
106
40
44
11%
25
*23
21
31
*25
25
35
41
M n
*16%
M n
96 H
I
109%
90 H
41
1
26
96% 100
97%
108
110
115%
90%
109%
*100%
102
99% 107%
109% 109%
107% 108%
*
101%
101% 102%
150%
146% 161
*99
l"50"k
105
91
92
91%
103
M n
112%
112% 119%
101
k"
103%
102%
4s A—1965
4s
1945
Lehigh Val Coal 1st & ref s f 53.1944
1st & ref s f 5s
1954
1st & ref s f 5s
1964
1st & ref s f 5s
1974
Secured 6% gold notes
1938
Leh Val Harbor Term gu 5s
1954
104
36
103%
15
97% 102%
1st mtge 5s
M St P & SS M con g 4s
A—1962
1962
1978
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st Ac ref 5s ser A
1965
j
j
A
f
A
5%s
♦1st & ref g 5s series H
♦Certificates of deposit
1949
1980
MN
1981
136
91
*
91%
35%
♦Certificates of
Mo Pac 3d 7s ext at
30%
101
100
105%
66
66
94%
*
""44h
78
45
45
77
43
43
43
75
90
90
100%
1st mtge
95
97%
95
107
42
92% 103%
31
44%
76%
Gen & ref s
64
50
86
Gen & ref s
52
99% 109
Gen & ref s
o
O
130%
130%
119%
120%
120h
-
"l"66
116
122
-
-
-
-
100
73
72 h
72%
161"32
1012732
1012732
*106%
2
-
50
11
106%
ivi
s
ivi
s
"99 k
M
S
99 %
99
99%
117
126%
108
97% 101%
69%
79%
101% 106%
105
o
129% 136
108
10
-
129%
1
101% 103%
99%
31
102% 108
99
106%
99%
16
99
126
128
104%
135
119h
119%
119%
4
116% 124%
79 %
78%
101%
82%
43
78% 100%
102
*109
102
20
99%
106
111
102%
112%
1940
j
2003
2003
2003
1st
2003
Paducah & Mem Div 4s
1946
St Louis Dlv 2d gold 3s. .—1980
Mob & Montg 1st g 4Hs
1945
South Ry Joint Monon 4s—1952
AM Knox & Cin Div 4s
1955
Lower Austria Hydro El 6 Hs.-1944
106
107
35
105% 109%
107%
22
106
104
1st & ref 5s series
O
106
106
1st & ref 4 Ha
O
104
99
1st & ref 4s series
o
o
99
108%
97%
36
96
103%
90%
63
90
S
*89%
s
94
94
85%
90
*111%
j
98
105% 111%
*109%
A
-
94
ivi N
113%
113%
a
*98%
7
11
99%
F
111
43
96%
90
96%
110%
94
96%
115
100%
109% 115
93
99
104
o
a
o
D
Manila Elec RR & Lt s f
m
S
Manila RR (South
ivi
N
For footnotes see
page
1871.
103
103%
56
100
100
102
106
102% 105%
2
100
105%
75
75%
12
75
86%
56
54
56
14
54
90
52
56
15
52
32
30%
32%
20
30%
57%
31
18
27%
16%
*92%
17
*83
93
82%
53
33%
92%
90
*65%
70
75
78%
30
32
41
"75"
♦Certificates of deposit
3Hs—1941
5
28%
a
♦Certificates of deposit...
1st ext 4s
104%
54
d
..I960
{♦Man G B & N W 1st
104
ivi N
J
16%
4
16%
mimmm
92%
90%
29%
49
22
28%
47
34
37
30%
28
31%
72
28
9%
327
48%
45%
18%
8%
30
33%
M
"91
28%
29
22
97
34%
54%
34
*26%
A
s
24%
22
26
106
M
s
24%
22%
27
45
M
s
84
84
4
O
a
O
10
105
111%
53
100
108%
O
"82%
82%
80%
90
90
83%
80
*78%
79%
"~26
91
80
32
*115
117
*107
.....
f
102%
100%
ivi N
104%
104%
on.-.1977
prior lien 4 %s—
No 4 on. 1926
1914 coupon on
1951
♦4s April 1914 coupon off—1951
♦Assent warr & rets No 4 on *51
♦Assent warr & rets
♦4s April
1965
1954
5s—1948
England RR guar 5s—1945
1945
New England Tel & Tel 5s A..1952
1st g 4 %s series B
1961
N J Junction RR guar 1st 4s—1986
N J Pow & Light 1st 4%s
1960
New Orl Great Nor 5s A
1983
N O & N E 1st ref & Imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st & ref 5s series B—
1955
New Orleans Term 1st gu 4s—1953
*1%
j
*.
«....
*
w
*
30
«.
»
M
•
94
103
105
*2%
j
j
9
35%
*101
ivi N
102
97
106% 111
....
89
34
34%
J
d
84
97%
90
112% 119
89
A
j
80%
82
80
M n
J
99%
98% 104%
85%
79%
86%
79%
-79
*—
M n
Nat RR of Mex
♦Consol guar 4s
92
2
84
ivi N
April 1914 coupon off
1977
♦Assent warr & rets No 5 on '77
coll s f 4s
{♦Naugatuck RR 1st g 4s
99% 110%
54
_
M n
♦4s
Newark Consol Gas cons
18
94%
100%
100%
d
Prod deb 4%s—1945
Mexico—
J
♦4%s Jan 1914 coup on--—1957
J
♦4 %s July 1914 coup on
1957 J
♦4% July 1914 coup off
1957
♦Assent warr & rets No 4 on *57
Nat Steel 1st
100
93%
*
National Rys of
1914 coupon
99%
93%
*
J
98%
105%
j
a
39%
84
107%
O
a
39%
22%
105%
105%
d
a
22
107%
ivi N
J
47
93
f
3%s_1966
49%
92% 100
M
ref 5s
1941
f 5s series A
1955
f 5s series B
1955
f 4%s series C—1955
48%
46%
83%
*1111
s
29%
28%
92
O
D_,—1955
Morris & Essex 1st gu 3%s
2000
Constr M 5s series A
1955
Constr M 4%s series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5% -.1941
Namm (A I) & Son—See Mfrs Tr
Nash Chatt & St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4%s extend to—-.1946
Nat Dairy Prod deb 3%s w w_.1951
30
29
"34
*
A
series
174
29%
J
1st & ref
8%
*30%
I960
.-.1965
{♦New
ivi N
McCrory Stores Corp s f deb 5s. 1951
ivi N al03%
McKesson & Robbins deb 5 Hs. 1950
d
Maine Central RR 4s ser A
1945
296
30%
9
O
Gen & ref 8 f 5s
♦4s April
107
34%
28%
o
a
Nat Distillers
*126
24
29%
"30%
Montreal Tram 1st &
53
11%
30%
A
Montana Power
48%
a
M n
72
101
50
99%
*119%
100
40%
161
45%
"13% "210
32%
s
gold 4s.-.1938
5s..1947
4%s
44%
48%
29
11%
deposit
4%..July 1938 MN
6s debentures—
80
30%
30%
S
ivi
1977
♦Secured 5% notes
1938
Mohawk & Malone 1st gu g 4s_1991
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
51
79%
39
33%
12%
ivi
♦Montgomery Div 1st g
93% 100%
76
56
*30%
♦Ref & impt 4 %s
94
46%
"*52%
--—1975
1977
"30%
57
69
53
33
deposit
{♦Mobile & Ohio gen
52
O
B
series C
D
& ref 3%s series E
88%
57%
63%
*
♦Certificates of deposit
92% 106%
90
104%
35%
34%
*
ivi N
d
96%
58
58
FA
A
D
61%
80
57
gold
91%
j
95
83%
65%
80
O
90
a
95%
48
*
♦Conv
*
28%
54
J
40-year 4s series B
Prior lien 4%s series D
99%
100% 106%
98
109%
30
12%
30
95
J
j
M-K-T RR pr lien 5s ser
96
"18
41%
16
98
mn
102
32
17%
80
58
D
1978
105
17
15%
80%
j
G
♦Certificates of deposit
"96"
J
2
18%
17%
*27%
J
45
a
17
8%
79%
J
j
♦1st & ref 5s series
43
A
37%
*
M n
70
*5l"
f
17
*
49
s
F
9
j
♦1st & ref 5s series F
A
A
18
J
♦General 4s.
f
m N
2%
14
68%
M
N
2
s
70%
101%
10
3
j
70%
1
21%
3%
IVI
56
97
8%
2
J
49
97
57
20
10
3%
*15
56%
54
46%
57
17%
18
12
Louisville & Nashville RR—
2013
5s_._1953
Lines) 4s_-_1939
1959
j
1990
♦Certificates of
25
17
j
J
{♦Mo-Ill RR 1st 5s series A
Mo Kan & Tex 1st gold 4s
91%
25
2%
47
66
1944
1951
A—1969
Louisville Gas & Elec 3%s
1966
Louis & Jeff Bdge Co gu 4s
1945
♦Second 4s
J
f 4s
99%
77
3%
92
deb 7s
4s. 1990
"8%
85
90
63
"25"
83
17
1938
1938
1946
.1949
1978
1941
1959
95
*
f
int gu.1938
1st & ref 6s series A
99% 105
83%
j
Int
1st cons 5s gu as to
90%
105
100
95
*77
*
52%
*100%
5s
{♦Manhat Ry (N Y) cons ,7
j
63%
J
ivi
7HS---1942
102%
63%
J
{{♦Manati Sugar 1st s f
102%
101%
J
1st cons 5s
108
41%
101%
101%
52%
101
40
102%
J
62%
61%
o
1940
A
*35"
o
D
1962 q
90
89
104% 110%
101
108%
j
1st ext 4%s
♦Ref & ext 50-yr 5s ser A
28
103% 105%
2
a
%s(1880) 1934
1939 J d
Con ext 4 %s
1939
m~S
{♦Mil Spar & N W 1st gu 48—1947
j
J
{♦Mllw & State Line 1st 3%s..l941
M n
{♦Minn & St Louis 5s ctfs
1934
IVI S
♦1st & ref gold 4s
1949
{♦Mllw & No 1st ext 4
22
90
j
90
34 h
Louisiana & Ark 1st 5s ser
Gen mtge 4Ha ser
J
10
50%
104%
D
1961
1971
5%
2%
4%
89
*
93%
J
2003
2003
2003
5s...1941
Lex & East 1st 50-yr 5s gu
1965
Liggett & Myers Tobacco 7s.-.1944
5s
1951
Little Miami gen 4s series A—1962
Loews Inc s f deb 3 %s
--1946
Lombard Elec 7s ser A
1952
Long Dock Co 3%s ext to
1950
Long Island gen gold 4s
1938
Unified gold 4s
1949
Guar ref gold 4s
1949
4s stamped..
1949
IVI N
♦1st & ref 5s series I
4s
General cons 5s—
1952
1979
1940
93%
*
4%s
Leh Val Term Ry 1st gu g
1st gold 3%s
C
109%
24%
104%
25
l"6I%
a
100% 104%
16%
8%
*107
29
97
fund 4 %s ser C—1954
6
90
32%
Lake Erie & Western
---1975
f 4%s A
1954
10
9%
s
32
1942
Lehigh & New Eng RR
Lehigh & N Y 1st gu g
99% 102
103% 104%
102% 111%
*50
Income reg
102%
J
6
52 h
1941
106
*2%
97%
"62
1997
24
*2%
93 %
RR—
extended at 3% to.-1947
109
*26
97%
A
deposit
1959
Laclede Gas Light ref & ext 58.1939
Coll & ref 5%s series C
1953
Coll & ref 5%s series D
1960
Coll tr 6s series A
1942
108%
D
32 %
f
103% 107%
9
M
{♦Mid of N J 1st ext 5s
MIIw El Ry & Lt 1st 5s B
103
94
11
101%
j
j
3
94
104%
108%
j
Ref & lmpt 4%s series
87% 100
83
94
104
s
M
High
Low
97% 103%
*80
1951
1st Chicago Term s
112%
Since
104
Jack Lans & Sag 3%s
114
109%
j
1914 coupon)
1977
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit & Bay
City Air Line 4s
1940
♦4s (Sept
108%
108
*99%
J
1943
1947 a O
A_..April 1940 Q J
IVI N
Mead Corp 1st 6s with warr.. 1945
IVI S
Metrop Ed 1st 4%s ser D—--.1968
Metrop Wat Sew & D 5%s
1950 a o
F a
{{♦Met West Side El (Chic) 4s. 1938
♦Mex Internat 1st 4s asstd
1977 M s
Market St Ry 7s ser
25-year 5%s__.
1st ref 5%s series B
*107 H
112h
No.
Range
Jan. 1
*103%
D
j
89% 101%
♦
Uniform ctfs of
Unified gold 4s
3
16
5
103
High
Price
Marion Steam Shovel b f 6s
102
61%
87%
m
-1951
Lehigh Val (Pa) cons g
General cons 4 Ha
94
3
"80
3h
£3
&
17
Low
95
63%
92 h
STOCK EXCHANGE
A I Namm & Son 1st 6s
89%
83
J
S
Friday
Bid
&
Asked
Mfrs Tr Co ctfs of partic in
90% 101%
35
87
J
A
93
notes—1947
& Toll secured 5s
Lorillard (P) Co
92
93%
"61 %
Y.
Week Ended Sept.
102%
99
55
"63%
D
coll tr 4s.-1945
Leh Val N Y 1st gu g
101%
f
A
j
3%s collateral trust
Cons sink
65%
69
gold 4s
Lehigh C & Nav s
71%
4
76
72
100%
90 %
o
3%s
Nitrate Co Ltd—
137
90
1
o
2d gold 5s
40%
Range or
Sale
40%
25
13
25
26%
80
28
a
Lake Sh & Mich So g
25
9
25
A
Coll tr 6s series B
8
25
101H
N.
42%
17%
9
9
N
1-1598
Week's
Last
bonds
102
100
100%
4s.1936
Koppers Co 4s ser A
♦1st mtge
A. T. & T. Tele. N. Y.
91
96 %
1987
Kentucky & Ind Term 4%s—1961
Stamped
1961
Plain
1961
4 %a unguaranteed
1961
UKlngs County El L & P 5s—1937
Purchase money 6s
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st & ref 6%s
1954
Kinney (G R) 5%s ext to
1941
Lautaro
Wall St.
91%
6
j
Electric 4%s—1980
♦Karstadt (Rudolph) 1st 6s—1943
♦Ctfs w w stmp (par $645) —1943
♦Ctfs w w stmp (par S925)-_1943
♦Ctfs with warr (par $925) --1943
Keith (B F) Corp 1st 6s
1946
Kresge Foundation
63
Telephone WHitehall 4-2900
Friday
Kansas Gas &
Kentucky Central
52%
17
1950
Apr 1950
1960
Term 1st 4s
56
17
NEW YORK
95%
19
67
o
a
1947
{{♦K C Ft S & M Ry ref g
♦Certificates of deposit
1st gold 3s
Ref & impt 5s
Co.
Stock Exchange
Members New York
97
53%
65
Clear 1st 4s—1959
Jones & Laughlin Steel 4%s A..1961
Kanawha & Mich 1st gu g 4s.-1990
5s 1937
55
ivi N
Kan City Sou
D. H. SlLBERBERG £1
101
18h
m"s
DEALERS
BANKS AND
98% 105%
108
105%
57
James Frank &
{♦Kreuger
30%
100
104
63
Agrlc Corp 5s
Kansas City
59%
87%
106% 108
104% 104%
100% 107
29% 43
*99%
stamped 1942
J
{♦Int-Grt Nor 1st 6s ser A
1952 A
♦Adjustment 6s ser A.-July 1952
♦1st 5s series B
1956 J
♦1st g 5s series C
1956 J
Internat Hydro El deb 6s
1944 a
Int Merc Marine s f 6s
1941 A
j
Internat Paper 5s ser A & B—1947
Ref s f 6s series A
1955 ivi
ivi
Int Rys Cent Amer 1st 5s B—1972
1st Hen & ref 6%s
1947 f
j
Int Telep & Teleg deb g 4%s..1952
Conv deb 4%s
1939 j
Debenture 5s
1955 f
ivi
{♦Iowa Central Ry 1st & ref 4s. 1951
Int
24
103%
*.
1932
deb 4s
Interlake Iron conv
107%
104 h
deposit
{♦10-year conv 7% notes
♦Certificates of deposit
107h
*101%
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit--♦Certificates of
15
i07h
{♦Ind & Louisville 1st gu 4s—1956
Ind Union Ry 3%s series B—1986
Inland Steel 3%s series D
1961
1932
47
62%
FOR
91%
65
66%
BROKERS IN BONDS
High
Low
High
59 h
C
{♦10-year 6s
Since
65
66
1963
.1963
Illinois Steel deb 4%s
1940
Ind Bloom & West 1st ext 4s._1940
Ind III & Iowa 1st g 4s
1950
Joint 1st ref 5s
1st & ref 4%s series
Range
Jan. 1
Asked
Low
111 Cent and
1869
Record—Continued—Page 4
New York Bond
145
Volume
45
89
31%
95
98%
63%
101
99% 107
106%
103
4
--
-
4
2%
O
*1%
—
A
O
8
2%
A
'♦w •*«*'«>»
4
4
.
4
2%
2%
2%
6%
*2%
3
J
*2%
A
O
O
*2%
j
D
15
3%
4%
3~"
3
4
~6%
7%
*1%
A
4
j
2%
3%
2%
105%
106%
*116%
.....
105%
*
84
ivi N
J
d
J
j
*
J
*--..
D
ivi N
f
O
-
-
29
81
-
-
-
52%
1
122%
120
3
107
25
106%
*81
93%
122%
82
74%
52%
118% 127%
116% 125%
100% 101
*100
106%
"e"
77
52
120
120
~2H
102% 107%
118
-
122%
A
A
-
60
------
j
j
-
86
104% 108%
84
98
-
-
—
-
L
70
92% 103%
J
j
j
J
A
O
95%
95
96
7
j
D
93%
93%
96
52
92
103
J
j
89
89
5
89
100%
*
75
-
-
85%
New York Bond
1870
Friday
BONDS
N. Y.
Inter st Period
EXCHANGE
STOCK
Week Ended
Range or
Friday
Sept. 17
Sale
Price
Bid
......
"44"
45
♦1st 6s series C
1956 F
♦1st 4Mb series D—
♦1st 5 Ms series A
♦Certificates of deposit
A
A
F
O
1966
1954
A
Newport & C Bdge gen gu 4M81945 J
O
A
O
A
O
Ref & impt
J
......
A
Ms
O
F
A
Mich Cent coll gold 3 Ms
F
A
4Mb
ser
Lake Shore coll gold 3
TN Y Chic & St L 1st g
Ref 5 Ms series A
Ref 4Mb series C
3-year 6s
2013
1998
1998
4s
1937
1974
---1978
Oct 1 1938
N Y Connect 1st gu 4Mb A
1st guar 5s series B
N Y Dock 1st gold 4s
Serial 5% notes
Certificates
S2M
O
101H
A
O
88 M
78 M
92
S
O
A
1953
1953
1951
---1938
F
A
F
A
N Y Edison 3Ms ser D—.
1st lien <fc ref 3Ms ser E
137
84
99
85
94
155
78M
96M
30
87 M
98 M
88
97 M
00
90 M
79 54
135
92 M
44
103 M
189
——
109
109
3
50
50
55 M
13
48 M
48 M
55 M
54 M
55 M
25
O
O
lOO'ie 102 M
87
101
95 M
100M
100
105M
106
109M
109
109M
50
72 M
48 M
72
90
101
17
121M
112*4
122
7
55 M
60
97
105M
35
100M
97
N Y & Erie—See Erie RR
D
1949 F A
---
.......
*102"
96 M
96M
1973 M N
-
N Y L E A W Dock A Impt 5s. 1943 J
1941
4s
J»N Y A N E (Bost Term) 4s. . 1939
.1947
t*N Y N H A H n-c deb 4s
102
......
M
107M
*99"
O
S
O
-
94 M 105 M
102
109M
99 M 102
105M 106 M
106
108 M
3
34
----
98
28 M
6
25
45
34M
31M
34M
91
♦Collateral trust 6s
.1940 A
O
♦Debenture 4s
.1957 IVI N
O
A
ser
25M
20
17 H
67
15
46 M
12
....
78
106 M
104 M
25
7
86 M
8M
104
M
100 M
20 M
100
18M
18M
_
S
60
101
83
3
85
98
8M
26
96
104
34
97 M
7
18M
109 H
32 M
18M
3
JO/4
79
18 V
"~3
104 M
33
103'
104 M
16
102
24
8
125
31
VA
82 M
69
117M
104 M
*._.
91
100 M
20 M
101
112
122
102 M 106M
101
105 M
101M 106 M
99M 107
120
119
s
125M
72 M
*
83
87
82
87
to sale of April 1 *33 to
70
....
i03M
102M
72
F
79 M
"96
103 M
73 M
116
J
90 M
89 M
91 M
33
J
J
10SM
107M
108M
147
J
J
94 M
J
95
4s
J
.......
J
103 M
F
109*32
111»3? 111"32
D
J
D
Ontario Power N F 1st g 6s
F
Ontario Transmission 1st 5a_—
g
4s—_
J
Ore Short Line 1st
cons g
5s—.
99 M
103
IVI N
con
J
Oslo Gas A El Wks extl 5s
IVI
J
-
114
14
65
98M
30
109*32
4
J
-
-
D
F
A
J
A
*119)4
J
1956 J
J
97
—1956 J
J
mmmmmm
conv
—1980 IVI S
3 Ma deb—1952 J D
Phlla Bait A Wash 1st g 4s
General 5s series B
O
(J
D
J
1943 M N
IJ
D
-
-
-
.
-
1981 J
F
1967 J
87
8%
20
230
109M
118M
112
112M
_
—
sec
5s series A
♦Conv deb 6s
J
1949 IVI
1
'
w
-
70
Pitts C C C A St L 4 Ma A
112 M
.
.
.
.
5
116
129
1
112
119
10
108M 117
91M 106M
104M
a8 H
8M
9M
103
834
J
18M
16M
18M
68
16 M
A
O
108
107 M
102
mmmmmm
108
4
97
96
4
102
27
106
Series D 4s guar
Series E 3 Ms guar gold
Series F 4s guar gold..
1949
1953
1957
1960
1963
1961
1970
Series G 4s guar
Series H cons guar 4s
Series I cons 4Mb
Series J
cons guar
*109M
4M8
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4 Ma series C
'
*
•»
«• m
111M
mmmmmm
A
*106"
108
*109
110
111
114H
M N
*111
109
F
A
109
114M
F
A
*108M
*115M
120
113
*117
.....
125M
124M
IVI N
J
mmmmmm
115M
116
O
mmmmmm
115M
115M
4
J
107 M
106 M
107M
4
*104
97 M
.....
*75
104
103
3
79
96
O
77 H
79
8
77 M
97M
1948 J
D
D
----1977 J
*109
108
110M
11934 124 M
A
D
1960 M S
mmrnm
*110
"~58M
_
56 M
59
101M
2
12
109
47
..........
*106 M
J
66 M
66 M
t♦Postal Teleg A Cable coll 58.1953 J
J
16 M
15M
17M
Potomac Elec Pow 1st M 3Ms. 1966 J
1951 J
J
103 M
103 M
J
91H
91H
9M
9M
1
......
.....
100M
66
M
101M
f»Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd).„ J
D
{♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s_1951 A O
Gen A ref 4 Ms series A
J
1997 J
Gen A ref 4Mb series B
J
1997 J
mtmmmmm
93
96
M
67
9
....
14
252
1
"
100
Remington Rand deb 4Mb w w.1956 IVI s
Rensselaer A Saratoga 6s gu—1941 IVI N
Republic Steel Corp 4Mb ser A. 1950 M S
1961 F
A
Purch money 1st M conv 5 Ms '54 M N
Gen mtge 4 Ms series C
1956 IVI N
Revere Cop A Br 1st mtge 4M8-1956 J
J
1946 J
J
♦Rhine-Ruhr Water Service 68.1953 J
__
93 M 101
*110
"166"
100
105" "~7
mmmmmm
94 H
95
105M
106
126M
8934 104 M
66
*105M
166"
8
105 %
107
103 M
101
"l35"
135
94 M
94
mmrnm
114
112
95 M
105
102 M
*18
f 7s
mmmmmm
103 M
101
90
94 M
112
127
212
116
94
100
mmrnm
114
30
96
77
102 M
32
23
M
108
130M
95 M 100
100M 106
33
24
....
2634
♦21M
19
IVI N
♦25
19M
19M
27 M
2734
28M
28
F
OH of Calif 6s—194'
♦Certificates of deposit
A
•23
24
A
^{♦Richfield
O
♦21M
30
IVI N
37 M
M
19 M
...
37M
♦
IM N
....
1
37 M
40 M
49
J
J
F
A
J
♦1st
con A
coll trust 4s A
D
A
S
1st
4Mb..
104
60
*
"63"
s
*117
109M
"12M
-
18
91
47
13M
..
.
.
"18M
I
12 M
11
J
19M
102
103 M
101M
101M
47
J
J
mmmmmm
*108M
3234
18M
34 M
102
103 M
46
101M
St Jos A Grand Island 1st 4s.
99 M
103M
87 M
92 M
18M
M 107M
100M
102 M
97
J
102M
105M
M 104M
108M 108M
98
65 M
99
*
100
69
J
»J
♦Certificates of deposit
J
)J
♦Certificates of deposit
♦Prior Hen 5s series B
J
J
92
69
1
69
88 M
28
28
69
28
1
28
48
footnotes see
page
1871.
8934
1951 )J
•
J
82 M
82 M
13
82
85
18M
16
19
180
16
37 M
14M
18
83
14*4
18M
16
1834
98
16
33 M
36 M
15
17
8
15
33 M
16
18
161
1554
33 M
13 M
17
204
13 M
30 M
__
-
S
"17M
16
75M
1
For
102
53
17
IM
♦Ctfs of deposit stamped.
70 M
69
♦Certlflcates of deposit.
57 M
1015^
*
IM N
99
58
J
O
St Louis Iron Mt A Southern-
95
98
9934 104 M
11234
1012*32
96
10334
107
....
M N
111
25M
1834
5
"103M
28M
20M
63
O
__
5234
10734 10954
....
D
con
M
116M 117
109 M
.
60
91M
84
30M
1
120
12M
*18
w
"18M
66
63
....
32
66
103 M 104 M
53
M
63
30 M
mmmmmm
1
89
mmmmmm
O
M
♦Rutland RR
104
*50
J
IVI
lt*R I Ark A Louis 1st 4Ms.
104
A
82
32
18
M N
J
103 M 107M
115M
112
5
139
*18
108 M
104 34 108
.....
95 M
102 H
J
s
106
91M 100
9M
2834
85 M
90
17
J
36 M
"34
54 M
75M
10534 108 M
66 M
88 M
1534
45 M
1
^♦Providence Sec guar deb 4s—1957 IVI N
^♦Providence Term 1st 4s
1956 IVI 8
J
Purity Bakeries s f deb 5s
1948 J
Pressed Steel Car deb 5s
107 M
72
123
37
44
"62
J
94 M
97 M
100 V3
M
J
68—1942 J
121M
39
101M
mm
79
117
99
6
.
85M
79
116
103
95
.
113M 124
11334 123 M
104 M 10734
112M 113
84M
96M
O
1962 F
-—1974 J
1st gen 5s series B
100
109*32 113
109M 112M
99M 100M
75
-
3
1960 A
109M 109 M
101M 106M
"36
-
111
"
1959 A
Pitts Y A Ash 1st 48 ser A
♦Rhelnelbe Union
J
113M
113M
113M
112M
D
33 M
16
102 M
-
111
....
*** /
F
D
•■>•••
105 M
100
106M
-
109
J
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4Mb ser A—1958 J
D
conv
/
109
111
1977 J
1st gen 5s series C
1st 4Mb series D
30
108M
107M I11M
4
*111
1975 A
1st mtge 4 Ma series B
1st mtge 4Mb series C
50 M
26 M
85 M 102
95
100 M
*108M
1942 A O
1942 M N
1945 M N
Series b 4Mb guar
Series C 4Mb guar
O
A
88
101
88 M 10334
106M 119M
107
113M
s
1940 A
110
65
98 M
26 M
106
J
12
-
99
113
97
—
"16
112
mmmmmm
s
70
*106 M
*30
100 Vs
A
D
.
90
118M
mmmmmm
.
108
91
.
113
*108
J
J
90 M
*
IVI
mmmmmrnm
A
O
10034
.
1
27
89 M
~88M
109
1977 J
A
3
95
101M
J
*
111M
1974 F
General g 4 Ma series C
General 4 Ms series D—
"97"
90
19
9M
112M
98 M
*
1st g 4 Ms series C
Phelps Dodge
....
87
107
103M HIM
103M 111M
99 M 111M
116M 121N
112
117M
382
119
8M
98
86
102 M
103 M
115M 126
106M 115M
113M 123
96
114
mmmmmm
J
64
*85M
......
99 M
*118
96 M
2
81
105 H
87
A
2
82
106
113M
1974 F
IVI
106M
101K
98 M
...
102 M
mmmmmm
Peoria A Pekin Un 1st 5 Ma
110M 115
103 M
105"
98 H
...
105M
O
107 M 115
106
114
102 H
89 %
10634
102 H
98
104 M
105
Apr
1
—
105
*
D
J
115
117M
-
106
D
J
8
26
109 M
-
D
J
6
111M
100
U7 H
11754
...
99 M
Pere Marquette 1st ser A 5s
1st 4s series B
109M
104M 104M
_
41
103 M
114
-
S «102M
J
90
J
♦Certificates of deposit
Panhandle Eastern Pipe L 4s..
Paramount Broadway Corp—
-
104
*111M
10854
108M
„
J
J
Otis Steel 1st mtge A 4 Ms
103
A
D
J
1961 J
O
J
A
J
Pacific Gas A El 4s series G—.
-
17M
103 3s
98 H
98 M
1990
94
----
100 M
16
O
Oregon RR A Nav
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
April
■»
A
—-
-
J
Q
—
100
S
M N
1st mtge 3Ms
Ohio Indiana A West 5s. -Apr 1
HOhlo Public Service 7 Mb A—
Hist A ref 7s series B
Oklahoma Gas A Elec 3Ms
t
94
12
95
....
72 M
81M
101M 112M
69 H
82 M
89 M 106
107 M 112
4
*107M
100 M
J
M
98
94
-
M tN
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
4s debentures
J
94
0
J
gu g
J
A
♦Og A L Cham 1st
4s
Gen mtge 4Mb series B
J
D
109
120
tNorthern Ohio Ry 1st guar 5s—
Q
204
D
105M
106M
112M
116M
109M H6M
10
99 M
119M
1943 A
Port Gen Elec 1st 4 Mb
1st 5s 1935 extended to 1950
103
Q~i
116M
97 M
mmmmmm
—1947 M S
Porto Rican Am Ton
103
Norweg Hydro-El Nit 5 Ms
6s
108
104 M
as
cons
Refunding gold 5s—
22 M
109M
10134
......
116
mmmmmm
A
109 n
116
100
108
.
24
108M
113
O
1970 A O
1981 A O
J
1984 J
1952 A O
93
...
H3M
113M
98 M
119M
110M
1968 J
106
103
S
113M
1960 F
1965 J
Debenture g 4 Ms
General 4Ms series D
Gen mtge 4Ms series E
Conv deb 334s
♦Income
113
113M
...
.
101
1970 A
General 4 Ms series A
General 5s series B
Peop Gas L A C 1st
100 M
*109 M
106M
102
103M 105M
103M 107
109M HI
7
5
......
100 H
mmmmmm
May 1 1948 IVI N
Gen mtge 3Ms ser C
Consol sinking fund 4Mb
100
A
♦Stpd
4s sterl stpd dollar
105M
J
1948 IVI N
3
98
Aug 15 1963
Gen A ref 4Mb series A
Consol gold 4s
63
Nov 15 1969 NM
1974 IVI
1974 IVI
O
Pennsylvania PAL 1st 4Mb—1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
22
Deb 5s series C
North Cent gen A ref 5s
D
Pa Ohio A Det 1st A ref 4Mb A. 1977 A
4 Ms series B
1981 J
9M
117M
-
42 M
101M
95
109M
105M
108M
108M
107M
107M
92 M
69 M
106M
109M
101M
94 M
106
30
.
Deb 5 Ms series B
F
1st M 4 Ms—1960 J
104 M
107 M
*
117 M
A
13
65
101 %
85
96
O
98
20
107
96
M
101M
102M
104M
102 M
98M
8
106
107
75
10
101M
9M
A
25
100
20
15
.......
N
9
10M
26
*83
104M
36
104
86
J
7
90
101M
S
1
101M
14
O
8
106
*60
106 M
......
7
104 M
20
......
J
1957 IVI
99 M
105 M
103
103 54
D
If ♦Norfolk A South 1st g 5s—1941 MN
4s
1996 O A
No Am Edison deb 5s
55
90 M
103 M
25
105 M
......
J
1967 J
--1961 F
30 M
10
*99
A
.1946 J
.1946
Norf A W Ry 1st cons g
North Amer Co deb 5s
22
92
104M
1947 IVI N
F
33
106
.......
1956 M N
♦General gold 5s
.1940 F A
♦Terminal 1st gold 5s
1943 IVI N
NY Telep 1st A gens f 4Mb—. .1939 M N
37 M
10 M
J
1951 IVI N
•
97 M
Penn Glass Sand
71
15
*99 M
75 M
78
1951 IVI N
1st mtge 5s
46
47
15
16M
......
M N
1st mtge 5s
3
16M
30 M
S
A
60
46
91M
D
N Y Queens El Lt A Pow
31M
46
15
O
{^♦Norfolk South 1st A ref 5s_. 1961
♦Certificates of deposit
99 M
34
M
105M
106M
Pirelli Co (Italy) conv 7s..
1952 IVI N
Pitts Coke A Iron conv 4 Ma A. 1952 IVI s
30
25
J
{♦N Y Westch A Bost 1st 4 Ms. .1946 J
.1966 M
Niagara Falls Power 3 Ms
Nlag Lock A O Pow 1st 5s A—. .1955 A
Niagara Share (Mo) deb 5Ms.. .1950 M
Nord Ry ext sink fund 6 Ms
.1950 A
56
98
21
J
ref mtge 3 34 s ser B
N Y Trap Rock 1st 6s
6s stamped
101
97 M
105
{♦Philippine Ry 1st s f 4s
1937
Plllsbury Flour Mills 20-yr 6s—1943
1956 J
A
107
102
1948 J
J
100 M
97 M
105
76
■
1937 F
100 M
93
•
{♦2d gold 4 Ms
A
Penn-Dixle Cement 1st 6s A—1941 M S
119
♦Conv debenture 3 Mb
M
104
1
97 M
47 M
47
J*N Y Providence A Boston 4s. .1942
N Y A Putnam 1st con gu 4s.-. .1993
77 M
96
104
107M
104M 110
.
104 M
22 M
29
......
.
-
60 M
101M 106M
....
.
96 M
27
of 1927—. .1967 J D
♦Harlem RAPt Ches 1st 4s. 1954 IVI N
107 M
105
103 M
21
2
♦1st A ref 4 Ms ser
1
.....
96 M
12
{♦§N Y Susq A West 1st ref 5s. 1937
1963 F
105
*105
*104 M
105
22 M
30
N Y Steam 6s series A
mmmmmm
105
85
104 M
27
J
mmmmmm,
103
116M 122 M
....
J
30
JN Y Rys prior lien 6s stamp.. .1958
D
3
....
.
S
3o
N Y A Richm Gas 1st 6s A
D
J
—
-
96
D
27
3 Mb.. 1965
28-year 4s
m.mm + mrn
J
1952 IVI N
E trust ctfs
A
56 M
.
*90M
96 M
90
f ♦Phlla A Reading C A I ref 58.1973
29
1955 J
ser
mm+mmm
F
56 M
*118H
-mmmrnm
s
105M
39 M
55
Phlla Electric 1st A ref 3M8—1967 IVI
30
4s—. 1992
Guar 4s
s
....
Phlla Co
30
Y Ont A West ref g
O
IVI
IVI
168
45
47
30
♦General 4s
1944 A
96 M
*41
86
98
J
1955 J
debenture 6s
J
High
98
64
46 M
44 M
.1956 M N
♦Conv
96M
1953 J
Low
27
87 H
98
30
♦Non-conv debenture 4s
♦Non-conv debenture 4s
s
100
Since
Jan. 1
28 M
——
28 M
*29
......
——
'
28 M
S
♦Non-conv debenture 3 Ms-- .1954 A
5
-----
*_-
97M 101H
99M 107
-
6
102
*105M
M S
♦Non-conv debenture 3M8-- .1947 M
m
102
J
A
m
96 34
N Y L E A W Coal A RR 5Ms. .1942 M N
N Y A Long Branch gen
M 105 M
116M 125 M
109M 117 M
97 M
......
N Y A Harlem gold 3 Ms
2000 M N
N Y Lack A West 4s ser A---. 1973 M N
3
112H
*
N Y A Greenwood L gu g 5s—. 1946 IVI N
4Mb series B
1968 IVI
Peoria A Eastern 1st cons 4s—1940 A
N Y Gas El Lt H & Pow g 5s_. 1948 J
Purchase money gold 4s
105
76M
1
100
101
104 M 108M
46
A
A
105
82 M
O
A
96 M
No.
86
103
M 109 M
88 M
88 M
A
—1965
1966
78M
2
F
of deposit
113M
106M
93
99 M 104 M
457
*109
...
98 M
87
Parmelee Trans deb 6s
105M
10134
99 M
Pat A Passaic G A E cons 5s—1949
♦Paulista Ry 1st ref s f 7s
1942
Penn Co gu 3 Ms coll tr ser B—1941
Guar 3 Ms trust ctfs C
1942
Guar 3 Ms trust ctfs D
1944
315
76 M
J
t♦Park-Lexington 6 Ms ctfs
M
Bonds Sold
High
<&
s
62
Range
Asked
Friday
Bid
1947 IVI
conv
55M
91H
Range or
Sale
1955 J
3Ms
57
82 M
IOQ',6 101 ,s,6
102 H
Paramount Pictures deb 6s
45
102 %
96
90
M
60
110
87
A
debentures
Paris-Orleans RR ext 5 Ms
45M
87
Last
Price
Low
51M
59 M
54V
v* 74
47
~94M "88
*
A
1946 F
-
4s collateral trust
1
20
10154
M
94M
1C5M
78 34
87 M
Week's
High
45
56
99
......
A
45 M
88 M
91H
1
102 M
J
J
Sept. 18, 1937
Inter st Period
EXCHANGE
44
5
48
93
82
M N
-—1942 J
Debenture 4s
45
100 H
78 H
101M
STOCK
Week Ended Sept. 17
44
*110
"94
A
A
1946
Ref & Impt 4Mb series A
2013
Ref & impt 5s series C
2013
Conv secured 3Ms
1952
N Y Cent & Hud River M 3M8-1997
10-year 3Ms sec s f
N. Y.
46 74
U
45 M
•
J
1998 F
N Y Cent RR 4s series A
Low
TU
45
46 M
Since
23
*45
......
BONDS
Jan. 1
50
45
.....
.
No.
46
*
♦Certificates of deposit
i2
<§ §
High
44 M
*
O
O
lnc 68—1935
n-c
♦1st 5s series B
5
Friday
Range
Asked
<fe
Low
A
1964 A
J|*N o Tex & Mex
Record—Continued—Page
Week's
Last
New York Bond
Volume 145
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Price
A
♦Gen & ref g 5s series A
1990 J
St Paul A Duluth 1st con g 4s.. 1968 J
High
No.
83 m
30
49 m
6
39m
42 m
17
26
t*8t Paul E Gr Trk 1st 4 Ms—1947
**St Paul & K C Sh L gu 4 Ms. 1941
J
i
§3
83 m
J
26M
27m
18
D
J
A
"*15m
J
F
23m
12 m
14 m
13m
BONDS
Since
Asked
47 m
Low
♦2d g 4s lno bond etls... Nov 1989 J
(♦1st terminal A unifying 5&.1952 J
Range
Friday
Bid
1989 M N
tSt L SW 1st 4s bond otfa
69
N. Y.
Jan. 1
1940
1972
St Paul Un Dep 6s guar
J
J
J
J
Low
Range or
Sale
it
Sept. 17
47 m
100
74 m
65 m
39m
26
54
103m 109m
21m
37
12 m
27
105
3
101M 106M
119m
119m
4
113
124
Friday
A
Asked
Bid
Price
Nigh
80
105
119m
Week's
Last
si
STOCK EXCHANGE
Week Ended
St Paul Minn A Man—
tPaclflc ext gu 4s (large)
1871
6
Friday
Range or
Sale
Week Ended Sept. 17
Record—Concluded—Page
Week's
t
High
18M
22
108 M
Va Iron Coal A Coke 1st g 5s
Va A Southwest 1st gu 4s
1st
36
1949 M
2003 J
S
-.1958 A
5s...
cons
O
89 m
89 M
s
104 m
103 M
83 M
Virginian Ry 3Ms series A
♦t Wabash RR 1st gold 5s
♦2d gold 5s
50
1966 IVI
1939 IVI n
1939 F
♦1st lien g term 4s
84
2
89M
104 M
84M
*
67
110
89 M, 101«
60
101
107 M
12
82
103 M
2
58
59
58
.1954
50
103
110
A
Nigh
41M
16
104 M 109 M
15
50
*106
J
fLow
No.
16
18
107 m
Since
Jan. 1
CQCd
107
Low
♦Vertlentes Sugar 7s ctfs
D
1942 J
Virginia El A Pow 4s ser A.....1955 M N
Range
fs
98M
70
82 M
97
86
106 M
♦Des Moines Dlv 1st g 4s
S A A Ar Pass 1st gu g 4s
1943
J
97 m
110m
San Antonio Pub Serv 1st 6s.-1952 J
San
Diego Consol G A E 4s—1965
Santa Fe Pres A Phen 1st 5s.
_
1946
J
J
A
♦Certificates of deposit
41m
♦Ref A gen 5s series B
13
24 m
43
27 m
44
♦Certificates of deposit
♦Ref A gen 4 Ms series C
♦Certificates of deposit
1978 A O
♦Ref A gen 5s series D
1980 AO
IfSharon Steel
conv
1935 F
deb 4 Ms—1951 IVI
Shell Onion Oil deb 3 Ms—
1951IVI
Shlnyetsu El Pow 1st 6 mb-—.1952 J
♦ISlemens A Halske s f 7s
1935 J
♦Debenture
21m
20 m
21M
6m
5m
15 h
1
117
22 m
22 M
6m
7*2
104
13
100
f 6 Ms
12
10 X
15
15m
329
13m
12M
15
81
23
23
5
6M
A
8m
229
7m
8m
7m
7
105m
S
105 m
105 m
S
99m
98 m
65
D
J
1951 M S
♦Silesia Elec Corp 6 Ms
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s...
1946 F
SkellyOil deb 4s
1951 J
J
100 m
Socony-Vacuum Oil 3 Ms
1950 A
O
105 m
South A North Ala RRgu 5s—.1963 A
O
♦98m
60M
60 H
s
31m
1
10 h
14 h
♦Series B certificates
99
m
2
A
20
20
20
A
71
71
71m
O
97
94 m
98
O
13
130
100 m
99
104m
73
105 m
35
"38
99 m
100
1961 IVI
S
106M
107
25
1965 F
1st mtge A ref 4s
A
106 m
106 H
21
105 m
99 m
106
15
100m
45
Southern Colo Power 6s A——.1947 J
Southern Kraft Corp 4mb
Southern Natural Gas—
1st mtge pipe line 4 Ms
So Pac coll 48 (Cent Pac
1946 J
J
D
1951 A O
coll)..1949 J D
100
100 m
6M
100 X
34
42
14 m
105 m 117m
95 m 102
65
89 m
100
60 M
73
18m
25 m
68
82 M
94 m 102 m
97 m
102 m
100 m 107 m
118
*122 m
loo"
"4
115
25
43m
113m 121
21M 35 m
36m
20m
6m
13m
20M
10M
20
10m
23 m
12M
22 M
11M
23
38m
14m
6M
100
60 M
1952 A
1962 A
18
94
2
65
1941 F
South Bell Tel A Tel 3Ms
Southern Calif Gas 4 Ms
130
98m 100m
105
107 m
101h 107 m
103 m 106 m
99m 100m
97 m 101m
99 m
86
86
1st 4 Ms (Oregon Lines) A—1977 IVI S
Gold 4 Ms
1968 IVI S
Gold 4 Ms
1969 IVI N
Gold 4 Ms
1981 M N
86 M
85
87 m
90
77 m
75 m
75 m
98
75
78 m
79
133
77m
77 m
154
75
97«
132
75
97 h
10-year secured 3 Ms
1946 J
J
97 m
96 h
San Fran Term 1st 4s
1950 A
O
87
75
ISo Pac of Cal 1st con gu g 5s.. 1937 MN
So Pac RR 1st ref guar 4s
J
1965 J
*100 m
102 M
145
106 m
106
78 m
98 m
6
100m
104m
127
1955 J
Southern Ry 1st cons g 5s
Devel A gen 4s series A
~99m
1994 J
1956 A
Devel A gen 6s
Devel A gen 6 Ms
Mem Dlv 1st g 5s
65 m
81
1956 A
1956 A
101X
66 H
85 m
85
87 m
1951 J
"94"
102
1938 M S
S-western Bell Tel 3 Ms ser B...1964 J
D
S'western Gas A Elec 4s ser D..1960 M N
*83
J
J
*16
102 m
18
F
A
105
D
37
58
105
1961 J
183
94"
1938 M S
"53
♦ISpokane Internat 1st g 5s...1955
Staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s
Staten Island Ry 1st 4 Ms
1943
♦Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 3Ms
1950
Tenn Coal Iron A RR gen 5s...l951
Tenn Cop A Chem deb 6s B...1944
1st
cons
J
J
Tex A N O con gold 5s...
101M
105
27
....
95m
102
99
106M
20M
40
101M 106m
126
98" ~
236
105m
105 m
5
95
102
103
86 M 159
102 M 107 m
123 m
117
126
103 m
104
103
105
104
"85"
104"
106
109 m
115
118m
D
A
*118
88 M
A
106 m
109
100M
103 M
100
O
D
1980 I
Tex Pac Mo Pac Ter 5Ms A...1964 M S
1960 J
Jan 1960 A
J
O
109m
100 m
2
"26
26
118
99 m
99m
98 m
99 m
109m
99 m
109 m
40
40
9
*
18
99
m
109m
3
41h
57
181
39m
9
J
Ioom
~99m
100 m
127
D
64 x
59 m
64 X
126
55
103 h
103 m
4
101
6
97
1949 M
O
1952 F
UJlgawa Elec Power
s f 7s
1945 M
Union Electric (Mo) 3Ms
1962 J
*|»Unlon Elev Ry (Chic) 5s...1945
Union Oil of Calif 6s series A. .1942
D
*i04~m
S
♦118m
104 m
1970 A
O
U N J RR A Can gen 4s
1950 A
O
M
S
1944 M
108 m
103
gu
118M
1
117
110M
2
106M
105 M
100 M
21
119
97 M
43
103 M
26 M
104 M
107 M
2361 J
25
24M
24M
75
100 M
24M
84 M
87
32
74 M
96
78 M
161
78M
86 M
90 X
"44
82
82
*106
107
82
D...1966 M S
19
86 M 100M
82
107
106
113M
97 M 103 M
102 M 105
98 M
98 M
A
96
105
4
*110M
1949 M S
104 M
*104
29
31M
29
47
MN
29
32 M
29
47
J
10 M
11M
102 M
102 M
101M
101M
97 M
♦108M
102 M
102
J
31M
J
D
Wilmar A Sioux Falls 5s
.1938
Wilson A Co 1st M 4s series A.. 1955
Conv deb 3Ms
1947
Winston-Salem S B 1st 4s
1960
98
62
10M
102 M 104
99
104 M
97M 100M
98 M
106 M 115
18M
"l8M
19M
19
"IlM
14 M
20
11M
35 M
32«
25M
14
24
~*5~~
19
**Wla Cent 50-yr 1st
gen 4s
1949
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s *36 IVI N
♦Certificates of deposit
f*Wor A Conn East 1st 4 Ms—1943
Youngstown Sheet A Tube—
67
87 M
23
*18
J
F
106
8
101
78M
~87M
J
.2361 J
102
105M
107 M
26M
99
100
104 M
MN
*
*
}""j
102 M
1961 IVI N
102 M
102
18M
132
98 M
105
Cash sales transacted during the
e
current week and not included In the yearly
range:
No sales.
Cash sale; only transaction during
r
transaction
during current week,
week,
current
x
Ex-interest.
a
current week, a Deferred delivery sale; only
Under-the-rule sale; only transaction during
impaired by maturity,
t Accrued
{ Negotiability
interest
payable at exchange rate of $4.8484.
If Bonds called for redemption or nearlng
maturity
t Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
♦
z
Deferred delivery sales
under
No sales transacted during current week.
Friday's bid and asked price.
Bonds selling flat.
transacted during the current week and not Included
in the yearly range:
Celotex 4Mb 1947, Sept. 15 at
91.
Norway 6s 1944, Sept. 13 at 105M.
Taiwan El. Pow. 5 Ms
1972, Sept. 13 at 55M-
Transactions at the New York Stock
Exchange,
Stocks,
Week Ended
Sept.
17, 1937
Railroad A
State,
United
Total
Number of
Shares
Miscell.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
Tuesday
1.404,120
2,561,820
1,510,250
1,143,140
885,780
814,310
6,244,000
5,083,000
8,319,420
$33,424,000
Monday
.
Sales
$361,000
1,291,000
2,174,000
637,000
1,516,000
267,000
$5,487,000
10,118,000
9,269,000
6.004,000
8,581,000
6,175,000
$6,246,000
$45,634,000
$884,000
$4,242,000
7,493,000
5,927.000
4,435,000
Saturday
101m
76 h
18
104
104 m
60
14m
74m
118
43
86
*115
93 m
93 m
107
87m
111M
115m
94 m
94
107m
90m
111m
*26
30
113
107
113
106 M
106
26
m
106 m
26 m
...
"39
10
4
54
1
97m
1,334,000
1,168,000
932,000
821,000
825,000
116m 121m
107
114m
110
116m
134
1
88
Jan. 1 to Sept. 17
17
1937
1936
1937
Exchange
1936
8,319,420
5,713,044
285,929.375
339.497,523
$6,246,000
5,964,000
33,424,000
$4,695,000
5,373,000
47,775,000
$308,270,000
254,643,000
1,551,668,000
$211,639,000
231,650,000
2,014,003,000
$45,634,000
$57,843,000
$2,114,581,000
$2,457,292,000
Stocks—No. of shares.
Bonds
Government
103
109 m
State and foreign
111m
93m
92m
105 m
116m
101m
101m
Railroad and Industrial
Total
109
87m 103 m
111
114m
Stock and Bond Averages
170m
105m 107m
22
33 m
24 m
32 m
daily closing averages of representative
York Stock Exchange
compiled by Dow, Jones & Co.:
Below
106
22
12
$5,964,000
Week Ended Sept.
New York Stock
*22*
23
25
"95
30 M
97
74M
|104
14
'""2
Total
Sales at
are
the
stocks and bonds listed on the New
as
32 m
95
105m
97m 106m
1944
97m
97 M
98 M
1947
48
43
48
150
41
43
47
163
41
Bonds
Stocks
69
47
67m
4Ms...1934
116
110M
1940
^♦Wickwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
♦CtfS for col A ref conv 7s A. 1935
♦Wiikes-Barre A East gu 5s
1942
10
100
10
30
110M 111
110m 113m
J
J
2m
5m
Sept.
J
J
4
4
Sept.
Sept.
Sept.
Sept.
Sept.
17
16
15
14
13
11
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
98m hi
20
Indus¬
Date
{♦July coupon off
104 M
1
100
95
Vanadium Corp of Am conv 5s. 1941 A O
Vandalla cons g 4s series A
1955 F A
Cons s f 4s series B
1957 M N
{♦Vera Cruz A P 1st
4
105
White Sew Mach deb 6s
90
1959
♦Debenture 5s...
110M
106M
118M
Wheeling Steel 4Ms series A...1966
90
112M
♦Sec s f 6 Ms series C
.1951
♦Sink fund deb 6 Ms ser A...1947
Utah Lt A Trac 1st A ref 5s
1944
80
120
78 M
C
76
77
106M
74 M
ser
90
100M
44 M
65M
120
75
97
108 m
S
J
{^♦United Rys St L 1st g 4s. ...1934 J
U S Pipe A
Fdy conv deb 3 Ms. 1946 IM N
U S Rubber 1st A ref 5s ser A..1947 J
J
♦Un Steel Works Corp 6Ms A.. 1951
110M
112M
108 M
127 M
123 M
111M
109 M
106 M
108 M
111M
40M
39 M
104 M
111M
107 M
109 M
25 M
78 M
78 M
96
106 m
90
106
1950 IVI N
25-year gold 5s
D
1951 J
30-year 5s
1960 IVI S
♦Westphalia Un EI Power 6s...1953 J
J
Thursday
107
~94m
1
106 M
24 M
Friday
105m
107""
102 M
7
123
106 M
1971 M N
100
100 M
119
111
35-year 3 Ms debenture
United Biscuit of Am deb 5s
United Drug Co (Del) 5s
""5
161"
113
155
S
49
101M
106 M
"24M
116
118
S
18
iol""
J
102m 107 m
108 m
June 2008 M
June 2008 M
78
49 M
70
S
120
*13
76 X
J
62 M
1938 J
96
S
50
1946 IVI
97
A
239
♦
1977
RR 1st consol 4s
90
99 M
24
91H
52
1952
West Shore 1st 4s guar
77 M
94
81X
96 M
49 M
s
West N Y A Pa gen gold 4s....1943
!♦ Western Pac 1st 5s ser A
1946
♦5s assented
109 M
95
1966
Western Union coll trust 5s
Funding A real est g 4 Ms
44
40
28
90
..1961
Western Maryland 1st 4s
1st A ref 5 Ms series A
114
114
.
1953
97
83
S
3 Ms debentures
1952
Union Pac RR 1st A Id gr 4s...1947
34-year 3 Ms deb
84
89m
97
104
105M
80
91M
Wednesday
D
Trl-Cont Corp 5s conv deb A.. 1953 J
J
Tyrol Hydro-Elec Pow 7Ms—1955 IVI N
7s
O
1939
1st mtge 4sser H
1st mtge 3 Ms series 1
46 m
J
1953 J
Trenton G A El 1st g 5s
O
1939 M S
73m
101m
97m 101m
Tol A Ohio Cent ref A Imp 3Ms 1960 J
Tol St Louis A West 1st 4s
1950 A
Tol W V A Ohio 4s ser C
1942 M
Toronto Ham A Buff 1st g 4s.. 1946 J
22
"28
43M
39M
21
2
104M
105M
Westchester Ltg 5s stpd gtd...l950
West Penn Power 1st 5s ser E..1963
99 h 108m
107m 110m
J
1952
D
1955 A
Wash Water Power s f 5s
98 m 108
14
1937 J
Tide Water Asso Oil 3 Ms
Tokyo Elec Light Co Ltd—
1st 6s dollar series
5
23
99m 106 m
100
10m
39m
10m
21
25
J
44
20
21M
22
Washington Cent 1st gold 4s...1948 Q-M
Wash Term 1st gu 3 Ms.
1945 F A
1st 40-year guar 4s
1945
1st mtge 8 f 4s
"I§
20
20 M
'
1955 A
ser
5
29
22
^♦Warner-Quinlan Co deb 6s. .1939 IVI
f Warren Bros Co deb 6s
1941 IVI
Warren RR 1st ref gu g 3 Ms—2000 F
128m
119m
1
22
21
Walworth Co 1st M 4s
68 debentures
Warner Bros Pict deb 6s
110
1
20 M
21M
...
♦Certificates of deposit
105 m
105
107 X
119m
99 m
98 m 108 m
100
104
107m
100
105 m him
29
103 m
D
1979 A O
106 m
*116m
109 M
J
J
89
88
O
33
24
20 M
Walker(Hlram) GAW deb 4Mb. 1945
Wheeling A L E Ry 4s
22
30
22
23
"21M
A
1976 f
109 m
*103 m
1977 A
Utah Power A Light 1st 5s
{♦Util Power A Light 5 Ms
81
S
2000
1st lien A ref 5s
112m
85m
105m
85
110M
101M 105M
99 m
65 m
S
1943 J
Gen A ref 5s series C
Gen A ref 5s series D
1st Hen A ref 4s
100 m 100m
103
J
1944 F
gold 5s
sec s f
"~7
97 m
97
M N
1947 J
Texas A Pac 1st gold 5s
Gen A ref 5s series B
Guar
105 «
"§6m
J
Gen refund s f g 4s
J
1953 J
Texarkana A Ft S gu 5Ms A...1950 F A
Texas Corp deb 3 Ms
1951 J D
♦AdJ lnc 5s
{♦Third Ave RR 1st g 5s
102 m
100m 103m
102
108m
88
90
105 m
96m 102m
109m
106
IVI
4Ms...1939
Third Ave Ry 1st ref 4s
15
103
100m
93 m 103
D
J
....
85
1944 M
Tennessee Corp deb 6s ser C
Tenn Elec Pow 1st 6s ser A
Term Assnof StL 1st g
*
1996 J
St Louis Dlv 1st g 4s
East Tenn reor Hen g 5s
Mobile A Ohio coll tr 4s
t♦Wabash Ry ref A gen 5 mb A. 1975
♦Certificates of deposit
Registered
87
1st 4s stamped
41
25m
10 X
{♦Alt A Blrm 1st gu 4s
1933 MS
^♦Seaboard All Fla 6s A ctfs._.1935 F A
l\«
110
1
O
1945 M S
20 M
71M
99M
44 M
41M
5
31m
F
97 M
6
♦115m
1959 A
60
91M
25m
25 m
31h
O
Oct 1949
81
60 M
1941
113m
A
♦Certificates of deposit
♦1st A cons 6s series A
60
1941
107 m
1989 M N
It ♦Seaboard Air Line 1st g 4s.. 1950 A O
{♦Gold 4s stamped
1950 A O
Scioto V A N E 1st gu 4s
♦Adjustment 5s
S ♦Refunding 4s
1939
♦Omaha Dlv 1st g 3 Ms
♦Toledo A Chic Dlv g 4s
108 m 112m
105 m 110m
O
♦Stamped
103m
28
A
1946
95 m
110m
107 m
113m
25 m
26 m
31m
IVI N
J
54
98
110
1942 M S
J
{♦Schulco Co guar 6 Ms
♦Stamped
♦Guar s f 6Ms series B
95 h
94 M
70
♦pet A Chic Ext 1st 5s......1941
roads
ties
Slocks
trials
Rails
Rails
ties
Bonds
162.15
42.72
25.05
54.34
106.44
107.98
77.01
164.75
43.87
25.65
55.40
106.21
107.98
77.08
103.38
98.66
162.85
41.45
25.36
54.22
106.15
107.71
76.68
103.08
98.41
162 90
41.85
25.25
54.31
106.08
107.53
76.66
103.09
98.34
158.00
40.77
24.39
52.70
106.01
107.24
76.84
103.14
98.30
159.96
42.34
24.97
53.74
105.94
107.28
78.05
103.21
98.62
..
103.36
Total
98.70
BBBa
New York Curb Exchange—Weekly
1872
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless
regular weekly range are shown In a footnote in the
and Yearly Record
1937
Sept. 18,
they are the only transactions of the week, and when selling
outside of the
No account Is taken of such sales in computing the range for the year.
we^k In which they occur.
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. 17, 1937) and ending the present Friday (Sept. 18, 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
In the
dealings occurred during the week covered:
which any
Sales
Friday
Last
STOCKS
Sale
Par
Price
Week's Range
of Prices
High
Low
Week
Low
Shares
Class B
44%
150
42
May
BOX
Jan
24%
24%
100
21
Jan
24X
Sept
OX
Mar
1
Air Investors common—*
Conv preferred
*
Air Devices Corp com
~12~
4%
3,700
~12%
MOO
IX
IX
2,200
2X
1X
3
3X
Sept
14X
3%
Feb
38
June
22
Feb
Sept
4
May
11
IX
Week's Range
for
Sale
of Prices
Low
High
200
2X
Sept
25%
X
June
400
May
Price
Bohack (H
C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
28%
X
4
5
1
1%
1
5X
34%
Jan
16
17
IX
Jan
Brazilian Tr Lt & Pow
*
"21%
•3%
20%
June
7%
7%
1
3%
3%
3%
22%
7%
4
7% 1st preferred
100
2d preferred
Jan
100
725
69
*
70
70
13
67
June
87
Jan
Breeze Corp
Brewster Aeronautical
59
61
30
59
Sept
77
Jan
3
200
Jan
Bridgeport Machine
16
1,100
4
700
1
150
16
400
2,900
Bridgeport Gas Light Co.*
3
28%
28%
Alabama Gt
X
—
Southern..50
Ala Power $7 pref
69%
69
3
73
Alliance Invest common..*
Allied Internat Invest com*
*
Class A
18
10
25
$3 conv pref
Allied Products com
13
Aluminium Co common. _*
6%
300
18
13
20 X
127
100
preference
200
14%
2X June
3% June
IX Aug
120
250
111
130%
113
Aluminum Goods Mfg—*
2",800
115
120
Sept
Sept
Sept
Apr
15X
Apr
Sept
80
5X
5X
2X
24
10X
20X
Jan
Jan
Brill Corp class B
Feb
177
Mar
1191
X
Jan
16
500
5
5
6
300
5
95
88
97
1,350
88
Sept
Sept
140
Mar
100
121
121
121
50
120
June
131
18
17
Ltd common
Aluminium
6% preferred
American Beverage com__l
15X
1%
Amer Box Board Co com. 1
IX
,600
10X
600
J.
IX
"i 4%
32%
3%
57
100
50
Sept
75
14%
16
800
14X
Sept
24%
Jan
Mar
Apr
Mar
X
July
Aug
11
600
100
30 X
Sept
42
82
Aug
Mar
July
OX
10c
Common class B
X
30X
*
$3 preferred
X
30X
Corp—1
IX
Feb
Feb
2X
3,000
Sept
89X
5X
32 %
30
32 X
1,225
30
June
41%
Jan
30
30
31X
900
30
Sept
47
Jan
$5.50 prior pref..
2X
2X
2H
Am Cities Power & Lt—
Class A
25
with warrants 25
Class B
1
3%
Cyanamid class A. 10
n-v
10
"30%
Class A
Amer
Class B
*
Amer Gas & Elec com
30
w
1
1
$2 preferred
$2.50 preferred
2,400
10
31X
11,700
4%
IX
2,200
17X
200
17
*
Preferred
4
29X
28 X
4%
IX
Amer Fork & Hoe com—*
American General Corp 10c
3%
29 X
Amer Equities Co com—1
Amer Foreign Pow warr—
28 X
31
109X 110
8X
28 X
8X
200
16,300
75
1,400
29
200
Amer Hard Rubber com.50
15
16X
450
Amer Invest (III) com
22
22
100
23 X
26
15X
16%
Amer Laundry
*
20
Mach
25
Amer Lt & Trac com
16
6% preferred
25
Amer Mfg Co common 100
~37~
Amer Maracaibo Co
1
Amer Meter Co
300
4,200
1st preferred
1X
80
IX
12,400
IX
600
30 X
Sept
X
Sept
38
2
6%
lVs
5
Anchor Post Fence
IX
4%
700
27
1,000
4
Appalachian El Pow pref.*
103%
1
IX
Arkansas Nat Gas com...*
5X
X
4X
*
5X
10
7X
Mar
36%
42
Jan
Canadian Canners
Canadian Car & Fdy pfd 25
Canadian Dredge & Dock*
Canadian Hydro-Elec—
59
2%
53
10%
Jan
Jan
35,700
4X
3,800
7
70X
June
Jan
3
99
Sept
Sept
Sept
7X
Jan
Apr
4X
7
Mar
Jan
2%
14,000
4X
Apr
Jan
Jan
Jan
79
9
100
9
Sept
9,300
4X
Sept
15%
8%
Feb
5
200
10%
Apr
13%
Mar
Associated
Elec
4%
Jan
£1
nx
nx
Assoc Gas & Elec—
.1
Common
Class A
1
$5 preferred
*
Option warrants
IX
2
2X
15X
13X
16
1,500
13,400
3,000
Sept
IX
Sept
13%
Sept
5%
39%
>,6 May
X July
732
1X
53,000
332
X
5%
39 X
Atlas Plywood Corp
1
Automatic Products
5
IX
21X
*
Austin Silver Mines
5
2,400
110
3
4
"7",200
700
1
Sept
Sept
Aug
8,000
June
IX
19
4,300
4
X
Sept
Jan
X
3
Aug
"n'x
Sept
9X
11X
10X
800
7
Jan
12
700
OX
Apr
19
Automatic Voting Mach..*
Avery (B F)
OX
40
87
Atlantic Gas Light pref. 100
Atlas Corp warrants
Axton-Flsher
5X
39%
5
Atlantic Coasat Fisheries..*
Atlantic Coast Line Co. .50
22X
540
17
600
11,200
Jan
Jan
Jan
Feb
% May
Jan
*
Assoc Tel & Tel class A...*
Jan
3
1
Assoc Laundries of Amer.*
V t c common
7
13%
57%
88
4
29%
3%
9
11%
16%
Apr
Feb
Mar
May
Jan
Mar
Mar
Feb
Babcock & Wilcox Co
22
*
95X 102
95%
Sept
156
Jan
7X
Sept
10
Sept
Sept
15
Sept
5
Sept
8
Feb
Sept
21
Feb
11% June
11% Aug
{Baldwin Locomotive—
Purch warrants for com...
9
8X
10
Baldwin Rubber Co com. 1
1
Bardstown Distill Inc
Barium
Stainless Steel.-.1
Barlow & Seelig Mfg
A...5
"2%
7% 1st pref
11X
1,400
10
2
2X
800
2
14X
100
2%
14%
.7%
800
6%
Sept
8%
Co com..*
100
3X
14X
OX
3X
.....
Bath Iron Works Corp.—1
Baumann (L) &
10
Mar
"§5"
4
6,900
~85^i """166
$1.50
conv
1
Bell Aircraft Corp com...l
1
Bellanca Aircraft com
Bell Tel of Canada
2
2
2%
11
14
5X
4X
14%
5%
1,200
3,200
1,200
116% 118%
Bell Tel of Pa
to 01
1
16
IX
conv
16
IX
Purchase warrants
$2.50
X
1%
,316
50
6,000
Sept
Feb
113% June
34%
*
10
*
15
36
*
5
1
*
*
Bliss & Laughlin com
Blue Ridge Corp com
$3 opt conv pref
Blumenthal (S) & Co
10%
$7 div preferred
1st preferred
Cent Hud G & E com
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Cent P & L 7 % pref
100
Cent & South West Util 50c
Cent States Elec com
1
6% pref without
7% preferred
For
footnotes see
page
•
warr
Centrifugal Pipe
*
3%
%
%
5
Chic Rivet & Mach
Chief Consol Mining
1
Childs Co preferred
Cities Service common
81
*
24
$6 preferred
City Auto Stamping
*
City & Suburban Homes 10
Clark Controller Co
1
Claude Neon Lights Inc__l
Cleveland Elec Ilium
Cleveland Tractor com
45
*
12%
Sept
2
Sept
4%
Jan
Mar
48%
43%
Jan
Jan
Mar
Apr
Feb
45
Mar
73
Mar
93
Aug
5% May
Apr
155
May
1% Sept
10
43%
57
15,800
Jan
26%
8%
July
25% Sept
1% June
Sept
a;80
Sept
87
30
Jan
7%
Sept
3%
Sept
113
200
108%
Jan
8
200
6% Sept
39%
Jan
93%
Jan
zl4% June
111
8%
15
500
88
12%
15
88
10
11
12%
2%
18
Sept
June
35
July
Jan
3%' Feb
102%
Jan
97 %
67%
Aug
14%
38%
42%
10%
Jan
Feb
Feb
July
Jan
124
June
15
Mar
57
Mar
105%
19
Mar
Jan
88
Sept
96
Feb
900
10%
Sept
75
Sept
22%
91%
Feb
110
81
75
"~2%
Jan
May
2%
"7", 700
200
3%
Jan
Jan
Apr
23%
2,900
18
161
Sept
8%
18%
7%
8%
7%
Jan
1%
5,000
2%
5,700
2%
1
8,300
X
Sept
Sept
6%
Apr
Jan
9
10%
500
9
Sept
2%
27%
20
X
1
Sept
52
Jan
33%
26%
Jan
10% June
10%
4%
4%
4%
3,000
4%
10
Sept
"16
7
Mar
May
11
100
11
109
"""166
106
Sept
50
55
14%
33%
Apr
Sept
76% May
13
Sept
Sept
18%
July
61
2%
92%
Feb
225
5%
Jan
%
72,400
34%
32
Feb
16%
83% Sept
123
50
2X
2,000
65
2%
Jan
650
1,400
1,700
"16
61
Jan
19
13
2%
Jan
Sept
11
54%
Jan
Sept
Sept
109
"is
2%
32
3%
Sept
Sept
Sept
Sept
60
5%
Apr
Jan
Jan
37
25
45
1~900
Aug
58
Jan
40
Aug
79%
Feb
39
45
Aug
76
Feb
"x7X ~~~8X
15%
4%
Feb
40
Apr
7%
June
3%
30%
8%
Sept
Sept
%
7%
Jan
3%
Aug
10%
36%
Sept
48%
Feb
Mar
2%
5,900
36%
2%
37%
400
10
11%
1,900
10
Jan
16
Aug
4
Feb
9
Apr
1
May
Sept
Sept
Sept
1%
11%
100
11,100
4%
4%
1,200
4
4
12
3%
£1
3
600
7%
3
4%
3%
Jan
8%
Sept
Jan
10%
4,400
57
62
1,000
56
Feb
67%
10
68
6%
50
62
June
8%
Columbia Pictures com..*
41
20
Jan
Feb
Feb
Apr
2%
87
1,900
Conv 5% preferred.. 100
Columbia Oil & Gas
1
24%
Sept
Mar
7
Mar
1%
Jan
15
Sept
Jan
1%
%
5%
32%
31%
Mar
7%
3%
Aug
Sept
1%
Apr
5
7%
Sept
15
Jan
Jan
Sept
28
Colt's Patent Fire Arms.25
Columbia Gas & Elec—
10%
Jan
Aug
Mar
24
5%
July
5
Mar
100
5%
1%
14%
Mar
Feb
Mar
8
Sept
Sept
100
100
warr.
30%
51%
25%
106%
31%
Mar
5%
Clinchfield Coal Corp__100
Club Alum Utensil Co
*
37%
70
Feb
Apr
Jan
Apr
5«
"3% "4%
7%
*
Aug
100
13%
1,000
Clayton & Lambert Mfg..*
175
42%
22%
*
6% conv pref
Colorado Fuel & Iron
400
5%
24
1%
Cities Serv P & L $7 pref.*
Feb
5.100
75
80
83
5%
100
Mar
Feb
2%
25%
15%
28%
12%
40
4
2%
43%
13%
24
a;
Feb
June
383
Sept
Sept
Sept
16% June
7
25%
85
Feb
Mar
Feb
3i6
4%
25%
10,800
.
9%
Aug
Aug
Jan
71%
15%
34
1
300
%
16
4%
25
Sept
100
300
3,000
com.
Sept
300
3%
X
3%
Chamberlin Metal Weather
Strip Co
5
Charis Corp
10
X
7,900
500
X
5% Income stock A_._£l
15
4
Conv preferred
100
Conv pref opt ser '29.100
Jan
13
100
3%
100
4
34%
Sept
Aug
...100
Sept
32
June
32
...
Feb
10%
93
22
*
19
2
lix
.....
100
4,700
*
Sept
Sept
Sept
Sept
22% June
4
4
4
1
16
10
600
*
27% Aug
4% May
18% July
8% Mar
169% July
125% Mar
5% Mar
9%
3%
Celanese Corp of America
7% 1st partlc pref... 100
6%
5%
15,800
5%
Sept
2%
Jan
Jan
Mar
Mar
22
9%
8%
Feb
Feb
4% May
Feb
4%
24%
74%
Apr
104%
10%
Jan
Feb
Jan
29
June
39
Jan
27%
Sept
33
Aug
Commonwealth Edison—
New
common
25
28%
28%
6,600
,29
Commonwealth & Southern
Warrants
3wHE
"24"
23%
100% 100%
22
25%
10
11%
34%
600
Apr
23
23
18
Castle (A M) com
Catalln Corp of Amer
Cockshutt Plow Co com..*
Cohn & Rosenberger Inc.*
Colon Development ord
43
Blauner's com..........*
Bliss (E W) & Co com
1
Preferred BB
Birdsboro Steel Foundry &
Machine Co com
common.
May
IX
70
*
Jan
Sept
4X
Sept
$6 preferred
4,100
*
pref
10
Sept
Sept
5
87
*
2%
Jan
16
1
com
Preferred B
May
July
24
700
*
common
4
Benson & Hedges com
Bickfords Inc common
Carnation Co
Aug
103
Sept
159
100
6%% pf-100
*
Conv pref
*
Berkey & Gay Furniture. 1
2
200
5%
5%
Mar
zl8
39
45
*
*
Aug
22%
20
pref
Beech Aircraft Corp
Carman & Co class A
Class B.
Preferred
Apr
80
14
Beaunit Mills Inc com..10
July
Sept
1%
34
15
Chesebrough Mfg
Jan
Jan
5
9,900
Cherry-Burrell Corp
43
Mar
Feb
2,300
1,300
63%
9,900
Aug
Sept
Mar
25
32
10%
9%
1%
25c
Chicago Flexible Shaft Co
10
26%
33
25%
54%
1%
Mar
Tobacco—
Class A common
"5%
Celluloid Corp common. 15
Industries
Amer deposit rets
9%
1%
Jan
4X
Mar
Mar
Apr
24
63%
1%
96
9
Feb
12%
Sept
44
1%
Carter (J W) Co
Casco Products
x77
Feb
Mar
31
8% May
1%
Feb
1
400
225
Capital City Products
Carib Syndicate
12%
13%
10%
5
77
Mar
Mar
Aug
Jan
Jan
Apr
Feb
28
4%
Carrier Corp
Ashland Oil & Ref Co
1%
34%
Canadian Indust 7% pf 100
Canadian Marconi
1
Feb
Art Metal Works com
100
1%
B non-voting
Carnegie Metals
Jan
200
28
34
Carolina P & L $7 pref..
Feb
400
Sept
Jan
Jan
14%
5%
36%
21%
108%
3%
7%
16%
Sept
9% Sept
28
May
20
Sept
23%
Jan
Jan
Mar
Jan
31
6% preferred
100
Canadian Indus Alcohol A*
Feb
Arkansas P & L $7 pref...*
300
*
com
Feb
Jan
9%
20%
28
Amer dep rets pref shs £1
Calamba Sugar Estate. .20
Canada Cement Co com..*
Jan
Mar
20
*
Feb
82
8
30%
25
Am dep rets A ordsh_.£l
Am dep rets B ord shs_£l
26%
28%
54%
3
Sept
Sept
Sept
Cable Elec Prod vtc
Cables & Wireless Ltd—
38
Sept
IX
4X
x20
Jan
..
Jan
July
IX
5X
5X
Sept
Burry Biscuit Corp.. 12%c
Feb
5
400
J16
Jan
Feb
1,100
*
Burma Corp Am dep rets
Mar
X
400
1,800
Sept
4
$3 convertible pref
Warrants
;
Feb
Mar
Apr
800
7
*
common
37
101X
1,300
22 X
Jan
Sept
35
*
.
5
Buckeye Pipe Line
50
Buff Niag & East Pr pref25
$5 1st preferred
*
32
10
2X
5X
103X 103 X
OX May
IX June
88
12
5,800
800
20 X
IX
4X
X20
Jan
48%
112%
59%
4%
5%
8%
42%
110%
4X
"~4%
Common class A
31,700
22 X
*
Preferred
IX
91
Angostura Wupperman__l
Apex Elec Mfg Co com...*
Arcturus Radio Tube
200
6X
90
*
Preferred
Jan
Sept
Sept
33 X
IX
31
Corp com*
*
American Thread pref
Sg
32X
Amer Potash & Chemical. *
Am Superpower
June
Sept
Sept
Aug
15
Sept
z20
May
23 X Sept
15X Sept
26X July
10
$6 preferred
Bruce (E L) Co
Bunker Hill & Sullivan 2.50
June
25
Class A pref
*
Brown Forman Distillery-1
Burco, Inc
8X
~37
Amer Pneumatic Service. *
Amer Seal-Kap com
28X
106
Brown Co 6% pref
100
Brown Fence & Wire com. 1
Jan
Jan
7
13% Sept
*
Aug
5%
4%
2%
X
7%
2%
32%
Apr
Sept
Sept
Sept
3%
5
9%
Am dep rets ord reg- - 10s
British Col Power class A.*
Aug
24
2%
bearer£l
£1
8
Apr
80
80
*
Am dep rets ord
37
Sept
Sept
Feb
108%
Apr
X May
2% Sept
Amer dep rets reg
British Celanese Ltd—
37
IX
Jan
19
3,500
*
Apr
4%
16
56%
British Amer Tobacco—
Sept
3X May
29 X
20 X
300
100
Preferred
Registered
Sept
Jan
Sept
25
6%
British Amer Oil coupon. _*
Feb
Jan
15%
Class A
Class B
American Capital—
Class A common — 10c
Amer Centrifugal
Sept
Sept
50
100
American Book Co
18%
IX
14%
*
7% preferred
100
Brillo Mfg Co common._.*
May
American Airlines Inc.-.10
Aluminum Industries com*
*
Class A
Mar
13%
*
Jan
11
3% June
18%
31
14%
Bright Star Elec clB
July
1,500
3,200
100
Preferred
Mar
High
Sept
4
13% June
Bowman-Biltmore com..
$6 preferred
*
Alles & Fisher Inc com—*
—
.
Low
Shares
4
4
{Botany Consol Mills Co.*
Bourjois Inc
*
Sept
Sept
Wflrrftuts
Range Since Jan. 1 1937
Week
Par
43%
Agfa Ansco Corp com
1
Aiusworth Mfg common. _5
Last
High
class A_ *
*
Aero Supply Mfg
STOCKS
Continued)
20
Acme Wire v t c com
Sales
Friday
I
Range Since Jan. 1 1937
for
16
%
5,700
3i6 June
he
Jan
1877.
1
3k
Volume
Sales
Friday
STOCKS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Par
Price
Range
Shares
1
100
%
14*
400
14
15*
Sept
17*
3*
3*
1,100
3*
Sept
11
7%
8*
28,400
7*
Sept
70*
71*
70%
113* 113*
""I*
1*
June
112*
July
114*
Sept
4*
2*
%
Sept
5
Sept
1,400
1,300
7*
8,100
89*
75
%
*
5%
50
*
500
"~9*
15
Sept
100
7
Sept
13*
200
15*
2,400
"9* ~l"6~"
"""900
4
3*
3*
lMOO
4*
1,300
100
87
87
21
1
29%
28*
31*
12*
14*
1*
38*
20
7,200
*
Sept
100
5*
1*
11*
1 *
Sept
800
3,500
Sept
Sept
Sept
June
Sept
May
Sept
Sept
103* Sept
5*
104*
300
40
103* 104*
100
38
10
Sept
10
*
10*
'is
Aug
13*
'16
*
10
Sept
May
25,300
3,300
10
16
19
800
16
21*
23*
150
21*
13„
Apr
Jan
Jan
May
Jan
Sept
Sept
July
1*
12
2*
Feb
General Alloys Co
Aug
3*
4*
4,800
400
4
4*
1,200
Aug
June
4*
70
400
40
14*
16*
1*
Sept
Sept
Sept
Sept
Sept
3* June
3* Sept
9
26*
Gen Fireproofing com
*
Gen G & E $6 conv pf B-*
Jan
13
15
$
Jan
June
Jan
Feb
Feb
Feb
Feb
18*
15*
28*
Feb
33
Apr
13,.
14
8*
89
Jan
Apr
July
11
10*
31*
Sept
30
9
Apr
26
Mar
3*
19*
Sept
Aug
Jan
Domin Tar & Chem com.*
15
Dominion Textile Co com. *
81
May
Aug
Dominion Steel & Coal B 25
16*
18*
1,400
Aug
Feb
3* May
64
200
July
19* May
20
10*
29*
5*
22*
Feb
76*
10
30*
100
....
30*
100
Sept
July
29
Sept
105*
.....
^300
Aug
42*
6*
*
10
7*
17*
16
6*
900
7*
7*
300
15*
17*
4,700
2
Sept
Apr
79
Aug
1*
7*
10*
27*
5* June
6*
Jan
15*
Sept
6*
4*
£42~
5*
1,800
"45"
""556
Jan
July
Aug
Apr
Jan
Jan
May
Corp
48
Sept
59
Aug
6*
Economy Grocery Stores.*
13*
Edison Bros Stores
2
18*
Eisler Electric
1
1*
2
14*
12*
7*
3,200
14
150
19*
300
6*
13*
3,900
2
15*
18*
1*
98,000
12*
$5 preferred
*
59*
53
60
900
53
$6 preferred
*
69
65
69
1,200
65
4*
1
1
"4*
4*
*
4*
100
4*
400
"""566
Option warrants
4*
4*
45
.....
Common
1
8
13*
Electrographic Corp com.l
Electrol Inc vtc
8*
1*
1
13*
2*
100
600
15
Empire Dist El 6% pf.100
Empire Gas & Fuel Co—
100
6% % preferred
100
7% preferred
100
8% preferred..:
100
Empire Power part stock.*
Emsco Derrick & Equip..5
Equity Corp com
10c
34
37*
"266
38*
100
11
7% preferred
Ex-Cell-O Corp...
Falrchild Aviation
Falstaff Brewing
1*
12
1*
400
1*
13,600
1,
'16
Mar
Mar
Jan
Feb
100
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Aug
Sept
31*
19*
2*
47*
100
3
"14*
12
2,700
14
3*
9*
1,400
3*
1,100
8
£14
3*
8*
1
1
250
15*
12
1
Ferro Enamel Corp
23,200
15
*
Sept
*
Aug
Sept
Sept
Sept
Jan
20*
22
700
19*
10
10
200
10
Sept
13*
13
£13*
700
12
June
32
32
34
900
31
Sept
Apr
13* June
Flat Amer dep rets...
1
"he
""%
"i",§66
7t6 Sept
1*
3*
45*
27*
8*
11*
25*
17*
15*
47*
18*
1*
28
97
3is
%
8%
26%
2%
100
5
32
£12
June
%
5,300
5
32
100
32
25
6*
81*
80%
107
%
7%
Feb
Feb
Jan
Apr
Aug
900
6%
Sept
80%
119%
Sept
117%
July
128
Sept
47
8,700
200
7%
Feb
38
470
2*
£12
7*
Sept
Sept
33%
4%
18*
22%
1,000
27
2
10
June
21% Mar
1% June
10
Sept
83
122
37
450
10
12
3,100
8%
Jan
5,200
3%
*
Sept
Sept
Jan
Jan
Jan
1%
47 %
72
Sept
63%
July
90
84
June
95
10
Sept
3%
5
*
1
25
*
500
25
51
47%
53
11,400
Gulf States Util 55.50 pref '
80
80
80
10
10
10
10
56 preferred
Gypsum Lime & Alabas..*
com.*
Hartford Elec Light.—.25
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of Am cl B com. 1
Hearn
100
Dept Store com..5
50
6% preferred
25c
*
2
--25
5
com
ww
Horn
4*
1,100
1
9
9
9
preferred
100
Mln & Smelt.
*
Hummel-Ross Fibre Corp 5
Hussman-Ligonier Co
Feb
Feb
Mar
Jan
Feb
14*
May
Sept
2 600
1
June
4
9
Sept
15
Sept
18%
17%
200
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
Feb
Feb
Jan
14%
13*
14
1,000
13
June
46
46
100
46
13
15
7,800
13
May
Sept
6
200
5%
15%
70
1*
200
13*
5% Sept
7% June
6% May
23
13
12*
13
600
40
40
41
300
Mar
12* Sept
39% June
3%
52
25%
9*
11
10%
28%
16%
47%
42
"38%
"38% "38%
Aug
42
"56
36
Jan
45
June
35
24
24%
400
24
10*
11*
800
10%
Sept
17
"II*
19
200
17
Sept
6*
6*
100
6%
Sept
16
June
16
Sept
6
103
5%
_
24
46
"13*
29*
Humble Oil & Ref
%
Aug
Aug
100
1*
1*
1*
com.*
1
Hud Bay
6
Sept
3*
56
1*
Inc
(A C) Co com
16%
15%
3*
Class A
Preferred
35
16
4%
14%
Hecla Mining Co
25%
74
103
29
Sept
Aug
102
June
112
8
42
27*
8,900
24%
Sept
76*
3,300
70*
Sept
9%
24%
70*
9
200
10
30*
1,700
8
Sept
17
9
15%
33%
11%
19%
22%
Jan
41%
87
12%
23
—
§Hylers of Delaware Inc—
Common
1
100
7% pref unstamped.. 100
Hydro Electric Securities.'
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
%
500
13%
150
*
*
Sept
13
Sept
24
13
Feb
7*
3
44
2%
43
3*
45
6,100
300
2%
43
Sept
Sept
Sept
2
Feb
27%
Feb
26
Apr
13
Feb
5%
53%
Jan
Mar
11% May
Illinois Iowa Power Co—*
5%
5
5*
2,100
5
50
18%
18
20*
3,200
18
7*
25
1,200
6
Sept
33% May
13% May
700
22
July
34
50
Sept
62%
Feb
8% June
9%
24%
Mar
Preferrred
6%
Ctfs of deposit
*
Illinois Zinc
23
6%
22*
Imperial Chem Indust—
Am dep rets ord reg__£l
19*
Imperial Oil (Can) coup.
Registered
18*
Sept
200
Sept
Sept
Feb
1,200
19%
13%
24
13*
15
Mar
36%
36%
100
36%
Mar
44%
20
20
10
90*
91
200
100
Indpls P & L 6* % preflOO
Mar
6,600
19*
15%
7% preferred
July
20
15%
Indiana Service
Sept
19%
13%
10
6% pf.100
Indiana Pipe Line
Sept
%
18*
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
Britain and Ireland..£1
8
8
Jan
200
7%
Jan
15
Mar
20
15%
Sept
36
Jan
39%
Jan
19
90%
June
Sept
105
Jan
Indian Ter Ilium Oil—
Class B
July
95
8*
37
35
Non-voting class A
For footnotes see page 1877.
45%
12%
70
Hormel (Geo A) Co
Feb
16
Sept
97
Horder's
Feb
*
Feb
Feb
Aug
July
£9%
22
"~8% "8% "5",300
Apr
Jan
16
Jan
Jan
Jan
81
*
Jan
Feb
Apr
Apr
Feb
Jan
Jan
Mar
*
*
Aug
32
£9%
Illuminating Shares cl A.*
*
June
8%
122
Heller Co
Jan
74
200
72
25
*
Grocery Sts Prod com—25c
Jan
77
Aug
£9%
175
100
Helena Rubenstein
Sept
Sept
Sept
400
11%
36%
*
95%
39%
*
7% 1st preferred
Gt Northern Paper
Feb
Jan
Sept
1*
Aug
June
500
73*
10%
9
5
June
11
*16
73*
10*
Hamilton Bridge Co
34*
37*
30
50
Fanny Farmer Candy....1
Fansteel Metallurgical...*
Feddere Mfg Co
5
Fldelio Brewery
10%
Sept
9*
72*
46
94*
16
Haloid Co
34
x25
12
European Electric Corp—
Option warrants
Evans Wallower Lead
50
10
300
Feb
40
34
34*
37*
95*
34
7% pref stamped
6% preferred
107
£14% Sept
200
18
11*
60
Sept
700
1,600
16
Jan
Jan
Aug
July
1*
15
47*
*
3i«
96%
100%
3%
22%
51*
68% Aug
1% June
1%
14%
100
Feb
Feb
July
13* June
Sept
June
Sept
15
80
Sept
Aug
is
51
87*
1*
Sept
May
8
*
25%
64%
1%
Sept
Heyden Chemical
10
Heywood Wakefield Co-25
Hires (C E) Co cl A
'
Hoe (R) & Co class A-.-10
Hollinger Consol G M—5
Holophane Co com
*
Holt (Henry) & Co cl A__*
7*
98*
22*
17*
5*
40*
2*
68
250
200
1,400
Sept
95*
*
Hewitt Rubber com
75
2*
84
82*
Jan
»316
80*
Sept
extend.*
Jan
30*
2*
83
Eureka Pipe Line com
Vtc agreement
Jan
38
2*
*
ww
6,200
£46*
14%
Horn & Hardart
Elec Shovel Coal $4 pref..*
2,100
1
37
Feb
Electric Shareholding—
600
Feb
200
Grand Rapids
Mar
14
21%
5
53 preferred
Gorham Mfg Co—
13*
6* June
6%
23
*
24
80
Sept
19% June
17% June
85
Gorham Inc class A
23
June
2%
Jan
*
57 preferred
Sept
Sept
Sept
Sept
Sept
Sept
l'eoo
1-8*
Goldfield Consol Mines._1
Sept
Sept
Sept
4*
28*
Mar
37
A. *
*
Jan
*
*
98
37
*
Godchaux Sugars class
Class B
Hall Lamp Co
Jan
26*
6*
82*
82*
Jan
*
Preferred
Non-vot com stock
Jan
Sept
July
Great Atl & Pac Tea—
10*
Sept
21%
3,000
—
Jan
71
$7 preferred series A—*
Elgin Nat Watch Co
Warrants
Georgia Power 56 pref—*
Gilbert (A C) com
_.*
Jan
80
2*
Jan
19
Sept
*
53 preferred
Varnish..
Gray Telep Pay Station .10
4* June
55* June
16
L900
2*
14%
Aug
17
Gen Water G & E com—1
Grand National Films Inc 1
38
June
Sept
16%
56
Hazeltine Corp
4*
Sept
600
20*
'316
80*
100
6% preferred A
Guardian Investors
96
8*
General Tire & Rubber—
Aug
1
1
4* % prior preferred-100
6% preferred
100
Eastern Malleable iron. 25
pref
20
*
pref
conv
Feb
East Gas & Fuel Assoc—
conv.
53
17*
68
2*
100
Durham Hosiery cl B com *
$6
Gen Rayon Co A stock—*
General Telephone com.20
82
111
Jan
5%
Jan
11* June
14%
Feb
400
Gen Outdoor Adv 6% pf 100
Gen Pub Serv $6 pref
*
Mar
Apr
50
Aug
Sept
200
116
Gulf Oil Corp
29
100
*
com
10%
17*
£17%
20*
*
July
Apr
Douglas (W L) Shoe Co—
Class A
100
""2* "3"
Greenfield Tap & Die
28*
Feb
75
General Investment com.l
25
Sept
12
Elec P & L 2d pref A
9
10%
Warrants
50*
108*
16*
Sept
Sept
7%
*
$6 preferred.:
July
400
9
26*
1
Elec Bond & Share com..5
20%
9
ord reg- £1
Feb
Mar
Jan
38
17
Divco-Twin Truck com__l
Elec Power Assoc
Amer dep rets
Feb
28*
38
39
£1
Corp
125
Gen Electric Co Ltd—
Jan
Glen Alden Coal
Diamond Shoe Corp com.*
Distilled Liquors Corp
5
Easy Washing Mach B
2,600
17
Jan
10
$6 preferred series B
21%
21
17
Feb
3*
*
19%
6*
19%
1
May
Det Mich Stove Co com..1
Common...
4,500
15
preferred
16
300
Eastern States
Conv
Fruehauf Trailer Co
87
16*
1*
Eagle Picher Lead
6*
2%
1
Common
Feb
2*
Sept
Froedtert Grain & Malt—
5
16
8*
6*
20%
100 frcs
Fox (Peter) Brewing
5
Franklin Rayon Corp com 1
10* June
11*
5*
5,500
Amer dep rets
60
16*
1*
Duval Texas Sulphur
10*
Ford Motor of France—
110
20
1
Duro-Test Corp com
20*
*
Class B
400
100
7% preferred
Ford Motor of Can cl A..*
12
3,000
Duke Power Co
6*
73
5*
Dubilier Condenser Corp. 1
ord reg_.£l
11*
14*
Driver Harris Co
Am dep rets
63
73
4*
7% preferred
Draper Corp
8*
Motor Co Ltd—
Ford
*
Gladding McBean & Co..*
14*
Dobeckmun Co com
Feb
10
Gilchrist Company
*
Distillers Co Ltd
8%
29%
31%
July
Sept
Detroit Gasket <fc Mfg coml
1
Aug
July
28
Sept
Sept
Mar
Mar
Defiance Spark Plug com.*
com
Mar
11%
Jan
Mar
July
Mar
De Havlland Aircraft Co—
De Vllblss Co
Mar
65
Aug
7*
94*
5*
Feb
4
35
Detroit Steel Products—*
92
Sept
11%
Sept
3*
2,700
38
Cusi Mexican Mining..50c
Detroit Paper Prod
June
34
Jan
19*
*
*
6% pref ww
Detroit Gray Iron Fdy
70
700
5*
Sept
c_*
Preferred
270
June
8*
15,000
Mar
Mar
76
2
®,6
1 *
12*
2*
114%
18%
39*
34
5*
1*
109% June
74
July
10*
11*
1*
Jan
70
34
52*
18*
28*
*
10
Am dep rets ord reg—£1
Dejay Stores.
Dennison Mfg 7% pref-100
Derby Oil & Ref Corp com*
£113% £114
76
Sept
*
8*
82%
39
Sept
'•
7,900
25
Class A
$6 preferred
Sept
18*
"T%
Crown Cork Internat A..*
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Jan
Feb
12*
86
High
65% May
100
1
100
7% 1st preferred
Fisk Rubber Corp
35
9*
Low
100
71
70
Stores—
First National
21*
61*
5*
Crown Drug Co com..25c
Darby Petroleum com
Jan
Sept
Aug
13*
600
400
Week
*
22*
13*
Price
lb
Ford Hotels Co Inc
2*
*
100
5
Mar
Fire Association (Phlla)
Jan
10,500
%
Crowley, Milner & Co
6 %% preferred
Curtis Mfg Co
Jan
*
4*
10*
Croft Brewing Co
com v t
Shares
Par
Jan
Florida P & L $7 pref
%
*
Cuneo Press Inc
for
of Prices
Low
High
Gamewell Co $6 conv pf..*
5
Cuban Tobacco
Week's Range
Sale
Feb
2*
12*
Crocker Wheeler Elec
Preferred
Last
15
18*
"T*
Range Since Jan. 1, 1937
STOCKS
(Continued,)
27
13
"3%
Creole Petroleum
Crystal Oil Ref com
6% preferred
Sept
1,700
7
Cramp (Wm) & Sons Ship
& Eng Bldg Corp.
100
Crown Cent Petroleum—1
Sept
May
Sales
Friday
Mar
29
13*
£1
Courtaulds Ltd
3*
17*
102*
2*
26*
54
*
preferred
conv
135
5*
Jan
Mar
Sept
18
13*
$6 preferred A
10*
Sept
85
HA 2-5383
Mar
100
2
15
$4 preferred
Cosden Petroleum com—1
Sept
72
7
Cook Paint & Varn com.
1
'32
3,800
2*
.
CO., INC.
Street, New York City
Teletype! N. Y. 1-1943
Wall
Mar
6*
5*
86*
60
Feb
1*
64
94
16%
Corroon & Reynolds—
Common
Jan
10
200
5
6*
WILLIAM P. LEHRER
Jan
Mar
2,500
2
6
UOTED
Mar
11*
89*
300
74
72
72
1*
*
Preferred
and
BO UGHT—SOLD—Q
Jan
14*
Continental Secur Corp..5
.5
2*
17
7%
Cont Roll & Steel Fdy—*
Cord Corp
June
3*
Cont G & E 7% prior pf 100
Continental Oil of Mex—1
*
Cooper Bessemer com
*
$3 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
Jan
June
Common
Jan
34
""460
100
8% preferred.
Consol Royalty Oil
10
Consol Steel Corp com—*
64
*
'32
Consol Retail Stores
Sept
14*
Warrants
Consol Mln & Smelt Ltd .5
Jan
June
*
*
100
1
2*
29
14*
Community Water Serv-.l
Consol Gas Utilities
Sept
24
200
30
29
Community Pub Service 25
Consol Copper Mines
5
Consol G E L P Bait com *
Cities Service Co.
High
Low
1
Community P & L $6 prel *
Compo Shoe Mach vtc..l
New v t c ext to 1946—
Consol Biscuit Co
1
1, 1937
Range Since Jan.
for
Week
1
Commonw Dlstrlbut
5% pref class A
1873
New York Curb Exchange—Continued—Page 2
145
*
*
1*
1*
100
1* Sept
1% June
4*
4*
Jan
Jan
New York Curb
1874
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
Low
Shares
-1
c common
Insurance Co. of No Am. 10
62 %
International Cigar Mach *
Inv..*
Internet Hydro-Elec—
Pref $3.60 series
60
A stock purch warr
Internat Holding &
11%
60%
21%
Pow war
International Petroleum..*
60%
200
21%
800
20
25
%
2,700
'16
6% preferred
—
32%
29%
3%
100
33%
7,700
700
4
"~9% "10%
*16
14%
*
$3.60 prior pref
%
%
T.eoo
2%
18%
29% Sept
33% July
3% Sept
9
200
15
1%
5,100
14%
100
%
14%
1
14%
38
Investors Royalty
Italian Superpower A
Warrants
Co..
1
*
Jeannette Glass Co
Jan
%
1,000
11
13%
1,800
5%
600
34%
7%
19%
1
*
Irving Air Chute
1,200
2,000
Jan
4% Sept
4% Sept
34%
Jan
6% June
7i«
Jan
19% June
9% Sept
% Sept
'32 Sept
11
Sept
3% Sept
4%
4%
1
Iron Fireman Mfg v t C..10
%
4%
5%
34%
9%
%
20
Sept
Sept
Sept
4
1
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
Interstate Power $7 pref-*
Jacobs (F L)
%
%
Sept
Aug
Aug
>16
%
Old warrants
New warrants
International Vitamin
Jan
9%
700
*
1
14%
7i«
19%
9%
13 %
5
100
70
300
500
800
10
%
2,300
44
Jan
May
Sept
100
9%
1
$1.76 Preferred
Feb
Sept
20
300
100
Class B
July
28%
4%
Sept
13
9
9
9
International Products...*
Internat Radio Corp
1
Internat Safety Razor B_*
International Utility—
Class A
—*
2
Feb
Feb
100
100
100
Jonas & Naumburg
2.60
4%
"69
Kansas G & E 7% pref-100
110
18
38
Mar
8%
103
Apr
Mar
15% May
1% Feb
21%
3%
Feb
15%
Sept
38
Aug
Feb
%
%
7%
Feb
Mar
7
July
42%
24%
Jan
Mar
Jan
6
9%
Ken-Rad Tube & Lamp A *
17%
Kimberly-Clark Co preflOO
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
6% preferred D
100
Kingston Products
1
Klrby Petroleum.
1
89
20
85
June
1,300
1,500
69
10%
500
17% 20
107% 107%
600
9%
50
4%
5%
50%
""3% "4%
40
30
7",600
5%
1%
6%
1%
Klein (D Emil) Co com.. *
Kleinert (I B) Rubber. .10
17%
17%
100
Knott Corp common
Kobacker Stores Inc
10
Klrkl d Lake G M Co Ltd
Lake Shores Mines Ltd
1
Lakey Foundry & Mach__l
Lane Bryant 7% pref. .100
Lefcourt Realty com.
Preferred
*
Lehigh Coal & Nav. i
Leonard Oil Develop
Le Tourneau (R
107"
108
8%
9% June
21% Feb
108"
""166
%
Loblaw Grooeterias A
20
64
49%
1,700
46
4%
3,400
10
95
2
100
2
15
1,000
11,200
5%
%
7%
"is
30%
27%
14,200
22%
3%
28
11,200
4
700
13%
11
30
25
"26%
300
125
1
Lone Star Gas
*
Corp
Sept
Sept
Sept
Aug
•
13%
Sept
July
Sept
Sept
28% Sept
25
Sept
16%
Jan
3% Sept
5%
%
23
*
Jan
9%
Jan
126% Mar
30
114%
12
Jan
Jan
Aug
28% Feb
107% Sept
3%
Jan
88% Mar
65% Feb
8% Feb
8% Jan
1% Apr
10%
9%
8%
9
9%
2,100
12,400
8,900
8%
12%
21%
78%
69%
9%
110
4%
*
5,000
3
100
210
76
3%
81%
63%
3%
100
Loudon Packing
Louisiana Land & Explor.l
Louisiana P & L $6 pref.*
9
11
Lucky Tiger Comb G M.10
Lynch Corp common
6
Majestic Radio & Tel
1
Mangel Stores
1
$5 conv preferred
Mapes Consol Mfg Co.
77%
60%
10%
275
900
14,100
60%
3%
9
95
%
45
44
2
4%
50
200
1
%
100
38
2%
1,300
2
5%
400
45
50
30
4%
49
20%
Sept
Apr
Aug
Sept
Sept
Apr
Sept
Apr
Sept
Sept
Sept
Apr
Margay OH Corp
*
Mass Utll Assoc vtc
8% June
1
11%
Mead Johnson A Co
6
*
Mercantile Stores
"l9~"
1
Participating preferred.*
Merritt Chapman A Scott *
2%
300
8%
21%
5,600
5%
400
20
6%
18%
650
"4%
20
1,600
106% 108
*
com
Merchants A Mfg cl A
500
12
6%
21%
*
Memphis Nat Gas com
Memphis P A L $1 pref
11
2%
Massey Harris common..*
Master Electric Co
1
McCord Rad A Mfg B___*
MoWilliams Dredging
*
125
4
33
4%
4%
25
"B""
4%
4%
36
900
400
4%
25
100
50
5%
1,700
56
6%% A preferred...100
Mesabl Iron Co
1
916
Metal Textile Corp com..*
Partlc preferred
*
1%
32
56%
%
2%
Aug
30%
Feb
32
50
Mexico-Ohio OH
500
10
Gas A OH
Jan
Aug
July
93
Mar
80
Jan
6%
15%
Jan
Jan
Feb
Niagara Hudson Power—
Common
10
*
*
t c
pref
4%
»16
*
$2 non-cum div shs
Midvale Co
Mid-West Abrasive
Midwest Oil Co
60c
75
Jan
Feb
6% prior preferred
50
No Am Utility Securities.*
Nor Cent Texas OH
5
Jan
Jan
cl A..100
Mar
Mar
Jan
Mar
Aug
Novadel-Agene Corp
Feb
Ohio Oil 6% pref
Ohio Power 6% pref
Feb
July
7
Jan
73
63%
Apr
Mar
7
Mar
Jan
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
..*
10%
600
1%
6% 1st preferred
Oilstocks Ltd com
Oklahoma Nat Gas
$3 preferred..
6%
conv pref
15
75
1%
88%
29%
"96"
2
94
29%
Oldetyme Distillers
1
Jan
Overseas Securities
Pacific Can Co com
Sept
Sept
Sept
Sept
Sept
1%
18
102*
32
June
91%
12%
19
57H
28
9%
3%
28%
2%
112%
Jan
59%
Jan
7
Sept
Sept
Sept
80%
19).
19h
9
2)
Apr
23)
Sept
89)
Jan
6)
19
Sept
35
July
88
Sept
140%
June
70
Sept
Sept
Sept
30%
94%
1%
88%
26
5
37
Aug
16
27% Sept
12% Sept
34
9
1,000
6%
2%
250
xl06
80
95% 296
20
25%
25%
10
9%
10%
81%
26,500
Sept
15%
115%
95%
Sept
105%
24
June
103
June
Aug
10%
77%
500
) 9% Sept
77% Sept
93
Feb
65
July
98
Feb
S16
4,600
Sept
1%
400
Apr
9
10
1,100
Aug
3%
Feb
Sept
Jan
7%
6
2%
2%
4,100
2
Sept
950
47
Sept
47
49
38%
48%
38%
40%
41%
38
1
1,400
1,000
35%
Jan
35
Jan
49%
1
1
300
4%
3,500
74%
,
400
316
rH
2
4%
1%
40
16
74
^
%
74
85
7%
7%
300
1,200
17%
19
""766
27
100
47
97
20
27
18%
48%
275
97
99
17
50
Jan
Sept
Sept
Sept
Sept
Sept
7%
Jan
16% June
1% June
17% Sept
27
43%
97
Sept
77
51%
50%
51)
4)
6)
96)
103)
12%
41
6%
37
35%
300
Jan
67
June
110
20
106% May
102% June
111%
101
108% 110%
110% 110%
111)
104)
14)
14 *A
32)
92%
12%
10%
11
800
25
10%
26
900
"2%
3",400
"2%
9%
25
June
Apr
Sept
Apr
Sept
97% July
2% Sept
112
106
6
300
6
28
Mar
10%
10%
32%
26
103
6
Sept
May
29%
107%
60
Sept
89
Sept
8%
24%
6
8
1,000
1,200
20
*
41
42%
800
Peninsular Telp com
Preferred
15
5%
5%
5%
_*
Mar
Feb
Apr
Aug
11%
$1.30 1st preferred
Pacific Tin spec stock
90
16
98
62
Aug
60
29%
26%
4%
51
5%
"So"
5%
60
10
5
300
20
200
"51" "I'M
6%
47,800
10
*
2%
"6%
23%
30
1,800
27%
23
5%
6%
600
19
40
4%
Sept
Sept
20
Aug
38
May
101% Apr
60
Sept
5% Mar
4
July
21% July
19
Sept
27%
29%
5%
Sept
Sept
Sept
25% Sept
109% May
*
64%
106%
75%
9%
6%
30
30%
53
43
12%
30%
110
8%
10
2%
8% Sept
4%
14%
100
9
Sept
13
Mar
Aug
42%
5
Feb
*
*
June
2% June
$2.80 preferred
$5 preferred
33
300
65
June
72
Feb
Penn Mex Fuel Co
1
5
1
Aug
Sept
Pa Gas & Elec class A
*
109
7%
m
1
7
136"
*
footnotes see page 1877.
9
i9iU rA
3%
Montana Dakota Utll... 10
11
a:136
29%
100
7.800
200
2,900
3%
7%
138%
500
29%
100
200
130
11
July
Sept
118
16%
11%
Jan
Feb
Apr
May
Pa Pr & Lt $7 pref
$6 preferred
2
Sept
Feb
Penn Salt Mfg Co
Penn Traffic Co.
Sept
17
Jan
Pa Water & Power Co
134% June
157
Feb
Pepperell Mfg Co
37
Jan
Perfect Circle Co—
7
29
May
4%
100
Penn Edison Co—
25
7% Sept
19% Sept
1% Sept
3% May
—*
*
50
2.50
*
100
Feb
Feb
Feb
Sept
Pacific P & L 7% pref—100
Pacific Public Service
*
Class B
%
2%
2
2,200
2,600
Jan
Mar
115
15
"2"
106
24
Aug
"2%
.....
26
Sept
Feb
79%
93
29%
Parkersburg Rig & Reel..l
Patchogue-Ply mouthMUls *
Pender (D) Gorcery A...*
Feb
94
40
26%
Jan
100
75
29%
Feb
Feb
1,300
*
2
Jan
16%
93
Pacific Ltg $6 pref
10
Feb
50%
Feb
"i« Sept
6% June
Sept
Sept
May
Mar
93
37
Parker Pen Co
9
12%
5%
65
43
47
*
Pantepec Oil of Venez
1
Paramount Motors Corp.l
2
•
135%
Jan
800
5%% 1st preferred...25
Pan Amer Airways.....10
Sept
8
2%
12%
27%
12%
Page-Hersey Tubes Ltd..*
2
100
Pacific G & E 6% 1st pf.25
Jan
1,100
1,100
1,850
3,500
1,900
Feb
Jan
Feb
Jan
Sept
500
3
9%
103
*
1%
71
Sept
10%
30%
2%
100
18%
200
June
22
47
18
50
Jan
78
13%
Sept
Sept
Sept
33
Sept
64
May
6% Sept
7% Sept
3I6 Aug
2% Sept
113
70
75
..5
com.
11%
75
150
21
100
Jan
Mar
18%
19%
4
4%
100
100
Jan
100
13%
14
100
Ohio P S 7% 1st pref...100
Jan
Feb
10
72
.*
Jan
8%
1
Montreal Lt Ht A Pow
com
Feb
2%
Monarch Machine Tool..*
*
Nor Sts Pow
7
11
Montgomery Ward A
500
19
§Nor Texas Elec 6% pf-100
Northwest Engineering..*
125
31)
11)
2)
80)
2%
5%
1
Nor Ind Pub Ser 6% pf-100
7% preferred
100
Northern Pipe Line.....10
8
2.50
Monroe Loan Soo A
8%
1%
Nor European Oil com
82
16%
25%
14%
44%
3%
Pennroad Corp vtc
2%
10
Monogram Pictures com.l
$6 preferred
...*
North Amer Rayon cl A..*
Class B com
*
3%
18%
1,200
9
10%
1
Sept
10
Molybdenum Corp
Nor Amer Lt & Pow—
Common
3%
Midwest Piping A Sup
*
Mining Corp of Can
*
Miss River Pow pref--.100
Mock, Jud, Voehringer
Common
.1
4%
18%
*
*
Noma Electric
1,300
1,100
%
43
7
5
1% Sept
Sept
..
80
14%
80
100
July
Sept
»16
200
37
5
common
Aug
Jan
45
%
5%
10%
10
June
1%
%
*
2,100
1,200
%
108% 109%
Class A opt warr
Class B opt warr
Niagara Share—
""600
4%
1%
19%
100
7%
3%
900
100
2)
25% May
18
1
65)
Midland Steel Produots—
Founders shares
Nineteen Hundred Corp B1
Jan
Jan
N Y Shipbuilding Corp—
5.100
1,500
10
109%
New York Transit Co.
5
N Y Water Serv 6% pf-100
Class B
Middle States Petrol—
Class A vtc..
1,800
3%
%
10
5
1
1%
"9%
18
9%
11% June
1%
6%
"19%
*
com
97%
23
44%
City Omnibus—
Warrants
""% ""%
1%
Steel Tube..2.60
Sugar Co
*
Preferred
7j6
1% Sept
30
Sept
88
*
Bumper Corp..l
52
600
2%
*
common
Class A pref
Niles-Bement Pond
3%
11,200
Metropolitan Edison pref.*
For
Newmont Mining Corp. 10
Jan
39
33%
Sept
Jan
May
3,000
100
22%
4%
""8*
100
Sept
Sept
100
1%
9%
2%
*
5% 2d pref cl A
5% 2d preferred
5% 2d pref cl B
2% Sept
6% Sept
18%
Jan
5% Sept
18
Sept
101%
Jan
4
Sept
62% July
33
Sept
4% Sept
25
400
1,050
100
New England Tel & Tel 100
New Haven Clock Co
*
New Jersey Zinc
25
New Mex & Ariz Land
1
New Process
2,000
1,300
5
6% preferred.
5% 1st pref
11
%
conv
New Bradford Oil
New Engl Pow Assoc
20
Sept
Sept
69
Feb
100
7%
1%
10%
Apr
6%
5
6%
100
7% preferred
Sept
Sept
5%
*
13%
2%
34
8
12
100
com
Jan
Jan
Warrants
v
Nestle-Le Mur Co cl A
20
17
*
Marlon Steam Shovel
Class B
Nelson (Herman) Corp ..5
Neptune Meter class A.._*
Nev-Calif Elec
"22~
1
*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehi Corp common
*
1st preferred
*
20
Sept
Apr
July
49
National Steel Car Ltd
*
National Sugar Refining..*
N Y Pr & Lt 7% pref.. 100
$6 preferred
*
Marconi Intl Marine—
Communication ord reg£l
""800
2%
N. Y. Merchandise
Sept
3%
3
3%
78%
60%
3%
7% preferred
6% pref class B
Midland OH
*
N Y & Honduras Rosario 10
Jan
"22%
316
Feb
Feb
1,700
6%
7%
10
1
Aug
Jan
Feb
Mar
Feb
316
2%
33
65
Nlpisslng Mines
Long Island Ltg
Common..
Michigan
Michigan
Michigan
Michigan
4
200
2,200
4
National P & L $6 pref.
*
National Refining Co...25
Nat Rubber Mach
*
13,600
10%
14%
5%
33%
66%
6%
10%
10
10%
14
N Y
26
13
43
1%
12%
*
Nat Service common
Conv part preferred
1,100
300
10
1%
12
*
N Y Auction Co
111%
24%
8
1%
National Fuel Gas
Jan
Jan
20
Nat Mfg & Stores com
National OH Products
Feb
Sept
Sept
9
National City Lines com.l
$3 conv pref
60
National Container (Del).l
13)
17)
Mar
11
National Baking Co com.l
Nat Bellas Hess com
1
21
22% June
5
Lockheed Aircraft
3%
95
*
....
Locke Steel Chain
11% Apr
8% Sept
65
3%
12%
30
*
*
com
1,100
Jan
46
14%
15
6%
Lit Brothers
9%
106
2
*
Class B
9% Sept
400
95
*
G) Inc_.l
Sept
200
64
49%
4%
26
Line Material Co
Lion Oil Refining
16
Feb
9%
*
Koppers Co 6% pref...100
Kress (S H) & Co pref—10
Kreuger Brewing.
Lackawanna RR (N J). 100
"1$
10%
9%
1
5,100
1,200
108% July
9% Sept
17% Sept
105% Mar
1% July
50
Sept
37% Aug
3% 8ept
4% Sept
100
14%
v t 0—*
Nat Union Radio Corp
Navarro OH Co
Jan
10
Nat Auto Fibre A
National Tea 5% % pref. 10
National Transit
12.60
Nat'l Tunnel & Mines
*
Jan
110
14%
91
14%
14%
200
6% preferred
100
Nachman-Sprlngfilled...
96%
110
14%
Muskogee Co com
Mar
89
Sept
Sept
Apr
*
Murray Ohio Mfg Co
39%
June
3%
5%
5%
Sept
Sept
Jan
June
25%
5%
2,100
7%
6%
Mar
75
200
7"700
3
66
4%
"
184
155%
28%
30
26%
2,100
2%
"9%
"8"
j
45%
Aug
Sept
Apr
June
125
80
2%
2%
"8%
44
June
69
3%
Mar
180
Sept
9
High
Sept
3
80
26%
250
25%
25
42%
25
2138
68
69
26 %
10
LOW
Stores
Mountain States Pow com*
89
Jones & Laughlln Steel. 100
Julian & Kokenge com...*
Kennedy's Inc
Moody Investors pref
*
Moore Corp Ltd com...
Claas A 7% pref
100
Moore (Tom) Distillery. .1
Mtge Bk of Col Am shs—
Mountain City Cop com 5c
Price
Mountain Sts Tel & Tel 100
79%
68 %
Range Since Jan. 1.1937
Week
Jan
Jersey Central Pow & Lt—
5>6 % preferred
6% preferred
7% preferred
for
of Prices
Low
High
Mountain Producers
*
Registered
75%
Sept
June
1,060
Internat Metal Indus A._*
Internat'1 Paper &
Sept
9
2%
2
Feb
is,c June
160
12%
63%
21%
Week's Range
Sale
Par
2%
22%
400
1
1
100
7% preferred
Last
High
Industrial Finance—
V t
STOCKS
(Continued)
Range Since Jan. 1,1937
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Sept. 18, 1937
Exchange—Continued—Page 3
"93%
3%
3%
18,800
11%
3%
11%
100
94
125
87
100
93%
87
a:79
79%
101% 108
30%
30%
8%
5%
17%
89
Sept
May
113
82
May
112
158
179
"loo
2
Sept
Sept
300
73
June
95
Sept
Sept
151
.....
"2"
3%
11%
725
50
101%
30%
4%
37
Volume
New York Curb Exchange—Continued—Page 4
145
Friday
Sales
Friday
STOCKS
Range Since Jan. 1, 1937
STOCKS
Last
WeeVs Range
for
(Continued)
Sale
of Prices
Week
Par
Pilaris Tire & Rubber
Philadelphia Co
Price
1
High
Shares
5K
5K
1,500
9K
8
9K
400
5%
Sept
7
Sept
June
31
8%
20
July
Jan
116%
Feb
Mar
June
34
*
7
6K
7
300
6%
Sept
15%
5%
4K
6
10,700
4%
11%
Mar
32%
Sept
Sept
Conv pref series A
Pierce Governor com
40
Mar
~16 K
"l'ooo
14
Sept
Pines
2K
3K
5,000
10
"14"
-*
Wlnterfront.
1
2 K
Pioneer Gold Mines Ltd_.l
~~3%
3K
200
2K
3%
Sept
Sept
33%
3%
6%
Feb
Feb
Jan
Pltney-Bowes Postage
Meter
*
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
7K
1
Forglngs
13%
13
14
5,600
13
Sept
73
73
79 K
80
73
Sept
10
10 K
200
10
Sept
2,600
107
Sept
& Lake Erie.60
Metallurgical 10
Plate Glass. .25
ill"
Pleasant Valley Wine Co.l
Plough Inc
*
Pneumatic Scale Corp. .10
Polaris Mining Co
Potrero Sugar com
25c
5
Powdrell & Alexander
Premier Gold Mining
1
Pressed Metals of Amer..*
Producers Corp
113
107
IK
800
UK
400
"3 % "4 K
26 %
Sept
IK May
K
11K
11
Prudential Investors
*16
8K
8K
100
June
May
300
6%
4%
12%
33%
41
4%
35%
'is
Mar
%
17%
11%
14%
Sept
8%
8%
3%
South New Engl Tel.-.100
Southern Pipe Line
10
5
2%
3%
5
South Perm Oil
25
So West Pa Pipe Line..50
Spanish & Gen Corp—
8%
47%
*
41
410
21
290
Pub Serv of Nor 111 com..*
June
Sept
Inc
com
Standard Brewing Co
*
Standard Cap & Seal com. 1
Feb
Feb
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Conv
$1.60
preferred
Standard
Oil (Ky)
Standard Oil (Neb)
Standard Oil (Ohio)
15%
10
18%
com
5% preferred
Standard Pow & Lt.
Common class B
"32%
25
100
*
June
105
Feb
Jan
Standard Steel Spring com*
Standard Tube cl B
1
Mar
Jan
1
14
93
Feb
Aug
7% preferred
100
115
Sept
117%
Apr
100
100
Secur $7 pt pf
*
92
June
103
Feb
Sterchl Bros Stores
98%
1%
Sept
Sept
106%
4%
Jan
Jan
35
Sept
15% Sept
9C%
60%
Jan
Jan
20
Jan
25
Apr
"800
8
Jan
30
109
June
6%% preferred
Pub Service of Okla—
Puget Sound P & L—
$6 preferred
Pyle National Co com
5
Pyrene Manufacturing. .10
Quaker Oats
19
15K
24K
"Ik "~8K "8K
*
com
0% preferred
Quebec Power Co
Ry. & Light Secur
665
1,850
110
112
133
100
133
10
125%
17%
July
16
275
15%
Sept
*
com
15%
15 K
Rainbow Luminous ProdClass A.
*
Class 3
*
Apr
K June
14%
124%
Feb
Jan
150
Jan
25%
28%
I
300
3ie
350
24%
Jan
Common
conv
27
*
com...50c
27
Jan
4
Jan
31
Vs
July
500
20
Sept
4
4 K
700
4
Sept
1
1,400
1
Sept
8%
IK
8 K
53%
7%
21%
46%
8%
1%
32%
5%
2%
2%
3K
3,100
8% July
2% Sept
13%
7%
preferred
Raytheon
Mfg
Red Bank Oil Co
*
4%
21K
Reed Roller Bit Co
17
4%
300
21K
4%
5,400
10
1,200
29%
29 K *33
Reeves (Daniel) com
K
*
Reiter-Foster Oil
K
916
Reliance Elec & Engin'g .5
Reybarn Co Inc
1
Reynolds Investing
Rice Stlx Dry Goods
1
Richmond
1
Rio Grande Valley Gas
22
20
IK
*
Radiator
Jan
5%
~3
%
4,400
300
Sept
Sept
Sept
reg.JEl
Rome Cable Corp com
5
Roosevelt Field Inc
Root Petroleum Co
id'
5
K
K
10
10
600
$1.20 conv pref
Rossia International
2 K
2K
4
6
K
100
4,600
Mar
Feb
Sept
Mar
Feb
Apr
Mar
Jan
Feb
Mar
Feb
20
"~K ""%
%
July
10
Sept
27%
15%
4%
Aug
Aug
Aug
4% Sept
11% June
"566
Feb
13%,_Jan
18 f
Jan
Jan
June
1
Rotallte Oil Co Ltd
*
35
Sept
Royal Typewriter
*
84
Sept
55%
110%
Mar
July
Russeks Fifth Ave
2%
10%
Sept
14%
Apr
10
Sept
17%
Sept
51
Jan
July
Rustless Iron & Steel
1
$2.50 conv pref
*
Ryan Consol Petrol
*
Ryerson & Haynes com__l
Safety Car Heat & Lt
*
10 K
5
100
7% preferred
114
Scovill
K
600
4,100
3
115
300
111
1,500
__*
500
18 K
500
37
37
38 K
1,200
2%
Manufacturing. .25
com
Scranton Spring Brook
Water Service pref
Seeman Bros Inc
*
2
2
44K
Segal Lock & H'ware
1
IK
IK
Seiberling Rubber
Selby Shoe Co
*
4K
4K
com
44K
IK
4K
500
200
7,600
3,000
Common
__1
IK
4,500
Sept
37
Sept
55
Mar
Aug
54% May
Sept
Sept
Sept
4
Sept
78%
5%
50%
4%
9%
Sept
30
Sept
Aug
89
Sept
4%
28%
101%
90
91K
150
90
Sept
104
Sept
1%
Jan
H Sept
5%
cum pref ser
6
2 K
600
5
2%
7,900
2%
Sept
12 K
12 K
14K
6,000
25
400
12%
24%
Sept
24K
112
550
2K
com__25
110
109
109% 109%
AAA 100
30
Sherwln Williams of Can
Sept
107%
Aug
Sept
21
% May
8K
*
com
Slmmons-Broadman Pub—
Jan
Jan
Jan
com
Singer Mfg Co
1
300
2
"8 K
K
8
294
..100
Tabaoco
4%
2%
1%
12%
6%
28%
33%
154%
114
28%
1
10%
Aug
35
7%
13%
700
8K
1,100
8
Sept
Sept
60
294
Sept
308
5K
200
4%
98
2
20%
*
4K
For footnotes see page 1877
Sept
3K
Sioux City G &E 7% pf 100
Skinner Organ com
*
1
29%
2%
4K
4%
300
4
9,500
25%
200
5
5%
900
3%
700
~17~~
"166
"7K
"800
3%
4%
3,900
325
16
1%
1,400
16%
19%
800
%
%
14%
1,100
3%
3%
9,500
16%
~16%
'""50
7%
100
K
13
600
175
111
Jan
June
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Feb
Apr
Jan
Aug
370
Feb
Feb
July
Jan
Sept
Apr
July
Jan
Sept
6%
100
5%
29%
7
Feb
23
13
16
Jan
June
36
Jan
4%
Sept
8
Mar
16%
3%
Feb
25
Mar
Sept
10
Feb
93
17
Sept
Feb
Feb
Feb
21%
107
July
Feb
13%
7
Sept
Apr
40
Jan
15%
13%
7Ji
Mar
OK
Feb
27%
5%
33%
2%
Feb
Feb
Mar
Jan
7%
Sept
Sept
3% Sept
14
Sept
1
Sept
16% Sept
716 Sept
12% Sept
4%
May
50
Jan
22%
Feb
Apr
Apr
17
Feb
119
Aug
500
32%
%
Sept
41
2%
2,600
28%
17,100
4%
4,100
5
2
18%
4%
53%
101
2,700
4%
21%
25%
900
19
10
10
200
z9%
6
23
46
Sept
Jan
7%
98
2,100
25%
6
5
100
4%
6
55
"2% "3%
'2l400
Jan
Sept
Sept
June
%
27%
Mar
16
32%
2%
Feb
Mar
3%
37%
16%
%
2%
Feb
Sept
Feb
19%
4%
Sept
32%
5
28
7%
8%
Sept
Sept
Feb
July
July
May
Sept
Sept
Sept
Sept
Apr
Feb
Jan
2%
5%
Jan
Mar
34
Aug
6%
77%
Feb
112
Jan
Jan
7%
25%
18%
10%
66
Jan
Sept
Mar
Jan
Jan
4%
July
2%
Sept
16%
2%
July
3
Feb
Jan
74
July
July
18%
Jan
200
57
94%
94%
51
300
92%
July
105
Feb
99
54
June
115
Mar
7% preferred A.....100
%
400
%
Jan
%
900
%
Sept
si6
2
Jan
Feb
Trans Lux Pict Screen—
1
3%
3%
3%
5,600
10
9 K
5,700
IK
8%
1%
9%
Tri-Contlnental warrants..
1%
1,200
Common
Transwestern Oil Co
Union
17
55
3,500
14
55
55
100
4%
5
2,200
9
9%
500
2
1%
2
500
10
1%
2
400
14
200
14
*
com..*
Union Oil of Calif deb rts..
Union Premier Foods Sts.l
10 K
10%
11%
600
7
500
*
K
'7%
1st $7 pref non-voting. *
Option warrants
T%
"16
%
"6% "T%"
1,300
1%
58,300
900
108
100
86
Sept
Sept
11%
13%
9%
6%
4%
18%
10%
%
1% Sept
13% June
10% July
K
Apr
10% Sept
Jan
11
6
Sept
Sept
July
1%
5,200
May
Feb
Feb
Feb
Feb
Jan
Jan
July
Apr
12
Aug
85
Jan
30% Mar
13% Feb
52% May
6%
00
Sept
2
Jan
Mar
ii|6
xll
Mar
Sept
Sept
1%
84
United G & E 7% pref. 100
United Lt & Pow com A.*
Sept
Aug
13%
124
3%
Feb
Jan
Jan
94
Jan
11%
11%
75%
Jan
4%
22,300
4%
5
38%
400
4%
7,100
32%
Sept
Sept
Sept
25
June
45
Feb
55
35%
5%
4%
*
$6 1st preferred
May
75
Feb
33%
*
United Milk Products
preferred
United
Sept
Sept
;11
*
1
$3
700
13
6
*
com
part pref
Corp warrants
United Elastic Corp
Jan
Sept
1%
Feb
Apr
9% May
31% Feb
9
47
11
Warrants
cum &
3
4%
85
Union Stockyards
100
United Aircraft Transport
United Chemicals
5%
13%
2%
9K
7%% pref...25
Investment
Sept
Sept
Sept
May
Sept
8
14
16
Jan
Jan
Molasses Co—
United Profit Sharing
100
"1% "Ik
4~,700
1;
com.
Preferred
United Specialties com
U S Foil Co class B
79
3%
1%
78
4%
700
3%
1%
2,700
1%
475
80
Jan
8%
Apr
June
1%
9%
10
A—1
._
5%
145
*
Preferred
United Shipyards cl
Class B__
United Shoe Mach
7%
7%
Am dep rets ord regUnited N J RR & Canal 100
253
Aug
July
July
2
July
12
Mar
Sept
Sept
7% May
Jan
4%
Jan
96%
Jan
47%
78
Sept
10%
10%
200
37%
10%
8%
1%
10%
4,000
8%
900
1%
72%
1%
72%
100
72%
1%
23
1,300
1%
Apr
Sept
Sept
Sept
Sept
Sept
93||
Mar
100
22%
Sept
34%
Feb
6
7
Sept
16
Mar
5%
2,400
3,200
6
4
25
4
Sept
14
Mar
25
1
.1
10
U S and Int'l Securities.
1st pref with warr
U S Lines pref
Apr
U S Radiator com
1
Jan
22%
10
U S Rubber Reclaiming.
Sept
Jan
25
2,900
7%
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
$3
Mar
Jan
Securities Trust
United
Mar
Jan
Jan
69%
44
7%
110
110
Todd Shipyards Corp
*
Toledo Edison 6% pref. 10C
Feb
Jan
Apr
12% Sept
si6 Sept
15
Am dep rets ord reg
£1
Am dep rets def reg.._£l
U S Playing Card
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Smith (H) Paper Mill
Solar Mfg Co
8
K
4
Tishman Realty & Const.*
Tobacco and Allied Stocks*
Tobacco Prod Exports
*
Mar
1
Conv pref
Simmons Hard're & Paint *
Simplicity Pattern
Sept
109
Shreveport El Dorado Pipe
Line stamped
25
Silex Co
Sept
25
Mining..5
Shawinlgan Wat & Pow.
Sherwln Williams
5
*
com
Denn
Texon Oil & Land Co
2
Thew Shovel Co new com 5
Tilo Roofing Inc
1
Common class B
Seversky Aircraft Corp..
Shattuck
1
Tenn El Pow 7% 1st pf. 100
Texas P & L 7% pref... 100
Union Gas of Canada
Selfridge Prov Stores—
Seton Leather
Teck-Hughes Mines
Jan
May
4%
850
Sentry Safety Control
2,600
105%
Jan
Aug
10
Taylor Distilling Co
1
Technicolor Inc common.*
5% preferred
Unexcelled Mfg Co
26
91
£1
June
14%
Apr
June
1,400
1,000
8%
Feb
July
69
21
Allotment certificates
1,400
2
5%
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Ulen & Co
May
2% Sept
18
Sept
1%
Sept
Sept
8%
_.
Jan
5
28
101%
2
7%
3%
Apr
89
5
25
50
7,000
50
United Gas Corp com
Convertible Stock
Amer dep rec
1
1
*
Apr
Apr
Selected Industries Inc—
$5.50 prior stock
1,300
2%
2%
2
4%
1
Sept
Sept
44%
1%
Sept
Sept
Sept
*
Tung-Sol Lamp Works
80c dlv preferred
Jan
96
2
8%
5K
.__*
1
18
Securities Corp general
*
'*
Mar
Sept
18%
*
25%
2K
18
45
30%
32%
101% 101%
30
2,600
400
9
8K
..__*
Tubize Chatillon Corp
Class A
58
18%
250
19%
5
Trunz Pork Stores
Jan
5K
32
Aug
35
...*
Jan
9%
27%
5%
4K
Stroock (S) & Co
§Stutz Motor Car
Sullivan Machinery
Apr
100
150
Sept
18%
18%
63%
21%
13%
1
%
15%
38%
11%
117%
6%
9K
23~, 900
27
14
141
Sent
98
July
*
Mar
*16
96
Stetson (J B) Co com
Stinnes (Hugo) Corp
6%
800
Jan
Jan
Sept
20
8
316
""5% "OK
preferred
Sept
9 K
5K
2d
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
l
Sept
Jan
1
14%
107
June
3%
2%
*16
5
Scranton Lace Co
4K
2
40
Savoy OH Co
common
6.800
112
Samson United Corp com. 1
Sanford Mills com
*
Schiff Co
300
UK
46
2K
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd
*
$2 conv pref A
50
St Regis Paper com
10 K
10
4
UK
%
23%
300
"7"
*
$3.30 class A participat *
Swan Finch Oil Corp.
15
Swiss Am Elec pref
100
Sept
2%
Sept
Sept
Mar
Apr
200
50
Superior Ptld Cement B__*
June
%
7,000
1%
12%
4%
15%
100
preferred
Feb
26
K
1st
Sunray Durg Co
Sunray Oil
5% % conv pref
Jan
Co-
Voting trust ctfs
Rolls Royce Ltd—
Amer dep rets ord
Sept
Sept
14%
"17"
Mar
49
41
K
1,200
Jan
Raymond Concrete Pile—
$3
Mar
93
Jan
2
J
K
Jan
1
20
3%
5%
Starrett (The) Corp v t c. 1
Steel Co of Canada ord__*
Stein (A) & Co common..*
59
42
22%
Wholesale Phop
& Acid Works com. .20
120
35
56
Standard
May
41%
Aug
Apr
Aug
%
18%
21%
12%
S16
25%
1
June
*
*
Mar
Mar
Feb
Apr
42
1,100
".I.I*
Preferred
77
preferred
8%
Aug
7%
5%
11%
900
2
112
$5
163
Jan
36
"2%
60
Pub 1 til
8%
9
25
Standard Products Co
Standard Silver Lead
98
July
Aug
Feb
Mar
30
preferred..20
Standard Invest
$5% pref*
100
6% prior lien pref
7% prior lien pref
2
Jan
8%
83
18%
Jan
July
Jan
Mar
22%
10
conv
Jan
41
41%
29%
28
Jan
Aug
Standard Dredging Corp—
109
75
1,100
49
7%
103
68%
July
% June
% May
May
Sept
Sept
2%
10%
5%
July
154%
4%
dep rets ord reg__£l
Am dep rets ord bearer £1
6% preferred...
Common
9%
1,500
5,700
Apr
Sept
33% Sept
26% June
24% June
3% Sept
Am
June
39%
19%
5K
3
High
July
26
98
37 K
19 K
100
5
*
Southern Union Gas
Southland Royalty Co
Low
1%
65
99
40 K
120
100
106
$6 preferred
*
Pub Ser of Col 7% 1st pf 100
6% preferred
..100
Public Service of Indiana—
500
200
7% preferred
Jan
July
Jan
Aug
11
2,100
4
Southern Colo Pow cl A.25
Range Since Jan. 1, 1937
*
2
300
2,400
9K
9%
4
100
*
OK Sept
18% June
26% Sept
13
9K
7%
3%
100
Stalil-Meyer
4,500
1,500
4,300
26
Spencer Shoe Corp
6,000
3,200
IK
35
27%
Feb
7K
16
1%
26
Apr
Sept
316
for
Week
Shares
34%
27%
26
8
Sept
2 K
2
of Prices
High
5%% pref series C
19
28
2K
4
Week's Range
Low
5% original preferred .25
6% preferred B
25
_
Sept
"4", 100
"26% ~26K ""160
9%
Jan
27%
Feb
116% Mar
16% June
147%
Feb
2%
Jan
1
Feb
10 K
IK
1
6K
1%
*
$7 prior pref
$6 preferred
6%
6
{Propper McCallum Hos'y*
Providence Gas
2,300
IK
1
Prosperity Co class B
7K
10K
5
Power Corp of Can com..*
Pratt & Lambert Co
*
6K
Price
IK
8%
South Coast Corp com
Southern Calif Edison—
Feb
1
Sonotone Corp
Soas Mfg com__
Phoenix Securities—
Common
Sale
Par
High
Low
111
Phila Elec Co $5 pref
*
Phila El Power 8% pref.25
Phillips Packing Co
Last
(.Continued)
5%
*
com
Low
1875
Sales
1
'is June
U S Stores Corp com
Mar
$7 conv 1st pref
*
Mar
United Stores vtc
*
6%
5%
6%
150
%
916
1,400
4% June
%
Sept
15
18%
3
Aug
Feb
Mar
Jan
1%
Jan
"li*
Feb
Jan
New York Curb
1876
United Verde Exten
United
Wall
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
50c
3 3*
2
214
Paper
Universal Consul Oil
10
Universal Corp v t c
Universal Insurance
8
15
Universal Pictures com
1
6
Universal Products
*
Utah-Idaho Sugar
6
11
"3N
1
Utility Equities Corp
Priority stock_
_
_
_
14,700
100
Sept
Sept
•100
100
203*
57
100
500
x2%
25
I
22*
""800
~~2H
65
69
65
150
3*
434
1,200
16
15
16
com_.l
600
40 3*
Van Norman Mach Tool.5
19
19
Venezuela Mex Oil Co.. 10
5
Venezuelan
5
pref
conv
43*
Petroleum...1
12*
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
*
"ilk
Waco Aircraft Co
*
Wagner Baking v t c
33*
33*
17
13*
4,100
"113*
"""300
33*
1734
700
700
""23* "~2 *4
(The) Co common.*
Waitt & Bond class A
*
Class B
"""loo
73*
200
73*
*
Walker Mining Co
Wayne Knit Mills
Grocery
1st M 5s series A
Jan
353*
Feb
x2 3*
Sept
6
Jan
59
892*
62*
12
June
33* Sept
403* Sept
19
Sept
5
Sept
13* Sept
833* June
11
June
33i Sept
17
Sept
9534 July
23* June
73* Sept
13*
100
1
June
Jan
Community P S 5s
Feb
Mar
Jan
Feb
73
Feb
Apr
183*
Feb
Western Tab & Stat
Westmoreland Coal Co
Cuban Tobacco 5s
Delaware El Pow 53*8 1959
Jan
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Jan
5
Feb
Aug
Apr
8
100
4
2.100
7
400
63*
33*
63*
30
26
200
78
793*
793*
30
33*
800
*
Apr
Eastern Gas A Fuel 4s. 1956
Edison EI 111 (Bost) 33*s'65
Elec Power A Light 5s.2030
Jan
Mar
Ht._*
3*
500
134
133*
133*
100
33*
83*
73*
4
10
83*
700
3 3*
2,300
8%
17
1,000
600
Winnipeg Electric cl B_.
6
pref. 100
Wolverine Portl Cement. 10
33*
2
10
1
83*
Woolworth (F W) Ltd—
Amer dep rets
5c
17
....£1
72*
6
2",600
63*
Sept
V
Apr
53* June
57
5
23*
58
400
55
Sept
27
common
Yukon Gold Co
30 3*
2.500
27
2
23*
5,600
2
Sept
Sept
*
1st & ref 5s
1946
102 3*
1st & ref 5s
1951
96 H
1st & ref 5s
1956
1st
ref 5s
1st A ref
96
....1968
43*s
1967
83
54.000
8.000
107
23.000
1063* 1073*
84 H
87
863*
tl04 3* 1053*
43*s._1947
June
923* June
1.000
83 34
813*
1053* 106 3*
Am Pow & Lt deb 6s..2016
983* May
91
2.000
96
883*
Aluminium Ltd debt 5si948
Amer G & El debt 5s__2028
Amer Radiator
102 3* 1023* 532,000
96 3*
97
17.000
65,000
763*
102
1053*
843*
1033*
Amer Seating 6s stp._1946
1043*
104 3*
105
l'e'.ooo
103
Appalachian El Pr 5s. 1956
105
1043* 105
24.000
1043*
Appalachian Power 5s. 1941
108
108
Debenture 6s
2024
loin
Associated Elec 43*s._l953
463*
95 3*
9,000
58",000
1013* 102
94 3*
963*
47,000
473*
62,000
423*
May
May
Apr
Conv deb
Conv deb
53*s
1938
43*s C...1948
1949
Conv deb 5s
Debenture 5s
1977
Locom
1st M 58 series B
5s series C
-
—
•
12,000
Mar
30
V*
Sept
42*
Mar
73
73
5,000
{♦Gen Vending Corp 6s.'37
no
19
773*
♦Certificates of deposit.
Gen Wat Wks A El 58.1943
Georgia Power ref 5s. .1967
Georgia Pow A Lt 5s.. 1978
1063*
Aug
Mar
May
A St
Jan
May
7724
Sept
61
Jan
653*
Jan
65?*
Jan
69
Jan
9124
1053*
Feb
Jan
Jan
Power 5s
Indiana
Electric
6s series A
1947
63*s series B
21,000
92
Sept
23
Jan
273*
203*
Mar
97
6,000
95
Mar
94?*
Mar
1043*
10434
93
May
10334
Jan
Apr
1042*
48
45
13.000
45
49
44 3*
49
41,000
723*
723*
Jan
53*s ex-warrants.._1954
5224
4934
533*
50.000
11.000
98
Jan
Jan
982*
Jan
Sept
94
92,000
95'4 June
912* June
90
15,000
90
Apr
91
94
4,000
93
3,000
95
15,000
823*
11073*
S3 3*
12,000
843*
853*
1*3:666
3*'
65
Jan
683*
"Tiooo
109
1107
Mar
63 3*
Sept
July
May
66
.
105
Mar
50
"51"
363*
Mar
713*
6,000
74
681*
Feb
Jan
47,000
63
Aug
1063*
106
1063*
1053* 1057*
171
108
105
593* June
633*
Feb
Feb
July
Apr
Sept
5,000
*683*
333*
883*
863*
1103*
June
813* June
1062* Aug
843* Sept
1032*
273* Aug
1043*
Feb
1053* Sept
103 3* June
Jan
8,000
1053*
Jan
Jan
1023* Feb
373* Sept
Jan
642*
6,000
Jan
106
3*
66 3*
111
753*
1092*
1043*
992*
653*
Interstate Power 5s... 1957
Debenture 6s
..1952
98
Sept
97?*
94
International Salt 5s. .1951
6,000
106
603*
Jan
21.00
74
65
July
Jan
42,000
Mar
July
Sept
Sept
65
10524
1133*
105
1063*
98
31
25,000
~
1963
June
Mar
30.3*
1950
93
Mar
102 3*
1013* May
1st lien A ref 5s
1952
100
102
Indiana Service 5s
1955
Jan
512*
8*3:660
49
June
353*
38
19,000
27
June
99
Jan
Jan
1073* June
101
Jan
1072* June
111
793*
78
June
Jan
Jan
823*
Jan
1062*
Apr
77
Jan
833*
Feb
81
Feb
109
May
763*
692*
Jan
96
Jan
Jan
Interstate Public Service—
5s series
D
43* s series
78
.1958
5s series B
992*
1961
Iowa Pow A Lt 43*s._1958
Iowa Pub Serv 5s
1957
753*
Jan
Isarco Hydro Elec 7s. 1952
Isotta Fraschlnl 7s... 1942
Italian Superpower 6s. 1963
2 000
10634
Aug
1043*
Mar
107
June
Apr
100
Jan
72
13,000
70
Sept
992* 100
31.000
92
June
92
July
987*
1032*
993*
1,000
25,000
8,000
1052* 106
1032* 1032*
4,000
762* June
1042*
993*
Apr
Mar
883* Jan
1042*
Feb
1043*
Feb
106 3* May
1053*
Jan
792* Feb
Jacksonville Gas 5s...1942
1,000
V 78
70
1956
F
Iowa-Neb LAP 5s... 1957
.Sept
Sept
Sept
10334
Apr
44 3*
49 34
Jan
Chicago A Illinois Midland
4,000
92
20.000
Stamped...
