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US.
ADM,
LIBRARY
um?
•
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IJtlfUhr0ntrlp
COPYRIGHTED IN 1937 BY WILLIAM B. DANA COMPANY, NZW YORK,
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
VOL. 145. "'-dW«^5c.Ynuacopy- NEW Y0RK, SEPTEMBER 25, 1937
BROOKLYN
NO. 3770
William cor. Spruce Sts., N.Y.City
TRUST
THE CHASE
COMPANY
Chartered
NATIONAL BANK
1866
Kidder, Peabody
George V. McLaughlin
President
NEW
NEW YORK
Member
Co.
BOSTON
PHILADELPHIA
BROOKLYN
Federal Deposit
YORK
&
OF
THE
THE
OF
NEW
CHASE
YORK
is
tra¬
ditionally a bankers' bank.
For
Insurance
CITY
many
years
Corporation
served
it
has
large number
a
of banks and bankers
as
New York
Members New York Stock
correspondent
and
White, Weld & Co.
depository.
reserve
Exchange
Member Federal
Canadian
Boston
New York
Securities
Amsterdam
London
Deposit Insurance Corporation
DIRECT PRIVATE WIRE TO
Correspondent
TORONTO
United States
Quotations Facilities Corporation
Government
Paris
Securities
The
Hallgarten & Go.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
63 Wall
Established 1850
NEW YORK
Street, New York
BOSTON
Telephone: BOwling Green 9-5000
CHICAGO
NEW
Boston
YORK
PHILADELPHIA
AND OTHER
SAN FRANCISCO
Chicago
Washington
Representatives in other leading Cities
London
Chicago
Philadelphia
San Francisco
PRINCIPAL CITIES
wertheim & co.
120
The
State and
New^YbrkTrust
Municipal Bonds
Broadway
New York
London
Amsterdam
Company
CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
Amsterdam
Berlin
London
.
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Paris
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
Service
EDWARD B. SMITH & CO.
31 Nassau Street
CLEVELAND
BOSTON
LONDON
European Representative's Office:
8 KING WILLIAM STREET
LONDON. E. C 4
Minneapolis
CHICAGO
*
Co., Inc.
&
WEEKS
Established 1888
Wall Street
NEW YORK
Members New
St. Loui«
Member of the Federal Reserve System,
the New York Clearing House Association
and
of the Federal Deposit Insurance Corporation
1888
HORNBLOWER
40
Correspondent
Edward B. Smith &
Banks and
Dealers since
New York
PHILADELPHIA
to
NEW YORK
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Financial
II
1937
25
BAKER, WEEKS
Becker & Co.
G.
A.
Sept.
Chronicle
J. & W. Seligman & Co.
& HARDEN
Incorporated
Investment Securities
Established 1893
Members
No. 64 Wall Street
New York Stock Exchange
New York Curb Exchange
Investment Securities
NEW YORK
Philadelphia Stock Exchange
Commercial Paper
52 WALL
..
STREET, NEW YORK
London
Graybar Building, New York
New York
.
Chicago Board of Trade
Chicago
Correspondents
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
And Other Cities
6
SELIGMAN
BROTHERS
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Foreign
Leading Out-of- Town
Investment Bankers and Brokers
NATIONAL BANK OF NEW ZEALAND Ltd.
Established 1872
Chief Office in New Zealand: Wellington
Sir James Grose, General
Manager
NEWARK
BIRMINGHAM
Head Offloe:
8 Moorgate, London, E. C. 2,
Eng.
Subscribed Capital
MARX & CO.
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
£6,000,000
Paid up Capital....
£2,000,000
Reserve
Slew
£1,000,000
Fund
Currency
The Bank
BIRMINGHAM, ALABAMA
Reserve
conducts
£500,000
every
description of banking
business connected with New Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
J. S. RIPPEL & CO.
18 Clinton St.
DETROIT
Newark, N. J.
HARTFORD
Australasia and New Zealand
MUNICIPALS
MICHIGAN
BANK OF
Specialists in Connecticut
and
CORPORATION
Securities
BONDS
(ESTABLISHED 1817)
PUTNAM & GO.
WATLING, LERCHEN & HAYES
Members New York Stock Exchange
Members
New York Stock Exch
New York
Detroit Stock Exchange
Chicago Stock Exch.
334 BUHL BLDG.,
Curb
NEW SOUTH WALES
Assoc.
DETROIT
6 CENTRAL ROW
Tel. 5-0151,
HARTFORD
A. T. T. Teletype—Hartford 35
(With
which
the
W set era
Australian
Australian Bank of Commerce
Paid
up
Bank
Capital
Reserve Fund
Reserve Liability of
and
The
Ltd., are amalgamated)
£8,780,000
6,150,000
8,780,000
Proprietors
£23,710,000
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C.
DAVIDSON, General Manager
PALM
INVESTMENT
BEACH
AND
WEST
PALM
BEACH
780 BRANCHES AND AGENCIES
in the
Australian States, New Zealand,
Fiji, Papua,
Mandated Territory of New Guinea, and
London.
The Bank transacts
every description
of
tralasian
Banking Business.
Wool and
HOLDINGS
Specializing in
ANALYZED
FLORIDA BONDS
Head
Office:
George
London
47
Members of Detroit Stock Exchange
PENOBSCOT
BUILjDING, DETROIT, MICH
CARLBERG & COOK, INC.
Palm Beach—West Palm
Berkeley Square, W.l
Agency arrangements with Banks throughout
the U. S. A.
Beach, Fla.
ST.
LOUIS
F. H. PRINCE & CO.
our
own account
BANKERS
Florida Municipal Bonds
St/k
C0IUU6AK.MH,HBt(i).
Co.
i.
BOSTON, MASS.
SAINT LOUIS
,
Ingraham Bldg.,
SYDNEY
Street, E.C.2
Bell System Teletype: W-Palm Beach No. 84
MIAMI
We buy and sell for
Street,
Offices:
29 Threadneedle
Charles A. Parcel Is & Co.
Aus¬
other
Produce Credits arranged.
HIGH-GRADE INVESTMENTS
0090UVK st
MIAMI
Bell System Teletype MM I 80
Members New York &
Members St. Louis Stock
Boston
Stock Exchanges
Exchange
MILWAUKEE
Missouri and Southwestern
,
WISCONSIN
Stocks and Bonds
OTTO FUERST & CO.
CORPORATION SECURITIES
Teletype—Milwaukee 92
EDGAR, RICKER&CO.
750 North Water
Street,
Milwaukee, Wis.
Smith, Moore & Co.
St. Louis
The First Boston
Corp. Wire
Members New York Stock
120
Broadway
Exchange
New York
St. Louis Stock
Cables: "Lindros"
Exchange
Tel. Barclay 7-1580
ranick
onttmtrtfl
No. 3770.
SEPTEMBER 25, 1937
Vol. 145
CONTENTS
Editorials
Financial Situation
Recent Proposals
.
page
1943
_.
for Labor Regulation.
1955
The Black Scandal—This Can Be Done..
1957
International Trade and World Peace
1959
Comment and Review
Cotton Movement and Crop
A Notable
Is
of 1936-37...
.1962
..I960
Study of Municipal Problems
Cheap Money Policy Best for Country?
Week
the
on
1961
..1947
European Stock Exchanges
1947
Foreign Political and Economic Situation
1952 & 2012
Foreign Exchange Rates and Comment
..1979
Course of the Bond Market
Indications of Business Activity
1980
Week
on
the New York Stock
Exchange
1945
Week
on
the New York Curb Exchange
2011
News
Current Events and Discussions
1990
Bank and Trust
2011
Company Items
General Corporation and Investment News
2060
Dry Goods Trade
2103
State and
2104
Municipal Department
Stocks and Bonds
.2014 & 2025
Foreign Stock Exchange Quotations
Dividends Declared..
2016
Auction Sales
2059
New York Stock Exchange—Stock
New York Stock
Quotations
...2026
Exchange—Bond Quotations ..2026 & 2036
New York Curb
Exchange—Stock Quotations
2042
New York Curb
Exchange—Bond Quotations
.2046
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Quotations.:
Over-the-Counter Securities—Stock & Bond
2048
2053
Quotations .2056
Reports
Foreign Bank Statements
1951
Course of Bank
2012
Clearings
Federal Reserve Bank Statements
2023
General
2060
Corporation and Investment News
Commodities
'
l!-
The Commercial Markets and the Crops
Cotton.
...
Breadstuffs
...2093
2100
2096
Published Every Saturday Morning by the William B. Dana Company* 25 Spruce Street, New
York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Frea H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens. London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions
in United States and Possessions, $15.00
per year, $9.00 for 6 months; in Dominion of Canada, $16.60 per year, $9.75 for 6 months;
South and Central America, Spain. Mexico and Cuba, $18.50
per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain) Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line
Contract and card rates on request.
NOTE;
On account of the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
Financial
VI
Republic
Sept. 25, 1937
Chronicle
of
Uruguay
(Republica Oriental del Uruguay)
Offer to Holders of Bonds of the following Loans:
EXTERNAL DEBT 5% GOLD BONDS OF
dated
6% EXTERNAL SINKING FUND GOLD BONDS,
1915,
dated
January 1, 1916,
TWENTY-FIVE YEAR EIGHT PER CENT. SINKING FUND EXTERNAL
GOLD BONDS, dated August 1,
LOAN
dated
1921, due August 1, 1946
The Republic of Uruguay (hereinafter referred to as the
"Republic"), due to the effect of the world wide depression, was
forced, prior to the end of 1933, to curtail service payments on
the above issues of its dollar bonds and payments on such bonds
are now being made at the rate of 3*6% per annum.
All interest
coupons maturing in 1937 will also be paid at that rate.
May 1, 1926, due May 1, 1960,
6% EXTERNAL SINKING FUND GOLD BONDS, PUBLIC
In the
of the
case
EXTERNAL DEBT 5% GOLD BONDS OF
dated
1915,
January 1, 1916,
National Bank of the City of New York,
Chase
The
to
WORKS LOAN,
May 1, 1930, due May 1, 1964.
Corporate Trust
Division,
11
Broad Street, New York,
N. Y.
While
conditions do not
permit the resumption of full ser¬
vice on the bonds subsequent to 1937, the Republic, following
negotiations with the Foreign Bondholders Protective Council,
Inc., and pursuant to the authorization conferred by law dated
July 15, 1937 which ratified said negotiations, has agreed to offer
to the holders of its dollar bonds, in exchange for their outstand¬
ing dollar bonds, new Readjustment Bonds which provide for
increases (except as to the 5% Bonds) in the rates of interest over
the rate paid during the past year, and also provide for substantial
sinking funds to retire the
new
In the
dated
to
The National
as
bonds.
of the
case
6% EXTERNAL SINKING FUND GOLD BONDS,
dated
May 1, 1926, due May 1, 1960,
and
6% EXTERNAL SINKING FUND GOLD BONDS,
follows:
PUBLIC WORKS LOAN,
-NEW
Present Bonds
1938/39 (inch)
READJUSTMENT
BONDS-
1940-43 (inch) From 1944
Amor.
Int.
Amor.
Int.
Amor.
Maturity
Date
5%
$1,248,000
3*6%
*6%
3*6%
1%
3*6%
1%
6%
44,839,000
3%%
*6%
4
%
1%
4*6%
1%
May 1,1979
%
*6%
4*4%
1%
4*6%
1%
Feb. 1,1978
to
to
Jan. 1,1984
8%
6,860,500
4
Hallgarten & Co., 44 Pine Street, New York, N. Y., or
Halsey, Stuart & Co. Inc., 201 South La Salle Street,
Chicago, 111.
Delivery of assenting bonds should be made to the above
Paying Agents during the time that the Offer remains open
and on and after, but not before, the dates specified below:
Readjustment Bonds will accrue from
the maturity dates of the respective coupons of the outstanding
dollar bonds last maturing in 1937 which will be the respective
dates of the new Readjustment Bonds and will be payable semi¬
Interest
on
the
new
annually. The rates set forth in the above table will be applicable
the six months' period prior to the first interest payment date
in each year in which there is an upward adjustment of interest
or sinking fund, as the case may be.
to
The
new Readjustment Bonds will be the direct obligations
Republic which pledges its full faith and credit for the
punctual payment of principal, interest and sinking fund thereof.
of the
Bonds will provide that in case default
of principal, interest or sinking fund
new Readjustment Bond shall there¬
after be entitled to the payment of service, to the enjoyment of
the security and to the benefit of all of the other provisions of the
bond contract relating to the bonds in exchange for which the
respective Readjustment Bonds are issued.
The
Readjustment
shall be made in payment
such
on
May 1, 1930, due May 1, 1964,
dated
Int.
Outstanding
1946,
City Bank of New York, Corporate Agency
Department, 20 Exchange Place, New York, N. Y.
In the
annual interest and amortization rates and
maturities of the Readjustment Bonds to be
offered with respect to each series of outstanding dollar bonds,
Bonds, each such
Principal and interest on the Readjustment Bonds will be pay¬
coin or currency of the United States of America which
is legal tender for public and private debts.
able in any
at
August 1, 1921, due August 1,
respective
will be
SINKING FUND EXTERNAL
LOAN GOLD BONDS,
The respective
the
of the
case
TWENTY-FIVE YEAR EIGHT PER CENT.
the time of payment
The sinking funds for the Readjustment Bonds will be cumu¬
lative, will be applied semi-annually to the purchase of Bonds at
in excess of par and accrued interest, otherwise to drawings
at par, and are calculated to retire the Readjustment Bonds at or
before their respective maturity dates indicated above.
%
Bonds
October
5%
Bonds
December
8%
Bonds
January 1, 1938
6
25,
1937
15, 1937
Outstanding dollar bonds of the Republic so delivered to the
above Paying Agents for exchange will be cancelled against the
delivery of a like principal amount of new Readjustment Bonds,
and in the case of the 6% bonds, the payment also of the
1937 coupon on such bonds, at the rate of 3*6%
$17.50 per coupon on the thousand dollar bonds
the five hundred dollar bonds.
November 1,
per annum,
and
$8.75
In the
or
per coupon on
case
of the Readjustment
Bonds delivered with respect
to the 5% and 8% bonds, the first maturing coupon on the Read¬
justment Bonds will be detached and payment of such coupon
will be made in cash to its holder at the time such bonds are
delivered.
Bondholders who
have not heretofore
accepted the reduced
applicable to the period subsequent to July
1933, and prior to the respective dates of issue of the new Read¬
justment Bonds, will be entitled, upon the surrender of their
old bonds and matured and unpaid coupons, to receive, in addi¬
tion to the new Readjustment Bonds, the amounts which the
Republic has heretofore declared payable with respect to such
interest
payments
matured coupons.
not
The Republic will agree in the Readjustment Bonds that if it
find it necessary to obtain any loan by giving
security or lien or charge upon any of its assets, or revenues the
Readjustment Bonds shall ipso facto share in such lien or charge
equally and ratably with such other debt; but the foregoing shall
not be construed as applying to any mortgage which the Republic
may create upon any works of industrial or public utility, hereafter
purchased or authorized by the Republic, as security for bonds
or other obligations which the Republic may issue for the pur¬
chase or construction of said works, nor as applying to-any local
shall hereafter
tax
which
may
be created in order to furnish funds for the
roads, railroads, bridges or public utilities.
construction of any.
As regards the other external loans of the Republic, out¬
standing in pounds sterling and French francs, the Republic
declares that the 3*6% Sterling Loan, originally issued in 1891
in connection with the readjustment of other outstanding obliga¬
tions, will continue to receive service at the rate provided in the
bonds. In the event that any of the other external loans now out¬
standing in pounds sterling and French francs, which are loans
originally bearing interest at 5% per annum, should receive at
any time treatment more favorable with respect to their service
than is offered through the present offer to the outstanding 5%
dollar bonds, all of the Readjustment Bonds shall have the right
to the proportionate increases in service.. In addition, if any other
privilege which the Readjustment Bonds do not now enjoy shall
in the future be accorded to the external loans outstanding in
French francs in addition to those which the
same privileges shall be accorded pari
pounds sterling
or
said loans
have, the
passu to
now
the Readjustment Bonds.
Holders
of
outstanding dollar bonds of the Republic who
deliver their dollar
desire to accept the Republic's Offer should
bonds with all coupons which mature after
September 1, 1937,
together with form letters of transmittal, to the institutions and
firms listed below which are hereby designated as Paying Agents
of the Republic for the purposes hereof for the
with which they are concerned.
respective loans
present Offer is not cohditioned upon acceptances by
specified percentage of outstanding dollar bonds of the
Republic.
The Offer will remain open for acceptance until
December 31,
1938, and the Republic reserves the right to
extend the time for acceptance if it appears advisable to do so.
The
any
After the period for acceptance has been terminated, the Repub¬
lic will consider, in consultation with the Foreign Bondholders
what provision will be made for those
provided, however, that if such non-assenting
be accorded treatment more favorable than
Protective Council, Inc.,
who do not accept;
bonds
should
ever
that provided for
assenting bonds hereunder the assenting bonds
shall be entitled to all the benefits thereof.
Application will be made to list the new Readjustment
of the
Republic
Additional
mittal
for
on
Bonds
the New York Stock Exchange.
copies of this Offer and forms of letter of trans¬
may be obtained from the respective Paying
bonds
Agents.
&
The
Republic is entering into Paying Agency Agreements
with the respective Paying Agents mentioned above relative to
the service of the new Readjustment Bonds.
Copies of these
Agreements together with copies of the form of new Readjust¬
ment Bonds are available for inspection at their respective offices.
The foregoing Offer is made following negotiations by the
Republic with the Foreign Bondholders Protective Council, Inc.
which has approved the inclusion of the following in this notice:
"After
Council
careful
of
consideration
of
the
situation
the
opinion that the terms offered are
reasonable in the circumstances and consistent with the
is
the
long view interests of the bondholders.
The Council,
therefore, commends this plan to the favorable con¬
sideration of the bondholders.**
CESAR
Minister
CHARLONE
of Finance of the Republic of Uruguay
JOSE RICHLING
Envoy Extraordinary and Minister Plenipotentiary
September 1, 1937.
of the Republic of Uruguay in Washington, D. C.
The Financial Situation
WITH CARE and particularity in communitynot same opinion still," and that he has not he isslightest
equaled, the business a degree
is has now made it abundantly clear that the "of the
often
intention of relinquishing his effort to gain control
of the Supreme Court. His words on Sept. 17, moreover, left his listeners convinced that his desire so to
control the Supreme Court finds its explanation in a
today engaged in appraising and reappraising the out-
peculiarly difficult to penetrate
It is finding it
look.
about
are
there
as
many
conclusions as to details as
The Investors' Advocate
Douglas, newly appointed Chair¬
of the Securities and Exchange Commis¬
William O.
of
opinion under this diver¬
Very
sity of conclusions.
few,
differ
example,
ously with the
the
would,
believe,
we
for
seri¬
fered
of
summary
of¬
existing situation
by the Chamber of
Commerce
States
the
in
United
the
of
following
words: "On the face of the
record the business of the
country at large is obvious¬
ly ready to
forward dur¬
go
ing the fall months of 1937
as
during the fall months of
1936, with steadily increas¬
ing production for the
try
as a
with
coun¬
whole keeping
pace
expanding
an
and
sumption
con¬
growing
a
export trade, and with ad¬
ditions to employment to
the point of labor
.
How far the
.
.
shortage.
capa¬
bilities of business advance
realized
are
depend
upon
this
influences be¬
yond
business
These
"influences
business
will
fall
control."
beyond
control"
spring
man
sion, in
interview granted
an
on
Wednesday
(the Commission) are, and we should
be, and I think we will continue to be, what
I might call 'the investors' advocate.'
We
have got brokers' advocates; we have got ex¬
change advocates; we have got investment
banker advocates, and we are the investors'
advocate.
That isn't foisting my own eco¬
nomic and social theories and ideas into the
picture.
find that within the frame¬
You
presently
fundamental,
work of the three statutes that we
That
administer.
is
the
one
underlying philosophy of those three stat¬
utes—protection of the investor."
Certainly it is not to be denied that "pro¬
tection of the investor" is the avowed purpose
of two of the statutes to which reference is
be said of the third.
not enacted
by the Securities and Exchange Commission,
but by Congress and the President.
It ap¬
pears, therefore, that the Federal Govern¬
whatever
made,
These statutes
may
merely
not
to
act
through the Commission as the investors'
advocate, as the Chairman expresses it, but to
command of the securities business on
take
behalf of the investor.
It is therefore
just
past.
This
his
proper
to inquire
upon
think of the functions of "the
in
terms
of
insistence
"full disclosure of facts," upon "a mar¬
ket free of
objectionable manipulation," and
elimiifktion of fraud. Worthy objectives,
all of these, but the Chairman him¬
self, in going over the current work of the
Commission in some detail, soon makes it
clear that the effort to reach these simple
upon
of course,
ends entails
the
Su¬
Court, which is ob¬
preme
viously the only one that
can
reasonably be drawn,
point of fact been
has in
reinforced during the past
days by what he has
few
saying on his present
been
journey to and through the
It is true that
Northwest.
has
he
reasserted
again
that his interest is in ob¬
in
not
methods
employed to reach those
however, this
than saying,
objectives;
to
upon
and the
Constitution
is
advocate"
of
interpretation
comments
jectives,
perfectly
what the Federal Government has un¬
how well
doing it.
The Chairman of the Commis¬
seems
social and
The President En Route
it is
sion
a
;
dertaken to do for the investor, and
investors'
in
wholly foreign to
economic,
moreover,
were,
undertaken
has
ment
the
system
political philosophies of the
said to the press:
"We
fashion
economic
our
social
and
certain unity
a
remake
to
however, not difficult
to discover
determination
continuing
prognosticators.
are
It is,
accordingly
which it is surrounded, and
the fog by
there
hardly
more
determination is
his
that
the decisions of
to control
Court, which
the Supreme
must
adopt his views of the
Constitution, but that he
is open
to argument as to
complex, indeed almost endless,
regulatory and restrictive activities on the
part of the Commission.
The ganger is that,
in trying to make the market pure, the Com¬
mission will make it anemic, that in an effort
to' make it function fairly the authorities will
how this may
fused to accept the advice
prevent it from functioning at all.
But this is not the whole story.
general tenor of his poli¬
of
the
from
public policies in the
formulation of which gov¬
has
ernment
and
has
the
nity.
sought
consistently
business
re¬
commu¬
These policies,
and
ent
not
pres¬
prospective,
are
accordingly receiving the
It is really
Securities
and Exchange- Commission, that has under¬
taken the role of "investors' advocate." This
fact raises a host of other questions.
How
Federal Government,
could
a
sincere
and
advocate" proceed
not the
intelligent "investors'
obdurately to create gen¬
larger share of the atten¬
eral industrial
tion of the
tain in the end to do almost
thoughtful busi¬
ness
man
laying his plans
During the past week,
a
or
little more, several clues
offering at least
some sug¬
gestions
what
tional
are
as
to
course,
able deliverance
was
on
his court plan in
proposal
as a
North¬
is
what
known
as
as
of
people need to reconsider this
whole question of protecting the investor,
and to think of it in far broader and more
We
as
a
the
and
from
liver
the section
country
which
to
to
visit
de¬
about
to dissolve any
lingering hope
accepted his crushing defeat
good faith and recognized the
He
,
to
the
far
North-
corn belt
what he termed price stabilization
for corn and cotton, but what, if one is to interpret his words literally, must be termed price
guarantees.
The general conclusion is inescapable
upon
the record to date that the President
has in no way changed his mind about what he
wants to do, and what he intends to do if
he can.
west
The most important
public statements
his plans.
On his
way
realistic terms.
mistake of the first magnitude.
the
breeding ground
radicalism,
is what the President
that the President had
west, the
doing.
na¬
to be have been afforded.
would hardly
chosen
and political
policies of the future
them, of
he
grams,
of
fundamental
the
economic
the enterprises
himself has
had to say.
His most significant utterance during
the period in question was without doubt his Constitution Day address.
One net effect of this remarkof
irreparable injury
the
of his various pro¬
tenets
have
any
sub¬
modifying
stantially
or
of
underlying the securities
held by the investors of the country?
Yet
this is just what this "investors' advocate" is
to
for the future.
and financial conditions cer¬
intention
serious
cies
best be ac¬
Had he
complished.
to
he stopped long enough in the
promise
1944
Financial
Mr.
Douglas, Chairman
evolved
THE selection of William 0. Exchange as Chair¬
Douglas Commis¬
of the
man
Securities and
sion, and his initial apologia
the whole to
point in the
Douglas's credo
vita
pro
sua seem
on
general direction. Mr.
same
set forth in past utterances, par¬
as
Chronicle
concept is obviously the worse. Apart from
the fact that this
for the most
undertake
the
Commission in
managers
community to the conclusion that he is to be char¬
the
Commission.
tism and
His instant
of the
some
"radical" members of
of
avowal
conserva¬
generalities in which he in¬
dulged in his first "press conference"
as
Chairman
of the
are
Commission, when considered in the abstract,
commendable enough, but when he
proceeds to
get down to
The
cases
the situation is rather different.
general complaint of the shackles that have been
placed
upon
the securities markets, and the repeated
allegation that existing difficulties
in
impression
the Commission has
modification of those
provisions of the Securities
are
trading by so-called insiders.
aware
of the fact that
in the
absence of
designed to prevent
He apparently is
present market situation is the enforced
buying by these
same
"insiders" who
nor¬
those existing at
as
regularly purchase substantial blocks
present,
securities with which
that in this way
they
they
which they
date when
are
able to* obtain bargains
profit at
can reap a
it has become
profitable
of
familiar in the belief
are
future
some
established to
faction of the "outsiders" that the
as
un¬
important factor of weak¬
one
mally, in circumstances such
upon
He
disposition to ask for
no
Exchange Act of 1934 which
ness
him.
upon
the
satis¬
enterprises
are
they believe them to be. Purchases
as
of
one
will
programs,
or
another, the whole
this
age, so
scorned by the New Deal
It may well be that the sub¬
in
little alteration
indication of
factors of stabilization
curity prices which the law
an
now
of
se¬
has eliminated in
effort to be certain that occasional abuses of the
past
not
may
occur
in the future.
The Chairman
with deep regret be it said, not to show
seems,
any
in
vene
behalf of
the
what it wishes to
like
so
many
politically powerful farmer,
To be entered
is
not
the other side of the
on
clear,
that
the
difficult to resist the
that at least
way
Treasury
will be softened.
is
are
not
or
finding
it
profits tax in such
of its worst consequences
some
If the Administration
in this matter to the
were
to
yield
point of consenting to intelli¬
gently designed amendments or, better still, to
a
complete redrafting of this law the result could not
fail to be
salutary.
Heretofore its ideas of
encour¬
aging recovery have been largely concerned with the
injection of artificial stimulants, and, if
we are
to
take the words of
politicians literally, with larger
and
of managed
larger doses
economy,
really another term for State socialism.
to
be
almost
would
be too
contemplate.
occur
if
they
permit
can
real
whether
powers
any
help it.
real
The
consequences
frightful for New Deal
managers
Upon this assumption the real
tion is whether those who formulate the
cies of the
which is
It appears
universally believed that the
prevailing view is that the political
any
an
ledger
"pressure" being exerted for
modification of the undistributed
a
name
conditions.
reports from Washington, whether authentic
satisfactory understanding of such realities of the
He promises vigorous action of
community
give to the farmer—a procedure
others defended originally in the
of emergency
market
place.
lessening of
and to take from the remainder of the
business recession to
are
a
general disposition of the Government to inter¬
doubt and sale
over-optimistic
practical
development and announcement of such
that be cannot afford and will not
are
of
but the fact remains that it is impossible
notions at this time any
the
It would
particular at least to
by such insiders when the general public is in serious
by them when the rank and file
development of
"objective" for another in this in¬
result
to find in the
small part to these restrictive tactics seem to
no
have made little if any
says
attributable
are
revert in
themselves.
stitution
stance
more
to
horse-and-buggy
acterized
of the
sort
country during the past half-century.
whose business takes them often to the offices of the
one
one
idea ignores the enormous industrial
Bond
as
ap¬
part to date have been nothing more nor
less than subsidies of
the
Washington, have led the financial
"objective" involves extensive
plication of "planned economy" operations, which
ticularly his address last spring to the New York
Club, and the impressions gained by those
Sept. 25, 1937
to
ques¬
public poli¬
country can be persuaded that there is
danger
they
of
can
important recession,
an
and
be taught that the only way to
aggressive sort pushing the quest for further regula¬
avoid such
tion and further interference with free markets.
policies wholly different from those of the past—
is to be
It
hoped that the selection of Mr. Douglas
does not foreshadow
appointments to the two
existing vacancies
the Commission of
school of
011
men
now
of his
unless, of
course,
they
consequences
willing to
are
is to be found in
assume
of deliberate inflation with its inevitable
and
it remains to be
conditions
thought.
unpleasant
they
whether under
existing
make inflation really effective
can
for the purposes
seen
the risk
aftermath,
in hand.
"Parity Income"
THERE are generalstraws that
other direction.
this
same
Agriculture has evolved
to
be
"parity income" concept
applied to agriculture to replace the older
"parity price" objective.
eral Government
of
a
Laying the Basis for Sound Banking
seem to point of
The Secretary in
For
a
long while the Fed¬
professed to be striving for
a
level
agricultural prices which bore the relationship
to other
pYices
as
obtained at
some
relatively recent
Legislation
IT is heartening by the Association of Reserve City
completed to learn that plans have finally
been
Bankers for
allied
a
careful
problems
country today.
as
study of credit, banking and
they present themselves in this
The Board that the Association has
appointed to plan the study is composed of eminent
period. Now it is to undertake, according to the Sec¬
bankers from various sections of the
retary of Agriculture, to
according to
assure
ity income" which is defined
the national income which
ers
was
as
the farmer
a
"par¬
that percentage of
received
by the farm¬
during the half century prior to the World War.
Both
ideas
are
bad
enough, but the most newly
an announcement
country, and,
just made by the As¬
sociation, arrangements have been largely completed
to
insure
of the
dispassionate and intelligent prosecution
project.
needed.
It
Such
ought to
an
undertaking has long been
serve
to clarify the ideas of the
Volume
Financial
145
banking community itself concerning its own prob-
legislative
proposals, both to Washington and to the various
State governments, which would assure at least a beginning of a return to sanity in banking and credit
legislation in this country. It will doubtless take a
considerable period of time to complete the study
well
lems
as
and
to
to
as
lay the basis for definite
formulate the
and
draw
logically flow from it.
conclusions that
This, however, is in existing
hardly to be seriously regretted. Cer-
circumstances
tainly there is
occasion for the haste that some-
no
It
wisdom
undertake a legislative campaign in any event
long as these matters are in the hands of groups
impairs the usefulness of such studies.
times
highly doubtful if it would be the part of
is
to
as
such
those
as
now
Sooner
in office in Washington.
later, however, these groups will either change
their views and their tactics or else be replaced by
or
others with
which the
it
ever
more
sible a gain of $11,567,000 in total reserves, which
moved up to $9,446,969,000. Federal Reserve notes
in actual circulation dropped $18,157,000 to $4,253,156,000. Total deposits with the regional banks increased $7,509,000 to $7,532,742,000, with the account variations consisting of a gain of member
bank reserve deposits by $112,454,000 to $6,977,186,000; a decline of Treasury general account deposits
by 154,196,000 to $193,490,000; an increase of foreign
bank deposits by $37,495,000 to $237,332,000, and
a gain in "other deposits" by $11,756,000 to $124,734,000. The reserve ratio advanced to 80.2% from
80.0%. Discounts by the system increased $997,000
to $24,195,000, while industrial advances were $2,000
lower at $20,601,000. Open market holdings of bankers bills receded $41,000 to $3,026,000, and United
States Government security holdings were quite unchanged at $2,526,190,000.
understanding of the problems by
country is faced.
comes,
At such
a
c
^He ^ew York Stock Market
time, when-
the bankers of the United States
ready with definite proposals supported
should be
1945
Chronicle
analysis. The
excellent basis
for just such proposals. It is a function long performed, and successfully performed, by practical
waves of liquidation developed this week
the New York stock markets, and most issues
"THRESH
Jl
on
by factual evidence and intelligent
were
forced far under their previous lows of the
study now proposed should lay an
year.
Indeed, much of the long sustained advance
bankers in other countries.
Federal Reserve Bank Statement
cancelled. The
of course, by
modest rallies, but these were not sustained, and
they always were followed by renewed selling. Mar-
that ended last March now has been
downward movement was interrupted,
ieaders suffered more than
others, but the entire
effects
combined condition
statement of the 12
list was affected and no group escaped the
Federal Reserve Banks for
Sept. 22, there is full
of the pounding. Hundreds of lows for the year were
recorded and in many instances low levels for sevoral years were established. Foreign liquidation of
N THE
i
the release of
of
reflection
fund
inactive
the
of
the
$300,000,000 gold from
Treasury, and
of other
American stocks probably contributed to the downswing, but most observers remain convinced that lo- >
eral account balance was dissipated rapidly, to meet
cal liquidation is chiefly responsible. The decline
maturities of discount bills and other payments,
has reached perturbing proportions, and the belief
The funds moved into member bank reserve accounts
now is entertained by some that it forecasts a major
to a large degree, and the tendency was stimulated;: recession in
general business. But views differ
additionally by a further decline of money in cirwidely, with some observers who take a long-range
culation.
As a result, excess reserves of member
view inclined to the belief that the movement repby the
Treasury's gen-
Treasury transactions of the week covered
The sudden increase of the
report.
banks
over
in the
resents a correction for the two-year advance that
ended early in 1937. Of undoubted significance is
estimated officially at $1,020,000,000. ^-the fact that the generally* higher wage scales and
release was announced it was gener^ the universally enhanced taxes are cutting sharply
legal requirements increased $140,000,000-^
weekly period, and the aggregate of such exis
cess reserves
When the
gold
ally assumed that a nation-wide total of $1,000,000,000 in excess reserves was the immediate aim, and
result
that
already has been achieved
the downward trend of money
as
yet is being made of the fresh
gage
in
newest
Because of
in circulation, no use
authority to
en-
market operations. This aspect of the
wrinkles in credit policy was made continopen
with Treasury secuusual autumn currency gains. The upward movement of the circulating medium has not yet set in and open market
holdings of Treasury issues thus are unchanged.
gent upon currency increases,
rity acquisitions to parallel the
is
It
United
noteworthy that the flow of gold to the
States
rapidly is overcoming the relief af-
forded to the Treasury
of
by its $300,000,000 "cashing"
week to Sept. 22
$43,000,000, and the aggrehigh record of $12,694,000,000.
gold in the inactive fund. In the
gold stock increased
the
gate moved to a new
The inactive fund now is
000.
of the 12 Federal Re-
is there any sign of a
friendly attitude toward business in Washingtoh.
—
yrrrr——
Heavy selling produced some fairly active markets
more
Monday and yesterday, but in other sessions the
turnover on the New York Stock Exchange remained
under the million-share figure. The declining trend
was in evidence last Saturday, when recessions of
1 to 5 points appeared in market leaders. Uncertainty in commodity and foreign exchange markets
was a factor in the stock decline. When trading was
resumed, Monday, recessions continued on a pronounced scale. The gloomy atmosphere lightened a
little toward the end of the session, when modest
and timid buying lifted quotations from their lows
of the day. Railroad stocks showed gains for the
session, owing to rumors of a sensible wage settlement in discussions at Chicago, but other groups
showed losses which were very large in some instances. Prices rallied a little in a dull market on
which again amount this week
Tuesday. There was some talk of short covering,
but this could hardly be very effective in view of
$9,129,890,000. But an increase of specie and
special forms of currency holdings made pos-
the difficulty of putting out short lines under the
Stock Exchange rules. Gains up to 3 points were
serve
Banks shows no change whatever
certificate holdings,
to
approximately $1,150,000,-
The condition statement
intrcorporate ^
other
in the gold
/
1946
Financial
recorded.
another
closed
Trading
modest
firm, with
in evidence.
the final
slow
was
Wednesday, when
on
improvement
Chronicle
noted.
was
Trading earlier in the day
Prices
equities moved in
small gains than small losses
more
The market
Thursday
on
was
Sept. 25, 1937
pressure was
dull until
a
again present
day and prices
was
dull and
gave way
not impressive and
Selling
narrow groove.
on a
large scale
much ground.
As the after-
hour, when another rush of selling forced
noon
session
levels
sharply lower. The market structure appeared
some
extent, but not sufficiently to eradicate
to be
quite vulnerable, and losses in popular issues
stantial portion of the day's severe declines.
amounted to 1 to
4
points.
Liquidation continued
came
to
an
Fri-
on
end stocks firmed up to
sub-
a
Gen-
eral Electric closed yesterday at 41% against 48%
throughout most of the session yesterday, when de-v
on
clines of 1 to 5
N. Y. at 29% against 32%; Columbia Gas & Elec.
made its
points developed.
A steadier tone
in the late trading, but the
appearance
at 9 against 11%; Public Service of N. J. at 35%
losses remained sizable.
against 39%; J. I. Case Threshing Machine at 129
listed* bond market, high grade securities
In the
fairly well maintained.
were
ment issues
tended
while
recessions
the
small
early gains.
affected
more
recessions
advance
to
against 144;
United States Govern-
early in the week,
thereafter
in
measurable
small
ex-
81; Montgomery Ward & Co. at 45% against 50%;
Woolworth at 41 against 42%, and American Tel. &
merely modified
Best-rated corporate bonds
International Harvester at 87%
div. against 97%; Sears, Roebuck & Co. at 73 against
Tel. at 156% against 161%.
were
by the prevailing uneasiness, but the
were
Friday of last week; Consolidated Edison Co. of
Western Union closed
yesterday at 30 against 34% on Friday of last week;
fractions.
Allied Chemical & Dye at 184 against
204; E. I. du
Speculative bonds dropped with the equities market,
Pont de Nemours at 140 against 151; National Cash
with rail issues
Register at 23% against 26%; International Nickel
and
tions proved
kets
resistant than communications
bonds.
Foreign dollar
some
obliga-
at 50 against 55%; National Dairy Products at 17
The commodity mar-
of little interest.
displayed
corn,
more
traction
local
against 17%; National Biscuit at 22% against 23%;
wide fluctuations, especially in
but the general trend
added to the unsettlement.
Texas Gulf Sulphur at 33% against 34%; Conti-
downward, and this
was
nental Can at 51 against 54; Eastman Kodak at 169
Foreign exchange deal-
against 178; Standard Brands at 10% against 10%;
ings remained under the close control of the various
Westinghouse Elec. & Mfg. at 111% against 130%;
stabilization
funds, with changes small for the week
Lorillard at 19% against 20; U. S. Industrial Alco-
and of little
significance.
hoi at 24% against 29; Canada Dry at 14% against
On the New York Stock
a
Exchange 1 stock touched
high level for the
new
touched
low
new
levels.
On
Exchange 2 stocks touched
stocks touched
New
at
York
Exchange
643
18; Schenley Distillers at 34 against 36%, and National Distillers at 26% against 27%.
stocks
New York Curb
With the decline in the rate of
Call loans
remained
the
on
institute;-the ^teel shares
the
half-day session
shares;
United States Steel closed yesterday at 80% against
Saturday last
on
were
Tuesday, 981,450 shares;
shares;
2,482,210 shares.
the sales last
Saturday
on
were
The week
one
on
on
Thursday, 203,945
at 47%
against
ber at
Profit-taking played
The market
selling pressure, encouraged by
and
stantial
in
new
stocks
at
the order
on
opening time met with
on
at 55 against 61; New York Central at 26% against
in
came
news
mar-
Pennsyl-
Friday of last week; Atchison Topeka & Santa Fe
of
28%; Union Pacific at 102 against 106; Southern
a
Pacific at 30% against 33%; Southern Railway at
Monsub-
and Northern Pacific at 18%
Among the oil stocks, Standard Oil of
N. J. closed yesterday at 55% against 59% on Fri-
liquidation from foreign holders, resulting
low levels for the year.
89%
vania RR. closed yesterday at 28% against 31%
against 21.
day,
at
The railroad shares followed the
ket's trend this week and closed lower.
many
18% against 21%,
was
Chrysler
36% against 43%, and B. F. Goodrich at 24%
against 30.
burgh
Heavy trading
51%;
In the rubber group, Goodyear Tire & Rubber closed
broad curtailment of steel production in the Pittsarea.
Auburn Auto closed yesterday
yesterday at 28% against 32%; United States Rub-
day with losses among the better known stocks
for great
group,
against 97%, and Hupp Motors at 3% against 3%.
low levels for the year.
ranging from 1 to 5 points.
Friday of last week; Inland Steel at 93%
on
Motors
on
On
Saturday last the market opened lower and closed
the
ago.
at 12 against 15 on Friday of last week; General
Mon-
on
major part in the week's transactions, and
new
week
In the motor
the New York stock market has been
stocks established
a
and Youngstown Sheet & Tube at 55% against 67%.
Friday, 589,900 shares.
of pronounced recessions.
with Friday
739,280
on
163,105 shares;
compared
against 100; Bethlehem Steel at 67% against 80%,
Tuesday, 196,475 shares;
Wednesday, 149,575 shares;
on
94%
as
Friday,
Wednesday,
on
prices
on
On the New York Curb Exchange
day, 315,140 shares;
shares, and
703,370
were
1,550,250 shares;
Thursday, 887,750 shares, and
011
in for their share of
the market's adverse trend and show wide variations
Exchange the sales at
Stock
Monday they
on
came
unchanged
in
the New York
ingotjproduction
reported this week by the American IrorTaM Steel
high levels and 382
1%.
On
a
the
new
low levels.
new
Stock
while
year
day of last week; Shell Union Oil at 19% against
RaiUissues held up
22%, and Atlantic Refining at 23 against 25%.
well
In
throughout the day, and motor shares, after
early declines, managed to show fractional gains at
the copper group, Anaconda Copper closed yester-
the
American Smelting & Refining at 68% against 77%,
day at 37% against 45%
finish.
Early advances signalized trading on
Tuesday, but in the final hour profit-taking cut
into the
day's gains and left the market in
irregular state.
Dulness
was a
a
somewhat
Trade and industrial reports are variable,
feature of trading on
progress.
/
Thursday sent equities down from 1 to 4 points, with
^
some
individual
Heavy liquidation late
stocks
suffering
wider
losses.
some
indices showing recessions while others reflect good
on
mixed.
Friday of last week;
and Phelps Dodge at 32% against 40.
very
Wednesday, and the closing hour found prices firm
but
on
Steel operations for the week
were
esti-
mated by the American-Iron and Steel Institute at
76.1%
of capacity
against 80:4%
last week
and
74.4% at this time last yea?T Production of electric
<
Financial
Volume 14S
is reported by the Edison Electric Institute
power
at
2,280,792,000
This
Sept. 18.
hours in the
kilowatt
compares
for the week to
hours
with 2,154,276,000 kilowatt
preceding week, which contained a holi-
day, and with 2,028,583,000 kilowatt hours in the
Car loadings of
corresponding week of last year.
freight for the week to Sept. 18 are reported
revenue
by the Association of American Railroads at 826,565
cars, a
the
the
preceding week and of 36,708 cars over
week of 1936.
same
As
indicating the
closed
option for wheat in Chicago
yesterday at 105%c. against 103%c. the close
September corn at Chicago
Friday of last week.
closed
close
of the commodity mar-
course
kets, the September
on
This was a gain of 115,266
high for the year.
cars over
110c.
yesterday at
against HS^c. the
as
September oats at
Friday of last week.
on
Chicago closed yesterday at 31%c. as against 31%c.
the close
The
Friday of last week.
on
.
spot price for cotton here in New York closed
yesterday at 8.53c.
against 9.05c. the close on
as
The spot price for rubber
Friday of last week.
yesterday was 18.25c. as against 18.53c. the close on
Domestic
Friday of last week.
copper
closed yester-
day at 14c., the close on Friday of last week.
In London the
19
15/16 pence
ounce
price of bar silver yesterday was
against 20
ounce as
per
pence per
Friday of last week, and spot silver in
on
New York
closed
yesterday at 44%c., the close on
Friday of last week.
In
the
transfers
matter
of
the
foreign
London closed
on
exchanges, cable
yesterday at $4.95 1/16
against 4.963^ the close on Friday of last week,
as
transfers
cable
and
8.42%c.
as
on
Paris
against 3.39%c.
closed
yesterday at
Friday of last week,
on
European Stock Markets
1947
Chronicle
issues attracted bargain hunters. The trans-Atlantic section did better, despite the increasingly
cautious attitude of London with regard to these
securities. The session on Wednesday was cheerful,
with gilt-edged issues in active demand. Good inquiry developed for most industrial stocks, and the
mining section again forged ahead. International
stocks were marked slightly higher. Failure of a
small firm on Thursday caused little disturbance,
as the event had been discounted. Gilt-edged issues
and British industrial stocks were well maintained,
with armament shares in best demand. Commodity
securities were somewhat irregular, and international issues tended to improve.
Bull trading
yesterday was marked by steadiness in gilt-edged
issues, but industrial stocks receded. International
securities fell sharply.
Sharp recessions were reported on the Paris
Bourse in the first session of the week, with the
movement attributed generally to selling from Amsterdam. Rentes were fractionally lower, but large
declines developed in bank and industrial equities. In the foreign group a sensational drop
occurred in Royal Dutch shares, while others
also were weak.
Rallying tendencies followed
on Tuesday, partly in response to promises of
a balanced budget.
Rentes regained their previous losses, and a good part of the decline in French
equities also was made up. International securities
were in good demand. The upswing was continued
Wednesday, on a modest scale. Rentes were marked
fractionally upward, and on the receipt of encouraging reports from other financial markets French
equities and international securities also were
marked higher.
Movements on Thursday were
irregular, with rentes little changed at the close.
Bank stocks were rather soft and
other French equi-
UNCERTAIN price trends marked the trading moved sharply higher. Rentes were steadysecurities
ties likewise declined. International at Paris,
stock exchanges in the leading
this week
on
The London, Paris and
European financial centers.
suffered
Berlin markets all
initial trading
a
of
watched
slump in the
session of the week, but the tone im-
Trends in New York
proved somewhat thereafter.
were
severe
closely, and there was the same sort
conjecture regarding the drop in American stocks
that has developed here
ment
Thursday
on
small firm.
a
Early in the week there were rumors
difficulties at Amsterdam,
of
The London settle-
of late.
attended by the failure of
was
and a good deal of
selling originated in the Netherlands center.
Con-
tributing to the general uncertainty was the persistent weakness of the French
sible effect of the decline
on
ment of
wars
remain
one
that
in Spain and China
of intense concern, not
of the destruction
danger
The
year ago.
a source
franc and the pos-
the Tripartite Agree-
only because
wrought/but also because of the
other nations
will become involved,
European trade and industrial reports reflect little
change for the time being.
In
quiet trading
Monday,
gilt-edged
on
yesterday, but the tone otherwise was uncertain.
Quotations on the Berlin. Boerse were marked
lower
Monday, with the declines sharp
despite
Buyers were reluctant and even
small selling orders caused large losses. Leading
issues were 1 to 3 points lower, but the fixed-interest
group remained quiet and unchanged.
Most move¬
ments on Tuesday were toward better levels, with
bank stocks in best demand owing to repurchase by
the Dresdner Bank of shares held by the Reich Government. Industrial issues were mildly irregular,
Business was brisker on Wednesday, and the trend
was upward in that session.
Gains were general,
with market favorites showing advances to 3 points,
Fixed-income issues remained quiet and steady. The
tone again was good on Thursday, and the lively
trading continued.
Heavy industrial, chemical,
shipping and electrical stocks showed sizable
advances. The trend was reversed yesterday, with
trading on a small scale and losses also moderate.
the London Stock Exchange,
well maintained,
slightly lower. Com-
on
small dealings.
Financial Conversations
issues were
British funds and industrial stocks reflected modest
ALTHOUGH a certain indefeniteness appears to
mark the conversations between our Treasury
officials in Washington and Sir Frederick Phillips,
Under-Secretary of the British Exchequer, the mere
fact that such talks were in progress all this week
deserves to be noted. The distinguished British
visitor began his conversations with Secretary
inquiry, while both precious and base metal mining
Henry Morgenthau Jr., last Monday,
while industrial stocks drifted
modity shares weakened more decidedly, and even
larger recessions appeared in Anglo-American trad-
ing favorites, owing to pessimistic week-end news
from New York.
on
Tuesday,
The tone was generally improved
although
dealings
remained
small,
**
and every
1948
effort
Financial
made to minimize the
was
exchanges.
Sir
Frederick
importance of the
said
was
to
have
authority to make commitments in behalf
while Mr.
government,
of
to establish the
seems
they
There
are
world
and
American
which
on
inadvisable, Mr. Eden held, since international trade
This
same,
views
is
exchange of British
an
be
to
sure
advantageous,
The
Tripartite currency agreement is being subjected to strain at this time, owing to the downward
movement of the French franc.
of
Any consideration
the international
volves the ultimate
movements
managers,
currency question always inproblem of stabilization. Gold
remain
disconcerting to the monetary
and silver has come up for renewed dis-
cussion because of the
impending lapse of the inter-
national agreement
of
lem
regarding this metal. The probAnglo-American trade agreement needs
an
study and clarification.
be
disposed of in
War debts eventually must
some manner or other.
These and
other matters of lesser importance doubtless
many
received
some
attention
versations, and the
informal does not
during the Washington
mere
signify
continues
increase
to
other restrictions.
despite tariffs,
He
quotas
and
praised highly the practical
benefits of Mr. Hull's efforts for the reduction of
trade barriers, and remarked that England appreci-
ates the "ideal of peace through economic appease-
which
ment
has
inspired his
policy."
More inl¬
portant still, Mr. Eden voiced the hope that Great
Britain and the United States
sible to reach
duties
toms
on
will find it pos-
soon
agreement for
an
reduction of
a
most-favored-nation
a
mier Camille Chautemps of France
to economic considerations
gave
Pre-
due weight
of war,
causes
as
cus-
basis.
but he
also emphasized questions of religion, prestige and
other factors.
France, he said, would be glad to
enter into foreign trade agreements with any peace-
loving nation.
Premier Milan Hodza of Czecho-
Slovakia pledged the cooperation of his country in
the maintenance of
and the furtherance of
peace
international trade.
Premier Paul
pressed for Belgium the view that
a
Zeeland
van
ex-
rapid expansion
con-
of material prosperity offered the best hope for solu-
were
tion of the peace problem. Chancellor Kurt Schusch-
It is
fact that the talks
a
A too
his
monetary and financial problems of
many
importance
hopeful spirit animated his address.
a
despondent view of the present economic situation is
informality of the talks, but
well be highly significant just the
may
and
Sept. 25, 1937
no
Morgenthau declared that
nothing concrete is contemplated at this time.
Chronicle
rdgg of Austria remarked similarly that trade in-
lack of progress.
always in preliminary discussions of
an easy
nature
crease
that
formal
under-
King indicated that Canada is deeply interested in
the
groundwork
is
laid
for
standings.
a
growth of trade
and
eace
s
and
Trade
v
^
POKESMEN for eight nations
participated last
Sunday in
international
an
sponsored by the National Peace
the aim
of
radio
as a
prosperity.
lombia dwelt
Prime Minister Mackenzie
contributing factor to
President Alfonso Lopez
the
on
peace
of
blamed the larger ones for their troubles.
European Diplomacy
Conference, with
promoting amity between nations.
generalizations accomplish little.
As
In
sev-
eral
"P\IPLOMATIC
*--/
wheels
Europe, and
time past.
ranean
The
turning
are
briskly
obviously than for
more
war scare
moves
to stamp it out
iug European countries, for cautious
ing those economic difficulties
amity have marked the discussions of the week
be
one,
of
the
statements
least
of the
a
primary
are
known to
of warfare.
causes
Such
are
encouraging, since they display at
tendency toward getting down to the roots
problem of
Cordell Hull
war
and peace.
made the initial
Secretary of State
speech of the
sym-
posium, with economic interchange and cooperation
the keynote of the address.. Mr. Hull has embodied
his doctrines in the
dozen
reciprocal tariff accords with
foreign countries, and this service in the
of peace
is not to be taken lightly.
forceful summary of the
tial to peace,
the
course
of his
are:
The
a
a
policy;
The Anglo-French naval
cooperation in the Mediterranean supplies
answer
combination.
mitigated,
diplomatic
by
Italy resented being brushed aside when France and
England undertook to end the piracy in
in
the
pursuit
affairs
of
of
other
of peaceful methods to adjust difof agreements; the
modification of such
agreements, when
understanding
and
reduction and limitation of
orderly
the
overburdening military
democratic
States
carefully
It is
as
a
were
re-
significant, if
tral ships ceased entirely in the face of the deter-
mined Anglo-French attitude,
The real degree of German-Italian cooperation is
a
matter of opinion, and probably of expediency,
and much the
same
thing
can
be said of the
Benito Mussolini will visit the
Eden
the
little noted, fact, that the submarine attacks on neu-
economic field."
Anthony
dodged
Spanish charges that Italian submarines
sponsible for the "piracy."
ments
Secretary
But
relieved
large question presented by the specific Russian and
essential, by
process;
the
that
and more to call Italian.
armaments, and cooperation and interchange in the
Geneva,
a sea
that
non-interference
Foreign
conversations,
better indication of his real senti-
the
clear
The strain of these events quickly was
however,
Government presumably felt
in
a
to the implied threat of the Berlin-Rome
the Italian
ferences; the faithful observance
mutual
closer intergration of democratic
a
countries and policies.
address, but his devotion to trade
force
now
flaunted fascist bloc, with its Berlin-Rome axis,
would occasion
more
of
toward
inevitable that the vaunted and
was
Rome tends
avoidance
use
moves
brief but
are essen-
principles enunciated by the Secretary
nations; the
It
the highest officials of lead-
which doubtless will continue almost indefinitely,
"National and international
patience and self-
restraint ;
ending.
even
cause
he put the economic factors last, in
improvement is
ments.
In
principles which
a
seemingly shocked
in
some
produced by the Mediter-
piracy and the prompt
instances, however, definite programs of trade
improvement were suggested as means of amelioratwhich
Co-
plight of small nations and
broadcast
might be expected, the speeches included many pious
expressions in favor of peace, and it is quite obvious
that such
must be sought.
between
England
and
France.
arrange-
Premier
Reich, today, for
a
from
stay of four or five days devoted largely to displays
the director of British foreign affairs,
of military strength and efficiency, and to conversa-
spoke
Volume
tions
Financial
145
between
maneuvers
fascist
the
French
leaders.
held last week in
were
ister, Leslie Hore-Belisha, attended
these demon¬
the
alignment of
strations.
trends
Such
toward
Europe in two hostile blocs were countered, to some
of the week.
reports indicated that the British Govern¬
extent, by the diplomatic discussions
London
ment labored
mightily to "remove the soreness felt
omission of
Rome.
Encouraged by the British stand, French
spokesmen took a more decided stand with respect
to foreign intervention in Spain.
In the course of
the League of Nations meeting at Geneva, some im¬
portant extra-curricular conversations took place,
by Italy" over the Nyon anti-piracy
Wednesday, between French and Italian representa¬
tives.
Berlin and Rome both made it plain that
friendship is desired, and the Hitler-Musso¬
British
lini conversations may
well center around relations
susceptibilities regarding her
Italian
with London.
soothed suf¬
announcement
position in the Mediterranean were
ficiently, by Tuesday, to produce an
participation in the Mediter¬
that terms for Italian
anti-piracy patrol were under discussion by
ranean
naval
It is now quite possible that a deter¬
problem of
experts.
Spain
army
Normandy, and
notice that the British War Min¬
ii did not escape
1949
Chronicle
mined effort will be made to solve the
MILITARY changes in the Spanish civil war
importance this week, but the
of small
were
international
changed de¬
Nyon,
implemented slowly but surely by
aspects of that struggle
The Anti-Piracy accord signed at
cidedly.
Switzerland,
was
the British and French
of the nations
the
Governments, as the leaders
Despite
engaged in this agreement.
specific Russian and Spanish charges that Italy
sent out the
guilty submarines, no attempt was made
to establish the
nationality of the marauding ships
that sank many
neutral vessels carrying supplies to
loyalist
submarine campaign
The
ports.
ceased
abruptly, however, and the change was emphasized
additionally by diplomatic
maneuvering to bring
That pact was
Italy into the Anti-Piracy accord.
widened
surface
craft,
carried
were
last
late
as
on
week
to
include airplanes and
well as submarines.
Conversations
by British and French representa¬
tives with Italian
spokesmen, in order to clarify the
question of Italian "parity of rights" in the
ranean
Italian
Mediter¬
By Tuesday it was reported that
honor had been satisfied by Anglo-French
patrol.
"great Mediterranean
started to
study the lines along which Rome, could best par¬
of
recognition
Italy as
a
Power," and naval: experts thereafter
foreign intervention in Spain, for the hollow preten¬
sions of the London Non-intervention Committee
ticipate in the patrol.
have been
tion of
swept aside.
Apparently at French insistence, the entire ques¬
foreign intervention in the Spanish civil war
reopened in the course of the diplomatic discus¬
sions.
The activities of the London Non-interven¬
was
League of Nations
tion Committee were
brought to a virtual conclusion
MEETINGS of the League of Nations Council
Assembly
continued at Geneva, this
late last
week, when it was announced in London
week, but the proceedings merely confirmed the gen¬
that the
Anglo-French naval cordon would be with¬
eral
drawn and the
and
were
impression that the international organization
only at the bidding of the dominant European
moves
Powers.
East
The
were
highly embarrassing events in the Far
relegated last week to a League Advisory
Committee, and
invitation for American partici¬
an
pation was accepted, on the understanding that such
participation
be purely consultative.
would
Advisory
Committee
nothing.
European
more
the
insistence
an
The
accomplished
were considered
has
difficulties
pointedly by the main League body, owing to
The French
in
far
so
of
British
and
French
spokesmen.
Foreign Minister, Yvon Delbos, declared
Assembly session last Saturday that the entire
European balance might be destroyed if Italy sent
solemn declaration
Juan
huge
This warning followed a
troops to Spain.
more
by the Spanish loyalist Premier,
Negrin, that Italy was preparing to send a
army
to Spain to augment the Italian forces
M. Delbos suggested that
already fighting there.
such
action
by Spain might relieve France from
further observance of non-intervention
on
Monday that the very maintenance of
foreign combatants in Spain might end non-interven¬
tion and
thus
declarations
for it
was
bring Europe nearer to war.
Such
apparently produced the desired effect,
made known in London, late
Thursday,
that the Italian Government had agreed not to send
fresh
contingents to Spain.
The debates in Geneva
apparently were perfunctory, save for the few dec¬
larations
by
leaders
of
the
great
nations.
Im¬
portant Franco-Italian discussions were carried on
independently in Geneva, while the League sessions
were
in
progress,
tributed heavily to
and they are said to have con¬
the Italian decision.
ships used in the more important task
In the course of a
patrolling the Mediterranean.
League of Nations Assembly meeting, Foreign Min¬
ister Yvon Delbos of France made it plain last
General Franco
applecart. The warning
were in circulation to the
Saturday that fresh fascist aid for
might upset the diplomatic
timely, since rumors
was
Italy intended to send a huge army to
effect that
Franco. In
French and Italian
representatives at Geneva, this question of foreign
Spain to insure a victory for General
private conversations between
intervention
Delbos
was
was
also
more
thoroughly.
the
forces already in
Italian
the field
Behind these proposals, it
be withdrawn.
threat of an
frontier to the ship¬
hinted, was the real or implied
opening of the Franco-Spanish
ment of arms to the loyalists.
Insurgent forces struggled desperately
to
M.
Wednesday to have pre¬
demands that Italy not only refrain
on
sending additional contingents to Spain, but
that
should
was
reviewed
reported
sented virtual
from
pledges. For¬
eign Secretary Anthony Eden stated before the As¬
sembly
of
complete the subjection
along the coast of the
weather
sets in and
Bay of Biscay, before cold
hampers military operations.
Gijon is the goal of the insurgent
since that
this week
of the northern strip
aim in the north,
city is the last important point of the
strip in loyalist hands.
forces of the rebel
By land, sea arid air the
General moved to the attack on
Gijon, and the fall of the port is confidently
antici¬
time. A British de¬
stroyer outside Gijon was subjected to airplane
bombing, last Saturday, but no damage was done
pated, however indefinite the
and it remains uncertain
whether loyalist or insur¬
gent avitaors were responsible. The area near
gossa was
Sara-
relatively quiet this week, but intensive
Financial
1950
artillery shelling has been resumed in and
Madrid.
the
The
loyalists started
a
south, in the Cordoba-Badajoz sector, and they
able
were
claim
to
combatants in this
some
initial
have
war
no
gains.
That the
respect for national
borders
was
Sunday when
a
dozen
Franco
sympathizers tried to take control of
a
loyal¬
demonstrated last
ist submarine laid up
for
repairs.
in the French harbor of Brest
The attack
unsuccessful.
was
China became
attack
to the events in
as
Nanking and seek safety from an airplane
that
took
son
threatened
to
destroy the capital en¬
United States Ambassador Nelson T. John¬
tirely.
other
refuge
foreign
gunboat in the Yangtze, but
on a
in their
remained
diplomats
com¬
The British and United States Govern¬
pounds.
Japan
apprehensions
keen, last Monday, when the Japanese
military authorities "requested" all foreigners to
evacuate
addressed
ments
China and
Sept. 25, 1937
International
near
offensive to
new
Chronicle
notes in which
to
Japan,
Tuesday, separate
on
they protested vigorously against the
TO THE accompaniment of protest and exchange
a feverish explana¬
proposed jeopardizing of the lives of their nationals
tion,
published Thursday, declares that the Japanese in¬
of international notes of
continued to
guns
roar
in the undeclared Sino-
Japanese war, while airplanes rained death
thousands
Japanese
of
unfortunate
upon
non-combatants.
The
machine obviously is getting into full
war
stride, not only in the
around Shanghai, but
area
also in the northern Chinese
territory marked out
for
and
addition
Manchukuo
to
population centers.
produced another
givings in the Occident, and
from the British
ments to
the
The indications of
and bitter conflict
tions
in
southern
prolonged
a
of mis¬
wave
series of communica¬
a
and United
States Govern¬
Japan, the League of Nations and
China.
Such
likely to
prove
establish
notes, as
of
even
are
to
not
effect whatever, but they do
any
little
a
knows,
everyone
clearly the
more
illegality of the Japanese attack
international
China, while
upon
tentions
in
London
ish
Plainly
areas.
protests, for Nanking was bombed repeatedly
son
to the United
Wednesday.
fraining from
steps
might lead
that
are
re¬
involve¬
to
ment.
In
the
Japan
Washington it
Chinese
guaranteeing
started to
vided
most
was
territorial
by the terms of that accord.
unlikely,
not
answer
a
to the note sent when Ambassador Sir
integrity
had
however,
that
It
the
was
considered
provisions for
invoked, since the Japanese
kind, and
war
looms beyond intervention of any
naval
a
war
appealing prospect.
bered in
The
A
only
vague
The
quite
secure
There "were
declaration
stimulated by an
was
the
that
the
international
Chinese
the
city.
ownership
move
of
was
That the
cautiously toward
the
Sino-Japanese
Monday, when
an
invitation
any
An American delegate
however, only in
moves
event,
committee
The
accepted.
a
consultative capa¬
The League group is not expected to attempt
definite
or
that
conclusions, and it is realized, in
Japan
completely,
Advisory
Tuesday.
to 50' Japanese air¬
up
the raids this
week.
They
a
forced
on
devastation
casualties
city
intends
quite
Committee
to
ignore
she
did
started
its
as
in
the
1932.
sittings
wrought by
was
was
to turn
back
At Canton, however,
a
unexpected
native quarter
demolished, Thursday, and
the non-combatants of tl^e area
among
or
occasion.
A good part of
Japanese air raids.
of that southern
the bombers
of
some
Shanghai,
grim
Light CJiinese pursuit
air attacks.
repeated
estimated at
participate in League of Nations Advisory Com¬
will appear,
to
thousands of feet from the ground,
killed
willing to
was
Shanghai, but
participated in
were
consideration
mittee studies
open
dropped in small numbers on
capital almost from the start of the
hostilities at
craft
were
were
conflict was shown last
an ever more
remains
operations
these
on
embargo
China, but not to Japan.
United States is
of
Bombs
shipments to the Far East in
vessels of United States Government
to
formal
Washington that full application of
Study of this matter
to
Airplanes supplied
however, and relatively little damage was done by
remem¬
was
neutrality legislation remains under considera¬
harmful
highly mechanized forces of the Japa¬
Moreover, it is well
application of the Nine-Power pact.
Chinese
considered closed.
was
value
tary
doubt.
toward
and munitions
promptly
remained many
Henry L. Stimson, in 1932, to
official
which Great
aviators,
A British note
spectacular aspect to the struggle, although the mili¬
State
arms
and
Tokio, however, to the effect that the
Government.
ships
cur
supplied
was
fighting between the Chinese and Japanese
unresponsive to the efforts of former Secretary of
tion.
the guilty
demanded.
also
favored the
nese
apology
comments were made regarding the
of
sent to
was
formal
promised to prevent similar incidents,
were
in Japanese waters is not
Washington that Great Britain
indications in
Hughe
shot and almost killed by
was
Japanese airplane, far behind the battle lines near
Shanghai.
Thursday that
likely to be stayed by such incidents.
specter of
an
on
exchange information and views, as pro¬
mutual action would be
are
admitted
signatories of the Nine-Power Treaty
announced,
to the British Government,
gave
Knatchbull-Hugessen
incident
neutral
The return of Mr. John¬
States Embassy was
Wednesday, the promised and long-delayed official
Britain
wisely
The
thoroughly, thereafter.
Japanese,
nations
government and its na¬
dispatches indicate that the Brit¬
the
punishment
Western
of the
prin¬
All rights were
and
enough, only military intervention could halt the
and
contrary to
protest was much along the same lines.
but
fighting
and
Japanese, of course, paid no apparent attention to
foreign
the
behalf
reserved
tionals.
"steps"
in
"unwarranted
are
ciples of law and of humanity."
deferring the question of damage to the extensive
interests
The American note,
and those of non-combatants.
more
than
3,000.
No foreigners
wounded in the attack.
fighting the Chinese slowly
In the land
ground before the
gave
At Shanghai the Japanese artil¬
Japanese troops.
lery pounded the
lines taken
new
up
by the de-*
fenders, who held grimly to their posts, and some¬
thing like
Chinese
Chinese and
the week it
had
been
evade
Outer
the invaders
was
reported that
caught in
up a
came
to
grips with the
pushed them steadily back.
destruction.
setting
In the northern
stalemate developed.
a
areas
buffer
a
Early in
huge Chinese force
trap, but they managed to
The
area
a
Japanese plainly aim
at
between Russian-controlled
Mongolia and the agricultural territory to the
southeast, and
an
important column is pushing into
Suiyuan Province for this
purpose.
Volume
Financial
145
51.81%, compared with 57.42% last year and
off to
THEREdiscount no of
have been changes during the week in
of the foreign central
the
rates
any
Present rates at the
banks.
The Bank's reserve ratio fell
1,159,000,000 francs.
Central Banks
Discount Rates of Foreign
1951
Chronicle
leading centers are shown
75.36% the
francs
year
A decrease of 43,000,000
bought abroad, while
before.
bills
recorded in
was
DISCOUNT RATES OF FOREIGN
the items of credit balances
abroad and temporary
advances to State remained
in the table which follows:
unchanged.
Below
we
CENTRAL BANKS
furnish the various items for three years:
3H
3H
July
July
4
Batavla
2
Dec.
2 1936
2«
Changes
Hungary...
4
4H
3
Aug. 28 1935
Nov. 29 1935
4J4
3H
for Week
India
Francs
2H
15 1935
Belgium
2
Bulgaria...
6
Aug. 15 1935
Canada
2 H
Mar. 11 1935
Chile
4
Jan.
24 1935
4^
Colombia..
4
July
18 1933
5
3
Jan.
1 1936
May
Rate
Holland
10 1935
1 1935
3
June 30 1932
4H
May
18 1936
3 14
5
3.29
Apr.
6 1936
3.65
Jan.
14 1937
Ireland
Italy..
7
Japan
3
Java
4
Jan.
4
Oct.
6 H
1 1936
6
b Bills bought abr'd
May 28 1935
4H
Norway
Poland....
4
Dec.
5 1936
3H
Adv. against securs.
Note circulation
5
Oct.
25 1933
6
Credit current
Portugal...
4
Aug.
11 1937
4«
Temp,
4H
Dec.
7 1934
6
3H
May
15 1933
10 1935
4
Jugoslavia
3H
5
.
2
June 30 1932
Estonia
5
Sept. 25 1934
5H
Rumania
Finland
4
Dec.
4 1934
4^
South Africa
England...
.
.
3\i
.
Sept.
2 1937
4
Spain
5
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
7
1H
Nov. 25 1936
2
4 1937
Jan.
6
Greece..
with¬
July
on
on
against 9-16% on Friday of last
on
Friday
was
week.
months'
Money
At Paris the
J^j%.
market rate remains at 3%% and in Switzer¬
land at
New York Money
were
call at London
open
75.36%
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were
of gold to the franc
v, vV" 'Vv.'"-'. ':"Y
Friday of last week, and 9-16% for three
as
57.42%
Includes bills purchased in France,
IN LONDON open market discount rates9-16% on
Friday
9-16% as against for short
bills
14,583,423,300
51.81%
—0.27%
b Includes bills discounted abroad, c Rep¬
resenting drafts on Treasury on 10-blllion-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,
a
Foreign Money Rates
bills
No change 26,008,126,645
on
hand to sight llab.
3
Switzerland
ad vs.
out Int. to State..
Propor'n of gold
5}£
4
France
.
+487,000,000 8,712,217,637 6,781,432,902 7,182,979,465
—43,000,000
810,480,296
1,236.601,131 1,229.343,678
3,123,998.668
+ 102,000,000 3,943,433,905 3,568,051,458
—530,000,000 88,839,893,460 83,764,538.875 81,308,487,145
accts. + 1,159,000,000 18,864,552,989
8,007,974,833 14,067,289,706
1 1935
July
6M
2H
19 1936
1935
Francs
Francs
bills discounted.,
Feb.
5 H
Morocco
5
2 1937
Denmark..
1936 Sept. 20,
16, 1937 Sept. 18,
Francs
French commercial
Lithuania..
Danzig....
Germany
a
4
Sept.
+43,739,374 55,805,022,113 52,691,761,885 71,878,879,244
No change
8,118,128
153,505,680
14,557,684
Gold holdings
Credit bals. abroad,
3X
Czechoslo¬
vakia
COMPARATIVE STATEMENT
BANK OF FRANCE'S
vious
Established
4~
11936
Mar.
Austria
Dale
Sept 24
Rale
Established
Argentina..
Effect
Country
vious
Date
Effect
Sept 24
Pre¬
Rate in
Pre¬
Rate in
Country
65.5 mg.
{
Market
MONEY market conditions reflected steps slight
degree this week the latest, credit to a taken
at
With excess
Washington.
the basis of the release of
mounting
reserves
on
$300,000,000 gold from the
Treasury's inactive fund, institutional lenders were
1%.
buyers of Treasury discount bills.
In
more
Bank of
THE slight loss of £16,338 in endedholdings, but as
statement for the week gold Sept. 22 shows
a
this
attended by a contraction
was
note
circulation,
holdings
now
£248,706,219
reserves
rose
of £2,183,000 in
£2,166,000.
Bullion
total £328,031,623 in comparison with
deposits
Public
ago.
year
a
rose
£3,200,000 and other deposits decreased £2,644,349.
The latter consist of bankers' accounts, which fell
off
£2,796,044, and other accounts, which increased
The
£151,695.
from
25.4%
a
week
Loans
40.40%.
reserve
ago;
on
proportion rose to 26.7%
last year the proportion was
respects the money market was stagnant and
The Treasury sold last Monday $50,-
unchanged.
000,000 bills due in 273 days, and the average rate
of awards was
issue
a
week
£2,205,000 and other securities rose £612,014. Other
consist of discounts and advances, which
and
which
increased
£169,672,
£442,342.
No change was made in the 2% discount
we show the different items with com-
securities,
rose
Below
parisons for previous years:
BANK OF ENGLAND'S
on
Sept. 25,
Sept. 26,
Sept. 27,
1936
1935
1934
the New York Stock
for maturities to 90
six months'
£
485,969, 000 445.104,282 398,164,188 377,028,060 370,753,450
15,663 000
10,441,666 19,491,362 37,858,169 16,488,040
141,844 311 146,776,519 126,197,209 118,807,780 141,290,594
Other deposits
87.241,298 82,039,899 97,334,183
Bankers' accounts. 105,601, 370 107,981,795
36,242, 941
38,794,724 38,955,911 36,767.881 43,956,411
Other accounts
Call loans
Exchange held to 1% for all
days, and at 1%% for four to
datings.
,
;r •
1
•
!
\;
New York Money Rates
DEALING in detailfrom day toloan rates on* the
with call day, 1%.
Stock Exchange
the
was
ruling quotation all through the week for both new
loans
The market for time money
and renewals.
continues
quiet, no transactions having been reported
Rates continued nominal at l%% up to
days and \lA% for four to six months' maturities.
The
market for
1933
Circulation
;ago.
transactions, while time loans were offered at 1%%
90
Sept. 23,
Sept. 22,
1937
similar
on a
changed, with hardly any business done.
this week.
COMPARATIVE STATEMENT
0.441% against 0.584%
earlier, and 0.711% two weeks
Bankers' bills and commercial paper rates were tin-i
Government securities decreased
securities
rate.
eager
other
England Statement
prime commercial paper has been
quite active this week, but transactions have been
restricted as the demand continues to
somewhat
Public deposits
81,634,164 73,825,963
17,801,208 21,176.349
7,203,539
9,190,293
10,597,779 11,986,056
21,641, 029 20,337,454
Securities
75,497,868 81,013,193
42,061, 000
63,601,937
Reserve notes & coin
Coin and bullion
328,031, 623 248,706,219 194,360,065 192,525 928 191,766,643
Govt, securities
106,867, 000
83,663.337
83,164,999
Other securities
26,849, 060
28,218,423
5,208, 031
7,880,969
40.40%
2%
Disct. & Advances
Proportion of reserve
to
liabilities
Bank rate
2%
_
38.57%
48.18%
2%
2%
51.34%
2%
are
unchanged at 1% for
Bankers' Acceptances
THE demand for prime bankers' acceptances but
been fairly brisk throughout the week, has
have
transactions
Bank of France Statement
Rates
all maturities.
24,602,053
12,411,483
12,190,570
56,195,877
26.7%
exceed the supply.
in the rates.
off
fallen
shortage of prime bills.
due
largely
There has been
no
to
the
change
The official quotations as issued by
THE weekly statement datedofSept. 16 showed an
gold holdings
43,739,374 francs,
the Federal Reserve Bank of New York for bills up
which
to
increase in
brought the total
up
to 55,805,022,113 francs,
compared with 52,691,761,885 francs a year ago.
530,000,000 francs in note circulation re¬
A loss of
duced the total of
88,839,893,460 francs.
Circula¬
tion last year
aggregated 83,764,538,875 francs and
the
year
previous
81,308,487,145 francs.
French
and including 90 days are
asked; ■ for
bid and
9-16% asked.
New York
from
1
to
90
days; %% f°r 91- to 120-day bills,
000,000 francs, advances against securities of 102,-
creditor
current
accounts
of
The bill-buying rate of the
Reserve Bank is A% f°r bills running
serve
and
9-16%
lA% asked; for five and six months, %%
and 1% for 121-to
francs
months,
bid and
commercial bills discounted showed a gain of 487,-
000,000
A% bid and 7-16%
bills running for four
180-day bills.
The Federal Re¬
Bank's holdings of acceptances decreased from
$3,067,000
to
$3,026,000.
Open
market
dealers
Financial
1952
quoting the
are
rates as those reported by the
same
The rates for
Federal Reserve Bank of New York.
market acceptances
open
are as
180 Days
Asked
Prime eligible bills
——90 Days
Bid
Asked
Prime eligible bills
Asked
9,
'16
Bid
Cunliffe
-Bank's
——30 Days
Bid
'16
X
Asked
-
Eligible member banks
Eligible non-member banks
United
The
%% bid
X % bid
...
.....
Discount Rates of the Federal Reserve Banks
rates of
The
following
the
for
the schedule of rates
is
of
classes
various
now
in effect
the
at
paper
different
Reserve banks:
Rate in
Federal Reserve Bank
New York
1
much
possible the amount of gold which is
as
British Exchange
understood, has been
cooperating in this attempt by confining its exchange
activities as far as possible to indirect control of the
coming
this
to
Rlchmond.
exchanges through operations in the London gold
market, which also
Sept.
May
Aug.
Aug.
Aug.
Chicago
IX
IX
Sept.
Minneapolis
IX
Aug.
Kansas City
IX
Sept.
Aug.
Sept.
Dallas
IX
IX
...
IX
2
4 1937
11 1935
27 1937
21 1937
21 1937
2 1937
24 1937
3 1937
31 1937
31937
2
There
2
2
with
2
be
can
the
between
2
2
the
London
tripartite
of the
compared with
a
On seasonal commercial account
of
but commercial factors at this time
Eden and
by United States transactions in the London silver
that
market.
trade
sterling results from the
pound. Recent speeches by Foreign Secretary
by Secretary of State Hull reveal clearly
active
negotiations
agreements
steady movement of funds from all parts of the
United
world to
and
political
fluctuations
close
economic
held
are
narrow
change equalization funds.
$4.96 7-16,
The
cable
compared
with
transfers
has
been
$4.96% compared with
$4.96%
The most
a
a
week
for bankers'
The
relation
and
of between $4.94 9-16
the
the
gold
of
volume
growing
past few weeks,
particularly from London,
represent to some extent official transactions,
of
transfer
gold from London to
the
to-day
arrivals
of
otherwise go on
to
York
New
a
Exchange Equal¬
considerable part of
gold in
the
open
London which
ease
the
might
market* and find its
action of the British fund in this respect
to
the day-
through arbitrage operations.
is
lowest
Some of the
tion
to
attitude,
commented
necessary,
are,
any
which would place either at
the
case
however,
closer
deflation
the scourge
was
a
Some
abundance of
political
col¬
virtual necessity, the
a
improved business conditions which
upset, the fact that both
1931.
in
are an
the
countries,
laboration that has become
to
to analyze
other, less likely to take
reasons,
both
now
no
one
desires
fear inflation whereas
of 1931, and finally the
British-American trade agreement which, while long
delayed, is
Francs
an
expected ultimate development."
have been sold
French
a
heavily in London in the
and
Continental
is intended
the
to
the
Bank of
England
equalization fund's available
London,
but
During
market, British investors have been
London brokers and
of American securities.
They
chiefly in London through
banks, but the movement tends
strengthen the dollar in terms of the pound. There
has also been keen
over
into
past few weeks, despite the disturbance in the
have made their purchases
to
funds
movement also of these funds into dollars.
conspicuous buyers
keep its sterilized' gold at the
in order to increase the
in
The
gold obtained by the British Equaliza¬
Fund is turned
eco¬
mone¬
why both nations
was
New York stock
possible figure.
anxious
this
on
recently
is it
reasons
now
disadvantage than
metal
nor
the
way
position of the United States Treasury,
which
maintaining harmonious
past few weeks, indicating not only a movement of
It is understood that the British
ization Fund absorbs
monetary action
New York for
central bank account.
political
improving world
commenting
each
to
outstanding
steady flow of Continental
to
to effect
Britain and the
effective
ensure
Journal"
impossible,
in
$4.94%
In
Street
brief space
for
However, the rather large gold imports
imports.
"It is
a
range
progress
editorially:
in
ago.
by
policies.
"Wall
between
of
range
the
and
important factor in the firmness of the
evidenced
is
ex¬
to this side ^seeking both safety and profit,
money
of
tary
by the
$4.94 9-16
between
a range
dollar at this time is the
as
limits
range
been between
$4.94% and $4.96 11-16 last week.
and
nomic conditions and
cooperation of the British and American
sight this week has
to
view
a
Sterling-dollar
unrest.
within
and
States
in
are
between Great
collaboration with
London, influenced by the almost universal
The growing weakness
relationship.
maintaining the close parity between the dollar
and the
The real firmness in
brought the other two members
Belgian units has emphasized the importance
sterling should be easier with reference to the dollar,
largely offset
September,,
agreements of last
currency
and has necessarily
into still closer
are
authorities
Washington
Paris authorities to maintain their full share in the
of the dollar is
ago.
and
to the close
object of effecting greater economic and
respect to all other major currencies, but in terms
weeks
to New York.
cooperation
come
as
monetary stability. The recent sharp decline in the
French franc has demonstrated the inability of the
2
and
few
doubt
no
2
STERLING exchange continues relatively firm
steady. The pound is especially firm with
easy as
to reduce the amount of
serve
gold which might otherwise
2
Course of Sterling Exchange
relatively
is
it
2
St. Loills
San Francisco
The
country.
Fund,
Rate
2 1937
Aug. 27 1937
Atlanta...
.
.
The resumption of
buying is regarded as another move to reduce
silver
as
the result of official supporting operations
Previous
Sept.
IX
IX
IX
IX
Philadelphia
as
foreign exchange market.
Date
IX
Cleveland
in the
Established
Effect on
Sept. 24
Boston
buying
been
has
Treasury
few weeks directly in the London
market, supplementing increasing amounts of gold
Equalization
DISCOUNT RATES OF FEDERAL RESERVE BANKS
States
silver for the past
acquired
THERE have been no changes this veek banks.
rediscount
the Federal Reserve in the
just prior to the suspension of
statement
gold in September, 1931.
DELIVERY WITHIN THIRTY DAYS
FOR
all-time high of £328,047,961,
and with £136,880,252 in the
committee,
X
Asked
Bid
Asked
»i«
*60 Days
X
an
—120 Days
150 Days
%
*16
%
England reached
as
Bid
Bid
1937
On Sept. 15 the gold holdings of the Bank
sterling.
of
Sept. 25,
compared with £247,940,825 a year earlier, with
the minimum of £150,000,000 recommended by the
follows:
DELIVERY
SPOT
Chronicle
buying of United States shares in
Amsterdam and
some
factors
tending to
likewise
with respect to
buying in the Swiss centers,
strengthen
other currencies.
the
dollar
Financial
Volume 145
The money value
Chronicle
of retail sales in Great Britain
July,
than in
1936, which in turn
5.8% higher
was
Sales of food and perishables in
July, 1935.
July accounted for approximately 52% of the total
value
reported and
larger by 10.2% than a
were
The increase this
year ago.
is due in part to
year
rising prices and in part to increased consumption.
Canadian exchange
steady.
1-64% and
The
rate
The armaments
year ago.
influence
Paris, the London
on
increase
prices.
needed
in
Export prices in Great Britain
but have not advanced in the
and the price
at
higher,
are
tendency toward
degree
visible
balance
London,
is
considered
not
in
disquieting
The enhanced
spending
large is likewise
a
invisible exports
also
There is
144.68
Thursday,
Friday,
Sept. 23_
144.80
Sept. 24
144.65
146.09
140s. 2d.
PRICE
140s. Id.
Sept. 21
PAID
FOR
GOLD
tremely
market
open
and unchanged
easy
Call money against
Thursday,
Sept. 23
35.00
Friday,
Sept. 24
35.00
Referring to day-to-day rates sterling exchange
Saturday
previous
was
weeks.
19-32%, and six-months' bills 23-32%.
Two-
was
was
Gold
and
Saturday
last
Monday
there
£93,000,
the
in
on
Sept. 22,
Reserve Bank of New
MOVEMENT AT
as
York,
NEW
on
sight
22,
On
cable
slightly
Bankers' sight
The
were
pound
$4.94%
range was
Thursday sterling
steady in
range
was
and
and
cable
On
Friday
more
slightly
a
easier.
was
$4.94 11-16@$4.95
$4.94%@$4.95 1-16.
and
Commercial
active
$4.94 9-16@$4.95%
$4.94%@$4.95 3-16
Friday
on
$4.951-16
for
for
$4.95
were
cable
for
cable
transfers.
sight bills finished at $4.94%, 60-day
bills at $4.94 1-16,
for
16-SEPT.
for
a
Wednesday the
Closing quotations
demand
for
90-day bills at $4.93%, documents
(60 days) at $4.94%, and seven-day
grain bills at $4.94 7-16.
Cotton and grain for pay¬
follows:
YORK, SEPT.
On
was
was
The
transfers.
gold movement for
Imports
pound
bankers'
reported by the Federal
was as
were
market.
Friday £312,000.
At the Port of New York the
the week ended
trading.
quiet market.
a
sight
the
on
£281,000,
Wednesday
on
Thursday £697,000, and
steady in
transfers
On
£87,000,
available
was
easier in limited
was
9-16@$4.95% and cable transfers
Bankers'
seems
market.
open
$4,963/8®
were
$4.95%@$4.95 13-16 for
was
dull
in
on
the
$4.96 1-16@
was
Tuesday sterling showed
undertone
$4.95
from
$4.95 9-16@$4.95%
for cable transfers.
by the British Equalization
offered
not
On
off
@$4.95% for bankers' sight and $4.95@$4.95 13-16
on
taken for
gold arriving in London
have been absorbed
sight
transfers
$4.95%@$4.95 13-16.
destination, most of it for transfer to New
Much of the
Fund
firmer
ex¬
four-months'
9-16%,
offer in the London market this week
York.
cable
slightly
On Monday the pound
transfers.
bills
unknown
Bankers'
and
and
bills is in supply at %%.
are
close.
$4.96 7-16
steady,
was
range
three-months'
bills
last
The
and
$35.00
35.00
35.00
sight
recent
BANK)
Wednesday, Sept. 22
Sept. 20.
bankers'
from
_
(FEDERAL
Sept. 21
which is
continue
_
STATES
Tuesday,
trading.
rates
money
UNITED
Monday,
£47,000,000 above last year's figure.
London
$35.00
offsetting
are
_
RESERVE
$4.96%.
rising and thus
are
Wednesday, Sept. 22___140s. 3%d.
Thursday,
Sept. 23.__ 140s. 6d.
Friday,
Sept. 24
140s. 6 Hd
BY THE
to believe that
reason
the visible adverse balance of £258,700,000,
GOLD
Wednesday, Sept. 22__
146.47
140s. 3d.
factor, but the price rise as a whole
finally responsible.
CHECK RATE ON PARIS
Tuesday,
of the community at
power
market gold price,
146.56
Saturday, Sept. 18_
Monday, Sept. 20
materials for industrial purposes.
raw
London check
mean
open
LONDON OPEN MARKET GOLD PRICE
much of it is ascribed to larger imports
as
of foodstuffs and
to
LONDON
Saturday, Sept. 18_Monday, Sept. 20
Tuesday, Sept. 21
imports.
as
increase in the adverse
an
discount of
a
paid for gold by the United States:
Saturday, Sept. 18
The
is
same
reflecting
higher
year,
materials
raw
relatively
was
par.
following tables show the
Imports for eight months
£117,800,000 higher than last
were
the
is still exerting an
program
British trade.
on
6.1% higher than a
were
during the week
Montreal funds ranged between
MEAN
Sales of other merchandise
Wednesday
$42,227,875
reported for July increased by 8.1% in comparison
with
1953
Increase for the Week Ended
INCL-
payment
ment closed at
Exports
$4.94%.
$14,222,000 from Ehgland
2,514,000 from Canada
2,040,000 from India
Continental and
None
Net Change in Gold Earmarked for Foreign Account
rather inactive
Decrease: $2,250,000
Note—We have been notified
was
above
Wednesday.
the
metal,
gold
for
are
the
week
Canada.
but
gold
There
held
were
for
earmarked
$5,675,300.
marked
for
for
or
foreign account.
Francsico from
from
There
It
was
was
reported
as
Wednesday,
day changes
was as
are our own
GOLD HELD
Date—
IN
on
indicated in the
The day-to-
calculations:
THE TREASURY'S INACTIVE
FUND
Amount
Daily Change
$1,122,537,723
+$2,714,162
September 17
1,134,950,931
+12,413,208
September 18
1,135,249,021
+298,090
September 20
—1,145,772,001
+10,522,980
September 16. .1
September 21
September 22.
recently have frequently
far there is
so.
It would
no
evidence
seem
that
of their
some
faint
the franc fairly
steady in terms, of sterling
the spot rate is
'
concerned.
so
far
as
The franc has been sold heavily in Paris,
and
Amsterdam
and
probably
in
other
European centers.
received at San
follows.
that rates
so
attempts have been made to keep
Every day during the past few weeks the French
control has
its
fund,
but thus
capacity to do
London,
Japan.
Gold held in the inactive
authorities
ear¬
daily Treasury statements issued during the week
ended last
French
were
change in gold held
Friday that $5,779,000 of gold
franc,
foreign
came
throughout the week,
foreign currencies largely reflect activity abroad.
announced their intention to check pressure on the
was
On Friday $3,244,800
England and $1,450,300 from Belgium.
exports of the metal
on
exports of
no
received, of which $1,794,500
was
ended
On Thursday $1,668,700 of gold
account decreased
no
of gold
The
figures
received from
of
that approximately $11,566,000
received at San Francisco from Japan.
The
OtherJ^reign Exchange
FRENCH francs continue to market has been
display extreme
weakness.
The New York
$18,776,000 total
1,148,645,841
+13,405,595
and the unit fails to show any
power.
The
resources
independent rallying
of the fund
greatly weakened and its ability to
are
undoubtedly
cope
with future
eventualities is consequently impaired.
the
During
Bonnet
past
few
weeks,
Finance
Minister
and other authorities in Paris have reiterated
that bear
speculators in the franc will incur extreme
risk of loss
+2,873,840
1,162,051,436
been obliged to dispose of a portion of
sterling balances in order to support the franc,
counteract
as
the French fund has ample resources to
such
attacks.
In
reality the
present
Financial Chronicle
1954
is in
of the franc
weakness
due to bear
sense
no
and lack of
speculation, but to flight from the franc
confidence
the
on
part of French nationals in the
political and monetary policies of their Government,
In recent weeks, as during the past few years,
French money has
without
been finding its way to London,
and New York in quest of security,
Amsterdam,
considerations of profit.
regard to
French
investor
The
derive much higher profits
could
Paris,
loan, it is only for the most
and much French money is on deposit
home, but feels that there is no security in
at
offered
When money is
limited term,
and
Amsterdam
in
on
the
Swiss
though
centers
no
In New York
discount
Tuesday at 14, and on Wednesday
by the weakness in French futures.
90-day francs were quoted on Monday at a
points,
on
discount widened four points or
Thus the
16.
at
exactly one-third since the French Finance Minister
announced on Sunday his policy of protection of
Had there been any real confidence in the
the franc.
route, the National Bank
now en
of Belgium has lost approximately $38,500,000 in
gold since July, representing 6% of its total gold
In addition there has been a steady drain
reserves.
the foreign balances of the National Bank.
on
There can be no doubt that the collapse of the
French franc has had some effect on the Belgian
situation, but the most pertinent influence is that
of the internal political dissensions which in recent
weeks have given rise to rumors of the impending
retirement of Premier Van Zeeland.
In informed
quarters, however, it is believed unlikely that the
Premier will find any occasion for retirement and
lack of confidence is best indicated
The extreme
of 12
including the gold
it is thought that he will have the support of the King.
earned thereon.
interest is
Sept. 25, 1937
German marks
held steady and do not reflect
are
the changes in the major currencies.
This applies
exclusively to the so-called free or gold mark. On
Monday, Berlin dispatches denied that Dr. Schacht
had resigned
as
An official
Minister of Economics.
spokesmen for the propaganda ministry is reported
to have stated:
"The resignation of Dr. Schacht is
Absolutely nothing is known
out of the question.
ability of the French
authorities to carry out the
warning effectively, a sharp improvement could
have been expected in the rates for futures rather
than the
progressive weakness which has since
here of such a step." Reports have been current for
some weeks that Dr. Schacht desired to resign his
Cabinet position due to his opposition to the economic
policies now being followed by the Nazi Government,
developed.
The following table shows the relation of the
leading European currencies to the United States
of the franc last week in the foreign
The collapse
exchange markets wiped out
f{
doned
a
year ago.
half of the value of the
of 6.63 cents
unit since its former A
parity
y
was
.
.
»
dollar:
New Dollar 3, oid Dollar
Parity
Parzty
aban-
The causes of the collapse are
rapid growth of
b France (franc)..
3.92
debt, rising prices and costs at home,
French
recrudescence of labor unrest, the mounting adverse
trade balance,
19.30
a
constructive course
practically impossible.
had
Since 1871 France has
more
London check rate
144.65 against 146.81
than 100 ministries.
indemnity which France had to pay to Germany
1872 created a debt of 5,000,000,000 francs.
Just
on
transfers at 3.42%, against
closed at
debt
was
30,000,000,-
At the end of the war the debt
had risen
147,000,000,000 francs. In 1926 when the Poincare
to
Government
debt
of
summer
this
French
francs.
concerned
francs.
effect, the
In the early
reached
365,000,000,000
put its fiscal reforms into
303,000,000,000
was
it
year
savers
by the
and investors
fact that M.
are now
greatly
Bonnet, like his
predecessor M. Auriol, has had to resort to borrowing
at the Bank of France.
foreign trade deficit of France for
the French stabilization fund will use the
of
its
currency
The
a
under
the
has had
an
16.84%, which is considered the gold point
York.
This week the rate has ranged
The prevailing weakness
belga accounts for the recent large shipments
On Monday it was
$7,800,000 in gold has been engaged
gold to the United States.
announced that
This is the largest ship1935.
The
Belgium has been losing gold
shipment to New York.
ment
to
National
be
made
Bank
of
by Belgium since
steadily since early in July.
for
cable
jrinai
Estimates show that
3.39%.
Antwerp belgas
transfers,
against
quotations for
16.83%
Berlin marks
and
were
16.83%.
40.13
for
bankers' sight bills and 40.13 for cable transfers, in
comparison with 40.13 and 40.13.
Italian lire closed
5,26% for bankers' sight bills and at 5.26% for
cable transfers, against
5.26% and 5.26%.
Austrian
schillings closed at 18.85 against 18.85; exchange on
Czechoslovakia at
arest at
3.49%, against 3.49%;
on
Buch-
0.74, against 0.74; In Poland at 18.92, against
on
Finland at 2.20, against 2.20.
Greek
exchange closed at 0.91, against 0.91%.
+
EXCHANGE
remainder
support
undertone of
and has generally been quoted
currency
between 16.83 and 16.84%.
for
to
New
of the
of
effort
futile
at some fixed point.
Belgian
for several weeks
ease
for
in
resources
In
1683i^ for bankers' sight and at 16.83%
18.92; and
the first
eight months of this year has amounted to almost
12,000,000,000 francs. It is highly improbable that
The
Friday at
Friday of last week.
on
in
000 francs.
on
on
The
before the World War the total
Paris closed
the French center finished at
341^ against 3.39 on Friday of last week; cable
New York sight bills
^
32.07
3'1936' b Thefranc cut from ^old andallowed
political conditions, and internal
political dissensions which make a
"mh
New dollar parity as before devaluation of the European currencies
heavy armament expenditures, threat-
ening international
3.37% to 3.42%
6.63
"9?
numerous—decline in production,
the
Range
This Wcelc
war
The
on
presents
Swiss
franc
the countries neutral during the
features of importance,
no
new
is
especially
steady,
although
there has been a movement of Swiss funds to London
and New York as opportunities for profitable employment of such funds at home are lacking. The Holland
guilder has been exceptionally firm, despite the fact
that during the past week there has been exceedingly
keen buying of American shares on the Amsterdam
bourse.
On Tuesday the Dutch Finance Minister presented
the Government's budget for 1938. In doing so he
took occasion to state that he was not optimistic
regarding Holland's ability to obtain an actually
balanced budget in the near future. He said that
"there is no certainty whatever that the world
Volume
1955
financial Chronicle
145
business cycle in
the
future will continue rising."
near
It is understood that Japan continues to
sterling.
United States and Great
Japan
have shown no change since Aug. 28 and in the
statement as of Sept. 18 the gold stocks continue
to be carried at 801,000,000 yen.
Since Aug. 25,
when a new gold valuation became effective, gold
ship
33,250,000 guilders.
yen a momme
Bankers'
sight
on
Amsterdam finished on Friday at
week; cable
transfers at 55.30, against 55.16; and commercial
sight bills at 55.25, against 55.10.
Swiss francs
closed at 22.96% for checks and at 22.96% for cable
transfers, against 22.96% and 22.96%.
Copen¬
hagen checks finished at 22.10% and cable transfers
at 22.10%, against 22.17 and 22.17.
Checks on
55.30, against 55.15 on Friday of last
Sweden closed at 25.53 and cable transfers at
25.53,
against 25.61 and 25.61; while checks on Norway
finished at 24.88 and cable transfers at 24.88, against
24.96 and 24.96.
Spanish pesetas are not quoted in
gold holdings of the Bank of
Britain.
The
coin and
bullion
around $31
the
both
gold to
Dutch
budget for 1938 shows expenditures of 703,196,000
guilders and revenues of 689,950,000 guilders. The
resulting deficit of 13,246,000 guilders is covered on
paper by prospective future economies.
The deficit
for
1937
was
originally estimated at 54,050,000
guilders, but now the estimate has been reduced to
presented by the Finance Minister, the
As
are
(a
carried
the basis of 12.931
is 0.12057 ounces troy), or
momme
The world gold price is set
ounce.
an
on
Prior to the
gold was
which made the value
by the United States at $35 an ounce.
Japanese altered valuation of August, the
carried at 5 yen a momme,
around $12
an ounce.
Closing quotations for yen checks yesterday were
Hong¬
28.83, against 28.93 on Friday of last week.
against 31.06@31%;
closed at 31.05@31%,
kong
Shanghai
nominal
is
29%@30 1-16,
at
against
29%@30 1-32; Manila closed at 50.20, against 50%;
Singapore at 58.20, against 58%; Bombay at 37.40,
against 37.52; and Calcutta at 37.40, against
New York.
Gold Bullion in
—$—
37.52.
European Banks
EXCHANGE on the South of importance. The THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
presents no new features American countries
exchange position of all these countries has
improved
Today, Sept. 25, the Finance Commission of the
Brazilian Chamber of
Deputies holds an extraordinary
session to hear the views
Souza
Costa
central
on
reserve
in
similar
prqject for
respects
the Federal Reserve
to
buy and sell gold; (3) receive deposits in current and:
sell, discount and re¬
orders of exchange, and (5) make loans
secured by
existing
and
buy,
gold coins
bars
or
or
Brazilian Federal
The bank's minimum reserve will be made up
bonds.
of
(4)
gold bullion, bills of foreign
currency,
specially issued 7% Federal bonds.
corresponding dates in the previous
four years:
i
1937
1936
1935
1934
£
Banks of—
£
£
Belg.
Switzerland
82,426,000
Sweden
25,969,000
6,549,000
6,602,000
France
Italy
Netherlands
Nat'l
Denmark
.
_
Norway
1933
£
328,031,623
293,710,642
2,494,800
c87,323,000
a25,232,000
105,490,000
102,353,000
England
Spain
According to the Finance Minister the project will
discount
shown for the
are
reported
by special cable yesterday (Friday); comparisons
us
Germany b_
provide that the bank may (1) issu^ bank notes in
accordance with regulations prescribed by law; (2)
accounts;
to
a
System of the United States.
limited
exchange) in the principal European banks as of
The proposed bank will be
bank.
many
of Finance Minister Arthur
Government's
the
of
respective dates of most recent statements,
steadily in the past two years.
248,706,219
421,534,095
2,223,900
88,092,000
42,575,000
58,433,000
105,942,000
54,159,000
24,128,000
6,552,000
6,604,000
£
194,360,065
192,525,928
191,766,643
575,031,034
3,256,100
90,931,000
657.636,639
655,435,372
90,600,000
90,402,000
50,881,000
68,577,000
43,912,000
72,011,000
75,715,000
65,745,000
15,506,000
75,960,000
69,081,000
2,707,100
97,503,000
46,614,000
20,149,000
6,555,000
6,601,000
7.397,000
6,579,000
13,772,050
77,170,000
61,581,000
14,018,000
7,397,000
6,570,000
Total week. 1,066,181,065 1.058.949,214 1,135,793,199 1.254,738,667 1,263,153,065
Prev. week. 1,066.710.3n6 1,063,089,230 1,145,436,232 1,253,936,515 1,263,901,63
uelu Dec. 31, i&iO, latest figure available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
£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
65.5 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.
a
Auiuuut
Bank of Germany are
reported at
Simultaneously with the inauguration of the bank's
operations all privately owned banks in Brazil will
be
obliged to deposit at least 10% of their current
account
deposits
as
United
The
statement.
shown by their last monthly
States
has
contributed
largely to the development of the Brazilian Central
Bank
through its recent "loan" of gold.
Lack of
adequate organized financing facilities has been the
chief
in
cause
of retarding a greater
industrial expansion
despite the excellent progress which has
Brazil
been made in certain parts
of the country in the past
few years.
quotations, at 33.00 for bankers' sight bills, against
33.05
on
Friday of last week; cable transfers at 33.00,
The unofficial or free market close
29.87@29.90, against 29.95 @30.20.
Brazilian
against 33.05.
was
milreis, official rates, were 8.84, against 8.85.
unofficial
or
free
market in milreis,
against 6.40@6.50.
The
is 6.45@6.50,
Chilean exchange is nominally
quoted at 5.19, against 5.19.
Peru is nominal at
25.75, against 25.75.
EXCHANGE on the recent weeks.countries shows
change from Far Eastern
Outside the
no
the currencies
move
in close
sympathy with
may
be
thought
about
the
inherent
of the
controversy between the Committee
for Industrial
Organization and the American Fed¬
eration of
Labor, it is clear that neither of the par¬
ties to that
done
wordy and embittered strife has as yet
anything that promises a stabilization of rela¬
tions between
organized workers and employers ex¬
basis of continued industrial war.
cept upon the
The
Wagner Act, in turn, while measurably accept¬
labor, is
acceptable
measure
to
has
so
obviously partisan
labor
as never
to be
employers, and even as a partisan
signally failed to remedy some of the
evils for which it was
organizations
prescribed.
on
the
one
The trouble with
hand and with the
Wagner Act and Government policy on the other is
that neither has been
the matter
difficulties.
become
more
•—
war area
Whatever
merits
able to
Argentine paper pesos closed on Friday, official
Proposals for Labor Regulation
Recent
and deal
willing to
go
to the roots of
effectively with fundamental
Students of the problem, however, have
increasingly
aware
of the necessity of much
radical treatment than the situation has yet
received, and while not all of them, naturally, see
the
problem in the same light, the multiplying sug¬
gestions are nevertheless entitled to consideration.
1956
In
Financial
address at
an
Conference
Boston,
on
Monday, before the
Distribution, Dr. Paul Henry Ny-
on
Chronicle
Sept. 25, 1937
jurisdictions if their conduct
to be
strom, Professor of Marketing in Columbia Univer¬
organized bodies is
as
brought effectively under the control of law.
The
argument for the public filing of financial
sity and President of the Limited Price Variety
statements is
Stores
R.
Association, offered
which aimed
less
no
On this point Frank
cogent.
only insuring the rights of labor but also the
Kent, of the Baltimore "Sun," has recently pre¬
sented some figures that are illuminating. Accord¬
rights of industry, and especially the public inter¬
ing to these figures the Committee for Industrial
est."
Organization, which claims 3,718,000 members,
at "not
As summarized in
"Times," the
a program
dispatch to the New York
a
embraced "incorporation of
program
labor organization under State and Federal
every
acts
monthly
dues
amount 5 cents
$1
of
month goes
a
laws; public filing by unions of annual financial
statements;
means,
of
Federal law barring-
a
campaign contributions by labor bodies; secret bal¬
lot election of all labor officers and
with
of the closed
the
representatives,
protection of minorities; caution in acceptance
shop; reconsideration of the rights of
public with respect to strikes and picketing, and
mutual discussions to obtain
higher efficiency and
productivity."
to take not
are
also
and to
use
this
or even
force, if
now
necessary,
going to employers,
in getting it. The
pro¬
tidy
a
to be any
required legal publicity
not
are
large.
in
revenue
shared
by
be
It would be the begin¬
...
new era
if leaders of labor and of industry
to sit down
operations
together and consider not merely
ning of a
were
every one.
to
the division of the
present product but also the
important project
come."
He
or
national
in¬
not, however, enthusiastic about the
was
possibility
of increasing the
more
the outcome of such conferences at the
no
are
labor to management or
at
sup
in
the
not,
as a
rule, deliberately attempt the
prevent all strikes by law even if there
more
agreement than there
of such
now
There are, to
a course.
of management to labor, to
has
served
not
to
disappearance of the food but also of the
dishes, and in the destruction of the table
None of Dr.
lack of
tical
novelty is in
no way a measure
on
of their prac¬
strongly opposed by labor leaders, primar¬
the obvious ground that incorporation would
subject the unions to
greater degree of legal ac¬
a
countability than they have at present.
of course,
that
an
It is true,
unincorporated association
sued and that its individual members have
sponsibilities, but it is
force such
more
labor
a
unions
hold
maintain
small army
a
employment
or
be
properties—the
Organization is reported
national headquarters—
dues,
of paid agents, provide un¬
strike benefits for members, claim
right to bargain collectively with employers
tiate and conduct strikes which interrupt
course
of
with the clear
re¬
public order, and
as
are now,
with
under
as
complainants against employers
proceedings before
a
national board, emphasizes
incorporation in both Federal and State
are
service,
privately-owned subway system in New
be
Until
tolerated.
public utilities and hospitals have,
been interfered with
number of
corded.
very
the
as
disturbing exceptions have
It is not
past year
a
rule, not
by striking unions, although
to be
now
clear, however, that there is
marked difference in principle between
deprive
a
a
supply of food
or
a
re¬
any
strike
city of light and water and
one
fuel, ties
local transportation lines, stops the operations of
great businesses and industries, and throws thou¬
sands of workers out of
on
the
relief rolls.
tions of
employment and puts them
With
the
increasing inter-rela¬
business, industry, public administration,
education, health and public order,
involves
any
any
considerable number of
strike which
munity and in the end
an
is
persons
violent interference with the normal life of the
a
com¬
added charge upon tax
payers.
More
must
and
be
more,
made
to
accordingly,
limit,
even
concerted
than
situation
a
decade ago,
took
a
Great Britain,
firm hold
the
upon
by prohibiting sympathetic strikes, there¬
by confining
a
strike to the particular industry
plant in which the grievance
ding
efforts
if it be not possible
wholly to deny, the right to strike.
well
Wagner Act, entitled to appear, through their
the need of
on a
would not
more
as
are
strike tactics
Government
rights of the public
representatives,
in
the nor¬
that
the
industry and business and interfere
the maintenance of
the
strike
York
up
strikes
President Roosevelt
at least in the larger cities, must not strike,
that interferes with the
moreover,
sure, some sugges¬
in which
Mayor La Guardia has recently announced that
en¬
garding wages, hours and working conditions, ini¬
mal
a
in
much
were
is about the wisdom
general opinion that policemen and fire¬
difficult to fix and
valuable
as
men,
and
a
notice
to
that would
paid $175,000 for the building of the Univer¬
sity Club at Washington
there is
informal
resorted
re¬
collect millions of dollars in initiation fees and
the
be
be
of the fields
legal
corporation. The fact,
Committee for Industrial
to have
can
responsibility than it would be to fix the
responsibility of
that
well."
as
but their
new,
importance. The incorporation of labor unions
has been
ily
Nystrom's proposals is
that its financial
or
impossible, and it would probably be impossible to
table is likely to result not only
a common
large part of its
a
commonly allowed to operate.
invitation, either of
can
very
proper concern.
Law does
employers it looks
any
are
matters with which government has
tive limitations
if
American
position to claim that in¬
a
present time, for "unfortunately," he said, "to many
as
the
propaganda and fights with business and
corporation would be unjust,
income
greater
public account¬
A business that is handling millions of dol¬
annually, and disbursing
industry, is hardly in
a
of these
available, but there
creased
and
none
question that the annual receipts
no
lars
or
Corresponding figures for
posals completely overlook the possibilities of in¬
production
For
sum.
large receipts or their expenditure does there appear
be
only what they are now getting but
initiation fee
waived, the aggregate receipts from
amount to
source
saying that "labor's proposals
as
annual in¬
an
an
$1 per member, and while this fee is sometimes
reduced
Federation of Labor
part of what is
some
There is also
the matter of wages, Dr. Ny-
upon
quoted
was
$2,230,800.
ability.
Commenting
strom
of
by local unions. This
for the central organization,
of
come
ex¬
of which
to national headquar¬
ters while 95 cents is retained
enactment
member,
per
mass
picketing
movement of
or
arose,
or
and by forbid¬
interference with the free
employers, workers or the public.
Dr.
145
Financial
was
well advised in calling attention to the
Volume
Nystrom
interest of the
est
public in strikes, for it is that inter¬
Ever since it
announced that John L. Lewis
was
had made available
$500,000 of labor union funds in
aid of Mr. Roosevelt's last
campaign, the extent of
the financial influence which
organized labor is able
bring to bear upon elections has been increasingly
realized.
den,
If
corporations
they
as
properly be forbid¬
may
to make campaign contribu¬
now are,
tions, there is no sound reason why a similar pro¬
hibition
tions.
why
should
As
not
be
matter of
a
applied to labor organiza¬
fact, there is
no
sound reason
organization, whether its funds are derived
any
from
membership dues
or
from voluntary contribu¬
tions, should be permitted to put any part of its
financial
resources
American
of
behind any
candidate for office.
any
political party
or
One of the greatest evils
politics is the activity of "pressure"
and of all such groups organized labor is
groups,
financially the most important.
now
confirmation was
support.
In the
demanded
by the President and ordained by all the
Senate, quick
very
against investigation—that is,
a
painstaking survey of the facts
was
thought desirable in the cases
as,
for example,
of
Associate
to his
be,
po-
large even if the privilege of subsidiz¬
appointee
and the
Chief
and
Justice
commission
a
as
Associate Justice,
latter, denying to reporters that he planned
to take the oath of
the
Brandeis
Justice
Next, the President personally delivered
Hughes.
office, hastened to the closet of
Secretary of the Senate, and with the least con¬
ceivable ceremony
subscribed to
printed oath pre¬
a
pared in the Department of Justice and adminis¬
tered
by
to all
a
Whether it is acceptable
notary public.
a
to the American
public,
forward-looking
Justice of the
or
abhorrent and obnoxious
men,
Mr. Black has become
Supreme Court of the United States,
irrevocably, unless he is impeached, which is im¬
probable,
or
resigns, which is inconsistent with his
character and record—and so,
"Wflkt
are you
going
to do about it?"
On the issue of
The political
influence of the Lewis Committee would still
tentialy,
Senators who voted
to act without such
which, in most cases, has been entirely disre¬
garded.
to
1957
Chronicle
membership in the Klan various
inconsistent defences
inconspicuous
are
advanced
by the few and
It is said
who defend at all.
persons
joined the Klan; (second) that
ing parties and candidates were withdrawn, but as
(first) that he
long as the privilege is enjoyed it is distinctly a na¬
he
tional
nally because that was then the easiest road to a
menace.
would
It
be
gratifying to be able to hope that
management and labor would before long find a
ground
common
increased
that
which they could meet, and
upon
production for the general benefit
would be made their common aim.
much
reason
to
There is only too
fear, however, that Dr. Nystrom's
gloomy picture of the outlook at that point is justi¬
fied.
As
manding
both
long as organized labor, in addition to de¬
wages
and hours which operate to restrict
production
consumption
and
by increasing
costs, seeks also to enter the field of management
and shows less and less
ers
and
regard for the profits of own¬
(third)
Senatorship;
principles but adhered nomi¬
that
he resigned long ago;
that the Klan has no life members, and
(fourth)
(fifth) that if it has, Mr. Black has of late years
paid
A
attention to his designation as such in 1936.
no
few, like Senator Berry, add that it makes no
difference
But
anyway.
no
one
Black received his election to the
ago, as a
and
years
gift from the Klan, for which he was truly
vocally grateful.
For ourselves,
much less interested in this
bership than
we are
we
are very
question of Klan
mem¬
disturbed by the plain absence
of all the attributes of
poise, impartiality, dignity,
The
judgment of mankind are among the essentials of
by Administration
more
and
policies which press for
government control of business and
the
judicial character.
could
It seems to us that no one
possibly be, or become, fit for exalted judicial
industry, and make profits precarious by continuing
office who would seek and accept
lavish
1924, who would
must
denies that Mr.
Senate, 10
and common action is not height¬
ened
more
believed in its
never
legal learning and experience which by the common
employers, industrial war will go on.
outlook for peace
never
expenditures for which a mounting taxation
Klan support after
seize and inspect thousands of
private telegrams in a drag-net inquisition seeking
eventually pay.
proof of misconduct of unknown character by un¬
known
The Black Scandal—This Can be Done
Peculation is not the
individuals, who would accept the Presiden¬
tial tender of the
highest judicial position without
only method of attacking the
fully advising the President of his Klan associa¬
Outrages upon the
tions, and who would sit quietly by while Senators
integrity and dignity of the public service, especially
about to vote for his confirmation denied the asso¬
in the
ciations which he knew had existed.
public interest and
highest places of the Federal Government, are
less
no
than
welfare.
subversive
mere
and
stealing to be condemned and resented
whenever discovered
But this can be done about it.
dangerous, no less certain
day of October.
and comprehended.
The next term of
Supreme Court is to begin on Monday, the fourth
the
Upon that occasion, or at some
of
subsequent day, Mr. Black, unless he retires volun¬
Hugo L. Black as an Associate Justice of the Su¬
tarily, will seek to take a place upon the Bench and
The
recent
appointment
and
confirmation
Court was scandalous in its very inception
has been scandalous in its every incident.
Im¬
preme
and
pulsively conceived as a strategem sufficient at once
to
satisfy the vengeful desire to irritate Senators
who had defeated
firmation of
a
court-packing and to
secure con¬
radical whose presence would vex the
present Chief Justice and the Associate Justices, the
to
commence
Court.
has
participation in the functions of the
We suppose that each member of the
Court
already given some consideration to the event
of Mr.
Black's first appearance as a claimant for
recognition as one of its members.
The Court
never
divulges anything in advance, and its deliberations
and its
plans, until the instant for action arrives,
kept closely secret.
But there
can
be
no
doubt
appointment was made by the President without
are
consulting anyone and without adequate reflection
that, before Oct. 4, every one of the Justices will
of the inquiries that must have disclosed the
devious record of Ku Klux Klan association and
have considered
or
any
the second
the effect, in Mr. Black's case, of
clause of Section 6 of Article 1 of the
1958
Financial
'
Constitution
of
United
the
portion of this clause is
"No Senator
was
civil office under the
time;
.
At
any-
have
been
the emoluments
or
increased
during
such
."
.
Sept. 25, 1937
"We think the word
salary
authority of the United States
created,
Chronicle
relevant
elected, be appointed to
which shall have been
shall
The
follows:
Representative shall, during the
or
time for which he
whereof
as
States.
imports
Constitution
in
addition
of his
imports
any
arising from the possession of
appointment Mr. Black
It
was
has
also
been
decided
military
term which began
on
Jan.
March 4, 1933, and
on
3,1939.
This is "the time
for
which he
was
quoted clause.
At the last session of Congress
passed permitting
of 70
age
years,
Justice of the
any
Supreme Court who has attained,
attain, the
hereafter
or may
and who has,
or may come
have, 10 years' service in that Court, to retire
from active service upon
$20,500 in the
or
the
full
pay,
$20,000
per year,
©f the Chief Justice.
case
of
enactment
this
provision
Before
Justices
who
resigned after 10 years' service and after becoming
70 years of age (Mr. Black is now 51
years old)
pensioned at half their existing salaries, not
were
to
exceed
$10,000
emolument?
of the
out
a
Is this
year.
Common
sense
English language
an
and the
ordinary
answer
increase in
usage
affirmatively, with¬
hesitation.
Court
itself
discussed
effect.
same
the
The Supreme
meaning
of
used in this clause, in
as
the
term
unanimous
a
opinion given by Justice Nelson in 1850, distinguish¬
ing between its content and that of the words "com¬
missions" and
".
.
"fees," saying:
they
.
distinguishable from the term
are
emoluments, that being
embracing
ary
.
"—Eoyt
.
comprehensive,
more
species of compensation
every
profit derived from
.
and
pecuni¬
or
discharge of the office;
a
United States, 51 U. S. (1850),
v.
109, 135.
The
one
among
In
1882
President
Kirkwood
Act
of
the
Dictionary gives "emolument"
of
synonyms
other
the
word
as
"profit," and
"advantage," "bene¬
synonyms names
fit," "returns," "utility," and "value."
that
desired
the
position in question, in order to
under
other
consideration.—17 Op.
case was
"the profit
arising from office
services,
or
office,
salary, fees, and perquisites."
as
Dictionary,
Bouvier's
Law
give substantially identical
named
indicating the broad
several
quotations,
to
"men
ris's
.
who
.
emoluments
among
want
to
Dictionary,
.
.
.
.
Carolina, who
be taken
as
Constitution
their
definitions, the firstscope
of the word by
term
Holmes
Conrad,
a
sion
Acting
Attorney
deny
themselves
might
have
indicating the
the words
of
a
was
use
to
Mor¬
all
the
enjoyed
1743, it
may
of the word at the
drawn
Constitution
up.
Observing
should
be given
ordinary significance, the Supreme Court of
Pennsylvania decided that "emolument" is
as
emolu¬
include pay
received by
prisoners in his custody.
a
so
broad
sheriff for feeding
General
Virginian of high distinction and
able and sound
as an
appointment
lawyer, decided that
null and void and the commis¬
was
wholly ineffective.—21 Op. Atty. Gen., 211.
It
is
difficult
discover
to
any reason why the
appointment of Senator Black is not precisely as
null and void and ineffective
that of Senator Ran¬
as
som, which was made, or that of Senator Kirkwood,
which, being soundly advised, President Arthur did
not
make.
Chief
as an
Undoubtedly, the Supreme Court, the
Justice, and the
Associate Justices will
seven
question before Mr. Black functions
Associate Justice.
Other issues
might exclude
him, but they pale to relative insignificance beside
that discussed here.
Suppose it is unanimously decided by the eight
it
was
participate in
the
any
on
of its functions.
Oct. 4, or publicly
situation
be
may
would be necessary
and
necessity by resigning.
that the
be done about
answer
is
and must decline to allow
can
privately, there
none
can
We think
happen, either privately, prior to the
ing of Court
If it is
What
Senate expires—
We suggest that the
plain, that the Court
him to
commissioned, be¬
elected" to the
is, until Jan. 3, 1939.
by the Court?
that may
Senator Black has not
constitutionally ineligible until the "time
for which he
that
nize
the
An¬
as
Senator,
as
celebrated
the
scholars
for
as
Minister to Mexico,
but, the
salary of that office having been increased during
as
they
.
the
a
actually nominated, confirmed,
was
and commissioned
them Brooks's reference
be
.
time
that
and
Judicially Defined"
As the last citation dates from
the
The Oxford
scholarship will bring," and
.
"believers
here."
employ¬
which is annexed to the possession of
standard "Words and Phrases
ments
or
compensation for
as
serve
Atty. Gen., 365.
he is
as
an
that of Matthew W. Ransom of North
effectively appointed and
ment; that which is received
appoint
Garfield.
Yet
Attorney General Benjamin H.
Brewster, in President Arthur's Cabinet, decided
that the appointment was prohibited
by the clause
cause
ment"
to
Secretary of the Interior in the Cabinet of President
been
The Century Dictionary defines "emolu¬
H.,
Iowa, elected for the term ending on
4, 1883, but had resigned, before the creation
March
of
It clarifies
value accruing through official
N.
Senator from
is
or
3
Mr. Kirkwood had been
members of the Court that
position."
v.
is
position created by
a
by expressing the following distinction, "emolument
profit, return,
"emolument"
Pinkham,
v.
Arthur
to
May 15, 1882.
determine that
Standard
of
gain
or
office."—Apple
an
include exemption from
to
duty.—Twombly
Samuel J.
his
Adjudication is to the
"emolument,"
we
370, 376.
elected," within the meaning of
the
to
the
'salary,'
perquisite, advantage, profit,
States,
would have ended
was
word
By the definition above given it
acceptance.
nary
comprehensive enough
Act
the
ought to give it the meaning which it bears in ordi¬
serving his second term in the Senate of the United
an
to
Crawford County, 105 Pa., 300, 303.
the time
a
than the word
more
fees, and because it is contained in
or
open¬
that occasion.
public statement,
no
should Mr. Black recog¬
seek
It
on
to
make
appears
a
virtue
of
absurd to suggest
great tribunal which must pass upon the
constitutional
validity of Acts of Congress and
may
declare them invalid and ineffective cannot
protect
itself
against the intrusion
of
one
who
is
made
ineligible by the Constitution and whose appoint¬
ment is void in law—that
all.
What the
Court
is, is
could
no
and
appointment at
must
do if
John
Doe, unappointed and obscure, without reasonable
warrant, sought admission
that it should be
to its Bench, it
seems
capable of doing, and must do, when
Financial
Volume 145
Richard
Roe,
Hugo L. Black, appears equally
or
unauthorized but under the shallow
appointment and
violation
of
both
law
in
covering of
an
commission, both accorded in
a
plain rule of the Constitution and
a
Chronicle
treatment
1959
as
it grants to any
other country; in other
words, applying the principle of the most favored
nation.
Third, American obstacles are dealt with
by granting "carefully considered tariff reductions,
assurances
against future tariff increases on cer¬
Unwisely and heedlessly, and out-maneuvered by the
tain
during the life of the agreement, and
President, the Senate of the United States confirmed
guarantees of equal treatment such as we obtain
Mr.
from the other countries."
Black, but it
that
pose
spirit,
and
ineffective.
wholly unwarranted to sup¬
seems
Constitution,
can
void
well as obnoxious to its
as
suffice to make
that which he
any man
items
With
appointment contrary to the plain let¬
an
ter of the
null,
utterly
allowance
variables" to permit
many
of the effect of
constitutionally is not.
"the chaoti'c
for
made
interna¬
tional economic situation" and the existence of "too
any
an
accurate measurement
factor in any given year,
one
Secretary Hull found the results thus far encourag¬
International Trade and World Peace
ing.- "As
Secretary of State Cordell Hull, in his address
export trade with fourteen countries with which
Monday before the ninth annual Conference
tribution, at Boston, undertook
of the
on
Dis¬
on
defense
once more a
reciprocal tariff policy with which he is
par¬
trade
even
What he said
condition of world
necessary
the latter
on
subject
was
peace.
emphasized,
of
Avith
per
cent over 1935, while our
non-agreement countries increased 9.2
The continued increase for 1937 has been
cent.
per
a
agreements were in effect all or part of that
trade
barriers
rough measure," he said, "in 1936 our
increased by 18.6
year,
ticularly identified, and urged the removal of trade
as
a
more
significant. At the same time, our policy
extending the benefit of concessions made in the
although apparently without the knowledge of most
agreements to all countries which give us non-dis¬
of his
criminatory treatment has served to mitigate many
audience, in
tions
by
world
was
delivered.
Replying to
gave
ques¬
correspondents, h^ described the
newspaper
economic
interview which he
a press
before his address
situation, according to
the New
discriminations formerly
in
directed against our trade
with which
countries
cluded trade
we
have not
as
yet
con¬
agreements."
cent of the
Secretary Hull's optimistic report is somewhat
political difficulties having their origin in economic
qualified by figures given out on Sept.. 11 by the De¬
York
"Times,"
and trade barriers."
causes
diate
per
Referring to the imme¬
outlook, he "felt that this country would not
be involved in
event
he
"chaotic, with 75
as
we
military hostilities and that in
would not be
out that millions
pointed
of wage-earners
gaged abroad in making munitions
would be out of
that the
tered
any
immediately threatened, but
employment in
en¬
now
probably
a year or
two, and
succeeding reaction, unless trade
fos¬
was
be felt here."
Something of the
same
apprehension
voiced in the address itself.
economy
upon a war
basis.
clearly
"Today," Secretary Hull
of great parts of the world is
basis rather than
Economic
was
upon a
nationalism
sound economic
economic
and
isola¬
tion, when carried to their logical end, require
com¬
plete control of production and prices, regimenta¬
tion
and
dictatorship.
They
can
only achieve less
production, less consumption, ever-increasing doles
and lower levels of existence for the
these
people.
Under
policies international relations rest largely
selfishness, discrimination and force. These are
on
con¬
ditions that breed the fear of Avar that haunts the
world, and that breed the spirit of AA^ar that threat¬
all
ens
With
Ave
Chaos lies doAArn that road."
hold dear.
the abandonment
of economic nationalism
and the removal of trade barriers thus indicated
the
primary conditions of peace, Secretary Hull
sented his
According to these figures,
reciprocal tariff policy
as an
as
pre¬
important
practical contribution to that end. There was noth¬
ing especially novel in his description of the policy.
countries,
exports to the 16 trade-agreement
Avhich
normally account for more than one-third of
exports and imports, Avere 57.8'
the total American
cent higher in the first half of 1937 than
per
in the
corresponding period of 1935—the latter being se¬
lected
ment
as
"the
roughly comparable pre-agree-
last
period"—imports
for
creased
by 58.9 per cent.
and the
by the removal of artificial barriers, would
said, "the
partment of Commerce.
while
proportions
tion of the
may
the
same
period in¬
The difference is slight,
be reversed as the opera¬
agreements is prolonged and their num¬
increased, but it is not clear that the agreements
ber
thus far have
brought any great expansion of Amer¬
foreign trade. In estimating the significance of
ican
the trade
count is
movement, as the report points out, ac¬
obviously to be taken of changes in the dol¬
lar value of
imports as a result of advances in com¬
rise in commod¬
exceptional in¬
crease in imports of foreign rubber, tin, avooI and
other articles, and importations of wheat and corn
in consequence of the drought.
"It happens," the Avriter of the Department of
Commerce report reminds us, "that the commodities
for which our import demand this year has been ex¬
modity prices, and of a less marked
ity prices in the case of exports, an
ceptionally large are obtainable mainly from coun¬
trade agreements have yet been
tries with which no
negotiated. This combination of forces has resulted
in
imports into the United States
from the trade
agreement countries as a group having increased
over the first half of last year by 34 per cent, and
together by 52 per
thus far negotiated
from
all other countries taken
provide, first, in the matter of foreign restrictions,
cent.
Comparison with the first half of 1935, during
for the reduction of barriers
aarhich
The
sixteen
trade agreements
against
some
American
exports and "assurance against future increase of
obstructions
on
others."
strictions, those
are
and the removal or
to result in a real
is
a
In dealing with
such
re¬
chosen "which hurt the most
mitigation of Avhich is most likely
expansion of trade." Second, there
mutual guarantee
of non-discriminatory treat¬
ment, each party conceding to the other as favorable
only one agreement was in
similar trend.
operation, shows a
Importations from the trade agree¬
ment countries were
while the value of
greater this year by 59 per cent,
imports from the non-agreement
countries recorded an increase of 77 per
cent."
Secretary Hull's indictment of "economic
alism and economic
and
isolation"
as
nation¬
creating conditions
policies which breed the fear and spirit of war,
1960
and
Financial
his
declaration
that
"restoration
movement of international trade and
of the
peoples to all the
of
freer
a
greater
access
of the world is the
resources
indicated road from the threat of
to the
war
hope
for
peace," call for explanation and qualification if
they are to be applied to some present or very recent
situations.
that
war
was
was
not occasioned
impediments to trade between the
any
tries
for several
waged
by Bolivia and Paraguay
years
by
The
lack
or
doubtless
of
access
motivated
coun¬
by either of them to world
The conquest of
resources.
two
in
Ethiopia by Italy
was
ibme
measure
by Italian
hopes of eventual economic gains, but neither trade
restrictions
It
war.
trade rivalries
nor
would
be
difficult,
quiry, to discover
tions in the
war
even
such
caused
with minute in¬
economic motives
any
the
remarkable opportunities for
interchange with foreign countries. One
pronounce
or
the hope of larger trade with China if
country is conquered, is the underlying motive.
The situation is much the
nations
terial
European
energetic¬
British rearmament, as far
war.
economic influences affect
to the
it, is obviously directed
preservation of empire trade, not to its
enlargement. No
has suggested that
one
ma¬
some
military prepa¬
Belgium, The Netherlands and even
that
of the Scandinavian countries
dered currency and
to
affirmed.
The
strictions of which
few
cases
ports
or
of
much less
op¬
commerce, but if the
or
to
a
free flow
virtual prohibition of ex¬
are
to whatever nations have commodities of their
exchange or money or credit with
which to finance their
purchases. The wide differ¬
of
production and handling, due to
differences in
living standards with
which economic nationalism has little to
with
do,
are
to
equally with tariffs, quotas and
other restrictions.
What
Secretary Hull, in his analysis of the inter¬
national trade
situation, failed to take
is the obvious fact that
wars
much less because
markets
raw
materials
national
that direction
encouraged, but the utmost accomplishment
possibility
to govern
are
new
needed
independence
or
are
still leave
war
an
imminent
political ambition continues
as
national policies.
Arnold G.
better
access
to
coveted, than because
threatened,
vindication,
or
cial situation and
which
is
"Chronicle," has recently
study of the finan¬
a
problems of New Haven, Conn.,
notable
a
equipped
of the
the
with
addition
to
wealth
a
of
the
literature
elaborate
exhibits, the work
of
charts
of
needs of the
from which the
revenue
and
all the aspects
covers
city's condition and prospects that bear
sources
upon
multiplying
municipality must in the main be
AVhile New Haven is not in all
respects
American cities of
approximately the
met.
typical of
same
size, its
financial problems are in
many ways essentially the
same as those which
many other cities have to
solve,
an
Dana's exhaustive
study has, accordingly,
interest much wider than that of the
particular
to which it
cational
reduce
square
and
the
the actual
as
miles
effective
are
far
land.
are
tax
a
which
onward
relatively
eight
is
6.25
to
was
the city a population of
gave
checked in the next decade, the
large
or more
families,
members.
22,500
families
having
The permanent population
supplemented by upwards of 13,000 suburban resi¬
dents whose business is in the
city, and by 5,000 to
6,000 non-residents attracted by schools, hospitals
and Yale
University.
The loss of taxable wealth has been considerable.
Domestic and
foreign shipping
owned, the oyster industry,
are no
once
longer locally
important, has dis¬
appeared except for seed oysters, the light carriage
industry has
gone as
has
a
large boot and shoe estab¬
lishment, and the World War, which for
vacant
factories
area."
space,
and
cheap
a
a
mu¬
ghastly trail of
dwellings
Motor' vehicles,
time
a
than trebled the number of workers in
factory, "left behind it
with
exhausting
inadequate
have greatly congested street traffic,
old families have
continued to
cheaper homes,
"wave of foreclosures" averaging
*
New
a
"New Haven's Problems.
Guyot
feelings
area
population in 1930 reaching only 162,655. Approxi¬
mately 70% of this number, or 112,000, was com¬
posed of persons of various foreign origins with
fa¬
more
miles,
Religious, edu¬
producing
nitions
such motives
control the actions of governments and the
of 22.5 square
The rapid growth of population from
162,537 in 1920
parking
prominent "place in the sun"
area
other
miles.
capitalism, with its accompaniment of international
often
total
a
institutions, however, together
streets, parks, schools and public buildings,
finance, leads inevitably to war, but political ambi¬
tion, envy of neighbors and a desire for a bigger and
more
specially relates.
of which 18 square
precious
long
many years a valued member
municipal administration in this country.* Micro¬
scopic as well as comprehensive in its research, and
more
miliar contention of Socialists
and, Communists that
As
Dana, for
printed for private distribution
national
or
prestige will, it is expected, be enhanced. It is
causes.
Study of Municipal Problems
account of
entered upon very
or
appears to be
national "honor" demands
will
long
as
A Notable
1840
to offer in
be reckoned
be
in
comparatively
imports be excepted, world markets
fundamental
to
re¬
Secretary Hull justly complains
absolute
costs
It is certainly to be
be removed, and to the extent that
reciprocal agreements look to that result they are
with
open
in
spirit.
of the existing barriers to interna¬
many
recov¬
own
ences
war
New Haven has
high tariffs and other
unquestionably serious obstacles
of international
the
tional trade may
disor¬
a
portunity for German trade expansion than has oft¬
are
trade, even if it
widely granted, would banish the fear of war
eliminate
or
area
impaired credit, and the
of its lost colonies would afford
been
how freer international
see
hoped that
making. The
main, not to economic nationalism but
en
to
and Mr.
are
difficulties of German foreign trade are
due, in the
ery
cult
were
eco¬
nomic nationalism has provoked the
rations
while
repressing the activities of
others, keeps such motives to the front, it is diffi¬
statistical
with the
war, are
same
which, while not yet at
ally preparing for
as
States
may
ficult to believe that economic nationalism in either
country,
irritations, and maneuvering to gain influence
some
of the editorial staff of the
definitely upon the aims of Ja¬
in its present operations in China, but it is dif¬
that
and
for
com¬
properly hesitate, in the absence of official declara¬
pan
peoples, and as long as diplomacy, by emphasizing national rivalries, harking back to old injuries
ambi¬
or
Spain comparable to the political
objectives, or to see in the victory
of either side any
tions, to
Sept. 25, 1937
of
in
incitements and
mercial
as
Chronicle
Dana.
Whither the City?
Privately printed
Haven.
by The
■
?
If-
move
Tuttle,
away or
All Cities?"
Morehouse
seek
By Arnold
& Taylor
Co.,
•
Volume
eight
week has continued to flow since 1930, and
per
there
Financial
145
heavy bank failures in 1931-33 "due to
were
real estate losses and excessive ill-secured loans."
Under these adverse
circumstances, it is not sur¬
Chronicle
a
desirable
more
1961
.
policy, attention is called to the
into in 1929 by Harvard
agreement entered
versity, Eadcliffe College
Institute of
and
Uni¬
Massachusetts
the
Technology with the city of Cambridge,
prising that the New Haven grand list has declined
since 1930.
The decline has been aided by the
Mass., limiting future exemptions and providing for
removal of institutional
why other educational institutions besides Yale, and
loss of
$4,000,000 in assessed valuation by a reduc¬
tion in the valuation of
a
by
an
obsolete munitions plant,
amount of
considerable
offset
of
property from taxation, a
population
congestion and high taxes.
due to
There would
payments.
perhaps
some
not have their
The
building demolition not
taxable construction, and an exodus
new
tax
Dana
religious institutions
as
well, should
present tax exemptions curtailed.
financial
problems of New Haven,
points out in concluding his valuable
at bottom
are
to be no reason
seem
Mr.
as
survey,
inseparable from those of the Nation.
on
the other hand, the city's expenses
If Federal
have increased
by 200%, chiefly, Mr. Dana points
applying the dangerous stimulus of inflation, brings
Since
1914,
out, through unemployment relief, an increase
number of
school
in the
city employees, wage advances and high
expansion, and "since the grand list increased
only about 115%, the needed 200% increase in the
budget had to be obtained by higher levies.
income
Federal
aid, salary savings, and extreme municipal
Other
cial
contributing causes of New Haven's finan¬
plight do not escape Mr. Dana's scrutiny.
Connecticut
of
State
"takes
charity, relief, education and streets"
Suburban
their existence to New Haven are
or
which all kinds of public service must
cities,
future
States
nor
nor
Nation
go
can
for
uncertain
on
returns, and hoping for
It is
happy turn that will avert calamity.
some
gratifying that New Haven, faced with peculiar as
tain
of
collapse,
unintelligent taxation absorbs the
indefinitely living beyond their means, mortgaging
well
nothing with which to carry excessive burdens
owe
Neither
of city
slices
to
towns which
wealth upon
and
rely, municipal finances must suffer with the rest.
gives the city next
huge
State purposes and
income for
The
a recovery
about another boom and the inevitable
if excessive and
the
alone keep the city as it is."
economy
policy, by seeking too rapid
general difficulties, has been able to main¬
as
its
success
credit
thus
successfully
as
far, and the
as
it has,
but its
of other munici¬
success
palities with which it may be compared, does not
clear the future of
anxiety.
indisposed to cooperate in meeting the cost of privi¬
leges and advantages they enjoy, while an entire
whose waterfront is
ward
monopolized by foreign
Is
Cheap Money Policy Best for Country?
corporations "contributes little or nothing to city
make
fortunes
estates and private
city dwelling a luxury, and "blind
Federal taxes on
support."
economists
.
.
refuse to
.
that the general
see
municipal
falling down, crushing both the
Sept. 18, 1937
Hon.
Henry Morgenthau, Jr.,
Treasury Department,
Washington, D. C.
Dear Sir:—
property tax, which was wont to haul the
chariot,
is
now
For
fact
Disturbing
Dana
sees
as
this situation appears to be, Mr.
"no immediate danger
several
I have been carefully following the
years
Treasury's policy in respect to cheap money,
my
driver and the driven."
„
1935, should have been
of financial col-
and have had
original views constantly confirmed. I refer to the
that in my opinion interest rates as far back as January, *
I do not seem to
permitted to seek their normal levels.
be able to get
away
from the feeling that
pegging of interest will have no different results than the
lapse," and he points to the annual redemption of
the
$1,000,000 bonds in the past three years, and the
best tax collection for many years in 1936, as justi¬
The example of copper, in
Reference is made
to the price of copper which after reaching 24% cents c.i.f.
was pegged at 18 cents on the way down.
When the peg
was
finally forced out copper broke 5 cents; and I doubt
very much whether this would have happened if the price
had been permitted to reach its true level without any arti¬
The ability with which the
fying his confidence.
municipal finances have been administered wins his
He nevertheless points out the great' need
praise.
for
largely increased revenue,
and offers various
suggestions regarding ways in which the need can be
Most of these,
met.
New Haven's
eral
city
naturally, are designed to meet
special conditions and are not of gen¬
interest, but among them is the proposal of a
manager,
financial
The
State
by
problem of New Haven is largely
the tax exemptions enjoyed by Yale
"It is
"whether all rights
granted by the town in 1792 to a feeble college with
two professors and two acres of land, or later in
a
prominent place in Mr. Dana's study.
debate,"
to
open
the 1830's
he
group
and
I
am
mindful of the fact that the Treasury through its
policy of cheap money is doubtless saving considerable sums
in the shape of interest on its obligations.
However, I am
wondering whether the rank
United States
are
when it owned eight
acres,
apply with
city with the grantee become an elaborate
of institutions, national in their affiliations
services, richly housed and endowed, and own¬
ing more than 800 acres of a
The small voluntary
little city's best area.
tax payments on certain prop¬
I refer to the current interest rates on
saving.
which
ignored."
might
into.
It furthermore
seems
to me that the chief cause of
the
which appear to have
culminated in the present feeling of pronounced pessimism is,
in a large measure, traceable to the influences that have pre¬
vented interest rates from moving freely as economic forces
uncertainties of the last few years
may
dictate.
The views I
or
either sound
much appreciate your
have outlined in this letter are
unsound. If the latter, I should very
letting me know at your
convenience in what respect the
helping the country. In any event, I
hear from you when time permits.
Treasury's policy is
trust that I may
readily be exempted may be
As an illustration of what is regarded as
savings
the reduction of dividends on, life insurance
.
erties
and file of the people in the
not losing many times what the Treasury
policies, and^tEe untold millions ofHBonds that have been
called, all three of them, I believe, directly attributable to
tEe Treasury's policy. The possible danger of current in¬
terest rates to the portfolios of banks I am purposely not going
urges,
equal force to the elaborate services afforded by a
modern
ficial hindrances.
bank deposits,
University, and consideration of that subject occu¬
pies
particular, comes constantly to my mind.
is
policy.
financial
affected
substantial changes in
and
pegging of commodity prices.
Very respectifully yours,
EDWIN J. SCHLESINGER
EJS:GF
-
/
Financial
1962
of the commercial cotton
Our statement
It will be
Sept. 25, 1937
of
Receipts for Year Ended July 31Ports of-
the United States for the year
is shown below.
crop
Chronicle
ended July 31, 1937,
1937
Louisiana
Georgia
the
for
crop
Alabama
1936-1937 reaches 14,760,563
season
Florida
Mississippi
bales
13,511,608
against
9.211,567 bales two
bales
last
only
year,
South Carolina
North Carolina
Virginia.
13,298,291 bales three
years ago,
1936
1935
1934
1933
3,371,960
2,100,381
150,806
339,727
98,374
12,172
174,545
28,175
45,807
Texas
that the commercial
seen
3,697,184
2,395,771
1,118,709
4,996,509
5,614,667
2,171,756
1,881,404
321,035
394,328
144,094
1,650,373
224,950
208,481
154,136
73,337
162,691
20,787
14,934
146,257
15,171,822
ago,
bales
19,281,999 bales, the record
four
years
and
ago,
~
Exports from the United States
this year
were
5,789,985 bales
m.
m.
-
m.
19,336
54,908
45,320
141
m.
-
-
-
-
614
«
74,580
37,766
27,623
36,727
19,451
6,396,527
6,794,420
4,112.322
7,511,837
8,959,255
a
Total
These figures
a
~
—
Philadelphia,
raised in 1926-27.
crop
185,482
18,316
218,279
62,385
55,055
142,323
27,123
Boston.a
years
225,680
387,570
17,199
215,763
24,148
47,869
New York.a
Baltimore.a
117,353
are
only the portion of the receipts at these ports which arrived
by rail overland from Tennessee, &c.
If
against 6,285,512 bales in 1935-36, and only
we
now
add the
shipments from Tennessee and else¬
where direct to manufacturers, and Southern consumption,
5,063,210 bales in 1934-35.
takings
9,035,994
were
United States spinners'
bales
this
7,045,225 bales in the previous
year
against
1936-37
Year Ended July 31—
The whole
year.
have the following as the crop statement for
we
Receipts at ports
1935-36
6,396,527
bales.
the four
1933-34
1934-35
4,112,322
6,794,420
years:
7,511,837
Shipments from Tennessee, &c., direct
to mills
ing pages, with such suggestions and explanations
806,696
1,079,556
7,742,349
4,919,018
8,591,393
64,706,898
Total cotton crop for year
the
as
947,929
7,406,577
Southern mill takings not incl. above. 07,353,986 d5,769,259 c4.292.549
given in the follow¬
1,010,050
Total
movement for the 12 months is
peculiar
of the
features
year
to
appear
These
a
The first table shows the export movement
require.
for
are
Southern mill takings.
past year (1936-37) in detail, and the totals
each
year
back to 1920-21.
indicates the stocks at each
c
The second table
are
Southern mill takings.
are
Southern
mill
bales
(weighing
Exports for Year Ended July 31 1937 to—
Britain
Texas
Louisiana
Ger¬
France
No. Caro..
Virginia...
52,296
...
Mississippi
So.
Caro..
Boston
400
970,719
these
2,238
8,945
13,858
135,519
27,267
315,315
2,850
2,415
1,183
5,386
156,863
1,000
3,900
"V.498
3,060
29,141
2,235
8,325
325
10,147
1,700
4,179
17",497
30
275
1,004
4,705
123
136
San Fran..
11,832
784
4,428
100
127,6^6
12,661
6,519
Los Angeles
30,265
22,063
30,935
1,330
287,740
16,524
13,053
1,923
13,985
151,309
388,857
10
639
1,147
870
Philadel'ia.
"62
2
419
Seattle
To Canada
6303,886 6303,886
pr!* ;
f
1220,331 714,874
Total...
782,241 427,059
400 1614,723 1030,267 5789,895
For'n cot'n
6,473
all 1220,331 714,874
782,241 427,059
6,473
400 1614,723 1036,740 5796,368
a crop
1935-36. 1465.778 712,947
897,995 392,621
1593,734 1231,609 6294,684
448,690 498,190 111,164 1702,642 1120,134 5070,655
1934-35.
401,446
1933-34.
740,164 1439,126 666,16
886,756 1951.852 828,683
790,389
1317,189
1932-33- 1547,240
1931-32. 1372,578
1930-31. 1090,171
58,95'
2246,216 1275,711 7743,534
34,000 2049,197 1320,502 8618,230
3416,111 1269,004 8869,160
483,648 1637,530 090,289
937,575 1730,728 495,551
29,279
1271,921 826.34! 1799,068 668,81! 129,021
1928-29. 1856,617 801,790 1941,793 724.406 339,457
1927-28. 1446,849 896,554 2169,612 697,98! 413,210
1926-27. 2582.439 1024762 2952,846 787,056 506,958
1925-26. 2290,989 917,268 1736,812 745,868 245,588
.
1924-25.
1923-24
1922-23
1921-22
1920-21
109,452
oalea
total crop of 14,760,563
for the
year
ended
of only 13,511,608 bales (weigh¬
Spinners' Takings in^ 1936-37
follows:
ports
At Southern
ports
2546,272 900,75! 1887.316 733,824 241,598
1719,135 720.028 1309,782 553,061 184,711
12$5,926 632,938 995,593 488,380
1778,885 771,794 1471,717 517.345
1751.784 584,390 1346.722 510,258
1662,320
996,76!
1240,267
~ 14,760,563
1,424
1,217,981— 1,219,405
Total supply during year ended July 31, 1937
Of this supply
15,979,968
there has been exported to foreign
ports during the year
Sent to Canada direct from the West
Burnt, North and South
Stock
a5,486,009
303.886
46,000
c
hand at end of year
At Northern ports
on
(July 31,1937)—
4,372
1,103,707
At Southern ports
1.108,079— 6,943,974
Total takings by spinners in the United States for the year
ended
July 31. 1937
Consumption by Southern
''
above
9,035,994
-
-
(included
spinners
in
total)
d7,009,137
344,849—*7.353,986
Total taken by Northern'spinners
a
Not including Canada by rail,
d Exclusive of foreign cotton.
Total in—
1929-30
a
Excess of Southern mill takings over consumption..
exported
Total
as
At Northern
10
75
.
was
Total crop of the United States as before stated
bales
Stock on hand at commencement of year (Aug. 1,1936)—
12,172
1*8*666
have been
94,776
2,629
62,466
2,322
Baltimore
figures is
Northern and Southern
Total
419,460 2724,848
203,509 1436.013
194,729
29,414
3,818
985
106
New York-
34,162
Other
China
5,509
88,371
1,795
2,877
Florida
Russia
329,006 237,160
159,311 142,112
38*351
61,618
122,967
49,736
7,375
71,011
1,200
Georgia...
Alabama..
consumption
Japan &
Italy
many
424.793 343,310
433,284 303,068
a
Southern
takings.
ing 6,995,659,101 pounds) for the year ended July 31, 1936.
From
Great
Southern consumption was 331,786 bales in
7,665,884,200 pounds)
July 31,1937, against
of
145,190 bales in
than that amount, or 5.659.807 bales.
The results of
years:
was
of that amount, or 4,624,335 bales.
d These
ess
receipts at ports for each of the past five
These
excess
port July 31, 1937,1936,
Southern consumption
of that amount, or 4,852,088 bales.
excess
1935, 1934 and 1933, and the third table shows the
Ports
Southern consumption was 344,849 bales less
than that amount, or 7,009,137.
b These are Southern mill takings.
for the
9,211,567 13,298,291
14,760,563 13,511,608
dl ,682,008
This is an estimate of the Census.
* These are U. S. Census figures.
c
1936-37
Takings and Consumption—
Bales
North—Takings
1,682,008
South—Consumption—_ 7,009,137
Excess of takings over
consumption
344,849—*7,353,986
1935-36
1934-35
Bales
Bales
1,275,966
1,189,035
917,396 6850,841
6942,393
1516,355 1,085180 8265,598
1085,656 1143,385 7853.255
1835,387 1550,956 11,240,404
1199,151 1110,340 8246,016
921,048 1032,767 8263,584
774,983 5835,480
573,780
647,835 817,159 4867,831
913,479
884,54"■ 6337,769
737,317
875,854 5806,325
*5,769,259
*4,292,549
69.035,994
a7,045.225
c5,481.584
Total, except to Canada by rail
To Canada by rail
5,486,009
303,886
6,041,735
243,777
4,841,875
221,335
Total exports
Burnt during year
5,789,895
46,000
6,285,512
36,000
5,063.210
31,000
14,871,889
increase (+) or decrease
(—), together with cotton imported. —111,326
13.366.737
10,575,794
Total..
Exports—
Total distributed
Add—Stock
a
Includes
ments
55,372 bales exported from
by rail to Canada; in addition,
Lake
Charles,
La.
6
These are ship¬
+144,871 -1,364,227
10,325 went to Canada by water, making
Total
tota itakings of the Dominion 314.211 bales.
14,760,563
crop
13,511,608
9.211.567
Exclusive of 55,009 bales of foreign cotton consumed in the South and
41,875 bales in rest of country.
6 Exclusive of 78,868 bales of foreign cotton
consumed in the South and 100,527 bales in rest of country,
c Exclusive
a
Stocks for Year Ended July 31Ports of—
1937
Texas
611,923
255,982
124,462
42,352
5,222
1936
623,632
1935
1934
1933
1,426,671
783,733
Florida
66,843
78,274
36,636
7,290
11,269
97,995
17,503
25*269
18,264
35*057
*3*3*398
11,223
14,798
26,100
17,600
16,097
12,600
15,596
20,500
Alabama
5,829
105,494
127,213
South Carolina
Virginia..
100
497
994
58,946
9,181
145,714
427
600
Baltimore
500
1,000
1,200
til ,000
UNITED
AND
STATES
CONSUMPTION
AND
IN
EUROPE
The
gained
American
some
cotton
industry
in
the
crop
year
1936-37
temporary relief from the long-term influences
17,910
which
are
steadily tending to impair its world importance.
The
principal favorable developments were these:
had
a
Farmers
*
Philadelphia
5,389
5,389
35*662
12*032
San Francisco
Los Angeles
PRODUCTION
THE
24,400
3,672
New York
Boston
COTTON
39,225
Mississippi
North Carolina
bales of foreign cotton consumed in the South and 79,399 bales
* These are U.S. Census figures.
1,770,346
619,041
103,419
615,980
277,211
148,257
9,133
Georgia
290,623
IV, 156
Louisiana
of 40,064
in rest of country.
....
14,977
7,313
8,110
Seattle
Tacoma
500-pound bales in 1936 from 10,638,391 bales in 1935; the
average
Portland, Ore
Total
larger crop, their production increasing to 12,398,882
the
1,108.079
1,219,405
1,074,534
2,438,761
3.081,450
price of cotton
was
the highest since 1929-30, and
consumption of all cotton in the United States was 25%
larger than in the previous crop year, with the consumption
r
Financial
Volume 145
But
the facts that exports of American cotton were
with
recorded
the other side of the balance sheet must be
on
the
exception
the smallest,
1934-35, since 1922-23, and that in
of
foreign consuming channels American cotton was being more
and
It
by
elbowed
more
aside
by the growths of other nations.
of American cotton
the unprecedented utilization
was
mills
domestic
that
the cotton
of
salvation
the
was
Their takings enabled the daily aver¬
producer in 1936-37.
price of middling upland spot cotton in New York to
age
rise to 12.93c.
12.44c.
two
than
ago,
of
and 6.34c. in the low year of the
The
30 to
March
on
increase
pound against 11.75c. in the previous season,
1931-32.
depression,
15.25c.
a
seasons
price
low
a
1,593,000 bales in
compensated,
so
ranged
of 11.18c.
from
The
domestic consumption more
far as market demand was concerned,
cotton.
r
policy of the United States of abstaining from pro¬
The
normal
its
ducing
inevitably
working
is
of. cotton
crop
this country from its
toward the permanent retirement of
Arbitrary curtailment of production has
foreign markets.
both at
served to reduce the carryover of American cotton
Thus, in the 1936-37 crop year
home and in foreign lands.
about
from 5,336,000 bales to
according to the
cotton was
approximately 4,400,000
Department of
The
Agriculture.
American cotton has been cut more than
since 1933.
Nevertheless, the Department of Agri¬
half
culture points out that
the carryover of foreign cotton into
the current season "is believed to be larger
large
or
as
the
larger than in 1936-37."
For it is obvious
countries
of the cotton-growing
rest
than a year ago,
point to a 1937-38 crop in foreign countries
and indications
are
bending
every
effort to claim the markets which the United States
is
blithely
so
Following the record crop
abandoning.
of
1,887,000 bales in 1936-37, Egypt was placing a 15% larger
under cotton cultivation for the 1937-38 season, the
acreage
official
first
as
it
putting
did
in
The
fully
1,000,000 bales,
of
crop
first
as
1936-37.
of the 1937-38 production in
estimate
a
was
1937-38
in
cotton
showed.
estimate
India
that
cated
for
for the 1937 crop.)
While the yield was a
the acre in 1936, the total reduction from
3.7% in 1935. and other climatic conditions were responsible
for 8.4% against 6.5% in 1935.
The loss due to plant
diseases was unchanged from 1935 at 2.2%, while the loss
from boll weevil declined to 4.9% from 8.1% in 1935, and
the loss from other insects was 3.0% against
The
being made ready
an
estimates
much
indi¬
acreage
The first
to
official
northern Brazil was
increase of about 28%
seemed
Fertilizer tag sales for
crop.
eight months ended March 31, 1936,
Brazil
northern
weather
and
last
heavy
61%
over
Only
year.
insect
the
actual
production
"extremely
damage"
unfavorable
prevented the
record
high of 1,000,000 acres planted to cotton in Argentina from
producing a record crop in the 1936-37 season.
with the size of the crop,
compiled
by
us,
between the commercial crop, as
and the actual growth
of cotton for the
The figures on actual growth are taken by the census
year.
from ginning figures,
portion
while our figures consist only of that
of the crop which finds its way to market.
calculation is that the commercial crop for the year
Our
ended
14,760,563 bales as against
13,511,608 bales in the previous year, 9,211,567 bales two
31,
years ago,
1937,
amounted
to
and 13,298,291 bales three years ago.
As in the
previous year, the size of the commercial crop was increased
the
release
of
cotton
held
by
the
Commodity
Credit
Corporation against He. and 12c. loans. From July 31,1936,
July 31, 1937, according to the Department of Agri¬
culture, the stocks of government-financed cotton declined
from about 3,200,000 bales to about 1,700,000 bales.
Our
connection, however, between the high
some
These
season.
1929-30,
since
stated,
in the corresponding period
fertilizer, it is
tons
the heaviest sales of
are
when
tag
from December to
Mr. Plauche reported
ended February, 1937,
sales
the end of June totaled 4,365,000 tons.
that
sales
the
for
months
seven
fertilizer tag sales amounted to
States
against
1,143,281 tons in nine cotton
895,738 tons in the corresponding period of
the previous season and 954,607 tons two seasons ago.
A
partial explanation for the increased fertilizer tag sales
for
1937
the
crop
was
that the acreage devoted to cotton
production, according to the official estimate as of July 1,
larger, amounting to 34,192,000 acres against 30,960,000
was
a
From
earlier.
year
Board estimated
be
the
this
the
acreage,
Crop Reporting
Aug. 9, a crop of 15,593,000 bales would
on
picked.
This forecast was raised to 16,098,000 bales in
Sept. 8 estimate, which would make it the fifth largest
The official estimates admit of a wide margin
because of mistakes of calculation and
history.
partly
error,
partly because of changes in growing conditions after the
first estimate for the season is made.
Immediately after
estimate
the
of
as
Sept.
1,
this
for example,
year,
wide¬
spread deterioration of the crop from the Mississippi Valley
eastward
point we make our usual distinction, in dealing
this
be
to
compared with 3,108,000
last
of
by
that
yield for the 1937 crop and the fertilizer sales
during the planting season.
The National Fertilizer Asso¬
ciation reported that fertilizer tag sales in eight cotton
States from December to June 30 last totaled 3,994,000 tons
in
July
per acre
indicated
in
of
increase
an
At
for
nine cotton States in the
compared with the first official estimate of the 1936 cron,
and
5.0% in 1935.
for the 1936 crop was
achieved in spite of the decline in fertilizer sales in the
cotton States in the months during which the land was
improvement in yield
according to Henry Plauche, Secretary of the New Orleans
of American
world carryover of
that
Agriculture, on Sept. 8
little better to
the full yield
per acre of cotton increased to 38.5% of a normal or full
crop from 36.8% in 1935.
The 1934 reduction was 42.6%,
and that in 1933, 28.6%.
The principal cause for the reduc¬
tion in yield in 1936 was, as usual, deficient moisture, the
loss from this cause being reported at 16.2% compared with
9.2% in 1935 and 20.7% in 1934.
Two separate droughts
affected the cotton crop in the 1936 growing season, one in
May and June in the Carolinas and Georgia, and the other
in the western part of the belt, particularly in Texas and
Oklahoma,
in
August.
Damage
attributed
to
excess
moisture accounted for 1.9% of the reduction compared with
estimated by the Department of
as
Cotton Exchange, totaled 2,125,229 tons against 2,224,712 in
the corresponding
period of the previous year.
There
bales,
as
The
yield last year.
reduced to
carryover
carryover
in
further improvement in
was a
Crop Reporting Board stated that the yield of lint cotton
was 197.9 pounds to the acre in 1936 against 186.3 pounds
in 1935 and 171.6 pounds in 1934.
(These yields compared
with the record-breaking figure of 228.5 pounds an acre,
6,000,000 bales from 6,955,000 bales, and the domestic
world
the
of
high
a
July 31.
on
of 495,617 bales in exports of American
for the falling off
There
mills the largest on record.
of American cotton by domestic
1963
Chronicle
was
described
in
the
Weather
official
Bureau
The Crop Reporting Board fore¬
crop for that year of 12,481,000
bales.
The Board dropped its September estimate 1,360,000
bales to 11,121,000 bales, but raised the forecast in October
by 488,000 bales to a total of 11,609,000 bales.
The Novem¬
ber estimate was a crop of 12,400,000 bales, up 791,000 bales
report issued on Sept. 8.
saw
on
Aug. 8, 1936, a
October forecast and only 81,000 bales under the
from
the
first
estimate
in
The
August.
December
estimate
was
12,407,000 bales, while the final tabulation of the 1936 crop,
issued on May 19, 1937, was 12,398,882 bales.
of American
Consumption
throughout the
cotton
world
experienced another increase in the crop year under review,
but again it was the higher consumption in the United
States which made this showing possible.
Consumption of
American cotton in the 12 months ended July 31, 1937,
to
according to the figures of the International Federation of
Master Cotton Spinners and Manufacturers Association at
compilation places the world production of commercial cot¬
ton during the crop year at 29,392,000 bales, compared with
11,815,000
26,574,000 bales in the previous year and 20,963,000 bales
all
two years ago.
July 31, 1937, an increase "of 3,651,000 bales from the total
'Production of cotton in the 1935-36 year showed its third
consecutive
annual
increase.
It
amounted
to
12,398,882
bales, against 10,638,391 bales in the previous
9,636,559 bales two seasons previously, and 13,047,262
500-pound
season,
bales
three
previously.
Secretary of Agriculture
Wallace had expressed the opinion on March 20, 1936, that
the Soil Conservation and Domestic Allotment Act, which
became law
seasons
on
Feb. 29 of that year, might not be quite as
Manchester,
1,106,000
bales, compared with
in the previous season, an increase of
Total world cotton mill consumption of
amounted to 12,921,000
bales
bales.
kinds of cotton was 29,026,000 bales
in the year ended
25,375,000 bales for the previous year.
of
which
against 46.5
the
United
cotton, in a
kinds
cotton
American
of
of
The percentage
the whole
was
44.5 as
in the preceding season.
Tiie world outside
States, in point of fact, used less American
year
cotton,
deducting the
American
formed
of sharply increased consumption of all
than it did in the previous season.
By
1,106,000 global increase in consumption of
cotton from the 1,555,000-bale
increase in Amer¬
States, the fact emerges
effective from the immediate point of view as the old Agri¬
ican cotton consumed in the United
cultural Adjustment Act cotton-control scheme destroyed by
that the rest of the world
the Supreme
bales of American cotton than in the previous year.
tion
on
With the firm grip of the Administra¬
cotton growing somewhat weakened, farmers planted
Court.
The
boon
of
the heavy
30,960,000 acres to cotton in 1936 and harvested 30,028,000
acres, compared with 28,197,000 acres and 27,640,000 acres,
was
in 1935.
The acreage harvested was 8.6%
larger than that in 1935 and 11.8% greater than the har¬
the
year
actually consumed 449,000 fewer
for
the American
domestic consumption.
cotton grower
The Census Bureau
cotton
respectively,
vested
acres
in 1934.
reported on Aug. 14 that the cotton consumed during the
year of 1936-37 totaled 7,944,803 bales of lint and
817,302 linters,
fortable
surpassing all previous records by a com¬
The previous year's total was 6,351,160
margin.
1964
Financial
bales of lint and 734,204 linters,
7,085,364 bales comparing with
the total for the
year
Chronicle
YEARLY
of
lint and linters for the 1936-37 crop
over
for
year
the
grand
total
one
was
of
23.6%
against
The heaviest domestic consumption of lint
in any urevU ..s year was 7,189,585 bales in
cotton
1926-27.
The depression
low was 4,866,016 bales in 1931-32. It should
be noted, however, that the pace of consumption had begun
to slacken as the crop year came to a close.
In July the
consumption of 583,066 bales of lint fell under the total of
607,056 bales for the corresponding month of the previous
year for the first time during the crop year.
The following series of tables shows the consumption of
cotton in the United
States for each month of the last six
Linters
Total AU
Running Bales
Equivalent
Equivalent
Equivalent
500-lb.
500-lb.
500-lb.
Bales.
Bales.
12,398,882
10,638,391
9,636,559
13,047.262
13,001,508
17,095,594
13,931,597
14,824,861
14,477,874
12,956,043
17.977.374
16,103,679
13,627,936
10,139,671
9,762,069
7,953,641
13,439,603
11,420,763
12,040,532
11.302.375
11,449,930
11,191,820
16,134,930
14,156,486
13,703,421
15,692,701
11,608,616
10.004,949
13,241,799
11,107,179
13,273,809
*1,131,296
1,088,766
1,000,964
1936
1935
1934
1933
1932
1931
1930
1929
1928___
1927
1926
1925
1924
1923
1922
,
1921...
1919
1918
1917
Foreign Cotton Included.
1916
1915
1914
'
■
7.
"
'*•
'
1935*
1936
.t
1934*
1933"
1932.*
1931.*
1913._.^
1912
October
480,546
527,158
541,335
November
528,513
342,899
379,850
459,815
430,785
December
576,736
416,939
1937
1936
1935
1934
1933.
1932.
January
564,874
553,553
497,054
1904
466,775
398,205
1903
September
333,977
241,414
412,302
384,937
329,993
431,387
595,608
486,697
May..
558,626
June
568,169
July
484,747
447,822
468,198
507,580
April
338,750
409.011
405,175
414,490
379,238
282,091
420,263
371,318
375,109
430.552
406,318
416,440
565,951
290,010
1911
344,206
1907
11,057.822
1906
12,983,201
10,495,105
13,451,337
9,819,969
10,588,250
9,582,520
10,102,102
483,846
1908
4,550,037
5,086,573
363,833
341,347
5,716,333
4,661.959
4,913,870
5,427,920
4.225.642
1901
*
4,033,351
192,291
Includes revisions made subsequent to the publication of the monthly figures.
Foreign Cotton Included.
1935*
November
December
116,185
January
113,190
110,886
136,862
123,339
110,834
113,225
October
1932.*
1931.*
82,834
93,430
84,590
1934
111,046
98,104
81,527
124,197
101,632
73,184
101,937
114,318
81,891
76,678
84,638
90,702
81,464
106,607
131,310
116,795
44,715
46,874
39,499
832,665
445.028
1.277.693
83,265
98,048
65,747
83,731
98,880
87,403
96,009
82,171
82,879
69,881
65,433
86,804
69,121
71,195
1933.
1932.
71,398
83,866
90,065
83,072
87,251
99,476
93,155
1,054,917
363,019
1.150,216
351,602
1,015,359
353,672
403.313
1,050,822
419,695
1,674,100
1,369,031
1,417,936
1.563.529
1.470.517
March
April
May
June
98,319
July
Total
1,322,498
Linters
Grand total.
•
1933*
1935
93,025
106,276
89,112
90,374
72,413
69,242
Includes revisions made subsequent to the
102,859
70,686
69,941
55,535
publication of the monthly figures.
COTTON CONSUMED IN WHOLE UNITED STATES-
Bureau
Census
The
1934*
After
1933*
1932.*
1931.*
October
November
626,695
408,325
450,647
552,840
512,312
December
692,921
499,773
440,439
461,023
425,228
415,401
1937
1936
1935
1934
1933.
1932.
January
678,064
550,553
508,021
470,182
434,726
February
477,046
576,762
468,402
512.594
May
669,460
530,894
470,412
519,299
June
681,394
383,982
363,262
July
583,066
555,449
607,056
441,203
495,183
470,359
620,561
697,261
451,239
550,641
480,339
482,373
April
664,439
779,302
718,947
590,484
515,977
390,712
359,951
600,641
7,944,803
817,302
6,351,160
734,204
5,360,867
5,700,253
6,137,395
719,028
767.146
761,042
4,866,016
637,319
8,762,105
7,085,364
6,079,895
6,467,399
6,898.437
5,503,335
Total
Linters
Grand
*
total.
418,941
588.902
CONSUMPTION OF
294,696
523,032
480,081
417,344
16,991.830
14,795,367
14,313,015
16,250,276
609,594
557,575
12,005,688
397,072
310,433
345,507
268,282
321,689
229,539
241,942
194,486
196,223
166,026
10,315,382
13,587,306
11,375,461
13,595,498
10,804,556
13,679,954
10,045,615
10,827,168
9,675,771
10,266,527
143,500
that the cotton
having
shown
increase in
an
the
carryover
1935-36
season,
1.220,331 bales from 1,465,778 bales in the previous year.
Shipments to Germany were reduced to 782,241 bales from
897,995 bales in the preceding year, and shipments to Poland
were
cut down to 177,502 bales from 252,402 bales.
The
smaller takings of American cotton by Germany and Poland
probably traceable to their foreign exchange difficul¬
But the decline in shipments to Great Britain was
were
not
to
lower
a
of
imrvorts
level
of
activity in the cotton
that country but to increased
South American and Indian cotton.
Egyptian,
in
Japan was still the best customer for American cotton, as
499,482
425,030
464,335
504,0o5
501,893
pared with 1,549,126 bales in the previous season.
475.247
502,434
347,524
couraging as
544,870
to that
exports
country
amounted to
1,590,738 bales
com¬
The tak¬
ings of American cotton by Japan, however, are not so en¬
they
appear
their
fon
estimated
face.
Bureau of
Japanese
that
Economics
488.907
consumption
366,481
would be about 15% less than in
of American cotton in the season as a whole
1935-36, while consumption
332,372
322,706
278,568
LINTERS
of all growths would
is
that
in
July
The
Agricultural
SOUTH COMPARED WITH NORTH—LINT
AND
397,752
440,313
607,969
929,516
1,125,719
1,330,714
931,141
856,900
638,881
404,497
492,742
Includes revisions made subsequent to the publication of the monthly figures.
COTTON
607,779
of American cotton resumed their declining trend
in the
crop
year under review.
Total exports fell to
5,789,895 bales from 6,285,512 in the previous year, while
two years ago exports were 5,063,210 bales and three years
ago they were 7,732,240 bales.
The civil war in Spain alone
was responsible for the loss of somewhat more than 200,000
bales of exports.
Where Spain was the destination of
209,457 bales of cotton shipped from this country in the
1935-36 season, exports of cotton to Spain ceased entirely
in the crop year under review.
Another important loss came
in the shipments to Great Britain, which were reduced to
attributable
574,289
629,727
646,499
March
1,157,861
1,114,877
897,375
668,600
10,575,017
13,438,012
9,351,129
10,630,945
9,509,745
10,123.027
reported
manufacturing industry
1935*
1,016,375
4,497,505 bales as of July 31, compared with 5,409,389
bales a year ago, 7,208,477 bales two years ago, 9,677,754
bales in 1932, and 4,530,429 bales in 1980.
ties.
Foreign Cotton Inoluded.
1936
18,162,975
14,918,027
16,066,216
15,759,935
13,972,418
19,135,235
17,218,556
14,525,311
10,808,271
10,369,839
8,351,393
13,879,916
12,028,732
12,970,048
12,428,094
12,780,644
12,122,961
These are running bales for this year.
RUNNING BALES.
August
September
982,322
911,884
1,067,381
986,430
1,241,355
1,282,061
exports
84,964
53,282
110,730
95,144
87,351
1936
1937
February
1934*
65,426
70,797
Bales.
13,630,177
11,727,157
10.637,523
14 029,584
13,913.892
was
COTTON CONSUMED IN OTHER STATES—RUNNING BALES.
93,743
102,569
105,164
98,182
-
1902
4,305,950
356,009
1936
-
1900
5,335,801
380,532
August
September
-
1909
310.946
7,088,005
Grand total.
1910
287,657
275,832
239,069
513,954
292,076
341,765
377,531
378,144
355,347
6,622,305
465,700
Total
Linters
*
464,705
401,434
12,141,376
10,420,346
9,472,022
12,664,019
12,709,647
16,628,874
13,755,518
14,547,791
14,296,549
12,783,112
17,755,070
16,122,516
13,639,399
10,170,694
9,729,306
7,977,778
13,270,970
11,325,532
11.906,480
11,248,242
11,363,915
11,068,173
15,905,840
13,982,811
13,488,539
15,553,073
11,568,334
10,072,731
13,086,005
1905
366,601
642,440
396,998
369,805
413,292
388,895
358,048
March
439,507
382,235
389,218
379,290
380,038
311,569
321,470
406,389
February
August
Half Bales.
as
COTTON CONSUMED IN COTTON-GROWING STATES—RUNNING BALES
..
STATES-
Counting Round
1920
years:
UNITED
Year.
year.
The March consump¬
tion was the largest of the crop year, amounting to 779,302
bales of lint compared with only 550,641 in March, 1936, a
IN
Groioth
a
16%% increase in the previous
gain of 41%%.
COTTON
OF
ACTUAL GROWTH.
8,762,105 bales of
year.
The increase in
the
Sept. 25, 1937
PRODUCTION
probably be about 7% larger.
China and desirous of protecting itself against the
tion
of the Neutrality Act
followed
cotton.
The fact
Japan, preparing well in advance for the war with
the
applica¬
provisions by the United States,
policy of building up its stocks of American
As of June 30, according to the Bureau of Agricul¬
tural Economics, Japanese
stocks of American cotton totaled
346,000 bales, approximately double the stocks on the corre¬
sponding date in 1936.
1936-37
Running Bales
*1935-36
*1934-35
*1933-34
*1932-33
*1931-32
COTTON EXPORTED FROM THE UNITED STATEft.
South
7,088,005 5,716,333 4,661,959 4,913,870 5,427,920 4,225,642
1,674,100 1,369,031 1,417,936 1,553,529 1,470,517 1,277,693
North
1936-37
*
_
publication of the monthly figures.
OF
LINT
COTTON
BY
STATES—UNITED
STATES
CENSUS GINNING RETURNS
Bales
Japan
Italy
Russia
1936-37
Alabama
1936- 36 1934-35.
1933-34,
1932-33
1,148,624 1,061,314
189,963
134,336
1,302,992
857,156
442,444
239.848
26,789
26,632
952,245
972, 591
948,854
116,363
96, 124
69,193
874,782 1,049, 777 1,326,556
California
259,551
217, 051
129,371
Florida
23,957
24, 260
15,151
1,090,086 1,062,526
971,425 1.104, 507
Georgia
854,357
Louisiana
761,149
556.288
484,668
476, 641
610,509
1,910,661 1,259.482 1,142,706 1,159, 238 1,179,781
Mississippi
Missouri
303,262
233,864
244, 542
173,979
306,835
New Mexico....
87,104
107,380
71,835
89, 960
69,868
North Carolina
699,746
631,420
686, 990
574,201
663,359
Oklahoma—317,387 1,265, 746 1,083,713
286,379
564,982
South Carolina
815,788
681,791
744,182
735, 089
716,225
Tennessee
404,316
444, 556
432,757
316,509
480,353
Texas
2,938.479 2,960,774 2,407,9/9 4,431, 951 4,501,800
34, 397
32,961
30,296
27.246
31,165
Virginia
All other States
14,040
13, 842
12,198
7,102
14,418
Arizona
—
--
Total
897,995
1,465,778
1,549,126
712.947
1931-32
1930-31.
1,419,689 1,473,287
115,061
155,409
1,906,736
176,560
43,164
874,356
263,766
50.306
1,392,665 1,592,539
899,922
714,529
1,761,203 1,464.311
288,991
150,955
98,124
98,462
756,294
774,734
1,261.123
853,584
1.004,730 1,000,892
594,512
400
314,211
Canada
12398 88210638 391 9,636,55913047 26213001508 1709559413931597
255.402
mmmmmm
24,085
China
Belgium
162,087
Holland
126,201
34,324
83,710
Portugal
Sweden
Mexico
209,457
44,608
162,417
107,009
45,899
83,571
......
1932-33
59,090
India
13,030
49,668
7,712
Norway
11,815
11,776
Greece
485
......
New Zealand
mm
—
8
.
200
Africa.
mm
2,635
Australia
448,690
790,389
1,584,491
399,446
498,190
111,164
221,335
241,526
118,151
100,129
82,375
44,965
81,013
Bales.
1,951,852
1,439,126
1,317,189
1,866,482
1,547,240
1,741,250
886,756
828.683
740,164
666,169
58,959
276,210
34,000
189.662
314,092
307,947
200.504
274,049
379,734
123,747
124,666
51,746
70.709
.....
Denmark
mm
51,186
39,884
9,267
5,296
mm
.
.
.
499
48,628
17,638
8,395
815
......
,
142,290
67,515
58,528
43,278
39,578
56,768
9,247
2,389
4
1,464
518
1,133
245
25
Other countries
223,864
287,900
235,214
267,051
188,166
Total exports
5,789,895
6.285,512
5,063,210
7,732,240
8,611,238
376,912
5.322,453 4,039,136
42,423
41,952
11,944
6,467
392,621
■
Spain
Arkansas
Bales
714,874
427.059
France
of
600 Lbs.
1933-34
Bales
782,241
1.220,331
1,590,738
Germany
Great Britain
Gross
1934-35
Bales
5,413,905 4,347,302 3,244,023 3,360,341 3,957,403 2,947,949
Includes revisions made subsequent to the
PRODUCTION
1935-36
Bales
To—
Excess of South.
In
the
entered
1935-36
into
a
crop
year
the
United States and
Japan
"gentlemen's agreement" for the restriction
Volume
Financial
145
textiles into the Philippine
Japan agreed to limit its
exports of textile products to the United States.
This
latter agreement was negotiated by American and Japanese
trade interests and not, as was the Philippine^ agreement,
by the State Department.
A delegation representing the
American textile industry sailed for Japan on Christmas
of
shipments
Islands.
In
Japanese
of
1936-37
the
year
in that coun¬
try.
Dr. C. H. Murchison, President of the Cotton Textile
Institute and head of the mission, pointed out that Japanese
shipments of cotton cloth to this country had risen from
about 1,000,000 yards in 1933 to 16,000,000 yards in 1934,
to 36,000,000 yards in 1935, and to 75,000,000 yards in 1936.
When the American mission began the negotiations it had
learned that Japanese bookings of American business for
1937 had already reached a total of about 155,000,000 yards.
The agreement which was arrived at provided that Japa¬
nese shipments for 1937 and 1938 should not be more than
225,000,000 square yards, but not more than 180,000,000
yards or less than 155,000,000 yards in the first year.
The
unwillingness of the United States to accept imports of
Japanese cotton goods as freely as it sells raw cotton to
Japan can be expected to spur the latter country on to
liberate itself, as far as possible, from dependence on the
sumption
States for its supply
of cotton.
during the year to"
Exports of Indian cotton were lower
Europe but were higher to the Far East.
Total exports
amounted to 3,428,053 bales of 400 pounds, compared with
Japanese
COTTON
Shipments to Great Britain fell to 325,855 bales
from 532,347 bales in 1935-36, while exports to the Continent
dwindled to 987,979 bales from 1,084,087 bales.
Exports to
Japan and China, on the other hand, rose to 2,114,219 bales
from 2,074,430 bales.
TO—
Conti¬
nent
China
583,861
1931-32
128,363
478,592
1930-31
264,510
1,145,514
289,184
1928-29
229,969
1,611,990
1,500,022
1927-28
220,757
1,327,833
3,428,053
3,690,864
3,134,007
3,193,636
2,653,963
1,758,304
3,719,666
3,848,232
3,917,283
3,125,242
2,309,642
1929-30
1933-34
__
1932-33
325,855
532,347
361,799
369,382
230,793
987,979
1,084,087
997,282
1,024,772
826,145
72,301
882,296
1925-26
172,517
1924-25
199.618
1923-24
287.345
223,948
1,090,050
1,284,390
1.563,226
1,113,612
1,947,058
2,187,292
1,576,652
1,882,361
2,512,534
2,415,772
1,592,013
2,243,119
70,629
963.178
2.216,732
J.....—
1926-27
1922-23
-
1921-22
2.836,958
,
Total imports Into Japan
Equivalent in 500-lb. bales.
.
Consumption of Cotton
World
Spinners, the consumption of American
cotton in the year ended July 31, 1937, was 12,921,0Q0 bales
as against 11,815,000 bales in the previous year, an increase
Federation of Cotton
of
and have pointed out that
consumption of American
all of the
cotton in
States, while the consumption of American cot¬
1,106,000 bales,
increase
the
in
was
the United
ton in the rest of the world
eration
ANNUAL STATEMENT OF THE EGYPTIAN COTTON
respect are
CONSUMPTION
WORLD
1936-37
Bales
Bales
5,554.000
7,985,000
12,921,000
5,947,000
1,203,000
8,955,000
11,815,000
5.393,000
980,000
7,187,000
10,852,000
5,599,000
1,084,000
6,881,000
13,539,000
4,770,000
1,108,000
5,677.000
29,026.000
25,375,000
24,416,000
25,094.000
Rest of world
Total
American
East Indian cotton
Note—The figures
include linters
COTTON
WORLD'S
in this table relate to lint cotton
MILL
only, and do not
REGARDLESS
BALES,
CONSUMPTION—IN
OF
WEIGHT
1936-37
Europe—
1935-36
1934-35
Bales
Bales
Bales
2,851,000
1,142,000
Great Britain
Germany
1932-33
1933-34
Bales
2,733,000
2,507,000
*
*
996,000
1,180,000
1,204,000
x2,195,000 x2,063,000 xl,986,000
Bales
2,470,000
2,248.000
1,524,000
1,134,000
1,885,000
1,212,000
1,099,000
1,613,000
874,000
861,000
451,000
381,000
281,000
294,000
287,000
Belgium
452,000
402,000
349,000
2/87,000
y317,000
287,000
406,000
279,000
406,000
303,000
396,000
266,000
279,000
257,000
97,000
192,000
96,000
179,000
*
*
Italy
_.i_.
786,000
Poland
266,000
Switzerland
112,000
Holland
282,000
92,000
233.000
Austria..
194,000
190,000
142,000
121,000
86,000
156,000
81,000
Sweden
140,000
125,000
101,000
84,000
76,000
125,000
76,000
121,000
Portugal
Finland
59,000
57,000
56,000
74,000
46,000
71,000
31.000
108,000
109,000
83,000
81,000
39,000
33,000
34,000
35,000
12,000
13,000
12,000
12,000
77,000
29,000
11,000
Hungary
Denmark
Norway.
•_
9,678,000
8,291,000
8,394,000
9.910,000
8,919,000
2,954,000
4,002,000
3,012,000
3,651,000
2,930,000
3,730,000
2,514,000
2,636,000
3,252,000
2,900,000
a2,556,000
2,340,000
2,479,000
2,383,000
2,584.000
9,512,000
9,003,000
9,139,000
8,149,000
8,120,000
7,935,000
6,329.000
5,321,000
6,109,000
238,000
5,670,000
229,000
Total Europe...
Asia—
CROP.
Season
Season
1934-35
1933-34.
China
8,202.992
7,378,870
8,438,185
Bales
Bales.
Bales.
134,617
259,505
United States—
209,844
209,736
170,594
159,267
249,000
204,000
188,000
195,000
649,000
380,330
293,884
449,674
654,000
587,000
513,000
166,000
453,000
9,094,000
742,000
138,110
153,179
63,350
3,181
53,944
36,711
24,605
43,014
21,898
98,628
2,806
9,275
26.741
127,880
142,293
54,136
2,777
95,894
39,571
5,259
7,062
3,500
4,293
2,880
7,312
6.268
4,990
Mexico
7,436,000
645,000
6,334,000
6,607.000
428,000
6,902,000
391,000
—
190,169
404.155
174.000
304,000
206,000
Canada
To Manchester
Brazil
Total America..
To Spain
"3", 145
To Portugal
To Italy.
74.568
To Switzerland
48,880
To Austria and Hungary
To Czechoslovakia
26,029
49,565
22,658
93,389
To Poland
To Germany
To Holland
3,528
To Belgium
16,785
To Greece, Turkey & Black Sea.
45,151
67,364
3,390
94,466
45,183
21,693
33,606
14,528
90,477
29,016
24,452
146,032
4,071
3,712
12,170
4,807
5,599
25,425
2,660
Latvia and
To Sweden and Denmark
533,129
548,144
O41.093
568.540
To United States and Canada
42,880
39,700
38,971
72,479
To India
56.694
45,281
80,640
32.298
Total to Continent
5,225,000
5,627,000
Czechoslovakia.
1935-36
Bales
194,311
Russia Esthonia,
Finland
Bales
6,210.000
5,605,000
America—
8,845,637
To Liverpool
To
1933-34
7,765.000
5,156,000
American cotton in U. S.
net
To France
1934-35
Bales
1935-36
of Weight
Total Asia
Total to Great Britain
AS COM¬
FEDERATION AT MANCHESTER
Bales, Irrespective
Japan..
1936-37
Exports—
OF COTTON OF ALL KINDS
PILED BY INTERNATIONAL
3,580.679
3,250,539
Season
*Season
mill consumption
in that
staple and the figures
shown in the table we now subjoin.
descriptions of the
India
cantars
The Manchester Fed¬
declined.
gives the figures for cotton
also
all
of
533,129 bales from 544,748 in the previous season.
(interior
that, according to the Manchester
We have already stated
France..
which rose to 139,489 bales from 76,891 bales,
while exports to Great Britain rose to 404,155 bales from
373,406 bales.
Shipments to the Continent declined to
receipts
weight)
13,105,335
3,499,125
Russia
Japan,
Total
13,323,386
3,557,344
3,899,780
3,442,584
The largest increase in shipments was
Years Ending July 31—
14,042,524
3,749,354
5,692,632
6,048,357
Figures for month of June are estimated.
Spain
bales two years ago.
202,491
1,379,906
5,893,036
5,916,799
3,775,101
Exports of cotton from Egypt increased to 1,192,459 bales
in the crop year to July 28, 1937, from 1,095,185 bales in
the corresponding period of the previous year and 1,074,276
to
501,684
1,731,005
4,278,921
7,222,489
471,180
1,132,745
17,542,377
4,683,814
All other countries
Toted
2,114,219
2,074,430
1,774,926
1,799,482
1,597,025
1,151,349
bales of 400 lbs.
Piculs
3,194,961
States
Japan &
Britain
1935-36
Piculs
China
*
1933-34
1934-35
Piculs
7,483,943
6,279,612
India
United
Sundries
1936-37
1935-36
Piculs
Imported into Japan from—
Egyptian cotton
Great
1934-35
(YEARS ENDED JUNE 30)
JAPAN
*1936-37
years ago.
Season Ended July 31—
INTO
IMPORTED
3,134,007 bales two
3,690,864 bales in the previous year and
EXPORTS FROM ALL INDIA
Federation estimates
bales against
Manchester
higher.
was
consumption at 4,002,000
3,651,000 bales in the preceding year.
placed
Eve, 1936, to talk directly with the exrwrfers
United
1965
Chronicle
Sundries
29,026,000 25,375,000 24,416,000 25,094,000 24,332,000
Total all
*
No returns received,
rade sources,
mated.
a
549,000
y
No returns from Russia.
x
Figures are estimated from
since then are esti¬
No returns from Spain for July, 1936; figures
1937 figures are estimated.
No returns received; July
increase in cotton consumption
geographical divisions of the world was in the
United States.
In this countrv the consumption, according
to the International Federation figures, was 7,935,000 bales
as against 6,329,000 bales in the 1935-36 season.
European
consumption amounted to 9,778,000 bales compared with
8.291,000 bales in the orevious year, but it should be noted
that a good part of this increase is accounted for by the
inclusion of figures for Germany's consumption, whereas in
again the greatest
Once
in the large
previous year the total for Germany was not included.
is still missing from the International Federation
consumption figures, and in the half-year ended July 31,
the
To Japan and
155,601
...
Equal to cantars (int. net weight)
93,502
124,320
93,351
1,192,459
China
Total to all ports
1,106,957
1,078.908
1,216,342
9,033,780
8.169,342
7,961,724
8,976,605
Italy
1937,
a
Japan's imports of cotton increased sharply to 4,683,814
bales
of
500
American
in
cotton
1934-35.
into
Japan
Stated
rose
5,916,799 piculs in the previous
countries showed
received
an
bales in 1935-36 and
in piculs, imports of
to 6,279,612 piculs from
from 3,749,354
pounds
3,557,344 bales
even
year,
but imports from other
From India Japan
sharper gain.
7,483,943 piculs of cotton against 5,893,036 in the
no
estimate of Spain's consumption is given.
Con¬
sumption in Asia was 9,512,000 bales as against 9,003,000
previous year. The consumption in Asia was at
bales in the
new
high record and has now
nearly caught up with the
European aggregate.
ACTIVITIES OF THE FEDERAL GOVERNMENT
ITS AGENCIES
AND
1935-36 it looked as though some prog-'
made in reducing the intermeddling of the
In the crop year
ress
had been
Federal
Government
of
it.
in
the production
When
the
Supreme
of cotton and the
Court found the
previous year, while the imports from all other countries
(excluding the United States and China) were 3,194,961
fabrication
piculs. compared with 1,731,005 piculs.
1936, it dealt a body blow to the Roosevelt Administration's
Throughout the year
Japan was in process of building up its stocks of cotton,
and imports ran well ahead of consumption, though con-
/
Agricultural
program
sory
Adjustment Act
unconstitutional
on
Jan.
6,
of employing measures bordering on the compul¬
to achieve restriction of the
growth of cotton.
With
Financial
1966
Chronicle
the
processing tax feature of the AAA went the Bankhead
Act, voluntarily withdrawn by the Administration. And the
improvement in the market price for cotton during that crou
year made a government loan arrangement unnecessary and
the government was able steadily to liquidate its stocks of
loan
ment
was
Soil
The
cotton.
Conservation
arid
Feb. 29, 1936,
Act, signed by President Roosevelt on
but
Allot¬
Domestic
pale substitute for the energetic control and sub¬
a
AAA.
sidy paying features of the invalidated
of that year that governmental
interferences with the productivity of cotton lands would be
in
its
regain
tered
1936-37
the
in
future
the
American
that
and
in
lost ground
cotton
might
world markets was badly shat¬
For the Administration,
Supreme Court, set out to
that its will might prevail; and the
year.
crop
balked in its farm plans by the
the Court
change
so
purely fortuitous circumstance of the greatest fertility for
the acreage planted to cotton
in the country's history drove
Administration's
the farm bloc in Congress straight into the
allowing the Administration to extract from Con¬
promise to enact legislation at the next session thnt
hands,
gress a
bids
fair, in the severity of its control measures, to go well
beyond the late AAA.
President
himself very frankly
Roosevelt
ministration's
attitude
in
Democratic "Victory Dinner" on
"The
to
faith
full
our
Nation's agriculture.
thought
too!
so,
States
preservation
full
had
the
of
constitutional
the
assumed
know who
of
the
power
to
Neither individually nor
as a party can
we postpone and run from' that fight on
advice of defeatist lawyers.
But I defy anyone to read the
majority opinion invalidating the AAA and tell us what we
can do for agriculture in this session of Congress with any
reasonable certainty that what we do will not be nullified
veto, and did veto that program.
unconstitutional."
as
That, then, was the strategy—so to dilute the personnel
of the Court as to make the majority
AAA
minority.
a
dressed
for
a
the
message
authority
which invalidated the
On Feb. 5, 1937, President Roosevelt ad¬
to Congress asking, among other things,
to
name
additional judge for every
an
Federal judge who reaches the age of 70 and fails to retire.
the message went
ciples of
ever-normal
plan
granary
an
There were 11 essential elements of a
parts of the country.
First, oppor¬
their own
interests; second, farm prices that are fair and stable, to
keep farm income on a basis of reasonable equality with
non-farming income; third, a supply of farm products in
line with adequate domestic consumption and foreign de¬
mand; fourth, foreign policies seeking to expand foreign
markets for American farm products; fifth, conservation of
natural resources; sixth, retirement of sub-marginal land
from cultivation and its use for purposes for which it is
best suited;
seventh, crop insurance; eighth, storage of
reserve supplies of food and fiber; ninth, increased security
policy, he said, as follows:
farmers to organize effectively
for
tunity
of
farm tenure
for both tenants
and
in
operators, and
owner
better
possibilities for tenants to become owners; tenth,
increased opportunity for those farm people whose standard
of living is now barely on a subsistence basis, and eleventh,
industrial policies that encourage abundance for wage and
Secretary Wallace thought that a combination of the soil
program, the commodity loan program, and
conservation
the
storage-in-the-ground
conditional payment
or
would suffice for mosf, years
of farm products.
But he foresaw that these devices might not suffice to meet
the situation
caused-by
a
succession of favorable years for
"Therefore," he declared, "I believe that this con¬
will want tp give consideration to inclusion of a
fourth type of program.
This last-ditch operation would
make positive control of production possible in an amergency
brought on by extreme surplus.
It would never be thrown
into operation until after the ever-normal granary was full
and running over, and after the conditional plan of encour¬
aging conservation and storage of fertility in the soil had
crops.
ference
failed
stabilize
to
A
bill
farm
new
sufficiently
production
danger of very low prices."
to
escape
purporting
to
achieve
objectives
the
Secretary Wallace was submitted to the House
Agriculture Committee on May 17.
This bill was spon¬
forth
of nearly all farm relief legislation brought
by the New Deal since 1933, including parts which
choosing President Roosevelt was to go down to
the
Supreme Court had found unconstitutional.
ure
would
the making of commodity loans through a
plus
Black
on
of
the
had
Alabama,
house and
upper
of
way as to
sections
supported
one
of
of the
one
New Deal's friends in the
whose lot it had been to sponsor one
judiciary bill.
As a legislator who
major
every
New
Deal
with
measure
the
Black could
AAA
The
be
would fit
confidently counted
within
the
to find that a new
the Constitution.
on
framework
of
from
February to July, was so prolonged that the Congress could
not get around to passing new legislation to take the place
wrangle
over
the
judiciary
of the unconstitutional AAA.
bill,
continuing
The Administration had obvi¬
reserve
newlv-created
sur^
loan corporation for the storage of surpluses,
for parity payments on farm production, for a
flexible tariff
production control
the major commodities and for direct
through establishment of
Before any action
the
exception of the National Industrial Recovery Act, Senator
The meas¬
provide for continuance of the present soil-build¬
ing payments as distinguished from diversion payments, for
give him the privilege, upon the retire¬
ment of Justice Willis Van Devanter, of naming one justice
to the Court.
The President's choice was Senator Hugo L.
a
It was
by the American Farm Bureau Confederation.
composite
a
defeat, the most crushing defeat of his term in the White
House.
Yet events were to play in the President's hands
in such
the
,
sought by
sored
own
program
to maintain the desirable bal¬
between production and consumption
ance
to Congress there were six of the
nine
of his
by the
given
was
address which he delivered on Feb. 8 before
conference in Washington of agricultural leaders from all
Supreme Court justices who were over 70 years of age.
In this effort to load the highest bench down with minions
When
the
Secretary in
a
salary workers and farmers.
By overwhelming votes, the Congress
You
the ever-normal granary plan of Secretary Wal¬
was
lace's, for which the Secretary has been campaigning since
his term of office began.
The best statement of the prin¬
testified
economic problems
solve the national
authority to
that the
at
Said he:
is essential to the general welfare—that
of the United
Congress
gave
Administration
confidence
and
sound agriculture
the
he
March 4, 1937.
Adjustment
Agricultural
stated the Ad¬
speech which
a
The general line taken by his recommendation, it can be
seen,
long-time farm
But the splendid promise
lessened
Sept. 25, 1937
farm
bills
dumped
were
quota system.
a
could be taken on this bill two more
on
the lap of Congress, differing
not
only from the so-called American Farm Bureau Confed¬
eration bill introduced in May but differing also from each
One
other.
introduced in the House
was
on
July 20 by Rep¬
resentative Marvin Jones, while the other was
the Senate by Senators James P. Pope of
McGill of
of th
Kansas,
July 15.
on
introduced in
Idaho and George
The Jones bill
drew some
by, first,
teeth from the American Farm Bureau bill
ously intended to get new farm legislation during the first
eliminating the requirement that producers enter into con¬
session of the Seventy-fifth Congress.
tracts with the AAA as to the amount of acreage that may
tieth annual
convention
Addressing the seven¬
of the National
Grange in Colum¬
Secretary
of Agriculture, had said that plans were being drawn up
for a new Agricultural Adjustment Act.
The invalidated
Act was not perfect, he said, but it was necessary, as with
automobiles, to bring out new models from time to time.
In his annual message to Congress, on Jan. 6, President
Roosevelt had spoken of the "threat of agricultural sur¬
pluses."
bus, Ohio, on
At
no
Nov. 14, 1936, Henry A. Wallace,
later
time
President
commit
in
the
himself
session
definitely
of
Congress
did
the
particular
type of farm legislation he had in mind.
However, the gen¬
eral outline of the Administration's program was divulged.
The President
on
July 12 sent
an
as
to
the
identical letter to Senator
Ellison D. Smith of South
Carolina, Chairman of the Senate
Committee on Agriculture, and to Representative Marvin
Jones of Texas, Chairman of the House Committee on
present farm
is, it ought to be improved to take care of the
Agriculture, saying, in part:
program
"Good
as
our
be
sown
major crops; second, eliminating the heavy pen¬
to
alty taxes for failure to comply with its provisions; third,
making discretionary the authority of the Secretary of Agri¬
culture to extend loans to farmers; fourth, providing for a
referendum of the growTers on
whether the tax should apply
with the results to be
trans¬
The Jones bill
would impose processing taxes—the feature of the AAA de¬
clared unconstitutional by the Supreme Court—including
one of two cents a pound on cotton, and it would establish
a quota system for the marketing of major crops by procla¬
mation of the Secretary of Agriculture whenever, as regards
cotton, the total supply at the beginning of the year ex¬
ceeded normal supplies by more than 15%.
The surplus
reserve
loan corporation would have a capital stock of
$100,000,000 subscribed to by the Secretary of the Treasury
during
mitted
to
marketing
any
Congress and approved by law.
and would
the
be authorized to issue
government,
With
year,
the
securities, guaranteed by
to five times its paid-in capital.
before the Senate and House differing
up
bills
consumers' interest in years of bad weather and of the pro¬
somewhat, with farm organizations unable to agree on the
ducers' interest in years of good weather.
question whether crop curtailment should
We welcome the
prospect of early return to well-filled bins, but we seek to
avert the danger of ruinously low farm prices if bumper
can and
country."
President Roosevelt asked that Congress give sympathetic
consideration to a farm program that would, first, continue
the present agricultural conservation rroerram as the foun¬
dation of the long-time plan; second, assure abundance for
crops
and
overhanging
surpluses
return.
They
should be managed in a way to benefit the entire
consumers
by storage of substantial
reserves
of food for use
in years of crop failure, and third, protect farm
farm income.
prices and
tory
be
on
a
manda¬
voluntary basis, and with Congress desirous of
going home as soon as possible anyhow, the Agricultural
Committees of the Senate and House decided on July 28 to
or
,
postpone action
session of
velt
saw
would be
to
an
already declining.
loan-subsidy plan
until
pending farm legislation until the next
At this turn in affairs President Roose¬
his opportunity.
cotton crop
was
on
Congress.
the
next
It was evident by then that the
unusually large one, and the price
Congress had intended that another
would suffice to tide the farmers
legislative session, but the
strike while the iron
was
hot.
President
over
chose
Volume
Financial
145
He said at
a
conference, on Aug. 3. that he was set
loans on crops unless and until
press
Federal
making
against
farm program for the control
Congress adopted a
of pro-
which the loans were made.
He
modified his stand on Aug. 10 by saying that he would agree
to
the
loan-subsidy plan if congressional leaders would
assure him that legislation designed to prevent a recurrence
of the huge crop surpluses would be passed early in January,
If Congress wanted to go home and face its constituents
without first making it possible for him to extend loans,
he said, that course was its own responsibility.
The method
employed was not unlike dragooning, but it was to be
effective.
Secretary Wallace entered the fray on Aug. 11
by saying that there was imminent danger of a farm price
collapse, owing to the large crops of cotton and grain in
prospect, unless an ever-normal granary program was passed
in time to become effective for next year's crops.
He could
duction
of
the crops on
only" the farm legislation now before
indorse "in principle
Congress, adding that he thought from a study of the pending measures a new bill could be worked out that would be
better than
of them.
any
Congress finally capitulated.
In the
session a joint resolution was passed
"expressing the views of the Congress as to a program for
the relief and benefit of agriculture."
Congress declared
Under this pressure
closing hours of the
that
consumers
should be protected against the consequences
drought, floods and pestilence causing abnormally high
of
prices by storage of reserve supplies of big crop years for
the use in time of crop failure.
Thereby Congress accepted
principle Secretary Wallace's ever-normal granary plan.
addition, Congress felt that farmers should be safe-
in
In
guarded against undue price declines by a system of loans
national
soil-6onservation program.
Congress then1 gave & vague sort of
lip service to Secretary Wallace's proposal for governmental
their
supplementing
Significantly enough,
to effect restriction of
power
farm output by saying:
"Con-
the* ever-normal granary
supply is necessary to safeguard the Nation's investment in
loans and to protect farmers against a price collapse due
to bumper yields resulting in production beyond all domestic
and foreign need.
"It is the sense of the Congress," control of agricultural surpluses above
eluded
the
resolution, "that a
joint
permanent farm
pro-
based unon these principles should be enacted as soon
gram
Congress reconvenes."
Both the Senate
communicate directly with the
country to learn their views about the form
possible after
as
and the House took steps to
farmers of the
farm
permanent
legislation
should take,
and
funds were
provided for the Agricultural Committees of the upper and
lower houses for the holding of hearings and preparation of
bills for the next session of Congress.
Also in its closing
of $65,000,000 for the
payment of subsidies to cotton farmers, amounting to the
hours
Congress
between the
difference
12c.
authorized the
use
price received for their cotton and
The funds would be made available from the
annual customs receipts given to the Secretary of Agriculture for such purposes.
In all, $130,000,000 was made available to the Secretary of Agriculture by Congress "for a
pound.
a
price-adjustment payment program with
cotton
respect
to
the 1937 crop similar to
the program of 1935."
Administration came through on Aug.
The
part of the
cotton
30 with
its
loap trade with Congress, but the an-
Chronicle
to embarrass operation of the 9c. loan and
adopted by the last Congress."
1967
subsidy plan
Southern Congressmen immediately raised a howl after
the loan and subsidy payment plan was made public. Their
grievances were that the Department of Agriculture had
set the loan at only 9c., instead of 10c., and that the subsidy
was to be paid on only 65% of the cotton farmers' base
production. They maintained that the limitation of the 9c.
loans to middling %-inch staple put half of the crop in a
lower loan category. Claiming that they had been betrayed,
they argued that no such limitation was contemplated in
the bill setting up the loan-subsidy machinery. Even such
a Democratic stalwart as Senator John H. Bankhead of
Alabama charged that the loan-subsidy program was drawn
up by "theorists in the Agriculture Department who know
nothing" about conditions in the cotton belt,
Secretary of Agriculture Wallace announced on Dec. 8,
1936, the details of the 1937 Agricultural Conservation program. He declared that, "despite drought and other handicaps, the majority of the farmers who took part in the 1936
conservation program approved its principles."
"For the
1937 program," said Mr. Wallace, "additional emphasis has
been placed on soil building and more money will be available for soil building practices." The payments, as in 1936,
would be divided into two classes—Class 1 payments, or
diversion payments, and Class 2 payments, or soil-building
payments. As for cotton, the rate for diversion from the
soil-depleting base was fixed at 5c. a pound and the maximum limit of diversion from the base for which payment
would be made was 35%.
The rates for payments and
allowances were based on an estimate of 85% participation.
One other act of the first session of the Seventy-fifth
Congress was the passing of the so-called Smith bill, authorizing the Secretary of Agriculture to provide for the classifi-
cation of cotton, to furnish information on market supply,
demand, location, condition and market prices of cotton,
and for other purpses. The measure was signed by President Rosevelt on April 13. The purpose of the bill is to
encourage producers to develop better types of grade and
staple which bring higher prices in world markets.
Senator Ellison D. Smith of South Carolina, sponsor of the bill,
which received the indorsement of Secretary Wallace, said
that studies revealed prices paid growers in local markets
do not, as a rule, reflect premiums and discounts prevailing
on large central markets.
To encourage growers to develop
better grades of cotton, the Secretary of Agriculture would
classify the growers' cotton and publish timely information
market supply, demand, location, &c., which would be
posted at the gins and other conspicuous places in cotton
growing communities.
The quantity of cotton in the government's hands was
still further reduced in the cotton year under review.
In
December, 1935, the grand total holdings of governmentfinanced cotton, including futures, was 5,990,195 bales, most
of which was acquired under the 12c. loan plan of 1934.
The loan cotton stocks were reduced to 3,216,506 bales on
July 31, 1936, according to the estimate of Henry Plauche,
Secretary of the New Orleans Cotton Exchange.
In his
review of the 1936-37 crop year, Mr. Plauche estimated that
the government had disposed of about 1,550,000 more bales
The Agricultural AdjustAdministration stated that, in order to keep total ex-
of its loan cotton, reducing the amount still under Federal
control to 1,665,000 bales.
penditures under the price-adjustment program within the
The CCC was able to dispose of 1,332,186 bales of its
cotton held against 11c. and 12c. loans through its marketing
program inaugurated on Feb. 1.
The original intention, as
disclosed in a statement issued by the CCC on Jan. 2, had
been to release a "reasonable amount" of cotton from its
loan stocks from Feb. 1 to April 1. The releases went along
so well, and the price of the staple was so firm, that the
marketing period was first extended through April and
then extended indefinitely.
Releases in February and
March amounted to 1,150,000 bales at a minimum base price
of 12%c. and an average price of 13%c., compared with a
minimum base price of ll%c. for the 1,000,000 bales released
between April 18 and June 1, 1936, and compared with a
minimum base price of 121/.C. for the next 400,000 bales
released between June 27 and July 20, 1936. In June, 1937,
the market price of cotton fell below the COC's minimum
base price of 12%c. and the releases suddenly came to a
standstill.
The weather played into the Administration's hands in
its efforts to wrest from Congress legislation giving far
nouncement contained a
ment
surprise.
$130,000,000 authorized by Congress, the payments would
be made only on 65% of each farmer's base cotton $roducThe assumption had been that the subsidy
tion this year.
would be made on the entire 1937 crop.; AAA
officials explained that by stipulating the 65% limitation,
there could be no basis for charges of discrimination against
payment
producers who participated in the adjustment program this
specified benefit payments for acreage diver35% of their base acreage. If the payments with
respect to 65% of the 1937 base cotton acreage do not
approximate the $130,000,000 appropriated, the AAA said,
payments will be made with reference to a larger proportion of the base production.
The base production for cotton
lor 1937, as fixed in the old Bankhead Act, is 16,300,000
which
.year,
sions up to
If 65%
bales.
is
considered
about
$159,000,000,
The
of
of this base production, or 10,600,000 bales,
for
eligible
or
subsidies will
the
subsidy,
the cost would be
$29,000,000 more than is available.
not
be paid
to farmers
until the fall
1938, when it can be discovered whether they have com-
plied with the production-control plan which Congress obli-
at the next session.
Those farmers
choose to borrow against their cotton rather than to
itself
gated
who
sell
it
and
to pass
the
accept
subsidy can
obtain accommodation
directly or indirectly from the Commodity Credit Corporation out of $150,000,000 which the latter agency Contracted
to
borrow from the Reconstruction Finance Corporation.
The
basic loan,
rate of 9c.
better,
and
a
it was announced, would be made at the
on cotton classing %-inch middling, or
pound on cotton classing 13/16-inch in
pound
8c.
a
staple and middling or better in grade. The loans will bear
interest at the rate of 4% and mature on July 31, 1938.
Jesse H. Jones,
that
the
CCC
Chairman of the RFC, announced on Sept. 9
was
withdrawing from the market about
of low middling %-inch staple cotton out
of the stocks taken over in the earlier loans "in order not
1,600,000-bales
more
sweeping power than the Soil Conservation and Do-
mestic Allotment Act of 1936 contained for rigid control
of crop production.
The decline in cotton prices became
rapid after the publication on July 8 of the Department of
Agriculture's report on cotton acreage as of July -1. This
report placed the acreage of cotton in cultivation in the
United States on July 1 at 34,192,000 acres, compared with
30,960,000 acres on July 1, 1936, an increase of 10.4%, and
compared with 28,197,000 acres in 1935 and 27,860,000 acres
in 1934. Increased cotton acreage was shown in all cotton
growing States, ranging from 3% for Oklahoma to 67% for
California. In the South Atlantic and South Central States
the increases ranged from 10% in Louisiana
to 16 ^ in South Carolina and 28% in Florida.
was
and Alabama
The increase
15% in Georgia, 12% in Mississippi and Arkansas, and
11% in North Carolina.
Financial
1968
When
lint
the
came
first
estimate
the
on
probable
production
promised to be the highest
States.
The indication
was
per
recorded in the United
yield of 223.3 pounds an
for 64 squares 28-inch printing cloths at Fall River and covers
each of the last 42 seasons—1895-96 to 1936-37, inclusive:
yield
ever
for
the following compilation to show the
of priced of printing cloths for a series of years.
Like
the table above, it sets out the highest and lowest quotations
increased acreage under cultivation, the indicated
acre
Sept. 25, 1937
We likewise .subjoin
of
Aug. 9, it was shown that, in addition to the
on
Chronicle
a
acre, 25.7 pounds higher than the yield in 1936 and 39.1
pounds higher than in 1935.
The average yield for 1923-32
range
Low.
High.
Cts.
Cts.
8.75
6.88 1908-09-.
4.75 1907-08--
1936-37—
1922-23-
was
1930-36...
1921-22-
of
1934-35.-.
1920-21-
7.12
.14.00
1933-34—
1919-20-
.17.50
1932-33...
1918-19-
1931-32...
1930-31-1929-30—
1928-29.-1927-28—
1920-27—
1917-181916-171915-16-.
1914r-15-.
1913-14-.
1912-13-.
1911-121910-111909-10-
.13.00
.14.00
8.00
4.25
3.50
4.00
4.06
4.00
3.88
4.25
169.9 pounds.
The Crop Reporting Board of the Bureau
Agriculture calculated that the cotton crop would total
15,593,000 bales, 25.8% larger than the 1936 crop of 12,399,000 bales, and 6.3% above the 1928-32 average of 14,667,000 bales.
The 1935 crop amounted to 10,638,000 bales
and
1219803165408752340
that
The
in
1934 to 9,636,000 bales.
official
16,098,000 bales,
figure.
of
forecast
Sept. 8 estimated the crop at
increase of 505,000 bales over the August
an
The
predicted yield was 228.5 pounds an acre, a
record.
The increase over the August forecast
new
high
was
due
in
part
acre
and
in
part to less than average abandonment.
to improvement in prospective yields
an
"Au-
suming consumption will be at 13,500,000 bales or there:
abouts," said Secretary Wallace on the same day, "you'll
have an addition to carryover of 2,600,000 bales by next
Aug. 1, so that the carryover will total 8.600,000 bales as
compared
with
a
5,000,000 bales and the 1932
19267-308
of
normal carryover
carryover
slightly more than
of 13,000,000 bales."<
DAILY PRICES OF MIDDLING UPLAND SPOT COTTON IN NEW YORK
FOR SEASON OF 1936-37
1924-25—
1923-24—
Sept
Oct
Nov
Dec
Jan
1936
1936
1936
1937
1937
Mar
Apr
May
June
July
1937
1937
m
4.62 1900-07—
High.
Cts.
3.62
11.00 1905-00—
6.75 1904-05—
4.25 1902-03—
3.25 1901-02—
2.88 1900-01—
.
.
.
3.62 1899-00—
3.76 1898-99—
3.12 1897-98—
3.62 1896-97—
3.62 1895-96—
.
.
.
.
3.00
3.00
3.38
3.37
2.62
3.00
6.25
mm
5.25
mm
7.25 1903-04—
Low.
Cts.
m
m
m
mm
•»
m
mm
3.81
3.50
4.12
3.37
3.25
3.25
3.50
2.75
2.62
2.62
3.06
3.00
2.37
2.37
2.75
1.94
1.94
2.44
2.44
following table shows the price of middling upland
The
spot cotton in Liverpool for each day of the past season:
LIVERPOOL
DAILY CLOSING PRICES OF MIDDLING UPLAND IN
Afar
Aug I Sept
Oct
Nov
Dec
Jan
Feb
1936
1936
1936
1937
1937
1937
1936
May
1937
7.05
6.73
7.02
6.84
3
Hoi
6.87
1937
d
6.77
6.65
July
1937
d
d.
Hoi
7.41
7.44
Hoi
7.33
7.52
7.97
6.81 "Sun
Sun
7.36
8.03
d.
d.
7.28
8.05
6.82
Sun
Hoi
Sun
June
1937
Apr
1937
d.
d.
d
d.
d
d.
d.
2
Feb
1936
Aug
1936
.
m
Upland Spot Prices of Cotton in
Liverpool
Record of Middling
1
7.31
6.81
7.38
6.87
c.
c.
c.
c.
Sun
12.58
Hoi
Hoi
12.83 11.95 12.45
4
C.
c.
Sun
12.05 12.53 12.08 12.63
c.
12.89 11.87 12.64
Hoi
12.64
1937
Sun
1937
c
1937
7.36
6.79
c
e.
c.
c.
13.29 13.50 15.17 13.4T 13.22 12.62
13.25 13.60 14.98 Sun
13.25 12.51
13.30 13.87 15.06 13.50 13.19 12.49
12.25 12.64 12.91 13.25 13.84
Sun
Sun 13.55 13.20 Sun
12.48 12.34 12.56 12.91 13.20 14.01 15.08 13.65 13.34 Hoi
12.37 12.27 Sun 12.96 13.21 14.18 14.96 13.62 Sun 12.42
Sun 14.67 13.58 12.79 12.62
12.67 Hoi 12.36 12.35 12.60 13.07 Sun
12.63 12.54 12.39 Sun 12.71 13.01 13.16 14.05 f4.80 13.58 12.69 12.85
Sun 12.50 12.29 12.24 12.84 13.06 13.16 14.27 14.59 Sun
12.49 13.05
12.32 12.50 12.21 12.14 12.98 Sun 13.11 14.44 14.53 13.40 12.59 12.90
12.63 12.04
5
12.59 11.91
Sun
12.65
6......
7
8
9
12.42 12.55
12.60 12.55
Sun
12.59
Sun
12.87 13.03 13.17 14.45
Hoi
Hoi
Sun
13.26 12.61
Sun
12.10 12.98 13.09
12.37 12.15
Hoi 14.47 14.49 13.31 12.48 12.87
13.06 13.11 14.54 14.40 13.12 Sun 12.94
Sun
12.41 12.45 12.45 12.18 13.03 13.01
Sun
Sun 14.36 13.18 12.36 12.97
Sun
12.92 13.04 13.15 14.85 14.13 13.26 12.39 12.60
12.37 12.45 12.29 12.92 13.07 13.06 15.00 13.84 Sun 12.43 12.52
12.43 12.38 12.42 12.30 12.75 Sun 12.98 14.88 13.99 13.16 12.51 12.52
12.31 12.38 Sun 12.20 12.80 13.08 12.97 14.73 Sun 13.27 12.56 Sun
12.13 12.25 12.35 12.23 12.81 13.04 12.96 14.50 13.85 13.27 12.44 12.51
12.14 Sun 12.32 12.18 Sun 12.98 12.95 14.55 13.97 13.36 Sun 12.36
12.36 12.40 12.41
Sun
...
19J4
12.03 12.16 12.25 12.22 12.78 12.95
Sun
Sun 14.06 13.25 12.55 12.17
14.66 13.86 13.34 12.55 12.14
11.96 12.23 12.22 Sun 12.71 12.97 Hoi
Sun 12.24 12.18 12.10 12.83 12.97 13.08
11.85 12.24 12.13 12.13 12.99 Sun 13.18
11.91 12.27 Sun 12.25 Hoi 12.98 13.20
11.88 12.34 12.01
27—
Hoi
Hoi
14.54 13.79
Sun
12.71 11.80
14.63 13.85 13.30 12.61 11.72
14.55
13.07 13.27
Sun
13.16 12.74
Sun
Hoi
13.58 13.16 12.76 11.40
11.88 Sun 12.16 12.27 Sun 13.22 13.34 14.73 13.72 13.27 Sun 11.57
Sun
11.78 12.£7 12.12 12.36 13.11 13.30 Sun
13.65 13.30 12.70 11.44
11.70 12.55 12.11 Sun 12.95 13.28
14.76 13.26 IIol 12.66 11.21
Sun 12.63 12.06 12.43 13.04 13.33
15.25 13.51 Sun 12.54 11.23
11.76
12.08
13.00
Sun
15.10
Hoi
11.18
To indicate how the
prices for 1936-37 compare with those
for earlier years, we have compiled from our records the fol¬
lowing, which shows the highest, lowest and average prices of
middling uplands in the New York market for each season:
High.
Low.
Average.
High.
Low.
Average
e.
e.
1936-37
15.25
11*18
12.93
1918-19
38.20
25.00
31.04
1935-36
13.65
10.65
11.75
1917-18
36.00
21.20
29.65
13.95
10.65
12.44
1916-17
27.65
13.35
19.13
8.65
11.09
1915-16
13.45
9.20
1914-15
10.60
7.25
8.97
11.90
10.75
13.30
12.30
6.97
7.27
7.58
7.02
6.70
Sun
6.90
6.81
7.07
7.35
7.71
Sun
7.39
7.31
6.99
6.79
6.90
6.94
6.80
7.05
7.30
7.70
8.00
7.41
7.40
6
6.99
6.92
Sun
6.99
7.88
8.00
7
7.02
6.70
6.86
6.95
6.77
7.08
7.87
7.45
7.39
6.86
8
7.01
6.63
6.88
Sun
6.79
7.11
7.30
7.84
7.84
7.42
7.14
6.86
7.02
6.86
6.96
6.84
7.09
7.25
7.77
7.87
7.07
6.98
Sun
Sun
9
6.95
6.81
6.87
7.27
Sun
6.88
Sun
Sun
8.01
7.23
7.49
Sun
7.06
Sun
6.79
6.93
7.11
7.30
7.97
7.07
6.84
6.73
6.92
7.15
7.30
7.94
7.84
Hoi
8.01
6.89
7.06
6.76
Sun
6.99
6.73
7.03
6.81
18.
6.85
6.98
Sun
6.80
6.75
6.95
7.00
6.77
6.92
7.00
6.79
6.91
Sun
6.83
6.96
6.68
6.77
6.95
6.66
6.73
Sun
6.73
7.72
Hoi
6.89
8.14
7.47
Sun
6.98
7.48
Hoi
6.90
7.23
8.04
7.22
7.88
6.89
6.91
6.73
Hoi
Sun
6.96
6.71
6.91
6.68
6.76
6.94
7.16
7.32
7.85
7.49
Sun
6.88
6.70
7.01
7.35
7.80
7.52
7.12
7.39
7.95
7.17
7.41
Hoi
7.40
6.72
6.71
6.93
6.81
over
of
cotton
the
into
American
7.43
7.26
7.00
7.31
7.33
Sun
6.26
7.38
7.36
6.97
6.36
Hoi
7.23
8.05
7.22
7.38
Sun
8.09
three
of the
6.41
Sun
6.37
6.28
6.91
6.12
6.94
7.35
the
years,
new
season
new
July 31,
cotton,
6.95
Sun
Hoi
COTTON REDUCED
Including
reduced.
stantially
7.29
7.39
last
cotton have been in excess
6.97
Sun
Sun
7.10
6.60
7.37
Hoi
Sun
7.34
7.04
6.77
the
case
7.23
7.38
7.11
Sun
6.83
Sun
Sun
7.10
6.84
the
6.80
6.83
IIol
6.90
was
Sun
Hoi
7.58
CARRY-OVER OF
As
7.29
7.50
7.95
6.78
6.96
7.53
6.80
7.30
6.95
Sun
7.79
Sun
6.87
6.94
7.16
Sun
6.60
7.26
7.59
6.85
Sun
6.92
7.22
6.61
29—.
7.15
6.93
6.71
31.
Sun
6.96
6.73
Sun
6.70
30
7.25
7.16
Hoi
6.72
23—
6.90
6.98
8.10
7.22
7.22
Sun
Sun
6.76
Sun
7.02
8.12
6.88
6.65
7.00
6.86
7.18
6.93
6.74
Sun
7.12
7.22
6.96
6.96
6.70
7.23
7.63
7.22
6.99
6.96
6.86
7.01
7.77
7.19
7.20
7.00
6.99
Sun
17.2
6.75
Sun
7.20
6.99
7.06
Sun
7.04
Sun
7.28
7.21
Sun
6.71
6.99
Sun
6.92
6.79
7.06
7.30
6.98
6.99
6.98
6.70
Sun
7.44
7.80
6.76
6.84
6.92
Sun
Sun
outlets
for
growth and the carry¬
again
has
linters,
the
been
sub¬
carry-over
of
1937, stands at 6,494,345 bales
against 7,077,219 bales July 31,1936 ; 9,176,450 bales July 31,
11.98
7.37
6.81
4
5
3
16__®
1218765409653420
1925-26—
.
1934-35
1933-34
13.35
1932-33
.11.75
5.70
e.
1931-32
8.15
5.00
6.34
1913-14
14.50
1930-31
13.15
8.25
10.38
1912-13
18.40
1911-12
13.40
9.20
21.65
17.65
19.73
1910-11
19.75
12.30
15.50
23.90
17.00
20.42
1909-10
16.45
12.40
July 31, 1933; 13,228,809 bales July 31
bales
10.83
1928-29
1935; 10,681,520 bales on July 31, 1934; 11,813,820 bales on
on
1932, and 9,263,876
Full details for the past four
July 31, 1981.
years
15.87
12.45
19.55
16.60
;
1926-27.
19.20
12.15
15.16
1908-09
1925-26
24.75
17.85
20.38
1907-08
13.55
9.90
31.50
22.15
24.74
1906-07
13.50
9.60
11.48
11.20
CARRY-OVER OF AMERICAN COTTON AT END OF SEASON
11.30
1924-25
in the table which we now append:
appear
1923-24
13.15
9.00
37.65
23.50
31;11
1905-06
12.60
9.86
1922-23
31.30
20.35
26.30
1904-05
11.65
6.85
9 13
1921-22
23.75
12.80
18.92
1903-04..
17.25
13.50
9.50
12.58
8.30
10.26
94
7uu
9*i'
1920-21. ....40.00
10.85
17.95
1902-03
1919-20
28.85
38.25
1901-02.
43.75
In the
following table
also show the price of printing
cloths, 28-inch 64x60, at Fall River each day of the season:
we
DAILY PRICES OF PRINTING CLOTHS (28-INCH
FOR SEASON OF 1936-37
Sept
Oct
Nov
Dec
Jan
1936
1936
1936
1936
1936
1937
e.
c.
c.
c.
c.
1..
m
4H
Sun
4H
4%
A%
Sun
2..
5%
5%
5%
5%
5%
8._
44
44
44
44
44
44
9...
Sun
10...
15...
44
44
44
44
44
44
16...
Sun
17...
44
18...
4..
5..
6_.
7_.
11...
12...
13...
14...
21...
44
44
44
44
22...
44
23...
Sun
24...
29...
44
44
44
44
4Vs
4%
30...
4%
4%
Sun
Hoi
44
44
44
44
44
Sun
Y
44
44
44
Sun
19...
20...
25...
26...
27...
28...
In u. S.
Sun
44
44
AH
4H
4H
4H
Sun
4%
4%
A%
4H
4%
4%
4 *4
...
Hoi
42,000
244,000
At Continental ports
4H
4%
6H
54
Sun
Sun
5*4
Sun
Hoi
Hoi
5H
5*4
5%
5%
5%
5%
4Va
4%
A%
4%
4%
5H
Sun
5H
Sun
5*4
5*4
5*4
5*4
5*4
5*4
Sun
4%
4%
4H
4%
4%
4*4
Sun
54
5H
5H
5H
5H
5H
5}
5*y
Sun
5%
Sun
5*4
5*4
5*<
5H
5*/.
54
Hoi
Hoi
5*4
Sun
*74
5H
Sun
4H
4%
5H
4H
4%
Sun
4H
4*4
5H
5*4
5*4
5H
5*4
31...
4H
776,000
325,000
May
June
1937
1937
c.
e.
5%
514
54
5%
5%
5%
236,479
56,424
80,843
182,137
35,038
46,000
6
6
6
6
5%
514
54
5%
6
,
6
6
Sun
6
6
6
6
Sun
661,000
126,000
1.144,000
400.000
680,000
950,000
8,877,671 10,332,403
191,682
32,325
74,772
237,309
34,649
77,159
64-4 6-64 54-4
64-4 Sun 5 4-4
54-4 64-4 6-64 54-4
5 4-4
Sun
6-6M 54-4
5 4-4 6 4-4 6-6 4
54
5 4-4 6-64
6-6 4
Sun
Sim
6-64 6-6 4
54
5%-*4 6-64
54
54
5%-*4 6H-4 Sun 5*4-4
5 4-H 64-4
5*4
54
Sun
514
54
5*4
6 4-4.
514
54
54
6 4-4
Sun
514
54
Sun
64-4 54
5*4
6 4-4
514
5*4
54
Suh
5%
5*4
64-4
54
5*4
64-4 54
Sun
5%
54
5*4
6
64-4 54
5*4
6
6 4-4
Sun
54
Sun
6 4-4
54
5*4
6
6 4-4
5*4
5*4
6
Sun
6-6 4
5*4
6
6-6 4
5*4
5*4
6
54
Sun
5*4
6
5 *A
6-6
5*4
6
Sun
5*4
6-64
Sun
6-64
5*4
6
6-6 4
54
5*4
6
Sun
5*4
6-64
Total linters
373,746
298,779
263,175
6,494,345
7,077,219
349,117
5 %-*4
Sun
6
619,000
1,174,394
5,525,009
317,000
45,000
c.
5 4-*4
6
Sun
22,000
267,000
136,000
905,000
250,000
6,814,044
In U. S. public storage, Ac
Elsewhere In United States (a)
c.
160,000
43,000
400,000
In U. S. consuming establishments...
1937
5,708,608
293,000
87,000
6,120,599
April
749,063
856.209
3,892,835
248,000
200,000
576,000
Japan and China ports and afloat *...
Elsewhere in United States (a)
1937
6
6
6
5 %-*4
6
5 4-*4
6
5 4-*4
Sun
5^-6
5J4-6 5%-*4
514-6 5 %-*4
Sun 5 Vs-*4
5H-6 5 H-*4
514-6 5 4-*4
514-6 5 %-*4
Sun
5H-6
514-6
514-6
Sun
91,000
Afloat for Europe...
Mills other than in United States (6)..
Mar
Sun
1934
Bales
246,000
Feb
5H-6
514~6
1935
Bales
1,222,476
2,774,123
consuming establishments...
In u. S. public storage, Ac
At Liverpool
At Manchester
1937
c.
Hoi
Hoi
1936
Bales
July 31—
Total lint cotton
Aug
3..
64x60) AT FALL RIVER
Lint on
1937
Bales
10.42
6
Hoi
Grand total
9,176,450 10,681,520
*
Estimated,
a As
estimated by United States Census,
b Taken from the
compilations of the International Federation of Master Cotton Spinners and Manu¬
facturers' Associations.
s>
The
foregoing
cotton.
But
figures
there
cotton—East
are
solely
deal
also
with
American-grown
foreign
considerable stocks of
Egyptian, Peruvian, &c.
To make
these stocks of foreign cotton
Indian,
the survey entirely complete,
must
obviously
constitute
cotton.
also
be
taken
into
account.
Such
stocks
supply additional to the carryover of American
a
From
the
statistics
Federation of Master Cotton
compiled by the International
Spinners and Manufacturers"
Associations it appears that the mill stocks of foreign cotton
during the
late
season
were
increased 632,000 bales.
We
bring the figures together in the following table, and they
show
that
band
in
there
3,022,000 bales of foreign cotton on
world on July 31, 1937,
against 2,990,000 bales July 31, 1936; 2,907,000 bales July 31,
1935 ; 3,012,000 bales July 31, 1934, and 2,472,000 bales on
July 31, 1933.
the
were
mills
throughout the
Volume
Financial
145
STOCKS OF FOREIGN COTTON AT MILLS.
interest
1937
Eost Indian Cotton—
1935
Bales
*351,000
1934
1933
Bales
1936
Bales
European mills
Bales.
Bales.
363,000
1,282,000
9,000
1,000
250,000
*279,000
1,266,000
8,000
6,000
1,183,000
8,000
*151,000
Canada, United States, &c.
*150,000
*176,000
*55,000
23,000
38,000
56,000
205,000
37,000
19,000
8,000
22,000
27,000
30,000
18,000
5,000
4,000
4,000
*474,000
472,000
144,000
126,000
*599,000
339.000
103,000
544,900
363,000
105,000
303,000
283,000
90,000
72,000
*1,452,000
18,000
Elsewhere
*324,000
2.000
1,249,000
6,000
3,000
Egyptian Cotton—
European mills
Asiatic mills
Canada. United States, &o.
Elsewhere
35,000
182,000
Sundry Cotton—
European mills
*667,000
Asiatic mills
*542,000
181,000
Canada, United States, Ac.
Elsewhere
143,000
Grand total
there
3,012,000
2,472,000
Germany or Russia.
Figures for Russia are estimated from
Figures for China for July 1937 are estimated.
however, to the mill stocks of foreign cotton
also
are
considerable stocks
Even
of
late
as
prices
January and February of this year, when
as
their
at
were
months
buyers, operating for
important
top,
ahead, stated that they felt they would be "stuck"
by the time of delivery, that prices would be much lower,
but
in
there
view
was
All
of the
they
as
ahead condition, they felt
tightly sold
alternative but for them to make their
no
mitments
87,000
57,000
No returns from
In addition,
was an altogether new philosophy.
Price, always a
fundamental, came secondary in much of the reasoning that
was heard, even
among the keenest and shrewdest buyers.
were
aware
for
mill
that
many
com¬
doing.
were
level
high
**3622,000 *2,990,000 *2,907,000
*
assuring themselves of getting the required
This
4,000
Asiatic mills
*
1969
in
was
deliveries.
Mill Stocks July 31-
trade sources.
Chronicle
profits were reaching a new
Particular
attention was
years.
attracted to the situation in print-cloths where the demand
for
spot and nearby goods seemed to be almost phenomenal,
resulting in substantial premiums over the distant months.
during the war-times, when there was a range of
Even
foreign cotton at the
Africa.
Here there
premiums depending upon deliveries, there never had been
such an acute situation.
the past season.
Figures regarding
foreign cotton at the different ports in
Europe, Asia and Africa are furnished every week by us
in our weekly statement of tlm visible supply of cotton
throughout the world, and from the statement for the end
Spurred on by the demand for quick and nearby goods,
plus the extraordinary profits involved in such deliveries,
different
ports
has
an
been
these
of July,
Asia and
of
reproduce the following comparative table con¬
we
these
observed
Europe,
increase
stocks
cerning
in
stocks
that
for
the
five
past
It
years.
be
will
the
port stocks of foreign cotton altogether
bales Julv 31, 1937, against 1,779,000 bales
1,796,000
July 31, 1936; 1,508,000 bales July 31, 1935; 2,185,000 bales
July 31, 1934, and 1,790,000 bales July 31, 1933.
were
STOCKS OF FOREIGN
mills
strained
production.
More
schedules, going
from a 40-hour shift to 45 hours, and some up to 50 hours
There were instances where mills were paying their workers
more for this additional time, and others where, according
to
the reports, the inclination
was
to "get by" where
possible, without paying much more for the longer week.
Other instances referred to the starting of a third shift.
than
a
This
third
very
1937
1936
1935
1934
1933
Bales
Bales
Bales
Bales.
Bales.
433,000
394,000
347,000
July 31—
East India, Brazil, etc.—
Liverpool stock
the
331,000
556,000
London stock
58~,666
40.000
42.000
177,000
163,000
136,000
76,000
78,000
53,000
69,000
91.000
101.000
Egypt, Brazil, &c., afloat.
172,000
Stock in Alexandria, Egypt
Stock in Bombay, India.
199,000
111,000
787,000
167,000
101,000
621,000
177,000
220.000
826,000
963,000
310,000
815,000
1,796,000
1,779,000
1,508.000
2,185.000
1,790,000
93,000
..
Total East India, Ac
It
thus
that
appears
addition
in
to
the
100.000
of
carry-over
6,494,345 bales of American cotton on July 31, 1937, there
were 3,622,000 bales of foreign cotton at *be mills through¬
the
out
world
and
1,796,000 bales of foreign cotton at the
ports, making the grand total of the carry-over of cotton of
all kinds 11,912,345 bales.
This compares with 11,846,219
bales July 31. 1936; 13,591,450 bales July 31,1935; 15,878,520
bales July 31, 1934, and 16,075,820 bales July 31, 1933.
In
tabular form the comparisons back to 1933
are
follows:
as
Summary—
Carry-over of American...
Carry-over of foreign—
Bales
1934
1933
Bales
Bales
Bales
Bales
Grand total of all
7,077,219
9,176,450 10,681,520 11,813,820
3,622,000
1,796,000
2,990,000
1,779,000
2,907,000
1,508,000
3,012,000
2,185,000
2,472,000
1,790,000
11,912,345 11,846,219 13.591,450 15.878.520 16,075,820
COTTON
TRADE
OF
THE
UNITED
STATES
The
experience of the cotton textile market since June,
1936, has been similar, in many respects, to that immediately
preceding and shortly after the National Recovery Adminis¬
tration, with the exception that the upward and the down¬
ward
have
movement
months
it
has
been
been
more
evident
pronounced.
For
that the production
some
of cotton
textiles during the 1936-1937 cotton year would set a new
high record—ahead of anything during the war years—and
topping the figures for any of the so-called booms.
On the upward movement cotton
fact,
for
given
a
any
number
of
successive
consideration,
was
hardly
months
a
factor.
cotton
In
not
was
prices kept moving
up rapidly.
influence, aided and
abetted, of course, by the fact that despite the tremendous
production there did not seem to be enough goods "to go
Demand
for
around."
looking
goods
Such
back,
was
as
the
statement
a
entire
seems
to be absurd.
important buyers are
permitted themselves to be
many
In
fact,
wondering
by
the general hysteria that prevailed particularly during the
latter part of 1936.
Never had there been a time when it
how
they
ever
seemed to be
now
so
overcome
impossible to get needed goods.
Buyers at
first were skeptical, tout after scouring the market and
finding practically all sources of supplies sold ahead for
so
months, the attitude became
one
of fear, which resulted in
bidding for merchandise.
Much
sellers
Hardly
as
of
as
a
this
drastic
reversal came
so
suddenly that
buyers did not know what to make of it.
few months before, mill stocks were considered
well
as
high as they had
ever
been, and the prospects for busi¬
improvement was considered to be very dismal indeed.
Buyers had been able to operate from hand to mouth for
ness
months—always able to pick up a few more goods
Now, all of a sudden, entering the summer
of 1936, there was this unheralded and amazing situation—
many
for less money.
where prices kept moving up readily, where demand spread,
where practically everything on the list was wanted, and
where buyers soon
developed the philosophy that their chief
subject of much talk,
agreed, if the third shift became estab¬
reach
would
point which
a
of its own
disaster in the not distant future.
cry, as
long as the demand for goods
present and the premiums for quick deliveries were so
the third
great,
shift
Exceptions to this
the
wide
persisted.
reported.
For example, a number
were
refused to go on a third
shift, even though they were urged to do so by some of
their large customers who were seeking deliveries.
Mills
sheeting producers
refusing to concede to these requests insisted that the indus¬
try could not stand the extra output through a shift, and
that it
was
their intention to minimize calamity
by avoiding
possibilities
third shift.
a
Regardless of how much is said
on
the subject, posterity
probably never will be able to understand the situation
during the latter part of 1936, when certain types of goods
practically
were
scared
about
far ahead
unobtainable,
and
getting goods they
when
buyers were so
they were willing to buy
the mills would take orders.
as,
brought about this unusual situation, when goods
could not^be had, and when price became secondary?
There had been a long period prior, when stocks had been
depleted beyond all reason.
Stores
cotton textile and related depart¬
ments with practically no inventory.
Likewise, as a result
permitted
At mills
were
Despite the hue and
of
the
was
What
1935
6,494,345
At ports, &c
THE
1936
industry
was
as
1937
operating
accord would result in
CARRY-OVER OF COTTON OF ALL KINDS
July 31—
shift
a
lished, production
57" 000
~8~5~666
109,000
Manchester stock
Continental stock
Indian afloat for Europe..
increase
to
time, was regarded as threatening to spread in a
serious manner.
Beyond any doubt the majority in
and, for
COTTON AT PORTS.
point
every
few mills had added to their weekly
to
become
working in
were
their
of the depression, women had
to go
addition, there
most
on
permitted their linen closets
without replenishing.
In
cotton
came a
textiles had
general realization that prices
reached a point that was ex¬
tremely low—in many instances, somewhat under thq cost
of
Such a realization is what started the first
buying, in sheets and pillow cases, which soon
production.
spell
of
spread and resulted in the tremendous movement just out¬
lined.
In
addition, there came the soldier bonus, which, regard¬
less of what one's theory may be, had a
generally stimulat¬
ing influence on many kinds of cotton textiles and apparel.
Retail volume during the
late summer and fall of 1936 was
phenomenal.
Despite their liberal covering, large distribu¬
tors, the big chains and the big mail order houses, as well
as the department stores, found that they had not bought
liberally enough. There was £f spectacle, for several months,
of
very
large
being
distributors
caught
short
of certain
such as sheets and pillow cases, and scouring the
market and paying substantial premiums in order to pick
goods,
up
whatever lots of nearby merchandise of this character
available.
were
textile
of the
of hope.
Mills which
were struggling with losses for a number of years suddenly
found a situation in which they could noj; help but prosper.
Some of the earnings for the 12-month period starting with
somewhere around the middle of the summer of 1936 set a
For
the
last half
cotton
industry the development
of 1936 brought a
record,
figures
new
which
new
high
mill
executives do not expect to
ray
even the most optimistic
be able to meet for some
time, if ever again.
While it is not possible to give a de¬
discussion of profits in each line, many were under
tailed
the impression
that the outstanding example of profit was
print cloth division, where, on certain of
to be found in the
popular styles, mills admitted the*7 were able to make
on spot and nearby goods,
which they might have available for delivery.
As noted, it
was
this great margin that was the incentive for doing
everything that was humanly possible to get out for pro¬
duction in these particular goods.
these
as
much as 10 and 11c. a pound
Financial
1970
More
money
spent
was
through
modernizing
on
new
Chronicle
Sept. 25, mi
in retrospect, more
be
machinery, repairing and general renovating in the cotton
to
textile
than
small part of this process proved
a
their customers.
industry during the past 12 months than
in many
years
previous.
it possible
for mills with obsolete equipment to par¬
So strong was the
It is true that the broadening of margins
made
merely the transferring of stocks from the mills to
statistical position of the mills, up to
the late spring of this year, that even
felt nothing could
the outstanding lead¬
disturb this status for many months
ticipate in the general business and to earn good profits.
Considerable machinery which had been idle was called
ers
back
market, with mills having sufficient orders on their books
into
down for
Quite a few mills which had been shut
number of years, with the idea of never reopen¬
play.
a
ing, were reorganized, and soon followed the rush in offer¬
ing their product
on
much
a
attended
the approach of the
NRA.
while obsolete equipment had a chance
to make some real money, keen mill executives, finding
themselves making much more profit than they had thought
On the other hand,
possible, and faced with the new undistributed profits tax,
decided
the
on
of modernization.
programs
In
parts of
many
South, as well as in New
England, considerable sums
were spent on the painting and repairing and the renovating
of mill villages.
For the first time in several years ad¬
ditions to mill villages were undertaken, numerous new
houses
Alert
realized
executives
mill
that
condition could not continue for
followed by a
the
highest
abnormal
this
profit
long, and that it would be
period of intense competition, during which
would
efficiency
be
in
necessary
order
to
time there
some
indications that the government
were
would take hold in the form of regulating hours and wages.
be vital to have the latest
Under such conditions it would
machinery in every department in the mill.
Furthermore,
was the scare that went through the industry at the
them running for months and
reasoning generally applied.
It is believed by many that the
with
helping
levels,
high
at
Considerable
followed
Industrial
for
Organization made its
That there
into the steel industry.
great deal of organizing work done in mill vill¬
a
by the C. I. 0. is beyond question.
However, looking
over the current year, the net results of this organiza¬
ages
back
tion work
in
to have been
cotton textile
industry
seemed
out
strike,
on
check
there
still
were
recollections of September,
1934—the flying squadrons—there had been built up a great
itself in many sections.
waited
tives
and this seemed to assert
to labor organizers,
antagonism
for
the
There
next
weeks when mill execu¬
were
but
move,
nothing
developed.
They did not know what would be their attitude, what steps
they should
take,
in
of conflict with
the event
C.
I.
O.
with
which
that
to
in
this
There came
All this, however, did have an influence on lowering hours
where they were
in excess,
increasing wages, and toward
on
the furthering of efficiency in the mills.
Likewise, the general C. I. 0. aggressiveness
may
be said
to have been responsible for further stimulating
production,
and for the last buying spurt that occurred early in March.
With the capitulation of U. S. Steel to the C. I. O.,<jthe
immediate
result
on
the
general
trade
was
one
of
great
feeling that this would be followed within a few
months by a great battle in the South.
Recognizing that the
concern, a
Southern
mill
executives
determined
were
this
resist
to
and their stock
be
and
their
best
distributors of goods felt that
strategy was to hurry their best shipments and
standing executives.
it
that
been
has
40%
to
South
v
a
time
was
the
pending
Cotton textile manufacturers
bill.
alarmed
disputes
in
the
variously estimated at not
the prospect
at
have
wage
and
always been
of government regulation
of
any
recent years.
It
in
the
among
been
account of this cooperative effort.
and
has
continued
the industry's leaders to see
to
keep hours from going beyond
be
doubted.
However,
when
were
it
will
end.
no
one
For
desire
the
a
fair level,
ceiling, cannot
regulation is in¬
knows where it will
that
reason
sellers
some
about to adopt new clauses similar to those which were
carried
the
where
be
on
the code
government
volved, the conviction is that
start and
to
wages
sales
on
notes
prior to the NRA,
giving the mill
right to increase the price in the event of costs being
raised through government regulation.
Incidentally, recall¬
prior to the NRA, and the fact that, by
then prevailing, mills had put through
labor charges on unfilled orders, quite a few buyers
ing experiences
reason
excess
of
clauses
felt they should take no chances again
for
a
time,
were
ordering out goods
in this respect and,
as
fast
All this combination of circumstances,
retail business had continued at
a
very
as
cotton
textile
plus the fact that
high
pace
during the
greater part of the last 12 months, combined to place ship¬
ments from the mills at the
Month
than
after
their
of the mills
month mills
shipping out much
production—a phenomenal
were never
so
low7.
record.
However,
as
is
more
Inventories
now
the
1937
crop
would
it clear that the possibility ranged somewhat over
bales.
'
■
That
15,000,000
"-r"
from
assurance
the
government
put
absolute
an
Trade during August was
almost at a standstill with the exception of filling-in for
actual requirements.
Every branch of the industry had
been feeling, for some time, the effects of the heavy over¬
buying during the latter part of 1936 and the early months
of 1937.
This over-bought condition did not apply equally
to all branches of the industry, as evidence was beginning
be
to
the textile business.
on
noticed
that
trades
some
This
than others.
better
seems
were
"working out" much
to have been
true particu¬
house dress manufacturers
Here is a
division of garment manufacturing that had had a very good
larly
the
among
season,
which had been able to use up much of what it had
to be regarded as in a fairly liquid
so
House dress manufacturers had not only a good
but*one that lasted later than usual on account of
prolonged spell of hot weather.
when all other divisions
were
manufacturers were constantly
of goods to take
in
Even during August,
extremely quiet, house dress
purchasing additional quan¬
of the late business that had
care
unexpectedly.
so
while that all
both wholesale
retail, were heavily enough over-bought to keep them
of the market for many months to come, possibly to
end of the year.
However, it became obvious during
had
There
been
of
sheets
that
summer
the
suspicion for a
and
some
pillow
cases,
of the distributors were much better
For example, it became
situated than others.
dis¬
and
out
the
the
obvious that
of the wholesalers had been able to dispose of much
their stocks and commitments.
Very likely, it was be¬
many
lieved, there were exceptions; some of the larger distributors
were
understood to have accumulated heavy stocks; this
believed to apply to some of
was
mail order houses as
the important chains and
Likewise, there were instances
well.
the department stores where domestics were under¬
among
stood to have been bought so
heavily that regardless of the
no need for replenishing for
retail business there would be
some
the
time.
However,
these were
stores began to indicate
not the rule.
Many of
by the late summer, as noted,
they were interested in additional merchandise, that their
stocks had become incomplete, that the wanted sizes had
been
well
pretty
cleaned out.
On the other hand, while
the inclination was
these distributors could use more goods,
to
buy
only
for
actual
needs
to
play as
closely
and
as
possible.
With the general conviction that prices could not go up,
there
as
developed
a
feeling
that
there
was
no
reason
for
hurrying wherever goods were not in actual need, and this
the idea that it was not only
but also that this must be
regarded, at least for the present, as the best policy.
Inci¬
resulted in the spreading of
highest point at record.
were
that
industry
over
run
cautiously
ready.
so
15,000,000 bales.
There was the usual
conflict of ideas, with quite a few making estimates in the
vicinity of 14,000,000 bales.
Then the Aug. 9 report made
suffered considerably on
has
not long before buying incentive,
was
covering ahead, seemed to be almost completely gone.
probably
of
there
considerable increase in acreage,
By the middle of July there were many well fixed opinions
late
That
a
over
In the
Reports
to a substantial yield considerably above the crops of
crop
The one time when the industry
sprang to the aid of Administration in a regulation measure
—the NRA— it was felt that they were ill treated and
phases of their business.
running
of production during that period.
retarding elements were developing.
followed, from week to week, the favorable
weather progress, all believed to be heading the coming
tributors
regarded as a strong market element.
was
Another stimulant for
hour
of possible labor
business
new
By the early part of
During May and June and July and
from the South indicated
come
the prospect
situated for a
so
and then there
warehouses, rather than at the mills, in the event of trouble.
time
were
August new business coming into the market was so limited
tities
a
and many
May this picture seemed quite definite to many of the out¬
have whatever goods they had on commitments in their own
For
realization that a great
a
slow in forthcoming.
very
the
prevalent, large users
similar
of the
depth
the
Then it became evident that
season,
becoming
definite
a
the present,
of
reasoning
was
communities
handle for
fair time ahead.
that might continue for
sort
there
during
experienced
hand, there was
on
shut-downs among the mills,
some
that
many
and distributors had all of the goods they could
tions that the late spring and the summer would see manv
this
great
a
many users
bought, sufficiently
With
keeping up
resistance.
point where the hysteria among buyers sub¬
Taking account of their commitments
a
condition.
months.
the result
in
was
unionization drive with all their power, there were predic¬
several
of
undercurrent
an
completely.
quietus
respect.
was
depression.
organizers, but thus far there developed nothing to disturb
them
reversal in market con¬
labor dis¬
the
heard about the fear of others being called
spending
on
far as
practically nil.
the South
In
Southern
the
about
labor difficulties in quite
had much to do
the country
over
true that even during these
there
was
time
entry
months? was the
turbances many sections reported retail business
meantime new
Committee
bring
to
While it is
ditions.
30%
the
anything take place to weaken this
of
there
first important
could
few industries scattered
a
could
survive.
For
keep
manner
sided
erected.
were
How
come.
to
This development came
the market.
on
extensive scale than that which
more
to
evident
safe to buy from hand-to-mouth,
dentally,
as
buyers held off with their purchases the market
Financial
Volume 145
kept
easing, and they
on
through this
average
able to improve their price
were
of belated operations.
program
It is well to interrupt at this stage to make some general
observations of the market during the past five months or
observations which reflect to the general credit of the
so,
industry.
to
get
One should not look to the
reflection
true
any
goods have always
material
of
gray
goods division
Gray
entire industry.
the
been mentioned
being closer to raw
as
promptly general conditions,
particularly- reflecting when mills might be in need of
business.
Fluctuations are more frequent in gray goods
than
in
when
reflecting
as
settling effect
in
far
were
hand,
that
seems
times
are
April
which
has
the
time, such
broken
reaction
been
of
be
that the market was
six
months during
low ebb, including at least
at
a
business
or
lowest
the
at
morale, would have caused
felt
secure
in
point
some
general panic, not
a
As it
customers.
was,
Cotton textile folks
procedure
known for their impatience,
are
mills
were
highly
and
orderly
most
was
was
their
receiving
requests to defer
numerous
in order that customers would not have to place
in
True
creditable.
time, particularly during June and July, when
a
delivery,
themselves
embarrassing position by taking more goods than they
handle.
Undoubtedly there were times when the ex¬
an
could
tent
of
was
deferments
reflected
these
months
or
have
must
by the drop in
from the mills, against
be
Thus, with
ously.
mills
have
been
heavy,
very
as
the percentage of shipments
From what
production.
siderable
was
learned,
who still believe that
from this market change
ber of
we
Generally,
going.
were
will not emerge
without some casualties to
the mills' customers.
a num¬
Now, with prices having been
fully liquidated, and with the trend apparently toward
further narrowing of margins, fear
of
some
year
the mills
hard
so
so
may
is being expressed that
find the sledding next
make them resort to every possible in¬
salvation.
Margins on many items
to
as
genuity for their
have been
themselves
own
completely wiped out within such
a
compara¬
tively short time it is almost inconceivable.
Many
dazed, hardly able to realize what has happened.
number
of
weeks
already
has been
it
evident
going to
good
part of the profits which they had made
previous
still
For
that
give back during the coming 12
were
are
a
mills
months
a
during the
year.
Nevertheless,
suggested, considering
five months or so, the
market has held together well and has resisted any inclina¬
the
as
previously
was
trying experiences of the past
tions
toward
One
panicky sentiment.
find
can
much
of interest
in
the percale
situation.
The 80 square percales moved up rapidly, reaching the price
of 15
to
15^c.
sold
was
by the early spring.
Tremendous yardage
and to the cutters on this basis.
to the jobbers
Then the market eased and
kept easing, as gray goods
were
sinking uninterruptedly for some time.
for
adjustment of prices on
for consideration of
sanctity of
some
Jobbers cried out
unfilled orders; they cried out
kind.
However, as is known, the
Street district is such
absolutely no considera¬
suggestion of adjusting prices on unfilled por¬
contract in the Worth
a
One must go back to the fall of 1936 to
be
to
unable
to
manufacturers
that
ery
had
Thus, sellers were able to parry with their
shipping out higher-priced
view developed;
jobbers began to realize that
any drastic revision in the primary market price, while they
were in the midst of
their shipments to the retail trade,
would
new
a
have
jobbers
are
resulted
in
Retailers
havoc.
quick to cancel
primary market breaks,
or
or to
who
deal
with
hold up shipment when the
when there are some undue
eral conditions taking place.
Thus, there
came to
be
gen¬
a more
approach to this merchandising problem, with the
common
jobbers joining the mills in the desire to delay the naming
of
Thus, where there had
percales during the
no action was taken by the leading corpo¬
rations until Sept. 10.
Such a delay in pricing had not been
witnessed in many years.
It was a new experience, one
that took quite a bit of study to fully anpreciate.
How¬
ever, now there seems to be the understanding that through
such delays in new pricing the mills are given a chance to
ship out their higher-priced orders, and the customers also
have an opportunity tb unload without being harmed too
new
prices as long as possible.
of making new prices
talk
been
on
middle of July,
.
were
market
the
using machin¬
were
resorting
were
to
every
possible
out the goods that were wanted.
during the past
blankets
the
their
and
part-wool
the
have been the napped goods—
year
Mills
flannels.
blankets
their
and
were
able
to
sell
flannels
cotton
through November of 1937, back in November of 1936.
business in
time;
these
items
for
forced
was
ordinarily, this buying
until January or February,
several
months.
until
Last
imbued
if
mills
end
the
following year,
The
the mills at that
would not have
taken
place
and might have dragged along
November,
with
the
would
of
upon
up
right
the
however,
idea
that
buyers sud¬
they
would
do
price lines then, rather than
year or the early part of the
For such a condition
mills could sell nearly a
year's production almost overnight, was something practi¬
cally without precedent.
Mill prices on flannels have held
quite well up to recently.
In blankets, goods have been
coming out frSm second hands, and there have been reports
that mills were beginning to get ready to let go of large
quantities of "seconds."
The undeclared war in the Far East is expected to change
the plans of a number of the part-wool blanket mills which
to
develop
are
users
that
in
as
was
of
these
when
China cotton.
mills
tion of Indian cotton
ticular
customary.
peace-time,
considerable
of
some
as
Last reports were
contemplating the substitu¬
being the "next best" for this par¬
were
With Chinese ports under blockade, it is
felt that imports of cotton from that country will be out
purpose.
of the question for some time.
Trends
the
in
bedspread division of the industry have
important changes.
Up to early in the
year the hand-tufted candlewick bedspreads had dominated
sales to an overwhelming extent.
By spring it was evident
that the chenille bedspreads, made on sewing machines,
were
fast usurping the leadership that had been held by
hand-tufted spreads for the previous few years.
In the
Dalton (Georgia) area, which has been the center for the
making of the candlewicks. the installation of machines for
the production of chenilles increased.
By the-fall of this
year practically every one of the houses which had formerly
catered only to the hand-tufted trade, also included sewing
given rise to
the
for
some
chenilles in
their equipment.
This has been
equivalent to a revolutionary change in this branch of
bedspread
tractors.
Instead
industry.
which
was
status
the
of
when
being
merely
only
con¬
hand-tufted
manufacturers.
denim
division
of the
market
affairs has existed for some time,
a
similar state
of
and still is in progress.
point of interest in connection with this type of
Another
bedspreads is the area of production broadened out con¬
siderably during the past 12 months, more being made in
parts of South Carolina,
well
as
in north
in Tennessee and in Alabama
as
Georgia.
observations of the past year:
executives, for several years, have
been pointing to the heavy decline in the number of spindles
iu place, the result of constant scrapping of obsolete ma¬
chinery.
However, insufficient attention was paid to the
Another of the important
Statisticians among mill
fact that the new
had much greater
installations were far more efficient and
productive capacity than those which they
replaced.
Thus, during 1936-1937, with considerably less
equipment, the mills recorded the heaviest output in history.
Of course, there was also the consideration of running more
hours
nnd
Averaging 80 hours per week
considerably above the pre-NRA
h
concluding, let us dwell again this year on the
than in the old days,
more,
average.
Before
much.
In
working overtime,
idle,
spreads were being turned out, these houses became actual
goods steadily.
Then
understand why
Most strongly entrenched of all items in the cotton textile
the
for weeks and weeks,
very con¬
get garments quickly enough, nor in suf¬
to take care of their demands.
Garment
been
to get
means
machines
tions of orders.
a
clothing manufacturers bought in such a tremendous
fashion; undoubtedly a good part of it was speculative.
The fall of 1936 was probably the biggest season that the
work clothing industry ever had.
Large distributors were
doing a phenomenal trade.
For several months they seemed
tion
customers
helping all involved to
was
work
that sellers, in most instances, give
to any
feeling the pinch quite seri¬
the policy of the leading
that
felt
degree.
wait
some
cooperating
were
be
to
is
limited, with commit¬
delaying the naming of new prices, thereby per¬
mitting their customers to work off a fair amount of their
drastic market changes through which they
customers
it
overalls
in
better
so
the fact that though
new
heavy, some garment manufac¬
very
understood
However,
much
are
no
and this meant unquestionably
business in
new
piece goods
help each other out, and thereby to survive substantially the
There
practically
lower price on denims,
a
became
their
do so.
that may require another several weeks to complete.
Work
clothing manufacturers had been having a good business,
but since the market showed a tendency to ease, new orders
were very slow in
developing.
Everyone felt there would
denly
and
possibly
business for five
the leading producers still have unfilled orders
so,
to
mills
scale, judging from
had
ficient quantities
by reason of their heavily-sold position.
inability to withstand several weeks of buying indifference.
Nevertheless, looking back over the past five months, the
there
mills
higher-priced goods,
during
forward,
preview, were it possible, would have resulted
a
the
realize
five
only among mills, but among their
mills
look
to
rise
likewise.
invariably is
possible
a
months
October, if they could
were
experiences of the past year, it
happened is nothing more than the
business would
several
tremendous
a
turers
the
May, and to
period of
into
on
On the other
possible expectations.
any
on
have
early
or
running
in
on
extreme
would
time
some
Forward buying in denims, early this year, must have been
ments
what
an
it
until
goods prices during the past five, months
gray
routine under certain conditions, that where the
reaches
in
There
Leading denim producers have stated definitely that they
plan to hold off the naming of prices on their colored goods
that prices on overalls would come down at the same time.
beyond
reflecting
usual
If
on
gray
textiles.
of
1971
goods have a distinctly un¬
other branches of the business.
The sharp
declines in
sharp
declines
branch
other
any-
quite
Chronicle
which
was
further advancement in the
ton
slacks
materials
again
field of
summer
clothing.
represent the most
Cot¬
interesting
Financial
1972
kind of presentation.
woolens to
a
the
woolen
better
Chronicle
and
Finishers have been able to duplicate
The suede feel that marks
remarkable degree.
is today
developing within
of
use
that
before
the
of
way
few
another
overalls
for
denims
12 months
years
•
FAIRCHILD
teristics of the Lancashire cotton
such
a
as
INDEX
minimum
Average
the
Composite
Finished
past
Cotton
Goods
Goods
Goods
12.71
7.954
15.500
12.50
7.931
15.444
10.469
10.436
Cottonr
ism
seven
15.403
Their
10.412
15.375
11.90
12.04
7.917
7.880
7.839
7.971
15.431
12.42
8.019
15.583
12.22
12.53
8.013
15.583
8.075
15.708
15.806
12.23
Oct.
13
12.38
12.29
30
12.10
8.249
8.298
15.972
Oct.
6
12.20
8.354
16.181
12.20
8.552
16.834
10.379
10.341
10.457
10.540
10.53
10.620
10.678
10.739
10.823
10.921
10.963
11 313
Nov. 20
12.23
17.153
11.516
Nov. 27
Dec.
4
8.698
8.974
12.55
11.732
11.795
11.974
Oct.
Oct.
11.88
9-
Oct.
8.115
8.178
12.39
—
16
Nov.
15.347
•
2
.
Nov. 13_
15.861
16.168
12.76
12.90
9.183
17.250
17 278
17.333
17.361
12.82
9.267
17.389
12.19
Dec.
11
Dec. 18
Dec. 24
9.053
9.103
thought
Jan.
22.
29.
Feb.
5.
Feb.
12.
Feb.
19.
Feb.
9.437
13.05
13.02
13.14
13.27
12.95
12.80
15.
Jan.
Jan.
9.343
9.475
9.461
9.420
9.394
26.
4.
12.91
13.47
9.424
14.03
14.46
9 678
Mar. 26.
14.59
9.961
2.
9.978
9.988
14.54
13.97
13.92
28.
June
4.
9.902
9.837
9.681
9.551
9.350
9.291
Other nations
vengeance.
anybody
hit
has
else
to
men
Lancashire
be
to
and
more
faced
Cotton
pros¬
No
of that day
spin
slept
and
saw
such
weave
fine
Their individualism,
on.
10 years
over
that
It
ago
communities
band
is
when
together.
a
new
spirit—a spirit of the
virile personnel
These
that at long last
and
men
15.184
sons
which cried out, "Let's
and grandsons of the hard-headed
were
they had produced
emerging from
the
a
new
dark,
era
for cotton
dismal
days
of
12.034
11.940
11.812
individualism to the clear light of collective action—action
which brought back
prosperity to an industry which still
provides 300,000 "workers with employment and which still
17.583
11.703
11.659
which is
17.417
9.184
11.627
12.109
17.917
8.727
9.
8.696
16.
12.63
8.733
12.09
11.33
8.492
17.839
8.385
16.986
11.252
11.07
8.221
16.917
has
13-
10.80
7.988
16.778
20-
10.41
7.764
27-
9.80
7.556
16.500
16.236
10.676
10.449
3
7.416
7.272
16.153
10.328
10-
9.47
9.36
15.887
17.
9.10
7.162
15.486
annual
an
export turnover of fully £40,000,000, and
still, after 10 years of steady shrinkage, the largest
export trade in Great Britain.
Failure of the minimum price-selling schemes will result
in the gradual annihilation of scores of firms.
The weak
have already gone to the wall.
The strong
11.458
11.120
10.918
10.144
9.937
-
their watchword.
made and industry expanded.
were
pioneers at last rebelled.
They were loth to admit this,
because they themselves had not yet recognized the
change.
It was too subtle and too sudden for it to dawn on them
12.478
12.265
17.719
17.656
•
a
get together."
12.856
17.839
306.
"You mind your own business and
spond, however, has been born
12.863
12.836
12.805
12.725
12.583
9.093
23.
They
either
inability to get together and discuss their problems,
complacency—all resulted in the terrible depres¬
younger
12.784
8.858
2.
of secrecy.
competitors
groove
fellow
It has taken years for Lancashire to appreciate the funda¬
12.734
8.991
June 25.
a
mental necessity that something must be done to
bring about
collective thinking and action.
Out of the slough of de¬
12.171
12.471
18.500
18.389
18.333
18.097
17.972
17.958
in
what
was
So Lancashire
which
sion
12.60
12.63
12.54
June 11.
June 18.
July
July
July
July
July.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
enable
trouble
12.035
18.611
13.58
13.36
13.31
13.26
13.06
13.22
12.74
12.46
23.
30.
7.
14.
21.
The men of that time prided
views and actions.
their smug
12.132
12.147
12.124
18.611
with
came
will
12.22
18.611
18.611
9.949
15.00
9.
16.
Big profits
cloths!"
12.09
18.485
18.431
of
This
how "easy
money" could be made by cotton spinning and manufactur¬
ing.
Lancashire cried in reply: "The foreigner can never
assault our position. We have been too long in the
game, and
besides, no other climate but Lancashire's eternal dampness
12.191
18.056
9.858
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
9.360
one
evolution, and
12.178
17.667
Mar. 11.
Mar 19.
Mar.
That
it
12.132
17.653
17.653
as
man.
wonder that the apparently successful methods
became deep-rooted.
The system demanded
11.909
17.264
17.625
9.386
regarded
Lancashire
individual
run
with
doing.
their
8.
the
of
strong
were
concerned
or
been
has
century.
their
on
were
pered.
during
born and nurtured during the big indus¬
was
I'll mind mine."
11.846
17.833
17.847
17.403
17.694
17.653
9.281
12.83
12.77
1.
Jan.
generations
businesses
not
were
1937
Jan.
disastrous fea¬
a
years.
characteristics
of the last
era
themselves
'
eight
or
for
greatest
trial
—
Spinners
below a
change which breaks down the age-long individual¬
a
individualism
1936
7
14
21
28
4
11
18
25
not to sell
together
rate, and by doing this they have put a stop to
which
the
Week Ended—
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
themselves
the financial losses which have been such
PRICES
Average
Gray
Spot
bound
now
It is
Date
change that
a
ture of this section of the Lancashire cotton industry
GOODS
COTTON
It is
man.
would have been laughed into ridicule.
year ago
have
by the overall
used
yarns.
lies the story of a change in the fundamental of the charac¬
.
AND
COTTON
made
Egyptian
and
American
the whole of the Lancashire cotton spinning industry,
cover
to make it appear
there may not be much in
non-sanforized materials
industry.
has
entirely to the success of the price-
both
coarse spinning section for three years, has enabled
spinners to sell yarns at a price which shows a reasonable
profit. Behind the formulation of these schemes which now
Incidentally,
comparatively few years.
a
sanforized
for
in the
prominence of cottons in the field of summer clothing, all
tremendous gains this past
been due
schemes
These schemes, one of which has been operating successfully
tively.
Sanforizing, of course, is an important element in
this' division, being responsible, to a great degree, for the
the
this has
fixing
characteristic of
many of the better lines among the cottons.
Color effects
have been introduced in the cottons, this year, most effec¬
pants fabric?
Sept. 25, 1937
only
.
so
pacts
long
broken
are
bringing in
remain, but
Once the present price
they cling together.
as
its
there
will
train chaos
follow
and
rampant
bankruptcy.
price-cutting,
It will be a
return
COTTON
TRADE
to jungle war, which will not
only bring down the
present slightly weakened firms, but also the most
wealthy
EUROPE
IN
concerns.
Great Britain
In
this article
a
When
redundancy has been finished with, there will re¬
business to provide all the spinning mills,
the weaving sheds, calico
printers, dyers, bleachers, finish¬
when writing about the pros¬
year ago,
main
pects of the Lancashire cotton spinning and manufacturing
industry, the view
a
phrase used at the time
ganization
it
may
and
manufacturers
now
are
"Important schemes of
12 months'
time
announce
working
are
and
.that
on
a
in
once
again
reconstructing
her industry
is
pleasing
for
spinners
Manufacturers have
been
time in
number
a
of
years
has
made
working
on
There is
placed orders
maintained until
were
booked
uncommon
so
much
up
on
big scale.
until
on
the
end
of
hand
that
they
1937.
portant,
selling prices
had
was
Buy¬
not
manufacturers to
were
goods until the early months of 1938.
The most
It
improved
unable
What is
beyond
are
probably
im¬
recognition.
no
their
takings.
Treaty and
political im¬
doubt have to be faced, but men will arise
order.
We require your help. Will you give it?"
What is this change in the fundamental outlook and
views
Keen observers of
men
and
a very
revolutionary thought to leaders of trades in other
countries, but it is the greatest change that has taken place
an
to deliver
more
increase
together and refuse to sell their products at a price which
does not allow a fair margin of
profit. This may not sound
have
striking recovery has been in the spinning section,
but
happenings have witnessed what, to their mind, is a most
remarkable change in characteristics.
Put simply, it is this:
They are now prepared to band
a
This larger demand was
spinners and
trade,
surely it is within
probability that other British colonial mar¬
of the Lancashire cotton man?
and cloth started last Octo¬
May, when by that time most producers
thing for
work
a
price level.
Lancashire will probably make
who will give the
necessary guidance and help to Lancashire.
But only if Lancashire can
speak with one voice and say
to the government: "We have now
put our own house in
been receiving dividends.
result of the rearmament program of the government.
ers
of
plications will
a
doubt that the industry was helped as
no
bounds
kets will
a
,
ber.
economic
in. foreign
poor
the
Lancashire has been busier than at any time since 1926.
The larger demand for yarn
an
as natives anywhere, yet Lancashire cloth
exports
1936 were second only to the great market of India.
If
West Africa can take larger quantities
profitable basis and shareholders in companies have for the
first
on
in
and there are already
that the industry
work
enough colony, populated by native people, who
as
Lancashire
Spinners' margins have been better than
past.
years
record
to
steady recovery.
to
further contraction
a
for their dwindling in exports with increased shipments
to the vast and growing markets of the
Empire.
Witness
the huge growth in trade with West Africa!
A small
signs that her hopes and wishes will be fulfilled."
It
turnover
be
up
profitable basis and
paying dividends to shareholders.
a
may
it will not amount to much.
reor¬
considered,
be possible to
the mills
is
being
are
was,
There
The actual
profitable trade.
more
with
ers,
expressed that 1937 would witness
was
period of better and
sufficient
"
in the characteristics of the Lancashire
men
and on the
maintenance of this change depends the whole future of this
great cotton industry.
How has it come about?
First
the agreement covering
selling prices of
ican yarns.
came
coarse
Amer¬
Volume
145
Financial
Chronicle
Then followed, in quick
succession, the general industrial
recovery throughout the country.
The ph. chological effect
of all other trades
steadily
doing better has had
Lancashire
upon
"Other
men.
people
1973
LOOMS ENGAGED IN THE PRODUCTION OF—
Looms
reaction
a
Cotton and
making money,
so
why can't we?" Another factor was the gradual realiza¬
tion that internal
price-cutting could only bring every firm
to the dust.
'
This
changed outlook is now the dominating feature of
the Lancashire spinning
industry.
Will the present movement be maintained?
There comes
Cotton
Great Britain
*
rub.
The
facts
Lancashire.
It
if
will have
continued,
however,
is
a
change has taken place in
fundamental
a
tell
can
that
are
change, and
lasting effect.
Only
a
whether
or
not
the future,
Lancashire
emerged from their individualism and
out collective action.
are
which,
one
have
men
prepared to carry
A
feature of
the
spinning section has been the increase
in the export of cotton yarns.
Total shipments for the seven
months ended July 31, 1937, were
6,976
98,1S4,700 pounds as
against 89,083,100 pounds in the same period for 1936.
The
expansion during the last 12 month has been particularly
marked in shipments of fine numbers from 80's to 120's.
An
increase of trade in yarn of counts below 80's has been
much less striking.
It is
noteworthy, too, that exports have
been confined to grey yarns.
Shipments of bleached and
dyed yarns have actually declined.
The principal expan¬
sion
in
and
France.
trade
has
On
been
the
to
Holland, Rumania, Switzerland
other
hand, there have been
exports to Germany, India, Yugoslavia and Brazil.
smaller
28,381
7.065
1,020
280
1,230
115
520
4,310
335
670
554
245
610
328
554
was
a
substantial
decline
in
exports of
almost the
the exports of yarn
and
cloth
from
the
same
1936-37
com¬
1933-34
137,648,800
2,026,199,000
1,931,986,500
same
as compared
period in 1936.
The chief decreases have been to India
(38,691,000 square
Egypt (9,670,000), Greece (6,852,000), Chile
(3,652,000), Uruguay (2,453,000), Peru (2,437,000), Argen¬
tine Republic (2,228,000), and the
Belgian Congo (2,176,000).
less),
Federation
has
conducted
a
Census of
world cotton looms, and very
interesting figures
produced.
The world total of all looms was 3,070,395
as against 3,059,869 looms in 1933.
Looms in the principal
European countries are as follows:
were
U. s. S. It
Ordinary
483,984
216,000
Automatic
15,224
25,000
Germany
169,800
France
152,800
37,700
91,500
33,500
100,890
1,930
5,249
Italy
Czechoslovakia
Spain
Belgium
61,337
18,200
Attachments
Total
3,671
10,714
64
1,461
6,621
4,600
8,828
388
21,214
15,837
1,505,182
175,852
61,168
1.742,202
52.000
1,667
Automatic
Attachments
Total
40,000
332,564
4,185
201,548
38,515
17,645
56,160
537,970
total
61,830
PRINCIPAL AMERICAN COUNTRIES AND
599,800
WORLD
TOTAL
Automatic
Ordinary
181,123
Automatic
Attachments
Total
74,246
392,329
4,160
2,497
80,903
29,140
705
80
1,833
22,976
29,925
24,809
297,397
1,505,182
424,453
2,877
175,852
61,168
724,727
1,742,202
537,970
3,634
61,830
599,800
32
3,666
*
Canada.
Others
2,344,183
♦
662,167
573,452
Federation
64,045
3,070,395
also
revealed, for the first time,
the number of looms engaged in the
production of rayon
goods, and as this is an important and rapidly-developing
branch of the textile
industry, the following table is given:
203
m mmm
13
mmmm
14
mmmm.
....
Rayon Trade Activity
British output of rayon yarn, waste and
staple fiber con¬
tinues to increase, and in June and
July of this year record
monthly productions were attained.
The previous record
output was 13,810,000 pounds in July last year, which
margin has been appreciably beaten.
It would appear,
therefore, that the British rayon industry has made a
steady recovery from the conditions which caused a slight
decline in
output in the first quarter of the year.
It will
that the total output for the first seven months of
amounted to 90,490,000 pounds, and if this rate is
seen
the
increase
for
1936
will
Actually, Great Britain's output of
be
easily
exceeded.
for the first half
rayon
of this year exceeded that for the whole of
any year
1933.
The
January
February
before
following table shows British production:
(In Thousand Pounds)
1937
1936
1935
11,740
11,940
11,700
March
11,720
12,520
9,610
12,400
10,730
April
13,670
June
12,180
14,060
10,870
12,970
14,600
....
10.120
9,790
11,450
9,950
10,910
7,540
9,740
12,520
11,830
12,320
13,810
9,860
13,240
October
13,490
November
11,760
10,950
Total
9,960
145,310
.*90,490
124,150
For the first seven months.
Output
of
staple fiber
ahead.
The
pounds
against
and
rayon
waste
has
also
gone
total
output for the first six months of 1937
was 16,283,000 pounds as
against 14,050,000 pounds in the
corresponding period in 1936.
Exports totaled 6,498,000
quantity used in
in
same
Important
British
4,293,000
pounds, which shows that the
the home market was approximately the
each year.
developments in the rayon section of the
industry are the attempts now being made
textile
to institute
a
price-fixing scheme.
The leading producers
holding joint conferences, and as a result of
far taken selling prices have become more stabilized
been
have
steps so
a
consequent gain of confidence throughout the indus¬
latest development is the cooperation between
The
try.
the
rayon producers
and the hosiery manufacturers for
establishing minimum prices for rayon stockings.
Over the
past few years prices of rayon hose have been steadily
falling, but manufacturers have now agreed to regulate
come into force on Sept. 1.
The im¬
portant feature of this scheme is that yarn producers will
refuse to supply yarn to manufacturers who do not adhere
the
price agreement.
It is considered probable that this
system may be extended to other sections
a
so
far there has been
no
of rayon manu¬
move
to
institute
minimum selling scheme for rayon piece goods.
Rayon Cloth Exports
Shipments
of
all
rayon
fabrics
for
the
seven
months
ended
July amounted to 22,677,654 square yards, valued at
£1,207,910.
This compares with shipments of 12,132,285
yards valued at £727,923 in the
same
period of 1936.
Australia is the principal market, having taken so far this
year
8,525,939
cotton
square
mixture cloths,
yards.
exports
With regard to rayon and
for the seven months ended
July, 1937, totaled 22,165,656 square yards as against
22,369,385 square yards in the same period 12 months ago.
The value this year at £954,254 compares with £950,556 last
year.
The British Colonies remain the principal markets,
the
largest shipments having been
made to
South
Africa,
Australia, New Zealand and Canada.
The Cotton
ment to deal
and
Spindles Board, set
up
under Act of Parlia¬
with redundant plant in the spinning
section
eliminate
anything up to 10,000,000 spindles, has now
been working for 12 months.
So far no official announce¬
ment has been made as to the number of
census
12
84
46,000
147
Scrapping Old Machinery
Approximate figures.
The
525
Subject to essential variations.
square
Automatic
Asia
79
82
About
i
25
51,167
36,313
LOOMS IN PRINCIPAL ASIATIC COUNTRIES
India
26
58
•
Chile
facturing, but
66,586
15,153
China
10
68
104,180
25,535
Ordinary
292,564
197,363
14
206
21
22
1,360
Poland
-
30
105
798
to
504,773
250,000
Switzerland
Japan
•
Argentina
200,500
193,900
146,500
52,000
45,829
European total
286
14
20
♦
7
.
5,565
9,000
12,500
3,400
21,500
Holland
Sweden
mmmm
2,000
-V
mmmm
prices, and these will
Automatic
...
mmmm
:
Canada
with
World Cotton Looms
Great Britain
321
Peru
*
Australia
Cotton
3,722
291
The
Malaya
International
6
56
Mexico
with
(21,711,000),
Switzerland
(9,886,000),
(8,433,000), Holland (7,948,000), Colombia
(7,897,000), South Africa (7,214,000), Burma (5,893,000),
British West Africa (5,192,000), and Venezuela
(4,023,000).
The
49
12
67
•
8
1,000
11
' '
mm
125
U. S. A
July
£26,188,016 as compared with £22,911,787
The principal increases so far this
year compared
with last are the Dutch East Indies
(23,458,000 square yards
yards
45
/•;••■
About
•"
December
value this year is
British
"
1937,
in 1936.
more),
Finland
Denmark
India
•
5,000
332
910
September
134,328.700
yards
in the
square yards
63
4,000 to
Yugoslavia
271
mmmm
August
1934-35
148,598,100
1,880,201,000
With regard to cloth exports from Great
Britain in
the
total
shipments for the seven months ended
amounted to 1,157,653,000 square
1,102,262,000
par¬
periods:
1936-36
Yarn, pounds
172,763,500
•Cloth, square yards__2,148,741,000
1,030
Hungary
119
193
mm —
May
as
United
Kingdom for the 12 months ended July, 1937, with the
parisons with the previous
36
9,634
July
same
following table gives
of
285
411
358
maintained
the world
the first quarter of this year remained
the last quarter of 1936.
The
ticulars
762
374
Portugal
1937
piece goods during the early part of 1937, but the whole of
this decrease was accounted for
by the unusually severe
fall in shipments from
Japan.
Lancashire exports during
in
Switzerland
Sweden
be
British Cloth Trade
There
Rayon Goods
Only
9,000
Austria
i
Weaving
Fibre
7,850
Holland
*
for!
Staple
Rayon
Fibre
21,863
France
Czechoslovakia
Norway
The spinning industry,
therefore, is now working on a
profitable basis, and although there has been a falling off
in trade since July,
margins are still maintained.
Rayon
Staple
or
and Rayon
-
the
Specially
Erected
Spun
are
but
it
is
understood
that
the
total
is
spindles scrapped,
in the region of
This machinery has been bought and broken up.
The Board is continuing with its work, and it is probable
that the total eliminated will eventually amount to 5,000,000
2,500,000.
1974
Financial
spindles.
Board
It is rather
started
There is
extent
has
done,
The
machinery,
printing and
dealing with
of
i.
machinery
would
formulated
Cloth
100
100
100
100
100
105
113
115
132
105
the
7
4
101
112
113
2
105
115
115
124
102
6
104
117
118
134
102
Dec.
4
102
117
118
127
108
Jan.
8
Feb.
5
Mar.
5.
April
30/—.
The dispute was settled by the 'Conciliation
Board, which eventually halved the application, giving the
workers an increase of around l/6d. in the pound.
With regard to the spinning section, a strike was avoided
the employers granting a wage advance equal
to l/6d.
the pound.
the
however, were not satisfied with this,
took
place
termed the "lower
are
regarding wage increases to
paid" operatives who are really
big and little piecers and the workers in the cardrooms
and
a
For over 12
departments.
preparatory
has been
months
distinct shortage of young workers.
there
Parents
are
refusing to send them into the mills owing to the compara¬
tively low wages paid and also to the fact that there are
few
chances
of
As
promotion.
a
matter
of
fact,
some
Lancashire firms have had to import labor from other coun¬
ties.
One
fields
of
mill
has
South
actually
Wales.
brought
from
boys
the
coal
being fed, clothed and
housed until they have learned their jobs.
This indicates
the seriousness of the shortage of young persons.
The em¬
ployers
and
unions'
trade
so
workers
end
are
leaders,
however,
appointed
into the whole
go
having the prospect of quicker promotion.
At the
the two sides officially announced that an
of August
agreement had been reached whereby some 16,000 workers
in the cardrooms would have their wages raised by 1/—
to
3/—
per
88
100
93
107
127
127
109
102
126
124
109
98
99
126
123
105
98
93
122
122
106
98
84
116
117
99
93
80
114
117
96
90
6
Spindles and Looms
According
estimated
International
the
to
number
of
spindles
38,753,000 against 41,391,000 a
1935.
The highest total
was
Cotton
year
Britain
the
is
now
and 42,688,000
ago
1917,
in
Federation,
Great
in
when
there
in
were
59,000,000 spindles.
France now possesses 9,783,000 spindles,
Germany
10.236,000,
Russia
10,050,000,
Italy
5,483,000,
Czechoslovakia 3,445,000, Belgium 2,004,000, Spain 2,070,000,
Poland
1,693,000,
Switzerland
1,269,000,
and
Holland
The total number of spindles in Europe amount
to
88,733,000, made up of 38,368,000 mule spindles and
50,365,000 ring spindles.
Last year spindles totaled 91,268,000.
The world total for all spindles is 149,475,000,
comprised of 37,768,000 mule spindles
(of which Great
Britain possesses 28,002,000), and 109,707,000 ring spindles.
Last year the total was 151,745,000 spindles.
The number
1,191,000.
.
of cotton looms in Great Britain is
against
as
499,000
last
estimated at 490,000
now
and
year
808,000
which
the
was
"peak" figure reached in 1916.
Lancashire Cotton Imports
a
question of reor¬
working conditions in the spinning
that the industry could be made more attractive by
special committee to
ganization regarding
mills
They
85
91
124
100
rate of
discussions
88
121
Aug. 13
the
spinning and weaving operatives have received
wages.
The weavers applied for an all-round
increase equal to 3/'— in the pound, and a minimum weekly
and
116
119
,
advances in
what
107
114
2
Aug.
96
4
July
102
98
7
June
Workers' Wages
121
104
2
May
The trade unions,
Yarn
Sept.
considered.
in
Egyptian
Cotton
Nov.
pro¬
industry, the government refused to pass legisla¬
tion, with the result that modified proposals are now being
by
Egyptian
Oct.
scheme
a
but when
the textile
Both
Yarn
July 31, 1914
1936-37—
posals had been accepted by roughly 80% of that branch of
I
American
Cotton
improved to the
Aug.
dyeing industry
.
American
in.
set
scrapping.
redundant machinery,
Sept. 25. 1937
Spindles
trade revival
a
larger amount
a
have been offered for
for
coincidence that since the
a
scrap
doubt that if business had not
no
it
to
Chronicle
According to the statistics of the Liverpool Cotton Asso¬
ciation, the total imports of all cottons into Great Britain
for the 12 months ended July 31, 1937, amounted to 3,345,628
bales
against 3,152,000 bales in the
as
July 31, 1936.
same
period ending
The following tables show the imports and
deliveries of the particular cottons:
IMPORTS
(IN THOUSAND BALES)
week irrespective of the advance granted at the
1936-37
1935-36
1,226
1,475
1934-35
816
353
beginning of the year.
American
Textile Machinery
Shipments
Brazilian
Exports of Lancashire textile machinery are larger than
year ago.
For the seven months ended Julv the amount
a
380
229
Argentine
133
67
Peruvian
178
156
157
Egyptian
433
391
309
126
74
173
138
shipped
Sudan other..
10
28
pares
West Indian.
14
16
18
West African.
41
62
40
East African.
45
35
46
East Indian..
394
was 37,013 tons, valued at £4,285,852.
This com¬
with 31,540 tons, valued at £3,556,810 in the same
period last year.
India remains the chief market, having
taken 12,841 tons this year, but fairly big shipments have
also been made to Russia, Holland, Belgium, Egypt, China
.
658
547
Sundries
48
8
9
3,345
3,152
2,373
Spinning and Weaving Dividends
Lancashire
The
cotton
industry
had
DELIVERIES
results of the spinning mills and
still further improvement as
a
The average
dividend
was
manufacturing firms show
compared with two years ago.
increased, profits were larger
of
1.83%
was
167
the
as
concerns,
167 spinning and manufacturing
compared with 1.67% in 1935.
Out
126 paid no dividends against 132
1935.
in
total
The
companies is
£25,565,846, and they distributed £271,615, equal to 1.06%
the
on
1936-37
1935-36
1,212
1,349
981
Brazilian
387
152
413
Argentina
115
68
American
share
paid-up
capital.
paid-up
capital
These
of
these
firms
control
145
166
153
403
372
355
Sudan Sakel.
174
130
77
Sudan other..
11
27
28
West Indian.
15
16
18
East African.
39
51
45
West African.
32
30
51
600
477
400
15
6
12
3,154
2,844
2,615
Sundries
Total
17,650,722
Weekly Average
profits and losses, out
regard to
of 109 firms
70
announced
profits amounting to £568,888, an average per
mill of £8,127 as against an average of £9,713 for 50 com¬
panies in 1935.
Losses made by 39 companies totaled
£119,348,
A
strict
65 firms with
to
Britain for the
deliveries
season
comparison is possible with 103 firms.
£1,289,481,
balances
an
totaling
cotton
to
spinners in
July 31, 1937, and the
1936-37
1935-36
Bales
Bales
23,310
26,000
19,000
7,450
2,230
3,000
8,000
1,000
2,000
2,810
7,770
3,350
3,000
3,000
7,000
3,000
7,000
230
1,000
West Indian
290
American
Brazilian
Argentina
Peruvian
Egyptian
Sudan Sakel
1934-35
1,000
■
165 concerns,
of
of
ended
previous two seasons were as follows:
an
the previous year.
Out
Great
Other Sudan
against
Of these,
64 made
profits of £548,297 against 48 companies with
profits of £478,295 in 1935.
Thirty-nine announced losses of
£119,348 compared with 55 companies with losses of £321,988
in
weekly
average
Bales
of £3,060,
average
an
The
of £5,604 in 1935.
average
82
Peruvian
spindles and 38,066 looms.
With
1934-35
East Indian..
The average dividend for
firms
BALES)
Egyptian
the aggregate losses smaller.
and
(IN THOUSAND
financial
better
a
in 1936 than in the previous year, and the published
year
31
Total.
Brazil.
and
Sudan Sakel
71
have credit balances amounting
average of £18,162, and 94 have
£4,126,620, an average of £43,900.
debit
The
East African
760
West African..
630
1,000
1,000
11,550
9,000
8,000
55.000
50.000
East Indian
1,000
1,000
290
Sundries.
previous year's debit balance average was £47,424.
Twelve cotton
their
spinning and manufacturing firms reduced
chief
The
feature
was
the
reconstruction
debenture
scheme
of the
stock
was
reduced from £12,325,115 to £4,543,894.
unpaid share capital was made, which
should realize £20,000, against calls amounting to £174,340
Only
one
call
on
by 11 concerns in 1935.
Raw Cotton,
ber of
Yarn and Cloth Index Number
following table of the United Kingdom's index
cotton, yarn and cloth in the Manchester market
illustrates the fluctuations in prices which have taken place
during the
12
months
as
on
from July, 1936,
July 31,1914 :
to
August,
1937.
Position
and
Prospects in
Lancashire
During the last two or three years the output of cotton
goods and rayon fabrics in Lancashire has been relatively
stable at around 3,800,000,000 square yards, of which it is
estimated that 1,800,000,000 have been absorbed by the home
The output of cotton yarn has risen to around
1,300.000,000 pounds, due chiefly to the increasing demand
market.
for
num¬
raw
The basis is 100
60,670
weekly
Present
Lancashire Cotton Corp., under which the share capital and
The
Total
capital from £15,144,115 to £5,649,538.
yarns
business
for the hosiery trade and partly due to
for
the
overseas
Lancashire's cloth
markets.
The
a
bigger
maintenance
of
has been due to the substantial
growth of the home markets.
Since the beginning of 1937
this
market
of the
has
output
reflected
the
increased
purchasing
public which has followed the striking
power
recovery
in
Financial
Volume, 145
other
trades
and
Chronicle
industries
which, in turn, has been due
of the government.
It appears
output has risen about 10% since 1936, but
essentially simple.
to the rearmament program
likely that
yarn
dies
'
would
as
restricted, but
today
of
been
has
of
the
a
that Japanese wages remain less than
paid
wages
tendency
Lancashire
to
operatives.
Japanese piece goods to increase.
1.
Subsi¬
do little to assist it.
can
textile
it cannot be regarded
What Lancashire needs
industry, that
be summarized
may
as:
of its
preservation
markets by
overseas
aid,
the
where
necessary, of the British Governi ent, so long as
the present system of bilateral trade bargaining continues.
This move is probably
2.
deliberate effort bv the Japanese to obtain higher prices
for their exports in view of the reduced shipments due to
quota
the
The
Facilities
a
the
Tariffs
expose
immediate practical solution.
an
one-
There
prices
during the recent months for
of
ments
Japan is still able to undersell Lancashire
due to the fact
only
the industry to retaliation in its
export markets. Compulsory amalgamation would find few
responsible supporters, and is so foreign, both to the tra¬
ditional independence of Lancashire and
to the require¬
cloth output is probably on the same scale.
With regard to Japanese competition, this has been a
less serious factor than formerly.
Japanese exports to a
number of markets, foreign as well as British, are now
fifth
1975
for
internal
with
reorganization,
view
a
to
strengthening competitive ability in export trade.
The
system.
government's
trade,
help to
Lancashire
in
preserving
the
Dealing with the future, it is probable that Lancashire
will have to face increasing competition in the world export
export
trade.
bound td the United Kingdom by political or economic inter¬
ests.
India, of course, is by far the most important.
Production in the United
States is
engaged in meeting the demand
production
as
overtakes
America may,
surplus.
In
seriously
China,
interfere
time
some
to
able
the
In
United
the
States
Sino-Japanese
Shanghai
India
be consolidated and used
efforts.
perity
cotton from their
raw
international
trade,
and
it
is
possible
that
they
British commercial policy.
restoring
economic level
an
to
ance
facilitate
however,
be
to
appear
depression,
and
they
of prices and in
Most
experiencing
be
may
a
from
strengthened and coordinated cotton industry
a more valuable contribution than any
probably make
is
the
distinctly hopeful.
12
months.
The
Profitable trade has been enjoved for
leaders
modifications of the tendency towards self-sufficiency which
has created so many trade barriers and therefore
penalized
present
the
period of the last 15
reorganization
Lancashire
exporting industry since 1929.
Much will,
therefore, depend upon the attitude of the British Govern¬
and
position.
in negotiating trade agreements and the extent to
which it is prepared to make concessions for the home mar¬
Austria—In
ket to assist exporting industries.
The Ottawa Agreements
the Trade Agreement with India will shortly come
and
up
for renewal.
in
four
or
markets, with
five years.
trade
standing
offers
This would establish
organize itself
with
agreement
promise
a
hindrances
Canada
the
which
trade
to
for
of
stability
basis
a
removed
between
the
The
two
is
a
fact
that the
home
increasing volume of cotton
There is
past.
due
showed
to
the
no
direct
is
market
countries
and
absorbing
now
goods than
rayon
an
in
the
doubt that the larger demand has been
and indirect factors of the rearmament
the
The
consumption
the United
head
per
Kingdom is
has therefore
is true that
by
no
than
more
of
now
cotton
and
year
two.
or
goods
rayon
about 40 yards a
reached
means
another
year,
in
and it
its potential limit.
It
.
conditions
books
extensive
cotton,
60
of
use
yards per
cotton
however,
in
other
being
now
are
head
due
partly
industries.
studied
to
the
New
Great
in
more
uses
for
Britain.
setback
The
falling off
fresh
present
the
With
productions
customers
for
cotton
machine belting,
laminated cut gears, elec¬
trical insulating materials, rubber shoes and "rubber" cloth.
It
are
is likely,
therefore, that Lancashire will maintain its
present volume of output for
home markets,
prosperity
of
of course, depend
the
country.
and industries are
ment
entirely
Workers'
higher than
figures have been reduced.
country
since
now
is
two or three years.
some
experiencing greater
a
As
wages
in
all
matter
prosperity
trades
Unemploy¬
year ago.
a
The
the general
upon
of fact,
than
any
the
ized
with
by government action in the
way of trade agreements
other countries, and also by the leaders of the indus¬
try reorganizing so that the mills
meet
There is
to
at
are
not
in
a
doubt that
no
Lancashire
is
now
more
meet the changed conditions of international
any
room
position to
foreign competition.
time
during
for further
the
last
20
reorganization.
years,
I
can
but
do
quote the following main conclusions from
into the cotton
there
no
a
adapted
trade th»n
is
still
better than
survey
made
industry by the Joint Committee of Cotton
Trade Organizations.
"The main needs of Lancashire are
dropped
recorded
and
order
the
home
in the
and
home
export
market
year.
business.
was
due
to
unsatisfactory.
very
for anticipating
There
are
at
revival of sales
a
in
to
the
not
evenly
weaving
section,
production
96% of normal output.
distributed,
25%
as
of
until
This activity
the
looms
were
Compared with the previous
however, production has
from
year,
completely stopped.
7,500,000 metres to 8,500,000.
orders
decline.
duction
and
fell
and
away
In the last
production
has
few
tended
to
In
February of this year an agreement came into
operation in the weaving section for the regulation of pro¬
Prior to this, fairly large sales were
and this probably accounts why
fresh business since the agreement started has been com¬
paratively small.
Further negotiations have taken place to
made
at
taken
been
mills is in
prices.
the
incorporate
a
old
very
as
busy.
prices,
quota
system
owing to
excess
Belgium—At
1930.
the export trade, the maintenance of this
will depend upon British commercial policy and
on
the
progress of present and potential competitors.
Any reduction in Lancashire export trade can be minim¬
production
were
time
With regard to
both
was
was around
months
Amongst other industries
important
more
and
working two shifts while fully 30%
lated production of coarse yarns.
become
with
weaving and knitting mills the volume
grounds
regard
January
risen
may
as compared
From March to May
future.
near
was
The export figures of yarns
Export figures
in trade
orders
no
year.
export difficulties, especially
new
unfavorable
affected
the fact that in the
of
January this
slight falling off in
a
considerably lighter than in the previous'
were
For example, there has been a greater demand for the
tyre
industry and for cotton conveyor belts.
This has stimu¬
which
been
averaged
the single shift for
January of 26%
falling off.
The
this is considerably
over
for
continued
further
a
higher than in most coun¬
tries, but in the United States of America consumption has
reached
production
on
month in the previous year.
same
program, and it is therefore a question whether this increas¬
ing demand will last for
section
of capacity calculated
decrease
a
an
example of which it is hoped other British Do¬
minions will realize the yalue.
again be experienced.
never
regarding trade with Rumania.
long¬
of
CONTINENT
spinning
output brought about by
new
many
will
Since then, however, there has
for
which
on
future.
98%
the
schemes
week consolidating their
believes that the depression
Lancashire
years
further
by
the latter part of 1936 and to the end of
Lancashire is expecting more favorable treat¬
Empire
Lancashire could
It
around
tackling
are
week
are
EUROPEAN
ment
ment
price-
industry to the revival of the nation's export trade."
It will be seen, therefore, that the future for Lancashire
consider
to
All the
operating in the Amer¬
now
other
countries,
recovery
prepared
more
are
stability and pros¬
assured.
be
once
can
seeking assist¬
foreign
future
the
would
be
Above all, a
example of other industries in
trade.
export
done
"Given the necessary facilities, Lancashire
again hold out the prospect of stable and attractive
employment, and of a reasonable return on invested capital.
can
facilities which
nor
be
can
industry
should
joint committee:
The Lancashire cotton industry
would enable it to follow the
the
These gains
oars.
basis for further constructive
a
Egyptian spinning sections and which might even¬
copied by the manufacturing section should be
strengthened by means of statutory authority.
States the
tually
with
has received neither financial assistance
are
ican and
may
become serious competitors in the not distant future.
Lancashire's export trade is, of course, linked vn
If this
of
its
on
as
fixing agreements which
countries, and particularly with regard to Russia big
strides are being made in cotton production.
Both these
countries have already shown signs of awakening interest
own
in
fully
be done in countries which
can
Lancashire must not rest
and
supplies of
their
been
Activity has
increased; practically all mills are working full time with
full order books, and confidence has at last returned.
But
will
war
has
colonies,
than the industry has known for many years.
industry for
cotton
more
the
The present moment is more opportune for reorganization
of
Russia, however, the
of the biggest in the world.
Both
two
are
obtain
to
however,
with
come.
cotton industries
are
the
in the past, seek overseas outlets for the
Russia and India are very potential com¬
as
China,
petitors.
present fully
the home market, but
for
demand
appreciated, but
at
in
especially
the
of production.
fact
that
the
of the amount that
the
end
Exports of
of
yarn
can
step has
of
the
be absorbed.
1936
the cotton industry was
and cloth showed an advance
compared with the previous
encouraging.
This
production
year,
and
the outlook
was
Cloth
shipments had advanced from
26,900 tons in 1935 to 33,500 tons, while exports of cotton
yarns had increased to 10,000 tons.
In April, however, a
big change took place.
Orders for cloth fell off and there
very
was
a
corresponding decline in
yarn
contracts.
Production,
however, has been fairly well maintained, due to the orders
placed at the beginning of the year.
The steady decline in
raw cotton prices since the early part of the
year has forced
buyers generally to mark time.
The general dulness has
been
accentuated
by the seasonal slackness which is invari¬
ably experienced during the
summer
months.
Czechoslovakia—During the first six months of 1937
spinning mills
worked at
around
90%
of
capacity.
the
From
1976
March
Financial
onwards,
showed
of
the mills
In
this country
for
the
especially
yarns,
for
export,
that there appeared the possibility
so
being compelled to work increased short time.
home
maintain
for
orders
falling off,
a
also
quota system has been in operation
a
market,
this
and
fair selling price
a
has
producers
enabled
decline
in
production
both
in
spinning
the
and
working week of 40 hours, the application of this law
a
since
Jan.
capacity
1, 1937, has actually resulted in the nroduc-tive
of
French
the
industry
cotton
by 16.6G%.
being
reduced
^
Germany—Accurate
Taken in conjunction with our remarks on the
United
the
fully the countries of
manufacturing.
regarding
World
Consumption and Production
production and manufacture, we now add our customary
series of years. Official data
are used wherever possible.
The compilation appended em¬
braces substantially the entire distribution or consumption
ton
tables running back for a long
bales of 500 pounds each net) of the com¬
the portion taken by
The figures include linters as well as lint
(expressed in
mercial cotton crops of the world, and
each
country.
I
position
the
the world that take chief rank in
complete our narrative of the world's progress in cot¬
To
cotton:
information
situation in
States, presented further above, it covers quite
cotton
to
weaving sections.
At the end of February production was
around 85% of capacity, but as this output was calculated
on
Sept. 2s, 1937
level.
France—Since the beginning of the year there has been a
marked
Chronicle
•
ANNUAL COTTON CONSUMPTION.
THE WORLD'S
of the German cotton spinning and manufacturing industry
is
impossible to obtain.
No statistics
issued, and
are
the reports sent to the International Cotton
which
Germany
is
affiliated)
quite
are
even
Federation
valueless.
(to
From
reports made by visitors to Germany, however, the spinning
section
seems
be
to
fairly
well
occupied.
The
using increasing amounts of synthetic fibers
of cotton
and
other
materials
raw
mills
are
that exports
reduced.
be
can
so
In
1936-37
Countries.
1933-34.
1934-35
1935-36
1932-33.
Bales of 600 Lbs.—Net
Great Britain
Total Europe
2,373.000
2,960.000
6.979,000
—
2,834,000
2,620.000
5,712,000
6,029,000
2,606,000
7,563,000
6,771.000
9,939,000
—...
Continent
8,546,000
8,649,000 10,169.000
9.144.000
xl. 674.000 x1,365.000 *1,423.000 *1,544,000 *1 465.000
United States—North..
x7.088.000 *5,715,000 *4,664.000 *4.916,000 *5,428.000
South
the
weaving section, business was described as slack until the
middle of February, but since then demand increased some¬
8.762.000
7,080.000
6,087,000
2,473.000
2,516.000
2,451,000
6,459.000
2,089.000
6,893.000
East Indies
Japan
3,662,000
3,422,000
3,036,000
2.727,000
what.
Canada
308.000
3.361.000
253,000
244,000
234 000
176.000
Mexico
206.000
204,000
189,000
196,000
167,000
6.649.000
6,334.000
6.306.000
5,555,000
5,271.000
3,904.000
3,564,000
3,539.000,
3,269,000
3,410,000
It
is
presumed that the mills
but to what extent
it is impossible
busily employed
are
to say.
Holland—The last six months of 193G witnessed
improvement in
the
a
steady
spinning section, but latterly demand
fell off owing to buyers holding aloof following the decline
in
There has been
material rates.
raw
a
larger demand for
Lancashire and also fro^i
Belgium, but even
then the Dutch mills remained very busy.
Margins im¬
proved more so for coarse counts than for medium and fine
numbers.
During the past few months, however, the im¬
from
yarns
trade was not maintained.
Demand fell off, and
although most spinners continue busy completing existing
contracts, order books are lighter, and this has resulted in
proved
the spinning margins being narrowed.
The same conditions
Demand was very
prevailed in the manufacturing section.
steady during the second half of 1936, thorp being a much
bigger business for the Dutch East Indies due to the in¬
creased
This
of the weaving mills being fully employed.
purchasing
resulted in most
of the native
power
population.
Selling prices were also more profitable, and although some
manufacturers complained
did
not
erally
some
compensate
were
more
years.
This
January,
In
that the advance in cloth prices
for the deader
yarns,
satisfactory than had
conditions
gen¬
been the case for
borne out by the employment figures.
was
in
During the
past four months, however, demand has tapered off.
Busi¬
ness for the home market has been di*n ^pointing.
This is
1936,
numler
the
was
27,088,
whereas
March, 1937, the total had advanced to 34,197.
attributed
to
the
dearer
price level, as the buying power
of the Dutch people has not advanced to the same extent.
Most
the
of
mills, however,
still fairly well
are
engaged, *
markets,
buying very
little.
Most shippers and merchant® ~*mear to be waiting
until they have disposed of the extensive contracts entered
those
especially
although
these
which
have
Italy—As
in
the
rather
the
recently
into earlier in the year before
outlook, therefore, is
for
cater
outlets
export
been
placing further orders.
for the public and export, or
said.
Like
It
is
in
the production of synthetic fibre, as for instance imitation
woollen goods now being made from milk!
Experiments
are still being carried out, but whether the finished articles
can
be produced as cheaply as those made from natural
Germany,
and
cotton
other
these
has
Italy
reason
for
money
to buy cotton
recently made
materials
raw
remains
great
to
synthetic fibres is the fact
and wool, and—well,
be
strides
seen.
The
that it takes
Italy, like Ger¬
is only spending, in foreign countries when absolutely
compelled.
many,
Sweden—The mills
There
has been less competition in the home market
Japa¬
nese goods, due to the Japs increasing their selling prices.
Switzerland—There has been a falling off in trade since
the beginning of the year.
Demand for certain productions
has come to a complete standstill.
Apart from mule spindles
and a section of the doubling spindles, the orders previously
booked
made it
possible to run the machinery at full
capacity, except in isolated cases where a si jrtage of experi¬
enced operatives made it impossible to start up additional
are
generally running full time.
machinery.
We
are
indebted to
a
specUl and well-informed European
correspondent for the foregoing
review of the spinning in¬
dustry in Great Britaih and on the Continent in 1936-1937.
Other countries
29,254,000 25,524,000 24,581,000 25,452,000 24.718.000
Total world
z As tbe weight of the bales in the United States has been increasing and the gross
weight in 1926-27 averaged 516.44, we began in that year to take that as tbe exact
equivalent of 500 lbs. net, and have continued this practice since that time, though
the bales have increased in weight since then.
WORLD'S COMMERCIAL CROPS OF COTTON (IN BA LES OF 500
1936-37
Countries—
(Amount coming forward)
LBS. NET
1932-33
1933-34
1934-35
1935-36
Bales
Bales
Bales
9,212,000 13,298,000 15.172.000
4,312,000
4,576,000
3.84J.000
1,480,000
1,439,000
1,686.000
984.000
6,400,000 |6,000,000
5,500,000
5,000.000
Bales
Bales
14,761.000 13,512,000
4,871.000
6,182,000
United States
East Indies.a...,
1,760,000
8,000,000
EgyptBrazil, &c d
Total
29.392,000 26,674,000 20,963,000 25,060,000 25,005.000
Consumption 52 weeks.—29,254,000 25,524,000 24,581,000 25,452,000 24,718.000
Surplus from year's crop
.138,000
287,000
*392,000
1,050,000 *3,618,000
Visible and invisible stock:
10,046.000 13,664,000 14,056,000 13,769,000
Aug. 1, ending year-.-11,234,000 11,096,000 10,046,000 13,664,000 14,056.000
Aug. 1, beginning year. 11,096.000
mill consumption
Bombay.
consumption, mill stocks and
Includes India's exports to Europe, America and Japan and
u
in India, increased or decreased by excess or loss of stock at
d
Approximated from
the
available
figures
of
ports stocks.
* Deficiency In
We
the year's
add
now
a
consumption in
are
supply.
detail
for each of the principal countries
in the statement
embraced
tion
new
compilation which covers the figures of
of the world's annual
consump¬
already presented, and the total of all.
These figures
not the takings of the mills, but are meant to show the
consumption, and are in all cases expressed in bales
actual
The figures in the table covor the years
193G-37, inclusive, and are given in thou¬
The figures for 1913-14 to 1936-37, inclusive,
of 500 pounds net.
1908-09
from
to
sands of bales.
cover
the 12 months ended July
the period
31; all earlier years are for
Sept. 1 to Aug. 31;
WORLD'S COTTON CONSUMPTION
United States.
Indie*
1911-12
1912-13
1913-14
—
...
...
...
Av.6y'rp
1914-15
1915-16
1916-17
...
1922-23
1923-24
1924-25
1925-26
5.460
5.461
9,44(
8,635
9,231
9,880
5,720
Japan Others
Toted
Total
881
27s
2,464
4,912
2,26f
2,267
4,533
1,658
1,517
1,05/
449
17,164
16,189
2,230
2,256
2,620
4,48.r
1,494
1,087
44>
16,750
5,210
1,607
1,648
1,357
512
18,566
5,531
1,352
618
L9.544
5,680
1,680
1,522
67f
19,858
18,012
2.590
6,00(
10.40<
2,682
6,000
10,30(
2,701
2,849
2,979
3,922
5,727
9,649
2,48(
2,572
5,058
1,599
1,201'
497
3,900
5,000
8,90<
2,769
3,037
3,871
5,800
1,649
1,538
854
18,747
7,110
1,723
1,747
764
JO,344
7,431
7,174
1,723
1,631
1,77/:
99'
1,650
74/
17,100
1,700
57/
15,689
4,001
5,00(
9,000
3,239
4,00(
7,000
3,194
..
South
2,44}-
3,000
2,900
3,00(
5,900
2,991
4,237
4,183
2,50)
3,40(
2,519
3,393
5,912
1,602
18,925
3,200
3,80<
5,900
7,00(
2,93/
3,627
6,562
1,530
1,768
922
17,777
3,25c
4,033
7,283
2,941
3,725
6,666
1,643
1,69(
809
18,097
...
2.100
2,091
3,117
5,208
1,705
...
2,328
2,689
3,898
6,226
1,800
1,800
4,379
7,068
2,100
2,098
3,922
6,020
1,700
1,500
1,430 16.648
2,090 19,681
2,341 20,959
1.800
2,270 19,640
2.330
4,362
6,692
1,800
2,040
2,496
4,683
7,179
1,601
2,401
2,215 21,847
2,60' 23,379
2.331
6,399
1,70'
2,00'/
8,000
7,590
2,100
2,450
1,700
2,275
..
Av.6y'r»
1921-22
5,720
3,77f
4,160
4,40(
4,30(
Worth.
...
1919-20
1920-21
Total
...
1917-18
1918-19
nent.
3,17.'.
1909-10
1910-11
Conti¬
3.721
1908-09
Great
Brit'n-
000s omitted
All
East
500-1&. bale>
for war purposes, cannot
obvious, however, that much of the cotton
materials produced will be for the Italian army and navy.
be
&c
Europe.
uncertain.
Germany, very little, if any,
information
is
available
regarding the position of the
Italian cotton industry.
That country, of course, should
send a report on activity, &c.
to the Internatio, al Cotton
Federation, but in the last issue of the "Bulletin" the Fed¬
eration had to rely for its trade report on a statement culled
from some publication issue* by the United States Depart¬
ment of Commerce!
It is understood, however, that both
the spinning mills and weaving sheds have been actively em¬
ployed throughout the year.
Whether all the orders have
been
Total India
2.201,000
The
of
case
Total United States
2,800
4,400
4,800
...
2,750
6,000
...
2,750
...
3,150
5,300
5,950
6,500
7,600
7,750
8,050
9,100
..
3,000
6.600
9,60<
8,10f
Av. 6 y'r*
1,965
2,158 20,358
2,570 25,200
2,75s
5.342
1926-27...
3,080
4,06'
6,500
...
2.960
7.000 10.080
7,750 10,710
2,500
1927-28
2,160
5,430
...
2,945
8.08 J 11,028
2,200
5,770
2,488
2,578
7,822 10.400
1,827
6,091
7,970
6,918
1,622
...
1,975
2.679
3,289 25,261
...
2,035
6,821
2,500
6,376
8,856
8,876
1,512
1,279
4,469
4,227
5,981
6,606
2,079
2,272
2,283
...
2,283
3,244 22,448
3.267 22,492
1928-29
1929-30
1930-31
1931-32
2,750 25.025
3.099 26,207
2,683
7,309
9,992
1,913
6,081
6,994
1,958
2.410
3,037 24,438
2,373
2,606
6,771
9,144
7,563 10,169
1,465
6,459
2,201
2.089
2,727
1,544
5,428
4,915
6,893
1933-34...
3,753 24,718
3,699 25,452
1934-35
2,620
6,029
8,649
1.423
4,664
6,087
2,451
3,422
2,834
2.960
5 712
8.546
1.365
5,715
7,080
2,516
6,979
9,939
1,674
7,088
8,762
2,473
3,361
3,682
Av
6y'rs
1932-33
...
...
1935-36
1936 37 »..
*
Flgurea
are
3.036
3,972 24,581
25.524
4.021
4,418 29,254
subject to correction
table which we present discloses the world's
supply and the sources of it.
The special points
we have sought to illustrate by the statements are,
first,
the relative constribution to the world's raw material by
Another
cotton
the United States and by other sources, and
its distribution.
Figures for 1908-09 to
the year
ending Aug. 31;
second, to follow
1912-13 are for
pince then, for the years ending
*
Volume
Financial
145
July 31. The figures
pounds net.
all intended to be in bales of
are
As showing the dominance of
facturing,
500
the South in cotton manu¬
in cotton raising, we add the following table to
as
each of the leading
consumed by the
independent investiga¬
indicate the number of cotton spindles in
DISTRIBUTION OF COTTON
WORLD'S SUPPLY AND
1977
Chronicle
Southern States, with the amount of cotton
mills therein.
Visible
Balance of Supply
Commercial Crops
and
End
Inrtrtble
Total
Supply
600-16.
of Year
Actual
Bales
United
All
States
Others
the
our
The table is as follows:
requirements.
Invisible
Visible
Year
longer make an
no
consumption in the South, as was our practice
season
of 1921-22, but now adopt the Census
returns to
tion
Total
to
up
Consump¬
Begin¬
ning of
We
tion of cotton
1908-09. 4.855, 093 13.496,751 4.489,169 17,985.920 17.164.487 1.875.140
1909-10. 5.676 526 10.224.923 5.021,605 15.246 528 16,188 563 1.367 624
1910-11. 4.732 491 11.804.749 5,057.988 16 862.737 16.750.484 1.637.249
4.844 744 15.683.945 4.845.970 20,529,915 18.565.732 2.095.478
1911-12
6.808 927 13.943,220 5.254,759 19.197.979 19.544.007 2.015,211
1912-13
Number of Spindles.
3.801.386
Consumption
Southern Stales
3.364.867
Bales.
Running
3.307.495
in July.
Alive.
4.713.449
4.447.688
859.599
1918-19
4.163.478 11.410 192
1919-20
5.336.330 11,814. 453
892.006
367,498
049.313
,239,690
Average
12,473,804 5.348.271 17,822,075 18.096.965
1922-23
1923-24
6.136.795 14.392.000 8.250.000 22.642.000 21.837.000 2.150.000 4.781.795
6,931,795 15.112.000 9.000.000 24,112,000 23.379.000 2.850,000 4.814.795
1924-25
1925-26
5,513.420
1,512.311
632.088
587.816
Virginia
669,552
62!).004
174.049
All other cotton-growing States
657,676
535.158
750.224
18,896.138
19,032,036
17,751.056
17.145.596
5,769.825
19,339.858
19,330,904
16.265.212
4.663.899
17.128.866
19,052,330
19,137,558
17.694.344
1931-32
4,904.681
5.428.709
4.325.207
1930-31
19.108.856
16.779.228
1929-30
19,122.896
18.848,216
17.268.344
4.463.401
5.080.871
1928-29
18.004.436
5,761.519
1927-28
18.508,322
17.602.480
5.429.435
1926-27
18.169.026
6.493.929
1925-26
17.874.750
17.634.948
17,655.378
16.920.526
Georgia
Total
1936-37
1935-36
1934-35
1932-33.
5.770.040 11.173.918 6.680.000 17.853,918 16,643.830 5.795,209 1,184.839
6.980.048 11.152.720 8.650.000 19,802.720 19.680.976 3.600.000 3.501.792
7.101.792 10.960.777 9.000.000 19.960.777 20.959.774 1.953.000 4.149.795
6.102.795 10.964.000 8.710,000 19.674 000 19.640.000 1.990.000 4,146.795
1920-21
Carolina
Tennessee
Alabama
1933-34
6 years
1921-22
2.028.595
1923 24
,551,767 16.961,950 15,689,107 4,277,017
,396,919 18,211.372 17.777,662 4,530.450
333.597
1,572.378
5.618.572
1922-23
1917-18
5.379.082 12.670 099
4.477.496 11,547 650
1916-17
,855.384
3.0S1.028
6,040.004
5.684,826
1924-25
,812.487 19.578.954 18.746,689 4.496.284
.737.207 17.371,166 20,343.752 3.045.485
,353.238 18,023.337 18.924,923 2.585.490
,238.010 16,785.660 17.099,678 2.795,980
1,786.058
3,309.350
Carolina
South
13,274.725 5,181.565 18,456.290 18,011.908
6 years
1914-15. 7.519.383 14,766 467
1915-16
8.361.668 12.633 960
1,902.642
;
North
6.462 ,899 14.494.762 6,419.898 20,914,660 19.858.176 2.877.300 4.642,083
1913-14
Average
190,849
7.088.005
15.220.742
4.795.534
1927-28
1928-29
1930-31
8.663.000 14.631.000 11143000 25,774.000 25.261.000 4.734.297
9.176.000 13.869.000 10769000 24.638.000 22.443.000 6.291.202
1931-32
11371000 15,129.000 9,761,000 24,890,000 22.492,000 6,562,778
1929-30
,298.020
,192.456
,441.703
,079,798
,206.222
Average
15,524,000 9,899,000 15,423,000 24.438.000
6 years
13769000 15,172.000 8,833,000 25.005.000 24.718.000 6.325.398 7.730.602
14056000 13.298.000 11762000 25.060.000 25.452.000 5.714.982 7,949.018
1932-33
1933-34
9.212.000 11751000 20.963.000 24,581.000 3.180.922 6.865.078
1935-36
10046 000 13,512.000 13062000 26.574.000 25.524.000 3.658.841 7.437.159
1936-37. 11096000 14,761.000 14631000 29,392,000 29,254,000 3,531,679 7,702,321
1934-35
1
be
o
as
4.459.956
15.469.864
4,050.844
15,872.395
15.580,000
4,489,160
1921-22
16,458,116
16.074.981
1920-21...
15.380.693
15.130.755
3.168.105
1919-20
14.990,736
14.792,436
3,724.222
1918-19
14.639.688
14,243.813
3.504.191
1917-18
14.369.599
14.111.621
4.323.826
1916-17
14,040.676
13.017.969
13.937.167
12.737.498
4.378.298
10.451.910
7.039.633
1897-98
3,670,290
9.864.198
6.714.589
3,574.754
2.234.395
1902-03
7.664.000 19.282.000 8.540.000 27,822.000 25.200.000 4.593.000
10286000 14.373.000 9.425.000 23.798.000 25.025.000 3,860,980
9.059.000 15.858.000 9.753.000 25.811.000 26.207.000 3.470.344
1926-27
693.000
17.226.118
1907-08
12.292,669 8,381,666 20,674.235 20.358.430
6 years
16.577.760
1914-15
Average
2.049.902
1.227.939
last season, 1936-37, and the results would
The following
Total supply—bales
Distribution—Total
40,488.000
29,254,000
of 500 pounds
consumption,
&c
3,531.679
7,702,321
Leaving visible stock
Leaving invisible stock
Total visible and Invisible stock at end of year
of
Number
six annual dates:
South
Canada.
Movement of
The following table
Cotton at Interior Towns
shows the movement to the interior
South during the last two seasons:
towns of the
Year Ending July
decrease is also recorded for
a
The following table shows the number of
the countries of
all
26,987,716 28,157.094 30,092,758 30,942,258 30,892.666 31,708,510
Total
Spindles in the World
while
&c.,
8,091.578 9.125.058 10.752.900 11.611.354 11.840.336 12.570.952
18.896.138 19.032.036 19.339.858 19,330,904 19,052.330 19,137,558
11,234,000
in
the world's spindleage, the largest declines having taken
Increases
place in the United States and Great Britain.
are recorded for the Continent, East Indies, Japan, China,
Year Ending July
311937.
31 1936.
Towns.
Ship-
Ship-
spindles
Receipts.
Receipts.
Stocks.
ments.
of the last five
the world for each
1932
1933
1934
1935
1936
1937
Spindles
North
There has again been a small decrease the past season
Mexico,
indicates the aggregate number of spindles
separately for each of the last
in the North and the South
Supply—Visible and Invisible stock beginning of year
bales. 11.096.000
Total crop during year
........................
29,392,000
in
3.164.896
13664 000
Illustrate the preceding, take the
follows:
and
3.977.849
Ments.
31,081
11.123
49,176
68.198
123.302
59.291
14.633
Stocks.
31,774
102,346
13.201
6.095
15,568
53,566
55,457
78,789
24,683
82,923
91.353
16.538
85.767
168.208
1198,360
33.249
109.854
32.786
37,494
2,363
27.572
Helena
60,637
62,820
4,219
37.110
Hope
years:
85,205
9,473
54.557
19.793
66,986
3,850
31.826
33.952
22,314
7,472
19.717
34.130
9,993
193,795
203,612
31,619
166.099
165.013
28.004
34,138
31.274
34,327
41,436
11,243
143.143
161.742
5,109
11.041
29.640
Ala.. Birmingham....
?
Eufaula
Mongomery
1934
1935
1936
1937
1933
Selma
38.753,000
49.980,000
Continent
Total Europe
United States—
41,391,000
49.877,000
42.688,000
50,174,000
50.294,000
49.001,000
49,008.000
88,733,000
Great Britain
91,268,000
92,862,000
96,187,000
98,009,000
11,611,000
19,327.00)
11,842.000
19,052,000
45,893,000
Ark.. Blytheville
Forest City
Jonesboro
Little Rock
North
8.092,000
9,125.000
10,769,000
South
18,896.090
-19^032,0|W)
19,341.000
,'157,009
30,110 000
30,938.000
30.894.000
9.876.000
9,705.099
9,572.000
11.880.000
10,857,009
9,613.000
9.944,000
5.071.000
5,010;00<j|
4.810.000
25,582,000
1,110,000
5,581,000
^24,367,000
Total U. S
26,988.000
Eaat Indies
Japan...
China.............
Total India. Ac
Canada
26,827.000
1,108.000
5,824,000
28
Newport
...
Total other
6.932,000
6,691,000
116.644
111.054
47,639
9.507
34.472
34.665
18,580
11,914
24.370
11.780
10.960
15.907
9,506.000
Athens
29.558
40,705
11.565
66.204
66.493
22.712
9.115,000
8.209.000
Atlanta
365.800
362.356
88,139
311.505
268.121
4,680,000
4,585.000
Augusta
210.088
234,664
67.663
192.449
185.004
92.239
19,725
48,555
21,198
19,925
33,000
49,289
26.850
33.200
57.330
18.394
55.386
41,480
27.169
14,987
20.284
14,523
23,367.000
1,187.000
5,203.000
22.300.000
1.240.000
5,181.000
Macon
6.390.000
6.437.000
6.421.000
149.480,000 151,698,000 153,776,000 156,882.000 157,624,000
...
Note—No returns from Russia; figures for
this country are estimated from trade
Figures for Italy are for half-year ended July 31. 1935.
China; figures used are estimated from latest return available.
sources.
In the above all
have
in
figures except those for the United States
recent
more
No returns from
years
been
taken
from
the
returns
*
15.448
84.695
23,350
18,132
1,749
71.565
78.551
3,396
128.998
151,989
667
40.096
>
112.961
161,438
46.820
12,734
41,683
262,989
Rome
260.814
8,080
180.285
33,265
203.804
19,458
5,905
3,492
68.216
60.765
7,097
La., Shreveport
100,187
164.167
Columbus
Greenwood
Total world
6,402
16,279
14,587
Columbus
1,155.000
63,401
7,071
46,186
Walnut Ridge
5.282,000
52.434
Ga., Albany
Pine Bluff
Miss., Clarksdale
Mexico, So. Am., Ac.
37,619
42.387
9.823
49.906
Jackson
64.158
67,763
Natchez
20,998
39.423
20.846
709
8,795
12.435
557
40.721
846
31.755
33.878
2,144
47.878
1,010
2,163
VIcksburg
51,411
50,916
1,505
338.741
338,757
1.862
11,066
Yazoo City
Mo., St. Louis
N. C., Greensboro
37.856
10,472
2,757
247.676
10.104
246,021
11,240
387.971
411,397
173.119
82.608
',089.076 2.037.297
61.729
54.788
361.519
1,878
OklahomaS. C., Greenville
Tenn., Memphis
Spinners' and Manufacturers' Associations.
Texas., Abilene
177.425
206.471
241,587
216.355
61.443
.569.741 2,693.443
38.920
38.943
(16) towns*
Fifteen
compiled by the International Federation of Master Cbtton
237,817
1,136
53,562
173.511
36.211
1,113
16,267
16,491
264
18,553
20.450
488
6.429
7,252
1,277
12,274
14.355
Dallas
83.417
84,696
2,443
60.804
62.871
2,100
3.722
Paris
71,825
15,862
74,351
646
35.124
42.794
14,846
1,963
10.540
14.195
947
9,512
9.019
701
5,963
35,243
38,972
2,088
24,930
8,206
33.461
5.817
79,688
81,415
507
80.316
85.557
2.234
Austin
CONSUMPTION
COTTON
IN THE SOUTH
Through the courtesy of the Census Office, we are again
able to present
the following table, showing separately the
lint,
linters
foreign
cotton consumed "in
each of the Southern States during the last two seasons, in
Quantity of
and
running bales:
COTTON
...
....
Brenham
......
Robstown
San Antonio
Texarkana
Waco
6,099,496 6,471,443
Total, 56 towns
CONSUMPTION
SOUTHERN
IN
STATES—YEARS
ENDING
*
includes
JULY 31.
the
combined
[Quantities are given in running bales, counting round as half bales, except foreign
cotton, which Is In 500-lb. bales.]
Foreign Cotton.
v
Linters.
Lint.
1936-37
1935-36
1936-37 1935-36 1936-37 1935-36
than in the
689,002
2.347
2,066
952
Georgia
1,546,757 1,226.623
11.109
3,549
13,190
14,512
10.103
North Carolina
1,971,451 1.642,179
9,512
10,366
47,632
33.087
South Carolina
1,502,502 1,255.009
154,302
188,584
1,609
1,197
8,200
6.636
*
♦
*
*
of
15
820,162 5,303.551 5,235,999 1,192.109
towns
In Oklahoma
of bales the past season was a trifle heavier
previous season, the average for 1936-37 having
been 519.34 pounds per
in
855,186
Alabama
totals
208
Weight of Bales
The weight
American Cotton.
is
3,172
•
bale against 517.75 pounds per bale
1935-36; 518.50 pounds per bale in 1934-35; 523.66 pounds
per
bale
518.85
in
1933-34
;
519.97
pounds
pounds per bale in 1931-32;
per
bale
in 1932-33;
520.11 pounds per bale
2,265
1,462
174.049
154,676
in
Virginia
1930-31; 522.14 pounds per bale in 1929-30; 520.26 pounds
All other cotton States
304,908
212,493 441,123 352,230
4" 193
2*769
in
1928-29; 516.14 pounds in 1927-28, and 514.71 pounds in
6.543,437 5,334,284 465,700 380,532
78.868
55,009
Tennessee
1926-27.
Total
•
Now
Included
In
"all
•Ingle establishments.
as
large proportion represents the operations of
The crop was
of good grade, averaging about the
The average
weight of bales and the gross weight of the crop we have
same as
other"
last year, the average being middling.
\
1978
made
Financial
up
follows for 1936-37
as
and
give 1935-36 for
Chronicle
Sept.
1937
25
TEXAS
com¬
*
parison:
-1936-37
-1935-36-
Exported from Houston (Port):
To Mexico
Year Ended
July 31 1937
Year Ended July 31
1936
Other
Number
Weight in
Aver.
Number
Pounds
of
Weigh
Bales
Bales
953,943
306,491
12,758
1,607.657
245,023
7,793
1,373,798
117,812
Coastwise and inland ports.
Local consumption
Burnt
Aver.
Pounds
Weight
Exported from Galveston:
Texas
3,371,960 1,792,769,973 531.67
2,100,381 1,108.980.164 527.99
351,899
182,635,581 519.00
Louisiana
Alabama,
a
Georgia. 6
249,180
174,545
124,928,885
89,367,010
45,807
22,895,746
28,175
13,946,625
8,438,616 4,330,360.186
South
Carolina..
Virginia
North
Carolina..
Tennessee, &c.._
Total
a
Weight in
of
foreign ports
Other foreign ports
1,538,761
Coastwise and inland ports.
238,897
Local consumption
330
Movement
Through—
crop
3,697,184 1,959.655,407 530.04
1,881.404
992,026,701 527.28
415,115
506.36
475,171
512.00
215,763
478.00
47,869
495.00
24,148
513.16
6,754,954
2L3.784.225
241.358,358
109,391,841
23,934,500
11,832,520
3,443,675,549
507.94
507.00
500 00
To Mexico
509.80
Other foreign ports
Coastwise and inland ports.
years
relation
be
may
of
seen
weights this
gross
6,838
39,141
214,029
91,165
291,530
36,956
18,115
17,755
11,658
1,898
To Mexico
b Including Florida.
the
1,052
Exported from Corpus Christi:
.
The
20
Burnt
Exported from Texas City:
490.00
14,760,563 7,665,884,200 519.34 13,511,608 6,995,659,101 517.75
Including Mississippi,
To Mexico
515.00
to
previous
from the following comparison:
year
Other foreign ports
Coastwise and inland ports.
Exported from Beaumont, El
Paso, Eagle Pass, &c.:
To Mexico
Crop
Average
Season of-
Weight
No. of
Bales
1936-37..
Weight, Pounds
per Bale
At Houston
14,760,563
1936-36..
13,511,608
1923-24..
11,326,790
1922-23..
1921-22..
1920-21..
1919-20..
11,248,224
11,494,720
11,355,180
12,217,552
1918-19..
7,665,884,200
6,995,659.101
4.776,158,030
6,963,805,787
7,888,823,674
7,849,588,255
7,213,364,418
7,638,942,456
8,250,547,617
7,418,414,991
9,924,773,826
7,910,892,917
7,523,144,619
5,735,826,695
5,741,884,193
5,831,095,010
5,836,947,956
6,210,271,326
11,602,634
5,925,386.182
1934-35..
1933-34..
9,211,567
13,298,291
15,171,822
15,128,617
13,868,804
14,630,742
1932-33..
1931-32..
1930-31..
1929-30..
1928-29..
1927-28..
1926-27..
1926-26..
15,858,313
14,372,877
19,281,999
15,452,267
1924-25..
Other foreign ports
Coastwise and inland ports.
Local consumption
Stock at close of year:
14,715,639
519.34
At Corpus Chmti
225,395
296,980
75,657
At Galveston
517.75
518.50
523.66
At Texas
-
City
At Beaumont
13,891—4,005,219
519.97
518.85
Deduct—
520.11
Received
522.14
other ports
Received at Galveston
520.26
516.14
514.71
511.95
511.23
Houston
at
from
387
Received at
194,952
39,619
312,917
75,094
Texa^s City from
beginning of
year:
At Houston
At Corpus Christi, &c
At Galveston, Texas
City,
and Beaumont
389,061—
Movement for year—bales.
633,259
227,969—
3,371.960
Below
we give the total
crop each year since 1896-97.
All
prior to 1913-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13
consequently includes August. 1913, which
is also a part of 1913-14:
49,189
other ports
Stock at
510,47
507.28
508.33
510.69
1,403
9,240
from
other ports
506.39
514.08
194,952
362,195
39,619
1,052
25,814—4,363,756
666,572
3.697,184
ALABAMA
years
Years
Bales
Years
Bales
Years
1936-37
1935-36
1934-35
1933-34
1932-33
1931-32
1930-31
14,760,563
13,511,608
1922-23
11,248,224
11.494,720
11,355,180
12,217,552
11,602,634
11,911,896
12,975,569
12,953,450
15,067,247
14,884,801
14,128,902
16,043,316
12,132,332
10,650,961
1908-09
1921-22
9.211,567 1920-21
13,298,291 1919-20
15.171,822 1918-19
15,128,617 1917-18
13,868,804 1916-17
14,630,742 1915-16
15,858,313 1914-15
14,372,877 1913-14
19,281,999 1912-13
15,452,267 1911-12
14,715,639 1910-11
11,326.790 1909-10
1929-30J
1928-29
1927-28
1926-27
1925-26
1924-251923-24
Bales
13,828,846
11.581,829
1906-07
13,5(50,760
1905-06
11,319.860
1904-05
13,556,841
1903-04
10,123,686
1902-03
10,758,326
1901-02
10,701.453
1900-01
10.425.141
1899-00--— 9,439.559
1898-99
11.235,383
1897-98
11,180,960
1896-97
8,714.011
1907-08
1936-37
Exported from Mobile:
To foreign ports
Coastwise, inland, &c._j
Local consumption
315,315
51,144
9,905
42,352—
Stock at close of year
Movement for year—bales.
1935-36
1934-35
Bales
Bales
Bales
427,735
167,931
6,223
10,283
11,204
234,560
312,808
7,668
1,029,906
7,108
830,425
714,659
1,895,510
1,431,695
1,238,413
74,580
37,766
11,748
92,752
1936-37
Exports
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes East.
Via other routes West.
100,277
13,816
12,164
14,359
3,773
9,517
112,264
10,723
155",097
Texas Inland and local mills
253,357
-386,926
,48,542
28,295
40,643
25,451
15,900
26,858
New Orleans inland and local mills
Mobile inland and local mills
Sa\annah inland and local mills
Charleston Inland and local mills
1.1.II"
North Carolina ports Inland and local
Virginia ports Inland and local mills
Jacksonville inland and local
miils...
98,311
204,450
15,664
239,040
32,646
21,281
10,198
23,050
18,059
17,136
17,762
10,114
3,521
15,896
885,460
483,766
431,717
1,010,050
947,929
806,696
consumption
Total to be deducted.
8,436
This total Includes shipments to
Canada by rail, which In 1936-37 amounted to
303,886
bales.
Stock at close of year
of
Crop of the United
We now proceed to
give the details
United States for two
years:
States
of the crop
Received at Jacksonville from
other ports
'i
1,483
7,290—
Stock at beginning of year
8,773
Movement for year—bales.
Exported from New Orleans:
To foreign ports
*1,436,013
To coastwise ports
432,491
Inland by rail, &c
355,552
Manufactured
c/42,743
Stock at close of year
*1,421,784
284,972
214,786
d35,432
a255,982—2,522,781
Deduct—
Received from Mobile
Received from Galveston
Received from Houston
Received from Los Angeles.
Received from Corpus Christi
__
sea,
year
Movement for year—bales..*
a290,623—2,247,597
8,339
36,327
84,721
Includes
we
have followed
our
usual custom of counting that cotton at the
GEORGIA
-1936-37
Exported from Savannah:
To foreign ports
To coastwise, inland, &c
Local consumption
Exported from Brunswick:
To foreign ports
To coastwise, inland, &c
Stock at close of year:
At Brunswick.
——-
At Savannah
—
-1935-36
135,519
38,933
.203,971
149
130
35,520
,
—124,462—
299,063
148,257—
148,257
66,843—
387,878
Received from Brunswick, &c.
Stock at beginning of year:
At Brunswick
148,257—
'
73
-1935-36-
193,167
4,322
17,136
219,788
25,269—
From Galveston, &c
Stock at beginning of year
45,243
5,867
18,264—
19,974
25,269—
NORTH
59
2,100,381
277,211—
239,894
366,193
1,881,404
Exported from Wilmington:
To foreign ports
To coastwise, inland, &c
Inland by rail.
Local consumption
Coastwise from Wash., &c_.
Stock at close of year.
24,131
174,545
215,763
CAROLINA
1936-37
422,400
321,035
CAROLINA
Exported from Charleston, &c.:
To foreign ports
156,863
Coastwise ports, inland, &c.
3,126
Inland
40,643
Local consumption
Stock at close of year
19,156—
831
1,173
290,623—
66,843
150,806
SOUTH
9,162
71,909
700
55,372 bales exported from Lake Charles,
La., in 1936-37,
and 43,099 bales in 1935-36.
a Includes 4,924 bales stock at Lake
Charles,
La., on July 31, 1937, and 11,283 bales on
July 31, 1936.
c Includes 9,406
bales coastwise from Lake Charles in
1935-36.
d Includes 7,010 bales
for domestic use by Lake Charles in
1936-37.
154,136
outports where it first appears.
Movement for year—bales.
7,152
313
beginning of
11,269
11,269—
Deduct—
damaged
by fire
Received from Pensacola
Received from Boston
Stock at
'i;:
*
These figures represent this year as heretofore only the
shipment
from the Florida outports.
Florida cotton has also gone inland to Savannah
of the
1935-36
Burnt
from
165,405
98,374
1936-37
1936-37
_
Received
7,290—
V
Movement for year—bales.
LOUISIANA
4
3,521
Deduct—
At Savannah
Details
/
154,594
7,149
"
5,222—
107,147
Deduct—
Leaving total net overland *
*
10 030
1935-36
—
94,7,76
/
14,908
III III I" II
20,787
FLORIDA
1936-37
Deduct Shipments—
Overland to New York,
Boston, &c
Between interior towns
20,787
12.172
Exported from Pensacola, Panama City & Jacksonville:
To foreign ports
Coastwise, inland, &c
&c., but
Total gross overland.
-1935-36-
12,172
27,623
Via Mounds, <fcc
Via Rock Island
269,644
103,474
36,636
394,328
MISSISSIPPI
movement
1936-37
Amount Shipped—
36,636—
339,727
*
following shows the details of the overland
Via St. Louis
78,989
430,964
715
78,274—
Overland Crop Movement
The
418,716
Deduct—
Receipts from Florida, Pacific
Coast, &c
Stock at beginning of year
Movement for year—bales.
for the past three years:
-1935-36-
315,850
28,698
8,142
78,274—
-1935-36-
3,900
1,983
17,700
9,701
260
11,193
6,569
7,751
70
9,133—
40,467
11,223—
12,292
14",868—
39,016
Deduct—
Received from other ports
Stock at
beginning of
year
Movement for year—bales.
1,069
11,223—
28,175
14,868
.
24,148
Volume
Financial
145
To
To coastwise
Shipped
25,345
3,910
10,114
29,141
6,366
15,900
inland
Local consumption
Total
,
1,010,050
37,766
„„„
yearlII"
marketed
from
Ten-
1,084,630
985,695
;
31,
7,406,577
«7,353,986
Total crop for U. S. for year ended July 31,1937—bales
26,165—
17,655—
26,100
17,600
45,807i
DETAILED
47,869
STATEMENT
SHOWING
a
These
are
Southern
EXPORTS
OF
14,760,563
Southern consumption was 344,849
7,009,137 bales.
mill takings;
bales less than that amount,
BY PORTS AND COUNTRIES OF
or
COTTON
FROM
STATES
UNITED
THE
DESTINATION
Exports from—
Season of 1936-37
Pensa-
(e)
Wil¬
(c)
(d)
Gulf-
Pan¬
Jack¬
mington
Boston
port
San
ama
son¬
& Sav¬
Charles¬
Nor¬
New
and
Balti¬
Fran¬
and
City
ville
annah
ton
folk
York
Phila.
more
cisco
Seattle
(b)
cola &
Country and Port of
Gal¬
Destination
veston
Corpus
Houston
Christi
Beau¬
New
Lake
mont
Orleans
Charles
Mobile
100
England
Hull.
139,620
43,016
Liverpool
111.783
69,624
36,243
14,779
"""893
Manchester....
""81
8,617
1,111
London
5,284
281,283
135,105
3,192
75
Los
Angeles
70,913 35,301
437
52,054 12,805
1,193
25,855
36,963
44,882
26,129
15,801
28*376
5,284
799,325
577
",786
145
398,725
589
2,732
"""5
710
784
1,196
1,714
11,473
4*290
"*62
1*596
"600
5,741
123,450
567,009
142
142
Brest
27,610
152,837
Dunkirk
Havre
25,825
88,091
6*657
713
250
40,211
Marseilles..
St. Nazaire
51*686
5,619
211,488 15,734
12,388
1*050
36,701
1,795
2,583
*275
12,388
176,529
4,171
30,055
725
34,764
Hamburg
Holland—Rotterdam
92,208
17.168
3,525
-
13,995
7,274
*8* 531
Antwerp..
Ghent
41,629
29,521
-
Denmark—Copenhagen
6,419
26,940
45,660
"524
"16
8,934
2,420
45,979
6,317
4,090
50,969 3,154
11,497 14,343
952
2,306
237
*450
2*282
17,037 10,024
900
1,099
400
350
*189
2
125,201
60
1,947
51,949
108,191
576
4,100
478
"166
57,028
230
381
1,488
*2i6
*429
152
3,342
1,399
785
700
268
1,134
-
547
1,515
*150
100
Norway—Bergen
6,640
Oslo.
400
674,015
99,613
30,535
*491
6*522
4,613
4,428
*629
219
38
*662
21,573
49
Sweden
5,787
84,425 31,379
363
3,946
383
7,388
350
23,563
Vejle
Aalborg
5,194
27,011
*100
432
Belgium
127* 106
412
....
136
49
Bremen
16.059
985
412
Germany
169
19415
"166
350
11,465
*1,034
1*747
3.622
7
7
-—
36",246
Gothenburg
13,897
93
Gefle
138
145
200
3,385
50
1*593
76,516
388
295
Karlsholm
96
96
15
15
Malmo
Norrkoping
758
—...
1,758
1,000
712
712
Nykoping
Stockholm
800
"""ioo
700
Uddevalla
50
50
""*650
808
Varburg
1,537
50
68,475
Portugal—Lisbon
"l"518
37,943
3*770
3L037
4,939
*328
9,518
^047
200
1,300
1,800
167,900
930
3,900
24,337
6,087
3,894
150
510
62,990
56*219
5,914
"*50
*200
6,648
1,754
1,579
-
-
308
60
3,673
Lexioes
5*658
400
2^322
12,172
Oporto
Italy
844
9,552
400
"
....
3,375
9,602
200
180
Poland
Gdynia
Russia—Leningrad—
104
542
"639
100
79
79
Flume
4,500
Naples..
—-
Trieste
560
24,450
1,197
82,529
3,056
25,891
23*303
...
1,680
31,114
Genoa
23*280
*374
239
27,802
12,819
2,289
6*534
2,810
4,638
*326
"682
4*601
234,685
"150
9*668
30
*525
400
616
516
Mestre
257
Montvlota
3,416
959
48
Wasa
Latvia—Riga
±:
2,070
268
"'"748
....
"506
1,600
Finland—Abo
Czechoslovakia—Susak
Estonia—Reval
333
1,807
100
350
3,634
"710
"573
100
150
322
514
Japan
604,557
278,762
66,045
China
17,787
3,213
355
193,099
1,630
Tallin
-
3,235
5,284
1,998
402
1,950
896
8,945
2*850
2,238
18,000
"358
1,498
4,880
1,716
50
1,036
126,646 287,740 1,590,738
100
24,085
1,000
150
150
Indo-China
12,085
88,166
2,000
85,634
2,000
Leghorn
Venice
Total
602
11.832
....
9,083
2,048
481
France—Bordeaux
9*947
68
Canada
Adriatic
Y
Total product detailed in foregoing States for year ended July
1936
Mill takings in South, not included
____
Movement for year—bales.
Y
947,929
74,580
nessee, &c.—bales
65,469
26,100
71,907
Orleans
COMPLETE
direct, net
overland
To New York, Boston, &c., by
rail
Received from other No. Caro.
Received from Houston and
New
1935-36
1936-37
manufacturers
',.
Exported from Newport News, &c.:
To foreign ports
Stock at end of year, Norfolk20,500—
Deduct—
Received from Wilmington ,&c.
Stock at beginning of
ETC.
TENNESSEE,
>
1935-36
1936-37
Exported from Norfolk:
To foreign ports
1979
Chronicle
SyY
VIRGINIA
Ports
"*10
*300
1,877
a314,211
1,877
South America—
Colon
10
10
...
3
Tela
Beliza
467
2
Santiago-
3
467
San Juan.
2
1
1
-
1,800
4,065
150
250
400
Havana.
1,868
4,065
68
Cuba
400
Philippine Islands—
423
423
Manila.
Canal Zone—Christobal
192
192
Salvador—San Salvador
100
Uruguay—San Felipe..
Venezuela—M aracaibo.
.
Guatemala—
Porto Colombia.....
Buena
8,211
800
4,348
1,496
1*212
"*148
1,567
623
107
Tooo
800
800
28
2,900
2,982
2,900
3,010
1,229
13,030
2,605
Guatemala City
_
Ventura
1.360
Porto Barrios
—
1,050
1,129
100
South Africa
4,155
250
India—Bombay..
1,375
Australia
""215
8,625
440
575
30
30
Melbourne
""*266
Africa—Durban
1,538,761
Total
1,730
1,050
Lapaz
Chile—Arico
Valparaiso
400
400
Colombia—Cartagena
200
953,943 214,029 18,115 1,380,641 55,372 315,315 90,726
4,050 139,419 156,863 29,141
8,325 27,038 14,095 151,309 388,867 5,789,895
a Includes 303,886 bales shipped by rail,
b Includes from Wilmington to Liverpool, 700; to Manchester, 500; to Genoa, 1,700; to Gdynia, 1,000; from Savannah to
Venice, 525; to Japan, 2,238; to Gdynia, 8,518; to Genoa, 4,834; to Bremen, 45,979; to Hamburg, 6,317; to Rotterdam, 4,090; to Ghent, 400; to Trieste, 150; to Liverpool;
25,155, to Manchester, 36,463; to Antwerp, 450; to Gothenburg, 200; to Oporto, 200.
c Includes from Boston to Great Britain, 2,322; to Germany, 136; to Canada, 9,947,
to Japan, 325; to Belgium, 150; to Italy, 123; to Poland, 50; from Philadelphia to Great Britain, 870; to Belgium. 341; to Sweden, 1,593; to Poland, 9,502; to Denmark,
100; to Finland 402; to Norway, 150; to Esthonia, 573; to Italy, 419; to Japan, 33; to France 2.
d Includes from Gulfport to Liverpool, 6,786; to Manchester, 589; to
Bremen, 2,629; to Havre, 985; to Antwerp, 216; to Ghent, 478; to Rotterdam, 189; to Tallin, 50; to Varburg, 200; to Oporto, 50; from Baltimore to Italy, 639; to Norway,
100: to Poland, 1,047; to France, 62; to Great Britain, 75.
e Includes from Seattle to Canada, 10.
The Course of the Bond Market
A
generally weak tone has prevailed in the bond market,
many
speculative issues going to
new
lows for the
year.
remain
substantially above the year's low.
Governments
have again
United
States
made fractional gains.
The Baa rails have declined below former low points, while
High-grade railroad bonds have suffered price reactions
utilities and industrials have just broken through
with the greater part of the declines being registered toward
the Baa
their low records made earlier this year.
the
other hand, have not lost much
High grades,
on
ground this week and
the close
117^4
of
the
week.
Chesapeake & Ohio 4%s, 1992, &t
lost 1 point, while Oregon Washington RR. & Navi-
1980
Financial
gation 4s, 1961, at 106% were up %.
bonds
grade railroad
during the week,
at
Public Service
declines
3 points to 92, record¬
industrials, while recessions up to several points have been
low, while Baltimore & Ohio S. W. Div. 5s, 1950,
a new
frequent
pany
obligations have been soft, Armour & Co. (Del.)
St. Paul 5s, 1975, at 15% were off 3, while Seaboard
losses.
1955,
closing at 95%,
Air Line 6s,
While
and
speculative
utility
bonds
102%.
Cleveland Electric Illuminating 3%s,
3%s, 1965, gained % at 105%.
grades
affected
been
have
by
erratic
an
MOODY'S BOND
market.
{Based
17.
Govt.
MOODY'S
120 Domestic
BOND
YIELD
(REVISED)
AVERAGES
All 120
120 Domestic Corporate *
120 Domestic
1937
Domes¬
by Ratings
Corporate by Groups *
Baa
R.
h.
U.
P.
.
30
For-
Daily
A
Aa
German bonds registering
{Based on Individua iClosing Prices)
Corporate by Groups *
Aaa
Corp*
non-
Japanese; South Americans sold fractionally lower.
tic
Averages
with
pressure,
Average Yields)
by Ratings
Domes¬
Bonds
the
by
additional losses. * Italian issues have been mixed, as were
(REVISED)
120 Domestic Corporate *
120
All
S.
1937
Daily
on
under
continued
1966, declined 7 to 56;
PRICES
lost
been
have
Anaconda Copper 4%s, 1950, closing at 104%,
Building supply issues have been mixed, Certaingiving up 6% to close at 68.
Due to the tension in world politics, the foreign bond list
Brooklyn-Manhattan Transit 4%s, 1966, closed at 64%, off
Interborough Rapid Transit 5s,
The steels have
teed Products 5%s, 1048,
Lower
stock
4s,
Texas
1%.
down
unchanged at 109%; New York & Queens Elec¬
tric Light & Power
fractions
Sizable
to
ferrous metals,
were
In the oil section,
Steel 4%s, 1960, receding 1%
Bethlehem
been reactionary,
were
showed small
gains.
off 2%.
Corp. 3%s, 1951, moved down 1% to 102%.
1945, lost 2% at 13.
second-grade
losing ground high grades held firm, and in many instances
7;
Meat packing com¬
lower-ranking issues.
among
Defaulted railroad bonds also registered
83% lost 6%.
1965,
13% at 65; Virginia
5s, 1950, declined 3% to 85%.
Fractional declines have been numerous among high-grade
of them registering new 1937 lows.
many
Sept. 25, 1937
Western Union Telegraph 5s, 1960, lost
Medium- and lower-
have undergone wide price
Northern Pacific "D" 5s, 2047, dropped
ing
Chronicle
tic
Indus.
Averages
Corp.
R.
Baa
A
Aa
Aaa
R.
P.
elgns
Indus.
U.
Sept 24-. 108.47
98.45
113.27
108.46
98.11
79.20
88.95
100.00
107.69
Sept 24—
4.09
3.30
4.11
5.41
4.69
4.00
23.. 108.56
99.14
113.48
109.05
98.62
80.33
89.84
100.53
108.27
23-
4.05
3.29
3.51
4.08
5.32
4.63
3.97
3.55
22-.
108.42
99.31
113.68
109.05
98.80
80.45
89.99
100.53
108.46
22-
4.04
3.28
3.51
4.07
5.31
4.62
3.97
3.54
---
21-. 108.36
99.31
113.68
109.24
98.80
80.71
90.14
100.70
108.27
21
4.04
3.28
3.50
4.07
5.29
4.61
3.96
3.55
---
—
20-.
108.30
99.31
113.27
109.05
98.80
80.71
90.14
100.53
108.27
20-
4.04
3.30
3.51
4.07
5.29
4.61
3.97
3.55
18- 108.41
99.48
113.48
109.24
99.14
81.09
90.44
100.53
108.85
18-
4.03
3.29
3.50
4.05
5.26
4.59
3.97
3.52
---
17- 108.36
99.66
113.48
109.24
98.97
81.48
90.59
100.53
108.85
17-
4.02
3.29
3.50
4.06
5.23
4.58
3.97
3.52
5.33
16- 108.30
99.48
113.27
109.24
98.97
81.35
90.59
100.53
108.66
16-
4.03
3.30
3.50
4.06
5.24
4.58
3.97
3.53
«...
15- 108.19
99.31
113.27
109.05
98 80
80.96
90.29
100.53
108.46
15..
4.04
3.30
3.51
4.07
5.27
4.60
3.97
3.54
14.. 108.05
99.31
113.27
109.05
98.80
80.84
90 29
100.35
108.46
14..
4.04
3.30
3.51
4.07
5.28
4.60
3.98
3.54
13-
4.05
3.54
3.54
-i
5.39
3.58
...
107.96
99.14
113.07
108.85
98.80
80.58
89.99
100.18
108.46
13..
3.31
3.52
4.07
5.30
4.62
3.99
11..
107.78
99.48
113 07
109.24
98.97
81.35
90.59
100.70
108.27
11
4.03
3.31
3.50
4.06
5.24
4.58
3.96
3.55
10-
107.78
99.66
113.27
109.24
99 14
81
74
90 90
100.88
108 46
10..
4.02
3.30
3 50
4.05
5 21
4.56
3.95
3.54
5.38
9-. 107 76
99.83
113.27
109.24
99.14
82.13
91.20
101.06
108.46
9-
4.01
3 30
3.50
4.05
5.18
4.54
3 94
3 54
—-
8-.
107.81
99.83
113.07
109.24
99.14
82.40
91.35
101.06
108.46
8-
4 01
3 31
3 50
4 05
5 16
4 53
3 94
3.54
7- 107.85
100.35
113.68
109.44
99.48
83.06
91.66
101.41
109.05
7-
3.98
3.28
3.49
4.03
5.11
4.51
3.92
3.51
6-. Stock
Exchan ge
,
Clos ed
—
Clos ed
Exchan ge
6-. Stock
4-.
108.01
100.53
113.68
109.64
99.66
83.46
92.12
101.41
109.24
4..
3.97
3.28
3.48
4.02
5.08
4.48
3.92
3.50
3..
108.04
100.70
113.68
100.64
99.66
83.60
92.12
101.58
109.24
3-
3.96
3.28
3.48
4.02
5.07
4.48
3.91
3.50
2-
108.11
100.70
113.89
109.64
99.66
83.60
92.12
101.58
109.24
2__
3.96
3.27
3.48
4.02
4.07
4.48
3.91
3.50
1-
108.31
100.70
113.89
109.64
99.66
83.87
92.43
101.58
109.24
1
3.96
3.27
3.48
4.02
5.05
4.46
3.91
3.50
4.45
Weekly—
Aug. 27— 108.28
—
5.28
_
__
Weekly—
100.70
5 28
113.89
109.44
99.66
92.59
101.58
109.24
Aug. 27..
3.96
3 27
3.49
4.02
3.91
3.50
20-. 108.86
101.06
114.09
109.84
100.00
84.41
92.75
101.94
109.64
20-
3.94
3 26
3.47
4.00
5.01
4.44
3.89
3.48
5.33
13..
109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
13..
3.90
3.22
3.43
3.95
4 98
4.36
3.87
3 45
5 08
6- 109.49
101.76
114.72
111.03
100.88
84.55
93.85
102.12
110.24
6-.
3.90
3 23
3 41
3 95
5 00
4 37
3 88
3 45
5.09
5.13
84.01
6.04
uiy 30..
109.52
101.58
114.72
110.63
100.70
84.28
93.85
109.34
July 30-.
3.91
3.23
3.43
3.96
5.02
4.37
3.89
8.47
23..
109.22
101.76
114.09
110.63
100.88
85.10
94.97
101.76
109.24
23..
3.90
3.26
3.43
3.95
4.96
4.30
3.90
3.50
5.13
16-
108 90
101.5S
113.89
110.24
100.53
85.24
94.97
101.58
108.85
16-
3.91
3 27
3.45
3.97
4.95
4 30
3.91
3.52
5.20
9..
108.59
101.58
113 89
110 24
100 53
85.24
95.13
101.06
109.24
3.45
3.97
4.95
4.29
3 94
3.50
5.15
4.00
101.94
3.91
3.27
2..
108.39
100.38
113.68
109.84
100.00
83.87
94.33
100.18
108.66
2..
3.95
3.28
3.47
5.05
4.34
3.99
3.53
5.17
25..
108.36
IO0.70
113.48
109.64
99.83
93.87
94.33
99.83
108 66
June 25—
3.96
3.29
3 48
4.01
5.05
4.34
4.01
3.53
5.12
18-
108.44
101.41
113.89
110.24
100.35
85.10
95.13
100.70
109.24
1S-.
3.92
3.27
3.45
3.98
4.96
4.29
3 96
3.50
11..
108.53
101.76
113.89
110.43
100.70
85 65
95 95
100.88
109.24
11-
3 90
3.27
3.44
3.96
4.92
4.24
3.96
3.50
5.11
4-
108.59
101 58
113 48
110 24
100.35
85.65
95.46
100.70
109 05
4..
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3 51
5.19
May 28..
108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
May 28..
3.92
3.30
3.46
3.98
4.92
4.26
3 97
3.52
21..
108.22
101.58
113.07
109.84
100.35
86.07
95.46
100.88
108.66
21..
3.91
3.31
3.98
4.89
4.27
3.95
3 53
14..
107.97
101.23
112.25
109.44
99.83
86.21
95.13
100.88
108.27
14..
3.93
3.35
3.49
4 01
4.88
4.29
3.95
3.55
5.38
7..
108.03
101.58
112.45
109.05
100.18
87 21
95.78
101.23
108.08
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3 56
6 37
Apr. 30..
107 59
100.70
111.43
108.27
99 48
86 50
94.97
100.70
106.92
Apr. 30..
3 96
3.39
3.55
4.03
4.86
4 30
3.96
3 62
6 41
23..
107.17
100.70
111.23
107.69
99 48
86.92
95.29
100 70
106 54
23..
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
16.
107.79
100.70
111 03
107.88
99.48
87 21
95.62
100.70
106 54
16-
3.57
4.03
4.81
4.26
3.96
3 64
5.33
5.33
une
9-
3.47
5.13
.
5 27
3.96
3.41
9_'.
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9..
4.03
3.48
3 61
4.09
4.92
4 33
4.04
3 70
2.
107.19
100 18
110.63
107 49
98.80
86.64
95.13
99.83
106.17
2..
3.99
3 43
3.59
4.07
4.85
4.29
4.01
3 66
Mar. 25..
108.40
101.23
111.84
108.27
99.48
87 93
96.11
100.70
107 30
Mar.25—
3 93
3 37
3 53
4.03
4.76
4.23
3.96
3 60
6.33
19..
109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107 30
19..
3.93
3.37
3 54
4 05
4.76
4.23
3 95
3 60
5.26
12..
110.76
102.30
112.86
109.24
100.35
89 40
97 45
3 50
3.98
4.66
4.15
3 90
3.55
5 30
5..
111.82
103.74
114.09
110.43
101 76
90.75
98 45
112.18
103.93
114.72
110.83
102 12
90 59
98.62
12
104.11
114.30
110.83
102.48
91 05
98.97
Feb. 26.
19.
112
11.
101.76
108.27
12..
3.87
3.32
J03 38
109.44
5..
3.79
3 26
4 55
3.90
4.57
4.09
3 81
3 49
JD3
93
109.84
Feb. 26..
3.78
3 23
3.42
3.88
4.58
4.08
3 78
4.47
5.13
104.11
*
109.44
19-
3.77
3 25
3.42
3.86
4.55
4.06
3.77
3 49
5 13
11-
3.75
5..
3 22
3 41
3 84
4.52
4.02
3.76
3.46
5 18
3 72
3.18
3.37
3.81
4.51
4.00
3 72
3.43
5.19
3 70
3.14
3 35
3.80
4.52
4.00
3 72
3.39
5.34
112 05
22..
3 66
3.09
3.30
3 76
4 47
3.93
3.68
3.36
6.39
17
112 25
15..
3 65
3.07
3.29
3.75
4.47
3.93
3.66
3 35
5 41
101 23
106.17
112 25
8-
3.65
3 08
3.27
3 75
4.49
3 93
3 66
3 35
101
106.17
112.45
Low 1937
3 64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.08
88.95
99.31
105.41
High 1937
4.09
3.48
3.61
4.11
5.41
4.69
4.04
3.70
5.43
99.31
103.02
110.43
3.77
3.17
3.41
3.92
4.56
4.04
3.83
3.44
5.68
4.37
3.57
3.86
4.48
5.55
4.93
4.28
3.90
6.56
104.48
114.93
111 03
102.84
91.51
99 66
104.30
110.04
112.34
105.04
115.78
111 84
103.38
91 66
100.00
105.04
110.63
112.21
105.41
116.64
112.25
103 56
91.51
100 00
105.04
111 43
22..
112.39
106 17
117.72
113.27
104 30
92.3.8
101
23
105.79
15..
112 53
106 36
118 16
113.48
104 48
92 28
101
23
106
8.
112 71
106 36
117 94
113.89
104.48-
91.97
112 78
106 54
118 16
113 89
104.67
92.43
1937 107.01
98.45
109.64
107.11
98 11
79.20
104.11
116.00
111.03
101.41
90.90
High 1937
Low
1
Yr
41
Aon
Jan.
1
Sept24'36 110.76
5 24
29.
112.20
5..
29..
Jan.
5.36
2 Yrs.Ago
Yr
5 43
Aon
Sept 24'36
2
Sept24'35 106.49
93.85
107.88
102.48
92.12
77.48
85.52
95.29
101.76
Yrs.Ago
Sept24'35
*
These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, tha latter being the truer picture of the bond market.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Sept. 24, 1937.
Business recovered quickly from the setback of the pre¬
vious
week,
due
the
to
tliree-day holiday.
of Commerce" business index
with
95.2
ended
for the
Sept.
the index
4.
the
The
dvanced to 102.4
Labor Day week, and
For
97.5.
was
;
as
"Journal
compared
102.1 for the week
corresponding week
of
last year
Activity in the steel industry is
appar¬
ently not coming up to expectations.
The condition of the
steel
predicted
markets
and
the
failure
of
the
post-Labor
new
business
ingot output and mill schedules will be
both
subject to further reduction from the present rate around
76%.
Pronounced
weakness in
steel scrap, particularly at
Fittsburgh, where it has declined $2
a
ton
on
a
sale to a
favorable view of
autumn prospects for the steel industry, the "Iron Age"
states.
On the other hand, optimism is running high in the
automotive field.
Optimistic forecasts for the 1938 model
leading
year
mill,
tends
to
confirm
the less
including predictions of a record produc¬
by motor executives speak¬
automobile,
tion year, were made yesterday
Day buying drive to develop reveal the uncertainty of fore¬
ing before
casting weeks
Packard Motor Car Co.
try.
Up
to
or
months ahead concerning the steel indus¬
week
steel
dealers'
meetings and new car previews.
The
is spending $13,000,000 in prepara¬
tion
for
year
in its entire history.
quarter, while the general opinion was that the
operations through August, of between 80 to 85%
of capacity, would be at least maintained over the balance
man
of
of the year.
The "Iron Age" summary this week emphasizes
the lack of buying incentive, except, perhaps, from the auto¬
piedicted
motive manufacturers.
of
confident
the
rate
that
a
that
a
ago
new
many
peak
producers
of output might
still
were
be reached
in
fourth
of
many
consumers
semi-finished
lines,
At the
are
and
well
unless
same
time
stocked
an
it
with
is
pointed out
finished
improvement
and
occurs
in
vention
still
1938, which it expects to be the biggest production
Alfred P. Sloan Jr., Board Chair¬
General Motors, speaking to a Chevrolet sales con¬
in
Detroit,
said
that
the forces
of
recovery
are
M. E. Coyle, President of Chevrolet,
increase on the new 1938 Chevrolets.
surging forward.
Motor
a
further
company
increase in
month
may
officials generally predict that the margin
retail
rival
sales
that
of
new
cars
during the current
recorded in August.
Production of
electricity in the United States for the week ended Sept. 18
Financial
Volume 145
totaled
2,280,792,000 kilowatt hours compared with 2,154,276,000 a week ago and 2,028,583,000 in the corresponding
week last year.
The total for the latest week is 5.1% over
the same week last year, according to the Edison Electric
Institute.
Oar loadings for the week were 826,565 cars.
This was an increase of 115,266 cars, or 16.2%, compared
with the preceding holiday week; an increase of 36,708, or
4.6%, compared with a year ago. Retail sales for the coun¬
try
whole
as a
3%
to
7%
better
estimated by Dun & Bradstreet at from
were
than
in
the
was
up
10%
volume
and 8% to 22%
ahead of the preceding week,
1936
comparable
to 25%
last
from
Wholesale
Spurred by
period.
year.
^increased consumer demands, retailers have revised upward
'
Chronicle
1981
with the peak figure of 826,155 cars touched in midOctober last year.
For the week ended Sept. 11, 1937,
loadings were 1.7% above those for the like week of 1936
and 1.7% over those for the corresponding week of 1935.
Loadings for the week ended Sept. 4, 1937, showed a gain of
5.2% when compared with 1936 and a rise of 35.9%jwken
comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
Sept. 18, 1937, loaded a total of 375,970 cars of revenue
freight on their own lines, compared with 321,926 cars in
the preceding week and 365,542 cars in the seven days
ended Sept. 19, 1936.
A comparative table follows:
pare
REVENUE FREIGHT
Federal marketing experts predicted today that an
increasing flow of dollars to the American farmer in the
Own Lines
on
Rec'd
Weeks Ended—
push his cash income this year to
The Bureau of Agricultural Economics esti¬
$9,000,000,000.
mated
cash
farm
$5,355,000,000,
income
gain
a
and
States
eight
months
about
or
15%
after
from Connections
Weeks Ended—
forecast that
of
survey
will
be
sold
to
The
devoid
anything
unusual.
of
that
has
weather
prevailed
agricultural sections
during
new
of United
importing nations
bushels.
Mar¬
supplies,
demands, predicted 95,000,000 bushels
wheat
the
that
need
week
was
generally
The
the
fair,
cool
practically all
important
very favorable for fall
was
Sept. 18 Sept. 11 Sept. 19 Sept. 18 Sept. 11 Sept. 19
1937
1936
1937
1937
1936
1937
Atchison Topeka & Santa Fe Ry.
25,185
21,956
Baltimore & Ohio RR
36,182
30,991
22,292
35,424
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
25,857
18,023
22,340
25,123
14,769
17,549
22,609
18,826
22,482
8,758
8,286
7,822
8,661
Chicago Milw St Paul & Pac Ry„_
Chicago & North Western Ry
17,262
14,811
16,923
11,619
10.427
10,938
2,816
2,550
2,040
1.511
1,371
1,471
International Great Northern RR
2,756
2,263
1,843
2,012
6.428
5,182
2,852
5,629
2,271
Missouri-Kansas-Texas
2,983
2,638
3.314
Gulf Coast Lines
complicated
a
at
over
major role in world wheat exports
a
485,000,000
weather
first
from government economists today.
came
experts,
crops
the
A confident
year.
United States will play
season
for
$681,000,000,
of
period last
same
ket
Loaded
four months would
next
this
CONNECTIONS
(Number of Cars)
today.
the
RECEIVED FROM
AND
LOADED
their estimates of fall improvement and have entered whole¬
sale markets with less caution, so Dun & Bradstreet report
harvesting
over
operations, according
to the government weekly weather
In most sections outside work continued practically
without interruption, although in many central
parts of
RR
6,490
5,413
5,954
18,578
15,205
9,395
11,715
12,406
9,238
17,704
8,298
Missouri Pacific RR
17,631
14,848
18,658
9,059
8,511
9,366
New York Central Lines
44,047
36,732
41,490
45,732
36,582
44.090
5,271
4,613
5,357
10,317
8,516
10.771
New York Chicago & St Louis Ry_
Norfolk & Western Ry
25.493
22,258
24,780
4,686
4,048
4,666
Pennsylvania RR
70,509
62,258
72,603
46,699
39,972
45,254
6,188
4,794
5,501
5,269
4,476
Pere Marquette Ry..
Pittsburgh
Wabash Ry
_
5,190
7,466
6,051
7,893
7,158
6,440
6,986
36,289
31,902
32,726
x9,105
x7,706
x7,961
5,958
Lake Erie RR
Southern Pacific Lines
4,782
6,220
8,491
7,557
8,653
.
report.
the country continued dry weather was
extremely favorable
for all outside operations, while late
vegetables and
Total
375,970 321,926 365,542 220,370 186,208 213,004
Excludes
x
Interchanged between S. P. Co.-Paciflc Lines and Texas & New
cars
Orleans RR. Co.
pastures
showing much improvement.
are
weather
in
vesting
the Northwest
operations,
was
while
weather
frosts
that
far south
as
fiosts in
central
prevailed
fall
some
advance wherever the soil is
planting
made
sufficiently moist.
Eastern
in
sections
some
CONNECTIONS
good
brought
Weeks Ended—
light
Sept. 18, 1937
Sept. 11. 1937
Sept. 19, 1936
37,570
31,967
36.483
16,336
13,436
16,233
53,906
44,403
52,716
as
The weather of the week
part of the country
in
of high
St.
attended by mostly cool weather and little
rain, except in the extreme Northeast.
In other parts of the
country the weather
City
generally seasonable to
was
the weather
area
most of the week.
System.
Louis-San Francisco Ry
Eastern
dominated by a succession
was
the
Central
Illinois
f
Total
pressi re areas,
the New York
FROM
(Number of Cars)
The cooler
Kentucky and Missouri, with heavy
parts of the Lake region, and killing in north-
districts.
TOTAL LOADINGS AND RECEIPTS
The extremely warm, dry
favorable for late har¬
also
Today it
was
In
warm.
clear and pleasant
fair and
was
The Association
week ended
here, with
The forecast
warm
temperatures ranging from 56 to 78 degrees.
for
increasing
cloudiness
tonight
and
Saturday.
Warmer tonight and cooler Saturday night.
Overnight at
was
Boston it was 56 to 74 degrees; Baltimore, 56 to 76; Pitts¬
burgh, 56 to 84; Portland, Me., 56 to 66; Chicago, 70 to 90;
Cincinnati, 62 to 90; Cleveland, 64 to 86; Detroit, 64 to 86;
Charleston, 68 to 80; Milwaukee, 74 to 92; Savannah, 6S
to 82; Dallas, 70 to 90; Kansas
City, 72 to 94; Springfield,
Mo., 68 to S4; Oklahoma City, 70 to 92; Salt Lake City, 38
60; Seattle, 46 to 62; Montreal, 5S to 74, and Winni¬
peg, 44 to 58.
to
Loading of
This
cars.
week in
in
1930
revenue
was
which
did
cars
as
reviewing the
follows:
freight for the week ended Sept. 11 totaled 711,299
increase of 11,152 cars or
of 11,513
an increase
1.6% above the corresponding
cars or
1.6% above the
same
week
decrease of 254.514 cars or 26.4% below the same week in
a
Loading of
93.334
an
1936, and
1935. but
of American Railroads in
Sept. 11 reported
f >
m
r
freight for the week of Sept. 11
revenue
>
f
was
a
*
4
decrease or
below the preceding week, due to the Labor Day
11.6%
or
the holiday.
not include
holiday.
Miscellaneous freight loading totaled 285,035 cars, a decrease of 39,602
below
cars
the preceding
week, and
1936.
corresponding week in
>
Loading of merchandise less than
a
decrease of 25,151
decrease of 6,658
a
cars
below the
t
-
car
load lot freight totaled 147,107
cars,
below the preceding week, and 2,066 cars below the
corresponding week in 1936.
Coal loading amounted to
118,207
cars, a
decrease of 16,710 cars below the
preceding week, and 2,988 cars below the corresponding week in 1936.
Railroads
Grain and grain products loading totaled
Install
49,327
New ' Freight
Cars
During
First Eight Months of 1937
New freight cars installed in service by the Class I rail¬
eight months this year totaled 49,327, the
largest number for any corresponding period since 1930, the
In
the
of
American
Railroads
announced
Sept. 23.
on
period last year 20,588 new freight cars were
put in service and 2,819 in the same period two years ago.
New freight cars put in service in the first eight months of
same
1930 totaled 64,418.
Of
the
including
flat
steam
oi
both
I
steam
new
27
and
in
the
38
6ince
20
eight
put
1937
of
months
the
Diesel
also
electric
and
101
Diesel
electric
installed
in
New
freight
New
now
in
corre¬
steam
years
this
year
Sept.
order
1
locomotives
steam
with
two
cars On
on
43
ago.
on
the
on
last
order
on
same
Sept. 1 this
year
date
on
one
New electric and
totaled 37,
year
and 7,240
Sept.
year
Diesel
compared with
on
were
the
1
ago,
this
year
and nine
locomqtives
17 last
1,
year
on
Live stock loading amounted to 14,207 cars, a decrease of 3Z5*ears below
In the western districts alone, loading of live stock for the week of Sept. 11
11,199
totaled
3,037
cars,
a
decrease of 322
cars
below the preceding week, and
below the corresponding week in 1936.
cars
products loading totaled
the
33,744
cars,
a
decrease of 3,754 cars
preceding week, but an increase of 1,866 cars above the cor¬
responding week in 1936.
amounted t<9 71,589 cars, a decrease of 799 cars below the
Ore loading
but an increase of 19,810 cars above the corresponding
preceding week,
week in 1936.
to 9.427 cars, a decrease of 825 cars below the
preceding week, but an increase of 420 cars above the corresponding week
installed,
same
period
totaled 252,
the
order
and three two
districts,
the
except
the
northwestern
corresponding week in 1936.
with the
1935.
on
All
and
central
western,
reported
decreases in the number of cars loaded with revenue freight compared with
totaled 31,419, compared
Sept.
decrease of 6,118
in 1936.
locomotives
locomotives
any
new
42
.
22,354
pared
226
cars, a
the preceding week, and 3,497 cars below the corresponding week in 1936.
Coke loading amounted
than for
1936,
1935.
with
3,717;
cars,
31,983
increase of 4.265 cars above the
above the preceding week and 4,865 cars above the corresponding
cars
cars,
58.
cars,
an
In the western districts alone, grain and grain
week in 1936.
below
box
locomotives, the number
period
same
25,639;
refrigerator
in service being greater
In
locomotives and
18.590 ;
electric and
new
totaled
cars
and miscellaneous
150,
1930.
new
coal
automobile,
stock cars,
and
steam
installed,
preceding week, but
products loading for the week of Sept. 11 totaled 22,598 cars, an increase of
4,257
Forest
The Association further reported:
cars
locomotives
period
locomotives
in
;
railroads
locomotives and
sponding
and
plain
1,173
cars,
Class
freight
new
the
corresponding week in 1936.
roads in the first
Association
below
cars
com¬
same
on
Loading of revenue freight in 1937 compared with 1936 and 1930 follows!
date
Sept.
years
All districts reported decreases compared
corresponding week in 1930.
1937
1
ago.
1936
v
1930
freight
in
the
cars
and
above
locomotives
leased
or
otherwise acquired
are
not
figures.
3.316,886
2.974.553
4,246.552
Four weeks in February
2,778,255
3,003,498
2,955,241
3,897,704
2,512,137
2,415.147
2,543.651
3,506.899
Four weeks In A "arch
Four weeks in April
New
included
Five weeks In January
Revenue
Freight Car Loadings Reach 826,565 Cars in
Week Ended Sept. 18
3.515,733
3.618.960
3,351,564
4,593,449
2.7S6.742
3,718,983
Five weeks in July_
2,976,522
3,812.088
3,572.849
4,475,391
Four weeks in August
Five weeks in May
Four weeks In June
Loadings of revenue freight for the week ended Sept. 18,
1937, totaled 826,565 cars.
This is a rise of 115,266 cars,
or 16.2%, from the preceding week; an increase of 36,708
cars, or 4.6%, from the total for the like week of 1936, and an
increase of 119,745 cars, or 16.9%, over the total loadings
for the corresponding week of 1935.
Loadings during the
current week reached the highest point since 1930 and com¬
3,115,708
2,954,522
3,752,048
Week of Sept.
4
804.633
765,131
856,649
Week of Sept.
11
711,299
700,147
965,813
27.371,834
24,576.443
33,250,477
Total
In
the
following we undertake to show the loading
roads and systems for the week ended Sept. 11
During this period a total of 55 roads showed increase
when compared with the same week last year.
for separate
Financial
1982
REVENUE
FREIGHT
AND
LOADED
FROM
RECEIVED
CONNECTIONS
Total Revenue
456
651
1,053
895
971
248
7,201
1,525
1,072
7,881
1,590
253
7,166
1,440
7,938
2,024
8,398
473
Ann Arbor
Bangor & Aroostook
& Maine
Chicago Indianapolis & Loulsv.
1,089
2,221
Delaware & Hudson..
1,055
1,181
327
379
378
995
939
320
358
352
2,610
2,407
7,650
19,101
7,649
19,597
7,010
19,892
3,505
13,326
3,253
414
436
425
185
170
147
97,713
100,199
Seaboard Air Line..
30
24
85
65
1,209
4,809
8,319
1,087
1,660
6,083
5,985
1,788
Southern System
Tennessee Central
6,443
Wlnston-Saiem
Delaware Lackawanna & West
4,639
9,065
437
293
318
136
1,752
2,017
2,042
210
301
296
11,435
2,862
11,270
2,461
13,169
3,057
178
152
190
1,047
2,350
12,515
6,376
1,592
1,493
6,987
2,712
4,311
2,410
36,732
9,147
1,018
4,613
6,029
4,794
1,416
1.201
6,961
3,048
4,159
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line..
Erie
Grand Trunk Western..
Lehigh & Hudson River.....
Lehigh & New England..
Lehigh Valley
Maine Central.
Monongabela
......
New York Central Lines
N. Y. N. H. A Hartford
7,386
2,650
3,894
2,350
36,634
958
6,650
1,923
136
Chicago Mllw. St. P. & Pacific.
43
Chicago St. P. Minn. <fe Omaha
Duluth Mlssabe & Northern—
305
204
19
401
269
249
209
1,434
1,244
1,073
8,516
6,462
4,476
1,306
1,326
6,358
4,391
24
571
557
676
851
878
4,782
4,377
5,440
4,504
5,662
4,019
7,557
3,491
7,636
3,025
131,347
135,415
142,756
139,268
141,152
Rutland
Wabash
Wheeling & Lake Erie
Total.....................
58,394
1,814
10,427
2,973
7,822
3,685
3,085
704
222
10,350
1,398
5.202
5,790
58,758
728
915
19,167
2,457
18,385
3,690
21,529
...
37,056
9,710
1,465
8,969
9,282
1,567
4,822
7,068
4,799
5,675
97,962
Northwestern District—
18,397
2,225
19,433
3,509
15,292
19,083
2,505
21,502
4,275
Belt Ry. of Chicago
Chicago & Northern Western..
Chicago Great Western
344
Pittsburgh & Lake Erie
Pere Marquette.
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
Total.
36
1,404
705
892
926
2,103
13,904
6,177
1,516
1,117
6,601
1,845
293
13,561
653
840
-V
5,345
303
*
New York Ontario & Western.
N. Y Chicago & St. Louis
Southbound...
36,582
9,270
2,403
39,352
1,171
1,221
1,096
Piedmont Northern
Norfolk Southern
23
Central Vermont
1,855
9,867
7,745
3,548
231
207
Duluth South Shore & Atlantlo.
1,464
865
Elgin Jollet & Eastern
Ft. Dodge Des Moines & South.
7,920
6,998
9,446
1.107
6.108
397
384
348
177
151
27,427
20,364
22,815
3,072
2,832
513
534
618
599
459
3,574
1,757
7,039
11,316
2,644
2,348
1,920
Great Northern
Green Bay & Western
Lake
Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul A S. S. M
Northern Pacific
1,589
5,876
391
4,887
69
12,104
83
1,963
2,551
3,491
7,750
9.965
362
6,888
1,762
2,278
3,243
345
326
304
483
365
1,452
1,668
1,635
1,450
1,567
129,136
110,797
114,783
48,062
44,320
21,956
2,733
20,377
3,080
21,007
3,038
5,413
2,085
5,498
581
353
319
133
68
14,769
1,896
11,706
2,386
1,001
4,136
15,496
1,459
11,256
2,404
8,286
8,053
840
939
7,174
2,200
7,261
2,083
1,413
1,431
3,630
15,706
1,700
12,358
2,850
1,040
3,321
3,230
3,206
777
892
793
18
885
982
981
830
816
1,939
1,023
1,761
1,481
2,215
1,397
1,589
1,301
101
75
North Western Pacific
759
780
994
454
304
Peoria & Pekin Union
190
126
125
33
57
24,034
20,973
20,490
4,988
213
227
277
4,371
1,153
14,417
14,330
15,005
1,189
8,844
Spokane International
Spokane Portland & Seattle
Total
|
Central Western Dlstrict-
Allegheny District402
475
496
668
704
30,991
6,157
30,835
5,921
31,665
15,205
2,363
14,726
2,813
Youngstown
Baltimore & Ohio
Bessemer & Lake Erie......
3,476
Atch. Top & Sante Fe
System.
Alton...
408
295
282
7
10
Bingham & Garfield
1,171
5,733
Buffalo Creek & Gauley
Cambria & Indiana..
1,246
5,670
1,135
5,908
25
13
9,263
9,337
550
761
599
87
52
Cumberland & Pennsylvania
Ligonier Valley
230
300
355
47
31
Chicago Burlington & Qulncy.
Chicago & Illinois Midland...
Chicago Rock Island & Pacific
Chicago & Eastern Illinois
95
107
183
21
30
Colorado & Southern
Long Island
567
723
744
1,874
1,352
39,972
13,790
2,103
1,323
39,560
Denver & Rio Grande Western
14,471
5,535
Illinois
Central RR. of New Jersey..
Cornwall
1,215
62,258
11,421
14,268
(Pittsburgh)
West Virginia Northern.....
Western Maryland
1,572
62,448
12,477
14,254
1,207
60,679.
11,898
7,990
32
Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union
1936
Richmond Fred. & Potomac...
1,179
4,518
7,083
Central Indiana
Akron Canton &
1937
Southern District—(Concl.)
Eastern District—
Montour
from Connections
1935
1936
1937
1936
1937
1935
1936
Total Loads Received
Freight Loaded
Railroads
1937
SEPT. 11
ENDED
CARS)—WEEK
OF
(NUMBER
Total Revenue
from Connections
1937
Boston
Sept. 25,
Total Loads Received
Freight Loaded
Railroads
Chronicle
48
63
3,006
5,986
5~, 723
5",057
3,612
3,321
Denver & Salt Lake
Terminal
Northern
Nevada
(Pacific)
Southern Pacific
Total
138,504
95,717
130,292
140,453
96,431
City
Fort Worth & Denver
Toledo Peoria & Western
Union Pacific System
946
2,411
33
9,003
577
535
457
14
10
1,727
1,696
1,852
2,558
2,682
107,705
102,784
105,925
51,392
50,755
Alton & Southern
241
249
239
4,731
4.021
Burlington-Rock Island
219
198
163
325
214
Fort Smith & Western
178
195
158
205
232
2,550
2,263
2,184
2,351
1,892
214
159
1,817
1,969
1,613
1,683
1,476
1,371
1,843
1,050
2,084
1,035
1,273
2,078
233
Utah
Western Pacific.
-
...
Pocahontas District—
9,270
22,340
22,558
24,806
23,461
9,395
4,048
932
863
1,216
4,162
4,055
4,366
959
778
49,597
Norfolk & Western
23,263
23,480
837
Chesapeake & Ohio
51,730
53,496
15,618
15,429
Norfolk & Portsmouth Belt Line
Virginian..
Total..
4,229
1,152
Southwestern
Total.
District—
Gulf Coast Lines
International-Great Northern..
Southern District—
Alabama Tennessee & Northern
237
296
213
159
154
Atl. & W. P.—W. RR. of Ala..
771
800
770
1,230
1,306
Atlanta
675
753
752
590
702
9,603
4,243
8,981
4,121
8,111
4,589
4,105
2,438
3,993
2,563
Birmingham & Coast..
Coast
Atlantic
Central of
Line
Georgia...
424
450
352
985
925
1,281
1,237
1,185
1,544
1,499
Charleston & Western Carolina
Cllnchfleld
Kansas Oklahoma & Gulf
Kansas
City Southern
1,411
Louisiana & Arkansas
299
117
431
255
239
269
848
888
Midland Valley
Missouri & Arkansas
701
778
878
241
229
223
206
163
410
349
5,182
5,296
15,948
4,987
16,349
2,638
8,511
3.022
8,435
524
406
297
331
Missouri-Kansas-Texas
135
155
129
435
365
Missouri Pacific
Florida East Coast
463
Lines..
14,848
Georgia
40
31
37
42
34
504
Natchez & Southern
40
37
69
85
109
Quanah Acme & Pacific
89
95
88
938
Gainesville Midland
1,111
868
1,381
1,465
St. Louis-San Francisco
8,036
3,040
7,868
5,189
2,246
8,819
2,965
7,664
5,024
2,146
8,712
2,172
6,200
4,337
2,185
301
256
198
61
58
34
19
30
23
39
57,297
58,769
54,572
53,533
53,319
508
514
487
474
530
511
431
439
1,750
21,512
20,695
2,071
22,691
21,170
2,031
1,016
11,472
4,733
1,197
10,970
Georgia & Florida....
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville.
22,110
20,958
4,502
St.
Southwestern
Louis
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
375
Wichita Falls & Southern
296
261
238
355
337
Wetherford M. W. & N. W_
Mobile & Ohio
1,968
Nashville-Chattanooga <fc St. I„_
2,473
1,995
2,711
1,920
2,597
1,582
1,946
1,670
2,061
218
Macon Dublin & Savannah
Mississippi Central
316
254
175
Note—Previous year's figures revised.
Moody's
Index
Commodity
Staple
of
sharply this week, closing at 189.2
193.9
a
week ago.
cocoa,
Price
on
This establishes
declined
Prices
as
compared
new
low price
Friday,
a
principal factors in the decline
hogs, cotton, and steel
hides,
rubber,
coffee
and
lead
wheat
,wool
and
advanced.
sugar
were
lower prices for
scrap.
also
193.9
Sat.
No Index
192.4
192.6
192.0
191.6
whole
exhibit
no
definite
of
189.2
0.2
com¬
2 Weeks Ago, Sept. 10
Month Ago, Aug. 24
Year Ago, Sept. 24
1936 High—Dec. 28..
Low—May 12
1937 High—April 5
Low—Sept. 24
-194.3
198.0
184.2
208.7
162.7
228.1
-189.2
Points
Noted
in
trend;
the index
has
much
as
as
Higher prices for butter, eggs and bananas accounted
anything for the rise, although apples,
coffee, cocoa, flour,
the other hand, all the grains except wheat declined in the cash
did hogs, poultry, cotton, wool
THE
"ANNALIST"
WEEKLY
and their products and rubber.
INDEX
PRICES
OF
WHOLESALE
Sept. 14, 1937
100.2
products.
COMMODITY
(1926=100)
Sept. 21, 1937
Farm
On
market,
100.7
Sept. 22, 1936
89.2
81.4
Food products..
Textile products.
89.5
88.2
*70.2
a70.7
71.3
*90.7
*90.8
89.4
109.2
109.2
88.9
69.9
69.9
66.4
90.0
90.0
79.3
79.5
68.8
94.9
94.7
84.9
Building
materials
Chemicals
Miscellaneous
All
*
.
commodities
------
Preliminary.
a
85.9
Revised.
The "Annalist" also made available
on
Sept. 23 its monthly
prices.
In issuing
"Annalist"
Weekly
Index of Wholesale Commodity Prices During Week
Ended
Sept. 21—Foreign Prices Showed Mixed
Trend During August
Divergent commodity trends carried the "Annalist"
Weekly Index of Wholesale Commodity Prices slightly
higher last week.
The index rose 0.2 points to 94.9% of
the 1926 average on Tuesday, Sept. 21, said an announce¬
ment by the "Annalist" Sept. 23, which also noted:
16,162
steers, lambs, cows, beef, fresh pork, veal and lard were also higher.
indices of foreign and domestic wholesale
the indices the "Annalist" said:
Increase
2,788
3,464
15,689
Metals
Fri.
Sept. 17
Sept. 18
Sept .20
Tues.
Sept. 21
Wed.
Sept. 22
Thurs. Sept. 23
Fri.
Sept. 24
2,184
2,718
3,173
Fuels
during the week, with
follows:
Mon.
a
declined, while
Copper and silver remained
The movement of the index
as
as
Prices of silk,
unchanged.
parisons, is
movements
95.6 since Feb. 9.
as
corn,
123
4,193
1,978
,
moved between 93.7 and 95.4 since July 6 and, indeed, between 92.2 and
for 1937.
The
Total
109
3,822
* Previous figures.
Moody's Commodity Index At New Low
with
393
333
Litchfield & Madison
424
& Greenville
898
1,978
1,014
Louisiana Arkansas & Texas...
Durham & Southern
Columbus
1,534
Foreign prices showed
and
for the month
age.
a
mixed trend last month, with the French, German
Italian indices higher and the British,
Japanese lower.
In consequence, the
was
Canadian, United States and
"Annalist" International Composite
unchanged at 79.5%, in terms of gold, of the 1913 aver¬
Weekly indices for the opening weeks of September show losses in
Canada,
Germany and
States and
a
Great
Britain, moderate recovery in the United
sharp rise in France, the latter doubtless the result of the current
franc weakness.
The index of the prices in terms
of gold of 22 primary
commodities has declined until it is now the lowest since the beginning of
the year.
Volume
Financial
145
FOREIGN
MONTHLY
WHOLESALE PRICE INDICES
DOMESTIC
AND
(1913=,100.0)
*Aug. 1937
U.
S.
however, show a gain of 9.9% as
—0.8
on
125.9
73.8
74.4
—2.0
—0.1
69.5
»
+0.2
80.0
80.2
Gold basis
—2.3
70.8
113.2
80.6
132.6
___
Kingdom
119.0
136.7
79.0
132.5
basis
b
602
582
403
+ 3.4
Gold basis b
341
334
403
+ 0.2
+ 0.4
France
Germany
106.8
106.4
104.6
Italy
448.6
444.5
364.7
265.0
262.6
324.2
+ 0.9
177.2
180.4
151.6
—1.8
61.1
61.7
53.2
—1.0
79.5
76.0
0.0
Gold basis
Japan
Gold basis
79.5
Composite gold basis c
+ 0.9
of month,
c "Annalist"
International
Composite; Belgium and The Netherlands Included in addition to above countries;
Germany excluded from July, 1934.
*
Preliminary,
b
Revised,
a
The increase over a year ago
Aug.
69.1
133.6
Canada
Gold
—0,8
117.0
basis
United
Aug. 1936
>
July 1937
Sept. 14 by Fairchild Publications,
following to say:
% Change from
July 1937
124.9
A
Gold
a
1983
Chronicle
End
1
New York,'also had the
of 9.1% is less than the gain recorded on
Prices,
approximated 9.3%.
compared with last year, which
as
compared with last year's low recorded
of 5.3% since the beginning
Prices, however, still continue 3.7% below Jan. 2, 1931, and
There has also been an increase
July 1.
of the year.
about 16.5%
below the 1929 level.
various groups continued
showed no change for the second
gain with 0.7%.
while home furnishings followed.
As compared with a year ago, the
increase in home furnishings has exceeded the gain recorded by the com¬
posite index, the gain approximating 9.7%.
Home furnishings also show
the greatest advance as compared with the May, 1933, low.
The increase in the index during the month was largely due to the sharp
The
fluctuation
irregular
during
in
prices among
prices
Men's wear recorded the greatest
month.
consecutive
goods
Piece
August.
and floor covering prices.
It may
showing no changes during the
gain in shoes, men's clothing, furniture
also be noted that there were more items
month
the current upward
during any corresponding period since
than
trend began last summer.
An
Monthly Index of Business Activity Ad¬
During August to Highest Level Since
"Annalist"
vanced
definitely subsided, according to A
under whose supervision
He forecasts
12 months.
last montli as sev¬
Business activity continued to expand
likelihood of
at or near record-breaking rates,
after allowance for seasonal fluctuations, according to the
industries
operated
business conditions by H. E.
"Annalist" (New York).
The "Annalist" index of business activity made a moderate
THE
a
the rise
W. Zelomek, economist,
He stresses the fact that
that characterized the past
halt in the rise in prices shortly with even the
easing.
some
INDEX
FAIRCHILD PUBLICATIONS RETAIL PRICE
JANUARY, 1931=100
Copyright 1937 by Fairchild News Service
of domestic
monthly review
.
the index is compiled.
there is not the unanimity of price advances
October, 1929
eral
of the retail price trend shows very clearly tfiat
analysis
in prices has
Hansen in the current issue of the
May 1,
Sept. 1,
July 1,
Aug. 1,
Sept. 1,
1933
1936
1937
1937
1937
1937
Composite index
69.4
88.5
95.6
96.0
96.3
96.6
Piece goods
65.1
85.2
88.9
89.2
89.2
89.2
Men's apparel
(preliminary) from 108.9 in July and 106.7
is now the highest since October, 1929.
It was
70.7
87.6
90.1
90.4
90.7
91.4
Women's apparel
71.8
90.4
93.6
94.1
94.8
95.1
Infant's wear
76.4
94.4
95.8
96.0
96.4
96.9
Home furnishings
70.2
89.4
96.3
96.8
97.4
98.1
■\
....
June
1,
j
advance to 110.6
It
in June.
further stated:
Steel
ingot
and electric
production broke into new high ground.
power
automobile industry, on a seasonally adjusted basis, was
near the post-war peak.
Pig iron production also approached in 1929 high
level.
Cotton
consumption showed a contrary to seasonal gain, the ad¬
the
in
Activity
justed figure rising to near the high market for the year to date.
These
increases were more than sufficient to offset declines in freight car load¬
production, and as a result, the "Annalist" index of
business activity showed a moderate advance for 110.6 (preliminary) from
108.9 for July and
100.7 for June.
The combined index stands at the
silk and
ings,
October,
being
1929,
conditions
industries
steel
similar to
were
again
those
for
were
July.
mainstay
a
Activity was
backlogs, new orders coming in at a slow rate.
leading consumers as the automobile, railroad, construction and pipe¬
industries bought comparatively small quantities of steel.
The farm
Such
line
amounts.
time
broke through the 200,000-ton mark.
allowance for long-time trend, the adjusted index is still about
industry's
the
in
of
Because
history
Seasonally adjusted pig iron per day
the 120,000-ton mark last month.
The high point for 1929
approached
the cotton textile industry is in
situation in
The
that
in
steel
the
similar
the level of produc¬
many respects
New orders are below
industry.
high rate of activity. Last
month cotton
consumption per day showed a contrary to seasonal gain,
the adjusted index rising to 143.9, or within 4.6 points of the high for
the year to date made last June.
Wholesale markets were less active
last month and the volume of sales is reported' to have fallen below the
tion,
backlogs being the principal factor in a
level
of
last year.
TABLE
86.9
115.5
115.5
65.0
99.1
108.2
108.2
108.2
108.2
72.9
101.3
110.0
111.2
111.3
111.3
Sheets
.
59.2
Underwear
76.7
76.7
76.8
107.0
107.2
107.7
108.7
92.2
93.1
93.2
93.2
93.3
103.0
114.1
116.0
117.4
118.2
69.2
Furs
76.7
103.7
66.8
.
75.5
75.5
83.6
Hosiery
Aprons & house dresses
85.0
86.3
86.8
86.8
86.8
76.5
82.6
84.6
85.0
86.9
87.1
64.9
Shoes
86.8
88.0
88.0
88.7
89.2
Men's apparel:
Hosiery
_.
93.4
91.3
93.2
93.2
93.2
Shirts and neckwear
74.3
86.4
88.3
88.4
88.4
88.4
Hats and caps___
69.7
82.7
84.1
84.1
84.1
84.5
70.1
88.1
93.5
94.4
94.8
96.8
76.3
90.2
93.5
94.5
95.4
74.0
100.3
100.7
100.7
100.7
74.3
93.0
94.0
94.4
95.0
69.6
Underwear
Clothing, incl. overalls.
_
Shoes
96.0
fl1*
Infants' wear:
Socks
Underwear
—
100.7*
94.0
92.7
93.4
94.2
92.6
100.4
100.4
101.4
101.6
79.9
102.6
115.4
117.2
120.0
124.0
Musical instruments
INDEX
OF
50.6
59.4
61.2
61.0
61.0
61.4
Luggage
60.1
74.1
80.1
80.1
80.1
80.4
Elec. household appliances
72.5
80.0
82.2
82.7
83.0
83.0
China.
81.5
90.8
97.0
97.0
97.0
97.0
Western
Far
j
Business
During August Gained 5.6%
1936, According to Bank of America
Over August,
BUSINESS
m
95.0
69.4
80.9
Shoes.
+/>'<••
"ANNALIST"
I—THE
89.8
Furniture
Floor coverings
123,834 tons.
was
86.8
115.5
Blnkets & comfortables
points below the 1929 high level.
20
86.8
115.0
Women's apparel:
industry, on the other hand, continued to require substantial
Seasonally adjusted steel ingot output per day for the first
equipment
86.6
108.7
Domestics:
last month and
maintained at a
because of
level
high
83.1
68.6
Corsets and brassieres..
and
iron
65.3
65.3
65.3
57.4
69.2
Cotton wash goods
about the peak for
point
0.1
65.1
63.9
Silks
Woolens
December.
The
to
Piece goods:
rayon
since
level
highest
last
.
California)
ACTIVITY AND
Gains of Far Western Business in
COMPONENT GROUPS
August
more
than offset
the
July, 1937
100.2
101.7
Freight car loandings
96.8
98.7
96.9
111.5
all3.3
106.8
*108.0
al06.9
Other
a
production..
117.4
-
-
-
all4.3
124.5
114.4
132.7
127.2
110.1
al33.5
-
production....
Pig iron production
Steel ingot
Textile activity..
137.2
103.9
65.2
65.8
79.8
Wool consumption
Silk consumption
103.2
al22.8
125.6
88.0
a95.0
96.3
63.5
Automobile production
all2.1
*138" 7
Rayon consumption
—
60.2
Lumber production
Cement production.
126.5
129.4
Boot and shoe production.
a
93.2
95.7
Zinc production...
Lead production
_
87.6
108.9
*110.6
106.7
The index of carloadings for August,
1937
INDEX SINCE JANUARY,
1934
1935
1936
1933
79.6
67.5
1932
104.2
92.3
87.2
105.7
89.0
86.7
83.2
66.1
Retail sales in August, as measured
106.8
89.5
84.4
84.6
62.5
69.8
107.0
94.1
82.8
85.9
69.2
66.8
110.0
95.9
81.8
86.4
77.3
64.3
June
106.7
97.6
82.0
83.8
87.5
63.9
July
108.9
102.4
82.7
78.0
94.0
62.9
*110.6
102.5
84.9
75.1
87.5
64.4
102.9
86.1
71.4
82.0
68.5
103.3
89.1
74.6
78.5
69.2
107.1
92.0
76.0
75.3
68.8
110.5
96.7
82.4
77.5
August
September
October
November
_.
_
_
December
*
Preliminary,
Retail
a
----
Revised.
Prices
Increased
0.3
of
1%
During
continued the uninterrupted advance which
began on Aug. 1, 1936, according to the Fairchild Publica¬
tions retail price index.
Prices on Sept. 1 show the same
increase as compared with a month ago that was recorded on
Aug. 1, which was 0.3 of 1%.
An announcement issued
i
1923-1925 average, while the index for the country as a whole de
clined from 94%
to 91%.
Far western building permit
receded
month,
4.3%
from
values, declining for the fourth consecutive
July
and
4.4%
were
under
August,
1936.
Permit values for the first eight months cf this year, however, were 15.4%
of the corresponding period in
1936.
Wholesale Commodity Prices Further Advanced During
Week Ended Sept. 18 According to National Fer¬
tilizer Association
Continuing the upward trend of the previous week, whole¬
sale commodity prices again advanced during the week ended
18, regaining
Sept.
a
large part of the decline which had
occurred in the preceding eight weeks, according to the index
compiled by the National Fertilizer Association.
Last week
the index (based on the 1926-28 average of 100%) stood at
87.6% as compared with 86.9% in the previous week and
with the year's high point of 88.8%.
A month ago the index
registered 87.2 % and a year ago 80.5 %.
The announcement
by the Association under date of Sept. 20, continued:
August,
According to Fairchild Publications Index-—Four¬
teenth Consecutive Monthly Rise
Retail prices
by the index of dollar volume in the
12th Federal Reserve District, advanced two points beyond July to 99%,
of the
71.4
March.
______
6.5% over July, accounted for
factors in the tabulation, were off 1.3% and 4.8%, respectively.
73.4
February
May
up
1932
January
April
Compared with the
Electric power production and bank debits indices, the two other
the rise.
ahead
II—THE COMBINED
1930.
registered a gain of 7.8%.
96.0
100.4
Combined index.
TABLE
93.3
89.6
_:
the highest August level since
months of 1936, far western business to Aug. 31 of this year
first eight
130.5
_
Mining
attained
index
148.5
82.7
143.9
Cotton consumption
Exceeding the figure for the corresponding month of 1936 by 5.6%, the
99.8
al20.3
Manufacturing
July recession, according to the current Bank of America
California) "Business Review," whose index advanced to
80.7% of normal, an increase of 1 % over the previous month,
the Bank also had the following to say in its review:
106.4
Miscellaneous
Electric power
June, 1937
104.0
August, 1937
A continuation of the rise in prices of farm
last week's upturn.
products and foods resulted iD
Cotton and grain prices
were lower
during the week
but advances in livestock, poultry, milk, and eggs were sufficient to cause
rise in
a
new
were
the farm product price index.
a
The livestock price average was at
high point for the entire recovery period; cattle quotations at Chicago
at
the highest level reached since 1920.
and dairy
Advancing prices for meats
products took the food price index to
a
new
high point for the
With cotton, cotton goods, wool and burlap all moving
downward during the week, the textile price index declined for the ninth
recovery
period.
1984
Financial
consecutive week.
Another drop in the price of scrap steel resulted in
fractional decline in the metal price index.
linseed oil took the
Higher prices for lumber and
building material price
the level reached in
average to
Chronicle
July.
Sept.
Average wholesale prices for cattle feed
a
1937
25
2.7% during the week.
Automobile tires and tubes and paper and
Crude rubber declined 0.8%.
rose
pulp prices remained unchanged.
The
Advances
were
registered during the week by 30 price series included
in the index and declines
by 33; in the preceding week there
25 ad¬
were
and 26 deelines; in the second preceding week there were 18 advances
vances
and 43 declines.
index of the Bureau of Labor Statistics includes 784
price series
weighted according to their relative importance in the country's markets
and is based
the average for the year 1926 as 100.
on
The following table shows the index numbers for the main
groups of commodies for the past five weeks and for Sept. 19, 1936, Sept.
21, 1935, Sept.
WEEKLY
WHOLESALE COMMODITY
22,1934, and Sept. 23,1933:
PRICE INDEX
Compiled by the National Fertilizer Association.
J
(1926-1928—100)
(1926=100)
/
Per Cent
Latest
Preced'g
Each Group
Week
Week
1937
1937
1937
1936
1
Bears to the
1
Month
Year
Sept.
Totcu Index
Group
Sept.
18
11
28
21
19
21
22
23
1937
Ago
Ago
Sept. 18, Sept. 11, Aug 21, Sept. 19,
1937
1937
1937
1937
1936
1935
1934
1933
Commodity Groups
All commodities
Sept.
Aug.
4
Aug.
Sept.
Sept.
Sept.
Sept.
87.4
86.8
86.4
86.5
87.9
87.3
86.0
81.4
81.0
86.0
77.5
83.5
71.5
Fats and oils
70.7
69.1
72.0
81.0
Farm products
86.5
84.5
Cottonseed Oil
25.3
84.6
85.0
87.1
70.7
72.3
84.8
81.3
76.4
73 6
59.3
98.1
Foods
88.6
85.5
84.3
65.9
Hides and leather products..
Textile products
86.6
85.7
85.3
86.8
108.3 108.5 108.6 108.7 108.6
83.1
80.0
Foods
23.0
Farm products
85.1
Cotton
48.9
50.9
55.5
67.8
Grains
89.2
92.6
89.3
102.5
Livestock
17.3
94.1
10.8
90.5
91.2
75.7
86.6
Fuels
86.6
86.5
79.8
76.7
91.8
84.9
75.5
75.8
76.1
76.6
70.5
71.3
70.8
76.4
79.4
79.8
79.2
79.1
78.9
76.9
74.8
75.5
72.8
96.4
Fuel and lighting materials..
Metals and metal products..
86.2
95.4
75.1
96.4
96.4
95.5
95.5
85.9
86.3
85.7
81.8
86.3
85.4
82.3
96.4
96.3
96.5
96 4
87.0
77.5
Building materials
Chemicals and drugs
96.3
86.2
81.2
80.9
81.0
81.2
70.7
81.7
71.8
81.5
74.1
79.2
76.8
69.4
Housefurnishing goods..
92.8
92.8
92.7
92.7
106.0
106.1
92.7
106.2
83.1
81.7
83.1
78.8
84.9
Miscellaneous
76.9
76.9
76.6
77.0
77.2
71.2
67.0
70.4
65.1
83.4
83.3
83.6
85.0
82.1
Miscellaneous commodities..
8.2
86.0
Textiles
7.1
Metals
86.1
6.1
Building materials
87.8
87 4
87.5
82.2
Raw materials
1.3
Chemlca
84.6
95.6
95.6
95.6
95.1
Semi-manufactured articles..
85.6
72 6
85.7
86.0
86.5
72.8
86.6
72.3
67.4
89.4
88.9
88.4
88.3
88.9
79.9
74.0
Finished products
All commodities other
87.6
87.2
86.8
86.8
87.3
85.9
86.0
85.9
85.8
85.9
.3
s
and drugs
Fertilizer materials
.3
Fertilizers
80.4
79.9
.3
.
Farm machinery
96.4
96.4
96.4
92.6
87.6
86.9
87.2
80.5
farm
All
100.0
All
92.0
combined
groups
other
Not
*
76.2
*
*
*
82.2
*
*
*
80.7
80.9
78.3
74.1
79.6
78.2
78.4
76.5
Sept.
18
*
than
farm products and foods..
*
*
than
products
commodities
72.1
computed.
Wholesale
Commodity Prices Rose 0.7% During Week
Sept. 18 According to United States De¬
partment of Labor
Ended
Due to sharp advances in prices
the index of wholesale
Labor
of farm products and foods,
commodity prices of the Bureau of
Statistics, United States Department of Labor, in¬
creased
0.7% during the week ended Sept. 18, according to
made Sept. 23 by the Department of
announcement
an
Labor.
Electric
The Edison
Hides and
0.4%.
average price
leather
of the chemicals and drugs group advanced
products,
textile
products,
materials, and building materials decreased slightly.
fuel
and
lighting
The metals and metal
products, housefurnishing goods, and miscellaneous commodity groups
mained unchanged at last week's level.
|B> As
re¬
Major Geographic
Regions
0.5% below the corresponding week of last
month and 3.0%
For the fourth consecutive week prices of semi¬
manufactured
articles
have
declined.
slight, brought the index to 85 6.
The index for this
ago.
group
prices of finished products
May 1930.
a
As
month ago
a group,
and
rose
The
decrease
12.3%
is
0.6%
above
a year
week,
are
reached
a
month
Advances of 6.1% in livestock and poultry prices caused the farm
prod¬
3.9
Central Industrial
6.5
West Central
0.2
5.3
6.5
4.5
5.2
5.1
16.5
14.7
18.3
1937
1.4
3.7
18.4
Southern States
;
Rocky Mountain
Pacific Coast
6.7
6.4
5.0
10.0
7.0
8.2
11.0
8.9
5.9
5.1
Total United States.
6.2
WEEKS
9.5
5.3
7.6
8.6
,
x Adjusted to include holiday conditions in both
%ATA~FOR"RECENT
8.0
years.
(THOUSANDS
■.
'
V,*;
-/■
.
KILOWATT^HOURsT
OF
Per Cent
Change
WeeI Ended
were reported
July
1937
3..
July
July
July
1936
24
July
2,238,268
2.096,266
2,298,005
2,258.776
2,256,335
2,261,725
2,300,547
2,304,032
2,294,713
2.320,982
2,154,276
2,280,792
31
10
17
Aug.
7
Aug. 14
Aug. 21
Aug. 28.
Sept.
4
Sept. 11
in prices
Sept. 18
corn, oats, cattle, hogs, live poultry in the New York market,
apples at Chicago, oranges, alfalfa hay, clover and flaxseed, sweet
potatoes, and white potatoes in eastern markets.
Grains declined 2.3%.
1937
1935
2,029,639
barley,
eggs,
+ 10.3
1,956,230
2,029,704
1932
1929
+ 13.2
2,099,712
2,008,284
+ 7.6
1,772,138
1,655,420
1,766,010
1,807,037
+8.0
1,823,521
1,440,386
2,079,137
+ 8.8
+ 10.0
1,821,398
1,819,371
1,832,695
1,839,815
1,809,716
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
1,426,986
2,079,149
2,093,928
2,125,502
Oct.
2..
+ 8.0
9
+8.6
+ 6.2
+ 12.4
2,170,807
2,157,278
Oct.
+ 7.2
+ 10.6
2,135,598
2,098,924
2,028.583
Sept. 25
for
Aug. 28,
1936
foods", declined 0.1% to the level of
Sharp increases
Week Ended
Sept. 4, 1937
from
respectively.
index to rise 2.4%.
1937
2.0
0.6% and 8.8% above
This week's index—85.9—is 7.9% above that for the week ended
group
11,
since
Sept. 19. 1936.
ucts
Sept.
month
Industrial commodity prices, measured by the idex for "all commodities
ago.
Sept. 18, 1937
YEAR
Week Ended
though
a
The index for "all commodities other than farm products"—87.6—re¬
flecting the movement in prices of nonagricultural commodities, advanced
0 5% to a point 0.3% above a month ago and 8.6% above a
year ago.
other than farm products and
xWeek Ended
0.6
Wholesale
ago.
to the highest level
finished product prices
a year ago,
this
decrease of 1.2% compared with
a
xWeek Ended
New England
Middle Atlantic.
^
this group is
The Institute's statement follows:
PERCl^TAGE "INCREASE^TVER"PREVIOUS
a
above that of last year.
that the
week of 1936.
result of the pronounced rise in agricultural commodity prices, the
materials group index advanced 1.4% during the week.
The index for
raw
Electric
Institute, in its weekly "statement,
production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 18, 1937, totaled
2,280,792,000 kwh., or 12.4%
above the 2,028,583,000 kwh.
produced in the corresponding
disclosed
advance, the Department said, brought the
all-commodity index to 87.4% of the 1926 level.
This is
0.1% above the level of a month ago and 7.4% above a year
ago.
The announcement continued:
2.3% for foods, the
During Week Ended
2,280,792,000 Kwh.
Totals
The
In addition to the increase of 2.4% for farm products and the increase of
Production
2,169,442
1,456,961
1,341,730
1,433.993
1,727,225
1.723,031
1,724,728
1,723,428
1,592.075
1,415,704
1,711,625
1,415,122
1,431,910
1,436,440
1,729,667
1,733,110
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,761,594
1,750,056
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
Quotations were lower for rye, wheat, cotton, apples at New York, lemons,
peanuts, timothy seed, dried beans, onions, white potatoes at Chicago and
Portland (Oregon), and wool.
Notwithstanding the sharp rise in farm
product prices during the week, the current index—86.5—is 0.7% below
the level of a month ago.
It is, however, 2.0% higher than a*year ago.
Wholesale market prices of foods
of 5.1% in meats,
rose
2.0% in fruits and vegetables, and 0.6% in dairy products.
products declined 0.2%.
This
cocoa
week's
seven
years
Lower prices
beans, oleo oil, pepper,
food index—88.6—is
were
raw
the
reported for flour, rjce, dried
sugar,
and most vegetable oils.
highest point reached in the past
It is 2.1% higher than amonth
ago
and 6.6% above
a
year
ago.
The chemicals and
for fats and oils.
terials
0.4%, largely due to rising prices
Weakening prices for tankage caused the fertilizer ma¬
rose
sub-group to decline slightly.
Drugs and pharmaceuticals and mixed
Continued declines in prices of cotton
goods, together with falling prices
silk, burlap, sisal, and cotton twine, caused the index for the textile
products group to fall 0.5%.
No changes were reported in prices for cloth¬
raw
ing, knit goods, and woolen and worsted goods.
The
fuel
and
0.5% in Retail
Ended Aug. 17
lighting materials index declined slightly.
in
the
cost
During Month
of
fruits
and
vegetables," Mr. Lubin said.
apples, which account for about
the total food budget, dropped
sharply." Mr. Lubin
"Prices
of
7.0% of
potatoes
Food
costs
36 of the 84
and
The
food
This is
the
most
index
cost
Average
wholesale
and
are
tables cost 17.7%
are
prices
for shoes,
hides, skins, harness, gloves, belting, and luggage were steady.
Lower prices for lumber, rosin,
turpentine, prepared roofing, and sand
caused the building materials
group index to decline 0.1%.
Quotations on
chinawood and linseed oils
were
higher.
Average prices for brick and tile,
still
The index for the metals and metal
Scrap steel and quicksilver prices
and antimony were higher.
motor
were
products group remained at 96.4.
slightly lower and those for pig tin
No changes
were
reported in prices for agri¬
cities
and
higher
in
12 cities.
Prices
of
decreased; 45 increased, and three remained
well
cost
The
cost
reported
items
cost
was
Aug.
over
17.0%
17
was
85.5%
the
level
of
the
costs of a year ago.
above last
year's level.
less than in August, 1936.
below
for
of
cereals
of
of
August,
1923-25
average.
Meats have advanced
Fresh
fruits
and
vege¬
All major commodity groups
when the food cost index
1929,
with
5.3%.
reporting cities.
higher
an
The
cost
of
of
1.0%.
all
items
in
the
of
1.0%
in
the
Eight citjggi reported
no
an
change
increase
between
of
3.5%
the beef items
were
rose
3.0%.
The pork
6.1% higher.
Lamb alone
The cost of meat
higher in all
was
group.
average
Butter
price
increased
of
1.4%.
delivered
There
fre6h
milk.
decrease.
price is, however,
with
February, meats have advanced 18.3%.
1.2% in the cost of dairy products was seasonal.
Prices
for
stationary.
showed
advance,
Since
advance
vehicles, and plumbing and heating fixtures.
The housefurnishing goods index remained
unchanged at 92.8% of the
1926 average.
Wholesale prices for both furniture and furnishings were
products
to
Boasting chickens
decrease
a
bakery
continued
the month.
advanced
less,
and
17.
meats
The advance of
were
for
108.1.
The
of the
cement, and structural steel remained firm.
38
1.8%
advance of
an
July 13 and Aug.
index
in
unchanged.
and
group
lower
were
items in the index
was
cultural implements,
Food
The
Connellsville
0.2% in the hides
products
of
cost of food declined 0.5%
during the month ended
Aug. 17, Commissioner Lubin of the Bureau of Labor Statis¬
tics,
United
States
Department
of
Labor,
announced
Sept. 10.
"This decline resulted from seasonal decreases
coke prices were lower and anthracite and natural
gasoline advanced.
Lower prices for sole leather resulted in a decrease of
leather
Costs
continued:
drugs index
fertilizers remained unchanged at last week's level.
for
Department of Labor Reports Decrease
of
2.3% largely because of increases
Important food items for which higher prices were reported were butter,
cheese, corn meal, fresh fruits and vegetables, fresh beef, lamb, mutton,
bacon, cured and fresh pork, veal, copra, lard and coconut oil.
Cereal
fruits,
United States
Eggs
followed
the
an
increase in the price of milk and four reported
seasonal
trend
4.1% lower than
a
and
advanced
year
ago.
■
n
5.8%.
The
a
average
Volume
Three-Year Average
COMMODITY GROUPS
the
June
15, Aug. 18, Aug. 15, Aug. 15,
1937*
1937
1937
1936
1932
85.5
85.9
86.3
84.0
67.1
108.1
95.6
95.7
95.6
91.7
74.7
98.7
All foods
Cereals & bakery prods.
111.6
107.8
102.3
95.4
76.7
81.9
80.9
79.7
83.0
65.0
68.0
62.5
75.1
56.7
99.5
61.0
69.0
79.2
74.1
56.2
111.0
112.6
Fruits and vegetables.
__
Fresh
58.0
67.0
78.5
74.0
55.1
Canned
82.7
83.5
83.4
80.4
70.1
Dried
75.0
76.3
76.6
63.4
54.8
70.4
70.0
67.5
73.7
79.5
79.5
74.5
50.8
65.0
has been
93.6
57.7
gain
the trend
although
110.4
79.9
additional
ago;
104.6
70.7
Fats and oils
It
75.0
65.7
65.1
64.8
Sugar and sweets
for
for
for
products.
The
of
increase
of
2.2%
of
advance
0.5%
other items in the group
The
of
price
in
the
in
of
fats
and
oils
resulted
for other sweets, resulted in a
ing clothing,
and
0.6%.
England to
This, with minor price changes
decrease of 0.4% for the group.
vegetables.
REGIONAL AREAS
Three-Year Average 1923-25=100
Aug. 17, July
«
13. June 15, Aug. 18, Aug. 15, Aug. 15,
1937
1937
1936
1932
84.5
1937*»
1929
New England
84.4
84.0
81.5
68.1
108.7
Middle Atlantic
85.9
86.2
85.9
83.9
69.1
108.2
East North Central
86.5
87.3
88.7
85.7
66.3
110.1
89.3
65.2
ratios
66.6
107.3
88.1
89.7
91.4
South Atlantic
85.2
85.6
85.3
East South Central
computed.
are
from
payments
wage
July to August was more pro¬
in those producing consumers'
the durable goods industries than
against less than 4% in the latter.
as
to
employment
the Philadelphia Reserve
in
1936.
August,
Weekly
Lumber Movement,
Sept. 11, 1937
of
Report
lumber
The
industry
the
during
Ended
Week
holiday
ended
week
The week's
production and 60% of average 1929 shipments.
production was 30% greater than new business
booked and 16% heavier than reported shipments.
The
Labor Day holiday largely accounted for the appreciable
reported
108.0
84.3
West North Central
pronounced, however, in industries produc¬
non-ferrous metals, and iron
payments occurred in 48 of the 68
wage
Sept. 11, 1937, stood at 68% of the 1929 weekly average of
1
Regional Area
in
»
INDEX^NUMBERS OF RETAIL COSTS OF FOOD BY
goods and in dyeing and
conditions in factories in Delaware,
Bank stated:
Employment in 83 Delaware factories increased1 nearly 1% from July
to August and was
7% higher than a year ago.
Wage disbursements,
despite a decline of over 1% in the month, continued 16% higher than
As
2.8% in the Mountain area.
and
fruits
for
costs
a
Moreover, in comparison with a year ago the gain in the former
47%
wa6
July in
over
individual
which
increase
goods.
for
Regional declines ranged from 0.1%
In Minneapolis and St.
Paul, where costs decreased the most, fruits and vegetables declined more
than 25.0%.
The West South Central area was the only section of the
country showing an increase.
The rise in this area was 1.9%.
Three of
the four cities in that area were the only cities which reported increased
New
for
nounced in
composite index declined 0.5%.
The
in
estimated that all Pennsylvania manufac¬
$26,270,000
clay and glass products,
stone,
Gains
steel.
The
from an
Lower
It is
ago.
except printing; they were most
lines
prices were reported
except salad oil and mayonnaise.
lard.
of
decreased
sugar
cost
the
price
and
26%, respec¬
Payroll increases in this interval occurred in all principal lines
finishing.
advancing
of coffee,
chocolate, which has been steadily
0.4%
rose
year
a
over
reported by manufacturers of clothing and woolen
fruits rose slightly.
dried
the
during the month. The prices
advanced slightly less than 1.0%.
chocolate
and
An
of
year,
■
nearly 990,000 workers whose wage
week.
^
Changes in employment from July to August were most pronounced in
the transportation equipment and textile groups.
The former showed a 4%
decline, which reflected principally a sharp reduction in the number of
workers engaged in the output of motor vehicles, parts and bodies.
An
increase of 2% in the textile group was due largely to substantial gains
,
beverages and
the
nearly 21% higher than a year
the autumn of last year,
than those reported in the
smaller
been
about 103, showing increases of 9% and
earnings approximated
and
items
Prices
cost
throughout
tea
canned
six
have
industries in August employed
turing
Vegetables dropped
products decreased 1.0%.
Lower prices were
higher prices for four.
A decrease of 2.6%
canned green beans was the greatest relative change.
Lower prices
dried peas and beans resulted
in a decline of 1.7% for the dried
reported
were
steadily upward since
.
of payrolls was
tively,
The
ago.
year
in August and
increases
employment index in August was 92% of the 1923-25 average,
The
11.6%, which is more than
the usual seasonal decline.
The major part of this decrease was due to
lowered
prices for 10 of the 13 fresh products.
The price of apples
declined 27.5%, and bananas and lemons were slightly lower in price.
Oranges, however, advanced 7.0% to the highest August price level in
seven
years.
Potatoes decreased 12.5%, cabbage 7.3%, and onions 6.0%.
Prices of all of the fresh vegetables except onions fell to levels below a
and
fruits
of
cost
recent
spring.
that
♦Preliminary.
The
,
as
some
98.6
Beverages and chocolate
|" '
(dated
announcement
Bank's
the
says
indicated by employee-hours in nearly 90% of the
reporting establishments, increased about 4% from July to August and.1
was
11% greater than a year before.
Average hourly earnings showed
time,
Working
101.9
71.9
Meats
disputes,
Sept. 18), which continued:
125.9
Dairy produots
Eggs
,
some
trial
1929
gains that usually occur from July to August.
extent this fact reflected interruptions by indus¬
seasonal
To
13,
Aug. 17, July
Commodity Group
ft
to
by these reports in the aggregate failed to measure up
1923-25=100
k
1985
Chronicle
Financial
145
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY
decline in
reported volume of all items as compared with
preceding week.
Reported production was about the
same as corresponding week of 1936 (also a holiday week) ;
the
82.5
82.9
83.8
80.8
62.6
107.3
West South Central
83.5
82.0
82.3
82.4
63.1
104.6
Mountain
87.5
90.0
91.3
87.0
65.5
105.9
shipments
Pacific
81.8
82.3
83.6
79.6
64.3
104.2
tional
85.5
85.9
86.3
84.0
67.1
108.1
pru'nlted
*
States
Preliminary.
Montreal
of
Bank
Reports
Business
Conditions
Relatively Stable and Satisfactory in Canada
Montreal
the
states
conditions
ness
Summary" dated Sept. 23, tlie Bank of
that "the beginning of autumn finds busi¬
"Business
its
In
-urity markets have been unsettled."
se
While
it
now
although
The Bank adds:
relatively stable and satisfactory,
seems
established
that
the
wheat
crop
of
the
Prairie
be the smallest
as well
special crops like tobacco and fruit, are up to the average and above
in some places.
As prices for farm products remain satsifactory, the
officially estimated at 164,000,000 bushels, will
Provinces,
since
as
it
1914,
the field
crops
in most
1937 should be higher than for 1936. ,
•
of Canada were conducted
in August at a higher level than in August of last year, and reports from
all over the Dominion mostly
depict retail trade as quite satisfactory.
Since the year began, the purchasing power of the public has been aug¬
mented both by wage increases in many industries and by additions to
dividends
In August the dividends paid by Canadian corporations totaled
$4,584,939 as compared with $3,580,447 in August, 1936, a gain of a
dollars
million
or
nearly 27%.
the manufacturing
been improved
the removal of the fear of
industry the general outlook has
by the settlement of a number of strikes and
"heavy" industries continue to enjoy
their best year since 1929 and in some lines have outstripped their scale
of operations in that year.
As a result, more than one plant which had
been shut down for years is being restarted and the same sort of develop¬
ment is visible in the pulp and paper industry, mills at Chandler in Gaspe
and elsewhere having been reopened after years of idleness.
The packing
widespread
plants
are
which
they
tions
covering
mills.
softwood
the operations of important hardwood and
Production in the week ended Sept. 11,
1937, was shown by softwood mills reporting for both 1937
and 1936 as 0.4% above output in corresponding week of
shipments were 8% below last year's shipments of
week; new orders were 19% below orders of the
1936 week.
The Association further stated:
1936;
the
same
Sept. 11, 1937, 536 mills produced 231,823,000
softwoods combined; shipped 199,529,000 feet;
During the week ended
booked
and
hardwoods
of
feet
orders
new
178,008,000
of
preceding weeks were,
Revised
feet.
figures
for
the
two
in board feet:
industrial
busy
lost
troubles.
and
The
the textile
through strikes.
mills are trying to recover the ground
On the Pacific Coast there has been a
catch of halibut but the fishermen on the Atlantic Coast are still
the most part in difficult straits through lack of profitable markets.
and winter business,
any appraisement of it must take account of the extreme delicacy of the
international situation.
Meanwhile, the war in the Far East is helping
certain lines of export trade, such as in minerals used for munitions, but
it is hurting shipping and other forms of business on the Pacific Coast.
Encouraging
as
the
outlook
may
be
for autumn
Production
Shipments
553
258,913,000
555
261,592,000
236,831,000
223,946,000
regions but Southern cypress and
All
Reserve Bank of
Philadelphia—Delaware Factories
number
of
wage
Southern hardwoods reported orders
shipments below last year's week, and all but Western
redwood and Northern pine reported
production below
1936
orders
the
same
mills.
feet,
190,588,000
the
week
167,288,000
feet,
reported
totaled
mills
softwood
of
pine, California
that
of similar
week.
Lumber
or
for
Shipments
as
ended Sept. 11, 1937, by 459
or 24%
below the production
for the same week were
reported
13% below production.
Production was 219,239,000
feet.
Reports
or
from 98 hardwood mills give new business as
15% below production.
10,720,000 feet,
Shipments as reported for the same week were
8,941,000 feet, or 29% below production.
Production was 12,584,000 feet.
Identical Mill Reports
Last week's
feet and a
production of 452 identical softwood mills was 218,751,000
year ago
feet
respectively,
received 166,657,000
it was 217,903,000 feet; shipments were,
feet and 206,886,000
and 205,938,000 feet.
feet,
and
orders
Bank of Montreal—Thresh¬
Completion in Prairie Provinces—
Yield Estimated at 164,000,000 Bushels
Canadian Crop Report by
ing
employed in Pennsylvania
July to August, but the amount
of wage payments increased about 4%, according to pre¬
liminary indexes prepared by the Federal Reserve Bank of
Philadelphia on the basis of reports received from 2,354
plants employing some 590,000 workers whose compensation
amounted to about $16,250,000 a week.
The changes shown
The
220,528,000
production
Also Report
Nearing
Wheat
earners
factories changed little from
209,416,000
during the week ended Sept. 11.
All but cypress
reported shipments below output.
All regions but California redwood,
Southern cypress and Northern hemlock reported orders below those of
corresponding week of 1936; all but cypress and Northern pine reported
below
189,896,000
Report of Factory Employment and Payrolls in Pennsyl¬
vania from July to August, According to Federal
Orders
Mills
4
Week ended Aug. 28
Week ended Sept.
large
for
Na¬
great majority of the economic activities
The
For
that week.
figure) of the preceding week; shipments were 16% less
than shipments of that week; new orders were 15% below
that week's orders, according to reports to the National
Lumber Manufacturers Association from regional associa¬
other sections of the country,
aggregate farming income for
orders were less than in
and
production reported for the week ended Sept. 11,1937,
by 3% fewer mills, was 10% less than the output (revised
In the Prairie Provinces of Canada
been
favorable weather has
helpful in threshing operations, which are rapidly near¬
ing completion, except in Northern Alberta where harvesting
has been delayed, according to the current crop report of
the Bank of Montreal, issued Sept. 23.
The Dominion
Government's preliminary estimate gives the yield of wheat
1986
Financial
at
164,000,000 bushels, divided as follows: Alberta, 76,000,000 bushels, Saskatchewan, 35,000,000
bushels, and Mani¬
toba, 53,000,000 bushels.
The report further said:
In
Manitoba
lower
than
light,
with
the
wheat
last
yields
above
are
Wheat
year.
yields
grain showing
high
a
the average,
in
Petroleum
are
In Alberta,
in
Possible
the
In Quebec Province
threshing of grains is well advanced and satisfactory
Apples are a good average crop, prospects for root
crops continue
favorable, and tobacco is above average in yield and quality.
In Ontario Spring grains were affected
by excessive moisture and yields
below
were
those
anticipated.
Fodder crops have been abundant, crops
of fruit good, and the yield of flue-cured tobacco the
largest to date.
In British Columbia,
crops
of hay, tomatoes, potatoes, hops, roots, corn,
fodder, and of all fruits except peaches,
yields
on
the whole
from
highly satisfactory, while grain
In the Maritime Provinces grain crops
slightly below average.
are
are
are
fairly satisfactory and good average yields
expected
are
potatoes and other roots.
Owing to losses from heavy gales, it is
doubtful if the Annapolis Valley apple crop will equal that of
1,500,000
barrels produced last year.
Products—October
at
1937
25
Crude
Oil
De¬
12% Above 1936 Period—Texas
Shutdown
Dropping,
Hinted—Daily Average Crude
Oil
Production Higher—Petroleum Stocks Decline
Holds European Trade Outlook
Good
southeastern portion of the Province, the wheat crop is
generally satisfac¬
tory in yield and quality.
returns are indicated.
Its
Railroad Commission Orders
93,540 Barrel Slash in
October Quota—East
Texas Pressure
exceptionally
except
Sept.
and
mand Estimated
but grades will be
Saskatchewan
grade.
Chronicle
in
Week—Farish
■;
The United States Bureau of Mines estimated
on
Sept. 22
that October demand for crude oil would
necessitate daily
production of 3,568,100 barrels, 12%, or 477,000
barrels, above actual production in the like 1936 month. The
average
total represents a
new
gain of 58,800 barrels
over
the
tember recommendations of the Federal
agency.
In commencing upon the new
Sep¬
estimate, which gives three
producing States higher recommended
totals, the Bureau of Mines pointed out that the increase in
of the five major oil
crude oil demand could be attributed to
situation plus the
abnormal export
an
unusually low gasoline yields due to the
Rules
Governing
Entry of Sugar
into
Under Sugar Act of 1937
United
States
Approved
Regulations controlling the entry of
into the
sugar
con¬
tinental United States under the Sugar Act of 1937 have been
approved by Secretary of Agriculture Henry A. Wallace, the
Agricultural Adjustment Administration announced Sept. 18.
Except for slight modifications, these regulations (General
Sugar
Regulations,
Series
2, No. 1) carry forward the
methods of quota control which were used for three
years in
the administration of the
Jones-Costigan Act, the Adminis¬
tration explained.
The new regulations replace General
Sugar Regulations, Series 1, issued June 16, 1934; and a
ruling by the Acting Secretary relative to substitution of
sugars, issued July 9, 1934.
The Administration's announce¬
estimate for crude oil burned as fuel and
losses has been lifted
in accordance with the normal
seasonal trend to 3,100,000
barrels, 100,000 barrels above September.
Texas, California and Louisiana were the three members of
"Big Five" to receive increases in their recommended
the
allowables
with the quotas
suggested for Oklahoma and
showing small reduction.
Texas was awarded the
sharpest increase, the October quota suggested for the Lone
Star State being 1,430,300
barrels, against 1,413,600 barrels
during the current month.
Kansas
The Bureau's recommended
production
The
regulations prohibit the entry of sugar, or liquid sugar,
except
through customs' ports of entry and require collectors of customs to obtain
certain information with respect to each
cargo relative to:
1.
Area of
2.
The port from which such
sugar, or liquid sugar,
The names of the consignor, consignee,
3.
was
from
is
brought into
consumption in or for export
continental United States.)
The allotment, if any, under which the
sugar, or liquid sugar, is being
brought or imported into continental United States.
7. The polarization and weight of such
sugar and the total sugar content
and quantity of such liquid sugar.
6.
This information is
on
Form
to
be filed
heretofore with collectors of
as
customs
SS-3.
1937 Beet Sugar
Deficiency Reallotted by Secretary of
Agriculture Wallace
Henry A. Wallace, Secretary of Agriculture,
Sept. 17
on
reallotted the 1937 beet sugar deficit of
216,352 short tons,
raw
value, to the Mainland Cane Sugar Area, Hawaii,
Puerto Rico, Virgin Islands, and Cuba on the
basis of the
proration of the quotas now in effect for such areas, pursuant
Section
to
204 (a) of the Sugar Act of 1937.
The 1937
for the above mentioned areas as established
by
Supplement 3 to General Sugar Quota Regulations, Series 4,
No. 2, are as follows:
quotas
(Short tons
raw
value)
Quotas Esta¬
Proration
blished under
Mainland
of Production
of Beet
1937
the Sugar Act
Sugar
Revised
of 1937
Acreas
Deficiency
Quotas
cane sugar area.
442,793
Hawaii
22,299
49,782
42,349
988,551
Puerto Rico
840,954
9,396
Virgin Islands
465,092
1,038,333
883,303
473
2,014,538
Total
-
-
.
-.
.
_
-
101,449
9,869
2,115,987
4,296,232
Cuba
1.430,300
660,000
629,200
254,600
199,900
106,400
57,300
55,500
New Mexico
owner.
sugar.
liquid sugar
Texas
California
Kansas
brought.
The kind and type and identification marks of such
sugar, or liquid
5. The purposes for which such sugar or
the continental United States (whether for
October
Oklahoma
Louisiana
production.
shipper and
4.
(daily
barrels) by States follows:
continued:
ment
growth in fuel oil demand.
October export demand for crude
oil, in keeping with the
upswing now in progress and the anticipated
military needs
abroad, was lifted to 6,400,000 barrels compared with the
5,600,000-barrel estimate for September.
The October
216,352
4.512,584
Wyoming
Pennsylvania
Michigan......
September
1,413.600 Montana
638,200 Illinois..
633,600 Kentucky......
247,900 New York
200,900 West Virginia
101,400 Ohio...
55,900 Colorado
..
53,600
40,400
29,900
43.500
Arkansas
36,000
Indiana
Total
average
October
17,600
17,300
16,700
15,800
10,500
10,400
4,500
2,600
in
September
18,200
14,600
17,000
1 5,800
10,300
10,500
5,000
2,500
3,568,100 3,509,300
The Texas Railroad Commission
fixed the October
quota
for the State at 1,405,844
barrels, which is 24,456 barrels
under the level recommended
by the Bureau of Mines for
next month.
The Commission ordered a
slash of 93,540
barrels, effective Get. 1, from the Sept. 18
quota of 1,499,384
barrels daily which was
nearly 65,000 barrels above the
Federal agency's recommended total
for Texas for
September.
The orders of the Commission
setting the new maximum
allowables for the various fields
throughout the State again
ignored the recommendation of its chief
petroleum engineer,
E. V. Cottingham, for a
reduction in the production
quota
of the East Texas field to curb
the drop in bottom hole
pressure of wells in this area.
Originally, it
was
thought, the
Commission planned to
pare production allowables in that
in view of the
drop of approximately 13 pounds a
square
inch in bottom-hole
pressure there during the
past 30 days.
Independent operators were known to be
strongly opposed
to any
attempt to curtail the production quota for the East
Texas field despite the fact that
it is running
30,000 to 50,000
barrels above the level held safe for
the field by Mr.
Cotting¬
ham.
The current production basis
there of 2.32% of the
hourly potential of the wells sets the allowable
at 480,154
barrels daily.
area
Failure of the Commission to
cut down the East Texas
quota started discussion among Texas oil
men of the
possi¬
bility of a shut-down of that field. The
pressure in the field
when it was
opened some seven years ago was 1,600
pounds
to the
square inch, and it now has
dropped to 1,131.33
pounds.
The field has been shut-in several
times in the
past and each time has reopened with a
marked gain in the
bottom-hole
pressure.
Mainland
Cane
Sugar
Production
1938 Fixed at
The
on
Requirement
for
439,071 Short Tons
Agricultural Adjustment Administration announced
a production of 439,071 short tons of
sugar
Sept. 14 that
would be
crop
required in the mainland
cane
in order to meet the estimated
area
sugar
for the
1938
marketing quota
Due to the Texas
"marginal laws," which forbid curtail¬
ing production of a pumping well below 20
barrels a day,
difficult for the Railroad Commission
to
it is
duction in the East Texas field
average
only around
inasmuch
21
barrels
curtail
as
daily.
the East Texas wells
as
result of the
underground
most of
are
the wells
pro¬
there
Some contend that
"flowing" wells
as
a
water pressure, this law does not
Late in the week it was
for the calendar year 1938 and
provide a normal carryover
inventory. The 1937 Sugar Act provides for such estimate
apply to that
by the Secretary of Agriculture in connection with the
ditional payment provisions.
The announcement of
clarifying the field's position at the special session of the
Legislature on Sept. 27.
Daily average crude oil production, after
slipping for two
weeks, again exceeded the previous
period, according to
the
American
AAA said:
The Sugar Act of 1937 provides
one
that the quantity of sugarcane
growers
cessed)
as
by
growers shall
of the estimated
not
con¬
the
of the conditions for
payments to
or
sugar
beets marketed
(or pro¬
exceed
their proportionate share of
the total
quota established for the calendar
year
during which the
larger part of sugar from the crop would
normally be marketed.
In the
sugar
year
crop
case
from
1938.
of the mainland cane
the
1938
Growers
crop
are
would
about
producing
normally
area, the largest part of the
be marketed in the calendar
to
begin their plantings for the 1938 sugar
and under the law the Secretary of Agriculture is
required to estimate
the production for the mainland
quota for
the year
cane
area
required to meet the estimated
1938 and "normal carryover
inventory" in order that
growers who desire to qualify for payment under
the Act may be allotted
their proportionate share of the total
production.
area.
reported likely
that the Texas Railroad
Commission would seek
legislation
Petroleum Institute.
The
trade institute
report placed the total at 3,671,200
barrels, up 28,800 bar¬
rels on the week and
161,900 barrels above the Bureau of
Mines' September
recommendation of 2,509,300 barrels.
The
total
was
the like 1936
634,200 barrels above actual production in
period.
All major
with Texas
oil-producing States contributed to the upturn,
showing the broadest gain. An increase of 10,600
barrels lifted
the
Texas
total
to 1,490,400
barrels, which
compared with the State quota of 1,444,734
barrels, and the
Bureau of Mines'
recommendation of 1,413,600 barrels.
Volume
Financial
245
California showed
increase of 8,600 barrels to
an
U. S. Gasoline (Above 65
694,200,
New
Orleans.
.07 %
Gulf
Shell Eastern
.07 %
.07%
and
_
OlKCal.)
Warner-Qulnlan..
|
| New Orleans.$.05%-.05%,
| Tulsa
.03%-.04
$.04
(North Texas
$.05%
.03%-.05
Los Angeles..
Fuel OU, F.O.B. Refinery or
Terminal
2.20
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or
Terminal
#
crude oil dropped 1,363,000
the week ended Sept. 11,
Sept. 22. The decline
represented a loss of 1,351,000 barrels in inventories of
domestic crude and 12,000 in stocks of foreign.
The European business outlook is generally favorable,
W. S. Farish, President of Standard of New Jersey, said
upon his return this week on the "Bremen." Both Germany
and the Scandinavian countries are showing increased con¬
sumption but France is lagging somewhat. There doesn't
seem to be anything in the domestic
oil picture to worry
about, he added, although qualifying this by his remark
that he had riot been in close contact with American condi¬
tions for the past six weeks. He added
immediate change in either gasoline or
There were no price changes.
Prices of Typical
that he expected no
crude prices.
N. Y. (Bayonne)—
I
27 plus
$.04% I
$1.27
1.35
Corning, Pa
1.25
1.27
Illinois
1.35
Central Field. Mich
1.40
1.30
1.25
0.90
Sunburst, Mont
HuDtlngton, Calif, 30 and over
Kettleman HUis, 39 and over
Co.)
Western Kentucky
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
1.09
Darst Creek
GAS
RETAIL
1.42
......
1.22
1.21
1.30
2 10
Petrol la, Canada
PRODUCTS—ATLANTA
New York
c
Brooklyn..
$.19
PRICES
Included
.18
I
FUEL DEMAND
MOTOR
MONTH—GASOLINE
The
first
Atlanta
I'-'it
Weekly Coal Production Statistics
'
The National Bituminous Coal Commission of> the United
States
Department of the Interior in its current weekly coal
report stated that the total production of soft coal for the
week ended Sept. 11 is
is
The cumulative production of bituminous
preceding week.
The
1937 to date is 308,237,000 tons.
8.5% ahead of 1936.
weekly anthracite report of the United States Bureau
Mines disclosed
of
in nearly one year was
major companies.
total production of
that
a
a
week ended Sept. 11 is estimated at
589,000 tons. Compared with the preceding week this shows
a decline of 241,000 tons, or 29%.
The consolidated report
of both of the aforementioned organizations follows:
CUT-
no
commerit
10% ABOVE
on
COKE
COAL AND BEEHIVE
Sept. 11, 1937
Week Ended—
put regular grade
Officials of the affected companies
the cut, but it was reported that
(IN NET TONS)
1936
RUNS DIP
Bituminous coal,
in the
corresponding firming in tank-car prices of gasoline this
Brice-shading lias virtually disappeared and the
market has a strong undertone.
Kerosene and other heating
oils are benefiting from the seasonal improvement in demand
week.
comes
October domestic demand for gasoline was estimated by
Bureau of Mines at 48,550,000 barrels, which is 10%
the
actual
707,000
59,200
59,000
34,700
9,833
5,783
demand
in
the
corresponding month a
year ago.
In commenting upon its October forecast the
Bureau pointed out that this month is one of the most
difficult periods in the year for forecasting motor-fuel de¬
mand.
Over the past three years, demand has been ab¬
normally high.
Export demand next month for American
gasoline was set at 3,250,000 barrels, up 250,000 barrels
from September.
United States total
-
Daily average
Bituminous coal:
1936
1937
accomplished during the month plus a further reduction of
1,000,000 barrels next month, stocks on Oct. 31 would be
only about 5,000,000 barrels above the total held on the
date last year.
The Bureau estimated benzol and "direct" sales and losses
same
of natural
gasoline at 900,000 barrels, makng the probable
production of gasoline 49,900,000, or 1,610,000 barrels daily.
October consumption of natural gasoline at refineries was set
at 8.6% of the total gasoline required, or 4,290,000 barrels.
P^oreign crude run to stills was estimated at 2,700,000 barrels,
200,000 barrels under the estimate for the current month.
Stocks of finished and unfinished gasoline reported by the
American Petroleum Institute for the week ended Sept. 18
dipped 399,000 barrels to 66,057,000 barrels.
Refinery
stocks were off 514,000 barrels, offsetting gains of 110,000
barrels in bulk terminal holdings and 3,000 barrels in in¬
ventories of unfinished gasoline.
Refinery operations dropped 1.5 points from the record
high achieved in the previous week to touch 84.7% of
capacity.
Daily average runs of crude oil to stills were off
55,000 barrels to 3,400,000 barrels.
A drop of 20,000 barrels
in daily average output of cracked gasoline carried the total
off to 775,000 barrels.
Stocks of gas and fuel oils gained
1,512,000 barrels to 116,178,000 barrels as seasonal expansion
in inventory-building of the heating oils continued.
Representative price changes follow:
Sept. 21—Major companies cut retail prices of ^gasoline I cent
the Atlanta area, regular dropping to
gallon, all taxes included.
1929
a
308,237,000
Total, including mine futel
Daily average
Pennsylvania anthracite: b
Total, including mine fuel
Daily average
Commercial production.!
366,218,000
1,675,000
h38,083,000
h47,497,000
180,100
h34,036,000
160,900
—
'
283,990,000
1,306,000
1,417,000
225,600
g
g
g
Beehive coke1
United States total
Daily average
-
2,467,300
11,370
a
Includes fbr purposes of
962,100
4,821,400
4,434
22,218
historical comparison and statistical convenience the
Includes of lignite and anthracite
Eroduction washery and dredge coal and semi-anthraciteby truck of Pennsylvania.
outside from authorized
and coal shipped
operations,
c
d Subject to revision,
Estimated,
weeks ended Sept.
22 cents
g Comparable data not yet available,
reports of this series,
ended Sept. 4.
a
gallon in
gallon and premium to 24
All companies met the reduction.
f Sum of 37 full
h Sum of 36 weeks
i Excludes mine fuel.
COAL, BY STATES
ESTIMATED WEEKLY PRODUCTION OF
V
(IN THOUSANDS OF NET TONS)
[The currents estimates are based on railroad carloadings and river shipments and
subject to revision on receipt of monthly tonnage reports from district and
State sources or of final annual returns from the operators.]
are
Week Ended—
Sept.
Stale
Sept. 4
1937 p
Alaska
Aug. 28
1937
p
Sept. 5
1936
r
Sept. 7
Sept. 7
1929
1935
2
2
5
3
224
226
223
;
Avge.