Jersey Central
69
683*
5,000
77
"57"
,.77
52
;
145
57
66
1,000
49,000
72
Jan
80
Feb
50
June
71
Feb
46
Mar
562*
Jan
103
Mar
Apr
1 48
,
Jan
Pow A Lt—
5s series B
1947
43*s series C
4
1961
1042*
1052*
1043* 1042*
1042* 1052*
8,000
35,000
Mar
1052*
1052*
973*
1213*
1043*
803* June
992*
Jan
102
Apr
106
Mar
110
Jan
Kansas Elec Pow 33* s. 1966
96
96
5,000
1.000
1011,6
104
Jan
115
115
1,000
113
June
5724
913*
Sept
Sept
36,000
100
5724
60 34
7,000
913*
913*
10.000
93
93
1.000
93
66
66
66
6.000
66
1950
63**
62
65 34 290.000
62
Cities Service Gas 53*s '42
Service
Gas
Pipe
1003*
42,000
993*
Sept
Sept
Sept
Sept
Apr
Jan
Kansas Gas A Elec 6S-2022
Kansas Power 5s
1947
1013*
Feb
Jan
1st mtge 5s
82
Jan
83
Jan
103
Jan
84
100
June
10434
Apr
-
'
81
63*s series D
53*s series F
1948
99
1955
903*
903*
5s series 1
1969
803*
95 3*
83
96
9,000
1,000
6,000
5,000
1012*
103
30,000
33*s '66
Lehigh Pow Secur 6s-.2026
♦Leonard Tietz
/
1013* 1013*
H...1961
ser
Lake Sup Dist Pow
7,000
935* June
Jan
1012*
125
73*s..l946
Lexington Utilities 5s. 1952
101
k"
100
822*
100
9,000
29
1013*
i8*,666
Jan
Jan
943* June
107?*
Jan
88
July
Jan
793*
July
93
Mar
1003* May
183* Mar
1033*
993*
1012*
1113*
263*
100
105
June
;
Mar I,
Kentucky Utilities Co—
10524
Cities
1877
9024
93
1957
962*
1022*
Apr
1095* Feb
613* June
622* June
7s series F
Feb
102
102
1052*
7s series E
99
102
"3:606
1,000
63*8 series C
962*
993* 1013*
10534
1,000
Jan
Jan
94
1966
Mar
1063* 1063*
Aug
Mar
93
Jan
June
111
1143*
July
6934
Jan
47
1957
53
Sept
763*
_
"9",000
943*
62
108
52
Sept
923*
93
Jan
June
90
-••I
"823*
Jan
Jan
80
96
"933*
97
483*
52
1072* 108
982* 100
1953
.1951
Mar
89
1955
June
106
Corp—
Sept
Jan
108
107
4,000
102 3*
992*
1st A ref 53*s ser B. 1954
1st A ref 5s ser C... 1956
Sf deb 53*s—May 1957
86
17.000
101*16 10U,6
Jan
2,000
82
133
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '53
106
16,000
107
1062*
107
92
"92"
1063*
101
64.000
-
Jan
105
1947
7.000
Jan
92 34
49
-
105
110024
1949
1153*
78
■»
Mar
50
50
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s *55
99
108
973*
993*
80
warrants. 1943
Mar
77
«.»
Feb
12:606
27
227
25.000
963*
Aug
893*
893*
107
Indiana Gen Serv 5s.. 1948
101 24
963*
31
Sept
Sept
190
1100
Feb
89
1956
Mar
72
65
1938
225
'i
1053* 1053*
212*
43*.000
73.3*
63
1503*
,Gulf Gas 6s.. 1943
6s series B
Feb
30
Heller (W E) 4s w w.,1946
63*s with
Feb
Jan
992*
1977
Ry 53*s
26
88
72
♦Hamburg Elec 7s...1935
♦Hamburg El Underground
107
Aug
Sept
Hackensack Water 5s. 1938
1083*
Mar
65
Jan
Jan
Jan
77
3,000
Guardian Investors 5s. 1948
June
Jan
Jan
68
Jan
Jan
Jan
65
Guantanamo A West 6s '58
1947
213*
July
Sept
Sept
Jan
Jan
253*
Grocery Store Prod 6s. 1945
5s series A.
16
Feb
Jan
Jan
1053*
Jan
1073* June
703*
Apr
Mar
Apr
Jan
2,000
10124
Jan
Jan
Sept
May
Jan
1063|
Feb
96
82
105
53
1113*
Mar
1052* June
84
105V*
992*
42.000
1,000
1053*
5,000
1082*
88?4
10124
1043*
12.000
Jan
Sept
52,000
Grand Trunk Wast 4s. 1950
Gt Nor Pow 5s stpd._1950
Ind'polis P L 5s ser A. 1957
International Power Sec—
94 34
932*
103
92
160
Jan
1123* 1123*
Jan
832*
*25
99
13.000
1083*
82
♦Indianapolis Gas 5s A 1952
18.000
Sept
903*
1953
95
98
19
no
91
Glen Allien Coal 4s... 1965
Gobel (Adolf) 43*s... 1941
Apr
76?* June
6734 May
106
983*
Rayon 6s A. 1948
Jan
106
10,000
77
Jan
1961
99
952*
10U3*
90
Jan
Cent States PAL 53*s *53
Chic Dist Elec Gen 43*s'70
14,000
10,000
5,000
124
34
61.000
100?* 1013*
1013*
1*0*.000
145
24
3O~,666
96 3*
9524
101.3* 102 2*
1013* 1012*
95?*
102
Apr
1042*
98
883*
1013*
79
125
94
69
91
Mar
87
6,000
i
98
Mar
109
105 34
69
703*
77
1143*
86
Feb
Mar
91
63*s A. 1956
113
106
733*
t95
Pub Utll
8.000
10324 103 3*
Jan
603* Sept
1033* June
1013*
104»*
1022*
1012*
1013*
10434
993*
Jan
78
page
105
105
2,000
Sept
6.000
1073*
933*
1003*
Sept
130
Jan
June
Apr
119
W.
Feb
Aug
87
11S
«•
115
Mar
Mar
68
83
Jan
1043*
1035*
Aug
Sept
110
88 34
69 3*
117,000
July
923* June
93
16,000
88 3*
68
101
38.000
103 3*
♦General
90 3*
ootnotes see
1072*
11032* 104 3*
Jan
Jan
962*
1033*
113
8824
101,000
95?
109
9,000
Apr
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s... 1948
For
81 3*
1107
General Bronze 6s
.1940
General Pub Serv 5s..1953
94
1943
79
1
793* June
1003* Mar
783* Apr
1023* May
4,000
Gen
101
Line 6s
"81 "
52,000
27,000
1043*
Jan
233*
62*
83*
803*
95 3*
Conv deb 5s
Mar
13,000
853*
104
Deb gold 6s. June 15 1941
Deb 6s series B
1941
1013*
5s
43
2
83
1032* 1043*
1043* 105
94
193
87
8824
5s ex-warr stamped. 1944
Gatineau Power 1st 5s 1956
1968
Service
Mar
Gary Electric A Gas—
43*s series H
.1981
Cent Ohio Lt A Pr 5s._195C
Cent Power 5s ser D..1957
Cities
Jan
Jan
4?
6.000
112
96
6s series B
123*
Sept
Sept
102
113
101
Cincinnati St Ry 53*s A *52
132*
June
13*
102
114
96 24
Chic Jet Ry A Union Stock
Yards 5s
..1940
June
6
11,000
1
"832*
stpd...l961
1353* 374,000
101 H
fChic Pneu Tool 53*s .1942
{♦Chic Rys 5s ctfs
1927
6
10.000
2
40,000
114
1956
Ry 43*s A
2,000
63*
71
Florida Power A Lt 5s. 1954
413*
123
Feb
Mar
63*
603*
1223*
120 3* 121
1136 3* 142
1053*
103
13*
603*
Sept
Sept
1957
16",000
19,000
1053*
106
10.000
Jan
6
1953
1083* June
Apr
80
1053*
Jan
1093* Mar
1073*
Apr
1063* May
Firestone Tire A Rub 5s' 4 2
8324 May
Jan
623*
98
9924
Jan
Jan
July
63*
2
First Bohemian Glass 7s '57
Apr
Sept
Sept
Sept
Sept
42,000
43*sser F.1967
6s series B
105
87
5s series C
Cedar Rapids M & P 5s '53
Central 111 Public Service—
5s series G
11083* 1082*
1052* 106 3*
106 3*
1053*
2,000
68
54
Broad River Pow 5s.. 1954
Canada Northern Pr 5s '53
1st A ref
7.000
44
128 3*
106
1,000
9,000
42
23
10124 June
74
151
123
"3*666
103 3*
74
43 3*
79 3*
Aug
67
103
73
31.000
7724
Jan
3,666
453*
197
Feb
97
74
433*
79
Birmingham Elec 43*s 1968
Birmingham Gas 5s... 1959
5s series E
155
103
102
66
98
73
402*
1998
♦Canadian Pac Ry 6s. 1942
Carolina Pr & Lt 5s... 1956
98
120
423*
1960
Bethlehem Steel 6s
July
1,000
1,000
1022* 1022*
Hygrade Food 6s A... 1949
11.000
44
♦6 without warrants 1938
♦6 stamped x w.,1938
983*
1043*
1013*
79
812*
Firestone Cot Mills 5s. 1948
Works—
Bell Telep of Canada—
1st M 5s series A
1955
Mar
♦Hungarian Ital Bk 73*s'63
43.000
m m
Assoc T & T deb 53*s A'55
Atlanta Gas Lt 43*8.1955
§Baklwin
Jan
933*
72 3*
22,000
812* 135,000
Jan
43 3*
Jan
702* Sept
783* June
702*
712*
Jan
45
1968
53* s
72
Jan
130
Jan
1192*
1022*
1043*
43 3*
101
Aug
1252*
Mar
3*
Aug
Apr
Houston
40 H
Sept
Sept
1072*
118
1103* June
42
Mar
112
106.3*
Jan
104'* June
Jan
903
4,000
Mar
43 34
1950
Conv deb
.1
69 3*
983*
106
43 3*
Apr
Mar
Mar
Apr
July
May
1203* 121
84
Idaho
Conv deb 43*s
Sept
Feb
84
Banks 6s-5s
Associated Gas & El Co—
,
1133*
1133*
1123*
1092*
*16,000
96 3*
Mar
983*s Apr
933* June
423* Sept
Jan
1043*
96
Hall Print 6s stpd
Jan
93
109
108
11132* 116
Ark-Louisiana Gas 4s 1951
Arkansas Pr & Lt 5s. .1956
Jan
66
1232*
Jan
Apr
Apr
96
♦Gesfurel 6s
102
♦1033* 105
1103*
1103*
1073*
1%
1072*
1023*
1003*
1023*
July
1952
1967
Federal Water Serv 53*s '54
Residential Mtge
BONDS
Abbott's Dairy 6s....1942
Alabama Power Co—
Aug
105
1950
Erie Lighting 58
Sept
Sept
Sept
17
Jan
Jan
593*
3,000
107
Finland
June
6
Wright Hargreaves Ltd..*
Youngstown Steel Door..5
New
600
80
107
1013* 102
1013*
Elmira Wat Lt A RR 5s '56
63* s series A
Jan
76
Wise Pr & Lt 7%
'6% preferred
3,000
Empire Oil A Ref 53*s. 1942
Elec Mfg—
Mar
600
13*
*
Petroleum
133*
3*
13*
Sept
Ercole Marelli
July
53*
53*
316
6
y*
1H
4
1
com
18,000
97
128
672*
Empire Dist El 5s
Sept
Sept
Sept
Sept
Sept
Sept
Sept
63*
*
Wolverine Tube
763*
33*
11
{Wil-low Cafeterias Inc..l
Wood ley
72
93
tl24
72
93
1952
Aug 1
Mar
Sept
17
33*
33*
1
Willson Products
15,000
♦Certificates of deposit
Mar
July
Aug
60
West Texas Utll $6 pref--*
West Va Coal & Coke
.*
preferred
Wilson-Jones Co
♦63*8
♦Deb 7s
Aug 1 1952
♦Certificates of deposit
Jan
253*
83*
60
Detroit Internat Bridge—
Jan
92*
103*
133*
73*
132*
1022*
213*
253*
*
Conv
11,000
103
Denver Gas A Elec os.1949
Mar
West N J & Seashore RR 50
Williams Oil-O-Mat
1032* 1042*
1944
Aug
Sept
93
69*666
103
1940
Aug
Sept
Sept
Sept
Sept
*
Weyenberg Shoe Mfg
Williams (R C) & Co
1943
98
7
90
90
8,000
107
El Paso Elec 5s A
Maryland Ry—
1st preferred.;
100
11,000
16,000
1042*
Cuban Telephone 73*s 1941
7
Aug
A stamped
Crucible Steel 5s
2
14
ser
Cont'l Gas A El 5s...1958
200
98
68
23
43*
113*
23*
792*
4634 June
603*
103
Gen mtge 4'*s
1954
Consol Gas Utll Co—
Jan
1,100
20
106 3*
1063*
1939
Feb
Western
7%
(Balt, 33*3 ser N—1971
5h
Jan
10
15,000
High
Sept
Consol Gas (Bait City)—
Jan
32*
100
Low
58
Consol Gas El Lt A Power-
2,200
Feb
1960
Jan
33
93*
613*
112
1123*
1112* 112
1102* 1102*
11123* 113
112
Conn Light A Pow 7s A *51
73*
101
1981
series II
1965
Com'wealth Subsid 53*s '48
Community Pr A Lt 5s '57
23*
83*
pf.100
1953
Jan
2
63*
13*
33*
283*
103*
97,000
1563*
4>*s series C...1956
1st 43*s series D
1957
1st M 4s series F
Sept
5,« Sept
13* Sept
612*
60
603*
Range Since Jan. 1, 1937
Shares
58
59
1st
32*s
Sept
Week
1st M 5s series B...1954
8
324
1
Co
Jan
Jan
2>s
for
of Prices
Low
High
Edison—
Apr
19
33*
63*
1
Commonwealth
83*
223*
73*
83*
1.25
West Cartridge 6%
53*3
1949
♦Commerz A Prlvat 53*s'37
7
2
Western Air Express
Jan
July
Apr
2
1
5
Wentworth Mfg
6
18
53*3.1952
42*
13*
Bros-Brower_-l
Wellington Oil Co
Western
13*
700
100
Wahl
Welsbaum
53*
*n"
*
preferred
50
100
Cities Serv P & L
803*
5,600
*16
3*
33*
403*
7%
23*
Feb
43*
Week's Range
Sale
Price
563* June
2?4 Feb
23* Sept
5t« June
""23* '"23* "l'jioo
100
c
Sept
Sept
Sept
Sept
43*
203*
1
7% preferred
Valspar Corp v t
Vot tr
Aug
1,500
5
57
Utility & Ind Corp com..5
Conv preferred
7
fiUtil Pow & Lt common.. 1
Class B
3
203*
23*
22*
*
*
_
Jan
33*
Sales
Last
High
4,100
153*
33*
Utah Pow & Lt $7 pre!---*
Utah Radio Products
*
Shares
33*
BONOS
{Continued)
Low
11
33*
23*
Sept. 18. 1937
Friday
Range Since Jan. 1, 1937
Last
STOCKS
{Concluded)
Exchange—Continued—Page 5
Mies
rrulag
Jan
Jan
Jan
July
Jan
Volume
Sales
Friday
Range Since Jan. 1
BONDS
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
1044
Lone Star Gaa 6s
"1054
102 4
Lt 6s '67
87
July
105
22 4
29,000
May
984
July
95
*92
♦Manitoba Power 54sl951
1034
1024 Sept
leb
1044
103 4 June
106
Mar
13,000
103
1064
107
1064
Feb
Apr
May
May
Jan
*184
30
1004 101
Marlon Res Pow 4
48.1952
(♦McCailum Hoa'y 6 4b'41
McCord Rad 4 Mfg 6s '43
Memphis P 4 L 6s A..1948
^
""944 "944
""89""
1054 1054
IIIIC:
Mllw Gas Light 4 Ha-1967
"i004
1966
"1014
754
Dakota
5,000
104
Jan
Sept
118
Apr
(♦Stand Gas 4 Elec 6sl935
"654
1074
Jan
♦Certificates of deposit
♦Convertible 6s
1935
534
1944
♦M unson SS 0 4s ctfs.1937
Nassau 4 Suffolk Ltg 6s '45
Nat Pow 4 Lt0s A...2026
2030
6s series B
964
44
97
June
934
Sept
14,000
10O v*
Mar
106
77 4
17.000
744
Sept
994
Jan
May
100 4
Jan
107
♦Starrett Corp Inc 68.1950
Stlnnes (Hugo) Corp—
874
1084
7,000
644
""75"
34
5
15.000
102
744
44 4
Feb
1094
Apr
Sept
844
June
1004
Feb
Sept
14 4
Jan
"824
1184
N E Gas 4 El Assn 68-1947
644
107
Jan
1074
974
Feb
74
44
62,000
444
July
June
May
19,000
May
June
106 4
111
July
1204
Jan
98
Sept
Sept
110
Jan
78 4
31.000
1.000
113
Apr
27,000
62
Sept
Sept
1024
Jan
Conv 0s 4th stamp. 1950
United Elec N J 4s... 1949
854 June
954
Jan
United El Serv 7a
72
92
Jan
♦United Industrial 04b.'41
914
91
94
48,000
904
June
90
90
90
8,000
4,000
76
July
994 May
1024
Jan
Ext
"l064
Mar
1094
105
Apr
1074
Aug
52,000
96
June
104 4
Jan
100
Apr
Apr
1044
1124
May
1104
Sept
864
Feb
12,000
1.000
Nippon El Pow 6 48—1953
65
65
6,000
65
1956
Nor Cont'l Utll 6 48-1948
91
92
45
a46
No Indiana G 4 E 08.1952
Northern
46
1074 1074
91
27.000
45
6.000
1064
6,000
Apr
Sept
Jan
1004
101
1966
6s series D
1969
44sseries E
"1664
104"
102
100
103
1970
N'western Elec 6sstmpd 45
N'western Pub Serv 6s 1957
4 1024
*96
98
104
93 4
1945
Ohio Power 1st 6s B..1952
105
Okla Power 4 Water 6s '48
Pacific Coast
1054
100
28,000
694
108
Jan
Mar
Pacific Invest 6s
1941
ser
Palmer Corp 0s
1938
Penu Cent L 4 P 4 48.1977
1054
944
1024
May
1044
Feb
1054
Jan
934
June
105
Jan
Sept
1114
Jan
1044
Jan
1004
Mar
May
1004
Jan
West Penn Elec 5a
1084
Jan
854
85
854
3,000
85
100
Jan
104 4 104 4
1,000
1024
June
108
Jan
6,000
115
Mar
119
Jan
D
1954
B
Jan
117
Jan
Wise Pow 4 Lt 4a
Jan
99 4
M
ar
103
Aug
June
88
June
103
Jan
994
994 101 4
14.000
994 June
100
94
96 4
16.000
89 4
June
1054
Jan
"i074
1074 1074
2.000
May
109
104 4
1064
Jan
......
104 4
1074 1084
1908
Pittsburgh Steel 6s.-.1948
♦Pomeranian Elec 0s. 1953
Portland Gas 4 Coke 6s
904
63.000
July
105
1004
May
1074
Mar
1U4
105
14,000
*106 4 108
914
924
124
134
1114 112
82
Mar
108
Mar
100
4s series F
84
67
694
1034
103
104
*194
25
*66
69 4
1074 1074
*107
109
40
1961
7s atpd„ 1947
70
70
Power Corp(Can)4 4s B 59
Power Securities 6s...1949
99
994
*97
•Prussian
*194
Electric 08.1964
884
50.000
12
1084
21.000
82
4.000
Jan
June
1st 4 ref 6s
1956
1114
1966
105
D
1978
*103
4 4a
E
1980
1st 4 ref 4 4saer F.1981
4 4s series 1
"l034
103
July
Mar
Sept
304
112
994
70
107
Jan
1094
Mar
1,000
1064
Mar
107 4
June
784
May
984
644
June
6,000
15,000
994 101
1024 1044
47,000
61,000
2,000
85
894
11,000
66
Jan
854
Jan
Jan
80
Feb
98 4
June
100
Jan
1024
Sept
100
Feb
103
Aug
113
Feb
85
Sept
1044
Jan
109
Apr
1084 1084
16,000
1004
734
62,000
704
Sept
944
444
464
1134 1144
25,000
444
Sept
55
704
71
69
10,000
111
Jan
Mar
1174
794
Jan
June
Jan
Feb
664
Mar
204
20,000
284
25
Mar
Mar
Sept
Sept
27
July
28
Aug
July
107
194
68
32,000
66
70
72
22.00C
70
8,000
1014
894
944
904
Jan
Jan
Jan
Jan
74
26,000
72
Sept
1074 108
5,000
103
June
14,000
65
Sept
3,000
86
Sept
103
Jan
94
June
102
Jan
Jan
106
Feb
Mar
107
June
Feb
104
Sept
66
86
874
96
16,000
8,000
109
1044
1054
115
894
Jan
Jan
104
"i",66o
94 4
96
15,000
92
June
1044
Jan
884
914
7,000
87
June
1024
Jan
834
87
2,000
80
June
101
Jan
214
214
13,000
214
Sept
1044 105
*1064 1074
1054
1054 1054
101
1014
1014
20,000
1044
July
108
Jan
1054
Apr
107
Mar
1024
1064
1064
Jan
July
1144
Jan
Sept
994
Jan
10,000
494
May
794
35,000
1034
M ir
105 4
Jan
1054
Feb
108
Apr
Feb
107
Apr
36,000
1054
924
95
June
1,000
105
62,000
54
1044 1054
*1074
1064 1064
Feb
904
3,000
93
50
51
105
"~5",000
June
904
"904
'
324 June
103
105
105
"5I666
Feb
Apr
1024
Jan
19,000
1034
June
904
96.000
814
May
107 4
1004
Jan
864
234
95
106
954
1054 106
105
Puget Hound P 4 L 54s '49
"744
1st 4 ref 6s series C. 1950
rnmm. «.«.•••
67
994
•Ruhr Gas Corp 64s. 1953
•Ruhr Housing 0 4s.. 1968
Hafe Harbor Water 54s '79
JAn
Feb
Jan
Danish
42,000
Apr
Apr
Sept
Jan
25
Aug
I84
-
85
July
109
July
81
Mar
984
974
July
104
Feb
July
102
Feb
Mar
25
July
129
1.000
10,000
Mar
147
Jan
96
914
92
94
104
Feb
944
Aug
2,000
84 4
Mar
96
11,000
94
Sept
21
Feb
194
Apr
29
Sept
274
July
30
*194
274
1004 1004
*21
1004
1965
20
Mar
June
99
Apr
102 4
Jan
97
100
100
1953
Apr
1014
Feb
♦Secured
6s
684
234
204
50
Apr
77
Feb
17
Jan
25 4
19
17
Jan
25 4
Aug
Aug
23
Mar
*52
234
1952
♦German Con Munlc 7s '47
1947
26
Aug
17
234
174
Apr
254
Aug
*17
♦Lima (City; Peru 6 4s.'58
♦Maranhao 7s
1958
23
*194
♦Hanover (City) 7s—-1939
♦Hanover (Prov) 0 4s. 1949
♦Medellln 7s series E
7,000
1084
5.000
Apr
1124
194
18
Jan
294
Mar
28
244
Jan
33
July
14
954
134
July
28
*114
1951
95
954
Mendoza 4s stamped.. 1951
21
Feb
904 June
964
Apr
22
Mar
1054
Mar
105
July
Apr
274
214
Feb
274
Feb
16 4
101
Mar
1044
1034
1004
16,000
102
Mar
1054
1014
13,000
99
Mar
45,000
73
May
1054
984
7.000
70
May
Apr
Jan
21 4
Mar
114
74
4
75
79
75 4
96
1024
Apr
0s stamped
164
21
21
23
8,000
♦Russian Govt 0 4s...1919
1
1
1
♦0 4s certificates...1919
1
1
Jan
1921
1921
♦Santa Fe 7t stamped. 1945
♦Santiago 7s..
1949
1
13 4
Aug
a pr
1004
June
bept
34
21
Sept
354
13,000
Jan
July
95 4
Jan
994 100 4
*194 26
13,000
984
July
22 4
18
Mar
284
254
14
14,000
Jan
1
1
55,000
Sept
1
3,000
July
77
77
4,000
Jan
Jan
2
Apr
14
14
Apr
Apr
Apr
May
184
Sept
Aug
1084
234
1
♦54s certificates
Aug
Apr
♦54»
Feb
234
18
*994 100
*204
67
Mar
Sept
924
107
5.000
104 4
Jan
104
10,000
94
1004
Sept
5,000
Apr
107
127 4
May
132
1074
Feb
Jan
22
1104
Jan
•
Jan
Mar
35
Sept
June
47
range,
Mar
334
1.000
294
16.000
28 4
7,000
1014
July
1034
Jan
1054
Apr
1074
May
1024 1024
104 4
66 4
664
90
964
974
1014
1014
1014
654
15,000
1 000
5,000
2,000
Mar
105
1044
1054
Mar
87
904
July
Aug
June
Mar
204
Mar
v
Ex-lnterest
No sales were transacted during current week.
flat.
sates
transacted during the current week ana not included in
weekly or
No sales
Jan
Jan
204
Aug
Deferred delivery sales not Included In year's range,
n Unde#
year's range,
r Cash sales not Included la year'e
Bonds being traded
Cash
t
Mar
101
1094
Aug
yearly range:
'
3,000
79,000
144
144
1 Called for redemption
Feb
72
15
Mar
Jan
i Reported In receivership
Feb
July
a
154
siS
62 4
Included in
Ex-dlvldend.
s
J Friday's bid and asked price.
♦
Mar
No par value,
the rule sales not
*14
*14
1961
♦7s
Jan
May
294
89 4
964
1931
154
*13
Mtge Bk of Denmark 5s '72
26,000
104 4
68.1967
164
♦Mtge Bk of Chile 6s. 1931
♦Parana (State) 7s
1958
♦Rio de Janeiro 0 4s.. 1969
June
May
704
67
*106 4 107
102 4 103 4
1034
1034 1034
Sheridan Wyo Coal 08.1947
*234
♦Issue of Oct 1927
June
10.000
*234
♦Issue of May 1927
Aug
1034
101
1,000
334
294
1st 4 4s series D...1970
54s
External 64s
Jan
63
—
Feb
Mar
Danzig Port 4 Waterways
Jau
108
18
-
Apr
694
1054
4,000
«•
Jan
104
mmmmm-
*1104
Wks 6S..1937
Southeast P 4 L 08--2025
May
*S84
914
1952
5s
*1264 130
1955
8hawinlgan W 4 P 44s '67
4 4s series B
1968
♦6s series A
77
26.000
94
62
-.1948
834
294
25
Aires (Province)—
♦Prov Banks 6s B..1951
107
105 4 105 4
B.1968
Scrlpp (E W) Co 648.1943
Sept
Cent Bk of German State 4
108
1034
*194
20 4
108 4 1084
(♦st L Gas 4 Coke 6s—'47
♦Bchulte Real Est 0s.. 1951
18
Feb
Queens Boro Gaa 4 EJec-
Joaquin L 4 P 6s B
Apr
1,000
Mar
Jan
1034
104 4
101
1962
22
18
234
1946
1952
Jan
103 4
104
1950
1,000
18
30
224 June
234
234
234
7,000
1947
7s
1947
1948
624
103
1966
1st 4 ref 4 4s aer D
Buenos
1064
103
1960
4s series A
Pow
704
87
4,000
10,000
1951
♦20-year
♦20-year 7s
♦Baden 7s
♦7 4s stamped
♦Cauca Valley 7s
Jan
Pub Serv of Oklahoma
Carolina
82
Aug
Agricultural Mtge Bk (Col)
102 4
244
1334
1114 1114
6s series C_—
Sou
107
1064 1064
Jan
July
Mtge Bk of Bogota 7s. 1947
4 4s series
6s
Sept
50
FOREIGN GOVERNMENT
Jan
Pub Berv of Nor Illinois—
Inc
1064
1064
Mar
444
Jan
12.000
99
133
6% perpetual certificates
Serve)
Jan
Mar
Jan
90
Jan
Public Hervlce of N J-
Pub
494
Mar
1937
♦7s stamped
21.000
*1064 1034
Potomac Edlsos 6s E.1956
♦Haion
May
1024
1906
York Rys Co 6s
Apr
4.000
Hydro El 04s '60
Pittsburgh Coal 6s. —1949
Falls 6s
37
102
102
Mar
Pledm't
Bauds
3,000
3,000
1,000
106
106
954
Yadkin River Power 5s '41
934
96
Phlla Rapid Transit 6s 1962
Han
Apr
104
44
1024
Mar
2.000
Phlla Elec Pow 64s..l972
Ban Antonio P 8 6a
Wise-Minn Lt 4 Pow 5e
Mar
Sept
944
29,000
94 4
90 4
(•Peoples Lt 4 Pr 6a—1979
64s series A
37
*1064
Wheeling Elec Co 5s.. 1941
68
92 4
91
994 100
..1981
series
2,000
944
2030
113
Peoples Gas L 4 Coke—
Potrero Hug
434
384
1054 1054
West United G 4 E 5 4s '55
1054
1054
Penn Water 4 Pow 6s. 1940
4
Sept
65
West Texas Utll 5s A 1957
West Newspaper Un 0s '44
Deb 64s aeries B—1969
4s series B
23
"87"
West Penn Traction 6s '60
"93"
584
9,000
1044
1054
-
71,000
244
AND MUNICIPALITIES—
1960
Penn Pub Serv 6s C—1947
series
108
Wash Gas Light 5s—.1958
Wash Ry 4 Elec 4s... 1951
Wash Water Power 5s. 1900
Feb
103
624
214
Apr
*102
93
72
1954
Sept
Sept
2,000
Mar
Hotel—
5s Income deb
95
F—II1971
6s series A x-w
4 4s
♦
96
26,000
96
Mar
584
1946
Waldorf-Astoria
103
Penn Ohio Edison—
5a series
6s
Jan
3.000
_
584
95
Sept
Sept
Sept
1st ref 5s series B... 1950
42.000
"~684
Mar
64
25,000
8,000
1034 1044
1952
Jan
5,000
106
E
Jan
6,000
June
series
40.000
6s.1979
Penn Electric 4s
6s
99
1164 1164
974
974
*1124 114
68
704
Mar
96
88
8,000
66
Utlca Gas 4 Elec 6s D 1956
984
1164
954
Sept
63
1944
95
A.1948
Pacific Ltg 4 Pow 58—1942
Pacific Pow 4 Ltg 6S—1955
4 4s
107
Pacific Gas 4 Elec Co—
1st 6s series B
604
58 4
12,000
76,000
1973
97
Power 5s '40
Mar
66
70
2022
98
104 4 104 4
Mar
95
634
*204
*204
Vamma Water Pow 64s'57
Va Pub Serv 54s A..1946
994
11.000
95
Sept
Sept
Sept
654
69
1952
6s series A
May
14,000
12.000
Jan
Sept
604
634
604
1975
"984
1st 4 ref 4 Hs ser D.1956
Okla Nat Gas 44s_„1951
6s conv debs
1946
93 4
108
106
Ogden Gas 6s...
6s series A
Jan
Indiana P 8
6a series G
.
Utah Pow 4 Lt 68 A
914
106
64
1004
634
Un Lt 4 Rys (Del) 54s 62
United Lt 4 Rys (Me)—
July
No Amer Lt 4 Pow—
6 He series A
1154
1969
103
111
45
1945
54s
1.000
20.000
111
6s
7,000
40,000
604
72
1974
106
1954
Debenture
f 6s
6 4s
United Lt 4 Pow 6s„
1064 107
984
994
1024 103
N Y 4 Weetch'rLtg 4s 2004
s
1084
1956
Feb
Jan
106
44s stamped.. 1950
♦1st
ex-w
1044
New York Penn 4 Ohio—
N Y P4L Corp 1st 4 4s '07
N Y State E 4 O 4 Hs 1980
May
1044 1044
654
654
Ulen Co—
Sept
Sept
75
J&D
"894
Twin City Rap Tr 64s '52
Jan
884
*100
Jan
Jan
62 4
37,000
76
Jan
844
Jan
654
914
35.000
884
Elec 64s '60
1044
1034 1034
1004
1044
2022
844
624
884
♦Income 6s series A. 1949
994
1214
6s
85
"63"
1942
June
684
Texas Elec Service 5s. 1960
Texas Power 4 Lt 5s.. 1956
1014
64
65
Conv deb 6s...j._..1950
6s stamped
85
67
Tide Water Power 5s .1979
Tleta (L.) see Leonard
Toledo Edison 5s
1902
New Eng Pow Assn 58.1948
Debenture 5 4s
1964
New Orleans Pub Serv—
Jan
Jan
7,000
5,000
814
Tenn Public Service 5s 1970
Term Hydro-El 0 4s..1953
2.000
82 4
78 4
Jan
May
Jan
r874
107
1064
1957
Tennessee Elec Pow 5s 1956
51
May
87
104
1064 1064
Syracuse Ltg 548—1954
110
105
Mar
374
106
1970
5s series B
Jan
Sept
99
1946
Super Power of 111 44s '68
1st 4 4s
72
Jan
434
"624
1940
Jan
2,000
1184 1184
62
654
*62 4
1948
34
834
2d stamped 4s
2d stamped 4s
1024
Mar
23
Standard Investg64s 1939
Feb
101
1.000
2,000
874
754
98
98
New Amsterdam Gas 6s '48
Central
Jan
92
14,000
624
Debentu
644
97
*102
1024
1174 118
Neisner Bros Realty 6s '48
Nevada-Calif Elee 68.1966
Conv deb 6s
96 4
eOs.Dec 11966
JaD
7,000
"
88
(Standard Pow 4 Lt 6sl957
84
654
Feb
Jan
104
624
1951
Debenture 0s
Jan
1104
1,000
654
♦Certificates of deposit
32,000
108
874
Nebraska Power 4 4s 1981
0s series A
2022
Y
Jan
Mar
23,000
96
5.000
102
102
(•Nat Pub 8«rv Be ctf8l978
N
994
102 4
864
......
July
Ma)
974
1004
1024
108
8,000
854
Bo'west Pow 4 Lt 6s..2022
Ro'west Pub Serv 0s
1945
Sept
Sept
Aug
108
Apr
99 4
994
784
1074
Mar
994
1034
874
84
Mar
994
934 May
Jan
5.000
103
3",66O
Mar
1014
5,000
9,000
944
60
96
4,000
High
944
104
3,000
1004 1014
1044 1044
714
*70
J*eb
78 4
74 4
1044
July
83
34,000
Low
67,000
106
106
90
m
86
101
106
1014 1024
1024 103
"106"
Bou Counties Gas 4 4s 1968
Sou Indiana Ry 4s
1951
8'western Assoc Tel 6s 1901
Power—
54s
Deb
^
*63
1967
(♦Missouri Pub Serv6sl947
Montana
^
106
106
1024
Debenture 34s
1945
Ref M 34s.May 1 1960
Ref M 3 4b B July 1 *60
1st 4 ref mtge 4s... 1960
99
84
93 4
1978
Miss River Pow 1st 68-1961
^
2.000
Range Since Jan. 1 1937
Shares
8ou Calif Edison Ltd—
Aug
Aug
High
~
S'western Lt 4 Pow 6s 1957
78 4
Mississippi Pow 6s...1965
Miss Pow 4 Lt 6s
894
101
96
Metropolitan Ed 4a E.1971
Middle States Pet 0 4s '46
Midland Valley 6a
1943
6s..
89
m
274
101
for
Week
of Prices
Low
50
.
"
Mengel Co conv 44»—1947
Minn P4 L4H8
TlIoOO
'
Week's Range
Sale
Price
Mansfield Mln 4 Smelt—
♦7s without warr'ta.1941
Last
(Concluded)
High
Low
7,000
104 4 104 4
1942
Long Ialand Ltg 0s...1946
BONDS
1937
Week
*1054 106
1044 1054
Llbby McN A LJbby Be '42
Sales
Friday
{Continued)
Louisiana Pow <1
1877
New York Curb Exchange—Concluded—Page 6
145
y
Under-tbe-rule sales transacted during tne current week and not Included in
weekly
yearly
or
range:
No sales.
a
in
Deferred delivery sales transacted
weekly
or
during tne current week and not included
yearly range:
3STo sales
Abbrevia'iont
Used
Above—"cod,"
certificates of deposit; "cons," consolidated
'cum," cumulative; "conv," convertible; "m." mortgage; "n-v." non-voting stock
when issued; "w w." with warrants; * x-w"
'v t c." voting trust certificates; "w i."
without warrants.
1878
Financial
Chronicle
Sept.
18, 1937
Other Stock Exchanges
•
New York Real Estate Securities
Unlisted Bonds
Bid
B'way A 38th St Bldg 7s 45
94
Bryant Park Bldg 6 %s 45.
Drake (The) 6s
1939
39
m—m
32
mmmm
Bid
Ask
Dodge Corp—
45
38
mmmrn.
m.
m.
m
Income bonds v t c
6
_
83%
2124-34 Bdwy Bldgs5
%s'43
13
14
Maine Central com
Mass Utilities v tc
Inc
1
Old Colony RR
S.
6
Established 1853
Calvert St.
39
BALTIMORE, MD.
Louisville, Ky.
25
Suburban Elec
2d
*
Stocks-
Par
Arundel Corp
Atl Coast Line
Week
Price
19%
.
1st pre/ v to
"Ik"
Consol Gas E L & Pow
*
preferred
100
Eastern Sugar Assoc com.l
Eastern Sugar Assoc—
5%
Preferred
1
Fidelity A Deposit
Fidelity & Guar Fire
High
18%
24
71%
113%
20
10
Houston Oil pref
100
18%
25
25
Second
preferred
Monon W
PennPS7% pf.25
Preferred
Owlngs Mills Distillery
Jar
Sept
54
1
Aug
3
42
3%
Sept
9
Mar
Jai
2%
Mar
680
Sept
29%
Jan
52c
July
1.75
Jan
21%
33%
6%
23%
205
Sept
44%
485
19%
30%
Mar
5*4
Sept
Sept
Apr
50
890
11%
Mar
11
25
23
25%
Jan
16%
Feb
33%
45
16%
1%
14
50
261
19
1,201
50
1%
Sept
Sept
36
310
80
955
28%
77%
40
40
20
39%
4,476
1%
Jan
2
1%
2
9
4%
36%
37
975
Y
Sept
Sept
Sept
Sept
Sept
32%
50 0
%
145
10%
5%
1%
405
9
4%
30
35
22%
Sept
38
Jan
89%
20
Sept
30%
200
32
Sept
48
Jan
136
Apr
New York Stock Exchange
Jan
New York Curb
91
20%
1,111
18%
Sept
Sept
Sept
Sept
23%
14
62
%
8%
July
Sept
1%
12%
1
28
225
73
13%
1
July
2%
Sept
4%
3
Jan
4%
Jan
Apr
Sept
27%
320
70
Jan
982
2
24%
143
12
Sept
Sept
Sept
18%
4,000
50O
%
1%
%
Jan
82
10 So. La Salle
St., CHICAGO
Chicago Stock Exchango
Sept. 11 to Sept. 17, both inclusive, compiled from official sales lists
Sales
Friday
Feb
Last
Week's Range
for
Sale
of Prices
Low
High
Week
1%
Feb
95
18%
Feb
17%
20%
Sept
29%
Jan
Stocks—
Par
Price
Range Since Jan. 1, 1937
Low
Shares
High
Feb
Jan
2,676
17%
Abbott Laboratories—
Common (new)
»
Adams (J D) Mfg com...*
Bonds—
Adams
25
26
$15,500
29% 30
102% 102%
25
Sept
Sept
1,300
29%
4,000 100%
Royalty Co
com
*
41%
Jan
48
Jan
Advance Alum Castings..6
Aetna Ball Bearing com.. ]
Aug
7%
Allied Products Corp com 10
102%
Jan
41%
11
.....
43%
10
11
8%
6
7
11
550
90
7%
650
2,500
11%
500
Sept
55%
10
Sept
17%
12%
Feb
Juu
Sept
12%
Mar
Aug
14%
May
Aug
23%
26%
Feb
6%
6
10%
14
14
100
12%
25
20
20
650
20
58
62
190
58
Class a
Aro
Townsend, Anthony and Tyson
Established
9%
1
1%
Associates Invest
*
48%
6%
Boston Stock
1st preferred
Sales
Week's Range
of Prices
High
Low
80c
16
50
95c
16
10b
Boston A Albany
100
2%
2%
161% *156% 166%
119
119
119%
Boston Edison Co
100
129
Elevated...
Boston &
.
*
Range Since Jan. 1,1937
for
17
Jan
3%
400
3
Sept
9
Mar
pref.*
7
7
400
3%
Jan
9
Mar
14
14
13%
18%
20
1,250
16
16
150
conv
..5
1
Low
...5
Class a pref
Bruce Co tii, L»
High
129
405
75
55
8O0
14
2
3,389 £156%
60
132
350
119
July
July
2%
30
Jan
Jan
July
6%
Sept
187 %
Jan
Jan
Sept
147
Jan
160
Jan
127% June
Common
56
55
57
750
55
Sept
23
22%
23%
772
22%
Sept
100
100
Class A 1st pref
Class A 1st prel stpd
K Class B 1st pref
100
100
Class C 1st pref std_„100
60
5%
24
.....
7%
5%
24
27
650
24
6
6
8
6
8
540
7
100
Class B 1st pref std..l00
Class C 1st pref
100
25
Copper
26
Range
69%
30%
Mar
Jan
7%
7%
6
Sept
Sept
Sept
7
Sept
7%
14%
56%
18%
Mar
Mar
12%
9%
1(M
preferred
59%
conv
Common
$1.50 conv pref
Cent 111 Pub Serv pref
Central S W—
8%
14%
Feb
Juu
43%
Mar
40
44%
2,850
38%
Apr
50%
Aug
50
17%
Sept
Sept
22%
24
25
100
24
»
12%
12%
14
12%
1
10%
13%
9%
12%
26%
1%
13%
1,200
1,150
4,650
9.%
12%
27%
250
26%
1%
400
1%
29% Juue
3i1
"l%
32
11
33
200
54
...
Jan
Feb
Sept
Sept
*81%
2%
7,350
2% June
86% June
Sept
6%
Jan
110%
Mar
30
20
Mar
21
Mar
24%
Mar
Chic City & Con Ry com.*
Chicago Corp common
*
19
Mar
23
Mar
July
18
Jan
Chic Elec Mfg A
*
Chic Flexible Shaft com..5
Chic & N W Ry pref—
12
13
728
11%
Jan
2%
2%
5%
53
53
1%
42
150
6
57%
5
June
200
53
Sept
3%
19
Jan
T
Feb
Feb
20%
Jan
Mar
73
9%
17 %
Jan
1%
Feb
Common
Jan
Mar
100
%
Jan
36,650
2,000
3%
41
Sept
Sept
48
50
20
May
32
Feb
850
50
Sept
77
Mar
2%
14%
Sept
6%
Apr
37%
July
77
May
108
Feb
Chic Towel—
40o June
%
6%
%
3%
%
Chicago Rivet A Mach cap4
932
Apr
Sept
20%
10%
%
7
9%
%
50
68
4%
5
4% June
£59%
230
43
115
55% June
35% June
1%
9
560
5
£36
£36
16
£36
•
18
20
570
18
*
36%
10%
12%
37%
11%
12%
436
For to 0 tnotes see page 1882
Mar
July
Juue
140
8
220
'
43
11%
95
12
200
*
Mar
5%
53%
43
7
6
Gilchrist Co
July
18%
30%
50
92
138
1%
9%
Gillette Safety Razor.
13
Sept
Sept
430
42
105
10
5
5%
Mar
1,150
•
7
60
9
100
3b %
1%
11%
*
12
1%
100
Preferred B
Eastern Steamship com..*
Eastern Steam'p Lines pf_*
28%
Sept
Sept
Sept
56%
Common
Prior lien pref
10
11
10%
Jan
81
Jan
48%
Aug
—
It Common
Feb
Sept
F'eb
53%
1%
*
Cent States Pr & Lt pref..*
Chain Belt Co com
*
F'eb
15%
11%
1
]
Feb
32 %
7%
25
*
Feb
14%
260
9
3,100
10
pref *
Feb
F'eb
1,850
8%
400
lu
Mar
23%
30%
35%
8
*
com..
19%
20%
Sept
Sept
Sept
18
8
42
100
16
10%
Sept
Sept
Sept
Sept
10
4%
'
prior pref
fie:
Sept
Sept
Mar
East < la* A Fuel Assn—
^Common
Employers «.roup
General Capital Corp
Sept
13%
18%
10
7
8
East Boston Co
East Mass St Ry
42%
Castle (A M) common.. 10
Central Illinois Sec-
Preferred
Common
Calumet & Hecla
6%
14
200
18
12
.....
Boston Personal Prop Tr.*
4 %<?,
100
14%
8%
32%
8%
Brach & Sons (E J) cap
*
Brown Fence 4 Wire com. 1
Burd Piston Ring com
Butler Brothers
Week
Shares
Maine—
k Prior pref
Feb
Sept
Sept
3
Preferred.
..100
57%
6
Canal Const Co
50
Boston Herald-Traveller
Mar
44
Borg Warner Corp—
(New) com
Exchange
6% non-cum pref
Aruei Tel <fe Tel
Boston
4%
450
Bergholl Brewing co
Biuks Mfg Co capital
American Pneumatic Serv-
*
1%
Sept
300
6 % con v preferred...
Ik. Common
July
Bendix Aviation com
N. Y. Tel. CAnal 6-1541
Lewlston
Friday
Sale
Feb
12%
New York Curb Exchange (Asso.)
Sept. 11 to Sept. 17, both inclusive, compiled from official sales lists
Price
13%
Sept
7
6%
*
1
Bliss A Laughlln Inc cap .5
Par
2,750
Jan
Jail
9%
Backstay Welt Co com
.*
Barlow &Seellg Mfg A com 6
Bastlau-Blesslng Co com.*
Exchange
Portland
Stocks-
1%
100
Feb
6
com
Athey Truss Wheel cap
30 State St., Boston
Last
10,150
44
10%
10%
1%
48%
84
Autoin Washer
(
Private Wire System
Bangor
8%
July
Sept
Jan
Automatic Products com.5
1887
UNLISTED TRADING DEPARTMENT
Boston Tel. LAF 7010
9%
10%
Asbestos Mtg Co com
Member a
Neu) York Stock
Equipment Corp com 1
Feb
41%
Amer fub Serv Co pref luu
Armour & Co common.
6
Boston Stock Exchange
Jan
Chicago Stock Exchange
Chicago Curb Exchange
Sept
2
June
5%s'45
Feb
Unlisted
(Associate)
Mar
15
Read Drug & Chem
Feb
46
Jna
Jan
3
73
1975
Mar
Members
Mar
1,000
3%
3%
25%
1%
12
22
(flat) '75
2%
19%
12%
Jan
Jan
52
48%
13%
83
5b flat
June
Paal. R Davis &<9a
Aug
&
378
109%
37%
Aug
16
A
Jan
Aug
2f*
SECURITIES
Listed and
Jan
115
78
Bait Transit Co 4s
Aug
42%
Jan
CHICAGO
Jan
16
"20%
Mar
98
Apr
77
2
May
1
Mar
Seaboard Comm'l
U B Fidelity A Guar
41%
Sept
37
Feb
32%
Apr
Sept
310
Jan
Feb
3%
56
Jan
30%
2
Jan
12% June
13
77%
79
275
%
A 10
Jan
9%
Jan
155
23%
Penna Water & Power com*
com
Feb
10%
93
Sept
528$
Apr
3%
24%
1
Feb
June
2%
.33%
34%
June
12
"m
10
80
Apr
11%
101
mwmmmmm.
64
70
24%
Mar
10
50
112
1
100
New Amsterdam casualty 5
North American Oil com.*
18
38
9
12
3
1
Mar
50
16%
1%
80
%
Com class A
£6
142
4%
2%
326
265
23%
12%
18%
139
8%
Mar Tex Oil
Sept
Sept
114% June
3,505
55c
5%
24%
12
Mfrs Finance com v t
Feb
High
10
109% 112
37% 38%
6,545
Jan
3%
66
12%
31
6%
1M
3%
113% 114%
20
5%
3%
117
Jan
19%
21%
270
35
Jan
6%
52c
11
12%
72
3%
22%
32
20
preferred
Low
523
19%
38
1
Finance Co ol Amer cl A__ *
1st
Shares
10
30
2%
36
3,694
10%
*
23% May
98c
*
Warren (S D) Co
19
Sept
Sept
Sept
80c
32
*
*
com
Low
38
(Conn)..50
Bait 'Italian Co com vtc."
Black A Decker
of Prices
May
11%
2%
155
90c
1%
Bros Co
14
%
143
1%
Warren
26
16%
13
10
Venezuela Holding Corp..*
Waldorf System lac
*
Range Since Jan. 1,1937
Mar
82
1
Utah Metal A Tunnel...
Jan
Jan
Sept
Sept
2
3%
25
Preferred
2
50
30
2%
*
.
30
83
10
Sec com..*
preferred
United Shoe Macb Corp 26
Hales
Sale
High
990
%
82
*
...*
Torrlngtou Co (new).
Sept. 11 to Sept. 17, both inclusive, compiled from official sales lists
for
Low
4
3%
Reece Button Hole MachlO
Stone A Webster
Baltimore Stock Exchange
Week's Range
%
2%
115
50
Mining Co
Union Copper Ld & MIn25
Union Twist Drill Co
5
Last
5%
115
21
81m wm ut Assn tr ctfs
York, Pa.
Members New York, Baltimore and Chicago Stock Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Friday
35
36
25
Pennsylvania RR
Quincy
NEW YORK
Hagerstown, Md.
100
Pacific Mills Co
Broadway
12
100
Old Dominion Co
SteinBros.&Boyce
_
100
Preferred
N1MH&H RR(The) UN
North Butte
2.50
Exchange
3%
*
New River Co com
Baltimore Stock
3%
16%
11%
2%
*
Mergenthaier Linotype.-*
Narragansett Racing Ass n
Now England Tel & Tel 1(M»
on
Range Since Jan. 1, 1937
Shares
30
%
30
25
.
Nat'l Tunnel & Mines
Orders Executed
%
*
_
Loews Theatres (Boston) 25
100
28
Pennsylvania Bldg ctfs
10 East 40th St Bldg 5s 53.
6
1943
Week
*
_
Isle Royal Copper Co
250 W 39th St Bldgs 6s 1937
11 West 42d St 6%s..l945
600 Fifth Ave 6%b._. 1949
Internat Commerce Bldg—
6%s—
Place
for
of Prices
Low
High
Price
Par
Class B.
Preferred
Park
Week's Range
Sale
Hathaway Bakeries—
Unlisted Bonds
Ask
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, Sept. 17
Sales
Friday
Exchange
55
36%
40
10
i2%
Sept
Sept
Sept
Sept
Sept
Sept
3%
15%
Mar
Mar
41
55
25
42%
20
50
55%
2%
1,400
2%
70
70
10
65
100
100
Jan
200
12
Sept
Sept
27%
6%
Jan
1% May
3%
Mar
Sept
Sept
Sept
33%
Aug
14%
101% 104
12
2%
1%
28%
39%
2%
1%
13
2%
1%
10,600
28
29%
9,100
37
39%
3%
2,500
150
2%
27%
Compressed Ind Gases cap*
Consolidated BtsOuit com 1
Jan
Consum Co of 111 pf pt sh50
11
12
70
11
26%
Mar
3
3
100
3
Sept
Sept
47
Mar
Common pt sh v t c B__*
Cord Corp cap stock
5
14%
Jan
204a
Feb
Cudaby Packing pref__100
Cunningham Drg Btores2%
Feb
110
July
Sept
Mar
15
8%
53%
June
Feb
15
*
Club Aluminum Uten Co.*
Common wealtu Edison—
3%
41
20
100
Convertible preferred
*
Chicago Yellow Cab Co..*
Cities service Co com
•
New
3%
•
3%
3%
105%
18
3%
3
3%
105% 108
18
18
750
37
3%
48%
II
3%
Jan
Feb
Jan
July
Aug
2
June
6*4
ten
200
104%
Mar
16%
Apr
Sept
110%
250
26%
Feb
5,300
Volume
(Continued)
Par
Dayton Rubber Mfg com
Week
com
16
750
16
Sept
28%
Apr
Wahl Co
23
200
20%
Sept
5
60
5
150
(The)
Jan
July
1756
Jan
Wl.liams OU-O-Matle
8%
19
450
18
25
Feb
350
20% June
26 %
Aug
Woodall Indust
2
""856"
Aug
Zenith Radio Corp com..*
3654
15
32 56
Fuller Mfg Co com
800
2
June
2656
1,000
625
June
49 56
Feb
18
50
18
Sept
26 56
Mar
554 Sept
656 May
1254
Feb
550
6 56
Jan
1
June
34 %
30
3%
150
29%
May
41%
5%
32%
4
4%
5 56
Flgln Nat Watch..
2,550
4%
Sept
12%
Sept
Sept
40%
23%
July
70
July
19
Feb
12
Mar
856
850
8
Sept
1554
3756
6,400
30
June
43 54
Feb
Aug
1,650
756
756
8
3256
May
Sept
Jan
com
Mar
5%
Wisconsin Bank shs com.*
350
550
30
3%
Members Cincinnati Stock Exchange
Gardner Denver Co-
16
16
18
1,350
60
60
150
58 X
12 X
12%
50
12 56
56
4%
4X
3,550
4X
Sept
Mar
354
2%
3%
6,100
2%
Sept
1056
32%
10 X
680
Sept
4254
Jan
Mar
BALLINGER & CO.
9H
350
9%
16%
1,450
15%
1256
29%
July
Jan
UNION
15X
Sept
Sept
10
11X
60
10
Sept
20
Mar
7%
7%
1,850
6%
Aug
7X
7X
600
7X
Sept
1156
1356
Jan
Mar
52%
—*
New common
52 X
16
150
45
10
14
Sept
3X
3%
1,450
3
May
7%
8%
107%
700
7%
30
99%
Sept
May
Sept
16
$3 cumul conv pref—20
Gen Candy Corp
A——5
4
Corp com l
General Finance
Jan
5
254
554
*
com
High
Low
Shares
18
Wieboldt Stores Inc com.*
8%
Range Since Jan. 1,1937
for
Week
2556
"26%
*
Walgreen Co common
Sept
32X
UX
Apr
5
Range
2%
*
com
21
33
a
Active
Trading Markets in
Cincinnati and Ohio Listed and Unlisted Securities
5% May
Household Ctil—
Common
Goldblatt Bros Inc com..*
3056
com..*
30
m
Gofisard Co (H W)
D com..*
Great Lakes D
16
Harnischfeger Corp com. 10
Helieman Brew Co G cap 1
"_756
Heln-Wern Mot Pta com.3
Hlbb Spencer Bart com.
Horders Inc com
.25
16
*
356
Hupp Motor com (new).-l
Illinois Brick Co cap
10
III
Price
Par
8%
18
19
*
Eddy Paper Corp (The)..*
Gen
of Prices
Low
High
20 %
5
*
Dodge Mfg Corp com
Flee Household Utll cap
19
20%
•
Dexter Co (The) com
Dixie Vortex Co com
Stocks (Conclu. ed)
High
Low
Shares
Week's
Sale
for
of Prices
Low
High
35
10
Class a
Decker & Cohn
Week's Ran ye
Sale
Last
1 1937
Range Since Jan.
Last
Price
Sales
Friday
Sales
Friday
Stocks
1879
Chronicle
Financial
145
North
Utll
856
107%
IOC
pre!
105
33
Indep Pneum Tool v t c..*
200
35
30
Jan
33
6%
Sept
Sept
21
300
19%
Sept
27
*
19%
20
Jarvls (W B) Co cap
1
21X
27
24%
32%
46 X
47
28%
28%
10
1
856
8%
9%
Kellogg Switch & Sup com*
Ken-Rad T & Lamp comA*
954
8%
17
10
3,100
1.700
20
2,450
17
Sept
150
25
June
Electric com...*
32
Joslyn Mfg & Supply com 5
Kalamazoo Stove cap stk 10
Katz Drug Co com
18%
50
Kerlyn Oil Co cl A com..5
Kingsbury Breweries cap.l
25%
La Salle Ext Unlv com...5
2%
39%
Ky Util jr cum pref
Lawbeck 6%
cum
2,700
700
250
ix
3
40
49
7%
Aug
8X
Sept
1656
1256
2856
4356
1
ix
Jan
38
Apr
Preferred
preferred..*
25
13%
14%
10
12 X
...10
Le Rol Co com
Llbby McN & Llbby___10
12%
6X
200
6
Sept
1356
25
June
34 56
450
13 X
1,750
9%
Sept
Sept
1954
1556
6
*
656
'27%
22%
3X
3%
Common
8
40
95
95
95
40
150
45
24 X
45
38
"38""
39
22
Cons Mfg cap
*
Marshall Meld com......*
Mer & Mfrs Sec cl A com.l
20
2154
4X
25
5
25
..*
2X
2%
8%
5
Stock purchase warrants
Middle West Corp cap
Hobart
7%
2%
3
%
——*
5
.-*
preferred A
100
Jan
Jan
190
July
.--*
15
15
15
10
15
Sept
28
Jan
1756
15X
1756
1554
Sept
2754
Feb
Mar
56
Aug
Sept
5756
1%
19
90
25
2%
9X
3X
1,700
13,700
%
6%
21
456
25
Jan
4% June
June
2%
Sept
7% June
1% June
600
% June
2%
100
100
7% preferred A.
IX
2%
Miller & Hart conv pref..*
IX
60
270
3
31
32 X
46%
*
Modlue Mfg Co com
3
46%
750
22
45
44
4356
44
2654
2654
2654
3056
3156
19
19
20
5
5
130
50
102
102
102
Jan
3% June
2%
1%
2X
31
Aug
10
Sept
Sept
Sept
1556
754
Jan
Jan
156
12 54
Jan
Jan
5
Jan
17
24
5
10154 May
Jan
Jan
856
Sept
106
Mar
49
49
49
20
49
M ay
50
June
27
27
20
27
June
37
Mar
154
154
.2.50
154
69
154 June
456
1656
25
8
5656
217
53
Sept
Sept
65 56
Jan
1656
1656
1656
25
1656
Sept
1656
Sept
*
17
17
18
no
17
Sept
23 56
4
280
4
Sept
26
no
*
4
26
8
4
2556
Jan
1156
Jan
2556 Sept
38
Feb
105
Sept
Sabin Robblns prof- .100
10
Card
105
105
105
105
102
Feb
22
23
24
190
23
3
3
3
185
3
Sept
Sept
3454
*
50
10
10
10
5
10
Sept
21
756 June
12
US Playing
U S Printing
10
Western Bank
756
756
756
130
Feb
Feb
654
Jan
54
Mar
100
Preferred
19
19
20
150
16
Mar
26
Mar
100
Wurlitzer
Jan
Feb
8
53
*
Feb
Feb
8
54
:::*
B
Mar
Apr
27
Rapid
856
4656
Feb
31
..50
Randall A
956
4954
Sept
June
May
9
*
Jan
5
Apr
*
-
Magnavox
National Pumps
Procter & Gamble
Mar
Feb
2456
1856 June
84
5
36
26X
293
*
Special.
Feb
7
9
25
40
20
9
Jan
Sept
2756 Sept
22
Apr
115
9
Preferred...
7% prior lien
22
#
Lunkenheimer
Midland Utll—
370
22
*
A
Little Miami Guar
Jan
Apr
1,700
1,400
14
Apr
115
15
132
*
Leonard
Mar
Sept
Apr
38
1,600
2,150
26
Sept
14
28
105
105
*
Feb
Sept
140
2,650
5
105
14
2756
Kahn com
Mar
Jan
1%
22%
4854
54
41
50
25
14
28
105
Kroger
20
182
*
Julian & Kokenge
Sept
July
Jan
Midland United Co—
Conv
June
103
Pure Oil
Mlckelberry's Food Prod—
Common
..1
Common..
85
3
Hilton Davis
Jan
Mar
Jan
211
8556
*
4X
22
IX
Ma pes
250
1056
89
155
Insulation...
1256
Jan
Aug
155
Formica
3354
656
38%
20%
Sept
100
86
Mar
Jan
3%
656
Jan
Jan
155
10
Eagle-Picher Lead
Early & Daniel pref— .100
Jan
550
3%
509
1456
108
*
Feb
Mar
July
Sept
16%
656
654
9856 June
95
Sept
1354
50
Clncinnati Telephone _
Coca-Cola A
4
1,850
Sept
101
656
Jan
Sept
8
Cincinnati Street Ry_. .50
Feb
June
8
100
Aug
8
7
8
356
Feb
63
118
100
Feb
111
June
Prod..*
Advertising
Feb
36 54
Jan
8
7
1356
May
3556
107
Clntl Gas & Elec pref. .100
Cintl Post Term pref. .100
6
150
28
46
20%
McQuay-Norrls Mfg com.*
Manhatt-Dear'nCorp com*
1,350
4
45
Lynch Corp com
5
McCord Rad & Mfg A...*
McGraw Electric com...5
preferred
6%
4
3
200
May
138
10756 108
8
Sept
Sept
3
22
49
Cintl
Gibson Art
Lindsay Lt & chem com . 10
Lion Oil Refining Co com. *
Loudon Packing com
*
356
356
49
Jan
Co—
Lincoln Printing
Prior
*
2254
96
Feb
Jan
50
10756
144
High
6 56
50
Jan
354
3
356
"160
Churngold
Mar
Sept
Sept
4
Champ Paper & Fibre.
Low
15
25
2254
—*
"*
Part pref
Jan
Feb
Mar
10
6
25
Week
Shares
3
2456
pref. —7
Amer Prod prior
Aug
4554
550
30
*
Range Since Jan. 1, 1937
for
656
656
Feb
55
June
Leath & Co—
Cumulative
of Prices
High
656
51
Sept
45% JuDe
Crosley Radio..
Common
Range
Low
3
27
500
5
1
*
Industries.
American Laundry Mach20
2954
28
Price
Feb
20% June
1,100
4
pref-100
Sale
Par
Stocks—
Aluminum
28X
Week's
Last
Feb
Iron Flrem Mfg com v t c.
Jefferson
list
Sales
Friday
Jan
6 X
23
Cincinnati Stock Exchange
\0% May
7X
20
7X
pref—*
7X
6X
363
Sept. 11 to Sept. 17. both inclusive, compiled from official sales
Mar
50
Indiana Steel Prod cora..l
Interstate Pow $6
52 56 May
2154 June
454
Aug
1956
Jan
111%
Aug
49
CINCINNATI
BLDG.
TRUST
Phone Cherry 6711—Bell Sys. Tel. Cin.
110
no
110
13
92
June
134
Apr
Jan
Momol Chemical Co—
*
Preferred..
mx
Montg Ward & Co cl A...*
Nat lonal Battery Co pref.*
10
220
136 X 140
27%
27%
70
pref*
4%
4%
100
National Standard com..10
28%
1%
29%
1%
200
35
39
Nat Rep Inv T
conv
Nat'l Union Radio
com-..l
Noblitt-Sparks Ind com..5
North American Car com20
39
*
100
7% preferred
100
Okla Gas & El 7% pref. 100
"~9X
Northwest Bancorp com..
4%
Parker Pen Co(The)com
9X
43
43
N'west Utll pr conv pre
4%
2,700
470
1%
Sept
Sept
58
Feb
35
Feb
I
Sept
16 56
Jan
f
81
Jan
54
Jan
116
Jan
9X
Sept
19
105
Sept
Sept
21
21
50
21
July
2,600
1%
July
956
29 56
2 56
17X
Sept
Sept
55
30
30
May
35
400
5
50
45
17 X
17 X
Perfect Circle Co com....*
31
31
650
45
Aug
2% June
24 X
CILLISIf JWOODcb
Union Trust Building, Cleveland
Jan
Telephone CHerry 5050
Jan
Mar
Jan
756
Feb
Cleveland Stock Exchange
Mar
3 56
1
2
250
2
W"nt
1%
1%
IX
1%
350
1%
Sep;
554
356
Feb
*
300
1% Juue
456
Jan
81 %
150
99 56
99
Jan
5%
2%
com.......*
1,250
80
Preferred
81
150
74
June
115
150
108
Sept
120
Jan
115
'io§"
........100
135 X
115
70
114
Apr
122
Jan
108
1101-6
135X 136
570
109
June
50
121
Apr
125 56
Jan
150
Jan
5
6% pref vtc
10
Jan
1,100
1%
15%
105% 105%
300
1%
14%
350
14%
4
4
"is"
100
Preferred
4
4%
1%
50c
Common v t c
50
105
Sept
Sept
1
Common
Schwitzer-Cummins cap__l
1
Serrick Corp cl B com
2,950
1%
32%
2
34
20%
1856
20%
11
10
12
IX
Sangamo Electric com...*
Aug
300
850
1,950
1%
32%
18%
10
Sept
Sept
Sept
Sept
29
*
30
30
19%
31%
20
96
97
cap*
*
68%
68%
3%
preferred..*
*
1554
18
pflOO
St Louis Nat Stockyds
Convertible
50
29
96
Preferred
So Bend Lathe Wks cap..5
Stein (A) & Co com
Storkline Fur com
4
15
"29"
Swift & Co
25
21X
Sundstrand Mach Tool Co*
18
150
16%
Jan
2856 June
19 X
Jan
30
Jan
22%
Feb
4
4
20
256
42
July
Apr
2854
Feb
1456
Mar
40
Apr
35
Mar
2756
20
21%
350
2%
3X
3,300
%
2%
%
850
2
250
2%
20
June
56
Feb
Convertible
pref
7
2X
Preferred
pref.
19
.*
For footnotes see page 1882.
18
385*
19
70
18
38%
50
3856
51
45
200
43
Sept
50
101
35
99
June
104
52
[Jan
May
Jan
Apr
1156
Sept
18
Sept
7356
Mar
*
2556
2654
Jan
37 56
Mar
Island Lime & Tran*
& Heel—-
22
22
656
Interlake Steamship
Jaeger Machine
Jan
Kelley
Jan
Lima Cord Sole
16
—
B
*
Medusa Portland Cement *
Metropolitan Pav Brick..*
Cum 7% pref
100
Murray Ohio Mfg.
National Refining
"3l"
Apr
Jan
654
Feb
Packer Corp
Sept
Sept
2456
Feb
Peerless Corp..
40
Jan
RIchman
—
1,395
8
Sept
14
27
16
175
13
June
40
10
40
30
32
140
30
Sept
Sept
50
5
5
75
1556
556
356
154
cl A.¬
*
*
*
3
*
Sept
Sept
30
656
1556
25
Ohio Brass B
June
2156
75
National Tile
456
24
25
40
Sessions
Leland Electric
90
25
656
954
1656
8
Patterson-Sargent
*
27
43
101
53
5 56
Mar
60
52
45
Jan
Sept
Sept
70
83 54
Viking Pump Co—
Common
June
30 56
33
20
Nestle Le Mur cum
2%
Sept
1254
2
56 June
Sept
33
53
Jan
Util & Ind Corp—
5
3056
100
12
Mar
July
7
100
101
100
-
Mar
200
3056
33
7
53
Harbauer
1554
2656
7X
Sept
Sept
Sept
4
33
Mar
107
6 56
3056
Goodyear Tire & Rubber.*
Great Lakes Towing pf 100
Halle Bros pref
Mar
Sept
Aug
100
28 56
Sept
17%
Aug
Feb
3354
28 56
27
56
Sept
McKee A G class
2056
Jan
Jan
30
Mar
July
Lamson &
500
47
25
Jan
63 56
50
1054
July
Mar
1,250
Sept
Sept
24
2154
1554
4,500
37 56
2854
2,313
30
2056 May
18%
47
218
38
3156
132
Sept
Sept
22
47
3756
2854
105
18
29%
"38""
12
17
20%
17 X
Mar
112
103 56
81
14
27
10156
June
10
25
4%
15%
7%
June
476
11
Sept
Sept
Sept
7
Jan
85
91
81
68)6
3%
17%
8954
25
90
14
33 54
Faultless Rubber
2,550
100
8954
30
Bookbinding.*
Mfg. — *
*
Foote-Burt
*
Fostoria Pressed Steel —*
Goodrich B F
-*
Sept
Elec. Controller &
68%
100
High
Low
10
15
Commercial
July
800
10
10
108
10
Jan
Apr
95
7
Thompson (J R) com...25
Trane Co (The) com
2
Utah Radio Products com *
130
Week
Feb
Feb
80
7%
10
Swift International
Common
pref. 100
Cleve Cliffs Iron pref
*
Cleve Elec 111 $4.50 pref..*
Cleveland Ry—
100
Airway Elec Appl
Hanna M A $5 cum
Common
for
Shares
Price
754
356
Slgnode Steel Strap—
Standard Dredge com
Par
of Prices
Low
High
36 56
111
Rollins Hos Mills—
Southwest G & El 7%
Stocks—
Week's Range
Sale
Cliffs Corp vtc..
Raytheon Mfg—
Reliance Mfg Co com...
Range Since Jan. 1, 1937
Last
Jan
81
115
100
.100
*
preferred
7% preferred
Quaker Oats Co com
June
Sales
Friday
Jan
113
60
Common
6%
70
both inclusive, compiled from offic'al sales lists
Sept. 11 to Sept. 17,
Public Service of Nor 111
Common
A. T. & T. CLEV. 565 & 566
*
Feb
5%
2X
2%
com.5
Pines Wlnterfront com___l
Potter Co (The) com
Prima Co com
I
Sept
4%
10
IX
Members Cleveland Stock Exchange
Feb
43
10
45
Process Corp
Feb
19
100
Pictorial Paper Pack
Jan
3656
354
105
1%
Ohio Listed and Unlisted Securities
Jan
Sept
19
IX
Feb
27 X
105
10
July
32
1256
19
Penn El Switch conv A..10
preferred
300
10
50
50
156
July
4
105
Peabody Coal Co B com. .5
6%
100
1.500
Sept
135X June
27% May
454 June
Aug
2
78
50
15
90
554
4
397
3 56
25
58 56
60
Jan
Jan
Mar
Feb
1154
Mar
85
Mar
Jan
Sept
6
156
Feb
856 June
154
30
Sept
Sept
Sept
12 54
Feb
1056
Mar
256
Feb
46
49
170
44
Jan
67
Mar
14
14
13
14
Sept
2054
Mar
20
14
20
Sept
34
2156
235
6
"4l"
656
905
3
41
4356
545
41
54
Jan
Sept
754
5754
Feb
Mar
Mar
1880
Financial
Last
Par
Selberling Rubber
Week's Range
of Prices
Low
High
Week
Price
*
4%
Range Since Jan. 1, 1937
Low
10
40
46
161
*
33
33
8
32 %
9%
Feb
Union RTetal Mfg
*
10
10
6
14%
Van Dorn Iron
*
4
Warren Refining
Weinberger Drug Inc
2
3
Aug
Sept
Aug
*
22
100
8% cum pre!
Steuffer cl A
40
38
4%
390
3
200
22 %
July
4
3
96
17%
Stocks (Concued)
High
Sept
4%
Last
Apr
Aug
64%
34
May
21^
Feb
6
%
Jan
26
July
Bank Sec
Traffic
.
.
3
1
50
2%
com
32%
2%
487
1%
2%
9%
247
8%
3%
12,641
3
33%
1,347
1,100
30
pref..*
25
Pbila Rapid Transit
50
7% preferred .
50
2%
mmm
wmm
Pbila Elec of Pa $5
112
114%
227
273
Feb
5%
14%
Jan
5%
Apr
50%
Sept
Sept
2% Sept
108% June
31% June
4
Sept
4% Sept
Apr
4%
RTar
Feb
3%
117%
Feb
35%
Apr
7%
F'eb
4
.
110
450
13%
Jan
1
150
1
June
3%
Feb
8%
9
376
8%
Feb
4%
150
4
Sept
Sept
16%
9%
Feb
11%
3,266
8%
Sept
20
-
......
5
1
*
4%
6%
1
4
.
50
Salt Dome Oil
2%
32%
High
Sept
Sept
Sept
4%
6%
.
Philadelphia Traction
155
115
31%
Phil & Rd Coal & Iron...*
Reo Motor Car Co
Low
2
30%
Phila Elec Pow pref
Watling, Lerchen & Hayes
Shares
3
*
Pennsylvania RR
Range Since Jan. 1 1937
for
Week
2%
8%
25
Pennroad Corp v t c
Range
1%
Corp. .25
Preferred
Penn
of Prices
Low
High
Price
Par
Natl Power & Light
Mar
14
Feb
Mitten
Week's
Sale
Shares
4%
Sales
Friday
for
Sale
(Concluded)
Sept. 18, 1937
Sales
Friday
Stocks
Chronicle
Members
New York Stock
Detroit Stock
Exchange
New York Curb Associate
Exchange
Scott Paper
Chicago Stock Exchange
Buhl Building
Corp
Tacony-Palmyra Bridge. _*
Exchange
>16
Ja"
730
%
June
3%
4%
1,115
3%
4
4%
1,080
3%
Sept
Sept
1%
7%
Aug
50
8%
Jan
34%
36%
173
33
June
46%
Jan
11%
12%
11,036
10%
June
17%
Jan
102% 106%
465
102
June
114%
Jan
9% $34,000
9
Aug
16%
Rlar
Last
Stocks—
Par
Week's Range
*
*
of Prices
Low
High
Price
1
%
10%
1%
10%
Burry Biscuit com_._12%c
Chrysler Corp com
Det & Clev Nav
Detroit Cripple Crk Gold.l
Detroit Edison com
100
485
1,784
1%
9%
3%
92 %
17%
3%
900
92%
1,939
18
831
2
120
2
300
1%
%
200
102% 105%
3%
3%
264
%
105
Detroit Paper Prod com__l
Detroit Steel Corp com
6
%
4%
4
.
-
12%
*
105%
4%
915
'i6 May
Sept
102%
3%
9%
'45
7%
Mar
132%
1 Pittsburgh Stock Exchange
jjew York Curb Exchange (Associate)
m.
Members
j
Feb
Mar
22
BANK
UNION
120
Feb
3%
3%
A. T. & T. Tel
Pitb-391
BROADWAY, NEW YORK
Mar
Jan
%
145%
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Jan
11
Feb
10
Jan
Feb
20%
550
18%
Jan
28
6%
220
6%
Sept
14
4%
220
4%
11%
Feb
2%
21%
Pittsburgh Stock Exchange
Jan
4%
1%
July
1%
400
Fruehauf
1
17
17%
300
17
Sept
Sept
Sept
Gar Wood Ind com
3
9
1.365
9
Sept
19%
Sept
Sept
Sept
Sept
70
Sept. 11 to Sept. 17, both inclusive, compiled from official salss lists
Feb
Feb
Frankenmuth Brew com__l
PITTSBURGH, PA.
BLDG.,
Oourt-6800
Tel.
Jan
6%
*
h. s. edwards & co.
July
Sept
Sept
4
1,565
3
15%
'
1%
Feb
Sales
Friday
Last
General Motors
4%
2%
2%
%
1
com
3.621
48%
3%
1,590
2%
%
1,200
%
4%
4%
1,545
4%
4%
9%
405
Grand Valley Brew com__l
General Finance com
3,551
4
Goebel Brewing com
Graham-Paige
49%
3%
9%
52%
4%
2%
10
com
~4%
1
Hall Lamp com
*
Home Dairy class A
*
Hoover Ball & Bear com.10
9%
100
9%
14%
18%
15
15
154
18%
18%
180
11
12%
2,035
Hurd Lock & Mfg com..
,316
%
4%
2,188
3%
21%
20%
Hudson Motor Car com..*
Kresge (S S) com
10
Mahon Co (R C) A pref.
Masco Screw Prod com..
McClanahan
100
ii
1
%
Michigan Sugar com
Hone com
1
3%
Mid-West Abrasivecom50c
2%
Motor Wheel com
1%
,51S
3%
2%
17%
9
10
7
7%
*
Parker Rust-Proof com 2.60
36%
23%
Parker Wolverine com
*
16
Peniu Metal Prod
1
com
Prudential Investing com
Reo R otor com
Rickel
River
4%
com
Standard Tube B
com
*4%
2
5%
98
1
"4%
760
10
Feb
Consolidated Ice Co pref
Fort
2%
Feb
Harb-W alker Refrac com.*
1%
2%
1%
4%
4%
Jan
Koppers Gas & Coke pf 100
Jan
Lone Star Gas Co..
Mar
Jan
pref...100
Pittsburgh Brewing. 1
Feb
Nat'
20%
Feb
Penn Federal Corp com
12%
44%
Feb
Jan
Mountain
l-uel Supply Co.
Fire proofing
Fei>
Aug
Pittsburgh Screw & Bolt.*
Pittsburgh Steel Foundry *
Plymouth Oil Co
____5
110
5%
4
4%
26
5,868
98
10
20
440
Sept
Sept
Sept
Sept
Sept
4%
Aug
4%
2%
7
7 >■
165
6%
5
4%
5
350
4%
2%
1,850
%
3%
,5.6
4%
2%
%
%
%
500
2
9%
*
34%
9%
34%
Los Angeles Stock
1,270
Jan
755
Jaii
6%
Mar
Jan
10%
103
R;ar
Feb
28%
Renner Co
—1
Reymer Bros
San
_
Shamrock Oil & Gas
1
*
United Engine & F'oundry 5
Vanadium Alloy Steel
*
Victor Brewing Co..
1
Feb
8
Feb
W estlnghouse Air Brake. .*
11
Feb
July
4
Feb
8%
Feb
Jan
20%
5
Apr
23%
344
18%
Jan
26
Feb
17
914
16%
Sept
24%
Feb
26
185
22
Sept
50
1.25
75c
80c
1,340
75c
Sept
32%
34%
108%
271
32%
Sept
9%
3,369
......
-
.
.
.
.
-
108
108
9
9%
2
2
173
2
49%
104
Apr
Sept
9
635
1%
Jan
154
49%
Sept
Sept
Sept
6%
52%
8%
6,933
6%
.......
3%
3%
505
1%
1%
200
3%
1%
5c
1,000
......
8
5c
......
4
4
148
......
48
48
66
201
107% 111%
11
12%
......
......
107%
Sept
21%
11
Sept
10
Sept
21%
75
Jan
Sept
Jan
14%
4%
72%
12%
10
Feb
Mar
Jan
Mar
1% May
25c
Jan
Feb
8%
Sept
Sept
380
12
110
5c June
3%
48
Feb
Mar
58%
Apr
153
10
......
1%
9%
53
July
F'eb
147%
19%
Mar
30
Jan
Feb
29%
Apr
1%
Sept
3
Sept
2%
4%
May
Jan
4c
16%
M ar
1%
7%
500
2c
1,000
4%
4%
42%
3,350
4%
Sept
7%
Jan
40%
264
40%
Sept
61%
Mar
52
52
150
45
56
Sept
1.25
Feb
4%
"52"
2c
90c
903
993
175
31%
124%
112% 112%
250
Jan
80c
34%
31%
124% 133%
111
80c
......
......
Sept
Sept
Sept
Jan
66%
Feb
163%
Jan
Feb
16
Mar
3%
2c
Feb
8%
600
1%
3
......
......
Westlnghouse El & Mfg.50
Feb
Jan
%
July
275
9%
Sept
18
34%
Sept
44
Unlisted—
Lone Star Gas 6 % % pfdlOO
Feb
Apr
113
Feb
Feb
100
Exchange—See
st. louis markets
1846.
page
I. M. SIMON & CO.
Business
Established
Enquiries Invited
Established 1874
Mid-Western and
1874
all
on
Southern Securities
R1EMBERS
DeHaven & Townsend
New York Stock Exchange
New York Curb (Associate!
Chicago Board of Trad#
St. Louis Stock Exchange
Members
New
21%
22
25
*
com
Toy Mining Co—
10
Sept
Sept
Sept
Sept
Sept
Sept
Sept
4
Feb
5%
35
19% June
1,941
Mar
Sept
June
98
Feb
Mar
29%
Feb
1%
Mar
12%
70%
23%
16%
"I7"
25c
com
Pittsburgh Brewing Co
*
Pittsburgh Coal Co preflOO
Pittsburgh Plate Glass..25
..
Feb
Aug
900
26
4
Corp..*
19%
5%
1,140
1
5
26
Jan
Jan
10
Sept
......
Nesta Machine Co
28
6,165
"~7
*
McKinney Mfg Co......*
Sept
Sept
7
3
3
50
.10
Devon an Oil
Sept
Sept
Sept
36%
2
2%
43
Feb
28
Sept
4%
Wayne Screw Prod com..4
"W olverine Brew com
com.
11%
Apr
Feb
3%
Young (LA) Sp & Wire
10%
Duquesne Brew Co com-.5
3
B_
Wolverine Tube
.......
......
F'ollansbee Bros
4%
2%
Universal Cooler A
com
Columbia Gas & Electric.*
13%
3%
3%
4%
98
1
Warner Aircraft
Feb
23% June
20
Axle com..10
com
200
790
1,990
4%
4%
4
5
com
55
4%
2%
4%
2,470
......
615
16%
4%
600
1
United Shirt Dist
24
4%
4%
Tivoli Brewing com
6S0
300
26
Tom R:oore Dist
2,126
4
10
Stearns&Co(Fred'k) pref 100
Timken-Det
7%
36%
15%
Candy Co...*
Byers (A M) Co com..—
Carnegie Metals
1
Jan
9
14%
Clark (D L)
Apr
£
Jan
17%
445
Feb
*
Feb
2
85
340
1,537
18%
30
23
% Aug
2% June
430
119
Feb
11
Blaw-Knox Co
1%
9%
300
64%
5
27%
Jan
29%
1
51%
16%
......
1%
8%
100
High
Sept
25%
22
1% June
% Aug
5.600
Low
5
Sept
51% Sept
16% Sept
14% Sept
1% June
4% Sept
*
Sept
Sept
22
3,640
4%
6
(HW) com
1%
"16
1%
"16
3%
2%
17%
9%
4
4
Raisin Paper com..
fccotten-Dillon
25
515
......
Armstrong Cork Co
Phoenix O 1
Packard Motor Car com..*
Parke-Davis com
25
Range Since Jan. 1, 1937
Week
27%
5%
25%
*
Allegheny Steel com
Sept
% May
4% Sept
625
1%
1%
Oil com
MZurray Corp com
767
%
4%
25
McClanahan Refining coml
Micromatic
21%
%
4%
Klnsel Drug com
1
Lakey Fdy & Mach com__l
11
Shares
Arkansas Natura' Gas Cor*
June
7
20%
*
Feb
for
of Prices
Low
High
Price
Par
Stocks—
Week's Range
Sale
Feb
Feb
2%
5%
July
Sept
Sept
Sept
%
4%
X
3%
1,660
Kingston Products com__l
8
4%
Mar
Sept
4
18%
11%
Houdaille-Hershey B
Feb
Bonds—
Feb
2%
20%
6
Fed Motor Truck com
.
High
Sept
Sept
Jan
Sept
Sept
Sept
Sept
Sept
2
1%
3%
com
2
13
2
Detroit R ich Stove com..1
Eureka Vacuum
Low
X
92%
17%
17%
10
com
Shares
3%
6
Consolidated Paper com. 10
Continental Motors com.l
.
Range Since Jan. 1, 1937
2,200
X
1
Baldwin Rubber com
.
RTar
Week
1
Allen Electric
......
*
Elec & Peoples tr ctfs 4s
for
Sale
Auto City Brew com
al sales lists
Sales
Friday
35%
,51S
July
Jan
Aug
200
United Gas Imp com
Preferred
c
29%
Jan
45%
Jan
%
%
Preferred:
compiled from off
41
80
%
United Corp com
ve,
40%
35
'16
Union Traction
Telephone: Randolph 5530
Sept. 11 to Sept. 17, both 'nclus
x38
40
33
......
Tonopah-Belmont Devel.l
Tonopah RJining
1
detroit
Detroit Stock
8%
11%
Chicago Stock Exchange
York Stock Exchange
315 North Fourth
Philadelphia Stock Exchange
philadelphia
1513 Walnut Street
St., St. Louis, Mo.
Telephone Central 3350
new york
30 Broad Street
St. Louis Stock Exchange
Sept. 11
Philadelphia Stock Exchange
Sept
to
to
Sept. 17, both inclusive, compiled from official sales lists
Sept. 17, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Price
Range
of trices
Low
High
Stocks—
Low
Par
American Tel & Tel
Barber Co
*
100
10
13%
162%
......
Bell Tel Co of Pa pref.. 100
Budd (E G) RTg Co
*
13
14%
1,978
Sept
26%
Feb
American Inv
156% 166%
22%
22%
116% 118%
1,136
156%
Sept
187%
Jan
Brown Shoe
45
22%
Sept
13
98
112
R:ay
7
7%
462
7
Sept
*
6%
6%
235
6
Sept
Chrysler Corp
5
Electric Storage Battery 100
92%
30%
99%
768
92%
32%
495
30%
Sept
Sept
General
47%
52%
2,304
47%
Sept
6%
7%
1,288
6%
Sept
9%
10%
520
9%
Sept
Budd W heel Co
R'otors
Lehigh Coal & Nav
Lehigh Valley
10
7
*
50
10%
For tooinutei" set page 1882
for
of Prices
Low
High
Shares
Price
Week
Low
High
High
A S Aloe Co com
American Stores
Week's Range
Sale
Week
Shares
Range Since Jan. 1, 1937
Last
Range Since Jan. 1, 1937
for
Sales
Friday
Sales
Week's
43
127%
14%
13
134%
44%
70%
14%
24%
Mar
Mar
32
*
com
*
com
41%
Bruce pref
3%% new. .100
Burkart Mfg com
1
"32"
32
22
20
22%
42%
48%
32%
41%
48%
30
10
30
20
July
25
190
41%
Sept
49%
7
48
Sept
49
138
30
Sept
Sept
Sept
37
Jan
Chic & Sou Air L pref...10
4
4
4
205
4
Coca-Cola Bottling com__l
33
33
33
25
33
27
29
285
26
26
122
Dr Pepper com
.*
Jan
Ely & Walker D Gds com25
Feb
^
Aug
Rlar
1st preferred
100
122
2Dd preferred
100
101%
122%
101% 101%
100
117
117
Emerson Electric pref
.
.
117
35
195
Feb
Mar
Sept
30
86
20
9
Aug
Aug
Feb
July
Jan
9
Feb
40
May
Jan
Sept
32
Feb
Jan
125
June
Jan
106
Apr
May
125
Mar
100
48
Feb
25
26
118%
99%
Financial
145
Volume
Range Since
Last
Week's Range
for
Sale
of Prices
Low
High
Par
1
9
84
Grleaedteck-West Br com.*
31
31
Harntlton-BrownShoe com*
29^
24
Hussmann-Llgonier com..*
19
19
50
114
254
12
110
254
5
10
Hydraulic Pr Brick com 100
Huttlg S A D com
254
Prelerred
82
15
Sept
Sepc
Jan
Sept
Feb
Feb
6
July
23
20?*
Feb
26
(Concluded)
Rainier Pulp A Pap A new*
Republic Petroleum
Rheem
Jan
Richfield Oil
Sept
16
5
14
July
21
Aug
30
20
30
Sept
36
common..
255
14
Sept
22
Mar
100
23
Sept
323*
Mar
Preferred
39
60
38
17
17
10
15
Sept
Feb
58
Mar
Shell Union Oil
Mar
16
175
153*
Sent
Midwest PAS com no par.
10
10
10
205
10
Sept
13
Aug
8
77
83
845
7
June
13?*
Mar
*
...100
15
100
July
119
Jan
Sept
Feb
2
Mar
164
com...25
1st preferred
1104
Rice-Stlx Dry Gda com... *
84
equip com*
44
St
110 4
70
100
Preferred
Scullln Steel pref
preflOO
Southwes'n Bell Tel
84
1
Sterling Alum com...
54
Super Mold Corp of Calif 10
17
17
39
90
24
174
17
Sept
Sept
12
Sept
Sept
100
Sept
Mar
4,484
37
Sept
49?|
Feb
15
Jan
39
Universal Oonsol Oil
10
294
60
July
128
Mar
114
9?*
June
214
10
90
May
98
90
90
23
184
450
10
124
2,674
54
Sept
Sept
164
284
Sept
24
Fob
10
Sept
19
July
650
44
54
44
Sept
6
Sept
41
Sept
75
Jan
Sept
7
July
350
Feb
44
2,614
Well3 Fargo Bk A U T. 100
Feb
300
290
300
35
290
Sept
27
25
27
1,025
25
27
26
3,000
June
363
Sept
343
40 4
Mar
44 June
34 Sept
224
34
July
Jan
253*
10.000
27
34
Feb
94
Sept
37*
Portl Cement-..
Aug
13
20?*
174
17,929
3,939
74
64
Feb
June
446
144
41
43
Rights
Feb
5
Sept
16
134
204
184
74
Victor Equip Co common.
Walalua Agricultural. .20
Mar
Feb
40
Sept
14
30
1.245
Mar
May
36
214 June
24
14
224
18.4
124
25
Apr
35
Union Sugar Co com
*
Jan
Aug
174
24
90
100
preferred
Transamerlca Corp
*
Union Oil Co of Calif...25
Apr
19?*
19
523
383*
27
1934
304
65V*
39
39
Aug
1,591
Sept
17
100
July
105
30.4
324
100
37
...
Mar
Feb
July
100
40
304
3534
404
Western Pipe A Steel... 10
*
253*
__
c-d's
102
304
324
Yosemlte
United Ry 4s
80
200
102
*
Bonds—
United Railways 4s
1024
40?*
102
*
50
100
June
Jan
Feb
Thomas-Allec Corp A
1171* June
83* Sept
60
175
334
105!*
694
40
Standard OH Co of Calif..*
Feb
11?*
10
1201* 1221*
83*
8H
Sepi
103
Tide Water Assoc Oil com*
253* Sept
23
Mar
70
6
251*
21J*
Apr
1.225
10
Telephone Inv Corp
120
,
Apr
124
6,115
30?*
334
$4?*
13?*
7?*
Sept
51
Jan
Sept
Sent
105
5
Sept
1
42
100
May
122
7
23
Preferred
May
100
105
Jan
12
Apr
23
16
100
114
Apr
June
360
74
234
Sept
2
36
37
15
Wagner Electric com
3
7
Sept
37
54
121
3
Sept
11
12
20
*
3
64 -Sept
14 Sept
20
436
65
170
100
254
*
Securities Inv com
194
104
34
Jan
50
Sept
800
So Calif Gas A pref
Jan
134
Sept
2
14
13)*
84
20
12
Scruggs-V-B Inc com
5
Preferred
...100
Sept
70
11?*
St Louis Scr A Bolt com.
Sept
14
115
Sound view Pulp Co
Mar
0%
64
84
220
84
44
11
15
100
Preferred
50c
200
50c
84
4 y8
18
30
18
11
10
.......100
Louis com
1104
50c
Nicholas Beazley AIrp com5
St I^)uls B Bldg
154
18
*
National Oats Co com
5
36
*
Southern Pacific Co
29
Mo Port Cement
Feb
..110
com
Preferred...
223*
263*
Natl Candy com
Aug
60
115
100
79
1,800
115
Schles'ger A Sons (B F) com *
Sept
54
3,379
8,135
7
154
23
38
38
*
*
Meyer Blanke com
15
115
Warrants
S J L A Pwr 7% pr pref. 100
18?*
164
77*
37
154
7?*
14
Sept
52
5,141
544
10
30
135
67-8
38
5?*
38
Mfg Co
Feb
Jan
614
24 Sept
260
65
High
Low
Apr
413*
146
424
42
Sept
1
50
1
14
20
52
1937
Week
Shares
524
24
104
6.4
1
Preferred
Jan
514
24
104
64
*
Ry Equip A Realty com..*
Range Since Jan. 1,
for
Range
634
24
104
*
Plg'n Whistle pref
Aug
3?*
493*
Par
Phillips Pctrolpum
of Prices
Low
High
Price
23
15
Laclede-Chrlsty CI Pr com*
McQuay Norris com
293*
23*
16 4
ll1*
17?*
276
Mar
Apr
113*
403*
16
10
*
Laclede Steel com
Jan
30
"42"
*
.....
8
1,630
24
1
International Shoe com ..*
Knapp Monarch com
94
Stocks
Week's
Sale
High
Low
Shares
Stocks (Concluded)
Falstalf Brewing com
Hyde Park Brew com
Last
Jan. 1, 1937
Week
Price
Sales
Friday
Sales
Friday
r
18811
Chronicle
Jan
H
strassburger & co.
133
8c Co.
Dean Witter
Tacoma
Seattle
Stockton
Sacramento
NewYork
Portland
Beverly Hills
Fresno
Board ofTrade; NewYork Curb Exchange
Curb Exchange; Chicago
Honolulu Los Angeles
Ppsadeno long Beach
Last
Par
Stock*—
Price
Week's
Range
Sales
Low
Range Since Jan. 1, 1937
for
High
Shares
Alaska Juneau Gold Mln 10
11
10?6
11
of S F.20
20
20
20
795
20
Sept
300
3?6
104
Sept
Anglo Cal Nat Bk
3?*
10
131*
73*
23?*
Eng
5
Bishop Oil Co...........6
Byron Jackson Co..
.*
Calamba Sugar 7% pref. 20
Atlas
Diesel
Imp
3?*
11
Calif Cotton Mills com. 100
22
73*
22 V*
213*
36
193*
com..*
Calif Water Serv pref.. 100
323*
30
Mining
Calif- Engels
....
213*
3*
1
Calif Packing Corp
102
80
*
Caterpillar Tractor
103?*
Preferred.
85*
Claude Neon Elec Prods.. *
102
80
3J*
22
32 V*
102
80
10356 103?*
856
856
Atlas Corp com
Mar
360
19
Sept
464
Sept
484
1064
99 4
104?*
124
Feb
60
414
50
100
318
41
40
41
102
102
102
20
41
39
41
580
Sept
175
8
38
260
33
8
268
5K
1636
5?*
1836
91?*
91
93
8
8
S3
8
37
preferred
Mfg....;
7?*
173*
Docrnbeeker
Empoiium Cap well Corp.*
33
7?*
Jan
35
Sept
183*
com...10
100
Sept
54
164
5?*
5
*
Preferred
80
101.4 May
104 Sept
394 June
1014 May
91
Creameries of Araer Inc..*
D1 Giorgio Fruit
1003* May
650
11,604
Sept
Feb
46
173*
Mar
59
Mar
Sept
9
Sept
345
7K
15?*
373*
11?*
400
79
Sept
1,359
38
Sept
3?*
474
Sept
Sept
704
11
Sept
104
Sept
184
314
16
173*
1,180
36?*
11?*
39
12
814
443*
370
Sept
Sept
24?*
474
19?*
964
574
69
Gladding McBean A Co..*
Golden State Co Ltd
81.3*
413*
3.3*
514
13 3*
13?*
63*
53*
6
1,682
5
Sept
.*
14V*
14V*
15
420
14
Sept
22
Pineapple new.5
.10
35 >4
30
353*
1,138
30
Sept
363*
Jan
36?*
275*
36?*
37
36?*
Sept
444
Mar
Sept
31
General Motors com
10
General Paint Corp com..*
nale Bros Stores Inc
Hawaiian
Home F A M Ins C >
12
336
5136
13 4
13?*
180
2,375
678
1,010
60
613
27
27
2756
Honolulu Plantation
20
30
30
30
60
Hunt Bros A com
10
2
2
2
110
2
May
360
33*
Sept
Honolulu Oil Corp Ltd- ..*
43*
134
Langendorf Utd Bak A..*
Leslie Salt Co....
10
43*
1336
43*
134
4036
38
404
LeTourneau (R G) Inc—1
31
31
Libby McN A Libby com.*
Lockheed Aircraft
-1
294
12?*
105*
10
Preferred
Magnavox Co Ltd
Magnln A Co (1) com
12?*.
14
1736
23*
*
106
6% preferred
.100
Marchani Cal Mach com.5
156
17
106
12?*
11
14
174
106
Jan
8?*
334
44
8
Mar
Feb
Jan
Feb
Apr
Feb
Aug
Sept
Feb
Feb
Jan
140
12
July
320
364
Sept
42
Feb
29
Sept
454
10
Jan
144
Apr
9
Sept
163*
Feb
"25"
356
6,531
975
14
Sept
164
274
Sept
11.50
54
134
44
6.4
134
44
25
54
134
44
Sept
13
Sept
Sept
184
94
SCPt:
Sept
134
74
June
31
5
Jan
350
17
June
40
3,044
103
V* May
108
Jan
21
Sept
28
Feb
\
234
193*
936
215*
10
10
675
Sept
13K May
Automotive Fibres..*
20
24
2,330
20
Sept
444
*
100
1,735
104
Sept
134
19
19
Sept
33
124 May
164
5,566
3.00
100
425
36c
4,050
25
7.050
3.00
24
25c
20
Aug
Aug
50c
82
9?6
Occidental
Tns Co
124
14
2S
28
94
143*
120
133*
93*
1336
50
1236
12
12 V*
270
93*
O'Connor Moffatt&CoAA*
..15
Sugar
100
13?*
!.10
Filters B..*
Paauhau
P?6
19
28
North Amer Oil Cons... 10
Oliver United
9?6
19
1,777
50
730
293*
29?6
3636
74
2756
2936
264
294
294
264
4,112
40
37
404
1.666
1004 106
44
54
120
Pac Pub Ser (non-v) com.*
1063*
5?6
Pacific Tel A Tel com.. 100
138
131
Pacific Can Co
Pacific G A E com
6%
1st preferred
53-2%
preferred
Pacific Lighting com
6% preferred
9
*
25
25
25
*
*
603*
Parafflne Cos common...*
For footnotes see pi ge
1882.
594
9
138
603*
224
778
7/1
50
455
Fob
Feb
32
il
12 V*
17?*
Apr
11
Sept
18
Jan
1.90
Mar
60c
Jan
1.90
Mar
23*
Sept
Jan
23*
14
2?*
23*
2,108
542
70c
Jan
3?
Mar
5.00
600
3.00
Mar
5.25
Mar
324
12 V*
44
32.4
13 V*
44
10
323*
Sept
180
12 V*
Sept
690
44
Sept
454
174
84
Mar
144
18 V*
14?*
50
21
68
68 V*
41
41
20
71c
88c
284
60
144 Sent
18 V* Sept
664 May
10
35
1,855
3,450
Mining. 1
lnternat'l Cinema
1
"54
4.65
54
2.695
90c
75c
90c
2,500
84
84
9
Co
Honokaa Sugar
Internat'l Tel A Tel
Preferred
Klnner Air A Motor
Kleiber Motors
Aug
79
July
484
Mar
Sept
1.60
Mar
Sept
174
3.60
Apr
73*
Jan
75c
Sept
1.85
Mar
8
Sept
154
Feb
70c
10
June
Sept
184
4.2c
55c
6,538
42c
Sept
1.25
Mar
3.00
4.10
8,870
3.00
Sept
74
Mar
20c
74c
7,200
10c
July
72c
Feb
15c
15c
800
12c
Aug
50c
Mar
BK
5?*
200
54 June
104
38c
38c
33,850
524
52?*
50
94
364
1,395
344
155
344
30c
32c
500
30c
Sept
82o
Feb
227
8
Sept
184
Feb
5
38c
1
Montgomer-Ward A Co —
City Copper..5c
Co..
20
2 Occidental
Petroleum..1
"5
8
Oahu Sugar
10
8
Products
Pac Coast Aggregates. 10
Pacific Clay
63c
Feb
May
8
Sept
683*
174
Mar
Mar
30c
Sept
44
274
284
254
Sept
Mar
323*
2.10
2.50
1,572
2.10
Sept
4.15
Jan
1.00
500
92c
Sept
1.80
May
50
50
pref. 100
7
22 V*
20
Pioneer Mill Co
10
America
9
V*
Shasta Water Co com
Coal
5
California-Edison—2o
22?*
25
25
25«*
274
Silver King
50
74
23
104
334
11?*
23
203*
28
531
46
July
60
Feb
7
Sept
124
Sept
June
Sept
Sept
374
124
Feb
Jan
260
25
65
5
224
74
334
ll3*
214
244
204
54% preferred
6% preferred —
213*
254
273*
787
86
794
Sept
June
June
Mar
29 V*
Jan
294
Jan
Sept
534
Jan
1034 May
4?*
131
594
107
Sept
S3*
Sept
1624
Sept
87
Jan
Jan
Jan
Feb
Schwabacher & Co.
Members New
111
York Slock Exchange
Broadway, New York
Cortlandt 7-4150
offices In San Francisco — Los Angeles —
Del Monte — Hollywood — Beverly Hills
Private wire to own
Santa
Barbara
—
Jan
41V*
16 V*
324
284
Jan
Mar
37
Jan
96c
2.40
Pacific Distillery
Jan
Jan
Sept
51
Feb
38
84
Mar
23c
MoDtaln
Pac Portland Cem
Jan
27
55c
1
-.10
McBryde Sugar Co
M J A M A M Consol
286
Jan
Apr
3.80
1
1
Italo Petroleum
100
10
10
Idaho-Maryland
Jan
Feb
40c
500
May
May
jan
July
5,800
Jan
July
Sept
Jan
Aug
1.30
85c
Sou
Jan
1.50
Mar
Natomaa Co.
No Araer Inv com
94
Jan
Feb
Mar
1.20
1
20
Radio Corp of
7
Mar
28
710
25?*
20
Packard Motors..,
Mar
83*
40
4.25
204
Holly Development
2
Feb
June
4.00
"5.66
Share—5
Hawaiian Sugar Co
z
Sept
19
170
Jan
Feb
Aug
1.20
1.40
-1
Gt West Elec Chem com..
z
47c
Feb
Feb
Mar
85c
1,190
7
General Metals...
2
97c
6.00
20
3.00
1
C urtiss- W right. Corp
z
186?*
700
45c
Feb
1,075
24
213*
Meier Frank Co
Nat
9
294
7
-
Sept
Sept
40c
13
23?
! Electric Bond A
<
Mar
Mar
Mar
Jan
Mar
Fireman's Fund Tndem..l0
Sept
—2.
Sept
60c
24
24
Consolidated Oil
Apr
Sept
47*
1
Columbia River Packer—
Consolidated Edison NY-
Apr
Sept
134
Cities Sendee
64 May
25
...
.
54
Sept
518
Claude Neon Lights
Apr
12
336
483*
115*
Preferred
Mar
1084
030
1
1
Central Eureka
50c
2
4,450
30c
Cardinal Gold
z
Mar
56
1064
38
38
z
Feb
Jan
100
70c
Carson Hill Gold
Aug
43* % cum pref w w. ..50
10
Foster A Kleiner com..23*
Bunker Hill-Sullivan
Apr
Emsco Derrick A Equip..5
Food Mach Corp com
Bolsa Chica Oil A.
6c
4.50
-5
1
10
10
Bancamerica-Blair
Mar
30
High
Low
900
15c
54
54
157?* 165
60c
5
3
...
Jan
1,061
161.4
19
Aviation Corp
Jan
344
234
1.4
Mar
3*
10
Crown Zeller Corp com
Feb
Week
Shares
54
157?*
45c
Argonaut Mining..
Arkan Nat'l Gas A-..._
150
701
.
.
Tel...100
Bridge....1
Anglo Nat'l Corp
Feb
10
15c
Anglo American Mines
Feb
Mar
25
of Prices
High
Low
Range Since Jan. 1, 1937
for
100
American Tel A
American Toll
Feb
64
223*
211*
960
pf. 100
Indus A
15?*
314
74
Sept
Jan
Sept
Jan
1,631
Co
Cons Chcm
Sept
1,178
1336
71*
23?*
214
C«t Cos G A E 6 % 1st
Clorox C.itmical
Alleghany Corp com ....
American Foreign Power.
High
Low
104
Price
Week's Range
5
Alaska United Gold
Week
of Prices
Par
Stocks—
Sales
750
Assoc Insur Fund Inc
Sale
compiled from official sales lists
Friday
Sale
Last
Exchange
Francisco Stock
San
official sales lists
both inclusive, compiled from
Friday
Sept. 11 to Sept. 17, both inclusive,
Exchange
Francisco Curb
San
Sept. 11 to Sept. 17,
(Assoc.)
Teletype S. F. 138
Direct Private Wire
ofTrade
NewYork Curb Exchange (AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange
Oakland
Stock Exchange; San Fran¬
Members: NewYork Stock Exchange: San Francisco
cisco
Mcmbrrr. New York Stock Exchange, SanFranciscoStock Exchange, Chicago Board
San Francisco
STREET
(Hanover 2-9050)
Privet* Leased Wires
BONDS
MUNICIPAL AND CORPORATION
Montgomery Street, San Francisco
NEW YORK OFFICBx 25 BROAD
Jan
Feb
Jan
a
1882
Financial
Friday
for
of Prices
Low
High
Week
Price
Par
Standard (Ml of N J
2
Week's Range
Sale
(Concluded)
59%
2
59%
59%
10
1.10
1.35
3,880
10 %
10 %
275
1.85
59%
Sept
95c
Sept
2.70
14%
Aug
75
Mar
1.20
1,850
1.20
Sept
3.75
21%
Sept
29%
Aug
5,925
1.15
91%
100
92%
307
2.65
500
Utah-Idaho Mining
Warner Brothers
—5
""l2"
11%
No par value,
c Cash sale,
35
2.10
a A. M. Castle A Co.
2.90
Feb
126%
Mar
Bruck Silk
Sept
3.00
Aug
Sept
18
Sept
55% June
Feb
Included
In
range
for
* Ex-dlvldend.
year.
y Ex
rights
t In default.
Canada Malting
High
35
Canada Vinegars
18
*
Mnrct.nl
14,500
125
5
July
335
7%
Sept
35%
18%
18
34
50
hen
Jan
'10%
Apr
38 M
21
Feb
Jar
17
July
1 50
June
Feb
1.60
1.95
9,815
23%
80
6c
6c
12,700
3.25
3.50
685
TMc
1%C
5,300
lc
Aug
3%c
225
12 M
Feb
22
June
12
lMc
18%
14%
7,548
11M
Sept
May
50
50
100
47
Sept
19 H
60
91
91
5
89
Jan
95 M
Mar
Jan
2%
Sept
6
1
*
Consolidated Paper
*
Consol Sand A Gravel pflOO
13%
Corrugated Box pref...100
*
Oil
100
July
21c
12
22%
/4%c
1
Press
3 Mo June
1.70
1
*
Copper
*
70
Jan
7c
Canadian Wirebound
Dalhntinle
45
5%
*
Crown Dominion Oil
or reorganisation.
Low
5
50
•
Cobalt Contact
t Company In bankruptcy, receivership
Range Since Jan. 1 1937
Shares
High
50
Consolidated
Stock dividend of 100% paid Sept. 1, 1936.
sale—Not
Low
*
Central Manitoba...
1937.
b Ex-stock dividend,
rCash
Price
8
I rotoewey
C atiHdian
common stock on a
d Stock spilt up on a two-for-one basis.
2 Lis ted.
Brett
for
Week
of Prices
Canada Bud
11%
Bpllt its
Week's Range
.100
Sept
35
75
BNsell pref
Coast
two-for-one basis on March 9.
q
Par
Stocks-
June
73
625
12%
35
Western Union
Last
Sale
Feb
25
2.00
1.75
1
U 8 Steel com
1.90
22%
1.15
2.40
U 8 Petroleum
Sales
Friday
Mar
Sept
10
Exchange—Curb Section
Sept* 11 to Sept. 17, both inclusive, compiled from official sales lists
High
22%
United Aircraft
•
Low
1.25
Texas Consolidated Oll.l
Toronto Stock
Range Since Jan. 1,1937
Shares
10M
...
Stearman-Hammond 1.25
Studebaker
Sept. 18, 1937
Sales
Last
Stocks
Chronicle
2%
58c
*
150
68c
2%
3.00 June
16,500
50c
1%
50u
Jhii
3 %
22 M June
4 Me Sept
25
Jan
31c
Mar
10.00
Feb
Jan
Feb
Sept
3.69
Pen
DeHavilland
*
11
12
125
11
Feb
*
38
40%
405
38
Sept
~
Sept
22 M
Dominion Bridge
Apr
Dom
*
33
37
29
May
68 M
43
Found A Steel
35
Foothills
*
Eraser
*
voting trust..
Hamilton Bridge
Foreign Stocks* Bonds and Coupons
Preferred...
St., N. Y.
30
70
Apr
Klrkland Townslte
H
30
28
Aug
11
415
10
Sept
125
88
Sept
Sept
l%c
20c
3,600
1%C
6,100
26
AntloQUla 8%
1946
Bank of Columbia
7% 1947
1948
Bank of Columbia 7 %
Barranqullla 8s'35~40-46-48
Bavaria 6 Ma to
1945
Bavarian Palatinate Cons
Cities 7% to
1945
Bogota (Colombia) 6 Ma '47
8s
1945
Bolivia
28
Hungarian Cent Mut 7s '37
Hungarian Itai Bk 7 Ms '32
Hungarian Discount A Ex¬
26
...
change Bank 7s
/II
/16
/14
Apr
426
29
Apr
37 M
Jan
535
23
Sept
31
35
2c
8,500
n
7%
n
/7
7%
6s.
1940
1940
British
30,225
2.55
__1
3c
75
/88
/18
/18
1962
/30
1953
Affiliated
/18
/18
/20
/20
1968
/16
/16
/68
...
12 M
11M
Issue of 1934 4%__. 1946
Cordoba 7s stamped.. 1937
Costa ltlca funding 5% '51
Costa Rica Pac Ry 7 Mb '49
1949
Cund|namarca6Ms
1959
Dortmund Mun U.tll 6s '48
Duesseldorf 7s to
1945
Dulsburg 7 % to
1945
East Prussian Pow6s.l953
Electric Pr (Germ) 6 Ms '50
6Mb
1953
European Mortgage & In
vestment 7 Ms
1966
7 Mb income
.1966
7s
7s
18
18
70
Bank
5a
64
to
95
7M
/9%
/18M
1957
1953
Jan
Jan
68c
Sept
1M June
62 <4
Jan'
34
Jan
3.50
40
Janj
June
39
/25
27
87M
Santander (Colom) 7s. 1948
/10
11M
Sao Paulo
(Brazil) 6s. .1943
/19
21
/19
380
110
Mar
53
Vest en Elec Ry 7s
1947
Wurtemberg 7s
1945
to
1.11
Series B-3
18.10
19.84
Series K-l
20.66
22.44
Series K-2
15.74
17 23
5M
5%
7%
Perles S-2__
Series S-4
21.93
24.01
9.36
1.0.38
6M
3M
3%
4.45
Major Shares Corp
*
Maryland Fund Inc
22" 05
.32
.52
(below)
Nation
mmmm
8.18
8.97
1
24.90
26 42
10
14.26
4.32
15.58
Wide Securities
Voting trust certificatesNational Investors Corp..
England
2%
10c
Mass Investors Trust
Mutual Invest Fund
Fund
1
N Y Bank Trust Shares.. 1
N Y Stocks Inc—
4.42
•
1.72
6.89
16.40
17.63
3M
25.52
4.56
4.88
Agriculture..
10
Bank stock
mmmm
12.51
10.24
Consol Funds Corp cl A. 1
Continental Shares pf 100
13%
14%
Corporate Trust Shares.. 1
2.71
mmmm
8
..1
2.57
2.57
mmmm
3.25
mmmm
mm
mmm
27
100
117
32
13.51
11.08
9.50
Insurance stock
Machinery
11.34
9.83
equipment
10 27
10.50
supplies
10.62
11.05
11.94
mmmm
35
12.70
13.71
11.48
12.40
Railroad equipments...
Steel
10.14
10 96
12.44
13.43
No Amer Bond Trust ctfs
No Amer Tr Shares 1953.*
29"
Metals
Oils
3.25
10
Building
Electrical
1.80
6.64
23.73
7% preferred
100
Cumulative Trust Shares *
Deposited Bank Shsser A1
111
56 M
2.52
Series 1955
5.72
....
2.06
....
1
3 09
B1
2.87
ser
Diversified Trustee
Shares
mmmm
mm mm
3 50
10%
3.50
4.40
mmmm
/58
l
6.65
7.40
1.67
1.82
Eqult Inv Corp (Mass)..5
/16
/59
34.01
33%
36%
*
24.31
26.18
10c
3.12
3.48
Insurance stock series 10c
Fixed Trust Shares A... 10
B
...10
11.49
Bank stock series
3.10
Series 1958
1
2.91
Securities.-.100
♦
*
Foundation Trust Shs A.l
Fundamental Investlnc__2
Fundamental Tr Shares A.
2
2
Quarterly Inc Shares
Representative Trust Shs
11M
*86.48 91.08
...
3.44
9.47
3.88
•**•-*
-
mmmm
4.45
4.75
20.60
21.86
5.68
6.25
17 09
11.99
12.49
.80
.90
Royalties Management. .1
M
12.38
4.95
13 49
Selected Amer
Selected
Sharea_2M
Income
Shares
.
♦
Standard Am Trust Share*
Standard Utilities Inc_50c
State Street Invest Corp. •
mmmm
2.47
mmmm
B
3.85
2.47
6.55
D
mmmm
mmmm
7.05
1 24
1.35
1.69
1.83
1 44
1.57
.89
.98
1.21
3
mmmm
mmmm
12.25
13.32
nrustee Stand Invest Shs
Series
C
1
2.80
Series
D
1
2.74
Trustee Stand Oil Shs A.l
7.26
Series
mmmm
■
mmmm
mmmm
6.81
1.32
Trusteed Amer Bank Shs B
.79
1.32
Trusteed
Shares
1 30
1.42
1.52
shares
1
1.21
shares
1.65
U S El Lt A Pr Shares A..
15%
15%
2.35
2 45
.93
1.01
B
Industry
1.32
1.44
1.05
1.15
1.76
1.91
Un N Y Bank Trust C-3-*
1.00
1.10
Un N Y Tr Shs ser F
%
M
shares
Tobacco shares
Guardian Inv Trust com.*
$7 Preferred
...*
Huron
Holding Corp
1
Institutional Securities Ltd
24
Del
e
26
B
Voting trust ctfs
Wellington
Fund
mmmm
.88
•
2%
1%
3M
1%
-.1
16.20
17.79
.93
Investm't Banking Corps
Bancamerlca-Blalr Corp.l
8
9
38
40
1.65
Central Nat Corp cl A..*
lass B
*
1.45
1.57
First Boston
10
20M
22.27
23.95
10c
2%
.43
1.52
Insurance Group Shares.
Incorporated Investors. *
value,
•76
105
3.74
6.02
Building shares
par
3.95
.70
7.05
1.84
No
3.75
102
C
1.70
*
19.29
40 64
Agricultural shares
Automobile shares
Insuranshares Corp of
1.03
18.33
AA
super Corp of Am Tr Shs A
Supervised Shares...
shares
'
.93
com
Spencer Trask Fund
H
'mm
BB
5.17
Group Securities—
Bank Group shares
—
.76
15.60
RR equipment shares...
80
14 M
3
.65
27.28
Investors Trust.*
Petroleum
/42
mmmm
12
Class B_.
'
76"
37
Steel
/ 54
mmmm
mmmm
mm
71
Pacific Southern Inv pref. *
Sovereign Invest Inc
Mining shares
/47
1
Republic Invest Fund ,25c
31 65
1
Equity Corp conv pref
Fidelity Fund Inc..
Food shares
/42
Series 1956
Plymouth Fund Inc A.10c
26c
Shares
3.16
Class A
B
Dividend
1
Northern
....
Merchandise
56
/16
/15
/16
30.08
1.00
New
8% preferred
45
14.04
-
12
4.50
1
40
.89
1.00
19%
Series ACC mod
Crum A Forster com
Ask
27.55
Investing shares
56
54
Unterelbe Electric 6s. .1953
Keystone Cust Fd Inc B-2.
Chemical
54
Union of Soviet Soc Repub
7% gold ruble
1943
24%
32.52
General
1956
75
23%
4.10
General Capital Corp
1956
fio
13.23
18M
Series AA
Bid
Invest Co. of Amer com. 10
Investors Fund C
1
30.41
Inv Banking
Par
8.58
20.62
B
/18
/20
Jugoslavia
1946
Ask
17.11
7.73
Fiscal Fund Inc—
—
/90
Stettin Pub Util 7s-_. 1946
Stlnnes 7s unstamped. 1936
Certificates 4s
1936
7s unstamped
1946
Hid
16.08
...
/86
Oct 1932 to April 1935
Oct 1935 to Oct 1936.-
Corp ♦
D
164
150
1947
98
Mar
100
C
1948
1955
For footnotes see page 1888.
21
1948
/350
.2
Deposited Insur Shs A..
155
2930
Corp *
Deposited Insur Shs
/16
Toho Electric 7s
/15
mmm
/17
/19M
Tolima 7s
/51
mmm
/25
/14M
107M
Hanover Harz Water Wks
/17
mm
13 M
Certificates 4s
109
-
Jan
90c
230
Forster Insurance
Common B shares
10
Coupons—
Great Britain A Ireland—
4s
....1960-1990
Guatemala 8s
..1948
6%
/22
/12
1954
he
Ma'§
56
20c
45
Crum A
Saxon Pub Works 7s.. 1945
6 Mb
1951
Saxon State M tge 6s.. 1947
32
German
June 1 '35 to June 1 *37
25
"H
.
/12M
29
Haiti
/15
/20
33 M
23
6%
21
/32
/20
(Austria) 8s
/19
/34
2d series 5s
Graz
45
/18
/31M
/30
/26
34 stamped
50
1957
Slem A Halske deb 6s
Apr 15 '35 to Apr 15'37.
Young coupons:
1933
Scrip
/6M
34
Sept
Sept
33 M
195
Accumulative series.-.1
Series A A mod
1
/16
/40
1957
7%
State Mtge Bk
5s
Dec 1
...
Salvador
/34 M
/33
German scrip
German Dawes coupons:
Dec 1934 stamped
55
161
/35M
1937
99
/16
/17
Jan to June 1935
July to Aug 1937
1968
1941
July to Dec 1934.
July to Dec 1936
/97M
8s ctfs of dep
/40
Jan to June 1936
Jan
Sept
3M
Jan
30
40
1
see
Santa Catharlna (Brazil)
8%
1947
Sauta Fe 7s stamped. 1942
/58
Jan to June
Feb
8 H
395
195
11
Century Shares Trust
*
Commonwealth In vest.-.1
8s
/17
1 '38
July to Dec 1935
1952
1941
7s ctfs of dep
4s scrip
Office
German defaulted coupons:
July to Dec 1933
12 Mo
122
28,609
32c
43
Central Nat Corp.
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
/20
/31
/90
1.80
36
27%c
Canadian Inv Fund Ltd_.l
flO
1945
Rio de Janeiro 6 %
/55
Jan to June 1934
Oberpfals Elec 7%
1946
Oldenburg-Free State 7%
Am Insurance Stock
Bullock Fund Ltd
/28
1947
50o
Corp
British Type Invest A
1
Broad St Invest Co Inc..6
Rom Catb Church 6 Ms '46
R C Church Welfare 7s '46
105
Business Shares
Basic Industry Shares.. 10
/28
National Hungarian A Ind
Mtge 7%
1948
North German Lloyd 6s '47
Rhine Westph Elec 7% '36
/16
Corp...*
Bankers Nat Invest
/89
6s
1940
Jan
1948-1949
Nat Central Savings Bk of
Hungary 7 Mb
1962
5s
/34
/28
•
Inc.-.Ik
Boston Fund Inc
/90
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
/17
Fund
Assoc Stand Oil Shares
Protestant Church (Ger¬
6s
Int ctfs of dep
1946-1947
11M
German Atl Cable 7s.. 1945
German Building A Land
1946
85 M
/19
(A A B)
31
1937
Funding 3s
Nassau Landbank 6 Ms '38
Natl Bank Panama 6M%
Panama 5% scrip
Porto Alegre 7%
100
10
195
Amer Gen Equities Inc25c
/16
31
6s
1948
Amer
/16
Panama City 6%s
/16
/17
/17
Fund
Amerex Holding
/16
Hessen 7s to '45
75
/85
/65
Conversion
Par
84 M
Municipal Gas A Elec Corp
Recklinghausen 7s. .1947
28
/28
Gelsenklrchen Mln 6s. 1934
6M%
M unlc Bk
4s
/33
1945
French Nat Mall SS 6s *52
bank
1945
/70
1967
Frankfurt 7s to
German
Munich 7s to
/25
/29
/28
/10M
/17
/16
1967
Income
1957
(CAD)
/28
/92
/62
1.80
35
3ic
Apr
Investing Companies
22
Amer A Continental
Merldlonale Elec 7s
1934
Savings
*
26
26
Feb
Sept
24
1,870
Jan
16c
June
2 M
11c
3%
Sept
2 Mo
880
4
Feb
Sept
June
109
6
24%
3%
3o
2
2Mo
/40
...
1947
Budapest 7s
1953
Colombia scrip Issue of '33
pref......100
/15
...
...
Central German Power
City
Fuel
Administered
12
7s assented
24
24%
3%
'
Walkervllle Brew
/22
/U
/H
/9M
Chile Govt 6s assented
1,215
111
BK
*
/18
/48
12 M
14 M
Chilean Nitrate 5s
48,600
2%c
111
*
Leipzig O'land Pr 6 Ms '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light A
Water 7%
...1948
/HM
/12M
Magdeburg 6s
4c
6%
sysc
I
Supertest ord
Koholyt 6 Ms
1943
Land M Bk Warsaw 8s '41
...
Caldas
1946
5,000
Temlskamln* Mines..... 1
76"
65"
Cauca Valley 7 Ma
Ceara (Brazil) 8s
1,250
4c
100
10M
Buenos Aires scrip
/63
Burmelster & Wain 6S.1940 fill
(Colombia) 7 Ms '46
Call (Colombia) 7s
1947
Callao (Peru) 7 Mb
1944
14,500
3M
4c
1
/58
Corp—
6 Ms
3%e
3%
1
•
Nov 1932 to May 1935
Nov 1935 to Nov 1936
7%
Hungarian Bank
7 Ms
Brown Coal Ind
3c
*
•
Mannheim A Palat 7s. 1941
/8M
/17
Feb
3.65
100
United
Feb
6,500
3.00
....
Preferred
63 M
6c
6.65
2c
3.20
Sbawinlgan W A P
Stand Paving
63 M
Jan
July
Sept
T%c
Robb Montbray
62 M
62 M
Jan
1
Rogers Majestic...
1/19
Jan
6c
12c
..1
Stop A Shop
1969
(Germany) 7s 1935
1948
Ilseder Steel 6s
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s
1956
Coupons—
57 M
July
Sept
3%c
lMc
Prairie Cities
Jan
69c
Mc
1%C
4%c
l%c
Robt Simpson pref
/16
/28
/28
20o
17.500
4%c
Ritchie Gold
/28
19"
1958
6s
Ask
/73
/85
1936
17
(Republic) 8s. 1947
Bremen
1939
Housing A Real Imp 7s 46
7s
Brazil funding 5% .1931-51
Brazil funding scrip
6s unstamped
24
24
7s
Brandenburg Elec 6s.. 1953
Bid
Hansa SS 6s stamped.1939
Feb
4%C
34
2c
Apr
40
1
*
55c
Mar
*
...
.
Mar
July
Sept
29%
Selections
Jau
18 M
20
29
Pei d oreilie
Ask
l%c
Feb
32%
108
25
26
29%
Porcupine < 'rown
Bid
/ 15
/25
/22M
/22M
f23
/16
18c
3,100
24c
21c
•
100
Pawnee-Kirkland
1946
Feb
90
Night Hawk
Anlialt 7s to
Apr
30
National Steel Car
Foreign Unlisted Dollar Bonds
15
41%
7M
24M
*
Oil
Jan
Sept
Sept
145
9,874
P
v
9%
1.75
8
18c
Apr
Feb
50c June
27
2CC
1
Mandy
Mercury Mills pref
63
10%
1
Malroblc
5
125
60c
Sept
88
•
100
Montreal I
Feb
June
11
47 %
18 %
30
*
Preferred
Tel. HAnover 2-5422
3.35
Sept
714
24%
21%
*
Inter Metals A......
52 William
Sept
28%
9%
60c 1
*
Humberstone
75c
Aug
70c
25
*
Preferred.
625
2,725
32
70
100
Hudson Bay M A S
WALTER E. BRAUNL
70c
31%
9%
*
Honey Dew
Inactive Exchanges
75c
32
1%
Ex-coupon,
2
Corp
4choelkopf, Hutton A
Pomeroy Inc
x
Ex-dlvldend.
y
com
4
Ex-Stock dividend.
6
22
3%
new
members
Telephone HAnover
SPECIALIZING
UTILITY
CANADIAN
IN
AND
NEW
MONTREAL
PRIVATE WIRES
Volume
association
Cable address Hartwal
INDUSTRIAL
STOCKS
52 WILLIAM STREET
BUILDING
ALDRED
york security dealers
Bell System Teletype ny 1-395
2-0980
ROYAL
YORK
BONDS
AND
BANK
BUILDING
TORONTO
CONNECT
OFFICES
145
1883
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of
Alberta—
58
Jan
1 1948
53
Oct
4%s.
Oct
1 1956
68
Prov of British Columbia—
5a
Sept 15 1943
May
1 1959
5s.
July
4%s._
Oct
48
12 1949
Province of Manitoba—
4%s
Province
Aug
1 1941
June 15 1954
■ 58.
5s...
of
Friday
Last
Week's Range
for
116% 117%
118% 119%
106% 107%
113% 115
Sale
of Prices
Low
High
Shares
Dominion
Eastern Dairies
Stocks (Concluded)
Dry den
Mar
2 1950
109% 110%
4s
Feb
1 1958
107
4%s
Prov of New Brunswick—
4% 8
PU%8
1 1962
Jan
15 1965
Quebec—
May
1 1961
110% 1U%
108
Prov of Saskatchewan—
Textile..
Paper
Electrolux Corp
1
Enamel & Heating Prod..*
English Electric A...
Lugiiah Electric B
June
15 1943
79
82
Nov
15 1946
76
78
Foundation Co of Can...*
1 1951
76
79
General Steei
Sept
15 1952
5fl.
Mar
1 1960
Hamilton
Bridge
Wood,
Preferred
Bonds
Gundy
"24"
_
_
_
_
Co..
&
New York
Inc.
Power pf. 100
*
100
Railway Bonds
Bid
Bid
Canadian
6s.
Sept
4% 8
Dec
16 1944
101
102
6s
July
1 1944
114
Pacific
As*
Ry—
Sept
Dec
1
1954
107
July
1 1960
101
107%
101%
Bid
Ast
1 1951
112 %
113%
4% 8
June 15 1955
4% s
4%a_
Feb
1956
July
1967
July
...Oct
1969
115%
113%
112%
115%
117%
117%
113%
113%
116%
118%
118%
58
5s
58
1969
Feb
Bid
As*
1970
6%s
1 1946
July
122% 123%
116
38
.Jan
106
1 1962
107
94%
96
*
Ltd
_
-
-
54%
Ottawa Traction.
Week's
Last
Sale
Stocks—
Par
Range
Power Corp of Canada... ♦
_____
_
"17%
Price Bros & Co pref... 100
31%
62%
Quebec
18
*
Power
of Prices
High
Low
Price
Week
Low
Shares
pref
100
Saguenay Power pref—100
—
9%
•
50
Agnew Surpass Shoe.
Preferred
Associated
*
83
83
11
107
11
65
107
55
*
13
13%
Assoc Tel & Teleg pref...*
Bat hurst Pow & Paper A.*
41
41
Bawlf Northern Grain.
Bell
Telephone
167
100
Braalllan Tr Lt& Power..*
B
Mills.
*
Building Products A
Can
12%
104%
*
*
-
Canada North Pow Corp. *
Preferred.
-
-
16
Mar
Feb
57
Mar
1.50
10%
104%
22%
35%
286
25,086
380
Canadian Cottons
105
6%
5
310
13
6,743
105
771
14
430
13
20%
220
20
4
941
24
25%
22%
3,005
1,167
20%
116%
Con Mln & Smelt
______
25
*
9%
11%
71%
Crown Cork & Seal Co...*
*
25
Dominion Glass pref
100
Dominion Steel & Coal B 26
Dom Tar & Chemical
*
100
33
2,305
30% Sept
4% June
5
86 %
June
98
669
19%
Sept
43%
30%
5%
6
86
22%
130
86
19%
Apr
Mar
Jan
Mar
Mar
Jan
Jan
Jan
145
10
148
Apr
156
Mar
18
22
1,380
18
Sept
27
Aug
15%
10
22
Mar
15%
Jan
8
June
15
Sept
16%
Mar
15
Mar
48
Mar
15
7
5,535
8
3,585
8%
Apr
38
Jan
Jan
48
10
30
7,901
30%
30%
88
29
Jan
31
Feb
90
67
80
May
100
Feb
2,358
37%
Sept
28%
Jan
36%
37%
39
Sept
42%
Feb
41
112
39
Mar
43%
Feb
31
36
7,020
31
57%
Jan
35
64
Feb
54
55%
Sept
Sept
Sept
83
Feb
105
33
7,188
52
20
225
225
Sept
300
Mar
31
31
2
30
July
30
July
103
103
10
103
May
103
May
23
1
20
Jau
23
June
28
28
34
60
64
1,765
13,786
1,505
IS
231
16%
18%
60
Sept
Sept
Sept
16%
Feb
33%
48%
79
Apr
Mar
Jan
17
June
8%
8%
380
8
Apr
11
June
24%
20
19
Jan
25
Aug
55
104
_____
_
------
105
102% 102%
10
8%
21
25%
"74%
106%
103%
60
99%
Jan
12,600
8%
39%
Mar
Apr
7,665
21
Sept
Sept
24
15
22
Mar
25
June
Apr
15
Apr
70
77
3,827
68
Feb
98
Aug
24
24%
3,209
24
Sept
33%
Feb
17%
19
310
17%
Sept
30
13
13
5
13
Sept
16
Jan
no
110
32
101
Jan
no
Aug
545
12
Ju.y
18%
Feb
651
72%
96%
88%
11%
Mar
72%
13%
74%
70
__
Jau
25%
70
13
Apr
Mar
5%
3
485
3
July
7
Jan
100
47
100
47
Sept
60
Mar
Preferred
22%
24
90
21
May
35
June
*
Winnipeg Electric A
"22%
*
Wabasso Cotton
3%
.100
6%
2,595
Mar
65
3
Jump
650
3
Sept
10
20
55
24
Aug
43
Jan
55
100
Woods Mfg pref
6%
70
5
20
B
Preferred
65
175
55
Sept
82%
Jan
3%
3%
3%
3%
1,136
Jan
10%
Jan
Banks—
50
Canada
Canadlenne
...
.100
100
Commerce
Jan
June
58
168
97
150
Jan
179
180
53
179
Sept
211
Jan
220
220
3
227
June
227
June
206
207
218
206
Sept
441
Feb
328
328
335
65
iao
340
Mar
187
1.86% 189
261
"267"
58%
58%
Jan
60
76
160
58%
160
______
.100
Dominion
100
161%
Aug
Jan
39
Apr
21
Sept
Sept
Sept
Jan
32
314
186%
Feb
Sept
Mar
Mar
Municipal
-
INCORPORATED
Mar
126
HANSON BROS Canadian Government
Feb
31
21
40
21
Jan
22
12
32
19
July
30
10
75
Feb
93
Aug
21%
22
165
23
Apr
33
Feb
82
84
320
71
Aug
5
Apr
Apr
Sept
94
3,715
2,745
175
10
Sept
7,155
9
11
10%
11%
69
74
6,364
69
Sept
Sept
Sept
20
50
18
Jan
Public Utility and
ESTABLISHED 1883
Jan
90
5
4%
10
9%
5%
4%
10
16%
39
37
17%
41%
19%
18%
20
145
17%
9%
54
3
10f
lpo
90
17%
Corp Seagrams
9,730
55
Mar
47
20%
Sept
May
73%
24%
______
"~6%
Royal
20
82%
5%
4%
*
Sept
*
Viau Biscuit
Nova Scotia
11
------
31%
31%
July
Sept
Sept
Sept
*
Montreal
Feb
10%
21
170
24%
15%
38%
73%
39%
12%
106
Apr
6,990
_
Jan
23
25
Feb
18%
13%
_
25
Dominion Coal pre
Simon (H) & Sons prdf.100
Southern Canada Power.. •
Apr
61%
21%
10%
100
Canadian Pacific Ry
Cockshutt Plow
Dominion Bridge
*
111
July
255
40
Canadian Ind Alcohol cl B*
new
*
Sherwtn Williams of Can. *
22%
Jan
July
Sept
Sept
364
117
Jan
9%
12%
48
116
Jan
2
3%
12%
116
Mar
Jan
29%
6%
38
21
Mar
73
Sept
14
20%
*
10%
104
A,,r
Seil
13%
Feb
30%
39%
11%
11%
Jan
12%
Can Hydro-Fleet pref-.100
Canadian Locomotive
56%
Jan
170
July
58
Apr
5.75
Jan
400
22
Canadian Indust Alchol.
23%
May
7
25%
*
18%
34
5%
*
Cndn Foreign Invest
157
Sept
Sept
Sept
Sept
100
7%
new pref
Jan
54
20
-
_
Rights
*
Canadian Converters -.100
5%%
11
15
12%
25
Canadian Celanese...
Distill
405
38
*
Canadian Car & Foundry.*
Canadian Car & Foundry—
Preferred
—
4
100
Preferred
-
_
Canada Steamship (new).*
Canadian Bronze
105%
Jan
14%
57
57
100
Forglngs clA
Jan
200
5%
*
Canada Cement
Canada Cement pref
12
110
5,051
168
Jan
Jan
1.60
34%
6%
93
June
16%
20%
Mar
8%
14%
166
21%
34%
*
Bilk
75
1.50
15%
*
British Col Power Corp A. *
Bruck
65
107
-----
100
Breweries
Sbawlnigan W & Pow
United Steel Corp
83
100
99%
18%
105
Holland Paper
Preferred
Acme Glove Works Ltd—
6%% preferred
80
1,268
17
8%
*
-.25
Steel Co of Canada.
High
Apr
24%
....•
-
Simon (H) & Sons
Range Since Jan. 1 1937
for
34%
23
______
100
St Lawrence Paper pref 100
Sales
Friday
Jan
8,451
225
*
St Lawrence Flour Mills..*
Exchange
18%
41
38%
"33%
*
A preferred
Montreal Stock
Jan
Apr
88
_
new
St Lawrence Corp
Sept. 11 to Sept. 17, both inclusive, compiled from official sales lists
Apr
16%
74
28%
30
_
.25
Ottawa Car Mfg
100
Ottawa I.HA Power of. lOli
Preferred
18%
Jan
33
Breweries
Regent Knitting
Grand Trunk Pacific Ry—
48
Jan
1 1962
May
56
15%
*
Price Bros & Co Ltd
Canadian Northern Ry—
Sept
Feb
Mar
10 H
560
1,530
15%
18%
145
"
100
Ogilvie Flour Mills
Dominion Government Guaranteed Bonds
Jan
Jan
14%
32%
58%
48
Mines
Jan
Sept
Sept
20
48
Noranda
July
8%
9%
1,895
102
12%
Niagara Wire
5s.
4% 8
_
_
__
Jan
Mar
8%
18%
12%
National Steel Car Corp..*
4%s._
Canadian National Ry—
102
24
7%
3,281
•
National
56
24
8%
12%
103% 104
1 1946
Sept
53
75
220
20
7
Preferred
114%
4%s
Mar
8%
50
6%
.
Apr
18
75
7%
Frontena'* Oil
31
Jan
11
7
_
Mont Loan & Mortgage.25
Montreal Tramways...100
Ast
95
94%
108
15 1942 /107
9
*
_
16%
Sept
10%
10%
11%
Massey-H arris
Mtl LHAP Consul
Ry—
_
20"
Montreal Cottons
Pacific
8%
8%
9%
Lang & Sons (John A)...*
Lindsay C W
*
Met'oil
4s perpetual debentures.
_
22%
inn
Lake Sulphite
Private wires to Toronto and Montreal
Canadian
55%
32%
*
Preferred
June
15
Apr
Jan
5.00
14
_
*
Power
10
745
2,430
75
"32%
Lake of the Woods
600
4
53
9%
10%
11%
"19%
International
June
16%
53
______
100
International
4
30
890
13
Industrial Acceptance
14 Wall St.
40
25
17%
37%
July
100
16%
17%
12%
imperial Gil Ltd
Imperial Tobacco of Can.5
Internat- Pet Co Ltd
20
85%
Sept
Sept
Sept
Sept
1.40
12%
5
Intl Nickel of Canada
12
435
11
100
*
2,230
15
_..*
Hollinger Gold Mines...
13
12
*
Holt Renfrew pref.
Howard Smith Paper
Canadian
Jan
""16%
Gypsum Lime & Alabas..*
High
73
1.60
4
*
Charles
'
37
■
Wares
Goodyear T pref inc *27 50
Guru.
17%
*
5s
12
Low
27
1.40
*
5%s
4Mb
4%s
12%
*
Range Since Jan. 1 1937
Week
80
78
*
15 1961
Oct
Price
Par
15 1960
Apr
Apr
Province of Nova Scotia—
Sales
Ask
110% 111 M
|
4%s
2 1959
Dec
1 1942
..June
4%s
1 1953
Montreal Stock Exchange
Bid
Province of Ontario—
16%
145
is%
545
445
2,514
927
4%
11%
16%
37
18%
Sept
Sept
Sept
40
140
Mar
13
Jan
9
86
9
10
23,589
1,890
86
87
330
8%
7%
23%
17%
22%
100%
SparXs St
,
industrial Bonds
Montreal Curb Market
Jan
Jan
Mar
Sept. 11 to Sept. 17, both
Mar
29
Mar
Mar
Sept
Mar
Sept
28%
18%
July
91
Aug
Apr
Sales
Last
Stocks—
Abltlbl Pow & Paper
Par
Co..*
Week's Range
Sale
Mar
58%
23%
inclusive, compiled from official sales lists
Friday
Mar
Jan
145
Montreal
330 Bay St., Toronto
Ottawa
Jan
22
>
255 St. James St.,
56
of Prices
Price
4%
Low
High
4
4%
100
42
38
44%
Certificates of depoaltlOO
43
40
43
6% cum pref
•
No par viiitit
for
Week
Shares
Range Since Jan. 1 1937
Low
4
16,578
4,900
38
150
40
Sept
Sept
Sept
High
15%
Apr
80
Apr
79%
Apr
Financial
1884
Chronicle
1937
18
Sept.
Canadian Markets— Listed and Unlisted
Sales
(Continued)
Par
Aluminium Ltd.-—
Last
Range Since Jan. 1, 1937
Week's Range
for
Sale
of Prices
Low
High
Week
Price
*
Sale
low
Shares
Par
Stocks (Concluded,)
High
1
■
95
100
60%
--*
Ltd
ABbestobCor,
95
69
4,317
6
8%
Beaubarnolh Power Corp. *
6
7
7
341
12
10
84.00
7
Mar
Wood
92
July
m
Sept
Sept
Sept
26%
Aug
91.50
9
22
Calgary & Edmonton.
Dalhousle OH Co.—..
Home OH Co
*
Jan
1.05
1.10
500
D05
Sept
37%
2,425
31c
Sept
59%
Mar
16c
500
16c
Sept
16c
Sept
33
109
Jan
2
Sept
4
Jan
23 X
Feb
9%
9%
105
14%
9%
2
100
1.75
17%
441
18
10
82 %
l td
*
Aug
Royallte Oil Co
39
Apr
Southwest Petroleum.
112
1.50
1.85
735
15%
Sept
Sept
Sept
2%
2X
25
1.50
July
3%
15
17
5.00
21
Aug
27%
5
5
745
5
25
65
Jan
*
5
5
30
5
Sept
Feb
CatelJl I d 5% cum pref.15
10
10
50
10
Jan
11%
11%
City Gas & Elec Corp
70c M ay
1.00
1.00
175
Claude Neon Gen Adv..
20c
30c
1.150
lal Alcohols Lid
1.65
2%
4%
2,320
500
3%
14%
37,526
10 X
3%
—
165
Consolidated Paper Ltd..*
12
David & Frere Ltee A....*
5
5
40
6%
6%
6%
60
11%
10%
12
5,070
6%
10%
11
10
12
2,230
10
6%
6%
19%
1,635
6 %
of t an A.. *
20%
690
19 X
Foreign Power Sec Corp..*
1.00
1.C0
100
Paper A.,
Paper B
Eastern Dalrles7%empfl00
J-airihUd Atrualt Ltd
Port' Motor (
o
"~6 %
6
6%
7
130
*
31
27
31%
1,685
\otiig trust ctfs
Frelman Ltd 6% cum pflOO
31
28
33%
19,262
41
40%
41
Piatti t os Ltd
9!
100
Jan
Members Toronto Stock
New York Curb
Mar
80c
Jan
4
6%
1.00
5
Aug
Apr
15
Toronto Stock Exchange
Jar.
24%
Apr
5X
Feb
Sept
12%
Apr
Sept
19%
Apr
tiiduy
Sept
Sept
Sept
Sept
19
Apr
Last
Apr
30
Sept. 11 to Sept. 17, both inclusive, compiled from official
Jan
13
Feb
Par
Stocks—
6,100
10c
Mines Ltd
1
3c
3c
1,000
3o
Aug
AJax OH & Gas..
1
22Hc
27c
3,100
22 %c
Aug
Alberta Pacific Grain
*
2
2
Mar
A. B. Conbol Oils
1
26c
30c
80c
93c
9,725
68,200
2.00
6,500
1%
20
29%
26c
Apr
Acme Gas & Oil
June
49
Jan
Alton
14
75 X
6
100
preferred
70
91
90
92
345
76
Jan
30
30
20
32
June
35%
20
18
18
30
18
Apr
Alexanoria Colo
14
14
2
15 H
Apr
June
20
lnternat'1 Ltil Corp A
*
il teil ati I limits CorpB.l
21 X
Feb
1,075
1.00
3%
Feb
American Cyanamid
Anim Gold Mines
Aug
Anglo-Can Bold Dev..
Jan
Anglo-Htronian
Intl Paints 5% cum pref
1.00
1.25
65
53
61
Mackenzie Air Service...*
23
22%
24%
1,745
k
45
42
45%
730
94%
92
94%
33
2
2%
125
5%
6
504
I ahe f-t John P & P
11hii <eu pf
asst>
lb(
Met olI-F C;ll 6% cm pf IOC
Melt hers Distillers Ltd..
....
596
52
22 X
110
Sept
Sept
87
Sept
Sept
Jan
37X
73%
Mar
June
100%
Mar
1.50 June
9.00
Fob
9%
Feb
42
fel'%
Aidtiu at Copper
*
_.l
B..10
13
16
885
13
30
Jan
90
90
62
90
Sept
110
Mar
15
15
50
15
Mar
20
Jan
Bank of Montreal
99
100
40
99
July
107
Feb
Bank of Nova Scotia
Jan
5
July
*
Canada—
of
Sarnia Bridge Ltd A
Can
Huil«11
1
*
4%
"ii"
11
*
106
50c
*
United Amuitment A
11
105
ptel.-lCi
Thrift Stores Ltd
4%
"26"
26
90c
200
3
17
VhiieiMiit Bitweij
1.75
1.90
365
65
Waiitr-GoodA Worts <H)»
43
43
Walker-G & W $1
19%
19%
pf.*
105
100
1
17
cum
12
35
United Securities Ltd..100
lto.*
4%
25
50c
26
90c
I fittd Distil of Can Ltd
20
155
Sept
50c
25
Jai
Sept
Jan
t>5c
Apr
15% June
1.7o
22
( anada
26
1.15
im
3X
61 X
June
one.
20
Mines—
Aidein
18,750
76c
4.75
5.15
4.75
37c
Sept
8 76
39c
35c
JUlit
1 42
25c
30c
2.0S0
25c
Sept
1
6%c
6c
6H'c
6c
1
7c
6c
7c
2,600
30,250
6c
.60
5SH
26c
15,000
1
11H
He
16
167
1
46Hc
1
48c
Apr
1.90
Feb
Bill
4%
Jan
Blue Ribbon
*
Flats
Sept
105%
Mar
7
1,171
a
Jai.