1923
e
s
s
— ---
Arkansas and Oklahoma—
Colorado
180
305
88
76
80
62
108
96
114
Alabama-
104
129
121
137
214
*
Georgia and North Carolina
♦
1
*
406
s
s
955
808
862
725
954
1,587
277
245
293
260
291
550
45
42
54
60
59
Kansas and Missouri
110
109
109
116
113
168
Kentucky—Eastern
790
723
771
632
912
713
163
161
162
146
255
248
27
28
29
29
39
40
1
3
8
17
15
27
55
47
57
56
63
68
33
27
27
27
41
Illinois
-
Indiana
Iowa..-
...
Western
Maryland——
—
Michigan
Montana
—.—
New Mexico
Utah
-
Virginia
-
s27
861
2,046
2,193
1,716
2,525
3,585
100
117
102
84
107
119
15
13
14
22
62
62
45
83
103
254
226
192
250
245.
26
34
Virginia—Southern
a
Northern b
-
------
—
Other Western States
c
Total bituminous coal
—
30
41
27
38
58
1,817
1,803
1,552
1,971
1,474
526
493
487
406
657
857
102
115
112
165.
1
s5
«4
7,019
11,814
12,528
108
*
8,439
97
*
7,943
l
*
8,279
830
748
738
564
9,509
1,218
9,269
Pennsylvania anthracite d
All coal
s27
420
1,802
Washington-
Wyoming
30
403
277
—-
21
420
71
.
Tennessee
Texas
17
393
2,139
-
-
Pennsylvania bituminous
a
56
20
20
Ohio
West
117
458
North and South Dakota
8,691
9,017
7,583
10,727
714
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G.,
and on the B. & O. in Kanawha, Mason, and
Clay counties,
b Rest of State, includ-
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthra¬
cite
from Weekly
Anthracite and Beehive coke Report of the Bureau of Mines,
Average weekly rate for entire month,
p Preliminary,
r Revised,
s Alaska,
Georgia, North Carolina, and South Dakota included with "other Western States."1
*
Less than 1,000 tons.
e
a
Revised,
e
11, 1937, and corresponding 37 weeks of 1936 and 1929.
Note
cumulation differs slightly from that used in previous
that method of computing the
On the basis of estimated stocks of finished and unfinished
a
148,400
Beehive coke:
gasoline of approximately 66,500,000 barrels on Sept. 1,
should the forecast reduction of 2,800,000 barrels in stocks be
cents
.
nearer.
the
above
c742,000
790,000
117,800
561,000
Calendar Year to Date f—
Metropolitan New York City district brought
colder weather
830,000
138,300
589,000
-
Daily average
Commercial production _i
immediately.
a
as
7,874,000
1,575,000
9,867
Dally average
local
Tightening of the retail gasoline price structure in many
areas
Sept. 12, 1936
8,439,000
1,407,000
d7,650,000
dl,530,000
Total, including mine fuel
competitive conditions made the readjustment necessary.
All distributors met the reduction
eSept. 4, 1937
a
Pennsylvania anthracite: b
Total, including mine fuel
gallon, and premium grades at 24 cents
gallon, all taxes paid.
made
Pennsylvania
anthracite during the
posted Tuesday by all
1-cent reduction
A
gasoline at 22 cents
SEEN
STOCKS, REFINERY
This
estimated at 7,650,000 net tons.
drop of 789,000 tons, or 9.3%, from the output in the
a
TIGHTER—OCTOBER
in the retail price of gasoline in the
change
area
MARKET
.177
Chicago
ESTIMATED UNITED STATES PRODUCTION OF
TANK-CAR
$1.75
Buffalo
$.1651
| Newark
I Boston
.19
I
$.053
zNot Including 2% city sales tax.
This is
Eldorado, Ark., 40
Rusk, Texas, 40 and over
..$2.60
Bradford, Pa
x
$.02%-.03
| Tulsa
Chicago—
28-30 D
Gasoline, Service Station, Tax
1
coal for the calendar year
Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
DOMESTIC
1.35
Phlla., Bunker C
$1.00-1.25
$1.35
...$.105
New Orleans C
California 24 plus D
N. Y. (Bayonne)—
Bunker C
Stocks of domestic and foreign
YORK
Refinery
Kerosene, 41-43 Water White, Tank Car, F.O.B.
(Bayonne)..
.05 %
05%-.05%
Tulsa
New York
barrels to 309,054,000 barrels during
the Bureau of Mines reported on
NEW
$.05
-.05%.
,06%-.07
ports
.08
.08%
Richfield
gained 4,650 barrels to 609,150 barrels daily,
recommended total of 633,600 barrels.
by Kansas lifted the total to 195,450
barrels, against the State quota of 196,250 barrels and the
Bureau recommendation of 200,900 barrels.
Louisiana rose
5,350 barrels to 261,300 barrels, compared with the State
allowable of 265,495 and the Federal recommendation of
REFINED
.08 %
Gulf
Tide Water Oil Co
the Federal agency's
A 7,050-barrel jump
Lime (Ohio OU
Texas
Socony-Vacuum.
which contrasted with the State allowable of 600,000,
247,900 barrels.
Other Cities—
Chicago
$.07 H
Stand. OU N. J__$0.7%
Committee recommendation of 638,200 barrels.
Oklahoma
Octane), Tank Car Lota, F.O.B. Refinery
New York—
New York—
compared with the joint Federal-Central Producers
which
1987
Chronicle
Financial
1988
Average Crude Oil Production During Week
Sept. 18 Placed at 3,671,200 Barrels
Daily
Ended
the
that
estimates
Institute
Petroleum
American
The
daily
crude oil production for the week ended
average gross
3,671,200 barrels. This was a rise of
28,800 barrels from the output of the previous week, and
the current week's figure remained above the 3,509,300
Sept. 18, 1937,
was
barrels calculated
by the United States Department of the
imposed by the
Interior to be the total of the restrictions
age
Daily
oil-producing States during September.
various
production for the four weeks ended Sept. 18, 1937, is
The daily average output
for the week ended
Sept. 19, 1936, totaled 3,037,000 barrels.
Further details, as
reported by the Institute, follow:
a
ended Sept. 18 totaled 965,000 barrels,
of 172,857
daily average of 137,857 barrels, compared with a daily average
barrels for the week
18 totaled 113.000 barrels, a daily average of 16,143 barrels,
compared with a daily average of 23,286 barrels for the week ended Sept. 11
Reports received from refining companies owning 88.9% of the 4,119,000
barrel
daily
estimated
potential refining capacity of the
whole ran to stills, on
indicate that the industry as a
basis,
a
United States,
consumption of metals for the remainder of the year.
Lead
stocks for August revealed another decline.
The publica¬
tion further reported:
Copper
finished
66,057.000 barrels of finished and
gasoline and 116.178,000 barrels of gas and fuel oil.
Cracked gasoline production
a
during the week was
copper
as
a
Bureau of Mines basis, produced an average of 775,000 barrels
in copper prices in London on Sept. 20 was attributed
The sharp decline
by the trade here to the uncertainty abroad about maintaining the domestic
On Sept.
outlook in the last quarter.
22 prices in London rose sharply, however, and sales were made in
This action encouraged the domestic
good volume to various countries.
industry.
In
some
directions the trade believes that consumption may not reach
the year, and that increased production
Also, the doubtful outlook for fall business forces fabricators to maintain
The expected buying wave follow¬
conservative views on the buying side.
sales will show a steady increase during the
but producers believe
remainder of'the year.
Exports of refined copper during June and July, in short tons, according
to countries of destinations:
To—
June
July
Danzig..r._
219
252
981
China and Hongkong...
1,776
76
4,477
Japan
4,015
5,722
3,924
Other countries
1,107
537
23,162
29,046
July
June
To—
Poland and
1
Sweden
Belgium
902
1,765
309
522
2,063
2,865
Great Britain
6,349
8,683
Italy
3,032
947
449
527
France
—.
Germany
CRUDE OIL PRODUCTION
Totals
Lead
Weakness in metals abroad earlier in the week, coupled perhaps with the
Four
M.,
of lead to hold off
during the seven days ended Sept. 22, sales reported by leading producers
Dept. of
State
Interior
Allowable
Ended
Ended
Ended
Calcu¬
Sept. 1
Sept. 18
Previous
Sept. 18
Sept. 19
1937
Week
1937
1936
lations
Change
Week
Weeks
„
from
(Sept.)
for the period amounting to
per
pound. New York, the contract
settling basis of the American Smelting &
Refining Co., and 6.35c., St.
Louis.
633,600
196,250
+4,650
+7,050
623.650
194,450
590,450
165,250
82,300 +11,600
600.000
200.900
79,700
62,200
609,150
195,450
The price of common lead
only 2,057 tons.
6.50c.
remained unchanged, however, at
own
Oklahoma.
708
•
v
Week
The
price continues steady at 14c., Valley.
decline in the stock market, caused prospective buyers
B. of
by consumers.
provide ample supplies of metal for most requirements
may
Netherlands
(Figures in Barrels)
Sales for the month now
total 16,113 tons.
Denmark
daily during the week.
DAILY AVERAGE
quiet, involving 5,357 tons,
compared to 6,523 tons in the previous week.
Mexico
un¬
by companies owning 94.8% of the potential
cracking units indicates that the industry
charging capacity of all
whole, on
in
Business
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week,
dull during
was
week, with most producers seeking enlightenment on
the
Bureau of Mines'
3,400,000 barrels of crude oil daily during the week, and that all
and the market
copper,
Business here
ing the Labor Day holiday has failed to materialize,
four weeks ended Sept. 18.
and 16,643 barrels for the
on
purchases of
favorably.
the high levels anticipated earlier in
Receipts of California oil at Atlantic and Gulf Coast ports for the week
Sept.
of metal abroad became
abroad reacted
Metal Exchange,
Sept. 20.
Consumers
attracted by this decline in prices
quotations dropped sharply
and made substantial
mded Sept. 11 and 172,857 barrels daily for the four
weeks ended Sept. 18
ended
where
price level in view of the hazy general business
Imports of petroleum for domestic use and receipts in bond at principal
States ports for the week
Sept. 25, 1937
sufficient to influence prices on the London
aver¬
estimated at 3,687,900 barrels.
United
Chronicle
The St. Joseph Lead Co. continued to receive its premium on its
Favorable statistics for August, which reveal a further reduc¬
brands.
tion in stocks, this for the thirteenth consecutive month,
and
an
increase in
monthly shipments, with domestic production practically unchanged, give
78,230
64,250
42,863
221,866
Panhandle Texas.
North Texas
West Central Texas...
73,600
—900
74,600
60,250
33,500
—150
33,600
27,250
223,700
i-800
East Central Texas—
110.934
116.100
—3,450
123,250
60,750
East Texas
475,308
476,750
475,050
245,534
202.749
268,350
268,550
—1,800
221,650
175,250
London
on
September requirements
Sept. 21 and on Sept. 22.
159,400
216,100
West Texas
Coastal Texas
231,150
167,100
comfortable feeling, heightened by the facts that consumers'
a
435,200
Southwest Texas
+ 1,000
+3,500
producers
needs for October are not more than 60% covered and that there was marked
recovery in
are
practically covered.
Zinc
Decline in the price for zinc
North Louisiana
173,200
+2,000
+3,350
173,600
81,450
154,400
261,300
+5,350
261,500
235,850
88,100
Coastal Louisiana
247,900
Total Louisiana
265,495
87,900
Arkansas
29,900
35,850
—750
36,100
28,050
124,300
137,500
—3,600
+ 700
139,750
50,100
114,450
58,050
40,650
Michigan
40,400
52,500
Wyoming
55,900
57,700
18,050
Montana
18,200
•
Colorado
New Mexico
29,350
18,100
—200
18,300
4,500
—50
4,650
4.850
114,600
+ 100
114,300
79,700
5,000
101,400
Total East of Calif.
•
—3,650
114,000
2,871,100
638,200
2,977,000 +20,200 3,008,200 2,454,300
694,200
679,700
582,700
x638,200
+8,600
Total United States. 3,509,300
3,671,200 +28,800 3,687,900 3,037,000
.
California
x
basis for Prime Western.
on
their requirements
believe
Producers
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED SEPT.
(Figures In Thousands of Barrels of 42 Gallons Each)
for the remainder of the year, and since metal has
of 7.25c., St. Louis, as steady.
Increased
production together with substantial imports from abroad has enabled most
Unfilled orders were reduced dining
producers to catch up on deliveries.
the week by
1,670 tons, to 101,440 tons.
World production of zinc by primary metallurgical
eight months of 1937 totaled
1,061,397 tons in the
Of the total produced in the
period last year.
same
works during the first
1,216,834 short tons, which compares with
Jan.-Aug. period of 1937, the United States contributed 386,080 tons.
:
Tin
Despite the decline in London,
a
fair business was done quietly in tin
A loss of more than a cent in the
recovered on
price of prompt Straits during the first five days was largely
18,
1937
•
The
August
International
as
Tin
Committee
Crude Runs
exports
of tin
Finished and
Unfinished Gasoline
follows, supplies being very scarce:
Sept. 16. 58.050c.; Sept. 17, 58.050c.; Sept. 18, 58.000c.; Sept. 20, 57.425c.;
Stocks
Sept. 21, 58.425c.; Sept. 22, 58.425c.
+ V
of
District
Unfin'd
Aver¬
Total
P.
Oper¬
At Re¬
age
tial
Rate
P.
ated
fineries
C.
PRICES OF METALS
Fuel
Terms., Nap'tha
Distil.
Electrolytic Copper
Oil
East Coast--
669
146
129
88.4
112
86.8
890
12,202
1,570
1,307
Appalachian.
Ind., 111., Ky
219
489
92.4
433
88.5
6,208
3,306
751
7,233
452
383
84.7
325
Inland Texas
355
201
56.6
142
70.6
1,109
193
391
3,698
1,827
Texas Gulf
793
757
95.5
707
93.4
5,765
290
1,767
10,443
558
83.4
5,238
15,236
Okla., Kan.,
Mo
.
.
La. Gulf
84.9
466
2,339
3,336
174
168
96.6
158
94.0
992
602
932
3,042
No.La.-Ark.
91
58
63.7
47
81.0
264
81
88
Rocky Mtn.
California-
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Reported
62
69.7
746
90.9
3,662
821
88.9
.
53
92
85.5
76.0
7,526
2*277
3,102
84.7
765
1,634
1,192
567
ll
69,305
7,107 112,858
320
3,320
298
32,520
2,530
22,860
457
4,119
4,119
3,400
35,050
23,580
3,455
35,564
23,470
7,427 116,178
7,422 114,666
y3,029
Est. Unreptd
32,105
19,947
4,119
Sept. 11 '37
4,119
St. Louis
St. Louis
7.25
13.775
13.050
59.300
6.50
6.35
13.775
12.800
59.300
6.50
6.35
7.25
13.775
12.950
59.250
6.50
6.35
7.25
58.675
6.50
6.35
7.25
13.775
12 625
59.675
6.50
6.35
7.25
22
13.775
12.625
59.675
6.50
6.35
7.25
13.775
12.783
59.313
6.50
6.35
7.25
13.775
Average
__
12.650
Domestic copper, f.o.b. re¬
finery, 13.775c.; export copper, 13.188c.; Straits tin, 59.523c.; New York lead,
6.500c.; St. Louis lead, 6.350c.; St. Louis zinc, 7.250c.; and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Average prices for calendar week ended Sept. 18 are:
Daily London Prices
U.S. B. of M.
xSept.18 '36
x
New York
6,426 112,710
720
xEst.tot.U.S.
Sept. 18 '37
Zinc
Lead
Tin
New York
16
17
18
20
21
388
89
Straits
Dom.,Refy. Exp., Refy.
921
529
669 100.0
+
("E. & M. J." QUOTATIONS)
and
C.
cfee.,
DAILY
Gas
in
Finished
Daily
Reporting
during
5,811 tons; Siam, 1,415 tons; and Belgian
Congo, 686 tons.
Stocks of
to Stills
the
reports
follows: Netherland East Indies, 3,370 tons; Nigeria, 1,349 tons;
Bolivia, 2,322 tons; Malaya,
Chinese tin, 99%, was nominally as
Poten¬
Louis,
well covered
Sept. 21, for which day 59.675c. per pound is quoted.
might have been surreptitiously produced.
Daily Refining
Capacity
consumers are
been purchased for delivery on an average price basis over the last quarter,
throughout the week ended Sept. 22.
Recommendations of Central Committee of California Oil Producers.
Note—The figures Indicated above do not Include any estimate of any oil which
.;r^\
tons, which represented filling-in orders sold on the 7.25c., East St.
the trade views the quotation
Eastern
•
Business transacted for all grades totaled 3,810
the market here.
ence on
1,413,600 1,441,734 1,490,400 +10,600 1,507,550 1,147,400
Total Texas.
:
abroad during the week exerted a dull influ¬
Estimated Bureau of Mines' basis,
y
Copper, Std.
September, 1936 daily average.
Copper
Lead
Tin, Std.
Zinc
Electro
Spot
Mild
Recovery Follows Sharp Decline in Metal Prices
Abroad—Dull Markets Here
"Metal and
Mineral Markets"
in
its
issue
of
reported^that continued shocks to sentiment here
business
outlook for
the
rest
of
the
Sept. 23
over
the
Sept.16
Sept. 17
Sept. 20
Sept.21
Sept. 22
52716
-
50^
50 %
52', 6
3M
535,6
529,6
505,6
5011,6
521,6
was
apparently
prices.
Spot
3M
Spot
3M
20 H
20 X
21X
21X
20 x
20M
21
19 H
20
20',6
213,6
20J*
203,6
205,6
20 X
20 J*
2013,6
20",6
21
Spot
58 X
262 H
262
58
261
260?*
56 J*
257?*
257
56 X
57 X
260 X
258?*
260 H
259M
20%
Prices for lead and zinc are the official buyers'
prices for the first session of the
for copper and tin are the official closing
All are in pounds sterling per long ton (2,240 lbs.).
London Metal Exchange; prices
year
3M
(Bid)
buyers'
from the estimate for
Age" reported that with
backlogs greatly depleted, steel mills are adjusting their ingot
producing and rolling schedules downward.
The sharpest
reductions in ingot output have taken place in the Pittsburgh
and Wheeling districts, in the former from 82% to 72% this
week and in the latter from 97% to 85%.
Other declines
Sept. 23 issue of the "Iron
The
three points
two points
area,
Pennsylvania.
a
28
77.0% Apr.
Jan.
4
5
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%
Jan.
11
5
12
79.4% Apr. 19
78.8% Apr. 26
Jan.
18
80.6% May
Jan.
25
77.9% May 10
79.6% May 17
Oct.
Dec.
7
Dec.
14
for the
situation
are
of award
Steel
87.3%
June 21
76.1%
75.9%
88.9% June 28
5
89.6% July
Sept. 13
76.6%
.75.0%
Mar.
8
Mar. 15
Mar. 22
76.2
67.3%
its summary of the iron and
steel
gradually assuming its fall pattern,
and a better outlook for
business is
of the year, although substantial
remainder
been determined for the remainder of the year
and
have no incentive to press for further
makers in the East is probability
United States Lines, which will require about
of
liner for
a
Export inquiry continues in good volume
though
not large.
are
the influence of the Labor
production, emerging last week from
of capacity.
shortening
Practically all important centers made major increases and some
noted
was
of
in
various
Pittsburgh regained 15 points to
smaller centers.
84%, Chicago 10 points to 83, Wheeling 13 points to
to 70, Cleveland 1 to
63, and New Englnad 10 to 75.
declined 1.5 points to
shops for
No change was made at Birmingham, Ala., at
August and may
The rate of 80% is slightly below that prevailing in
91%.
the time
89, Youngstown 5
Eastern Pennsylvania
63, Buffalo 9 to 70, Detroit 5 to 95, Cincinnati 9 to
80 and St. Louis 3 to 74.
The Santa Fe is inquiring for 30
some measure
to repair
work in getting open hearths in condition
for fall activity.
before consumers and jobbers will be obliged to come back
A
Some buyers appear to have
of stocks.
14
not difficult, consumers
soon
be due in
into the market for replenishment
June
Day holiday, rebounded eight points to a national rate of 80%
stainless steel passenger cars.
that must elapse
7
85.8%
1
16,000 tons of hull steel.
The General
One of the most uncertain factors in the present situation is
82.5% June
7
A heartening factor for plate
contracts.
confronting the carriers will bring
Transportation Co. is building 1,000 cars in its own
22
Mar.
Since prices have
deliveries
10,000 tons of plates placed by the New York
various shops.
With car builders reaching
equipment buying of importance
leasing to the Illinois Central Railroad.
15
Feb.
83.8%
84.1%
71.6%
80.4%
Aug. 30
Sept.
utilized.
Central for car repairs at its
American
9
Aug. 23
months. Railroad
buying is interfered with by questions of rates and wages and automotive
buying has not developed to the extent expected. One reason for the latter is
that models have been changed little and steel already in stock can be
ebb, which gives more than ordinary im¬
back into the equipment and steel markets.
2
Aug. 16
probable, without the congestion that marked the early
the end of their old orders, there is no new
railroads
Aug.
Aug.
with improvement
bookings in heavier
Buying is 15 to 20% better than in August, in the important centers,
though this is a comparison with practically the low point of the summer.
It seems apparent that various factors are combining to bring a quieter
involved,
confidently expected that a satisfactory settlement
19
26
Sept. 20
Feb.
80.6% May 24
81.6% May 31
The steel market is
compared with 1,154,806 in the same
and freight rate questions now
July
July
Sept. 20 stated:
on
individual lots
in sight, though it is
8
82.7%
82.5%
84.3%
85.5%
84.6%
83.2%
12
July
steel.
of plates.
portance to an order for
1
Feb.
continued in lighter products
New projects of more than 24,000 tons out
Railroad buying of steel is at low
Feb.
"Steel" of Cleveland, in
markets
This week's lettings were only a little more
flattened out.
to have
Apr.
1937—
74.1%
74.3%
75.9%
76.6%
79.2%
Nov. 30
for bids are
a bit more promising even though one job, a new press shop for the Ford
Motor Co., accounts for 15,000 tons of the total.
A water pipe line at
Los Angeles, awarded to a Pacific Coast fabricator, calls for 11,000 tons
the
9
Nov. 16
Nov. 23
three
for the country, which
far as heavy steel products are
Building construction activity, so
than 11,000 tons.
the wage
2
Nov.
period last year.
seems
26-_.
leading mill, tends to
during the fourth quarter
cars
19
Nov.
confirm the less
With a drop of
75c. a ton at Chicago and 50c. at Philadelphia, the "Iron Age" scrap com¬
posite price becomes $18.25, or only $1.17 above the year's low in June.
While there has been a moderate improvement in the volume of new busi¬
ness, it has emanated mostly from the automobile industry, which thus far
has bought only a small part of the steel it will require for its contemplated
production during the fourth quarter.
Estimates of 1937 output of cars
and trucks in the United States and Canada vary from 5,000,000 to 5,200,000, the attainment of which would require the production of a million or
more
12
Oct.
for the steel industry.
favorable view of autum prospects
91.0%
91.2%
90.0%
91.0%
77.4%
21
Dec.
indicated.
weakness in steel scrap, particularly at Pittsburgh, where it
has declined $2 a ton on a sale to a
3
Dec.
this week at 76%, is
Pronounced
.89.9%
90.3%
91.3%
92.3%
68.2%
72.o%
74.4%
75.4%
Oct.
rapidly than it has in the past two or
further drop in the ingot production rate
90.7%
7
Sept. 14
Sept. 21
Sept. 28
the Chicago
in the Valleys, Cleveland-Lorain and eastern
The'4 Age'' f urtner stated:
1937—
1937—
77.0% Mar. 29
Sept.
1936, follow:
operations since Sept. 7,
1936—
1936—
in the South, two and a half in
Unless business improves more
weeks,
is estimated
a
indicated rates of steel
Oct.
are
and 74.4% one year
decrease of 4.3 points, or 5.3%
the week ended Sept. 13,1937. Weekly
This represents
ago.
Downward
83.8% one month ago
week ago,
one
Adjusting Schedule
Backlogs Depleted, Steel Mills!' Are
1989
Chronicle
Financial
145
Volume
factor
sustained ingot production in
in
the face of light buying of
Demand has been so strong
finished steel is scarcity of semi-finished steel.
requirements have
while others have already reduced their inventories materially.
ample stocks for some weeks, particularly as their own
for many months
that stocks in the hands of producers and rerollers have
decreased,
become
and
With mill deliveries now prompt in most instances, consumers see no oc¬
casion
to anticipate
ore
their needs for more than the period required for mill
tons,
been taken out of commission and schedules have been interrupted by
taken of the
opportunity to
Imports of steel and iron products into the
Though
Britain
needs
For
excluding scrap, were 306.945 tons,
of 1936.
of the higher world
prices now prevailing in steel.
British steel markets are strong, with
some
American
Resumption of
from the Bilbao district in Spain has eased the pig iron
situation somewhat.
Semifinished steel continues scarce in spite of large
imports from the Continent.
"IRON AGE" COMPOSITE PRICES
bookings well into next year and
deliveries not available until then on current buying.
iron ore shipments
mills have been quoting.
THE
months imports,
5.3%, the increase in value was 27.3%, a reflection
was
semi-finished and continues to inquire
here, there is resistance to payment of full domestic prices which
seven
with 291.396 tons in the same period
fog.
for six months and are restricting
Mills are sold out on heavy steels
United States in July were
with 44,771 tons.
compared
While the gain in quantity
slightly larger than in June, 47,012 gross tons compared
of de¬
The British steel market, unlike our own, is having no cessation
exports.
being
Nonintegrated producers of finished steel have been in
of the semifinished steel and have been hard pressed to obtain suffcient
need
Lake Superior iron
breaking all records up to
1.
The September movement is not expected to exceed 9,000,000
a drop of nearly 2,000,000 tons from August.
A few boats have
mand.
is
for their needs.
keeping with the slower trend in steel production.
shipments have begun to slow down after
Sept.
advantage
replenish the supply.
rollings.
In
depleted
Production in August fell off somewhat from
July, due to midsummer holidays.
Finished
Steel
Influence of the changes in
Based on steel bars, beams, tank plates
Sept. 21. 1937, 2.605c. a Lb.
wire, rails, black pipe, sheets and hot
2.605c.
rolled strips.
These products represent
One month ago
__2.605c.
One year ago
85% of the United States output.
_._2.159c.
High
1937
2.605c.
2.330c.
2.130c.
2.199c.
2.015c.
1.977c.
2.037c.
2.273c.
.
-
1936
1935
1934
1933
1932...
1931
1930
Low
2.330c.
2.084c.
2.124c.
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan. 13
Jan.
7
Mar. 2
Mar. 10
Jan.
8
Jan.
2
Apr. 18
Feb.
2
Dec. 29
Dec.
9
2.008c.
1.867c.
1.926c.
1.945c.
2.018c.
ceding week. General Motors
\
Ford 5.000 compared with 26,000, and Chrysler 1,750 compared with 2,100.
Other builders showed a slight gain with 9,700, compared with 7,821 the
Continued
has
$23.25
23.25
One week ago
One month ago
Philadelphia,
and
Southern Iron at Cincinnati.
18.73
One year ago
Valley,
Buffalo,
$23.25
9
$20.25
19.73
Nov. 24
18.73
Aug. 11
1935
18.84
17.83
May
14
1934
17.90
16.90
Jan.
27
Mar.
1932
14.81
5
May
1
Dec. >5
Jan.
5
1931
15.90
Jan.
1930
18.21
Jan.
16.90
week
Nov.
Feb.
16
13.56
Jan.
13.56
Dec.
6
14.79
Dec.
Dec.
16
in
steel scrap,
$19.08,
a
resulting from absence of buying,
drop of 25 cents,
"Steel's" composite
placing this indicator
$40.19.
The finished steel composite is unchanged.
An increase of
about 6 Yi
points in the estimated ingot
production of subsidiaries of the U. S. Steel Corp.
an
the week ended
industry for
Sept. 20, according to the
"Wall Street Journal" of Sept. 23.
credited with
are
a
resulted
points in the average for the entire
upturn of 23^
Leading independents
reduction of about 2 points for the week.
15
15.90
6
7
to
This is $2.08 higher than
in late June and $3 under the high point at the beginning of April.
The
same influence brought the iron and steel scrap composite down two cents
Low
High
1937
—
last
practically at the level of the fourth week of July.
in
1936
1933
weakness
depressed prices of steel making grades further and
declined
to
Sept. 21, 1937, $23.25 a Gross Ton
with 59,017 the pre¬
produced 13,700 cars compared with 23,096.
previous week.
Pig Iron
Based on average of basic iron at Valley
furnace and foundry irons at Chicago,
automobile models had its sharpest effect last
week, total production being 30,150 cars, compared
One week ago
3
The
"Joiirnal" further reported:
$19.33-
One week ago
One month ago
20.58
One year ago
week and 73% two weeks ago, when the Labor Day holiday
on
No.
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
the
U. S.
included.
was
16.75
$21.92
Low
Mar. 30
$17.08
Steel is estimated at nearly 85%, against
credited with
78^% in
Leading independents are
78%, compared with 80% in the preceding week and 75%
two weeks ago.
previous week and 70%
two weeks ago.
The following
High
1937
for the industry is placed at 81 %, compared with 79 H %
in the previous
Igjggggg ggggggggg^Steel Scrap
H jSept. 21, 1937, $18.25 a Gross Ton""* Based
The average
with
June 15
tables gives
a
comparison of the percentage of production
the nearest corresponding week of previous years
together with the
approximate changes, in points, from the week immediately preceding:
17.75
Dec. 21
12.67
June
1935
13.42
Dec.
10.33
Apr. 23
1934
13.00
12.25
Mar. 13
9.50
Sept. 25
1933
Aug.
8
6.75
Jan.
1932
8.50
Jan.
12
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec.
29
1937
81
1930
15.00
Feb.
18
11.25
Dec.
9
1936
1935
1936
«
10
ThefAmerican Ironfand{Steel Institute
on
9
Industry
3
Sept. 20Jan-
U. S. Steel
Independents
78
70
+6H
+2
40
—2
+2
21
+1X
24
—2
60
85
73^
+2H
+2 34
51
—1
1934--.
23
76
+2H
+2
+1
1933
39 Yi
—1
41^
1932
17H
M
+2H
37
nounced that telegraphic reports which it has received indi¬
17H
+3H
17
1931
29
—1
32
—1X
27^
cated that the operating rate
1930
60
66
-t-1
56
+4
85^
—2^
+6
+2^
79
—2
85
+4
62
+2
of steel companies having 98 %
—
1929
of the steel
capacity of the industry will be 76.1% of
capa¬
city for the week beginning Sept. 20, compared with 80.4%
82
+2
—2H
1928
85
+5
85
1927
64
+2
66 H
-
i-2
—
X
1990
Financial
Chronicle
Sept. 25, 1937
Current Events and Discussions
The Week with the Federal Reserve Banks
balances
bank
increased
$112,000,000.
Additions
United
reserve
member
to
from decreases of
$25,000,000 in money
in circulation and $155,000,000 in
Treasury deposits with
Federal Reserve banks and ail' increase of
$3,000,000 in
Treasury currency, offset in part by an increase of $49,000,000 in non-member deposits and other Federal Reserve
accounts and a decrease of $20,000,000 in Reserve bank
credit.
Excess reserves of member banks on
Sept. 22 were
estimated to be approximately $1,020,000,000, an increase
of $140,000,000 for the week.
Inactive gold included in
the gold stock and Treasury cash amounted to
$1,162,000,000
on
Sept. 22, an increase of $42,000,000 for the week.
The statement in full for the week ended
Sept. 22 in com¬
parison with the preceding week and with the corresponding
reserves
arose
date last year will be found
Changes in the
2024 and 2025.
on pages
amount of Reserve bank credit
and related items
during the week and the
22, 1937,
outstanding
ended Sept.
follows:
were as
year
Increase
'•
(—)
Sept. 23, 1936
$
24,000,000
_
$
+1,000,000
+17,000,000
3,000,000
Government securities
advances
(not
2,526,000,000
—8,000,000
3,000,000
—22,000,000
2,578,000,000
member banks.
Loans to brokers and dealers declined
$28,000,000 in New
York City and $37,000,000 at all reporting member banks.
Other loans for
purchasing or carrying securities declined $11,000,000 in New York City
and $12,000,000 at all reporting member banks.
Loans to banks declined
$28,000,000 in New York City and $32,000,000 at all reporting member
banks.
j+fltf
Holdings of United States Government direct obligations declined $36.000,000 in New York City, $12,000,000 in the Chicago district, $10,000,000
in the Richmond district, and $68,000,000 at all
reporting member banks.
Holdings of "Other securities" declined $16,000,000 in New York City and
$19,000,000 at all reporting member banks.
Demand deposits-adjusted increased $24,000,000 in the San Francisco
district, $18,000,000 in the Kansas City district, $14,000,000 in the Boston
district, $13,000,000 in the Cleveland district and $11,000,000 in the
Dallas district, and declined $71,000,000 in New York
City, all reporting
$122,000,000 in New York City, $26,000,000 in the Chicago district and
$191,000,000 at all reporting member banks. Deposits credited
to^foreign
banks declined $12,000,000 in New York
City.
Borrowings of weekly reporting member banks
2,593,000,000
balances
6,977,000,000
6,529,000,000
3,537,000,000
+112,000,000
—25,000,000
+ 42,000,000
193,000,000 —155,000,000
....
of
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
eral Reserve accounts
628,000,000
A
member
banks, together with changes
ended Sept. 15, 1937, follows:
week and year
Increase
Assets—
1937
decrease
the
for
the
(—)
Decrease
or
Sept. 8, 1937
$
Loans and investments—total
+110,000,000
(+)
Since
15,
Sept.
—195,000,000
a
summary of the principal assets and liabilities of
reporting
+752,000,000
+290,000,000
+1,138,000,000
+49,000,000
to' $8,000,000
amounted
Sept. 15, reporting member banks in New York City showing
$15,000,000 for the week.
—1,000,000
+105,000,000
+43,000,000 +1,908,000,000
+3,000,000
+84,000,000
12,694,000,000
Treasury currency
Time
deposits declined $8,000,000 in New York City and $9,000,000 at all re¬
porting member banks.
Deposits credited to domestic banks increased
—20,000,000
...
Total Reserve bank credit
Gold stock
reserve
Commercial, industrial and agricultural loans increased $24,000,000Tat
reporting banks in New York City, $12,000,000 in the Chicago district,
$9,000,000 in the Cleveland district and $70,000,000 at all reporting
on
$15,000,000 commitm'ts—Sept. 22)
Money in circulationTreasury cash
with Federal Reserve banks.
+96,000,000
21,000,000
including
Other Reserve bank credit
Member bank
or Decrease
,Since
Sept. 15, 1937
$
Industrial
(+)
•'
Sept. 22, 1937
U. 8.
from domestic banks; and an increase of $129,000,000 in reserve balances
member banks showing a net increase of $16,000,000 for the week.
.
Bills discounted__
Bills bought
States Government direct obligations; increases of
$191,000,000
deposits credited to domestic banks and $156,000,000 in balances due
in
During the week ended Sept. 22 member bank
VV+
Sept.
$
+-
1936
16,
$
22,232,000,000
10.049,000,000
Loans—total
—83,000,000
—382,000,000
+8,000,000
+1,390,000,000
596,000,000
4,162,000,000
469,000,000
+1,000,000
+69,000,000
+5,000,000
Commercial, industrial, and agri¬
cultural loans:
Returns
of
Member
Banks in
New
York
On securities.____
City and
Otherwise secured and unsec'd
Chicago—Brokers' Loans
Open market paper.
Loans to
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
banks and also for the Chicago member banks for the
cur¬
IN
CENTRAL
City—
Chicago
Sept. 22
Sept. 15
Sept. 23
Sept. 22
Sept. 15
Sept. 23
1937
1937
1936
1937
1937
Loans and
investments—total.
industrial,
8,165
4,000
_
8,285
8,786
1,996
2,010
2,096
4,049
3,348
730
732
586
239
241
*
33
33
Otherwise secured & unsec'd
1,644
1,635
*
462
459
*
169
167
*
31
31
*
Loans to brokers and dealers.
Other loans for purchasing or
1,074
1,118
48
52
79
79
carrying securities.
997
1,128,000,000
—4,000,000
—119,000,000
—19,000,000
+129,000,000
—399,000,000
+ 422,000,000
299,000,000
—8,000,000
Balances with domestic banks
—80,000,000
1,775,000.000
+156,000,000
—567,000,000
14,827,000,000
5,280,000,000
+16,000,000
—9,000,000
—2,000,000
—243,000,000
*
135
135
133
14
14
68
77
64
2
2
233
On securities
Otherwise secured & unsec'd
U. S. Govt, direct obligations._.
231
23
23
*
Italy Agrees
197
38
39
2,896
3,843
910
916
1,122
391
398
463
100
99
942
1,132
256
263
2,644
2,475
2,303
583
589
51
53
24
22
34
64
67
71
134
145
196
459
453
466
60
60
68
Demand deposits—adjusted....
5,965
5,928
6,371
1,495
Time deposits-_____
United States Govt, deposits.__
1,522
1,541
730
722
561
453
453
448
352
346
193
61
57
101
1,935
1,944
2,365
519
527
619
528
524
389
7
7
5
_____
Liabilities—
_____
Inter-bank deposits:
Domestic banks
Foreign banks
The decision to hold
Italian naval experts
Borrowings..
5
16
to
Supplement that
Nyon
at
a
conference of British, French and
in Paris to consider alterations
to
be
made in the
Nyon arrangement for patrolling the Mediter¬
in order to permit Italy's adherence was reached at
on
Sept. 21 after conversations between Count.
ranean
<■
Con¬
Anti-Piracy Patrol of Mediterranean
579
55
Other assets—net
—23,000,000.
Switzerland
296
Res. banks..
on
Paris Conference
at
92
989
with domestic banks..
+157,000,000
to Join Great Britain and France in
versations
195
Cash in vault
—824,000,000.:
—14,000,000
—15,000,000
5
_________
Other securities
+191,000,000
8,000,000
15
2,785
*
5,107,000,000
569,000,000
—83,000,000
+249,000,000
Comparable figures not available.
*
*
*
Obligations fully guaranteed by
United States Government
Foreign banks
606,000,000
Borrowings
♦
248
Other loans:
____
38
243
Real estate loans...__
Loans to banks.
Demand deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
Domestic banks._____
.
*
*
by
5,291,000,000
__
Open market paper..:._______
Reserve with Fed.
fully
*
—68,000,000 —1,254,000,000
Liabilities—
and
On securities
+ 9,000,000
+4,000,000
8,122,000.000
_____
agricultural loans:
Balance-
725,000,000
816,000,000
Govt, direct obligations
«
+12,000,000
2,933,000,000
$$$$$$
Loans—total
Commercial,
109,000,000
1936
Assets—
+21,000,000
1,164,000,000
Reserve with Fed. Res. banks
Cash in vault
(In Millions of Dollars)
New York
+123,000,000
—12,000,000
+1,000,000
—32,000,000
...
guaranteed
United States Government
Other securities.
RESERVE CITIES
—37,000,000
Otherwise secured and unsec'd
Obligations
*
682,000,000
On securities..
S.
*
*
,
or
...
Real estate loans..-.Loans to banks..
Other loans:
U
:
1,326,000,000
loans for purchasing
carrying securities.
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
OF WEEKLY REPORTING MEMBER
BANKS
.}
securities...
Other
rent
ASSETS AND LIABILITIES
brokers and dealers in
Rome
Galeazzo
Ciano,
the
Italian
Foreign Minister, and the«>
d'Affaires.
Arnaldo Cortesi,
reporting this from Rome to the New York "Times" in part
British
and
French
Charges
added:
Other 'labilities
403
388
359
18
17
23
Capital account
1,474
1,474
1,425
244
243
236
*
Comparable figures not available.
The conference, which will meet at
in
•
character, which is regarded here
The changes d'affaires
an
early date, will be purely technical:
happy
as a
augury
behalf of their Governments that neither Britain
Complete
Returns
of
Member
Banks
of
the
Federal
Reserve System for the
Preceding Week
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
As
of Governors of the Federal Reserve
System respecting the
returns of the entire
body of reporting member banks of
the Federal Reserve
System for the week ended with the
close of business Sept. 15:
The
condition
statement
of
weekly
reporting
member
banks
in
101
leading cities shows the following principal
Sept. 15.
tural
changes for the week ended
An increase of $70,000,000 in commercial, industrial and
agricul¬
loans
securities,
decreases
of
$37,000,000 in
$32,000,000 in loans
to
loans
to
brokers
and
dealers
in
banks, and $68,000,000 in holdings of
to
for its
prefaced the conversations with
nor
a
success.
statement
France had
ever
on
failed
recognize Italy's position as a great Mediterranean power.
This disposes of Italy's demand for moral satisfaction as the
adherence
that
the
to
the
price of herNyon arrangement and it has answered the Italian charge
attitude
of
Britain
and
France
was
dictated
hostility; it has also, in the Italian viewpoint, created
cooperation
This
power
ment
by the three
week's
powers
by
an
preconceived
atmosphere for-
in the mediterranean.
conversations
in
Rome
followed
th^ Nine-;
conference at Nyon, Switzerland, at which
was
combat
reached
"pirate"
appeared
in
our
on
the
submarines.
Sept.
an
agree¬
policing of the Mediterranean toDetailed
18 issue,
page
reference
1817.
this
to
From
Paris.,
Sept 21 advices to the "Times" said:
Examination by naval experts, including Italians, of the
Italy
may
participate in
the
Mediterranean
patrol
extent to which
will be begun
almost
at once,
probably in Paris, as a result of the decision taken today by Foreign
Secretary Anthony Eden of Britain and Premier Camille Chautemps after -
consultation
with
Rome.
By handing the question
selves
get
round
the
over
difficulties
to naval experts,
raised
the Governments them¬
by Italy's non-attendance at
Nyon conference and her subsequent demand for naval
parity.
the,;
Volume
Financial
145
patrol had begun on Sept. 20 was noted in United
from London Sept. 20 which stated that
Great Britain and France, marshalling the most powerful
That
advices
Press
their warships into
the Mediterranean early that day to protect merchant ships
from pirate raiders.
naval alliance since the World War, sent
Nanking
of
Bombing
Capital
Chinese
in
Developments
Planes—Other
by Japanese
Sijio-Japanese
Encounters
the Capital City
in disregard of
protests, it was
Associated Press accounts from Nanking that
Japan's threatened bombing of Nanking,
China, was carried out on Sept. 22,
American, British, French and German
of
reported in
day, which also stated:
F More than 50 Japanese planes took part in two raids,
killing or wounding
of the city.
Scored were burned to death as incendiary bombs fired tinder-like straw
huts along the Yangtse river front.
Most of those who died were too feeble
or helpless to join the great exodus to the open countryside to escape death
from
the
Johnson, accompained by his entire staff, returned to the Embassy from the gunboat
Luzon, to which he had withdrawn Monday, Sept. 21, when the Japanese
gave warning of their intention to subject
Nanking to devasting air
Ambassador Nelson T.
bombardment.
who
Ambassador,
The
had
He declined to explain his action
as on
the Luzon on
intended to remain ashore.
beyond remarking, "It's just as safe here
maintained offices aboard
indicated that he and his staff now
the Yangtse,
the river."
expressed gratification at the
Chinese officials
American envoy's return,
instructions from Washington.
the Japanese air force also struck with deadly
assuming he acted on
effect at
nearly all civilians,
four big air raids.
Foreign observers told of piles of bodies in
and of scenes of panic and disorder at the railway stations as
In the far south
Canton, where it was feared that more
perished in
the streets
quiet except for aerial
It had previously been reported
(Sept. 17) that the
Japanese Army headquarters announced that its troops had
swept over the walled City of Choehow, and that the fall
of that city had isolated five Chinese divisions, some 50,000
men, along the railway North of the city.
Continued ad¬
vancement by the Japanese in North China into the Provinces
of Suiyuan and Shansi was reported from Peiping Sept. 19,
on which date also, according to the "Times" advices from
Shanghai, six huge conflagrations were started in Yangtseseveral on foreign-owned properties, and one Chinese
Curtis Hawk plane was shot down and the pilot killed during
a series of six Chinese air raids between 6:30 p. m. Saturday
poo,
and 12:30
a.
m.
Sunday.
The invasion of the Japanese
indicated
was
Army into Suiyuan Province
advices Sept. 22 from
Press
Associated
in
Peiping, which said:
Japanese dispatches said the column,
composed of veterans of Japan's •
Northeastern Suiyuan from
walled town of Hingho.
of occupation in Manchuria, had entered
army
conquered Chahar and had seized the important
Previously
along
advancing
column
a
the Peiping-Suiyuan Ry. from
Fengchen and important passes
Tatung, in Shansi-Privince, had occupied
through the Great Wall.
Chinese
had
forces
Governor of Suiyuan,
Fu Tso-yi
General
under
Western Chaha since last Winter,
occupied
■
According to Shanghai accounts (Associated Press) on
Sept. 23, Japan's air forces today carried their campaign
to a score or more cities through nearly all of eastern China;
it
added:
was
Canton, metropolis of the south,
with 2,000 dead or wounded in two
towns within a 200-mile
ous
punishment*
suffered the most terrible
days of heavy bombing.
Nanking, the capital, escaped after two great
-
States and Great
of Japan to bomb
Nanking are referred to elsewhere, as is also the departure
from the City of Ambassador Johnson and his later return
thereto. Indicating that Nanking was spared from a Japanese
air bombardment on Sept. 23 owing to low clouds blanketing
the Yangtze Valley and rain at many points, a wireless mes¬
sage Sept. 24 to the New York ''Times" from F. Tillman
which
have been driven well
■*]'>■!}■/
'
back into Suiyuan.
than 300 persons,
throngs tried to flee from the city.
s
Licuhiao and a neighboring
However the Kiangwan, Chapei
reports.
skies.
After the raids. United States
resulted in the taking of
hamlet, according to Japanese
and Pootung fronts remained
bombings and occasional unenthusiastic artillery duels
Liuhang on Friday morning
The thrust beyond
the village of
mostly in the poorer quarters
than 200 Chinese civilians,
more
1991
Chronicle
raids yesterday, but numer
the Japanese bombers"
radius felt the force of
The protests to Japan by the United
Britain following the announced intention
Durdin at
The
Nanking added in part:
essential
city's
(Chinese Nationalist party) headquarters,
not too
was
wan
removed.
bombing
Wednesday's
of
the * evidences
power, posts, telephones
normally again, with most of
The Koumintang
public services—water,
telegraphs and buses—are functioning almost
badly damaged to interrupt the
which was hit by five bombs,
work of the staff.
The Hsiak-
railway station has been repaired.
British
The
Consulate
announced
that
property of the
International
had been damaged in the Wednes¬
day raid.
One river pontoon was sunk and another partially destroyed.
Business activity in Nanking is at a new low.
More shops are closed,
and the people generally are staying indoors.
Foreigners are finding life
increasingly complicated.
Many foods are unobtainable; servants irregu¬
larly attend their duties and garages are pre-empted by military cars, with
Import & Export Co., a British concern,
rickshas increasingly scarce.
A
middle
Embassy staff has
States
United
The
embassy here.
.
resumed normal duties at the
.^.
course
democratic development for
capitalistic,
of liberal,
by Generalissimo
Chiang Kai-shek yesterday in regard to the manifesto of the Chinese Com¬
munist party, in which the latter formally announced dissolution, of the
"Soviet Republic of China." abandonment of Communist doctrines and the
China was given a
Yat-sen's
Chiang
three
now
were
General
welcomed
Ivuomintang.
principles, and the general
to Dr. Sun
emphasized that all factions
Sim's program.
hitherto cautiously steered
be continued, with the undivided support
signifying his intention of not leaning too far
Fascism and as contradicting an impression
unified in the prosecution of Dr.
completely
by the National Government will
regarded as
either toward Communism or
that
acceptance
would pledge
of Communist cooperation meant
that the Government
itself to Socialist reforms.
The Communist statement
with the National
forces under General Chiang's leadership.
General Chiang hailed the action
as the triumph of National sentiment over every other consideration.
He said the Government gladly accepted the services of any political
From Tokio on
Sept. 24 advices to the
and work for the
Report on Planes
"Times" from Hugh
Destroyed,
Office last night issued a full
tained by the Chinese and
Nanking—Chinese
19, and Sept. 22, as follows:
planes shot down: Certain, 40; doubtful, two;
total, 42.
shot down; Certain, 16; doubtful, 3; total,19.
10; doubtful, 7; total, 17
planes destroyed: Certain, 66; doubtful, 12;
exploded on ground: Certain,
Grand total of Chinese
Aug.
14 and Wednesday
destroyed and 12 were believed
hangars were exploded.
naval
to
Aug.
total,
272 Chinese planes were certainly
destroyed, for a total of 284.
Sept. 22:
to
honor
Your
inform
Excellency that the inquiry in
vicinity having been completed,
the following reply:
the Japanese Government
make
of the most careful
result
a
26
two
investigation it has been established that
Japanese planes
machine-gunned and bombed two motor
sincerity to be military buses or trucks
carrying officers or soldiers of the Chinese Army, at a point three kilom¬
eters (about two miles)
southeast of Kiating, where Chinese forces were
concentrated, and, 6ince Aug.
18, not onty had Japanese planes made
repeated attacks thereupon but a number of aerial combats by Chinese
which
cars,
and
were
believed in all
Japanese had taken place.
been
has
some
of the
position
traveling from
was
it
But
ascertained
was
that
no
Japanese
plane had machine-gunned or
locality where the Ambassador was
bombed1 the
first reported to have been
made simultaneously by Japanese and
authorities, leads to the conclusion that the position of the motor
However,
wounded.
British
in
car
the spot, there
received as to
Ambassador's motor car when he was wounded. [He
Nanking to Shanghai when the attack occurred.]
the difficulty of conducting investigation on
slight discrepancy in the various reports
Owing to
question
careful
study,
might have been south of Kiating, instead
stated in an earlier British report.
of six miles
these circumstances, the Japanese Government con¬
sider the incident may have been caused by Japanese planes which mistook
the Ambassador's motor car for a military bus or truck.
As the wounding
the
In
48 Chinese
31
The Japanese total loss up to yesterday was
Ambassador may thus have been
due to action, however involuntary,
Britannic
Regarding
to
needless
tionally
it
or
to convey to His
deep regret.
the question of punishment of the aviator concerned, it is
say
that the Japanese Government will take suitable Gteps
is established that Japanese aviators killed or wounded, inten¬
through negligence, the nationals belonging to a third country.
the interim note of Sept. 6 [asking time for continued in¬
stated in
vestigation], instructions have been sent again to Japanese forces
to exercise the greatest care for safeguarding non-combatants, it
the
I
in China
being the
far as possible,
dangers to non-combatants resulting from hostilities in China.
avail myself of this opportunity to renew to Your Excellency assur¬
and policy of
desire
planes.
ances
regarding the Sino-Japanese situation appeared
in our Sept. 18 issue, page 1819.
Under date of Sept. 18 a
wireless message from Shanghai to the "Times" stated:
light of all
Japanese planes, the Japanese Government desire
Majesty's Government a formal expression of
by
As
78.
Between
As
the
and
Shanghai
desires
whenever
At Canton—Chinese planes
Planes
have
now
of the
statement of the damage sus¬
Japanese air forces in the aerial bombardments
Nanking and Canton between Sunday, Sept.
At
I
Tokio
from
advices
south of Taitsang, as
By as said in part:
of
by Foreign Minister Koki Hirota to Sir Robert L. Craigie,
British Ambassador, as contained in Associated Press
the
of the Chinese Red armies
organization sincerely desiring to end foreign aggression
National revolution under the Kuomintang's leadership.
Montgomery
Hughe
the
announced support of the democratic form
of Government and the merging
The Navy
British Ambassador to China,
Knatchbull-Hugessen, by, it was
reported, Japanese airplane machine gun bullets, has this
week been the subject of notes which have passed between
Great Britain and Japan.
The latter in its note says that
"The Japanese Government consider the incident may have
been caused by Japanese planes which mistook the Am¬
bassador's car for a military bus or truck."
It adds that
"as the wounding of the Ambassador may thus have been
due to the action, however involuntary, of Japanese aircraft,
the Japanese Government desires to convey to His Britannic
Majesty's Government formal expression of deep regret."
In its reply the British Government states that it has re¬
ceived Japan's communication "with satisfaction and regard
the incident as closed." The following is the note addressed
Sir
on
the allegiance of Communists
Chiang's statement that the "course
of the Nation," is
gard Incident Closed
The recent wounding of the
significant stimulus in a statement made
end of efforts to overthrow the
General
Japan, in Note to Great Britain, Expresses Regret at
Wounding of Ambassador Hugessen—British Re¬
of my
the Japanese Government to limit, as
highest consideration.
An item
operations on most fronts are bogging down ever
more deeply as the rains intensify, the Japanese Army reports one important
advance, namely the capturing of the village of Tungchiao, 2,500 yards
west of Lotien, on Friday morning.
In the Lotien sector as a whole the
Despite the fact that
Japanese Army claims a
gradual advance to the southwest.
From London
Sept. 22 the Associated Press said:
Foreign Secretary Anthony Eden today instructed Sir Robert L.
Ambassador at Tokio, to submit the following note to
British
Minister
I have
cated
the
to
note
Koki
the honor to inform
His
Craigie,
Foreign
Hirota:
Majesty's
which
Your
Your Excellency that I have
Government
Excellency
duly communi¬
in the United Kingdom the terms
addressed' to me
of
Sept. 21 in regard to
1992
the attack
Financial
His
on
neighborhood of
I have
that
Majesty's Ambassador in China by two airplanes in the
Shanghai Aug.
they have received
the incident
R. Walton Moore, as acting Secretary of State, to Hirosi Saito, the
His
with
and
satisfaction
It objected to the Japanese bombing of Nanking, reserved
regard
closed.
as
wounding of Ambassador Hugessen
in these columns
Protest
referred to
was
navy,
through
United
States
Ambassador
Nelson
Johnson, today requested all foreigners to evacuate Nanking before
after
hostilities
tomorrow
noon
as soon as
"in
a
most serious
noon
in order to conclude
way,
possible through destruction of China's chief
base,"
war
The United States Embassy said that all
foreigners, including all members of the diplomatic
to leave Nanking at once.
corps, were requested
The
Japanese warning followed two Japanese air raids on the capital
yesterday, during which the Japanese flyers reportedly took aerial photo¬
graphs and mapped the entire Nanking
were
the
15th
and
16th
on
area
for destruction.
Nanking since the
These raids
started.
war
Nanking is
175 miles inland from Shanghai.
representations
had been made by the United States to
Japan against the proposed bombing of Nanking, and he
disclosed
that
the
American
coincided
move
From the
with
same
Counsul General at Shanghai on Sept.
Office
has
been
informed
that
the
to
communication,
which
Japanese Ambassador
made
not
was
in
of
act
States
or any
public
dispatch
views
the
other law.
here,
proposal
repeated
was
as
The American
the
to
aggression,
Secretary
bombing would amount to
Hull
indicated that
the
adequate
The
unnecessary danger.
diplomats and
consular representatives
performing relatively unimportant
Mr. Hull cited
representatives
Too often
he said,
could be exposed to danger while
were
withdraw
got hurt, and
Also, while diplomatic representatives remained
the scene, other American nationals
were
Secretary Hull explained that the details of the personal movements of
Ambassador Johnson and his Staff were of less immediate concern to the
than the
more
stated
was
on
Tokyo to
from
Ambassador Nelson T. Johnson
embassy offices in Nanking on
Sept. 20 after Japanese naval planes had made four more
on the
capital, killing scores of Chinese civilians. The
raids
United Press likewise said:
The
deadline for the evacuation of
foreigners from Nanking announced
by Real Admiral Kiyoshi Hasegawa, Japanese naval
commander, expires
at noon
today (midnight Monday, E. D. T.). but unofficial
Japanese said
the "destruction" of the
city threatened by the Japanese air force may be
delayed for a time in the hope that additional foreigners and non-combatants
will flee to points of
safety.
was
announced officially in
Nanking that the United States Embassy
aboard the gunboat Luzon at 8 p. m. and that the
American
to sail up the Yangtse River, outside the
12-mile
moved
warship
was
limit
es¬
tablished for Japanese
bombing activities, some time after midnight.
As
a
bombings of Nanking a more determined
stand was taken by the United States in
the Sino-Japanese
situation, said special advices Sept. 22 from Washington to
the New York "Times" from which
States stand
we
also take the
following:
marked by the delivery of a new, formal
and strongly worded protest to the
Tokyo Foreign Office and the return of
Nelson T.
Johnson, the Ambassador to China, from his
temporary head¬
quarters on the gunboat Luzon to the Embassy
building in Nanking.
Ambassador Johnson's return was viewed as
permanent and it pleased
over
the criticism of his moving from the
What the United States would do if the
protest should go unheeded
As the protest was formal, a
was
not revealed.
reply was automatically called
It appeared at least, that the
vigorous diplomatic move made more
for.
Act
to
with
more
the
withholding of application of
Sino-Japanese warfare.
the United
This is regarded
Japan engaging in large-scale bombing attacks
,
.
States
as
on
difficult for President Roosevelt to consider that
not exist.
a
Neutrality
obvious, because
cities, it becomes
state of war does
.
Today's note reinforced in
a
sharper tone and in
more
elaborate detail
the representations made orally earlier this week
by Joseph C. Grew, the
..."
carrying
their
on
On the
carried out.
was
Ambassador
government's con¬
to the Japanese Government this
same
day the concern
expressed by the Acting Secretary of State to the
was
Japanese Ambassador in Washington.
This Government holds the view that any general bombing of an extensive
wherein there resides
area
large populace engaged in peaceful pursuits is
a
unwarranted and contrary to principles of law and of humanity.
in
the
present instance
the
and, in view of the wide
prevailed, there
can
be
area over
withdrawal
allowed for
period
and
Moreover,
is inadequate,
that even in areas to which American
assurance
be secure.
that "the safety of the lives
property of nationals of friendly powers
will be taken into full con¬
sideration during the projected offensive," this Government is
to observe that
operations
constrained
experience has shown that when and where aerial bombing
engaged
are
have
which Japanese bombing operations
no assurance
nationals and non-combatants might withdraw they would
authorities responsible
in,
of solicitude
amount
no
the
on
of the
part
ensuring the safety of
therefor is effective toward
within the area of such operations.
any persons or any property
Reports of bombing operations by Japanese planes at and around Nanking
both
before and
that
since
these
the issuance
operations
In view of the fact that
invariably
reference
under
of the announcement
almost
of non-combatant life and
struction
de¬
extensive
result in
non-military establishments.
Nanking is the seat of government in China and
that there the American Ambassador and other agencies of the
American
Government carry on their essential functions, the American Government
a
agencies
fronted
Ambassador
with
the
other
and
alternative
situation in consequence
of this
of abandoning
of which the
Government are con¬
their establishments or being
exposed to grave hazards.
In the light of the assurances repeatedly given by the Japanese
ment that the
Chinese
military agencies
no
and
intention
establishments and
of making
that
the Japanese
non-military property and
merchant
vessels of the powers at Nanking, the American Government cannot
that
the
intimation
bombing
operations
that
the
whole
represents
the
Nanking area
considered
may
intent
non-
Government's
of its desire to respect the embassies, warships and
expression
Govern¬
objectives of Japanese military operations are limited strictly
combatants the direct objects of attack, and of the Japanese
The
American
behalf and
believe
be subjected
of
the
to
Japanese
Government,
therefore,
behalf of American
on
reserving
nationals in
all rights on its own
respect to damages which
might result from Japanese military operations in the Nanking area, ex¬
presses
the earnest hope that further bombing in and around the city of
Nanking will be avoided.
Chinese Ambassador Calls
Reference
Protest
While it
Arms
to
Has
President Roosevelt with
on
Embargo—Indicates
Made
Been
but
That
That
Action
Is
No
Dis¬
Sept. 17 that the Chinese Am¬
Chengting T. Wang, had formally
protested against President Roosevelt's order prohibiting
government-owned vessels from transporting arms and am¬
munition to China and Japan, it was indicated on Sept. 18
that the Chinese Government had not lodged a protest.
As to this, Washington advices
Sept. 18 to the New York
was
reported
on
bassador at Washington,
"Herald Tribune" stated that the contention of the Chinese
Government
that
American
the
Government's embargo
helpful to Japan was laid before
Roosevelt on that day by Ambassador Wang.
From the dispatch we also quote:
is harmful
China and
to
President
Dr. Wang as he left the White House declined to comment
view with
the President,
but it
was
on
his inter¬
learned that, while he had forcefully
expressed the objections of his Government, he had also sought to correct
ernment.
after Dr.
tested
The
Yesterday Curdell Hull, Secretary of State, told correspondents,
Wang had called
against
the
on
President's
feeling of the Chinese
him, that the Chinese Government had pro¬
embargo.
Government, it
was
said
today,
was
one
of "deep disappointment."
Officials of the Chinese Embassy explained that the order had caused
consternation in
China, since it cut off
an
important source of
war
sup¬
plies.
Japan, possessing a merchant marine of her own. would not be
similarly deprived of supplies from this country, and hence, according to
the Chinese spokesman,
against
Embassy.
difficult the
they are lawfully
being informed of the announcement under reference,
upon
express
of this Government
was
officials who had been concerned
and to the suggestion
residing in and around Nanking should
which
in
areas
of the
jeopardizing
such
the impression that his Government was protesting the action of this Gov¬
result of the
The United
to
appointing
Sept. 21 in United Press advices
and his staff abandoned the
It
the
and that instruction
cern;
important question of maintaining continuous
Nanking that United States
was
from
Immediately
official contact and relations with the Chinese
Government.
It
both
inclined to stay and expect
protection
Department
objects
now
the American Government gave instruction to the American
at
standing, and
Government recognized the existence of
dangerous conditions they were authorized to close their offices and seek
places of safety.
If they remained, he said, they sometimes
on
Government
Government.
acts.
In this connection he insisted that
these instructions
that when representatives of the
there was serious trouble.
American
"to take
for voluntary moving into areas of greater safety."
that its officials and nationals
Government has
Secretary Hull defended the State Department's in¬
structions to Ambassador Nelson T. Johnson in
Nanking.
the definite policy of this
government not to expect its
abroad to expose themselves to
of Sept. 21, 1937, to resort
lives of its nationals and of non-combatants generally
to
Defends Evacuation Order
time
noon
of offense in and around the city of Nanking,
American
States had told
Japan that her warning to American and other diplomatic
same
measures
an
United
representatives in Nanking to quit the city amounted to
jeopardizing con¬
tinuance of American diplomatic contact with the
Chinese Government.
At the
measures
strongly objects to the creation of
Washington, Hirosi Saito.
In addition to the
representation that the
indefensible
bombing and other
handed to the American
was
19, announcing the project of the
Japanese Naval Air Force, after 12 o'clock
indicate
United
the
States to Japan
and warning the officials and nationals of third powers living there
similar
Through Ambassador Joseph C. Grew at Tokio the Japanese Foreign
wholly without authority in international
operations in
military
The American Government refers to the statement by the Commander
Notwithstanding the reiterated
Under date of Sept. 21 it was stated in a Washington
dispatch to the New York "Herald Tribune" that it was
announced by Cordell Hull,
Secretary of State, that vigorous
protests lodged by Great Britain.
we quote:
...y"
Japanese
in Chief of the Japanese Third Fleet which
T.
Japanese airplanes will bomb this capital of the Chinese Central Govern¬
the navy's announcement said.
from
legitimate activities.
tomorrow.
ment
result
The following is the protest of the United
made public at the State Department:
as
Protests have this week been made to Japan by both the
Governments of the United States and Great Britain against
Japanese
might
bombing in and around the city of Nanking will be avoided."
to
Japan's announced intention to bomb Nanking, the Chinese
capital. The plans known Sept. 19, were scheduled to begin
Sept. 21. An account (United Press) from Nanking Sept. 20
with regard thereto said:
which
Nanking area" and closed by expressing "the earnest hope that further
Aug. 28, page 1340 and Sept. 4, page 1504.
Japan by United States Government Against
Bombing
of
Nanking—Great
Britain
Likewise
Protests—United States Embassy Quits Nanking
and
Later
Returns—Warning of
Bombing
by
Japan
)
The
"all rights" on
behalf of the United States Government and its nationals "in respect to
damages
The
Japanese
Ambassador here.
Majesty's Government to state
communication
this
25, 1937
.
United States Ambassador to Japan, to the Tokyo Foreign Office and by
26.
instructions from
received
now
Chronicle
in
would be at
China.
a
distinct advantage in waging war
.
Reference to the embargo and reports^of a protest appeared
our Sept. 18
issue, page 1820.
Announcement by Navy Department
Indicates United
Fleet in Chinese Waters Until
Sino-Japanese Controversy Ends
States
Will Keep
The intention of the United States
Asiatic fleet in Chinese waters "as long
Navy to keep its
as
troversy between China and Japan exists,"
the present con¬
was indicated in
Volume
a
1993
Financial Chronicle
145
In
24) by
Washington yesterday (Sept.
statement issued at
the
formal announcement of Admiral
Yarnell, Commander-in-Chief of the Asiatic
In Associated Press advices it was said that the
statement was made public after a meeting of the
Navy
General Board, the highest policy-making body of the Navy
Department.
The announcement by the Navy Department
out that
Harry
of the
E.
squadrons.
Portugal found that the world's troubles were
general,
by
none
would
it
tional
be
effect—excepting possibly the gold policy adopted
States.
Therefore, Portugal suggested
be more modest" in putting forward interna¬
any
Britain and
Great
that
of
depression had
the United
wise
"to
panaceas.
+
follows:
French
announced today that Admiral Harry E. Yarnell,
The Navy Department
7
Commander-in-Chief of the Asiatic Fleet, has informed
United States Navy,
forces under his command so as
is to employ United States naval
to offer all possible protection and assistance
to our nationals in cases where
needed;
in-Chief during the present emergency
American citizens'are con¬
longer possible, or necessary,
"Naval vessels will be stationed in ports where
centrated and will remain there until it is no
to protect
them
or
until they have been evacuated.
long
duties and obligations will be continued as
"This policy based on our
the present controversy between China and Japan exists and will con¬
tinue in full force even after our nationals have been warned to leave China
as
and after
opportunity to leave has been given.
"Most American citizens now in China are engaged in business, or pro¬
an
are their only means of livelihood.
These persons are un¬
willing to leave until their businesses have been destroyed or they are forced
fessions, which
to leave due to actual
"Until such
failure in
time
physical danger.
,
without
naval forces cannot be withdrawn
our
comes
duty and without bringing great discredit on the
our
United States
Navy.
"in giving assistance and protection our naval forces may at times be
exposed to dangers which will in most cases be slight, but in any case those
risks
must be
The
accepted."
advices from Washington said that Admiral
press
Yarnell's statement
broadcast to the commanders of the
was
The
/
V
individual ships in the Asiatic fleet on Wednesday, (Sept. 23),
the date on which the State Department transmitted its note
Japanese Government protesting against aerial bomb¬
ing of large Chinese cities.
to the
Government
Arranges
Exempt Holders of
to
% and 73^ % Bonds from 10% Deduction of Coupon
Payments
Commander-
States Asiatic Fleet that the policy of the
all ships of the United
traceable to
began in 1929 and to the war of 1914.
It pointed
the numerous international efforts to draw the world out
depression which
the Navy Department as a
Government
French
Assistant
Mousselet,
Sept.
on
through M. E.
20
Attache
Financial
the
to
French
Embassy in Washington, advised holders in the United
States of unstamped Government of the French Republic
20-year external gold loan 73^% bonds dated June 1, 1921,
25-year sinking fund 7% gold bonds dated Dec.il,
and
1924, to present their bonds at the offices of J. P.Morgan
& Co., in New York, or Morgan & Cie, in Paris, to have
them stamped to obtain exemption from the 10% deduction
decreed by the Government upon payment of coupons. The
announcement pointed out that the decree of the French
July 16, 1935, which instituted a deduction
of coupons unless evidence were
such bonds were in non-French beneficial
Government of
of
10%
payment
upon
furnished
that
ownership, was amended on Aug. 25, 1937, to provide for
similar exemption from the deduction in respect of un¬
stamped bonds in non-French ownership on Sept. 1, 1937.
It is pointed out that bonds must be presented not later than
Dec. 31, 1937.
>
The full text of the announcement
ment
of the French Govern¬
in the advertising pages of
appears
to-day'sjssue^of
the "Chronicle."
Criticism
by Portugal of Secretary Hull's Peace Pro¬
posals—Useless to Attempt to Disarm, It Says,
if There Exists Danger or Preoccupation of War
The
garded
Press
Associated
sented
this
Lisbon
in
which, according to
Washington, Sept. 17, pre¬
the American Minister at
advices from
view
formally
to
2,500-word philosophical analysis.
The State
Washington, in publishing a month ago a
number of responses from numerous governments to the
appeal for international peace made on July 16 by Secretary
Hull, indicated that the reaction to the proposals was "en¬
couraging."
Reference thereto appeared in these columns
Aug. 21, page 1108. Portugal is quoted as thus commenting
on the proposals:
a
Department at
The
nations
habit
the
of
formulae
To
the
(of the world)
and
first
structive
of
means
internal problems
grave
this
indispensable preparation
from
Tribune"
Washington
further
New
the
to
report Portugal,
of
in
these
noble
the
Hull's
there
exists
promotion
for
program
it
thoughts,
"produce
agreed
Government
treaties,
Mr.
will
"If
con¬
any
international
the
create
as
favored
trade
the
peace,
and
the other
world.
The reiteration of
"a certain moral pressure,"
Four issues of 5%, 6% and 8% bonds are involved, aggre¬
gating $52,947,500 principal amount now outstanding.
All
be paid at
will be the
dates of issue of the respective series of new readjustment
bonds.
The bonds at present outstanding and their rates
of interest, together with the rates of interest and amortiza¬
tion and maturity dates of the new readjustment bonds
offered to take their place, are as follows:
interest coupons hereafter maturing in 1937 will
the current rate of 3 3^ % and these coupon dates
Neto
preoccupation of war," said the Portuguese
or
there
if
international
exist
and
affairs
injustices in the solution
grave
peaceful method
no
of problems
to make them
is seen
of
disap¬
victims thereof to cause justice to be
respected by force, if they have it; if the nations, by virtue of their own
excesses or because they are exposed to the mistakes of others,
must defend
is
it
pear
their
useless
the
dissuade
to
and their financial balance, and
economy
deem it necessary to do
60
by raising tariffs, devaluating currency or prohibiting the entry of workers
goods,
foreign
or
that
they
do
will
though
even
so
shiould
they
policy their true and ultimate interests, and even though
have taken
doing
at
one
deavored
solemn
another the
engagement to refrain
from
assertions,
the
even
been
"At
difficulties
its
activity) by
solemn
times
solve
means
Government,
Portuguese
(as
States
many
have
had
"en¬
in
their
done
of abstract formulae, declarations of principles,
and
text
many
grave
the
observed
society,
treaties,
inconvenience,
and
uselessness,
the
of everything,
or
and
at
almost everything,
least," it added, "every one is entitled to believe that things would
have
happened
in
a
different
or
manner
worse
if there had been less
much responsibility
"Although
eralizing tendency
in
opinion,
"(a)
In
the following
the
inexistent
to lie with
seems
the
of jurists,
cause
for the
the abstract and
gen¬
failure must be found,
in
facts:
or
insufficient
study
of
the
causes
of
world
unrest.
excessive ambition to find a
"(b) In the
of
which
whole
of
capacity
for the solution
is
problems,
execution."
examine
that
suggested
the particular
Among the
causes
great
Powers
problems of each nation.
nation,
and unhappy, to the high position of forerunner of the new
messiahs of the highest and most sacred doctrine."
Resist¬
ance
poor
to
groups
4 y4%
is from
and
such
revolutionary
agitations
leads
to
the
creation
stated.
3H%
4 ys%
4H%
1%
1%
Jan.
May
1, 1984
1, 1979
1%
Feb.
1. 197 8
announcement bearing on the
The sinking
funds for the readjustment bonds will be cumulative,
will
semi-annually to the purchase of bonds at not in excess of par
accrued interest, otherwise to drawings at par, and are calculated to
and
bonds at or before their respective maturity dates
^
above.
Indicated
Holders of dollar bonds who
asked
desire to accept the Republic's offer are
deliver their dollar bonds with
to
Sept. 1. 1937, together with form letters
and firms designated as
the case of the
1916. The Chase
external debt 5% gold bonds of 1915, dated Jan. 1,
National Bank of the City of New York, Corporate Trust
Division, 11 Broad Street, New
the case of the 25-year
dated Aug.
York.
8% sinking fund external loan gold bonds,
1, 1921, due Aug.
1, 1946, The National City Bank of New
York, Corporate Agency Department,
In
1926.
the case of the 6%
due May
all coupons which mature after
of transmittal, to the institutions
paying agents, which are;
1,
20 Exchange Place, New York.
external sinking fund gold bonds, dated May 1,
1960, and the 6%
external sinking fund gold bonds,
Co., 44 Pine Street, New
1, 1930, due May 1, 1964, Hallgarten &
York, or Halsey, Stuart & Co., Inc., 201 South
La Salle Street, Chicago,
111.
public works loan, dated May
Delivery of assenting bonds should
*4
be made to the foregoing paying agents
during the time the offer remains open
specified
1937; 8%
as
The present
main open
and on and after but not before the
follows: 6% bonds, Oct. 25, 1937; 5% bonds, Dec. 15,
i
bonds, Jan. 1, 1938.
offer is not conditioned upon acceptance by any specified
dollar bonds of the Republic.
The offer will re¬
for acceptance until Dec. 31, 1938, and the Republic reserves
the right to extend
the time for acceptance if it appears
advisable to do so.
New
Application will be made to list the new readjustment bonds on the
York Stock Exchange.
of defensive
of nations, which, in turn, constitutes "another reason for anxiety,"
the Portuguese note
an
Amort.
be applied
percentage of outstanding
of world unrest Portugal cited revolutionary agitation
fact that "a historical
tragedy elevated an entire
to
era
the
the
attributable
social
4%
4%
The following
dates
would obtain better results
international cooperation if they would put aside generalizations and
Portugal
from
sole formula
applicable urbi et orbi and covering a
manifestly superior to the intelligence of men and to their
international
grave
1%
1%
1%
3X%
3H%
3H%
Date
Int.
offer:
In
law-making.
our
Maturity
Amort.
Int.
Amort.
Int.
5%, $1.248.000
6%, 44,839.000
8%,
6,860,500
In
seen."
1944 to Maturity
Bonds
Outstanding
retire the readjustment
to
internal
not
or
in
they should
this."
International
has
time
not seek
Adjustment Bonds
1940-43
1938-39
Present
memoire, "it is useless to attempt to have the States disarm or reduce the
armaments;
Approves Plan
As the culmination of negotiations conducted between the
Republic of Uruguay and the Foreign Bondholders' Pro¬
tective Council, Inc., the Republic has agreed to offer
holders of its dollar bonds in exchange new readjustment
bonds carrying generally higher rates of interest than the
33^% rate currently being paid and providing for substan¬
tial sinking funds to retire the new bonds.
Announcement
to this effect was made on Sept. 20
by Cesar Charlone,
Minister of Finance of the Republic, and Jose Richling,
Minister of the Republic in Washington.
The Foreign
Bondholders' Protective Council, Inc., New York, is com¬
mending the plan to the favorable consideration of
the
practical action."
limited
danger
a
might
said,
rather
everybody
that
of
saving
"Herald
York
'
•
Portuguese
sanctity
but
for
of
the
in its memorandum,
saying:
points
to be
government
the ground
of
inanity
the
examination
to
appears
work.
Advices
The.
to vague
Rates—Protective Committee
bondholders.
impartial
an
direction
that
the
and
step
by
in
made
of
combinations.
inconsistent
acknowledge
efforts
false ideas and have taken
attached to
are
solution
intrusting the
Generally Higher
with
Securities
Readjustment
Portugal,
by
idealistic
too
as
Uruguay Makes Offer to Holders of Four Dollar Bond
Issues—Proposes Exchange of Obligations for New
of Secretary of State Hull are re¬
proposals
peace
The
Foreign Bondholders' Protective Council, Inc., has
authorized the inclusion of the following statement in the
Financial. Chronicle
1994
which
announcement
or
is
being published by
the Republic
1937
25
"Feasibility and Advisability of the Complete Segregation
Functions of Broker and Dealer."
The figures for
the week ended Aug. 21 were given in our issue of Sept. 18,
page 1821.
In making available the data for the week ended
Aug. 28 the Commission said:
of the
Uruguay:
After careful consideration of the situation, the Council is of the opinion
that the terms offered
with
Sept.
are
reasonable in the circumstances and consistent
the long view interests
of the bondholders.
commends this plan to the favorable
The Council therefore
consideration of the bondholders.
The figures given for total round lot volume for the
New York Stock
Exchange and the New York Curb Exchange represent the volume of
Funds Remitted for Payment of
15 Coupons on Brazilian
of 1926 and 1927
50% of Oct. 1 and Oct.
63^% External Bond Issues
all
round-lot
Brazil, through Dillon, Read & Co.,
acting as special agent, is notifying holders of its 6K% ex¬
ternal sinking fund bonds of 1926 and 6^2% external sink¬
ing fund bonds of 1927 that funds have been remitted for
payment of the Oct. 1 and Oct. 15 coupons, respectively,
on these bonds at the rate of
50% of the dollar face amount.
Payment will accordingly be made at this rate upon pres¬
entation at the New York office of Dillon, Read & Co.
Coupons must be accompanied by a letter wherein the holder
agrees to accept such payment in full satisfaction and dis¬
charge of the coupons.
Stock Exchange Firm of Thomas Roberts
Reported Unable to Meet Obligations
Co.
&
According to United Press advices from London Sept. 23
London Stock Exchange announced on that day that
was
unable to fulfill its
obligations.
The company is relatively small,
advices which also had the following to say:
said
the time
of the regular
fortnightly settlement
the
..i
been
felt
both
here
abroad
and
regarding
the
members.
London accounts
These reports are classified as follows:
has been
no
Many
fairly heavy selling here recently in getting accounts into line for
Number of reports received
to form
a
that time
a
869
*•
104
190
_
Other than as specialists;
Initiated
220
floor
on
no
54
279
transactions
109
542
Initiated off floor.
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¬
specialists on the New York Curb
Exchange perform the functions of the New York Stock Exchange odd-lot dealer as
well as those of the specialist.
The number of reports in the various claaslfications may total more than
the number of reports received, because at times a single report may carry
entires in more than
YORK
classification.
one
STOCK
EXCHANGE—TRANSACTIONS
IN ALL
FOR ACCOUNT OF MEMBERS * (SHARES)
"gold scare" slump.
STOCKS
28,1937
Week Ended Aug.
7
Total fm
Per
Week
Total volume of round-lot sales effected
on
Cent
a
4,019,900
the Exchange
Round-lot
transactions of members except transactions of
specialists and odd-lot dealers in stocks In which registered:
1.
Initiated
on
the floor—Bought--
Sold
265,490
-—
272,710
.
pool of the major members, such as occurred this
spring when the market underwent the famous
smaller
York
Curb
Exchange
1,072
Reports showing transactions,
As specialists *
;
Exchange members, however, today stressed that there had been
request
New
Stock
Exchange
today's settlement:.
Stock
York
New
Some
heavily stocked with American securities, and there
were
New York
Exchange by their respective
Exchange and the New York Curb
settlement
period, because of the heavy decline in values of American stocks.
888,735
V'>
;
The data published are based upon reports filed with the
Stock
•
had
concern
On the New
shares, exceeded by 3.3% the ticker volume (exclusive of rights and war¬
rants).
NEW
the market.
on
The total round-lot volume for the
Stock Exchange, 4,019,900 shares,
larger than the volume reported on the ticker.
7.5%
Announcement of the company's inability to meet its obligations came
at
exchanges as distinguished
those
on
nated for the New York Stock Exchange, since
the
the firm of Thomas Roberts & Co.
effected
York Curb Exchange total round-lot volume in the same week,
Reports showing
London
of stock
week ended Aug. 28 on the New York
was
The United States of
sales
from the volume reported by the ticker.
At
Total.
538,200
6.70
pool of big houses grouped together to give assistance to the
houses, which had difficulties
as
2.
result of the decline in values of
Initiated off the floor—Bought.
Sold
157,770
199,939
gold shares.
♦
Odd-Lot Trading
Total.
New York Stock Exchange During
Week Ended Sept. 18
on
Round-lot
4.45
357.709
transactions
of
specialists
In
stocks
in
which
381,870
409,600
registered—Bought
Sold
On
Sept. 23 the Securities and Exchange Commission
made public a summary for the -veek ended Sept. 18, 1937,
of the daily corrected figures on odd-lot transactions of oddlot dealers and specialists in stocks, rights and warrants on
the New York Stock Exchange,
continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Sept. 11 were given in the "Chron¬
icle" of Sept. 18, page 1822.
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 week ended
Sept. 18:
Total.
805,130
882,249
Total
1,687,379
1.
In round lots—Bought
Sold
2.
In odd lots (including odd-lot transactions of specialists):
Total.
299,960
Bought
602,995
737,578
Sold
SEPT. 18, 1937
SALES
1,340,573
PURCHASES
Orders to
Buy)
('Customers'
Orders to
Sell)
NEW
YORK
CURB
Trade Date
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF
No. Ord.
Shares
Value
Shares
No. Ord.
freek
Value
MEMBERS ♦
Ended Aug. 28,
IN
ALL
STOCKS
(SHARES)
1937
Total Jot
Sept. 13
Sept. 14
.....
Sept. 15
18,494
11,894
10,368
470,193 $17,067,124
297,715
11,061,976
Total for week..
253,706
9,458,468
7,082
Sept. 16
Sept. 17 and 18—
181,166
13,829
339,962
6,872,876
13,168,821
11,838
346,537 $13,349,313
214,012
8,210,695
7,373
5,370
146,648
4,691
125,644
6,163,190
5,215,299
7,322
212,502
9,569,757
1,542,742 $57,629,265
36,594
These transactions
were: Sales of
on
the Exchange.—.
Round-lot
transactions of members, except
specialists in stocks in which registered:
Initiated on the floor—Bought
1.
61,667
1,045,343 $42,508,254
transactions
7,327 shares valued at $143,316.
16,560
23,950
40,510
Initiated off the floor—Bought
Sold
'.......V—
and the New York Curb
Exchange (except
on the stock
market) for their own account
odd-lot dealers
during the week
ended Aug. 28 was above the
previous week ended Aug. 21,
it was announced
yesterday (Sept. 24) by the Securities and
Exchange Commission.
The
Stock 'Exchange
members
traded for their own account
(in round-lot transactions)
in amount of
1,687,379 shares, an amount which was 20.99%
of total transactions
of 4,019,900
shares
shares.
On the New York Curb
Exchange, total round-lot trans¬
actions for account of all members
during the week ended
Aug. 28 were 325,505 shares; as total transactions on the
Curb Exchange during the week amounted to
888,735 shares;
the member trading for their own account was
18.31% of
total transactions, which
compares with a percentage of
15.42% in the preceding week ended Aug. 21, when member
trading amounted to 339,625 shares and total transactions
to 1,101,420 shares.
data issued by the
SEC is in the series of current
figures being published weekly in accordance with its
pro¬
embodied in its report to Congress in June,
gram
1936,
on
the
2.60
46,205
transactions
of
specialists
In
stocks
in
which
registered—Bought
101,490
137,300
Sold
Total
13.43
238,790
Total round-lot transactions for accounts of all members:
Bought
143,780
181,725
Sold
Total
18.31
325,505
Odd-lot transactions of specialists in stocks In which registered:
Bought
72,890
61,784
.
Sold
the
Exchange
during the week ended Aug. 28.
During the preceding week
trading by the Stock Exchange members amounted to
1,534,948 shares, or 18.62% of total transactions of 4,120,800
on
Round-lot
2.28
25,730
20,475
Total
Trading on New York Stock and New York
Curb Exchanges
During Week Ended Aug. 28
Trading by all members of the New York Stock Exchange
a
of
Total
2.
Cent
888,735
Sold
12,520 shares valued at $259,159 and purchases of
Member
Per
Week
Total volume of round-lot sales effected
Note—Transactions by odd-lot dealers In Baldwin Locomotive new common stock,
when issued, occurring from Aug. 12 to
Sept. 15, Inclusive, are excluded from the
Sept. 15 figures, although they were cleared with regular transactions for that date.
The
20.99
204,610
95,350
Total
(Customers'
9.84
Transactions for account of odd-lot dealers In stocks in which
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE, WEEK ENDED
791,470
Total round-lot transactions of members, except transaction#
of odd-lot dealers in stocks in which registered—Bought-.
Sold
Total
♦
The
term
134,674
"members"
includes
all
Exchange
partners, including special partners.
a Percentage
of members' transactions
to
members,
total
their firms
Exchange
and
transactions.
their
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and
sales,
while the total Exchange volume
includes only sales.
SEC Extends Period in Which Securities of
Governments
from
The
a
Foreign
Nations
Temporary
Are
Exempt
Registration
Securities
Sept. 23
of
and
Exchange Commission
announced
on
further extension of the period within which ex¬
emption
Act of
is
from registration under the Securities Exchange
1^34 is granted securities of "any foreign State that
presently
governed by
an
interim
government
which is
Volume
Financial
145
1995
Chronicle
INSURED
OPERATING
COMPARED
OF ALL
30, 1937,
ASSETS AND
LIABILITIES
COMMERCIAL
BANKS—JUNE
31 AND JUNE 30, 1936
OF
STATEMENT
which is to continue to hold
such office only until the assumption thereof by a regular
government which has been elected." Under the extension,
which is an amendment to Rule AN21, the securities will
be exempt to and including the 590th day following the as¬
sumption of office by such elected regular government. Pre¬
viously, the exemption was for 498 days.
holding office temporarily and
;
WITH DEC.
1937
June 30,
Assets
Dec.
June 30,
31, 1936
1936
-——
Adopts Rule Covering Non-Disclosure of Certain
Information Obtained Under Securities Act
SEC
13,966
14,055
$843,621,000
$916,727,000
$915,338,000
In process of collection.
With Federal Reserve banks
2,248,631,000
With other domestic banks
'
13,881
4,494,509.000
54,727,000
2,594,793.000
6,571,694,000
5,587.209,000
57,588,000
2,194,038,000
5,607,119,000
5,265,038,000
55,389,006
Number of banks
Cash and funds due from
In
banks:
vault
6,896,663,000
With foreign banks
Total cash and funds due from
banks
Adoption of a rule under the Securities Act of 1933 con¬
cerning the non-disclosure of certain information, was an¬
nounced on Sept. 21 by the Securities and Exchange Com¬
explained that it adopted the rule
after "finding that the disclosure of information obtained
in the course of examinations and investigations conducted
mission. The Commission
pursuant to Section 8 (e) and 20 (a) of the Securities Act
would be contrary to the public interest and would interfere
with the execution
of the functions vested
in the Commis¬
of Information Obtained
and Investigations
Non-disclosure
122.
Rule
in the Course of
Examinations
Information
mission
in
or
course
or
of
20 fa)
examination or investigation
any
pursuant to Sec¬
made a matter of public
unless
ehall,
record, be
hereby prohibited from
making such confidential information Or documents available to anyone
other than a member, officer, or employee of the Commission, unless the
Commission authorizes the disclosure of such information or the production
of such documents as not being contrary to the public interest.
Any offi¬
cer or employee who is served with a subpoena requiring the disclosure of
such information or the production of such documents shall appear in
court and, unless the authorization described in the preceding sentence shall
have been given, shall respectfully decline to disclose the information or
produce the documents called for, basing his refusal upon this rule. Any
officer or employee who is served with such a subjoena shall promptly
advise the Commission of the service of such; subpoena, the nature of the
information or documents sought, and any circumstances which may bear
upon the desirability of making available such information or documents.
confidential.
Officers
employees
and
are
Interest on the New York StockTExchange
Decreased During August
Short
The total short interest
on
exis ting as of the opening?of busi¬
Aug. 31, as compiled from information secured by
Exchange from its members, was 966,935
the New York Stock
the Exchange on Sept. 21.
shares, it was announced by
with 1,007,736 on July 30 and with 974,338
on Aug. 31,
1936.
•In the following tabulation is shown the short interest
existing at the opening of the last business day of each
month since Aug. 30,1935:
This compares
998,872
913.620
Sept.30..
July
Sept. 30
31
Feb. 28.-.-
Mar. 31
Loans
31
Aug. 31
1936—
Jan.
Oct.
1,103,399
1,246,715
—1,175,351
30.
_i
Nov. 30
Dec.
1,314,840
Feb.
26
1,426,522
1,138.358
Apr.
1,032,788
927,028
31
29....
1,117.059
June 30
31.
Nov. 29
Jan.
Mar. 31
1,132,817
30
May 29
930,219
Aug. 30
Dec.
1937—
1936—
1935-—
Oct.
1,199,064
1,012,186
1,049,964
996,399 Apr. 30
974,338 May 28
1,011.670 June 30
1,066,184 July 30
....1,230,579 Aug. 31
2,684,121,000
.....
of Assets and
Liabilities
An increase of
1937,
was
reported
on
during the
year
4,204,522,000
130,810,000
15,937,480,000
15,105,131,000
banks..
(including
discounts
and
over-drafts)
of cus¬
of
1,172,533,000
1,177,668,000
1,194,534,000
537,425,000
257,408,000
560.460,000
298,843,000
574,019,000
320,043,000
$2,158,083,000
$2,218,247,000
$2,247,863,000
fixtures
Other
used
not
estate,
real
bank
'V"Y?'Y''V
•/
and
furniture
159,267,000
181,276,000
190,717,000
acceptances
Bank
buildings,
297,665,000
$38,188,464,000 $38,243,272,000 $37,287,677,000
Total loans and securities
Guarantees and securities
as
premises
Other assets....
.........w-
Total miscellaneous assets....
Total assets.
_
$54,884,698,000 $56,189,530,000 $53,572,462,000
............
Liabilities
Deposits:
payable
Individual and corporate
demand............
on
for
...
$22,622,628,000 $23,417,667,000 $21,462,550,000
deposited
Individual & corporate
13,929,583,000
States and their
13,451,065,000
13,002,949,000
1,086,149,000
1,301,550,000
3,262,548,000
3.313,465,000
6.316,136,000
postal savings
782,943,000
3,510,133,000
periods of time
States
Government
7,592,600,000
7,064,921,000
632,375,000
442,289,000
475,063,000
and
United
.......
political and sub¬
divisions
certified and
cashiers'
checks
outstanding,
letters of credit and travelers'
banks,
Domestic
checks.
Foreign hanks .......
Total
... . ... —
$47,793,798,000 $49,252,318,000 $46,620,498,000
38,558,000
32,296,000
35,425,000
deposits..
Borrowed money..
Outstanding acceptances and
bills
215,240,000
Total miscellaneous
liabilities
Total
373,692,000
609,209,000
695,578,000
liabilities
capital
(excl.
funds)
$48,489,376,000 $49,861,527,000 $47,274,539,000
Capital Funds
Capital stocks, notes &
Surplus..
For contingencies.
Undivided profits
Total capital
__ .
180,299,000
435,184,000
654,041,000
203,221,000
444,913,000
of exchange...........
Other liabilities...............
707,557,000
debentures
.
... _
.
665,981,000
$3,212,140,000
2,041,929,000
415,422,000
628,432,000
$6,395,322,000
$6,328,003,000
$6,297,923,000
$3,053,495,000
2,224,964,000
409,306,000
j..
funds...........
$3,080,958,000
2,184,332,000
396,732,000
$56,189,530,000 $53,572,462,00jv
Total liabilities & capital funds $54,884,698,000
Return to Eastern
Sept. 8 by Leo T. Crowley, Chairman
Federal Deposit Insurance
Standard Time at 2 a. m.,
Sunday
by New York
Federal
(Sept. 26)—Announcement
Bank
The Federal Reserve
Eastern
issued the follow¬
23 with regard to the return to
Bank of New York
ing announcement on Sept.
Standard Time at 2
Sept. 26, when the
a.
m.
tomorrow
Return to
BANK OF NEW YORK
Standard Time
Companies in the Second
and Others Concerned'.
To all Banks and Trust
(Sunday),
clocks will be turned back one hour:
FEDERAL RESERVE
ended June 30,
Corporation. Outstand¬
ing loans and discounts of these banks at the end of June,
according to Mr. Crowley, totaled $17,011,773,000, or
$1,906,642,000 above the total for 14,055 insured banks on
June 30, 1936.
Of the aggregate gain for the year, the
FDIC Chairman noted, $832,349,000 was in the last six
months of 1936 and $1,074,293,000 in the first half of this
the
130,744,000
Stock in Federal Reserve
Loans
nearly 13% in loans and discounts of 13,881
insured commercial banks
2,777,782,000
4,391,764,000
272,852,000
Other securities
960,935
of Insured Commercial Banks
13% During Year Ended June 30j FDIC
Statement
2,755,993,000
278,459,000
4,123,598,000
132,238,000
17,011,773,000
sular possessions
Reserve
Reports—Comparative
14,771,767,000
Foreign securities
1,136,814
31
14,748,832,000
political
States,
subdivisions, territorial and in¬
944,957
1,007,736
Discounts
and
Gained
of
13,963,882,000
...
of
Obligations
guar¬
States
United
the
by
Government
tomers and banks on account
officers or employees of the Com¬
documents obtained by
the
8 (e)
deemed
ness
anteed
The new rule follows:
sion."
tion
securi¬
fully
securities
and
ties
$14,538,151,000 $15,728,011,000 $14,036,922,006
and securities:
Loans
United States Government
Federal Reserve District
V
•
"Daylight Saving Time" is effective in the
cities of New York and Buffalo, New York, will end at 2 a. m., Sunday,
Sept. 26, 1937.
Thereafter this bank, including its Buffalo Branch, will
operate on Eastern Standard time.
GEORGE L. HARRISON, President.
The
period during which
Daylight Saving Time has been in effect since April
item bearing on the same was given in our issue of April
an
year.
Sept. 8 issued a comparative statement of
liabilities of the insured banks as of the close of
page
time summarized as follows significant
during the year ended June 30:
June, and at the same
changes which occurred
1.
Holdings
to about
2.
of United
States Government obligations declined 5.5%
$13,964,000,000.
Small
also
declines
occurred in
holdings of State and municipal
obligations and of all other securities.
3.
Increases in the reserves
required to be maintained by banks members
System are reflected in the sizable
of the Federal Reserve
year
in the proportionate amounts
from other domestic
4. While total
previous, the
about
shift during the
due from Federal Reserve banks and
banks.
deposits on June 30,
1937, were 2.5% greater than a year
$47,800,000,000 owed to depositors on June 30, 1937, was
high figure of total deposits
$1,500,000,000 less than the all time
reported on Dec, 31, 1936.
and postal savings deposits fell 40%
during the year, amounting to only $783,000,000 on June 30.
6. Savings and time deposits of individuals, partnerships and corpora¬
tions; deposits of public funds and deposits of foreign banks were the only
deposit classifications greater on June 30, 1937, than on the two preceding
5. United
States
Government
report dates.
7.
Increases of 9% in
surplus and 12 5% in undivided
profits during the
offset in great part by a reduction in the book value of capital
stock, notes and debentures (due primarily to retirement of preferred capital)
so that total capital funds increased only about 15%
year were
The
2761.
New
Mr. Crowley on
assets and
following
is
Crowley:
the
statement
issued
by
Chairman
25;
24,
Offering
of
Day Treasury
$50,000,000 or Thereabouts, of 273Bills—to be Dated Sept. 29, 1937
new offering of 273-day Treasury bills to the amount
$50,000,000, or thereabouts, to which tenders will be
received at the Federal Reserve banks, or the branches there¬
A
of
of,
up
to 2 p. m.,
Eastern Standard Time, Sept. 27, was an¬
Sept. 23 by Secretary of the Treasury Henry
Morgenthau Jr.
The Treasury bills will be sold on a discount
basis to the highest bidders.
They will be dated Sept. 29,
1937, and will mature on June 29, 1938, and on the maturity
date the face amount will be payable without interest.
There
nounced
on
a maturity of similar securities on Sept. 29 in amount of
$50,040,000.
In his announcement of Sept, 23 Secretary Morgenthau
is
has the following to say:
They (the bills)
denominations
will be issued in bearer form only, and in
$10,000, $100,000, $500,000
and
of $1,000,
amounts or
$1,000,000
(maturity value).
No tender for an amount
must be in
less than $1,000 will be
multiples of $1,000.
basis of 100,
with not more than three
tions must not be
Tenders will be
Each tender
expressed on the
g.t 99.125.
Frac¬
considered.
The price offered must be
decimal places, e.
used.
accepted without cash deposit
and trust companies
and from responsible and
from incorporated banks
recognized dealers in invest-
1996
Financial
Tenders from others must be accompanied by a deposit
ment securities.
of 10% of the face amount of Treasury bills applied for, unless the tenders
are
accompained by an express guaranty of payment by an incorporated
bank
trust company.
or
Done
the
all tenders received at the Federal
Reserve Banks
applied for, and his action in any such respect shall be final.
Those sub¬
mitting tenders will be advised of the acceptance or rejection thereof.
the price offered
Federal
Reserve
Pay¬
for Treasury bills allotted must be made at the
banks in
cash
other immediately available
or
1937, provided, however,
any
funds
qualified depositary will be
on
per¬
mitted to make payment by credit for Treasury bills allotted to it for itself
and its customers up to any amount for which it shall be
of existing deposits when so notified by
qualified in
excess
the Federal Reserve bank of its
district.
The
any
to
as
principal and interest,
and
gain from the sale or other disposition thereof will also be exempt, from
ail taxation, except estate and inheritance taxes.
other disposition of the Treasury bills shall
Treasury
No loss from the sale
be allowed
or any
CORDELL
as
deduction,
a
be
followed
tendered to the offering of
$50,000,000,
or thereabouts, of 273-day Treasury bills, dated
Sept. 22,1937, and maturing June 22,1938, it was announced
on
Sept. 20 by Henry Morgenthau Jr., Secretary of the
Treasury.
Of this amount, the Secretary said, $50,015,000
was accepted.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof, up
to 2 p. m., Eastern Standard Time, Sept. 20.
Reference
to the offering was made in our issue of Sept. 18,
page 1825.
The following regarding the accepted bids is from
Secretary
Morgenthau's announcement of Sept. 20:
Total accepted—$50,015,000
Range:
High
wide
President
Roosevelt
take
10,000
and
for
Calling
and
calling
designating
officials
upon
of
Oct.
the
12
each
of
to
government
year
and
Fire
the
requested to
Day
of
flag
befitting the anniversary of the discovery of America";
I, Franklin D. Roosevelt, President of the
"Now,
therefore,
States of
America,
the aforesaid
1937,
Columbus
as
United
invite
under
and
public resolution,
the
Day,
and
United
by virtue of the authority vested in me by
do by this proclamation designate Oct. 12,
prevention
displayed
ceremonies in schools and
other suitable places.
or
Roosevelt
vention
States
Proclaims
Week—Chamber
Oct.^3-9
of
FireTre-
Commerce
Announces Plans for
of
United
Nation-Wide Observ¬
ance
President
Roosevelt issued a proclamation on Sept. 20
declaring the period Oct. 3-9 as Fire Prevention Week and
urged "the active cooperation of all our people in the elimi¬
nation
fire
of
hazards
and
the
prevention of fire waste."
The proclamation follows:
FIRE PREVENTION WEEK, 1937
BY
THE
PRESIDENT
OF
A
Whereas
In the
Whereas
more
lives
are
lost
fires
in
upward
has
each
year
as
a
marked increase
trend
in
the
been
customary
for
the
United
the
over
devastation
of
the
loss
result of fires
everyone;
of
in
citizen
a
realization
of
in
in
1936
individual
was
1935; and
wrought by fires
President
every
a
States
public observance of Fire Prevention Week
to request
AMERICA—
OF
can
be
and
our
as
States
bring
responsibility
in
the
people
waste,
to
prosperity
In
do
hereby proclaim and designate the week beginning Oct. 3,
Week and invite the active cooperation of all
in the elimination of fire hazards and the prevention of fire
Fire
the
Prevention
end
that
human
life
may
be safeguarded and
the national
increased.
witness
of the United
whereof, I
of
number
fire
majority
total
were
during
Fire Prevention
Week
the
is
need
vital
of
importance
the
business
American
to
today.
best
Furthermore,
do not
operations.
resume
President Roosevelt Proclaims Oct. 11 General Pulaski
Memorial
Day—Asks People to Observe Day with
Appropriate Ceremonies
A
proclamation was issued by President Roosevelt, under
Sept. 18, made public Sept. 21, designating Oct. 11
date of
General
as
Pulaski
Memorial
cavalry unit known
Day,
honor
in
Casimir
of
President's
the
Resolution
Public
President
proclamation
a
of
24,
and
died
on
follows, in
Oct. 11, 1779.
part:
approved
Congress,
Seventy-fifth
United
the
calling
the United
flag of
1937,
proclamation
mortally wounded while
was
Savannah
at
on
1937, provides:
13,
"That the
issue
the Pulaski Legion under George
as
General Pulaski
charge
a
Whereas
officials
upon
States
States
all
on
is
of
and
churches
other
or
the
of
buildings
General
to
to display
the government
on
Oct.
11,
States to observe the day in
suitable places,
death
directed
and
authorized
governmental
inviting the people of the United
and
commemoration of
with appropriate ceremonies
Casimir
Pulaski";
Now, therefore, I, Franklin D. Roosevelt, President of the United States
buildings
Casimir
do direct that the flag shall be displayed upon
Oct. 11, 1937,
on
Pulaski, and
observe that
appropriate
the
in
years
day
as
all government
mark of respect to the memory of General
a
States to
the United
General Pulaski Memorial Day and to participate with
ceremonies
solemn
as
do hereby invite the people of
schools
in
commemoration of
and
churches
or
Pulaski's
General
suitable places
other
death
Oct.
on
11,
158
ago.
Roosevelt on Two-Week's Trip to Pacific
Northwest—Tells Iowa Gathering Farm Prices Can
Be Stabilized Without Bankrupting Nation—Also
President
Speaks in
Wyoming—Itinerary of Trip
President Roosevelt
tour
on Sept. 22 left his Hyde Park, N. Y.,
special train which will take him on a
a
of
the
Pacific
Northwest and
out
of the
United States into Victoria, B.C.
According to a tentative
itinerary announced on Sept. 20, the President plans to
make a series of speeches and informal talks, all to be made
west of Chicago.
The first of these talks was made by the
President on Sept. 23 in Marshalltown, Iowa, from the rear
platform of his train. Speaking to about 1,500 persons during
a 10-minute stop, the President said that he was convinced
the Administration "can do something about stabilizing
prices and without bankrupting the Government."
His
remarks at Marshalltown, and also later remarks made at
Clinton, Iowa, were summarized as follows in advices by the
United Press, Sept. 23, eminating from the President's
special train and appearing in the New York "Journal of
Commerce" of Sept. 24:
"I
hand and caused the seal
my
•
am
not
"That is
speaking in
one
of the things we have let slide.
a party spirit,
but I believe the Government can
ernment."
no
"favorite" method of attempting a corn
stability program, but explained he
was
"sold
the objectives" and be¬
on
lieved "the people agreed."
Changing his decision to make
no
personal appearances east of Cheyenne,
Wyo., Mr. Roosevelt appeared this afternoon at Clinton, Iowa, to praise
the local corn crop.
A crowd of 1,200 cheered him and Mrs. Roosevelt when they appeared
together
on
the
crop "looked marvelous."
corn
the
rear
platform of their private car.
"For the last four years,
how
have hereunto set
Spates of America to be affixed.
the
than
result of
age.
The President said he had
United
effort to
the
an
to curtail losses of life and
property from preventable fires;
Now, therefore, I, Franklin D. Roosevelt, President of the United States
1937,
The
of
more
a
as
do something about stabilizing prices and without bankrupting the Gov¬
movement
of America,
injured.
$263,-
to
1936
lives
employees and overhead continue with discouraging regularity.
it has been demonstrated time and again that a large per¬
pensible
Roosevelt said.
only through the earnest effort
it
STATES
their
"I know all you people are interested in stability of farm prices," Mr.
property loss from
this
Whereas
to
10,000
UNITED
PROCLAMATION
and
$260,000,000,
Whereas
home
States;
the
than
corrected
than
more
United
THE
Moreover, in
lost
30%
over
amounted
in 1936
fire
or
were
and
enjoying
home and boarded
as
on
is chiefly due to carelessness, and the important
centage of destroyed factories
two-week's
President
pro¬
issued
improvement in years.
Fire will
costly interruption to any of these concerns, with its contingent
time, contracts, customers and profits, while expenses for indis-
of
on
churches,
Governors
a nation¬
announcement
an
death
more
taught
is
a
loss
do
direct that on that day the flag of the
all government buildings; and further, I do
people of the United States to observe the day with appropriate
be
States
the
of
waste
be
prove
April
United States on all government buildings on said date, and
inviting the
people of the United States to observe the day in schools and churches, or
other suitable places, with appropriate ceremonies expressive of the
public
sentiment
State
all parts of the country
1935.
over
to
home,
years
fire
industries are
for
Columbus
as
display
of
In announcing
exercising care at all times.
of America,
States is authorized
10
should
Many
Seventy-third Congress, approved April 30,
President of the United
In
property by
burned
the
in
under
leading
provides:
the
of
thousands
many
were
that
in
proclamation
week.
the
were
Nation's
The
lesson
schools
a
proclamations
increase of 11.9%
an
persons
fires,
part:
"That
plans for a
part in promoting fire prevention
destruction
total
anniversary of the discovery of America by Christopher
Columbus, was asked for by President Roosevelt in a proc¬
lamation issued Sept. 22.
The proclamation follows, in
issue
announced
organizations in
active
an
during
The
a
Observance of Columbus Day, Oct. 12, commemorating the
1934,
similar
business
that
will
Washington.
Observance of Columbus Day, Oct. 12
Whereas Public Resolution 21,
by
States
The President's proclamation will
campaign to make Fire Prevention Week successful,
The
of
^
.
Pulaski, the Polish soldier, who organized and commanded
—99.697 equivalent rate approximately 0.400%
Low
—99.651 equivalent rate approximately 0.460%
Average price—99.666 equivalent rate approximately 0.441%
(5% of the amount bid for at the low price was accepted)
Proclamation
-v
ROOSEVELT.
D
the Insurance Department of the National Chamber pointed
children
Total applied for—$159,031,000
United
the
the Mayors of various cities.
and
259,746,
$159,031,000 Received to Offering of $50,000,000 of 273-Day Treasury Bills Dated Sept. 22—
$50,015,000 Accepted at Average Rate of 0.441%
was
of
Commerce
of
casualties
of $159,031,000
'■■■
sixtyr
Sept. 20 of the President's proclama¬
on
country-wide observance.
of
A total
and
hundred
one
in
the
of
Sept. 20 the Chamber stated:
»
Tenders
and
tion fixing the date for Fire Prevention Week, the Chamber
or
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
September,
of
thirty-seven,
HULL, Secretary of State.
grams
amended, and this notice
as
and
•/"
or
of its possessions.
Department Circular No. 418,
eighteenth day
/'
V
:■
.
With the issuance
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States
this
hundred
By the President:
out
bills will be exempt,
Treasury
nineteen
FRANKLIN
The Secretary of the Treasury expressly reserves the right to
ment at
Washington
Lord
[SEAL]
reject any or all tenders or parts of tenders, and to allot less than the amount
29,
City of
our
branches thereof up
or
able prices will follow as soon as possible thereafter, probably on the follow¬
Sept.
of
Independence of the United States of America the
Sept. 27,1937,
on
hour will be opened and public announcement of the accept¬
ing morning.
the
at
year
Sept. 25, 1937
second.
Immediately after the closing hour for receipt of tenders
to the closing
Chronicle
things
were
going,"
I have been making
the
President said.
a
They both agreed that
trip every year to see
"I noticed
coming
Illinois and into Iowa today that things seemed to be going all
"I
across
right."
thought it right that I should make another trip this year."
Volume
F Mr.
Financial
145
Roosevelt made no mention of the Supreme Court
At
Cheyenne,
Roosevelt told
a
yesterday
Wyo.,
fight, no mention
Administration.
of the social and economic aims of his
24), President
(Sept.
crowd estimated at between 4,000 and 5,000
that his second term will be a repetition of the first
and that he will try to do the "most good for the greatest
number." Astociated Press advices from Cheyenne, yester¬
persons,
foe of the
Senator O'Maboney,
The plans for the registration of the unemployed
partially employed were worked out by John D. Biggers,
who will direct the task.
Mr. Biggers is on leave from the
intimated.
and
Presidency of the Lib bey-Owens-Ford Glass Co. Reference
previous tentative plans for the taking of the census was
made in our issue of Sept. 11, page 1677.
In advices from Hyde Park, Sept. 22, special to the New
York "Times" of Sept. 23, it was stated:
friend, who advised him to
"coast"
The law under which the count is to be
that he would not take any such advice.
now on,
F "I don't
Court proposal, the President
Roosevelt Supreme
that he had recently told a
declared
from
y
y
being welcomed by a group that included
After
the relief appropriation for. the current fiscal year.
It is
expected that the census will be taken sometime in November
and will not be taken in a single day as had previously been
to
day, further said:
Democratic
want to coast, and the nation
feet up on the front
doesn't want me to coast, with my
and added that the
date have had the national point of view in
administration projects up to
would be
the Government of the United
States is
"I had thought it was part
touch with the nation," Mr.
of the duty of the President to keep in
personal
Roosevelt said, "and so this year, since January,
through some Southern States and now
I have already made one trip
I'm
1 have been President, not
'look-see,' to try to tie together
going out to the Coast for the third time since
counting campaign trips— going out to get a
He said the greater part of the emergency was over,
but a lot of problems
remained.
He said that the Government had spent a great
deal of money putting
administration had tried its
There were very few communities that
people to work and that at the same time the
accomplish useful things.
utmost to
have not benefited, he said.
The President
schedule to make two other rear plat¬
was
yesterday, one at Wendover, Wyo., and the other
Accompanying the President on the trip
other aids, a
score of Washington newspaper correspondents, and newsreel and still photographers.
In Seattle, the President's
eldest son and Secretary, James Roosevelt, and Mrs.James
Roosevelt will join the party. The following is the tentative
itinerary of the trip from Casper on, as reported in Hyde
Park advices, Sept. 20, to the New York "Times" of Sept.
21, by a staff correspondent:
form talks
at Casper, Wyo.
Caspar the train goes north and cuts into
From
But
on
the afternoon of
park.
south through Pocatello, Idaho, to Boise,
which he will reach early Monday morning
the city and
He plans to motor through
Dam, 75 miles away, then back to Ontario
out to Owyhee
station, where he will meet the train.
The President is to arrive at Bonneville,
He will motor to the great dam, built
early the next morning, the 28th.
by Army engineers during the New
Power from Bonneville on the Columbia River
Deal, and make a speech.
is not expected to
be ready for about three months, but it is possible that
Mr. Roosevelt may
be able to start a few minor units.
After the visit to Bonneville, he plans to go
near
by, where he will inspect a
He will probably
He is
speak there.
where he will again board his
couver
by motor to Mount Hood
timberline camp built with Federal funds.
expected to motor to Portland and through there to
then
The train will leave
and daughter,
Van¬
train.
immediately for Seattle, arriving there in the early
will go directly to the home of his son-in-law
evening, and the President
Mr. and Mrs. John Boettiger.
will leave aboard destroyers
for Victoria, traversing Puget Sound to arrive there just before lunch.
The ITesident and his official party will have luncheon with Lieut. Gov.
H
Early Thursday morning he and his party
Eric W. Hamber at the Capitol
Executive Mansion.
Victoria to cross Puget Sound and land
From there the party will motor to
Lake Crescent, on the peninsula which juts out west of Seattle into the
Pacific and forms the southern shore of Puget Sound.
The President will spend the night of Sept. 30 at Lake Crescent and
leave the next day for a drive around the peninsula, lunching at Lake
Shortly afterward he will leave
on
that evening.
time for dinner.
The train will
homeward, passing north through Seattle and Everett where the
Quinault and arriving at Tacoma
He will board his train in Tacoma in
eastern
turn
Between
will be made.
Everett
Spokane the train will stop at Ephrata, Wash.,
and
where Mr. Roosevelt will leave his
another New
dam and to make an
Back to Ephrata,
to
arrive on
train to motor to Grand Couleee Dam,
He expects to spend an hour and a half at the
Deal project.
informal speech.
Spokane, where he expects
brief stay.
He will make a
Mr. Roosevelt will start for
the afternoon of Oct.
2 for a
platform appearance.
On
the following day,
early i n the afternoon.
Sunday, the train will stop at Glasgow, Mont.,
Mr. Roosevelt will motor to the Fort Peck Dam,
building across the Missouri River as a major
which the Army engineers are
irrigation and reclamation
will
talk
project, largest earthen dam in the world.
He
here.
From Fort Peck Mr. Roosevelt will return to his train, leaving for Grand
Forks, N. D., to be reached in the early morning of Oct. 4.
He will leave
I
grandstand at the fair grounds.
the train to dedicate a new
Leaving Grand Forks at noon he
to Chicago, arriving
go on
t)
will pass through St. Paul, Minn., and
of Oct. 5.
Outer Drive link bridge, and
of Oct. 6.
there early in the morning
He will speak at the dedication of the new
leave Chicago at noon,
great
arriving in Washington the morning
campaign of publicity to urge the
Census
Made in
Approves
Sept. 22 President Roosevelt at Hyde Park, N. Y.,
anproved the plans for the taking of the census of the unemoloyed, as called for in legislation adopted at the recent
session of Congress.
At the same time tne President signed
an Executive Order alloting $5,000,000 for the work from
On
unemployed or those employed
>
the naming of a single
considered some time ago.
take charge of the distribution
collection, much as it handled the registration under
Instead, the Postoffice Department is to
of the blanks and their
and the distribution of the
the Social Security Act
ready to furnish
will stand
Postmen
necessary
soldiers' bonus.
blanks where
extra copies of the
be instructed to give every
the form and returning it.
and they and the postmasters are to
possible aid in filling out
Boston Conference
Distribution of
Safeguarding Peace-—Secretary
Holds Trade Pacts Foundation for Peace—
Roosevelt in Message to
President
Sees
Distribution
on
Economic
Products Factor in
Hull
Adverse Effect of Proposed
Agreement—Cites Benefits of
Existing 16 Pacts—Remarks of Prof. Nystrom and
Minimizes
Alleged
Czecho-Slovakian
Others
that J^the removal of excessive trade
resotrationjof the normal processes of inter¬
conviction
The
barriers and the
national
commerce
offer the most satisfactory
foundation for
andjof democratic
government itself" was expressed by Secretary of State Huli
in addressing on Sept. 19 the Boston Conference on Dis¬
tribution.
According to Secretary Hull "world trade as a
supplement to domestic commerce is the only means cal¬
culated to raise the standard of living throughout the world
to a level which will discourage recurrent preaching and
acceptance of campaigns of imperialistic aggression."
In
a
stable structure of business, of peace
Hull, there was a message
addition to the address of Secretary
Roosevelt to the conference, in
declared that besides being a factor in safeguarding
President
from
which he
the peace
world, "the economic distribution of the
products of
fields and factories abroad lies at the very
base of our
of the
our
planning for future prosperity." The President's message,
addressed to Daniel Bloomfield, Director of the Conference,
was read
at a luncheon of the Conference at the Hotel
Statler.
The following is the message from President
Roosevelt:
economic distribution
The
at home and abroad lies at
of the world.
production through
outstanding marvel, but we have
and means of correspondingly re¬
It is also a factor in safeguarding the peace
perity.
Our progress in
developing the technique of mass
mechanical and scientific processes is an
not
and factories
for future pros"
of the products of our fields
the very base of our planning
kept pace with this in finding ways
the producer and the consumer.
definitely the interdependence of the two
ducing cost charges between
We
need
to realize more
major
distribution. Not to do so is to disarrange
jeopardize standards of living, to say nothing of the necessity
activities—in production and
both and even
of bringing
relief to the great number of our people
inadequately clothed.
and
who are undernourished
"
.
Let it not be said of this generation that we left uncorrected a condition
under which the people of one section of our country are smothered with
f
over-production
of raw materials and goods by
need of them.
the people of another
section who are in dire
I
encouraged to know that constructive
am
citizens like those
composing
this vital problem and I congratulate
those in attendance on the conference, on your pur¬
your
conference are definitely studying
you,
and through you
poses
and endeavors.
in his prepared
interview prior
to his luncheon speech, as to which we quote the following
from the Boston advices to the
Wall Street Journal":^
Secretary Hull besides what he had to say
address offered some comments in a press
Secretary of State
this country
involved in any hostilities any¬
Cordell Hull stated that in his opinion
unquestionably wiU be able to avoid being
abroad.
but
economic
collapse which will hit this country as did that of 1929, or there will be a
military catastrophe unless some such program as that advocated by this
country, and involving international trade agreements, is generally followed
by other countries.
As a reason for his prediction of an economic collapse,
He did not believe that war was
Plans for Taking of
of Unemployed—Registration Not to Be
Single Day as Previously Intimated
Roosevelt
emphasized the
if it could be effectively done
suggestion which the President
where
President
this point, he again
demonstration of the soundness of our
registration day on
which the unemployed would be expected to record themselves through
the regular polling places and the election machinery of the nation—a
United States soil at Port Angeles.
then start
a
The plans do not contemplate
He is to
Hotel, and is to meet the train again late
Sunday the 26th at West Yellowstone on the Idaho-
From Gardiner the train goes
be
signature.
Montana to Billings
of Sunday in Yellowstone Park.
Wyoming border on the west side of the
relief, has
themselves but also as a civic duty,
is planned.
Mr. Biggers said that the President would assist also by
writing a personal message to appear on each registration blank over his
stay at the Mammoth Springs
on
answering a question on
basis it would
A wide
detrain early Saturday morning to spend
At Gardner, Mr. Roosevelt will
1
prerequisite to obtaining government
democracy.
Montana border.
the rest of that day and most
in
that
south again to Gardiner on the Wyoming-
and Livingston and then comes
a
been decided, Mr. Biggers said.
voluntary nature of the census, saying that
Roosevelt, several secretaries and
Mrs.
certificate made
a
registering, with possession of
part time, to register, not only to help
problems of the nation."
in my mind the
such
not yet
going broke," he said.
the so-called census there
compulsion.
no
Whether certificates will be issued to those
"Don't let anybody deceive you
possible power and provided
from relief funds.
Biggers again made clear today that in
Mr.
mind.
are
taken, passed at the last session
Congress, gave the President the broadest
of
that the money spent must come
wheels," he said.
People are thinking in national terms, he declared,
not
1997
Chronicle
immediately threatened in Europe,
did feel that within another year or two
he said
that within the next two years
there will be either an
millions of wage earners now pro¬
unemployed.
Secretary Hull laid emphasis on the importance of the 16 trade pacta
which this country thus far has arranged with other countries, saying that
ducing armaments will be
1998
the
Financial
hope of
vailing in the absence of such pacts
That
the
Chronicle
chiefly lay in these agreements and that conditions pre¬
peace
pacts
to
serve
open
were among
the chief
causes
of
additional international
up
Sept. 25, 1937
"Federal, State and local
taxation should be co-ordinated more
if necessary through a system of
war.
trade,
effectively'"
Federally-collected-and-State-shared-taxes,''
Professor Buehler proposed;
was
.
..
*
indicated by the fact that in the first half of this
year this country's foreign
commerce with the 16 pact countries increased
18% over the first half of
1936, whereas in the non-pact countries trade increased 9%.
Asked
Hull
what
replied
the general outlook
that
the
gradual but steady progress.
any
for general
program
most countries agree
that
been
has
President
trade, Secretary
rehabilitation.
The
National
is sound, timely and practical.
.
.
Emergency
1933
in
Coordinate
to
Recovery Program—Order Effective Dec, 31
.
effective Dec. 31.
the proposed pact with Czecho-Slovakia would
operate to the detriment of
New England textile and shoe interests,
The Council
ber, 1933 "for the
was
established in Novem¬
of consolidating, coordinating and
making more efficient and productive the emergency activ¬
ities of the Government."
The text of the Executive Order,
Secretary Hull replied that in the
formulation of all of the 16 trade pacts thus far
arranged, all details have
been examined most carefully by
experts from the Agriculture, Treasury
and Commerce Departments as well as those in the
Tariff Commission for
the purpose of avoiding discrimination.
Abolishes
Created
President Roosevelt made public on Sept. 20 the text of an
Executive Order abolishing the National Emergency Council,
officials of
high
whether the charge of certain persons that
as to
Roosevelt
Council—Was
urging is making
No other country, he stated, has advanced
economic
our program
The question was raised
for international
was
this country
program
under
which
purpose
President
Roosevelt
created
the
Council
ap¬
Any charge that New England would be sacrificed in behalf of other parts
he thought was merely propaganda on the part of those
peared in these columns of Dec. 9, 1933, page 4118.
The
Council is ordered to return unobligated
moneys allocated
from the Emergency Relief
Appropriation Act of 1937 to that
fund and to transfer all records, papers,
equipment and other
property to the Bureau of the Budget.
The following is the text of the Executive Order abolishing
interests who have urged
the National Council:
are
such that
The results of these pacts, he said,
reasonable person should have any apprehension that it is
no
proposed either to raise tariffs
high
so
to be harmful, or to make tariff
as
rates so low that industries of this
country will be hurt.
His program, he
said, does not countenance either special embargoes or
injuriously low rates.
of the country,
Questioned
the
to
as
the Smoot-Hawley tariff.
statement
Sunday that he would welcome
a
of British
Hull stated that preliminary
pact
have taken place and that the matter
In
possible
was
his
as
Secretary Eden
on
EXECUTIVE
trade pact with the United States, Secre¬
tary
prediction
Foreign
conversations
to whether
prepared address
an
was
looking toward
such
developing, although
agreement might
ORDER
ABOLISHING THE NATIONAL EMERGENCY COUNCIL
a
By virtue of and pursuant to the authority vested in me under the
Emergency Relief Appropriation Act of 1935 (49 Stat. 115) and the Emer¬
gency Relief Appropriation Act of 1937, approved June 29, 1937 (Pub. Res.
No. 47, 75th Cong.), and otherwise, it is hereby ordered as follows:
no
be reached.
Secretary Hull in making the
that "restoration of a freer movement of inter¬
national trade and greater access of the
peoples to all the
resources of the world is the indicated road
from the threat
of war to the hope for
peace," went on to say:
statement
The
1.
National
Order No.
2.
All
Emergency
7073 of June 13,
funds
appropriation
allocated
contained
Council,
re-established
1935, is hereby abolished
the
to
the
in
National
Emergency
1937 which remain unobligated on Dec. 31,
as
Emergency
by
Executive
of Dec. 31, 1937.
Council
from
Relief Appropriation
the
Act
of
The substitution of the principle of
equal treatment for the practice of
discrimination would be a cornerstone of sound world
the appropriation made
extent, our trade agreements already operate both
stabilizer, and their principle and policy need but
3. All records, papers, equipment, and other property of the National
Emergency Council shall be transferred to the Bureau of the Budget or*
policy.
great commercial nations of the world to
force tending toward better conditions
some
wider adoption by the
a
become
In this,
To
material and moral
as a
a
serious.
The shadow of
war
has steadily led
years
darkens the world.
It
important for the people to exhibit breath of vision, restraint,
judgment and political foresight rather than passion, selfishness, emotion
rather
than
liberties.
Unbridled
self-defeating.
individual
return to belief in the
unlicensed force,
in the
pledged word in
supreme
cupidity and savage
But those who dare
to
a
Eugene
reign of law
aggression
are
their
sooner
in
It will not do for those nations which desire peace
allows national populations to maintain
adequate standards of living, and
which encourages men to look forward to
achievement in the peaceful arts
of commerce, invention and the betterment of
living conditions.
This government has
recently reiterated its determination to adhere to
principles and,
without
entering into alliances
or
entangling com¬
mitments,
to give them our full support in
any co operative effort to
establish them by peaceful and practical means.
Numerous other countries
have expressed their like determination to work
toward making these prin¬
ciples the realities of international life.
Roosevelt,
and
son
presided at the luncheon
The Boston
and
,
The only other emergency
original
as
policy had
'90s, when antagonism of
the accepted norm."
the "Transcript" of Sept. 20 in reporting the
Conference, also said:
In
was
part
Professor Paul H. Nystrom of Columbia
painted a dark picture of Ameri¬
labor conflict and proposed drastic
corrective measures, even to out¬
can
Professor Nystrom suggested
more rather than for less
as
basis for
a
trouble," he said.
reform program compulsory
incorporation of-every labor organization, caution
against the closed shop
and the check off, democratic, electoral
choice of union officers, elimination
of "slush" funds for labor
organizations, and curtailment of the strike.
"There is
need
for
a
thorough-going reconsideration of the rights not
only of labor and industry but also of the rights of the
public relative to
strikes and picketing," he said.
Strike Declared Archaic
"The present legal procedure in
dealing with picketing by means of in¬
junctions is obviously uncertain, inconclusive and
unsatisfactory
concerned.
Indeed, the strike itself,
as a
to
all
method of settlement of indus
strikes,
better
as
methods
in modern warfare everybody loses.
of
handling the justifiable
employers and employees than is
have little
reason
"The strike
for
causes
Unless
we
of differences
now
can
find
between
exemplified in our industrial life,
thinking of ourselves as a civilized nation.
as a means
of securing an
It is weapon of
threatening aspects to society itself that it should be eliminated."
Other speakers this morning were Alfred G.
Buehler, Professor of Eco
nomics at the University of
Vermont, "The Trend in Taxes on
Distribution":
Professor E. P. Learned, Harvard Business
School, "Effects of Fair Trade
Distribution,"
and
Lawrence
H.
Sloan,
Vice-President,
Standard Statistics Co., "The
Long Term Trend of Retail Profits."
Professor Buehler spoke in criticism of "the
increasing level of taxation
in general," "the serious burdens of the
undistributed
profits tax," and "the
menace
of discriminatory chain
store
for several months.
employed in the Washington office
are
agency
Territory of Alaska.
which
Resettlement
no
longer functions under its
Administration.
the
to
Department
of
Agriculture.
After
its
head.
Henry
Secretary
A.8
its activities, but it is still carrying on the subsistence homestead project.
Another emergency agency, which is inactive although it has not been
formally
abolished,
successor
has
been
is
the
coordinator
appointed to
for
Major
industrial
George
L.
the late Nathan
L.
No
cooperation.
Berry,
who
when he was appointed United States Senator from Tennessee,
resigned
succeeding
Bachman.
President Roosevelt, in Address Commemorating 150th
Anniversary of Signing of Constitution, Declares
Nothing in Language of Document Justifies Delay
in
Reforms—Even
Supreme
Court,
He
Says,
Is
Treated with Lack of Specification—Stresses Need
of
Meeting Demand of
People for
Economic
and
Social Security—Warns Against
Dictatorships
That the President will hold to his plans for the
carrying
through of social and economic reforms was made evident
in
his
address
of
Sept. 17 commemorating the 150th anni¬
on
the
signing of the Constitution of the United
And that his Supreme Court objectives are included
versary
States.
in the things
which
the
Constitution"
he is determined shall
b^ done "under
address, said:
was
indicated
by the President,
who, in
"When the framers [of the Constitution]
with what they rightly considered eternal
were
dealing
verities, unchangeable by time and circumstance, they used
specific language."
"But," he went on to say, "when they
considered
the
fundamental powers of the new national
they used generality, implication and statement
of mere objectives
as
intentional phrases which flexible
statesmanship of the future, within the Constitution, could
adapt to time and circumstance."
"For instance," he de¬
government
clared, "the framers used broad and general language
capable of meeting evolution and change when they referred
to commerce between
the States, the taxing power and the
welfare," and "even the Supreme Court," he con¬
tinued, "was treated with that purposeful lack of specifica¬
tion."
He
taxation."
added:
Conti'ary to the belief
about
does
any
it
convention
the
treated
over
in
the
The
States
down
Clearly
Court
to
the
general
years.
"a
of
a
Americans, the Constitution
many
Court
declare
to
Judges for the Court.
proposals
majority
to
of
Congress and
terms,
legislation
would
give
the
the
work
nothing
says
unconstitutional;
nor
Again and again the
Justices of the Court
a
veto
over
delegates believed that the relation
Executive,
itself
out
like
the other
subjects
by evolution and
change
,
President
as
the
the number of
voted
legislation.
of
of
power
mention
such
on
131
Wallace recently abolished the agency as a distinct bureau and curtailed
we
improvement of business conditions
and of enforcement of labor demands must be
outlawed.
Legislation
Acting
general
trial disputes, is archaic and barbaric.
"In
the
is
his
lawing the strike.
"The outlook, unhappily, is for
set-up
transferred
decried
the foe of labor" and
charged that this
back the clock to the
interests
been
'
Dr. Rexford Guy Tugwell, resigned in the summer of 1936, the agency wa
manage¬
"turned
correspondent has
One effect of the Executive Order is to wipe out a
director in each of the 48 States and the
"Transcript" reports that Oswald W. Knauth,
President of the Associated
Dry Goods Corporation,
the Administration's "reckless denunciation of all
ment
newspaper
the pay roll,
now on
118 in the field.
Secretary of the President,
which Secretary Hull spoke.
at
former
a
.
This affords hope that in spite of
the serious difficulties which stand in the
way, the world will move in the
direction of peace and economic
sanity, rather than in the direction of
economic warfare and armed hostilities.
James
.
The staff of the Council has been undergoing
pruning
Of the 249
peace and sit with
hands meekly folded.
If peace is to be
made secure, we must build the kind of
foundations upon which enduring
peace can rest.
We must create the kind of economic world future which
these
Leggett,
.
later
or
unshaken faith
international morality, drawn together by their common
faith, must make bold assertion of it and translate that faith into their
merely to cry
16, 1937.
249 Left on Pan Roll
and
day-to-day activities.
S.
Director.
value of human rights and
maintain
WhHe House, Sept.
The first Director was Frank C. Walker, who was followed in succession
by Donald A. Richberg and Lyle T. Alverson.
For the last several months
and credulity.
a
1937.
In its reference to the President's order a
Washington
dispatch Sept. 20 to the New York "Herald Tribune" said:
was
never more
The world needs
31,
FRANKLIN D. ROOSEVELT.
The
toward appeasement and peace.
are
Dec.
by said Act.
in other aspects, the
foreign policy of the United States through recent
The times
before
or
tremendous practical
as
1937, shall be retransferred to
described
the
Constitution
of
the
United
layman's document, not a lawyer's contract."
"But for 150 years," he
said, "we have had an unending
struggle between those who would preserve this original
of
threatened
layman's instrument
broad concept *>f the Constitution as a
a
The
stitutional.
For
20
State
But
Odd
the
persuaded
day
Odd Man overruled them.
new
a
their
in
Man
methods of financing the Civil War
the Odd Man
years
the
on
face
know
We
it
modern
himself.
history
jeopardized
time
takes
.
and
undermined democracy
peace,
delayed or denied have
swept
civil and re¬
away
will
We
while
statesmanship and in govern¬
delay
of the American
people now
the mass
demand.
the
volved
As
in war
to
that,
takes
it
knows
government
and
mind,
your
you
dictatorship
declared
dangerous"
"equally
as
"those
types
who
hands," and those "who are impatient at the processes
sure
that some vague form of
ship is not the quickest road to it."
/
Declaring that "we are against" both types, the President
stated that "the overwhelming majority of the American
people fully understand and completely approve that course
as
the course of the present Government of the United
States."
He continued:
To hold
and
the
of
great
of
mass
our
people that economic
raised from
justify.
insure against internal doubts to the
of American living be
the standard
and
security
they
constitutional democratic form of government
our
course
the insistence
social
what
that
to
meet
must
to levels which the people know our resources
are
Only by succeeding in that can we
our democracy and dissipate the illusion that the neces¬
worthwhileness of
efficiency
of
price
sary
with
dictatorship
is
of
spirit
attendant
its
That
a
single
government
.
this
in
country
can
.
do all
.
.
the
.
of the civil and1 religious liberties it was
one
crisis in
have the right to expect.
under the Constitution without the
.
1
safeguard.
on
and caring most, dared most.
The world of 1787 provided a perfect opportunity for the organization
of a new form of government thousands of miles removed from influences
hostile to it.
How we then governed ourselves did not greatly concern
the most;
remained who cared
Those
Europe.
And what occurred in Europe
Today the picture is different.
what
Now
nations
of
do
we
Europe
and what in
East,
affects
'
immediate effect not only among the
,
enormous
those of the Americas and the Far
part of the world they do as surely and quickly
also
any
among
,
atmosphere
an
monarchies
which
democracies
which
.
dictatorships displace
And of late we have heard1 a
people
to function.
failed
had
their
and
the democratic idea of representative government.
do not deny that the methods of the challengers—whether they be
clear challenge to
We
"communistic"
called
many
who
live
"dictatorial"
or
or
"military"—have
obtained
material things they did not obtain
under them
for
under
function.
Unemployment has
been lessened—even though the cause is a mad manufacturing of arma¬
ments.
Order prevails—even though maintained by fear, at the expense
of liberty and individual rights.
So their leaders laugh at all constitutions, predict the copying of their
own
methods, and prophesy the early end of democracy throughout the
to make
had failed
which they
democracies
world.
Both
still
nations
of
in
the
democracy—that
world
and
is,
the
by
denied by those of us who
by the overwhelming majority of the
overwhelming majority of the people
the world.
And
The
to
of
that prediction are
attitude and
that
believe
one
the
is based
denial
first reason
man
Eventually
or
they
on
two reasons
is that modern men
one
will
group
insist
the
And
them
the
second reason
not only on the right
to choose who shall
periodic reconsideration of that choice
is that the state of world affairs brought about
forms of government threatens civilization.
Armaments and
pile up together.
Trade barriers multiply and merchant ships are
by those new
deficits
eternally right.
will not tamely commit
their government.
women
permanent conduct of
but also upon the
by the free exercise of the ballot.
govern
and
parade their pseudo-
in other lands
government
of our own people may wonder
some
even
match dictatorship
can
and
not
giving this generation
in
the
Both
types
hold
who
social
that course as the course of the present government
of
and the
the
great
of
mass
people that economic
our
living be raised from
of American
standard
justify.
against internal doubt as to
democracy and dissipate the illusion that the
to levels which the people know our resources
are
that
Only by succeeding in
of
worthwhileness
our
efficiency
price of
necessary
constitutional democratic form of government
our
insistence
security
what they
the
,
people fully understand
States.
the
meet
and
One represents cold-blooded' resolve
a definite, and so far successful,
against that.
to that course
To hold
must
in
The other represents a reckless resolve to seize power.
overwhelming majority of the American
United
the
hurry, who are impatient
a
form of proletarian dictatorship is not
engaged
have
We
and completely approve
of
of
democracies, who want Utopia overriight
vague
some
that.
are
we
the
threaten
plutocratic dictatorship which
a
too much
in
are
equally dangerous.
are
power.
Equally
against
constitutional
that
.
be
we
road to it.
contest against
And
the
control?"
our
of
sure
quickest
to
fear
really
should
have those
we
are
the
who
why
can
ensure
we
with its attendant spirit of
is dictatorship
aggression.
have been saying for months that there is a crisis in
affairs which demands action now—a crisis particularly dangerous
is
That
American
I
why
difficulties reenforce each other.
internal
and
its external
For only if the problem is seen in
Purposely I paint a broad picture.
perspective
I
country
can
one
as
I
which
things
people, seeing that
common-sense
things
that under the
determined
am
single
religious liberties it was intended to safeguard.
civil and
the
of
the
all
do
whole, have the right to expect.
I believe that these
under the Constitution, without the surrender of a
a
done
be
pessimist.
a
can
picture
its solution in perspective.
I believe that democratic government in this
see
we
can
not
am
these things shall be
Constitution
done.
The
who
men
Constitution
were
distress
economic
continue
and
war,
the
wrote
the
men
who
They had watched a weak emergency government
little republics—at
13
among
fought the
almost lose
but without effective national government.
when these men planned1 a new government, they drew the kind of
peace
So
which
agreement
under
for
it
For
the
a
Constitution
The
work
together
what is today the oldest written
have continuously lived together as a Nation.
of the United
States was
a
layman's document, not a
cannot be stressed too often.
Madison, most
for it, was not a lawyer—nor was Washington or Franklin,
of the give-and-take of life had kept the convention together.
That
contract.
responsible
whose
want to
long time.
instrument under which men
lawyer's
they really
when
make
men
very
youngest of nations they drew
sense
charter of general principles—com¬
"whereases" and the "parties of the first part"
print which lawyers put into leases and1 insurance policies
great layman's document was a
pletely different from the
and
fine
the
agreements.
and instalment
framers
the
When
were
with
dealing
they
what
rightly
considered
unchangeable by time and circumstance, they used specific
eternal verities,
generation has watched democracies replace
our
failed
had
forms
the processes
This
did not immediately affect us.
us.
such
In
has
but
than their tolerable share from the rest of
more
majority rule of democracy, who
of economic and social control to remain in a few hands.
perpetuate
And
at
the
*
38 weary delegates to a
ago,
years
dis¬
for relief from
in their hearts: "If constitutional democracy continues to
Revolution.
convention in Phila¬
delphia signed the Constitution.
Four handwritten sheets of parchment
were
enough to state the terms on which 13 independent weak little
republics agreed to try to survive together as one strong Nation.
A third of the original delegates had given up and gone home.
The
moral
force
of Washington
and Franklin had kept the rest together.
150
Tonight,
shorter
"liberty,"
forms of
those
control
And
.
in full:
nation-wide hook-up, follows
Americans:
intended
from Washington
President's address, broadcast
My Fellow
a
crisis particularly danger¬
now—a
internal difficulties reinforce each other.
common-sense people
these things can be done
believe
The
a
demands action
democratic
that
that there is
for months
saying
been
which
which
surrender of
to
have
I
affairs
believe
I
things
I
whv
is
because its external and
ous
old
say
because
.•aggression.
American
far
democracy
They
of
overnight and
proletarian dictator¬
constitutional democracies, who want Utopia
not
for
demands of all for the end of that kind of
which permits a handful of the
the
economic organization,
have
We
would
really fear the majority rule of democracy, who want old
forms of economic and social control to remain in a few
are
whether
our
■democracy.
He
labor
of
business men
majority of
great
take
demands
the
the demands of farmers for a more stable income,
mistermed
other
as
science of
your
the morale of a
makes upon
;
to
come
people.
want
spreading
the morale of a
upon
things they want from government.
know
intelligence and patience to meet the
foresight,
more
even
which
attack
subtle
and he added:
face confidently,"
we
our
mind.
government's
But
and
known
understandable
wages,
practices,
to
has
idea
new
a
the
of
often
population
the
of his address the President asserted,
measurable danger of becoming in¬
early part
dictatorship makes
spreading
makes
higher
trade
license,
.
"the
patience to meet the
foresight, intelligence and
more
.'...v,'.'-.•
ideal
And
In
that
even
which
demands
ruptive
Constitution
reforms which
th'e
in
20-year lags.
justification in any of the language of the
no
As to that, your
generation
our
hours and
the
the luxury of
longer afford
find
will
growing
involved in war we
government knows your mind, and you
becoming
of
government's mind.
takes
That
in turn
each generation
sacrifice
to
life.
catches up with
no
can
You
it.
permitted
be
longer
no
the law
We
for
three branches of
all
ment—in
danger
dominate thought about
government—the idea that the resources of the Nation can be made to
produce a far higher standard of living for the masses if only government
is intelligent and energetic in giving the right direction to economic life.
That
idea-^-or
more
properly that ideal—is wholly justified by the
facts.
It cannot be thrust aside by those who want to go back to the
conditions of
10 years ago,
or
even
preserve the
conditions of today.
It puts all forms of government to proof.
V, /,
■
ligious liberties.
Yes, time more than ever before is vital in
death.
to keep that
determined
rightly
measurable
and
attack
In
needs of society.
to the
that reforms too long
proves
are
shores.
democracy.
.
.
adjust government
to
it
subtle
A few months
to the Congress on the rejuvenation of the judiciary,
the Odd Man admitted that the Court had been wrong—for all those 20
But
Fear spreads throughout the world—fear of
seas.
America
of
confidently.
But
...
my message
years—and^overruled
high
our
known
know your
were uncon¬
the Supreme Court refused to admit that
on
laws for women were constitutional.
minimum wage
after
ago,
from
The
distinguished
Lawyers
people
menace
he stated:
Supreme Court that the
the
on
aggression, fear of invasion, fear of revolution, fear of
and those who would shrivel the Con¬
lawyer's contract."
In his further remarks
the government
stitution into
1999
Chronicle
Financial
Volume 145
no uncertain terms, for instance, they forbade titles of
suspension of habeas corups and the withdrawal of money
from the Treasury except after appropriation by law.
With almost equal
definiteness they detailed the Bill of Rights.
But when they considered the fundamental powers of the new national
In
language.
the
nobility,
generality, implication and statement of mere objec¬
which flexible statesmanship of the future,
government they used
tives,
intentional
as
phrases
adapt
could
Constitution,
the
within
to
For
circumstance.
and
time
the framers used broad and general language capable of meeting
evolution and change when they referred to commerce between the States,
instance,
the
taxing power and
the
Even
Supreme
the general welfare.
Court was treated
with
purposeful
that
lack
of
Contrary to the belief of many Americans, the Constitution
says nothing about any power of the Court to declare legislation unconstitu¬
tional ; nor does it mention the number of Judges for the Court.
Again
and again
the convention voted down proposals to give Justices of the
Court a veto over legislation.
Clearly a majority of the delegates believed
that the relation of the Court to the Congress and the Executive, like
the
other subjects treated in general terms,
would work itself out by
specification.
and
evolution
But
who
would
into
of
tion
hold
and
think
us
no
in
of
the
years.
have
had
original
an
broad
government
lawyer's
a
who
we
thi6
preserve
Constitution
over
years
instrument
layman's
Those
change
150
for
unending
concept
and
those
struggle
between
of the Constitution
who
would
shrivel
those
as
a
the
contract.
really believe in the enduring wisdom of the Constitu¬
those
rancor
against
purely
legalistic
who
phrases.
professionally
We
cannot
or
politically
seriously be
talk
alarmed
.
Financial
2000
when
of
they
"unconstitutional"
cry
our
cries
effort
every
better the
to
unconstitutional
conventions
the
the
and
tariff
long-standing
Congress had
warned
But
itself
the
Washington
stitutional.
But
The great
a
open
persuadedl
day
the
Odd
Man
methods of financing the Civil War
Odd
new
the Federal
warning
that
the
on
were
uncon¬
Interstate Commerce Act and
the proposed
regulation of railway rates which the farmers demanded would
unconstitutional.
But
Senate
the
both
and
the
Supreme
Court
over¬
than
two
years
highest-priced lawyers in
of the
58
ago
the land
gave
the Nation (without cost to the Nation) a solemn and formal opinion
that
the
Wagner Labor Relations Act
months,
first
election
national
a
unconstitutional.
was
Supreme
later the
and
them.-v.:"'1:
20 years
the Odd Man
minimum
And in
Court
:
'
Eight
A few months
after my message to the Congress on the rejuvenation of the judiciary,
the Odd Man admitted that the Court had been wrong—for all those 20
this
constant
either
crete
welfare
struggle
the
of
about
the
others.
the
of
what
of
lawyers
no
They have considered as most sacred the
of the
generation
And with laymen's
day.
con¬
is
for,
all
three
government
efficient—that
they
common-
be
sored
lay rank and file
take cheer from the historic fact that
can
Constitution
the
construe
layman's charter has ultimately
clashed
has
It
the
with
cost
every
rather than
contract
a
Whenever legalistic interpretation
great questions of broad national
on
sense
"ultimately"
Civil War
a
20 years
cost
to
for
through
"an
20
the
of
Territories.
power
of
those least able to pay to recognize the
on
Congress
levy
to
taxes
those most
on
able
women's labor to recognize the
of the States to pass minimum wage laws for their
exploitation
of
years
power
20
cost
of
already—and
years
obtain
constitutional
a
regulate
the shipment
labor
little
of
We
But
national
in
no
one
knows how many more are to
that will let the Nation
interpretation
of
commerce
from the
goods sweated
takes
history
time
to
of
society.
reforms too long delayed or denied
that
proves
government to the needs
adjust
have
jeopardized peace, undermined democracy and swept away civil and religious
You
for
will
longer be
no
the
catches
law
will find
delay
of
it.
sacrifice each
to
in
generation
turn
with life.
the
in
justification in
no
their
the
which
reforms
mass
people
the American
of
now
affairs.
Yet nearly every attempt
been
jeopardized
to read
sought
into
the Constitution language
to write
achieved
cherishes
by
restraint ;
Let
away
which
the framers
and
through
Constitution
the
liberty
its
constituting
to
the
States
from
liberty
any
such
liberty,
not
majority.
has
never
positive
unless
and
be
it
Government
forget that the Bill of Rights
a
never
minority
was
which
so
neighbors
United
the
of
its
will take
States
he Consitution not
put into
majorities against the enthronement of minorities.
Nothing
would1
surely
so
the
destroy
substance
the
what
of
Bill
of
Rights protects than its perversion to prevent social progress.
The surest
protection of the individual and of minorities is that fundamental tolerance
and
feeling for fair play which the Bill of Rights
and
fair
disappear here
play would
it has
as
in
But tolerance
assumes.
other lands
some
if the
great mass of people were denied confidence in their justice, their security
their
liberties
self-respect.
when
The crisis
On
1933
of
this
Desperate
freedom
solemn
came
people
merely to
should make
ask
that
they
I
ask
problems
work
now
that
of
they
I ask that
have
democracy,
rather
than
as
a
faith
I
ask
a
the
faithful
when
the
are
the pursuit
the
observance
chief
real
other
By
each
of
of
its
parts
by
its
ultimate capacity to
justify
that
all
of
making it
that
century
exalt
the
glorious
of complicated legalism.
simplicity
of
I
its
purposes
rather
of
orderly
their
of
They
be
can
progress
pledged to them.
Within
have
the
test
apply them
is
alas,
much
so
is
record
Neither
peace.
in
They
the last few weeks
its
record
on
actions
of
actions,
own
than
more
their
in
statesmen
difficult
more
of
They
peace.
and civilization.
themselves
and
utterances
country must
This,
placed
aim
adequate substitute.
an
order,
peace,
and
war
whose
the
from
emerge
between
those
be
can
scrutinize
to find
the
or
cooperation,
the
opportunity is
pre¬
for all nations to live a satisfactory and improving type of life.
Today the growing economic productiveness of the world is being absorbed
in large part to make armaments, is being used to prepare ruin.
Turn
these
and
and
resources
all
countries
vastly
that
things
the
into
that
that
go
betterment
brings
into
life
conditions of
the
individual lives, and
our
employed and
are
hold
find
Economic
can
hope
and
fosters the wish
so
peaceful
be and
living
will
extended
be
oppor¬
for peace.
Peoples
not easily incited to either internal
living in want and misery come to
cheaply and stand ready to gamble upon the use of force.
international
or
energies
will
improved.
life
prosperous
strife.
recognition
economic
But
this
of
are
peoples
fundamental
well-being of the citizen,
its policy of
rebuilding
our
relationship
between
and
peace
the
government three years ago entered
our
foreign
own
and
commerce
international
trade
generally, through the medium of trade agreements.
We have made
headway in that program, despite difficult economic conditions at home
disturbed
with
on
the
it.
political
and
The benefits
contrary, they
lessen
by
the
between
the uncertain
planes.
And
United
tunity
I
for
a
They
peace.
limitations
very
war
shall
go
On
none.
of
greatly
can
territories
and-
do
never
can
few countries at the
the
earnest
for
world
are
somewhat
stands
found
leader
a
hope
the
in
that,
expense
in
the
effort
That
make
to
by
campaign
cooperation
will
the
for¬
go
elsewhere.
from
apart
world.
this
that
economic
vigor and success here and
States
be
to
and
advantage of
express
accelerated
hostilities that
peace
and
countries—and
Conference
so
Peace
with
The
We
They injure
Through enlarged trade there can come an equilibrium of peace¬
more stable than
the equilibrium of matched cannon and air¬
interest
National
calls
different
except
ful
that
inequalities
interest
the
as
to
elsewhere.
armies.
no
calculated1 to bind together the peoples of different
are
of
conditions
economic
of trade need
mutual
a
effect
resources
the
gives
us
effective
deep
our
fears
great
and!
oppor¬
the conditions
of
sanity.
Anthony Eden, British Foreign Eecretary, speaking fronn
League of Nations at Geneva, expressed the hope that a
British trade agreement with the United States, similar to*
the one between the United States and Canada, may be
completed "before very long."
He declared that "it has:
been a factor of the greatest benefit to the world that during:
these critical years the United States economic policy has
been inspired by broad-minded conceptions of freer trade."
the
In
the New York
"Times" Mr.
Eden was also quoted
as¬
saying:
the
is just
a
French
year
tries
that
Our
in
standard
hopes
difficulties
an
fact
were
which
wholly
more
may
that the United States Government took part with-
cooperate
of
high
the
favor
that
at
crisis
prosperous
of
to
living.
has
disappointing.
being.
in
the
started, the first joint
than
not in itself be
economic
ing in
crisis
they would
the
been
ago
Government and ourselves
since the
perity
they
and
sented
not
they give; their fealty to the Constitution itself and not to its
modification
understanding
difficulty and evil in others and to rally national unity upon
hatred of someone else.
simple fear
work out the
faith by
now.
to
non-interference in
the
agreements;
struggle
mind
governments
judge itself.
improve
they
from
them
summarize
of policy;
mutual
peace.
long
the
immense armies
nor
Each
measured.
cause
of
government is
50
of
terms
from
mainstay of
was,
effectiveness
to
of peaceful methods to adjust
use
of
by
essential,
chronicle
effaced
diplomacy
the
It
people rejoice in
occasions
the reduction and limitation of overburdening military armamentB,
that
This
that.
whole.
in
years
starvation.
misinterpreters.
than
avoidance of force in
be
clever
are
surrendered their
,
but that
20
lands
humiliation and
ask that the American
the
guarantee
living by the Constitution
in other
mean
understand
us
anniversary I
the wisdom of their Constitution.
I
various
on
from*
come
in the actual conduct of
cooperation and interchange in the economic field.
cannot
The present Gov¬
and
away
definite harm to
and
the
But
taken
only to protect minorities against intolerance of majorities, but to protect
and
tried
have
that would
reassurance
understanding—national and international patience and self-
agreements,
ward
minority,
do
to
as
centuries of
many
guarantees
liberty.
as
United
the
of
refused
liberties
civil and religious
the
anguish
the
But
I
put the real situation in the simplest terms.
me
refuses
blood
history.
masquerading
any
abuses
I
differences;
of others.
than
deeply
more
much
so
Anglo-American
ernment
actually forbidden by those who have
or
the Constitution.
into
one
license
to meet those demands for social and economic
has
betterment
No
needed the
more
the internal affairs of other nations;
countries
demand.
"the
that
to grasp clearly
"Never," he said, "has the need for keeping them
Continuing, Secre¬
the best of my
and
of the language of the Constitution
any
essayed
proof that governments are ready to pursue them
upon
permitted
up
longer afford the luxury of 20-year lags.
no
can
branches
three
all
ment—in
before is vital in statesmanship and in govern¬
ever
He
Hull said, in part:
tary
In
Yes, time more than
We
cannon."
matched
alive in the fullest vigor 'been greater."
liberties.
We
of
follow steadfastly the principles which are essential to
peace."
tunity to
children.
it
know
modern
while
are marching," declared, however,
international trade there can come
enlarged
great task is for peoples and governments
and
.
protection.
come—to
spon¬
Peace
Through economic interchange and
cost
has
view to pre¬
a
world-wide broadcast
a
equilibrium of peaceful interests more stable than the
equilibrium
support.
of the constitutional
recognition
the
of taxation
power
constitutional
It
National
at
York
Conference.
Speaking from
Secretary of State Cordell Hull, while stating
York,
that
pay.
It
Peace
for
New
that it is "difficult to talk of peace when bombs are explod¬
than
terrible cost.
covers a
gain
legislate
to
constitutional
to
contemporary
word
Congress
It
lawyer's
a
as
failed.
ultimately the people and the Congress have had their way.
that
But
in
urged in
was
by the National
New
history,
expectations of government.
policy,
Plea
in
Conference
venting warfare
These
be
to
come.
The broadening of international trade with
pendent—and that all three work together to meet the living generation's
effort
new—not
ever
Between United States and Great Britain
process;
That
is
Representatives of eight nations joined on Sept. 19 in a
pledge to strive for peace through economic cooperation*
have demanded that all three
interdependent as well as inde¬
branches
to
years
Join
Nations
Never has there been
political party—mine or
any other—have had a
consistent or unblemished record.
But the lay
rank and file of political parties has had a consistent record.
Unlike some lawyers, they have respected as sacred all branches of their
government.
They have seen nothing more sacred about one branch than
of
it
City—Secretary
Hull, Spokesman for United States, in World-wide
Broadcast—Anthony Eden Hopes for Trade Pact
years—and overruled himself.
sense
because
its past alone but in the faith of the living who keep
and in the
Peace
and
the Supreme Court refused to admit that
on
laws for women were constitutional.
wage
few
a
overruled
ago,
In
best hope of earth."
last,
but
old
is
ing and desperate armies
him.
Less
it
a
them.
overruled
Man
But
them.
their
in
unconstitutional.
was
"the
it
saw
because
that
that to
divided Supreme Court
a
bond, without bitterness, for those
common
a
Lincoln
as
it—not
revere
the worship of
in
But the Executive
Senatorial constitutional authority of his day, Senator Evarts,
solemn
a
persuaded
Compromise
overruled
the
America
we
power
good of all.
common
the Constitution is
us
see
to govern slavery in the Territories, that
power
distinguished
Lawyers
the
Sept. 25. 1937
majorities and minorities subordinate intolerance and
Hamilton
Jefferson
Monroe
unconstitutional.
was
in their day
no
States
Supreme Court that
For
For
So
was
ratifying
and
unconstitutional—warned
unconstitutional—warned
Missouri
the
Between,
State
to
Congress overruled them.
the
ruled
Confederation.
of
day
was
was
Lawyers distinguished
be
have
they
that
it young, now
their
in
the Alleghanies
that
issued
Articles
the
Purchase
across
the
War
ultimately,
us—and,
them.
protective
roads
up
ask
who
under
overruled
Louisiana
the
with
1787 insisted that the Constitution
in
distinguished
Lawyers
that
been
always
overruled.
distinguished
Lawyers
I
alike
have
always been
Chronicle
condition
people.
Such
at
a
promote
Tripartite Declaration
prosperity
and"
in the world
>
.
time.
Perhaps
left
behindi
Our
two
they
which-
affirmation by leading coun¬
were
it,
we
but
underestimated
even
so,
they
the
have-
countries—are
this time last year.
This pros¬
countries—most
guarantee of peace, for man is not entirely
But it ought to be—and I believe it is a factor work¬
peaceful
policies.
For
the peoples
of the
British
Com-
Volume
monwealth
Financial
:4S
and
the goal that
of
is
the
United
before
ever
States,
is the
us
this
is of the
We
for
importance,
first
Chronicle
And
The others
of
joining in the broadcast were representatives
France, Austria, Czechoslovakia, Belgium and
Extracts, as follows, from the remarks of the
Canada,
Colombia.
a
Associated
Camille
declared
its
in
not
are
countries
position
a
seek
usually call
to
favor
bound
new
the
of
in
L.
the
Paul
"supporting
barriers
the
and
to
territorial
of
Austrian
said
about
for
Praha.
King,
the
a
would
said
He
read
was
by
of
promotion
economic
Alfaro
crisis
Minister
has
of
Lopez of
liberal"
more
"we have passed
of
sought
the
are
Canada,
from
possible"
spoke
policy than
of
era
government
is
lower trade
United
of the
other
many
States
nations
and
foreign
American
high
knowledge
And
the
peace,
have
you
torch,
those
to
helped to forge
you
Pursue
"Middle
of
"Non-Entanglement"
Course"—Governor
Lehman
and
still
a
after the signing of the armistice "the world as we
today bears scant resemblance to the world we all
longed for—to the world which you members of the Legion
felt you fought for."
"We see that in all too many sections
it
of the world the standard of
living is being lowered, democ¬
racy is being supplanted by other types of government, trade
is being stafled, fears and suspicions are
rampant, and even
treaties—the most solemn interchanges of nations'
promises
being torn to shreds."
"Peace
goal," said Secretary Hull, "not
but peace throughout the world."
The
in
dislocation
of
the
whole
One
of
best
our
And
the
fidence
is
peace
our
preserve
be
just,
for
What
can
other way
utter
of
must
always be
He went
actual
conflicts.
time
same
of
your
war
to
help?
the
Peace
the
is
not
cornerstone
only the goal
of
international
I believe that
we
do
can
more
than
any
anarchy
be stopped
can
before
it reaches
the
Earlier in
the
the
Legion
York
of
a kind of
internationalism, which would mean
independence of judgment, abandoning our traditional policy
non-entanglement and being drawn into the rivalries and disputes of
other
neither of these extremes offers
best from each and follow
review
us
middle
a
taking this
course
and
have
and
of
order
to
us
solution.
a
We
draw
must
the
This I have termed enlightened
course.
or
same
time
effort
every
its
to
reduce
natural
if
see
doing
in
fact
been
It
is
today
restated
based, at
demand
have
made
war,
we
or
to
These
for
the
disarmament
genuine renewal
any
to
this
are
road
the
principles
time when
a
respect for
clear
not
that
and
of
a
prepared
are
We
to
that
commerce
world
has
a
series
trade,
been
in
artifically
through the Tripartite
A
our
while
normal
was
international
Fifth
to
what
task.
the conduct of
as
holds
He
static thing.
a
about
our
con¬
To maintain
We cannot
war.
business.
our
to
be
safe must
not
only be friendly
You know the
war.
conse¬
years.
Yours has been and will be a great
public mind into these channels—in the words
We
know
has been
that
particularly
the
under
the
work
leadership
and
of
is
Mr.
day the nineteenth annual convention of
in Madison Square Garden, when the
welcomed in behalf of the State of New
the
From Mayor La Guardia's
following:
all to
us
have
invite you
to
here.
you
I want to say,
of
course,
I
here next year, but if
we are
Tomorrow
comfortable and feel at home.
will
us
recall
embark
to
great deal in
a
great
a
of
many
Avenue
the feeling we had
the
on
that
transports
time.
We
just
when
20
older.
are
marched
we
years
The
We
ago.
country has
deal.
march
we
again,
with all the feeling of love and patriotism
make
We reconsecrate ourselves to our country, and, as 20
march down to the rhythm, "Make the world safe for democ¬
the world safe for democracy."
have
had
country.
our
racy ;
and
enced.
20
years'
uncertain
Tomorrow,
forth
Fifth
on
time to
to what
when
Avenue
business; mind
an
ponder,
we
march
we
army
to
deliberate
going into,
were
as
experienced
as
of peace to
we
marched
were
inexperi¬
as
we
citizens,
the rhythm,
march
we
"Mind your own
business."
your own
The following is from the
Lehman's
is
We
concluding portion of Governor
address:
love
who
understanding
basis
*
■
command
That
racial
of
among
origin
is
in
truth
of
be
Legion,
different
a
great
foe
not
despotism
factor in
that
good-will
neighbor
thy
keystone of all
only where
and
and
thyself"
as
true
divisions
no
is
democracy.
of
class,
of
and
cause.
this country in
organization
of different
time of
composed
of
races,
peace.
of
of
liberty itself.
of good-will—of all
back the
answer
and
men
different nationalities,
spreading the doctrine of good-will.
women
together and hurl
God
righteous
a
great
religion but
only of
men
a
religions,
pledge of the American
"For
love
the
such divisions in
no
American
the
stand
obeyed
shalt
It is
great armies that fought in
women
is
"Thou
develop
divisions
There must be
and
all.
religion.
to
of religious dogma divide neighbor from neighbor.
There
among us in time of war, when we all were part
or
such
no
the
true
labor
must
country
our
all
of
we
resolved
are
by
indifferent
to
lawlessness
that
are
without
faltering,
paths,
will be
then
but
a
easy
and if
the
our
every
policies
other
youthful
spared the experiences
a
Intolerance
Against intolerance
races
and creeds—must
that they will not abandon
the
Legion:
country
we
associate
ourselves
together
to
make
right
on
their
in
generation
had
to
avoid
to
war,
one
guard
and
thought I
untouched.
would
leave you
attach to keeping
our
the road
keep
we
own
ways
throughout
the
live through
No.
The
promote
posterity
peace
the
and
good-will
principles
of
on
earth;
justice,
safe¬
to
freedom
traditional
policy
of
America
of
civil
and
and
religious
liberty
not be abandoned here.
Against foreign propaganda or example and
against internal assault it will find strong defense in the American spirit.
will
American
ideals
will
triumph
because
American
ideals
are
founded
on
right and justice.
According to the New York "Times," Mr. Colmery, at the
dinner, received the brevet of Commander of the Legion'of
Honor in behalf of President Albert Lebrun of France from
two
tonight,
to
to
democracy."
Colonel
Edward
Embassy.
other
might;
transmit
peace.
turn-off, but if
nations
you
to
means
the
few of the landmarks
to avoid
We
nationals.
that lead
disturb
of
master
inter¬
rife and when nations
rights, and safety for
be
cannot
emphasize the price we all
beliefs
not
go
nation
We want to make you
down
the
which
on
discouragement
ago.
There
political
going to make California's superlatives look like anemic diminu¬
are
Tomorrow
drive to limit
negotiating
are
barriers
international
and
of
similar
today
decades
light
no
principal speakers.
nerve
in 1939,
tives.
*
policies I have listed
follow
world
all
matter
State speaks, he
you have no place
going to have the most colossal, the most spectacular,
the greatest World's Fair in the history of the world.
to go
can
We
arms.
excessive
flow
following; it is not always
are
will
it
instances
we
of
No
of
and
earth.
were
thrill
the
The
forgetting their pledged word in the pursuit of contrary policies.
We have avoided involvement in the disputes of others, and
yet shown
we
is
Peace is
Legion,
nuote
we
a
haven't
full part in lightening
our
were
that
Secretary
,
have
is
have
we
obstructed.
Agreement.
We
exclusion
country.
our
the
opened
the
man were
from which the world is suffering.
bankrupting burden of
to
and
We have assisted in the stabilization of currencies
course
of
York
address
were
moment
a
full weight in
designed
restore
diverted'
the
in
part
our
reduce the
treaties
and at
for
easing the fears
taken
today to lend
role
our
the burden
We
In
Mayor La Guardia
City, who presented the keys of the city to
the visitors, was present both at the dinner and the
opening
session of the convention, at which he and Governor Leh¬
the
nationalism.
Let
speaker at
a
our
nations.
No,
also
was
by Governor Herbert H. Lehman.
New
of
us;
the other extreme would be
abdicating
by precept, in time of
be respected.
on
of
enthused
in
assuming, like the courtiers of King Canute, that the
international
for as during the war
Colmery.
expansion
by avoiding the two extremes of policy.
One extreme would be
which would mean closing our eyes to the realities of
the world today and
our
these 17
over
good-will
purpose
learned
isolation,
rising tide of
can
of
Constitution, written 60 days after the armistice—to promote
own
and
peace
We
do
meaning
the building of good-will are not enough to
troubled world of today.
There must be adequate
must
.
we
You
forget.
true
can
Legion knows not alone the realities of
have learned
to say:
on
oi
our
for ourselves alone,
peace
economic structure, the artificial
the
the
the
is
when
peace" and then
peace
defense.
but it
the
is at
relations
be,
may
task
the
in
peace
preparedness
and
miles
scene
some
Americanism.
our
dynamic in its requirements
as
striving for
of
it
you
us,
traditions
good wishes.
"Let there
of
the
of
held at the Hotel Pennsylvania.
foreign
Secretary's
and
years ago, we
from
if
second,
interests
should
learn
to
greater opportunity,
American
differences
for
idealist;
America
the
to
others
case
wish
perfecting
was
from the
domestic
industries, the abnormal prices paid for key products, the strain
currencies, the destruction of capital—all these affect nations thousands
self-preservation.
They have
to think our
ways,
speaks for the whole American people.
war
on
our
should put
interests
traditions for
new
dinner, which
Legionnaires
on
years
—are
States.
United
adopt
to
part, Mr. Hoover said:
and
Sept. 20 at the dinner in New York City of
the National Commander of the American
Legion, Harry W.
Colmery, Secretary of State Cordell Hull observed that 20
see
not
>
Mayor La Guardia Address Convention
Speaking
the
in
Former President Herbert Hoover
The
Peace Throughout World Urged as Goal
by Secretary
of State Hull in Addressing American
Legion at
Dinner of National Commander
Colmery—Would
Avoid Two Extremes "Utter Isolation" and Aban¬
Policy
have
midst
our
they have come, but forward to
birth
in
who
the work of
carry on
quences
of
in
and to share in our national life.
subordinate
part in the direction of the
donment
future
anxious
us,
tolerance,
population of
hold
can
impart
beliefs.
The
throughout the United States.
of
which
from
children's
our
settled1
and
You, members of the American Legion, learned by experience and sacri¬
as perhaps no other group, the true meaning of the American • ideal.
say,
time in various cities and towns
same
shores
our
lands
part
traditions,
own
foreboding.
partisanship
his
their
its
country, by accepting directions given by governments or political
parties abroad, then indeed a situation would arise that would fill us with
our
ecpnomic war."
an
our
should
to
In conjunction with the meeting in New York City the
National Peace Conference had arranged for approximately
500 meetings at the
ever
it
the
„
declared
"wherever
and
the
strength from
new
having
Nation,
other
the
of
one
early 1930's effected.
Colombia
trade
the painful
If
You
agreement"
"we
that
to
integral
a
inter¬
existence of smaller States.
an
an
to
drawn
have
we
single
a
institutions.
fice,
peace."
of
Chancellor,
added
Prime
Canada
economic
become
be',
avoiding international strife lies along the path of
He
Alfonso
"following
States,
of
.
with
Hodza, Prime Minister of Czechoslovakia,
Milan
from
.
.
intensive
in
propaganda
integrity
nations
lasting blessing
He
bring
wherein imperialism
effort" to bring nations closer together and
every
which
President
such
as
backward
elements,
into
own
come
thoughts, to acquire
aggression we
an
where
and
promoting international commerce.
Zeeland, Premier of Belgium, declared
Van
wonder,
no
be relied upon by all as a peace-loving people."
can
means
in
is
present time,
borders
combination
Vienna.
Mackenzie
cooperation.
cooperate
said
of
Schuschnigg,
at
broadcast
a
Ottawa that
as
Kurt
Rumania,
countries which
William
it
Blois,
from
materials and
raw
have
future
ever
unqualified
official
Jugoslavia and
trade
"Then
of
them organizing
see
jeopardizes
endeavoring
are
speaking
France,
shortage
trade is necessary for the peace and
"We
said
goods.
national
universal
a
insure
Austrian
national
beyond
idealogies
of
address
The
high
of
through
we
conditions
spread
short
to
export
expand, that
chaotic
to
of
nothing
to
Minister
suffer
invasion," he said.
an
"Under the
threatens
Prime
nations
some
merged them
who
of America that instead of losing vitality from
different
beliefs, and its
Men
their
the genius
these
of
and
own
with infusions of blood from many nations of
young country,
often with conflicting philosophies and divergent senses of value.
mixture
looked
Press:
Chautemps,
that
a
has been
it
them,
speakers other than Secretary Hull and Mr. Eden, are from
the
are
the world,
preservation of world peace.
2001
and
that
is to
American traditions and
to the
Lombard, military attache of the French
Colonel Lombard also read a message of greeting
Legion from President Lebrun.
F'rom
Aix
en
Provence, General John J. Pershing,
mander of the A. E. F„ sent
com¬
greetings, in which he said:
Financial
2002
I
ehull
■down
with
be
the historic
far-away
You
hearts
as
you-
in
your
not be
may
beat
will
proud march
stronghold
the
once
but I
were,
with the
am
Loans
drove him
drawn
when
as
from the
One
in
AAA Announces
Farm Practice
Requirements for 1937
Sugar Act
Under New
Farming- practices established by the
the
Sugar Act of
Any farm producing
tinental United States
and sugar beets for sugar within the
sugarcane
able
has
which practices in connection with the 1937
crop
on
possible
under sugar
The
Program will be considered to have met the farm practice
requirements of the Sugar Act of 1937.
/
Agriculture to de¬
termine what those requirements shall be.
having
Acting Secretary of Agriculture Harry A. Brown today issued a de¬
basing the farming practice requirements of the Sugar Act
areas,
chased
was
the 1937 Agricultural Conservation Program provisions.
provided,
of
the
course,
funds,
necessary
are
appropriated
Congress.
llFor
Section 5
In
Works
(d), which
Act
June
addition,
the
Corporation
the
aggregating
withdrawn
was
all farm land farmed
by
an operator as a
sold at
were
or
$327,376).
of
the
this
premium
a
of
of
securities
amount
$12,094,225
PWA
having
Securities
par
value
subsequently collected at
were
agreed to purchase at par, to be held and
the PWA is in
of
Sept. 1 $27,000,000 Above Same Date Last Year
According to S. M. Garwood of FCA
Loans
In addition, the Corporation
collected or sold at a later
and
.
,
Federal Land banks
Repayments
$
...1,982,022,261.49 1,817,476,791.59
532,126,239.11
180,271,228.32
387,236,000.00
.
117,005,895.34
89,675,416.42
17,905,857.47
Insurance companies
Livestock Credit corporations
operators in farm communities
are now
15,468,457.86
12,846,631.58
5,643,618.22
719,075.00
600,095.79
....
Total loans under Section 5..
Secretary
of
Agriculture
3,719,378,400.75 3,060,502,269.12
to
purchase
cotton
3,300,000.00
Loans for refinancing drainage, levee
tion districts.
Loans
14,718.06
distributors for payment of pro¬
or
cessing tax
to
5,519,380.52
129,833.30
445,414.21
14,718.06
Credit unions
Processors
13,064,631.18
9,250,000.00
9,250,000.00
...
Fishing industry..
getting credit from the associations
and
13,064,631.18
moneys
Federal Intermediate Credit banks
Loans
Sept. 20, said:
v
13,101,598.69
Agricultural Credit corporations
At the recent date over 213,000
and stockmen had production loans
amounting to
on
...—...
State funds for insurance of deposits of public
Administration.
Mr. Garwood,
373,961,405.95
257,627,298.92
173,243,640.72
115,133,796.17
86,049,040.74
377,769,353.26
173,243,640.72
Joint Stock Land banks..
production credit associations outstanding on
$27,000,000 in excess of the amount outstanding
on
the corresponding date last year,
according to S. M.
Garwood, Production Credit Commissioner of the Farm
The increased loan volume indicates that some of the most
substantial
repay¬
$
Railroads (including receivers).
of
$162,500,000.
a
pur¬
Securities
Disbursements
were
farmers
of
Feb. 2, 1932, to Aug. 31, 1937:
_.
on
par
value
$14,835,622
maturity.
Building and loan associations (lncl. receivers).
Credit
par
(including securities
listed as follows disbursements
all purposes from
Banks and trust companies (incl. receivers)
any
Outstanding
or
397
securities having
having
Mortgage loan companies.
Regional Agricultural Credit corporations
Loans by Production Credit Associations
of
position to deliver from time to time.
a
report
ments for
other land.
Sept. 1
authorized,
has
$20,868,423
canceled1 and $4,643,021
value of $59,593,100 sold to issuers prior to maturity at
par
a
Of
the
single unit, with work
stock, farm machinery, and labor substantially separate from that for
has
Corporation
from the Federal Emergency Administra¬
Loans under Section 5;
as
dis¬
to the Recon¬
added
was
1934,
19,
blocks1(1,670 issues)
2,460
$501,371,121.
from
The
farm within the continental United States is
a
$10,-
was
repaid.
•
the purpose of the Act
defined
by
program;
$5,701,835
date, such part of securities having an aggregate par value of $99,388,400
as
Payments
will be made to growers who meet this and other requirements under the
Act,
canceled ;
or
purchases of participations
to,
termination,
upon
$16,422,275, have been
aggregating
having par value of $86,843,190 are still held.
has
Since the 1937 crop year is nearly completed in sugar beet and
sugarcane
of
premium
fertility
with¬
industry aggregating $146,759,834 ; $43,549,086
withdrawn or canceled and $18,918,609 remains avail¬
$8,541,714 of which
$399,692,309
payments to growers that in connection with their production of sugar beets
was
borrowers;
to
Corporation has purchased
value
Section 301 (e) of the new Sugar Act provides as one of the conditions of
been
Corporation
loans
borrowers.
of Public
tion
Conservation
the
available.
remains
qualified for at least half the maximum payment
beet and cane provisions of the 1937 Agricultural
and sugarcane they carry out practices to preserve and improve soil
and prevent erosion.
The Act directs the Secretary of
agreed
businesses,
carried out which
were
2,078
the
to
available to
Recovery Administration
withdrawn
was
provisions of
Finance
this amount
of
$17,857,206
which
of
remains
sixty-three loans,
$2,992,895 has
and
struction
con¬
and
this amount
authorized
1937, the Agricultural Adjustment Ad¬
on Sept. 20.
It said:
drainage, levee and irriga¬
disbursed.
was
Under the
ministration announced
$136,529,879,
$42,436,529
borrowers;
the
has been repaid.
617
refinance
through mortgage loan companies to assist business and industry
of
bursed,
1937 Agricultural
and
available to
remains
$866,797,339
to
cooperation with the National
720,440
Conservation Program will be the basis of payments with
respect to the 1937 crop of sugar beets and sugarcane under
aggregating
hundred
authorized
$58,758,352
been authorized
canceled
or
$76,236,144
last
Meuse-Argonne.
and
disbursed and
was
have
districts
tion
that your
sure
patriotic fervor
same
Chateau-Thierry and
at
enemy
the
in
you
as
strongly and
Sept. 25, 1937
withdrawn
or
$952,471,495
-•
young
as
as
celed
swing along to the inspiring airs of those
you
war-time days.
stopped
you
in spirit and shall join
you
avenue
Chronicle
to
3,300,000.00
and Irriga¬
76,236,143.90
1,197,964.56
22,435,086.70
.....
.
22,300,000.00
273,478,362.33
55,102,772.28
public school authorities for payment
assisting in building up the cooperative Production Credit system.
In view of general agricultural conditions,
liquidation of these loans this
fall will be heavier than usual.
This means that farmers will further
Loans to aid in financing self-liquidating construc¬
tion projects
improve their financial condition by reducing their indebtedness.
Loans for repair and reconstruction of property
Many
of teachers' salaries.........
damaged
farmers already attribute much financial
progress to the systematized fi¬
nancing obtained through their local production credit associations.
by
earthquake,
fire,
tornado,
flood
and other catastrophes
11,847,055.32
3,114,433.60
20,224,586.66
20,177,690.67
I4)an8 to aid in financing the sale of agricultural
♦
surpluses in foreign markets
Loans to industrial and commercial businesses...
Southern Farm Leaders
to Discuss 1938 Farm
Program
Meeting in Memphis Oct. 1, AAA Announces
The Agricultural Adjustment Administration announced
Sept. 16 that a general meeting of State AAA committeemen
at
91,975,826.84
Loans to mining businesses...................
2,826,500.00
12,451,232.35
Loans
on assets of
closed banks
............
19,142,450.74
757,694.21
'
11,252,971.01
Loans to finance the carrying and orderly market¬
ing of agricultural commodities and livestock:
662,471,326.03
Commodity Credit Corporation
Other
19,354,491.78
-
and farm leaders of the Southern States will be held in Mem¬
Loans to Rural Electrification Administration—
phis, Tenn., Oct. 1 for discussion of the 1938 Agricultural
Conservation Program.
660,595,391.55
18,327,971.11
2,425.46
Purchase
Report of Operations of RFC Feb. 2, 1932, to Aug. 31,
1937—$11,967,910,478 Authorized During Period—
$1,408,671,466 Canceled—Expenditures for Activities
of Corporation Totaled
$6,666 878,121
In
his
monthly report, issued
Chairman
of
the
Sept. 9,
Reconstruction
Jesse
Finance
Total loans,excl.of loans secured by pref.stock.4,921,929,012.66 3,875,774,038.31
of preferred stock, capital notes and
debentures of banks and trust companies (In¬
cluding
stated that authorizations and commitments
of the RFC in
the recovery program to
Loans
Federal
Relief
of
the Federal
Relief
approximately 73%, has been repaid.
or
Farmers.
authorized
304,870.
Of
to
7,505 banks and
this amount
118,827
remains
Of
latter
$464,712,549
available
bursed.
this
Authorizations
and
notes
were
debentures
made
loans
secured
ferred
stock,
panies
of $1,320,543,569
and
capital
$127,581,430
authorizations
Loans
banks
have
have
notes
;
the
and
purchase
banks
were
and
debentures
available
of
authorized
stock,
to
92%,
or
preferred
total
in
6,868
the
stock,
was
banks
the
aggregating
amount
banks
or
$23,-
for
and trust
canceled
when
of
pre¬
purchase of capital stock
held in revolving fund)
$1,296,981,565;
withdrawn
conditions
of
depositors of 2,736 closed
$285,751,717 of this
amount
was
pro¬
40,500,000.00
97,000,000.00
7,000,000.00
for
(incl. $29,500,000
Expenses—Prior to May 27,1933
Since May 26, 1933
—
—
44,500,000.00
3,108,278.64
12,402,152.92
Total allocations to Governmental agencies
899,245,506.11
For relief—To States directly by Corporation
299,984,999.00
To
States
on
certification
of
Federal
Administrator
•
16,904,858.00
Relief
.......
Under Emergency Appropriation Act—1935—
Under Emergency Relief Appropriation Act,
1935
499,999,880.89
500,000,000.00
500,000,000.00
Total for relief.
can¬
1,799,984,879.89
16,904,858.00
Interest on notes Issued for funds for allocations
and relief advances
to
for
com¬
met.
for distribution
45,621,074.55
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations
capital
authorization
10.000,000.00
115,000,000.00
dis¬
repaid.
companies
in
a
fund..
revolving fund to provide capital
duction Credit corporations
$66,-
was
been
has
2,600,000.00
55,000,000.00
Stock—Commodity Credit Corporation
Chairman
canceled,
or
121,514,000.00
145,000,000.00
-
.
$4,780,-
$1,994,473,494
trust
$110,853,286 of thfe
remains
been
$1,828,729,763,
preferred
been authorized
aggregating
by
and
.........
To create mutual mortgage Insurance
For other purposes
companies aggregate $2,525,withdrawn
was
borrowers,
for
1,121
and
be
the
6,783
322,755
to
to
amount
of
$1,297,220,814
trust
200,000,000.00
Sec. of Agricul. for crop loans to farmers (net).
Governor of the Farm Credit Administration for
Jones continued:
Loans
415,622,065.01
6,565,878,120.90 4,780,968,725.56
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:
under provisions of the
Emergency
1935, and $500,000,000 under the pro¬
visions of the Emergency Relief
Appropriation Act, 1935.
Of the total disbursements,
$6,565,878,121 was expended for
activities of the Corporation other than advances to
gov¬
968,726,
502,465,255.01
Public
of
for loans to:
Emergency
sum
Administration
Secretary of the Treasury to purchase:
Capital stock Home Owners' Loan Corp
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
Act,
agencies and for relief, and of this
Emergency
6,568,699.23
489,572,622.24
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Administrator
ernmental
34,375,000.00
1,141,483,853.23
Total
Administrator, $500,000,000 to the Federal Emergency
Appropriation
483,003,923.01
preferred stock of insurance
(Including $100,000 disbursed for
by
Works security transactions......-.--------
disbursements, Mr. Jones said, include $299,984,999 ad¬
vanced directly to States
by the Corporation, $499,999,881
States upon certification
$6,722,-
and
Total
available to the borrowers and to banks in the
purchase of
preferred stock, capital notes and debentures.
The relief
the
disbursed
the purchase of preferred stock).............
of
to
secured
comna'MPs
Aug. 31, including disbursements
$899,245,506 to other governmental agencies and $1,799,984,880 for relief, have been $11,967,910,478.
Of this sum,
$1,468,571,466 has been canceled and $1,069,082,641 remains
$18,148,730
712.06 repaid on loans secured by pref. stock)..1,082,108,853.23
Purchase of stock of the RFC Mortgage Co
25,000,000.00
H.
Jones,
Corporation,
5,950,000.00
Grand total
....
23,195,857.06
.9,288,304,363.96 4,797,873,583.56
Volume
Financial
145
The loans authorized and authorizations canceled or with-
together
railroad,
in
dis-
amount
the
with
bursed to and repaid by each are shown
table (as of Aug. 31, 1937), contained in
each
for
drawn
the
following
the report:
Authorizations
Canceled
Alton RR. Co
Co. (receivers)..
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co. (note) 82,125,000
Boston & Maine RR
program
12,150,477
41,300
434,757
250,000
230,028
140,000
464,298
140.000
464,298
28,000
5,916,500
5,916,500
155,632
4,338,000
16,838
3,124,319
Central of Georgia Ry. Co
~3~5~702
500,000
Central RR. Co. of N. J
Co
Chicago <fe Eastern 111. RR. Co...
Chicago R. I. & Pac. Ry. Co
Cincinnati Union Terminal Co...
Colorado & Southern Ry. Co
Columbus <fc Greenville Co
Copper Range RR. Co
Denver & Rio Grande W.RR.Co.
Denver & Salt Lake West .RR.Co.
Erie RR. COi...
Eureka-Nevada Ry. Co
Fla. E. Coast Ry. Co.
(receivers)
(receivers)
Ft. Worth & Den. City Ry. Co..
Fredericksburg A North. Ry. Co.
Galnsvllle Midland Ry.(receivers)
Ft. Smith <fc W. Ry .Co.
500,000
71,300
382,000
627*075
2,098,925
53,600
60,000
53*500
8,081,000
3,182,150
500*666
1,150,000
13,718,700
10,398,925
28.978.900
60,000
53,500
8,300,000
3,182,150
16.582,000
3,000
717,075
227,434
8,176,000
8,300,000
1,481,000
53~506
1,000
Chicago Great Western RR. Co..
1,439,000
Chic. Mllw. St. P. & Pac. RR.Co. 15,840,000
46.588,133
1,439.000
15.340,000
1,150,000
13,718,700
8,300.000
28,925,300
16.582,000
Chicago & North Western RR. Co 46,589,133
Chic. No. Shore & Mllw. RR. Co
66,501
320,005
219T660
3,000
90,000
213,538
1,061,000
354,721
105,422,400
Greene County RR. Co
13,915
Gulf. Mobile A Northern RR.Co.
520,000
1,061,000
354,721
6,000,000
13,915
520,000
35,290,000
8,500,000
800,000
2,550,000
99,422,400
22,667
1,000,000
35,312,667
Illinois Central RR. Co
9,500,000
800,000
Lehigh Valley RR. Co
Litchfield A Madison Ry. Co
2,550.000
200,000
....
Maryland A Penna. RR. Co
3,000
197,000
744,252
985,000
6,843,082
100,000
2,300,000
23,134,800
99,200
785,000
1,070,599
25,000
27,499.000
18,200,000
7,699,779
28,900,000
3,000,000
17,000
4,475,207
300,000
7,995,175
18,672,250
200,000
162,600
22,000,000
1,729,252
8,843,082
100,000
Co.
2,300,000
23,134,800
(trustee)
Minn. St. P. A SS.Marle Ry. Co.
Mlssourl-Kansas-Texaa RR.
Missouri Pacific RR. Co
99,200
785,000
1,070,599
Murfreesboro-NashvllleRy. Co..
25,000
New York Central RR. Co
27,499,000
Missouri Southern RR. Co
Mobile A Ohio RR. Co
Mobile A Ohio RR. Co. (receivers)
N. Y. Chic. A St. L. RR. Co
18,200,000
N. Y.N. H. A Hartford RR.Co.
7,700,000
29,500,000
Pennsylvania RR. Co
Pere Marquette Ry.
991
600,000
3,000,000
17,000
4,475,207
300,000
7,995,175
Co
Pioneer A Fayette RR
Pittsburgh A W. Va. RR. Co
Puget Sound A Cascade Ry. Co..
St. Louis-San Fran. Ry. Co
117,750
18,790,000
200,000
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. (receivers)
162,600
Sand Springs Ry. Co
520,000
8.500,000
800,000
2,550,000
50,000
Texas Southern-Eastern RR. Co.
""*266
785,000
570,599
Western Pacific RR. Co
Wichita Falls A Southern RR.Co.
750,000
300,000
2,805,175
18.672,250
162*666
147,700
70*0*666
700* 000
30,000
30,000
39,000
4,366,000
400,000
1.403,000
100,000
In
22,525
22,525
addition to the above loans
specified conditions.
the
in
490,000 at a discount of 1 %, equivalent to $134,900.
Development" from Previous
Secretary Wallace—Provides for
Soil Conserving Crops and Goals for
"Progressive
sents
Says
Programs,
Increase
Soil
in
establishes
State,
national,
county
and farm
goals
for soil-building crops and prac¬
soil fertility and
stabilize agricultural production was announced on Sept. 20
by Secretary of Agriculture Henry A. Wallace.
"The new
program," Secretary Wallace said, "represents a progressive
development from the previous programs formulated under
the Soil Conservation and Domestic Allotment Act."
He
tices
as
part of the effort
a
to restore
follows
to
the
for
broad
1938.
already established
outlines
These
include
an
increase
and
sets
up
definite
in soil-conserving crops
soil-building practices to further the primary aim of soil improvement.
Goals
for
assure
Four
soil-depleting
an
were
crops
ample and balanced suppy
years
ago
agriculture's
conservation measure and
of food, feed and fiber crops.
fixed
as
a
immediate problem was one of adjusting
surpluses which had accumulated during the depression.
As the emergency
the task of working out a long-time and per¬
manent
farm program.
Such a program must of necessity include soil
conservation and a balanced production of food and feed supplies at prices
lessened, the
fair
farmers began
to consumers and
The
control
agricultural
program,
conditions
burdensome
grass
over
conservation program, however, is not a production
l^n the absence of other legislation, normal weather
several seasons
surpluses.
But
agriculture has
will result in the accumulation of
fact does not preclude the use of the
again
this
conservation and help maintain economic gains
made since 1932.
the Great Plains area encourage
been plowed.
to
of land which should not have
in
for
1936
announced,
appropriation for next year's program has not
therefore, is dependent upon the action of
AAA, also commented
His remarks were reported
Tolley, Administrator of the
R.
Sept. 20.
follows by the AAA:
the
As
the
been made. The
Congress, although
Congress authorized an annual appropriation for carrying out a
under the Soil Conservation and Domestic Allotment Act.
program
H.
organization
regional
the case when the 1937 national program was
was
program,
new
program on
the purpose of establishing goals
Wallace has indicated,
Secretary
definite objectives for 1938.
Also, the goals should
increase
the program's
efficiency by more directly encouraging better
balanced farming.
Assignment of individual goals should give each farmer
a better
concept of his part in the national conservation effort.
Farmers
will
increase
their soil-conserving acreage and soil-building
is
to
provide
more
have in the past and decrease their acreage in soilactual operation, the 1938 program should prove
simpler and more effective than the two programs which preceded it.
For example, a farmer, when goals for his farm have been established,
will know just what he is supposed to do to comply with the plan and
practices
they
as
depleting
In
crops.
much he will receive for that compliance.
Only one type of
be made and full payment will be made only if the soildepleting acreage does not exceed the goal and if there is a sufficient
how
just
of
soil-conserving crops and the required soil-building
soil-building goal.
Payments will be decreased
in
acreage
the
meet
failure
to
manner.
account:
•">
•
for
payment
goal; the shift in acreage
each
cases
all commodities were determined in a uniform
In arriving at the rates the following factors were taken into
The number of acres in each goal; the farm value of the crops
of
Rates
in
in
from the announcement of
also taken
is
following
The
practices
the goals.
reach
tlie AAA:
from the 10-year average necessary to
which these shifts represent based on
goal, and the farm value
10-year average values.
This means that one-half
the payment is based upon the
conservation
and one-half on the sacrifice involved.
The 1938 goal for all soil-depleting crops is between 275,000,000 and
290,000,000 acres.
This compares with the 1928-37 average of 305,000,000
by reaching the goals
attained
acres.
crops
in
includes
goal
soil-building
normal acreage in
the
soil-conserving
the shifts in soil-depleting crops,
terracing, the restoration of land
grasses, and the seeding of legumes and perennial grasses.
for
soil-depleting crops in comparison with 1928-37 average
and the increases resulting from
practices such as liming,
addition to
to native
GoaLs
follow:
acreages
ACREAGE
Corn
-
-
Cotton
-
_______
_
102,468.000
36,858,000
900,000
924,000
—
.
394,000
Burley
Fire-cured and dark-air cured
231,000
98,000
Cigar filler and binder
Peanuts
Potatoes
1,544,000
3,346,000
-
-
__
157,480,000
All soil-depleting
*
305,000,000
*
Sugar beets and sugar cane
The AAA
total
The
corn,
goal
potatoes,
and individual
Within
State
92,000,000- 96,000,000
29,000,000- 31,000,000
825,000875,000
840,000880,000
480,000500,000
170,000180,000
85,00090,000
1,500,0001,600,000
3,100,0003,300,000
145,000,000-155,000,000
275,000,000-290,000,000
included.
outlined the program as follows:
soil-depleting
and
1938 Goal
1928-37
Crop
crop
growers.
present program to further
which
applicable
provisions
Tobacco—Flue-cured
objectives
and
the farm.
on
Rice
added:
It
•
will be divided between landlord and
proportion that they share in the principal crop, or all crops
and provisions for local administration by county
The
agricultural conservation program,
for soil-depleting crops and
classifications will follow those for the
will
actual
1938
Depleting Crops
The outline of the 1938
which
Program Announced—Repre¬
Conservation
crop
payments
regions
AAA
The
reach each
AAA
_
agricultural conservation programs.
Specific
(8) As
the
outstanding, amounting to $69,-
959,923, are evidenced by collateral notes of the railroad In the total face amount of
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 4>$% secured note, due Aug. 1, 1939, In the amount of $13,-
1938
included in the total soilgeneral soil-depleting
administration of the
and State com¬
correspond to those for 1937.
Administrative expenses of all
county agricultural conservation associations as in 1937 will be deducted
from payments to farmers in their respective counties.
authorized, the Corporation has approved,
principle, loans in the amount of $37,740,985 upon the performance of
Note—Loans to the Baltimore A Ohio RR. Co.
all
practices
(7)
to
in
crops
payment will
643,697,795 106,393,556 532,126.239 180,271,228
Totals
In
mittees
as
3.000.000
10,500
39,000
15,731,583
Wrlghtsrllle A Tennllle RR
1937
program
28,900.000
5,147,700
6,000
the 1938
general,
In
the restoration to
on
108,740
15,731,583
Other
■;
and
(6)
18.200.000
34,200
4,366,000
400,000
...
Wabash Ry. Co. (receivers)
or
calculated for each farm.
Payment
will be made for keeping within soil-depleting crop goals and for attaining
soil-building goals, including the carrying out of practices.
If the soildepleting crop goal is exceeded, or there is failure to reach the soilbuilding goal, the payment will be less than the maximum payment.
27,4*9*9",000
22,525
Tuckerton RR. Co
acres
goals will be classified together in the
crop
goal.
(3) A maximum payment will be
62,500
100,000
5,147,700
108,740
700,000
30,000
45,000
established they will apply only in desigproducers
are
less.
three
depleting
656,068
2,300,000
100,000
Texas A Pacific Ry. Co
goals
100,000
100,000
Texas Okla. A Eastern RR. Co..
If potato
corn;
Goals will not be established for potato
and
22,000,000
2,257,460
Sumpter Valley Ry.Co
Tennessee Central Ry. Co
of
noted commercial areas,
tenant
19,610,000
1,200,000
23.20C.000
...
Southern Ry. Co
belt.
corn
6,000,000
13,915
19,610,000
Southern Pacific Co
into
Cotton;
crops:
(4)
Meridian A Blgbee River Ry. Co.
Mississippi Export RR. Co
subdivided
(5)
Galv. Houston A Hend. RR. Co.
Great Northern Ry. Co
for soil-depleting crops and a
and practices.
The national goal
State, county and individual farm goals.
goal
national
individual soil-depleting crops goals for the fol¬
flue-cured, Burley, fire-cured and dark aircured, and cigar filler and binder tobaccos; peanuts, and rice.
A soildepleting crop goal for potatoes will be established if two-thirds of the
producers so vote in a referendum to be held before Oct. 2.
Corn goals
for individual farms will be established only in designated areas in the
1936
Georgia Fla. RR. Co. (receivers).
of
objective for soil-building crops
lowing
78,000
Gainesville Midland RR. Co
follows:
Establishment
be
crop
15,000
10,539
10,539
(1)
national
will
points in the new
The AAA t nnounced the salient
as
growing
227,434
8.176.000
15,000
was
program
(2) Establishment
535*. 800
3,124,319
Carlton & Coast RR. Co
Maine Central RR. Co
the plan.
605*367
53,960
13,200
53,960
549,000
Buflalo Union-Carolina RR
Charles City Western Ry.
127,000
400,000
82,110.400
41,300
7,569,437
14,600
41,300
7,569.437
Birmingham & Po'eastern RR.Co.
$
%
drafted with the assistance of
from every State, said
an announcement issued by the Agricultural Adjustment Ad¬
ministration.
Meetings were held in the field and in Wash¬
ington before the principal provisions of the plan were
adopted.
Flexibility to allow the adaptation of details to
the needs of the various regions and States is included in
1938
The
farmers and farmer representatives
127,000
275,000
2,500 000
634,757
127,000
275,000
2,500.000
634,757
Aberdeen <fc Rockflsh RR. Co.__
Ala. Tenn. & Northern RR. Corp.
Repaid
Disbursed
J
$
Ann Arbor RR.
or
Withdrawn
Authorized
2003
Chronicle
crop
goal,
including the general soil-depleting
the special soil-depleting crop goals for cotton, tobacco,
peanuts and rice will be divided between State, county
farms.
each State, county goals will
be established by the AAA and the
Agricultural Conservation Committee.
County
county
goals for cotton, tobacco and
where such crops are grown.
rice will be established for each
2004
County
for
Financial
for
goals
those
counties
potatoes and
corn,
which
in
are
the principal
be
shall
peanuts
established!
commercial
when
and
relationship between
soil
counts in
average
in
of certain
acreages
acreages
which
crops
in the counties,
grown
the
acreage,
recommendations
planning committees
with
respect
of
the
to
offices
needed to promote
are
conservation.
In
each
establish
such
age
the
each
agricultural
total
a
system,
of food and
conservation
soil-depleting
applicable
crop
goal
crop
the
to
committee
and
farm.
acre¬
topography, production facilities, the
customarily
acreage
grown
the
on
farm,
for
establishing
and
crop
acreages
conservation,
conserving
the
the
limestone
improvement
the
wind and water erosion.
needs
and by the
crops
of
each
soil-depleting
soil-building
payment
State
the
payment
crop
producer
for
know
each
the
program
economic
set
he
goal
and
(1)
the
conditions
do
must
of
out
calculated
In 1938,
soil-depleting
for
full
of
his
however,
from
goal
the standpoint
20
achieving
the
within
soil-building
This
soil-depleting
The
payment
per
adjusted for the productivity of the farm, for each
acre,
in
per acre of corn for each
Two cents per pound of the farm's normal yield per acre of cotton for each
goal.
The following number of cents per pound of the farm's normal yield per
acre in the cotton
(4)
of
acre
tobacco for each
in
acre
tobacco
the
goal:
A
Burley,
of rice for each
(6)
Mr.
acre in
a cent per
land
that
were
pound of the farm's normal yield per acre of peanuts
county
been
committee
cropped once since
as
unadapted
1933 and has
cropping.
to
Such
been designated
is
land
to
be
Jan.
on
1,
(10)
the
farm
in
1936
and
1937
and
commercial
of
orchards
on
the
to
States 30c.
of
of
acres
cropland
maintaining
for
each
The
during
five
of
sum
of
any
the
farm's total
the
soil-building goals
if
gold
in
land
one-half
pasture
at
capable
animal
one
which
are
apply
to
a
will
be
of
in
the
Great
Treasury's
at¬
left that if any decisions
was
been
have
other
Check
on
Gold
Flow
indications
that
one
which
of the
began
central
themes
at
Monday Sept. 21
on
would serve to check the flow of
Legislation for effective taxation
problem of
"hot
money"
Mr.
generally,
that it had been under study for many months
by
Securities and Exchange
of capital
Morgenthau
a
committee
Commission and
his earlier reply that the present situation was not acute.
when the Treasury released
be
area
and water
wind
prevent
Plains
the
Sept. 25 and would
eign countries and to sterilize it in the inactive fund, but he reiterated
through the
On Sept.
13,
$300,000,000 from its incative fund in following
policy of the Federal Reserve System, the sterilized
easy money
gold fund dropped to $1,109,000,000.
In the following eight days through
Sept. 21 the inactive fund increased by about $39,000,000 to $1,148,000,000.
if the soil-building goal is only
made
to
as
so
or
McGill.
He agreed that the Treasury was continuing to receive gold from for¬
Only partial payments will be made
exceeded
Secretary
himself.
unit
shall
farm
press
would be included in the Treasury's program for tax
System, the Chairman of the
productivity,
of the number
be
must
least
Great
a
including the Chairman of the Board of Governors of the Federal Reserve
if both the soil-depleting crop goal and
1938,
handled
not
of
season
payments
Deductions
is
Such
pasture
fully met.
goals
crop
partially achieved.
cultivated
those
are
by regions for
excess
At
WThile the Secretary gave no details concerning
the United States.
to
recalled
pasture land
payment for
soil-depleting
land in
farm.
normal
such
adjusted
acre,
the
on
the
of
acres
per
pasture
open
Under
might be made, the inference
Concerning the
all other
States,
discussions.
lative purposes in the securities markets would be one angle of approach.
1938.
fenced non-crop
United
invested here by non-resident aliens and money sent from abroad for specu¬
farm
In the Western and North Central Regions and in Oklahoma and Texas,
In
that
is the devising of some program
three cents per acre of non-crop open pasture land plus 75 cents for each animal
unit of grazing capacity on a 12-month basis of such pasture.
for
United
the
the
the conferences with the British officialswhich
Two dollars per acre of the average annual acreage of commercial vegetables
grown
said
For
by the
returned
between
entered
would return to Washington on Saturday
reached they
f There
permanent grass cover.
(9)
the
legislation in the next session of Congress.
the peanut goal.
has
Morgenthau
tend the tax discussions.
(7) Seventy cents per acre on either the soil-conserving acreage, or one-fourth
of the total soil-depleting crop goal established for the farm, whichever is
greater.
(8) Fifty cents per acre of restoration land designated for the farm (this pro¬
vision applies only in certain areas of the Great Plains States).
Restoration land
is
France
what proposals
in the rice goal.
acre
Two-tenths of
believed
agreement
and
tax expert,
cent;
flue-cured,
1.0 cent; fire-cured and dark air-cured, 1.7 cents; cigar filler and binder, 0.8 cent.
(5) Twelfth hundredths of a cent per pound of the farm's normal yield per acre
for each
between
Sept. 23, Secretary Morgenthau indicated that
Treasury will today (Sept. 25)
discuss with Sir Frederick the possibility of reciprocal tax
agreements as a means to bring about international control
of "hot money," or the flow of millions of dollars of invest¬
ment funds from one country to another.
A week ago, as noted in our issue of Sept. 18. page 1827,
Secretary Morgenthau explained that he had invited Sir
Frederick to come to this country for a series of informal talks.
The following bearing on Secretary Morgenthau's press con¬
ference of Sept. 23 is from the New York "Times" of Sept. 24:
be
acre
relations
The conferences began on Sept.
that the operation of the tripartite
he and other officials of the
crop
will
economic
conference
consequence
of soil conservation
farm's
a
goal.
is
it
Britain
of Payment
for staying
and
monetary
Each
cooperation.
complete
and
States and Great Britain.
and
payment.
financial
on
the
beginning
crop
degree of compliance and in
the general soil-depleting crop goal.
(2) Ten cents per bushel of the farm's normal yield
acre in the corn goal.
(3)
carrying
follows:
as
$1.50
the
producer
a
Be Discussed
to
Secretary of the Treasury Henry Morgenthau Jr. and Sir
Frederick Phillips, Under Secretary of the British Ex¬
chequer, met during the past week in a series of conferences
land.
will be made
for
calculated
of
as
Methods
Payments
by maintaining
producer will be calculated at the
effective
the
plan
issue of
our
Secretary Morgenthau Confers with Sir Frederick
Phillips, Under Secretary of British Exchequer—
Reciprocal Tax Agreements to Curb "Hot Money"
on
needed
are
by applying these separate rates to
year
greater
a
more
of
use
this
for
practice performed.
be
what
soil-
acreages
established for diversion
were
and
crops
attainment
will
change should result in
make
crop
each
the
for
noted in
of other soil-building practices adapted
Under
the
to
and
year
will
information.
A week ago the Board
requirement from 4 cents to 8 cents, as
Sept. 18, page 1823.
had increased the
county.
or
practice.
end of
soil-building goal
and
the
These goals can be met
use
soil-conserving
to
diverted and
acre
the
the
at
maximum
of
and
pastures
Under the previous program separate rates
from
each
each
fertilizer required
and
of
terracing, contour listing, and other mechanical practices
soil-conserving
to
application of
and
crops
to prevent
same
for each additional 250,000 bushels.
feed
crops needed for home consumption.
County committees \yill establish soil-building goals for individual farms,
taking into consideration the minimum requirements specified under the
program, the acreage of new seedings required in 1938 to promote soil
which
ordered to furnish the
Administration, it is explained, is seeking the data in
an effort to determine whether there has been
any manipula¬
tion in Sept. corn as has been recently charged.
On Sept. 22 the Chicago Board of Trade again raised the
margins required on transactions in Sept. corn from 8 cents
to 12 cents for the first 250,000 bushels and
Y^ cent more
will
goal
any
In
the county committee will consider the tillable
farm, the type of soil,
a
on
county
farm
soil-depleting
individual goals,
rotation
also
were
The
county
for
individual
an
on
trends
to
necessary
county agricultural
Sept. 25, 1937
Washington, to furnish a statement showing all open ac¬
Chicago 1937 September commodity futures as of
the close of business Sept. 20, with the name,
address,
amounts, price and the date on which the contracts were
made.
Correspondents of the Exchange, firms and branch
areas
-
County goals will be based
adjusted
district
only
producing
designated by the AAA.
Chronicle
"Hot"
if
been
erosion
as
money,
sent
applied to the present situation, is that which has
United
the
to
because of unsettled
for
States
conditions
1938.
investment
and
speculation,
abroad, and which might
partly
be withdrawn
suddenly in quantity sufficient to create unsettled monetary conditions.
Soil-Building Crops and Practices
The
of
farm's
a
use
specific,
in
and
crops
practices
be
to
counted
toward
attainment
the
United States Accepts Invitation of
League of Nations
Represented at Meeting of Far Eastern
Advisory Committee—Will Consider Definite Pro¬
posals with Respect to Sino-Japanese Conflict
But
Will
Take
no
Stand
on
Hypothetical In¬
quires—Leland Harrison Named as Representative
soil-building goal correspond in general to those approved for
the
1937
soil-conserving
State
program.
and
crops
will
committees
practices
that
will
later
apply
the
select
their
to
list
particular
States.
Range and Naval Stores
The
in
range
1938.
will
grams,
developed during 1936 and 1937, will be continued
program,
The
naval
be
a
stores
similar
program,
the
of
part
1938
1936
the
to
conservation
and 1937
pro¬
The United States made known
program.
administration
and1
States
servation
cultural
Grant
counties,
of
the
1937,
in
as
agricultural
will
sented at
conservation
be through
State Agricultural
the
mittee at Geneva held incident to the Chinese Government's
Con¬
in
program
appeal to the League that sanctions be applied against
Japan.
The request by the League that the United States
join the Advisory Committee was referred to in our Sept. 18
issue, page 1819.
On Sept. 20, it was also announced by
the State Department at Washington that Leland Harrison,
Minister to Switzerland, had been designated as the American
representative.
In United Press advices from Washington,
Sept. 20, it was stated:
Committees, county and community committees, the County Agri¬
Conservation
Association,
and the Extension
Service
of
the
Land
Colleges.
The
division of the United States for AAA administrative pur¬
regional
is continued without change.
poses
The
Southern
Alabama,
Virginia,
The
Region is compased
Mississippi,
The East
Central
West
Connecticut,
South
Carolina,
Texas
and
Florida,
Georgia,
Oklahoma.
Region comprises Tennessee, Kentucky, North Carolina,
Virginia,
Northeast
of
Louisiana, Arkansas,
Region
Maryland
includes
Massachusetts,
Maine,
and
Delaware.
Pennsylvania,
Vermont,
The Advisory Committee has been convened to consider China's
New
New
Jersey,
Hampshire
for invocation of the League covenant because of Japan's alleged aggression.
The Chinese appeal
Rhode
V.
North
Central
Region
is
made
up
Illinois, Wisconsin, Iowa, Missouri, Nebraska,
The Western Division includes North
Montana,
and
New
Mexico,
Arizona,
Wellington
Committee
South Dakota and Minnesota.
tomorrow.-
Ohio,
Michigan,
Utah,
Nevada,
Idaho,
Oregon
is
was
Koo,
.
Investigate Charges of Manipulation in Septemper Corn—-Members of Chicago Board of Trade
Asked to Report on Deals—Margin Requirements
Again Raised by Chicago Market
on
to
requested
Sept. 21 by the Commodity Exchange Administration, in
of
23
It
nations.
is
The Advisory
expected
were
to
meet
.
limited and that this Government would not take upon itself the responsi¬
status of the American
Members of the Chicago Board of Trade
France.
Chinese Ambassador to
composed
.
bilities of full membership in the Committee or in the League.
Washington.
CEA
filed with the League Council last week by Dr.
Mr. Harrison cautioned the League that American participation would be
Dakota, Kansas, Colorado, Wyoming,
California,
K.
Indiana,
of
appeal
New York,
and
Island.
The
on Sept. 20 the acceptance
League of Nations that it be repre¬
the meeting of the Far Eastern Advisory Com¬
of the invitation of the
Administration
The
Be
to
of
The actual
representative in the Committee is that of
a non¬
voting participant in the Committee's discussions.
The
of
text
Sept. 20,
as
the
given in
State
a
Department's announcement on
Washington dispatch,to the New York
"Times" follows:
The American Minister to Switzerland, Leland Harrison,
the
today addressed
following communication to the Secretary General of the League of
Nations:
.
.
.
—
:
■
-
-
•
:
:
■
-
.
I
.
•
'
■
Volume
"I
Financial
145
by my Government to inform you that I have been
instructed
am
authorized to attend the meeting of the Advisory
for
Tuesday, Sept. 21, in the
capacity and for the same purposes as
same
those in and for which Hugh Wilson previously
dicated in
March
communication from Mr. Wilson to
a
13,
attended, which were in¬
Sir Eric Drummond dated
1933.
American
"The
Committee summoned
Government recalls that
created subsequent to and on the basis
of
Committee was
the Advisory
major decision in the field of
a
policy arrived at by the Assembly in regard to a matter referred by the
In the understanding of the American Govern¬
Council to the Assembly.
the Advisory Committee
ment,
was
created to aid the members of the
League in concerning their attitude among themselves and with non-member
States for the carrying out
At
functions
the Committee to perform, it is impossible for
say to what extent it will be able to effectively
of
policy recommended by the League.
a
present, until the American Government is informed regarding the
which the League will expect
the American Government to
to
order
American
there may
that
be no misunderstanding with regard to the
Government's position and
no
confusion or delay flowing from
uncertainty, the American Government feels constrained to observe
cannot take upon
possible courses of action by and through normal League
The American Government, believing thoroughly in the
procedure.
principle of collab¬
peaceful solutions
international conflicts, will be prepared to give careful consideration to
oration among States of the world seeking to bring about
definite proposals which the
be
every
League
address to it, but will not, however,
may
prepared to state its position in regard to policies or plans submitted to
it in terms of
"definitely on the way "rules governing pegging, fixing
and stabilizing.
Confidence that the Lea, Barkley and
Chandler bills will be passed at the next session of Congress
was expressed by Mr. Douglas, who said:
The Commission faces a period of expansion.
As the constitutional^
as
The
I
stenographic record of Mr.Douglas' conference as given
hestiated
seemed to
me
*
I thought this might
League of Nations committee, endowed with broad powers and en¬
joying the cooperation of the United States, met today to weigh Chinese
may
be ended.
delegated under Article III of the League covenant,
The committee is
"affecting the
peace
of the world."
expected first to concentrate
on
Japan's warning that
tions and their nationals withdraw from the
lega¬
city.
League officials remarked that this is a most grave incident, since Japan
had not formally
declared
war
against China.
.
represented
today by Leland Harrison, Minister to Switzerland.
the
present
discussion.
.
during the Peace
.
Dr. V. K. Wellington Koo, the Chinese delegate, made an urgent appeal
to
the
committee
bardment
to
take
measures
to
stop
"illegal, inhuman"
air bom¬
of Nanking.
Fro in Geneva
role
of the
of
What kind
toward
"bird"
a
What is my own attitude
The third is:
I?
problems that we have before us and that
of the Commission
Role
We have certain judicial functions
functions we are acting in an
trying to give justice to all parties con;
SEC.
In the performance of those
perform.
objective, disinterested manner,
cerned.
As respects
the administrative phase of the
the administrative policy,
Commission's action, we are
and we should be, and I think we will continue
investors' advocate." We have got brokers'
advocates; we have got investment banker
That isn't foisting my
own
economic and social theories and ideas into the picture.
You find
that within the framework of the three statutes that we presently ad¬
minister.
That is the one fundamental, underlying philosophy of those
be, what I might call "the
advocates; we have got exchange
and
we
the investors' advocates.
are
three statutes—protection
of the investor.
of those statutes fairly and justly, directly
indirectly, so that people will
than
rather
I think that in the enforcement
stand.
know at all times where we
of those statutes it is important to
accomplish by indirection what Congress never
including the United States, to try to settle the Sino-Japanese
empowered us to ac¬
complish.
But within the
framework of those statutes and
and with the exercise of the powers
are
toward the objectives
that are vested in us by those statutes
advocate, and I think I would like to say
the investors'
record that all of the Commissioners are
Sept. 21 United Press advices stated:
of the law, that this is a
and that we should not employ the statutes
Government of law, not of men,
to
There is not on the Commission,
for the
unanimous in that point of view.
and I do not believe there will be on the
Commission, a man who has as his
clients people other than the investor.
"Disagreement at Times"
Bruce,
Stanley
Prime Minister
former
of Australia
and
chief of the
delegation here, made the suggestion to the Assembly of the
Australian
League.
The Australian proposal
its covenant.
concern
I would like to make and
about?
Now, first, the role of the
conflict.
of
am
number of specific, live
a
have been thinking
we
we
W Australia proposed today that the League of Nations call a conference of
world powers,
of your time.
three observations that
like to clarify, and the first is:
What is the proper
SEC in relation to finance and investment?
The second is:
remember that there is in this country supremacy
Mr. Harrison was a member of the American delegation
Conference of Versailles, and his long diplomatic experience equipped him
for
I am not going to speak in
And I am
specific as possible.
I am going to be as
I believe in the enforcement
its recommendations on the Manchurian affair in 1933 and was
well
good opportunity just to have a frank, direct,
know as clearly as I can state
my own personal slants and point of view as to
should be and will be.
In general, there are
.
The United States cooperated as a member of the committee which made
So
finance doesn't like is uncertainty.
three points I would
advocates,
she will demolish Nanking from the air and her demand that foreign
a
going to take up very much
not
to
The committee was
to deal with any matter
be
what lies ahead and what
charges of aggression by Japan, to consider the possibility of League nations
aiding China and to seek some means by which the Far Eastern conflict
and I know
financial circles and among investors,
specific talk with you gentlemen to let you
to
A
my
open
thing that business and
one
"Times" follows:
mouth for some time for publication, but it
that there was a great deal of confusion around, a great
to
deal of uncertainty in
that
will call for expansion.
Washington dispatch to the New York
a
major
bill and the Chandler bill will call
The investment trust program
for expansion.
in
division, where will we have a
The Lea bill, the Barkley
job to do.
generalities much.
dispatch, it was stated that
Hirosi Saito, the Japanese Ambassador, had been asked by
R. Walton Moore, Acting Secretary of State, to visit the
State Department on Sept. 20 for what he agreed to an¬
nounce
as
a
general conversation concerning the SinoJapanese situation.
As to the meeting of the Far Eastern Advisory Committee
on
Sept. 21, we take the following from Associated Press
accounts from Geneva that day:
"Times" Washington
In the
Company Act, there will be expansion,
issues are resolved on the Holding
Commission policy
hypothetical inquiry."
He reported
swiftly."
"we will move more
the view that
their common decisions with regard to policy
bers of the League will arrive at
of
and
segregation problem" he described what has been done asAa
"prologue," and added that the study of the problem "has
just barely begun."
While he said the Commission has
moved slowly as to the over-the-counter market, he expressed
It assumes that mem¬
members of the League.
prosecution
direct, aggressive
case" of pools and manipulations."
Noting
the Commission has "made a preliminary study of the
that
that it
itself those responsibilities which devolve from the fact
of their membership upon
and
He asserted that "there will be
of any
if that Act is upheld, in the utility
cooperate.
"In
2005
Chronicle
was
that the League act under Article XI of
Article XI prescribes that the League shall regard as a matter
"any war or threat of war, whether immediately affecting any of
the members of the League or not," and "shall take any action that may
be deemed wise and effectual to safeguard the peace of nations."
To be sure, there is
is bound to
current, live economic
you
Elected Chairman of SEC Succeed¬
ministration
sion
as
of
Functions.
"Investors'
Prospectus
Announcement
Commis¬
Describes
Advocate"—Simpler
Form
of
of
the
unanimous
election
of
William
Chairman of the Securities and Exchange Com¬
mission was made by the latter on Sept. 21—Mr. Douglas,
who has been a member of the Commission since January,
1936, succeeds as Chairman James M. Landis, whose resigna¬
tion, to become Dean of Harvard Law School, was noted in
these columns a week ago, page 1829.
Mr. Douglas, in¬
terrupting a vacation at Cape Cod was in Washington on
Sept. 22, at which time in his first press conference he gave
an outline as to "what lies ahead, and what my own personal
slants and point of view as to Commission policy should be
and will be."
With respect to the administrative policy, he
O.Douglas
said "we
as
are
and
we
should be and I think
we
will continue
to be what I
might call "The Investors' Advocate.' "
At
the same time he said "I want to emphasize and point out
that Government can't provide any substitute for investors'
"We are not, cannot
investment counsel" he asserted.
judgment.
be and
we
will not be
made Hy Mr. Douglas to
prospectuses, and he stated that "I think we will announce
very shortly a new,
simpler consolidated form that will
During his talk, reference
was
make it easier for issuers to do
business under the Securities
At the
time, while I am
same
that
out
point
speaking of that, I want to emphasize and
Government can't provide any substitute
for investors'
We can demand full disclosure of the facts; we can insist upon
free of manipulation; we can fight fraud; but we cannot provide
judgment.
a
market
we are
more,
have
never
will.
never
judgment, nor can we save a fool from his
not cannot be and we
folly.
Further¬
will not be, investment counsel.
We
I hope we
fixed market.
guaranteed price levels or individual prices, and
We seek to maintain a free market, not a
"Pretty Conservative Sort"
As
to
the second part,
the old school, perhaps a
from the point
pretty convervative sort of a
school too old to be remembered.
should be conservative standards
I am
the kind of a conservative
and guiding
of finance—no monkey business.
who can't get away from the idea that
simple honesty ought to prevail in
fellow who can't see
fellow from
I think that,
of view of investors, the one safe, controlling
stand
treatment they
To tell you the
"what kind of a bird am I?
truth, I think that I am really a
the financial world.
I am the kind of a
kind of fair
of little partners
why stockholders shouldn't get the same
would get if they were big partners instead
in industry.
with those whose conscience lets them deal them¬
I can't see eye to eye
selves two or
three hands to the investor's one, or perhaps
selves two and even
don't
see
tween finance,
I
completely honest relationship be¬
industry and the investors.
I think that the
standards that should guide Government in
under these statutes are
and in finance adopt
operating
those standards that the best elements in business
for themselves without the intervention of Govern¬
I think that the SEC in
ment.
who deal them¬
three without giving the investor any deal at all.
why it isn't possible to have a
the role of investors' advocate can do a
deal to preserve and revitalize the capitalistic system upon truly
conservative standards, and with that point of view I should think that the
great
best elements in finance,
intelligible to investors."
He declared it
his view that "the Commission must be the pace-setter for
the accounting field, crystalizing the most conservative
Exchanges, would find here
practices of the best elements in the accounting profession."
have
of investors, the general investing public,
In many
before us,
and that will continue to come
powerful groups have wrestled for control, for power or for profit, and in
each of these cases we must stand between as the investors' advocate.
Act and that will make the information contained in those
statements more
disagreement
being sheep rather than in¬
representation unless we take up their cause.
that have come before us,
sound business
Proposed
as
investors' advocate is essential in this society as
Now, this role of the
organized, because the great mass
is often without
ing James M. Landis Resigned-—In Interview Out¬
lines Views as to Course of Commission in Ad¬
and social issues; but if there wasn't
could put down the Commissioners
and there
of five men dealing with hot,
dividual, aggressive men.
cases
William O. Douglas
disagreement in the Commission at times,
be disagreement in any group
the brokers, the underwriters, the issuers,
the
the fullest cooperation.
Stand on
Specific Questions
"as to the more specific questions which
been much talked about in recent months: First, as to the Securities
Now,
as
to the third point,
2006
Act.
Financial
That Act has
its
as
objective,
telligible information for investors,
but I don't think
have gone
we
Take the prospectuses.
as
know, full, accurate and in¬
you
We have gone far toward that objective
far enough.
There
Those who criticize may as well be
spectuses.
These
the Commission
firm ground.
plan to
We intend
within
subject thoroughly, and whenever possible to cut down the
to explore that
Sept.
The
on
move
far
so
respects such vacancies—and I think that there may be
as
who have matured their work in Government and
men
into
on
as
25, 1937
be replaced, and I feel confident it will be the policy of
must
men
other vacancies,
those who criticize the length of pro¬
are
Chronicle
private
there will be
life—that
promotions .from
possible.
Commission
faces
period of expansion.
a
As the Constitutional
length and increase the intelligibility of the prospectuses.
issues
Another step in the direction of intelligibility is a work which we have
been planning on doing for some time respecting the forms.
And I think
if that act is upheld, in the utility division, where we will have a major
will announce very shortly a new, simpler, consolidated form that will
we
make it easier for issuers to do business under the Securities Act and that
will make the information contained in those statements more
intelligible
to investors.
the
in
field,
accounting
counting profession
crystallizing
the
most
That
by conservative standards of finance.
mean
The third point, as to margins: Once and for all I want to
say that I
talk about margins to anybody except the Federal Reserve Board.
That is their problem.
And I never tell anybody about what I tell the Fed¬
we are
as to
and
Manipulations
pools and manipulations: I
j
can assure you
that there wil
be direct, aggressive prosecution of any and every case we can discover.
methods
of detection
techinques have improved.
and
prosecution
We have learned
will continue to improve.
After all, that is
a
a
position to do a real job.
We hear
a
In fact,
will
keep
same
with those.
up
time
I
of men
innocent investors who may
that
new
be touched by these operations but who
are
/:./,/
which there has been
'
lot of comment,
a
That
statutory.
are
policy there.
I want to point out that these
Congress
is,
problems, to the discretion of the Commission.
in that policy, it should
be made by Congress.
how I feel about it, I would like to say
as to
disposition
has
decided
it has certain other
as
If there is to be
But, lest
you have any
doubt
for the record that there is
of the segregation problem.
We have to date made
What
we
have announced
The study of segregation is yet to be made.
What
on
that is
course
prologue.
of action will be
are
What
and it will
vary
It will vary
Exchanges.
among
of action will be taken I do not know, and I think I would be
course
justifiably subject to
if I had my program of segregation before
censure
I had my facts of segregation.
What
course
theories.
And I
of action will be taken depends upon the hard facts, not just
Responsible
that
assure you
Government,
we will
tion
can't
proceed
otherwise.
basis of those facts
will
we
announce
But, definitely, the study of the problem of
program.
has just
think,
vigorously pursue the collection of the facts
about segregation, and on the
policy, our
I
Q.—Where is it
Pleasant
on
are
as
I said earlier, the Commission is the investors' advocate.
certain aspects of stock markets and stock market
that..
upon
Should
Obviously not.
Should
fessional trader
consideration
be
the
diggings in the
Q.—Have
you are
of
brokers?
whatever he
may
be called?
Our first consideration should be the investor.
That is
question?
a
Now,
that,
on
there
are
many,
go into in a short time, and many
observation; but there is
one
many
angles
I
that
can't
obviously,
From time to time
trends.
If its is natural, economic forces, that is one thing.
hope to be able to get at the root of market
we
If it is artifi¬
cially caused, that is something else.
You should remember that
As I have said,
down in
and
a
we
want
New
York
so
are
not not interested in
prices
such.
as
to interfere with it either.
place where
we enter
We don't want to interfere with that;
on.
investment counsel.
Now,
we
free market, and prices will always go up and
And, what is
more, we
we
don't want other people
And when the other forces
come
field in the
sense
of
a
program
of action.
I think
we
If I
will move more swiftly.
to move forward with some speed with the help of responsible and
progressive
There
the
field.
of
angles to that, many of which need study.
over-the-counter
quotations,
for
example,
is
Thus,
thing.
one
Another thing is the rather difficult and somewhat sui generis
segregation
on
the
over-the-counter
market,
as
compared
with
segregation
on
the
Exchanges.
Now,
as
the next point, I would like to mention this matetr of pegging/
fixing and stabilizing.
I
can
tell you that the rules covering the market
operations of underwriters and others during the period of distribution of
securities
are
definitely
There have been
a
on
lot of
their way.
rumors
I think
we can
can
assure
you
was
the Justice since
seen
with
that the Commission will pass
Well, let
no
me say
this,
rules wittingly which
for legislation will accompany
those.
There
are
a
few
shortly.
"It is
Now
as
to
the administrative purposes of the Commission.
unfortunate in
the loss of the
heads
of two
We have
major divisions:
Mr.
JSaperstein in the trading and exchange, Mr. Gilman in the public utilities
been
up
there?
A.—I
the story
that
great
came
down
here
and
of
our
back
went
the feeling in Washington was
psycohological effect and
a
one
that
to
the
way
to
curb
quotation of prices, and that fixed itself
on
you,
one
gratifying to learn that Mr.
Douglas, with his experience and
President Moffatt of the New York Curb Exchange, was
as follows in the "Wall Street Journal."
quoted
"I predict a very successful administration for Chairman
Douglas and
think that he will approach the problems which will confront him
a
with
now
great deal of understanding."
Asked for
on the election of Mr.
Douglas as
Commission, President T. R. Benson of
The Chicago Stock Exchange stated on
Sept 22:
"Mr.
statement
a
of the
Douglas brings to his
employ and
ability.
as a
new position experience gained
member of the Commission.
There is
every reason to expect
both in the
He also has plenty of natural
that under his Chairmanship the
Securities Exchange Act will continue to be intelligently and well adminis¬
most
The exchanges under their own rules and under the law
regulated part of the securities business.
I
am
administration at the SEC will be disposed to impose
normal
business
securities
problems
we now
until
we
have
have and that also the
new
no new limitations on
mutually
new
today the
are
hopeful that the
solved
some
of
the
Chairman may revise some of
the present regulations hampering the healthy functioning of the market."
In its announcement on Sept 21 of the election of Mr.
Douglas as Chairman of the Securities and Exchange Com¬
mission, the Commission said:
Chairman Douglas has been a member of the Commission since
January,
He first became associated with the Commission in 1934 as Director
1936.
of the Protective Committee
Study.
At the present time he is
on
leave
from the Yale Law School where he is Sterling Professor of Law.
Douglas was born in Maine, Minnesota, on Oct. 16, 1988.
He attended grade and high school in Yakima, Washington, and graduated
from Whitman College in
law
at
Columbia
Walla Walla, Washington, in 1920.
University.
Subsequently, he
practice of law in New York City and conducted
University.
was
He studied
engaged in private
courses in law at
Columbia
In 1928, he joined the faculty of Yale Law School.
He is the author of
numerous
articles
on
corporate affairs, the distribution
of securities, the functions of brokers and dealers, and
bankruptcy subjects.
At the present time. Chairman Douglas is away on vacation.
+
General Failure
to
Value
Necessity of Adequate Rail¬
road Earnings Seen as Peril to Railroad Credit—
F. R. Dick Advises Massachusetts Savings Bankers to
on
Every Protection for Railroad Investments
A serious hidden danger to railroad credit is the
general
failure to appreciate the need for adequate railroad earn¬
ings, Fairman R. Dick, of Dick & Merle-Smith, New York
City, told Massachusetts savings bankers at their convention
in
confident that the Lea bill and the Barkley bill and the Chandler
bill will be passed during the next session of Congress.
been
have
his intimate knowledge of the problems that confront the securities markets,
has been elected Chairman of the Commission."
Insist
phases of the protective committee study yet to be submitted, in the form
of two supplemental reports on voluntary
reorganizations, which will go
am
A.—About three miles.
you
kind of foolish question, but
a
commentators
restrict the
to
Brandeis's
election of Mr. Douglas to the Chair¬
manship of the SEC, Charles R. Gay, President of the New
York Stock Exchange, was quoted on Sept. 21 as saying:
Investment Trust Study
I
going up
am
Justice
to
get them out soon.
Judge Healy is fast completing the investment trust study and I am
informed that the reports will be ready for Congress by Jan. 1, and that
over
other
decide that thatshallbodone, you will be the first one that I will tell
ever
will in any way, in any form, countenance or permit manipulation.
recommendations
A.—A I
How close is that
around that the Street is eager to get them
because the rules will permit limited pool operations.
I
the
one,
many
Chairman
are many, many
matter
reare
Commenting oif the
We have not fogotten the fact that the Act calls for regulation in the overthe-counter market similar to that in the Exchange field.
We will press
for that goal.
We have only started.
And I think we ought to be able
groups in that
The
in, that is the
the picture.
to the over-the-counter market, we'have moved slowly in this
as
A.—As respects that specific
yes.
in
imply, did you,
margin until this next
that either the tape should be eliminated or restricted, and the publication
of quotations be limited to a few—.
A.—I will tell you what I will do.
tered.
free market, depending upon the health of particular companies
employment and
are not
a
already
report
to
mean
my respects; yes, as soon as I got there.
professional business
of which depend upon future study and
thing that I think might be said about market
trends.
segregation
your
general location?
same
you
Chairman
the point where the SEC starts its task.
proceed immediately
can
going, Mr. Chairman?
Q.—Mr. Chairman, this is
trading that bear
income
first consideration be the welfare of the pro¬
our
the short-term dealer, or
or
Obviously not.
first
our
There
catching a train
Bay, Cape Cod.
Q.—May I ask
our
segrega¬
barely begun.
am
phases of the problem that must await the collection of further facts.
Investor First Consideration
Now,
that I
You didn't
Commission will take that up immediately,
that
It has many facets to it.
say
of the major problems that lie ahead.
of
portions
some
taken will depend upon the outcome of that study, and I hope that that
be initiated forthwith.
I might
some
Questions and Answers
Q.—There
study
can
have got talent
we
of swift and direct action wherever the facts justify it.
stock market had too
from over-the-counter to Exchanges,
going to keep it that
few minutes to go back and finish getting acquainted with my family
a
paid the Justice
a
have got one of the best
and initiative.
which haven't been put into effect.
preliminary study
a
we
we are
I think when I get back from vacation Oct. 1 we
no
the part of the? Commission to have it changed.
on
As to Point 6, segregation:
brains and imagination
and
period of action unless
That is about all I had to say.
change
a
of the statutes which
corners
I think
set up
ever
we cannot enter a
and, secondly, to mull over
the
upon
is
this Commission the swellest gang of fellows,
Government
a
study is completed, or did you?
Congress has not left that probelm,
you
Commission, but action necessitated by the requirements
that you are going to wait on such things as 100%
Trading by "Insiders"
requirements
because
way,
in
telling
I think the period that lies ahead of necessity
I think, in the country in Government.
organizations
we can
As to Section 16 of the Exchange Act, trading by insiders in
securities,
on
the
We will work to the end of greater speed,
.•
month.
a
period of action, action based not upon economic predilections
on
on a course
can assure you
in no way responsible.
in
or
administer.
we
minimum of inconvenience to innocent houses and
a
enough to think that
week
a
of the investors and action within the four
methods
our
fast moving into a
we are
not foolish
am
I want to make it clear that what I have been
not in any sense a program.
our
field for Govern¬
lot about the development of
manipulative devices in the financial world.
we
but
new,
lot, and I think
new
I
day or in
a
Period of Action Ahead
and
still
are
wholly
mental supervision and control, and I think that
and at the
going to do everything in
We have got here with
Pools
It is
organization prior to this time has made the Commission eminently quali¬
eral Reserve.
and
The investment trust program will call for expansion.
period of growth in the Commission, and I think the work done in the
a
must be a
never
the
Holding Company Act there will be expansion,
conservative
the highest levels of its best elements.
to
up
illustrates, again, what I
Now,
the
on
The Lea bill, the Barkley bill and the Chandler bill will call for
expansion.
practices of the best elements in the accounting profession and seeking by
education, by precept, perhaps by rule and regulation, to bring the ac¬
Fourth,
resolved
fied to do the job that lies ahead.
Point No. 2, as to accounting: I think that the commission must be the
pace-setter
are
job to do.
Swampscott, Mass.,
Dick
on Sept. 17.
Adequate earnings, Mr.
said, have been frequently defined by the Interstate
Commerce
Commission
maintenance of
an
system through a
as
earnings
that
will
assure
the
adequate national railway transportation
continuous flow of new capital for mod-
Volume liS
Financial
ernization and improvements.
As evidence of this general
failure to appreciate what adequate earnings are, he cited
arguments before the Commission that the need for earnings
would be reduced if debt were scaled, that a reduction in
railroad fixed charges would make possible the assumption
of higher operating costs without ill effects, and that earn¬
ings
may
less
of
still be adequate if only bonds
the
effect
debt ratio.
on
be S">ld, regard¬
can
Most of
such
arguments,
he said, ignore the basic underlying fact that earnings insuf¬
ficient to attract capital in the proper form are not adequate
earnings.
Mr.
urged the bankers to insist that their railroad
investments
for
earnings sufficient to make these sound policies
By
be exposing
to the light a serious hidden danger to railroad credit and
thus be making a major contribution to a sound solution
of our railroad credit problem.
Mr. Dick stated:
operative.
Sound
be
to
policies
of
scraps
On
out.
railroad
for
debt
for
he said,
reduction
unless earnings
paper
carried
ciples
doing,
so
other
the
finance
will
debt
and
at
are
they would
hand,
the
railroads
earnings by emphasizing the need for doing
but
nothing
are
establishment
the
assist
control
a
last year, fall on deaf ears.
The
If
it
is
similar
to
necessary
The
that
because
today
the
plans
*«■
existing this
determined
the
for
the
future
much money
too
safeguards
should provide
in
One
of
In other
In
buying for inventory have had their depressive effects recently.
The rising
to the Western
is
it
in
of
sound
a
the
in
the
for
plans
past,
the
this ratio, it
financial
is the
of reasoning
recently issued by
Pacific reorganization
determined
necessitated
excess
what
be
may
the ICC.
that
sound
a
limitation
7%% of the cost of the property.
is
of bond
financial
issues
structure
the
in
their
credit
My
cost.
but
to
To the extent that fixed-interest debt
is to be scaled.
Having determined, therefore,
policy for the past would have been, the plan then
My utmost sympathetic
underlying
policy
first
times
10
in
financing must
be based
be
10
on
forced
able
not
discard
to
factors,
this
when
logical answer.
This
is
of
the past struggling
by pulling
there
is
on
for
past
traffic
times
management 10
However,
I
was
would affect
that
reason
the whole plant and
I have been unable to find
that
mental
my
progress
in
met by a recurring image of the master
was
to demonstrate his scheme for raising himself
his bootstraps.
ship
I
inform
to
regret
the
therefore,
you,
will
you
that if
have to find
savings bankers against a current
railroad plant is built and fin¬
a
require
never
Con¬
important additions.
any
tinuing, he said:
Continuous
of
when
periods,
frequently
the
You
standards
extent
that
should
be
determined
now
they
exceed
regarded
be
refinanced
by
be
to
ratio
stock
and
by piling
money
temporary
as
safeguards must be set
must
the
low
are
necessary to raise new
the
standpoint
debt
of
now
be
sold,
it
sales
of
bond
issues,
determined
to
or
otherwise,
the
to
be sound,
Definite plans and
not perpetual.
stock,
is
debt in violation of
to insure that these temporary excesses in
up
all
During depres¬
cannot
up
Such
sound.
and
of
great losses from the obsolescence
as
the piling up of debt.
from
can
earnings
from
important
are
suffer just
can
property as you
your
sion
to,
clubbed
as
soon
as
debt
coerced into doing the impossible.
or
Demands—Views
National Association
of
H.
Rising
Prices
and
Heimann
H.
pf
of Credit Men
Rising prices and unwarranted labor demands will hinder
business recovery unless they are checked by reasonable
restraint on the part of business and labor leaders, Henry
H. Heimann, Executive Manager of the National Associa¬
tion of Credit Men, declares in his "Monthly Review" of
to
the
Association's 20,000 members in the
wholesaling,
banking and manufacturing fields.
Mr.
Heimann, whose views were made public Sept. 22 said in
in
Committee
Sept. 19
a
month ago
has been
some¬
what darkened by gathering war clouds and domestic complications.
situation abroad and the rising prices at
home make necessary
some
The
down¬
ward revision of business expectations in the remaining months of the year.
The momentum, however, is such that holiday trade should be satisfactory
through the outlook for record-breaking holiday sales does not
seem
now.
Our fall pick-up was scheduled to be exceptionally strong but all normal
give
way
to
world
and
domestic
disturbances.
The
course
of
business is dammed by the barriers of war and vast uneconomic expendi¬
tures for war purposes.
hate and
in
a
the problems
of rural
transmitted
areas,
National Re¬
the
President
to
Roosevelt
on
report based on the first national study of urbanism undertaken in the United States.
The report contains
a
number of recommendations
National
Resources
city dwellers
of
approved in principle by the
which,
Committee,
carried
if
out,
prejudice and
The flow of
war
commerce
way to
the flood of
Our security markets bear the brunt of
an
"panic" sales.
it has with farmers through the Department
In
statement issued Sept.
a
19 President Roosevelt praised
the report, saying that
it marks the first time in American
history that "the attention of the Government of the United
States has been officially directed to the role of the city
in
Using the language of the com¬
the President said that
national economy."
our
mittee's
foreword
the
to
report,
although "it is not the business of the United States Gov¬
responsibility for the solution of purely
ernment to assume
local
problems," "yet, the United
States Government does
not remain indifferent to the common
life of American citi¬
simply because they happen to be found in what we
call 'cities'."
The 'President's statement follows:
zens
history the attention
first
time
in
has
the
For
been
officially
Government
our
directed
to
the
of the
role
United States
the city in
of
our
through this report of the National Resources Committee.
national economy
comparable to that given
the problems of rural areas in a period extending over many years.
I have often said that the prosperity and general well-being of those
who
dwell on
the farm is directly and indirectly connected
with the
opportunity of those in the city to maintain a decent level of economic
This
inquiry
bers
of
the
to
urban life
examines
in
manner
a
One cannot progress without
life.
We are all mem¬
the other.
and consumption of one is related
production and consumption of the other.
The struggle for demo¬
the production
body and
one
government and higher standards of human living goes on
cratic
alike in
city and country.
urban centers as parts of our
wide range of important urban
problem, and points out
the ways of dealing with many emerging and critical trends of urban life.
Outstanding among the city problems analyzed are the trends of urban
population, mushroom growth, land policies, urban housing and slums,
urban planning, the problems of public health, crime and crime prevention,
education
and
recreation,
overlapping
governmental organizations, the
valuable
national
takes
report
calls
resources,
stock of
attention
to
our
a
relates these problems to our national
situations,
place of the city in our transportation
tion,
It
possibilities
the
and power structure and organiza¬
of sounder Federal-city interrelationships.
be questioned whether the National Government has given the
attention to some of these specific and common problems of
may
careful
it has to the problems of farmers
as
through the Department
it is the purpose of this report to indicate some of
and
Agriculture,
city problems in which the Nation as a whole
which the National Government may be helpful.
the emerging
in
and
the
solution
local
United
the
of
of
States
Government
to
assume
has an interest
It is not the
responsibility for
purely local problems any more than it is the business of
governments
to
of national
problems.
indifferent
to
the
primary
assume
responsibility
for
the
settlement
YTet, the United States Government does not remain
life of American citizens simply because they
common
The sanitation, the educa¬
conditions, the economic security—
in brief, the general welfare of all—are American concerns, in so far as
they are within the range of Federal power and responsibility under the
happen to be found in
what we call "cities."
tion, the housing, the working and living
Constitution.
the
report was prepared by the Urbanism Committee of
Resources Committee under the title "Our
National
Cities—Their Role in the National
ism Committee is headed
Wisconsin
Economy."
The Urban-
by Clarence Dykstra, President of
formerly City Manager of Cin¬
University and
cinnati, and includes Louis Brownlow of the Public Admin¬
istration Clearing House, Arthur C. Comey of Harvard Uni¬
versity,
Charles W. Eliot 2nd, Executive Officer, National
Committee; Harold D. Smith of the Michigan
Resources
Municipal
League,
Dr.
M.
L.
Wilson, Under-Secretary of
Agriculture, and Louis Wirth of the University of Chicago.
threats develop.
in stocks seem unable to realize that
gives
as
Agriculture.
The
The favorable outlook for fall business of
favorable
Centers
Committee
sources
part:
factors
Urban
to
interest
business
our
as
Not the business man, but
And the ultimate consumer is
When prices are beyond his purse, he closes his purse.
Aid
urban dwellers
even
unionization
but he cannot be
Urged by National
Report
to
President
Roosevelt—Would
Place
Cities
on
Parity with
Rural Areas—President Praises Report
of
Recovery Threatened by
Business sent
nation-wide and
setback—a
He is conscientiously working to that end
Resources
same
Labor
„J
The average business man wants to do as much as possible
Federal
earnings
permit.
Business
another
experience
soon
become
these demands to
Were
would
we
for labor.
This
improvements
security holders.
impossible.
are
agreed
depression.
and social
warned
it will
.
yet fully realized that it isn't the number of
Some of the unwarranted labor demands by irresponsible union leader¬
it is obvious that all these favor¬
as
I regret
misconception that when
ished
sound
future
yourselves.
Dick
Mr.
failure.
for
future railroad
liberal.
as
basic logic to justify such proposals
any
for
out
ratio
be
to
railroad
times
appear,
for the
exploring the problem further
mind
10
interpretation,
debt
basic
out the
complete
with
that
in the
that
favorable,
they should
met
is
puzzle
to
determined
forecast
as
only the future additions.
any
have
one,
that
efficient, and railroad regulation
as
it
of
a
times
endeavors
proposal
obvious
excess
conditions
may
this
the
interpretation,
financing
as
dollars but the purchasing power of these dollars that counts.
today
past
proceeds to approve the bonding of future additions to the property at 75%
of
.
price situation, unless checked, in itself will hinder our re¬
People have not
covery.1
would enable the Federal Government to concern itself with
Finance of
plan
have
it
20% of the capital should
say,
bonds
of the
many
whereas
dramatic illustrations of this line
most
regard
this
would
that
note
us
issuing
examine
you
securities.
the Bureau of
which were commented
Rising construction costs,
few months ago in this letter, labor troubles and some decline in
a
was
for attracting 75% of the funds for improvements by selling
the
in
report
through
If
will
you
reorganization that, let
future provide
fixed-interest
mistakes.
same
however,
attracted
been
decline in certain aspects over the high points
Questioning whether the Federal Government has devoted
of
have
Spring.
some
sufficient attention to city problems in comparison with its
proposed,
now
to defer his
better than last year in general,
although there has been
beginning to balk.
financing by sale of fixed interest securities.
repetition
the part of widsom
On the statistical side business is doing
their
words, plans for reorganizations to correct past mistakes should not provide
for
People become hesitant about commitments.
wonders whether it isn't
consumer
Psychologically
early in September is a result of and sometimes a
against
plans
of
methods
debt
scale
always has a sobering effect.
securities
fear attitude.
through the medium of fixed interest bonds, it would
in the past
obvious
seem
in
a
replacement needs until the storm passes.
added:
attracted
break
such a break as occurred
stimulant to
sound prin¬
of
Dick said that,
"recognition of past mistakes."
He
they are a
way,
major international disturbance occurs
so.
Discussing railroad reorganizations, Mr.
in
some
the ultimate consumer, determines wages.
increasing
in
When
All warnings, such as the "stop, look and listen" signals set up in this letter
the policies
which permits
level
a
caution signal.
a
they awaken to the danger of assuming that prices can skyrocket forever.
be
protected by every practicable safeguard
governing future issues of bonds and thus emphasize the
need
itself
upon
Dick
2007
Chronicle
Those who deal
unprecedented bull market is in
L.
Segoe,
study.
city
planning
consultant,
was
director
of the
An announcement by the National Resources Com-
2008
mittee
in
Financial
summarized
the
the
major
increasing
That
the
the
social
That
be
security
intensified
Government
welfare
which
those
to
Federal
would
urban
for
rural
its
United
policy
That transit service continues to provide an essential and
indispensable public facility, was the speaker's conclusion.
It is continually demonstrating its superior value as a
passenger carrier in crowded urban conditions, he main¬
States
areas.
assistance
of
communities.
be
for urban
perform
performed
now
the
that
continue
urban
of
research
and
chronically depressed urban
should
programs
for
section
a
retain present traffic and to the extent possible, attract new business.
already made by government, industry and labor toward
economic
set
in
up
suitable
some
communities functions
communities
by
the
Federal
tained.
comparable
Department
of
Agriculture.
That
Bureau
of
about
and
by
urban
of
which
urban
information
would
serve
Board
be
central
a
depository
by
all
Peak of Business Cycle Which Began In 1933 Not Yet
Reached According to Estabrook & Co.
the
in
created
all
of
Drawing attention to the lack of evidence of any current
of credit or over-capitalization of industry,
Estabrook & Co. express the belief in the eurrent"Review"
that the peak of the business cycle which began in 1933 has
not yet been reached and that any business recession in the
next few months will prove to be an intermediate movement.
governmental
over-extension
organizations.
private
Statistical
as
should
collected
communities
authoritative
Central
the
That
the
Census
the
information
agencies
house
clearing
a
should
special consideration
give
to
inadequacies in the existing urban data.
That
the
comprehensive
a
and
thorough-going inquiry
Revision Council
Tax
present
subject
of
Federal
conflicting
should
suitable
be
made
the
of
agency
by
entire
governments.
That Congress
which
there
deal
waste
should
be
may
communities
to
within
jointly
That
and
policies
taxation
adopted
interstate
compacts
metropolitan region,
same
the regional aspects of
creating
should be
considered primarily
Federal
a
credit
purchases,
land
believes
committee
reduced to
but in
and
The firm says:
the
Because
,
that
and
similar
direct
for periods
to local
Federal
of
At
the
same
in
cities
expenditures
time,
the
should
be
following
is
also
National Resources
the
from
of
announcement
The second factor, a pronounced tendency to
the public offering
of
huge volume of
a
are estimated
Senator
have
been
anticipated
in
the
Wagner bill
recently
has
been
other
"Whether
this
of
is to
the
in
the
Believes
passed
which
the
and
and
take
to
cumulative
"A
lead to
most
existence," the report
says.
system,
disregard
best
our
of
efforts by
by other pressing
or
out to
set
now
urban
policies
and
urban
of
in
proclamation setting the price at 77.57 cents an ounce
expressed by Senator Key Pittman on Sept. 21, accord¬
ing to United Press accounts from Reno, Nev. which re¬
ported the Senator as saying:
was
the West and disruption of economic conditions with consequent increased
that
the
inequalities
of
income
and
national-urban
a
wealth
are
preparedness
to
now
unemployment.
I
meet
conflicts
"The cost
of
as
of
expenditure
about
preparedness,"
better
position
the
says
deal
to
swiftly
"would
report,
with
industrial
American
of
men,
and
women
the whole Nation,
children
the
in
city and
the
on
mended.
It
urban industrial location and development is also
tions
farm
believed
is
intimate
study of
tion
power
and
land
that
use,
this
would
industrial
be
On this point the
policies.
made
possible
organization and
report
by
fiscal,
recom¬
a
more
transporta¬
says:
"Urban planning is, of course, set in a framework of
county and State govern¬
mental arrangements, and is closely tied up with the social
programs and policies of
the Nation.
The city may contribute to the improvement and
development of Its
physical structure, and to some extent of its political-economic structure and
But the city cannot of itself solve the great national problems of con¬
temporary industrial organization In a political democracy.
The settlement of
these larger questions requires the friendly cooperation of city and
country alike:
of national, State and local Governments, and of many other
non-governmental
associations
as
Discussing
problems
well.
the
the
of
committee
data
upon
which
to
base
conclusions
on
city
says:
"It is to be noted and deplored that with the
growth of cities in population and
1890, and in con¬
know comparatively little about cities at a time when the need for
accurate, complete, and fully analyzed data is most urgent.
Not only is this true
of elementary financial data but in marked
degree there is a dearth of essential
facts regarding many other urban questions."
I
Improvement in Transit Industry Slackened by Labor
Disturbances, President Conway Tells Convention
Transit
of
Association
disturbances, both within and
United States and Canada at the
beginning of 1937, Thomas
Conway Jr., President of the American Transit Association,
told the 56th annual convention of the Association on
Sept.
30. The convention, attended
by 1,000 delegates represent¬
ing the street railway and bus transportation companies of
the United States and
Canada, was held at the Greenbrier,
in White Sulphur
Springs, W. Va., from Sept. 19 to Sept. 23.
Mr.
Conway told the delegates that labor disturbances
outside the industry have
brought about reduced riding and
the New York "Herald Tribune" said:
Mr.
revenue
to the transit lines of the
country.
pay
President
Conway drew the conclusion that if the
transit industry is to make real
progress in the near future
there must be hearty cooperation between men
and man¬
agement.
^ We
He said:
must bring home to
economics of
our
contested all the way by Ray Kelly, Detroit
was
delegation, which resulted in
the rollcall, but
the election
even
a
A split in the New York
poll of the delegation by the chair, enlivened
the 75 votes given Mr.
Kelly by this State could not
Mr. Doherty to victory.
On Mr. Kelly's motion
made unanimous.
was
"
-
Doherty, said the New York "Journal of Commerce,"
pledged himself to carry out "the mandate of the conven¬
tion," which went on record as follows:
1.
In favor
of
legal punishment of all
through fraud
or
violence; the United States Government.
2.
Maintenance
of
army to a strength
of 210,000;
camps to
a
corps
business; of the essential mutuality of the interests of the
"second
men
persons
to
who seek to overthrow,
none";
increases
and 14,500 officers;
a
to
bring
the
National Guard
of 120,000; establishment of military training
50,000 youths annually; construction of at least
Neutral
3.
Opposition to
and
organizations
stitutional
one
well
4.
of
A
In
"Communism,
that
seek
to
Labor Disputes
Fascism, Nazism and all other forces
destroy the
free institutions of
our
con¬
system."
proclamation
of official
neutrality in labor
disputes;
program
a
co-operating with industrial, civic and labor forces for the re-employ¬
of jobless men past forty.
ment
5.
Legislation making it possible to draft wealth and industry
manpower
A
6.
during
a
as
well
as
Avar.
recommendation
for
investigation
of
activities
emanating
from
Italy, Germany, Russia, Spain
tion of
so
as
or any other country looking toward promo¬
foreign viewpoints in this country; deportation of undesirable aliens
"get them off the relief rolls."
to
A message from President
Roosevelt which featured the
closing day of the convention was read by retiring
mander Colmery; the President's message follows:
The White
Com¬
House, Washington
My dear Commander Colmery:
'
I extend to you and
through you to the members of the
greetings
It is
on
now
the
you
occasion
of the
nineteenth
nearly twenty years since
in the defense of
our men a clearer realization of the
fundamental
navy
of 180,000
reserve
train
a
equipped flying field in each strategic district; a ban on the export of helium,
noninflammable gas used in dirigibles.
Also
agitation within the industry has tended to cause
transit executives to withhold
contemplated outlays for
new equipment and other
improvements. Prom this situa¬
tion
Doherty's election
Corporation Counsel, and two minor candidates.
^
higher
Legion, which this week claimed New York
with it is estimated some 300,000 or more
own,
without
industry, have tended to slow down the marked
improvement shown by the transit industry of the
hence less
Recommenda¬
adjourned its sessions on Sept. 23, following the election of
Daniel J. Doherty of Boston as National Commander, suc¬
ceeding Harry W. Colmery. As to Mr. Doherty's election
the transit
rate
its
as
Include
of its members in attendance at its 19th annual
convention,
sequence we
American
in
Mr.
in complexity of problems, the available information
regarding them grows less and
There has been a sharp decline in urban
reporting since
Labor unrest and
Convention
Army and Navy
stem the tide that
swept
lack
less.
of
As To
The American
City
own
process.
Annual
Commander—Resolutions
and in the distress
well."
Better planned
Concludes
City—Message From President Roosevelt
Commends Ideals Embodied In Preamble to Legion's
Constitution—Daniel J. Doherty Elected National
systems of taxation and finance.
on
Legion
New York
delays in such crises is not adequately measured by dollars
alone, but it is felt in the crippled consuming power of
the consequent reaction
millions
satisfied that the President will not reduce the price of American
am
silver if he has the legal authority to maintain it.
national
Nation
ami
price
of
year
adoption of its major recom¬
holds
the
drastic
expiration this
improvement of the standards of urban life,
the
emergencies, and prevent the serious delays lately caused by new problems
public works projects, tardy relief measures, and irritating legal and
of
Pro¬
his
our
of
the city,
of
The President must know that to reduce the price of American produced
would
policy
city
financial
Will
Roosevelt
Expiration
silver in the face of greatly enhanced commodity prices and
wages of labor
would result in the destruction of many of our
mining industries throughout
account
bring about
inesecurity and unemployment.
place
President
After
place of the urban community
into
Committee
mendations would
found,
Price
of American mined silver after the
of
absorption of
industrial
new
clamation
by
economy."
The .Urbanism
in
Silver
to
than
neglect
policy, it is evident that America must
and
national
to the
and
plant
only $1,255,000,000, while such
cities
national
national
our
be attributed
continual
administration
of
segment
commercial
our
national
overcome
widespread
more
major
the demands of
claims
to increase
capital issues for the first
The belief that President Roosevelt will sustain the
"There
any
new
1929 totaled $10,091,000,000.
Pittman
Hold
Congress.
of
at
over-capitalization, with
securities
the
Committee:
report also contains specific recommendations urging slum clearance
improved housing conditions in urban areas.
Several of these recom¬
mendations
new
capacity, does not seem to be present, since
six months of 1937
The
and
are
June 31, 1937, against a total volume on June 29, 1929, of $22,517,000,000-
minimum.
a
which
the member banks in the Federal Reserve system were $12,361,000,000 on
capital financing in
The
factors,
possibly all three, is not in evidence, for total loans to customers of all
the
public
two
The first factor, that of an over-extension of credit to business men by
and
for
governments
construction
or
outlays.
loans
absence of these
conspicuous
the banks, whether on the security of stocks, commodities, real estate, or
of economic
make
the
recession will develop into anything like a major depression.
States,
separate
of
typical of the peak of a business cycle, it seems improbable that the current
several
sanitation, industrial-
authorized to
agency
of public works construction, acquisition
utilities,
State,
&c.
legislation
purposes
local,
enabling
health,
under adequate legislative safeguards
grants
in
legislation laying down the conditions under
pass
the
with
regulation,
distress
fiscal
other
or
of the necessity for continuous,
cooperative efforts to provide progressively better service to
intelligent,
both 6tudy and act upon the problems of
agency
contained
recommendations
Sept. 25, 1937
and the managements of our properties;
men
report as follows:
That the efforts
to
Chronicle
the right
to
our
you
annual
American Legion
convention.
rendered that splendid service
country and for the ideals of democracy which earned
membership in the American Legion and first rank in
American citizenship.
Volume
There
defend
few
are
amble to
more
exalted sentiments than those embodied in the pre¬
Constitution
of the
United
States;
to
foster and perpetuate
Americanism; to maintain law and order; to inculcate
of individual
a sense
obligation to the community, State and Nation; to combat the autocracy
of both
the
classes
to promote peace
and
the
to make right the master
masses;
and good-will on earth; to safeguard and
of might;
transmit to pos¬
terity the principles of justice, freedom and democracy.
What
is
more
be said
there to
to
these ideals and
'
nation.
■
carry
Let us hold fast to
of our united
them forward in the future welfare
:f -
'
/~v
>•.
-
American
the importance of
stress
citizenship of the broadest, truest and highest type?
■
'Y;
/
-y■
of the
many pressing problems which confront us, it would perhaps be that of
unemployment.
The Legion is in a position, with its extended membership
Were I to solicit the aid of the Legion in the solution of any one
of all
classes—a
veritable
materially to the
national prosperity,
a
In
sending
my
of
cross-section
citizenship—to
our
Issuance
Final
of
they defended so valiantly in
which
war.
Very sincerely yours,
ROOSEVELT.
FRANKLIN D.
In¬
Harry W. Colmery, National Commander, The American Legion,
1937
Rand
McNally
Directory
McNally Bankers Direc¬
edition of Rand
1937
final
The
of
Edition
Bankers
for distribution
Book" shows
430 changes in the bank structure during the past year,
with over 350,000 changes in official personnel and bank
tory (the 123rd edition) was made available
This new edition of the "Blue
Sept. 15.
on
announcement bearing on the new direc¬
The
statements.
tory adds:
June 30
(and later)
bank statements are broken down into 11 items
for
of officers and directors, not previously
available, are included in this issue.
Special features of the "Blue Book" are its separate sections, clearly
indexed, including. a five-year list of discontinued bank titles; all bank
directors; accessible banking points to non-bank towns; a complete list
of members of the Investment Bankers Association, with officers, commit¬
1937
The
readability.
teemen, &c.;
member¬
perpetuate in time of
hearty greetings I have firm faith that the entire
the fundamental institutions
peace
absorb
industry; and in the future development
which has all but arrived.
ship of the organization will labor without ceasing to
time of
contribute
of the movement now well under way to
success
the unemployed into commerce and
of
2009
Chronicle
Legion Constitution: For God and country; to uphold and
the
the
Financial
145
a
line-up
bank-recommended attorney for every county in the
United
foreign cities.
Deposit Insurance Corporation membership of
banks is indicated by a symbol.
All National and State banking agencies
are listed,
with location and official personnel.
Seventy-two of the latest Rand McNally maps appear in the final 1937
edition, one for each country, each State, and large cities.
Twenty-four hundred ages of revised1 and new information in this latest
edition make it an indispensable adjunct to profitable bank operation.
States, Province of Canada, and principal
Present
of
status
Federal
dianapolis, Ind.
William Green,
Labor,
was a
President of the American Federation of
tion, at which time, to quote from the account of Craig
Thompson in the New York "Times" he asked the American
Legion
to
merge
that of the
patriotic strength with
its
American Federation of Labor in
a
joint fight
on
communism
and all the other "isms" that have threatened the "sanctity"
of labor.
From the
advices
same
quote:
we
House, where many vacant seats were mute reminders of
politan Opera
pictured
community of aims that, by
parading and revelry, William Green, President of the A. F. of L.,
the two organizations as "great
a
forces" with a
combination of energy and purpose, could do much to keep
the country
safe from dictators.
a-,
all sorts, Mr. Green made it plain
His speech
of War
as a
Harry Woodring and Brig. Gen. Frank T. Hines, administrator of
selection
of
Los
Angeles
the next convention city.
as
assemble there next Sept.
included the
The Legion will
outstanding feature of this week's convention was the
Legion parade on Sept. 21, described in part as follows in
the New York "Sun" of Sept. 22:
back at 2:48
used
as
a
again in possession of Fifth Avenue today, having got it
was
a.
after 17 hours and 16 minutes during which it had been
m.
stage for a word-defying spectacle of color, mass
marching and
pageantry, called by the entirely inadequate title of the 19th annual
parade
of the American Legion.
It may have been only an
left New York gasping.
item on the Legion convention program but it
The visitors who came here to be confounded by
the most glamorous city in the country
stayed to confound it.
Neither Fifth Avenue, up which the same men who
marched yesterday
stepped proudly 20 years ago as victorious returning and jostling the crowd¬
ing spectators, seemed not to realize the hours that passed.
How many marchers there were will not
estimated
A
there
that
.
.
.
be known for several days.
It
200.000.
were
vigorous demand for protection of the Constitution and
independent judiciary as the "only bulwark through
which to preserve the freedom and liberty of the citizen" was
an
made
by Harry W. Colmery, national commander, in his
annual
read
report,
The "Herald
at
the
opening of the
convention.
the foregoing is taken
Tribune" from which
also said:
Other high lights
of his report are:
A plea for cooperative
effort in averting "the tragedy of war and making
the blessing of peace," including a
permanent
recommendation that or¬
ganizations of all types work together to "convince
is
not
The report assails
inevitable."
America that
a
world
"peace strikes," demands the
enactment of a universal draft act and suggests a
causes
world-wide survey of the
of war.
A bitter attack on the German Government for claiming the right to
establish Nazi camps in the United States and then warning that it would
l
tolerate
any
interference with their operation.
calls
for
an
The report describes
brazen affront to every patriotic American citizen"
the Nazi program as "a
While criticizing all alien
investigation of the camps.
"isms" and dictatorships, it acknowledges the
'to go communistic if they want
right of the American people
to," but notes that the Legion would fight,
that maintaining law and order does not mean
While emphasizing that
the Legion as a body took no sides in industrial disputes, the report defends
the right of the individual Legionnaire to help preserve order when law
enforcement agencies have broken down and there is no legal protection
for persons or
"If
under
take the law into their hands."
property.
such
circumstances
neither fair nor just to
Alpheus C. Beane, senior partner of the New York Stock
Exchange firm of Fenner & Beane, and well known through¬
out the cotton trade, died at his home in Greenwich, Conn.,
Sept. 18.
At his death Mr. Beane was a member of the
Governing Committee of the New York Stock Exchange,
Vice-President and member of the Board of Managers of the
New York Cotton Exchange,
ciates
Credit Corp.,
Legionnaires gave that protection, it is
characterize them as obnoxious Vigilantes," it adds.
and
President of the Wool Asso¬
a director of the Cotton
Exchange,
Cotton
the
of
director of Manhattan Foundation, Inc.
a
who would have been 50 years old on Oct. 5,
was born in Augusta, Ga., where he began his career in the
cotton business in 1903.
In 1911 he established his own
cotton firm and was President of the Tupelo Fiber Co. from
Mr. Beane,
1915
Together with Charles E. Fenner of New
1917.
to
Orleans, who is still one of the principal partners, he formed
the firm of Fenner & Beane, which in 1922 became members
of the New York Stock Exchange and expanded their busi¬
ness
into the
The firm now has 49 branch
security field.
offices, including one in Paris and one in London.
Mr.
Beane became a member of the New York Stock Exchange on
and
Jan. 10, 1935,
was
elected
a
member of the Governing
May 11, this year.
He had also been a mem¬
ber of the Committee on Foreign Business since August, 1935,
and of the Committee on Public Relations and the Committee
Committee
on
Quotations and Commissions since his election to the
Committee.
He served as a member of the
Special Committee of Seven (foreign arbitrage) in 1934.
Besides being a member of the New York Stock and New
York Cotton Exchanges, Mr. Beane was also a member of
the New York Curb Exchange, New York Coffee & Sugar
on
Governing
Exchange, Commodity Exchange, Inc., Chicago Board of
Trade, Chicago Stock Exchange, Chicago Mercantile Ex¬
change, New Orleans Cotton Exchange, New Orleans Board
of Trade, Detroit Stock Exchange, Pittsburgh Stock Ex¬
change, and the Winnipeg Grain Exchange.
Following the death of Mr. Beane, the members of Fenner
& Beane issued the following announcement:
We
wish
to
express
our sorrow
at the sudden tragic
shock which Mr*
for his family, his friends and his business associates.
Beane's death involves no change whatever in the permanence or
Beane's passing means
Mr.
continuity
such tendency.
A warning to Legionnaires
that they "should
of
on
19 to 22.
The
New York
Alpheus C. Beane of Fenner & Beane—Was
New York Stock Exchange and VicePresident of the New York Cotton Exchange
Death
drew bursts of applause from the delegates at the business
affairs, settled down to a volume of business that
any
organized
was
Governor of
veterans'
not
voluntary association, and 10 years
and importance,
the Exchange was moved indoors in the present building on
Trinity Place.
The name of the market was officially
changed in 1929 to New York Curb Exchange.
tion,
later, due to the rapid increase in business
part in industrial controversies.
any
meeting, where about 500 persons, after hearing other speeches by Secretary
and
York Curb Agency.
In 1911 the present Exchange, under
name of the New York Curb Market, or Market Associa¬
that the union would be one of patriotic
He also asked that the Legion continue its "wise policy" of
purpose only.
avoiding
war
49-page booklet was recently made available by the New
Exchange describing its activities and outlining
its growth from the outdoor markets of the pre-Civil War
days to the present.
The first step to organize was taken
in 1908 when a member of Curb brokers founded the New
A
York Curb
asking the united front against the Reds, the Nazis and Fascists of
In
is
Its Activities and Growth
the
Legion convention session in the Metro¬
Placing this request before a
Issues Booklet Describing
Exchange
Curb
York
New
speaker at the Sept. 21 session of the conven¬
capital structure.
The con¬
of a partner has been fully provided for in the
partnership
of the firm or its operation or
tingency of death
agreement under which
Fenner & Beane has been conducted for many years.
Beane, trading on the New York
suspended for 15 minutes on Sept. 20
after 1:30 o'clock.
Several resolutions were also adopted by
the Board of Managers of the Exchange expressing regret
over Mr. Beane's passing.
In
memory
of Mr.
Cotton Exchange was
"They had a right to do it."
On Sept. 22, 1,000 of the Legionnaires sailed on the
"Queen Mary" to visit England and the battlefields of
France.
In the "Times" of Sept. 23 it was stated:
They were the first of an
estimated 5,000 who are expected to make the
pilgrimage abroad this year.
Close to 800 additional
will depart tonight on
of
New
William
Loeb,
Former
York—Was Secretary
pilgrims left on the Bremen last night.
Others
the de Grasse, Lafayette,
and Saturday.
to
Collector of Port of
President Theodore
Roosevelt
President Theodore Roosevelt,
York from 1909 to 1913, as
as a retired Vice-President of the American Smelting
Refining Co., died on Sept. 19 at the North County
William Loeb, Secretary to
and Collector of the Port of New
the Washington and on
Champlain, Laconia and Rex tomorrow
Death
well
and
2010
Financial
Community Hospital in Glen Cove, L. I., of pneumonia. He
70 years old.
A native of Albany, N. Y. Mr. Loeb in
his early career was a stenographer in the New York State
Assembly.
Becoming acquainted in 1899 with Theodore
Roosevelt, then Governor of New York, Mr. Loeb eventually
became private stenographer to the then Governor.
Mr.
Loeb also served Mr. Roosevelt as Secretary when he went
to Washington as Vice-President, and likewise when he
became President. In 1909 Mr. Loeb was appointed Collector
Chronicle
New
Sept. 25. 1937
York
Stock
Committee
Exchange
on
Foreign
Business Elects Two New Members
was
Committee
The
Foreign Business of the New York
on
Stock Exchange has elected Vicior B. Cook, a partner of
Fenner & Beane, and Robert F. Whitmer Jr., a partner of
Edward B. Smith & Co., to the
committee to fill vacancies
by the recent death of Alpheus C. Beane and the
resignation of Howland S. Davis, who has been elected Chair¬
caused
of the Committee
man
on
Business Conduct.
of the Port of New York and served in this
capacity until
1913 when his term expired.
He later became Vice-President
of the American Smelting and Refining Co., and continued
in this position until his retirement from active business in
1934.
However, Mr. Loeb retained his directorates in
various concerns, among them the Pacific Tin Corp., Con¬
necticut Light and Power
Corp., Connecticut Electric
Service Corp., Yukon Gold Co., Angola Mines, Congola
Mines and the Reo Motor Car Co.
William
C.
Gilman
Utilities
Oct. 4,
William
Director
as
SEC—To
of
of
Public
Effective
Be
1937
C.
Gilman
staff
Life
of
resigned
the
on
Oct. 5,
Previously he had been associated with the Equitable
Assurance Co.
as
advisor to
the
treasurer
public
utility investments.
He leaves the Commission to organize
a firm of
consulting engineers.
In submitting his resigna¬
tion, Mr. Gilman said:
My association with the Commission
has been
a
most
on
enjoyable
I regret that the pressure of personal affairs forces ine to retire.
have liked to have remained at least until all the
holding companies which
subject to the Public Utility Holding Company Act of 1935 have reg-
are
gistered under it.
I believe that within the next few months the greater
part of the industry will be operating under the provisions of the Act.
own
Stevens
Hotel,
Robert
N.
Reserve
City
Bankers Association,
the speaker
"Used Car
on
Dealers
Control and Other Dealer
v
Research Division of the
will discuss some of the
misconceptions regarding the economics of instalment selling, and
explain the Bureau's project of compiling a periodic index of the
L.
Wilfred
Bureau
of
White,
Foreign
Chief of
Marketing
the
Commerce,
Domestic
and
current
will
credit which will
volume of instalment
of
remove
this subject from the realm
guesswork.
addition
In
featured speakers who
the
to
will discuss the large external
problems of the finance industry at the two general sessions of the con¬
vention, it is announced that finance executives will be afforded
the oppor¬
tunity to meet and exchange views regarding important technical problems
within the industry.
44th Annual
Meeting of Savings Banks Association of
Sulphur
State of New York—To Be Held at White
Springs, W. Va., Oct. 20-22—Joseph A. Broderick
of Board of Governors of Federal Reserve System
Among Speakers
It is with great regret that the Commission
accepts the resignation of
His accomplishment in organizing the public utilities division
Holding Company
a
the
of
"The Automobile Industry Outlook."
Manager of the National Automobile
will be
Problems."
man
of his exceptional qualities and
capabilities.
Savings Banks Association of the State of New York
The
Mr. Gilman.
It is unfortunate to lose the services of
President
General
Benson,
Association,
Among the speakers who
dealer.
meeting are:
Vice-President of the Automobile Manufacturers Associa¬
Reeves,
will speak on
A.
accepting the resignation, the Commission stated:
Act has been outstanding.
Sept.
"Banking and Sales Financing."
on
Alfred
tion,
the
and
Strickland,
talk
force in the development of power and the electric
industry in this country.
and setting up the machinery for administration of the
National Asso¬
be held at the
29 and 30.
Speakers of
Companies will
Chicago,
in
the
will address
are
In
convention of the
Sales Financing
of
My
experience has amply demonstrated to
me that the provisions of the
entirely workable, and that their operations is not only effective in
protecting the interests of investors and consumers, but also a constructive
Act
of
recognized authority will discuss important aspects of sales
financing from the viewpoint of the public, the banker, the
and
one
I should
annual
fourteenth
The
ciation
as
Securities
Director of the Public Utilities Division
as
1935.
Division
Association
Financing Companies to Be Held in Chicago,
Sept. 29-30
will
Director of the Public
and Exchange Com¬
mission, effective Oct. 4, it was announced by the Commis¬
sion on Sept. 17.
Mr. Gilman joined the Commission's
Utilities
National
of
Convention
Sales
manufacturer,
Resigns
Division
Annual
14th
Sept. 18 the program for its forty-fourth annual
announced
to be held at White Sulphur Springs, W. Va.,
Oct. 20 to 22.
Andrew Mills Jr., President of the Dry Dock
meeting
Savings Institution, New York, and President of the Asso¬
Resignation of Morrison Shafroth
Counsel
of
Bureau
as
Assistant General
Internal
of
Revenue
and
Russell
Ryan as Assistant Chief Counsel Accepted
by Secretary Morgenthau—John P. Wenchel Suc¬
ceeds Mr. Shafroth
Secretary
of
the
epitomize the problems of greatest present interest to the
banks.
The balance of the program will be marked by
Treasury
Assistant General Counsel for the Bureau of Internal Rev¬
enue, had been accepted.
Mr. Shafroth will return to the
the convention
William
discuss
R.
the
recodification
the
his home city,
on
former Governor and
Dec. 1, 1936.
Mr. Shafroth,
States Senator from
United
to
The resignation of Russell
J. Ryan of Indianapolis, who
has been Assistant Chief Counsel of the Bureau of Internal
Revenue
since
quoted
Assistant
as
Chief
ourselves that
it
was
Russell
proper
to
J.
use
Ryan
the
and I
Bureau
were
choice of
of
Internal
and evasion investigation.
participating in the presentation of the names
resignations on the 28th of June, 1937.
Revenue
as
Being given the
or
resigning, we
our
The appointment
by the President of John Phillip Wen¬
chel to be Assistant -General
Counsel for the Bureau
Revenue, succeeding Mr. Shafroth, was made known
by Secretary Morgenthau on Sept. 20.
The Treasury De¬
partment's announcement had the following to
Mr.
Wenchel has been continuously in the government service as a
civil sendee employee for 23
years.
After his graduation from
University of Maryland in 1908, he practiced law in Baltimore until
1914.
In that year he
entered the Department of
attorney by appointment under the merit system and
On
Feb.
1
Solicitor and Special Attorney of
this year
of
he
the Treasury Department.
work
in
Bureau
the
of
Bureau
Narcotics,
of
was
appointed
an
Agriculture
rose
as
an
to the position
the Secretary of Agriculture.
Assistant General
Counsel
in
In this position he has been in charge of legal
Procurement
Division, Coast Guard,
Tax Unit and Public Health Service.
In
Customs,
Alcohol
addition, he has been handling the legal aspects of certain administrative
problems in the department, having particular reference to appropriations
and problems with the General Accounting Office.
of
Customs.
law
Mr.
firm
Cairns has
been
a
member
of the
Balti¬
of Piper, Carey & Hall since 1926.
He
Treasury service as a special attorney on the
staff of the General Counsel on Sept. 25, 1934.
more
entered
the
York, is expected
subjects of inactive savings accounts which this year for the
be turned over to the State as trustee, after an inactivity
will
time
22
Washington and former Superintendent of Banks of
will address the convention on general banking
of outstanding interest and concern to savings bankers
York,
are
time.
He will also discuss State and municipal
of the Tax Commission of New York
years.
Graves
financing.
State
provide much valuable information on tax problems with
to
savings
Harold
Dr.
Banking
will discuss this
is expected
specific appli¬
banking.
Education of the Graduate School of
the American Bankers Association,
consideration being
Director of
Stonier,
Educational
and
Director of
field of adult education as well as the
banking at the Graduate School.
the Bowery Savings Bank, New
York, will consider present trends in savings banking.
given to conducting courses on savings
Earl
W.
Schwulst,
Vice-President
Thursday morning of the
to
a
of
convention will be given over
form which will be devoted entirely to an intimate dis¬
major problems of concern
State. Henry R. Kinsey, President of the Williamsburgh Savings Bank, Brook¬
lyn, N. Y., and former President of the Association, will
conduct this forum, which will include consideration of
mortgage and real estate problems, group pension plans,
cussion in closed meeting of the
savings bankers of New York
tax limitation and additional
services which might be under¬
by savings banks.
According to Paul W. Albright,
General Secretary of the Association, reservations already
received exceed those of any other recent year.
A special
taken
train
running to the convention leaves New York Tuesday
Oct. 19.
evening,
^
Railway
Business
_
Association
Dinner in Chicago
The
Secretary also announced that Huntington Cairns,
who has been in the Legal Division handling
special prob¬
lems in connection with Customs, has been promoted to the
position of Assistant General Counsel in charge of the
Opinion Section and all legal matters arising in the Bureau
in New York State, will
Tremaine, Comptroller of the State of New
S.
the
to the
say:
classified
of Assistant
to
of In¬
ternal
the
the present
Mark
unable to convince
planned in the tax avoidance
tendered
of
in
New
of
cover
cation
saying:
Counsel
System
State
first
Jan.
16, 1937, has also been accepted.
With regard to the resignations, Mr. Shafroth on
Sept. 16
was
at
Banks
of
department with particular emphasis upon the
Savings Banks Law planned for the next session of
his
Broderick, member of the Board of Governors of the Federal
Joseph A.
the
Morris
Colorado, began law practice in Denver in 1911.
the
of
conditions which
a
of
Legislature.
in the
Treasury Department
Superintendent
White,
Reserve
of
Among those who will address
are :
plans
Denver, Colo., and will
resume his
membership in the law firm of Grant, Shafroth &
Toll, from which he resigned just before assuming his duties
son
prominent individuals recruited largely from
addresses from
outside savings banks ranks.
Henry Morgenthau Jr. an¬
nounced Sept. 16 that the resignation of Morrison
Shafroth,
practice of law in
ciation, will outline the current savings bank situation and
The twenty-ninth annual
Association
will
be
Thursday, Nov. 18.
will be about 1,800.
held
to^Hold
29th
Annual
Nov. 18
dinner of the Railway Business
the Stevens Hotel, Chicago,
at
It is expected that the total attendance
The members of the Railway Business
Association will entertain as their guests the Presidents and
other
tems.
leading executives of
Two
all
the piincipal railway sys¬
special trains will bring members and their
guests from New York and intervening points.
The Presi-
Volume
of
dent
Financial
145
the
Business
Railway
is
Association
A.
Harry
Wheeler, former President of the Chamber of Commerce of
the United States.
P. Harvey Middleton is Secretary and
Railway Business Association.
Treasurer of the
Represented at Golden
Held in San Francisco in
Latin American Countries to Be
Gate Exposition
to Be
1939
Eleven Latin American countries have
definitely accepted
the Golden Gate Exposition
be held in San Francisco in 1939, it has been announced
the invitation to participate in
to
Pan-American Union, Washington.
Formal notices
been received from Panama, Cuba, the
Dominican
Republic, Honduras, Costa Rica,, Guatemala,
2011
Chronicle
it is learned from the
went
Chicago "News'^of^that date,
which
to say:
on
► Joseph B. Taslitz, Assistant Cashier, has been put in charge of this
department. Mr. Taslitz has been associated with the Sears Community
State Bank and its predecessor institution for 16 years.
Charles
Fisher
T.
Jr.,
State
Bank
Commissioner for
Michigan, has approved payment of a 20% dividend to
depositors of the Standard Trust Co. of Detroit, it is learned
from the "Michigan Investor" of Sept. 18, which added that
dividends previously paid amount to 50 %, so that the present
payment will constitute approval of 70% in dividends to
date.
by the
of acceptance have
Nicaragua and El Salvador, while verbal acceptances have
been received from the Presidents of Peru, Chile and Vene¬
It continued:
zuela, the announcement said.
in South America, B. A. Schoch and Major
Argentina, Bolivia, Chile, Ecuador, Colombia
and Uruguay have expressed interest and are now considering participation.
Commissioner B. Lyon, just returned from Mexico City, announced that
Exposition
Perez
Brown,
commissioners
that
report
plans for Mexican participation are expected to be revealed this month.
The theme of the Latin American exhibits at the Exposition will
be
cultural rather than commercial.
Some nations will have their exhibits
in the huge International Palace, while others will build their own national
structures on "Treasure Island," site of the Exposition in San Francisco
Bay.
The Exposition will open in February, 1939, and will run until
the
of
December
same
ABOUT
ITEMS
TRUST
BANKS,
COMPANIES,
&c.
name printed thereon and similar
those of its regular commercial depositors
are offered by the Trust Co. of North America, New York,
under a new plan calling for a minimum balance of $1.
The new department will be operated as the Trustco Check
Service and it is designed to appeal to those who object to
checks which stamp the issuer as having a "special" account,
it is further explained:
Checks with the issuers
Trustco
plan makes no charge for deposits or
withdrawals. The
and then pur¬
depositor simply opens an account with a dollar or more
chases
book of 20 checks for $1.50, or 7hi cents a check.
a
extra charges
There are no
made for checks issued or for subsequent deposits.
tions are also made without charge.
made in person or by mail.
convenience of those
The bank opens at 8:30 every morning for the
wishing to deposit before regular business
be the third paid holders
will
receivership
hours.
captioned "Pay with Checks as Personal as
Signature" describes the plan in detail and may be
hand on request from the company.
Your
of certificates of deposit,
the company went into
July
26,
1930.
Approval of the dividend payment, made possible through sale of real
estate and a stock assessment, was given by the State Banking Depart¬
by Judge Homer Ferguson of the
ment and
J.
F.
Flournoy Jr.,
a
Wayne Circuit Court.
Vice-President of the Whitney
Orleans, La., died suddenly of a
heart attack in New York City on Sept. 17. The deceased
Bank
of New
banker, who was 67 years old, had arrived in New York
the previous day enroute from New Orleans to New England
where he had planned to spend a vacation and later attend
the American Bankers Convention in Boston on Oct. 11.
Born in Columbus, Ga., Mr. Flournoy as a young man was
interested in railroad and construction enterprises in that
Eventually, however, he entered the
State.
banking field
President of the First National Bank of
that place, where he remained until 1919, when he moved
to New Orleans to join the Whitney National Bank as a
Vice-President, the office he held at his death. In addition
to his banking interests, Mr. Flournoy was active in civic
and social organizations.
in Canton, Miss., as
Certifica¬
Accounts may be opened or deposits
circular
A
The dividend
Charistmas club and investment depositors since
National
year.
in every way to
The
Concerning the affairs of the defunct Standard Trust Co.
Mich., James E. Atkinson, the receiver, an¬
Sept. 14 that checks totaling $16,573, repre¬
senting a 20% dividend, would be mailed to the depositors
in two weeks.
The Detroit "Free Press" of Sept. 15, from
which this information is obtained, added:
of Detroit,
nounced on
♦
Puyallup State Bank, Puyallup, Wash., has
the Seattle-First National Bank of Seattle,
Wash., is learned from Associated Press advices from that
city on Sept. 16, which further stated:
That
the
been absorbed by
Confirmation of the deal was made by M.
Board of Directors of the First
A. Arnold, Chairman of the
National, and Fred Alspaugh, President
of the Puyallup institution.
The Bank
of New
York & Trust Co. announced Sept. 21
Dotterer
that
Paul
W.
The
bank
also
was
announced
appointed Assistant Secretary.
the resignation of Gregory W.
Spurr, as Assistant Treasurer, to become President of the
Nyaek National Bank & Trust Co., Nyack, N. Y., on Oct. 1.
The Irving Trust Co., 1 Wall
to the New York
St., New York, has applied
State Banking Department for permission
branch office at 24 West 48th St., New York City.
to open a
The New York State Banking Department on Sept. 14
approved plans to increase the capital of the Floral Park
Bank, Floral Park, N. Y., from $50,000 (consisting of 1,000
shares of the par value of $50 a share) to $210,000 (consist¬
ing of 1,000 shares of common stock of the par value of $50
each and 5,000 shares of preferred stock "A" of the par
value of $20 a share, and 1,200 shares of preferred stock
"B" of the par value of $50 each).
Charles P. Smith, Chairman of the
Board of the Burlington
Savings Bank, Burlington, Vt., and former President of the
institution, died at his home in Burlington on Sept. 22. Mr.
Smith, who was 90 years of age, was a member of the Vermont
House of Representatives in 1894 and 1896 and the State
Senate in 1898.
He became a director of the Burlington
Roy C.
present Cashier of the Puyallup
Gregory,
bank, will become
Manager.
THE
CURB EXCHANGE
Trading on the New York Curb Exchange has been very
quiet during most of the present week. There have been
occasional modest advances in some of the more active of
the speculative favorites but the gains were never especially
noteworthy. Industrial specialties have attracted some buy¬
ing from time to time and there has been some interest
manifested in the oil shares and public utilities but the
advances have been small and the volume of trading down
to a low level.. On Friday the volume of trading was un¬
usually heavy due to selling.
Light dealings with receding prices were the outstanding
features of the curb market trading during the two-hour
session on Saturday.
The declines extended to all parts of
the list and many prominent issues were close to their recent
lows.
Industrials and specialties bore the brunt of the
selling though there was also a sharp dip in the utilities and
a
considerable movement was apparent in the oil group.
Savings Bank in 1884 and President in 1889. Until 1890 he
grain and feed business. He had also been a
director of the Central Vermont RR., the National Life
Conspicuous on the side of the decline were such popular
trading stocks as Singer Manufacturing Co., 5 points to
289; Aluminum Co. of America, 4 points to 123; American
Light & Traction pref., 3 points to 24; Brown Co. 6% pref.,
%y2 points to 60; Jones & Laughlin Steel, 4 points to 65,
and Childs Co. pref., 3 points to 62.
Fresh declines were in evidence during the early dealings
Insurance Co. of Montpelier, Vt., and of the New England
Telephone and Telegraph Co.
from
had been in the
on
Monday, the initial movements showing sharp declines
the
preceding close.
Metal shares were particularly
further drop in the foreign
weak, due, in a measure, to the
The
Comptroller of the Currency
on
Sept. 11 authorized
Middlesex County National Bank of Everett, Mass.,
to maintain a branch in the Town of Stoneham, Mass.
On
the
the
date, the capital of the institution was increased
$500,000 to $600,000.
same
from
price of copper.
y.
There was some improvement toward the end of the
session, and wh^e the early losses were cut to some extent,
61
the oil shares and mining and metal
the previous bottom.
Noteworthy
among the losses were American Laundry Machinery, 3J^
points to 22K; New England Tel. & Tel., 4 points to 110,
and Newmont Mining, 7 l/i points to 803^.
Quiet strength and a firm tone with moderate gains
throughout the list characterized the trading on Tuesday.
Some stocks recovered a large part of their previous losses.
Specialties and oil shares led the upswing and there was
some
buying among the public utilities and mining and
many
Directors of the
Pa.,
urer
it is
Sewickley Valley Trust Co., Sewickley,
Sept. 13 elected J. K. Webster Secretary and Treas¬
Stanley,
learned from "Money & Commerce" of Sept. 18, which
on
of the institution to succeed the late Abraham
added:
Mr. Webster has been with the company 14 years and has been Assistant
Secretary,
Assistant
Treasurer
and
Trust
Officer.
He
came
from
the
Emporium Trust Co. of Emporium, Pa., of which he was Treasurer.
The creation of
loans
was
a separate department to handle personal
announced on Sept. 20 by the Sears Community
State Bank of
Chicago (affiliate of Sears, Roebuck & Co.),
Except for Niagara Hudson Power, which
moved against the trend, public utilities were off, Electric
Bond & Share pref. (6) tumbling downward 43^ points to
stocks
issues
continued
metal issues.
shares
among
among
near
The volume of transactions dwindled to 196,000
against 315,000 on Monday. The gains included
others Carrier Corp.,
points to 423^; Jones &
Financial
2012
Laughlin Steel, 1 point to 65; Mead Johnson, 3 points to
110; Montgomery Ward A, 3% points to 139%; Creole
Petroleum, 1 point to 29; Pittsburgh Plate Glass, 2 pbints
to 112; Todd Shipyard, 3 points to 57, and United Gas pref.,
1% points to 104%.
Curb stocks were firmer on Wednesday and the list forged
ahead on a wide front as the day progressed.
The gains
were not particularly noteworthy as
they ranged in most
cases
from fractions to a point or more.
Public utilities
were steady and registered a few small advances.
Specialties
also attracted a moderate amount of buying but many of
the oil shares and mining and metal stocks were off on the
day. Babcock & Wilcox was fairly active and moved up to
96% with an advance of 1% points. National Power &
Light pref. registered a 2-point gain at 65; Sherwin Williams
moved ahead 3 points to 111, and Fisk Rubber pref. ad¬
vanced 2 points to 78.
Prices again moved downward, in many instances to new
lows for 1937, during the dull dealings on Thursday.
The
selling was not particularly heavy but continued fairly
steady throughout the session.
A few stocks scattered
through the list improved on special support, Canadian
Hydro Electric pref. moving up to 83% with a gain of 2%
points, New Jersey Zinc advanced 2 points to 74 and Sherwin
Williams 1 point to 112. On the downside Aluminum Co. of
America dipped 5% points to 115%, Celluloid pref. 6 points
to 34, Jones & Laughlin Steel 5 points to 57, Pepperell
Manufacturing Co. 6 points to 97, Safety Car Heating &
Lighting 5 points to 110, Singer Manufacturing Co. 4 points
to 281 and Lynch Corp. 4% points to 39.
Heavy declines, due to selling, were registered in every
section of the curb list on Friday. The specialties were the
weak spots but there were also sharp recessions among the
public utilities and mining and metal stocks. The volume of
transfers climbed swiftly upward, the total mounting to
590,000 shares against 204,000 on Thursday.
Outstanding
among the declines were Aluminum Co. of America 13 points
to 102%, Babcock & Wilcox 6 points to 90, Brown Co. pref.
9% points to 46, Godchaux Sugar pref. 10% points to 85,
Pa. Salt Manufacturing Co. 9 points to 149, Pepperell
Manufacturing Co. 7% points to 89%, Royal Typewriter
14 points to 70 and Sherwin Williams 5 points to 107.
As
compared with Friday of last week all sections of the list
were lower, Aluminum Co.
of America dropping to 102%
against 127 on Friday a week ago, American Cyanamid B
at 25% against 30%, American Gas & Electric at 25%
against 30, American Light & Traction at 14% against 16,
Carrier Corp. at 37% against 45, Commonwealth Edison
(new) at 26% against 28%, Consolidated Gas of Baltimore
at 68 against 70%, Creole Petroleum at 24 against 29%,
Electric Bond & Share at 11% against 14%, Fisk Rubber
Corp. at 8 against 10, Ford of Canada A at 19 against 20%,
Gulf Oil Corp. at 44% against 51, Hudson Bay Mining &
Smelting at 22 against 25%, Humble Oil (new) at 70 against
74, International Petroleum at 31 against 32%, Lake Shore
Mines at 47 against 49%, New Jersey Zinc at 72 against 75,
Sherwin Williams at 107 against 110 and United Shoe
Machinery at 75 against 79.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
CERTIFIED BY FEDERAL RESERVE
TREASURY UNDER TARIFF ACT OF 1930
RATES
EXCHANGE
FOREIGN
BANKS TO
Noon Buying Rate
of
Shares)
Value)
Foreign
Domestic
Saturday
Monday
163,105
$601,000
315,140
1,286,000
Tuesday
196,475
Wednesday
149,575
Thursday
203,945
Friday
589,900
1,006,000
1,119,000
1,142,000
1,453,000
1,618,140
$6,607,000
Total
Total
Corporate
$20,000
$631,000
69,000
$10,000
24,000
14,000
28,000
36,000
13,000
1,168,000
27,000
31,000
1,200,000
139,000
24,000
1,616,000
$305,000
$130,000
$7,042,000
1,379,000
1,048,000
Jan. 1 to Sept. 24
1936
1937
1937
1936
i
.188483*
.188500*
.188514*
.188516*
.188483*:
.188450*
.168276
.168298
.168317
.168338
.168303
.168265
.012850*
.012850*
.012875*
.012850*
.012850*
Bulgaria, lev.
.012875*
Czechoslo'kia,
.034950
.034955
.034957
.034954
.034967
.034964
.221464
Denmark, krone
England, poundsterl'g 4.960875
.021904
Finland, markka
.221300
.221243
.221135
.220945
.220795
4.957500
1.955916
4.953750
4.949375
1.946583
.021900
.021900
.021895
.021904
.021875
.033860
.033840
.033977
.034162
.401200
.401125
.401167
.009091
koruna
France.franc
relclismark
Germany,
.034193
.034193
.401157
.401096
.401142
.009085*
.009070*
.009970*
j
.009085*
.009091*
Holland, guilder
.551471
.551989
.552082
Hungary, pengo
.197350*
.197450*
.197475*
.197375*
.197475*
.197500*
Italy, lira
.052602
.052604
.052600
.052604
.052602
.052602
Greece, drachma
1
.552239
.552789
.552203
.248520
Norway, krone
.249275
.249079
.249018
.248931
.248650
Poland, zloty
.188900
.188960
.188825
.188880
.188900
.188960
Portugal, escudo
.044925*
.044908*
.044875*
.044860*
.044860*
.044858*
.007282*
.007239*
.007282*
.007282*
.007282*
.007282*,
Rumania, leu
.065000*
.064642*
.064642*
.064642*
.063562*
Sweden, krona
.255766
.255570
.255522
.255418
.255135
.255004
Switzerland,
.229651
.229648
.229660
.229667
.229632
.229617
.023000*
.023020*
.023016*
.023020
.023040*
.023020*
Spain, peseta
.... -
.
.
.064785*
_
franc
Yugoslavia, dinar
Asia—
China—
(yuan) dol'r
.297291
.296458
.296875
.296S75
.296458
.296458
Hankow(yuan) dol'r
.297291
.296458
.296875
.296875
.296458
.296458
Shanghai(yuan) dol
(yuan) dol'r
.297291
.296458
.296875
.296875
.296458
.296458
.297291
.296458
.296875
.296875
.296458
.296458
dollar-.
.309968
.309890
.309687
.309734
.309531
.309531
India, rupee—-—i.
.374538
.374225
.374177
.374100
.373645
.373466
Japan, yen
.289134
.288992
.288907
.288967
.288517
.288217
.581687
.581437
.581125
.581125
.580000
.580000
Chefoo
Tientsin
Hongkong,
—
Singapore (S. S.) dol'r
Australasia—
3.951000*3.952000*3 950729* 3.946812* 3.943125* 3 .942187*
.970000*
New Zealand, pound. 3.980250*3.979375*3 976354 * 3.973593 * 3.071770 *3
Australia, pound
Africa—
4.905833*4.899921*
South Africa, pound.. 4.913928* 4.911964*4.910446* 4.906250*
North America—
Canada, dollar
.999843
.999855
.999843
.999843
.999759 |
.999855
Cuba, peso—
.999000
.999000
.999000
.999000
.999000
.999000
Mexico, peso.
.277500
.277500
.277500
.277500
.277500
.997421
.997402
.997410
.997382
.277500 ;
.997246
Argentina, peso
.330733*
.330533*
.330483*
.330383*
.330000*;
Brazil
.087254*
.087238 *i
.064288 |
.087238*
.087238*
.064333
.064355
.064377
Newfoundland,
dollar
(official) milreis
(Free) mllrels
.997402
I.
South America—
I
.329866*
.087205*, .087205*
.064500 : .064422
.051725*
.051725*1
.051725*
.051725*1
.051725*,
.051725*
Colombia, peso
.569905*
.569905*,
.569905*
.569905*;
.569905*
.569905*
Uruguay, peso
.791500*
.791500*
.791500*
.791500*1
.790625*'
.790750*
Chile,
peso
—
♦Nominal rates; firm rates not available.
ENGLISH
CABLE
FINANCIAL MARKET—PER
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
as
Mori.,
Sept. 21
19 13-16d. 19 13-16d.
140s. 2d.
140s. 3d.
Thurs.,
Sept. 23
Wed.,
Sept. 22
Tues.,
Sept. 20
Sat.,
Sept. 18
19%d.
Gold, p. fineoz.140s. Id.
Consols, 2%%.
Holiday
Silver, per oz_.
Fri.,
iipt. 24
19%d.
19 15-16d. 15 15-16d.
140s. 3%d.l40s. 6d.
140s. 6%d.
73%
73%
73%
Holiday
100%
100%
100%
100%
100%
Holiday
110%
110%
111
111
111%
111%
73 %
73 13-16
British 3%%
War
British
Loan..
4%
1960-90
price of silver per ounce (in cents)
States on the same days has been:
The
in the United
,
BarN. Y. (for)
Closed
44%
44%
44%
44%
44%
U.S. Treasury.
50.00
50.00
50.00
50.00
50.00
50.00
77.57
77.57
77.57
77.57
77.57
S. Treasury
U.
(newly mined)
77.57
OF
BANK
CLEARINGS
this week will show an increase compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Sept. 25)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 10.0% above
those for the corresponding week last year.
Our preliminary
total stands at $5,890,810,884, against $5,352,763,944 for
the same week in 1936.
At this center there is gain for the
Friday of 9.4%.
Our comparative summary
•
1,618,140
1,870,915
81,248,107
S12,947,000
$610,889,000
$633,754,000
Per
Clearings—Returns by Telegraph
Week Ending Sept. 25
95,172,128
$6,607,000
305,000
Stocks—No. of shares.
Sept. 24
$
,
for the week follows:
New York Curb
Exchange
Sept. 23
Sept. 22
$
$
Belgium, belga.—
week ended
Week Ended Sept. 24
Sales at
Sept. 21
Sept. 20
Sept. 18
Europe—
Austria, schilling......
Bank clearings
Foreign
Government
in Sew York
Money
.
Unit
EXCHANGE
(Number
Week Ended
Sept. 24, 1937
for Cable Trans'-1.
Value in Unite*
and Monetary
COURSE
Bonds (Par
Stocks
1937, INCLUSIVE
1937, TO SEPT. 24,
18,
SPET.
Country
1937
Sept. 25,
Chronicle
19C6
1937
Cent
Bonds
Domestic
130,000
__
Foreign corporate
181,000
$318,752,000
9,535,000
7,778,000
$7,042,000
Foreign government
$13,468,000
$336,065,000
340,000
13,363,000
9,502,000
$2,666,883,946
,438,134,000
_
262,563,353
240,365,866
+9.4
+9.2
_ _ _
330,000,000
278,000,000
+ 18.7
New York.—
Chicago
Philadelphia
.
_
164,889,930
158,867,000
+3.8
Kansas City
84,173,087
80,452,220
St. Louis
79,000,000
71,600,000
San Francisco
132,761,000
119,777,000
Pittsburgh
137,401,012
84,616,934
86,899,504
55,260,394
100,954,736
+4.6
+ 10.3
+ 10.8
+30.2
+6.5
+26.7
Boston
Total
Detroit
Cleveland
Baltimore
one
Total all cities for week
*
+ 10.8
726,164,125
+ 13.5
$4,411,828,628
940,935,316
+ 11.3
+4.3
$5,890,810,884
day
$3,685,664,503
$4,909,009,070
981,801,814
Total all cities, five days.
*
$4,084,449,160
824,559,910
11 cities, five days..
Other cities, five days.
cities,
+ 11.6
*
New Orleans
All
79,421,867
68,574,330
49,517,484
$5,352,763,944
+ 10-0
Five-day figures not available.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish
FOREIGN
EXCHANGE
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
RATES
of the week in all
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
owing
we
give
a
record for the week just passed:
Fol-
cases
has to be estimated.
which we
able to give final and complete
results for the week previous—the week ended Sept. 18.
For that week there was an increase of 5.7%, the aggregate
of clearings for the whole country having amounted to
In the elaborate detailed statement, however,
present further below,
we are
Volume
Financial
145
2013
Chronicle
$7,191,227,464, against $6,803,937,597 in the
same week
there was an increase of 6.7%,
the bank clearings at this center having recorded a gain of
5.0%.
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 an increase of 4.5%, and in the
Boston Reserve District of 1.4%, but in the Philadelphia
Reserve District the totals record a decrease of 11.3%.
In
the Cleveland Reserve District the totals are larger by
18.7%, in the Richmond Reserve District by 0.9 % and in the
Atlanta Reserve District by 9.0%.
In the Chicago Reserve
District there is an improvement of 16.5%, in the St. Louis
Reserve District of 0.9% and in the Minneapolis Reserve
District of 14.6%.
The Kansas City Reserve District en¬
joys a gain of 4.4%, the Dallas Reserve District of 7.8%
and the San Francisco Reserve District of 16.0%.
in 1936.
Week Ended Sept. 18
Outside of this city
In the
following
we
furnish
a summary
Clearings atInc. or
BANK
Federal
Reserve
1st
Boston
2nd
New
Grand
Rapids
Lansing
Ind.—Ft.
.
Wayne
Indianapolis..
■
.
South Bend
Terre Haute...
Wis.—Milwaukee
CLEARINGS
582,621
+ 27.4
1,075,207
821,955
+16.5
417,549,999
348,905,540
70,000,000
23,739,419
19,836,924
501,350,632
cities)
837,855
8
Dlsts.
1935
Dec.
1936
X
%
S
1934
S
280,605,076
276,761,792
+ 1.4
236,697,446
191,241,970
4,343,477,401
"
4,155,000,712
+4.5
3,920,723,784
3,097,391,224
3rd Philadelphia 10
4th
Cleveland.. 6
"
351,460,640
396,069,844
—11.3
341,235,274
"
382,069,741
321,888,503
+ 18.7
229,216,280
+ 11.5
+ 14.0
+ 18.2
+ 95.9
+ 2.0
+ 18.3
+ 19.7
+ 25.0
+.6.0
Richmond
6
"
154,953,217.
153,512,427
+0.9
121,301,516
6th
Atlanta
10
"
184,581,873
169,379,583
133,257,566
114,051,343'
117,438,844
101,682,341
105,600,000
40,448,473
36,805,072
+ 9.9
87,800,000
29,207,046
25,708,556
31,731,810
-19.0
18,759,623
3,330,113
13,707,253
778,491
+ 3.8
b
b
b
b
b
727,000
701,000
H,
445,497
475,000
176,534,029
174,837,882
+0.9
136,212,160
114,051,343
2,415,719
66,137,977
27,613.903
1,809,052
III.—Jacksonville
x
Quincy
348,905,540
136,212,166
699,677
x
109,535,187
417,549,999
109,650,000
Tenn.— Memphis
111.—Jacksonville
111,051,116
12,834,000
Reserve Dis trict—St. Lo uis—
Eighth Federa
Mo.—St. Louis.
192,214,021
5th
551,378
+ 14.2
584,316,194
.
Peoria
1,163,476
+ 2.1
+ 15.0
1,548,114
376,503,047
919,939
4,651,050
_
Decatur
—6.3
1,268,071
1.590.030
495,544
+ 11.0
18,328,000
1,336,028
4,980,023
Rockford
Sious City
111.—Bloomington
Chicago
+ 23.6
+ 21.5
Springfield
1,289,482
16,997,288
3,401,257
5,451,544
2,794,928
585,116
230,564,616
520,872
2,220,643
+ 16.0
2,955,764
1,732,413
20,918,595
1,090,975
8,253,939
3,333,158
418,761
314,509,432
735,617
4,385,070
1,252,668
1,248,290
Iowa—Ced. Rap.
Des Moines
305,529
70,454,876
1,538,452
354,093
88,062,162
1,950,769
1,462,327
880,645
13,8j0,000
743,547
4,638,769
16,778,513
927,733
6,695,603
2,853,827
369,269
272,928,323
515,215
2,666,142
305,951
114,297,877
Ky.—Louisville.
1937
12 cities
York. 13
355,186
126,925,238
3,592,336
1,622,566
.1,293,272
21,085,000
1.489.029
5,676,104
23,883,712
Detroit
by Federal Reserve
Inc.or
Week End. Sept. 18, 1937
1934
$
Seventh Feder al Reserve D istrict—Chi cago—
Mich .-Ann Arbor
Total (18
OF
1935
%
districts:
SUMMARY
Dec.
1936
1937
-
291.711,444
10th KansasClty 10
"
163,827,182
156,963,545
+9.0
+ 16.5
+ 0.9
+ 14.6
+4.4
! 142,161,249
123,611,502
11th Dallas
6
"
92,057,544
85,432,128
+7.8
69,592,963
56,884,536
Fran. ,11
"
339,423,436
292,403,933
+ 17.0
252,441,516
208,973,857
Total
7th
Chicago—.18
"
584,316,194
501,350,632
8th
St.
4
"
176,534,029
174,837,882
9th
Minneapolis 7
"
137,921,131
120,336,616
Louis-
12th San
Total
112 cities
4,947,254,081
2,311,715,094
481,523,346
—23.6
330,123,377
We now add our detailed statement showing last week's
figures for each city separately for the four years:
N. Dak.—Fargo
S. D.—Aberdeen.
870,390
3,300,928
.
Helena
Total (7 cities).
"tenth
137,921,131
S
S
1934
Federal
S
Me.—Bangor
Portland...
Mass.—Boston
% +
$
Reserve Dist rict—Boston
562,559
2,547,743
237,462,604
684,915
..
Fall Illver
Lowell
411,869
618,485
—9.0
520,575
+ 31.1
240,001,676
—1.1
1,862,012
206,437,654
+ 14.0
568,096
1,943,112
Worcester..
Conn.—Hartford
322,649
+ 27.7
863,328
Springfield
1,221,940
—29.3
632,533
109,418
52,760
82,303
+ 0.2
35,717,281
1,977,957
—8.0
3,781,416
2,796,556
+ 35.2
112,443,963
3,303,283
799,023
689,518
108,021,001
3,253,354
735,512
1,194,129
+ 8.6
2,515,030
35,808,684
1,782,266
3,389,711
93,930,649
3,275,705
729,752
—42.3
546,558
3,236,101
610,990
534,723
163,827,182
156,963,545
+4.4
142,161,249
123,611,502
1,033,082
44,971,092
5,675,302
2,329,000
..
Pueblo
+ 25.3
2,441,334
2,083,762
1,715,597
11,031,651
+ 26.3
1,429,090
1,095,501
+ 3.8
10,472,693
8,018,569
Total (10
492,186
2,597,711
11,381,761
100,591
3,012,541
+ 5.6
+4.1
+ 1.5
1,853,899
30,251,708
2,017,228
2,435,290
82,509,385
1,672,940
3,255,238
2,167.328
New Bedford-
City
+ 7.1
521,094
336,808
as
3,018,825
37,719,477
1,819,355
St. Joseph
Colo.—Colo.
167,380,293
600,790
101,682,341
—6.3
Wichita
427,557
117,438,844
142,078
...
Mo.—Kans. City
First
+14.6
581,825
113,136
Omaha
1935
Dec.
433,483
2,690,382
749,693
+ 8.8
133,098
Kan.—Topeka
Inc. or
1936
676,749
3,258,827
+ 3.8
121,224
.
—
Lincoln
Clearings at—
+ 5.6
+28.0
Reserve Dis trict—Kans
Federal
Neb.—Fremont
Hastings
+8.8
82,959,878
24,738,410
2,033,712
120,336,616
2,767,088
983,636
Mont.—Billings
3,021,575
+ 17.3
2,579,168
31,706,308
+ 47.2
2,543,297
867,579
824,110
93,668,966
St. Paul
Week Ended Sept. IS
1937
3,140,760
79,828,434
30,553,268
4,623,761
.
Minneapolis
303,483,548
367.864,936
32 cities
Reserve Dis trict—Minn eapolis
Ninth Federal
Minn.—Duluth.
1,941,227,976
6,803,937.597
2,980,639,555
Outside N. Y. City
Canada
6,117,828,603
2,793,176,444
+ 5.7
+ 6.7
7,191,227,464
(4cities).
cities)
228,773
Eleventh Fede ra!
Reserve
District—Da lias—
1,556,098
..
Dallas
Ft. Worth
1,418.179
+ 9.7
882,360
71,718,108
7,900,415
5,506,000
Texas—Austin
/
67,177,376
+ 6.8
7,435,177
+ 6.3
44,896,691
17,265,778
3,158,000
Haven.._
4,108,281
3,377,396
+ 21.6
3,217,504
2,795,635
4,498,000
+ 22.4
R. I.—Providence
16,583,500
8,392,700
6,ln6,200
Wichita Falls..
1976,878
855,291
+ 14.2
800.196
575,950
12,895,600
435,185
+ 28.6
N. H.—M anches" r
+ 32.3
386,447
369,460
La.—Shreveport.
4,400,045
4,048,105
+ 8.7
2,598,938
2,876,060
Total (12 cities)
280,605,076
276,761,792
+ 1.4
236,697,446
191,241,970
Total (6 cities).
92,057,544
85,432,128
+ 7.8
69,592,963
56,884,536
Feder al Reserve D istrict—New
York-
New
Second
N.
Y.—Albany
Elrnira
Jamestown
New
20,157,757
947,598
+ 52.0
1,054,300
5,509,908
821,828
40,200,000
+ 5.2
34,000,000
25,784,085
771,249
—10.3
954,657
Buffalo
—29.8
1,440,412
42,300,000
691,645
—
Binghamton
701,568
+ 36.1
14,153,282
York
4,210,587,909 4,010,761,153
8,420,525
7,459,392
5,284,146
5,126,952
Westchester Co
3,153,036
2,852,261
Conn.—Stamford
4,627,473
3,772,258
10,044,725
Galveston
Twelfth Feder al Reserve D
630,814
623,801
512,707
Ore.—Portland
Rochester
+ 12.9
6,219,437
5,212,894
Utah—S. L. City
+ 3.1
3,489,080
2,962,988
Calif.—L'g Beach
+ 10.5
1,948,504
1,376,886
Pasadena
+ 22.7
2,997,051
2,701,916
San
J.—Montclair
Newark
Northern N. J.
382,903
19,249,325
32,232,088
Wilkes-Barre..
York
N. J.—Trenton-
Fedei
Ohio—Canton
San Jose.—w
3,023,929
Santa Barbara.
1,689,999
2,632,760
1,865,939
2,880,216
—9.4
Stockton-
—8.6
1,824,755
339,423,436
292,403,933
+16.0
252,441,516
208,973,857
+4.5 3,920,723,784 3,097,391,224
Total (11 cities)
Grand
351,663
+ 26.2
322,736
344,995
+ 82.2
302,160
245,187
279,315
299,760
1,338,430
340,000.000
1,316,646
384,000,000
+ 1.7
—15.7
1,030,068
330.000,000
(112
total
7,191,227,464 6,803,937,597
+5.7 6,117,828,603 4,947,254,081
2,980,639,555 2,793,176,444
+6.7 2,311,715,094 1,941,227,976
283,000,000
1,350,209
2,168,952
885,207
1,761,241
2,682.000
1,194,934
+ 13.0
1,048,546
2,572,215
+ 15.7
2,095,868
880,480
+0.5
1,621,719
3,607,000
+8.6
879,709
1,203,872
—25.7
4,073,000
cities)
Outside New York
850,076
1,102,364
2,171,129
Week Ended Sept. 16
Clearings at-
821,044
Inc. or
928,076
2,194,000
1937
351,460,640
396,069,844
—11.3
341,235,274
291,711,444
al Reserve D istrict—Clev eland-
Toronto
X
X
$
X
S
121,825,736
109,753,180
49,541,918
19,280,358
15,372,500
6,247,359
2,616,818
—
Winnipeg
X
1936
Vancouver
77,972,750
68,556,954
+ 13.7
50,236,006
41,754,018
130,906,789
103,362,155
+ 26.6
69,312,439
60,132,565
Columbus
Quebec
12,819,100
13,337,900
—3.9
9,201,800
8,808,200
Halifax
Mansfield
2,250,764
2,006,989
+ 12.1
1,313,789
1,088,638
Hamilton
6,660,334
Calgary
5,385,436
1,912,621
1,795,653
2,905,060
3,879,960
X
..
X
X
X
X
Pa.—Pittsburgh.
158,120,338
134,624,505
+ 17.5
99,152,246
80,430,600
Total'(5 cities).
382,069,741
321,888,503
+ 18.7
229,216,280
192,214,021
Ottawa
Reserve Dist rict—Rlchm ond—
Richmond
S. C.—Charleston
330,049
+ 24.9
169,396
166,558
1,999,000
+ 33.0
1,977,000
2,330,000
45,317,389
+ 9.5
39,918,518
40,994,489
1,582,996
76,367,680
24,286,445
1,478,182
82,882,389
21,505,418
+7.0
898,405
—7.9
60,342,626
+ 12.9
17.995,571
1,039,395
52,453,798
14,066,876
—11.4
83,860,396
—40.9
23,716,070
18,327,193
—18.7
+30.0
—16.1
1935
S
112,275,492
83,337,410
57,642,670
16,651,105
13,731,769
4,088,361
2,233,228
4,423,000
5,918,916
1,731,971
1934
*
m
104,309,815
82,037,626
50,664,981
s
15,265,587
4,284,913
3,845,571
5,425,738
395,872
416,795
Lethbridge
607,205
534,554
+ 13.6
573,778
508,269
1,474,447
2,239,129
—34.2
1,718,009
1,724,557
—34.1
654,280
644,194
London
,
Regina
412,128
2,659,000
49,644,968
Va.—Norfolk
%
—29.4
Brandon
St. John
Edmonton
W.Va.—Hunt'ton
172,633,757
123,870,000
Dec.
4,804,941
2,929,325
4,412,234
8,897,900
2,330,469
1,638,328
3,274,516
4,282,351
10,732,450
Victoria
Fifth Federal
-
2,544,027
1,224,132
X
+ 30.7
4,082,693
Cleveland
Youngstown
2,189,045
275,349
14,715,295
*280,000
X
Cincinnati
2,582,633
30,867,462
Montreal
Fourth
+ 25.7
350,000
15,584,424
202,788,000
Francisco.
Canada—
Total (10 cities)
161,325,000
12,377,263
37,758,191
320,387
Scranton
+24.6
+ 9.5
-1-66.5
+ 1.7
510,271
..
+22.2
3,880,411
5,122,663
4,250,963
8,764,000
757,820
28,378,911
—25.2
*230,000
443,943
Lancaster
—9.5
26,317,741
18,929,711
Reserve Dist rict—Philad elphia
Philadelphia
Reading
11,637,000
864,233
34,871,105
14,406,871
3,395,777
2,609,993
143,660,000
43,090,813
Third Federal
Chester
+ 17.6
+ 35.0
4,343,477,401 4,155,000,712
Bethlehem
1,362,730
40,963,478
17,026,933
4,111,661
122,663,397
2,359,397
1,102,248
1,481,402
Total (13 cities)
Pa.—Altoona
35,403,623
13,981,000
37,063,513
20,801,264
_.
Syracuse-
N.
SCO—
+ 13.6
—16.4
1,603,217
Yakima
+ 5.0 3,806,113,509 3,006,026,105
Francl
41,982,636
11,683,000
Spokane
533,749
.
strict—San
47,705,364
Wash.—Seattle
x
Saskatoon
—10.7
+ 51.0
—39.5
—17.9
+ 9.6
—11.3
—9.4
—49.4
—5.0
1,613,826
2,603,023
4,049,737
6,776,243
306,004
2,132,071
3,821,100
6,097,644
1,576,053
1,346,899
2,343,648
3,974,021
9,553,537
349,977
D.C.—Washing'n
Total (6
cities)
_
Sixth Federal
Tenn.—Knoxvllle
153,512,427
121,301,516
Macon
Ala.—Birmlng'm
Mobile
_
Vicksburg
La.—New Orl'ns.
963,249
937,521
694,532
701,060
954,121
—1.7
805,519
711,949
775,848
694,205
—10.5
453,514
+ 1.0
275,842
568,194
397,942
258,155
499,470
298,840
659,971
609,541
Fort
William
+ 7.1
4,780,2S0
4,046,076
19,051,102
62,100,000
+ 18.1
+ 16.5
+ 4.2
3,359,055
15,123,367
48,100,000
2,521,246
11,862,464
40,700,000
947,842
689,276
10,859,000
14,167,508
1,075,738
1,540,444
1,421,935
16,931,000
23,351,436
15,054,000
+ 10.9
+ 14.3
+ 12.5
23,195,033
+0.7
1,310,739
997,313
11,862,000
19,389,557
1,894,883
+ 4.6
1,626,813
X
1,389,038
1,244,308
X
X
X
295,512
694,870
704,888
—1.4
792,363
616,079
+28.6
534,884
1,201,155
2,824,589
499,068
768,675
573,652
587,509
477,540
1,101,594
1,368,369
2,609,992
—12.2
1,007,673
931,084
+ 8.2
441,499
+ 13.0
2,061,086
369,717
1,897,102
355,403
367,864,936
Kitchener,
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
735,758
766,018
+0.3
765,620
661,844
658,888
446,075
—12.9
619,931
605,617
+81.7
391,015
370,433
409,431
938,434
+ 16.6
+ 17.4
431,631
727,858
393,262
674,627
481,523,346
—23.6
330,123,377
303,483,548
X
203,961
47,479,655
262,985
—22.4
111,727
41,142.158
+ 15.4
31,376,995
121,776
26,590,337
184,581,873
169,379,583
+9.0
133,257,566
109,535,187
Medicine Hat
Sherbrooke
1,981,843
Augusta—
Fla.—Jacksonv'le
111,051,116
635,101
Brantford
Peterborough
64,700,000
Ga.—Atlanta
+0.9
Reserve Dist rict—Atlant a—
22,191,319
Nashville.
Miss.—Jackson.
154,953,217
Moose Jaw
New Westminster
Md.—Baltlmore.
Total (32
*
cities)
Estimated,
x
Figures not available.
Financial
2014
THE
We
GOLD
ENGLISH
AND JSILVERT
the following from
reprint
MARKETS^
of
Sept. 1, 1937:
GOLD
against notes amounted to £326,406,-
The Bank of England gold reserve
626
with Aug. 18.
In the
of bar gold of¬
Aug. 25, showing no change as compared
on
open
market
fered
at
general demand absorbed about £1,100,000
a
the daily fixing during
the week.
In sympathy with the firmer'
recorded last
week, but continued to rule at about dollar parity.
The SS. "Cathay,"
which sailed from Bombay on Aug. 28, carries gold to the value of about
£270,000.
The Southern Rhodesian gold output for July, 1937 amounted
to 67,093 fine ounces as compared with 66,330 fine ounces for June, 1937,
tendency of the dollar, prices recovered from the low level
1936.
and 66,652 fine ounces for July,
Per Fine
—
—
-
-----
—
19.854d.
The highest rate
12s.
12s.
12s.
12s.
12s.
12s.
12s.
2.07d.
1.98d.
1.72d.
1.55d.
1.72d.
1.59d.
1.77d.
Sat.,
Sept. 18
Marconi
& Invest.
Cons Goldfields of S A.
Crown Mines
...
Courtaulds S & Co
more
was
activity during the past week and prices moved sharply
by the Indian bazaars where, following
of silver from Shanghai to Hongkong, there
reports of large shipments
appeared to be some apprehension that this silver might be placed upon the
£15%
105/9
19/3
26/6
5/3
2/3
174/165/-
Geduld
(E)
Geduld Prop Mines
Gold Exploration
&
prices today being 19%d. for cash and 19 ll-16d.
a recovery,
for two months
The low rates attracted support from America
delivery.
York; the demand thus occasioned for
for
Aug. 31, but
spot delivery resulted in the cash quotation being quoted at a premium
the first time since March last—the premium was
decreased to l-16d.
%d. on
At the moment the tone of the market is
Sept. 1.
on
steadier, but the immediate outlook is rather uncertain, depending largely
lmp Tob of G B & I..
PS
IM
Lake View
South Gold
DAY
Rand Fr Est Gold
IN
LONDON
Cash
NEW
YORK
Unllever
(Per Ounce .999 Fine)
United Molasses
19^d.
Aug. 26
45 cent®
West Rand ConsolM..
I9%d.
Aug. 27_-
45 cents
West
Aug. 28
19 3-16d.
19 3-16d.
Aug. 28—-
45 cents
Aug. 30-
19Hd.
19%d.
Aug. 30
19Hd.
19^gd.
Aug. 31
19 ll-16d.
Sept.
—
1 —.-19Md.
19.490
£43%
£5hz
7/6
202/6
200/59/-
59/9
30/£7%
30/7%
£43
£5%
7/6
202/6
58/39/9
160/29/6
59/40/158/9
29/9
39/4%
155/29/3
30/7%
£7%
155/28/3
£7%
66/3
68/9
68/9'
£43%
£5%
7/3
37/9
38/1%
19%d.
£7h6
£7
£7
65/7%
£42%
£5532
7/6
200/-
155/27/3
19^d.
Sept.
18/76/3
14/48/9
8/197/6
58/-
Ltd
Aug. 26.
Average
17/6
76/3
14/6
48/1%
£41H
£5
Corp
Aug. 27
Aug. 31
17/6
76/3
14/46/10^
65/-
Cop M_
Transport
Gold M_._
Union
4/3
30/148/148/1%
17/3
£6%
Roan Antelope
Triplex Safety Glass
Std.-
2 Mos.
170/-
,
4/3
4/3
29/6
30/6
146/9
150/146/10H 149 4%
76/3
13/3
46/3
Rand Mines
So Kalgurli
-Bar Silver per Oz.
2/1%
172/6
167/6
165/-
17/3
Sub Nigel Mines
IN
5/3
2/1%
£15%
108/19/9
26/6
5/1%
2/1%
172/6
170/-
76/13/3
45/-
Box
Palmietkuil Gold M
Shell
Quotations during the week:
25/1 J*
435/75/258/9
62/6
HOLI-
Kalgoorlie.
Mines of
Metal
fi2/9
£16%
107/6
21/3
27/5/1%
2/1%
172/6
£15%
106/9
21/3
26/1%
5/1%
4/3
'4/3
29/6
29/6
143/1%
143/9
143/9 V" 144/7%
Royal Dutch Co
the attitude of the Indian bazaars.
435/74/4H
256/3
■■
Hudson Bay Mln & Sm
brought about
upon
A
110/7H
7/-
420/73/9
252/6
52/4%
170/-
Gaumont Pictures ord.
Frt.,
Sept. 24
Thurs.,
Sept. 23
111%3
7h
105/6
19/9
the nervousness subsided and bear covering purchases
and shipments were made to New
by cable
110/7%
7/1)4
£15%
Distillers Co
Finance of Australia.
but subsequently
109/4MJ
7/420/73/9
252/6
51/6
Beers
De
Quotations had fallen to 19 3-16d. for both deliveries by Aug. 28,
market.
Wed.,
Sept. 22
Tues.,
Sept. 21
Mon.,
Sept. 20
110/7/420/68/9
250/51/3
Ford Ltd
There
downwards under pressure of selling
EXCHANGE
LONDON STOCK
British Amer Tobacco.
Canadian
31/3
30/7%
Witwatersrand
£7%
Areas
£8
£8
---_45 cents
45 cents
1——
—
STOCK EXCHANGE
BERLIN
THE
__45 cents
19.458
The highest rate of exchange on New York recorded during
the period
Closing prices of representative stocks
each day of the past week:
as
received by cable
Aug. 26 to Sept. 1
was
Sept.
$4.98K and the lowest 84.96.
Sept.
Sept.
Sept.
20
21
22
Sept.
Sept.
18
from
cents
the period
Quotations of representative stocks as received
each day of the past week:
Central Mln
cents
cents
cents
cents
cents
8 was $4.96% and the lowest $4.94
Electrlc & Musical Ind.
SILVER
-
—
Sept.
Sept
Sept.
Sept.
of exchange on New York recorded during
from Sept. 2 to Sept.
THE
YORK
(Per Ounce .999 Fine)
1
---45
2
45
3
45
445
6----45
7
45
Sept.
Sept.
19Md.
19 13-16d.
19 13-16d.
19 13-16d.
19 15-16d.
19^d.
19.833d.
19%d.
19 13-16d.
19Kd.
19 13-16d.
19 15-16d.
19 15-16d.
of £ Sterling
139s. 7d.
-.-139s.
8d.
139s. lid.
140s.
Id.
139s. lid.
-140s.
y2 d.
-139s. 10.42d.
.-
-Bar Silver per Oz. Std.Cash
'
2 Mos.
Sept.2
Sept. 3
Sept. 4
Sept. 6
Sept. 7—
Sept. 8--Average
NEW
IN
LONDON
IN
Equivalent Valxie
Ounce
Quotations:
Aug. 26Aug. 27Aug. 28
Aug. 30
Aug. 31
Sept. 1
Average
Quotations during the week:
the weekly circular of
& Co. of London, written under date
Samuel Montagu
Sept. 25, 1937
Chronicle
23
24
-Per Cent of Per
We have also received this week the circular written under
Sept. 8, 1937:
GOLD
Sept 1 showing no change
In
the open market about
£1,500,000 of bar gold was available at the
was
mostly taken for shipment to America.
Owing to the firmer tendency of the dollar the price showed
but continued to rule at about dollar parity.
Equivalent Value
Ounce
140s.
—;
of £ Sterling
1.59d.
12s.
yd.
-140s. 3d.
-
Sept. 7
—
Sept. 8
12s.
,140s. 3d.
registered from midday
on
Imports
Germany
Netherlands
Belgium..
•
Exports
£1,286,635
SS.
gold,
Sept. 6:
on
United States of America. £1,974,547
Britsih India
Finland
France
2,565
213,331
812,228
28,614
11,259
40,000
9,556
British India
Switzerland
Other countries—
Kingdom imports and exports of
Aug. 30 to midday
£162,570
6,512
Tanganyika Territory
Kenya
13,000
22,367
57,620
21,140
101,441
2,081
-
Netherlands--
—
Yugoslavia.
Other countries..
£265,000.
SILVER
1
As the result of continued American support and of
greater reluctance
on
the part of sellers, prices continued almost daily upon the
upward trend,
quotations yesterday reaching 19 15-16d. for both deliveries
with
19% d. for cash and 19 ll-16d. for forward
letter.
Indian
operators
have shown
signs
at
as
compared
the date of our last
of regained
confidence
while they have worked both ways during the past
week, sales have
and,
probably
very
close to the American price parity and there would
justify the expectation of
seem
little to
any w'oe movement in either direction.
The following were the United Kingdom imports and
exports of silver,
registered from midday
on
Aug. 30 to midday
on
British Guiana
Irish Free State
Canada
France
Belgium
Germany
British India
Aden
Egypt
Germany
9,859
Denmark
7,973
—
*
Arabia
11,795
Other countries—
Sweden
491
Norddeutscher Lloyd
Reichsbank (8%)
;
Straits Settlements
Other countries
£68,958
Coin at face value.
a
118
118
120
120
120
122
123
123
123
150
151
153
152
127
128
128
113
113
113
114
161
163
164
164
153
154
155
155
158
158
159
159
84
86
87
119
122
123
123
86
86
206
87
206
206
228
230
83
83
120
85
206
206
230
— ——
Rhelnlsche Braunkohlen (8%)
Salzdeturth
(6%)
Siemens & Halske
162
212
212
(8%)
TREASURY
205
128
88
161
163
165
164
212
213
216
215
HOLDINGS
MONEY
The
from the daily Gov¬
holdings of the
business on the first of June,
1937:
following compilation,
ernment ' statements,
shows
Treasury at the beginning of
July, August apd September,
made
Holdings in V. S. Treasury
July 1, 1937
Aug. 1 ,1937
Sept. 1, 1937
$
S
$
June
1,1937
the
$
up
money
Net gold coin and bullion. 1,250,329,931 1,583.626,713 1,714,186,143 1,839,778,147
Net silver coin and bullion
449,096,580
409.038.517
434,846,105
436,417.326
2,704,566
506.816
2,840,293
467 026
591,671
Net Federal Reserve notes
15,038,980
208,240
6,230.799
13,755,310
565,578
14,285,830
257,048
5,202.106
7,286.797
6.457.577
5,633,665
7,028.891
Net Fed. Res. bant notes.
Net subsidiary sliver
Minor coin, &c
Total cash In Treasury.
Less gold reserve fund
....
Coin not of legal tender in the United
£87,011
Kingdom.
2,996,094
778,993
14,271,225
375,870
5,372,060
5.721,667
2,022,822.631 2,162,351,205
account
Treas'y bonds,
Treasury notes and cer¬
tificates of indebtedness
Dep. in Fed. Res. banks
192,119,000
111.304,127
649,462,000
141,337,926
247.092,155
685,316,000
167,558,596
13,228,804
31,751,502
1.962,484
2,761,659
19,114,610
29,202,614
12,397,045
30,695.986
14,979,478
29,763,341
1,657,514
2,605,799
1,964,788
2,837,021
1,478,808
2,967,617
500,915,000
Dep. in National banks—
To credit Treas. U.S..
To credit dlsb. officers.
Cash In Philippine Islands
Deposits in foreign depts.
cash
in
Deduct current
£18,678
a3,597
al5,590
a 1,389
17,380
1,650
19,905
4,990
3,832
2,032,709
1,718.723.455 2,021,953,120 2,178862,062 *2318390,636
156,039,431
156,039.431
156,039,431
156,039,431
Cash balance In Treas.. 1,562,684.024 1,865,913,689
Dep. In spec'l depositories
Treasury
labilities.
1,915,811,500 2,709,294,152 2,818,724,626 3,064,415,045
162,224,194
155,820,254
179,820.241
162,264,140
Available cash balance. 1.753.547.360 2.553.473,898 2,638,904.385 2,902,190,851
*
Includes
not Included
on
Sept. 1 $397,031,204 sliver bullion and $3,315,896 minor, &c., coin
in statement "Stock of Money."
CURRENT
—At
*
117
119
-121
(4%%)
and In banks
Exports
£19,210
*12,000
*2,590
5,040
168
117
84
Mannesmann Roehren
Net
Sept. 6:
Imports
Japan-—-.
134
168
81
..
represented the liquidation of purchases made recently at lower prices.
At to-day's level of 19 15-16d. for cash and 19 J^d. for forward,
quotations
are
127
134
Net United States notes..
Net National bank notes.
£2,192,196
'
Rajputana which sailed from Bombay on Sept. 4 carries gold
to the value of about
127
133
168
126
151
128
113
160
154
159
Hapag
12s. 1.39d.
i.
British West Africa.
121
(5%).122
Deutsche Erdoel (6%)
152
Deutsche Retchsbahn (German Rys pf 7%).128
Dresdner Bank (4%)
113
Farbenlndustrle I. G. (7%)
162
Gesfuerel (6%)
154
Hamburger Elektrizltaetswerke (8%).
12s. 1.16d.
140s. 2.92d.
—
The following were the United
118
Dessauer Gas (7%)
Deutsche Bank und Dlsconto-Gesell.
127
133
168
12s. 1.38d.
1.42d.
140s. 5J^d.
---------
Average
127
134
168
117
119
122
12s. 1.38d.
-140s. 3d.
—
12s. 1.38d.
-140s. 2^d.
—
Sept. 4Sept. 6—
The
advance,
an
Quotations:
Per Fine
Sept. 2-—
127
-—134
168
Commerz-und Prlvat-Bank A. G. (5%)
compared with the previous Wednesday.
as
daily fixing during the week and
Sept. 3
(6%)
Berliner Kraft u. Licht (8%)
The Bank of England gold reserve against notes amounted to £326,406,625
on
Allgemeliie Elektrlzitaets-Gesellschaft
Berliner Handels-Gesellschaft
date of
a
NOTICE
meeting of the Board of Governors of the New York Security
Dealers Association,
Tracy R.
Engel of Swart, Duntze & Co., Inc., 40
Exchange Place, New York City,
was
elected to active membership.
Financial
145
Volume
f Includes
DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of May 31,
1937, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1936:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
COMPLETE PUBLIC
31,
May
Add or
or
under disbursements on
1937
belated Items
$
,
outstanding obligations:
obligations
checks.
Matured Interest
Discount
_—
certificates
accrued on War Savings
warrant checks
Settlement on
Total
Balance,
deficit (—) or
surplus (+)
2,331,810,709
no, ono
25,021,262
513,689,635
3,702,710
1,515,080
550,574,534
543,928,687
...__ + 1197553,056 +1787,882,022
25,414,463
520,652,110
3,619,595
888,366
—
Disbursing officers'
6 Does
INTEREST-BEARING DEBT
OUTSTANDING
Interest
May 31, 1937
Payable
Q.-M.
489,087,100
454,135,200
352,993,950
544,914,050
818,646.000
755,476,000
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
Aggregate of
Interest-bearing
Matured, Interest
ceased
surplus or add
tions of foreign
32,777,720.74.
was
governments or other
THE
UNITED
Amount of
Principal
Detail—
Guaranteed by the
Corp.:
bonds of 1937.-1
254% bonds of 1942-47
1%% bonds of 1939
1 M%
3% debentures....
2,153,000,000
MAY 31,
1937
325,254,750.00
3*309,819.14
g3004,456,482.04
..
84,478,000.00
704,761.22
85,182,761.22
Berles K
..
...
165,706,666.67
1,147,200.00
166,853,866.67
250,184,666.67
1 %% notes,
1,851,961.22
c252,036,627.89
of the United States:
Secretary of Agriculture
Postal Savings System:
Funds due depositors
4,684,437,028.52
Total, based upon
United States
Includes only bonds
After deducting
States to meet
c
thereon,
...e4,212,076,458.25
deposited with the Treasurer of the
United
Interest payments.
and Government and Governmentface value of $1,087,516,710 held as Investments, and
amounting to $72,303,694.92
other assets.
circulation, exclusive of $11,340,051.75 redemption fund deposited
in the Treasury and $276,019,500 of their own Federal Reserve notes held by the
Issuing banls.
The collateral security for Federal Reserve notes issued are (1)
$4,538,132,130 in gold certificates and credits with the Treasurer of the
States payable in bold certificates, (2) United States Government securities of a
e
In actual
United
face value of
$20,000,000, and (3) commercial paper
11
Sept
7
Sept
21
Jan
11%
27%
Aug
Sept
1.50
Mar
Sept
75c
Jan
Sept
1%
22%
16c June
72% c
Jan
18c
Sept
60c
Feb
16%
6%
Feb
300
9% Sept
2% Sept
5% June
200
75c June
1.45
1%
200
30c
Jan
3,000
16
100
8
Sept
90c
Sept
Feb
1% May
Jan
37%
Jan
26
Mar
28%
Jan
23
Sept
35
Feb
39% Sept
10
300
2,400
50
1,000
8,200
1
*
160
1,200
.2
900
May
104
4% Sept
5% Sept
Sept
35
18c
July
6% Sept
1% Sept
o;/8
5% Sept
i% Sept
32%
52%
Jan
Jan
Mar
107
8%
13%
Jan
Feb
July
50
87%c
Mar
10% May
3% July
Jan
9%
Feb
3%
70
Sept
56
Feb
29
Sept
48
Mar
200
700
10% Sept
20% Sept
34% Aug
26% June
600
Signal Oil A Gas Co A
Sontag Drug Stores
So Calif Edison Ltd
37
100
1
*
*
25
25
25
...25
pref A..25
Security Co units ben int.
25
June
100
3,000
35
500
36%
July
Sept
Sept
700
30%
36%
29%
29%
800
,
3%
Sept
3%
13%
20%
5,500
13
4,500
20%
9%
1,000
9%
9
*
25
10
18
32
300
com.l
50
Universal Consol Oil
Mar
300
com..*
Union Oil of Calif.
40
200
*
100
Calif..*
Mar
500
100
Warrants
So Calif Gas 6%
Feb
2.00
17% Sept
28% Sept
28% June
300
Co.-.IO
Lighting com
*
Roberts Public Markets.
Feb
80c
-
Sept
1,300
Apr
45
Sept
70c
Jan
23c June
July
13
1,400
4,800
Feb
97%c
52% c Sept
36,200
Feb
Mar
4%
Jan
3,500
Feb
10
Sept
lc
1,000
25
....-25
5%% pref
Jan
1.35
10
com..25
Rice Ranch Oil Co
Mar
11%
3,100
M 10c
1
Chollar G & S Mng. 1
Cardinal
Gold
Development.25c
5,500
6%
14%
32%
Jan
41
Feb
Jan
Jan
29%
28%
Mar
31
Aug
62%
49%
Mar
5
Feb
Feb
Aug
Sept
16%
2831$
Sept
18%
July
Sept
13%
Apr
Sept
Feb
50
*
-.
of a face amount of $19,886,000.
22c
18c
Sept
23c
23c
100
20c
Sept
82% c
1%C
2c
2%c
200
1%C
l%c
Apr
Jan
2%c
Feb
Mar
9c
Feb
42%
2%
42%
2%
42% Sept
2% Sept
68%
53
•43
2734
6254
Mar
54%
17%
12%
Mar
Jan
19c
2c
2
—5
General Electric Co
*
New York Central RR
*
North Amer Aviation
1
Packard Motor Car Co
*
Radio Corp of America
*
Seaboard Gil Co of Del
*
Texas Corp
25
Tide Water Assoc Oil...10
United Corp (Del)
*
Electric Bond & Share
U S Steel
*
Corp..
No par
value.
.*
39c June
19c
23c
l%c
2%c
Unlisted—
Cities Service Co
Commonwealth & Sou...
1937—figures as of May 31, 1937, not available. Offset
by cash in designated depository banks and accrued interest amounting to $133,287,406.72, which is secured by the pledge of collateral as provided In the regulations
of the Postal Savings System having a face value of $136,674,168.25, cash In pos¬
guaranteed securities with a
Sept
Feb
Pacific Finance com
Anaconda Copper
accrued Interest
of March 31,
session of System
Feb
18%
30%
600
D....1
5
1
Oceanic Oil Co
1
Olinda Land Co
1
Pacific Clay Products
*
Pacific Distillers Inc
1
Imperial
issued and outstanding.
not Include
d Figures as
70
6,780
Occidental Petroleum
Republic Petroleum
Jan
Sept
3,400
Nordon Corp Ltd
Pacific Public Serv
Mar
Sept
47%
11%
421
100
Industries...2
Investment-10
preferred
Mar
1%
Jan
200
Mt Diablo Oil M &
6%
Jan
Mar
460
1,600
.....1
Mensaeo Mfg Co
1
Mid-Western Oil Co
10c
Cons
$3,605,000,000 face amount of notes and
held by Treasury and reflected In the public debt.
Does
32% Sept
11% Sept
_
Pacific
Jan
Feb
1,300
Motor 1
Lincoln Petroleum Co.-10c
Lockheed Aircraft Corp. 1
6% 1st pref
Sept
60c
Feb
12%
17%
24%
64%
19%
300
Mining—
amounts of funds
14
Feb
135
500
Wellington Oil Co
amount)
*
Feb
4%
200
Blk Mammoth Cons
a
43
Jan
1,303,284,611.56
Other Obligations:
Fed. Res. notes (face
Sept
1% Sept
02% Sept
8% Sept
12% Sept
13
Kinner Airplane &
Sunray Oil Corp
Transamerica Corp
credit of the
26
500
1
Standard Oil Co of
1,271,760,172.10 31,524,439.46 dl303,284,611.56
Apr
700
Southern Pacific Co
On Credit
42%
300
Holly Oil Co
1
Hudson Motor Car Co...*
5% % pref C
Total, based upon guarantees..
Sept
3,100
1
Farmers & Merch Natl. 100
General Motors com
10
General Paint Corp com..*
Gladding-McBean & Co..*
Globe Grain & Milling..25
Hancock Oil Co A com
*
Exeter Oil Co A com
6% pref B
Authority.
30
100
Douglas Aircraft Co
Emsco Derrick & Equip..5
Original pref
Tennessee Valley
Feb
100
Ryan Aeronautical Co...
Corp.:
2% notes, series H
356,357,194.14
16c
800
Richfield Oil Corp com
f2,987,121,025.00 17,335,457.04
Reconstruction Finance
49,821,037.25
Sept
1,000
Mascot Oil Co..
1,018,180,277.94
1,204,745,815.73
50,097,406.98
Jan
5c
175
Consolidated Oil Corp
Los Angeles
90,533.45
711.02
3%
7%
500
Claude Neon Elec Prods
Los Angeles
863,235,047.46
98,701,185.12
239,162,331.60
22,407,168.40
103,850,195.06
100,497,457.50
Apr
Sept
Sept
100
Consolidated Steel pref
of obliga¬
Jan
90c
1%
2%
100
5
Holly Development
9%
Sept
600
100
Corp
July
38c
700
.10
Buckeye Union Oil pf v t cl
Chrysler
3%
300
Chapman's Ice Cream
120,881,020
12,381,008,450
1, 1937
High
Low
3,100
1
1
Co.1
Central Investment
Contingent Liability
Interest
Total
2,539,102.94
10,943,190.73
254,406.98
288,937.25
Range Since Jan.
Week
Pacific Indemnity
Corporation:
bonds, series A, 1944-52
1,015,641,175.00
254% bonds, series B, 1939-49.-1,193,802,625.00
1 54 % bonds, series D, 1937....
49,843,000.00
2% bonds, series E, 1938
49,532,100.00
1%% bonds, series F, 1939
325,254,750.00
254 % bonds, series G. 1942-44.
353,047,375.00
3%
Price
Bolsa-Chica Oil A com.
5%% 1st pref
Loan
Home Owners'
Sales
Calif Packing com
5,668,885.14 1,427,853,385.14
89,822.43
Stock Exchange
compiled from official sales lists
both inclusive,
Par
Stocks—
Pacific Gas & Elec
Administration:
Teletype L.A. 290
Friday
Berkey & Gay Furn
195,834,525
93,495,637
672,585.12
2,680,131.60
82,168.40
709,095.06
375,457.50
•1,422,184,500.00
Los Angeles
Sept. 18 to Sept. 24,
Barnhart-Morrow Consol.
1,149,447.46
100,122.000.00
San Francisco
Los Angeles
523 W. 6th St.
of Trade
Stock Exchange
Chicago Board
Stock Exchange
Bandini Petroleum Co
a
862,085,600.00
98.028,600.00
236,482,200.00
22,325,000.00
103.141,100.00
3% bonds of 1944-49
3 H% bonds of 1944-64
3% bonds of 1942-47
Lot Angeles
for
United Stales:
Federal Farm Mortgage
Federal Housing
STATES,
MEMBERS
Exchange
New York Stock
Shares
b No reduction is made on account
Investments.
OF
LIABILITIES
CONTINGENT
Wm.Cavalier & Co.
of Prices
Low
High
a Total gross debt May 31, 1937, on the basis of dally Treasury statements, was
335,212,807,987.68, and the net amount of public debt redemption and receipts
In transit, Ac.,
Boston Corp.
department of the First
Week's Range
b34,018,032,653 29,848,512,755
Net debt
of the municipal
Sale
a35,215,585,709 31,636,394,777
+ 1197553,056 +1787,882,022
Treasury deficit
manager
of their firm.
elected Vice-President
Last
debt...............34,593,555,261 30,822,488,082
...
512,342,213
634,106,410
...
109,688,235
179,800,285
Total debt
Deduct Treasury
that Horace L. Commer
Mr. Commer was formerly
Knight & Co., Chicago, announce
—Bartlett,
has been
491,377,100
....
Bearing no Interest
general factors.
2,611,155,700
1,214,453,900
1,223,496,850
A..
.........
B__—...........
C...—
formation
Packard Building,
general investment
securitie.. Mr. Carr, for 20 years a public utility executive, has been en¬
gaged in the brokerage and investment business for the past 12 years.
Mr. O'Brien has been active since 1911 in all departments of the brokerage
and investment business, specializing in recent years in research.
—Amos H. O. Brown, formerly President of Charles D. Brown & Co.,
Inc., of Boston, and now President of James Talcott, Boston, Inc., has been
elected a Vice-President of James Talcott, Inc., New York, textile and
1,036,762,000
188,295,448
351,765,973
188,339,550
Unclassified sales
—.——
49,293,830
3s Adjusted Service bonds of 1945..........
404,987,650
2kin Postal Savings bonds....
J.-J. 119,086,360
Treasury notes...........
................... 10,420,568,150
Treasury bills
—.—
— 2,553,475,000
bonds, series
U. S. Savings bonds, series
U. 8. Savings bonds, series
U. S. Savings
have announced the
opening of offices in the
will carry on a business in
Co. and the
The new firm
Philadelphia.
49,800,000
28,894,500
258,332,000.
758,955,800
49,800,000
3s convertible bonds of 1946-1947..
Q.-J.
28,894,500
Certificates of Indebtedness
303,143,000
4%s Treasury bonds of 1947-1952
...
A.-O. 758,955,800
3s Treasury bonds of 1944-1954
J.-D. 1,036,702,900
8«s Treasury bonds of 1946-1956
M.-S. 489,080,100
8%s Treasury bonds of 1943-1947
J.-D. 454,135,200
3%s Treasury bonds of 1940-1943
.J.-D. 352,993,950
3%s Treasury bonds of 1941-1943
M.-S. 544,870,050
3%s Treasury bonds of 1946-1949..
..J.-D. 818,627,500
3s Treasury bonds of 1951-1955
.........M.-S. 755,476,000
8%b Treasury bonds of 1941
.....—.F.-A. 834,463,200
4Hs-3ks Treasury bonds of 1943-1945.....
A.-O. 1,400,534,750
3%s Treasury bonds of 1944-1946...
.....A.-O. 1,518,737,650
3s Treasury bonds of 1946-1948. .....
J.-D. 1,035,874,900
3 %s Treasury bonds of 1949-1952
......J.-D. 491,375,100
2%s Treasury bonds of 1955-1960—..........M.-S. 2,611,112,650
234s Treasury bonds of 1945-1947......—....M.-S, 1,214,428,950
2Hb Treasury bonds of 1948-1951
M.-S. 1,223,496,850
2Hb Treasury bonds of 1951-1954............J.-D. 1,626,688,150
2^8 Treasury bonds of 1956 59
___.__M.-8. 981,848,050
2%s Treasury bonds of 1949-1953........—..J.-D. 1,786,504,050
3s of 1961
NOTICES
and Joseph L. O'Brien
—Henry P. Carr
of Carr O'Brien
May 31, 1936
$
held by Treasury
CURRENT
$
Title of Lean—
and accrued
$10,000,000 face amount of Series "H" bonds
and reflected in the public debt.
not include
Interest thereon,
1,753,547,360 2,358,422,241
—5,419,770 —26,611,532
.■
' •
1'
1,748,127,590
Deduct
outstanding, Funds have been
for payment of matured bonds
bonds issued and
only unmatured
deposited with the Treasurer of the United States
which have not been presented for redemption.
May 31, 1936
$
:
dally statements, <feo
Deduct—Excess or deficiency of receipts over
of month by
Balance ead
2015
Chronicle
2
14
14
6,500
14,000
42%
100
2%
2%
400
200
2
Sept
13% Sept
42% Sept
25% Sept
7% Sept
14
100
42%
25%
7}
7)
44
200
26%
200
8%
7%
600
9
9
10
27
27
27
50
50
50
100
50
Sept
16
16
16
200
16
Sept
4
Sept
42%
26%
7%
7%
4
85%
4
85%
7
Sept
1,300
8
June
12%
100
27
Sept
433
6434
213
100
4%
700
88%
200
85%
Sept
85
1173
Jan
Jan
Feb
Feb
Feb
Jan
Jan
July
Feb
Jan
July
2016
Financial
NATIONAL
The
Chronicle
Per
following information regarding National
banks
is
from the office of the Comptroller of the Currency, Treasury
Department:
BRANCHES AUTHORIZED
Sept. 11—Middlesex County National Bank of Everett, Everett, Mass.
Location of branch: 377 Main St., in the Town of Stoneham, Middlesex
County, Mass.
Certificate No. 1368A.
Sept. 16—National Bank of Washington, Tacoma, Washington, Tacoma,
Wash.
Location of branch: 400 South Cambrian St., in the City of
Bremerton, Kitsap County, Wash.
Certificate No. 1369A.
COMMON
CAPITAL
STOCK INCREASED
*
of XTICTBQ/SB
Sept. 10—The National Bank of Sanford, Sanford, N. C.
From
125,000 to $50,000
$25,000
Sept. 11—Middlesex County National Bank of Everett, Everett,
Mass.
From $500,000 to $600,000
100,000
CAPITAL
STOCK PAID
-v'1' '■ /*
/•'
IN
0'
•
•.
Sept. 13—Woodbridge National Bank, Woodbridge, N. J
-
jfii.VftOVL'tXX
$10,000
Commonwealth Edison Co_
bring
we
show
grouped in two separate tables.
In the
together all the dividends announced the
Then
we
follow with
dividends
the
a
second table in which
previously announced,
but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
News Department" in the week when declared.
pany
name
The dividends announced this week
are:
,
Per
Name
Acadia
Share
of Company
7Hc
Sugar Refining, 6% pref. (quar.)
10c
Air Associates, Inc. (quar.)
Extra
20c
$1H
Preferred (quar.)
Alabama Fuel & Iron Co
30c
American Bakeries Co
50c
Extra
__
A (quar.)
,
— ---
----
__
14*
2Uc
Oct.
Sept. 30 Sept. 23
Oct.
15 Sept. 30
Sept. 30 Sept.25
Oct.
1 Sept. 18
Nov. 30 Nov.
Oct.
30 Oct.
5
8
$2
25c
75c
Extra
Equipment Corp. (increased)
(quar.)
Sept. 30 Sept. 16
Nov.
Nov.
—
—
Oct.
Oct.
25c
- —
50c
75c
Aro
Oct.
25c
Oct.
(quar.)_
40c
Oct.
25c
—
Oct.
1 Oct.
20
1 Oct.
20
15 Oct.
1
1
Sept. 23
1 Sept. 21
1 Sept. 21
15 Oct.
1
1
Sept. 20
75c
Avery (B. F.) & Sons preferred (quar.)
Axelson Mfg. (initial, quar.)
Badger Paint & Hardware Stores (quar.)
Baker (J. T.) Chemical (quar.)
Preferred (quar.)
Baldwin-Duckworth Chain Corp
Barkers Bread, Ltd. (monthly).
5% preferred (quar.)
Bartgis Bros. Co. common
'
Preferred (quar.)
Baumann (L.) & Co. 7% preferred
—
Belmont Radio Corp
Berkshire Fine Spinning Assoc. (initial)
Birmingham Fire Insurance (Ala.)
Bobbs-Merrill Co., 4H% pref. (quar.)--- —
Oct.
1 Sept.20
Oct.
1 Sept. 20
15c
(initial)-
$1H
37Hc
Oct.
50c
(quar.)
Auto Vehicle Parts Co., 5H% 1st pref.
Oct.
25c
Oct.
Oct.
75c
Oct.
8c
62Hc
15c
37Hc
t$3H
50c
40c
40c
$1,125
40c
Co
Brandtjen & Kluge, Inc., 7% pref. (quar.).—
Brewer (C.) & Co. (monthly)
Bridgeport Hydraulic Co. (quar.)
Brinks, Inc. (quar.)
——
British Columbia Telephone, 6% (1st pref.)
6% 2d preferred (quar.)
Buckeye Steel Castings Co
6% preferred (quar.)
6H% preferred (quar.)
Buffalo-Insurance Co. (quar.)
— __
—
—
Extra
Burhkart (F.) Mfg. Co. (quar.)
$1
87Hc
1 Sept. 20
1 Sept. 22
30
30
30
30
Sept. 23
Sept. 23
Oct.
1
Sept. 20
Sept. 20
Sept. 25
Nov.
1
Oct.
Sept. 24 Sept. 23
Oct.
1 Sept.15
Oct.
1
Sept. 30 Sept. 27
1 Sept. 25
Oct.
1 Sept. 23
Oct.
25 Oct.
15 Sept. 30
$1H
$1H
$1H
20
Nov.
1
Nov.
1
Oct.
20
Nov.
3 Oct.
20
Nov.
3 Oct.
20
$3
$1
37Hc
68Me
Sept. 30 Sept
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
23
23
20
20
20
21
21
21
15c
Oct.
10c
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
$1H
$1M
—
8 Oct.
$1
Oct.
20 Oct.
$1H
Oct.
20 Oct.
75c
OOc
$1H
$2H
Sept. 29 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
4
9
9
22
20
20
17
10c
Oct.
$1H
$1M
$1H
-
Oct.
2 Sept. 16
Oct.
15 Sept. 30
Oct.
15 Sept. 30
Sept.
Sept.
Sept.
Sept.
30
20
20
30
50c
f 54.687c
1*46 He
_
10c
tl5c
$1H
f$l
$1H
$1H
t$lM
Oct.
Oct.
20 Oct.
Sept. 25
Sept.13
Sept. 13
Sept. 22
1 Sept. 27
1 Sept. 20
Oct.
Oct.
11
Oct.
1 Sept.
30 Oct.
Oct.
Oct.
1
1
22
7
50c
75c
Oct.
5 Sept. 29
1
Oct.
1
25c
Oct.
1
UH%
UH%
$1H
Oct.
Oct.
1
Oct.
15
Oct.
9
Oct.
9
25c
Sept. 28 Sept. 25
Nov. 10 Sept. 23
Sept. 27 Sept. 24
Sept. 27 Sept. 24
Oct.
1 Sept. 24
1 Sept. 24
Oct.
25c
Jan.
$1
15 Jan.
Oct.
87Hc
Oct.
2oc
4
1 Sept. 15
1 Sept. 15
Oct.
20 Oct.
5
25c
Oct.
20 Oct.
9
$1H
Oct.
1 Sept. 23
lUc
Detroit Gasket & Mfg. (quar.)
Diamond Portland Cement
Discount Corp. (quar.)
Divco-Twin Truck Co. common
Oct.
5 Sept.
25
Oct.
1 Sept. 25*
Sept. 30 Sept. 20
Dixie Home Stores (initial)
IOC
Dixon (Jos.) Crucible Co
Doehler Die Casting Co
50c
Oct.
25c
Sept. 30 Sept. 24
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Oct.
1 Sept. 21
$1
—
_
—
J5Uc
Preferred
Ml
— —,—
—.——-
tQ2y2c
5% preferred (quar.)
Dow Chemical Co
—
75c
-———-—
$1H
(quar.)
25 Oct.
Nov. 15 Nov.
Nov. 15 Nov.
9
1
1
Dravo Corp., 6% preferred
t$2
Oct.
1 Sept. 20
Dubilier Condenser Corp. common
loc
Oct.
8 Oct.
Eagle Fire Insurance Co. (Newark, N. J.)
Eastern Magnesia Talc Co., Inc. (quar.)
Easy Washing Machine Ltd., pref
Edison (Thomas A.), Inc. (quar.)
6H% preferred (quar.)
Elder Mfg. Co. (quar.)
8% 1st preferred (quar.)
5% cum. par tic. class A (quar.)
Electric & Musical Industries, Ltd
Emerson Drug Co. class A & B (quar.)
Preferred (quar.)
Emerson Electric & Mfg. preferred
Quarterly
Empire Trust Co. (N. Y.) (quar.)
15c
Sept. 30 Sept. 22
Sept. 30 Sept. 20
Oct.
1 Sept. 22
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Exolon Co—
$1
t35c
25c
$1 H
25c
$2
$1H
oOc
50c
■ --
t$3i h
$1M
25c
35c
25c
(Del.) (quar.)
$1,125
4H% preferred (quar.)
Family Loan Society, inc., $3H pref.
$3H preferred (extra)
Federal Mogul Corp.
Fiber board Products, 6% pref. (quar.)
Fiberoid Corp
Firestone Tire &
i
10%
—
Fairmont Creamery Co.
87 He
37 He
Oct.
1 Sept. 22
1 Sept. 22
Sept .27 Sept. 24
Oct.
1 Sept. 24
Oct.
1 Sept. 24
Oct. 15 Sept.25
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 18
Oct.
1 Sept. 18
Oct.
_
.
Co., Inc., $3 pref. (quar.)
preferred
Garlock Packing Co. common (quar.)
Gemmer Mfg. Co. class A- — --.—
General Mills (quar.)
15 Oct.
1
Nov
1 Oct.
16
Oct.
1
Sept.20
-- — --
Oct.
Oct.
1 Sept.
87 He
5oc
Jan.
3 Dec. 22
1 Sept. 16
5c
(Toms River, N. J.)
Quarterly
Franklin Process Co. (quar.).—.——
Fuller Mfg. Co., Kalamazoo, Mich
Oct.
50c
87 He
Rubber
First National Bank
35c
-
$1H
75c
Oct.
75c
Gair (Robert)
Gamewell Co.
20 Oct.
Oct.
5
22
2'Sept. 30
Sept 30 Sept. 27
t$3
-
— -
•
Oct.
75c
75c
Sept 30 Sept. 25
Oct.
ljSept. 24
15 Oct.
5
.
75c
Nov
General Re-Insurance Corp
50c
nitial)—
Gimbel Bros, preferred (quar.).
Glen Alden Coal Co. (interim)
10c
Sept 29 Sept. 24
Oct.
15 Sept. 30
General Shoe Corp. (
— — —
---
pref. (quar.)_
Globe Discount & Finance, 7%
Guarantee Co. of N. Amer. (Mont.,
Extra
—-
Gulf Coast Water Co.,
Que.)
——■
$1H
12Hc
Oct.
Sept
|$1H
— —
Harshaw Chemical Co. common
(special)
Hartford Gas Co_
- - - - -
—- -
-
-
60c
— ------
8% preferred (quar.)
- —
Hartford Steam Boiler Insp. & Ins.
|$2H
35c
7% pref. (s.-a.)--
(quar.)
50c
50c
40c
Hatfield-Campbell Creek Coal, pref
15c
Haverhill
20c
Gas
Light
- -
20c
Co. (monthly)
60c
—
—
$1H
$1H
$1H
(quar.)
5% preferred (quar.)
■
$1
$1H
$1H
37c
12Hc
$2 class A (extra)
—
Industrial Credit Corp. of N. E. 7% pref-_
International Milling Co., 5% pref. (quar.)
87 He
$1H
Nov.
1 Oct.
11
1 Oct.
11
15 Oct.
1
Nov.
Oct.
Sept. 16 Sept. 13
Oct.
1 Sept. 20
1 Oct.
Nov.
Oct.
Oct.
15
15 Sept. 30
1 Sept. 17
Nov.
Oct.
Nov.
Oct.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct. 30'Oct
Oct. 15 Oct.
15
15
20
20
23
30
30
30
20
20
15
15
20
22
28
25
5
t25c
10 Sept. 30
15' Sept. 30
1 Sept. 20
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 27 Sept.17
Oct. 15 Sept. 30*
Oct. 15 Sept. 30*
Oct.
1 Sept. 20.
Sept. 30 Sept. 20'
Sept. 30 Sept. 20
Oct.
1 Sept. 18
Oct.
Oct.
Oct.
Oct.
pref. (quar.)
Investment Foundation, 6% preferred
Iowa Electric Light & Power, 7% pref.
Oct.
15 Oct.
1
Oct.
1-81 Mc
Oct.
175c
Oct.
$1M
$1H
$1H
Oct.
Oct.
t$2
Oct.
25c
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 13 Sept.
—
(quar.)
50c
—.
Joliet Heat, 6% pref. (quar.)
Kekaha Sugar Co. (monthly)
7Hc
7% pref. (quar.)
6% preferred (quar.)----- —
Kelley Island Lime & Transport
Kellogg Co
Kellogg Switchboard & Supply
Preferred (quar.)
Kelvinator Corp. of Canada^(interim)
Kennedy's, Inc. (interim)
*
Preferred (quar.)
Kirkland Lake Gold Mining Co., Ltd
Knapp Monarch Co., $2H pref. (quar.)
Knott (A. J.) Tool & Mfg. Corp. 7% pref.
Kresge Dept. Stores, pref. (quar.)
Kresge Dept. Stores, Inc., 4% 1st pref
Laclede-Christy Clay Products
$1M
$1H
20c
Kansas Power & Light,
$1.63
Oct.
1
50c
Oct.
15
20c
Oct.
10
Langendorf United Bakeries, class A
17Hc
Oct.
10
Lawrence GaS & Electric
—
40c
50c
40c
Oct.
S1#
Oct.
t$l
30c
31Mc
—
(qu.)
t6c
62 He
$1H
(quar.)
Nov.
75c
1 Sept. 15
1 Sept. 15
1 Sept. 26
1 Sept. 18
31 Oct.
31 Oct.
23
23
15
25
20
20
24
7
11
11
1 Oct.
1
Oct.
1 Sept. 21
Oct.
1 Sept. 30
9 Sept. 30
Oct.
37J&
20 Sept. 30
20 Sjpt. 30
Sept. 29 Sept. 23
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
25c
25c
Laclede Steel Co
Oct.
4
Sept. 16
15 Sept. 30
20 Sept. 30
A_ — — t87Hc
6H % preferred B__
6% preferred
Iowa Power & Light, 7% pref. (quar.)
6% preferred (quar.)
Jeffrey Mfg. Co. 7% preferred (quar.)
Johnson Publishing Co., 8% pref---.
Landers Frary & Clark
Oct.
9
5
15'Sept.
1
1 Sept. 27
Oct.
lc
Industrial Acceptance Corp., 5% pref. (quar.)_
$2 class A—— _A~—---------—
Extra
.
Oct. 29 Oct.
19
Nov. 26 Nov. 16
Dec. 31 Dec. 21
20c
25c
preferred (quar.)
Johnson Service Co.
25 Oct.
20 Oct.
Oct.
50c
—
20c
Horn & Hardart Baking Co. (N. J.)
Household Finance Corp. common
International Pulp Co., 7%
9
20c
Co. (monthly)
Monthly——
Monthly
y.
Holeproof Hosiery, preferred
Holly Development (quar.)
Hook Drugs, Inc. (increased)
Hooker Electro Chemical Co
6%
1 Oct.
.
87 He
t$lH
Goodyear Tire & Rubber of Calif., 7% pref- —
Gotham Silk Hosiery Co., Inc., 7% pref
J*1
$1H
7% preferred (quar.)
t$2
Goulds Pumps, Inc., 7% preferred-- — - — -t $55.62
Grays Harbor Pulp & Paper, $8 preferred
33c
$2 preferred (quar.)
15c
Great Lakes Engineering Works (quar.):
$1M
Great Lakes Power, pref. A (quar.) —
$1H
Green (D.) Co., 6% preferred (quar.)
—
40c
Green (H. L.) Co. (quar.,)
Preferred (quar.)
——
31 He
Greenwich Gas Co. preferred (quar.)
31 He
Greenwich Water & Gas (quar.)
-50c
Griesedieck-West Brewery Co
t37c
Group Corp., 6% preferred
—
Hibbard, Spencer, Bartlett &
50c
15
25 Oct.
$ih
7% preferred (quar.)
Oct.
$1H
$1H
1 Oct.
Sept. 30 Sept. 17
Sept. 30 Sept. 17
Nov.
37 He
Davenport Hosiery Mills
Preferred (quar.)
Darby Petroleum Corp. (s.-a.)
Des Moines Gas Co., 8% pref. (quar.)
Sept. 30 Sept. 23
Sept. 16)
Nov.
Nov.
IOC
Cunningham Drug Stores (quar.)
Preferred B (quar.)
Hawaiian Agricultural
Hawaiian Sugar
1
Holders
15c
-
Cornell-Dubillier Electric Corp
Crown Central Petroleum
15
Oct.
5c
5H% preferred (quar.)
Capital City Products Co
Carey (Philip) Manufacturing Co
6% preferred (quar.)
5% preferred (quar.)
Carolina Ciinchfield & Ohio Ry. (quar.)
Stamped certificates (quar.)
Carpel Corp
Carthage Mills preferred B (quar.)
Preferred A (quar.)
Case Lockwood & Brainerd (quar.)
Centlivre Brewing Corp., class B
Central Franklin Process, 7% 1st & 2d pref
Central Kansas Power Co., 7% pref. (quar.)
6% preferred (quar.)
Central Railway Signal Co., Inc—
Central States Electric, 7% pref. A
6 % preferred B and C
Century Electric Co. new (initial)
Channon (H.) Co., 6% preferred.
Chicago Daily News, Inc., $7 pref. (quar.)
Chicago Electric Mfg. ciass A
Chicago Mill & Lumber, A & C
Cleve. Cine. Chicago & St. Louis Ry. pref
Cleveland Cliffs Iron, preferred
Cleveland Union Stockyards (increased)
Clinton Trust Co. (quar.)
Cohen (Dan) Co. (quar.)
I.
Colon Development Co., Ltdu 6% pref
5% redeemable income stock series A
Columbus & South Ohio Elec., 6% pref
6H% preferred
Commercial Bookbinding (quar.)
Commercial Discount Co. (Los Angeles)—
8% preferred A (quar.).
7% preferred B (quar.).
1
Oct.
5c
Extra.
Sept. 20
1 Sept. 25
1 Sept. 20
$1
55c
pref. (quar.)
Sept.
Sept.
Sept.
Sept.
1
15 Oct.
40c
60c
$2.20 preferred (quar.)
California Water & Telephone, 6%
Cannon Shoe Co. (quar.)
Oct.
$1H
Bond Stores, Inc
Bourban Stockyards
l7
l7
1 Oct.
$1M
$1H
Arrow-Hart & Hegeman Electric
Arundel Corp. (quar.)
Preferred
1 Sept.
1 Sept.
17Hc
American Thermos Bottle
—
Oct.
75c
American Stove Co
,-*-'
1 Sept. 16
1 Sept. 16
Nov.
$1H
preference
Atlas Corp. common (semi-annual)
Auto Finance (Greenwood, S. C.)
15
20c
American Smelting & Refining
Preferred (quar.)
—
Oct.
Oct.
3 Dec.
25c
-
American Midland Co., ser. A
American Screw Co (quar.)
Extra--
1 Sept. 18
Sept. 24 Sept. 20
Sept. 24 Sept. 20
Sept. 24 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Jan.
$1H
Corp. (quar.)
American Home Products Corp. (monthly)
American Maize Products preferred (quar.)
American Meter Co.
Holders
Oct.
50c
.
American Felt Co. preferred (quar.)
American Hardware
►
25c
When
Payable of Record
$3H
$1H
7% preferred (semi-annual)
7% preferred
Class B
5c
When
Payaule of Record
$1M
27Hc
—
Extra
we
5c
Coon (W. B.) Co
Preferred (quar.)
are
current week.
31 He
75c
Consolidated Aircraft, $3 pref (quar.)
Consolidated Lobster, Inc. (quar.)
Consolidated Royalty Oil Co. (quar.)
Dominguez Oil Fields (monthly)
Dominion Securities Corp. (quar.)
DIVIDENDS
Dividends
Share
Name of Company
-
first
Sept. 25, 1937
BANKS
9 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct. 15 Sept.
Oct.
Oct.
30
20
21
20
30
13 Sept. 30
_
When
Holders
Payable of Record
Per
Name
Share
of Company
60c
Preferred (quar.)
Lynn Gas & Electric
(quar.)
(Providence, R. I.)
Magor Car Corp., pref. (quar.)
Managed Estates, Inc. (initial)
Marchant Calculating Machine
10 Sept. 30
2
15 Oct.
1 Sept.
Oct.
1 Sept.
lc
75c
$2
$1H
Oct.
Oct.
Oct.
37 He
Oct.
20c
1
Oct.
1
Oct.
11
50c
Oct.
$1
—.
Oct.
7Hc
Michigan Silica (initial, quar.)----Mickelberry's Food Products, pref. (quar.)—--Midland Steel Products Co. $2 div. shs__ —
Mid-West Rubber Reclaiming Co
—
Miller Wholesale Drug Co
--Minnesota Mining & Mfg. (interim)----------Missouri Power & Light Co., $6 pref. (qu.) _
Missouri River-Sioux City Bridge Co.—
12Hc
preferred (quarterly)------------& Power Consol. (quar.)__
Oct.
Sept. 30
37c
Oct.
Sept. 30
80c
Oct.
Sept. 30
$2 H
Oct.
Oct.
Sept.
Oct.
Sept. 22
Sept. 22*
$2
Nov.
Oct.
$1M
Sept.
Sept. 21
Oct.
1
Oct.
15
7%
60c
$1H
Naumkeag Steam Cotton
New Britain Machine, 7%
(quar.)
New York
Telephone Co.
Nov.
Oct.
15c
$1H
& Warehouse——
pref. (s.-a.)
(quar.) —
,
(quar.)
Niagara Fire Insurance (N. Y.)
Niagara Hudson Power Corp.-—
5% 1st pref. and 5% 2nd pref. ser.
North American Finance Corp. pref.
A & B (qu.)
(quar.)_-
7% preferred (quar.)
------------.
North American Rayon class A and B (quar.)-North & Judd Mfg. Co. (quarterly)
Northland Greyhound Lines—
,
,
.
$6H series I convertible preferred
Oahu Sugar Co., JUtd. (mo )
(quar.).
Ohio Leather Co
7% preferred (quarterly)
Package Machinery Co., 7%
Panhandle Eastern Pipe Line
_
Annuities--
Pennsylvania Gas & Electric (quar.)
Pennsylvania Power Co. $6.60 pref. (monthly)__
$6.60 preferred (monthly)
>*
—
$6.60 preferred (monthly)-,$6 preferred (quar.)
Pere Marquette Ry prior pref.
Prior preferred (quar.)
——
Philadelphia Co. (quar.)
6% preferred (semi-annual)-Pittsburgh Screw & Bolt
Pierce Governor Co
Pick (Albert) Co
—
:
——
nounced
Oct.
we
$1 %
(qu.)_
$1H
30c
20c
25c
10c
25c
$1H
give the dividends
Oct.
Oct.
Sept. 24
Sept. 24
2
Adams Royalty
Oct.
Oct.
Oct.
Sept. 24
Sept. 30
Sept. 30
Sept. 24
Sept. 20
Sept. 20
Sept. 13
Sept. 20
Sept. 22
Sept. 15
Sept. 15
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Aero
Extra
5% conv. preferred (quarterly)-SecurityStorageCo. (quar.)
Shasta Water Co. (quar.)
Sheaffer (W. A.) Pen Co
Skenandoa Rayon Corp. 5% prior "pref. "(quar.)
Skelly Oil Co. preferred (quar.)
Smyth Mfg. Co. (quarterly)
24
1 Sept. 24
Sept.
Sept.
Sept.
Sept.
Sept.
29 Sept.
29 Sept.
29 Sept.
30 Sept.
11
Oct,
Nov.
(quar.)
A
Agnew-Surpass Shoe Stores 7% pref. (quar.)
Agricultural Insurance Co. (N. Y.) (quar.)
Ainsworth Mfg. Corp
Air Reduction Co., Inc. (quarterly)
Extra
Alabama Mills, Inc., common
Co., $7 pref. (quar.)
pref. (quar.).
$5 pref.
Oct.
Sept.
Sept.
Sept.
Sept.
22
22
20
20
20
$1H
Oct.
40c
Oct.
75c
Oct.
55c
55c
Nov.
Oct.
55c
Dec.
Nov. 20
$1H
t$10
$1H
Dec.
Nov. 20
Nov.
Oct.
Nov.
Oct.
8
8
15c
Oct.
Oct..
1
*•)■
(quar..
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
Aloe (A. S.) Co., 7% pref. (quar.)
1
Nov.
Oct.
Oct.
15c
Oct.
Sept. 30
Sept. 28
Dec.
Nov.
1
50c
Dec.
Nov.
1
Oct.
Sept. 25
Sept.
12Hc
Oct.
Sept.
5
Sept. 15
Oct.
Oct.
50c
Nov.
Nov.
50c
Dec.
Nov. 20
Nov.
Oct.
15
Nov.
1
1
Oct.
15
Nov.
Oct.
15
Oct.
Oct.
Sept. 20
Oct.
1
25c
Oct.
flM
upl
Oct.
Oct.
Sept. 30
Sept. 30
Sept. 30
Oct. 15
25c
Nov.
15c
Nov.
Oct.
$im
Oct.
Sept. 24
20c
Oct.
Oct.
10c
Sept.
$1H
Nov.
J,50c
Oct.
Sept. 15
Oct. 15
Oct.
5
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
preferred-..
(quarterly)
Mfg. Co
Aluminum Industries, Inc. (quarterly)..
Aluminum Manufacturing, Inc. (quar.).
Quarterly
7% preferred (quar.).
7% preferred (quar
Amalgamated Leather Cos., pref. (quar.)
American Agricultural Chemical
American Bank Note Co
Preferred (quarterly)
American Beverage Corp. pref. (quar.)
American Box Board Co., common
American Brake Shoe & Foundry (interim)
Preferred (quar.)
_ _ Aluminum Goods
15c
$1H
Alpha Portland Cement
Aluminum Co. of American,
6% preferred
21
4
15
20
20
15
24
24
24
6
Sept. 27
15;Sept. 30
l'Sept. 20
4
Nov.
1 Oct.
Oct.
1 Sept. 21
»
•/ ■
preferred (quar.)
Corp. $3 preferred
Cigar, 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. Bstk. or cash.
American Coach & Body
American Cyanamid Co., class A & B com (qu.)
American Crystal Sugar Co
1st preferred (quarterly).
American District Telep. of N. J. pref (quar.)_.
American Envelope Co., 7% pref. A (quar.)
American Express Co. (quar.)
American Fork & Hoe Co., pref. (quar.)
American Gas & Electric Co. common (quar.)..
Preferred (quar.)
American Hair & Felt, 6% pref. (quar.).
$5% preferred (quarterly).
American Hard Rubber. 8% pref. (quar.)
...
American Hawaiian Steamship (quar.)
American Hide & Leather preferred (quar.)
American Home Products (monthly)
American Ice Co. (Jersey City, N. J.) preferred-
American Can Co.
American Capital
American Cigarette &
American Indemnity Co
American Insurance Co.
(Newark, N. J.) (s.-a.)
Extra
American Investment Co.
8% preferred
15 Sept.
15 Sept.
1 Oct.
15
5c
Supply Mfg. Co.. class
Bearing Mfg. Co
& Surety (quar.)
Co. (quarterly)
Aetna Life Insurance Co. (quar.)
Affiliated Fund, Inc. (quar.)
1 Sept. 15
1 Oct. 20
Oct.
Oct.
20c
75c
Co. (quar.)
Aetna Insurance
1
25c
75c
14
14
18
18
20
17
15
15
28
15
28
30
15
20
23
'^0
30
10c
12Hc
SIM
Aetna Ball
cash.
Saguenay Power Co., Ltd., pref. (quar.)
Co. (quar.)
St. Joseph Railway, Light, Heat & Power Co.—
5% preferred (quar.)
San Antonio Public Service, 8% pref. (quar.) —
7% preferred (quarterly) a
Schoellkopf, Hutton & Pomeroy pref. (quar.) —
Securities Investment Co. of St. Louis (quar.)__
1 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
1 Sept.
Oct.
Sept. 30 Sept.
Oct.
1 Sept.
1 Sept.
Oct.
Sept. 25 Sept.
Oct.
1 Aug.
1 Sept.
Oct,
Oct.
1 Aug.
40c
(quar.)
Aetna Casualty
$1
St. Croix Paper
Sept.
Oct.
1 Sept.
Oct.
announced in previous weeks
Works (quar.)
6H% preferred
30c
Rhode Island Insurance
$1H
22
20
24
24
24
16
11
Oct.
paid.
Abraham & Straus
$1M
$1H
(initial)
1
Nov. 15 Nov.
Oct.
$2
$3H
37Hc
—
1 Sept. 25
Sept. 20 Sept. 15
Oct.
1 Sept. 20
1 Sept. 15
Oct.
1 Sept. 15
Oct.
Oct.
1 Sept. 17
1 Sept. 21
Oct.
Oct.
1 Sept. 24
Oct.
1 Sept. 24
1 Sept. 24
Oct.
The list does not include dividends an¬
this week, these being given in the preceding table.
Acme Glove
Sept. 20
Oct.
35c
75c
(quar.)—
7% preferred (quar.)
6% preferred (quar.)
--—
Puget Sound Pulp & Timber Co., 6% pref
Quarterly Income Shares (extra)
Payable in 5 yr. 5% debentures with
Adj. for odd denominations.
Railway Equipment & Realty (quar.)
6% first preferred (quar.)
—
Rainer Pulp & Paper (new, initial)
Regent Knitting Mills, Ltd. (initial)
Reliance Mfg. Co. (111.) (quar.)
30c
(quar.)
Abbott Laboratories
Sept. 30 Sept. 17
50c
(mo.)
—
Preferred (quar.)
Reliance Steel Corp. common
Below
and not yet
20c
37Hc
$1M
Pollock's, Inc., 6% pref.Jquar.)
—
Provincial Paper, Ltd., 7% pref. (quar.) _ _
6% preferred (monthly).
6% preferred (monthly)
Public Service Co. of Nor. 111.
Oct.
(quar.)—i
Preferred
50c
—
(quar.)
(N. J.) 6% pref.
10c
2 He
Alabama &
Co.—
$6 class A & B preferred (quar.)
Pa. Co. for Ins. on Lives & Granting
1 Sept. 25
Extra
1 He
$1%
---
Oct.
-
Alabama Power
pref. (quar.)
20c
$5 preferred (quar.)
6% preferred (quar.)
Young (J. S.) Co.
30c
Fisheries, Inc.
Inc. (Calif.)—
15
1 Sept. 24
Youngstown Steel Door Co. com. (stock div.)__
One add'l sh. of com. for each sh. held.
25c
S5H preferred
37 He
33c
Pacific Truck Service,
15
1 Oct.
Oct.
1 Sept. 20
1
12 Oct.
t$46.29 Sept,
$8 preferred
$2 cum. preferred (initial)------ —
Old Dominion Fire Insurance (Va.)_
Otter Tail Power Co. (Minn.) $6 pref
Public Service Corp.
Oct.
25c
Extra
1 Oct.
Nov.
1 Sept. 20
Oct.
10c
Olympic Forest Products,
Preferred
Oct.
50c
$1H
$1%
—
pref. (quar.)
Plume & Atwood Mfg.
20c
25c
(quar.)
Preferred (quarterly)
Nov.
Worcester
t$lH
+$1H
-
Sept. 30 Sept. 20
50c
1
7 Sept. 24
9
20 Oct.
15
87 He
Oct.
Ohio Telep. Service Co., 7%
Ohio Wax Paper Co. (quar.)
Pacific American
1
Oct.
7% preferred (quar.)—
8% preferred (quar.)---Ohio Loan Co., new
$1H
Sept. 20
Oct.
7% preferred (quar.)__
Suburban Electric
Sept. 25 Sept.
7 Sept.
Oct.
1 Sept.
Oct.
Sept. 30 Sept.
1 Sept.
Oct.
4 Sept.
Oct.
Sept. 30 Sept.
Sept. 30
Sept. 30
37 He
Oct.
(quar.)
Extra
1
Oct.
12c
Co. (quar.)_—--
$3
Oct.
$1.20
Candle
(quar.)
(s.-a.)
Woodward & Lathrop (quar.)
$2
$1
- —--
Oct.
50c
Preferred
$4
pref. A (qu.)
New Idea, Inc. (quar.)
New Orleans Cold Storage
New York Sun, Inc.,
15 Oct.
1
1
17Hc
50c
—
Will & Baumer
Sept. 25
Oct.
1
15 Oct.
15 Oct.
10c
—
Wilton RR.
21
10
20
20
16
29
15
Aug.
8
Sept. 30
Sept. 30
Sept. 23
$2
$1M
Common
New Haven Clock Co.
Oct.
30
1 Sept. 20
1 Oct. 20
15 Oct.
15 Oct.
Oct.
Oct.
(quar.)
Virginia Pulp & Paper Co
Wieboldt Stores, Inc.
1 Sept. 20
Oct.
Nov.
87 He
12Hc
West Point Mfg. Co. new
Sept. 23
Oct.
$2%
$1H
,
--—
(increased)
New England Fire Insurance
Nov.
681I
——
(Iowa)
Western United Gas & Elec., 6H% pref,
6% preferred (quarterly)
West
1 Sept. 20
1 Sept. 20
Oct.
Western Gfocer Co.
4
1 Sept. 20
Oct.
$1H
_
15
Oct.
.
Machinery 5 H % pref.
Smelting, Refining & Mining
-
1 Oct.
1 Sept. 15
Sept. 30 Sept. 25
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
Oct.
Co. (Minn.)
Co. (Ont.) (s.-a.)
Western Commonwealth Corp. A (s.-a.)
Class A (extra)
Western Exploration Co. (quar.)
1
Oct.
50c
37 He
pref. (qu.)_Mfg. & Stores Corp., $5H pref. (s.-a.) Shirt Shops (Del.), $6 pref. (quar.).
Finance Co
National Guarantee &
National
25c
50c
(Hartford) — --------
National Fire Insurance
National
$1M
15c
Western Assurance
Sept. 20
Sept. 30 Sept. 21
1 Sept. 15
Oct.
50c
class A preferred--- — --- — -—
National Candy Co., Inc., 1st & 2d pref. (qu.)_.
National Casket Co. (semi-annual)--—
Preferred (quar.)
National Cylinder Gas Co. (quar.)National Distillers Products (quar.)-■-Moxie Co., $3
Extra.
1
10 Oct.
Oct.
$1H
Montreal Light, Heat
Montreal Telegraph (quar.) —
Montreal Tramways Co. (quar.)
Sept. 20
1
Nov.
$1M
(quar.)
United Stockyards Corp. (quar.)
Preferred (quar.)
—
Vermont & Massachusetts RR. (semi-ann.)
Wailuku Sugar Co
Walker & Co. $2H class A
Warren Foundry & Pipe Corp. (quar.)
Sept. 22 Sept. 15
Sept. 30 Sept. 25
1 Sept. 22
Oct.
8c
Co. (quarterly)
Preferred
60c
—
15c
50c
(quar.)
Clutch Co. (increased)
United States
30
15 Sept. 30
5
20 Oct.
Sept. 30 Sept. 22
Sept. 30 Sept. 22
Oct.
1 Sept. 20
$1H
7% preferred A & B (quar.)
6% preferred C & D (quar.)
11
Nov.
—
Oct.
5c
United States Hoffman
5
Nov.
$1H
15 Oct.
Oct.
8Mc
(quar.)
Union Public Service
1 Sept ..20
15
1 Oct.
Nov.
15c
McLellan Stores Co—
(Providence) —
Twin Disc
15 Sept. 30
30c
Nov. 15 Oct.
Travelers Insurance Co.
15 Sept. 30
62 He
Sept. 22 Aug. 10
Oct. 15 Sept. 27
Sept. 30 Sept. 17
15c
J.)
Tip Top Tailors, Ltd
Preferred
1 Sept. 20
15c
Textile Banking
15 Sept.
Oct.
9 Sept. 29
Oct.
75c
30
18
27
Sept. 25 Sept. 15
Sept. 30 Sept. 16
Oct. 15 Sept. 30
Oct.
5c
1 Oct.
Oct.
31Hc
Co. (Newark, N.
15
Nov.
40c
Stayton Oil Co
Sussex Fire Insurance
Sept. 20 Sept. 16
30c
.
7% preferred (quarterly)
Taylor (K.) Distilling Co. pref. (quar.)_.
Telautograph Corp. (quarterly)
Texas Electric Service Co. preferred
44c
Assocates, pref- —
Maui Agricultural Co., Ltd—
McCall Corp. common (quar.)
McGraw Hill Pub. (interim)
$1.20
$1M
$1,125
100%
(Boston)
Sept. 30 Sept. 16
1 Sept. 16
Oct.
Sept. 30 Sept. 23
9
Sept. 27 Sept.
$1.15
:
------
(quarterly)
Oct.
40c
pref
Utilities
Merchants Insurance
10 Sept. 30
t35c
$1M
Co. (quar.)
Mascot Oil Co. (quar.)
Massachusetts Lighting Cos. (quar.)------- —
$8 preferred (quarterly)
$6 preferred (quarterly)
Preferred
10 Sept. 30
Oct.
8c
Marsh (M.) & Sons
Masco Screw Products
Massachusetts
Oct.
25c
preferred---
Stanley Works (The) (quar.)
5% preferred (quar.)
State Street Investment Co.
20
Dec. 27 Dec.
50c
div.) —
Phosphate & Acid Works.
Standard Wholesale
— --
---
Ltd., 7%
7% pref. (quar.)
Springfield Fire & Marine Insurance
Standard Steel Spring Co. com. (stock
Oct.
(quar.)
Loew's London Theatres,
(quarterly) —
4.8% preferred
3%
75c
Electric Co.-
& Electric Co.—
South Franklin Process
-
(semi-annual)
_ _ - -.
Co. (Del.) class A (qu.)
M-A-C Plan, Inc.
Southern Indiana Gas
rate of
Lincoln Telep. & Teleg.
Class B (quar.)
6% preferred
South Berkshire Power &
Oct.
1 Sept. 24
5
15 Oct.
5
Oct. 15 Oct.
50c
1 Oct. 22
1.125 Nov.
1
Oct. 23 Oct.
1.40
Extra
Libby, McNeill & Libby
Opt. div. of cash or in com. stk. at
one sh. for each $11.20 of div.
Oct.
50c
Lawyer's Trust Co. (quar.)
Lerner Stores Corp. (quar.)
Preferred
2017
Chronicle
Financial
145
Volume
of 111., 7% pref. (qu.)
(quarterly)
t$2H
40c
50c
40c
15c
Oct.
15 Sept.
til.75
Oct.
75c
Oct.
1 Sept.
1 Sept.
25c
Oct.
60c
SIM
$1H
SIM
3%
2Mc
15c
43 He
$1M
$1
$1H
1 Sept.
Nov.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
1 Oct. 15
Nov.
Oct.
1 Sept.
8
1 Sept. 20
Oct.
1
Oct
1 Sept. 10
1 Sept. 21
Oct.
Oct.
Sept.15
50c
Sept. 30 Sept. 13
1 Sept. 21
Oct.
l
Sept. 25 Sept.
1 Sept.16
Oct.
1 Sept. 16
Oct.
1 Sept. 20
Oct.
Oct. 15 Sept. 30
Sept. 30 Sept. 15
50c
Dec
25c
t$2M
1M%
25c
10c
SIM
SIM
31 Dec. 15
Sept. 30 Sept. 15
Dec
31
Dec.
15
1 Sept. 17
Sept. 30 Sept. 10
1 Sept. 13*
Oct.
25c
1 Sept.13*
Oct.
75c
1 Sept. 20
Oct.
8Mc
Oct.
1 Sept.16
25c
75c
Sept. 30 Sept. 24
$1.31 H Sept, 30 Sept. 24
1 Sept. 17*
Oct.
1M%
1 Sept. 15
Oct.
t75c
$1M
Sept. 30 Sept. 15
1 Sept. 18
Oct.
68Mc
75c
$4
75c
Oct.
11
Nov.
1 Oct.
Oct.
1 Sept. 20
1 Sept. 15
1 Sept. 21
Oct.
Oct.
Oct.
1 Sept. 21
15 Sept. 15
1 Nov. 25
1 Sept. 17
Oct.
15 Oct.
Oct.
Oct.
Dec.
Oct.
Nov.
Oct.
Oct.
1 Sept.
1 Oct.
5
8
7
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept.15
Sept. 30 Sept. 22
Oct.
1 Sept. 14*
Sept. 25 Sept. 7
Oct.
Sept.
1
Oct.
Sept. 7
Oct.
Sept. 7
Oct.
Sept. 20
Oct.
Sept. 20
Financial
2018
Per
Name
Share
of Company
15c
Oct.
American Mfg. Co., common
Preferred (quarterly)
$1
SI M
Oct.
American Power & Light Co., $6 pref. (quar.)__
$1M
$1M
$1M
—
15c
50c
SI.125
50c
American Safety Razor (quar.)
American Shin Building Co
Sept. 15
Sept. 15
Sept.15
Sept. 7
Sept. 7
Oct.
Oct.
Oct.
15 Dec.
Dec.
5
Sept. 30 Aug. 27
Oct. 15 Sept.15
Oct.
15 Sept. 15
Sept. 30 Sept. 10
50c
Nov.
1 Oct.
15
75c
Oct.
SIM
American Snuff Co. (quar.)
Preferred (quar )
Oct.
1 Sept.
1 iSept.
9
9
15
14
7
7
10
American Steel Foundries
50c
American Stores Co__
25c
American Sugar Refining (quarterly).
Preferred (quarterly
American Superpower Corp., 1st pref. (quar.)__
American Telep. & Teleg. (quar.)..
50c
American Tobacco Co., pref. (quar.)
American Toll Bridge Co. fnuar.)
$15*
SIM
$2M
SIM
2c
Sept. 30 Sept.
Oct.
1 Sept.
2 Sept.
Oct.
2 Sept.
Oct.
1 Sept.
Oct. 15 Sept. 15
Oct.
1 Sept. 10
Oct.
15 Dec.
Dec.
Anaconda Copper Mining
$1M
Co
50c
...
Anchor Cap Corp., common
15c
$6M conv. preferred (quarterly)
Angos ura-Wuppermann Corp
Apex Electric Mfg. Co
Preferred (quarterly)
Appalachian Electric Power. $7 pref. (quar.)...
Arkansas Power & Light $7 preferred
$6 preferred..
Armour & Co
(111.) $6 preferred (quar.)
7% preferred (quar.)
Armour & Co. (Del.) preferred (quar.)
Art Metal Construction
10c
30c
$1M
sim
SIM
$1M
SIM
80c
Asbestos Mfg Co. $1.40 prer. (quar.).
Assoc. Breweries of Can .da, (quar.)
Preferred
SIM
1 Sept. 17
Oct
Sept .27;Sept. 7
1 Sept. 17
1 Sept. 17
Sept. 30 Sept. 23
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
Sept.
1
Oct.
Sept.15
Oct.
Oct.
Sept. 15
Sept 10
Sept. 10
Sept 10
Sept. 24
Oct.
Oct.
Oct.
Oct.
Oct.
20
35c
(quarterly)
Nov.
Oct.
t20c
Sept.
Sept. 15
Sept. 15
JS1M
Ashland Oil & Refining (quar.)
Associates Investment Co. (quar.)
10c
75c
5% preferred (quar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.)
Atlantic City Fire Ins. Co. (quar.)
Atlantic Refining Co. preferred (quar.)
Autocar Co. $3 preferred (quar.).
Automobile Insurance Co. (Hartford) (quar.)__
Automatic Voting Machine (quar.)
Special
—
SIM
$im
Oct.
Sept. 30 Sept. 20
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
Sept. 22 '
Sept. 30 Sept. 20
Nov.
Oct.
2o
3f
75c
Oct.
25c
12 Mc
25c
Oct.
Si
Oct.
5
15c
Oct.
1
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
63c
Oct.
Oct.
Oct.
1
Aug.
m
sim
Oct.
1
50c
Oct.
1
37 Mc
S3M
68Mc
Backstay Welt Co. (quar.)
Sept. 25
Sept. 25
Sept. 25
20c
Babcock & Wilcox Co
Oct.
1
Oct.
Oct.
1
30c
Extra
20c
Baldwin Co
BancOhio Corp. (quarterly)
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.)
Bank of N. Y. & Trust Co. (quar.)
Barker Bros. Corp., 5M % pref. (quar.)
Barnsdall Oil Co. (quarterly)
Bastian Blessing Co. (quar.)
25c
Oct.
Oct.
Preferred (quarterly)
Bath Iron Works Corp.. payable Id stock
1
Sept.
Sept.
Sept.
Sept.
Sept
Nov.
1 Oct.
40c
Bayuk Cigars, Inc., preferred (quarterly)
Beatrice Creamery Co. (quarterly.
Preferred (quarterly)
2^
Oct.
1 Sept.
1ft
lc
I4*
24
2±
Oct.
$1M
.
20
28
20
20
20
20
20
1 Aug. 3i
1 Sept. In
25c
Extra
•!8
25c
SIM
q
I5
SI
Oct.
Oct.
25c
Belt RR.
t$2
Stockyards Co. (quar.)
6% preferred (quarterly)
Bethlehem Steel Corp. 7% preferred
(quar.)
5% preferred (quar.)
B-G Foods, preferred
Bickford's, Inc. (quar.)_
Preferred (quar.)
Bird Machine Co. (quar.)
«.
Birmingham Electric $6 preferred
$7 preferred—
Black & Decker Mfg. Co.
(quar.)
75c
Oct.
Oct.
Oct.
t$3M
Oct.
30c
Oct.
Oct.
62 Mc
12Me
SIM
SIM
25c
50c
25c
50c
50c
37 Mc
37 Mc
Blooiningdale Bros., Inc
Bohn Aluminum & Brass
Corp
Bon Ami Co. class A (quar.)
Class B (quar.)
SIM
51
Inc., 7% pref
I
7% preferred quarterly)
Boston & Albany RR. Co
Boston Edison Co.
(quarterly)
Boston Elevated Ry.
(quarterly):
Boston Insurance Co. (quar.)
Bower Rollei Bearing
Bralorne Mines, Ltd. (quar.)
Brazilian Traction Light & Power, pref.
(quar.)
Brewer (C.) & Co., Ltd.
(monthly)
w
$2
52
SIM
$4
SI
10c
25c
25c
50c
Briggs Mfg. Co
I_
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
British American Oil Co.. Ltd.
(quar.)
Broad Street Investing Co
Brooklyn Borough Gas Co., 6% pref. (quar.jll"
Common (reduced)
6% preferred (extra)
I
Brooklyn-Manhattan Transit—
Preferred (quar.)
...
I
(semi-annT
15 Sept. 24
Sept. 30 Sept. 27
Sept. 30 Sept. 27
Sept. 30 Aug. 31
Nov.
Oct.
Oct.
1 Oct. 11
1 Sept. 10
1 Sept. 20
Sept. 25 Sept. 1
Oct. 15 Sept. 30
Oct.
1 Sept. 15
Sept. 25 Sept. 20
20c
50c
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
lOd
lOd
Oct.
2M%
2M%
Oct.
Oct.
t50c
Oct.
I25c
35c
75c
Oct.
15
30 Sept. 17
30 Sept. 16
30 Sept. 15
30 Sept. 15
30 Sept. 30
1 Sept. 15
1 Sept. 15
7
7
7
7
15
Oct.
Sept. 3
Sept. 3
Sept. 3
Sept
3
Sept. 30
1 Sept. 16
1 Sept. 21
Oct.
1 Sept>14
75c
Oct.
6Mc
Oct.
11 Sept. 30
1 Sept. 14
Oct.
Oct.
15 Oct.
1
1-15-38 Dec. 31
4-15-38 Apr
Oct,
1 Sept.
1
1
Feb. 28 Feb. 14
Oct.
Sept. 20
(quar.)
7% cum. pref. (quar.)
3M% cum. pref. (quar.)
Brunswick-Balke-Collender Co. (special)
Preferred (quarterly)
Oct.
30 Oct. 15
1 Sept. 15
Nov. 15 Oct.
(quar.)
Bruce (E. L.) Co.
1 Sept. 16
1 Sept. 16
Sept. 30 Sept.14
Sept. 30 Sept. 14
Sept. 30 Sept. 7*
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Sfpt. 25 Sept. 15
Oct.
1 Sept.15
Oct. 30 Oct. 15
Oct.
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine Co. (quar.)
Brown Fence & Wire Co., pref. A
Brown Forman Distillery, pref.
1 Sept.
3
1 Sept. 20
1 Sept. 22
Oct.
Oct.
Brewers & Distillers of Vancouver
Bridgeport Brass Co. (quar.)
(quar.)
Brooklyn Union Gas
1 Sept. 20
1 Sept.
3
Oct.
75c
Borne Scrymser Co
Boston Acceptance Co.,
1
1 Sept. 22
Sept. 28 Sept. 15
62 Mc
50c
Borg-Warner Corp
(quar.)
18 Dec.
25c
Preferred (quar.)
Preferred
1 Sept. 15
29 Sept. 21
15 Sept. 23
15 Sept. 20
1 Sept. 20
SIM
Extra
Preferred
li
1 Sept. 15
Dec.
Oct.
Extras
Blaw-Knox Co. (interim)
Bliss & Laughlin, Inc. (quar.)
Preferred
Oct.
Oct.
Sept. 15
Oct.
&
"
Convertible preferred
Canadian Celanese, Ltd
7% partic. preferred (quarterly)
Canadian Cottons, Ltd. (quarterly)
Preferred (quarterly)
Canadian Fairbanks Morse Ltd. pref. (quar.)
Canadian Foreign Investment Corp. (quar.)
8% preferred (quar.)
Canadian General Electric (quar.)
Canadian Industries, Ltd., class A & B
7% preferred (quar.)
Canadian Westinghouse Co., Ldt. (quar.)
Canadian Wirebound Boxes, class A (quar.)
Canfield Oil Co., 7% pref. (quar.)
Common (quarterly)
Mills
II
Oct.
Oct.
Oct.
HI
Oct.
Sept.
Sept.
Sept.
Sept.
25
30
20
20
Oct.
Oct.
Oct.
?75c
Oct.
m
150c
Oct.
,jioc
75c
2Mc
SIM
SIM
$1I
75c
$1M
$3M
37 Mc
50c
$1
$1,125
SIM
14c
!iS
Prior lien preferred (quar.).
Prior lien preferred (quar
'.).
Centrifugal Pipe Corp. (quar.)
Chamberlain Metal Weatherstrip (quar.)
Chemical Bank & Trust Co. (quar.)
Champion Paper & Fibre, pref. (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)
Chesebrough Mfg. Co
_
Nov
Sept.
45c
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
*7&
Oct.
70c
Oct.
SI
Oct.
SI
50c
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Oct.
Oct.
Special guaranteed (quar.)
Molybdenum Co
Clinton Water Works Co. 7% pref. (quar.)
Climax
Sept.
Oct.
Nov.
Sept.
Oct.
$1,125 Oct.
50c
Sept.
Dec.
87 Mc
Dec.
50c
SIM
75c
Clorox Chemical Co
15
27
Nov. 10
Sept.
Sept.
Sept.
Sept.
Sept.
24
20
15
20
18
Nov. 10
Nov. 10
Sept. 27
Oct.
10
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15
20
15
15
11
11
Oct.
Oct.
Oct.
$5.85
SIM
Oct.
Oct.
Oct.
25c
Oct.
25c
20
15
Oct.
75c
Bottling class A (quar.)
Class A (extra)
Coca-Cola Co. (quar.)
Coca-Cola International Corp. (quar.)
Coleman Lamp & Stove Co
Sept. 21
Sept. 15
Sept. 15
Sept.20
Sept. 30
Sept. 17
Sept. 20
Sept. 15
Sept. 17
Sept.
SIM
62 Mc
SIM
Cluett, Peabody & Co., Inc., pref. (quar.)
15
20
20
Mar. 20
Oct.
30c
20
15
Sept
Sept.
Sept.
Sept.
50c
Cleveland Graphite Bronze (interim)
Cleveland & Pittsburgh RR. Co. gtd. (quar.)__
5
24
20
15
8
8
8
10
10
Oct.
25c
Claude Neon Electric Products (quar.)
15
30
30
Oct.
Oct.
50c
Clark Controller Co
17
17
15
22
22
17
20
10
Sept. 20
Sept. 20
20c
Cleveland Electric Illuminating (quar.)
Preferred (quar.)
Oct.
30
Sept.
4
13
17
20
20
20
10
S3
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10c
Oct.
Oct.
SI
50c
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10
10
10
10
10
22
Jan.
—
Dec.
22
Oct.
Sept. 10
Sept. 15
Sept. 15
37 Mc
25c
SI
__
Extra
$1.06 M
preferred (quarterly)
Commercial Investment Trust (quar.)
Preferred (quarterly).
Commercial National Bank & Trust (quar.)
Quarterly
Commonwealth & Southern Corp., $6
Sept.
Sept.
Dec.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Sept.
Sept.
—
Colgate-Palmolive-Peet. pref. (quar.)
Colonial Finance Co. (Lima, Ohio)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Pictures Corp., com. (quar.)
Colonial Ice Co., common
Cumul. preferred series B (quar.)
$7 cumul. pref. (quar.)
Commercial Alcohols. Ltd., 8% pref. (quar.)
Commercial Credit Co. (quar.)
Sept. 20
Oct.
Oct.
1
Dec. 31
Oct.
Oct.
Oct.
Nov.
n_
M%
_
10c
Extra
■*
1 Sept. 15
Sept. 30 Sept. 17
Sept. 30 Sept. 17
Oct.
1 Sept. 17
Oct.
1 Sept. 17
Oct. 15 Sept. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct. 30 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
Oct.
1 Sept. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
Sept. 18
Oct.
Sept. 20
Oct.
Sept. 10
Oct.
Sept. 20
Oct.
Sept. 11
Oct.
Sept. 11
SIM
SIM
Chicago Flexible Shaft (quar.)
Chicago Junction Rys. & Union Stockyards
S2M
6% preferred (quarterly)
SIM
75c
Chicago Pneumatic Tool, $3 pref. (quar.)
Prior preferred (quarterly)
62 Mc
Chicago Ry. Equipment, preferred
f$ 1.31 M
$2
Chicago Towel Co
Preferred (quarterly)
Chicago Venetian Blind (quar.)
Christiana Securities Co 7% preferred (quar.)__
SIM
10c
Chrungold Corp
Cincinnati Advertising Products (quar.)
25c
Cincinnati Gas & Electric, pref. (quar.)
SIM
Cincinnati & Suburban Bell Telep
SI.13
Cincinnati Union Terminal Co., 5% pref (qu.)_
SI M
Citizens Water Co. (Wash., Pa.) pref. (quar.)
SIM
15c
City Auto Stamping (quar.)
50c
City Ice & Fuel (quar.)
'.
SIM
City Investing Co., preferred (quar.)
SIM
City of Paris Dry Goods Co. 7% 1st pref. (qu.)_
Coca-Cola
Sept. 15
Sept. 12
M
6% preferred
1
Oct.
37 Mc
Central Maine Power. 7% preferred
Central Patricia Gold Mines (interim)
1 Sept. 15
SIM
$2
1S1M
1S1M
150c
_
15 Sept. 30
•
1 Sept. 23
40c
SIM
50c
(quar.)
(quar.)
15
Oct.
Oct.
125c
115c
140c
$1 M
•
20
1 Sept. 30
25 Sept. 30
15 Sept. 30
1 Sept. 15
Co
Extra
30
20
20
Oct.
Oct.
Oct.
1$1M
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.)
Carriers & General Corp. common (quar )
Case (J. I.), preferred (quar.)__
Celanese Corp. of America, common (quar.)
7% cumul. prior preferred (quar.)__
7% cumul. 1st preferred (semi-ann.)
Central Aguirre Association
15
15
30
5c
pref. (quar.)__
Central & South West Utilities Co—
1 Sept.
Bell Telephone of Canada (quar.)
Bellows & Co
class A (quar.)
Bell Telephone (Pa.), pref. (quar.K
\\M%
7% cumul. preferred (quarterly).
Canada Packers (quarterly)
arly)
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
1
1 Sept. li
Oct.
25c
Preferred B
Canada & Dominion Sugar, Ltd. (quar.)
Central Power Co., 7% preferred
Oct.
SIM
_
Canada Life Assurance Co. (quar.)
Canada Northern Power Corp., Ltd., common.
Canadian Breweries, preferred
Canadian Canners Ltd., 5% 1st
Sept
_
Sept. 30 Sept
Nov. 15 Oct.
Nov. 15 Oct.
Oct.
1 Sept.
1 Sept.
tl2Mc Oct.
1 Sept.
62Mc Oct.
Dec.
1 Nov.
t37Mc
(quar.)
1 Sept. I4
1 Sept. I4
50c
Belding-Heminway
Oct.
Canada Bread Co., Ltd., pref. A. (quar.)
Preferred B
Cannon
Sept. 1
Sept. 15
Sept.15
Oct.
Oct.
(quar.)
Oct.
Oct.
Oct.
SI
25c
(quarterly)
Preferred (quarterly)
Oct.
Calaveras Cement Co. 7% preferred
California Packing Corp. (quar.)
"
15
1 Sept. 16
1 Sept.16
15
Sept. 30 Sept.15
Sept. 30 Sept. 18
Sept. 25 Sept.17
Oct. 11 Sept. 20
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct
1 Sept. 15
Extra
-
16*
1 Oct.
Oct.
Oct.
•
-
20
16*
Nov.
Bullard Co
Preferred
| Holders
1 Sept. 20
16 Oct.
1
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Bulova Watch Co., Inc
Burco, Inc., $3 preferred (quar.)
Burdines, Inc., $2.80 prer. (quar.)
Burlington Steel Ltd
Burt (F. N.) & Co. (quarterly)
Preferred (quarterly)
Cable & Wire (Holding), Ltd.—
5M% preferred (semi-annual)
Calamba Sugar Estate (quar.)
Preferred
When
Payable of Record
Oct.
Oct.
Bucyrus-Erie Co., preferred
Common (interim)
Bucyrus-Monighan, class A (quar.)
Budd Wheel Co., pref. (quarterly)
Preferred (participating dividend)
Buffalo Niagara & Eastern Power pref. (quar.)__
lst preferred (quar.)
Building Products, Ltd., class A and B (quar.).
Class A and B (extra)
Central Hanover Bank & Trust Co.
Central Illinois Light Co., 4M% pf.
Beech Creek Railroad Co
Belding-Corticelli
Share
of Company
1 Sept. I5
Oct.
1 Sept. I5
Dec. 30 Dec. Ik
Oct. 15 Sept. 3n
Beech-Nut Packing Co. (quar.)
Extra
■.
Per
Name
1
American Water Works & Electric Co., Inc
1st $6 preferred (quar,)
Sept. 25, 1937
Holders
When
Payable of Record
American Machine & Metals
$5 preferred (quarterly)
American Paper Goods, 7^ preferred (quarterly)
Amer. Radiator & Standard Sanitary (quar.)
American Rolling Mill Co. (quar.)
4M% preferred (initial, quar)
Chronicle
pref
Commonwealth Utilities, 7% pref. A (qu.)
6% preferred B (quarterly)
6M% preferred O (quarterly)
Commonwealth Water & Light Co. $ 7pref. (qu.)
$6 preferred (quar.)
Compressed Industrial Gases, Inc
Connecticut Gas & Coke Security, pref. (quar.)
SI
$1.06 M
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Dec.
Oct.
1
Nov. 15
Oct.
Oct.
Sept. 20
Sept. 20
Sept. 25
Oct.
Sept.15
Volume
Financial
145
Per
Name
Share
of Company
Class A and B (extra)
Confederation Life Assoc.
81
(Ont.) (quarterly)—
1 Sept. 15
Nov.
1 Sept. 24
1
5 Oct.
Oct.
1 Sept. 15
$1%
81%
20c
82
81%
11.125
82
20c
25c
81%
pref. (qu.)_
25c
(Del.)
25c
—
Steel
Oct.
90c
Fibre Co—
Special
Continental
31 Mar. 15
1 Sept. 18
Co. of Bait.—
Continental Gas & Elec. Corp. prior
Continental Oil Co.
Oct.
81
preferred (quarterly)
Consolidated Laundries preferred (quar.)
Consolidated Oil Corp. (quar.)
Consol. Retail Stores 8% preferred (quar.)
Consumers Power Co., $5 pref. (quar.)
$4 % preferred (quarterly)
Continental Baking Corp., pref. (quar.)
Continental Bank & Trust Co. (quar.)
Diamond
25c
Corp. (quarterly)
3/
Preferred (quarterly)
---
Coronet Phosphate
Corroon 9c Reynolds Corp. preferred
---
Cosmos Imperial Mills, 5% preferred
Creameries of America (quar.)
t81%
A
-(quar.) —
81 %
10c
5c
50c
Extra
Dec.
1 Sept. 15
1 Oct. 15
Oct.
Nov.
Nov. 15 Oct.
1 Sept. 17
1 Sept.
10
Oct.
1 Sept.
lO
1 Sept. 20
Oct.
1 S.pt. 17
Sept. 30 Sept. 16
Oct.
1 Sept. 15
Sept. 30 Sept. 8
Oct.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Class A (quar.)
Crown Zellerbach Corp. (resumed)
Crucible Steel Co. of America, preferred
Oct.
1 Sept.
Oct.
Oct.
wa
—
(quarterly)
Crum <fe Forster, preferred
1 Sept.
25c
class A
Oct.
t50c
—
15
Oct.
Oct.
25c
Cream of Wheat Corp
Crown Cork International Corp.
Falstaff Brewing Corp.
Oct.
Series A 5%
Continental
Ex-Cell-O Corp
75c
Power (quar.)
Consolidated Dry-Goods, 7% pref. (s.-a.)_
Consol. Edison Co. (N. Y.) pref. (quar.)
Consoi. Gas Elec. Light & Power
Common (quarterly)
Sept. 30
Dec.
81
20c
Quarterly
Connecticut General Life Insurance
Connecticut Light Ac
Nov.
8
15
15
20
24
30
10
10
18
10*
10»
13
1 Sept.
1 Sept.
Sept. 30 Sept 16
Sept. 30 Sept. 20
25c
preferred
Cutler-Hammer, Inc., stock dividend
of
Distribution
one
Oct.
82
$1%
(quar.)
8% preferred (quar.)
Curtis Publishing Co. $7
5
14
Oct.
1 Aug. 31
15 Oct,
Dec. 24 Dec.
Sept. 30
12%c
31Ki;
87 He
**1
■m
Oct.
—
(2 shs. for 1)
Dejay Stores, Inc. (quar.)—
De Long Hook & Eye (quarterly)
Dentiata Supply Co. or N. Y. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
...
Detroit Edison Co. (quar.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
Detroit Steel Corp. (quarterly)
4
Detroit
Steel
Products
Oct.
Diamond Ginger
—
Ale Co. (quar.)
—
Dec
Diamond Match Co
Preferred
(sem -ann )
Oct.
Diamond State Telep., pref. (quar.)__
Diamond T Motor Car Co. (quar.)
Oct.]
Oct.
Oct.
—
Oct.
Dec.
Oct.
Dobeckmun Co., common (quar.)
Doctor Pepper Co (r»"arterly)
Dominion Coal Co., Ltd., 6% pref. (quar.)
Dominion Glass Co., Ltd.
Preferred (quar.)
Dover & Rockaway RR. (semi-ann.)
Dow Drug Co
15
15 Sept. 20
1 Sept. 20
1 Sept. 10
1 Sept. 10
1
15 Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 15
Sept. 30 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Oct.
1 Sept.
22
15
30
30
Nov. 15 Nov.
-
4
Sept.
Aug.
Sept.
Sept.
Sept.
Oct.
Oct.
(quar.)
Oct.
Duke Power Co
Oct.
Preferred
(quar.)
Dunean Mills 7% preferred (quar.)
Oct.
Oct.
du Pont de Nemours (E. I.) 6% debentures
Oct.
$4% preferred (initial
Duplan Silk Corp. preferred (quar.).
Duquesne Light Co., 5% pref. (quar.)
Durham Mfg. Co. (initial)
Duro Test Corp. (quar.)
Oct.
Oct.
Oct.
Interim
-
-
25c
—
Extra
35c
35c
Federal Insurance (Jersey City) (quar.)
Federated Deptartment Stores
Feltman & Curme Shoe Stores, pref
50c
87 He
Fidelity Investors, 5% pref. (s.-a.)
Fifth Avenue Bank of New \ ork (quar.)
6
50c
Fifth Avenue Coach
Filene's (Wm.) Sons
Preferred (quar.)
50c
Co
A & B_.
Finance Co. of Amer. (Bait.), common
7% pref. and 7% pref. class A
Finance Co. of Pennslyvania (quar.)
First Bank Stock Corp. (s.-a.)
First Cleveland Corp., class A & B (quar.)
First National Bank of N. Y. (quar.)
Quarterly
First National Corp. (Portland) class
First National Stores, Inc. (quar.)
A
7% 1st pref. (quar.)
Fishman (M. H.) Co., 7%
pref. (quar.)
common
Florence Stove Co.
Fiorsheim
(quarterly)
Shoe Co. class A (quar.)
Class B (quar )
Food Machinery Corp.
preferred (quar.)
(Quarterly.)
Formica Insulation (quar.)
Foster & KMser Co., pref.
(quar.)
(quar.)
Fox (Peter) Brewing 6% pref.
(quar.)
Freeport Sulphur Co., preferred (quar.)
Fruehauf-Trailer (increased)
—
Fuller Brush Co..7% preferred (quar.)
Fulton Trust Co. (quarterly)
Fundamental Investors
Gannett Co. 6% preferred (quar.)
General American Investors pref. (quar.)
General Baking Co.,
preferred
preferred (quar.) —
General Cigar Co.. Inc., 7%
7% preferred (quar.).
7% preferred (quar.
General Electric Co
General Fireproofing Co
Preferred (quar.)
General Mills, Inc., preferred (quar.)
General Motors Corp., 85 preferred (quar.).
General Outdoor Advertising preferred
Preferred
General Paint
Convertible preferred (quar.)
General Printing Ink Corp. common
86 cum. preferred (quar.)
General Public Service, 86 pref. (quar.)
preferred
Oct7~~8
25 Oct.
8
1 Sept. 24
15 Sept. 15
15 Sept. 21
1 Sept. 10
Oct.
25c
30 Sept.20
30 Sept.10
30 Sept.10
15 Sept. 30
15 Sept. 30
1 Sept. 20
29 Sept. 22
1 Sept. 16
Sept.
25c
Oct.
56%c
7
Oct.
1 Sept. 21
1-2-38 Dec. 23
81%
Oct.
Oct.
1 Sept. 18
1 Sept. 18
mk
Oct.
1 Sept. 20
t 84.125
Oct.
Oct.
Sept. 20
Sept. 20
Jan.
Dec.
Dec.
10
10
10
10
Dec.
10
Dec.
10
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
_
Sept. 23 Sept.16
Dec.
Dec.
10 Nov. 30
1 Nov. 30
Sept. 30 Sept. 10
Sept. 30 Sept. 18
Sept. 28
Oct.
Oct.
_
1
Sept. 30
Oct.
Oct.
1
1
Preferred (quar.)
Gillette Safety Razor
1
Oct.
1
Oct.
1
Oct.
1
Oct.
Oct.
1
1
56%c
25c
Co. (quar.)
Godchaux Sugars, Inc.,
Preferred (quar.)
Nov.
1 Oct.
Oct.
1
81
class A
Oct.
1 Sept. 18
1 Sept. 18
Oct.
(quar.)
Gold & Stock Telegraph
Sept. 30
Sept. 20
Sept. 10
Sept. 10
Sept. 15
Sept. 17
Sept. 20
Sept. 20
Sept. 20
Sept. 20
Sept. 15
Sept. 15
Sept. 14
Sept.20
Sept. 18
Sept. 17
Sept. 17
Sept. 17
Sept. 7
50c
81%
Preferred (quarterly)
Globe-WernickeCo., Preferred (quar.)
Goebel Brewing Co.
Extra
Oct.
50c
50c
— -—
(quar.)
1
50c
87 He
(quar.)
Gilbert (A. C.) Co. preferred
Glidden Co. (quar.)
Oct.
30c
Gibson Art Co.
5c
81%
(quar.)---
60c
1
Sept.20
Sept. 30 Sept. 11
Sept. 30 Sept. 11
Oct.
1 Sept. 30
Optional payment l-50th sh.
common
Oct.
1 Sept. 10
Oct.
Goldblatt Bros__
1
for
each share held.
Preferred
Goodrich
(quarterly)
81%
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.
1 Sept.14
Sept. 29 Sept.23
Sept. 29 Sept.23
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
2 Sept. 15
Oct.
2 Sept. 15
Oct. 15 Sept. 30
81%
81%
Oct.
1 Sept. 20
80c
Oct.
20c
Oct
1 Sept.18*
1 Sept. 21
(quar.)
Varnish (quar.)
(quar.)
Great Lakes Steamship Co.
Extra
Preferred
86
(qu.)_
60c
(quar.)
81%
(quar.)
Greenfield Tap & Die, 86
preferred
preferred--•
6% pref-Corp., class A
Greenwich Water & Gas System,
Greif Bros. Cooperage
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 OU Corp
'Gulf Power Co. 86 preferred (quar.)
Hackensack Water Co. preferred A (quar.)
Haloid Co. (quar.)
Hamilton Cotton Co., Ltd., $2 pref
Hamilton Mfg. Co., participating pref. A (quar.)
Hamilton United Theatres, Ltd., 7% pref
Hammermill Paper 6% preferred (quar.)
(P. H.) Knitting Co. 7% preferred (quar.)
(M. A.) Co., common
Insurance (N. Y.) (quar.)
Harbauer Co. (quar.).
Harbison-Walker Refractories pref. (quar.)
Harrisburg Gas Co. 7% pref. (quar.)
Hartford Fire Insurance Co. (quar.)
Harvey Hubbell, Inc
Haverty Furniture Co., pref. (quar.)
13%c
$r&
Hanna
Hawaiian
Agricultural Co. (mo.)
Hazel-Atlas Glass Co. (quar.)
Dec.
Oct.
Oct.
15 Nov. 30
1 Sept. 21
1
1 Oct.
3%
Sept. 30 Sept. 10
Oct.
1 Sept. 3
25c
Oct.
1 Sept.15
81%
43 %c
Oct.
1
Sept.20
25c
40c
Sept. 30 Sept.16
Sept. 30 Sept.15
Oct.
1 Sept. 15
Sept. 30 Sept.18
Sept. 30 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 20
Sept. 30 Sept. 18
Oct.
1 Sept.17
25c
t50c
25c
t$l%
Hanes
Hanover Fire
Sept. 10
Sept. 30 Sept.18
(B. F.) Co., common
85 cumulative preferred
Goodyear Tire & Rubber (Canada)
Preferred (quar.)
Gorton-Pew Fisheries (quar.)
Great Western Sugar
1 Oct.
Oct.
56 He
75c
Oct.
75c
81%
81%
Georgia Power Co. 86 preferred (quar.)
85 preferred (quar.)
Gibraltar Fire & Marine Insurance
1 Nov. 10
1 Oct.
7
1 Sept. 20
Oct.
7% preferred A (quarterly)
El Paso Natural Gas Co., common (quar.)
15
Oct.
^75c
Electric Co., 83 pref
Great Western Electro Chemical preferred
Great Western Life Assurance (quar.)
Sept.
Sept.
Sept.
Oct.
El Paso Electric Co. (Texas) 86 pref. (qu.)-
15
Oct.
81%
1 Sept. 21
1 Nov. 10
Nov.
Oct.
(quarterly) -
1 Oct.
1 Oct.
Granite City Steel Co., common
Grant (W. T.) Co
4
Nov.
$5 preferred (quarterly)
Nov.
Nov.
25c
(quar.)
Grand Rapids
Dec.
Dec.
Electric Products Corp
Electric Storage Battery (quar.)
Preferred (quarterly)
(quar.)
Preferred (quar.)
General Tire & Rubber pref. (quar.)
9
1 Sept.
1 Sept.
Sept. 30 Sept. 23
Electric Bond & Share Co., $6 pref. (quar.)
81.18% Oct. 25 Oct.
15c
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 18
Oct.
1 Sept 20
25c
Oct.
1 Sept. 20
15c
Oct.
1 Sept. 16
825
Jan.
3 Dec. 15
825
Oct. 15 Sept. 25
25c
Oct.
llSept. 18
62 He
Oct.
11 Sept. 18
81%
Oct. 15 Sept. 30
81%
Oct. 15 Sept. 30
Sept. 25 Sept. 15
50c
Sept. 30 Sept. 24
Oct.
1 Sept. 15
50c
Oct.
1 Sept 15
25c
81.125 Sept.30 Sept. 15
62 He
Sept. 30 Sept. 23
37 He
Sept. 30 Sept. 23
Oct.
Sept. 20
81H
Oct.
20c
Sept. 15
Oct.
37 He
Sept. 15
15c
Oct.
Sept. 15
Oct.
25c
Sept. 15
Oct. 15
Nov.
81H
Oct.
50c
Sept. 20
Oct.
81 %
Sept, '22
Oct.
Sept. 20
82 H
Oct.
25c
Sept. 16
Oct.
Sept. 15
81H
Oct.
1 Sept. 20
Oct.
1 Sept. 18
12
2c
Oct.
1 Sept. 15
Oct. 11 Sept. 30
40c
Dec.
1 Nov. 20
81%
2-18-38
3-1-38
81%
5-20-38
6-1-38
81%
Oct. 25 Sept. 24
40c
Oct.
1 Sept. 20
30c
Oct.
1 Sept. 20
81%
Oct.
1 Sept. 10*
81H
Nov.
1 Oct.
4
81%
Sept. 25 Sept. 15
tSlH
Oct. 25 Oct. 15
t$lH
25c
Oct.
1 Sept. 20
67c
Oct.
1 Sept. 20
Oct.
30c
1, Sept. 20
1 Sept. 20
81H Oct.
81%
(quarterly)
General Telep. Corp. 83 con v. preferred
General Theatres Equipment (interim)
4
Oct.
Oct.
(quarterly)
(quar.)
Extra
_
25
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 25 Sept.
Oct.
25c
General Time Instruments
17 Dec.
Oct.
81%
81%
Railway Signal
General Water, Gas &
Dec.
Oct.
15
8
15
15
15
15
15
15
15
10
10
15
17
20
21
1
20
30
15
18
22
81H
(quar.)
General Public Utilities, Inc., 85 pf.
Preferred
1 Sept.
Sept.30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
_
General Box Co. (increased)General Capital Corp. (quar.)
85 H
Payable of Record
•lE
5% preferred (quarterly)
Fliutkote Co.
fiJj
$Io1
50c
Faultless Rubber Co. (quar.)
Fedders Manufacturing Co. (quar.)
Nov. 15 Nov.
Electrographlc Corp. (quar.)
-
25c
Extra
Oct.
Oct.
Electric Auto-Lite
Empire Safe Deposit Co. (quar.)
Emporium Cap well Corp. (quar.)
4% % cumul. preferred A (quarterly)
4%% cumul. preferred A (quarterly)
Endicott-Johnson Corp
Preferred (quar.)
Engineers Public Service, $5 preferred
$5% preferred
86 preferred
85 preferred
85 preferred (quarterly)
85% preferred
$5% preferred (quarterly)
86 preferred
86 preferred (quarterly)
Equitable Investment Corp
Erie & Pittsburgh RR. Co.. 7% gtd. (quar.)
Guaranteed betterment (quar.)
Esquire-Coronet, Inc. (quar.)
Evans Products Co. (quar.)
-
20
28
20
15
15
Sept. 25 Sept. 15
Sept. 25 Sept.15
Sept. 25 Sept.15
Oct.
1 Sept. J 5
Oct.
1 Sept. 15
Sept. 30 Sept. 20
Oct.
4 Sept. 23
Oct.
1 Sept. 20
Sept. 30 Sept. 24
Oct.
1 Sept.15
Oct.
1 Sept. 15
Oct.
1 Sept. 17
Oct.
1 Sept.16
—
Extra
Eagle Picher Lead
Preferred (quar.).
Early & Daniel Co
Eason Oil Co. preferred (quar.)
East Missouri Power Co., 7% pref. (s.-a.)
Eastern Footwear Corp
Eastern Gas & Fuel Assoc., 6% pref
4 %% preferred (quarterly)
Eastern Steamship Lines, $2 pref. (quar.)
Eastern Steel Products, Ltd., pref. (quar.)
Eastern Utilities Assoc. (quarterly)
Eastman Kodak Co. (quar.)
Preferred (quarterly)
Easy Washing Machine class A and B (qu.)
Ecuadorian Corp., Ltd
6%c
17 He
Fansteel Metallurgical Corp. 85 pref. (quar.)
85 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
General
1
Oct.
Preferred (quarterly)
Draper Corp
Driver-Harris Co., 7% pref
Nov
Oct.
-
Dominion Rubber Co., Ltd., pref. (quar.)
Electric Controller & Mfg.
1
Oct.
(quar.)
Dominion Textile Co .(quar.)
Preferred (quar.)
Preferred
1 Nov. 20
1
1 Oct.
Marl'38 Feb 15'38
Oct.
1 Sept. 20
Oct.
1 Sept. 20
—
Diamond Shoe Corp. (quar.)
Preferred (quarterly)
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
2
Sept. 29 Sept. 15
Sept 29 Sept. 15
Sept. 30 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
B (quar.)
Extra
2
15
15
15
20
Dec. 23 Dec. 23
Oct. 15 Sept. 25
1-5-38 Dec 20
Co
Devoe & Raynolds class A &
Preferred (quar.)
30 Oct.
Dec.
—
_
20 Oct.
Sept. 25 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Deixel-Wemmer-Gilbert (quar.)
Extra
Extra.
Sept 30 Sept. 20
Sept. 25 Sept. 20
Oct.
5 Sept. 16
Oct.
1 Sept. 16
Oct.
Co
Stock div. of 200%
6% pref. (s.-a.)
Family Security Corp., A (quar.)
7% preferred (quarterly)
Fanny Farmer Candy Shops (quar.),
Foreign Light & Power. 1st pref. (qu.)
share held.
Doero
Falconbridge Nickel Mines, (quar.)
Extra
additional share for each
Cyrstal Tissue Co. (quar.)
Davega Stores Corp. pref. (quar.)
Dayton & Michigan RR. Co. 8% pref
Common (semi-ann.)
20c
15
15
24
1 Oct.
1 Oct.
Nov.
12%c
—
Share
Name of Company
I Holders i
When
Per
Holders
When
Payable of Record
37 He
(qu.)__
Ooncol. Chemical Industries cl. A and B
2019
Chronicle
25c
Oct.
1 Sept.23
81%
81%
Oct.
50c
Oct.
6
20 Oct.
15 Sept. 30
1 Sept. 15
30c
Sept. 28 Sept.18
3Vm
81%
Oct.
Oct.
1 Sept.24
Sept. 30 Sept.25
1 Sept-17 1
Oct.
»
Financial
2020
Per
Share
Name of Company
Heath (D. C.) & Co. preferred
$13*
(quar.)
15c
Hein-Werner Motor Parts (quar.)
Heller (Walter E.) & Co. (quar.)
Extra..
10c
—.....— -—--
Preferred (quar.)
Helme (G. W.) Co. common
Preferred (quar.)
$1J*
(quar.) —
50c
$13*
1
Oct.
1
Sept. 30
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
28
15
20
20
20
10
10
20
14
20
20
15
15
60c
Dec.
1 Nov. 15
50c
Oct.
8 Sept. 17
Oct.
Oct.
1 Sept. 17
7 Sept. 23
±5c
Oct.
7 Sept. 23
$13*
Oct.
$1.05
Oct.
1 Sept. 18
1 Sept. 15
|5c
Hollinger Consol. Gold Mines (monthly)
■
Holmes (D. H.) Ltd.
(quar.)
Holophane Co. preferred (semi-annual)
Homestake Mining Co. (monthly)
Hormel (Geo. A.) Co. (quarterly
6% preferred (quarterly)
Hoskins Mfg. Co
Hotel Barbizon. Inc., vot. tr. ctfa. (quar.)
Houdaille-Hershey, class B
—
37 3* c
25c
$13*
40c
$2
37J*c
62 3* c
25c
Class A (quar.)
(quarterly)
873*c
Preferred (quarterly)
Houston Oil Field Material.
50c
43 3* c
Preferred (initial)
75c
(quar.)
75c
Extra
Howes Bros Co., 7% 1st & 2d pref.
Sept. 25 Sept. 16
$13*
(quar.)
Extra.
(quar.)
6% preferred (quar.)....:
Humber Oil & Refining Co. (quar.)
Hussman-Ligonier Co. (quar.)
Preferred (quarterly)
Huttig Sash & Door Co. 7% preferred (quar.)..
7% preferred (quarterly)
Hygrade Sylvania Corp., common
Preferred (quarterly)
Idaho-Maryland Mines (extra)
$13*
$13*
623*c
25c
Sept. 25 Sept. 20
Oct.
Oct.
15 Oct.
15 Oct.
2
2
Sept. 27 Sept. 11
25
Nov.
5 Oct.
Oct.
1 Sept. 20
1 Sept. 20
Oct.
Oct.
Sept. 18
Sept. 18
Sept.15
Sept. 15
Sept. 24
Sept. 24
Sept. 20
Sept. 20
1 Sept.
1
Nov.
1 Oct,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
30
30
30
30
30
30
30
30
20
Telep. (quar.)
Illuminating Shares Co., class A (quar.)..-Imperial Chemical Industries (interim)
Imperial Life Assurance of Canada (quar.)
Quarterly
Imperial Tobacco of Canada (interim)
Preferred (semi-ann.)
Independent Pneumatic Tool (quar.)
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.)
Industrial Rayon Corp
Institutional Security, Ltd.—
Bank Group shares, class A
Inter Island Steam & Navigation Ltd
Nov. 15 Nov
5
15 Dec
6
SI?*
7% preferred (quarterly)
25c
62j*c
373*c
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., com. (quar.)
Preferred (quar.)
Liggett & Myers Tobacco, pref. (quar.)
Lincoln National Life insurance Co. (qu.)
Lincoln Service Corp. (quar.)__
7% preferred (quarterly)
Link Belt Co., preferred (quar.)
Lion Oil Refining Co. (quar.)__
Lipton (T. J.) Inc., class A (quar.)
Preferred (quar.)
Liquid Carbonic Corp., new (quar.)
Little Miami RR.. special guaranteed (quar.)
Original capital
*
Oct.
25c
Oct.
623*c
$13*
t50c
Oct.
Sept.
Pref. (quar.)
International Ocean Telegraph (quar.)
International Power Co. 7 % preferred
JS13*
Nov.
Oct.
International Salt Co
50c
$2
Oct.
40c
Interlake Iron Corp. (resumed)
Interlake Steamship Co
$13*
$13*
International Business Machines Corp
Oct.
Oct.
30c
Extra
International Harvester (quar.)
(Year end final)
International Nickel of Canada
Oct.
37 3* c
(quar.)
International Cellucotton Products Co
Oct.
Oct.
$13*
$13*
—
Oct.
373*-
International Shoe Co. (quar.)
International Silver preferred
Oct.
Oct.
123*c
International Vitamin Corp. (quar.)
Intertype Corp., 1st preferred (quar.)
Investment Co. of America (quar.)
Investors Royalty Co. (quar.)__
Preferred (quarterly)
Iowa Public Service, $7, 1st pref. (quar.)
$6)*. 1st preferred (quar.)
$6. 1st preferred (quar.)
Iron Fireman Mfg Co
(quar.)
Irving Air Chute Co. (quar.)
Irving Trust Co. (quar.)
Island Creek Coal Co., common (quar.)___
Preferred (quar.)
Jamaica Public Service, Ltd., (quar.)
Preferred (quar.)
Jersey Central Power & Light, 7% pref. (qu.)__
6% preferred (quarterly)
53* % preferred (quarterly)
Johns-Manville Corp. preferred (quarterly)
Joliet & Chicago RR. Co.. gtd. (quar.)
Jones & Laughlin Steel preferred
Joplin Water Works Co., 6% pref. (quar.)
JosHn-Schmidt Corp. 7% pref. (quar.)
KansasCity Power & Light 1st pref B (quar.)__
Kahn's (E.) Sons Co. (quar.)
1st preferred (quar.)
Kansas Electric Power Co. 7% pref. (quar.)
6% preferred (quar.)
Kansas Gas & Electric, 7% pref. (quar.)
$6 preferred (quar.)
Kansas Power Co. $6 cum. pref. (quar.)
$7 cum. pref. (quar.)
Kansas Utilities Co. 7% preferred (quar.)
Katz Drug Co., preferred (quar.)
Kaufman (Chas. A.) Ltd
(quar.)
Kaynee Co., 7% pref. (quar.)
Kaufmann Department Stores
Pref. (quar.)
Keith-Albee-Orpheum, 7% pref. A&B
Kellogg (S.) & Sons (quar.)
Kemper-Thomas Co.—
7% special preferrred (quar.)
Kennecott Copper Corp
Special
Kentucky Uilities Co., 6% pref. (quar.)
Keystone Public Service, $2.80 pref. (quar.) —
Kimberly-Clark Corp. (quar.)__
Oct.
Sept.
$2
Oct.
60c
Oct.
13*c
50c
$13*
Sept.
Sept.
Oct.
Oct.
Oct.
30c
Dec.
25c
Oct.
15c
Oct.
50c
Oct.
$13*
Oct.
43 3* c
Oct.
$13*
$13*
$13*
Oct.
Oct.
Oct.
Oct.
3*
$13*
+$13*
$13*
$13*
$13*
Oct.
25c
Oct.
$13*
Oct.
Oct.
Oct.
Oct.
Oct.
Otc.
Oct.
$13*
$13*
$13*
$13*
$13*
$13*
$1,125
Oct.
Oct.
Oct.
Oct.
Oct.
Oct,
Oct.
50c
Oct.
$13*
Oct.
50c
Oct.
$13*
$13*
Sept.
40c
Sept.
Oct.
f
King Seeley, 514% pref. (quar.)
Kings County Lighting Co. 7% pref. ser. B (qu.)
6% preferred series C (quar.)
5% preferred series D (quar.)
Kirkland Lake Gold Mining (interim)
Klein (D. E.) & Co., Inc. (quar.)
Kleinert (I. B.) Rubber Co. (quar.)
Special
Knott Corp
Koppers Co., nreferred (quar.)
Kroehler Mfg. Co. 6% pref. A (quar.)
6% preferred A (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
2
30
15
15*
15
15*
10
20
15
15
15
20
20
20
1 Nov. 10
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
20
10
24
24
18
18
10
10
10
17
21
Sept. 30
Oct,
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
20
14
20
20
15
15
13
13
20
20
20
15
17
Sept. 20
Oct.
9
Sept. 10
Sept. 27
Sept. 15
Dec.
3
3
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept. 25
15
11
11
11
21
15
15
15
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Nov.
Oct.
Oct.
Sept. 20
Sept. 15
Sept. 15
Oct.
Oct.
Extra
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept
Sept,
Sept.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
1
1
Oct.
Oct.
Oct.
Oct.
Sept. 11
Sept. 24
Dec.
Dec. 24
Oct.
Sept. 20
Nov.
Oct.
20
Nov.
40c
$1H
25c
25c
373*c
50c
Dec.
$1.10
30c
Dec.
75c
75c
75c
$2
8% preferred (quar.)
8% preferred (quar.)
+$lf*
75c
Long Island Lighting Co. 7% pref. series A (qu.)
6% preferred series B (quar.)
Lorillard (P.) Co. (quar.)
YSc
$1?*
S1H
(quar.)
(quar.)_
$l3i
1 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept
Oct.
Oct.
Preferred (quar.)
Mack Trucks, Inc__;
Oct.
50c
25c
Magnin (1.) & Co. (quar.) 6% preferred (quar.)
Mahoning Coal RR
Manischewitz (B.) Co. preferred (quar.)
Manufacturers Trust Co. (quar.)
Preferred (quarterly)
Mapes Consol. Mfg. Co. (quar.)
SI H
$7"
2
1-3-38 Dec
15 Sept. 30*
15 Sept. 30*
Sept. 30 Sept. 18
Nov. 15
Oct.
Oct.
50c
Oct.
50c
Oct.
50c
50c
Marine Midland Corp. (quarterly)
Marion-Reserve Power Co. $5 pref.
com.
&
com.
Oct.
—
5c
Oct.
Oct.
Sept. 30
40c
;
(Quarterly)
Mathieson Alkali Works (quar.)
Preferred (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly) —
1
Sept. 30
Sept. 30
Aug. 31
15
15
20
17
15
20
24
20
15
15
7
7
31
Nov. 30 Nov. 30
Oct.
15 Sept. 30
Oct.
Oct.
Oct.
75c
Preferred (quar.)
McKee (Arthur G.) class B (quar.)
Class B (extra)
25c
25c
preferred (quarterly)
McKay Machine Co. (quar.)
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
75c
75c
75c
Oct.
$1?*
$1?*
$1H
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
30c
25c
Dec.
Doc
50c
McKeesport Tin Plate Corp
McQuay-Norris Mfg. (quar.)__
Mead Johnson & Co. (quar.)
-—
Extra
Memphis Natural Gas Co., preferred (quar.)
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.)
Mercantile Acceptance Corp. of Calif.—
6% preferred (auar.)
5% preferred (quar.)__
$13*
Merchants Bank of N. Y. (quar.)
40c
Merchants & Miners Transportation Co
Merchants Petroleum
Oct.
Oct.
Oct.
20
20
20
20
15
24
15
15
20
11
11
5
Sept. 30 Sept."23
Sept. 30 Sept. 20
3c
—
—
—
Metropolitan Coal Co. 7% preferred
Metropolitan Edison Co., $6 preferred
Meyer-Blanke Co., 7% preferred (quar.)
Oct.
Oct.
15 Sept. 30
1 Sept. 15
1 Sept. 15
10 Sept. 20
25c
(initial)
Messinger Corp. (quar.)
Oct.
25c
Merrimac Mills Co.
Oct.
25c
$13*
Merck & Co., Inc
Preferred (quarterly)
Oct.
30,Oct.
$1
Oct.
+$15*
$13*
;
$2 non-cumulative (quar.)
8% preferred (quar.)
Oct.
Oct.
Dec.
Nov. 15
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
$2
15c
Milnor, Inc., increased
Minnesota Power & Light Co., 7%
A dividend of $1% and 58c
15
20
20
20
18
Sept.
Sept.
Sept.
Sept
Sept.
50c
$13*
Midvale Co. of Dela
15
l'Sept. 16
Sept. 30 Aug. 31
Oct.
Aug. 31
50c
Midland Steel Products
Oct.
.
pref.—
$6 preferred.
$6 preferred (quarterly)
6% preferred
6% preferred (quarterly)
Mississippi River Power, 6% pref. (qu.)
Miss. Valley P. S. 6% pref. B (quar.)
Missouri Edison Co., $7 cum. pref. (qu.)
M. J. & M. M. Consol. Oil (quar.)
Extra
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. $4)* preferred
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
Mountain States Telep. & Teleg. (quar.)
Montana Dakota Utilities Co. 6% pref. (quar.) _
5% preferred (quar.)
Montgomery Ward & Co
Class A (quar.)
Moore Corp., Ltd. (quar.)
Preferred A&B (quar.)
Moore iWm. R.) Dr
Goods (quar.)
Quarterly
Morris Finance Co. class A (quar.)
Class B (quar.)
7% preferred (quar.)
Morris Plan Insurance Society
Motor Products Co
1
Oct.
37J*c
$1?*
43 He
43?*c
i$13*
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
$2
McColl-Frontenac Oil,
common__
Oct.
40c
Master Electric Co
Mesta Machine Co.
Oct.
50c
class A (quar.)
1 Sept. 15
1
Oct.
10c
7% pref. (quar.)
Marlin-Rockwell Corp. (quar.)
5
15 Oct.
Oct.
$13*
$1 %
(quar.)
Marion Water Co.
Nov.
1 Sept. 24
1 Sept. 20
Oct.
25c
Extra
Margay Oil Corp
18
10
15
15
15
15
17*
17
30
30
30
31
1 Sept. 21
Oct.
1H%
—
1 Sept. 28
31
1-3-38 Dec
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct. 15 Sept.
Oct. 15 Sept.
Oct. 15 Sept.
Sept. 25 Aug.
M
'
(quar.)
common
15
15
25
20
Oct. 30 Oct. 20
Nov. 30 Nov. 20
Dec. 31 Dec. 20
Oct.
Co.. preferred (quarterly)
(quar.)
MacAndrews & Forbes Co.
Mar-Tex Oil Co.
II >4
$1H
373*c
Class A&B (qua..)
Lunkenheimer
g
(quar.)_
7% preferred (quar.)
6% preferred (quar.)
10 Nov. 26
10 Nov. 26
Oct.
75c
—
Loew's (Marcus) Theatres 7 % preferred
Lone Star Cement Corp
(quar.)
Mueller Brass Co. (quar.)
Extra
Murphy (G. C.) Co., pref. (quar.)
Murray Ohio Mfg. Co
Muskegon Piston Ring (quar.) —
Extra
I
1 Sept.10
1 Oct. 26
10c
Monthly
Monthly
Monthly
5
Nov. 16
Dec.
Oct.
Sept. 28 Aug. 31
Sept. 28 Aug. 31
Oct
1 Sept. 15
Oct. 20 Sept. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 25 Sept. 20
$3H
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Nov. 8 Sept.
Oct
1 Sept.
Sept.
Sept.
21 Oct.
30c
Extra
Louisville Gas & Elec. (Ky.), 5% pref.
3c
Dec.
Oct.
25c
87 )*c
Lockhart Power Co., 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)
Oct.
30c
Oct.
8 Sept. 24
8 Sept. 24
1
15 Dec.
$1?*
Locke Steel Chain
Oct.
31
1 Sept. 14
Oct.
25c
10c
1-3-38 Dec.
14
1 Oct.
Oct.
50c
Yi
Sept. 30 Sept. 10
Sept. 30 Sept.10
Oct.
Sept. 22
Oct.
Sept. 4
Oct.
1 Sept.
4
Oct.
Sept. 11»
Oct.
Sept. 15
Sept. 30 Sept. 14
Oct.
1 Sept. 11
Oct.
1 Sept. 24
Nov.
50c
Le Tourneau, Inc. (quar.)
Preferred
Sept. 30 Sept. 10
Sept. 25 Sept.15
Oct.
1 Sept. 15
25c
Special
Leslie Salt Co. (quarterly)
$13*
15
18
16
22
30
1 Sept. 15
$1
25c
Lehman Corp. (quar.)
Preferred
Dec.
Oct.
Lang (John A.) & Sons, Ltd. (quar.)
Lava Cap Gold Mining
Lazarus (F. & R.) Co
Loose-Wiles Biscuit Co., 5% preferred
Lord & Taylor (quar.)
31
20
18
15
22*
15
20
20
20
27
Aug. 31
—
Oct.
25c
Dec. 30 Dec. 20
Oct.
1 Sept. 10
1 Sept. 10
1
Sept. 3
Sept. 18
Oct.
50c
uandis Machine (quarterly)
Sept. 30 Sept. 17
Sept. 30 Sept. 20
12 Oct.
Holders
When
Payable of Record
Lackawanna RR. Co. (N. J.)
Lambert Co. (quar.)
683*c
$13*
Illinois Bell
Preferred (quar.)
Share
of Company
50c
Ideal Cement Co
International Buttonhole Machine
Name
Special
50c
(extra)
$5 preferred (quarterly)
Howe Sound Co.
Sept. 25
Oct.