168H
301
154
Apr
v%
176
Feb
51c
97,395
38c June
1.70
Jan
48c
4,805
166
43c
42c
10
205
7.70
1,395
45c
47c
4,400
45c
Sept
79c
Aug
Brazilian
*
21H
20%
22H
33,266
Corp. 5
44c
Feb
Brewers & Distillers
5
7
B
♦
21
19%
21H
34H
34
35
Feb
Brit Columbia Power A..*
Brazil Gold & Diamond.. 1
5c
5c.
5c
Sept
15c
Jan
Brown OH Corp
•
Brownltt Mil
ti)--.l
4c
3c June
13c
Jan
Buffalo-Ankerlte
J
Bulolo Gold Dredging....5
tai A.aJartit Go M Ltd.*
23%
4%c
24%
2,500
2,000
438
23 X
1.00
1.22
3,750
M 1 tfl f
13c
16c
15,100
Central Cadillac G M Ltd.l
22c
28c
5,700
a<arilr C
Central Patricia Gold
1
2.35
2.35
100
(
i
22c
42c
28,050
l.lLt ugan.au
Dome Mines Ltd...
(
40%
30
Feb
Building Products
Feb
Bunker Hill
*
Jan
22c
Sept
65c
Mar
2.20 June
40%
90
6c
7c
19,600
1.05
9,800
»
2.30
2.20
2.45
11,225
2.10
FalconbrldgeKick M Ltd.*
6.75
6.00
6.75
1,825
59c
47c
59c
12,250
9c
10c
2,500
12%c 12%c
27
25%
3,000
3-rai tt'tni ( <>i«. M
I td_.
l
Graham-Bousquet Gold.-l
Granada Gold
1
A i-meit
26
•
25c
1
Klrkland Gold Rand.
1
775
Kirkland Lake Gold
1
1
1 amaque C ont&ct G M_.»
18,500
28c
1,333
1.10
49%
"
25c
1.35
3,200
47%
4%C
L32
Lake bLort Mines
20c
28c
J-M Consolidated Gold
47%
4%C
440
lebe) Ore Mires
I
15c
15c
Lee Gold
1
2%C
2%c
1,500
3,200
5,000
Matappa Mines
)
Mclntyre-Porcuplne M..5
Mining Corp of Can Ltd..*
Moffatt-Bali Mines
..1
5.10
4.55
5.10
2,900
35%
34%
35%
90
2.78
2.78
300
2c
2%c
4,200
10c
10c
300
"2%c
39
5.15
2 70
Feb
Pandora Cad
Ltd new—1
15
1
9
July
35
50
July
79
Aug
20
19
July
Sept
Sept
Sept
34
Aug
May
97 %C Mar
47
June
4c
1.64
Canadian Bakeries
Canadian
120 June
Jan
2%c Sept
7 He
Jan
Canadian Canners.
Jan
Canadian Canners 1st pf .20
2nd preferred
Canad Car A Foundry
4 26 June
33%
June
2.78
Sept
2c
8 60
42
Jan
Breweries
*
Preferred
4.80
Feb
July
8c
Jan
45c
Mar
1.90 June
3.80
Feb
Canadian
May
6.50
Feb
2.51
Jan
5.00
1,050
9.10
Feb
15
15
Sept
14 % Sept
36c Sept
2.65 Sept
35c Sept
5.00
35c
85c
5.00
......i
42c
( ao..
Exploration.. 1
?:
176
2
525
14%
Jan
160
6%
Sept
Sept
140
9%
275
10%
21%
105
38
3,060
1.22
27,181
115% 116
40
60
115
June
Jan
Fob
9c Junr
430
Jan
1.25
8,455
4.00
Feb
Cons Chlboug&mau
Cons Smelters-
1
»
2.00
2.38
11c
13c
11%
1.25
19
26c
50c
11
1.00
19
21c
f
72
69
..100
197
197
♦
23
2.60
Jan
Mar
1.00 JUIlt
2 25
Jan
Crows Nest Coal
400
2.59 June
4.70
Feb
Darkwater Mines..
i
1,790
59,200
4.60 June
6.10
Feb
Davies Petroleum..
*
44c
90c
800
1.00 May
No par value.
2.25
ll%c
2.90
*
Jan
Jan
Mar
6 26
11%
Jan
17 %
2.1/0
*
Feb
135
1.66
*
16
Jan
Feb
1.76
Cons Bakeries
1.95
7%
2 30
18%
Sept
Sept
Cockshutt Plow..
Conlaurum Mines
2
Jan
July
Feb
Sept
May
8%
80o
Feb
35c
Jan
47
1.41
]
Consumers Gas.
Jan
32
5,200
Central Patricia
Central Porcupine
Cosmos
Feb
85c
16c
Jan
Jan
21%
1.65
2
1.13
6.65
20%
80c
Sept
Sept
Sept
10% Mar
1.47
380 June
76c
Jan
Aug
85c
2
762
2.75
Jan
3%
23%
1.55
Feb
76 He June
6%
210
Apr
i
*
10%
2%
22c
Apr
Sept
June
18
Aug
]
Wineries
9%
4,400
1.80
4%
850 June
110%
4,751
1,075
1,700
9%
70c
Feb
Apr
Jan
24c
85c
4%
11
55c
May
Sept
Sept
Sept
May
60
200
17
18
950
1,720
55c
3Xo
1 hinjat'O
4
77
5%
4%
15
May
79%
200
24c
7c
Towagmac
1.00
101
2,795
62c
10,000
4.65
Teck Hughes Gold
2%
18%
7
*
8c
3.05
Apr
*
7c
2.99
7
»
7c
3.05
July
Commonwealth Pet..
2,900
1
1
2
Chromium Mining
Chromium Mining
5,825
40c
Gold
422
m
12%
Feb
3.25
35c
24,240
July
Feb
2.65
39c
1.13
160
6.85
40c
3.20
1.00
Feb
Jan
2.00
40c
I
1.13
98
146
39,220
8,400
4,650
12,805
......
13,150
5%
4%
13
100
Cariboo Gold
Castle Trethewey 1
4.30
1.17
*
2,
70c June
4.30
5%
*
6,425
Sept
15
40
38
Preferred
54
60
150
19
13
Jan
Apr
81
10%
13%
25
38
»
12%
23
105
18
*
Canadian lnd Alcohol A.. *
B
i0%
10
25
Canadian Malartlc
Canadian OH
2,190
18
25
Canadian Dredge
99%
4
16%
6%
*
Preferred
4%
30
179
2
9%
10%
21%
2.66
12c
2H
»
-
40
4
Can Bank of Commerce 100
Jan
3H
12%
42c
5
100
176
.*
Jan
69
27 HC
30c
May
3,050
7,400
10,900
Mar
150
2.10
1.15
Mar
10%
103%
70
150
12H
B
3.70
1.02 255,150
1 75
Sept
Apr
Sept
31%
Can Wire & Cable A
85% c
3.25
35c
30
Feb
Apr
Apr
75c
1.78
Feb
68
Feb
57c
45c
41X
Aug
79%
100
27c
10%
105
*
20C June
1.95
1.90
6 55
*
june
4H
100
ChK
2.75
Jan
Sept
Sept
*
26 X
Feb
1.00
1.45
»
35c
100
12%
.....
Can Steamship mew).
Preferred new
Mar
1.12
42,460
13,400
Jan
Sept
42c
3.25
2.05
39C
12 He
1.10
1
41c
1.45
Canada Permanent
Sept
1
1.90
*
3.00
.
44%
Jan
Sept
blscoe Gold Mines Ltd
Feb
Aug
Sept
60c
9c June
13c
Stadacona-Rouy n ......,*
FuHBan Cors Mines Ltd. l
Mar
Canada Cement pref
30c
Sladen Aj81.
14%
37
23c
19
Canadian Packers
3,698
15,820
74%
Sept
June
Feb
14,800
2.25
Sept
10c
Fet>
Feb
14c
1.95
12.50
68
1
41c
2.05
56
Apr
12.75
13c
3,500
315
10,780
a.25
Sept
30c
14,600
2,140
M ai
Sept
13%c
46c
June
47c
Jan
4%c
65
6.00
Canada ( enent.
J&D
40c
Sept
Apr
July
3%c
33
3.60
4.05
45c
Jan
23,800
Apr
2.15
3%c
2b %
39
15
100
13 H
Ritchie Gold Mines Ltd—1
Mar
Sept
Sept
38
A
2.15 June
Shaw key
......... 1
Sherrltt-Gordon
l
9%
19%
Calm on t Oils.
3.10
Reward
Mar
Canada Bread
200
300
Aug
Jan
30%
Jan
1,200
Quebec Gold Mining Corpl
7
Jai
Feb
Jan
2.10
Rto (rest.
14c
10
Jan
2 ac
9.00
34
38
*
Pend-Orellle
Read-Authier Mine.
59
Feb
6%
Mar
20,145
300
56
Feb
16%
16c
1.35
Plater Development
llHc
72c
July
38c
2.03
2.80
1
"l2%c
10.00
July
3% May
11 He Sept
6.40 May
10
201
14,008
*
Pat o Gold
Pickle Crow Gold
9.10
Jan
50%
4.55
Perron ( old Mines Ltd... 1
10.00
48c
255
Fen
Jan
2.65
4.30
*
33c
7*
75
1
71c June
6X0
~~39c
Com Mines Ltd..1
Pamour-Porcupine
45c
7«,
250
Calgary & Edm
3.85
Kormetais
11,900
....26
Burt (F N)
Sept
1.35 Sept
3.80 Sept
....1
11%C 13Hc
15
Burlington Steel
1.35
Montague Gold
35
98c
Feb
Sept
June
22o
4H
4H
*
2.28
47 He
90c
Udoredo Gold M I.td
Oh
Sept
6c
38
a
13c
1.02
—
June
72c
90C June
1
*
Duiaiquei Mining Co...*
100
99
7.00
Mar
Jb
14
24
7,465
7.70
1.16
Sylvanlte
Jan
Feb
180
1.14
n%c
20 He
Paikbili Cd M
21%
7
65c
15
98c
*
Sept
0 Brier
Aug
.1
Sept
Pa> A li
Apr
10
250
-
Sept
Sept
Sept
8
Bobjo Mines
May
m i
June
24%
865
Bralorne Mines
41c
lim
15
Sent
18,800
Jan
12 %C
16c
Fast Mai&rtlc.
Sept
Sept
450
22c
16%
9
Feb
6G0
I'M J
9
20c
15%
11H
20c
15%
9c
500
<
Aug
Mar
65c
8,000
( anlei-k
340
273
June
12c
Jai.
May
June
20(
44c
85
1
Sept
A pi
Feb
250
5,700
21c
53c
j an
49c
305
22c
12c
6U
245
9
3%c
15c
June
213
27
20c
1
Feb
250
10
*
l old Mines, i
25c
6
•
IX July
2%c Sept
July
335
14
100
Bel Tel Co of Canada
Feb
99
1.10
*
...
Feb
15c
250
7
...
20,343
Fen
Sept
16%c Junt
Sept
57
leu
16
332
250
21
2d preferred
Btbuliari ois.
69c
4
*
issot.ri Mines
ts
53c
44
3%c
Bobjo Mines
Bt.taint mat
64c
1
59
213
*
Bldgood-Eirkland
Big k
213
100
100
58
22c
1
.
—
36c
.]
( oio..
Jan
5.00
1
B
more
Jan
*
1,800
8,060
Amo Mines Ltd
Beauiort
2
91c
2%
82c
1
Gold..
4%
35%
Sept
Big Missouri
85c
Correr Corp...*
ac
Feb
Aug
May
JUlit
Jan
1.15
Bldgood K'rkland...
Alexandria
1 F9
73c
1,750
2,549
3,643
Btaftle (.old
Feb
Feb
1.35
Beatty Bros A
Jan
July
Jan
95c
1.15
Baiburst Power A
Jan
6%
1.25
Base Mttaib Min
Jan
25
June
Sept
26C Sept
Sept
1.50 Sept
Barker's Bread.
Feb
57c
Sept
100
Bank of Toronto
Feb
Jan
Sept
14C
.
Jan
1.75
Apr
42
...
Feb
108
10% C
2
60
35
Jan
July
15,700
—
bagamac Mines
Bankfleid <
99 %
1.75
30
Apr
20c
22c
—
Page-Hersey Tubes Ltd..*
( oip
2.00
30
Apr
80
14c
..
Paton Mfg Co
69 con 1st pref
100
Quebec Tel & Pow Corp A *
85c
38
16%
III
Sept
Sept
lover
45
4,256
2,960
21c
_.
Ashley Gold
Astorla-Rouyn
o»
4X
,,
38
27c
1
Argoty Gold Mines
Arntflefd Gold;
Bant
42
...
—
Melt hers Distilleries pref.*
M lit hell (Bt ht) Co Ltd.
5%
High
11c
Apr
60
255
GenMtelW ares7%cm oflOO
Inter-C ity I ailng Ltd. 100
4
10c
60
Sept
9%
Low
Shares
*
Sept
27 X
72
1,565
High
Sept
Sept
Sept
71
10%
Range Since Jan. 1 1937
for
Week
of Prices
Low
4
71
Preferred
9%
Price
Abitlbl
Sept
Sept
Power
Gateneau
sales list
Sales
Week's Range
Feb
2.50
Sale
Jan
29%
WA. 3401-8
King Street West, Toronto.
27
45
(.Associate)
Jan
Mar
4
Exchange
Canadian Commodity Exchange, Inc.
Jan
2.50
Sept
Sept
20c
16C
STOCK BROKERS
Jan
205
Sept
Sept
16
25
16
31
*
Jan
25
*
35%
Duncanson, White & Co.
Jan
Jan
~26*
oi l a< oi a
Jan
Sept
Feb
15
1
155
Aug
ux
4.10
Jan
2%
2
Don
Feb
*
15
*
Lit minion Stores Ltd
F'eb
850
Okalta (ills
450
1
Preferred
Feb
3.60
Aug
16
men
6.40
Apr
Sept
40o
200
Cndn Intl lnv Trust Ltd..*
Con
Sept
48c
9.695
800
Apr
Sept
34
*
1.50
5,075
55c
1.43
18,285
Apr
2
100
1.95
48c
1.10
Jan
43c
60
111
CndnVlciers7% cm pf
Catelli Food Products
1.50
1.35
8.10
43c
25
33
*
1.85
Apr
5.95 June
100
Homestead Oil & Gas.....1
76
111
6% cum preferred
6.10
73 %c
Feb
Mar
9
Breweries—..
Can Meiers Ltd
6.10
High
Sept
24c
29,250
1.10
20
Can Nor P 7% cum preflOO
Canadian Lt & Pow Co. 100
31c
*
76
18
*
Apr
7
Canada Malting Co Ltd.. *
*
Low
Shares
OH—
Mar
7
76
Ranoe Since Jan. 1 1937
for
Week
High
Low
Apr
Jan
Range
of Prices
24c
Wright Hargreaves M Ltd*
12 X
Cad...
Week's
31c
135
June
20
12%
*
Cndn Marconi Co
6
73
Canada Bud Breweries—.*
Irtlerred.
Sept
81.50 81.50
*
Calgary Pow 6% cum pflOO
Cndn Cen Investments
6
4,795
7
20
Brit Amer Oil Co Ltd—
Canadian
822
21%
12%
Brewers & Distill of Van—*
Can A Doui Sugar Co
60 %
Sept
Sept
2,210
Hat burst Pr & Pap class B *
B C Parkers 1 td_.
95
Price
Market
Sales
Friday
Last
Stocks
Curb
Montreal
Montreal Curb Market
60c
19
150
43c
39,583
74%
6,934
Sept
June
65c
1.47
1.47
Jan
20C
950
Feb
22%
Mar
Sept
Sept
Sept
11
Sept
1 00 May
16% Sept
21o Sept
69
Sept
197
Sept
30
199
17
23
85
22
May
45
45
41
Apr
29
68c
33
40,100
59,280
Jau
55C
22%
47% C
Mar
50c
45
100
4
31c June
29
Sept
2 14
Jan
Jan
23
Feb
2.68
Feb
100%
Mar
211
Mar
27%
Jao
50
Feb
2 95
40
Jan
Aug
Volume
Financial
145
Chronicle
1885
SE
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Stocks (Continued)
TORONTO
WAverley 7881
MorrtP
Montreal
Noranda
Sudbury
Winnipeg Grain Exchange
Kirkland Lake
North Bay
Exchange (Inc.)
Chicago Board of Trade
Timmlns
Week's
Last
Sale
Par
Stocks (Continued)
♦
DM Seagrams
Preferred
...
1754
Juh
KSe
4 H
Sept
5H June
3c
3c
1,200
2 He
July
IO«'
HVD
♦
38 X
38 H
125
38
Apr
42%
Feb
»
7%
8%
14J4
595
475
7%
12*4
....
*
12%
..
Nay Dob Gold
30c
85
♦
■
Dominion Coal pref
-26
Explorers—
—
...
...
Eastern Steel...
—
Eldorado Mines
...
IIIi
Firestone
»
Foru A
Iranroeur
.....
Frost Steel
Preferred
A
II.*
II"»
II.*
Pete
Foundation
....
........ ._
wares..
Glide* Lake Gold
"1*1
Sept
24
F'eb
Sept
110
May
2.45
38
44,075
June
2.06
jau
266
5
65c
4H
Sept
9%
Jan
19,115
2 10
Apr
3.66
Apr
10
654
31
2.000
1954
18c
214
2454 C
46c
68c
26,950
675
30
Apr
5H
July
40
8
Sept
Sept
29*
Jau
Feb
Prairie
45o
Sept
1 58
Feb
11
107
52
43
280
10
370
1254
23c
30c
38,300
5c
7,600
45c 5454 c
Apr
9)4
Sept
Jan
8
Jan
...
3July
Jan
Pressed Metals
E
Preston
Dome
Jan
Jan
35
July
40
Feb
Sept
10c Sept
12He
10c
14c
9,500
41C
Apr
13c
24c
1,050
12c
July
46c
Jau
52c 129,350
41c
Sept
1.38
70c
89c
20,475
70c June
2.50
Jan
2,000
Apr
374c
Jan
Apr
4 25 Sept
3.60 Sept
26 H
W 20
Jan
4.25
5.20
3.60
3.80
26,159
4,300
18
17
18c
2.55
30
95c
88c
*
33 H
Feb
29o
July
18c
Jan
July
36c
Feb
55c June
54,870
1.30
Feb
4.50
1 47
Jan
Aug
27c
77
1.02
1.15
2 20
Sept
Sept
1.90 Sept
16,450
29
30
Junp
17
2.500
1.90
2.35
Feb
Sept
75c
915
18
FeD
6 85
10234
43,510
18c
Jan
Jan
96
20
1.18
1.00
1.12
21
80
10224 103
1
lHJc
8,100
10
Fh»<
2.00
40c
40c
500
40c
1
3.25
2.70
3.30
8,725
2 70
Sept
Sept
6 B6
Feb
Red Crest Gold
*
38 c
38c
38c
1,700
38o
Sept
1.95
Feb
Red
»
28c
25c
32c
49,525
25e
Sept
1
78
Feb
60c
60c
600
60c
Sept
1.52
Apr
81c
75c
81c
13,000
1
Jan
Head
...
Authier
Lake G Shore...
40c
Juue
1.02
Jan
6c
Sept
30c
Feb
Reno Gold
Jan
Riverside Silk...
17c
20c
17,000
22o
26c
4,500
27c
32c
20,450
27
Sept
Apr
11c
35,000
7Ho
July
22c
Apr
Aug
*
Roy allte Oil
82
—-1
Royal Bank
9c
1
*
Reeves-Macdonald
5,000
49
9H
Feb
41c
3.75
1
22,650
Sept
Apr
86c
1
1
6c
17
15c
*
Prospectors Air
30c
12%c
*
Quebec Mining
May
14Hc
13Hc
12,900
4,700
2 Be
Royalties
Aug
660
100
25c
.100
Powell Rouyn...
Apr
Sept
Sept
23c
5H
Apr
22c June
B%
23c
5.00
14
Apr
4.00
B%
1
—
Porto Rico pref..
6c
»
20c
Goldale Mines
—
55 4
18 H
1.90 June
10c
90
14c
Premier
July
2.80
1
Power Corp
1.25
June
Mar
Mar
24c
/row
Sept
6
2.20
43 Ho
118
85c June
44
48c
Pioneer Gold
18c
Jan
13,231
19c
95
22
19H
Sept
Sept
24,300
99,240
1.80
14c
21 H
5,472
101
Mar
*
14.500
45
Jan
3.50
10
Photo Engravers
July
307
1.28
Aug
Mar
V/ic
26c
9
40c
534
l^c
Pickle <
Jan
1.80
1
16c
4c
M.
Aug
Feb
85
Pet Cobalt Mines
July
Jan
10
12c
170
1
...
Gold
May
1154
—
July
Perron
4
42,972
2.55
Gold
25 H
19
105
5554
1.15
1
Au
7
90
*
34
190
6%
Paymaster Cons
12 90
J 5.75 Sept
8
52c
40c 46Hc
190
...
...
Parta nen-Malartlc
Paulore
Apr
8,630
104
»
July
Mar
17c
.
Sept
3c
17c
16c
«.
90c
1,100
1.70
4.012
■»
God's Lake Mines....
31,735
3c
*
18
28c
1.15
3c
»
106
954
90c
—*
15
1.10
5554
1.05
Page Hersey
170
—1
Golconda
Oro Plata Mining
Park hill.
934
Feb
13.26
Pacaita Oils
2054 c 2254 c
IIIi
Gieuora
Mar
Feb
m
49C
Sent
Jan
575
*
Ceneiaj nteej
24
45c
57C
Jan
Sept
*
Apr
2054
4H
14c
3.75
Mar
18
Apr
600
15c
108
July
95c
47.420
*
Preferred
18
Jan
2 23
26,250
45c
Orange Crush
Jan
Jan
Sept
164o
An;
66c June
21c
Omega Gold
Jan
10c
100
preferred
Aug
51
7
Aug
1.20
334
July
12 H
3Hc
4 60
...
47,000
"loo
Gatlneau Power
904
350
Feb
14c
3%
June
14,411
83
3.80
♦
250
28 h
12 H
Feb
20c
1
Olga OH & Gas._
164c
............
52
4c
22J4 c
i
6.989
52
174
655
;; ♦
Petroleum.. ".25c
Feb
5
»
Mar
Pay ore Gold....
654
•
— -----
Farmer
3.60
5534
Sept
Sept
54
...
28 H
Feb
38
2 00
4.30
—
...
Apr
Equitable Life
Fajcoiibrkige
North Star pref
Noriion Oil
1.22
English Electric A
1,500
4.705
Sept
2.20
2.25
2,100
15,290
Sept
2.25
Jan
2.06
4c
36c
454
1.49
72c
9H
5
Sept
2,500
18
*
40o
1.40
134c
Mamrtie
Fanny
July
106
Easy Washing
5,950
4c
120
90c
50c
70c
38,050
"iloo
40c
1.25
60c
♦
12c
50c
4c
954
Preferred
East
Mhv
70c
36c
♦
Sept
3Hc
1.30
Painour Porcupine
Pan tepee Oil
7
25o
1,400
*
52c
I—1
Creft
East
Sept
Sept
Feb
6,570
•
w
*
*»lncoe
37
214
1.06
30c
3Hc
1
•
1954
754
954
1654
7
Dorvai
6c
5c
1754
Dom Steel Coal B
Dominion Tar
85
4.514
21%
Apr
Feb
25c
•
426
20
19
Be
1
Sept
76
4054
221
215
164
11
2.08
Okalta Oils
3.840
5
85
37
404
-100
Dominion
1854
Sept
Sept
3%c
...1
Mines
O'Brien Gold
High
Low
Fob
20P
100
Normetal
Range Since Jan. 1 1937
for
Shares
Aug
10,000
Norgold Mlnea
Week
High
1654
lioo
Dome Mines
Dominion Bank
Range
of Prices
Low
Price
45 H
24c
North Canada
Sales
Ctgh
Sept
39
4H
Noranda Mines
Exchange
Low
481
40
20c
N1 pissing
Friday
Range Since Jan. 1 1937
Shares
High
39
39%
i
National Sewerplpe
New Dec
Low
4H
Mines
New Golden Rose
Toronto Stock
Week
..-l
National Grocers
Canadian Commodity
Bourlamaque
Hamilton
for
of Prices
..10
National Brew
Montreal Curb Market
Sarnia
Owen Sound
Kirkland
M (irony
The Toronto Stock Exchange
Ottawa
Sales
Week's Range
Price
*
Muirheads pref
MEMBERS
Cobalt
Par
Moore Corp
OFFICES
Toronto
Last
Sale
GRAIN
BONDS
Exchange
Friday
•
27
27
1
850
72c June
27
5
35
Feb
33
Sept
Jan
'
Gold
.50c
Belt
Gold Eagle
...J
Goodflsh Mining
—.1
Goodyear Tire..
32c
•
88
84
53
53
88
205
12c
Mar
39c May
68
Rucne Long Lac
—
10c
.1
.100
•
31
185
36
32
37
2,807
32
July
67
Jau
12,200
8c
Sept
63o
Feb
Granada Mines
14c
12c
14c
14,200
12c
Sept
57c
Feb
Sheep Creek
654c
6c
Sept
»
6c
•
18
9,000
1,096
13H
Apr
26 H
Apr
43
1,362
33 H
Ma;
53 H
Aug
5
Sept
«.
-
5
•
10
IIIi
Halcrow Swayxe
2c
34
15,825
2,613
15Hc
32o
1.25
Apr
2.40
Jan
47c
28,500
10,335
17,200
June
1.45
35c
Sept
1
10
Fe»»
90c
80e
90c
1,500
57o
Mar
92c
Aug
2.20
60,751
4,700
3.35
86c
1.18
32,285
93,750
76c
June
2.49
Jan
350
42c
5,500
35c
Sept
Sept
Sept
2 50
Feb
2 85
Apr
494
Feb
Feb
1
7o
Jan
Apr
Stadacona
Jan
Standard Steel pref...
*
JaD
Steel of Canada
*■
74
25
69
3.44
33,600
2.75
1.15
Slscoe Gold
siaden Malartlc
Jan
Sept
1454c
3.25
Sept
Sept
July
Sept
12c
Sept
33o
Feb
14c
Sept
90c
Mar
Sept
224
Jan
Aug
Aug
92 H
2 75
2c
91c
Feb
4H
3H
110
Jan
34
3 95
Apr
805
Apr
30
1 90
4%
9634
1.25
40 H
7
12c
13c
4
Jan
92%
18 H
22
62,755
1.90
12o
94
Sept
1,200
1.15
2.02
i
,100
June
2,800
14c 1554 c
•
.....
Sept
—
Dairies pref..*
Simpsons pref
55o
4
91c
1.06
5
Mar
13c
-60c
Sherrltt Gordon
Silverwood
60
41c
814
34
354
Hard Rock
Harker
5
75c
105$
24c
234 c
------
*
Harding Carpets
5
70c
854
75c
Gniinar Gold
Hamilton Cottons pref ..30
Jan
17
37
—
Great West Saddlery new *
Gypsum Lime A Aiab.
18c
1734
41
~
•
Mar
1.25
Shawkey Gold
*
Feb
227
Sept
Sept
44e
San Antonio
11c
Preferred
4* Ho
June
15c
524
8c
Grandoro Mines
90
187
1.40
97 H
57
lie
Gieat Lakes Paper—
17,200
185
St Antnony
M ay
5454
Graham Bousquet
Pref erred
12c
186
Slave Lake
—.1
*
Southwest Petroleum.
40o
»
79c
...
Preferred
.
79c
50c
1,100
1.00
273,000
40c
,
79c
110
6 65
2.00
Feb
Jan
Feb
42
25
40
June
72
75
981
72
Sept
96
Q8%
Ji
42
73
Sept
88
Mar
5
June
%
50
5
3 34
Jan
3.60
5,630
9,100
3 00
June
6 90
15c June
4034 c
684
'
High wood Sarces.....
HindeADaucb.
"
—
.*
*
....
194
18
Hoihiiger Cons.......
1134
1054
1954
1154
1.35
1.10
1.40
Home Oil Co
Homestead Oil
39c
...
35c
Howey Gold
*
Hunts A
76
Huron A Erie
218
Imperial Bank
1
87c
72c
Jan
Suillvan Cons
Jan
Sylvanlte Gold
19
.
«...
20
72
Jan
95
June
220
48
216
Sept
240
13,236
Sept
24
Kirk
65c
69c
2654c
37c
44,576
25c June
53c
95c
70c
June
2.15
29c
19c
June
590
Feb
2254
100
22H
Sept
39
Feb
108
Mar
590
70
Jan
July
Lamaque Contact
Lapa Cadillac
1
294
39 H
1.05
3 15
1.62
15c June
106
1.15
1.40
1.05
1.12
1.41 128,495
59c
95c
Lebel Oro—
Little Long Lae
Loblaw A..
35,550
1,700
66
88c
25
1.00
17c
2c
254c
59c
4.30
5.10
16,790
59,060
11,400
25,125
77
6j9e June
July
Abltlbi P & Pap ctfs 5s '53
8.40
Jau
Alberta Pao Grain 6s. 1946
Jau
23
24
23
Apr
2254
1,045
20H
Sept
11c
Sept
4.15
June
8.60
Jau
Sept
50c Sept
4.85
Jau
1.20
Mar
50c
80c
33,450
75c
1854 c 18>4 c
Manitoba A East
2c
3c
Malar go Mines
12c
100
13c
Maple Leaf Milling—
Preferred
354
4
4~~
4
654
4254
1254
554
854
4554
1254
93
.100
92
94
......
33
25
Feb
Beaubarnols Pr Corp 5s "73
23 H
Aug
Bell Tel Co. of Can 5s. 1955
90c
F'eb
44c June
16c
36o
F'eb
Canadian Inter Pap 6s '49
Canadian Lt A Pow 5s 1949
10c
Sept
3
Sept
Sept
12
X
Jan
6H
Sept
16 H
Mar
Sept
74
Mar
Dom Gas A Elec
144
Mar
1,965
42 %
8
Jan
100
57c
Feb
1.18
Jan
1949
1 1950
Gatlneau Power 5s—1956
1034 104
35o June
7c
7,800
16,250
7,900
3,200
9,900
6c
Sept
39c
Feb
Nfld 5s '68
Lake St John Pr A Pap Co
2554 c
25c
1
1.72
1.30
28c
1.78 136,590
Aug
Sept
5.00
Feb
33 Ho
1.15
May
Feb
25c
Sept
560
June
1 98
Apr
Eastern Darles 6s
Fraser Co 6s
Jan
Int Pr A Pap of
-
.
-
102
102 H
9434
954
1024 103
Montreal Tramway 6s 1941
Ottawa Valley Pow 54 s '70
1961
1961
No par value
f Flat price
n
...
504
504
994 1014
944 954
1004 1014
104
99
loo"
104
1014 103""
1014 1014
1014 1014
1034 104
104
76
79
-
74
81
*
97
United Secure Ltd 534s '52
101
5s
96~~
1034 1044
/644 654
1034
44s '51
Smith H Pa Mills
Winnipeg Eleo 6s_Oct 2 '54
54s
64
United Grain Grow 6s. 1948
July
95o
1973
Saguenay Power 44s A.'66
448 ser B
1966
Shawlnlgan WAP 44 s '67
East Kootenay Pow 7s 1942
Jan
Jar,
8c
.,1956
3Hs
70
42 H
2.03
Jau
June
40c
34s
Provincial Pap Ltd 5Ha '47
113
17c
2.70 June
..1939
85
6c
.25c
96
par value) 3s
84
4s 1956
Gt Lakes Pap Co 1st 5s '55
Moneta Porcupine....
Montreal Island Pr 534s '57
Montreal L H & P (550
...
1.00
Mar
Mar
Monarch Oils
104 H
994 100 H
July
May
630
954 c
42c
104
10134
864
32H
Sept
,
Minn A Ont Paper 6s. 1945
Power Corp of Can 44s '59
5s
Deo 1 1957
21 Ho
290
McCoil Frontenao Oil 6s *49
8434
10,000
40c
Massey-Harrls Co 5s. -1947
95 H
109
834
25c
854c
-
64 S-1945
2154 c
270
-
108
June
14,800
9c
72
-
—
Leaf Milling—
24s to '38—54a to '49
63
40c
275
Maple
113
/624
36c
Mining Corp...
Mlrito Gold
90
1961
54s ex-stock
40c
Model Oils
994 1014
Manitoba Power 54a_1951
834
McWatters Gold
Merland Oil
60
11234
-
Ask
MacLaren-Que Pr 54 s '61
79
4
101
Bid
864
112
20,925
18,500
......
«
/83
24c
mmm*
-
M A P 5s '53
Cedar Rapids
18o
Mercurv Oils
«
Canadian Vickere Co 6s '47
22c
116
-
Utility Bonds
Consol Pap Corp 54 s 1961
McVlttle Graham.... ...)
...
www. at
604
f8B%
Donnaoonna Paper Co—
2,732
11
Mar
Canada North Pow 5s. 1953
4
8,080
1,070
HAnover 2-6363
A *k
..1958
Burns A Co 5s
Calgary Power Co 5S..1960
Canada Bread 6s
1941
311
58
3454
102
Ill
19,000
18c May
2c June
Bid
705
754
4554
1254
Si-*
1,000
11,500
•
NY 1-208
Industrial and Public
Sept
1.15
Corporation
Jau
1.30
4.30
1,550
23,412
80,912
•
Montreal and Toronto
qgwwwwwwwwwwwwww www w www www www
14,855
1,190
lie
New York
•
Bell System Tele.
Jan
Aug
Jan
20c
1
Sept
66
27
Feb
1.45
-100
1846.
page
Royal Securities Corporation
30 Broad Street
30c
5.10
Mclntyre Mlnea
McKenxle Red Lake..
1.33
Sept
Jau
Feb
1.35
11c
Preferred
Sept
28c
7 He
1.15
•
Ma\
Sept
4.50
Preferred
59H
June
lie
McCoil Frontenao.
Sept
46
June
1.39
*
on
Feb
2c
4.95
«...
Feb
SECURITIES
Municipal
•
Private wire connection between New York,
45c
...1
McDougall-Segur
Government
Feb
2054
Mad sen Red Lake
Exchange concluded
CANADIAN
Apr
1.10
48 Ho
19
62c
2154
4854c
MacLeod Cockihutt— ...1
Harris
1.70
4o
15c
*
Lovrery Petroleum
Macaaaa Mines
2.65
Fen
July
16.100
50c
2354
...
.
4c
4.95
1
Sept
5,937
59c
16c
...
Jan
4.80
S«e Page 1882
Apr
90c
4954
454c
46
3 30
40c
700
254c
Lee Gold
Leltch Gold..
3,725
40c
66
mm.-*
Lava Cap Gold
3.25
Apr
Mar
5,850
Sept
Sept
Sulphite—
Laura Secord
1.02
2 70
Feb
1.75
4954
454c
]
18,525
12,130
heb
Jan
Sept
Mar
1.5C0
Sept
Sept
19
...
3.00
Feb
9,500
1.35
»•>«.
1.15
2.80
3
Sept
Sept
Toronto Stock Exchanae—Curb Section
Feb
734
1.35
—
1.02
2.90
3
M ar
Ap<
2.07 105,340
40c
105
544
20
106
13H
97
H
15H
27,602
1.75
Lag una Gold..
Lake Shore
75
1.11
Toronto Stock
F'eb
20c
63,380
22,600
106
Hud Bay..
19c
3
Mar
70c
1454
9954
5854
3354
18 H
1.99
Kirkland Lake.
15c
3
Mar
1.20
100
...
Addison
17c
3
...1
May
20
1.05
Kelvlnator
Kerr
B
3.15
Mar
27c
1
5
3.50
*
91c
—
Consolidated.
Massey
July
Sept
5
•
Basin
Sudbury Contact
2254
Jeliicoe Cons
B
May
Sudbury
Supersilk Hosiery
36c
_
Jacola Mines
Lake
3o
30c
Sterling Coal
Jan
16HC jJan
405
1854
1354
9954
5454
2954
9934
6534
*
*
UtU B
Preferred
76
11
Apr
Sept
1.20
m+m
International Pete
J M
35c
15
110
3234
-6
..
Nickel—
inter national
Watte.
104o
24,856
28,100
22,500
65c
Imperial Tobacoo
International Milling pflOO
Jack
5,500
18
115
46c
30c
216
1954
1354
Imperial OH-
internal
33c
1254
74'
640
Nominal.
---
904
—
«»*»
1886
Financial
Quotations
New York
Bid
1
1977
1975
100
a33*s July
d3 3*fl May
1
Bid
97
043*8
043*8
043*8
o43*s
o43*s
104
Bank of Yorktown..60 2-3
266
15 1972
113 J* 1143*
113J* 114?*
1133* 11531
114
. 1153*
1143* 1153*
1153* 1163*
Bensonhurst National ...50
295
13 55
43 3*
453*
•_ -12 3*
Commercial National -100
383*
178
403*
184
100
960
990
Flatbush National—_ -100
Apr
1
1957
Nov
1
1958
107?* 1093*
1
1959
107?*
a4s
M ay
1
1977
108 3* 110
04
a4s
Oct
1
1980
1103* 111
o4 3*8 June
a4 3*b
Sep.
1
1960
1
Feb
1974
15 1976
043*8 Jan
1
043*s Nov
1977
15 1978
043*8 Maio43*s May
a43*8 Nov
1093*
112
111
June
1
1957
1143* 116
1
1957
1
1903
1153*
1153*
1163*
1109*
1173*
1
1981
1
1965
1
1967
a43*f> July
o43*s Dec
1113* 112 3*
15 1971
o43*8 Doc
1 1902
a43*s Mar
City ^National)
Fifth Avenue.
,
1 1979
First National of N Y -.100 2080
65
100
115
National Bronx Bank...50
50
55
Nationa 1 Safety Bank. 12 3*
17 3*
Penn
10
10 3*
12 3*
50
55
67
25
37
39
Sterling Nat Bank & Tr 25
30
32
Trade Bank
125
100
100
25
30
Exchange
Peoples National
Public National
30
2120
40
1163*
New York Trust
1173*
119
Bid
Companies
Ask
105
115
Fulton
447
456
Guaranty
Irving
10
62
7
100
109
114
.20
Bronx County
Brooklyn.
Central Hanover
114
52.75 less
1
3s 1981
52.80 less
1
43*8 April 1940 to 1949.
Highway Improvement—
Ask
World War Bonus—
1293*
...
10
52.20
133*
100 1775
Kings County
-.25
Lawyers
563*
58 3*
70
80
25
16
18
153*
17
41
New York.
Title Guarantee & Tr. ..20
122
Continental Bank & Tr.10
Corn Exch Bk & Tr—-20
122
Empire
Barge C T 4s Jan 42 & '46
BargeC T 43*8 Jan 11945
...
126?*
113*
50
Chemical Bank & Trust. 10
4s Mar & Sept 1958 to '07
Canal Imp 4s J&J '60 to '67
1293*
303
Colonial Trust
Bid
3s 1974
Highway Imp 4 3*s Sept '63
Canal Imp 4 3*s Jan 1964—
Can & High Imp 43*8 1965
250
298
14 3*
117
103*
64
Ask
.100 2230
Clinton Trust
Ask
Bid
Par
Italians. 100
Bankers
New York State Bonds
52.95
12 3*
118
Bk of New York & Tr..l00
Canal & Highway—
6s Jan & Mar 1904 to '71
193*
1163*
Banca Comm
Bid
Ask
Klngsboro National
Merchants Bank
...
1143* 116
3*8 Mar
Chase..-
10
Bid
Par
1113* 1133*
M ay
1975
1
a3J*M July
313*
Bank of Manhattan Co
1966
May
15 1976
a3 3*8 Jan
a4s
103
Ask
293*
111 ^ 113
1
a4s
104
1954
I960
Bid
1 1964
Apr
a4s
1
1
Par
As*
Mar
1053*
1053*
1043*
1013* 102?*
104
1053*
1073* 1093*
1954
«33*8 Nov
a3 3*s M ar
New York Bank Stocks
City Bonds
1013*
Sept. 18, 1937
Over-the-Counter Securities—Friday Sept. 17
on
Ask
96
1
Jan
a3s
Chronicle
Manufacturers
47
,20
1825
44
49
49
51
123
Preferred.
126
11
12
110
10
59
60
Underwriters
283*
29 3*
United States
89
.100
...
21680
99
1730
1133*
Chicago & San Francisco Banks
Par
Port of New York
Bid
Ask
—100
& Trust
235
Par
Harris Trust & Savings. 100
Northern Trust Co
100
American National Bank
Authority Bonds
255
Bid
As*
365
390
660
690
48
50
Continental Illinois Bank
Bid
Ask
Bid
Port of New York—
Gen & ref 48 Mar 1 1975.
1043* 105?*
Gen & rel 2d
102
Holland Tunnel 43*8 ser E
1938-1941
—M&S
33*s '65
ser
1942-1960
1033*
Gen & ref 3d ser 33*8 '76
Gen & ref 4th ser 3s 1976
993* 101
93 3*
95
Gen & ref 33*8.
973*
97?*
1977,
George V\ aanmgton Bridge
43*8 ser B 1940-53.M N
-...M&S
Inland Terminal 43*s ser D
1938-1941..
M&S
1942 I960.
.M&S
—
Ask
33 1-3
& nust—
119
123
100
267
272
First National
111
Insurance
51.00
1.75
1073* 109
Par
110
1113*
Home
10
443*
273*
46 3*
Homestead lire
28?*
Importers & Exporters. -.5
25
.10
.
-10
4s 1940
100
43*9 Oct
1959
43*8 July 1952
5a
April 1955
Bid
112
1023* 1053*
1003* 102
-
U S Panama 3s June 1 1961
43*3 July 1958
5s
109
111?*
1153* 1173*
Hawaii 43*8 Oct 1956
3.00
116
3.50
d3.75
—
July 1948
5
10
133*
113*
353*
14?*
Maryland Casualty
1
13
Mass Bonding & Ins..123*
Merch Fire Assur com
5
54
57
37 3*
50
54
10
25
26 3*
Merch & Mfrs Fire New'k.5
10
123*
American Surer y
...25
48
50
Merchants (Providence)
...10
293*
30?*
National Casualty
Nationa, Fire
—
Re-Insurance-10
Amerk-an Reserve
—
Baltimore Amer
.2 3*
Bankers & Shippers... ..25
110
Boston
108
110
Camden Fire.
.100
5
18 3*
10
213*
213*
30?*
,
Connecticut Gen Life- -10
Federal Land Bank Bonds
Eagle Fire
-23*
Employers Re-Insurance 10
Excess
J&J
J&J
3s 1956 opt 1946
M&N
33*8 1955 opt 1945- -M&N
4s 1940 opt 1944
J&J
1005,6 1009,6
1005,6 1009,6
1005,6 100916
102
102?*
1083* 1093*
,1
4s 1957 opt 1937
4s 1958 opt
Ask
M&N
100 H 1003*
1938.1 _.M&N
101H 1023*
1007i6 1003*
1033* 1033*
43*8 1957 opt Nov 1937
43*s 1958 opt 1938. .M&N
—_
Federal
63*
933*
610
....10
—
Continental Casualty. ...5
3s 1955 opt 1945
3s 1956 opt 1940
..10
Fidelity & Dep of Md. ..20
Fire Assn of Phlla
-10
Fireman's Fd of Sao Fran25
-
_
10
63*
10
173*
19
61
63
...10
National Liberty
National Union Fire
20
.2
12 3*
10
2
—
293*
313*
New Hampshire Fire
10
45
463*
20
43
45 3*
32 3*
New Jersey
New York Fire
293*
213*
243*
33*
26J*
Northern
93
96
43
443*
73*
403*
63*
2383*
4
114
70
North River
119
72
79
2
12.50
Northwesters
2.50
253*
203*
National.25 xl20
1253*
Atlanta 5s
Atlantic 5s
Ask
25
Phoenix.
10
793*
5
163*
303*
Preferred Accident
Providence-Washington
_
10
12
Reinsurance Corp (N Y)_2
Republic (Texas)
10
10
(Paul) Fire
36
383*
Rhode Island
5
-.10
24
26
Roasia
5
25
27
St Paul Fire & Marlne..26
GJens Fails Fire
100
...
100
-
Burlington 5s
-mm
60
/50
California 5a
100
Chicago
—5
42
44
Seaboard Fire & Marine..5
173*
193*
50
54
Seaboard Surety
Security New Haven
100
100
Maryland-Virginia 5a
6?*
...
New
.
,
„
Travelers..
U S Fidelity & Guar Co..2
U S Fire
4
93*
Hanover Fire
-10
303*
32 3*
-10
70?*
62 ?*
72?*
64?*
65
Home
313*
333*
Oregon-Washington 5s
/62
Pacific Coast of Portland 5s
100
102
Pac Coast of Los Ang 5s..
life Assurance
U S Guarantee
10
303*
73*
193*
503*
603*
32"
117
83*
203*
523*
54
100
Pac Coast of Salt Lake 5s.
458
25
Hartford Steam Boiler -10
99
655
448
233*
Hartford Fire
97 3*
605
...10
100
96 3*
100
100
24
Great Amer Indemnity ...1
223*
83*
99?* 100?*
99?* 100?*
973*
Sun
—5
99
First Carolinas 5s
25
90
North Carolina 5s..
Denver 5s
83*
63*
73*
2013* 2083*
93*
113*
114
85
Ohio-Pennsylvania 5a
York 5s
73*
83*
253*
253*
.10
10
...15
Halifax Fire
...
100
73*
24
24
Springfield Fire & Mar—25
Stuyvesant
5
2d preferred
Great American
100
Mississippi-Tennessee 5s.
...
f5H
...
Dallas 5s
Louisville 5s
Ask
833*
183*
323*
82
303*
Globe & Republic
.5
Globe & Rutgers Fire. -15
Bid
1213* 125
Pacific Fire
103*
,.
14
New Brunswick lire
Gibraltar Fire & Marine. 10
Joint Stock Land Bank Bonds
83*
132
23
28?*
Georgia Homo
73*
127
73*
203*
22?*
Franklin Fire
General Reinsurance Corp5
153*
43*
6?*
5
-.
Firemen's of Newark- ...5
...5
43*
43*
New Amsterdam Cas
73*
96 3*
623
Revert-
Bid
65
5
Lincoln Fire
H2H
Bid
62 3*
13
Knickerbocker
373*
City of New York
Ask
4
83*
22 3*
Carolina
Bid
Ask
20
813*
107
Conversion 3s 1947
3
183*
73*
79
111
U S conversion 3s 1946
110
Ins Co of North Ainer.
Bid
353*
Govt of Puerto Rico—
106
10
10
Automobile
Ask
53.50
102 3* 102?*
19*11
Honolulu 5s
1013*
Security
21
—
American of Newark- -2 3*
Ask
Bid
Fire
.5
American Equitable..
American Home
American
1952
Par
90 3*
Aetna Fire
United States Insular Bonds
Feb
Companies
Ask
86 3*
American Alliance
53*s Aug
Bid
Aetna Cas & 8urety— -10
Agricultural..
6s
FRANCISCO
1123*
Aetna Life
Philippine Government—
SAN
B ankofAmerlcaNT&S A1212
1.75
50.75
100
First of Fort Wayne 43*s--
Flrstof Montgomery 5s.—
First of New Orleans 5s...
First Texas of Houston 5s
First Trust of
-
Chicago 43*s
100
97 3*
953*
993* 101
993* 101
100
-
Fletcher 33*s.
Fremont 5s
100
78
Greensboro 5s..
...
100
Illinois Midwest 5s
T-
85
Ill of MontlcalD
43*s
Iowa of Sioux City 43*8...
Kentucky 5s
-
-
87
100
...
97
99
100
...
La Fayette 5a
88
92
Lincoln 5s
88
107
100
St Louis 5s
82
100
Phoenix 5s
/27
San Antonio 5s
100
Southwest 5s
Bid
30
85
.
99
100
.
.
823*
81
57
Ask
1
1
1
1
1
1
1
-
-
100
...
3-6s
1953
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3 6s '53
2-3s
Issues
463*
79
47
...
1945
.1953
48
100
Atlanta
Ask
Par
—
Ask
50
60
New York--
100
13
15
Atlantic-
38
42
N orth Carolina
100
40
)2-5a
75
78
Pennsylvania
100
28
(all
1953
Potomac Cons Deb Corp—
3-6s
1953
3-68
1953
78
74
453*
453*
473*
473*
453*
473*
83
ture
Corp 3-6s
Realty
1953
/33
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-08.1953
74
36
72
Atlantic
Deb Corp 3-0s
—
Realty Bond &
1953
453*
Mortgage
1953
47
50
Unified Deben Corp 5s 1955
36
38
deb 3-6s.
45
Dallas
1954
Corp
Potomac Maryland Deben¬
Nat Bondholders part ctfs
Bid
Ask
54
363*
(Central Funding series)
-
Bond
Potomac
Joint Stock Land Bank Stocks
Bid
Series B 2-5s
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Inc 2-5s
Nat Union Mtge Corp—
Series A 3-0s
1954
Potomac
Empire Properties Corp—
Par
34
1
91
Virginian 5s
32
Bid
1
Associated Mtge Cos Inc—
Debenture
100
.
Allied Mtge Cos Inc—
All series 2-5s
-1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6a '53
19
100
.
87
/17
-
.
-
Tennessee 5s.
Virginia-Carolina 5s
2.50
1013*
3* 109
Southern Minnesota 5s
Union of Detroit 43*s
Westchester Fire
Surety Guaranteed Mortgage Bonds and Debentures
100
Pennsylvania 5s
Potomac 5s
--
1003* 103
Greenbrier 6s
_
Pac Coast of San Fran 5s._
-5
—-
33
70
Denver
15
20
Potomac
100
05
Des Moines
100
55
60
San Antonio
100
45
First Carolinas
100
0
10
Virginia
5
1
Fremont
100
2
3
100
50
Lincoln
100
5
7
Virginia-Carolina
453*
473*
50
Telephone and Telegraph Stocks
13*
65
Par
Am Dist
Tele? (N J) com.*
Preferred.
Bid
104
Ask
107
Par
New York Mutual Tel-100
Bell Telep of Canada. .100
Bid
FIC 13*s—Oct
FIC 13*8—Nov
15 1937 b .60%
15 1937 b .65%
FIC 13*8—Dec
15 1937 b .70%
151938 6.75%
FIC 13*s
Jan
Ask
Bid
FIC13*S—Feb
15 1938
45
58
63
39
43
Gen Telep Allied Corp—
$6 preferred
♦
95
98
So & Atl Telegraph—.25
Sou New Engl Telep.-.100
Int Ocean Telegraph. -.100
Mtn States Tel & Tel—100
89
93
S'western Bell Tel pref. 100
Wisconsin Teiep 7 % pf.100
15 1938 6.80%
F I C
15 1938 6 .85%
1333* 1393*
FIC 13*s—.May 16 1938 6 .90%
FIC 13*8—June 15 1938
.95%
For footnotes see page 1888.
ate
118
.75%
F IC 13*s—Mar
13*8..-Apr
Ask
115
Cuban Telep 7% pref—100
Emp & Bay State Tel.-100
Franklin Telegraph
100
Intermediate Credit Bank Debentures
1163* 119
109
166
Bell Telep of Pa pref—100
Federal
100
Pac & Atl Telegraph
Bid
17
Peninsular Telep com—.
Preferred A
100
Ask
23
243*
110
20
273*
115
Rochester Telepnone—
$6.50 1st pref
100
110
20
24
1583* 161
120
1143*
123
Volume
Financial
145
1887
Chronicle
Securities—Friday Sept. 17—Continued
Quotations on Over-the-Counter
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Monthly
Bulletin
Earnings and Special Studies
Members New York
Slock Exchange
Dealer* In
J120 Broadway
NEW YORK
e. sloane & co.
john
Members New York Security Dealers
Tel. REctor
41 Broad St., N.
GUARANTEED
Request
on
3o$epb Walkers Sons
Y.
-
2-6600
STOCKS
.
.
QUOTED
.
HAnover 2-2455
-
Association
Bell Syst. Teletype NY 1-624
Since1855,
Railroad Bonds
Guaranteed Railroad Stocks
Asked
Bid
(Guarantor In
Parenthesis)
Asked
Bid
100
10.60
6.00
2.00
(New York Central)
Boston A Providence (New Haven)..
50
100
100
York Central)
100
2.85
4 00
5 00
5.00
3.50
2.00
2.00
5 50
Albany & Susquehanna
Allegheny A Western (Bull Roch
Beech Creek (New York Central)
Bostou A Albany
Canada Southern (New
Ohio (L A N-A C L) 4%
100
Common 5% stamped
100
Cleve Clnu Chicago & St Louis pref (N Y Central)..100
50
50
(Pennsylvania)
Cleveland A Pittsburgh
Betterman stock
(Pennsylvania)
--25
Fort Wayne A Jackson pref (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack & Western)—_ —100
Delaware
Lack A Western)
Western (D L A W)
Morris A Essex (Del
New York Lackawanna &
(Pennsylvania)
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
Northern Central
50
50
Chicago (Pennsylvania).. 100
Preferred-..
100
Reusselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
.—.100
100
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)——...100
Valley (Delaware Lackawanna & Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)—100
Preferred
...100
Warren RR of N J (Del Lack A Western)
50
West Jersey A Sea Shore (Pennsylvania)
50
Prior lien 4s
Prior lien
4Mb
1944
75
84
1940-45
1961
90
95
97
101
1942
1949
..1965
1995
80
85
/30
50
95
98
91
93
60
64
—
Chateaugay Ore A Iron 1st ref 4s
95
102
85
51
43
Choctaw & Memphis 1st 5s_.
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s
88
48
46
63
66
Hoboken Ferry 1st 5s
1945
1978
1946
900
1050
51
55
Kansas Oklahoma A Gulf 1st 6s
1978
93
80
84
Little Rock A Hot Springs Western 1st 4s
20
100
Long Island refunding mtge 4s
1939
1949
/14
97
98
101
58
62
58
63
Macon Terminal 1st 5s
1965
101
105
Maryland A Pennsylvania 1st 4s
1951
65
70
39
42
Meridian Terminal 1st 4s
1955
92
95
78
83
45
176
1949
1956
35
165
Minneapolis St Laul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
176
181
85
90
New York A Hoboken Ferry general 5s
Georgia Southern A Florida 1st 5s
81
86
185
7.00
7.00
6.82
6.00
(Terminal RR)
Tuone RR St Louis
190
Goshen A Deckertown 1st 63*8
65
72
92
94
1951
63
66
1945
88
246
90
1957
85
78
90
1951
95
90
3?*s
83
6.00
90
6.00
5.00
77
Shreveport Bridge A Terminal 1st 5s
85
Somerset Ry 1st ref 4s
1955
1955
44
48
Southern Illinois A Missouri Bridge 1st 4s
1951
82
87
60
64
Toledo Terminal RR 43*8
3.00
80~
80
5.00
3.60
1957
1966
1954
108
111
93
98
60
63
4>*8
5% PREFERRED
Bmtell Brothers
n. y. stock
and n.y. curb
Equipment Bonds
61.85
Line 434s.
1.10
63.50
Missouri Pacific 43*8
New Orl Tex A Mex
63.50
2.75
New York Central
62.75
2.25
62.90
2.30
62.90
2.30
33*8 Deo 1 1936-1944—
62.90
2.30
4?4s—
63.00
2.30
63.00
2.30
62.90
2.20
62.76
1.76
6s
;
43*8
...
Canadian National
Canadian Pacific
4J4s
-
43*8—
434 8—
62.00
1
Cent RR New Jersey 434s.
2.75
61.75
1.20
62.00
434s..—
2.75
63.75
Northern Pacific
2.00
63.75
5s
2.25
62.50
5s
N Y N H A Hartf 434s
1.25
62.75
5s-
N Y Chic A St L 434s
5s
1.25
62.50
1.75
5s
6s
61.75
1.00
—
64.00
3.25
64.00
43*8.
08
3.25
5s
Reading
87
89
89
Co
63.75
2.60
2.60
62.50
1.75
62.75
1.75
61.75
1.20
61.75
1.20
61.65
1.00
63.00
2.40
62.40
107
110
100
120
534 % pf-*
30
7%
1.50
803*
87 H
New Orl Pub Serv $7 pref*
763*
78?*
New York Power A Light
81
83
9
11
1.10
50
55
97
98
2.00
434 s
863*
Derby Gas <fc El $7
pref--*
Essex Hudson
Gas
100
182
2.20
Federal Water
2.00
2.25
2.25
$7 cum preferred
Gas A Elec of Bergen.
1.50
Hudson
1.00
31
61.50
434 s
100
County Gas.-.100
61.50
434s
1.00
$6 preferred
61.70
1.00
7% preferred
61.70
Ry
Virginia
1.00
_
31?*
120
182
92?*
65
68
106
108
60
02
323*
125
---
—
101
6% preferred
Republic Natural Gas
108
108
110
7
10
59
-.100
Sioux City G & E $7 pf-100
Sou Calif Edison pref B.25
43* s
5s
97
100
2.00
5s-.
97
100
Iowa Southern
1.50
534s
97
100
55
1.10
7% preferred
100
Jamaica Water Supply—
61.75
1.10
54
89
91
7% pref. 100
7% pref-.100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt $7 pref.*
Mississippi Power $6 pref.
109
111
47
51
603*
623*
434s
99
6s
53*s
Minn St P A SS M 4s
For footnotes see page
63.00
2.25
63.00
2.25
63.75
3.00
1888.
101
Western Pacific 5s
534s
/
2.00
734% preferred
50
Jer Cent P A L 7% pf—100
63.75
2.75
Kan Gas A El
63.75
5s
Maine Central 5s
434s..
2.75
Kings Co Ltg
62.75
2.25
$7
preferred
$6 preferred C
Utilities—
62.65
Western Maryland
95?*
104
973*
106
1103* 1113*
93
95
99
101
103?* 1063*
61
933*
4?*
5?*
973*
98?*
93 3*
953*
26?*
27?*
Rochester Gas A Elec—
2.25
Interstate
100
1
263*
2434
63.75
Wabash Ry
Ohio Edison $6 pref
Queens Borough G A E—
*
100
61.75
43* 8—
6s
97
58
—
62.50
Internat Great Nor
Long Island 43*8
78
96
pf 100
pref
*
—
Natural Gas—*
Interstate Power $7 pref..*
5s
75
Penn Pow & Lt $7
Idaho Power—
303*
-
98
1043* 1063*
Philadelphia Co $5 pref--*
Pub Serv of Colo 7% pt 100
-
Serv Corp—
$6 cum preferred
56
Pacific Pow A Lt 7%
50
2.00
53
54
323*
114
2.00
513*
31?*
(Del) $7 pref
87?*
111
62.75
71
100
*
*
$7 preferred
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla G A E 7% pref--.100
pref 100
45
62.25
5s
Union Paclfio
preferred
(Minn) 5% pref
100
7% preferred
Dallas Pr A Lt 7%
cum
7% cum preferred--.100
Northern States Power—
Continental Gas & El—
2.50
$0
*693*
96
*
$7 prior lien pref
pref-100
Power $5 pref.*
63.50
.
si"
New Eng Pub Serv Co—
86 34
$6.50 cum preferred
Pacific 4s
_
773*
62.80
5s__
Texas
preferred
Newark Consol Gas
62.75
5s
Loulsv & Nash
Nebraska Pow 7% pref-100
62.85
434 s
434 s
5s
Illinois Central 434 s
703*
*68
Consol Traction (N J)
2.00
62.26
5s
31
62.80
Southern Ry
5s
Hocking Valley 5s
5
38
29
62.75
Southern
1.50
43*8
4>*s
3
33
62.50
Pacific
2.00
62.25
6s
Great Northern
*
Consol Elec A Gas $6
63.00
.
5348
25?*
100
2.20
Consumers
7?*
243*
Nassau & Suff Ltg pref-100
Mountain States Pr com.
*
100
113
6?*
-II
100
100
1003*
66
111
132 34
15
N E Pow Assn 6% pref-100
preferred
983*
St Louis Southwestern 5s.
Penn
25
Ask
63
128
2.25
2.00
pref
Bid
111
$6 preferred
Cent Pr A Lt 7% pref.. 100
62.75
West
Pub Serv 7%
Central Maine Power—
98
-
5s
...
17"
89
1.00
62.00
5s
St Louls-San Fran 4s
63.00
534S-~
Erie RR 534s
Monongahela
7
1414
62.75
Pere Marquette
4.76
63.90
43*s_.
6s
79?*
62.85
434 s
434s
4.50
434sDenver A R G West
*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line. .5
86
2.00
7% preferred
Dec 1 1937-50
64.85
87
Chicago RIA Pao 4>*s—
1937 49
2?*s series G non call
65.25
Chic Mllw & St Paul
77
Mississippi P A L $6 pf
693*
New Eng G & E
62.85
6%
Jan A July
5s
68
233*
$1.60 preferred
25
Carolina Pr & Lt $7 pref*
4s series E due
43*8.
Par
Ask
Bid
223*
61.50
43*8
Chicago A Nor West
pref—*
Arkansas Pr & Lt 7 % pref*
Associated Gas A Electric
Original preferred
*
$6.50 preferred
*
$7 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref.*
Alabama Power $7
Buffalo Niagara Eastern—
Pennsylvania RR 434s
Chesapeake A Ohio
Stocks
2.00
2.00
534s
5s.__
Par
2.75
63.00
5s
2.00
N.Y.
Teletype N.Y. 1-1146
exchange
Ask
63.00
2.10
62.60
Boston A Maine
ONE WALL ST.,
exchange
Public Utility
Bid
Ask
62.75
43*s
Tel. DIgby 4-2800
EST. 1908
Philadelphia, Pa.
members
Baltlmore A Ohio
65
WASHINGTON RAILWAY A ELECTRIC
Stroud & Company Inc.
Atlantic Coast
93
1946
1966
Quotations-Appraisals Upon Request
Bid
97
St Clair Madison A St Louis 1st 4s
141
240
EQUIPMENT TRUST CERTIFICATES
Railroad
82""'
75
Rock Island Frisco Terminal 43*s
70
Washington County Ry 1st 33*s
York
93
Portland RR 1st 3.3*8
Consolidated 5s
Piedmont A Northern Ry 1st mtge
141
Toronto Hamilton A Buffalo
Private Wires to New
78
*
72
94
91
6.00
10.00
preferred
Buffalo Creek 1st ref 5s
58
98
3.00
Second
63
56
122
54
3.00
Preferred
Pittsburgh Fort Wayne A
104
101
132
1.50
Lake Erie (U S Steel)
Pittsburgh Bessemer A
101
96
1957
April 1, 1943
1950
1942
90
4.00
60
.......
43*8
Convertible 5s
50.00
3.875
5.00
4.00
4.00
4.50
—50
100
—50
Birmingham Terminal 1st 4s
Boston A Albany 1st
Boston A Maine 3s
95
40
9434
933*
118
10.00
100
York Central)
Michigan Central (New
100
126
8.76
8.50
Carolina Cllnchlleld &
160
90
37
68
95
Saltlmore A Ohio 4 3*8 1939
90
150
6.00
(Delaware & Hudson)—.—100
<fc Pitts)
100
(Illinois Central)
Alabama A Vlcksburg
64
1953
5348
6s
Augusta Union Station 1st 4s
85
67
1945
1945
Akron Canton A Youngstown
Dividend
Par in Dollars
64
'
South Jersey Gas A El-100
—
78
80
58
61
50
54
60
64
—
—
pref 100
7% preferred
100
Texas Pow & Lt 7% pf_100
Toledo Edison 7% pf A 100
United G A E (Conn) 7% pf
Utah Pow A Lt $7 pref
*
Virginia Ry__
100
Tenn Elec Pow 6%
182
—
—
m
503*
52
57?*
593*
98?* 100?*
1033* 105
82
56
165
84
683*
172
1888
Financial
Securities
Chronicle
the
of
Members New York Curb
159
BROADWAY,
NEW YORK
Water Works Securities
& CO.
Complete Statistical Information—Inquiries Invito^
Exchange
75 FEDERAL ST.,
COrtlandt 7-1868
Bell System Teletype—N.
Public
bid
INCORPORATED
40
Y. 1-1074
-
Water Bonds
Bid
Cumberl'd Co PAL3*8 "66
-
Ask
97 H
103 *
98 H
73"
98
99 H
Dallas Pow A Lt 3*8.1967
federated Utll 5*8.-1957
49
50
Green Mountain Pow 5s '48
102 *
103*
103*
34
Houston Lt & Pow 3*8 '66
Utll 5*8.-1950
102*
33
Iowa Sou
Assoc Gas & Elec Corp—
34
35
36
36 *
Kan
40 *
Conv deb 4a
41*
m
68
Kan City Pub Serv 48.1957
Pow A Lt 1st 4*8 '66
70
mi
Metrop Edison 4s
ser
G '65
72
74
Missouri Pow & Lt 3Ha
83 H
96
JVltn States Pow 1st 6s 1938
93
95
N Y State El & G
41
39
66
Narragausett Elec 3*8 '66
Newport N A Ham 5s. 1944
Assoc Gas & Eiec Co—
Cons ret deb 4H8—1958
Sink futid Income 4s 1983
63
97 H
99
35*
37
105 H
98 *
94
101*
104
102 H
105
95
Northern N Y Utll 5s. 1955
43""
106*
99 *
92
103
97
42 H
45 H
Sink fund lnc 6H&—1983
Sink fund lnc 4-58—1986
51*
54
North'n States Pow 3 *s'67
Ohio Pub Service 4s_.1962
40
43
Old Dom Pr 6s May 16 '61
Sink fund lnc 4H-5Hs'86
43 H
Sink fund lnc 6-68—1986
44 H
44 H
45 H
Sink fund lnc 5 H-6 Hs'86
52 H
54
Pennsylvania Elec 5s. 1962
Atlantic City Elec 3*8 '64
97 *
98H
Penn Telep
101
97*
Niagara
Corp 1st 4a '65
Peoples L & P 5 Ha... 1941
Public Serv of Colo 6s. 1961
103 H
107
Pub Utll Cons 5*s—_1948
...
3H« series C
1967 t
---
65*
67
95
101
M uncle Water Works 5s '65
105
/70
73"
104
101
Birmingham Water Wks—
6s series C
6s series B
5H8 series A
104
1954
101
103
1954
103 H
New
Butler Water Co 6s.-.1957
105
Newport Water Co 5s
Calif Water Service 4s 1961
Chester Wat Serv 4 Hs '58
Citizens Wat Co (Wash)—
102 H
69
97*
43
Tel Bond & Share 58-1958
71
96 *
42
1946
70
1st lien coll trust 68.1946
Cent Maine Br 4s
76
G '60
ser
102 *
77 H
/3*
4*
104 n 105 H
Colorado
106 H
Power
5s—. 1953
Conn Lt A Power 3 H8 1956
...
104
102 *
83
103*
100* 101
1966
103* 104 *
Wisconsin G A El 3 *8 1966
Wise Mich Pow 3*8—1961
3 lis series G
1966
101
Wisconsin
Consol E A G6b A
6s series B
...
44 H
44 H
1962
.1962
101 H
45 H
86
100* 101*
1941
45 H
104* 105
5s series B
1954
—.—
1st 6s series C
1957
Clinton W Wks Co 5s. 1939
Community
75
99"
96
86
89
4*8—1966
93
95
Peoria Water Works Co—
1st A ref 5s
1950
1st consol 4s
1948
100
100 H
trust
1st consol 5s
105
103
99 H
1948
101 H
100
Prior lien 5a
1948
Phlla Suburb Wat 4s—1965
100 H
Water Service
104
105 H
Pinedas Water Co 5Hs '59
107H
97 H
6Hs series B
1946
68
72
Pittsburgh Sub Wat
5s '68
102
68 series A..
1946
71
75
100
99 H
104
Connellsville Water 5s 1939
Plalnfleld Union Wat 5s '61
Richmond W W Co 5s. 1957
Co0801 Water of Utlca—
Roanoke W W 6s
1958
97
Roch A L Ont Wat 6s
1938
1st mtge 5s
1958
99
St
Joseph Wat 4s
Scranton Gas A
Davenport Water Co 5s '61
105*
..1942
6s series B
1942
101
1960
100
58 series B
1952
Hackensack Wat Co 5s '77
5Hs series B
1977
100H 102
102 H
95 H
1st mtge 5s
91
99
101
69
I960
I960
72
103
105
102 H
105
Sprlngfl. City Wat 4s A '56
Ssserles B
1954
1954
1962
Illinois Water Serv 5s A '52
101
104
103
101
Texarkana Wat 1st 5s. 1958
Union Water Serv 5Hs '51
103
5s
96
Terre Haute Water 5s B '56
68 series A
1949
101
91
89
...1955
5s series B
102
89
B 1961
58 series A
108
101
100
South Bay Cons Wat 5s 50
South Pittsburgh Water—
97 H
95 H
104
91
99
Water Co
Shenango Val 4sser
Huntington Water—
102
98*
103
98 H
100H
W Va Water Serv 4s.. 1961
1966
1958
Joplln W W Co 5s
1957
Kokomo W W Co 5s.. 1958
Reports—Markets
Lexington Wat Co 5*s '40
Long Island Wat 5Hs. 1955
Public Utilities—Industrials—Railroads
Middlesex Wat Co 5Hs '57
Monmouth Consol W 5s '66
92
99 H
96
99 H
97
96
1st mtge 5s
104 H
99 H
...1951
94
1st mtge 5Hs
1950
Westmoreland Water 5s '52
Wichita Water—
104 H
103
97 H
Western N Y Water Co—
6s series B
1950
101H
Indianapolis W W Secure—
5s-
88
104 H
ser I9A'66
4HS
1958
Scran ton-Spring Brook
Water Serv 5s
1961
1st A ref 5s A
1967
E St L A Interurb Water—
104
106
1950
4Hs...
1st mtge 3Hs
Estate Securities
78
96
70
1st coll
Indianapolis Water—
Real
1953
77
91 H
100
106
105
101
6s
1961
75
89
.
City of New Castle Water
Pub Serv—
1st mtge 4s
1951
York Wat Serv 6s '61
I03H
73
Ohio Valley Water 5s 1954
Ohio Water Service 5s 1958
Ore Wash Wat Serv 6s 1957
Penna State Water—
City Water (Chattanooga)
100*
Western Mass Co 3 *b iyio
Western Pub Serv 5*8 '60
1951
5Ha
102
103
Greenwich Water & Gas—
6s series A
1952
100
104
1965
58 series B
102
1951
Ssserles D
Westchester Ltg 3 *s_1967
3*8 series F
1951
5 Hs series A
68 series A
Utility-
Income 6Hs with stk '62
Clnn Gas A El 3Hs —.1967
100 H
5s
72
Union Elec (Mo) 3^8.1962 t
Utlca Gas & El Co 6s-1957
119
103 H
101
Ohio Cities Water 5Ha '53
72
92
Central G A E5Hs..
.1957
102
105*
70
Ask
105
New Jersey Water 5s. 1950
New Rochelle Water—
102*
Sioux City Gas & El 4s 1966
Sou Cities Utll 5s A.-.1958
—
90
Public
Morgantown Water 6s
Electric—
Cent Ark Pub Serv 5a. 1948
Central
102
102
102*
Parr Shoals Power 5a.. 1952
102
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
1956
5s
44 H
43 H
96
Bid
98
Monongahela Valley Water
5*s
1950
99 *
...
Ask
96
104H
108 * 109 *
1965
Sink fund lnc 4H8— 1983
Biackstone V G A E 4s 1965
Alabama Wat Serv 5s. 1957
Alton Water Co 5s
Corp—
4a
Sink fund tncome 5s 1983
Bellows Falls Hy El 5s 1958
Bid
m
81 H
94
8s without warrants 1940
103*
61
Keystone Telep 5*s—1955
66
NEW YORK
Teletype: New York 1-1073
Utility Bonds
71
Associated Electric 53.1961
EXCHANGE PLACE,
Tel. HAnover 2-0510
Ask
75
Buffalo
Swart, Brent & Co.
BOSTON
HANcock 8920
Di ect Private Telephone between New York and Boston
\
1931
18
Specialists in —
Associated Gas & Electric System
S. A. O'BRIEN
Sept.
101
105"
5s series B
Ssserles C
96"
93 H
1956
1960
6s series A
101
98 H 100H
1949
103
101
104
104
W'msport Water 5s...1952
102 H 105
AMOTT, BAKER &, CO.
INCORPORATED
BArclay 7
150
2360
Broadway,
Bell System Tel.
N Y 1-588
N. Y.'
Sugar Stocks
Par
Real Estate Bonds and Title Co.
Bid
Alden
1st
6s stmp
Ask
1941
/39
42
(The) 1st 6s '41
/44
B'way Barclay 1st 2s.. 1956
/25
27
Bid
46
Broadmoor
68
40
41
1948
59
57H
67
Apr 28 1940
39 H
34
Dorset (The) 1st 6s...1941
Munson Bldg Ist6*s.l939
/29
31
1st & ref 5*s
1947
Deb 6s
/5H
67
1952 legended...
N Y Eve Journal 6*8.1937
N Y Title & Mtge Co—
5Hs
5Hs
5*s
6 Hs
48
7
6 *s unstamped
1949
62d & Madison Off Bldg—
6s
Nov 1947
Film Center Bldg let 6s '43
40 Wall St Corp 6s
42 Bway 1st 6s
1400 Broadway Bldg—
1st 3 *-6 *8 stamped 1948
38
/50
/SO
52
6 Ha
Oct 1 1941
Fuller Bldg deb 6s
1944
6*8 unstamped
1949
1
99
1 Hs
53
50
Prudence
/20
/9
11
75
50
/46H
53
49
37
4i
6Hs double stpd—_1961
Realty Assoc Sec Corp>—
income
—1943
1st fee A
/54
57
65
68
Hotel Lexington 1st 6s 1943
Hotel St George 4s
1950
49
52
Sherneth Corp—
3-6 * s deb lnc (ws).1958
43 H
46
60 Park PI
Lefcourt Manhattan Bldg
1st 4-6s extended to 1948
67
/53
55
53
1st I
Hs
1956
(Newark) 6s 37
616 Madison Av 1st 6 Hs'38
61
Bway Bldg 3H 5s 1961
Syracuse Hotel (Syracuse)
1st
Apr 15 1937
6Hs
Oct 23 1940
27H
30H
1st 6s
1947
London Terrace Apts 6s '40
Ludwlg
(Bklyn)
1942
1st 6Hs (L I)
1936
Majestic Apts 1st 68..1948
Metropolitan Chain Prop—
1948
Textile Bldg—
1st 3-5s (w
s)
1958
94
f20
22*
42
/28
/49*
3l""
47
1st 5Hs
1939
2 Park Ave Bldg lsc 4s 1941
60
71
65
29"
41H
44 H
83
86
61
64
93
Reynolds Investing 58.1948
Triborough Bridge—
4s
s
86H
f revenue 1977.AAO
87 H
102* 103*
52.40
3.60
Bid
Ask
*
10
Par
13
95
Bid
Ask
105
*
$2.50
conv
pref
36
*
3
100
preferred
Diamond Shoe pref
Flshman (M H) Co lnc
7%
34*
3*
25
11H
10
13
37
42
(I) Sons common..*
6H% preferred
100
Murphy (G C) $5 pref. 100
105
Reeves (Daniel) pref... 100
4H
98 H
United Cigar-Whalen Stores
*
9
11
Common
*
20
27
$5 preferred
100
80
85
Stores
preferred
107
28
100 *101
11
Miller
12
*
Blckfords lnc
2 H
11
Kress (S H) 6% pref
%
30
1H
33
1st 6 Hs
Oct 19 1938
1st fee A leasehold 4s '48
*
No par value,
/22
88
price,
on
n
a
Interchangeable.
Nominal quotation,
New York Curb
t Now listed
on
Exchange,
6
to i
z
Basis
When
price,
d Coupon,
Issued,
t
t
Ex-rlghts,
Ex-dlvldend.
y
Now
Ex-stock dividends,
New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234
grams of
pure
gold.
NOTICES
—Albert W. Foot, George F. Foot, William T.
Mehaffey and George H.
Ryniker have formed A. W. Foot & Co. to conduct a
general securities
business with offices at 25 Broad
St., New York.
—Mackenzie Williams has been admitted to
partnership in Charles V.
Snedeker & Co., Members of the New York Stock
Exchange
Walbrldge Bldg (Buffalo)—
—James Talcots, Inc. has been
appointed factor for Black Hosiery Mill,
Westlnghouse Bldg—
89
1 Ha
1009,6 100",6
1005,6 1007,6
100s32 100*
CURRENT
64
/27H
Aug 15 1938 101 '16
101*
June
1 1939 100«»,2 100»3*
51
Trinity Bldgs Corp—
/45
Bauman—
1st 6s
68
92 H
69*
2s.
7% preferred
100
B/G Foods Ino common..*
f Flat
selling
/45
68
■
Home Owners' Loan Gorp
Savoy Plaza Corp—
3s with stock
Lincoln Bldg lnc 5H8.1963
Loew's Theatre Rlty Corp
103
Ask
104
Chain Store Stocks
Par
Beriand Shoe Stores
Kobacker
l'hdjd 6 Hs. 1940
50
Lewis Morris Apt Bldg
Henry Hudson Parkway—
4s
April 1 1955
4s serial revenue 1942-68
7%
Roxy Theatre—
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
68
July 1936
Bohack (H C) common
66
45
1946
1*3
21*
Co—
/42
66
Graybar Bldg 6s
April 1938
(The)—
Nov 15 1939
2nd mtge 6s
1951
103 E 57th St 1st 6s—.1941
165 Bway Bldg 1st 5Hs '51
62
Bid
96
41
56
10
6*
53
75
/9*
5H
Ask
95
Federal Home Loan Banks
Park Avenue—
5s
Bid
Associates Invest 3s__ 1946
100
38
73"
59 *
1*
35
Miscellaneous Bonds
River Bridge 7s
1953
Federal Farm Mtge Corp—
1 Hs
Sept 1 1939
28 H
series F-l._
Oliver Cromwell
53
34
28
series Q
50"
41
31
39
19th & Walnut Sts (Phlla)
1st 6s
July 7 1939
Fox Theatre & Off Bldg—
1st
26 H
/26H
/50
/36
1st 6s
1958
-.1939
series BK
series C-2
69 H
66
50 Bway Bldg 1st 3s lnc '46
500 Flftb Avenue—
H
32 H
Bear Mountain-Hudson
1st mtge 2s stmp A reg'55
1st & gen 6s
1946
East Ambassador Hotels—
Eqult Off Bldg deb 5s. 1952
*
Savannah Sug Ref com
1
West Indies Sugar Corp.. 1
69
59 H
/37H
/32
Court & Remsen st Off Big
Ask
Bid
Haytlan Corp Amer
22
At*
1945
63
Chesebrough Bldg 1st 6s '48
Par
17*
2 OH
1
Metropol Playhouses lnc—
61H
60
Ask
■15*
.1
98 H 100H
N Y Athletic Club—
Chanln Bldg lnc 4s... 1945
1st 6s
1947
8 f deb 5s
1st leasehold 0*8—1944
Broadway Motors Bldg—
Bid
10
Metropolitan Corp (Can)—
B'way & 41st Street—
4_gg
Mortgage Certificates
Cuban Atlantic Sugar
Eastern Sugar Assoc
Preferred
70
Midland, North Carolina, manufacturers
of
hosiery.
Volume
Financial
145
Chronicle
1889
Quotations on Over-the-Counter Securities—Friday Sept. 17-Continued
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
Bid
Par
American
Arch..
American
American
Hard
*
8%
36
48
58
95
100
Rubber—
Garlock
cum preferred ...100
Hardware
American
Amer Maize Products
Andlan
Art
National
Corp
Golden Cycle Corp
20
Good
83
Graton A Knight com
11%
12%
1st
Indus
preferred
Burdlnes Inc
Climax
49
Standard Screw
13%
1%
Stromberg-Carlson
King Seeley Corp com
11%
1
1
12%
1
19)4
Mortgage Co.-20
Lawrence Portl Cement 100
11
Lord A Taylor com
100
226
1st 6% preferred
2d 8% preferred
100
100
1%
25%
110
6)4
*
22%
275
preferred.
44%
5)4
7)4
17%
Macfadden Publica'n com *
8
10
15)4
*
57
60
38
41
Merck A Co Inc com
1
33%
35%
100
108)4
2%
55
Devoe A Ray nolds B com *
x49
6%
mmm
115
.100
preferred..
295
R
7%
21%
23
3%
39%
41%
*
Dictaphone Corp
*
Preferred.
Preferred
4
3
9"
preferred
29
37
39
80
New Haven Clock.—
100
85
92
Yeast—100
62
64
38%
40%
5
Northwestern
6
20
Norwich
Leather common—*
25
Ohio
11
13
Ohio Match Co
43
Pathe Film 7%
23
1_.
Pref erred wi
7
5
Pharmacal
-
-
-
98
99%
101% 102%
102% 103%
1937
/77
79
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
/19
21
4s. 1950
22
1946
/38
90
Nat Radiator 5s
28%
103%
1%
30%
106%
3%
28
24%
Scovill Mfg 5%s
Standard
106
108
/28
1945
30
Products
Textile
1st 6 %a assented.
1942
Utd Clg-Whelan St Corp—
1952
71
73
Wltherbee Sherman 6s 1944
/43
47
5a
Wickwire Spencer Steel..*
Wi
GIbbs common 60
14%
15%
22
25
1st 5s
1962
W
29
31
2d conv Inc 5s
1962
Goodwill Sta.. 5
42
.
100 zlOl
preferred
87%
130
10%
9%
Woodward Iron—
103% 104
96
100%
105
101
pref-..-.*
1st
mmmm
1939
25
20
*
$7
1948
(Glenn L)—
N Y Shipbuilding 58-1946
49
19
$3 cum preferred
*
White Rock Min Spring—
18
''
100% 100%
1940
conv
3%s
Conv deb 6s
45%
West Va Pulp A Pap com ♦
Preferred
100
West Dairies Inc com v t c 1
Preferred 6%%
110
1955
1st
9
106
100
27
38
w
7%
77
100
com
$3 conv preferred
*
Welch Grape Juice com..5
com...*
100
*
Follanst>ee Bros pref
Follansbee Steel
50
111
New Britain Machine.—*
109)4 110
1st conv 8 f 6e
Cudahy Pack
Conv 6s
29
preferred
2%s '42
Deep Rock OH 7s
12%
1%
%
6%
65"
5%
95
4%
11
100
61
Nat Paper A Type
100
Warren Northam—
26
30
;
16%
45
*
Casket
Preferred
119
100
(Jos) Crucible.... 100
Douglas Shoe preferred. 100
Draper Corp.
*
Du Pont (E 1) 4)4% pref.*
Preferred
15%
*
National
107
Fabrics 7s.. 1942
Wire
Martin
Muskegon Piston Ring
54
103% 104%
Am
98% 101%
United Artists Tbeat com *
United M ercb & M fg com *
United Piece Dye Works. *
....
104
92
100
57
66
62%
Dixon
Federal Bake Shops
Preferred..
—
Cont 1 Roll A Steel Fdy—
Mock Judson A Voebrlnger
3%
126
Chicago Stock Yds 5s. 1961
24
pf. 10
85%
100
American Tobacco 4s. 1951
12H
*
Trico Products Corp..
94
.100
Commercial Credit
Tennessee Products
cum
preferred
18%
17%
82%
Allis-Chalra Mfg 4s w i *52
189
11%
22%
*
Steel common
*
Bonds—
*
Sylvania Indus Corp
Taylor Wharton iron A
Machinery
A
14
102% 103
Tel Mfg
Ice
120
42 %
*
Preferred
7% preferred
..100
Young (J S) Co com... 100
12%
100
Tublze Chatlllon
*
Dennlson Mfg class A.-.10
Dentists' Supply Co of N Y
179/
38
5)4
preferred
290
11%
York
20%
59
*56
..100
51
Singer Manufacturing.. 100
Singer M fg Ltd
Skenandoa Rayo" Corp
Standard Brands 4% % pf *
19%
10
com
4%
38%
47
3%
52)4
15)4
Crowell Publishing com..*
$7
47
Paper. .26
Woodward Iron
Worcester Salt
36%
36
Northern
1%
6%
Ask
Bid
Par
1%
4%
25
10%
9
Molybdenum
cum
10
68
Ask
Bid
com.... *
Harrlsburg Steel Corp—5
Ktidun Mining Corp
1
10
Columbia Baking com
$1
9
7)4
Lawyers
com
couiiuou
Scovill Mfg
8
Great
51
.....100
new
Co
Remington Arms
28
63
Great Lakes SS Co com..*
7)4
Hotels
Clinton
24%
*
53
8%
*
Loan pf.*
62
100
27
Belmont Radio Corp
Blltmore
Humor Corp
Preferred
51
6
Bowman
10
1
25)4
*
Metal Construction. 10
Bankers Indus Service A_*
Beneficial
*
Extinguisher—*
28%
79
1 *
American Mfg 5% pref. 100
American Republics com.*
60
23%
25
3
Packing com
Fire
Cen
27)4
16)4
26
3%
3%
2%
*
shares
American
Par
Petroleum Conversion,.
1
Petroleum Heat A Power.*
Publication Corp corn
*
Foundation Co Forshs...*
40
100
Book
Ask
Bid
Par
As*
For footnotes see page
1888.
Tennessee Products Common
Woodward
S.
H.
& CO
EDWARDS
I
Memoers
Pittsburgh Stock Exchange
y
United
New York Curb Exchauge (Associate)
120
Broadway, New York
Tel. REctor 2-7890
Bank
Building,
Cigar Stores
SELIGSBERG & CO.
Teletype N. Y. 1-869
Union
Iron
Follansbee Bros.
Pittsburgh
Members New
York Stock & Curb Exchanges
50 Broad
St., New York
Telephone Bowling Green 9-8200
Wickwire Spencer Steel Co.
COMMON
STOCK
Bought—Sold—Quoted
WICKWIRE SPENCER STEEL
QUAW & FOLEY
New Common
Members New York Curb Exchange
30 Broad
St., N. Y.
Hanover 2-9030
fcxpfredA £xcfiatig&
52 Wall
Street,
New York City
A. T. & T.
HAnover 2-3080
Teletype N. Y. 1-1642
CLIMAX MOLYBDENUM COMPANY
C.
E.
UNTERBERG & CO.
MomhnHJ
/ New York Security Dealers Association
Memoers
61
j
Houston Oil Field Material Company,
BOwling Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
Inc.
Preferred and Common Stock
Commodity Exchange, Inc.
Prospectus on request
ROBINSON, MILLER & CO.
AUCTION
The
following securities
were
INO.
SALES
sold at auction
HA™e&h2°282 52 William Street, N.Y.
Wednesday
on
of the current week:
AUCTION
By Adrian H. Muller & Son, New York:
Shares
Stocks
$100 United Grcoers, Inc. (Calir.) 10-year promissory 8% note.
Due April 1,
1936.
July 1, 1933, and subsequent coupons attached.
$200 San Fran¬
cisco Women's Building Association 2d mtge. 6% gold notes.
1950.
May 1,
1932, and subsequent coupons attached.
Building Co.
(Calif.!
deposit certificate.
$1
par
48 Combined Oil Co.
.
$ per Share
Stocks
Shares
(Calif.),
...$26 lot
$250 tot
$6 lot
CURRENT
Stocks
Bank, New Bedford, Mass.,
par
$20
54
10 Naumkeag Steam Cotton Co
62%
Boston Athenaeum, par $300
290
50 American Commonwealth Powpr Corp. 1st pref. $6.50 div. series, Mfg.
Tr. N. Y. ctfs. dep.
2-10 American & Foreign Power Co., Inc., option
warrants.
100 Baxter Laundries, Inc.,
class A common.
500 Central
Public Service Co. common, par $1.
21 Consol. Gas Utilities Co. v. t. c.
1
for class
B
stock.
5
Industrial Laboratories,
Inc., class A
common.
c.t
par
shares,
$5.
par
347
Wonder-Mist Polish
$1
Bonds
Per
Cen1
25 & int.
Co.,
Co., par $25
25 Plymouth Cordage Co., par $100
10 Gorton Pew Fisheries Co., Ltd
20 Crescent Public Service Co., par $1
*
$ per Share
82
James G. Campbell,
Cyrus R. Currier of Adams & Mueller, Carlos D.
Pressprich & Co., J. Winner Parker of Outwater & Wells, C.
H. M. Byllesby & Co. and Edwin O. Stengel of Herrick,
Berg & Co.
—Announcement was made of the formation of the Statistical Research
Bureau
at
32
Broadway, New York, under the direction
of Thomas A.
A., to conduct surveys, supply sales, promotional literature,
charts and prospectuses, and to write reports and market letters.
—James Vander Moere, formerly with the Grand Rapids Trust Co. and
McDonald,
Moore
&
Hayes,
Inc.,
has
announced
the formation
of J.
...
par
81
Vander Moere & Co
10
$100
1 Haverhill Gas Light
at
W.
Wallace Smith of
prepare
Stocks
100 I.ynn Gas A Electric Co.. par $25
15 United Elastic Corp
9 Columbian National Life Insurance
Competition for the annual Bond Club Golf Trophy will feature the day,
Falco, B. B
By Crockett & Co., Boston:
Shares
Westfield, N. J.,
Kelly of Fidelity (Jnion Trust Co., H. Stanley Krusen, Courilandt Parker
85
$100 National Service Cos. 6s, Feb. 15, 1952
in
with numerous other low net, low gross and special prizes to be awarded in
of R.
$36 lot
..—
Shackamaxon Country Club
announced today.
Other members of Mr. Brown's committee include
27 5-10 Wolverine Power Corp. v. t.
Trustees Unincorporated, ordinary
8 Morse Twist Drill A Machine Co., par $100
Bond Club of New Jersey's annual fall field day will be held on
Sept. 24, at
Fred J. Brown of H. L. Allen & Co., chairman of the field day committee,
Jr. of Escabrook & Co.,
5 New England Southern Corp. prior pref.
100 Texas-LoulsiAna
Power Co. pref., par $100.
100 Texas OH Products Co., par $10.
25 Utili¬
ties Associates, Inc., class B common.
—The
Friday,
three competitive classes.
10 Industrial Laboratories Inc., class B common.
5 Kulehed, Inc., common.
9 Middle West Utilities Co. common.
288-400 Middle West Utilities Co.
scrip.
.
NOTICES
% per Share
15 Merchants National
ctf.
22
Pennsylvania Co. for Insurances on Lives & Granting Annuities, par $10.. 33)4
18 Phoenixville Trust Co., Pa., par $50
L—.....
45
69 Media Drug Co. preferred
....$1 lot
8 Philadelphia Bourse common, par $50
8)4
5
By R. L. Day & Co., Boston:
Shares
(Concluded)
30 Germantown Trust Co., par $10
Due May 1,
1 Syndicate
10 Lord Electric Co., Inc. (Del.) 1st pref., no par; 64 2d pref., no par
50 Chapin State Bank of South Bend, Ind., par $100.....
SALES
By Barnes & Lofland, Philadelphia:
$ per Share
will have offices at
95
;
40
3
to deal in general investment securities.
The firm
the Grand Rapids Trust Bldg., Grand Rapids; Mich.
—Robertson & Georgeson have admitted
Forrest McMullen & Donald
George Storck to general partnership in their firm
Financial
1890
General
Chronicle
Sept.
18, 1937
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
x
After
provision for depreciation of fixed assets of $351,332 in
1935.
1936
and $352,614 in
Balance Sheet June 30
RIGHTS—SCRIP
1936
1937
Assets—
Gash
197,936
grain and coal..
207,381
Govt, ref-
lief
ftfcDONNELL&fO.
120
Exchange
New York Curb Exchange
Broadway, Now York
on
38.455
Deterred charges
Investments
Members
New York Stock
93,826
Memberships
Exchange
Telephone REctor 2-7815-30
Total
Bell Teletype NY 1-1640
x
20.686
587,558
$7,220,762 $9,475,998
After
reserve
for depreciation
1
Total
y Represented by 80.000 no-par
of Saskatchewan only.—V. 143, p. 18o2.
OF
REGISTRATION
STATEMENTS
SECURITIES
The
UNDER
ACT
following additional registration
(Nos.
statements
3404 to 3410, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is
approximately $21,983,000.
Hughes Printing Co., Inc. (2-340-1, Form Al) of East Stroudsburg,
a registration statement covering $200,000 5% first mortgage
The bonds will mature from Nov. 1,1939 to Nov. 1,1952, inclusive.
Proceeds from the issue will be used for retirement of debt, purchase
of machinery, in proven ents and working capital.
Colonial Securities
Corp., the principal underwriter of the issue, will offer the bonds publicly
at par.
G. C. Hughes is President of the company.
Filed Sept. 9,1937.
Pa., filed
bonds.
Sheridan Surf
Building Corp. (2-3405 Form Fl) of Chicago, Illinois,
has filed a registration statem ent covering voting trust certificates for
40,171 shares or preferred stock, $10 par value; 6,330 shares class A common
stock, no par value, and 7,185 shares of class B con mon stock, no par value.
Dayton Keith, C. S. Tuttle and Lucius Teter are trustees.
Filed Sept. 9,
1937.
Hilton
has
filed
Davis
a
Chemical Co. (2-3406, Form A2) of Cincinnati, Ohio,
registration statement covering 15,000 shares of cumulative
$5, dividend rate $1.50 and 52,750
convertible preferred stock, par value
shares of common stock, par value $1.
The preferred stock will be optioned to the underwriter at $27.50 a share
will be offered for resale at $30 per share or the market price.
Of the total issue of common, 18,750 shares are reserved for conversion
the preferred and if released from reservation may be sold at the market
and
o*
?rice: 10,000 shares are to be sold through the underwritershare for resale
0,000 shares
optioned to the underwriter at $25 per at the market;
are
at
$27.50 per share and 14,000 shares are optioned to the underwriter at
$20 per share for resale at the market.
Proceeds will be used for plant construction, equipment,
bank loans and for working capital.
Distributors Group,
the underwriter.
1937.
reduction of
Inc., will be
Filed Sept. 9,
A. B. Davis is President of the company.
V-Sv1 .'.''V-
■
,•.;w
Mar Tex Oil Co. (2-3407, Form El) of Houston, Texas, has filed a
registration statement covering 500,000 shares $1 par common stock, of
which
100,000 shares will be offered to common stockholders and the
remaining 400,000 shares will be offered to holders of outstanding class A
common stock.
The company states class A stockholders may exchange
their 400,000 shares for the new issue in lieu of cash payment.
The stock
is being registered under a
plan of recapitalization.
Cash proceeds will be
used for working capital and there will be no underwriters.
Henry B.
Thomas Jr. is President of the company.
Filed Sept. 10, 1937.
Continental Can Co., Inc. (2-3408, Form A2) of New York, N. Y.»
has filed a registration statement covering 200,000 shares of no par value
$4.50 cumulative preferred stock.
Filed Sept. 13, 1937.
(For further
details
see
subsequent page.)
Alden
optioned to Firth & Co. at 25 cents per share.
The new issue of common
will then be reoptioned to E. F. Wolff & Co. in the following manner:
100,000 shares at 22J4 cents per share; 100,000 shares at 25 cents per share;
100,000 shares at 27 £$ cents per share: and 100,000 at 30 cents per share.
The stock will be offered for resale at 40 cents per share.
Proceeds from the issue will be used for evploration, development, equip¬
ment and working capital.
Fred C. Bidgood is President of the company.
Filed Sept. 14, 1937.
Regan Alexander Baking Co., Inc. (2-3410, Form Al) of Hamtranck,
Mich., has filed a registration statement covering 179,400 shares of no-par.
common stock.
Of this total 80,000 shares to be offered to the public at
$1.60 per share.
The remaining 99,400 shares registered are not to be
presently offered.
Proceeds will be used for property, buildings, equip¬
ment and working capital.
Underwriters will be named by amendment.
W. J. Regan is President of the company.
Filed Sept. 15, 1937.
1937
and $2,047,815
shares class A stock,
x
Province
Apartment Hotel—Earnings—
The Alden Apartment Hotel earned at the annual rate of 4.37% on its
outstanding 6% first mortgage bonds, before interest, depreciation and
amortization, in the nine months ended June 30, 1937, showing net profit,
before interest and amortization, for the period of $89,717, according to
Amott, Baker & Co., Inc.
This compared with a net of $74,605 for the
san e period a year ago, which was at the annual rate of 3.63%.
Under a modified reorganization plan approved July 15, 1937, present
holders would receive for each $1,000 of bonds held $950 principal an ount
of first mortgage 20-year 3%-5% bonds and $80 in the form of a cash dis¬
tribution.
Fifty per cent of the net income of the property, after cash
or interest sufficient to retire $52,000 in bonds annually, whichever be the
greater, would go to a sinking fund for bond retirement, and the other 50%
would go to pay a $125,000 subordinate note.
Real estate taxes are paid through the first half of 1937 on the building,
which was assessed for this year at $2,675,000.
It is currently reported
approximately 94% rented.—V. 135, p. 3358.
Alleghany Corp.—Will Appeal
on
Merger—
The directors of Alleghany Corp. and Chesapeake Corp. at a special meet¬
ing Sept. 10 unanimously voted to appeal the injunction order issued by
Judge Dennis of Baltimore, which enjoined the proposed merger of the two
companies into a new Chesapeake Corp.
The decision to appeal to the
Maryland Court of Appeals was made, it is said, upon the advice of out¬
standing attorneys in Maryland, who consider the present injunction illegal.
The appeal will not be acted upon until the October session, and it is
expected in the intervening period that some changes may be contemplated
in the original plan of merger, particularly as it concerns the rights of the
preferred stockholders.
The temporary injunction was granted in favor
of Tricontinental Corp. and Selected Industries, Inc., and the Broseco
and Aldebaran holding companies, on the grounds of inequitable treatment
of security holders in the merger plan.
Another method of simplifying the capital structure of the former
Van Sweringen corporations, which entails the dissolution of Chesapeake
Corp. and recapitalizing Alleghany Corp. has been under consideration,
but it is doubtful if any action will be taken along this line until the hearing
on the appeal which is
expected to clear up some legal points on reorganiza¬
tion of corporations under the present Maryland laws.—V. 145, p. 1732.
_
Allemannia Fire Insurance Co.—Extra Dividend—
The directors
have declared an extra dividend of 5 cents per share in
regular quarterly dividend of 25 cents per share on thf capital
both payable Sept. 30 to holders of record Sept. 20.
A
similar extra dividend was paid in each of the seven preceding quarters.
The company paid extra dividends of 10 cents per share on Jan. 2, 1935,
and in each of the four quarters prior to this latter date.—V. 144, p. 4164.4
addition to
a
stock, par $10,
Allied Kid Co.—SalesPeriod End. Aug. 31—
Leather sales
_____
Wolverine Mines, Ltd. (2-3409, Form Al) of Toronto, Ont., has filed
a registration statement
covering 400,000 shares common stock, par value
$1.
According to the statement, 2001000 shares will be optioned to G.
Firth & Co. at 20 cents per share and the remaining 200,000 shares will be
$7,220,762 $0,475,998
of $2,240,316 in
in 1936.
FILING
1936
..
26,361
644,883
__
y
—....
Prov. of Alberta &
Sask.
1937
7% pref. stock
$3 ,000,006 $3,000,000
800.000
800.000
Common stock
197,276 6% 1st mtge. bds.
,678,000
2.678.000
Bank accounts
2,162.000
116,070
2,940,140 Current balances.
I Acer, taxes (partly
21.774
42,540
estimated)
396.847
260.239
z48,061 Sundry creditors__
Bond redemp. res.
86.620
86,656
38,455 Profit and loss
216,754
351,258
32,869
606,958
Accts., &c., rec___
Stocks on hand of
Specialists since 1917
Liabilities—
I
$5,410,636 $5,605,277
Property
x
1937—Month—1936
$912,278
$814,328
Although higher prices, based
1937—8 Mos.—1936
$7,361,000
$6,200,000
Increased costs of raw skins, are largely
responsible for greater dollar values, physical volume showed an increase
in August of this year with sales of approximately 3,709,000 feet reported,
against some 3,663,000 feet for that month in 1936.
For the first eight
months footage sales were about the same as for the corresponding period
last year.—V. 145, P. 1247.
on
Aluminum Co. of America—Accumulated Dividend—
_
The directors
Sept. 14 declared a dividend of $3.75 per share on ac¬
on the 6% cumulative preferred stock, par $100,
payable Oct. 1 to holders of record Sept. 16.
A similar payment was made
on July 1, last.
See V. 144, p. 3992 for detailed record of previous dividend
count
on
of accumulations
payments.
,
Accumulations
to
$4.50
per
of the current dividend will amount
747.
after the payment
share.—V.
145,
p.
American Box Board Co.—25-Cent Dividend—
have declared a dividend of 25 cents per share on the
stock, payable Oct. 1 to holders of record Sept. 16. A like amount
on July 1, last, and compares with 20 cents paid on June 1 last,
dividends of 25 cents paid on April 1, and on Jan. 4, last; an extra dividend
of five cents and a dividend of 20 cents paid on Dec. 7, 1936 and an initial
dividend of 20 cents per share distributed on June 30,1936.—V. 145, p. 747.
P*The directors
common
The last
in
our
previous list of registration statements
Sept. 11, page 1732.
was
given
issue of
Abitibi Power & Paper
& income taxes
F The directors
June
July
$522,580
on
$394,169
—V. 145, p. 1573.
Ainsworth Mfg.
The
directors
have
Corp.—25-Cent Dividend—
declared
a
dividend
of 25
cents
per
Alberta Pacific Grain Co.,
from oper. before
the under no ted charges
Income
1936
1935
deducting
Total income
Depreciation of fixed assets
Provision for moving and re-erecting
elevators and renewals
Prov for bad & doubtful accounts
Bond interest and exchange
Directors fees
Provision for Dominion & Provincial
(estimated)
Bal. loss transf. to
surplus account-
$71,981
96,430
x$144,261
18,608
x$171,522
7,290
$168,411
Income from investments
income taxes
Ltd.—Earnings—
1937
the
common
have declared
stock,
no par
$162,869
$178,813
208,359
value, payable Sept. 30 to holders of record
A similar amount was paid on June 21, last, and compares with
50 cents paid on March 31, last, and on Dec. 21,1936; 40 cents paid on Sept.
30 and June 30, 1936; 30 cents paid on March 31, 1936; 25 cents paid on
Dec. 31, Sept. 30 and June 29, 1935; 20 cents in each of the five preceding
and incl. Dec.
30, 1933.
3 mos. from June 30, 1932 to
In addition an extra dividend of $1 was paid on
Dec. 21, 1936; 25 cents was paid on Dec. 31, 1935, and an
of 5 cents per share on March 30, 1935.—V. 145, p. 1574.
American Crystal Sugar
extra dividend
Co.—50-Cent Dividend—
a dividend of 50 cents per share on the com¬
stock, par $10, payable Oct. 1, to holders of record Sept. 21. This
compares with 75 cents paid on June 25, last; $1.50 paid on March 15, last,
and 50 cents paid on Jan. 2, last and on Oct. 1, 1936, this latter being the
first dividend paid by this company.—V. 144, p. 3826.
The directors have declared
mon
American Fruit Growers,
Years End. June 30—
1937
Net sales
__.$31,960.954
Tot. inc. of corp. & subs.
Interest charges
Loss
-
Co.—Interim Div.—
interim dividend of 75 cents per share
Sept. 24.
Depreciation
74,609
10,000
an
quarters, and 15 cents per share paid each
share on the
stock, par $10, payable Oct. 1 to holders of record Sept. 23. Similar
amount was paid on July 1 and on March 25, last, and compares with $1
paid on Dec. 23, 1936, and 50 cents paid on Oct. 5, July 10 and April 10,
1936.
A special dividend of $1 was ]paid on March 2, 1936, and on Dec. 28,
1935; 75 cents was paid on June 28 and March 4, 1935; $1.25 on Dec. 27,
1934, and 50 cents per share paid on Dec. 27, 1933, and on March 15, 1932.
—V. 145, p. 98.
common
Years Ended June 30—
paid
American Brake Shoe & Foundry
Co.—Earnings-
Month of—
Earns, after gen. exps., but before bond int.,deprec.
was
on
cap.
_
_
101.083
233.648
392.635
93,073
249,121
770.542
117,467
305,661
5,985
5.184
4.185
367.145
135.769
356,376
4,381
11,791
1,005,187
assets dis¬
posed of
1,250
164,284
1,000
161,822
500
Misc. surplus chgs. (net)
Loss on prop. disp. of &
10,000
10,000
12.000
misceil. adjust, of surp
Fed. normal inc. taxes._
$135,807
$12,415
sur$4,491
Net profit
Inc.—Earnings—
1934
1936
1935
$29,990,370 $26,321,704 $25 ,771,760
44,602
92,980
$571,491
$41,070
$331,241 loss$169,601
Volume
Financial
145
Chronicle
1891
Consolidated Balance Sheet June 30
r
Assets—
1937
x'Orchards,
f
$3,752,824 $3,792,823
710.765
783,359
Cash
(trust funds)
138.397
y
Common
Pur.
312,364
352,515
stock.
money oblig.
RFC loan
"4" 176
1,328.851
7% ser. conv. notes
Accounts payable.
874.066
RFC loan (current)
600,000
748,346
60,000
7% ser. conv. notes
(current)
Accrued revenue._1
68.512
618
332,710
478,630
604,492
1,164,445
58,124
expenses./
Investments
Pur.
Other notes, ratgs.
z
Prov.
Claims agst. closed
banks
See
wa & (B®,
Phone Daly 5391
MILWAUKEE, WIS.
Teletype Ml'w. 488
48,142
Federal
for
normal inc. taxes
60,627
40.605
Notes
34,421
103,634
493,889
130,575
Notes and accepts.
banks
pay.,
payable
Accrued liabilities.
American Water Works & Electric Co.,
Inc.—Weekly
191,961
194,539
z
23,042
Deferred charges..
800.000
796,226
oblig.
money
(current)
& accounts
Inquiries in
Milwaukee & Wisconsin Issues
100,000
rec.
Inventories
312,364
459,118
180.000
10.463
1,109.983
Notes & acots.
We Invite
$2,587,100 $2,587,100
821.066
Cash val. life lns__
Prepaid
1936
1937
Liabilities—
7% non-cum. pref.
stock
&c
Cash
1936
groves,
houses,
packing
i
137,316
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Sept.
11, 1937 totaled 46,120,000
Deferred credits__
17,598
18,718
Reserves
51,267
1,120,231
kwh.,
2,018,805
1,649.938
corresponding
Surplus
decrease of 3.7% under the output of 47,899,000 kwh.
period of 1936, which did not include Labor Day.
1937
1936
1935
1934
a
for
Week End.
Total
.$7,572,255 $8,560,120
$7,572,255 $8,560,120
Total
x After
depreciation of $2,713,350 in
Represented by 312,364 no par shares,
banks.—V. 143, p. 1709.
1937
y
z
and
$2,594,630
in
1936.
Includes claims against closed
Aug.
Aug.
Sept.
Sept.
21...
28...
50.626,000
50,740,000
51,118,000
11---*46,120.000
47,032.000
38,696.000
47,441,000
39,774,000
48,272,000
39.805,000
47,899,000 *38,072,000
4
__* Includes Labor Day.—V. 145,
American Gas & Electric Co.
(& Subs.)—Earnings—
Period End. July 31—
1937—Month—1936
Sub. Cos. Consolidated—x
Operating
$5,991,429
revenue
350,478
813,905
794,805
$2,071,532
Dr7,715
$1,842,353 $26,454,524 $24,801,767
27,938
359,571
435.766
$2,063,816
891,582
417,831
$1,870,291
949.U11
417,831
Operating
1,960,708
expense
Maintenance
Depreciation
Taxes
...
Operating income..
Other income
1937—12 Mos.—1936
$5,611,320 $72,836,470 $67,807,101
1,880,071
22,oo3,004
21,216,999
367.717
4,120.571
3.801,961
768,257 1 9,042,8o7
8,972.608
752,921
10,055,513
9,013.764
Total income
Int. & other deducts..
Pref. stock dividends.
$26,814,095 $25,237,533
11,017,800
11,247,392
5,014,394
5,014,392
$503,449 $10,781,900
$8,975,749
Amer. Gas A El. Co.—
Bal. of subs.
cos.
earns,
applic. to Amer. Gas &
Elec.
Co.
shownI
as
'
'''••••
above
Pref.
stock
sub. cos
cos
divs.
503,449
279,194
10,781,900
3,172,113
8,975,749
3,309,723
159,171
14,919
1,910,050
1,910,050
208,892
233,499
Total income
...
$1,164,122
Expense
$956,733 $16,072,955 $14,429,021
56.863
682,556
559.298
62,450
Balance
Int. & other deductions.
Pref. stock divs. to pub.
Balance
$1,101,672
170,853
177,811
$899,869 $15,390,399 $13,869,723
213,567
2,262,383
2,562,802
177,811
2,133.738
2,133,738
$753,007
Figures
for
periods prior to
$508,491
Jan.
1,
$10,994,279
1937 restated
for
$9,173,184
comparative
1732.
[In South African currency]
Tons
Companies—
Brakpan Mines, Ltd.
Daggafontein Mines, Ltd..
Springs Mines, Ltd
x
West Springs, Ltd.
Value of Gold
Declared
Milled
140,000
132.600
150,200
92,500
Costs
£247,128
273,469
301,286
Profit
£109.697
131,804
160,214
41,093
£137,431
141,665
141,072
75,136
116,229
Each of which is incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £6.19s. Od.
per ounce
x
fine.—V. 145, p. 1248.
Angostura-Wupperman Corp.—Interim Dividend—
an
the capital
interim dividend of 10 cents
per share'on
stock, payable Sept. 30 to holders of record Sept. 23.
Like
payment was made on June 30, last, and previously
regular quarterly
dividends of five cents per share were distributed.
In addition the
following
extra disbursements were made, 5 cents on March
31, last; 15 cents on Dec
28, 1936, and 5 cents on June 29; and April 1, 1935, and on Dec. 31.
and
April 2, 1934—V. 145,
p.
1248.
Apex Electrical Mfg. Co.—To Pay 30-Cent Dividend—
from
Other income
x
'
.
754,403
246,026
159,171
4,522
Int. from subs,
31.342.000
36,370,000
30.790.000
36,289.000
30,787,000
36.471,000
*29,154,000 *33,920,000
Anglo American Corp. of South Africa, Ltd1^-Resulfs
of Operations for the Month of August, 1937—
The directors have declared
$754,403
p.
the
1933
r
The directors have declared
mon
stock, payable Oct.
a dividend of 30 cents
per share on the
1 to holders of record Sept. 20.
This
com¬
compares
with a dividend of $1 per share paid on Dec.
share distributed on Dec. 30, 1932.—V.
21, 1936, and
145, p. 1248.
Appalachian
Electric
Power
funding Planned by Company—
one
of 5 cents
Co .—$85,000,000
Der
Re¬
It is reported that a new issue of mortgage bonds and
debentures is con¬
templated by the company in its program of refinancing.
The combined
new issues will, it is said, embrace about
$50,000,000 in bonds and $15 000 000 in debentures.
The plan is to refund the
$85,000,000 5% and 64
bonds now outstanding.—V. 145, p. 100.
purposes.
,
Note—Intercompany items eliminated.—V. 145,
Period End. June 30—
Net profit after operating
p.
Arkansas Power &
1247, 427.
(& Subs.) —Earnings—
1937—3 Mos.—1936
1937—6 Mos.—1936
Similar
payments were made in each of the eight
preceding
Sept
15
quarters'and
—V. 145, p. 1409.
chgs. but before
prov.
Federal surtax
$26,055
$183,196
$294,458
Arnold
$227,499
3485.
*
Constable Corp.
6 Mos. End. July 31—
American
the $7 cumula¬
stock, no par value, and $1.50 per share on the $6
cumulative
pref. stock, no par value, both payable Oct. 1 to holders of record
compare with $1.17 and $1 per share, respectively,
previously distributed
each three months.
(For detailed dividend record see V. 140 d iQQfi i
ta.ve6, deprec. & other
for
on
tive pref.
exps., noni al r ed. inc.
—V. 144, p.
Light Co.—Accumulated Dividends—
The directors have declared dividends of $1.75 per share
American Hair & Felt Co.
Light & Traction Co. (& Subs.)—Earnings—
12 Months Ended July 31—
1937
Sales
Net
Fed.
1936
'
Gross operating earnings of sub. cos.
(after elim¬
$40,375,049 $38,078,874
21,791,665
20,238,883
Maintenance
2,171,911
2.741,258
Provision for retirement of general plant
2,4UU,5u9
2,310,324
General taxes and estimated Federal income taxes
4,949,617
4,638,704
inating inter-company transfers).
General operating expenses
Net earnings from operations of subs, cos
Non-operating income of subsidiary companies
$9,061,346
158,197
$8,149,704
526,574
loss
after
inc.
1937
$3,212,152
1936
$3,112,592
1935
1934
$2,746,784
$2,730,067
$41,176
prof26,987
79,963
11,752
deprec.,
taxes
min.
interest, &c_
Earns, per share on 337,109 shs. cap. stk. (par
$5)
Nil
—V.
p' iyyo"'
(& Subs.)—Earnings—
$0.08
Nil
144, p. 3660.
Nil
Art Metal Construction Co.—Dividend Increased—
The directors have declared
a dividend of 80 cents
per share on the com¬
stock, par $10, payable Oct. 1 to holders of record Sept. 24
This
with 60 cents paid on July 1 last; 40 cents paid on
April 1 last
and on Dec. 17, 1936; 35 cents paid on Sept. 3,
1936; 25 cents on June 30
1936, and 15 cents per share paid on Jan. 2, 1936, this latter
being the first
payment made since Jan. 2, 1932, when a distribution of 10 cents
per share
mon
compares
Total income of subsidiary companies
Int., amortization and pref. divs. of sub.
$9,219,543
4,227,971
Proportion of
earns.,
attributable to min.
com.
stk.
$8,676,278
4,251.944
$4,991,572
cos
Balance
$4,424,334
9,582
10,660
was
In
of
Equity of Am. Lt. & Trac. Co. in earns of subs.. $4,980,912
Income of American Light & Traction Co. (excl.
of income received from subsidiaries)
1,547,803
Total
$6,528,715
2U7.427
Expenses of Amer. Light & Traction Co
Taxes of American Light & Traction Co
226,029
Balance
Balance Transferred to consolidated surplus
on preferred stock.
Dividends
Balance
Earnings
—V.
p.
share of
930.
American
$5,298,978
804,486
116,699
common stock
$5,150,022
$4,494,492
$1.86
.
per
145,
$5,415,676
804,486
company interest deductions
$6,095,258
140./50
$1.62
Mfg. Co.—To Pay Smaller Common Dividend—
The directors have declared a dividend of $1
per share on the common
stock, payable Oct. 1 to holders of record Sept. 15.
This compares with
$2 paid on July 1, last, and $3 paid on Dec. 31, 1936, this latter
being the
first dividend paid on the common stock since July
1, 1931, when a dis¬
tribution of 50 cents per share was made.—V.
American
144, p. 4165.
Stamping Co.—12%-Cent Dividend—
The directors on Sept. 13 declared a dividend of
12/^ cents per share on
the common stock, payable Oct. 1 to holders of record
Sept. 23.
A divi¬
dend of 15 cents was paid on Lis issue on Sept. 1 last and a
dividend of
20 cents per share was distributed on July 20 last.—V. 145, p. 1088.
American
Telephone & Telegraph Co.—Earnings—
Period End. July 31—
Operating revenues
Uncollec. oper. revenue.
1937—Month—1936
1937—7 Mos.—1936
$8,560,959
$9,027,636 $63,245,524 $61,988,892
48,676
30,988
331,790
221,759
Operating revenues— $8,512,283
Operating expenses
6,522,346
Net oper. revenues—
Operating taxes
$1,989,937
730,138
$8,996,648 $62,913,734 $61,767,133
6,265,179
45,198,674
43,315,193
addition, the company on Dec. 17, 1936, paid a special stock dividend
share of common stock for each 20 shares held.—V.
145, p. 1409.
Asbestos Mfg. Co. of Indiana—New Director—
Allan S. Noyes has been elected a director of this
company, replacing
that board M. L. Brown, resigned.—V. 143, p. 1710.
$5,668,806
179,043
74,087
$5,954,508
.
Holding
$4,414,753
1,254,054
made.
one
Ashley Drew & Northern Ry.—Bonds—
The
Interstate Commerce
Net oper. income
$1,259,799
1088.
$1,779,243 $11,896,186 $12,504,431
on
Sept. 9 authorized the com¬
5% bonds, to be
applied to the payment
of maturing and other indebtedness.
The report of the Con mission says in part:
The applicant is indebted to the Reconstruction
Finance Corporation
sum of $225,000, which is represented
by notes, collaterally secured
by $600,000 of general mortgage 6% gold bonds.
One of the notes, in the
$75,000, becan e due on Aug. 19, 1937.
To provide funds with
which to pay off this entire debt to the Finance
Corporation and also to
pay part of its indebtedness of approximately $300,000 to the Crossett
Lumber Co., an affiliated company, the applicant proposes to
issue $400 000
of 5% bonds under a new trust indenture, to oe dated
July 1, 1937, to the
Union National Bank of Little Rock, Little
Rock, Ark., as trustee and
an agreement supplemental thereto.
The bonds were offered for sale through competitive
bidding.
Two bids
were received, which were made respectively
by Crossett Timber & Develop¬
ment Co. for $225,000 of the bonds and by the Crossett
Lumber Co. for
$175,000, at par and accrued interest in both instances.
The applicant
proposes to sell the bonds to these companies.
in the
amount of
Our order to be entered herein will authorize the
applicant to issue not
exceeding $400,000 of first mortgage 5% bonds upon the condition that
only $225,000 thereof shall be actually issued at this tim e, the
remaining
$175,000 to be issued only after there shall have been filed with us an
application for authority to issue capital stock in the reduced an ount of
$300,000 having a par value of $25 a share, and shall have received our
authorization therefor.—V. 145, p. 1089.
Associated Gas & Electric
Co.—Weekly Output—
For the week ended Sept. 10, Associated Gas & Electric
System reports
net electric output of 87,387,038 units (kwh.).
This is an increase of
6,353,987 units, or 7.8%, above the production for the comparable week a
year
ago.—V. 145, p. 1733.
The directors have declared
Corp.—Special Dividend—
special dividend of 25 cents per share in
of 12 H cents per share on the
stock, no par value, both payable Oct. 1 to holders of record
Sept. 20.
Similar payments were made on July 1, last, Jan. 1, 1936 and
addition
to
on
a
the regular quarterly dividend
common
—V. 145, p.
Conn ission
pany to issue not exceeding $400,000 of first-mortgage
sold at par and accrued interest, and the proceeds
Automatic Voting Machine
$2,731,469 $17,715,060 $18,451,940
952,226
5,818,874
5,947.509
on
Aug. 1, 1935.
Financial
1892
Chronicle
Contract—
has received a contract rrom tne Clty~of Baltimore for
achines of 40-key type for delivery next year.
The^ contract
This company
910 voting
n
SL.
144, p. 4167,
atrg-egates $710,000.—V.
stock during
50 cents per share on common
year
611.—V. 145, p. 1575.
Backstay Welt Co.—Extra Dividend—
The directors
addition
common
have declared an extra dividend of 20 cents"per share in
made on July 1, last.—V. 144, p. 4167.
Baldwin Locomotive
J
$131,956
$311,953
$224,828
$0.70
$0.59
$1.39
$1.00
—V. 145, P. 749.
Bethel Granite
The
Ry.—Abandonment—
Commerce
Interstate
Commission
on
June
18 issued
certificate
a
permitting abandonment, as to interestate and foreign commerce, by the
Bethel Granite Ry. of its entire line of railroad extending from Bethel in an
easterly and northerly direction to the E. B. Ellis Quarries, 5.4 miles, all in
Windsor County,
Vt., and abandonment of operation thereof by the
Central Vermont Ry., Inc.
to the regular quarterly dividend of 30 cents per share on the
stock, no par value, payable Sept. 25 to holders of record Sept. 20.
Similar payments were
$157,803
surtax
Earns, per sh. on 224,112
shares of stock
of 1937 are equal to
tota
dividends paid on common stock for full year of 1936.
Volun e for
first 7 months or 1937 was $9,438,051 and for full year of 1936 was $9,667,-
1937—6 Mos.—1936
1937—3 Mos.—1936
profit
after oper.
exps., normal Fed. inc.
taxes, deprec. & other
chgs., but before Fed.
Automobile Finance Co.—Earnings—
gear 15 to stock of record Aug. 31, dividends declared and paid amounting
Including dividend declared during August 1937, payable
ept. 1936.
(& Subs.)—Earnings—
Period End. June 30—
Net
/
The company reports net earnings for the first seven months 1937 of were
18.8% greater than earnings for full 12 months of 1936.
Net earnings for
first six n onths of 1936 were 97.3% of earnings for full 12 months of the
to
Sept. 18, 1937
Belden Mfg. Co.
Bethlehem Steel Corp.—Court
Confirms Sale of Williams-
port Wire Rope Co.—See latter company below.—V. 145, p.
1576.
Works—Bookings—
The dollar value of orders taken in August by the Baldwin Locomotive
Works
subsidiary
and
panies,
con
including
the
Midvale
Co.,
was
Sept. 14 as $4,234,568, as con pared with $1,844.545 for August,
1936.
The month's bookings brought the total for the consolidated group
for the first eight m onths of 1937 to $26,217,029, as compared with $21,372,767 in the san e period last year.
Consolidated shipn ents, including Midvale, in August aggregated $2,862,581 as con pared with $2,343,426 in August of last year.
Consolidated
shipn ents for the first eight n onths,of 1937 were $26,777,880 as con pared
with $15,114,063 for the first eight m onths of 1936.
On
Aug. 31, 1937. consolidated unfilled orders, including Midvale,
amounted to $30,346,074, as con pared with $30,531,4l6won Jan. 1, 1937,
and with $12,971,610 on Aug. 31, 1936.
All figures are without intercompany eliminations.
nounced
on
Net sales
Cost of sales
Gross profit from sales $1,183,174
Operating expenses
1.095,946
$1,079,902
1,008.871
$894,334
903.799
$729,505
823.856
$87,228
6 333
$71,031
11,057
loss$9.464
3.728
loss$94,350
8,475
$80,895
4,962
$59,974
4,676
loss$13.193 loss$l02,825
Other income
Profit-.
York Curb Exchange has admitted to listing and registration
the warrants
to
purchase common stock, $13
par,
of the corporation
(or
trust certificates therefor) at any time on or before Sept. 1,1945,
price of $15 per share, payable in cash or in new refunding mortgage
bonds, 6% convertible series, due 1950, of the corporation at.face value.
voting
$85,857
$64,650
loss$l0,087 loss$99,767
Drl7,300
Dr9,800
Net
profit from oper_.
Other charges
Total
profit
Adjust, of rentals applic.
to prior years
Prov.
at the
Registrar—'
Aug. 13 '37 Aug. 14 '36
Aug. 9,1935
Aug. 10'34
$2,042,993
$1,870,743
$1,566,858
$1,293,711
859,819
790,840
672,523
564,205
32 Weeks Ended—
Listing and Registration—
The New
Foods, Inc. (& Subs.)—Earnings—
B-G
an¬
Fed.
for
&
900
100
8,727
loss$9,987
los»$91,040
State
income taxes
$55,750
$68,557
Net profit.
v.-.
.
Trust Co. of New York has been appointed registrar for
125,251 1-5 shares of 7 % cun ulative pref. stock of the par value of $30 each,
3,000,000 shares of comn on stock, par value $13 each, also for voting trust
certificates for the common stock.—V. 145, p. 1734.
^
$218,648
listing 42,862 additional
official notice of issuance.—V. 145,
within 1 year
$201,079
1,006
.
1,390
65,947
$8,467
123,563
113,603
81,081
8,799
Meal coupons out.
13,735
rents, &c
13,551
3,715
3,194
Acer, taxes & exps.
Inventories
Prepaid insurance,
1575.
$14,019
Accounts payable.
Dividends payable
(net of
rec.
Aug. 13 '37 Aug. 14'36
Notes payable, due
hand and
reserve)
The New York Curb Exchange has approved for
shares of common stock, $1 par, upon
on
in bank
Sheet
Liabilities—
Aug. 13 '37 Aug 14'36
Assets—
Cash
Accts.
"Baldwin Rubber Co.—Listing A pproved—
Balance
Consolidated
The Guaranty
p.
3,057
3£05
64,532
37,467
Notes payable (due
_
Other assets
Baltimore Brick Co.—Accumulated Dividend—
Fixed
The directors have declared a dividend of $1.50 per share on account of
accumulations
to
holders
cumulative preferred stock, payable Sept. 27
17.
Accumulations after the payment of the
to $103 per share.—V. 144, p. 1774.
the
on
of record
5%
Sept.
current dividend will amount
Bankers-Commercial
Security_Co., Inc. (& Subs.)—
Earnings for 6 Months Ended June 30, 1937
operating expensas, normal Federal income
taxes, depreciation and other charges, but before Fed. surtax X0'$182,537
Earnings per share on 80,000 shares_____—_
$2.28
—V. 141, p. 1762.
income after
Bankers National
Total operating income
$196,499
16,350
—
1,409
:
2,105
5,297
__
5,792
Salaries & directors' fees
Taxes (other than Fed. inc. taxes,
Miscellaneous expensas
12,070
2,745
but incl. Fed. cap. stk. tax)—
4,501
Provision for Federal income taxes
Net income (excl.
158,567
Total
$304,797
—---
Undistributed net income, July 31,1937
Statement of Net Profit
$137,091
—
from Sales of Securities 6 Months Ended July 31,
Profits from sales of securities
Net profit from sales
$127,019
H
28,641
of securities
(incl. surtax on undistributed profits,
Prov. for Fed. inc. taxes
$10,522)
-
-
193?
$127,148
129
——_
Losses from sales of securities
Net profit from sales of securities after Federal income taxes._
Balance of Net profit from sales of securities, Feb. 1, 1937
$98,378
204,481
sales of securities, July 31, 1937--
$302,859
—
5,205
Balance Sheet July 31,
1937
$762,518
Total
Accrued Federal & State taxes
Arrived at
as
Bickford's, Inc. (& Subs.)—Earnings
1936
-.-$10,629,714
39,118
Other income;
$10,668,833
Total income
Cost of sales, expenses, &c
Administrative and general
—
(excl. furnishings used and deprec.)
Deprec., amortlz. andfurnishingsused
Federal
income
Federal surtax
held
on
on
Dividends
194,603
5,039,238
Due to subsidiary company..
Accounts payable, others
Dividends & accts. receivable
Investments
Investment in
common
Preferred stock
stock
1,852,013
of subsidiaries
Deferred charges
....
515
-
x250,000
Common stock
y4,920,163
z337,540
al07,213
Common stock class A
Common stock class B
Paid-in surplus
2,991.674
Res. for invest, in sub.
Net prof, from sales of secur.
Treasury stock—at cost..:
$9,068,959'
Total...
x
Represented
by
25,000
no
par
Total
shares
56,045
co
Undistributed net income
137,091
302,859
Dr203,346
$9,068,959
stated
value
$10
per
$8,482,796
7,262,833
335,937
374,842
83,684
338.169
82,059
profits._
292,820
7,082
to minority int.
a
23
sub. company
117,257
117,622
301,757
287,388
$506,912
152,815
244,279
1936
$1,244,972
42,013
22,427
7,138
122,043
$1,017,299
23,595
98,379
6,370
116,670
96,464
33,173
88,600
37,259
2,548,469
1,424,751
7,453
2,682.201
1,142,746
119,406
6,779
50,817
12,167
$5,753,081
$5,402,291
$504,252
Net income
Dividends
$9,840,896
8,506,041
84,333
undistrib
by public in
1934
$8,437,914
44,881
347,162
410,067
taxes
income, applic.
Net
9,315,912
1935
$9,801,513
39,383
expenses
preference stock
on common
stock
$540,392
Consolidated Balance Sheet Dec. 31
Assets—
Cash
Accounts
receivable
Notes receivable—secured
Notes receivable—unsecured
Merchandise—at cost
Crockery, glassware, &c. (at cost)
Prepaid expenses
Furniture, fixtures, furnishings and
—
-----
and
in pts to leased & owned premises—deprec'd cost
Real estate—depreciated cost--
Leaseholds—unamortized cost)
Deposits, &c__
Accts.
rec.
—
142,210
6,341
—
55,626
(not curr.)
1936
Liabilities—
Accounts payable
Accrued wages and
1935
equip,
Total
$143,696
10,434
15,589
$762,518
follows: Pref. stock, $502,800; common stock, $107,981;
Capital surplus $30,590, total, $641,372; less profit and
loss deficit $353,975.—V. 145 p. 1411.
x
,
$1,982,500
*558,325
total, $610,781.
Liabilities—
Assets—
Cash
.
6,598
$829,268
Investments—cost
Balance of net profit from
587,396
and
surplus (deficit)
1
1
Total
167,706
:
4,000
28,662
$829,268
Capital stock
9,921
Deferred charges._
4
of securities)
2,500
33,543
for Insurance
& contingencies-
lease¬
holds, &c
$146,230
of net profit from sales of securities)
Undistributed net inc., Feb. 1,1937(excl. of net profit from sales
Dividends paid
will,
Years Ended Dec. 31—
-
Printing, stationery & postage
Registrars' & transfer agents' fees
Res.
Sales...-
Administrative, legal & auditing expenses
Interest
457,366
(less reserve)
Good
Investing Corp.—-Earnings—
Earnings for the 6 Months Ended July 31, 1937
after 1 year)
6,665
503,610
(net
______
Fixtures In storage
Earnings—
Net
5,983
assets
value)
bonus—employees
Accrued interest.
—
Unpaid and accrued taxes
Divs. payable on preference and common stocks
Tenants deposit, &c
Real estate mtge. instalments due within one year
Deferred incom e (rents received in advance)
Mtges. pay. by certain sub. cos. on real est. owned
Reserve for self insurance (fire)
xPreference stock
y Com. stock & surplus (paid in & earned surplus)
Minority int. in one of the subsidiary companies.,
z Preference stock of Bickford's, Inc. in treasury._
1935
$440,400
35,575
9,618
166,106
115,281
11,002
21,465
$351,625
28,763
11,334
146,874
101,177
8,637
13,900
45
87
797,363
677,000
9,926
1,855,882
2,348,240
1,916", 150
2,242,884
248
242
Dr58,069
Dr96,385
$5,753,081
$5,402,291
share.
Represented by 1,968,065 no par shares (including 297 shares sold but
subsequently) at stated value of $2.50 per share,
z Represented
by 33,753 no par shares, stated value $10 per share,
a Represented by
10,721 no par shares, stated value $10 per share.—V. 145, p. 1090.
y
Total
issued
Barker Brothers
Corp.—Dividend Plan Approved—
Amendment to company's charter
recently proposed to tne stockholders,
adopted at a special meeting held Sept. 15. More than three-quarters
of both the preferred and common stock outstanding was voted in favor of
the amendment and no votes were cast against it.
The amendment provides in effect that so long as the consolidated earned
surplus of the corporation is less than $1,500,000 only one-half of the con¬
solidated net earnings theretofore earned in any fiscal year after deducting
preferred dividends requirements may be paid as dividends to the common
stockholders or applied to the purchase of common stock.—Y. 145, p. 1090.
was
Beaufort & Morehead
1734.
Birmingham Electric Co.—Accumulated Dividends—
directors have declared a dividend of $1.75 per share on the $7
pref. stock, no par, and $1.50 per share on the $6 cum. pref. stock,
both payable Oct. 1 to holders of record Sept. 16.
Similar dis¬
tributions were made in each of the twelve preceding quarters and on Aug. 1,
1934.
Distributions of $3.50 per share on the $7 pref. stock and $3 per
share on the $6 pref. stock were made to holders of record May 1, 1934.
Effective with the current payments, arrears on the $7 pref. stock will
amount to $3.50 per share and on the $6 pref. stock to $3 per share.—V. 145,
p. 1411.
The
cum.
no
par,
Bird &
RR.—Acquisition—
The Interstate Commerce Commission on Sept. 3 approved the ac¬
quisition and operation by the company of a line of railroad in Carteret
County, N. C.t owned by the Norfolk Southern RR.
The road owned
by the Norfolk Southern extends easterly from a connection with the
Atlantic & North Carolina RR. at Morehead City, to Beaufort, 3.17 miles.
—V. 145, p.
Represented by 48,839 no par shares in 1936 and 50,425 no par shares
in 1935.
y Represented by 287,388 no par shares,
z Represented by 2,013
shares in 1936 and 3,499 shares in 1935, at cost.—V. 145, p. 1249.
x
Son, Inc.—Recapitalization Approved—
Directors and stockholders (trustees under a voting trust expiring Oct.
9)
approved a plan of capital readjustment whch
e stated value of the 600,000 shares of
no-par common stock from $10 to $5 per share, or from a total of $6,000,000
to $3,000,000 and allow for issuance of 30,000 shares of new $5 cumulative
preferred to holdbrs of common stock.
at
a
will
meeting held Sept.
15
have the effect of reducing t
Volume
When
145
Financial
the voting trust expires on
9, next, certificate holders will
therefore receive for each voting trust certificate for 100 shares, 100 shares
of no-par common of a stated value of $5
per share, and five shares of new
preferred stock.
Latter will be of $100 par, entitled to 5% cumulative
dividends, and entitled to 110 plus accrued dividends in event of voluntary
liquidation.
Total authorized issue of preferred will be $5,000,000, the
remaining
p. 3997.
$2,000,000
be
to
issued
Oct.
discretion
at
144,
directors.—V.
of
(E. W.) Bliss Co. (& Subs.), Brooklyn, N. Y.- -Earnings
1936
Total earnings
1933
1934
1935
$1,000,343
249,767
Depreciation
Carrying charges
on
$610,481
240,844
$382,115
214,967
loss$78.877
210,485
91,995
124,677
191,985
203,726
un-
used & idle property-Prov.
for
Fed. income
1893
$145 Back Interest Awaits Approval of Plan—
Bondholders will receive $145 in past-due interest and interest on interest
each $1,000 old bond and a new $1,000 bond upon approval of the
reorganization plan now on file in Federal Court, H. J. Brown, President,
says in a letter to all security holders.
for
Pointing out that the plan
sented
for the consideration
reasons
Calendar Years—
x
Chronicle
exceeds present
capacity
"The intrinsic soundness of your investment and of the
plan of reor¬
ganization." he told preferred stockholders, "is best indicated by the willing¬
ness
yll5,000
6,250
256,760
Minority interest
43,750
Cr 14
Crl9
JDr321
Net profit
Previous surplus
$543,260
4,453,334
196,276
Miscellaneous credits
Total
$5,192,870
$238,709 loss$281.585 loss$536.819
4,990,797
4,796.528
5,039.186
614,890
428,734
$5,129,834
$5,229,506
$4,931,101
Div.
paid on 1st pref.
capital stock
Res.
prov.
for
foreign
exchange valuation,,.Deductions from surplus
150,000
-
249,890
$5,042,870
139,037
$4,990,797
$4,796,528
Consolidated Balance Sheet Dec. 31
1936
1936
$
Liabilities—
974.341
727.538
Notes
13,716
_
30,103
se¬
cured int. rec
Inventories
1.806.620
3,050,830
1,291.961
2,768,202
83.653
-
101,451
Misc. rec'ble, dep.,
future exps., Ac.
stks., bonds, Ac.
Surplus tools—held
for
subsequent
sale or use
x
84,045
Real estate other
648,172
y Plant
properties 4.698.522
Patents
1,038,702
Deferred chargte..
45,417
int.
Min.
in
changes val't'ns.
1,038,701
72,224
Res.
-
115,691
111,902
16,458
reserve
11,783,7521
69,170
49,036
share
with the current dividend announcement the
company
the following statement:
"Sales and earnings of the company for the year to date have shown satis¬
Bowman-Biltmore Hotels
loss
after
1,020,000
—V.
1931,
when
12,359,973 11.783.752
distributed.
The directors
have declared
an
extra
dividend
of 25 cents per share in
addition to
a quarterly dividend of 50 cents per share on the class A
and
class B stocks, no par value, all payable Oct. 1 to holders of record Sept. 16.
Dividends of 35 cents per share were paid on these issues in each of the
four
preceding quarters and prior thereto regular quarterly dividends of
25 cents per share were distributed.
In addition, an extra Gividend of 50
cents was paid on Jan. 2, 1937, and an extra of 25 cents was paid on Oct. 1
and Jan. 2, 1936, and on Jan. 2, 1935.—V. 144, p. 1101.
Bulova Watch Co.—To Pay
$1 Common Dividend—
bonds of the District
145, p. 1411.
on
a quarterly dividend of $1 per share on the
stock, payable Sept. 30 to holders of record Sept. 18.
A like
payment was made on July 1, last, and a dividend of $2.50 per share (a
special of $1.50 and a quarterly of $1) was paid on March 23, last, this
latter being the first distribution to be made since Sept. 1, 1931, when a
regular quarterly dividend of 20 cents per share was distributed.—V.
145, p. 1412.
common
Corp.—Earnings—
Bush Terminal
1937—8 Mos.—1936
a
^
$5,888
was
The directors have declared
1937—Month—1936
taxes, rental and int.
but
before amort, and
a regular quarterly dividend of 25 cents per share
145, p. 1250.
Building Products, Ltd.—Extra and Larger Dividend—
295.030
1.632.935
4.453.333
ordinary
income taxas
satis¬
1,500,000
Department of Public Utilities has authorized the
company to issue $4,800,000 bonds to refund an issue of a like amount
maturing Oct. 1 next. The new bonds are to run not lass than 15 or more
than 25 years and will be sold to the Boston
Metropolitan District and will
Period End. Aug. 31—
a
Bucyrus-Erie Co.—Interim Common Dividend—
p^The Massachusetts
Net
decided
The directors have declared an interim dividend of 25 cents per share on
common stock, payable Oct. 16 to holders of record Oct. 1.
This will
be the first payment to be made on the common stock since July 1.
for depreciation of $137,994 in 1936 and $130,089 in 1935*
higher than the rate payable
provide funds for their purchase.—V.
connection
over the same period of 1936 and the board of directors
that the time has now been reached when a distribution to
stockholders is justifiable.
The present payment of 50 cents is
not to be considered as establishing a rate of payment for the future
nor
does it establish any definite dates upon which common dividend declara¬
Boston Elevated Ry.—Bond Issue—
to
distributed.
was
In
the
After depreciation of $9,867,072 in 1936 and $9,910,277 in 1935 and $9,"
787.929 in 1934.
z Represented
by 400.000 no par shares less 63,413 in
treasury in 1936 and 73,413 shares in treasury in 1935.—V. 145, p. 1576.
bear interest 2%
the
August have been satisfactory and should result in
factory profit for the third quarter."—V. 145, p. 1250.
y
issued
Special
526.282
cum.
Total
Pay
for July and
123,230
(par $50). 1,500.000
2d pref.
(par S50) 1,020,000
6% cum. 2d pref.
class B (par $10)
295,030
z Common stock1.682.935
5.042,870
Surplus
After
■To
tions may be expected.
"Business of the company is seasonal and it is normally expected that the
third quarter will show far better earnings than any other quarter.
Sales
7,211
class A
12.359.973
Co.-
Que., to
common
stock
7%
Collender
Tuque,
1735.
on Sept.
10 declared a special dividend of 50 cents per
company's common stock, payable Oct. 5 to holders of record
This will be the first payment to be made on the common stock
since Nov. 15, 1929, when a regular quarterly dividend of 75 cents
per
for contings.,
&c_
Balke
p.
directors
on
has
Res. for foreign ex¬
4,949,880
ex¬
factory increases
cap.
719.643
has
Sept. 20.
737,556
8% cum. 1st pref.
x
The
share
770,000
1,500,000
_
stk.&surp.of sub
than plant props
Total
Brunswick
671.217
payable (un¬
secured)
1935,
Common Dividend—
627,881
Defd. iiabs.—pay.
Note
Sept.,
issued
for
liability
forego bond interest in
to
day from 300 tons at present.—V. 145,
a
375,954
Accrued items
forced
Because of the sharply rising demand fromthe rayon, plasties and
lacquer
industries for the company's high grade alpha cellulose pulp, the
reorganiza¬
tion plan contemplates an expansion program, one phase of which
would
increase capacity of its subsidiary, Brown Corp., at La
$
pay.—banks
pay. & cus¬
tomers' deposits
Estd.
necessary.
company,
a sharp reversal in earnings since this action was taken.
The
latest report showed net income of $567,736 after all
charges for the first
24 weeks of the company's fiscal year which ends Nov. 30, 1937.
Accts.
M arketable aecurs.
Notes, accts. A
1935
$
1935
$
Cash
The
perienced
134.572
$4,453,334
x After deducting all
expenses incidental to operation, including ordinary
repairs and maintenance, y Including $41,000 surtax on undistrib. prolits.
Assets—
be
interests to supply the
company, upon ap¬
proval of this plan, with $12,500,000 of additional financing/'
The letter stated that assenting to the plan does not
prevent the security
holder from pledging, selling or otherwise disposing of his securities should
600 tons
526,282
(net)
Surplus bal. Dec. 31—
of conservative financial
this
tax estimate
Other deductions
the only one that has been legally pre¬
holders, Mr. Brown outlined
was
of the security
why it is to the advantage of both bondholders and preferred stock¬
holders to join with others in giving immediate acceptance to the
plan.
"The business of the company is rapidly improving," Mr. Brown
said,
"and present earnings are more than twice the interest
requirements on the
bonded indebtedness.
Demand for the distinctive products of the company
""Cable
$2,936 prof$97,293
$7,626
—V. 145, p. 1250.
Co.—Obituary—
William K. Struss, forty-one, President of the Bush Terminal RR. and
director of the Bush Terminal Co., died on Sept. 13.—V. 145, p. 271.
&
Wireless
(Holding), LtdL- -Agreement to Ter-
minate—
The
Brewers & Distillers of
The directors have declared
Vancouver, Ltd.—$1 Dividend
dividend of $1 per share on the common
stock, par $5, payable Nov. 15 to holders of record Oct. 15.
This compares
with an extra dividend of 10 cents and a dividend of 40 cents paid on
May 20,
a
last, and an initial dividend of $1 per share paid on Feb. 1, 1937.
See V.
143, p. 3834 for detailed record of previous dividend payments.—V. 144,
p. 1949.
deposit agreement covering the issuance of American depositary
receipts representing the 7X % non-cumulative "A" ordinary stock and "B*
ordinary stock will terminate on Nov. 1, 1937.
The American depositary receipts will be removed from unlisted trading
privileges by the N. Y. Curb Exchange at the close of business on Oct. 25,
1937.—V. 142, p. 4332.
Cabot
Mfg. Co.- -Earnings—
Year End.
Billings & Spencer Co.—Earnings—
Earnings for
7
Months
Ended
Julg
Net profit
1937
Net earnings after Federal income capital stock tax & State tax but
not Federal surtax on undistributed profits
$73,351
Earnings per share
—V. 141, p. 1762.
and all charges
The directors have declared an extra dividend of 6
X cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
6% cum. and partic. pref. stock, par $50, both payable Oct. 1 to holders
of record Sept. 14.