31 3*c
Holland Furnace Co
Houston Natural Gas
1
1
$13*
5% preferred (quar.)
common
Oct.
Oct.
(quar.)..
Hinde & Dauch Paper
Preferred (quar.)
Class A
1
25c
preferred
Hires (Chas. E.) Co.—
Class A and B and management
Oct.
30
25
30
30
30
$13*
Hercules Motors Corp. (quar.)
Hercules Powder Co. (quar.)
Hickok Oil Corp., 7% prior
5c
43 Mc
Per
Holders
When
Payable of Record
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 25, 1937
Chronicle
+50c
$13*
+50c
$13*
$13*
$114
$13*
He
He
$1H
iUH
Oct.
44?*c
$15*
873*c
$1.64
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
10
10
10
10
10
15
20
20
15
15
15
15
1 Sept. 15
1
15 Oct.
Oct.
1 Sept. 15
Dec.
1 Nov. 10
Oct.
15 Sept. 30
1
Sept. 15
15
$13*
$13*
Oct.
50c
Oct.
15 Sept. 10
$15*
Oct.
40c
Oct.
1 Sept. 17
1 Sept. 14
Oct.
Oct.
Oct.
1 Sept.
1 Sept. 14
1 Oct.
1
_
1-2-38
Sept. 30
Sept. 30
Sept. 30
Dec.
Jan.
2
Sept. 15
Sept. 15
Sept. 15
1 Nov. 26
Sept. 30 Sept. 20
Sept. 29 Sept 14
Sept. 29 Sept. 14
Oct.
2 Sept. 24
Oct.
1 Sept. 22
Sept. 10
Sept. 30,—
Sept. 30'Sept. 10
Volume
Financial
145
When
Per
Name
Share
of Company
$1*4
$1*2
(quar.)
National Bond & Share
$1*4
37 Ac
A pref. (qu.)_
50c
50c
— _________
N. J
20c
(quar.)
Oct
1 Sept.
1 Sept.
Oct.
1 Sept.
—
1st preferred (quarterly)
Neiman-Marcus Co.
7% pref. (quar.)
Nevada-California Elec. pref. (quar.)
New Amsterdam Casualty (s.-a.)
Newark & Bloomfield RR. Co.
$1*4
$5*4 pref__
(quar.) —
Oct.
60c
(s.-a.)
Newberry (J. J.) Co. (quar.)
New England Gas & Electric Assoc.
New England Power Assoc. $2 pref.
$1
Oct.
50c
50c
$1*4
preferred (quar.)
England Power Co., pref. (quar.)
England Telep. & Teleg
Hampshire Fire Insurance Co. (qu.)
Jersey Water Co. 7% pref. (quar.)
York City Omnibus (initial)
York & Honduras Rosario Mining Co
York Lackawanna & Western Ry. Co
6%
$1*4
$1*4
40c
Sept.
Sept.
Oct.
Aug.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
25c
Oct.
&
(quar.)
Niagara Wire Weaving Co. (initial)
Nineteen Hundred Corp., class A (quar.)
Noblitt-Sparks Industries (quar.)
North American Co. common (quar.)
Preferred (quar.)
North American Rayon preferred (quar J
Northern Indiana Public Service Co. 7% pref__
6% preferred
...
5*4 % preferred
1
Northern Oklahoma Gas Co. 6% pref. (qu.).
J., 4% pref (quar.) —
Northern States Power Co. (Del.) 7% pfd. (qu.)
6% preferred (quarterly)
Northern States Power Co. (Minn.) $opfd. (qu.;
North Star Oil Co. 7% preferred
Northwestern Electric 7% preferred
Novadel-Agene Corp. common (quar.)
Nova Scotia Light & Power (quar.)
Northern RR. Co. of N.
Oakland Title Insurance Guarantee
Oct.
Oct
75c
75c
t$i*4
t$l*4
mvs
$1*4
$1
Oct.
1 Nov. 16
Dec.
l|Nov.
1 H%
Oct.
20 Sept.
1*4%
$1*4
■fSHc
$1H
Oct.
20 Sept.
Oct.
15 Sept.
50c
Oct.
$1)4
$1
Oct.
Oct.
Sept. 25
Sept. 27
Sept. 27
Oct.
Oct.
Oct.
Oct.
30c
Oct.
$1*4
Oct.
58 l-3c
Oct.
Oct
Oct.
50c
Oct.
412-3 c
6% preferred (monthly)
5% preferred (monthly)
Oct.
$1
70c
pref. (quar.)
$i|4
Old Colony Insurance Co
Old Colony Trust Assoc. (quar.).
Old Joe Distilling Co. 8% pref. (quar.)
20
30
30
30
1
Sept.
Sept. 18
Sept. 21
Oct.
$1.65
$154
$1.80
Ohio Service Holding Corp
Ohio Water Service, series A (increased)
14,Sept. 30
Dec.
$1*4
$1*4
6% preferred (quarterly)
1
Sept. 30 Sept. 20
Oct.
Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 21
14 Sept. 30
Oct.
14 Sept. 30
Oct.
$2
Ohio Public Service Co., 7% pref. (mo.)
_
Oct
Sept. 30
Sept. 30
Oct
Sept.15
Sept. 20
Sept.17
Sept. 17
Sept. 22
Sept. 15
Sept. 15
Sept. 15
Sept 15
Sept. 15
Sept. 10
Sept. 10
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 20
15c
Sept. 15
Jan.
Dec.
$2
(quar.)
Sept. 15
Oct.
10c
8% preferred (quar.)
Oct.
10c
Oct.
Sept. 15
Sept. 20
Sept. 25
J35c
Orange & Rockland Elec. Co. 6% pref. (quar.)..
5% preferred (quar.)
Ottawa Electric Ry. Co
Ottawa Light Heat & Power (quar.)
(quarterly)
$1*4
$1*4
iSOc
m*4
.....
Ottawa Traction Co
Outboard Marine & Mfg
Pacific Finance of Calif, (quar.)
Oct.
Oct.
Oct.
Sept. 25
Oct.
Sept. 15
Oct.
Sept. 15
O-r.
Sept. 15
Oct.
Sept. 15
Sept. 25 Sept. 14
Oct.
1 Sept. 15
Nov.
1 Oct.
15
Nov.
8% preferred (quar.)
6*4% preferred (quar.)
5% preferred (quar )
Pacific Gas & Electric (quar.)
1 Oct.
15
Nov.
1 Oct.
Packard Motor Car Co
Oct. 15 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Sept. 30 Sept.
Oct. 15 Sept.
Sept. 28 Sept.
Sept. 28 Sept.
Oct. 11 Sept.
Packer Corp.
Oct.
Pacific Guano & Fertilizer Co. (quar.)
Pacific Indemnity Co. (quar.)
Extra
Pacific Lighting Corp. $6 pref. (quar.)
Pacific Telephone & Telegraph
Preferred
(quar.)
special stock
...
Pacific Tin Corp.,
Extra
(quar.)
Page-Hersey Tubes, Ltd
Oct.
Pictures, Inc., 1st pref. (quar.)
(quar.)
Peerless Corp
Peninsular Telephone (quar.)..
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Peoples Drug Stores, Inc
Special
Peoria Water Works 7% pref. (quar.)
Perfect Circle (quar.)
(quar.)
pref."(quar.)ir
1 Sept. 15
Sept. 30 Sept. 15
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
Oct.
1 Sept. 21
1 Sept. 10
Oct.
Oct.
50c
25c
50c
Inc
1 Sept. 15
1 Sept.15
Oct.
37*4c
(quar.)
5
Oct.
(quar.)
Sept.
5
Oct.
Pennsylvania Glass Sand
Electric Power. 8%
1
15
18
23
20
15
2-15-38 Feb.
.
Light $7 pref. (quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
Penney (J. C.) Co. common
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)
Philadelphia
1
1 Sept.
Nov. 15 Nov.
7% preferred (quar.).
'.).
7% preferred (quar
Potsr paxil
5
1 Sept. 15
Oct.
Penna Power &
Pet Milk Co.
15 Oct.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Corp. $7 preferred (quar.)
Perfection Stove Co.
20
30
15
15
18
Oct.
Parke, Davis & Co
Preferred
30
Oct;.
2d preferred
Pathe Film
15 Oct.
15
30*
23
15
15
Oct.
1 Sept.15
Sept. 27 Sept. 10
Paraffine Co.'s, Inc
Preferred (quar.)
Paramount
15
50c
_
_
Oct.
15 Sept. 30
Oct,
15 Sept
Oct.
1 Sept.
30
15
Oct.
15 Sept.
15 Sept.
15
15
Oct.
Nov.
1 Sept. 15
20 Sept. 30
20 Sept. 30
Dec.
6 Nov. 20
Oct.
Dec.
20 Sept. 30
24 Dec. 10
Oct.
25c
$2*4
$1*4
37*4c
37 *4 c
58 l-3c
15 Sept. 24
1 Sept. 15
Sept. 29 Sept. 16
Oct.
2 Sept.
8
Oct. 15 Sept. 30
Oct.
1 Sept. 21
Dec. 21
1-3-38
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept.
1
Sept. 30 Sept.
Sept.30 Sept. 1
Sept 30 Sept. 1
Sept. 30 Sept. 1
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 30 Sept. 1
Sept. 30 Sept. 1
Nov. 15 Oct. 25
Oct.
_
1 Sept. 10
1 Sept. 10
Oct.
Oct.
1 Sept. 10
Sept. 30 Sept. 8
Sept. 25 Sept. 1
Oct.
Nov. 30 Nov.
Oct.
Oct.
Dec.
1 Sept.
1 Sept.
15 Dec.
1
15
8
1
Oct.
1 Sept. 20
Oct.
14 Sept. 23
1 Sept. 15
1 Sept. 15
Oct.
20c
Oct.
5c
—.....
1
Oct.
50c
Pyle-National Co
$1*4
Quaker Oats Co. (quar.)
$1*4
Preferred (quar.)
..
Queens Borough Gas & Electric Co.:
$1*4
6% preferred (quar.)
87*4c
Radio Corp. of Amer., $3*4 cumul. conv. 1st pf.
60c
Rapid Electrotype Co. (quar.)
33 l-3c.
RathtPacking Co
50c
Reading Co. 2nd prpferred (quarterly)
20c
Reece Buttonhole Machine (quar.)
Oct.
50c
Reece Folding Machine
(quar.)
1 Sept. 17
Sept. 30 Sept. 20
Sept. 30 Sept. 20
20c
Reed Roller Bit Co
Extra
Regent Knitting Mills, non-cumin,
Reliable Stores Corp. (quar.)
Preferred (quar.)
40c
Oct.
Oct.
25c
Remington Rand, Inc , interim
Reno Gold Mines Ltd. (quar.)
35c
3c
Republic Investors Fund, Inc., com
Republic Portland Cement, 5% preferred (quar.)
Republic Steel Corp. 6% preferred (quar.)
6% preferred A (quar.)___
Reynolds Metals Co. 5*4 % cum. conv. pf. (qu.) _
Reynolds Spring Co
Reynolds (R.J.) Tobacco Co., com. & cl. B com.
Rico Stix Dry Goods Co. 1st & 2d pref (quar.) —
Richman Bros. Co. (quar.)
—
Richmond Water Works Corp. 6% pref. (qu.) —
Rich's, Inc., 6*4 % pref. (quar.)
Ritter Dental Mfg. (quar.)
$7 preferred (quar.)
Riverside Silk Mills class A (quar.)
Roan Antelope Copper Mines ord. reg
Roberts Public Markets, Inc. (quar.)
Rochester Telephone Corp. (quar.)
6*4% preferred (quar.)
Roeser & Pendleton, Inc. (quar.)
Quarterly
Quarterly
Quarterly
Root Petroleum $1.20 pref. (quar.)
Ross Gear & Tool Co. (quar.)
Rossia Insurance Co. of Amer
Ruberoid Co
to
common
Porto Rico
lc
$1*4
$1*4
$1*4
$124
1 Sept 16
1 Sept. 16
Sept. 25 Sept. 15
Oct.
1 Sept.
9
Oct.
Sept.10
Oct.
Sept. 20
Dec.
Nov. 20
Oct.
Sept. 13
Sept. 13
Sept. 30*
Sept. 15
Sept. 4
Sept. 15
Sept. 23
Sept. 20
Sept. 21
Sept. 15
Sept. 15
Sept. 15
Oct.
Oct.
25c
Sept. 29
75c
Oct.
1
Oct.
Oct.
1
1
Oct.
1
$1*4
Sept. 30
1
Oct.
n:i
2s. 6d
20c
II g
Oct.
Oct.
1
1
Oct.
21
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
20
20
20
10
10
25c
Oct.
25c
Jan.
Dec.
25c
Apr.
July
Mar. 10
30c
Oct.
60c
Oct.
10c
15c
Oct.
22
20
20
15
20
25c
June 10
25c
.....
Dec.
25c
A (quar.)
stockholders
Sept.
Sept.
Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
10c
'ommon
Rubinstein (H.) Inc., class
Russell & Co. common
1 Nov. 15
Dec.
25c
37*4c
pref. (qu.)._
Reliance Electric & Engineering
Ruud
1 Sept. 24
1 Sept. 15
Oct.
nil
Payable
Oct.
Oct.
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
65c
Public Service Corp. of N. J. (quar.)
8% preferred (quar.)
7% preferred (quar.)
$1*4
$5 preferred (quar.)
50c
6% preferred (monthly),
$124
ublic
Public Service Co. of Okla. 7% prior lien (qu.)__
$1*4
6% prior lien (quar.)
$124
Public Service Elec & Gas 7% pref. (quar.)
$1*4
$5 preferred (quar.)
37*4c
Pullman, Inc. (quar.
1*4%
Pure Oil Co. 5*4% preferred (quar.)
1*4%
6% preferred (quar.)
2%
8% preferred (quar.)
Extra
15
15 Dec.
Dec.
Oct.
20c
Semi-annual
Sept.15
Sept.15
Sept. 24
1 Sept. 18*
1 Sept. 17
1 Sept. 15
Sept. 27 Sept. 15
Sept. 30 Sept. 8*
Oct.
62*4c
$2
Public Service of Colorado, 7% pref. (mo.)
75c
30c
ioL pxeitureu-
1 Nov. 20
Dec.
25c
preferred (quar.)
Providence Gas Co. (quar.)
Providence Washington Insurance
Providence & Worcester RR. Co. (quar.)
Prudential Investors pref. (quar.)
Public National Bank & Trust (s.-a.)
6
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
Aug. 31
Oct.
Sept. 1
Oct.
Sept. 15
Oct.
Sept. 10
Oct.
Sept. 10
Oct.
Sept. 10
50c
(quar.)
_
Nov. 15 Nov.
20c
Ogilvie Flour Mills (quar.)
Ohio Edison Co. $5 pref. (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Finance Co., common
Preferred
Oct.
Oct.
10c
5% 1st preferred
5% 2nd preferred
5% 2nd preferred
Procter & Gamble 8%
50c
10c
(initial)
Extra
Omnibus Corp., pref.
Ontario Mfg. Co
o /o
Sept. 30 Sept. 20
Oct
Sept. 10
New York Trust Co.
New,York Pow. & Lt. 7% pref. (quar.)
$6 preferred (quar.)
Oct.
75c
Pressed Steel Car
17
16
31
21
21
10
10
15
20
15 Oct.
50c
—
1
15
Oct
1824c
6*4c
$1*4
Pressed Metals of Amer.
Oct.
New York Transit Co
Oklahoma Natural Gas 6%
27
20
20
20
1
20
13
20
15
15
$1.15
Oct.
Oak Screw Products Co.
20
$2.40
$1*4
$1H
$1*4
New
1 Sept.
10 Sept. 30
1-10-38 Dec. 31
60c
0c
824c
324c
7*4%
Ltd. (Am. shs.)
tlOc
Pioneer Gold Mines of B. C. (quar.)
75c
Pittsburgn Bessemer & Lake Erie RR. (s.-a.)__
$124
Pittsburgh Ft. Wayne & Chicago Ry. Oo. (qu.)_
$1H
7% preferred (quar.)
$1
Pittsburgh Plate Glass Co
Pittsburgh Youngstown & Ashtabula Ry. Co.—
$124
7% preferred (quar.)
20c
Plough, Inc. (quar.)
$1*4
Plymouth Cordage Co. (quar.)
35c
Plymouth Oil Co. (quar.)
$124
Pollock Paper & Box Co. 7% pref. (quar.)
50c
Pond Creek Pocahontas Co. (quar.)
$124
Porto Rico Power Co. 7% pref. (quar.)
11*4 %
Power Corp. of Canada 6% cum. pref. (quar.)
tl*4%
,6% non-cum. pref. (quar.)
50c
Pratt & Lambert, Inc
t3c
Premier Gold Mining (quar.)
lie
Extra
$1*4
Prosperity Co., Inc., 5% pref (quar.)
Sept. 30 Sept.
Oct.
Sept.
Sept.
$1.31)4 Oct.
Nov. 20
Dec.
$1H
Nov.
Sept. 30
$1H
Oct.
Sept.
1
30C
10c
Nehi Corp
New
Oct.
$1H
$1.31*4 Oct.
1
1
1 Sept.
1 Sept.
15 Oct.
Extra
1 Sept. 16
Nov.
Oct.
Oct.
Oct.
Pinchin Johnson & Co.,
1 Sept. 16
Sept. 30 Sept. 10
Nov.
1 Oct. 14
Sept.30 Sept.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
30c
$1*4
Navarro Oil Co
New
Sept. 15
Oct.
62*4c
Extra
National Sugar Refining Co. of
National Supply Co., preferred
1
$1*4
Hi
Pickle Crow Gold Mines
Pictorial Paper Package Corp. (quar.)
1 Sept. 15
15 Sept. 30
1 Sept.
1
1 Sept.
1
Oct.
13 He
pref. (quar.)
National Steel Corp. (quar.)
18
Sept. 30 Sept. 17
Oct. 15 Sept. 30
Sept.30 Aug. 31
25c
12*4c
$1*4
National Pumps,
New
Oct.
$ik
preferred (quarterly)
B (quar.)
National Oil Products Co. (interim)
National Power & Light preferred (quar.)
New
Oct.
50c
Preferred
New
Oct.
25c
National Lead Co. (quar.)
New
Oct.
$ih
(quar.)
Stamping Co
1 Oct.
15 Sept. 10
15 Sept. 30
Oct.
30c
National Funding Corp. 6% series
National Gypsum, 1st pref. (quar.)
Na torn as Co.
Oct.
25c
—
National Enameling &
National Fuel Gas Co
2nd
Oct.
t50c
J44c
(quar.)
18|Dec. 16
Nov.
40c
—
National Cash Register.
National Dairy Products
Class A and B
Sept. 27 Sept. 15
1 Sept. 20
Oct.
25c
National Biscuit Co.
National Breweries, Ltd.
Preferred (quar.)
Dec.
Sept. 28 Sept. lb
Payable of Record
Share
Company
Philadelphia Co. $5 preferred (quar.)
$6 preferred (quar.)
Philip Morris & Co., Ltd. (quar.)
Phillips Packing Co. pref. (quar.)
Phoenix Finance Corp.. 8% pref. (quar.)
8% oreferred (quarterly)
Phoenix Insurance Co. (quar.)
Phoenix Securities, $3 conv. pref. A (quar.)
1 Sept. 25
Oct.
55c
Name of
Holders
When
Per
Holders
i
Payable of Record
$1
$1*4
Muskegon Motor Specialty, pref. A
Mutual Chemical Oo. of Amer., 6% pref. (quar.)
6% pref. (quar.)
Myers (P. E.) & Bro
National Battery Co., pref. (quar.)
National Bearing Metals Corp. pref. (quar.)
2021
Chronicle
15
of South
Sugar Co.
Mfg. Co. (quar.)
10c
Extra
Russek's Fifth Avenue, Inc. (quar.)
—
Safety Car Heating & Lighting Co
Safeway Stores, Inc. (quar.)
5% preferred (quarterly)
6% preferred (quarterly)
Dec.
12*4c
Oct.
$2*4
Oct.
Oct.
7% preferred (quarterly)
St. Louis National Stockyards
St. Louis Rocky
6
16 Dec. 6
1 Sept. 24
Oct.
50c
$1*4
$1*4
16 Dec.
(quar.)
Mt. & Pacific
*
Sept, 15
Sept. 18
Sept. 18
Oct.
Sept. 18
Oct.
Sept.18
Oct.
Sept. 23
Sept. 30 Sept. 15
Preferred (quar.)
Sin Francisco Remedial Loan Assoc. (quar.)..
Sept.30 Sept.15
Sept. 30 Sept. 15
Quarterly
Sangamo Electric Co. (quar.)
Dec.
15 Dec.
Oct.
Oct.
Extra
Savannah Electric & Power 8% pref. A (quar.).
Oct.
7*4% preferred B (quar.)
7% preferred O (quar.)
6*4% preferred D (quar.)
6% preferred (semi-annual)
Schenley Distillers Corp. (quar.)
Preferred (quar.)
Scovill Manufacturing Co
Scranton Electric $6 preferred (quar.)
Scranton Lace Co
Seaboard Commercial Corp. (quar.)
Preferred A (quar.)
Seaboard Finance Corp. (quar.)
Oct.
Extra
$2 preferred (quarterly)
Securities Acceptance Corp. (quar.)
6% preferred (quarterly)
Oct.
Oct.
Oct.
75c
Sept. 30
$124
Oct.
1
50c
Oct.
1
$1*4
Oct.
1
60c
Sept. 30
20c
Sept.30
Sept. 30
Sept. 27
Sept.27
Sept. 27
62*4c
15c
10c
50c
20c
Oct.
1
37*4c
Oct.
1
1
Sept. 18
Sept.18
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept.16
Sept. 17
Sept. 15
Sept. 1
Sept. 15
Sept. 18
Sept. 18
Sept. 15
Sept. 15
Sept. 15
Qnnf
1A
Financial
2022
Selected Industries
Share
Company
conv
stock
—
$5H preferred (quarterly)
»ii0
2 a%
Selfridge Provincial Scores
Servel, Inc. preferred (quarterly)
Preferred (quarterly)
Shamrock Oil & Gas preferred (quar.)
Sharon Steel Corp. (quar.)
Preferred (quar.)
30C
lc
v
S1K
pref. (quar.)
12 He
$1 *4
25c
Silver King Coalition (quar.)
$1H
Singer Mfg. Co
Extra
Siscoe Gold Mines (quar.)
--
)C
75c
Sivyer Steel Castings Co
50c
—
(quar.)
—
Smith (H.) Paper Co. (quar.)
Sonotone Corp., Preferred (quarterly)
Soss Manufacturing Co. (quar.)
Extra
6%
pref. (quar.)..
12Hc
$1H
37 He
77 He
$1 h
$1)4
pref. (quar.)..
(s.-a.)
Calif. Edison, Ltd., Original pref. (quar.)
Preferred series C (quar.)
Sou
—
Oct.
1
Sept.
Oct.
1 Sept.
Sept 30 Sept.
Sept. 30 Sept.
Oct.
15 Oct.
15 Oct.
Southern Calif. Gas, 6% pref.
Oct.
Oct.
Oct.
1
Oct.
1
$1H
62 He
Oct.
1
37 He
34 9ic
37 He
(quar.)
37Hc
6% preferred A (quar.)
Southern Canada Power Co., Ltd.—
6% cum. partic. pref. (quar.)
—
tl_H%
Southern Counties Gas of Calif. 6% pref. (quar.)
—
Southern Natural Gas class A.
50c
Southern Ry. Co., Mobile & Ohio (stk. tr. ctfs.).
Southwestern Bell Telep., pref. (quar.)
$2
$1H
1
20
20
20
Nov.
1 Nov
1
Oct. 15 Sept. 30
Oct.
1 Sept. 15
2%
»
Sept. 15
Sept. 24
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
80c
(quar.)
—
Preferred (Qu&r )
$1H
$1
$1H
1
1
15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 31 Sept. 15
Oct. 10 Oct.
1
Oct.
Oct.
Oct
1
1
15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
20
15
15
15
1
1
15
15
15
10
15
20
20
30
30
Oct.
15
Oct.
15
Oct.
15
Oct.
Oct.
15 Sept. 20
15 Sept. 13
Sept. 30 Sept. 21
1 Sept.15
1 Sept. 20
Oct.
Oct.
Southwestern Gas & Electric Co.—
$1*4
$1,125
$1H
7% cumulative preferred (quar.)
Southwestern Light & Power Co., $6 pref
Southwest Natural Gas Co.. $6 pref. A (qu.)
South West Pennsylvania Pipe Line
50c
Spang, Cbalfant & Co., Inc., pref
$1H
40c
Spencer Kellogg & Sons, Inc. (quar.)
$1*4
Springfield Gas Light, $7 pref. (quar.)
35c
Square D Co
55c
(Quarterly)
Standard Brands, Inc
20c
$1,125
$4H preferred (quarterly)
Standard Fuel Co., 6)4% pref. (quar.)
$1H
Standard National Corp. 7% pref. (quar.)
$1H
Standard Oil Co. (Ohio), 5% cumulative pref—
$1H
Standard Products Co
Standard Steel Construction, $3 pref. A
Starrett (L. S.) Co
25c
1*1 H
50c
Preferred (quar.)
Stearns (Frederick) & Co
Preferred (quar.)
Stecher-Traung Lithograph 7)4% pref. (quar.).
7)4% preferred (quar.)
Stecher Traung Lithograph
Stein (A.) & Co., pref. (quar.)
Sterchi Bros. Stores, Inc., 6% pref. (quar.)
5% preferred (quar.)
Sterling Aluminum Products
8tlx, Baer & Fuller, 7% preferred (quar.)
7% preferred (quar.).—
Stokely Bros. & Co. (quar.)
Strawbridge & Clothier, preferred
Stroock (SO & Co., Inc
Suburban Electric Security 2d $4 pref
Sun Life Assurance Co. of Canada (quar.)
Sun Ray Drug Co. (quar.)
Preferred (quar.)
Sunray Oil Corp., pref. (quar.)
Sunshine Mining Co. (quar.)
Superheater Co. (increased)
Superior Water, Light & Power* 7% pf. (quar.).
Sutherland Paper Go. (quar.)
...
35c
$1H
$1H
*IU
Swift & Co. (quar.)_
25c
25c
43 He
43 He
25c
$1H
50c
Oct. £15 Sept. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
17
17
25
25
23
Teck-Hughes Gold Mines
7% preferred (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
7.2% preferred (monthly)
6% preferred (monthly)
Texas Corp. (quarterly).
Texon Oil & Land Co. (quar.)
Nov.
Oct.
Oct.
Oct.
16
15
20
1 Sept. 22
1 Sept. 15
26Dct.
llOct.
1 Sept.
30 Sept.
15]Ort.
1! Sept.
30 Sept.
30 Sept.
30 Sept.
1 Sept.
30 Aug.
30 Sept.
Sept.
15
15
10
15
1
15
20
20
25
Oct.
1
16
15
17
1 Sept.15
1 Sept. 15
Oct.
1
$1H
$1H
$1H
60c
50c
50c
15c
Mfg
25c
50c
Thompson Products
Preferred (quar.)
Tide Water Assoc. Oil, $4H pref. (quar.)
Tilo Roofing Co
Timken-Detroit Axle (interim)
$1,125
25c
50c
15c
______
Tintic Standard Mining Co
Toledo Edison Co., 7% pref. (mo.)
58 l-3c
6% preferred (monthly)
5% preferred (monthly)
50c
412-3c
Toronto Mortgage Co. (Ont.) quar.)
$1H
Torrington Co
Towle Mfg. Co. (quarterly)...
Traders Finance Corp., 7% pref. B (quar.)
6% preferred A (quarterly)
Tri-Oontinental Corp., $6 cum. pref. (qu.)
Trico Products Corp. (quar.)..
$1H
$1H
$1H
$1H
40c
62 He
20c
Truax-Traer Coal Co. (quar.)
Tubize Chatillon Corp., class A
$1H
preferred (quarterly)
Tuckett Tobacco, Ltd., pref. (quar.)
Twentieth Century-Fox Film Corp. common....
Preferred (quar.)
Underwood Elliott Fisher
III.
$1H
$1H
50c
371f
50c
...
Union Carbide & Carbon Corp...
mi
Union Elec. Lt. <fc Power. Co (Mo.) 7% pref....
Union Investment Co. common.............
...
80c
$1H
25c
6.36% preferred (monthly)
6% preferred (monthly)
United Shoe Machinery (quar.)
Preferred (quarterly) — •_
Specialties
_
—
_
—
United States Foil Co., Inc., com. A & B
Preferred (quarterly)
—
Sept. 30 Sept.
Oct.
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Preferred
(quarterly)
United States Leather Co., prior preferred
United States Pipe Sc Foundry Co
com. (quar.)
United States Playing Card Co. (quar.)
Sept.
Sept.
Sept. 19 Aug"~2"
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept.10
Oct.
1 Sept. 10
Sept. 25 Sept. 4
Sept. 25 Sept. 4
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 10
Sept. 30 Sept. 10
Oct.
Sept. 15
Oct.
Sept. 25
Oct.
Sept. 25
Oct.
Sept. 10
Oct.
Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 14
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 21
Oct. 15 Oct. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 16
Oct.
1 Sept. 14
Oct. 30 Oct. 15
Oct.
1 Sept. 11
Oct.
1 Sept. 11
Oct. 15 Sept. 30
Sept. 30 Sept. 15
Sept. 30, Sept. 15
Sept. 30 Sept. 11
Sept. 30 Sept. 11
Oct.
l'Sept. 3
Oct
l'Sept. 15
Oct.
1 Sept. 18
_
18
15
15
10
Dec. 20 Nov. 30*
1 Sept.15
Oct.
Oct.
(quar.)
(quar.)
Preferred (quar.)
Preferred
United States Trust Co. (quar.)
Universal Cyclops Steel (quar.)
Nov.
Oct.
1 Sept.
15
15
15
20
17
20
1 Sept. 23
Sept. 30 Sept. 22
Oct.
1 Sept.* 15
Sept. 30 Sept. 17
Oct.
1 Sept.
1
Upressit Metal Cap Corp. 8% pref.
Utah-Idaho Sugar Co
Utah Power & Light Co., $7 pref
$6 preferred
Utica Clinton & Blnghamton RR
1
Dec. 27 Doc.
Debenture (semi-ann.)
Vagabond Coach Co. (monthly)Camp Milk Co. (special)
Preferred (quar.)
Van de Kamps Holland Dutch Bankers
$6H preferred (quarterly)
Vapor Car Heating Co., inc. 7% pref. (quar.)..
$1H
•IS
Vlchek Tool Co
$1H
Preferred
(quar.)
Vicksburg Shreveport & Pacific Ry. (s.-an.)
Preferred (semi-annual)
Victor Chemical Works
10 Dec
Dec.
1
Sept. 30 Sept. 21
Sept. 30 Sept. 21
1
1
Oct: 16*
Sept. 25 Sept. 11
Oct.
1 Sept. 10
Oct.
1 Sept. 10
20 Oct
Oct.
Oct.
Oct.
75c
20c
t$l
Oct.
S1H
Warren RR. Co., guaranteed (s.-a.)
Washington Ry. & El. Co., 5% pref. (quar.)
5% preferred (semi-ann.)
..,
Waukesha Motor Co. (quar.)
Wayne Pump Co
Special
$2 4
—.—
11
1 Sept. 20
1 Sept. 20
1 Sept. 20
1 Sept. 20
Oct.
Oct.
75c
Oct.
2 Sept 18
1 Sept. 14
Sept. 27 Sept. 18
1
Oct. 15 Oct.
Dec.
1 Nov. 15
Dec,
1 Nov. 15
1 Sept. 15
25c
Oct.
50c
Oct.
1 Sept. 17
Nov. 10 Oct. 13
9
Dec.
1 Nov.
Oct.
1 Sept. 20
$1
10c
Weisbaum Bros. Brower (quar.)
50c
15c
10c
75c
75c
—
—
Western Electric Co
(quarterly)
$IH
43 He
50c
Western Light & Telep.. pref. (quar.)
Western Pipe & Steel of Calif, (quar.)
Extra
25c
25c
Westinghouse Air Brake
25c
_
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 24
Oct. 15 Sept. 20
Oct. 15 Sept. 20
Sept. 25 Sept. 15
Oct.
5 Sept. 24
Oct.
5 Sept. 24
Oct. 30 Sept. 30
1-30-38 1 >ec
5 Sept.
1-3-38 Dec.
Dec.
1 Nov.
$1
$1H
$1H
6% Special guaranteed (s.-a.)
West Kootenay Power & Light, pref. (quar.)
Westmoreland. Inc. (quarterly)
Westmoreland Water Co., $6 pref. (quar.)
Weston Electrical Instrument class A (quar.)
Weston (Geo.), Ltd. (quar.)
West Penn Electric Co., class A
West Penna. Power Co., 7% pref. (quar.)
6% preferred (quarterly).
West Texas Utilities, $6 preferred
$6 preferred (quar.)
West Virginia Water Service Co. $6 pref
Weyenberg Shoe Mfg. Co
Wheeling Steel Corp., $5 pref. (initial)
6% preferred
Whltaker Paper Co
7% preferred (quar.)
White Rock Mineral Springs (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.)
Willys-Overland Motors, pref. (quar.)
Winn & Lovett Grovery Co., class B
Class A quar.)
7% preferred (quar.)
Winstead Hosiery Co. (quarterly)
Oct.
*1K
West Coast Oil Co. preferred (quar.)
West Jersey & Seashore RR. Co. (s.-a.)
30c
Oct.
50c
20c
31
27
15
15
1 Sept. 22
1 Sept. 15
1 Sept. 20
1 Sept. 20
1 Sept. 15
Oct.
Oct.
$1H
Oct.
Oct.
Sept. 30 Sept. 17
p
5
Nov.
1 Oct.
$1H
t50c
$1H
Nov.
Oct.
5
1 Oct.
1 Sept. 15
1 Sept. 15
t$3
20c
$1H
—
Oct.
$1H
HH
........
Oct.
15
15
24
24
1 Sept. 20
1 Sept.
Sept.30 Sept.
Oct.
1 Sept.
Oct:
1 Sept.
Oct.
20
20
15
11
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
23
20
20
20
1
Oct.
$1H
Oct.
Oct.
Oct.
llH
$1H
15c
25c
50c
$1H
Oct.
t$lH
t$lH
10c
50c
—
10c
5c
Extra
25c
15c
—
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg.,
$1H
pref
Young (L. A.) Spring & Wire (quar.).
Youngs town Sheet & Tube (quar.)—
75c
$1
S1H
Preferred (guar.)....
1
1 Oct. 15
1 Oct. 15
1 Sept. 20
Nov.
50c
............
20
Sept.
1 Sept i
1 Sept.
1 Sept.
1 Sept
15 Oct.
Oct.
35c
Extra
Wisconsin Hydro-Electric 6% pref—
Wood (Alan) Steel 7% preferred
Wrigley (Wm.) Jr. Co. (monthly)—
15
25
25
10
10
Oct.
Nov.
Victor Monaghan Co., 7% pref. (quar.)
Woodley Petroleum Co. (quar.)
Worcester Salt common (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
Sept. 30' Sept.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 30 Sept. 20
—
Weinberger Drug Stores (quar.)
Wellington Fund, Inc. (quar )
16
Oct.
Van
Western Grocers, Ltd.
Preferred (quarterly)
1 Oct.
Oct.
Co., Inc
Preferred (quar.)
Universal Products Co
Extra
15 Dec.
Apr. 15 Mar.
July 15 June
Oct.
1 Sept.
Sept. 30 Sept.
—
Universal Leaf Tobacco
10 Sept. 25
15 Sept. 15
Jan.
—
Preferred
1 Sept. 15
Oct.
Extra
*
15*
15*
Oct.
United States Sugar Corp
Preferred (quar.)_
Quarterly
5
15
15
15
15
20
21
30
14
14
24
8 Nov. 24
Dec.
United States Graphite Co. (quar.)
United States Guarantee Co. (quar.)
United States Gypsum Co. (quar.)
Warren (S. D.) Co
Oct.
20%
Sept. 27 Sept.
Oct:
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 10 Sept
Sept. 29 Sept.
Oct. 29 Sept.
Oct.
5 Sept.
Oct.
5 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
United N. J. RR. & Canal (quar.)
United Pacific Insurance Co. (Seattle) (quar.)„
United Profit Sharing preferred (semi-ann.)
United
15 Oct.
Oct.
—
United Light & Rys., 7% pref. (mo.)
15
Sept.
Sept.
Sept.
$1.80
(quar.)
Dec. 31 Dec.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
40c
20c
15c
12H?
Special stock dividend
Tennessee Electric Power Co., 7.2% pref. (qu.)_
United Gas Improvement
Preferred (quarterly)
United Gold Equities of Canada, std. shs—
United Investors Realty Corp., class A
18
Sept.
tlOc
t5c
Bonus
Tecumseh Products Co
(quarterly)
Preferred (quarterly)—
United Fruit Co
23
15
20
20
30
15
75c
$1
$1H
25c
Extra
Dec. 31 Dec.
Oct.
Oct.
$1H
—- —
United Corporation, $3 cum. pref. (quar.)
United Dyewood Corp., com. (quar.)
Sept. 30 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct. 11 Sept.
Sept. 30 Sept.
Oct.
25c
...
30
30
30
30
30
Sept. 30 Sept. 23
16*
Nov.
1 Oct.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
7
Oct.
1 Sept.10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
1-3-3* Dec. 10
Oct. 15 Sept. 23
Sept 30 Aug. 31
Sept. 30 Aug. 31
Virginia Railway, pref. (quar.)
Virginian Rv
Virginia Public Service, 7% pref
6% preferred (quar.)
Vulcan Detinning, preferred (quarterly
Wagner Baking Corp
7% preferred (quar.)
2d preferred (quar.)
Waldorf System, Inc., common
Waitham Watch, prior preferred (quar.)
Ward Baking Corp. 7% preferred
t75c
20c
37 He
68 He
13
1 Sept.15
1 Sept. 27
20c
Extra
Oct.
Nov.
Oct.
514% partic. preference (quar.)
Tamblyn (G.) Ltd (quarterly)
Taylor & Fenn Co. (quar.)
Taylor Milling Corp. (quar.)
...
1
Oct.
t$3H
Talcott (James), Inc.. common
Special
Dec. 15 Dec.
_
Oct.
Preferred (quar.)
cum.
15
15
20
15*
20
15
15
20
68Hc
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge Co. (quar.)
7%
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30
Oct.
1 Sept.
30c
5c
50c
Extra
Sweet's Steel Co
Thatcher
Oct.
Oct.
—
United Carbon Co. (quar.)
Extra
Preferred
7
7
15
Sept. 30 Sept. 23
Oct.
—
Union Twist Drill Co. (quar.)
Preferred (quar.)
Oct.
1 Sept.
1 Sept.
1 Sept.
Oct.
-
United Biscuit Co. of America, pref. (quar.)....
1 Sept. 20
15 Sept. 15
50c
preferred (quarterly)
South Porto Rico Sugar Co., com.
Extra
Southern Acid & Sulphur Co. 7%
Southern & Atlantic Teleg., gtd.
20c
50c
15c
South Carolina Power Co., $6 pref. (quar.)_.__
South Penn Oil Co. (quar.)
South Pittsburgh Water Co., 7%
Union Pacific RR
Semi-annual
Union Premier Food Stores (quar.)
Holders
When
Payable of Record
Oct.
1 Sept. 16
1 Sept. 16
8 Nov. 16
Oct.
Oct.
Oct.
2c
Sheller Mfg. Corp. (quarterly)-..Shervrin Williams of Canada, preferred
S. M. A. Corp. (quar.)
Smith (L. C.) & Corona Typewriter
Preferred (quarterly)
Smith (8. Morgan) < o. 'quar.)
Oct.
Oct.
Dec.
Share
Company
Oct.
1 Sept. 17
1-3-38 Dec 20
Sheep Creek Gold Mining, Ltd. (quar.)
Skelly Oil Co
Name of
Payable of Record
in
$1X
Shawmut Associates
Extra
Shell Union Oil Corp., 5H%
Per
Holders
When
Per
Name of
Sept. 25, 1937
Chronicle
Nov.
Oct.
Oct.
1 Sept.
Sept. 30 Sept.
8ept. 30 Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
15
20
20
8
8
20
10
15
18
11
Sept. 11
Oct.
Transfer books not closed for this dividend,
t On account of accumulated dividends
t Payable In Canadian funds, and ih the case
deduction of a tax of 5% of the amount of such
_
'
of non-residents of Canada,
dividend will be made.
Volume
The following
in comparison
date last year:
1937
*
Clearing House
Capital
Net Demand
Time
Deposits,
with the previous
of the Federal Reserve
1937,
of business Sept. 22,
week and the corresponding
_____
'•
Sept. 22, 1937 Sept. 15, 1937 Sept.23, 1936
Deposits,
Aceraoe
Surplus and
Undivided
Average
Profits
Members
shows the condition
Bank of New York at the close
MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 18,
*
York
New
OF
Bank of
of the Federal Reserve
Condition
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT
2023
Financial Chronicle
145
•
,
v.
■
,
•
$
$
$
•
Assets—
20,000,000
77,500,000
20,000,000
90.000,000
42,777,000
21,000,000
15.000,000
10,000,000
50,000.000
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co
4.000,000
Continental Bk & Tr Co
500,000
Fifth Avenue Bank
25,000.000
10,000,000
Bankers Trust Co
Title Guar A Trust Co..
5,000.000
Marine Midland Tr Co..
12,500,000
New York Trust Co
Comm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk A Tr Co.
7,000,000
Other cash
Total
t
-
3,561.454,000 3,542,215,000 3,149,811,000
1,152,000
1,119,000
1,035,000
65,212,000
77,906,000
77,695,000
3,640,184,000 3,621,240,000 3,216,175,000
reserves
Bids discounted:
Secured
U.
hy
S. Govt, obligations,
7,649,000
15,214,000
15,607,000
4,666,000
1,075,000
5,379,000
1,083,000
5,387,000
1,105,000
7,068,000
211,831,000
332,269,000
180,929,000
211,831,000
332,269.000
180.929,000
102,766,060
392,320,000
165,475,000
725,029,000
725.029,000
660,561,000
746,697,000
747,106,000
673,400,000
72,000
94,000
81,000
6,319,000
176,642,000
8,095,000
215,017,000
Bank premises
10,021,000
10,021,000
All other assets-
10,544,000
10,417,000
9,492,000
139,472,000
10,856,000
28,565,000
or
iully guaranteed
Other bills discounted
Totai
discounted
bills
Bills bought In open market
843.000
Industrial advances
28,634,000
2,146.000
50,836,000
As
Bonds
Treasury notes
737,616,000
9,378,461,000
894,463,200
523,547,000
Includes deposits in foreign branches as follows: (a)
(c) $131,239,000; (d) $42,951,000
are
of
following
Total bills and securities..
Due from foreign banks
"Times" publishes regularly each week
number of banks and. trust companies which
a
members of the New
not
$277,946,000; (6) $93,409,000;
York
The New
returns
June 30, 1937; trust
National, June 30, 1937; State,
official reports:
companies, June 30, 1937.
per
are
INSTITUTIONS
BUSINESS
NOT IN
Federal Reserve notes of other banks—-
Uncollected Items
The
York Clearing House.
ended Sept. 17:
the figures for the week
>
United States Government securities:
Total U. S. Government securities-.
*
7,958,000
3,246,000
Treasury bills
Totals
1,461,000
3,205,000
6,782,000
8,432,000
direct
5,140,000
2,921,000
48,834,000
4,254.000
41,209,000
128,220,000 el, 876,781,000
47,034.000
3,553.200
d762.359.000
75,366.200
14,899,000
1,295,900
89,646,000
9,012,200
279,488,000
28,136,700
75.338,000
8,092,800
78,641,000
8,616,700
100.270.000
Chase National Bank
Redemption fund—F. R. notes
23,916,000
71,361,000
108.500.000
58,013.000
24.078.000
3,800,000
179,891,500 51,367,741,000
447,917,000
43,503,300
700,193,000
68,112.400
243,703,000
17,508.900
435,718,000
107,641,600
473,493,000
60.956.200
42,322,000
4,054,900
from
United States Treasury.*
45,168,000
204.374,000
425,414,000
54.132,100
Gold certificates on hand and due
10,343,000
140,976.000
13,102,300
410,654.000
25,769,700
57,496,600 al.466,144.000
6.000,000
Bank of Manhattan Co.
$
S
S
S
Bank of N Y & Trust Co
4,590,479,000 4,611,990,000 4,078,041,000
Total assets
OF
HOUSE WITH THE CLOSING
FRIDAY, SEPT. 17. 1937
BANKS-AVERAGE FIGURES
CLEARING
FOR THE WEEK ENDED
STATE
AND
NATIONAL
Res
Other Cash.
Loans,
D\sc. and
N.
Including
Investments
Bant Notes
Liabilities—
Dep. Other
Bants and
Y. and
Elsewhere
828,768,000
955,661,000
946,302,000
F. R. notes In actual circulation
2.970,602.000 2,702,784,000
Deposits—Member bank reserve acc't-- 3,147,898.000
121,381,000
240.003.000
50,878,000
U. S. Treasurer—General account
24,265,000
71.853,000
91,089,000
Foreign bank..
140,399,000
46,716,000
58,992,000
Other
Gross
Trust Cos.
Dep.,
Deposits
deposits.
$
$
$
$
$
Manhattan—
Grace National.
22,826,400
151,300
7,277.100
2,743,200
Sterling National...
25,408,000
443.000
9,421,000
623.000
28,675,000
Trade Bank of N. Y.
6,745,170
2,017,992
72,845
3,348,857,000 3,329,174,000 2,988,829,000
Total deposits
29,152,200
6,095,987
7,674,800
5,527,000
1
303,842
Capital
Broot'un—
Lafayette
6,239,100
336,400
1,695,600
4,890,000
National.
People's National
266,600
98,000
750,000
340,000
S
56,151,600
*6,732,300
9.305,949
Empire
206,804
Federation..
7,744,000
Fulton
Lawyers
United States
4,293,600
1,144,664
672,345
13,674
66,370,600
10.589,819
10,381,953
564,600
473,600
24.637,600
83,756,000
30,706,943
a
Includes amount with
Federal Reserve as follows:
ciary, $787,812; Fulton, $6,449,200; Lawyers,
reserve
to
and
84,8%
make
to
Industrial
•
t
84.2%
84.5%
557,000
729,000
5,086,000
....
5,089,000
ad-
bances
Other cash" does not Include Federal Reserve
9,461, 00
notes or a bank's own
Federal
Reserve bant notes
for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31. 1934. devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
53,000 115,435,000
33,658,385
36,084,000
5,940,734
3,336,000
2,792,790
total
Commitments
37,229,600
82,277,367
Brootlyn—
Brooklyn
of
Contingent liability on bills purchased
for foreign correspondents..
.....
$
15,291,190
1,524,000
4,590,479,000 4,611,990,000 4,078.041,000
deposit
F. R. note liabilities combined
Ratio
Deposits
$
1,016,400
7,744,000
8,849,000
7,208,000
7,744,000
9,117,000
Gross
9,561,500
1,909,877
*1,166,803
*6,719,400
20,634,800
27,702,300 *10,426,500
72,074,257 25,161,517
11,219,987
Fiduciary
Trust Cos.
$
S
51,474,000
9,117,000
1,532,000
Total liabilities
Other
Bants and
and
Y
Elsewhere
Investments
Manhattan—
Dep
Res. Dep.,
N.
Cash
Disc, and
*
51,061,000
All other liabilities
COMPANIES—AVER\GE FIGURES
Loans
135,641,000
50,177,000
50,825,000
206,235,000
51,057,000
51,474,000
paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
TRUST
Klnes County.
714,396,000
Deferred availability Items
Empire, $4,309,800; Fidu¬
$9,652,000.
These
are
certificates given by the United States Treasury
Federal Reserve System
Federal Reserve System, giving the principal
cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears ip, our department of "Current Events and Discussions
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Weekly Return for the Member Banks of the
Following is the weekly statement issued by the Board of Governors of the
Items of the resources and liabilities of the reporting member banks in 101 leading
Commencing with the statement
The
ohanges
of May 19. 1937, various ohaages were made In the breakdown
York of April 20, 1937, as follows:
desorlbed In an
amounts of
revised form
confined to the classification of loans and discounts.
This classification has been changed primarily to show the
agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying securities.
The
In the report form are
(1) commercial, Industrial, and
between loans to brokers and dealers In securities located In New
include "acceptances of own bank purchased or discounted" with "acceptances
also eliminates the distinction
made also to
of loans as reported In this statement, which were
Federsl Reserve Bank of New
announcement of the
"open market paper,"
Instead of In "all other loans" as at
present.
that the new Items "oommerolal,
"otherwise secured and unsecured."
explanation of the revisions was published In the May 29, 1937, Issue of the
announcement It was made known
Subsequent to the above
Provision has been
the revised caption
York City and those located outside New York City
and commercial paper bought In open market" under
Industrial, and agricultural loans" and "other
loans" would eaoh be
segregated as "on securities" and
A more detailed
ASSETS AND LIABILITIES
OF WEEKLY REPORTING
%
$
San Fran.
Dallas
$
*
I
S
S
$
1,168
1,914
621
544
3,088
666
406
720
511
9,162
721
246
264
1,062
314
179
287
237
4,496
480
2,128
1,045
1,304
718
255
44
44
15
11
51
56
9
13
40
39
19
596
1,758
180
251
94
124
603
137
160
138
337
297
83
4,162
12
7
26
3
36
22
Commercial. Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured..
469
92
178
25
19
12
4
55
1,131
24
22
4
7
60
6
4
3
42
1
1,326
37
40
19
16
95
12
10
16
58
37
328
14
682
242
29
27
84
46
20
368
60
177
21
84
6
1,164
109
Open market paper
"loans to brokers and dealers
4
77
3
3
2
5
5
8
48
11
9
77
carrying
securities
Real estate loans
...
Loans to banks
Other loans:
725
On securities
unseoured..
obligations
Obligations fully guar, by U. S Govt.
Otherwise secured and
United States Government
Other securities
Reserve with Federal Reserve
Bank..
264
66
49
121
30
26
1
1
10
14
44
41
44
61
26
106
58
34
263
29
57
53
816
868
281
171
1,435
205
266
674
3,114
316
194
428
170
8,122
29
34
188
46
44
123
60
13
1,128
2,933
5,291
443
97
30
21
265
65
75
403
101
44
286
275
50
1,109
123
137
224
139
332
2,602
177
112
253
78
329
136
108
801
21
Time deposits
United 8tates Government deposits..
17
10
56
10
6
133
161
129
108
297
78
73
199
160
199
145
87
104
41
41
91
24
16
23
213
525
28
79
1,089
420
332
2,270
400
272
505
927
6,460
799
393
960
744
199
187
866
184
147
1,007
1,132
289
126
277
122
5,280
Demand deposits—adjusted
39
93
1,272
Other assets—net
LIABILITIES
67
17
10
34
14,827
Balance* with domestic banks
12
299
1,775
Cash In vault
13
19
37
606
37
2
120
372
196
255
3
7
""322
91
80
329
356
•
18
15
11
15
75
8
200
179
729
228
1
8
------
r
Inter bank deposits:
5,107
Foreign banks
214
2,012
267
335
569
Domestic banks
11
526
5
1
5
2
8
Borrowings
------
-
16
1
1
27
402
21
17
23
8
20
8
6
864
Other liabilities
s
10,049
Loans—total
Capital aooount
St. Louis Minneap. Kan. City
Chicago
22,232
Investments—total
Jther loans for purchasing or
DISTRICTS, ON SEPT. 15.1937 (III Millions of Dollars)
Atlanta
S
Cleveland Richmond
Phila.
J
$
$
ASSETS
Loans and
New York
Boston
Total
Federal Reserve Districts—
"Chronicle," page 3590.
MEMBER BANKS IN 101 LEADING CITIES, BY
3,608
237
1,608
228
346
91
88
365
89
56
2024
Financial
Chronicle
Sept.
25,
1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
Reserve note statement
returns
Thursday afternoon, Sept. 23,
on
The first table presents the results
resources
and the Federal Reserve banks.
in
appear
AND
RESOURCES
The comments of the Board of Governors of the Federal Reserve System
LIABILITIES
OF
THE
FEDERAL
RESERVE
BANKS
AT THE CLOSE OF
BUSINESS
Total
Aug. 25,
Aug. 18,
1937
1937
1937
1937
1937
$
$
S
$
$
$
SEPT.
Aug. 4,
1937
$
22,
15,
Sept.
9,129,890
8,830,890
8,831,389
8,831,948
8,964
9,129,890
9,192
8.949
9,423
11,
Aug.
22,
1937
28,
July
Sept. 23,
1936
1937
$
$
8,832,398
8,833,399
8,833.899
10,784
9,784
9,936
8,384,679
12,851)
308,416
296,320
271,248
294,237
308,865
8,831,946
10,122
303,051
306,903
312,308
323,657
9,446,969
9,435,402
9,111,102
9,134,575
9,150,236
9,145,119
9,150,085
9,155,491
9,167.492
13,356
13,151
12,187
12,915
11,312
13,755
10.316
3,226
10,047
11,372
10,811
7,391
4,533
11,674
5,023
10,026
10,839
5,377
4,901
3,805
24,195
23,198
23,559
23,726
18,703
18,288
16,697
15,403
15,217
7,031
3,026
3,067
3,076
20,785
3,077
3,073
3,078
3,201
3,098
8,663
Redemption fund (Federal Reserve notes)
Other cash
Sept. 1,
1937
$
hand and due from U. S. Treas.x
on
Sept. 8,
1937
ASSETS
the
upon
department of "Current Events and Discussions
our
Sept.
Three ciphers (000) omitted
Gold ctfs.
The Federal
and liabilities separately for each of the twelve banks.
(third table following) gives details regarding transactions in Federal Reserve notes between the
for the latest week
COMBINED
Wednesday.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve Agents
on
*
_
reserves
267,059
8,664,58
Bills discounted:
Secured
by
direct
or
S.
U.
Government
obligations,
fully guaranteed
_
Other bills discounted
Total bills discounted
Bills bought in open market
20,601
20,603
3,076
20,709
20,929
21,007
3,072
21,043
21,082
21,596
28,550
738,073
738,073
738,073
738,073
737,073
732,508
732,508
732,508
732,508
378,077
1,157,713
1,157,713
1,157,713
630,404
1,443,363
635,969
1,157,713
635,969
1,162,713
631,404
1,157,713
635,969
1,157,713
630,404
1,157,713
630,404
1,157,713
630,404
630,969
608,787
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,430,227
2,573,058
2,573,534
2,573,777
2.568,899
2,568,558
2,567,002
2,565,753
2,566,204
2,468,906
Industrial advances
United States Government securities—Bonds..
Treasury notes
Treasury bills
.
Total U.S. Government securities
Other securities
Foreign loans
__
on
_
gold
■■v';;;'
Total bills and securities.
------
2,574,012
Gold held abroad
""'222
217
27,419
29,143
23,057
27,785
24.200
25,444
25,686
28,198
32,396
693,328
859,544
569,257
625,356
580,791
643,160
582,630
601,649
582,875
Bank premises
45,417
45,428
45,425
45,423
45,479
45,501
45,502
45,500
45,572
27,293
578,531
48,059
All other assets
37,292
36,704
46,931
45,515
44,726
43,966
43,520
42,692
44,769
38,420
12,824,627
12,979,510
12,369,527
12,452.652
12,414,551
12,471,975
12,414,652
12,439.505
12,439,530
11,826,014
Duo from foreign banks
"""231
190
Federal Reserve notes of other banks
Uncollected Items
2.
... ....
Total assets
221
221
"""220
"""227
"""222
"""227
LIABILITIES
Federal Reserve notes In actual circulation
4,253,156
4,271,313
4,295,483
4,260,604
4.234,680
4,238,391
4,228,043
4,222,016
4,193,413
4,033,849
Deposits—Member banks'
6,977,186
6,709,993
6,729.546
6,743,874
6,681,124
160,885
155,689
252.690
6.635,764
308,778
0,775.505
227,818
200,427
200,205
156,059
199,602
193,493
195.093
185,042
6,224,640
388,351
64,862
United States Treasurer—General account--
193,490
6,864,732
347,686
Foreign banks
237,332
199,837
124,734
reserves to
120,372
190,268
7,260,913
7,264,561
7.308.737
6,868,121
834,534
132,590
145,854
570,618
578,259
132,530
606,265
589.461
132.442
132,407
145,854
145,854
574,758
130,163
145,501
27,490
6,693
27,490
35,838
7,230
145,854
27,490
12,824,627
12,979,510
1,543
130,390
620,482
584,978
646,593
132,588
132,594
132,531
145,854
145,854
27,490
145,854
27,490
132,533
145,854
27,490
27.490
27,490
27,088
35,839
35,838
35,873
35,871
34,241
6,485
35,838
5,598
35,871
5,767
5,672
5,004
6,297
12,293
12,369,527
12,452,652
12,414,551
12,471.975
12,414,652
12,439.505
12,139,530
11,826,014
80.0%
79.6%
79.5%
79.7%
79.7%
79.6%
79.7%
79.7 %
79.5%
1,579
1,727
1,873
1,932
2,478
2,780
2.917
3,212
14,970
15,021
15,236
15,404
15,179
15,249
15,304
15,366
15,726
23,397
21,219
21,223
21,422
20,537
16,546
16.083
14,237
12,554
12,304
5,264
1,429
445
706
802
362
397
426
447
511
850
854
1,024
914
920
829
915
774
76
556
603
333
1,101
1,092
742
666
945
663
806
1,100
141
73
74
194
139
222
260
824
822
433
24,195
23,198
23,559
23,726
18,703
18,288
16,697
15,403
15,217
7,031
1,200
1,271
69
132
569
1,286
238
262
208
1,645
391
391
1,555
35,803
deposits and Federal
Reserve note liabilities combined
on
124,926
7,239,678
80.2%
..
liability
133,626
7,246,695
145,854
Total liabilities
Contingent
140.513
7,224,022
132,605
_
Reserve for contingencies
All other liabilities
Ratio of total
113,616
7,154,426
6,952
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
112,978
27,490
35,803
Total deposits
7,525,233
690,025
Other deposits
,731,214
156,264
189,657
146,887
7,532,742
reserve account
bills
purchased
for
foreign correspondents
Commitments to make industrial advances.._
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted...
31-60 days bills discounted
01-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
10-30 days bills bought In open market
1,200
1,333
90
1,235
723
168
416
391
1,555
200
682
1,284
1,328
784
3,026
3,067
3,076
3,076
3,077
1,133
887
908
970
936
209
422
445
334
561
423
462
526
723
728
667
498
564
17,975
18,143
18,227
18,457
18,556
18,662
20,601
20,603
20,709
20,785
20,929
21,007
26,006
25,282
59,729
28,366
101,670
32,189
54,821
61,055
2,276,455
28,546
106,880
54,736
20,246
104,170
65,661
29,447
30,546
138,834
59,729
58,034
56,472
2,276,299
2,278,079
.
31-60 days bills bought In open market
01-90 days bills bought in open market
Over 90 days bills bought In open market
Total bills bought in open market
I- J / days Industrial advances
16-30 days Industrial advances...
31-60 days Industrial advances.
01-90 days Industrial advances
Over 90 days industrial advances..
Total Industrial advances
1-15 days U. S. Government securities
16-30 days U. S. Government securities
31-60 days U. S. Government securities
61-90 days U. 8. Government securities.
Over 90 days U. 8. Government securities
178
177
271
158
67
89
90
173
784
2,567
2,549
2,549
602
3,073
3,072
3,078
3,201
3,098
783
636
657
1,149
1,590
224
426
534
251
94
397
649
691
672
861
656
445
446
524
792
762
18,755
18,788
18,905
25,234
21,043
21,082
21,596
28,550
43,375
42,093
18,246
140,359
38,628
27,447
142,926
57,821
57,736
189,340
2,270,891
2,266,389
2,259,453
2,092,995
567
27,472
57,034
59,655
2,351,815
2,353,663
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2.526.190
2,526,190
2,430,227
4,613,505
360,349
4,620,315
4,624,774
4,560,971
326,291
4,554,501
316,110
316,402
4,532,357
310,341
4,523,643
330,230
4,346,600
329,291
4,563,174
302,570
4,544,445
349,002
4,253,156
4,271,313
4,295,483
4,260,604
4,234,680
4,238,391
4,228,043
4,222.016
4,193,413
4,033,849
4,633,132
4,632,132
22,807
32,000
4,619,132
4,600,632
23,339
20,000
4,580,632
14,531
20,000
4,327,838
20,000
4,593,632
16,117
20,000
4,582,132
20,000
4,594,632
18,277
20,000
4,593,632
17,907
32,000
4,687,887
Total U. S. Government securities
63,358
103,105
26,006
55,472
60,794
2,280,813
4,686,939
4,674,298
4,643,971
4,632,909
4,631.539
4,629.749
4,616,711
4.615,163
4,421,282
34,793
71,006
1-15 days other securities
10-30 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..
312,751
Collateral Held by Agent as Security
for
Notes Issued to BankGold ctfs. on hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total collateral
*
x
"Other cash"
These
are
cents on Jan.
does
not
22,755
include Federal Reserve
notes,
t Revised
23,166
32,000
1934, these certificates being worth less to the
5,444
88,000
figure.
certificates given by the United States
Treasury for the gold
31,
the provisions of the Gold Reserve Act of
1934.
14,579
taken over from the Reserve banks when the dollar
extent of the difference,
was
devalued from 100 cents to 59.00
the difference Itself having been appropriated as profit by the Treasury under
*
Volume
Financial
145
Weekly Return of the Board
Omitted
(000)
Three Ciphers
SEPT. 22 1937
RESERVE BANKS AT CLOSE OF BUSINESS
Atlanta
Cleveland Richmond
Phila
Boston
Total
Federal Reserve Agent at—
(Concluded)
of Governors of the Federal Reserve System
LIABILITIES OF EACH OF THE 12 FEDERAL
RESOURCES AND
WEEKLY STATEMENT OF
2025
Chronicle
Si.
Chicago
Dallas
Louis Minneap.
San Fran
RESOURCES
Gold
certificates
on
due
and
hand
from United States Treasury
Redemption fund—Fed. Res. notes._
Other cash
*
Total reserves..
Bills discounted:
Secured by U. S. Govt,
direct and
obligations,
(or) fully guaranteed..
Other bills discounted
...
Total bills discounted
Bills bought In open market
Industrial advances
S. Government securities—Bonds
U
Treasury notes
...
-
Treasury bills
Total U. S. Govt, securities
Total bills and securities
Due from
foreign banks
Fed. Res. notes of other banks.
Uncollected Items
Bank
premises
Another resources
Total resources
LIABILITIES
,
R. notes In actual circulation
F
Deposits:
Member bank reserve account
U. S. Treasurer—General account.
Foreign bank
Other deposits
Total deposits
...
Deferred availability Items
Capital paid In..
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
I
Total liabilities
Contingent liability on bills purchased
for foreign correspondents
...
Commitments to make Indus.advances
'Other cash"
does
Include
not
Federal Reserve notes
FEDERAL
RESERVE
NOTE
STATEMENT
Three Ciphers (000) Omitted
Boston
Total
Federal Reserve Bank of—
Cleveland Richmond
Phila
Chicago
Atlanta
St.
Dallas
Louis Minneap
San Fran
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In
actual circulation
Collateral
held
by
Agent as security
for notes Issued to banks:
Gold
certificates on
from
hand
and
due
United States Treasury
Eligible paper
U. S. Government securities
Total collateral...
United
States
York Stock
Government
Transactions
Securities
Exchange—See following
at
Daily, Weekly and
page.
Stock and Bond
United States
Rates
quoted
are
the
New
York
Stock
Yearly—See page 2041.
Averages—See page 2041.
Treasury Bills—Friday, Sept. 24
for discount at purchase.
THE
Asked
Asked
PARIS BOURSE
representative stocks as received by cable
of the past week:
Quotations of
Sept. 29 1937
1938.
Oct.
6 1937
1938.
Oct.
13 1937
1938.
Sept. 18
Oct.
20 1937
1938.
Francs
Oct
27 1937
1938.
each day
1938.
1938.
Banque de
Nov. 17 1937
1938.
Banque de
Nov. 24 1937
1938.
1 1937
1938.
Dec.
1938.
Dec. 20 21 &22 1937.
29 1937
1938.
Jan.
51938
1938.
Jan.
12 1938
1938.
Jan.
19 1938
1938.
Jan.
26 1938....'
1938.
Dec.
Feb.
Feb.
......
1938.
2 1938
91938
Quotations for United States Treasury Notes—Friday,
Sept. 24
a
Figures after decimal -point represent one or more 32ds of
point.
Maturity
Dec.
Deo
151938
15 1941.
Asked
Maturity
Mar. 15 1940
Mar. 15 1942.
Sept. 15 1939.
Sept
15 1942
15 1939.
June
15 1939.
Dec.
June 15 1941.
Mar.
15 1939.
Mar. 15 1941.
June
15 1940.
Deo.
15 1940
Sept. 15 1938.
Feb.
June
1
1938.
15 1938.
Mar. 15 1938.
Asked
6,300
6,300
6,200
6,100
1,075
419
1,090
430
1,119
439
1,125
436
....
287
292
295
295
290
cap..25,800 25,900 26,300 26,500 25,600
Cle Dlstr d'Electrlclte
.....
560
567
588
594
....
Cle Generale d'Electrlclte..
1,170
1,180
1,210
1,230
1,210
Cle Generale Transatlantlque.48
\47
50
49
Citroen B.
525
518
530
524
....
Comptolr Natlonale d'Escompte
685
689
692
697
Coty S A
220
220
220
210
200
Courrleres
217
219
230
226
—Credit Commercial de France-.
454
460
480
473
Credit Lyonnalse
1,350
1,290
1,420
1,410
1,380
Eaux Lyonnalse cap
—
1,170
1,180
1,220
1,230
1,200
Energle Electrlque du Nord
295
289
289
296
Energle Electrlque du Littoral..
474
478
484
490 .
Kuhlmann. _601
604
614
622
....
L'Alr Llqulde
—
990
1,020
1,050
1,050
1,030
Lyon(PLM)
HOLI....
720
715
720
NordRy
DAY
756
750
772
755
Orleans Ry 6%
358
358
360
369
Pathe Capital
22
23
23
22
Pechlney
•
1,768
1,815
1,864
1,855
Rentes, Perpetual 3%
71.75
72.00
72.25
72.30
72.10
Rentes 4%. 1917
71.40
71.50
71.50
71.75
71.10
Rentes 4%, 1918.
70.80
70.90
71.10
71.30
70.50
Rentes 41932 A
76.00
77.25
77.40
77.40
77.20
Rentes 4^%, 1932 B
78.00
78.30
78.50
78.50
78.25
Rentes 5%, 1920
95.25
95.40
96.00
96.90
95.50
Royal Dutch
6,050
6,190
6,300
6,350
6,250
Saint Gobaln C & C
1,815
1,860
1,905
1,908
Schneider & Cle
1,130
1,100
1,130
1,130
Soclete Francalse Ford—.....
70
71
70
72
70
Soclete Generale Fonclere
122
121
121
121
Soclete Lyonnalse
1,170
1,177
1,225
1,235
Soclete Marseillaise
469
469
469
....
Tublze Artlflcal Silk, pref
170
172
178
180
Union d'Electrlclte
357
357
373
370
Wagon-Llts
100
100
101
103
Canal de Suez
1938.
15 16 17& 18 1937
Paris et Des Pays Bas
l'Unlon Parlslenne..
Canadian Pacific..,
1938,
8 1937
Dec.
Dec
Sept. 22 Sept. 23 Sept. 24
Francs Francs
Francs
6,200
Bank of France
3 1937
Nov. 10 1937
Nov.
Sept. 20 Sept. 21
Francs
Francs
-
Sept. 25, 1937
2026
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
_
,
York Stock Exchange
United States Government Securities on the New
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Below
furnish
we
Corporation bonds
a
on
Daily Record of U. S. Bond Prices Sept. 18 Sepi. 20 Sept. 21 Sept. 22 Sept. 23 Sept. 24
Daily Record, of U. S. Bond Prices Sept. 18 Sept. 20 Sept. 21 Sept. 22 Sept. 23 Sept. 24
High
115.20
115.27
115.26
116.1
115.28
115.20
115.20
115.26
115.31
116
115.20
High
Lo w.
106.1
106.1
106.2
High
Low
111.9
Close
111.9
111
100.16
100.16
100.16
9
69
3
14
3
87
99.25
99.25
99.24
99.24
99.22
$1,000 units.
99.25
111.10
4
High
109.16
109.18
109.23
109.24
Low.
109,16
109.17
109.21
109.16
109.17
109.21
4
10
106.26
106.22
106.22
106.22
Low.
106.26
106.19
106.21
106.22
106.19
106.21
106.22
15
36
4
fHlgh
102.20
102.21
102.20
99.17
99.17
99.19
99.17
99.16
99.18
99.17
99.19
99.22
99.17
60
11
12
3
•
98.3
98.2
98.3
98.1
98.4
98.4
98.3 *
282
18
21
102.24
102.26
103.2
102.19
102.18
102.19
102.20
102.19
102.19
102.20
102.24
5
8
3
10
[High
103.28
103.28
103.25
103.31
104.5
104.3
Low.
103.28
103.23
103.25
103.29
104
104
[Close
103.28
103.23
103.25
103.31
104.5
104.1
13
102.24
102.26
102.26
103.2
1
2
102.26
103.2
102.24
1
102.9
102.9
102.4
6
Total sales in $1,000 units...
102.26
S
102.9
102.4
Low.
102.21
56
3s, 1944-49
102.18
102.19
3
53
102.26
42
102.4
98.1
9
102.24
Low.
Federal Farm Mortgage
102.22
102.19
•
98.3
102.24
Low.
3b. 1946-48
98.5
97.29
Total sales in $1,000 units..
Close
Total sales in J 1.000 units...
3s, 1951-55
98.4
97.29
6
98.4
102.26
3X8, 1944-64
102.24
3«s, 1943-47
36
98.2
Federal Farm Mortgage
1
102.23
99.20
106.28
2
99.22
98.2
106.28
106.26
99.19
Total sales in $1,000 units...
106.28
Close
Total sales in SI,000 units...
99.19
98.2
Low
24*8, 1949-53.
5
High
87
99.23
98.6
109.24
1
•
99.20
5
Total sales in $1,000 units...
109.24
Close
Total sates in SI,000 units...
3«s. 1946-56.
99.20
99.24
36
16
Low.
2X8, 1956-59
111.11
3
99.22
99.21
5
99.22
111.8
111.10
3
111.7
99.21
99.24
33
99.22
111.11
5
111
5
Total sales in SI,000 units...
99.23
99.19
8
108
76
111.10
99.17
99.25
Low.
2 X8, 1951-54
106.7
106.7
55
111.4
100.16
100.15
99.22
106.8
106.10
6
111.7
100.14
106.10
106.4
106
106.2
Total sales In
1
106.10
106.6
16
111.8
7
106.3
105.30
105.30
111.9
116.1
100.16
100.13
100.13
100.15
Low
2X8, 1948-51
115.30
3
2
Total sales in SI.000 quits..
—
115.26
20
105.30
106.1
Close
3X8. 1943-45
115.27
1
6
Total tales in SI,000 units.
100.15
100.11
100.11
99.26
115.30
100.13
100.20
100.16
100.15
100.15
Treasury
115.30
Cloae
4X8, 1947-52.
116
Low.
Treasury
4s. 1944-54
No
they are the only transactions of the day.
In computing the range for the year,
account Is taken of such sales
1
102.30
102.30
3s, 1942-47
Total sales In 11,000 units...
15
10
2
7
High
105.20
105.23
105.21
105.25
Low.
105.25
105.20
105.22
105.21
105.23
105.25
105.20
105.23
105.21
Total sales In $1,000 units...
33
105.25
Low.
103.8
102.30
103.12
103.8
102.30
103.16
103.8
43
Mortgage
103.16
102.25
102.25
Federal Farm
1
6
10
105.23
34*8. 1940-43.
Federal Farm Mortgage
2X8. 1942-47
Low.
Total sales in $1,000 units...
Total sales in $1,000 units...
2
26
High
106.11
106.10
High
102.13
102.6
102.9
102.9
102.12
102.12
Low.
106.11
106.8
106.15
Low.
102.13
102.6
102.6
102.8
102.9
102.5
Close
106.11
106.8
106.15
.Close
102.13
102.6
102.9
102.9
102.12
102.5
Total sales in $1,000 units...
12
4
30
22
27
7
100.20
100.13
100.18
100.18
100.19
100.21
34*8. 1941-43.
Total sales in SI,000 units..
22
7
2
i
3
104.11
104.14
104.14
104.16
104.22
104.22
Low.
104.11
104.11
104.14
104.14
104.19
104.20
104.11
104.11
104.14
104.16
104.22
104.20
High
•
ttcitalesin S1.000 units...
1
10
13
25
104.13
104.16
104.20
104.11
104.14
104.17
104.14
104.20
4
32
■
106.8
106.9
106.8
106.10
106.14
106.8
106.10
106.14
Total sales in $1,000 units...
10
106.14
5
1
bonds.
1
15
20
1
106
106
106.2
106.9
106.3
1
Low.
105.29
106
106.1
106.3
106.3
1
106
fHlgh
3X8, 1944-46----
>
I Close
105.29
sales in $1,000 units...
2
fHlgh
{Low.
100.20
100.18
100.12
100.16
100.16
100.17
100.20
100.17
100.17
100.17
100.20
37
22
12
4
100.16
25
9
100.6
100.10
100.12
100.12
100.16
100.10
100.4
100.5
100.10
100.6
above
100.10
100.12
100.10
100.10
100.11
100.12
100.12
61
6
62
5
38
includes
only
sales
10
.
table
Treasury 3Ms, 1941
Treasury 3Ms 1943-1945-.Treasury 4Ms, 1947-52
Treasury 4s
101
of
coupon
Transactions in registered bonds were:
—106.8
to 106.8
106.4
to
106.4
115.25 to 115.25
1944-1954
-111.5
to
111.5
100.16
19
100.16
100.19
20
100.15
[Close
Total sales in $1,000 units...
Tota
2
100.18
100.17
Low.
Note—The
106.11
106.10
100.16
39
.Close
106.11
106.9
100.13
100.18
6
100.10
Total sales in $1,000 units.
106.11
106.9
Low.
100.13
100.13
3
High
2X8, 1942-44
60
71
Close
fHlgh
3Xs; 1941
Home Owners' Loan
104.18
Total sales in $1,000 units...
100.20
100.20
Low
Total sales in $1,000 units...
104.16
104.13
High
2X8, series B, 1939-49..
104.20
Low.
Close
•
Home Owners' Loan
3
6
High
34* f,1949-52.
3s, series A, 1944-62..—
2
Close
8%* 11946-49.
Home Owners' Loan
106.15
4*8, 1955-60
106.2
3
6
100.18
100.20
100.20
fHlgh
{Low
102.9
102.12
102.15
102.9
102.4
102.9
102.10
102.4
102.11
102.15
106
1
Treasury Bills—See previous
to
99.11
102.2
page.
102.13
26
to 102.8
99.11 to
2Ms 1939-1949
United States
102.13
102.9
100.10 to 100.10
Home Owners
102.7
102.13
[Close
2Xs. 1945-47
102.9
102.2
4
2
100.19
100.18
5 Treasury 2Ms 1945-1947
1 Treasury 2 Ms, 1956-59
2 Federal Farm 3s 1944-1949
106.3
106.9
8
Totaljales in $1,000 units...
3
134
United
States
Treasury
Notes,
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW
Saturday
Monday
Tuesday
Thw sday
Friday
the
Sept. 18
Wednesday
Sept. 20
Sept. 21
Sept. 22
Sept. 23
Sept. 24
$ per share
$ per share
$ per share
$ per share
Shares
On Basis of 100-Share
Week
$ per share
Range Since Jan. 1
YORK STOCK
$ per share
*42
4412
*42
43%
*42%
43%
*48
67
*48
65
*48
64
70
70
66
68
67
68
14%
14%
2434
14%
14%
145g
2312
*2612
*17S
66
15
23i2
29
2
67
1%
*23
27
*178
63
178
134
91%
10i2
17s
10%
2012
20i2
10
2%
1%
18
*22
27
27%
*178
2
2
19%
24%
27%
*2234
27%
19
*
23
2534
19%
26%
14
14
183
191
20%
28%
14
14%
188
192%
14%
14%
18
1778
19%
200
15
15
1878
19%
*14%
17%
13%
6978
14
70
*65
55
56%
53%
S32
%4
%2
fug
1734
414
17%
378
17%
*17%
4
4
40
17%
*4
*36
55
36
36
75
75
72
74
80
80
76
77%
2034
2084
20%
20%
60
60
60
60
*
13%
*65
54
*34
1378
69%,
57
22%
63%
60
1%
25
17«
178
1%
*
91
2%
18%
16
17%
15
18%
15
15
14%
18
.
Ala &
«,
178
32,600
15%
14%
3,200
Allegheny Corp.
3,200
4,900
$2.50 prior con v pref.No
Allegheny Steel Co
No
12
13%
183% 186%
14%
14%
1,700
Allen
6,100
Allied Chemical A
190
13%
194
15
*14%
1778
600
700
18
17
17%
13%
11
12%
68%
68%
*65
57
.
55
-
-
-
21
414
37
80
21%
61
60
60
57
^
18
4
*34
-
.
..
54%
.
18
4%
17
3%
17%
4
34
34
4,100
76
76
*74%
78
20
20%
*20
21
60
60
72
72
900
18%
20
3,100
*55
t In receivership,
60%
a Def.
85
Aug 13
69
Apr
22% Mar 11
11
28% Feb
3
24
36
9
7
24
11
Mar II
Sept 24
14% Sept 10
17
Sept 24
11
5
6%
Corp
delivery,
6%
n
Preferred
New stock,
Mar
13
July
6% Feb 18
3% Sept 13
Sept 24
Sept 24
72
r
Cash sale,
Sept 24
18% Sept 24
Ayr 8
59
x
Ex-dlv.
y
Nov
Feb
16% Nov
35%
Feb
37%
Oct
21% Jan
86% Nov
6%
103
APr
Nov
17% 8ep»
6% Nov
Jan
Jan
61% Nov
60% Nov
68% Feb 17
52% Feb 18
45% MarlS
27
Apr
267a July
237s Apr 12
258% Mar 9
17% Aug 14
33% Jan 16
83% Jan 22
68
Jan
74%
Apr
Feb 11
52% Sept 24
.50
share
12%
12%
59
9
34
2
70
2%
12%
59% Feb 11
6
Am AgrlcChem (Del)..No par
American Bank Note
10
60
91
85
50
Apr
100% Jan 22
15% Feb 25
2178 Mar
No pw
22% Jan
zl% Jan
68
68% Sept 23
%4 Sept 20
17
Sept 24
9% Aor
177g Jun*
7
Jan 25
Jan
N$ par
couv preferred—
Amerada
Sept 24
Jan
4% Jan 26
80%
5%
100
preferred
Alpha Portland Cem.._lYo par
Amalgam Leather Cos Ino
1
200
70
6
24
No pa*
Corp
Allln-Chalmers Mfg
Rights
1,400
2,500
68
Jan
No par
5%
19,400
192,000
71
70%
Mar
Allied Stores
400
37
73
this day.
52%
68
42
2478 Sept 24
12
Sept 24
183
Sept 20
par
Kid Co
6
per
8
l%Bept 13
1
Dy0.N0
Mar
15
par
Highest
share $
Mar
14% Sept 24
14
Sept 24
18
Sept 24
par
ino
per
65
Allied Mills Co Inc
23,600
69%
*65
Allied
3,200
13
industries
S
69
9% Sept 24
No par
18%
share
8
97
5M%Prer A with $30 warlOO
5M%Pref A with $40 warlOO
5V*%Pref A without warlOO
300
25%
15
par
VickHburg RR Co.. 100
18
14
par
Alaska Juneau Gold MJe. —10
2478
74
on
—
9,800
15
18%
13%
13%
71%
—
par
10
27
15
*14%
*34
—
10%
per
13% Sept
22
Sept
25
Sept
178Sept
60
Sept
13s Sept
..No par
Air. Reduction Ino
..No
Air Way El Appliance..No
20
14%
55%
37%
9%
1%
MultlgrCorp
Advance Rumely
15
193%
4
178
2,600
No
per
63%
...No par
18%
26%
1334
14
*18
2
Address
300
$
25
Express
18%
27%
191
4
10%
Sept
Straus
Adams-Mlllls
7,600
1%
56
Adams
1,000
178
41
No pa
&
Acm« Steei Co
900
25
No par
share
Sept 13
21
20%
27%
20
10
300
m
.
62%,
91
10%
72
20
17«
*
93
*76
*60
•
63
42
Year 1936
Lowest
Highest
Abbott Laboratories
300
178
18%
%2
Bid and asked prices; no sales
22%
10%
*15
27
192
16
22%
27%
178
41%
18%
19%
24
*15
Par
10,100
27%
*1%
2
*15
1
1378
92%
10%
178
20
1378
6978
65
13%
10%
*
20
18%
65
14%
2
*15
13%
66
14%
22%
26%
64%
178
*15
15
66
14%
24
*178
25
14%
64
63%
25
19
*48
2
*15
20i4
27
14%
64
64%
178
64
*15
20%
265s
43%
*48
68
14%
*42
55
*65%
Lowest
Abraham
42%
17«
65%
178
91%
10%
42%
*48
Range for Previous
Lots
EXCHANGE
Mar
"jjSept
Jan
157
Jan
23
Aug
6%
Ool
246
Aug
"34"
Nov
Jan
20% Nov
Jan
90
Nov
35%
Jan
81
Deo
3
19% May
87* Mar 13
62% Mar 15
31% Nor
11478 Mar 11
101% Jan 22
41% Jan 16
75% Feb 4
Ex-rlght-.
Nov
64% Nov
69
Jan 28
39%
60
40%
4
Oct
34% Nov
5%
Deo
39% Deo
125% Mar
76
Jan
49
July
36
Deo
55%
Apr
66
Jan
73
Nov
89
Nov
U Called for redemption
Volume
LOW
AND
New York Stock
145
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 2
Sales
CENT
STOCKS
NEW YORK
for
Saturday
Monday
Sept. 18
$ per share
51
51
*127i2 134
97
9712
156% 156*8
30
32
61
61
24*4
26%
*100
...
100
100
*25%
11*8
29
11*2
19
19
22
22
*
94i2
6*8
*9%
612
10*8
5%
5*4
35
35
16
15
*26
281s
*13
13H
5%
55g
Wednesday
Thursday
Friday
the
Sept. 20
Tuesday
Sept. 21
Sept. 22
Sept. 23
Sept. 24
$ per share
S per share
$ per share
$ per share
Shares
47
49
2,000
128
40
49
42
45
49i8
49i2 4934 0748*4 49
128
128
*128i2 134
*12812 134
*127*2 134
96
9414
95*4
95i8
96*8
9712
9214
9614
9634
9834
1561a 15612 *16612 158
157
158
*15612 158
156i4 157
29
31*8
28
32
30
3118 32i4
3112
3312
3214
*55
63
60
60
59
59
*51*8
54*2
5814
58*4
24
26
2534 263s
24
2512
27
2314
24i8
25*8
*100
*100
*102
*102
*10014
100
100
9912 10034
98
9812
99
98*2
*98*2 10178
*25U 29
*2514 29
*2514
29
*25*4
29
*2514
29
1H8
1114
1178
12
11
*1H4
12
115s
984
10
19
19
18
19
1978 20
I8I4
20
1978
20
21
*20%
21
2118
*2118
2178
197g
2014
20*2
2I84
*
94
*88
*88
88
88
88
88
9312
92i2
6
578
6I4
5
578
578
578
578
584
6ig
*8
*8
*7
10
9*8
9*8
10*8
*8
10
1038
5
514
5*8
5*8
534
5*8
512
5%
514
558
34
3 6'8
32
34i2
3514
36i2
35ig
36l4
*35i8
37
14
14
15
15
13
14*8
15
12*2
13
14*8
*25
27
27
27
2812
27%
23U
25*8
2678
27*8
13
13
*13
*33
3514
518
32i2
538
33
41
41
40
41
2*8
21
21
10*8
30*4
92*8
11'8
327j
93
17
17
r
7
41*8
43
*2i4
*20l2
10%
28i2
10*2
2978
24
90
90
90
90i4
88
88
86*2
86*2
1634
634
17
17
17i2
17
17
1634
17
39i2
734
7
*678
41 I4
119
4138
*108
62i4
8
50
50
50
42l2
15l2
43
*43is
1578
156
16*8
156
634
42
4214
119
*108
*156
60
50
44i2
44
1578
162
156
3178
31U
90
91
25l2
2514
26i8
*21
23
20
21
21
21
9078
*25l8
20*4
*38
4012
38
39
39
39
38
*50i2
13
38
13*s
35
13
37
37
36
*100
120
*100
*20's 217«
15914 161 *8
76
76
77
77*4
*1367g 138
10U
15
10*8
15*4
5312
*
13
13i8
3578
36i2
978
14i2
5U4
137
5178
*100
38i8
37l2
13
1234
36is
*100
120
21
36l2
21
*20l2 21
15814 101%
7478
7478
76
76*4
137
140
133
~36%
120
73U
140
5114
37
3178
7312
*138
133
133
72
7234
139
325s
*100
75
76
7434
*137
13812
10
10*8
978
15i2
1514
*81l2
15
1514
90
*81*2
90
8
8
75s
8
52*8
52*8
4834
52
51
1H2
1012
113s
lli8
11&8
*8H2
7*4
*156
325g
90
778
8i4
503s
1118
conv pre!
No par
100
48
48
4214
45
4714
39*4
4812
4112
50
4158
43i2
74
60
60
50
*48
♦60
*17
4218
185g 1914
1914
19*4
10212 102i2 *1013g 102l2
17
17
17
*14i8
75i8
18% 19
♦1023s 104
20
5*8
6*8
*3912
40*2
*121
*4*8
3914
5
*5
39*4
*120
*10214 10534
9%
82%
*94
97g
87g
82%
8184
102
51
104
*85
6214
103g
6*2
*
50
103s
10*4
13*2
14
87
*85ig 100
*45*4 50
*8884 92
*85
~
914
9i8
82
100
82
*
1278
10434
9*8
9*8
82
*80
*10'*8
10*8
6*2
*
1034
6*8
1784 Sept 14
30»4 Mar 31
American Crystal Sugar
1978Sept 24
33% Jan 21
16%
Jan
32
Aug
89
Apr
Apr
101
8ept
100
5,900
100
18,500
2,600
3,300
2,500
2,300
1,400
6%
*156
162
10
1st preferred
900
88
Sept 23
99% Mar
5
Sept 24
13*2 Jan 28
Amer European Sees
No par
9% Sept 11
Jan 18
3*2
9S4
Power...No par
434 Sept 13
32
Sept 24
1384 Jan 22
687g Jan 18
6*2
2984
12*2 Sept 24
23% Sept 24
38% Jan 22
No par
587g Jan 22
10
12% Sept 24
21
13
Jan
Amer & For
n
17 preferred
$7 2d preferred A
16 preferred
Amer
..Ac par
No par
..
Hawaiian 88 Co
American Hide A Leather... 1
6% preferred
Home Products
American
Ice
8%
1
..No par
pref..
non-cum
100
Corp
No
6% conv preferred
par
60
$5 preferred..
Am Rad A Ptand
American Rolling Mill
1,400
4H% conv pref
100
American Safety Razor..18.50
21
20
20
1,100
American Seating Co.-No par
Sept 24
22*2Sept 24
19*2 Sept 11
Amer Ship Building Co.No par
35
37
74I4
140
133
13*8
36i2
6758
*5114
*115
705g
36,300
138*2 139*4
7334
140*2
38i4
120
35
72
*138
5178
460
37
400
600
51
133
52
127
5214
127
20
35
15,100
36
37*8
33U
12
1258
12
75
7184
138
10ig
934
*69
70*4
73*2
138
137
8*2
97g
15
8I4
51
1112
15*2
14
*81*2
7*2
4984
IO84
1578
90
89*4
*85
8
7
50*4
45*4
11
9
127
Sept 24
32
Sept 13
Sept 23
1,500
American Sugar
""906
18.200
600
72
7134
9,000
138
600
9
7,300
Amer Telep A Teleg
Co
100
Tobacco..
..25
Common class B
9*8
7934
85
*
85
49*2
1038
10
634
63s
*
3484
3684
11*4
10
10
*11
IH4
*11
*16
20
*16
16
16
16
1
25%
24
87
87
3684
2434
24l2
6234
91*8
*85
61
90
90
37*4
38
2478
2478
*62
68
*62
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
800
100
*97
105
834
10*8
6*8
6*2
*
100
~Il"
82*2
7% preferred
2,200
1,800
Artloom Corp...
"V,800
100
51
88
87
Dry Goods
9,400
Atl G A W I SS Lines. .No par
68
103
127S
48
48*2
68
62
62
*62
13*8
123
*114
123
*114
123
120*2 *114
*114
119
*114
119
81
7i2
734
7*2
7
734
834
7%
*784
784
7*2
14
14
14
13*8
13*2
13*2
14
12
14*2
13*8
13*8
13*8
*43j,
5
4I4
488
4
4*4
4*4
4*4
4*4
4*8
4*4
4*8
30
30*4
*2314 29
27*2 27*2
*25*2 30
26*2 26*2
*20*2 26
4%
47g
4l2
478
4%
47g
478
4%
4%
434
4*4
4*2
400
14,100
1,300
300
*114
8
4
Feb
"2", 300
3,200
1,500
6% preferred
100
5% preferred
32% Sept 24
10
Sept 13
13% Sept 24
Sept 24
100
25
Atlantic Refining
23
103
4% conv pref series A... 100
Corp
1
147g
13
14
13*4
14*8
13*8
1378
12
13*8
107g
12
48,200
Auburn
22
24
*35
40
*102
104
22
17*4
20*2
*3678
19
21
40
102
102
22l2
20l2
22
20
34
34
18*4
19
35
19
20
*13
13*2
*112
115
20
20
*99*2 100*8
*107
111
107s
*83*4
163s
19%
*49
75%
*"1778
11
I6S4
20
50*8
78*4
177g
110
110
'3*
2234
*36*8
*102
2H2
2018
35*2
*20
19*4
12l2
13
*111
115
20
20
*98*2 100*8
20
23*2
2178
2334
*35*2
39
104
*20
1938
*102
223g
22lg
20
21%
*
35
19
19l2
1278
*111
1278
115
1978
*98
20
100*8
*
...
19*8
12%
*111
*19*2
*98
20*8
2384
39
104
22%
18*2
23
*36
*102
21*8
193g
23
38*2
104
22*8
110
109
'32
*46
116
4778
109
109
'64
'32
*46
50
46
46
23*8
1734
*2058
23*8
22
23
22
18*s
17*8
17%
17
23
20*4
20*4
*20*4
22*4
17%
23
*72
80
74
*72
74
*72
109
*128
103
17%
103
20*2
20
6,400
*19
20
19
19
500
3184
29*4
29*2
110
19*8
19*2
17*2
1834
14,300
12
12*4
12%
11%
*111
*111*4 115
,115
19
19*2
19*2
19%
2,100
19*2
12%
115
21
100*8
100
100
109
*64
109
'256
109
*128
45*4
*90
100
*95
105
10*8
*83*4
15*8
10*2
19*8
45
Vot tr
67*4
7034
16*8
103
*256
17
109
50
4334
45
22
22%
19
21
17*2
17*2
17-%
15%
1634
23
20*4
20*4
*20*8
72
70
70
{ In receivership,
97
35
Jan
11%
Oct
70%
Feb
Feb
7% Mar
78
60
Deo
Deo
65% Nov
89% Deo
26«4 Mar
Jan
May
111
37% Jan 12
9
June
43
Nov
10% Feb 10
3
July
7
Nov
Feb 13
15%
27%
109% Sept
97
111
Jan
37
Apr
50
Jan
8
118
May
122
Jan
Mar
6
106% Jan
4% June
110%
7%
Jan
Jan
46
111
Feb 18
13*4 Feb 27
1
99% Mar
126
Jan
6
70% Mar 13
16% Feb 27
17*8 Jan 21
July 23
24*4 Mar
101
5
4% preferred
Barber Co
Jan
104
Aug
47% Feb
7%
8%
95
Jan
Jan
Jan
12% Apr
84
Jan
128
Deo
62% Mar
18% Nov
22% Feb
108
May
277g Nov
Dec
112
Oct
98
Feb
124
Oot
9
69
Jan
7
90%
Jan
100
65% Mar 17
29
Mar 13
44
Jan 18
37
Mar 11
116% Feb
6.
.
—
Deo
Oct
6484 Nov
36%
Apr
118%
Deo
18% Mar 6
52% Mar 10
84
Nov
131
Nov
Sept 11
Sept
8
Jan
9
14
36*4 Feb
2
26% June
9*2
62*2
9%
11%
1
6% June
Mar 25
29% June
18%
Feb
Apr
Jan 12
3
Jan 29
2% July
9*2 Jan 30
2% July
30% Feb
54% Mar
l0*a Jan
46*2 Jan
7% Mar
11% Deo
978 Dec
23*4 Aug 18
47*4 Mar 17
21
Apr
947g Deo
947g Dec
27% Nov
41% Oct
45
39
Deo
49*2
Sept 10
120
Feb
5
Sept 10
120
Feb
5
Sept 24
40% Mar 17
Feb 11
110*2 Feb
29% Apr
33% July
157g Apr
Feb
8
43% Mar
24% Nov
38% Deo
32
Jan
13%
28% Nov
42
Jan
Jan
28*4 Deo
22% Nov
111
June 17
115
x\ 9
Sept 13
Jan
Sept 23
28*4 Feb
105% Mar
18
100
100
Aug
105
July
Feb
112
Deo
11% Sept 10
20
105
Feb
5
10% Sept 24
84
6
Jan 16
Beneficial Indus Loan..No par
15% Sept 24
1834 Sept 24
best A Co
45
.No par
(Del).No par
....20
100
Oct
49
31%
Jan
16% June
110
May
6
No par
Bendlx Aviation
21% Apr
11
Apr
13*2 Apr
26% June
109
Sept
88*2 Aug
107
Jan
17% Sept 24
18
Sept 8
Bayuk Cigars
preferred
Feb
Jan
29% Sept 24
167s Sept 8
60
7% preferred
104
June
38
.....10
Barnsdall Oil Co.....
ethlebem Steel
94*4May
48
100%May 11
..No par
5!>i% preferred
Beldlng-Hemlnway
9
67*i Feb 18
*112
20% Sept 24
Sept 16
.....100
......50
Inc...
Barker Brothers
Mar
66%
95
Jan 28
17
100
Bangor A Aroostook.
Conv 5% preferred
H' 5%
1,400
3% July
Jan
60
Baltimore A Ohio
2,301
*128 453,500
17*2
45*4
*2134
71,601
62% Sept
May
60
....100
Beech-Nut Packing Co
600
Jan
Jan 13
1078Sept24
13
ctfs
200
3,900
Apr
7% Sept
Mar 11
3% Sept 10
3
Sept 11
100
"1*6*8 i'l'eoo
I884
45
19%
92*4
94
26*2 Sept 23
4% Sept 11
ino
No par
preferred
........100
Beatrice Creamery
25
$5 preferred w w
No par
1,900
Deo
133
No par
3
$5 prior A
1st
~i~66o
Feb
Mar
18
Sept 24
4
....No par
Austin Nichols
Avl&'u Corp of Del (The)
Belgian Nat Rys part pref
22
72
3,700
13184
*45*2
*20*8
26,700
20
•Bid and asked prices: no sales on this day.
203g
*36
1778
21*4
38*2
34
109
107*8 107*8 *100 * 109l2 *100
*100
109
10%
11
10*2
10*2
11
10%
10%
11
*83*4
*83*4
*83*4
*83*4
16
16*8
16*4
1634
1534
1634
16*8 Te~%
195s
19%
19%
19%
19*2
19*2
19%
19*2
*48
49
49
48
47
4912
485s 48%
73
72
76*4
74*2
77
7484
77
75*8
*17
17
17
1734
177«
17*2
1778
17*2
'32
17
104
150
Sept 24
12
Automobile—No par
Preferred assented
19
Jan
Feb
62
..100
No par
Preferred
I8I4
26%
190% Nov
102%
113*4 Apr 26
7
Sept 24
..No par
5% conv preferred
Atlas Tack Corp
Assented
14i8
Jan
63% Aug
Sept
Jan
28
2
36
145
878 June
24
Feb 23
Deo
88% Mar
136
79% Feb 23
24*4 Aug
Jan
Dec
64
48
60
Atlas Powder
Sept 24
1278Sept24
Atlas
6% preferred
Aug
tBaldwin Loco Works. No par
50
12,900
Apr
Mar
69*2 Mar 10
100
2
54% Sept 24
90
Sept 20
Atlantic Coast Line RR...100
700
1,000
87
73%
145%
Feb 18
10*4
12,800
20% Mar
Nov
152% Mar
June 29
35
103
1
88
10
133g
Feb
14% Jan 18
106
32*2
49
8
Jan 28
5
11*4
13*4
Jan
Sept 20
85
85
37
4834
99
Jan
103
Nov
121% Feb
Sept 24
5% pref with warrants.. 100
11
10378 105
13
20
24
23
13
82%Sept 24
$5 pref without warrants 100
Atch Topeka A Santa F6..100
36*8
15
Sept 24
Mar
20
22,300
136*2
Jan
4
120
11*4
243g
20% Apr
24% Dec
48% Apr
Feb
125
38
13*4
73% Jan 21
26% Jan 20
6678 Jan 11
148
Aug 27
Sept 10
800
23
5
Jan
57*2 Mar
133% Jan
46
90
16
Jan
Jan 28
68% Jan 29
107
2d preferred
90
25*4
66*4
106*4 Mar 11
154
.100
7%
90
15
Dec
44
11
1
90
2458
Nov
45%
Jan 12
834 Sept 24
578Sept 13
6% 1st preferred.......100
57*4
18
2 8'4
Jan
Feb 23
95
...100
54*2
25l8
Apr
25%
Assoc Investment Co..No par
99
*46
Associated
18
Mar 19
Feb 23
4634 Sept 24
.So par
Preferred
11%
Feb 20
58
79
Jan
96
......100
10
82*2
Oct
29
20
7934 Sept 23
Armstrong Cork Co ...No par
Arnold Constable Corp
6
65s
39%
185
20
7
6
Nt par
8,600
*80*s
88
$6 conv pref
49*4
95
87
~58~
Archer Daniels Mldl'd.No par
45,000
4684
55
20
No par
""506
9
50*4
Mining
6I84
*105
106
♦1048s 106
*105
106
13*4
13%
13*4
133g
133g
13*4
49
49
*49
49
49
497g
65
*85
Ancles
80
95
♦
8*2
"
37
Dec
2
17*2 Sept
102% Sept
14% Sept
4*8 Sept
38% Sept
11634 May
104
Sept
No par
A P W Paper (Jo
165% Aug
Jan 13
44i2 Jan 7
Sept 24
$6.50 conv preferred.No par
400
74*2 8ept
27% Jan
Jan
149%
37
Anaconda W A Cable.-No par
*76
93g
25
Anaconda Copper Mining..50
400
Feb
Apr
187
100
14% July
87% Sept
1834
129
683 Jan
26
Feb
Feb
36%
157
143*4 Jan 13
257g Jan 25
45*4 Sept 24
..100
Feb
23*4 July
Feb
107
15 prior conv pref
7*2
43
15
647g Nov
31
36
Sept-24
Preferred
*35%
122% Nov
2978 Jan
3
45% Mar 11
101% Aug 18
June 25
800
39
*100*2 106
Jan 21
7
Amer Zinc Lead A Smelt
Copper
72*2 Jan 12
29*2 Feb 3
170
88
Anchor Cap Corp
80
*80*8 100
*45*4
477g
50
63*2
16
2484
100
8834
377g
64
100
5%
Nov
No par
Woolen
1,100
160
69
997g Feb 4
150% Jan 26
20% Feb 3
29*2 Jan 13
2,200
*120
~
100
37
68
9*2
81*2
38*2
39*2
*103*2 106
*85
*10*4
*65
39*2
*4*8
127g
90*8
13%
5
*120
105""
900
1834 19%
104*2 105.
15 *
14*8
17
4*8
87
90
4934
*14*8
"1234
93*2
106
61
*82*2
*91
13%
55
70
19*2
19*4
104*2 105
13*4
85*4
*49i8
3934 181,300
87
62
*100
48
37
Jan
8*2 Sept 24
14
Sept 24
37,300
47
Feb 15
71 «4 Sept 23
4938
107g
49
75
No par
$6 1st preferred
42%
July
128*4May 13
7*2
4034
134
10
Am Water Wka A Elec. No par
49
Dec
25
American
3,900
27
118
100
6% preferred
Am Type Founders Inc
Jan
15% Nov
48% Deo
Apr
Apr
156*4 Sept 24
70*4 Sept 24
Am Sumatra Tobacco..No par
American
20,600
55
*61
3578 Sept 21
Sept 8
20
Sept 13
24
Jan
Jan
May
121
100
"3*700
1484
89
433s
70
12
Refining.. 100
Preferred
156*4 159*2
72*2
Sept 24
100
6% preferred
Sept 15
51
5,400
21
21ig
I6II4
67%Sept 24
138
25
12i8
21
72l2
Sept 24
100
Snuff
36*2
120
211g
Smelting A Refg.No par
Preferred
American
Amer Steel Foundries.-No par
American Stores
No par
36
365g
365g
*100
♦1103s 120
159
Amer
87
5%
10
Sept 24
13%Sept 24
Apr 16
29% Sept 24
5,500
37
6178 Nov
21
16% Jan 13
31,200
*20
46
2*g Sept
16% Sept
9% Apr
66
87% Jan 18
3012
38
Oct
Jan
4%
6
Feb
Sept 24
25
2112
Oct
31%
37
Mar 8
Jan 20
Mar 10
Feb 1
June 17
153
25
Deo
21% Ju'y
8% Mar
29%
13%
6884
129%
125
39
par
100
Deo
60*2
Deo
Apr
Apr
7
No par
San'y.No
Preferred
16
47
88I4
~1278
85
Sept 24
Amer Power A Light...No par
2,500
1,900
22%
23%
Amer News N Y Corp..No par
No par
Apr
4
3
Feb
Apr
15
11
13
Deo
9*4 Mar
12
6878 Feb
23,500
39,700
13
14%
25
24
Sept 14
Sept 13
$6 preferred
5
8%
6038
Mar
Mar
Mar
Mar
Feb
Mar
29l2
*82l2
59
82
Feb
Jan
Apr
3534 Deo
16*4 Deo
35-% Nov
Jan
11%
55*4
62%
484
27%
17*4
Sept 24
38*2 Sept
2% Sept
17*8 Jan
9% Sept
24
Sept
17
2
24
11
7
24
4S4 Sept 24
32
60
American
106
20
7*2 July
20*2 July
:_.i00
530
162
3
Nov
Tiling..1
100
300
23% Mar
27
Encaustic
American
22*2
13*2
87
984 Sept 24
Corp..20
10,900
15%
Dec
Oct
Am Comm'l Alcohol
3984
41
113%
2,200
6% Sept 11
37
Sept 24
13*2
120*4
2,500
16*4 Sept 24
39
Nov
87% May
111
"2" 300
Amer Macb A Fdy Co..No par
16
Dec
Jan 25
Amer Mach A Metals.-No par
Amer Metal Co Ltd
No par
435s
Deo
100
Aug 12
1,800
7%
60%
Apr
67
29
2,300
60
30% Apr
112
6*2
48
4
Deo
Deo
Apr 26
I6I2
7
Feb
May
June 15
Amer Internet
108
71
104% Feb 4
3384 Aug 25
150
Apr 25
162
174
98
American Locomotive. .No par
Preferred
100
37
9
Deo
137% July
25
600
60
87
61
58*2
Jan 26
Jan
share
No par
8,100
47
"13"
*45*4
116
100
174
70%
American Chicle
87
95
*80
58*4 Sept 23
23% Sept 24
5,200
8
*80
49
Dec
9
per
141
Am Coal Co of N JfAlIeg Co)25
American Colortype Co....10
500
50
13*2
*45*4
110
10
108
85
*85i8 100
*45ig 48
85
8834
Jan
3214
51
*
121
90*4
3114
105
10*8
6%
95
May
26
50
.
124
89
*75
51*2
Apr
Feb 18
25's
*120
"
100
_50"
513g
95
*75
40*4
*10312 106
40
160
9112
193s
19*4
102l2 10212
18
*14ig
534
*4i8
40*4 40*4
534
*120
106
63g
612
100
*84
40*4
*60
8O84 Feb 18
Mar 25
Highest
1
"2",000
$6 preferred
*60
Sept 24
152*2 Apr 12
28
Sept 24
Am Chain A Cable Inc.No par
5% preferred
$ per share
90*4June 15
100
American Car & Fdy
Preferred
share
42
...26
Preferred
per
125
100
American Can
$
26
137i2 13712
51
11
*8H2
43l2
15*8
*21
217g
I6O84 16134
*72i4
7434
160l2 163
7434
7514
IOI4
156
734
4978
5\i %
share
6>4
62
8lg
Am Brake Shoe & Fdy.JV* par
per
82
43U
*60
I6I4
61l2
400
$
16*4
119
44
163g
42
5,800
9,400
Par
21
95s
Year 1936
Lowest
Highest
Lowest
26*2
82*2
20*2
7
*108
50
77g
8914
69i4
*6
4314
119
62
2512
139
6*4
83s
507s
6H2
8is
7
3012
87l4
3612
23*4
10
27
28
*
*2U4
1078
33
77
23ig
3012
90*4
74
2i2
10i2
32
*13712 139
5212 52%
2%
<
1,000
6,500
32
39*4
2*4
30
*21
5
32
38*2
214
10l2
22
90
*25%
434
512
39
39lg
3H2
62
162
5*8
39ig
1038
64
*165
*30
8,600
500
13
3912
2U
22
63
8*8
39
12*2
1358
30
*108
61*4
45
17
5l2
39l2
2i4
*13
30
119
8
*33
40l4
214
1358
55g
2378
10l2
*108
5114
43ij
16U
212
*13
38
538
39l2
214
1358
512
Range fw Previous
100-Share Lots
EXCHANGE
128
36
2*8
Range Since Jan. 1
On Basis of
STOCK
Week
$ per share
2027
Sept 24
67% Sept 24
16% Sept 24
103
Rights
Sept 24
'256Sept 23
35% Feb
20% Jan
Aug
114*4 July
16*4 Feb
88%
30*2
23%
62%
85
115
Deo
28% Nov
13
Dec
16% Mar
83
June
Jan
89% May
32% Oct
Jan
20
Jan
25%
Jan
48
Jan
72
45%
Apr
Apr
77%
Deo
20
Deo
July
Feb
105% Mar
20
14%
Jan
129*2 Feb
*'32 Sept
21%
16%
107% July
Oot
Nov
135% Nov
800
Blgelow-Sanf Carp Inc. No par
23
Jan
65*2
Deo
Black A Decker Mfg Co No par
4384 Sept 24
19
Sept 24
69% Feb
900
88
28'4
Dec
-No par
15% Sept 24
2Q7g Mar
14*2 July
*3412
247g
Deo
Blaw-Knox Co
20% Sept 20
70
Sept 23
32*2 Jan
94% Jan
77% July
7,100
23
40
Bloomtngdale Brothers.No par
72
20
Blumenthal & Co pref
a Def. delivery,
w
New stock,
r
1.100
Cash sale,
x
Ex-dlv.
y
Jan
Ex-rlghts.
18% May
Deo
38*2 Nov
120
Oct
T Called for redemption.
New York Stock Record—Continued—Page 3
2028
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Sales
CENT
STOCKS
for
Sept
Tuesday
Sept. 21
Wednesday
Sept. 22
Sept. 23
Sept. 24
$ per share
$ per share
$ per share
24
25%
$ per share
Shares
41
*85%
87
41
26
24%
263s
*38
41
41
25
26% .27%
*37% 38%
*85%
86%
37%
86%
37%
*85%
26%
37%
85%
37%
85%
42
42
19
19
*18%
20
22%
21%
22
*4134
*19%
21%
20%
2178
4138
22
2134
42%
38
40
40
41%
7
7
7%
*684
*13g
238
1%
1%
2984
45
36
36
36
36
27g
11%
2%
11%
2%
11%
13%
15
127g
1384
3534
2%
*10%
13%
41%
36
234
11%
7%
62
6%
46%
26%
1238
36
*35
36
35
36
2%
*10%
2%
*7%
1,000
4,100
11
12
14%
1178
13
11
32%
24%
25
2,700
40
40
700
2%
14%
42
40
41%
25%
41%
15
1334
1278
1334
*14%
14%
13%
12%
104
13%
12%
26
4%
15
%
11
47
93
15
14%
5934
237g
30%
234
11%
2534
2534
1678
r' 64
"9%
%
*54
37%
1734
%
"984
94
11
92
*""""
*
"92"
92
130
137
142
142
140
114
115
115
115
115
*114
83
8334
106
30
*
107
2534
6
5%
82
81
83
*105
106
31%
30%
6
31%
69%
*63%
6434
63
30%
30
2934
*97
17%
*16%
7%
8%
8
8
*7%
8
*16%
*8%
*7%
19%
10134
*95
5638
57%
53%
55%
53
9%
9%
45%
9
9
47
48
*12%
53%
42%
*12
96
*178
434
1%
18%
5234
17%
1%
37g
1%
20%
7%
20%
*1%
1%
7%
*19%
1%
278
17
7%
*35
79%
88
20%
*127
*
*
102
37
*
15
58%
15
*10212 10278
*41%
*95
42
IO6I2
*
38
"23%
2012
*3734
10%
*88i2
23i2
12%
15l2
2312
26i4
26l4
101%
21
41%
11
8978
82
82
1214
15%
*10%
26%
26i4
101
5234
*93%
52%
54
97l2
53l2
103
*99
134
*56%
1478
-
-
-
135
58%
15
38
*16
38
23
24
24
12
12%
*14%
*10%
23%
25
25%
25
25
101
102
20%
*35
10
18
21
38%
10%
13%
16%
*12%
25%
25%
3%
1134
1134
17%
734
*38
8%
32
35%
107 %107%
45% 46%
12
12%
4138
91
50
*57%
1434
88
19
........
139
58%
15%
102% 102%
40
41
*85
18
132
7
*57%
14%
2%
7
17%
40
1%
3%
3%
39
106% 106% *100
*
38
24
25
11
11
16%
17
7
5
88
17%
126% 131
106
~1~5()6
23%
12
12
24%
2478
25%
*25
26
*25
25%
2534
24
24
*102
105
100
102i8
14%
1338
97%
96%
19
20
38%,
*36
38i2
*36
10%
10
1038
9
10%
*85
87
87
87
87
87
*82
85
*82
85
*82
85
53%
52
52%
52
53
48%
51%
96%
95i2
91
91
*99
11%
96
11%
2%
107g
2
2%
2
46
46
44
45%
45
11%
*94
97%
95l2
53%
52
52%
5038
101%
100
11%
2%
47
11%
2
45
100% *100
11%
11
2%
45%
2
Bid and asked prices; no sales on this day,
44
85
80%
*82
85
a
7
Jan
37%
Dec
6% Nov
9%
Dec
Jan 12
14% Mar
3
115
82
Jan 14
Feb 10
54
25%
86
Dec
Sept
Apr
57
Feb
6% Apr
97% May
12
Nov
35
4784 j an
8% June
57% Sept
108
Oct
74
JNOV
19% Mar
72% Deo
111
Deo
101
Mar
63%June 10
19
Aug
38%
Dec
22%
Jan
69%
Apr
59
Jan
51
Jan
111
Feb
4
Feb 13
90% Mar
687s Mar
6
4
100
Nov
7734 Nov
Mar 11
434 Mar 16
13% Mar 17
Mar
8
18% Mar
6
1% May
278 Jan
1% Apr
4
Jan
Jan 20
25% May
3% Mar 18
1% Apr
27S Apr
2% Apr
634 May
12% Apr
13
7% Mar 17
19% Feb 17
33
Feb
June 14
45
3%
Jan
8% Dec
2% Feb
14% Dec
3378 Nov
278 Feb
578 Feb
478 Feb
12% Oct
2478 Dec
Aug 28
Sept 24
6% Mar
4
9
3% Mar 17
10% Feb 19
834 Mar 8
27% Jan 14
22% Jan 29
1578 Mar 3
80
Mar 11
135% Feb 11
21% Feb 18
70
Sept 24
92
Feb 18
Feb 16
74
July 15
4% Sept 11
32% Apr 7
98
May 21
3
8
Jan
8
July
32%
30%
1434
Dec
1%
7
25
Jan
Jan
51
Oct
Jan
Deo
13834 Nov
85%
Jan
15%
Jan
23
Jan
89«4 Nov
727g
45
Mar
50
Nov
Nov
1
434
Jan
13% Nov
Aug 10
2334
Jan
46% Mar
10% Mar
48
Feb
Apr
3% Apr
3% Apr
1934 Jan
17% Sept
103% Apr
5
90
Feb
98
Oct
113
7
107%
Jan
July
11134
Deo
47%
Oct
Jan
48% Aug 16
85% Sept 13
16% Sept 24
125% Aug 11
Jan 14
82
Feb
2978 July 15
13278June 3
48
Apr
124
Jan
129
July
122% Jan
170% Apr
2
84
Jan
134
Nov
9
55%
58
Nov
100
33
6
56% Jan 29
13% Sept 24
par
100
102
35
No par
100
June
1
Sept 24
106% Sept 10
26
Jan 18
100
19% Sept 24
10% Sept 24
13% Sept 13
12
Sept 24
Columbia Broad SysIncclA2.50
Class B
2.50
2378 Sept 24
23% Sept 13
Columbian Carbon
96% Sept 24
19
Sept 24
377s Sept 15
Colorado & Southern
20
500
1,300
4,200
100
4% 1st preferred
4% 2d preferred
130
100
Columbia Plct
$2.75
~67~7(K>
conv
v
No par
v to
t c...No par
preferred-No par
Columbia Gas & Elec.-No par
600
6% preferred series A
6% preferred..
20
Commercial Credit
200
51%
8,200
50%
400
102% *100
102%
11
11%
16,200
10%
2%
1%
2% 113,300
44
42
43
1,800
t In receivership.
3978
82% Jan
Apr
May
60
Colonial Beacon Oil...No par
Colo Fuel & Iron Corp .No par
1,500
9,200
Jan
Dec
19
39%
110
Dec
106
Sept 24
5% conv preferred
37%
52
52%
Nov
32%
10234June 21
Collins & Alkman
290
87
99
*91
8
11
24
24
1534May 1
7
Sept 24
46% Jan 22
8734 Sept 24
1438 Sept 24
5% pref-100
6% preferred
10
12
11
No pa;
Colgate-Palmollve-Peet No
3,400
23
19%
10%
85
51
200
38
*16
13
278Sept 13
100
100
5
Coca-Cola Co (The).—No par
Class A
No par
2,900
600
106l2 *100
7
l%Sept 13
3% Sept 13
25
5
Preferred
102% 102%
35
38%
20
Jan
5434
2134 May
Clev & Pitts RR Co 7% gtd.50
Cluett Peabody & Co—.No par
-
9,200
51
99
~
14%
25%
10%
..
57
*105g
20
-
13%
*15
21
-
10,200
57
1734
July
934
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
»
18
20%
«.
15
13%
June
143
9
32
35
No par
Clark Equipment
C C C & St L Ry
10
58%
38
186
Jau
June
4
l%Sept
2% Sept
2% Sept
6% Sept
15% Sept
10
634% preferred
City Investing Co
City Stores
■
16%
*35
220
3,400
2,100
*85
23
Feb
634 May
92% Jan
116
48% Mar
5% Sept 10
Sept 24
..No par
Chile Copper Co
Chrysler Corp
City Ice & Fuel
4,000
100
87
*90%
Chiids Co
2,700
*82
52%
*94%
52%
Chlckasha Cotton Oil
Sept
19
preferred...No par
1,500
5%
16%
*127%
115
1% Aug 31
100
7% preferred
100
6% preferred
100
Chicago Yellow Cab...No par
50
*38
conv
4
l%Sept 10
4
100
3,500
36
23
I
4l%May 20
100
JChic Rock Isi <fc Pacific
900
7%
26
10%
$3
700
108
*16
Feb
10334
105% Aug 11
49% Sept 24
38% Sept 24
90% Aug 16
100
Chicago Pneumai Tool. No par
1,300
2,400
1%
3%
100
40
100
48
Preferred
200
4
*25%
38%
600
July 13
35% Jan
tChic & East 111 Ry C0-..IOO
6% preferred..
100
JChicago Great Western.. 100
4% preferred
.....100
Chicago Mall Order Co
5
tChic Mil St P & Pac_.No par
5% preferred.
100
tChlcago & North West'n. 100
1,800
5,100
5,500
2,500
5,000
33
10212 102%
12984 Jan 22
IO84 Sept 13
Preferred series A
1,900
13g
278
100
138"
Deo
No par
25
Chesapeake & Ohio Ry
1,000
1,200
*107
18%
Jan
5
Chesapeake Corp
200
107
No par
Checker Cab
300
19
*33
Common
19,800
108
88
Oct
91
6% prior preferred.
100
ChampPap & Fib Co 6% pf 100
40
34
*127%
Feb
Nov
Jan 18
35%June 2
9% Apr 20
19134 Aug 3
990
1,400
1,050
2,300
33
36%
53
106
23% Feb 10
102
36
Feb
18%
Jan *100
86% Mar 10
15
*107"
Aug
16
87
Sept 24
Preferred..
9134 113,600
*
38%
1284 May
4534 Jan
60
6834 Nov
8
Sept 23
143g
108
Jan
Jan
Apr
Feb
7% Sept 24
32
Sept 24
8734
35
3
Nov
16% Nov
40% Apr
3034 Deo
102
95
15%
35
Mar 11
Jan 2
50
4%
1%
19
6% Sept
Century Ribbon Mills.-No par
■
357g
37
100
96%
578
107g
9
Cerro de Pasco Copper. No par
Certain-Teed Products
1
2
15
22
Central RR of New Jersey. 100
Central Violeta Sugar Co
19
10
15%
5%
Sept 24
6
10,200
5,600
91
26
16%
900
600
92%
6
100
No par
5% preferred
...........
50
49%
38%
*12
102
11%
2%
*
1%
4
3%
97%
15%
53
2%
2%
6%
15%
8
4
7%
7% preferred
30
10134
7%
2%
4
*17
75
10% Apr
54
Jan
4134 Jan 15
8
138
3%
17%
7%
5% Sept 8
127% Sept 24
110% Sept 11
Jan
2434 Jan 11
1%
234
Sept 24
%
Mar
Sept 13
100
Celotex Co
200
8%
13%
22
10%
*1%
23
17%
61%
18%
52%
7% Sept 18
8
8
*7%
13%
*14%
*13%
13%
102
*35
1778
37
1%
44% Sept 21
94% July 28
92
Sept 22
Dec
4
Jan 14
16
100
1,300
17
16%
1%
6%
37
278
24
Deo
Oct
4834
Deo
107% Jan 26
*134
4%
18
3
20
29%
88%
Jan
l%Sept
1634 Nov
3334
Apr
30% Apr
Jan
61
Dec
22
6
38% Mar 19
59% Dec
16% Apr
54% June
30
June 29
1%
7%
20
3
Jan
37% Feb 13
96
478
1%
234
2%
7%
17%
102
138
'102% 10234 *102% 102%
39
40%
40% 41
*95
*96
106%
106%
23
2
24
24
20
9% Sept 24
No par
5% preferred
Celanese Corp of Amer.No par
75
_
137%
*57%
58%
1478
15%
*16
7%
20
1%
25
No par
Caterpillar Tractor
100
19,200
75
37%
137
22% Sept
14% Sept
%6Sept
54
Aug
9% Sept
37
Sept
Dec
6% Feb 25
20% Jan 12
12% Jan 28
70
18%
*127%
•_
52
4
934 Sept 24
4% Sept 24
*70
*
-
Mar 22
2% Jan
29% Sept 10
75
197g
-
60
100
75
88
18%
*127%
50
2
Aug 27
Central Aguirre Assoc.-No par
75
108"
37
48% Feb
2
Central Foundry Co
1
Central 111 Lt 434% pref--100
*70
*._
108
Sept 24
Jan 11
800
76
35%
102
27
1
91
10,400
75
5%
36%
*85
197g
-
■
par
100
76
534
37
88
"19%
•
108"
38
34% Mar
100
*70
75
5%
35%
7%
20%
50
9434
15%
1534
79%
79%
35%
*35
7%
98
47g
1%
12
*17
50
*70
35
12
17%
734
7%
*38%
9434
15%
5%
*127%
137
17
75
1%
*334
3%
13
*12%
79%
5
38
*3%
16
*37
134
4%
3%
*4
9534
*70
37
*1%
*134
9
17%
41
54
42%
95%
41
278
*8
18%
*37
50
106% 106% *106% 108
*56%
*134
278
17%
90%
15%
5%
102
17
40%
1%
334
3%
12%
17%
7%
1%
334
3%
12%
75
53
4134
*91
1%
1634
79
*134
13
2%
434
*38
4%
78
20
*12
9
*70
*84%
1278
5434
3
16
38
al278
54%
434
9
50
*_
48
*1%
278
234
96%
36%
108
47
134
9
37
108
47
434
234
16
37%
109
*45
2%
3
"93%
5%
37
8%
*108
4%
8
Sept 17
Sept 24
Preferred
69%
50
8%
35%
9% Feb 25
3384 Mar 9
57
'
8%
24
1
291*
29%
*95
*1%
234
2%
8%
2
3
21
Case (J I) Co
31
*62
54
*134
7
20
18% Mar
36% Mar
par
Stamped
Carpenter Steel Co
4,500
45% Feb
20
100
Capital Admin class A
1
$3 preferred A
10
Carolina Clinch & Ohio Ry -100
190
13
24
12% Sept 24
par
1
5
4%
*97% 10034
30
95
1%
7%
33% Nov
6% Mar
Feb
9
102% July 9
26% Jan 6
105
Sept 22
28
Sept 13
61
Sept 13
53
1%
20
3134 Nov
1,500
2938
*9978 104
95
91
734
3%
8%
*7%
43
234
18%
*17
9%
91
278
7%
*
9
42%
1%
12%
1734
734
*17
54
93
1%
5%
Mar
14% Apr
13% Dec
5,100
27
55
*95
4%
*19
63
30
*97% 10034
9
4338
*91
1%
41
*3%
12%
55
54%
42%
96
5
14
29%
2%
14% Sept
12% Sept
Sept
4% Sept
26
30
-5
-.100
5
Carriers & General Corp
1
77
Jan
Oct
Canadian Pacific Ry
10
105
11%
Mar
600
75
Apr
9
"16
105
8%
10134
134
7
*37
13
*29%
20
4%
1%
6%
1%
20
1%
278
234
734
42%
*91
2%
434
7
53
4134
53%
20
8
*12
13
*16%
*8%
*7%
978
35
38
39%
36%
*107% 109
*107% 109
44
46
*44% 47
43%
*91
20
10134
56%
9%
9
63
2934
5%
5%
*97% 10034
10034
7934
106
3034
2978
*99% 104
31
31%
65
30% 30%
53g
5%
101% 101%
r
79
80
115% Sept
8%
33% Dec
Rights
■
115
Jan
9%
85
Jan
9134
115
Jan
Dec
Deo
115
Sept
157g May
Jan
107% Sent
Jan
2478
"23"
22%
2134
87«
8%
300
5%
5%
127% 132
*63%
*95% 101
25%
534
Jan
8% May
2%
—10
65% Mar
Oct
65%
1134 Jan 29
Cannon Mills
91
7
Oct
57
39
400
47
*
*
140
105% *105
30%
5%
47
Feb 15
106
Sept
3% Sept 8
11% Sept 11
100
Campbell W & C Fdy__N© par
Canada Dry Ginger Ale
5
9%
114
32
5%
9%
*44%
9134
534
105
64%
10
Jan
13
12% Mar
51% Mar
58% Sept
No par
Callahan Zinc-Lead
26,100
934
98
50% July
Jan
Dec
34%
Calumet & Hecla Cons Cop. .5
37
134
32
z30
9%
37
117% Mar 12
14% Jan 11
4%
Apr
2,400
52,000
153g
114
105
5%
10%
42
91
"25%
2534
32
65
17%
24% Jan 111
24% Feb 3
Jan
41
187S Feb
647g Mar
69
Apr
25
14,000
18,800
24
7
Dec
47
35% Feb
5% preferred
22%
14%
978
*367g
934
*44%
92
107
30%
25%
*
32
5
1,500
11%
2
11% Jan
5% Nov
22%June 30
5% conv preferred
Butte Copper & Zinc
Byers Co (A M)
No
.Partic preferred...
Byron Jackson Co
No
California Packing....No
l",200
"234
2%
934
Jan
Nov
1
JBush Term Bldg gu pf Ctfs 100
*52
278
11%
*
*104
*107% 109
29
102% Jan
47
32% Aug
35%
Butler Bros
129,700
47
32
*
27
15
10
107
*95
30
21
25
10%
*31
106
1434
5934
23%
434
1334
5934
22%
Jan 12
Dec
20«4 Apr
JBush Terminal
4,000
1,600
9,600
4,700
4%
12%
*51%
Jan 13
yl2% July
43% Apr
share
63% Mar
100% Apr
23% Sept 24
11
Sept 24
Burl'ngton Mills Corp
160
13
26
*52%
234
11%
37
*104
*95
16
12%
30
3
31%
7%
*7%
15
26
Jan 23
8
Apr
1% July
per
3738
2
45% Jan 18
18% July 14
Debentures
13%
27%
478
47
6
Highest
Burroughs Add Mach_.No par
_
14
-
"§1%
17
11%
141
*105
30
28%
4
*11
116%
79
106
80%
*105
3034
267g
*24%
5%
5%
5%
114
4
4%
13
1,600
6,400
1,200
Aug 10
6% Sept 24
57% Sept 22
534 Sept 7
39
Sept 24
No par
No par
20
*51%
92
92%
*25% 27
5%
5%
138% 138%
"25%
11
23%
June
45
101
No par
Bullard Co
39
"25% "Jan
50
No par
100
2,600
Jan 18
28
6234 Jan 14
Budd (E G) Mfg
Bulova Watch
46% Apr 13
25
Aug 16
Apr
40% Dec
80% June
40% Jan
9784 Feb
44% May
160
Canada Southern Ry Co.. 100
*9%
*44%
44%
*_—_
92%
25%
-
97g
*3678
37
*9%
44%
47
—
12
par
par
Budd Wheel
Jan 22
93
-1678
53
18,000
24%
11%
24%
25%
par
8,300
5,700
4984 Mar 3
48% Feb 13
33
11% Sept 24
7% preferred..
$ per share $
38% Jan 14
13
24
24
24
24
12% Sept 24
*53
"
9%
*35%
11
*44%
23%
5
par
5
100
42
%
2534
17%
r% 2
17%
*____
39
par
Co
7% preferred
660
share
50% Aug 25
1534 Mar 23
4% Jan 11
34
Aug 14
23% Feb 23
5978 Feb 11
53% Feb 13
B runs-B alke-C ollender. No par
60%
634
6
par
No par
Bu cyrus-Erie
per
10% Sept
11
Sept
32% Sept
24% Sept
40
Sept
par
Brown Shoe Co
2,900
12,300
23
2534
18%
26
*52
3,600
7
6%
58
No
Bklyn-Manh Transit...No
$6 prerfered series A .No
Brooklyn Union Gas—No
$
37% Sept 24
5% Sept 13
l%June18
26
Sept 24
12% Sept 24
29% Sept 24
41
Sept 13
35
Sept 9
2
Sept 11
par
$6 preferred
18,300
1134
33%
Sept 24
2078 Sept 13
5
100
Bridgeport Brass Co—No
Brlggs Manufacturing .No
Brlggs & Stratton
No
Bristol-Myers Co
Brooklyn & Queens Tr.No
200
13%
26%
434
11%
9%
37%
*9%
37%
478
234
117g
16%
'16
*52%
"934
434
*51%
2%
11%
60
25%
18
5
234
11%
*5134
2%
11%
%
*16
13%
28
*30
30%
*52
20
13%
*27
30%
32
2634
*16
13%
14
2378
26%
17%
17
27
14%
*51%
*2334
23%
27g
15%
5934
2378
23%
12
*4
25
*51%
23%
30%
60
23%
*30%
*52
26
*12
25
30%
13%
*45
*50
25
*11%
2434
4%
*10%
26%
*11%
103
44
2%
12%
13%
11%
12%
102% 102%
7%
60%
678
45%
60%
6%
46%
26%
1134
25%
4%
484
2634
478
14%
5
4534
26%
11%
*4
13
27%
634
*11%
*16%
13%
26%
16
13
27%
434
1438
6%
7
7%
59
438
15%
11%
24%
4%
16
7
*25%
16
14%
1234
103
46
12%
2434
36
25%
41%
13%
12%
103
7%
57%
684
45
33
41
13
12%
2%
25%
13
62
45%
26%
4
103
7%
7%
60
634
24%
17
104
*103
7%
61
*11%
*105
2%
13
*11%
13%
25%
41%
4
_
36
13
x\ 8%
tBotany Cons Mills class A.50
Bower Roller Bearing Co. 17
500
4134
147g
*
42
25%
4
9%
37%
*9%
*44%
34
42
41%
*1138
234
11%
29%
25
638
44%
24%
1134
46%
267g
12%
25%
17
13%
36%
44%
45
7
634
2434
34
*42%
14
42
61
27
44
2%
14
Borg-Warner Corp
Boston & Maine RR
600
37%
25
104
200
43%
25
7%
62%
26
6%
1%
1
15
Borden Co (The)
Sept 24
83% Sept 23
41
Sept 15
No par
Bond Stores Inc
10,600
14,400
35
No par
Class B
400
40%
5
Lowest
Highest
$ per share
22
Sept 24
5
Bon Ami class A
250
42%
18%
21%
13%
36%
3934
104
104
13%
36%
13
27
Boeing Airplane Co
Bohn Aluminum & Brass
17,200
1,000
12,600
13,600
*4134
13%
12%
1%
26%
*42
15%
6%
1%
28%
*27
28%
137g
37%
43
13%
634
1%
43
13
41
£18%
2078
37%
7
37
15%
43
2238
4178
42%
1378
46
60
*634
43%
42
87
*1%
39
25%
*82%
41%
43%
25
84%
Par
1,000
1%
*1%
*27%
2834
13%
38%
46
2378
35
7
*6%
2634
13%
*41%
22
35
20
Range for Previous
Year 1936
100-Share Lots
Lowest
37%
20
1937
EXCHANGE
83%
4234
4284
20%
*19
the
Friday
37
2134
39%
6%
*1%
13%
3838
*
Thursday
22
41%
*28
Range Since Jan. 1
On Basis of
STOCK
YORK
Week
$ per share
18
$ per share
2484
NEW
Monday
Sept. 20
Saturday
Sept 25,
434%
No oar
Def. delivery,
n
New
stock,
r
Cash sale.
Dec
104% Jan 6
6234 Feb 13
11234Mar 11
45
Apr 12
5178 Feb 10
27% Mar 5
100
Aug
106%
Feb
*
Jan
19
Dec
30
Oct
48
Dec
Jan 14
19%
Jan
29
Jan 25
16
Jan
36
32
2
2
Aug
31% Aug
12534 Apr 1
39% Jan 20
46% Jan 20
2078 Jan 14
108
Jan
July
8
101
Jan 14
69% Jan
114
8
8
120
y
8%
28% Sept
6684 Nov
30
June 28
Ex-div.
39% Apr
Feb
377g Mar
Sept 24
10% Sept 24
178 Sept 24
41
Sept 13
Dec
21%
49% Sept 24
99
Sept 20
No par
Dec
June
75
100
Jan
77%
13
48% Sept 24
91
Sept 24
Comm'l Invest Trust-.No par
$4.25 conv pf ser '35.No par
Commercial Solvents..No par
$6 preferred series
June
80
100
100
Commonw'lth & Sou
59
90
2584 Mar 19
9
—.10
conv preferred
90
33
Jan 12
36%
Mar
94
Jan
136% Aug
31
May
Dec
Jan
*45% Jan
51% Jan
23% July
90%
8034
Jan
10834
Jan
103
44
Jan
39%
„14
100% July
Oct
Aug
847b Sept
128
Nov
80% Jan 26
Jan 25
55
Jan
97
Jan
21% Jan 21
14% June
24%
Feb
4% Jan 13
2% Apr
5%
Feb
75% Jan 13
Ex-rights.
59%
Apr
91«4 Nov
136
82
Nov
Feb
If Called for redemption.
Volume
LOW
New York Stock Record—Continued-Page 4
145
SALE PRICES—PER
HIGH
AND
NOT PER
SHARE,
Sales
CENT
Monday
Tuesoay
Sept. 18
Sept. 20
Sept. 21
$ per share
$ per share
*11
16U
*11
834
32U
I6I4
*1138
1712
16k
*1118
1434
18
15i2
*lll2
15k
9i8
*938
76
83i2
*70i8
*83
76
83l2
85
*83
$ per share
85
*8k
32l2
834
9
3284
3178
*70k
*8 3k
76
84
918
*7018
8312
*83
85
*83
2l2
*9l2
32
3234
102U
*101
2i4
2k
1034
10
3138
101
Ok
22
22k
17k
258
88
1612
212
86
*80
53l2
137s
33
*34
*83
2118
1578
214
*80i2
54
3214
10114
I6I4
1078
11
*1038
13i2
20
15
1534
13
14i4
4,900
1,700
*1078
12
1512
16
*70i8
978
*914
75i2
978
*70i8
*2l4
238
*912
33l2
3234
10
3358
2k
*912
3H2
101
IOII4 IOP4
5k
5k
514
k
k
k
8
8
5
8
34
*34
40is'
88
*87
2138
I6I4
238
2214
88I4
2214
*83
5234
133g
5414
1134
23g
86
*83
39
21
2212
59k
38l4
21
21
2
17S
k
7k
1,700
5,800
1,200
30l4
88I4
100
20k
2H2
9,700
14
157g
2l4
6,000
84
81
...
21g
Mar
1
2
$2 partlc pref
No par
Consol Edison of N ~Y-.No par
9
Sept 10
Sept 13
88
Sept 21
Sept 11
14
Sept 24
2
Sept 13
80
Sept 10
8%
No par
preferred
100
3,000
Continental Insurance
178
9,700
Continental
37
3734
13,100
21
21
21i2
58
58'
56i2
2H2
57k
59i2
5812
k161l4 165
6l8
578
37i2
39
21
5634
880
57&8
I6H4 I6H4
578
558
5,900
6,700
Coty Inc
3734
6,900
Crane
34i2
Corn Products Refining
200
108
108
108
107k 108
107i2 107i2
*25
108
25
100
Preferred
No par
25
Co
26l2
1414
*2534
15
26i2
1414
27
15
55
49
52
*1434
5038
1478
5214
5138
1458
53
*14
53
43
*42
43
42
38
*36
38
*36
26l2
2612
*43
46
*35
38
*4H2
38
2634
27
*110
Us
*812
738
*
17
17l8
1778
*88
91
90
90
58
56
56
57
5712
125
56l2
16
92
1738
*86
*110
125
*111
17k
8i2
65i4
412
15
*8i2
7k
7l2
110
34^2
1
H8
9
3412
85g
6514
458
1514
71
*
8
65
438
14i8
*_ "
40
~3o"
66
66
61
*36
38
*36ig
1712
*86
57
52
*112
*15i8
11'4
312
103
12i2
1734
11'**'
3l2
104
*10l2
*10i4
*4934
2414
*3634
1214
*10l2
19
*10U
7
25
8'
6514
458
H84
30
63i2
Ilk
312
108
1312
19
58
2378
3634
1134
1658
77k
3 634
12
1758
78
*32
35
183g
*32
*
*
110
~22~k
8k
6412
412
1478
*45
*30l2
6012
24l2
83s
65
110
"24"
24i2
83g
8%
64
64
45S
15
41,
458
1412
3514
*3012
3514
61
60
61
I514
70
*45
70
11
34
15s
314
*k
*1
ik
k
114
3634
12
17is
*78
3634
36
*34
1212
1712
*12
17ig
1212
1734
7978
78
78
*74
*40
50
2214
*47
6i2
612
*6i2
714
40
4178
10978 llli,
*35i2
19i2
*l2
*1
318
43 i8
19l2
s4
li4
3U
*612
7
35
40
109
109
*35l2
42
*1812
20
314
34
lk
33g
*12l2
1412
*l2
*1
*11612 120
14814 149i2
87g
"Vlg
177
175
*15814 160
29
29
734
31&s
8
32
4012
14l2
8i2
47g
26
612
28
7i2
52
30
3034
2278
2258
23
48
48
48
56i2
*54
*8
938
3i8
2,700
2134
5,100
*40
48
10734 10734
7i2
7i2
100
30
1,200
*7478
6
6
6!8
1578
6i8
16
157g
2l4
2l2
214
*2l4
21,
23g
16
16
44
43
212
238
238
4412
6
1514
2i2
2i2
*14
18
*42
43
45
15i2
*42l2
1414
45
1434
*42
,14l4
2i8
78i2
5io
1478
214
2l4
130
3,300
"43"
1414
4~112 "l,400
1214
137g
*88
89
*88
89
88
88
*85
89
*85
89
*85
89
*95
100
*95
99
*95
99
*95
99
*93
99
*88
100
101
10
93
*96
1,700
102
*98
434
5
55s
558
27g
278
*
*96
434
5's
234
101
*97
434
5U
234
434
514
234
103
484
514
278
*97
434
53s
*234
Bid and aaked prices; no sales on thla
103
434
538
27S
day,
100
458
5
238
434
514
234
414
43g
2l2
t m receivership.
4i2
434
258
0 Def.
8%
preferred
28i2
Jan
4012 Nov
534
3034
47l2 Nov
10
Apr
Apr
Apr
5
Dec
173s
7k
Feb
Feb
638
Jan
2578
Deo
Deo
Deo
Jan
Feb
Deo
16
Feb 23
1578 Nov
714 Feb
6
265g Jan 14
92i4 Jan 7
Jan
60
Feb 11
1151? Jan 19
7i2
Jan
78i4 Jan 30
Feb
July
16i8
Deo
Oct
45i2
Jan
84S4
48
Jan
89i2 June
55
Jan
97
3i4Sept 24
934Sept 13
1438Sept 24
2358Mar 17
353g Mar 17
lOi2Sept 10
28i4 Mar 17
x753sMay 27
478Sept 11
13i2Sept 14
2
Sept
8
134 Sept 11
15
Sept 13
39
Sept 13
150
Mar 31
38
934 Jan 15
Oct
69
Jan
14i8 Jan 21
12
Jan
1578 Aug
3414 Mar
684
3
Jan 21
53g Jan 28
28
Jan 28
717s Jan 15
210U Jan 14
70
103
Jan 11
2318 July
43s
Jan
25s June
8i2
3434
122i2
31&S
1834
407s
Jan
8U Mar
484 Mar
25
Dec
Jan
7184
Jan
21014
Deo
Dec
Dec
Dec
Apr
Feb
61i2
Apr
27»4
4
84
Jan
101i2
Deo
150
Mar 11
37
Aug
92
Mar
129
Apr
6978 Mar
123*2 NOV
Jan
12U Mar
293g Jan 18
Jan
4i4Sept 13
lli2 Feb 25
Ex-dlv.
Oct
29
Jan
94U Apr
z
107s Deo
I8I4 Sept
34i2
Jan
Sept 24
2!i2Sept 10
Apr
Apr
Apr
11 s4
66i2 Jan 27
Federal.Water Serv A..No par
16
68
12i4Sept 24
Sept 10
9
514
11
June
Jan 14
80
88
100
fOaah sale,
69
116
Feb 19
81
43s Sept 24
New stock.
15g
6U
29U Deo
86i2 Feb 10
Sept 24
Federal Screw Works. .No par
n
2234 Nov
53i2 July
110
Aug
Jap 16
17*«
Foderal Motor Truck.-No par
Preferred
3234
63l2 Sept 24
Fairbanks Morse & Co.No par
preferred
100
Fajardo Sug Co of Pr Rico .20
Federal Light & Traction. .15
$6 preferred
100
Federal Mln & Smelt Co... 100
Deo
Mar 17
16
2,300
delivery,
123s
45l2 Feb 11
37i2 Feb 11
2,400
4,500
Mar
152
2
lisg Feb 19
"""166
166
Jan 11
Jan 18
54
.--25
100
6%
38
July
Aug 16
163
29
53i4Sept24
Fairbanks Co
18
Aug
Jan
1
Exchange Buffet Corp.No par
42
185
156
li2
Sept 21
Dec
Apr
198
Jan 18
48
Deo
116
8
No par
860
41
13612
234 Sept 13
Sept 24
preferred w w_.No par
$6 preferred
No par
Equitable Office Bidg.-No par
Erie Railroad
100
300
*13
18434 Nov
Feb
Jan
7USeptll
3,100
"1,000
Apr
i2
105i2June 10
Erie & Pitts RR Co
*95
*95
*95
*100
6
15
3
16
*15
4212
157g
*747S
5
133
129
2IIII4 June
5i2 July
Jan 19
100
4% 1st preferred
100
4% 2d preferred—.—100
60
Eureka Vacuum Cleaner
5
Evans Products Co
5
4,800
1,000
Mar
Oct
Jan
Dec
120
2
21
Corp.__.50
preferred
Engineers Public Service
5%
6,400
5,300
lHs
17
18U
Feb
55U
358
I5i8
115i2 Jan 22
13i8 Aug
114
34 Sept 21
JElk Horn Coal Corp.-No par
6% preferred
60
El Paso Natural Gas
3
6312
1278
78i2
Jan 19
8758
100
16
17i2 Jan 19
8k
9414
$53^
15l2
Jan
li8 Jan
47a July
Jan
$5 conv preferred
*1178
Jan
3
3i2 Feb 19
Jan
Endlcott-Johnson
24
13
24
24
Dec
I84
Dec
200
1612
Sept 24
Dec
36I4
29i2
400
*1178
Sept 24
51
Jan
5
122
123s Deo
8214 Oct
Jan
5i2
7
l3g Jan
Jan 16
Deo
58 May
29
39I4 Jan
8U
Nov
6D2 June
393s
54
10ig
Sept 13
4112 Jan
7i2 Apr
50&8 Jan
8
53U
6312
314
934
1438
1112
*74?g
5i2
13i2
2i4
Jan 28
44i2 Jan 16
54
35g
51
25
4078
87
5314
1034
Aug
Sept 24
60
65
40
4634 Feb 17
30
56
35g
10i2
4114 Jan 25
Sept 13
Sept 24
*5314
*6312
Sept 24
Jan
Aug
345s Jan
95i2 Deo
45
*54
73
35g
IH4
17
13
78i2
Oct
6i2Sept 24
preferred
No par
preferred
No par
Elec Storage Battery ..No par
5512
11
Dec
19
I8I4 Apr
$7
60
*63l2
358
93
9
$6
*54
3l2
lli2
17
13
78l2
*15
3
21
9
Feb
7i2Sept 24
151
Apr 29
150
Apr 2
Electric Power & Light-No par
*53U
73
*42l2
300
Mar
7i2Sept
43gSept
13i2Sept
4612 Sept
5612
312
J.034
16'2
1214
*7478
16
2l2
2i2
15U
42l2
35g
314
227g
2214
*4412 48
10734 10734
8I4
8I4
*34
1
1,100
Mar 17
96
25
Sept 23
3
Boat
60
*6312
6i2
43
1512
358
2212
*40
4938
*10734 10914
40i2
43
15i2Sept 24
i2June 25
7g Sept 11
2i2Sept 13
Elec & Mus Inc Am shares...
3078
314
Oct
Oct
1801s Jan 18
13,700
307g
*34
3018
37i2
Apr 10
35
29
Oct
Jan
Dec
Jan
29
Feb
63
42
23
Feb
Feb
1178
213s
76k Feb 19
36i2 Feb 2
40i8 Feb 4
123s Mar 8
7714 Jan 25
26
23ig
938
153
4
14334 July 13
55
Jan 16
4
Jan
147s Apr
43S Jan
128
May
4
Apr
June
135i2 Feb 19
434
32
7
Sept 24
Electric
700
Jan
May 28
10,500
1434 109,300
2,900
116ia
3 684
13
Aug 2
Sept 24
Dec
323s Nov
33i2 Nov
5434 Oct
Sept 11
No par
5
Schllu
IO884
Jan
Jan
1912 Apr
130i4June 29
110
Aug 5
11,900
307s
*34
*3U
2212
34
Eltlngon
1978 Nov
108U Deo
52
140
8I4
32
1
6,000
Dec
May 13
Aug 10
Jan
27
112
100
75s Apr
107
May 19
Aug
12
Jan
Dec
5
Co 20
712
31
*3118
84
314
16
2,200
6% cum preferred
Eaton Manufacturing Co
9U Mar
90
5
Jan
100
preferred
Jan
Apr
Deo
29
6i2Sept 23
323gSept 24
No par
6% non-voting deb
100
Duquesne Light 5% 1st pf-100
Eastern Rolling Mills
5
Eastman Kodak (N J)-No par
Dec
3134Mar
103
100
1
10i2
22
36i4 Sept 13
No par
Du P de Nemours(E I)&
114
30
22l2Sept 24
Stores Ltd..No par
6% preferred
Dunhlll International
24U
9
59
Electric Auto-Lite (The)
29
31
*95
1738
3134
10
46
12U
43
734
2,700
5,100
45
16i2
41
30
500
173
167
57
1
93g Apr
Douglas Aircraft
8%
13,200
*15814 160
5312
1214
*7478
658
*1512
75g
31i4
'85g
5312
16
*102
"V"
17612 177
*158l4 160
£28
Sept 11
19
No par
Duplan Silk
10
55
1038
16i2
1214
7812
258
9
*11312
7i2
1638
73
334
16
4478
13318
56
IOI4
1534
*1134
*7478
2l2
1514
145
133
60
*6312
338
43
140
13318
1558
1034
1558
*214
2i2
1514
4112
148
59
75
378
2i2
146
100
No par
Class B
44i2
143i2 July 23
583gMar 17
No par
No par
"bresser(SR)Mfg conv ANo par
1,800
*5312
57l2
16
3
165s
1038
*2l4
27g
58
*6312
378
16
33g
5
24i2 Mar 17
107s Feb 18
Dow Chemical Co
Jan
Dec
1414 Mar
129
5
Jan
Sept 13
Dominion
400
61
60
*6
1
fan 16
Feb
lOigSept 13
258 Sept 13
JDuluth S S & Atlantic.-.100
1
18i2
24
109
23
Dome Mines Ltd
600
1534
*55
1034Sept 20
Sept 20
15
100
Class A
4
Deo
Jan
Sept 18
Sept 24
..
99i2 Mar
20
Oot
Dec
Dec
17
Match
Sept
6i8 Jan
63i2 Jan
35i2 May
1678 June
33s
8884
24
6% participating pref.
9
125
4314
9078 Mar 10
10
Diamond
34
1
*11312
*11334
16
Deo
70i2
6
20
100
Det & Mackinac Ry Co
100
5% non-cum preferred. .100
Devoe & 'laynolds A ..No par
14i2
14i2 *1212
*12l2
*11612 120
*116i2 120
13334 *133
*133
200
40
60
*54l2
658
*314
*30i2
15i2
**2
1,200
5634
36i8 May
99i4June 28
99
Sept 24
JDenv & Rio Gr West 6%pf 100
500
28,800
*54
163s
61
78i2
1
634
35i2
106i2
1
No par
Detroit Edison
1,300
4,100
634
Mar
208» Feb 11
109i2 Jan 6
838 Mar 4
Preferred
1,000
323g
106
55i2
60
60
5
25
Dlesel-Wemmer-Gllbert
50
45g
13i2
4612
*10734 109
10914 *10734 109
*8&s
9
8h
838
878
61
37
35»s
107i2 10712
35
35i2
1812
1812
34
*i2
Jan 11
Deere & Co
900
19is
Apr
95i2 Apr
114 Sept
Feb 27
Doehler Die CastlngCo No par
3878
*108
*5314
No par
Dayton Pow & Lt 4% pf. 100
1,500
714 May
28
62
28
2912
5
3I4
50
Dec
2l78
32
38
5
314
No par
Inc
Davega Stores Corp
Conv 5% pref
900
44
Jan
Sept
No par
3914
Deo
Nov
59
Sept 24
31
73a Mar
5012
140
Jan 14
June 28
*38i4
327g
38
Dec
86
1558Sept 24
I8I4
Oct
82i2 June
170
2334 Mar
18
32
434
312
$8 preferred
Cutler-Hammer
Sept 24
74
18
69i2
12igSept 24
5% pref with warrants.. 10C
Dlxle-Vortex Co
No par
32
Mar
67ig Aug 19
30
Sept 20
56
Sept 24
Distil Corp-Seagr'a Ltd No par
28
458
24
4
1
...1
Sept 24
400
1834
458
338
(63
No par
8,900
1612
31
4i2
15i8
23
43
1212
83g
434
147g
1
Sept 24
11
35
8k
*34
Sept 24
20
33
*32
458
1
104
50
7k Sept 24
3
173s Jan 4
143g Jan 12
100
Curtiss-Wrlght
Class A
10
8134 Mar
127
.25
*18i4
458
1
6i2Sept 13
10
Diamond T Motor Car Co..2
19
812
32t2
Sept 11
100
1,700
35
8i2
5512
3078
6
(The)
1,800
*32
S34
*55
...No par
Jan 11
12
*18l4
8i2
1678
MarlO
3
2414
3414
74
35
135
11
18i2
38
1
3414
3434
*3012
Sept
3414
153g
Jan 16
2834 Jan 15
Sept 13
Preferred
19
74
37
4
Aug 13
Sept 11
Curtis Pub Co (The)...No par
57
1738
115
1
Cudaby Packing
140
76
Oct
Nov
110
Preferred
3,900
5,000
5,100
18
85s
55k
163g
July
41
136
100
Cuba RR 6% pref
Cuban-American Sugar
4,900
700
*33
8I4
60i2
34
*12
4
3
Jan 28
5612 Feb
2514 Apr 13
334
104i2 106
*4934
22i2
Apr
6358 Aug
158
Aug
5514
Feb
10834 Apr 15
Delaware A Hudson
*12i8
10U Mar 16
Dec
121
Sept 24
Preferred
1,600
16
71i4 Jan 15
17H2 Jan 14
Sept 24
Delaware Lack A Western..50
*11
8
Feb 13
15ig Sept 24
Cushman's Sons 7% pref-.100
*3
77
45
Cuba Co
14,100
103
Apr
3558Mar
86
5
800
858
15i2
99
Deo
46
No par
pref..—
conv
1,000
4,500
838
55k
32k
109
447s
25
46
58U Nov
493s Nov
9,000
14k *12l2
1412
*12l2 14l2
*1212
*116i2 120
=*11612 120
*116l2 120
14714 150
148U 149l2
144i2 1465s
133
133
134
134
13378 13378
114
114
*113l4
*11314
9
9
9i8
938
93g
834
175
177
178
175
173
17634
160
160
*158j4 160
*15814 160
28
28
27l2 28is
2834
27l8
8
758
83s
758
734
8i8
32i8
3314
31i2 3238
3334 ar3034
60i2
105
28i8 June
July 19
Jan
243s Mar
9H2 Nov
$5
55,900
11
49
Crucible Steel of America. .100
70
15is
102l2
Nov
9
2534 Jan 23
4234 Jan 23
378 Feb 11
69i8 Jan
8714
47U Jan 28
17i2
7i2
42
11378
20
11
15's
1021, *10H2
Nov
109
37
IH4
*6i2
43!S
13
15i2
102
4
Jan
6334 Dec
17i2 June
35i2 Apr
2is Apr
6714
353s Sept
Crown Zellerbach Corp
3,400
800
56
353® Nov
Jan
46U July
No par
10
3514
Jan
15s
8
pref
25i2
39
20
56
26^ Mar
1038
56i2 Jan
conv
lO'g
3012
*35i2
*30l2
1584 May
514 Jan 15
10934 Feb 17
4118 June 29
Pref ex-warrants
43g
92i2 Aug 16
373s Apr 13
3784 Jan 14
377s Nov
100
1334
Jan
Dec
Jan
23~s
38
21
60
4
12lg
*45
1&8
914
3778 Deo
Mar
w..No par
40
77g
June
155s Mar
w
4,500
63
3s May
2
12U June
435s
27k
30l2
43i8
3514
7iS
63
1284 Nov
3
1134
IH4
123s
3l2
314
334
*312
334I
105
106l2 10712 10712 X10658 107
11
11
11
13
13
10i2
19
*12
*12
19
*10i4
19
57
57
*4934
*4934
*4934
58
*24
24
24
*23i2 24i4
24l2
39
*20J2
*12
*118
314
15l2
41,
1434
70
1178
1112
384
30
*35i2
*1114
8
64
5i2 Sept
1007s Feb
$2.25
300
2H2
Deo
106i8 June
Sept 10
100
200
104
958 Nov
17U
Jan
Sept 10
26
HI,
38'4
*6i2
714
4034
*3012
*57
20
Feb
Oct
July
13
700
29
112
438
14i8
*45
104
24
Apr
109
Feb
4812 Sept 24
2414
3978
395s
8
*63i2
110
378 Apr
lll2
483s
25
17
30'd
110
2012
Jan
2018
No par
24l4
301j
40 i8
*95
7
Apr
Apr
No par
2434
1734
183s
35
634
1,100
*24lg
*1712
39i2
*112
6'
7
2378
1214
17lo
78
19i8
1678
8
6i2
1
8i2
7k
37
*7714
*1838
*4934
8
lk
24U
60
1
8k
153S
1534
112
1
7
*1
III4
314
110
8k
1
15
*104
50ig
7U
1034
Wk
I6I4
86
Nov
15U
27i4
7i8
Crown Cork A Seal
19,300
15i8
86
45
17*8
Sept 24
54i2Sept 24
5478May 13
153
Apr 14
558Sept 24
34i2 Sept 24
113i2May 3
100i8June 17
Nov
94
Crosley Radio Corp
11,900
5518
18
Cream of Wheat ctfs.—No par
600
2534
14l4
49i2
46
38
90
124
11
*11
1214
15i8
15i8
15i8
15lS
*100i2 102io *10034 102l2 *10114 102i2 *10H2 102i2
110
109
103l2 109
10618 109
*107i2 112
24
24l2
2414
24k
24U
24l2 24i2
t 24
1734
1734
1712
1712
17k
1712
*1712
1758
9A
28
251o
27
26
2734
20h
2514
*10'4
16l2
91
56
834
70
*30"
38
1714
*415g
46
131g
48i2
*4H2
*86
125
2534
53
*11134 120
lk
lk
lk
*8
812
8l2
109
*20"
27
14&s
50i8
42
1458
100
..100
preferred
5% conv pref
2,100
10534 107
30i2Sept 13
134 Sept 13
3634 Sept 10
1
.5
Continental Steel Corp .No par
Corn Exch Bank Trust Co..20
18
1158Sept 24
$2.50
Motors
June 17
50
20
Continental OH of Del
54i2
55i2
1,500
10^ Jan 4
158 Feb 27
20
Class B
95
101
100
9,100
Nov
Jan
73i2 Feb
4i8 Sept
13i2 Feb 26
1778 Apr 5
10578 Jan 23
Consumers PCo$4.50pfNo par
Container Corp of America. 20
Continental Bak class A No par
v t 0
85
7214
102
6
5% preferred
6584 June
Jan 12
108
6
32
21k
497g Jan 23
13U Apr
Continental Diamond Fibre. .5
2
9
5234 Apr
Continental Can Inc
3914
1834 Jan
Sept 24
7,800
32i2
534 Jan 20
Sept 13
\7%
108
i2Sept 17
5
7
2,000
2
8
2
29
Consol Coal Co (Del) v t C--25
1214
5834
58k
59i8
60
5934
6034
59l2 60
59k
58k
5912
*16H4 165
*16114 165
*101i4 165l2 *161i4 165
6U
618
6i2
0i4
612
6I4
6i2
6i8
39
40
3934 3934
3934 4012
4034 41
108
6i2Sept
ll34Sept 24
Aug 6
414 Sept 13
104
Consol RR of Cuba 6% pf_100
JConsolldated Textile.-No par
53
38
Deo
Mar 11
llSg
3078
134
33
Jan
1984
Mar
5034
2i8
3934
178
33i2
87
1278
39i8
33
Aug
92
99i2June 15
Dec
June
95
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
$5 preferred
No par
share
15i*
8
Aug 31
29l2Sept 24
Jan
16
per
44i2 Jan
2534 Mar
15
Sept 23
„
July
Jan 14
82
Consol Film Industries
7
3078 Aug
Highest
26
July 7
187s Jan 15
83
200
83
22
100
100
500
217g
1638
2l2
13
24
100
preferred
6M% prior pref w w
6H % prior prf ex-war._
5434
3934
2
100
11
19ig Feb 11
45i2Mar 11
1914 Jan 23
24
Sept 24
13
No par
5334
59
33
33
33
400
4% % pref-100
1
Lowest
$ per share
85g Sept 10
76
Aug 2
10
45,500
8I4 Sept
Sept
12
Sept
10
Sept
Conaol Aircraft Corp
40
1,800
1,300
33,200
2,600
Highest
$ per share
share
27
par
No par
Consolidated Cigar
7%
7512
82i4
Cigar
Conn Ry & Ltg
$ per
No par
Congoleum-Nalrn Jnc.-No
13
1238
32i2
12i8
33i8
7
29
Conde Nasi Pub Inc
55
5414
12l2
5514
238
i2
k
8
88I41
2H2
1534
258
*83
87
33
1634
2U2
1638
238
1634
8
*82
2i8
214
2k
9
958
10
2912 3H8
3234
IOOI4 100i2
IOH2
*634
7
738
1134
1214
1258
10514 *104i2 105U
434
434
5U
k
:
9
Range for Previous
Year 1936
100-Share Lots
Lowest
Par
Congress
85
8214
82
85
88
2l2
*7018
82
*82
34
16i2
7512
83
214
k
8
834
83
1038
8i4
934
83
*684
7is
7k
7k
7k
1214
12k
1258
12k
1234
10434 10434 *10412 105U *10412
5k
858
83
101
32l2
Ik
37k
2
3958
22k
59k
*11
1312
15^8
10
88
87
5,100
8i2
22
1338
33
lk
3258
101
30i2
*11
*8k
31k
38
5H2
1378
38k
2i4
934
700
27
16U
I6I4
2i4
8i2
3134
I6I4
*11
*11
15U
Shares
31
8k
32l8
10
7
7
7k
7k
12
12l2
12k 13
*104k 105k *104l2 10514
5
*5
5k
5k
k
k
k
h
*8 4
8
8
8k
*34
*8k
Week
S per share
8k
32
32
On Basis of
STOCK
YORK
EXCHANGE
Friday
Sept. 24
$ per share
Sept. 22
$ per share
the
Thursday
Sept. 23
Wednesday
Range Since Jan. 1
STOCKS
NEW
for
Saturday
2029
6
Jan 14
y Ex-rights.
73s
3
2i2
Apr
6
Deo
Jan
6
Oct
T OaUedJo iredettptlon^
New York Stock
2030
LOW
AND
SALE
HIGH
PRICES—PER
SHARE,
Record—Continued—Page 5
NOT PER CENT
Sales
STOCKS
for
Saturday
Tuesday
Sept. 21
Wednesday
Sept. 18
Monday
Sept. 20
% ptr share
$ pfr share
$ per share
$ per share
26
26
27%
*80
33
*22%
28l4
*100
375*
27»4
*25i4
89%
3314
37
28l2
*80
103
33
*22%
2634
*100
28
8912
33l2
37
28ls
102
2634
*8478
3284
27
89i2
*20
*80
33
*20
37
27
Friday
the
Sept. 24
$ per share
$ per share
28
2834
Shares
2514
8778 *__..
25i2 >23%
87%*..
33
32i2
*2058
2712
3284
28
*2058
2514
99
9978
*90
38
3838
2034
30
28l4
*10034 10U2 *101% 10112
31
30
1,700
Fidel Phen Ftre Ins N Y..2.50
27
5~66o
Firestone Tire A Rubber.-.10
99
200
6% preferred series A...100
1,700
First National Stores.-No par
AM%
30
2034
38l2
22
3818
20l2
38l2
21
37
37
37
37
*36
40
*36
40
*27%
3%
31
3%
*27%
358
31
334
31
358
4012
94l2
2638
*3612
3i2
£3914
40
*2712
314
32l8
3%
*27
32l8
314
3,500
2,700
95
*90
42
42
95U
2612
9514
27l2
*90
*6i2
*
40
*9312
23%
9514
714
6712
2534
100
7i2
68
40
40
95
94l2
26%
2512
9514
714
*90
634
94i2
26i8
634
634
*
67l2
6678
26
26ig
26
26i8
26
26%
*107
106i2 108
*10612 109
*106% 110
*32
1718
334
9
*29
35
*31
*30
20
100
*912
10U
19l2
*94
934
912
10
10l2
*94l2 100
*52*8
56
103S
103S
*
134
534
1634
934
*
35
*95
5234
115
28%
*115
4584
34%
1%
834
34
20l2
100
*95
912
10
10
130
*
6
*558
22
24
95
7
6678
26
110
90
90
8912
6I4
6i8
6i8
6678 *____"
6678
2534 26'8
24i2
2584
*107
110
10612 107
34
32
30
17
15
*30i2
912
1018
9i2
*5%
6
*
53s
16
17
16
1658
16
32
32
33
32l4
*90
115
*100
28
285s
120
115
473s
4358
3418
H2
*42l2
3434
134
58
118
118
*118
28i2
50
*118
5034
48i8 4978
117% *117
117i2
39
35
8
*2818
*100
3i2
7%
712
£2984
*95
2834
28
*100
30
200
18
18
470
97
30
9l2
834
9l2
938
*
49
115
50
36
*35
38
36
102
23g
*
2i2
102
214
*118
46%
25%
2134
38
38
34i2
46
39
37U
3812
38
39
3712
39
32i2
1978
20
29
183s
1978
2012
30
30
I8I4
1214
19
31
2812
I884
18
1212
12i8
12i2
*65
74
*68
74
1578
*7212
355s
*50i2
16l2
77
36U
62
1512
*72%
16
3%
3%
4%
3i8
103
7812
35i2
*68
50
50
*45
74
15
77
*7034
155s
78i2
3414
34i2
3434
52
*45
*3
314
4
4
4
4
*95
100
*95
28
28
2834
72
72
72
72
2934
105
101
83
*74
3118
102
6l2
83
238
25g
658
*238
15i8
718
278
15i8
28
*26
28
32
33l2
32
1634
17
1638
I684
38
39i2 40i4
4034
31i4 31%
30i4 3034
*13314 135
*13314 135
*50i2 60
*50l2 60
26
26
25
2534
12ig
13
£1134 1214
984
934
£9%
958
*7%
*68
16
100
7i2
214
17
*1%
1212
74
2%
1%
33
31
8%
*7%
2
1%
33
8%
31
*28
*27
30
29
33
3212
*934
*712
*3H2
*2738
*3212
29
*32l2
1018
*26U
32t2
978
103s
2734
2818
*71
31
120
30
*978
34
8I4
#0O
*28l4
32i2
33
10l8
27
27
27
105
105
*105
106
100
100
101
100
934
100
35
33
128
128
154
155
10i8
*
33l8
128
314
3i2
154
26
24
135
135
128
*12714 129
154
127
558
6
*5514
60
*20
30i2
100
32i2
30i2
24
13138
12714
5%
55S
55
99l2
*20
28I4
9
*
358
*134
127iS 127i8
5i8
55
32
*21
100
19
*19
24%
25
25
110
111
*110
48
45
...
64
64
400
34i8
347S
50l2
325g
34
5,200
*45
3
3l8
4
*
*70
978
27%
105
129
9U
*
129
914
96
*312
334
1%
33
*110
70
400
55
32
*134
154
2534
2578
130i4
127i8 127i8
5i8
5l2
128
1978
25
...
1%
29
33
*27%
29%
*30%
9%
30
32%
2,700
2,400
10
59,200
6,500
700
1,200
400
1,700
6,300
28,900
2,000
3,500
18,400
96
29
60
7%
300
400
31
29%
200
10%
105
.
10
8,500
100
51%
52
50
95
99
95
*21
31
*21
31
28
25
25
*110
100%
19%
24%
25
*110
26
900
2",900
27
100
1,700
100
24
*110
190
18%
700
24%
6,500
17%
«.
-
-
~
50
321
18
18
18
5812
57
57
58%
58%
*55
58
200
86%
10%
£63%
86%
10%
87
87
300
984
10%
65
21,100
4,300
2%
59%
2%
62%
*2%
*8%
2%
700
8%
8%
200
10%
11%
3%
1034
68
68
62
65
5812
234
934
lll2
338
I684
*5778
89
IOI4
66i2
258
*8
1118
3I8
1634
*29
32
*30
51
52
*9i8
11
11
6612
258
11%
3I4
1734
*258
8%
IH4
3ig
163s
~45%
45%
46
44%
32
32
30%
18%
16%
45%
31%
1784
4,100
600
5,000
Feb
5
163
Feb
4
Feb 11
14
Jan 13
11% May
100
Nov
15%
Dec
8% May
97
Jan
30
Nov
105% Aug
17% Nov
14% Nov
104%
Apr
42% Apr
76
Dec
Apr
20
Nov
Jan
155
10%
141
Oct
7
Oct
11%
Jan
6%
Jan
28
Deo
Jan
60%
Deo
17
70%
Jan
49
Dec
128% Nov
59% June
140
Jan
152
Dec
55
Deo
Feb
44
Nov
8
24
64% Jan 29
14
Jan
65% Jan 18
68
July
1
16
Oct
70% Feb 11
12258 Feb 2
60% Jan 9
118
May 1
4612 Sept 24
113
July
1
33
Sept 24
8
Sept 11
13i2Sept24
June 21
l%Sept 8
27i2Septll
104
June 28
2
Sept 24
3%
9
Jan 18
124
Feb
15% Feb
1
19
Jan 19
537t
Jan
Jan
Jan
4%
71
70%
Feb
Oct
Jan
128
Aug
77
Nov
18%
Jan
5%
Jan
123% Nov
59% Deo
15% Deo
Jan
110
3% Apr
32% Apr
57
Mar 20
110
78
53g Jan 13
65% Feb
4
117% Jan 22
584 Jan 20
105
106
Jan
2
Apr
26% May
33% Apr
32% API
6%
June
Feb
Dec
118% Mar
4% Deo
88
6
17
Sept 24
3384 Jan 25
17
Gen Time Instru Corp. No par
General Tire & Rubber Co.. 5
28i2Sept20
4378 Feb 11
24
Aug 30
30% July
44% Nov
207$
88%
293s
90%
13% June
70
Aug
79% "Oct
Gillette Safety Razor..No par
35
conv
Glmbel
preferred...No par
Brothers..
No par
36 preferred
Glldden Co (The)
A\i%
conv
No par
No par
preferred
60
1
5% preferred.. ....No
Goodyear Tire A Rubb.No
165$ Sept 24
1034Sept 24
69% Sept 23
1278Sept 24
64
Sept 24
325sSept 24
50
Sept 20
2% Sept 13
338Sept 8
100
Aug 25
2384 Sept 24
par
68% Sept 24
par
2784 Jan
par
97
Sept 24
No par
6
100
35 conv preferred
74
Sept 11
Sept 13
No
Gotham Silk Hose
Preferred
Graham-Paige
Motors
1
Granby Consol MSA P
5
Grand Union Co tr ctfs
1
33 conv pref series
No
Granite City Steel
No
Grant (W T)
No
Gt Nor Iron Ore Prop. No
96
44
Deo
Dec
8% Apr
5
77
Jan
4% Feb
9
2
June
Jan 12
1% July
558 Jan 22
3% Apr
32%
Jan
31
Jan
Jan
par
10
July 21
50% Sept 14
24U Sept 24
11
Sept 24
914 Sept 24
li2Septll
29
6
Sept 24
Sept 13
30
Sept
27
June 29
8
2612 Apr 17
9% Sept 24
2512 Apr 2
56%May 20
42% Jan
145% Mar
2
2
64% Mar 10
39% Mar 10
1678 Feb 8
50% Mar
22
Apr
14% Dec
4% Jan 11
1% July
July
24
Jan
9
17% Mar
6
9%
Jan
59% Mar
34% Feb
6
30%
Jan
8
30
Jan
36
7
33
June
20% Feb 10
6
Jan
Jan
Jan
31
Feb 16
14
9
108
Feb 18
£104
Dec
105
Jan 22
100
June
June
98
Apr
Dec
Deo
July
Feb
Mar
638 Jan
£25% Nov
62% Not
22% Oct
48% Oct
42% Deo
149% Aug
65
Oct
397b Nov
177$ Nov
11% Mar 18
59
May 14
31%Sept24
103
Oct
Dee
136
30
Feb
Feb
Nov
Jan
132
7%
10%
118
88%
317b
1057b
14%
96%
4%
11%
16
24
24
Sept 24
Dec
35%
8
11
Jan
56
Jan
Jan
15
65%
Sept
21% July
£100
Jan
Nov
58% Mar
5
30%
Jan
4% Dec
66
Dec
19% Mar
62% Oct
347b Dec
37
Aug
15% Deo
32
Nov
125% Nov
105% Mar
55
Deo
Feb 26
120
Jan
135% Deo
l7>4 Jan 11
12
Jan
18% Nov
104
Nov
140
90
Aug 11
2% Sept 10
107
Feb 26
115
Jan
8
Jan 14
4% Apr
9
Mar
9978Septl3
117% Aug 13
99% Deo
12% Aug
133
Mar
c.No par
..25
100
..No par
No par
100
preferred
No par
preferred..No
Hollander A Sons (A)
Holly Sugar Corp
7% preferred
Homestake Mining
Class B
par
5
No par
100
12.50
Houdallle-Hershey cl A .No
par
No par
stk. No par
100
Houston Oil of Texas v t 0..26
com
5% preferred
Howe Sound Co
A
Mar 11
13% Jan 18
13%
28% Mar
par
Hershey Chocolate....No par
Hudson
74
Feb
16
Apr
24% Aug
28% Jan
Hinde A Dauche Paper Co. 10
Holland Furance..
No par
Household Fin
50% Mar 11
87% Mar 11
47% Mar 11
141
Jan
6% Nov
1
100
6% cum preferred
Rights..
5% conv
37b
116
90
25
Helme (G W)
Preferred
conv
37% Dec
52% Sept
Feb 17
Dec
...2
w w
Hazel-Atlas Glass Co
34
8% Feb 19
115
Deo
31%
92
5
24
25
Hayes Body Corp..
Motors..
678 Feb 25
Deo
27% Nov
8
Sept
3H2Sept
15
Sept
36% Sept
100
v t
58% Jan 18
Deo
71
Oct
48% Feb
4758 Jan
6% preferred....
100
Hanna (M A) Co 35 pf.No par
Corp
51% Jan 28
84
27% Feb
7% preferred class A
25
Hall Printing
10
Hamilton Watch Co ...No par
Hecker Prod
9
48%
89
Jan
14i2Septll
No par
8% preferred
100
Gulf Mobile A Northern.. 100
QH% preferred
Mar
6%
24
par
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
Water
1
par
100
Hackensack
2i8Sept 24
614 Sept 24
2
Sept 14
Feb
Feb 23
Mar 9
July
par
Great Northern pref
100
Great Western Sugar..No par
6% preferred.
4
Jan
7
Manhattan
17,300
Hudson Motor Car
3%
16%
17
15%
16
10,000
14,400
Hupp Motor Car Corp
Illinois Central
5% preferred
5
100
....100
No par
1
100
9% Sept 11
9638 Aug 25
140
May
6
2314 Sbpt 11
125
Sept 24
125
May 22
484 Sept 24
157g Jan 25
9
117
May
141
Jan
Jan
6
150% July
25% Apr
165
Deo
39% Feb 11
84
Jan
150
Dee
126
Aug
135
Apr
Sept 24
Sept 23
37
Feb
111
110
Aug
6
445s Sept 24
30i2Sept24
16i2Sept 24
57
Sept 22
86
Sept 14
984 Sept 24
59i2Sept 24
2i2Septll
678 July 1
108gSept24
3 May 11
15i8 Sept 13
67*4 Jan 21
Jan 19
June
587b Sept
102
Sept
80
Jan
119
Feb
4
5234 Feb
120% Jan
30%
Jan
108
30*4 Mar
43% Jan
11484 Mar
50% June 29
.
June
9
Jan
19%
Jan
49% Deo
,
Dec
33% Oct
427b Deo
124
108
Feb
115
Oct
407
Dec
544
Feb
5
397b June
44% Feb
277b Feb 11
22% July
54% June
£78% NOV
41
Jan
73
Jan 11
94
33
Mar
Mar 20
17% Jan 22
Mar 10
Jan 21
90%
578
167b
23%
4%
Mar 17
13% Dee
65
Deo
Aug 17
38
6% Jan
48% Jan
3% June
8% Apr
13% May
Jan 21
Feb 17
18% Apr
*30
33
29
29
*51
100
*51
6% preferred series A...100
29
Sept 24
67% Mar 11
30
June
*51%
53
51
*10
51%
110
*10
Sept 15
72
Jan 20
58
Jan
11
*9
11
Leased lines 4%
100
RR Sec ctfs series A. ..1000
50
*10
25% Mar 11
11
May
9% Sept 13
Oct
3
185
95
Sept 24
Sept 18
1714 Sept 24
23
Sept 13
41
135% Feb 2
6% Sept 15
50
26
Jan
Feb
166
32i2 July 13
100
21%
126
*30
20
7% Aug
32% Sept 24
984
11%
3
53%
Jan
Gen Steel Cast 36 pref.No par
Gen Theat Equip Corp. No par
11%
3%
Deo
4
Hercules Powder
"
Feb
Apr
78
48% Jan
70% Feb
2,500
39,450
35%
Nov zl35
2184 Sept 24
34% Sept 24
Hercules
170
23% July
108
36 preferred
No par
General Refractories...No par
1,200
95
31i2
30
50
9934
19
«.
100
5512
28
..
Feb
"Oct
Apr
Apr 13
»
97%
34%
Sept 10
400
127
63" July
33%
9
.
Deo
45% Deo
44% Feb
128
«
48%
June
24% Apr
95% July
6478 Jan 21
Hat Corp of America cl A.... 1
3,300
*125% 154
*125% 154
26% 26%
24%
23%
125
*127% 130
127%
128
*127% 133%
128
5%
5%
434
5%
100
1
32
24
117
106
Deo
66% Deo
34% Deo
11% Mar
20
24
Harbison-Walk Refrao.No par
6% preferred
100
3%
9934
*19
Gen Realty & Utilities
4II4 Sept
34i8 Sept
138Sept
46
Sept
57% Sept
1,100
3,200
104%
54
*21
100
105
30
96
9%
90
120
9%
"3%
100
800
132
*8%
102
No par
Guantanamo Sugar
80
♦
par
Railway Signal...No par
1,400
1,000
*129
1
*.No
1,400
32%
9%
No par
$6 preferred
Gen Public Service
Greyhound Corp (The).No
6preferred.
10%
984
2634
2634
25% 26%
*105
105%
103% 105
*100% 101
*100% 101
3284 33%
31% 32%
10
Common
Preferred
1%
7%
31%
*29%
*30%
44,100
321
89
318
1534
17,700
6812
33
.No par
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
73
1%
S5 preferred
5,200
283g
3%
107%
10
4
26
132
General Motors Corp
Gobel (Adolf)
100
8
*8%
*8538
3%
100
5,000
2334
*7%
*129
preferred
3
37g
*
200
50l2
278
4
100
2738
*45
100
16,600
18
10i8
16%
72
121s
6884
31%
89
33
70l8
1034
*65
3,900
38,400
18
*57
314
133s
1734
3178
59
16l8
1278
1658
18
8918
IH4
*30
300
34
105s
1034
3,900
45
*56
1134
19
29
660
4514
*87l2
234
17
*20
19
600
4514
*31%
1734
*8
4,600
4734
1834
1U2
33
27% 2734
*100i8 101
19
278
934
5%
10278 10278
100
*8
154
25
25
*25a
3
130
20
1734
30
*9734101
914
25
100
34
8l2
35
35
128
25
4712
*2634
*105
132
96
*1834
*31
27
5514
99i2
2834
12",300
36%
36
1478
10478 1047s 105i2 105% *10418 IO784 *104
10
IOI4
10i8
IOI4
10%
IOI4
10
*100
*9978 105
105
*100
105
*100
*24
*10018 1063s
33i2
*128
10i2
96
74i2
32%
*33
30
106
10i2
10%
*853s 96
3i2
334
*10478 108
10i8
IOI4
*9978 105
287g
2l8
23
2
13
4l8
100
16 conv pref series A.No par
No par
6% preferred
1214
6978
314,
Sept 20
No par
2978
188s
1212
6978
183g
51
2
8I4
34
100
34
*26
1834
1278
2
1%
33
*105
128
19
30
238
9
86% Feb 17
19% Jan 14
152
28
115
Gen'l Gas & Elec A
31l2 3214
3138
30%
3178
38is
303s
105
10334 10334 *103
97
10218 102l2
10114
678
678
714
738
678
73g
658
65s
*74
80
*7558 80
*74
75%
755s
80
238
2%
238
2l2
214
2l2
2l4
2i8
7i8
7
7i8
738
7l8
6I4
634
*238
234
*238
2i2
2i2
212
214
2i4
1514
1514
15l2 16
15l2
1578
1434
1434
26
26
2678 2678
*24
24
24
26i2
3212 33
3212 32i2 *32l2 33
32l4
32i4
1634
17%
1634
1718
15
1658
17is
16l2
41l4
4234
39
42
4138 42i2
3614
383s
31i4
3H2
30i2 3078
3084
31
30
3012
*13314 135
*13314 135
*13314 135
*13314 135
*50i2 60
*50i2 60
*50l2
58
*5012
58
2514
26
2534 2638
25l2 2512
24U
25
1214
12%
12
12i4
12i2
11
1214
II84
*9i2
9%
*9i2
934
*912
95S
914
33
31
2i4
*23
2012
4
2738
2i4
*15i2
33
3i8
2l2
253a
1912
*2434
183s
1238
*95
29
75
32%
234
33
3314
33S
2%
*26
1558
35
6l2
*74
*68
238
1
1265g Mar 31
52% Jan 23
par
100
100
No
preferred
General Printing Ink
40
38%
Jan 16
4
2,100
1,600
39
*23
33
Mar
preferred
cum
Nov
Nov
Nov
Sept
Deo
Nov
Nov
£3914 June 21
19% Feb
15% Mar
10514 Jan
2
Dec
46%
115%
49%
40%
36%
105%
58%
42'8
25% Mar
3% Aug
Apr1
24
24
45
Jan
31%
384
65
General Mills
102
Aug
Jan
Feb
40
Apr
30% Sept
48% Jan 8
7% Mar 3
15% July 19
106% Jan 28
Sept 24
93gSeptlO
130
Sept 2
5
Sept 10
20%
£24%
100%
Jan
11
Sept 24
Sept 11
Sept 8
Gen Outdoor Adv A_.„No par
*23
*30
110
102
21
Apr
47%
28
~i",66o
Gen
10
24
24
Jan
Dec
38
4
No par
59
1,500
24
Jan
4
No par
"3",200
Sept
284 Sept
7i8Sept
£2984Sept
1734 Sept
93i2Sept
884 Sept
9i2Sept
Mar 25
73
32% Mar
400
*
15
32% Jan 13
Sept 24
No par
48% 166,100
117
9
13
1,300
2l2
20
4
*
5
General Cigar Inc
6%
24i4May 14
Sept 11
30
Sept 8
105
Jan
No par
35
2538
39
20
28%
*70i4
3H4
102
No par
Jan 14
20%
105
183g Jan 12
83
98
General Foods
158
11
47
General Electric
50
June
10
24
24
9
5
5
Class A
7%
55
par
118
2i4
40%
40i4
*95
*
No par
No
preferred
Gen Am Transportation
General Baking....
33
*2314
37l2
25
3984
40i4
123s
23g
25l2
102
par
*117
36
39
25
I8I4
*-...
No
conv
7,000
17,300
8i2
8i2
838
8%
*8i4
8
812
8%
*14
143g
1378
14
14%
14%
1414
1412
14i4
1414
13l2
14
*10614 108
*10514 107
*10514 107
*10514 107
*10514 107
*10514 107
2i2
2%
238
2%
2i2
2l2
258
258
258
2%
2%
23g
29i2 30i2 *25
30
30
29
~
295s
29
29
2712
28
*
10
preferred....
Gannet Co
71,200
433s
34l2
8;
35
$3
Gamewell Co (The)
7%
"V.666
5078
No par
$8 1st preferred
28
1%
117l2 118
4,400
115
59
120
$6 2d preferred
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
$6
28
50
*118
preferred...No par
No par
conv
F'k,nSlmonACoTnc7% pf 100
Free port Sulphur Co
10
6% conv preferred
..100
Fuller (G A) prior pref-No par
2,300
34l8
138
*43l2
5714
120
J7
Francisco Sugar Co
29l2
41U
'*118
10
Foster-Wheeler
Bronze
3434
*58
100
Cable
45l8
112
*43l2
pref
General
34l2
59
conv
General
4334
50
23gSept
3584 Sept
9384 Sept
22
Sept
90
Sept
6% Sept
Wi%
6,000
3518
158
59
t Follansbee Brothers. .No par
Machinery Corp
100
"2",100
4534
*43
Aug 23
512
45
136
Sept 21
15l2
*85
23
Sept 24
31
Gen Amer Investors
*100
2838
24
18
37
*
Food
4384 Mar 4
1087gMar 9
455g Jan 18
3984 Feb 19
413gMar 11
107% Feb 9
52U Mar
46 U Feb
68% Feb
39i2 Mar
978 Feb
58
Apr
98
Sept 9
54i2 Feb 3
No par
28
115
23i2Sept24
Sept 11
Sept 13
3914 Apr 23
2514 Sept 24
99
Sept 23
36i2Sept 24
31
Highest
S per share S per share
f per share
No par
13
5i8
share
Fllntkote Co (The)
3,400
130
558
per
Florence Stove Co
$6 pf._No par
Gar Wood Industrlfes Inc
3
"4", 500
978
Year 1936
Lowest
Highest
88
100
2,600
914
984
*94l2 100
47
4812
16l2
3214
115
1,300
4,500
*95
34l2
15S
4578
35l8
1%
50
59
120
115
118
50%
5134
5038
5138
117% 118
*117l2 120
35
9
115
4412
34l2
1%
*4312
*57%.
5812
*95
28%
115
4478
34l2
1%
120
115
28%
115
50
100
314
834
34
130
6
5,500
60
334
lOU
1012
*94i2 100
48
49l2
978
10
5134
10
20
15
*3i2
8i2
18
130
1,000
30
*15
17l2
334
878
34
32
96l2
*
30
....
18
978
3,200
6I4
96
50
180
*
*94i2 100
5238
978
25
96
10
10%
5238
25
20
9l2
*94l2 100
5312
26l8
19
934
10
9334
Range for Precious
of 100 Share Lots
Floreheim Shoe class A .No par
11,000
200
38
9384
96
100
912
10
*30l2
3584
9414
32
50
8%
*3%
884
34
1812
40
9414
16i2
59
39
334
8%
*30%
1734
39
95
35
14i2
59
*117
16
1712
358
3
37%
18l2
40
*28
*42
495s
*32
87S
134
558
35
334
*94% 100
534
17
35
17
8
34
20
16
*3l2
914
*92
*32
16
17l8
r
33
3i2
18
preferred
Fllene's iWm) Sons Co .No par
~
42
3612
3
Federated Dept Stores.No par
"
33
38
2H4
1858
Par
2~,300
2518
8434
*37
*27i2
3i2
On Basis
Lowest
385s
21%
42
38l2
Range Since Jan. 1
STOCK
EXCHANGE
2034
*3518
3712
2012
YORK
Week
S pt. 22
3318
NEW
Thursday
Sept. 23
Sept. 25, 1937
57b Jan
17% Feb
22% Nov
29% Oot
54% Sept
73% Oot
20
Oct
Volume
LOW
New York Stock Record—Continued—Page 6
145
HIGH
AND
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW YOHK
Saturday
Sept. 18
Monday
Sept 20
Tuesday
$ per share
% per share
10
10
10ig
307g
10)g
29
307g
Thursday
Sept. 23
Friday
the
Sept. 21
Wednesday
Sept. 22
Sept. 24
$ per share
f per share
$ per share
Shares
118
115
115
115
*132
138
*132
*412
*5l2
40i4
*100
4034
10412
146
100
I8I4
434
512
183g
40
100
100
4034
100
100
138
584
*30
*.
534
512
4034
*31
....
Indian Refining
Industrial Rayon
lngersoll Rand
No par
104)2
138
6,400
Insuranshares Ctfs Ine
t Interboro Rap Tr v t c... 100
3778
400
104%
20
*35l2
53g
""512
5)2
5)2
~~4)"8
434
16&8
1538
1534
378
414
5,900
3812
34i2
378
34%
143
145
55
537g
*131
515g
m
127g
914
434
5)2
9)4
934
1334
.
38l2
3812
14712 147)2
*34
141
141
147
147
*147i2 147)2
95
92
9634
9412
95)2
94)2 x86)2
8934
1497g 1497g *1477g 152
*14614 152
*1487g 152
9
9lo
9
9)2
9l2
8l2
8%
714
7
67g
6)4
*6)2
*63g
584
578
6)8
6)4
10
9
9
93gl
914
95g
914
8%
914
*131
nl73g
84
5
'
—
545g
1878
7161
*484
63)2
65
5I2
5
5
5
47
434
48
47
*
24
*4112
427g
~4D4
*35
3712
91
24
5234
54l2
*132
1678
125
125
*484
4712
48i2
5
47
1,300
5
i4
117
14
2634
117
427g
*4112
4278
41%
41%
"366
35
3012
30%
300
8934
834
35
8934
87g
*78)g
8)2
8934
*78%
8934
10
18
18)2
18
18)2
714
16%
8%
18)2
17%
37,500
5,200
*88
897S
88
88
87
87
87
87%
120
8)2
9
1212
*12l2 14
27
27)2 *26
*11712 125
*117)2 125
12)2
263g
62
*60)2
*6012
104
105
122
122
107
122
62
*80
8)4
12
12)2
1134
12
1,100
*25)2
26)2
2434
25
700
xl 16
116)2 *116
60
60
300
102)2 105
95
101
7,900
*60i2
110
26
*26
27
26
*26)4 27l2
*11734 120U *11734 120U *11734 120)4
26
26
IO684 113
11
11
10
1034
11
11)2
*20
24
20
20
21
2514
25
26
24)2
21lg
24i2
*17
19
17l2
1712
18
18
*90
100
99
90
90
14
14)4
1434
105g
*90
1312
10)g
102
10)2
102
45?g
475g
48
12)2
12)4
125g
*12l2
31 )2
30
30)2
31
412
4
4
*4
31U
3114
*30
40
2334
207g
*7
8)2
2112
205g
7)4
21
'
40
34
714
34
19)g
*29)2
1812
7)2
7)2
15
15
*13
15
♦201s
30
20
23
17
177g
19
177g
177g
12
♦10
18
183g
*10
171-
1914
12
59%
127g
60%
26
2634
*92
95%
95
13%
95
5634
1212
26i4
*92
95
Shoe
No par
International Sliver
100
23i4Septl3
4H4 July -6
30% Sept24
100
86
International
7%
preferred
Inter Telep &
Preferred
22
21
21
18%
2314
2414
22
22
1858
19
19
18
10
4,300
19%
24i2
18%
900
1,300
2,700
Kan
City P & L pf ser B No par
City Southern
100
4% preferred
100
Kaufmann Dept Stores.$12.50
Kansas
3D2
*4
32
4)8
30
30
800
4
1,000
358
40
*30
30
30
22
22
22
22l2
19
21
2058
2034
20^8
2078
20%
20%
*30)2
*7&s
8)4
40
40
340
$8
600
Kress (S H) & Co
1878
18%
1834
5,200
13)2
1878
13)2
13)2
13
14%
100
3434
2214
22%
20%
22
140
37
37
61%
59
6112
13
127g
13i8
26i4
95i2
1314
26ig
*92
94
94
95
♦135
185g
*70
27
31
73
71
7312
38
*4
1%
40%
4%
27%
105
19%
13534 *135
1%
1%
3934
4%
2734
20
13534
18
78
70
26
*9
♦16
*8i4
*15
27g
884
*H4
*5ig
*13
*32
5
*155
35
353g
59%
603s
13
55%
1134
59
1234
26%
26
26
1*2
*10
*8%
*16
71
72
27
27%
3434
*4
5
4%
10%
*3%
*10%
*70
27
15
*10
4%
MacAndrews A Forbes
36%
38
9,900
Macy (R H) Co Inc
12%
12
12%
2,800
38
32%
34
2,700
Magma Copper
3%
4
400
t Manatl Sugar
*31
15
1134
18l2
3
8&S
138
834
1%
11
*5%
*12
11
14
*8
834
*15
1614
*27g
3
83g
1%
8
*514
11
*12
2%
38%
19%
*31
19%
20%
20%
15%
16
16%
16
*1%
5
2%
381ft
53g
5%
*1%
*31
534
1%"
1334
2i2
38%
20%
I6I4
534
39
37%
38%
37
37
37
38
30
29
29%
29%
29%
29%
2934
*155
*155
157
52
53
52%
7%
297g
38
IOOI4 100%
T's
*7%
28
28
30
*30
38
*30
100
*97
*97
30%
44%
10334
155
51%
7%
155
52ig
10
*10
*81
*15
8
1514
27g
8i2
*li4
*514
4%
*3%
10
15
*10
13
170
*8%
11%
18%
15
15
8%
7
15%
15
7%
1,500
15
500
2%
2%
3,500
8%
8
8%
10,100
1%
1%
*5%
1%
580
*12l2
*1%
14
*33
38
2%
9
12
....
-
12%
33
140
1%
1%
30
34
300
Modified 5% guar...... 100^
25
Sept23
Sept13
Marine
17
Jan
Jan
Dec
80
Jan
1914
Dec
Sept
933g Nov
152
Dec
12612
Deo
133
Dec
SOU
Deo
Apr
26
Apr
48i2 Aug
121
36U Nov
33U
110
Feb
Nov
283g
Jan
247g
Jan
Feb
693g Mar 10
28*4
Jan
8
4684 Apr 14
93g Mar 30
1734 June
24&g
Oct
1812
Jan
46i2
Dec
37g May
73g
Jan
71
30
20% Mar
Feb 30
35% July
29% Jan
6
2
157g Jan 16
147
Jan 13
Mar
6
1734 Mar 1
277g Mar 11
51% Feb
203
Feb
Apr
20i2 Apr
45g Apr
747g
7ig
12
June
Jan
July
1
1512 Apr
1
94i2 Apr
8i2 Jan
107
Oct
633s Nov
61
Nov
323g Nov
18i2 Nov
2634
Feb
I8i2 Nov
18s4 Dec
45i2 Nov
180
Nov
22
Oct
July
4
Feb
18% Jan 18
43%June 10
2l3g Feb 11
9&g Apr
89
May
19
Oct
9
387S May
65
4714
80U Nov
24% Mar 17
334 Jan 18
58% Jan
79
Jan 16
2
12
Jan
2
7
Jan
May
Aug
5
25
May
113% Feb
4
97
Mar
153gMar
29
114
Jan 28
175
Jan 13
160
Oct
23%May 5
83% Feb 15
19
Apr
257g
36
July
43
Apr
90
877g Aug 11
110
500
44%
10
Jan 23
37g Feb 2
75% Mar 11
1034 Jan 26
43% Jan 8
7
Sept21
May 12
99
Mar 17
4134 Mar 11
36
Feb 11
132l2 Feb
62% Mar
58% Mar
9784 Mar
12334 Nov
2134 Nov
13
31ig
115
Nov
Nov
Jan
Jan
116)8
Jan
17014
Deo
2314 Feb
6312 Nov
63
9
8
8
21 ig
Feb
617g
Deo
Jan
83g Mar
Oct
45
Jan
May
113
Sept
Apr
26*2
151
140
Dec
20
May
3014
Jan
1023g
57i2
22i4 July
33
Oct
12712 Jan
273g Jan
40ig Apr
Jan
Jan
Oct
Oct
35
Feb
42
Jan
134i2 Nov
49U Oct
65U Nov
155g
Jan
Jan
57
Nov
15g
9
Dec
714
Jan
35i2 Deo
Jan 11
39
Deo
Mar 30
Sept24
__
21% Apr 6
167g Jan 11
142
May 17
47% Sept24
!67g
6184
307g
29U
137g
Jan 14
Jan
Jan
Feb
Feb
Mar
20'
74
13
Mar 27
Mar
4
Mar lu
Deo
57U
Dec
2314 Feb
2484 Deo
634 Mar
1234 Aug
127g
17i2
214
8i2
lig
6i2
1834
214
41
Ilia
May
Jan
Apr
Jan
July
Jan
July
May
Jan
Jan
3ig Mar
23
Nov
45
Nov
Deo
56i2 Nov
25ig Nov
7i2
Apr 30
Jan 10
612 Apr
8
27i2 Apr
Jan 25
1537g Jan
4314 May
"l2"
Mar
5
165
66% Mar 11
15i2 Jan 11
28
Septl8
44
June 3
45
S61st cum pref
97
8
III
July
17
29
Nov
June
Feb
35
63gSeptl3
30
18
7
32
4184 Jan
Maytag Co
......No par
S3 preferred w w
No par
No par
107
35g
Jan
34i2
7
36% Sept24
27i2 Sept24
7% preferred
100
May Department Stores...10
Apr
35i2
33g
z3834
Mar 10
Jan 20
1
Deo
1087g July
77g Jan 12
39
No par
Deo
Jan
Septl6
1% Septl4
33
Sept24
17% Sept24
14% Sept20
4% Sept24
Marhsall Field A Co
A04i2 Feb
55
6718
85g
30
12
1
Jan
1% Aug 12
15% Jan 20
S3 preferred ex-warr.No par
1,600
Aug 14
Jan 21
No par
105
1914
2378
126
Dee
20
Masonlte Corp
*97
Feb
Oct
Apr
313s Nov
17i2
Sept 8
Mathleson Alkali Wks.No par
104%
May
2234
87
4
7
2,000
*97
Jan 14
19i2
109i2 Feb
100
.100
.100
preferred
6% prior preferred
6% 2d preferred
Marlln-Rockwell Corp
6%
3,000
3,100
July
2%Septl3
No par
10378
233g Feb 11
Sept24
Martin (Glenn L) Co...
*97
Jan 14
SeptlO
Martin-Parry Corp
*30
110
1
1,400
44%
5
8
9,000
*30
Mar
27% Jan 18
Midland Corp—...5
100
Market Street Ry—
10,000
44%
35
28% Feb 8
14734 Jan 20
2834 Jan 13
67gJunel5
Sept24
Maracalbo OH Exploration.. 1
15%
5%
*30
39i2 July
16%
29%
634
14i4
3%
19%
*30%
6
110
15
Manhattan Shirt—
15*4
514
7%
34U
75% May
15
100
No par
X Manhattan Ry 7% guar. 100
1888
17%
18%
16
15%
6
4%
37
37%
36%
36%
2834
29%
27% 29
*14114 155
*141% 155
49l2 51
47% 48%
7
7
7%
7%
*30
34%
*30
34%
12134
3%Septll
4%Mayl4
10
Sept22
10% SeptlO
12
Sept 2
..100
Preferred
Mandel Bros
20
2'%
9
Jan
Feb 15
325gSept24
10
100
Pref ctfs of deposit
15
11%
Jan
136
36% Sept24
"16 Sept 1
10%Junel4
No par
Certificates of deposit—100
4%
*10
Apr
126
127i2 AuglO
29%Sept24
Rights...
No par
Madison Square Gard—No par
*9
157
June22
30
10
No par
39%
*16
234
preferred....
38%
*10
134
6%
39%
15
878
60
-
39
1134
7%
Sept24
24% Sept24
Steel
Mack Trucks Inc......No par
18%
52%
May20
1
1,000
10%
Jan
157g July
100
Louisville A Nashville
4,200
*3%
15
243g Aug
107
24
4
177g Sept24
70
Septl3
30%
4%
Jan
88
127
100
29%
*9
3
preferred
7%
Louisville Gas A El A.-No par
33
*4
82
Jan
2534Sept23
Aug 2
19%Sept24
10
31
*34
377g Nov
58%
447r Jan 16
Feb
1914
103s Apr
Jan
Jan
Oct
Feb
11% Sept
113
Aug
87% Jan
105
100
5%
3384
*16
8
30
1,700
25
Biscuit.
preferred
Lorlllard (P) Co
33%
10
16%
50
Inc
Ludlum
1134
7%
16.50 preferred
800
18%
53%
300
Inc
Loew's
4,300
35%
Nov
5312
2678 July 26
26
434
93
63
71
-
June
30
Jan
Sept24
Sept24
No par
64% Jan 4
Nojrar zl05 July28
70
—
50
20
24%
30
Feb 19
157g Feb 19
Jan 18
107% Apr 6
26% Jan 30
30
Apr 15
36%
49
70
•
110
39
2634
30
Nov
..No par
70
30
35
Liquid Carbonic Corp-No par
26
30
Apr
Link Belt Co
75
127i2 127% *127%
15
Lima Locomotive Wks.No par
900
3,500
34,600
27%
30% 30%
130% 130i2
13
1%
5
1%
197g
8%
18%
14%
478
Mar 11
6,600
Loose-Wiles
1%
39
Oct
52
Jan
50U July
zl834May28
1,100
47g
47
Lily Tulip Cup Cdrp..-No par
105%
26%
8
5ig
151
100
Preferred
5,100
1*2
38
4
Apr
337g
2514 Sept 14
89% Sept24
8884 Sept24
26
27%
26i8
26
26
2534 26
106% *105
106% *105
106% *105
106);.
19 %
20%
1978
1978
1984
19%
19%
135
135
*125
13534 *125
13534 *125
135%
18%
18%
18l2
18%
18%
18%
17%
18%
434
4Q3g Jan
500
*105
*15
157g
6
Liggett A Myers Tobacco—25
Series B._
25
4
3934
23
32
Jan
38
8%
21
Life Savers Corp.
No par
1534
*32
No par
Long Bell Lumber A..-No par
8
2%
100
Corp
Lone Star Cement Corp No par
33
13
Llbby McNeill & Llbby No par
Loft
1534
278
*5%
12%
*1%
Llbbey Owens Ford Gl. No par
3,400
9
H2
634
Lerner Stores
11,800
1,300
19%
2884 Jan 25
20i2 Apr
123gSept22
35
Septl3
55% Sept24
9% Sept 8
7,600
I684
3ig
87g
1,900
9,000
1284
Jan
57% Feb 16
41i2 Jan 14
li2Sept 8
6
Septl3
3134Sept24
6,400
1%.
38%
434
34
1134
105
No par
1%
4%
714
28
36
300
38
5314
*30
1212
3,500
157
38s4
29l2
1212
92
89%
89i8
90
9312
8884
*159
16212 *159% 16212 *15914 161
21%
*19%
*1958
20
195s
19%
39
"4312 44%
4234 44
40i4
55
49
*50ig
*50% 52%
50
22
22
22
22%
20
21i2
68
72%
71l2
72l2
6712
65ig
3484
39
1912
15%
31s4
1314
3634
92
38
14
*is4
347g
*1234
*12%
15
1,100
Z33
92
12%
26
8,900
6% conv preferred
50
Lehman Corp (The).—No par
Lehn & Fink Prod Corp
5
94%
12%
*3%
10%
3,400
92
12%
4i2
63g
92
12
1112
Lehigh Valley Coal
9334
12i2
*3l2
3,600
3
Dec
Dec
Oct
1058 Oct
6H2 Nov
lli2
Sept20
108
4%
41%
434
30
1H2
1*8
20i2 Apr
384 Jan
Deo
20% Sept24
Sept24
9*4 Sept 13
100
50
Lehigh Valley RR
684
32%
*26
4% conv preferred
5,100
38%
27
*4
200
984
4
70
27l2
31i4
19
108
9%
1%
Deo
Deo
8is
98U
Sept24
17
38
4%
105
1%
2014
108
Jan
Nov
97gSeptl3
5
1
41
18%
434
*10
8
105U 10514 *105lg 105% *105ig 10534 *1051S1*)534
30
30% 30%
*127l2 13012 *127% 130% *127% 130%
32
33
3334 3412
3234
33%
38
39
3914 3912
38% 39%
*12
26%
10U
1%
Nov
28
I1634Sept24
Lehigh Portland Cement—25
58i2
51i2
20lg
3,000
22%
110
Bryant
147g
19ig June
29
No par
22
2134
13i4
22
No par
Lane
Lee Rubber & Tire
58%
42
Lambert Co (The)
100
Jan
24% Jan 14
277g Jan 14
13
1,800
2%
51
20
preferred
1738
110
Jan 30
83,
233g
135
100
5%
14i2
2214
91,
663g Nov
136
Feb
Junel4
1714
110
Feb 16
18
43 U May
125% Feb
334 Apr
3534 Aug
18
*9
3,700
10
243<
Deo
47% Jan 23
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
1634
3478
12%
160l2 160l2
1934
1934
4212 4314
52
*50lg
2134
213g
6%Septl4
May 11
Sept24
105
17
3414
123g
*26
8% Sept 13
May25
44% Sept24
117gSeptl3
30
SeptlO
3 3g Sept 11
2934 Sept 11
101
No par
10
7^8
2112
70%
2812
I7i2
Sept11
...100
No par
pi tferred
19
7%
26%
11
SeptlO
10
7%
507g
105
173g
Sept21
SeptlO
*17%
784
343g
1234
36%
40
197g
22
110
1734
90
18
18
1^8
95
18%Sept24
Sept24
17i2Sept20
22
20
12
1*8
22
105
110
175g
1%
52
*2734
2214
110
173g
*10
1*2
52
1%
22
18
1%
7%
3384
12i2
36%
217g
47g
17l2
97g
1934
43
1312
*22)4
103g
1934
1«»
13)2
12D1
darlO
Jan
A.pr
A.pr
Apr
Apr
733g
13534
Jan
No par
Kresge Dept Stores
19
Dee
13
10
400
I884
18U
Mar 17
No par
preferred
$5 prior preferred
Kresge (S S) Co
7
193g
Deo
29
1
30%
7
133s
115% Apr 8
10
Sept13
No par
(G R) Co
29
734
7
Ian
Nov
1
34
734
*30i4
Feb
18%
116
'
3,600
8
Mar 17
A.No par
Kennecott Copper.....No par
Keystone Steel A W Co No par
Klmberly Clark
Apr
10i2
Jan
121
Kendall Co $6 pt pf
Kinney
160
Jan
Apr
46
Kelsey Hayes Wheel conv cl A1
B
Deo
Sept24
Kayeer (J) & Co
Class
Dec
105i2
4i2
Marl8
25
Deo
194
Jan
284
10634Sept20
2,600
4,500
Deo
714
148%
120
13
73,100
Deo
57g Mar
9
100
Preferred
12
12%
57g
18*4
Jan 18
155
14
46%
Jan
9% July
2%
15U Apr
127
14
117g
Apr
4834 Nov
112
Sept
167g Jan 29
Sept24
Sept24
14
4438
107
2234 July
160
Apr
Sept23
14
30
May
63% Apr 14
95
20
3,100
37
27g July
60
99
34
12
177g
1 zll6
*91
9%
20
16
16
11
Jan
9% Apr 14
No par
preferred
99
101
Jan
No par
$6
*91
884
Jan
64% Apr
II li2 July
lli2Mar
28% Mar
Jewel Tea Inc
99
101
77g
187g
Johns-Manvllle
*91
10ig
2114
4312
4114
47g
173g
*10
1
5
Kelth-Albee-Orpheum pf-.lOO
*3014
3434
No par
Island Creek Coal
Kalamazoo Stove & Furn...lO
*23
107g
41
7434
73%
*105is 10534
1312
*22
100
Corp
Intertype
Sept20
7% Sept24
16%Sept24
87
Sept23
1134Sept24
2414 SeptlO
No par
T.eleg
Interstate Dept Stores.No par
900
*20
10%
*15912 162% *159i2 160i2
*197S
187g
17%
23
22i2 24
2234
♦110i2 170
*11012 170
IOI4
9%
9%
IOI4
1%
1%
1%
1*4
8
8
8
734
3438 35
3312 34U
12%
12%
12l2 1234
35
35
3514 3514
34
*30
No par
25
4i8
23)2
2H2
100
Salt
25
33)2
*2D2
2H4
preferred
26
*4
*30)8
21l2
5%
Jones & Laugh Steel pref..100
*32
4l2
4% SeptlO
75
Septl3
4% SeptlO
4% Sept24
43%May26
Voting trust certlfs..No par
470
11734 11734 *11734 12014 *11734 120%
117g
11
10
11&8
1034
11)2
185g
4934 Sept24
l277gMay27
1278Septl8
834 Septl3
Internat Rys of Cent Am.. 100
8%
*2912
par
110
13
49ig
513g
207g
100
107
1034
10)2
984
10)4
102l2 102l2 *101
102)2
48
49i2
4634 4834
13
13
1212
1234
103)2
48)2
12)2
31 )2
*334
22
10)2
2534
90
123% 123%
Deo
Oct
Dec
162
111
31
10)2
*102
40
134%
63
106)2
24U
5
1078
1447g Apr30
7% Sept24
5% Sept20
858Sept24
International
18
62
62)2
lOOig 105
122
160
6%
1384 Jan 20
100
& Pow cl A ..No
Feb
33 ig Feb 23
6
Jan 18
565s
100
.
Nov
5
7% pref
470
23
Deo
122
4
No par
4%
45%
140
Jan
Class C
414
44)2
*20
Aug
88% July
Aug
No par
70
125
6
120
Class B
25,300
July 30
143
13D4 Mar
189
Preferred
15<g Nov
4l3g Nov
147
137
Inter Pap
4%
Jan
May
z86% Sept24
Int Nickel of Canada—No par
63%
4ig
25% May
106
Feb
No par
Preferred
Highest
share S per share
5
144
Internat Harvester
32,900
4)2
22% Jan 20
4712 Apr 20
per
Int Business Machlnes.No par
79,600
58)2
S
Sept 11
Sept 11
17%
1434
*41
123l2 125
103)2
32
5238
4934
427g
*80
14
5
47)2
125
*102
Prior preferred
Internat Mining Corp
24
38
*2614
*434
45
111
14
4igSept24
13%Sept24
3i8Septll
7,600
*23
111
1312
10)4
par
par
No par
Int Hydro-EIec Sys cl A...25
Int Mercantile MarIne.No par
24
*123
2514
100
SeptlO
Sept24
13312Mar27
9334Sept24
15
Sept24
4i2Septl3
5
Sept24
40
Sept20
100
Sept20
100
Iron
4,400
14,100
*23
11034 11034
11312 113i2
Interlake
15,300
24
*35
88
66
*62)2
104)2 106l2
6
38
90
17
6784
*5
*35
90
2634
63
6)g
*434
8h
1834
897g
*25)2
6812
*5)g
45)2
*
86
*14
66i2
5
35
8)4
177g
87g
100
-
Interoont'l Rubber....No
*132
"l8l2
67i2
35
86
*122
55
"19)4
*41
20
*117
18
41)4
18)2
8)2
54
*1317g
preferred
par
1,000
*23
*86
'
"l8"84
Corp..No
100
5
*4)8
473g
53
*1317g
17ia
53U
*»
1
'Ip tern at Agricultural.-No
1,200
914
47g
81
6%
32,300
4l2
38l2
1314
3%
15%
414
d Interchemlcal
3,900
157g
4l2
91
9612
94l2
*1487g 150
*146)8 150
87g
9l2
8)2
9)4
7
Inspiration Cons Copper. ..20
2,300
167g
37
No par
2,600
4)8
37
100
Steel
28,400
5)8
16)g
36
preferred
Inland
9
28% Sept24
107
514
37g
5
10
1678
4%
5
163g
93
6)2
95s
6%
40
U9
4)2
*
S per share
No par
300
15
5)2
40
♦
1,400
5,000
"93%
IOOI4
1858
1714
458
4^8
4&8
10412
*
"99"
19
10
Highest
S per share
Par
29
334
418
365g
146
*35
*
107
Year 1936
Lowest
Lowest
107
934
28%
114
100l2
18U
4B8
6
534
10)2
3D2
*110
138
166"
1914
434
*412
7/2984
117
Range for Previous
100-Share Lots
EXCHANGE
434
153g
512
36i2
138
98
40
17
37g
138
99
*4)2
6)2
534
*5i8
163g
*
138
*10
32l2
*105
17
434
1034
32
115
9714
197g
1.8
*10
1034
32)4
1034
31i2
30)2
*116
9914101
Range Since Jan. 1
On Basis of
STOCK
Week
$ per share
2031
423g Nov
163
Deo
70
Nov
21i2
Feb
Jan 13
13i2 Apr
43i2 Deo
65
Feb
Jan 13
44
Nov
50i2 Apr
Jan 22
103
Jan
IIOI2
Oot
/
<f Change of name from Intern atlonal
♦
Bid and asked prices; no sales on this day,
t In receivership,
a
Def. delivery,
n
New stock,
r
Cash sale,
r
Prlntllng
Ex-dlv.
t
Ink 'Corp.
Ex-rlghta
1 Called for redemption.
New York Stock Record—Continued—Page 7
2032
LOW
PRICES—PER
SALE
HIGH
AND
SHARE,
NOT PER
Sales
CENT
Friday
Sept. 24
Sept. 18
Sept. 20
Sept. 21
Sept. 22
$ per share
$ per share
20
20
$ per share
$ per share
$ per share
the
$ per share
2012
20%
14%
1312
14i8
Shares
Pa*
1978
19%
19i2
19%
1958
19
19
1,500
McCall Corp
14
1414
*1334
14i4
*13i2
1414
12%
13l2
3,800
McCrory Stores Corp
share
Sept 10
$ per share
30
Jan 2
12i2Sept 24
7H2Sept 24
21
Sept 21
14
Sept 13
24i8 Feb 11
106% Mar 2
21
Sept 21
$
per
10
No par
1
100
*73
86
*75
98
*76
80
80
*70
97
7D2
73
*1914
14i2
23
*19%
2212
rc21
21
21
21
*18
21
*1514
21
1412
1414
14%
15
1478
15
15
15%
15%
I6I4
1,600
McGraw-Hill Pub Co. -No par
3318
*29i2
3334
33
33%
*14i2
33 78
3378
33
33
33
32»4
33
4,100
Mclntyre Porcupine Mines._5
3234May 10
30
30
29%
28%
2612
2712
2,500
McKeesport Tin Plate
10
26% Sept 24
1078
1138
2834
IDs
33%
2878
1138
113s
1038
9% Sept 13
3934
3978
39i2
11,000
1,200
5
3934
934
49i2
No par
39%Sept20
10i2
1,800
11
*90
94
*90
22
22
11
1034
*41
42i2
94
2012
85
*70"
838
834
11
11
11
11
11
10%
11
*92
94
*92
94
92
92
22
2234
41
21
22
8i8
31
2214
*
*6278
63
63
62
62
60
778
30%
2D2
29
8%
8
8%
*30
21l2
21%
21%
*18is
22%
50%
49
50
*50
51
24
21
2478
35u
36i2
24%
35%
35u
*110
*96
98
*96
94
9334
113
98
*96
112
24
35%
92
93
97%
91%
*80i2
78
*34
*li2
*2
238
20
*34
*d2
3
2d.1
*2
W2
1
*34
*1%
*214
3
238
2014
13%
24
23%
9
9%
89
*85
90
*83
88
2%
.
1
*%
3
*1%
2%
2%
20
20
2%
*19%
4
438
438
155g
4%
434
434
1578
16%
15%
16%
4%
15%
2ig
238
2%
2%
2%
2%
*2%
4^8
438
4
4
4%
23
25
2,900
86
87
2,800
4938
50i2
47
30i2
30'2
3014
30'4
*30
5234
51
5dg
52
5034
47
45
46%
*30
30%
*30%
30%
2934
30%
*51
52
52
51
51
4834
51%
78
28
28i2
2658
27
26%
27%
*1734
1838
l?l2
1734
28l4
1734
28%
29
30
978
28i4
9
978
1
78
9
912
1
%
1
18
1834
28
28
9
1
78
27%
27%
*17%
9%
52
9%
9%
88
Mar
Apr
119
Dec
120
8D2Sept .3
108
18% Sept 24
8
934 Mar
1334 Sept 24
34% Mar
4
2
3534
Jan
4112
Dec
Jan
Mother Lode Coalition.No par
34May 12
312 Feb 26
60%
34
19,400
Jan
Feb
71
Feb
2i8 Nov
283s
Apr
43%
Jan*
27
23% Sept 24
38i2 Jan 15
5
17
Sept 10
26
Feb 13
1
20
Sept 24
51
Motor
Wheel
1,100
Mueller
Brass
938
2,800
Mulllns
Mfg Co
$7
Co
79
78
78
77
77
75
75
17
17
*16%
19
17
17
16%
16%
900
7d2
70d
71
6978
69%
*64%
71%
68%
67%
68%
600
Murphy
class
B...1
8% Sept 24
Sept 24
Munsingwear Inc
*107i2 108
878
938
63
.
9
9%
.
*57
63
*57
62
*57
62
*57
58
55
Co
(G
C)...No par
100
Murray Corp of America
Myers F & E Bros
No
11,000
100
75
1534 Sept 13
07
July 6
102
10
Apr
8
8% Sept 13
Sept 24
55
par
1538
14%
15%
25%
*22%
25
20%
22%
190
Nash-Kelvlnator Corp
5
Nashv Chatt & St Louis.. 100
20% Sept 24
17%
17%
17%
17%
17%
1534
16%
2,900
National Acme
1534 Sept 24
9%
8%
834
8%
22%
8%
8%
2,000
Nat Aviation Corp
27,500
15
1534
31
15i2
*2ds
1734
I8I4
1678
934
934
2312
*9
2258
*148l4
23
*8334
*48
26
1714
*109i2
107i2
2214
25
15%
*21%
17%
9%
17
9
1534
15%
15%
*22
25
23
15%.
7
.
13u
*534
27i8
6i4
2758
27i2
912
3234
*26
9
32l8
*15258 156
*558
27
*27
834
30i2
27%
*27
9
6%
28%
27
27
35
87g
838
884
8%
834
8%
8%
*12
1
*i2
34
*%
1
*%
1
*i4
%
*%
*%
81
8234
79
80
80
%
8034
27i8
28i2
25
27
27%
28%
116
116
h
*14
*11612 124
612
*6i8
6ig
85g
9is
9is
3412
6
9
9
9
10'
5l2Sept 11
Nat Enam & StampIng.No par
2338Sept 13
20
Sept 24
9
834
3334
10,100
*152% 159
136%
136% *131
8%
*%
8%
734
8%
1
1
1
*%
%
80%
74
78
24%
26%
9
32
33
*31
33
*30%
33
92%
*75
48
*82%
*46%
83
48
106% 106% *106
107
*10
18
18
18
15
15
100
47%
46%
200
106% 106%
106
106%
180
18
18
2358
25
2434
24%
25%
24%
2434
23%
24%
19%
2234
54l2
55
23u
47l2
50
50
52
5134
5134
48%
50
48
48
27
2778
26ig
283g
30%
2834
30%
27%
29%
26
*29
33
*28i2
32
29%
30%
30
30%
28
59
61
5712
60
60%
61
60%
60%
59
60%
5534
58
2378
25i8
22l2
22%
2434
2434
24%
24%
23%
24%
22%
2234
558
12l2
514
5%
6
6
6
13
11
125
*120
*121
34
*5g
*77
82
338
358
33g
3%
834
9
858
834
2i2
134
2%
*2
712
758
758
*
734
*77
,
2178
*5d8
8i2
*99i2
*981*
1934
*
"3i"2
*28is
3&s
3%
9%
8%
9
3%
8%
3%
8%
*134
*7%
2%
134
134
1%
1%
1%
134
7%
1,100
iooi8 loou *100%
1%
138
138
222
222
224
218%
105
*104%
*104ig 105
21
22
22%
2234
52
50%
51%
50"'8
9
8%
8%
8I4
100
*99%
*99i2 100
1234
13
*9314
98
1134
1134
3234
333g
*127d 129
1434
151*
140
*98u
1878
40
312
*28ig
9934
2058
40
14lg
101
101
101
260
500
23
600
50%
834
23
5034
8%
100
8%
99%
100
99%
*98% 100
21
21%
22
38
40
39
50%
8
99%
19%
29%
10%
*28%
11%
32
127
15%
141
13%
*93% 100
12
*11%
31
32%
129
132
15
140
129
15
1534
76
*74
75%
75
20%
62%
20
*50%
Nov
43
Apr
40
Deo
Apr
98% Feb 10
32%
Jan
83
Deo
5514 Mar 17
31% Mar 19
12%
Jan22
2538 Jan 22
135
Jan 20
3i8 July
10% May
119
Jan
29% Nov
150
Oct
7
1
Jan
Feb 10
90
Jan
99% Sept
8
3
Apr
0i8 Deo
18% Deo
7i2 Feb
15% Mar
99
Sept
6% Feb 11
Jan
984 Mar
19i2 Feb 11
73g Apr
July
4
9i2
Apr
2%
Feb
57
May
10234May
3
83
Mar
104
No par
73
9
112UMay
434 Mar
5
3
93%
Apr
109U Aug
278 Jan
45
100
Sept 24
June
76i2 Jan 22
1% Aug
ll8 Aug 20
212
Sept 10
272
Jan 14
210
Jan
.100
102
114
Jan
8
105
May
No par
20
100
preferred
Apr
8
Sept 24
48%June18
50
7% Sept 24
93
Mar 23
18% Sept 24
36% Sept 23
278Sept 13
26i4May 18
50
42
1234
13%
11%
12%
5,200
Omnibus Corp(The)vtc No par
10
98
90%
10%
93%
110
90% Sept 24
10%
30
1,100
9,900
8% preferred A
100
Oppenheim Coll & Co ..No par
132
180
Elevator
14% Sept 24
Sept 24
10% Sept 24
No par
0% preferred
100
Otis Steel
Sept 10
2878 Sept 24
120
July
7
No par
1134Sept 24
.100
prior preferred
3478 Jan 14
57U Feb 3
1738 Jan 21
104i2 Jan
105
8
Jan 28
3658 Mar 11
63% Jan 22
678Mar
40
3
Jan 18
2278 Apr 5
73
Apr 20
20l2 Feb 16
114
Feb 13
1938Mar
1
45% Jan 21
310%
115
Nov
Oct
Oct
23%
Apr
35i2 July
6284
Feb
59
658
Jan
14%
June
Dec
98
Jan
106% July
97%
Apr'
103
2378 July
50
Aug
2
Jan
19
Aug
12i8 Aug
24% Jan
17
July
107
Jan
8
Jan
2414 Apr
3 684
57
Nov
Feb
Mar
4i2 Mar
32
Nov
18
Deo
59%
Deo
25i8 Mar
115i2 Feb
1958 Nov
3934 Nov
136
3
123
2438 Mar 8
Sept 20
70
July
12034 Nov
83% Deo
140
Feb
141
Jan
12% July
June
2034 Mar
73
73
70
700
$5.50 conv 1 st pref..No par
79
Dec
19%
20
18
19
700
28
Jan 26
50%
50%
50^2
20
Outboard Marine & Mfg
5
Outlet Co
No par
Preferred
100
Sept 24
50%
50%Sept 23
114
May 4
75
Jan 12
47
Jan
70
Nov
9
114
July
114
July
8334
8,000
Owena-Iliinois Glass Co._12.50
15%
1,000
Pacific Amer Fisheries Inc
13
July
*116
90
1018
6i4
16ls
1534
16%
6
6
6
*6
16%
6%
I8I4
1914
1712
18
19
19
18
19
11
1112
1012
10%
11
11
11
11%
90
16%
Bid and asked prices; no sales on
8734
*16
140
140
140
68
*116
*116
8534
110
9
62%
92"
*16%
104% Apr
10% Feb
Nov
4184 Jan 18
26i2 Feb 25
9734June 25
7%
Mar 17
Apr
12U Nov
13% Jan
03i2June 14
Preferred
14,500
1,410
Jan 11
37
8
No par
14%
109
0
No par
141
64% Nov
Sept
Oliver Farm Equip
1134
60
41
li2SeptlO
7% Sept 24
Ohio Oil Co
1434
3234 Apr
758Sept
5,200
1434
5714 Feb 13
87
Sept 21
6434 Mar 10
2
1
Otis
10% June
2
97
21,600
28%
74i8 Jan
778 July
Aug
0
15
*130
Deo
Jan 15
12's
Aug
44
11
133
Feb
Deo
131s Feb 25
137
%Sept li
14%
31%
75i2 Nov
NOV
8
42
132
78
Jan
15
Sept
15%
30
Apr
Oct
48%
*10%
57%
1978
Oct
Sept
15%
*130
9914 Aug 14
4138 Aug 6
95
46
*93%
1%
5318
par
Northern Pacific
100
Telegraph...50
10
Jan
73%
140
91
88
2734
%
20
*50%
62%
*116
*116
2734
Feb
Jan 18
Jan
Norwalk Tire & Rubb..No par
3,000
3
Jan
Northwestern
160
3%
Feb
Jan
1784
No Amer Edison $0 pf.No par
29,100
38%
Deo
1478
78
1484 Jan 14
2% Jan 18
36%
119
Northern Central Ry Co...50
""2%
Apr
36i2 Nov
Jan 22
July 15
North Amer Aviation
300
6178 Jan 22
263s June
73%
20
*5012
*98% 100
19%
18%
*
1,000
34,300
3388 Mar
3778
Oct
20
75
*20
6212
15%
29%
99%
25% June
28
100
Sept 13
100
North American Co
6%
3
Sept 14
Sept 13
Adjust 4% pref..