An extra dividend of 6X cents per share has been paid
in each of the three preceding quarters and in each
quarter (except of Apr. 1)
since and including July, 1927.
An extra partic. dividend of 56X cents
per share has been paid each April 1 from 1932 to 1936, inclusive.
The directors also declared a dividend of 75 cents per share on the
com¬
mon stock, no par value,
payable Oct. 11 to holders of record Sept. 30.
This compares with dividends of $1.50 per share paid on
July 10 last and
each three months previously.—V. 145, p. 429.
Co.—80% of Creditors Have Approved Reorganizat'n
The general creditors' advisory committee, through its
counsel,
A. B. Cook, announced Sept. 9 that assents to the company's
Robert
reorganization
plan had
been received from more than 80% of the unsecured creditors,
excess of $1,248,038 of the $1,530,462 claims
outstanding.
There are approximately 1,300 unsecured creditors of the
company.
Pointing out that this figure was greatly in excess of the two-thirds
necessary to meet the requirements of Section 77-B of the
Bankruptcy
Act, under which the company has been operating since September,
1935,
with
claims in
Mr. Cook in
a statement
said:
"This splendid
and speedy response on the part of this large group of
creditors, coming as it does at a time when so much bickering is
emanating
from
certain
beyond doubt the creditors' belief in New
England industry and their willingness to do their part for its welfare.
"It is regrettable that there is not a singleness of purpose on the
part of
sources,
stresses
all interested groups.
Were this so, and there can be no good reason why
should not be so, the company's plan could be readily perfected and
consummated, and the company then relieved of its present entangle¬
ments."
it
Taxes Estimated at Over $800,000—
More than $800,000 in various municipal. State, Federal and
foreign taxes
will be paid for the 1937 fiscal year by the company, it is estimated.
These
will be divided among 90 towns and cities, 10 States, the United
States Government and at least eight foreign nations, with more than
50%
taxes
being paid in the State of New Hampshire.
$147,222
—
-Calendar Years1934
$76,526
1933
$90,613
$299,230
$4.53
$19.94
Earns, per sh. on 20,000
$7.36
shares capital stock—
$0.40
Brooklyn Borough Gas Co.- -Extra Preferred Dividend—
Coramon Dividend Halved—
1935
after deprec.
$3.83
Condensed Balance Sheet
Assets—
Brown
—
Jan. 2, '37
31,
Jan.
Cash
$121,223
U. S. Govt, secur.
$201,337
30,084
S, Govt, secur._
123
_
Accts. receivable..
472,634
285
327,392
1,085.386
24,899
945,855
Note receivable
market)
deposits
200,000
for State and
Federal taxes
Res.
*37 Dec. 28/35
$266,839
$304,580
for
34,663
14,f
5.323
13.(
2,000,000
2,000.(
possible
proc.tax claims.
Inventories (at cost
or
Jan. 2,
Accounts payable.
Note payable
Res.
Int. accrued on U.
Prem.
Liabilities—
2, '37 Dec.28,'35
Capital stock
Capital surplus
981.609
Earned surplus
Res. for conting__
not curr.
285
Invest'ts (at cost).
200.000
1,059
200,C
1,421,051
660.280
5,202
203.J
200,000
81,000
1,375,801
981.6
258.621
701,776
Note
rec.
Restricted bk. dep.
1,764
Land, bldgs. & wat
devel.,less
depreciation
Mach. & equlpm't,
power
less
depreciation
Deferred charges._
7,568
Total
...$3,947,055 $3,717,953
Total
$3,947,055 $3,717,953
—V. 143, P. 3140.
Calaveras Cement Co.
Gross profit from oper__
Int. and miscell. income.
Total income
Sell., admin. & gen. exp.
Prov. for deprec. & depl.
Experimental charges.__
Prov.
for
Fed. inc.
-Earnings—
1935
1934
1933
$654,358
9,264
$394,097
14,451
$291,757
11,344
$219,411
$663,622
254,029
112,809
$408,548
$303,101
178,687
120,805
12,197
$235,105
157,411
109,655
.
"
227,565
111,143
15.694
and
capital stock taxes—
Net profit
Previous surplus.
Total surplus
dividends.
Preferred
(& Subs.)
1936
Calendar Years—
51,899
12,910
$244,885
163,466
$56,930
165,359
loss$8,589
173,947
loss$31,961
346,038
$408,350
$222,289
58,823
$165,359
186,867
$314,077
140,129
$221,483
$163,466
$165,359
$173,947
Financial
1894
Chronicle
Sept. IS, 1937
Consolidated Balance Sheet Dec. 31
1936
Assets—
Cash
1935
$320,232
Balance
1936
Liabilities—
1935
Accounts payableAcer.
wages
and
$118,432
Acc'ts receivable..
151,966
Misc. accts. receiv.
7.744
$494,374
74,380
3.942
5,539
1,800
property taxes..
Payable to officers
18.689
Deposit on bid...
Notes receivable..
16,404
11,311
and employees..
1,931
from
Rec.
and
3,521
289,613
7,184
9,424
ree'le, past due.
2,194
113
losses
124,799
147,991
310,423
205,966
mach. A equip..
1,423.642
10.775
10,825
23,167
313,212
23,086
19,049
Lands, buildings,
mach. A equip._
1,170,585
Other Investment.
x
7.750
9,526
2,262.500
d Common stock..
52,750
221,483
Surplus
b Land, buildings,
Total
..$2,732,853 $2,620,548
__
19,962
9,136
Good-will
Total
<
$2,732,853 $2,620,548
Total
1935
$1,978,134 $1,924,610
Canada Bread
$2,027,481
701,511
$1,956,675
678,916
$1,934,252
682,576
$1,263,687
6,409
$1,325,970
54,081
$1,277,759
288,347
$1,380,051
594,518
$1,566,106
546,676
$1,543,631
500,000
4,461
175,000
200,000
123,262
58,929
200.000
41,460
49,966
7,221
225,000
29,455
39,302
$471,905
360,000
210,000
$668,487
360,000
210,000
$625,318
360,000
210,000
Other interest
Exchange thereon
Depreciation
"6",104
70,508
4l ,453
Dom. & Prov. inc. tax..
Amortiz. of bond disc
Net income.
66.062
$388,158
360,000
Preferred dividend
Commo. dividends
3 6,121
$55,318
1,035,606
$407,633
7,750
200,000
$833,389
$1,090,924
327,661
$199,883
$505,728
$734,902
Adjustments to surplus.
Transf. to deprec. res—
$228,041
5,691
125,000
Profit & loss surplus—
$97,350
505,728
Consolidated Balance Sheet Dec. 31
$
Assets—
$
Liabilities-—'
.19,657,988 19,553,329
plant...
Water rights
Franchise,
383,355
383,355
833,821
833,821
1,871,164
1,879,708
343,522
Investments
328,989
(less
for doubt¬
ful accounts)
prov.
313,557
66,478
1,449,441
Materials A suppl.
Deferred charges
_
309,215
70,559
1,493,139
Accounts
payable.
Reserve for taxes.
Executive
Net
Previous surplus
Surplus
Previous surplus.
Profit on sale ofsecurs..
3%
y
for
1,276
24,927,869 24,843,574
Total...
$111,488
671,804
$163,204
518,187
9,913
Drl,830
Drl,900
Dr9,585
$896,740
$781,393
$671,806
_
Oct.
1,
$190,942.
12,099
8,850
$260,572
56,907
32,103
65,878
23,100
x$168,546
'
281,608
x$136,044
x$101,647
208,863
139,700
1,364,757
275,771
118,866
income taxes
39,000
18,691
96,945
18,231
58,167
17,816
3,905
DIv.
on pref. shs.
payable April 30
Unclaimed divs
at
137,993
22,899
184,799
22,941
Unclaimed wages A
other unadjusted
12,271
250,000
General
50,000
1,879
at cost
1,745
credits
&
hand
Call loans
reserve
936,000
13,655
936,000
Earned surplus
896,740
781,393
Insur., taxes, Ac.,
unexpired
Total
Total
$7,582,817 $7,421,290
After
reserve
$7,582,817 $7,421,290
for
1936 and $3,122,817
depreciation of $3,141,196 in
2120.
Canada Paper Co.
w
(& Subs.)—Earnings—
Years Ended Dec. 31—
Income from
1935
$241,347
14,305
investments
$338,085
374
705
$338,790
72,427
;
1934
$277,564
3,030-
$251,805
Crl ,748
1936
$472,524
$472,898
$106,009
145,796
1,309
Bond interest
Directors'
4,928
120,000
68.121
320
223.108
fees
460
$280,594
67",500
22",556
84,145
______
32,669
170,406
4,650
$83,024
$21,392
2,250
$148,680
Reserve for depreciation and depletion
Provision for income taxes
168,541
14,338
$148,680
9,491
52,500
$83,024
$19,142
11,731
V''.;
t
.
25,000
5,300
Div.
shares of sub. company.
on com.
$139,700
$208,864
$281,608
Consolidated Balance Sheet Dec. 31
Assets—
Sheet
1935
Dec.
31
Bank loan secured
81,245
1,458
1,783
$60,071
105,135
24,450
Accts. pay. & accr.
390,076
$45,796
112,934
33,754
$27,133
Res. for inc. tax
Ware¬
_.
mtge.
646
612
zlO.OOO
5,000
20
Mtge. &int. pay..
Mtge. pay on City
club properties.
10,497
Deferred contract.
1,562,980
Acer. int. on
Deprec *n reserve
Capital stock
y Surplus
Special res've
2,890
373,103
990,000
482,453
20
are
licenses, Ac
$2,172,596 $2,073,735
Total..
30,000
25,000
1,445
424,693
990,000
528,309
20
_.
x
$56,316
$95,798
310,749
Accts.
Inventory
679,428
675,285
Accrued
;
$2,172,596 $2,073,735
Represented by 150,000 no par shares,
y Includes capital surplus on
purchase of City Club Breweries, Ltd., shares, being excess of appraisal
values over price paid of $200,845 and earned surplus of $327,464 ($281,608 in 1935).
z Mortgage payable due in 1937.—V. 145, p. 1092.
x
vances to
subs..
Mortgages rec.
Invest, other
Co.'s
own
cos..
Cash
in
hands
x$207~387
.
taxes...
37,346
22,822
Advances
5.988
3,593
1,615
1,514
100,301
41,909
12,761
bonds..
Def'd accounts, Ac
Guaranteed dep..
payable
Other accruals...
60,370
~9"666
18,702
of
...
Funded debt
Deprec. res., Ac.
Preferred stock—
Common stock.
Capital surplus..
181,299
19,042
27,496
547,406
145"666
Def. bank loan..
y
1935
546.000-
Bank loan
418,277
Invest, in and ad¬
liabilities
1936
Liabilities—
1935
1936
Cash...
Accts. receivable
1935
1936
Liabilities—
101,850
371,531
Land, bldgs., ma¬
chinery & equip. 1,589,697
20
Licenses, &c
Deferred charges
7,536
Total
1,598,900
Dominion & Prov.
598,149
289,403
rec..
3,148,952
687,535
banks
1935
______
$344,907
$100,505
in
$518,183
115,296
rolls, &c
in 1935.—V. 144, p.
_
Cr2,238
$327,464
house Cos...—
381,673
Accts. payable,pay
57,202
in
on
$450,154
Balance
Shares
$136,515
1,598.900
par)...
$2,971,149 $2,926,659
sees,
1936
Liabilities—
amounts
sees,
a
„
1935
Govt, bonds &oth.
$115,392
9,382
51.346
17,000
1936
.
$252,849
yl 16,334
6% non-cum. pref.
stk. (par $100)..$3,877,800 $3,877,800
Com. stock ($100
owing by subs..
1933
$113,478
1,913
After depreciation.
_
yll6,334
4% on preference stock.
1915) at
&
Cash
1934
1935
z
Profit-.—
Inventory
—
_
$107,266
781.393
mach'y, &c. and
goodwill (acq'r'd
Other
Ltd.—Earnings—
195
Surplus, Dec. 31
Cash
_
$279,538
bldgs.,
Inventories
depreciation.
Accounts receiv.
_
Balance Sheet Dec. 31
63.443
Prov. for Dom. inc. tax-
x
_
$227,822
y!16,334
1936
Real est.,
199,883
reserve
Assets—
______
_
$262,378
zl55,112
preference stock,
on
Assets—
a
97,350
Earned surplus
11,155
4,200
20,000
Divs. paid on cap. stock.
Def. in sub. Dec. 31 '33
to
14,860
______
292
'
cost
4,500
20,500
Total surplus
—
Sundry ad], applic. to
prior years
Income tax adj. applic.
to prior years
Transferred
►
Net income
Dividend
Shares
338
profit before depr.
5,951
remuneration
_
2,694,737
5.398
Federal & Prov. inc. tax
10,805
37.000
1.035
2,964,471
Reserves
3,842
Legal fees
3,713
18,691
25,000
81,016
$185,542
:
Prov. for obsol. & deprec
10.959
24,300
3,397
paid to salaried dirs..
Legal fees
142,500
132,379
$256,731
Pres. & executive salariesi
$297,771
3,262
Prov. for invest—sub.co.
Deb. redeem, expense.
86.233
$288,275
5,381
bad debts, &c:
______
39,000
income taxes
90,000
2,273
Total income
_
1933
$51,041
246.730
3,362
Profit and loss surplus
85,001
$286,002
Directors fees & remun'ni
$306,252
12,220
_
1934
Dominion and Provincial
132,006
1936
$279,567
13,655
_
mktable
Calendar Years
exc.
$386,152
18,379
cost
Net trading profit
Miscell. rev. received.__
$71,219
235,033
Maintenance
—Y. 143, p. 265.
Canada Bud Breweries,
1935
$136,479
143,088
1936
Total income
Accts. & bills
Int. &
$197,739
188,413
Depreciation
Consumers' depos.
Dividends declared
24,927,869 24,843,574
Total
Foundries, Ltd.—Earnings—
Other income.
Accrued bond int.
Cash
Accts. recelv.
Canada Iron
Calendar Years—
6,000,000
3,500,000
3,500.000
11,880.000 11,940,000
89,615
92,809
par)
Funded debt
zation expense..
pref. class B stock, par $50, payable
$
6% cum. red. pref.
stock ($100 par) 6,000,000
Com. stock ($100
contr.,
licenses A organi¬
dividend of 75 cents per share on account
a
cum.
Sept. 20.
one
Dom. inc. taxes adjust.
1935
193S
1935
Lands, buildings &
5%
to holders of record
356,022
def $98,095
1936
the
on
Interest
$98,487
734,902
$28,158
199,883
Surplus
Previous surplus.
1936 and $591
A dividend of 50 cents was paid on
of 75 cents on July 2, last; 62H cents was paid on April 1
and on Jan. 2, last, and one of 50 cents per share was paid on Oct. 1,1936.—
v. 145,p. 1412.
:
-' -
$1,251,677
291,954
$1,270,096
590,515
Total income
Bond interest
$1,978,134 $1,924,610
Total
Co., Ltd.—Accumulated Class B Divs.—
The directors have declared
July 15, last;
1933
1934
708,181
Net earnings
250,000
y Represented by 38,000 (38,400 in 1935) shares class A_and
9,600 shares class B, both no par.—V. 142, p. 1113.
Oct. 1
$1,971.868
Other income
y
After reserve for depreciation as adjusted at $602,682 in
x
1936
& taxes
1,584.000
56,632
2.330
99,300
2,917
650 in 1935.
Calgary Power Co., LtdL- -Earnings-
exps.
,570,000
91,580
Capital stock
Surplus
106,817
163,466
of accumulations
Oper.
$72,613
Loans from bank..
30,405
250,000
Sinking fund
b After reserve for depreciation and depletion of $1,159,531 in 1936 and
$1,043,043 in 1935.
c Represented by shares of $100 par.
d Represented
by 125.250 no par shares.—V. 145, p. 1579.
Years End. Dec. 31—
Gross earnings
1935
1,172.602
4,562
2,262,500
52,750
5,923
Investments
321,722
Deferred expense.
con¬
5,712
1936
$93,991
131,473
2.633
86.300
2,158
chgs
pay. A accr,
1st mtge. 6% bonds
Accrued interest..
supplies,
Marketable secur..
1,368,679
Deferred charges..
Devel't expenses..
mater,
13,307
19,467
sack
7% pref. stock
c
$2,942
113,315
Provision for taxes
Ac
tingencies
for sale of railr'd
$2,662
170,075
hand, raw
on
31
Dec.
Liabil'ties—
Accounts and bills
goods in process,
51,355
for
Sheet
1935
and
Accts. A bills rec..
Federal
and
Reserves
5,956
Dep. in closed bks.
1936
bank
hand
Stock
stock taxes
Bal.rec. und.contr't
in
on
Dividend payable.
accounts
A
Cash
Income and cap.
971
340,632
employees..
Inventories
Notes
for
Prov.
officers
Assets—
$95,118
1,700,000
2,292,754
1,250,000
100,000
1,151,257
1,210:560
2.074.327
1,250,000
100,000
1,216,873
trustees for bond
holders
24,676
42,382
Deferred charges..
Fixed
5,555,918
Deficit..
36,291
Total
x
17,863
5,225,806
184,971
..$6,906,567 $6,672,945
Include bills payable,
y
Par $5.-
..$6,906,567 $6,672,945.
Total
-V.
143, P. 3140.
Canada Wire & Cable Co., Ltd.
(& Subs.)- -Earnings-
Years Ended Dec. 31—
Net operating profit
Income from investments
Total
Depreciation on fixed assets.
Provision for taxes
Bond interest
Other charges
-—
Profit
Balance
as
at Dec. 31
Federal and provincial taxes paid.
Other deductions
Surplus.
1936
1935
$79,880
1934^
$21,795
1934
1933
Years Ended Dec. 31—
Net operating profit
Other income
$695,585
8,742
$532,748
13,070
$197,395
21,820
$74,692
14,930
$704,326
71,640
$545,818
46,131
$219,215
$89,622
Incopaetax
Canada Foundries & Forgings, Ltd.—Earnings—
$632,686
219,234
$499,687
218,361
24,911
$219,215
160;000
52,329
$89,398
"2",384
450
250
58,450
576
60,900
$352,041
$195,064
$6,636
$4,398
$195,064
$6,636
$4,398
„
$57,471
1,000
133
279
$80,880
18,586
2,500
5,207
15,215
$57,604
17,589
1,000
6,828
15,727
$22,074
18,637
1,330
7,315
$39,371
56,632
loss$5,208
82,357
1,275
3,496
$16,459
75,873
1.065
34,635
$91.580
$56:632
$75,873
928
Depreciation
Exps., re transfer plantDirectors' fees
Salaries of exec, off., &c.
Loss on sale of land
Preferred dividends
1936
1935
224
85,000
,173,226
$178,815
Volume
Financial
145
Consolidated Balance Sheet Dec. 31
r
Assess—
$297,743
338,916
$777,246
Securities
Accts.
114,924
398,598
receivable-
Inventories
311,986
2,463,398
1,377,584
2,653,757
2
2
1,500,107
-
Plant, &c
Goodwill
$188,846
*$200,541
payable14,538
Accounts payableSales tax
71,300
53,124
2,887,100
A&Bcommonstk 1,575,000
Prov, for Inc. tax.
50,000
2,887,100
1,575,000
279,043
Reserve
Preferred stock—
Surplus
Total
Canadian Consolidated Felt Co.. Ltd.1935
1936
Liabilities—
1935
1936
Cash
$5,254,274 $4,979,990
452,672
-
$5,254,274 $4,979,990
Total
Includes accrued charges.—V. 145, p. 934.
\
$796,742
$880,782
693,098
6,810
813,690
9.704
872,109
10,849
11,027
3,031
34,065
6,480
33,904
1,080
and general
expenses, &c
on bonds
Interest
Interest
loans
on
$730,192
533.449
Provision for depreciation
Directors' remuneration
Executive remuneration
34,165
1,160
6,020
~
488,641
3,255
Income from
439
investments
investments sold..
on
$37,161
1,964
$73,484
1.276
3,652
$74,968
Profit realized
1934
$677,311
Loss
1933
1934
$680,225
$675,012
498,866
$680,282
503,878
and transportation
Cost of goods sold, selling
Earnings—
1935
1936
Bond redemption expenses
1935
1936
Calendar Years—
Net profit
Previous surplus
Years Ended Dec. 31—
Sales, after all allowances, discounts
-Earnings—
Canada Permanent Mortgage Corp.
x
1895'
Chronicle
490
Excess of par value over cost of bonds
1,015
purchased for redemption.
surplus
Total
$1,184,160
560,000
110,000
.,168,866
560,000
110,000
$1,173,878
Dividends
Written off office prem.
560,000
110,000
$1,263,641
665.000
110,000
Amount transferred from
doubtful accounts
no
for
reserve
Loss for the year.
of profit
$503,878
$514,160
loss
$488,641
$498,866
capital and expenses of manage¬
ment, after paying all taxes due and providing for all accrued taxes, and
after making full provision for all charges and losses.
Office premises
Real
estate
for sale
4,106,500
3,996,500
1,131,316
real est.51,788,206 52,229,769
1,227,632
Mtges.
on
Loans
on
bonds,
78,628
92,960
stocks, &c
of
Dom.
Bonds of
Deben.
inces of Canada.
3,313,932
Prov. of Canada 2,044,500
1,544,813
by
guar,
Dom. of Can.
and
accrued Interest
793,933
793,933
Debs., sterling and
accrued interestll,019,262 10,596,464
Debs., currency &
accrued interest27,537,002 28,321,876
Dep. & accr. lnt._16,510,749 16,588,451
or
Bonds of Canadian
Sundry accounts._
23,412
Capital stock.
7,000,000
Reserve fund
5,000,000
Div. payable Jan.
140,000
1,074,158
municipalities..
guar,
by
863,014
City of Toronto
189,177
Other bds. & debs.
473.733
Bal.
189,112
522,622
Cash
1
19,878
1,056
331,652
trustee
redemption
April 1, 1940.—
cost
298,127
857
243
1,925,787
After
a
for depreciation of
reserve
Cottons, Ltd.— -Earnings—
1937
Years End. Mar. 31—
503,878
514,160
1934
1935
1936
$276,408
$260,266
87.868
$150,287
110,605
190,752
147,608
$515,137
Profit from operations..
Other income
$348,135
$341,040
81,491
7,570
$424,016
81,648
$404,532
2,972,031
Total
_6S,638,517 69,066,281
Bond interest.
20,670
7,950
Directors' fees
Feb. 29 *36
Feb. 28 *35
Feb. 28 '34
$1,015,983
189,613
$752,612
$804,001
211,093
350,000
300,666
250",000
9,000
10,350
51,960
10,260
194,2561
depreciation__
Directors' fees
55,694
Legal fees & exec. sals..
Printing, legal & regis¬
Net
30,000
40,000
70,000
30,000
$196,357
219,690
108,620
$151,980
219,690
108,620
$342,368
$31,827 def$131,953 def$176,331
2,011.512
1,979,684
2,085,180
$68,368
1,959,615
30,000
income.
(6%)
dividend
Common
Surplus
Profit and loss surplus..
20,000
72,772
88,835
$665,319
233,088
$302,451
305,828
27.155
.stk. ($100 par)
shs.com
35,731
84,779
$177,586
369,479
taxes
xl 15,000
$360,137
219,690
108,620
fund
Reserve for income taxes
219,690
54,310
Earns, per sh. on
189,419
91,539
Prov. for income taxes._
52,320
Contribution to pension
Preferred div.
30,497
expenses
Contrib. for acct. empl's'
stock participation—.
837
10,000
Executive salaries
Ltd. (& Subs.) —Earnings—
Feb. 28 '37
Foreign exchange, &c
Other
$531,775 in 1936 and $497,610 in 1935.
2043.
Canadian
$1,584,702
173,235
tration
1,500.000
174,252
$2,375,315 $2,393,057
Total
Total..$2,376,315 $2,393.057
-V. 143, p.
140,000
1,872,871
Canadian Canners,
Prov. for
$100)
Earned surplus
formulae
9,560
1,925,787
assets
Legal fees and expenses
Interest
500,000
for-
profit and loss..
68,638,517 69,066,281
Profit
113,500
500,000
7% cum. pref. stk.
(par $100)
Com.
stock
(par
on
21,680
—V. 143, P. 2043.
Years Ended—
113,500
11,116
Res. for conting.-
Accrued Interest
bonds
Total income
Total
1,702
6% 1st mtge. sink.
fund bonds, due
Prepaid & deferred
ward at credit of
2,020,871
2,406,848
Stocks-
carried
50,575
1,500,000
99,723
116,009
1
of bonds
7,000,000
5,000,000
466
109,286
payable,
accrued wages,&c
other
Property & plants
—at
1935
$43,000
987
1,703
Accounts
16,198
109,185
in
with
for
a
Bank loan, secured
Accrued taxes
18,134
companies
100,000
Bonds
$2,108
Goodwill, patents&
100,000
tax.
3,555,606
Bonds
stock
Invests,
1936
$39,000
Liabilities—
1935
$3,344
Cash
Res. for Dom. inc.
Canada & Prov¬
1936
ful accounts
$
Liabilities—
$
held
1935
1936
1935
$
Assets—
Cash
Accounts rec., less
reserve for doubt¬
Inventories
Balance Sheet Dec. 31
1936
A. 8$ets—~
$33,691
Balance Sheet Dec. 31
and
After deducting interest on borrowed
x
12,562
$55,994
$74,529
—
Bal. carried forward at
credit
V
longer required
.
$5.13
„
$4.26
Nil
Nil
for
x$100,000 provision for Dominion income tax and $15,000 provision
Provincial and other taxes.
income
Net
Divs.
.....
pref. stocks
on
Balance Sheet March SI
x$592,908
342,206
1937
$432,231
Balance, surplus
x
Before providing
for depreciation
Consolidated
S
rec'ble
59,078
8,104
1,064,957
444,168
Cash
Accts.
12,320
Unexp. ips., &c__.
in
trustee for
4,381,918
21,823
11,089
f.
s.
43,067
Reserve for taxes._
323,881
3,500,000
Funded
5%
empl's stk. part.
(at market)
208,623
160,155
Property account.12,879,442
Goodwill, tr-mks.,
12,541,935
3,242,619
376,661
3,242,619
contr'ts & proc's
Bond refdg. acct..
x
cum.
22,095,745
43,217
176,008
x
3,884,850
Company
Company has announced the formation of a new subsidiary, Corby
Distilleries, Ltd., with a capital stock consisting of 1,000 shares. The name
was chosen to fit in with the company's brands.—V. 144, p. 99.
1936
1935
on
1934
38,221
—
Total income..
$6,322,551
10,000
1,040,151
543,070
Directors' fees...
Other expenses.
Net income
$4,729,330
325,500
4,098,000
Preferred dividends
Common dividends
$4,299,140
325,500
4,077,966
$2,779,784
696,060
Dr45,370
$5,470,836
10,000
797,051
$3,430,475
$4,663,786
325,500
4,045,458
$
$3,430,475
325,500
2,932,873
Mktable. secure..
Trustee stocks
2,311,444
2,275,585
Accounts payable.
Dominion and Pro¬
5,007,341
17,545
_
x
—
$172,102
1935
$
56,479,030 53,437,0851
Represented by 615,974
Total
56,479,030 53,437,085
1251.
In addition
1934
1935
1936
$154,928
93,873
8.394
x$199,329
125,000
91,981
5,000
33,183
105,000
14,778
3,500
$76,051
6,840
69,374
$52,660
5.838
46,249
$163
sur$573
92,498
$0.76
92.498
$0.51
$479,435
4,500
281,502
Balance, deficitcom. stock outstanding
Earnings per share.
—
$83,308 sur$193,434
Shares
94,775
$2.12
94,775
$5.01
Includes other income of $12,689 for 11 months ended
Dec. 31, 1936•
$9,188 for year ended Jan. 31, 1936 and $16,556 for the year ended Jan
31,1935.
Consolidated Balance Sheet
Dec. 31 '36
Jan. 31 '36
Prov.
$289,775
3,896
Accrued interest
$191,375
2,772
Cash on hand and
123,879
300,000
7,132
due
Dec. 31 '36
55,594
16,383
5,000
1,454,507
for
Jan. 31 '36
to
$14,539
Income
$46,186
taxes
92.972
Reserve for work in
progress
Common stock
240,000
1,542,500
1,542,500
7,500
859,325
7,500
955,015
$2,455,511
$2,852,527
436,193
154,708
11,919
5,000
1,453,507
17,878
"
7*421
Capital surplus on
redemp. of pref.
shares
for
done
571,751
61,182
...
Accounts receiv
work
due
sub-contracts..-
at cost
in banks
Liabilities—
Amounts
of & bonds
guarant'd by the
Dom. of Canada
on
Operating surplus.
contracts
A shares and 67,026 (63,687 in
p.
1936.
x$734,598
284*325
824,450
1,055,259
817,884
1,447,375
761,036
136.803
58,040
Reserves
.16,212,904 15,290.296
Preferred stock
4,650,000
4,650,000
x Common stock..
13,361,857 13,011,262
Capital surplus...14,912,277 14,874,698
Earned surplus
3,352,060
3,149,420
1935) shares no-par class B stock.—V. 145,
1,350.495
vincial taxes
no-par class
in
Dividend—
$201,017
Amounts
Deferred credits..
..
--
Net income
Dividends
7,286,130
—
8,271.420
1,232,782
1,473,156
Deferred debits
97,333
257,963
Plants & goodwill. 31,784,278 30,700,164
Investments
4,120,256
4,107.757
Total
Liabilities—
2,232,799
3,063,733
$7,130,939
-Year Ended Jan. 31-
11 Mos.End
Period—
7 Dec. 31 '36
Earnings from operations x$359,317
Depreciation
80,000
Income tax
44,800
Directors' fees
5,000
Other deductions
28,500
Call loans.*
1936
5,676,429
Inventories
Mtge. &accr. int.
and
Dredge & Dock Co., Ltd.—Earnings—
Canadian
Assets—
$292,828
1935
$
Assets—
Cash
Accts. receivable..
1937
no par
Bonds
Consolidated Balance Sheet Dec. 31
1936
15,618,909 15,364,498
Total
in
regular quarterly dividend of 37H cents per share on the common
value, both payable Oct. 1 to holders of record Sept. 22. Like
payments were n \de on Jan. 2, last, and on Oct. 1 and April 1, 1936.—
Y. 143, P. 3993.
x
$305,830 def$104,326
Surplus.
of $7,930,939
Trustees have declared an extra dividend of 50 cents per share
stock,
------
$5,610,655
10,000
798,365
503,150
depreciation
143, p. 1552.
1933
$4,725,244
745,592
sale of market'le
securities
9,752,612
15,364,498
Common dividends
Realization assets
Loss
9,393,906
Preferred dividends
-Earnings—
$4,702,821
907,834
2,715,500
1,979,684
to the
496,447
22.095,745 20,811,813
Canadian Industrial Alcohol Co.—Forms New
2,011,512
66,717
—15,618,909
After
—V.
6,839.562
6,839,562
500,000
428,678
subject to shareholders' right of conversion, share for share,
into common).
Authorized, 399,160 (400,000 in 1936) shares having no
nominal or par value, of which 363,732 shares are issued.
Common stock
authorized, 400,840 (200,000 in 1936) shares having no nominal or par
value, of which 137,784 shares are issued.—V. 144, p. 3491.
$5,386,558
974,214
58,691
Central Aguirre Associates—Extra
& common stock
Total
pref. stock... 3,661,500
2,715,500
Common stock
5,750,174
3,661,500
Mills, plants and
x
3,884,850
87,760
5,850,174
Reserves
6%
42,987
62,872
115,644
Owing to sub. cos.
Earned surplus
properties
Convertible preference stock (callable at $20 on 60 days' notice from
Investments
3
charges
the company
Calendar Years—
3
1,151,780
Govt.
taxes
Prepaid and def'd
Total
Inv. & conting.res.
Earned surplus...
Canadian Industries, Ltd.
1,695,009
3,046,245
876,267
1,729,602
2,756,229
Reserve for
Inventory
3,092,800
5,755,490
6,095,359
6% cum. 1st pref.
stock ($100 par)
x Conv. pref. stock
20,811,8131
1,164,662
_ _
Shares in sub. cos.
1st pref.
stock
Invest, for acct. of
Total
debt
Gen. & depr. res've
of
hands
361.200
162,238
480,348
Bank loans
Bond int. accrued.
Mfd.
183,065
(less bad
debts reserve)
Investments
liabll. (not due).
goods,
raw
mat'ls & suppl's 4,252,045
S
$
Accts. pay. & accr.
& bills rec.
Gees reserve)...
Cash
Liabilities—
$
260,393
Open accts. & bills
Feb. 28 '37 Feb. 29 '36
$
$
accounts and
bills payable... 1,176,820
Open
in bank
Balance Sheet
1936
1937
IAabiltties—
8
Cash on hand and
of $250,000.
Feb. 28 '37 Feb. 29 '36
Assets—
$250,702
def$3,377 def$191,893
1936
$
Assets—
Retentions on con¬
tracts.* 12
Invent, of
supplies
Land
a
Plant
Unexpired insur..
Expend, appllo. to
1937 operationsTotal
a
17,188
120,974
$2,455,511 $2,852,527
Total
After reserve for depreciation of $1,557,574 in Dec. 31, 1936, and
477,574 in Jan. 31, 1936.—V. 145, p. 103.
$1,-
1896
Financial
Canadian Marconi
Calendar Years—
Executive remuneration,
Legal
Int
7,479
34,743
3,011
indebtedness
7.940
$250,916
Balance surplus
per
Real
$96,600
$60 387 loss$173.524
def52.447
121,077
$7,940
in process
-
Nil
1935
—$1,323,890 51,435,550
1,937,500
1,937.500
587,287
450,168
Patent rights
Inventories
496.537
Investments
219,313
_____
Affiliated cos.
519.669
219,312
106.250
on
deferred
37,945
58,137
Deferred charges._
12,940
1
Cr298,174
16,689,201
—
contracts
Total
Total
16,527,343 16.689,201
Represented by 546.000 no par shares.—V. 143, p. 2044. ^
"^Central & South West Utilities Co.—Accum. Divs.—
V The directors at a
meeting held on Sept. 10 declared dividends as pay¬
against arrears of $1.75 per share on the prior lien preferred stock,
$7 dividend series, and $1.50 per share on the prior lien preferred stock,
$6 dividend series, to be paid Sept. 30 to holders of record Sept. 20. Similar
payments were made on July 20, last, and on Dec. 7, 1936, these latter
being the first dividends to be paid since February, 1932.—V. 145, p. 1092.
1935
$146,032
$127,922
$4,830,930
52,976
4,554.682
250,916
Central Violeta Sugar Co. S.
16.726
4,554,682
Mortgage.;
35.000
Capital stock
Surplus
A.—Registrar—
96.600
23.583
55,004,606
rec.
37,501
1
Crl01,826
—
p _x
Dom.,
taxes
80.759
____
Cash
650.000
6,301,719
Provincial & oth.
106,250
282.945
1936
liabs___
for
Prov.
400.000
6.081,850
Advance payments
payable
accrued
Accts. receivable..
Res've for deprec.
Profit & loss acct—
ments
Liabilities—
Accts.
14,842
110.000
3,318,857
32,708
-16.527.343
licenses.
Balance Sheet Dec. 31
Property
3,996,935
paid In adv
Patents, rights and
of
1936
10,777
160.000
taxes
mat'Is
of $93,125 from
Assets—
Contracts In prog.
for Do¬
Provision
I
5,691,680
&c_ 5,646,452
612.639
Insur. unexpired &
taking into consideration revenue from investments, including
$31,250 declared by associated company,
y After including
associated companies,
z Includes income from
investments, $12,038 in 1935 ($13,551 in 1934): profit on sale of invest¬
ments, $1,900 in 1935 ($4,850 in 1934), and dividends declared out of profits
and accumulated surplus of associated companies $37,510 in 1935
($47,500
in
1934).
a Includes
income from investments, $10,973 and dividend
declared out of profits of associated company, $37,500.
Accts.
of
774.716
pay__
9,100.000
products on
hand, lncl. work
After
x
dividend
revenue
5,398,414
986,336
$
9,100,000
and
def$52,447
$0.01
I Curr. accts.
minion
taxes
$0.02
:
1,145,823
1935
$
Capital stock
x
est.,
nvent.
sh. on 4,554,stk.
$0.03
Liabilities—
bldgs.,
mach., tools and
682 shares capital
(par $1)
1937
1936
$
1,554,586
Invest'ts, Govern¬
ment bonds, &c. 4,925,803
Accts. & bills rec__
$88,659
96,600
1935
$
881,447
equipment,
$154,316
prof it
Assets—
Cash
7.505
35",005
Previous surplus
1936
1933
2,100
~
Prov. fqr income taxes
Earns,
1934
z$228,386 defx$35,865
152.838
137,659
13,061
164,100
39,267
1,391
expenses.
on
Net
1935
z$305,493
171.500
6.404
Directors fees
Sept. 18,
General Balance Sheet Dec. 31
Co.—Earnings—
1936
a$407,878
Operating profit
Depreciation
Chronicle
The
Manufacturers
Trust
Co.
is
registrar for
150,000 shares, $19
par
Cuban currency, of this company's capital stock.—V. 144, p. 1432.
Central Zone
Building—Earnings—
Net profit for the first six months of
Total
Total
1937, before interest and depreciation,
$43,203, as against $39,524 in the same period of last year, according to
a study
of the property prepared by Amott, Baker & Co., Inc.
The
percentage earned on the $1,821,500 of 6% income bonds before interest and
depreciation, on an annual basis, was 4.74% in the first half of 1937, com¬
pared with 4.34% a year ago.
Bondholders who assented to a reorganization plan approved in 1933
received for each $1,000 held a new $1,000 6% debenture bond and 10 shares
of voting trust common stock representing, in aggregate, about 86% of the
Non-assenters received their proportionate share of the foreclosure
equity.
price and funds on hand.
Bondholders received at that time a cash dis¬
tribution of $59 per $1,000 bond.
The Central Zone Building is currently reported about 95% occupied.
It has been assessed for 1937 at $2,055,000 and real estate taxes have Deen
paid through 1937.—V. 137. P. 4702.
$5,004,606 54,830,930
was
—V. 143, p. 2044.
Canadian Oil
Cos., Ltd. (& Subs.)
Calendar Years—
-Earnings-
1936
Operating profit for year
1935
1934
$510,869
38,199
$517,780
37,810
$400,228
307.130
200,666
165,032
25.000
38,000
30,000
4,585
1,752
167
$135,955
160,000
71,882
$239,552
$205,028
160,000
160.000
71,882
;71,882
$95,927
909,843
Raserve for bad debts
sur$7,670
902,173
$26,854
929.026
Deprec. on bldgs., sub-stations, plant,
machinery and equipment
Provision for Federal income tax
Adjustment of Federal income tax—
Profit
preferred dividends
Common dividends
Deficit
Previous surplus
Total surplus
Earnings per share on 143.764 shares
common stock (no par)
$813,915
$909,843
an extra dividend of 15 cents per share in
quarterly dividend of 25 cents per share on the
value, both payable Oct. 15 to holders of record
Sept. 15.
Similar payments were made on July 15. last.
An extra of 10
cents was paid on April 15, last, and an extra of 30 cents
per share was
distributed on Dec. 22, 1936.—V. 145, p. 1092.
$0.31
Nil
to
common
$902,173
$0.56
Chain Store Investors Trust—Extra Dividend—
The directors have declared
addition
stock,
Consolidated Balance Sheet Dec. 31
1936
5
Cask
1936
Accts. receivable._
913,194
Accts.
864,124
Mdse. Inventory..
Deferred charges._
1,829,390
1,549,781
36.046
15,307
Mtges. receivable.
67,878
45,892
Real estate
987,068
payable
$
accrued exps
Div.
pay.
634,769
974,574
6,994,055
40,000
25,000
Surplus
38,000
4,066,162
......
3,975,817
Total
Represented by 143,764
x
no par
Canadian Vickers,
Years Ended—
2,000,000
3,176,212
11,056,058
10,534,365
Total
28
*37 Feb.
29
'36
*35 Feb.
28
540
$97,319
525
150,390
190,255
190,478
191,065
194",441
$198,358
$147,143
$244,761
$311,391
""745
1,260,940
1,113,797
868,290
50.000
2,640
504,259
$1,462,033
$1,260,940
$1,113,796
$868,290
150.390
1,547
30.000
Special assessment
Net adjust, prior years—
"2".736
Balance Sheet
Assets—
Feb. 28 *37
Cash
Feb. 29 -36
Liabilities—
$40,178
&
bills
$17,487
270,000
tl Amount due
Accts.
270,000 l
Accts.
I
rec.
(less reserve)
148,357
Work In progress
pay.
Feb. 28 '37
Feb. 29 »36
$133,595
213,728
Deferred
101,346
liability.
30.000
124,626
133,182
Consign, accts. pay
161,729
142,446
Bonded
Dept. of pub. wks.
16,154
16,154
Tender guar, depos
6,020
900
a
Inventory
Deferred assets...
Invest,
Other
43,653
233,139
Investments
63,607
b Fixed assets
Total
a
$5,838,778 $6,027,556
1936.
145,
p.
1579.
&^Louisvillej(kRy.—Segregation
»
on
1,260,939
The study is necessary in the preparation of a plan of reorganization, and
the basis of the earnings formula the commission will write an
approval
plan of recapitalization.
f
The
company's
plan is
now
before the
ICC
and
an
initial
|
►
The ICC segregation study grew out of a petition to the court by
of the 1st mtge. bonds of 1956
asking payment of interest on their
It was contended that coal traffic on that
mortgaged line was
Total
$5,838,778 $6,027,556
by
53,000
no
par
d Under
shares,
agreements from subscribers to capital stock allotted.—V. 143, p. 2044.
New York
See Niagara
Power
Hudson Public Service Corp. below.—V. 145, p. 1413.
Canadian Westinghouse
Years End. Dec. 31—
1936
Net after expenses
x$l,547,689
Directors' fees
legal
renumeration
expenses
1935
1934
$1,492,376
410,000
13,800
$1,191,531
63,758
160,000
35,000
63,175
110,000
35,000
65.000
35,000
50,000
35,000
$872,131
1,092,000
$860,401
1,092,000
$677,731
1.089,000
$469,963
1,080,000
$219,869
$231,599
$411,269
$610,037
546,000
$1.60
546,000
$1.57
546,000
$1.24
540,000
$0.89
400,000
1933
$744,963
190,000
13,800
and
I
Dominion taxes
Donation to pens. fund.
r
Co., Ltd.—Earnings—
403,000
13,800
Depreciation
Exec,
Corp.—New Name, &c.—
Net income
Di vidends paid
balance, deficit
of capital stock
outstanding (no par).
Earn, per sh. on cap .stk.
-,
Shares
x
Includes $150,000 from reserve for
depreciation.
holders
bonds.
heavy and
that the line earned sufficiently to pay all interest.
Rejecting the bond¬
holders' plea that a special master determine the interest
coverage on the
line, the court referred the matter to the ICC, which has undertaken a
complete
p.
1579J
earnings study, the first such
U
survey
—-rnmmrn-
yet attempted.—V,ij 145,
'
-
-mmmypmr
Central
hearing is
scheduled for Sept. 21.
Represented
c
to $5 par for the new stock.—V.
Chicago Indianapolis
Study Undertaken by ICC—
2,415,000
After deducting amount invoiced thereon of $49,647 in 1937 and $73,1936.
b After resreve for depreciation of $1,877,965 in 1937 and
in
Stockholders at a special meeting held Sept. 15 approved a plan to split
the common stock three for one.
Three new shares of common will be
one old share and the par value of the stock is changed from
exchanged for
2.000,000
095 in
$1,687,710
1413.
2,000,000
2,415,000
3,610
4,888,509
12,301
4,698,830
12,301
Other assets
Common stock
Deficit
63,606
3,611
Consignment stock
p.
Cherry Burrell Corp.—Stock Split-Up Voted—
1,462,033
(par $100)
c
$129,341
The Interstate Commerce Commision, at the instance of the Federal
Court for the Eastern Division of Illinois, has begun preparation of a
formula for the segregation of earnings by the mortgaged lines of the road.
110.759
7% preferred stock
32,489
249,713
$451,612
2,506,500
115,353
Reserves
in & advs.
to subs
3,611
Indebted. 2,506,500
$76,222
^See also Alleghany Corp. above.—V. 145,
no par
mun. taxes
$236,745
3835.
than the alternate offer of one share of new 5% cumulative convertible
preferred stock proposed in the merger of Alleghany and Chesapeake cor¬
porations. This represents about 17.9% of 1,799,745 shares of Chesapeake
Corp. outstanding.
Alleghany Corp. reported to the SEC that holders of $2,886,000 of the
5s of 195u had assented to the plan of reorganization, by which
they would
receive $200 in cash and $800 of new 5% cumulative convertible
prior pre¬
ferred, consisting of eight shares of $100 par stock for each $1,000 bond.
This total is approximately 11.8% of the outstanding 5s of 1950.
$110,776
102,255
35,000
3,610
& ac-
crued liabilities.
Dom. &
1937—6 Mos.—1936
Chesapeake Corp.—322,483 Shares Accept Offer—
625
150,390
Depreciation
1937—3 Mos.—1936
Federal
The corporation has notified the Securities and Exchange Commission
that 322,483 shares of stock had been stamped, as of Aug. 31, in acceptance
of the offer of
shares of Chesapeake & Ohio Ry. common stock, rather
$34,987
675
Reserve for contingencies
& doubtful accounts—
normal
—V. 143, p.
*34
493
$224,250
28
150,390
Profit & loss deficit
exps.
$34,987
bond int_
on
Chapman Valve Mfg. Co.—Earnings—
inc. taxes, deprec. &
other chgs., but before
$96,826
540
Director's fees
U. S. exch.
$396,419
$0.46
$1.41
Oil
Federal surtax
Feb.
$223,710
$142,962
Bond interest
$922,487
stock
on com.
Period End. June 30—
Net
profit after
oper.
shares.—V. 143, p. 266.
$142,422
Other income
shares.
Ltd.—Earnings—
Feb.
Operating profit
3,176,212
Earnings per share
—V. 145, p. 935-
909,842
2,000,000
1
10,534,365
11,056,058
813,915
Pf. shs. (par $100)
xCommon
Aug. 15, '37 Aug. 16, '36
Net profit after deprec., int., Fed. inc. taxes, &c.,
but excl. of Fed. surtax on undist. prof its
in¬
come taxes
Reserves
7,117,596
Champion Paper & Fibre Co. (& Subs.)—Earnings—
16 Weeks Ended—
40,000
for Fed.
Strip Co.—20-Cent Div.—
common
394,493
2,
1936.
Prov.
Metal Weather
a quarterly dividend of 20 cents per share on
stock, payable Sept. 30 to holders of record Sept. 24.
Similar
payment was made on June 16 last.—V. 144, p. 3168.
300,000
Jan.
par
The directors have declared
the
&
Bank loan
Bldgs., sub-stat'ns,
plant, mach. &
equipment
1935
$
Liabilities—
90,628
104,887
regular
no
Chamberlain
1935
$
Assets—
the
Chicago
Milwaukee
St.
Paulj[&
Pacific
♦-
■ r"|ft'i£Ti35yV,T
RR.—ICC
Refuses Delay in Reorganization—
The Interstate Commerce Commission
further the reorganization of the road.
on
Sept.
15
refused
to
delay
Rejecting an urgent plea laid before it by Henry A. Scandrett, President,
that the proceeding be delayed because of the current uncertain
outlook,
the Commission announced that a
hearing in the St. Paul case would
proceed on Sept. 20 as previously scheduled.
The commission is likely to write its own plan in the St. Paul
case, Inas¬
much as it does not now have before it a
plan supported by either the
management or security holders, and, it is understood, there is no such
plan in existence.—V. 145, p. 1735.
Chicago Railway Equipment Co.—Accumulated Div.—
The directors have declared a dividend of $1.31 M per share on account
of accumulations on the 7% cum. pref. stock,
par $25. payable Oct. 1
to holders of record Sept. 21.
This compares with 43^ cents paid on
July 1 and
one
was
on
April 1 last;
a
dividend of $3.06
was
paid
on
Dec. 19. 1936;
of 87 H cents was paid on Oct. 1,1936, and one of
43?^ cents per share
paid
July 1, 1936, this latter being the first dividend paid on the
stock since Oct. 1, 1932, when 21 % cents per share was distributed. A
on
similar distribution
and prior thereto regular
made on July 1. 1932,
was
made.—V. 145, p. 936.
quarterly payments of 43M cents per share were
Ry.—Refunding Placed
Chicago Rock Island & Pacific
The Interstate Commerce Commission has taken
the
under advisement
question of permitting trustees of the road to issue $28,172,650 certificates
of indebtedness to refund the outstanding equipment obligations.
The
refunding operation has been sanctioned by the Federal Court, subject to
ICC approval.
The proposal is supported by the trustees and principal
bondholders of the Rock Island, but is opposed by Rock Island Arkansas &
Louisiana RR. bondholders.—V. 145, p. 1580.
Cincinnati Ball Crank Co.
after
income
P.
oftpp
H
$161,682
$184,062
$0.34
$8,886
$7,298
$0.39
26,627
82,844
19,777
2,161,088
12,897
134,236
18,372
prof$337,366
176,343
$174,119
92,539
$94,809
96,108
$407,238
102,270
Total
loss
sur$513,709
Debits to profit & loss._
121,043
$81,580
49,554
sur$l,298
51,256
$304,968
128,554
$131,133
* 19,958
$433,522
Credits to profit & loss._
normal Fed.
charges but
3,449,014
Inc.
System,
Subs.)—
July 3.1937 June 27. '36
$17,640,184 $13,163,457
—
Gross income from sales.
(&
121,574
121,574
26,979
_
3,001,899
2,453,212
52,711
57.592
(net)
Remittances
14,483
sec.
/
■■
$3,054,610
530,797
Total income
$2,510,804
423,954
es¬
profit
1,707,950 shs. stk. (par $2.50).-
$2,523,813
$1.48
$2,086,850
$1.22
297,291
311,772
101,641
Traffic bals. rec.
64,046
Aug. 13, 1937, Columbia Broadcasting System acquired 27H% of the
authorized capital stock of Columbia Management of California, Inc.,
formerly Columbia Artists of California, Inc., according to an amendment
to
the company's registration statement filed with the Securities and
Exchange Commission.
This stock was acquired through payment of $27,500 in cash, and
"Columbia Concerts Corp. (54% of the outstanding voting common stock
and 100% of the outstanding preferred stock which is owned by the regis¬
trant) acquired 22 H % of the authorized capital stock of Columbia Manage¬
ment of California by payment of $22,500 in cash."—V. 145, p. 1094.
44,278
44,177
873,507
vances
899,846
rec.
for
&
ages
1937
$32,764
$0.86
July 31—
1936
$37,791
$0.99
deprec.
4,970,925
4,770,111
102,531
109,441
346,452
334,603
611,910
exp.
611.910
due from
Accrued
Net
1934
1935
1936
1937
$193,117
47,019
$110,515
46,365
$54,897
60,769
$264,353
440,974
prof, from oper
Income charges
taxes..
of property...
Operating res...
Depos. of const.
& transport'n
Res. on acct. of
Government
$146,098
456,074
$64,150
480,483
loss$5,871
495,743
x
412,773
388,430
Other def .credits
129,814,972
17,984
26, ,293,454
26,243.881
2,453
1,851
64,269
81,452
Cuban
from
130,224,533
Total
12,045
39,239
due
damages
86,203
.
surplus.
Capital surplus.
$308,860
44,507
.
618.536
for deprec.
100,814
Compania Cubana—Earnings—-
Adminis. & gen. exps
650,535
Pref. stock divs.
Earned
W Years End. June 30—
x Prof, from operations
112,607
of
94,673
__
doubtful
debts
Other assets
—V. 145, p. 603.
cost
59.726
premiums
Earnings per share on 38,000 shares
112,607
11,508
bills.
stock reacqu'd
Res.
Cuban Govt..
Other
way
unclaimed
on
Prepaid insur.
charges but before prov. for Federal
undistributed profits
1,841
Excess chges. on
conting., &c_.
and
Unamortiz. debt
disct.
2,331
40,000
retire., consol.,
lots sold
town
598,282
Res. for extraord
services
Mtges.
136,076
On acct. of dam¬
(Dan) Cohen Co.—Earnings—
Net inc. after oper. exps.. Fed. inc. taxes,
107,029
Govt.
Cuba
of
622,012
funded
in
over
escrow....
subsidies
Int.
Excess of par val
in
deposited
12,753
balances
Equipm't
trust
5H% ctfs. of
debt..
Work'g fund ad¬
Due from
39.859.733
1,484,702
278,551
Cuba Nor.Rys
Agents and con¬
Cash and securs.
On
W 6 Months Ended
313,126
247,573
291,512
8,932
payable..
Traffic
payable
Mat'l & supplies
Acquisition—
46,594
36,594
crow
ductors...
Earns, per sh. on
9 495.547
long-term debt 39 ,859.733
Govt, of Cuba..
1, 409,622
Accts.
Notes and accts.
receivable
Estimated Federal income and surtax
Common stock
Fund, debt, &c.,
in
from
rec.
of Cuba
x
10,000,000
30,307,563
9,495,547
RRs.
Consol.
transit
Marketable
10,000,000
30 307.563
Cuba RR
5,800
Com¬
Cubana
pania
stock:
Preferred
2,962,392
21.686
Cash
$
Liabilities—
$
118.557.775
Property invest.118,234.181
1936
1937
1936
5
Investments
Profit from operation
Miscellaneous income
sur$392,666
Consolidated Balance Sheet June 30
Due from
$315,969
$182,644
Broadcasting
Weeks Ended
Deficit for the year._
1937
—V. 145, p. 1252.
Columbia
.
Assets—»
6 Months
3 Months
after operating expenses,
taxes, deprec. and other
Federal surtax
surtax on
51,972
Net loss transferred to
profit
other
142",636
of this company.—
Colonial Finance Co.—Earnings—
and
39,510
2,164,296
70,228
22,483
26,627
Ry,—Directors Resign—
Period Ended June 30—
Net
$2,083,887
...
Miscellaneous
The company on Sept. 10 mailed to stockholders a notice of the re"
signation of its entire board of directors and called for a meeting within 30
days to elect a new group.
The letter indicated that the action was taken to permit the stockholders
to give their views in the fight between the company and the city of Cleve¬
land over renewal of its franchise.—V. 145, p. 105.
26
$2,363,939
78,781
26,746
2,155,135
2,761
89,699
17,378
profit and loss.
r
$2,240,752
97,332
25,941
23,932
2,153,223
and expense
on funded debt
Int.
Otherinterest.........
Co.—New Direvtor—
Crawford has been elected a director
Cleveland
before
$1,446,999
Dr37,009
673,896
$2,742,896
106,920
18,833
Equipment rentals.....
Admin. & gen. expensas.
Amortiz.of debt discount
V. 145, p. 936.
income
$1,949,975
Drl4,941
428,904
$2,062,727
Drl4,113
215.642
oper.
Other tax accruals..
Net
Drl4,318
192,344
income $2,541,367
Railway
Miscell. oper. income
Gross income
1937—8 Mos.—1936
ATlfAF
Cleveland Graphite Bronze
C.
1934
$6,046,304
4,528,614
70,691
„
$7,151,764
5,023,353
65,684
Co.—Earnings—
1937—Month—1936
int.,Fed.inc.taxes. &c.'
Earns, per sh. on 475,239
shs. cap. stk. (par $50)
—V. 145, p. 1252.
Frederick
1935
$7,008,439
4,984,329
74,135
1936
1937
Railway oper. revenues. $7,731,106
Railway oper. expenses.
5,114,383
Railway tax accruals
75,356
Non-operating income..
.
Cincinnati Street Ry.
itlf*
loss$4,lll
$27,393
$9,305
$36,841
1069.
Period End. Aug. 31—
"Kfat
938.
Consolidated Railroads of Cuba—Earnings—
charges but before Fed—V. 143, p..
-
Consolidated Income Account
oper.
surtax.
The
Consolidated Chemical Industries, Inc.—Extra Divs.—
The directors have declared an extra dividend of 12 H cents per share in
addition to the regular quarterly dividends of 37 K cents per share on the
class A and class B stocks, both payable Nov 1 to holders of record Oct. 15.
Similar payments were made on Aug. 1, May 1 and on Feb, 1 last.—V. 145,
& other
taxes, deprec.
eral
V.
Years End. June 30—
1937—6 Mos.—1936
normal Fed. inc.
exps..
See
60%.
on Sept. 15,
of previous dividend dis¬
143, p. 4150 for detailed record
bursements.—V. 145, p. 1094.
(& Subs.)—Earnings—
1937—3 Mos.—1936
Period End. June 30—
In August, 1936, the company paid a stock dividend of
regular quarterly cash dividend of 50 cents per share was paid
last.
Before ICC—
Net
1897
Financial Chronicle
145
Volume
Total.
Represented by 400,000 no par shares.—V.
611,910
45,011
611.910
3, 625,271
6, 771,025
3,232,605
6,771,025
32,103
130,224,533 129,814,972
144, p. 4340.
Inc.—Interest Payment—
the mortgage
to the extent
of 2H%»of the principal sum of the 25-year 5% sinking fund bonds, being
full interest for the six mon hs' period ended June 30, 1937, and that
payment will be made accordingly upon presentation of Coupon No. 4
to the Baltimore National Bank, Baltimore, Md., the Guaranty Trust Co.,
140 Broadway, New York or Old Colony Trust Co., Boston, Mass.
The consummation of the plan of reorganization of Consolidation Coal
Co. resulted in the distribution of a large number of $100 5% sinking
fund bonds of the reorganized company.
Company has available a supply
of the $1,000 denomination and are prepared to exchange $1,000 bonds for
a like principal amount of $100 and
(or) $500 bonds, without cost to the
bondholders upon presentation to Baltimore National Bank, or to Guaranty
Consolidation Coal Co.,
Company has determined that Qet earnings (as defined in
available for payment on Oct. 1, 1937,
and deed of trust) are
$176,621
97,747
Net deficit for year
Surplus charges (net)
_
_
$309,976
130,592
$416,333
133,476
$501,614
35,195
$78,874
Gross deficit.
Income credits.
$179,384
07,595
653,733
$282,857
4,053
940,643
1,514,948
Cr464
_
481,945
Previous surplus
$466,419
107,885
Surplus June 30
$403,535
$481,944
$653,733
$940,643
After depreciation of $340,927 in 1937; $384,193 in 1936; $391,167 in
x
1935 and $392,231 in 1934.
Balance Sheet June 30
1937
1936
$
$
Assets—
a
Net prop'ty inr. 11,126,321
Mtges.
557,886
95,047
557,886
86,461
futures contra..
293,446
Adv. to colonos...
Instalm'ts
rec'le..
Breed cattle
105,694
33,229
Mat'ls & supplies.
298,895
Cuba
Prepd. ins. prems.
Deferred charges..
Total
a
3,631
428,463
Taxes payable....
6,634
6,591
106,902
26,985
299,957
Reserve
23,160
511,989
doubtful
14,619,037 14,897,716
of
col¬
Surplus
506,601
I
Total
credits..
11,569
403,535
500,737
2,425
481,944
14,619,037 14,897.716
$7,562,192 in 1937 and $7,267,756 in
1936 —V. 143, p. 2672.
Compo Shoe Machinery Corp.—Voting Trust Extended—
The voting trust agreement pursuant to which thestock trust certificates
representing the common stock are issued terminated on Sept. 15.
Ho ders
of the stock trust certificates are entitled to receive the shares of common
stock underlying such certificates upon surrender thereof unless the holder
shall elect to exchange such stock trust certificates for voting trust cer¬
tificates under the extended voting trust agreement terminating on
Sept. 17.
1946.—V. 144, p. 1596.
Compressed Industrial Gases, Inc.—Stock Dividend—^
10 declared a stock dividend of 25%, payable Oct. 15
to holders of record Sept. 25.
Giving effect to the full exchange of stock
provided for in the company's recent offer in connection with plans for
acquisition of Hollup Corp., and to issue of certain additional small quan¬
tities of stock, the present dividend would result in total outstanding of
257,239 shares.
The company has only the one class of stock.
dividend of $2 per share on
account of
to
on
Inc.—Registers with SEC—
Aug. 13 filed with the Securities and Exchange Com¬
registration statement (No. 2-3408, Form A2) under the Securities
Act of 1933 covering 200,000 shares (no par) $4.50 cumulative preferred
stock.
According to the registration statement, the net proceeds to be
received by the company are to be applied to the payment of outstanding
bank indebtedness which on Aug. 31, 1937, amounted to $26,000,000.
The indebtedness was incurred during the year 1937 for the primary purpose
of carrying increased inventories and receivables and financing construc¬
tion and expansion projects of the company, it is stated.
The preferred stock is redeemable in whole or in part at any time after
30 days' notice at $110 a share and accrued dividends.
Goldman, Sachs & Co., of New York City, is the principal underwriter.
The price at which the stock is to be offered, the names of the under¬
writers, and the underwriting discounts or commissions are to be furnished
by amendment to the registration statement
.
The company on
a
Stockholders to Vote Sept. 28—
special meeting of the stockholders of the company is to be held on
authorizing the preferred stock.—Y. 145,
A
Sept. 28, 1937 for the purpose of
p. 1581.
Continental Cushion Spring Co.Period End. June 30—
Directors on Sept.
a
April 1, last, as against a dividend of $4 paid to Dec. 24, 1936; $2 paid on
Oct. 1, 1936: dividends of $1 per share were paid in each of the 15 preceding
quarters $1.50 per share paid on July 1 and Oct. 1, 1932, and regular
quarterly dividends of $2 per share previously.—V. 145, p. 604.
mission
accts.
lection
188,497
8,252
506,442
After deducting depreciation of
for
Corp.—$2 Preferred Dividend—
accumulations on the 8% cum. pref. stock, par $100, payable Oct. 1
holders of record Sept. 20.
A similar payment was made on July 1 and
Continental Can Co.
19,082
Deferred
188,498
payable
to affiliated cos.
Co.—spec.
account,
30,756
7,522,685
wages
payable
Accounts
371,342
22,748
&
5,977,602
371,237
Accounts
2,474
26,121
1,163,402
48,850
5,977,604
7,300,028
on
same
2,552
co._
Continental Baking
The directors have declared
no
par value)
27,977
48,238
Sugar inventories. 1,274,315
Molasses inventory
31,790
Due from affil
(320,-
shares,
Accrued interest
Accts. rec., <frc
$
York.—V. 144, p. 3495.
1936
$
Notes «fc loans pay.
sugar
on
Trust Co., New
1937
*4
stock
000
Cash
Dep.
Com.
11,447,022
receivable,
incl. accr. int...
*
■
Liabilities—
1937—3 Mos.—1936
-Earnings—
1937—6 Mos.—1936
profit after oper.
exps., deprec. & other
charges
but
before
Net
Federal surtax
Earnings per share on
108,000 shares of stock
—V. 145, P. 755.
$13,004
$15,186
$27,171
$22,944
$0.12
$0.14
$0.25
$0.21
1898
Financial
Continental Gas & Electric
Corp. (& Subs.)—Earnings
12 Months Ended July 31—
Gross operating earnings of subsidiary companies
(after eliminating inter-company transfers)
General operating expenses
1937
1,856,229
4,897,138
4,125,886
Provision for retirement
General taxes and estimated Federal income taxes.
1,652,804
4,586,949
3,141,446
$11,636,699 $11,522,031
622,573
649,659
Total Income of subsidiary companies
$12,259,272 $12,171,690
Int., amortization and pref. divs. of sub. companies
4,755,321
5,167.604
Balance
$7,503,951
17,426
_
Proportion of
attributable to min.
earns.,
com.
stk.
$7,486,525
Total..
$6,989,704
64,868
44,799
$7,551,393
111,241
42,559
$7,034,503
122,230
33,870
$7,397,592
$6,878,402
2,600,000
164,172
2,600,000
164,172
$4,633,420
1,320,053
$4,114,230
1,320,053
$3,313,367
$2,794,177
$13.03
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
Balance
Holding company deductions:
Interest on 5% debentures, due 1958
Amortization of debenture discount and expense..
Balance transferred to consolidated surplus
prior preference stock
on
Balance
Earnings
x
$7,004,086
14,382
per
share
1937
Deposits in escrow
Cash guarantee deposits
Marketable securit ies
2.600
36,594
26,979
Remittances in transit
Traffic balances receivable
311,772
Notes and accounts receivable, &c.
Investment at cost
515.545
121,574
293,446
2(8,224
1,172,402
2 7,977
4,970,925
l,3r6,l< 5
33,229
557,886
510,851
Advances to colonos
Instalment
lots sales.
rec. on town
Materials and supplies
Deposits on sugar futures contracts
Due from Cuban Govt, for subsidies & services..
Sugar and molasses inventory
Breed cattle.
$15.45
—;
Adjusted.—V. 145, p. 1059.
Unamortized
discounts
...
Operating expenses—sugar crop
Exp. on acct. of damages due to revolution
611,910
Other deferred assets
689,908
Other assets
416,495
672
Total..
»
Capital stock—Cuba Co. preferred
Cuba Co. common stock (640,000 shs.
$2,500,000
Reynolds Corp.—Accumulated Dividend—
The directors have declared
a
di /idend of $1.50 per share on account of
the 6% cum. pref. stock, par $100, payable Oct. 1 to
Sept. 24.
Similar payment was made on July 1 and on
April 1, last, and a dividend of $4 was paid on Dec. 15, 1936, this latter
being the first dividend paid since July 1, 1931, when a regular quarter
payment of $1.50 per share was made.—V. 145, p. 756.
accumulations
on
holders of record
Minority interest in subsidiaries
Inc.—Earnings—
zl937
$12,260,887
xl936
yl935
$7,460,253
5,787,166
$5,221,762
3.895,245
$1,673,087
116,559
$1,326,517
282,149
248*520
183,186
54.641
123,335
Cr53,365
Net profit
Preferred dividends
$1,130,966
$1,036,552
$735,170
253.190
Common dividends
515,926
196,239
185,307
196,239
185.307
$655,006
384,237
$2.19
$353,624
384,237
$1.40
Costs and expenses
10.196.071
Operating profit
$2,064,816
Interest and amortization
113,870
57.907
490.679
Amortization of expenses, &c
Depreciation
Federal income taxes
324,759
Other expenses (net)
Surplus
Shares
$361,850
common
Earnings
stock
517.582
per share
Crown
Cork
&
$1.70
141.418
78,074
Equipment trust certificates due August, 1936..
Interest due and accrued
993,250
45,954
Accrued United States and Cuban taxes, &c
Excess of par value over cost of preferred stock
112,608
506.601
650,535
11,508
y46.907.393
64,268
Preferred dividends unclaimed
Funded and other long-term debt
Guarantee deposits receivable
Deferred credits
on
undistributed profits.
Crown Drug
Co.—Sales—
Period End. Aug. 31—
Sales
...
Total
1937—11 Mos.—1936
$7,871,931
$7,589,407
—V. 145, p. 1096. 276.
Cuba
RR.—Earnings—
Operating Statement for Fiscal Years Ended June 30
[Incl. Compania Industrial
Gross Earnings—
1937
$857,982
Passenger
90,382
11,614
186.724
$5,333,757
Total
$4,844,595
$4,762,030
$3,954,276
$676,270
808,941
1,280,914
433,285
$686,187
1,284.140
388,367
$604,386
759,431.
1,095,788
352,979
$525,273
Consolidated Income Account—Year
Gross Revenues—
Jrn$ 30
(Incl, Subsidiary and
1937
1h36
1935
1934
$7.30 <,347
2,is .->4,184
$7,387,436
2,260,539
$6,637,979
1,763,207
$10,593,635
Total.
$9,592,532
$9,647,975
$8,401,187
5,310,772
2,374,258
81,577
5,200,687
2,091,067
5,152,186
2,15),023
95,062
4,706,541
1,708,310
105,524
Expenses—
Sugar mill operations
Admin. & gen. expenses
P*Net
rev.
_
from oper—
92.333
Rentals from lands
$2 ,827,027
48,670
$2,208,444
27,663
$2,259,703
19,610
20,179
Interest
18,202
20,068
45,997
117,750
105,444
129,790
106.027
108.882
$1,880,811
45,740
14,888
Net profit from sugar &
molasses
of crops
of
prior years
...
Miscellaneous (net)
Gross income..
__
Income Charges—
on funded debt.
Interest on other indebt.
Interest
Amort, of dt. disc. & exp
Miscell. tax accruals
Depreciation on Cuban
property owned
$3,059,622
2,393,223
530,455
133,532
90,669
$2,465,780
2,395,134
549,975
135,226
97,474
17,481
$2,529,055
$1,560,350
1,403,138
$1,363,437
1,405,440
$1,402,872
1,421,905
$1,022,435
$42,003
$19,033
$408,684
73.18%
74.24%
80.74%
$1,447,155
Other income
127,308
Miscell. oper. income
Drl4,113
2,401,088
580,537
136,227
140,692
18,372
2,404,296
578.843
135,410
149,330
52,273
34,569
34.701
34,625
34,731
$765,212
$782,486
$1,306,667
10,265
8,528
4,202
1,273
5,336
Profit & Loss Charges—
ment of
equipment
Add'l taxes prior years..
Refdg. of excess charges
40,596
doubtful accounts
Total deficit
Profit and loss credits—
Balance, loss
45,102
44,332
4,053
48,226
To", 992
120,579
"12,998
ating
71.90%
revenues
$825,329
130,458
$848,841
96,108
$
Cost road & equip.' 71,886.881
Mat'l and supplies
709,398
Remit, in transit.
1,151,300
24,987
-
Due from compania
Cubana
from
Govt,
12,543
4,549
250,403
220,275
26,580
3,204,675
102,531
109,441
55,717
$694,871
$752,734
$1,454,364
57,426
1,431,119
for
sub.
receiv.
19,800,000
14,415.000
1st lien & ref. 7,Hjs
1st lien & ref. fis..
3,285,000
1,012,000
1,012,000
Impt. & equip. 5s_
4,000,000
4,000.000
Accts.
payable
3,285,000
212,179
Traffic bal. payable
232,555
4,456
Int.
485,188
462,660
34.63S
13,450
910,284
18,652.037
1,074,437
1,801
1,841
1,125
550
200,000
200,000
on
fund, debt-
Accrued
Excess
taxes
cos---
charges
Operating
Res.
Govt
581,090
581,090
59,463
83,078
317,011
299,013
53.224
81,622
412,773
Prepd.insur. prem.
388,430
debt
.
5,520
on
reserves
for extraordi¬
retirement,
obsol., conting.,
nary
&c
discount A exp
Other assets
Common stock..19,800,000
1st mtge. bds. 5%.14,415,000
x
way bills
on
Other def'd Items-
$
IC.000,000
Due to affil.
Damages due from
Cuban
1936
$
10,000,000
Preferred stock
Deprec., &c., res.-18,706,411
Cuban
and service
Mtges.
896,134
284,352
27,198
rec.
balances..
Working fund adv.
Due
712.772
3,405,606
Notes & accts.
1937
Liabilities—
S
4,518
89,436
261,553
Agents A conduc..
Traffic
1936
72,194.713
Pref.
stock
divs.
unclaimed
10,930
11,230
613,019
Deferred Items
610,211
Deps. for construc¬
tion
and
trans¬
55.065
73.022
4,950,546
4,738,597
653,302
portation
Earned surplus
Donatedprops.sur.
$1,511,790
$98,079
43,.744
Balance Sheet June 30
7,555
26,047
$277,274
179,195
21,235
Ratio oper. exp. to oper¬
Unamortized
69,420
Allocation to reserve for
Adjust, of empl. com¬
pensation ins. prem_.
Other P. & L. charges..^
expenses
town lots sold..
accounts
wiitten off, &c
29,346
43,286
196.556
119.161
'
Gross income
Non-oper.
Cash
$2,048,216
Loss from sales & retire¬
$717,739
341,706
Dr37,009
income-
Assets—
26,100
80,677
$149,364
Net loss
Deficit.
$1,183,434
234,380
Drl4,941
prof$157212
oper.
1937
26,537
Miscellaneous
uncollectible
Crl ,482
$1,256,176
121,579
Drl4,318
Transp. for investment.
Railway
833.032
188,593
173,994
Cr3,613
128,839
134,953
Cr7.521
Iftu
Railroad operations
88,783
30,824
43,267
171,551
145,666
Cr2,299
Antilla terminal
Pastelillo terminal
$7,910,517
2,683,118
Sugar mill operations...
Depreciation
Taxes
Affiliated Compant s)
Railroad operations
471.538
Traffic
Ended
9,788
188,793
Operating Expenses—
General expenses
_
Report—
2,791.138
28,954
1,386.730
418,433
749,886
26,698
51,772
Cuba Co .-—Annual
97.288
55.701
3,262.460
21,008
6,962
Conducting transport'n.
since
88,657
3,268.227
273.972
132,067
99,646
Dec.
issue
1934
$524,448
21,278
Maint. of way & struct-Maint. of equipment-__
this
1935
$769,727
107,528
223.493
174,318
105,160
Antilla terminal
dividend of 12cents per share on the
common stock, no par value, payable Sept. 30 to holders or record
Sept. 20.
This compares with 25 cents paid on June 30. last 60 cents paid on Dec. 19,
1936, 10 cents on June 10, 1935 and 12)4 cents per share distributed on
on
Naviera CubanaJ
y
1936
$815,744
117,034
117,635
109,126
3.659,014
32,382
15,565
198.761
222,104
121,188
Express and baggage
Freight
Sleeping car.
Other transportation
a
1, 1934, this latter being the first payment made
April 1, 1931.—V. 145, p. 605.
10,403
649.426
8,728,685
for depreciation of $33,950,274 in 1937 and
$33,594,692
Bonds and debentures outstanding $43,478,000: the Govern¬
ment of Cuba purchase of Jucaro to San Fernando RR., due Oct.
15, 1939,
$3»1,733; notes payable, $1,351,573 and accrued interest on notes payable
and on debentures, including those not subject to readjustment
plan,
$1,696,087.
Under the plan of readjustment dated as of Dec. 15, 1932 and declared
operative Sept. 1, 1933, the holders of the debentures and demand obliga¬
tions of Cuba Co., who have assented to the plan agreed thereunder not to
take any action except in certain contingencies to enforce
payment thereof
until Jan. 1, 1939, the maturity of such debentures being advanced to
the later date from the original due date, Jan. 1, 1955.
The holders of
demand obligations, however, reserved their right to proceed
against their
collateral at any time.
Cumulative interest on the debentures and demand
obligations thus subjected to the plan is payable prior to Jan. 1, 1939,
only out of net earnings of Cuba Co.
No provision has been made for possible losses on advances to colonos
not covered by reserve, or on mortgages receivable and accrued interest
thereon amounting to $95,260, or on instalments receivable on town lots
sal&s.—V. 144, p. 4341.
Miscellaneous
Crystal Tissue Co.—12 j^-Cent Dividend—
1,484,702
y
Pastelillo terminal
The directors have declared
24,575
112,608
500,737
618,536
12,044
46,568,515
81,452
reserve
-
1937—Month—1936
$680,612
$675,714
i
40,000
969,624
$119,590,320 $119,598,584
After
1936.
Mail
—V. 144, p. 3496.
1,409,622
8,653
670,952
8,630,606
Surplus.
Seal
Note—No provision was made for Federal surtax
701.911
392,149
2,600
Republic of Cuba
Operating reserves.
Co., Inc.; Western Stopper Co.. and Acme Can
Co.
y Crown Cork & Seal Co., Inc. and Western Stopper Co.
z Includes
Western Stopper Co., Williams Sealing Corp. and Crown Can Co.
x
26,985
557,886
608,602
11,778
611.910
325,627
30,307,563
Notes and loans payable.
in
[Including Domestic Subsidiaries]
6 Months Ended June 30—
Net sales
1,212,252
$2,500,000
9,142,400
9,999,000
30,307,562
7,522,685
9,142,400
9,999,000
Audited vouchers, wages and accounts payaole._
x
Crown Cork & Seal Co.,
4,780",314
326,781
par)
Deposit for construction, transportation
Corroon &
216,344
7,300,028
....
no
Cuba RR. preferred
Res. for extraordin., retire., obsoles. conting., &c
Exchange has removed from listing and registration
the $3 cumul. pref. stock, series A, no par value.—V. 145, p. 755.
428.463
1,199,802
,
Reserve for doubtful accounts
Cooper-Bessemer Corp.—Listing and Registration—
40", 593
14,483
247,573
442,084
121,573
$119,590,320 $119,598,584
/i,/.?.ft.*?——•
Consolidated RRs. of Cuba
The New York Curb
1936
$103,891,351 $104,620,945
3,776,849
3,220,857
107,029
136,076
Cash.
Mortgage receivable
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
Dividends
A ss6ts~~~
Property investment
x
Maintenance
Sept. 18, 1937
Consolidated Balance Sheet June 30 (Incl. Subsidiary and Affiliated Companies)
xl936
$36,587,471 $34,314,673
14,071,517
13,411,443
Net earnings from operations of subs, cos
Non-operating income of subsidiary companies
Chronicle
Total
x
79,371,319
79,121,0361
Total
Represented by 700,000 no-par shares.—V. 144,
653,302
79,371,319 79,121,036
p.
4341.
Volume
Financial
145
Cuba Northern Rys.
As
Co.—Earnings—
[Incl. Compania de Fomento de Puerto Tarafa]
Years End. June 30—
1937
1936
1935
Gross rev. from oper
$2,397,349
$2,307,169
$2,246,408
Expenses, inch taxes...
1,303,137
1,500,619
1,479,867
1899
Chronicle
$2,092,028
1.362,766
1934
Dexter
Co.—Earnings—
Calendar Years—
Net
rev.
$1,094,213
92,062
Non-oper income
Gross income
Int.
on
funded debt
$806,550
80,311
$766,542
201,387
$729,261
331,499
$1,186,275
925,228
from oper...
$886,861
927.140
$967,929
$1,060,760
933.093
936.301
and expenses
Selling expense
Administrative
Miscellaneous
Net profit for the year
$
1937
S
Assets—
Liabilities—
and equipment; .46 457,925
46,473,687
121,574
121,574
Investments
Due from:
Coneol.
RRs. of
6,392
961
614,930
Net income
Dividends
17,168
1,250
Cash....
2 221.812
1,988,889
1,940
Remit. In transit..
rec.
Cash
1,992
46,594
spec. dep.
107,029
136,076
Traffic bal. rec
27.419
Acc+s. receivable..
$1.22
$0.29
$0.94
•
stock.
common
Balance Sheet Dec. 31
Assess—
1936
$34,244
$37,024
Accounts
198,924
220.109
payable.
21,468
1,184
153,873
153.373
105,921
$764,902
Com. stk. (100,000
shares)
Earned surplus
210,994
$812,463
Other
500.000
238.481
167.738
162,284
2,191
500.000
116.798
22.759
40,000
135,623
4,534
136,823
4,589
Accrued taxes
Land,
buildings &
equipment
Misc. & def. chgs.
Patents
charges on
1,301
transportation
9.203
1,614
$812,463
$764,902
i
__
8,430
7,585,699
7,690,507
reserves
Total
—V. 144, p.
Dep. for construe.
&
1,971
reserves
530
1,328
Operating
35,738
62.723
Reserve for depree.
Working fund adv.
13,080
13,597
8,328
Res.
12,205
Materials & supp.
Due fiom Govt, of
164,109
187,074
1,565,319
101,831
88,584
for
retlr.,
Total
1780.
Dodge Mfg. Corp.—Earnings—
1,565,436
Cuba for subsld,
$30,248
33,725
Res. for taxes
1935
$39,073
Liabilities—
1935
1936
Cash
Marketable bonds.
200,732
Agts. Ac conductors
and services
$0.59
$93,950
80,000
100,000
Inventories
Excess
27,298
on
on
Receivables
way bills.......
36,594
$29,230
20.000
16,018
trust 5'^%
Int. on fund. debt.
secur.
from escrow
$58,948
60,000
022,166
ctfs. due Aug. 1,
Equip
1936
bans
Marketable
shares
14,000.000 14,000,000
17,147,733 17,147,733
1,484,702
Govt, of Cuba
1,409,622
65,914
Accounts payable.
58,649
Traffic bals. pay'le
7,233
4,476
Cu¬
Compania
$
$122,219
115,000
Earns, persh.
Total funded debt.
769,545
Cuba
Cuba RR. Co..
•
62,409
24,155
Common stock
Prop. Invest, (road
70,177
Deposits in closed banks
charged off
1936
$
1936
9,007
$26,026
Cr24,676
17,326
4,145
$131,189
Cr24,869
21,973
15,980
Miscellaneous income
Miscellaneous expenses.
Federal income tax
Comparative Balance Sheet June 30
1937
$135,656
Cr26.745
19,913
20,269
$730,710
540,250
102,025
$61,807
181,000
expenses
927.470
$27,581
loss$52,188
$196,223 loss$109,156
218,000
86,366
$989,916
729,160
135,251
63,697
$1,309,836
Net operating profit..
23.982
51,940
16,996
3,959
11,098
49,934
22,074
3,916
11,099
29,786
24,076
3,917
6,149
30,631
24,107
3,936
Other tax accruals
$1,462,967
1,022.946
Cost of sales
1933
1934
1935
1936
Net sales
Amort, of debt discount
Equipment rentals
1 totaled
Diamond T sales for the eight months to Sept.
result.
a
10,206 as compared with 9,897 for the same period last year. This is an
increase of 3% in units, and appreciably more in dollar volume, because
of the higher prices in effect during most of 1937.—V. 145, p. 939.
extraord.
t
fEarnings for 9 Months Ended July 31, 1937
Fed. inc. taxes, deprec. & other
charges, but before provision for Federal surtax on undis¬
tributed profits
Earnings per share on 79,975 capital shares
—V. 145, p. 1582.
obsolesc.,
Net income after oper. exps..
418,536
33,802
Def'd credit items.
43.902
10,455,241
Surplus
.10,652,027
450,535
cnntlng.,<fcc
...
$270,279
$3.38
Total deferred deb.
k. items
Total
51,505,117 51,493.555
Domestic Finance
Corp. (& Subs.)—Earnings—
~
1937
Gross earnings from interest, &c
-V. 144, p. 4341.
-—
1936
$1,536,400
$1,235,929
1,005,934
Years Ended March 31—
51.505.117 51.403.555
Total
693,216
Cost of financial services
Def.
Jf Dayton Rubber Mfg. Co.—Sales—~
portion of net oper. loss of new small loan
Cr32.500
Offices
IF Sales for the first nine months of the company's fiscal year to July 31
totaled $6,239,672, a gain of 25.2% over sales of $4,980,678 in the same
period of last year, according to J. A. MacMillan. Chairman of the Board.
Earnings in the same comparison are making even a better showing, he
Provision for Federal income tax
said.—V. 145, p. 939.
Previous earned surplus.
Deere & Co.—Stock Increase
Stockholders at
a
(net)
special meeting held
Sept.
15 voted to increase the
stock from 1,250,000 shares to 5.000.000 shares.
their meeting held Sept. 15 voted a stock dividend at
the rate of two shares of common stock for each share held payable Oct. 30
to holders of record Oct. 2.
The directors also declared a cash dividend of $1 per share on the pres¬
Accounts
$702,411
33.880
Prov. for Fed. Inc.
4,878,566
3,672.627
Unearned discount
8,843
11,657
Equipment
91,500
59.732
Deferred assets...
72,428
22,740
On hand
loans receivable.
1581.
of the corporation—
made Sept. 14 by
& Co., Inc., with the marketing of
stock at S3.25
common
per
share.
—V.
this financing principally for the
purchase of materials, labor and manufacturing expense, purchase of new
machinery and equipment, and payment of trade accounts. Proceeds of the
private financing preceding public offering and amounting to about $229,000
have been employed in development of the company's patents, products
and organization, including the production of axles which have been sub¬
mitted to extensive tests by prospective purchasers, the prospectus states.
The company is engaged in the manufacture and distribution of a special
type of axle adaptable for use as trailing axles on trucks and commercial
trailers of the heavy duty type. According to the prospectus, the company
intends to produce axles for the lighter trucks and trailers as well as for the
drive axle on trucks and dual front wheels for both trucks and buses.
While the company operates a plant in Canton, O. to manufacture its
products, the prospectus states that the policy of the corporation is to have
complete axle assemblies built and assembled by outstanding manufacturing
concerns to take care of all surplus production. Opinions of patent attorneys
cited in the prospectus state that the patents controlled by the corporation
give the company "a virtual monopoly of the various commercially satis¬
factory means of obtaining the several features which produce the safer and
more economical operation resulting from the use of the company's type of
733,665
Cum. pref'ce stock 1,440,764
Com. stk. (no par)
48.000
Capital surplus
855,542
Earned surplus
495,215
30, 1937 contained in the prospectus
have accepted stock since
June 30, 1937 in full payment of sums due them.—V. 145, p. 1096.
Notes to the balance sheet as of June
that creditors
in
—V. 145, p.
1255.
,
Dubilier Condenser
*
Corp.—Initial Dividend—
an initial dividend of 15 cents per share on
Oct. 8 to holders of record Oct. 1.
President William Dubilhr stated that it would be the company's policy
to pay out practically all the dividends received from its operating subsidi¬
ary, Cornell Dubilier-Electric Corp., to its stockholders.—V. 145, p. 1738.
The directors have declare'
the common stock, payable
Duquesne Light Co.—Earnings—
1937
1936
1935
$30,416,330 $26,423,147 $25,585,772
12 Months Ended July 31—
Gross operating revenue
Net operating revenues
come
x
&
other in¬
after tax & ret. reserve
operations—Electricity,.
Steam
1937
1936
$55,966,201 $50,820,417
1,888,028
1,937,192
387,328
14,604
Total
Operating and non-operating expenses
$53,216,320
41,373,127
Miscellaneous
363.962
94,749
$58,256,161
Gas
35,940,104
$16,883,034 $17,276,216
123,405
137,064
Balance, income from operations
Other miscellaneous income
$17,006,439 $17,413,281
Gross corporate income
Interest on funded and unfunded debt
,
5,755,062
Interest charged to construction.
Amortization of debt discount and expense
268,333
6,199,734
C/T4,800
273,833
$10,983,045 $10,954,514
Net income.
take into account any Federal surtax
on undistributed net income.
With respect to the year 1936, according to
the company's Federal income tax return, there was no undistributed net
income subject to surtax; on the basis of present estimates, it is anticipated
that no such tax will be payable for the year 1937.—V. 145, p. 1254.
W Note—The foregoing figures do not
Detroit Steel Products
Co.—Larger Dividend—
FThe directors have declared a dividend of 75 cents per share on the
capital stock, no par value, payable Sept. 30 to holders of record Sept. 20.
This compares with 75 cents paid on June 30. last; 25 cents paid on March 31
last; $1 paid on Dec. 21, 1936 and 25 cents per share paid on Sept. 30 and
on July 10, 1936, this latter being the first distribution made since Oct. 1,
1930, when a dividend of 35 cents per share was paid.—V. 145, p. 1254.
Diamond T Motor Car Co.—Sales—
Diamond T sales for August were unexpectedly higher, after an appre¬
during July and registered a considerable increase even
August of last year, according to C. A. Tilt, President of the company.
improvement was due principally to a large volume of export
business, combined with a favorable reception to the new line of cab-over-
ciable recession
over
This
engine models announced to the trade in
July.
14,445,547
10,915,107
14,159,918
10,599,797
-
Net income
After rents for lease of electric properties,
13,517,006
9,636,069
interest, amortization of debt
for special reserve, and other income
deductions.—V. 145, p. 1096.
Durham Mfg.
share on the common
(& Subs.)—Earnings—
12 Months Ended Aug. 31—
459,482
3340.
p.
The directors have
Gross earnings from
1,026,764
48,000
767,228
Dominion Stores, Ltd.—Salei
Period End. Sept. 4— 1937—4 Weeks—1936
1937—36"Weeks—1936
Sales
$1,399,045
$1,467,763_$13.396.409 $13,333,907
the amount of $22,179
Detroit Edison Co.
684*665
$6,136,227_ $4,503,047
Total
discount and expenses, appropriation
dual wheels."
state
142,
874
Due parent co
$6,136,227 $4,503,047
Total
68,442
76,211
tax
Chattel & co-maker
The company will use the proceeds from
1936
bks.$2,400,000 $1,400,000
48,466
85.956
payable.
Notes pay. to
$1,044,361
40,530
transit
in
1937
Liabilities—
1936
1937
Assets—
Cash on deposit &
Compensating Axle Corp.-—Stock Offered—The
50,000 shares of
$459,482
$495,215
first public offering of common stock
heretofore
privately financed—was
Griswold
$648,633
93,150
96,000
336.000
Consolidated Balance Sheet March 31
Other assets
Goodwin,
$454,514
194,119
$953,251
122,035
stock
JBalance, March 31, 1936
ently outstanding common stock payable Oct. 20 to holders of record Oct. 2.
The company resumed payment of common dividends on Sept. 1, last,
when $1 per share was distributed.
This dividend was the first paid on
the common shares since July 1, 1931.—V. 145, p.
63,629
459,482
Dividend paid and accrued on preference
Dividend paid on common stock.....
common
24,570
76.674
...
Voted—200% Stock Dividend
The directors at
Detroit
Cr7,477
$493,768
Other deductions
—$1 Cash Dividend—
authorized
^
Co.—Initial Dividend—
declared an initial quarterly dividend of 10 cents per
stock, payable Oct. 15 to holders of record Sept. 21.
—V. 144, p. 3835.
Eason Oil
Co.—Earnings-—
3 Mos.End.
6Mos.
g
1936
1937
June 30 '37
after oper. expenses, normal
Federal income taxes, deprec. and
other charges but before Fed. surtax
$20,019
—V.144. p. 2996.
Period Ended June 30—
Net profit
y Eastern
$59,342
$74,665
•
Footwear Corp.—Stock Offered—A public
offer¬
ing of 65,000 shares to residents of the State of New York
is being made by Thomas & Griffith, New York, at $2.50
per share.
Proceeds from this financing will be applied to
working capital.
Chase National Bank, New York.
Registrar: Brook¬
Brooklyn, N. Y.
4
Business—Corporation, one of the largest slipper companies
in the country, was organized in 1931 and has had a rapid growth.
The
main output of the company is hard and soft soled slippers.
Tt is a large
maker of women's shoes and sandals.
Company was formerly known as
Dainty Maid Slippers, Inc., and still uses that name as a trade-mark for
women's slippers.
Company recently added a line of popular-priced orthoTransfer agent:
W
lyn Trust Co.,
History and
Jedic shoes and companyunder thebranched out into men's "Kozy Arch."
addition, the slippers
has also trade-marked name of and children's
n
^1
slippors •
Beginning with only
$20,000 capital and 2,400 square feet of floor space,
the Brooklyn, N. Y., plant
N. Y., plant.
The number
of employees is now over 500.
The company's capacity has been more
than doubled by adding the new Dolgevilel plant.
The two plants have a
combined capacity of over 12.000 pairs of shoes and slippers daily as now
equipped.
The plant at Dolgeville alone can accommodate additional
equipment to bring total capacity to over 15,000 pairs a day.
Present out¬
put is now 9,000 pairs a day.
Capitalization—The authorized capitalization has been increased to
500,000 shares ($1 par) from 250,000 shares (par $1), of which 315,000
shares will be outstanding after the present financing.
the company today has 45,000 square feet at
and 70,000 square feet at the new Dolgeville,
.
,
Financial
1900
unfilled orders
Unfilled Orders—Company has over $300,000 of
month through November.
Underwriting—Thomas & Griffith, the underwriter, has made a firm
commitment to purchase the entire 65,000 shares at $1.75 per share in
blocks of: 23.000 shares within 12 days; 21,000 shares within 42 days, and
21,000 shares within 52 days.
Condensed
per
Operating
Comparative
Year Ended
End.
Jan. 15 '37
$1,149,613
92.010
$1,154,482
95.325
Selling, shipping & admin, expense..
917,855
125,434
905,602
136,848
546,000
78.544
Net operating profit
Other income
$14,313
16,023
$16,707
21,718
$1.709
9,697
$30,337
6,506
$38,425
$11,406
8,611
2,199
$23,830
$29,814
$9,206
Gross
■
sales
Discounts, allowances and returns
Cost of goods sold
Net income
....
Interest and other expense......
Net
income
(before
income
and management bonuses)
on
hand and In banks...
Accounts
payable—trade.
payable—banks...
$104,640
Notes
259,804
Notes & loans payable._.
2.446
Accruals.
8,289
Other assets
5,628
bldgs..
machinery
Provision
and
351,899
equipment, &c (net)
Deferred charges
30,838
165,000
for taxes
11,340
Notes
2.760
payable—secured..
Capital stock ($1 par)
315.000
Earned surplus
48.750
surplus
Donated by Dolgeville
1.240
211.159
Surplus from appraisal...
Total
Total
$898,778
$898,778
145. p. 939.
■Bus
System Sold-
National City Lines, Inc., has purchased the city bus and rail operations
Beaumont and Port Arthur, Texas, from Eastern Texas Electric Co.
Included
in
the
bus operation between thQ two
purchase is the 20-mile
cities.—V. 142, p. 2316.
V
Ebasco Services,
,
Inc.—Weekly Input—
V For
the week ended Sept. 9, 1937, the kilowatt-hour system input-of
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the correspondingjweek during 1936, was as follows:
^
IYICT6CLS6
Operntim Subsidiaries of—
1937
1936
Amount
Pet.
American Power & Light Co....116.227.000 111.947,000
4,280.000__3.8
Electric Power & Light Corp
60.484.000
56.099,000
4,385,000
7.8
National Power & Light Co
78,893,000
72,505,000
6,388,000
8.8
—V. 145, p.1738.
Edmonton
July 2, April 6 and Jan. 2 last, and prior thereto regular quarterly dividends
$1,623^ per share were distributed.—V. 145, p. 110.
of
Electric Power
Associates, Inc.—Not
a
Holding Company
that it may not be classified as a holding company within the
of Section 2(a) (7) (A) of the Public Utility Act of 1935, the
company announced Sept. 10 that it has reduced its holdings of American
water Works & Electric Co., Inc. common stock to less than 10% of the
amount outstanding by the sale of 20,000 shares of common stock of the
latter company.—V. 144, p. 3331.1
order
provision
El Paso Natural Gas Co.
1*
Period End. July 31Gross oper. revenues
(Del.) (& Subs.)—Earnings—
'
$2,725,595
805,085
86,083
1937—12 Mos.—1936
1937—Month—1936
$351,158
$208,717
Operation
$4,058,081
1,195,761
78,009
328,023
110.573
12.188
69,465
6,093
59,369
39,643
15,373
24,056
$138,384
$93,729
$1,989,873
895
750
11,092
$1,378,331
39,375
$139,280
30,411
$94,479
42,877
3,795
$2,000,965
$1,417,706
422,894
39,114
659,849
$106,321
Dr6,393
$47,808
$1,538,957
3,493
$688,673
Dr4,071
$99,929
Maintenance
$48,489
8,182
$1,535,463
103,579
$684,602
74,681
Taxes
x
Prov. for retirements
.
-
Interest
2,547
Net income before
146,401
309.695
466.415
69,183
non
1-
recurring income.
_
.
[on-recurring income-
Act
plant and property, payable to New England Power Association: and to
for amounts expended for extensions, additions and
improvements to plant and
property.—V. 131, p. 2893.
(& Subs.)—Earnings—
1937—12 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
Tota
incl.
gross revenue
$2,147,098
$2,035,493
$8,242,527
$8,706,830
1,818,286
1,724,838
6,851,998
7,343,575
859,558
864,238
3.446.124
3.467,031
$958,728
227,274
$860,600
252,689
$3,405,874
954,389
$3,876,544
1,025,574
165,641
187,805
590,003
787,009
154,771
147,287
656,597
620,431
$411,042
incl. other income
$272,819
$1,204,885
$1,443,530
Net revenue before int.,
depreciation, &c_. __
on
1st mtge. bonds
and prior liens
Int.
Balance
Interest
on
Dr
682
debentures.
_
int., amortiz. of
disc., prov. for inc. tax
Other
Deprec.
& amortiz.
works
of
Balance to surplus
—V. 145, p. 435.
Gaylord Container Corp.—Stocks Offered—Hemphill,
Noyes & Co. and Stifel, Nicolaus & Co., Inc., on Sept. 16
offered 5^% cum. conv. pref. stock (par $50) at $51 per
share and common stock (par $5) at $18.75 per share.
cumulative convertible preferred stock,
such stock to be pur¬
stockholders of the company, so that no
part of the proceeds of the sale thereof will accrue to the company.
The
5}>i% cumulative convertible preferred stock constitutes the first series of
an aggregate amount of 15 1,000 shares of serial preferred stock authorized
by the agreement of consolidation under which the company was formed,
the total authorized amount of the 5>£% cumulative convertible preferred
Offering to Public—The 5H%
offered, consists of issued and outstanding shares of
chased by the underwriters from
stock being 100,000 shares.
The common
common
City Dairy, Ltd.—Accumulated Dividend—
The directors have declared a dividend of $1.25 per share on account7)f
accumulations on the 6H% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 15.
A similar payment was made on
In
has filed a declaration under the Holding Company
reimburse the treasury
storage
Eastern Texas Electric Co.
in
(Mass.) Electric Light Co.—Note Issue—
The company
28,153
Paid-in
-V.
Gardner
$2.02
stock (no par)
covering a proposed issue of $300,000 of unsecured notes to evidence bank
loans.
No public offering is involved.
The proceeds will be used to pay
$155,000 of demand notes of the company held by New Envland Power
Association, of which the company is a subsidiary, to pay $115,000 of open
account indebtedness. Incurred for extensions, additions and In proven ents
Gatineau Power Co.
112,131
$1,251,332
Earnings per share on 561,973 shares common
—V. 145, p. 608.
Balance Sheet July 15, 1937
$138,476
(net)
Inventories
Land,
62,164
31, 1937
and Federal income and
Earnings for 12 Months Ended July
Liabilities—
Accounts receivable
common
Net profit after interest, depreciation
estimated undistributed profits taxes
to
Assets—
Cash
July 15 '37
$688,418
taxes
Condensed Pro-forma
the
Gardners-Denver Co.—Earnings—
6 Mos
Jan. 15*36
Period—
Sept, 13 declared an extra dividend of 37
cents per
quarterly dividend of 62 M cents per share on
stock, par $10, both payable Sept. 30 to holders of record
Sept. 23.
A special dividend of $1.50 per share was paid on Aug. 25 last.
A dividend of 25 cents per share was paid on July 31 last, and each three
months previously.—V. 145, p. 1098.
The directors on
share in addition to a regular
and Loss Statement
Profit
Year Ended
Sept. 18, 1937
Machinery Corp.—Extra and Larger Dividends—
Food
on its
books compared with about $125,000 at this time last year.
Shipments
now at the rate of $150,000 per month and are expected to continue at
are
$150.000-$200,000
Chronicle
stock offered consists of issued and outstanding shares of
stock to be purchased
by the underwriters from
stockholders of the
that if less than 5 ),000 shares of common stock are
purchase by such stockholders, then the company will sell to
a
number of shares of common stock equal to 5d,000
shares less the number of shares of such common stock purchased from the
stockholders, and to that extent the common stock offered consists of stock
purchased from the company.
History <fe Business—Corporation was formed in Maryland on June 16,
1937, by the consolidation of Robert Gaylord, Inc. (Md.) and Bogalusa
Paper Co., Inc. (Pa.).
The consolidation was, in effect, a consolidation
the business of Robert Gaylord, Inc. (Mo.) and Bogalusa Paper Co., Inc.
(La.).
The corporations whose businesses were consolidated to form the company
enjoyed a contractual relationship, first in written form and subsequently
on the basis of oral agreements, from July, 1927 to the time of consolidation,
and Bogalusa Paper Co., Inc. (La.) owned, prior to the consolidation,
one fourth of the issued and outstanding common stock and one-half of the
issued and outstanding preferred stock of Robert Gaylord, Inc. (Mo.).
To effect the consolidation, a change in domicile of Robert Gaylord, Inc..
(Mo.), and certain changes in the organization of Bogalusa Paper Co:, Inc.
(Pa., formerly named Great Southern Lumber Co.), and Bogalusa Paper
Co., Inc. (La.) were adopted on advice of counsel.
Prior to the formation of the company by the consolidation of the bus¬
inesses of Robert Gaylord, Inc. and Bogalusa Paper Co., Inc., the former
and
its subsidiaries manufactured and sold corrugated and solid
fibre
shipping containers, corrugated and solid fibre packing materials and
specialties, paper bags and sacks, and dry and paraffined folding cartons,
and the latter manufactured and sold liner board, chip board, corrugating
materials, wrapping paper, bag paper, board and paper specialties, and as
by-products, turpentine and a product known as "liquid rosin."
The
latter also sold from time to time such sulphate pulp as it had processed
and did not require in the manufacture of the products listed above.
The principal plants of the company and its subsidiaries are located at
Bogalusa, La.; St. Louis, Mo.; Houston, Texas; Dallas, Texas; Tampa,
Fla.; Atlanta, Ga., and Jersey City, N. J.
company:
except
tendered for
the
underwriters
Capital Stock
Net
income
8,632
Balance
for
Incl.
Federal
145, p.
1583.
x
V.
$91,297
income tax:
jua
$40,307
July 1937,
_
$1,431,884 ^$609,921
$29,210; July
1936, $4,350.—
md
Ralph B. Clark has been elected a member of boarcTof sectors to fifi
by resignation of William H. Tobin.—V, 145, p. 435.
the vacancy caused
Esquire-Coronet, Inc.—Listing Approved—
JFairchild Aviation Corp.— Unfilled Orders^* £
as
against
f'ke date in 1936. On June 30, last, Fairchild's unfilled
'7
$1,203.288.—V. 145,
_
July 31 amounted to $1,339,564
p.
1097.
$1,0237324
orders were
Fohs Oil Co .—Stock Split Voted—
a*
,a sPeo'al meeting held
Sept7157"approved
the proposal to
«?nl»liC°lpai?y 8 P° P^r va^ue capital stock on the basis of seven shares
uej70
■?? each. Present share of no-par value outstanding.
New stock
outstanding will total 768,000 shares.—V. 145,
p.
1738.
^
Fonda Johnstown & Gloversville
RR.—Earnings—
nFJLr}°,d End• Aui- 31—
M
g revenue*
expenses
Operating
III"
Gross income
Deductions
from
inc. (incl. int
on
1937—SMos —1936
$381,439
$379,846
38,427
Net revs, from oper...
Tax accruals
Other income
1937—Month—1936
$40,341
$39,322
gross
accruals
40.492
323,666
348,099
$1,915
def$1.180
2.650
$57,773
32.442
$31,747
def$3,831
1,839
$25,331
14,545
$10,452
8,243
4.219
_def$2.304
7,479
21,295
def$l,992
md
$18,695
$39,876
1#
i
mm
i
outstanding funded
.debt)
stock are issuable on conversion of the 5>£%
cumulative convertible preferred stock.
60,000 shares of common stock are issuable on the exercise of transferable
13,926
14.716
113,249
$3,752
$16,708
$73,373
Y*
common
options granted on June 17, 1937.
Of such number, options on 57,600
shares are held by officers or employees of the company.
Underwriters—The names of the principal underwriters and the percent¬
be purchased by them are as follows:
Percentage
Preferred
Common
Hemphill, Noyes & Co., New York
50%
70%
Stifel, Nicolaus & Co., Inc., St. Louis
5J%
30%
Purpose—Proceeds to the company from the sale of its common stock may
vary from a maximum of $750,000, calculated upon the assumption that
stockholders sell no shares of common stock and the company sells 50,000
shares of such stock, to a minimum of zero, calculated upon the assumption
that stockholders sell 50,000 shares of common stock and the company sells
no shares of such stock.
Net proceeds to the company will be such amount,
if any, as is received by the company from the sale of common stock by it,
less expenses estimated to be $125,994, and less the amount paid by the
company to underwriters, which may vary from a maximum of $200,000 to
a minimum of
$100,000.
The net proceeds, if any, are to be added to work¬
ing capital.
During the past five years the company's predecessors have
made extensive capital additions and improvements, and further additions
and improvements are now in the process of installation, involving an esti¬
mated cost of approximately $1,250,000.
In the opinion of the manage¬
ment of the company, however, the acquisition of such additional working
capital is not essential; and the primary purpose for which the company
intends to enter into the underwriting agreement is to provide a ready mar¬
ket for the company's stock.—V. 145, p. 941. •
J
General Capital
of Sept.
113,666
General Electric
Net deficit
—V. 145. p. 1257.
Corp.—40-Cent Dividend—
a dividend of 40 cents per share, payable Oct. 11
Sept. 30.
A like payment was made on July 10 last
and compares with 25 cents paid on April 10 last; 95 cents paid on Dec. 26,
1936: 65 cents paid on Feb. 15, 1936; 50 cents on Aug. 26, 1935; $1.25 on
Feb. 11, 1935; April 2, 1934, and April 1, 1933, and a dividend of $1.50
per share was paid on Feb. 1, 1932.—V. 145, p. 435.
Directors have declared
to holders
$5,174
50,000 shares presently to be issued as stated
trnder "Offering to Public."
ages to
The
New York Curb Exchange has
approved for listing 500,000 out¬
standing shares of capital stock, $1 par.—V. 145, p. 1584. J.
on
of the preferred stock).
b Excluding not exceeding
200,000 shares of
._Endicott-Johnson Corp.—New Director—
Unfilled orders
Outstanding
(issuable in series) —150,000 shs. alOO.OOO shs.
975,000 shs. b500,000 shs.
a5H% Cumulative convertible preferred stock, (par $5u) (the first series
common
divs. and surplus. __
_
Authorized
Preferred stock, (par $50)
Common stock, (par $5)
$94,971
Co.—Obituary—
Charles Neave, counsel and member of the
at his home in
Ossining, N. Y.
board of directors died Sept. 10
He was 69 years old.—V.
145, p. 1258.
Volume
Financial
145
and
Fed.
but
I
before
surtax on
Shares
inc.
1937—9 Mos —1936
1937—Month—1936
$308,663
$40,841 fet $588,260
$80,573
666.800
853,550
la hi
stock
$0.42
$0.65
Gross volume of business for the nine-months' period totaled $26,816,146,
as against $16,000,838 during same period last year.—V. 145, P. 1418.
;
General Fireproofing
■>
»
Co.—30-Cent Dividend—
a dividend
of 30 cents per share on the
1 to holders of record Sept. 20.
A similar
amount was paid on July 1 last and compares with 25 cents paid on April 1
last, an extra dividend of 30 cents in addition to a regular quarterly divi¬
dend of 10 cents paid on Dec. 24, 1936, and an extra dividend of 10 cents in
addition to the regular quarterly dividends of 10 cents per share distributed
on Oct. 1, 1936.—V. 145, p. 4345.
The
directors
common
have
a share-for-share basis.
4
offering and from prior sales to stock¬
holders, together with treasury funds, will be applied to the redemption
of $2,982,500 1st mtge. 6% bonds and to the extent of $2,954,118 will be
used to purchase or redeem the 18,068 shares of outstanding $8 pref. stock
for retirement and to pay accrued dividends thereon.
Upon completion of the financing and application of the proceeds, the
company will have a simplified capital structure, with no funded debt.<4
After giving effect to the sale of the new pref stock, to the exchange
of the new pref. stock for a portion of the old $8 pref. stock and to the
recent reclassification of common stock, there will be outstanding 232,517 ^
shares of $2 cum. pref. stock ($25 par) and 326,214 shares of common stock
($1 par).
Net income, after normal Federal income taxes but before provision
for taxes on undistributed profits and excess profits taxes, amounted to
$565,506 for the quarter ended July 31, 1937, as compared with $195,486
for the quarter ended July 31, 1936, and on the same basis was $156,327
for the month of August, 1937.
^
A dividend of 33 cents has been declared on the $2 cum. pref. stock
Net
share
declared
stock, payable Oct.
General Telephone
Corp.—Gain in Phones—
corporation reports for its subsidiaries a gain of 1,335 companytelephones (exclusive of 459 purchased) for the month of August,
1937, as compared with a gain of 1,340 telephones for the month of August,
1936.
The gain for the first eight months of 1937 totals 16,863 telephones,
or 5.04%, as compared with a gain of 13,177 telephones, or 4.22% for the
corresponding period of 1936.
The subsidiaries now have in operation a
total of 352,038 company-owned telephones.—V. 145, p. 1585.
The
owned
1,1942, subject to prior
stock is convertible at any time up to Aug.
redemption, into
for
undis. prof-
per
Sept. 17 by Blyth & Co., Inc., at $36 a share,
Aug. 1, 1937.
and accrued dividends from
"Tfhe
taxes,
prov.
conunon
Earnings
made
was
General Finance Corp.—Earnings—
Period End. Aug. 31—
Net profit after charges
1901
Chronicle
common
stock
on
proceeds from the present
to stockholders of record
the period from Aug.
1
Company produces
a
Sept. 10,1937, and payable Oct. 1, 1937, to cover
Oct. 1, 1937.
special type of bleached sulphite pulp used in
to
the
manufacture of rayon, cellophane
and other cellulose products and ordinary
pulp used in the manufacture of high-grade
printing and writing papers.—V. 145, p. 1099.
grades of bleached sulphite
_____
General
Great Lakes
Inc.—Security Holders
Theatres
Equipment,
Urged to Exercise Rights—
Paper Co., Ltd.—Bond Interest—
The company,
under plan and agreement of reorganization, dated Aug. 31, 1935
are
notified that Oct. 1, 1937 is the last date for exercise of the option
warrants for the purchase of preferred stock and common stock of Twentieth
it is announced, will resume payment of interest on its
bonds with the coupon due Oct. 1, 1937.
Following re¬
organization of the old company, one coupon was paid on the new bonds
and an arrangement was made with the bondholders for postponement of
the coupons due Oct. 1, 1936, and April 1, 1937. with interest to be paid
on the past due interest.
The Dominion Bank made an offer to purchase
these coupons at their face value, so that holders who desired to do so were
Century-Fox Film Corp., which option warrants are distributable under
the plan of reorganization upon deposit of the debentures or surrender of
certificates of deposit.
October 1, 1937 is also the last date for exercise of
the subscription warrants for capital stock of General Theatres Equipment
$418,887 to meet bond interest of $150,000 and depreciation of $151,896,
or $116,991in excess of these requirements for the period.
outstanding
undeposited debentures, and undeposited voting trust certi¬
Holders of
ficates for capital stock and holders of certificates of
deposit and receipts
issued
Corp. distributable under the plan of reorganization upon deposit of voting
receipts therefor.
Accordingly, holders of undeposited debentures or voting trust certificates
who desire to participate in the plan of reorganization, are urged promptly
to deposit the debentures and voting trust certificates, or, if they are now
the holder of certificates of deposit or receipts, they are urged promptly
to surrender the same for exchange under the plan of reorganization, so
that they may receive these warrants in sufficient time to enable them to
realize upon them by sale or exercise prior to the expiration date.
Owing to such expiration of the subscription warrants, the holders of
voting trust certificates, or receipts therefor, who respectively deposit
their voting trust certificates, or surrender their receipts after Oct. 1,1937,
will not receive anything under the plan of reorganization.
Owing to such
expiration of the option warrants, holders of debentures, or of certificates
of deposit therefor, who respectively deposit their debentures, or surrender
their certificates of deposit, after Oct. 1, 1937, can receive under the plan
only the shares of capital stock of General Theatres Equipment Corp.
distributable in respect thereof.—V. 145, p. 762.
trust certificates or surrender of
General Water Gas & Electric Co. (&
Subs.)—Earnings
12 Months Ended July 31—
1937
Maintenance
Taxes (other
1936
$2,817,326
919.887
138,325
Operation
$2,657,283
854,854
$1,482,888
112,612
70,488
$1,430,905
$1,665,988
Provision for depreciation
284,345
Interest on subsidiarias' funded debt
452,766
Interest on unfunded debt
32,296
Amort, of subs, debt & pref. stk. disct. and expense
39,823
33.914
Provision for amortization of deferred charges
Dividends on subsidiaries' preferred stock
56,858
Int. on 15 year 5%
1st lien & coll. trust bonds,
series "A", due June 1, 1943
265,991
$1,590,544
257,065
472.125
7,376
34,033
29,502
81,959
Other income
;
Miscellaneous income-
122,850
36,789
Total income
Provision for Fed'l income tax (estimated)
Earnings for 6 Months Ended June 30, 1937
taxes,
$440,532
54,364
$360,391
Great Lakes
The directors have declared
$494,895
Greenfield
$6.48
$1.22
$5.04
$0.73
$120,000 in respect of estimated reduction which will result in the event
a rate case decision of the Public Service Commission of the State of
that
New York affecting Consolidated Water Co. of Utica, N. Y., a subsidiary,
is uphelp on appeal now pending before the United States Supreme Court.
Effect has also been given to the resultant reduction in the provision for
Federal income tax.
19&7
Funded debt
$20.1.84,253
367.391
Notes
Reacquired securs.—par val.
570,000
Accts.
Special deposits
622,977
$16,407,600
Accounts
Miscellaneous
investments..
Gas Corp
value
securs.
at
77,438
(est.).
of
57,748
Greif Bros. Cooperage
subsidiary.-.
1,691
....
Accts.notes rec., less res'ves
310,471
Unbilled revenue
(estimated)
108,132
Accrued divs. on S3 pref stk.
Dividend payable on com. stk
& accrued int. recelv le
21.071
Subsidiaries funded debt ma¬
Loans receivable (secured)
119,541
tured or called for redemp¬
Inventories
130.383
tion
Diva
Accts
-
receiv'le (non-current)
Consumers' and other
42,672
Deterred charges
1,152,373
19,071
43,574
40.580
84,311
Reserve for—
litigation
Contingencies, &c
$748,008
142,561
$816,251
153,741
339.305
8,197
355,260
12,073
Cr4,193
Cr245
$943,432
137,687
395,840
30~081
26,998
Red. in bk. val. of land-
Sundry
Cr68,417
deductions—net
on gold notes
31.909
Discount
Cr2,099
purchased
Divs. received & interest
Cr6,018
yCr2,823
yCr4,132
xl34",600
75.066
CV24.938
36,000
3"O"6O5
$333,725
$231,429
$212,335
earned
Elimination
of
reserves
marketable secur—
Prov. for est. Fed. taxes.
1,485,483
Total surplus
Divs. paid on cl.
-
995,107
701.678
477.791
$1,999,352
$1,328,832
$933,107
$690,126
313.600
80.000
48,000
48,000
$1,685,752
A
$1,248,832
$885,107
$642,126
$8.03
$5.21
$3.61
com.
Balance July 31
Earns, per sh. on 64,000
sh. cl. A stk. (no par)-
$3.32
provision has been made for surtax on undistributed profits as the
amount thereof depends upon the profits and dividends paid for the entire
year, y Interest earned only.
Consolidated Balance Sheet, July 31
x
No
Liabilities—
1936
1937
a
Land, bidgs.,mach.
and equip.,
less
Com.
&c.,
depreciat'n.$l,414,214 $1,045,753
Notes
1936
1937
and
stock
$4,176,864 $3,918,861
surplus
payable for
365,619
424.071
money borrowed
Marketable securs.
153,873
153,693
1,500,000
425,000
226,564
Cash
178,368
Accts. pay. to pur.
Customers' notes &
expenses,
744.769
643,878
2,727,394
1,937,454
of life insurance.
27,447
24,050
Miscell. securities.
21,911
17,798
Min.
&c
&c
receivable
accts.
Accrued
134,884
327,227
conting.,
in
cap.
11,274
53,240
106,429
Invest's(affil. cos.)
rec.
int.
165,110
367,264
for
221,573
-
stock of subs
receivable
accts.
interest,
taxes, &c
Res.
Cash surrender val.
Accts.
deposits
(refundable)
Rate reductions in
1934
1935
1936
Officers, employ. &
misc. notes and
4,733
Other current liabilities
764
Prepaid expenses
Corp. (& Subs.)—Earnings—
9 Mos. End. July 3\—
1937
Mfg. profit after deduct,
materials used, labor,
mfg. exp. & depletion- $1,195,474
156,066
Depreciation
447.274
Sell., gen. adm.exps
Interest paid
12,680
Interest on gold notes
Inventories
Accrued dlv. on pref. stk.
535,S95
(not above cost)
97.026
167,051
Prov, for Fed'l inc. tax
380,260
book
665.000
87.339
payable (secured)
payable (other)
Accrued taxes
1,910.000
Cash in banks & on band
Marketable
payable—bank(aecured)
Accrued interest
Investment in States Elec. &
share on the
preferred stock, no par value, payable Oct. 15 and Dec. 15 to
holders of record Sept. 30 and Nov. 30, respectively.
Dividends of $1.50
were paid on July 15 and on May 15 last and compare with $2 paid on Dec.
21 and Oct. 20, 1936; dividends of $1 per share paid on Aug. 15 and on May
15, 1936; $1.11 paid on March 2, 1936; 50 cents paid on Jan. 6, 1936; $1 per
share paid on Nov. 1, 1935; 75 cents paid on Aug. 1, 1935, and 5u cents per
share distributed on May 1, 1935, this latter being the initial payment_on
the preferred stock.—V. 145, p. 114.
conv.
Assets—
Liabilities—
Fixed capital
Tap & Die Corp.—Preferred Dividend—
The directors have declared two dividends of $1.50 each per
$6
Note—The operating revenues for both periods are stated after deducting
a
special dividend of 75 cents per share in
addition to the usual quarterly dividend of 75 cents per share on the common
stock, no par value, both payable Sept. 29 to holders of record Sept. 23.—
V. 144, p. 2999.
Ml
$385,759
$3 pref. stock (average number of shs. outst'd'g)
Common stock
a
_
Inc.—Special Dividend—
Steamship Co.
25.368
Earned per share:
Consolidated Balance Sheet July 31,
_
$513,869
288,684
59,409
59,462
above.
$116,990
surtax
—V. 144, p. 1959.
on
Add non-recurring income deducted
reported earnings of
profit after operating expenses, normal Federal income
depreciation, and other charges but before Federal 1
Net
116,681
254,844
276,227
than Federal income tax).
able to cash them.
For the first six months of the current year, company
(affil.
283,957
480,000
Goodwill
198.972
127,745
559,347
companies)
Timber properties-
440,105
1
1
58.S50
Deferred charges..
-
41,620
Preferred stock of subsidiary
290.000
(publicly held)
Minority
int.
in
com.
b$3
cum.
of subsidiaries.
preferred stock.„
Common stock ($1
Total
stock
and surplus
a
36.344
Total
$6,492,266 $5,015,838
3,814.400
Greyhound
217.622
par)
Paid In capital surplus
Earned surplus
$6,492,266 $5,015,838
Represented by 64,000 shares class A stock and 54,000 shares class B
1740.
stock, both of no par value.—V. 145, p
3,345,580
320,101
Corp.—Subsidiaries
Charged
with
Monop¬
olistic Acts—
Bus Bureau, representing motor bus operators of the
States, on Sept. 14 charted itfere Interstate Commerce Com¬
Greyhound Corp affiliates had conspired to monopolize
bus traffic in their respective areas, by excluding other carriers from par¬
The Southeastern
$26,456,183
Total
a
288
no
par
..$26,456,183
Total
After reserves for
depreciation of $3,634,604.
shares.—V. 145, p. 1739.
b Represented by 76,-
Graham-Paige Motors Corp. (& Subs.)—Earnings—
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
Net loss after deprec. &
other charges
x Does
not
include
credited directly to
x$30,408
$493,511
miscellaneous
surplus.—V. 145,
non-recurring
1419.
x$216,648
$482,620
income
of
$120,295
p.
Grays Harbor Pulp & Paper Co.—Preferred Stock
Offered—Public offering of 150,851 shares of $2 cum. pref.
stock, representing the unsubscribed portion of an offering
of 159,739 shares previously made to common stockholders,
southern
mission that five
ticipation in joint routes and fares
The Greyhound companies, it was alleged, divert bus travel over cir¬
cuitous routes to keep it on Greyhound lines and have refused to join with
other operators in through routes and joint fares in the greater portion of
the eastern half of the United States.
The Greyhound companies mentioned in the complaint are:
Atlantic
Greyhound Corp., Central Greyhound Lines, Inc., Ohio Greyhound Lines,
Inc., Pennsylvania Greyhound Lines, Inc.. and the Southern Greyhound
system which consists of separate companies in the States of Alabama,
Indiana and Tennessee.
The ICC was asked to compel the companies to answer the charges
to
and
join in the establishment of reasonable through routes with other com¬
panies, and to establish equitable divisions of fares between the
carriers.—V. 145, p. 1259.
participating
1902
Financial
Chronicle
Grocery Store Products Co.—Rights—Listing—
Holders of capital stock of record Sept. 24 will be given the right to sub¬
one additional share at $5 per share for each 3 1-3 shares held.
scribe to
Rights will expire Oct. 15.
The New York Curb Exchange has admitted to when issued
dealings the
rights of holders of capital stock to subscribe for additional shares of capital
stock.—V. 145. p. 1420.
(Walter E.) Heller & Co .—Extra Dividend—
The directors have declared
Guardian Investment
Years End. May 31—
Inc. from divs.
interest
on
on
Trust—Earnings—
1937
1936
1935
$81,404
16.778
$69,172
17,859
$78,341
19,736
Net income for year._
Dec. 28 and Sept. 30, 1936; 7)4 cents on Sept. 30, 1935; 2)4 cents on
July 2 and April 2. 1935; 27)4 cents on Jan. 2, 1935. and 10 cents per share
Jan. 2, 1934.
The regular quarterly dividend was increased from 2)4
cents to 10 cents per share with the Dec. 31, 1935, payment.—V. 145,
p. 1421.
x$64,627
x$51,313
x$58,605
$60,491
1936
Liabilities—
$2,572
50
50
18,525
y
$167
1,701,697
1,836,781
43.847
Fed.
42,528
on
trusts
Prov.
dividends
and interest rec.
5,371
1,572
affil. trusts
Beneficial
5,399
1,287
22
Interest
of
656
scrip outst.
Administrative expense
Miscellaneous bad debts
656
owner¬
ship
1,761,582
1,891,872
9,586
m
Total
$997,276
289,557
147,877
162,251
mm*MMt
*
1935
1936
Cash
176", 120
180,650
$77,648
Liabilities—
This
last
Accounts
41,836
Pref. div.
8.845
6.834
Accrued interest..
113,650
90,301
Inventories
Harbauer Co.—To
$293,438
110.781
Accts. receivable..
101.922
69.147
19,155
1,065.564
23,083
1,117,748
29,604
33.523
111,316
118.725
Prepaid
Pay 25-Cent Dividend—
a
The directors have declared a quarterly dividend of 25 cents per share on
the common stock, no par value, payable Oct. 1 to holders of record
of 25 cents
expenses.
Fixed assets
Investments
Deferred charges..
Sept. 23.
10 cents paid on July 25 last; 25 cents paid on July 1
April 1 last, and previously regular quarterly dividends
per share were distributed.—V. 145, p. 1740.
pares with
30 cents paid on
coir
'1935"
1936
$166,697
Notes receivable..
Uguddating values of $154,237 in 1937 and $155,556 in 1936.—V. 144, p.
95.609
3,978
$105,320
Marketable secure.
After amount necessary to reduce costs to market value of $133,621
in 1937 and $201,104 In 1936.
y After amount necessary to reduce cost to
x
40.304
Consolidated Balance Sheet Dec. 31
*
Assets—
$1,783,219 $1,894,079
269,450
161,673
197.799
37.065
115,004
$195,077
Operating profit.
$1,783,219 $1,894,079
$1,069,907
2,318,461
71,368
178,552
Depreciation and amortization.
ship ctfs. purch.
Total
1934
$3,315,737
7,473
Flood and other losses
Pref. benef. owner¬
for retirement..
1935
$1,267,162
299,559
174,773
215,175
20.776
111,881
Operating expenseDelivery expense
Selling expense
20,063
withheld
divs. paid
for red.
com.
---
$1,550
730
tax
-
Cost of sales
Gross Profit
taxes
Due to brokers
comprising
portfolio
Invest. In affil.
1936
Acer. Fed. & State
Sees,
Duefr.
1937
Accrued salary
$8,033
Revenue stamps..
Due from brokers.
Accrued
Sales
$3,527,683
2,457,776
1936
$4,110,880
2,843,718
Calendar Years—
Balance Sheet May 31
1937
Hershey Creamery Co. (& Subs.)— Earnings—
H
Exclusive of loss resulting from sale of securities, &c., during period
*he
share in
per
on
$83,638
23,146
x
cents
on
Administrative expenses
Cash
extra dividend of 5
to the regular quarterly dividend of 10 cents per share on the
stock, both payable Sept. 30 to holders of record Sept. 20.
Pre¬
vious extra distributions were as follows: 10 cents on June 30, last; 5 cents
common
1934
stocks,
Assets—
an
addition
bonds, &c.
management fees and
miscellaneous income-
x
1937
18
Sept.
divs. at the rate of $3 per year after quarterly divs. on
pref. stock
and 150,000 shares of class B stock,
c Consisting of 122 shares of $7 cum.
conv, pref. stock, 55 shares of class A stock and 15,764 shares of class B
stock reacquired prior to Dec. 31, 1931, at cost less proceeds of sales.—V.
144, p. 3503.
cum.
Total
a
$1,727,534
$115,901
$92,740
Reserve for taxes.
45,386
22,884
Long-term loans..
300,000
1st
payable.
payable.
mtge.
$1,794,6381
2,833
6)i%
f. gold bonds.
8.
Preferred stock
b
14.693
523,000
573.640
Common stock.
Total
419,800
692.607
718,688
$1,727,534 $1,794,638
reserve
for depreciation of $629,580 in 1936 and $898,686
b Represented by 76,920 no par shares.—V. 143. p. 3844.
After
1935.
in
(The) Hartford Times, Inc.—Earnings—
Calendar Years—
Oper. and other
Hillcrest Natural Gas Co.—Name
1936
i
expenses
1935
1934
1933
$1,873,617
1,288,697
$1,691,093
1,164,939
$1,637,961
1,116,769
$1,545,904
1,071,895
$584,921
20,119
$526,154
23.773
$521,192
28,471
$474,010
30,402
$605,040
122,941
33,581
a94,569
$549,927
$549,663
113.946
134,004
$504,412
139,410
46,178
60,700
29,322
59,000
27.957
$353,949
47,397
44,002
150,000
$329,103
140,433
$327,335
140,433
$283,045
140,433
25,666
■25", 000
Hilton Davis Chemical
Net operating profit-_
Other income
Total operating profit
on funded debt1
Interest
Other
deductions
Provision for inc. taxes
_-
Net income
Par tic. pref. divs
5)4%
cum.
pref. divs___
Common stock divs
a
Including surtax
Balance Sheet
1936
5287.740
Cash
Marketable
as
1935
$200,277
174,981
174,981
secure.
receivable (net).
131,852
Inventories
Other curr. assets.
39.474
Fixed assets
11,865
5,789
2,885,000
5)4%
(par $5)
_
410.000
Capital surplus
1,316.389
397,423
1,316.389
$6,372,423
$6,188,115
Total
1,113,093
a Associated
Press membership circulation, goodwill,
franchises and
advertising patronage—as valued Jan. 25, 1928 by Palmer, DeWitt and
Palmer.—V. 143, p. 2523.
Haskelite Mfg.
spurs,
Earnings for 6 Months Ended June 30, 1937
income after operating expenses, normal Federal inc.
depreciation and other charges but before Federal surtax
Earnings per share on 100,000 shares
—V. 131, p. 637.
Net
Selling and delivery
counts and
a
$11,905
liquidated
on
Assets—
Cash
$287,518
(net)
156,582
334,344
Inventories
a
Land, bldgs., mach. & equip. 3,369,662
M lscellaneous
Accts.
investments
& notes receivable,
ficers, employees
(less reserve)
&
_
19
323
prof$237,641
74,668
$108,071
310,116
$280,701
174,909
$522,290
2,502,915
$418,187
$455,610
$3,025,206
on
'34
24,671
&
loss$47,068
20,850
6,183
Prepayments
receivable
b$75,709
Total
After
1
$4,193,123 '
reserve
for
depreciation
384.292
457,287
44,434
178.840
Series A
3.665,400
Series B
1,147.100
160,957
3,656.900
1,000.200
136,992
Pur.
1,695,016
1,231.989
3
3
(pledged)
232,925
221.375
1,557,282
1,736,926
6.622.541
2,400
oblige, of
sub. & pred. cos.
& unpaid
108,030
274,320
interest
930.465
694.434
Accrued
on
bonds
343,607
reserves.
93,154
418.814
4,932.609
2,214,633
4,724.822
2,404.999
699,457
863,614
Conting.
Operating deficit.
Total
since that,
14,001,273 13,451,630
Total
_
14,001,273 13,451,630
-V. 143, p. 2053.
Jan. 2, 1937
Holland Land
$184,804
Accrued payrolls
Salesmen's deposits
Co.—Earnings—
Calendar Years—
ex¬
penses
Fed.,
Pur. money oblig.
Unexch.
escrow
loss$67,918
$7,204
accrued
money oblig.
1st M.& coll. tr 6s:
accts.
Com. stk.($10 par)
Paid-in surplus
38,220
54,366
1936
Lease rentals
Profit
Int.
land sales (net)
land sales contr's1
on
on
Miscellaneous
State & local
income
1935
1934
1933
$41,517
19,635
3,764
$26,604
38,636
10,202
$25,822
76,352
24,931
$29,830
36", 854
458
148
$75,443
34,772
2,399
24,403
$127,563
41.097
$66,833
39,295
2,118
__
32,953
on
mtges.
due in
—
Mortgages payable
b Capital stock (no
par)
Earned surplus
c Treasury stock
Total
of $1,749,998.
29,900
114,750
3,746,479
274,964
Dr283,315
Total
Adm. oper., &c., exp
Depreciation
Other
$64,917
54,239
2,351
expenses
2,444
17,814
Int., loss on equip, sales,
&c. (net)
Crl ,492
Crl ,006
Cr2,557
Crl ,388
Net profit before Fed'l
income tax
x$9,818
x$14,874
x$68,765
$26,808
$4,193,123
b Consists of 20,000
shares $7 cum. conv. pref. stock, redeemable at $110 per share, 35,221
shares of class A stock redeemable at $65 per share, entitled to quarterly
344,872
Federal income tax
Permanent assets. 6,141,827
Deferred assets...
386,895
b Hathaway Baking
Accts. payable and
85.248
future purchases
Accrued liabilities.
Inv. in affil. co___
agree,
on
650.458
with subsids. not
in
$
352,980
2,103,520
26,717
and
1935
601,789
1,086,449
timber
in
$
payable.
2,250,527
Inventories
Inv.
Accounts
Custs. advance
accounts
4,000
1937
34,376
—
1936
Liabilities—
$
541,208
Adv. pay. on Govt.
24,478
$27,690
16,487
Instalments
1935
$
623,632
Notes
loss$71,546
Prov. for
subs,
[Coal and real estate holding subsidiaries not consolidated]
Cash
$3,019
taxes..
others
Goodwill
a
4,456
-.
of¬
115,367
16,381
Net loss before special
Liabilities—
Accounts receivable
51,842
19,122
223
prov.
Assets—
1,750,671
582,039
264,800
undistributed income.
as at
3,533
28,234
24,047
50,955
1936
as
Balance Sheet
66,780
111,158
5,724
24,779
consolidated
.
40,940
<
30,269
5,386
loss$71,200
at Oct. 3, 1936, and bakery operations
date have been conducted by Hathaway Bakeries, Inc.
was
30,703
Consolidated Balance Sheet Dec. 31
40,157
Includes $3,500 surtax
224,640
32,472
34,558
Tot.charge to deficit .prof $162,973
$103,965
12,255
al6,000
Consolidated profit for the year
$12,038
271,206
Cr 18,457
34,663
assets
Other assets
Co.
$133,437
271,810
bond
therefor
Cash discounts—net
Loss on disposal of cap.
Interest
Other charges
$293,061
loss$78,009 loss$107,599
211,447
119,637
1936
$63,808
Provision for Federal taxes.
32,426
279,201
charges
Special charges—net
620,091
263,582
rents)
36,944
77,491
$643,928
discount and expense.
Taxes on timber lands..
Bad debts and provisions
$0.31
$5,974,555
3,514,281
1,690,309
560,809
280,702
1,879,359
expenses
$1,398,974
1,203,658
115,993
154,496
bonds
Other interest and
$30,674
,416,367
3,815,837
3,724,543
151,360
140,494
$293,061
profits
Years Ended
53 Wks.End
—
Jan.
2
*37 Dec. 28 '35 Dec. 29
$6,551,383
$1,336,368
62,605
$630,878
13,050
Net income
year's
1937
79,912
63,641
on 1st mtge.
and debentures
taxes,
Hathaway Bakeries, Inc. (& Subs.)- -Earnings—
Depreciation
k '
i
Operating profit
Other income (principal purchase dis¬
$1,632,655
1,381,865
Other income
Hatfield-Campbell Creek Coal Co.- -Earnings—
6 Months Ended June 30—
Net profit after operating expenses, depreciation &
other charges but before Federal taxes
—V. 145, p. 1741.
Administrative and general expenses.
$2,526,383
1,555,321
315,019
285,491
Sundry items (net)
Federal inc. tax; Current
Corp.—Earnings—
Net sales, less returns & allowances..
Cost of sales
$3,217,909
1,916,055
251,822
355,512
&c_.
Int.
410.000
.$6,372,423 $6,188,1151
$1,552,742
Operating profit
1,200,000
_
stock
Earned surplus
Total
$2,468,486
57,898
Amortizat'n of camps,
1,591,574
...
pref.
cum.
stock
Common
$3,146,009
71,900
pre¬
ference stock
43,361
1,610.500
gen. exp__
Depreciation
23,405
5,472
4,787.500
124,309
(& Subs.)—Annual Report—
*
Total gross profit
$3,853
Participating
679,774
4,787,500
I'"*"*
'
Non-cash exp.: Depletion
113,828
145.805
680.556
a Intangible assets
Deferred charges..
$8,214
137,743
liabils.
Long-term debt
17.049
118.073
Investments
Gross profit on sales..
Sell., adm. &
1935
Deferred income..
121,321
18.046
27,937
Co.—Registers with SEC—
of this department.—V. 144, p. 1787.
Comparative Consolidated Income^Account for Calendar Years
1935
1934
T
1933
v*'uNi
Wilt
1936
Net sales
$10,024,150
$4,002,584
$6,943,186
$5,752,729
Cost of goods sold
6,878,141
2,666,215
4,474,700
4,199,986
.1
curr.
page
Hines Land & Timber Co.
llkL-■;
1936
Accts. pay. (trade)
Accrued liabilities.
Other
first
Additions to gross profit
at Dec. 31
Liabilities—
Notes and accounts
See list given on
~
54,000
undistributed profits.
on
„
Assets—
Changed—
See Northeastern Oil & Gas Co. below.—V. 142, p. 3854.
Before Federal income taxes of $925 in 1936, $1,924 in 1935 and $9,305
1934.
x
n
Volume
Financial
145
1903
Chronicle
Inv.
In
&
other
adv. to
6,933
6,933
45,574
120,262
cos
Land sales contract
Benefit
AAA
and
U.
$150,000
924
1,599
56
369
Federal taxes
Def'd
for
liability
8,000
3,030
a78,964
145,205
1,511
29,117
10,400
-
surplus
8,340
13.724
Special surplus
118,585
238,585
$289,904
$443,711
Earned
Total
$443,711
$289,904
Total.
Cash only.—V. 145, p. 1741.
a
extra dividend of five cents per
an
tools, Ac.
6,173,642
.....
1,701,810
839.452
Acc'ts receivable..
Cash A securities.
5,157,167
Inv. in Can.
co.„
3,977.219
storage.
Deferred charges..
220.587
Brassua
-
Total
91,366
6,150,008
1,812,360
633,463
4,929,186
3.977.219
220,587
124,520
6,133
70,481
40,718
211,000
93,200
1st mtge. 6%
76,749
102,785
Res.
591
611
814,445
25,457
821,170
25,457
Cap. stk. (par $10)
1,394,140
1,394,120
Capital surplus. —
Apprec. of prop.,
plant A equip't-
52,048
52,048
45,632
23.643
48,037
154,700
bds-
for outstand.
scrip..
A
plant
equipment
__
1
1
.
13,260
9,387
—
Profit A loss—def.
Total
*
lui
aiiuwducu
accuuxibo
uuuutiui
36.312
$1,882,502 $1,856,133
Total
—$1,882,502 $1,856,133
unci
—
Federal taxes
UIDLUUIIID
ouu
***
UI
and
*€7yvt
of $1,278,478 in
$5,224 in 1935.
y After allowance for depreciation
1936 and $1,222,485 in 1935—V. 144, p. 1961.
Horder's, Inc. (& Subs.)—EarningsYears Ended Jan. 31—
1935
1936
1937
$3,391,795
$2,589,921
1,635,683
$2,839,518
2,207.218
Net sales
1,852,432
Cost of sales
819.442
772,301
$167,643
49,464
$181,937
49,975
$306,031
$217,108
$231,912
66,491
X37.834
69,641
12,426
24,553
$201,705
Capital stock
Surplus
937,017
$247,559
58,472
$135,040
74,453
$1.08
Warehouse, selling & adminis. exp
395,469
160,641
15,000,000 15,000,000
2,765,775
2,686,702
Accounts pyable..
Merchandise
12,038
bonds,
June 1, 1936
9
$
Liabilities—
$
$
1935
1936
1935
1936
Assets—
Real estate, mach.,
Accrued liabilities.
due
Goodwill
share in
-Balance Sheet Dec. 31-
$46,576
128,682
--
Prop.,
addition
Hollingsworth & Whitney Co.-
1935
$76,514
100.000
595,280
145,546
741,712
Other assets
y
1936
payable-
&
notes
accounts
—
to the regular monthly dividend of five cents per snare on the
capital stock, both payable Oct. 7 to holders of record Sept. 23.
An extra
of five cents was paid on Aug. 12, June 17, April 22 and on Feb. 25 last, and
an extra of 10 cents was paid on Dec. 31, 1936.
Extra dividends of five
cents per share were paid on Dec. 1, Nov. 3, Sept. 7, July 14, May 19,
March 24 and Jan. 28, 1936, and on Dec. 2, Oct. 7 and July 15, 1935.
See
also V. 140, p. 973, for further dividend record.—V. 145. p. 1742.
.$257,915
1st M. 6%
Inventories
Deferred assets.
The directors have declared
60,491
ac¬
Patents...
Holhnger Consolidated Gold Mines, Ltd.—Extra Div
&
payable—_
Accounts
Notes
thereon
Custs.' trade
cepts.,
profit on
land sales
$109,003
&
dep.
accr. Int.
8,000
Deferred
688
of
Liabilities—
1935
1936
$69,204
«• —
Ctfs.
x
AAA
S.
Treasury certifs
Accts. receivable..
Assets—
Cash
due under
pay.
inc. taxes, deprec.
Balance Sheet Dec. 31
benefits
for
Res.
Net profit after oper. exps., normal Federal
other charges, but before Federal surtax
1,013
2,904
title Insurance.-
Inventory of crops
Cash
$150,000
Capital stock
Accounts payable-
due
pay,
under
$159,592
1935
1936
Liabilities—
1935
1936
$156,922
1937
Earnings for 6 Months Ended June 30,
Balance Sheet Dec. 31
Assets—
Plant, equip., Ac.
Other incomeTotal
income
Other deductions
Provision for Federal income tax.
18,161,244 17,847,343
Total
18,161,244 17,847,343
Dividends paid
Earnings per share
-V. 143, P. 2372.
150,000
$1.16
stock
on common
55.089
$152,269
$1.22
Including surtax on undistributed profits of $3,224.
x
Consolidated Balance Sheet Jan. 31
Holly Development Co.—Earnings—
Calendar Years—
Net
and
a
36,000
Balance
$53,726
$58,662
45,000
$51,059
36,000
$32,108
taxes
Dividends..
27,000
$31,662
$8,726
$15,059
def$3.892
Earned per sh. on 900,000
shs. cap. stk.
Balance Sheet Dec
1935
1936
Cash In banks
$132,024
$183,691
12,500
31
26,350
7,439
2,233
840
1,592
Accts.
48,859
Accts. rec.f less res.
Crude oil
1,592
Claim against closed
pay.
accrued
Accrued
and
Co
9,000
Income
68.500
600
taxes
517,579
514,702
deprec
770,677
765,162
Distributions
to
276,250
286,150
1,335,134
1,319,726
1,005,990
1,032.064
500,000
1,358
1,292
surplus at dates
6.250
6,250
2,250
2,450
Def. real est. taxes
2,284
8,147
500,000
Def.
203,125
209.375
Common stock-
1,500,000
1,500.000
442,851
Dr503.542
900.000
900.000
86,806
90,698
$1,787,442
$1,787,442 $1,849,590
Total...
$1,849,590
—V. 145, p. 610.
Years End. June 30—
$2,466,658 $2,415,179
1934
1935
1936
$97,467
96,293
$98,852
59,748
$50,789
20.138
$53,928
46,717
$39,103
42,994
$1,173
9,218
$7,210
11,711
$30,651
$82,097
25,020
x5.855
Operating profit
Other income, int., &c__
Total income
Deprec. & depletion
Federal taxes on incomeNet profit
$10,391
15,547
$18,921
$44,622
38,579
13,971
$51,223
,
y20,672
$6,043
loss$l,751
loss$5,155
Including $771 surtax on undistributed profits of current year, and
income taxes of $1,845 applicable to prior years,
y Includes loss on sale of
U. S. Treasury bonds.
x
Balance Sheet June 30
1937
Assets—
x
$138,552
259,123
11,603
Accounts rec
$133,626
265,690
Ac.
10,242
Inv. in Socal Oil A
51,668
material
56,455
4,690
Refining Co
1937
Liabilities—
1936
field
Cash..
A
$182,000
4,026
13,216
5,511
550
payable-
Accrued taxes
Surp. from reduct.
in par value of
capital stock
The directors have declared the regular quarterly
6,519
y281,463
286,619
5,722
def5,155
$477,229
y
$477,229
After deficit to June 30, 1936,
39,955
$268,550
31,050
y60,119
$138,429
21,121
$165,338
29,901
20,310
Consol. net inc. before minor. int-_
$177,382
$97,285
$115,127
in subs, with respect to
of such companies
13,675
9,989
9,018
$163,706
$87,295
$106,109
Gross
income
Other deductions from income
Provision for Federal taxes
Minor, int
s
net income
Consolidated net income for year—
Divs. paid on prior pref. stock..
Divs. paid on 2nd pref.
Divs. paid on common
the regular quarterly dividend
of 75 cents per share on the
stock, par $5, both payable Sept. 30 to holders of record Sept. 24.
75 cents on June 30, March 31
last and on Dec. 23, 1936; 60 cents on Sept. 30, 1936; 50 cents on June 30,
comn on
Previous extra distributions were as follows:
Dec. 31,
1935, and 30 cents on Sept. 30,
1935.—V.
Hudson & Manhattan RR.—Interest—
income
Acer.
int.
$150,000
$100,000
Accounts payable.
bl78,505
80,537
289,568
Deposits on leased
equipment
Commissions
A divs.
302
423
532,150
in
18,067
26,281
1936
Years Ended Dec. 31—
Minority interests.
15,597
investments
122,483
34,471
cNotes A accts .rec.
5,786
9,380
7% non-cum. prior
pf.stk. ($5 par).
6% non-eum. 2nd
pf.stk.($30 par).
Com. stk. ($1 par)
Capital surplus—
g Prop., plant
and
696,086
equipment
goods sold
Sell., adver., admin. & gen. office exp.
Cost of
$1,310,072
185,609
152,651
$980,287
737.693
124,183
$250,362
17,576
40,718
$118,410
22.316
13,863
Other deductions (net)
Shares capital stock (par $10)
Earnings per share
1934
$1,674,767
1,109,688
Prov. for Fed. inc. tax (est'd)
-
$289,091
139,414
$2.07
907,059
$192,067
$82,230
139,412
$1.38
143,922
$0.57
a Includes $4,246 Federal surtax on undistributed profits.
Note—Depreciation in the amount of $74,689 in 1936, $79,823 in 1935
in cost of goods sold and expenses
and $75,936 in 1934 has been included
shown above.
715,886
1
Patents A goodwill
Earned surplus
Prepaid expenses A
deferred
e
58,893
charges
10,857
33,875
12,958
20,199
373.220
394,440
506.850
507.120
99,861
99,900
665,999
663.920
81,056
def25,501
51,493
$2,197,243 $1,920,493
$2,197,243 $1,920,493
Total
doubtful items,
b Includes accruals,
c Not current,
e For repairs and contingencies on completed con¬
tracts.
f Including State taxes,
g
After reserve for depreciation of
$317,462 in 1936 and $282,477 in 1935—V. 144, p. 4009.
Less reserve for
d Billed in advance,
Natural Gas Corp. (& Subs.)—Earnings—
31-
1934
1935
1936
■
1933
$2,335,213
1935
$379,470
19,902
a70,476
Net sales.-
Reserves
3,425
138.079
17,333
21,121
11,818
22,323
contr's
6.881
Years Ended Dec.
Co.—Earningi.
See b
f73,735
exp
12,832
Houston
first page of this department.
3,813
161.645
A notes receiv'le
3,400
credit
Federal taxes—
d Uncompl.
Other current notes
10,393
pay-
balances
Accrued
uncom¬
contracts
Hughes Printing Co., Inc.—Registers with SEC—
Hoover Ball & Bearing
Customers*
450,662
receivable
pleted
1935
1936
Liabilities—
Notes payable
80,849
360,949
from customers.
a
l%% will be paid on Oct. 1, 1937, on the 5% adjustment
bonds, due 1957, on presentation of coupon No. 49.—"V. 145, p.1421.
See list given on
1935
$104,377
112,626
securs
Total
Interest of
30,611
36,493
29,958
stock
stock
1936
$108,540
Assets—
Cash
Marketable
Other
have declared an extra dividend of 75 cents per share in
20.023
x
After manufacturing costs and all distribution, administrative and
general
expenses,
including depreciation,
y
Including undistributed
profits taxes.
Consolidated Balance Sheet Dec. 31
Life insurance
Howe Sound Co.—Extra Dividend—
1936; 75 cents on
145, p. 611.
1934
$129,882
35,456
42,466
Mtges. receivable-
to
V
1935
1936
$98,474
Equity
$478,723
Total
x Represented
by shares of $1 par.
$446,537.—V. 144, p. 3839.
addition
class A preferred
These dividends
(A. C.) Horn & Co. (& Subs.)—Earnings—
Inventories
6,288
$478,723
281.
dividends of 25 cents
share on the common stock and $1.50 per share on the
stock, both payable Oct. 15 to holders of record Oct. 2.
are those ordinarily payable Nov. 1.—V. 143, p. 3319.
per
aNotes A accts rec.
Earned surplus
Total
1936
$182,000
Capital stock
Accounts
11,494
A
supplies
Deferred charges..
The directors
1937 and
Represented by 125,000 no par shares.—V. 144, p.
c
Other income.
L
Oil
$2,466,658 $2,415,179
in 1936.
Total
$226,084
1937
revenues
Taxes, exps., insur., &c_
reserves,
494,556
a
After allowance for losses of $18,400 in 1937 and $17,728
b After allowance for depreciation and amortization of $322,880 in
Calendar Years—
Holly Oil Co.—Earnings-
equipment,
667
(George A.) Hormel & Co.—Regular Dividends—
earned
of
cess
Cap. stock ($1 par)
Surplus
Oil
im-
Surplus earned
$287,349 in 1936.
In
of distribution._ Dr503.542
Total
of
cost
prov'mts to lea.
property
1st mtge. 534%
c
Total
14,990
install.,
mtge.
current
prior years in ex¬
stockholders
insurance
Total
10,707
9,000
depletion.
50.891
Def. ground rent—
•
13,475
chin'y A equip—
1st
2,711
2,404
Other notes A ac-
72",716
—
Federal
for
income tax
10,497
62,761
$3,037
2,033
Dividend payableRes.
for
Federal
Oil leases.wells and
equipment
Prepaid taxes and
12,236
46,722
Goodwill
$4,265
2.053
expense
taxes
Res. for
In Wyom¬
ing-Calif. Petro¬
Prov.
b Land, bldgs., ma-
1935
1936
Res. for
Invest.
leum
Life ins. policies —
Deferred charges.-
Accr'd liabilities
401,800
$161,474
18.750
37,834
payablepayable
268,330
333,181
482,683
receivable
Inventories
1936
1937
$146,975
Accounts
Dlvs.
counts receivable
Liabilities—
Marketable secur.
bank, less reserve
1936
$126,308
Notes and accts.
Empl's* receivables
$0.07
50.06
$0.06
$0.03
($1 par)
Assets—
.1—
Cash
profit after charges
Liabilities—
1937
$69,965
Assets—
1933
1934
1935
1936
1.314,673
1,030,773
$545,876
387
77
$486,718
5,184
$472,028
74,740
$755,756
3,829
$545,953
21,908
$491,902
25,653
$546,768
45,322
inc. tax,
bonds, refund
of taxfree
in bonds &
amortiz. of bond dis¬
count and expense
int.
1,446,784
$755,369
Income charges
Fed.
$1,502,801
operating
Operating income
Other income credits
Deprec.,
$1,801,391
1,579,844
Gas purchases,
$1,992,660
on
of taxes acct.
covenant
,
Net income
I
449,800
389,265
385,686
378,339
$302,126
$134,780
$80,563
$123,107
1904
Financial
Chronicle
Sept. IS, 1937
Consolidated Balance Sheet Dec. 31
Assets—
1936
Property
Sinking fund cash
1935
J6.036.360
496
519
_
(not current)
11,386
991.664
C4.610
1st mtge. coll. 6%
192,957
136,739
2,411,500
Main
trustee for pay't
of bond interest,
27,679
Consum. sec. dep.
Accounts payable.
27,679
Accrued accounts
receivable
18,966
250,418
Mat'lsA supplies
Def'd debit items.
81,205
68,430
179.023
95,917
142,936
266,911
122,389
Stock
In
cost &
trade
advs.
1,063,820
57,767
889,995
Total
$7,034,130 $6,694,112
a After reserve of $4,489
in 1936 and $14,622 in 1935.
b Represented
by 105,526 no-par shares in 1936 and 105,105 no par shares in 1935.
c Re¬
presented by 461 no par shares.—V. 144, p. 2130.
est.
&
bldgs.
(at cost)
1,761,099
1,612,570
tings (.at cost).. 3,045,345
Prepaid taxes, In¬
3,010,140
1,399
Hoskins
Mfg. Co., Detroit
Calendar Years—
-Earnings—
1936
1934
$748,514
240,598
$681,560
Cr31,999
$507,916
031,003
43,143
66,064
$310,289
Cr26.250
43,843
$254,882
91,889
$429,712
300.725
69,634
$1,167,543
569,775
$800,071
299,150
425
615
Depreciation
42,941
Prov. for Federal tax..
95,270
Net profit
Previous surplus.
$575,348
500,306
Adj. of res. for invest..
Dividends paid
Miscell.
1933
$377,864
200,905
$591,786
281,497
Sell., adm. & gen. exps
charges
$176,958
Cr 13,601
48,864
16,081
37,814
$125,615
362,610
133.194
129,196
$517,272
2.09,300
44". 186
$500,306
$300,725
$133,194
x$4.79
$3.57
$2.12
$1.46
Earns, per sh. on 120,050
shs. cap. s tk. (no par)
120,000 shares of capital stock outstanding.
Balance Sheet
1936
Cash
Dec.
1935
31
Liabilities—
1936
1935
$147,322
$89,072
Accounts payable.
$44,944
$16,844
145,875
112,376
Accrued
213,956
149,868
2.787
2,523
Inventories
209,140
175,858
TJ. S. Govt. sees..
628.686
403,511
x
Other bds. & stks.
473,156
567,057
Surplus
8,460
7,065
Accrued
int. rec..
Claims
in
13,266
expenses.
for
Federal
taxes
95.270
66.063
1,200.000
Capital stock
1,200.500
500,306
597,343
526,725
1
23.364
7,380
Reacq'd stock
M
168,146
ltes've
for bldgs.,
machinery, &c_. 3,905,294
3,730.764
8,030,000
cum. pref. shs. 8,030,000
Ordinary shares..47,255,160 47,255.160
101,579
Capital surplus
101,579
General reserve
803,000
803,000
6%
Accr'd dlv.
on
M
pref¬
120,450
shares
Profit & loss acct.
120,450
9,382,403
8.842,841
Total..
71,891,362 70,912,565
Income Foundation
Fund, Inc.—Extra Dividend—
The directors have declared
an extra dividend of
% cents per 6hare in
dividend of 1
cents on the common
stock, both payable Sept. 20 to holders of record Sept. 10.
Similar pay¬
to
the regular
quarterly
were made on June 21
last.
An extra of I ft cents wa» paid on
March 20 last; a speciai dividend of 1% cents was paid on Dec. 23, 1936;
an extra of l\i cents on Nov. 2, 1936; an extra of
3M cents on Aug. 1 and on
ments
May^l, 1936, and an extra dividend of 1 cent paid on Feb. 1, 1936.—V. 146,
Indiana Harbor Belt
Railway
Railway
July 31—
RR.—Earnings—
oper. expenses.
1937—Month—1936
$856,810
$873,142
527,872
509,718
1937—7 Mo*.—1936
$6,223,640
$5,723,694
3,568,317
3,957,535
$328,938
x85.834
94,241
$363,424
74.137
74.082
$2,266,105
$2,155,377
x611,527
618.404
517.008
$148,863
$215,205
2,797
$1,036,174
2.163
$151,026
oper. revenues-
rev.
from ry. oper.
Railway tax accruals.
Eqpt. & joint fac. rents.
Total income
14,058
$218,002
$1,050,232
3,157
2.756
38,562
37,916
22,523
262.438
$109,307
Misc. deduc'ns from inc.
Total fixed charges
$177,330
$765,271
420.538
$1,217,831
15.269
$1,233,100
22.197
267,316
Net income after fixed
charges
Net inc. per sh. of stock
1
26,919
charges
Income
$1,44
$2.33
$10.07
$943,587
$12.42
Includes
$12,756 for the month of July, and $83,858 for the seven
months ended July 31, account Carriers Excise Tax in connection with
Railroad Retirement Act, at 2% % of pay rolls.
No similar charge in 1936.
—V. 145, P. 1101.
18,649
495,901
Pats. & goodwill..
AS1,787
212.360
for
tax
28,816,801 28,816,801
...71,891,362 70,912,565
addition
x
banks
Def'd
Prov.
closed
Land, buildings,
machinery, &c_.
z
875,960
Prov.
erence
Net railway oper. inc.
Other income
Notes, &c., rec_.
Sundry accts. rec.
7
731,973
-V. 144, p. 2306.
Net
$597,343
Assets—
864,562
310.844
Surplus Dec. 31
x
Other creditors
tr.-marks
patents
Period End.
Prov. to reduce securitiesI
to market value
r
fit¬
surance, &c
G'dwill,
$488,224
7,246
'
&
Total
1935
$922,404
240,844
$
402,651
29,895
machinery,
and
Manufacturing profit.
11,930,681
1935
$
394,806
war
under___17,199,626 17,633,208
Shares Inother cos.
61,203
61,203
Real
Liabilities—
Creditors: Sub.cos.
Empl. benev. fund
cost or
Plant,
$7,034,130 $6,694.1121
127,948
at
for
leaf purchases.. 11,910,369
cos. at
furniture
Total....
4,027,178
155,295
3,394,865
4,295,252
Inv. in sub.
105,832
.
156,045
_
4,913,046
„
Dom. Govt, bds..
450.615
181,790
Res. for deprecla'n 1,224,939
Contrib. for exten.
71,061
Earned surplus
1,095.503
23,079
245,259
Accounts recelv'le.
$
Cash In banks
1936
1935
Assets—
Sundry debtors
gold bds. due *43 2,477.500
exten. depos
77,615
dep. with
Notes & warrants
a
$ 500,000
995,874
b Common stock
1936
1935
J500.000
Class A com. 8tk__
Cash
on
1936
7% cum. pref. stk-
Notes <fc war'ta rec.
Cash
Balance Sheet Dec. 31
Liabilities—
$6 ,271,999
Indiana Hydro-Electric Power Co.—Accumulated Div.—
The directors
have declared a dividend of $1.75 per share on account
on the 7% cumulative preferred stock, par $100, payable
Sept. 15 to holders of record Sept. 10.
A similar payment was made on
June 15 and on March 15, last; a dividend of $4.37)4 per share was paid
on Dec.
15, 1936, and dividends of 87 J4 cents per snare were paid each
of accumulations
Total
$2,151,513 $1,933,582 1
Total
$2,151,513 $1,933,582
Represented by 120,000 no par shares in 1936 and 120,050 no par shares
y After reserves of $3,500 in 1936 and $4,500 in 1935.
z After
for depreciation of $339,513 in 1936 and $318,965 in 1935.—V. 145,
p. 943.
x
In 1935.
reserve
Suarter from June 15, 1933, to andregular quarterly 15, 1936. of $1.75
including Sept. dividends Prior to
15, 1933. the company paid
une
per
Howell Electric Motors
Period End. June 30—
Net profit after operating
Co.—Earning
3 Months
1937—6 Mos.—1936
expenses,
normal
Fed. inc. taxes, deprec. and
charges but before
Federal
other
surtax
$38,702
Earnings
share on 150,000 shares
of stock outstanding
—V. 132, p. 2595.
$62,938
$47,357
per
$0.26
Ideal Cement Co.—Initial Dividend
$0.42
on
$0.32
New Stock—
dividend of 50 cents per share on
outstanding payable Sept. 30 to
recently split-up on a three-for-one
basis—three new $10 par shares being issued for each old no par share.
A dividend of $1.50 per share was paid on the old common stock on
May 27, last.
See V. 144, p. 3839 for detailed record of dividend payments
on old stock.—V. 145, p. 765.
a
Co.—Earnings—
Years End. Dec. 31—
Net loss
j
1936
$10,623
189,352
Res., deprec., taxes, &c.
1935
1934
$132,907
1933
$211,504
436.530
$107,998
181.190
281.362
p.
943.
The much discussed fight to wrest control of the company from interests
that have dominated its affairs for the last 15 years got underway Sept
13,
when
The directors have declared an initial
the new common stock (par $10) now
holders of record Sept. 15.
The company's old common stock was
Illinois Brick
share.—V. 145,
Interborough Rapid Transit Co.—Group Opens Drive
for Proxies—Seeks to Oust the Present Directors and Hasten
Reorganization—
a
committee of stockholders began soliciting proxies to be voted at
annual meeting
Sept. 22
of the law firm of Bigelow
"We
the
The committee, headed by Ernest A. Bigelow,
& Beatty, wrote to 2,000 stockholders:
have been requested by the holders of a substantial amount of
voting trust certificates for the I. R. T. stock to act for them as a proxy
meeting.
<4
"Since 1929 the voting trustees as registered holders of stock have elected
the board of directors at the annual meeting, but this year the certificate
holders will have the privilege of electing the board.
We believe that the
committee at the annual
time has
come for stockholders to take an active interest in the affairs of
the I. R. T. in order to protect their equity in the properties.
Many matters
importance must be given consideration including a possible re¬
of grave
organization of the company and the intelligent and businesslike handling
of the Manhattan Railway Co. lease."
( 4
The letter was signed by Mr. Bigelow, and by David Van Alstyne Jr..
M. R. Bruckenfield, S. Ii. Bomanji and David Mahany.
The committee is understood to represent about 30,000 shares of I. R. T.
voting capital stock and a substantial amount of Manhattan Ry. 4s, which
guaranteed by the I. R. T.
4
The committee aims to oust the present board of directors of the Inter¬
borough and to replace it with one which will work for a speedy reorganiza¬
are
Netloss
$199,975
Previous deficitTransfer from res. for fire
2,738,643
$314,097
2,501,488
$648,034
1,480,309
$389,361
2,112,127
tion of the company.
It is understood that the members of the committee may be
for the I. R. T. directorships.—V. 145, p. 1588.
Cr531,419
Total deficit
$2,407,199
$2,815,585
$2,501,488
$2,128,343
Reduction of par value of
3,525,000
Adjustment (net)
16,216
76,942
$1,117,801 b$2,738,643 b$2,501.488 b$2,112,127
After
a
deducting costs, selling and general
b Deficit.
expenses.
Comparative Balance Sheet Dec. 31
Assets—
1936
1935
1936
Liabilities—
Capital stock
Notes payable
100,850
Cash
26.238
Acer, wages, tax.&c
134,294
Accounts
83,774
6,469
26,862
159,926
154,707
Inventories
U. S. Treas.
securs
Fire
and
$2,350,000 $5,875,000
500.000
Paid in surplus
30,443
Operating def
Prepaid insur., «fec.
105,939
109,906
Total
x
$3,911,674 $3,985,239
After
depreciation.—V.
Illinois Zinc Co.
1,031,419
1,317.776
199,975
Dr291,270
2,738,643
insurance
83.296
31.244
Treasury
stock
Total
Dr291,270
$3,911,674 $3,985,239
142, p. 2669.
(& Subs.)—Earnings—
Earnings for 9 Months Ended June 30, 1937
Profit after operating expenses, depreciation & other charges.x
No mention
was
made of Federal income taxes.—V.
x$134,830
145, p. 765.
Imperial Chemical Industries- -Interim DwidendThe directors have declared
comn on
p.
stock,
an
interim dividend of 3% on the cc
iend
An interim dividend of 2
company's
144,
H % was paid a year ago .-
4010.
Imperial Tobacco Co. of Canada, Ltd.—Earningt
Calendar Years—
Net profit
1936
1935
1934
1933
$6,058,305
$5,843,944
$5,819,767
$5,670,177
Preferred divdends
481.800
481.800
493.098
444.957
Ordinary dividends
4,961.792
4,961,792
4.961,792
3.307.861
Balance, surplus
Profit and loss surplus..
$614,713
9,382,403
$400,352
$364,877
8,500.488
$1,917,358
8,138,487
x
P/
x
After
income
all
war
charges
tax.
and
expenses
8.842,841
for
management
A regular quarterly dividend of 6234 cents per share which had been pre¬
viously declared will be paid on Oct. 15 to holders of record Sept. 20.
See V. 143, p. 759, for detailed record of provious dividend payments.—
V. 145, p. 1742.
International Paper & Power Co.—Appeal Filed.—
Daniel
108,733
tornado
Investments
Other
Dividend—
The directors on Sept. 16 declared a final dividend of $1.50 per share on
the common stock for the fiscal year ending Oct. 31, 1937, payable Oct. 15
to holders of record Sept. 27.
1935
Plant <fc equip..-$1,656,623 $1,734,982
Real estate...
1,847.929
1.838.572
x
International Harvester Co.—Final Common
candidates
and providing for
J. Lyne, attorney for John Lawless Jr., common stockholder,
a petition
in the U. S. Circuit Court of Appeals for the First
Circuit, Boston, asking for a review of the Securities and Exchange Com¬
mission order of July 31, last, exempting the company from certain provi¬
sions of the Public Utility Act of 1935 in connection with the issue and sale
has filed
of securities.
The petitioner represents that the report and order of the SEC are
"invalid, null and void" in that
"(a) Under the Act the Commission has no power, authority or juridslction to make either the said report or the said order.
I
"(b) Under the Act the Commission had no power, authority or jurisdic¬
tion to waive the requirements of the Act for a
company which had elected
not to register thereunder and which had not been
exempted therefrom,
prior to a determination by the Commission that the company was en¬
titled to exemption.
<4
"(c) The Commission has not yet determined whether the application
for exemption, dated as of Nov. 30, 1935, was filed in
good faith, or whether
the exemption requested by said
company therein is 'detrimental to the
public interest, or the interest of investors or consumers,' as is required
by Section 3 of the Act.
<4
"(d) The Commission has not yet determined whether said company Is
within the classifications of holding
companies described in Section 3 (a)
of said Act
4
"(e) The Commission had no power, authority or jurisdiction to apply
the benefits of Section 7, of the Act, or make
findings thereunder, for a
non-registered company.
M
"(f) The authority given to the Commission by Section 11 (g) of said Act
to export upon a plan, such as the one submitted
by the company extends
only to a plan proposed by a registered holding company, and International
Paper & Power Co. is not a registered holding company.
"(g) There is nothing in the Act which delegates to the Commission the
power, authority or jurisdiction to make any exemptions from the provisions
of said Act except such exemptions as are
expressly provided for therein.
Financial
Volume 145
1905
Chronicle
exempt under the Act."—V. 145, p. 1742.
Officers' & emples'
Iron Fireman Mfg. Co.
Calendar Years—
Net
sales
and
finance
1933
1934
1935
Assets—
Surplus. Dec
1
25,405
28.929
comparable
Inv. of supplies
&
prepd. expenses.
Total
3,061
V;145, p. 1424.
99,439
Assets—
$521,708
$330,784
835.854
505.070
$1,340,802
$1,818,645
703,410
$1,357,562
157.144
296,944
$835,854
492,012
$1,043,858
$1,115,235
359,260
$2.15
300,000
$2.02
$835,854
196,305
$1.69
$708,405
296,187
$1.76
amortization.
47.763
Acer,
taxes,
holders of record Sept. 27.
This payment is for the quarter ended March 31.
1934.
Similar payment was made on July
1 and on April 1 last.
A
dividend of $7 was paid on Dec. 21, 1936, and compares with dividends of
$1.75 per share paid on Oct. 1, July 1 and April 1, 1936, this latter being
the first payment made on the preferred stock since Oct. 1, 1931, when a
regular quarterly dividend of like amount was paid.—V. 145, p. 944.
Keystone Steel
1,959,556
764,581
1.423.842
510.658
23,239
38.087
Fds. In closed bks.
4,455
4,455
Dep.with fin'ce
co.
6.287
9,847
Cash
life
income
empl's on
of
Res. for
187,199
policy
39.107
Capital assets...
825.510
31,819
616.275
Deferred charges..
62,229
$2,523,271
$2,895,048
$2,383,581
$2,478,942
bl3S,301
a86,346
47,116
43.074
$2,981,394
$2,430,697
$2,522,017
1,183,759
777.612
292,902
714,297
294,767
338,942
...
Total income
102,918
194,558
taxes...
10.000
10.000
Ino.
196.895
146,700
1,796.300
Paid-in surplus...
592,600
Earned surplus... 1,115,235
1,500.000
Capital stock
Selling
i
expense
(
General expense
|
Law suit expenditures..
61,725
206,676
1,043*858
for depreciation,
$4,244,034 $2,926,030
Total
$4,244,034 $2,926,030
Month of—
Coal mined (tons)
on
sale
of
AU0..1937
315,037
Miscell. deductions
31,556
Federal surtax
$1,160,857
Net profit from oper..
Preferred dividends
July, 1937
332,839
Aug., 1936
308,754
x
(W. B.) Jarvis Co.—Earnings1936
$781,339
163.139
24.365
(
Selling and administrative expenses
Depreciation
$593,834
Other income, net.
1,284
$595,118
$91,350
18,150
tax.
Surtax
$485,618
Dividends
318,750
$3.24
share on common
1935
$664,444
166,858
income
deprec.
taxes,
$477,599
Dr20,400
$457,199
$69,250
$5.62
$711,453
189,408
$5.35
$387,949
96,525
$2.58
1936
affiliate.
Balance Sheet June 30
Cash
on
Accts
hand & in
Res. for managem't
2,061.682
652,254
911,126
partic. in profits
Employees partici¬
pation In profits
commissions
buildings,
equlpt., furn.
fixtures,
5,417,968
17,936
96,015
21.856
Res.
1935
$195,505
496.783
378.202
12,159
6.462
Inventories
135.231
228.459
Res.
Fixed assets
244,906
199.912
x
Receivables
Cash value Inaur..
1935
$201,293
26.850
personal
8,115
3.600
prop'y
taxes
42.060
Federal tax.,
Res.
Earned surplus
l"l5~5o6
10-yr. serial
69.250
150.000
527.248
$1,197,971
$1,012,1401
c
$1,197,971 $1,012,140
Total
Represented by 150,000 shares of $1 par stock both years.—V. 145,
439.
notes
Jones &
Laughlin Steel Corp.-—Accumulated Dividend—
The directors have declared
accumulations
a
dividend of $1.75 per share on account of
the 7% cum.
pref. stock, par $100, payable Oct. 15 to
Similar amount was paid on July 15 and on
April 10 last.
A dividend of $2 was paid on Dec. 23, 1936, and one of
$1.75 was paid on Dec. 15, 1936, this latter being the first dividend paid on
the pref. stock since Oct. 2, 1933, when a payment of 25 cents per share was
made.
Dividends of 25 cents per share were also paid on July 1 and April 1,
1933; 75 cents per share was distributed on Jan 2, 1933, and on Oct. 1,
1932; $1 per share was paid on July 1. 1932, and regular quarterly dividends
on
holders of record
of
Sept. 30.
58,253
Kaynee Co.—Earnings—
1937
Years Ended June 30—
Profit from opers.. after deduct, cost
of sales, sell., admiuis. & gen. exps.
Provision for depreciation.
►
1936
undistributed profits
a
After reserve for
Previous surplus
Misc. item*, net credit.
Not
.
Div.
1936
cap.
in 1937
d Trade
$70,097
2,877
1933
1934
1935
$20,071
5,146
$41,585
3,513
loss$57,963
5,086
(River¬
stock
299,000
250.000
125.000
Net profit for year—
Prov. for Fed'l inc. tax—
$3/1.975
$275,218
$1707098
6,750
Bal. transf. to surplus
$351,975
265,554
side Metal Co.)
_
on
loss$52,877
6,201
13.250
$275,218
118,024
$163,897
$4.66
loss$52,877
$2.78
118,024
per
$5.96
Par)..—
Reported
Nil
Condensed Balance Sheet Dec. 31
1936
Assets—
assets.$369,881
601,521
Investments
1,528.250
Accts. & notes rec.
136.527
Plant
$113,522
111,926
loss$23,370 loss$144.405
161.854
331.704
1.347
Inventories......
$225,621
26,511
$138,484
26.558
26.792
$199 109
$111,926
$161,854
$188,646
—V
1935
$333,992
553.221
1.523.625
Liabilities—
Common stock
Capital surplus
Earned
surplus
1936
1935
350.882
$983,533
350.882
1,711.339
1,355.289
$983,533
9,687
Accounts payable-
11.358
258
1.218
Res. for deprec'n..
31.973
32.435
532,488
Cash
Total
Surplus, June 30-
1937 and
Keystone Watch Case Corp.—Earning
Calendar Years—
Net profit from operat'ns
Int. & other inc. (net) —
Prepaid expense..
_
4,573.661
10,678.393 10.672,447
Total
doubtful balance and discounts of $112,499 in
capital stock—
sh. on 59,012
shs. com. stk. ($16 2-3
173
.
.
3.156.800
$113,670 in 1936.
b After reserve for depreciatoin of $4,335,929
$4,044,650 in 1936.
c Represented by 757,632 no par shares,
accounts payable only.—V. 144, p. 3003.
Earns
20,000]
17.000J
Normal income tax
Preferred dividends
3.156,800
4,749,597
Common stock..
and
Divs.
9,939f
deductions, less other income
1935
$178,6391
18,179
Prov. for doubtful accts., int. & misc.
on
78.013
1,800.000
Prov. for Federal surtax.
51^75 per share were distributed each three months previously.—V. 145,
Surtax
10.678.393 10.672.447
Total
200.000
200.000
1,600.000
Earned surplus
x
p.
288,227
Reserves
Long-term debt
Total..
14,805
252.842
inc.
due currently
150.000
691,400
Fed.
for
62,095
taxes..
&cap. stk. taxes
37.500
payable
Common stock..
security
'
Other assets..
20,000
Res. for Fed. social
$199,012
Accrued Items
Dividends
18.000
21.000
injuries
1936
payable.
10,277
Accrd. real est. and
Liabilities—
Accounts
on notes
compens.
due empl'ees for
102,590
Balance Sheet Dec. 31
1936
$300,777
for
21,600
9,614
16.000
Accrdint.
<fec
20,940
bonuses
5,305.865
Deferred charges..
$2.74
Assets—
60,913
Prov. for employees
&
&c
trade-marks,
,
118.332
Accrued wages and
2,929,964
105,322
115,340
11,452
1.208.645
267,409
128.513
Aoth. creditors.
1,209,265
receivable
Pat
d226.486
1,049,230
Notes and accts.
b Land,
pay.—trade
354,990
banks
a
$
$
Liabilities—
$
$
1936
1937
1936
1937
$319,668
$2.13
$411,401
per share.
Cash and Govts..
b During the year ending
15, 1936.
$123,270 as dividends on its holdings
preferred stock of Mid-States Steel & Wire Co. Of that amount $54,415
was
credited to the company's investment in the capital stock of that
Inventories
normal Federal
other charges but
and
189,408
$1.90
(or 3H%).
y Before special
provided out of earnings
not required and now restored to profit and
a Paid at rate of $7 per annum on dates
of purchase or date of redemption, Jan.
June 30, 1937 the company received
19,988
1937
6 Months Ended June 30—
Net profit after oper. expenses,
Earnings
$460,973
757,632
accumulations for six months
for year ending June 30, 1934
loss,
z Includes depreciation,
Invs., advs., &c__
per
$868,929
$175,935
757,632
$1.53
U. S. Govt, securs.
Earnings
x346,483
94.704
being amount of reserve for contingencies
credit
Assets—
Federal income
138,593
568.224
of
Years Ended Dec. 31—
Gross profit
Includes
$1,152,640
568,224
a64,340
Balance, surplus
Corp.—Bonds—
Rank has been named depositary for the bond
Rumble, attorney for the corporation, said that no
conference of bankers is contemplated regarding this plan, as was reported
Sept. 10.—V. 145, p. 1423.
National
M.
$1,501,493 y$l,167,790
984,922
Com. shs. outstanding..
James River Bridge
17,486
456
Earnings per share
G.
1.647
223,382
35,000
S.
U.
Common dividends^
—V. 145, p. 1262.
Citizens
17,916
42.628
y
Island Creek Coal Co.—Production—
exchange.
ll", 816
103*.082
66". 002
168,278
22,827
for contingencies.
Amort, bond, disct., &c_
Loss
Represented by 359,260 no pan: shares
iu_1936 (300,000 in 1935).—V. 144, p. 1113.
I* The
272,442
16,542
Interest
Income tax
Government securities
reserves
651,484
59,676
Prov.
110.179
Total
1934
$8,211,091
z5,732,149
...
Other income
prod. guar.
finance
1935
$7,911,973
z5.528.392
82,779
& contingency..
Defd
y
1936 l"
1937
$12,163,667 $10,598,645
z9,640,395
z7,703,596
$2,661,572
_
Gross profit
$39,775
Fed., State & for'n
stock subscript.
Inventories
Is
&^WireJIk>.-
Years End. June 30—
1935
1936
$151,246
com¬
missions & wages
Ac...
a dividend of $1.75 per share on the 7 % cum.
pref. stock, par $100, payable out of capital surplus, on Oct. 1 to
The directors have declared
conv.
Cost of sales
Accounts payable.
$133,101
46.534
securs.
and foreign
Keith-Albee-Orpheum Corp.—Preferred Dividend—
k
f
Net sales
Liabilities—
1935
$ 512,535
After
16 Issued a certificate
June
Commission on
Commerce
Interstate
permitting abandonment by the company, as to interstate
commerce, of its entire line of railroad.—V. 141, p. 601.
$604,646
708.406
27,750
$774,787
1936
Cash
x
-
^
1,043,858
31
discounts, &c.,
depreciation.—
.
^
Kansas & Oklahoma RR.—Abandonment—
to
Consolidated Balance Sheet Dec. 31
x
$1,561,280 $1,266,316
Total
$1,561,280 $1,266,316
Represented by 48,462 shares after deducting 1,538 shares in treasury
x
at carrying value of $12,076.
y After reserve for doubtful
of $23,411 in 1937 and $20,724 in 1936. z After reserve for
$711,739
7.653
Includes depreciation and
Insurance
3,371
3,371
17,500
Shs.cap.8tk.out.(no par)
Earnings per share..
value
111,926
442,091
'
fr.
87,183
199,110
1
sees,
The
Dividends paid (cash)..
Surplus charges
Due
87,182
Prof. & loss, surp.
431,385
175.766
Net profit of year
rec.,
487.924
Unearned surplus.
trademks., <fcc__
$969,515
1,462
Previous surplus
Miscellaneous credits
Acots.
378.900
487.924
19,503
2,412,668
federal. State
Marketable
378,200
Common stock..
19,354
18,132
12,237
$1,915,139
Prov
x
7% cum. pf. stock
656
18,572
6,582
tax
6.640
6.619
payable
x
Claims agst. closed
banks
$683,523
profits
accounts.
Land, buildings,
much., &c
Goodw.,
patents,
2,385
25.476
8,837
for
77,523
Mlscell.
563.509
dlvs.
stock
z
Not
and foreign inc. taxes.
for undistributed
75,494
Value of life lnsur.
Accounts
27,321
$932,817
Pro v.
31.741
317,897
53,534
239.364
1,231,615
Total income..
77,494
Pref.
Custs.'accts.rec.
Inventory
y
56
1,645,741
Interest paid
Acer, taxes & payr.
$115,193
26,939
«Sc adm. exp..
Profit from operations
Int. from market, sees
87,002
161,044
$106,838
owned
$2,578,558
Disc't on purchases
Misceii. other income
$75,000
124,749
58,550
securities
Sundry
$4,327,806
gen
$200,000
payable.
Notes payable
Pf. dlv. guar, fund
Ik income earned
$5,811,331
x.Cost of sales Unci, maw
terials & cost of mfg.,
3.232,772
Sell.,
1936
1937
Liabilities—
1936
1937
Cash & U. S. Govt.
cap. stock accts.
Salesmen's accts..
■Earnings—
(& Subs.)-
1936
30
Balance Sheet, June
F"'(h) The Act is in violation of and contrary to Section 1 of Article I of
the Constitution of the United States, if said Act doe3, or is an attempt
by Congress to, delegate legislative power to an administrative commission.
The petitioner further represents that "by making the said report and
the said order the Commission has in effect granted the said application of
the company for exemption of Nov. 30. 1935, as far as the securities specified
in said order are concerned; or in the alternative has extended to the com¬
pany the benefits of the Act, although the company is neither registered nor
286.978
Other reserves.—.
79,841
135.094
167.885
$3,168,927 $2,866,921
145, p. 117.
Total
$3,168,927 $2,866,921
Financial
1906
Chronicle
Sept. 18, 1937
Consolidated Balance Sheet Dec. 31
Kellogg Switchboard & Supply Co.- -Earnings—
Calendar Years—
profit
1936
$440,782
Depreciation
63,720
Patent amortization..21,883
Federal income tax
Preferred dividends
Common dividends
$302,653
61,330
171.893
__
Assets—
1933
$162,146 loss$199,076
74,985
87,528
27,382
29,106
$217,476
71,816
24,779
5,850
62,525
Net profit
1934
1935
Net
$59,780 loss$315.710
1936
Cash
$226,468
293.586
secur.
Notes & accts.
$282,364
2,055.778
2,081,185
203.267
769,890
Marketable
663,051
rec.
Inventories
Due from officers &
Accounts
z
$61,927
x
736,110
768,799
12,355
571.615
$10)
174.810
..$4,106,357 $4,050,021
notes
bonds
Depreciation and amortization
95,712
39,411
19,475
723.646
12,643
59.150
84,473
28,397
482.551
10,203
$191,907
250,000
$0.77
$408,885
200,000
$2.04
$202,131
depreciation.
$362,244
135.505
Net profit for period..
Shares capital stock (par $1)
Earnings per share
3,667
...
$9,862
$25,336
Assets—
in
Cash
1937
banks,
Cash
on
1936
Accts.
$7,447
228,641
168,425
36.012
48,438
...
Inventories
194.502
Other assets
x
3,085
mach. & equip..
Prepaid
3,875
1,918,172 xl,986.054
20,033
19,246
expenses.
(less
$79,275
($90,000 securities)..
$73,485
pay.
106.789
18,989
105,163
18.277
Other accruals
27,906
14,975
245,0751 Prov.
Land, buildings,
Patents
Notes
res.
for
come tax
3,667
216,728
236,870
l
1
100.000
1,550.000
244,700
244,700
pref. stock..
Pref., 13,279 shs.
(no par); class A
60,000 shs. (no
565.553
565.553
Surplus
x
$2,632,746 $2,715,433
After
reserve
35,311
25,449
Total
$2,632,746
$2,715,433
Earnings for 6 Months Ended June 30, 1937
"^P'SSSI
share
on
515,000 shares of stock
$0.37
—V. 144, p. 2659.
3,040,104
$674,077
—
Selling, administrative and general
337,409
expenses--.
Operating profit
Expenses of registration of common stock, &c
Other deductions, less sundry income.
$336,668
Prov. for Federal income and excess-profits taxes (estimated)
Provision for surtax on undistributed income (estimated)
16.451
4,017
48.715
__
15.010
income
$252,474
Dividends paid on preferred stock
Dividends paid on common stock
Earns, per sh. on 721,931 shs. of common stock ($1 par).
24.500
144,386
$0.31
Consolidated Balance Sheet Dec. 31, 1936
Assets—
Liabilities—
Cash
b Inventories
Other assets
Property, plant & equipment
Deferred charges
$189,028
597,927
562,211
52,117
553,933
Note payable to bank
Accts. payable & accrued exps.
Estimated prov. for Federal
17,142
Notes and accts. receivable.
7% cum. pi. stk. ($100 par)__
Common stock ($1 par)
Capital surplus
Total——.
a
Less
$1,972,3581
$150,000
372.790
63,725
Reserve for contingencies
Total
7,462
350.000
721,931
51,328
255,122
$1,972,358
of $14,420.
b After reserve for slow-moving and obsolete
After allowance for depreciation of $458,956.—V. 145,
reserve
$15,000.
P. 1263.
c
Years End. Dec. 31—
Net income after deduct¬
ing manuf., sell., adm.
& gen. exps., &c., chgs
Adjust, of branch assets
in respect of foreign ex¬
change
Depreciation
Prov. for losses of foreign
1936
1935
1934
1933
$266,403
$264,586
$105,983
$177,688
72,438
82,978
Cr20.032
84.006
Cr23,633
97.103
22,572
22,650
3,000
subsidiaries
26,000
Federal inc. & cap. stock
tax
on
3,251
proceeds of life insur.
policies
ficer
on
now
life
of
of¬
deceased
Net income for year-
DividendsShs.
com.
Earnlngs
x
8,500
undis¬
tributed profits
Net
stk. (par $10)per
share
0224.119
$168,142
136.732
170,515
$0.98
$158,958
17.201
171.715
$0.92
No par shares.
2,624,535
2,466,072
52,505
57,803
x
Ld., bldgs., mach.
equip.,
furn.
&
1,192,503
93,997
Prepd. ins., taxes,
licenses,
&c
$4,636,239 $4,045,749
$4,636,239 $4,045,749
Total
reserve for depreciation of $458,015 in
1937 and $323,457 in
Par value $1.
z Includes $27,7i5 for Federal surtax on un¬
distributed profits, 1936.—V. 145, p. 1424.
x
After
1936.
y
Stockholders at the annual meeting held Sept. 13 approved an issue of
$2,000,000 10-year 5% sinking fund debentures to be underwritten by
A. C. Allyn& Co.
Rights to subscribe to the debentures in the ratio of 50 common shares
to a $1,000 debenture will be mailed to stockholders on Sept
24 as of
record that day and will be effective until Oct. 14.—V. 145, p. 1745.
'
Co.—New President—
elected President of
Le Roi
6 Months
3 Months
Period Ended June 30—
Net profit after operating expenses, normal Federal
income taxes, deprec. and other charges, but
$78,369
$137,314
1937
6 Months Ended June 30—
1936
$51,086
$27,012
Net
prof, after oper. exp., normal Fed. inc. taxes,
deprec. & other charges but before Fed. surtax._
■—V. 145, p. 1425.
Lehman
.
■
Corp.—Acts to Revise Fee Contract—
Stockholders are being asked in the interest of themselves and the cor¬
poration to change the management contract with Lehman Brothers at
their annual meeting to be held Oct. 20.
Shareholders were requested to
consider these proposals in a letter mailed Sept. 15.
~ «
The following reasons are being offered by Lehman Brothers, manager
of Lehman Corp., for the change:
(1) To limit the management fee to the cash compensation provided
in tne agreement by removing the requirement that Lehman Brothers
purchase stock of the corporation at book value with any compensation
paid to the firm during the period of the agreement.
(2) To eliminate the option which the firm now has to purchase stock
at book value with any additional compensation payable at the termina¬
.
tion of the agreement.
"The provision of the existing agreement
requiring the purchase of stock
value," the letter states, "has in effect increased the compensation
by the corporation to date over the cash paid us.
The aggregate
amount paid by us for stock with the compensation (being book value)
was $262,777 less than asset value, while on tne other hand, it was $110,837
less than market value, computed as of the dates when the compensation
paid
became payable.
'
"It therefore seems clearly in the interest of the corporation and its
stockholders to amend the agreement by eliminating these provisions with
respect to the purchase of stock.
"It might of course result, under the existing agreement, that at the
end of some future period, for which we would be entitled to compensa¬
tion, book value might be more than market value, in which event the
$263,128
$69,718
174,139
$1.51
X181.539
$0.38
compensation book value was slightly greater than market value, although,
as the above figures show, the aggregate book value of all of the stock pur¬
chased by us to date has been substantially below the aggregate market
value.
At the close of business last night the approximate values a share
were: Asset value, 38K; market value, 373^; book value, 35H.
"It should also be noted that even though book value should be less
than
market
value,
in
the
situation
hereinafter
described,
because
of
Section 16 (b) of the Securities and Exchange Act of 1934, we would be
neither better nor worse off under the proposed amendment than under the
existing agreement as far as the compulsory purchase of stock is concerned.
"This section, if effective, will require us to account to the corpora¬
tion for any profit made on a purchase and sale of stock of the corpo¬
ration within a six-month period.
The purchase of stock with the full
amount of our compensation represents in each period an investment in
excess of the net amount of our compensation after taxes.
"Accordingly if, for these or other reasons, we were to sell at a profit
all of thei stock purchased by us with our cash compensation within six
months of receipt and were to account for the profits realized upon the sale,
then even under the existing agreement, the net amount which we would
retain would be exactly equal to the cash compensation which we would
receive.
However, the above would presumably not be applicable as to
profits realized if we exercise our existing option at the termination of the
agreement.
0
145, P. 1745.
Co.—Earnings—
elimination of the compulsory purchase of stock might work to our advan¬
tage.
"In fact, at the end of one of the three periods for which we have received
(I. B.) Kleinert Rubber Co. (& Subs.)—Earnings-
Federal surtax
1,705,797
at book
taxes on Income
Earned surplus
of
200,000
2,357,702
Earned surplus— 1,292,129
Res. for contings._
24,496
y
(Edgar P.) Lewis & Sons, Inc.—Earnings—
$3,714,181
Gross profit
c
250,000
Capital surplus
398,831
before Federal surtax
144, p. 4349.
Consolidated Income Account for the Year Ended Dec. 31, 1936
Gross sales, less discounts, returns and allowances
Cost of goods sold
a
Capital ptock...
339,258
367,189
—V.
Kingston Products Corp. (& Subs.)—Earnings—
Net
84,473
349,694
*124.461
Lawrence Portland Cement
King Oil Co.—Earnings—
per
5o,ooo
Res. for inc. taxes.
Warren W. Ayres, Vice-President and a director, was
this company to succeed the late Frank M. Smith.—V.
Net profit after oper. exps.. normal Fed. inc. taxes, deprec. & other
charges, but before Fed. surtax
$189,297
Earnings
87,225
94,414
548,024 Divs. payable
577.564
for depreciation of $730,628 in 1935 and $848,310 in 1936.
-V. 145, p. 612.
P"
boxes &
bottles returnable
Lane Bryant, Inc .—Bond Issue Voted—
par): com., 148,955 shs. (no par)
Total
$631,753
$493,046
to customers
Containers (barrels,
boxes & bottles)
JTotal
100.000
1,450.000
1st mtge. 6s
Prior
Deps. on
1936
& ac¬
expenses.
206
bonds
(current)
for amortiz.)
Goodwill
2,836
14,789
"""554
Notes pay. (1937).
Other liabilities
1st mtge. 6%
27,740
Inventories
fixtures..
Fed. in-
pay.
crued
$257,159
39,440
hand
after reserve, &c
1935
Accrued interest..
Advs. on pulpwood
delivery
1936
Accounts payable.
$15,571
Receivables
$576,174
Due fr. customers,
Liabilities—
hand and
deposit
on
1935
200,000
$1.01
1937
Liabilities—
1936
In
Unused rev. stamps
on
Balance Sheet, Dec. 31
24,327
49,560
35,164
16,128
Balance Sheet July 31
trans. & on hand
Net profit.
$1,935,703
1,125.838
Deductions from income—net
Selling, delivery and admin, expenses
Provision for Federal income taxes..
Provision for contingencies
81.137
109,394
2,836
$2,903,654
1,586,460
$2,366,836
1,357,097
653,032
Provision for
$355,470
6,773
"8*.033
1935
1936
1937
$435,685
105.852
68,660
7,800
98.000
141.842
income
Assets—
July 31—
$430,109
5,575
Administrative and general expenses
Experimental and development expenses.
Federal income taxes
(G.) Krueger Brewing Co.'—Earnings—
6 Months Ended
Income from sales after excise taxes,
discounts and allowances
Cost of goods sold
manufacturing operations
on
$102,005
—V. 144, p. 283.
Total
Mar. 20/35
Dec. 31, *36 to Dec.31 ,'35
on
Earnings for 6 Months Ended June 30. 1937
Net income after operating expenses, deprec. and other charges
but before Federal taxes
Year End.
Interest
$3,230,527 $3,205,714
y
Kobe, Inc.—Earnings
Dr389 Dr1,083,361
Keyes Fibre Co.—Earnings—
Interest
$3,230,527 $3,205,714
reserve for depreciation of $1,447,758 in 1936 and $1,388,194 in
Represented by shares of $10 par value,
z Represented by 19,485
shares in 1936 and 18,285 shares in 1935.—V. 145, p. 1424.
1935.
586,529
244,240
108.
Total
Drl25,100
After
r
b632,500
465.483
a After
depreciation. b Represented by shares of $10 par
c Represented
by 240.319 no par shares,
d Represented by shares of $100 par.—V. 144,
Period—
Net profit from
Other income..
ZM36.422
at
and patents
Total..
91,823
page
Fixed assets
stock
Treas.
G'dwlll, trade-mks
......
612,184
69.940
1,900,000
1,129,189
Capital stock
Surplus
3,162,500
Treasury stock...
Deferred charges.,
a Plant &
equip...
54,180
14,943
1,900,000
987,090
Total
335,767
49,633
,
cost
1,063.951
40,201
y
58.295
1,380,200
Capital surplus
Earned surplus.
64,709
$4,106,357 $4,050,021
18.446
150,000
290.791
1,201,595
1,015,793
life insur. paid..
Total
1,065.822
121,356
9,446
79,034
Gen. res. for invest
raw
expenses.
53,302
Paid-in surplus
Patents
ployees & related
interests
Sundry creditors..
Inv. & oth. assets.
7% cum. pref, stk.
13,225
of
Finished g'ds, work
1935
Dividends payable
13,545
cos
val.
surr,
6,936
$94,486
117,130
payable.
Accrued taxes
33,798
Insurance
86,190
5,006
mat'ls & suppl's
28,469
Cash
Due to officers,em¬
75,941
Sundry debtors
process,
$81,324
64,069
35,429
$125,240
69,718
37,421
expenses-
Accrued taxes
officers,
employees & re¬
Prepaid
d 5% cum. pf. stk.
Common stock (par
employees, incl.
traveling advs__
Dep. with mutual
Due from
1935
1936
Liabilities—
Trade accts. pay_-
290,687 Accrued
341,900
1936
Liabilities—
1935
Trade accts. rec'le
in
Balance Sheet Dec. 31
Assets—
$613,182
$656,659
lated interests__
$115,030
1935
1936
Cash
(
Volume
Financial
145
"Taking into consideration ail the factors involved, it would therefore
seem to he more advantageous to us to continue the existing agreement
without chance, but we feel nevertheless that the interests of the stock¬
holders justify the proposed amendment.'"—V. 145, p. 1745.
Libby, McNeill & Libby
common stock instead of
cash for this dividend
at the rate of one share of stock for each
$11.20 of dividend due to a share¬
holder.
As the company does not issue fractional shares, all shareholders
owning lass than eight shares of the common stock will receive their dividend
in cash.
Those shareholders owning eight or more shares of common stock
elect to take common stock in payment of the dividend will
receive one share of stock for each eight shares owned and cash for any odd
and
pany)
does
be
understood
constitute
not
a
"This
minimize
as
Selling and admin,
b
exp..
1935
1934
$437,917
170,891
$175,623
143,092
$382,632
$267,026.
54,514
35,161
______
Total income.___
$417,793
18,646
11,799
57,638
deductions
Depreciation
_
Est. Fed. income tax...
jjharges. _
Net income for year..
Preferred dividends.
11,011
loss$66,293
20,843
$43,798
14,167
14,237
52,053
5,283
com.
$237,237
80,860
131,250
310,384
Deferred liabilities
207.571
70,845
240,596
562,328
1,214
7,208,622
3,255
5,492,082
Dr80,838
Dr80,838
24,281
agreement
254,411
255,845
Minority
interest
capital
stock
Common stock.,
stock.
Total
198,046 defl67,399
Total.
.$8,812,704 $7,112,758
$7,112,7581
---.$8,812,704
After reserve for doubtful notes and accounts of $29,998 in 1936 and
$14,016 in 1935.
b After reserve for depreciation and depletion of $7,172,197 in 1936 and $7,100,623 in 1935.
c Represented by 420,000 no par
shares in 1936 and 270,000 no par shares in 1935.
d Represented by 3,865
shares.—V. 145, p. 945.
a
Assets—
Cash
1936
161,979
161,972
$0.80
int.
from
Assets—
and employees..
Inventories
loss$92,174
1936
1935
$290,802
164,119
164,219
Cash dep.in escrow
$50,940, and
258,448
207,719
Unpaid subscrip'ns
to capital stock
for
Reserve
income
1,535
.
1,030
c
18,642
311
taxes
58,654
71,251
161,979
a.305,640
161,972
162,879
1,000
1,000
464,662
1
.82,931,152
445,550
76,195
111,701
Corp. cap. surplus
bMach., equip.,&c.
89,856
100,457
Paid-in
Deferred assets...
14,533
After
surplus...
Total
no
$824,487
$914,680
....
reserve
c Reprasented by 30,564 no par shares,
d Represented by 161,979
shares in 1936 and $161,972 no par shares in 1935.—V. 145, P. 1745.
par
Lincoln
Stores, Inc.—Earnings—
Years Ended Jan. 31—
1937
1936
1935
1934
$5,614,436
$4,736,121
$3,570,871
..$2,931,152
...
Total
(Marcus) Loew's Theatres, Ltd.-—Accumulated Dividend
a dividend of $1.75 per share on account of
7% cum. pref. stock, par $100, payable on Sept. 30
Sept. 18.
A dividend of $3.50 was paid on June 30,
last; dividends of $1.75 were paid on March 31 last; Dec. 15, Sept. 30,
June 30, and March 31. 1936; on Dec. 21, Sept. 30, June 29, and April 1,
1935, and on Dec. 31, Oct. 1, and June 30, 1934.
Sen i-annual payments
of 3^% were made on Jan. 15 and July 15, 1931.—V. 144, p. 4012.
on
the
holders of record
to
Louisville Gas & Electric Co.
4,493,121
76,410
3,345,136
58,461
2,789,346
other
..$10,360,360
before
income
,820,038
5,489,185
1,200,000
37,000
5,615,500
1,025,000
37,000
1,582,480
1,664,252
______
_
Depreciation..
Accrued
Fed.
82,402
...
and
State
Shs.
51,650
23,000
23,000
35,000
$223,176
prof it.
$143,589
$144,275
ing (no par).
McClanahan Oil Co.-
Earnings
59,962
$3.18
share
per
49,858
49,483
$2.24
$2.20
49,900
$2.29
Assets—
1937
1936
Ear
Liabilities—
$102,217
7,759
50.459
7,670
42.689
Life insurance
44,394
accrued
30,493
73,782
$79,939
24,258
in
banks...
283,300
35,162
299,200
7% preferred stock
1,589
deposit
19,564
445,500
474,000
Common
others
closed
$83,188
Real estate mtges.
Adv. to employees
and
1936
Fed. & State taxes
paym'ts
Receivables
Cash
1937
$187,428
Advanced
927,739
stock
659,367
Total cap. assets
853,094
Deferred charges..
28,983
$0.12
$0.09
New York Stock Exchange has authorized the listing of 500,000
common stock (par $1)
after reclassification of each share of a
value of $5 per share into two shares of a par value of $1 per share, in
substitution of 250,000 shares of common stock (par $5) previously listed
The
,
par
and outstanding.
sales,
after
discounts,
deducting
returns
&
-
$6,058,065
$4,181,801
& sell. exps..
4,629,485
3,390,039
Net profits from operations
,
Int. received, discount on purchases cStmiscell
Adjustments of reserves and accruals set up in
prior years
$1,428,580
46,799
$791,763
30,806
Cost of goods sold, general, adminis.
$1,550,255
1936
1937
12 Months Ended June 30—
allowances.
31,615
...$1,833,073
$111,621
$0.06
shares of
Net
397,962
925,845
June 30 '36
$154,725
McGraw Electric Co .—Listing—
637,696
.....
11,763
Inventory..
as.
$75,947
$0.06
depletion
per sh. on 1,300,-
542 shares.
Accounts payable.
Comm. & exp. accr
-6 Months-
June 31 '37
Mar. 31 '37
$78,778
Net inc. before
Balance Sheet Jan. 31
Cash..
-Earnings—
-3 Months-
June 30 '37
Period—
_
share on Aug. 23.
16, last.—V. 144,
942.
$144,856
stk. outstand¬
com.
Corp.—Liquidating Dividend—
The company paid a liquidating dividend of $2.05 per
A dividend of $17 was paid to stockholders of record Jan.
p.
taxes
Net
51,348
& T. Securities
1936
1937
approp. for retirement reserve and after taxes.
Appropriation for retirement reserve.
Amortization of contractual capital expenditures.
Net income after deductions for interest charges,
amort, of debt discount & exp. & flood exp.,
other income deductions, and dividends on pref.
stock of Louisville Gas & Electric Co. (Ky.)
—V. 145, p. 1426.
M.
-Earns.
(Del.) (& Subs.)
12 Months Ended July 31—
Cost of goods sold,
sell¬
ing and general exps..
$887,287
43,085
The directors have declared
$3,020,551
5,257,208
Sales
444,744
226,787
x After reserve for doubtful accounts of
$1,310 in 1936 and $307 in 1935.
After reserve for depreciation of $354,101 in 1936 and $42,218 in 1935.
The earning for calendar years appeared in the "Chronicle" of March 20,
V. 144, p. 1965.—V. 145, p. 1263.
V
Gross operating revenue.
Net operating revenue and
for doubtful accounts of $28,553 in 1936 and $21,346 in
for depreciation of $435,524 in 1936 and $418,260 in
reserve
b After
657,546
Earned surplus
_
a
1935.
1935.
25,590
1,570,282
140,151
Cap. stock (par $1)
Capital surplus...
$887,287
Total.
445,550
12,395
Earned deficit
$824,487
10,444
liabilities..
25,001
33,621
657
114,416
122,361
$914,680
215,446
264,008
23,429
305,640
_
Cap. stk. subscr..
Total..
•
_____
accumulations
preferred stock.
Cash surrender val.
1,000
63,990
Accr'd
Intangible assets._
21,495
311
Fed'l
d Common stock.
agreement
deposit
Mtge. notes pay..
(at
49,645
55,121
payable
License
26,953
25~549
$3.50 cumul. div.
1,790
45,674
$33,641
$43,849
payable
Unci, wages & diva
life insur. net
1,580
136,592
66,192
in cash-
1935
1936
Liabilities—
Accrued liabilities.
3,247
43,763
166,868
y
Accounts payable.
Dividends
Notes and accts.
Investments_
2,798
238,884
Assoc.
Fixed assets
194,164
Nil
Nil
cumulative),
|
I
...
3,815
...
677,250
(at cost)
y
$36,250
16,422
__
Fed. & State taxes
Deposits on merch.
cost)
$1.37
$268,359
rec._
______
1935
45,432
Coll. notes payable
Accounts payable.
Customers depos..
135,091
264
Deferred charges..
hand aiul
receivable
332.332
rec..
officers
Membership in mfg
$10,111
1936
$27,151
Liabilities—
$280,146
Wages payable.
—trade..-.
Accrued
21,049
Consolidated Balance Sheet Dec. 31
in banks,---,..
1935
$1,236,381
....
Accts. receivable
25,675
'
a77,893
a Dividends
paid: In stock ($3.50
$26,953 (payable P'eb. 1, 1936.)
int.
on
Accrued liabilities.
4,761,382
Surplus.
loss$45,450
stock out¬
standing (no par)_._.
Earnings per share.
Inventories
127,204
572,529
payments
patent license
Lockheed Aircraft Corp.- -Balance Sheet Dec. 31
$87,582
153,875
$32,531
11,267
$321,539
21.238
$329,710
_
Common dividends
Accrued
851,639
purch
Install,
68,503
27,686
d Treasury
Aircraft
accts.
74,857
$292,153
obligations
Accounts payable.
& deficit of subs
Due
a
409,122
35,800
Prop., plant and
equip, (at cost). 5,715,374
Deferred
x
on
Notes pay.&
Other curr. assets.
Invest. & advances
1933
1936
$646,909
264,276
Net profit from oper..
Other income
Cash
1,434,702
$91,784
Printing Co. (& Subs.)—Earnings—
Years Ended Dec. 31—
Gross income---
Shares of
545,911
1,286,084
Notes & accounts
1935
1936
purch
oblig. (secured).
c
disbursement, whether accepted in cash or in stock,
by shareholders in income tax returns for calendar
it is subject to both normal income tax and surtax.
The
tax should be paid on the fair market value of this stock as of Oct. 23, 1937."
—V. 144, p. 2485.
Other
$155,515
the
returned
Lincoln
Notes pay.&
receivable
dividend
be
1937,
year
Liabilities—
1935
$900,266
...
Inventories.
McNeill & Libby.
should
hand
on
by the shareholders that this distribution
dividend on the common stock of Libby,
regular
a
will
was
Consolidated Balance Sheet Dec. 31
1936
in
stock
payment of undistributed profits tax by the company.
should
1936, and the latter company
Cash in banks and
eight.
The company's announcement further stated:
"The payment of this dividend on common
"It
1907
July 1,
thereafter dissolved.
The consolidated income statement includes the
operations of Lion Oil
Sales Co. for the six months ended June
30, 1936.
who
number of shares less than
on
Assets—
Libby, McNeill & Libby—Common Dividend—
The board of directors on Sept. 16 declared a dividend of $1.40 a share on
the common stock of the company, payable Oct. 23 to holders of record
Oct. 1, and gave holders of common stock the option of receiving shares
of
Chronicle
a
Total
a
After
for
reserve
1936.—V. 145.
Total
depreciation of $464,628
$1,833,073
in
1937 and
$1,550,255
$384,302 in
440.
p.
The directors have declared
share
the class A
on
an
stock and
initial quarterly dividend of 25 cents per
initial quarterly dividend of 37 H cents
p.
prov.
a22,199
$1,475,379
242,599
for income taxes
Provision for income taxes
$844,768
143,058
$1,232,781
profits before
$701,710
an
per share on the 6% preferred stock both
Sept. 15.—V. 145,
— —
—
Net
(T. J.) Lipton, Inc.—Initial Dividends—
Net
payable Oct. 1 to holders of record
768.
profits
$21,664 representing the excess provision for 1929 Federal
settled in 1935.
Note—No provision has been made for taxes on excess and (or) undis¬
tributed profits, if any, as the amounts cannot be determined until the
a
Includes
income taxes which were
Liquid Carbonic Corp.— To Pay Special Year-End Div.—
The directors
Sept. 15 declared
on
a
special year-end dividend of 40 cents
Sept. 20.
previously
per share on the capital stock, payable Sept. 25 to holders of record
A regular quarterly dividend of 40 cents per share which had been
end of the year.
Balance Sheet
declared likewise bears the above dates.
The company's stock was split up on a two-for-one basis on July 19 last.
Prior to the split-up regular quarterly dividends of 65 cents per share were
Cash
distributed.—V.
a
145,
p.
1425.
Assets—
&
$627,911
SI,004,386
449,222
645,024
in banks...
Receivables
1,299,573
651,402
Prepaid insurance,
supplies, &c
30.907
28,697
Investments
70,692
66,848
accounts.
510,711
465,036
Development work
(new products).
51,500
44,926
Inventories
Lion Oil
Refining Co. (& Subs.)—Earnings—
Calendar Years—
bl936
Gross oper. income
Cost of sales.
Adm. & gen. exp.,
1935
1934
1933
$9,428,695
6,807,046
&c—
1,584,150
$7,120,417
5,358,933
1,057,276
$6,020,630
4,497,479
1,042,287
$4,818,462
3,319,872
846,656
$1,037,499
$704,208
41,358
$480,864
257,987
$651,933
69,125
$745,566
742,349
62,336
$738,850
676,564
58,066
$721,059
853,572
106,992
b Plant
_
250,975
and
tr.-marks
goodwill
Total
Total income.
Res. for depr. & depl.,&c
Interest
payable, &c
Fed. & State taxes
$1,288,474
582,618
62,390
a48,666
Special items (net)
Crl7,962
Amt. of net inc. of sub.
holders
Dr64
Crl31
$594,735
290,075
loss$58,987
Includes
Cr8,433
w
-
-
$12,652 loss$221,542
$21,518 Federal surtax on undistributed profits,
b The
company purchased all of the assets of Lion Oil Sales Co. (a subsidiary coma
$123,868
193,509
334,433
Liabilities—
Res.
for
taxes
Fed.
inc.
prior years
for
warranty
15,000
replacements
50,000
50,000
Cap. stock ($5 par) 1,250,000
Paid-in
& capital
surplus
266,759
Earned surplus
1,105,135
1,250,000
Res. for conting..
Cap. stk. in treas'y
—
$3,040,519 $2,906,320
After reserves,
b After
Maine Central
reserve
119,497
Dr68,500
266,759
928,278
Dr62,020
$3,040,519 $2,906,320
Total
for depreciation.—V. 145, p. 1745.
RR.—Acquisition—
9 approved the acquisi¬
of part of the line of railroad of the Lime Rock RR.
extending from the point of its connection with the Maine Central RR.
located in the south end of Rockland, in a northerly direction to Tilson
Wharf and Crocketts Point, a total distance of 1.53 miles.—V. 145, p. 1746.
The Interstate Commerce Commission on Sept.
tion by the company
cos. applic. to int.
of
minority com. stock
Net profit
Dividends paid
a
Dec.31,'36
$124,119
Accrued liabilities.
Res.
Patents,
Balance
Miscellaneous income._
Dec.31,'36
JuneS0,'Z7
Accounts payable.
June30,'37
,
hand and
/
Metropolitan Ice Co. (& Subs.)*
-Earnings—
1937
6 Months Ended June 30—
Net income before depreciation
—V. 135, p. 4568.
...
1936
$23,819
$34,334
1908
Financial
Market Street Ry. (&
1937
1936
$7,338,801
6,301,581
$7,448,921
6,251,200
$1,037,220
7,147
$1,197,721
8,493
$1,044,368
500,000
$1,206,215
$544,368
23,743
3,590
$706,215
490,052
25,368
4,581
$47,384
revenues
$186,213
maintenance and taxes
expenses,
Net oper'. rev. (before approp. for retirement res)
Other income
Net
oper. revenue and
other income
appropriation for retirement reserve)
Appropriation for retirement
(before
reserve
Gross income
Interest charges
500,000
469,650
Amortization of debt discount and expense
Other income deductions
.
Net income
—V. 145, p. 946.
Mar-Tex Oil
only to the extent that it was earned after the Missouri Pacific
entered bankruptcy in June, 1933, and omits provision for unearned interest.
Except that the Stedman committee's plan would wipe out the present
control and the management's plan would act to perpetuate it, and except
for the proposals concerning defaulted interest, "the two plans are similar
in most respects," according to Mr. Kitchel.
"The committee desires to avoid further controversy and concomitant
delay and expense," continued Mr. Kitchel.
"It recognizes that certain
elements of practical value will accrue to its depositors through a speedy
reorganization and the early receipt of new income-bearing securities.
It
has, therefore, when filing its plan with the ICC, stated to the Commission
that, if the debtor's plan be approved by the Commission without substan¬
tial modification and accepted by the other classes of security holders, it
will recommend to its depositors that they also accept.
If the debtor's
plan be not so accepted and approved, the committee will feel free to recom¬
mend its own plan.
anticipated that the debtor's plan will, under conditions stated,
acceptable to most, if not all, of the important classes of security holders.
fact, representatives of several of the most important classes have so
stated."
Terminal Shares,
1937
1936
$953,812
7,555,232
$851,601
6,242,102
12.0
21.0
1,026,405
7,447,313
880,359
5,985,124
24.4
1,971,568
1,604,831
22.8
Incr.
%
Billinos
August
Eight months
Unfilled Orders—
Aug. 31
—V. 145, p. 770.
interest
In
Mengel Co.—August Bookings—
'
bonds of the Missouri Pacific by the issuance of new securities for its full
The management's plan, on the other hand, recognizes defaulted
amount.
be
of this department.—V. 145, p. 1104.
Bookings—
August
Eight months
16.6
Inc.
of pending
litigation, no provision is made for the contract
by which Terminal Shares, Inc., was to sell certain real estate to the Mis¬
souri Pacific for $21,000,000.
It is proposed that the reorganized company
continue terminal operations and make payments in accordance with guar¬
antees or agreements existing on Dec. 31 last.
In
view
i
Voting Trust
All stocks to
be issued in the reorganization
Capitalization
*
Proposed New System
Metropolitan Personal Loan Co.—Injunction—
The Securities and Exchange Commission announced Sept*- 11 that an
injunction has been obtained in the U. S. District Court for the Eastern
District of Pennsylvania restraining the company from selling its class B
common stock without complying with the registration
requirements of
the Securities Act of 1933.
The bill a.leged that an offering of more than 75,000 shares of this stock
was made through the mails to all of the class B stockholders of the com¬
than 250 in number, residing in Pennsylvania and else¬
where, and that no registration statement had been filed as to this offering
being
pany,
as
more
required by Section 5 of the Act.
A final decree
signed by Judge Albert Branson Maris and
sented to by the defendant.—V. 145, p. 1746.
was
was
con¬
On Convers'n
Present
On
of Gen. Conv.
System
Reorganization
Income 5s
$505,033,721 $188,544,500 $188,544,500
Fixed interest debt.:
99,633,844
13,807,700
Unpaid interest on above
Contingent interest debt
Total
Preferred stock ($100 par)
1937
1936
$62,947
$21,586
Net inc. after oper. exps. Fed. inc. taxes, deprec. &
other charges but before Fed. surtax on undist.
a
profits..
No par
a
Value of $100 assumed for purposes of comparison.
1,875,237 shares of an average stated value of $84.02 per sh.
•—Proposed New System
On Conversion
dividend of $4.38 per share on account of
On
Fixed interest
1937 3 Mos.—1936—
1937—6 Mos.—1936
-
828,462
for
Fed.
prof.
$239,280
Missouri-Kansas-Texas
Period Ended July 31—
Operating revenues
Operating expenses
9,376,185
$5 preferred stock
This is the maximum amount and does not allow for the retirement of
general mortgage bonds through operation of the sinking fund, although,
if the earnings of the road had reached the point at which conversion had
taken place, the sinking fund would certainly have operated to retire a
loss$54,231
$318,293
$163,879
substantial number of general mortgage bonds.
MODIFIED REORGANIZATION PLAN AS OF JAN. 1, 1938, PROPOSED BY
STEDMAN PROTECTIVE COMMITTEE
Lines—Earnings—
1937—Month—1936
1937—7 Mos.—1936
$3,104,574
$2,890,846 $18,380,075 $17,399,247
2,272,374
2,048,598
13,767,754
13,499,403
—Outstanding—
Inc. after fixed charges
$60,261
$2,229,771
2,453,625
$1,492,015
2,479,993
$141,423 def$223,854 def$987,978
Unpaid
cipal
Int.
time.
Plaza
Ser. B
Cum.
Conv.
Inc. 4s Inc. 5s
5%
$5
Prior
Partic.
mon
Pref.
Pref.
Stock
S
k Com-
-Will remain undisturbed-
53
34,508
100%
$1,000—
Bldg
Olive
Each
$1,000
123,
—
527
176
53
75%
703
1st 6s
25%
a7.5%
Cairo & Thebes 1st
934
Each
$1,000
—
765
55%
1,699
4s
45%
Cent Br Un Pac 1st
4s
$1,000
266
—
bring accumulated interest to 10%, or $100
This 10% back interest represents two years' accumulations
977
326
266
60%
20%
al6.3%
Lit Rk & Hot Spgs
Adjustment bond interest amounts to $678,878 annually, which makes
accumulations, including the Oct. 1 coupon on this issue, $1,357,756.
In the first six months of this year "Katy" reported a deficit of
$623,554
after charges, against a deficit of $1,468,840 in the like 1936 period.
On April 1, the road paid two coupons or a full year's interest on the
issue. Although traffic of the road has shown some falling off in the rate of
gain over a year ago, in line with car loadings on the railroads of the country,
326
20%
1,628
Each
Omission of the coupon will
B
4s
St L Iron Mtn & So
Each
paid in April, that maintenance expenditures had been substantially in¬
creased during the current year and that the company will expend
during
the year in addition to the proceeds of equipment trust certificates more
than $1,000,000 out of current cash in purchase and construction of new
equipment, it was decided in order to maintain the present favorable cash
position not to make a further payment on the adjustment 5% bonds at
Ser.
(1) Missouri Pac.— $
Equip, trust ctfs— 15,082
Riv & Gulf Div 4s 34,508
Defer Interest—
Matthew S. Sloan, Chairman and President of this railroad, on Sept. 14
stated that in view of the fact that a full year's interest on these bonds was
Ser. A
Receive
Gen.
Mtg.
$
Mtg.
Prior
Securities—
$491,115
349,692
Will
Gen.
Mtg.
1st
Existing
$413,142
352,882
charges..
Fixed charges
this
*4,318,320
$11,732,300
2,988,200
Preferential divs. on participating
Income avail, for fixed
To
8,812,030
$16,226,010
2,988,200
4,133,500
-----
any
285.
p.
of Gen. Conv.
Income 5s
$7,413,980
$25,598,514
3,509,505
Contingent interest
*
Fed. inc. taxes, deprec.
& other charges, but
pro v.
System
Reorganization
$24,770,052
$7,413,980
Preferred dividends
Co.—Earnings—
Period End. June 30
Net inc. after oper. exps.,
145,
55,801,130
value.
b Represents
Total interest
before
a85,457,000
-.$826,640,638
total
Telephone Co. of 111.—Accumulated Div.
accumulations, on the 7% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 20.
This compares with $1.75 paid on July 1,
April 1 and Jan. 1 last and on Oct. 1, July 1 and April 1, 1936, this latter
being the first dividend paid by the company since July 1, 1933, when a
regular quarterly payment of $1.75 per share was made.—V. 144, p. 4186.
surtax on undist.
a85,457,000
$770,839,508 $599,288,500 $599,288,500
Annual Charges
Middle States
The directors have declared
Midwest Oil
82,174,143
preferred dividend arrears,_
Grand
107,958,000
a82,670,000 bl57,565,000
Participating $5 preferred stock._
Common stock ($100 par)
Add
Michigan Steel Castings Co.—Earnings—
7 Months Ended July 31—
182,853,000
$618,475,265 $371,397,500 $296,502,500
70,190,100
59,764,000
59,764,000
debt...
Totals
—V.
be represented by
would
voting trust certificates.
>
j
18, 1937
"It is
Co.—Registers with SEC—
See list given on first page
Sept.
Mr. Kitchel disclosed also that the latest plan of the committee provides
for the recognition of defaulted interest on the present senior mortgage
Subs.)—Earnings—
Years Ended July 31—
Operating
Operating
Chronicle
Boonville St L & So
a
$1,000 bond.
the issue.
on
charges and
adjustment bond interest as compared with a deficit of $138,209 in 1936.
The good cotton crop, together with a carryover from the winter wheat
crop, which was exceptionally heavy in the road's territory this year, are
expected to aid traffic materially in comparison with a year ago over the
balance of the year.
Some
falling off in movement of building materials is reported in the
southwest district, although many of the other commodities,
including live¬
stock, wheat and cotton, continue substantially ahead of a year ago.—
V. 145, p. 770.
Pacific
Missouri
A
Two
W.
filed with
RR.—Debtor
and
of
Stedman,
the
savings
banks
and
Vice-President
insurance
of the
Committee
a
headed
by
Insurance Co., has
modified plan of reor¬
ganization for the road which, if put in effect, would wrest its control from
the Alleghany Corp.
As explained by W. Lloyd Ivitchel, counsel for Mr. Stedman's committee,
the committee's plan would vest control of the
company in the present
bondholders
and
exclude
holders
of
the
present
Each
preferred
and
common
stocks of the Missouri Pacific from any participation in the new
company.
To this end the committee will ask the ICC to declare that Missouri Pacific
common and preferred stocks are worthless.
Series G
Each
—
$1,000—
25,000
—
12,140
Convertible 5Ms—
Each $1,000—
"vests the entire control of the
holders.
Mr.
new
Kitchel
in a prepared statement,
board of directors in the present bond¬
The debtor's
[management's] plan gives the present bondholders
new company but places the
operating control in
stockholders.
"The committee's plan excludes the present stockholders of the Mis¬
souri Pacific, both preferred and common, from any
participation in the
new company.
The debtor's plan gives them warrants to subscribe to the
common stock of tne new company at $25 a share for the first seven
years
and at $30 for the next eight years.
It will be recalled that the original
financial control of the
the
present
62.50
share."
tlan (dated April 23, 1936) of the committee fixed the warrant price at
a
6,117 33,644
10%
45,493
-
12,928
70,1901
81,314]
-
-
.
15,770
Each
14,346
4,600
g5,900
1,040
2,354
—
Each
901
hl47
•
$1,000—
Series D 4Hs
Each $1,000-Each
s3,049
$1,000--
Series C 5s
Each
r3,686
$1,000--
Series B 5s
—
-Will remain undisturbed-
_
1st mtge bonds:
Series A 5^s
—
all.6%
2,889
all.6%
2,889
all.6%
7,069
dll.6%
39,471 19,407
80% f39.3%
2,428
9,712
20%
80%
45,493
100%
Will receive nothing in reorganization-
(2) New Orleans Texas & Mexico—
Equipment trusts
692
Each
55%
$1,000—
Common stock
said
59
3,240
Each
2,062
all.6%
10,884
25%
1,784
9,812
10%
65%
9,418 51,799
10%
55%
2,500 13,750
10%
55%
2,500 13,750
10%
55%
$1,000,.
Secured serial 5Ms_
3,568
d20%
18,836
20%
5,000
d20%
5,000
d20%
12,234
d20%
25%
94,180 n20,406 23,545
25%
o5,833
6,250
Each $1,000—
25%
Series H.„
25,000
p5,938
6,250
Each $1,000—
25%
Series I
e61,170 ql3,508 15,293
Each $1,000..
25%
General 4s._
49,339
9,539
Each
Income 5s
plan,"
4,460
25%
137
al2.0%
59
m3,940
$1,000--
Series F
institutions.
committee's
34
17,841
$1,000—
The Missouri Pacific's management also has filed a modified plan of
reorganization for the line in opposition to the one backed by the Stedman
"The
137
234
5s
Each
1st & ref 5s "A".—
Common stock
companies
Prudential
Interstate Commerce Commission
1st
687
b60.3%
1,140
$1,000—
Preferred stock
Stedman
Modified Reorganization Plans—
committee
John
4s
Each
it is estimated that for the full year the road will cover its fixed
File
1st
$1,000—
7,885
50%
7,173
50%
2,300
50%
2,950
50%
1,177
50%
3,943
25%
3,586
25%
3,943
25%
3,586
25%
1,150
25%
1,475
25%
589
1,150
25%
1,475
25%
589
25%
25%
1,735
1,708
cll% al0.8%
1,435
1,412
cl0%
a9.8%
460
441
cl0%
a9.6%
531
509
c9%
a8.6%
94
46
c4%
a2%
430
60%
860
$1,000..
(3) International Great Northern—
Equipment trusts..
969
Will remain undisturbed
1st mtge. bonds:
Series A 6s.
Each
$1,000—
Series B 5s
Each
4,399
6,900
40%
6,000
1,275
2,400
5,500
1,169
2,200
■
$1,000—
Series C 5s
Each
17,250
40%
$1,000—
Adjustment 6s
Each $1,000—
40%
13,808
',
—
8,625
50%
3,000
50%
2,750
50%
3,533
2,591
— j20.5%
al5%
1,124
751
J18.7% al2.5%
1,030
688
jl8.7% al2.5%
3,452 10,356
25%
75%
Volume
Financial
145
OTHER SECURITIES AND LOANS AFFECTED BY PLAN
1st Mtg.
10-Yr.
Prin¬
Inter¬
Coll.Tr.
cipal
est
1st 4s
(1) Missouri Pacific;
$
8
$
$
$
$
$
Narragansett Electric Co.—Earnings—
Will ReceiveInt. to
$5 Par¬
5%
Prior
Ser. A
ticipate Be Paid
in Cash
Pref.
Pref.
3Xs
—Outstanding—
Pacific RR of Mo—
1st 4s
Each $1,000
Second 5s
6,996
3
100%
2,573
2,573
Each $1,000
*
'
238
w-
3
,V~--
3,828
799
26
230
Each $1,000
f'
A*
-
«.
26
3,828
6,014
■
Corp 1
23,135
.
3,396
cl4.7%
418
2,199
a9.5%
2,812
Each $1,000
6% loan...
.
----
100%
62
725
775
5,850
1,562
5,850
RR Credit Corp loan
Each $1,000
For unearned
cl3.2% al2.4%
434
13
421
.
100%
Balance of earned int. to
of principal.
including $40,000,000 principal amount pledged with RFC
be paid
k
paid in cash,
For earned interest and 10% of principal,
Per cent at $100.
I
Interest to be paid in cash in full.
m
$94,000 interest to be paid in cash,
$103,000 interest to be paid in cash,
$444,000 interest to be paid in cash,
$548,000 interest to be paid in cash,
$322,000 interest to be paid in cash,
p
q
s
—V. 145, p.
directors
have
pref. stock,
$4,219,325
2,774,300
Earned surplus July 31, 1937
charges applicable to the year, were not deducted in the statement
ings for 1936 but are to he amortized over the periods to stated
on
directors
have
dividends
of $2.33
share on the 7%
per
$2 per share on the 6% cum. pref. stock, par
the no-par $6 cum. pref. stock, all on account
declared
dividend
a
on
the $7
Net profit on sales
Cash discount, interest
87H cents per share wqre paid on Oct. 1, July 1, April 1 and Jan. 1,
against 58 1-3 cents per share paid in each of the five preceding
the stock received regular quarterly payments of
$1.75 per share.—V. 145, p. 1266.
Corp.—Listing Approved—
The New York Curb Exchange has approved for listing $4,445,700 out¬
standing principal an ount 1st n ortgage 5% bonds, series A, due Aug. 1,
1960, and 133,705 outstanding shares of con mon stock, no par, with au¬
thority to add to the list, upon official notice of issuance, 13,000 additional
shares of common stock, no par.—V. 145, p. 285.
1937
$244,583
116,089
111,982
1936
$233,598
129,271
121,236
1935
$212,464
118,446
110,363
1934
$175,663
83,561
78,897
1,705,239
774,799
750,612
1,478,564
627,251
610,714
1,291,105
567,226
584,595
1,237,244
448,822
483,286
August—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway---...
after rents
145. p.
Federal
1,592
Inventory A -——-
Morris Plan
Federal, State & county taxes
103,784
Capital
Earned
surplus
1
4,911
-
6% preferred stock payable Oct. 1 to
holders of record Sept. 20.
Similar payment was made on July 1 and on
April 1, last, and a dividend of 30 cents was paid on Dec. 26, 1936.—V.
144, p. 4187.
Mountain
States
144, p.
1937—6 Mos —1936
after oper.
normal Fed. inc.
taxes, deprec. & other
chgs. but before Fed'l
profit
Mexico—Earnings—
[Mexican Currency]
1937—Month—1936
11,542,692
11,133,254
9,768,643
8,758,838
70,556,908
56,584,107
62,100,602
50,648,361
2,374,416
13,972,801
11,452,241
1,774,049
Net oper. revenues...
accr.
loss$44,615
3641.
National Rys. of
Tax
loss$7,173
$18,854
$32,692
surtax
-V. 143, p.
1937—6 Mos.—1936
& uncollectible
53
52
30,263
1,773,997
336,227
2,374,416
167,450
13.972,748
1,231,467
11,421,978
2,110,224
452,834
2,541,866
327,612
15,204,215
3,784,281
12,247.238
2,661,135
1,657,390
Other income.
a
Co.—Earnings—
exps.,
Telephone & Telegraph Co.—Neiv
S.N. Hicks has been elected
—V.
$1,846,052
„
1937—3 Mos —1936
Period End. June 30—
Net
revenues
Director—
_
b The liquidation of advances on behalf of
Jackomatic Corp. amounting to $135,339 is contingent upon the successful
operation of that company.
Officials advise that, due to mechanical de¬
velopments by the Jackomatic Corp. in 1936, the ultimate loss to company
resulting from investment and advances should be nominal,
c After
reserve for depreciation of $316,466.—V. 144, p. 112.
Railway oper. revenues.
Railway oper. expenses.
the series 1931
Total
$1,846,052
After reserve of $37,958.
a
dividend of 15 cents per share on account
on
1,337,032
206,782
113,726
surplus
997,164
Total
$76,000
76,425
22,478
13,081
527
135,339
Plant and equipment
_
Interest
Capital stock..
6,101
Pats., trade-marks & goodwill.
Period End. June 30—
a
payable.-...:
payable
Royalties, wages & commis'ns
238,897
..
Long-term notes receivable.-,
b Accts. with Jackomatic Corp.
Corp. of America-—Accumulated Dividend—
The directors have declared
Notes
164,469
National Pole & Treating
quarterly dividend of 75 cents per share
on the common stock, par $10, payable Oct. 15 to holders of record Oct. 1.
On March 25 last the company paid a dividend of $3 per share and
announced its intention to omit the dividends which would normally have
been declared payable April 15 and July 15.
Dividends of 75 cents were paid on Jan. 15 last and on Oct. 15, 1936
and previously regular quarterly dividends of 25 cents per share ware paid
from April 16, 1928, to July 15, 1936, inclusive.—V. 145, p. 443.
a
1936
Trade accounts
-
Investments
1266.
of accumulations
acceptances
accounts receivable
31,
Liabilities—
|
$195,385
and
&
loss$81,382
30,800
Dec.
Sheet
Assets—
Cash
c
Crl7,173
$64,482
—
Balance
Notes
loss$66,682
12,635
loss$62,144
19,238
tax
Net profit to surplus—.
Dividends paid...
a
703,663
181,534
13,788
60,969
$76,337
10,263
-
charges
income
•
Crl5,649
Profit from oper., before Federal income taxes.
(Philip) Morris & Co., Ltd., Inc.-^-75-Cent Dividend—
The directors have declared
$81,152
20,464
and miscellaneous
commissions, rent
Deferred charges.
RR.—Earnings—
----
-.
Cash discounts earned, interest,
and miscellaneous
as
quarters, prior to which
Montour
$893,273
1,174,345
195,296
13,739
63,418
Selling, general and administrative expenses
Development and experimental expenses
Provision for depreciation—
Non-operating
Dividend—
of $1.75 per share
no par
Missouri Public Service
1935
1936
$1,527,951
Divs. of
—V.
-Earnings-
National Rubber Machinery Co.-
value, payable Oct. 1 to holders of record Sept. 20.
Similar payment was n ade on July 1 and on April 1, last.
A div. of $1.16
2-3 per share was paid on Dec. 31, Oct. 1, July lk April 1 and Jan. 2, 1936.
Net
1937, and, therefore, is not
Calendar Years—
Missouri Edison Co.—Preferred
pref. stock,
of earn¬
dates of
maturity of said 5% bonds), the company is of the opinion that it had no
income for the year ended Dec. 31,1936, subject to Federal taxes.
For the seven months ended July 31, 1937, provision for Federal income
tax totaled $235,673.
No provision has been made in the accounts for
Federal surtax on undistributed profits for the seven months ended July
31, 1937, because the amount of such tax is dependent on the action of the
earnings of subsidiary, Rhode Island Power Transmission Co., for
the 12 months ended July 31,1937, aggregated $73,319.—V. 145, p. 1105.
1 to holders of record Sept. 10.
April 1 and Jan. 2 last, Oct. 1 and
July 1, 1936.
Dividends at the regular quarterly rate were paid on April 1
and Jan. 2, 1936 and on Oct. 1, 1935.
For detailed record of dividend pay¬
ments see V. 141, p. 1774—V. 145, p. 1427.
1935,
$1,445,024
with
-
the regulations of the Bureau of Internal Revenue, premiums paid in retir¬
ing 5% bonds called for redemption in 1936 and the balances of unamortized
discounts and expenses on such bonds (which items, except for amortization
Net
of accumulations and all payable Oct.
Similar payments were n ade on July 1,
The
$3,223,720
995,605
directors with respect to dividends payable in
determinable prior to the close of the year.
.
Light Co.—Dividends—
declared
par $100;
$100, and $2 per share
cum.
115,085
44,229
-
1427.
Minnesota Power &
The
cum.
$4,622,367
1,239,333
-
red. premiums on refunded bds.
-1
Total
$244,000 interest to be paid in cash,
$202,000 interest to be paid in cash.
r
funded debt
Note—After deducting from taxable income for 1936, in accordance
Co.
j
o
on
Net earnings for the period
Earned surplus Aug. 1, 1936
Western
and J. P. Mor¬
20% of principal.
Not including $1,900,000 principal amount pledged with RFC.
Interest accrued from Oct. 1, 1935, at 5%, of which $7,000 will be
$23,000 interest to be paid in cash,
n
Interest
Dividends
For unpaid interest and
i
1,269,142
$4,249,128
373,239
...
Interest.
For earned Interest and 10%
h
910,377
Net operating income
Other income
.
in cash.
6
498,656
'
b
Also receives $453,600 Rock Isl. Ark. & La., Little Rock & Hot Springs
4% notes to be deposited with mortgage trustee,
c
For earned Interest.
Balance ol earned Interest to be paid in cash,
f
576,673
-
Maintenance.
Depreciation
Taxes.
Amort, of discounts & expenses &
Miscellaneous interest charges
International Great Northern
gan &
$11,635,040
4,131,063
!
-
100%
Each $1,000
Not
Total operating revenue
Operating expenses
Purchased electric energy
Gross income
w
'
155
2,657
.$11,336,238
187,603
111,199
-----
230
•v ~
100%
23,135
.
Each $1,000.
e
Rentals of operating property
100%
RFC 6% loan
d
7
.
■'
100%
Each $1,000
a
A
Earnings for 12 Months Ended July 31, 1937
Sales of electric energy
Sales of gas
-j,r:' "V
100%
799
Missouri Pac Ry 3d 4s._
(2)
—
A'' -.V'-
238
7
.
Each $1,000.
Real estate 5s
J P Morgan
.
100%
Carondelet Br 4^8..
RR Credit
117
•
117
6,996
1909
Chronicle
2,214,254
11,419,935
9,586,102
825,260
director of this company to fill a vacancy.
1792..
Total income.
Deductions
Muskegon Motor Specialties Co.—Dividend Arrearages
Cleared
income.
1746.
Net operating
Up—
The directors have declared
a
dividend of $1 per share on the $2 cumu¬
class A stock, no par value, payable Oct. 1 to
holders of record
This payment completes payment of arrears on the class A stock
provides for the 50-cent distribution ordinarily due Sept. 1.
See V.
145, p. 123, for detailed record of previous dividend payments.—V. 145,
P. 1266.
1
—V. 145, p.
lative
National Tile Co.—Earnings-
Sept. 25.
and
Mutual System, Inc.—Extra
Common Dividend—
Depreciation
Other
an extra dividend of one cent per share in
quarterly dividend of five cents per share on the
stock, both payable Oct. 15 to holders of record Aug. 31. Similar
The directors have declared
common
prof$10,821
Balance
payments were made on July 15 last.—V. 144, p. 3845.
The directors have declared a dividend of
accumulations
the 7%
$1.75
per
share
on
account of
pref. stock, par $100, payable Oct. 1 to
Similar payment was made on Aug. 10 and on
A dividend of $3.50 was paid on June 1 last.
Dividends of
on
cum.
a
Jul\
c
1 last.
1935
1936
1935
Accts. & wages pay
20,263
d Accrued expenses
$52,12 9
14,602
$27,106
10,387
Capital stock
surplus...
1,194,850
190,624
1,194,850
Paid-in
Deficit
487,537
498,358
$964,669
$924,610
51,161
284,939
10,284
Capital assets...
491,281
529,028
1
$964,669
$924,610
After payment
$26.25
per
of the current dividend, accumulations will amount to
share.—V. 145, p. 771.
National Manufacture & Stores Corp.—Barred—
The securities division of the Mass.
Department of Public Utilities has
Mass. securities of the corporation for failure to file
certain information.—V. 144, p. 3510.
barred from sale in
190,624
6,233
Deferred charges..
Total
e
1
3,584
Patents.
as
1934.
Liabilities—
1,997
78,002
—
$1.75
were paid on April 1 and Jan. 2 last and on Oct. 1 and July 1, 1936.
against $3.50 paid on June 1, 1936; $1.75 paid on April 1 and Jan 2,
1936; Oct. 1 and July 1, 1935; $3.50 paid on May 1, 1935; $1.75 paid on
April 1 and Jan. 21, 1935, and on Oct. 1, 1934; $3.50 per share paid on
Sept. 1, $1.75 on July 2, May 1 and April 2, and $2.61 per share on Jan. 1,
$196,521
31
$22,699
299,335
b Account receiv..
Inventory
Other assets...
$162,778
Dec.
1936
U.S.Govt, bonds
holders of record Sept. 21.
Sheet
$90,468
Assets—
Cash..,
National Grocer's Co., Ltd.—Accumulated Dividend—
$2,786
133,505
53,082
12,720
$41,594
13,884
deductions
Loss
addition to the regular
1933
$16,181
115,934
52,095
10,929
1935
$207,146
130,355
52,085
Sell., gen. & adm. exps.
1934
$121,620
114,455
51,885
Cr3,126
1936
Calendar Years—
Gross profit from oper._
Total
After reserve for
b After reserve.
depreciation of $732,853 in 1936 and $629,231 in 1935. and after reserve for
revaluation of $621,170 in 1936 and $677,423 in 1935.
d Including taxes,
e Represented by 119,485 no par shares, after deducting 515 shares in treas¬
ury.—Y. 145, p. 1267.
a
Including
accrued
interest,
National Tunnel& Mines Co.—Unlisted Trading Privleges.
The Securities and
tion
Exchange Commission has ordered that the applica¬
of the New York Curb Exchange for permission to
extend unlisted
1910
Financial
trading privileges
V. 144. p.1969.
the
to
stock
capital
of this
be
company
Chronicle
granted.—
Niagara Hudson Public Service Corp.—New Name—
Stockholders on Sept. 14 approved a change of natre of the
company to
Central New York Power Corp. at a
New Bradford Oil Co.—1 S-Cent Dividend—
special n eeting held in Syracuse, N. Y.
Central New York Power Corp., one of the
principal operating subsidiaries
Niagara Hudson System, serves n ore than 192,500 gas and electric
The directors have declared
a dividend of 18 cents
per share on the com¬
stodk, payable sept. 1/ to holders of record Sept. 10. A similar amount
w«s paid on April lu, last, and
compares with lu cents paid on May 15, 1936
and each six months from March 15, 1934 to and
including Sept. 15, 1935.
The March 15, 1934 dividend was the first
paid since April 15, 1931, when
of the
mon
seven cents was
New
distriouted.—V. 144. p. 249u.
Directors have declared regular quarterly dividends of
$1.50 per share
on the 6%
preferred shares and of 50 cents per share on the $2 preferred
sharas, payable Sept. 21 to holders of record Oct. 1.
Dividends are in
both issuas.
See
ast.
V.
143,
V. .145, p. 948.
Similar payments were made
4010,
p.
tor
detailed
record
July 1 and April 1
on
of dividend
,
:
New York Central
\
Net ry. oper. income.
Other income
additional generating and distribution facilities made necessary by the grow¬
ing business of the corporation.
Included in this building program is the
construction of
Sept. 14 by John L. Haley, President of the company.—V. 145, p. 1429.
$48,931,661
15,019,650
9,967,615
North American
charges
Provision for Fed. income & undistrib. profits taxes
$1,049,693
$6,748,629
$1,410,557
("ash dividends
$0.04
$0.21
$1.05
$0-28
Depreciation...
commutation
passengers
The directors
1935
Liabilities—
$104,677
Accts. rec. (less res)
Notes rec.(less res)
199,012
285.848
Notes payable
Accts. payable.
14,982
10,124
Sept. 14 declared
an initial dividend of a2.40 per share
15 to holders of record Oct. 6.
of the Omnibus Corp., made the following
430,049
593,637
ployees & others)
13,670
11,012
Cash value of offi¬
Land,
A.
Ritchie,
President
"As
a
41,691
3,299
2,500
988,954
fund
&
Prov.
equipment..
operations
result of the dividend declared
35,684
29,475
b Com.
Omnibus
c
& Honduras
Rosario
Earned surplus.
Mining Co.—IrUerim
Dividend—
directors
have
declared
an
interim
dividend
for
the
third
quarter
of 1937 of $1.15 per snare on the
capital stock, par $10, payable Sept. 30
to holders of record Sept. 20.
An interim dividend of 87^ cents was paid
on June 28,
last and one of 75 cents was
paid on Marcn 27, last.
See
1794, for detailed record of previous dividend payments on this
145, p. 1267.
V. 144, p.
stock.—V.
New York Westchester & Boston
Ry.—Intervention—
Federal Judge John W. Clancy has authorized a
group of insurance com¬
panies, holders of $2,050,000 in first n ortgage bonds, to intervene in pro¬
ceedings instituted by Harry Trainer in which foreclosure of a n ortgage
underlying an issue of $22,351,000 in bonds of the con pany is sought.
The intervenors, acting as a
single unit, under the chainnanship of Frederick
W. Walker, Vice-t resident of the Northwestern Mutual Life
Insurance Co.,
include that con pany, the Metropolitan Life insurance Co
Hancock Mutual Life Insurance Co.—V. 145.
and
180,000
91,500
__
__
24,907
Net sales
^
_
__
Cost of goods soldSell. & gen. expenses...
_
1936
1935
1934
net__
$7,760,536
6,213,285
789,635
$5,369,681
4,338.622
604,364
$3,061,888
2,323,512
415,113
95,650
93,908
72,824
40,835
,
Fed. inc. &
profs,
excess
taxes.
311,196
105,843
51,160
common
stated
at
value.—V.
__
$557,865
$302,712
691,019
$240,729
824,782
Net refund 1930 Fed. inc.
At
a
North American Rayon
84,084
$2,222,936
x550,611
for prior years._
Add'I Fed. inc. tax paid
for 1933
$1,382,647
$993,731
165,001
202.502
$766,528
75,509
Operating profit.
_
Dividends________..___._...______
_
__
'
$1,672,326
158,874
per share
Dec.27,
$6.57
1936
$1,178,842
150,000
$3.71
1935
$160,727
$177,438
Com. stk. of Amer¬
$824,782
150,000
$2.01
Liabilities—
U.
S.
payable
13,500
13,500
1,442,384
961,741
Accruals
771,179
Dividends payable
Miscell. taxes
44,794
Ctf. of int. in assets
banks
Res.for
of closed bank..
2,725
Fixed assets
Deferred charges..
732,949
706,305
x
363,682
202,354
Profit
y
_
$1,959,710
1,454,841
$906,911
437,847
$533,410
322,280
$469,064
$211,130
Outstand.
& bonds
rec.
980,562
compensation
1935
$246,342
200,000
75,270
56,250
311,196
and
cos.,
13,922
current
14,040
9,993
506,750
196,914
Pref. div. payable.
33,399
43,113
accounts.
Fed. Inc., cap. stk.
Res. for conting..
....11,952,561
985,831
z2,214,616
1,178,842
loss
43,192
2,874,200
2,621,870
3,272.810
2,906.500
Capital surplus—
Total
17,371
6% cum.pr.pf.stk.
y Common stock.
2,110,861
3,272.600
1,605,991
11,952,561
11,170,243
11,170,243
Total
$3,851,308 $2,877,312-
Total.........$3,851,308 $2,877,312
x
Represented by 158.874 shares common stock par $5 in 1936 and
150,000 no par shares in 1935.
y After depreciation,
z Includes paid-in
surplus arising from: excess of recorded value of 150,000 shares of
no-par
value stock changed as at Oct.
15, 1936 to $5 par value $235,830, excess of
market value over par of 6,642 shares issued as
at Dec. 21, 1936, to stock¬
holders electing to accept stock in
payment of special dividend at that
date $229,176, and excess of market value over
par of 2,232 shares issued to
employees (other than to officers and directors), as at Dec. 24, 1936, as
additional compensation for 1936 $77,283; total
paid in surplus $542,290.—
Larger Dividend—
After
y
Northeastern Oil & Gas Co.
(Formerly
Hillcrest
(& Subs.)—Earnings—
Natural
Gas
Co.)
Earnings for 12 Months Ended June 30, 1937.
Net income after oper.
exps.,
Fed. income taxes, deprec. & other
charges. but before prov. for Fed. surtax on undist. earnings _
—V. 142, p. 3854.
dividend of 75 cents per share
payable Sept. 30 to holders of record
Sept.
were
paid
20.
Previously regular
distributed.
on
In
addition
Dec. 21, 1936.—V.
North Central Texas Oil
Calendar Years—
Inc. from all sources
Loss
on
sale of securities-
Federal taxes
Net
income.....
Preferred
quarterly dividends
special dividend
145, p. 1268.
a
of
of
50
cents
per
share
$1.50 per share was
Surplus
1934
$203,194
59,820
72,033
1933
$127,701
8,208
1,963
$69,752
$62,010
$63,131
657
5,500
$25,501
13,362
•
59,629
40,608
"
—
37,500
$32,252
Shs.com.stk.out.(par $5)
x
1935
$195,119
61,333
56,612
7,032
8,132
dividends
Earns, per sh. on
Co., Inc.—Earnings-
1936
$257,078
62,329
111,406
3,357
$20,73b
xl0,235
Oper. & gen. expenses..
Deple. & depreciation..
Common dividends
.
The directors have declared a
quarterly
on the common stock, no
par value,
2,621,870
reserve for depreciation of $6,016,460 in 1936 and $5,172,012 in
Reprasented by 300,000 shares of class A stock, no par, and 212,374
hares of class B stock, z Other investments
only.—V. 145, p. 615.
x
.
Total
~7" 500
7,000
Ktge. payable
13,922
794,374
surplus
8,060
& other taxes...
92,438
6,020,915
24,089
Deferred charges..
120,855
..
55,490
46,334
302,485
Affil.
zl 14,518
6,482,671
...
workmen's
Capital stock
45,054
57.492
Earned surplus
99,847
__
68,658
9,432
_
Other accr. liabil..
1.07L656
785,910
Fixed assets
1935.
....
$
103,747
payroll
drafts & checks.
469
.
Dec.29,'35
-
Accrued payrolls.
1,143,178
rec_.
$
293,475
Emply. accts. pay.
657,000
Accts. & notes
Accrued int.
special
total shares
$417,353
Dec. 27,'36
Liabilities—
and
to
1,083,468
51,873
Cash value insur..
$643,910
110,500
Trade credit, &c._
2,977,582
Treas. notes
to other cos
$691,019
150,000
$1.60
1936
Accounts payable.
Notes
__
$1,069,324
162,413
366,000
76,000
$
2,735,417
Balance Sheet Dec. 31
ican Nat. Bank.
$2,401,710
'36 Dec.29,'35
$
Cash
■
$2,5,716
(elective):
market, Dec. 21, 1936, $262,390.
Receivables
$552,126
91,784
Balance Sheet
Invests, in & advs.
1,303
dividend paid in stock to holders of
132,856 shares
issued 6,642 valued at
Inventories
$1,058,070
11,253
__
Dividends declared and paid in cash
(regular) $262,504, special dividend
paid in cash to holders of 17,144 shares (elective)
Assets—
$2,367,498
34,212
...
x
Cash
$2,146,189
898,112
695,950
_
Profit before prov. for inc. taxes
Pro vision for income taxes
Prov. for surtax on undist. profs.....
Inventories
3,947
stock
$2,770,586
983,472
729,043
$504,869
expenses.
$4,082,126
999,030
715,597
Other income.
x
com.
Dec. 29, '35 Dec. 30, '34
Dec. 27, *36
Assets—
disputed
...
Corp.—Earnings—
Years Ended—
Balance.-
royalties
Surplus, Dec. 31,
Chairman—
meeting of the directors, Edgar Allan Poe Sr., was elected
Chairman.
Edgar Allan Poe Jr., has been a director and Secretary of
the company since its incorporation and remains as such.
Henry W. White
continues as President and Chief Executive Officer.—V.
144, p. 3012;
V. 124, p. 2920.
7,978
Divs. paid & declared
Adj. of ras. for deprec.,
4030.
recent
3,386
acct.
p.
The stock of this company is now listed on the Baltimore Stock Exchange.
430,349
Reduct. of 1932 local tax
Net amt. refunded by es¬
crowed
^42,
North American Oil Go.—Listed—New
Net profit for the year.
Surplus, bal. Jan. 1
$2,007,066 $2,026,230
Total
41,699
$1,044,094
1,178,842
Net income
f 36,960
1933
$9,353,174
6,880,227
1,022,007
Misc. deducts, from inc.,
227,780
ft37,960
a After reserve for
depreciation,
b Represented by 40,000 no-par shares,
Represented by 60,000 no-par shares,
d Taxes only,
e Represented by
91,500 no par shares,
f Reprasented by 1,848 shares common class A.
g Represented by 1,848 shares preferred at par value and 1,000 shares of
Operating profit
Depreciation of plant.
Selling, adminis. & general
Noblitt-Sparks Industries, Inc.—-Earnings—
Years Ended Dec. 31—
Total.........$2,007,066 $2,026,230
def53,367
290,581
c
the John
1108.
p.
Shares
800", 000
800,000
Treasury stock
New York
Earnings
575,000
stk., cl. A.
Com. stock, cl. B
Capital surplus.
1594.
The
575,000
Pref. stk. ($20 par)
e Common stock
"The Omnibus Corp. directors will consider the declaration of a dividend
on its common stock at a
meeting to be held later in the year."—V. 145,
p.
5,000
notes
payable
10-year 4% debs.,
by New York City Omnibus Corp.,
Corp., on its interest in approximately 52% of the stock
presently outstanding of New York City Omnibus Corp., will receive in
excess of $580,000 on Oct. 15.
the
41,691
(contra)
for contlng.
Long-term
Deferred charges to
18,401
18,000
debt sink.
Funded
988,214
bldgs.
66,197
d25,915
Res. for Fed. taxes
(contra)
Other assets
a
$165,000
79,179
and interest
debt sink,
fd. acct.
1935
1936
$71,130
106,301
_.
Accrued local taxes
cers' life insur..
the common stock, payable Oct.
statement:
loss$19,001
Savings accts. (em¬
Inventories
...
Funded
City Omnibus Corp.—Initial Dividend—
on
$87,737
38,152
27,173
i.
stock
1936
the increase in interline and local
passengers amounted to
or 32.65%, with an increase in revenue of
only $2,685,576, or
1594.
common
$95,010
114,012
18,000
....
preferred stock
on
$208,219
102,482
_
$280,464
months of 1937
145, p.
on
Assets—
Cash
and revenue, interline and
1937, increased 240,709, or 14.05% but revenue
resulting therefrom increased only $515,890, or 10.03%, and for the seven
New York
;
Balance Sheet Dec. 31
connection
local passengers for July,
ex¬
...
Net profit for year
("ash dividends
No similar charge in 1936.
Note—Excluding
deducting all
incident to operions, incl. those for ordin¬
ary repairs and maintenance but before deduction
for depreciation
penses
for month and $2,896,284 for 7 months, account of
with Kailroad Retirement
Act, at 2M%
in
tax
1935
1936
$5,960,843 $39,093,769 $35,705,956
142,004
1,009,251
907,846
4,769,146
31,355,889
33,387,553
138,969
4,349,372
_
Includes $422,841
John
Creameries, Inc.—Earnings—
Calendar Years—■
Net income from all sources, after
Net income after fixed
on
electric generating station which will be located
64,255,844 $25,779,620 $23,944,396
1,704,999
13,314,149
11,761,560
_
Net inc. per snare of stk.
2,930,367,
8.43% .— V.
a new sLearn
on
Lake Ontario at Oswego.
Announcement regarding the location of
this plant, subject to the acquisition of
property and rights of way, was n ade
$253,505
__
Total income
a
State.
$3,204,426
1,537,420
Miscell. ded'ns from inc.
Total fixed charges
of payrolls.
York
New
$4,741,846
_
carriers excise
northern
The bonds to be redeemed bear interest
ranging from 5% to 6%.
new bonds will bear interest at
3%%.
The balance of the proceeds will be
applied toward the construction of
RR.—Earnings—
$7,740,484 $54,081,451
2,226,038 a 19,669,004
1,258,602
8,632,827
and
The
,
Period. Ended July 31—
1937—Month—1936
1937—7 Mos.—1936
Ry. operating revenues.$30,720,572 $29,416,616 $217552,526 $201032,622
Ry. operating expenses. 23,671,897
21,67o,132 163,471,075 152,100,961
Net rev. from ry.oper. $7,048,675
Railway tax accruals
a2,889,034
Equip. & joint fac. rents
955,215
central
tion.
payments.—
-V
in
customers
The stockholders of the con
pany also authorized the execution of a
mortgage upon the property of the corporation.
The corporation contem¬
plates, subject to authorization by the P. S. Commission, the initial issu¬
ance and public
offering of not to exceed $48,364 principal amount of 3% %
bonds to be secured by the m.ortgage.
It is expected tliat a portion of the
proceeds of the sale, together with any pren ium realized on the sale of the
issue, will be applied towards the reden ption of $36,364,500 of the out¬
standing redeeii able bonds heretofore issued by certain of the constituent
companies, which on July 31, 1937 were consolidated to form the corpora¬
England Power Association—Dividends—
arrears on
18, 1937
Sept.
com..
$61,353
$57,631
$12,139
250,000
$0.28
250,000
262,380
$0.22
262,446
Includes $1,023 for surtax
on
$0.24
undistributed profits.
$0.04
Volume
Accts.
1935
$53,246
27,818
25,231
Accts. pay.
Treasury
1,300
$5) 1,350,000
1,350,000
14,734
_
208
115,572
115,572
29,492
6,800
1,259,482
int. receiv..
leases
Furn. & flxt's..
108
18,451
20,084
After reserve
x
for
$955,030 in 1935.
y
$7,811 in 1935.—V. 145, p.
1268.
Dividend
North Star Oil, Ltd.'—Accumulated Dividend—
The directors have declared a dividend of SH cents per share on account
of accumulations on the 7% cumulative preferred stock, par $5. payable
Oct. 1 to holders of record Sept. 1.
This dividend is payable in Canadian
funds and in the case of non-residents is subject to a 5% tax.
a similar
payment was made on July 2 and on April 1 last, as against 17j^ cents
paid on Jan. 12 last- 8% cents per share paid on Oct. 1, July 2 and April 1,
1936 and divs. of 17Yi cents per share paid on Dec. 20 and on March 1,
1935.
The last regular quarterly dividend paid on this issue was the
8%-cent payment made on Oct. 2, 1933.—V 144. p. 4017.
directors at
a
Public Service Co.—Accum. Divs.—
16 declared a dividend of $1.75
meeting held Sept.
of
share on the 7% cumulative preferred stock, par $100; a dividend
$1.50 per share on the 6% cumulative preferred stock, par $100,
a
dividend of $1.37M per share on the 5M% cumulative preferred stock,
per
and
par
$100. all payable on account
of accumulations on Oct. 14 to
holders of
record Sept. 30.
current payments will amount to
Arrearages after the
the full dividend
years.—V. 145, p. 1430.
for two
(Del.) (& Subs.)—Earnings
31— 1937—7 Mos —1936
1937—12 Mos.—1936
$20,780,585 $20,025,711 $35,602,676 $34,011,478
Northern States Power Co.
Period End. July
Operating revenues
Oper. exps., maint. and
11,549,932
$8,750,094
63,337
$8,475,779 $14,898,839 $14,602,945
40,328
94,304
61,651
(before
for retire¬
Net oper. rev.
reserve)
ment
Other income
Net oper. rev. & other
inc. (before approp.
for retir. reserve).
$8,813,430
_
1,613,333
Approp. for retir. reserve
$7,200,097
2,472,732
Gross income
Interest charges (net)..
Amort, of debt discount
pref.
sub. held by
Min.
in
int.
stock of
public—
net
58,348
563,769
50,239
39,530
39,530
65,968
67,096
$3,044,444
$5,815,123
of recent hearings in the Federal Court in Wilmingpartially favorable to the common stockholders. The letter points
that testimony of company officials and experts at a
recent Federal Court hearing painted glowing prospects for the company's
future in spite of the fact that the company had previously claimed that
there were no assets left for common stockholders.
At the hearing, part
tion
was
out, in tne main,
involved objections of common stockholders to relinquishing
subscribe to new securities the company rmight want to
of the discussion
prior rights to
offer in the future.
of reorganization, the company indicated it wished com¬
waive all rights to subscribe to 492,615 shares of
stock.
After considerable argument both Roy B.
Jones, President of the company, and a representative of Hall, Cherry,
Wheeler
&
Co.,
underwriters of the new notes, agreed
in open
court that they would waive that restriction with the result that if the
company is reorganized, new common stock will have to be offered to
common stockholders first,
Mr. Criscuolo stated that while the master's report did not change the
provision under which common stockholders would receive one-half share
of new common for each share of old common held, the master did indicate
that the provision under which the management reserved for themselves
options for 50,000 shares of common stock for a period of five years at
per share, was unfair.
The master recommended that the court
restrictions on the issuance of such stock as would fairly protect the debtor
and the stockholders from the abuse of the options for said stock.
It was reported that the committee expected to appear in the Federal
Under the plan
stockholders to
mon
additional
common
$3
place
the hearing
at
12 Months Ended July
1937
31—
Operating revenues
Operating expenses, maintenance
1936
$30,780,864
18,437,044
$29,527,926
17,725,377
reserve)$12,343,819
$11,802,549
1,104,345
and taxes
Other
1,048,548
income
Expenses
Deprec. &
(before approp.
$485,401
197,572
$13,392,367 $12,906,894
2,444,665
Gross
2,439,786
Other
$10,947,701 $10,467,108
5,076,579
4,078,816
532,994
568,840
40,042
49,000
income
Interest charges
(net)
and expense
income deductions
on
$682,973
180,295
$6,251,046
Net income
$4,817,493
of the Northern States Power Co. system for the
1937 totaled 24,324,969 kilowatt hours, an increase of
compared with the corresponding week last year.—V. 145, p. 1749.
Northwestern Electric
$269,522 loss$429,664
183,300
183,300
637,264
of cabs.
Loss on unoccupied prop.
Other int. & misc. chgs.
stock.—V. 145, p. 1595.
sees.,
4,652
13,893
112,397
supplies.
40,934
83,300
50,672
Dep. in
Inv.
1,706
2,254
2,625.352
2,573,383
closed bks.
allied
in
Equity in dep.
co.
und.
agreem'ts
329,763
13,385
3,891,230
Deferred charges
207,201
__
2,084,206
for
6,083,986
1,200,000
5,785,465
1.025,000
30—
Sales—
normal Fed. inc. taxes,
deprec. and other charges, but before surtax on
earnings
share on common stock
3513.
&
stk. taxes..
20,283
404,656
6,610
4,550
Sundry accr. exps.
30,336
1,579,707
Other curr. liabil..
41,411
taxes.....
5,643
and
accrued int. —-d2,373,152
2,084,206
Notes
pay.
(not
179,719
79*756
Fed. inc.
for
Res.
19,326
4,212
notes
Equip,
215,111
594,739
50,000
211,800
218,200
3,045,000
workmen's
comp.,
110,022
&c
119,948
28,871
for conting..
4,682,328
4,682",328
Paid-in surplus
5,572,519
Earned deficit
6,945,553
5,572,519
7,287,723
c
Total
doubtful accounts of $2,717 in
$9,883,053 $7,403,857
.$9,883,053 $7,403,857
Total
a
Common stock..
After reserve for
1936 and $1,212 in 1935.
$2,753,437 in 1936 and $3,668,600 in 1935.
c Represented by 721,905 no-par shares,
d Payable to Checker Cab Mfg.
Corp. (secured by taxicabs), of which $1,318,651 current and $1,054,500
due subsequent to Dec. 31, 1937.—Y. 145, p. 1270.
b After reserve
for depreciation of
1936
1935
1934
1933
$3,391,598
$2,790,327
2,599,124
2,231,423
{52,339,578
1,889,050
$1,661,130
1,551,153
$792,474
$558,903
$450,528
$109,978
21,211
27,604
24,951
24,118
$813,685
2,741
yl89,450
$586,507
4,493
$475,480
8,015
69,767
$134,096
2,752
42,405
$621,494
209,366
$447,951
x276,789
$389,267
$88,939
$412,128
194,501
$3.20
$171,162
$389,267
$88,939
Capital stock (par $10).
Earnings per share
191,044
189,544
$2.05
189,544
Calendar Years-
Net
profits from oper.
income less mis¬
charges —
.
paid
Provision for inc. taxes.
.
134,063
a
1937
$2,958,054
1936
$2,280,789
Net inc. after oper. exps.,
per
125,656
Fed. unemploy.
2,132,590
Oswego Falls Corp.—Earnings—
Earnings
99,273
45,675
Res.
Interest
—V. 144, p.
Accr. int. on debs.
44,940
70,000
6% s. f. conv.debs. 3,043,000
cellaneous
dividend of 35 cents per share on the com¬
mon stock, no par value, payable
Oct. 1 to holders of record Sept. 20.
This compares with 50 cents paid on July 1, last; 40 cents paid on April 1,
last, and dividends of 25 cents per share paid on Nov. 30, Oct. 20, Sept. 30,
1936, and each three months previously.—V. 144, p. 4018.
undistributed
80,517
61,347
(& Subs.)--Earnings1936
Co.—35-Cent Dividend—
6 Months Ended June
142,186
Accrued payrolls __
Real est. mtges...
>ther
2,636,554
declared
Trade accts. pay..
current)
774.
Ontario Mfg.
$107,500
12,500
cap.
Deposits on leases.
Cash in sink. fund.
insur.
1935
$10,084
Notes pay. (see'd)
Note pay.(unsec.)
Local & State taxes
$420,906
Accts. rec., &c._
Marketable
.
income deductions
The directors have
Nil
since pay¬
1936
Liabilities—
1935
1936
$572,227
Cash
$12,882,696 $11,960,869
Appropriation for retirement reserve
Net
income after deductions for
int. charges,
amort, of debt discount and expense and other
145, p.
loss$308,5141oss2,146,616
Dividends
1937
12 Months Ended July 31—
—Y
$151,488
$342,170
on
Oklahoma Gas & Electric Co.—Earnings—
operating revenue
Net oper. rev. and other income before approp.
retirement reserve and after taxes
221,133
175,863
Res. for
Ohio Public Service Co.—Registrar—
Co. is New York registrar for 16,000 shares of
Gross
26,136
83,310
per share
Nil
$0.21
.47
stock
2\0ie—No provision made for surtax on undistributed profits
ment of dividends during year was prohibited by contract.
Consolidated Balance Sheet Dec. 31
Co.—Accumulated Dividends—
The Manufacturers' Trust
824",982
19.654
318,365
8,642
capital
week
9.1 %
declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. 1st pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 18.
A similar payment wras made on July 1 and on
April 1 last, and on Dec. 24, 1936, as against $5.25 paid on Oct. 1, 1936,
this latter being the first dividend paid since Jan. 3, 1933, when 88 cents
per share was distributed; prior to then regular quarterly payments of $1.75
per share were made.—V. 145, p. 1749.
4,335
61,024
16",636
interests—Cr__
Net profit
The directors have
first preferred 5>£ % series
19", 326
32,605
22,798
8,482
96,622
Federal taxes
Intangible assets__
Weekly Output—
ended Sept. 11,
$453,523
182,761
sal e of securities _
b Fixed assets
Electric output
loss$12,961 loss$576,061
282,483
146,397
Profit
(at cost).
Amortization of debt discount
$325,205
128,318
Int. on debentimes
M'at'ls &
Appropriation for retirement reserve
7,369,785
1,049,258
Profit
Loss
8,175,4201,403,585
7,910,949
1,284.357
7,356,749
1,120,925
-
amortiza'n...
Other income—
a
Net oper. rev. and other income
for retirement reserve)
951.
Transportation Co. (& Subs.)—Earnings—
Years End. Dec. 31—
1936
1935
1934
1933
Operating revenue.
$8,963,076 $8,744,249 $9,182,345 $9,002,944
Parmelee
Assets—
Net[ioper. rev. (before approp. for retir.
plan
held.
Minority
(Minn J (& Subs. )—Earns.
and will maintain that
scheduled for Sept. 17 next,
is sufficient equity for common stockholders to warrant the
providing one share of new common for each share of old common
This has been the contention of the committee right along.—V. 145, p.
there
Earnings
Northern States Power Co.
Stock¬
is Chairman, the result
$5,155,624
1430.
Refining Co.—Common
Reorganization Contest
According to a letter mailed to common stockholders on Sept. 11 by
the protective committee for common stockholders of which Luigi Criscuolo
Loss on dispos'n
$3,668,751
145, p.
Panhandle Producing &
holders' Committee Scores Two Points in
2,900,000
618,750
income
Net income
f
600,726
329,153
30,442
618,750
of subsidiary
—V.
$14,664,596
$6,902,774 $12,093,143 $11,764,596
5,927,867
3,459,205
4,934,228
36,025
Other income deductions
on
58,516,107 $14,993,143
1,613,333
2,900,000
364,309
and expense
Divs.
In addition, an
V. 144, p. 115.
court
19,408,533
20,703,837
12,030,492
taxes
approp.
dividend of 40 cents per share on the com¬
15 to holders of record Oct. 5.
Pre¬
25 cents per share were distributed.
extra dividend of $1 per share wras paid on Dec. 19, 1936.—
stock, no par value, payable Oct.
viously regular quarterly dividends of
mon
,
Northern Canada Mining Corp., Ltd.—Larger
declared a dividend of 4 cents per share on the common
stock, no par value, payable Nov. 1 to holders of record Oct. 1.
This
compares with 2 cents paid on Dec. 1, 1936, and on May 1, 1936, and an
initial dividend of 2 cents was paid on Jan. 2, 1935.—Y. 143, p. 3156.
Northern Indiana
each quarter from Sept. 30
In addition, an extra
145, p. 1269.
Corp.—Larger Dividend—
Packer
The directors have
The
share had been paid
The directors have declared a
$1,412,028 $1,386,491
depletion and depreciation of $975,429 in 1936 and
After reserve for depreciation of $7,817 in 1936 and
Total
.........$1,412,028 $1,386,491
Total
"dividend action on the company's stock
when results for the year become
apparent."
more
52
Deferred assets...
y
Deferred—
Pacific Can Co.—Dividend
The directors announced that
will be deferred until later in the year,
1936 (the initial payment) to June 30 last, inclusive.
dividend of 25 cents was paid on Dec. 24,1936.—V.
M ineral rights &
x
$708,794,
payable.—V. 134, p. 1388.
Dividends of 25 cents per
288
1,277,393
JDrlOO.OOO DrlOO.OOO
stock
Capital surplus
Earned surplus
against loss
by officer of co_
1,275
Com. stk. (par
13,375
7,025
New York
petition, signed by Max C. Overman, President, states that the
corporation has current assets of $115,223 and total assets of
against tota 1 liabhities of $508,741.
There is due $133,492 on unsecured
The
accounts
stock taxes
of cost or
Secur. trad'g acct.,
guar,
6,832
inc.
Res. for Fed. cap.
market
Acer.
$6,729
$5,987
Federal Court at
Sept. 13.
on
taxes
(corp. bonds), at
lower
1936
8,960
Res.
Marketable securs.
Voluntary proceedings under Section 77-B
reorganization of the company were begun in
31,1936] 1935
& accr.
expenses
for Fed.
trade
rec.,
(since paid)
at Dec.
Liabilities—
1936
$81,025
Assets—
Cash
Inc.—Reorganization Asked
of the Bankruptcy Act for
Overman Cushion Tire Co.,
31
Consolidated Balance Sheet Dec.
[Subsidiary merged with parent company as
f
1911
Financial Chronicle
145
315,689
$1.40
247,948
$1.10
r
foreign subs, to
dollars
U. S.
Consol. net profits—
x
Includes dividends
and Sept. 1.
profits.
8,431
_
$2.34
1936 of $143,283.
y
$0.47
March 1, June 1,
Includes $30,000 surtax on undistributed
payable 25 cents per share on
1912
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1936
1935
Liabilities—
Cash in banks and
(*■)
Notes
on hand
$278,636
1,257,961
1,629,432
Receivables
inventories
$240,665
1,113,966
1,686,858
Cash surr. value of
life insurance.
100,946
93,434
132,645
116,099
6,644
13,594
Plant and equip.
and dies at
753,577
755,157
replacem't value
9,524
21,301
..
at
x
cost
Tools
ments, less amt.
18,870
161,086
141,085
215,788
2,000,000
148,411
2,000,000
2)7-89,560
1,187,792
1936)
143,283
foreign
&
State
taxes
Capital stock
Treasury stock
Dr54,990
1,596,398
5,407
at
Provisions with Respect to the Reconstruction
Finance Corporation Loan—
$185,000 (of which $150,000 has been
approved and of
$35,001) is contingent) will be repayable within
five years, with
interest payable
semi-annually at rate of 5% per annum, and will be
secured by a first
mortgage upon the company's real
estate, buildings,
machinery and equipment (except automotive
equipment); and upon all
other after acquired
property of a similar nature.
Company will assign to
the RFC the full gross rentals of all
its property now or hereafter
leased
to others; such rentals will be
applied by the RFC on account of the reduc¬
tion of principal of the loan.
Second Mortgage Loan—A condition
precedent to the RFC loan of
$15a,UU0 required that a sum of not less than
$50,000 be raised by the
debtor.
It proved impossible for the
debtor to raise this amount and
accordingly application has been made to the RFC to increase
The RFC loan of
which
cost,
less amt. amort.
45,122
43,991
Total
$4,233,256 $4,090,4761
Total
$4,233,256 $4,090,476
x After
reserve for depreciation of
$621,149 in 1936 and $589,680 in 1935.
—V. 144, p. 785.
Park Place Dodge
Corp.—Payment—
Stephen Calaghan, John M. McGrath and William
T. Cowin, trustees
of the Prudence
Co., Inc., announced Sept. 14 that the Prudence
certificate
issue known as the Park Place
Dodge Corp. issue, in the amount of
$225,000,
isto be paid off in full to the
certificate
holders, beginning Sept. 15.—V. 143,
2856.
p.
Paulista Ry.—Interest—
The interest due
Sept. 15, 1937, on the 1st & ref.
mtge. 7% sinking fund
gold bonds, series A, due 1942, was
paid on that date.—V. 145,
p. 1749.
Peel Street
Realties, Ltd. (Hermes Building Annex),
Montreal—Bondholders. Approve Plan—
k Bondholders have
'
approved'The proposed
reorganization "of the capital
The plan provides for the
waiving of past de¬
exchange of present 6 lA% first mortgage bonds
the basis of par for
par for new 20-year income bonds.
For
structure of the company.
faults on the bonds and the
on
the first
five years the income bonds
carry a coupon of 4% and thereafter 4
M%.
Bondholders also receive three shares of
common stock for each
$1*000
bond held.—V. 130,
p.
2226.
<
1936
$55,207,874
Net oper. revenue and other
income after taxes and
retirement and depletion reserves
$49,779,680
17,245,807
17,728,125
8,647,116
9,123,609
properties, interest, amortization, guaranteed
Consolidated Gas of Pittsburgh
preferred stock, appropria¬
tion for special
reserve, but before dividends of other subs.—V.
145, p. 1111.
x
After
dividends
rents
of
leased
on
Philadelphia National Insurance Co.—Extra Dividend
The directors have declared an
extra dividend of 10 cents
per share in
addition to the regular
semi-annual dividend of 30 cents
per share on the
capital stock, both payable Oct. 15 to holders of
record
1432.
p.
Phoenix Silk Mfg.
Co.,
Sept. 24.—V. 145,
Inc.—Reorganization—
A plan of reorganization
proposed by the debtor pursuant to
Section 77B
Bankruptcy Act has been submitted to creditors. A
hearing on the
plan will be held Oct. 4 in the U. S. District Court
for the Southern
District
of New York.
of the
Company has been engaged in
manufacturing, selling and dealing in
broad silks, tie silks,
rayons and men's wear linings also as
commission
weavers and commission
throwsters.
Company was originally established
in Paterson, N.
J., in 1824, as a cotton spinning
enterprise.
It removed to
Allentown, Pa. in 1881 where it owns a plant of
approximately 234,777
square feet of floor space,
containing 1,010 looms and auxiliary
It also owns a
machinery.
throwing plant in Pottsville, Pa., of
approximately 92,000
square feet of floor space, 186 looms
and throwing
machinery, originally
acquired in 1888.
This plant has not been
operated since April, 1935 and
is now partially leased to
others.
Company also owns a ribbon mill build¬
ing which it built in Allentown in 1905
containing approximately 81,500
square feet
of floor space.
This mill is not operated
and approximately
75,000 square feet of floor space have been leased to
others.
On July 1,1931 debtor defaulted in
the payment of
serial notes, and, on
Aug. 1,
of first mortgage bonds.
On
Aug.
13,
Lehigh Valley Trust Co.,
as an
interest
on
1931, in the payment of interest
its $360,017
on
its $837,200
1931 that the plants and
properties in
negligible value but that, if
company could
operating company and its properties
fairly well maintnew
working capital became available,
was
made to
secure new
capital but without avail until
the debtor's application to the
Reconstruction Finance Corporation for a
loan of $150,0UU
recently was approved upon certain terms
and conditions,
which must be complied with
by the debtor.
An application for an addi¬
tional loan of $35,000 from the
RFC has been made.
Debtor submits the
plan in the belief that it is fair and workable
and that
eventually the credi¬
tors will receive a
substantial part of their claims.
Debtor owns 1,196 looms.
The 186 looms and
part of the throwing
machinery in the Pottsville plant will be moved to
the main
weaving mill
in Allentown.
About 850 modern looms will
be retained and sufficient
throwing machinery to take care of that mill's
requirements as a compact
unit.
The rest of the looms will be
scrapped and the balance of the ma¬
chinery at Pottsville will be scrapped or sold.
Initially, about 350 looms
will be operated.
More than 90% of the floor
space of the Adelaide Ribbon
Mill is now leased to
others; it is self-supporting.
About 50% of the floor
space of the Pottsville plant has been
leased to others.
The plants and
properties of the debtor have been
appraised by Ford,
Bacon & Davis,
Engineers, who state also, in
substance, that a capable and
efficient management should
produce the results as shown in their
estimates
of
operations, and that a return of 5% upon the
income debentures (pro¬
vided for in the plan) could be
paid from the cash proceeds of the
operation
of 350 looms.
Digest of Plan
A
new
of
Reorganization
same or a similar
name,
under laws of
Pennsylvania, which will acquire all the assets of the debtor
free of all claims and
liens, except such as shall be created in
accordance
with provisions of
plan.
as
of Aug. 13, 1934
outstanding
6% serial demand
ear
the Pottsville plant will provide
$200,000 new money, which will be applied
the payment of:
(1) Taxes and reorganization expenses of the
debtor,
(2) debts, obligations and administration
expenses
of debtor's trustee
incurred during the
proceedings under Section 77B of the Bankruptcy
Act,
to
(3) preferred claims, (4) the amounts required
by the provisions of this
plan, and (5) for operating expenses of the new
company as defined
the
by
RFC.
Management—For the first year there will be
a board of five
directors;
be one, and three will be
designated by a majority in
principal amount of the present bondholders, and one
by a similar majority
of the noteholders.
The election of Evan W. Walters as
presidont and treasurer is con¬
the president will
templated.
Employment Contract—Company will enter into a contract with
Evan
a period of five
years to manage its affairs.
Contract will
provide that, in addition to his salary, Mr. Walters will be
paid annually
5% of the net income after payment of interest and
depreciation, and for
the issue of l,5d0 shares of stock to Mr. Walters
at the end of each of
W. Walters for
first four
years
of actual employment,
the
the
the end of
and of 2,000 shares at
fifth year.
Contract
may
be terminated at any time on 30 days'
prior written notice to that effect given by the RFC to Mr. Walters
and the
company, but upon such termination and upon termination for
any other
reason, Mr. Walters shall be entitlted to a
proportionate amount
the actual period of
of stock
employment.
Pro Forma Balance Sheet
[Giving effect to
on
of April 1, 1937
plan of reorganization]
Liabilities—
hand and in banks..
Accounts
as
consummation of
Assets—
Cash
$76,685
receivable
Notes
16,559
Inventories..
on deposit
(insurance).
Land, bldgs. & equipment
S. Finishing Co. common
at cost
5% RFC loan
5% loan
5% income debentures
Capital stock (par $1)
Surplus
2nd mtge.
3,500
...
Total
646
$1,064,563
-V. 145, p.
$4,400
1,882
2,201
185.000
1st mtge.
5,853
899,632
U.
Prepaid interest and insurance
payable (secured)
payable..
Trade acceptances
Accrued liabilities
61,688
....
Cash
15,000
418,600
40,755
396,725
Total
$1,064,563
1596.
Philadelphia
&
Reading
Coal
&
Iron
Petitions Court for Second Time to Be Admitted
as
Co.—Bank
Intervenor—
The Central Hanover Bank & Trust
Co., New York, petitioned Federal
District Court in Philadelphia Sept 13 for the second time to be
admitted
intervenor in reorganization of the Company.
The bank is trustee
$24,411,822 of outstanding refunding mortage
5% sinking fund bonds.
The bank asked that all the net earnings of the
company since it petitioned the court for reorganization last
February
be impounded for benefit of the
refunding bonds.—V. 145, p. 289.
as
an
of the indenture
covering the
Pittsburgh & Lake Erie RR.—Earnings—
Period Ended July 31—•
Net
oper. revenues.
oper. expenses.
rev.
1937—Month—1936
1937—7 Mos.—1936
$2,133,410
$2,042,346 $14,576,793 $11,642,338
1,596,033
1,418,567
11,654,735
9,085,905
from ry. oper.
Railway tax accruals—.
Equip. & joint fac. rents
$537,377
al68,600
Cr176,904
Net ry. oper. income.
1st mtge. 20-year 7%
sinking fund gold bonds due Feb.
1, 1943
(int. accrued and unpaid from Feb.
1, 1931) principal
on
Income Debentures—The debentures will be
issued in not to
$418,6uu and will be subordinated of
principal and interest to the
Debentures will be dated
July 1, 1937 and will mature July 1,
1967; will be issued in units of $50 each or
multiples thereof and will be in
the form of assignable,
registered debentures without coupons;
they may
be purchased or redeemed at
option of company, only after the
repayment
of the RFC loan and second
mortgage loan.
Debentures will bear interest
at rate of 5% per
annum, except that, during the period
July 1, 1937 to
July 1, 1940, such interest will be payable or accrue
only in so far as the
net income shall be sufficient to
pay such interest.
Interest payments shall
be made only as and when ordered
by the directors and, until the RFC
loan with interest has been
repaid in full, only if the company be not in
default upon its obligations to the
RFC.
Application of Neio Money under Plan—The anticipated
aggregate RFC
loans of $185,OuO plus
$15,000 to be derived from the second mortgage of
Railway
Railway
company will be organized, bearing the
Capital Structure and Obligations
trustee,
RFC loan.
or
tained until conditions
changed and
it might survive and
again prosper.
Constant effort
as
account of its advance.
The plan will not be consummated
until the addi¬
tional loan from the RFC has been
approved by it, and the loan of
$15,000
obtained.
1934,
It became apparent in
August,
forced liquidation would be of
kept alive
now
repayment to the
RFC of all of the debtor's
obligations to it. Approximately lo individuals
will guarantee repayment of such
$15,000 to the Lehigh Valley Trust Co.
and in the event that the
Pottsville plant is sold for
$5j,UU0 or more,
$35,0u0 of such sale price will be repaid to RFC on
account of the principal
of its loan and $15,0U0 thereof to
debtor filed its petition under
Section 77B of the
Amended Bankruptcy Act in
proceedings for reorganization.
Evan W.
Walters was appointed trustee.
be
the amount
by $35,000
so that the loan from the RFC
will be $185,000.
indicated that it will approve an increase of
its loan to
$35,000 if the debtor can raise $15,000 from other
sources.
It is anticipated that the
$15,000 required will be raised by a loan from
the Lehigh
Valley Trust Co., as trustee, of Allentown,
Pa., which will be
secured by a mortgage on all of the
fixed properties of the debtor
junior in
all respects to the lien
securing the indebtedness to the RFC.
This loan
will bear interest at
5%, will be dated as of the date of the loan from the
RFC and will mature and become
payable after the
The RFC has
the debtor by
exceed
1937
Profit
of its mortgage
3o-l
Philadelphia Co. (& Subs.)—Earnings—
12 Months Ended
July 31—
Cross
x
1937
issued pursuant to the terms of the
employment agreement.
No scrip or
fractional shares of stock will be issued.
Accrued interest on all claims will
be disregarded.
Patents and trade¬
marks,
18,
Two shares of capital
stock; except that claims of less than $100 and
that portion of any claims
which exceeds $100 or
any multiple of $100 will be paid in cash at
the rate
of 10c on the dollar.
(4) The preferred creditors will be paid in cash in
full.
Bondholders will receive in the
aggregate 25,116 shares or
61.626% of
the authorized capital
stock; noteholders not more than 7,200 shares
or
17.666%; and unsecured creditors not more than 439 shares or
1.077% of
such stock.
The remaining 8,000 shares or
19.629% will be reserved to be
Sept. 1,
Earned surplus
amortized
$328,470
230*993
Acer, wages, bonus,
local taxes, &c__
Prov. for Federal,
Income
Leasehold improve¬
1935
$314~974"
payable.
Divs. payable (25c.
persh. on Mar. 1,
June 1 &
Prepaid expenses..
Sundry lnvestra'ts,
1936
payable
Accounts
Sept.
(1) For each $100 of bonds:
(a) $50 of 30-year income debentures, and
(b) three shares of capital stock.
(2) For each $100 of serial notes:
Two shares of capital stock.
(3) For each $100 of allowed unsecured claims:
$623,779
$2,922,058
$2,556,433
181,752
al,278,713
979,981
Cr162,609 Crl,221,821 Crl,204,220
Other income
$545,681
13,961
$604,636
14,865
$2,865,166
247,353
$2,780,672
102,594
Total income
Misc. deduc'ns from inc.
Total fixed charges
$559,642
52,072
3,963
$619,501
77,451
6,162
$3,112,519
371,408
$2,883,266
464,619
50,707
$503,607
$0.58
$535,888
$2,704,555
$0.62
$3.13
amount
-
$837,200
notes
(int. accrued and unpaid from Jan.
1,
1931) principal amount outstandingPreferred creditors
Unsecured creditors
$7 non-cumulative preferred stock
(no par)
Common stock (par $1)
360,017
349
24,280
7,964 shs.
39,901 shs.
Capital Struchire and Funded Obligations
of New Company under Plan
5% 1st mtge. to RFC on properties, plants and
equipment
*$185,000
5% second mortgage on properties
15,000
30-year income debentures due July 1, 1967
418,600
Capital stock (par $1)
*
40,755 shs.
Of this amount $150,000 has been
approved and the balance has been
applied for.
Basis
charges
and
$2,367,940
$2.74
Includes $23,642 for the month of
July and $208,335 for the 7 months
ended July 31, account of carriers excise tax in
connection with Railroad
Retirement Act, at 2% % of payrolls.
No similar charge in 1936.—V.
a
145,
p. 1433.
Pond Creek Pocahontas Co.—Production—
Aug., 1937
178,828
—V. 145, p. 1271.
July, 1937
142,448
Awe.,1936
156,388
common
nothing.
The new company will issue its securities
and capital stock to the creditors
of the debtor in exchange for and in
full
discharge of all claims, secured or
unsecured, including principal and interest against the
debtor, as follows:
Net income after fixed
Net inc. per sh. of stock.
Month of—
Coal mined (tons)
of Exchange of Securities
Debtor is insolvent and
accordingly the present preferred
stockholders are entitled to and will receive
36,556
Portland General
Bonds—Pledged
as
Electric Co.—Listing of Additiona
Security for $1,500,000 New Bank Loans—
Other Notes Extended—
Volume
r
authorized the listing of $1,216,000
gold bonds, 4Series due 1960.
issued and outstanding; making the total amount applied for
The New York StockfExchange has
additional
which
& refunding mortgage
1st
are
$41,216,000.
gold bonds, 4^% Series due 1960, was
National Bank, New York on Aug. 11,
1937 as part of the collateral security for two 4% bank loans due July 1,
1939, made to the company by Chase National Bank, New York and Harris
Trust & Savings Bank in tne principal amounts of $1,400,000 and $100,000,
respectively.
The proceeds of the 4% bank loans, due July 1,1939 were
used to reimburse the company for betterments and improvements made
prior to Jan. 1, 1935, for the retirement of 1st mtge 5% gold bonds, due
July 1,1950 (extended from July 1,1935) and for the acquisition of $355,000
of company's 1st & ref. mtge. bonds, Wi% Series due 1960, included with
the additional $1,216,000 of bonds of such series as part of the collateral
The $1,216,000 1st & ref. mtge
issued to and pledged with Chase
security for such bank loans.
On Aug. 11, 1937 the company also obtained renewals of its
outstanding 6% collateral notes, which, maturing July 1, 1937,
continued on a demand basis (subject to the payment of $500,000 on
previously
had been
account
thereof) for the aggregate sum of $6,600,000, by two 5% collateral notes,
due July 1, 1938.
Such 5% collateral notes are payable to the order o
The Chase National Bank, New York for $4,752,460 and to the order of
Harris Trust & Savings Bank for $336,901.
Concurrently with such re¬
newals the company paid in further reduction of its previously outstanding
collateral notes $1,410,638 to Chase National Bank and $100,000 to
Trust & Savings Bank.
The 6% general mortgage notes of the company were reduced in principal
amount from $7,500,000 to $6,000,000 and were pledged as part of the
collateral security for such 5% collateral notes, due July 1, 1938 and also
as additional collateral for the 4%
bank loans due July 1, 1939.
6%
Harris
Consolidated
Sheet—June
Balance
A
Investments
(no par)...
$63,498,248
2,159,615
81,922
Accrued payroll
Accounts and notes
Special deposits ____________
Accrued interest
_—_
payable.
.
(net)
88,580
charges..
*
88,381
4,001,103
95,143
-
Earned surplus.
1,291,973
hand..
137,483
76,443
_ -
Depreciation reserve...
Contrlb. for extensions.
Prepaid accounts & deferred
145,111
690,746
Deferred credits....
3,741,603
expense...
52,687,000
594,981
Accrued taxes
Unamortized debt discount &
on
debt--
Deferred liabili ties
long-term re¬
...
1,831,462
Accts, notes A warrants rec.
on
the basis of one vote per
$77,679,696
Total
the limitations
provided,
agreement.
stock to receive no
pref. stock remains
2d pref. stock are in arrears,
stock entitled to one vote per
life of the voting trust
84,600 shares of common stock (no par): common
dividends or other distributions so long as 50% of 1st
(2)
outstanding, or any dividends upon 1st or
or while mortgage note is unpaid; common
share subject to the limitations.
2d pref.
pref. stock
That there be authorized to be issued, in addition to the
stock, 3,000 shares of 1st pref. stock (par $100); 1st
of 5% per annum, dividends to be cumulative
(d)
and
common
to bear dividends at the rate
cumulative
divi¬
has been
until Jan. 1, 1939, only and if, and to the extent earned, and
thereafter, whether earned or not earned; 1st pref. stock is to have no
dends paid thereon without approval of RFC until mortgage note
paid in full; 1st pref. stock entitled in liquidation to the par value
plus ail divs., before any payments are made on account of the
or common stock; stock callable at any time after the payment of mortgage
note at 105, plus divs.; each share of pref. stock entitled to one vote;
pref. stock as a class is to be entitled to elect a majority of the
torsso long as 50% thereof shall remain outstanding.
The by-laws shall further be amended to provide that a
be appointed by the directors and that the Comptroller and
elected during the life of the RFC loan shall be satisfactory to
thereof,
2d pref.
1st
board of direc-
Comptroller shall
all directors
the RFC
before qualifying, and that all managing officers or
elected or hired shall likewise be so satisfactory.
Capital Stock—The capital stock
subject to issuance as follows:
other managers appointed,
provided for above shall
be issued or
(a) First Preferred Stock (this stock to be placed in the voting
trust)—Subscribers under Northampton subscription agreement for cash at $100 per share, not more than
(b) Second Preferred Stock—Present preferred stockholders upon
surrender of 10,500 shares of present pref. stock ($100 par) in
exchange for 1,785 shares of 2d pref. stock (no par)
(c) Common Stock—To be issued or subject to issuance as fol¬
lows during the life of the voting trust
To subscribers or purchasers
each share of 1st pref. stock,
(1)
with
stock to be placed in
3,000 shs.