50
35,300
Mar
112i2 Jan 23
68
Sept 24
140
140
22
132
8
7%
99%
3%
15%
4834
13
8%
21%
36%
*28%
220
104% 104%
20
21%
50%
50%
99%
36%
15%
50%
13
13%
*93% 100
11%
11%
31
32%
*212
22%
5034
*98% 100
29%
76
6
22
*28%
15%
49%
50%
220
*104% 105
2978
*19l2
6i4
218
138
138
Mar 17
18% Apr 22
29i2Sept 00
4
Norfolk & Western
22%
*50%
100
134
1078 Jan 28
35
49%
11
t Norfolk Southern
*138
June
24% Nov
No par
N Y Steam $0 pref
$7 pref series A
220
218% 220
*104% 105
105
*50l2
*116
500
112
Jan
21
7% preferred
70
90
3%
98
2,200
45
Apr
2734
3
8934
Dec
10
Mar 17
85
45
3%
13
3,800
Oct
107
72
Sept 24
50
10034 10034
134
*138
1%
15
No par
91
3%
15%
7%
Apr' 7
Sept 24
No par
49%
3%
4858
8
Sept 24
55
91
3%
15
140
20%
*39
8
40
100
preferred series A... 100
*45
3%
4658
12l2
*9314
1d4
2978
127
*98
8
Sept 24
28
90%
89%
110
No par
49%
*45
10034
1534
48l2
140
8
8%
89%
3
t N Y N H & Hartford—100
Conv preferred
100
t N Y Ontario & Western..100
N Y Shipbldg Corp part stk..l
4,800
9
3%
2
N Y Lack & West Ry Co.. 100
3%
'
Jan
No par
t N Y Investors Inc...No
1,600
9
38
1
Sept
100
N Y & Harlem
82
*77
82
*77
%
%
34
%
9
% Sept
1
5% preferred
110
120
120
122%
%Sept
1
New York Dock
780
24% Mar
21
10734
9% May
734 Sept 24
NYC Omnibus Corp..No par
950
9
50
9934
2oi4
4114
3l2
2978
82
6
12%
3%
*45
48
15i4
*77
•
13
12%
*120
34
%
82
a89%
~8912
121
5
1134
534
534
3%
8%
158
*104
%
%
*10014 102
*218
13%
121
90
90l4
*138
13%
125
50
50
50
*8934
12%
*120
34
58
82
*78
12%
125
6
13%
8
Deo
19i2Sept 24
47i2Sept20
2538Septl3
6%
26i8 Feb
112i2Mar 11
112
May 20
Nov
N Y Chic & St Louis Co.—100
2,700
1,600
32% Nov
28i4 July
11234 Mar
61%
New York Central
27% 131,900
29
1,500
107i2
Apr
Apr
147
N Y Air Brake
2,300
Dec
21
171
70
Newport Industries
14,800
100
Oct
100
t New Orl Tex & Mex
110
18
Dec
3
57U Aug 17
3878 Feb 25
103% Feb
Jan
24
4M % conv serial pref
100
Newberry Co (J J)
No par
5% pref series A
.100
Deo
Deo
Dec
10
Neisner Bros Inc
1,100
91%
46
3784
54
5% Sept 24
*46
164%
Dec
13734
38% Sept 10
32
Sept 22
*83
Jan
Jan
3078
155
No par
90%
153
19% Deo
155s Mar
3884
Jan 29
No par
48
~47% "Oct
12% Apr
9% Apr
2834 Oct
Jan 22
Natomas Co
3334
20% May
171
National Tea Co
33
62% Nov
150
No par
National Supply of Del
Preferred
Jan 18
3334 Jan 13
Dec
2234 Mar
Jan
15434 Apr 20
July 9
34
Sept 24
127
1,300
18
6
100
2,100
*46
32%
100
167
2
Deo
79% Aug
3634
108
Mar 11
8%
*83
9
43
101% Nov
44
Nat Rys of Mex 1st 4% pf.100
5% 2d preferred
100
National Steel Corp
25
6,600
26,000
Oct
Nov
8
2938Sept
5%
5%
8%
5%
A
National Power & Lt
14,700
600
110
110
115
pr ferred
83s Sept 24
10
Nat Mall & St Cast's Co No par
%
*%
27%
534
20
400
26%
115
7%
800
34
3434
1
6% preferred B
100
34
156
preferred
Nat Gypsum Co
National Lead..
7,600
32%
8%
30%
85
2834
*27%
Sept 24
Nat Distillers Prod....No par
34
106%
10
200
18
*10
100
No par
7% pref class B
Nat Depart Stores
Mar 11
300
8%
9
1
107
11,100
80
27% 28%
*115% 119%
6
5%
...100 xl0734June
534
85
*46
4858
10634 *106
*46
*106
115
6
834
81
80
pref class A
27%
34
3412
9158
*85
115
6%
%
Nat Dairy Products..-No par
26
34%
834
20,600
23% Sept 24
17
Sept 24
534
156
37
Aug 20
46% Sept 24
26
136% *131
*33
90
100
No par
26%
3234
*15258 156
37
A w w...
CorpNo par
6%
Mar
May 18
1978Sept21
Nat Cash Register
7,400
24
145
Nat Bond & Share
7%
z24% Jan 28
47i2 Mar 11
100
400
10
1
333s Mar
10,200
180
Mar
Sept 24
6
34
136% *131
*131
ser
71
22
2634
33%
*33l2
5% pref
102i8 July
14
Apr
10
cum pref
Jan
108i2 Jan 26
2034 Feb 11
1838 Jan 21
28
834
37l2
7%
May
4478 May
Sept 24
i
70
21
Mar 13
90
7
Nat Bond & Invest Co.No par
1,500
15U Aug 16
993s Mar 19
30i2 Feb 11
No par
National Biscuit
200
14i2Sept 24
1
*534
9
37l2
24,400
27%
*26
8%
33
*152% 156
35
6%
27%
27%
27%
9%
32
130
130
7
*6
6
27%
27%
9%
32%
*15258 156
132
*130
♦
preferred...No par
No par
5% preferred
10
55
conv
23
22
23%
22%
23%
22%
23%
154% 154% *152% 155
*148% 154
*148% 154
154
*148l4 154
22
2034
20% 22
21%
2034
19% 20
23l2
22l2 22%
91
91
90%
*8334
90%
*8334
90%
*8334
*8334 91
*8334
50
48
47
*48
48
50
48
46%
49
48
*46%
25
26
25
24%
25%
24%
23%
25% 25%
2634
2434
18
18
17
17%
17%
17%
17%
17%
17%
1712
17j8
*110% 111
*110% 111
*109% 111
110i2 11034 11034 *109% 111
110
108
108
*108
*107% 110
107% 108
107i2 *107'4 10712
12
11
12
10
10%
12
1134
12%
1234
12%
1314
1514
*22
-
70
5934
Mar 15
Motor Products Corp.-No par
3,200
*75
878
103
68
Jan 18
17
*56
Deo
Mar
Nov
May
Feb 17
79
*107i2
Feb
33i2
1978 Aug
79
Mar 10
4,900
*106% 108
*106% 108
9
9
9%
9%
8%
784
66i2
1734
108
333a
4
Jan
46
1612
108
378
69
17i2
*107% 108
9%
9%
Jan
2
Jan
Oct
Feb
Sept
14i2
Sept 24
*17
_
4078
10712 Aug 27
234 Jan
1034June
5i2 Jan
2934 Sept 24
51
Sept 20
2634
*64
0i4 Mar
1214 Mar
138 July
2i2 Aug
Deo
1238 Mar
94
Deo
2»4 Feb
5% Feb
6% Feb
2978 Dec
9% Feb
45
79
7112
Apr
Jan
50
No par
Essex
26
8%
Sept 24
3% Sept 14
23
Sept 24
34
Jan
Jan
57%
Apr 29
17
9%
Sept
Jan
Sis Mar
3
23
4
8
5
17
17
17
17
23
6%
85
*75
*75
Aug
No par
100
26
23%
16i8 Mar 11
No par
A
17%
27%
17%
Feb
6%
29
27
*27%
110
Jan
10
Morris &
200
%
%
*17% Apr
21 % Jan
2
48% Mar
Morrel (J) & Co
1,500
52
5
353s MariO
122
Mont Ward & Co Inc. .No par
56,600
30%
49%
65
Nov
1634 Dec
x65
100
.20
92%
49%
Jan
Jan
Jan 22
100
26%
45
534
2%
5% conv preferred
Mohawk Carpet Mills
Monsanto Chemical Co
90
Jan
40%
% Sept 15
JMlssouri Pacific
25%
Oct
31%
5
Jan 16
7214 Mar
2*8 July 31
2
Sept 9
1,500
91
Deo
20i4 Feb 23
41
100
6,400
27
12
Nov
MarlO
100
preferred
Mo-Kan-Texas RR
88%
95i2
4938
Oot
078 May
65%
Mar 17
Minn St Paul & S S Marie. 100
Preferred series
Jan 13
120
June 21
2,000
27
90
91
1284
x95
106
94
84
4,900
92
26
97
122
Jan
Dec
124
Sept 13
June 10
13,100
86
26
97
Dec
Jan
1112 Apr
Sept 24
Sept 20
32
108
7%
27
26i2
30
334
Jan
4914 Nov
213s Nov
108% Deo
2884 Deo
3784
z95
105% Sept 23
8
Sept 24
21
100
Milw El Ry & Lt 6% pf-.lOO
Minn-Honeywell Regu.No par
4% conv pref ser B
100
Minn Mollne Pow lmpl No par
$0.50 conv preferred.No par
1st pref
cum
2%
3%
2
1484 Nov
307s Nov
48% Sept
131i2 Mar
109
Sept
112
Nov
10
No par
8%
4%
2%
Sept 13
III4 Sept 24
5
Copper
Midland SteeJ Prod
-
4%
27%
414
27li
..
48
5
4% leased line ctfs
Mission Corp
19%
4
1334
4%
4
—.
Feb 16
Mesta Machine Co...
170
2
18%
4%
16
.
8
Jan 14
Merch & Mln Trans Co.No par
1
100
1st pref
conv
15%
2
2%
2034
-
Jan
9
10,600
«
Jan 12
8% Apr
8
300
1
Jan
Mar 17
103s Feb
2%
,
Deo
493s
4734Mar
30
83
*%
*1%
15
1
83
1
3
4i2
78
8%
2414
Oct
Sept 24
2,200
8
June
7
5%
10
85
*34
I6I4
234
*51
97
105% 105%
*1%
1
3%
43g
4
97
84
97%
90
105% 105%
834
9%
16
38i8
28% Sept 13
19
Sept 10
Mengel Co. (The)
80
*87
Jan 19
Jan 14
86
600
106
Dec
Mar 24
Sept 24
13,700
32%
108%
share
23% Nov
Deo
3434 Apr 19
101
per
37
101%
00
Mid Continent Petrol
23%
32
108
15&8
*238
22
34
17%Sept 13
Sept 10
88
19
112i2
Feb
2% May
93i2 Aug 13
16,300
109
Sept 10
29
June
Aug 24
Miami
34
938 Sept 24
92
No par
No par
1214
1D4
.1
100
28%
42i2
4212
10i4
47i2
$ per share $
92
90
1,600
*108
97%
93%
92
106
21
*20
10
4834
36
*97
92
*106% 112
*106l2 114
9
9%
9i8
958
834
89
*8234
90
8512
85is
9u
24%
2D2
.
$5.50 pref ser B w w'sNo par
Melville Shoe
y-No par
100
48
Stores
$6 pref series A
4,300
*1918
50
12i2
7l2
29
preferred
Mead Corp
400
60
7
conv
6% conv preferred
88
110
*34%
110
*1061* 118
50
135s
1318
25
*18%
50
50
112
11314
7%
*30
22l2
*18%
13%
1234
13
8i8
31
31
31
{53
McLellan
10
*70"
1
McKesson & Robbins
4,900
94
65
50%
13%
24
22
88
3038
*3538
20
94
*70~
preferred
conv
McGraw Elec Co new
30
88
*19%
*112
92
*70~
8I4
3134
12%
*
94
938
92
88
31%
1438
23
2D2
*
94
40%
*70"
88
64
64
64
*62
39?8
10%
40%
94
*_
94
*7514
2978
1078
94
11
29%
1012
39l2
*1034
6%
300
400
Highest
Lowest
Highest
Lowest
84
2934
Year 1930
100-Share Lots
EXCHANGE
19i2
14l8
On Basis of
STOCK
YORK
Week
Thursday
Sept. 23
Range for Previous
Range Since Jan. 1
STOCKS
NEW
Wednesday
Tuesday
Monday
Saturday
Sept. 25, 1937
8734
this day,
85
1534
6
*17
11
8634
16
6
18%
11
80
15
5
5%
17%
280
11
Pacific Coast
370
17
580
9%
t In receivership,
a
Def. delivery
n
New stock,
No par
r
Cash sale.
115
Mar
June
8
10334 Aug 11
Sept 24
15
5
Sept 24
8
23
153s Feb
1
3%
15i2Sept 10
8
Sept 10
40
3
8I4 July
2
4%
434 Sept
No par
2d preferred
97
80
10
1st preferred..
.
18
.
a:
Ex-dlv.
u
Jan
Mar
27% Feb
Ex-rights.
7
Jan
Jan
22
Deo
15
Dec
32%
297s
Deo
Dec
If Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 8
145
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Sept. 20
Tuesday
Wednesday
Sept. 21
$ per share
$ per share
Sept. 18
$
per
share
*18
18*2
29
2834
40
40%
20%
137%
140%
1958
*131
*
18l2
7i2
*934
*134
17i2
28%
39i2
19l2
130
17i2
29%
40
17
7%
11
Sept. 24
$ per share
$ per share
Shares
29
40
20
*1714
28i2
387s
19
132l2
3,200
Paclflo Ltg
No par
37% Sept 24
1,400
Pacific Mills
No par
5334 Jan 14
4478 Jan 9
100
18% Sept 24
130
Sept 20
*
152
Jan
4
118
Jan
153
Deo
100
133
Apr 28
149
Jan
2
140
Jan
152
July
Oil Corp
10
Packard Motor Car
No par
Pan-Amer Petrol & Transp_.5
16
Sept 13
57l2
57l2
56
*9112
18%
9912
1912
*92
1%
72
1812
130
8(4
1938
60
50is
55
590
56
56i4
55
55
600
9912
*92
1778
137
130
1634
187g
130
120
19
3138
42
312
3i2
3i2
338
35l2
3412
35
2418
36
25i8
35i2
24ls
35i2
2412
25%
25i8
25
25
2l2
2%
8l2
2l2
2(2
2%
2l4
2(2
3,200
8%
13(4
558
8(4
12(2
8(2
7(8
8%
14,500
12(4
7,900
558
534
5
5(2
6,900
4212
*40(2
42 (2
*40
87l2
84
4134
2l4
8(4
1214
55S
4184
85
85
3
3
514
8%
13
57s
878
13
13
584
55S
*40
421.1
85%
85l8
3
5l4
514
36
*30
*3
514
5(2
3478
*2984
1834
30%
35
31 (4
*183S
32i4
3278
42
42
*38
44
1884
40
5(4
*29
81
3
434
5l4
40
5
14
14i8
678
1438
13
76
*
*n.r*
76
*
678
*634
678
65S
6%
2,800
3534
20,400
40
4%
"*334
558
53g
5(2
4%
534
78
78
1
1
1
%
85i4
86'4
84
9(2
9
*72
*72
78
48
"*334
4(8
534
"*3%
*5%
86i2
87
86
86
85%
9
*9
10(2
*9
10%
*9
78
*72
*72
78
45
*45
55
*45
55
*45
*11
12
11
11
11
11
*11
*2714
28
28
28
*27
27%
♦
45
*
45
1U2
"9"
50
*45
*10
12
86
86
*166% 170
"*9%
50
*27
*
273g
45
"~934
9
6ls
*10%
11
1014
10%
*84
86
84
84
*166
170
*166(4 170
11
I8I4
I8I4
1778
81
81
312
*77
7934
*1
178
*12
358
*100
115
312
*100
22 (4
2214
1*8
19(2
*1
U8
21
2134
20l2
20
*1638
15
*16
3i2
115
312
*100
K4
*1
2078
20(8
20
14(8
14%
*378
*16
4
138
6(2
*5l2
27%
26%
26%
300
25
2678 Sept 24
40
56
45
10
84
81
9%
45
10%
600
*166% 170
2034
18%
10%
18%
75
75
*1%
3%
80
2
*1%
*12
1834
3%
20
K4
2034
*1
2%
115
19
20%
*1434
20
100
1734
*1
1%
2034
1834
*15
20
1%
5
5%
1,300
13(4
1234
13%
12%
11,100
400
143
*130
143
*132
143
*132
143
1512
3938
97(2
40l2
*95
98
41%
153s
1538
157S
110% 110%
11058 110%
9834
*110(4
4034
*110%
3934
16
15%
110% 110%
*96
97%
97(2
Pressed Steel Car Co Inc
1138
11
113s
17
*1634
10 *
9l2
*103
130
6634
9(8
*102
65
6778
6(2
6%
3134
63s
1U4
11%
17
17
110
*104
6534
11%
1134
115
11%
*1634
9%
17
9%
10
*104
130
67 (2
6534
684
31
11%
*16(2
17
lOig
68
7
634
*30l2
678
31
32
9%
934
49%Sept 24
114% Mar 25
355s Sept 24
....No par
9934 July 2
100 zll2% July 30
..100 120 Sept 24
40
31
30%
*104
68%
65%
7
6%
30%
30%
115
884
*104
6734
64%
6%
5%
31
96
350
11
3,400
300
16%
9% 155,400
30
38
36
36
200
*32
34
31%
32
200
534
79(2
178
*58
6%
79%
*58
17
*13
1434
*14
*12
*6
134
*6
134
1%
7
6
79%
*58
1%
1%
6
16
*12
17
*12i2
15
1514
I4I4
15
*14(4
14%
13%
14%
12%
12%
*14l4
15
1412
*1414
14%
1534
14
14
14%
14
14
15
14
*11
15
*11
400
""400
15
"i~6o6
400
19
18
*75(2
80
*75
84
*75
84
*70
80
*70
183g
7984
*70
78
86
86
85
85
85
85
*85%
90
*86
89%
86
86
4(4
2812
4%
26%
4(s
2734
4
4%
26%
384
4
13,300
2514
23%
25
135,000
185S
4
27
100
100
18
19(8
4
*
1878
18(2
4(4
27
*91
99
*9458
99
94%
94l2
*21
24
21
22
*
*40
60
124(2
*
90
*75"
90
*21
22
20
21
*96
10312
15(2
1534
15
49(2
4934
49(2
1534
4978
62
62
103(2
*6214
*1U4
*1512
6334
*1U2
I6I4
12(2
*62
70
*25%
2578
3%
4978
25(8
2
*11
■2%
4(2
1378
*18
34
*3
48l2
*2
4
*
I6I4
*42
80
124l2
^75"
*95
93(s
21(4
*
20lS
*96
15
*63(4
70
2518
27
27
3
3
3
47
2(8
414
2
97
96
90
91
22
23
19%
2134
124
*75"
90
19%
19%
4934
50%
*40
*
*11%
1934
102% 102%
16%
27
26
4834
*3%
48%
49
2
2
3%
4738
*2
65
12
70
*62
2634
3%
4834
2%
438
24
3%
43
1%
3%
4(4
4
1378
*11
1378
*11
13%
10
11
*.___
*18
34
*18
34
18
18
*""
Bid and asked prices; no sales cn this
day.
514% conv pref
{ In receivership.
Deo
Nov
83
Jan 20
978
Jan
651s
Oct
Mar
5
223s Feb
8
16
20
30
5
29% Mar
9
94(4 Jan 30
Jan 21
98
Sept 16
139
18% Sept 24
100
Sept 24
13
10
Common
Sept 24
48% Sept 24
593s Sept 13
Rhine Westphalia El A Pow...
1684
100
Oct
Jan
Deo
35(2 Mar 31
Sept 20
4% Mar
June 10
1
July
1078 Nov
383s Nov
5034
71
100
80
47
89
Reyno ds Spring
Oct
50
124
Reynolds (R J) Tob class B.10
19(4
14(4 Jan
108(2 June
Jan
10
200
20% Nov
Jan
100
100
No par
Dec
2478 Mar
13334 Apr
117(2 Mar
Jan
Aug
17(2 Aug
493$ Apr 14
6,500
26%
4%
"2",500
Apr
6978
35(2
19l2Sept 24
7% preferred
5H% preferred
Reynolds Metals Co
July
114
37
41s July
1678 Apr
5
..No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
164
39
9(2 Feb 18
47(4 Mar 11
124
Apr 23
IIOI4 Mar 10
Car
July
July
Jan 11
358 Sept 8
23% Sept 24
97
Sept 24
90
Sept 24
Reo Motor
130
4334 Jan 8
133s Jan 16
14
Republic Steel Corp
2,100
*11%
15%
Jan
99(8 Sept
14
*62
Jan
Feb 18
49
12
5
2878
110
100
16%
8
9% May
16(8 Oct
934 May
83i2 Jan
68(2 Apr
1638Sept 24
May 19
Sept 20
Class A
80
65
May
91(4 May
85
13
16%
100
103
80
48%
*63
45g
700
90
18%
Aug
12i2Sept 24
Sept 11
13*2 Sept 15
1
14%
*11%
334
18%
16
Rensselaer A Sar RR Co...100
4934
*62
2%
600
3,400
114
*75"
Jan 15
10(8 Apr 19
37(8 Aug25
Mar
Jan
Jan
Preferred with warrants. .25
14,900
""140
49%
70
*66
*30
*
80
3678
Apr
Apr
178 Apr
125s May
1
No par
1st preferred
100
Reliable Stores Corp...No par
Reliance MfgCo
.10
Remington-Rand
June 26
3112 Sept 24
5% Sept 11
60
Sept 7
Rels (Robt) A Co
*14%
12
16%
90
19
65
*62
12
72
114
*75"
18
*414
97
*90
72
*42
*
63(2
16(4
98% 100
1734
23
103(2 *102% 103%
15
15
I5I4
6334
47
4
2078
25%
1638
95
22%
72
I6I4
3
18
*89
90
4%
27%
103
100
93(8
50
1214
4%
26%
99
4934
63(2
*11(4
*1534
65
18%
23
124
*75"
45
*11
19(8
50
..50
6
100
Preferred
79%
1%
50
4% 1st preferred
4% 2d preferred
Real Silk Hosiery
May 18
Dec
3
2334 Feb 25
1878 Jan 21
1284 Mar 6
105
Sept 8
49
30
*36
34
Sept 13
534Sept 13
Feb 15
(8Sept
47
31
38
*32
534
7
107
36
*30
*36
34
*U2
Jan
4
2438 Feb 3
112s4 Feb 27
28% Sept 13
31
38
*32l2
*58
103
72(8 Feb
Reading
31
*36
34
178
■15i4 Sept 14
734June 29
No par
No par
56
122(2 Feb
50i2 Nov
113
1,100
30
37
7
Corp of Amer
Apr
Dec
28(4 Deo
28(4 Deo
7314 Deo
I44i2 July
62
30
79%
39
Deo
128
29
37
*6
No par
Quaker State Oil Ref Corp..10
Oct
Deo
103(2 Feb
1131s Apr
$3.50 conv 1st pref ..No par
{Radlo-Kelth-Orph
No par
29(2
*U2
Purity Bakeries
Jan
Jan
1734 Oct
57(2 Oct
40U May
11534 Dec
146
Radio
May
8
128i2 Jan 21
Ray best os Manhattan. No par
*32l2
*58
Deo
17(2
Jan
140(8 Jan 20
1,200
37
6
13 (8
112
100
100
41(4 Apr
684 May
113(8 Jan 25
8% conv preferred...
6% preferred
Dee
Deo
112U Feb
19,500
40
79(2
178
5284 Jan 21
"4",700
30
6
Feb 11
6%
30
30
*1(2
86
65% Jan 15
4
118i2 Jan
6534
29
*32(2
*58
Feb 10
43s
30(2 Dec
9(2 Apr
11214 Nov
Jan
4(8
1>4
162(8 Jan 25
$5 preferred B
115
*37
30(2
31
110
Feb
12
15i2 Jan 20
317s Feb 11
Dec
Deo
Mar
Feb
4
Deo
29
334
20
Jan 22
Oct
1378
27®4
26i2
2958
1114
384
1178
Aug 30
Jan 22
Jan
li2 Apr
Sept 13
610
16
Jan 12
Oct
Jan
Sept 24
14i2Sept 24
107%June 28
95
Sept 24
'32 Sept 2
1038Sept24
June
25$
58(8
June 17
No par
103g
47% Mar
37
56,400
Jan
1(4 May
14
21
858 Feb
July 14
141
3
49
110
PnroOll (The)
17
Jan 12
140
15
11%
Jan 12
100
No par
110% 111
984
l%Sept10
5
Sept 10
No par
$5 preferred
Mar 10
4
28
2212
33i8
1178
378
Sept 11
5% pf (ser of Feb. 1 '29) .100
Pub Serv Corp of N J ..No par
6% preferred
7% preferred
8% preferred
122
2978 Apr 22
lU2Sept 24
3534Sept 24
Rights
*16(4
June 22
12% Sept 24
3i2Sept 11
60
Procter A Gamble
200
200
Sept 23
11*2 Sept 24
Pullman Inc..
95
23(2 Dec
Pub Ser El A Gas pf $5.No par
38%
14%
110% 110%
*96
97%
8
1
"8",200
37
16
Mar
6
5% conv 1st pref
5% conv 2d pref
400
*110%
40(4
43
15
{Postal Tel A Cable 7% Pf.100
*110(4
187
1834Sept 24
Pond Creek Pocahon. .No par
Poor A Co class B
No par
534
*130
3914
160
Feb
7(2 Apr
1
.5
*5%
143
15
Plymouth OH Co
5%
143
Mar
176
8
July 26
2l2Sept 24
x97% Apr 29
1734Sept24
No par
5l2
120
16(2
110% 110%
(The)
534
120
155
7
Mar
l%Sept 14
Porto Ric Am Tob cl A. No par
Class B
No par
125
Jan 18
Jan
20
16
25
900
*120
175
190
75
100
100
2,800
125
10134
Dec
Apr 12
165
1
1%
11,800
Dec
May
334
3784
10U2
2758
4934
I8I4 Deo
37(4 Jan
6218 Aug
I8I4 Dec
174i8 Apr 23
100
Plttston Co
170
Jan
Deo
..100
100
800
Feb
8
77
6% preferred
Pittsburgh United
Conv pref unstamped
Pittsburgh A West Va
*120
37%
*110'4
375s
7% cum pref...
Pitts Term Coal Corp
10
6,600
84
14l4 Aug 16
100% Aug 14
177sSept21
300
13(2
4334
5312
July
Sept 24
13%
11%
Deo
70
Sept 24
No par
"4" 600
Deo
1158
10
1%
14
Mar
523g
81
12%
334
14
88
7(8 June
Pittsburgh Steel Co
20
68
May
38(8 Jan
5(2 July
35(2 Apr
1,500
7,000
Nov
2
Sept 24
18
20
16
18% Jan
10
"3",200
Feb 17
Jan
784 Apr
7612 Jan 22
No par
350
6
July 26
358
Sept 20
Pittsb Screw A Bolt
300
64
10134 July
Mar
1678 Mar
Sept 24
conv
100
1%
July 16
87% Jan
Mar
66
12
9
6,200
1834
3%
8
Deo
5458 Aug
l02%3Oct
45
Corp No par
pref
No par
Pitts Ft W A Chicago
100
7% gtd conv preferred..100
$5
July
Jan 16
5634
Jan
81is Jan
314 Jan
8(3 Jan
li2 July
100
Pitts Coke A Iron
230
10
*12
72
4534Sept 24
20
18(4 Dec
19(8 Mar
100
83
11%
75
2
I884
3%
Pittsburgh Coal of Pa
6% preferred
*18%
•
"i~,66o
200
11
11%
8% Sept 24
Pirelli Co of Italy "Am shares"
45
"9%
93.1
127
16
*97(2
10% Sept 10
*121
143
4034
100
*113
10134 *101
3914
Pierce Oil 8% conv pref
128
3678
11378 1137S
142
1,100
114
39
*110
10%
158
53 (8
95i2 Aug 31
10%
3%
*117(0
1
123g
1%
*3878
361s
54
53i4
11714.118
2
Jan 12
3 >8 Feb
74i2 Jan 13
2034 Apr 5
333s Jan 18
114
54
7i2 Feb
14
July 30
*122
38(2
7
8
Sept 24
*12%
1434
13%
*1234
11%
11%
41
3878 38%
*36%
3534
36%
53
53l2
53%
54%
49%
51%
118
*117(2 118
117% 117% *117
117%
383g
37l2 38%
37%
36%
36%
35%
101% *100% IOK2 *10034 102
100% 100%
114
114
113
114
*112(2 11312 *113
117(2
Apr
100% Jan
40
3%
*13
June 28
100
1%
13(2
Jan
45(2
""280
4
13(2
36(8
10(8 June
2558
40
1434
14
13i4 Feb 19
5978 Mar 10
40
Plllsbury Flour Mills
123s June
54i2 Jan 14
45
*100
13
215sMar 11
9i2 Jan 20
1%
1378
Nov
Sept 24
6
14(2
378
6
Deo
31
5
22
*15
90
Jan
78 Sept 13
1%
14
130
20
Jan
16
Phoenix Hosiery...
Preferred
115
20(4
Jan
56
4i2Sept 10
378
13
*101
2038
64(2
8
Jan 11
3% Sept 11
.100
Nov
7
Jan
50
..No par
122
Jan
91
10
6%
Oct
Feb
25
Sept 20
70
7(2
46(2 Aug
87
60
JVo par
58
Oct
2
Sept 16
76
Phillip Morris A Co Ltd...10
500
45
Sept 24
June
No par
7% preferred
1434
1338
*122
7,600
9
{Phila Rapid Tran Co
378
12
3778
83
8%
240
*u2
5%
14
38(2
53%
87
.11
200
1458
138
*5%
12i8
*117
Phlla A Read C <fc I
*1
1(4
4
1%
3(2
2,800
20(g
*100
2034
Apr
24,000
10%
83%
*ll4
*12
334
115
20
21
79
17s
1
*166% 170
1078
1838
16
19(2
15(2
4
*13s
15s
*12
19
534
2784 July
38
17
38
No par
Dec
59(2 Nov
72
*83
*166(4 170
11(4
1778
$6 preferred
334
52,
10%
June
6% Sept 8
3238 Sept 24
Phelps-Dodge Corp...
25
Philadelphia 'Co 6%j>ref___50
%
79%
45
74
11634 June
48
"934
10(2 Mar
Jan
Mar
*4%
*45
12
11(2
13
Jan
Jan
110
72
10
85
11
Petroleum Corp of Am
5
Pfelffer Brewing Co
No par
678
11634 Jan 27
65i2 Feb 6
July 15
Sept 24
4534
52
85
19
*12
45
17
Feb
112(2 Nov
Feb
6%
~io"
4(2
2834
73
Apr
28(4 Apr
78
*45
934
52
19
*5%
*
3(8 June
10
30
49%
*
*10
79l8
178
*1(2
6%
*45
20
1838
*78(8
50%
50
11%
1U2
*
60
Dec
9
Mar
*26%
12%
4834
*4l8
50(2
65
par
Dec
63
*1;0%
55
49i2
*4%
6l2
100
No
Deo
37(2
2984 Feb 10
50% Mar 17
28% Sept 24
41
Sept 10
.100
Milk
"~334
1
1
45
45
4934
600
78
4%
534
76^2 Feb
Phillips Jones Corp
7% preferred
Phillips Petroleum
*72
5134
*4(s
4l2Septll
Sept 13
a;1734Sept 14
26
48%
*4%
78
5034
*418
638
"4" 700
6(2
%
5% Prior preferred
5% preferred
Pet
3978
5(2
85(2
9(2
18(2
1334
3238
"*334
1
Mar
683 Jan 23
12% Feb 2
2i2Sept 13
Jan
39(2
578
Aug
69
Apr
3734
334
60
8
4
39(2
*
9
64
25(8
36l4
*55s
1
7
Jan
10384 Mar
5
42
'""334
pref ser A. ..No par
Corp v t cNo, par
Pennsylvania RR
50
2
Sept 24
4
38
78
conv
Penn G1 Sand
81
Mar
37
*
$7
35s Jan
38%May 13
48i2 Mar
*39l2
78
3
No par
Dec
2234
1178 Apr
17(2 Nov
334 Deo
4% Jan 5
20% Sept 14
42
*
10i2 Jan 5
2378Mar 11
73s Feb 18
Sept 24
25
174
Apr
37
38
76
6%May 18
11
4(4 Apr
74(2 Apr
97% Feb
109(2 Deo
4(8 Jan
658 June
10(8 May
1(8 Jan
23
100
100
14l2
634
3634
*39(2
758 Jan 14
100
100
*12
39
Sept 11
Pere Marquette
68
18(2
38
June 16
2
People's G L A C (Chic)..100
60
68
*12
634
23
Parmelee Transporta'n.No par
Patbe Film Corp
No par
Patlno Mines A EnterprNo par
4034 May
Peoria & Eastern
60
*60
18(2
38
..2.50
4484 Feb 3
2958 Aug 25
Dec
5(4 Jan
4714 Mar
32i4 Nov
100
*65
72
70
*12
8i4 Feb 25
200
4,100
72(2
72
*50
36%
3% Sept 24
34i2Sept 24
5
June
5
*19(8
76
7
1
34% Jan
7>s Aug
8(8 Aug
17% Jan
234 July
21
38(2
21 (4
18(2
42
C M
112
70
39l2
2234Sept 24
100
*12
7
1
6% conv preferred
*55"
1334
Inc
30
18(2
1438
2634 Jan 28
112
37
512
59
200(2 Jan 28
112
113(2
Apr
July
Sept 24
No par
Jan
67
103
90
1658June 14
120
18(2
Mar 10
10978 Mar 18
2834 Jan 28
4
a;15%June 14
No par
70
1438
25,700
1
Penney (J C)
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement
No par
Dec
Oct
412 Jan 25
121
May 13
8
10
Peerless Corp
July
Jan
Sept 24
Penick A Ford
47(4
135s
June
Parker Rust Proof Co.
58»4 July
20%
55
Parke Davis & Co
Dec
1414 May
1214 Aug
13s Jan
99
Park Utah
41
17% Jan 20
50i8 Sept 24
Park-Tllford
395s Nov
Jan
8
Sept
138 Sept
100
100
Dec
30'4
4484
9% Sept 24
7
4% conv preferred
6% 1st preferred
6% 2d preferred
30
23(2
{Panhandle Prod A Ref No par
8% conv preferred
100
Parafflne Co Inc
...No par
Paramount Pictures Inc
Jan 12
IIS4 Apr
678 Jan
Peoples Drug Stores
*12
141.1
3,200
3234 Jan 14
Sept 24
2934 Apr 6
1238 Feb 18
300
*55"
1384
1,000
Pac Western
41
18l2
*
5(4
*
3034
70
76
3
6,200
17
*35
*12
*_
600
8312
281s
41
*5
42
800
3134
5
900
400
2038
21
2,600
20
41
5
17,900
3i4
29
31
21
500
19
203s
8
7,100
27
2134
27
16
23
3478
33
113l2 113(2 *112
40
39
40(4
41
11
3(4
44
3134
*35
*19
*514
13
87
3(8
30
*19
*113l2 114
28
*18
30
22
3l4
5l2
3i8
*50~
39is
*38(2
,
23i4
3i2
151s
2234
*191S
*58l2
1414
1778 113,000
2,300
124
23l4
*40
28
76
10
2312
*113l2 116
*113l2 116
*41
41
42l2
3978
8
7
*5(8
*4l2
*-
99l2
*23i4
12is
534
6
*18
60
2312
234
4234
88(2
378
5(2
29l2
42
1,200
*231,1
338
3512
83l4
133g
30l2
1%
100
2312
238
2l2
518
37,900
1678
238
778
2412
19
718
912
16
36l4
24
29l2
912
112
1738
35%
2312
*3
18i2
7
~1~,906
17
*92
56
99%
*130
16
Corp
Pacific Telep A Teleg
6% preferred
17
36i2
87
70
190
140U
17l2
3612
42
136
63
132
*
17
312
131.1
534
72
134
338
8
18iS
300
1612
3%
2l2
2812
1578
2312
312
*24
*17
39
99i2
24
share
3712
19
2834
132
5712
*23l2
Highest
share $ per
38
132
17
*125
per
27*2 Sept 13
74
17
$
Pacific Finance Corp (Cal)_10
Pacific Gas & Electric
25
74
18%
$ per share
share
7,500
57l2
9912
1712
126
per
17
712
16
$
2814
61
18
Par
Lowest
Highest
17
10i8
126
Lowest
2734
7i4
104
Year 1936
IQWShare Lots
18
79
78
*5512
*99
On Basis of
2858
*9i2
112
2
Range for Precious
Ranye Since Jan. 1
STOCK
Week
$ per share
YORK
EXCHANGE
3912
39l8
39i8
1912
19l2
19i2
1912
*13314 137
*132i2 137
*
*
140i4
140%
140i4
18
18
18
18
17
1712
738
7l2
7i4
7i2
738
7i4
*9i2
11
11
*912
11
*10
*15S
2
112
H2
1%
1%
19i2
140i4
the
19
2812
3912
*1912
131
*
1834
*17i4
Friday
Sept. 22
Thursday
Sept. 23
2033
Apr 14
Apr 17
95®4 Jan 26
3038 Jan 14
112
Jan
8
81
77
Dec
May
78% May
10
Apr
2414 June
90
Apr
4%
Deo
31
24(8 Nov
25
Deo
Nov
90(2 Nov
114
Apr
8U Mar
2978 Deo
128
Deo
10414 Oot
3984 Deo
79(2 Deo
138
Oct
Dec
98
Nov
22(2 May
105
Apr
34
Feb
117
Jan
92
34(4 Jan 22
25
July
58
Jan
50
Apr
67
Jan
5878 Sept
14
Feb
884 Nov
36(4 Nov
60(2 Nov
6558 Feb
1358 Jan
No par
15
11% Sept 10
Sept 11
31(2 Feb
19(2 Feb
35
60
Apr 27
86(2 Mar
32
7584 Deo
1,000
Antelope Copper Mines
Ruberold Co (The)
No par
24
Sept 24
3%
500
Rutland RR 7% pref.....100
45%
15%
500
Ritter Dental
67%
100
Mfg
Roan
24
3%
12,400
1,900
4,400
13%
20
34
20
1%
a Def.
delivery,
St Joseph Lead
2% Sept 11
10
10
r Cash sale,
Sept 13
484 Mar
Ilia Feb
2084 Mar
18
6% preferred
..100
{ St Louis South western.. 100
5% preferred
100
New stock,
984 Feb
65
Sept 20
37(2 Mar
Sept 24
15s Sept 11
3% Sept 11
x
Ex-div.
y
Jan
Mar
June
43
{ St Louis-San Francisco.. 100
n
38
Mar
Ex-rights.
53s June
22
July
1(2
Jan
238
778
Jan
18
"16%
Feb
5038
Dec
35s Mar
684 Deo
Jan
15
Oct
Jan
37
Oot
H Called for redemption.
New York Stock Record—Continued—Page 9
2034
AND
Tuesday
Sept
Sept. 20
Sent. 18
2934
30
99
*95
Sept. 24
$ per share
Shares
95
95
29%
30
28
96*2
95
95
*95
99
103
*98
103
30
*103*4 108
80
9934
*98
*98
103
103
104
10234 103
*103*4 108
*103% 108
IO8I2 108*2 *103*4 108
20
20
19
19%
19%
19%
20*2 21*8
35*4
37
35*2
36
36*4 36%
3634 37
*98
1*4
1*4
8*8
39*2
1
1%
884
8*2
3934
40*2
1*8
3*2
*89
91
1*4
8%
40*2
1
*88*2
90
90
1*4
1*4
1*4
1034
3934
8*2
3934
1*8
3*2
28*2
6%
7734
1*8
3%
1*8
29%
22%
11
28
28*4
88
88
39*2
1*4
1
76
21
22
11%
11
11%
*11
29
30
27
28
90*2
8684
8%
7%
88%
8
27*2
*84*2
7%
*56
59*2
*56%
59%
*30%
21%
30%
*30%
30%
90%
8
22%
3%
34%
35%
3%
3%
3934
110
78
22%
21%
11
11
*27
22%
11*2
27*2
*83
86
20*2
*25%
*17%
18%
*110%
3
31
2134
3184
1834
29%
141
145
*141
145
21%
21%
29%
2134
32%
21%
33
32%
20%
19
20%
21
3134
29%
31
32
56
56%
52
*32
52
*3
*91% 101
21%
21%
22
22
2334
21
21%
17%
17%
18%
15%
1634
17
*
150
2134
"20%
21%
12,000
Southern Calif Edison
34%
21%
31%
61,500
22,400
Southern Pacific Co
3134
32%
30
30
30%
18%
26%
*31
40
*90%
94
*85
94
73%
28%
1434
73%
*26%
5%
5%
17% *14%
73% *_
28% *26%
25
25%
46
46
1634
*5
5
5%
1834
14%
*
74
14
*25%
27
26%
48
48
48
17%
74
72%
29
10%
11
10%
1034
10%
17%
73%
29%
*70
10%
11
17%
72%
73%
29%
29%
1034
18*8 Sept 13
100
26% Sept 24
1001
15,900
Sperry Corp (The) vto
12% Sept 24
23
Sept 24
15%
■
1,200
220
21,300
73%
28%
70
71
26
10%
11
10%
1034
2,100
23,000
6
Conv $4.50 pref
Square D Co class B
Standard Brands
14%
15
13
29%
26%
29
36
32
2%
*134
2
*134
34%
1%
38
38%
37%
38
38%
3734
38%
36%
37%
25,200
Standard Oil of Calif ..No par
40
39
3934
39%
40
3934
4012
38%
13,300
Standard OU of Indiana
25'
37
37
*33
Standard OU of Kansas
10
25,200
40
*33
37
35
34
6334
63%
63%
14%
12%
16%
1434
12%
17%
10
14%
13%
1734
10%
64%
64%
5934
*119% 122
58%
122
58
3334
*34
63%
3334
63%
14%
12%
17%
9%
64%
10%
934
64%
64%
*119% 122
*33
37
5734
6334
14%
*12%
17%
1434
12%
18%
10%
64%
122
35%
55
39%
35%
5634
39
34
34
6334
61
62%
14%
14%
*12%1 13%
13%
14
12
12%
700
16%
17%
14%
16%
17,800
Stone & Webster
10%
66%
9%
64%
9%
27,100
64%
1,400
Studebaker Corp
Sun OU
57
3612
6334
*34
1434
63%
13
18
10
10%
9%
64
64%
*64%
121% 121% *120
121%
14%
1334
15
14%
14%
14%
1434
33
34
35
36
35
35%
33
3%
3%
20
24
24
20
26
26
26
*16
18
16%
1634
21%
28%
20%
21%
28%
12%
21%
2834
12%
10%
9%
*4734
13
10%
28%
1134
*9%
16%
2034
2834
12%
9%
4734
9%
9
4734
6%
*5%
10%
51%
9%
47%
10%
5%
34%
11%
34%
10%
9%
934
9%
*5%
10*2
4934
5%
34%
26
9
9%
52
21%
*25%
*8%
6%
*5%
10
49%
4934
26
26
16%
*14
26
17
2034
20%
29
28%
28%
12%
12
12%
12
934
10
8%
10
*48
*5%
634
9%
4934
5%
34%
11%
9%
*31%
10%
50%
5%
*62"
*6%
*
32
*29
35
*25
33
*25
32
*2734
63
62
62
62
62
*62
7
6%
85
~~6%
*35
6%
11
9%
31%
7
6%
*
85
*_
"e"
*35
40
5%
34
34%
11%
9%
31%
7
85
6%
6%
*34
40
2%
*634
*23%
40
2%
7%
7
*2%
*634
2%
7
734
*634
8
24%
3%
22%
23%
23%
334
24
14%
16%
14%
14%
15%
15
15
*14
17
17
17%
8934
90%
91
19%
1934
19%
58
58
57
2%
3%
384
15
16%
2%
334
16
1984
20%
19
1934
59
55%
57
57
20%
58%
14
14%
10%
13%
14
1334
14
1334
13%
10
1334
9%
14
934
10
10
10%
12%
12%
9%
1134
10
13
10
12%
1234
634
6%
*97% 10034
*9
9%
*10
11%
30% 31%
*38
6%
56
14
*2%
*78
I684
90
2134
105
*89
40
6%
*89
12
6%
97
9
*10%
29%
*37%
6%
56
55
14%
13
3
2%
92%
*12
12%
6%
6%
6%
97%
*96%
9%
10%
30%
*37%
6%
99%
*96%
*10%
99%
*55
56
55
13%
*2%
14
1334
*2%
234
9
12
31
40
7
55%
1334
2%
9%
11
31
40
6%
284
11
30%
*38
12
11
*10%
11
12
*10
500
14,700
55
55
14
14%
2%
"13%
75
70
68%
15
13%
8684
84%
21%
20%
101% 103
88%
88%
2484
24%
22
1934
2%
79
76
76
74
17%
17
17
89
17%
893^
22%
15%
91%
21%
87%
8934
106%
105
106%
88%
24%
88%
24%
*88
89
23
23%
900
14%
88%
.
8%
6,800
55
17
1
500
6
700
'Bid and asked prices.; no sales on this day
22
22%
106
89
*88%
2434
24%
22%
22%
*
9
5H% preferred.........50
■
Texas
30
1
10
.....100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3.50
com
$4.50
conv
■
684 May
5% Apr
28% Jan
6
Nov
Mar 30
33
Jan
54% Mar
6
Sept 11
24
17
13
24
24
1
4
3
2
1334 Mar
93% Jan
13*8 Feb
Sept
*40
8% Jan 13
15% Mar 5
28%
10%
4034
21%
98%
Feb 11
Jan 25
Jan 25
Feb 4
Aug 13
28% Feb 11
79
Feb
4
Aug
Trl-Contlnental Cor p..No par
56 preferred
No par
Truax Traer Coal.....No par
Truscon Steel
10
20th Cen Fox FUm CorpNo par
51.50 preferred
No par
Twin City Rap Trans ..No par
Preferred
.......100
54
1
12% Sept 13
2
Sept 10
No par
Under EUlott Fisher Co No par
...
68% Sept 24
13% Sept 24
84% Sept 24
Union Bag & Pap new .No par
Union Carbide & Carb. No par
Union OU California.......25
8,300
5,000
Union Pacific
200
n
■ ■
New stock,
.
r
,
Mar
3
26% Mar
8
12
40% Mar 13
50
Mar 13
17% Jan 22
94
Jan 20
25
b% Jan 25
100% Jan 8
18% Sept 17
111
Feb 20 f
4
28*4 Feb
148% Mar 16
100
88*4 Sept 24
9934 Jan 13
24% Sept 24
31*2 Feb
5
1934 Sept 24
35% Mar
Caah sale,
'■
r
11
Ex-dlv,
y
8'4 June
85
Oot
8*2 May
3%
8%
24%
4%
Jan
Jan
Jan
Jan
26
Apr
Oct
16
Nov
110
Feb
12% Mar
"9%
Feb
13% Nov
3234 July
8*2 Mar
3984
Feb
Jan
12%
56
21»4 Deo
Jan
1484
27% Deo
74*2 Nov
Apr
14% Jan
10% May
7% Jan
93
Jan
4%
7%
22*2
31%
884
65%
Jan
Apr
June
Apr
May
27% Apr
22% Deo
12
Feb
110
Oct
9% Nov
28
Deo
38% Nov
47«4 Nov
17% Deo
109
Deo
Mar 29
No par
4% preferred......
United Aircraft Corp
,
20% Sept 24
109% Jan 21
101% Sept 24
.........100
Union Tank Car
1,300
60,200
24
24
24
11
21
24
24
13
Sept 11
Mar
2
17
1,500
July
63%
22% Jan 11
273s Jan 22
11% Mar 8
18,900
49
48% Nov
8*4 Sept
5*2 Sept
9534 Sept
8% Jan
10% Sept
27% Sept
35% Sept
6% Sept
10,700
4434 Nov
15% Feb
14% Mar
59
13% Sept 24
Ulen <& Co..
Jan
Deo
Deo
33% Apr
10% Sept 24
1,100
28
Jan
Dec
Jan 13
2
Twin Coach Co
7% Jan
9% June
9%
13
55%
8%
Feb 19
Transue & WUllams St'l No par
Def. delivery,
a
Jan 12
Mar 3
Apr 22
Mar 15
Transcont & West'n Air Inc.5
70
Deo
3
64
3
10
Transamerlca Corp
Jan
Deo
15%
48
12% Sept
153aJune
88*4 Sept
15% Sept
52% Sept
No par
pref
Tide Water Assoc OU
20%
8
16% Jan 22
15% Jan 28
2
6% Sept 11
83
Aug 31
538 Sept 24
z40
Sept 2
134 Sept 8
6% Sept 24
21% Sept 24
No par
...
35%
12% Nov
44
Sept 23
26% Nov
Nov
15
61% Aug
No par
pref...
Oct
27% Sept 24
...No par
.....100
conv
Mar 31
Jan
8%
15%
65%
9%
24
24
24
13
8*2 Sept 24
Co....100
Jan 20
Mar 8
1534 Jan
45% Sept
4% Sept
33% Sept
9% Sept
1
Land Trust
9% July
57*2 Feb
5% Sept 13
8% Sept 24
Telautograph Corp...
Tennessee Corp....
3
2
Jan 20
17% Jan 21
8*2 Sept 22
4734 Sept 20
7,100
2%
8
8*2 Sept 24
14
2%
Jan
1
60
f In receivership,
11
6% Jan
20% Apr
28% Apr
1934 Sept 24
21
Sept 13
10
Sept 24
24,400
6,900
2,200
9%
1,400
!
23
20*2
28%
33%
2334
13
1334
634
231
39% Jan 25
25
Timken RoUer Bearing.No par
35%
25%
Sept 14
10
50
25
5,500
2834
25%
22%
47% Mar 11
7,400
6%
104
6134 Feb
734 Mar
Sept 20
Swift & Co
Dec
20% July 12
20
Sutherland Paper Co
Sweets Co of Amer (The)
The Fair
4
Jan
Sept 13
19
11%
125
100
....
$3.60 conv pref
Feb 17
77*2 Jan 11
3
5534
27%
2134
Deo
684 Mar
42% Deo
37% Oct
13*2 Nov
20
12 % Sept 15
3234Sept 24
pref
No par
Timken Detroit Axle......10
4.35%
77
90
900
96%
7
18
24%
90
30%
89
238$
4,800
1,200
23,100
37%
79
24%
16%
37%
*634
16
22%
3%
14
29
86
21%
200
2,000
31%
77
105
60
Jan
53 div
39%
1784
91%
22%
21% 21%
102% 104
*8884 887f
24% 253$
22
233$
Jan
3
Superior Steel
Mar
1
...
Third Avenue Ry
6%
9%
81
105
27
Superior OU
Thermold Co
8%
99
7
Nov
5,100
13%
8%
10%
5%
9534
6%
*96%
*8%
*634
125
3,400
22%
15%
52%
11S4
6
6%
5%
2%
.89
91%
19%
57%
*90%
6%
Jan
......100
Sunshine Mining Co
10
Superheater Co (The)..No par
Preferred
6%
17
58%
16%
93%
118
6% preferred
m
21%
3%
12%
1534
3%
15%
1634
8934
19%
*91
Mar
40
2
23
1634
334
3%
"_5%
734
*634
*22%
3%
14%
24
15%
91
Thatcher Mfg
*35
48% Deo
30%
Texas & Pacific Ry
2%
jan
Jan
400
6%
3284
9
17% Jan 20
9% Sept 13
Sept 22
118
Aug 6
400
40
Feb
50
Sept 11
64
300
2%
Feb
Dec
1
...No par
62
*35
47%
70
(The)
28
~~6~
6%
6%
*35
2384
3%
2%
2%
40
Aug
2412 Apr
30
500
35
Jan
62
6%
Feb 19
14%
9%
27%
83
Jan
50
16*2 Apr
30
6%
384
Feb 11
30
*
Feb
33% Jan 29
3134
634
2
21
Texas Pacific
83
Jan 11
14*2 Sept 24
7,500
*
83
Dec
4
13% Sept 24
12
Sept 24
8%
634
7%
*634
*
Dec
72%
1
Texas Pacific Coal & OU...IO
62%
Deo
62
...No par
Stokely Bros & Co Inc..
9,600
30
27%
Dec
Oot
7,200
*62
Jan
Apr
Apr
78*2 Nov
8,900
*26%
Feb
13*4 Mar
9% Feb
Jan
5
9%
18% Nov
Apr
July
65
10%
8%
7
4334 Nov
129
Jan 29
34
1034
Jan 12
Jan
75
10%
8%
45%
4%
33%
Apr
Apr
Sept 24
..5
5
Corp (The)
.25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
5%
34%
11%
8
Jan 22
Mar 8
Mar 8
61
Talcott Inc (James)
50%
34
5384 Mar
(The) L S..No par
40
5
63
5%
34%
1034
9%
37
Jan
Sterling Products Inc......10
Stewart-Warner
..5
800
48%
50%
5%
34%
11%
9%
34
3I84
5
Nov
Jan
Deo
Without warrants
400
Oct
Jan
24% Aug
70%
2,000
7,600
Apr
Oct
92*2
4034
9
1
3634
2434 May
Swift International Ltd
51,600
27
May
5
Symington-Gould Corp ww._l
9%
11434 Nov
934 Mar
Jan
June
Mar
3,700
5%
Oct
48
3,200
48
Apr
Oot
11% Nov
Sept 10
11%
8%J
59
82
32
28
5%
Jan
Starrett Co
10
9%
Do'
D#c
31
500
5%
Oot
26*2
54%
Jan
8,800
934
47%
55%
1634
8%
32*2 July
25
20%
48
Feb
Mar
9
26
48
160
Mar
27
9
July
7*2
35*2 Aug
76
1634
1934
52
17% Nov
114
36% July 12
21
8%
8%
Jan
Deo
Sept 24
12,200
900
72
30%
55
15,600
2,500
Nov
30%May 14
3%
2,400
Apr
85
Standard OU of New Jersey.25
14%
3234
5%
6%
10
170
132
Jan
2184
14%
120%
9*2
5%
9*2
2434
2634
Jan 20
Feb
72% Jan
8
36% Sept 24
25%
2034
2834
12%
9%
*8%
*48
33
32
•
9%
10%
9%
52
1,700
4,500
Oct
Deo
13%
65
2% Sept
3%
20%
3%
£21% 23
26%f 26%
i*15% 16%
23%
20%
28%
21
52
10
22
22
300
Jan
Jan
44
Jan 18
16%
128*2
12%
14%
32%
30*2 Sept 24
13%
3234
36
3%
3%
3%
3%
100
120
120
14%] 1434
35%
3%
1%
No par
Feb
684
6%
73%
2934
15%
95*2 Apr 28
48% Mar 8
11 *4 Sept 24
25*2 Sept 24
No par
57 cum prior pref
No par
Stand Investing Corp ..No par
58%
*33
58%
14
3%
1,000
2,100
37
3934] 40%
37
34
3%
26%
14*2
48%
684
47%
2834 Feb 11
5% May 18
29%
33%
*134
34
*12%
17%
12,600
par
127% Nov
684 July
63% June
101% Mar
Feb 26
50
234 Sept 13
15%
No
JStand Gas & El Co
$4 preferred
56 cum prior pref
Dec
Nov
28% Dec
34
2384 Jan 12
35
Aug 14
June 29
1
Stand Comm Tobacco.
3634
234
3834
31%
8
15% Sept 24
70
Sept 24
No par
25
Sept 24
.1
No par
10*4 Sept 13
No par 12015i6 Apr 0
30
15
58%
*33%
6334
14%
12%
44
Sept
64
45
19
Jan 28
31
2
Spiegel Inc
*28
15
57
58%
6
1
*36
*28
234
3934
6%
7
Sept
4% Sept 24
1234 Sept 13
36
36
*33
6%
92
30
30
"39"
6%
5,200
14,800
5
33%
*134
15
30
*34
*
6%
3%
58*2 Feb
Splcer Mfg Co
No par
53 conv preferred A..No par
620
25
6%
25
2
m
Jan
23% Jan
1234 Apr
2
J an
~
28
4
150
Jan 20
Mar 16
Mar 17
Jan 7
Feb
16%
4
65*8
11%
77%
104%
9*2
8
94
45
4%
Sept
4% Sept 24
36
m.
Mar
3% July
26
Apr
2
Jan
73% Sept 20
78
23
4
45
12% May
32*2 Jan 13
65% Mar 11
43% Mar 17
60*2 Mar 6
29% Sept 13
6%
14%
6*4
1434
3%
6%
14%
155
Sept
110
9
June
42% Jan 12
20% Sept 24
June
21
6% Feb 26
Mar 29
25
40%
26
200
45
4%
141
3%
5%
11%
25%
30%
*134
4*4
6%
115
Mar 18
Deo
Deo
Dec
Feb 16
2934 Feb 15
23% Aug 14
234Sept 11
29
Sept 24
Sept
1934 Nov
32%
104%
11%
8
Spencer Kellogg & Sons No par
9,200
m.
17%
4
54
4% Apr 21
60
5
14
13%
2434
4
MarlO
Marl6
100
94
m*
Dec
8»4 July
1984 Jan
Mar
58
26%
*85
26%
12%
102
17% Mar 11
120
MobUe & Ohio Stk tr ctfs
4%
*1234
*.
43% Jan
30% Apr
1434 Apr
8
197
100
U Preferred
4
Feb
3434 Feb 19
105% Feb 2
Spalding (A G) & Bros .No par
1st preferred
100
Spang Chalfant <fc Co 6% pflOO
Sparks Wlthlngton
No par
Spear & Co
1
55.50 preferred
No par
26%
16
Jan 21
44
Jan
June 17
5% preferred..
i'loo
—
48
26
484
1
60% Apr 22
102% Feb 4
-..100
"
5
60
14
29%
17%
17%
73
29
78
13%
48
40
4%
28
*45
14%
74%
5%
14%
Feb
July
z3% June
19*2 Jan
97% Dec
Southern Railway
7,600
*40
*26%
28%
14%
26%
*31
5t4
89
Mar 10
65
16% Jan 15
100
8% preferred
32%
20%
94
3134
10
150
~21%
46%
5%
Jan
14
Sept 17
110
No par
21%
5%
*14%
17%
So Porto Rico Sugar
22
*90%
73
2,300
3434
5%
31% Nov
Jan
54% Jan 11
Solvay Am Corp 5M% pref 100
South Am Gold & Platinum. 1
Deo
Jan
120
15% Sept 24
Socony Vacuum OU Co Inc. 15
Dec
7% Nov
11%
40%
100
8%
44
15%
Sept 20
6,000
Apr
3*2 July
2034
Sept 24
80,800
29
2
30% Aug
4
Feb
21
par
Feb
2% Deo
17% Feb 10
42*2 Mar 10
20
No
Snider Packing Corp
Jan
101% Nov
34
July 21
96
Feb
Jan
Smith & Cor Typewr..No par
21
*31
30%
100
4%
20*2
59%
1,200
19%
%
2
2
Apr 5
11% Mar 1
98% Aug 18
No par
10
33
5%
16%
27%
46%
1734
*
1% May
7% June
Jan
Jan
$6 preferred
Smith (A O) Corp
600
Dec
Jan 14
3,500
18
1734
11134
111% 111% *111
3
2%
2%
234
29
30
2934
30%
94
46
100
6% preferred
SI08S Sheff Steel «fc Iron
*85
14%
25
'
530
94
*26%
14%
Skelly OU Co
7,800
10
250
*85
76
Slmma Petroleum
400
45%
2%
8%
5418
11
9*4 Sept 24
30%Sept 24
3
Aug 13
35*4 Sept 24
98*2 Apr 29
85% Jan 2
No par
-
103
60
27*2
1434
Simmons Co
105
'*40
*73%
*26*2
14%
26*2
5H% conv preferred
100
Silver King Coalition Mlnes.5
500
.
19% Sept 24
102
Mar 20
No par
100
60
4%
Co.No par
Shell Union Oil
21
154
56
30
53.50 cony pref ser A.No par
Sheaffer (W A) Pen
105
*52
*14%
73%
83% Sept 24
7
Sept 24
110
58
5%
1834
...No par
Sharpe & Dohme.....No par
104%
*40
5%
No par
110
58
*14%
Sept 10
104
115
"2114
5%
1
$5 conv pref
6,400
7,700
37
35%
*91% 100%
39
*40
5%
3% Feb 9
23% Feb 10
8
......
14,100
3%
3
*31
5%
21
104%
103% 103% *103
10
10
10
9%
35
33%
34%
30%
534
57*2
5%
Sept 24
Jan 11
Sharon Steel Corp
40
34%
21%
33%
l%June 24
z38
4
3
Sept 11
26% Sept 24
6
Sept 24
72*2 Sept 24
19% Sept 24
934 Sept 24
25*2 Sept 24
200
30%
37%
17% Nov
55% Nov
101«4 Mar
Seagrave Corp
4,900
30%
19%
3
June
93
..No par
Sears, Roebuck & Co.-No par
Servel Inc
1
Shattuck (F G)
No par
32
22%
2
Seaboard Oil Co of Del. No par
7%
Nov
114% Mar
37% July
1,000
7
114
98*4 Mar 15
4,600
800
Aug
110% Sept
5134 Mar 17
4,400
4,200
108
27*2 Mar
14% Jan
$ Seaboard
12,900
3,100
6
3
113
No par
Scott Paper Co
40,300
Deo
Jan
Feb
113
Sept 24
27%
6%
75%
21
10%
27%
83%
99
104*4June 29
Air Line... No par
4-2% preferred
100
934
25%
83%
Deo
Sept 24
11,200
72%
19%
share
96
89
1%
338
6
per
49% Nov
6
Mar
103
9
9
34
3934
3%
26%
Highest
I
100
1
100
1
59%
45
*5*4
July
370
*56%
*30%
2134
*53
*30
1,000
7%
*_
22%
99
preferred
JSchulte Retail Stores
8% preferred
4,400
734
*110
141
Sept 24
July
39
734
103%
103
104%
1%
8
I"
28
1 per share
27
July
5 per share
46
Jan 13
share
95
5 Mi%
200
*56%
59%
32
*30%
21% 22
104% 104%
10%
10%
35% 3534
*3
3%
38%
39%
*91% 101
10%
35%
110
79*2
76
6%
104
103% 103% 104
21
20
21% 21%
21% 21%
21%
*22
23
23
2234
24%
2234
26%
19
19
*17%
18%
1734
1734
*17%
18%
1834
18%
18%
18%
18%
17%
113
*111
*111% 113
*111% 113
113
3
3
2%
3%
3
2%
2%
31
31
31
30% 3034
30% 31
*103
*141
111
110
3%.
28%
6%
1*4
8%
40*4
1*4
3*2
29
6*2
734
34%
3%
3%
39% 40
*91% 102
*91% 102
117
114
22%
11%
28*4
87%
7% I
10
3634
*3
3%
*38% 4034
*91% 102
38
7
80
59%
*56%
30% 30%
20%
21%
103% 103%
10
9%
36
29
*6%
78*4
2138
2084
104%
104
10*2
10
334
28
28%
20
*104% 104*2
1,800
8,000
89
*8*2
3934
11%
78%
18*2
35%
89
1%
22
6%
18
34
91
8%
39%
3*2
3*4
27
19
36*2
*89
1*8
6%
' 7834
678
19
36
91
8%
1*8
3%
29*2
6%
80%
22%
29
*89
91
*103% 108
per
No par
Safeway Stores
4,400
29%
5
Lowest
Highest
5% preferred
.-.-100
6% preferred
-100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
20
*98
Par
Year 1936
100-Share Lots
Lowest
30
*95
On Basis of
Weet
$ per share
$ per share
29%
2934
29
31
*95
EXCHANGE
Friday
Thursday
Sept. 23
Sept. 22
21
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
$ per share
5 per share
$ per share
31
SALE PRICES—PER
HIGH
Monday
Sales
for
LOW
Saturday
Sept. 25, 1937
Ex-rights,
4
5
Jan
2% June
74% June
8% Jan
102% Deo
71% Jan
2084 Aug
108% Jan
90*8 Jan
22% Jan
20% Apr
105% Nov
28*2 Feb
14934 Aug
100
June
31%
Feb
32%
Feb
T Called for redemption
1
1
Volume
LOW
AND
New York Stock
145
HIGH
SALE
PRICES—PER
Record—Concluded—Page 10
Sales
SHARE, NOT PER CENT
Range Since Jan. 1
STOCKS
for
NEW
Saturday
Sept. 18
Monday
Tuesday
Wednesday
7 hursday
Friday
the
Sept. 20
Sept. 21
Sept. 22
Sept. 23
Sept. 24
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of
STOCK
YORK
Shares
11%
*15
11
113s
*15
117s
20
18%
2112
11%
*15
2U2 2U2
2112
21l2
*107% 112
*107i2 112
*107%
72l2 7534
71% 7212
72%
31
31
31
4%
4
4%
3534
914
3534
914
31
30i4
4
4%
3434
3534
3578
9
9%
*14
17
*14
9i8
16i2
*81
96
*81
96
7j4
7U
*37
678
4138
43
65
65%
66I4
1178
12
1134
10434 10434 *103i2
714
7*4
678
*1238
1234
1214
*80
*80
93
1412
*86is
7
7%
4138
1158
1214
III4
12
*15
22
*15
18
1818
21
21
21% *21
21%
*107% 112
112
*1iQ712 112
73
7278
7278
72l2
7334
*29
31
31
*29% 3034
4
4
4%
418
4i8
35
36
35%
35i2
3534
9
9%
938
914
914
14%
15
14i2
14i2
14i2
*86i8
9534
96
*86i8
9434
7
7%
7%
738
,714
41
41
*40%
42
40%
12I4
90
*80
1038
10
11*4
1278
1278
12
12
1238
11*2
12%
83
85
1%
88
89
84
159
159
*10
88
159
*li4
1218
13*8
13*8
48
28
28
8
*41
26*8
8*8
1284
14*2
105
*80
*27*4
734
1334
784
13
8*4
40*8
8*2
42*2
76
76*2
"""906
21
,
35
4
61,300
35i8
9i8
13U
*86i8
6i8
4,400
14
9434
7i8
4012
8I2
700
6,200
~~8~, 700
600
4034
7734
75
697s
66
8
8
7%
3,800
1234
1234
11
13*2
700
5,500
300
83
*70
85
88
39%
38*2
8*4
8%
42%
7734
76%
68%
734
39%
39%
8%
41%
7*8
36%
73
75*2
6934
72
9,500
78
76*2
68%
68*8
89%
85%
121% 122%
73*8
75
4,600
68
68
400
80%
84% 273,500
78
77*4
75
66
*6678
69%
68*2
88b
14
3,500
39%
75
122b
40
2834
75*2
89*2
4,100
26*2
76
124l2
60
2,400
28*2
684
8%
91
88%
122% 122%
91*2
123
67
1634
*-_.
1634
6434
1634
67
67
17
1634
*
67
17
17
*
17%
67
*1634
*62%
*41
*41
4334
25
25
2934
2934
2312
40
29
6*4
5*8
39
40
22
*11934 127
584
69
10
26l2
*85%
90
2514
*86
2534
25*4
87*2
*86
1034
113s
10
1034
40*2
41
39*2
40*2
19*2
1834
18%
10*2
3984
*187g
*19
15
16
16
5
5
*53
60
11*2
43s
*53
12
11*8
55
*50
*32
4%
40*2
6
40*2
*16
*86
87%
10%
37
6
20
*1534
25%
22
87
85%
19
*18%
18
*15%
4%
4%
*53
60
100
20
$6
10
2,100
50
12,800
2,500
500
4,900
19
600
15*4
900
4%
5,100
60
_
_
48,800
300
4,600
4%
jWarren
96*2
12212 *121
114
116
96*2
*9
4
4
33
3338
34*4
31*4 32*2
125*4 127
4
34*2
30*2 31
120*2 125
140
140
19
19
*35*2
144
*1%
38
4
34%
30%
1434
178
438
6*4
*9*8
4
200
la4
700
4
3%
29
2,300
30%
26*2
32%
29
28*4
115% 122
31
9*o
134
I84
6*4
2,300
3,200
9%
10
4
35
50
237g
28
110
115
134
29,700
9,000
21,700
135
60
17%
18
1,100
*35%
137*8 137%
19%
*35% 38
18
*17%
*18
38
*18
1978
*35*2
*16*4
*2678
38
18
18
29
28
28
*26
28*2
*85
94
*85
94
*85
94
*85
94
*85
94
*85
94
*90
105
*90
105
*90
105
*90
105
*90
105
*90
105
19*4
43*2
4.034
110
78
1938
4212
42*2
*95
*90
105
75
75
*75
1938
43%
42%
43
*94
40%
*92
108
77
110
42%
77
0:7334
7334
*65
75
19%
*15
19%
*15
19%
18
18*4
17%
18
15
17*4
12,300
14
13*2
13*2
13*2
13*2
13%
1334
13%
13*2
12*o
13*2
1,100
33g
*3%
*2414
3*8
4l2
3*8
24%
21
338
*2234
3*8
4*2
458
*9
8*8
7*2
71
4li2
*28*2
93
25
3l8
4%
10
*9l2
778
73
71
7%
42*>8
42%
*30*2
31
334
3%
*24
26
3
3*2
26
3*8
*3
434
4%
2:938
4%
9%
7%
70*2
43*4
734
70*2
43%
31%
30*2
23%
3%
4358
30*2
10
778
71
2%
4%
9*2
734
70
3
3
4*2
-
9*2
7%
29%
85
96
96
91
91
89
90
96
*88
92
88
88
*70
78
"75"
65
*70
85
*70
87
*70"
*70
80
*70
78
*70
88
*70
80
*70
*76
79
7534
76
76
67
*65%
68
65%
4434
*39%
42%
17%
*64%
65
65
65
75%
*64%
*38
3978
38
38
*39*2
17*4
123
1558
*__._
1678
119
16*2
*
17%
120
16%
*
120
"34*4
34*4
"32*2
33*%
"32%
32%
"32"
32*4
65b
6684
62*4
6418
63*4
65*2
63
6434
98
35*2
4
♦
*85
97
33*8
3434
378
4*8
*85
34%
4
97
36
4
*85
34*2
4
94
35
4
Bid and asked prices; no sales on this day.
*
«, -
800
3734Sept 24
May 20
12i2Sept24|
par\
2i2Sept 13
White Sewing Mach—No par
21
17,100
1,500
78
190
80
200
80
100
80
7t?
70
No par
$4 conv preferred
..No
35%
4
59
94
*85
34
32*2
3*2
1 In receivership,
37g
a
7,900
Del. delivery,
Mar 11
126*4 Aug 14
5*8 Aug
72*2 May
3434 Jan
94*2 Jan
123*2 Jan
22&s June
35*2 Oct
1934 June
3184 Nov
34
99
Jan
978
Feb
Feb
Feb
96*8 Nov
355078
153*2
Dec
Oct
Oct
160
3384
Jan
39
Jan
32
July
Oct
35*4
91
Nov
Oct
July 1120
21*2 July
84
4
July
3978
Dec
109*4
Feb
9034 Aug 31
23*2May 15
333s Feb 16
1878 Jan 25
634 Mar 22
46*8
Jan
4
6*4 Jan 25
5*2 Sept 7
12
Sept
7
1838 Feb
1384 July
3*4
16
234
Apr
Apr
Jan
28b Nov
178s Nov
684 Nov
43
Nov
5*4 Mar
Jan
11
Sept 24
91'4Mar
12*4 Feb 27
2
668 June
70
June
87
Jan
Sept 24
653s Jan 20
4484
Apr
71
Nov
Jan 22
23*8
3584
Dec
56
Apr
Apr
8634
Dec
47
Jan
8034
Oct
625s
Jan
78
Sept 24
47
112*2 Mar 25
Sept 24
112
Aug
100
Mar 10
8212 July 12
70
Sept 24
128
Mar
6
76
Jan
7
Wright Aeronautical—No par
92
6
Aug 11
14034 Sept
6334 Sept 24
38
Sept 20
63
Aug
79
Feb
62*2 Jan 27
3338
Apr
51
Nov
15
Sept 10
373s Feb 16
884
Jan
23*4
Dec
..100
117
Sept 13
Dec
32
Sept 22
83*2 Jan
42*4 July
4184 Jan
163*2
Young Spring & Wlre..No par
No par
25
Yellow Truck & Coach cl B..1
preferred..
Zenith Radio Corp
Zonite Products Corp
n
New stock,
r
Jan 23
465s Feb 15
10178 Mar
9478 Sept 17
100
115
30
No par
...l
Cash sale,
142
5434 Sept 24
Youngstown S & T
5H%
12,600
6
Sept 20
Preferred
1,600
29,400
65
Aug
75
15%
5434
Sept 23
24i2Sept 24
Wrigley (Wm) Jr (Del) .No par
46,600
34% Jan 7
Apr 13
75
Yale & Towne Mfg Co
..
27*4 Feb 23
178 Nov
41
100
100
6% preferred B stamped 100
600
32%
6
7% prel A stamped
800
~32%
Jan 22
May
Preferred B 6%
15 )8
120
90
170
15
67
par
preferred
100
Woolworth (F W) Co
10
WorthingtonP&M(Del)No par
Preferred A 7%
100
$6
65
33*4
3%
Sept 24
834Sept 24
7i8Sept 24
10
6% conv pref
Wilson & Co Inc
39%
94
2:7334 Sept 23
19
Sept 11
15
Sept 24
4 3s
700
6
1678s Jan 22
126
1
1,800
5784 Mar
Jan 18
Willys-Overland Motors
16,400
11*4 Mar 17
83*2 Jan 22
115
99
1
White Rk Mln Spr ctf. .No
7
4,100
7%
5
23*2 Mar 6
484 Mar 17
Jan 18
438
9%
1134 Mar
114
$5 conv prior pref—No par |
WhlteDent'lMfgCo(The SS> 20
White Motor Co
15
*85
Sept 24
234 Sept 13
78
6 334
Sept 24
9
8
9184
29*2 July 12
90
Wheeling Steel Corp—No par
Preferred
100
38
61
23*4 Sept
5
42%
27%
*
12*8
Apr
Wilcox Oil & Gas
67
32%
11634 Dec
Apr
25i2Sept
preferred—100
6334
120
Jan
8*8
Sept 13
123*2 Mar
115*2 Jan
39
1634
"32%
Jan
9
3038 Jan 22
39%
*
116*2
III84
Apr 10
35S4July 2
17
Sept 24
75%
65%
39%
75%
Sept
700
75
89%
Apr
102
124*2 Sept
1,700
*65%
*65%
80
76*2
93
92
-
110
118
278
24%
87
*
3
41
85
42%
300
-
Jan
Dec
Dec
Sept
Feb
107
No par
conv
234
523s
8334
78
Jan
17i8Sept 13
Class A
Aug
Jan
134
50
preferred
84*2 Feb 4
108
Aug 26
1
335s June
Feb
22%
234
438
834
7%
67
70%
43%
29%
*90
4
6,600
*16
3*8
1st
5H%
_
"11*4 "Feb
6
Mar 17
96
26l2 Sept 24
110
Sept 24
Westvaco Chlor Prod--No par
40%
6*8 June
2*4 Jan
56
87
29
5% conv preferred
30
Wheeling & L Erie Ry. Co.100
105
Dec
39*2 Dec
Weston Elec Instrum't.No par
200
19%
25
100
300
*80
37b
Apr
Feb 11
9l2Sept 24
ll2Sept 11
3i2Sept 10
Westingh'se Air Brake.No par
Westinghouse El & Mfg
50
17
3734
110
Apr
19*2
Aug 26
6
Western Union Telegraph .100
26*2
_
21
MarlO
Feb
109
1
23i2Septll
—100
100
preferred
Dec
278
103
July 14
July
IIOI2 Apr
100
Co.-.10
100
6%
Dec
69
81
7% pref.lOOf
2d preferred
183s
Apr
*2 June
90i2June 17
89
100
100
17
18*2
78
4%
Apr
Dec
5034 Aug 10
934 Feb 1
Western Pacific
Nov
1234 Dec
38*4 Feb 19
Maryland
Nov
75s Nov
388s
46
Western
52
105
Jj>U
Sept 24
preferred
Jan
Dec
Nov
Jan
Sept 24
234Sept 24
Jan
Apr
20
458
1578
Sept 24
6%
Nov
44
35
26%
18
31*4
33*2
.»
*16
43
*85
-
18
10*8
16*2
-
17*2
*14
73
*
«.
18*2
334
76*2
«.
5
Jan
30
'
-
18
22
Western Auto Supply
19
39*4 Dec
69*2 Jan 23
1«4 Feb 17
1
west Penn Power
116
6
634
134
12134
23*2
2534
2
—5
97%
*114
1
99*8 Mar
No par
*95I2
12134
503s Feb
"1034 Feb 26
12*4 Jan 25
97*2
30
*10
is4
634
7
Sept 24
116
jan
Apr
123s
8
35*4 Jan 16
preferred
preferred
9i8
30
4984 Nov
78
*2534
8
Feb
Jan
$4 conv preferred
No par
West Penn El class A..No par
33% 35
29% 31
124
128
122% 125%
*137% 140
*137% 140
*19
19
19*2
19*2
38
*35*2
*35*2 38
18
18
*17*2
*17%
*27*2 28
27% 27*2
12
6*2
26
Feb
4*2
Apr
Apr
300
12134 *121
116
*114
Mar 17
Aug 21
7%
6%
Feb
137*2 June
5*2
78
*121
Aug
2*4 Aug
1778
107s
2*8
473s
9*4
78
96*2
120
Dec
86
26*8
79*2
130
Aug
1978 Jan
*78
190
70
20
81
450
Mar 12
Dec
41*2
131*2 Aug
9212 Aug 18
1834 Mar 11
Sept 24
96*2
Jan
518s July 15
July 15
24
2534
63g
24
1
95%
zll4%
24
32
102*2
14
4
24
1
95%
5
Dec
1334
784 Mar
Wesson Oil & Snowdrift No par
95*2
Jan
Mar
Dec
6884
114*2 May
103s Mar
1,600
101
May
37
8*2
Jan
33
102% 102%
95% 95%
Apr
Aug
48*4 July
5
32
101
4
493s Nov
116
4*8 June
34%
1%
Mar
135
Sept 24
Warren Fdy & Pipe
Motor Co
109
7
4
Waukesha
4*8 J
2834 Aug
12'4 Jan
15
Bros
Apr
16
34
.25%
634
634
*10
14%
134
134
438
4*8
2558
158
96%
12134 *121
12212 *121
114
113*2 113*2 *114
25*4
6l2
17g
97%
101
101%
9634
*96%
6
Feb 15
J
Feb
40
183s Mar 16
Sept 20
3b Sept 24
No par
101
743s Apr
115
No par
Wells Fargo & Co
98
6
$3 convertible pref.-No par
Webster Elsenlohr
10034
12»4 Apr
2834
ill0*4
6l2July 15
Sept 24
10
3%
5
Dec
10*8 Mar 16
Sept 24
38 Sept 14
3,100
900
Mar
May 12
Dec
3058
122*2 Jan 11
10
Wayne Pump Co
*1%
47
Oct
25s
57
2
47
800
1%
44% Jan 20
115
Apr
6*2 Mar
278Sept20
5
Sept 24
11734 Feb
5
3,700
100
65
June 29
No par
No par
pref
Quinlan
36
9778
31
conv
30
9734
42*4
$3.85
22
98
34!4 Sept 24
105
Sept
30
100
Sept 24
64
*100
35
100
5
15
No par
No par
22
100
I03i2 Aug 19
38
Sept 24
8412June
8% Sept
38*8 Sept
1834Sept
No par
Warner Bros Pictures
t Warner
16
234
June
195$ Feb 11
31
*3%
*1%
1
16*4
49
No par
Class B
Aug
Apr
30
Sept 13
Preferred..
3*8
2b Jan 20
Sept 23
% pref with warrants 100
Ward Baking class A
115
393s Mar 11
9
Walk(H)Good & W Ltd No par
Preferred
Nov
165
58% Jan 20
22
37%
3%
99
778
4
Walworth Co
57b
9
No par
22%
4
478 Jan 13
No par
Co
31
100
10
100
100
22%
36%
*78
73
100
100
;
Apr
Jan
50
98
Preferred
Nov
92
Mar
153
Jan 18
Sept 24
3834
lb
Jan 19
July
884 Nov
102
6734 May
164
15i4Sept 20
11934Sept 23
21,300
168
Apr
108
5% preferred
100
Virginia Ry Co 6% pref...100
Vulcan Detlnning
100
10
Oct
5
Jan 21
110
23
80
4%
100
Waldorf System
Apr
May 17
578 Sept 14
Walgreen
75*8
Apr
86
Virginia Iron Coal & Coke. 100
1,100
Nov
10334 Nov
131
Sept 24
Sept
1
No par
preferred
5,400
72*4 July
68*2 Jan
463s Jan
21
30
20
47
Jan
160
8iS Feb 5
84% Jan 11
Va El & Pow $6 pref...No par
200
101
Jan
Apr
Jan
July
39
5
33
3*2
Jan
Aug
20*2 Sept 24
2612 SeW 24
—5
23
80
12
ligSept 11
100
38*4
*3*4
*1%
80
634
142i4May 17
38
Sept 24
100
1st preferred
June 11
1634Sept 18
59% Sept 17
No par
Preferred
*31
*79
2534
65
Vanadium Corp of Am.No par
22%
80
96*2
278 Sept 24
1
39*4
3*2
Jan
10
71
21*2
75s
9
100
Chem
2088 Nov
62*4 Nov
59
Apr
978 Jan
183s Jan
104
Sept
6378 Dec
19*4 Dec
493s Nov
31*4 Aug
4*4 Oct
5
Jan
No par
Sales
Jan
125*4 Nov
169*4 Feb
9
Mar
33
3*2
Aug
3938
7978 Dec
15484 Nov
144
July
9i4 Feb
38*4
*3*4
lb
2334
37*2
49
2384 Nov
Jan
169
130
3934
*10*2
24*4 June
80*4 May
160
May
8% Jan
115*2
Jan 22
136
JUtllltles Pow & Light A
6%
Mar 11
Apr 29
preferred
Va-Carolina
Feb 18
105
May 15
478 Sept 13
Universal Pictures 1st pref. 100
Vadsco
118
120
3234
22*2
36
*79
*3*4
8%
9
147
33
*21*2
1%
35%
*23%
3*8
pref. A
conv
7%
86
4
5%
16
Mar 30
72U Mar
100
Preferred
16
*13
2238Mar 17
112
No par
U 8 Tobacco
*10
5%
15i8 Mar 13
150
5
5*4
9
119i2Sept 23
100
15
*35
*13*2
100
5
35
17*2
U S Steel Corp
Preferred
15
35
*75
Sept 24
5
lb
*16
Sept 23
35
Mar 22
126% Mar 11
11%
35*2
43
85
20
23% Mar 22
Jan 14
50
*1*8
*95
100
8% 1st preferred
97g
10
5
6% Jan 2
11
Sept 24
class A .No par
U S Smelting Ref & Mln
Preferred
22%
47
3434
*138
conv
Prior preferred
5% preferred A
5% preferred B
11%
1*2
4
Partic &
5,000
50*4
3b
*ib
435s Feb
3
75
534
11*4
3578
*9*4
70
Sept 24
Universal Leaf Tob._..No par
50*4
3*2
634
Sept 24
Sept 24
Universal-Cyclops Steel Corp 1
12*4
Feb 10
753$ Jan 18
5*4
3%
Apr
11
tWabash Railway
*53
Jan
10
2u% Jan 19
43
3,800
15
438
60
Nov
5
24
Corp...5
conv pref
190
8%
Feb
100
Jan
50
5H%
66*2
38*8
*1834
20
Jan
2
Sept 20
1%
*85
Apr
91
66
7,200
9%
13
3
U S Industrial Alcohol-No par
U S Leather
No par
600
54*8
*1*8
*3538
*2558
U S Hoffman Mach
9
Feb
May 10
Jan
1938
113*4 July
3% Jan 28
172
75
156
10
Jan
Dec
Nov
2434Mar
137
20
100
10
109
8*4
100i2 Feb
3478 Jan 13
Sept 13
Sept 24
Sept 24
100
preferred.
Jan 14
1% Apr 29
No par
preferred
U S Freight
U S Gypsum
7%
9% Sept 24
89i2Sept 13
par
22
33
2334
3934
*114
Conv
No
17
11378 Jan 14
16i8 Feb 8
50
1%
22
20
11%
U S & Foreign Secur.-.lVo par
56 first preferred
100
8,800
5
19%
*50
4
United Stockyards Corp
1
United Stores class A..No par
*3
86
19
12*8
1
6*2 Jan
118% 118*4
3
2%
2434
19*4
54*8
1023s July
10
6934Sept 24
70% Sept 8
170
65
72
1034
115s
*50*2
No par
5
34
2234
96*2
20
11934 1193.
41
1134
No par
50
37
3414
111*8 111%
6
*5%
20
*1534
11934 11984
38
10%
*4%
June 14
United Gas Improvt
$5 preferred
United Paperboard
*5
5*4
38*4
*121
'
40*4
*53
87
11
66i2 Jan
14*8 Nov
Vlck Chemical Co
1034
*15%
8634Mar 19
Van Raalte Co Inc
40*2
4%
Sept 11
600
10%
16
64
Fruit
1,500
40%
60
No par
United
28
26%
2884 2884
*105% 115
*105% 115
38
38*2
*38% 40
5
5lo
534
5*2
41
*54
f.0a4 Nov
12,300
..
2434
32*8 June
100
2,600
June
2
Mar
723s Mar 31
3,700
105
63
23*2
110% 111%
6
*5%
Jan
Sept 24
36% Sept 24
62%
1%
68% 68%
125
*118*4 125
*118*4 125
;
3
3
3
2%
5*4
5%
5*4
5*2
*5*2
*3
534
534
534
*34
10
10
10
10
*9%
25l2
July
40
39
*11934 121
*68*2
Jan
4
5
20*2
41
*5%
15
93
United Eng & Fdy
39
11034 111
70
60
54
115
2634 Apr 19
106i4 Feb 26
9i2Mar 11
5
2434
2334
8
13% Sept 24
United Electric Coal Cos
43
*39
Mar
10
Jan
117
95% Aug 17
5%Junel7
2,400
24
*13
16
4*2
2534
29%
16
No par
l9
38
5*4
*50
16
44
534
6
*11934 123
♦118*4 125
*118*4
3
3
2%
534
578
5*4
5*2
6
534
*2*4
*2*4
10
10
10*8
*978
*2534
*30
4078
3*8
*2
29
*105
IIO84 11034
6
*5*8
16
1534
*118*4 125
3
25
3978
4078
40*2
*39
30*2
115
3978
534
558
*11934 122
69
67*2
70
68
*287s
*105
40
*U034 111
*5*8
6*2
15*4
15*4
6
*
2578
115
3978
♦1105s 111
6
41
25
29
41
578
40
2412
*104
*103*4 115
*40
44
8J2 Jan 14
4678 Jan 14
8*2 Sept 24
U S Rubber
400
lh
358June 24
100
1634
62*2
50
35*8 Nov
9*4 Feb
4878 Aug
16*2 Feb
29*2 Aug
52,300
147% 147%
38
42%
*146
96*4 Nov
193s Jan 12
67
1634
Jan
228s Jan
53s Apr
40*4 Apr
1034 Apr
Mar 17
7% Sept 24
3878
*
17
Oct
68
No par
7*2
119% 12134
64
70
62%
62%
62i2 *62i4
147% *144
147i2 *146
147*2 *144
147%
1475s *146
42
49
52
50
42% 4212
49*2
44*2 45*2
1%
158
13s
158
138
1%
1%
1%
1%
1*2
ll4
1*4
*1%
1*8
1%
1%
1%
1*8
1%
1%
*61
*60
111
32%June 15
5
24*4 Mar
6
3
12,400
4,700
125
120
120
*11984 127*2 *11934 127*2 *120
*11934 123%
127*2 *120
*14934 150*4
150*4 *148*2 150*4 *148*2 150*4 *148*2 150*4
14934 14934 *150
5
538
5*4
5*4
5*2
5%
5%
5%
5*4
5*4
5*4
5*4
3%
384
3%
3%
3%
2%
354
3*2
384
334
3%
3b
*_
Feb
U S Pipe & Foundry..
U S Realty & Impt
35*2
35
United Drug Inc
United Dyewood Corp
Preferred
U S Dlstrlb Corp
1%
3,700
7478
86
3,400
90
*114
13%
41%
7634
122
100
1,900
26%
43
93
21,500
44
8*4
4112
124% 125
*80
ll2
4,900
11
105
117s4 Feb
27% Sept 24
24
13%
37*4 Nov
335s Nov
United Carr Fast Corp No par
United Corp
No par
$3 preferred
No par
358
share
25*2 Sept
Apr
1,400
43
*80
Sept 13
per
Jan
16*2
30
14
1378
Sept 24
112
Highest
share $
13
91
46
40
20
100
Preferred
per
3114 Feb 10
30>4 Jan 11
6984 Apr 28
45
105
No par
United Biscuit
$
share
243s Jan 12
No par
*13%
39
15
United Carbon
14
8
10% Sept 13
Sept 13
5
No par
per
10
46
7%
$
1,900
12
12
11%
*10
M*9
12
12
10
1134
12%
12%
75
80*2
81*2
82%
81%
83%
*15434 161
*15434 161
*15434 161
8
share
71
*10
14
per
2712
90
*114
Un Air Lines Transport
$
112
3414
Year 1936
Lowest
Highest
70*8
28
*80
8
*80
1%
Par
United Amer Bosch
28
40
77*2
90*8
17,000
46
108
7b
38*2
7134
90
lowest
47
39
403s
*67
*42
28
*80
403s
:
734
12i2
*15434 161
13
1258
14*4
47
*114
1%
159
*42
*80
90
1%
1038
.
20
112
Range for Previous
100-Share Lots
EXCHANGE
22
40
40%
66
66
67
66I2
65%
65l4
66%
266%
66%
12
1134
1178
11%
12
1158
III4
11%
1134
*104
106
106
*10414 106
*103% 106
*103i2 106
714
634
7
738
75s
758
7%
734
758
912
III4
123g
1212
1234
1214
1238
1134
12
*114
*114
11»4
10*2
*15
2035
June 17
312 Sept 24
z
Ex-dlv.
y
6
Jan 27
4384 Aug 31
9*4
Jan 16
Ex-rights,
105
11*8
Jan
Jan
5s4 July
55
8734
122
Apr
Oct
Au
42*8 Nog
938
Jav
t Called for redemption.
Sept. 25,
2036
■'
1937
1
aw
i
EXCHANGE
STOCK
YORK
NEW
Record,Bond
Friday, Weekly and Yearly
"and'Interest"—except for income 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.
NOTICE—Prices are
unless
occur.
Friday
Friday
Range or
h V.
®
N.
STOCK EXCHANGE
24
Y.
Sale
3 fe
Week Ended Sept.
Friday
Bid
Price
"HO,
g 12
High
Low
N.
Since
Asked
&
Low
15 1947-1952
15 1943-1945
15 1944-1954
15 1946-1956
15 1943-1947
15 1951-1955
15 1946-1948
15 1940-1943
15 1941-1943
15 1946-1949
15 1949-1952
Aug. 16 1941
Apr. 16 1944-1946
Mar. 15 1955-1960
Sept. 15 1945-1947
Sept. 15 1948-1951
June 15 1951-1954
Sept. 15 1956-1959
Dec. 15 1949-1953
Treasury 4s
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
3X8-
Treasury 3?*s
Treasury 2Xs
Treasury 2Xs
Treasury 2Xa
Treasury 2?*8
Treasury 2?*s
Treasury 2X8
38
113.16121.14
O
115.30 115.20
116.1
A
O
106.7
105.30
106.10
263
J
D
111
111.11
20
109.12115.20
S
109.16
109.24
20
107.12114.9
D
106.19
106.28
58
104.28110.18
♦Sinking fund 7s of 1926
S
102.21 102.18
102.24
85
101
106.28
♦Sinking fund 7s of 1927
J
M
104.2
109.26
J
D
104.1
104.5
80
102.10107.30
J
D
105.23 105.20
105.25
59
104.20107.27
106.15 106.8
106.15
6
104.24108.24
58
102.20108.24
J
D
104.18 104.11
104.20
167
102.24108.18
F
A
106.11 106.8
106.14
51
104.24108.24
A
O
106.3
106.9
21
104
109.25
M
S
195
99
104.30
Cuba (Republic) 5s of 1904
105.29
S
M
102.13 102.4
102.15
270
100.16 100.11
100.20
185
99.2
104.16
99.17
99.26
169
98.4
103.17
99.17
99.16
99.23
138
98
103.18
98.1
97.29
98.6
389
96.6
101.22
D
99.20
M
S
J
D
J
100.20
S
M
100.18106.16
S
May 15 1944-1949 M N
3s
Jan.
102.26 102.24
102.4
J
15 1942-1947 J
Mar.
1 1942-1947
Corp—
May
1 1944-1952
1 1939-1949
—1942-1944
F
A
J
J
S
101.7
103.16
101.8
105.23
99.6
60
*101.18102
104.10
Home Owners' Loan
3s series A
2X8 series B._Aug.
2X8 series G_.
M N
102.13
102
99.24105.3
100.16 100.13
100.21
102
98.28103.2
100.12 100.4
100.16
182
98.16102.31
102.5
102.5
F
A
A
O
J
24
99?*
100
J
J
*23 X
99X
M N
W23X
~
mmm
~
f 7s series C
f 7s series D
♦External
s
f 7s 1st series
1957 A
O
8X
sec s f 7s 2d series.1957 A
♦External sec s f 7s 3d series.1957 A
O
8X
O
8X
1958
J
Argentine Govt Pub Wks 6s.-I960 A
O
Argentine (National Government)
^External s f 6s of Oct 1925.. 1959 A
O
HExtl s f 6s of May 1926
1960
22 X
-
97
23
30
100X
9
iox
7
10
10
3
10
iox
6
9X
20 X
9?*
D
J
-
iox
9X
10
J
♦External
-
•
10
s
s
Antwerp (City) external 6s
9X
100
20 X
20
20
8?*
8X
9X
7
8X
17X
9
7
8X
16 X
8X
9X
9
8X
16X
44
100
101
..——
101
100
100',6
4
1001,6
100 X
11
100
M N
lExtl 6s Pub Wks May 1927-1961 M N
S f external 4Xs
-.1971 M N
loo",,
100?*
100?*
101?*
3
10
100 x
100X
102 X
94
98X 102
102 X
100
100
103
100'^103 X
10GX 102 X
96 X
S f extl conv loan 4s Feb
1972 F
A
93 X
93 X
94 X
233
S f extl conv loan 4s Apr
1972
A
O
93 X
93?*
106?*
94 X
73
107 X
19
103X
90 X
95X
93 X
94X
104x IIOX
106?*
106X
18
104 X
102X
38
J ^mmim~
S
106?*
J
M
M N
1957
Austrian (Govt) s f 7s
102
102
J
104
al03
J
9
104
A
20?*
19?*
20X
M
S
109?*
109X
109 X
J
J
108?*
108?*
109
F
J
11
1
15
110
99 X 103X
98
18X
108
104X
25X
111
105 X 110X
D 0117?*
M S
116?*
117X
28
103
2
99
103X
"20 x
20?*
103X
20X
5
115X H8X
18
25 X
20
10
18X
46
59
42 X
O
D
20
J
D
O
36?*
36?*
37 X
89
35
59 X
47 X
A
O
36 X
36X
35
47
D
37 X
37 X
82
J
34
35X
102 X
15
99X 103X
102X
102X
9
102
102X
10
A
M
S
F
D
mm
mm
-
36?*
-
A
J
J
J
102 X
102
102
D
26?*
J 'mm
mm-*
26?*
ioix
A
O
IA
O
100
M
S
*100
M
F
S
*85
A
M
S
F
A
A
M N
"76X
99 X
101
J
"
mm
108X
92 X
-
1
]
A
1
25-year
M N
28?*
O
107?*
113
28?*
*31X
1949 F
A
J
J
♦Public wks 5Xs—June 30 1945 J
1951 A
O
]
J
J
J
J
M
S
)J
J
Oct 15 1
A
O
♦Farm Loan 6s ser A Apr 15 ]
A
M N
33 X
102 X
102
21X
29X
22
87
29
33
32
7
73
81X
2
71
SIX
6
73
81
*19
J
Estonia (Republic of) 7s
1967 J
J
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6 Xa. -.1953 M N
French Republic 7 Xb stamped. 1941 J D
7 Xb unstamped
External 7s stamped
7s unstamped
♦7s unstamped
♦Greek Government
s
f
ser
107?*
17X
104
102
100
98
25?*
124?*
119?*
105 X 130
124
100
112
24?*
25?*
155
22
22
22?*
6
20X
O
29?*
29?*
30?*
25 X
27 X
24?*
25
23 X
31X
28 X
25?*
36
30 X
28?*
30?*
23X
34
33
42
27 X
35X
D
18 X
1968 F
36
*33?*
7s„1964 M N
♦Sink fund secured 6s
1952 A
♦Hamburg (State) 6s
1946 A
♦Heidelberg (German) extl 7 X8 '50 J
Helsingfors (City) ext 6Xs
1960 A
30
30
31
98X
A
Haiti (Republic) s f 6s ser A
6
98?*
99X
30
17
25X
*19
K
96 X 101X
20
15X
-
105""
105
4
22?*
105
25
20 X
107
Hungarian Cons Municipal Loan—
3
22 X
2
26
58 X
22 X
23
59
4
114
1
23
♦7s unmatured coupon on...1946
Z22 X
*20 X
*20 X
♦7Xs unmatured coup on...1945 J
J
♦Hungarian Land M Inst 7Xs.l961 M N
♦Sinking fund 7 Xs ser B
1961 M N
♦Hungary (Kingdom of) 7 Xa.-1944 F A
Irish Free State extl
s
58 X
1951 J
Italy (Kingdom of) extl 7s
26
.
21X
21X
21X
21X
30X
47 X
62 X
30X
30 X
27 X
♦Medellin (Colombia) 6Xs
1954
♦Mexican Irrig assenting 4Xs.l943
J
M
♦Mexico (US) extl 5s of 1899 £ 1945 Q
♦Assenting 5s of 1899
1945 Q
—
"2
26 X
7
26X
32 X
2
30X
17X
18X
89
17X
17?*
17?*
18X
36
17X
92
17X
M
S
18X
18X
17
18
54 X
18
18X 1
14
18
24 X
18X !
48
17X
24 X
21X
21X
21X
22
21X
9
15X
15?*
16X
53
15X
15?*
16X
95
15X
M N
15?*
15?*
17
17
15X
13 X
63 X
14
*
"26 k
16X1
4
14X
55
"20 X
20 X
80
79?*
86 X
152
66
66
69X
91
38?*
41
D
N
J
J
4
8
102 X
5
—
9
9X
9?*
9?*
14
20X
20?*
*99-
*
4
m
m
+
m
11
18X
73
26X
External
s
f 5s
s
♦Extl
8
f 5s ser A
m
6
4?*
4X
1
4
4
5
4
3?*
•
3 X
1
3X
11X
11
9
9X
9 X
9
7X
8
13X
7
*5
13
71X
16
69X
82
S
23?*
24X
9
23 X
34
23?*
23?*
24X
15
23 X
72
72
2
66 X
2
F
Apr 1958 A
1943 F
1944 F
"66?*
102?*
A
107
S
1965 A O
A
D
A
S
M N
A O
J D
M N
MN
66?*
102?*
102X
5
103
A
O
A
1956 M
103X
11
105?*
zl05?*
106
7
33
76
66X
101X 105 x
101X 105
104 X 108X
65 X
60X
107
12
105X 109
105?*
105
106
19
101 X
101?*
101?*
103
23
100?*
100?*
101
68
*102?*
1970 J
rn
rn
m
m
m
106X
104 X
101X
102 X 103 X
99 X
95 X
"20?*
20?*
20 X
10
17
25 X
1953 M
65?*
64?*
65X
17
59
85
1958
60
60
60X
15
53 X
79 X
11
97X 103)*
1952 F
1955
1953
1963
8
m
J
S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser..1960 J
D
♦Nat Loan extl
8 X
8
11X
"69?*
1963
♦Stamped
mm
17
5X
6
m
4 X
9X
42
26
100X
4X
5X
J
1952 J D
1959 M N
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
Pernambuco (State of)—
♦7s Sept coupon off
m
19X
95
89 X
23?*
1963 F
Oslo (City) s f 4 Xa
Panama (Rep) extl 5Xs
mm
m
m
mm
29 X
1959 M S
f ext loan
Oriental Devel guar 6s
Extl deb 5^8
m
m
61
70?*
1958 M
External sink fund 4 His
External 8 f 4X's
4s
*4
m
69X
82 X
71X 100X
O
(City, Italy) extl 6Xa... 1952 A
Mlnas Geraes (State)—
♦Sec extl s f 6Xs
Norway 20-year extl 6s
20-year external 6s
mm
5X
3?*
♦{Treas 6s of *13 assent(large) '33 J
♦{Small
J
40
40X
48X
25X
25
25
24 X
24 X
28
25
S
71
4
New So Wales (Stato )extl 5s..1957
29X
115X
80
93 X
80 X
94
7 X
60
18X
D
83X
*3?*
95
17X
18
93
82
O
♦Leipzig (Germany) s f 7s
1947 F A
Lower Austria (Province) 7H»s.l950 J
D
50 X
35
18
84 X
111
70?*
1957 A
92 X
"l7X
17?*
82
82
Italian Cred Consortium 7s ser B ,'47
Italian Public Utility extl 7s. -1952
5
27X
32 X
29 X
114
1960 M N
f 5s
96
37X
15?*
2041.
98
24?*
1958 J
♦(Cons Agric Loan) 6 Ms
—-.1947 M
f 6s 2d ser—1961 A
♦External sink fund g 8s
page
103?*
98
100?*
105X 109
23?*
25X
D
1949
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
For footnotes see
66?*
German Prov & Communal Bks
56
17X
S
107
*19
112
D
♦5Xs unstamped
1965
♦5Xs stamp (Canad'an Holder)'65
♦German Rep extl 7s Btamped.1949 A
93X
17?*
J
100?*
107
107""
103
1965 J
*5X8 of 1930 stamped
99 X
18
M
26
55 X
56?*
56?*
*99?*
1949
98 X
J
) M
19 X
German Govt International—
52
A
S
56 X
98
1941
1949 J
98 X
15?*
1
cavrr
1948 J
♦El Salvador 8s ctfs of dep
99X
"l5k
J
82
74
♦Sec extls f 6Xs
♦Montevideo (City) 7s
♦6s series A
O
•Cologne (City) Germany 5 Xs.l
73
73
96 X 103 X
61
107 X
D
♦Chinese (Hukuang Ry) 5s
7
74
D
65 X
D
♦Chilean Cons Munlc 7s
75?*
60
73
1954 J
88
A
]
82
71
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
78 X
56
J
f 6s
82?*
72
45
D
(J
s
74?*
6
73
1954 J
1
'Guar
21
75?*
75
75
♦4s of 1904
—]
]
75?*
75?*
♦Assenting 5s large
♦Assenting 5s small
17?*
15?*
f 6s
97 H 101X
*62
86 X
28
mmrnmmm
M N
s
100?* 103?*
45
100
85 X
4
O
M
•Guar
104)* 107?*
31
101?*
Jugoslavia State Mtge Bank—
97 X 106
F
♦External sinking fund 6s
♦Sink fund 6?*s of 1926
68
105?*
105X
99X 102X
J
) A
♦Extl sinking fund 6s..Sept 1
♦External sinking fund 6s
)
•Chile Mtge Bank 6Xs
106?*
102?*
100?*
106 X
100
O
58
*31X
O
"
104
102
O
1969 A
54 X
54 X
1
]
4
104
75
J
1940 A
92?*
93
1
1
151
56?*
103?*
{♦Stamped extd to Sept 1 1935-- M
Dominican Rep Cust Ad 5 Xs—1942 M S
1st ser 5 Xs of 1926
1940 A O
46
98?*
Jan 1
59?*
103?*
97X 102
102?* 105
68 X
56?*
103?* 105 X
103 J* 105 X
10
A
-
External g 4Xs
46
98?*
f 6s
101
103?*
O
1955 F
Apr 15 1962 A
Deutsche Bk Am part ctf 6S...1932
External gold 5X8
99 X
J
fund 6s...Feb 1
1
loi" ""a
*103?*
104
90
27
36?*
100?* 105?*
27
31?*
104?*
103
56 X
O
1942 J
Denmark 20-year extl 6s
113X
112?*
99?*
J
♦Carlsbad (City) s f8s
s
77
101
103
D
A
—1942
104X iiox
111
114X
97
101X
107
1
♦Extl sinking
80
99
External loan 4Xs
Czechoslovakia (Rep of) 8s
100?*
95
External 5s of 1914 ser A
84 X
2
99
♦External sinking fund 6s
93
18
104?*
77
84
99
99 X
♦Cent Agric Bank (Ger) 7s
♦Ry ref extl
96?* 101?*
26
96
28
28
75X
59 X
J
]
32
99?*
95X
95X
75 X
57?*
A
♦Chile (Rep)—Extl s f 7s
100?*
69?*
J
16
81
1
♦Farm Loan s f 6s
30?*
10
J
"81
mm
78 X
82
J
♦Farm Loan s f 6s.-July 15 1
20
70
69
92
m
79
F
3Xs
31
30?*
1
X
A
83 X
mm
78 X
Aug 15 1
7-year 2Xs
30-year 3s
20
1
F
Sinking fund 5Xs—Jan 15 1953
38
"~8
23?*
23?*
85
85
M N
38
20?*
*104?*
Milan
10-year 2 Xs--
99X
98X
A
82 X
m
-'m
77?*
M N
5s
98 X
F
103X
47X
(Kingdom of)-
Canada (Dom of) 30-yr4s
D
M N
X
93X
-
•
77?*
""81?*
26 X
100
100
•
l"66
76?*
78
J
J
9
*86
O
1J
7
27
101X
*100
'
Bulgaria
23 X
J
23 X
99 %
S
♦7s with all unmat coup
♦6s
A
D
M S
J
J
Japanese Govt 30-yr s f 6 His—1954 F A
Extl sinking fund 5Xa
1965 M N
of)-
(City
F
24X
24?*
44
25
45
19?*
44 X
A
J
Budapest
28X
54
25X
25X
23?*
30
10
9X
♦External
f 7s series B
23
30
23X
23X
"
♦External
s
"23 X
Customs Admins 5 Xs 2d ser. 1961 M S
5 Xb 1st series
1969 A O
p-
*
1945 J
1945 J
1945 J
♦External
M N
A
5Xs 2nd series
1948
Akershus (Dept) Ext 5s
1963
♦Antioqula (Dept) coll 7s A.-.1945
High
♦Dresden (City) externa! 7s .—1945 M N
pr
Foreign Govt. & Municipals-
♦Sink fund 6s Apr coupon on.
♦23 X
1949 F
2d series sink fund 5Xs
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947
Low
106.10
100.11105.17
7
102.9
102.25
103.8
M
54
103.2
24 X
25
J
M
1944
Sinking fund 8s ser B
3s
2Xa
1946
1947
104.22
Mar. 15 1944-1964 M
s
O
on.-Oct 1961
104.20 104.11
Federal Farm Mortgage Corp—
3 Ug
O
♦6s Apr 1 1935 coup
D
100.16 100.12
Since
Jan. 1
High
24 X
24 X
A
♦6s July 1 1935 coup on.-Jan 1961 J
♦Colombia Mtge Bank 6X8—1947 A
J
103.23
Range
§ts
Asked
Colombia (Republic of)
Copenhagen (City) 5s
1952
25-year gold 4Xs
—.1953
♦Cordoba (City) 7s
1957
♦7s stamped
1957
Cordoba (Prov) Argentina 7s__1942
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on.-.1951
S
M
<fc
Govt. & Mun. (Cont.)
A
M
Bid
Low
Foreign
Oct.
Oct.
Dec.
3?*s
Mar.
3Xs
June
3s
..Sept.
3s
June
3X»—June
3Xs
Mar.
3Xs
June
3Xs
Dec.
Treasury 3Xs
Price
High
U. S. Government
Treasury 4Xs
Friday
STOCK EXCHANGE
Week Ended Sept. 24
Y.
Jan. 1
No.
Range or
Sale
BONDS
Range
V
Week's
Last
Week's
Last
«0
BONDS
O
101?*
106?*
102
104 X 107
21
4
67
68 X
2
67
57?*
67
106X
58
4
57X
76
21
21X
21
30 X
17
6
16X
28
14?*
16
201
14X
26
14?*
15X
34
14X
26
9
47
62X
16?*
14?*
14?*
48
85
.1940 A
O
59
60 X
1947 A
O
74
75
20
60
80
1950 J
J
52
53 X
34
45 X
64
52
Volume 145
New York Bond Record —Continued
Week's
Friday
BONDS
N.
Last
Y. STOCK EXCHANGE
Week Ended
Sept. 24
if
Foreign Govt. &Munic. (Concl.)
Porto Alegre (City of)—
♦8s June coupon off.
Bid
I -3
Low
1961 J
D
No.
High
N.
Since
Low
22 H
21H
99
99
92
19H
20 H
17k
25 H
16 k
25 H
19j|
20
31
100
108 H
109H
108% 113H
1947 F A
1950 M S
25-year external 6s
♦Rhlne-Maln-Danube 7s
21H
33 H
O
109 H
109H
109
36 H
21
32 H
f 7s..1941 A
s
24
20H
*19
1946 A
1953 F
♦6 Hs Aug coupon off
Rio Grande do Sul (State of)—
♦8s April coupon off
1946 A
1st M 5s series II
1955
A
22 H
21
23 H
105
21
33
1st g 4ka series JJ
1961
O
28 H
20
27
28 k
14
27
40
20
21H
26
20
33
21
21
22 X
60
21
21H
32 H
32 H
69
83 H
21H
21k
9
70
71H
35
40 X
40 H
15
25 H
41H
21H
27
26
24
*19
Sao Paulo (City of, Brazil)—
♦88 May coupon off
....1952 IVI N
♦Extl 0Hs May coupon off.. 1957 M N
26
1
26
22
23
23 H
59
35 k
22
J
37 H
{♦8s July coupon off
1936
J
♦External 8s July coupon off. 1950 J
♦External 7s Sept coupon off 1956 M S
J
♦External 6s July coupon off. 1968 J
1940 A
25H
25H
38
27 H
34 k
93 H
29
*19
Serbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1937 coupon on...1962 IVI N
F
f 5Hs guar
s
1961
A
5
28
29
12
51H
51H
52 H
28
*9854
104k
104k
62
62
¥
102
A
"~64H
1960 IVI N
1964 IVI N
63 H
63 H
Venetian Prov Mtge Bank 7s..1952 A O
Vienna (City of) 6s
1952 M N
"~99H
~99H
♦External
s f
♦External
s f 6s
6s
♦Warsaw (City) external 7s... 1958 F
J
Yokohama
(City) extl 6s
1961
64H
D
Bklyn Union El 1st g 5s
cons g
1950
1957
deb 3ka
1950
1938
Buffalo Gen Elec 4 Hs ser B
1981
Buff Niag Elec 3Hs series C..1967
s f
{{♦Burl C R A Nor 1st A coll 5s 1934
63 H
17
102
4
14
66 H
51
1952
65
"65H
53
CalPack
conv
103
63 H
72
70 k
70 k
66
2
92 H
7
83H
100H
39 H
56 H
17
57
86 H
Canada Sou
cons gu
1942
1962
5s A
M
75 k
75k
97 k
S rnmmm'mm
D
*97
F
A
103
A
1952
5s—...1943 J
O
1943 J
D
108
108
♦Albany Perfor Wrap Pap 6s.. 1948
6s with warr assented
1948 A
O
63
63
O
*63
A
O
103k
1947 J
108
85k
97 k
7
99k
103k
10
81 k
3
75 k
97 k
Canadian Pac Ry 4% deb stk perpet
1946
1944
Dec 1 1954
Coll trust 4Ha
..I960
trust 4Hs
109 k
106
1949
1938
1st A cons g
6s ser A.Dec 15 1952
10-year deb 4ks stamped.. 1946
Adriatic Elec Co extl 7s
Ala Gt Sou 1st
cons A
1st cons 4s series B
A
Alb A Susq 1st guar 3Hs
1946
F
Alleghany Corp coll trust 5a—-1944
Coll & conv 5s
1949 J
1950
♦Coll A conv 5s
♦5s stamped
...1950
1998
1942
Allegh A West 1st gu 4s..
Allegh Val gen guar g 4s
Allied Stores Corp deb 4Hs
1950
1951
4Hs debentures
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
1955
2030
Amer I G Chem conv 5 Ha
Amer Telep A
1949
5Ha.-1949
Am Internat Corp conv
75
A
D
O
37
A
O
67
94
51
73
64
37
94
66
94
1
s
*108 k
O
98 k
98 k
F
A
95
96
M
S
IVI
S
63H
*90
D
J
Teleg—
110
69
99
19
57
J
104
103
104
A
99k
D
J
Armour A Co (Del)
4s series B.1955
102
102k
6
104k
105k
84
30
30
♦
A
1957 J
1st M 8 f 4s ser C (Del)
107k
J
F
197
99k
104k
Jan
{Ann Arbor 1st g 4s
1955
IVI
Ark A Mem Bridge A Term 5S.1964
169
100
113
102
♦Anglo-Cbllean Nitrate—
Q
99
302
107k
Amer Wat Wks A Elec 6s ser A. 1975 M N
A O
Anaconda Cop Mln s f deb 4 Ha 1950
1967
99k
99
O
J
S
95H
94 k
94k
J
59
35
67 k
♦III
~95~~
100
98k
97
101H
Cent Hud G A E 1st A ref 3 Hs. 1965
100k
Cent 111 Elec A Gas 1st 5s
1951
76
74
101
101H
96 H
72 H
93 H 120 H
93 k 102 H
63 H
87k
100
103k 106k
111H 114
101k 113
96 k
102 k
96 k 102 k
105
200
110H
104 H 107
42 H
60
'
188
63
74
101
105
94 H 100k
94k
99 H
Atchison Top A Santa Fe—
1995 A
General 4s
109
Adjustment gold 4s
1995
M N
Stamped 4s
1995
1909--—..1955 J D
103
Conv 4s of 1905
1955
Conv gold 4s of 1910..
1960
1948
1965
J
D
J
D
J
J
Conv deb 4 Ha
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s... 1958 J
Cal-Arlz 1st A ref 4Hs A
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4Hs A
IVI
1962
1946 J
1944 J
109
*107H
D
*104
„
J
May 1 1946
Oct 1952
LAN coll gold 4s
106
112k
112k
12
112
112H
11
♦114H
109k
Second
mortgage 4s
1
112
3
99k
84 k
53
86
86
88 H
39k
39
40
J
......
*..
J
66H
66 H
J
35H
J
35k
*105H
1959 J
1941
10i
86 k
MN
J
Austin A N W 1st gu g 5s
101k
100
4H8---1939 J
Atl Gulf A W I S3 coll tr 5s
Auburn Auto conv deb
99k
109 k
112
109k
100
J
7
....
M N
1948 J
1948 J
Atl A Dan 1st g 4s
18
107 H
105k
112k
101
106k 116
102
58
9
Cart A Adlr 1st gu gold 4s
{♦Cent New Eng 1st gu
Central of N J gen g 5s
General
39k
68 H
26
35k
1
106
IVI N
*102H
104
1940
5s assented
1941
Certaln-teed Prod 5Hs A
1948
Champion Pap A Fibre deb 4ka '50
Ches A Ohio 1st con g 5s
1939
General gold 4 Ha
1992
Ref A lmpt mtge 3 Ha aer D..1996
Ref A lmpt M 3 H8 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
93
93
D
65
65
O
100
July 1948 A
O
Refund A gen 5s series A
1st gold 5s
1995 J
July 1948 A
1995 J
Bait A Ohio 1st g 4s
Ref A gen 6s series C
P L E A W Va Sys ref 4s
D
1941 M N
Southwest Dlv 1st 3Ha-5s..l950 J
J
Chic A Alton RR ref g
Chic Burl A Q—111 Dlv
107k
111
105
107
110
114
111
113k
118k 118k
108
111H
F
Bangor A Aroostook 1st 5a
Con ref 4s
..I960
1996 M
1943
Illinois Division 4s
General
1st A ref 5s series A
B
1st A ref 5s series C
footnotes see
page
54
Chic Ind A Sou 50-yr 4s
66 H
83 k
Chic L S A East 1st 4Hs
31
106k
103
106 k
93
108k
94 k
92
105
83 k
83 k
90
44
83 k
107k
1971
1966
26
B__May
14
112k
112k
114k
40
mmmmm
120
120
94 k
111
113
1
"
116 k
122H
132k
93 k
94 k
12
90
106
IVI N
105k
106 k
9
103
109
F
A
107
107
1
J
J
100k
100k
3
F
mmrnrnm
*i09k
D
..
IVI N
nok
*i04H
A
J
A
103k 107
102
100
mmmmm
68
68
O
A
108H H0k
....
54
7l
.
J
O
A
13
52
65H
65
65k
22
58
100k
1
103k
7
100k
~
•
1103k
103k
16k
-
-
5
H2k
115k
117k
H7k
113
-
112k
44
8
116
A
D
19
117k
1
H5k
H3k
35
113
35
123
117k
H7k
113
113
S
10
105 k
103
.
H2k
117k
73 H
100H 103k
8
H6k
115k
«
17k
116k
-
J
16 H
42
112
119k
109 k
116
113
118k
114k 121
114 k
121
112k 118k
110k 116H
110k
116
123k
13
120 H
128H
92 k
95
96
89 k
103k
104
28
102 H 105k
112k
H4k
22
110
107
84
106
115k
110H
101 k
31
99
k 105k
J
123k
J
92 H
M
S
J
J
112k
J
D
106k
106k
J
J
101
101
J
J
J
D
J
D
1
65
65
102 k
110
A
D
82 H
J
D
24 k
3
80 k
82 k
24 k
25
9
75
20k
20k
65
102 k
108 k
2
99 H
83 H
105k
111k
97H 106 k
81
10
88 k
*
A
11
98 k
97 k
*
F
J
2
102k
109k
no
MN
M N
83
65k
J
F
90k
52
O
A
31
3
O
J
32
85
88k
52
O
A
93
15k
88k
J
J
68
2
16k
15k
O
82H
93
97 H
21k
40
74k
18k
81k
10k
10k
10 k
1
10k
36 H
23 H
11
A
11
11
2
11
23k
3
25
40
rnmmmmm
O
25
S
31
Ilk
23k
32 k
20
34
105
244
105
S
105
7
112
82
6
86k
*105
IVI
F
24
18k
*15
M
22
*12
M
25
*13
A
105
12
102k
105
*
2
66k
44k
30
48
44k
42 k
F
A
O
A
107k
-
-
-
—
IVI N
M N
S
M
S
IVI N
M
S
88
87
mmm
119
2
68
74
17
107
107
107k
106H
106 k
106k
33
H7k
118
13
95 k
96
32
*m+mmm
96
F
96
96
*106
*
111
J
J
M
36
109k
J
10
96k
J
114
-
-
114
42
6
44
42
107k
107k
107k
4
109k
109
109k
30
s
109k
110k
54
107k
108k
19
114
114
*98
A
A
125H
68
105 k
96 k
108
106k
109
116H 128H
94 k 102k
95
102k
111k
108
120 k
100
109k
114
i9k
19k
116k
116k
27
26 k
22
3
mmmm
23
209
23
19k
19k
21
7
118k
30k
101
7
115
108
J
F
92
118
109 k
J
F
108 H
83 k 104k
95 H
88
108
-
5
*108
IVI
106 H 112H
107 H 111
-
S
O
104k
100k 108H
63
75 H
88 H
44k
39
78 H
88
118
68
125k
109
99 H
101
49
85k
118
M N
A
105k
83 k
*
.mm
13
108k
♦
IVI N
M
*103
83H
80
102
101k
105
108k
42
58 k
104 H 110
108k 113k
107k 117k
106k 116k
112
119
100
101 k
46 k
19k
19k
45 k
116k 124
51H
26k
44 k
22
J
*22
22 k
26
J
*18
23 k
M N
10
10k
33
10 k
12
14
10
26 k
26 k
98
98
1
98
107k
16
J
22
43
22
39 k
8k
*36k
40
46
57k
41k
45
39
41
69 H
40
45
41
40
69 k
44
44
30
44
71H
15k
18
494
B_.May 11989
May 1 1989
♦Gen 4 Ha series E—May 1 1989
♦Gen 4ks series F—May 1 1989
{♦Chic Mllw St P A Pac 5s A..1975
♦Conv adj 5s._...
Jan 1 2000
{♦Chic A No West gen g 3 HS--1987
♦General
4s..
1987
64H
93 H
111
116
4
103
110H
108k 116 H
71
•
78 H
102
103 H
115k 121H
120
131
J
C
110
2
J
♦Gen g 3Hs series
♦Gen 4 Ha series
67
3
97 k
42
64k
126
83
86 k
94 k
38 k
64k
126
105k
104
J
stpd Fed lnc tax..1987
1987
♦4 Hs stamped..
1987
{♦Secured 6Ha
1936
♦1st ref g 5s
May 1 2037
♦1st A ref 4Ha stpd.May 1 2037
♦1st A ref 4 Hs ser C.May 1 2037
♦Conv 4ka series A
1949
1948
63 k
D
J
Paul—
4s Berles A
May 1 1989
♦Stpd 4s non-p Fed lnc tax 1987
20
97k
55
10k
110k 111H
Chic Mllw A St.
82 H
118k
192
54
*lllk
99 k
H7H
71k
D
93 H
40
J
IVI N
101k
63k
*
*
1969 J
53
mmmm
100k
64 H
^mmrnm
J
88
mmmm
IVI N
1956 J
62 H
72
41k
41H
101H
72
16
J
261
110
mm mm
*
mmm
101
1966 J
58 k
*62
60
1947 J
1947 J
1947 J
53
*102
14k
85 H
82
108k
2041
series A..
♦1st A gen 5s
96
1960
Bell Telep of Pa 5s series
...
♦1st A gen 6s series
92
107k
108k
17
A
O
{{♦Chicago A East 111 1st 6s... 1934
IVI N
{♦C A E 111 Ry (new Co) gen 5s. 1951
♦Certificates of deposit
60 H
92
107k
1951
1977
B—
39
87
1951
4s stamped
Beech Creek ext 1st g 3 Ha
1958
4s
1st A ref 4 Ha scries
86
80
113k
108k
16
1949
99 H
77 k
H3k
15
♦Refunding 4s series C
77k
J
34 k
13
3H8-. 1949
53
S
16
{♦Chic Ind A Loulsv ref 6s
♦Refunding g 5s series B
H 116H
76 H 103H
67
5
30
106k
99
82 k
85 k
17
105k
99 k
65
~62H
62
16H
99 k
183
1951
Battle Creek A Stur 1st gu 3s..1989
For
J
68k
91k
19
64
13
84 H
108
62 k
2000
4Hs
Ref A gen M 5s series
123
90
75
16
1982 MN
Chicago A Erie 1st gold 5s
M S
{♦Chicago Great West 1st 4s... 1959
105
*
Conv
99k
64
mmmm
13
116
104
2
42
72 k
16
1949
3s
112
99H
Tol A Cln Dlv 1st ref 4s A—1959
Ref A gen 5s series D
104
8s
109 k
110
105 H 107k
104
4s..1949
{♦Cent RR A Bkg of Ga coll 5s 1937
5s extended to May 1 1942
Central Steel 1st g s f
112
107
*
A
A
♦Gen
{Baldwin Loco Works 1st 5s... 1940
67
106k
99 H
O
Through Short L 1st gu 4s... 1954
F
Guaranteed g 5s
1960
104 k
99
64
64
1987
4s
41 H
21
4s
Cent Pacific 1st ref gu gold
102
110
92k
A
112
103k
104H 108
106 k
107k
106
1st 30-year 5s series
10-year coll tr 5s
34
mmmm
107H
D
J
B_
1944 J
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4 Ha A
1964 J D
6
108H
J
S
104k
*103
Conv gold 4s of
J
103
103
Nov
H0k
103
109k
O
101
Carriers A Gen Corp deb 5s w w
104k 109 H
30
«...
93 H
37
102
10
_
107
61
107k
100k
201
S
1966
1961
1987
110
59
87
81
105
113H
J
S f Income deb
"87
105k
113
deb. 1950
♦Am Type Founders conv
16
103
113
1961
1966
debentures
debentures
7
105k
104H
105k
IVI N
J
♦102H
63k
112H
105H
79
44
A
110H 115
75
60
M N
3k a
15
83
*
98k 105k
105k
76
99 H
101
64
mmmm
103k
IVI
20-year sinking fund 5Ha---1943
Convertible debenture 4 Ha. .1939 J
3k s
5
65k
61
»mmm
A
5
75
61
O
108
98 H
95
*113H
D
A
..1953 J
American Ice s f deb 5s
81H
»mmmmm
1950
1198
Celotex Corp deb 4 Ha w W....1947
♦Cent Branch U P 1st g 4s
1948
{♦Central of Ga 1st g 5s. .Nov 1945
♦Consol gold 5s
1945
♦Ref A gen 5Hs series B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s..l951
♦Mac A Nor Dlv 1st g 5s
1946
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946
Central Foundry mtge 6s
.1941
Gen mortgage 5s
1941
Cent Illinois Light 3Hs
Coll trust 4s of 1907
90
95 k
F
J
Caro Clinch A Ohio 1st 5s
D
104k
62
1957
J
..July 1969
A
Oct 1969
F
Guaranteed gold 5s
1970
J
Guar gold 4k8
June 15 1955
F
Guaranteed gold 4 Ha
1956
M
Guaranteed gold 4Hs..Sept 1951
J
Canadian Northern deb 6 Ha.. .1946
Collateral
J
25
20
mmmm
62 H
Guaranteed gold 6s
Coll trust gold 5s
{{♦Abltlbl Pow A Paper 1st 5s. 1953
Adams Express coll tr g 4s
1948
mmmmm
28
O
Guaranteed gold 5s
{♦Car Cent 1st guar 4s
COMPANIES
A
1940 J
deb 5s
Canadian Nat gold 4 Ha
78
)
*19
D
{♦Bush Term Bldgs 5s gu
1960
MN
IfCal G A E Corp unlf A ref 5s. .1937
80 k
63k
82
99H
1955
58
73 H
99 k
M
A
Consol
♦Camaguey Sugar 7s ctfs
63
22
64H
26k
♦Certificates of deposit
55 H
22
27
18k
14k
Buff Roch A Pitts consol 4H8--1957
90 H
98k
101k 106
78 k
56H
"8
63 k
52
39 H
INDUSTRIAL
AND
1947
Debenture gold 5s
1st lien A ref 5s series B
5s equip trust ctfs
RAILROAD
5s
1st lien A ref 6s series A
65
105"
63 k
A
57
28
3
31
40 H
9
28
31H
25 H
24
6i k
'62 H
62 H
O
Wl N
Trondhjem (City) 1st 5Hs
1957
♦Uruguay (Republic) extl 8s...1946 F
25
28 H
A
External
25
J
J
{Bush Terminal 1st 4s
J
1971 J
M S
1952
.Tokyo City 5s loan of 1912
19 H
29
A
1955
91
28H
18 H
1
94 k
M N
1941
F A
1950
M N
1945
Bruns A West 1st gu g 4s
22
*
2
19k
102 k
J
stamped
43 H
34 H
98
28 H
♦7s Nov 1 1937 coupon on...1962 M N
J D
♦Silesia (Prov of) extl 7s
1958
♦Slleslan Landowners Assn 6s..1947 F A
1946 F
5s
Brown Shoe
32H
*19
Syria (Province of) 7s
1st
44
25 >4
91H
D
21
94 k
1941
IVI N
Bklyn Edison cons mtge 3 k a.-1966
IVI N
Bklyn Manhat Transit 4Hs._.1966
25 H
21
20
102 k
Brooklyn City RR 1st 5s
36 H
49
D
Sydney (City) s f 5Hs
35 k
21H
27 54
23 H
93
O
T alwan Elec Pow s f 5 Hs
25
26
21H
1946 J
6 Hs..
74
22 H
♦Saxon State Mtge Inst 7s....1945 J
g
9
2b
High
6
19k
mmmm
mmmm
♦Certificates of deposit
Bklyn Un Gas 1st
26
San Paulo (State of)—
f 7s
1934
{{♦Botany Cons Mills 6Ha
Bklyn Qu Co A Sub con gtd 58.1491
40 H
Low
mmmm
15
{♦Boston A N Y Air Line 1st 4s 1955
J
s
1967
34 H
A
J
1944
25
1953 J
♦Saarbruecken (City) 6s
Big Sandy 1st 4s
27
71H
mmmm
22 H
113
26 H
21H
m
1966
26H
1967 J D
1952 A O
Rome (City) extl 6Hs-.-.
m
20 k
L~
"■
'
1955
Cons mtge 3ka series E
No.
High
*104 k
......
♦Berlin Elec El A Undergr 6 Ha 1956
Beth Steel cons M 4ks ser D..1960
26H
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
1959 F
Secured
♦Debenture 6s
Since
Jan. 1
19k
♦Berlin City Elec Co deb 6 Ha. .1951
♦Deb sinking fund 6Hs
1959
O
1968 J D
1966 M N
♦6s June coupon off
♦7s May coupon off
♦7s June coupon off
.mrnm--
Range
Friday
Asked
A
Bid
Low
3H8..1943
cons
3
Range or
Sale
Price
Boston A Maine 1st 5s A C
A
Rio de Janeiro (City of)—
♦8s April coupon off..
Week's
Last
8TOCK EXCHANGE
High
26H
21H
1952
♦Prussia (Free State) extl 6 Hs. 1951 M S
♦External s f 6s
1952 A O
♦Sinking fund
Y.
Week Ended Sept. 24
Jan. 1
cq
*22 k
J
1966 J
IVIN
2037
Page 2
BONDS
Range
12
Friday
dk
Asked
Belvldere Delaware
♦7Hs July coupon off
Prague (Greater City) 7 Ha
Queensland (State) extl
Range or
Sale
Price
-
Friday
|
♦Gen 4ka
♦Gen 58 stpd Fed lnc tax
J
mmmmm
41k
40
J
A
A
O
M N
M N
15k
5
38 H
15k
66
36 k
620
6k
5
12k
28
31
28
11
28
31
mmwmm
31k
27
30 H
49 k
52 k
♦
M N
36
31k
M N
30
52 k
31k
M N
M N
5
....
31k
10
31k
54k
31k
31k
14
31H
*29
»
-
-
-
-
-
*.
-
56
37
52
Nl N
34
34
34k
2
34
61
J
D
17
17
18k
27
17
38
J
D
15k
15
17k
73
15
J
D
15k
15k
17k
30
15H
Ilk
253
M N
9
9
9
36 k
36 k
24k
New York Bond Record-continued—Page 3
2038
Sept. 25, 1937
Week's
Friday
bonds
N
Price
Gen A ref 5s ser E
Gen A ref M 4s ser F
°Njw
Chicago, III.
York,°ti. Y.
135 So.
Vrirate Wire
29
111% 116%
107
10
109
12
106% 110%
105% 111%
O
j
j
D
.--1995
j
D
1995 j
D
■y
"5v(. T. 1-761 -<• 'Bell System Teletype
{ {*Dul Sou Shore A Atl g 5s—1937 j
Duquesne Light 1st M 3%s
1965 j
Cgo. 543
Nor Dlv 1st 4s_.1948
1st 5s
1956
Last
bonds
N.
STOCK EXCHANGE
Y.
Week Ended Sept.
K C
Range or
Sale
Friday
Price
24
Bid
Asked
&
Low
{{♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% par paid..
{♦Chic R I & P Ry gen 4s
1988
O
a
1
26 h
98
24%
2
14%
12%
14h
13h
72
12
I960
MN
12
13
13
12
1952 m"s
12
8
7
7h
Since
Jan. 1
03
90
10
85
High
60
24
24%
r 12%
.11%
83%
43%
42%
13
26%
22%
25%
12
22%
7
16
1939
Ed El 111 (N y) 1st cons g 5s—1995
Electric Auto Lite conv 4s.——1952
Elgin Joliet A East 1st g 5s
194]
El Paso Nat Gas 4 %s ser A
1951
El Paso A S W 1st 5s
1965
5s
Series C 3%s
5s
Series
B
"90h
90
98%
d
83 %
85
99%
Genessee River 1st s f
69%
75%
91
N y A Erie RR ext
d
Chicago Union Station—
1944 A
Guaranteed 4s
1963
1963
1951
D
E
1st mtge 3 % s series
guaranteed
107%
107""
104 h
J
m
1966
1st mtge 3 %s
F
a
1967
Cincinnati Gas A Elec 3%s
107%
110h
106 %
104
J
Chic & West Indiana con 4s__.1952 J
1st A ref M 4%s ser D
1962 m
Chllds Co deb 5s
1943 a
{♦Choc Okla A Gulf cons 53—1952 M N
j
C—1957
series D..1971
Mah 1st gu 4s
1943
4s—.1993
General 5s series B_«
1993
Ref A impt 4%s series E
1977
Cairo Dlv 1st gold 4s
1939
Cln Wabash A M Dlv 1st 4s. 1991
St L Dlv. 1st coll tr g 4s
1990
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s
1940
Cleve-Cllffs Iron 1st mtge 4$48.1950
h
Ref A impt
77 h
77 h
*14
"iooh
107%
104% 113
103
111%
101% 108%
100% 108%
99% 105%
94
77%
35
40%
100 h
103 %
35
100 %
97% 104%
*104 %
Cln Un Term 1st gu 5s ser
1st mtge guar 3%s
m N
j
Cleve Cln Chic A St L gen
4%s ser B.1942
3%s guar
—1942
1942
1948
Series D3Hs guar
1950
Gen 4%s series A
1977
Gen A ref mtge 4 %s series B.1981
Series A 4%s guar
Series C 3 %s guar
31
98%
116%
38
83 h
87
102%
91%
*
"83h
J
103 %
*
j
m n
*
m s
J
j
"l06
11
*107%
j
109
A
o
A
J
F
a
*106 h
108
105
111%
A
*107
106
106%
15-year 3%s deb
Gen Pub Serv deb 5%s
104 %
104 h
105%
57
o
100 %
100 %
*99 h
101 %
36
104 h
105"
*108%
D
104 h
97
106%
106 %
106%
104%
105
103 h
*19
J
D
D
105%
98 h
O
*23
J
26 h
J
64 h
-May 1 1965 iw N
1st mtge 3%s
1970 m n
1st mtge3%s
1966 m n
Container Corp 1st 6s
1946 J D
15-year deb 5s
1943 j D
106 %
f
A
1950 m n
J
1951 j
1942 j
D
J
J
d
6s series B extended to 1946
J
1st mortgage 4 Hs
Den Gas A El 1st A ref
s
100
100%
102
102
100
101
104
105%
104%
104 h
105%
38h
38 h
42%
45
47%
53
54%
Penna tax
{♦Des M A Ft Dodge 4s ctfs
footnotes
gu
see
42
J
J
j
a
1935 j
4%s._.1947 ivi
page
2041.
J
s
10
3
42
105 h
81%
4
15
6
51
6
24
14
12
75
10
5
45
20
6
1
9
52
107%
98% 107%
26
General 4%s series
66
.....
101%
99%
99%
*98%
105%
103%
99% 102%
97
103
104
107
38%
65
45
53
64%
62%
42
55
101% 108
78
95%
21%
21
10 h
21%
10%
10
10
11%
14
14
5
5
5
*42
71
15%
53
20
6
44
35
9
106% 108%
106% 108%
18
36%
5
100
103%
11
101
d
93%
93%
95
93%
.....
j
93%
70
81%
62%
64
10
60%
87
9%
11
151
9%
9%
10%
16
9%
75
*
*2%
3%
J
*104%
.....
J
J
j
J
J
d
92%
*116
....
101%
15
106
16
.....
39%
39%
.....
*38%
40
....
a
101%
79
98% 105%
*
102
....
73
6
68%
28
28
2
28
*20
30
30
102%
102%
103%
48
98%
M N
S
98%
100%
161
J
d
f
.
.
.
105
90
95
5
95
•
*
*108%
95
95
76%
57
69%
75
76
21
70
98%
95%
110
116%
114% 119%
105% 115%
.
101
102%
101%
114
119
462
j
104%
104%
106%
199
92%
82
j
90%
.....
Feb
O
90%
*50
8%
m n
O
j
Hocking Val 1st cons g 4 %s
1999 J
♦Hoe (R) A Co 1st mtge
1944 a
{♦Housatonic Ry cons g 5s
1937 m
Houston Oil sink fund 5%s A.. 1940 IW
Hudson Coal 1st s f 5s ser A... 1962 j
j
J
j
o
n
N
D
mn
Hudson A Manhat 1st 5s ser A.1957 f
A
♦Adjustment Income 5s Feb 1957 A O
3%s—1953
Louisv Dlv A Term g
St Louis Dlv A Term g
gold 3s
1951
3S...1951
1951
Springfield Dlv 1st g 3%s.._1951
Western Lines 1st g 4s
1951
A
j
O
J
107%
76%
*95
100%
A
106
76%
.....
114%
A
95
108% 111
100%
1946
103
.....
101
1952 J
30%
97% 101%
103% 103%
j
O
52
107
75
j
Feb
102
97%
44%
104%
.....
A
J
104
104%
.
23
*19
.....
j
B...1970
Illinois Central 1st gold 4s
1951
1st gold 3%s
1951
Extended 1st gold3%s—...1951
1st gold 3s sterling
1951
Collateral trust gold 4s
1952
Refunding 4s
1955
Purchased lines 3 %s
1952
Collateral trust gold 4s__.
1953
Refunding 5s
1955
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s
1951
101% 103%
68%
68%
j
Illinois Bell Telep 3 %s ser
40
101%
1976
1977
1946
1946
1967
..1949
40
98% 105
.....
A
Hudson Co Gas 1st g 5s
30
29%
9
41
14
1949
%102%
103% 106%
30
41%
39%
41
-
121% 122%
100
103%
39%
.....
1961
Util 4s series C—1966
♦Harpen Mining 6s
87%
100%
102
39%
107
10-year deb 4%s
92
101%
F
J
Omaha Dlv 1st
57%
4
117
Hackensack Water 1st 4s
5
102%
ivi N
8%
*95
90
*92
.
9%
100%
13
1
98%
33
102
8
104%
104%
3
107
107
2
116%
88%
89
6%
24
90%
4
*45
102
102%
41%
41%
43
1
43
60
106
105%
106%
110%
110%
*100%
101%
*89
104
101%
28
114% 126%
84
97%
86%
25
......
105% 108
57%
61%
J
99%
99% 105%
102% 105%
103%
120%
o
....
93%
93%
38
58
a
90
60
23%
j
15
100% 106%
90
103%
101
24
120%
65
106%
18
58%
......
106
96
51
58%
102
......
8%
23
*20
116%
90%
....
-----
93%
102
107
......
....
91%
100% 109%
100% 108%
111
141%
104% 111%
60
12
97%
98
....
87
93%
....
......
23
64%
*105%
J
22%
32%
50%
2
100%
105%
101
105%
6%
2%
106% 107%
65%
65%
92%
O
23
12
....
107% 110%
*
.....
....
9%
3
*107%
j
20%
20
9
4
*2%
J
J
38
4%
....
17%
M n
A
92% 105
82
96%
9%
M n
J
10%
14
7
14
62%
*55
113%
-..----1952
98% 102%
103%
104%
100%
102%
A
......
80%
105
98% 103%
100
O
Gold 3%s—
....
64%
101
100
A
21
9%
5
113%
1950
1st mtge 5s series C
1950
Gulf A 8 11st ref A ter 5s Feb 1952
116% 118%
114%
.....
103% 106
101% 104
104% 106%
18
102%
2
79
105%
Gulf Mob A Nor lst5%sB
Gulf States
100
100
115%
1940
40
98% 108%
96% 103%
66
102%
115%
A
92%
94%
94%
91
93%
61%
89
59%
89
114% 119
109
105%
G
Gen mtge 3%s series I
♦Green Bay A West deb ctfs
♦Debentures ctfs B
27
102
2
....
.
J
Gulf States Steel s f 4%s
40%
71%
63%
103% 110%
99% 107%
-
J
D
E
41%
41%
26%
.
102
*108%
j
General mtge 4s series
Gen mtge 4s series H
Stamped..
.
185
64%
1952
37
103
*106%
'16 %
105% 108%
104% 107
*107
18
18%
26
107
*105%
J
F
79 h
103
1951 ivi N
j
105
*105%
J
♦Assented (subj to plan)
♦Ref A impt 5s ser B—Apr 1978 AO
{♦Des Plains Val 1st
53
f 5s—1951 ivi N
{♦Den A R G 1st cons g 4s
1936
{♦Consol gold 4Hs
1936
{♦Den A R G West gen 5s. Aug 1955
106 h
99%
79 h
j
66
103%
100
26
467
"27" "~7
103
105""
j
27
103""
O
1969
1969
106
101H
26 h
102%
d
Del Power A Light 1st 4 Hs
1st A ref 4 Ha
101
23
102%
1943 ivi N
j
1971 J
Dayton Pow A Lt 1st A ref 3 Ha 1960 A
Del A Hudson 1st A ref 4s
104
102
j
7%s series A extended to 1946
1952
102% 106%
103%
A
1951 f
Cuba RR 1st 5s g
105%
106 %
103 %
1st mtge 3 Ha
For
105 h
1960
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5%s
General 4 %s series
105
99% 105%
104% 106
105% 112%
104% 107%
100% 108%
.
65%
118
106%
69
69%
—1973
General 5s series C
106
68
4
s
series A—1961
General 5%s series B
106% 112
105
106%
60
19
Greenbrier Ry 1st gu 4s
Consumers Power 3%s.May 1 1965 ivi N
as to
103 %
Great Northern 4%s
100%
108% 113%
100% 105%
72
*116%
j
1950
111
104
s
deb 6s
f 6%s
116%
69
117%
.....
s
J
1st A gen s
111
112
96
79%
59%
s
♦Good Hope Steel A Ir sec
5s w w '46
5s
1942
4%S —1941
Grays Point Term 1st gu 5s
1947
Gt Cons El Pow (Japan) 7s
1944
110
103% 107
61%
59%
61%
72%
102
103
_
70
A
D
1939
warr.1949
Oct 1 '45
{{♦Ga Caro A Nor 1st ext 68—1934
7s—1945
1945
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 5S.—1957
102%
34%
68%
a
{♦Ga A Ala Ry 1st cons5s
Goodrich (B F) conv
118%
101
26
*
1951
-
111
100332 102%
97%
96
*
77%
111% 115
108%
102%
27
f 4s
109
.....
a
D
105%
114%
12
1
110
68%
j
105
107
*106%
55
69
J
a
ivi
105%
15
....
Gouv A Oswegatchle 1st
Grand R A I ext 1st gu g
98
107
111%
106%
*105%
J
Gotham Silk Hosiery deb
95
101%
*104h
*105%
1956
s
deb 3s '46
211
105
*105%
41%
103% 107%
131
139%
111%
106%
-
2
135%
105%
106%
65
48
107
...
113%
*131%
105%
.
96
97
94
J
deb 3 %s
75
54
102
1955
Crown Cork A Seal
113 h
112%
103% 108
97%
j
Copenhagen Telep 5s.-Feb 15 1954
4
109
106%
deb 4s__1954
f 5s
41
113
104% 111%
99% 105%
97 %
1955
s
80
108
105%
105%
97%
101%
98 h
26
♦Debenture 4s
101%
99 h
98 h
97
108% 116%
105
1951
♦Debenture 4s
Stamped
47
a
O
—
s f
15
59
*112%
1943
1951
Stamped guar 4%s
1951
Conn Rlv Pow s f 3%s A
1961
Consol Edison (N Y) deb 3%s.l946
1956
3%s debentures
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956
Consol Gas (N Y) deb 4%s
1951
Crane Co
79
99%
Conn RyAL 1st A ref 4 %s
♦Consolidation Coal
"2
75
"95"
O
Commercial Invest Tr deb 3%8 1951
non-conv
16
57%
75
ivi N
1965 mn
1948
♦20-year s f deb 6s
13
104%
105%
Gen Steel Cast 5%s with
110%
o
♦Debenture 4s
7s Jan 15 1945
♦Sinking fund deb 6 %8
1940
Gen Motors Accept Corp
109 h
{♦Consol Ry
♦Gen Elec (Germany)
j
113%
8
106%
*104
......
.....
D
109
Commercial Credit deb 3%s—1951 A
o
Co cons g 5s—1949 j
5s A.-1952 f
A
1947 J
113"
J
a
Gen Cable 1st s f 5%s
107
15 1961 j
Columbia A H V 1st ext g 4s. .1948 A
Columbus A Tol 1st ext 4s
1955 F
D
Gen Amer Investors deb
109%
..Jan
j
2
....
6
*107
o
109h
Columbia G A E deb 5s—May 1952 M N
Debenture 5s
Apr 15 1952 a O
A
ivi N
105%
113%
......
a
III"
108
deb 3 %s
%s A—1938
*105
O
o
trust 6s—1956 m n
110% 110%
108
conv
Francisco Sugar coll
*106""
A
105%
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 %s. -1959 j D
♦1st A ref 5s series A
—1974 m s
♦Certificates of deposit
Fonda Johns A Glov 4%s
1952
mn
a
J
....
39%
38
60
53
45
101%
......
109%
60
4
113%
*99%
J
Gas A El of Berg
o
j
113%
101
j
_
filed by owner.
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner
♦Certificates of deposit
Fort St U D Co 1 st g 4 %s
1941
Framerican Ind Dev 20-yr 7 %s 1942
55
113%
J
...
{ {♦Proof of claim
49
......
......
4s
1956
Traction 1st 5s 1942 ivi
5s International series
1942 rvi
1st lien s f 5s stamped
1942 iw
1st lien 6s stamped
1942 M
30-year deb 6s series B
1954
Fiat deb s f 7s
-1946 J
106% 108
105% 111%
O
Consol Oil
83%
103%
107%
118
98%
106%
104
104%
*44
.
J
Fairbanks Morse deb
Federal Light A
53
*41
.
.
.
j
1954
Ernesto Breda 7s
l6i" 103"
109%
1972
1st s f 6s series B guar
1973
1st 8 f 4%s series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s.-1943
♦5s Income mtge
-—1970
Colo A South 4%s series A
1980
Conn A Passum Rlv 1st 4s
110%
%s
Galv Hous A Hend 1st 5
*106
Cleve Union Term gu 5%s
4s
115%
95
Cleve Short Line 1st gu 4%s—1961
Columbus Ry Pow A Lt
97
91%
95
O
Debenture 5s
101
104% 104%
*100 h
mn
104% 108%
105% 109%
*104
Cleve Elec Ilium 1st M 3%8_.-1965 J
Cleve A Pgh gen gu
104 h
98
98
D
J
108
103 h
*104 h
J
j
4
108
103 %
6s
1st 4s
53
53
,
101
104%
70
39%
M n
f
*104
*58
J
ivi N
a O
j
J
J
J
M N
1938 ivi S
Ref A lmpt
94%
104
100 h
79 h
102
ivi N
D
107 %
110 h
107 h
104 %
"loo""
D
CIn Leb A Nor 1st con gu 4s—1942
*
mn
Series B
D—
Gen conv 4s series
113%
105
*86"
3d mtge 4
1st mtge 4s series
1996
-.1996
1953
1953
1953
1967
1975
.-1955
1957
1947
prior
lien g 4s
Conv 4s series A
94%
106
lmm
D
3%s
Memphis Dlv 1st
Clearfield A
3%s ser B
Erie RR 1st cons g 4s
1st consol gen
a
......
d
O
1965 a
1940 J
1940 J
stamped
Erie A Pitts g gu
Dec 1 1960 m s
D
Gold
3%s
4s
Ed El 111 Bklyn 1st cons
5s Of 1927
5s of 1930
Erie A Jersey 1st s f 6s
1951 j
June 15 1951 j
g 4s
1951 J
Chic T H & S'eastern 1st 5s.-I960 J
Ch St L A New Orleans 5s
gu
60%
12%
*12%
Range
Low
60%
♦Certificates of deposit
♦Conv g 4%s
Kl&Q
24 %
1934
{♦Refunding gold 4s
{♦Secured 4%s series A
♦Certificates of deposit
fi
High
24
24
♦Certificates of deposit--
Inc
East T Va & Ga Dlv
Week's
Friday
ivi N
Dow Chemical deb 3s
1951 J
HDul A Iron Range 1st 5s... —1937 A
East Ry Minn
*3 «
4%s—1961
s
108%
D
Detroit Term A Tunnel
La Salle St.
Randolph 7711
Connections
High
114
106%
M
♦2d 4s assented
Low
113%
G—1966
♦Second gold 4s
No.
High
Since
Jan. 1
106%
108%
4s—1995
*—1995
♦1st 4s assented
Bonds Sold
Asked
113 %
♦Detroit A Mac 1st lien g
%AlLROAD "BONDS
Ulgby 4-5200
<&
O
Gen A ref mtge 3 %s ser
Out WM Street
Bid
A
D—1961 f
--1952 A
1965 A
Detroit Edison Co 4%s ser
c^ew Ymrk Curb Exchange
Range
or
Friday
Sale
24
Low
i 6K-ew r°rk Stock £xchanse
{
Range
Last
STOCK EXCHANGE
Week Ended Sept.
Bennett 'Bros. & Johnson
tMembers
Y.
21
1
....
5
93
116% 124
58
85%
21%
36%
101% 110
110
111
102
107%
101% 107%
92%
93
iw
S
a
o
69
69
69
1
69
95
m n
65
65
68
18
65
96
74%
90%
66
90
J
j
m n
m n
F
a
*
72%
......
7
66
81%
67
81%
......
82%
12
81% 104%
52%
97
48
80
1
104
109
93
98
48
48
104
104
*92
95
....
*
94%
95
*
83
82%
89%
*
87%
88
92%
*
92%
93%
102%
98%
100% 100%
*
90
90
101%
Volume
New York Bond
145
bonds
N.
Y.
STOCK
Range or
Last
Inter st Period,
EXCHANGE
Week Ended Sept. 24
Record—Continued—Page 4
Sale
Range
Bonds Sold
Friday
Bid
Price
Asked
&
Low
Since
Jan. 1
BROKERS IN BONDS
Lore
High
High
i
111 Cent and Chic St L & N
Joint 1st ref 5s series A
)J
1st & ref 4 Ms series C
589*
599*
3
107 M
1079*
11
A
U
*1019*
103 M
j
-
~
j
j
4s_»
Ind Union Ry 3 Ms series B__
Inland Steel 39*s series D
*
A
j
J
*999*
§M0-year
conv
-
—
-
22
62
29 M 43
98M 105M
101
56
63
55
13
53 M
22 M
55
18M
95 M
56
189*
1
17
52 M
2
1932 M
239
s
619*
619*
r a
669* 1105
61M
62
7% notes.
64
26
60 M
98
238
o
93M
93M
ivi N
1942....
100M
1009*
J
j
A
O
J
j
9
o
42 M
7M
17M
289*
6
25
759*
139
70 H
90
89 M
102M
101M
709*
709*
74
26 M
25
299*
28 M
O
92 M 104M
102
100
21
25
j
a
A
14
47
309*
79*
79*
25
J
Internat Hydro El deb 6s
Int Merc Marine s f 6s
100 M
27
27
65
40 J*
40 Ji
9
j
J
98 M
629*
989*
62 M
1019*
78
98 M
m
s
839*
839*
909*
81
83 H
83
Internat Paper 5s ser A & B_.
ivi N
f
63
86
86
JJ
87
*
A
2
94
969*
95
102
61
62 M
29
61
75
)j
J
84
84
879*
143
79
94M
f
A
62
61
679*
123
61
80 M
ivi
S
49*
11
3
9M
j
James Frank & Clear 1st 4s—:
j
Jones & Laughlln Steel
ivi
S
a
49*
4 J*
O
49* s A..:
Kanawha & Mich 1st gu g 4s._:
ti*K C Ft S & M Ry ref g 4s_:
D
A
o
*949*
37M
37M
1039*
O
78
)J
J
75
J
j
D
♦Ctfs
♦Ctfs with
warr
Keith (B F) Corp 1st 6s
3
Kentucky Central gold 4s
:
Kentucky & Ind Term 4 Ms—3
56
12
102M
104M
40
50
26
j
96MI
99J*
96 M
*1089*
j
J
99
3
j
J
unguaranteed
3
j
j
A
o
HKlngs County El L & P 5s—3
Purchase money 6s
3
Kings County Elev 1st g 4s...3
Kings Co Lighting 1st 5s
3
A
o
F
a
1099*
*1009*
102
101M
*150
160
87 M
87 M
J
j
j
*112M
3
.3
J
d
M n
102 M
Kresge Foundation coll tr 4s..]
J
101M
1029*
101 M
979*
979*
3
Kinney (G R) 5 Ms ext to
Koppers Co 4s ser A
3 Ms collateral trust notes—3
^♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
j
f
A
9
a
O
f 6s
Metrop Ed 1st 4 Ms ser D
Metrop Wat Sew & D 5 Ms
65
319*
32
93%
939*
94 M
A
61
61
64
f
A
3
F
a
a
o
1950
♦Mlag Mill Mach
1st
Coll tr 6s series B
3
F
a
*46
j
J
*95
j
J
*103
j
D
]
25
♦1st mtge Income reg
s
3
]
Cons sink fund 4 Ms ser C—]
J
j
1979
1940 a
Milw El Ry & Lt 1st 5s B
1st mtge 5s
1961 j
D
1971 j
J
O
A
f
48
s
f 5s
1
f
A
1st & ref
s
f 5s
3
f
3
j
3
f
Leh Val N Y 1st gu g
3
4 Ms
A
90
J
j
6s.
100M 106M
98
109M
107
9
88
103M
449*
24
52
62
100
1009*
75
A
"99 9*
d
73
O
j
4s stamped
D
121
4
Lorlllard (P) Co deb 7s
5s
Louisiana & Ark 1st 5s
ser
73
S
999*
999*
989*
126
a
*119
A...1969 j
J
Louisville Gas & Elec 3 Ms
S
1940 J
779*
1966 M s
1945 M
j
-.2003 a
O
779*
1019*
*109
106M
126
799*
44
1029*
46
111
1069*
1089*
*1119*
s
McKesson & Robblns deb 5 Ms
Maine Central RR 4s
a
f deb 5s .1951 ivi N
ser
1950 ivi N
A._ .1945 J
Gen mtge 4MsserA
d
1960 J
d
Jt^Manati Sugar lsts f 7Ms._. 1942 a
♦Certificates of deposit...
{♦Manhat Ry (N Y) cons t 4s -1996 a
-
-
-
O
.2013 j D
Manila Elec RR & Lt s f 5s.. 1953 ivi s
Manila RR (South Lines) 4s.. .1939 ivi N
.1959 ivi N
t*Man G B & N W 1st 3Ms— .1941 j
For footnotes
see
page 2041.
96 H
j
J
56
56
579*
2
56
76
j
J
63
63
2
63
56
79 H
80
29 M
48 H
91M
90
-
-
5
-
27
^989*
989*
103 M
1039*
103M
103
104
50
100
100
100
12
H
75
729*
111
98
105 M 111M
85 M
96 M
94
113
103 M
72
A
J
«.
«
*45
_
-
—
—
-
29 M
4
100 M
109M 115
93
99
45 M
24
m
S
28
28
32 M
236
28
49
27
309*
52
30
329*
29M
8
30
48 9*
1
28
45 9*
116
8
18M
148
29
48 9*
6
28
46 M
289*
49 M
47
29 M
8
ivi N
8
O
29
29
99*
32M
28
28
28
289*
329*
309*
a
A
♦Certificates of deposit
289*
28
-
28
*
MN
M
A
s
21
M s
♦Secured 5% notes
Mohawk & Malone 1st gu g 4s. 1991 M s
Monongahela Ry 1st M 4s ser A *60 ivi N
22
Monongahela West Penn Pub Serv
1st mtge 4 Ms
I960 A
6s debentures
1965 A
o
d
1955 a
O
Gen & ref
s
f 5s series A
s f
5s series B
1955 a
_
*26 M
21
j
O
59
J
d
_
Nassau Elec gu g 4s stpd
Nat Acme 4 Ms extend to
1951
1946
Nat Dairy Prod deb 39*s w W..1951
Nat Distillers Prod deb 4 Ms—1945
92 M 100
93
97
839*
379*
34 9*
.
^
J
d
3
102
106
102M 105M
105M
72 M
86 M
100
80
21
39 9*
24
19
22
39 M
84
84
989*
-
-
—
1069*
1069*
107
9
105 '
105
1059*
5
100
100M
100M
929*
999*
929*
999*
5
94
100
*
84
------
*
165
8
-
-
-
-
79
*
82 M
------
"819*
819*
90
1
789*
79 M
8
*115
1169*
107
-
34
-
89
33 M
34
-
107
89
107
ivi N
1
—
1
1
32
♦4 Ms Jan 1914 coup on
♦4 Ms July 1914 coup on
♦4M July 1914 coup off
♦Assent
warr
1957 T
1957 J
1957 J
------
j
--
-
-
256
1029*
105
38
4
29*
*29*
*2 M
o
♦Assent warr & rets No 5 on '77
29*
*2H
*1M
o
29*
29*
♦4s April 1914 coupon on—1977 A
♦4s April 1914 coupon off
1977 A
♦Assent
warr
& rets No 4 on. 1926 j
J
A
o
♦4s April 1914 coupon off.-.1951 A
♦Assent warr & rets No 4 on '51
o
♦4s April 1914 coupon on
1951
Nat Steel 1st coll
s
^♦Naugatuck RR 1st
Newark Consol Gas
1965 j
f 4s
g
4s
cons
1954
5s.-.1948 J
4M
j
♦Consol guar 4s
1945 J
j
New England Tel & Tel 5s A..1952 j
4
1
D
1983 J
104
30 M
57 M
30 M
N O & N E 1st ref & imp 4 Ms A 1952 j
25
53
New Orl Pub Serv 1st 5s
17
11
27M
16M
92 M
41
89
31M
95
98 9*
63 M
101
999* 107
103
106M
29*
29*
"29*
3
-
—
29*
6M
4
~6M
"2%
106 M
1st & ref 5s series B
*65
------
1189*
*
*
ser
A..1952 A
A
o
j
J
o
1955 j
D
New Orleans Term 1st gu 4s._-1953 J
j
84
52 M
------
52
4
-
-
-
-
----
122
------
122 9*
3
1209*
1229*
1209*
15
*100
106 M
106 M
*80
------
*
-
-
28
84
75
------
-
107
T"
102 M 107 9*
77
-
1189*
60
------
7 9*
-
3M
1059*
105M
1961 ivi N
1st g 4Mb series B
329*
32
979*
----
------
d
J
289*
169*
*92 M
78M
84
102
789* 97
1129* 119
106M 111
4
*2M
D
ivi N
309*
90
90
809*
Nat RR of Mex prior lien 4 Ms—
30 J*
82 M
75
799*
80
*1M
*
j
& rets No 4 on '57
New Orl Great Nor 5s A
70
99 9*
98 M 104 M
79 9*
85 9*
79 M
86 M
National Rys of Mexico—
N J Junction RR guar 1st 4s..1986 f
N J Pow & Light 1st 4 Ms
1960 A
30
92
*19*
ivi N
90 M
33 M
1119*
1089*
999* 1109*
80
"82 M "49
90
*1019*
1009*
1009*
1049*
1049*
90
92 M
54 M
24
105
A
j
J
28
47
*83
_
1955 M n
INamm (A I) <fe Son—See Mfrs Tr
Nash Chatt & St L 4s ser A
1978 f
27
22
o
Montana Power 1st & ref 3Ms. 1966 J
Montreal Tram 1st & ref 5s
1941 J
Gen & ref
..-
144
92
*
s
f
M
54
86
27
30
M n
♦Certificates of deposit.
♦Conv gold 5Ms..
^♦New England RR guar 5s—1945
6
29
10M
48
*68
3
155
1
*83
22
129*
20
-
30
109*
55
-
329*
299*
11
56
-
50
-
29M
88 M
s
48
„
53
ivi
55
17
-
110M 115
«
95
------
48
i*
*
O
f
289*
♦Certificates of deposit..
♦Second 4s
1st ext 4s
112M
113
O
-
97
-----
*94
j
Lower Austria Hydro El 6MS--1944 F
McCrory Stores Corp
135
116M 124M
779* 100M
99 M 102 M
106
112M
1039*
S
1955 ivi N
126
90
1945 M s
1952 J
106M
98M 104M
96
*1099*
89 M
89 M
1980 ivi
99
8
90
South Ry joint Monon 4s
Atl Knox & Cln Div 4s
97M 1019*
699*
799*
101M 106M
101'532l03M
102M 108
28 M
61H
Constr M 4 Ms series B
1955 M n
Mutual Fuel Gas 1st gu g 5s—1947 M n
Mut Un Tel gtd 6s ext at 5%--1941 ivi N
63
969*
90
95
30
79
2000
99
969*
98
95 M
95
48
Morris & Essex 1st gu 3 Ms
Constr M 5s series A
106
o
12 M
80
58
129M 136
117
126M
1059* 109 M
O
6
85
.
O
14
A
14M
O
33
1946 f
41M
15
36
A
43
2003 a
102
17
1
62 M
a
107
2003 a
St Louis Dlv 2d gold 3s
Mob & Montg 1st g 4 Ms
1
120M
23
15
809*
1955
1039*
1st & ref
3Ms series E
10
18
79
C..1955
107
1st & ref 4M8 series C
1st & ref 4s series D
Paducah & Mem Div 4s
16
22
17
37 M
32
58
f 4 Ms series
102
o
2003 a
2
101
99
O
Louis & Jeff Bdge Co gu 4s
3Loulsville & Nashville RR—
12
101"32 101 M
1944 A
1st & ref 5s series B
739*
102 M
*100
99M
1951 F
Unified gold 4s
166" "41
"999*
17
79
f 5s series D
108
8M
22
17M
60
s
132M
10
J
s
129M
21H
2M
j
Gen & ref
116
8M
3M
--
D
Gen & ref
122
102 M
s
1949 M
769*
91M
46 M
57
1
--
99 M
77
j
108
a
s
72
43 M
'49 M
86
99 M 109
*1309*
120M
J
1949 ivi
40 M
*119M
a
1949 ivi
75
100M
95
47 M
100
40
77
90
49 M
f
35M
106M
4
M n
Long Dock Co 3Ms ext to
30 M
90
24 M
57
j
70
99 M
409*
43 M
-
1
J
50 M
38
3
-
-
90 M
105
99 X 105
83
85
769*
*
101
3
49M
.1951 F
Unified gold 4s
Guar ref gold 4s
1
M n
102M 104M
101M 111 M
97M 102M
2
ivi N
o
17
17
*
J
114
38
ivi N
O
89*
14M
51
97
—
-
63
s
108J*
93 M 100M
51
78
89
-
24M
ivi
161
90
107
o
24 M
*
—
-
----
83
s
J
95
949*
17
94 M
90
a
*77
*
15
105M
88
A
38
M n
104 M
409*
Leh Val Term Ry 1st gu g 5s...1941 A
22
1019*
17
90
40 M
43 M
m N
1029*
101
*16
66
959*
35
100
101
101
15
100
2
1
1019*
179*
69
*
104 M HOM
101
108
1
35
j
40
A
103 M
35
-
j
38
38
J
Leh Val Harbor Term gu 5s
«.«
j
92 M
90
101
103 M 105 M
89
90
J
51
A
1st & ref
—
*
j
5
25
J
96
349*
♦
1
■.
j
ivi
f»9*
28"
1049*
J
49
15
101
f
f 5s
-
d
J
70 M
68 M
105
*
8
gold notes
J
D
169*
1079*
103M
j
49
8M
29*
----
24 M
J
56
101M
100M 104 M
1
89*
49*
*88
o
j
103
6
1019*
107 M
109M 109 9*
5
319*
M s
1st & ref
1049*
1079*
Ref & lmpt 4 Ms series C
t*Mld of N J 1st ext 5s
709*
54
*
J
a
Lehigh <fc New Eng RR 4s A—]
Lehigh & N Y 1st gu g 4s
]
3Lehlgh Val Coal 1st & ref s f 5s.]
Secured 6%
s
1952 ivi N
99
569*
89
*29*
J
M
1951
High
97 M 103M
80
100
102 M 107M
106
109M
49*
87 M
Low
3
1089*
89*
49*
25
98
*..
9
14
*3M
90
529*
2
89
*4
33
1019*
319*
80
104
*26
j
Jack Lans & Sag 3 Ms
1st gold 3 Ms
f
3
f 4 Ms A
6
S
55
63
52
No.
f
27
100
609*
61
High
1039*
Since
Jan. 1
Michigan Central Detroit & Bay
Lautaro Nitrate Co Ltd—
Lehigh C & Nav
-Mo
D
j
19
f 7s
s
Lake Erie & Western RR—
Lake Sh & Mich So g 3 Ms
89
102M
1089*
1019*
89*
*29*
------
Coll tr 6s series A
5s 1937 extended at 3% to__]
2d gold 58
3
80
89
§t*Met West Side El (Chic) 4s. 1938 F a
♦Mex Internat 1st 4s asstd
1977 M s
♦4s (Sept 1914 coupon)
M s
19
A
S
O
f
80
s
Bonds Sold
Asked
Q
2
27
103
a
1029*
102 M
1968 ivi
115M
101M
105 M
999*
1039*
ivi
3
Laclede Gas Light ref & ext 5s. ]
Coll & ref 5 Ms series C
3
Coll & ref 5 Ms series D
]
Marlon Steam Shovel
1039*
Market St Ry 7s ser A
0.
j
April
Mead Corp 1st 6s with warr..1945 ivi N
112M 119M
99 M 102
114
989*
&
Low
D
100
2
1059*
999*
Bid
Price
j
Range
or
Friday
ivi
96 M
146 M
90
1059*
J
1st & ref 6Ms
1
#
Range
Sale
Mfrs Tr Co ctfs of partlc in
HA I Namm & Son 1st 6s
35
89
*
Last
Inter st Period
STOCK EXCHANGE
Week Ended Sept. 24
s
YORK
Week's
Friday
bonds
N. Y.
31
108
99
3
NEW
A. T. & T. Tele. N. Y. 1-1598
107M 108 M
101H 1029*
22
92
3
St.
Telephone WHIteball 4-2900
25
25
110M
*91
Wall
63
44
11M
„
J
Plain
95
100
109 M
105
21
j
Stamped
4 Ms
S
J
78
75
106
*25
im
64
2
*23
(par $925)-.3
66M
19
104
M n
37 M
78
*169*
stmp (par $925)..:
w w
35
78
109 M
*38
106
42M
108M
1089*
104M
M n
;
102M
101M 108
419*
75
j
♦Karstadt (Rudolph) 1st 6s—]
♦Ctfs w w stmp (par $645)
100
42
78
Apr :
Kansas City Term 1st 4s
3
Kansas Gas & Electric 4 Ms—]
:
90
29
102
*38
a
13
1019*
♦Certificates of deposit
Kan City Sou 1st gold 3s
Ref & lmpt 5s.
93
92
92
101?*
Members New York Stock Exchange
91M
91
_
♦Certificates of deposit..
D. H. SlLBERBERG & Co.
97
60 M
18M
189*
BANKS AND DEALERS
108
189*
o
FOR
91M
58 9*
87 M
106M 108
104M 104M
100M 107
58 M
.1932 A
-—
Int Agrlc Corp 5s stamped
1049*
—
-
100
104M
104 M
56
♦Certificates of deposit-♦Certificates of deposit.
309*
------
S
f
;
Jlnterboro Rap Tran 1st 5s__
$*10-year 6s.-~
32
58 9*
107M
)j
gu
66
d
O
.
Ind 111 & Iowa 1st g 4s
{♦Ind & Louisville 1st
62
62
d
) a
J
Illinois Steel deb 4 Ms
Ind Bloom & West 1st ext 4s
2039
Week's
Friday
93 M
118
122 M
82
52
52 M
74 M
118M 127 K
1169* 1259*
100 M 101
104 M 108M
84
-
-
-
-
93
93
95
11
939*
92
94
112
87
87
89
15
98
70
85 9*
92 M 1039*
103
92
87
100 9*
New York Bond Record—Continued—Page 5
2040
BONDS
N. Y.
Last
STOCK EXCHANGE
Week Ended Sept.
Bid
&
Low
*
{{♦N O Tex A Mex n-c inc 6s. .1935
♦1st 5s series B
1954
♦Certificates of deposit
♦1st 5s series C
1956
A
O
A
O
F
A
43
—1956
1954
A
F
O
A
♦1st 4^s series D
♦1st 5 Hs series A
♦Certificates of deposit
Newport A C Bdge gen gu
N Y Cent RR 4s series A
Conv secured 3ks
92 H
92 k
99 k
80
90 H
M N
J
99H
95
95H
"so"
45
"43
2
93 H
101H
83
92 a
102
96H
104 J4
103
166
81
43
1955 J
J
1947 IVI
64k
Paris-Orleans RR ext 5H8---. 1968 IVI
s
60
{♦Park-Lexington 6 Hs ctfs
1953 J
45 H
55k
Par melee Trans deb 6s
1944 A
O
45
62 k
Pat A Passaic G A E cons 5s... 1949 IVI
s
57
♦Paullsta Ry 1st ref s f 7s
45
D
88
390
100
85
6
90
100
O
101H
101
4s
Purchase money gold
N Y A Greenwood L gu g
N Y A Harlem
1949
5s— .1946
F
H3H
M N
96
5 His .1942 M
E A W Dock A Impt 5s 1943 J
N Y L E A W Coal A RR
4s— .1941
{♦N Y A N E (Bost Term) 4s_ .1939
{♦N Y N H A H n-c deb 4b— .1947
♦Non-conv debenture 3Hs. .1947
♦Non-conv debenture 3 Hs. 1954
♦Non-conv debenture 4s— 1955
N Y A Long Branch gen
*99"
A
106
101H
29
27k
27 k
27k
27k
27 H
27H
30
A
J
J
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1940 A
♦Debenture 4s
1957 IVI N
O
25
25
30 k
*26
33k
45
To"
3
2
23
5i
46
Too
9
16
16k
11
♦1st A ref 4Hs ser
J
D
30H
30 H
34 H
38
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IVI N
90 H
90 H
91H
6
14
14
11
16k
11H
120
11
of 1927— .1967
A Pt Ches 1st 4s .1954
{♦N Y Ont A West ref g 4s
1992
1955
S
J
D
4s.1942
A
O
A
O
*75H
Lt A Pow 3 Ha—1965 MN
J
{N Y Rys prior lien 6s stamp—1958 J
N Y A Richm Gas 1st 6s A
1951 IVI N
N Y Steam 6s series A
1947 IVI N
1st mtge 5s
1951 IVI N
1st mtge 5s
1956 M N
J
{♦{N Y Susq A West 1st ref 53.1937 J
{♦2d gold 4 Ha
1937 F A
♦General gold 5s
---1940 F A
♦Terminal 1st gold 5s
1943 IVI N
N Y Telep 1st A gen s f 4Hs~-1939 M N
ref mtge 3ks ser B
1967 J J
N Y Trap Rock 1st 6s
1946 J D
6s stamped
1946
{♦N Y Westch A Bost 1st 4 Ha. 1946 j"i
Niagara Falls Power 3 Ha
1966 M S
Nlag Lock A O Pow 1st fis A—1955 A O
Niagara Share (Mo) deb 5 Ha—1950 M N
Nord Ry ext sink fund 6 Ha
1950 A O
N Y Queens El
{{♦Norfolk South 1st A ref 5s—1961
F
A
105H
104k
99
10
106
3
106
106
106
20
104
103H
103H
104k
25
104 k
39
103H
20
20
25
21
16
16
16
5
14k
14k
14k
3
*60
T06H
A
J
99
105 k
16
i
13
65
106
17
5
78
8H
17
69
1st
112
24
125
ser
52
101
J
84 k
70
100H
88k
88 k
108 k
94
272
J
94 H
5
J
J
69 k
107
100k
100
16
98
*109
109k
HI 32
111732
D
100H
100
100k
D
103
1943 F A
Ontario Transmission 1st 5s.-.1945 IVI N
J
D
Ore Short Line 1st cons g 5s_..1946 J
J
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
1946 J
J
1961 J
J
Oslo Gas A El Wks extl 5s
1963 IVI
S
Otis Steel 1st mtge A 4H3
1962 J
J
109k
115k
113 k
124
116
113k 123 k
104k 107k
112H 113
96 k
84 H
O
"85"
"75"
O
A
107
74k
74k
75
75
78 k
74 k
*109
D
108
J
119k 124k
'55k
114
55k
107k
65k
"~3
14k
16k
182
103k
103k
6
90 H
42
J
14k
J
1951 J
J
90
*9k
J
95k
J
D
A
J
J
J
S
45 k
106
90
100
13
28 k
90
92 H
101
92
126 k
*110
92
92
93 k
O
J
14k
100
85 H
92 H
D
J
54 k
75k
105k 108 k
62 k
88 k
»k
s
J
14
92k
IVI N
IVI
97k
110k
*110
D
M S
96
T04k
V 95
94k
7
17
104k
106
103
104
104
105
13
102k
101k
103k
129
135
135H
"_5
91
94 k
89 k
104 k
104k 108k
104
108
M N
IVI N
C
5 Hs '54
1956
4ka. 1956
J
J
91
111"
111k
92 k
92 k
102 k
102k
J
*19
J
19k
112
127
212
120
91
100
114
81
108
96
89
102 k
52
32
20
92 k
130 k
100
100 k 106
24
32
18
25
F
A
22 k
A
O
22 k
IVI N
*31
23 k
40
IVI N
*31
40
27k
19k
19H
22k
26 k
19
"25"
IVI N
23 k
115k
112
*23 k
1952
101
27 k
28 H
19H
28
37 k
66
40 k
66
5s
1952
J
1955 F
{♦Rio Grande June 1st gu 5s—1939 J
{♦Rio Grande West 1st gold 4s. 1939 J
♦1st
con A
coll trust 4s A
1949 A
1977
-.1962
{{♦R I Ark A Louis 1st 4H8—1934
Roch
GAE4Hs series D
Gen mtge 5s series E
*104
J
A
55
54 k
*
D
60k
J
O
M
IVI
26
26
*117k
109k
S
s
11H
103k 104k
53 k
60
91
91k
60 H
84
55
89 k
63
31
26
52 k
116H 117
l"69k
107 k
109 k
Ilk
28k
108k
108k
106k
"50
"94
♦Ruhr Chemical s f 6s
99k 103k
87 H
92 H
65
109
St Lawr A Adlr 1st g 5s
♦Certificates of deposit
Panhandle Eastern Pipe L 4s._1952 IVI
Paramount Broadway Corp—
*28
44
36 k
100k
♦{Rlv A G Div 1st g 4s
♦Certificates of deposit
98
65H
J
"99k
99k
*
18k
99k
25k
32 k
34k
103k
99
O
96
103k
100
J
92
IVI N
102
41
69k
69k
70 k
69
1933
69
69
6
69
88k
12
24
48
6
82
85
179
69
89 k
J
24
26
102H
J
82
82 k
105k
{♦St L-San Fran pr lien 4s A.-1950 J
J
i6k
18
16
37 k
15k
16H
37
14k
33k
16k
15k
16k
18
26
16
15k
15k
2
15
36 k
33 H
15
15
17H
212
15
33 k
14
13k
15k
134
13 k
30k
♦Certificates of deposit
♦Prior lien 5s series B
♦Con M 4 Ha series A
57k
101k
75k
1950
}""j
♦Certificates of deposit
58
♦Ctfs of deposit stamped
J;
67k
1996 J
1966 A
18
{♦S L Peor A N W 1st gu 5s—-1948 J
St L Rocky Mt A P 5s stpd
1955 J
104 k
108k 108k
37
1947
20k
24
St Louis Iron Mt A Southern—
111
47
s
O
f St Jos Ry Lt Ht A Pr 1st 5S-1937 M N
82
103
IVI
1948 A
J
103 H 107 k
"90k
*28"
115k
115k
106k
62 k
Richm Term Ry 1st gen
s f 7s
98 k
2041.
125k
124k
99k 104k
107
112k
97
101m32
99
page
111
101k
95
==555ai
117
101k
98 k
For footnotes see
117
101k
{{♦Pan-Am Pet Co (Cal) conv 6s '40
.*■'
113
O
100 k
67
117
Saguenay Power Ltd 1st M 4ka '66 A
St Jos A Grand Island 1st 4s..1947 J
101k
67
114H
117
123
101k
100H
A
114H
109
102
*93 k
1955 F
111
109
*108k
103k
96 k
f g 3s loan ctfa
110
*111
103
96H
s
112H
*106k
♦Rima Steel 1st
99k 107k
94 k 100k
96 H 102 H
1st M
113H
108
103
99H
100k
111
*108
D
103
100 k
113k
111k
*166"
J
98H
s
109
*_
117
*102k
>
111
Safeway Stores s f deb 4s
102H
f g 4 Ha
*l09k
D
A
107k 111H
109
113k
*111
121H
98H
s
108 k
85 H 102
100 H
95
116
3
102H
Paducah A 111 1st
106
"96k"
*18
ii7k
101k
100 k
95
J
1st A ref mtge 3ka ser H—.1981
1966
1955
108
*102
95
114
106
1938
26 k
30
12k
106H
Ref mtge 3ks ser C
50 k
7k
16k
"i§"
105k
2d ext gold 5s
21
9k
17
91k 106 H
104 H
J
1928
1953
♦Cons mtge 6s of 1930
1955
{{♦Richfield Oil of Calif 6s„. 1944
♦Certificates of deposit
104
106 k
Pacific Tel A Tel 3Ha ser B... 1966
102
23 k
Hk
4
1938
7k
16k
107k
96k
104k
*20 k
18
109k
67
1966
103k
22k
♦Rut-Canadian 1st gu g 4s
1949
♦Rutland RR 1st con 4 Ha—1941 J
109k
H7k
*119k
115
1964
1st A ref mtge 3 Ha ser I
Pac RR of Mo 1st ext g 4s
107
J
102 H
1946
95
95k
J
2d gold 6s
Pacifio Coast Co 1st g 5s
Pacific Gas A El 4s series G
5
*104
♦Cons mtge 6s of
110k 115
107H 115
89
129
119
347
58 k
♦Direct mtge 6s
97k 100
ii4k
105
119k
113H
116
"l8
33k
103 k
106k
103k
123k
107k
♦Rhine-Westphalia El Pr 7s—1950 M N
109k 109k
101k 106 H
102H
*113k
*lllk
"89"
S
s f 7s
1946 J
♦Rhine-Ruhr Water Service 6s. 1953 J
IO9732 113"
109k 112k
99 k 100 k
msi6
101
88 k
106 k
*115k
88 k
107k
*108k
♦Rhelnelbe Union
J
O
A
106
108k
*81
"88k"
IVI N
Gen mtge 4Hs series
105 H
28
26 H
96
91
*27
97k
89k
89k
111k
108k
7k
16k
Purch money 1st M conv
107k
98 k
99
113
D
1977
1-1960
4Hs series D
Revere Cop A Br 1st mtge
109k
104k 104 k
100
98
8k
108k 117
Rensselaer A Saratoga 6s gu—.1941 IVI N
Republic Steel Corp 4Hs ser A. 1950 M S
Gen mtge 4Hs series B
1961 F A
92
107k
58
96~~
87
108
112
—
82 k
107
19k
8
113
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4Hs series A
1997
Gen A ref 4 Hs series B
1997
100 H 112
88k 110
103 H
2
112k
111H
111k
113
{♦Providence Sec guar deb 4s—1957
{♦Providence Term 1st 4s
1956
1948
84k 106
J
84k
100H
71k
90H
*18
30
98
116k 121k
112
117H
113
Purity Bakeries s f deb 5s
72 H
81H
101H 112k
102 k
102 H
"96"
9k
1962 F A
—1974 J D
Pressed Steel Car deb 5s
83
70k
102 H
*_
87
1
*112
{♦Postal Teleg A Cable coll 58.1953 J
87
101H
S
8k
363
120
70k
0
113k
87
8H
A
Potomac Elec Pow 1st M 3HS-1966 J
105k
102H
18
118
J
1st 5s 1935 extended to 1950
Porto Rlcan Am Ton conv 6s__ 1942 J
101k 106 H
99 k 107
120
125k
72 H
87
*70
101k
107
J
1948 J
A
Port Gen Elec 1st 4 Ha
102 H 106 H
20
98
98
D
1959
1960
4 Ha series B
1st gen 5s series C
82 H
122
101
4 Ha
1st gen 5s series B
31
10
cons guar
Pitts Y A Ash 1st 4s
22 k
53
Series J
1st mtge 4 Ha series C
94 H
98
74
4 Ha
cons
1st mtge
97k 109 k
32 k
17k
119
J
103 H
J
Pitts A W Va 1st 4 Ha ser A—1958 J
102
83
85
4s
Pitts Va A Char 1st 4s guar
106k
109 H
101
Series G 4s guar
Gen 4 Ha series C
104
look
103k 111H
68
1943 M N
gold
gold
Gen mtge 5s series B
69 k
95
J
47
1940 A O
1942 A O
1942 MN
1945 M N
1949 F A
1953 J D
1957 M N
1960 F A
1963 F A
1964 IVI N
1970 J D
1975 A O
J
1977 J
Gen mtge 5s series A
92 H
91
20
37
92
117
J
4 Ha A. 1952 IVI
Series E 3 Ha guar
Series I
98 k 107 k
107 H
98
33
4
conv
Series H cons guar
104k 108k
102k 108k
99 k
19
Pitts Coke A Iron
Series F 4s guar
'
101k 109k
J
N
4s.-.1946
1
95
96H
J
98k
98
1967 J
5s series A
Series C 4 Ha guar
42 k
101H
F
M
—1946 J
g
10k
75 k
95
Ontario Power N F 1st g 5s
Oregon RR A Nav con
1977
1981
Remington Rand deb 4ks w w.1956 IVI
Ohio Indiana A West 5s.-Apr 11938 Q
tOhlo Public Service 7 Hs A—.1946 A
If 1st A ref 7s series 3
1947 F
Oklahoma Gas A Lieu 3ks
1966 J
48 debentures
28
82
1965 M
1972
1st mtge 3ks
General g 4Hs series C
General 4Ha series D„_
Series D 4s guar
97k
17k
*
•JNorweg Hydro-El Nit 5Ha--.1957 M tN
1948
1943
102
*70
Northwestern Teleg 4 Ha ext—1944 J
♦Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s.
"72
S
♦Stpd as to sale of April 1 '33 to
April 1 1937 incl coupons—1945
North Pacific prior lien 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
Ref A impt 4 Ha series A
2047 J
Ref A impt 6s series B
2047 J
Ref A impt 5s series C
2047 J
Ref A impt 5s series D
..2047 J
1938
107
4i
J
1974 F
Series B 4 Ha guar
108
{Northern Ohio Ry 1st guar 5s—
♦Oct. 1 1934 Aaub coupons.1945
♦Oct 1937 and sub coupons..1945
5s
90
117k
105
103 k
104H
101k
J
1956 J
Pitts C C C A St L 4 Ha A
109 H
S
M
46k
106
103k
Gen A ref 4Hs series A
14
100
100
IVI
99 H
10
100
1974
1974
90 H
8
88
116k
!
37 H
55
53
A
North Cent gen A ref 5s
71
15
30 H
107k
103 k
F
45
104k
102 k
Aug 15 1963
|
8H
116k
Nov 15 1969 N M
45
60
'137
121
106
A
J
1937
Pillsbury Flour Mills 20-yr 68—1943
Pirelli Co (Italy) conv 7s..
1952
30
"15
113k
{♦Philippine Ry 1st S f 4s
25
103k
107k
103H
Deb 5s series C
25
H3k
O
Apr
1st g 4 Ha series C
—1980 M S
Phelps Dodge conv 3 Ha deb—1952 J D
Phila Bait A Wash 1st g 4s
1943 M N
sec
113
112k
98k
118
1956
Phila Co
107
109k 111
100
106k
108
112k
109
116k
109k 116k
96 H 103 k
115k 126
106k U5k
113k 123
105k
47 H
47
;
105k
103 k
161" '129
98
1974 F
5s
103 H
1
110k
1943
April 1990
4s
2
106k
105
44 H
90
102 54
106k
105k
27H
9H
117
97k 102
106
27
1
103 H
99 k
105k
22k
2
17
107 H
104 H 110
39
109
103k
85k
*
100k
105
"98H
{♦Phila A Reading C AI ref 5s. 1973
♦Conv deb 6s
1949
83
~96H
106
107
104
l"07k
"97k
~97H
Phila Electric 1st A ref 3Hs—1967
83
"l7h
...
104
115k
General 5s series B
'
O
46k
85 k
104
96
101H 106k
113k
47
101 %
8H
85
105 k
23
*
98
"SSh
S
Deb 5 Ha series B
108 H
106k
101k
No Am Edison deb 5s ser A
1957 IVI
13
99
17
♦Certificates of deposit
105H
96
50 H
49 H
77 H
116k 122 H
98
*109H
28H
27k
100
~81~~
106
Toe"
5 {♦Norfolk A South 1st g 5s—.1941 IVI N
Norf A W Ry 1st cons g 4s
1996 O A
North Amer Co deb 5s
1961 F A
Nor Ry of Calif guar g
10
*99H
4s._-1993
♦General 4s.
{♦N Y Providence A Boston
N Y A Putnam 1st con gu
M
*
100k
98
13
32 H
30
'30H
1
120H
Pere Marquette 1st ser A
1st 4s series B
105k 106 H
28H
M
"T§
100 k
T69"
Peoria A Pekin Un 1st 5 Ha
109 k
99 H 102
105H
27 H
M
♦Income
101
106H
♦
A
Refunding gold 5s.
1947
Peoria A Eastern 1st cons 4s—1940 A
94 k 105H
101
E
Conv deb 3ks
101k
99 H 107
"96"
102
io5H
J
M
.1948 J
debenture 6s
*
N
♦Non-conv debenture 4s— -1956 M N
1956 J
J
♦Conv debenture 3Hs
♦Conv
101
1973 IVI N
4Hs series B
97 k
*102"
.1973 M N
118k
96 k
103
H
106k
105
IVI N
1970
1981
1984
1952
Peop Gas L A C 1st cons 6s
116k 125 H
109k 117H
97k
.2000 IVI N
gold 3 Ha
N Y Lack A West 4s ser A
N Y L
*
50
39
High
105H
97 k
105
97k
1968
Debenture g 4 Ha
General 4ka series D
Gen mtge 4ka series
105 H
97 k 105 k
122 k
113H
60
General 5s series B
97
101H
A
72 H
72
47
50
109 k
45 H
101k
100k
105 k
109k
48
49
122
95 k
109
"52"
D
100
IVI N
4s
cons g
Consol gold 4s
4s sterl stpd dollar
Gen mtge 3 k a ser C
N- Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 53-1948 J
*104H
*105H
100
IVI N
Pennsylvania RR
105
106
*108 H
A
74H
1943
1948
May 1 1948
1970
Consol sinking fund 4Hs
1960
General 4 Ha series A
1965
102 k
55
47
44k
J
Pennsylvania PAL 1st 4Hs---1981 A O
97 H
10i2,32
101
A
O
91H
102H
109k
Toi"
1963 F
Pa OhioADet 1st A ref 4 Hs A. 1977 A
4 Ha series B
1981 J
132
O
90
D
1952 IVI N
-
Penn Glass Sand 1st M 4H8--1960 J
104k 108 k
78k
96k
87 H
98 k
78 H
A
81
1944
Guar 3 Ha trust ctfs D
Guar 4s ser E trust ctfs
105
1
91H
Certificates of deposit--
a95k
*41
*105
94
62
74H
48
93 k
95H
s
Penn-Dlxie Cement 1st 6s A—1941 M S
8i
45 H
86
Low
103
88H
50
98
7
D
F
109k
87 k
45 H
72
A
1941
84
34
*109
NO.
86 k
1942
1942 IVI
B_.
99 k
89
100
High
100k
49k
118k
*91H
*104H
28-year 4s
106k
99k 104 k
78 k
96 k
85
Too"
conv debentures
Penn Co gu 3 Ha coll tr ser
Guar 3 Ha trust ctfs C
113k
92 k
74 k
1
1946
N Y Connect 1st gu 4Hs A-—1953
1st guar 58 series B
1953
N Y Dock 1st gold 4s
1951
Serial 5% notes
1938
3ka
Since
Jan. 1
Asked
86 k
J
Paramount Pictures deb 6s
Range
§"S
&
99H
99 k
S
85
4s collateral trust.
Bid
Low
51k
59 k
46k
Range or
Friday
Sale
Price
24
190
174
loo"
EXCHANGE
STOCK
Week Ended Sept.
339
83
*
N. Y.
High
44
110
87 k
Took"
1937
1974
1978
Oct 1 1938
1965
E——1966
""4
80
88H
1998
UN Y Chic A St L 1st g 4s
Ref 5 Ha series A
1st lien A ref 3ks ser
90
99H
104k
1942
D
45
Low
44
*110
2013
1998
N Y Edison 3ka ser
No.
"33
44 k
80
4Hs ser A
Lake Shore coll gold 3 Ha
Mich Cent coll gold 3Hs
Ref & impt
-
46 *
99H
Debenture 4s
C
"45"
*
45
N Y Cent A Hud River M 3HS-1997 J
3-year 6s..
43
1998
4 Ha series A
Ref & impt 5s series C
45H
Last
BONDS
Since
Jan. 1
49
1946
2013
2013
1952
10-year 3ks sec s f
High
"43"
"45"
4Hsl945
Ref & impt
Ref 4Hs series
"44""
*
—
Range
Asked
42
44
Week's
Friday
Range or
Friday
Sale
Price
24
Sept. 25, 1937
Week's
Friday
1978
m"s
Volume
New York Bond
145
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Range or
Friday
Sale
Week Ended Sept. 24
Bid
Price
{♦1st terminal A unifying 5s. 1952 J
♦Gen A ref g 5s series A
1990 J
No.
Low
10
11%
38%
25%
*15%
11%
18
"23%
74%
38%
65%
54
23%
103% 109%
21%
37
105
13
100
47%
"~2
St Paul & Duluth 1st
11%
27
St Paul Minn & Man—
1940 J
St Paul Un Dep 5s guar..
J
S A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s.. 1952 J
*104%
110%
San Diego Consol G & E 4s... 1965 M N
Santa Fe Pres & Phen 1st 5s_. 1942 M S
{♦Schulco Co guar 6%8
♦Stamped
♦Guar
s
1946 J
J
-1946 A
O
Oct 1949 F
1959 A
7
25%
15
32
1
32%
6
117
28
19%
rl2
"13
♦Certificates of deposit--{♦Alt A Birm 1st gu 4s
*1933 MS
{♦Seaboard
All Fla 6s A ctfs... 1935 F
♦Series B certificates
12%
23
7
1935 F
S
1952 J
♦Debenture s f 6 Ma
♦Silesia Elec Corp 6%8
Silesian-Am Corp coll tr 7s
Simmons Co deb 4a
98%
J
1951 M S
...
1946 F
1941
'"70k
1952
Skelly Oil deb 4s
Socony-Vacuum Oil 3%s
95%
105
1965 F
A
1947 J
J
104
1946 J
1st mtge & ref 4s
71
D
Southern Natural Gas—
1st mtge pipe line 4 Ma
Too"
S
1951 A
So Pac coll 4s (Cent Pac coll)-. 1949 J D
1st 4%s (Oregon Lines) A—. 1977 M S
Gold 4 Ma
1968 M S
8
19
106%
105%
99%
99
......
60
107
99%
99
25
166" ""42
104
99%
3
54
97%
100%
105%
*122%
99%
106%
107
106%
106%
Southern Colo Power 6s A
Southern Kraft Corp 4%s
25
41
100%
86%
84%
82
82
55
13
86
85
75
74%
77%
100
Gold 4Mb
Gold 4%s
1969 M N
74%
74
77
143
1981 M N
74
74
77
97
10-year secured 3%s
1946 J
J
95
95
San Fran Term 1st 4s.
1950 A
O
g 5s.. .1937 M N
So Pac RR 1st ref guar 4s
J
.1955 J
1st 48 stamped
1955 J
Southern Ry 1st cons g 5s
.1994 J
USo Pac of Cal 1st
con gu
106%
107
97%
106%
106%
*100%
103%
103%
25
100%
104%
92
"99"
"99"
Devel & gen 4s series A
Devel <fc gen 6s
Devel & gen 6%s
.1956 A
59%
69%
65%
107
.1956 A
78
78
82%
30
.1956 A
79%
79%
86
62
Mem Div 1st g 5s
St Louis Div 1st g 4s
lien g 5s
.1996 J
J
.1951 J
.1938 M S
Mobile & Ohio coll tr 4s
.1938 M S
East Tenn
reor
m
«•«.«.
♦{Spokane Internat 1st g 5s... 1955 J
Staley (A E) Mfg 1st M 4s
1946 F
A
15%
104%
1961 J
D
97%
1943 J
D
J
1945 J
1950 M N
Tenn Coal Iron & RR gen 5s... 1951 J
Tenn Cop & Chem deb 6s B... 1944 M
105%
-
Texarkana & Ft S
11
7
89
16%
105%
10
110
95%
106%
126
105%
123%
103%
14
88%
105%
109%
98
102%
1951
102%
5
1
"22
53
104
1943
107
107
117%
1977
98%
Gen & ref 5s series C
Gen & ref 5s series D
1979
99
117%
99%
99%
1980
98%
128
98%
5
1
34
25
98%
36
109%
10
36
36
39%
8%
79%
148
80
13
1952
99%
8%
79%
99%
10
1937
D
63%
63%
Tol & Ohio Cent ref & Imp 3%s 1960
D
Tol St Louis & West 1st 4s
1950 A O
Tol W V & Ohio 4s ser C
1942 M S
Toronto Ham A Buff 1st g 4s.. 1946 J D
103%
103%
103%
6
96%
96%
96%
16
Third Ave Ry 1st ref 4s
♦Adj lnc 5s
{♦Third Ave RR 1st
1960
Jan 1960
g
5s
Tide Water Asso Oil 3 Ma
Tokyo Elec Light Co Ltd—
1st 6s dollar series
Trenton G & El 1st g 5s
1953
1949 M
J
Tri-Cont Corp 5s conv deb A.. 1953 J
Tyrol Hydro-Elec Pow 7Ma-.. 1955 M N
Guar sec s f 7s
1952 F A
UJigawa Elec Power
96%
111
104%
115%
I ~97
.
.
.
15
118
130
98% 100%
107%
99% 100%
84%
82
r
74%
74
99%
100%
98
95
97%
97%
102%
106
109%
74
100% 103%
108%
100% 100%
99
112%
59%
85%
78
105%
79% 110%
101% 105%
102
102
99
15%
40
95
86% 159
102% 107%
126
~85~
104"
109%
115
98
100
108%
105%
105
S
Union Electric (Mo) 3%s.---. .1962 J'
{{♦Union Elev Ry (Chic) 5s... .1945
J
f 7s
97%
4
77
4
105
40
Union Oil of Calif 6s series A... .1942
3 Mb debentures
1952
Union Pac RR 1st & id gr 4s... 1947
1st lien & ref 4s
1st lien & ref 5s
June 2008 M
June 2008 M
34-year 3 %s deb
35-year 3 %s debenture
1970 A
104%
76%
104%
118
118
2
J
107
107
108
72
J
111%
111
113
48
S
105%
105%
106%
26
115
115
13
O
A
S
O
"94%
1971 M N
94%
United Biscuit of Am deb 5s... 1950 A O
United Drug Co (Del) 5s
1953 M S
~87~"
U N J RR A Can gen 4s
1944 M
94
107
S
{{♦United Rys St L 1st g 4s
J
1934 J
U S Pipe & Fdy conv deb 3%a. 1946 M N
U 8 Rubber 1st A ref 5s ser A.. 1947 J
J
♦Un Steel Works Corp 6 %s A_. 1951
♦Sec s f 6 Mb series C
1951
♦Sink fund deb 6%s ser A... 1947
94
87
111%
26
j.3
94%
94%
107
10
6
14
32
2
89%
58
111%
8
26
5
21%
20%
*18%
25
105%
82%
28
"l5
95
91
19
F
106%
A
*106%
*120%
Westchester Ltg 5s stpd gtd—1950 J
West Penn Power 1st 5s
1st mtge 4s ser H
1st mtge 3%s series 1
119
E..1963 M
ser
97%
103%
..1952 A
1st & ref 5 %s series A
West N Y & Pa gen gold 4s
{♦Western Pac 1st 5s ser A
1977 J
*107
1943 A
24%
1946 IVI
♦5s assented
1946 IVI
g
24
s
1938 J
Western Union coll trust 5s
J
1950 IVI N
4%s
1951 J
24
100%
100%
73%
66%
63%
19%
86%
"67%
D
65
30-year 5s
1960 IVI
♦Westphalia Un El Power 6s—.1953 J
20
West Shore 1st 4s guar
86%
2361 J
ser
*106
D...1966 M
RR 1st consol 48
111
White Sew Mach deb 6s
76
77
80
100%
100
107
106
110%
110% 112%
106%
102%
104% 108%
123
116
110%
1
180
100
97% 106%
103% 108%
106
111%
22
104%
109%
25%
"50
24% 40%
24
39%
100% 104%
8
25%
100%
76%
47
78%
126
78
123%
106% 111%
102
109%
20
105%
127%
117
3
156
65
73% 111%
66% 107%
63% 109%
19
25%
86% 100%
5
20%
87%
27
30
,
81
"59
96
105
107
107
110%
96%
104
5
31
31
5
29
47
29%
31
3
29
47
10
96%
F
1940 MN
111
104
1949 M
Wheeling Steel 4%s series A.-.1966
55%
49
81
81
2361 J
Wheeling A L E Ry 4s
99%
88% 100%
44%
119
110%
105%
97%
103%
1966 J
Western Maryland 1st 4s
Funding A real est
25-year gold 5s
119
1961 J
90
94
2
F
1939 J
f 5s
s
*166"
Q-M
109%
77%
70
*
F
33
46%
*
IVI
40
104
115
80%
43%
39%
44
18%
25
80%
41
19
"l7
21%
16s"
105
"l7
21
18%
*
44
18%
22
O
44%
41%
18
21
52
12
7
10
62
106
113%
96% 103%
102% 105
43
98%
{♦Wickwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
J
♦Ctfs for col & ref conv 7s A. 1935 MN
♦Wilkes-Barre A East
1942
Wilmar & Sioux Falls 5s
1938
Wilson & Co 1st M 4s series A..1955
10
D
D
gu 5s
Conv deb 3%s
Winston-Salem S B 1st 4s
{♦Wis Cent 50-yr 1st gen 4s
*102%
100%
100%
96%
96%
*108%
103
1960
"51
17%
3
12
"12"
"l9"
14
102% 104
99
104%
96% 100%
Tfo
18
"is"
101%
97%
17
1947
1949
♦Certificates of deposit.
{♦Sup A Dul div A term 1st 4s '36 IVI N
♦Certificates of deposit
{♦Wor A Conn East 1st 4%s...l943 J
J
♦
37
106% 115
18
11%
32%
25%
14
20
35%
17
11
24
19
Youngstown Sheet A Tube-—
1st mtge s f 4s
e
ser
101
1961 IVI N
C
101
86
102%
98% 105
Cash sales transacted during the current week and not included in the
yearly
range:
No sales.
r
Cash sale; only transaction during current week,
a Deferred
delivery sale; only
transaction during current week,
n Under-the-rule sale; only transaction during
current week,
x Ex-interest.
{ Negotiability impaired by maturity,
t Accrued
Interest payable at exchange rate of $4.8484.
U Bonds called for redemption or nearing maturity.
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted during current week.
118%
105% 111%
19
6
"l_3
95
105
106
22
21%
88%
51%
102
103
18%
19
Co deb 6s. .1939 M
Wash Water Power
81
71%
99%
95
95%
109%
106%
101% 106%
60
60
18
*
Registered
97% 101%
18%
T§"
A
1978 A O
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref gu g 3 %s...2000
Washington Cent 1st gold 4s—1948
Wash Term 1st gu
3%s
1945
1st 40-year guar 4s
1945
106%
97%
88%
61%
105
101% 107%
103% 106%
97
1939 M
38%
14%
14%
98%
86
82%
1955 A
23
25%
68
82%
94% 102%
97% 102%
100% 107%
70
91%
1955 A
{♦Warner-Quinlan
73
103%
55
21
Warner Bros PIct deb 6s
100
107%
82
70
♦Certificates of deposit
G&W deb 4%s.l945 J
20
105% 117%
95% 102
65
89%
101
19
15
105
55
60%
Walker(HIram)
20%
6%
6%
"l22
84
57
104%
83%
84
55
Walworth Co 1st M 4s
6s debentures
♦
Bonds selling flat.
z
Deferred
delivery sales transacted during the current week and not included
in the yearly range:
110
Hungarian Cons. 7s 1946, Sept. 23 at 21.
Norway 6s 1944, Sept. 21 at 104%.
117% 128%
98% 106%
98% 108
Transactions
98% 108%
107% 110%
the
at
New
York
Stock
Exchange,
Daily, Weekly and Yearly
36
73%
8%
46%
79% 101%
97% 101%
55
101
83
108%
96% 103
119
113
Stocks,
24, 1937
Railroad &
State,
United
Toted
Number of
Shares
Week Ended
Sept.
Miscell.
Municipal &
States
Bond
Bonds
For'n Bonds
Bonds
Saturday.
703,370
Monday
$2,702,000
6,889,000
5,278,000
4,812,000
1,550,250
981,450
Tuesday
Wednesday
Thursday
739,280
887,750
2,482,210
Friday
Sales
$530,000
$127,000
1,379,000
$3,359,000
9,220,000
6,538,000
6,253,000
6,083,000
967,000
952,000
293,000
1,075,000
366,000
4,884,000
787,000
412,000
7,655,000
1,349,000
741,000
9,745,000
$32,220,000
$6,087,000
$2,891,000
$41,198,000
•
123
90
101%
90
Total
7,344,310
100
Sales at
.1945 M
s
110
89% 101%
93%
♦Ref & gen 5s series D...—1980 A
23%
22%
116
.
103
♦Certificates of deposit
9%
10%
102% 107%
120
*113%,
97
41
100%
66
1,04%
*118%
S
43
67
3
*
1976 F
12%
11%
117
106%
2000
109%
36%
13%
5%
103
109%
100%
Texas & Pac 1st gold 5s
Gen & ref 5s series B
Tex Pac Mo Pac Ter 5%s A... 1964 M S
19%
103
.....
*116%
109%
5%s A... 1950
Texas Corp deb 3 %s
Tex & N O con gold 5s
97
88
1944
1953
gu
18
101%
48
106
89%
104%
A
♦Certificates of deposit
35%
88
105%
2
1939
♦Ref & gen 4 %s series C
High
14%
41%
104% 109%
48
*
1939 IVI N
♦Ref & gen 5s series B
43
Low
21
29
106
Toe"
s
.1939 F
No.
:
17%
108%
♦Certificates of deposit
41%
93% 103
101% 105
97%
104%
103%
S
93%
'
88
*118
J
4%s... 1939
Gen refund sfg4s
*83
105%
100%
15%
*101%
"89"
Tennessee Corp deb 6s ser C... 1944 M S
Tenn Elec Pow 1st 6s ser A
1947 J D
Term Assn of St L 1st g
1st cons gold 5s
97
*11111
105%
101%
J
102" "96
*_____
*16 2"
S-western Bell Tel 3 %8 ser B... .1964 J D
S'western Gas & Elec 4s ser D_. 1960 MN
Standard Oil N J deb 3s
Staten Island Ry 1st 4 Ma
♦Studebaker Corp conv deb 6s.
Swift & Co 1st M 3%s..
1966 IVI
Jan. 1
oq<>5
High
14%
107%
Since
Ig
Asked
48
♦OmahaDiv lstg3%s
1941
♦Toledo & Chic Div g 4s
1941
{♦Wabash Ry ref & gen 5 %s A.1975
43%
50%
18%
21%
70%
95%
T6S"
1950
South A North Ala RR gu 5s... 1963
South Bell Tel A Tel 3%s
1962
Southern Calif Gas 4 Ma
1961 M
Virginian Ry 3%s series A
♦{Wabash RR 1st gold 5s
44
25
100
"62"
98%
1951
119
70
*19%
A
11
105%
99%
62
62
115
24%
24%
27%
8
105%
98%
*65%
*98%
D
1935 J
2
14%
107%
Va Iron Coal & Coke 1st g 5s... 1949 IVI S
Va & Southwest 1st gu 4s
J
2003 J
1st cons 5s
1958 A O
124
95% 103%
108% 112%
105% 110%
70
8
*7%
S
Shlnyetsu El Pow 1st 6 %s
♦{Siemens & Halske s f 7s
154
7
A
Sharon Steel conv deb 4%s._. 1951 M
Shell Union Oil deb 3%s
1951 M
277
14%
23%
12%
23
A
2
14%
&
1941
35
rl2
13
D
1955 M N
♦Det A Chic Ext 1st 5s
♦Des Moines Div 1st g 4s
25
94
Bid
1954
21%
6%
11%
9%
6
11945 m"s
6s series A
1942 J
Range
Friday
Price
Low
♦Vertientes Sugar 7s ctfs
Virginia El & Pow 4s ser A
113% 121
21%
19%
"9%
Range or
Sale
3*
Sept. 24
♦1st lien g term 4s
110
24%
*20
♦Certificates of deposlt.
cons
U§"
24%
*115
O
♦lst &
4
...
24%
A
{♦Refunding 4s
28
97%
110%
32
"32*
Scioto V & N E 1st gu 4s
1989 M N
5 {♦Seaboard Air Line 1st g 4s.- 1950 A O
{♦Gold 4s stamped
1950 A O
♦Adjustment 5s
96%
110%
*107%
Last
ir
STOCK EXCHANGE
Week Ended
113
32
24%
25%
O
A
f 6 %s series B.
♦Stamped
Y.
101% 106%
119
113
J
J
105
119
J
J
BONDS
N.
♦2d gold 5s
J
1972 J
{Pacific ext gu 4s (large)
2041
Week's
High
80
50%
23 M
J
Range
Since
83
38%
23%
D
con g 4s.- 1968 J
{♦St Paul E Gr Trk 1st 4%S— 1947 J
J
{♦St Paul & K C Sh L gu 4 Ha- 1941 F A
6
Friday
Jan. 1
High
83
*
J
■3 •a
Asked
&
Low
1989 M N
{St L SW 1st 4s bond ctfs
♦2d g 4s inc bond ctfs.-.Nov 1989 J
J
Record—Concluded—Page
Week's
Friday
74%
97%
104
13
Week Ended Sept. 24
Jan. 1 to Sept. 24
New York Stock
105
23
116% 121%
107
114%
1937
Exchange
Stocks—No. of shares.
1936
1937
1936
7,344,310
8,401,860
293,273.685
347,899,383
4 i
Bonds
110
Government
$2,891,000
103
State and foreign
Railroad and industrial
32,220,000
$6,990,000
6,092,000
69,355,000
$311,161,000
260,730,000
1,583,888,000
$218,629,000
237,742,000
2,083,358,000
$41,198,000
$82,437,000
$2,155,779,000
$2,539,729,000
116%
109%
111% 116%
93% 101%
92% 101%
105% 109
87
103%
111
114%
25
113
111
113%
23
106
105
105
106%
63
105
24
24
24
1
22
24
24
24
1
24
24
24
24
4
22
36%
170%
107%
33%
32%
32%
Utah Lt A Trac 1st & ref 5s
Utah Power & Light 1st 5s
1944
92%
92%
1944
93%
93%
97%
114
{♦Utll Power A Light 5 Ma
46
46
49
130
41
45%
45%
48
133
41
95%
97%
are
as
the
daily closing
bonds listed
on
averages
of representative
the New York Stock
Exchange
compiled by Dow, Jones & Co.:
67%
96
Below
stocks and
69
1959
Stock and Bond Averages
92% 105%
93% 106%
1947
Total
6,087,000
♦Debenture 5s
94
26
Stocks
Cons
s
f 4s series B
25
A
1957 M N
{♦Vera Cruz & P lstgu 4%s...l934 J
{♦July coupon off
J
O
J
J
110
-----
no"
1
....
110% 111
110
113%
2%
5%
4
4
10
24
23
22
21
Sept. 20
Sept. 18
Sept.
Sept.
Sept.
Sept.
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
95% 111
30
Indus¬
Date
Vanadium Corp of Am conv 5s_1941
Vandalla cons g 4s series A...-.1955
Bonds
10
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
147.38
39.67
22.96
49.69
105.64
106.79
74.23
103.04
97.43
153.98
41.25
23.96
51.85
105.96
107.35
75.68
103.26
98.06
157.45
42.33
24.58
53.08
106.31
107.53
76.18
103.31
156.56
42.31
24.63
52.90
106.24
107.59
76.36
103.31
155.56
41.80
24.43
52.48
106.03
107.59
75.84
103.23
157.83
41.80
24.50
52.99
106.43
107.65
76.38
103.34
98.33
98.37
.
98.17
98.45
New York Curb
2042
Exchange—Weekly and Yearly Record
Sept. 25, 1937
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and
when selling outside of the
No account is taken of such sales In computing the range for the year.
regular weekly range are shown In a footnote in the week 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. 18, 1937) and ending the present Friday (Sept. 24, 1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
In the
Sales
Fridag
Par
for
of Prices
Low
*
High
Price
41X
Supply Mfg class A.*
*
"sh
v
t c com
Class B
Air Investors
23
10 X
IX
25*
common...*
*
Conv preferred
WftiTftntn
"68 %
25*
Sept
Feb
15*
Sept
Sept
22
1,000
4
May
25*
Sept
500
Sept
50
69
Sept
80
120
67
June
87
Jan
30
59
Sept
77
Jan
20
X
67 X
61X
2X
6%
300
X
705*
69
62X
2X
500
Aluminum Goods Mfg.
13
78
100
4,250
100
2 5*
Sept
35* June
Aug
1215*
15
100
1
155*
10c
10c
Common class B
55*
55*
X
*
¥5.50 prior pref
*
Amer Centrifugal Corp.—1
¥3 preferred
X
30
805*
25*
25
25
1
Class A
Class A with warrants
-
Amer Equities
Mar
175*
145*
Feb
Mar
Jan
June
131
15*
Sept
325*
35*
50
Sept
75
115*
Sept
245*
Jan
Mar
Apr
25*
300
6
300
916
100
50
805*
2,300
3
55*
5*
30
805*
25*
Sept
Mar
11
Aug
Sept
42
Sept
Sept
15*
Feb
Feb
895*
55*
Mar
July
30
32
295*
295*
315*
675
35*
1,400
2,200
~2~5~X "255* "305*
13",700
3 5*
35*
A. 10
10
Co com—1
"ix '"ix "ix "3",300
17
17
17
*
Preferred
*
American General Corp 10c
255*
25
305*
3,800
275*
75*
275*
85*
1
1
285*
550
Amer Hard Rubber com.50
155*
155*
16
200
Amer Gas & Elec com
¥2 preferred
Am dep rets ord
Am dep rets ord reg-.lOs
British Col Power class A.*
¥2.50 preferred
"22"
25
14 X
Amer Lt & Trac com
"22"
Amer Maracaibo Co
~235* "l",666
2,500
165*
24
200
37
37
Aug
Sept
37
Aug
Burco Inc
15*
Sept
m
37
25
"l5* "l5* "5",800
*
26
700
32
38
Feb
265*
285*
545*
Jan
Sept
405*
""260
65*
500
38
Sept
Jan
2
Am Superpower Corp com*
1st preferred
*
15*
28,500
91
915*
2,300
88
Mar
*
20
23
700
20
Sept
5
4
4
100
4
Sept
2
25*
Amer Seal-Kap com
Preferred
American Thread pref
Anchor Post Fence
55*
■IX
*
Wupperman._l
Apex Elec Mfg Co com.
*
Appalachian El Pow pref.*
17 X
1
"~X
Arkansas Nat Gas com.—*
*
45*
45*
10
75*
Angostura
—
Arcturus Radio Tube
Common class A
Preferred
103
76
Arkansas P & L ¥7 pref.—*
Art Metal Works com
5
Ashland Oil & Ref Co
45*
175*
X
45*
45*
75*
76
3
99
Sept
July
X
Sept
3
6,300
45*
23,200
45*
195*
104
15*
55*
55*
75*
Amer dep rets pref shs £1
Calamba Sugar Estate. .20
Canada Cement Co com..*
115*
1
1
Class A.
1
15*
¥5 preferred
*
115*
1
45*
400
55*
15*
115*
47
225*
15*
33
Sept
Sept
44
Jan
85*
45*
Sept
Sept
Sept
Apr
"205*
88
55*
Atlantic Coast Line Co..50
38
55*
2,900
20
35*
*
Jan
Carnation Co
Feb
Carnegie Metals com
1
Carolina P & L ¥7 pref.—*
¥6 preferred
.*
Carrier Corp
*
Feb
Jan
Jan
600
105*
Apr
135*
32
20
1,300
Jan
*
Austin Silver Mines
1
39
30
"ix "ix "4",400
20
5
35*
5*
35*
Automatic Voting Mach..*
95*
95*
Automatic Products
..5
Avery (B F)
Jan
Jan
Jan
Feb
5* May
7
Apr
88
Sept
90
Sept
Sept
135*
575*
Feb
Mar
85*
500
205*
1
4
Sept
June
2,900
600
1,400
88
5*
385*
Mar
Aug
4
55*
Mar
35*
600
35*
8
Mar
X
200
15*
Jan
Jan
15*
5*
55*
325*
Mar
Jan
Feb
Feb
20
Mar
Aug
5*
5*
45*
4,900
300
45*
1
Sept
Sept
Sept
165* June
3i6
45*
25 5*
7
245*
25
245*
225*
40
500
3
Apr
Sept
155
15*
4,100
15*
7%
1st partic pref
100
Celluloid Corp common. 15
15*
15
"l5*
"Ik "ix "5",700
93
Aug
May
Apr
May
Sept
Jan
"55*
55*
245*
"ix
55*
"""loo
245*
15*
100
2
79
79
77
785*
375*
375*
435*
3,100
May
,
77
30
Jan
1075*
75*
500
175*
205*
2,300
31
35*
45*
1075* 113
Sept
June
30
75*
""35*
79
12,000
31
185*
24%
IX
100
Feb
35*
Sept
650
1075*
65*
Sept
Sept
185*
*
185*
90
10
common
90
145*
145*
600
84
84
85
11
105*
115*
80
81
Strip Co
Sept
Sept
15
Aug
25*
25*
700
2
Sept
5
Mar
3
3
35*
4,700
25*
Sept
8
Feb
145*
6
7
1,100
Sept
Sept
Mar
21
6
80
Apr
103
Jan
14
Aug
arl8
May
225*
125*
45*
1
com
100
Bell Tel of Pa
135*
55*
1665* 170
125*
45*
117
65* % Pf-100
Hedges com
*
Conv pref
2,100
500
90
100
117
4,700
5*
2,400
Purchase warrants
Bickfords Inc common...*
"343*
*
345*
95*
¥2.50 conv pref
..,.*
Birdsboro Steel Foundry &
95*
36
10
5
Sept
Sept
Feb
1135* June
125*
34
common
185*
85*
■
33 5*
2,600
35*
300
Feb
Sept
60
25*
25
2X
925*
Apr
Sept
55*
Jan
Sept
25*
Sept
60
Jan
55*
Jan
Preferred B
*
Preferred BB
*
30
30
30
10
30
Sept
58
Jan
Cities Serv P & L ¥7 pref. *
¥6 preferred
*
38
38
38
25
38
Sept
705*
Feb
39
Aug
76
Feb
155*
45*
Feb
Clark
Controller Co
75*
2,100
10
75*
354
1
City Auto Stamping
City & Suburban Homes
30 5*
*
Claude Neon Lights Inc__l
Clayton & Lambert Mfg._*
Cleveland Elec Ilium
*
15*
75*
15*
85*
25*
6,000
%
75*
Sept
Sept
Sept
40
Jan
3
Feb
Apr
V*
Aug
105*
Mar
Jan
16
Aug
July
45*
45*
55*
200
4
Feb
9
Apr
15*
1
May
Sept
22
Mar
Club Alum Utensil Co
170
Sept
Mar
Colon Development ord
15*
15*
800
75*
Cohn & Rosenberger Inc.*
Mar
"35"
75*
100
Cockshutt Plow Co com..*
1255*
55*
Sept
155*
Mar
34 5*
Aug
375*
Feb
9 5*
15
Sept
145*
July
Sept
15
Sept
5,100
10
Sept
245*
150
33
Sept
41
Sept
Mar
Sept
45*
485*
435*
15*
25*
83,400
765* May
185* July
485*
Feb
425*
25*
150
25*
Sept
Sept
Sept
Feb
Apr
Sent
25*
700
25
26
62
X
123
Sept
Sept
2,300
25*
Sept
9
Sept
3,500
60
1005*
May
165*
35
X
115*
125*
53
50
~~~6o6
19
835* Sept
1,400
15*
425*
50
look 109"
Mar
"366
Jan
15*
__*
100 5*
Jan
Jan
7
105*
Feb
10
3047.
page
Sept
Jan
Jan
365*
4
415*
-h
Sept
11
52
335*
265*
9
19
10
10
715*
Jan
35
Sept
10
2
200
Jan
Jan
275*
9
700
•
200
12
Sept
Apr
Cleveland Tractor com...*
Clinchfield Coal Corp.. 100
Aug
May
May
415*
*
*
1
45*
159
"l5*
1
¥3 opt conv pref
Blumenthal (S) & Co...