1,785 shs.
84,600 shs.
of 1st pref. stock, 10 shs. of common
but not more than 30,000 shs.
This
said voting trust
hereinafter referred to.
preferred stock, receiving 2d pref. stock,
and in exchange for each share of
present pref. stock (total 42,000 shs.).
A sufficient number of shares of
this stock is to be transferred to the voting trust to insure voting control
(2)
To
holders
4 shares of
of present
stock with respect to
common
in said trustees of the common
stock issued.
share of
present
To holders of present common stock, on the basis of one
stock with respect to and in exchange for each 50 shares of
common stock,
2,600 shs.
(3)
common
total of
and as
the directors may from time to
-V. 145, p.
share subject to
but is not to be entitled to vote during the
(4) To purchasers at a price of $5 per share, not more than a
10,000 shares in whole or in part during the life of the voting trust
1,131,961
800,235
(net)
Materials A Supplies
vote
....$17,331,840
_.
Funded and long-term
4,885,558
develop.
ceivables
Cash in banks and
(236,819 shs.
Common stock
A expendi¬
future
for
tures
1937
30,
Liabilities—
Assets—
Plant, prop., rights, intangi¬
bles, Ac
Nonutility prop.
1913
Financial Chronicle
145
|
$77,679,696
Total.
i
time authorize.
of the
Voting Trust Agreement—The first preferred stock and a majority
stock shall be assigned to five voting trustees under a voting
common
776.
trust
agreement.
Postal
Telegraph Land Lines System—Earnings
End. July 31—
1937—Month—1936
1937—7 Mos —1936
Period
Tel. & cable oper. rev
Total tel.
$1,812,050
$13,883,564 $13,520,161
0,1
& cable oper.
13,394,804
12,418,114
$488,760
$1,102,046
36,000
549,244
37,500
280,000
3,020
def$96,485
24,810
$784,546
19,049
$117,133
238,218
def$71,675
1,714,364
$803,595
1.652,168
1,917,900
expenses
Net tel. & cable oper.
def$105,850
revenues
Uncoil, oper. revenues..
Taxes assign, to opers—
4,000
78,421
$156,613
2,500
40,000
Subscriptions for Stock—Residents of Northampton and others have exe¬
a subscription agreement wherein they have subscribed to the pur¬
of first preferred stock in excess of $259,000.
In addition to
above amount, there may be issued, if subscribed and paid for,
first preferred stock but not exceeding in the aggregate 3,000 shares
a
par value of $100 per share.
The above stock is to be issued to the subscribers and purchasers for cash
and with each share of preferred stock is to be issued 10 shares of common
cuted
stock.
Reconstruction Finance
a
Operating income
def$188,271
Nonoperatingincome...
3,316
def$184,955
Gross income
Deducts, from gross inc.
247,224
the
additional
of
chase
loan
to
the
debtor
Corporation—RFC upon April 19,1937, authorized
to $250,000 for five years with interest at 5%,
up
principal of $20,000
The note
property of
providing for semi-annual payments on account of the
cash, or 50% of net earnings, whichever might be the greater.
evidencing the loan is to be seemed by a first mortgage on the
the debtor.
Partial Liquidation of
Assets—Certain real property
and personal property
by
fund or
auction or private sale at prices approved
proceeds thereof being segregated in a separate
has been sold either at public
Net deficit
—V. 145, p.
$432,179
$848,573
Peerless Corp.—Resumes
have
declared
a
la) Philadelphia Real Estate: Comprising
feet of land and brick building at Second St.
Dividends—
dividend
of 30 cents per share on
stock, payable Sept. 25 to holders of record Sept.
be the first payment made since Nov. 10, 1932, when
distributed.—V. 145, p. 1270.
20.
the
This will
50 cents per share -was
special meeting held Sept. 13, declared full-year divi¬
the 1st preferred, $2.50 on the 2d preferred
a share on the common stock.
Holders of the 1st preferred stock will receive dividends of 18 % cents per
share, payable Oct. 20 to holders of record Sept. 30, and 6M cents a share,
payable Dec. 5 to stock of record Nov. 20.
Holders of 2d preferred will receive dividends of $1.87Ji a share, payable
Oct. 2u to holders of record Sept. 30 and 62
cents a share, payable to
The directors
and
a
at
a
a
share on
dividend of 25 cents
holders of record
The
common
record
Sept.
Dec.
Elmhurst Real Estate: Comprising
(b)
dividend of 25 cents will be payable Oct.
20 to holders of
Elmhurst,
commission of $6,250.
in the Elmhurst
plant, together with office furniture and various items from the New "iork
office and various motors and trucks from the Northampton plant were
sold at public auction May 14,1937, at Elmhurst plant, resulting in a gross
price in excess of $116,000.
Independent Noteholders' Protective Committee—Edward Groth,
Luigi Criscuolo.
Counsel, Spiro, Felstiner & Prager of N.
City and Hale «x Dorr.
Noteholders' Protective Committee—William M. Welch, Joseph S.
and Melville Wooster.
Counsel, Gaston, Snow, Saltonstall, Hunt & Rice,
sale
Robert N.
Y.
Crow and
Maxwell
Trade Creditors'
Committee—T. McDevitt, C. Lee Havey and G. Eggena.
of New York and Shorey & Tiffin of Boston.
Counsel, Frank L. Weil
30.
Priority Claims—After payment in
155,801 shares of theconv.
1st pref. stock of Pressed Steel Car Co., or 44.24% of the total amount of
disbursements and
the issue.
priority in full.
George H. Fleming, Vice-President of Pressed Steel Car, stated that the
company's articles of incorporation made it mandatory that dividends on
the 1st and 2d pref. stock be declared for the full year of 1937 before any
disbursement could be voted on the common shares.
It was also said
shall pay in full all taxes or other
the debtor to the U. S. of A. or any
"in the event that additional dividends on the common stock are
deemed justified by the earnings of the company and by general business
conditions, they may be deJared within the discretion of the board at future
that,
meetings to be held prior to the close of the year 1937 "
During the year 1937 to date, the company has purchased
$532,500 of
5% debentures, due Jan. 1, 1951 leaving outstanding debentures in the
face amount of $3,728,418.—V. 143, p. 4164.
Price Brothers & Co.,
Ltd.—Amendments Voted—
Shareholders at a special meeting held Sept. 13 gave approval to changes
suggested by directors.
By-law changes included election of an additiona
director and provision for position as Chairman of the Board.
Date of
fiscal year was changed to March 31, which coincides with date company
emerged from bankruptcy.—V. 145, p. 1597.
Propper-McCallum
Completed—•
Hosiery
Co.,
Inc.—Reorganization
\
Reorganization of the company was completed Aug. 26 after confirma¬
by Federal Judge Sweeney in the U. S. District Court at
Aug. 24.
Company on June 15, 1936, filed a petition pursuant to Section 77-B of
the Bankruptcy Act, and on Dec. 28, 1936, filed a plan of reorganization.
A trustee (<J. Edward Rowe) was appointed on April 15, 1937.
Desirous
of effecting a reorganization, the company proposed a substitute plan of
reorganization to its creditors and to its stockholders, which has now been
approved.
Briefly, the substitute plan provides as follows;
The plan contemplates the scaling down by 25% of all general creditors'
claims and the introduction of new capital by way of investment and
tion of the plan
Boston
economy.
Charier and By-Law
land and buildings at
of Boston.
10.
General American Transportation Corp. owns
its
approximately 50,000 square
and Roosevelt Blvd., Phila¬
producing annual rental
delphia, under lease to Rosslyn Hosiery Mills Corp.,
of $o,000, sold at public auction for $47,500.
L. I., sold at private sale at $125,000, less brokerage
The machinery, equipment and other personal property
Pressed Steel Car Co.—Dividends—
dends of 25 cents
the court, the net
deposit.
953.
The directors
common
$1,786,039
$121,085
Amendments—The certificate of incorporation shall
Tax
Claims
extent that
and
full of administration costs,
debtor, shall pay all
allowances, the
expenses,
debts entitled to
Governmental Authorities—Debtor
indebtedness due or to become due by
Other Obligations to
the same shall not have
agencies or departments thereof to the
been paid at the time of consummation
become due by the debtor to
to the date of consumma¬
of the plan, and shall pay all taxes due or to
the U. S. of A. for any period beginning with 1933
paid at the
present
the extent that the same shall not have been
time of consummation of the plan, whether or not proved in toe
tion of the plan to
and
reorganization proceedings, which taxes, if any there be, shall have
re¬
tain the same lien and rank as though they had been formally
in
said proceedings.
The tax claims, if any, of the States of New York and Delaware, Massa¬
chusetts and Pennsylvania, and of all political subdivision?, agencies
proved
and
the extent not paid at the time of consummaby the reorganized company, and have the
same priority and preference over claims of other creditors of the debtor
with respect to the assets of the reorganized company as they would have
had against the assets of the debtor had the pending reorganization proceed¬
ings of the debtor not intervened.
15-Year 6j^% Gold Notes, Due April 1, 1941—There is due as principal
upon these notes the sum of $712,000, and as interest from April 1 to June
15,1936, the sum of $9,513.
There is on deposit with Chase National Bank of New York, as trustee,
the sum of $1,181 cash, paid by the debtor under the sinking fund provi¬
sions of a trust indenture covering the said notes.
Debtor is to pay Chase
National Bank or to the holders of the notes the total sum of $541,135
equivalent of 75% of the amount due as principal and interest to June 15,
1936, upon the notes, the amount to be accepted in full payment and satis¬
faction of any and all claims for unpaid principal or interest, or of any other
claims or causes of action relating to said notes.
General Creditors—All officers' salaries due from and unpaid by the debtor
on June 15, 1936, are to be voluntarily waived and canceled.
The ciaims
of general creditors proved and allowed by the court to be liquidated by
the payment of 75% of the amount due to each of the general creditors,
as allowed, the amount to be accepted by the general creditors in full pay¬
departments thereof, shall, to
tion of the plan, be assumed
satisfaction of any and all claims or causes
be amended to provide in substance the following:
ment and
(a) Company shall have five directors.
(b) Present outstanding common and preferred stock are to be retired
and canceled and no further stock of the same classes, authorized but not
of action relating to
said debts.
issued, is to be issued.
That there be authorized to be issued the following: (1) 1,785 shares
dividends at rate of $5 per share per
dividends cumulative until Jan. 1, 1939, only if, and to extent
earned, and cumulative thereafter, whether earned or not; 2d pref. stock
is to have no dividends paid thereon without approval of Reconstruction
Finance Corporation until the mortgage note has been paid in full or while
dividends upon the 1st pref. stock are in arrears; 2d pref. stock entitled on
liquidation to $100 per share plus divs. before any payments are made on
account of the common stock, but after liquidation provisions relative to
the 1st pref. stock have been effectuated; 2d pref. stock to be callable at
$105 per share plus divs. at any time after RFC mortgage note has been
paid in full and 1st pref. stock has been retired; 2d pref. stock entitled to
Dissenting Stockholders—The
debtor
of this
Puget Sound Pulp &
Timber Co. (& Subs.)—Earnings
Court having determined that the
is insolvent, no provision is made with respect to the acceptance
plan by stockholders.—V. 145, p. 1597.
(c)
of 2d pref. stock (no par), bearing
annum,
5 Mos. End.
Period—
Consol. net income after open, expenses,
Fed. income taxes, deprec.
x
Year Ended
May 31 '37 Dec. 31
normal
& other charges..
x$151,880
'36
$8,827
Before Federal surtax.
—Co-transfer
The
Agent—
Bank Farmers Trust Co. has been appointed
482,792 shares of common stock.—V. 145, p. 1750.
City
agent for
co-transfer
1914
Financial
Public Service Co. of N.
Chronicle
H.—Proposed Acquisition—
Company, a subsidiary of New England Public Service Co., a registered
holding company, has filed with the Securities and Exchange Commission
an
application (47-16) covering the acquisition of all the assets and fran¬
chises of Manchester Street
Ry.
The applicant now owns all the stock of
the railway.
The purpose of the acquisition is to eliminate the
corporate
entity of Manchester Street Railway and to distribute its assets and fran¬
chises to the applicant.—V. 145,
p. 1433.
Sept.
1937
18
Under the plan each share of preferred stock and $75 a share on dividend
accumulations thereon would be exchanged for 10 shares of new common
stock.
Each present common share would be
exchanged share for share.
—V. 143, p. 1570.
Saco-Lowell
The
Shops—Offering Held, Up—
stockholders at a postponed special
meeting, passed a number of
enabling the reorganization plan to be consummated, especially the
a new Maine
corporation, Saco-Lowell Shops.
David F. Edwards, President, explained that, whereas it had been
planned to offer to stockholders the new class B preferred and common,
as contemplated in the
reorganization plan, at about this tin e, the under¬
writers had been forced to take advantage of a clause in their contract
giving them the right to withdraw in the event of unsatisfactory market
conditions.
Underwriters had not,
however, withdrawn entirely, but
requested that the date of the offering be deferred not less than two weeks,
or unti1 about Oct. 1.
Stockholders voted authority to defer the offering as
much as 30 days if this seemed necessary.—V. 145,
p. 1598.
vot&s
transfer of assets to
Quaker State Oil Refining Corp. (&
Subs.)—Earnings
Earnings for 12 Months Ended June 30, 1937
Gross sales, less returns and allowances
Cost of goods sold and expenses
$29,668,851
27,980,916
Profit
^
Other
income
$1,687,935
100,332
_
Total income.
Net loss on disposition of fixed assets
Allowance for loss on advances to foreign
subsidiary company.
Provision for Canadian taxes.
$1,788,267
...
Amortization of patents
taxes.... __„_;i_
J___^.2.-
_
>-__.
Net income.
274,763
64,047
$1,412,437
Note—No provision for surtax on undistributed
profits has been accrued
for the period Jan. 1 to June
30, 1937.—V. 145, p. 953.
R.
C. A.
1937—Month—-1936
$443,583
$378,025
371,528
expenses...
2,442,009
oper. revenues..
$72,056
32,362
37,398
12 Months Ended July 31—
Operating revenues
Operating expenses, maintenance and taxes
Net oper. rev.
income
2,352,435
$40,499
33,568
37,880
1,000
12,668
$587,413
226.523
40,595
$20,424
78,998
$22,518
44,478
$300,553
536,658
$61,043
301,621
$99,422
$66,996
$837,211
$362,664
27,857
29,928
199,675
225,308
$71,565
Other operating revenues
$37,068
$637,537
$137,356
Uncoil, oper. revenues._
Taxes assignable to oper.
•6,000
(before
approp.
Gross income
from
264,450
12,000
236,932
gross
income
$217,616
231,696
271,270
7,000
109,998
have declared
an
extra
dividend of 20 cents per share in
addition to the regular
quarterly dividend of 20 cents per share on the
capital stock, par $lo, both payable Oct. 1 to
holders of record Sept. 15.
Similar payments were made on
July 1, last, and on Dec. 24, 1936.
Extra
dividends of lo cents were paid on Oct. 1
and July 1, 1936; Dec. 27 and
July 1, 1935; Dec. 27 and July 2, 1934, and on Dec.
27, 1933.—V. 144,
p. 4021.
4,476
Gross
income
Net income
Reed Roller Bit Co.—Extra Dividend—
1935
.
stock was
receiving quarterly dividends of 25 cents per share.
In addition,
extra dividend of 25 cents was
paid on March 30, 1936, and an extra of
50 cents was paid on Dec.
an
1937
1936
depreciation, other
charges but before Federal income
taxes,
$1,080,164
$951,192
Regan Alexander Baking Co., Inc.—Reaisters with SEC
See list given on first
page of this
department.
expense
resulted
on
in
110
Schiff Co.—Sales—
Period End. Aug. 31—
1937—Month—1936
$883,829
$788,813
suit^ for $1,640,000, charging "irregular"
stock transaction, has
An order authorizing the appointment of
Stanley Roth as a Vice-President
Schulte, Inc., of New York, and D. A. Schulte,
Inc., of Delaware, at a salary of $20,000 for the year, was signed on
Sept. 9
by Federal Judge John C. Knox.
of this corporation, D. A.
The Court also authorized the expenditure of
$150,000 for the em¬
barkation by the three firms upon a broader
merchandising program in the
sale of small wares.—Y. 145, p. 1599.
Scullin Steel Co.—Plan
'
equal issue of
1944, at the
1937—Month—1936
$385,121
$394,775
1113.
p.
old
common will receive 10,000 shares of the new
issue, with 20 shares for
each $1,000 note going to the owners of
$1,497,000 in debentures.—V. 145,
1752.
1937—8 Mos—1936
$2,960,032
$2,696,293
declared
dividend of 10 cents per share on the
capital stock, par $5, payable Oct. 1 to holders of
record Sept. 20.
Extra
dividends of lo cents per share in addition
to regular semi-annual divi¬
dends of 30 cents per share were
paid on April 1, last, and on Oct. 1 and
April 1, 1936.—V. 144, p. 1799.
Rutland
Net
1937—7 Mos.—1936
$2,096,336
$1,940,125
1,908,156
1,849,900
$307,322
265,427
$27,619
a23.429
from railway.
Railway tax accruals
Equip. & joint fac. rents
$41,895
13,454
1,174
$188,180
al62,881
Cr8,162
$90,225
90,404
739
$27,267
4,050
$33,461
26,323
def$918
43,272
759
Net ry. oper. income.
$3,431
Other income
4,092
$7,523
$31,317
395
1,421
34,178
33,902
$59,784
2,673
238,595
$42,354
4,356
240,225
$4,282
$181,484
$202,227
a Includes
$4,684 for the month of July, and
$33,399 for the 7 months
July 31, account carriers excise tax in connection with
Railroad
Retirement Act, at 2M % of payrolls.
No similar charge in 1936.—V. 145,
p. 1434.
3 Months
,,
normal Fed. inc.
taxes, deprec. & other chgs., but bef. Fed. sin-tax
Earnings per share on 255,485 shares
oper.
1937—4 Weeks—1936
1937—32 Weeks—1936
$39,937,242 $37,047,510$331,585,818$288,344,391
Self ridge Provincial
Stores, Ltd.— Year-End Dividend-—
directors
Aug. 31,
dividend
have declared a dividend of 2H% for the
payable Dec. 8 to holders of record Nov. 16.
paid a year ago.—V. 143, p. 2384.
was
Serrick
6 Months
$14,027
$0.05
$23,553
$0.09
the list, upon official notice of
issuance,
stock, $1
41,774 additional
Sales.
$2,199,974
_
Net income after
oper.
Federal taxes.
—V. 144, p. 3517.
Sheridan Surf
exps.,
deprec. & other chgs., but before
209,647
Building Corp.—Registers with SEC—
See list given on first page of this
department.
Signal Oil & Gas Co. (&
Period End. June 30—
profit after
oper.
Subs.)—Earnings—
1937—3 Mos.—1936
stock
were
was
available
lacking by
to
a
1937—6 Mos.—1936
exps., normal Fed.inc.
taxes, deprec. & other
chgs., but bef. Fed.
$226,750
$246,400
Simonds Saw & Steel
$383,750
$339,000
Co.—Transfer Agent—
The Central Hanover and Trust Co. has been
appointed transfer agent
for 500,000 shares common stock of this
Co.—V. 145, p. 1599.
Costs of patents & exp__
Exchange loss
Profit.
Other income
meeting scheduled for Sept. 14 to vote on a plan
of recapitalization has been adjourned to
Sept. 28 without taking action.
common
shares of class B
par.
1936
1935
1934
1933
$11,072,977 $11,596,689
345,047
326,736
$7,230,968
496,733
$5,772,187
280,767
$10,727,930 $11,269,953
$6,734,235
1,308,463
5,791,219
$5,299,256
192,164
Exchange premium
Ryan Car Co.—Meeting Deferred—
proxies for
ended
similar
Corp.—Listing Approved—
Calendar Years—
A special stockholders'
While sufficient
A
The New York Curb Exchange has
approved for listing 139,226 out¬
standing shares of class B common stock, $1 par, with authority to add to
Merchandise profit
exps.,
plan, requisite number of preferred shares
year
1937
Singer Mfg. Co.—Earnings—
Ryan Aeronautical Co. (& Subs.)—Earnings—
Period End. June 30—
after
deprec. &
$131,969
$1.14
Sears, Roebuck & Co.—Sales—
Period End. Sept. 10—
—V. 145, p. 449.
$26,774
_
ended
income
on common stock
surtax
Net deficit after fixed
Net
share
2674.
Net
Total income
Misc. deduct'ns from inc
Total fixed charges
charges.
per
Earnings for 6 Months Ended June 30, 1937
$300,074
272,455
oper. expenses.
rev.
Earnings
—V. 144, p.
common
1937—Month—1936
oper. revenues.
Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net earnings after oper. exps., normal Fed. inc.
taxes,
other chgs., but before Federal surtax..
a
RR.—Earnings—
Period Ended July 31—
Railway
Railway
Seaboard Commercial
The
have
bonds convertible into new common stock before Oct. 1,
$1,000 bond. Fixed interest of 3%,
3%, if earned, will be paid on the new bonds.
—V. 145. p. 1435.
Rossia Insurance Co. of
America—Smaller Dividend—
The directors
new
rate of 30 shares for each
additional
an
Sales
Roses, 5, 10 & 25-Cent Stores, Inc.—Sales—
145,
Modified—
A modified plan of reorganization for the
company, designed to meet the
objections of certain holders of bonds and preferred stock, was approved
Sept. 10 by U. S. District Judge John C. Collet, at St. Louis. Under the
plan, an issue of $3,062,500 in first mortgage bonds will be replaced with an
been
was
brought by Iva Jensen, Evanston, HI., and Frances
Falkenstein, Bottineau, N. D., who charged the officials and
directors
secretly, irregularly and fraudulently" approved an
agreement whereby
they were given an option in 1932 to buy Republic stock at
$6 a share when
it was selling at $47 a share on the
open market.—V. 145, p. 1751.
Sales
$7,897,152
Corp.—New Vice-President—
Owners of 100,000 shares of preference stock will
get 1M shares of new
stock for each share of the preferred.
Holders of 30,000 shares of
filed against 12 officials and
directors of the corporation in Common Pleas
—V.
1937—8 Mos.—1936
$8,293,789
1273.
Schulte Retail Stores
Republic Steel Corp.—12 Officials Face
$1,640,000 Suit
Period End. Aug. 31—
charges, which
From Jan. 1, 1935 to Apr 1 30, 1935 the
for Federal income taxes in an.ount of $66,000
taxable income.
by monthly charges to operating expenses.
During the period from Aug. 1,
1935 to Dec. 31, 1935, equal'monthly credits were made to eliminate this
provision.—V. 145, p. 1751.
p.
Court today.
The action
$1,317,081
common
1937—Month—1936
1937—5 Mos.—1936
$3,057,000
$2,838,000 $20,015,000 $16,147,000
777.
116
as a
company made provision
and
Remington-Rand, Inc.—Sales—
Period End. Aug. 31—
1,255,000
$1,999,987
619,802
61,681
1,423
discount and expense on such bonds at date of
redemption, and premium
and expense on redemption, together with duplicate interest
26, 1935.
expenses,
$3,254,987
no provision for Federal income taxes for the year
deduction in its 1935 income tax return debt discount
bonds redeemed in 1935, consisting of unamortized debt
it claimed
as
—V. 145, p.
The directors have declared an extra
dividend of 50 cents and a
quarterly
dividend of 20 cents per share on the
no par common
stock, both payable
Sept. 30 to holders of record Sept. 20.
Extra dividends of 10 cents were
paid on June 30 and on March
31, last.
Extra dividends of 55 cents were
paid on Dec. 15 and on Sept.
30, 1936. An extra of 10 cents in addition to
an initial
quarterly dividend of 20 cents per share was distributed on June
30,
1936.
The stock was on May
16, 1936 split on a 3-for-l basis. The old
6 Months Ended June 30—
Profit after operating
$2,120,990
618,315
61,954
$3,253,533
1,454
$1,440,605
Amortization of debt discount and expense.
Other income deductions
Sales
p.
$3,401,514
Note—Company made
Reece Button-Hole Machine
Co.—20-Cent Extra Div.-—
145,
1936
$7,755,587
4,502,054
4,741,601
Net oper. rev. & other income (before approp. for
retirement reserve)
$3,405,990
Appropriation for retirement reserve
1,285,000
and
Net income
—V. 145, p. 1272.
—Y.
Co.—Earnings
1937
$8,143,115
for retire, reserve)
Interest charges (net)
Operating income
Non-oper. income
The directors
department, 11 Broad
St.—V. 145, p. 1273.
& cable1
Other operating expenses
Deductions
Definitive Debentures Ready—
The Chase National Bank announced that definitive
10-year 4% sinking
fund debentures due June 1, 1947, are available for
delivery in exchange
for the temporary debentures at its
corporate trust
Other
Net telegraph
'
1937—7 Mos.—1936
$3,029,421
$2,570,050
337,526
1937—4 IFLs.—1936
1937—36 Wfcs.—1936
$30,409,052 $28,176,503 $261604.717 $230437,237
San Diego Consolidated Gas & Electric
Communications, Inc.—Earnings—
Period Ended July 31—
Teleg. & cable oper. revs.
Total telegraph & cable
operating
Period End. Sept. 4—
SalesX
372
Federal income taxes
:.Pennsylvania
Safeway Stores, Inc.—Sales—
25,497
7,000
4,151
_
approve
Net
profit
Dividends
the
small amount.
Surplus...
4,409,783
5,021,253
5,531,577
$15,137,713 $16,291,206 $13,833,917 $10,830,833
14,400,000
27,900,000
13,050,000
5,400,000
$737,713 def$11608794
$783,917
$5,430,833
Volume
Financial
145
Balance Sheet Dec. 31
Investments
Surplus
bonds of sub.
mach.
42,497,204
52,152,297
51,903,320
12,424,564
&
merchandise
.
Real estate
8,498,785
163,360,163
163,360,163
directors
V. 144, p.
declared
have
extra
an
the regular
to
4023.
Sivyer Steel Casting Co.—Larger
The
declared
have
directors
Income Account
Net sales
dividend of $2.50 per share in
quarterly dividend of $1.50 per share on the capital
stock, par $100, both payable Sept. 30 to holders of record Sept. 10. Similar
extra dividends were paid in each of the 13 preceding quarters, while on
March 31, 1934, an extra dividend of $1 per share was distributed.
In
addition a special dividend of $15 per share was paid on Dec. 31, 1935.—V.
The
dividend
a
Dividend—
Oct. 1. Dividends of
1936, and a dividend
of 25 cents per share was paid on Sept. 10, 1936, this latter being the first
dividend paid since Dec. 1, 1930, when 50 cents per share was distributed.
;___.
Operating profit
on
1937
x
—V. 145, p.
__
$241,862
$2.16
x21,407
—._
$42,732
13,972
stock
Including surtax on undistributed profits.
Balance Sheet Dec. 31, 1936
on
Liabilities—
134,145
6,096
b
Prop., plant & equipment..
(
Deferred charges
Fed'l taxes
28,700
Paym'ts due within one year on
533,600
9,977
55,777
Other assets
License rights
$184,790
S184.655 Accts. pay. & accrued exps___
12,877 Unpd. bal. of purcb. price of
push bench mach. & tools—
131,250
dep. & on hand
Foreign exchange (at cost)__
Inventories
share on 110,292 shares common stock
1752.
19,231
Cr 1,759
income (net).
Trade accounts receivable
& other chgs.,
$81,612
Net profit.
a
Earnings for 7 Months Ended July 31,
$193,710
112,097
— —
Dividend paid on class A common
Cash
Net inc. after oper. exps., Fed. inc. taxes, deprec.
but before prov for surtax on undist. profits
.$1,173,060
979,350
-
Assess—•
Co.—Earnings-
1936
—
Other deductions^__________________-____________._Other income
—V. 145, p. 450
per
for Year Ended Dec. 31,
_____________
Gross profit
Selling and administrative expenses
the
of 75 cents per share on
stock, payable Oct. 10 to holders of record
50 cents were paid on Aug. 15, last and on Dec. 26,
Sonoco Products
of $5,375,049
Cost of goods sold
Federal taxes
common
Earnings
bond claims in the amount
claims totaling $268,833.
for the issuance of preferred and common stock by
a new company, which is to be exchanged for outstanding bonds and other
securities.
(See digest of plan in V. 144, p. 4024.)—V. 145, p. 957.
certificate
scrip
Standard Tube Co.—Earnings—
163,182,869
Total..
Extra Dividend—
addition
The court allowed first mortgage
and
9,367,278
163,182,869
Total
ganization.
The plan provides
41,292,912
12,057,781
90,000,000
9,932,378
11,524,465
payable.
Accts.
96,212,039
rec.
and stock and
Tools,
of reorganization
11,747,185
90,000,000
9,283,387
Capital stock
4,063,370
5,239,457
94,889,642
___
Standard Textile Products Co.—Modified Plan Approved
Sept. 14 confirmed the modified plan
dated May 25, 1937, under which control of the com¬
pany will pass to the Interchemical Corp. which is to finance the reor¬
Federal Judge Julian W. Mack on
$
Insurance res've
Cash
Bills & accts.
1935
$
Liabilities——
$
$
-
1936
1935
1936
Assets—
1915
Chronicle
7,000
for mach. purch__
on income —(est.).
note pay.
Note
21,500
8,539
payable (non-current)___
49,900
370,000
Class A common stock
c
CI. B com. stock ($1 par)_____
Subs.)—Earnings—
Soundview Pulp Co. (&
normal Fed. inc. taxes,
deprec. & other chgs., but before Federal surtax
Shares of capital stock
Earnings per share
x
After giving
exps.,
effect to
$946,365
$316,733
488,250
x334,800
$1.92
$0.92
300% stock dividend.—V. 144, p. 4200.
a
Southern Canada Power Co.,
Operating
expenses
$1,962,763
870.281
818,767
5,321
$1,234,283
$1,143,996
Net earnings
$113,780
107,374
1,201.571
1,189,303
def$9,053
$32,712
def$45,307
108,518
$5,262
Surplus..
1274.
Southern Natural Gas
directors
have
declared
a
Steel Co. of Canada,
dividend
class A stock, payable Sept. 30 to holders
pares
cents
Co.—Earnings—
$3,092,720
See x
206,036
Depreciation reserve
1936
1937
12 Months Ended June 30—
48,209
47,904
$793,950
189,216
170,427
17,877
41,291
$411,577
14,072
$375,140
12,288
Depreciation
$425,650
155,169
$387,427
153,147
Balance
$270,481
$234,280
Operating
Cost of gas
revenues..
_
$906,423
211,994
186,739
_
_
Operating costs
Maintenance costs
i
Taxes other than income.
Net operating revenue.
Non-operating revenue—interest received
Gross corporate income._;
Interest
on
1st mortgage
Interest
on
bonds
Bond interest
Net income
Preferred divs.
_
(7%)-__
$2,597,068
211,586
219,756
$2,314,269
1,402,650
235,545
$2,8S6,683
454,741
$2,385,482
$2,020,640
454,741
$676,074
454,741
805,000
552,000
Surplus
Previous surplus
Benefit plan res.
Pension plan res.
com.
._
transf.
transf.
$706,942
13,054,244
DrlOO.OOO
D/-200.000
Includes provision for
A SOCtS
The company was formed as a result of a merger, ratified April 22, 1937,
of Southwest Gas Co. of Oklahoma with Southwest Gas Utilities Corp. of
Oklahoma.—V. 144, p.
Southwestern
3351.
Bell Telephone Co.— To Pay
The directors have declared
a
$2.25 Div.
dividend of $2.25 per share on the common
payable Oct. 1 to holders of record Sept. 20.
A like
June 30, last, and compares with $2 paid on March 31,
last; $3 paid on Dec. 31, 1936, and regular quarterly dividends of $2 per
share previously distributed.—V. 145, p. 1752.
stock,
par
$100,
paid
amount was
on
41,434,463 40,889,329
2,536,922
2,479,044
Cash...
2,057,027
1,840,783
Secured call loans. 2,031,542
459,699
Victory bonds and
8,565,537
approved secur. 7,297,172
Cost of works
Invest. & advances
88,069
121,532
Accts. receivable.. 3,977,158
Inventories....__ 5,717,082
_
2,911,942
5,643,791
Spang Chalfant & Co., Inc.—Bonds Called—
total
have
1928
of $119,000
1,151,276
49,304
44,340
been
613,967
_
called for redemption on Nov. 15 at 104 and interest.
Peoples-Pittsburgh Trust Co., Pittsburgh,
Payment will be made at the
Pa.—V. 145, p. 1274.
1937—Month—1936
Period End. Aug. 31—
$703,052
Sales
$652,482
$4,754,081
>6,667,914
Sterchi Bros. Stores, Inc.,
Funded
2,361,840
5,733
1,953,286
5,146
1,234,935
Benefit plan res've
i 756,862
Pension plan res've 1,394,444
970,435
613,967
1,151,276
Divs.
rebuilding,
Gen. & adminis. exps—
2,030,222
1,991,161
559,621
570,727
reserve__22,238,478 20,989,144
Other reserves2,029,674
2,029,674
Surplus
13,461,1S6 13,054,244
Deprec'n
& credits (net)
95,678
Spiegel, Inc.—Sales—
—V. 145, p.
1116.
Net
a65,000
a
profit for year
Includes
Output—
the Standard
1937, totaled
105,044,329 kilowatt-hours, an increase of 7.9% compared with the cor¬
responding week last year.—V. 145, p. 1752.
Standard Screw Co.—To Vote on Stock Split-Up—
Stockholders will hold a special meeting on Sept. 23 to act on recommenda¬
tions of directors that the common shares be split five for one.
Par value
$100.
will not affect the aggregate capitalization of the
company,
but the directors believe that it will be advantageous to all
concerned to have a larger number of shares of common stock, with a lower
will be reduced to $20 from
"The proposed change
par
Authorized
outstanding," the notice sent to
stated.
common
stock is to
be increased to 297,500 shares
30—
operating expenses, normal Federal
depreciation and other charges, but
6 Months Ended June
before Federal surtax
—V. 145, p.
1275.
'
.
16,609
5%
non-cum.
2d
pf.stk. ($20 par)
499,840
499,840
stock.
298,108
298,108
1,172,780
925,720
Res.
a
less
depreciations
Improv't to leased
prop, (less amor.)
88,743
35,277
72,081
81,405
Common
Surplus
70,554
37,954
1936
$4,065,925 $3,633,418
$20,177
Total
Represented by 298,108 no-par shares.—Y.
___$4,065,925 $3,633,418
145, p. 1116.
Sterling, Inc.—Earnings
3 Months Ended Aug.
$61,255
12,045
1,249,600
& sundry
17,435
for conting..
1935
$255,000
289,331
22,500
81,276
15,414
818,399
assets
$400,000
270,374
65,000
94,809
(banks)
Accts. pay. (trade)
Fed. taxes payable
6% cum. 1st pf.stk.
($50 par)
1,249,600
1,019,677
insur.
23,723
assets,
1936
Liabilities—
Notes pay.
19,560
2,738,394
2,500,104
(net)
a
1937
57,919
— —
Total
Standard Silica Corp.—Earnings—
income taxes,
$ 30,914
in
banks
Fixed
$100,557 loss$146,254
of Dec. 31
1935
Notes & accts. rec.
Value of life
42,191
240,052
from
59,500.—V. 145, p. 781.
Net profit after
deps.
Inventory
3,528,167
62,165
242,871
Accrued expenses.
Cash
Demand
Deferred charges._
value, in place of $100 par value now
stockholders
1936
$70,595
Assets—
Invests.
3,956,963
$162,830
$3,664,155
$13,051 undistributed profits tax.
Balance Sheet as
Standard Gas & Electric Co.—Weekly
Electric output of the public utility operating companies in
Gas & Electric Co. system for the week ended Sept. 11,
1933
1934
$4,362,556
83,339
246,864
22,500
$436,460
Prov. for Fed. inc. taxes.
1937—Month—1936
1937—8 Mos.—1936
$3,169,969 $30,267,022 $23,404,469
$3,534,922
par).—Y. 144, p. 292.
Knoxville, Tenn.—Earnings
101,210
Period End. Aug. 31—
67,456,616 64,805,758
Total
goods sold & oper.
expenses
and
other oper. res..
Contingent reserve
4,383,731
—V. 145, p.
Sales
payable
1935
$4,899,264
Cost of
Inc. chgs.
and
Unclaimed divs
4,774,943
Net sales.
The New York Curb Exchange has approved for listing 120,000 addi¬
tional shares of common stock, no par, upon official notice of issuance.
1599.
debt
and taxes
$5 473,291
1936
Calendar Years—
Listing Approved—
11,500,000
3,387,318
3,480,396
Accts. payable
Represented by 460,000 shares (no
x
1937—8 Mos.—1936
6,496,300
Ordinary shares.11,500,000
67,456,616 64,805,758
Total
Spencer Shoe Corp.—Sales—
x
117,981
83,106
756,862
fund. 1,394,443
__
Deferred charges.
$
$
7% cum. pref. shs. 6,496,300
Furnace relining &
Shares held In trust
Pension plan
first mortgage 5% s. f. gold bonds, dated Jan. 1,
1935
1936
Liabilities—
$
for employees
$1,443,195
Dec. 31
1935
*"
Bills receivable._
$12,423,104
460,000
$0.48
1934.
Benefit plan fund.
A
460,000
Consolidated Balance Sheet
$97,453
$760,899 def$330,667
12,423,104
12,753,772
Dr100,000
Dr200,000
$470,241
12,884,003
DrlOO.OOO
Dr200,000
460,000
$4.30
$3.40
depreciation of $1,495,473 in 1936,
1935 and $1,423,318 in
8,459
__
x
$5.29
1936
Net profit
See
454,741
1,460,500
460,000
outst. (no par)
Earns, per sh. on com
in
$2,240,396
x
surplus._$13,461,187 $13,054,244 $12,884,003
Profit & loss
Shs.
See
1,725,000
Common dividends
x
124,805
39,764
income debentures, &c_
State and Federal income taxes
Ltd. (& Subs.)—Earnings—
1935
1934
1933
x$2,170,033 x$l,844,271 $1,902,785
427,034
396,126
411,484
1936
Calendar Years—
Manufacturing profits__x$2,688,114
Income from investment
404,605
Total
Southwest Natural Gas
dividend of 25 cents per share on
The directors have declared an initial
stock, par $10, now outstanding, payable
Sept. 30 to holders of record Sept. 23.
The company's common stock was recently split up on a 4-for-l basis—
four new $10 par shares being issued for each old no-par share.
A dividend of $1 per share was paid on the old common stock on June 30
last, and compares with 50 cents paid on March 31 last; an extra dividend
of $1 in addition to a dividend of $1.50 per share paid on Dec. 31, 1936;
a dividend of $1 paid on Sept. 30, 1936, and one of 50 cents per share dis¬
tributed on June 30, 1936.—V. 145, p. 451.
the larger amount of common
Co.—Larger Dividend—
of 50 cents per share on the
of record Sept. 21.
This com¬
with 20 cents paid on March 31, last, and an initial dividend of 80
per share distributed on Dec. 15, 1936.—V. 144, p. 4023.
The
1,200
$1,068,380
a At current rate,
$12,849. b After allowance for depreciation, c Represented by 9,980 no par shares.—V. 144, p. 2322.
-Initial Dividend on
Stecher-Traung Lithograph Corp.
Total
$1,068,380
Total...
New Stock—
1937—11 Mos.—1936
$2,104,564
Int.. deprec., amortiz. &
dividends
-V. 145, p.
Ltd.- -Earnings—
1937—Month—1936
$190,376
$177,057
76,596
78,736
Period End Aug. 31—
Gross earnings
surplus.399,151
Capital
Profit & loss deficit
1936
1937
7 Months Ended July 31—
Net profit after oper
—V. 145, p.
1437.
1937
31—
Earnings before prov. for taxes,
deprec. & reserves
$111,308
1936
$63,659
1916
Financial
Chronicle
Stix, Baer & Fuller Co.—Earnings—
Years Ended Jan. 31—
Gross profit on sales,_
Sullivan
1937
1936
1935
$5,025,585
$4,674,514
$4,642,876
Earnings
x
$404,050
345,808
$337,652
274,171
$244,823
131,250
Other income
$58,242
$63,481
286,460
$0.95
292,600
$113,573
x292,600
$0.39
Net profit before dep.
Provision for depreciation
outstanding (par $10)
share
per
$0.21
Other
1937
as at
1936
$789,266
$581,738
1937
course
1,862,505
1,879,959
Investments
3,823,716
2,844,389
payable to bank
Accts. payable to
$235,000
809,600
827,892
mdse. creditors.
558.289
1
1
Acer. sals. & wages
for Fed. &
97,627
in stks.,
misc.
&
not
due for
yet
discount
$228,968
24,455
48,273
Serial
119,229
notes
140,712
$10,164,618 $8,553,804
Total
1,875,000
2,926,000
3,238,147
$10,164,618 $8,553,804
After reserve for depreciation of
$1,419,989 in 1937 and $1,361,972 in
1936.
y Includes taxes and other deferred expenses.—V. 144,
p. 624.
Depreciation
Prov. for Fed. & State income taxes
(est.)
1936
$1,942,953
596,782
462,199
160,000
;
62,547
71,236
2,357,001
estate as
taxes
22,588
inventories.
184,412
1
1
66,256
65,000
1
39,098
100,000
65,000
25.000
6,637,352
250,000
100.000
550.000
...
contingencies
25,000
Sundry
38,909
c Capital stock
6,637,352
Surplus
def57,8l7
184,412
250,000
_.
For
ap¬
ings
1
Water power rights
furniture &
Patents
...
Total
460,126
70,000
a
$7,601,227 $7,771,482
After
par
72,185
$6,076,672
$5,460,255
110,157
102,921
421,423
35,996
b After
Total
$7,601,227 $7,771,482
for doubtful accounts of $105,039 in 1936
reserve for depreciation,
c Represented
shares.—V. 145.
p.
and $100,251
by 186,774.3
622.
Susquehanna Silk Mills (& Subs.)—Earnings—
[Including wholly-owned subsidiary companies]
Consolidated Income Account for the Year Ended May 31, 1937
Gross profit, before depreciation and idle plant
expenses
Selling and administrative
35,995
$5,516,333
reserve
1935.
$428,766
4,959,302
38,598
in
prior pref. stock and
Cash dividends, prior preference stock
Cash
dividends,
preferred
stock
Amortization of appreciation of
building values
331,188
Patterns and draw¬
$1,604,254
645,361
$723,972
5,314,101
on
_
praised in 1913,
plus subsequent
additions, at cost
Dies, Jigs & fixtures
uo
Surplus credit discount
pref. stock acquired
$100,000
361,929
45,854
Against possible
shrinkage
in
72,716
......
equipment
1937
deprec. & taxes
3,148,879
70,287
Real
1935
1936
$550,000
Office
Strawbridge & Clothier—Earnings—
Interest
1,085,812
3,437,983
chinery & equip. 2,274,731
x
Years Ended Jan. 31—
Profit before deducting int.,
$590,680
Reserves—
1,286,813
Inventories
Other assets
1,015,000
Accrued
3,250
Accounts & notes
.
7% cum. pref. stk.
(par $25)
1,870,025
Com. stk. (par $10) 2,864,600
Surplus
3,233,769
Liabilities—
Accounts payable.
Deferred charges
b
Buildings,
ma¬
pay¬
able to bank
$355,761
Bank loans
$144,069
O.
receivable..
76,372
171,079
accrued expenses
supplies on hand
1935
$158,554
S. Govt. H.
L. C. bonds
68,603
a
State taxes
1936
Cash....
U.
Sundry liabilities &
50,841
Prepaid ins.prems.
Invent'y of wkg.
Total
Assets—
Prov.
81,668
y53,724
$80,102
Consolidated Balance Sheet Dec. 31
Instal.of ser. notes
bds.
rec
prof$165,8G5
1933 includes $77,106 for
drawings, and patents.
Since 1933 these items have not been
capitalized, but have been charged currently to expense.
281,276
2,028,540
Goodwill
$126,564 loss$143,578 loss$3C9,386
206,665
212,183
x281,294
The provision for depreciation for the
year
x
2,245,985
Inv.
20,502
$391,107
218,001
patterns,
of paym't
Cust. accts. rec'le.
Store impts.fixts.
& eq., at cost..
57,8021
7,301
Net loss for year
1936
Inventory
x
deductions
$89,264}
Prov. for foreign income
Current invoices in
484,588
1933
Jan. 31
Liabilities—
municipal
bonds
$354,149
68,937
31,979
tax—
Assets—
1934
Unavailable
shares.
Cash
1935
$1,234,500
1,145,236
4,398,052
...
Balance Sheet
&
4,336,862
stock
No par
U. S.
4,621,535
__
Surplus
com.
1936
$1,766,319
1,412,170
Sell. & adm. expense.__
Net operating profit..
Operating profit
paid
Dividends
Shs.
Machinery Co.- -Earnings—
Calendar Years—
Gross profit from opers.
Adin.,
buying, sell., publicity, &c.,
exps., incl. int. & deprec. charges..
Sept. 18. 1937
$607,374
794,503
expenses
$5,314,101
Operating loss, before depreciation and idle plant
$187,129
114,145
expenses..
Other deductions, net of otner income
Balance Sheet
1937
Assets—
$828,210
2,000,000
851,628
2,000,000
4,059,753
Notes pay. to bks.
Accounts payable.
3,338,686
Accrued accounts.
430,922
41,349
26,937
306,342
Empl's' & sundry
deposits
Res. for Fed., State
and
advs. at cost...
Net loss for the year, before dpereciation & idle plant exps_.
Depreciation for the year, based on original cost—net of portion applicable to idle plants
Idle plant expenses (including depreciation of $47,391)
513,572
204,711
Capital stock
1936
Liabilities—
$1,,169,584
Accts. rec. (net).. 4, 055,534
Mdse. inventories. 3, 763,148
a
1937
$
Cash..
Other assets
Jan. 31
1936
79,389
55,807
Prop., fixtures &
equipment
23, 338,835 23,681,476
344,585
414,034
& local taxes.._
419,822
70,000
Mortgage
Funded
payable
debt
b Common stock..
$650,884
.
Consolidated Balance Sheet May 31, 1937
hand
$65,109
Inventories
400,000
|
Accounts payable—trade
261,589
on
Merchandise
1
Accr. int., taxes & other exps.
e
500,000
1,801,847
1,705,350
3,810,983
.
_
17,497; Estate liabilities pay.
within one year..
1,326,545
Land, bldgs., mach. & equip. 4,594,870
Deposits with public utility cos
2,200
Cash in closed banks, less res..
c
Deposits with trustee
Idle plants
loss
6,083
returns
on
154,747
&
al¬
and contingencies
Estate
12,963
Deferred charges
b Closed plants
3,808,380
for
$579,764
in cash
lowances, purchase commit-
170,351
Miscell. accts. rec., less res've.
1,505,721
Res.
1
Investments—per books
9,464,200
1,801,847
a
Liabilities—
1
Cash in banks and
100,000
Capital & apprecia¬
tion surplus
.
(trade) less res
6% prior pref. stk.
7% pref. stock... 9,334,100
Earned surplus...
Net loss.
Accts. receiv.
9,655,000 10,191,000
345,085
337,893
1,709,700
1,721,000
Reserve
Federal and State income taxes (subsidiary companies)
Due from factor
350,000
mtge. ext. agree.
(
264,038
83,377
2,194
743,758
Assets—
Sink, fund dep. due
Amt.
pay.
under
Deferred charges..
$301,274
cash
liabilities
27,316
payable
in
28,589
(non-current)
219,104
f Class A stock ($1 par)
f Class B stock ($1 par)
285,573
Res. for loss in connection with
25,017
1,011,747
146,624
166,632
disposition of surplus plant
& for other possible
capital losses
970,074
Capital surplus unappropriated 6.897,114
d Operating deficit
984,376
assets
Total
32,955,786
32,684,3101
Total
32,955,786 32,684,310
After allowance of $3,860,909 in
1937 and
b Represented by 30,000 no
a
preciation.
par
$3,424,571 in 1936 for de¬
shares.—V. 145, p. 1275.
Stromberg-Carlson Telep. Mfg. Co. (& Subs.)-—Earns.
Calendar Years—
x
1936
Net profit...
$235,531
Preferred dividends
Common dividends
Surplus
1935
1933
$46,655 loss$265,426 loss$331,129
48,751
65,002
143,352
33,878
$58,301
807,246
_
Previous surplus
Total surplus
$46,655 def$314,177 def$396,131
760,591
1,074,768
1,470,899
$865,547
•,?Af^r.pr,°^ion for depreciation
in
$115,221
1934
$807,246
$760,591
$1,074,768
of $181,898 in 1936, $102,891 in 1935,
1934, and $118,491 in 1933.
Consolidated Balance Sheet Dec. 31
Assets-
1936
Cash
Liabilities—
1936
sur.
$382,873
73,923
60,711
959,691
675,308
35,066
31.425
1.588,301
1,244,695
23,718
145,903
Notes receivable..
Accts. receivable..
Cash
1935
$386,021
36,891
Res've for unempl.
benefit
133,075
Inventories
Invests. & advs
Land,
bldgs., ma¬
chinery, factory,
equip
Prepaid
,
tools,&c. 2V730.788
taxes, In¬
surance,
<fec
Accts. pay. & accr.
liabilities
Notes payable
Prov. for Fed. Inc.
taxes
;.
gencies, &c
Pref. hVx%
cum.
2,802,865
12,518
x
12,384
$233,421
Struthers Wells-Titusville
Total
The directors have declared
mon
23,718
36,891
2,732,800
2,732,800
500,000
500,000
stock
807,246
—V.
$5,955,929 $5,380,226
1937
1936
$353,177
$524,426
$0.81
143,
p.
$1.20
3649.
(James) Talcott, Inc.—Acquisition—
This company has acquired the entire
capital stock of Charles D. Brown
Co., Inc., which has been acting as its correspondent in New Englaad
with offices at 10 High Street, Boston.
The business will be continued
1936
$2,055,871
$1,443,674
159,039
41,892
New Directors—
of this company.—V. 145,
p. 1753.
Suburban Electric Securities
Co.—Accumulated Div.—
The directors have declared a dividend
of 75 cents per share on account
of accumulations on the $4 cum.
2d pref. stock, no
par value, payable
Oct. 1 to holders of record
Sept. 22.
dividend of $1
A similar payment was made on July 1
and on April 1 last; a
was paid on Jan. 4 last, and dividends
of 50 cents were paid on Dec. 19, Oct.
1, July 1, April 1, and Jan. 2, 1936,
and Oct. 1 and July 1, 1935.—V
Election of Morris
6 Months Ended June 30—
Net profit after deprec., Fed. income taxes, &c.,
but before prov. for surtax on undistrib'd profits.
Earns per sh. on 435,091 average no par shs.
capital
David Van Alstyne, Jr., and H. A.
Leander, have been elected directors
Sun Life Assurance
Sylvania Industrial Corp. (& Subs.)—Earnings—
69,868
1,000,000
1937
144,
a dividend of 15 cents per share on the com¬
stock, payable Sept. 30 to holders of record Sept. 25.—Y. 145, p. 451.
29,464
Corp.—Earnings—
Net profit after operating
expenses, normal Federal
income taxes, deprec. and other
charges but
before Federal surtax
..
f Deposited with voting trustees under a voting trust
agreement dated
of March 16, 1936.—V. 142, p. 3363.
&
-----
on
$7,992,568
Sweet's Steel Co.—15-Cent Dividend—
41,748
Represented by 273,800 shares (no
par).—V. 144, p. 3194.
announced
Total
450,000
Approp. for invest.
$5,955,929 $5,380,2261
6 Months Ended June 30—-
was
cost.
as
865,547
Common stock..
in add'ns to
prop
x
$335,852
976,800
stock
Surplus
Total
$7,992,568
Proceeds from
the sale of closed plants, deposited with the trustee,
redemption of class A stock, are subject to deduction for
certain maintenance expenses of the closed plants.
b This item represents the plants loeated at Lewiston and Lock
Haven,
Pa.
During April, 1937, the company executed an agreement to sell the
Lock Haven plant for $95,000.
The proceeds from the sale of these plants,
less deductions for certain maintenance expenses, will be used to redeem
class A stock.
No provision for depreciation of these properties has been
made since March 16, 1936.
c This item
represents the plants located at Milton and Jersey Shore,
Pa., and Marion, Ohio.
d Includes provision for depreciation of fixed assets from March 16.
1936, to May 31, 1937, in the amount of $375,123, based on original cost.
e Less reserve for
depreciation since March 16, 1936, based on original
a
to be used for the
Reserve for contin¬
value of
life Ins. policies.
Unempl. ben. fund
1935
Total
p.
4363.
Co., of Canada—New Director—
W4 Wilson to the board of directors of this
Sept. 14.—V. 144, p. 3855, 1124.
.
company
under
the
name of James Talcott,
Boston, Inc., and it is planned to in¬
factoring in the New England territory.
J. Frederick Talcott,
Jr., Vice-Chairman; Amos H. C.
Brown, President and Treasurer; Walter E. Davis, Vice-President and
Assistant Treasurer; Ludwig K.
Moorehead, Assistant Treasurer; Charles
J. Winkler Jr.,
Secretary and Clerk.
**
crease
The officers of the new corporation are as follows:
Chairman of the Board; James Talcott
The
board
of directors consists
of J.
Frederick Talcott,
James Talcott
Jr., Amos. H. C. Brown, Walter E. Davis, Charles Alva Brown, Donald T.
Hood, Ludwig K. Moorehead and Charles J. Winkler Jr.—V. 145, p. 958.
Tampa Northern RR.—Extension of Bonds—
The Interstate Commerce Commission on
Sept. 9 approved the extension
from July 1, 1936, the
maturity date, of not exceeding $1,258,000 of first
mortgage bonds and the modification of the interest rate thereof pursuant
to the provisions of a
proposed agreement, dated Aug. 9, 1937, to be made
between the company, its first mortgage bondholders
of Seaboard Air Line
Ry.
The report of the Commission states in
part:
The first mortgage bonds
and
the receivers
outstanding bear interest at the rate of 5%
matured July 1, 1936.
No interest has been paid on the
bonds since that date, and the
principal also is unpaid.
per annum and
Volume
object of reaching a satisfactory arrangement with the first
bondholders, negotiations have been conducted which resulted
mailing of proposals to these bondholders in the form of a letter and
of an agreement, both dated Aug. 9, 1937.
This agreement will become
effective when the holders of not less than 86% of the outstanding first
mortgage bonds, or such lesser percentage as the receivers may accept as
sufficient, deliver their bonds for stamping as provided therein.
If and when the agreement becomes binding, it will provide that the
mortgage
in the
other things, (1) to cause
account at the rate of
3% per annum for the period from July 1, 1936, to the date of termination
of the agreement, payable semi-annually on Jan. 1 and July 1, the bond¬
holders reserving the right against the applicant to claim a greater rate of
interest than 3%, but not in excess of 5%; (2) that the net amount of any
payments or loans and advances made by the receivers in accordance with
the agreement for interest upon the bonds or for payment of taxes will be
secured by a lien upon all the properties of the applicant senior to the rights
of the first mortgage bondholders who have assented to the agreement,
and that the net amount of such advances or payments will be repaid to the
receivers or their assigns prior to any payments to the bondholders out of
any of the applicant's properties as a result of any sale of such properties
or reorganization of the company, or otherwise; (3) not to take any action
or steps to foreclose the first mortgage, or to require the receivers to elect
to adopt or to reject the lease of certain of the applicant's properties de¬
scribed, or to secure the appointment of receivers or the institution of pro¬
ceedings under Section 77 of the National Bankruptcy Act in respect of the
applicant, or to impound the income from the applicant's properties; and
(4) the agreement to be effective (a) until the termination of the receiver¬
ship of the Seaboard, or (b) thereafter, if adopted by any trustees of that
company appointed under the National Bankruptcy Act, until the termina¬
tion of the trusteeship, or (c) until sooner terminated, prior to July 1, 1938,
in the event of non-performance thereof by another party and thereafter
in any event, upon 60 days' notice by the trustee of the first mortgage,
upon the written request of the holders of 51% of the bonds stamped with
the legend, or by the applicant or the receivers.
The extension of the bonds
will be accomplished by stamping on each bond deposited for extension
a legend summarizing the provisions of the agreement.—V. 136, p. 490.
bondholders who assent thereto will agree, among
the bonds to be
registered and to accept interest on
The
directors
common
Sept. 20.
of 25 cents in addition to a
quarterly dividend of 50 cents was
1 paid June 30 last; a dividend
Said on on Dec. 31, 1936; 75 cents of 50 on Oct. 1, 1936; on cents paid each
paid cents was paid 50 March 31 last;
30, 1935 to and including July 1, 1936; 40 cents
distributed in each of the three preceding quarters; 25 cents per share paid
each three months from Sept. 30, 1933, to July 2, 1934, inclusive; 12 Yi cents
three months from June
paid on July 1, 1933; 25 cents on
Dec. 31. 1932—V. 144, p. 4363.
Distillers Corp.—Stop Order—
Sept. 14 with the Securities
order in con¬
of 1933, filed
on Jan. 26, 1936, covering 273,000 shares
($1 par) common capital stock.
The stipulation was to the effect that the deficiencies alleged by the Com¬
Trenton Valley
Representatives of the corporation filed on
and Exchange Commission a stipulation consenting to a stop
nection with a registration statement under the Securities Act
mission exist "but it is distinctly
knowingly
or were
stock, $1
par,
Approved—
approved for listing 73,600 additional
upon official notice of issuance.
general
and unabsorbed
expense
263,812
$365,450
Net profit on sales
Other income credits
62,006
.»;
Total income
$427,457
34,502
/
Income charges
Federal normal tax
Surtax
58,773
undistributed profits
on
60,747
11,656
,»
State income tax
a$261,778
7,500
Net income for the year
Dividends
on
preferred stock
Dividends
on
common
Earnings
per
26,250
stock
$0.73
share on 350,206 shares common stock
Kentucky distilled spirits excise tax in the amount of $103,967 has been
included in production costs, but the corresponding amount, which, ac¬
cording to the terms of warehouse receipts sold, is collectible from customers
upon withdrawal of whiskey from bond, has not been included in income,
but treated as a deferred credit, to be included in income when collected.
The inclusion of the deferred credit in income would, after providing for
taxes and officer's bonus thereon, increase the above stated net income to
a
$324,104.
Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
Notes payable,
demand de¬
Cash, on hand
§164,741
posits in banks
160,332
73,986
579,448
3,563
218,702
(customers).
Notes receivable
Accounts receivable
Inventories
Other current assets
Deterred receivables
a
Accounts
$195,000
104,473
bank loans...
payable
Other liability
148,052
1,864
Deferred credit
155,870
Cum. conv. pf. stk. ($1 par)..
49,897
350,206
374,897
225,000
343,008
Accrued items
Common stock ($1
par)
723,072 Capital premium account
Property, plant & equipment
24,421
Deferred charges
Paid-in surplus
Earned surplus
$1,948,266
Total
After reserves for depreciation
a
Texas Gas Utilities
The New York Curb
due
$1,948,266
Total
of $44,518.—V. 145, p. 1600.
Co.—Unlisted Trading—
Exchange has removed the 1st mortgage 6%
April 1, 1945, from unlisted trading
of preferred and class A
The board of directors has notified holders
stock
a special meeting to be held Sept. 28, for the purpose of considering and
taking action upon resolution which calls for the issuance by the cor¬
poration of convertible .debentures in amount not exceeding $5,000,000.
These debentures are to be issued on or before Jan. 2,1939, having maturing
dates not later than Jan. 2, 1954, bearing interest at rates to be determined
by the board of directors.
The meeting will also consider a resolution that these convertible deben¬
tures may be issued under an indenture containing such provisions relating
to redemption in retirement and conversion into stock or property as the
board of directors shall determine.—V. 145, p. 1753.
of
Union
The
Bag & Paper Corp.—Listing—
New
York
Exchange has authorized the listing of 791,581
to be issued to stockholders of
Stock
additional shares of capital stock (no par),
record as of the close of business on Sept.
of the
shares of the capital
14, 1937, in effectuation
change in the number of the issued and outstanding
stock from 263,860 shares to 1,055,441 shares.
June
30, '37
Cash
rec.
Note pay. to
285,207
30,000
bk.
payable.
1,406,907
1,344.214
Accts.
1,745,296
(net)
2,105,177
335,082
598,252
.
144,549
To
41,000
3.350.000
1.700.000
payable:
Notes
8,400.033
114,513
139,163
177,246
Fed.
inc., &c., taxes
bldgs.,
mach. & equip 12,476,151
Deferred charges
for
Prov.
b Land,
611~293
1,301,636
242,011
Accred taxes, &c
Invests. & ad vs.
*36
$
$
Liabilities—
$
360,660
Accts.
Inventories
Dec. 31,
June 30,'37
Dec. 31, '36
$
Assets—
banks
252,000
1.508,536
purchases
For
Res. for contings
253,322
248,420
Cap. stock outst
7.843.001
2,053,374
7.843.001
1,711,266
16,726,430
12,584,227
Surplus
a
Arising
Total
12,584,227
16,726,430
Total
$629,262
and
Corp.—Bond Issue Planned—
Tubize Chatillon
1929.
principally from reduction of capital as at Dec. 31,
1937, $4,866,229; 1936, $4,678,600.
b After depreciation reserve:
for the Year Ended Dec. 31, 1936
Gross
profit on sales
Selling administrative
bottling costs—
145, p. 1438.
made in bad faith."—V.
a
(K.) Taylor Distilling Co., Inc.—Listing
Income Account
understood that neither the company nor
deficiencies occurred wilfully,
its board of directors are admitting that any
paid on
March 31, 1933, and 40 cents
The New York Curb Exchange has
shares of common
the
dividend of 40 cents per share on
a
Comparative Balance Sheet
dividend of 50 cents per share in
to the regular quarterly dividend of 50 cents per share on the
stock, no par value, both payable Sept 23 to holders of record
/in extra
declared
have
payable Oct. 1 to holders of record Sept. 21.
A special
year-end dividend of 70 cents was paid on this issue on June 25, last, this
latter being the first disbursement made on the new stock since the threefor-one split up.
A regular quarterly dividend of $1 per share was paid on
the old stock on April 1, last.—V. 145, p. 1601.
stock
common
Taylor-Colquitt Co.—Extra Dividend
The directors have declared an extra
addition
Dividend—
Tornngton Co.—To Pay 40-Cent
the
With
1917
Financial Chronicle
145
bonds,
privileges.—Y. 145, p. 1437.
Up
Split
Stock
Pour-jor-One
New $10,000,000 Debenture
Authorize
Approved—Also
Issue—
Stockholders at a special meeting
four-for-one
held Sept. 14 approved a
split of the company's stock and authorized the issue of a principal amount
of debentures not, exceeding $10,000,000, of which $7,000,000 are to be
offered shortly to stockholders in the form of convertible debentures.
Proceeds of the offering will be used principally to retire bank loans and
all other debt incurred in the construction of the second and third units of
the Savannah plant, according to the announcement.
The second unit
came into production in July of this year and the third unit is scheduled to
start up about Nov. 1.
Application for registration of the new debentures
under the Securities Act will be filed promptly with the
Securities and
Exchange Commission, Mr. Calder said.
"The management feels confident that the convertible feature of the
debentures will result in the company being entirely free of funded debt,
other
than purchase money
obligations, in the near
future," Mr. Calder
said.
voted an increase in authorized capital¬
ization from 300,000 shares to 1 ,5j0,00U in order to provide for the four-forone split of the 263,860 shares presently outstanding, and also for the shares
to be reserved for ultimate conversion of the debentures to be offered, plus
a sufficient
amount of authorized but unissued stock for future contin¬
Stockholders of the company also
gencies.
Earnings of the company are currently rimning well ahead of a year ago,
Mr. Calder stated.
July profits were $153,253 while earnings for August
are estimated at about $200,000.
Including the August estimate, earnings
for the first eight months this year were approximately $984,000, com¬
pared with a total of
$387,391 earnings for the entire year
1936.-^V. 145,
1118.
p.
Union Premier Food Stores, Inc.—Sales—
11— 1937—4 Weeks—1936
1937—36
Period End. Sept.
$1,007,325
Sales.
—V.
$665,808
Weeks—1936
$5,577,835
$8,834,062
145, p. 1754.
Co.—Earnings—
Union Twist Drill
Earnings for 6
Months Ended June 30,
1937
profit after deprec. and Federal and Canadian income and
profits taxes, but before prov. for surtax on undistributed profits
Earnings per share on 191,735 shares common stock
—V. 144, p. 1456.
Net
excess
United-Carr Fastener
$640,819
$3.22
Corp.—Listing—Acquisition—
Exchange has approved for addition to the list upon
3,452 additional shares of the common stock (no par).
The 3,452 shares are to be issued from time to tin e at the ratio of four
shares for one share of capital stock of Cinch Manufacturing Corp., a
United-Carr Fastener Corp. subsidiary, 95.19% of the capital stock of
which is already owned by United-Carr Fastener Corp.—V. 145, p. 1277.
The Boston Stock
Texas Pacific Land
Expenses, taxes, &c
1934
$93,217
505,367
685,351
353,656
$784,201
579,524
_
1935
$91,133
450,890
Receipts
Cash
notice of issuance,
1936
$333,311
Calendar Years—
Cash on hand Jan. 1
Total
Trust—Report—
1933
$87,761
$596,500
263,189
$778,568
*687,435
$441,417
$91,133
$93,217
6 Mos. End. June
$204,677
Dec. 31
$333,311
notes in 1934, $35,000 for time certifi¬
cate of deposit and $115,089 for treasury bills and certificates in 1933.—
V. 144, p. 1455.
*
United Dyewood
*348,200
Includes $244,915 for treasury
Net
30—
sales
Costs and expenses
Depreciation
Corp. (& Subs.)—Earnings—
1936
1935^
1934
$2,896,755 $2,903,728 $3,039,745
2,678,666
2,758,707
2,946,180
29,828
38,392
35,086
37,848
1937
$2,944,615
2,681,123
$233,664
55,942
Profit
Thew Shovel Co.—Admitted to
Unlisted Trading—
Other income
Exchange has admitted to unlisted trading privi¬
stock, $5 par, in lieu of old common stock, no par.
par) is being issued in exchange for old common
stock, no par. in the ratio of two shares of new common stock for each
share of old common stock.—V. 145, p. 1600.
The New York Curb
leges the new common
The new common stock ($5
Total income
Fed. & foreign inc. tax.-
Minority interests
Inc.—Interim Dividend—
declared an interim dividend of $2 per share on the
common stock, no par value, payable Sept. 30 to holders or record Sept. 20.
Similar payment was made on June 30 and on March 31, last.
An extra
dividend of $2.25 per share in addition to a quarterly dividend of $2 was
The directors have
paid on Dec. 23, 1936; a quarter dividend of $1 per share in addition to an
extra dividend of $1 per share was paid on Oct. 1 and on July 1,1936; extras
of 50 cents were distributed in each of the six preceding quarters and extra
dividends of 25 cents per share were paid on Jan. 30, April 30, July 2 and
Oct. 1,1934.
The regular quarterly dividends were raised from 75 cents to
$1 per share with the July 1,1936, payment.—V. 145, p. 958.
Trans-Lux Corp.—Earnings—
f
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos—1936
—V. 145, pp.
$54,636
$177,438
$127,022
$0.12
$0.08
$0.25
$0.18
715,803
959, 624.
44,114
$55,717
63,252
$289,606
45,424
9,510
$238,506
38,997
6,704
$154,049
$118,969
"5",967
"7",247
$148,082
107,082
$111,722
110,446
x$234,671
103,250
x$192,805
Common
104,250
139,000
$27,172
def$51,195
$0.63
profit
dividends
dividends
Surplus
105,000
Earns, per sh. on com stk.
$0.94
x No provision has been made for Federal
—V. 145, p.
$41,000
$0.29
surtax on undistri buted
$1,276
$0.01
profits.
1277.
United Gas Improvement
Week Ended—
Electric output of system
—V. 145 p. 1754
Co.—Weekly Output—
Sept. 11, *37
(k.w.h.)__ 83,874,336
Sept 4, *37 Sept. 12, '36
91,574,393
82,008,849
United States Sugar Corp.—Dividends—
1 on Sept. 16, declared four quarterly dividends of $1.25 per
preferred stock, payable on the 15th of October, 1937, and the
15th of January, April and July, 1938, to holders of record, respectively,
on Sept. 25 and Dec. 15, 1937, and March 15 and June 15, 1938.
At the same meeting a dividend of 10 cents per share on the common
stock was declared, payable Oct. 10 to holders of record Sept. 25. Dividends
of like amount per share were paid June 11 and March 20this year.—Y. 144,
share on
$84,588
surtax
$109,935
58,809
Directors
profit after oper.
exps., normal Fed. inc.
taxes, deprec. & other
chgs., but before Fed'l
Net
Earns, persh. on
shares of stock
$179,697
Preferred
Net
Time
o
p.
3025.
&.
1918
Financial
United Light & Power Co. (&
Subs.)—Earnings—
12 Months Ended July 31—
1937
subsidiary & controlled
companies (after eliminating inter-co. transfers).$87,730,397
xl936
-
Gross operating earnings of
General
operating
expenses
Maintenance
Provision for retirement
General taxes and estimated Fed'l income taxes-.
Net
earns,
$82,551,143
38,408,457
40,833,125
4,541,911
8,529.420
10,273,595
8,155,803
8,853,841
$22,236,007
3,060.964
2,499,069
cos...
Total income of subsidiary & controlled cos.
--$26,051,415 $25,296,972
Int., amortiz. & pref. divs. of sub. & controlled cos_ 15,822,952
16,256,933
Balance
-
Proportion of earnings,
common
attributable
stock
„
to
-
$10,228,463
minority
2,375,148
75 cents
share.
per
1931, when the
1279.
p.
Western Union
18,
1937
distributed a dividend of
to and including March 31,
company
From March 30,
1931, the company paid
extra dividend of $1 per
1929,
regular quarterly dividends of $1 per share.
An
share was distributed on Dec. 31, 1929.—V. 145,
Telegraph Co., Inc.—Earnings—
Period Ended July 31—
1937—Month—1936
1937—7 Mos.—1936
Teleg. & cable oper. revs. ",342,377
,561,029 $59,265,512 $55,833,254
Total telegraph and cable
operating expenses.,7,405,450
6,901,173
50,216,269
45,400,848
"
*
Net
""
telegraph & cable
operating
revenues.
$936,927
Uncollectible oper. revs,
Taxes assignable to oper¬
33,369
ations
$9,040,039
2,070,801
Sept.
made since June 30,
4,897,034
from oper'ns of sub. & controlled
cos_$23,552,347
Non-oper. income of subsidiary & controlled
Chronicle
-
$1,659,855
42,805
390,641
$9,049,242 $10,432,406
287,985
373,711
332,354
_3i182.586
Non-operating income--
171,154
$1,284,696
166,356
$5,528,691
923,846
$7,746,109
875,603
P Gross income
Deduc'ns from gross inc.
$684,070
611,405
$1,451,052
681,894
$6,502,517
4,297,619
$8,621,712
4,797,411
$72,665
$769,157
$2,204,898
$3,824,301
Operating income
$5127916
_2,312,586
Equity of United Light & Power Co. in earnings
of subsidiary and controlled
companies$7,853,315
$6,969,238
74,638
19,733
$7,927,953
176,876
54,766
$6,988,971
204,969
46,230
$6,737,772
Amortization of bond discount and expense
$7,696,310
2,318,073
162,091
Directors at their meeting held
Sept. 14 took no action on the declaration
of a dividend on the common
stock, par $100, explaining that the matter
had been deferred until later in the
year, when "it is hoped the business
trend can be more accurately
75 cents per share were paid on the common stock on
July 15,
April 15 and Jan. 15 last, and a dividend of $2 per share was
paid on Jan. 15,
1936, this latter being the first dividend paid since April, 1932, when a
Balance transferred to consolidated
surplus
$5,216,145
$4,223,801
Income of United Light & Power Co.
(exclusive of
income received from subsidiaries)
Total
Expenses of United Light & Power Co
Taxes of United Light & Power Co..
Balance.
Holding company deductions—Int.
x
Adjusted.—V. 145.
p.
United Light &
on
funded debt
Net income
195,898
Railways Co. (& Subs.)—Earnings—
12 Months Ended July 31—
Gross operating earnings of
1937
xl936
subsidiary & controlled
companies (after eliminating inter-co. transfers) .$77,535,656
$72,891,163
35,875,617
4,028,481
Provision for retirement-General taxes and estimated Fed'l income taxes..
Net
7,031,176
7,796,128
cos.$21,015,450 $20,008,940
cpntrolled companies-1,913,306
2,113,300
Total income of subsidiary & controlled cos
$22,928,756
Int., amortiz. & pref. divs. of sub. & controlled cos. 13,177,188
Balance.
$22,122,241
13,618,443
$9,751,568
2,379,016
$8,503,797
2,073,899
Equity of United Light & Rys. Co. in earnings
of subsidiary and controlled
companies—$7,372,552
Income of United Light &
Rys. Co. (exclusive of
income received from
subsidiaries)
611,624
dividend of $1 per share was disbursed.
The company's statement
explaining the current dividend action said:
"It was announced last December that the
board of directors would
give quarterly consideration to the matter of dividends and under the
circumstances it was the board's decision
today to defer the subject until
later in
„
Total.
Balance-
Holding
-
Adjusted.—V. 145,
Utilities
p.
Power
$5,661,147
1,240,420
$5,001,734
Balance transferred to consolidated
surplus
Prior preferred stock dividends-
1,375,000
42,988
$6,231,870
1,230,136
-
$7,079,135
1,375,000
42,988
company deductions—
Interest on 5K% debentures, due 1952Amortization of debenture discount and expense.
x
18,623
$4,420,727
1118.
&
although
materials
excess
Corp.—Allowed
Appointment of Trustee Sought by SEC—
to
The U. S. Circuit Court of
Appeals at Chicago has allowed the corpora¬
tion to appeal from an order
appointing a trustee for it pending reorganiza¬
tion under the amended
Bankruptcy Law.
The Court ordered the ap¬
pointment delayed pending outcome of the
appeal.
Willoughby G. Wal¬
ling had been named trustee by Federal Judge William H.
Holly.
The Utilities
company, the Atlas Corp., owner of a
majority of its de¬
bentures, and committees representing holders of debentures and
stock,
objected to the appointment.
It was sought by the Securities and Ex¬
change Commission.—Y. 145, p. 1755.
Universal Cooler
Period End. June 3d—
Net
Corp.—Earnings—
1937—3 Mos.—1936
after oper'g
exps., normal Fed. inc.
taxes,
deprec.
&
other chgs., but before
Federal surtax.
$61,662
$106,454
brought to an end
legal controversy that began more than three years ago.
Judge Albert W. Johnson said in an opinion disn issing objections of the
and Kennedy committees, that "the Court
does not feel war¬
ranted in ordering a resale at a great additional
expense, since it does not
appear that a resale will bring a higher price."—V.
145,
a
$22,426
$175,133
Trading Privileges—
Securities and Exchange Commission on
Sept. io ordered' that the
application of the New York Curb Exchange for
permission to extend un¬
listed trading privileges to the common stock
($5 par) of this company be
granted.—V. 145, p. 785.
Camp Milk Co.—Special Dividend—
27, last.—V, 145,
p.
37.
1937—6 Mos.—1936
after
oper.
exps., normal Fed. inc.
Westchester
$51,252
$402,195
$120,598
Lighting Co.—Listing—
p.
786.
Western Auto Supply
Co.—Earnings—
6 Months Ended June 30—
Net profit after
operating expenses, normal Federal
income taxes, depreciation, excess
profits taxes
and other charges but before Federal surtax
Earns, per sh. on 751,368 shs. of
145,
p.
com.
1756.
Western
stk.
($10par)
1937
$1,092,943
$1.45
par
1936
$624,977
$0.83
Pipe & Steel Corp.—Extra Dividend—
$10, both payable Oct.
cents per
Dividends of 50 cents were paid on
July 10 and on March 30 last, and
quarterly dividends of 37 M cents per share were dis¬
tributed.
An extra dividend of $1 was
paid on Dec. 26, 1936, and an extra of
12H cents per share was paid on Oct. 5, 1936.—V.
144, p. 1818.
Western Electric Co., Inc.—75-Cent Dividend—
The directors
Sept. 14 declared a dividend of 75 cents per share on the
value, payable Sept. 30 to holders of record Sept. 24.
Like payment was made on June
30, last, and compares with 60 cents paid
on March 31, last; $1.50
paid on Dec. 28,1936; 75 cents was paid on Sept. 30,
1936; and 50 cents paid on June 30, 1936, this latter being the first
payment
on
no par
the
current
Wolverine Mines,
payment
will
amount
to
$20
per
share.
Ltd.—Registers with SEC—
Youngstown Steel Door Co.—Stock Increase Voted—
Stockholders
at a
special meeting held Sept. 10 approved plan to increase
authorized
common shares to 800,000 from
400,000 and to split common
stock two for one, increasing number of shs.
outstanding to 665,920 from
332,960.
This will leave balance of 134,080 authorized but unissued
shares.
The New York Curb Exchange has
approved for
listing 665,920 shares of
common stock, no
par, upon official notice of issuance, in substitution for
332,960 shares of common stock, no par, presently issued and
listed, with
authority to add to the list, upon official notice of issuance, 5,000 additional
shares of common stock, no
par.—V. 145, p. 1603.
NOTICES
—rHundreds of millions of dollars
annually are invested by banks, insur¬
ance companies, trust
companies and corporations.
Yet in the years
they
been
paying income taxes
determine accurately what
This fact
came
to
each
no
successful
investment
method
has
been
found
to
yielded after tax.
light when local banks received dial charts prepared
by the investment firm
cf Heller Bruce & Co., Mills Tower, San Francisco.
Use of the chart, the only one that has been
designed to determine yield
after tax, will create these
far-reaching results:
It will
show
that institutions
folios many securities that
are
are
carrying in their investment port¬
giving far less
a
yield than the management
dreamed possible.
It
shows
that
many
same
combinations of coupon rates, prices and
jaeld, after tax, with
no
two of them
ma¬
producing
identical yields, before tax.
It shows that "taxable
equivalents," long used
houses,
serve no useful purpose
but frequently
by
are
numerous invest¬
utterly misleading.
led to infer that any lesser taxable yield
produces a lesser
yield after tax, and conversely that any greater
yield after tax. than the
tax-free yield for which the
"equivalent" is stated.
Either assumption
br wrong.
Commenting
upon the dial chart he
devised, Harry A. Bruce,
long
an
active leader in California investment
circles, states:
"I particularly want to disclaim that
the chart's design is faithful to any
mathematically exact formula.
However, for all practical purposes, its
will result in errors of less than one basis
point."
Mr. Bruce reports that while the
currently issued dial chart deals solely
with the effects of the
15% bank tax on taxable bond yields, a second chart
will be distributed
shortly that deals with other
use
similarly important phases
—Fenner & Beane, members of the New York Stock
Exchange, announced
share in
per share on the common
5 to holders of record Sept. 24.
previously regular
capital stock,
after
787.
p.
of the problems which confront
the managers of investment portfolios.
The directors have declared an extra dividend of
25
addition to a regular quarterly dividend of 50 cents
stock,
145,
See list given on first page of this
department.
may
The New York Stock
Exchange has authorized the listing of $25,000,000
general mortgage bonds, 3]4% Series due 1967 which are
issued and out¬
—V.
Arrearages
Many have been
3698.
standing.—V. 145,
Wisconsin Hydro-Electric Co.—Accumulated Dividend—
The directors have declared a dividend of
$1.50 per share on account of
on
the 6% cum. pref. stock, par
$100, payable Oct. 1 to
holders of record Sept. 20.
accumulations
ment
$254,714
p.
Co.—Repays Loan—
a directors'
meeting Aug. 26, will pay
immediately the $800,000 loan from the Reconstruction Finance Cor¬
This will clear up the company's RFC obligations
completely.
The loan was granted in connection with the
reorganization plan placed
in effect earlier this year.—V. 145,
p. 1121.
poration.
3.
taxes, deprec. & other
chgs., but before Fed'l
144,
Wickwire Spencer Steel
The company, it was decided at
turities produce the
1937—3 Mos.—1936
profit
surtax
627.
Products, Inc.—Sales—
off
2:
(S. D.) Warren Co.—Earnings—
Period End. June 30—
—V.
Willson
The company reports total sales for the
eight months ended Aug. 31,1937
of $1,107,225, compared with
$922,190 for the corresponding period in
1936, an increase of 20%.—V. 145, p. 1757.
1.
The directors have declared a
special dividend of 25 cents per share on
common stock payable Oct. 1 to holders of
record Sept. 25.
A special
dividend of 50 cents was paid on March
the
Net
Con stedt
have
The
currently in
of last year."—V .145, p. 1121.
CURRENT
Utah-Idaho Sugar Co.— Unlisted
Van
security and commodity markets,
taxes, especially social security taxes, the increased
prices of
and increased wages have
kept expenses running
1937—9 Mos.—1936
profit
—V. 145, p. 961.
more
Williamsport Wire Rope Co.—Sale Confirmed—
Appeal
■
be
The property and assets of the
company passed finally Sept. 13 into the
hands of the Bethlehem Steel
Corp.
The U. S. District Court dismissed
exceptions to the sale filed by a stockholders' group and
—V.
Light
can
the
volume of business is
substantially the same as last year
it has been affected some during the
past few months by the general slowing
down of trade and the inactivity of the
157,308
.—
$7,649,859
—
Balance
825,169
$7,255,067
243,755
90,562
——t
year, when it is hoped that the business trend
appraised.
"While
p.
$7,984,176
Expenses of United Light & Railways Co
Taxes of United Light &
Railways Co
the
accurately
$6,429,898
Proportion of earns., attributable to min. com.stk.
Common Dividend—
on
Dividends of
from oper'ns of sub. & controlled
income of sub. &
earns,
Non-oper.
33,660,439
,4,394,479
7,524,164
9,091,942
Maintenance...
Action
appraised."
2,318,073
1118.
General operating expenses
No
the admission of Antonio Lazo
as a general
partner.
Mr. Lazo, who has
been in the investment business for the
past 30 years, will be identified with
the firm's investment and research
departments.
Upon his
graduation from Cornell University in 1907, Mr. Lazo became
private secretary to J. G. White, president of J. G. White &
Co., Inc., and
was
subsequently associated
resented
with Harris, Forbes & Co.
Later he
Bertron, Griscon & Co. in Europe with headquarters in Paris.
returning in 1915, he became
manager
rep¬
On
of the bond department of the New
York office of Parkinson & Burr.
Following two years of war service, Mr.
Lazo became the New York
partner of Bodell <fe Co., of Providence.
For
the past four years he has been with
Mackrubin, Legg &
Co., of Baltimore,
and has just retired
as
the head of their New York office.
Volume
Financial
145
Chronicle
1919
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Sept. 17, 1937
Coffee—On the
lower
13th inst. futurns closed 3 to
contract
closed
position.
2
to
4
points lower, except for the spot
was
no
mixed trend,
encouragement to those inclined to take the
upward side of the market.
15.09 milreis to the dollar.
Rio terme
weaker at
prices opened 100 to
higher, but closed only 75 to 175 reis higher.
Rio spot eased 200 reis to 16.800.
spot quotation advanced
On the 14th
higher to 7 points lower in the
with sales of 4 lots.
contract,
The
Rio
closed 1 to 5 points net higher, with sales of 33 lots.
opening the Santos contract
the Rio contract
were
a
rate at
was
shade lower.
was
off 2 to 8
was
At the
Cables from Brazil
points.
Although the
open
was
market exchange
unchanged, the Rio
100 to 200 reis lower.
134 francs lower.
contract
down 5 to 9 points, while
15.09 milreis to the dollar
terme' market
The
On Saturday the Santos
100 reis to 22.300.
inst. futures closed 4 points
Santos
dollar
Brazil's open market
rate, compared with Friday's close, was 20 reis
275 reis
With
Sales in the latter contract totaled 13 lots.
stocks weak and cables from Brazil showing a
there
6 points
The Rio
in^the Santos contract, with sales of 43 lots.
Havre
was
% to
On the 15th inst. futures closed 1 to 9
points lower in the Santos contract, with sales of 53 lots. The
Rio contract closed 7
points higher to 10 points lower, with
sales of 16 lots.
With business centered in December Santos,
the
the
market for
trend.
great part of the day had an upward
As
against spot September, 22 notices were issued.
As a result, prices on the
opening broke 14 points to 10.15c.
When the notices were
stopped, that position on one ad¬
ditional transaction, which made the total only 4 for the
day, rallied 10 points to 10.25c.
The nominal closing,
however, was 10.20c., off 9 points.
The months beyond
December
were
practically neglected.
The active Rio
positions were 3 to 10 points lower on a few sales. Brazil's
open market dollar rate for the fourth successive day, was
15.09 milreis to the dollar, unchanged.
Rio terme prices
were 25 to 100 reis
higher. Havre futures were 10 to 1124
francs higher on sales of 47,000
bags.
On the 16th inst. futures closed 8 to 17
points off in the
Santos contract, with sales of 133 lots.
The Rio contract
closed 6 to 19 points lower, with sales totaling 30 lots.
Brazilian pressure on the March and
May Santos positions
futures, and Dec., the market barometer,
on a switching basis, went off witli the list.
Other than hedg¬
ing there was nothing in the news to account for the pressure.
Brazilian cables were irregular.
The open market dollar
rate at 15.09 milreis to the dollar was
unchanged.
But the
Rio terme prices opened unchanged to 125 higher and Santos
"B" unchanged to 100 lower.
Rio terme prices finished
unchanged to 50 reis lower, while the Santos "C" contract
closed 50 to 100 reis lower.
Havre, however, was 134 to 234
francs higher.
Today futures closed 3 to 6 points up in the
Santos contract, with sales totaling 61 contracts.
The Rio
contract closed 14 to 6 points up, with transactions totaling
15 contracts.
Rio de Janeiro futures were unchanged to
125 reis higher, but as an offset the free market
exchange
rate, in the first change of the week, weakened by 30 reis
and stood at 15.12.
Cost and freight offers from Brazil
were little changed, with business still
very slack:
In Havre
futures were 834 to 9M francs lower, the first major loss since
weakened coffee
the market started to advance in reflection of the weaker
franc.
Rio coffee
prices closed
as
follows:
December
6.38
May
September
6.09 July
6.62
Santos coffee
prices closed
March
as
--6.02
follows:
March
9.46
May
July
9.32 September
9.26
-
6.19
-
December
9.98
10.18
Cocoa—On the 13th inst. futures closed
unchanged to
points down, with all the 1937 options holding firm. Trans¬
actions totaled 1,598 lots, or 21,413 tons, one of the biggest
markets seen this year.
Staunchly supporting December
cocoa contracts at 8.23c.,
the country's leading chocolate
manufacturer was called to take offerings exceeding 1,000
contracts in the delivery, while the rest of the board weakened
quite sharply along with other markets. London came in
134d. to 434d. lower on the outside and unchanged to 3d.
weaker on the Terminal Cocoa Market, with 440 tons
trading
there.
Local closing: Sept., 8.14; Oct., 8.16; Dec., 8.23;
Jan., 8.21; March, 8.20; May, 8.25. On the 14th inst. futures
closed net unchanged to 2 points higher.
Transactions
totaled 609 lots, or 8,161 tons.
The outstanding feature
9
again was the support of the December delivery by the coun¬
try's leading chocolate manufacturer, the bulk of the trading
being confined to the December option. Opening sales
were at no
change to a 3-point loss. London reported actuals
3d. lower and futures on the Terminal Cocoa Market 3d. to
still
6d.
weaker, with 1,070 tons transacted.
Local closing:
Sept., 8.14; Oct., 8.16; Nov., 8.20; Dec., 8.23; Jan., 8.22;
March, 8.22; May, 8.29. On the 15th inst. futures closed
1 point lower to 1 point higher.
Trading was light, with
transactions totaling 222 lots or 2,975 tons. December con¬
tinued to find support at 8.23c., with the country's leading
manufacturer reputedly still taking in offerings.
Opening
sales were at 1 point gain to a 3-point loss. London was 3d.
lower to unchanged oil the outside and 134d. higher to 134d.
lower on the Terminal Cocoa Market, with 980 tons selling.
September notices continue to find ready absorption in the
local market, with presumably the same manufacturer ac¬
cepting delivery. There were 112 more tenders, bringing
the total thus far to 2,124. Local closing: Sept., 8.12; Oct.,
8.17; Nov., 8.20; Dec., 8.23; Jan., 8.22; March, 8.23; May,
8.30.
On the 16th inst. futures closed net 1 to 4
points higher.
buying support of a lead¬
ing manufacturer at 8.23c., and did virtually all the business
in a quiet trading session.
Transactions totaled 298 lots,
or 3,993 tons, with Dec. contributing 211 lots of the total.
London outside prices were 3d. higher to unchanged, and
futures on the Terminal Cocoa Market 134d. lower to 3d.
higher, with 490 tons trading.
Twenty-four more Sept.
notices were posted in the local market, bringing the total
deliveries thus far to 2,148.
Local closing: Sept., 8.18;
Oct., 8.19; Dec., 8.24; Jan., 8.24; March, 8.27; May, 8.33.
Today futures closed 1 to 5 points down.
Transactions
Dec. contracts continued to attract
totaled 380 contracts.
result of the issuance
Cotton
futures
were
easier
as
the
of 296 notices of
delivery on Sept.
contracts.
All were stopped by Hershey brokers, it was
said.
However, the heavy tenders forced Sept. down 5
points to 8.13c.
In the meanwhile Dec. held around 8.23,
off 1
point.
and bid for
Hershey brokers continued to absorb offerings
Warehouse stocks decreased 700 bags.
They now total 1,363,000 bags.
Local closing: Sept., 8.16;
Oct., 8.16; Dec., 8.23; Jan., 8.20; March, 8.22; May, 8.29;
July, 8.36.
more.
Sugar—On the 13th inst. futures closed 1 to 3 points net
Nearby positions were the hardest hit in domestic
futures today, due to the announcement over the week-end
of reallocation of the Philippine surplus of 86,000 short tons.
Initial prices in September and December were 3 to 6 points
lower, but they recovered partly towards the close. Transac¬
tions were 276 lots, or 13,750 tons.
The spot price of raw
sugar declined 5 points to 3.45c. today on a sale of 1,000
tons of Philippines, due this week, to National.
Further
sales at that price and 3.40c. were effected.
At the latter
basis Revere of Boston bought 1,400 tons of Philippines, the
Oct. 18, and Colonial got 22,000 bags of Cubas, now loading,
at 2.55c., cost and freight.
The world sugar contract closed
unchanged to 34 point lower, although October, the next spot
month, was off 434 points on only two transactions. Transac¬
tions in the world contract totaled 482 lots, the best this
month.
In London raws were unchanged from the close last
week and the terme market ruling quiet and steady, closing
34d. higher to 34d. lower. On the 14th inst. futures closed 1
point higher to 2 points lower. Transactions totaled 44 lots.
Although nearby positions opened easier, they improved with
the distant months.
With the raw market quiet and the
trade generally expecting further reallocation of quotas, the
inclination generally was to remain on the sidelines and await
developments. No sales were effected in the raw market,
but an overnight sale of 3,500 tons of San Domingos, for
shipment from Norfolk warehouse to Revere of Boston, was
reported at 3.45c., unchanged. Trading in the world sugar
contract was the smallest since the inception of the contract
on
Jan. 2.
Only 16 lots were transacted, the smallest
previous total being 46 lots on May 4.
Prices were un¬
changed to 1 point lower at the close. London terme prices
were34d. higher to 34d. lower, while raws there were offered
at 6s. 534d., equal to 1.1134c. f.o.b. Cubas, based on freight
at 27s. 6d.
On the 15th inst. futures closed unchanged to 3
lower.
points higher.
Transactions totaled only 35 lots.
Ruling
around previous closing levels for the greater part of the
session, domestic futures spurted several points in the final
minutes as brokers were forced to bid up to effect business
thin market.
There was nothing in the news to
improvement. It was merely a case in which
the buying orders had to be executed and at the time there
were no selling orders just at the market.
While reports
in
the
account for the
were
current that
more
business
was
done in the
raw
sugar
market, the only confirmed sales were 45,000 bags of Cubas
for prompt shipment at 2.52c., cost and freight (3.42c. de-
Financial
1920
livered), to Savannah.
In
some
quarters it was said that
sale of around the basis of 3.40c.
sugar
was
effected.
a
The world
contract closed 1 to 13^ points lower.
position, however,
on a
The October
few sales ended 734 points lower.
Total transactions in this market
were
154 lots.
On the 16th inst. futures closed
unchanged in the active
months.
Trading was far below normal, but the undertone
was steady in domestic sugar futures to-day.
Transactions
totaled only 65 lots. Trade and commission houses operated
on
both sides.
Recent declines in the
raw
market have been
without
significance since futures have been ruling under
raws.
Spot raw sugar was established yesterday at 3.40c.
delivered, a decline of 5 points, on sales of 1,000 tons of
Philippines due Oct. 6, 1,300 tons late Sept. arrival, both to
National, and 2,000 tons of Philippines due Oct. 6, to
Ar buckle.
The
world
contract closed 2 to 224 points down,
totaling 225 lots. It was reported by the
Exchange that 21 notices will be issued tomorrow, first
notice day against Oct.
The London term market was
Id to 23^d lower and raws there were offered at 6s 424d,
off 124d.
To-day futures closed unchanged to 3 points
down in the domestic contract, with sales of 264 contracts.
The undertone was steady during the early session, but
domestic contracts weakened following news of real location
of excess
beet sugar quotas.
A favorable consumption
report partly offset the reallocation news.
In the world
sugar market twenty-one notices were issued,
but were
promptly stopped. That gave the market support, which
held prices at a level considerably above the previous finals,
world contract prices finally showing net gains of 1 to 4
points, with transactions totaling 152 contracts. In London
futures were 34d higher to 24 lower. Raws there were offered
at the equivalent of 1.09 cents a pound'.
sugar
with transactions
Prices
were as
follows:
July
September
December
2.371 January.
2.44 j March
2.301M
a3£-
2.33
2.35
-
—
-
2.37
| Lard—On the 13th inst. futures closed unchanged to 5
points lower. Prices at the start of the week were about un¬
changed, but new buying developed when it was reported
that hog prices were up 25c. over Friday's finals, and lard
futures improved 10 points, subsequently losing this gain.
Later, hog prices advanced further and closed at the highs
of the day, which were 35c. to 55c. up. The foreign demand
for American lard continues spotty and over the past week¬
end only 55 tierces cleared for Antwerp. Hog prices today
were 35c. to 55c. over last Friday's finals.
The top price for
the day was $12.55, and scattered sales were reported at
$11.60 to $12.50.
Total receipts of hogs for the Western
run were larger than a year ago and amounted to 43,000 head,
against 62,300 head. Liverpool lard futures were firmer and
closed unchanged on the spot position and 6d. to 9d. higher
on
the deferred months.
10 to 15
On the 14th inst. futures closed net
points higher. Buying by trade interests, encouraged
by the 38,000,000-pound decrease in United States cold
storage stocks of lard in August, was responsible in large
measure for the upward swing of prices.
On the other hand,
commission houses with Eastern connections were reported
to be conspicuous sellers on the bulge, though prices held a
substantial portion of their gains to the end of the session.
Chicago hog prices closed 25c. to 50c. higher yesterday, due
to the light marketings at the leading Western packing
centers.
Total receipts were 43,200 head, against 56,400
head for the same day a year ago. The top price at Chicago
was $13 and scattered sales were reported at $11 to $12.85.
Lard exports from the Port of New York totaled 67,400
pounds, destined for London. Liverpool lard futures closed
firm, final prices being 6d. to Is. 6d. higher. On the 15th
inst. futures closed 17 to 22 points net higher. The opening
range was 7 to 10 points higher.
Soon after prices scored
advances of 20 to 25 points over the previous finals on com¬
mission house and trade buying.
Light profit-taking by
nervous speculative interests canceled part of these gains,
however, but most of the upturn was maintained to the close.
As a result of the increased consumption of lard, stocks at
Chicago for the first half of September decreased 16,034,079
pounds. The latter report was issued after the close of the
market.
Traders were expecting a decrease of about 10,000,000 pounds. Hog prices at Chicago were 15c. to 25c.
lower; the top price reported was $12.85, while the bulk of
sales ranged from $10.90 to $12.75.
Total receipts for the
Western run were 41,700 head, against 27,200 head a week
ago and 50,700 head for the same day last year.
No lard
exports were reported from the Port of New York. Liver¬
pool lard futures were 3d. higher to 3d. lower, with the spot
delivery Is. higher.
On the 16th inst. futures closed 5 to 15 points net higher.
The opening range was steady at 3 down to 5 points up.
Shortly after, prices advanced 25 points on the nearby
deliveries and 7 to 15 points on the deferred months due to
a rather vigorous demand.
The top price reported for hogs
in Chicago to-day was $12.60, and closing prices on all
weights averaged about 10c. to 25c. lower.
Sales were
reported at $11.90 to $12.60. The Western hog movement con¬
tinues to run below a year ago and marketings at the principal
packing centers totaled 42,600 head against 35,700 for the
same day last year.
Export shipments of lard from the Port
of New York to-day were 187,500 pounds, destined for
Manchester, England. Liverpool lard futures again ruled
Chronicle
Sept. 18,1937
firm, with prices 6d to Is higher.
To-day futures closed 22
points up on the near months and 5 points up to un¬
changed on the distant deliveries. The strength in the near
deliveries was attributed largely to shorts covering, especially
in the Sept. delivery. Up to this moment there was no other
explanation given for this exceptional strength in the Sept.
to 27
and Oct. deliveries.
DAILY
CLOSING PRICES
Sal.
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thvrs.
Fri.
-10.37
10.45
10.60
10.80
11.05
11.27
December
10.40
10.42
10.42
10.42
10.55
10.55
10.80
10.75
10.95
10.90
10.95
January
10.42
10.42
10.55
10.75
10.87
10.90
September
October
11.22
Pork—(Export), mess, $35.1224 per barrel (per 200
pounds); family, $35.1234 (40-50 pieces to bale), nominal,
per barrel.
Beef: (export) steady. Family (export), $26 to
$27 per barrel (200 pounds), nominal.
Cut meats: quiet.
Pickled hams: picnic, loose, c. a. f.—4 to 6 lbs., 1924c.; 6 to
8 lbs., 1834c.; 8 to 10 lbs., 16c.
Skinned, loose, c. a. f.—
14 to 16 lbs., 21 24c.; 18 to 20 lbs., 2034c.
Bellies: clear,
f. o. b., New York—6 to 8 lbs., 2334c.; 8 to 12 lbs., 2334c.;
10 to 12 lbs., 2224c.
Bellies: clear, dry salted, boxed, N. Y.
—16 to 18 lbs., 1724c.; 18 to 20 lbs., 1724c.; 20 to 26 lbs.,
1724c.; 25 to 30 lbs., 1724c.
Butter: creamery, firsts to
higher than extra and premium marks: 29 to 3534c. Cheese:
State, held, '36—23 to 24c.
Eggs: mixed colors, checks to
special packs: 16 to 26c.
Oils—Linseed oil has been quiet recently, with crushers
locally reported to be holding at 10.2c.
Quotations: China
wood: tanks, nearby 25c. nominal.
Cocoanut: Nov. for'd
434c.; Coast futures 434c. Corn: West tanks, late Sept. 624c.
Olive: Denatured, nearby $1.35; shipment, new crop $1.15.
Soy Bean: Tanks, West, spot 634 to 624c.; Oct. for'd 634 to
634c.; L. C. L.
; Sept., 9c.; Oct. for'd 8 to 82ic. Edible:
76 degrees 1024c. Lard: Prime, 1334c.; extra winter, strained,
1234c.
Cod: Crude, Japanese, 62c.; Norwegian light, fil¬
tered, 43c.
Turpentine: 35 to 39c. Rosins: $8.75 to $9.95.
Cottonseed
Oil, sales, including switches, 94 contracts.
Prices closed as follows:
Crude, S. E., 634c.
October
7.38@
| February
7.38@
]March
7.40@
April
7.42@ 7.431 May
November
December
January
7.43 @
7.49(g) 7.50
7.50®
7.54®
Rubber—On the 13th inst. futures closed 37 to 49
points
opened 12 to 19 points higher, but
turned reactionary soomafter the opening when a broad wave
of liquidation hit the market, reflecting the renewed decline
in the stock market.
December rubber, which early during
the day had reached a high of 19.55e., sold off to a low of
18.70c. on heavy offerings.
Short covering was practically
the only support the market received.
Transactions totaled
5,370 tons.
Factory interest in the outside market was vir¬
tually nil.
Outside prices were reduced 24c. to a spot basis
of
18J4c. for standard sheets.
London and Singapore
rubber markets closed quiet and steady, respectively, with
prices in the London market unchanged to l-16d. lower.
British rubber stocks increased 1,651 tons last week to 47,907
net lower.
The market
Local closing:
Sept. 18.70; Oct. 18.74; Dec. 18.85;
18.92; March 19.00; May 19.10.
On the 14th inst.
futures closed 1 to 8 points net lower.
The market opened
14 points lower to 1 point higher.
Commission house selling
by houses with foreign connections found relatively good
support following the opening.
However, prices gave ground
readily when more liquidation developed later on.
Decem¬
tons.
Jan.
ber
sold
as
low
as
18.73c.
and
March
rubber
at
18.85c.
However, closing prices were well above the lows for the day.
Transactions totaled 2,350 tons, or less than half of Monday's
total sales.
London and Singapore closed quiet and dull,
respectively, prices ranging 24d. to 34d. lower.
Local closing
Sept. 18.66; Oct. 18.73; Nov. 18.77; Dec. 18.81; Jan. 18.86;
March 18.94; May 19.02; July 19.11.
On the 15th inst.
futures closed 8 to 18 points higher.
The opening range
was 6 to 21 points lower, and active delivery months soon
lost 12 points more.
December rubber sold down to 18.53c.
and March to 18.68c. before the decline was stopped.
Short
covering, caused by the recovery in stocks and rumors of
increased factory demand, caused a sharp reversal in the
trend, and the active deliveries were run up 40 to 44 points
within a short time, December hitting a high of 18.87c. and
March 19.08c.
Selling by a prominent trade interest checked
the advance, and prices lost a part of their gain.
Trans¬
actions totaled 2,880 tons.
Outside prices were quoted on a
spot basis of 18 15-16c. for standard sheets, up l-16d. to
34d.
Local closing:
Sept. 18.84; Oct. 18.87; Dec. 18.94;
Jan. 18.99; March 19.05; May 19.10.
On the 16th inst. futures closed 17 to 27 points net lower.
The opening range was 4 to 10 points below the previous
finals.
Transactions totaled 2,690 tons.
Activity in the
outside market was greatly curtailed.
Factories again pre¬
ferred the sideline position, awaiting further developments.
Outside prices were reduced to a spot basis of 18 ll-16c. for
standard sheets, down 24c. per pound for the day.
London
and Singapore closed dull and quiet, with prices in London
l-16d. lower, while the latter advanced l-32d. to l-16d.
Local closing: Sept., 18.57; Oct., 18.60; Dec., 18.72; Jan.,
18.78; Feb., 18.80; March, 18.82; May, 18.92; July, 19.02.
Today futures closed 10 to 16 points down.
Transactions
totaled 221 contracts.
The market opened sharply lower on
weak cables, but rallied subsequently, only to react again to
lower levels.
London recovered and closed unchanged to
l-16d. higher.
Singapore closed 3-32d. to 24d. lower.
It
Volume
was
estimated that United
show
Financial
145
moderate
another
18.76;
13th inst. futures closed 42 to 49
points
wit¬
Hides—On the
This
was
one
of the most drastic declines
nessed in the hide market for many a
long day.
A wave of
liquidation struck the market and there being no appreciable
support, prices gave way rapidly. The selling and extreme
weakness were attributed to the pt-onounced weakness in
the securities markets and general declines in most commodity
markets. The opening price range was 12 points advance to
8 points decline. There was little or no rallying power during
the entire session.
Transactions totaled 4,880,000 hides.
Stocks of certificated hides in warehouses licensed by the
Exchange increased by 1,992 hides to a total of 841,865 hides.
Local closing: Sept.,
15.15; Dec., 15.46; March, 15.80;
June, 16.12; Sept., 16.44. On the 14th inst. futures closed
20 to 29 points up. The list was irregular at the start, prices
ranging from 10 points advance to 15 points decline. The
sharp rally in the securities market was held largely respon¬
sible for the much improved tone in hide futures during the
later dealings, and while the turnover was small, the list
worked considerably higher to close at the highs of the day.
Transactions totaled 1,720,000 pounds.
Stocks of certifi¬
cated hides in warehouses licensed by the Exchange increased
by 7,999 hides to a total of 843,084 hides. No new develop¬
ments were reported in the domestic spot hide market.
Local closing: Sept.,
15.35; Dec., 15.75; March, 16.08;
June, 16.41; Sept., 16.71. On the 15th inst. futures closed
6 to 11 points net lower.
Transactions totaled 1,680,000
pounds. The market opened weak and from 13 to 19 points
decline.
The rally from the lows was due largely to shorts
covering. No new trading was reported in the Argentine
market for frigorifico hides during the course of the day.
Local closing: Sept.,
15.29; Dec., 15.64; March, 16.01;
June, 16.35; Sept., 16.63.
On the 16th inst. futures closed net 3 to 5 points higher.
The opening range was 4 to 9 points below the previous
finals.
Transactions totaled 2,500,000 pounds.
While the
trade is closely following the spot hide situation, no new
developments were reported in this direction during the day.
Local closing: Sept., 15.32; Dec., 15.60; March, 16.05; June,
16.37; Sept., 16.68.
Today futures closed 12 points down.
Transactions totaled 30 contracts.
The continued deadlock
in the cash hide market caused further
liquidation in hide
futures, with the result that prices lost 13 to 14 points in
quiet
trading.
interest
in
Tanners
actual
firm in their
hides,
were
but
reported
as
showing
so
far
as
more
packers continued decidedly
price ideas, with the result that
consummated,
could be learned.
no
sales
were
Local closing:
Dec., 15.57; March, 15.93.
Ocean
Freights—Although the foreign demand for both
and
American
Canadian
wheat
remains
rather
slow,
the
demand for berth grain tonnage and full cargoes continues
active.
Charters included: Grain Booked: Two loads, New
York
to Hamburg, Oct., 18c.
Ten loads, New York to
Rotterdam, Jan., 16c. Ten loads, New York to Rotterdam,
Feb., 16c.
Ten loads, New York to United Kingdom,
prompt, 2s. 9d. Two loads, New York to United Kingdom,
2s. 10VATwo loads, New York to Hamburg, Nov., 19c.
Three loads, New York to Hamburg, Sept., 17c.
Scrap:
Portland to Japan, by Mitsubishi Shosen Kaisha, Sept.
Trips: Round trip WTest Coast South America, redelivery
Alexandria, no rate. Trip across, delivery Wilmington, N. C.
Oct. 5-10, $3.65.
Three round trips WTest Coast South
America trade, Oct. $2.
Coal—It is
reported that the colder weather of the last
days has stimulated business. Shipments of anthra¬
cite for August, as reported by the Anthracite Institute were
2,436,930 net tons, a decrease of 480,447 tons, or 16.47%,
from August of last year.
The Aug. figure, however, repre¬
sented a slight rise—15,426 tons—from the volume reported
in July.
Recent statistics on bituminous coal production
show increases in production, which some interpret as mean¬
ing an increase in business. It is pointed out, however, that
the mine operators may simply be increasing production in
anticipation of the usual fall and winter demand. Business
in various lines of coal are reported to be increasing, though
in most cases.more slowly than had been anticipated.
several
Metals—The
report of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more fully.
and
Wool—The wool market in Boston
inactive.
As
a
was
reported
As
raw
there is something of a general deadlock.
Market quotations are mostly unchanged, but in the absence
to
prices,
of business the real value of wool
seems
undetermined.
It is
reported that dealers see no reason for marking prices down
and mostly are of the opinion that price reduction at this
time would have no appreciable influence in stimulating
demand
for
the
raw
material.
The
situation
abroad
is
being watched closely, as this may furnish a guide to ultimate
developments. There is much in the foreign situation that
China
the conflict between
market and its effect;
and
Japan, and the possibility of an outbreak of
hostilities in Europe. Anyone of these could develope into
a major
factor as far as the wool situation is concerned.
Rumors were current that concessions were being made by
dealers whose wool
acquired a little below the high prices
Western growers. However, it was stated
the movement was not general and was without any special
significance.
At the Colonial wool auctions at London on
Wednesday offerings of 8,584 bales met with increasing
general competition with the result that the opening decline
was not so pronounced on the better classes of wool.
Silk—On
lower.
silk
was
maintained by
now
the
13th
inst.
futures
closed
k£c. to 3c.
net
After starting out firmer under some short covering,
into further extensive liquidation when securities and
ran
commodity markets showed drastic declines almost along the
entire line.
Opening sales had been at a gain of
to 3c.,
but the closing registered net declines of just that much, with
new lows for the season being touched
by most contracts.
Transactions totaled 2,320 bales.
Japan came in steady.
Grade D was unchanged at Yokohama and Kobe at 825 yen.
Bourse prices on these markets ran respectively 4 yen higher
to 2 yen lower and 3 lower to 2 yen higher.
Cash sales for
both centers totaled 850 bales, while transactions in futures
totaled* 3,800 bales.
Local closing: Sept., 1.75Hb Oct.,
1.75Y; Nov., 1.72; Dec., 1.71)4; Jan., 1.70; March, 1.68.
On the 14th inst. futures closed Yg. to 3c. net higher.
The
opening range was Yg. to 2Yg. up.
Transactions totaled
1,090 bales. In a narrow trading market prices recovered the
losses of the previous day, influenced largely by the sharp
rally in the securities market and the better sentiment toward
all commodities.
Grade D at Yokohama eased 2Y yen to
822 Y yen, while at Kobe it held unchanged at 825 yen.
Bourse prices on these markets were 4 yen lower to 3 yen
higher at Kobe, and 2 yen to 3 yen lower at Yokohama. Sales
of actual silk for both markets totaled 80 bales, while transac¬
tions in futures totaled 2,850 bales.
Local closing: Sept.,
1.77Y', Oct., 1.76; Nov., 1.74; Dec., 1.73; Jan., 1.71^;
March, 1.71; April, 1.7034b On the 15th inst. futures closed
unchanged to lc. easier.
In one of the dullest sessions
recorded in a long time silk contracts dropped slightly lower.
Sales fell to 340 bales.
Japan reported 2Yi yen higher for
Grade D at Yokohama and unchanged at Kobe, both centers
quoting 825 yen for this grade. Yokohama futures were 1 to
7 yen higher while Kobe futures were unchanged to 7 yen
firmer.
Cash sales were 1,175 bales for both markets, while
transactions in futures totaled 2,825 bales.
Local closing:
Sept., 1.77; Oct., 1.75^; Nov., 1.733^; Dec., 1.72; Jan.,
1.713^; March, 17.0^.
On the 16th inst. futures closed Y to 23^c. net higher.
The strength displayed in the silk market today was attrib¬
uted largely to higher Japanese cables and an advancing
securities market.
The general tone, however, continued
quiet, with only 640 bales sold. Crack double extra sold at
1.8834b up 134jC. Certificated stocks totaled 1,650 bales. In
Japan grade D at Yokohama advanced 7%, yen to 832 Y yen,
and at Kobe grade D was up 10 points to 835 yen.
Yoko¬
hama futures were 2 to 6 yen higher.
Kobe futures advanced
4 to 10 yen.
Spot sales totaled 950 bales for both centers,
while futures transactions totaled 2,925 bales.
Local closing:
Sept., 1.78; Get., 1.77; Nov., 1.7534b Dec., 1.73Y; Jan.,
1.72March, 1.72.
Today futures closed 2c. up to un¬
changed.
Transactions totaled 54 contracts.
After open¬
ing unchanged to 134c. higher, the market stood 34 to lc.
higher in the early afternoon, with Sept. at $1.7834 and
Dec. at $1.75.
Trading was dull, totaling only 200 bales up
to that time.
Sentiment was midly bullish on the theory
that New York was out of line with Japanese markets.
The
price of crack double extra silk in the New York spot market
advanced 134c. to $1.90 a pound.
Yokohama closed 3 to 6
yen higher.
Grade D silk advanced 1234 yen to 845 yen a
bale.
Local closing: Sept., 1.79; Oct., 1.7834; Nov., 1.7634;
Dec., 1.7534b Jan., 1.7334; March, 1.73; Apr., 1.72.
COTTON
Friday Night, Sept. 17, 1937
The Movement
grams
of the Crop, as indicated by our tele¬
For the week
from the South tonight, is given below.
ending this evening the total receipts have reached 347,270
bales, against 309,808 bales last week and 300,222 bales
the
previous week, making the total receipts since Aug. 1,
1,118,883 bales for the same
1937, 1,463,902 bales, against
period of 1936, showing an increase since Aug. 1, 1937,
345,019 bales.
as very
matter of fact, there appears no real interest
material anywhere. Dealers are not buying in the
West and manufacturers are not purchasing in the East.
in the
watching; for instance, the absence of Japan from
the Australian
18.47; Dec., 18.61; Jan., 18.66; March, 18.72; May,
July, 18.87.
net lower.
bear
can
Kingdom rubber stocks this week
increase.
Local
closing: Sept.,
1921
Chronicle
Receipts at—
Galveston
Houston
Corpus Christi..
New Orleans
Mobile
Pensacola, &c—
Mon.
Sat.
12,353
11,740
5,375
6,150
967
Savannah
Lake Charles
Wilmington
Norfolk
Wed.
10,707
10,478
7,337
•
—
—
1,783
2,547
•
-
-
-
-
16,441
3,200
16,135
820
-
Thurs.
3,604
6,344
2,271
-
-
—
Jacksonville.
Charleston
Tues.
30,716
13,998
7,3u3
10,604
2,335
2,550
3,747
15,604
10,280
3,202
7,511
1,217
5,032
-
_
2,984
3,411
2,426
1,183
2,671
2,075
Total
Fri.
96,805
16,947
48,645 108,441
2,676
25,360
9,313
56,057
10,248
2,638
5,032
293
293
2,207
10.077
14,621
23,040
20
—
—
-
—
-
—
-
168
-
-
88
_
_
_
_
6,214
6,214
16
-
-
124
114
16
264
242
21
545
.350
•
....
m
—
350
-
—
—
Baltimore
Totals this week.
of
40,935
71^421
53,936
33,731
47,850
99,397 347,270
Financial
1922
Chronicle
table shows the week's total receipts, the
Speculation in cotton for future delivery has been mod¬
erately active during the past week, with the trend of prices
with last year:
1936
1937
Stock
This
Texas City
Houston
1, 1936
1937
234,392
325,302 105,238
96,805
__
for
1936
554,345
400,185
340,813
2,691
175,583
32,982
16,278
1,110
56,270
25 ,360
Corpus Christ!—
Beaumont
New Orleans
56 ",057
Mobile—
10 ,248
—
Jacksonville
Savannah
Brunswick.-
14
Charleston
222,707
2,074
246,465
40,843
23 ",040
,621
81,594
12,190
19,645
513", 472
170,227
15,732
580
2,241
13,211
60,498
350,406
61,525
16,362
2,507
147,098
16",433
61,815
45,349
8,035
19,887
53,775
32,331
10,018
23,733
42.332
565
310
545
6,474
834
47.040
33,231
2,308
2,044
350
3,741
735
2,984
6 ,214
264
Lake Charles
"Wilmington
Norfolk
238,466
91,930
25,816
401,356
106,416
19,724
3,927
175,584
58.042
43,866
5 ,032
293
&c—
179",724
71,929
13,583
4,533
100
"""845
3,284
3,879
950
725
New York..
Boston
Philadelphia
347,270 1,463,902 340,815 1,118,883 1,971.094 1,679,812
In order that
comparison
be made with other
may
give below the totals at leading ports for six
years,
On the 11th inst.
1935
1934
96,805
1(8.441
105,238
46,118
46,557
71.929
43.810
56,057
10.248
14,621
81,594
12,190
13,211
55,998
22,166
25,231
79,592
33,857
13,484
7,772
23.04"
16,433
"ll",633
264
310
61
545
834
1937
Receipts at—
Galveston—
.
Houston
New Orleans.
Mobile
Savannah....
Charleston—
_
_
Norfolk
1936
1933
1932
82,331
125,274
37,659
16,713
44,243
101,008
54,425
7,329
6,913
13",387
11,815
'"7",876
120
1,396
1,813
1,219
1,738
6.313
321
Newport News
37.249
3 9" 07 6
40,004
34",980
45", 431
30.376
347,270
340,815
265,021
230,070
328,745
255,127
All others
Total this wk_
Since Aug. 1.
876,252 1,357.037 1,183,802
1,463 9:2 1,118.883 1,053.229
.
The exports
for the week ending this evening reach
153,873 bales, of which 54,158
were
a
total
to Great Britain,
20,939 to France, 27,680 to Germany, 13,301 to Italy, 10,597
Japan, 4,033 to China, and 23,165 to other destinations-
In
the
corresponding week last
178,548 bales.
For the
season
have been 513,498 bales,
period of the previous
total
year
exports
against 493,984 bales in the
Below
season.
were
to date aggregate exports
same
the exports for
are
the week.
Week Ended
Exported to—
Sept. 17, 1937
Exports from—
Ger¬
Great
France
Britain
Galveston
Japan
3,151
4,583
3,591
"914
Other
Total
"993
7,961
6.472
34,557
42,636
3,040
6.473
40.849
l"494
2~859
6,387
6,029
18,346
China
6,244
"167
11,528
6,311
16.754
Corpus Christ!..
Italy
many
3,155
5,530
Houston
200
200
1,653
11,316
9
1,770
17,008
Beaumont
3~I66
2",623
Orleans
New
Pensacola, &c
1,761
_.
Savannah
7~218
Charleston
3,516
176
21
315
Norfolk
Los
3.692
"297
l"062
633
1,212
54,158
Total
1936
Total
100
9,690
150
Angeles
Total
1935
-
20,939
27,680
13,301
10,597
4,033
23,165 153,873
56.092
27,258
32,227
21,592
25,250
7,284
46,304
100
700
16,071
14,949 178,548
13,340 93,530
10,911
Exported to—
From
Aug. 1,1937, to
Sept. 17. 1937
Great
Exports from—
Britain
France
8,829
25,595
48,690
Galveston
Houston
Corpus Christi.
Italy
many
17,238
13,532
19,744
39,527
18,622
39,730
550
Beaumont
Japan
China
2,986
6,698
7,386
31,343
19,038
7*411
5JH9
993!
2,874
20,012
7~612
3,040
1,034
6,266
248
6,427
...
70
Jacksonville...
Pensacola,
200
850
12,445
1,824
58,743
3,001
443
13,426
1,723
~~~9
642.
420
Francisco.
6,638
200;
4,911
131,240
87,980
137,541
87,018
1,604
1~062
522
Total.......
"323
3,711
1,232
1,345
440
San
Total 1935....
1,254'
604
6,328
Los Angeles...
Total 19°6
3,998
31,221
15,383
2,266
21
Norfolk
137
19,249
8,413
Charleston
42
67
10,045
&c.
Savannah
15,728
40,916
200
39
Mobile
60,984
90,942
222,284
11,701
....I
5,144
104
Total
Other
....
100
Orleans..
Lake Charles..
New
1,300
980
458
116,515
54,265
32,299
80,205
76,846
68,438
22,539
37,940
115,912
58,212
4,233'
90,973
In addition to above exports, our
,966
513,498
855'
60.086
200
84,071
493,984
426,852
8
telegrams tonight also
^ive us the following amounts of cotton on shipboard, not
cleared, at the ports named:
9 cents, and
•
Shipboard Not Cleared for—
Leaving
Sept. 17 at—
Ger¬
Great
Britain France
Htfuston.
New Orleans..
Savannah
Charleston
3.278
2,675
7,000
7,025
1,999
Mobile.
6,761
26,214
8,820
6,684
16,324
19,349
9,097
Other
Foreign
wise
20,000
12,000
7,027
2,652
7,836
1,333
1,000
941
__
Total 1937.
Total 1935
.
Total
53,500
26,107
8,659
7",061
Norfolk
Total 1936
Stock
Coast¬
many
"300
13,500
Galveston
ports.
prices closed 6 to 10 points off.
with the entire list at
short session, as
trade buying orders
strong resistance,
abroad
were
Southern
new
South,
After
on
low levels for the
The volume of trading was large
movement.
on a
for Saturday's
scale down offered
with evidence that mills both here and
fixing prices against purchases of spot cotton.
hedge selling
flow of orders,
was more
active, and with
the buying limits were filled
up
a„
on
levels for the movement, and the lowest since 1933.
the
steady
every
29,679
2,704
6,416
21,169
37,728
31,142
1,941
2,000
1,358
selling
was
500,845
487,365
341,747
147,098
61,815
54,464
19,887
262,546
95,327 1,875,767
70,601 1,609,211
54.697 1,550,916
in the form of hedges, with only
liquidation.
were
Southern spot markets,
5 to 10 points lower.
Most of
moderate
a
as
officially
MiddLng quotations
ranged from 8.42 to 9.16 cents, compared with 8.97, the close
for October in New York. On the 13th inst.
prices closed 12 to
16
points net lower. The market opened 1 to 4 points lower
in response to indifferent Liverpool cables. There was over¬
night Southern and foreign selling wh.ch weighed heavily
on the market.
The weather map showed generally clearing
conditions over the entire cotton belt, and the improved
weather liberated cotton held up at interior points by recent
rains. Selling orders from the South poured into the market
throughout the day. This pressure sent prices steadily down¬
ward despite price-fixing. Mills evidently were more inclined
to fix prices at present levels and many contracts changed
hands, with producers the main sellers and consuming ele¬
ments the chief buyers.
At the decline the entire list sold
under 9 cents except July, which dechned to within 5 points
of that level. Spot business was reported as improving since
the Government report was published and on the declining
market.
Southern spot markets as officially reported were
10 to 20 points lower.
Average price of middling at the 10
designated spot markets was 8.74c. On the 14th inst. prices
closed 3 to 7 points higher. The market displayed a steadier
undertone today. Though early gains of 11 to 17 points were
not maintained, the market showed no disposition to weaken
at any time during the session.
Southern selling pressure
was less
aggressive and offers were taken by domestic and
foreign trade. There seemed to be improved confidence as a
result of a change for the better in the securities market and
commodity markets in general. The cotton market opened
steady and 2 points lower to 2 points higher, with October,
December and January selling at 1 point under previous low
levels, while later months were at Monday's lows, or a point
or two above.
Houses with foreign connections were the best
early buyers when prices reached the highest of the session.
This demand was for trade price-fixing and also Liverpool
and Bombay buying on differences.
The Census Depart¬
ment reported domestic consumption during August had
totaled 604,380 running bales, compared with 583,066 in
July and 575,014 in August last year. Southern spot markets,
as
officially reported, were unchanged to 5 points higher.
Average price of middling at the 10 designated spot markets
was 8.76c.
On the 15th inst. prices closed 8 to 15 points up.
The_market opened steady and up 8 to 14 points. Initial
trading was fairly active, with the trend upward in response
to higher Liverpool cables. The trade and shorts were on the
buying side. It was reported that interests with Wall Street
connections covered
a
substantial short line
on
the advance.
Liverpool and Bombay interests were reported as leading
buyers. October contracts led the advance, closing within
4 points of the
day's best level of 9.05c., or gains of 15 points.
The weekly weather and crop
summary read favorably and
comment generally was that while the staple had been dam¬
aged in the recent wet spell, the outlook from the standpoint
of the number of bales
probably was unchanged from the
Sept. 1 official estimate. Southern spot markets, as offi¬
cially reported, were 8 to 15 points higher. Average price
of middling at the 10
designated spot markets was 8.86c.
On the
16th inst. prices closed 9 to 12 points net lower.
brought prices back to within a margin of a few
points of the low for the movement established earlier in
This
the
On
Other
favorable
the
day, with October, December and January all selling under
reported,
Brunswick
to
in
Friday, the cotton market continued to decline further to¬
amount of
seasons:
'
of
highly
the
point of decline, and closing quotations were at the lowest
Totals....
Wilmington
and
ginning cotton
breaking through the 9-cent resistance point at the close
Newport News
Baltimore
cotton,
factors in the decline.
491,237
50
108 ,441
of
harvesting and
indicating heavy hedge offerings shortly, were contributing
Since Aug
Week
Aug
1, 1937
Week
Galveston
This
Since
importation
weather
Receipts to
Sept. 17
The action of Japan in refusing to permit
generally lower.
I
.
further
we
1937
18,
Aug. 1, 1937, and the stocks tonight, compared
The following
total since
Pensacola,
Sept.
week.
October contracts went from a top of 9.06 to
then closed at 8.89 to 8.90c.
December contracts
likewise went from 8.97 to 8.78c., ending at 8.80c.
Reports
from Japan that the government there will suspend imports
8.88c.,
of
all
peared
cotton
may
have
affected sentiment,
but
there ap¬
disposition to aggressively sell the market, trad¬
generally preferring the sidelines until uncertainties
cleared somewhat.
The local market opened steady and up
4 to 7 points.
The initial upturn was in sympathy with
higher Liverpool cables, along with further buying for for¬
no
ers
eign account, and additional absorption of October and De¬
cember deliveries by spot
fixing.
houses in the way of trade price-
Worth Street reports were encouraging, indicating
Volume
Financial
145
consummated
officially re¬
ported, were 9 to 15 points lower.
Average price of mid¬
dling at the 10 designated spot markets was 8.75c.
Today prices closed 4 to 6 points down.
The market dis¬
played heaviness during most of the session, though trad¬
ing was quiet and featureless.
Most traders appeared to be
marking time and awaiting new developments before enter¬
ing any new commitments.
The Liverpool market showed
losses of 7 points, due to the weakening of the technical
position caused by recent short covering.
In the local mar¬
ket foreign buying, especially for Liverpool and Bombay
account, continued as differences between New York and
the markets abroad narrowed.
Trade price-fixing was also
more active,
apparently influenced by yesterday's spurt in
the cotton goods market.
Nevertheless, hedge selling was
also more liberal as open weather continued in the South
and early supplied demand.
December again encountered
that
volume of business was being
larger
a
Southern spot markets, as
higher levels.
at
resistance as it sold
Premiums and
off from 8.80 to 8.76c.
1923
Chronicle
662,000
403,000
95,000
74,000
46,000
82,000
736.000
141,000
112,000
7,000
.' 52,000
18,000
38,000
6,000
7,000
4,000
.6,000
449,000
163,000
62,000
14,000
30,000
61,000
10,000
6,000
993,000
358,000
140,000
23,000
48,000
39,000
11,000
9,000
363,000
690,000
93,000
124,000
8,000
Stock at Bremen.
Stock at Havre
Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
346.000
628,000
943,000 1,099,000
795,000
India cotton afloat for Europe...
47,000
55,000
.49,000
American cotton afloat for Europe
272,000
233,000
215,000
Egypt, Brazil,&c.,afl't for Europe
138,000
176,000
144,000
Stock in Alexandria, Egypt
77,000
117,000
75,000
Stock in Bombay. India
634,000
654,000
480,000
Stock in U.S. ports
1,971,094 1,679,812 1,605,613
Stock in U. S. interior towns
1,050,914 1,499,275 1,414,604
U. S. exports today
35,279
28,380
12,913
1,621,000
63,000
205,000
5,168,287 5,541,467 4,791,130
7.013.588
253,000
Total Continental stocks—...
Total
European stocks
.
Total visible supply
Of the above, totals of American
Staple—The
Discounts for Grade and
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on
1
Premiums and
grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over Y%-inch cotton at the 10 markets on Sept. 16.
discounts for
Vs
15-16
1 In. A
%
Inch
Longer
Inch
In
1
15-16
Inch
Inch
A
Longer
.65
on
.90
.58
St. Good Mid..
on
.83
on
on
St.
1.07 on
Mid
.50
on
.75 on 1.00 on
St. Mid...
.35
on
.61
on
.84 on
•St. Low Mid..
Basis
.25 on
.47 on
•Low
St. Low Mid—
.61 off
.37 off
.18 off
•Good
Good
St.
2.68 off 2.64 off 2.61 off
Ord
Extra
.45 off
•Mid
Mid
•St
White—
on
Low Mid..
.37 on
on
.84 on
Good Mid
.50
on
St. Mid
.35
on
.61 on
Mid
Even
.25
on
.47 on
Good Mid
St. Low Mid
.60 off
.35 off
.17 off
♦St. Mid
.88 off
1.20 off 1.04 off
1.72 off 1.62 off 1.52 off
2.40 off 2.36 off 2.27 off
♦Mid
♦St. Good Ord. 2.12 off 2.05 off 1.97 off
*
2.66 off|2.62 off 2.59 off
Good Ord
.07 off
Stained-
Yel.
1.43 off 1.25 off 1.11 off
.26 off
.30 off
.50 off
.70 off
1.54 off 1.44 off 1.28 off
2.28 off 2.21 off 2.11 off
2.82 off 2.78 off 2.72 off
•Low Mid
1.00 on
.75
Low Mid
.55 on
.15
.24 off
.43 off
.65 off
1.50 off 1.31 off 1.18 off
2.23 off 2.10 off 2.03 off
Mid
1.45 off 1.28 off 1.14 off
Good Ord
•St
Mid.....
.34 on
Tinged—
2.15 off 2.08 off 2.01 off
Low Mid
on
.05 off
Mid
Mid
Good Mid
.14
Good Mid.....
1.14 on
Cray—
.57 off
.35 off
28,000
61,000
85,000
11,000
34,000
83,000
69,000
38,000
Manchester stock
Bremen stock
Havre stock...
Other Continental stock
.80 off
.57 off
.41 off
•Mid
•
1.38 off 1.23 off 1.10 off
-
Not deliverable on future contract
The official
quotation for middling upland cotton in the
for the past week has been:
17—
Sat.
Mon. Tues. Wed. Thurs. Fri.
New York market each day
Sept. 11 to Sept.
Middling upland
9.06
9.01
9.17
9.21
U. S. exports today
Total American
3,695,287 3,860,467 3,553.130 4,998,588
U. S. interior stock
East Indian, Brazil, Ac.—
highest, lowest and closing ' prices
New York foi the past week have been as follows:
Total American
Saturday
Monday
Tuesday
Wednesday
Sept. 11
Sept. 13
Sept. 14
Sept. 15
Thursday
Sept. 16
830,000
7.73d.
5.77d.
6.53d.
4.63d.
week have been 82,000 bales.
is,
movement—that
the
Towns
Interior
the
receipts for the week and since Aug. 1, the shipments for
the, week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Movement to Sept. 18, 1936
Movement to Sept. 17, 1937
Towns
Receipts
i
Friday
Season
17
Ship
109
Stocks
Sept.
Week
18
Receipts
Sept.
Week
980
84:
Ala., Birming'm
!
ments
Stocks
Ships
ments
Week
Septn.7
63,000
5,168,287 5,541,467 4,791,130 7,013,588
5.33d.
6.98d.
6.53d.
7.05d.
9.05c.
12.38c.
10.95c.
13.00c.
lO.lOd.
10.58d.
8.87d.
8.80d.
4.53d.
5.76d.
5.52d.
5.31d.
supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g*d fair, L'pool
C.P.Oonara No.l staple,s'fine.Liv
at
Futures—The
146,000
149,000
46,000
54,000
32,000
53,000
1,473.000 1,681,000 1,238,000 2,015,000
3,695,287 3,860,467 3,563,130 4,998,588
India, &c
the
144,000
76,000
480,000
47,000
138,000
77,000
634,000
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India.
At
176,000
117,000
654,000
40,000
59,000
43,000
71,000
Havre stock
Total visible
643,000
55,000
34,000
7a,000
22.000
64,000
49,000
466,000
67,000
33,000
39,000
24,000
Bremen stock
Total East
295,000
414,000
Liverpool stock
Manchester stock
9.05
9.09
37,000
304,000
108,000
77,000
205,000
12,000
88,000
40,000
57,000
216,000
272,000
233,000
1,971,094 1,679,812 1,606,613 2,654,631
1,050,914 1,499,276 1,414,604 1,339,176
35,279
28,380
12,913
5,781
American afloat for Europe
U. S. port stock
.17 off
St. Mid
follows"
268,000
108,000
196,000
Continental imports for past
Good Mid
5,781
'
181,000
bales.
Liverpool stock
Other Continental stock
Spotted-
White-
Mid. Fair
146,000
149,000
830,000
2,654,631
1,339,176
and other descriptions are as
American—
table below
911,000
595,000
bales
Total Great Britain
Stock at
1934
1935
1936
1937
Sept. 17—
Stock at Liverpool
Stock at Manchester
Week
13,186
Season
i
27ll 30.672
2,332
1,181
Closing
,*■ Closing
Nov.—
8.81»
8.97- 9.03
8.81- 8.93
8.80- 8.
8.96- 9.05
8.97- 8.98
8.86- 8.90
8.81- 8.82
407,
39,960
11,211
23,515
2,437
78,485
1,242
7,385
1,453
4,618j
7,909'
8.85
Hope
3,087!
4,297|
9.01
8.85m
8.80m
8.76- 8.90
8.87- 8.95
8.78- 8.97
8.73- 8.85
8.77- 8.78
8.81
8.90- 8.91
8.80
8.74- 8.75
8.95- 9.01
8.82- 8.94
8.81- 8.94
8.91- 8.99
8.82- 9.02
8.78- 8.86
Atlanta
8.95
8.83
8.86
8.96
8.85- 8.86
8.79
Augusta
8.89m
8.83n
8.91
Pine Bluff...
Range..
_
—
8.87m
8.91m
Range..
9.03-
8.90- 9.02
8.91- 9.03
9.01- 9.08
8.92- 9.11
8.86- 8.97
Closing.
9.03
8.91
8.97- 8.98
9.05- 9.06
8.93
8.87- 8.89
9.07n
8.95M
March—
9.13
Range..
9.12- 9.21
8.99- 9.10
9.00- 9.13
9.10- 9.18
9.01- 9.20
8.95- 9.07
Closing
9.12
i-
8.99- 9.00
9.03- 9.04
9.12- 9.14
9.02- 9.03
8.98
279j
7,764
578
952
"803
35,517
11,889
22,649
7,315
1,201
1,915
150
15,140
10,897
12,766
6,616
12,036
1,625
1,125
8.402
14,932
49,894
3,050
1,450
3,973
"568
9,233
820
11,586
1,746
3,857
92,741
1,429
1,986
1,850
6.670
750
57,634
11,855
35,654
12,308
19,123
840
17,450
81,218
41,509
l",90i
1.515
350
18,827
109
1,989 69,126
4,765113,791
300 33,525
995, 29,085
800
4,700
600
33,400
200
3,664
9,308
1,555
21,609
2,791
145
146
300
240
333
225| 19,792
12,056
27,254
2,346
8,870
29,921
3,093' 35,106
Mlss.Clarksdale
11,289
27,477
1,489
14,753
23,101
27,968
11,399
36,307
1,740
Columbus
6.566
3.614
4,952
190
14,107
3.001
7,798
2,905
41,954
13,285
1,751
15,853
3.506
42,622
20,485
65,615
6.885
1,653
12,840
8,400
22,093
2,759
33,787
21,710
55,618
22,834
1.893
481
752,
70
1,352
1,040
1,830
1,490
2,274
12
3,047
5,545
"ill
6.654
Yazoo City..
6,413
15,079
214
16,127
20,254
603
19,780
1,357
6,655
1,362
2,911,
7,230
2,633
Natchez
15 towns
9.07m
9.16m
9.07m
9.02m
9.05- 9.19
9.07- 9.20
9.18- 9.26
9.10- 9.28
9.04- 9.14
Tenn., Mem phis
366!
51
1,660
608;
1,589
1,290
70,004
9.05- 9.06
9.12
9.21
9.12- 9.13
9.07
Texas, Abilene.
9.20
9,610
25,546
Paris
Closing
70,969
6.576
29,894
67*701
174,099
2,127
6,073
18,748
52,918
13,056 247,385
1,358
201
1,948
11,615
2,505
10,918
2,712
20,201
117i
18,956
10,562
2,472
32,829
1,410
2,000
1,114
Dallas
Range..
90,192
4,208! 44,274
29,398384,802
4,161
l,631i
1,217
1,237
8,838
14.889
6,258
6,988
7,421
1,326
476
2,938
1,400
1,105
2,727
11.580
7,312
20.812
6,251
7,357
13,598
2,000
1,148
5,790
4,140
7,239
7.035
18,148
4,843
Robstown...
497
15,273
2,056
4,233
1,090
11,809
1,014
San Antonio.
379
5,791
712
1,022
625
3.666
1,504
2,233
478
3,833
3,026
7,481
1,570
1,762
2,308
9,483
10,522
4,928
1,113
9,787
34,542
6,247
10,986
8,990
20,746
6,303
10,882
Austin
Aug.—
Brenham
Range..
.
Nominal.
week
for
ending
Sept. 17, 1937, and since trading began on each option:
future prices at New
for
York
—
Range for Week
Option for—
8.80
Sept. 14
9.05
Sept. 15
8.80
Since Beginning of Option
Sept. 14 1937 13.98 Apr.
Sept.
1 1937 12.40 July
8.73 Sept. 17 1937 13.93 Apr.
8.78 Sept. 17 1937 13.94 Apr.
9.04
Nov. 1937—
Dec. 1937—
8.73
Sept. 17
8.98
Sept. 11
Jan.
1938—
8.78
Sept. 17
9.01
Sept. 11
Feb.
1938—
Mar. 1938—
8*86 Sept." 17
9U3
Sept.
il
8.86
Apr. 1938—
May 1938—
8.95
Sept. 17
9.21
Sept. 11
9.0*4
Sept. 17
9.30
Sept.
5 1937
12 1937
51937
8.95
11.15
1938—
li
..
7,178
10,368
Waco
346
433
^
Range
,
Texarkana
Total, 56 towns 200,413
*
1938—
l",178
7,631
1,277
Rome
S. C., Greenville
9.30
9.20-
July
1,941,
317,
2,210
2,372
9.02m
9.16m
July—
June
14,684
16.014
10.015
Oklahoma—
Range..
1937—
10,978
Mo., St. Louis.
N.C.,Gr'nsboro
8.92n
June—
Oct.
5,221
Vicksburg
8.97 n
9.08m
9.00m
May—
Range
7,868
14,884
Jackson
Range..
.
8,261
661
919
Greenwood..
April—
Closing.
125
10.827
La., Slireveport
8.99m
9.00n
.
3,403
4,755
4,325
Walnut Ridge
Macon
Range—
.
1,856
11,539
6,710
Columbus
Feb.—
Closing.
3,802
~142
4,561
1,517
5,018
Ga., Albany
Athens..;
Jan.(1938)
3,143
1,023
253!
Newport
8.77- 8.90
8.91- 8.98
Closing.
.
4,270
Jonesboro
8.96m
Range__
Closing
58,765
73,090
Helena
Dec.—
n
1,604
8.84n
8.79m
Closing
6,459|
25,345
Little Rock..
8.94n
Closing
1,175
7,616
8.83- 8.94
Range..
Closing
14,411
26,751
498
8.88- 9.06
8.96m
.
4,081
1,676
2,959
8.89- 8.90
8.76 n
Oct.—
Range..
636
16,380
857|
Eufaula
Ark.,hlytheville
Forest City—
8.92 m
,
10,203
Selma
Range..
10,661
4,266
6,968
31,486
554
Montgomery.
Sept. (1037)
July
5 1937
26 1937 13.85 Mar. 31 1937
Sept. 17 1937 13.97 Apr.
5 1937
Sept. 17 1937 12.96 May 21 1937
9.63 Aug. 27 1937 11.36 July 27 1937
9.04 Sept. 17 1937 11.36 July 27 1937
505,695
67,6771050914 270,331
Includes the combined totals of
above
The
totals
746,072110,738 1499275
15 towns in Oklahoma.
show
that
the
interior
stocks have
during the week 132,736 bales and are tonight
448,361 bales less than at the same period last year.
The
receipts of all the towns have been 69,918 bales less than
increased
the
same
week last year.
New York Quotations for 32 Years
quotations for middling upland at New York on
Sept. 17 for each of the past 32 years have been as follows:
The
The Visible
Supply of Cotton tonight, as made up by
as
afloat
are
Foreign stocks
well
1937
this week's returns, and consequently all foreign
1936
cable and telegraph, is as
follows.
as
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.
1935
1934
1933
1932
1931
1930
...
9.05c.
1929
—.
12.38c.
1928
-.
10.80c.
1927
13.05c.
1926
9.70c.
...
...
—
—
-
1925
6.80c.
1924
6.55c.
11.00c.
1923
1922
18.70c.
17.90c.
21.25c.
17.05c.
24.65c.
22.50c.
30.05c.
21.50c.
0
/
1921
1920
1919
1918
1917
1916
1915
1914
18.60c.
31.00c.
30.00c.
35.40c.
21.50c.
15.55c.
10.90c.
1913
13.40c.
1912
11.75c.
1911
11.75c.
1910
1909
19u8
1907
1906
—
13.90c.
12.70c.
9.60c.
12.25c.
9.80c.
Financial
1924
Chronicle
Sept. 18, 1937
Rain
Rainfall
Days
Inches
High
Low
2
3
Market and Sales at New York
2.82
94
75
0.17
90
58
Texas—Galveston
Total
74
i
94
62
78
U
Abilene
dry
dry
96
60
78
J
81
\
SALES
Closed
Contr'cl
Spot
Total
200
Barely steady.Steady
Steady
Steady
Quiet, i2 pts. dec— Steady
Steady, 4 pts. dec -- Steady
Quiet, 6 pts. dec
Quiet, 16 pts. dec—
Steady, 5 pts. adv
Steady, 15 pts. adv.
Brenuam
400
1,100
8,172
week-
Since Aug. 1
200
400
1,100
8,372
"2~0
Overland Movement for the Week and Since
The results for the week and since
Aug. 1 in the last two years are as follows:
Since
Aug. 1
Week
Via St. Louis
—
1936-
1,362
1,250
-
Via Mounds, &c
Via Rock Island
Since
Week
7,539
7,370
100
Aug. 1
2,712
3,100
168
20.729
14.060
1,172
2,010
272
170
601
365
3,485
Via Louisville
24,697
3,735
4,220
18,846
4,576
10,587
59,221
14,760
85,135
-
Total gross overland
94
64
77
79
96
56
76
100
0.16
70
85
58
79
Taylor
dry
100
Weataerford
dry
98
56
dry
92
65
79
dry
94
57
76
Louisiana—AleAandria
Amite
New
Orleans
2
—
VicKsburg
Mobile, Ala.
Birmingnam
Montgomery
Jacksonville, Fla
74
82
97
63
80
90
54
72
72
0.34
62
76
91
63
77
0.16
84
52
0.10
1.12
86
58
68
72
88
56
68
1.68
4.76
74
78
82
84
66
75
0.12
90
72
81
90
88
86
67
52
70
62
74
86
54
70
dry
Augusta
90
2.28
1
2
Tampa
Savannan.ua
90
1.64
1
-
86
0.02
3
Miami
Pensaoola
90
0.23
2
1
1
3
2
1
2
Meridian, Miss
dry
dry
207
241
5,322
1,367
25,701
4,414
5,879
30,809
5,390
53,644
Charlotte
overlan^*s^_ 4,708
28,412
9,370
31,491
Raleigh
dry
Weldon
dry
82
86
78
58
1937Since
Sight and Spinners'
Takings
'
Week
Macon
.481,978
.132,736
3
28,412
875,000
2,367,314
485,185
159,593
292,858
.614,714
*150,471
2,262,516
20,937
2,177,761
116,037
20,592
155,407
Decrease.
sight in previous
Week—
-405,834
-518,956
f
years:
Since Aug. 1
Bales
479,854
Bales
1934
1933
1,773,533
1,564,610
-2,158,359
1932
69
86
58
60
72
56
69
72
1
0.46
0.30
84
52
68
2
0.90
84
50
67
2
0.66
80
50
65
72
has also been received by tele¬
graph, showing the height of rivers at the points named at
8
a.
m.
on
the dates given:
Sept. 17, 1937
Sept. 18. 1936
Feet
Feet
New Orleans
Above
zero
of gauge.
1.9
1.6
Memphis
Above
zero
of gauge-
Nashville
Above
zero
of gauge.
7.2
9.4
9.3
4.9
1.7
4.6
—0.9
__Above zero of gauge.
Above zero of gauge.
Vicksburg
from
Receipts
the
1.3
Plantations—The
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Quotations for Middling Cotton at Other Markets
:
The following statement
Shreveport
644,778
Total in sight Sept. 17-
62
56
84
2,035.374
200,941
31.491
885,000
■
78
48
Nashville-
Aug. 1
1,118,883
*305,739
North, spinn's'takings to Sept. 17
1.18
67
76
/"I hoi
340,815
9,370
135,000
consumption to Sept. 1
88
82
0.12
dry
Chattanooga
Since
Week
1,463,902
0.64
2
2
Charleston, S. C
Wilmington
Memphis, Tenn
-1936-
Aug. 1
347,270#
Movement into
76
0.12
dry
Snreveport
Oklahoma—Oklahoma City—
2,984
2,016
48,644
Including movement by rail to Canada.
1935—Sept. 20
1934—Sept. 21
1933—Sept. 22
81
62
735
Receipts at ports to Sept. 17
Net overland to Sept. 17
4,708
Southern consumption to Sept.17 130,000
*
62
dry
Newbern
over
56
92
1
Asheville, N. C
Leaving total net
Stocks at Interior Towns
Receipts at Ports
Receipts from I iantations
Ended -
1937
1936
1935
1936
1937
1935
1937
1936
1935
June
Closing Quotations for Middling Cotton on—
18-
Week Ended
Saturday
Sept. 17
Monday
Tuesday
Wed'day Thursday
J
j
J
76
96
100
3,741
Total to be deducted
In
75
350
Inland, &c.f from South
*
77
54
0.28
Atlanta
Deduct Shipments
Overland to N. Y., Boston, &c___
Between interior towns
54
96
dry
San Antonio
24,477
22,687
.
Via Virginia points
Via other routes, &c
100
dry
1
..
Palestine
reports Friday night.
-1937
60
78
75
dry
Lampasas
Luling
Nacogdoches...
Paris
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
j
j
60
0.18
Henrietta.:
Kerrville
Aug. 1—
82
83
90
dry
68
72
96
0.06
1
El Paso
"365
200
64
96
92
dry
dry
Corpus Curisti
Dallas
'300
98
0.24
1
Brownsville—
200
--
Sept. 17—
Shipped—
85
dry
Amarilio
Market
Closed
Saturday—
Monday
Tuesday
Wednesday.
Thursday
Friday
Mean
Austin
Futures
Spot Market
-Thermometer-
Friday
15,944
39,972
13,466
998.705 1,465.362 1,218.931
NU
Nil
Nil
25..
19,653
21,698
8,706
964,392 1,424.612 1,201,295
Nil
Nil
NU
15,752
21,952
July
2-
Galveston
8.76
8.62
8.66
8.74
8.64
8.58
New
9.06
8.92
8.88
8.88
8.99
8.88
8.85
9..
17,059
13.381
13,918
930,969 1,384,1541,181,353
903.027 1,349.502 1.161.421
Nil
NU
Nil
8.82
8.86
8.94
8.85
8.79
10-
17.371
16,973
20,715
873.772 1.301,7651.145,008
Nil
NU
4.302
8.99
9.00
23..
28.601
28,419
37 205
848.935 1.255.364 1,133.503
3.764
Nil
25.760
30-
56,199
39.742
46.866
828,147 1.206.417,1.121.546
34.411
NU
34.849
6—
68,215
38,915
56.583
811.1821.167.40ri ,111.532
39 236
Nil
13..
94,093
52,891
61,492
796.1501.144.650 1 ,097,283
79 .061
30.140
47.243
20.. 149,210
76,336
96.074
788,4081,132,176 1 ,094.124 141 468
63.862
92.915
Orleans
Mobile
Savannah
9.16
9.20
9.02
9.06
9.14
9.05
9.05
9.05
9.15
9.05
Montgomery
Augusta
Memphis
8.90
9.16
8.80
8.80
8.90
8.80
8.75
9.02
9.06
9.15
9.05
8.99
8.75
8.60
8.65
8.75
8.60
Houston
8.76
8.62
8.65
8.73
8.63
8.55
8.58
Norfolk
Little Rock
8.65
8.55
8.55
8.65
8.55
Dallas
8.42
8.22
8.26
8.35
8.25
8.50
8.19
Fort Worth
8.42
8.22
8.26
8.35
8.25
8.19
9,188
NU
NU
NU
Aug
27- 221,570 141,365159.138
46.569
806,6491,140.781 1 ,119.686239 811 149.970184.700
Sept.
I
i
•
3- 300.222 201,842 1 88.943,
836.7391.219,831 1 ,178.879 330 292 280.892 248.136
918,1781,339.682 1 ,274.081 361 ,614391.307310.219
71.466215,017
17- 347,270 340,815 265.02l'l ,050.914 1,499,2751 ,414.604 480 006 500.408 405.544
10.. 309,808
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
The above statement shows:
for
from the
in
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 11
Sept. 13
Sept. 14
Sept. 15
Sept. 16
Sept. 17
Sept(1937)
October
8.96
8.81
8.84
8.99
8.87
8.84
December.
9.01
8.87- 8.88
8.89- 8.90
8.99- 9.00
8.87- 8.88
8.85
Jan.(1938)
9.06
8.92
8.93
9.03
8.92
8.90
8.96- 8.97
November
February
.
March
9.10
8.97
9.00
9.09
8.97
9.20
9.05- 9.07
9.10
9.20
9.06- 9.07
April
M ay
June
u
9.30
July
9.13
9.17
9.27
nil
bales
and
in
are
1,664,843 bales;
1935
54,679
were
bales.
(2) That, although the receipts at the outports the
past week were 347,270 bales, the actual movement from
plantations was 480,006 bales, stock at interior towns
having increased 132,736 bales during the week.
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
from all
seasons
sources
from which statistics
-—
obtainable; also the
sight for the like period:
are
-
9.15
9.15
were
for the last two
9.05
tl; That the total receipts
plantations since Aug. 1, 1937,
1936
August
takings
or
amounts
out
gone
of
Ton i
Steady.
Steady,
Steady.
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Cotton
Steady.
Steady.
Steady.
1937
Takings,
Week
Census Report
on
Cottonseed Oil Production—This
report issued by the Bureau of the Census will be found in
earlier pages of this issue in the fKepartment headed "In¬
dications
Business Activity."
of
Census
Report on Cotton Consumed on Handf &c.,
August.
This report issued by the Census Bureau on
Sept. 14, will be found in the department headed "Indica¬
in
tions of Business
Activity."
Weather Reports by Telegraph—Reports to us
by tele¬
graph this evening indicate that no section of the cotton
belt
wants
any
more
rain.
As the result of less rainfall
better accounts are coming from many sections of the cotton
region, but it is apparent that the long spell of wet weather
did much damage.
Rain
Rainfall
Days
Inches
-Thermometer-
1
0.14
.High
Smith
3
0.65
92
Little Rock
i
Arkansas—Eldorado
Fort
Pine Bluff.
0.12
dry
Low
Mean
59
77
60
76
88
58
90
58
73
74
1936
Week and Season
Visible supply Sept. 10
Visible supply Aug.
1
4,811,695
-
-
Total supply.
Deduct—
Visible supply Sept. 17
Total takings to Sept. 17-tt-Of which American
*
a
Week
614,714
10,000
1,000
31.000
Season
5.101.666
4,339",022
American in sight to Sept. 17_
Bombay receipts to Sept. 16
Other India ship'ts to Sept. 16
Alexandria receipts to Sept. 15
Other supply to Sept. 15 *b..
Of which other
Season
2,262,516
59,000
50,000
85,200
4,899",258
644", 778
5,000
2,177.761
96,000
13.000
60.000
54,000
111,200
5,000
44,000
7.000
55.000
5,473,409
6,839.738
5.825,444
7.399,219
5,168.287 "5.168,287
5.541,467
5,541,467
305,122
235,122
1,671,451
283,977
984.651
260.977
1,857.752
1,408.552
70,000
686,800
23,000
449.200
Embraces receipts in Europe from Brazil, Smyrna, West India. &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 875 000 bales in 1937 and 885.000 bales in 1936—takings
being available—and the aggregate amount taken by Northern and
foreign spinners, 796,451
bales in 1937 and 972,752 bales in 1936, of
which 109,651 bales and 523.552 bales American,
b Estimated.
not
India
Cotton Movement from All Pbrts—The
of Indian cotton at
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
■
Volume
Financial
145
Chronicle
1925
Bales
HOUSTON—To Antwerp—Sept.
Gand, 70
1935
1936
1937
Sep'.. 16
—
Receipts—
Bombay
Week
Aug. 1
10.000
Aug. 1
Week
Aug. 1
320
Ghent—Sept. 11—Washaba, 920—-Sept. 14—Gand, 201
To
For the
Contl-
Week
Since Aug. 1
Britain
nent
Great
Bremen—Sept. 14—Cranford, 2,325—Sept. 15—Aachen,
To
j
nent
China
Total
Hamburg—Sept.
19.000
3,000
36,000
4,000
18,000
To
Total
To
To
1937
1.000
7,000
11.000
1936...
1,000
2,000
6.000
10.000
13.000
5,000
11,000
2,000,
33.000,
1,000
13.000
13,000;
22.000
36,000,
37,000'
38.000
40,000
1935
89,000
102,000
128,000
124,000
To
54,000
89,000
To
50,000
To
To
Other India1937
|
1.000
1936...
2.000
1935...
11,000
12,000
7,000
19,000
76.000
To
2,000
7,000
11,000
20,000
16,000
73,000
3,000
13,000
10,000
26.0001
26,000
56,000
1935
12,000
13,000
5.000
30,000
38,000
178,000
184,000
165,000
89,000
102,000
54,000
73,000
To
To
•
To
",
To
To
4,309
755
1,299
83
341
52
—
6,244
China—Sept. 10—Wales Maru, 2,100
To
Sept. 15—Rhein,
3,040
Stockholm—Sept. 14—Tampa, 180
Vejle—Sept. 14—Tampa, 100
Gdynia—Sept. 11—Cranford, 900
To
To
To
To
To
To
180
100
Sept.
14—Tampa,
I_
1,380
To
1935
Gelfe—Sept. 14—Tampa, 75
Nykoping—Sept. 14—Tampa, 175
Karlshom—Sept. 14—Tampa, 345
Varburg—Sept. 14—Tampa, 271
Norrkoping—Sept. 14—Tampa, 500
2,280
75
175
345
271
500
-
To Malmo— Sept. 14—Tampa, 200
To
Gothenburg—Sept.
Receipts {cantars)—
14—Tampa, 200_
155.000
270,000
120,000
425.011
555.468
197.532
This
Exports {Bales)—
This
Since
Week
Aug.
1
This
Since
Week
Aug.
200
200
:
To
Halden—Sept. 14—Tampa, 300
Mantyluto—Sept. 14—Tampa, 388
To Abo—Sept. 14—Tampa, 237
To Copenhagen—Sept. 14—Tampa, 400
To Drammen—Sept.
14—Tampa, 100
To Oslo—Sept. 14—Tampa, 2U0
To Bremen—Sept.
11—Cranford, 3,075
;
To Hamburg—Sept. 11—Cranford, 80
To Oporto—Sept.
11—Cranford, 361
To Riga—Sept. 11—Cranford. 161
CHARLESTON—To Liverpool—Sept. 14—Shickshinny, 2,297
To Manchester—Sept.
14—Shickshinny, 1,219
To Hamburg—Sept. 14—Shickshinny, 176
SAVANNAH—To Liverpool—Sept. 10—Shickshinny, 1,198—Sept.
14—Gerrybryn, 1,568
To Manchester—Sept.
10—Shickshinny, 3,418
Sept. 14—
Gerrybryn, 934
To London—Sept. 16—King Edward, 100
To Hamburg—Sept.
16—King Edward. 578
To Bremen—Sept. 16—Lenflair, 9,112
To Rotterdam—Sept. 16—King Edward, 100
PENSACOLA, &c.—To Ghent—Sept. 43—Wacosta, 9
To Bremen—Sept. 13—Wacosta, 1,761
NORFOLK—To Hamburg—Sept. 17—City of Baltimore, 315
LOS ANGELES—To
Liverpool—(?)—Delftdijk, 150
To Genoa—(?)—Chisene, 1,062
300
388
237
To
Since
Week
1
12,895
5,451
3,591
940
m
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Since Aug. 1_
478
300
64
.
—
dria, Egypt.
This week
1,605
—
5.194
To
1936
15—
Sept.
Manchester—Sept. 15—Dakarian, 5,451
Genoa—Sept. 15—Monrosa, 3,591
Japan—Sept. 10—Wales Maru, 1,050
Sept. 15—Rhein,
To
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
1937
12,445
-
2,389
-
ToTallin—Sept. 13—Leerdam, 52
m
Alexandria, Egypt,
Sept. 15
50
993
CORPUS CHRIST.!—To
Liverpool—Sept. 15—Dakarian, 12,895—
decrease of 6,000 bales.
ceive weekly a
20
1,494
Susak—Sept. 10—Alberta, 300
Manila—Sept. 10—Rhein, 64
Rotterdam—Sept. 13—Laerdam, 341
To
increase
Alexandria
1.083
1,679
2,988
Gothenburg—Sept. 11—Taurus, 478---
To
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
5,000 bales.
Exports from all India ports record a decrease
of 6,000 bales cfuring the week, and since Aug. 1 show a
15—Aachen,
Sept.
-
Manchester—Sept. 11—Duquesne,
Magician, 1,920Copenhagen—Sept. 11—Taurus, 755
Trieste—Sept. 10—Alberta, 1,299
Venice—Sept. 10—Alberta, 1,605
Oslo—Sept. 11—Taurus, 83
To
Total allr
1937...
16
gician, 6,225
60.000
To
1936...
14—Cranford,
4,946
Genoa—Sept. 15—West Quechee, 1,679-•—i
Gdynia—Sept. 11—Taurus, 2,430— Sept. 14—Cranford, 458
Oporto—Sept. 14—Cranford, 20
Lisbon—Sept. 14—Cranford, 50
Japan—Sept. 6—Rhein, 1,042
Sept. 13—Wales Maru,452
China—Sept. 13—Wales Maru, 993
Liverpool—Sept. 11—Duquesne, 5,920
Sept. 15—Ma¬
To
Bombay—
529
1
1,067
m
Japan &
China
Conti-
Britain
Jap'n&
5,782
Dunkirk—SeptTV4—Gand'IIIIIIIIIII
Exports
Great
1,121
—
To
2,621
From—
Sept. 14—
To^Havre—Sept. 11—Washaba, 3,441-—Sept. 14—Gand,
68,000
7,000
96,000
5,000
59,000
To
Since
Since
Since
Week
11—Washaba, 250
-
1
Aug.
400
100
200
-
To
Liverpool
4,000
8.423
lilooo
38.988
To Manchester, Ac
3,000
7,788
2,000
6.504
5,001
31,478
1,051
4,000
71666
9,652
39.009
45.318
10,000
6,974
To Continent and India.
To America
_
Total exports
400
15,000
54.785
10.000
4.000
600
54,865
Note—A eantar is 99 lbs.
Egyptian bales vveign about 7o0 lbs.
This statement shows that the receipts for the ween ended
Sept. 15 were
155,000 cantars and the foreign shipments 15,000 bales.
Manchester
Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
steady. Demand for cloth is improving.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
and cloths is
1937
1936
3,075
80
361
161
2,297
1,219
176
2,766
4,352
100
578
9,112
100
9
1,761
315
150
1,062
_
-
8H Lbs. Shirt32* Cap
Twist
d.
Cotton
ings, Common
Middl'g
to Finest
8% Lbs. Shirt¬
Cotton
32s Cap
ings, Common
Upl'ds
Twist
to Finest
Middl'g
Upl'ds
d.
d.
"
8.
d.
8
d.
.
s.
d.
d.
s.
d.
June
18- 13M@15
10
6
@10
9
6.92
25--
10
6
@10
9
6.95
13K&15
9
10^@ll H
1H@ 9
4H
7.00
9
1H@
4%
Total
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
7.18
9
•
9
13K@14H
13H&14H 10
@10
9
6.87
10%@UH
9
6
6
@10
9
6.98
11
9
9
10
6
@10
9
6.85
11H @12 M
9 10M@10
2
23- 13H<3H4H 10
30.. 12H(a,14% 10
6
@10
9
6.60
7 33
6.12
11
9 10^@10
@12tf
10
5
10«@12
@10
2
7%
7%
7.10
9-
16-
13W<al4L
4^@10
@12H
@9 10%
0
@10
7.18
7.58
7.47
6-
12H@14
10
27—
11H@13H
4^@10
7K
6.20
10^ @12
10
4J^@10
7X
7.02
3
@10
6
5.93
4H@10
7%
@10
6
5.78
1H@10
4%
6.74
1H@10
6
1^@10
4%
6.70
4)4 @10
7%
6.99
0
3
1J4@10
4%
5.63
10
1H@10
4%
5.56
10
1^@10
4%
5.46
11 Ji @13
10
1H@10
4%
5.33
@10
Bales
GALVESTON—To Ghent—Sept. 13- -Nashaba, 468—-Sept. 11-
Leerdam, 37
Antwerp—Sept. 13—Nashaba, 50
To Copenhagen—Sept. 14—Taurus,
623—Sept.
505
„
To
.60c.
Piraeus
.85c.
1.00
Manchester .42o.
.67o.
Flume
d.45c.
.60o.
Salonica
.850.
1.00
d.85c.
1.00
.67c.
Barcelona
*
*
Venice
Havre
.52c.
.67c.
Japan
*
*
Copenhag'n.57o.
Rotterdam
.52o.
.670.
Shanghai
♦
*
Naples
d.45c.
.600,
d.45c.
.60c.
Bombay
Leghorn
d.45c.
.600.
,57c.
.72c.
Antwerp
52o.
Genoa
.73c.
Bremen
Stockholm
,63c.
.78c.
Hamburg
.650.
.52c.
x
.72c.
67o
.58c.
.50o.
,52c.
♦
No quotations,
x Only
small lots,
67o.
Gothenb'g
d Direct steamer
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Aug. 27
52,000
727,000
Sept. 3
48,000
702,000
Sept. 10
48,000
698,000
Of which American
239.000
235.000
220.000
Total imports.
Of which American
34,000
4,000
111,000
38,000
28,000
15,000
142.000
53,000
49,000
8,000
132.000
53,000
Total stocks
Amount afloat
Of which American
Liverpool market for spots and futures
day of the past week and the daily closing prices of
723
Havre—Sept. 13—Nashaba, 959—Sept. 11—Eglantine,
4,462—Sept. 15—Youngs town, 6,101
11,522
To Dunkirk—Sept. 13—Nashaba, 6
6
To Genoa—Sept. 14—West Quechee, 714
714
To Oslo—Sept. 14—Taurus, 300
300
To Gdynia—Sept. 14—Taurus, 1,740—Sept.
15—Cranford,
1,192; Gorm, 550
3,482
To Gothenburg—Sept. 14—Taurus, 935
935
To Rotterdam—Sept. 11—Leer dam,
244—-Sept. 11—Eglan¬
tine, 250—Sept. 15—Youngstown, 1,054
1,548
To Trieste—Sept. 11—Leerdam, 900
900
To Venice—Sept. 13—Alberta, 1,537
1,537
To Bremen—Sept.
11—Aachen, 3,723
Sept. 15—Cran¬
ford, 2,335
6,058
To Hamburg—Sept. 11—Aachen, 50---Sept.
15—Cranford, 279
329
To Porto Colombia—Sept. 3—Ruth Lykes, 418
418
To Liverpool—Sept. 9—Dusquene, 4,460
4,460
To Manchester—Sept. 9—Dusquene, 1,070
T
1,070
NEW ORLEANS—To
Japan—Sept. 6—Gansdal, 2,859
2,859
To Montvlota—Aug. 27—Delminds, 15
15
To Antwerp—Sept. 11—San Mateo, 150
150
To Havre—Sept. 8—Grand, 50—-Sept. 11—San Mateo,
2,350
2,400
To Dunkirk—Sept. 8—Grand, 100---Sept. 11—San
Mateo, 600
700
To Genoa—Sept. 10—Moniosa, 914
914
„
-
—
-
Ghent—Sept. 8—Gand, 505
505
167
Bremen—August, 31—Koenigsburg, 167
Liverpool—Sept. 11—Cripple Creek, 1,833
—
To Manchester—Sept. 11—Cripple Creek, 790
To Bombay—Sept. 14—Wellington Court, 100
To Havana—Aug. 18—Contessa, 200.
Valparaiso—Aug. 18—Contessa 603
To Buena Ventura—Sept. 11—Abangarez, 80
BEAUMONT—To Rotterdam—Sept. 14—Cardonia, 200
NORFOLK—To
Manchester—Sept. 16—McKeesport, 21
To Antwerp—Sept. 11—Black Osprey, 297
Saturday
Monday
Thursday
Friday
A good
A good
business
business
business
doing.
Tuesday
Wednesday
A good
Spot
doing.
doing.
Market,
Moderate
Moderate
demand.
12:15
demand.
P. M.
5.43d.
Mid .Upl'ds
Futures.
Quiet,
4
Market
to
5
Quiet.
5.39d.
5.31d.
Barely stdy
5.34d.
Steady,
5.41d.
Steady,
Steady,
5.33d.
Barely stdy
pts. 4 to 6 pts. 2 to 3 pts. 1 to 2 pts. 1 to 2 pts. 5 to 6 pts.
decline.
advance.
decline.
decline.
decline.
decline.
opened
-
-
48.000
690.000
209.000
43.000
11.000
165.000
93,000
15—Gorm,
100--_
To
Sept. 17
The tone of the
each
50
To
To
ard
d.45o.
Forwarded-
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 153,873 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
To
Density
Trieste
6.98
10
3„ HM(g>13
10.. 11 % @13
To
Stand-
High
ard
Density
.67c.
6.70
10*A@UH 10
10
10% @ 12
10^@11J* 10
Stand¬
High
ard
.52c.
6.92
3
io%@nt$ 10
10X@UH 10
10K@llJi 10
Sept.
17..
Liverpool
Oslo
Aug.
13- 12H(3>13>4 10
20- 12 % (a 13 J* 10
Stand
High
Density.
Jnlv
2-
153,873
Cotton
1,833
790
100
200
603
80
,
...
200
21
297
Steady,
Market,
3
4
to
4
Quiet,
pts. 6 to 8 pts.
Prices of futures at
2 pts.
Steady,
3
4
to
decline.
Barely stdy Barely stdy
Tues.
7 to
un¬
pts.
advance.
are
Wed.
8
pts
decline.
changed.
Liverpool for each day
Mon.
Sat.
Sept. 11
Steady,
decline.
decline.
P. M.
given below:
Thurs.
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Sept. 17
(1937)
d.
d.
New Contract
October
—
d.
5.19
5.24
d.
d.
5.16
5.11
5.20
5.27
December
5.14
d.
d.
5.14
5.18
—
-
5.22
5.21
-
d.
d.
d.
5.18
5.13
5.18
d.
5.05
...
5.22
-
5.14
5.30
5.25
5.23
5.18
5.21
5.21
5.25
5.28
5.25
5.21
5.17
March
5.35
5.30
5.28
5.24
5.26
5.26
5.30
5.33
5.30
5.26
5.22
May
5.40
5.35
5.33
5.29
5.31
5.31
5.35
5.38
5.35
5.31
5.27
July
5.44
5.40
5.37
5.33
5.35
5.35
5.39
5.42
5.39
5.35
5.31
October
5.50
December
5.52
January (1939)..
M'arch
5.53
May
5.58
January
(1938)
—
—
-
-
-
-
•
m
«
-
5.44
_
•
-
-
..
--
5.52
-
5.45
-
-
5.47
mm
mm
5.45
5.48
mm
mm
5.50
mm
mm
5.47
5.49
..
-
5.44
5.46
5.47
5.55
5.42
1—
—
5.50
-
-
5.53
5.45
5.47
5.48
15.50
5.53
_
—
-
5.37
5.39
_
-
—
5.40
5.42
5.45
1926
Financial
Season's
BREADSTUFFS
week's
developments
contained
little
of
Sept. 18,
High and
129%
131%
122%
September
December
Friday Night, Sept. 17, 1937
Flour—The
Chronicle
May
When Made
July 16, 1937
July
6,1937
July 29, 1937
Season's
far
as
flour
as
concerned.
was
indicated,
flour
stantial
continues
but
by
all
which
business.
Some
light.
and
of
large
does
The
demand
the
baking
trade
anticipate the future.
York
Tuesday
Lisbon
totaled
48
the
not
sub¬
a
commodity
covering
is
stable
no
encourage
for
hand-to-mouth
desire to
on
not
continues,
showing
any
Flour exports out of New
barrels
and
October..
1,145
sacks
for
and Rotterdam.
Made
Aug. 20, 1937
Sept. 16, 1937
Sept. 16, 1937
May
Mon.
Tues.
Wed.
123%
121
122%
125%
123%
124%
125%
122%
124
-124%
.121%
123%
December
prices have been fluctuating back and forth, with
trend
Grain
When
and
100%
102%
104%
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
a
Sat.
stimulating character
Low
September
December
May
7
-
Fri.
Thurs.
126%
123%
124%
124%
122%
123%
Corn—On the 11th inst. prices closed unchanged to 224c.
down. September corn had an extreme break of 424c., which
carried the price down as low as $1.0024*
Two factors
operating against corn values were reports of heavy increase
in receipts at Chicago and a break of 3c. to 4c. in cash corn
prices. Track arrivals totaled 36 cars. Support based on a
110,000,000 bushels decrease in the official
corn crop fore¬
during August steadied new crop contracts.
On the
13th inst. prices closed J4c. off to 34c. up.
At one time
during the session September corn dropped to $1.0034 from
$1.05, influenced partly by increased arrivals of corn here,
80 cars, the largest total in some time.
On the 14th inst.
prices closed net 34c. to 1 J4c. higher. At one stage Septem¬
ber corn ran up nearly 3c. to $1.05 a bushel.
Conditions
favored a rise in all grains today as a result of the better
securities market, heavy foreign buying of grains on this side
cast
Wheat—On the
11th inst.
prices closed 234 to 3c. net
lower.
The extreme decline for the session was 3
34 to 434c. a
bushel.
Various explanations were offered for the
break,
which occurred during the first hour.
Tired longs, dis¬
couraged by failure of overseas demand for domestic wheat
to develop and by less
apprehension over the foreign political
situation, were said to be responsible for the selling.
Many
stop-loss orders were encountered in the early decline, and
their execution influenced general commission house unload¬
ing when prices began to give way.
It was reported as the
heaviest volume of selling witnessed in weeks.
There were
an abundance of bearish items
playing their part as influences
against values, chief of which were a decline of 2c. in wheat
in Liverpool, talk of increased Russian
exports, a break of
424c. in September corn, and a report Italy may mix 10%
of
flour with
wheat flour to hold down imports of bread
grain.
When the selling pressure began to ease up, short
covering and profit taking appeared in the final hour, giving
the market a little steadier tone.
On the 13th inst. prices
closed 124 to 234c. net lower.
The wheat market suffered a
maximum loss of 224c.
during this session.
Selling of wheat
futures on a large scale took
place as a result of efforts to stop
corn
and protect stock market accounts.
values followed
temporary gains
The drastic declines in the stock market
losses
of wheat
The
downturn
of about 134®.
recently have been
lot of attention, and with Washington showing
its concern, as reflected in
changes of money policy—a
feeling of apprehension prevailed generally in the grain trade.
Acting as an additional weight on wheat prices here was the
fact that
comparatively little export business is being done
attracting
a
in domestic wheat.
On the other
hand, advices were current
that British millers had
bought big quantities of Russian
wheat and had taken
today more than 600,000 bushels from
Canada.
On the 14th inst.
prices closed 1% to 234®. up.
The big stimulus to the wheat market
today was the sudden
action of European
importers in making huge purchases of
North American
grain, which helped whirl wheat prices up
3c. a bushel today.
A total of more than 3,000,000 bushels
of grains, of which
2,000,000 consisted of wheat from
Canada, principally destined for Great Britain, is estimated
to have been bought thus far for
overseas.
The 1,000,000
bushels and upward that was in addition
to Canadian wheat*
consisted of 750,000 bushels of United States
hard winter
wheat, part of it afloat and part to go from the Gulf of
Mexico, as well as a quantity of Pacific Coast domestic
white wheat, 200,000 bushels of United
States rye and 100,-
000 bushels of Canadian
wheat buying has been
barley.
Heretofore of late European
chiefly from Russian sources.
Un¬
expected wheat price jumps today in Liverpool, about 534c.
higher than looked for, were attributed largely to nervousness
regarding scantiness of nearby supplies of breadstuffs, this
latter due largely to advanced ocean
freight rates.
The
sharp rally in the securities market also had its influence in
the upward movement of wheat.
On the 15th inst. prices
closed
24 to ]/%c. off.
The wheat market
today was over¬
shadowed by the unusual
doings in the corn market, atten¬
tion of the trade
being focussed on the latter.
Wheat
averaged lower, chiefly because export demand
today for
wheat from the United States was of a
negligible character.
Besides an authoritative trade revision
of estimated world
import requirements of wheat this season reduced the
United States probable
against
other
a
previous
item
that
quota to 120,000,000 bushels, as
forecast of 136,000,000 bushels.
An¬
had
bearish
a
influence
was
the
reported
probability of rains in the Argentina tonight.
On the 16th inst. prices closed
unchanged to l%c. lower.
The wheat market,
together with rye and oats, appeared to
be neglected, the attention of
the trade being focused almost
entirely
on
the spectacular movements in the
However, weat fell to
rains
in
material
night
part
of
the
downturns
following
new
low levels for the
drought
areas
wheat
values,
of
setbacks
of
of
market.
Timely
Argentina led to
more
Liverpool
corn
season.
than
2c.
quotations.
prices closed
over¬
Today
1 to l%c. up.
The strength in wheat was
largely to the early pronounced strength in corn.
Wheat started 34c. off to %c.
up, increasing in strength
attributed
as
the session
gains
as
progressed and
recorded
closing with substantial
Open interest in wheat
above.
net
was
126,302,000 bushels.
DAILY
CLOSING PRICES OF
WHEAT
IN
NEW
YORK
Wed.
Thurs.
Fri.
117%
118%
"
Sat. Mon. Tues.
.116% 115% 117%
,
No. 2 red
DAILY
CLOSING
PRICES
OF
WHEAT
Sat.
September
Mon.
103%
104%
December
May
a
117%
FUTURES
101%
103
107
105
Tues.
103%
104%
106%
IN
Wed.
102%
104%
106%
CHICAGO
Thurs. Fri.
102
103%
105%
103%
104%
106%
and
more
cheerful sentiment all around.
On the 15th inst.
prices closed 24c. off to 224c. up.
The corn market was
highly sensitive today, prices moving rapidly either way on
the slightest pressure or buying.
Nervous traders short of
supplies to fill current obligations bid the corn market up
sharply, prices scoring a maximum advance of 224c. to 4c.
for September and October contracts. Tonight the Board of
Trade Clearing House put the brakes on further
speculation
in September corn, the method chosen
being announcement
that margins required on September transactions hereafter
would be doubled.
Dealings in corn, however, were com¬
paratively small, and more than a week yet remains for
adjustment of unsettled September accounts, about 15,000,000 bushels.
Top prices reached for corn were not main¬
tained, late setbacks being largely due to profit-taking and
downturns of wheat values.
Temporary strain on the corn
market
is
attributed
in
the
main
transition
to
from
last
year's phenomenally small crop, a result of nation-wide
drought, whereas the present year's crop is a plentiful one,
but not yet commercially in hand on a
large scale.
On
16th
the
inst.
prices closed
The spectacular rise in corn
to
cover
the
on
today
lc.
of shorts in
part
lower
5c.
to
higher.
due to acute anxiety
was
the
September delivery.
flurried dealings
September corn quotations skyward to $1.1034 as
against $1.0534 at yesterday's finish.
Abnormal scarcity of
offers to sell, a typical sign of the existence of a market
"corner," grew more pronounced toward the close, with no
The
climax
reached
was
in
last-minute
that shot
evidence
that
trade
tension
would
be
relieved
until
some
15,000,000 bushels of uncompleted September corn contracts
had been settled at big further
price jumps, or the contracts
allowed to be defaulted.
secretly tonight
September
"squeeze."
reduction
15,000,000-bushel
was
moves
in the tight situation in
contracts, which threatens
corn
A
Board of Trade officials conferred
possible
on
market
of
only
shortage
in
serious market
a
326,000
bushels
September
in
the
here
corn
known to have been effected in the preceding 24 hours.
corn closed at the day's top.
September
Today prices closed net 2c. lower to 334c. higher.
This
grain occupied the center of the stage again today.
How¬
ever, sudden late tumbles of September corn quotations took
the
market
which
was
down
a
534c. from the maximum
new
high point for the
gain
of
6%c.,
The reaction
season.
followed delivery of a small lot of corn on September con¬
tracts.
This was the first time this month that a single
bushel
had
been
gains, and in
break
a
in
offered
some
the
in
settlement
of outstanding bar¬
interpreted as betokening
"corner" that recently has dis¬
quarters
deadlock
was
turbed the grain trade.
Chicago today received one car of
the new 1937 corn crop, the first such arrival this season.
Open interest in
DAILY
corn
was
CLOSING
48,184,000 bushels.
PRICES
OF
CORN
Sat.
No. 2 yellow
Mon.
120%
DAILY CLOSING PRICES OF
CORN
Sat.
September
May
:
Season's
High and
Sept. (new).-.116%
Dec. (new),.. 86%
May
74
Oats
When
Made
July
July
July
Tues.
and
Fri.
110
113%
62%
63%
When
89%
61%
63
129%
Thurs.
105%
63%
64%
Season's Low
Fri.
127
CHICAGO
IN
Wed.
104
63%
64%
9.1937 Sept. (new)
8. 1937 Dec. (new)...
29. 1937 May
Thurs.
122%
FUTURES
102%
62%
64%
YORK
Wed.
120%
Mon.
102%
62%
64%
December
NEW
IN
Tues.
119%
63
63%
Made
July 30,1937
Aug. 30, 1937
Aug. 30, 1937
On the 11th inst.
prices closed 34c. to lc. lower.
largely in sympathy with the heavy declines in
wheat and corn. On the 13th inst.
prices closed 34c. to 34c.
net lower.
There was nothing unusual in the character of
the trading, the declines
being largely in sympathy with the
This
was
weakness in wheat and
34c. to 24c. higher.
rise
in
other
grains.
On the 14th inst.
corn.
This
was
On the
prices closed
largely in sympathy with the
15th inst.
prices closed
un¬
changed to 34c. off. There was very little interest in this
market, attention being focused almost entirely on corn.
On the 16th inst.
prices closed unchanged to 34c. up.
This market received
relatively little attention, corn occu¬
pying
the
center
of
the
stage
because
of
maneuvers.
or
no
Today prices closed 34c. up.
interest displayed in this grain.
DAILY CLOSING
PRICES
OF
Sat.
No. 2 white
42%
OATS
Mon.
42%
IN
its
sensational
There
NEW
Tues.
43%
was
little
YORK
Wed.
43%
Thurs.
43%
Fri.
43%
Volume
DAILY
Financial
145
CLOSING
PJRICES
CHICAGO
OATS FUTURES IN
Mon.
Tues.
Wed.
OF
30%
30%
December
31%
May
31%
31%
31%
31
30%
30%
29 %
31%
Fri.
Thurs.
Sat.
September
30%
30%
30%
31%
31%
31%
When Made
Aug. 4,1937
Aug. 23, 1937
Aug. 23, 1937
31%
When Made
I
Season's Low and
Apr.' 6. 1937(September
27
July
6, 1937 | December
28%
July 29, 19371May
30%
Season's
High and
September
47%
December
41%
May...
.33%
DAILY CLOSING
PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
New
50%
•
47
47%
47%
47%
48
Sat.
Tues.
Mon.
Dec.
103%
September
December
96
May
84
Aug.
DAILY
CLOSING
Wed.
76%
Fri.
Thurs
79%
77%
RYE
Sat.
Tues.
Wed.
Fri.
Thurs.
88%
87%
88%
87%
87%
86%
DAILY CLOSING PRICES OF BARLEY FUTURES IN
Sat.
Mon.
Tues.
Wed.
89%
88%
87%
87%
CHICAGO
Thurs.
Fri.
as
CLOSING
PRICES
OF BARLEY FUTURES IN WINNIPEG
Mon.
Sat.
57%
55%
December
Tues.
57%
55%
Wed.
58%
56%
Thurs.
59%
57%
59%
57%
Fri.
60%
58
Closing quotations were as follows:
Rye flour patents
5.00@ 5.20
Seminola, bbl., Nos.1-3- 6.45@
Oats, good
2.50
Week
Since
Week
Since
July 1 to—
Sept. 11
July 1
1937
Sept. 11
July 1
Sept. 11
1937
1937
1937
July 1
1937
Barrels
Bushels
Bushels
Bushels
Bushels
1937
Barrels
United
53,420
519,339
712,000
13,743,000
5.947
77,542
556,000
9,402,000
11,500
20,500
Kingdom-
132,500
9,000
87,000
230,500
Continent
So. & Cent. Amer.
West Indies
5*975
3*8*116
12*^666
2*7*666
97,342
997,997
1,289,000
23,270,000
81,000
89,087
1,170,051
3,589,000
32,182,000
1,000
Other countries...
Total 1937
..
Total 1936
visible
The
comprising the stocks in
accumulation at lake and
Saturday, Sept. 11, were as follows:
supply
5.05@5.30
Fancy pearl, Nos.2,4&7 6.90@7.25
GRAIN
ManitobaNo.
Corn, New York—
No. 2 yellow, all rail
..129%
All the statements below
Oats, New York—
No. 2 white
43%
Rye, No. 2. f.o.b. bond N. Y-_100%
Barley, New York—
47% lbs. malting
69
Chicago, cash
48-57
regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
collected by the New York Produce Exchange.
we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
from figures
seaboard ports
GRAIN STOCKS
68,000
1,878,000
255,000
23,000
61,000
Baltimore b
2,188,000
235,000
2,025,000
9,520,000
2,276,000
6,598,000
189,000
553,000
33,000
61,000
90,000
3,000
48,000
127,000
6,235,000
34,069,000
9,279,000
1,124,000
7,324,000
2,101,000
11,000
15,970,000
358,000
2,632,000
9,528,000
9,308,000
155,000
6,647,000
42,000
119,000
72,000
4,000
9,000
58,000
6,000
12,000
141,000
3,000
983,000
582,000
1,763,000
163,000
85,000
32,000
16,000
30,000
170,000
146,000
1,000
4,476,000
683,000
122,000
659,000
97,000
675,000
10,970,000
260,000 2,727,000
2,000
4,000
483,000
822,000
151,000
1,779,000
2,045,000
3,000
84,000
798,000
4,572,000
2,200,000
180,000
408,000
31,000
......
2,000
New York
*
New Orleans
Galveston...
—
Worth
Fort
Wichita
-
Hutchinson
St
Joseph
.
"
Sioux City "1
St. Louis..1
Indianapolis.
Peoria
Chicago* c""
"""
Milwaukee"
Minneapolis***
Duluth
"""
Detroit
Buffalo
~d
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
818,000
3,034,000
Rye
Duluth
2,872,000
18,000
Milwaukee...
Barley
5,399,000 9,283,000
Total Sept
4,1937.-128,425,000
5,243,000 8,597,000
Total Sept." 12, 1936— 77,999,000
3,832,000 50,598,000 6,808,000 13,324,000
*
New York also has 25,000 bushels Argenine corn In bond.
a Philadelphia also
has 313 000 bushels of Argentine corn In bond,
b Baltimore also has 162,000 bushels
Argentine corn in bond,
c Chicago also has 163,000 bushels Argentine corn in bond,
d Buffalo also has 638,000 bushels Argentine corn in bond in store and 80,000 bushels
African corn
afloat.
in bond
Note—Bonded grain not included
Wheat
and sea¬
Pt. Arthur
Canadian & other
14,000
39,000
32,000
6,000
18*666
61,000
52,000
38,000
Peoria
37,000
26,000,
215,000
Kansas City..
11,000
1,093,000,
14,000
78,000
369,000,
87,000,
157,000,
10,000
242,000
Sioux
9,000,
1,564,000
City...
Buffalo
375,000
3,374,000
2,844,000
1,126,000
1,061,000
8,877,000
7,504,000
4,466,000
1,729,000
5,905,000
..130,005,000
52,395,000
3,719,000 23,585,000
5,399,000
3,374,000
1,126,000
9,283,000
8,877,000
11,
1937—182,400,000
4,1937-174,604,000
3,719,000 26,959,000
4,330,000 23,665,000
6,525,000 18,160,000
6,304,000 16,101,000
12, 1936-140.978,000
3,832,000 55,064,000
8,537,000 19,229,000
IIIIIII
Total Sent
Total Sept.
6,000
5,000
2,000
2,000
2,000
15,000
8,000
18,000
208,000
140,000
208,000
197,000
3,504,000
wk.19.37j
350,000
10,556,000
990,000
5,121,000
2,294,000
1,007,000
1,291,000
555,000
3,126,000
323,000
Same wk.1935
417,000
15,017,000
1,204,000
6,907,000
716,000
3,928,000
1937
2,258,000
92,008,000
1936
2,920,000 65,350,000
2,515.000111,904,000
1,888,000
furnished by
Produce Exchange, for the week
Sept. 10, and since July 1, 1937, and July 1, 1936, are
The world's
shipment of wheat and corn, as
Broomhall to the New York
ended
shown in
the following:
Since Aug. 1—
Corn
Wheat
9,839,000 32,990,000
27,284,000 26,729,000
8,805,00017,753,000
3,848,00025,001,000
4,147,00014,055,000
Total receipts
the week ended
10,774,000
46,255,000
of flour and grain at the seaboard ports for
Saturday, Sept. 11, 1937, follow:
Week
Since
July 1,
July 1,
1936
Sept. 10,
1937
Bushels
Since
Week
Sept. 10,
Exports
Since
1937
1935
4,546,000
2,466.000
Amerkanary—
Canadian
730,000
3,601,000
31,294,000
Total Sept. 11,
Total SeDt
Same wk. 1936
Total
109,000
642,000
399,000
509,000
517,000
4,000
30,000,
11,000
5,736,000
15,365,000
46,000!
41,000
254,000
Joseph...
Bushels
12, 1936- 62,979,000
9,000
Wichita
Barley
Bushels
Total Sept.
118,000
Omaha
Rye
Bushels
T&al Sept.
23,000,
325,000
98,000
Oats
Bushels
1,007,00
128,000!
St.
Otiier
Corn
Buehsls
Canadian—
468,000,
214,000
Indianapolis..
Louis
above: Oats—On Lakes, 97,000 bushels; total,
against none in 1936.
Barley—Duluth, 176,000 bushels; Buffalo,
60 000- on Lakes, 958,000; total, 1,194,000 bushesl, against 782,000 In 1936.
Wheat
New York, 1,241,000 bushels; Albany, 545,000; Buffalo, 132,000; Duluth, 71,000:
on Lakes, 2,760,000; total, 4,749,000 bushels, against 20,539,000 bushels in 1936
7 000 bushels,
262,000' 1,113,000
1,379,000
195,000!
Toledo
St,
10,000
3,719,000 23,585,000
4,330,000 20,821,000
11, 1937.-130,005,000
Total Sept
732,000'
14,000'
23,000
7*666
161,000
16,000
761,000
4,000
1937- 52,395,000
4, 1937— 46,179,000
329,000
51,000
221,000
bush 56 lbs bush 48 lbs
508.000,
~
—
5,000
5,000
474,000
—
elevator stocks
186,000
2,000
——
Canal
board...
Flour
...
Barley
Bushels
Philadelphia a.
Boston
Ft. William &
Chicago
Rye
Bushels
Oats
Bushels
1,000
18,000
Bushels
414,000
257,000
Lake, bay, river
of the last three years:
Minneapolis..
Corn
Wheat
Bushels
United States—
First
Receipts at-
of grain,
at principal points of
granary
4.75
Coarse
118%
l.f.o.b. N.Y._141%
81*666
11,000
Brit. No. Am. Col
On
6.90@6.25
Wheat, New York—
No. 2 red, c.i.f., domestic
Corn
Wheat
Since
afloat
Barley goods—
for the week and since
below:
Flour
3.30
Cornflour
13,000
Week
On Lakes
FLOUR
Spring oats, bigb protein _6.55@7.00
Spring patents
6.10@6.45
Clears, first spring
5.70@6 15
Soft winter straights
5.10 @5.25
Hard winter straights
5.70 @6 05
Hard winter patents
Hard winter clears
684,000
and Since
Omaha
October.
61,000
75,000
Exports for Week
Kansas City
September
DAILY
28,000
89,087
The destination of these exports
78
77%
FUTURES IN WINNIPEG
Mon.
87%
86%
October.
December
684~66O
97,342
1,289.000
3,589,000
1936
July 1, 1937, is
77%
PRICES OF
1937—
Total week
81%
80
79%
77%
77%
78%
Made
I
Season's Low and When Made
29. 19361 September
73%
June 14, 1936
6, 1937 I December
73%
Aug. 23, 1937
10, 1937]May
73%
Aug. 23. 1937
When
May
76%
77%
Season's High and
*61*666
2,000
Same week
acted
CHICAGO
IN
79%
79
79%
77%
May
28*666
*53*666
Halifax
September.
December
7,000
Montreal
FUTURES
Bushels
35,342
334,000
677,000
49%
RYE
Barley
Rye
Bushels
278*666
49%
OF
PRICES
Bushels
Orleans
Galveston
stimulus to rye.
CLOSING
Oats
Barrels
Corn
Bushels
York
New
49%
especially strong corn market, which quite naturally
DAILY
Flour
Wheat
Bushels
Exports from—
49%
Rye—On the 11th inst. prices closed 1H to 2 He. down.
Heavy arrivals of rye and the weakness of wheat and corn
were
the influences operating against rye values.
On the
13th inst. prices closed He. to 1 He. lower. There appeared
to be a noticeable absence of buying orders in rye, and as a
result the market was very sensitive to the slightest pressure.
On the 14th inst. prices closed He. to lMc. higher. Export
demand played the important role in this grain's advance.
On the 15th inst. prices closed unchanged to He- up;
This
market today was a relatively dull affair, there being no
further export sales and no immediate indications of any.
On the 16th inst. prices closed % to %c. up.
There was
very little
of interest in this market, traders' attention
generally being attracted to the sensational developments
in corn, where prices were soaring.
Today prices closed
1% to l%c. up. There was no explanation for the strength
in this market outside of a strong wheat market and an
a
from the several seaboard ports for the week
Saturday, Sept. 11, 1937, are shown in the annexed
statement:
49%
r
December
as
The exports
ended
47
October
1927
Chronicle
Bushels
Bushels
Bushels
Since
1937
July 1,
1936
Bushels
Bushels
July
1937
1,
Receipts at—
I
Wheat
Flour
Corn
Oats
1,000
5,452,000
bush 56 lbs
bush 32 lbs
Rye
Barley
North Amer.
2,105,000
29,314,000
49,625,000
60,000
Black Sea
2,824,000
893,000
942,000!
10,968,000
11,128,000
9,747,000
15,236,000
5,840,000
4,256,000
10,689,000
2,621,000
76,255,000
7,168,000! 2,198,000
16,042,000
3,515,000
76,361,000
91,025,000' 7,592,000
94,978,000
73,916,000
Argentina—
Australia
bbls 196
New
York...1
Philadelphia
J
lbs\ bush 60 lbs
113,000
25,000!
106,000
138,000
164,000
10,000
13,000
'
14,000
78,000
New Orleans *,
22,000
57,000
39*666
6,000
...
India
456,000
Oth. countr's
11,000
127,000
bush 56 lbs bush 48 lbs
240,000
Galveston
51,000
Montreal
1
53*666
Boston
J
1
677,000
61,000
684,000
2,000
7,460,000
Total wk.1937
248,000
1,051,000
348,000
78,000
112,000
686,000
Since Jan.1'37
9,577,000
57,181,000
27,489,000
3,872,000
3,213,000
2,873,000
Week 1936.!
266,000
3,808,000
87,065,000
372,000
113,000
96,000:
3.778.000
4,937,000
3,463,000
16,000
3,510.000
*
on
Receipts do not Include grain passing
through bills of lading.
Agricultural
through New Orleans for foreign ports
Department's
Official
Report
on
The Crop Reporting Board of the United
States Department of Agriculture made public late Friday
afternoon, Sept.
10, *its forecasts and estimates of the
Cereals,
2,000
Since Jan.1'36 10,449,000
608,000
14,000,
2*8*666
19,000
Halifax
Total
64,948,000
11,807,000
2,000
7,000
Baltimore
5,394,000
&c.
United States as of Sept. 1, based on
data furnished by crop correspondents, field
and cooperating State Boards (or Departments)
grain crops of the
reports and
statisticians
Financial
1928
of
Chronicle
Agriculture.
This report shows that the production of
placed at 688,145,000 bushels, the same
as the
Department's estimate a month ago, and comparing
with a harvest of 519,013,000 bushels in 1936, 464,203,000
bushels harvested in 1935, and a five-year (1928-32) average
production of 623,220,000 bushels.
The production of
spring wheat is estimated as of Sept. 1 to be 197,805,000
bushels, which compares with a production of only 107,448,000 bushels in 1936 and a five-year (1928-32) average
production of 241,312,000 bushels.
Comments concerning
the report were given in our editorial department last week.
We give below the report:
winter wheat is
Sept. is. 1937
SPRING WHEAT (OTHER THAN DURUM)
now
Crop prospects declined less than 1% during August, chiefly as a result
of the continued drought in the western corn belt and Great Plains area
which ruined the corn crop in most of Nebraska and in portions of adjoining
Condition
Sept.
1—Percent
Production—Thousand Bushels
State
Indicated
Average
Average
1936
1923-32
1937
1928-32
1936
1937
Maine
90
89
87
New York
80
54
80
174
105
130
Pennsylvania
79
75
76
203
216
234
55
119
88
Ohio
76
72
44
Indiana
76
63
60
274
120
126
Illinois.
77
72
52
2,509
595
472
Michigan
78
55
64
264
240
294
Wisconsin
82
279
152
126
Iowa
55
1,269
1,040
762
75
47
72
14,875
14,658
25,288
al5.6
Minnesota
al6.0
al6.0
762
640
384
79
56
Missouri
73
136
117
77
North Dakota
64
13
41
64,672
12,678
41,982
South Dakota
62
13
35
22,696
2,705
14.844
61
States and reduced the prospective United States corn crop to 2,549.000,000
bushels. This would be about an average crop, but is more than 100,000,000
Nebraska
72
20
28
Kansas
a9.2
a6.0
a6.0
364
72
60
bushels below the indications of
Montana
62
18
38
36,162
9,826
17,736
Idaho
82
77
87
13,546
10.224
12,768
month ago.
Prospects for spring wheat,
barley, flax, grain sorghums and late hay crops also declined somewhat in
the drought areas.
Outside of the drought area August weather was more favorable and
crop conditions on Sept. 1 indicated much improved prospects for beans and
pecans, and slightly better prospects for oats, potatoes, sweet potatoes,
tobacco, rice, buckwheat, most fruits, sugar beets and hops.
While widespread early frosts or other unusually adverse weather con¬
ditions could still hurt potatoes and other lat( crops there are now rather
favorable prospects for normal to ample domestic supplies of practically all
crops, except flaxseed and clover seed.
Tobacco production seems likely to be substantially larger than any of the
last five crops, but below the average of the preceding five years. There is
a rather
large crop of soybeans in prospect, and cotton is expected to give a
record high yield per acre and the largest production since 1931.
Flaxseed
production, however, will be only half of the five-year average.
Most of the principal food crops will show better than average production.
The wheat crop, estimated at 885,950,000 bushels, will be slightly over the
1928-32 average and more than 50% larger than the average production of
the last four seasons.
Rye production, at 51,869.000 bushels, is about a
third over average and larger than in any recent year except 1935.
Rice
is expocted to show a new high yield per acre and a production that will be a
fifth over average and close to the high record of 1920.
Beans also are
expected to give a record yield per acre and a production of 14,271,000 bags,
about one-sixth above average and close to the high record of 1935. Peanuts
are in promising condition and a very large
crop could be secured, but the
rice is expected to decrease the proportion harvested for nuts in the Gulf
tates and increase the proportion harvested by hogs.
Sugar production
will approach previous high records, for sugar cane and beets will each give
a large yield per acre and a large total tonnage.
The fruit and nut crops are quite uniformly heavy.
Apple production
is expected to be a fourth over average and the largest
crop since 1931.
The total peach crop will be only slightly above average, but the late crop
is fairly large.
Pears wdl set a new record, grapes will be close to the high
record of 1928 and large crops of cherries and apricots have been harvested.
There will probably be less grapefruit and more oranges than were picked
from the 1936-37 crop, but the production of the two combined is likely to
be as large as that of iast year. There will be a larger than average crop of
a
<
Eecans, walnuts, almonds and filberts.average. The totalof dried of fresh
The production supply prunes,
owever, is expected to be only about
vegetables for fall market promises to be nearly one-fourth above average,
due to rather general increases in acreage and above-average yields.
In
with last year, the cabbage, celery, and tomato crops show
substantial increases, but the late or storage onion crop appears to be
comparison
considerably below the record crop of 1936.
Most vegetable crops for
canning, quick freezing, or other manufacture, are in ample supply with
record or near-record packs indicated for snap beans, sweet corn, and green
eas. Potatoes were not planted on an unusually large acreage, but a record
igh yield is expected and a crop of over 403,000,000 bushels is now in¬
dicated, about 8% above the 3 92 -32 average in total production but, on
a per
capita basis, only about 3% above the average of these years. Sweet
potatoes are expected to show about the first good yield per acre secured
in eight years, but the acreage is moderate and the production indicated,
while above the 1928-32 average, is not expected to exceed average pro¬
duction during the last four years.
In contrast to the rather heavy yields of food crops, the production of
feed grain will be only about average and the supply, including old grain
carried over, will be rather less than average though fully adequate for the
greatly reduced number of livestock and poultry now on the farms. Milk
production on Sept. 1 was about 5% above the low production at that time
last year, and during the coming winter dairymen will probably feed fairly
liberally as they did in the 1935-36 feeding period, but the number of milk
cows is moderate, about 6% below the peak of three or four years ago, and
there will probably be only about the usual per capita supply of dairy
products. Egg production on Sept 1 was about 13% above production at
that time last year.
Poultrymen may feed more liberally than they did last
winter, but with smaller flocks and relatively fewer pullets, winter egg
production will probably be substantially lower than it was last winter
unless weather conditions should prove exceptionally favorable.
Although national supplies of both hay and feed grain are ample for the
livestock to be fed and the condition of pastures is better than in most
recent falls, there is an acute shortage of feed and pasturage in a large
central
that stretched
area
from Montana and North
Dakota southward
into
some of the northern counties of Texas.
In portions of this area extreme
drought conditions have prevailed and less than half of the usual quantity
of livestock feed has been produced.
The areas most seriously affected
include northeastern Montana, northwestern North Dakota and a "Dust
Bowl"
area
western
area
that centers in southwestern
there is
Kansas
and
extends
into
north
Oklahoma, the northern tip of the Texas Panhandle and a large
in southeastern
Colorado.
Around and between
these worst
sections
large area including most of the Dakotas, Nebraska and northern
Kansas where the shortage of feed and pasturage will seriously handicap
livestock producers.
a
Wheat—Production of all wheat in the United States in 1937 is indicated
at 885,950,000 bushels. This is about 41% greater than the 1936 crop, but
only about 2% above the five-year (1928-32) average.
The large crop this
year follows five successive years of below-average wheat crops. Production
in the last four years averaged only about 580,000,000 bushels.1
.
A spring wheat crop of 197,805,000 bushels in 1937 is indicated by con¬
dition ana preliminary yield reports as of Sept. 1.
Such a crop would be
84% greater than the short crop of 107,448,000 bushels produced in 1936,
but about 18% below the five-year (1928-32) average production of 241,312,000 bushels.
Prospective production declined slightly during August as preliminary
threshing returns showed yields running somewhat lower than expected
in the Dakotas.
Severe damage from rust, drought and grasshoppers had
already occurred in these States before Aug. 1 and drought and grasshoppers
continued to damage that part of the crop which had not been harvested.
However, comments indicate that many low-yielding fields, which might
ordinarily have been abandoned, were harvested because of relative high
prices and the need for seed for next year's crop.
These reductions were
only partially offset by increases in Minnesota and in the Pacific Northwest
where early threshing returns point to yields somewhat above earlier ex¬
pectations.
Prospective yields per acre are above average in the Pacific Northwest
and in Minnesota, but elsewhere they are generally below average.
The preliminary estimate of winter wheat production of 688,145,000
bushels published in the August report, will remain unchanged until the
final check-up in December.
DURUM
Condition
Sept.
WHEAT
1—Percent
Production—Thousand Bushels
Indicated
Average
1923-32
1936
1937
1928 32
1936
1937
79
46
75
1,406
68
18
64
6,557
21,976
South Dakota
69
15
40
2,912
38,167
12,607
918
North Dakota
700
3,906
69
19
59
53.687
8.175
27.288
Wyoming
73
30
72
2,024
651
Colorado
68
48
61
4,204
4,776
New Mexico
74
58
66
428
273
288
Utah...
87
79
91
2,196
2,241
2,550
Nevada
87
86
93
311
220
286
Washington
69
91
83
14,255
28,665
80,217
Oregon.
79
SO
82
3,601
7,140
11,844
b64
33
53
187,625
99,273
170.517
United
States
Yield per acre,
a
5,589
b Short-time average.
WHEAT (PRODUCTION BY
CLASSES) FOR THE UNITED STATES (BUSH.)
Winter
Winter
Spring
Hard
Soft
Hard
Red
Red
Red
Year
1,812
'
White
Spring
Durum
{Winter and
a
Total
Spring)
Avge.
1928-32 392,656,000 178,541,000 153,636,000
1936
259,667,000 207,126,000
...
52,252,000
1937 b.. 374,565,000 258,287,000 114,412,000
a
56,000,000 83,700.000 864,532,000
8,875,000
98,541,000 626,461,000
28,464,000 110,222,000 885,950.000
Includes durum wheat in States lor which estimates
are
not shown separately,
b Indicated 1937.
Corn—Production of corn in 1937 of 2,549,281,000 bushels la indicated
by the Sept. 1 condition of the crop. This is about 4% below that indicated
a month ago,
but only slightly below the five-year (1928-32) average of
2,554,772,000 bushels.
Prospects improved moderately during August in
the North Atlantic, the South Atlantic, and the south Central groups of
States. In the main corn belt area prospects improved in the States of Ohio,
^Michigan Minnesota, and Illinois where timely rains kept the crop develop¬
ing normally, but some deterioration occurred in Iowa, Missouri. South
Dakota, Nebraska, and Kansas, with the sharpest decreases occurring in
Nebraska, Kansas and Missouri.
In Nebraska alone, a decrease in pro¬
spective production since Aug. 1 of almost 105,000,000 bushels is indicated.
High temperatures and lack of adequate moisture since early in August
caused the reduction.
In Illinois, the crop declined in the southern half of
the State, but this was more than offset by improvement in the central and
northern portions.
Yields are better than the 10-year average by from 3.5 to 7 bushels in the
leading
corn States of Iowa, Indiana, Illinois, Ohio, and Minnesota.
In
Nebraska the yield per acre is only a little more than a third of the average.
CORN
Condition Sept. 1-—Percent
Production—Thousand Bushels
State
Average
Average
Indicated
1923-32
1936
1937
82
74
79
New Hampshire
84
87
89
551
656
630
Vermont
82
80
90
2,604
2,964
3,034
Massachusetts
82
84
87
1,621
1,638
1,720
Rhode Island
87
89
Connecticut
83
82
93
2,024
1,938
2,091
New York
77
69
88
20,033
19,840
25,086
New Jersey
79
70
85
Pennsylvania
75
76
89
45,487
54.572
60,345
Ohio
75
62
83
74
47
90
121,605
115,413
158,193
Indiana
129,257
155.968
186.480
Illinois
75
42
89
336,738
217,751
406,393
Michigan
70
55
87
39,171
36,750
Wisconsin
77
47
76
69,926
44,080
79,266
Minnesota
71
38
83
143,136
88,331
Iowa
79
33
85
212,240
40,032
172,368
457,994
Maine
92
1928-32
1936
508
468
341
342
7,373
6,755
Missouri
71
14
78
North Dakota
68
17
64
South Dakota...
57
12
45
438,792
146,489
18,522
78,447
2,530
8,446
1937
429
378
8,446
59,940
124,308
17,264
48,902
11
28
223,843
26,859
74,358
Kansas
59
11
38
126,756
11,036
35,508
Delaware..
76
86
93
3,680
4,118
4,380
Maryland
72
80
85
14,431
18,396
Virginia
72
69
90
30,388
30,014
18,060
37,350
Nebraska
67
West Virginia
74
63
81
11,054
11,569
North Carolina
77
82
87
44,194
67
70
79
38,415
20,240
43,475.
South Carolina
23,635
24,210
33,624
7,029
54,486
57,160
41,162
49,428
81
62
36,288
Georgia
71
Florida
77
68
78
6,506
Kentucky
73
46
83
60,301
Tennessee.
71
63
78
68,519
Alabama
71
68
80
35,533
Mississippi
68
69
80
32,192
Arkansas
64
50
77
66
31,540
18,756
60
79
Oklahoma
62
19
68
Texas
66
60
69
51,842
81,922
39,570
26,738
20,734
11,772
68,925
Louisiana..
14,256
9,020
76,425
65,734
44,254
42,784
40,640
23,664
29,785
76,551
Montana
62
23
47
1,401
540
Idaho
85
86
86
957
1,120
Wyoming
74
31
60
984
2,981
Colorado
64
44
35
11,169
10,328
70
1,322
2,341
20,847
3,528
1,224
42
60
2,185
3,105
Arizona
83
75
87
474
490
595
Utah
86
90
91
465
525
Nevada
88
84
86
51
52
52
Washington
80
81
87
1,246
1,054
1,184
Oregon
84
86
92
1,902
1,922
2,310
California
85
83
85
2,620
2,178
1,920
71
40
76
2,554,772
1,529,327
2,549,281
New Mexico
United States
594
Oats—The 1937 crop of oats which is now indicated at 1,136,167,000
bushels is less than 1% larger than was indicated a month ago, but it is 6%
1928-32 average of 1,215,102,000 bushels.
The present
smaller than the
exceeds the small crop of 1936 by 44% or about 347,000,000 bushels.
Preliminary threshing reports indicated better yields than expected a month
in the important States of Iowa, Illinois and Wisconsin.
An improve¬
ment was also shown in the Pacific Northwest States area.
These increases
were partially offset by reports of lower than expected harvested yields in
some of the other important States.
The indicated yield per acre for the important east north central States is
crop
,
Average
Three States
2,560
1,800
ago
State
Minnesota
2,350
35.0 bushels which compares
with 27.4 bushels in 1936 and with the 10year (1923-32) average of 33.4 bushels per acre.
The yield in the west north central States averages 32.6 bushels per acre
which compares with 22.3 and 30.0 for a year ago and the 10-year average,
reSFortthe1 United
yield of 31.6 bushels per acre com¬
and with the 10-year average of 30.2
States the indicated
with 23.8 bushels last year
bushels.
pares
Volume
Financial
145
The dark air-cured tobacco production is indicated
based on the Sept. 1 condition, and is about 68%
OATS
pound
Condition
Sept.
1-—Percent
Production—Thousand Bushels
State
1923-32
Indicated
Average
Average
1936
1937
1929
Chronicle
1937
1936
1928-32
90
85
87
4,346
4,130
4,332
New
89
90
86
267
342
333
87
Hampshire
67
1,853
2,048
1,764
86
78
78
149
170
204
87
82
71
63
64
Connecticut
85
80
88
216
162
is indicated at 107,158,000 pounds on
Sept. 1, compared with 98,067,000 pounds harvested in 1936, and the fiveyearaverage production '1928-32) of 170,572,000 pounds.
REPORT
York
82
53
69
25,637
Jersey
1,181
27,585
60,392
Crop
the following report
19,994
New
18,392
1,568
1937
AS OF SEPT. 1,
Reporting Board of the Bureau of Agricultural Economics
from data furnished by crop correspondents,
field statisticians, and cooperating State agencies:
The
makes
186
New
above the 24.646,000
harvested in 1936.
production of cigar types
crop
The
GENERAL CROP
Maine
at 41,475,000 pounds,
90
Vermont
Massachusetts.
_
Rhode Island
81
83
76
Pennsylvania
82
69
72
Ohio
79
70
61
Indiana
74
61
73
Illinois
76
65
93
Michigan
78
56
68
Wisconsin
84
51
75
Minnesota
81
51
83
a29.5
a35.6
Iowa
a45.0
63,810
152,009
43,854
85,527
148,841
218,730
Missouri
71
56
90
39,595
North Dakota
64
13
60
South
70
24
56
38,397
59,033
68,421
Dakota
25
77
Nebraska
53
a22.9
Delaware
al9.0
a23.0
80
Kansas
73
82
72
73
34,515
33,540
37,474
39,460
35,075
97
61
93
1,131
980
1,287
1,763
1.407
4,660
Georgia
al8.2
al8.0
al9.5
1,560
2,837
2,883
3,572
8,076
5,741
Florida
a!4.1
al6.0
al4.5
116
128
130
Kentucky
a!6.8
al3.5
a20.0
2,020
Tennessee
al6.5
all.O
al8.5
2,992
1,871
1,053
924
1,554
Alabama
al7.4
al7.0
a21.0
1,919
1,870
2,646
Mississippi
al9.8
a26.0
a28.0
837
Arkansas
al8.5
a20.5
a20.0
2,358
3.000
a31.0
481
1,300
3,075
1,120
81
Maryland
Virginia
al6.5
al9.4
54
a20.5
80
Virginia
79
North
Carolina
al7.6
al4.0
a20.0
South
Carolina.
a21.5
al8.5
a22.0
West
a22.4
Louisiana
a28.0
1,206
I
3,430
8,473
6,948
9,966
7,898
1,428
1
1,736
28,638
Oklahoma
a20.8
al6.0
a20.5
25,434
20,320
Texas
a26.1
al8.5
a24.0
39,032
22,552
28,680
7,214
5,022
4,662
Montana
64
27
51
Idaho
83
83
87
Wyoming
78
43
78
3,302
Colorado
74
63
73
5,043
2,244
4,716
1,474
4,256
New
68
61
73
667
400
Arizona...
84
65
80
304
Utah..
89
86
92
1,648
Nevada
88
82
89
91
76
72
Washington
82
88
88
7,513
8,517
8,060
85
88
89
7,878
10,914
2,394
11,492
4,080
1.215,102
789,100
1,136,167
Mexico
Oregon
a25.0
California
United
States
Yield per acre,
a
a30.0
a28.0
b77
b56
b78
4,820
300
1,080
b Allowance made lor condition at harvest In
j
2,970
4,553
528
243
1,012
Indicated
Aver¬
Crop
45,539
Average
age
151,790
35,496
79,360
157,509
252,000
42,224
(in Thousands)
(Per Cent)
35,169
40,535
1923-
1936
71
40
bushels
67
31
54
241,312
Durum, bushels.
69
19
59
53,687
Other spring, bu.
b64
33
53
187,625
77
56
78
1,215,102
75
48
64
281,237
'
38,212
Rye, bushels
Buckwheat, bushels.
Flaxseed, bushels
78
64
82
8,277
65
29
62
15,996
Rice, bushels
82
86
86
Grain sorghums, bus.
70
33
64
42,826
97,760
Hay, all tame, tons.
Hay, wild, tons
Hay, clover & timo¬
78
55
77
Southern States.
Barley—A barley crop of 226,094,000 bushels is indicated by condition
yield reports as of Sept. 1.
This indicated production is slightly less
than that indicated a month earlier, but is about 53% more than the small
1936 production of 147,452,000 bushels and only about 20%' below the
1928-32 average production of 281,237,000 bushels.
The smaller than average production is due in part to the acreage being
about 12% below the five-year average, and in part to the average yield per
acre being about 11% below the five-year average of 22.6 bushels.
In the
principal barley producing area of the north central States, the yields this
season
are
near
average,
except in the western portion, including the
Dakota8, Nebraska ana Kansas, where heat and drought had hurried the
drop to maturity, resulting in some grain of light weight and poor quality.
Buckwheat—This season's production of buckwheat is now indicated
to be 7.223.000 bushels.
This is 16% more thna the 1936 production, but
13% below the 1928-32 average. Growing conditions were good during the
month through all of the buckwheat prpducing States with the exception of
North and South Dakota where the weather was too dry.
In general, the
straw growth has been exceptionally good with several reports of probable
lodging on account of the rapid succulent growth.
Considerable blasting
of tne blossoms is expected as a result of the recent high temperatures.
I
Some fields were seeded late, but the moisture conditions were such that
growth started immediately and maturity is considered to be fully up to
normal at this time in a majority of the fields.
688.145
688,145
197,805
202,274
107,448
27,288
28,264
8,175
170,517
174.010
99,273
789,100 1,130.628 1,136,167
226.094
227.398
147,452
51,869
51,869
25,554
7,223
7,007
6,218
7,640
8,014
5,908
50,508
51,599
46,833
519,013
623.220
Winter, bushels...
Oats, bushels
Barley, bushels
70,146
55,701
63,309
6,915
102,643
100,022
74,904
9,993
74,860
10,719
30,554
21,324
24,230
24,412
23,544
__
24,750
28,408
27,995
■
thy, tons
c
a
2,554,772 1,529,327 2,658,748 2,549,281
885,950
890,419
626.461
864,532
76
Wheat, ail, bushels..
All spring,
1937
1937
1932
Corn, all, bushels...
Sept. 1,
1,
Aug.
1936
1928-32
1937
MM
9,943
Hay, alfalfa, tons
78
54
70
Pasutre
72
40
68
69
60
74
Soybeans
81
60
83
Cowpeas
70
61
75
Peanuts (for nuts) lb.
73
72
77
Apples, tot.
bu.
57
42
73
Peaches, tot.crop, bu.
Pears, total crop, bu.
b60
52
67
d57.298
47.650
59,018
204,319
59,396
64
62
67
d24,334
26,956
30,388
30,311
74
63
83
d2,214
50
37
52
77
62,965
372,115
—-M
MMM.M
M
MM
M
—
M
MM
-.
—
Beans, dry edible 100pound bag
....
14,272
13.483
11,122
12,181
'
crop,
Grapes, tons
Pecans,lbs
e
M
M
M
—
—
M
—
—
-
'
74
59
Sweetpotatoes, bush.
72
61
76
66
79
1,427,174
84
80
84
8,118
84
52
88
M
M
M
—
—
1,258.435
202,274
2,574
2,517
1,916
68,777
63,440
40,135
403,393
402,537
329,997
74,857
73,989
64,144
1,153,083 1,417,015 1,448,875
9,223
9,158
9,028
66,368
74
MM-
MMMM
----
Tobacco, lbs
Sugar beets, tons
28,011
Potatoes, bush
MMM«>.
'
—
—
946,231 1,300,540
117,506
dl64,355
Hops, lbs
3,080
Production
Total
Condition Sept. 1
1,323
25,620
24,009
38,502
99,608
32.181
59,520
94,376
161,955
29,330
4,730
12,712
19,067
32,186
UNITED STATES
60
42,790
23,310
44,400
figures are not based on current indications, but are carried
forward from previous reports,
b Short-time average,
c Excludes sweetclover and
lespedeza.
d Includes some quantities not harvested,
e Production includes all
For certain crops,
a
grapes for
fresh fruit, juice, wine and raisins.
and
Potatoes—The Nation's potato prospects on
Sept. 1 indicate a crop of
403,393,000 bushels, which is 22% larger than the 1936 crop and 8% above
the average production.
Blight damage in northern Maine during the early
part of August was checked by hot, dry weather during the latter part of
the month.
In other northeastern potato areas, some damage was caused
by blight, leaf-hoppers, and aphis.
Spotted drought conditions prevailed
in some potato sections of the north central and mid-western States.
A
severe frost early in August reduced prospects in the Kiamath Falls section
of Oregon.
In other parts of the country, however, the late crop made
considerable progress, or held consistent with the Aug. 1 indications.
Decreases in production prospects from the Aug. 1 indications are now
indicated in Maine; also in Wisconsin, where dry weather apparently
checked vine and tuber growth in the central part of the State.
Prospects
also declined during August in Colorado, especially in the San Luis Valley,
where irrigation water supplies became short during the first week of
August.
Reasonably favorable August growing conditions accounted for
higher production indications in Michigan,
Minnesota, Idaho, and
California.
Marketing of the potato crop in the intermediate States is about com¬
pleted except in New Jersey, where shipments of Cobblers will continue
throughout September.
The Long Island (New York)
Cobbler crop has been harvested except for a few fields, and shipments of
this variety should be completed in the next two weeks.
Growers of
Cobblers in Maine have been busy digging the past two weeks, and ship¬
ments from this State will increase considerably during the remainder of
in
some
volume
However, in most of the important late States, the harvesting
is somewhat behind last year's schedule, except in the
(North Dakota), where shipments of Triumphs are well
ahead of last season, and these will be followed by gradually increasing
shipments of Early Ohios and Cobblers.
North Dakota (and, to some ex¬
tent, Wisconsin) potatoes will be a big factor this year in the early October
markets of the middle-west.
At the present time early-maturing fields of
Rurals are being dug and marketed from western New York to Minnesota;
also early-planted acreages of Russets in Idaho and Burbanks in the
Pacific Coast States are being harvested for the early-fall market.
September.
of early varieties
Red River Valley
by the Sept. 1
compared with 1,153,083,000 pounds
(1928-32) average crop of 1,427,174,000
pounds. This estimate represents an Increase of about 2% over the estimate
a month ago and is about 26%
greater than the crop harvested in 1936.
The improvement in the crop occurred mostly in the Flue-cured areas where
rain during August improved the prospects in fields not yet harvested.
The production of the Flue-cured tobacco is indicated at 809,743,000
pounds compared with 682,850,000 pounds harvested in 1936, and a fiveyear (1928-32) average crop of 679,504,000 pounds.
The improvement in
the Flue-cured prospects occurred primarily in the "Old Bright Belt" of
Virginia and North Carolina (Type 11), where most of the crop is still
growing and rains during the latter half of August were favorable for the
continued development of plants.
The Sept. 1 estimate represents an
increase of about 4% over that of a month ago, about 19% above the 1936
crop, and about 19% above the five-year average crop (1928-32).
The production or Fire-cured types was indicated at 113.259,000 pounds
and represents an increase of about 14% over the 99,666,000 pound crop
harvested in 1936.
The Sept. 1 indication however is 47,329,000 pounds
less than the five-year average crop for this type.
The prospective production of Burley tobaccos showed very little change
from that of a month ago.
Based on Sept. 1 conditions, a production of
352,390.000 pounds is
indicated compared with 218,254,000 pounds
harvested in 1936, and a five-year / average crop of 336,845,000 pounds.
The indicated production of Maryland tobacco at 24,850,000 pounds
showed no change from prospects a month ago and compares with 29,600,000 pounds harvested in 1936.
Tobacco—The
total
production of tobacco indicated
condition is 1,448,875,000 pounds
harvested in 1936, and the five-year
UNITED
•\%
.
STATES
Yield per Acre
Acreage (in Thousands)
.
Indi¬
For
Average
1928-32
Aver¬
cated
of
age
Sept. 1
1937
1936
Percent
rest.
Crop
1937
Har-
Harvested
1936
1923-32
14.4
12.8
13.0
15.2
13.8
14.6
12.4
9.6
9.4
11.6
5.3
9.6
12.6
10.3
108.2
30.2
23.8
31.6
134.2
22.6
17.7
20.2
3,960
143.6
12.0
9.3
13.1
418
113.0
15.7
16.8
1,180
1,081
91.6
6.9
5.0
7.1
935
1,003
107.3
43.2
50.1
51.4
7,016
7,000
107.9
14.7
8.0
13.2
55,153
57,055
97.8
1.29
1.11
13,288
10,694
7,552
55,773
12,546
117.3
.82
.65
.79
26,872
11,720
1,806
22,010
19,674
89.4
1.15
.97
1.24
103.6
60,138
48,820
68,198
139.7
39,724
37,608
47,079
125.2
11,212
1,544
9,668
21,119
188.4
2,841
18,278
184.0
189.1
35,933
11,166
3,315
33,213
8,322
2,757
568
370
2,772
925
Grain sorghums, bushels.
Hay, all tame, tons
wild, tons
Hay,
clover and timo¬
Winter, bushels
20,414
All spring, bushels
Durum, bushels
Other spring, bushels
Oats,
4,775
15.639
40,015
bushels
12,645
Barley, bushels
Rye, bushels...
Buckwheat, bushels
Flaxseed, bushels
Rice,
bushels
Hay,
thy, tons b
14.034
14,177
2,979
1,562
5,635
1,794
6,049
107.3
c
3,520
1,666
107.9
1.34
1.97
796
MMMM
—
M
-MM-
MMMM
1,869
3,263
1.417
1,736
81
158
141
Potatoes, bushels
3,327
3,058
3,224
105.4
112.7
107.9
771
822
826
100.5
88.5
78.0
Sweetpotatoes, bushels..
17.3
MMMM
Peanuts (for nuts), lbs
Velvetbeans c
-M
M
—
M
—
755
749
690
96.0
89.2
9.3
712
666
114.9
26.5
1.76
2.06
101.0
c
Hay, alfalfa, tons
Beans, dry edible, lbs...
Soybeans
Cowpeas
a
16.5
96,146
Wheat, all, bushels
1937
25.4
92,829
103,419
Corn, all, bushels
1936
'
•
MM-
770
MMMM
802
_
125.1
90.6
858
1,872
1,437
1,690
117.6
Sorgo for sirup
201
215
198
92.1
Sugarcane for sirup
111
140
138
98.6
Sugar beets, tons
717
776
778
100.3
dll.O
11.6
11.9
23
32
35
111.4
1,274
740
1,265
Tobacco, pounds
Hops, pounds
a
For certain crops,
----
----
--MM
----
-MM¬
MM' M
M
figures are not based on current indications, but are carried
b Excludes sweetclover and lespedeza.
c Grown
forward from previous reports,
alone
for all
purposes.^ d
Short-time average.
Weather Report
_______
^
for the Week Ended Sept. 15—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 15, follows:
At
over
of the week an area of high pressure prevailed over
States, with seasonable temperatures and scattered showers
the beginning
Eastern
the
the Southeast and parts of the Great
Plains.
On the 10th, unsettled,
conditions prevailed over central valley sections and continued
through the 11th, attended by rather general, moderate rains over the
Mississippi and Ohio Valleys.
On the morning of the 12th an area of
high pressure prevailed over the upper Mississippi Valley, attended by
cooler weather over the Lake region and central parts of the country.
At
the close of the week pressure was relatively hign practically everywhere,
attended by mostly seasonable weather, with heavy rains in the Northeast
cloudy
generally fair weather elsewhere.
normal in the central and eastern Ohio Valley
Northeast, with the minus departures ranging from 2 to
5 deg. in this area.
Seasonable weather prevailed in the Southeast, with the
temperatures near normal, and similar conditions obtained in the central
Mississippi Valley and most of the Lake region.
From the Great Plains
westward the week was generally warm, especially in the Northwest, where
the plus departures ranged from 6 to 11 deg. and in the Southwest where
they ranged from 6 to 9 deg.
Maximum temperatures for the week were mostly seasonable, averaging
and
The week was cooler than
and most of the
generally in the high Plains and the Mississippi Valley. and from 88 deg. to
2 deg. in the Great
70's or low 80's in the Northeast Maxima were high
in
the
Central Valleys of California, while the highest for
106 deg. at Phoenix, Ariz., on 2 days.
Rainfall was moderate to heavy in
the week was
the Northeast, parts of the Ohio
Valley and western Lake region, and in some lower Mississippi Valley sec¬
tions.
Heavy rains were also fairly general in central and northern Okla¬
homa and southeastern Kansas, as well as locally in eastern South Dakota
and some adjacent sections.
In the Middle Atlantic States, rainfall for the
week was very light, while in most of the Cotton Belt and the Great Plains,
omy light to moderate rainfall occurred, except along the southeast coast.
Most of the country west of the Great Plains experienced a practically rain¬
less week.
iir.lfgilTi I mmSm
m
mlmm sJSm
1930
Financial
One of the favorable features of the
of the continued rains
week's weather
in most Southern
the cessation
In this area the long-
States.
was
continued wet
spell was very unfavorable for outside operations, but it was
close toward the latter part of the week by a reaction to clear,
sunshiny weather.
In many parts or this area conditions are still too damp,
with continued warm, sunshiny weather needed.
Rain is still needed for late crops and for plowing and seeding opera¬
tions in many central parts of the country, particularly in Missouri, Iowa,
brought to
a
from nothern and western
and
area
crops
Kansas northwestward.
In much of this
fall plowing has been
late
with local
considerably delayed, while some deterioration of
occurred.
Ranges also need rain in some parts of the West,
areas indicating a rapid diminishing of stream flpw and drying
of water holes.
Tne cool weather at the close of the week was beneficial in
some
sections
in
delaying too rapid drying and ripening of crops, wnile the light to moder¬
favorable in conditioning pastures in many sections.
Light
frosts were noted in many areas from tne upper Ohio Valley northward
over the Lake region and the northern
Great, Plains, but no reports of
seriously low temperatures were received and damage, if any, was negligible.
Scattered light frosts were also reported from parts of New England and
Chronicle
Sept. 18, 1937
delayed^by rain elsewhere; much being snapped.
proved.
Grain sorghums^ im¬
Livestock fair to good.
Arkansas—Little Rock: Cotton deteriorated in most portions firstTof
week due to wet, cloudy weather; picking was slow, lint stained, and seed
sprouting in some localities; progress of cotton very good last of week
due to dry weather, bright sunshine, and low humidity; picking good
advance.
Very favorable for late corn, meadows, pastures, and late
potatoes.
Tennessee—Nashville:
Progress
of
cotton
fair;
some
rotting
low¬
on
lands account wetness; opening slowly and picking fair advance; warmth
and sunshine needed; general condition good.
Progress and condition
of corn very good to excellent.
Considerable early tobacco cut, while
late
growing
rapidly;
curing
delayed
and
some
damage
account
rains.
Good progress in fall plowing and seeding.
ate rainfall was
THE
the Pacific Northwest.
Small
Grains—Harvesting and threshing operations, aided by favor¬
able weather, have made excellent progress, particularly in the northern
Great Plains and Pacific Northwest.
Tnese activities are nearing comple¬
tion in Idaho and North Dakota, with yields in the latter State reported
variable.
Tne oat harvest is reported far
advanced in the Skagit Plats
of Wasnington and threshing was under way locally.
In the more eastern
States Harvesting of grains made very good progress and the buckwheat
harvest has begun in New York.
Due to the aosence of general rains in the principal States of the Winter
Wheat Belt, plowing and seeding activities are generally slow and diffi¬
cult, and favorable conditions obtain only in limucu areas.
Plowing and
seeding is progressing in South Dakota and rye is reported up as far north
as Spink and Hamlin counties;
condition is good, except for a few reports
of grasshopper damage in spink County.
In Neoraska plowing and seeding
are about done in tne areas where rain is sufficient.
There is sufficient
upper-soil moisture in the eastern half of Kansas, but subsoil moisture is
deficient; the preparation of soil for seeding is mostly done and sowing
winter wheat has oegun generally and is about half done in the northwest,
where it is reported coming up.
In Missouri, Illinois, Wisconsin, and especially Iowa, plowing and seeding
operations are highly difficult, due to dryness.
In Iowa plowing is possible
only with tractors over most of the State on account of dry, hard soil;
progress of winter-wheat seeding is generally poor.
In the east-central
States of the Ohio Valley soil-moisture conditions are satisfactory and
plowing for fall grains made good headway.
Corn—The week was largely favorable for maturing corn, with the
bulk of the crop expected to oe safe from frost damage in the Ohio Valley
in about 2 weeks.
Much is already safe in western parts of the belt.
In the Ohio Valley cutting for silage is underway, with the crop ripen¬
ing rapidly and general condition fair to very good, although in some easternvalley sections uneven quality was noted.
In Missouri late corn was re¬
ported badly damaged by dryness, but the early planted is safe from frost
damage.
Cutting corn has been more than half done in the eastern third
of Kansas, as well as some south-central parts, wnile the crop is maturing
satisfactorily in Nebraska and is mostly safe.
Tne bulk of the crop has
matured in Minnesota, wnile cutting for feed and silage continues in South
Dakota.
Iowa corn matured and
In
dried too rapidly, with about three-fourths
safe; soil filling has been completed locally and fodder cutting is pro¬
gressing rapidly, with not as mucn of the latter operation expected as last
year, due to tne abundance of other rough feed.
now
Cotton—The outstanding feature of the week's weather as affecting the
cotton
crop
weather
continued mainiy favorable.
Texas progress and condition
local rain damage to staple;
In
for
the reaction to dry, sunshiny conditions which occurred
of the week in eastern sections.
In the western belt the
was
the latter part
some
of cotton were generally good, except
picking is now general over the northern
part of the State.
In Oklahoma picking cotton inaue good to excellent
advance in soutneastern, east-centrai, ami extreme southern portions, but
but was delayed by rain elsehwere; much is being snapped,
in central
States of tne oelt continued cloudy, rainy weather was unfavorable the first
part of the week, with additional reports of deterioration, damaged staple,
and rotting bolls; the latter part of the week brought a change to better
weather conditions, with sunshine and lower humidity, and picking was
resumed and was making good advance in many parts at tne close.
In the eastern States of tne belt tne early part oi the week was very un¬
favorable for picking and reports of damage continued.
However, to¬
ward the close of the week dry, clear weather was very favorable and staple
dried rapidly, permitting a resumption of picking and ginning operations.
*
week was favorable for weevil activity in central and
portions, but the latter part was favorable for checking activity;
only local areas were reported favorable for weevil activity in the western
The eariy part of the
eastern
belt.
The
Weather Bureau furnished
the following resume of
conditions in the different States:
Virginia—Richmond:
Temperatures
considerably
below
normal; rain
forepart, but fair latter part.
Generally favorable for plowing and har¬
vesting.
Cotton still growing nicely ana picking begun.
Most corn
mature and cut ting active.
Heavy rains causing undue growth of peanut
vines.
Curing tobacco nearly finished.
Southeastern truck excellent.
North
Weather generally favorable for crops, ex¬
cloudiness and rains in some parts for late tobacco and
Carolina—Raleigh;
too much
cept
Progress of early cotton good, but late poor to fair; continued
favoraole for weevil activity; considerable boll rot; picking slow.
Corn
and other food crops good to excellent.
cotton.
South
Carolina—Columbia:
Moderate
to
heavy
rains
again
delayed
general harvesting.
Late corn, truck, and pastures excellent progress.
Picking and ginning cotton slow, though dryness of last 2 days more fa¬
vorable; weather favorable for weevil activity and moderate to heavy
shedding of top crop; opening retarded in north and staple damaged lo¬
cally account continued wetness.
Extended sunshine urgently needed.
Georgia—Atlanta: Picking cotton slow progress at beginning of week,
but good advance later and now under way to mountains and approach¬
ing completion in extreme south: favorable for weevil activity first few
days, but tavorable for checking activity later.
Corn harvesting in south,
but some still green in north.
Too wet in some southeastern counties for
satisfactory harvesting.
Alabama—Montgomery: Frequent, mostly light rains through Friday,
followed by first dry spell in three weeks.
Damage to cotton quite heavy
generally and heavy in southeast and locally elsewhere; staple drying
rapidly and picking being resumed; progress for week poor and condi¬
tion fair.
Some damage to cut hay, but miscellaneous crops excellent
progress.
Mississippi—Vicksburg:
Intermittent
showers
with satisfactory sun¬
shine only last 2 days.
Picking cotton very slow in numerous localities
account wet, sprouting seed preventing safe storage and processing, but
speedy relief probable, with continued Sunshine; much stained staple and
some rotting bolls; weather favorable for weevil activity and heavy shed¬
ding.
Progress of late-planted corn mostly very good.
Progress of gardens
and pastures
generally excellent.
Louisiana—New Orleans: Cotton staple and seed damaged in east and
by recent wet weather which continued in south at opening, but
mostly dry after Thursday and resumption of picking and ginning well
under way at close.
Rice harvest also delayed and quality lowered by
wet spell.
Cane making excellent growth and now about normally ad¬
vanced.
Sweet potatoes and pastures excellent progress.
south
of week.
Locally heavy rains, general in 'Panhandle, and scattered elsewhere.
Pro¬
gress and condition of cotton generally good, but local rains favored insect
activity and caused some damage to staple; picking now general over
northern portion of State.
Ranges and feed crops improved rapidly,
except in southwest and extreme south where too dry.
General rain needed
in those sections to prepare soil for fall seeding, but elsewhere field work
Texas—Houston:
Average
warm,
although
cool
latter
part
making good progress.
Oklahoma—Oklahoma City: Moderate temperatures, with heavy to ex¬
northern half and southwestern areas, but light
to moderate falls elsewhere.
Considerable winter wheat sown and seed¬
cessive rains in most of
beds
practically ready.
Some corn gathered. Picking cotton good to ex¬
advance in southeast, east-central, and extreme south, but was
cellent
DRY GOODS TRADE
New
York, Friday Night, Sept. 17, 1937.
Favorable weather conditions exerted
ence on
a
stimulating influ¬
retail trade during the past week, with women's and
children's
apparel
largest gains
were
lines
attracting
most
attention.
The
again reported from the South and South¬
west, whereas in the West and the Middle West recurrent
labor unrest and scattered outbreaks of infantile
interfered somewhat with the volume of business.
local
area
gains ranging from 5 to 10%
the continued unsettlement in the
retard seasonal
consumer
were
paralysis
In
registered
the
as
security markets failed to
buying.
Trading in the wholesale dry goods markets improved
perceptibly. Numerous downward price revisions announced
during the past 10 days and the better flow of goods in retail
channels, resulted in releasing a substantial amount of pentup buying.
The opening of the new Spring lines of under¬
wear also served as an impetus to the volume of
trading. A
certain hesitancy continued, however, on the part of
many
buyers who held that the announced reductions in prices for
a
number of staple items did not fully reflect the
price
decline in the primary markets.
Business in silk goods
expanded moderately as interest in better type materials
showed an increase, and store purchases of piece goods
improved slightly.
Trading in rayon yarns was somewhat
less active than heretofore.
While orders booked by pro¬
ducers account for the major part of the November output,
and reserve stocks remained at extremely low levels, some
uncertainty exists over the future outlook, in view of reports
contemplated curtailment of operations in many of
the weaving plants.
A reduction of 3c. a pound on rayon
cut staple in addition to the introduction of
freight allow¬
ances, was announced during the past week by one large
producer.
about
Domestic
markets
Cotton
Goods—Trading in the gray cloths
period under review in its previous
Later however, sales expanded considerably
started
quiet fashion.
the
with the result that for the first time in several months total
orders for the week exceeded the output by a considerable
Many small and medium-sized converters entered
reflecting the better movement of finished goods,
and confirming the previous belief that cloth stocks in
users' hands in many instances require urgent
replenish¬
ment.
Continued reports to the effect that many mills
contemplated further curtailment in output and the grow¬
ing belief that present prices are scraping bottom, also
served to impart a better tone to the market.
Business in
fine goods continued quiet and sales were confined to small
fill-in lots.
While many users of staple constructions are
known to be in need of goods, buyers are following a cau¬
tious policy pending a stabilization of the price structure.
Some interest existed for combed chambray shirtings, and
rayon taffetas also moved in moderate volume.
Closing
prices in print cloths were as follows:
39-inch 80s, 73^c.;
39-inch 72-76s, 6%c.; 39-inch 68-72s, 6c.; 383/2-inch 64-60s,
5Kc., and 38^-inch 60-48s, 4% to.4Kc.
margin.
the market
Woolen
Goods—Trading in men's wear fabrics continued
quiet, and a number of additional mills was reported to
have curtailed operations.
Clothing manufacturers did very
little new buying preferring to await the further course of
retail business following the turn of the season.
Some
instances of reselling by manufacturers of surplus piece
goods at price concessions came to light. A slightly stimulat¬
ing influence was the announcement by the U. fc>. Army of
its intention to purchase over two million yards of heavy
suitings and flannel shirtings early next month.
Reports
from retail clothing centers improved somewhat, largely
under the influence of more seasonal temperatures.
Business
in women's wear goods turned quiet, although mills remained
fairly busy on existing contracts. A gradual betterment in
sales is anticipated however as the flow of goods in retail
channels undergoes further seasonal improvement.
very
Foreign Dry Goods—Trading in linens made
a
slightly
better showing, and a number of small orders, both in the
dress goods and household division, came into the market.
Little improvement was reported from the primary markets
abroad where the Far Eastern complications continue to
have;an unsettling influence.
inactive with
users
Business in burlap remained
generally staying out of the market and
with transactions restricted to occasional fill-in lots.
eased
Prices
slightly, in sympathy with the Calcutta trend.
Domestically lightweights were quoted at 3.90c., heavies
at 5.20c.
Volume
Financial
145
Chronicle
1931
'WE OFFER SUB-JECT—
Specialists in
$15,000 DELAND Imp. 6% Bonds
Due—Jan. 1, 1955
Illinois & Missouri Bonds
Priae—5.25
Basis"
Thomas M. Cook & Company
Harvey Building
WEST
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N.
PALM
BEACH,
FLORIDA
Broadway
ST. LOUIS
Bond Proposals and Negotiations
News Items
$100,000 Jefferson County, Alabama
New York
City— School Budget Shows Increase of $14,784,607—Henry C. Turner, President of the Board of Edu¬
cation, asked Kenneth Dayton, Assistant Budget Director,
at a hearing Sept. 14 in the Municipal Building, for an appro¬
priation of $160,324,561 to run the city's public school
system next year.
The request is $14,784,607 higher than
this year's school budget.
Mr. Turner explained that salary restorations accounted
for $4,258,722 of the increase, that mandatory increases
added $1,250,00$ more, and that the remainder was made
up of needed repairs and maintenance of school buildings
and the cost of hiring additional teachers to reduce the
ratio of pupils per teacher in the junior and day high schools.
New York State—Tax Commissioner Discusses
Municipal
Revenue Problems—Mark Graves, President of the New York
State Tax Commission, on Sept. 13, urged members of the
Municipal Finance Officers' Association of the United States
and Canada, meeting in Boston, to study means of sensible
economy and to take pride in lower unit cost in city govern¬
ment before seeking new or additional revenues.
A five-point program for the solution of municipal revenue
problems was outlined by Commissioner Graves: (1) "Sane
economy in city government," (2) "counting the cost and
not undertaking expenditures which the municipality cannot
afford," (3) "studying the special services which municipali¬
ties render and deciding which should be placed wholly or
partly on a self-sustaining basis," (4) "reviewing of municipal
functions and determining which should be transferred to a
larger unit of government, perhaps the State," (5) "to the
minimum extent necessary seek shares of State-collected
3H% bonds due May 1, 1953 to 1956
Price 100
to 100)4
McALISTER, SMITH & PATE, Inc.
67
BROAD STREET
NEW
GREENVILLE, S. C.
CHARLESTON, S. C.
ALABAMA
LAFAYETTE, Ala.—BONDS VOTED—At
election held
an
on
Aug. 30
the voters approved a proposal to issue $32,000 water works bonds.
ALASKA
ANCHORAGE, Alaska—RESULT OF BOND ELECTION—At
a recent
election the voters gave their approval to a proposal to issue $137,000 school
construction bonds but rejected a proposed $55,000 paving bond issue.
ARIZONA
PIMA COUNTY
SCHOOL DISTRICT
15 (P. O. Ajo), Ariz.—
school building bonds offered
Sept. 14—V.
145, p. 1453—were awarded to the Phelps, Dodge
Corp.
Dated Oct. 15, 1937.
Due $27,000 yearly on Oct. 15 from 1938
BOND
SALE—The $108,000 3K%
NO.
coupon
on
to 1941.
ARKANSAS
Markets in all
BONDS
State, County & Town Issues
SCHERCK, RICHTER COMPANY
taxes and State aid."
LANDRETH
Recognizing that municipal
YORK
Telephone WHitehall 4-6765
BUILDING, ST. LOUIS
MO.
of revenue are limited, the speaker
suggested that the general property tax be reserved exclusively for local
sources
and the States find other sources of revenue.
At the same time he
advised against the enactment of local sales and income tax laws.
Further
means of income might be found in license fees, inspection charges,
highway
use
ARKANSAS
privileges, occupational taxes, earnings of municipal enterprises, as well
as
municipal courts, public parks and the like, according to the Com¬
missioner.
He also believes it to be the duty of the society of the State to
Largest Retail Distributors
for the permanent poor.
Commissioner Graves illustrated both the advantages and disadvantages of
State aid to municipalities.
Concerning the latter, he said, in part, "the
care
stigma of raising taxes is perhaps tne greatest incentive to keeping budgets
low and taxes down.
It is easy for municipal officials to increase costs if
someone else is to bear the onus of levying and collecting the additional
taxes."
LITTLE
New
York
University
Municipal
Repeats
Bond
Course—The Wall Street Centre of New York
University
at 90 Trinity Place announces a course in the Analysis of
Municipal Securities to be given on Wednesday evenings
from 7.15 to 9.00 beginning Sept. 22.
This
course
will include the field of domestic
public securities, including
State, county, city and district obligations from the investor's viewpoint.
Financial statements of municipalities will be analyzed iiithe light of assess¬
ment
methods, tax delinquency, debt structure, revenue sources, debt and
tax limits,
individual bonds are examined with respectito authority, pur¬
pose, process, and restriction of issue.
Default records'and remedies are
studied.
A discussion of the tax position, eligibility for trustee investment,
and marketing methods are included.
Current developments in the field
of municipal finance will be considered at each session and special attention
will be devoted to tne problem of municipal debt adjustment and refunding,
with special reference to the bankruptcy law.
The course will be under the direction of Dr. Bert C. Goss, instructor in
Finance at New York University and a staff writer for the Journal of
Commerce.
Pennsylvania —Cites Huge Cut in Relief Expenditures—
52% reduction in the number of Pennsylvanians on relief
last year saved the State $130,309,249, Karl de schweinitz
reported Sept. 14.
A
The statistics
were
contained in De Schweinitz's annual
report as director of the State Emergency Relief Board for
1936.
Since
istence and
which
Mr.
then this unit has been legislated out of ex¬
replaced by the Department of Public Assistance,
De
Schweinitz
and children
on
He
heads.
sylvania spent $73,567,873 for
women
to
WALTON, SULLIVAN A CO.
^
Among the advantages to cities of the State and using New York as an
example, Commissioner Graves stated that "for the current year, tne State
will pay the municipalities as their quotas of shared taxes, at least $70,000,000 and contribute State aid to $139,800,000, thereby reducing local
levies by 20 to 25%."
an average
relief in 1936.
$203,876,122 for 865,843
noted
persons
that
of 417,235
This
was
Penn¬
in the previous
year.
Expanded Federal work programs accounted for 54% of the decrease,
De Schweinitz said, and private industry absorbed the remainder.
Since last year the Federal program has been curtailed and the relief rolls
jumped to more than 450,000, costing more than $1,000,000 a week.
The
State has appropriated $99,000,000 for the unemployed for two years.
Mr.
ROCK, ARK.
ARKANSAS
ARKANSAS (State of)—EXTENT OF OBLIGATIONS REDEEMED
TO DATE—Tnrougn the use of surplus cash in the highway fund, the
State of Arkansas since the effective date of Act 11 of 1934, the $155,000,000
highway debt refunding act, has purchased $12,488,619 par value of notes,
certificates and bonus at a cost of $9,786,324, to effect a saving of $2,702,295.20 in principal, according to a detailed report
Goff.
The first purchase on tenders was held Sept.
by Comptroller J. O.
19, 1934, and the most
20.
Tenders will be received by the State Refunding Board Sept. 22, at
Little Rock, when $677,241 will be available, and Oct. 12 when an esti¬
mated $800,000 will be available.
The highway fund receives revenue from gasoline tax, motor vehicle
license and bridge tools and after authorized deductions for maintenance of
recent was held July
,
highways and interest on refunding bonds, the balance is credited to redemp¬
tion accounts on apportionments set up by Act 11 of 1934.
In the first two
years
the road district refunding bond account received 68% of the surplus
and the hignway bond account only 25%. so that retirement of primary
obligations has thus far been at a slower rate than the district bonds.
Effective Jan. 1, 1937, the apportionment was changed to 63.3% for
highway bonds and 33.6% for road district bonds.
Largest discounts of the. entire series were obtained
in the first two
purchases by the State.
In September, 1934, the State bought $2,000,215
par value
of bonds, notes and certificates at $1,279,632 for discount of
$720,582 and in June, 1935, it purchased $2,245,492 par value at $1,552,981
of $682,510.
Discounts have been reduced proportionate to
development of strength in the bond market.
By descriptions, highway debt purchases thus far have been as follows:
State hignway bonds, series A. $3,359,000; toll bridge bonds, series A,
$1 038 000: highway and loll bridge bonds, series B, $165,639; road dis¬
trict bonds. series A. $5,610.2oO and series B, $1,775,868; De Vails Bluf
bridge bonds, $19,989; refunding certificates of indebtedness (municipal
paving aid), $308,447; funding notes of contractors, $211,425.
A summary of the 10 purchases on tenders follows;
for discount
$2,000,215
19"35"
1936
1936
1936
II
Marc-h
April
July
-Y.-.:::
•
-
T
1937' " 11
1937
71I-1
October
1.396.335
554,676
1.405.961
722,150
1.083,129
389,245
1,166,366
578,048
1,136,790
1936
594,399
February
Anril
$1,279,632
1.5o2,981
2,245,492
1935
Tnnfi
Price
Par
Bate—
September, 1934
October
men,
in contrast
BONDS
jiSy.1937-::::::::
2,040,714
:
"
986,938
519,175
1,891,009
391,887
339,820
$12,488,619
$9,786,324
Financial
1932
Chronicle
Sept. 18, 1937
refunding bonds.
Denom.
Dated Sept. 1,
$500.
semi-annual interest (March 1 and Sept.
BONDS
MUNICIPAL
CALIFORNIA
in Manatou.
1937.
Principal and
1) payable at the Bank of Manatou,
1938 to 1951, incl.; redeem¬
Due $500 yearly on Sept. 1 from
able after Sept. 1, 1947.
Revel Miller & Co.
LA
Dated
650 So,
Spring Street
Los Angeles
•
30 days' notice.
Teletype: LA 477
Telephone? VAndike 2201
(P. O. Oakland), Calif.—SCHOOL DISTRICT
NOTES SOLD—A group comprising the American Trust Co., the Bankamerica Co. and the Anglo-California National Bank was awarded five
$60,000 and which drew a premium of $10.
$450,000 Berkeley Unified School District
The
issue
brought
a
$75
premium, the $350,000 Oakland School notes drew a $58 premium, the
$350,000 Alameda Unified School went at $58 premium, and the $800,000
Oakland schools sold at $134 premium.
CALIFORNIA (State of)— WARRANT OFFERING—Harry B. Riley,
State Comptroller, will receive bids until 10:30 a. m. Sept. 20, for the
purchase of $1,212,840.10 registered warrants, the proceeds to be used to
replenish the revolving fund from which general fund expenses are paid.
Bidders are to specify rate of interest, in a multiple of M%.
The warrants
will be sold in blocks of not less than $50,000, and will be dated and de¬
livered Sept. 22.
CONNECTICUT
BROOKFIELD, Conn.—BONDS VOTED—At a recent town meeting a
bond issue of $50,000 to finance construction of a school received the
approval of the taxpayers.
NEW
COUNTY
MENDOCINO
BONDS
O.
(P.
OFFERED—The
Ukiah),
Clerk
County
Calif.—FORT BRAGG
will receive bids until
of $100,000 4coupon school building
School District.
Denom. $1,000.
Dated
Sept. 30, 1937.
Principal and semi-annual interest (March and Sept.)
payable in Ukiah.
Due $5,000 yearly. Certified check for 10% of amount
2 p. m. Oct. 13, for the purchase
bonds of Fort Bragg Union High
required.
of bid,
COUNTY
MENDOCINO
O.
(P.
Ukiah),
Calif.—POINT
ARENA
SCHOOL BONDS OFFERED—On Oct. 13 at 2 p. m. the County Clerk will
receive bids on an issue of $32,000
bonds of the Point Arena Union High
School District.
HAVEN,
PLAN PRO¬
priations by the city of $265,000 from 1938 to 1950, inclusive and
in 1951. The plan will also use $837,000, which it is estimated will
$264,000
be in the
sinking fund at the beginning of 1938.
Prepared by Milton J. Wood, an Assistant Actuary of the Travelers
Insurance Co., the plan has received the approval of the City Board of
Finance.
A saving of $185,000 in the 1938 budget is claimed under the
Mayor Murphy said that if the current retirement plan were
bonds, whereas the new
program.
saving would result over the life of the
a
plan accomplishes a saving in the early years.
"Under the present plan, accumulated funds in the sinking fund, plus
the amounts appropriated as provided in the new plan will be sufficient to
liquidate all term bonds," he said.
"And since the State laws do not now permit issuance of term bonds all
existing obligations of that nature will be liquidated by 1952.
Hence no
necessity for further funds for that purpose exist.
The taxpayer of today
and the near future gets the relief."
SHELTON, Conn.—BOND OFFERING—Edward L. Miller, City Treas¬
will receive sealed bids until 2 p.m. (daylight saving time on Sept. 23
2J4 % coupon, registerable as to principal only,
1, 1937.
Denom. $1,000.
Due $5,000 each
Oct. 1 from 1938 to 1947 incl.
No bid for less than par and accrued interest
will be considered.
Interest payable A. & O.
The bonds will be certified
as to genuineness by
the Shelton Trust Co., Shelton.
A certified check
for 2% of the bonds bid for, payable to the order of the City Treasurer,
must accompany each proposal.
Legality will be approved by Thomson,
Wood & Hoffman of New York City.
oa
, Ji
urer,
for the purchase of $50,000
relief bonds.
Dated Oct.
-
COUNTY
O.
Salinas),
Calif.—SPR ECKELS
SCHOOL BOND OFFERING—The County Clerk will receive bids until
1Q a. m. Oct. 4, for the purchase of $85,000 school building bonds of
Spreckels School District.
MONTEREY
(P.
FLORIDA
OFFERING—At previously reported in
City Clerk, will receive bids until
7:30 p. m. Sept. 20 for the purchase of $250,000 improvement bonds.
Bid¬
ders are to name rate of interest, in a multiple of 34%. not to exceed 4%,
provided that bidders may name different rates for different maturities.
Denom. $1,000.
Dated Sept. 1, 1937.
Principal and semi-annual inter¬
est (March 1 and Sept. 1) payable at the City Treasurer's office.
Due on
Sept.. 1 as follows: $8,000, 1938 to 1968, and $2,000 in 1969.
Certified
check for 5% of amount of bid, payable to the City Treasurer, required.
Approving opinion of Orrick, Palmer & Dahlquist of San Francisco will be
BONDS
Calif.—BOND
PETALUMA,
these
Conn.—NEW DEBT RETIREMENT
POSED—City officials are considering a plan designed to liquidate present
bonded indebtedness of $4,810,000 by 1952.
It will entail annual appro¬
followed
COUNTY (P. O. Los Angeles), Calif.—BLOOM"
FIELD SCHOOL BOND OFFERING— L. E. Lampton, County Clerk, will
receive bids until 2 p. m. Sept. 21 for the purchase at not less than par of
$9,500 school building bonds of Bloomfield School District.
Denom. $500.
Dated Sept. 1, 1937.
Principal and semi-annual interest payable at the
County Treasury.
Due Sept. 1 as follows: $500, 1938 to 1942, and $1,000,
1943 to 1949.
Certified check for 3% of amount of bonds bid for, payable
to the Chairman of the Board of Supervisors, required.
ANGELES
SCHOOL
DISTRICT NO. 1 (P. O. Silver4% school bonds sold recently
by the district were purchased by Oswald F. Benwell of Denver, not
Coughlin-McCabe & Co. as reported in these columns—V. 145, p. 1770.
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.
Prin¬
cipal and semi-annual interest (M. & S.) payable at the County Treasurer's
office.
Legality approved by Myles P. Tallmadge of Denver.
County School District tax anticipation notes aggregating
issues of Alameda
$2,010,000 Sept. 14 on a bid of $336 premium for 1% notes. All issues are
dated Sept. 17 and mature Dec. 28, 1937.
All are in $26,000 pieces with
the single exception of a $10,000 piece for the Piedmont isshe which amounts
LOS
COUNTY SCHOOL
ton). Colo.—PURCHASER—The $28,000
CALIFORNIA
to
JUAN
SAN
SANTA ANA
SAN FRANCISCO
ALAMEDA COUNTY
JUNTA, Colo.—BOND SALE—An issue of $32,000 3% refunding
Lougbridge & Co. of Denver.
Oct. 1, 1937.
Due $8,000 yearly from 1942 to 1945; callable on
bonds has been sold to Bosworth, Chanute,
Lot Angeles Stock Exchange
MEMBERS
Gladys
columns,
V.
Roberts,
Clyde C. Pierce Corporation
Barnett National Bank Build ng
JACKSONVILLE
-
•
-
-
•
FLORIDA
Branch Office: TAMPA
First National
T. 8. Pierce, Resident Menaoer
Bank Building
furnished by the city.
(P.
O.
Auburn),
Calif.—ALPHA SCHOOL
School District bonds
Sept. 8—V. 145, p. 1453—were not sold, as no bids
were received.
Dated Sept. 8, 1937.
Due $300 yearly on Sept. 8 from 1938
to 1952, and $500 Sept. 8, 1953.
which
offered
were
FLORIDA
COUNTY
PLACER
BONDS NOT SOLD—The $5,000 Alpha Elementary
on
UTILITY
DISTRICT,
Calif.—
COURT APPROVES $12,000,000 GENERAL BOND FINANCING— We
quote from a San Francisco dispatch in the "Wall Street Journal" of recent
MUNICIPAL
SACRAMENTO
Fla.—BOND CALL—It is stated by Earle Moore,
Town Clerk and Treasurer, that $3,000 6% refunding, series A bonds are
BOCA
being called for redemption on Nov. 1.
Denom. $500.
Issue of May 1,
1934.
Holders of any such bonds may tender same at the West Palm
Beach Atlantic National Bank, within 30 days from date at such price
below par and accrued interest as they deem proper.
date:
FLORIDA
The United States Circuit Court of Appeals upheld the decision of District
Judge Mishael J. Roche validating issuance of general obligation bonds by
the Sacramento Municipal Utility District.
The district had voted $12,000.000 bonds, but the issue had been deferred pending a decision in the
case brought by the Pacific Gas & Electric Co. to prevent sale of the bonds.
P. G. & E. claimed in its suit that taxation of its property to provide funds
for the establishment of a competitive publicly owned power district would
constitute confiscation of property without due process of law.
The Circuit
Court's decision now holds that the United States Supreme Court recently
the public at large
the Sacramento district should be
and raise funds by general taxation
Sacramento power plans, which
originally called for the erection of a steam-generating plant, lately have
been quiescent because of the narrowing margin of economic justification
under reduced power rates effected by P. G. & E. Co.
has determined
is
a
RATON.
that
governmental
the supply of electrical energy to
function and
that
allowed to act as a governmental agency
for establishment of power facilities.
SAN
BERNARDINO
ELECTION
IN
SAN
BONDS
COUNTY
(P.
UPLAND SCHOOL
School District will
on
O.
San
Bernardino),
DISTRICT—'The
voters
Calif.—
of Upland
Oct. 8 pass on the question of issuing $175,000
LUIS OBISPO COUNTY
(P.
O.
San Luis
High School District approved the issuance of
$30,000 auditorium-gymnasium bonds.
tion the voters of Shandon
BARBARA, Calif.—BOND OFFERING—Faye Canfield, City
Clerk, will receive bids until 2 p. m. Sept. 20, for the purchase at not less
than par of $62,000 recreation bonds.
Bidders are to name rate of interest,
not to exceed 6%, split rates to be considered.
Denom. $1,000.
Dated
Oct. 1, 1937.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the office of the City Treasurer.
Due $4,000 yearly on Oct. 1
from 1938 to 1952: and $2,000 Oct. 1
1953.
Certified check for 2% of
amount of bonds bid for. payable to the City Treasurer, required.
Legal
opinion of O'Melveny, Tuller & Myers of Los Angeles will be furnished Dy
the city.
WILLIAMS,
Calif.—BOND
OFFERING—Ira A.
Fouch,
City
of)—BOND
10
TENDERS ASKED— State Treasurer
m. Sept. 29 tenders of matured and
a.
bridge districts:
Bay, Brevard, Charlotte (except McCall Special Road
Bridge District), De Soto, Glades, Hardee, Indian River, Jensen
Road and Bridge District, Martin, Monroe, Okaloosa, Okeechobee and
Palm Beach Special Road and Bridge Districts Nos. 3, 8, 9, 17, 21 and
Cross State Highway Bridge District.l
and
'
HILLSBOROUGH COUNTY (P. O. Tampa), Fla.—ELECTIONS IN
bond issues
Special Tax School District No. 29 and Consolidated Special
SCHOOL DISTRICTS—Elections for the purpose of voting on
will be held in
Tax School District No. 19 on Sept. 28.
In District No.
will be voted upon and in District 19, $36,000 bonds.
29 $20,000 bonds
^
JACKSONVILLE, Fla.—BOND ELECTION—An election is to' be'hekl
in the city on Oct. 5 for the purpose of voting on the question of issuing
$57,000 water system bonds.
LAKE
WORTH, Fla.—TO VOTE ON REFUNDING PLAN— The City
Commission has passed a resolutions authorizing the refunding of out¬
standing bond debt by the issuance of refunding bonds, subject to a re¬
ferendum election vote on Sept. 28.
In the resolution, it was stated that the city's outstanding debt is $3,998,568.72 and $1,204,668.68 accumulated interest, making the total debt over
$5,000,000.
This will be handled through the refunding of the principal
debt
over a
period of 30 years, with interest ranging from 223 % for the first
5% for the last nine years, fl
'
' i
v j
j,
■ • -- "I
two years to
r
SAFETY
HARBOR, Fla.—BOND REFUNDING AUTHORIZED—The
City Commissioners at a recent meeting authorized County Attorney Brown
proceedings in the Federal Court of Tampa District looking to the
refunding of the city debt under the Wilcox Municipal Bankruptcy Act.
to enter
Clerk,
GEORGIA
with receive bids until 8 p. m. Sept. 20 for the purchase of an issue of
$15,400 5% city hall, firehouse and city jail building bonds. Denom. $700.
Certified check for 5%, required.
AVONDALE
SCHOOL
DISTRICT,
election is scheduled for Oct.
school
COLORADO
DENVER, Colo.—BONDS TO BE OFFERED—The $750,000 general
obligation air school site bonds which the city is planning to sell will be
offered for sale the second week in October.
The bonds will be offered at
not to exceed 3% interest and will mature $75,000 yearly from 1947 to
Ga.—BOND
9 at which a proposal to
building bonds will be voted upon.
ELECTION—An
issue $43,000 high
■ ■■
'
DAWSON, Ga .—BOND SALE— The $27,500 issue of 4% couponsemibuilding bonds offered for sale on Sept. 7—V. 145, p. 1454—
awarded to a syndicate composed of Wyatt, Neal & Waggoner, Brooks,
Tendall & Co., and Norris & Hirshberg, all of Atlanta, paying a premium
of $687.50, equal to 102.50, a basis of about 3.80%.
Dated July 1, 1937.
Due from Jan. 1, 1951 to 1957 incl.
m
annual school
was
_
1956.
ENGLEWOOD, Colo.—BONDS DEFEATED—It is stated by Charles
H. Smith, City Clerk, that at the election held on Sept. 3—V. 145, p. 1453
—the
(State
Knott will receive until
bonds.
Obispo), Calif.—
VOTED IN SHANDON SCHOOL DISTRICT— At a recent elec¬
SANTA
W. V.
unmatured road, highway and bridge bonds, time warrants, certificates of
indebtedness and notes of the following counties and special road and
voters
defeated
the
proposal
to
issue
$550,000
worth
of revenue
Central Power
Co., and to build a municipal generating system.
The count on the pro¬
posal is said to have been 485 "for" to 786 "against."
bonds to acquire the distribution facilities of the Colorado
GRAND JUNCTION, Colo.—BOND SALE—The $50,000 city library
bonds offered on Sept. 15 were awarded to Sidlo, Simons, Roberts & Co. of
TEMPLE LOCAL SCHOOL DISTRICT NO. 42, Carroll County, Ga.
—BOND ELECTION—The trustees of the district have ordered a special
election held Oct. 5 for the purpose
VILLA
RICA SCHOOL DISTRICT, Ga.—BONDS VOTED—A
issue of $45,000 for construction of a new high
Denver, as 224s, at par plus a premium of $1,018.92, equal to 102.037.
C. Sudler & Co. of Denver were second high bidders, offering a
HAWAII
Amos
GREEN
MOUNTAIN
FALLS,
Colo.—BOND
SALE—Campbell,
of Denver have purchased an issue of $7,000 4%
bond
school was approved by the
voters at a recent election.
premium of $10,001.66 for 224s.
Weller, Jacobs & Co.
of voting on a proposal to issue $20,000
school bonds.
HAWAII
(Territory of)—BOND SALE POSTPONED—The
sale
of
place on Sept. 14—V. 145,
1455—was postponed.
$4,500,000 bonds which was to have taken
p.
Volume
Financial
145
(It
IDAHO
BOISE, Idaho—NOTE OFFERING—The City Council has authorized
Deputy Purchasing Agent Thomas P. Rodgers to advertise for bids on an
anticipation notes, to mature Jan. 20, 1938.
issue of $120,000 tax
INDEPENDENT SCHOOL DISTRICT,
(P. O. Bonners Ferry), Idaho—BOND OFFERING
Trustees, will receive bids until 8 p. m.
than par of $40,000 coopon bonds.
The bonds are to be dated Oct. 1, 1937, or the first day of any nionth
thereafter as fixed by the Board of Trustees at the time of the sale; the
bonds shall be of the denom. of $1,000 each, and bear interest at a rate of
not in excess of 4%, payable semi-annually.
The bonds shall be amortized
and shall be payable in annual amortized instalments commencing at the
end of five years from date of said bonds and annually thereafter, and the
various amortized annual maturities shall, as nearly as practicable, be in
such principal amounts as will together with the annually accruing interest
on all outstanding bonds of such bond issue, be met and paid by approxi¬
mately equal annual tax levies for the payment of the principal of said
bonds and the interest thereon during the 16 years during which said
amortized principal payments shall be made; and the last maturity of said
bonds (amortized as aforesaid) shall be 20 years from the date of issue
thereof; and bonds of said bond issue, 20 in number, last maturing, shall be
redeemable at the option of the school district at any time after 10 years
from date of said bonds.
Interest only shall be payable before the first
principal maturity.
Both principal and interest snail be pyable at the
office of the Treasurer or at such other place permitted by law as may be
designated hereafter upon the sale of the bonds.
The approving opinion of O. C. Wilson, of Bonners Ferry, and Burcham
& Blair, of Spokane, will be furnished the successful bidder.
Each bid is
required to be accompanied by a certified check made payable to the
Treasurer in an amount equaling 5% of the amount of bid.
COUNTY
CLASS A, NO. 4
Maurice D. Pace, Clerk, Board of
Oct. 4, for the purchase at not less
IDAHO (State of)—BOND SALE—The hospital construction bonds
recently authorized by the State Board of Examiners—V. 145, p. 1617—
have been issued to the
State Department of Public Investments for
investment of endowment funds.
The amount sold was $502,000, bearing
interest at 3H%.
The bonds are
in from two to 20 years.
dated Sept. 1, 1937, and mature
serially
(P. O. Jerome), Idaho—BONDS VOTED—At a
recent election the voters of the country approved a proposition to issue
$50,000 court house bonds.
JEROME COUNTY
MOSCOW
INDEPENDENT SCHOOL DISTRICT NO. 6 (P. O.
Moscow), Idaho—BOND OFFERING—Bids will be received until Oct 5,
by the Clerk of the Board of Trustees, for the purchase of an issue of $175,000
school bonds
It is stated that these bonds are being issued to match a
45% Public Works Admin stration grant of $139,000 for the construction of
a new high school building.
PAYETTE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 11
(P. O. New Plymouth), Idaho—BOND OFFERING—L. I. Purcell, Dis¬
bids until 8 p. m. Sept. 24 for the purchase of an
building bonds, to bear interest at no more than
4%.
Due serially for 15 years.
Certified check for $250, required.
trict Clerk, will receive
issue of $30,000 school
POCATELLO INDEPENDENT SCHOOL
DISTRICT NO 1, Idaho—
Commissioners have authorized the
bonds.
BONDS AUTHORlZEu—The County
district to issue $370,000 school building
PRESTON, Idaho—BOND OFFERING—C. L. Greaves, City Clerk, will
receive bids until 7:30 p. m. Sept. 23 for the purchase of an issue of $100,000
coupon bonds.
Bidders are to specify rate of interset, not to exceed 6%,
at which they will take the bonds at not less than par.
Bids will also be
taken on only the first maturing $60,000 bonds.
Denom. $500 or multiples
thereof.
Due on the amortization plan in from 2 to 20 years.
Certified
check for 5% of amount of bid, payable to the city, required.
PRINCETON, 111.—BOND OFFERING DETAILS— In connection with
columns of the Sept. 20 offering of $100,000
bonds, we are advised by William W. Wilson,
City Attorney, that sealed bids will be received until 7 p m. on the afore¬
mentioned date. The bonds will be dated Dec. 1,1937. Denom. $1,000. Due
$10,000 on Dec. 1 from 1938 to 1947, incl.
Although City Council has
determined that it would prefer a 3M% bond, bids on varying
interest
rates will be accepted.
The bond ordinance will provide for redemption of
entire issue at any interest period under certain circumstances, upon 30
days' published notice in a Princeton newspaper.
Both principal and
interest will be payable at a place of purchaser's choice.
Legality of bonds
will be approved by Chapman & Cutler of Chicago.
In connection with the call for bids it is announced that inasmuch as the
engineering and other details can not be completed before Oct. 1, it is
believed that it will be at least Dec. 1, 1937 before the bonds will be ready
for Issuance, and of course, the City of Princeton being under the com¬
mission form of government, the entire proposition is subject to referendum
any time within 30 days after the ordinance has been passed. It is expected
that the ordinance will be passed on Oct. 4. 1937.
the previous report in these
electric light plant revenue
taxable property located within the corporate
for the year A.D. 1936. was $2,642,219.00.
D. 1937 are not as yet available, but in all
probability will be slightly higher than last year.
The total amount of general obligation indebtedness which is owed by
the city at this time amounts to $45,000 of bonds, and a further general
obligation issue of $13,000 for hospital purposes, which has been approved,
but the bonds have not as yet been issued.
When these bonds are issued,
the total general obligation of the city will amount to $58,000.
The city is
in extremely good financial condition, there being a surplus in the water and
light fund of approximately $30,000 at this time.
The City of Princeton
has never defaulted on principal or interest of any bond, obligation or debt.
The city owns and operates its own hospital, light plant and cemetery,
and handles somewhere in the neighborhood of $200,000 or $300,000 of
trust funds every year for the upkeep of these various institutions.
The population of the City of Princeton is 4,800, according to the last
Federal census, and consists principally of retired persons, the general
number of businesses in a small town, and practically no industries.
The
electric consumption is practically all domestic with the exception of a
poultrv plant and a seed corn plant.
The gross sales of current, for the year ended May 1, amounted to
$94,041.20.
In addition to this, the city used $15,433.31 of current for
street lighting purposes, and for the use of traffic signals, sewage disposal
plant, light of City Hall and other miscellaneous muncipal purposes, used
current amountiug to $3,655.84, thus the total income from the electric
department of the plant amounted to approximately $114,000 and the net
income amounted to approximately $32,000.
In addition to the above net
income, the plant pays to the city every year the sum of $9,000 as a tax
equivalent, and last year the further sum of $9,124 was .used from the
plant fund for miscellaneous municipal purposes, which would bring the
net income from the plant from $32,000 to approximately $40,000, without
tne street lighting and other general municipal uses hereinabove mentioned.
There is no obligation owned by the light plant at this time, and the
The assessed valuation of all
limits of the City of Princeton,
but the figures for the year A.
city has owned the same for approximately 35 years.
There is no competition in the electric field in this city.
Tax collections in the City of Princeton are extremely good,
estimated that at least 97% of the taxes in said city is paid, even
Municipal Bonds of
Bought—Sold—Quoted
£7lo6inb€m
According to the
average
estimates of the engineers who are designing the im¬
load in the light plant is increasing on an
In the last 10 years, the load has increased
to the plant, the
of about 10% a year.
provements
2M times.
The rates are rather high,
Teletype CGO. 437
ILLINOIS
111.—BOND SALE—A. S. Huyck & Co. of Chicago
have purchased an issue of $57,000 4% water and sewer revenue bonds at
par plus a premium of $650, equal to 101.14.
W CHARLESTON,
CHICAGO, 111.—FAVORABLE TAX COLLECTION RECORD
CITETP=-
Cook County and other Cnicago area governmental units having received
their share—or perhaps a little move—of unfavorable publicity in the last
few years regarding tax levies and collections and incidental fiscal problems
of the taxing bodies, it is proper to call attention to changes for the better,
in the opinion of the Illinois Company of Chicago.
Tne investment house
points to the "encouraging improvement" in collection of 1936 taxes, on
which 46.78% was in following the penalty date for the first instalment,
compared witn the 1935 figure at the corresponding time of 39.32%.
Since
then 1935 receipts have mounted to 72.53%.
It is not expected that the
1936 figures will increase at the same rate, the bond house says, but it
seems reasonable to expect that they will reach 80% or more.
Real estate
taxes, comprising three-fourths of the levy, should exceed 80%.
Personal
property collections tnis year are higher than for any levy since 1929.
With the additional improvement to be expected when the preadjudication
law is passed on by the Supreme Court and to that is added the effect of
planned legislation to simplify foreclosure on delinquent property, "normal
and satisfactory tax collections in Chicago and Cook County seem definitely
within striking distance," the house asserts.
COUNTY
COOK
(P.
O.
Chicago),
111.—BOND
ROCHELLE SCHOOL DISTRICT No. 131 (P. O. Rochelle),
TO BE OFFERED SOON—An issue of $100,000 coupon
BONDS
REDEMPTION
NOTICE—Horace G. Lindheimer, County Treasurer, announces that the
following described series A refunding bonds due in 1956 and optional on
Jan. 1, 1938, may be presented for payment on Sept. 15, 1937, at the
American National Bank & Trust Co., Chicago.
They will be redeemed
at par and accrued interest to Jan. 1, 1938:
DETAILS—The $800,000 2.90%
bonds sold recently at a price of
C. Allyn & Co., Inc., Chicago;
Stifel, Nicolaus & Co., St. Louis; Kelley, Richardson & Co. and John
Nuveen <& Co., both of Chicago, as previously reported in these colun ns
—V. 145, p. 1771, are being re-offered by the bankers for public invest¬
ment at a price of 101.25.
The bonds are part of an authorized amount of
$1 300,000.
They are dated March 1, 1937.
Denom. $1,000. Due as
follows:
$65,000 Sept. 1, 1943; $65,000 March 1 and Sept. 1 from 1944 to
1948, incl.; $65,000 March 1 and $20,000 Sept. 1, 1949.
Coupon bonds
redeemable in nun erical order on any interest payn ent date at city's
option at par and accrued interest to date of reden ption.
Principal and
interest (M. & S.) payable at office of the city's fiscal agent in Chicago.
Legality approved by Cbapn an & Cutler of Chicago.
These bonds, in
the opinion of counsel, are valid and binding obligations of the City of
Springfield, payaole solely fron. the revenues of the electric light plant and
system.
In issuing the bonds the city has covenanted and agreed that it
will punctually perform all duties with reference to said electric light plant
and system required by the constitution and laws of the State of Illinois,
including the n aking and collecting of sufficient rates for electric energy,
and segregate the revenues of said plant and system; and it hereby covenants
and agrees not to sell, lease, loan, mortgage, pledge or otherwise encuii ber,
or in any n anner dispose of said electric light plant and system , or any
paid in full, and the city further covenants and agrees with the
certificates of indebtedness to maintain in good condition
and continuously operate said electric light plant and system.
holders of said
Financial Statement
Actual valuation
Ut"Water
Water
:
GREENVILLE, 111.—BONDS SOLD—H. R. Frank, City Clerk, informs
that $25,000 4% registered sewage disposal plant bonds were sold last
the Midland Securities Co. of Chicago, at par.
Dated Sept. 1,
$82,500
3H%
HIGH
school
1955.
Interest payable F.
SCHOOL
building
DISTRICT,
addition
bonds
& A.
Denom.
111.—BOND SALE—
offered
Sept.
7—V.
DISTRICT^ 111.—BONDS VOTED—At
proposal to issue $88,000 school building bonds
was
a recent
approved by
the voters.
MARISSA, 111.—BONDS SOLD—Local banks have purchased
an
issue
of $13,000 water system bonds.
NILES
TOWNSHIP
HIGH
SCHOOL
DISTRICT
NO.
219, III.—
WARRAN1S PUBLICLY OFFERED—Rogers & Tracy, Inc., of Chicago
are offering for public investment $80,000 3% educational tax anticipation
warrants of 1937 at prices to yield 2% to 2.75%, based on nine months to
16 months estimated redemption.
111.—BONDS SOLD—Ballman & Main of Chicago pur¬
Aug. 24 an issue of $115,000 4% coupon water revenue bonds
plus a premium of $10,490.65, equal to 109.12.
Dated Oct. 1,
1937.
Denom. $l,uU0.
Due serially on Oct. 1 from 1940 to 1962. incl.
Interest payable A. & O.
Non-callable.
NORMAL,
chased
at
on
par
•
"1""r
■
3,375,000
125,000
--
800,000
$4,386,000
71,864; estimated, 1936, 80,000.
bonds. The were
principal payments mature after period
Earnings'
of the City
follows:
Fiscal Yrs.
equal to 103.28, a basis of about 3.14%.
Dated June 1, 1937
and due Jan. 1 as follows: $2,500 in 1943, and $8,000 from 1944 to 1953, incl!
SCHOOL
1
levy unless water revenues are insufficient to service the
authorized by referendum.
b Water revenue bonds are secured by water revenues
of $2,707,
a
•
Water
been
LaSALLE
'•
------------
(this issue) *
supply lake bonds are full faith and credit obligations that are
secured by direct annual tax which the city is morally obligated not to
a
145, p. 1617—were awarded to Stix & Co. of St. Louis, at par plus a premium
election
— — -
86,000
$2,275,000
1,100,000
—
Total---
June to
HARRISBURG
4o,o59,Ub9
debt, Sept. 1, 1937:
supply lake bonds a
revenue bonds b
Population, 1930,
$81,431,782
-
-
Assessed valuation
—.
Basis of assessment, 60% of actual bonded
General (all purposes not listed below)
$3,013,500 Total.
The
of indebtedness and interest
e
thereon are
Light and power
Electric light plant and system
1937. and due serially until
$1,000.
and in proven ents that n ay
made thereto, until all and all extensions
Eart thereof, including any of the certificates
$2,630,500 4% bonds.
283,000 4>*% bonds.
100,000 5% bonds.
us
111.—
school
by the voters recently, is to be offered for sale in
the near future.
Interest rate will not exceed 3 >6%.
Denom. $1,000.
Legality to be approved by Chapman & Cutler of Cnicago.
building bonds approved
electric light plant and system revenue
100.06 to a syndicate con posed of A.
MUNICIPAL BOND DEALERS
i
starting at nine cents for an ordinary
discount on payment, and going down to a
cooking rate.
SPRINGFIELD, 111.—BOND ISSLE
TP
state ui>*0
it being
through
the depression.
two cent
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
Information
Financial and Other
(Supplied by W. W. Wilson. City Attorney)
domestic rate, with a one cent
135 So. La Salle St., cmcdgo
bankers had pur¬
previously reported in theso columns that the
was
chased a $123,000 bond issue.)
r-
BOUNDARY
1933
Chronicle
as
Ended
Feb. 28
Gross
Revenue
.
for the retirement of water supply
Electric Department over the past
Oper.Exp.
and Other
Deductions
.
only, and the
five years have
.
Net
Revenue
Interest
Depreciation
Annual
Surplus
$ '
306,991.69 347,477.39 14,000 106,949.28 226,528.11
204,001.55 350,272.17 12,500 *117654.16 220,118.01
337,294.35 355,321.46 11,000 *134346.65 209,974.81
351,471.15 403,959.64 9,500 113,772.51 280,687.13
468,179.81 359,101.92 8,000 146,790.31 204,311.61
write-off plant equipment.
1935, $21,067.01; 1934, $6,880.92,
%
$
S
S
$
-654,469.08
-.644,273.72
-692.615.81
1936 --755,430.79
1937 -.827,281.73
1933
1934
1935
*
Includes
ROCK ISLAND
COUNTY, UNITED TOWNSHIP
HIGH SCHOOL
NO. 30 (P. O. East Molina), 111.—BOND OFFERING—
Secretary of the Board of Education, will receive sealed
bids until 7:30 p. m. on Sept. 21, for the purchase of $50,000 3% coupon,
registerable as to principal only, school building bonds.
Dated Dec. 1,
1936.
Due June 1 as follows:
$1,000. 1938 to 1940, incl.; $500, 1941;
$1,000, 1942; $500, 1943 to 1949, incl.; $5,500, 1950 to 1952, incl.; $6,000,
1953 and 1954; $6,500 in 1955, and $7,000 in 1956.
Principal and interest
DISTRICT
D.
O. Johnson,
1934
Financial
Chronicle
(J. & D.) payable at the office of the School Treasurer.
Successful bidder
to furnish
printed bonds and obtain approving legal opinion of Chapman &
Cutler of Chicago.
A certified check for 5% or the bid, payable to the order
of the Secretary of the Board of Education, must
accompany each proposal.
TEUTOPOLIS, III.—BOND ELECTION— The
Village Board has set
special election to submit to the voters the question
of issuing $75,000 sanitary sewer bonds.
Oct. 14
as
the date of
serially from
1943 to 1950.
The bonds will bear registerable as to principal.
Cert,
check for 2% of amount of bonds offered, required.
The bonds are offered
subject to the legal opinion of Chapman & Cutler of Chicago, to be supplied
by the Board of Education.
Printing of bonds will be paid for by the Board
of Education.
Bonds Outstanding Sept.
1, 1937, $574,000.
Assessed
Valuation of Property, 1936, $18,146,355.
SPENCER, Iowa—BONDS VOTED—At the Sept. 9 election the voters
their approval to the proposed issuance of $18,000 swimming pool
gave
bonds.
WEST LIBERTY, Iowa—BONDS SOLD—The $17,000 coupon electric
light plant revenue bonds offered
posed as 3s.
SCHOOL
441.92 and $16,000.
EAST
CHICAGO
SCHOOL
Board of School
Ind.—WARRANT
Trustees will receive sealed
Sept. 22, for the purchase of not
HAWCREEK
CITY,
TOWNSHIP
more
(P.
Sept. 20 for the purchase of $150,000 warrant funding bonds.
Bidders
to specify rate of interest.
Sale will not be made at less than par.
Dated Sept. 1, 1937.
Prin. and sen i-ann. int. (Jan. 1 and July 1) payable
at the County Treasurer's office.
Due $50,000 Jan. 1, 1945, and $25,000
on Jan. 1 from 1946 to 1949.
Certified check for 2% of amount of bonds
bid for, required.
Approving opinion of Chapman & Cutler of Chicago
will be furnished by the county. ,
Hope),
m.
on
warrants.
Ind.—OTHER
BIDS—
The
$18,000 school building bonds awarded Sept. 7—V. 145, p. 1771—
to the Indianapolis Bond & Share Corp., Indianapolis, as
2Ms, at par plus
a premium of $105,
equal to 100.58, a basis of about 2.65%, were also bid
for
as
ATCHISON COUNTY (P. O. Atchison), Kan.—BOND OFFERING—
Andy Clark, County Clerk, will receive bids until 10 a. m. Sept. 18 for the
purchase at not less than par of an issue of $25,000 2H % bonds.
Denom.
$1,000.
Dated Sept. 1, 1937.
Interest payable March
Due yearly on Sept. 1 from 1938 to 1947.
DODGE
follows:
Bidder
Int. Rate
First National Bank of Columbus
McNurlen & Huncilman
A. S. Huyck & Co
Kenneth S. Johnson
The Hope State Bank
-
.
$50.00
26.50
116.00
59.00
36.75
25.00
JENNINGS COUNTY (P. O. Vernon), Ind.—BOND SALE— The
$18,000 county welfare bonds, first issue of 1937, offered on Sept. 16—
V. 145, p. 1617—were awarded to the Fletcher Trust Co. of
Indianapolis
as 2>^s at par plus a
premium of $61, equal to 100.338, a basis of about
2.38%.
Dated Sept. 15, 1937, and due $1,800 on June 30 and Dec. 31
from 1938 to 1942, inclusive.
and
semi-annual
interest
Treasurer's office.
AVOCA, Ilwa—BOND ELECTION—An election is set for Sept. 22, for
the purpose of voting on the question of issuing $20,000 water works bonds.
LITTLE RIVER SCHOOL
recent
school
BLACK
HAWK COUNTY (P. O. Waterloo), Iowa—BOND SALE—
$65,000 funding bonds offered on Sept. 13—V. 145, p. 1618—were
Beh Co. of Des Moines and John J.
Seerley
3s, at par plus a premium of $1,240, equal to 101.907,
Dated Sept. 1, 1937. Due on Sept. 1 as follows:
$5,000, 1946: and $15,000, 1949 to 1952, incl.
as
basis of about 2.82%.
CALHOUN COUNTY
(P. O. Rockwell City), Iowa—BOND OFFER¬
Safley, County Treasurer, will receive bids until 10 a. m.
purchase at not less than par of $550,000 primary road
bonds.
Bidders are to name rate of interest, in a multiple of M %•
Dated
Oct. 1, 1937.
Interest payable annually.
Due $33,000 May 1, 1948:
$385,000 May 1, 1949; and $132,000 May 1, 1950.
Cert, check for 3% of
amount of bonds offered, payable to the County Treasurer,
required.
The
county will furnish the legal opinion of Chapman & Cutler of Chicago, but
the purchaser will be required to supply the blank bonds.
Bids must be
made on blanks obtained from the County Treasurer.
ING—John G.
Oct.
4
for
1
and
Sept.
1)
payable
the
at
State
DISTRICT,Kan.—BOARDS VOTED—At
special election a bond issue of $57,750 for construction of
approved by the voters.
a
a
new
was
RICE COUNTY SCHOOL DISTRICT NO. 95 (P. O.
Lyons), Kan.—
BOND OFFERING—W. L. Manke, Director of the School Board, is
asking
for oids on an issue of $10,000 2H% school building bonds.
Dated
1937.
Aug. 1,
Due $2,000 yearly for five years.
SEDGWICK, Kan.—BOND SALE—An issue of $25,000
system bonds recently authorized has been sold.
SENECA
SCHOOL
DISTRICT,
gas
distribution
Kan.—BOND SALE—An
$38,000 bonds has been sold to Beecroft, Cole & Co. of Topeka
100.11 for 3%, 2M% and 2M% bonds.
issue
on a
of
bid of
price of 99.807.
a
KENTUCKY
ETOWAH, Ky.—BOND ELECTION—An election is scheduled for
Sept. 20 for the purpose of voting on a proposal to issue $400,000felectric
plant bonds.
PADUCAH, Ky.—REPORT ON PIVA GRANT— H.L.Smith. Superin¬
awarded to the Carleton D.
Chicago,
(March
Due $12,500 yearly for 10 years.
HOISINGTON.Kan.—BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuance of $42,000 street improvement bonds.
Co. of Wichita at
& Co. of
1.
re¬
GREAT BEND, Kan.—BOND SALE—On Aug. 23 an issue of $125,000
AGENCY SCHOOL DISTRICT, Iowa—BOND ELECTION—A
pro¬
posal to issue $22,500 school building bonds will be voted upon at an election
to be held Sept. 27.
a
Sept.
SUMNER COUNTY (P. O. Wellington), Kan.—BOND SALE—The
county has sold an issue of $30,000 2% relief bonds to the Brown-Crummer
IOWA
The
and
2M% coupon public building and auditorium bonds was awarded to the
American State Bank of Great Bend at a price of 100.56, a basis of about
2 14%. Denom. $1,000. except 10 for $500. Dated Sept. 1, 1937. Principal
Premium
2%%
2%%
3%
3%
3%
3%
Fletcher Trust Co
1
CITY, Kan.—BOND SALE—An issue of $146,000 33^%
funding bonds has been sold to Beecroft, Cole & Co. of Topeka.
Denom.
$1,000 and $500.
Dated Aug. 2, 1937.
Principal and semi-annual int.
(Feb. & Aug.) payable at the State's fiscal agency.
Due from 1942 to 1951.
OFFERING
bids until 8 p.
than $40,000 time
O.
1295—were dis¬
are
GROVE,
Ind.—BOND OFFERING—Sealed bids will be re¬
ceived by the Clerk-Treasurer until 8 p. m. on Sept. 23 for the purchase
of two issues of general obligation bonds in the
following amounts: $12,-
—The
p.
KANSAS
TOWNSHIP
(P. O. Montgomery), Ind.—LEGAL
OPINION—The $25,000 4% school oonds awarded during August to A. S.
Huyck & Co. of Chicago, at 106.21, a basis of about 3.06%, as previously
reported in these columns, carry approving legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis.