10
33
*
Blue Ridge Corp com
10
275*
45*
Aug
"250
105*
*
Bliss (E W) &Co com
Bliss & Laughlin com
Sept
Feb
June
4
15*
Berkey & Gay Furniture. 1
com
July
15*
115*
115*
16
*
com
6
85*
700
105*
12
45*
25*
Sept
2
10
Sept
605*
95*
15*
1,500
9
*
Cities Service
1,000
20
1
Bell Aircraft Corp com... 1
45*
Sept
105* June
100
Jan
Jan
12,400
¥1.50 conv pref
Beech Aircraft Corp
45*
19 5*
13
43
Beaunit Mills Inc com..10
45*
50
50
156
"""26
125
95*
400
85*
x81
22
9
9
700
105*
x81
195*
325
2,400
55*
"§1"
Sept
Sept
'316
95*
100
Sept
X
14 5*
Sept
Baumann (L) & Co com..*
2 5*
9,700
5*
Sept
Barlow & Seellg Mfg A...5
Sept
3,200
l
95*
135*
95*
25*
Bath Iron Works Corp... 1
75
25*
5*
5*
Baldwin Rubber Co com.l
Barium Stainless Steel... 1
150
25*
135*
Preferred
1
Feb
1
10
Bardstown Distill Inc
Feb
4
17
Jan
96
Chic Rivet & Mach
94
Mar
Mar
19
225*
915*
Aug
500
Mar
Sept
5
Chief Consol Mining
Chllds Co preferred
15
57
1055*
Sept
Mar
115*
165*
June
105*
5*
195*
Jan
124
84
20
25*
9
Feb
400
10
...
310
22
975*
xl45* June
9
Jan
5 5*
1
145*
Feb
55*
see
Sept
Cherry-Burrell Corp com.*
Chesebrough Mfg
.25
Chicago Flexible Shaft Co 5
Purch warrants for com..
Bell Tel of Canada
Sept
88
Charis Corp
{Baldwin Locomotive—
7% 1st pref
34
9
Jan
105*
4,700
25
*
Chamberlin Metal Weather
Jan
Aug
July
110
Centrifugal Pipe
97 5*
67^
145*
89
7% preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Feb
425*
34
100
Jan
35*
1025*
385*
88
warr
35
Jan
July
July
Sept
34
6% pref without
235* May
Sept
*
80
Jan
Jan
June
75*
175*
28
Jan
Tobacco—
Babcock & Wilcox Co
.
35*
85*
Sept
Sept
70
855*
Jan
Apr
Mar
*
Cent & South West Util 50c
Cent States Elec com
1
161
5
Sept
¥7 div preferred
Cent Hud G & E com
*
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Cent P & L 7 % pref
100
85*
75*
25*
265*
Mar
Apr
Feb
Mar
Mar
15*
Mar
Sept
Apr
45
24
4
7
7
315*
Mar
%
295i
36A
6%
Jan
Apr
73
Sept
Sept
Jan
Aug
Sept
Sept
Sept
Jan
IX
19
1,400
95*
12
38
87
38
""ix
Atlas Corp warrants.
Atlas Plywood Corp
Jan
Aug
55*
Feb
Mar
35*
800
*
common
*
Castle (A M) com
10
Catalin Corp of Amer
1
Celanese Corp 04 America
Mar
6
Jan
Apr
500
*
Class B
Jan
Feb
90
Apr
70
Jan
June
*
155*
85*
Jan
Feb
285*
125*
5
93
25c
Sept
X
June
zl55*
Aug
225* June
Carman & Co class A
Sept
732
85
Mar
Sept
45
995* 1003*
235*
Feb
Feb
95*
Mar
100
20
2X
39
305*
515*
255*
1065*
315*
Sept
Sept
200
Capital City Products
Carib Syndicate
45*
55*
395*
Mar
Jan
400
Jan
9
IX Sept
115* Sept
'ia May
X July
Mar
Feb
48
23
IX
.1
Marconi
200
1,800
2,200
Feb
125*
31
32
465*
225*
Canadian
Jan
10,500
77
Feb
33
115*
Jan
96
15*
Feb
Mar
Apr
100
10
Sept
2
145*
Apr
35*
75*
165*
Sept
115*
1,600
Feb
3
1085*
Mar
115*
55*
45*
76
Sept
Aug
Jan
Jan
Mar
70
Carter (J W) Co common. 1
Atlantic Gas Light pref. 100
45*
835*
Casco Products
1
Mar
Mar
25
24
55*
5
Atlantic Coast Fisheries..*
For* footnotes
95*
45*
5,100
.
Atlanta Birmingham &
Coast RR Co pref.-.100
Blauner's
1,350
1,100
60
835*
Feb
Assoc Tel & Tel class A...*
Machine Co
85*
55*
Feb
*
V t c common
Benson &
455*
85*
45*
125*
135*
105*
600
Option warrants
Assoc Laundries of Amer.*
Bellanca Aircraft
225
*
Canadian Indust 7% pf 100
B non-voting
Sept
Sept
Sept
115*
Jan
305*
145*
55*
365*
215*
265*
1st preferred
£1
Common
Class A
46
Canadian Canners com
*
Canadian Car & Fdy pfd 25
Canadian Dredge & Dock*
6% preferred
100
Canadian Indus Alcohol A*
Jan
Industries
Amer deposit rets
8
Mar
Jan
Jan
Jan
Sept
85* May
Am dep rets A ord sh. .£1
Am dep rets B ord shs. £1
10
5
Jan
Cables & Wireless Ltd—
Assoc Gas & Elec—
Axton-Fisher
_
7
95*
5*
75*
25*
32J*
Ji«
1,900
76
45*
105*
175*
Sept
300
15*
335*
*
Mar
Apr
1015*
Sept
15*
33
Jan
53
Feb
Canadian Hydro-Elec—
Jan
25*
40
15*
45*
15*
33
Jan
25*
59
2,400
500
500
200
Apr
Jan
19
31
*
common
Mar
82
595*
45*
55*
85*
425*
1105*
55*
95*
~~4~X'
1
55* May
15* June
Jan
Jan
565*
28
X
Sept
Sept
Sept
1085* Apr
X May
2
Sept
5
Sept
25
Sept
9
Sept
28
May
235*
*
Sept
Sept
Jan
Sept
Apr
20
Cable Elec Prod vtc
Feb
Feb
42
300
200
95*
Jan
Mar
200
1,100
1,600
35
35*
145*
Sept
9
35*
24
15*
30
9
125* c
Jan
26
30
Burry Biscuit Corp.
May
Sept
X
40
12
365*
Sept
65*
Burma Corp Am dep rets..
Mar
Amer Pneumatic Service.*
Amer Potash & Chemical.*
1125*
Sept
Jan
5
35*
115*
Warrants
Jan
32
325*
50
pref25
¥3 convertible pref
Jan
37
22
5
Jan
Sept
Aug
5*
25*
Feb
Sept
15
80
1
Amer Meter Co
Sept
June
100
Preferred
35*
295*
255*
4%
75*
1116
2
2,400
2,800
7
31
5
¥5 1st preferred
-*
Bunker Hill & Sullivan 2.50
106
145*
*
Buff Niag & East Pr
250
145*
¥6 preferred
Bruce (E L) Co
Buckeye Pipe Line
Sept
24
6% preferred
25
Amer Mfg Co common 100
Class A pref.
*
Brown Forman Distillery. 1
Jan
x20
*
Laundry Mach...20
Brown Co 6% pref
100
Brown Fence & Wire com. 1
Jan
Sept
35*
115*
15*
185*
1,300
*
,
Jan
25
800
1,800
22
bearer£l
£1
8
100
Sept
Amer dep rets reg
British Celanese Ltd—
47
55*
45*
Sept
Sept
16
—*
415*
9,400
Amer Invest (111) com
Elec
Registered
Sept
24
1
150
11
British Amer Tobacco—
May
Apr
100
*
295*
16
1095* 1105*
75*
June
30
.
4
200
British Amer Oil coupon. _*
Feb
Jan
_
Class A
May
Sept
7% preferred
Brillo Mfg Co common
285* Sept
135* June
X Sept
iX
35*
100
*
1195*
Class A
High
Sept
4%
125*
*
Sept
15*
20
7
2
Corp class B
Low
185*
3X
100
Preferred
July
45*
15*
300
5*
75*
4
*
15
50
7
*
120
Amer Fork & Hoe com..,*
Associated
Bridgeport Gas Light Co.*
Bridgeport Machine
*
15*
205*
Brill
100
30
30
Amer Foreign Pow warr—
Amer
2d preferred
Brazilian Tr Lt & Pow— *
Breeze Corp
1
Brewster Aeronautical.—1
5*
16
Bright Star Elec clB
3,100
800
100
100
Jan
Mar
400
45*
*
com
7% 1st preferred
Jan
140
•
5*
Mar
165*
265*
1775*
Shares
4
25*
Am Cities Power & Lt—
Amer Cyanamid class
Class B n-v
Bowman-Biltmore
Class B.
American Capital—
Class A common
Class B
*
7% 1st preferred
100
Borne Scrymser Co
25
{Botany Consol Mills Co.*
Bourjois Inc
*
65*
24
Sept
Sept
Sept
145*
Price
Jan
Apr
20
111
Week
55*
5
154
615*
UX
IX
12 5*
Sept
Sept
Jan
78
100
185*
51
Amer Box Board Co com.
13
Jan
June
350
121X 1215*
15
Sept
1025*
for
of Prices
Low
High
Bohack (H C) Co com
Jan
2,800
93
78
com__l
American Book Co
20
1025* 126
1135*
155*
155*
6
5X
113
American Airlines Inc..-10
American Beverage
13
20
20
Aluminum Industries com*
100
500
13
102 X
Aluminium Ltd common.*
6% preferred
5*
15*
*
—
Sept
18
600
18
100
preference
105*
55*
345*
IK
*
10
Class A
25
Aluminium Co common..*
May
2,000
705*
Allied Products com
38
Mar
IX
Allied Internat Invest
¥3 conv pref
Sept
2X
common.,*
com*
Alliance Invest
Feb
Jan
565*
245*
65*
IX
X
Week's Range
Sale
Par
2
18
Alles & Fisher Inc com.,,*
Sept
35*
145*
900
10 X X12
"~X
Southern..50
Ala Power $7 pref
*
$6 preferred
-*
Alabama Gt
20
1,400
25
21
Sept
405*
4
Last
High
200
20 X
35*
Low
325
42X
20
Agfa Ansco Corp com
1
Alnsworth Mfg common, _5
Air Devices Corp com
1
405*
Shares
Range Since Jan. 1 1937
STOCKS
Continued)
Week
20
Acme Wire
Aero
Week's Range
Sale
Sales
Friday
I
Range Since Jan. 1 1937
Last
STOCKS
Jan
Aug
Jan
Jan
Jan
*
12
75*
2
Sept
Sept
2
35*
11,500
35*
45*
1,000
45*
35*
Jan
^.£1
35*
warr.
65*
65*
9
3,200
65*
Sept
Colt's Patent Fire Arms.25
525*
525*
60
700
525*
Sept
66
66
68
175
62
5
5
5% income stock A._.£l
6% conv pref
Colorado Fuel & Iron
Jan
2X
Jan
Mar
Mar
Feb
9X
Feb
85*
45* May
Feb
45*
Feb
245*
Apr
745*
Columbia Gas & Elec—
Conv 5% preferred.. 100
Columbia Oil «fe Gas
1
12,400
New
common
25
June
1045*
105*
Jan
265*
265*
285*
7,600
5
Sept
29
55*
Columbia Pictures com..*
Commonwealth Edison—
June
39
Jan
Sept
33
Aug
265*
Jan
Commonwealth & Southern
Warrants
16
21,300
316 June
7i6
Jan
Volume
New York Curb Exchange—Continued—Page 2
145
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued,)
Sale
of Prices
Week
Par
Commonw Dlstribut
Price
Low
High
Range Since Jan. 1, 1937
Low
Shares
Cities Service Co.
High
1
1
Sept
Community P & L $6 pref *
Community Pub Service 25
29
Sept
64
Jan
Sept
34
Jan
Compo Shoe Mach—
New v t c ext to 1946—
21
21
100
21
% June
2%
13 %
13*4
14
200
134
Sept
17%
Consol Biscuit Co
1
3%
3%
Consol
5
6%
6X
Copper Mines
Consol G E L P Bait com *
5% pref class A
—1
3%
7%
72%
600
34
Sept
25,200
64
Sept
'"l% "l%
T,900
*16
4,100
'32
600
59%
5%
1,100
68
68
900
100
Consol Gas Utilities
J
Warrants
1
8% preferred
Consol Royalty Oil
16
13Z
60%
59 X
5
5
70
100
J. 10
Consol Steel Corp com...*
Cont G & E 7% prior pf 100
"in
2
6
6
6
83
83
83
Continental Oil of Mex—1
Cont Roll & Steel Fdy...*
Continental Secur Corp. .5
Cook Paint & Varn com..*
$4 preferred
X
K
X
12
14
Sept
2,700
5X
Sept
50
X
2,400
7
300
12
13
12
*
11
11
13X
*
24
24
24
Copper Range Co..
*
Copperweld Steel com..10
Cord Corp
5
8
8
com
$3 prior preference
Corroon & Reynolds—
Common
1
*
$6 preferred A.
Cosden Petroleum com—1
50
conv preferred
Courtaulds Ltd
"2%
~~2% ~~3X
3%
3X
85%
2%
18
OK
85X
.
2%
Aug
2,900
11
Sept
35
100
24
Sept
8
6,300
8,900
2,900
9,200
1,000
X
Crown Cent Petroleum—1
104
916
"xl% "xl%
8%
8%
"6",900
84
300
12%
1,300
11
11
2
2
2
10
vtc.*
Cuneo Press Inc
9
9
9
50
4
400
38
400
3X
2K
*
38
37
103
103
Curtis Mfg Co
5
Cusl Mexican Mining..50c
Darby Petroleum com—5
103%
100
•
Class A
.35
June
Sept
18
Sept
28
9X
'16
9X
12%
Mar
23
Sept
X
10X
13,700
1,900
Derby Oil & Ref Corp com*
Preferred
6% pref ww
20
Detroit Gray Iron Fdy-..l
Det Mich Stove Co com..1
Detroit Paper Prod
5%
Sept
14%
38%
84
Sept
20
X
Sept
Sept
IX
Sept
1%
12
4*
Jan
Jan
May
Ford Motor of Can cl A..*
Jan
July
July
Jan
Aug
Jan
Mar
Feb
2%
13
Jan
Feb
Jan
Jan
Gen Rayon Co A stock—*
General Telephone com.20
Feb
Aug
Feb
Sept
%
18%
15%
28%
Sept
33
Apr
Sept
Feb
Feb
53 preferred
Warrants
Georgia Power 56 pref...*
Gilbert (A C) com
Preferred
50
20
10%
10%
100
104 Sept
14
Feb
Glen Alden Coal
10
10
10
100
10
Sept
16
Jan
Godchaux Sugars class A. *
68
68
68
10
60
June
87
May
1,900
8%
114%
18%
Mar
Mar
9%
July
*
6%
200
70
June
92
Mar
950
34
Sept
65
Mar
Aug
11%
Aug
6%
July
8%
29%
31%
Feb
6%
19
19
20%
20%
6%
6,800
20%
20%
4,600
Class B
*
;■
._*
Goldfield Consol
6
67
100
67
Sept
89
134
100
Gorham Inc class A
200
20
*
"l'x
14
3%
3,200
IX
53 preferred
Gorham Mfg Co—
3X
100
3 X June
200
28% Jtily
10% Sept
10
10%
r23
9
26%
3X
1
"H"
104
16X el84
400
3%
Sept
Sepf
Vtc agreement extend.*
Grand National Films Inc 1
Grand
31%
10%
July
Rapids Varnish—*
Gray Telep Pay Station .10
Sept
Apr
Jan
Jan
3%
104
600
3% Sept
16% Sept
17
#
Non-vot
com
*
stock
8%
15
75
2%
2%
1,200
20%
20%
200
16
19
1,900
1
2%
16
"3",600
75
75%
75
400
'16
1%
1%
1%
400
12%
45%
14%
1,500
12%
Sept
45%
100
45%
7
Sept
Sept
34
June
7
100
7
70
70
9%
25
70
9%
9%
200
32
Gulf Oil Corp
x94
Duro-Test
Corp
50
36%
12
12
13
85
85
%
4
31
23
2
30
26
2
12
20
88
%
30
200
85
3,800
200
500
2%
7,100
11%
11%
11%
200
64
6%
7%
800
784
78%
*
Eagle Plcher Lead
10
7
96
Jan
Haloid Co
Sept
42%
Jan
340
81
4
4
"44%
250
7X
12%
400
16%
5,700
May
4%
6% preferred
100
Malleable
Eastern States
Iron.25
Corp
*
4%
4%
15
2X
62
200
384
42
400
38
June
15
"42"
Sept
55% June
15
25
15
Sept
2X
24
1,500
600
$7 preferred series A
*
$6 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
4 %
58
4% % Prior preferred. 100
Eastern
2%
48
40
40
6
40
25
7
6
1,900
40
14%
14%
100
13%
2
174
..1
14
114
184
2
144
400
Elec Bond & Share com. .5
174
14
114
174
1%
114
Elsler Electric
Corp
700
74,700
3 34
Sept
Sept
Sept
Sept
Sept
Sept
Sept
3 4
Sept
$5 preferred
*
54
54
59
400
53
$6 preferred
*
60
60
66
1,300
60
Elec Power Assoc com___l
Class A
1
Elec P & L 2d pref A
*
Option warrants
Electric
34
40
3X
34
40
5%
conv.
1
pref
4%
44
48
5%
1,300
600
700
7X
1,100
24
24
24
1,600
*
ww
Elec Shovel Coal $4 pref..*
40
10%
80
1%
1
1
Mar
Hat Corp of Am cl B
Mar
Hazeltlne Corp
Jan
Feb
Hearn
6%
com.l
*
Dept Store com..5
preferred
50
25c
Jan
Jan
Class A
71
Jan
Heller Co
Feb
23
Jan
24
Mar
1%
30%
2,800
Empire Dlst El 6% pf.100
Empire Gas & Fuel Co—
38
June
Sept
July
Aug
Horder's
9%
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
preferred
(Harvey)
*
36
150
33
244
11X
1%
250
24%
400
11
11
14
IK
29
European Electric Corp—
Option warrants
For footnotes see
33
244
%
*
30
150
%
X
4
%
%
12,400
700
12
13
12 X
12X
14%
2,900
3X
8%
4,400
24
8X
9
.5
12
1
30
24
8%
204
9
11%
284
21
9%
400
1,000
300
600
13
900
32
1,500
...
1
page 2047.
2,200
12
12 %
2 4
8
19%
9
Sept
Sept
%
4
8,000
12
21
1%
29
Sept
Sept
Sept
Aug
Sept
Sept
Sept
Jan
Apr
Sept
11% Sept
284 Sept
13% June
% Sept
81
Feb
31%
19%
2%
47%
Feb
1%
3%
45%
27%
8%
11%
25%
17%
15%
47%
18%
1%
Mar
Feb
Apr
Apr
11%
100
39
42
Aug
Aug
36
Jan
45
June
1,000
20
35
Apr
11%
18%
700
10%
Sept
Sept
800
17
Sept
Sept
33%
Jan
11%
19%
22%
Feb
42
6%
16
June
15%
Jan
Jan
Mar
30
175
29
Sept
Sept
Aug
102
June
16
16
Sept
16%
42
12%
July
23
Mar
6
29
29
70
68
74%
5,200
68
Hummel-Ross Fibre Corp 5
7
8%
1,000
7
100
17
JaD
Hussman-Ligonier Co
Jan
600
12%
Sept
Sept
Sept
*
7
18
18
9
41%
112
87
July
Jan
Jan
Sept
Feb
Feb
JHylers of Delaware Inc—
1
Common
7% pref stamped
%
100
124
200
%
12
5
Preferrred
50
Ctfs of deposit..
Zinc
*
Jan
2
Feb
27%
Feb
Feb
26
Apr
Sept
Sept
Sept
Sept
13
2%
2%
2%
700
2%
350
40
1,800
4
40
40
4
4
5%
16
19%
1,800
16%
6%
23
1,800
5%
16%
18%
Imperial Chem Indust—
Am dep rets ord reg__£l
54
18%
43
350
Illuminating Shares cl A^*
Imperial Oil (Can) coup..*
Registered
Sept
Sept
7%
5%
Illinois
%
12
24
100
7% pref unstamped..100
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
Feb
Feb
Jan
11
Feb
Mar
21%
11%
22
Mar
33
June
10,000
77
.....
%
16%
Sept
Sept
Fidelio Brewery
100
25%
33
*
1,000
8
22
150
Metallurgical
5%
8
22
Hygrade Sylvania Corp..*
Illinois Iowa Power Co
*
Ferro Enamel Corp
Fiat Amer dep rets
25%
9%
Hud Bay Mln & Smelt—*
Humble Oil & Ref
*
Hygrade Food Prod
Fansteel
52
Sept
Sept
200
Feb
Fedders Mfg Co
Sept
12
100
Inc...5
Feb
1
44%
16
74
1
100
9,600
1
72%
Fanny Farmer Candy
1,400
13
*
Inc
Sept
Falstaff Brewing
13%
44%
(Geo A) Co com.
(A C) Co com
Horn & Hardart
Horn
30
33
Feb
Feb
12
5%
Jan
15
12%
44%
6
Jan
Apr
18%
17%
12%
"12
17
Hormel
Sept
Sept
Sept
13%
12%
17
Jan
Jan
8
800
10%
Feb
4
3%
300
10%
11%
June
8%
20
80
1
14%
8
21%
87%
May
Sept
70
1%
13%
39
Jan
56
Jan
30 %
1
700
1,100
39
Jan
'""25
1%
1%
39
75
3
56~~
July
75
Corp
1%
1%
Jan
Jan
Aug
16%
47%
32 X
34 X
Falrchild Aviation
8
"56"
Jan
Apr
Sept
Sept
Aug
com
32
Ex-Cell-O
Aug
Jan
10%
30
100
15%
Jan
28%
30%
7% preferred
100
%
Mar
Mar
100
100
Evans Wallower Lead
15%
6
May
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick & Equip..5
Equity Corp com
10c
Eureka Pipe Line com—50
15%
16%
2
6%% preferred
33
Jan
25
ww
6% preferred
7% preferred.
Sept
Apr
Sept
Sept
Sept
Hydro Electric Securities-'
Sept
Feb
47
3%
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.
Jan
60
Jan
128
900
Jan
Jan
5%
"i'% "2%
1
117%
July
35
4%
12
43
283
7%
98%
22%
17%
5%
40%
Sept
78%
119%
3%
5
Hubbell
Sept
Jan
50
Hewitt Rubber
Jan
Sept
Jan
22%
88%
Jan
Jan
May
Aug
13%
—*
com
Preferred
14
2%
*
Rubenstein
26%
6%
82%
82%
13%
80
7%
13%
Elgin Nat Watch Co._-.15
Helena
Sept
"74 ~~8X """356
"56
*
Harvard Brewing Co
6% June
68
"74
Electrographic Corp com.l
Electrol Inc vtc
25
Hartford Elec Light
Hartman Tobacco Co
Feb
Shareholding—
Common
$6
3%
Sept
Sept
Sept
Sept
6
14%
Edison Bros Stores
5
Hecla Mining Co
*
33%
4%
18%
15%
3%
15%
Feb
East Gas & Fuel Assoc—
Common
Jan
Apr
21% Mar
1% June
10
Sept
6% Sept
88%
Hamilton Bridge Co com.*
7
12%
Feb
38
15%
Sept
28
1%
7%
10%
27%
Feb
24
75
Aug
%
7%
10
50
1
107
95
200
5% June
6%
Jan
12% Sept
% June
Sept
30
Sept
5
Feb
June
77
300
Feb
5,300
84
28
64
39%
8%
36%
56 preferred
75
6
Feb
8%
36%
Jan
28
1
com
Duval Texas Sulphur
Jan
51
8%
36%
Aug
Feb
Apr
Durham Hosiery cl B com *
15
90
50
6%
28
Sept
Sept
Sept
Sept
July
Sept
79
July
8%
72
25
111
Sept
22
44%
25
Aug
Sept
Feb
Feb
45%
12%
July
10,400
25
Sept
Jan
16
50%
25
(W L) Shoe Co—
2
95%
44%
25
*
Gypsum Lime & Alabas..*
Hall Lamp Co
*
65
Jan
Jan
Apr
Apr
Apr
Aug
Sept
8%
Feb
Feb
1%
63%
Aug
105%
70
Jan
Jan
Mar
Jan
82
50
96%
100%
3%
22%
51%
11%
200
May
1,000
*i«
Sept
68% Aug
1% June
12%
1
Sept
2%
June
85
Jan
Feb
%
28%
17%
75
65
100
Aug
Mar
Sept
Sept
Sept
10
2X
25%
64%
1%
8%
75
65
Sept
Sept
Feb
Feb
3%
%
75
2X
75
2,600
*16
Gulf States Util 55.50 pref *
100
Jan
"16
23
1,000
Sept
7% preferred
Sept
16
56
....
6%
2,100
10
Dubiller Condenser Corp.l
Duke Power Co
100
19% June
Jan
Jan
4%
%
Sept
75
Sept
19
12%
10
10
Jan
2%
14%
37
10
Driver Harris Co
Mar
9%
16%
400
10%
100
25
98
250
17
36%
100
100
*
July
17
15
10%
100
7% preferred
Draper Corp
21%
16%
15
36%
Guardian Investors
Dominion Textile Co com.*
Douglas
Sept
Aug
Sept
200
16%
Jan
Feb
*
Greenfield Tap & Die
Grocery Sts Prod com._25c
15
14%
25
Aug
Mar
Apr
Jan
11% June
Sept
10
100
7% 1st preferred
Gt Northern Paper
July
12
Jan
Great Atl & Pac Tea—
10%
14
Domin Tar & Chem com.*
Jan
Feb
30
26
2,100
Feb
10%
29%
5%
22%
200
100
11
*
64
Apr
Sept
9
26%
9
3% May
Mar
16%
200
26%
3%
164
9
Feb
57 preferred
5%
Feb
7
10
*
16%
Sept
Sept
Sept
19% May
16%
IX
3X
13 4
16 4
Sept
Sept
Aug
Sept
10
Mines. .1
5
134
Aug
19
20%
7%
300
Gilchrist Company
*
Gladding McBean & Co..*
67
July
25
2%
*
13%
4%
4,900
78
38
'i«
Jan
Apr
20
Sept
109% June
7% Sept
*
20
"16
Jan
10
11%
Gen Water G & E com—1
20
5
7%
*
pref
conv
15
July
82%
76
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 56 pref
*
53
High
70
65% May
35
Wsrrftiits
June
Feb
13% May
10
5%% preferred.
*
15
33
com
56 preferred
50%
800
Divco-Twin Truck com__l
Gen Electric Co Ltd—
108%
16%
400
Dominion Steel & Coal B 25
Gamewell Co $6 conv pf..*
General Alloys Co
..*
25
Sept
4K
Dobeckmun Co
1
June
38 X
£1
Fruehauf Trailer Co
Jan
4
Liquors Corp...5
1
15
preferred
5
33
Distillers Co Ltd
Common
Conv
500
"16
8
"35"
Froedtert Grain & Malt—
Sept
Sept
116
9%
112
112
General Investment com.l
4
Distilled
Ford Motor of France—
,
Low
50
112
66%
Fox (Peter) Brewing
5
Franklin Rayon Corp com 1
*
Feb
2%
8%
Range Since Jan. 1, 1937
for
Week
Shares
Amer dep rets... 100 frcs
Class B
Sept
33
Diamond Shoe Corp com.*
dep rets ord reg..£l
16
Sept
May
2% Sept
37
Sept
103
of Prices
High
Ltd—
Sept
Sept
8%
11
1
Preferred
Am
Week's Range
Low
*
Amer dep rets ord reg- £1
Gen Fireproofing com
*
Gen G & E $6 conv pf B_*
Detroit Steel Products—*
De Vilbiss Co com
1
*
16
*
Detroit Gasket & Mfg coml
Ford Motor Co
Apr
66%
100
15
Am dep rets ord reg—£1
1
Corp
56 preferred
15
Defiance Spark Plug com.*
Dennison Mfg 7% pref. 100
100
Florida P & L $7 pref
Ford Hotels Co Inc
Mar
De Havlland Aircraft Co—
Dejay Stores
Flsk Rubber
Mar
Sept
Price
N. V. 1-1943
Sales
Stores—
Jan
5%
3%
85%
2%
10
*16
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
2
19%
100
6% % preferred
July
700
*
com
*
52%
18%
34
5%
8%
X
com
100
3%
29 H
8%
Cuban Tobacco
85X
23
"24"
1
*
6% preferred
800
500
*
Crystal Oil Ref
II466
Sept
10
7% 1st preferred
Jan
12X
5
First National
Jan
Jan
Feb
21%
61%
600
Sale
Fire Association (Phtla)
Mar
Sept
600
Last
Par
Jan
12
12X
Croft Brewing Co
Crown Cork Internat A.
4
STOCKS
Feb
21
Crocker Wheeler Elec
Crown Drug Co com..25c
Preferred
25
Sept
Teletype:
.
Friday
0Continued)
INC.
Street, New York City
Mar
15
64
2-5383
Jan
Sept
18
Creole Petroleum
Crown Cent Petrol (Md).5
Sept
,
3%
17%
102%
2%
26%
27
£1
Crowley, Mllner & Co
12
135
HA
Jan
Feb
Mar
Mar
54
6K
6%
*
Cooper Bessemer
Sept
X
400
16
12
83
10%
Wall
60
Mar
"i',300
IK
Jan
100
Sept
Sept
Preferred
and
UGHT—SOLD—Q VOTED
WILLIAM P. LEHRER CO.,
Jan
Sept
Sept
94
BO
Mar
Sept
July
1%
5
Common
Mar
June
64
11
Jan
11%
89%
114%
4%
2%
1124
"lH
'
Consol Min & Smelt Ltd_5
Consol Retail Stores
2%
21
Community Water Serv-.l
6%
2043
18%
50
a:9
z9
18%
18%
19%
18%
18%
19
100
Sept
Sept
Sept
Sept
8% June
5%
53%
Feb
Jan
Mar
11% May
33% May
13% May
34
July
62%
Feb
9%
24%
Mar
Mar
3,500
18%
Sept
300
19%
13%
Sept
Sept
24
Feb
15
Mar
36%
7%
14%
Mar
44%
Jan
15
Mar
Sept
36
Jan
39%
Jan
Imperial Tobacco of CanImperial Tobacco of Great
Britain
and
Ireland. _£1
Indiana Pipe Line
Indiana Service 6%
10
pf.100
7% preferred
36%
36%
36%
700
74
144
7%
14%
8%
400
14%
10
18
18
20
18
Sept
90
90
92
125
90
Sept
100
Indpls P & L 6% % preflOO
105
Jan
Jan
Indian Ter Ilium Oil—
1%
Non-voting class A...
Class B
*
1%
1%
100
1%
1%
2
600
1%
Sept
Sept
4%
4%
Jan
Jan
New York Curb
2044
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Shares
Low
1
c common
Feb
Mtge Bk of Col
4%
Feb
Mountain
Mountain
Mountain
Mountain
125
9
June
650
60
21
21
100
21
Sept
Sept
2
800
1%
Sept
2334
2,900
Sept
916
200
19%
%
150
10
Sept
254
1834
4Y
29%
Sept
Sept
9
Sept
3934
Mar
33%
July
Sept
38
Mar
Jan
103
19%
916
1934
10
10
Internat Hydro-Elec—
Pref
50
$3.50 series
A stock purch warr
Internat Metal Indus A..*
Internat'l Paper <fc Pow war
4)4
International Petroleum..*
Registered
*16
10
4)4
31
834
31
10,300
5,000
3234
*
International Products...*
3%
100
Internat Radio Corp
1
Internat Safety Razor B_*
International Utility—
4
354
6% preferred
Class A.
Class B
100
O
1
9
3~66O
%
34
*
500
134
14
7,800
35
*
13%
1
13%
35
13
National City Lines com.l
38
Aug
4%
1,300
4%
5%
2,300
4%
Sept
Sept
400
31 %
Sept
220
0%
716
18%
8J4
%
Sept
3134
0%
854
716
716
19 %
200
18%
854
954
1,100
34
34
100
*
33
600
Nat Service common
Conv part preferred
Jan
National Steel Car Ltd
Jan
Feb
Nat'l Tunnel & Mines
13
1,900
4
5
300
534 % preferred.
100
6% preferred
100
7% preferred
100
Jonas & Naumburg—2.50
67
Nat Union Radio Corp
Navarro Oil Co
*
Feb
Jones & Laughlin Steel-100
51
67
69
125
66
June
89
Jan
78
78
10
75
June
9654
Jan
89%
89%
20
85
June
3%
3%
50
4%
2,200
Kansas G & E 7 % pref. 100
Kennedy's Inc
5
1054
Kimberly-Clark Co preflOO
Kingsbury Breweries
1
10%
19%
200
"\% "l%
18
"300
18
850
Kings Co Ltg 7% pref B100
5% preferred D
100
3 54
3%
4%
6,700
1
5%
134
5
5Y
3,200
1Y
1Y
300
Kirkl'd Lake G M Co Ltd. 1
Klein (D Emil) Co com..*
Kleinert (I B) Rubber. .10
Knott Corp common
1
Kobacker Stores Inc
*
Lefcourt Realty com
Preferred
107
107
107
25
9
9
934
"800
47
47
4854
700
454
Leonard
95
95
134
134
1434
14)4
*
6
25
25
Lion Oil Refining
Lit Brothers com
*
22
*
Aug
106
11%
Apr
8% Sept
*
46
3%
95
1Y
400
15
13Vs
634
4,100
34
2854
30,500
25
200
5%
%
25
25
21%
25
3
10,400
3Y
25
16%
3
400
22%
*
8%
834
8%
9Y
7,000
8Vs
*
*
3
100
3
■:'
*
Memphis Nat Gas com
5
Memphis P & L $1 pref...*
38
20
%
%
2,000
38
300
2
5
600
9
20
8%
454
100
8%
100
11%
900
20
8%
"T% "~6% "7%
19
19
4%
14%
105)4
4%
21%
4%
13%
5
6%
18%
Jan
600
Sept
Sept
2,600
105% 110Y
4%
4%
525
101J4
200
4
~4~
%
82%
Jan
Mar
Mar
Jan
Mar
Aug
Feb
Feb
July
7
Jan
73
Apr
4
Sept
31
Jan
4
Sept
11
Jan
4%
100
"~4%
2~, 600
75
52
1Y
60
"l6
1%
4,500
1%
Gas & Oil...
82%
82%
25
1Y
1%
1%
1%
200
0
12%
%
7
12%
%
600
2,200
1,400
12%
200
Vs
5354
7
Mar
Mar
54
5
Sept
8
Jan
Mar
v
t c
*
v
t c
*
pref
;*
3%
3%
%
"o%
6
4
1,100
'316
0%
1,100
Co
.*
50c
Midwest Oil Co
North Amer Rayon cl A._*
Class B com
*
8,300
2
134
2,000
134
1754
19
1,400
70
5
38
43
"'"70
102
800
32
Jan
80
116""
108%
38
Jan
7
300
634
9
934
500
9
134
134
100
134
"68""
"25
1034
"68"
Sept
66
110
114
70
110
Sept
Sept
19
19
21
300
18
June
72
7134
7554
70
79
Sept
Sept
Sept
26
Jan
11134
154
154
3,000
2
400
"334 "334
7
734
"160
Mar
2
2,100
1%
Sept
834
Sept
Sept
lVs
134
854
854
2,200
2Y
234
2 34
""500
234
3234 *3354
150
32%
9
454
1454
Mar
13
Aug
Sept
5
Feb
Sept
43
Jan
Jan
32%
1
10%
7
1034
7
1134
900
854
7,700
1,300
Monarch Machine Tool..*
Monogram Pictures com.l
7
1954
2Y
130%
Montreal Lt Ht & Pow...*
For footnotes see page 2047.
254
4
7
Montana Dakota Util...10
134
354
1
*
1034
7
13634 13954
700
100
260
Sept
Sept
Sept
Sept
134
334 May
7
1654
1154
25
254
434
Sept
Sept
Sept
Sept
2834
2934
150
2734
1254
13
700
1234
103
10454
95
95
96
70
103
40
95
Sept
June
2134
434
25
100
2134
20
2134
Aug
Sept
10
10
1134
18,400
8134
7834
82
934
7734
Sept
Sept
434
600
34
154
47
9134
1234
19
%
734
5734
28
934
1234
334
334
2854
234
11234
5934
8034
1954
1934
254
2354
8934
634
35
88
14034
3034
9434
5
13554
37
_
634
16
34
Mar
Feb
1534
11554
10534
Mar
Mar
1254
554
Mar
Jan
Feb
65
Jan
1634
Feb
100
Feb
94
Feb
7934
Aug
115
Feb
170
34
Sept
100
134
Apr
854
Sept
Sept
May
98
Apr
40
62
Aug
Aug
15
Aug
Feb
854
9134
9134
25
42
42
4534
1,600
9 34
54
254
1,700
91 %
154
154
2
1,800
534
6
3,200
154
534
Sept
Sept
354
1134
234
234
254
3,100
2
Sept
Feb
Feb
48
850
47
Sept
77
Jan
3434
37
Sept
51}
Aug
34
3634
1,200
1,100
3434
34
34
Sept
505
Apr
Jan
51)
June
454
'00
454
34
3,500
34
6934
47
4934
1
454
454
34
6934
v
7354
70
"~7% "7%
"260
85
2634
40
Oklahoma Nat Gas
$3 preferred
16
41
1
17
Sept
Sept
37
Feb
27
200
2634
Sept
3554
Jan
4634
425
110
Jan
570
10654 May
11134
Jan
300
10234
112
Jan
11154
10454
1434
1454
3254
Feb
Sept
June
100
100
100
90
90
90
1154
934
1234
200
1054
1,600
934
*
10
100
Sept
10
90
Sept
1134
Sept
Apr
Sept
Sept
Sept
Sept
Sept
28
Mar
100
26
75
103
Sept
May
Sept
Sept
25
26
9634
25
'""234
96 34
75
234
254
2,500
450
534
534
634
400
2854
2854
2934
700
2634
2634
10634 10634
58 34
5 8 34
*
5834
100
1
9634
254
534
5834
J*
Aug
37
Sept
Apr
Sept
Sept
37
37
43
950
45
45
51
2,200
27,600
45
100
19
2,300
19
10134
534
534
634
534
4
10
*
25
20
Page-Hersey Tubes Ltd..*
10
19
20
30
554
19
20
2234
30
554
3034
150
6 34
1,100
2734
2934
554
*
100
110
110
110
100
32
32
25
*
Penn Mex Fuel Co
1
1
32
Sept
June
5
Pa Gas & Elec class A
*
Pa Pr & Lt $7 pref
$6 preferred
*
*
"9i"k"
Sept
Feb
Penn Salt Mfg Co
50
149"
Penn Traffic Co
3
354
17,400
Aug
3
2
3
Feb
Apr
May
Sept
Sept
May
May
Sept
Sept
73
10
10
100
10
9134
93
300
89
90
20
82
75
149
87
149
14934
2.50
Sept
17
Jan
Pa Water & Power Co...*
74
134% June
29
May
157
Feb
Pepperell Mfg Co
37
Jan
Perfect Circle Co
8954
3034
*
Sept
Sept
Sept
Sept
Sept
65
*
100
July
Sept
May
Penn Edison Co—
$2.80 preferred
$5 preferred
June
8
'""934
100
1
Class B
40
11054
15
10334 Feb
1254 May
500
97
40
Jan
Jan
Jan
Jan
200
100
50
Jan
454
634
*54
9634
June
1,100
10954 11034
11034 11054
Oldetyme Distillers
Peninsular Telp com
Preferred
734
Sept
Sept
Sept
Sept
Sept
16
lp34
134
10954
com.
pref
754
100
Ohio P S 7% 1st pref... 100
6% 1st preferred
100
Oilstocks Ltd com
5
Jan
3434
47
2634
Ohio Oil 6% pref
Ohio Power 6% pref
Feb
734
19
Ohio Brass Co cl B com..*
Ohio Edison $6 pref...
*
16
534
1
conv
13%
15
34
17
6%
1334
1934
Sept
7
1254
1
Jan
Mar
254
300
28 34
17
Engineering..*
Novadel-Agene Corp
*
10
90
154
1,100
88
79
79
Northwest
Sept
24
Jan
19
50
16
Parker Pen Co
Sept
Apr
Sept
66
Northern Pipe Line
10
Nor Sts Pow com cl A.. 100
§N0r Texas Elec 6% pf.100
Parkersburg Rig & Reel-.l
Patchogue-PlymouthMills*
Pender (D) Gorcery A...*
Sept
Sept
Sept
Sept
66
66
34
Feb
70
68
4%
_
Feb
50
June
634
Nor Ind Pub Ser 6 % pf. 100
7% preferred
100
7
74
134
1734
54
6% prior preferred
50
No Am Utility Securities.*
Nor Cent Texas Oil
Nor European Oil com.
Pennroad Corp vtc
.....2.50
*
Pantepec Oil of Venez
Voehringer
j£
..1
Jan
6
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Nor Amer Lt & Pow—
Pan Amer Airways
1854
70
10
Midwest Piping & Sup
*
Mining Corp of Can
*
Minnesota Mining & Mfg. *
Montgomery Ward A
Nineteen Hundred Corp B1
Nipisslng Mines
5
Noma Electric
1
Feb
Jan
150
Midland Steel Products—
$2 non-cum div shs
*
Monroe Loan Soc A
*
2
Sept
"i« Sept
3%
2054
554
2
2
134
1854
400
June
8
2
100
534% 1st preferred
25
Pacific Ltg $6 pref
*
Pacific P & L 7% pref. .100
Pacific Public Service....*
$1.30 1st preferred
*
Pacific Tin spec stock
*
Jan
Aug
Sept
900
954
5
common..
Jan
434
334
1154
1834
134
316
234
700
Paramount Motors Corp.l
Class A
Molybdenum Corp
Class B
Class A pref
Niles-Bement Pond.
Overseas Securities
Pacific Can Co com
Jan
22
834
154
Pacific G & E 6% 1st pf-25
Sept
2054
9
34
Jan
Feb
1,900
1,600
334
•
Feb
55
316
334
49
Class A opt warr
Class B opt warr.
Niagara Share—
Feb
37
10
Feb
2
106
834
316
234
316
234
98
80
Jan
154 Sept
Sept
Sept
Sept
Sept
254
Jan
1134 June
*~9"
554
754
100
Jan
8254
134
1%
60
100
2d pref cl B
May
7i6
400
10
Mid-West Abrasive
125
Jan
Sept
July
Sept
Sept
%
50 Y
%
Sugar Co.
Jud,
Jan
3334
2234
334
1654
2554
1454
44%
Jan
25
4%
1%
Common
10
30
Class B
Mock,
2554 May
800
18%
Jan
Aug
Feb
Sept
4",200
4%
1354
234
5554
554
1034
Jan
Feb
Sept
Jan
2%
100
Jau
82
Sept
Sept
Sept
Middle States Petrol—
Midvale
July
Sept
Sept
9
02%
6
conv
Sept
Apr
Sept
17
Bumper Corp__l
Midland Oil
Feb
17,800
2Y
700
554
Feb
$6 preferred
Partic preferred
Preferred
3034
10
Common
45
3234
66
554
July
Jan
2Y
4%
400
60
93
Jan
38
3334
4
65
654
1534
Apr
600
100
80
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
4,600
100
Aug
Sept
100
934
1334
"2"666
100
3%
8%
10
45
2d preferred
60 %
8%
18
June
1st pref..
2d pref cl A
25
33
Steel Tube..2.50
5%
5%
5%
5%
00%
4%
*
Apr
Mar
8 y8
6%% A preferred... 100
Mesabi Iron Co...
1
Michigan
Michigan
Michigan
Michigan
Common..
93
49
Metal Textile Corp com..*
Mexico-Ohio Oil
Jan
Apr
com..
Metropolitan Edison pref.*
Jan
Sept
2)4
Merchants & Mfg cl A..
Participating preferred
Merritt Chapman & Scott *
Warrants
Feb
Feb
Feb
Aug
654
Sept
"~9% "l034
7
Founders shares
1
New York Transit Co
5
N Y Water Serv 6 % pf. 100
Niagara Hudson Power—
3
*
Mead Johnson & Co
Sept
Sept
Sept
Sept
N Y Shipbuilding Corp—
76
1
Massey Harris common..*
11
95
Marion Steam Shovel
Master Electric Co...
1
McCord Rad & Mfg B.__*
McWllliams Dredging..
Feb
Mar
39
34
Jan
134
1034
534
34
*
N Y Pr & Lt 7% pref.. 100
$6 preferred
*
30
9
Margay Oil Corp
Jan
1,200
3%
%
*
Mass Util Assoc vtc
Jan
("■
*
Communication ordregJEl
1354
234
Feb
77
8%
1
preferred
Mapes Consol Mfg Co
Marconi Intl Marine—
20
0%
400
*
N Y & Honduras Rosario 10
N. Y. Merchandise
10
76 Y
10
conv
454
500
7,200
*
com
9734
44J4
1434
.954
1454
Warrants
60%
70%
Mangel Stores
Mercantile Stores
'
*•
Loudon Packing
*
Louisiana Land & Explor.l
Louisiana P & L $6 pref.*
$5
110
Aug
20
454
3234
"~5Y
N Y City Omnibus—
Jan
2234 June
1854
Jan
1634
Feb
1434
Jan
1,400
6,500
5
N Y Auction Co
Jan
June
13
10%
Lynch Corp common
Majestic Radio & Tel
Feb
20
23
5
common
1334
1734
Apr
July
Sept
Sept
43
100
New Jersey Zinc
25
New Mex & Ariz Land___l
Newmont Mining Corp. 10
21
11134
1254
2134
78J4
5934
934
900
100
com
6% preferred
100
New England Tel & Tel 100
New Haven Clock Co
*
New Process
15534
2834
154
1134
8
134
1034
Nelson (Herman) Corp..5
Neptune Meter class A
*
Nestle-Le Mur Co cl A...*
7% preferred
New Bradford Oil..
New Engl Pow Assoc
2834 Feb
10734 Sept
334
Jan
8834 Mar
6534 Feb
854 Feb
854
Jan
154 Apr
26
23
*
Jan
Aug
Mar
9%
_
12
Sept
12Y
1st preferred
Nev-Calif Elec
7
9)4
Lucky Tiger Comb G M
11454
1
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehi Corp common
*
Jan
25
1234
100
Jan
Mar
Sept
1
7% preferred
6% pref class B
30
Sept
5
Corp
Jan
934
12634
22%
Lockheed Aircraft
Lone Star Gas
Sept
Sept
Sept
Aug
Sept
July
Sept
Sept
Sept
Sept
Jan
22%
22 Y
Locke Steel Chain
Long Island Ltg—
Common
Feb
Jan
200
54
3
Loblaw Groceterias A
70
134
5%
"16
Le Tourneau (R G) Inc._l
Line Material Co
*
Class B
Mar
Sept
Sept
4% Sept
Feb
,S16
16
Sept
Sept
June
95-
2,200
95
3%
1
Oil Develop
Sept
Sept
3%
64
3%
*
Lehigh Coal & Nav
Apr
July
Sept
21%
Lackawanna RR (N J). 100
Lakey Foundry & Mach..l
Lane Bryant 7% pref.. 100
Sept
Sept
37%
1
Kirby Petroleum
Lake Shores Mines Ltd—1
50
25%
108%
9%
17Vs
105%
1%
50
Kingston Products
Koppers Co 6% pref
100
Kress (S II) & Co pref... 10
Kreuger Brewing.
1
3%
400
65
Julian & Kokenge com...*
100
2034
8
1034
*
Jan
11
4
2054
National Tea 534 % Pref. 10
National Transit
12.50
Feb
11
3
Sept
Sept
18
National Sugar Refining..*
Jan
14
1
*
June
1454
1
Feb
7%
13
100
*
Jersey Central Pow & Lt—
3
8
91
*
'5,6
Jacobs (F L) Co
4
Mar
2734
1854
234
34
1834
Jeannette Glass Co
-
60
National Oil Products
National P & L $6 pref...*
National Refining Co
25
*
Jan
Sept
13
1334
*
July
Mar
7
4234
24%
136
13
4554
184
Sept
136
......
136
""934
Nat Mfg & Stores com
Nat Rubber Mach
Sept
Sept
'32 Sept
11
Sept
35* Sept
Warrants
Jan
534
50
Sept
3)4
854
pref
35
634
1
conv
100
Feb
2,000
534
534
1
National Container (Del)
34
54
734
13
554
Sept
Sept
1
com
National Fuel Gas
3134
Ken-Rad Tube & Lamp A *
Nat Bellas Hess
Feb
Interstate Home Equip..1
Interstate Hosiery Mills..*
Investors Royalty
1
Iron Fireman Mfg v t C--10
v t c—*
Feb
Interstate Power $7 pref.*
Superpower A
Nat Auto Fibre A
National Baking Co com.l
Jan
654
*
Mar
Jan
"9~ioo
Sept
Aug
234
100
Sept
'is
%
5
preferred
Nachman-Springfilled
334
500
5
834
*
*
1534
34
Apr
"654"
3934
180
Sts Tel & Tel 100
2134
1
"""560
10
Sept
Sept
Sept
334
5
Producers
13%
Vitamin—1
Italian
Apr
150
"254 ""234"
States Pow com*
Murray Ohio Mfg Co
Muskogee Co com
6%
High
44
Sept
4%
1534 May
154
Feb
Aug
34
Irving Air Chute
Jan
Mar
Low
25
25
2%
com 5c
200
Old warrants
New warrants
International
834
Sept
%
100
13
$3.50 prior pref
9
Jan
Jan
Range Since Jan. 1, 1937
Shares
2654
40%
Am shs
City Cop
High
2654
3934
Class A 7% pref
100
Moore (Tom) Distillery.
$3
1
$1.75 Preferred
"9""
3%
500
1
44
Feb
Low
Price
Moody Investors pref...
Moore Corp Ltd com
y\
Feb
12
62 34
134
Week
July
10
60
1)4
for
of Prices
254
2234
7534
10
21
Week's Range
Sale
Par
60
International Cigar Mach *
Internat Holding & Inv..*
Last
High
ia16 June
7% preferred
100
Insurance Co. of No Am. 10
1937
Sales
STOCKS
(Continued)
Industrial Finance—
V t
Sept. 25,
3
Friday
Range Since Jan. 1,1937
for
Week
of Prices
High
Low
Price
Exchange—Continued—Page
Sales
73
7934
8954 103
3034 3034
1,000
634
67
Feb
Jan
Mar
Feb
Feb
July
Jan
106
Feb
6
Jan
1054
Feb
10%
325
29)
1075
Aug
89
8)
2454
54)
106)
75)
951
634
30
Feb
Jan
3034 July
53
43
1234
3054
110
4234
72
854
554
1734
113
112
179
434
June
95
225
89 54
Sept
151
100
3034
Sept
37
Feb
Feb
Feb
Mar
Apr
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Pharis Tire & Rubber....1
6?*
Shares
5?*
9?*
5?*
700
300
Sept
5?*
8?*
8?*
"3l""
"31"
"""25
7%
7%
100
Sept
June
31
June
34
Sept
15?*
6?*
1
Conv pref series A
Pierce Governor com
4?*
10
*
Pines Wlnterfront
"13
12?*
5X
7,000
31X
4X
31
200
15
500
1
Pioneer Gold Mines Ltd-.l
"3% ~~3X
"3?*"
2,000
116?*
Sonotone Corp
*
8X
8%
3X
3%
Feb
5% original preferred .25
6% preferred B
25
34?*
27 X
27?*
36
27*A
500
53* % pref series C
25%
600
Mar
Mar
1,000
13
3,900
10
Sept
69
Metallurgical 10
Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
*
74
430
69
Sept
500
10
Sept
107
Sept
6X
10
10
107% 107
1?*
IX
112?*
2,000
1?*
400
Jan
400
3?*
5
3?*
3%
1?*
1%
7
3,100
5?*
Premier Gold Mining
1
Pressed Metals of Amer..*
5?*
16?*
Providence Gas
1,600
29%
100
*
10?*
"2,000
12
7?*
7H
8%
1,500
*
Sept
5?*
16?*
Sept
Sept
2
June
28
May
Feb
Jan
Feb
Mar
Mar
X
17?*
11?*
Sept
14?*
Jan
Jan
*
36
18
40
36
18
140
105
Feb
Standard Silver Lead
1
Standard Steel Spring com*
20?*
120
36
Sept
68?*
Sept
41
18
98
Jan
115
Sept
117?*
Apr
2,200
87?*
87?*
10
87?*
Sept
Sept
Sterchl Bros Stores
Sept
9C?*
1,575
15>*
Sept
60?*
Jan
Jan
2d
32
41
15?*
15?*
19
106 %
106?*
~~8H
""266
50
107
25
Apr
Jan
20
~~8X "8H
14?*
Feb
Sept
124?*
Jan
150
Jan
Jan
8
106?*
100
125?*
Apr
*
17X
July
Jan
Jan
15X
325
X
14?*
300
Sept
H June
July
X
*
28
23
25
550
4
300
Sept
23
53?*
7?*
20?*
19
21X
4,600
10
*Jan
211*
29
29
33
1,300
29
Sept
46?*
8?*
Reed Roller Bit Co
*
Reeves (Daniel) com
*
Relter-Foster Oil
*
Reliance Elec & Engin'g .5
Reybarn Co Inc
..1
Reynolds Investing
1
*
Rice Stlx Dry Goods
Richmond Radiator
1
Jan
41
3X
3?*
3?*
Sept
Sept
4?*
4?*
100
4?*
®16
X
2,500
?*
200
17
4 %
2,000
4
Sept
Sept
Sept
""%
17
17
17
4
4
1
1
1%
2,900
1
7?*
7?*
8X
1,500
7?* Sept
2H
3
2X
800
2 V*
Sept
1?*
32?*
5?*
2?*
13?*
7?*
Apr
Mar
Jan
Feb
Mar
Feb
Roosevelt Field Inc
26
4?* Sept
11?* June
18
Jan
"*900
June
1
Jan
Sept
Sept
Sept
Sept
55?*
110?*
14?*
17?*
X
32
600
70
72
1
10
25
10X
10
8%
8
11X
32
150
32
70
70
7,000
3,900
8
Ryan Consol Petrol
*
Ryerson A Haynes com_.l
Safety Car Heat & Lt
*
3X
IX
.*
50
6
100
pref A
St Regis Paper com
7% preferred
Samson United Corp com.l
Sanford Mills com
*
IX
300
4
2X
2,000
500
115
100
100
4X
90 X
4X
X
X
X
7
4%
5X
22,900
96 X
4X
90
550
5X
1,000
1?*
51
8
Mar
141
Apr
6?*
Jan
Apr
?*
Sept
15?*
Jan
Apr
Jan
4?*
Sept
38?*
11?*
Apr
Apr
X
7
90
Sept
4?*
58
Savoy Oil Co
5
2X
2X
17 X
\7X
34?*
2X
18
300
*
36
200
36 J*
36?*
Manufacturing..25
July
Sept
Sept
Sept
Sept
3?*
100
1,100
100
7
0.7
Schiff Co
common
Mar
July
Apr
Jan
27X
Anthony Gold Mines. 1
St. Lawrence Corp Ltd..
10
46
*
pref
Sept
Aug
Aug
Feb
Jan
1,100
IX
4X
32
Rustless Iron & Steel
1?*
27?*
15?*
4?*
13?*
2%
5X
1H
4X
*
Russeks Fifth Ave
Sept
9X
*
2?*
Royal Typewriter
June
9
800
"~X
Rotallte Oil Co Ltd
July
9
1
Rossla International
X
700
20
pref
Sept
X
X
5
Root Petroleum Co
34X
Scranton Lace Co com...*
23
100
5?*
300
10?* Sept
4J* Sept
3%
1,400
700
30
Sept
May
2?*
17?*
34?*
36J*
117?*
6?*
69
4?*
Jan
July
Feb
Sept
Sept
Sept
26
May
Jan
55
Mar
Sept
54?* May
*
*
Securities Corp general
Sceman Bros Inc
*
Segal Lock & H'ware
1
Seiberllng Rubber com...*
Selby Shoe Co
.*
25?*
25
IX
IX
43
200
2?*
400
200
25
Sept
IX
43
IX
1?*
44?*
1?*
3,500
IX
4
3X
4?*
2,600
3X
43
19
19
19
1,500
18
Sept
Sept
Sept
Sept
Sept
78?*
5?*
Jan
Jan
50 X
Jan
4?*
9?*
Feb
Mar
30
Jan
Selected Industries Inc—
Common
1
1X
IX
5
15X
15X
25
86 X
86 X
87 X
Convertible Stock
55.50 prior stock
87X
Allotment certificates
Selfrldge Prov Stores—
Amer dep rec
IX
17
89
90X
4,200
1?*
15?*
'""556
86?*
300
87?*
1?*
£1
Sentry Safety Control
1
*
com
1
Seversky Aircraft Corp
Mining..5
Shawinlgan Wat & Pow._*
Sherwin-Williams com..25
pref ser AAA 100
X
400
5X
500
16
si6
Sept
Sept
Sept
Sept
5?*
2X
2?*
2X
6,400
2?*
9X
22X
12X
23X
6,300
9**
112?*
1,250
23X
107
104
107?* 107?*
109
600
150
22?*
104
107?*
21
Sherwln Williams of Can. *
Shreveport El Dorado Pipe
Line stamped—
25
100
16
200
;.*
Jan
Sept
5
5X
10
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
8
4?*
28?*
101?*
104
2?*
1?*
12?*
6?*
28?*
33?*
154?*
114
28?*
1
Jan
Mar
Mar
June
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Feb
Apr
Jan
29?*
Conv pref
Simmons Hard're & Paint *
1
-.100
Simplicity Pattern com
2X
8X
270
2?*
3
.8
8X
270
289
1,600
1,900
140
4?*
Solar Mfg Co
18
18
18
18
4?*
19
4?*
,50
300
For footnotes see page 2047
18?*
13
14
14
14
14?*
200
3X
3%
13,200
35X
35%
200
Apr
Sept
7
Sept
Jan
Feb
19?*
4?*
Mar
Jan
Sept
22?*
Feb
Apr
Sept
46
Apr
17
Feb
Jan
119
Aug
98
32?*
7%
32%
%
700
32?*
200
¥
Technicolor Inc common.*
24X
24%
4%
4%
27H
5
14,400
1,600
1
Texon Oil & Land Co....2
18?*
101
5
4X
20X
1
9X
5
9 J*
"T
Tobacco Prod Exports
*
Tabacco Securities Trust
700
5?*
100
"3?*
T,306
5?*
Tishman Realty & Const. *
Tobacco and Allied Stocks*
1,300
10
20
1,400
23
4X
Sept
Sept
Sept
Sept
Sept
Feb
July
53?*
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref... 100
July
5*5*
May
Sept
Sept
Sept
Sept
Apr
2%
Sept
4?*
19
X9%
Jan
16?*
Feb
Jan
41
2?*
5?*
Jan
Mar
34
Aug
6?*
77?*
Feb
112
Jan
Jan
7?*
Jan
25}*
18?*
Sept
10?*
66
Mar
Jan
Jan
4?*
July
16?* July
2?* July
18?*
3
Feb
57
51
Jan
74
July
93
93
92?*
July
105
Feb
June
115
Mar
2
Feb
99
100
?*
11
X
X
1,700
%
Sept
4,800
3,400
3?*
Sept
Sept
4,000
1
Jan
Jan
Jan
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
50
57
£1
Am dep rets def reg.._£l
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
Mar
June
3,200
Am dep rets ord reg
28
Mar
Feb
Mar
Feb
Feb
Feb
3?*
35?*
4,800
2%
Trans Lux Pict Screen—
1
Common
10
Transwestern Oil Co
3
3
3?*
7?*
7?*
8?*
1?*
1
Tri-Continental warrants.
.
Trunz Pork Stores
*
Tubize Chatlllon Corp___l
Class A
Tung-Sol Lamp Works
1
*
14%
Investment
55
2
1?*
14
7X
8
11?*
61
1?*
14?*
1,300
1,100
8?*
300
2?*
1?*
600
1?*
300
4?*
Aircraft
July
X
11?*
800
11?*
400
100
6
6
*
12?*
$3 cum & part pref—
11
1
6
pref non-voting.*
104
Option warrants
United G & E 7% pref. 100
United Lt & Pow com A.*
1?*
X
*
4?*
$6 1st preferred
*
30?*
7?*
6
May
11)
Feb
13?*
9?*
6%
Feb
n
Jan
July
Apr
Products..
X
12
Aug
Jan
85
Jan
11
Sept
6
Sept
July
30?*
13?*
52?*
102?* 105
1?*
1?*
82?*
82?*
4
4 J*
Sept
2
Mar
ill
6
1,500
100
Sept
Sept
4,900
50
14,100
5
400
30
36
5,800
19?*
4?*
25
»i6
1?*
82?*
4
4?*
30
19?*
55
7?*
400
T?* "lX
""766
3?*
""600
7?*
reg.
United Profit Sharing...
10
Preferred
A..
Sept
Sept
Sept
Sept
Sept
Sept
May
13?*
124
3?*
94
11?*
11?*
75?*
45
3%
IX
75
*
10
U S Radiator com
1
U S Rubber Reclaiming..*
U S Stores Corp com
conv
v
t c_.
12
Sept
Sept
Sept
7?*
4?*
96?*
47?*
800
75
37?*
37%
7X
39?*
400
37 %
7?*
900
8?*
8X
7?*
8?*
1?*
1?*
1?*
3%
1?*
5?*
3?*
IX
916
68
Apr
Sept
Sept
Sept
Sept
15
18?*
3
93?*
1,400
1?*
Sept
4%
100
5
22?*
5?*
Sept
Sept
34?*
700
1,100
6?*
3?*
Sept
14
16
6
%
200
3i« June
1?*
20
%
%
3,000
700
23
23
"I
1,800
74
68
6
*
July
3?*
1?*
3,100
*
1st pref
2
9?*
1?*
9?*
8?*
253
July
78?*
68
lst pref with warr
June
75
10
Jan
1?*
75
1?*
TJ S and Int'l Securlties.
5%
245
United N J RR & Canal 100
United Shipyards cl
Class B
Feb
Apr
Sept
10?*
Molasses Co—
dep rets ord
Feb
Jan
10?*
43,500
preferred
Am
$7
1,800
19?*
Common class B
$3
86
ill
United
United
Jan
47
10?*
100
Corp warrants
United Elastic Corp
United Gas Corp com
Feb
Apr
9?* May
31?* Feb
Transport
United Chemicals com
United Milk
3
85
10X
Warrants
1st $7
5?*
13?*
13?* June
Union Oil of Calif deb rts.
United
Sept
Sept
Sept
Sept
Sept
Sept
Sept
10?*
com..*
Union Stockyards
Sept
May
100
2?*
4?*
5,400
600
4?*
9?*
2?*
2
"l~X
Union
15?*
8?*
2
10
5% preferred
11?*
51
4?*
"2?*
Unexcelled Mfg Co
Union Gas of Canada
100
8
'ilx
80c dlv preferred
*
Ulen & Co 7?*% pref.-.25
U S Playing Card
Mar
14
8%
6?*
32X
IX
Jan
Mar
Sept
Sept
%
Apr
5?* Sept
29?*
Sept
$
1
6?*
75
111
110
6?*
1%
July
1,700
16?*
Feb
Sept
44
1?*
Sept
1
Sept
Sept
Sept
Sept
Sept
13?*
16
3?*
Feb
6?*
3?*
14
600
13
1
100
300
X
"lX
Roofing Inc
Feb
15?*
13?*
7J*
6?*
27?*
5?*
33?*
2?*
600
X
*
U S Foil Co class B
18
4
1?*
Tastyeast Inc class A...1
Taylor Distilling Co
1
United Stores
...»
25
14
1
July
107
Jan
10
3,300
3?*
14
new com
Feb
Feb
21?*
40
4
35*
United Specialties com—1
Sept
Mar
Apr
7%
Feb
Jan
25
Feb
4%
1
Mines
Feb
Sept
1,400
35
370
Mar
7
2,000
Aug
Sept
July
8
Sept
5%
United Shoe Mach com.25
Preferred
25
7?*
13?*
Sept
10
8?*
Aug
Sept
Sept
150
11
10?*
2
*
*
1
270
98
Sioux City G &E 7% pf 100
Smith (H) Paper Mill
8
Jan
10?*
93
5
14
Swiss Am Elec pref
100
Taggart Corp com
1
Tampa Electric Co com..*
Tilo
Jan
36
Feb
2,100
$3.30 class A participat *
8wan Finch Oil Corp... 15
Teck-Hughes
Jan
131S
Sept
7?*
*
Sullivan Machinery
16?*
3?*
5
5
Stroock (S) & Co
§Stutz Motor Car
U S Lines pref
Singer M fg Co Ltd—
Amer dep rec ord reg.£l
Skinner Organ com
2?*
7?*
Sept
Slmmons-Broadman Pub
June
7?*
Union Premier Foods Sts.l
Scranton Spring Brook
Water Service pref
com
Stetson (J B) Co com
Stlnnes (Hugo) Corp
Thew Shovel Co
X
X
*16 Sept
200
10
10
1
Feb
Jan
10?*
50
20
Sunray Oil
Rio Grande Valley Gas
CoVoting trust ctfa
1
Rolls Royce Ltd—
Amer dep rets ord reg.£l
Rome Cable Corp com—5
preferred
preferred
5?*% conv pref
50
Superior Ptld Cement B_.*
Mar
Feb
Sept
Mar
Sept
*
preferred..
*
Mfg com...50c
Jan
Jan
7?*
35
Feb
Mar
Mar
105?*
107
*
*
49
45
Jan
Aug
Apr
Feb
25?*
7
7
*
Jan
2
®i6
Sept
25
105*
100
Sunray Drug Co..
14?*
X
14 X
25?*
28?*
18?*
63?*
21?*
13?*
17
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Sept
32
6?*% preferred
1st
27
93
t c. 1
v
Jan
Jan
„
Jan
Aug
Apr
Sept
3,500
20
com
Feb
1,150
IX
38 %
Works
103
106?*
4?*
98?*
& Acid
Jan
1
23?*
June
S16
S16
Steel Co of Canada ord..*
Stein (A) & Co common..*
*
*
5
Singer Mfg Co
14
Mar
Apr
Phop
Starrett (The) Corp
Red Bank Oil Co
Sllex Co
11
1?*
12?*
4?*
7?*
69?*
3?*
5
Feb
Common
cum
400
5
10?*
1
Aug
*
5%
Standard Tube cl B
Standard Wholesale
100
Denn
2
27
25
5
93
100
100
$7 pt pf_.
Seton Leather
8,600
51fi
*
Shattuck
11
June
120
Class A
Scovill
36
MOO
2?*
2
2
UX
July
Class 3
conv
June
"32"
"27"
101?*
1
Raymond Concrete Pile—
52
2
8%
*
June
Ry. & Light Secur com...*
Rainbow Luminous Prod—
St.
1%
Sept
Sept
Sept
Sept
Sept
Standard Products Co
112
6% preferred
Quebec Power Co
conv
Sept
18?*
Jan
100
Pyle National Co com
Pyrene Manufacturing.. 10
Quaker Oats com...
*
52.50
25
Jan
May
16 preferred
conv
250
19
109
77
preferred
J1.20
28?*
18?*
103
Puget Sound P & L—
conv
25
18?*
1?*
75
6% prior lien pref
7 % prior lien pref
$3
Sept
Sept
Mar
Jan
25
*
New common
Aug
14?*
June
Jan
66
42
100
"27"
Aug
Apr
Sept
300
3,100
Feb
Mar
Aug
8?*
15?*
1
Preferred
26
""600
Jan
8?*
Mar
Feb
Apr
22?*
98
Pub Service of Okla—
Raytheon
Standard Pow & Lt
Common class B
42
200
2
Jan
Mar
28
7?*
5?*
11?*
Jan
22
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
June
1,900
1,400
1,300
"l7X "l9"
Standard Invest $5?* pref*
Standard Oil (Ky)
10
Jan
Aug
2
15?*
4?*
35?*
conv
July
4%
""566
41?*
29?*
Jan
163
154%
%
Aug
July
83
20
"~7X "7%
2
preferred..20
Jan
6
Sept
$1.60
26
2?*
10?*
5?*
July
% June
% May
7% Sept
2
Sept
% Sept
17?* Sept
21?* July
Standard Brewing Co
*
Standard Cap & Seal com. 1
Conv preferred
10
Standard Dredging Corp—
41
Aug
10X
8%
7%
Feb
Feb
8?*
47?*
X
*
com
8?*
26
2
Jan
Sept
100
5
44
Stahl-Meyer Inc
60
Common
Pub Util Secur
8X
44
98
200
98
98
Pub Serv of Nor 111 com..*
$5
5
South Penn Oil.
25
So West Pa Pipe Line..50
Spanish & Gen Corp—
Am dep rets ord reg__£l
Feb
July
33?* Sept
26?* June
24?* June
200
161?*
6
8
Public Service of Indiana—
6% preferred
7% preferred
160
Feb
6?*
4?*
12?*
33?*
3
300
Southern Union Gas
Southland Royalty Co
106
*
100
100
preferred
South New Engl Tel.-.100
Southern Pipe Line
10
7X
Sept
25X
80
High
July
Apr
Sept
3?*
Am dep rets ord bearer £1
Spencer Shoe Corp
Sept
IX
65
Apr
1,100
10?*
*
Prudential Investors
300
2%
29?*
1
{Propper McCallum Hos'y*
Prosperity Co class B
*
$7 prior pref
16 preferred
25X
IX
100
19
26?*
2
2
16X
Producers Corp
6%
preferred
Sept
IX May
3,600
16?*
Power Corp of Can com..*
Pratt & Lambert Col
*
$6 preferred
7%
10
"""406
1?*
5
Pub Ser of Col 7% 1st p!
9%
Jan
27?* Feb
116?* Mar
16?* June
147?*
Feb
2?*- Jan
..1
25
Southern Colo Pow cl A.25
Feb
Feb
1H
6
11
10
10
Pneumatic Scale Corp.. 10
Polaris Mining Co
25c
Potrero Sugar com
Powdrell & Alexander
Sept
6X
7
10
69
6X
1%
5?*
900
11%
10%
1
Forglngs
& Lake Erie.50
Low
Shares
8X
40
Sept
23* June
3?* Sept
High
3X
Sept
12?*
Low
1
So88 Mfg com
South Coast Corp com
Southern Calif Edison—
Mar
33?*
3%
6%
Price
......1
Feb
Pitney-Bowes Postage
Meter
Week
2,700
1,100
July
Sept
4?*
31
for
of Prices
Par
Phoenix Securities—
Common
Week's Range
Sale
Jan
20
7
mmm"*
-----
Last
High
Low
111
Philadelphia Co com
*
Phlla Elec Co $5 pref
*
Phlla El Power 8% pref.25
Phillips Packing Co.
*
Range Since Jan. 1, 1937
STOCKS
(Continued,)
Range Since Jan. 1, 193
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
2045
New York Curb Exchange—Continued—Page 4
145
4?* June
X Sept
18?I
1,000
New York Curb
2046
Friday
STOCKS
Last
(Concluded)
United Verde Exten
2
33*
25*
3H
5
*
23*
preferred
23*
33*
1
1
1
38
19
143*
35*
4
5
38
5
5
15*
15*
Vogt Manufacturing
"93*
*
Waco Aircraft Co
1115*
1956
112
1123*
1113* 112
111
111
Sept
Sept
1957
7,000
Jan
1st M 4s series F
1981
33*8 series H
1113*
1065*
1965
1113* 1113*
19,000
1063* 107
106,000
1045* 105
31,000
2%
53*
15*
4
33*
133*
*
7 3*
1
1
Walker Mining Co
1
1H
Wayne Knit Mills
5
73*
13*
15*
2
8Vs
Weisbaum Bros-Brower_.l
Wellington Oil Co
1
Wentworth Mfg
1.25
m
73*
6%
38
8%
10
334
4
4 H
63*
Jan
Consol Gas El Lt & Power-
Mar
(Balt) 33*8 ser N--1971
Consol Gas (Bait City)—
Jan
Feb
Apr
100
700
13*
""606
93*
33*
Feb
Jan
5h__T
Feb
10
Jan
13 3*
Sept
23
Aug
Delaware El Pow 53*s 1959
July
98
Aug
Denver Gas & Elec 5s. 1949
Det City Gas 6s ser A. 1947
100
23* June
73* Sept
200
1
43*
113*
23*
June
Jan
Jan
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
Apr
Mar
♦Certificates of deposit
Eastern Gas & Fuel 4s. 1956
Edison El 111 (Bost) 33*8 '65
Mar
63*
93*
103*
133*
73*
133*
1023*
213*
Mar
63*
33*
43*
Sept
Mar
253*
11
Sept
98
24
24
Feb
""266
12
Jan
117
Mar
300
24
Sept
z32
Feb
July
Aug
9
June
62
Apr
Mar
83*
60
Weet|Texas Util 56 pref—*
West Va Coal & Coke
*
77 3*
78
33*
40
33*
2,300
Williams (R C) & Co
*
Williams Oll-O-Mat Ht—*
"53* "53*
~5X
5
763*
33*
Sept
953*
53*
11
33*
1
Sept
14
July
*
1
"13*
*
3ie
500
13*
12
Winnipeg Electric cl B.._*
100
17
Sept
Sept
Sept
Sept
100
12
123*
Sept
13*
93*
6
Wise Pr & Lt 7% pref. 100
70
Wolverine Portl Cement. 10
Wolverine Tube com
2
70
10
10
95
Jan
83*
183*
123*
Feb
33*
8
33*
1,000
33*
8
33*
83*
16
70
Jan
9
3,200
8
Sept
Sept
Sept
7H
Sept
73*
16
8
163*
1,400
16
1,200
Sept
6
.....
"T
"63*
'V, 300
Apr
53* June
55
"21"
5
2
203*
13*
263*
23*
Sept
3",500
203*
7,400
13*
Sept
Sept
Jan
Feb
Jan
233*
Jan
63* Apr
83*
Jan
803* Mar
303* Sept
43* Mar
General Bronze 6s.
1st & ref 5s.
1946
1st & ref 5s
.1951
1st & ref 5s.._.
1st & ref 5s
963*
......
1968
......
Amer G & El debt 5s__2028
Am Pow & Lt deb 6s__2016
43*8—1947
Amer
Seating 6s stp—1946
Appalachian El Pr 5s. 1956
Appalachian Power 5s. 1941
Debenture 6s
2024
Ark-Louisiana Gas 4s 1951
Arkansas Pr & Lt 5s..1956
Associated Elec 43*8—1953
Associated Gas & El Co—
Conv deb 53* s
1938
Conv deb 43*s C...1948
Conv deb
1015*
1956
1st & ref 43*8
1967
Aluminium Ltd debt 5s 1948
Amer Radiator
11033* 105
795*
.....
1063*
102
1015* 1023* $28,000
963*
97
14,000
943*
95
4,000
865*
88
3,000
795*
813*
35,000
1065* 1065*
1,000
1063* 107
70,000
843* 87
86,000
♦General Rayon 6s A. 1948
{♦Gen Vending Corp 6s_'37
♦Certificates of deposit.
Gen Wat Wks & El 5s. 1943
Georgia Power ref 5s—1967
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stpd..1950
1083*
Jan
105
Jan
1053*
993*
Jan
June
102
Apr
105
105
2,000
.....
104
104
7,000
103
1043*
1065*
1043*
1065*
11135*
1013*
1013*
......
96
413*
95
105
1065*
116
1023*
96
19,000
1,000
1043*
Mar
Sept
Jan
June
Jan
106
26,606
Mar
109
Mar
46,000
983* Apr
933* June
413*
413*
463*
65,000
69
703*
6,000
68
Apr
41
Sept
Sept
Sept
1949
......
Conv deb 5s
1950
Debenture 5s
1968
41
Registered
Conv deb 53*s
1977
Assoc T & T deb 53*8 A'55
Atlanta Gas Lt 43*s_1955
41
433*
3,000
363*
423*
425*
39,000
46
40,000
423*
41
44
35,000
41
44
43*s
44
3,000
44
Sept
Sept
Sept
149
363*
52
53
May
77
783*
17",000
77
Sept
993*
77
993*
1,000
98
Apr
{Baldwin Locom Works—
♦6 without warrants 1938
♦6 stamped x w.,1938
915*
913* 113
89
89
122
Telep of Canada—
1st M 5s series A
1st M 5s series B
1955
5s series C
1960
913*
89
Sept
Sept
1123* 113
5,000
110
Mar
Sept
Sept
1,000
101
Mar
34,000
106
Sept
93
June
Canada Northern Pr 5s '53
1035* 1035*
1063* 1075*
93
ex-warrants
1954
6s series B
893*
89
903*
Service
6s
3,000
1,000
93
May
98
743*
Apr
Sept
89
Indiana & Mich Elec 5s '55
Jan
,
Jan
883* Jan
1013*
Jan
1043* Aug
1143*
Jan
1053*
Jan
1133* July
Jan
94
Feb
Mar
99
Jan
723*
723*
753*
443*
493*
Sept
Sept
Sept
1033i
1043*
Apr
107
Jan
*Sept
Mar
107
June
Indiana Service 5s
1950
1st lien & ref 5s
1963
3,000
92
59
108
6,000
106
101
1,000
101
59
189
603*
27,000
95
573*
913*
94
94
~~3~66o
62 3*
623*
64
5,000
593*
52 3*
593*
633* 273,000
995* 100
52,000
593*
993*
995*
93
Pipe
102
102
1025*
29,000
100
84
64,000
76
Sept
60
60
1,000
60
Sept
733*
1033* June
1083*
Feb
Mar
1033* 1043*
U05
1053*
685*
For
ootnotes see page 2047
=
......
104
883*
4,000
1013*
Jan
5,000
1033*
4,000
1033*
93
Mar
Aug
Sept
87
Apr
1003*
Jan
Sept
1013*
1043*
1023*
1013*
1013*
Jan
105
94
883*
.
.
_
895*
63,000
933* 953*
1003* 1013*
I0I3*
11,000
61,000
100
100
1013*
9,000
1005*
1005* 1003*
17,000
188
965*
......
753*
753*
723*
723*
111
73
18
......
111
20
......
-----
......
773*
773*
933*
1003*
99
76
10,000
15,000
98
753*
July
Sept
Sept
Jan
Jan
Feb
Feb
Sept
May
Sept
84
65
1053*
Jan
213*
Mar
31
Aug
733*
18,000
72
11,000
59
Sept
Sept
893*
893*
Feb
983*
993*
1107
108
19,000
973*
Mar
105
Jan
Jan
107
June
25
2,000
....
1063*
80
80 3*
10,000
503*
1,000
483* June
46
46
3,000
46
1005* 1005*
11055*
88
88
1,000
......
92
12,000
26
1,000
133
26
.....
193
95
995*
99
100
......
3,000
1023* 102 3*
.....
1
4,000
30 3*
69
167
1003*
Sept
Sept
Sept
102
Apr
88
23
Sept
203*
Mar
Jan
97
Mar
99
Sept
98
Mar
31
943*
Jan
62
Jan
753*
1093*
Jan
106
Jan
273* Aug
1043* Feb
1053* Sept
1033* June
333* Apr
883* Feb
863* Feb
1103* July
74
10,000
106
Sept
7,000
106
Jan
108
Aug
78,000
98
1063*
Feb
Jan
Jan
4,000
73
-
100
-
.
69
96
975*
32,000
Sept
953* June
903*
89
93
48,000
89
Sept
1063*
1043*
90
Apr
995*
90
925*
11073*
83 3*
83 3*
85
11063* 1063*
-----
till
59
59
.....
1053*
583*
......
17,000
......
....
62
15,000
58
62
8,000
593*
613*
6,000
1053* 1055*
49,000
1,000
Debenture 6s
1952
Interstate Public Service—
D
160
1107
1073*
47
31
303*
503*
343*
Mar
1075*
June
Feb
111
June
583*
Sept
Sept
593* June
1033* Mar
58
105
5s series B
Mar
109
May
76,000
47
Sept
30,000
27
June
763*
18,000
73
705*
33,000
21,000
67
Sept
Sept
92
June
92
July
Isotta Fraschini 7s... 1942
Italian Superpower 6s. 1963
.....
.....
523*
97
983*
1053* 1053*
102 3* 104
167
70
73
73
523*
565*
23,000
1,000
16,000
....
1043*
993*
66
Apr
Mar
Jan
763*
695*
Jan
96
Jan
Jan
883* Jan
1045* Feb
1043* Feb
1063* May
1053*
Jan
795* Feb
1,000
72
Jan
80
Feb
57,000
50
June
71
Feb
46
Mar
565*
Jan
5,000
103
Mar
1055*
1055*
973*
1213*
1043*
Apr
Jacksonville Gas 5s... 1942
Stamped
Jersey Central Pow & Lt—
149
1947
43*8 series C
Jan
84
Jan
50
1045* 1045*
Kentucky Utilities Co—
1961
33*s_ 1966
Feb
1st mtge 58 ser H...1961
Jan
63*s series D
53*8 series F
1948
5s series
1045*
.....
.....
1005*
1969
Apr
Jan
Feb
Feb
993* 100
97
Apr
81
73
1023*
Jan
833*
67
.....
Jan
Jan
May
993*
.1961
Jan
793*
July
66
June
78
823*
1065*
77
67
Iowa Pow & Lt 43*8..1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
101
Sept
....
Jan
Jan
1053*
73
104
Jan
Jan
1093*
65
47
99
107J*
1956
Sept
Jan
Jan
1063* Aug
833* Sept
1958
F
Iowa-Neb L & P 5s_..1957
Sept
Sept
Sept
Sept
Sept
83
Jan
1023* Feb
373* Sept
96
1873*
Jan
July
Sept
Sept
.—...
713*
106
1063*
1075* 1075*
99
80
2,000
Kansas Gas & Elec 68.2022
Kansas Power 5s
1947
103
Jan
Jan
88
60 3*
743*
Jan
1043*
97
Mar
59
693*
110
June
Jan
773*
17,000
74
Apr
Apr
Jan
993*
77
89,000
693*
Mar
Jan
Jan
1043*
253*
91
1957
Jan
82
Jan
26
68
1952
International Salt 5s._ 1951
Interstate Power 5s._.1957
100
1013*
1053*
Jan
Jan
Jan
6,000
1955
5s series
Jan
Apr
503*
1063*
1075*
993*
96
723*
80
.....
1053*
1053* June
Aug
80
25
72 3*
603*
.....
Jan
Sept
Mar
16
703*
89
.....
.....
Feb
103
213*
67
89
Apr
Mar
983*
90
91
193
......
Jan
Sept
1045*
104
193
105
933i
Jan
683*
1023* 1023*
....
July
923* June
10,000
70
I
100
1955
Lake Sup Dist Pow 33*8 '66
Lehigh Pow Secur 6s..2026
♦Leonard TIetz
.....
1045* 105
955*
Apr
935
June
1,000
113
June
21,000
100
Mar
83
835*
993* 101
9,000
17,000
29
813*
-----
102«
2,000
92
1023*
15,000
955*
1153* 1153*
1005* 1015*
83
953*
953*
1015* 103
73*8—1946
125
100
100
2,000
10,000
12,000
44,000
29
Lexington Utilities 58.1952
^
8,000
2,000
7s series E...
7s series F
Kansas Elec Pow
108
101
963*
76
1043*
1035*
933*
Aug
96
76
63*s series C
43*8 series
Jan
Feb
96
1957
5s series B
.....
1943
Mar
43
1955
Gas
Feb
227
1153*
Jan
Jan
•
225
19,000
955*
101
Jan
Jan
Mar
Mar
115
1063*
25,000
955*
20,000
963*
105
485*
2,000
1075*
109
Sept
443*
503*
15,000
85,000
Sept
443*
503*
1053* 1053*
106
82
1
793* June
1003* Mar
783*
Apr
1023* May
Sept
48
1063*
795*
81,000
32,000
Jan
133*
123*
45*
43*
953*
78
43
25,000
Sept
Sept
94
43
523*
106 3* 107
June
June
13*
2
813*
835*
1043* 105
106
6
6
1,000
3,000
90
Jan
18,000
94,000
7
1,000
Jan
Jan
Jan
98
8,000
12,000
73*
23*
2
Feb
Mar
Jan
July
1053*
Jan
1093* Mar
1073*
Apr
1063* May
12,000
1043*
1043*
1033*
1043*
763*
1053*
103
2,000
Jan
10,000
105
743*
23,000
1055*
80
Aug
943*
Mar
98
•
1013* June
106
823*
Mar
74 3*
66
ftA
78
Mar
943*
Jan
90
945£
-----
97
6,000
943*
98
100
July
1947
19,000
"
983*
1043*
1013*
1953
77,000
1966
Cities Service Gas 53*s '42
Feb
Mar
Feb
1951
42,000
1950
Service 5s
Conv deb 5s
Line
1113*
933*
Sept
6s series A
953*
965*
993* 1013*
943*
955*
Cincinnati St Ry 53*s A '52
Cities
2,000
Sept
77
5s series C
1003* 1013*
1961
6s series B
67,000
683*
102
63*s series B
96
993*
Chic Jet Ry & Union Stock
Yards 5s
1940
Cities
945*
Jan
Jan
101
Chicago & Illinois Midland
Ry 43*s A
1956
HChlc Pneu Tool 53*8 .1942
{♦Chic Rys 5s ctfs
1927
93
1123* 1125*
Cedar Rapids M & P 5s '53
Central 111 Public Service—
1253*
Jan
Indiana Gen Serv 5s._ 1948
Indiana Hydro Elec 5s 1958
99
Apr
Feb
69
913*
1053*
Ind'polls P L 5s ser A. 1957
International Power Sec—
130
Jan
118
33,000
795*
Indiana Electric Corp—
Jan
June
......
1043*
1093*
18,000
983*
6
813*
1957
145
1363*
765*
53*s
53*s—.May
Apr
135
67
Cent States P & L 53*s '53
Chic Dist Elec Gen 43*s'70
1956
♦Indianapolis Gas 5s A 1952
85
Cent Pow & Lt 1st 5s. 1956
Cent States Elec 5s... 1948
C
Jan
17,000
1981
Jan
ser
Jan
22,000
43* s series H
1st & ref 5s
S f deb
124
89
Cent Ohio Lt & Pr 5s.. 1950
Cent Power 5s ser D..1957
Jan
Jan
125
88
1968
653*
653*
603*
Mar
683*
F.1967
Jan
Mar
883*
ser
1949
113
85
43*s
6s series B
Idaho Power 5s
1947
111 Northern Util 5s...
1957
111 Pow & Lt 1st 6s ser A '53
1st & ref 53*s ser B. 1954
61
2,606
703*
63*
105
Hygrade Food 6s A...1949
1143*
67
1st & ref
63*s with warrants. 1943
♦Hungarian Ital Bk 73*s'63
2,000
883*
5s series G
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s.. 1943
Apr
July
21,000
119
23*
♦Hamburg Elec 7s.— 1935
♦Hamburg El Underground
& St Ry
53* s
1938
2,000
85
1956
833* May
623*
Jan
1947
117
67
68 series E
May
-.1977
121
Broad River Pow 5s_. 1954
.
107
1103* June
1193*
Jan
1023*
Jan
1043*
Jan
673*
Jan
5s series A
Hall Print 6s
stpd
983*
105
102
1083*
66",606
......
Guardian Investors 5s_ 1948
Hackensack Water 5s. 1938
121
Birmingham Elec43*s 1968
Birmingham Gas 5s
1959
.
Jan
Grocery Store Prod 6s. 1945
Guantanamo & West 6s '58
117
......
2,000
34,000
♦Canadian Pac Ry 6s_1942
Carolina Pr & Lt 5s_
1956
95
1073* June
1083* June
1063*
Jan
1063* Aug
1083* Mar
43*s...l941
5s
113
1957
Bethlehem Steel 6s...1998
99,000
267,000
Jan
Feb
7
& Lt 5s.. 1978
♦Gesfurel 6s
1953
Glen Aid en Coal 4s... 1965
Gobel (Adolf)
91
......
843*
1043*
983* May
923* June
83
May
763* May
1053*
843*
1033*
363*
423*
Bell
Jan
Jan
Jan
73*
1940
Apr
BONDS'
Abbott's Dairy 6s
1942
Alabama Power Co—
1956
General Pub Serv 5s. .1953
Gen Pub Util
63*s A. 1956
Georgia Pow
101
130
1233*
& Gas—
Deb gold 6s_ June 15 1941
Deb 6s series B
1941
July
May
1073* Aug
1063*
Jan
1043* June
903*
Jan
Aug
......
5s ex-warr
stamped. 1944
Gatineau Power 1st 5s
112
128
1023* 103
1083* 1083*
1065* 1065*
Ercole Marelli Elec Mfg—
63* s series A
1953
Erie Lighting 5s
1967
Gary Electric
Apr
Mar
Mar
Mar
Sept
103
First Bohemian Glass 7s '57
Florida Power & Lt 5s_1954
Feb
Jan
Sept
t
Jan
163* May
1,200
1,000
Apr
Sept
Jan
Apr
93
973*
1023*
1083*
1065*
Jan
May
24
53*
93* July
1133*
1133*
1123*
1103*
1103*
1073*
1073*
1023*
1003*
1023*
Jan
66
973*
1023*
104 5-*
Sept
Aug
50,000
23,000
77
82 3* 151,000
102 3* 1025*
2,000
Banks 6s-5s stpd—.1961
Firestone Cot Mills 5s. 1948
Firestone Tire & Rub 5s '42
53*
3*
13*
173*
Empire Dist El 5s
1952
Empire Oil & Ref 53*8.1942
Jan
693*
36,000
683*
77
685*
5
3*
13*
173*
Elec Power & Light 5s .2030
Elmira Wat Lt & RR 5s '56
El Paso Elec 5s A
1950
80
95
68 3*
Federal Water Serv 53* s '54
Finland Residential Mtge
Mar
June
"166
12
{Wil-low Cafeterias Inc..l
Jan
Sept
71
101
1950
Feb
7
600
5s 1st series B
7,000
103
r
*107
119
1944
Aug
Apr
Sept
600
400
Sept
Sept
Sept
101
Detroit Internat Bridge—
♦63*8
Aug 1 1952
Jan
5
13*
Cuban Tobacco 5s
57
93
1940
183*
793*
1124
Cuban Telephone 73*s 1941
Sept
Sept
Sept
693*
1954
Crucible Steel 5s
High
66
463* June
111
103
69 3*
94
6s ser A stamped
1943
Cont'l Gas & El 5s... 1958
93*
33*
600
103
1939
Gen mtge 43*s
Consol Gas Util Co—
Jan
101
11
Westmoreland Coal Co
*
WesttN J & Seashore RR 50
*
Feb
......
Conn Light & Pow 7s A '51
Feb
2,300
1954
Com'wealth Subsid 53*s '48
33
5
57
Community Pr & Lt 5s '57
Community P S 5s...I960
Sept
Sept
Sept
183*
3,500
1,900
9
Western Maryland Ry—
7% 1st preferred
100
Western Tab & Stat
*
common
Sept
Sept
Comnipnwealth
Jan
73
1,700
33*
43*
Western Air Express
1
West Cartridge 6% pf.100
Western Grocery Co
20
6% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..5
June
33*
700
163*
73*
*
Woodley Petroleum
l
Woolworth (F W) Ltd—
Amer dep rets
5c
63*
13*
33*
283*
103*
Sept
12
600
1,000
350
Wahl (The) Co common.*
Waltt & Bond class A
Class B
Wlllson Products
2
st6 Sept
1
Sept
Apr
56
53*s'37
Edison—
Jan
893*
56
& Prlvat
Jan
6
Sept
23*
200
"U3*
33*
133*
*
Conv preferred
Wilson-Jones Co
Feb
Sept
23*
59
..ICO
Weyenberg Shoe Mfg
803*
43*
Sept
♦Commerz
953*
*
Wagner Baking vtc
Yukon Gold Co
Feb
1st M 5s series B
1st 43*s series C
1st 43*8 series D
6,000
353*
z23*
833* June
Venezuelan Petroleum
1
Va Pub Serv 7% pref..100
New
1953
Sept
3,700
300
13*
165*
43*
453*
143*
Van Norman Mach Tool.5
Venezuela Mex Oil Co.. 10
1
1st M 5s series A
Jan
900
716
183*
7% preferred
100
Valspar Corp vtc com__l
7% preferred
Jan
1*9
23*
543*
150
23*
35,000
Sept
700
23*
33*
603*
603*
Apr
200
3
64
57
July
83*
223*
June
common. _1
pref
3
2%
67,000
20
75
63
Low
595*
155
Cities Serv P & L 53*8.1952
53*s_
1949
Shares
18
15
500
2%
25*
64
7
Class B
2H
56
Range Since Jan. 1, 1937
High
Aug
Sept
23*
""166
23*
543*
"~2%
Utility Equities Corp
*
Priority stock
•
*
Utility & Ind Corp com—6
"26"
Low
Sept
23*
11
43*
"26"
Price
Jan
200
*20"
Week
Feb
1
*
for
of Prices
43*
1,500
15 3*
15
12
Week's Range
Sale
6
7,400
200
15
8
com
Utah-Idaho Sugar
conv
25*
Sales
Last
High
Sept
Sept
33*
3,100
3
Utah Pow & Lt 57 pref—*
Vot tr
33*
33*
12
Utah Radio Products
{Util Pow & Lt
33*
BONDS
(Continued)
Low
Sept. 25, 1937
5
Friday
Range Since Jan. 1, 1937
for
Week
Shares
1
Universal Products
Conv
Low
10
Insurance
Universal Pictures
of Prices
High
Price
60c
United Wall Paper
Universal Consol Oil
Universal Corp vtc
Universal
Week's Range
Sale
Par
Exchange—Continued—Page
Sales
1,000
803* June
943* June
88
July
793*
93
995*
1075*
1033*
Jan
Mar
Jan
Jan
Jan
Jan
Jan
July
993*
Jan
Mar
1015*
1113*
263*
Jan
1003* Iday
183* Mar
100
105
June
Jan
July
Jan
Volume
New York Curb
145
Friday
BONDS
Last
Week's Range
of Prices
Low
High
Week
Price
Libby McN & Libby 5s '42
Long Island Ltg. 6S---1945
Louisiana Pow & Lt 5s 1957
10534 10534
10534
♦Manitoba Power
534 s 1951
*92
Mansfield Min & Smelt—
$15
30
10034 10034
Marion Res Pow 434s-1952
§*McCallum Hos'y 634 s '41
87
.........
July
2234 May
9834 July
10534
107
Feb
Apr
May
9034
Memphis P & L 5s A-.1948
Mengel Co conv 434s_1947
Metropolitan Ed 4s E.1971
Middle States Pet 634 s '45
Midland Valley 5s
1943
Milw Gas Light 434s~1967
Minn P & L 434S----1978
8834
98
98
1st & ref mtge 4s
9054
89
101
Aug
6,000
1,000
9334 May
9834 Sept
10334
Jan
104
Jan
1,000
84
10434
Jan
104
Jan
So'west Pub Serv 08—1945
118
Apr
§*Stand Gas & Elec 6s 1935
Jan
♦Certificates of deposit
♦Convertible 6s
1935
60
♦Certificates of deposit
1951
Debenture 6s.Dec 11966
60
9934
10034
10934
8434
Jan
Jan
Apr
Sept
10034
1434
Feb
Jan
......
84
84
108
108
108
63
63
9634
9634
13,000
84
May
107
Feb
63
Sept
92
June
Jan
Mar
Feb
Jan
Feb
July
107
Jan
8634
26,000
8334
June
76
May
10734
9734
Feb
Jan
44
97
May
51
Jan
June
110
May
July
12034
Jan
Terni Hydro-El 634s. .1953
Texas Elec Service 5s_1960
18,000
97
Sept
110
Jan
Texas Power & Lt 5s__1956
43,000
9,000
57,000
4,000
7834 Sept
9934
12134
8434
Jan
Jan
8234
55
6334
6034
113
Apr
55
Sept
6034
Sept
5634
Sept
Sept
8434
Jan
Twin
8734
Sept
Jan
8934
90
9534
Jan
United El Serv 7s
76
20,000
6,000
8534 June
75
72
92
Jan
♦United Industrial 634s.'41
♦1st s f 6s
..—1945
July
9934 May
10234
10634 10734
107
99
99
100
10234 10234
*11134
67
1,000
21,000
28,000
103
4,000
......
Mar
105
Apr
96
June
100
Apr
11034
Apr
67
1,000
65
Sept
9034
90 34
9 1 34
25,000
9034
Sept
42
42
45
12,000
42
Sept
10734
10734 10734
5,000
100
1969
100
10134
14,000
18,000
32,000
100
100
1970
N'western Elec 6s stmpd'45
9534
10334
N'western Pub Serv 5s 1957
.1945
10034
97 34
10334 10434
9534
93
93
10654
10434
Feb
10934
Jan
10734 Aug
10434
Jan
10434 May
11234 July
8634 Feb
10034
6934
Jan
Jan
Jan
108
May
93
10734
19j000
2,000
4,000
100
99
Mar
107
Jan
Sept
9434 May
10234 Feb
93
Sept
106
Sept
ex-w
634s
534s
88
102
Jan
5734
6134
5734
Sept
96
Mar
21
26
31,000
21
Sept
4434
44
4434
8,000
37
Apr
*5734
21
10634
6734
Un Lt &
United Lt & Rys (Me)—
6s series A
1952
6234
4334
11334
1941
85
4,000
10434
116 34 11654
92
9634
92
*11234 114
6534
6534
6834
-
-
Corp 6s
434s
1944
-
Utica Gas & Elec 5s D 1956
104
73
10734
Va Pub Serv
45,000
-
1954
1934
1934
21
1958
10534
♦5s income deb
Wash Gas Light 5s.
„
Wash Ry & Elec 4s...
1951
Wash Water Power 5s 1960
West Penn Elec 5s. -.2030
West Penn Traction 5s '60
'44
'55
s__1941
Jan
Jan
9334
Wise Pow & Lt 4s
Yadkin River Power 5s '41
1966
19,000
96
June
10534
10534
88
June
103
Jan
106
Mar
Jan
Feb
Aug
113
Feb
85
Sept
10434
Jan
109
Apr
10634
Jan
6234 Sept
9334
4,066
5,000
105
105
1,000
10034 May
10734 Mar
2,000
105
fl0734 10834
10634 10634
103
Aug
May
Mar
York Rys Co 5s—
9134
111
$78
70
11134
33,000
10834
72
12
82
83
13,000
10734
10734 10734
15,000
16,000
10634
10634 10734
38,000
104
10634
106 34
106 34
103
103
103 34
1934
6434
10534
Jan
109
Apr
10634
11134
Jan
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
♦20-year 7s.
1947
Jan
♦Baden 7s
108
June
Jan
63 34
20
65
2,000
7,000
7,000
July
♦734s stamped
Jan
♦Cauca Valley 7s
Mar
Sept
Feb
112
Mar
9934
♦Prov Banks 6s B
Jan
77
Feb
Jan
108
Jan
Danish
Apr
107
Jan
5s
25
Aug
Apr
Sept
1955
534s..
i
1953
85
Jan
Jan
108
July
Apr
109
Jan
♦Secured 6s
81
External
634s
-.1947
4,000
63
July
Mar
♦Hanover (City)
1,000
98
Sept
104
Feb
♦Hanover (Prov)
5,000
9734
July
102
Feb
♦Lima (City) Peru
18
Mar
25
July
147
Jan
Mendoza 4s stamped--1951
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦Issue of Oct 1927
$21
2434
Public Service of N J—
7s—1939
634s. 1949
634s.'58
1958
♦Maranhao 7s
♦Medellin 7s series E.1951
132
110
*685-4
13334
11034
73
103
103
103
103
103
10234
10234 10334
104
104
10434
15,000
14,000
129
Mar
10834
10334
11234
10534
Aug
Mar
7,000
101
Mar
105
July
3,000
34,000
53.000
101
Mar
10434 June
10334 June
10534 May
...
Apr
102
Apr
Mar
10134 10134
15,000
99
Mar
7134
68
76
65
72
89,000
29,000
68
6734
6434
59
6834
68,000
59
Sept
Sept
Sept
9834
2234
July
Mar
100
100
1,000
25
25
1,000
65
11734
7934
Jan
Feb
27
July
28
Aug
8934
9434
107
Jan
Jan
Jan
9634
60
Sept
8,000
1,000
5,000
84
Sept
103
94
June
102
Jan
10434
Jan
10534 Mar
10234 Feb
106
Feb
2,000
2,000
92
June
8534
80
Sept
June
Jan
Jan
115
8934
Jan
Jan
107
Jan
104
Sept
10434
10234
Jan
101
Jan
Jan
43,000
23,000
1,000
10634 10634
8934
8834
Sept
July
Apr
7,000
14,000
June
June
July
64^665
15,000
10,000
4,000
7,000
40,000
Sept
4934 May
10334
Mar
10534 Feb
10534 Feb
9234 Apr
10334 June
8134 May
3234
108
107
10634
10534
11434
9934
7934
10534
108
107
10234
10734
10034
2334
$19 34
2334
2434
22
*8834
*9134
96
96
2334
*2334
*934
*2034
*20
100
29
2734
10034
1934
20
19
20
2034
2034
20
20
17
17
2834
2834
1134
95
1734
2834
1134
9534
2334
1534
13
13
634S--1959
♦Russian Govt 634s—1919
♦634s certificates—1919
♦534s
1921
♦534s certificates--.1921
21
9934 100
2034 2054
21
22 J4
107
2834
^
Jan
Jan
Jan
79
Aug
Aug
10534
36,000
107
Jan
132
Jan
2334
Mtge Bk of Denmark 5s '72
7s—1958
♦Santiago 7s.
54
7734
80
14
*14"
9434
Sept
95
21
Apr
29
Mar
Aug
June
Feb
Sept
2734
10234
10134
July
20
9,000
14
14
14
2,000
17,000
3,000
5,000
12,000
3,000
3,000
29,000
1,000
15,000
25,000
2,000
54
1949
1961
♦7s
1634
1
54
Mar
1934
1034
*
*95*
Feb
Feb
25
8434
934
10034
*100
20
30
2934
Apr
Sept
18
54
3,000
3,000
14,000
31,000
63,000
1,000
Mar
99
97
Apr
Apr
50
100
1934
2234 Junel
22
8334 May
2334
♦Parana (State)
19,000
....
Apr
77
Feb
17
Jan
17
Jan
2534
2534
Aug
Aug
Aug
Jan
Feb
Mar
17
26
Apr
Sept
2534 Aug
2934 Mar
u
1734
17
2434
Jan
1134
July
33
Sept
9034 June
22
Apr
2134 Feb
1534
Jan
1134 July
9534 Apr
2034 Sept
Sept
21
Sept
1
34
1
Sept
Sept
23,000
34
Sept
16,000
1,000
3,000
6234
14
Jan
Sept
14
Sept
10834 May
*m34
32
----
32
2934
2934
10234 10234
10634 10634
10334 10334
103
103
103
62 34
96
9234
Jan
Jan
37,000
4,000
105
103
10534
9834
*....
2634
10834 10834
10
1034
_
_
2534
1834
*12634 128
10334
Jan
June
17,000
4,000
2334
2334
1534
♦Mtge Bk of ChUe 68.1931
6s stamped
1931
♦Rio de Janeiro
—
95
♦Santa Fe 7s stamped-1945
10034
Apr
Pub Serv of Oklahoma—
-
*10636
1952
♦German Con Munic 7s '47
9734
-
9434
Danzig Port & Waterways
98
2934
Mar
6634 Mar
2034 Mar
1934 Mar
6434 Sept
6534 Sept
10134 July
55
June
12,000
10434 104J4
10734 10734
106
10634
1952
♦6 series A
67
San Joaquin L & P 6s B
111
9434
103
17,000
1951
9734
1034
10434
"166
1952
1947
1948
98
Queens Boro Gas & Elec534s series A
195
52
50
Cent Bk of German State &
3034
65
103
50
Buenos Aires (Province)—
98
195
""§7"
1951
65
132
Sept
Jan
100
8834
1234
8,000
2,000
6234
10634
10234
1834
6334
10534
-
101
10434 10534
10634 10634
10534 10534
101
10134
107
*106
87
9034
—1937
♦7s stamped
91
1254
-
43
AND MUNICIPALITIES—
10734
80
106
106
66
FOREIGN GOVERNMENT
9934 June
8934 June
99
91
-1968
Feb
Jan
9834 June
10234 Sept
Jan
1,000
4,000
105
♦Schulte Real Est 6s.-1951
10634 Sept
10634 Mar
7834 May
6434 June
4934
Jan
10634 Aug
10634 Sept
10934 Mar
10734 June
9834
Jan
8534
Jan
Sept
12,000
Jan
92
107
634s
"95
105
94
534s series B-.1959
F-1981
196
Mar
Jan
July
Waldorf-Astoria Hotel—
100
*95
9134
9234
8534
92
Penn Pub Serv 6s C..1947
-
Mar
56
72
*10234
8434
117
19,000
27,000
10734
8434
Penn Ohio Edison—
lst & ref 5s—
*106
8534
3,000
9134
1950
10534 10534
8434
100
+> —
1979
9434
1946
Wise-Minn Lt & Pow 5s '44
6534 Sept
9934 Mar
9034 July
86
1st ref 5s series B—1950
Wheeling Elec Co
Mar
10734 10834
60
6434
6s
Jan
113
......
5,000
18,000
II,000
70
104
10434
7234
74
Jan
Jan
Jan
92
4*665
Jan
10234
115
6,000
23
9434
'10534
~
23
10534
10434
10534
119
4,000
13,000
1,000
11334 11334
*6534 69
534s A..1946
Sept
Apr
61,000
45
84
—1952
5s series E
102
102
.1971
6% perpetual certlficati
Pub Serv of Nor Illinols-
31,000
72
8534
Pacific Gas & Elec Co—
■
"e'ooo
88
10834
43
84
Mar
20,000
84
*103
1961
May
102
10234
Mar
96
103
6234
""23"
60
West Newspaper Un 6s
West United G & E 534s
9 8 34
Okla Power & Water 5s '48
434s series F__
7,000
4,000
67,000
70,000
*10334 104
1973
6s series A
West Texas Util 5s A 1957
9534
9754
95 34
Pacific Coast Power 5s '40
Pittsburgh Coal 6s.—1949
67
9934 101
10334 10434
6634
Jan
1946
9734
Peoples Gas L & Coke—
1981
4s series B
6734
67
9934
10334
23
Jan
19,000
6s series A x-w
"ef.ooo
6534
108
9834
96
5s
"i'ooo
82
81
6434
100
Feb
1938
& P 434s- 1977
10634 10634
*10634 *07
23
Sept
Jan
103
Pacific Ltg & Pow 5s__1942
Pacifio Pow & Ltg 5s..1955
lb'ooo
*10634 107
6534
Sept
10434
2,000
A. 1948
37
10634
"6434
95
3,000
10434 10434
1st 6s series B
106
1974
1959
Rys (Del) 534s *52
84
10534 10534
debs
80
t37
106
1975
10234 June
106
104M
1st & ref
434s series B
88
1956
11134
Jan
10634 Mar
10534 May
10034
Jan
10834
Jan
10734
10534
434 s ser D.1956
Okla Nat Gas 434s---1951
Ohio Power 1st 5s B..1952
ser
Mar
88
Vamma Water Pow 534s'57
1966
-
434s series E
434s series D
434s series E
1st & ref 43^s
4348 series I
Mar
96
Utah Pow & Lt 6s A„2022
5s series D.
Piedm't Hydro El
City Rap Tr 534s '52
Conv 6s 4th stamp. 1950
United Lt & Pow 6s
10734 10734
Northern Indiana P S—
Deb
Mar
9534
Sept
Sept
Sept
10034 May
Ulen Co—
90
10134
10234
Jan
45,000
tioo
No Indiana G & E 68.1952
Penn Electric 4s F
95
Sept
5834
5834
87
United Elec N J 4s—.1949
1956
Nor Cont'l Utll 534 s~ 1948
Penn Cent L
Sept
60
60
11,000
17,000
19,000
20,000
I,000
44,000
62
65
6534
6134
10434
108
75
534s series A
Palmer
6634
87
25,000
26,000
1954
ser
62
60
108
9234
No Amer Lt & Pow—
Pacific Invest 5s
62
60
1962
90
Nippon El Pow 634s~1953
conv
Mar
1979
5634
N Y & Westch'r Ltg 4s 2004
5s
_
Tletz (L) see Leonard
Toledo Edison 5s
90
434s stamped..1950
NYP&L Corp 1st 434s '67
N Y State E & G 434s 1980
Ogden Gas 5s
_
Jan
Jan
8734
Ext
C
Tide Water Power 5s
85
8734
9034
.1942
95
2022
6134
6234
89
N Y Central Elec 534s 1950
New York Penn & Ohio—
series
6s
5634
♦income 6s series A. 1949
Mar
Sept
Tenn Public Service 5s 1970
10634
111
11734 118
1954
95
60
1957
1,000
6034
New Orleans Pub Serv
5s
5s series B
5,000
56
1950
5s
101
11734 118
97
98
79
79
New Eng Pow Assn 5s_ 1948
Sept
13,000
Tennessee Elec Pow 5s 1956
4434
20,000
3,000
74
4434
-1948
Jan
62
65
434s
10734 10734
N E Gas & El Assn 5s. 1947
Debenture
1st
7434
New Amsterdam Gas 5s '48
5s stamped
2d stamped 4s
1946
Super Power of 111 434 s '68
85
11734
Neisner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
6,000
17,000
106
67
60
Stinnes (Hugo) Corp—
2d stamped 4s
1940
—.1970
Syracuse Ltg 534s
1954
11,000
110134 102
2022
534s
♦Starrett Corp Inc 6s_1950
7434
2030
5*Nat Pub Serv 5s ctfs 1978
Nebraska Power 434 s 1981
Debenture
334
Standard Investg 534 s 1939
§Standard Pow & Lt 6sl957
Sept
62
103
"62""
Debenture 6s
85
Nat Pow & Lt 6s A—2026
Jan
84.
Sept
Nassau & Suffolk Ltg 5s *45
Jan
9434
9834
Jan
5
87
69
Jan
94
106
4
May
84
Mar
4
105
9834
10034
7434
9634
Jan
Sept
Jan
94
Sept
8734
11034
84
9334
7734
Mar
Aug
9834
Sept
7534
"2~666
104
108
So'west Pow & Lt 6s__2022
June
10134
6934
108
S'western Lt & Pow 5s 1957
97
101
69
"6934
10734
10234
*10434 10534
Mar
Mar
Apr
9934
9934
S'western Assoc Tel 5s 1961
76
95
10634
103
Jan
17,000
90
27,000
18,000
30,000
17,000
13,000
7,000
1,000
7534
1944
634 s ctfs.1937
Conv deb 5s
106
47,000
65,000
7,000
7,000
Aug
Montana Dakota Power
Conv deb 5s
106
10534 10634
10234 10334
10334
Mar
77
10134
^Missouri Pub Serv 5s '47
;
103
60
101
9434
Miss River Pow 1st 5s. 1951
6s series A
105 M
10334
10334
104
76
*84
High
101
100
10534 106
Low
Feb
90
5,000
28,000
28,000
9,000
76
1955
Deb 5s series B
1960
434s 1968
Sop Indiana Ry 4s
1951
100
Miss Power & Lt 5S-.1957
534s
334s
1945
334s.May 1 1960
334s B.July 1 '60
Ref M
105
10734
9934
9734
10634
10234
106
1955
♦Munson SS
Debenture
Ref M
2734
Week
Sou Calif Edison Ltd—
10634 May
Jan
Range Since Jan. 1 1937
Shares
July
83
July
96
Sept
10134 May
84
Sept
1,606
50
McCord Rad & Mfg 6s '43
Mississippi Pow 5s
95
1,000
for
of Prices
Low
High
Price
Sou Counties Gas
♦78 without warr'ts.1941
5s
Mar
102J4 Sept
10434 Feb
10334 June
106
Week's Range
Sale
High
1033i
85,000
104
104
Last
{Concluded)
Low
Shares
10234 10254
10534
BONDS
1 1937
-
53,000
8,000
10434 10434
1942
Lone Star Gas 5s
2047
Sales
Friday
Range Since Jan.
for
Sale
{Continued)
Exchange—Concluded—Page 6
Sales
104
8934
6534
8934
9434
97
6234
11034 May
------
1,000
9,000
12,000
1,000
26,000
1,000
4,000
7,000
3,000
72,000
Mar
35
Sept
47
Mar
10334
Jan
10734 May
10134 Mar
10154 Mar
10134
Mar
6234 Sept
87
Aug
9034 June
105
10434
10534
Feb
Feb
July
72
Mar
101
Jan
10934
♦
No par value,
a Deferred
the rule sales not Included in
delivery sales not included in year's range,
n
Under
year's range,
r Cash sales not included in year's
x Ex-dividend,
y Ex-interest.
♦ Friday's bid and asked price.
No sales were transacted during current week.
♦
Bonds being traded flat.
§ Reported in receivership.
1 Called for redemption.
range,
e Cash sales transacted during the current week and not included In weekly or
yearly range:
Diamond Shoe, Sept. 24 at 23.
y Under-the-rule sales transacted during the current week and not Included In
weekly or* yearly range:
Jan
No sales.
z
Deferred
in weekly or
delivery sales transacted during the current week and not included
yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit; "cons," consolidated]
"cum," cumulative; '*conv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates: "w 1," when Issued; "w w," with warrants; "x-w.r
without warrants.
/
2048
Financial
Chronicle
Sept. 25, 1937
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, Sept. 24
Unlisted Bonds
Bid
B'way & 38th St Bldg 7s '45
Bryant Park Bldg 6%sl945
94
39
Drake
32
Ask
(The) 6s
1939
11 West 42d St
6%s..l945
m
Income bonds
M
45
500 Fifth Ave 6%s._.1949
Internat Commerce Bldg—
m
38
6%s
Dodge
Bid
Ask
Class A.
*
v t c
6
Pennsylvania Bldg ctfs
2%
12
14
Helvetia Oil Co
39
Louisville, Ky.
Jan
3%
16%
3%
16%
10%
4
517
2
Mar
16%
22
14
May
19
11
10%
Sept
23% May
cum preferred.-.100
35
35
35%
35
Sept
64
2%
32%
35
*
2%
32%
4%
*
Preferred
100
N Y N H & H RR (The) 100
Butte..
2.50
Old Colony RR
...100
Old
Broadway
135
35
2%
25
4%
Sept
Sept
x6
Mar
112% June
142
Mar
5%
450
339
3,590
75
48
2
75
3%
3%
175
90c
19,255
40c
1,515
5%
23%
510
2%
100
22%
2%
525
12%
135
11
52c
52c
300
52c
20%
300
18%
32%
418
30%
5%
.
Shawm ut Assn tr ctfs
6
2%
*
12
13
12
14%
14%
18%
1,149
14%
1%
1%
100
1%
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
(new)
Last
Sale
Stocks—
Arundel Corp
Price
_*
com
1st pref vtc
Black & Decker
18%
vtc.*
Bait Transit Co
Week's Range
1%
com
*
14%
Preferred
1
28
20
112%
10
Finance Co of Amer cl A.. *
Houston Oil pref
100
Mfrs Finance—
1st preferred
Mar Tex Oil..
Aug
37%
"18%
25
3%
152
4
23%
9
Jan
19%
Sept
38
Jan
Series A
64
June
89%
Jan
112
Apr
14%
15%
400
28
30
233
115
Sept
28
Sept
48
136
1
11%
980
18%
30%
Sept
Sept
Sept
8%
8%
210
8%
3
3
Sept
3
3%
3%
350
3
1,070
3
Jan
Merch & Miners Transp..*
20
20
20
160
20
Monon W Penn P S7% pf25
Mt Ver-Wdb Mills pref. 100
24%
24%
24%
165
24%
70
70
12
13
1%
98%
1%
98%
74
74
79
14
15%
242
18
17%
20%
1,978
34
34
com
A 10
2
,
Western National Bank.20
175
4%
37%
37%
37%
50
Sept
41
A 5s flat
"100%
4%
1947
Read Drug & Chem 5%s'45
76
$8,000
75
Sept
89
Feb
88
250
88
Sept
101
Jan
Unlisted
VmY H.Davis & ®<x
Jan
27%
Jan
82
Jan
SECURITIES
Listed and
Members
New York Stock Exchange
New York Curb (Associate)
Mar
Sept
Sept
2
Apr
104
Feb
June
95
Feb
Jan
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St., CHICAGO
Feb
Feb
18%
Sept
17%
33%
Sept
18%
29%
Sept
37
Jan
Sept
41%
Jan
29%
Sept
48
Jan
99%
95%
100%
Aug
Chicago Stock Exchange
Jan
Sept. 18
Sept. 24, both inclusive, compiled from official sales lists
to
Sales
100%
Sept
Aug
96
Sept
Jan
Stocks-
Par
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
42
42
10%
7
"•"5%
Established
New York Stock
New
60
Exchange
5%
450
12%
300
160
Autom Washer
Portland
pref.
conv
Backstay Welt Co
Lewlston
com
46
9%
9%
7,500
150
1,100
48
150
Jan
44
......
5%
350
5%
4
100
3
5
6
100
3%
13
-
Barlow & Seelig Mfg A com 5
13%
100
13
Sept
*
Sept. 18
to
Sept. 24, both inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1 1937
Shares
Low
lst preferred
non-cum
__50
pref
50
Amer Tel & Tel
100
15
2
156%
2%
156% 162%
Bigelow-San f Carp pref 100
Boston & Albany
100
lie"
116
Boston Edison Co
100
127
127
Boston Elevated
100
Boston-Herald-Traveller
-
*
16
2
106
109
14
1,933
39
J
July
2
50
445
July
156%
106
100
Class A 1st pref.
Boston Personal Prop Tr.*
Brown-Durrell Co com
*
Butler Brothers
5%
Jan
Feb
Central Illinois Sec—
15%
8%
9%
16
150
15%
Sept
1,100
10
200
30%
34%
600
7%
8%
30%
Sept
Sept
Sept
38
42
1,600
16%
17
200
10
450
9
Sept
12%
700
12
Sept
9%
13%
9
Sept
3,900
9
12
9
12
Castle (A M) common. .10
Sept
Sept
Sept
......
...10
115
119
185
116
Sept
147
129
1,217
127
Sept
160
55%
56
385
55
Sept
21
21
23
170
21
Sept
23%
19
23%
778
19
Sept
6
6%
90
6
7%
63
7%
43
7
7
10
10
10
12
11%
12%
3
Calumet & Hecla
25
10%
Copper Range
25
Jan
Jan
conv preferred
Common
$1.50
conv
9
11%
24%
1%
1%
*
9
9
53
53
Sept
56%
18%
Mar
Mar
7
Sept
20
Mar
7
Sept
23
Mar
Cent States Pr & Lt pref- *
Chain Belt Co com
*
Sept
29
Mar
Chicago Corp
Sept
18
8%
27%
32%
300
450
300
38
16%
Sept
Sept
11% Sept
24% Sept
29% June
.
14%
14%
43%
8%
East Boston Co
3
65
605
30
10
11%
3
Sept
11%
295
9%
Sept
8%
9%
1,431
8%
Sept
50c
*
9%
*
50c
200
40c June
7%
20%
17%
1%
Jan
Feb
50%
22%
15%
30%
Mar
13
July
Mar
July
1%
650
1%
50
9
Sept
Sept
410
53
Sept
z81%
Feb
2%
6%
110%
Mar
9
3%
19
Jan
Jan
Feb
5,150
2% June
90
90
92
150
86% June
*
40%
4%
40%
4%
41%
260
5%
270
40%
4%
Sept
Sept
20%
52
56
52
Sept
73
Chic & N W Ry—
Common
4%
55%
100
6% preferred
100
38%
100
35
4%
55%
4%
161
4%
55%
35%
June
48%
60
33
Sept
51
10
9
Sept
5
60
352
38%
40%
182
33
36
9
9
Sept
10%
Jan
Cities Service Co
June
81
Jan
Coleman Lp & Stove com.*
Commonwealth Edison—
Aug
com
Eastern Steamship com__*
"5%
5%
5%
305
Economy Grocery Stores.*
Employers Group
*
14%
14%
14%
20
18
19%
36%
10%
12%
255
18
Sept
15%
8%
22%
26%
130
36%
Sept
47
10
June
12%
Sept
14%
20%
Gillette Safety Razor
*
18
*
*
36%
10%
11%
Fur footnotes see page 2052
11%
10
482
14%
Sept
Sept
Jan
Mar
July
Jan
*
25
Compressed Ind Gases cap*
Consolidated Biscuit com. 1
3
"48"
Continental Steel pref.. 100
Mar
Cord Corp cap stock
Jan
Feb
5
Cudahy Packing pref.. 100,
Cunningham Drg Stores 2%
70
75
Jan
Jan
Jan
Jan
Mar
19,200
3%
Sept
39%
41
3,400
39%
20
20
Sept
May
48
20
32
Feb
47
54
1,100
47
Sept
77
Mar
6%
37%
27%
5%
Mar
to
3%
2%
50
2%
""2%
14
14
170
14
Sept
Sept
12
14
13
450
12
Sept
2%
2%
5,600
80
34
34
35
26%
26%
35
28%
39%
11,900
35
3%
500
3%
3%
700
2%
34
Sept
Jan
26%
Sept
35
Sept
3%
6%
37
33%
48%
11
11
"99%
3
11
30
11
Sept
Sept
6
Consum Co of 111 pf pt sh 50
Com part sh v t c A. 50
Mar
2%
Feb
20
39%
.100
Chic Rivet & Mach cap..4
New
_100
General Capital Corp
......
Chicago Yellow Cab Co..*
4%% prior pref
Gilchrist Co
2%
*
*
Mar
56%
*
common
Feb
Feb
43
1
Preferred
Aug
18%
36%
Prior lien pref
Preferred
Chic Elec Mfg A...
*
Chic Flexible Shaft com..5
Feb
Feb
Mar
,
*
Mar
Jan
12
30
d
1
pref
Cent 111 Pub Serv pref
Central S W—
24%
30
69%
30%
East Gas & Fuel Assn—
Jan
Sept
55%
100
Class A 1st pref stpd. 100
Class C 1st pref std_. 100
Class D 1st pref stpd. 100
Preferred B
Jan
13
18
38
5
com
250
350
Common
Prior pref
East Mass St Ry—
1st preferred
(New)
13%
18%
8%
9%
30%
Bliss & Laughlin Inc
cap. 5
Borg Warner Corp—
Jan
Sept
13
18
15%
"*»«»■
6%
187%
Boston & Maine—
Common
30
VV
Brach & Sons (E J) cap
*
Brown Fence & Wire com 1
Bruce Co (E L) com
*
Burd Piston Ring com
1
High
American Pneumatic Serv-
6%
iuvtv/u
Jan
Jan
13
Berghoff Brewing Co
1
Binks Mfg Co capitaL___l
17
Sept
Sept
18
Boston Stock Exchange
Feb
12% Mar
14% May
23%
Feb
26%
Feb
84%
J&n
13%
Feb
12% July
4% Mar
57%
Feb
Sept
5%
Feb
17%
12%
Sept
1%
4
com.
55%
Sept
Sept
Aug
July
Sept
59
8%
9%
1%
Sept
Sept
9%
20
46
Automatic Products
10
150
13%
8%
9%
1%
DEPARTMENT
41%
800
55
Aro Equipment Corp com 1
N. Y. Tel. CAnal 6-1541
High
Jan
20
York Curb Exchange (Asso.)
30 State St., Boston
Low
6%
6%
10%
14%
5%
Bangor
450
55
Private Wire System
Boston Tel. LAF 7010
500
7%
20
Tyson
and
1887
UNLISTED TRADING
5%
9%
43%
10%
9%
13%
Aetna Ball Bearings com. 1
Members
Boston Stock Exchange
Range Since Jan. 1 1937
Week
Abbott Laboratories-
Au?
102%
10%
Townsend, Anthony
Feb
F
Last
1975
Finance of Amer 4%..1942
Jan
46
75
CHICAGO
Jan
25
26% $15,000
30
29%
3,300
2
100% 100%
5,000
95%
95%
101% 101%
1,000
25%
Jan
Jan
Feb
88
Friday
25%
35
Mar
88
Bonds—
Bait Transit Co 4s (flat) '75
2%
7%
19%
12%
Apr
Sept
Sept
Sept
75
Apr
15
50
9
1948
Jan
12%
4%
4%
73
•
4%
298
2
Jan
Aug
12
38
50
10%
5%
Jan
1%
97%
638
1,275
100
4%
9%
4%
2
-
9%
Jan
1948
4%s
Mar
Sept
70
120
14
Seaboard Comm'l
U S Fidelity & Guar
1%
—
98
42% Aug
2% June
Sept
Aug
48%
13%
23%
Sept
3
99
-
37%
1%
1%
Eastern Mass St Ry—
Apr
109%
37%
"l2~"
Sept
Sept
75
Jan
Sept
29
Northern Central Ry
50
Penna Water & Power com*
Sept
28%
Jan
14%
60
215
31
4%
*
_
*
Series D 6s.
11
New Amsterdam Casualty5
North Amer Oil Co com...
2,960
40
Bonds—
526
8%
1
Common class A
Jan
314
195
1%
1%
*
72%
113% 113%
112% 116%
38
37%
11%
11%
18%
20%
37%
1%
856
Apr
3
Rent
1,339
37%
79%
39%
*
23%
19%
1
Fidelity & Deposit
Fidelity & Guar Fire
Jan
1
69
113%
Eastern Sugar Assoc—
Common
18
199
30
Venezuela Mexican Oil..10
Waldorf System Inc
Warren Bros Co
High
890
3%
3%
19%
69
100
Low
20%
1
*
5% preferred
Shares
1%
18%
*
Consol Gas E L & Pow
Venezuela Holding Corp.
Range Since Jan. 1 1937
for
Week
of Prices
High
Low
35
75
1
Warren (SD)Co
Par
31
30
75
5
United Shoe Mach Corp.25
Preferred
25
Utah Metal & Tunnel
Sales
Friday
31
*
Union Twist Drill Co
Jan
Jan
Mar
11% Mar
25%
Jan
3%
Jan
16%
Feb
33%
Jan
3%
Feb
41% May
32% Aug
Sept
Torrlngton Co
Baltimore Stock Exchange
1.75
50
Sept
1%
Mar
Mar
Jan
44%
Sept
__*
Suburban Elec Sec com..*
Stone & Webster
Jan
9%
2%
29%
Sept
12
Apr
93
Sept
11
18%
30%
5%
22%
Feb
11%
Sept
Sept
July
Sept
Sept
Sept
11
Jan
56
Sept
Sept
2%
40c
Reece Folding Machine. 10
3%
Sept
Sept
60c
25
Reece Button Hole MachlO
Jan
Mar
2%
2%
50
Jan
32%
4%
.
Jan
415
2
75
2%
6%
Sept
215
18%
Dominion Co
Pennsylvania RR__
Quincy Mining Co
York, Pa.
40c
3%
Pacific Mills Co
Members New York, Baltimore and Chicago Stock Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
12
112% 113%
2
112%
North
NEW YORK
Hagerstown, Md.
Jan
50
100
com
New England Tel & Tel 100
New River Co—
Exchange
Established 1853
Jan
2
Sept
100
5%
SteinBros.&Boyce
Calvert St.
7
Sept
Sept
30
110
40c
Inc....
BALTIMORE, MD.
2%
%
19
%
30
40c
Nat'l Tunnel & Mines
S.
High
40c
_
6
Low
15
2%
%
30
1
t c
Mass Utilities vtc
Baltimore Stock
2%
*
Mergenthaler Linotype. *
Narragansett Racing Ass'n
on
Range Since Jan. 1 1937
Shares
Maine Central
80
...
Orders Executed
High
Isle Royal Copper Co...2
Loews Theatres (Boston) 2
...
28
10 East 40th St Bldg 5s 1953
2124-34 Bway Bldgs5%s'43
6
Low
*
Preferred
Corp—
250 W 39th St Bldgs 6s '37
1943
Week
Price
Par
Class B
Place
for
of Prices
Hathaway Bakeries—
Unlisted Bonds
Park
Week's Range
Sale
Exchange
6
50
6
Sept
6
98
2%
78
78
15
14%
14%
99%
20
98
Sept
105
3%
101%
4,350
2
June
450
78
Sept
800
14%
Sept
5%
110%
26%
18
Mar
Feb
Feb
Jan
Jan
May
Aug
Feb
Jan
July
Sept
Apr
Feb
Mar
Feb
Volume
Financial
145
Week's Range
Last
Sale
Curtis Lght Inc com
5k
*
Dayton Rubber Mfg com
Decker & Cohn
Feb
10%
15k
18
1,100
15k
Sept
28 k
Apr
23
200
20k
Sept
32 k
Apr
5
250
Convertible
Hk
450
4k
17k
Sept
18k
Sept
25
Feb
32k
50
32k
Sept
41
Feb
Wahl Co
22 k
800
19k
Sept
26 k
Aug
Walgreen Co common
30k
250
29k
May
41k
Aug
WilliamB Oil-O-Matie
5k
1,450
30
5
Elec Household Utll cap.6
4k
20%
Elgin Nat Watch
15
FitzSACon Dk&Dge com. *
8
mmmrnmm
4
12 k
Jan
40 k
Mar
Jan
20
8
1,550
Sept
3k
200
8k
3k
8
1
Sept
Sept
4k
30
450
32
30
Jan
Sept
5k
Sept
Week
High
Low
2
Jan
Sept
6k
Feb
24k
Feb
•% June
650
k
2%
H
2 %
2%
7
19k
20
Dodge Mfg Corp com
.*
Eddy Paper Corp (The)..*
Shares
5
pref
17k
4k
for
of Prices
Low
High
Price
Par
Utll A Ind Corp—
Common
32 k
4k
*
Fuller Mfg Co com
Jan
5
50
5k
Stocks (Concluded)
High
Low
Shares
21
18
*
Class A
Week's Range
Sale
15k
10
com
Dixie Vortex Co com
5k
Range Since Jan. 1 1937
Last
Range Since Jan. 1 1937
for
Week
21
*
-
35
Class A
of Prices
High
Low
Price
Par
Sales
Friday
Sales
Friday
Stocks (Continued)
2049
Chronicle
2H
1,050
Viking Pump Co—
Common
*
com
*
5%
Wisconsin Bank shs com.*
m
6%
8%
8)4
2
33
Zenith Radio Corp com..*
Sept
2
June
Sept
49)4
Sept
6k May
12 %
12
32)4
1,500
Jan
6
5%
700
5%
7%
9
36
5%
Woodall indust
com
18
22
30
26
22
22 %
400
2%
2H
*
2,300
19
19
*
(The) com
Feb
Feb
Mar
450
8
Sept
15k
Feb
2,850
30
June
43%
Aug
May
Gardner Denver Co—
New
15
20
Gen
15
16k
23k
July
59
*
common
$3 cumul conv pref
Gen Candy Corp A
5
General Finance Corp com 1
59
59
50
58k
Jan
70
July
12 k
12 k
150
12 k
Sept
19
Feb
4k
4k
3,000
4k
Mar
mmmmm «.
4%
15
1,050
Members Cincinnati Stock Exchange
Cincinnati and Ohio Listed and Unlisted Securities
Household Utll—
Common
2%
...
3k
2k
35
35
30
30 k
Sept
Jan
10k
35
Sept
50k
Feb
200
37
30
Godchaux Sug Inc cl A
2k
7,600
70
*
Goldblatt Bros inc com..*
30
Sept
Sept
42H
Mar
July
Great Lakes DAD com..*
15
15
1,850
15
Sept
12k
29k
Hamilton Mfg A part pf_10
9
9
9
150
9
Sept
14
10
10
50
10
Sept
20
BALLINGER & CO.
Apr
Mar
Harnlschfeger Corp com. 10
Helleman Brew Co G cap.l
Heln-Wern Mot Pts com.3
Hlbb Spencer Bart
Horders Inc com
mmmmm
"6k
16k
9k
Jan
2,150
7k
600
7
Sept
13k
50 k
no
46
Jan
52 k
May
15
15
15
100
14
Sept
18
150
18
Sept
3k
500
3
May
21k
27k
4k
8k
800
7k
Sept
19 k
Jan
170
99 k
May
111k
50
30 k
7
Sept
49
Sept
10k May
6k
3
Hupp Motor com (new)._l
Illinois Brick Co cap
10
3
8k
8
100
101k
100
Indep Pneum Tool vtc..*
30 k
7
Interstate Pow $6 pref...*
30k
Feb
7
mmmmmm
Jarvis (W B) Co cap
1
20k
Jefferson Electric com
*
30
Joslyn Mfg & Supply com 5
Katz Drug Co com
1
5
10
5
Sept
21
10
7
Sept
22k
Jan
Sept
27
Feb
Amer Laundry
29k
Feb
Amer Prod part
150
19%
19k
1,150
30
250
27
Sept
51
Feb
48 k
400
45k Judo
55
Aug
8k
20% June
7
Sept
16k
Feb
8k
Sept
12k
28k
43k
7k
3k
Mar
3k
Aug
10k
3,500
4,050
18
20
1,600
17
Sept
28
28k
20
25
June
4k
100
4
lk
1,300
1
Sept
Sept
8k
4k
lk
2k
lk
2k
3
650
37
50
37
37
6
150
10
13
13
14
400
Llbby McN A Libby.,.10
Lincoln Printing Co—
12
12
13 k
Lawbeck 6% cum pref. 100
Jan
1%
Feb
Jan
Mar
Jan
Jan
Sept
Sept
13k
Feb
Sept
37
50
19k
15k
July
Leath A Co—
Par
Stocks—
2,100
1,200
*
5k
5k
$3k preferred-.......*
Co com.*
Loudon Packing com
*
33k
33%
38
22 k
22
24k
1,200
3k
200
5
40 k
Common
Lynch Corp com
5k
13
Sept
9k
Mar
3k
6k
60
350
44
40
5k
33k
16k
Sept
12k
Sept
45
3k
38k
Jan
Jan
July
Sept
33k
ek
Mar
56
Aug
Jan
Jan
170
20 k
Sept
48 k
Feb
lk
ik
1,600
lk
Sept
4k
Jan
17k
17k
20k
2,300
17k
Sept
30 k
Mar
4k
4k
24
5
750
4k
June
26
100
22 k
26
McCord Rad A Mfg A...*
lk
Manhatt-Dear'nCorp com*
Marshall Held com
__*
Mer A Mfrs Sec cl A com.l
26
Prior preferred
—*
Mickelberry's Food Prod—
27
24
Sept
Feb
7
31k
Jan
Jan
1
2k
2k
3
3,250
2k
Sept
Middle West Corp cap—5
7k
2k
7k
8k
6,750
7 k
June
15k
Jan
2k
3
1,050
lk June
7k
Mach. ..20
23
4k
*
pref—
7
99k
6k
Cincinnati Telephone. -50
84
84
14k
6k
16
Dow
*
Drug
..10
Eagle-Picher Lead
Jan
7
Sept
98k June
367
6
453
84
14k
6k
15
40
7
10
16
16
25
Feb
Feb
Jan
13k
108
Jan
Jan
10k
Sept
86
Feb
8
May
183
99k 100k
6
6k
Crosley Radio
Sept
3
50
7
Cin Gas A Elec pref— .100
-50
Cin Street Ry
*
22k
150
High
13k
36k
Sept
100
4k
7
6
10
23
22k
4k
Low
Shares
6
6
*
Churngold
High
Low
Sept
100
14k Sept
6k Sept
15k Sept
2$
Jan
Jan
9
Mar
Feb
27k
*
16
16
188
14
Sept
25
27
27
28
65
27
Sept
36
Feb
21k
Gibson Art.
16
*
Formica Insulation
21k
22k
10
21k
Sept
May
24k
49k
Apr
—
Hilton Davis
40
#
42
26k
19
26k
19k
79
19
*
Leonard
42
26k
*
Kroger
42
*
Julian A Kokenge
5
5
5
60
*
Lunkenheimer
*
Procter A Gamble
50k
Sept
lk
Mar
325
50k Sept
100
214
214
214
20
211
Feb
*
4
4
4
120
4
Sept
*
8% preferred
26k
104k
Randall B
Rapid.
Sabin Robbins pref... .100
-10
U S Playing Card
U S Printing pref
102
Feb
Mar
Mar
37
Feb
4k
20
May
Jan
65k
Mar
215
Jan
Ilk
38
Feb
105
Sept
23
23
92
23
Sept
34k
10
10
28
10
Sept
21
7k
17k
7k
17k
7k
17k
100
Apr
106
10
10
Wurlltzer..
20
Jan
8k
23
50
Western Bank
25k Sept
10
26k
26k
104k 104k
Jan
24
Sept
14
5
54k
50k
25
150
Feb
31
Sept
101k May
350
lk
15
15
15
5
10
26
lk
lk
*
Manischewitz
25
25
2 50
Magnavox
26k Sept
18k June
55
102k 102k
102k
50
197
Jan
7k June
9
Feb
Jan
12k
Mar
85
16
Mar
26
May
136
92
Jan
134
Apr
Jan
lk
Price
6
Little Miami Guar
Lion Oil Refining
Week
*
Aluminum Industries.
Hobart A
5k
*
...
for
of Prices
Jan
7
23
mmmmmm
Week's Range
Sale
300
7
18
Ky Utll jr cum pref
50
Kerlyn Oil Co cl A com. .5
Kingsbury Breweries cap.l
La Salle Ext Unlv com...5
Range Since Jan. 1, 1937
Last
8
19k
8k
Kellogg Switch A Sup com*
Ken-Rad T A Lamp comA*
Sales
Friday
Aug
Mar
20 k
29
7
official sales lists
Aug
45 k
Iron Firem Mfg com vtc.*
Cincinnati Stock Exchange
Sept. 18 to Sept. 24, both inclusive, compiled from
5
mmmm*
*
105
30 k
7
8k
7
Indiana Steel Prod com..l
Common
Tel. Cin. 363
June
18
*
LeRol Co com
CINCINNATI
BLDG.
Phone Cherry 6711—BeU Sys.
Mar
45
Houdaille-Hershey cl B
$7 preferred.
TRUST
UNION
Jan
Ilk
Aug
7k
7
mmmrnmm
com..25
111 North Utll pref
800
10
9k
9k
Gossard Co (H W) com..*
Trading Markets in
Active
5k May
Common
Stock
purchase warrants
5
108
106
106
100
Preferred
Midland United Co—
*
k
k
k
2,500
___*
4k
4k
5k
650
Common
Conv
preferred A
Midland Utll—
100
100
100
100
7% prior lien
7 % preferred A
6% prior lien
6%
k June
3 k
June
12 k
Jan
Aug
9k
Sept
5
Feb
9k
Ohio Listed and Unlisted Securities
Mar
Feb
•
preferred A
2k
lk
mmmrnmm
*
190
lk
100
3
1%
lk
3
Miller A Hart conv pref..*
Modlne Mfg Co com
3
3
2k
10
1%
100
3
120
31k
31k
50
45 k
mmmrnmm
45%
20
2k
1%
2k
June
i8
June
8k
Sept
8k
Jan
Sept
46 k
31
Montg Ward A Co cl A
*
Musk Mot Spec conv A__*
Nat ional Battery Co pref.*
Nat Rep Inv T
45%
136k
*
«...
90
20
21
200
25
25
--
mmmrnmm
4k
4k
26
34 k
3k
National Standard com.. 10
26
34 k
pref*
conv
136k 138
3k
9k
ik
Nat'l Union Radio com—1
Noblitt-Sparks Ind com..5
North American Car com20
Northwest Bancorp
9k
com..*
100
preferred
10
Parker Pen Co(The)com
Feb
3k
Feb
58
Feb
Feb
Jan
100
lk
1,950
34 k
Sept
Sept
300
3k
Sept
10
2,900
9k
Sept
9k
16 k
38
Sept
81
Sept
54
Jan
15k
4k
15k
10k
10
20
Sept
29 k
Jan
21
lk
17k
lk
3,000
lk
July
2k
550
17 k
Sept
24 k
Mar
10
10
Sept
17k
Jan
31
33
30
May
5
Aug
1,200
2
200
2
lk
lk
650
1
80 k
400
31
5
5
2
2
2k
2
2
1
1
lk
mmmrnmm
80
500
*
mmmrnmm
50
5k
100
35
Jan
Mar
Sept
7k
3k
Sept
5k
Feb
Seit
3k
Jan
Feb
Common
__60
6% preferred
7% preferred
Quaker Oats Co com
Preferred
77
77
*
Jan
Jan
Elec Controller A
June
99
Jan
Sept
120
Jan
Foote-Burt
107 k 109
110
107k
Sept
122
107k 108k
270
107k
Sept
125 k
Jan
150
Jan
109
108
60
121
Apr
100
18
May
100
137
135
10
19
19
50c
4
4
4k
500
4
lk
lk
lk
150
lk
137
19k
37k
Jan
Mar
Preferred
'
»
15
850
13
Sept
105
30
105
Aug
lk
lk
4,150
lk
36 k
111
Jan
Apr
Preferred
1
"16"
.._*
30
28k
Sivyer Steel Castings com *
So Bend Lathe Wks cap..5
Southwest G A El 7% pflOC
Standard Dredge com
"
Sept
2k
*
*
Sessions
July
*
Medusa Portland Cement *
29
Sept
42
700
18k
Sept
28 k
Feb
Metropolitan Pav Brick.
77
Sept
98
Aug
Murray Ohio Mfg
10
11
550
10
Sept
14 k
Mar
National Refining
28k
28k
28k
30
120
21
40
Apr
96 k
40
Apr
35
Mar
21
26
Mar
27k
Packer Corp—.
18k
Sept
96 k
70
95
July
68 k
70
66
Sept
Sept
83 k
3k
3k
14k
*
14k
4k
16
17
17
mmmrnmm
7k
7k
7k
28
27k
29
Swift A Co
25
20
19k
17k
21k
Sundstrand Mach Tool Co*
25
2
Utah Radio Products com *
For footnotes see page
17k
7
19
2k
2052 g
7
18k
2k
450
2,300
107
25
5k
Nineteen Hun Corp cl
—
4,042
Sept
Mar
45
45
20
Jan
56
Aug
80
25
68
Feb
100
Aug
23k
24
80
Sept
30
Jan
12
12%
50
23%
10%
Sept
22k
Feb
50
5
51
June
60
Jan
43
25
43
Sept
50
May
100
5
99
June
104
48k
20%
54
227
25
307
22
6%
7%
6%
80
135
30 '
73k
37k
48% Sept
20k' Sept
21k Sept
6%
7%
30
8k
Sept
4%
14
15%
250
13
June
27
40
65
38
Sept
58k
25
30
115
25
Sept
60
4%
14%
182
75
4%
14k
Sept
15
6
'25
Sept
15
38
7%
15
100
k
30
A.. *
*
45
45
....*
14
14
20
9
4%
350
Ilk
30
Sept
46%
14
270
14
Sept
20k
Mar
34
20
22
295
20
Sept
6
470
Jan
42k
4%
40
3%
40k
4%
Jan
Sept
*
.100
5%
40%
4%
"36"
36
41
80
36
Sept
9k
64k
10
10
11
431
10
Sept
19
July
Selberling Rubber
8% cum pref
1
Jan
Feb
Mar
Sept
*4l"
21k
Mar
67
50
*
20k May
Jan
Feb
Jan
190
Sept
3
Sept
Jan
Mar
44
1%
30
3%
1%
Rlchman
Sept
Feb
June
29k May
303
Peerless Corp
14
Mar
137
4
'
Patterson-Sargent
17
Jan
Mar
12k
10k
2k
30k
5k Sept
Jan
750
Jan
Mar
50
% Sept
25
Jan
63k
4k
Sept
35
Jan
250
369
Sept
Mar
Feb
Feb
Feb
Mar
B?g
Mar
Apr
Aug
Jan
100
7
Sept
15k
Mar
S M A Corp
27
Sept
33 k
Mar
Troxel Mfg
6
6
6%
120
6
750
July
10k
Apr
8
8
9
320
8
Sept
13k
Mar
4%
3%
2%
18
3,350
1,000
7
657
20
1,000
1,700
3k
3k
%
29%
150
Mar
22
48%
26%
*
25
Ohio Brass B
Mar
Sept
18k
95 k
19k
556
112
43
Nestle Le Mur cum cl A._*
Jan
28k June
16k
38
Feb
101k
100
McKee A G class B
550
Swift International
Lamson &
450
50
35
103% June
50
12
Lima Cord
79%
33
10
15
Thompson (J R) com
Trane Co (The) com
Kelley
21
66
18k
Convertible preferred-.*
*
*
Island LimeATran *
18k
29
1
July
21
79
45
"23%
National Tile
St Louis Nat Stockyds cap*
Stein (A) A Co com
Storkline Fur com
—
21
19 k
140
%
"26"
*
Grelf Bros Cooperage A__*
Halle Bros, pref
100
Hanna M A $5 cum pref..*
Interlake Steamship
*
——-
Leland Electric
Signode Steel Strap—
Common
36
Mfg—*
*
77
29
*
June
90
107
Feb
13
lk
Schwitzer-Cummins cap.. 1
Sears Roebuck A Co com. *
Serrlck Corp cl B com
Feb
3k
■
1
Sangamo Electric com
7k
105
13
1C
100
Common
Jan
Sept
Sept
85
Feb
Sept
Sept
15
88%
Jaeger Machine
5
9%
15%
97
9%
107
Commercial Bookbinding- *
74
*
50
16
9%
*
Cliffs Corp vtc_.
108
78 k
no
16
15
Cleve A Buffalo Transit. _*
4k
10
15%
15
*
pref-*
Railway
100
50
100
100
Rollins Hos Mills—
Cleveland
High
Low
Shares
15%
*
Cleve Eiec 111 $4.50
99 k
Raytheon Mfg—
Common v t c
Week
Price
Body
City Ice & Fuel..
Cleve Cliffs Iron pref
200
78 k
mmmrnmm
108
6% pref vtc
Reliance Mfg Co com
Amer Coach A
1, 1937
Range Since Jan.
for
of Prices
Low
High
*
Akron Brass
Faultless Rubber
110
Rath Packing Co com
Par
Stocks—
Week's Range
Sale
June
70
Sales
Last
lk June
Public Service of Nor 111—
Common
compiled from official sales lists
Friday
Jan
18k
10
lk
Cleveland Stock Exchange
Sept. 18 to Sept. 24, both inclusive,
Jan
20
mmmrnmm
*
150
Sept
A. T. & T. CLEV. 565 & 566
Telephone OHerry 5050
Feb
lk
39
Pictorial Paper Pack com.5
Pines Wlnterfront com
1
*
36 k
50
mmmrnmm
Process Corp com
26
70
Penn Gas A Elec A com..*
1
Jan
17
18
Potter Co (The) com
Prima Co com
Jan
12k
Union Trust Building, Cleveland
Feb
32
July
Sept
15k
Peabody Coal Co B com..5
Perfect Circle Co com
>
26
Sept
600
29
Sept
4
380
Penn El Switch conv A.. 10
Feb
25
43
10
156
20
38
*
Oshkosh B'Gosh com
July
20
15k
..100
50
170
4k
38
N'west Utll pr conv pre
7%
45k Sept
135k June
iWQQDcb
GILLISI
Jan
Monroe Chemical Co—
Preferred
Exchange
Jan
2k
Members Cleveland Stock
19k
Sept
28k
Mar
Upson Walton
17k
Sept
28k
Mar
Van Dorn Iron
Sept
15k
26 k
Mar
Warren
7
18 k
Sept
2k
Feb
4k
July
Apr
*
.2
Weinberger Drug Ino
*
West Res Inv 6% pref. .100
Refining
21
100
4%
2%
22%
100
420
170
220
50
3k
2k
17k
90
Sept
Sept
14
5k
Feb
Jan
Feb
26
July
Jan
105
July
2050
Financial
Chronicle
Sept. 25,
Friday
Sales
Last
WATLING, LERCHEN & HAYES
Scott Paper
Members
New York Stock
Exchange
Week
Price
Union Traction
DETROIT
%
50
3%
3%
Preferred.."
__*
United Gas Impt com
Preferred
Last
Auto City Brew com
1
Brlggs Mfg
%
l
com
High
%
1%
9%
9%
30
*
com
30
2
2,494
304
96
Consolidated Paper com 10
18
18
18%
1%
3%
3%
Continental Motors com.l
1%
1%
Crowley M liner com
*
Cunningham Drug com2.50
5
5
105
103
1
1%
3%
Detroit Paper Prod com__l
Detroit Steel Corp com. _.5
18%
Detroit-Mich Stove com.
_
Federal Mogul com
1%
3%
4
4
18%
12%
4%
5%
1%
*
Fed Motor Truck com—*
4%
Federal Screw Works com *
-
«.
w'
„
Frankenmuth Brew com.. 1
Freuhauf
9
*
1
*
4
Hoover Ball & Bear com. 10
34%
2%
%
4%
2%
%
4%
15
1
Graham-Paige com
Grand Valley Brew com.
General Finance com
.1
HallLamptcom
100
625
173
600
580
500
1,020
4
550
15
543
Murray Corp com.. ...10
Musk Piston Ring com 2.50
3
1%
8%
8%
16
«...
7%
34%
Packard Motor Car com..*
*
Parker Wolverine com— *
Penin Metal Prod com___l
Parke-Davis com
7%
34%
16
4%
3%
4%
3%
3%
4
4
Prudential Investing com. 1
.5
Reo Motor com
2
Richel (H W) com
4%
River Raisin Paper com..*
4%
Standard Tube B com_._.l
Timken-Det Axle com. .10
Tivoli Brewing com
Tom Moore Dist com
4%
2%
1
1
8
Union Investment com—*
*
*
3
Walker & Co B
*
3%
Warner Aircraft com
1
B
Wayne Screw Prod com..4
Wolverine Brew com
1
_
„
%
.....
Los
Feb
43
Mar
4%
Feb
2%
Feb
5% June
22
Feb
22%
200
31
Sept
41
Feb
10%
%
3%
20%
Sept
23
Feb
Sept
Feb
Sept
Sept
9i« Sept
1%
8%
29%
1%
22
Feb
28
125
1,240
7,750
»!6
72
1% June
% Sept
12% Sept
% Aug
2% June
1% Sept
8% Sept
205
%
3%
2%
9%
16%
7%
36%
16%
4%
3%
4%
4%
4%
500
5%
19%
4%
2%
775
2,650
1,370
210
13
3,065
2,140
990
219
500
400
340
600
6%
430
33
5%
3
1,315
3%
125
'S16
593
3%
%
100
900
Angeles Stock Exchange—See
.
Feb
Jan
Feb
Feb
Aug
Aug
Feb
Feb
Jan
Mar
Jan
10%
28%
Feb
10
Feb
8
Feb
13
Jan
11
Feb
Feb
Sept
30
Jan
35
6% Sept
230
200
Jan
5%
6%
Sept
8
100
Jau
Feb
6%
9%
4% June
19% June
4% Sept
2% Sept
4,445
4,055
Feb
Jan
Sept
25
Jan
Apr
Mar
4% Sept
225
Jan
1%
4%
4%
20%
21%
12%
44%
19%
5%
Sept
4
1,407
Feb
18
July
7
July
2%
1%
34% Sept
13%
Jan
3%
Jan
3% Sept
3% Sept
1,485
8
5%
2%
3%
%
3%
%
Feb
14% Sept
17% May
13
6%
•
9
2%
Jan
916
26
30
10
11%
7
1%
8
6%
*
United Shirt Dist com
U S Graphite com
Universal Cooler A.
Jan
Sept
25
4%
19%
4%
2%
5
9
Aug
7%
8%
Feb
Jan
33
June
10%
394
7,057
June
279
46%
17%
Jan
Jan
June
102
492
114%
Jan
9%
Feb
11
9
9% $48,000
Sept
38%
9%
8%
Sept
7%
Aug
16%
Feb
Mar
& T
Tel
Pitb-391
Sales
1%
7%
Par
Stocks-
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Allegheny Steel cons
26
Arkansas Nat Gas com..
Armstrong Cork Co
Blaw-Knox Co
5%
50%
17%
*
*
Byers (A M) Co com
14
Carnegie Metal
Clark (D L) Candy Co
_1
1%
1%
*
10
23
Follansbee Bros pref__.100
Fort Pitt Brewing
1
85c
50c
174
300
507
160
21
85c
90c
107
9
9
Mountain Fuel Supply Co.
Nat Fireproofing Corp
*
49%
7%
"~7 %
3
3
1
104
107%
9%
50%
1,928
8
1,416
9
135
49%
6%
Sept
Sept
Jan
1.00
Apr
26
Feb
Feb
24%
41
July
1.25
58%
Jan
Mar
99
Jan
110
Sept
Jan
14%
72%
12%
Mar
Jan
Mar
720
3
Sept
10
10
27
Apr
29
Jan
13
45
12
Sept
27
Feb
3%
109% 112%
10%
11%
8%
20%
1%
17%
1%
Rund Mfg Co
5
1
*
4
4
Shamrock Oil & G pref $10-
10
8
11
160
130
10
147%
19%
Feb
Mar
Jan
30
10
16%
Feb
1,000
1%
15%
Sept
29%
2%
July
19
50
Apr
Mar
Jan
2c
1,400
Jan
4c
4%
2,750
4
Sept
7%
Jan
10
940
8
Sept
16%
Feb
11
50
11
Sept
35
Jan
85
40%
41%
50
107% Sept
10% Sept
8% Sept
112
,
20%
1%
17%
2c
Standard Steel Spring
*
United Engine & Foundry 5
50
2c
150
53
75c
Sept
45
Jan
Jan
61%
Mar
56
Sept
Westinghouse El & Mfg. 50
75c
100
75c
Sept
1.25
Feb
29%
32%
124% 125
*
_
320
Sept
Sept
Apr
Sept
41
Feb
27
Shamrock Oil & Gas
Westinghouse Air Brake.
32%
30
Feb
4
8%
20%
12
San Toy Mining Co
Vanadium Alloy Steel
*
Victor Brewing Co1
Jan
Sept
Sept
75c Sept
Feb
27
Penn Federal Corp com 100
Pittsburgh Forging Co
1
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry. *
Plymouth Oil Co
5
Renner Co
Mar
18%
345
34%
41
107
50c
1,200
41
Mesta Machine Co....-.5
Sept
16
25
33
*
10
23%
16%
*
Koppers G & Coke pref 100
Lone Star Gas Co....
Sept
Sept
1% June
4% Sept
522
*
com
Jeannet Glass pref
Mar
Mar
July
14
35
3,590
19
19
12%
70%
29%
21%
Sept
16
Duquesne Brew Co com..5
Mar
Sept
5
43
50%
16%
330
11
50c
com
Devonian Oil
Harb-Walkers Refrac
50
263
High
Sept
25%
125
10
Consol Ice Co
Low
106
27%
5%
52%
18%
14%
2
*
Columbia Gas & Electric
Range Since Jan. 1, 1937
Shares
652
29%
124%
Sept
56%
163%
Feb
12
10
111
Apr
37
3
Sept
Sept
Jan
Unlisted—
Lone Star Gas
6% % P* 100
Pennroad Corp vtc
Feb
112% 112%
3
*
3
113
5%
Feb
Mar
Feb
'S16
Last
Sept
Sept
July
Feb
Mar
ST. LOUIS MARKETS
Jan
I. M. SIMON & CO.
Business Established
2015.
page
CO.
PITTSBURGH, PA.
A. T
Friday
Feb
Sept
Sept
4%
2%
3%
%
3%
%
BLDG.,
Feb
Sept
4
575
25
10
Scotten-Dillon com
23
140
21
916
2
Sept
Sept
Sept
34% Sept
2% Sept
% Sept
4% Mar
225
4,280
2,015
3
1%
Sept
Pittsburgh Stock Exchange
Feb
Feb
4%
Mid-West Abrasive com50c
Sept
Sept
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
Jan
28
July
1,500
916
10
Jan
19%
,S16
"%
%
3%
3%
BROADWAY, NEW YORK
Feb
Sept
21%
1316
1
475
1,395
1,326
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Jan
11
Sept
120
Mar
3% May
Sept
3,220
Michigan Sugar com
*
Micromatic Hone com—1
Sept
Sept
11%
Mich Stl Tube Pr com 2.60
%
4%
Feb
9
19
McClanahan Oil com
Jan
Mar
16
32
1%
%
12%
%
Jan
Feb
3%
11%
25%
3%
145%
325
9%
34%
2%
%
4%
19
24
22
1,610
17
100
10%
1%
Sept
BANK
Mar
425
31
Masco Screw Prod com—1
Mar
,
Tel. CJourt-6800
Jan
5%
1%
112
19
3%
20%
Sept
UNION
Feb
Mar
600
10%
%
3%
20%
10
Klnsel Drug com
1
Mahon Co (R C) A pref..*
Aug
i5,6
New York Curb Exchange (Associate)
1
July
18%
12%
4%
5%
1%
31
Kresge (S S) com
SeDt
4
645
*
Kingston Products com._l
Sept
Sept
18%
1%
102%
1%
3%
*
com__.l
Sept
5
Hosklns Mfg com
Hurd Lock & Mfg
Sept
Sept
100
"700
3
15%
56%
7%
132%
12%
4%
4
14%
Sept
17%
1%
440
Houdaille-Hershey A
Hudson Motor Car com. .*
35%
Jan
f Pittsburgh Stock Exchange
lV/fomhora
Feb
2%
O
89
400
106
16
9
3
Gemmer Mfg A
-
16
-
Gar Wood Ind com
-
1%
/
3%
2,354
18%
1%
1%
3%
4%
20%
-*■
9% Sept
30
1,030
5
18%
1%
100
•
July
29%
'16
2
H. S. EDWARDS &
High
% Sept
1% Sept
1,255
11
89
3%
Detroit Cray Iron com—5
:
■
Elec & Peoplestr ctfs 4s '45
Low
300
30
89
Detroit-Edison com
■
23
'is
Range Since Jan. 1, 1937
for
Shares
%
Burry Buscuit com__12%c
Chrysler Corp com..
5
Det & Cleve Nav com... 10
'•
45%
Bonds—
Week
of Prices
Low
Allen Electric 1
Baldwin Rubber
*
-
High
Jan
Sales
Week's Range
Sale
Price
104%
/'V
Exchange
Friday
Par
*
Westmoreland Coal
Detroit Stock
/Stocks—
*
x38
J
4%
36
11%
12%
103% 105
9%
9%
34%
11%
Low
70
40%
33
32%
'is
%
3%
3%
34%
Range Since Jan. 1 1937
Shares
High
39
he
United Corp common....*
Telephone: Randolph 5530
Low
32M
_
Chicago Stock Exchange
Building
for
of Prices
39
Tacony-Palmyra Bridge. _*
Tonopah-Belmont Devel 1
Tonopah Mining
1
New York Curb Associate
Detroit Stock Exchange
Buhl
Par
Week's Range
Sale
Stocks (Concluded)
1937
Enquiries Invited
on
1874
all
Mid-Western and Southern Securities
MEMBERS
Established
New York Stock Exchange
New York Curb (Associate
Chicago Board of Trade
Chicago Stock Exchange
1874
St. Louis Stock Exchange
DeHaven
& Townsend
315 North Fourth
Members
New York Stock
St., St. Louis, Mo.
Telephone Central 3350
Exchange
Philadelphia Stock Exchange
PHILADELPHIA
St. Louis Stock Exchange
NEW YORK
1513 Walnut Street
30 Broad Street
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1937
Last
Philadelphia Stock Exchange
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
Last
Par
Stocks—
Week's Range
for
Sal"
of Pric s
Low
High
We k
Price
*
American Stores
American Tel & Tel— iuu
10
Barber Co—
12%
156%
...
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co..- __*
117%
6%
*
6%
Budd Wheel Co
-5
Chrysler Corp...
*
Curtis Pub Co common
Electric Storage Batt-- 100
.10
General Motors
Horn & Hard't
..w;
29%
------
50
Lehigh Valley
pref25
*
Nat Power & Light
Pennroad Corp v t c—-
—
1
*
9%
29
7%
1,141
1,755
70
239
537
6%
173
98%
8%
686
32%
51%
112
100
384
1,883
40
679
—
Low
11% Sept
156% Sept
20% Sept
26%
187%
112
127%
May
6% Sept
6
90%
8
29%
47%
110
Sept
Sept
Sept
Sept
Sept
July
Salt Dome Oil Corp.
-
-
14%
Jan
13
Feb
134% May
Feb
20%
Chic & Sou Air L pref.
10
Coca-Cola Bottling com__l
Columbia Brew com
5
4%
3
"27%
"m
B8%
28%
29%
Brewing
Griesedieck-West
com___l
_*
70%
Ham-Brown Shoe com...*
Feb
Hussman-Ligonier
com
1936
...
*
17
50
Feb
8%
700
3%
8,689
7%
2%
5%
Apr
50%
117%
35%
7%
13%
16%
Mar
Preferred
Feb
Internat Shoe
*
15
9%
Feb
Laclede Steel com_.....20
21
Jan
McQuay-Norrls common.*
29
Sept
108% June
31%
June
120
3%
5%
5%
8%
6
119
4%
9
164
8%
4
4%
125
4
11%
3,246
Sept
Sept
Sept
Sept
Sept
8%
20
Low
75
20
290
7
High
July
25
40
Sept
49%
48
Sept
49
327
30
Sept
37
119
31%
7%
Sept
270
Feb
32%
9%
Aug
Feb
Sept
Jan
Mar
Aug
100
4
Sept
9
Feb
125
30
Sept
40
May
310
3
Sept
6
Mar
450
25
Jan
48
75
100
May
125
8
Jan
11%
28% Sept
40%
49 0
Feb
Mar
Mar
ii%
___100
86
Hyde Park Brew com___10
Hydraulic Pr Brk com. 100
25
*
Apr
Key Co
Feb
2
50
16%
50
Apr
Sept
6
Feb
Jan
23
July
July
50
20
Sept
57
13
200
11%
Sept
20%
86
86
15
75
June
90
Apr
25
25
40
17%
Feb
26
Aug
1%
19
1
Sept
5
Sept
3%
15%
49%
Feb
Jan
5
19
41%
10%
42
93
41%
Sept
10%
10
10
Sept
16
Feb
16
16
40
14
July
21
Aug
225
22
Mar
5
41%
10%
Knapp Monarch common.*
Jan
,
1%
100
common
470
200
11%
50
Aug
Huttig S & D common...5
31%
2%
2
Mar
111
9
17
5%
14%
2,405
119
2
14%
_
4%
30%
3%
28%
17
24%
Preferred
8
Shares
Brew—
Common
Jan
Pref series
27
117
Sept
33
30
30
Sept
Sept
Sept
31%
32%
Falstaff
Feb
Jan
49
Dr Pepper common.
*
Emerson Electric pref..100
44%
113
~~7%
22%
41%
30%
32%
7%
4%
*
100
Sept
512
2052
Mar
Century Electric Co
9%
3%
For footnotes see page
Jan
Mar
40
"30%
5%
114%
31%
31%
10%
43
Feb
1
High
49
2%
3%
10%
40
22
3% % .100
731
3%
1
*
common
280
31%
■
Brown Shoe
2%
.50
-.5
22
Burkart Mfg common
Preferred
High
Low
Price
6%
10%
113
.50
7% preferred
Philadelphia Traction-- -50
Reo Motor Car Co
for
Week
*
Bruce (E L) pref
.25
Phila Elec Pow pref
5%
2%
7%
2%
29
.50
Pennsylvania RR
Phila Elec of Pa $5 pref
Phila Rapid Transit
6
9%
2%
7%
3%
-_*
Lehigh Coal & Nav
6%
6%
90%
8%
29%
48%
112
(Phila)com*
Mitten Bk Sec Corp
11%
13%
156% 162%
20%
21%
115% 118%
Range Since Jan. 1, 1937
Shares
Par
of Prices
Amer Inv common
Sales
Friday
Stocks—
Week's Range
Sale
Feb
Jan
Laclede-Christy Clay Prod
Feb
common
Common
*
14%
15
14
Sept
21
22%
10
21
Sept
32%
Mar
37
37
30
37
Sept
58
Mar
Volume
Financial
145
Friday
Sales
.
Week's Range
for
Sale
of Prices
Low
High
Midwest Pip & Sup com
9%
Nat Candy common
*
1st preferred
110
..100
Nicholas Beazley Airpl—
Common
5
Rice-Stix D G
*
com
1st preferred..
Stocks (Concluded)
High
Low
Shares
Mar
Par
Week's Range
for
Sale
of Prices
Week
...
14%
9%
7%
110
50c
Sept
13
Aug
100
7
June
13?*
Mar
Spring Valley Water Co..*
7
15
106
July
Jan
Standard Oil Co of Calif..*
37
36?*
17
17
37
37
37
w
10%
1%
10%
17%
91
91
93
10
265
7?*
110
Sept
14%
9%
26?*
119
200
50c
Sept
2
8?*
114?*
Sept
13?*
117?*
Mar
Telephone Inv Corp-.
Sept
Thomas-Allec
St L Bank Bldg Eq com,.*
15
10
10
S'western Bell Tel pfd.,100
119
119
165
4?*
4%
July
Feb
8?*
Corp
*
*
A
Transamerica Corp
June
40
90
May
98
Sept
Feb
21?*
Feb
June
12
Sept
10%
281*
Aug
20?*
17
Sept
24
Feb
11%
9%
11
11?*
268
11
Sept
23J*
9%
12%
2,608
9%
Sept
19
July
263*
34?*
5%
12%
7%
14%
41%
5%
27
41%
3%
2,457
Sept
Sept
91*
18?*
Sept
Sept
75
Jan
7
July
969
5%
12?*
39?*
41*
241*
140
40
Sept
24
Sept
Sept
-.100
5
Sept
16
9,509
26
24
10
$4% preferred
Feb
46
Sept
1%
2,037
3,028
1,022
3,000
26
24
37
320
2
18
$2,000
37?*
10
Feb
14
24
36
49% Feb
21% June
21%
26
36
Jan
17
Sept
15
Sept
15
13%
20%
36
9
37
121
17
590
9
4,350
Aug
Mar
13?*
20?*
Sept
9
12
Union Sugar Co com
9
10
Sept
TJnion Oil Co of Calif...25
110
Stix, Baer <fc Fuller
Sept
7
Mar
Jan
7?*
30
30
7
Mar
16
128
188
.
7
Sept
11?*
13?*
49?*
Sept
June
7?*
com
Sept
117?*
7%
150
8
Wagner Electric
4?*
385
10
120?*
Sterling Alum common.__1
30
Cigh
30%
651*
29%
5,050
1,805
30%
33%
Mar
220
50c
83*
115% 115?*
20%
30%
32?*
Low
Shares
38?*
17
220
Tide Water Assoc Oil com*
com.
High
Southern Calif Gas pref
Southern Pacific Co...100
15
8?*
115?*
100
St Louis Car common
Low
Price
Super Mold Corp of Cal. 10
Mo Portl'd Cement com.25
Range Since Jan. 1 1937
Last
Week
Price
Par
Sales
Friday
Range Since Jan. 1 1937
Last
Stocks (Concluded)
2051
Chronicle
*
25
Jan
United Air Lines Trans..5
Feb
Universal Consol Oil
Jan
Victor Equip common
10
Feb
Jan
Bonds—
Western Pipe & Steel Co. 10
t 4s ctfs of deposit..,
5%
10%
39%
4?*
24%
391*
4%
24%
Yel Checker Cab Co A..50
f United Railways 4s_1934
40
40
Preferred
Jan
Waialua Agricultural Co 20
Rights
Dean Witter
Co.
&
Yosemite Portland Cement
Exchange, SanFranciscoStock Exchange, Chicago Board ofTrade
(AssoJ, San Francisco Curb Exchange, Honoltdu Stock Exchange
Members: NewYork Stock
San Francisco
Oakland
Seattle
Tacoma
Stockton
Sacramento
NewYork
Portland
Fresno
0%
3%
150
3,562
Sept
40?*
Sept
3?*
106
Sept
July
64
Mar
Jan
43* June
Sept
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
NewYork Curb Exchange
/—
_
783
Beverly Hills
Honolulu
STRASSBURGER & CO.
133
Los Angeles
Ppsadena
Montgomery Street, San Francisco
NEW YORK OFFICE: 25 BROAD STREET
Long Beach
(Hanover 2-9050)
Members: NewYork Stock
cisco
Francisco Stock
San
Exchange
Exchange; San Francisco Stock Exchange; San Fran¬
Curb Exchange; Chicago Board or Trade; NewYork Curb Exchange (Assoc.)
Direct Private Wire
Teletype S. F. 138
Sept. 18 to Sept. 24, both inclusive, compiled from official sales list
Sales
Friday
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1937
for
Francisco Curb
San
Week
Shares
Low
Exchange
High
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc.— 10
Atlas
Diesel Eng...5
Imp
21
3%
21
3%
22
43*
805
925
11
11
13
1,010
80
200
200
202
15
..5
7
7
Bank of Calif N A
Bishop Oil Co
*
Byron Jackson Co
20?*
20?*
7?*
24
20
Friday
Feb
Last
Week's Range
for
214
July
Sale
of Prices
Week
Sept
10
Feb
Sept
34?*
7
Par
Stocks-
Calaveras
Cement
20
com..*
Calif-Engels Mining
1
Calif Cotton Mills com. 100
Calif Packing Corp com..*
.50
Preferred.
Calif Water Serv
pref..100
Caterpillar Tractor
*
Chrysler
5
Corp
Claude Neon Elec Prods.*
Cons Chem Indus A
24?*
63*
%
24%
0%
%
21
21
26?*
52
101?*
78?*
77?*
8?*
243*
6?*
%
21%
26?* 30%
52
52%
1013* 102
78% 83
77?*
77%
9
8?*
*
41
40
Creameries of Amer Inc..*
5
5
Corp com.
..
Preferred
175
2,700
350
2,606
90
80
100
260
381
24?*
6?*
?*
Sept
19
Sept
Sept
Sept
26?* Sept
50
May
1001* May
78?* Sept
77?* Sept
8?* Sept
41
610
35
Jan
640
5
Sept
5
153*
15?*
53*
17?*
*
Crown Zeller
225
87
87
91
9,387
470
American Tel & Tel_._-100
53
Aug
Argonaut Mining
Apr
Ark Nat Gas A
Feb
Atlas Corp com
5
Bancamerica-Blair
1
5
Apr
10
Bunker Hill & Sullivan..10
Apr
z
Jan
Mar
Feb
Feb
Apr
63* May
25
Sept
Sept
108j*
17?*
8
8
8
276
-
8
Sept
100
Emporium Capwell Corp.*
30
30
37
250
30
Sept
1,116
15?*
35?*
11?*
Sept
Sept
$3 preferred-
4?* %
—
pref w W...50
Emsco Derrick & Equip..5
cum
Fireman's F'und Insur.
Food Macli
*
Preferred
Gladding McBean & Co..*
11?*
32?*
12?*
5%
11?*
32?*
12?*
53*
47
Sept
11
Sept
32?*
314
525
32?*
10?*
Sept
14
6
•2,492
Sept
703*
18?*
41?*
313*
8?*
13,
5
Sept
Mar
Jan
Mar
Jan
Mar
Consolidated Oil
-----
1
Dumbarton
10
5
Bridge
Electric Bond & Share
Fibreboard Prod pref.
Feb
2
Aug
5
32
32
33?*
426
30
Sept
36?*
Sept
1
Lyons-Magnus Inc B
*
Magnavox Co Ltd.__.-2?*
Magnin & Co (I) com
*
100
6% preferred
Marcliant Cal Mach com_5
16
102?*
21
9%
Meier Frank Co.
Market St Ry pr pref.. 100
Nat Automotive Fibres—*
Natomas Co
13
20?*
9
*
16
o to £
20
9?*
13
20?*
8?*
14.
620
12
July
Jan
100
July
Jan
Honokaa Sugar Co
39
682
2?*
36?*
163*
4?*
2
Sept
42
9
Sept
Feb
Idaho-Maryland Min
5A
1?*
Sept
163*
2?*
Jan
2
10?*
%
1%
17
102%
22
10?*
13
23
9?*
18
66
100
123*
12?*
133*
27
27
27
9?*
3,606
200
2,935
812
10
2.796
295
30
1,522
S30
16
102?*
19?*
9?*
13
20
8?*
Sept
Sept
Sept
28
Feb
Sept
133* May
Jan
38?*
Sept
Sept
Sept
44?*
13?*
18
Sept
33
60
Sept
96
Mar
12
Sept
16?*
Mar
27
Sept
32
50
1,155
14
10
123*
16?*
8?*
12?*
60
11
16?*
218
9
Hawaiian Sugar
Holly
Co
Development
1
International Cinema—1
25
5?*% preferred
28
28
25
25
com
6% 1st preferred
23%
26?*
37?*
283*
263*
37?*
Pacific Light Corp com...*
*
6% preferred
Pac Pub Ser (non-v) com.
106
*
43*
17?*
1353*
573*
*
Preferred
943
Pacific Tel & Tel com..100
Paraffine Cos common...*
*
*
Phillips Petroleum
Pig'n Whistle pref
283*
293*
26?*
40
130
5?*
1,647
508
International Tel & Tel
1
—1
2 Kinner Airplane & Mot.l
Kleiber Motors
10
McBryde Sugar Co
5
2 Menasco Mfg Co
1
M J&M & M Consol..—1
Mountain City Copper_5c
Itak) Petroleum
Preferred
16?*
8?*
Sept
Sept
Sept
123*
17?*
18
22?*
18?*
Jan
May
Apr
Oahu Sugar
Occidental
Co..
-20
Petroleum_.l
2
Pacific Coast Aggreg..l0
Jan
Jan
Pac Ptld Cement
Feb
7
65
65
60
63?*
5?*
1
100
...lOO
Shell Union Oil common. _*
Soundview Pulp Co
5
35
36
13?*
63*
1?*
Schles'ger & Sons (B F) com *
Preferred
7
35
Warrants
13?*
63*
1%
15?*
6?*
23
23
99?*
99%
2
53*
213*
38?*
For footnotes see page 2052.
2
5%
213*
38?*
17?*
Apr
60
Sept
8?*
Mar
90c
400
60c May
1.00
Apr
75c
75c
75c
200
50c
Apr
1.00
28?*
63*
106?*
64?*
13
13
4?*
10
.13
660
6
10
105
40
63*
41
Sept
Sept
Apr
Sept
18?*
9?*
Sept
Sept
106
106
41
44
20
201*
610
9?*
100
240
27
9?*
Jan
Jan
Sept
Mar
Feb
Aug
Sept
67
70
211*
21?*
20
21
665* May
Sept
23 3*
39
67
41
27
35
June
485*
Mar
76c
Mar
17?*
Mar
7?*
1.85
Mar
Feb
27?* Sept
28?* Mar
25?* Mar
37?* Sept
103?* May;
4?* Sept
17?* Sept
75c
5.00
4.90
80c
80c
7?*
93*
70c
2,350
88c
130
93*
Sept
Sept
3.60
Apr
90c
2,000
2,275
75c
Sept
83*
150
10
79
July
Feb
Jan
50c
61c
3,804
42c
Sept
Sept
155*
50c
1.25
Mar
3.25
3.25
3.80
3,399
3.00
Sept
7?*
Mar
20c
20c
23c
5,730
10c June
72c
18
18
16
51*
7?*
12
400
200
51*
Aug
53* June
50
10?*
Feb
Apr
Jan
1.85
2.00
200
1.85
Jan
32c
38c
14,575
30c
Sept
Sept
4.80
33c
63c
Feb
6c
6c
81*c
3,125
6c
Sept
17J*c
Mar
100
15?*
Mar
34?*
30c
Sept
Sept
Sept
283*
125
2,700
82c
Feb
8
Sept
18?*
Feb
151*
151*
36
36
30c
30c
35c
8
8
1.60
100
1.00
2.15
4,060
1.20
1,350
581*
1.60
97
1.60
4.15
July
60
Feb
200
7
Feb
20
Sept
Sept
12?*
100
373*
Jan
75* June
12?*
9
10
92c
612
Jan
Radio Corp of Amer
Jan
Ryan
Jan
Schumacher Wall Board
107
8?*
24
Jan
9
1.75
Aeronautical
Preferred
3~05
Sherwood
Jan
1.75
100
1.75
3.05
3.05
100
3.00
181*
181*
10
51*
51*
61*
455
5
91*
91*
201*
20?*
27?*
-—
....
Jan
Silver King Coal
Swan
25
6% preferred
25
49
Sept
54?*
5?*
Sept
2?*
Sept
143
152?*
9.50
7
Sept
30
65
Sept
18?*
89?*
52
Sept
89
Aug
710
5
Sept
13?*
Feb
80
35
Sept
50
Sept
Apr
193* June
Sept
10?* May
1,900
2
700
23
300
23
Sept
33
101
20
99?*
Sept
110
6,336
Jan
27
Mar
Sept
Sept
20?* Sept
265* June
10
May
16?*
857
226
2,040
290
4,773
2
Sept
Sept
5?* Sept
21?* Sept
38?* Sept
3?*
7?*
123*
33?*
693*
300
Feb
32?*
Jan
29?*
Jan
Jan
Jan
Schwabacher & Co.
Members New
111
York Slock Exchange
Broadway, New York
May
Cortlandt 7-4150
Mar
Jan
Apr
Apr
Feb
July
Private wire to own offices
Santa
Barbara
—
Del
in San Francisco
Monte
—
Los Angeles
-
Hollywood
Feb
9%
Jan
2,685
Jan
2.50 May
5 J*
18
105
221*
271*
Sept
Sept
Feb
131
Jan
1.80 May
Jan
32?*
293*
53?*
7?*
Jan
Sept
Sept
20
71*
44
46
20
38
13?*
6?*
1?*
23*
63*
21?*
44?*
"75c
20
So Calif Edison
50
7
Preferred
Sept
Packard Motors
Jan
3
65
Roos Bros common
12
4?*
50
Feb
49
60
Richfield Oil common
300
Jan*
90c
pref. .100
87
3
5?*
12?*
53*
43*
1.00
Pacific Distillers
Sept
49
5?*
12
41*
8
Pacific Clay Products
57?*
20
3
Republic Petroleum com.l
12
5
Nash-Kelvinator
2
394
49
100
Republic Petrol pref
Mfg Co
575
1,577
100
Ry Equip & Realty com..*
Rheem
3,147
173*
132
135%
57%
57%
4%
17%
Rainier Pulp & Paper B__*
6%
3,478
106?*
106
Mar
7H
Pioneer Mill Co
Pacific G & E
Mar
5.25
Sept
Mar
20
14
*
Feb
30
123*
16?*
83*
5
Feb
2,255
14
Pacific Can Co
Jan
Mar
Jan
Paauhau Sugar
Pacific Amer Fisheries
5
23?*
F'eb
Mar
108
O'Connor Moffatt & Co AA*
15
4?*
25
Sept
8?* Sept
13?* May
83*
3?*
Mar
2 3*
Feb
23*
18
8?*
-20
20
1
20
Preferred
Sept
Sept
60
Oliver United Filters B___*
Jan
3.00
—
Great West El Chem com..
2
18
18
10
70c
150
—-
....
100
60
Occidental Ins Co.
New.
660
2
100
53*% preferred
301
41
General Metals—-—
1934
North Amer Inv com.. 100
6% preferred
21*
4.50
.100
General Electric Co
Lockheed Aircraft
21*
11*
21*
6
Apr
27?*
13
Feb
4.50
Farolline Packer
22
2?*
38?*
9?*
%
13*
8.00
11*
2
Cypress Abbey
78
1,200
2,581
21*
1
Claude Neon Lights
10
4.50
Cities Service
Columbia River Packer.
Feb
Sept
13
Feb
Mar
100
Feb
May
23*
38?*
93*
%
1?*
6.25
95?*
Feb
14
*
2.00
Jan
Mar
21
10
Feb
82c
140
B
Aug
25?*
1.90
675
Leslie Salt Co
31
Sept
Jan
16
Langendorf Utd Bak A..*
Sept
14
Aug
22
2
20
125
40c
14
18
390
15
20c
22
2
23
Jan
4,600
14
18
20
201*
7
25c
22
10
2.50
1.40
*
15
15?*
80
2,598
20c
*
..
100
3.00
1.25
Hancock Oil Co..
Pineapple
Apr
75*
151*
2.50
20c
Hale Bros Stores Inc
Hutch Sugar Plant
13?*
24?*
Sept
71*
153*
1.25
*
Hunt Bros A common.
Sept
Sept
71*
"~2~50
1
1
Golden State Co Ltd
Hawaiian
Mar
Central Eureka
Mar
565
Jan
Feb
183*
131*
Cardinal Gold
*27 100
Curtiss-Wright Corp
2,659
12?*
12?*
2
2
50?*
209
Feb
13
z
Mar
47
13
273*
11.50
Mar
Mar
47
Sept
Sept
Sept
Sept
5
Mar
7
10
com
General Paint Corp com..*
4.00
50
Sept
Sept
Sept
22
40
18
585
5
4.50
Jan
Sept
351
5.50
5
100
Sept
33
19
4.50
Aug
4.50
3?*
17?*
10
18
4.65
Jan
Feb
85
2.00
140
33
Sept
78
37?*
33
40
4.50
Sept
33
545
2.00
Sept
Merc Laundry..*
45
78
79
110
40
4.50
36
4
"~45~~
63?*
2.00
-
120
183*
41?*
78
B
675
4
Feb
41?*
Cal-Ore Pw 6% pref
81?*
IS
50c
183?*
Calif-Pacific Trading pref—
403*
4
10
Feb
Jan
Sept
Sept
Mar
80
183*
156?*
41 %
Sept
11?*
1,025
6c
173
Calif Art Tile A
80
12
High
2.50
Jan
14
Bendix Aviation
Bolsa-Chica Oil A
18
24?*
47?*
19?*
963*
57?*
1,300
5
37?*
37?*
General Motors
5
16
com..2?*
25
preferred
Galland
25
...
Anglo Natl Corp
35?*
11?*
Sept
15c
45c
18
Angelo Amm Mars.
16
330
15c
156?* 1621*
50
35?*
Corp com...10
Foster & Kleiser
A
__
9
Gold
Anaconda Copper
2
DI Giorgio Fruit com...10
Low
135
Mar
12?*
46
15?*
Range Since Jan. 1, 1937
Shares
1.30
15c
Alaska-United
Mar
87
High
1.25
156?*
Mar
125
Low
25
5
32?*
12?*
1?*
46?*
48?*
106J*
99?*
Price
Mar
Alaska-Treadwell
Calamoa Sugar com
Sales
Mar
25
Jan
Sept
20?*
31%
7%
Sept
3?*
10J*
194?*
1,375
735
Sept
Feb
-
Beverly
—
Hills
Financial
2052
Sales
Friday
Par
Week's Range
for
Sale
of Prices
Week
Low
Price
Low
Shares
High
Sept. 25,
1937
,
Range Since Jan. 1 1937
Last
Stocks (Concluded)
Chronicle
Toronto Stock Exchange—Curb Section
High
Sept. 18 to Sept. 2d, both inclusive, compiled from official sales lists
'
-
11
Standard Oil Co (N
z
J)
40
10%
Jan
57%
75
Mar
Last
2.70
Mar
Feb
1.30
Feb
1.20
Sept
Sept
1454
3.75
Aug
Feb
48
Sept
80
Mar
1.00
1.00
1.25
4.555
40c
40c
40c
400
1
1.50
Texas Consol Oil
—
1.
U S Steel com
100
1,600
9
10
48
250
4%
3%
Feb
Canada Malting
Mar
Aug
89 %
200
77%
Jan
126)4
2%
200
2.40
Sept
3.00
2
%
*
No par value,
c
Cash sale,
d Stock spilt up on a two-for-one
0
—
eLteted.
In
for
range
year,
x
Ex-dlvldend.
v
t In default.
\
Dom
Mar
365
2.50
Sept
lc
4,000
lc
Aug
3%c
20
Feb
22
June
13%
9,350
12)4
9)4
Sept
19%
May
50
50
47
Sept
60
30
2)4
1%
125
60c
2%
10.00
Jan
Feb
2)4
Jan
Feb
Sept
50c
50c
13,200
50c
32%
31)4
39
275
31)4
Sept
58)4
Apr
32
*
35
161
29
May
43
Aug
*
Found A Steel—
Jan
31c
3.25
2%
•
Dalhousle OH
Jan
3H
25
18)4
9)4
*
Dominion Bridge
Feb
June
22)4 June
4c Sept
lc
2.50
.
Ex rights
t Company In bankruptcy, receivership or reorganisation.
21
July
1.50
Feb
18)4
9)4
2.50
......
.
Crown Dominion Oil..
sale—Not included
16,000
Consol Sand & Gravel pflOO
Stock dividend of 100% paid Sept. 1, 1936.
rCash
6c
*
»
Consolidated Paper
baste.
5
...1
Press.._
Feb
Apr
Jar
17
250
4c
July
21c
10%.
38)4
34
5,960
4%c
70
Jan
Sept
7%
60
1.80
22)4
18%
1.55
...1
Consolidated
18)4
1.50
22)4
......
Cobalt Contact
b Ex-stock dividend.
551
33%
High
3)4o June
480
35%
45
5,500
8)4
♦
Coast Copper
M. Castle A Co. split its common stock on a
a A.
1937.
two-for-one baste on March 9,
6)4c
33%
...1
Central Manitoba
5
6c
7)4
*
Canada Vinegars
Canadian Marconi
Canadian Wirebound.
Low
6c
*
89%
......
Utah-Idaho Sugar
Shares
50
50
1 1937
Week
High
7)4
1
—
»
1.95
3,250
Brett Trethewey
Canada Bud
Range Since Jan
lor
ol Prices
Low
Price
inn
Bissellpref—
Jan
8%
Week's Range
Sale
Par
Stocks—
2.90
Sept
1.15 Sept
3%
1.50
1.35
1
30c
150
1.80
1.50
48
__
3%
U 8 Petroleum
10%
9
9
Studebaker
Title Guaranty pref
United Corp of Del
Sales
Friday
15
Sept
Sept
95c Sept
16)4
57 %
1
Stearman-Hammond 1.25
Sterling Oil A Dev..
z
11
57 %
Standatd Brands Inc
Sept
3.60
Feb
*
50c
50c
60c
2,200
50c
Sept
3.35
Feb
Fraser voting trust...
*
22)4
22)4
22)4
Sept
47%
June
*
28%
8%
30
Hamilton
175
Sept
18 %
Apr
Foothills
Bridge
8
8
*
Honey Dew
.
-
*
21%
Inter Metals A
Foreign Stocks, Bonds and Coupons
•
10
.mo
Preferred
i
Klrkland Townsite
Inactive Exchanges
55c
-
Hudson Bay MAS...
Malrobic
2%C
20c
85
24
Feb
Sept
18)4
l)4c
July
20c
Sept
20
Mar
335
28)4
285
23
24
10
108
Sept
Sept
4,000
24
Jan
41%
18c
1,200
4,500
21c
l)4c
20c
9%
1.75
Sept
21
120
18c
18c
1 )4c
*
Mercury Mills pref... .inn
385
85
85
.....
50c June
100
7,765
11%
9%
......
i
.
Mandy
60c
25)4
21
8
Jan
Mar
55c
Apr
4%c
Feb
69c
•
Jan
40
Apr
Sept
37%
Jan
Montreal L H A P
28)4
28)4
29)4
National Steel Car
BRAUNL
WALTER E.
62 William
*
*
29
29
34
Sept
57)4
Jan
lHo
1HC
3,500
1
)4c
July
6c
Jan
4c
4%C
3)ic
Sept
12c
Jan
l%c
July
Sept
6c
Feb
6.65
Feb
Night Hawk
Tel. HAnover 2-5422
St., N. Y.
*
l%o
1%C
6,500
2,000
l
Oil Selections
2.60
2.60
3.15
29,675
2.55
2 )4c
2)4c
2%C
8,500
2)4o
2)4 c
4c
.
Pawnee-Kirkland
...l
Pend Oreille.
......
Porcupine Crown
Foreign Unlisted Dollar Bonds
5
/18
---
/24
26
/22)4
24
?
/22)4
24
*
/24
26
Bavaria 6)6s to
5
Bavarian Palatinate Cons
/18
Cities 7% to
5
Bogota (Colombia) 6 )
8s
5
—_
7s.
6s.
>
I
/14
/16
/14
n ys
17
17
18%
/is
76)4
—
6%a
17
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s... 1956
Coupons—
Nov 1932 to May 1935
51
754
7)4
7)4
Nov 1935 to Nov 1936
10)4
Koholyt 6%a
20
77)4
....
»
1943
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 6J$s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
—
1948
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
12
i
110
12
Cauca Valley 7 %a
Ceara (Brazil) 8s
1
/ll
/9
12
(Colombia) 7s.-.1
(Peru) 7)$s
1
1
1
Nassau Landbank 6Hs '38
Natl Bank Panama 6)4%
(A A B)
11
1946-1947
(CAD)
.1948-1949
Nat Central Savings Bk of
Hungary 7 )4s
1962
National Hungarian A Ind
Mtge 7%
1948
Central German Power
1
125
116
3
18
/16
18
157
70
orth German Lloyd 6s '47
4s
1947
City
I
128
192
/62
7
170
75
I
/26
29
?
/29
/28
31
3
1
9
)
/10)4
3
3
3
3
6%a
European Mortgage A In
Par
Jan
58c
Mar
2)4
300
1%
Jan
Sept
2)4
Sept
62)4
41
41
235
43
1.85
1)4
Bid
1
40
Jan
85
150
1 )4
June
3%
Jan
IX
195
1)4
Sept
5
Feb
Par
Ask
14.36
15.28
6.47
7.12
21%
22%
118
Insuranshares Corp of Del
Invest Co. of Amer com. 10
Investors Fund C
Bid
Ask
2
1%
40
45
1
11.84
Keystone Cust Fd Inc B-2.
26.27
12.57
.89
.98
/18
Amer A Continental
Corp.
10%
11%
Series B-3
17.10
18.74
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
.81
.90
Series K-l
18.82
20.54
4%
5%
Series K-2
13.47
14.74
Assoc Stand Oil Shares. .2
6%
7
Series S-2
19.70
21.56
Bankers Nat Invest
3%
3%
Series S-4
7.88
Amer Business Shares.50c
84
/18
British Type Invest A
1
Broad St Invest Co Inc..5
/18
Bullock Fund Ltd
-
-
-
100
m
—
—
m.
m.
-
105
1933
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
Salvador
4s
/S9
165
160
121
118
...
...
—
7%
1957
8s ctfs of
/31
32
Santander
/90
95
Sao Paulo
1947
(Colom) 7s. 1948
(Brazil) 6s.. 1943
6)4s
158
140
736
134%
...
...
.
.
-
.
1951
Saxon State Mtge 6s..1947
Slem A Halske deb 6S.2930
State Mtge Bk Jugoslavia
-
53
55
2.38
2.38
Series ACC mod
21
1
100
117
Crum A Forster Insurance
Common B shares..-.10
30
__
-
-
-
159
161"
/18
/34
/32
33
13)4
27
86
Northern
53
21.90
32.49
34%
21.67
23.33
10c
2.84
3.19
Sovereign Invest Inc
Spencer Trask Fund
Insurance stock serleslOo
Fixed Trust Shares A—.10
3.31
3.75
ll"
18.55
19.69
21
Fundamental Tr Shares A.
5.22
5.88
/18
...
395
■
...
Shares-
%
11.99
4.54
com.
.83
.91
*
16.78
17.06
Standard Am Trust Shares
3.60
3.80
Utilities Inc.50c
.59
94
Super t
3.47
orp of Am Tr Shs A
34.72
37.33
5.49
5.97
.64
98
_____
2.28
AA
3.60
B.
BB
4.76
.85
%
11.00
2.28
,
6.46
6.46
D
Supervised Shares-.
3
11.07
12.03
Trustee Stand Invest Shs.
1.54
Food shares
1.67
Series
C
1
Series D
2.58
1
2.53
Trustee Stand Oil Shs A.l
6.87
1
6.35
Series
B
Trusteed Amer Bank Sha B
.74
.82
no
11
.90
1.13
Trusteed
Shares
1.15
1.26
1.08
1.18
U S El Lt A Pr Shares A..
13%
14%
1.33
1.45
2.10
2.20
Petroleum
1947
.82
1.03
Mining shares
Tolima 7s
1.21
1.32
.88
.97
1.51
1.64
shares
RR equipment shares
Steel shares...
Tobacco shares
.94
1.03
Guardian Inv Trust com.*
Union of Soviet Soc Repub
/18
Income
2%
Investing shares
Merchandise shares
77
1945
Selected
Shares.2)4
C_
General Capital Corp
General Investors Trust.*
.75
Royalties Management.. 1
State Street Invest Corp.*
4.40
2
Republic Invest Fund _25o
Selected Amer
Standard
10.47
4.10
73
Wurtemberg 7s to
8
11.35
3194
8.57
1955
Unterelbe Electric 6s. -1953 718
Vesten Elec Ry 7s
1947 /18
10.85
30.22
10
7% gold ruble...-.1943 $86.53 91.13
/51
15.47
20.18
Stettin Pub UtU 7s...1946
109)4 110)4
.68
14.11
Inc Shares
Representative Trust Shs.
1.44
8
.57
Quarterly
1.65
0
2%
1.63
-
1.21
—
*
1.48
-
1.32
...
Class B_
Plymouth Fund Inc A. 10c
25c
-
Foundation Trust Shs A.l
Fundamental In vest Inc. .2
Toho Electric 7s
107)4
13
*
6.50
-
1.52
1946
72
32
12
Class A
9%
1.11
1936
65
30
4.05
B..._
2.64
Securities.-.100
Pacific Southern Inv pref.*
2.75
6.10
B
_
2.84
1
_
2.90
1
Series 1958
2.96
1
Series 1956
Chemical shares
4s
2.33
Series 1955
__
1.87
1
Fiscal Fund Inc—
Bank stock series
9.30
11.39
No Amer Tr Shares 1953.*
111
...3.50
Eqult Inv Corp (Mass)—5
Equity Corp conv pref
1
Fidelity Fund inc
*
10.75
56
C
Eaton A Howard Manage¬
ment Fund series A-l—.
equipments—
8.60
10.54
Railroad
No Amer Bond Trust ctfs.
33
Shares
Shares
11.74
9.95
3.50
Dividend
10.46
10.87
Steel
5.15
10.18
9.68
Machinery
9.68
9.42
Metals
-
9.16
8.95
Oils
27
Building shares
Certificates
10.00
8.47
supplies
Electrical equipment
Insurance stock
-
Automobile shares
7s unstamped
12.15
9.25
Building
D
21
Coupons—
unstamped. 1936
11.25
B
/15
/25
/83
/85
flO
fl9
/18
fl7
/20
/360
.
2.97
25
7% preferred
100
Cumulative Trust Shares. *
Deposited Bank Sbs ser A1
_
-
2.97
10
com
_
-
56
Great Britain & Ireland—
98
1
Accumulative series...1
Series A A mod
1
-
54
---
111%
114%
3
Series A A
-
3%
N Y Stocks Inc—
Bank stock
13
•
/60
/42
/18
/59
/47
/53
/41
19
2058.
2.52
7
/18
For footnotes see page
12-
1.68
Agriculture
9
23
16%
7
4.39
7
1956
2d series 5s
...
29
126
/20
6%.
23.92
4.10
Oot 1932 to April 1935
Oct 1935 to Oct 1936—
...
132
/30)4
1956
Certificates 4s.-.1946
4
22.25
66
5s
German Young coupons:
-
*
54
...
Stlnnes 7s
-
15.92
Group Securities—
Agricultural shares
...
133k
.
14.81
(below)
Corporate Trust Shares. .1
/50
Saxon Pub Works 7s. -1945
-
6.27
New England Fund
1
N Y Bank Trust Shares..1
Inv Banking
Consol Funds Corp cl A.l
Continental Shares pf.100
/IS
1948
dep
Scrip
3
-
6.02
Commonwealth Invest.. .1
128
197%
1948
8s
3
-
National Investors Corp..
Century Shares Trust
Santa Catharlna (Brazil)
Santa Fe 7s stamped. 1942
B
_
3.98
1.53
see
/28
/12)4
/55
scrip
8%
Building A
.
14.04
3.88
Diversified Trustee
118
July to Dec 1933..
12.85
Voting trust certificates.
Deposited Insur Shs A—.1
Deposited Insur Shs ser B1
130
3
10
Nation Wide Securities...
4.20
/26
/18
/19
/17
Janeiro 6%
—
17%
/18
Rom Cath Church 6)48 '46
R C Church Welfare 7s '46
-
28.57
1941
Rio de
24.05
3.80
Central Nat Corp
/89
/88
...
1941
22.87
—
15%
/23
/26
6s
Mutual Invest Fund
8.02
1
Mass Investors Trust
2%
7.32
26.99
117
—
.48
Maryland Fund Inc
1
—1946
Prov Bk
.28
8.74
*
10c
Major Shares Corp
19.90
28.68
Canadian Inv Fund Ltd—1
Westphalia 6s '36
many) 7s.
---
4.04
18.61
Boston Fund Inc
Prov Bk Westphalia 6s '33
...
128
135
5
Corp *
Basic Industry Shares.. 10
1968
11)4
gg
3
3.50
Jan
Affiliated Fund Inc...1%
Amerex Holding Corp
*
/50
m
Protestant Church (Ger¬
/18
/18
/18
7
Apr 16 '36 to Aprjl 6 *37
Jan
56
Mar
20c
Investing Companies
8% preferred
134
1
July to Sept 1937
Sept
90c
25,117
Fund.....*
Administered
45
7s ctfs of dep.——.1957
German scrip
German Dawes coupons:
Dec 1934 stamped
22
15
100
30c
...
21
/38
/19
2
Jan to June 1937.
24
Jan
Mar
62)4
52)4
Crum A Forster
5
Jan to June 1936—
9%
2%
Feb
•No par value.
45
7
July to Dec 1935—
Sept
860
Jan
8%
34
2)4
*
/40
7
Jan to June 1936
Feb
1.50
*
/18
5
July to Dec 1934—
.100
pref
1952
31
inama
1
Jan to June 1934—
Feb
16o
12 %o
22c
......
1945
to
City 6%a
Panama 5% scrip
Porto Alegre 7%
/19
/15
5
Oberpfals Elec 7 %
1946
Oldenburg-Free State 7%
64
5 i/18
German
He
Sept
1.50
-
25c
*
Fuel
200
3%
22
-
Walkerville Brew
15
Callao
7s.
22
255
25
2%
♦
Thayers
/18
/18
65
/ll
/13
Duesseldorf 7s to
3
.109
/42
/17
5
24
*
/60
82
/20
5
I
51
5
24
Sept
/18
..—..196 i
6s.
»
Shawlnlgao WAP
Temiskamlng Mines.. ...)
/19
Corp—
Colombia scrip Issue of
Issue of 1934 4%...l!
32,200
2)4o Sept
\ 2 % June
24
•
Sept
3,000
3)4c
5)4
Stop & Shop
/30
.196
Savings Bank
Budapest 7s
-.11
4c
2 )4c
United
1948
Water 7%
/62
) /no
Call
2)4c
2)4c
Stand Paving
Preferred
/28
Ilseder Steel 6s
/18
/18
Brown Coal Ind
Ask
m
w
/16
/28
/28
19
Hungarian Bank
7)*s—
2%c
...I
Waterloo Mfg A
/89
British
Hansa SS 6s stamped. 1939
6s unstamped
.1939
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 Ha '32
Hungarian Discount A Ex¬
change Bank 7s
1936
...I
Rogers Majestic
Bid
Ask
Bid
—l
Ritchie Gold
Robb Montbray
$7 Preferred...
Huron Holding Corp
•
1
Institutional Securities Ltd
Bank Group shares
Insurance Group Shares.
Incorporated Investors. *
_
•No
par
value,
e
%
24
.30
26
Industry
B
.83
.91
Un N Y Bank Trust C-3.»
2%
3%
Un N Y Tr Shs
•
1%
1%
1
15.08
16.58
Voting trust ctfs.
Wellington
ser F
Fund
Investm't Banking Corps
Bancamerica-Blalr
.80
Corp.i
Central Nat Corp cl A..*
lass B
1.37
1.49
1.40
1.51
19.54
21.04
Ex-coupon,
x
*
First Boston Corp
Schoelkopf, Hutton A
7%
38
4
8%
40
6
10
18%
19%
Pomeroy Inc com..-10c
2%
3H
Ex-dlvldend.
y
Ex-Stock dividend.
MEMBERS
TELEPHONE HANOVER
SPECIALIZING
ALDRED
NEW
2-0980
IN
YORK
BELL
CANADIAN
SECURITY
UTILITY
52
BUILDING
AND
WILLIAM
MONTREAL
NEW
PRSVATE WIRES
Volume
DEALERS
SYSTEM TELETYPE
NY
ASSOCIATION
1-395
CABLE
INDUSTRIAL
ADDRESS
STOCKS
STREET
AND
ROYAL
YORK
HARTWAL
BONDS
BANK
BUILDING
TORONTO
CONNECT
OFFICES
145
2053
Canadian Markets
LISTED
AND
UNLISTED
Provincial and Municipal Issues
Province of
Alberta—
6e
Jan
Bid
1 1948
/57
/56
4*4s
Oct "
1 1956
Prov of British Columbia—
6s
July
4*4s
Oct
Ask
58*4
Province of Ontario—
5s
Oct
1 1942
57*4
100
1 1953
Sept
5s
12 1949
6s
May
4s
June
4*4s
Jan
100*4
96*4
97
1 1941
92
94*4
15 1954
90
92
6s..
Dec
2 1959
Prov of New Brunswick—
92
93*4
Province of Manitoba—
4*4s
Aug
6s
June
.
Province of
4*4s
4*4s
Apr
4*4«
Sept
15 1952
6s
Mar
1 1960
15 1960
105
106
15 1961
Province of Nova 8ootla—
103
104*4
108
15 1943
Montreal Stock Exchange
Bid
|
Ask
Friday
Last
Week's Range
Sale
Stocks (Concluded)
of Prices
Low
High
113
107 H
114*4
Industrial Acceptance
110
111
1
1959
116*4 117*4
118^ill9^
1
1962
106 *4
15 1965
Quebec—
Intercolonial Coal
4Hs
Mar
2 1950
4b
Feb
1
1958
4*is
May
1 1961
Prov of Saskatchewan—
5a
15 1943
78
81
Nor
15 1946
75
78
74 *4
76*4
Oct
1
1951
*
Canadian Pacific By—
Canadian
4s perpetual debentures.
6s
Sept
4*4»
Dec
68
July
91*4
92*4
15 1942 no6
106*4
15 1944
100*4 102
112
1 1944
112*4
Pacific
Ry—
| Ask
Sept
1 1946
5s
Dec
1
1954
4*48
July
1
1960
100
41
25
49*4
55
30*4
3054
32*4
12,842
2,257
5
5*4
225
19
22*4
355
16
19
405
15
16
15
50
"6*4
Ask
Canadian National Ry—
4*4s
4*4s
4*4s
4*4s
Sept
112*4 113
115*4 116
113
113*4
112*4 112*4
115*4 115*4
117*4 118
117*4 118
June 15 1955
Feb
1 1956
6a
July
July
1 1957
1 1969
5s
Oct
1 1969
58
1 1970
Feb
Bid
6*4a
July
1 1946
Ask
Jan
1 1962
Jan
1 1962
Montreal Stock
94*4
Last
Sals
Stocks—
Par
Pries
of Prices
Low
High
5,871
58*4
58*4
20
25
35
"58*4"
80
Preferred
for
Associated
Breweries.
Preferred
13
...100
Telephone
13*4
110
11
15
110*4
5,310
12*4
1.50
455
1.50
British Col Power Corp A. •
34
19*4
33*4
7
.
Silk
490
15*4
"20*4
Bruck
Jan
Sept
Sept
10
110*4
Mills
165
299
Mar
8*4
90
1.50
165
157
Jan
Apr
Sept
Sept
May
22*4
25,834
18*4
Jan
34*4
365
33*4
Sept
Sept
7
60
6*4
*
5
5
Building Products A
*
52
52
55
30
Canada Cement
*
10*4
10
17
3,888
10
Sept
775
Canada Cement pref
..100
Can Forgings cl A
*
Can Iron Foundries preflOO
Canada North Pow Corp. *
102
Preferred
101*4 103*4
13*4
13*4
"20
4
"10*4
5
605
56*4
July
Jan
16
Preferred 7%
Preferred...
170
Sept
Sept
Sept
57*4
Jan
54
Feb
83
Feb
73
111
20*4
20
20
355
20
May
2,269
2,262
2
July
9*4
116
36
Jan
4,070
10*4
July
Sept
Sept
991
20*4
Sept
70
25*4
Apr
Mar
Jan
10
550
8
Apr
11
June
24
50
19
Jan
25
Aug
100
105
105
105
55
104
100
100
102*4
20
99*4
Jan
9*4
11,810
5*4
Sept
Sept
5*4
5*4
Jan
Mar
106*4
103*4
Apr
Apr
15
17*4
17
24
21
21
23
100
21
Sept
25
June
58
58
73
2,267
57
Sept
98
Aug
23
23
24*4
2,674
22
Sept
33*4
Feb
16*4
16*4
18
260
16*4
11
11
120
13
Sept
Sept
30
11
16
Jan
110
110
20
101
Jan
110
Aug
♦
"l2"
12
13*4
68*4
76
*
68*4
11*4
802
68*4
Apr
5
3
July
7
Jan
21
80
21
June
30
11
May
July
35
9
23
Jan
4
2,330
9
3
Apr
10
6*4
3
9
•
328
3954
1,360
5
21
*
17
Sept
Sept
Sept
3
5*4
100
8,035
3
Feb
18*4
96*4
Mar
11*4
Mar
3
June
666
3
Jan
20
20
10
24
Sept
Aug
10
100
43
Jan
100
60
60
65
55
Sept
82*4
Jan
3*4
3*4
3*4
Jan
10*4
50
58
59
12
58
Jan
60
June
100
159*4
159*4 160
13
150
Jan
100
170
170
179
203
170
211
100
200
200
206
407
200
Sept
Sept
241
Feb
10(
325
325
45
314
Jan
340
Mar
100
178
187
876
178
Sept
226
Feb
178""
161*4
Aug
Jan
HANSON BROS Canadian Government
incorporated
Municipal
^
Pablic Utility and
established 1883
255 St. James St., Montreal
890
20
Sept
31
Mar
116
116
80
116
Sept
126
21
21
20
Industrial Bonds
Mar
Mar
"2i"
21
Jan
22
10
10
10
55
10
Sept
30
89
89
89
30
75
Feb
93
20
20
21
160
20
Sept
33
Feb
105
105
5
105
Aug
105
94
330 Bay SL, Toronto
Aug
Apr
Sparks St, Ottawa
Aug
*
56
Jan
100
Aug
~83~
80
83*4
640
71
5*4
5*4
5*4
4,435
5
4*4
4*4
4*4
1,955
4*4
5
9*4
*
10
10
Apr
Sept
Sept
8*4
7*4
23*4
17*4
22*4
Friday
Mar
Mar
Stocks—
67
515
18
Jan
17*4
380
16*4
Sept
29
Mar
Dominion Bridge
*
Dominion Coal pre .....25
Dominion Glass
100
31*4
31
38*4
2,297
31
18
18
19
345
18
Sept
Sept
58*4
23*4
Mar
Dominion Steel A Coal B 25
"l4*4
13*4
17*4
6*4
6*4
9*4
*
111
*
100
111
9
10
85
110
29,225
2,055
13
6*4
Jan
Jan
28*4
18*4
91
86
86
130
86
July
*
73*4
77
60
73
Jan
*
9*4
16*4
73*4
9*4
1
3
"11"
*
10
Gurd, Charles
*
Gypsum Lime A Alabas..*
Hamilton Bridge
*
5
Holt Renfrew pref.
100
Howard Smith Paper..._*
2,980
9*4
300
16*4
20
Sept
24
125
3
Sept
13
110
10
14
16
865
14
10
11*4
9*4
7
7
9
"16*4
10
4,060
8*4
3,305
8*4
Sept
10*4
515
Sept
"18*4
£1
13 *4
1,032
40
24
3,050
18*4
Jan
100
T<T~
11
75
16
100
50
99*4
Apr
18*4
UrH
19*4
13*4
7,561
1,315
140
10*4
18*4
13*4
7
May
Jan
Sept
J an
Feb
74
34*4
106
24*4
15*4
7*4
80
79*4
6*4
3,798
38
38
1
40
3
50
3
Sept
Sept
91
Sept
135
Mar
60*4
Sept
92
July
91
40
51*4
67
5,393
6
7
754
6
3,246
5*4
125
125
10
123*4
7
7
70
7
2,837
20
5*4
6*4
Sept
Sept
11
100
9
Apr
70
70
10
60
34
34
35
90
33
Apr
Sept
34
109
Canada Vinegars Ltd
Canadian
Mar
Breweries
Preferred
Apr
*
*
19*4
11
7*4
1.80
*
8*4
2
Cndn
Mar
{
Mar
(
Marconi Co
Cndn Pow A Pap Inv
Can Vlckere Ltd
•
No par value
7*4
20
1.80
18
Cndn Intl Inv Trust Ltd..*
July
11
6*4
8*4
21*4
12*4
7*4
110*4
6*4
20
781
165
25
2.00
1,030
18*4
256
8*4
10
2
1.75
5
15*4
725
1.50
1.55
1.70
*
1.50
1.50
1.51
5
5
6
2.75
'""400
5
Jan
Jan
9
Apr
26*4
Mar
22
Mar
10
Jan
82*4
Aug
39
Apr
112
Feb
25
Jan
4
Jan
Sept
Sept
Sept
110
Apr
130
20
9*4
2
9*4
Feb
Aug
Sept
Jan
16
1*55
Jan
12*4
Apr
Sept
14*4
2
1
._»
6*4
17*4
16
Canadian Lt A Pow Co. 100
Apr
19*4
110
20
Cndn Gen Investments...*
Jan
Apr
Apr
Apr
41
70
•
Ltd.
15*4
36
91
51*4
Can Nor P 7% cum preflOO
Canada Starch Co
.100
Feb
Jan
High
Sept
Sept
*
*
B C Packers
Apr
9*4
4
July
Sept
Sept
Sept
Can A Dom Sugar Co
Mar
16*4
18*4
18*4
16*4
Low
9,895
3
5*4
Canada Bud Breweries...*
Jan
Jan
Jan
4*4
38
6
Brit Amer OH Co Ltd
Apr
16*4
*
3*4
Range Since Jan. 1 1937
Week
Canada Malting Co Ltd..*
Aug
July
18
36
Beauharnols Power Corp *
Beld-Corticelli 7% cmpflOO
Brewers A Distill of Van..*
Apr
31
3*4
Bathurst Pr A Pap class B *
Mar
Jan
Shares
Price
*
Asbestos Corp Ltd
Mar
Sept
for
of Prices
Low
High
Refg Co...£l
Aluminium Ltd
Mar
June
7*4
56
6% cum pref
100
Certificates of depositlOO
Acadia Sugar
Mar
75
10*4
Abltibl Pow A Paper Co..*
Jan
8*4
350
9
8654
Sept
3
9*4
100
Imperial OH Ltd..
Imperial Tobaooo of Can. 6
12*4
17*4
3
13
*
Foundation Co of Can...*
16*4
118
Sept
86
Enamel A Heating Prod..*
22
Mar
Par
Week's Range
Sale
Jan
19*4
25
9*4
Sales
Last
Jan
100*4
Montreal Curb Market
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
Jan
70*4
Preferred
79
June
8
Feb
19*4
16*4
Preferred
48*4
Sept
17
24
Feb
32
25
67
Holllnger Gold Mines
Sept
58*4
395
Jan
19*4
16*4
General Steel Wares
22
385
17*4
Apr
57
English Electric B
11,399
62
17
9
t
22
Distill Corp Seagrams
Paper
30*4
58*4
17
24
|
1,575
10,223
Electrolux Corp
22
58*4
Royal
Jan
11*4
Dryden
22*4
Feb
Nova Scotia
Apr
Sept
Sept
Sept
Textile
63*4
33*4
»
Jan
29*4
6*4
18*4
61*4
21*4
8,336
Dominion
Jan
May
Sept
Apr
15
Feb
10*4
new pref
99
58
1,896
25
Sept
10
5*4 %
Feb
15
17*4
Montreal
Jan
10*4
Dom Tar A Chemical
95
57*4
15
Apr
"9*4
new
5
57
15
*
Mar
22*4
*
Crown Cork A Seal Co
31
48
Commerce
Jan
25
Con Mln A Smelt
695
6,569
Feb
Feb
Banks—
Jan
20
Can Hydro-Fleet pref.
100
Canadian Indust Alehol
Canadian Pacific Ry
89
4,820
Feb
42*4
43*4
Canadienne..
Mar
20
Canadian Ind Alcohol cl B*
Cockshutt Plow
89
100
Canada
Feb
30*4
39*4
11*4
11*4
20
100
Canadian Locomotive
100
27
53*4
Woods Mfg pref
Jan
20
Rights
*
Canadian Converters ..100
Cndn Foreign Invest
80
Jan
Sept
B
Apr
*
100
Canadian Cottons
Feb
Apr
5.75
25
Canadian Celanese
65
May
Sept
35
Preferred
Mar
23*4
Sept
12*4
Mar
38*4
48
Jan
110*4
Sept
14*4
58
Apr
37*4
Winnipeg Electric A
13
37
Feb
36*4
780
31
Jan
66*4
10
31
1,756
48*4
Jan
100
4*4
Jan
90
32
7
50
4
29
39*4
Mines Ltd
12
42*4
55
12
28
38*4
33
Windsor Hotel pref
70
36
12*4
110
90
27
Jan
93
70
13*4
Canada Steamship (new)
Preferred
100
Canadian Bronze
Canadian Car A Foundry.*
Canadian Car A Foundry—
5*4
Mar
May
Sept
37*4
38*4
United Steel Corp
Vlau Biscuit
High
2**
25
12*4
Brazilian Tr Lt A Power.. *
B.
75
1.50
100
Mar
48
90
Steel Co of Canada
Low
12*4
Bathuret Pow A Paper A. *
Bawlf Northern Grain.
Bell
13
110
..
10
15
Jan
38*4
Simon (H) A Sons prdf.100
Southern Canada Power.. *
Week
Shares
180
10
Apr
37*4
•
Sherwln Williams of Can.*
Simon (H) A Sons
*
Range Since Jan. I 1937
15
10
Sept
Shawlnigan W A Pow
Exchange
82
2*4
100
6*4
8*4
A preferred..
60
St Lawrence Flour Mills..*
St Lawrence Paper pref 100
11
Agnew Surpass *hoe
Alberta Pacific Grain A__*
Jan
•
Wabasso Cotton
100
2,205
9,150
Jan
Saguenay Power pref..100
St Lawrence Corp
»
Acme Glove Works Ltd—
6*4% preferred
Mar
Sept
Mar
25
Rolland Paper pref
107*4
95*4
Sales
Week's Range
16*4
30*4
Price Bros A Co pref... 100
Quebec Power
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
Friday
Mar
30
Preferred
106
22
30*4
Regent Knitting
3a
15
28
28
27
Grand Trunk Paclflo Ry—
4s
Aug
105
Power Corp of Canada...*
Price Bros A Co Ltd
*
122*4 123*4
27
10
•
June
4*4 June
19*4 Sept
16
Sept
105
Mortgage.25
Ottawa L H A Power
Penmans
Canadian Northern Ry—
1 1951
Sept
46
Mar
105
Noranda
Bid
30 k
Jan
38*4
73*4
39*4
12*4
43*4
38
7*4
National Steel Car Corp..
Niagara Wire new..
Dominion Government Guaranteed Bonds
Sept
3
Preferred
1101 *4
37*4 June
12*4
17*4
High
Sept
51*4
48
National Breweries
103*4 104
106*4 106*4
41
Low
31*4
6*4
12*4
Montreal Telegraph
40
Montreal Tramways...100
4*48.
305
48
Mtl L H A P Conso!