BEECH
Sept. 14—V. 145,
on
WOODBURY COUNTY (P. O. Siour City), Iowa—BOND OFFERING
—Van W. Hammerstrom, County Treasurer, will receive bids until 2p.m.
INDIANA
BARR
1937
IS
receive
bids until 2 p. m. Sept. 24 for the purchase of $10,000 grade fund bonds.
Due $2,000 yearly from 1943 to 1947.
a
WINNETKA SCHOOL DISTRICT NO. 36 (P. O.
Winnetka), 111.—
BOND OFFERING—Mary G. Wilcox, Secretary of the Board of
Education,
will receive bids until Sept. 27 for the purchase of $17,500
3% school site
improvement bonds.
Denom. 10 for $1,000 and 15 for $500.
Dated June
15, 1937.
Semi-annual interest payable June 15 and Dec. 15 at the Con¬
tinental Illinois National Bank & Trust Co., Chicago.
Due
S-pt.
OTTUMWA, Iowa—BOND OFFERING—The City Council will
the
tendent of Schools, reports
that a grant of $152,000 for school projects was
authorized by the Public Works Administration.
The School Board has
contracted with Almstedt Bros, of Louisville to handle the bonds
being issued
secure the loan portion of the
allotment, amounting to about $180,000.
A
previous contract which had been made by W. L. Lyons & Co. of Louisville
for these bonds expired and the said
company declined to renew the
whereupon the
contract,
new contract was made.
Offerings Wanted:
LOUISIANA & MISSISSIPPI
MUNICIPALS
CEDAR
RAPIDS, Iowa—BOND SALE—The $30,000 bonds described
were offered on Sept. 16—V. 145, p. 1618—were awarded to
Ernest Kosek & Co. of Cedar Rapids as l%s at par plus a premium of
$15,
equal to 100.05, a basis of about 1.74%:
$17,000 fire department equipment bonds.
Dated Oct. 1, 1937.
Due on
Oct. 1 as follows: $4,000, 1939 and'1940; $3,000, 1941 to 1943.
Bond
below, which
13,000 park improvement bonds.
Dated Sept. 1, 1937.
Due
as follows: $7,000, 1938 and $3,000 in 1939 and 1940.
CORNING,
Iowa—BOND SALE—An issue
of
on
$15,000 fire
NEW
hydrant
IDA COUNTY (P. O. Ida Grove), Iowa—BOND OFFERING—Ed.
Lindsay, County Treasurer, will receive bids until 9 a. m; Oct. 5 for the
purchase at not less than par of $200,000 primary road bonds.
Bidders
are to name rate of interest, in a multiple of M%.
Dated Oct. 1, 1937.
Interest payable annually.
Due $12,000 May 1, 1948; $140,000 May 1,
1949; and $48,000 May 1, 1950.
Cert, check for 3% of amount of bonds
offered, payable to the County Treasurer, required.
The county will
furnish the legal opinion of Chapman & Cutler of Chicago, but the
pur¬
chaser will be required to supply the blank bonds.
Bids must be made on
blanks obtained from the County Treasurer.
IOWA CITY,
Iowa—BOND OFFERING— Grover C. Watson, City
Clerk, will receive bids until 8 p. m. Sept. 20 for the purchase of $35,000
city hall bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Interest payable
May 1 and Nov. 1. Due on Nov. 1 as follows: $2,000, 1939 to 1944; $2,000,
1947 to 1950: and $3,000, 1951 to 1954.
Legality approved by Chapman
& Cutler of Chicago.
IOWA
A
FALLS
proposal
voters
at
a
SCHOOL
issue $50,000
recent election.
to
DISTRICT, Iowa—BONDS DEFEATED—
school
addition
bonds
was
defeated
by the
JEFFERSON
COUNTY (P. O. Fairfield), Iowa—BOND OFFERING
POSTPONED1—The offering of $24,000 funding bonds scheduled for Sept.
14—V. 145, p. 1771—has been postponed to Sept. 20 at 1:30 p. m., and the
offering reduced to $23,000.
Bids will be received by A. R.
Carlson, County Auditor.
Interest rate is not to exceed 5%.
Due $5,000
in 1939, 1940 and 1941; $6,000 in 1942, and $2,000 in 1943.
amount of the
JEFFERSON COUNTY (P. O. Fairfield), Iowa—MATURITY-—The
$35,000 2)4 % secondary road anticipation certificates awarded on Aug. 25
premium of $5-—V. 145, p.
1618—mature $18,000 Dec 1, 1938 and $17,000, Dec. 1, 1939.
to the Carleton D. Beh Co. of Des Moines at a
JOHNSON COUNTY (P. O. Iowa City), Iowa—BOND OFFERING
—On Sept. 24 the County Supervisors will offer for sale an issue of $36,000
funding bonds.
Due as follows:' $10,000 May 1 and Nov. 1, 1949: $5,000
May 1 and Nov. 1, 1950; and $6,000 May 1, 1951.
LYON COUNTY (P. O. Rock
Rapids), low a—CER TIFICA TE SALE—
The issue of $20,000 2\i% secondary road certificates offered on
Sept. 13—
V. 145, p. 1618—was awarded to the Rock Rapids State Bank and the
George State Bank at par.
July 1, 1938.
MUSCATINE
COUNTY
Due $5,000
(P.
O.
on
April 1, May 1, June 1 and
Muscatine),
Iowa—BOND SALE—
The $30,000 county relief bonds offered on Sept. 14—V. 145, p. 1295—
awarded to the Carleton D. Beh Co. of Des Moines, as 2J^s, at par
were
plus a premium of $5, equal to 100.016.
bid a premium of $4 for 2>£s.
The Muscatine Bank & Trust Co.
Raymond 5409
LOUISIANA
MOINES COUNTY
(P. O. Burlington), Iowa—BOND OFFER¬
ING—Joseph P. Haffner, County Treasurer, will receive bids until 10 a. m.
Sept. 20, for the purchase of an issue of $100,000 funding bonds.
BANK
ORLEANS, LA.
Bell Teletype N. O. 182
Sept. 1
bonds has been issued the contractor in payment for the work.
DES
Department
WHITNEY NATIONAL
DELCAMBRE,
below, which
were
La.—BOND SALE—Thfe
$20,000
bonds
described
on Aug. 24—V. 145, p. 980—were awarded to
offered
the State National Bank of New Iberia at
par:
J*
$12,000 4%% water works bonds.
Denoms. $500 and $250.
Due over
period of 25 years. These bonds are said to be secured by an ad valorem
a
tax on all taxable
property within the village.
$8,000 53^% water works system bonds. Denoms. $500 and $250. Due
period of 15 years. These bonds are said to be secured by a mortgage
on the water works
system of the village and by a pledge of the revenues of
over a
said system.
Dated July 15, 1937.
Principal and interest
New Iberia National Bank, New Iberia.
EAST
FELICIANA
Clinton),
PARISH SCHOOL DISTRICT NO. 3 (P. O.
$50,000 building bonds offered on
1456—were awarded to the Clinton Bank & Trust Co.
La.—BOND SALE—The
Sept. 14—V. 145,
of
(M. & S.) payable at the
p.
Clinton
and Bronson & Scranton of New Orleans as
4j^s.
Dated
Sept. 1, 1937.
Due on Sept. 1 as follows: $2,000, 1939 to 1948; $3,000,
1949 to 1954, and $4,000, 1955 to 1957.
JONESBORO, La.—BOND SALE—An issue of $10,000 6% public
improvement bonds has been sold to L. E. French & Co. of Alexandria.
Dated May 1, 1937.
Due $1,000 yearly on May 1 from 1938 to 1947.
LIVINGSTON PARISH (P. O. Springville), La.—BOND OFFERING—
E. P. Gitrau, Secretary of the Police Jury, will receive bids until 9 a. m.
Oct. 13 for the purchase at not less than par of $100,000 courthouse and
jail bonds. Bidders are to name rate of interest, not to exceed 6%. Denom.
$1,000.
Dated Oct. 1, 1937.
Interest payable April 1 and Oct. 1.
Due
serially for 25 years. Certified check for $1,500, payable to the Police Jury,
required.
ST. HELENA PARISH SCHOOL DISTRICT NO.
3
(P. O. Greens-
burg) La.—BOND OFFERING—As previously reported in these
V.
columns—
145, p.
1772—J. L. Meadows, Secretary of the Parish School Board,
will receive bids until 10 a. m. Sept. 21 for the
purchase of $15,000 bonds of
School District No. 3. Bidders are to specify rate of
interest, not to exceed
6%. Denom. $500. Dated Oct. 1,1937. Interest payable April 1 and Oct. 1
Due on Oct. 1 as follows:
$500, 1940 to 1947; $1,000, 1948 to 1955; and
$1,500, 1956 and 1957.
Certified check for $300, payable to the Parish
School Board, required.
Legality to be approved by Campbell & Holmes
of New Orleans.
VERMILION PARISH (P. O.
DISTRICT BONDS OFFERED—J.
Abbeville), La.—ERATH SCHOOL
H. Williams, Secretary of the Parish
School Board, will receive bids until 10 a. m. Oct. 7 for the
purchase of
$25,000 school bonds of Erath School District. Interest rate is not to exceed
5%, payable semi-annually. Dated Aug. 15, 1937. Principal and interest
payable at the Chase National Bank, New York. Due serially for 25 years.
Certified check for $500, required.
WEST
MONROE,
La.—BONDS
AUTHORIZED—The
has authorized the issuance of $25,000 sewer bonds.
City
Council
Financial
Volume 145
while
MAINE
*
a
DEER ISLE-SEDGWICK BRIDGE DISTRICT
(P. O. Stonington).
Me.—BOND OFFERING—Raymond C. Small, District Treasurer, will
receive sealed bids until Sept. 30 for the purchase of the $490,000 bridge
bond issue mentioned recently in these columns.
193657
LEWISTON, Me.—BOND OFFERING—Coleman B. Norton, City
Treasurer, will receive sealed bids until 4 p. m. (Daylight Saving Time)
on Sept. 20 for the
purchase of $158,000 coupon refunding water bonds.
Dated Oct. 1, 1937.
Denom. $1,000. Due Oct. 1 as follows: $6,000 from
1938 to 1963 incl. and $2,000 in 1964.
Rate of interest to be expressed by
the bidder in multiples of li of 1%.
These bonds will be prepared under
the supervision of and certified as to their genuineness by the Merchants
National Bank of Boston and their legality approved by Storey, Thorndike, Palmer & Dodge of Boston, whose opinion will be furnished the
purchaser.
Lelivery will be made at The Merchants National Bank of
Boston for Boston luncs.
Legal papers incident to the issue will be filed
with the Merchants National Bank of Boston, where they may be inspected
Telegraphic proposals will be accepted.
Financial Statement
Year
Levy
1933
$1,156,134.78
1,145,701.20
1934---
1,096,106.85
1,148,639.32
-
1, 1937
$9,735.30
16,049.53
16,170.44
17,026.03
Uncollected Sept. 13, 1937
*$302,606.79
Uncollected Sept.
1,155,826.85
Taxes are not delinquent until Nov. 25, 1937.
Tax titles Sept. 1, 1937, $100,675.88; 1937 assessed
306,218; tax rate 1937, $36.00.
Population, 36,000.
*
Bonds Outstanding as
valuation, $31,-
of Sept. 1, 1937
4%
4H
4%
5%
railroad
'
% serial Armory
serial old City Building
serial old notes
4^% serial railroad
4M % serial railroad and notes
4% serial school building
2% serial South Bridge
4H % serial war
4% serial water
4% serial water
4% serial water and bridge,
4% water refunding, maturing Oct. 1, 1937
$5,000
60,000
123,000
100,000
30,000
200,000
430,000
26,000
15,000
105,000
55,000
15,000
158,000
■
.
--
Total
-.-$1,322,000
1935
Chronicle
a
Stuart & Co.line., New York, bid
managed by Halsey,
group
price of 96.611 for 2%s.
Chase National Bank had
associates Bankers Trust Co.; Harris Trust
as
&
Savings Bank; Brown Harriman & Co.; Estabrook & Co.; Whiting,
& Knowles; Lee, Higginson & Co.; Paine, Webber & Co.; L. F.
Co.; R. H. Moulton & Co.; Roosevelt & Weingoid; First of
Michigan Corp., and Kelley, Richardson & Co.
Halsey, Stuart & Co. syndicate included Lehman Bros.; BancamericaBlair Corp.; Ladenburg, Thalmann & Co.; Phelps, Fenn & Co.; G. M.-P.
Murphy & Co.; George B. Gibbons & Co.; Darby & Co.; Graham, Parsons
& Co.; Kean, Taylor & Co.; Shields & Co.; B. J. Yan Ingen & Co.; Bacon,
Stevenson & Co.; Burr & Co.; Adams, McEntee & Co.; Morse Bros.; F. L.
Putnam & Co.; H. C. Wainwright & Co.; E. L. Stokes & Co.; William R.
Compton & Co.; Schoelkopf, Hutton & Pomeroy.
Weeks
Rothschild &
HOLYOKE,
Mass .—BOND
Bonvouloir,
OFFERING—Lionel
City
Treasurer, will receive sealed bids until 11 a. m. (Daylight Saving Time)
Sept. 22 for the purchase of $100,000 coupon gas and electric light bonds.
Dated Oct. 1, 1937.
Denom. $1,000.
Due $10,000 on Oct. 1 from 1938
to 1947, incl.
Bidder to name one rate of interest in a multiple of M of
1%.
Prin. and int. (A. & O.) payable in Boston.
These bonds will be
valid general obligations of the city, exempt from taxation in Massachusetts,
and all taxable property of the city will be subject to the levy of unlimited
ad valorem taxes to pay both prin. and int.
They will be engraved under
the supervision of and authenticated as to their genuineness by the First
National Bank of Boston.
This bank will further certify that the legality
on
of this
issue
been
has
Storey, Thorndike, Palmer & Dodge
approved by
of Boston, a copy of whose opinion will accompany the bonds when
without charge to the purchaser.
The original opinion and
delivered,
complete
transcript of proceedings covering all details required in the proper issuance
of the bonds will be filed with the First National Bank of Boston, where
No bid for less than par and accrued interest to
considered and delivery will be made on or about
Friday, Oct. 1, 1937, at the First National Bank of Boston, 17 Court St.
Office, Boston, against payment in Boston funds.
they may be inspected.
date of delivery will be
LYNN, Mass.—BOND SALE—An issue of $25,000 coupon, fully regis¬
terable, water main bonds offered on Sept. 17 was awarded to Tyler & Co.
of Boston on a bid of 100.399 for 2 Ms, a basis of about 2.19%.
Dated
Oct. 1, 1937.
Due on Oct. 1 as follows: $2,000, 1938 to 1947, and $1,000,
1948 to 1952.
Kennedy, Spence & Co. of Boston bid 100.137 for 2Ms.
MALDEN,
Mass.—BONDS AUTHORIZED—The
Board of Aldermen
has authorized the issuance of $210,000 bonds, including $35,000 for water
construction,
$25,000
for
street
welfare
and $150,000 for
construction
purposes.
NEWTON, MASS.—BOND SALE—The $70,000 coupon street improve¬
offered Sept. 17 were awarded to the Second National Bank of
Boston, as lMs, at a price of 100.0791, a basis of about 1.74%.
Dated
Sept. 1, 1937 and due $7,000 on Sept. 1 from 1938 to 1947 incl.
Other bids, all of which named an interest rate of 2%, were as follows:
ment bonds
NAPLES,
Me.—BONDS VOTED—A bond issue of $18,000 for con¬
struction of schools was approved by the taxpayers at a recent town meeting.
MARYLAND
BALTIMORE
Rate Bid
Bidder—
Tyler & Co., Inc
COUNTY
Newton, Abbe & Co
"Washburn & Co
_■
1972.
Kidder, Peabody & Co
E. H. Rollins & Sons, Inc
Estabrook & Co..
We
are
offered
.
101.099
r
(P. O. Towson), Md.—BOND SALE—The
$385,000 Baltimore County Metropolitan District, ninth issue, public
improvement bonds offered Sept. 14—V. 145, p. 1619—were awarded to a
group composed of the Mercantile Trust Co., Baker, Watts & Co., Mackubin, Legg & Co., Strother, Brogden & Co. and Stein Bros. & Boyce, all of
Baltimore, as 3s, at a price of 100.5597, a basis of baout 2.97%.
Dated
Sept. 15, 1937, and due Sept. 15 as follows: $10,000, 1942 to 1951, incl.;
$12,000, 1952 to 1961, incl.; $16,000 from 1962 to 1971, incl., and $5,000 in
advised that
Phelps, Fenn & Co. of New York, only other bidder,
100.19 for 3Ms and 97.26 for 3s.
MARYLAND (State of)—BOND OFFERING—Hooper S. Miles, State
Treasurer, will receive sealed bids until noon on Oct. 6 for the purchase of
$100,ouu 2M% coupon, registerable as to principal only, certificates fo
indebtedness, known as "State Office building loan of 1937."
They will
be dated June 15, 1937, in $1,000 denoms. and mature June 15 as follows:
$6,0O0, 1940 and 1941; $/,O0U, 1942 and 19-±3; $8,uoO from 1944 to 1950
incl. and $9,00u in 1951 and 1952. Interest payable J. & D. 15. Certificates
and interest thereon are exempt from the Federal income tax and from
State, county and municipal taxation in Maryland. A certified check for
5% of the amount bid for, payable to the order of the State Treasurer, n ust
accompany each proposal.
Certificates will be delivered to the successful
bidder
on
Oct. 8 at the State Treasurer's office.
Bidders are referred to
Chapter 368, Acts of General Assembly of 1937, for full terms and pro¬
visions of the Joan.
It is one of the terms of this offering that the bonds
when issued will be the legal and valid binding obligations of the State.
The opinion of the Attorney General of Maryland and the opinions of
Ritchie, Janney, Ober & Williams, and Mullikin, Stockbridge & Waters
to this effect will be delivered to the successful bidder.
Bidders may, if
they wish, make the legality and validity of the bonds one of the terms of
the bid by making the bid "Subject to iegality" or using any equivalent
form of expression, but without leaving this question to the decision of the
bidders or their counsel. All bids conditioned upon the approval of bidders
or counsel, whether named or unnamed will be treated as conditional bids
and rejected, unless the condition is waived by the bidder to the satis¬
100.788
_—
100.728
100.635
Goldman, Sachs & Co
Whiting. Weeks & Knowles
100.557
Jackson & Curtis
First Boston Corp,
-
—
—
Chace, Whiteside & Co
F. S. Moseley & Co
a
-----—_—100.527
—100.392
.100.335
.100.277
100.187
100.156
.100.145
...---.100.14
Ballou, Adams & Whittemore
R. L. Day & Co
-
SOMERVILLE,
Mass.—BOND SALE—Brown Harriman &
Co., Inc.
Co. of Boston, jointly, recently pin-chased privately
$437,000 bonds, divided as follows:
and F. L. Putman &
$275,000 2M% welfare bonds.
Due Oct. 1 as follows: $28,000 from 1938
to 1942, incl. and $27,000 from 1943 to 1947, inclusive.
162,000 2M% pavement and water bonds.
Due Oct. 1 as follows: $33,000
in 1938 and 1939, and $32,000 from 1940 to 1942, incl.
Each issue is dated Oct. 1, 1937.
Interest payable A. & O.
approved by Storey, Thorndike, Palmer & Dodge of Boston.
We
Buy for
Legality
Our Own Account
MICHIGAN MUNICIPALS
Company
Cray, McFawn
DETROIT
faction of the Board before the award has been made.
(This report of the offering supersedes that given in
—100.. 84
A. T. T. Tel. DET 347
Telephone CHerry *828
previous issue.)
OAKLAND, Md.—BOND SALE—An issue of $13,000 4% water bonds
has been sold to the First National Bank of Oakland, at a price of 102.53.
>
SALISBURY, Md.—BOND OFFERING—J. Ritchie Laws, City Clerk,
will receive sealed bids until 8 p. m. on Sept.
27 for the purchase of $30,000
registerable as to principal only, rigtit-ofDenom. $1,000.
Due Oct. 1 as follows:
not to exceed
4% interest coupon,
bonds.
Dated Oct. 1, 1937.
$1,000, 1938 to 1943 incl.; $2,000 from 1944 to 1946 incl. and $3,000 from
1947 to 1952 incl.
Rate of Interest to be expressed in a multiple of M of 1 %.
Principal and interest (A. & O.) payable at tne Farmers & Merchants Bank
of Salisbury.
A certified check for $300 must accompany eacn proposal.
The bonds are exempt from State, county and municipal taxation in Mary¬
land.
Assessatla basis of the city is $14,250,000.
way
MASSACHUSETTS
BOSTON
METROPOLITAN DIST. (P.O.Boston), Mass.—BONDS
AWsUtuED—YVitn approval by the Massachusetts Department of Public
Utilities of the interest rate and maturity, formal award was made of the
$4,800,000 coupon, registerable as to principal only bonds offered Sept. 14.
Accepted tender was a price of 97.9079 for 2Ms, a cost
basis of about
2.911%, submitted by a syndicate composed of the First National Nank
of New York, Blyth & Go., Inc., Salomon Bros. & Hutzler, Lazard Freres
& Co., Inc., all of New York; Northern Trust Co., Chicago;
Goldman,
Sachs & Co., New York; Newton, Abbe & Co., Boston; Hemphill, Noyes
& Co., New York; Mercantile-Commerce Bank & Trust Co., St.
Louis;
E. H. Rollins & Sons, Inc., New York; Lawrence Stern & Co., Inc., Chi¬
cago; Washburn & Co., Inc., Boston; J. N. Hynson & Co., Inc., New York,
and Coffin & Burr, Inc.
The bonds are dated Oct. 1, 1937 and mature
Oct. 1 as follows: $96,000, 1938; $98,000, 1939; $101,000, 1940; $105,000,
1941; $107,000, 1942; $110,000, 1943; $112,000, 1944; $117,000, 1945
$119,000, 1946; $122,000, 1947: $126,000, 1948; $130,000, 1949; $133,000,
1950; $136,000, 1951; $140,OOt), 1952; $145,000, 1953; $148,000. 1954;
$152,000, 1955; $156,000, 1956; $161,000, 1957; $165,000. 1958; $170,000,
1959; $174,000, 1960; $179,000 in 1961, and $1,598,000 in 1962.
BONDS PUBLICLY OFFERED—The First National Bank of New York
and associates made public reoffering
of the bonds at prices to yield from
1% to 3%, according to maturity.
The bonds, according to the bankers,
are legal investment, for Savings Banks in Nfew York,
Massachusetts and
other States.
The Boston Metropolitan District, incorporated by Act of
the Massachusetts Legislature as a political subdivision of Massachusetts,
includes the City of Boston and the following adjacent cities and towns:
Arlington, Belmont, Brookline, Cambridge, Chelsea, Everett,
Maiden,
Medford, Milton, Newton, Revere, Somerville and Watertown.
These
bonds, to be issued to provide funds for the purchase by the Boston Metro¬
politan District of a like principal amount of bonds of the Boston Elevated
Railway Co., in the opinion of counsel will be direct and general obligations
of the District for whose debts and obligations the territory and inhabitants
are jointly
and severally liable.
Taxes for the District are to be levied on
an ad valorem basis through the Treasurer of the Commonwealth of Massa¬
chusetts.
Two other
syndicates competed for the loan.
The Chase National Bank
of New York account, with an offer of 97.6899 for 2Ms, was second high,
MICHIGAN
BEDFORD TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. R. F. D.
No.
4,
Battle
Creek),
Mich.—BOND
OFFERING—James
District Secretary, will receive sealed bids until 2 p. m.
Time)
on
Verseput,
(Eastern Standard
registerable as to
Sept. 21 for the purchase of $18,000 coupon,
principal only, school improvement bonds.
Dated March 1, 1937;
Due
March 1 as follows: $500, 1938 to 1942, incl.; $600, 1943 to 1945, incl.;
$700, 1946 to 1953, incl.; $800, 1954 to 1955; $900 from 1956 to 1960, incl.,
and $1,000 in 1961 and 1962.
Principal and interest (M. & S.) payable at
of the Board of Education.
Approving opinion
of B. J. Onen, Bond Counsel, will be furnished the successful bidder.
the office of the Treasurer
BUCHANAN, Mich.—BOND ELECTION—A special election will be
28 at which voters will be asked to consider a proposed $35,000
general obligation sewage disposal plant bond issue.
held Sept.
DEARBORN,
sewer
Mich.—BOND SALE—The $100,000 general obligation
bonds offered Sept. 7—V. 145, p. 1457—were awarded to McDonald,
Moore & Hayes
of Detroit.
Dated Sept. 1, 1937 and due Sept. 1 as follows:
1940; $18,000, 1941 to 1943 incl.; $6,000
$6,000, 1938 and 1939; $10,000,
from 1944 to 1947 incl.
The bonds were sold as
100.176,
a
2Ms, at
basis of about 2.71%.
MICHIGAN
(State
par
plus
a
premium
of $176, equal to
-
of)—FUNDS
CURRENTLY AVAILABLE
FOR
PAYMENT OF $3,250,000 BONDS—The State has but two bond payments
to make during the remainder of the calendar year, Theodore I. Fry, State
Funds are now available, he says, to meet
highway bond issue Oct. 1, and $2,250,000 war loan refund¬
Treasurer, announced recently.
the $1,000,000
ing bonds due Nov. 1.
The State closed the fiscal year with a net bonded indebtedness of $32,-
613,470, Mr. Fry said.
the sinking funds were
The bonds outstanding totaled $75,669,000 and
$43,055,529.
During the last eight years the sink¬
Mr. Fry reported.
In 1929 they totaled
At the close of business June 30 last they were $43,000,000.
ing funds have more than doubled,
$16,000,000.
Fry is now serving his third term as State Treasurer and during his
administration required depositories to post United States Government
or State of Michigan bonds as security for all State money.
Failure of
several bonding companies during the worst of the depression caused Mr.
Mr.
Fry to change the State's policy.
MIDLAND,
Mich.—BOND OFFERING—Anna E. Coons, City Clerk,
Sept. 20 for the purchase of $33,000
will receive sealed bids until 5 p. m. on
2H % special assessment sewer bonds. Dated »ept. 1,1937. Denom. $1,000.
Due Sept. 1 as follows:
$6,000 in 1938 and 1939, and $7,000 from 1940 to
1942 incl. Interest payable M. & S. The bonds are reported to be general
obligations of the city, the full faith and credit of which is pledged for their
payment.
A certified check for $500 must accompany each proposal.
The
approving legal
opinion
of Miller, Canfield, Paddock &
Stone of
Detroit will be furnished the successful bidder.
MONROE COUNTY (P. O. Monroe), Mich.—NO BIDS—No bids
submitted for the $80,000 tax anticipation notes offered Sept. 16—
were
Financial
1936
145, p. 1774.
Joseph A. Doty Jr., County Treasurer, states that the
will meet Sept. 22 at which time it is expected that a
private sale of the issue to the Road Commission will be completed.
Notes
are dated Aug
25, 1937 and will mature on or before Nov. 1, 1939.
V.
Board of Supervisors
NILES,
Mich.—BONDS AUTHORIZED— The
City
Council recently
passed on first reading an ordinance providing for the issuance of $230,000
4% sewage disposal plant revenue bonds, dated Oct. 1, 1937 and to mature
serially on Oct. 1 from 1940 to 1965, inclusive.
TOWNSHIP SCHOOL DISTRICT
OAK
ROYAL
Huntington
Woods-Oak
Park
School
District),
NO.
7
(Berkley-
Mich.—NEW RE¬
FUNDING PLAN OFFERED BONDHOLDERS—Matthew Carey, 2149
Union Guardian Bldg., Detroit, refund agent for the above district is
advising bondholders as follows:
On Jan. 7, 1936, the school board of this district engaged a refunding
agent and on April 29, 1936, adopted a refunding resolution which was
submitted to the Public Debt Commission for approval.
There was no
statutory authority authorizing
refunding of 1935 and 1936 interest and
the expedients proposed for the disposition of such interest were not satis¬
factory to the Public Debt Coma ission—although some encouragement of
the possibility was given in August, 1936.
The 1937 Legislature provided for the refunding of interest to and incl.
Jan. 1, 1937.
Tax collections during the intervening 17 months have been
somewhat better than had been anticipated.
The action of the board in
making liberal tax spreads (anticipating high tax delinquencies) has been a
definite contributing factor.
Inclosed herewith is a summary of a refunding resolution, adopted
Aug. 30, 1937, which provides for an average cash distribution of $33.48
per bond in comparison with $10 per bond originally proposed—an increase
in the average interest rate on the refunding bonds from 3.55% to 3.67%
(the starting rate has been increased from 13^ to 2%,—also, an average
additional payment in certificates of indebtedness of $47.67 per bond.
The new bonds are to be dated Sept. 1, 1937, instead of April 1, 1936.
The original proposal to settle back interest at 40 cents on the dollar has
been eliminated.
Certificates of indebtedness for back interest (not paid
in cash) will be issued at par without restriction or condition.
The plan is now before the Debt Com mission.
Before acting on it, the
Comm.ission will require a favorable expression from
a substantial propor¬
tion of the bondholders.
Debt Commission approval of the plan and its
early consun mation will be expedited by a prompt expression from you
on the form provided.
SOUTH HAVEN, Mich.—BOND SALE
DETAILS—In connection with
$17,000 special
the previous report in these columns of the Sept. 7 award of
assessment
paving bonds to the Channer Securities Co. of Chicago, at a
?rice tender of Braun, Bosworth & Co. of that the bondsother 3% interest,
'he
of 101.92—V. 145, p. 1774—we learn Toledo, only bear bidder, was
also for 3s.
Bonds mature Aug.
1
as
follows:
$2,000 from 1938 to 1944
MINNESOTA
ADRIAN, Minn.—BOND OFFERING—F. J. Forkenbrock, Village Clerk,
m. Sept. 28 for the purchase of an issue of
$30,000 coupon public power plant bonds.
Denom. $1,000.
Interest rate
multiple of M%.
Dated Aug. 1, 1937.
Principal
and semi-annual interest (Feb. 1 and Aug. 1) payable at the First National
Bank of St. Paul.
Due $5,000 yearly on Aug. 1 from 1939 to 1944.
Certi¬
fied check for 2% of amount of bonds bid for, payable to the Village Treas¬
urer, required.
Legality of the bonds is approved by Junell, Driscoll,
Fletcher, Dorsey & Barket of Minneapolis, a copy of whose opinion will be
furnished by the village.
The blank bonds will be supplied by the village.
BLOOMING
a
PRAIRIE,
according to maturity.
(State of)—CONSIDERS REOFFERING HIGHWAY
Bond Commission is expected to take under con¬
of reoffering the $4,000,000 sub-series D callable
highway notes which were not sold on Sept. 10, owing to rejection of the
single tender submitted. This offer, made by combined syndicates of John
Nuveen & Co. and A
C. Allyn & Co., Inc., both of Chicago, specified a
price of par and interest for a combination cf 4s, 3 Hs. and 3s. In connection
with the possibility of a reoffering, it is reported that Governor Hugh L.
White, ex-officio chairman of the Bond Commission, has intimated that
Mississippi banks may be asked to bid for the loan. The State, it is pointed
out, has already sold $14,000,000 of the same type of obligation at an
average interest rate of 3.75%, and the Public Works Administration has
made an offer to take the entire authorization of $22,000,000 at a flat 4%
cost.
Governor White has stated that he does not favor the sale of the
securities at 4% other than to the PWA.
MISSISSIPPI
State
ISSUE—The
the
sideration
matter
of—ADDITIONAL INFORMATION— In con¬
State
MISSISSIPPI,
nection with the report given in our issue of Sept. 11 that the State had
rejected the single bid received for the $4,000,000 highway notes, first
series, sub-series D, offered on Sept. 10—V. 145, p. 1774—we are now
informed by Greek L. Rice, Secretary of the State Highway Note Com¬
mission, that the unsuccessful bid was as follows: par and accrued interest
from date of notes to date of delivery, bearing interest as follows: 1938 to
1940, at 3%, 1941, 1942 and 1955, at 33^%, all others to
bear 4%.
MONROE COUNTY (P.O. Aberdeen), Miss.—GREENWOOD
SPRINGS
Consoli¬
SCHOOL BOND SALE—The $4,000 bonds of Greenwood Springs
dated
were
Due
District, which were offered on Aug. 2—V. 145, p. 643—
awarded to Ira T. Cook, a local investor.
Dated Aug. 15, 1937.
School
$100, 1938 to 1942; $200, 1943 to 1952, and
Aug. 15 as follows:
on
$300, 1953 to 1957.
UNION, M'ss.—BONDS VOTED—The residents of Union at a recent
election voted approval of the issuance of $35,000 bonds to finance con¬
struction of an industrial plant.
MISSOURI
HILL, Mo.—BOND SALE—An issue of $10,000 4% road bonds has be n
sold to the Commerce Trust Co. of Kansas City at par.
KEYTESVILLE
SCHOOL DISTRICT, Mo.—BONDS VOTED—The
recently voted approval of a bond issue of $12,500
residents of the district
high school auditorium bonds.
LILBOURN
SCHOOL DISTRICT,
Mo.—BOND SALE—The district
Minn.—BOND
MILAN, Mo.—BOND SALE—An issue of $10,000 4% refunding bonds
sold recently to the City National Bank & Trust Co. of Kansas City
Due serially for five years.
was
will receive bids until 7.30 p.
4%, in
Sept. is, 1937
The $4,000,000 notes brought a price of par.
The notes are now being
offered to investors by the bankers at prices to yield from 1.75% to 3.70%,
recently sold an issue of $10,000 bonds to Bennett, Piersol & Co. of Kansas
City, Mo.
incl. and $1,000 from 1945 to 1947 incl.
is not to exceed
Chronicle
SALE—The
$8,000
3H%
and water bonds offered on Sept. 10—V. 145, p. 1619—were
awarded to the First National Bank and the Farmers & Merchants State
sewer extension
Bank, both of Blooming Prairie, at par. Due $1,000 yearly on Aug. 1 from
1938 to 1945; redeemable on any interest payment date.
at par.
NEOSHO, Mo.—BOND OFFERING—-The City Clerk will receive bids
30, for the purchase of $49,500 city hall and auditorium bonds.
until Sept.
LOUIS COUNTY
ST.
(P. O. Clayton), Mo.—PINE LAWN SEWER
DISTRICT BONDS VOTED—At the recent election the voters of the dis¬
approved the proposal to issue $110,000 storm and sanitary sewers
construction bonds.
trict
SULLIVAN SCHOOL DISTRICT, Mo.—BOND SALE— The Board of
has sold an issue of $12,000 school bonds to the Boatmen's
Education
National Bank of St. Louis, at a price of 102, plus legal expenses.
TWO MILE CREEK SANITARY SEWER DISTRICT (P. O. Clayton)
Mo.—BONDS VOTED—A bond issue of $73,000 for sewer construction
been
haS
approved by the voters.
CHISHOLM,
has
.
been
Minn.—CERTIFICATES AUTHORIZED—A resolution
passed authorizing the issuance of $25,500 certificates of
indebtedness.
OFFERINGS
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
HOPKINS, Minn.—CERTIFICATE SALE—The $925 4% water main
construction certificates of indebtedness offered on Sept. 7—V. 145, p. 1620
awarded to the First National Bank of Hopkins at a price of $935.50,
MUNICIPALS
—were
equal to 101.135.
MARSHALL,
Due serially in six years.
Minn.—BOND
ELECTION—An
election
for
is
Sept. 28 at which a proposal to issue $15,000 swimming
will be submitted to a vote.
McLEOD
COUNTY
INDEPENDENT
SCHOOL
scheduled
pool bonds
NO.
JAMES, Minn.—BONDS VOTED—A bond issue of $25,000 for
water filtration
plant was approved by the voters at
a
FIRST SECURITY TRUST CO.
2
a
recent election.
MONTANA
BOZEMAN, Mont.—BOND SALE—The $3,800 Special Improvement
District No. 312 bonds offered on Sept. 10—V. 145, p. 1620—were awarded
to the Commercial National Bank of Bozeman on a bid of par for 6s. Dated
Oct. 1, 1937.
The bonds will be redeemed from the proceeds of a special
assessment, which may be paid in 21
STEWART INDEPENDENT SCHOOL DISTRICT NO. 33 (P. O.
Stewart), Minn.—BOND SALE—The $50,000 building bonds offered on
Sept. 13—V. 145, p. 1620—were awarded to the George C. Jones Agency,
Inc., of Minneapolis, as 3s. Dated Oct. 1.1937. Due on Oct. 1 as follows:
$2,000.1940 to 1943, and $3,000,1944 to 1957.
Bell Teletype: SL K-372
Phone Wasatch 3221
years,
„
LAKE CITY
SALT
DISTRICT
(P. O. Hutchinson), Minn.—BONDS SALE—Bigelow, Webb & Co. of
Minneapolis have purchased and are now offering to investors at prices to
yield from 1.60% to 2.65%, an issue of $175,000 2%% school building
bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Principal and semi-annual
interest (March 1 and Sept. 1) payable at the First National Bank & Trust
Co., Minneapolis.
Due on Sept. 1 as follows:
$9,000, 1940 to 1944; and
$10,000, 1945 to 1957.
ST.
WANTED
«
instalments, covering a period of 20
against all the property in the district.
FLATHEAD AND LAKE COUNTIES SCHOOL DISTRICT NO. 38
(P.
O.
Bigfork),
Mont.—BOND
Clerk, will receive bids until 2 p.
$15,000 school building bonds.
OFFERING—H.
m.
A.
Veeder,
District
Oct. 4 for the purchase of an issue of
Amortization bonds will be the first choice and serial bonds will be the
second choice of the School Board.
If amortization bonds
MISSISSIPPI
f
BROOKHAVEN,
Miss.—BOND
bond
ELECTION—The
City
Council £has
authorized
an (lection for Oct. 5 for the purpose of voting on a proposal to
issue $50,000 high school bonds.
$2,287,000 notes were taken by a syndicate composed of John Nuveen
Co., of Chicago; B. J. Van Ingen & Co., of New York; Equitable Securities
Corp., of Nashville; Saunders & Anderson, of Memphis; Sharff & Jones, of
New Orleans; Deposit Guaranty Bank & TruSt Co.; J. S. Love & Co., both
of Jackson; C. F. Childs & Co., of Chicago; Wells-Dickey Co., of Minne¬
apolis; Lewis & Thomas of Jackson; Dane & Weil, Newman, Hqrris & Co.,
both of New Orleans; Geo. T. Carter, Inc., of Meridian, Cady & Co., of
Columbus; Schlater, Noyes & Gardner, Inc., of New York; Weil, Roth &
Irving Co. of Cincinnati; Wiggins & Co., O. B. Walton & Co., both of
Jackson; J. G. Hickman & Co., of Vicksburg; Walter, Woody & Heimerdinger, of Cincinnati; First National Bank & Trust Co. of Vicksburg; and
the Municipal Securities Co., Inc., of Meridian.
The $2,287,000 bonds mature and bear interest as follows:
$343,000
maturing $172,000 in 1938; $85,000 in 1939, and $86,000 in 1940, as 3s;
$157,000 maturing, $85,000 in 1941, and $72,000 in 1942, as 33^s; $528,000
maturing, $100,000 in 1943 to 1945; $114,000 in 1946 and 1947, as 3^s;
$415,000 maturing $114,000 in 1948, $143,000 in 1949, and $158,000 in
1950. as 3Ms; $673,000 maturing, $158,000 in 1951, $172,000 in 1952,
$171,000 in 1953, and $172,000 in 1954, as 4s; and $171,000 maturing
1955, as 3Hs.
The remaining $1,713,000 notes were sold to a syndicate composed of
A. C. Allyn & Co., of Chicago; Stifel, Nicolaus & Co., of St. Louis; Stranahan, Harris & Co., Inc., of Toledo; Leland Speed & Co., of Jackson; Kelley,
Richardson & Co., of Chicago; Eldredge & Co., of New York; Ryan,
Sutherland & Co., of Toledo; Fox, Einhorn & Co., of Cincinnati; Kalman
& Co., of St. Paul; Cumberland Securities Corp., of Nashville; Ballman &
Main, of Chicago; Edward Jones & Co., Bronson & Scranton, and Nusloch,
&
Baudean & Smith, all of New Orleans.
The $1,713,000 notes mature and
bear
interest
as
follows:
$257,000
maturing $128,000 in 1938, $65,000 in 1939, and $64,000 in 1940 as 3s;
$118,000 maturing $65,000 in 1941, and $53,000 in 1942 as 3^s; $397,000
maturing $75,000 in 1943 to 1945, and $86,000 in 1946 and 1947, as 3&s;
$310,000 maturing $86,000 in 1948, $107,000 in 1949, and $117,000 in
1950, as 3^s; $502,000 maturing $117,000 in 1951, $128,000 in 1952,
$129,000 in 1953, and $128,000 in 1954, as 4s; and $129,000 maturing
1955, as 3Ms.
All the bonds are dated Oct. 1,1937.
are
sum
the
The
bonds
are
single
determine
sold the entire issue may be put into one
divided into several bonds, as the board of trustees may
If serial
The
on
MISSISSIPPI (State of)—NOTE SALE—The $4,000,000 highway notes,
bids for which were rejected on Sept. 10—-V. 14
p. 1774—were sold privately on Sept. 14.
first series, sub-series D,
or
to be payable in semi¬
upon at the time of sale, both principal and interest
annual instalments during a period of 20 years from
issued
the date of issue.
they will be in the amount of $1,000 each.
of $1,000 will become payable on Oct.
day each year thereafter.
bonds, whether amortization or
1, 1942, and a like amount
same
bonds, will bear date of
exceeding 4}4%, payable
serial
Oct. 15, 1937, and will bear interest at a rate not
semi-annually M. & O. 15, and will be redeemable in full on any interest
payment date from and after five years from the date of issue.
The bonds, will be sold for not less than their par value with accrued
interest, and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
All bids other than by or on behalf of the State' Board of Land Com¬
missioners must be accompanied by a certified check in the sum of $500,
payable to the order of the clerk.
GALLATIN
COUNTY
HIGH
SCHOOL
DISTRICT
(P.
O.
Boze¬
man), Mont.—BOND OFFERING—Ella N. Conklin, Secretary, Board of
Education, will receive bids until 8 p.m. Oct. 11, for the purchase of an
issue of $7,500 4% school building bonds.
Denom. $375. Certified check
for $250, required.
HILL COUNTY SCHOOL DISTRICT NO. 67 (P. O. Havre), Mont.—
OFFERING—Leo G. Morse, District Clerk, will receive bids until
BOND
2 p. m. Oct.
13 for the purchase of $4,000 6% refunding
$100 and $400.
Cert, check for $250 required.
bonds.
Denoms.
PLAINS, Mont.—BONDS DEFEATED—At the election held on Sept. 3
—V.
145, p. 982—the voters defeated the issuance of the $15,000 in water
bonds, according to Mrs. Rosa Rice, Town Clerk.
NEBRASKA
*
ALLIANCE, Neb.—BONDS VOTED—A revenue bond issue of $242,700
for construction of a municipal power plant has been voted.
ALEXANDRIA, Neb.—BOND SALE—An issue of $13,200 4% water
was sold recently to the Freenway-Raynor Co. of Omaha.
bonds
OCONTO
has
sold
Schweser
an
of
SCHOOL
issue
DISTRICT, Neb.—BOND SALE—The district
4% school building bonds to Steinauer &
of $20,000
Lincoln.
TRI-COUNTY
POWER
AND
IRRIGATION
DISTRICT
(P.
O.
Hastings), Neb.—BONDS SOLD TO P WA—The Public Works Adminis¬
nas agreed to purchase an issue of $2,431,000 revenue bonds to be
tration
issued
by the district.
Volume
Financial
145
Chronicle
1937
EATONTOWN, N. J.—BOND SALE—The Keansburg National Bank
NEVADA
has purchased an issue of $4,800 3% fire equipment bonds at
par.
Oct. 1, 1937.
Denoms. $1,000 and $100.
Due $1,200 each Oct.
Dated
(P.
O.
Pioche), Nev.—BOND SALE—The
$87,500 bonds described below, which were offered on Sept. 14—V. 145,
p. 1620—were awarded to the State Industrial Commission of Nevada:
,.
1 from
1938 to 1941, incl.
Principal and interest (A. & O.) payable at the First
National Bank, Eatontown.
$60,000 court
ORANGE, N. J.—BOND OFFERING—William F. Christiansen, City
Clerk, will receive sealed bids until 8 p. m. (Daylight Saving Time) on
Sept. 21 for the purchase of $202,000 not to exceed 6% interest coupon or
registered bonds, divided as follows:
$173,000 general improvement bonds.
Due Sept. 1 as follows: $15,000,
1938 to 1942, incl. $18,000, 1943 $20,000 from 1944 to 1947, incl.
29,000 sewer bonds.
Due $1,000 on Sept. 1 from 1938 to 1966, ind.
4
All of the bonds are dated Sept. 1, 1937.
Denom. $1,000.
Bidder to
name a single interest rate on all of the
bonds, expressed in a multiple of
X of 1 %.
Tenders must be made on the basis of the bonds constituting a
single issue.
Principal and interest (M. & S.) payable at the Orange First
National Bank, Orange.
The price for which the bonds may be sold cannot
exceed $203,000.
A certified check for $4,040, payable to the order of the
city, must accompany each proposal.
The approving legal opinion of Reed,
Hoyt & Washburn of New York City will be furnished the successful bidder.
LINCOLN
COUNTY
house
Denom.
bonds.
construction
$3,000
Due
$1,000.
annually on Sept. 1 from 1938 to 1957, inclusive.
27,500 county hospital bonds.
Denom. $500.
Due Sept. 1
$2,000 in 1940 and $1,500 from 1941 to 1947, inclusive.
as
follows:
Each issue is dated Sept. 1, 1937.
MINERAL COUNTY
(P. O. Hawthorne), Nev.—BOND SALE—The
County Commissioners have awarded $15,000 road equipment and mu¬
nicipal building bonds to the First National Bank of Reno as 5s.
Due
serially for five years.
NEW
HAMPSHI RE
CONCORD, N. H.—BOND SALE—The $35,000
coupon
public improve¬
bonds
ment
offered Sept, 13—V. 145, p. 1775—were awarded to Gold¬
Sachs <fc Co. of New York as 2s at 100.266, a basis of about 1.93%.
man,
Dated Sept. 1, 1937, and due $5,000 annually on Sept. 1 from 1938 to 1944,
The Bancamerica-Blair Corp. of New York, second high bidder,
incl.
offered
100.264 for 2s.
Other bids were as follows:
Bidder—
First
E.
Int. Rate
Rote Bid
2%
2%,
2%
2%
2%
2%
2^%
2%%
V
100.20
100.199
100.181
100.095
100.031
100.05
100.034
100.512
100.19
Boston
Blyth
Corp.
Inc..
Rollins & Sons, Inc._____
&
H.
Co.,
Cbace, Whiteside & Co
Kidder, Peabody & Co
Union Trust Co., Concord
Coffin
&
_
Burr
Ballou, Adams & Whittemove....
Jackson
Curtis
&
2^%
........
HILLSBOROUGH
COUNTY
O.
(P.
Manchester),
N.
H.—BOND
OFFERING DETAILS—The $300,000 3% funding bonds being offered for
sale Sept. 20, as previously reported in these columns—V. 145, p. 1620—
will be issued in $1,000 denoms. and mature $15,000 annually on Sept. 1
from
1938 to 1957, incl.
Principal and interest (M. & S.) payable at the
Manchester Trust Co /Manchester.
The bonds will be engraved under the
supervision of and certified as to genuineness by the Manchester Trust Co.
and will bear on face a certificate of registration signed
by the Clerk of the
Superior Court of the county.
Legal opinion of Ropes, Gray, Boyden &
Perkins of Boston will be furnished the successful bidder.
Jersey and General Market
B. J. Van
57
WILLIAM
6%
OFFERING DATE— It is reported that~the
interest sewage disposal, improvement and
water To wxxship
Committee.
RIDGEFIELD SCHOOL DISTRICT, N. J.—BOND OFFERING—
Arthur L. Dallery, Clerk of the Board of Education, will receive sealed bids
until 8:15 p. m. (Daylight Saving Time) on Sept. 22 for the purchase of
$65,000 3X&,
Dated Oct. 1,
1939 to 1949,
interest (A. &
3X, 3%, 4 or 1X% coupon or registered school bonds.
1937.
Denom. $1,000.
Due Oct. 1 as follows: $3,000 from
incl. and $4,000 from 1950 to 1957, incl.
Principal and
O.) payable at the office of the Custodian of School Moneys,
or
at holder's option, at the Ridgefield National Bank, Ridgefield.
A
certified check for 2 % mu st accompany each proposal.
The appro ving legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
1932-4765.—
furnished the successful bidder.
ROXBURY TOWNSHIP
SCHOOL
All of the bonds
dated
are
Sept. 1, 1937.
a
multiple of X of 1 %.
be sold cannot exceed $257,000.
the order of the town,
INCORPORATED
York
Wire:
MArket 3-1718
A. T. & T.
R Ector 2-2055
NEW
CAMDEN COUNTY (P. O.
The
Board
bonds.
of
Freeholders
Of the total,
Teletype
NWRK
24
JERSEY
Camden), N. J.—PARK BONDS VOTED—
has
authorized the issuance of $800,000
park
$350,000 will be required for the remainder of the
present year.
CARLSTADT, N. J .—ATTORNEY GENERAL TO RULE ON RE¬
FUNDING OF SCHOOL ISSUE—Carlstadt Board of Education
will have
to wait for the opinion of the Attorney General before
proceeding to refund
its $100,000 Lindbergh School bond issue at
4% interest, it was advised
Sept. 7 by Reed, Hoyt & Washburn, New York attorneys.
Adolph Zimmermann, head of the Carlstadt branch of the Rutherford
National Bank, recently offered to exchange the bonds at
X% less interest
than the present 4>£%.
The issue is now held by the State Employees
Pension Fund.
In their letter to the
Board, the attorneys pointed out that Dr. Charles
H. Elliott, Secretary of the Funding
Commission, had informed them that
not in its entire history had the Commission been asked
to approve any
RIVER JOINT
on
COMMISSION, N. J.—BRIDGE
TOLL
tion
of the Delaware River
indefinitely the present re¬
Camden Bridge.
The action—approved unanimously by the five
Pennsylvania and
New
Indefinite continuation of the lower tolls
introduced by Alfred Cooper, Cape May
was
authorized in
a
resolution
$500,000 Earnings This Year
Joseph K. Costello, General Manager of the bridge,
financial
statement
indicating
"Resolved:
That
earnings
so
far
previously had read
this
year
approximate
the toll rate of 20 cents for the
single passage
light trucks with commutation tickets for 40 at $6
continued until such time as a revision is made
by the Commission
Other New Jersey members present were Dr. I. Norris
Griscom
County; Lucius E. Hires, Salem County; Arthur C. King, Ocean
mobiles
and
of auto¬
shall be
"
Atlantic
County-
Vice-Chairman of the Commission Barton F.
Sharp, Cumberland- Frank
L. Suplee, Gloucester, and Asa M. Stadkhouse,
Burlington.
Pennsylvania members present, in addition to Kely, were
Mayor S
Davis Wilson, of Philadelphia; State Treasurer F.
Clair Ross. James P*
Clark and John A. McCarthy.
All of the Pennsylvania members present and most
of the New Jersey
delegation previously expressed willingness to continue the reduced tolis
and there was little discussion of Cooper's resolution.
Kelly did ask for assurance that continuation of the reduced rates would
not impair the financial structure of the
bridge.
Such assurance was given
by Costillo.
"On Feb. 1, 1937, the Commission's
sinking and surplus funds aggregated
$2,824,766.64," Costello said.
"On Aug. 3, 1937, the combined
amount
was $3,789,921.37, which, on Sept.
1, will be reduced by the maturing of
$200,000 bridge bonds.
to be received on an issue of
Taxes
is
$438,404
27,204,460
645,855
673,850
21,696,720
24,965,487
21,646,483
25,867,092
1.
-
$153,358,988
% Unpaid
1.6
2.4
3.1
932,878
612,663
680,928
;
3.7
$3,984,578
2.6
2.8
2.6
during the
es.
year when the taxes were due,
The in proven ent in the general situa¬
reflected
in the proportions paid promptly.
At the end of the
in which the taxes were levied there had been paid of the year's
1932-1933
88.1
91.8
•
Unpaid
$31,978,746
*1931-1932
County member of the Commis¬
sion, and seconded by John B. Kelly, Philadelphia member and
Democratic
political leader there.
are
,
Years—
fiscal year
seven
Jersey members of the Commission attending the meeting—was
as expiration neared of the six-month
"trial" of the reduced rates
put into effect last March.
'
The trial period was to have ended
midnight Aug. 31.
$500,000•
the date bids
Total
taken
a
as
$175,000 North High School bonds.
The Comptroller is awaiting the legal
approval of Hawkins,
Delafield & Longfellow of New York before pro¬
ceeding with the calling of bids.
because of the stress of the tin
AT LOWER LEVEL—Members
Commission voted recently to continue
duced tolls
BINGHAMTON, N. Y.—BOND OFFERING—City Comptroller Everette
E. Allen has set Oct. 13
Not all of this money was paid
contemplated by the Carlstadt Board.
DELAWARE
YORK
(P. O. Allentown), N. Y.—BONDS NOT SOLD—TO BE REOFFERED—Owing to an error in the call for bids, the issue of $19,900 not
to exceed 6% interest highway bonds offered Aug. 16 was not sold.
A
new offering will be made.
Bonds are dated March 1, 1937 and mature
March 1 as follows: $1,900 in 1938 and $2,000 from 1939 to 1947 incl.
1932-32
°
CONTINUED
NEW
ALMA
For
bringing the
proposal before the Board after months of delay.
Members of the Board
were until recently opposed to
refunding for economy reasons.
Joint
The price for which the bonds may
certified check for $5,120, payable to
N. Y.—TAX COLLECTIONS—'The Buffalo Municipa
Inc. reports as follows:
people of Buffalo have reason to be gratified at their record of pay¬
ing taxes during the depression years. At June 30, 1937, of all the general
city taxes levied in the six fiscal years from and including 1931-32 97.4%
had been paid with but negligible aid from foreclosures or compromises.
The New York law firm submitted its report at the
request of Zimmer¬
Trustee Charles Metzler Jr. was instrumental in
as
ms.
accompany
BUFFALO,
mann.
proposal
must
The
Refunding Act of
When they were exchanged in 1935, the bonds
originally bore 6%
interest.
Prin. and
Research Bureau,
.
It is understood the State Pension Fund hasagreed to
relinquish the bonds
to the Rutherford National Bank if the
proposal is declared legal by the
Attorney General.
It is doubtful whether the Board can legally refund
the bonds a second time, since the
passage of the State
1934.
Denom. $1,000.
WESTWOOD, N. 3.—BOND OFFERING—William L. Best, Borough
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Tin e) on
Sept. 28 for the purchase of $37,000 not to exceed 6% interest coupon or
registered sewer bonds of 1937.
Dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1 as follows: $3,000, 1938 to 1942 incl.; $4,000 from 1943 to 1947
incl. and $2,000 in 1948. Principal and interest (A. & O.) payable at the
First National Bank, Westwood, or at holder's option, at the Guaranty
Trust Co., New York City.
A certified check for 2% must accompany
each proposal.
Approving legal opinion of Hawkins, Delafield & Long¬
fellow of New York City will be furnished the successful bidder.
Colyer, Robinson $ Company
New
Standard Time) on Sept. 27
interest coupon or registered
successful bidder.
due Dec. 15, 1949-50
yield 2.75%
Blvd., Newark
Landing),
each proposal.
Approving legal
opinion of Reed, Hoyt & Washburn of N. Y. City will be furnished the
$25,000 Town of Bloomfield, N. J.
1180 Raymond
O.
WESTFIELD, N. J.—BOND OFFREING—Charles Clark, Town Clerk,
expressed in
To
(P.
semi-annual interest (M. & S.) payable at the Peoples Bank & Trust Co.,
Westfield.
Bidder to name a single rate of interest for all of the bonds,
Newark Tel.: Market 3-3124
Water
DISTRICT
N. J.—BOND VOTED—At a recent election tne residents of the district
voted approval of a bond issue of $150,000 for scnooi building purposes,
j
sewer bonds.
Due Sept. 1 as follows: $12,000, 1938 to 1949,
incl.; $11,000 in 1950 and $6,000 in 1951.
40,000 public improvement bonds.
Due Sept. 1 as follows: $3,000 from
1938 to 1949, incl., and $4,000 in 1950.
29,000 local improvement assessment bonds.
Due Sept. 1 as follows:
$5,000 from 1938 to 1942, incl., and $4,000 in 1943.
26,000 sewer assessment bonds.
Due Sept. i as follows: $5,000 from
1938 to 1942, incl., and $1,000 in 1943.
■
Telephone: John 4-6364
A. T. k T.: N. Y. 1-730
exceed
to
$161,000
Issues
Ingen & Co. Inc.
STREET, N. Y.
not
will receive sealed bids until 8p.m. (Eastern
for the purchase of $256,000 not to exceed 6%
bonds divided as follows:
MUNICIPAL BONDS
New
N?J.—NEW
RARITAN,
$145,000
incinerator bonds originally offered Sept. 7, the sale of which was postponed,
will be advertised for award Oct. 15.
Postponement of the sale, it is said,
followed certoriari proceedings by a local
taxpayer questioning the town's
authority to issue bonds under its present charter.
The petitioner, ac¬
cording to report, contended in the writ filed in the Trenton Supreme Court
that the right to issue bonds or grant franchises remains with the Bridge-
1933-1934
88.2
1934-1935
89.8
1935-1936
95.6
1936-1937
taxes
97.4
% paip
CROTON-ON-HUDSON, N. Y.—BOND SALE—The $25,000 coupon or
registered Harmon Fire House bonds offered Sept. 14—V. 145, p. 1621—
were awarded to J. & W. Selign an & Co. of New York, as 3.30s, at 100.39,
a basis of about 3.26%.
Dated Oct. 1, 1937 and due Oct. 1 as follows:
$1,000 from 1938 to 1947, incl. and $1,500 front 1948 to 1957, incl.
FLEISCHMANNS, N. Y —BOND OFFERING—Rutherford H. Brown,
Village Clerk, will receive sealed bids between the hours of 10 a. m. and
4 p. m. (Eastern Standard Time) on Sept. 20 for the purchase of $4,000 4%
registered series B fire department bonds.
They will be registered as to
principal and interest, and not otherwise, with the Village Clerk before
any interest will be paid.
Denom. $800.
Due one bond annually.
All
bonds will be callable on any interest date.
Principal and annual interest
to be paid at the First National Bank of Fleischmanns.
A certified check
for 10% of the bid, payable to the order of the Village Treasurer, must
accompany each proposal.
GLEN COVE, N. Y.—BOND SALE—The $150,000 coupon or registered
16—V. 145, p. 1459—were awarded to Lehman Bros,
1X8, at a price of 100.14 a basis of about 1.43%.
The
sale consisted of:
bonds offered Sept.
of New York, as
$90,000 incinerator bonds.
Due $30,000 each July 1, 1938 to 1940 incl.
30,000 sewer bonds of 1937.
Due $10,000 each July 1 from 1938 to 1940
incl.
10,000 Glen Cove Creek improvement bonds, series A.
Due July 1 as
follows: $4,000 in 1938, and $3,000 in 1939 and 1940.
20,000 works progress bonds.
Due July 1 as follows: $6,000 in 1938, and
$7,000 in 1939 and 1940.
Each issue is dated July 1, 1937.
Lehman Bros, of New York
of $150,000
to
maturity.
are offering for public investment a new issue
1X% bonds priced to yield from 0.80% to 1.40%, according
Unsuccessful bids were As follows:
1938
Financial
Bidder—
R.
W.
Int. Rate
Premium
IH%
1H %
$150.00
148.50
105.51
75.75
Pressprich & Co
Brown Harriman & Co., Inc..
First of Michigan Corp
Glen
Cove
Trust
l]4%
Co
1.60%
1.60%
1.60%
Manufacturers & Traders Trust Co
Morse Bros. I. & Co., Inc
Bacon, Stevenson & Co
i
Halsey,
Stuart
&
Inc
Co.,
J. & W. Seligman & Co
Financial Statement
Assessed valuations, real property incl. special franchises
Total bonded debt, including this issue
$43,406,621.95
1,982,500.00
The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or ad of the property
subject to the taxing power of the village.
► Year—
1934-35
1935-36
1936-37
1937-38
}
Amount of last four pre¬
$524,972.87 $541,081.04 $490,275.59 $495,189.36
Amount of such taxes un¬
collected at end of fis¬
95,781.45
75,519.34
x
23,367.27
34,904.22
50,068.79
288,189.81
un¬
Population, 1930 Federal Census, 12,654.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10 (P. O.
Baldwin), N. Y.—BOND SALE—The $90,000 coupon or registered school
building bonds offered Sept. 17 were awarded to A. C. Allyn & Co., Inc.
of Now York, as 2.60s, at a price of 100.077, a basis of about 2.59%.
Dated Oct.
1,
The assessed valuation of the property subject to the taxing power of
the village is $31,161,976.
The total bonded debt of the village, including
above mentioned bonds, is $27,400, of which an ount none is water
The population of the village (1930 census) was 1,885.
The bonded
debt above stated does not include the debt of any other subdivision having
all of the property subject to the taxing
The an ount of
1934, March 1,
1935 and March
1, 1936 was respectively $25,525.45, $25,386.97 and
$25,365.65.
The amount of such taxes uncollected at the end of each of
said fiscal years was respectively $1,460.62, $289.20 and $137.20.
The
amount of such taxes rei; aining uncollected as at Sept. 7, 1937, is respec¬
tively $5.20, $5.20 and $35.20.
The taxes of the fiscal year commencing
March 1, 1937 amount to $25,295.81, of which $22,979.01 have been col¬
power to
1937 and due Oct. 1 as follows: $10,000 from
1941 to 1952 incl.
1938 to 1940
Hurley), N. Y.—BOND
OFFERING—Clayton W. Vredenburg, Solo Trustee, announces that the
district will offer for public sale at the County Court House in Kingston at
2 p. m. (Daylight Saving Time) on Sept. 20, an issue of $14,000 4% school
Issue
was
approved
at
an
election
on
July
3,
1937.
Denoms. $1,000 and $500.
Due $3,500 on Jan. 1 from 1938 to 1941, incl.
Interest payable annually on Jan. 1.
The said bonds will be offered for sale in the following manner:
W First: Said bonds numbered from 1 to 16, incl., will be offered separately,
and
the
highest amount bid for the whole issue ascertained.
Said bonds numbered from 1 to 16, incl., shall then be offered
in bulk, and the highest amount bid ascertained.
► Third: After said bonds have been offered for sale as above set forth,
they shall be struck off, at not less than par, to the bidder or bidders offering
the highest amount of the above two methods.
K The said school district will not be liable for attorneys' fees as to opinions
in reference to the legality of said bonds.
The printed and duly executed bonds will be dated Oct. 1, 1937, and will
be ready for delivery on said date.
These bonds are general obligations of School District No. 5, Town of
Hurley, blister County, N. Y., payable from unlimited taxes.
The said school district reserves the right to reject any or all bids.
The total assessed valuation of the said school district, as appears from
the assessment roll for the year 1936, is $916,673.
Said school district has
no outstanding bonded debt and after the issuance of the bonds described
in this notice, the bonded debt of said school district will be $14,000.
The
foregoing total bonded debt of said school district does not include debt
of any other subdivision having power to levy taxes upon any or all of
the property subject to the taxing power of said school district.
The population of said school district by estimation is $300.
►
Second:
for sale
There
are
uncollected school taxes in said district.
no
LIBERTY, N. Y.—BOND SALE—The $9,000 registered fire apparatus
bonds offered on Sept. 17—V. 145, p. 1776—were awarded to Ralph Smith
of Liberty on a bid of par for 2.80s.
Dated Oct. 1, 1937.
Due on Oct. 1
as follows: $1,500,
1938 and 1939; and $2,000, 1940, 1941 and 1942.
LIVINGSTON
BONDS
LYME
mont),
MANOR
VOTED—At
the issuance of
a
CENTRAL
SCHOOL
recent election the voters
DISTRICT, N. Y.—
of the district approved
$640,000 school building bonds.
FREE SCHOOL DISTRICT NO. 4 (P. O. ChauY.—BOND OFFERING—"Wesley A. Daniels, District Clerk,
UNION
N.
will receive sealed bids until 3 p. m. (Eastern Standard Time) on Sept. 21,
for the purchase of $100,000 not to exceed 5% interest coupon or .registered
school bonds.
Dated Oct.
1, 1937.
Denom. $1,000.
Due Dec. 1 as
follows:
$3,000, 1939 to 1943, incl.; $4,000 from 1944 to 1964, incl. and
$1,000 in 1965.
Bidder to name a single rate of interest on all of the bonds,
expressed in a multiple of 34 or l-10th of 1%.
Principal and int. (J. & D.)
payable at the Northern New York Trust Co., Watertown, with New York
exchange.
The bonds are direct general obligations of the district, payable
from unlimited taxes.
A certified check for $2,000, payable to the order of
Florence M. Haas, District Treasurer, must accon pany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
Financial Statement and Tax Data
NEW
$100,000.
The present population of said district is approximately
The bonded debt above stated does not include the debt of any other
division
having power to levy taxes
to the taxing power of the district.
upon any or
850.
sub¬
all of the property subject
The school year commences July 1 an
ends June 30 next.
1934-1935
Taxes levied
$4,163.06
1935-1936
$3,782.54
1936-1937
$4,650.72
Uncollected at end of fiscal year
$114.00
123.75
270.84
Taxes uncollected for said years were reported to the County Treasurer
by the Board of Education and have been paid by the County Treasurer to
the Treasurer of the School District, except for the year 1936-1937, which
have not yet been reported.
The taxes for the fiscal year 1937-1938 have
yet been levied.
MIDDLETOWN, N.
YORK CITY,
N. Y.—CASH PLACED ON TIME ACCOUNT
—Comptroller Frank J. Taylor has announced he is putting into operation
a plan whereby part of the city's deposits of funds will still draw interest
instead of becoming non-interest bearing demand deposits under the
Federal Reserve Act and the regulation of the Board of Governors of the
federal Reserve System.
The regulation provides that banks shall not pay interest after Aug. 23,
1937, on deposits of public funds or trust funds where such deposits are
repayable upon demand.
Ordinarily this would mean that all of the city's
deposits would no longer bear interest at the rate of
of 1 %.
To enable the continuance of the city receiving interest at the rate of
M of 1% per annum on some part of its deposits. Con ptroller Taylor has
the preparation of a statem ent upon which the banks will be
requested to place stated amounts of certain described deposits as "time
deposits" on which the banks will pay interest at
of 1% per annum.
This has already been done in cases of "Comptroller's trust funds."
The Federal Reserve Act restricts the banks from the payn ent of any
interest on deposits of public funds which are in the nature of "den and
accounts."
Consequently, Con ptroller Taylor has sought to find a
method whereby there may be some salvage of interest to the city by plac¬
ing as much of the city funds in "tin e deposit" accounts as n ay possibly
be done, thereby obtaining interest on such designated accounts as long as
they are ' time deposits."
VOTED—On
(State of)—$100,000,000 NOTES SOLD— State Comp¬
15 acceptance of subscriptions
offering of $100,000,000 notes, including $50,000,March 16, 1938, and $50,000,000 with
0.75% and maturing April 18, 1938.
In announcing allotn ent
of the notes to some 85 banks and bond houses in the State, the Con ptroller
stated that although the Government ended its recent fiscal year with a
virtually balanced budget, a certain an ount of short-term financing will
continue to be necessary because of the legislature's action in recent years
in advancing the dates for payment of much of the State's expenses without
advancing the date for payment of taxes. A large portion of the proceeds of
the current issue will be applied to State aid requiren.ents for the public
for the full amount of an
000 bearing 0.70% interest and due
interest at
schools.
NORTH
PATCHOGUE
FIRE
DISTRICT
(Town
of
Brookhaven)»
(P. O. Patchogue), N. Y.—BOND SALE—The issue of $12,000 coupon
registered building bonds offered Sept. 17—V. 145, p. 1776—was awarded
to the P. B. Roura Co. of New York, as 3s, at par plus a premiur of $10.50,
equal to 100.08, a basis of about 2.99%.
Dated Oct. 1, 1937 and due
$1,000 on Oct. 1 from 1938 to 1949 incl^J The Union Savings Bank of
Patchogue, second high bidder, offered a premium of $10 for 3s.
or
OLD FORGE, N. Y.—BONDS SOLD—First National Bank of Old
Forge purchased earlier in the year an issue of $20,000 4H% municipal
building bonds.
Due $2,000 annually from 1938 to 1947, incl.
PALMYRA, N. Y.—BOND ELECTION—The Village Board has called a
special election for Sept. 21 at which a proposition to issue $32,000 water
submitted to a vote.
1
system bonds will be
,
SALTAIRE, N. Y.—BOND OFFERING—May E .van Bokkelen, Village
Clerk, will receive sealed bids at the office of LeRoy B. Isern an, Village
Attorney, 39 Broadway, New York City, until noon (daylight saving time)
on Sept. 21, for the purchase of $15,000 not to exceed 6% interest coupon
or registered water improvement
bonds.
Dated Sept. 1, 1937.
Denom.
81,000.
Due $1,000 annually on Sept. 1 from 1940 to 1954, incl.
Bidder
to name a single interest rate on all of the bonds, expressed in a multipe of
M or l-10th of 1%.
Principal and interest (M. & S.) payable at the First
National Bank & Trust Co., Bay Shore, with New York exchange.
The
bonds are general obligations of the village, payable from unlin ited taxes.
A certified check for $300, payable to the order of the village, must accom¬
pany each proposal.
The approving legal opinion of Clay, Dillon & Vande¬
water of New York City will be furnished the successful bidder.
Financial Statement
The assessed
valuation
of the property subject to the taxing power
of
the village is $1,071,495.00.
The total bonded debt of the village including
the above mentioned bonds is $72,500.00.
The population of the village
(1930 census) was 64, which is the winter population. Estin ated population
summer months, 1,500.
The bonded debt above stated does not include
in
the debt of any other subdivision having power to levy taxas upon any or
all of the property subject to the taxing power of the village. The fiscal year
commences
June 1.
The amount, of taxes levied for the fiscal years com¬
mencing June 1. 1934, June 1, 1935, and June 1, 1936, was respectively
828A90.43, $28,438.77, and $28,539.37.
The amount of such taxes un¬
collected at the end of each of said fiscal years was respectively $7,141.45,
$7,220.48, and $6,707.90. The an ount of such taxes remaining uncollected
of Sept. 8,1937, is respectively $2,621.84, $5,413.39, and $5 J57.78.
The taxes of the fiscal year commencing June 1, 1937, amount to $26,787.38 of which $3,480.25 has been collected.
The tax collection period
commenced Sept. 4, 1937.
SARANAC CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Saranac),
N.
Y.—BOND
Sept." 9
the
voters
approved the issuance of $20,000 hospital and land purchase bonds.
City
Clerk advises that these bonds, together with a $30,000 school site loan
approved June 26, will be offered for sale about Oct. 1.
J. Pickett, District Clerk, will
(Eastern Standard Tin e) on Sept. 20, for
OFFLR1AG—Edmund
receive sealed bids until 3 p. m.
the purchase of $40,000 not to
exceed 6% interest coupon or registered
Dated June 1, 1937.
Denom. $1,000.
Due June 1 as
$2,000 from 1939 to 1952, incl. and $3,000 from 1953 to 1956,
incl.
Principal and semi-annual interest (J. & D.) payable at the Mer¬
chants National Bank, Plattsburg, with New York exchange.
Bidder to
name a single rate of interest on all of the bonds, expressed in a multiple of
school
bonds.
follows:
H or l-10th of 1%.
The bonds are direct general obligations of the dis¬
trict, payable from unlimited taxes.
A certified check for $1,000, payable
to the order of Edmund J. Pickett, District Treasurer, must accompany
each
Y —BONDS
YORK
troller Morris S. Tremaine announced Sept.
as
The assessed valuation of the property subject to the taxing power df
the district according to the 1936 assessment roll is $856,494.
The total
bonded
debt of said
district including the above-mentioned bonds is
not
or
lected.
NEW
HURLEY SCHOOL DISTRICT NO. 5 (P. O.
bonds.
levy taxes upon any
power of the village.
The fiscal year comm ences March 1.
taxes levied for each of the fiscal years comn encing March 1,
incl. and $5,000 from
building
to rate or amount.
directed
110,442.82
'37
as
Financial Statement
debt.
coupon fire equip¬
bonds offered Sept. 16 were awarded to Adams, McEntee & Co.,
Inc., New York, as 2s, at a price of 100.07, a basis of about 1.98%.
Dated
Aug. 1, 1937 and due Aug. 1 as follows:
$4,500 in 1938, and $6,000 from
1939 to 1942, incl.
The bonds, according to the bankers, are legal invest¬
ment for savings banks and trust funds in New York State.
collected of Aug. 1,
x Not completed.
subject to the levy of ad valorem taxes to pay the principal andi nterest of
30.00
25.50
115.00
82.50
30.00
57.00
30.00
ment
cal year....
Amount of such taxes
1937
18
the
HEMPSTEAD, N. Y.—BOND SALE— The $28,500
ceding tax levies
Sevt.
said bonds without limitation
60.00
58.50
1.60%
1.60%
1.70%
1.70%
1.75%
1.80%
1.90%
Harris Trust & Savings Bank
A. C. Allyn & Co., Inc
1
Sherwood <fc Co. and Francis I. DuPont & Co
Salomon Bros. & Hutzler
Chronicle
proposal.
The approving legal opinion of Clay, Dillon &
City will be furnished the successful bidder.
Vande¬
water of New York
SCHENECTADY, N. Y—$627,000 BOND SALE SOON—Clarence H.
Greene, Deputy Director of Finance, informs us that on or about Sept. 28.
bids for the purchase of the following:
$400,000 debt equalization bonds, series 1937.
100,000 general municipal bonds, series A
60,000 general municipal bonds, series B
25,000 public improvement bonds, series A
30,000 public improvement bonds, series B
12,000 fire drill tower bonds.
the city will receive
MOUNT MORRIS, N. Y.—BOND OFFERING— Otis B. Dow, Village
Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time) on
Sept. 22, for the purchase of $1,999 not to exceed 4% interest fire truck
bonds.
Dated Aug. 15, 1937.
One bond for $499, others $500 each.
Due
Aug. 15 as follows:
$500 from 1938 to 1940, incl. and $499 in 1941.
Int.
payable F. & A. 15.
A certified check for $200, payable to the order of
the Village Treasurer, must accompany each proposal.
TRIBOROUGH
NEW HARTFORD, N. Y.—BOND OFFERING—George W. Healy,
Village Clerk, will receive sealed bids until 2p.m. (Eastern Standard Time)
on Sept. 28 for the purchase of $17,400 not to exceed
6% interest coupon or
registered highway improvement bonds.
Dated Oct. 1, 1937.
One bond
for $400» others $500 each.
Due Oct. 1 as follows: $3,400 in 1938 and
$3,500 from 1939 to 1942, incl.
Bidder to name a single rate of interest
for the entire issue, expressed in a multiple of
or l-10th of 1%.
Prin.
and int. (A
& O.) payable at the First National Bank of New Hartford,
with New York exchange.
A certified check for $350, payable to the order
of the village, must accompany each proposal.
Approving legal opinion of
Clay, Dillon & Vandewater of N. Y. City will be furnished the successful
bidder.
The bonds are general obligations of the village, payable pri¬
marily in part from ad valorem taxes upon all the taxable property in the
village, and in part from assessments levied upon property adjoining the
proposed improvement, but in the event that said bonds and interest
thereon are not paid therefrom, all the taxable property in the village is
I
BRIDGE
AUTHORITY,
FOR DELIVERY—The Chase National
N. Y.—BONDS READY
Bank of New York announces that
serial revenue and sinking fund revenue bonds of the above
Authority are now available for delivery, in exchange for the temporary
bonds, at its corporate trust department, 11 Broad St., New York City.
definitive 4%
UTICA, N. Y.—ADJOINING TOWNS PROTEST WATER SYSTEM
ACQUISITION—Attorneys for neighboring villages and towns protested
the proposed purchase of Consolidated Water Co. system by the City of
Utica at a hearing in City Hall, Sept. 13.
The bearing was conducted by'Wallace Suter, Executive Engineer for the
State Water and Power Control Commission, on the city's application for
permission to acquire the water sytem, paying $7,900,000 through an issue
of 30-year revenue bonds.
The attorneys made it clear the main objections are based on loss of
taxes and against the city being permitted to establish rates their clients
will be required to pay for water.
,
„
Volume
to
Financial
145
Chronicle
1939
During the hearing the attorneys made it plain it was the intention
test in courts the constitutionality of the special Act of the Legislature
under which the city proposes to acquire the water system.
Bartle Gorman, Corporation Counsel, representing the city in the pro¬
ceeding said it was the city's intention to at once make effective a decrease of
approximately 15% in water rates, both in the City of Utica and outside
places, in accord with the Public Service Commission order of 1933.
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
700
$13,000
CANTON
WILSON COUNTY,
Due
4/16-48/51 @ 3.75 % basis & int.
Richmond, Va.
Phone 3-9137
/
lows:
1947.
COLUMBUS, Ohio—DECLINE IN REVENUES MAY REQUIRE
$800,000 REFUNDING OPERATION—Faced with a decline of approxi¬
mately $800,000 in revenues during 1938, which would seriously curtail
the normal operation of municipal
government, Mayor Myron B. Gessaman is preparing to submit a financial
program to the City Council which
will include the submission to the electorate of a two mill
levy Nov. 2,
according to a report in the "Wall Street Journal" of recent date.
The levy, if approved, would provide the
greater part of the deficiency
arising with the expiration of the 2.4-mill levy, and a refunding plan,
involving approximately $800,000, is also included in the general program.
Revenue released through the refunding
program, it was said, will be
used to retire the city's relief deficit of
nearly a quarter million dollars
as a result of the
State's exodus from the relief picture last April.
The
relief cost deficit to the city is
expected to reach the half-million mark by
the close of the year should the Legislature fail to enact a new
program in
its special session expected to be held some time in October.
1936.
Black Mountain Special School Tax District Refunding bonds„
July 1, 1936.
Fairview Sanitary Sewer District Refunding bonds, dated July 1,
Skyland Sanitary Sewer District Refunding bonds, dated July 1,
South Buncombe Water and Watershed District Refunding bonds,
July 1, 1936.
District
dated
1936.
1936.
dated
Refunding bonds, dated July 1,
1936.
LAURINBURG, N. C.—NOTE SALE— On Sept. 14
4%
revenue notes was awarded
McDOWELL COUNTY (P.
IZED—The Board of County
to the State Bank of
O.
Marion),
an issue of $10,000
Laurinburg.
CUYAHOGA FALLS, Ohio—BOND OFFERING— J. E. Preston, City
Auditor, will receive sealed bids until noon (Eastern Standard Time) on
Sept. 27 for the purchase of $135,000 4% refunding bonds.
Dated Oct. 1,
1937.
Denom
$1,000.
Due as follows: $7,000 June 1 and Dec. 1 from
1940 to 1948, incl., and $7,000 June 1 and $2,000 Dec. 1, 1949.
Interest
payable J. & I).
Bidders may name an interest rate other than 4%,
provided that where a fractional rate is named such fraction is expressed
in multiples of
of 1%.
A certified check for 2% of the bid, payable to
the order of the City Treasurer, must accompany each proposal.
N.
Commissioners
C.—BONDS AUTHOR¬
has adopted a resolution
authorizing the issuance of $22,000 school bonds.
NORTH
,
CAROLINA
(State
of)—BONDS
FUND COMMISSION—The $438,000 highway
which
were
awarded
Bank <k
SOLD
BY
SINKING
bonds described below,
offered by the Sinking Fund Commission on Sept <*"16, were
to
the
Chase
Trust Co.
National
Bank
of Winston-Salem
of
at
New
a
York
and
the
Wachovia
IRONTON, Ohio—BOND A WARD—Award of the $21,617.72 funding
Sept. 9, which was deferred until the following evening, has
price of $509,459.70, equal to
116 *31 o:
bonds offered
$4,000 4Hs, dated Jan. 1 and July 1,1921 to 1926.
Due
11,000 4h8, dated Jan. 1 and July 1, 1921 to 1926.
Due
4.000 4)^8, dated Jan. 1 and July 1, 1921 to 1926.
Due
4,000 4Ks, dated Jan. 1, 1923.
Due Jan. 1, 1950.
4,000 4^8, dated Jan. 1 and July 1, 1921 to 1926.
Due
263,000 4Ms, dated Jan. 1 and July 1, 1921 to 1926. Due
78,000 4>£s, dated Jan. 1 and July 1, 1921 to 1926. Due
10,000 4^s, dated Jan. 1, 1923.
Due Jan. 1, 1951.
14,000 4^8, dated Jan. 1, 1925.
Due Jan. 1, 1952.
21,000 4>£s, dated Jan. 1, 1923.
Due Jan. 1, 1952.
25,000 4dated Jan. 1, 1923.
Due Jan., 1952.
i
Interest on all the bonds is payable Jan. 1 and July 1.
Jan. 1, 1950.
been made to J.
S. Todd & Co. of Cincinnati, on their bid of
par plus a
premium of $28.13, equal to 100.13, for the issue as 3Ms.
The following
July 1, 1950.
Jan. 1, 1950.
other offers were submitted:
Bidder—
334%
$186.00
82.15
328.10
139.00
JAMESTOWN, Ohio—BOND OFFERING—A. Y. Whitehead, Village
Clerk, will receive bids until
mortgage
revenue
obligation bonds.
Sept. 24 for the purchase of $25,000 5%
disposal plant bonds and $5,000 5% general
Due serially in one to
sewage
noon
Interest payable semi-annually.
20 years.
KENTON,
Ohio—BOND OFFERING—Merle Fleming,
will receive sealed bids until
noon
on
Oct.
City Auditor,
11, for the purchase of $18,800
4 H % bonds, proceeds of which will be applied to the payment of unsecured
indebtedness incurred prior to commencement of the current fiscal year.
Bonds will be dated April 1, 1937.
One bond for $2,800, others $2,000
TARBORO, N. C —BOND OFFERING—W. E. Easterling, Secretary of
Local Government Commission, located at Raleigh, will receive bids until
11 a. m. Sept. 21 for the purchase at not less than par of $17,000 coupon,
registerable as to principal, general obligation, unlimited tax, refunding
are to name
Premium
3H%
3H%
Weil, Roth & Irving Co
& Trust Co. of Concord, at 6%, plus a premium of $73.50, as noted in these
columns recently—V. 145, p. 1460—are due on May 1, 1938.
Bidders
Int. Rate
Charles A. Hinsch & Co., Inc
Pohl & Co., Inc..
Provident Savings Bank & Trust Co
July 1, 1951.
July 1, 1951.
Jan. 1, 1951.
SOUTHERN PINES, N. C.—MATURITY—It is now reported by the
Town Clerk that the $5,000 revenue notes purchased by the Cabarrus Bank
bonds.
CENTER, Ohio—BONDS VOTED—The
recent
premium of $26.87, equal to 100.32.
Dated June 1, 1937, and due as fol¬
$440 on June 1 and Dec. 1 from 1938 to 1946, incl., and $440 June 1,
CAROLINA
Sewer
a
BELLEVILLE, Ohio—BOND SALE—The $8,360 sewage system and
sewage disposal plant construction bonds offered Sept. 9—V. 145, p. 1460—
were awarded to the Citizens National Bank of Mansfield at
par plus a
(P. O. Asheville), N. C.—BOND TENDERS
AS RED—Curtis Bynum Secretary of the Sinking Fund Commission, will
receive sealed tenders until 12 noon Sept. 28, for the purchase by the re¬
spective Sinking Funds of the following bonds:
Buncombe County Refunding bonds, dated July 1, 1936.
City of Asheville General Refunding bonds, dated July 1, 1936.
Asheville Local Tax School District Refunding bonds, dated July 1, 1936.
Biltmoro Special School Tax District Refunding bonds, dated July 1,
Water and
SPRINGFIELD
voters of the village
election gave their approval to a proposition to issue $19,225
water works bonds.
BUNCOMBE COUNTY
Swannanoa
COLUMBUS
OHIO
BELLE
at
A. T. T. Tel. Rich. Va. 83
NORTH
BUILDING, CLEVELAND
CINCINNATI
N. C., Hwy. 43^8
F. W. CRAIGIE & COMPANY
•
CUYAHOGA
AKRON
Due
each.
1946, incl.
Oct. 1 as follows:
$2,800 in 1938, and $2,000 from 1939 to
Interest payable A. & O.
A certified check for $500.
payable
city, must accompany each proposal.
to the order of the
interest rates, but no more than two different
rates on the entire
$1,000.
issue, in multiples of \i %, not to exceed 6%.
Denom.
Dated Jan. 1, 1937.
Principal and semi-annual interest (Jan. 1
LEWISBURG, Ohio—BOND SALE—The $15,000 sewage system and
disposal plant construction bonds offered Sept. 11—V. 145, p. 1461—were
awarded to Granberry & Co. of Cincinnati.
Dated Sept. 1, 1937, and due
$500 on March 1 and Sept. 1 from 1939 to 1953, inclusive.
and July 1) payable at New York.
Due $2,000, Jan. 1, 1947, and $5,000
on Jan. 1 in 1948, 1949 and
1950.^Certified check for $340, payable to the
State Treasurer, required.
LYNCHBURG,
WILSON, N. C.—BOND SALE—The $64,000
coupon public improve¬
Sept. 14—V. 145, p. 1777—were awarded to Kirchofer& Arnold of Raleigh, the first $46,000 as 3s and the balance as
2i^s,
at par plus a premium of $38, equal to 100.059.
Dated Sept. 1, 1937.
Due on Dec. 1 as follows: $8,000, 1938 and 1939; and $8,000, 1940 to 1947.
NORTH
DAKOTA
SCHOOL
DISTRICT
NO.
McGUFFEY-McDONALD
(P.
O.
Amidon),
CHILCOT SCHOOL DISTRICT NO. 27, Mountrail County, N. Dak.
of indebtedness
New
Education, will receive bids until 2 p. m. Sept. 24, for the purchase of
$600 7% certificates of indebtedness.
Certified check for 2%, required.
FLAXTON SPECIAL SCHOOL DISTRICT NO. 29, Burke
County,
Dak.—CERT IF ICATES NOT SOLD—The $6,000 certificates of in¬
were
Sept. 1—V. 145,
p.
1299—were not sold,
as no
bids
received.
GASCOYNE
SCHOOL DISTRICT NO. 22, Bowan
County, N. Dak.
—CERTIFICATES NOT SOLD—The $4,000 certificates of indebtedness
offered on Sept. 7—V. 145, p. 1460—were not sold.
JAMESTOWN, N. Dak.—BOND OFFERING—A. R. Thompson, City
Auditor, will receive bids until 8 p. m. Sept. 24 for the purchase at not less
than par of $35,000 armory-auditorium construction bonds.
Bidders are
to
rate
of interest,
not to exceed 6%.
Denom. $1,000.
Principal
payable at any suitable bank
designated by the purchaser.
Due on Oct. 1 as follows:
$2,000, 1939 to 1954; and $3,000 in 1955.
Cert, check for 2% of amount of
bid, payable to the City Auditor, required.
Approving opinion of Junell,
Fletcher, Dorsey, Barker & Coleman of Minneapolis will be furnished by the
city.
name
and semi-annual interest (April 1 and Oct. 1)
trust company
or
VIE SCHOOL DISTRICT
NO. 104, Mountrail County,
N. Dak.—
CERTIFICATES NOT SOLD—The $2,000 certificates of indebtedness of¬
on Aug. 10—V, 145, p. 807—were not sold, as no bids were
received.
fered
WASHINGTON
SCHOOL
DISTRICT NO. 19, Bowman County.
OFFERING—Arthur Nordby, District
Clerk,
County Auditor's office in Bowman until 2 p. m.
Sept. 30 for the purchase at not less than par of $1,500 certificates of in¬
debtedness, bearing interest at no more than 7%.
Interest payable an¬
nually.
Certified check for 5% of amount of bid, required.
N.
Dak.—CERTIFICATE
will receive bids at the
OHIO
BAY
VILLAGE, Ohio—BONDS NOT SOLD—No bids were received
Sept. 11 offering of $123,800 4% refunding bonds.—V. 145, p. 1622.
Oct. 1, 1937 and due serially on Oct. 1 from 1942 to 1951 incl.
Redeemable in whole or in part at par on Oct. 1, 1941.
at the
Dated
RURAL
SCHOOL
DISTRICT,
Hardin
WATERSHED CONSERVANCY DISTRICT (P. O.
Philadelphia), Ohio—LITIGATION PREVENTS SALE OF BONDS
officially announced that, due to litigation concerning the proposed
financing, the district will not accept bids for the $1,500,000 3% bonds
scheduled for sale Sept. 18—V. 145, p. 1622.
Dated Oct. 1, 1937, and due
$150,000 annually on Oct. 1 from 1939 to 1948, inclusive.
PORTAGE
$25,000
DIVISION SCHOOL DISTRICT NO. 20 (P. O. Stanley), N. Dak.—
CERTIFICATE OFFERING—Mrs. Tressie Clemensen, Clerk, Board of
on
NEW
—It is
—CERTIFICATES NOT SOLD—The $1,000 certificates
offered on Aug. 14—V. 145, p. 807—were not sold.
N.
—
MUSKINGUM
25
N. Dak .—CERTIFICATE OFFERING—Mrs. J. B. Kempernick, Clerk
of the Board of Education, will receive bids until Sept. 23 for the purchase
of an issue of $800 certificates of indebtedness.
debtedness offered
RESCINDED
County, Ohio—BOND SALE—The district recently sold an issue of
$80,000 c>M% school building bonds to the Kenton Savings Bank of Kenton
at par plus a premium of $500, equal to 100.625.
Sept. 30 at the County Auditor's office in Towner for the purchase of $3,300
4% bonds.
Denom. $1,000 and $1,300.
Due in 1942.
VIEW
SALE
reported refusal of the investment house to accept the bonds as advertised.
Tne Council then sold the issue to the Farmers' Exchange Bank of Lynch¬
burg, which was the next highest bidder, at the original sale.,
BERGEN SPECIAL SCHOOL DISTRICT NO. 55, N. Dak.—BOND
OFFERING—L. M. Cummins, District Clerk, will receive bids until 2 p. m.
BULLION
Ohio—ORIGINAL
AWARD MADE—We learn that the Aug. 9 award of $4,000 water works
improvement bonds to Fox, Einhorn & Co., Inc., of Cincinnati as 4s at
100.65, a basis of about 3.86%, reported in these columns at that time—
V. 145, p. 1145—was later rescinded by the Village Council because of the
ment bonds offered on
COUNTY
(P.
O.
Ravenna),
Ohio—BOND
SALE— The
coupon emergency poor relief bonds offered Sept. 13—V. 145, p.
to the First National Bank of Garrettsville, as 2s, at
1300—were awarded
of $6, equal to 100.02, a basis of about 1.99%. Dated
Sept. 1, 1937 and due March 1 as follows:
$3,400, 1938; $3,100, 1939;
$3,300, 1940; $3,500, 1941; $3,700, 1942: $3,900, 1943, and $4,100 in 1944.
par plus a premium
SHAKER
HEIGHTS, Ohio—BOND 1 SALE—The $300,000 coupon
refunding bonds offered Sept. 13—V. 145, p. 1300—were awarded to a
syndicate headed by the First Cleveland Corp., Cleveland, as 3Hs, at par
Slus a premium of $2,284, equal to 100.76, a basis of about 3.41 %. Dated
ict. 1, 1937 and due $20,000 each six months from Oct. 1,1944 to Oct. 1,
1951 incl. A group headed by McDonald-Coolidge & Co., Cleveland, sub¬
mitted the next highest bid of par and a premium of $2,060 for 3 Ms.
We
Weil,
learn
that
the
other
members
of
the
successful
account
were
the
& Irving Co., Charles A. Hinsch & Co., Inc. and BohmerCo., all of Cincinnati.
The bankers made public re-offering
of the issue at prices to yield from 2.90% to 3 35%, according to maturity.
Roth
Reinhart &
STRUTHERS, Ohio—BOND OFFERING— John F. Pearce. City Audi¬
noon on Sept. 25 for the purchase of $29,000
Dated Oct. 1, 1937.
Denoms. $1,000 and $500.
Due Oct. 1 as follows: $3,000 from 1939 to 1943, incl., and $3,500 from 1944
tor, will receive sealed bids until
4% refunding bonds.
to
1947, incl.
Interest payable A. & O.
Bidders may name an interest
4%, although where a fractional rate is named the fraction
in multiples of
of 1%.
A certified check for $300
accompany each proposal.
!
■
'
rate other than
must
must
be expressed
'
SUGAR GROVE, Ohio—BOND SALE—The $16,500 coupon, registerable, water works bonds offered on Sept. 4—V. 145, p. 1300—were awarded
to Fox, Einhorn & Co. of Cincinnati, as 3Ks, at par plus a premium of
$52.80, equal to 100.32, a basis of about 3.23%. Dated June 1, 1937. Due
on Oct. 1 as follows:
$800,1938 to 1952; and $900,1953 to 1957.
|
SUMMIT
COUNTY
(P. O.
Akron), Ohio—BOND SALE—The issue
of $500,000 refunding bonds offered Sept. 13—V. 145, p. 1623—was awarded
to a syndicate headed by Field, Richards & Shepard, Inc., Cleveland, and
Braun, Bosworth & Co. of Toledo as 3s, at par plus a premium of $1,057,
equal to 100.21, a basis of about 2.97%.
Dated Oct. 1, 1937, and due
$100,000 each Oct. 1 from 1942 to 1946, incl.
A group headed by the Provi¬
dent Savings Bank & Trust Co., Cincinnati, submitted the second high
bid of par p.us a premium of $3,105, for 3 Ms.
UTICA, Ohio—BONDS VOTED—At a recent special election the voters
approved a proposal to issue $36,000 sewerage system bonds.
Financial
1940
WADS WORTH,
Ohio—BONDS SOLD—The Sinking Fund Trustees
have agreed to purchase an issue of $8,915 4% fire engine and equipment
bonds.
Dated Sept. 4, 1937 and due serially from 1939 to 1949 incl.
Chronicle
Sept. 18, 1937
Due $1,000 yearly
Treasurer's office.
1) payable at the City
Oct. 1 from 1938 to 1954, incl.
and Oct.
on
Cert, check for 2%, payable to the city,
required.
Approving opinion of Teal, Winfree, Mcculloch, Shuler &
Kelley of Portland will be furnished by the city.
OREGON (State ot)—BOND SALE—'The $1,000,000 coupon highway
bonds offered on Sept. 14—V. 145, p. 1623—were awarded to the First
National Bank of Portland on a bid of par for .45% bonds.
Dated Oct. 1,
R. J. EDWARDS, Inc.
1937.
Due April 1, 1938; redeemable Jan. 1,
Commission was the only other bidder, offering
1938.
The State Bond
100.001 for .50% bonds.
OF BANDON, Ore.—WARRANT SALE—The $25,000 time
warrants offered on Sept. 15—V. 145,p. 1778—were awarded
to Tripp &
PORT
Municipal Bonds Since 1892
Oklahoma City,
AT&T
Ok Cy
Due
SALEM, Ore.—BOND SALE—'The $100,000 water bonds offered on
gept, 7—v. 145, p. 1145—were awarded to a syndicate composed of Baker,
Fordyce & Co. of Portland, Wm.
P. Harper & Son & Co., Seattle, the
Seattle Trust & Savings Bank of Seattleand Atkinson -Jones & Co., Port¬
land, at a price of 100.188, $75,000 bonds maturing Sept. 1, 1942 to bear
2M% interest and $25,000 maturing Sept. 1, 1943 to bear 2M% interest.
Dated Sept. 1, 1937.
Long Distance 158
19
Dated July 1, 1937.
McClearey of Portland on a bid of par for 5s.
$5,000 yearly on July 1 from 1938 to 1942.
Oklahoma
OKLAHOMA
BLACKWELL, Okla.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on Sept. 21 by Dwight Randall, City Clerk, for the purchase
of two issues of bonds aggregating $300,000, divided as follows:
$75,000 electric light improvement and extension, series A.
Due $37,500
on Sept. 1 in 1940 and 1941.
225,000 electric light improvement and extension, series B bonds.
Due
$37,500 from Sept. 1, 1942, to 1947, incl.
Dated Sept. 1,1937.
The bonds shall be sold to the bidder who will pay
par and accrued interest and who shall stipulate in his bid the lowest rate
of interest which such bonds are to bear.
A certified check for 2 % of the
amount of the bid is required.
SWEET HOME, Ore.—BONDS NOT SOLD—The $40,000 water bonds
on Aug. 31—V. 145, p. 1300—were not sold, as no bids were re¬
Dated Aug. 15, 1937.
Due on Aug. 15 as follows: $1,500, 1939
to 1941: $2,000, 1942 to 1945; $2,500, 1946 to 1950: amd $3,000, 1951 to
offered
ceived.
1955.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 15 (P. O. Fore*t
Grove), Ore.—BOND SALE—The $50,000 school bonds offered on Sept. 13
awarded to the Forest Grove National Bank.
Dated
Oct. 1, 1937.
Due on Oct. 1 as follows: $2,500, 1939 to 1955: $3,500, 1956;
and $4,000 in 1957.
V. 145. P. 1623—were
ENID, Okla.—BOND OFFERING—Chas. Ethington, Clerk, Board of
Education, will receive bids until 8 p. m. Sept. 21 for the purcnase of
$4,079.28 special assessment retirement bonds.
Due $2,000 in tnree and
four years after date and $79.28 the fifth year.
Bidders are to name rate
of interest.
Cert, check for 2% of amount of bid, required.
City of Philadelphia
^14% Bonds due Dec. 1, 1975/45
GRAND RIVER DAM AUTHORITY, Okla.—GRAN TED $20,000,000
|
PWA
Fl/NjuS—Public Works Administrator Harold L.
Price:
Ickes announced
109.315 & Interest to Net
3.20%
in press
release No. 3237 approval by the President of an allotment of
$20,000,000, consisting of a loan of $11,563,000 and a grant of $8,437,000
to tne Grand River Dam Authority of Oklahoma.
This will be a multiple
purpose, self-liquidating conservation project and will control, store, and
Moncure Biddle & Co.
distribute the waters of the Grand River and its tributaries for the purpose
of flood control, irrigation, recreation and hydro-electric development.
Philadelphia
1520 Locust Street
About 80 miles northeast of Tulsa, near the town of Pensacola, Okla.,
will be built a dam on the Grand River.
This dam will produce a regulated
flow of 2,470 cubic feet per second and create an average static head
of approximately 105 feet . The completed project will include all the flood
control recommended by the Army Engineers.
It will include a hydro¬
electric power plant composed of two 20,000 kiloewatt capacity turbo¬
water
BOUGHT
are
planned.
QUOTED
—
YARNALL & CO.
A.
These lines would not only connect the porposed plant to
T.
&
T.
Teletype—Phila. 22
but would
the load
give the added advantage of more thoroughly inter¬
connecting the power systems of Oklanoma, southeastern Kansas, south¬
western Missouri, and northwestern Arkansas.
The
SOLD
—
CITY OF PHILADELPHIA LOANS
generators capable of delivering approximately 175,000,000 kilowatt hours
of firm power annually.
In a special survey the Federal Power Commission had indicated that
there is ampie market for this potential energy in the surrounding urban
and rural areas as well as in the oil and coal fields, and lead and zinc mines
nearby. Transmission lines from the generating plants to the major markets
Grand
River
Dam Authority was created
by the Oklahoma legis¬
lature in 1935 with power to borrow money and build and operate the pro¬
posed project.
The Authority covers an area consisting of tne counties
of Adair, Cherokee, Craig, Delaware, Mayes, Muskogee, Nowata, Ottawa,
Rogers, Tulsa, Wagoner, Sequoyah, Osage, Wasnington, Mcintosh, Creek
and Okmulgee.
_J
PERKINS, Okla.—BOND SALE— The $16,500 school building bonus
offered on Sept. 8—V. 145, p. 1623—were awarded to C. Edgar Honnold
of Oklahoma City, who took $8,000 bonds as 2s and the balance as 3 Ms.
Due $2,000 yearly beginning three years after date of issue, except that
the last instalment will be $2,500.^
PITTSBURG CO. UNION
GRADED SCHOOL
Savannah), Okla.—BONDS NOT SOLD—The
DIST. NO. 1 (P. O.
$15,000 school
building
bonds offered on Aug. 3—V. 145, p. 807—were not sold, the offering having
been canceled because of legal action brought in the State Court involving
the legality of the election at which the bonds were voted.
WASHINGTON
Philadelphia
Walnut Street
1528
COUNTY
SCHOOL
DISTRICT
_
NO.
14
(P.
O.
Ramona), Okla.—BONiJ SALE—Tne $8,000 school building bonds offered
sept. 15—v. 145, p. 1778—were awarded to the First National Bank &
Trust Co. of Ramona as 3 Ms.
Due $500 yearly from 1941 to 1956.
on
YUKON, Okla.—BONDS NOT SOLD—REOFFERED—The $I2,OoT,
bonds offered on dept. 14—V. 145, p. 17/8—were not sold.
A new offer¬
ing will take place sept. 28 at 2 p. m.
The bonds are described as follows:
$2,5Uu waterworks bonds.
Due $2UU from Jan. 1, 1941 to 1951, and $3uU
on Jan. 1, 1952.
4,500 fire department bonds.
Due $300 from Jan. 1, 1941 to 1955, incl.
5,UU0 sewer Donas.
Due $300 from Jan. 1, 1941 to 1955, and $500 on
Jan. 1, 1956.
PENNSYLVANIA
DU
BOIS, Pa.—BOND OFFERING—Wo
ALBANY UNION HIGH SCHOOL
are
advised that the borough is
receiving bids for the purchase of $9,000 3M% sewer construction
Due $1,500 each on Aug. 1 in 1942, 1947, 1952, 1957, 1962 and
1967.
Callable after five years.
Communications should be addressed
to Charles F. Bidelspacher, Borough Solicitor, 48 West 4th St., Williamsport
It is further stated that the borough proposes to issue $4,600 debt
now
bonds.
4
liquidation bonds, the details of which are still being formed.
PENNSBORO
EAST
TOWNSHIP
SCHOOL
Pa.—BOND OFFERING—Charles
Enola),
H.
(P.
DISTRICT
Miller,
O.
Secretary of the
bids until 7:30 p. m. on Oct. 7
purchase of $50,000 2M, 2M, 3, 3M or 3M% coupon, registerable
as to principal only, school bonds.
Dated Nov. 1, 1937.
Denom. $1,000.
Due Nov. 1 as follows: $4,000 in 1939 and $2,000 from 1940 to 1962, incl.
Bidder to name a single rate of interest on all of the bonds.
Interest
payable M. & N.
A certified check for 2% of the bonds bid for, payable
todhe order of the District Treasurer, must accompany each proposal.
Board of School Directors, will receive sealed
OREGON
—WARRANT SALE—An issue
SCHOOL
DISTRICT, Pa.—BOND OFFERING—As
previously reported in these columns the district is making an offering
of $67,000 coupon, registerable as to principal only, high school addition
bonds.
Sealed bids addressed to U. G. Fry, Secretary of the Board of
School Directors, will be received until 8 p. m. (Eastern Standard Time)
on
Sept. 29.
The bonds will be dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1 as follows: $3,000 from 1940 to 1960 incl. and $4,000 in 1961.
Bidder to name a single rate of interest from the following: 2, 2M, 2M,
2M, 3, 3M or 3M%.
Interest payable A. & O.
Bonds and interest
thereon will be payable without deduction for any tax or taxes, except
succession or inheritance taxes, now or hereafter levied or assessed thereon
under any present or future law of the Commonwealth of Pennsylvania; ail
of which taxes the school district assumes and agrees to pay.
A certified
check for 2% of the bonds bid for, payable to the order of the District
Treasurer, must accompany each proposal.
The bonds will be issued
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
(The above issue was originally scheduled for sale on
Sept. 7.)
HILL
CAMP
for the
DISTRICT, Linn County, Ore.
3% school warrants has been
of $2,500
sold to the First National Bank of Harrisburg at par.
ELGIN, Ore.—BOND OFFERING—S. E. Harris, City Recorder, will
Sept. 20 for the purchase of an issue of $10,000
receive bids until 8 p. m.
Interest rate is not to exceed 4 M %. payable March 1
and Sept. 1.
Denom. $500.
Dated Sept. 1,1937.
Principal and interest
payable at the Cicy Treasurer's office.
Due $500 on Marcn 1 and Sept. 1
in each of the years from 1946 to 1955, incl.
Certified check for $500,
payable to the city, required.
FREELAND,
coupon water bonds.
JOHN
DAY, Ore.—BONDS VOTED—At
a
recent election the voters
approved tne issuance of $25,000 refunding and water improvement bonds.
KLAMATH FALLS, Ore.—BOND OFFERING—Common Council will
Oct. 11 for the purchase of an issue of $14,6% street improvement bonds.
Denom. $500.
Dated July 1,
Certified check for 5%, required.
receive bids until 7.30 p. in.,
851.86
1937.
LINN
AND
MARION
COUNTIES
SCHOOL
DISTRICT
NO.
129
(P. O. Mill City), Ore.— WARRANT SALE—The issue of $7,f00 warrants
offered on Sept. 9—V. 145, p. 1778—was sold at a price of par for 4s.
Dated Sept. 1,1937.
Due on Sept. 1 as follows: $1,000,1938 to 1944, and
$500 in 1945.
MALHEUR COUNTY SCHOOL DISTRICT NO. 36 (P.
_
MALHEUR COUNTY SCHOOL DISTRICT NO. 42 (P. O. Jamieson),
Ore.—BOND SALE—The $65,000 5% school bonds offered on Sept. 11—
V. 145, p. 1623—were awarded to Merton R. De Long of Portland at par
plus a premium of $66.05, equal to 101.01, a basis of about 4.85%.
Due as
follows: $500 in 1942 and $1,000 from 1943 to 1948.
MARION COUNTY SCHOOL DISTRICT NO. 22 (P. O. Salem,
Route No. 5, Box 37) Ore.—WARRANT OFFERING—O. F. Mumm,
District Clerk, will receive bids until 8 p. m. Oct. 20 for the purchase of
$4,500 warrants.
Bidders are to name rate of interest.
Denom. $500.
Dated Oct. 1,1937. Principal and interest payable at the County Treasurer's
office.
Certified check for $200, required.
M1LWAUKIE,
Ore.—BOND OFFERING—William B. Adams, City
Recorder, will receive bids until 8p.m. Sept. 27 for the purchase of $17,000
city hall bonds.
Bidders are to name rate of interest, not to exceed 5%.
Denom. $500.
Dated Oct. 1, 1937.
Prin. and semi-annual int. (April 1
SALE
PROPOSED—Paxil
Tucker,
Borough
MOUNT
LEBANON
TOWNSHIP
SCHOOL
DISTRICT,
Pa.—
Corp., Stroud & Co.,
Inc., are offering for public
investment, priced to yield from 1.25% to 2.85%, a new issue of $441,000
3% school bonds due serially from 1938 to 1962, incl.
Report of award
appeared in previous issue.
BONDS PUBLICLY OFFERED—Bancamerica-Blair
Butcher
&
Sherrerf and Johnson & McLean,
NANTICOKE SCHOOL DISTRICT, Pa .—BOND OFFERING—Frank
Koronkiewicz, District Secretary, will receive sealed bids until 7:30 p. m.
(Eastern Standard Time) on Oct. 6 for the purchase of $100,000 coupon
funding bonds to bear interest at one of the following rates: 2M, 2M, 3,
3M, 3M. 3M, 4, 4M, 4M. 4M or 5%.
Dated Oct. 15. 1937.
Denom.
$1,000.
Due $10,000 each Oct. 15 from 1938 to 1947, incl.
Interest
payable A. & O.
A certified check for 2% is required.
Legality t
be
approved by Townsend, Elliott & Munson of Philadelphia.
O. Ontario,
Route l),Ore.—BOND SALE—The $11,200 issue of coup, or reg. school
bonds offered for sale on Sept. 3—V. 145, p. 1623—was awarded to Merton
R. De Long of Portland as 5s at a price of 100.07, plus printing.
Dated
Sept. 15, 1937.
Due from Sept. 15, 1942, to 1952, incl.
We are informed by the attorney for the district that the only other bid
was an offer of $55.00 premium oh 5s, submitted
by Sudler, Wegener &
Co. of Boise.
Pa.—NO
Secretary, advises that the borough does not propose to issue $40,000 tax
deficiency bonds, as reported in these columns recently.
CASTLE
NEW
will sell
on
TOWNSHIP,
Pa.—BOND OFFERING—The district
Oct. 1 an issue of $101,000 bonds, proceeds to be applied to the
payment of judgments obtained by the P. & R. Coal & Iron Co. in connec¬
tion with tax refunds ordered by the court.
The bonds will bear 4 % interest
and mature serially up to 1962.
NEW
John H.
SCHOOL DISTRICT, Pa.—BOND OFFERING—
Martin, Secretary of the Board of School Directors, will receive
HOLLAND
sealed bids until 5 p. m. on Oct. 1 for the purchase of $25,000 3% coupon
school bonds.
Denom. $1,000.
Interest payable A. & O. 15.
Due Oct.
15
as
follows:
$2,000 from 1938 to 1948, incl., and $3,000 in 1949.
5% must accompany each proposal.
A cer¬
tified check for
PENNSYLVANIA
GENERAL
STATE
CEIVES PWA ALLOTMENT—Allotment of
AUTHORITY,
Pa.—RE¬
a loan and grant of $7,095,000
Pennsylvania General State Authority for the construction of a
Finance Building as an addition to the State Capitol group at Harrisburg,
Pa., is announced by the Public Works Administration in press release
No. 3233.
The project is one of a list submitted by the State Authority
under the recent PWA loan and grant allotment of $65,000,000, which in¬
cluded a cash grant of $10,000,000 and a gross loan (including a grant equal
to 133 1-3 % of the amount expended in relief labor wages not exceeding
$10,000,000) of $55,000,000.
The cash grant allotted for the Finance
Building is $1,091,000.
The gross loan, including the additional grant
based on the employment of relief labor, amounts to $6,004,000.
to
the
Volume
Financial
145
The building will be of dignified architectural design,
durable in construc¬
tion and decorated with the conventional ornamental sculptural models to
harmonize with the other. buildings in the Capitol group.
The structure
will consist of a main unit approximately 471 by 81 feet and two wings,
It will be built at North Street
approximately 82 by 82 feet each.
Commonwealth Avenue.
and
PENNSYLVANIA GENERAL STATE AUTHORITY, Pa.—OBTAINS
ADDITIONAL
PWA
FUNDS—Thirty-four additional loans and grants
to
by the
the Pennsylvania General State Authority were announced
Public Works Administration in press release No. 3235.
The 34 projects call for allotments totaling $16,348,000, including out¬
right cash grants of $2,516,000 and gross loans (including a grant of 133 1-3 %
of the amount spent for relief labor wages) of
The allotments just announced are a part
$13,832,000.
of a $65,000,000 State im¬
PWA cash grants of
$10,000,000, and gross loans of $55,000,000 which include grants to be
earned depending on the amount of relief labor used up to $10,000,000.
Most of the allotments are for State armory buildings, there being
14 armories in the list.
Eleven of the projects are for hospital improve¬
ments and eight are for schools.
Among the allotments was a loan and
provement program which is being made possible by
f'ant of $1,250,000 for at Harrisburg. A an arena in allotment also was
the construction of $2,847,000 connection with the
Show Building
arm
made for
a
hospital at Pittsburgh.
1
•
ROSCOE, Pa.—BONDS DEFEATED—At the Sept. 14 election the pro¬
posal to issue $20,000 bonds was defeated.
Of the votes cast, 75 favored
the issue and 260 were in
opposition.
TAYLOR
SCHOOL
DISTRICT, Pa .—BOND OFFERING—George
Powell, District Secretary, will receive sealed bids until 8 p. m. on Oct. 4,
for the purchase of $50,000 bonds, to bear interest at one of the following
rates:
3%, 3H. 3%, 4, 4tf, 4^, 4H or 5%.
Due $5,000 each Oct. 1
from 1938 to 1947, incl.
Interest payable semi-annually.
A certified
check for 2% n ust accompany each
proposal.
The bonds will be dated Oct. 1, 1937, in coupon form, registerable as to
principal only, with interest payable A. & O.
WAYNESBORO
P
$127,000
SCHOOL
SALE—The
Pa.—BOND
DISTRICT,
registerable as to principal only, funding and refunding
bonds offered Sept. 13—V. 145, p. 1624—were awarded to Dougherty,
Corkran <fc Co. or Philadelphia, as 2)4s, at a price of 100.379, a basis of
about 2.47%.
Dated Sept. 15, 1937 and due Sept. 15 as follows: $7,000
in 1940 and 1941; $8,000 in 1942, and $7,000 from 1943 to 1957 incl. Halsey,
Stuart <Sc Co., Inc. of New York, second high bidder, offered 101.886 for
2%s.
Other
coupon,
bids
were
as
follows:
Chronicle
in
a
are
multiple of
Denom.
$1,000.
Dated Nov. 1, 1937.
Principal and semi-annual in¬
(May 1 and Nov. 1) payable at the office of the Director of Finance
Bank in New York, at option of holder.
Cert,
check for 2% of amount of bonds bid for, payable to the Mayor, required.
Legal opinion of Clay, Dillon & Vandewater of New York will be furnished
by the city.
Delivery to
e made in Austin or New York, at purchaser's
option.
Purchaser is to bear expense of printing bonds.
terest
at the Chase National
or
BENAVIDES, Texas—BONDS VOTED—A bond issue of $140,000 for
water and sewer
101.886
101.66
101.659
100.89
2%%
2%%
2%%
2%%
2%%
Edward Lowber Stokes & Co..
E. H. Rollins & Sons
Bancamerica-Blair Corp
100.68
101.585
3%
3%
Chandler & Co.
BUCKNER
(P.
O.
101.269
CAROLINA
recent election
a
FRESH
>
CHESTER, S. C.—BONDS VOTED—At
a recent
PENDLETON,
CORPUS CHRISTI, Texas—BOND ELECTION— An election has been
29 at which the voters will decide the question of issuing
$750,000 waterline bonds
EASTLAND. Texas—BONDS REFUNDED—The city is issuing $103,000
4% refunding bonds to the Dunne-Israel Co. of .Wichita in exchange for
$136,000 outstanding 6% bonds.
/
a bond issue
by the voters.
election
P VARNVILLE CONSOLIDATED HIGH SCHOOL DISTRICT, S. C.—
BONDS VOTED—At a recent election the voters of the district approved a
proposition to issue $25,000 auditorium bonds.
approved by the voters.
was
GALVESTON COUNTY
(P. O. Galveston), Texas—BOND CALDthat sea wall and break
called for redemption at
par and accrued interest, at the County Treasurer's office on Oct. 10, on
which date interest shall cease.
Dated July 10, 1902.
It is announced by I. Predecki, County Auditor,
bonds numbered 6,041 to 6,160, are being
water
HAMILTON, Texas—BOND ELECTION—An election will be held on
on a proposition to issue $15,000 swimming pool bonds.
Sept. 21 to vote
COUNTY
DISTRICT NO. 1 (P. O. Kountze)
POSTPONED—The offering of $225,000 road
ROAD
OFFERING
bonds, scheduled for Sept. 13—V. 145, p. 1625-—was postponed to Sept.
MONTGOMERY COUNTY (P. O. Conroe), Texas—BOND
SCHOOL
DISTRICT,
a
voters.
ODESSA, Tex.—BONDS VOTED—The voters of the city at a recent
election sanctioned the issuance of $130,000 waterworks and sewer systems
extension revenue bonds.
SHERMAN, Texas—BOND SALE—The city has sold an issue of $100,000
swimming pool, reservoir and water extension bonds to Callihan
&
Davis, both of Dallas, at par plus a premium
4%
Jackson and James, Stayart &
of $4,079, equal to 104.079.
UTAH
Dak.—BOND
OFFERING—F. G. Grosz, District Clerk, will receive bids until 2 p. m.
Sept. 24, for the purchase of $9,000 4% school Duilding bonds.
Denom.
$500.
Dated Nov. 1, 1937.
interest payable May 1 and Nov. 1.
Due
$500 yearly from
a
S.
1938 to 1953, and $1,000 in 1954.
PROVO
SCHOOL
DISTRICT,
Utah—BOND
Pett
SALE—Ure,
&
of Salt Lake City submitted the low bid for purchase of
$93,000 in Provo city school bonds, to be used to match Federal funds for
construction of two new school buildings, O. A. Spear, President of the
Morris,
Inc.,
Board, announced recently.
The $93,000 bond issue will be subject to approval of qualified taxpayers
a special election on Sept. 14, Mr. Spear stated.
The $93,000,
would be used to match Public Works Administration funds of $98,863
COLOME, S. Dak.—BONDS AUTHORIZED—'The City Council has
adopted a resolution providing authority for the issuance of $52,000 refund¬
of Provo at
ing bonds.
recently granted for construction of new buildings in
.
^
_
_
DAY COUNTY (P. O. Webster), S. Dak.—BONDS SOLD—-The
000 coupon funding bonds offered unsuccessfully on Aug. 25—V. 145, p.
1462—have been sold to Allison-Williams Co. of Minneapolis and associates
panogos
3^s at par plus a premium of $1,315.50, equal to 100.877.
$l,00u.
Dated Sept. 1, 1937.
Interest payable March 1 and
Due serially beginning 1940; ontional after 1947.
of
ifoO,-
,
27.
ELECTION
special election for Oct. 9 at which
proposition to issue $125,000 hospital bonds is to be submitted to the
DAKOTA
SOUTH
.
FORT BEND COUNTY ROAD DISTRICT NO. 13 (P. O. Richmond),
Texas—BONDS VOTED—On Aug. 28 a proposal to issue $250,000 road
S.
INDEPENDENT
11
called for Sept.
mm
>
C.—BONDS NOT SOLD—The $10,000 general
obligation bonds offered on Aug. 17—V. 145, p. 1146—were not sold.
Dated Aug. 15, 1937.
Due $500 yearly from 1939 to 1948; and $1,000
yearly from 1949 to 1953.
MM
BOWDLE
NO.
outstanding 5)4% bonds into 4% bonds.
—The Commissioners' Court has called
of $90,000 for water and sewer improvements was approved
DISTRICT
WATER
CANYON
INDEPENDENT
SCHOOL
DISTRICT, Texas—BOND
REFUNDING PLANNED—The School Trustees plan refunding $146,000
Texas—BOND
BAMBERG, S. C.—BONDS VOTED—A $30,000 street bonds issue was
approved by the voters at
BOULEVARD
Dallas), Texas—BOND SALE—An issue of $66,000 4% water
was sold recently to James, Stayart & Davis of Dallas at par.
main bonds
HARDIN
SOUTH
improvements carried at a recent election.
BIG SPRING, Texas—BOND SALE—On Sept. 14 an issue of $50,000
hospital bonds was awarded to Russ, Rowe & Co. of San Antonio, as 4s
at par plus a premium of $1,061, equal to 102.122, a basis of about 3.67%.
Denom. $1,000.
Dated Sept. 15, 1937.
Principal and semi-annual int.
(March 1 and Sept. 1) payable in New York.
Due on Sept. 15 as follows:
$3,000, 1938; $4,000, 1939 to 1947; $2,000, 1948, and $1,000, 1949 to 1957;
callable on any interest payment date on and after Sept. 15, 1949.
Rate Bid
Int. Rate
E. W.Clark & Co
Stroud & Co.
The bonds, which are general obligations of the city,
%.
divided into three issues, as follows:
$200,000 wharf and dock improvem ent bonds.
Due on Nov. 1 as follows^
$2,000, 1938 to 1947; $4,000, 1948 to 1957; $6,000, 1958 to 1967;
and $8,000, 1968 to 1977.
75,000 wharf and dock extension and improvement bonds.
Due on Nov.
1 as follows: $1,000, 1938 to 1952; $2,000, 1953 to 1967; and
$3,000, 1968 to 1977.
50,000 street and highway bonds.
Due on Nov. 1 as follows: $1,000,
1938 to 1967; and $2,000, 1968 to 1977.
bonds
Bidder
Halsey, Stuart & Co., Inc
1941
as
FREEMAN, S. Dak.—BONDS VOTED—At
to issue
SluO.OOO municipal electric nlant bonds
HOSMER
S.
INDEPENDENT
Dak.—BOND
SCHOOL
OFFERING—Walter
DISTRICT
Uln er,
1.
Clerk
(P.
O.
of
the
the Parker and Tim-
The balance of the $115,000 needed for matching
ROY, Utah—BONDS VOTED—A bond issue of $95,000 for construction
a water system was approved by the voters at a recent election.
SALINA, Utah—BONDS VOTED—At the recent election the voters
proposed $35,000 bond issue for water system im¬
of the city approved a
proposal
approved by the voters.
a recent
was
election
Denom.
Sept.
School districts.
the Federal funds will te taken from the School District budget.
a
Hosmer),
Board
provement.
SIGURD,
favorably
on
Utah—BONDS
VOTED—On
8 the residents voted
Sept.
the question of issuing $22,000 water system bonds.
of
Education, will receive bids until 8 p. m. Sept. 20, for the purchase of
school ouildiug bonds.
Denom. $500.
Dated July 1, 1937.
Interest payable Jan.l and Julyl.
Due $1,000 yearly on Jan. 1 from
1939
to
1946.|
$8,000 4%
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
SCOTLAND INDEPENDENT SCHOOL DISTRICT NO. 4 (P. O.
Scotland), S. Dak.—BOND OFFERING—Wm. F. Hansen, Clerk, Board
„
of
Education, will receive bids until 8
$30,000 school bonds.
1937.
Interest
WOOD
p.
m.
Sept. 27 for the purchase of
Dated Oct. 1,
|jg
Interest rate is not to exceed 4%.
payable
semi-annually.
INDEPENDENT
SCHOOL
VOTED—The voters of the district on
$13,000 school building bonds.
<DnunMi?r, EhrMmau & IDhib
DISTRICT, S. Dak.—BONDS
Aug. 31 approved the proposal to
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187. SEAT 188
issue
Teletype SF 296
TENNESSEE
GALLATIN,
recent
election
WASH INGTON
Tenn.—BONDS VOTED—The voters of Gallatin atBa
approved a bond issue of $150,000 for construction or a
municipal electric distribution system.
KNOX
COUNTY—(P.
O.
bids until noon
Knoxville),
Tenn.—BOND SALE POST¬
PONED—^be sale of $250,000 school building bonds, which was to have
taken
place
on
Sept. 17—V. 145,
p.
1625—was postponed to Oct. 6.
NASHVILLE, Tenn.—BOND OFFERING— S. H. McKay, City Clerk,
will receive bids until 10a.m.
Sept. 28 for the purchase at not less than par
of $90,000 coupon, registerable as to
principal, hospital bonds.
Bidders
are to name rate of interest, in a multiple of H%, but not to exceed
6%.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the City Treasurer's office or at the Chase
National Bank in New York, at option of holder.
Due $9,000 yearly on
Oct. 1 from 1938 to 1947.
Certified check for 2% of amount of bonds bid
Bids must be made on forms obtained from the City Clerk
from the Continental Bank & Trust Co., New York.
Approving opinion
for, required.
or
of Caldwell &
Raymond of New York will be furnished by the city.
The
bonds will be prepared and certified as to genuineness by the Continental
Bank & Trust Co. of New York.
PARIS,
Tenn.—CHANGE
BENTON COUNTY SCHOOL DISTRICT NO. 29 (P. O. Prosaer),
Wash.—BOND OFFERING—Ben Knox, County Treasurer, will receive
IN INTEREST RATE—The interest rate
the $50,000 refunding bonds sold recently to W. N. Estes &
Nashville—Y. 145, p. 1625—has been raised from 4)4% to 4)4 %.
on
Co.
of
Sept. 25 for the purchase of $5,000 school bonds, to bear
than 5%. Denom. $300 and $200. Dated Oct. 1, 1937.
interest at no more
Principal and semi-annual interest payable at the County Treasurer's office
or at the
State Treasurer's office.
Due as follows:
$200, 1938 to 1942;
$300, 1943 to 1947; $600, 1948; $1,100,
check for 5% of amount
1949, and $800 in 1950.
Certified
of bid, required.
COUNTY (P. O. Republic), Wash .—CURLEW SCHOOL
BONDS OFFERED—W. R. Hall, County Treasurer, will receive bids until
10 a. m. Sept. 25 for the purchase of $17,300 serial bonds of Curlew Union
High School District No. 315.
Interest rate is not to exceed 6%, payable
annually.
Denoms. $100 and multiples thereof, not to exceed $1,000.
Dated Oct. 2, 1937.
Payable over a period of 20 years.
Principal and
interest payable at the County Treasurer's office, or at the State Treasurer's
office in Olympia, or at the State's fiscal agency in New York.
Certified
check for 5%, required.
FERRY
GRANT COUNTY HIGH SCHOOL DISTRICT NO. 115 (P. O.
Ephrata), Wash.—BOND SALE—The State of Washington, bidding par
4s, was the successful bidder for the $30,000 school building bonds
offered on Sept. 11—V. 145, p. 1148.
Due serially in from 2 to 20 years.
KING COUNTY SCHOOL DISTRICTS (P. O. Seattle), Wash.—
for
described below, which
Sept. 11—V. 145, p. 1464—were awarded to the State of
—BOND SALE—The $15,500 school district bonds
were
TEXAS
ABILENE, Texas—BONDS NOT SOLD— The
$200,000 issue of 4%
Sept. 3—V. 145, p. 1625—was
not sold as all bids received were rejected, according to Mayor W. W. Hair.
Dated May 1,1937.
Due from May 1, 1939 to 1965, incl.
semi-annual water revenue bonds offered
on
BEAUMONT, Tex.—BOND OFFERING—Raymond Edmonds, City
Clerk, will receive bids until 2p.m. Sept. 28 for the purchase at not less
than par of $325,000 coupon bonds.
Bidders are to name rate of interest
(split rates acceptable, but not more than two different rates permitted).
offered
on
Washington:
$5,000 School District No. 161 bonds.
10,500 School District No. 202 bonds.
Due over a period of 23 years, optional after five years.
PIERCE COUNTY SCHOOL DISTRICT NO. 80 (P. O. Tacoma),
Wash.—BOND OFFERING—Paul Newman, County Treasurer, will re¬
10:30 a. m. Oct. 9 for the purchase of $4,850 serial bonds.
5%.
Denoms. $1.00 and multiples thereof,
exceed $1,000.
Principal and annual interest payable at the County
Treasurer's office, or at the State Treasurer's office in Olympia, or at the
ceive bids until
Interest rate is not to exceed
not to
1942
Financial
iscal agency of the State of Washington, in New York.
Chronicle
Sept. 18,
1937
Certified check
for 5%, required.
SEATTLE SCHOOL DISTRICT (P. O. Seattle), Wash.—REPORT
ON BOND RETIREMENT—We quote in part as follows from a report ap¬
pearing in the Seattle "Post-Intelligencer" of Sept. 4:
Saving approximately $50,000 for the Seattle School District, the School
Board yesterday gave notice that it is about to retire $233,000 worth of
bonds five years ahead of maturity.
Dietrich Schmitz, Chairman of the Finance Committe of the Board,
explained the bonds were issued by authorization of the voters in 1933, to
fund school warrants outstanding because of tax collection failures.
Tax delinquencies are being paid up, and calling the bonds ahead of
maturity will cancel an interest load of about $10,000 a year, Schmitz
explained.
Canadian Municipals
Information and Markets
BRAWLEY, CATHERS & CO.
25
KING ST.
a
TOPPENISH, Wash.—BONDS VOTED—At an election held on Sept. 8
bond issue of $30,000 for water improvements was approved by the voters.
WENATCHEE
SCHOOL
DISTRICT, Wash.—BOND ELECTION—
the
An election has been called for Sept. 23 at which the voters will pass on
question of issuing $148,000 school building bonds.
WHITMAN
COUNTY
(P.
O.
Wash.—COLTON SCHOOL
Colfax),
BONDS SOLD—The $41,000 school bonds of Colton School District, which
were offered on Sept. 16—V. 145, p. 1626—were awarded to L. A. Quaife
of Rosalia at par, taking $11,000 as 3s and $30,000 as 3 J^s.
Ferris & Hardgrove
of Spokane bid
a
premium of $11,640
or
3)^s.
WEST VIRGINIA
PARKERSBURG, W. Va.—BONDS AUTHORIZED—The City Council
has adopted an ordinance authorizing the issuance of $99,000 water revenue
bonds.
CITY OF WAUPUN AND TOWNS OF WAUPUN AND CHESTER
JOINT SCHOOL DISTRICT NO. 1 (P. O.Waupun), Wis.)—BOND
OFFERING—Ben Kastein, District Clerk, will receive bids until 10 a. m.
Sept. 29 for the purchase of $85,000 3% school building bonds.
Denom.
$1,000 and $500.
Dated Sept. 1, 1937.
Principal and sen i-annual in¬
terest (Feb. 1 and Aug. 1) payable at the First National Bank, Waupun.
Due on Feb. 1 as follows: $5,500, 1939 to 1948: and $6,000, 1949 to 1953.
Cert, check for 2% of arrount of bonds offered, payable to the District
Treasurer, required.
Approving opinion of Chapman & Cutler of Chicago
will be furnished by the district.
The purchaser will be required to supply
the blank bonds.
voted upon.
GLENDALE (P. O. Sparta), Wis.—BOND OFFERING—F. L. Cuenot,
Town Clerk, will receive bids until 2.30 p. m. Sept. 20 for the purchase of
an issue of $12,000 highway improvement bonds.
Certified check for 5%,
required.
an
to
COUNTY
(P.
O.
Lancaster),
Wis.—BOND
Wis .—BONDS A Z) THORIZED—Preparations
refunding bonds.
are
being
made for the sale of $55,000
MILWAUKEE COUNTY
(P. O. Milwaukee), Wis.—BOND SALE—
The $2,000,000 coupon, registerable as to principal, relief bonds, offered
on Sept. 13—V. 145, p. 1464—were awarded to Lehman Bros, and R. W.
Pressprich & Co., both of New York, jointly, as 1.20s, at par plus a premium
of $440, equal to 100.022, a basis of about 1.18%.
Dated Sept. 1, 1937.
Due Sept. 1, 1938; redeemable March 1, 1938.
SCHOOL
DISTRICT,
Wis.—BONDS
special election held Sept. 11 the voters approved
high school building bonds.
SHELDON
a
VOTED—At
a
proposal to issue $85,000
(P. O. Sparta), Wis —BOND OFFERING—L. T. Brieske,
20 for the purchase of
Certified check for 5%, required.
Town Clerk, will receive bids until 1.30 p.m. Sept.
$35,000 highway improvement bonds.
BONDS OFFERED FOR INVESTMENT—Lehman Brothers and R. W.
Pr;ssprich & Co. are offering a new issue of $2,000,000 Milwaukee County,
Wis., one-year 1.20% bonds due Sept. 1, 1938, and redeemable on March 1,
1938, upon 30 days' notice.
The bonds are priced to yield 0.80% to the
redemption date and approximately 1.04% to maturity.
The bonds are
legal investments, in the opinion of the bankers, for savings banks and trust
funds in New York and Wisconsin,
STEVENS POINT, Wis.—BOND BID WITHDRAWN—'The Milwaukee
Co. of Milwaukee, high bidder for the $113,000 second mortgage bonds of
the city water utility—V. 145, p. 1626—has notified city officials that they
will not take up the bonds because their attorney's opinion on the legality
of the issue was unfavorable.
SUPERIOR, Wis.—BONDS AUTHORIZED—'The City Council ▼on
Sept. 10 voted to issue $6,000,000 bonds to finance the purchase of the
Superior Water, Light & Power Co. and the Northern Power Co.
Litiga¬
tion is threatened to halt the issuance of the bonds without the approval
of the voters.
TWO
RIVERS, Wis.—INTEREST RATE—The $75,000 grade school
bonds awarded
Sept. 7 to the Milwaukee Co. of Milwaukee at a price of
1780—bear interest at 3%, a basis of about 2.02%.
1.
Due on April 1 as follows: $27,000,
1941; $28,000, 1942, and $20,000, 1943.
104.204—V.
on
145,
KITCHENER, Ont.—SIX MONTHS' REVENUE LO WER—Ordinary
current expenditures for the seven months ended July 31,1937, were $656,544,
compared with $700,966 for the corresponding period of 1936, a decrease
of $44,422.
Revenues for the same period have been $927,061, an increase
of $51,106 over the 1936 period and well over half of the estimated 1937
revenue of 1.4 millions.
The city's contribution toward relief from Jan. 1,
1937, to July 31 was $36,978,.or $21,871 less than in the 1936 period.
QUEBEC (Province of)—YEAR-END SURPLUS TOTALS $3,968,565
surplus of $3,968,565 was reported Sept. 3 by Martin B. Fisher,
—A
Provincial Treasurer, in the financial statement of the Quebec Government
for the fiscal year ended June 30, 1937. Mr. Fisher, in stressing the first
revenue
p.
Interest payable April and Oct.
plus
a
Union Nationale
of the
premium of $1,610, equal to 102.683.
reported ordinary
the history of the Province.
Government,
JEROME, Que.—INVESTS $24,500 IN SCHOOL BOARD BONDS—
City Council on Sept. 8 decided to buy bonds of the Berthierville Catholic
School Board and of the Shawinigan Falls Catholic School Board to the
value of $24,500.
This amount is a surplus from the sinking fund and it
decided to apply it to these school bonds.
The city will purchase
$12,500 of bonds from the Berthierville School Board and bonds to the
was
Shawinigan Falls School Board.
TORONTO, Ont.—TAX COLLECTIONS HIGHER—City tax collec¬
Aug. 15, 1937, totaled $23.7 millions, or 67.74% of the year's levy,
against $23 millions, or 66.72% of the levy in the same period of 1936.
Collections of ail taxes, including arrears, were $28.5 millions in the 1937
tions to
reduced to $4.1 millions in 1936.
geriod against $28.2 millions compared with $4.8 millions at Aug.taxes1937.
Accumulated arrears of 26, had
een
WINDSOR, Ont.—ATE IF BONDS READY FOR EXCHANGE—Formal
of the exchange of old debentures of the municipalities of East
Windsor, Walkervilie, Windsor and Sandwich for new debentures of the
amalgamated city of Windsor has been given.
This makes operative the
plan fbr refinancing these municipalities which was approved by the Ontario
Municipal Board in June, 1937.
This does not include the Roman Catholic
separate school debentures.
The exchange is being made by the Guaranty Trust Co. of Canada,
Windsor, on and after the following dates: East Windsor (formerly Ford
City), Sept. 20: Walkervilie, Sept. 30; Windsor, Oct. 11; Sandwich and
Waikerville-East Windsor Water Commission, Oct. 21
Holders of the debentures to be exchanged must obtain letters of transmissal from the Guaranty Trust Co. or any chartered bank or trust company
and surrender their debentures with coupons maturing on and after the
following dates attached:
East Windsor, Oct.
1,
1931; Walkervilie,
Dec. 15, 1935; Windsor, Dec. 1, 1932; Sandwich, March 1, 1932; Walkerville-East Windsor Water Commission, Jan. 1, 1936.
The new debentures will mature Dec. 31, 1975.
Interest will be payable
n Canadian funds at the Canadian Bank of Commerce, Windsor, at the
notice
following rates: Sandwich. 1H%' East Windsor, 2%; Windsor, 3H%i
Walkervilie, 4%.
Additional interest known as income interest, is payable
in any year in which the city's operating expenses are in excess of $2.9
millions when the city must make available for debenture holders $125
for each $100 of such excess
Half of this will be paid as additional de¬
benture interest and the remaining half will be paid into sinking fund.
Total interest to be paid in any year on the new debentures is not to exceed
debenture
holders will receive immediate payment of the proportion
in the case of the different
municipalities, by cashing coupons attached to the new debentures.
This
applies on interest which became due up to and including Dec. 31, 1935.
Holders of old East debentures will receive 50% of such overdue interest
15% in the case of Walkervilie, 52% in the case of Windsor and 12% for
Sandwich.
Interest on the new debentures accrues from Jan. 1, 1936.
of past due interest which has been allowed,
Cash payments to be
received by holders of the various present deben¬
securities have been calculated as follows:
tures when they get their new
City of East Windsor
Defaulted Oct. 1, 1931
Town of Walkervilie
* WASHINGTON (P. O. Reedsburg), Wis.—BOND SALE—An issue
of $60,000 bonds was sold recently to the Milwaukee Co.'of Milwaukee at
par
report
for the year of $46,280,019. highest in
ST.
ELECTION—
election scheduled for Sept. 28 the voters of the county will be asked
a proposition to issue $468,000 highway bonds.
MONDOVI
GARRY,
value of $12,000 from the
approve
MADISON,
Man.—REFUNDING PLAN APPROVED—Adjust¬
Garry, Man., municipality was announced
by Hon. W. J. Major, K.O., Attorney-General, following an agreement
reached between the officials of Fort Garry, the Municipal and Public
Utility Board and representatives of the creditors.
Ah order-in-counci
issued by the Government under a 1937 legislative enactment reduced inter¬
est payments one-half for a five-year period commencing Jan.
1, 1937.
Interest in most cases of 6% has been cut to 3%.
The holder of each de¬
benture also will receive one-half of interest due on accumulated arrears
for the past four years, and the remaining 50% in arrears will not be paid.
Money covering the amount of arrears to be paid already is in the hands
of the Fiscal Supervisor, J. H. Riley, under direction of the Municipal and
Public Utility Board, having been paid over by the municipality under
the terms arranged for fiscal supervision.
The bonded debt
of Fort Garry totals $990,000 and includes both
municipal debentures and debentures of the Fort Garry and St. Vital
school districts.
The amount of interest in arrears to be paid to tals $ 114,800
out of the $229,000 owing.
The agreements reached under law enacted
by the 1937 session of the Legislature provides for debt adjustment when
consent for this is obtained from approximately 88% of the debenture
financial
COBB SCHOOL DISTRICT, Wis.—BOND ELECTION—At an election
Sept. 21 a proposal to issue $37,500 school building bonds will be
set for
At
FORT
ment of the bonded debt of Fort
holders.
WISCONSIN
GRANT
6438
CANADA
TENINO, Wash.—BOND OFFERING—The Town Clerk will receive
bids until Sept. 21 for the purchase of an issue of $55,000 water system bonds.
ELGIN
WEST, TORONTO
Defaulted Dec. 14, 1935
*5%
-
*5%
*6%
Bond
Bond
P
WATERTOWN, Wis.—BOND SALE—The three issues of*3% coupon
semi-annual bonds aggregating $52,000, offered for sale on Sept. 9—V. 145,
1780—were awarded to Harley, Hayden & Co. of Madison, paying a
a basis of about 2.24%.
The
p.
are
divided
as
Bond
$2.33
$2.80
Accrd. int., Dec. 31, '35.$237.00
follows:
$28,000 Division St. Bridge bonds.
Due $2,000 from July 1, 1938 to
1951, inclusive.
16,000 Oady St. Bridge bonds.
Due $2,000 from Aug. 1,1938 to 1945 incl
8,000 Cady St. Bridge bonds, second series.
Due $1,000 from Aug. 1,
To be
40.00
Add—1936 interest.r-„_
20.00
20.00
Int. due June 30, 1937
Total amount due......
$60.35
$60.42
To he
*
arrears
$0.35
$1,000 bond, interest payable Dec.14.
1938 to 1945 inclusive.
1.
City of Windsor
Defaulted Feb. 1, 1933
*5%
Town
*6%
Bond
issue $85,000
Bond
of
Sandwich
Defaulted March 1, 1932
*5%
BIG PINNY SCHOOL DISTRICT NO. 9,
Wyo.—BONDS
a recent election the voters of the district
granted approval
of $35,000 for school construction.
52% settlement-
VOTED—
of a bond
ssue
CAMPBELL COUNTY "SCHOOL DISTRICT NO. 3 (P. O. Rozet),
Wyo.—BOND SALE—The $5,000 coupon bonds offered on Aug. 21—
V. 145, p. 988—were awarded to Geo. W. Vallery & Co. of Denver.
Dated
Aug. 1, 1937.
Due $1,000 yearly on Aug. 1 from 1948 to 1952.
CANADA
CANADA (Dominion of)—TREASURY BILLS SOLD—Tenders were
accepted Sept. 14 for the full amount of an offering of $25,000,000.threemonths Treasury bills.
They were sold at an average interest cost of
0.632%.
CHARLOTTETOWN, P. E. I .—TAX COLLECTIONS FAVORABLE—
Encouraging reports from Councillor G. W. McLeod, Finance Committee
Chairman, were heard by the City Council of Charlottetown, P. E. I.,
at a meeting last week.
Mr. McLeod stated that the returns were fairly
good.
Collections for the first two quarters totaled $111,273 including
arrears.
Assessments for the year including real estate, personal property
and poll tax. amounted to approximately $182,000.
Less—Paid in 1935
$89.00 $106.50
30.00
$76.50
32.50
32.50
16.25
16.25
To be paid on arrears
To be
paid on arrears
Add—1936 interest
Int. due June 30, 1937
Add—1936 interest.
Int. due June 30, 1937
Total amount due.
Total amount due
Bond
'35_$216.67 $260.00
30.00
$59.00
Accrd. int., Dec. 31,
*6%
Bond
WYOMING
20.00
10.00
*$1,000 bond, interest payable April 1
Accrd. int., Dec. 31, '35_$171.00 $205.00
At
20.00,
10.00
$148.75 $172.50
Total amount due..
and Oct.
WAUPUN SCHOOL DISTRICT, Wis.—BOND OFFERING PLANNED
—It is reported that the district is making
preparations to
bonds.
paid on
Add—1936 interest
*6%
Bond
$285.00
paid on arrears.__$118.75 $142.50
$0.42
40.00
Int. due June 30, 1937
premium of $2,213.50, equal to 104.25,
issues
Accrd. int., Dec. 31, '35
$107.75 $125.25
*$1,000 bond, interest payable Feb. 1
and Aug. 1.
$26.00
$31.20
15.00
7.50
15.00
7.50
$48.50
$53.70
*$1,000 bond, interest payable March 1
and
Sept. 1.
WINDSOR, Ont.—DELINQUENT TAXES AT LOW LEVEL—With
arrears at the lowest mark in years, tax collections are con¬
tinuing to improve, according to figures made public by E. Langlois,
Acting City Treasurer.
Tax collections for the first eight months of 1937
totaled $3,737,591, current and arrears, or nearly as much as the total 1937
levy, which was $3,975,053.
During August the city collected $110,939
on current taxes as compared with a total of $106,499 during August of
last year.
The total current collection during the first eight months was
$2,918,437, or 73.41% of the 1937 tax roll, as compared with a total of
$2,721,526 during the first eight months of 1936, 70.3% of last year's levy.
During August the city collected $65,586 in arrears, as compared with
$45,768 during August of last year.
The arrears collection for the first
eight months of the year was $819,154, as compared with $816,429 for
the first eight months of last year.
•
the total of tax
@FedFRASER