Mont Loan A
Bid
33
"4954
"l9"
Range Since Jan. 1 1937
100
Preferred
Ask
for
Week
Shares
100
Montreal Cottons
Railway Bonds
29*4
•
Lang A Sons (John A)___»
Massey-H arris
*
McCoIl-Frontenac Oil
•
114*4 116
Bid
*
Lake of the Woods....100
Lake Sulphite
June
5*4s
4*4s
100
Internat- Pet Co Ltd
111
Price
9*4
International Power
106*4 107*4
110
Par
Intl Nickel of Canada
109
Apr
Sales
110*4'lll*4
July
Aug
Sept
23*4
11*4
5.00
21
Jan
Aug
Feb
Jan
Jan
3*4
Jan
7.75
Jan
16
Jan
2054
Financial
Chronicle
Sept. 25, 1937
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Sales
Friday
Last
Stocks (Conclude,)
Week's Range
for
Sale
of Prices
Price
Par
Low
20
CndnVickers7% cm pf 100
City Gas & Elec Corp
*
Range Since Jan. 1, 1937
Low
Shares
High,
22
20
525
70c
1.00
200
20c
*
Claude Neon Gen Adv
Duncanson, White & Co.
Week
25c
Sept
20
STOCK BROKERS
High
Members Toronto Stock
Jan
65
70c May
2.50
Sept
80c
Jan
1.60
Sept
Commercial Alcohols Ltd.*
1.50
1.50
2.00
Consolidated Paper Ltd..*
Dominion Stores Ltd
*
9X
9X
13X
9 X
Sept
24 X
Apr
6X
6X
6X
40
6%
Sept
12H
Apr
Donnacona Paper A
8X
7X
11M
6,900
7 X
Sept
19X
Apr
7
10 X
1,580
Exchange
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
Mar
20c
1,050
2,435
39,445
*
Don Paper B__
7X
Ea Kootenay P 7%cmpf 100
6X
Falrcblld Aircraft Ltd
6
100
1,050
6X
21X
21X
22
22
30 X
"ox
Power
Preferred
70
9
87
20
89
29X
21X
22
Sept
50
Sept
49
Jan
Sept
14
Aug
Sept
75 X
20
50
285
MacLaren Pow & Paper. _*
17
16X
23
1,105
Massey-Harr 5% cu pf 100
McColl-F Oil 6% cm pf 100
40 X
40 X
44
445
Melchera Distilleries pref.
*
5X
Mitchell (Robt) Co Ltd..*
12
"56"
Page-Hersey Tubes Ltd..*
Power
4
*
*
3
Can
18
Jan
Aldermac Copper.
Apr
Alexandria Gold
Feb
Amm
Aug
Anglo-Can Hold Dev
Apr
1.00
Sept
20
3X
17
Sept
37X
Jan
40 X
Sept
73 X
Mar
Arntfleld Gold..
87
100X
9.00
Feb
Sept
9X
Feb
Ault &
Feb
Sept
1.42
Feb
25c
Sept
1.16
Feb
1 "ly8c
r
5c
6Xc
8,100
5c
Sept
15c
Feb
6c
6c
6Xc
21,700
6c
July
25c
Feb
100
Sept
102X
Feb
67
June
1
Wiborg pref.... 100
100
1
Bankfleld Cons.
Apr
Bank of Nova Scotia—100
327
327
332
July
100
—*
50
235
235
248
Apr
8X
Feb
_
Barker's Bread.
Preferred
July
16
Jan
Sept
108
Feb
Base MetalB Mln
15 X June
25
Jan
Bathurst Power A
Sept
100
40X
18X June
3X
51X
July
Feb
*
*
*
B
Jan
20
—
72c
IMC
IMC
lXc
*
2c
3c
3Xc
82c
75c
Apr
1.90
Feb
IX
July
Jan
Blue Ribbon
Big Missouri
5c
5c
500
20c
20c
1,000
23Xc Sept
65c
Feb
Boblo Mines
8,200
2,200
1,175
5,300
1,000
5,000
20C June
65c
Feb
Bralorne Mines
46c
44c
20c
Brazil Gold & Diamond..1
5c
5c
5c
3c
Ltd.*
1.05
Cartler-M alar tic G M Ltd 1
14c
Can Malartic Gd M
4c
380
25
1.15
Central Patricia Gold
1
"if.oi
2.01
2.10
Chlbougamau
1
*
25c
25c
29c
4,150
9,800
9,400
1,500
14,600
39c 39 Xc
20
6Xc
Dome Mines Ltd
14c
16c
28c
Central Cadillac G M Ltd.l
35c
*
1
"Bkc
East Malartic
85c
85c
93c
Eldorado Gold M Ltd
*
1.80
1.75
2.30
20,700
6,750
16,150
6.30
6.70
615
51c
6,025
Duparquet Mining Co
Falconbridge Nick M Ltd. *
J-M Consolidated Gold_._l
Klrkland Gold Rand
1
'• ----*
44 Xc
Sept
Aug
Brazilian...
41c
May
72c
Feb
Brewers & Distillers
15c
Sept
1.15
Feb
B
5c
Sept
15c
Jan
3c June
13c
Jan
Brown Oil Corp
Feb
Buffalo-A nkerlte
A
i..
5
52 X
10c
7,000
1.62
1.87
1
ll 35c
35c
40c
Jan
Canada Bread
Apr
Canada Bread B
50
12.75
Feb
Canada Cement
•
1 58
6.00
Sept
Mar
270
47
Aug
June
40
*
5
15
47
Sept
10X
59.X
Feb
10X
10
12
1,493
10
Sept
23
Apr
103
103
5
101
May
110X
22
22
10
21
June
28X
75
80
20
75
Sept
98
Feb
142
145
20
142
Sept
160
July
103
79
Aug
29
2.
20
19
July
34
Aug
165
180
383
165
Sept
210
Jan
Can Bank of Commerce 100
Jan
Canadian
20
B
1.75
2.15
1,190
1.75
Sept
3X
Jan
17X
18X
260
14 X
Jan
23 X
Aug
*
6X
6X
6X
550
6X
Sept
18X
Jan
Canadian Canners
Feb
Canadian Canners 1st pf .20
330
9X
18X
9X
19
*
10
230
9X
10 X
10X
12 X
825
10X
20X
20X
25X
275
20X
Sept
32
Jan
38
37
39 X
195
900
37
Sept
47
May
100
195
Sept
209
Aug
2nd preferred.
Aug
Sept
2.15
July
13,945
1,300
6,900
4,667
3.60
Sept
J3X
Jan
Canadian Dredge
*
Cndn General Electric. .50
2.15 June
4.05
Jan
Canadian Ind Alcohol A.. *
Sept
1.10
Mar
Sept
42c
Feb
1.90 June
Canadian Oil
13c
T.00
2.05
2.55
3.15
74c
74c
80c
3,850
8,400
6,500
4.75
Pend-Orellle
Perron Gold Mines Ltd... 1
1.90
2.55
Pato Gold
14c
5.00
800
4.30
Sept
9.10
13
14
310
13 X
36c
Sept
17
.1
Placer Development
13
Quebec Gold Mining Corpl
35c
2~90
2.85
3.30
23c
1
Red Crest
Reward
20c
35c
6Xc
8c
6Xc
Ritchie Gold Mines Ltd__l
500
35c
3c
3c
4c
40c
40c
2,225
29,250
6,000
2,000
7,750
16,834
12,435
43c
1
1
1.56
1,36
2.00
Slscoe Gold Mines Ltd_..l
2.85
2.82
3.30
1.00
1.12
Sladen Mai
..1
Stadacona-Rouy n
Sudbury Basin Mines
..*
*
72c
Sullivan Cons Mines Ltd.l
~96c
71c
4,000
86c 180,025
Feb
6.50
Feb
C P R
2.51
Jan
Cndn Wallpaper A
Feb
May
Canadian
4X
610
4X June
7X
Jan
Jan
1.20
15,400
85c June
2.30
Feb
Wineries
Cariboo Gold
*
Feb
Carnation pref
6.85
Feb
Castle Trethewey
20o
Sept
2.00
Feb
Central Patricia
7c
Sept
22c
Feb
100
Thompson Cad
Ventures Ltd
i
35c
*
Cad...
27c
2.10
2.00
2.26
1
10c
10c 11 Xc
10,875
50c
Sept
1.47
Jan
16,800
18 Xc
Sept
95c
Feb
Feb
Cockshutt Plow
*
10 X
11X
1,005
10
Sept
22 X
Mar
Jan
Coniaurura Mines
•
1.10
1.10
1.15
May
*
16X
16X
18X
6,396
602
1.00
Cons Bakeries.......
16 X
Sept
Cons Chlbougamau
Cons Smelters
1
23c
23c
28c
21c
Sept
4.00
1.80
Apr
2.75
Sept
6.65
76 Xc June
2.50
Jan
75o
Sept
2.90
Mar
3.00
Mar
5
4.70
5.00
100
35c
42c
24,455
35c
Sept
2.15
Jan
Darkwater Mines
..I
6.40
50
7.00
July
8.40
Aug
Davies Petroleum
24c
Sept
5.95 June
73X0
8.10
Apr
100
*
100
210
Jan
24
Mar
Jan
13 X
17 X
17,445
12 X
Jan
28 X
6X
6X
135
6X
12 X
18
Mar
Mar
Sept
Mar
Dominion Tar
*
Preferred
East
Toronto Stock Exchange
6X
87 X
100
37c
Dorval Slscoe
Crest Oil
*
Eastern Steel
13
*
7
9X
88
270
6X
Sept
Sept
20
87X
Sept
20,300
36c
Sept
1.22
Feb
10c
Apr
45o
Feb
37C
52c
12 X
14 |
8,300
18
18
55
Sales
Range Since Jan. 1 1937
Week
East Malartic-
1
90c
87C
95c
21,575
Easy Washing..
*
4
4
4X
331
Eldorado Mines
Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists
1
2.25
17,600
Falconbridge
Famous Players
High
Sept
Sept
10c
12c
4,700
10c
Sept
♦
2o
Sept
15X
Apr
Fora a
*
Apr
Foundation Pete
•
Jan
r
10Xc
Jan
*
No par value.
1.80
6.60
5.80
5.75
23
23
"20X
20X
7c
22 X
9c
*
80
20c
1.80
7Xc
•
voting
Fanny Farmer
Federal-Kirkland
3X
Jan
6X
16c
33 X
51
14X
59 X
7,500
250
26
Sept
2Xc
Sept
Dom Stores-
Sept
2c
Sept
Sept
210
5
Dom Steel Coal B
Sept
2c
37
43
Jan
15c
10c
4,091
214X
210
Feb
15c
3,230
3,565
Aug
39 X
30c
31c
4X
42
90X
87
38X
"39
4.10
2,745
3X
85
87
*
15o
Sept
33 X
Mar
July
3,500
3X
Aug
28 X
4o
1.10
Low
40
Sept
1,000
15c
34
4,490
Sept
15
5c
16c
*
17X
Jan
24
1 2,750
30
15
5c
500
•
24
Jan
Feb
5c
3.60
1.39
._
25
30,100
1
Apr
1.16
for
2.95
65c
45c
Feb
48c
1.18
Shares
31c June
50c
June
*
High
Apr
17X
Home Oil Co
of Prices
41
140
2,600
3,700
9,615
Week's Range
130
19X
56c
Low
45
27 X
50
Sept
Sept
18X
Feb
50c
Sale
May
18X
6.40
50c
Last
Mar
22
25
Sept
*
Price
Mar
196X
Dominion Coal pref
Dominion Explorers
1.50
Dalhousle Oil Co
Par
100 X
211
57 X
39
165
45
45
100
Dominion Bank
Feb
24
72
Jan
Feb
2.68
196X 198
57 X
15
Preferred
2.14
23
22,430
4,924
23
58
196 X
*
Diet Seagrams
Jan
Oil—
Friday
Jan
72c
21c
Crows Nest Coal
35
43o
55c
Feb
15c
6.25
18 XC
10
6.10
12c
Feb
Sept
9o June
60c
4.60 June
30 X
Jan
2.00
18XC
845
30 X
1.66
*
Consumers Gas
"l2c
Sept
»
Cosmos
*
Jan
Feb
70c
Commonwealth Pet
Jan
*
Mar
Feb
Feb
*
4
1.75
107
Feb
4.70
Royallte Oil Co
July
May
16c
2.25
Pacalta Oils...
IX June
1.41
100
1.13
6.50
Hunter Valley Oil Co
Feb
Sept
Sept
1.85
Mar
June
1.00 June
1.55
Jan
17 X
38o
2.59 June
1.55
18X
25X
3Mc
Dome Mines
Calgary & Edmonton
Jan
Sept
Sept
9X
24
7,300
100
260
35
l
200
19,800
1,050
1
24,898
.
125
1.50
103
11
8X
Central Porcupine
Chromium Mining
2.95
31c
2.00
1.50
102
2,680
29,475
1.15
6.50
10
80c
2.30
27c
102
6,899
24
1.90
'"l"50
25
10X
9X
24
70c
96c
6.50
Wright Hargreaves M Ltd*
13
13
9X
24
70c
6.40
4*75
13
5X
*
1
85c
2.80
1
1
Apr
8,480
4X
1.05
2.30
Sylvan!te Gold
Teck Hughes Gold
4X
5X
4X
1.05
25
Sept
Sept
2.65
~~5X
Sept
•
*
3.80
May
70c June
2.55
195
Sept
*
B
Canadian Malartic
13c
Sept
18
10X Mar
20 X
Jan
12 X
Jan
21X Feb
Canad Car <fe Foundry...*
Preferred
25
Jan
1.30
30c
Jan
1.75
3X0
38c
Apr
17X
150
2.70
18
•
500
4.40
165
3X
*
Breweries
Preferred
1.03
30c
Apr
July
3Xc
2.50
Jan
July
1.03
3.60
7
Aug
9
3Xc
30c
July
Jan
50
3^c
2.50
2
Sept
35
8.60
Feb
4X
790
7Xc
Mar
"75"
70
751
June
8c
Mar
4X
2Xc Sept
45c
Jan
Feb
75
14X
2,000
2,410
4.80
1
70
Jan
July
Sept
6 55
Feb
12X
30o
1.19
X
68
120 June
40c Sept
2.41 Sept
Aug
44
47
12 X
600
33X
Sept
Sept
Mar
19
5
"~3X
Jan
Jan
14X June
36
Sept
6Xc Mar
74 X
23c
*
*
new
Can Wire & Cable A
27 XC
42
Sept
Sept
Feb
47
100
May
4.25 June
2c June
12.50
*
Preferred
Jan
59
100
Apr
Mar
47
*
11c
Parkblll Gd M Ltd new.-l
115
7,200
1.62
1.03
1
57
11c 12 Xc
-.*
15c
2c
Afton Mines Ltd.
52 X
35c
12c
♦
2Xc
52 X
1.45
500
Acme Gas & Oil
8.25
2Xc
1,055
2,200
17,083
400
6% preferred — ....100
9.75
Calgary & Edm
6,500
Abltlbl
9.50
Jan
2c
Stocks—
9.10
50X
12c
Sherrltt-Gordon
10,000
June
2.42
Shawkey
44c
80
2c
*
June
33c
37 X
12c
Pandora Cad
Jan
65
"35c
36
1
3.60
39
33
Sept
Sept
37
1
1
26X
34
25
Montague Gold
Newbec Mines
*
SePt
40
191
Burt (FN)..
Can Steamship (new)
Normetals
9X
19X
34 X
Feb
3.60
Mar
Aug
4,960
34
2.70
2.03
Mar
2ix
7
Sept
Apr
2.41
7
30 X
19X
7
22o
45c
Mining Corp of Can Ltd..*
24,551
Jan
10
680
Canada Permanent
500
Jan
Feb
15X
Feb
5.00
29c
9.00
15
57c
4.25
19Xc 22 Xc
Jan
Sept
15
20c June
4.25
11c
*
Canada Cement pref
100
985
Feb
,
6.40 May
6,900
Burlington Steel
Canadian Packers
146
12c
7.75
Feb
Moffatt-Hall Mines
Read-Authler Mine
11c
7.30
7.30
Canada Northern Power.. *
1,600
40
5.15
Sept
Feb
16 X
July
Sept
Jan
'
July
Sept
2.01
Sept
Jan
72c
9
*
5o
Jan
1.70
37
*
71c June
Jan
Feb
65
Bunker Hill
1.75
Feb
176
215
48c
Buffalo-Canadian
Calmont Oils
Apr
Aug
10
10
Building Products
39
X
35
Jan
.
24
9
Feb
Feb
25c
38c
Feb
65c
35
Mar
Feb
4Xc
14Xc 14Xc
2Mc
2Xc
38c June
65c
2.28
62c
48
Apr
47 Xc
41M
25c
57,925
10,838
154
Sept
90c June
Sept
4Xc
48c
5X
Sept
30
Sept
48
305
14
13c
June
Sept
9,900
170
164
4,800
22c
23 X
35c
33 X
40c
Pickle Crow Gold
9X
5X
*
i
*
40C
33 X
40c
Pamour-Porcuplne
21X
Sept
19 X
OU
22 H
*
_
1.75
Sept
Brit Columbia Power A__*
79c
500
M..5
O'Brien Gold M Ines Ltd.
Sept
20 Xc
670
1
Mclntyre-Porcupine
98c
6
5X
40XC
35c
1
McWatters Gold
5X
6
42c
24 X
26c
1
Macassa Mines
100
Sent
Sept
9
35c
1
Lee Gold.
12 X
40c
40c
Contact G M__ *
Lebel Oro Mines
1,030
40 Xc
22 X
20 Xc
_.l
Lake Shore Mines
15X
1
1
22H
20 Xc
1
Hudson Bay Mln & Smelt *
12 X
165
"40c
Francoeur Gold M Ltd.__l
Howey Gold
5c
12 X
50
pref...
5c
17c
Sept
*
Blltmore Hats
Jan
20c
44c
20o
85
Jan
May
14,000
1,895
20c
44 Xc
June
48
8X
36
22c
6X
*
18c
15
Sept
26
20c
1.08
1
Bouscadlllac Gold Mlnes.l
ScPt
200
36
20c
5X
-.1
21c
Mar
15 X
9c
Jan
Aug
273
1.00
12c
1.85
340
Sept
15
4X
Feb
May
1.02
2Xc Sept
Sept
Apr
245
235
15
23,400
1,000
7,700
53c
Jan
49c
305
*
Bidgood K'rkland...
Sept
200
00
4
*
8c June
20c
9
8X
36
16 Xc Junt
81
Beaftle Gold
Bel Tel Co of Canada
Mines—
8X
36
21,033
':1V
Beatty Bros A
Beauharnols..
72c
10
65c
Feb
5
280
23 H
1.05
53c
107
165
Bank of Toronto
15,700
200
Jan
123
*
1
42
25c
200
""53c
30
59
July
19X
5
101
Sept
40 X
Bulolo Gold Dredging
100
99
18X
Wood
8.75
30o
1,700
106
39
La ma que
Sept
6,221
10
18X
Consol
4.25
37c
29c
125
2,000
104 X
Aug
30c
Mar
39
Brownlee Mines (1930)—1
1,520
IX
29c
110
32c
20c
Walker-Good & Worts (H)*
Bldgood-Kirkland
*
Big Missouri Mines Corp.l
Jan
Sept
Sept
4.90
58 X
Walker-G & W $1
Gold
1.50
~58X
June
Ashley Gold
26c
Sept
23 Xc
1.75
Base Metals Mining
Sept
1.10
—1
385
—
14c
944
..50
1.90
Gold
4X
6,300
4.25
Bagamac Mines
1.75
Arno Mines Ltd
2
20
IX
18
Bank of Canada
Walkervllle Brewery Ltd.*
Aldermac Copper Corp
Feb
Jan
100
1.75
Feb
1.89
Mar
104 X 104 X
85c
85c
pf.*
IX
95c
Sept
30
15
Jan
Sept
105
10
Jan
2
10
65e
Sept
3
6X
43X
100
305
26c
May
Sept
4X
Jan
Sept
Sept
2 X
6,600
12
4X
7X
7X
57c
41,791
11,500
90
70
Sept
81c
104
110
High
22 Xc
32c
4.30
Astorla-Rouyn
5X
1,525
65c
1
Ashley Gold
Low
Shares
30c
150
106
Range Since Jan. 1 1937
for
Week
10X
2X
19
1
*
Anglo-Huronlan...——*
Argosy Gold Mines
1
85c
Beaufort
—
Gold Mines
Sept
United Securities Ltd..100
Alexandria
"~65c
Mar
11
40
5H
P pref..lOo
cum
1
*
1
A. P. Consol Oils.
110
27c
10
2
99 Vs
99 %
106
Range
27c
15
91
debs.*
Southern
To"
1.50 June
296
14
Quebec Tel & Pow Corp A *
Rogers-Majestic A
Sarnla Bridge CoB
*
100
Preferred
Bank of Montreal
of Canada—
1st pref.... .100
6% cum
27c
Jan
3X
Corp
Price Bros 4% conv
1
89X June
104X 104X
90
Ajax Oil & Gas
Alberta Pacific Grain
Apr
Sept
76
Price
Par
7
5X
5X
12
N S Lt & Pw 6% cm pf.100
of Prices
Low
High
Stocks (Continued)
Mar
2
2
9
69 X
50
31
92 X
90 X
Week's
Sale
Aug
40
Melchers Distillers Ltd—*
Sales
Last
Apr
40 X
Exchange
Friday
Feb
905
1.10
Toronto Stock
Feb
2.50
Apr
Sept
58
18
1.10
40
Sept
900
3X
18
Internatl Utilities Corp B.l
Lake St JohnP & P
Jan
1.00
470
71
3X
13
WA. 3401-8
Jan
Sept
19 X
804
9X
69X
GenSteelWares7%cm oflOO
Intl Paints (Can) A
*
Intl Paints 5% cum pref
43
42 X
Jan
5
Street West, Toronto.
15 King
Apr
30
1,113
18,025
29
*
Voting trust ctfs..
19
33
Sept
35
*
Frelraan Ltd 6% cum pflOO
Sept
Sept
76?
1.00
1.00
7
6
6 X
250
21
19X
1.00
Foreign Power Sec Corp..*
Gateneau
5
6X
5
Ford Motor Co of Can A.. *
Eraser Cos Ltd.
6H
6X
Dalrles7%cmpfl00
Eastern
Jan
4
19X
19
19c
21
20c
7,690
18
Sept
Feb
Feb
2.05
Jan
Sept
9%
Sept
3.65
Jan
Apr
5.75 Sept
12.90
May
4
1.77
10
22
Sept
19
Apr
3,400
24
Apr
65o June
3,225
39,800
4,685
116
6X0 Sept
19
18c
Sept
Sept
29
25 X
54c
29 X
1.25
Apr
July
Jan
Jan
Feb
Volume
Financial
145
2055
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN Sl CO.
Par
Week's
Sale
Stocks (Concluded)
of Prices
Low
High
Price
;
Sales
Last
GRAIN
BONDS
STOCKS
11 KING ST. W.
Exchange
Friday
Range Since Jan. 1 1937
for
Range
Week
Low
Shares
High
TORONTO
WAverley 7881
•
PacAita Oils
OFFICES
*
Page Hersey
MEMBERS
12 He
Pamour Porcupine
Cobalt
Montreal
Noranda
The Toronto Stock Exchange
Pautepec OH
1
Ottawa
Sudbury
Winnipeg Grain Exchange
Pay ore Gold
10c
35,410
Apr
Sept
90
118
90
94 H
440
2.50
2.50
2.75
10,400
1.90
5H
5H
6%
125
5%
Apr
19c
19c
24c
16,455
1,200
19c
Sept
12 Ho
Mar
35
40
1
...
/
Feb
43kC
90
*
Toronto
16c
12 He
4.00
June
Jan
Jan
9%
July
Feb
Hamilton
Kirkland Lake
Montreal Curb Market
Parkhlll
Sarnla
North Bay
1
9c
9c
12c
4,100
9c
Sept
Sept
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Partanen-Malartlc
Owen Sound
Paulore
1
12c
12c
15c
9,700
12c
July
40c
40c
47c
69,445
40o
Sept
1.38
Jan
72c
71 He
86c
14,335
70c June
2.50
Jan
Paymaster Cons
Tlmmins
Perron Gold...
1
Pet Cobalt Mines
Exchange
Last
Sale
Stock* (Continued)
Par
Price
39c
Francoeur
for
of Prices
Low
High
Week
39c
100
100
Preferred
*
100
Gatineau Power
9 %
57c
Low
Shares
39c
20,100
Giiiiee Lake Gold
...
II
Jan
Sept
107
Apr
195
9
Sept
14
Aug
Sept
9H
9
75%
Aug
Jan
18H
Sept
65c
Apr
May
3 Ho
July
30c
Jan
40c
June
5c
5
Sept
70%
70%
70%
70%
9%
9%
10H
50
20 %c
20c
28c
37,900
20c
11,400
4%c
4c
47c
47c
5c
5c
18c
18c
20c
12,800
50c
23c
23c
24c
8
500
I
3,100
Gold
Belt
J
1
*
Gold Eagle
Goodflsh Mining.
Goodyear Tire.
27c
27c
8c
8c
5Hc
50c
14,400
Sept
17
12c
Mar
1 02
Jan
30c
Feb
Jan
49
39c May
33c
15,900
27
Sept
68
10c
14,300
7 He
July
Sept
22c
Apr
97 H
Aug
78
242
88
78
78
Feb
July
100
1
God's Lake Mines-..-.-.*
Golconda
1
Goldale Mines..
58
I
6
120
1
Glenora
Sept
406
Apr
52%
July
1
8c
8c
10c
1,700
80
Feb
1
12c
12c
14c
8,100
12c
Sept
Sept
63o
Granada Mines
57c
Feb
Grandoro Mines
*
5 He
5%c
2,000
5 He
Sept
18c
Jan
358
13 H
Preferred—
50
—
Graham Bousquet
-
*
Great Lakes Paper
*
Preferred
52%
'"l5"
18
15
1
"~70c
Gypsuin Lime A Alab
*
7H
1
Cottons pref_.30
Hamilton
1,283
33H
1,000
8c
Sept
62c
72c
16,550
55c
June
1.26
Jan
7
9%
1,800
Sept
18 H
Apr
July
7c
Jan
Jan
2c
2c
7
2c
2,000
33
30
3 H
4%
1,775
3%
Sept
40 H
7
Apr
3%
90c
90c
1.05
37,500
90c
3.44
Jan
12 He
12c
14c
12o
33c
Feb
12 He
12 He
14c
30,100
2,000
Sept
Sept
12 He
Sept
90c
Mar
Sept
22 %
Jan
16H0
Jan
405
Jan
—
Higbwood Sarcee
.*
Hinde&Daucb.
33
33
19 H
18
18
5
Homestead Oil
10%
10%
11H
2,765
1.18
1.35
11,630
35c
39c
1
B
"~"30c
*
*
-
12
30c
35c
3o
30c
21,550
14
110
11
12
12
10
12
19
218
212
*
18%
18H
19%
Imperial Tobacco.. .
—.6
International Milling pflOO
13%
13 %
14
Imperial Oil
110
12
100
Imperial Bank
10%o
2,700
-.1
Hunts A
18
90
1.20
Hollluger Cons
Home Oil Co
*
50
49%
55 H
International Pete
*
*
31
31
32 %
14
1.10
Intl Utilities A
internal UtllB
14
1.05
Mar
Sept
18
Mar
Sept
240
24 H
Mar
J»n
July
15H
Mar
9
Jan
73k
Feb
29H
Sept
39 H
Mar
140
14
Sept
21%
Mar
400
1.05
Sept
3.15
Feb
58c
64c
5,000
1
35c
34c
47c
82,126
25c June
3
73c
72c
90c
31,380
70c
1
21c
27c
5
15c June
June
19o June
19,400
106% 106H
21c
106
1~72
1.71
2.00
55,068
1.71
Sept
Sept
1.02
Kerr Addison
i
Kirk. Hud Bay
1.01
1.35
6,300
1.01
Sept
1
1.20
I
Kirkland Lake
47 H
1.19
40c
Laguna Gold.
Lake Shore
48c
15%
15H
64
*
Laura Secord
Cap Gold
1
90c
40o
Feb
3.30
Apr
2.65
Feb
1.70
Apr
Jan
4o
May
28c
Feb
40
14%
Apr
48 Ho
Jan
Sept
21%
26,090
1.33
Jan
19
270
15H
Sept
Sept
27
35
4Hc
88c
8,200
.
58c
93c
68c
16,360
24,300
64
June
11c June
1
13c
13c
16c
2Hc
2Hc
2 He
1,500
2c
Sept
1
50c
50c
58c
16,950
45c
June
5.00
7,370
4.30
Sept
J
4.50
4.50
23 H
23 H
24
921
23
Apr
21H
•
Feb
Mar
Feb
1
...*
59c
108
1.10
Leltch Gold
B--.
Feb
59 k
Lebel Oro
Loblaw A
Mar
July
Lee Gold
Little Long Lac
Mar
53c
Sept
46
3,666
15
50c
Lake Sulphite
90c
70,610
2,000
1.62
2.15
65
4c
15
*
Laps Cadillac..
45c
49
47
4c
Lamaque Contact
Lang & Sons...
1.33
Feb
19%
Sept
Jelllcoe Cons
100
105
Sept
49 H
3,931
Jacola Mines
...
May
Sept
Jack Walte..
Consolidated.
Jan
19
*
1
Kel vinatorjfpref
72c
Jan
97
425
9
July
87o
13%
4,649
.....
May
18 H
20
99 H
9
99 H
1
International Nickel
Apr
Sept
Jan
Sept
212
11,796
1,143
Intl Mining Corp
Lava
Feb
1
...
Harker.-..-.
J M
Aug
18c
•
Hard Rock
50
53k
*
Harding Carpets
Howey Gold
Apr
8c
2c
Halcrow Swayze
26H
40%
8c
Mlnging—.1
Gunnar Gold
Jan
67
Apr
Mar
35
36
Grull-Wiksne
138
54%
21%
22
1,035
20 H
Sept
77
1.30
Aug
Jan
July
30o
Jan
7 Ho
1.35
18,870
1.12
*
75c
June
2 20
120
14 H
Sept
33 H
Feb
19c
1,100
17c
Sept
29c
July
2.00
2.38
12,595
1.90
Sept
4.50
Jan
95c
14k
25c
2.02
17
1
370
27c
July
36c
Feb
70c 93 He
25,670
55c
June
1.47
Jan
2.00
Aug
74c
1.33
3,300
1.10
Feb
10c
lOHc
2,500
8c
Sept
48c
2.75
3.30
2.70
Sept
6.85
Feb
20c
35c
5,400
15,800
20o
1.95
Feb
30,600
25c
Sept
Sept
1.78
Feb
*
2.80
Authler...
•
Red Crest Gold
30
27
27
Prospertors Air
Quemont Mines.
*
25c
250
28c
76c
Red Lake G Shore
76c
82c
8,350
72c June
Roche Long Lac
10c
11c
25,300
9o June
48 Ho
...1
*
RoyallteOU
fit Anthony.
...1
.
A
178
31
Sept
Sept
Jan
Feb
227
Mar
60
Mar
35 H
740
13 He
13 He
15Hc
10,700
12c
June
32c
Jan
6%
6%
8H
275
6%
Sept
Sept
14%
36k
Aug
Apr
31
31
*
St Lawrence Corp
96
187
178
178
Royal Bank
Jan
1.35
10c
Reno Gold
23
21
50
140
21
1.25
Apr
2.40
Jan
1
40c
40c
45c
10,900
35c
Sept
1.10
Feb
1
San Antonio
1.63
Sherrltt Gordon
...
1.60
2.00
60,934
1 60
Sept
3.95
Feb
1.50
Sept
1.60
Aug
4H
Aug
*
Silverwoods
1.50
30
4H
325
3H
Aug
52
92 H
3.25
21,590
2.75
Sept
Sept
95c
1.14
30,675
76c
June
2.49
Jan
27c
37c
6,850
27c
Sept
Sept
2 50
Feb
4H
4%
93
93
1
2.85
1
1
100
Simpsons pref
Siaden Malartlc
,
Slave Lake
2.85
95c
31c
#
Stadacona
3,274
93 H
1.50
Dairies pref..*
Siscoe Gold
1.41
1.30
1.30
1
Shawkey Gold
Sept
15%
Jan
June
Feb
523
69
Sept
49 k
96
10
66
Sept
88
Mar
5
June
40
4.
69
69
76 H
25
66
66
66
2.95
2.95
»
Sudbury Basin
Apr
10
10
40
10
3H
Jan
4,320
2.95
Sept
6.90
15c June
3.50
Feb
40% c
5
5
100
2 85
Jan
40
10
40
Preferred.
Feb
6.65
75
*
*
Sterling Coal..
72c
110
85c 202,525
25
72c
73c
Chemical...
Standard Steel pref...
Steel of Canada
Standard
Feb
1.25
*
Silverwood
Feb
17c
1.00
14k
1
-.
Royalties
Preston E Dome
Read
Feb
6.85
3.75
Pressed Metals
10
•
Preferred
General Steel Waree
Cigh
Sept
Sept
9.20
3.25
5.00
.3.25
Power Corp
Prairie
4 25
5,935
3,500
4.60
3.25
Premier
103
8H
Frost Steel...
Range Since Jan. 1 1937
Week's Range
Jan
14,565
lkc
4.60
Powell Rouyn
Sales
Friday
Jan
3%C
lkc
thc
Apr
Apr
...1
Pioneer Gold
41c
46c
l%c
...1
Pickle Crow
Toronto Stock
14
14
1
Gold
Feb
Jan
1
15c
15c
18c
8,600
SullUan Cons
...1
1.00
99c
1.12
19,355
99c
Sept
3.25
Jan
Sylvanlte Gold..
...1
2.70
.2.70
2.95
8,035
2.70
Apr
4.80
Feb
15
15 %
95
Sudbury Contact
*
Tamblyns
15
Jan
16 k
Sept
15
28 Ho
6 00
Feb
...1
4c
3 He
5 He
16,000
3 He
Sept
Teck Hughes
*
4.75
4.70
5.05
11,920
4.55
June
Texas Canadian
*
1.30
1.25
1.53
10,925
25
Sept
Tip Top Tailors
*
13
13 H
110
10
Feb
16
Aug
100
104
Mar
110
Apr
T ash ota
Tip Top Tailors pref.. .100
2.25
2.05
Toburn Gold..
♦
Toronto Elevators
2.00
20%
20 H
Preferred
49%
49%
Uchl Gold
»
Union Gas
60c
60c
77c
13
46
Apr
May
52
Aug
115
Sept
Sept
126
Mar
15c
15c
*
5H
3,545
Sept
700
Feb
Sept
Ilk
Mar
May
5.50
5.50
6.50
3,124
95c
1.00
2.00
2.50
38k
38H
41
19
19
4%
19 H
5
1,875
27,223
5,279
1,622
11H
11H
12 H
90
93
*
Preferred.
*
West Can Flour
%
Westons
100
Preferred
1
Whitewater Mines
*
White Eagle
1
Wiltsey-Coghlan
Winnipeg Elec A.
B
100
Preferred
Sept
52 H
19
May
20
Jan
12%
Jan
4% Sept
125
870
20
11H
90
Sept
Sept
106%
Jan
30c
Mar
5c
Jan
17C
Feb
8 He
Sept
lHc Sept
3,500
195
3
June
10
45
3
Aug
10
15
18
Sept
44
3H
18
18
18
29c
27c
28c
6.05
22c
10,300
7,715
2,800
6.50
24c
6.05
Jan
18 H
4c
3H
*
Wright Hargreaves...
Feb
July
38H
3%
3H
3
•
4.65
150
3
1
Wood Cadillac..
2.25 June
2c
3 He
3Hc
*
9.10
Sept
Sept
5.50
8,500
1 He
*
Sept
90c
2.00
8%c 10 He
8Hc
Jan
13c
5
•*
Walkers
Aug
19
Apr
9,500
2.05
1
13
Feb
1.10
3,135
•
...
Walte Amulet
2.00
50c June
16 He
5
*
Ventures
Vulcan Oils
60c
6H
*
United Oils
United Steel
Sept
47
5,150
11,500
15
H
Jan
4.65
Sept
20
10
90c
60c
13H
Jan
16
65c
1
..
Jan
2 35
305
115
115
—50
Exploration. _»
1.80
2,800
22
50
Toronto Mortgage
Towagmac
108
108
108
1
26c
3 He
24c
July
Jan
Jan
Jan
77c
Sept
8
Feb
10
Jan
52c
5.86 June
Feb
Feb
8.40
Jan
Ymlr Yankee Girl
Jan
25
Toronto Stock Exchange—Curb
Feb
23k
Aug
4.25
4.25
5.00
18,075
4.15
June
8.60
MacLeod Cocksbutt
1
1.20
1.20
1.35
21,513
1.15
Sept
4.85
1
59%c
55c
80c
27,300
60c
Sept
1.20
*
17HC
2He
18c
3,200
17 Ho
Sept
Section
2052
Mar
McDougall-Segur
See Page
Jan
Mad sen Red Lake
20c June
1
Macassa Mines
2He
10,050
2c
June
Malargo Mines
10c
10c
11c
8,425
10c
Sept
Maple Leaf Milling
Preferred
3
3
3H
365
3
4H
4H
5
260
4
Sept
Sept
Manitoba A East
....
Massey Harris
*
6H
7H
4,288
6
McKenzle Red Lake
38
44 H
980
12 H
12 H
2,250
92
92
93
32 %
32 %
33 H
4,350
1.08
100
Preferred
Mclntyre Mines
1.00
1.11
11,300
55
868
17o
Mining Corp...
Mlnto Gold
Model Oils
25c
Oils..
Moneta Porcupine......
Feb
33 Ho
1.15
May
56c
July
2.00
2.70
13,637
27c
11,300
1,200
17,050
1.75
61.983
Morris Kirkland
1
Murphy Mines
1
National Grocers
24c
1.60
•
20c
20c
Sept
2.00 Sept
8c
Aug
37c
Sept
24c Sept
95c June
39
Sept
Feb
1.98
Apr
45 H
Aug
24c
17,650
20c
July
3c
8,000
2 He
July
160
7H
Sept
11
Apr
75
88c
Feb
10c
Feb
National Sewerplpe
*
12 H
Sept
21%
Feb
Naybob Gold
1
22c
22c
35c
17,900
22o
Feb
•
3 He
35c
3.He
5,500
3Ho
Sept
May
1.05
New bee Mines
12o
Feb
46c
5,500
35o
Sept
1.49
Jan
1.55
2.08
3,355
1.55
Sept
Sept
3.60
Feb
14H
New Golden Rose
1
3 He
35c
N1 pissing
6
1.60
Noranda Mines
Norgold Mines
Normetal
•
48
48
...»
15,827
53
48
2Hc
......1
"i'oo
4c
7,000
2He
1.00
1.30
12,600
1.20
Sept
Sept
83
Feb
16k0
Jan
2.23
July
Apr
North Canada
*
70c
69C
70c
66c June
95c
North Star pref
5
3H
3H
5
3H
Jan
1
17H8
17Hc
21c
14c
49c
Feb
1
3.65
3.60
4.40
3.60
Jan
90c
90c
1.05
90c
Sept
Sept
13.25
•
26,400
27,600
9,500
Aus
Sept
4H
Nordon Oil
4.10
Feb
...*
1
3c
2c
3c
1,300
2c
Sept
12c
Jan
36c
35c
45c
27,405
35o
Sept
1.28
Jan
O'Brien Gold
Okalta Oils
Olga OH & Gas
Omega Gold
Ontario Loan
Orange Crush
Preferred
Oro Plata Mining
50
•
106
1.35
110
50
190
6
195
100
1.80
Aug
3.50
6
6
51
5H
Mar
10
1.30
1.70
18,100
Jan
112
110
*
.*
10,600
85o June
2.20
HAnover 2-6363
NY 1-208
Feb
8H
14H
2 He
8
609
40
Sept
New York •
•
Bell System Tele.
Jan
6.00
6c
38 H
Royal Securities Corporation
30 Broad Street
Jan
1,000
24c
Jan
Feb
7c
40
Mar
39c
7c
40c
42 k
2.03
Mar
""~7c
37c
101
57c
21 He
1.63
Moore Corp
May
63o
4,700
Corporation
•
New York, Montreal and Toronto
Mar
Mar
1.18
11,500
37c
Private wire connection between
Mar
Jan
15,830
40c
10c 11 He
*
Merland Oil
16k
35o June
24c
18c
Municipal
•
Jan
14%
1.00 June
23c
.....
12 k
Government
Jan
74
July
32%
35c
18HC
35c
Mercury Oils
Feb
Mar
Sept
June
22c
1
MoWatters Gold
16c
36c
11
SECURITIES
CANADIAN
44c June
Sept
6H
38
2.00
McVittle Graham
Monarch
6%
38
12 H
100
Preferred
McColl Frontenac
Jan
Aug
Mar
Jan
Mar
Industrial and Public Utility Bonds
Bid
Bid
Calgary Power Co
Canada Bread 6s
5s..I960
1941
5s. 1953
6s '49
Canadian Lt & Pow 5s 1949
Canadian Vlckere Co 6s '47
Cedar Rapids M A P 5s '53
Consol Pap Corp 6%s 1961
5Hs ex-stock
1961
Dom Gas A Elec 6%s_1946
Donnaconna Paper Co—
Canada North Pow
Canadian Inter Pap
4s 1956
7s 1942
6s.—1949
1950
Gatineau Power 5s—1956
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
Eastern Daries
Jan 1
5%8
•
No par v«Uue
98
-
108
Milling—
2k8 to '38—5%8 to '49
Massey-Harris Co 6s. .1947
94
McColl Frontenac Oil 6s '49
109
97k
101H 102
Minn A Ont Paper
Montreal Island Pr
par
...1939
1956
1973
value) 3s
93
3%s
3Hs
«.
6s_1945
6% 8 *57
101
91
101
98
101k
91H
United Grain Grow 5s. 1948
1961
f Flat prloe
65
102
Dec 1 1957
Provincial Pap Ltd
5%s '52
Winnipeg Elec 6s.Oct 2 *54
103 H
103
101
101% 101%
101% 101%
102% 103%
103
79
72
United Secure Ltd
99
79
n
95
96
6% 8 *47
Saguenay Power 4%s A.'66
4%s ser B
1966
Shawlnigan W A P 4% 8 '67
Smith H Pa Mills 4%s *51
103 H
50%
100
105
Power
100
-
94
99
83
-
50
99
104
5s
..
55
/—
103 H 104%
5%s '70
Corp of Can 4%s '59
Ottawa Valley Pow
81
98
103%
Montreal Tramway 5e 1941
58
103
63
95
IO3"
Montreal L H A P (350
112k 114
/.... 73
-
99
Maple Leaf
103 H 103 k
96k
Ask
90
70
1961
5s
MacLaren-Que Pr 5%s '61
Manitoba Power 5% s. 1951
112k 112k
82
East Kootenay Pow
Fraser Co 6s
58
75 H
78
58 k
/74H
6s. 1946
Beauharnols Pr Corp 5s '73
Bell Tel Co. of Can 5s. 1955
Burns & Co 5s
..1958
Alberta Pao Grain
Nominal.
91
Financial
2056
Quotations
New York
Bid
Jan
on
1 1964
a4*6s Apr
1 1966
105*6
a4*4s Apr
15 1972
105*6
a4*6s June
99*6 101
d3*6sMay
1 1954
104
1 1954
104
1 1960
102*6 104*6
a3*6s Nov
15 1976
a3*6s Jan
a3J4s July
May
o4s
Bid
a4*6s Mar
96*6
1 1975
a3*6s Mar
New York Bank Stocks
City Bonds
97
1 1977
101*6 102*6
a4*6s Feb
1 1974
15 1976
113*6 114*6
1 1977
a4*6s Jan
115
113*6
113*6 115*6
115*6 116
114*6 116
15 1978
1 1975
104
106
a4*4s Nov
107*6 109
a4*48 Mar
a4*6s May
1 1981
1
1957
1
1957
Nov
1 1958.
a4s
May
1 1959
10796 109*6
107*6 109*6
a4s
May
1 1977
a4s
Oct
Par
Ask
111*6 113*6
112
113*6
112*4 114*6
113
114*6
1 1957
a4s
Sept. 25, 1937
Over-the-Counter Securities—Friday Sept 24
Ask
a3*is July
a3s
Chronicle
109
110*6
a4*6s Nov
a4*68 Mar
1 1980
110
111
a4*6s June
1
a4*4s Sep.
1 1960
111*6 112*4
a4*6& July
1 1962
111*6 113*6
a4 *6s Dec
15 1971
a4 *6s Dec
10
Bid
25*6
66
50
95
Bensonhurst National
—
13.55
Chase
.12*6
City ^National)
37
31*6
Commercial National -100
168
-100
960
Fifth Avenue
First National of N Y -100 1960
Flatbush National... -100
35
Bid
Par
Ask
Ask
Klngsboro National —100
65
100
100
115
125
National Bronx Bank...50
45
50
39
National Safety Bank. 12 *6
15
33*6
Penn Exchange
10
50
10*6
12*6
55
67
32*6
34*6
27
...
174
990
2000
45
Merchants Bank
Peoples National
Public National
25
...
17
Sterling Nat Bank A Tr.25
28
30
-12*6
25
30
Trade Bank
114*6 116
115
116*6
1 1967
a4J4s Mar
Bank of Manhattan Co
Bank of Yorktown_.60 2-3
1 1979
1 1963
115*6 117
115^6 117*6
116*6 118*6
1965
118
New York Trust
Par
119*6
Bid
Companies
Bid
Par
Ask
Ask
Italiana. 100
105
115
Fulton
100
240
255
Bk of New York ATr- 100
439
447
Guaranty
100
279
284
Irving
12*6
13*6
10
1800
100 1755
43
39
25
Banca
Comm
10
Bankers
53
7
Bronx County
New York State Bonds
9*6
55
10*6
105
Ask
Bid
3s 1974
52.75 less
1
3s 1981
52.80 less
1
Canal A Highway—
52.95
Highway Imp 4 *6s Sept '63
Canal Imp 4 Mb Jan 1964..
Can A High Imp 4Mb 1965
129*6
m
-
«
.
-
129*6
126*6
-
--
.20
Lawyers
41
20
Manufacturers
43
48*6
50*6
70
80
20
48
50
15*6
17*6
New York.]
25
120
123
13*4
15*4
Title Guarantee A Tr
20
Corn Exch Bk A Tr— .20
World War Bonus—
4*6s April 1940 to 1949.
Kings County
101*6 104*6
54
55
Underwriters
100
.10
26
27
United States
100 1635
50
Clinton Trust
.25
Continental Bank A Tr .10
Colonial Trust
52.20
4s Mar A Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
122
122
mmm
Barge C T 4s Jan '42 A '46
110
mmi
Barge C T 4 J6s Jan 11945
-
101
Chemical Bank A Trust .10
Ask
Highway Improvement—
5s Jan A Mar 1964 to '71
100
Central Hanover
Bid
Brooklyn
113*6
Preferred....
9*6
83
mmm
Empire
10*6
93
1685
■
mmm
Chicago & San Francisco Banks
Par
Port of New York
Bid
A Trust
Bid
Ask
Harris Trust A Savings. 100
100
.
Par
Ask
American National Bank
Authority Bonds
215
240
365
390
Northern Trust Co
100
640
680
BankofAmerlcaNTAS A12ij
46
48
Continental Illinois Bank
Bid
Gen A ret 4s Mar 11975
Holland Tunnel 4*6a ser E
1938-1941
MAS
106
Gen A ref 2d ser 3*4s '65
103*6
Gen A ref 3d ser 3Mb
100
Gen A ref 4th
76
Bid
Ask
Port of New York—
MAS
1942-1960
3s
94*6
95*4
1938-1941
MAS
96*6
97*6
1942 1960
MAS
50.75
105
235
245
111
112*6
I
51.00
1.75
107*6 109
Aetna Cas A
Surety..
.
American Home
American of Newark
Home
45
Homestead Fire
Honolulu 5s
53.50
112
*6 s Oct
1959
102*6 105*6
U S Panama 3s June 1 1961
4*6s July
1952
5s
April 1955
102*6 105*6
100*6 102
6s
Feb
1952
106
109
5*68 Aug
1941
110
111*6
Hawaii 4Mb Oct 1950-
(13.75
4*6s July 1958..
5s
July 1948
Ins Co of North Amer—10
59
61
Knickerbocker
6
12
5
32*4
12*4
34*4
Lincoln Fire
5
14
Maryland Casualty.....-1
13*6
4*6
5*6
10*6
33*4
12
Mass Bonding A Ins. .12 *6
50
54
Merch Fire Assur com...6
47*6
51
.
-2*6
Ask
3.00
4*6
American Reserve
..10
24
Merch A Mfra Fire New'k.5
9*6
American Surely
...25
45
47
Merchants (Providence)..5
6
116
Automobile
-10
28*4
29*4
National Casualty
10
16
17*6
10
59
61
10
3.50
Baltimore Amer
110*6
Bankers A Shippers...
..
110 a
110
Boston
.100
108
6*4
-2*6
109
25
88*6
Federal Land Bank Bonds
22*4
3*6
.2*6
Employers Re-Insurance 10
ExcessBid
Ask
30
10
44
45*6
New Jersey
20
41
2
18
19*6
12.50
89
92
23*6
25
5*4
4*6
46*6
123
116
121
78
82
5
16*6
69
Providence-Washington. 10
28*6
18*6
30*6
81*6
10*6
Reinsurance Corp (N
29*6
Republic (Texas)
Y)_2
10
7*6
23*6
21*6
79*6
Firemen's of
9*6
28
4s 1958 opt 1938
MAN
Fire Assn of Phila
MAN
100 M 100*4
4*4s 1957 opt Nov 1937.—
3*8 1955 opt 1945. .MAN
102*6 102*6
4MB 1958 opt 1938
102*6
100 M 1009,6
103 M 103*6
4s 1946 opt 1944
109 M
-10
Newark.
Franklin Fire
5
—
-.5
2.50
North River
44
118
Fireman'8 Fd of San Fran25
Fidelity A Dep of Md. ..20
Northern
25
65
100*16 100*6
New York Fire
.10
116
MAN
New Amsterdam Cas
National.25
7
112
4s 1957 opt 1937
.MAN
28*6
New Hampshire Fire
40
100 M 100*4
100 «6 100 9*
109*6
New Brunswick Flre--.-10
38
JAJ
JAJ
101 M
44
5
..
8
125
21*4
31*4
24*4
-10
Federal
7
120
21*6
19*4
30
National Union Fire
20
18
20
...10
2
20
National Liberty
13*6
5
—
7
12*6
10
Camden Fire
Fire
10*6
2
600
Eagle lire
Ask
7*4
92
588
Continental Casualty. ...5
-
8*6
importers A Exporters. ..5
79*6
Connecticut Gen Life- -10
JAJ
7*6
Ask
3*6
19*6
22
Re-Insurance
City of New York
3s 1955 opt 1945
34 1956 opt 1946
3s 1956 opt 1946
18
10
27*4
..10
__
Carolina
Bid
2*6
10
20*6
107
U S conversion 3s 1940
Conversion 3s 1947
114*6 116
Security
25*4
75*6
Govt of Puerto Rico—
4
Fire
Natlona
Bid
Ask
101*6
86*6
43
35*4
25*6
American
Bid
82*6
25
American Equitable..
100
10
..10
American Alliance
4s 1946
Bid
Par
Ask
-10
Agricultural
United States Insular Bonds
Companies
Bid
10
—
Aetna Fire
110*6 111*6
nsurance
Par
Aetna L,fe
Philippine Government
FRANCISCO
SAN
110
100
1.75
George Washington Bridge
4*6s ser B 1940-53.M N
33 1-3
A Dust
First National
Inland Terminal 4*6s ser D
101
1976
1977
ser
Gen & ref 3*4s
Ask
Northwestern
Pacific Fire
Phoenix
Preferred Accident
8*6
25*6
23*6
36
Revere (Paul) Fire
10
Rhode Island
........5
-10
23
25
Rossia
5
6
7
Gibraltar Fire A Marine. 10
24
26
St Paul Fire A Marine—25
198
205
GJeus Falls Fire
5
39*4
41*4
Seaboard Fire A Marine..6
Globe A Republic
.5
Globe A Rutgers Fire. -.15
16
17*6
Seaboard Surety
44*6
49*6
Security New Haven... 10
83
88
Springfield Fire A Mar..25
Stuyvesant....
5
General Reinsurance Corp5
Georgia Home..
Joint Stock Land
Bid
Atlanta 5s
100
Atlantic 5s
Burlington 5s
/50
California 5s
100
/5*4
...
Dallas 5s
,
Bid
100
Chicago
Bank Bonds
Ask
.
-
-
100
Maryland-Virginia 5s
0*6
Louisville 5s
100
M isslssl ppi-Tennessee
...
60
100
New
5s
..
York 5s
Ask
...
...
...
99*6 100*6
North Carolina 5s
...
100
2d preferred
,
,
15
Great American
5
Great Amer Indemnity ...1
Halifax Fire
...10
100
97*6
Oregon-Washington 5s
/62
66
99*6
Pacific Coast of Portland 5s
100
Pac Coast of Los Ang 5s..
100
100
...
11*6
27
31*6
30*6
106*6 110*6
.
7*6
8*6
100
30*6
U S Fidelity A Guar
67*4
31*4
Westchester Fire
428
U S Guarantee
29*4
525
418
U S Fire
61
475
100
I.lfe Assurance
Travelers
59
—
9*6
8
Co..2
4
10
18
19
48*6
50*6
48
52
30*6
32*6
...
Pac Coast of Salt Lake 5s.
Sun
65*4
Home.
99
96*6
24*4
28*4
Hartford Steam Boiler -10
97*6
23*4
9*4
22*4
10
Hartford Fire
First Carollnas 5s
21*4
8*6
7
10
-10
Hanover lire
101
Denver 5s
x33M
100
First of Fort Wayne4*6s..
Flrstdf Montgomery 5s...
100
Ohio-Pennsylvania 5s
102
First of New Orleans 5s—_
97*6
99*6 101
Pac Coast of San Fran 5s_
First Texas of Houston 5s
95*6
99*6 100*6
Pennsylvania 5s
100
Phoenix 5s
107
Potomac 5s
100
St Louis 5s
/27
First Trust of Chicago 4*6s
100
Fletcher 3*6 s
100*6
Fremont 5s
78
Greenbrier 5s
100
Greensboro 6s
100
Illinois Midwest 6s
Ill of MontlcelD
85
100
4Mb
Iowa of Sioux City 4*6s—
96
100
Kentucky 5s
•
mm
82
...
...
87
...
La Fayette 5s
88
-
-
99*6 101
Lincoln 5s
.
100
100
San Antonio 5s
...
Surety Guaranteed Mortgage Bonds and Debentures
...
Bid
1953
82
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s 63
80
All series 2-5s
86
18
Tennessee 5s.
100
Union of Detroit 4*6s
Virginia-Carolina 5s
100
...
Virginian 5s
100
...
...
100
56
Debenture
1953
3-6s
47
Cont'l Inv Bd Corp 2-6s '53
47
49
49"
Denver
38
75
Dallas
60
47
Ask
New York
100
13
15
42
North Carolina..
100
40
Pennsylvania
100
28
Potomac
60
8
Fremont
2
3
Lincoln
5
7
1953
ctfs
(Central Funding series)
Nat Cons Bd Corp 2-6s '53
Nat Deben Corp 3-68.1953
San Antonio
Virginia.
Virginia-Carolina
.100
65
/32*6
34*6
44
48
5
1
100
50
1*4
Realty
71
1953
Bond A Mortgage
45
47
1953
46
45
47"
48
35*6
38*6
Par
Bid
Ask
Bid
Ask
100
104
114
164
169
115*6 118*6
15 1937 b .65%
FIC l*6s...Apr
FIC l*6s
151938 6.65%
Cuban Telep 7% pref—100
56
61
38
43
*
92
95
Int Ocean Telegraph... 100
86
91
Mtn States Tel A Tel.. 100 H32
137
100
15 1938 6.80%
85%
FIC l*6s...June 15 1938 6.90%
Pac A Atl Telegraph
PenlnsuJar Telep com
Bid
Ask
20
25
25
*
17
23*4
100
110
100
110
25
Sou New Engl Telep.-.100
S'western Bell Tel pref. 100
Wisconsin Teiep 7% pf.100
18
Preferred A
48
20
26 J6
115
Rochester Telepnone—
$6.50 1st pref
—
Gen Telep Allied Corp—
FIC l*6s._.May 16 1938 6
15 1938 6.75%
New York Mutual Tel. 100
117
15 1938 6.70%
FIC 1*63.—Nov
FIC l*6s—.Dec
Par
Ask
Am Dlst Teleg (N J) com. *
Preferred100
FIC l*6s—Feb
FIC 1 *6s...Mar
Unified Deben Corp 5s 1955
Telephone and Telegraph Stocks
55
36 preferred
1953
Atlantic
deb 3-6s.
75
Franklin Telegraph
Bmrc
3-6s
Realty
Deb Corp 3-6s
Emp A Bay Stace Tel-.100
Jan
Deben¬
70
100
Intermediate Credit Bank Debentures
15 1937 b .60%
15 1937 b .65%
47
ture Corp
82
Bell Teler of Pa pref..l00
FiCl*6s—Oct
45
1953
3-6s
Potomac Maryland
Bell Telep of Canada.. 100
Bid
47
33
20
Federal
47
45
Deb Co
45
78
5
.100
45
Potomac
Bid
15
—
75
1953
30
Nat Bondholders part
Par
55
Des Moines.
First Carollnas
(all
1953
)2-5s
3-6s
Potomac Franklin
1945
Inc 2 5s
50
78
Corp
Potomac Deb Corp 3-6s "53
Joint Stock Land Bank Stbcks
-..100
issues
Bond
Potomac Cons Deb Corp—
78
Contl Inv DebCorp 3 6s '53
2-3s
Atlantic
1954
Series B 2-5s
Potomac
Mortgage Bond Co of Md
Atlanta
54*6
60~"
Associated M tge Cos Inc—
Empire Properties Corp—
Ask
1954
Series A 3-6s
...
86
92
Bid
Ask
Nat Union Mtge Corp—
Allied Mtge Cos Inc—
Interstate Deb Corp 2-5s'55
Par
Bid
Ask
...
30
84
99
-.2.50
109
/16
Southwest 5s
Southern Minnesota 5s
99
.
_
...5
...
footnotes see
pagr
2058.
So A Atl Telegraph
22
157*4 159*4
118
114*6
121
Volume
Financial
145
Quotations
Chronicle
2057
Over-the-Counter Securities—Friday Sept. 24—Continued
on
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
,
Mrmbm blew York Stork
Exchange
john
Tel. REctoir
120 Broadway
GUARANTEED
NEW YORK
Bulletin
Request
on
.
Monthly
Earnings and Special Studies
3o$cpb Walkers $<ms
.
QUOTED
.
e. sloane & co.
Members New York Security Dealers Association
41 Broad
.
St., N. Y.
HAnover 2-2455
-
-
Bell Syst. Teletype NY 1-624
Z-OOUU
STOCKS
Since1855
....
^
w
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Asked
62
65
1945
62
65
1953
95
(Guarantor in Parenthesis)
Dividend
Par in Dollars
Bid
Asked
Akron Canton A Youngs town
6s
1945
534s
Augusta Union Station 1st 4s
Alabama A Vlcksburg (Illinois Central)
99
6.00
85
90
aaltlmore A Ohio 434s 1939
88
90
10.50
150
160
Birmingham Terminal 1st 4s
95
100
6.00
90
95
April 1, 1943
102
104
.inn
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Rooh A Pitts)
Beech Creek (New York Central)
35
2.00
39
Boston A Albany 1st
Boston A Maine 3s
434 s
63
56
Boston A Albany (New York Central)
.inn
8.75
115
119
Prior lien 4s
1942
72
76
Boston A Providence
.inn
8.50
126
132
Prior lien 434s
1944
78
81
.100
2.85
54
58
.100
4.00
88
92
(New Haven)
Convertible 5s
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%
Common 5% stamped.
—
inn
5.00
89
93
Cleve Clnn Chicago A St Louis pref (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania)
6.00
95
100
3.60
85
88
2.00
48
51
2.00
43
81
86
10.00
177
Chateaugay Ore A Iron 1st ref 4s
92
106
46
5.50
86
97
Buffalo Creek 1st ref 5s
.
Betterman stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
.100
Georgia RR A Banking (L A N-A C L)
,
100
185
Lackawanna RR of N J (Del Lack A Western)
.100
4.00
63
66
Michigan Central (New York Central)
.100
50.00
900
50
50
54
83
45
92
95
90
92
Georgia Southern A Florida 1st 5s
54
59
Goshen A Deckertown 1st
92
634 8
Hoboken Ferry 1st 5s
75
Kansas Oklahoma A Gulf 1st 5s
Little Rock A Hot Springs Western 1st 4s
Long Island refunding mtge 4s__
94
1050
Morris A Essex (Del Lack A Western)
78
/30
Choctaw A Memphis 1st 5s
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
3.875
.100
5.00
78
83
..50
4.00
97
100
4.00
54
4.50
57
62
1.50
39
42
Meridian Terminal 1st 4s
3.00
78
83
Minneapolis St Laul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
1
.
60
1939
Preferred
50
Pittsburgh Fort Wayne A Chicago (Pennsylvania). -100
,
7.00
165
170
100
Preferred
7.00
175
Macon Terminal 1st 5s
6.82
84
88
145
9834
100
104
1951
65
70
.1955
92
95
1949
35
45
180
100
20
/14
96
Maryland A Pennsylvania 1st 4s
Pittsburgh Bessemer A Lake Erie (U S Steel)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)..
97
60
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
80
92
6.00
140
3.00
70
6.00
140
United New Jersey RR A Canal (Pennsylvania)—. .100
Utlca Chenango A Susquehanna (D L A W)
..100
10.00
240
246
6.00
77
65
72
92
94
Portland RR 1st
100
..100
New York A Hoboken Ferry general 5s
Piedmont A Northern Ry 1st mtge 334 s.
62
65
8634
85
89
82
Second preferred
—
Tuone RR 8t Louis (Terminal RR)
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central)
95
5.00
77
80
Shreveport Bridge A Terminal 1st 5s
80
85
42
46
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s
64
3.50
3.00
60
63
50
50
.
90
90
5.00
.100
100
„
1957
90
5.00
Preferred
Consolidated 5s
Rock Island Frisco Terminal 434s
St Clair Madison A St Louis 1st 4s
100
Warren RR of N J (Del Lack A Western)
West Jersey A 8ea Shore (Pennsylvania).
334s
Toledo Terminal RR
93
—
434s
87
109
Toronto Hamilton A Buffalo 434s
Washington County Ry 1st 3348
■
rnnmommo
82
11134
93
96
58
61
EQUIPMENT TRUST CERTIFICATES
SCRANTON
Quotations-Appraisals Upon Request
ELECTRIC
COMPANY
$6 PREFERRED
Stroud & Company Inc.
Private Wires tc New York
Bmtell Brothers
Philadelphia! Pa.
EST.
n. y.
members
Railroad
Tel. DIgby 4-2800
1908
ONE WALL ST., N.Y.
stock exchange
and n. y. curb
Teletype N.Y. M146
exchange
Equipment Bonds
Public
Bid
Atlantic Coast
Line
Ask
1.20
2.25
62.75
5s.
Boston A Maine 434 s
61.90
62.90
434s.
Baltimore A Ohio 434a
2.25
62.90
2.30
6s
62.90
2.30
3348 Deo 1 1936-1944—
62.90
2.30
Bid
Missouri
5s_
Pacific'4348-....
5348
63.50
Ask
m is
Bid
_
6s
63.10
2.40
63.10
Canadian Pacific 434s
Cent RR New Jersey 434 8-
Chesapeake & Ohio
434s
2.40
63.00
2.25
62.75
1.75
Alabama Power J7 pref—*
68
6934
Mississippi P A L 56 pf.._*
60
2.75
Arkansas Pr A Lt
75
77
Miss Rlv Pow 6% pref. 100
111
2.25
Associated
Missouri Kan Pipe Line..5
6
2.00
1.25
Original preferred
62.85
2.25
56.50 preferred
*
12 34
1434
62.50
2.00
57 preferred
♦
13
15
63.75
2.75
Atlantic City El
6% pref.*
107
63.75
2.75
Bangor Hydro-El 7% pf 100
130
61.75
1.20
Birmingham Elec 57 pref-*
Buffalo Niagara Eastern—
N Y N H A Hartf
434«
5s
Northern Pacific 434 s
Pennsylvania RR 434s
1.75
5s
61.75
1.00
64.00
3.25
64.00
5s
Chic MUw & St Paul
434s-
3.26
64.85
4.50
6s
65.25
Chicago R I A Pac 434s
4.75
234s series G
1937 49
non
63.75
2.60
St Louis Southwestern 5s._
6s
63.90
2.60
634s
534s
63.00
2.00
Southern
5s
62.00
—
434s
1.50
62.50
1.75
62.85
1.75
61.75
1.20
434s
5s
Great Northern
6s
434 s
Southern Ry 434s
5s
Pacific
4a_.
75
2.25
79
81
2.20
Consol Elec A Gas 56 pref.
1.10
Consol Traction
100
Consumers Power 55 pref-*
2.50
2.00
110
113
40
45
180
2.00
2.00
Essex Hddson
63.00
2.30
Federal Water Serv
2.00
Corp—
2734
56 cum preferred
2834
29 34
62.50
1.50
634s
61.75
1.10
6s
61.75
1.10
434a
30)4
Gas-..100
31
125
104
108
107
111
21
24
100
Interstate Power 57 pref—*
5
7
97
100
Iowa Southern Utilities—
97
100
50
54
99
434s
101
Maryland 434s..
5s
Western Pacific 5s
1.00
97
62.75
2.25
62.65
2.00
63.75
2.75
63.75
2.75
56 pre( jrred
7% Pf ferred
7% preferred
100
734% preferred
-.50
pf__100
Kan Gas A Ell 7% pref. 100
Kings Co Ltg 7% pref.-100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt 57 pref.*
Mississippi Power 56 pref—
57
preferred.—
30
35
27
30
108
110
120
30
641
6534
57 prior lien pref
*
New Orl Pub Serv 57 pref*
New York Power A Light
56 cum preferred
44
46
7% cum preferred... 100
Northern States Power—
(Del) 57 pref
(Minn) 5% pref
Ohio Edison 56 pref
100
*
58 34
52
94
96
101
103
76
79
90J4
9134
9534
—*
94
57 preferred
*
Ohio Power 6% pref...100
Ohio Pub Serv
6% pf__ 100
103
105
110
111
90
92
preferred
100
Okla G A E 7% pref...100
Pacific Pow A Lt 7% pf 100
Penn Pow A Lt 57 pref...*
99 34 101
10234 10434
58
90
60
9134
Philadelphia Co 55 pref—*
65
68
106
108
5334
89
6% preferred
Republic Natural Gas
100
5834
91
10934 11134
1
4
Rochester Gas A Elec—
56 preferred C
100
98
Sioux City G A E 57 pf. 100
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
47
6034
180
Tenn Elec Pow 6% pref 100
Jamaica Water Supply—
Jer Cent PAL 7%
5 *
Queens Borough G A E—
ver—
*
1.00
m
234
Pub Serv of Colo
7% pf 100
100
1.00
61.70
61.70
Wabash Ry
6348
2934
cunypfeferred
Interstat j Natural Gas.—*
61.50
5s
Western
57
7
2534
29
7%
Idaho Pc
5s
7% pref 100
Derby Gas A El 57 pref—*
Gas
100
Dallas Pr A Lt
62.75
1.00
2.00
For footnotes see page 2058.
84
61.50
62.75
2.25
100
7% preferred
180
2.25
3.00
8234
Continental Gas A El—
10034
63.50
Hudson County
63.75
2.25
98
1.50
6s
63.00
10
52
97M
62.25
Virginia Ry 434s
63.75
7
48
58
1.50
63.00
(N J). 100
98
83
62 34
113
24 34
New Eng Pub Serv Co—
120
2.40
534s
78
Gas A Elec of Bergen.-100
62.40
Maine Central 6a
2334
73
56 preferred—.
7% preferred
100
Nassau A Suff Ltg pref. 100
Nebraska Pow 7% pref. 100
82
Central Maine Power—
Ask
Penn
79
2.25
63.00
Minn St P A SS M 4s
6534
West
Pub Serv 7% pref
25
Mountain States Pr com..*
76
2.25
Illinois Central
5s.-
135"
Monongahela
2234
62.80
Union Pacific
Loulsv A Nash 434s
6s
8
Newark Consol Gas
100
New Eng G A E 534 % pf.*
N E Pow Assn 6% pref. 100
62.80
1.00
Long Island 434s
6334
4348-—
1.20
434s..
25
——*
56.50 cum yp referred ——
Texas
61.75
Internet Great Nor
preferred
6
81
62.75
61.75
434s
51.60 preferred
Carolina Pr A Lt 57 pref*
62.60
Hocking Valley 5s
6s
—*
100
2.10
62.25
4348——
534s
6s
Electric
-100
63.00
Pacific
7% pref*
A
Cent Pr A Lt 7% pref.-100
9834
5s—
62.35
2.00
62.75
St Louis-San Fran 4s
...
62.75
62.85
93
Erie RR
2.00
Gas
7% preferred
434 s
Reading Co 434a
93
434s_.
62.85
call
Dec 1 1937-50
Pere Marquette
90
Denver A R G West
1.00
6%
90
6s
1.25
48 series E due
Jan A July
Chicago A Nor West 4348-
62.00
61.50
62.60
6s—..
flew
63.50
62.00
6s
Par
62.75
434 s—
New York Central 4348-—
5s
N Y Cblo A St L 4348—
Canadian National 434s.
(
2.00
63.00
New Orl Tex A Mex
Par
2.75
63.00
—
Utility Stocks
Ask
7% preferred
100
Texas Pow A Lt 7% pf.100
47
51
59
61
Toledo Edison 7% pf A 100
United G A E (Conn) 7% pf
75
7734
Utah Pow A Lt 57 pref...*
6634
60
Virginia Ry.
48
52
55
63
100
9234
2634
56
5
99 34
94
2734
49
58
9934 101
103
82
105
84
52
54
160
165
Financial
2058
Chronicle
Sept. 25, 1937
Quotations on Over-the-Counter Securities—Friday Sept. 24-Continued
Securities
of
Specialists in —
the
Associated Gas & Electric System
Water Works Securities
S. A. O'BRIEN & CO.
Complete Statistical Information—Inquiries invUsfe
Members New York Curb Exchange
150
SmRT.BRENT&Co.
-
75 FEDERAL ST., BOSTON
BROADWAY, NEW YORK
incorporated
HANcock 8920
COrtlandt 7-1868
40 EXCHANGE
Direct Private Telephone between New York and Boston
Bell System
Public
Teletype—N. Y. 1-1074
Water Bonds
Bid
Amer Utility Service 6s '64
69
71~
Cumberl'd Co PAL 3 %s '66
Dallas Pow A Lt 3%s.l967
Amer Wat Wks A El 5s '75
97%
99
federated Utll 5%s—1957
Associated Electric 5s. 1961
47
49
Green Mountain Pow 5s '48
Income deb 3%s...l978
Income deb 3%s
1978
30%
31%
Income deb 4s
6%s.l948
Assoc Gas A Elec
73%
---
Ask
Bid
99%
103% 104
60
103%
102% 103%
Iowa Sou Util 5%s._ .1950
95
97
34%
36
33%
31%
32%
34%
Income deb 4%s...l978
Conv deb 4s
..1973
37
39
Kan City Pub Serv 4s_1957
Kan Pow & Lt 1st 4%g '65
60
63
Keystone Telep 5%s.. 1955
Conv deb 4%s
Conv deb 5s
1973
63
65
1973
67
69
Conv deb 5%s
1973
74
77
105% 106
98
98%
Mtn States Pow 1st 6s 1938
93
8s without warrants 1940
93%
95
Narragansett Elec 3 %s '66
102
102%
103%
105
Newport N & Ham 5s. 1944
Corp—
95
37
Sink fund lnc 4%s..l983
Sink fund Income 5s 1983
40
42%
42
44
1965
4s
94
Northern N Y Utll 5s. 1955
95
54
Ohio Pub Service 4s. .1962
101
Old Dom Pr 6s May 15 '51
59
Sink fund lnc 4 %-5%s'86
Sink fund lnc 5-6s—1986
41
42%
43
44
Parr Shoals Power 5s.. 1952
90
95
52%
97%
54
Pennsylvania Elec 5s. 1962
Bellows Falls Hy El 5s 1958
Biackstone V G A E4s 1965
102
103%
107
Penn Telep
Corp 1st 4s '65
105
105
Calif Water Service 4s 1961
100% 102
Chester Wat Serv 4%s '58
Citizens Wat Co (Wash)—
102%
92
Sioux City
64
Sou Cities Utll 5s A...1958
97%
38%
40%
65
70
Tel Bond A Share 5s.. 1958
67%
98
Colorado Power 6s.. .1953
102
103
3%8 8erles G
Consol E A G 6s A
1966
Utlca Gas A El Co 5s.. 1957
Westchester Ltg 3%s_1907
103
Wisconsin G A El 3 Ha 1966
104%
Wise Mich Pow 3 Kb--1961
41%
43
1962
41
---
103%
100% 101%
100% 101
104
1948
1st consol 5s—
1948
104%
1948
104
Phlla Suburb Wat 4s.. 1965
105
Pinellas Water Co 5 %s *69
100%
97
.
.
.
99
69
Pittsburgh Sub Wat 5s '58
102
73
Plainfleld Union Wat 5s '01
104
Richmond W W Co 5s. 1957
105
Roanoke W W 5s.....I960
88
91
101
...
....1958
1958
98
100
Roch A L Ont Wat 5s. 1938
100
102
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
4%s
1958
Scranton-Sprlng Brook
Issues
...
100
1st mtge 5s
102
68 series A
1942
1942
101
103
6s series D
1960
100
102
100
Water Serv 5s
1952
6s series B
1952
94
Hackensack Wat Co 5s '77
104
5 %s series B
95
1961
87%
1967
87
90
99
101
67
71
103
105
1st A ref 5s A
1st mtge 5s
...
...1955
...
5s series A
1960
102%
...
5sserle8 B.
1960
105
Huntington Water—
Springfl. City Wat 4s A
5s series B
1954
101
1954
103
5s
1962
104
101
90%
South Pittsburgh Water—
97%
106
1977
...
102
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s *60
Greenwich Water A Gas—
56
Terre Haute Water 5s B '56
...
68 series A
95
...
103
102
Union Water Serv 5%s "61
W Va Water Serv 4s.. 1961
103"
...
98%
101
1949
Texarkana Wat 1st 5s. 1958
...
99
...
10i"
92
1958
104%
—
105
Lexington Wat Co 5%s '40
94
99
1951
94
1950
98% 100%
Westmoreland Water 5s '52
5s series B
102% 104
97
101
103
Wichita Water—
...
104
Monmouth Consol W 5s *56
96
1st mtge 5%s
_
...
99%
99%
1950
1st mtge 5s
90
■
1957
97%
5sserle8 B
Western N Y Water Co—
99% 101
1966
Long Island Wat 5%s.l955
Middlesex Wat Co 5%s '57
Markets
...
105
105
...
98
4%B
Kokomo W W Co 5s. .1958
1
1956
101
6s8eries C
1960
...1949
...
104
6s series A
95"
104
W'msport Water 5s... 1952
BAKER
...
106%
65
6s—
AMOTT,
99% 101%
68
Joplin W W Co 5s
-
94%
103
100
1st mtge 3%s
Estate
"
100
Prior lien 5s
Indianapolis W W Secure—
Reports
93%
100
...
Indianapolis Water—
Real
...1950
...
100%
105
6s—.
Wisconsin Pub Serv—
1961
_
1946
87
43
1st mtge 4s
1st A ref 5s
...
1st consol 4s
1954
.1957
Illinois Water Serv 5s A '52
101% 102%
89
1st coll trust 4%s.. 1966
...
101
6s series A
103% 104%
98
86
1946
100% 100%
85
95
Peoria Water Works Co—
1941
Clinton W Wks Co 5s. 1939
334
1962
6s series B._
118
Western Pub Serv 5%s '60
106
Penna State Water—
...
6s series B
105%
77
72
Ohio Valloy Water 5s. 1954
Ohio Water Service 5s. 1958
...
E St L A Interurb Water—
Western Mass Co 3%s 1946
Conn Lt A Power 3 %s 1956
3 %s series F
1966
100
74
Ore-Wash Wat Serv 6s 1957
1951
6s.
69%
...
96
Davenport Water Co 5s '61
88
101% 102%
92
Ohio Cities Water 5%s '63
71
60%
Central Public Utility—
Income 5%s with stk '52 /234
*
CInn Gas A El 3%s ...1967
77
90
Newport Water Co 5s 1953
Consol Water of Utlca—
Central G A E 6%s.. .1946
1st Hen coll trust 68.1946
Cent Maine Pr 4s ser G '60
74
6s series A
Cent Ark Pub Serv 5s. 1948
Gap A El 4s 1966
70
1951
6%s series B
106
69
1951
Connellsville Water 5s 1939
70
/68
104% 105%
5%s—1948
...
103%
58 series B
104%
102% 103%
Community Water Service
101% 103
Peoples L A P5%s-_1941
Public Serv of Colo 6s. 1961
Pub Utll Cons
...
102%
...
104
New York Wat Serv 6s '51
103
103
1st 5s series C
61
98%
101
1954
City Water (Chattanooga)
42
City Elec 3%s '64
1954
98
51%
101
5%s
1957
6%sserle8 A
5s series B
97%
38
Atlantic
101
6s
103
North'n States Pow 3%s'67
Sink fund lnc 5%&—1983
Sink fund lnc 4-58—1986
Sink fund lnc 5%-6%s*86
New Jersey Water 5s. 1950
New Rochelle Water—
Ask
105
6 %s series A.
1951
City of New Castle Water
N Y State El A G
_
Muncle Water Works 5s '65
Butler Water Co 5s.-.1957
96
42
102
1956
6s series B
94
39
Atlantic County Wat 5s '58
Co. 5s
98
105
5s series C
8-year 8s with warr.1940
Cons ref deb 4%s..l958
Sink fund Income 4s 1983
102
Monongahela Valley Water
5%s.
1950
Morgantown Water 5s 1905
95
Alabama Wat Serv 5s. 1957
Alton Water
Birmingham Water Wks—
108%
Metrop Edison 4s ser G '65
Missouri Pow A Lt 3548 '66
Assoc Gas A Elec Co—
Bid
Ask
Ashtabula Wat Wks 5s '68
62
102 %
Houston Lt A Pow 3 %s *66
Corp—
1978
Teletype: New York 1-1073
Utility Bonds
Ask
Bid
Amer States P S
NEW YORK
PLACE,
Tel. HAnover 2-0510
...
102%
105"
CO.
INCORPORATED
BArclay 7
150 Broadway,
2360
Bell System Tel.
NY 1-688
N.Y.
Sugar Stocks
Par
Cuban Atlantic Sugar
Real Estate Bonds and Title Co. Mortgage
Bid
Alden
1st 6s stmp
Broadmoor
1941
/38%
(The) 1st 6s '41
/43%
/2 4%
B'way Barclay 1st 2s.. 1956
Bid
Ask
42%
_
26%
99%
1945
65
58%
Chesebrough Bldg 1st 6s *48
57%
61%
Bldg 1st 6 %s. 1939
/2 8
31
f37%
40
Dorset (The) 1st 6s...1941
/28%
31
26%
/26
1946
1947
28%
28%
98%
...
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
50 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
6 %s unstamped
1949
62d A Madison Off Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St
Corp 6s....1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 3 %-6 %s stamped 1948
Fox Theatre A Off Bldg—
1st 6%s
Oot 1 1941
69
50
38
41
/35%
/50%
/38%
19th A Walnut Sts (Phila)
1st 6s.
July 7 1939
/19
1951
Prudence
10%
1944
/9
59%
62
5%s unstamped
Graybar Bldg 6s
1949
/41%
4s
100732 lOO^ie
1 1939
s
f
1977. AAO
revenue
Ask
Bid
*
9
92
101% 101 %
1002132 100%
84
87
102% 103%
62.40
3.60
Bid
As*
99
Blckfords lnc
47
Par
Kress (S
12
7% preferred
100
B/G Foods lnc common..*
conv
2%
*
10%
34
36
common
*
3
11%
9
13
6%% preferred
100
Murphy (G C) $5 pref. 100
12
*
11
Miller (I) Sons common..*
3%
pref
H) 6% pref
35
42
107
...
Co—
67
Boback (H
...
7%
Realty Assoc Sec Corp—
5s
Fuller Bldg deb 6s
Ask
103%
Chain Store Stocks
55%
37
June
4s serial revenue 1942-68
32.50
5%s double stpd—1961
35
1955
Reynolds Investing 5s. 1948
Triborougb Bridge—
100% 100"32
Par
51
/44
l%s
Borland Shoe Stores
73%
103 E 57th St 1st 6s— .1941
78
1%S
100% IOO2332
April 1938
July 1936
April 1
Home Owners' Loan Corp
2s
Aug
15 1938
101
Federal Home Loan Banks
11
1 Park Avenue—
-
4s
Sept 1 1939
21
/9
165 Bway Bldg 1st 5%s '51
•
1%
5%
41%
2nd mtge 6s
f49
/48%
52%
74%
4%
53
5 %s series Q
Oliver Cromwell (The)—
1st 6s.
Nov 15 1939
70%
66
48%
/49%
5%s series F-l
6%
Ask
34
Henry Hudson Parkway—
95
94
River Bridge 7s
1953
Federal Farm Mtge Corp—
l%s
52%
38%
5%s series BK
/5
67%
%
32
Bid
Ask
Bid
5%s series C-2
1st A rel 5%s
West Indies Sugar Corp.. 1
Bid
*
Miscellaneous Bonds
l%s
N YEve Journal 6 %s_ 1937
N Y Title A Mtge Co—
East Ambassador Hotels—
29
Associates Invest 3s. .1940
60%
Court A Remsen St Off Big
1st 6s
Apr 28 1940
27
Bear Mountain-Hudson
1st mtge 2s stmp A reg'55
1st A gen 6s—
59%
Savannah Sug Ref com.-.l
68
N Y Athletic Club—
1948
Chanln Bldg Inc4s...l945
Haytian Corp Amer
16
1
Metropol Playhouses lnc—
Munson
39%
18%
14
Ai*
98
1947
S f deb 5s-
4-6s
Par
16%
1
10
Eastern Sugar Assoc
Preferred
Metropolitan Corp (Can)—
6s
_
B'way A 41st Street—
1st leasehold 0%s—1944
Broadway Motors Bldg—
Certificates
Ask
Bid
1943
income
/62%
Flshman (M
45
/52
Kobacker
54
7%
1946
65%
67%
49%
53%
Sherneth
Hotel Lexington 1st 6s 1943
Hotel St George 4s
1950
48
100
24
101
105
8
10
*
15
24
100
77
98%
28
100
(Daniel) pref--.100
83
Stores
preferred
United Cigar-Whalen stores
Common
$5 preferred
%
28
—
1
31%
Savoy Plaza Corp—
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Reeves
4%
H) Co Inc...*
preferred
Diamond Shoe pref
65
Roxy Theatre—
1st fee A l'hold 6 %s. 1940
C)
3s
61%
43
•
-
-
45%
with stock
1956
127
3-5% s deb lnc (ws).1956
/19
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6%s'38
40
64%
Lewis Morris Apt Bldg—
1st! %S-...Apr 15 1937
*
20%
No par
I Flat
selling
value,
price.
on
...
»
a
on
per 100
to i
z
New York Stock Exchange.
72
Issued,
When
d Coupon,
r
e Ex-rights,
Ex-dlvldend.
y Now
Ex-stock dividends,
47
Syracuse Hotel (Syracuse)
1st 6%s—.Oct 23 1940
t Now listed
31
45
b Basis price,
Interchangeable,
Nominal quotation,
New York Curb Exchange,
t Quotations
/28
1950
61 Broadway Bldg—
3 %-5s with stock
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
30
Corp—
;
gold rouble bond, equivalent to 77.4234 grams of pure gold.
/39%
Lincoln Bldg lnc 5%s.l963
Loew's Theatre Rlty Corp
1st 6s—..
London Terrace
64%
...
68%
1st 3-5s (w
91%
/43%
93
47%
Ludwlg Bauinan—
1st 6s (Bklyn)1942
1st 6%s (LI)
1936
Majestic Apts 1st 6s..1948
1948
40
1939
83%
59%
s)
42%
at
Trinity Bldgs Corp—
1st 5%8—
—The formation
.
.
.
-
40
Wall
of Martin,
St., New York,
inactive and
NOTICES
Hefler &
was
Robbins, Inc., security dealers,
announced.
The firm will specialize in
closely held securities.
.
62
—Weingarten & Co., 29 Broadway, New York, have prepared for dis¬
62
/27
29
Metropolitan Chain Prop—
6s.
1958
2 Park Ave Bldg lsc 4s 1941
1947
Apts 6s '40
CURRENT
Textile Bldg—
tribution
WalbrldgeBldg (Buffalo)—
1st 6%s
Oct 19 1938
/23
.
—S.
Westlnghouse Bldg—
87
91
1st fee A leasehold 4s '48
.
66
70
now
a
pamphlet entitled "The Rayon Industry: Prospects 1937-1938/'
Watson
Maxwell
associated with J.
Jr., formerly with J. Arthur Warner &
F.
Co., is
Reilly & Co. in their trading department.
Volume 145
Financial
Quotations
Chronicle
Over-the-Counter Securities—Friday Sept. 24
on
Industrial Stocks and Bonds
Par
Bid
Ask
American
Arch
*
34
Book
100
50
55
Par
Foundation Co For sbs...*
2%
1%
2%
American Hard Rubber—
shares
*
58
Extinguisher...*
10
1
*
22
Conversion
1
Petroleum Heat A Power.*
60
27
8% cum preferred... 100
American Hardware
25
95
100
24
25
Golden Cycle Corp
Amer Maize Products
*
15
18
American Mfg 6% pref.100
American Republics com.*
80
84
Good Humor Corp
Graton A Knight com
63
67
Andlan National Corp
*
Art Metal Construction. 10
46 %
49
Great Lakes S3 Co com..*
43%
45%
25%
27
Great Northern Paper..25
36
39
Harrisburg Steel Corp
Kildun Mining Corp
King Seeley Corp com
5
11%
12%
1
%
1%
1
Lawyers Mortgage Co..20
10%
%
11%
1%
Taylor Wharton Iron A
Steel common
*
Trico Products
*
6
Belmont Radio Corp
8%
*
Beneficial Indus Loan pf.*
Bowman-Biltmore
Chilton Co
Climax
52
10
Hotels
1st preferred
Bur dines Inc
10%
19
22
220
260
100
100
110
Lord A Taylor com
5%
x38%
10
Molybdenum
»
6%
Columbia Baking com...*
$1 cum preferred
*
1st
6% preferred
2d 8% preferred
46
6%
15%
40%
37%
6%
mm
—
9%
7%
*
56
59
1
31%
33%
100
u*%
Preferred..
Merck A Co Inc
109
■
com
preferred
Arms com
*
4%
3%
32%
25
55
57
Devoe A Raynolds B com *
47
52
Dictaphone Corp
2%
mm
34%
59%
118%
*
Preferred
100
Dixon
64
121
57
61
23%
26 %
75
Du Pont (E 1) 4)4% pref.*
Federal Bake Shops
*
109
Preferred
70
5
Follansbee Bros pref
5%
*
preferred.
—
6
Norwich
American Tobacco 48.1951
106
5
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Corp
Tublze Chatlllon
5%
180
Preferred
Wire Fabrics 7s.-1942
100
mmm
22%
Chicago Stock Yds 5s .1961
95
m'mm
19
21%
4%
40%
98% 101%
$3 conv preferred
Welch Grape Juice com
2%
10%
98
98%
99
98%
1955
%
6%
1937
f73
75
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
f!8
20%
Conv deb 6s
7%
8%
6%
1946
27
1
~
Scovlll Mfg 5%a
Standard Textile
106
.1945
1942
25%
f23%
Utd Clg-Whelan St Corp—
5s
69
98
21
24
1st 5s.
WJR The Goodwill Sta.. 6
28
30
2d conv Inc 5s
Wither bee Sherman 6s 1944
72
/—
1952
$7 1st preferred
100
Wickwire Spencer Steel..*
Willcox A Gibbs commonSO
12%
108
Products
1st 6 %s assented
10 %
9
*
30
101% 105
1%
2%
24%
27%
100
com v t c
23
18
mm
106
40
97
"
m
90
West Va Pulp A Pap com. *
Preferred
mm
38
/32
N Y Shipbuilding 58—1946
100
preferred
Nat Radiator 5s
21
63%
*
130
49
38
Ohio Leather common—*
85%
1939
18
60%
5
1948
(Glenn L)—
45%
1Q0
pref
96%
1940
conv 4s. 1950
1st 3%a.
Deep Rock OH 7s
3%
12%
1%
8%
■
$3 cum preferred
*
White Rock Min 8prlng—
Pa the Film 7%
Cudahy Pack
»
92
Ohio Match Co...
1st conv s f 6e
3%
39
100% 101
5
84%
13
Commercial Credit 2%a '42
Cont'l Roll A Steel Fdy—
Conv 6s
100
42
107
Am
100
West Dairies Inc
23
1..
w
101% 102%
11%
Warren Northam—
36
11
100
com
Preferred wl
Bonds—
21%
United Artists Theat com *
United Merch A Mfg com *
United Piece Dye Works.*
29
38
Follansbee Steel
126
10
pf.10
cum
34
*
Pharmacai
98
Allls-Chalm Mfg 4s w 1 '52
27
.—100
Preferred 6%%
Northwestern Yeast
81
92
170
no
104
New Haven Clock—
20
20
14%
50
New Britain Machine
no
18
30
13%
45
Nat Paper A Type com... *
(Jos) Crucible -.100
Douglas Shoe preferred.100
Draper Corp
*
77%
100
100
.100
com
13
11%
102% 103%
275
Martin
*
Preferred
7% preferred
Young (J 8) Co
7% preferred
Skenandoa Rayo* Corp
Standard Brands 4)4 % Pf *
Standard Screw
100
m
93
Muskegon Piston Ring
National Casket
16%
270
''
100
Preferred
3%
15
Singer Manufacturing..100
Singer Mfg Ltd
Mock Judson A Voehrlnger
Dennison Mfg class A... 10
Dentists' Supply Co of N Y
19
59
*
York Ice Machinery
120
Macfadden Publlca'n com *
8%
14%
Croweil Publishing com..*
$7 preferred
100
V
Lawrence Portl Cement 100
10%
Remington
Scovlll Mfg
10
8
:
,
8%
100
19
8%
100
new com
common
7
100
Preferred.
7%
50%
Fire
Ask
18
56
Woodward Iron com
Worcester Salt
51
Bid
10
100
1%
5%
47
*
Tennessee Products
10 %
9%
Bankers Indus Service A.*
Gen
Par
Ask
1%
4%
Publication Corp com.... *
23
25
Garlock Packing com
Bid
Petroleum
3%
..*
American
Continued
Industrial Stocks and Bonds—Continued
Ask
Bid
Par
38%
American
2059
38
Woodward Iron—
13%
103% 104
1962
92
-1962
98%
102
For footnotes
page 2058.
see
Tennessee Products Common
Woodward
H.
S.
EDWARDS &, CO
I Pittsburgh Stock Exchange
irsHmh*,.
Memoers
\
United
New york curb Exchange (Associate)
120
Broadway, New York
Tel. REctor 2-7890
Bank
Cigar Stores
SELIGSBERG & CO.
Teletype N. Y. 1-869
Union
Iron
Follansbee Bros.
Members New York Stock & Curb Exchanges
Building, Pittsburgh
50 Broad
St., New York
Telephone Bowling Green 9-8200
Wickwire Spencer Steel Co.
COMMON
STOCK
Bought—Sold—Quoted
WICKWIRE SPENCER STEEL
QUAW & FOLEY
Members New York Curb
New Common
Exchange
30 Broad St., N. Y.
Hanover 2-9030
£xptedd fcxcAmuje,
52 Wall
Street,
HAnover 2-3080
New York City
A. T. & T.
Teletype N. Y. 1-1642
CLIMAX MOLYBDENUM COMPANY
C.
E.
UNTERBERG
Houston Oil Field Material
CO.
J
commodity Exchange, Inc.
Prospectus on request
BOwllng Green 9-3565
Broadway, New York
Teletype
N.
Y.
Company, Inc.
Preferred and Common Stock
I New York Security Dealers Association
A/TomhAM
Members
61
&
1-1666
ROBINSON, MILLER A CO.
INC.
AUCTION
The
following securities
SALES
HAnovePrt,2nie282 52 William Street, N.Y.
sold at auction
were
on
Wednesday
of the current week:
AUCTION
By Adrian H. Muller & Son, New York:
Shares
Stocks
1,000 Mavis Bottling Co. of America (Del.), class A common, par $1
$200 Lockwood Profit Sharing
warrant for 2 shares common
(Del.), class A,
no
par;
.$25 lot
par..
...
_
(Ind.), preferred,
par
(Ind.), common,
Co., preferred
35 Mono Service Co., preferred
$9 lot
'
Percent
(N. Y.), 4% cumulative registered income
.$1,100 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
Stocks—
t
Certificates to and entitling registered
assessable
stock
of
holder's
Bowman-Biltmore
stock after regular dividend upon
after regular
Hotels
Corp. 1st pref. $100 par
the pref. stock of the Westchester-Biltmore
Cosmetrigraph
Products,
$ per Share
$100...
79)3
10 units Eaton Paper Co, (10 common and 10 preferred)
9
1,000 Santa Fe Gold & Copper Mining Co., par $10
$7 lot
5 United Cigar Stores Co. of America, common, par $10; 1 New York Ambas¬
sador Hotel Corp., common voting trust ctfs.; 1 Atlantic City Ambassador
Hotel Corp., common, voting trust ctfs.; 8 S. W. Straus Investing Corp.,
preferred A, par $50, and 8 S. W. Straus Investing Corp., common
$3 lot
$ per Share
—1.—
par
—-
Co.,
New
York
hold
will
par
—
...—_
$100
11%
81
$100
20c lot
-
■
,
=
„■
m
sixth
its
on
Fri¬
George J. Gillies of Bancamerica-Blair Corp. is Chairman of
Sanders Shanks Jr. of "The Bond Buyer," and W. Manning
of Barr Bros.
&
Co.
Linen
A team composed of members of the club and captained by John
Chase
National
Bank will
meet
eight-man team reprasenting the
an
Municipal Bond Club of Chicago in an inter-city match during the day.
The other members will take part in the usual golf competition
a
and will see
trick shot exhibition by Jack Redmond late in the day.
Exchange"
trading at the outing this year will be for
Ford V-8 convertible sedan,
with Mr. Phelps in charge.
a
1937
Golf prizes and
will be awarded at dinner.
was
made
of the
formation
of the
firm
of
Barrett
Herrick & Co., Inc., to transact a general business in investment securities
with offices at 68 William
Barrett
John
Herrick,
T.
Secretary,
In
more,
Stocks
1 Columbian National Life Insurance
NOTICES
of
Dunbar,
W.
Vice-President;
and Ernest J.
addition to
St., New York City.
President;
its
H.
C.
Joseph
Officers of the
Grimes,
A.
Senior
Ryan,
new
firm are
Vice-President;
Vice-President and
Hall, Vice-President and Treasurer.
head office in New York
City,
the firm will have
branches in Syracuse, N. Y., under the direction of Mr. Grimes; in
By Crockett & Co., Boston:
20 Farr Alpaca Co., par $50
Club
day committee, which also includes Augustus W. Phelps of Phelps,
—Announcement
Stocks
40 Browning Drake Corp.,
Barr
cups
10 American Manufacturing Co., preferred, par
Shares
the field
"Stock
$11 lot
By R. L. Day & Co., Boston:
Shares
day, Oct. 1.
$5 lot
Inc
Bond
Municipal
annual field day at the Oakland Golf Club, Bayside, Long Island,
of
dividend upon the pref. stock of the Sevilla-Biltmore
Hotel shall have been paid.
$100
—The
Fenn & Co.,
$ per Share
to receive $2,000 full-paid non¬
Corp. shall have been paid
$12 lot
Certificates to and entitling registered holders to receive $1,000 full-paid and
non-assessable stock of the Bowman-Biltmore Hotel
1st pref. $100 par
stock
CURRENT
S18 lot
and 50 Playland Pools Inc.
no par,
Bonds—
90
$13 lot
...
$100
$18,000 Hotel St. George Corp.
debentures.
Due Oct. 1, 1950
58
15
90%
Service
15 Mono
(Del.),
83 Stephenson Underwear Mills (Ind.), preferred, par $100
200 Playland Pools Inc.
$ per Share
Co., par $20
11 John B. Stetson Co., common, no par
attached; 30 shares Direct Control Valve Co.
representing 5 shares common and 5 shares preferred; 4 Lockwood Profit
Sharing Corp. (N. Y.), no par, and 20 Safeguard Check Writer Corp. (Del.),
no
(Concluded)
Stocks
Shares
30 Corn Exchange National "Bank & Trust
Corp! (N. Y.), 7% registered debenture with
Deposit receipt Frontier Mortgage Corp.
SALES
By Barnes & Lofland, Philadelphia:
$ per Share
Balti¬
Md., under the direction of Mr. Dunbar, and in Kansas City, Mo.,
under the direction of Miss Jewell Wilson.
Messrs. Herrick, Grimes, Dun¬
bar, Ryan and Hall have been associated with the same investment firms
for the past seven years.
2060
Financial
General
Chronicle
Sept. 25, 1937
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
used
for
purchase of equipment and working capital.
Filed Sept. 21, 1937.
Croil
Hunter
is
President of the company.
Fitzsimmons Stores, Ltd. (2-3423, Form A2) of Los Angeles, Calif.,
has filed a registration statement covering 30,000 shares of $1 par 5%
cumulative class A stock, to be offered at $5 per share.
Proceeds will be
used for working capital.
No underwriter was named.
R. M. Laverty
is President of the company.
Filed Sept. 21, 1937.
RIGHTS-SCRIP
Specialists since 1917
Woman Lake Goldfields Development, Ltd. (2-3249, Form Al, a
refiling) of Toronto, Ont., has filed a registration statement covering
600,000 shares of $1 par value common stock to be optioned to under¬
writers at varying prices for resale at the market.
Proceeds will be used
for purchase of equipment, plant and development.
Dixon & Co. will be
McnONNELL&fO.
the
New York Stock Exchange
120
Bell
"The
New York Curb Exchange
Broadway, New York
Knott
President
is
[Company's original registration
Laboratories
Abbott
REGISTRATION
SECURITIES
(3276)
Filed June 30, 1937.
following additional
STATEMENTS
UNDER
common
ACT
CALLAHAN
registration
statements
(Nos.
3411 to 3423, inclusive and one refiling No. 2-3249) have been
filed with the Securities and Exchange Commission under the
Securities Act of 1933.
The total involved is approximately
$85,964,528.
CONSOLIDATED
Consumers
Cinema, Inc. (2-3411, Form Al) of Los Angeles, Calif.,
Steel
Gilmer Co.
(L. H.)
par
(3286)
Hughes Printing Co.,
Filed Sept. 9,
Inc.
(3404)
pref. stock and 121,600 shares of
1937.
STRATBURG
and Investors
Management Co., Inc., probably will be the underwriters.
Philip W. K. Sweet is President of the Company.
Filed Sept. 16, 1937.
Idaho Power Co. (2-3413, Form A2) of Boise, Idaho, has filed a
regis¬
tration statement covering $18,000,000 of 1st mortagge 3%% bonds, series
due Oct. 1, 1967.
Filed Sept. 16, 1937.
(For further details see subse¬
quent page.)
Central New York Power Corp. (2-3414, Form A2) of Syracuse, N. Y.,
a registration statement
covering $48,364,000 of general mortgage
Filed Sept. 16, 1937.
(For further
has filed
3H% bonds, series due Oct. 1, 1962.
details see subsequent page.)
Crusader Aircraft Corp. (2-3415, Form El) of Denver, Colo., has
filed a registration statement covering 2,500,000 shares of $1 par common
stock.
Of this total, 1,850,000 shares are to be sold to the
public at $1
through underwriters.
The remaining 650,000 shares will be offered under
tion in the following manner:
plan of reorganiza¬
shares will be used for buildings, machinery,
equipment, development, sales
promotion, and for working capital.
No underwriters are named in regis¬
tration.
F. L. Newman is President of company.
Filed Sept. 16, 1937.
Wellington Fund, Inc. (2-3416, Form Al) of Toronto, Ont., has filed
registration statement covering
estimated amount of
an
common
stock,
§ar value $1. the market and the aggregate amount will not exceed 191,449
According to the statement the number of shares will be
etermined by
shares.
The common stock will be offered publicly through W. L. Morgan
& Co. and Wellington
Foundation, Inc., at the market.
Proceeds from
the issue will be used for investment
purposes.
W. L. Morgan is President
of the company.
Filed Sept. 17, 1937.
Burlington Brewing Co. (2-3417, Form Al) of Chicago, HI., has filed
a registration statement
covering 2,000 shares of 5% cumulative preferred
stock, $100 par.
The new issue will be offered only to people in the tavern
business and to
owners
of tavern
buildings at $100
will be used for retirement of
debt, sales promotion
As yet no underwriter has been named for the issue.
is President of the company.
Filed
share.
Proceeds
and working capital.
Albert C. Ketler Sr.,
per
Sept. 17, 1937.
Upson-Walton Co. (2-3418, Form A2) of Cleveland, Ohio, has filed
a
registration statement covering
20,000 shares of common stock, $1 par
The stock will be offered to stockholders through warrants at
$8 per
First Cleveland, Corp., principal underwriter of the
value.
share.
issue, will
Proceeds from
the issue will be used for payment of
debt, equipment and working capital.
C. H. Mathews is President of the company.
Filed Sept. 17, 1937.
Fundamental Investors, Inc. (2-3419, Form Al) of Jersey
City, N. J.,
has filed a registration statement
covering 600,000 shares of $2 par capital
stock.
Of stock registered, 416,109 shares will be offered at the market
by Fundamental Group Corp. and Mackubin, Legg & Co. to raise $8,938,021
for investment.
The remaining 183,981 shares are to be issued in
exchange
for 25-cent par capital stock.
Allan L. Melhado is President of the com¬
pany.
Filed Sept. 18, 1937.
offer the unsubscribed stock
Security
filed
Products
publicly
Twentieth
The last
in
at the market price.
(2-3421,
Form Al) of Cleveland, Ohio, has filed a
registration statement covering 65,000 shares of $1 par value, 35 cents
dividend rate
common
cumulative
stock
no
par
convertible
value.
Floyd
class
D.
was
given
Paper Co., Ltd.—Legality of Mortgage—
this to delay enforcement of the bondholders' rights, and prompt reor¬
of the company, emphasize the necessity for bondholders
actively to support the committee and to be represented at the meeting
of bondholders to be held in Toronto Oct. 15 to vote on the plan of sale
of assets and reorganization proposed by the committee."
Support of Reorganization Plan Urged—
The Dominion Mortgage and Investments Association, whose member
companies hold in excess of $8,000,000 of Abitibi first mortgage bonds, has
sent letters to bondholders urging them to support the reorganization
plan
sponsored by the bondholders respresentative committee.
The life insurance, loan and trust companies which are members of the
Association are unanimously supporting the plan, according to the letters,
and those which are not having their officers attend the bondholders'
meeting on Oct. 15 are giving their support by executing proxies in favor
of Joseph P. Ripley, Chairman, or other members of the bondholders'
representative committee.
To evidence their support of the plan, bondholders are urged to deposit
their bonds with some bank or trust company and forward their voting
certificates and proxies.
Holders of certificates of deposit are urged to
leave their bonds on deposit under the deposit agreement of 1932, which
will enable the bondholders' representative committee to vote the deposited
bonds in favor of the plan.
Earnings for First Eight Months
Earnings after general expenses but before bond interest, depreciation
and income taxes for the first eight months of 1937 amounted to $3,121,299
against $1,230,467 for the first eight months of 1936.
1937
$500,668
522,580
August
July
June
May
April
_
1936
$217,782
245,986
230,798
181,048
166,316
394,169
406,145
362,653
Note—Figures
p.1890.
a
income
Sept. 21, 1937.
Airlines, Inc. (2-3422, Form A2) of St. Paul, Minn., has
registration statement covering 10,000 shares of
common
stock,
no
?ar. shares to B. Nicoll & Co., Inc., at $10 per the issue, willremaining
,500 The Milwaukee Co., principal underwriter of share.
The first offer
2.500 shares will be offered publicly at $11.25 per share.
Proceeds will be
1936
$104,463
50,131
33,943
262,894
336,972
8 months_$3,121,299 $1,230,467
Corp. (& Subs.)
1937
a$262,135
Earnings—
1935
1936
$157,473
$80,674
1934
$158,969
After Federal and State taxes.
Consolidated Balance Sheet April 30
Assets—
Cash
on
1937
1936
hand and
in banks
$284,838
277,512
197,790
19,172
45,957
816,043
825,594
Accounts and notes
receivable-
Accts. rec.,
co. and
Inventory of
c Plant &
equipm't
Pat'ts, trademarks,
48,726
125,000
6,250
of
capital assets.
32,947
31,250
32,947
20,222
23,730
.
_
Profits since Aug. 1
1932
16,139
631,250
146,826
84,692
Capital surplus
prepaid
&c.
89,602
Reserves for—
Contingencies
4,000
prem.,
Accrued liabilities.
Idle plant exps.
Unexpired insur'ce
taxes,
1936
$1,000,000 $1,000,000
Accounts payable258
50,022
Future deprec.
raw
Fair
1937
$50)
Dividend payment
parent
subs....
Liabilities—
Capital stock (par
$256,754
b
amendment.
Proceeds from the company stock will be used for retirement
of debt,
expansion and working capital, while proceeds of the outstanding stock will
accrue
to stockholders.
Floyd D. Cerf Co. will be the underwriters.
Bert L. Klein is President of the company.
Filed
1937
$335,218
March.
February..
January
subject to year-end adjustments and audits.—V. 145,
Aeolian American
materials, &c
Inv. in 4% debs, of
N.
Y.
World's
principal
are
Years End. April 30—
Net
be
the
The figures, month
by month follow:
85,000 shares of
35,000 shares, which are outstanding, will be offered by stock¬
holders through the underwriter at $5 per share.
Of the total issue of
common stock, 65,000 shares are to be reserved for
conversion of the class A
and the balance of 20,000 shares will be
given to the underwriters as com¬
pensation.
According to the statement, if this block of common stock is
to be offered publicly, terms of the
offering will be filed by post-effective
common
ganization
and
share,
a
148,000 shares of
"At the time of the issue of the bonds the mortgage was approved as
will
Of the total issue of class A stock being
registered, 5,000 shares will be
offered to employees at $4.50 per share and any unsubscribed
portions of
this lot will be offered publicly
through the underwriter at $5 per share;
25,000 shares will be offered publicly through the underwriter at $5 per
filed
150,000 shares
Filed May 25, 1937.
to legality by Toronto, Montreal and New York counsel.
The bondnolders' representative committee is advised by its solicitors that in their
opinion there is no merit to the contention of the liquidator.
Efforts such
stock
underwriter.
Northwest
common
Equip. Corp. (3179) covering
previous list of registration statements
Sept. 18, page 1890.
Cerf Co.
A
($5
1,081 shares of
cum.
stock (par $1).
Filed June 29,
issue of
our
Corp.
common stock.
Of this total, 50,000 shares will be
to the public at $5 through the
underwriter, Herbert Co.
The
remaining 5,000 shares will be sold to the underwriter at $5.
Proceeds
realized by the company will be used to lease the plant,
purchase machinery
and equipment, and for working
capital.
Ralph E. Brown is President of
the company.
Filed Sept. 20, 1937.
Co.
1st mtge.
covering 50,000 shares
covering
(3267) covering
Filed June 29, 1937.
Abitibi Power &
offered
Drug
&
(3273)
Century Co.
non-cumulative class A
Reed
covering $200,000 5%
(3298)
The legality of the mortgage securing the 1st mtge. bonds was approved
by Toronto, Montreal and New York counsel at the time the bonds were
issued, Joseph P. Ripley, Chairman of the bondholders' representative
committee, said Sept. 21 in answer to an attack on the validity of the
mortgage oy the liquidator of the company.
Mr. Ripley commented
as follows:
(2-3420, Form Al) of Chicago, 111., has
registration statement covering 55,000 shares of $5 par 35^-cent
a
shares
as
a
269,204 shares in exchange for 26,920,384 shares of class A American
Gyro Co. stock, 198,886 shares as a premium on the American Gyro stock,
132,397 shares in exchange for 3,893,811 shares of class A no-par value
Crusader Aircraft Corp. stock, and 49,513 shares in exchange for
198,053
subscribed shares of this same stock.
Cash proceeds from sale of 1,850,000
a
CO.
of capital stock par $1.
stock (no par).
Investors Fund C, Inc. (2-3412, Form A2) of Jersey City, N. J., has
filed a registration statement covering 200,000 investors shares to be sold
at the market to provide funds for investment.
Fund C Distributing Corp.
117,500
Filed July 17, 1937.
MFG.
Parachute
Switlik
G. P. Regan is President
share.
1937.
Plywood Container Corp. of Mo.
stock.
The 7% class A common is to be offered at $5 per share, while the $1 par
will be reserved for conversion of the class A stock.
The proceeds
from the issue will be used for debt retirement,
equipment and working
Chapman & Co., will be underwriters.
of the company.
Filed Sept. 16, 1937.
of
shares
covering 2,Filed Aug. 9, 1937.
covering 42,000 shares of common stock
par) class A stock.
capital.
per
325,000
(3343)
Corp. (3062) covering
Filed March 31, 1937.
has filed a registration statement covering 50,000 shares of $5
par 7%
cumulative convertible class A common stock and 100,000 shares of $1 par
common
10c.
Inc.
Filed July 6. 1937.
($5 par).
common
covering
MINES,
Products
(par $1) common stock.
bonds.
International
Filed
covering 10,000 shares of common stock
Business Credit Co. (3351)
stock.
Filed Aug. 13, 1937.
200,000 shares of common stock,
The
company.
withdrawn Sept. 9.]
registration statements filed under the Securities Act of 1933:
Teletype NY 1-1640
American
OF
the
was
SEC has announced that at the request of "the applithe withdrawal of the following
(no par).
FILING
of
it has consented to
cants
Telephone REctor 2-7815-30
|
G.
C.
underwriters.
Sept. 17, 1937.
Members
675,000
675,000
11,172
656,250
&C
Total
$2,020,869 $2,021,6031
Total
$2,020,869 $2,021,603
b Inventory at cost or market, whichever is lower,
c After deducting
$1,512,988 in 1937 and $1,490,665 in 1936 for reserves.—V. 143, p. 1861.
Abbott
See
1st
Air
Laboratories—Registration Withdrawn—
given on first page of this department.—V. 145, p. 1246.
Associates, Inc.—Extra Dividend—
The directors have declared an extra dividend of 20 cents per share in
addition to the regular quarterly dividend of 10 cents pa* share on the com¬
mon
stock, both payable Sept. 24 to holders of record Sept. 20.
An initial
Volume
dividend of 10 cents
P.
Financial
145
was
paid on the common stock on June 21
2061
Chronicle
last.—V. 145,
928.
21 ordered an indefinite
adjournment of the Interstate Commerce Commission's inquiry into the
Van Sweringen rail empire, after a brief hearing at which voluminous records
were
Charles
D.
Mahatfie on
Sept.
CO.
DISC CLUTCH
TWIN
Alleghany Corp.—Hearings Adjourned—
Commissioner
Send
for
Analysis
new
introduced.
The adjournment was taken by agreement of Commission counsel and
counsel for Alleghany and Chesapeake Corps., principal holding companies
of the system, and Robert R. Young, Frank F. Kolbe and Alan Kirby, its
new owners.
asked additional time to investigate the in¬
underlying the Van Sweringen interests.
Van
Sweringen counsel said they would be glad to cooperate in any way possible
to complete the Commission's records.
Examiner W. S. Huif, of the Bureau of Accounts, introduced records
showing the incorporation of Alleghany and Chesapeake Corps, and minutes
of meetings at which the proposed consolidation of the units were discussed.
His testimony showed the acquisition of the Van Sweringen interests by
Mr. Young and his associates.
Mr. Young, whom Mr. Huff said owned 70% of the syndicate formed
with Mr. Kolbe and Mr. Kirby, attended the hearing.—V. 145, p. 1890.
The
Commission
Phone Daly 5392
counsel
Allied Kid Co.—Permanent
1937
Balance Sheet May 31,
Liabilities—
Assets—
Cash
Conditional
hand, In transit and
on
$36,793
101,986
in bank..
Notes & accounts receivable..
Inventory..
312,078
6,262
....
Prepd. ins., taxes., ins. & supp
9,156
x878,681
163
2,913
Containers
Fixed
Certificates Ready—
assets
contract,
sales
$13,904
134,150
payable for equipment
payable
Accounts payable
Notes
Taxes
payable
Customers' deposits on bags..
Accrued
expenses
97,750
17,917
2,561
7,758
(Detroit 7-year
year)
1,049
1,249,986
207,575 Capital stock (par $1)
Patents
The company announced that permanent certificates for its shares are
now available.
Delivery will be made either at the office of the New York
transfer agent, the Guaranty Trust Co., or by the Boston transfer agent,
MILWAUKEE, WIS.
Teletype Milw. 488
tricate corporate structure
Other assets
Deferred charges
Taxes payable
plan due after one
30,531
Surplus net Income—
State Street Trust Co.
Two New Directors—
At the recent annual meeting of stockholders, directors were
new ones added to the board bringing the total to 14.
and two
directors
p.
were
James
J.
Minot Jr.,
and
re-elected
depreciation of $33,051.—Y. 108, p.
After reserve for
x
The new
145,
American
Joseph T. McCauley.—V.
1936
Co.—Stockholders Subscribe to Ap¬
proximately $18,278,000 of $25,321,500 Debenture Issue—
$
$
S18.278.000 of an issue
fund debentures, which
amount is subject to possible increase by acceptance of beiated subscrip¬
tions if any are received by the close of business yesterday (Friday) accord¬
ing to an announcement by Hayden, Stone & Co., heading the underwrit¬
Holders of rights subscribed to approximately
of S25,321,500 of 15-year 4% convertible sinking
ing group.
In telegrams sent to members of the group, Hayden, Stone &
that
no
Co. stated
selling group would be formed in connection with the balance
523,678
of
Common stockholders received rights to subscribe to the debentures, at
price of 102 and accrued interest, at the rate of $500 of debentures for
common stock held.
The rights expired on Sept. 22.
each 35 shares of
—V. 145, p. 1573.
ts.
a
less
rec.,
43,775
7,059,997
264,950
bonds due July 1, 1958,
and interest.
Payment
Halsey, Stuart & Co., Inc.—V. 145, p. 930.
affil.
to
of record Sept. 16.
Similar pay¬
1, last, and on Dec. 24, 1936.
A
quarterly dividend of 5u cents and an additional dividend of 25 cents per
share were paid on Oct. 1, 1936, these latter being the first distributions
made since April 1, 1932, when a dividend of 25 cents per share was dis¬
tributed.—V. 144, p. 3993.
4,779,646
246,951
209,959
Co.—Registration Withdrawn
Represented by 258,936 no par shares, of which 1,773 shares in
1935 are held in treasury.—V. 144, p. 2815, 443.
x
x
Consolidated.
Balance Sheet June 30
a
Due
75,815
......
made public its consolidated income
eight months ended Aug. 31, 1937, showing income
after depreciation but before interest and taxes of $232,046, or more than
twice the note interest requirements for the period computed at the 5
%
annual rate.
Net income, after all charges, including Federal and New
York State income taxas, amounted to $101,052, compared with $78,411
for the corresponding period last year.—V- 144, p. 3162.
Earnings for Period April 2, 1936 to May 31, 1937
Corp
1
Other investment.
Amer.
Furn.
Aeolian
1,000,000
1,000,000
30,777
j
Gross operating profit
Selling, general and administrative expenses
_
Net operating
_
profit-..
$119,308
71,759
$47,550
230
Other income
$47,780
Total income
Discounts allowed
...
12,531
4,719
Net income before Federal income, excess profits and surtax
on
undistributed profits
88,000
.
Reserves
Class A stock
Class B stock
Surplus from July
1, 1935.
1,200,000
d371,344
66,215
333,500
1
176,440
1,680
36,523
1,100
14,957
1,200,000
e371,345
101,716
_
1
fixtures,
...
Factories
to
be
sold....
Leasehold impts..
$1,820,375 $1,907,249
Total
...$1,820,375 $1,907,249
Total
deducting reserves,
b After deducting mortgage outstanding
d $0.50
c 240,000 no par shares.
i,500 in 1936.
of $5,500 in 1937 and
f Consolidated —V. 144, p, 3660.
After
a
par
value,
e
Par $5.
Chemical Corp. (& Subs.)—Earns.
1935
1934
$6,032,713
of depreciation)...
2,788,126
$4,927,010
2,836,406
$3,203,740
1,517,707
$3,244,587
636,309
$2,090,604
549,457
$1,686,033
878,436
(before deprec.).. $2,608,278
$1,541,147
165,156
$807,597
176,283
$2,836,477
353,537
575,389
$1,706,303
145,280
$983,880
83,325
629,964
440,814
$1,907,550
Cost of sales (excl.
Gross
$931,059
$459,741
$3.61
$1.76
$0.87
^
profit
misc. expenses__
Gen., admin., sell. &
Other income credits
Income
—
(before deprec'n)
charges
DeOreciation
Net income
Earnings per share on
1936
228,198
528,390 shares
capital stock (no par)
.
Consolidated Balance Sheet Dec. 31
1936
$
1,607,156
Assets—
Cash
Receivables
Inventories
-
773,212
1,125,589
1935
1936
1935
S
487,022
1,165,456
1,095,507
Property..
13,737,288
Patents and trade¬
(less res.)
42,044
69,961
Liabilities—
Current liabilities.
Cap.
stock
$
$
716,923
472,506
8,670,537
8,670,537
7,249,118
(528,-
390shs. no par).
7,967,791
13,531,752
37,524
74,899
x
x
—.17,355,251 16,392,162
After reserve for depreciation
1935—V.
145, p.
Total...
17,355,251 16,392,162
of $4,802,875 in 1936 and
$4,378,035Jn
1248.
American Rolling Mill
$30,531
Co.—Corrected Pref. Dividend—
dividend of $1.12 H per
erroneously stated in the "Chronicle" of Sept. 4,
page 1575) on the new 4cumulative convertible preferred stock, par
$100, payable Oct. 15 to holders of record Sept. 15.—V. 145, p. 1575, 931.
The
share
directors
have declared an initial quarterly
(not $1.21)^
as
American Smelting & Refining
Co.—Larger Dividend—
Sept. 21 declared a dividend of $1.75 per share on the
stock, no par value, payable Nov. 30 to holders of record Nov. 5.
This compares with 75 cents paid in each of the three preceding quarters;
50 cents paid on Nov. 30 and on Aug. 31, 1936, and 40 cents paid on May 29
and Feb. 28, 1936 this latter being the first dividend distributed on the
common stock since Feb.
1, 1932, when 12H cents per share was paid.
In addition, a special dividend of $2.25 per share was paid on Dec. 22,
The directors on
common
Interest and exchange
payable, not
35,104
$1,179,250
1,059,942
sales
Cost of sales-
Notes
29,696
299,500
Corp
&
stores
b
20,054
10,456
deferred charges
in
2,862
5-yr. 6% gold debs.
Deferred credits
c
Prepaid expenses &
Invest,
Total......
$1,216,242
1,888
27,524
Divs. declared but
current
13,405
marks
Net
46,353
21,550
to Aeolian Amer.
Deferred charges..
Sales
$27,522
21,465
finance
from
companies
consigned
time the corporation
Allowances
$18,929
Invent,
the
Co.—Earnings—
payable.
Accrued liabilities.
Accounts
unpaid
payment to be authorized.
Freight, express and cartage out
252,825
103,258
330,239
Accts.¬es rec.
Inventories
Gross income
American Malting
$108,156
f 1936
1937
Liabilities—
f1936
1937
$52,035
Cash
Authorized—
for
,
Ioss$64,852
$56,120
$66,215
$104,289
Corp
American
Net sales
Corp.-—Interest Payment
xl934
xl935
xl936
1937
Calendar Years—
Co.—Orders—
Directors on Sept. 21 authorized a payment of 2M % on the company's
20-year income notes for the six month period ended June 30, 1937, payable
on Oct. 16 to registered holders of record Oct. 9.
Under the terms of the
company's reorganization plan, which became effective in April, 1936,
the directors were empowered to pay interest on the income notes in their
discretion over a five-year period.
The initial interest payment on these
notes was made last April and the present action represents the second
same
Years Ended June 30
Income Account
after crediting
dividends from Aeolian
Profit from oper.
At the
1936
Net profit
American Potash &
Charles J. Hardy, President of the company, announced receipt of the
following orders for four A. C. F. motor coaches powered with the HallScott horizontal engine: Two for Old Colony Coach Lines, Inc., Boston,
Mass.: one for Southeastern Greyhound Lines, Inc., Lexington, Kentucky,
and one for Union Bus Co., Inc., Jacksonville, F.orida.—V. 145, p. 1247.
statement
17.905,949 17,571,632
Total
17,905,949 17,571,632
and 1,310 shares in
this department.—V. 145, p. 1247.
France-Foamite
2,763.507
6,269,018
694,114
4,738,739
Assets—
American Brake Shoe & Foundry Co.—Listing—
The New York Stock Exchange has authorized the listing of 10,316
additional shares of common stock (no par), upon official notice of issuance,
upon conversion, of outstanding shares of the common stock
(no par)
or American Brakeblok Corp. (except shares owned by the company) and
of outstanding shares of the preferred stock ($100 par), and common stock
($100 par), of American Manganese Steel Co. (except those owned by the
company and those in the treasury of American Manganese Steel Co.)
into common stock of the company pursuant to the terms of a proposed
agreement of merger, providing for merger and consolidation of American
Brakeblok Corp., and American Manganese Steel Co., into the compnay,
making the total amount of common stock applied for to date 884,152 shares.
American Brakeblok Corp. and American Manganese Steel Co. are sub¬
sidiaries of the company.
On Sept. 7, 1937 company owned all of the 5,000
issued and outstanding shares of the preferred stock and 77,650 shares out
of a total of 89,825 issued and outstanding shares of the con mon stock of
American Brakeblok Corp.
Company also owned 17,512 shares out of a
total of
17,631 issued and outstanding shares (exclusive of 660 treasury
shares) of the preferred stock and 19,262 shares out of a total of 19,287
issued and outstanding shares (exclusive of 30 treasury shares) of the com¬
mon stock of American Manganese Steel Co.—V. 145, p. 1890.
American-La
2,995,566
Earned surplus...
American Piano Corp.—Earnings—
class A stuck payable Oct. 1 to holders
ments were made on July 1 and on April
American Car & Foundry Motors
74,958
562,666
cos
Total
Corp.—Extra Class A Dividend—
American Business Credit
7.000,000
220,645
accounts receiv.
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 cumulative
See list given on first page of
33.218
7% cum. pref. stk. 7,000,000
x Common stock..
6,252,458
and
notes
Prepaid expenses &
sundry assets
Corp.—Bonds Called—
87,010
64,060
33,113
Invest, in and adv.
A total of $488,000 first lien cumulative income
have been called for redemption on Oct. 21 at par
American Bakeries
102,355
7,320,152
61,866
Inventories
Due from empl
1,418,878
1,560,751
Miscell. reserves..
less
rec.,
State
exchange:
Miscell. notes and
accts.
&
taxes
Reserve for foreign
2,174,993
2,346,081
reserves
for
prov'n
Federal
income
Plant & equipment
Allied Owners
incl.
Customers' notes &
Other
will be made at
307,915
Marketable secur.
$
and
accrued expenses
1,731,284
reserve
the issue.
a
2,012,853
hand
1935
$
Liabilities—
Accts. payable
Cash in banks and
on
Dec .31-
1936
1935
Assets—
Mfg.
2630.
Optical Co.—Consol. Balance Sheet
1890.
Allis-Chalmers
......$1,555,607
Total
....$1,555,607
Total....
1936.
2062
Financial
Chronicle
The company issued the following statement in connection with the cur¬
rent dividend:
"Dividends
the common stock
on
have been
the rate of 75 cents
at
a
quarter for the year 1937, and three payments aggregating $2.25 have so
been made this year.
Today the board of directors after considering
on undistributed earnings, declared a dividend on the common stock
far
the tax
of $1.75
a share, payable Nov. 30 to stock of record Nov. 5.
"Obviously at this time the directors have not before them sufficient
data to determine the full payment that may be advisable in view of the
earnings for the full year.
Much necessarily will depend on the business
for the fourth quarter.
The board contemplates a meeting for consideration
of this subject in the latter part of November."—Y. 144, p. 2638.
American Ship
Building Co. (& Subs.)-
Years Ended June 30—
Gross income, all prop.,
Other incomeTotal income
$1,251,317
528,666
158,899
82,000
8,000
21,235
$805,655
414,397
158,559
36,000
$614,174
380,245
156,197
5,938
$815,797
25",153
62",961
60,998
$171,546
599,209
$8,832
850,144
$207,135
1.099,600
$770,755
4,172
255,366
$858,976
$1,306,735
Net income for year__
Previous surplus
Total
Preferred
dividends.
156,420
8,905
Output of electric energy of the electric properties of American "Water
Works and Electric Co. for the week ended Sept. 18, 1937 totaled 49,865,-
Wk. End.—
1937
1936
Profit and loss balance
com.
outst.
(no par)
$511,217
127.683
$1.31
$575,184
127,683
$3.52
_.
256,591
200,000
>
$599,209
127,683
$0.03
1937
$235,438
522,894
$215,418
849,844
...
650,819
1,095,370
Accts. & notes rec.
Cash
438,186
1,188,530
Total
$2,796,706 $2,399,793
Apollo Steel Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937
—V. 145, p.
Cash
5,885,760
65,321
24,427
of debentures for
000
bank
200,000
25,000
refunding.
1967.
The Commission fixed
and
Deferred assets...
167,189
34,496
612,751
a
maximum interest rate of
Arkansas Power & Light
Capital surplus...
868,724
868,724
Total
x
.
$7,348,517
After
113,200
57,600
709,500
592,200
Net oper. revenues
Rent from lease of plant
$314,312
$298,996
$3,254,543
$2,751,828
__
(net)
25,000
Profit & loss surp.
511,217
575,184
Treasury stock.Drl,379,lllDrl,379,lll
Total
Stores
145,
Int.
Co.—Sales—
1937—8 Mos.—1936
$74,915,183 $74,955,224
Stove
Co.—To
Split
Stock
5-/or-l—To
Pay
Stockholders have received notice of
a special meeting called for Oct
13,
following recent actions of the board of directors,
proposed plan of new capital financing.
(1) A 5 for 1 stock split-up.
Present 140,000 shares no par common
of stated value of $50 per share to be
changed to 700,000 shares no par
common of $10 per share stated value.
(2) Proposed filing for listing on New York Stock Exchange or New York
Curb Exchange.
(3) Proposed rights (probably in March, 1938) to subscribe for additional
capital stock to the extent of 20% to 25% of stock then held.
(4) Proposed underwriting of new capital stock financing.
This plan, when and if carried out, should result in
giving the company
additional working capital for further expansion, as well as e_fect a new
capital set-up whereby the company may in the future enjoy a broader
as
a
market for its shares.
The directors have declared a dividend of $2
per share on the present
common shares payable Sept. 30 to holders of record
Sept. 16.
This com¬
pares
of $3
to
a
with $1.50 paid
on
June 30, last, $1 paid
on
—V. 144, p. 96.
American Thermos Bottle Co.—Extra Dividend—
an extra dividend of 75 cents
per share in
quarterly dividend of 25 cents per share on the common
value, both payable Nov. 1 to holders of record Oct. 20.
Similar amounts were paid on Aug. 2 last.—V.
144, p. 4165.
to
no
a
par
Anglo Canadian Telephone Co.—Earnings—
7 Months Ended July 31—
Net income after interest, depreciation, amortiza¬
tion, taxes and other charges.
—V. 144, p. 4165.
Angostura-Wuppermann
1937
1936
$316,798
$310,911
Corp.—Condensed
Bal.
Sheet
Dec. 31, 1936—
Assets—
Liabilities—
Cash
$29,295
47,965
Accounts receivable...
Accts.
a
rec.—Trinidad
Corp. (sec. by
Prod.
curr.
assets)..
b Note rec.—Inks, Inc. (instal't
payable January, 1937)
Inventories
Life insurance
c
Note receivable (Inks, Inc.)..
Acct. receivable (Inks, Inc.)
Investment
Fixed assets
(Inks, Inc.)
(net)
672
Due
Federal
insurance taxes payable
1,042
119,391
32,252
7,530
2,390
512
107,686
Prov.
for
Fed.
income
388
599
tax and
surtax on undiv.
profits, 1936
Prov. for Fed. inc. tax, 1935-36,
on
Angostura Bitters, Ltd.,
income
United
$59,946
6,912
State unemployment
&
arising
States
within
17,853
(est.)
on
Ltd.,
Cr423
$1,497,793
$984,864
$162,464
Cr 10,314
949,265
949.265
548,528
$35,599
Dividends
x
accumulated and unpaid to Aug. 31, 1937, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
$1,344,792.
stock and $1.50 a share on $6 preferred wtock, were paid on
Dividends on these stocks are cumulative.
net
income for that year.
July 1, 1937.
No such provision has been made to date for
1937.—V. 145, p. 1891.
•
40,163
the U.
50,300
months
Angostura
To Produce Normandie Voiles—
arising within
S. for the period of 3
ended Dec. 31, 1936
p.
1589.
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable Oct. 1 to holdes of record Sept. 21.
paid on July 1, last.
Similar amounts
were
8 Months Ended Aug. 31—
Profit after deprec., &c.t but before Fed. inc. taxes
—V. 145, p. 748.
Associated Gas & Electric
1937
$850,363
1936
$470,859
Co.—Weekly Output—
An increase of 5.0% in net electric output of the Associated Gas & Elec¬
tric System was reported on Sept. 21 for the week ended Sept. 17.
Units
(kwh.) produced increased 4,410,901 to 91,782,605 for the week.
This is the lowest percentage increase over a comparable period since
a period of over 26 months.
In view of the unparalleled in¬
crease in taxes and the substantial increase in
wages and in other costs of
operation, it is clear that operating income will not remain at recent levels.
Gross output, including sales to other utilities, amounted to 105,874,851
units.
Directors and Officers in Associated System Subsidiaries and
Affiliates Summoned by FPC Resign Interlocking Positions
Before Hearing■—
Notice was received Sept. 17, by the Federal Power Commission of the
seven principal interlocking officers and directors of public
utility companies of the Associated Gas & Electric System and of the
withdrawal of their applications for Commission authorization to hold
their interlocking positions.
Chairman Frank R. McNinch announced
resignation of
follows:
"It is
interesting and probably significant that these resignations and
withdrawals of applications were received within three days of the hearing
date, Sept. 20, set by the Commission. The Commission's order required
these applicants to show cause why a
temporary authority previously
issued should not be revoked.
"The interlocking officers
of
their
are:
and directors who notified the Commission
and withdrawals of applications hold multiple key
companies such as public utility companies, service
finance companies, gas cpmpanies, &c., which are included in the
Gas & Electric System.
Those withdrawing their applications
S. Burroughs, Chas. A. Dougherty, Eben Thomas Edmonds,
Magee, Ralph D. Jennison, Thomas W. Moffat and Martin J.
resignations
in
Fred
various
"The
hearing which had been set for Sept. 20 upon the applications of
parties to hold multiple interlocking positions was the first
a series of hearings now being actively projected by the Federal
Power Commission to vigorously enforce the provisions of the Federal
Power Act, being Title II of the Public Utility Adt of 1935, forbidding the
holding of interlocking offices and directorates under certain circumstances.
The Act makes it unlawful for any person to hold interlocking positions in
more than one
public utility or in a public utility and in a company au¬
thorized by law to underwrite or market the securities of a public utility
or in a public
utility and in a company furnishing electric supplies to such
public utility without first having obtained the approval of the Com¬
mission. The Federal Power Act requires that before such approval shall be
given an applicant must make a due showing that neither public nor private
interests will be adversely affected by teh holding of such interlocking
the
2,664
12,278
200,000
67,785
Total
Arnold Sales Corp.—V. 144,
Arundel Corp.—Extra Dividend—
O'Connell.
75,000
9,920
$458,723
As at
Dec. 31, 1936, Trinidad Products
Corp. (a wholly-owned sub¬
had liquidated all its assets except warehouse receipts covering
of merchandise in bond of a value
equal to its only liability,
wit: balance due the
Angostura-Wuppermann Corp. as shown above,
b Payment assured,
c Payable in
monthly instalments of $1,042, begin¬
cases
to
ning Feb. 1937, and subject to terms of Inks, Inc., contract with Conti¬
nental Can Co., Inc.
Income account for years ended Dec. 31 was
published in the "Chron•cle" of March 13, page 1773 —V. 145, p. 1891.
distributed to the retail trade by Arthur Beir & Co, and to the cutting-up
trades by
Sanford J.
Bitters,
Earned surplus
Sur. res. for conting in connect*n
with advances to Inks, Inc
$458,7231
The company has acquired the trade name "Normandie Voile" from Fred
Butterfield & Co., and will hereafter produce these fabrics, which will be
Associated
5,377
(payable 1938)
Long-term loan pay. (unsecured)
Common stock (par $1)
Capital surplus
Total
Works—Bankruptcy Terminated—
By a final decree of the U.S. District Court at Boston the 77-B proceed¬
ings for reorganization of the company have been terminated. The amended
plan of reorganization was confirmed by the Court on April 12.
companies,
the
(net)
income
and development costs
Exclusive agency contracts
«
$2,867,129
1,815,078
77,501
Crl,723
$3,393,285
1,815,757
97,790
Crl8,055
$152,192
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
positions
Prov. for share of Fed. inc. tax
19,523
114
$310,159
151,161
7,229
Balance
as
Angostura Bitters, Ltd
Accts. and commissions payable.
Accruals
Deferred charges & prepd. exps.
Patent
applications,
formulas,
sidiary)
mtge. bonds
June, 1935,
The directors have declared
addition
7,250
546
$319,330
151,339
Int .charged to construc'n
March 31, last, an extra
paid on Dec. 26, 1936 and an extra dividend of 50 cents in addition
semi-annual dividend of $1.50 per share distributed on Oct. 1, 1936.
stock,
on
Arnold Print
Dividend—
well
102.885
$2,854,713
12,416
Other int. & deductions
to consider for ratification
as
121,618
$3,376,161
17,124
1248.
p.
American
$2
9,550
$308,546
1,613
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
Period End. Aug. 28—
1937—4 TFfcs.—1936
Sales
$8,042,914
$8,045,799
—V.
$7,622,144
4,278,116
$7,348,517 $7,181,456
1936.
y Represented by 147,144 shares of no par value,
z Represented
by 7,463 shares of pref. and 19,461 shares of common stock,
a Excess of
payments received to June 30, 1937, on construction contracts in process
over accumulated costs of $584,376 to that date.—V. 144,
p. 3994.
American
$8,740,292
4,776,249
4,472
Gross income
x
3,967,227
$7,181,4561
$797,988
441,392
$318,784
Operating income
Other income (net)
for depreciation of $5,300,953 in 1937 and $5,253,096 in
reserve
1937—12 Mos.—F936
$905,537
478,025
Net income
3,995,033
Co.—Earnings—
1937—Month—1936
Operating revenues
Oper. exps., incl. taxes
Property retirement res.
appropriations
Plants, property,
&c
4.1% for the bonds
Both bonds and sinking fund
p. 1891.
the Commission said.—V. 145,
com-
pens'n insur..
z
The permit also covered purchase of
4.75% for the sinking fund debentures.
Period End. Aug. 31—
200,000
Reserves:
167,189
28,096
643,117
$1.11
$26,589,000 of bonds from the American Gas & Electric Co., an affiliate.
The new bonds, carrying 4 and 4j^% interest, will replace 5% bonds and
130,677
Fire insurance..
281,624
$2,515,082 $2,399,793
Other assets
x
$785,600
63,841
deposit in
on
closed
1936
63,841
Workmen's
Balance
1937
dividends
receivable, &c__
$141,378
100.
The Virginia State Corporation Commission authorized the company on
Sept. 21 to execute a refunding operation involving $67,000,000 in securities.
The permit provides for issuance ol $57,000,000 in new bonds and $10,000,-
$1.58
$785,600
y Common stock.. 5,885,760
Accounts payable.
93,901
Unpaid payroll
24,320
Accr. State,county
and city taxes..
205,298
Unpaid com. stock
Excess of paym'ts
a
9133
Net income after deprec., taxes, deplet. & other charges
Earns, per share on 126,911 shares common stock
128,238
Preferred stock...
"
interest
Inventory
Liabilities-—
1936
Govt. sees. & accr.
1934
$850,144
Consolidated Balance Sheet June 30
Assets—
1935
Aug. 28— 50,740,000
47,441,000
39,774,000
30,790,000
36,289,000
Sept. 4___ 51,118,000
48,272,000
39,805,000
30,787 000
36,471,000
Sept. 11.*46,120,000
47,899,000 *38,072,000 *29,154,000 *33,920,000
Sept. 18— 49,865,000 *46,010,000
41,051,000
32,158,000
34,738,000
♦Includes Labor Day.—V.v145, p. 1891.
debentures must sell at 95 or more,
Shs.
for
Comparative table of weekly output of electric energy for the last five
years follows:
will mature in
4,326
255,441
Prov. for contingency..
Earns. per sh. on com.
Co., Inc.—Weekly
Appalachian Electric Power Co.—Plans Financing—
5,502
383,049
Common dividends
382,339
& Electric
Works
000 kwh., an increase of 8.4% over the output of 46,010,000 kwh.
the corresponding period of 1936, which included Labor Day.
40,008
$963,735
deductions
American Water
Output—
$775,789
$452,518
511,217
Gen., &c., exp. & ord.tax
Depreciation
Federal taxes, &c. (est.)_
Surtax on undist. profits
Other
1934
$543,718
70,456
$775,358
30,297
$1,199,581
51,736
-Earnings-
1935
1936
1937
Sept. 25, 1937
above
hearing of
positions.
„■
"The statute provided that applications for permission to hold all such
positions should be filed with the Commission within 60 days after the
approval of the Act and forbade holding such positions without Commission
approval after six motnhs from the effective date of the statute.
filed
There
were
over 800 applications for approval of interlocking
positions.
These
applications involved positions in 2,000 or more corporations and it was
Volume
clearly
Financial
145
Balance Sheet Nov. 30
physical impossibility for the limited staff of the Commission to
investigations with thoroughness and to hold hearings
a
make the necessary
Assets—
where such were indicated as necessary within the remaining four months.
In order to avoid any unfair treatment of the applicants and disruption in
industry through such applicants being automatically forbidden to
by lack of affirmative and favorable action
by the Commission, it was deemed necessary and just that these appli¬
cations be temporarily approved.
However, a specific reservation was
made in each case 'of the right of the Commission to require any or all of
said persons to make further showing that neither public nor private
interests will be adversely affected thereby.'
"The Commission will now follow up its investigations of all of these
applications as we know only too well the underlying practices in the
industry which prompted the Congress to enact this legislation and we
intend to invoke the full power of the law to rid the electric industry of all
unlawful intercorporate dealings and profiteering.
"It appears from the letters received from the seven officials of the
Associated Gas & Electric System that they are resigning from only the
positions which they concede to be within the Commission's jurisdiction.
Their previously filed applications, which were to have been the subject of
investigation beginning Sept. 20, disclose that they are holding many other
interlocking positions within the System, one holding over 100 such positions,
which they claim are not within the Commission's jurisdiction.
The Com¬
mission will of its own motion make further inquiry to discover whether
any or all of those who have withdrawn their applications may hold other
positions from which they have not resigned and which may be subject to
the Commission's jurisdiction."
Paxson,
than
6,223
$77,290
225,000
5,804
33,007
55,614
103,862
payable
against purchase
_
price at option of
452,670
Comm. pay. on de¬
24,319
Land, bldgs.,ma¬
chinery, &c
422,113
401,699
1
1
ferred
24,425
payment
sales when & as
_
accts.are collect.
Est.
service
guar,
&c.,
costs,
on
6,000
9,000
61,582
101,476
machines sold..
prepaid
prems.,
$50,885
45,000
fran¬
Mach. rental appl.
35,428
Unexpired insur'ce
23,538
taxes, &c_
22,909
Def'd inc. on def'd
payment sales..
Res. for possible re¬
funds
quant'y
on
2,948
sales
450,000
450,000
,487,064
1,355,138
b Capital stock—
Surplus
Total..
$2,276,473 $2,360,577
$2,276,473 $2,360,577
Total
a After
depreciation of $316,874 in 1936 and $280,385 in 1935.
b Au¬
thorized, 400,000 no par shares; issued and outstanding 358,986 shares
(1935, 358,389 shs.); to be issued in exchange for 865 (1935, 1,413) shares
of convertible prior participating stock and 747 (1935, 988) shares of old
common stock still outstanding, 1,014 (1935, 1,610) shares; total, 360,000
shares.—V. 145, p. 1891.■
of Travis, Brown back & Paxson, counsel for sub¬
Gas & Electric Co. in the proceedings before the
holding of offices or director¬
public utility operating company, issued the following
publicity given out by the Commission:
"The only 'significant' thing about the resignations of the officers and
directors referred to in the press release of the Federal Power Commission,
on the eve of hearings on their applications for permission to serve various
companies, is that it has at last evoked from the Commission a clear cut
statement as to its future policy with respect to so-called interlocking
directors
and
officers.
The aim is, it appears, irrespective of the value
to the companies and the public of the services as directors of men thor¬
oughly acquainted with the industry and its problems, to drive them from
their positions within a year or two. This policy is directly contrary to that
followed by the ICC, which for years has administered an identical pro¬
vision with wisdom and discretion and has, in only a very few instances
out of the thousands of applications submitted to it, failed to approve.
"These men resigned from positions which they held because it was
felt that the very considerable expense involved, legal and otherwise, as
well as
the loss
of time
of the individuals in attending the hearings
which the Federal Power Commission had called, were not justified, when
there was reason to believe that the decision of the Commission would be
more
318,061
35,427
379,229
panying bids,&c.
Power Commission with respect to
ships in
348,536
Cash deps. accom¬
Replies—Says FPC's Aims Will Hamper Utilities'
Executive Operations—
Edward
Accts.
banks.
Pats. & goodwill.
1935
com¬
Divs. decl. payable
impounded
Inventory
a
accts.,
missions,
chise taxes, &c_.
372,145
551,778
receiv'le
In closed
1936
111,157
Acer,
receivable
(less allowance).
Funds
$733,239
&
from municipal's
Accounts
Associated
C.
of lndebt.
notes
continue to hold such positions
Federal
$491,531
Ctfs.
Liabilities—
1935
1936
Cash
the
sidiaries of Associated
2063
Chronicle
one
statement in response to
adverse, regardless of the merits of the matter, a belief which is now shown
to have been well founded, as the Chairman in his statement makes clear.
It was assumed that the Federal Power Commission would be pleased to
have the matter disposed of an accordance with its views on the subject.
What more could be accomplished at a formal hearing which would have
involved the expenditure of the taxpayers' money by the Federal Power
Commission, as well as the time of its members and staff who, according to
the Chairman, now have more work than they can properly handle?"
Mr. Paxson continued, "It might be said that the policy which the
Commission now announces has the doubtful merit of making numerous
Atlas Press
Gross
Consolidated Statement of Earnings
Dates
and Expenses of Properties Irrespective of
of Acquisition
$187,959
89,216
39,909
8,562
$140,202
$50,271
$1.12
$0.40
156.861
Other expenses
Income before taxes
Earnings per share
(par $1)
—V. 145, p. 1410.
125,316 shs.
on
Axelson Mfg. Co.—To
The
stock
com.
Pay Initial Dividend—
have declared an initial quarterly dividend of 15 cents
the common stock, payable Oct. 15 to holders of record Oct. 1.
1410.
directors
per share on
—V. 145, p.
•'
Baer, Sternberg & Cohen, Inc. (& Subs.)—Earnings—
Loss
Earnings for Year Ended May 31, 1937
operations
on
$8,920
5,438
Previous surplus
.
Net deficit
May 31, 1937
Customers' accts.
amt.
1937
,
Liabilities—
Assets—
Cash in bank and on hand
Estd.
$3,482
——
Consolidated Balance Sheet May 31,
$22,789
22,322
receivable
recoverable in
$25,000
Notes payable to
bank
payable and
Accounts
cash
expenses
consigned shipments to mer¬
chants and leased depts
accrued
22,951
...
Net worth:
on
Total
49,739
y200,000
Capital stocks (par $2)
87,296
Inventory
Machinery & equipment at cost.
Investments and other assets
Deficit
3,482
x44,268
18,056
$244,469
$244,469
Total
y Issued, 100,000 shares of
1,572 shares to be issued when old ex¬
changeable shares shall have been surrendered by stockholders.—V. 140
x
Subs.)—Earnings—
53,737
7,038
$357,838
profit
"Economies in operation of a combination of public utility companies,
Associated Gas & Electric Corp. (&
$614,694
426,736
832,863
Shipping and selling expenses..
Administrative office expenses.
•
1936
1937
L ,190,701
Cost of sales
eretofore been adopted
Eositions blossom whereby privateexisted before, a doctrine which has not
but one business concerns.
resulting from a reduction in executive personnel may be cited as one of the
reasons wny electric rates have steadily been reduced, even in the face of
increasing costs of labor, material and other commodities and in periods of
prosperity and depression.
"While cooperation of the electric industry in carrying out the announced
policy of the Commission of preventing the holding of multiple offices in
the public utility industry necessarily means increased expenses in oper¬
ations, in the case of the companies in this proceeding it was felt that such
cooperation was desirable in view of the anticipated attitude of the Com¬
mission with respect to those applications, and which it now announces as
a definite policy."—V. 145, p. 1891.
Co.—Earnings-
8 Months Ended Aug. 31—
Sales
a
After reserve for
par
p.
depreciation of $118,126.
value of $2 each, including
792.
Increase12 Mos. End.
1937
1936
$99,441,342 $91,457,039
Aug. 31—
Electric
_
Gas
Transportation
Heating
13,402,295
6,208,703
1,583,027
1,301,423
1,303,642
_
Water.
Ice
exps.
Provision
2
532,731
x28,652
35,289
121,705
9
1,266,134
1,181,937
x2
3
10
8
58,663,091
11,850,277
$8,864,402
3,382,003
2,960,628
$46,384,433 $43,862,662
11,148,588
8,576,999
taxes
Net operating revenue
Provision for retirements
$2,521,771
2,571,589
At a meeting of the board of directors held on Sept. 16, the regular
quarterly dividend of $1.37 M per share was declared on the preferred stock
and 25 cents per share on the common stock.
Both dividends are payable
Oct. 1, to holders of record Sept. 20.
The dividend on the common stock will be paid in either cash or common
stock at the option of the holder. A value of $10 per share has been placed
on the common stock for the purpose of the dividend.
In other words, a
stockholder electing to receive his dividend in common stock would receive
one new share for each 40 shares held.—V. 142, p. 120,
25
30
62,045,094
14,810,905
and maintenance
for
9
219,026
5,675,972
1,611,679
(J. T.) Baker Chemical Co.—Dividends—
%
$7,984,303
13,183,269
Total gross oper. revenues..$123,240,432 $114376,030
Oper.
Amount
6
(Joseph) Bancroft & Sons Co. (& Subs.)—Earnings—
6
1936
1935
1934
1933
$6,492,203
$4,935,406
$4,285,611
$5,029,934
6,045,158
4,860,167
4,407,533
4,823,354
$75,239 loss$121,922
82.207
58,624
$206,580
loss$63,297
240,154
34,777
27,601
Cr 13,588
$261,587
214,587
37,811
102,238
$158,570 loss$159,894 loss$352,241
loss$93,050
Calendar Years—
Sales, net of returns and
Operating income
$35,235,845 $35,285,663
Decrease.
x
Note—No
profits, if
—V.
provision is included for Federal surtax on undistributed
of the corporation and (or) its subsidiaries, for the year 1937.
1891.
145, p.
the
on
common
semi-annual dividend of 40 cents per share
value, payable Oct. 15 to holders of record
last, and on Sept. 5, and
an initial dividend of 30
distributed.—V. 145, p. 1410.
stock,
no
a
par
A similar payment was made April 15,
March 16, 1936, while in September, 1935,
1.
cents per
Manufac'g cost, selling &
admin, expense, &c
share
was
1937
$729,215
Selling and general expenses
732,282
Other income—net
Cr5,691
6,600
21,159
Depreciation
Interest—net
Provision for Federal taxes
1935
$680,184
628,676
Drl ,130
12,600
7,058
5,000
loss$25,135
$25,718
a
Nov. 30—
1936
1935
1934
profit from sales,
voting mach. rents, &c
Selling, adm. & gen. exp.
Depr. on plant eq., &c..
$530,792
327,728
37,435
$629,508
266,158
35,085
$735,801
261,880
54,189
Operating profit
Other income (net)
$165,629
78,224
$328,266
29,967
$419,731
32,614
Consolidated Balance Sheet Dec. 31
$243,853
$358,233
'/ $452,346
available
Cash
3,000
921,903
528", 182
1,072,861
830
26,380
Mtge. receivable..
Acct. & mtge. rec.
9,000
11,000
8,250
14,000
22,000
Net profit.
41,500
Accts. receivable..
$316,733
1,373,477
$395,846
1,247,631
49,402
&c
& replacements.
Adjust, of allowances for
Trademarks,
&c._
—
88,408
47.242
142,665
Fed. Inc. and un¬
distributed prof.
82,241
Res've for
83,580
52,150
63,923
1,000
slow of collec'n.
Real est., plant, &c
$250,000
possible
refunds of cotton
1,000
36,423
processing tax..
7% cum. pref. stk.
($100
x
par)
Common stock..
3,000,000
3,000,000
3,083,985
3,083,985
2,035,028
Unapprop. surplus 1,926,834
Approp. surplus for
retire't
of pref.
Uncompleted plant
add'ns,
repairs
$69,584
1,178,047
1935
$300,000
169,019
Acer, wages, taxes,
taxes
Prepaid & def'd insur., taxes, &c_.
(at cost).
pay.,
Prov. for State and
marketable
securs.
securs.
56,500
$221,853
1,355,138
taxes—estimated
Previous surplus
banks
Accounts payable.
926,580
(at cost).
Notes
1
1936
Liabilities—
1935
$183,390
Inv. in non-mktble.
Fed. inc. & excess profits
37,142
6,108,219
15,853
11,617
6,515,664
stock
y
46,891
Treasury stock.. Z>r212,182
46,891
Dr212,182
13,659
Cash on dep. with
1933-34 deprec. to con¬
banks in liquid'n
form with revised rates
Fed.
1936
$154,643
Notes & accts. rec.
Not
Total income
82,241
$20,030 refunds of cotton processing taxes.
Assets—
Inv. in
1933
Gross
for
Includes
Inventories
Automatic Voting Machine Corp.— -Earnings—
allowed
profits taxes
Net income
(non-current)...
—V. 145, p. 101.
Years End.
224,490
11,988
46,666
55,006
Prov.for State & Fed .inc.
Note receivable...
$37,956
&c__
Prof, on sales of inv.,&c_
& undist.
1936
$754,170
690,320
Cr229,
6,000
12,623
7,500
Profit for the four months
accts. pay.,
Other deductions
Austin, Nichols & Co., Inc.—Earnings—
4 Months Ended Aug. 31—
Gross profit on sales
on
$157,446
242,263
28,202
46,875
$523,956
Total profit
Depreciation
Int.
_
$447,045
a76,911
Operating profit
Other income (net)
Corp.—40-Cent Dividend—
The directors have declared
Oct.
allowances
any,
Atlas
on
x$49,818
z
Sinking fund
4,050
4,187
46,891
46,891
tax
24,846
purposes
Total surplus
Dividends paid
Surplus Nov. 30----.
Total
$1,576,991
89,927
$1,715,057
359,918
$1,643,477
270,000
$1,247,631
$1,487,064
$1,355,138
$1,373,477
$1,247,631
$8,485,195 $8,430,053
Total
$8,485,195 $8,430,053
x Represented by 113,762 no par shares,
y Represented by 2,400 shares
preferred stock and 186 shares common stock,
z 448 shs. Joseph Bancroft
& Sons Co. 7% cum. pref. stock (at cost).—V. 143, p. 1388.
Financial
2064
Bangor & Aroostook RR.—Earnings—
Period End.
8 Mos.—1936
1937-
1937—Month—1936
$261,305
$239,142
Aug. 31—
Gross operating revenues
$4,235,042
2,759,747
2,742,727
Qper. exp. (Inc. maint. &
depreciation)
302,458
oper.___def.$41,153
def$46,462
$1,475,295
$1,177,797
21,014
Net rev. from
Tax accruals
20,159
367,979
387,127
def$62,167
23,267
def$66,621
21,441
$1,107,316
Drl0,503
$790,670
12,760
$1,096,813
Operating income
Other income..
59,057
472,592
$803,430
473,064
1,054
15,710
15.082
def$99,937 def$105,291
$608,511
Gross income
def$38,900
Interest on funded debt.
59,434
Other deductions
1,603
Net income-..
def$45,180
$315,284
Note—"Tax accruals" for 1937 includes adjustment a/c repeal
Tax Act of 1935 (Pension Tax), credit to cancel accruals in 1936,
of Excise
Consolidated Balance Sheet
JuneSO, '37
Net
Sundry
secur's,
&c
trustee
&
receivable,
32,695,428
2,279,856
47,015,501
Govt, secur's.
1,122,430
78,359
34,532,691
63,187
35,416,629
Period Ended—
53 Wks.End.
Jan. 2 '37
15,046,021
4,438,477
x
$3,908,046
3,638,588
$3,622,659
$3,769,789
3,697.461
4,022,749
Accrued taxes—
13,658,387
12,716,816
5,847,386
6,558,755
2,131,954
2,282,125
Oth.
7,495,537
4,810,509
operations_prof$269,458
$74,802
$252,960
Interest
132,268
20,410
Other charges
Net loss
_prof$116,781
(curr.)___
908,000
936,000
Special Incentive
comp. fund—
735,266
321,495
947,083
817,430
23,293,973
Pref. div. pay..
1,867,774
Conting. res've.
3,591,082
Insurance res've
6,000,000
67,477,307
Surplus
6,325,500
x Includes
depreciation:
1933, $85,000.
Total
176
a
$154,464
$407,450
1935, $95,638
1937, $80,000
(current)
$77,916
76, 548
154,313
$236,545
1934, $124,060
Jan.
hand
$10,048
Jan. 2 '37 Dec. 28 *35
Liabilities—
2, '37 Dec. 28 '35
Notes pay. (bank)
Notes pay. (sec. by
Belmont Radio
b Fixed assets
1411.
12,905
42,586
15,976
Amort,
37,797
43,860
Accounts payable.
pay.
20,071
Capital stk.
$566,105
436,494
$638,612
474,276
2,700,000
22,082
752,732
2,700,000
22,082
948,969
292
316
2,493
3,791
40,000
480,000
480,000
$1,410,332
6,209
$1,061,749
$89*325
$1,416,541
$1,061,853
$5,905,373 $6,283,798
.Total
[,757,384 in 1937 and $2,194,760 in
45,750
45,750
4,459
549,000
51,523
549,000
4,298
Net oper. revenues—
income (net).....
have
declared
dividend
of $3.50
share on account
of accumulations on the 7% cum. conv. 1st pref. stock, par $100, payable
Oct. 1 to holders of record Sept. 25.
A dividend of $1.75 was paid on Aug.
14, last, and one of $7 per share was paid on Dec. 26, 1936, this latter being
the first dividend paid on the pref. stock since May 16, 1932, when a regular
quarterly dividend of $1.75 per share was distributed.—V. 145, p. 1576.
Berkshire
Fine
a
Spinning
The directors have declared
a
Associates,
Inc.—Preferred
dividend of $45.50 per share on the old
7% cumulative preferred stock, par $100, thus clearing up all back divi¬
The dividend was paid on Sept. 24 to holders of record
dends on this issue.
Sept. 23.
the
same
time declared
a
dividend of 40 cents per share
stock, likewise paid on Sept. 24 to holders of record Sept. 23.
This was the first dividend paid on the common stock since March 1, 1930
when 75 cents per share was distributed.
During the year the company effected a reorganization plan by which
each of the 83,180 shares of 7% preferred was to be exchanged for one share
of new $5 preferred and 2 H shares of common.
Successful consummation
of the plan, in which holders of
approximately 95% of the preferred stock
participated, operated to eliminate claims of accrued dividends of over
$3,250,000 and put the company in a position to pay regular preferred
dividends and to pay dividends on the common.
The cash dividend de¬
clared wiped out accrued dividends of a little over $220,000 on the com¬
paratively few shares of old 7 % preferred which did not participate in the
plan.—V. 145, p. 428.
on
common
Bethlehem Steel
The
New
York
Corp.—Listing—
Stock
Exchange has authorized the listing of 436,363
(no par) upon official notice of issuance upon the
conversion of 15-year sinking fund convertible
3K% debentures, making
the total amount applied for 3,630,677 shares.
shares of
common
stock
Consolidated Income Account for 6 Months Ended June 30, 1937
Net billings (excluding billings between corporations included in
consolidation)
_
_
_
_
Provision for doubtful notes and accounts receivable
Interest
on mtge. bonds
Other interest & deduct.
_____
$29,064 262
_
Net
operating income (before deducting taxes, &c., from
sundry sales, ~
ndry
real estate and certain miscellaneous services
'
'
not classified above as to sales and cost
-----
.....
Total income
011
429,174
429,197
Balance
x
$816,018
$386,844
$33,444
funded debt.
IIIII
on
sale of consolidated mtge. bonds.
Other interest.
Dividend on preferred stock of Johnstown Water
Corp. and
rental equal to 4% on stock of Cambria Iron Co
Minority interest in the net income of Johnstown Water Co
Net of discount and premium on bonds purchased for
sinking
fund or for treasury
Provision for depletion
x
—
Dividends
$286,116.
accumulated and unpaid to Aug. 31, 1937, amounted to
Latest dividends, amounting to $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, were
on these stocks are cumulative.
Note—No
paid
on
July 1, 1937.
Dividends
made for Federal surtax on undistributed profits
for 1936, inasmuch ,as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 1892.
provision
Boise Gas
was
Light & Coke Co.—Reorganization—
The company, former unit of the Midland
United system, has just
completed reorganization in the course of which its former parent received
only 2.83% of the common stock of the reorganized company, instead of
the 100% control which it formerly held.
Of the 48,536 shares of common
issued under the reorganization plan, Midland received 1,386 shares—900
shares for $5,500 of Boise
company bonds it owned and 486 shares in lieu
of the 6,000 common shares of the old company.
Securities affected by the plan of reorganization, recently approved by
the U. S. District Court under Section 77-B of the Bankruptcy Act, in¬
cluded $291,000 first 5s due 1941, on which interest was in default from
May 1,1936.
Also, 2,000 shares of 6% preferred stock ($100 par), on which $162,000
of unpaid dividends had accumulated; and 6,000 shares of common stock,
$8 par.
In addition to the securities involved, $10,201 in other claims
either were paid in cash or assumed by the reorganized company.
New capitalization consists of $54,500 series A first 5s, due 1952; $145,500
series B first 5s, due 1957, the latter convertible into common stock; and
100,000 shares of common stock, $5 par, of which 48,536 shares were issued
immediately, 43,650 shares reserved for conversion of series B bonds and
17,814 shares reservea for future issuance.
Proceeds of series A bonds will
be used to provide working capital for the payment of reorganization ex-,
penses and for improvements and extensions to property.
Holders of the first 5s clue 1941 received for each $1,000 bond $500
of common stock; owners of the
6% preferred received in lieu of each share of stock and unpaid dividends,
new common, and holders of the old common (Midland
United) received 81 shares of new common for each 1,000 shares of old.
Of the 48,536 shares of new common distributed under the reorganization
plan, holders of the bonds received 43,560 shares, 4,400 shares went to the
old preferred stockholders and the remaining 486 shares were issued to
Midland United as sole owner of the old common stock.
The series B bonds due 1957 are convertible into common stock in the
ratio of 30 shares for each $100 principal amount of bonds up to July 1,
1942; to July 1, 1945, 25 shares, and from then until maturity. 20 shares.—
V. 109, p. 983.
2.2 shares of the
Bolivia Ry.—Interest
In
a
Payments—
5% mtge. & coll. trust income bonds, series A,
5% bonds, Franklin A. Regan, Vice-Preisdent,
notice to holders of
holders of 1st mtge.
states*
The net earnings of the company for the half-year ended June 30. 1937.
sufficient to pay interest of 0.448% on the 5% mtge. & coll. trust income
are
490,376
ru1®? inJ:om0,^on 7% -cum.
- Dividends paid
$29,554,638
213,293
$29,767,931
3,006,369
130,420
34,075
169,309
•j.
2,443
The baiance required to enable interest of 13-4 % (6s. per £20) bond
paid on the bonds in respect of the half-year has been provided by the
Antofagasta Ry. Co., and holders of the bonds may collect such interest
upon presentation on and after Oct. 1, 1937, of the corresponding coupons
to any one of the paying agents.
Out of the net earnings for the same half-year a sum equivalent to 0.552%,
together with the amount of 0.093% carried forward on the occasion of the
last distribution, making a total of 0.645%, is now available for distribution
further on account of the liability of the Bolivia Ry. Co. to holders of the
old first mortgage bonds who have not accepted the plan Of reorganization.
An actual distribution will be made at the rate of 0.625% (2s. 6d. per £20
bonds.
V " "f
pref. stock
Dividends paid on 5% cum. pref. stock
Dividends paid on common stock
a44,880
479,183
7,584,545
- - - -
$18,316,707
____
_
bond), the balance being carried forward for inclusion in the next distribu¬
This payment of 0.625% will be made on and after Oct. 1, 1937,
presentation to any one of the paying agents of the old bonds for
stamping with a note of the distribution.
The paying agents above referred to are: Banque de Paris et des PaysBas, at Geneva Chemical Bank & Trust Co., at 165 Broadway, New York
Credit Suisse* at Geneva Lausanne, and Zurich Messrs. J. Henry Schroder
& Co., at 145 Leadenhali St., London, E. O. 3.—V. 143, p. 2040.
tion.
__I__~~
...
Provision for depreciation
3,268,604
466,944
3,191,294
a Included
here instead of being shown as a debit or credit to surplus,
because, in accordance writh the usual accounting procedure of the corpora¬
tion and its subsidiaries consolidated, the net of discount and premium on
....
to be
Net operating income
Total other income
Amortization of discount
50,212
$462,641
$74,718
$39,116
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
and
Balance
104
series B bonds, due 1957, and 150 shares
.$218,516,375
511,423
...
Balance
$218,004,952
Manufacturing cost and oper. exp., incl. idle plant exp., in¬
ventory adjustments, prov. for deprec. of certain classes of
equipment and for renewals and maintenance, but not incl.
provisions for pensions, taxes, depletion and other deprec
170,105,267
Provision for pensions.
144,108
Federal taxes, excess profits and normal
4,493,524
Fed. & State taxes—Unemploy, old age and railroad retirement
2,552,405
Other taxes
3,477,606
Selling, admimstrative and other general expense
7,673,530
Commercial discount (net)
494,250
Interest
$124,766
30
per
Accruals Cleared—Common Dividend—
The directors at the
$89,295
Net income
(Ludwig) Baumann & Co.—Accumulated Dividend—
directors
$124,044
722
Other
1935.—V. 143, p. 1388.
The
$6,474,709
4,929,169
40,000
Property retire, reserve
appropriations
Gross income
depreciation of
$7,403,445
5,510,620
limited-term
of
investments
1,717,740
15.—V. 145,
$100
par)
.$5,905,373 $6,283,798
par
1937—12 Mos.—1936
1937—Month- -1936
.
(def'd)
Capital surplus
Surplus.
b After reserve for
no
At lower of cost
Birmingham Electric Co.—Earning
6,363
pledged).
&int., New Eng.
Industries, Inc. 1,823.990
Total
c
['-VvOtv'V
Period End. Aug. 31—
Operating revenues
Oper. exps. (incl. taxes)
mach.
Accounts payable.
Notes
712,989,454 676,060,838
Total
Corp.—Initial Dividend Declared—
160,009
Prov. for Fed. tax.
expenses.
6,000,000
b Represented by 3,191,294
stock, payable Nov. 1 to holders of record Oct.
223,072
20,592
4,639,484
Investments
P.
common
Accrued liabilities.
4,186,326
1,115,444
depreciation,
$650,000
$58,181
421,208
1,103,382
17,682
538,076
_
Inventories
for
$350,000
17,682
Accts. receivable.
reserves
3,619"022
57,562,527
The directors have declared an initial dividend of 50 cents per share on
the
Assets—
712,989,454 676,060,838
After
hares at June 30,1937 and 3,191,614 at Dec. 31, 1936.
r market value.—V. 145, p. 1892.
Balance Sheet
Cash in banks and
liab—
Accident comp.,
Fund, debt pay.
30,124
2,208
$252,960
$74,802
147,520
14,222
prof$269,458
accr.
8,238,985
not consol
$3,227,584
3,307,708
Operating loss
Prepaid
20,638,750
Dec. 30 '33
Other income
on
10,000,000
Accts. payable._
Accr'd payrolls.
Indebt. to subs.
Dec. 29 '34
Cost of sales
Loss from
6,735,509
Weeks Ended
52
98,451
99,774
pay.(bks.)
&c.
Deferred charges
Dec. 28 '35
Net sales
incl.
applic.
surp.
stk.
ownership pl'n 14,304,992
Bates Mfg. Co.-—Earnings-
8,465,625
Water
stk.
Accrued interest
&c
Other mktable.
Managem't
3,336,384
8,465,625
thereto
Notes
accts.
securities
$54,949
24,908,000
75,792,021
14,981,750
92,263,202
Inventories
3,365,946
-
Johnst'n
Co.
Cash
profits and surtaxes
8,060,282
8,431,862
Cash with mtge.
Notes
comp.,
&c.(not curr.)
Cambria Iron
stock
cos
$
93,388,700
18,677,740
b Common stk—303,172,930 303,203,330
Fund, debt, &c. 118,834,641 141,093,043
5% pref.stock.. 18,677,740
sub.
&
assoc.
c
excess
4,745,317
5,344,901
Inv. In & adv. to
Dec. 31, *36
7% pref. stock.. 93,388,700
Accident
real est. mtgs.,
c
after
Liabilities—
Property acct.483,762,110 470,037,620
Trustees' funds.
100,497
256,821
Res've Id. assets
3,189,945
3,446,884
a
$64,988.—
Inc.—Earnings—
Earnings for 6 Months Ended June 30, 1937
all chgs., but before Federal income,
income
$
June 30, '37
$
Dec 31,'36
$
Asset?—
after reserve__
Industrial Service,
1937
25
interest charges.
V. 145, p. 1410.
Bankers
Sept.
bonds purchased for sinking fund or for treasury (largely in connection
with sinking fund operations) is regarded as in effect an adjustment of
$3,920,524
285,604
Chronicle
upon
Bond
Stores, Inc.—40-Cent Common Dividend—
The directors
have declared
a
dividend of 40 cents per share on the
stock, payable Sept. 30 to holders of record Sept. 27. An initial
dividend of like amount was paid on June 21, last.—V. 145, p. 1734.
common
Volume
Financial
145
Boston Edison Co.—Vice-President
Burlington Brewing Co.—Registers with SEC—
Resigns—
See list given
Sidney Hosmer has resigned as Vice-President, General Manager and
director of this company, Frank D. Comerford, President, announced on
Sept. 15.
Mr. Hosmer has been associated with Boston Edison for more
than 40
Brazilian Traction,
See
Light & Power Co., Ltd.—Earnings
1937—Month—1936
1937—8 Mos.—1936*7
earnings from oper S3,556,495
$2,772,806 $25,665,802 $20,772,022
Operating expenses
1,570,167
1,242,186
11,491,071
9,396,345
Period End. Aug. 31
before
earns,
p.
share on the capital
stock, payable Sept. 30 to holders of record Sept. 23. An initial dividend
of like amount was paid on June 25, last.—V. 144, p. 4170.
a
dividend of $1.25 per
British Columbia Power
Month of July—
Gross earnings
Corp., Ltd.—Earnings—
L.;
_■
Net earnings
1937
$1,231,625
730,491
1936
$1,209,834
703,183
$501,134
__
expenses
$506,651
-V. 145, p. 1734.
Calo
Food
Products,
July 15 last and compares with $1 paid on April 15 and Jan. 15
Oct. 15, 1936, and with dividends of 75 cents per share paid
each three months from Oct. 15,1934 to and including July 15, 1936.
The
Oct. 15, 1934 dividend was the first paid since April 15, 1932, when a regu¬
lar quarterly dividend of $1 per share was distributed.
Deferment of the dividend action was announced without comment at
the close of the directors' meeting in the company's offices.
Neither was
there any comment on the strike threat of the Transport Workers' Union,
but it was learned the executive committee of the board had submitted a
report of its action in rejecting the wage increase and other demands made
by the union.
It was this rejection, on the ground the company would be
forced into insolvency, that brought the strike vote and the emergency
appointment by Mayor La Guardia of a three-man fact-finding board.
The attitude of the company officials was that the company should re¬
frain from public statements pending the report of the board, allowing the
letter-which W. S. Menden, President of the company, had written to Mayor
La Guardia to stand as the company's position.
&
Taxes
on oper.
$1,315,894
433,802
$1,083,673
properties
502,143
Operating income..._
$882,092
104,086
$581,530
79,061
Stockholders present at the meeting unanimously approved tentatively
form for the
proposed charter amendment which would authorize
the preferred stock and adjourned the meeting to reconvene on Oct. 5 for
the purpose of further considering at that time the proposed financing.
Campe Corp.—Earnings—
Years Ended July 31—
*
Gross income..
x$435,629
268,630
56,111
z!8,901
19,673
$453,093
257,182
58,713
prof 19,207
17,693
Net profit for period..
Preferred dividends
Common dividends
$66,136
$91,214
15,764
50,436
$138,712
29,177
100,963
$353,955
75,081
25,241
Balance, surplus
Shs.com.stk.out.(nopar)
Earnings per share
$36,036
$253,633
130,000
$2.15
Prov. for depreciation..
Loss on sale of cap. assets
Prov.for Fed. & State tax
30,100
sur
74,923
$25,014
75,940
$0.99
Bal. to B.-M. T. Sys.
1937—2 Mos.—1936
$8,079,780
$8,403,361
5,805,484
5,638,544
$2,764,817
916,262
$2,274,296
1,020,276
$1,848,555
166,848
$1,254,020
158,199
$1,412,219
1,374,673
$21,208.
Includes surtax
i
$0.76
undistributed profits of $5,600.
on
Cash
$237,138
416,650
324,040
Marketable
x
secure
682,121
Land, bldgs., ma¬
chinery & equip. 1,319,911
def$27,840
$332,513
$37,546
$710,548
State taxes
Res.
1,375,802
36,573
9,474
Note—The above is without provision for tax on undistributed
profits.-'
[Excluding Brooklyn & Queens Transit System]
Period End. Aug. 31—
1937—Month—1936
$2,352,560
$2,487,403
1,524,187
1,442,215
y
in 1936.—V.
144, p.
par.shares,
UQ.
Net
1937—2 Mos.—1936
$4,757,914
$5,095,169
3,045,242
2,925,429
from oper'n.
$828,373
311,564
$1,045,188
284,610
$1,712,672
635,885
$2,169,740
600,773
Operating income
Net non-oper. income
$516,809
75,998
$760,578
102,880
$1,076,787
152,188
$1,568,967
165,377
Total income deduc'ns..
$592,807
572,904
$863,458
551,489
$1,228,975
1,146,006
$1,734,344
1,103,106
$19,903
$311,969
$82,969
oper.
properties
Ourr.inc. carried to
sur
Note—The above is without provision for tax on undistributed profits.
—V. 145, p.
1576.
Period End. Aug. 31—
Total oper. revenues
Total oper. expenses
1937—Month—1936
$1,647,319
$1,640,516
1,382,258
1,359,984
Period Ended July 31—
1937—2 Mos.—1936
$3,347,936
$3,335,247
2,766,757
2,720,209
from oper
$280,532
149,192
$581,179
properties
$265,061
190,579
Operating expenses
384,390
Operating income
Net non-operating inc..
$74,482
15,401
$131,340
15,269
$196,789
30,685
Net earnings
..
______
Co., Ltd.—Special Dividend
•
Corp., Ltd.—Earnings—
$227,485
$248,225
1937—7 Mos.—1936
$2,837,975
$2,619,013
1,170,610
994,746
$1,667,365
$1,624,267
1936
Oper profits from subs.
revenue from inv.,
1935
1934
$195,883
Calendar Years—
x
$174,104
$124,925
,
1933
$94,947
Net
11,445
9,700
15.490
15,494
$207,328
40,725
$183,804
50,400
$140,414
50,400
$110,441
50,400
13,340
140,666
88,000
9,001
48,000
48,000
$26,603
$32,064
$33,013
$6,037
$2.08
and rentals..
Net profit
Preferred dividends
$1.67
$1.12
$0.67
Prov. for sk. fd. for red.
of
$299,549
30,360
oper.
Repre¬
—V. 145, P.
$615,038
315,489
revenue
on
y
a
1937—Month—1936
$423,003
$372,029
174,778
144,544
Gross earnings
preferred stock
Common
Net
Taxes
$3,464,710 $3,184,538
Total
1937 and $457,093 in 1936.
special dividend of $1 per share on the
stock, payable Oct. 1 to holders of record Sept. 20.
The regular
interest
Brooklyn & Queens Transit System—Earnings—
r
800,000
1,492,723
577,638
declared will be paid on Dec. 1 to holders of record Nov. 15.
An extra of $1 was paid on May 15 last, on Oct. 20, 1936, and on June 1,
1936.
Extra dividends of 50 cents per share were paid on Dec. 2, 1935
May 15, 1935, and on July 16, 1934—V. 143, p. 2669.
$631,238
rev.
on
800,000
1,492,723
613,674
.
5,077 shares in 1937 and 4,060 shares
z
Canada Northern Power
Taxes
Common stock.
Initial surplus....
Canada & Dominion Sugar
The directors have declared
common
46,692
Earned surplus...
$3,464,710 $3,184,838
19,972
for investm't
quarterly dividend of 37 H cents per share which had been previously
Earnings for August
Total operating revenues
Total operating expenses
24,317
24,437
31,931
After depreciation of $514,260 in
sented by 80,000 no
$673,975
$37,546
20,540
419,356
44,954
Com. stk. at cost
1936
$294,504
21,832
$399,544 Accts. pay., incl.
sundry accruals.
392,756
667,885 Bank loans.
268,167 Prov. for Fed. and
& contingencies.
operations
Sund. loans & inv.
Total
1937
$189,789
300,000
Liabilities—
1936
Accounts receiv
$2,015,403
1,304,855
$323,039
60.922
Consolidated Balance Sheet July 31
$986,178
653,665
def$27,840
prof3~,684
def$l,428
130,000
$0.88
1937
$660,591
688,431
Accruing to minority int.
of B. & Q. T. Corp..
.
$685,540
273,747
x Includes interest received net of $36,021.
y Includes interest (net) and
dividends received of $22,880 and profit on sale of marketable securities of
x
Curr.inc.carried to
1934
1935
1936
1937
y$364,293
222,089
57,166
Profits from operations
Gen. admin. & sell exps
z
Total income deductions
V'-iV'-
Co.—Meeting
to stockholders.
Deferred charges to
Net non-oper. income—
Foundry
the
Inventories
from oper
Cannon
Because of existing unsettled conditions in the security markets, stock¬
holders at a
special meeting held Sept. 21 took no official action toward
authorizing 34,800 shares of convertible preferred stock.
Under plans
recently announced, such shares were to have been offered for subscription
Earnings of System
revenue
$145,291
$40,246
,;:<;.
Wyant
[Including Brooklyn & Queens Transit System]
Net
31,'37
$21,743
"V. 145, p. 1412,
on
1937—Month—1936
operating revenues $3,986,930
$4,115,354
Total operating expenses
2,903,257
2,799,460
Calendar Years
1936
1935
dar.
Campbell
Adjourned—
on
Period Ended Aug. 31—
-$90,035
3 Mos.End.
Brooklyn-Manhattan Transit Corp.—Div. Omitted—
Total
1092.
Inc.—Earnings—
Period—
Directors at their meeting held Sept. 20 took no action on the common
dividend due to be declared at this time.
A dividend of 50 cents per share
was paid
last, and
p.
loss^after^xpenses, tax depreciation, &c__
Net income after all charges
—V. 144,p.4172.
Brink's, Inc.—$1.25 Dividend—
145,
—V
Earnings for 3 Months Ended June 30, 1937
Net
$11,375,677
$1,530,620 $14,174,731
$1,986,328
1412.
The directors have declared
Operating
Co.—Registration With¬
Co.—Earnings-—
de-
amortization..
145,
Mines
ist g.ven on first page of this department
Callahan Zinc-Lead
Gross
Net
first page of this department.
Consolidated
drawn—
years.
prec. &
on
Callahan
James V. Toner, Treasurer, was elected Vice-President and director.
Thomas H. Oarens, who has been Vice-President in charge of public rela¬
tions, will also be in charge of sales.—V. 145, p. 934.
—V.
2065
Chronicle
dividends
Balance, surplus..
6,004
Earns, per sh. on 80,000
Gross income
Total income ductions..
$89,883
137,626
$146,609
126,065
$227,474
272,897
shs. common stock...
x
to
$47,743 prof$20,544
surplus
$45,423 prof$79,310
the
meeting William C. Langley was
elected a director to represent preferred stockholders, and William Rossell
was elected to represent common stockholders.—V. 145, p. 1578.
Brown Co.—Additions to
.
840
Insurance reserve.
1
Inventory reserve.
1935
$99,358
89,375
$90,406
64,600
Fed. and Prov. in¬
come
taxes
and
sales tax
y
z
62,582
Preferred stock.
Common stock
_.
14,734
52,287
750,000
197,395
366,911
Surplus..
46,044
13,993
-
-
_
mk
720,000
197,395
500,535
Preferred Committee—
145, p. 1893.
$1,632,642 $1,632,974
Total
x
Total..
$1,632,642 $1,632,974
Includes real estate, buildings, machinery and tools, plant, patterns,
furniture and fixtures, less depreciation of $551,424 in 1936 and
office
$521,564 in 1935.
Buckeye Steel Castings Co.-—Dividend Doubled—
directors
500
.
Goodwill
R. G. Ivey, K.C., of London, Canada, and Victor M. Drury of Montreal
have been added to the preferred stockholders' protective committee.—V.
The
Accounts payable.
Dividend payable.
132,108
171,908
143,698
326,570
1
Accts. receivable.
Inventory
annual
1936
Liabilities—
$857,848
319,819
.
Deferred charges.
stockholders'
recent
$852,57.4
107,369
220,434
131,946
.
Cash
New Directors—
At
Plant
Investments
Note—'The above is without provision for tax on undistributed profits.
1935
1936
Assets—
x
Current deficit carried
fees.
Comparative Balance Sheet Dec. 31
$329,909
250,599
•.
After depreciation, taxes and
have
declared
dividend of 50
cents
y
Represented by 7,500 shares in the hands of the public
1936 (7,200 in 1935).
z Company has 80,000 shares (no par) common
stock issued.—V. 144, p. 2291.
in
share on the
stock, no par value, payable Nov. 1 to holders of record Oct. 20.
This compares with.dividends of 25 cents paid on Aug. 2, May 1 and Feb. 1,
last; 50 cents on Dec. 22 and on Nov. 2, 1936 and 25 cents per share on
a
per
common
Aug. 1, 1936, this latter being the first dividend paid since Nov. 1, 1932
when 25 cents per share was also distributed.—V. 144, p. 925.
Buffalo Insurance Co.—Extra Dividend—
The directors have declared
to the
an extra
payable Sept. 30 to holders of record Sept. 23.
Previous extra distributions
were as follows:
$2 on Dec. 30, 1936; $1 on Sept. 20, 1936; $2 on Dec. 31,
1935; $1 on Sept. 30, 1935; $2 on Dec. 31, 1934; $1 on Sept. 29, 1934; $2
on Dec. 30, 1933, and $1 per share on Dec. 31, 1931.—V. 144, p. 99.
■ ■
I
I."
-
-
adjourned—this time until Sept. 27.
Meeting was postponed
present condition of the securities market.—V. 145, p. 1735.
Legal expenses
Prov.
for
Dominion
Ltd.—Earnings— C
1935
b$168,752
21,665
1934
b$72,345
22,177
1933
loss$79,414
21,446
59,451
962
&
Provincial inc. taxes..
20,000
$123,881
71,087
$86,675
72,053
$50,168 def$100.861
72,589
79,500
$52,794
Balance, surplus
Pref. divs. paid (6%)—
Surplus
meeting of stockholders for the purpose of voting on
issuance of additional common stock and on amending certificate to enable
ssuance of 40,000 shares of convertible preferred stock has again been
1936
b$234,097
18,613
69,585
2,017
$14,622
def$22,421 def$180,361
•——"
^ Bullard Co.—Meeting Further Adjourned—
The adjourned
Fairbanks-Morse Co.,
Executive remunerations
dividend of $1 per share in addition
regular quarterly dividend of $3 per share on the capital stock, both
I
Canadian
Calendar Years—
a Profit for year
Provision for deprec
due
to
After
selling, general
administration expenses,
b Includes in¬
1936, $26,495 in 1935 and $37,797 in
1934; dividends on preferred stock of E. & T. Fairbanks & Co., Ltd.,
$8,691 in 1936, $17,366 in 1935 and $16,523 in 1934, and profit on sale or
investments of $9,652 in 1936, $24,138 in 1935 and $45,953 in 1934.
a
come
and
from investments, $16,088 in
Financial
2066
1935
1936
Property, &c
Machinery, &c
1
377,439
42,935
180,874
3,073
Invest. In subs...
Mortgage receiv..
Investment
Miscell. invest
Inventory
Accts. receivable..
Deferred charges..
Total
Earned surplus..
Canadian Foreign
1934
1935
debentures.
$183,657
121,654
$302,877
40,665
$305,311
43,299
16,357
$325,769
40,902
45,648
$239,514
592,163
2,598
$262,212
555,309
$245,656
564,121
$239,218
639,381
$834,275
97,156
117,466
11,465
$817,521
106,862
117,466
1,031
$809,777
137,004
91,770
$592,163
$555,309
of inv.
Total surplus
Preferred dividend
Common dividends
charges.
Earnings for 6 Months Ended June 30, 1937
$235,970
89,797
Net profit
_
Balance
(Philip) Carey MfgvCo. (& Subs.)—Earnings-
$608,188
Carolina Power & Light
Period End.
$878,599
277,770
36,708
25,694
45
55,961
2,095,464
86,031
47,165
323,875
875
Deferred charges
.
—
$2,181,405
!2,414,988
;
Liabilities-"--'
22,756
(United States funds)
220
14,477
1,329,300
456,060
592,162
$2,181,405
Interest
8 % cumulative redeemable preferred stock
b Common stock
Earned surplus
—
Total
Canadian Hydro-Electric
International
Canadian
Years Ended—
Feb.
revenue..
Investment
Note—Only income received from
6 Months Ended
Trust, Ltd.—
dividends
cash
$37,495
$47,408
$59,636
actual
and
interest
revenue.
as
1937
$127,523
12,094
Aug. 31—
Gross income
Expenses
Bond and other interest
CM87
CM ,382
$1,805,116
1,255,237
1,255,237
$1,296,507
$549,879
60,022
Net income
$55,407
16,650
$3.32
5% preferred shares outstanding
Earned per share preferred
for
Feb. 28 *37
Cash in banks
Feb. 29 '36
$10,631
$14,964
77,719
17,364
20,185
16,394
4,267,779
4,198,579
85,155
.
1936
$106,222
10,495
52,885
$42,842
18,150
$2.36
Invest, at cost less
reserve
Deferred charges..
Accounts payable.
$102,749
360,000
37,173
secured
Loans,
873
1st coll. trust
bonds, series A,
due Oct. 1, 1959 1,785,000
5% pref. stock
1,665,000
a Common stock..
120,012
$4,377,186
$4,332,458'
Represented by 120,012
no par
Canadian Investors
161,000
37,260
Total....
307,252
1,788,500
1,815,000
120,012
304,055
$4,377,186 $4,332,458
sh ares.—V. 145, p. 1092.
Rent, salaries, office and general exp.
Registrars', legal and auditor's fees..
Net profit
Surplus at Jan. 31-
declared
Income tax and other adjustments
applicable to prior years.
or
1936
1935
$71,830
3,503
2,496
$53,158
$47,112
287
2,844
x4,624
2,693
2,007
3,691
2,688
2,893
$44,767
126,632
$38,400
135,125
$190,569
45,000
$171,400
40,000
$173,525
40,000
1,778
Crl,675
258
6,892
$147,245
$131,141
$126,632
x Includes $1,885 for United
States income tax deducted at source.
Note—The net losses of $49,400 on sale of investments for year ended
Caterpillar Tractor Co.—Earnings—
12 Months Ended Aug. 31—
Net sales
Cost of sales, oper. expense, &c., less misc. income
Depreciation
1937
1936
$124,194
$55,640
1,297,798
1,398,063
and
Liab 11
profit before Federal taxes
1937
es—
1936
& prov. for taxes
& accr'd charges
$18,139
1,000,000
Net profit
x
Before
256,608
147,245
306,007
131,141
..$1,421,992
$1,453,703
Total
-Y. 144, p. 446.
Cannon Shoe Co.—Extra Dividend—
The directors have declared
--------
-
$14,793,245 $10,052,915
2,683,545
1,764,839
x$ 12,109,700
$8,288,075
deducting provision for any amount which may become due for
earnings carried to surplus.
surtaxes on undistributed
Balance Sheet
Aug. 31 '37 Dec. 31 '36
$
Assets—
Liabilities—
$
3,310,555
15,589,151
11,576,037
Accrued
Notes & accts.rec.,
less reserves
17,420,222 16,670,371
Inventories
Pat'ts,
trade-mks.
and goodwill
1
1
buildings,
Land,
2,929,156
2,582,147
payroll &
383,934
500,000
339,298
expenses
Notes payable
Res. for Fed. taxesz2,641,686
1,983,931
Pref .stk. (par
$100) 6,014,776
6,014,776
Common stock. 9,411,200
9,411,200
Capital surplus
13,733,576 13,733,577
Earned surplus
20,446,006 15,029,104
y
equipm't, &c
19,098,448 18,845,241
Miscell. properties
69,186
201,970
Prepaid insurance,
28,135
taxes, &c_
35,121
55,515,699 49,638,6691
Total.....
Aug. 31 '37 Dec. 31 '36
$
$
Accounts payable.
2,309,929
Cash...
Total.........55,515,699 49,638,669
for depreciation of $11,874,119 in 1937 and $11,615,154
Represented by 1,882,240 no par shares,
x Does not include
any amount
for Federal surtaxes on undistributed earnings.—V. 145,
p. 1413.
x
After
reserve
y
Co.—Rights to Expire—
Holders of scrip certificates are being notified that at
the close of business
Sept. 28, 1937, (a) the privilege of exchanging scrip certificates issued
under the plan of reorganization dated March 20, 1936, will expire and
thereafter the holders of such scrip certificates will be entitled to no rights
whatsoever thereunder or by virtue thereof, except to receive their respec¬
tive pro rata shares of the net proceeds of sale of the number of shares of
common stock of the Central Foundry Co. in respect of which such scrip
certificates then outstanding were issued, upon surrender to the Marine
Midland Trust Co. of New York of such scrip certificates respectively; and
(b) all fractional scrip certificates representing an interest in the shares of
old capital stock of the Central Foundry Co., to wit, 99 shares ordinary
preferred and 110 shares common, will become absolutely null and void.
—V. 145, p. 1579.
on
S.
Corp.—Issue A pproved
Commission has authorized the company to issue
to exceed $2,500,000 1st & ref. mtge. bonds, 33^% seris, due
1967,
to be sold at not less than 102% of par.
The Commission's order specifies
not
that $1,003,000 secured from the sale of the bonds is to be used for refunding
of the like amount of Central Hudson Gas & Electric Co. 1st & ref. mtge.
30-year 5% gold bonds due Jan. 1, 1941, and $1,547,000 is to be used for
construction of certain proj'ects which are estimated to cost $1,555,438.—
V. 144, p. 2471.
Central Maine Power Co. (&
Subs.)—Earnings—
$571,051
221,890
58,975
28,449
$574,084
231,814
57,345
15,181
1937—12 Mos.—1936
$6,911,966
$6,319,706
2,444,421
2,332,620
711,253
675,766
262,269
145,577
$261,737
4,483
$269,744
4,544
$3,494,023
39,358
$3,165,743
44,523
1937—Month—1936
Period End. Aug. 31—
Operating revenues
Operating expenses
State and municipal tax.
Fed. taxes (incl. income)
Net operating income
Non-oper. income (net).
$266,220
$274,288
114,500
6,709
15,402
5,756
26,947
$3,533,381
1,307,952
65,423
291,634
$3,210,266
107,142
$136,967
$108,099
$127,085
$108,099
$1,868,372
$1,297,182
$1,426,863
$1,297,182
Other
deductions.
Net income..
$16,554
1,000,000
Capital surplus
an extra dividend of five cents per share in
regular dividend of five cents per share on the common stock,
holders of record Sept. 21. An extra of 15 cents in
both payable Oct. 1 to
1
Provision for Federal taxes
$9,535,627
523,736
6,449
1,426,637
77,203
279,563
Accts. & divs. pay.
Revenue surplus..
....$1,421,992 $1,453,703
5,870
paid
Gross income
Cap. stk. (par $10)
bonds at cost
$14,291,330
507,786
------
Other interest
Balance Sheet Jan. 31
Assess—
.
Profit..
Net
1937
1936
$67,003,804 $49,119,081
50,624,738
37,724,095
2,087,736
1,859,359
Bond interest
Jan. 31, 1937 have been charged to capital surplus.
Cash in bank
the company reported no undistributed adjusted
No such provision has been made to date for
as
that year.
The New York P.
1937
$59,428
131,141
Provision for Dominion income tax._
inasmuch
1936,
Central Hudson Gas & Electric
Corp., Ltd.—Earnings—
Years Ended Jan. 31—
Interest and dividends on investments
Interest paid on loans.
paid
$106,630
5%
Profit & loss surp_
......
1937.—V. 145, p. 1413.
Central Foundry
Feb. 28 '37 Feb. 29 *36
Liabilities—
Bond int. accrued.
on
bonds held
a
i.
.....
net income for
Balance Sheet
addition to
Cr294
..
Regular dividends on $7 and $6 pref. stocks were paid on July 1, 1937,
accumulated unpaid
in 1936.
Total
2,300,000
58,086
charged to con¬
$2,551,744
x
2,
$88,517
earned has been considered
in stock
$4,161,820
70.310
After the payment of these dividends there were no
dividends at that date.
x
Net income
Inv.
$4,921,867
2,300,000
Balance
x
Corp.—Rights—
'37 Feb. 29, '36 Feb. 28, '35 Feb. 28, '34
$215,172
$176,971
$161,272
$146,074
20,331
21,036
20,323
18,582
106,325
96,300
93,540
89,997
General expenses
Int. and bond discount..
Dividends
$343,628
191,667
5,212
$179,973
$147,043
Dividends applicable to pref. stocks for the
period, whether paid or unpaid'
Interest
In a letter sent to holders of 6% cum. 1st pref. shares, J. R. Binks,
Secretary, stated that holders of record at close of business Sept. 24 are
entitled under the arrangement for merging Canadian Hydro with Gatineau
Power to have issued to them 1.5% cum. pref. shares of Gatineau and
1M shares common of Gatineau for each 6% pref. share of Hydro.
The register of transfers of the Hydro preferred will be closed as of the
close of business Sept. 24.
Mr. Binks stated that it is expected that tho
new stock certificates of Gatineau Power will be ready for issuance on or
about Sept. 28.—V. 145, p. 429.
a
.
Interest earned
b Represented by 73,416 no par shares.—V. 144, p. 3167.
Total..
$4,129,639
32,181
Net income.
$2,414,988
;
Accrued interest
mtge. bonds.
on
Other int. & deductions
231
16,936
1,100,000
456,060
608,188
profits tax
Reserve accounts
Acct's receivable.
395
$4,889,585
32,282
$377,128
191,667
5,488
Gross income
Provision for Dominion income tax and Provincial
Assets—
205,656
$342,497
1,131
Note—No provision was made for Federal surtax on undistributed profits
Total.
Gross
205,800
...
Investment in shares of other Brazilian co., at cost
Bank overdraft
$5,095,385
17,077
$376,733
Operating income
Other income (net)
75
56,807
1,770,350
Invest, in bonds of other foreign corps., at cost...
Investment in marketable securities
$4,335,295
$359,574
17,178
1935
$30,290
100,000
Co.—Earnings—
$393,911
—
struction
1936
Cash in bank at London, England (Canadian funds)
Accounts receivable
Foreign currency—
Interest in partly owned subsidiary company
$3.23
.
1937—Month—1936
1937—12 Mos.—1936
$1,009,457
$887,941 $11,875,676 $10,399,496
525,546
448,367
5,790,291
5,104,201
90,000
80,000
990,000
960,000
Net oper. revenues
for lease of plant
Interest
$564,121
$29,452
hand and in bank
_
Rent
(net)
Assets—
on
Aug. 31—
Operating revenues—__
Oper. exps. (incl. taxes)
Prop, retir. res. approp.
Balance Sheet Dec. 31
Cash
$306,795
_ _
1933
$146,188
156,689
.
Department of Public Utilities
authority to issue 40,000 common shares ($25 par) at $25 a share.
an isrue of $1,000,000 1st mtge. series B bonds is also sought.
Proceeds of the sale are to be applied in part to payment of indebtedness
incurred for additions and extensions of plant and property now represented
by notes and open account, and in part for payment of additions and
extensions to the construction of which it is already committed.
Hearin
on the petition will be held Oct. 4.—V. 145, p. 1413.
Approval of
Net income after all charges
Earns. per share on 79,037 shares common stock
—V. 145, P. 430.
$280,343
40.829
Total revenue
Miscellaneous
266.
p
$118,834
161,509
Expenses, taxes, &c
Previous surplus.
Net profit on sale
18,000
50,000
857,201
Cape & Vineyard Electric Co.—Financing—
The company has petitioned the Mass.
for
$4,655,277 $4,549,236
Total
shares.—V. 143,
1936
Interest received:
Dividends received
on
.
7,192
Investment Corp., Ltd.—Earnings-
Calendar Years—-
Interest
641,759
175,083
241,106
22,288
18,000
50,646
899,496
provision._.
Dividend paym't
Capital surplus..
1,
last; 10 cents paid on April 1, last, and an initial dividend of 10 cents per
share paid on Dec. 26, 1936.—V. 144, p. 4337.
1,600,000
654,042
.
Tax
$4,655,277 $4,549,236
no par
1,600,000
.
Accounts payable
530,310
3,072
1,264,074
753,430
247,554
66,160
Represented by 80,000
Common stock.
Reserves
327,297
42,934
1,346,660
1,010,327
300,261
75,900
Cash
x
1
Goodwill, &c
x
Preferred stock._ .$1,169,700 $1,200,000
$1,274,103 $1,273,797
15,604
18,702
25,000
25,000
Fixtures, &c
1935
1936
Liabilities—
k
Sept. 25. 1937
addition to the regular quarterly dividend of five cents was paid on July
Balance Sheet Dec. 31
Asstfs—
Chronicle
Pref. div. requirements.
Note—Preferred dividends have been paid at one-half of the regular rate
since Oct. 1, 1934 and arrearages for quarters ended Sept. 30, 1934, Dec. 31,
1934 and March 3,1, 1935 were paid Jan. 1, 1937, April 1,
1937.—V. 145, p. 1735.
1937 and July 1,
,
Central
To Issue
New York
Power
Corp.—Registers with SEC—
$48,364,000 Bonds—
The corporation on Sept.
16 filed with the Securities and Exchange Com¬
a registration statement (No. 2-3414, Form A-2) under the Securities
Act of 1933, covering $48,364,000 of general mortgage 3%% bonds, series
mission
Volume
Financial
145
due
Oct. 1, 1962.
According to the registration statement, the net pro¬
ceeds from the sale of the bonds will be applied as follows:
$1,029,485 for redemption on Nov. 15, 1937, at 103%, of $999,500 Malone
Light & Power Co. 1st mtge. 5K% bonds, series A, due Jan. 1,
2067
Chronicle
Commissioner
Porter's action follows on
the heels of a refusal by the
ICC to heed the plea of the Milwaukee road's management for indefinite
delay in the matter of a plan.
In making this request the management
cited uncertainties in the railroad outlook.—V. 145, p. 1896.
1956.
1,823,850 for redemption
on
1,686,625
4.046,355
672,400
.
,
1,343,475
on Dec. 1, 1937, at 103%, of $3,624,000 North¬
Utilities, Inc., 1st lien & ref. 6% bonds, series O,
due May 1, 1943.
for redemption on Dec. 1, 1937, at 103%, of $1,637,500 1st lien
& ref. 514% bonds, series D, due Dec. 1, 1949.
for redemption on Dec. 1, 1937, at i03%, of $3,928,500 1st lien
& ref. 5% bonds, series E, due July 1, 1955.
for redemption on Dec. 1, 1937, at 1023^%, of $656,000 Rome
Gas, Electric Light & Power Co. 1st ref. mtge. 35-year 5%
bonds, due Dec. 1, 1946.
for redemption on Jan. 1, 1938, at 105%, of $1,279,500 Watertown Light & Power Co. 1st mtge. 5% 50-year bonds, due
New York
J&ti* 1
6,512,625 for redemption on Feb. 1,1938, at 105%, of $6,202,500 Syracuse
Lighting Co., Inc., 1st & ref. mtge. 5J4% series bonds, due
Feb. 1, 1954.
%
5,250,000 for redemption on Jan. 1,1938, at 105%, of $5,000,000 Syracuse
Lighting Co., Inc., 1st & ref. mtge. 5% bonds, series B, due
Jan. 1, 1957.
3,432,000 for redemption on Dec. 15, 1937, at 104%, of $3,300,000 Utica
Gas & Electric Co. 5Y%% gen. mtge. bonds, series C, due June
to provide for the disposition of
equipment trust certificates totaling $1,500,000 dated June 1, 1937, and
reopened the proceeding for a hearing on Sept. 30, in this regard.—V.
145, p. 1735.
Chicago Rock Island & Pacific Ry.—To Refund Issue—
The Interstate Commerce Commission has authorized today the company
to issue $28,172,650 of 10-year secured 3H % certificates of indebtedness to
refund a like amount of outstanding equipment-trust certificates.—V. 145,
p.1897.
Chicago & Southern Air Lines, Inc.—Earnings—
Earnings for Year Ended June 30, 1937
Operating
Operating
6,240,000 for redemption
April 1, 1938, at 104%, of $6,000,000 Utica
Gas & Electric Co. 5% 30-year gen. mtge. bonds, series D, due
April 1, 1956.
2,100,000 for redemption on Jan. 1, 1938, at 105%, of $2,000,000 Utica
Gas & Electric Co. 20-year gen. mtge. 5% bonds, series E, due
1,1952.
9,500,000 for construction of a steam electric generating station near
Oswego, N. Y., and for connecting transmission facilities.
The balance of the proceeds will be used for construction and improve¬
ment of the transmission and distribution facilities of the company.
The price at which the bonds are to be offered, the names of the
Loss for the year
Note—The
Central Vermont Public Service
Period End. Aug. 31—
Assets—
State & munic. taxes...
(incl. income)
Net oper.
under¬
1937—12 Mos.—1936
$2,128,650
$1,923,776
1,130,244
1,086,383
169,476
144,624
91,824
54,139
$638,630
$73,938
$740,867
interest
$46,295
20.417
24,853
Other interest
515
699
245,000
2,205
$644,867
303,697
3,663
Federal
1,574
28,785
1,786
25,215
18,585
28,785
9,881
$23,789
$18,928
$17,815
$18,928
$449,862
$227,136
$298,841
$227,136
p.
503
50,160
Fixed assets
x
190,873
92,308
Air mail contract, franchises &
Total
x
for depreciation
reserve
Period End. Aug. 31—
4,250
2,802
300
Sundry creditors
A ccrued expenses.....
7% conv. preference (par $10)
Railway oper. revenuesRailway oper. expenses.
rev.
from ry. oper.
$4,523
16,710
Railway tax accruals...
Operating deficit....
Railway oper. deficit.
Hire of equip., rents, &c.
Net ry. oper.
Other income
Deficit
$12,189
42,073
deficit..
before
179,639
$18,036 prof$525,177
104,093
297,237
$122,129prof$227,940
2,747
18,742
$54,262
2,904
$104,726
152,422
$499,524
Total.
of $91,679.
Represented by 100,100
y
C.
Hutson, Vice-President and General Manager, was elected Presi¬
Claude Neon Lights,
K. Wooten, who will
Inc.—Earnings—
$176,126
$157,602
and maintenance
138,861
132,759
Profit
$37,265
$24,842
17,995
15,978
Dividends and payrolls
71,585
2,928
2,939
1,500
2,756
$25,690
48,500
$31,397
3,377
2,570
Deficit, balance..
—V. 145, p. 1252.
Patents and
Balance Sheet June 30
common
$228,026
$159,084
$620,553
now
2,213
4,598
Accounts payable.
Accts. receivable..
96,510
58,847
2,275
2,400
sign
540
19,675
8,406
9,595
Stock
Split-Up—
1
35,113
dividend of 15 cents per share on account of
$1 ,414,328
Net after rents....
86,434,686
39,897,292
31,446,579
Climax
1935
$9,725,413
4,444,547
3,666,393
record Sept. 29.
72,445,803
30,653,441
23,524,010
73,007,307
31.980,899
24,084,740
Deferred assets
p.
the
Dividend—
50 cents per share on the common
record Sept. 23.
Pre¬
share were distributed.
$3,962,059
530,732
1,690,766
•
173,793
21,203
Wages and expenses accrued.
1,352,957
R6SGrV6S
155,031
Com. stk. (2,520,000 shs.)
39,311
Discovered increment surplus 70,732,722
Earned surplus
9,441,424
Reserve for
Fed., &c. taxes._
—
4,784.104
$81,874,476
-
Note—No provision
$131,827
Accounts payable .....
$81,874,476
Total...
has been made for current Federal sutrax on un¬
1736.
Clorox Chemical Co.
from oper..
Depreciation
11 dividend will amount to
(& Subs.)—Earnings—
1937
Years End. June 30—
Gross profit
1936
1935
1934
$513,733
27,886
$614,812
26,968
$510,312
25,850
$469,149
30,502
$485,847
68,290
58,416
$587,843
70,000
192,530
$484,462
69,200
102,149
$438,648
62,510
94,453
$359,141
317,878
$325,313
x276,773
$313,113
x260.856
$281,685
106,170
$41,263
$3.27
$48,540
$2.86
$52,257
$2.75
$175,515
$2.48
602.
Milwaukee
St.
Paul
&
Pacific
Net profit from oper.
RR.—ICC
Other expenses
the
vigorous protest of the road's management and principal
holders, Commissioner Claude R. Porter closed reorganization
proceedings on Sept. 20 and announced the Interstate Commerce Com¬
mission would formulate a plan of its own on the record as made.
Counsel for the Walker committee of institutional bondholders im¬
mediately announced an appeal would be taken to the full Commission to
overrule the presiding Commissioner.
.
Prov. for taxes
(net)
Net income
security
share on account of
pref. stock, no par value, payable Oct. 5
This compares with $2.50 paid on June 30
distributed profits.—V. 145, p.
to File Plan—
Over
Accumulated Dividend—
70,732,722
praisal value (net)
Total
share paid on Sept. 10, March 5 and Jan. 12, 1934, this latter payment
being the first made on this issue since Jan. 3, 1928, when a regular quarterly
145,
-
Properties at cost less deple¬
tion and depreciation.'—Discovered increment at ap¬
per
Chicago
-
Stock Exchange has authorized the listing of 2,520,000
Accts., notes, &c., receivable
class A stock, no par value, payable Oct. 11 to holders of record Oct. 1.
A similar distribution was made on July 29, last: Dec. 20, Nov. 7 and on
Feb. 1, 1936. and May 1 and Feb. 1, 1935, and compares with 50 cents
$11 per share.—Y.
$1,414,328 $1,485,134
Total
Liabilities—
dividend of $1 per share on the $2 cumul.
dividend of 50 cents per share was disbursed.
Accumulations after the payment of the Oct.
1,053,004
48,245
78,305
Molybdenum Co.—Listing—
Cash in banks and on hand..
Chicago Electric Mfg. Co.—Accumulated Dividend—
a
117,137
1,053,004
Consolidated Balance Sheet as at May 31, 1937
1934
$9,036,299
3,964,744
2,970,626
—Y. 145, p. 1579.
The directors have declared
72,234
Cap. stk. (par $1)
Capital surplus...
$1,485,134
Inventories at cost
84,943,800
36,612,741
27,571,275
49,522
con¬
shares of common stock (no par).
From Jan. 1—
Gross from railway
Net from railway
sign
105.
145, p.
The New York
Gross from railway
:!
Fed.
income taxes
Neon
Directors have declared a dividend of
Chesapeake & Ohio Ry.—Earnings—
Net from railway
Net after rents
for
stock, no par value, payable Oct. 1 to holders of
viously regular quarterly dividends of 12H cents per
—V. 141, p. 743.
.
cumulative preferred stock, par $10, payable
27.—V. 145. p. 601.
1937
1936
$10,856,918 $11,963,928
4,689,223
6,063,068
3,902,152
4,758,426
Reserves
Cleveland Union Stockyards Co.—Larger
Oct. 1 to holders of record Sept.
August—
1,209
59,490
last, and a dividend of $3 paid on Dec. 15, 1936.
Accumulations after
current payment will amount to $24.45 per share.—V. 145, p. 753.
(H.) Channon Co.—Accumulated Dividend—
a
5,339
tracts—contra..
1
47,263
Cleveland Cliffs Iron Co.-
special meeting on Oct. 11, will be asked to approve
capital shares of the company from 120,000 to 360,000.
in preparation for a three-for-one split.
Holders of record Sept. 23 will
be entitled to vote at the meeting.—V. 145, p. 1777.
6%
10,000
..........
The directors have declared a dividend of $1.25 per
a
The directors have declared
award
57,341
licenses,
accumulations on the $5 cum.
on
age
Other def. llabils..
28,909
assets.
rights, &c......
increase in the
the
284,253
equipt.
Total
59,588
Deferred credit...
sign
-V.
7,517
25,000
(not
settlem't of dam¬
Deferred charges..
15 and July 16, 1936, this latter being the first
Oct. 1, 1931, when a like distribution was made.
Chain Belt Co.—To Vote
on
4,081
266,211
to holders of
accumulations
71,154
959,575
Permanent
company's stock was recently split up on a 10-for-l basis—10 new
Shareholders, at
46,604
co.—wholly
Patents,
8,624
current)
Accts. payable for
884,615
owned
of 50 cents paid on Oct.
an
Notes payable
in af¬
Other assets
New Stock—
10,712
33,620
sign
20,377
20,097
filiated cos
Sub.
for
maintenance exp
con¬
Investments
$35,087
&c
Reserve
work in progress
Neon
$30,320
69,135
14,028
Notes payable
erials,supplies &
shares being issued for each old $100 par share.
A dividend of $1 per share was paid on the old stock on June 30, and on
March 31 last, and compares with $3 paid on Dec. 21, 1936, and dividends
payment made since
—V. 145, p. 431.
__
Inventories of ma-
an initial dividend of 10 cents per share on
outstanding, payable Sept. 30 to holders of
1936
Accrd .wages .taxes,
receivable..
DIvs.
record Sept. 22.
The
$19,919
Cash
$997,916
on
1937
Liabilities—
,1936
$6,227
Neon
stock
1937
Notes receivable
$149,654
18,089
867,235
$22,810 loss$28,019
Profit credited to surplus.
$131,565
866,351
Century Electric Co.—Initial Dividend
new
experimental expenses
Assets—
The directors have declared
the
1,850
Royalties.
$47,696
101,958
108,644
$42,837
67,038
$53,243
Selling, admin. & general expenses
Provs. for doubtful accts., int., &c., less sundry
tracts—contra..
$119,382prof$246,682
$51,358
107,726
1936
1937
6 Months Ended June 30—
Income—Sales, instal. & maint. of signs, &c
Cost of signs, incl. amortiz. of instal. sales, equip.
fixed
charges
Fixed charges
25,000
26,329
shares.
Loss—before special profit and loss item
Special profit and oss item
$704,816
-
Chickasha Cotton Oil Co.—New President—•
L.
1937—8 Mos—1936
$4,380,119
$3,826,791
3,675,303
3,722,065
$5,614
23,651
9,931
350,000
yll 1,091
Common stock
dent of this company on Sept. 20.
He succeeds R.
remain on the board of directors.—V. 145, p. 1580.
6,237
Inc.—Earnings—
1937—Month—1936
$491,679
$508,472
487,158
502,858
4,038
Unearned revenue
$499,524
After
par
$18,441
Paid-in surplus
1
goodwill
1413.
Central Vermont Ry.,
Net
undis¬
Deposits on air travel contracts
income
Net income
145,
on
Traffic balances payable
Total income
_
deductions
Pref. div. requirements.
—V.
surtax
Accounts payable
9,193
Other assets
Acceleration of amort, of
debt discount & exp.
$41,987
65,484
49,015
Accrued interest receivable
1896.
$737,106
3,761
Other
hand...
Inventory of materials & suppl
no
$73,418
520
....
on
U. S. Govt, oblig., at cost
Accounts receivable
Deferred charges
$45,513
782
income
Non-oper. inc. (net)....
Bond
for
Liabilities—
Cash in banks and
Corp.—Earnings—
1937—Month—1936
$193,714
$172,461
126,098
113,067
14,139
9,134
7,964
Cr23,158
Operating re venues.....
Operating expenses
Gross income
$6,113
liability
disclaims
company
Balance Sheet June 30, 1937
form exchangeable for definite bonds when prepared, will be made
the office of J. P. Morgan & Co.
John L. Haley of Syracusp is President of the company.—V. 145, p
Fed. taxes
$394
5,720
Net loss from operations.
Other income charges, net..
writers, the underwriting discounts and commissions, and the redemption
provisions are to be furnished by amendment to the registration statement.
The company states that it is expected that delivery of the bonds in tem¬
at
$537,952
538,345
-
expense
on
Jan
porary
revenue
tributed profits.
1949.
15
The Interstate Commerce Commission has authorized the road to amend
its pending plan of reorganization so as
3.732,720 for redemption
ern
Chicago Great Western RR.—To Amend Plan—
Jan. 1,1938,at 105%, of $1,737,000 Northern
Inc., 1st mtge. & ref. 5% 50-year bonds,
New York Utilities,
due July 1, 1963.
•
Dividends paid
Balance, surplus
Earns.per sh.on cap.stk.
x
Less dividends on shares held by
6»
e company
and its subsidiary.
2068
Financial
Chronicle
Consolidated Balance Sheet June 30
Assets—
Cash
on
1936
1937
hand.,..
$89,055
Stocks and bonds.
Accounts recel v.
8,909
853,787
Inventories
264,455
.
.
Plant equipment &
real estate
477,097
300,188
54,466
15,631
Trade-marks
Deferred charges..
Prod, devel. costs.
Sept. 25, 1937
Connecticut Light & Power
1936
1937
Liabilities—
$285,434
$383,330 Accounts payable. $340,218
71,248
22,324 Dividends payable
598,714 Est. Fed. inc. and
68,290
70,000
cap. stock tax..
290,548
Capital stock
xl,137,560 yl.219,606
328,587 Earned surplus
452,267
394,921
300,188 Capital surplus...
101,150
19,103
70,725 z Sub. & parent co.
invest in cap.stk. Z>r65,897
Dr65,897
12 Months Ended Aug.
Gross operating revenue
Co.-—Earning
1937
1936
$19,477,043 $18,322,901
31—
_
_
4,566,277
Net for divs. & other corporate purposes
Bal. for com. stock & other corp. purposes
-,
4,622,709
3,824,034
$3,331
4,051,202
$3,529
Earnings per average share
—V. 145, p. 1414.
Consolidated Edison Co. of New York, Inc.—Deposits
of the New York Steam Corp. pref.
have been presented for deposit under the exchange plan.
This
includes 1.5% which have not as yet been accepted.
The plan becomes operative if 66 2-3% of New York Steam preferred
stock Is deposited by Oct. 1.
If the plan becomes operative the new Con¬
solidated Edison preferred will carry a dividend of $1.25, payable Nov. 1.
The company also announced a cash adjustment of $2.66 2-3 on the $7
New York Steam preferred and $2.25 on the $6 New York Steam preferred.
The company announces that 65%
shares
„
^
Total
$2,033,588 $1,994,417
Par $10.
$2,033,588 $1,994,417
Total
Represented by 113,756 no par shares,
z Cost of sub.
company's investment in capital stock of Clorox Chemical Co., 4,043 shares
together with parent company's holdings of 100 shares.—V. 143, p. 3624.
x
y
Climax Engineering Co.—Earnings—
—V. 145, p.
Earnings for 3 Months Ended July 31,1937 '
Net profit before income taxes
—V. 143, p. 2993.
Coca Cola
$13,229
Bottling Corp. (Del.)—Extra Dividend—
The directors have declared
an extra dividend of $1.2,5 per share in addi¬
regular quarterly dividend of 62 H cents per share on the class A
and class B common stocks, no par value, all payable Oct. 1 to holders of
record Sept. 15.
Similar distributions were made on Dec. 28 and on
Oct. 1, 1936.—V. 143, p. 1716.
all of the outstanding first mortgage gold bonds
have been called for redemption on Nov. 1 at 102 H and
Consolidation Coal Co .—Tenders-—
$46,200 first mortgage 5% gold bonds maturing May 1, 1953
have been called for redemption on Nov. 1 at 105 and accrued interest.
Payment will be made at the Irving Trust Co., New York City.—V. 142,
p. 3336.
-Named in
$42,000,000
Steel
Consumers
Products
Davis of Columbus
on behalf of himself and other natural gas
also named 14 officials of the parent company and the subsidiaries.
Davis is city attorney of Columbus, but he filed the suit as an
individual.
which was registered
with the Securities and Exchange Commission (March 31, 1937) has been
withdrawn.
The stock was offered publicly on July 28, but the offering
Coos Bay
Co.—Listing of Debentures—
conditions.—Y. 145, p. 755.
Lumber Co. (& Subs.)—-Earnings—
Earnings for 8 Months Ended Aug. 31, 1937
x$122,734
Net income after all charges
profit from disposal of capital assets and after de¬
ducting $29,861 loss or Coos Bay Land Co., a subsidiary.—V. 145, p. 1415.
Includes $16,215
x
Corp.—Options—
This corporation has notified the New York Stock Exchange that there
outstanding as of the close of business Aug. 31, 1937, options pro¬
viding for the purchase of 20,715 shares of common stock of the corporation
on the following basis:
were
No. of Shares—•
720
Price
$29,16 2-3
-
400
35.00
6,000
1,560-.11,000
1,035
-
37.50
33.33
-
45.00
45.00
In addition to the above
maximum
a
Expiration Date
Dec. 31, 1937
June 30, 1939
Dec. 31, 1941
Dec. 31, 1939
Dec. 31, 1941
Dec. 31, 1939
of 1,408 shares are
available for
sale to employees of subsidiaries.—V. 145, p. 937.
Commonwealth
Made—Company
Edison
the common stock payable Sept. 28 to holders
145,
p.
Formally
solidations—
Co., Ltd.-
4,000
At the
same
time the Commonwealth
by Commonwealth Edison, made
shareholders of the Western
a
Subsidiary Corp., wholly owned
similar exchange offer to the preferred
United
Gas
& Electric Co.,
and the Illinois
Northern Utilities Co.
The terms of the exchange offer are:
(a) 3 shares of Edison $25
Public Service.
par
(b) 4 shares Edison $25 par stock for each share of $6 and $7 preferred
stock of Public Service.
(c) 3 H shares of Edison $25 par stock for each preferred share of Western
United.
3 7-10ths shares of Edison $25
(d)
par
stock for each preferred share of
Illinois Northern.
The offerings will expire Nov. 15.
James Simpson, Chairman of Commonwealth Edison, said the company
expects to provide funds for Public Service, Western United, and Illinois
Northern, to redeem all preferred shares which are not turned in under the
present offer.
Initial
Dividend
on
New
Shares—
The directors on Sept. 21 declared a dividend of 31M cents per share
the new common stock, par $25, now outstanding, payable Nov. 1 to
on
holders of record Oct. 15.
The company's stock was recently split up on a
4-for-l basis—four new
$25 par shares being issued in exchange for each old $100 par share.
Dividends of $1.25 per share were paid on the old $100 par stock on
Aug. 2, May 1, and on Feb. 1 last, and previously regular quarterly divi¬
dends
was
of $1
share were paid.
In addition a special dividend of $1
paid on Dec. 17, 1936.—V. 145, p. 1736.
per
112,858
44,479
3,200
110,982
42,967
2,340
—
Depreciation
Depletion
51,416
Bad debts written-off (net)
387
$259,146
62,563
$187,066
55,367
$197,516
61,563
2,660
$321,709
43,579
$242,433
24,301
$261,739
21,893
$278,130
434,826
Other income
$218,131
248,472
$239,845
372,708
securities matured.
on
Provision for income tax.
Profit for year.
Dividends
Balance Sheet Dec. 31
on
Accounts payable.
hand & in
$730,413
259,272
106,132
$656,563
banks
Accounts recelv'le.
Inventories
199,743
112,013
Bonds & shares
564,640
of Can. inc. tax.
21,114
758,797
758,797
3,179,597
3,770
2,583
24,301
103,192
88,994
3,396
6,212,667
731,226
3,190,393
2,063
Due to subsidiaries
y
Capital
Deficit
Mines, real est.,
6,212,667
-
887,923
—
&
Prepaid expenses
_
$5,496,237 $5,620,498
After
2,983
39,888
assessments
Prov. for Dom. of
Deferred credits,.
owned
x
1935
$19,782
Accrued taxes and
551,803
21,624
Acc'tsrec. (subs.)_
Subs. shs. wholly
bldgs., plant
equipment
1936
$25,430
Liabilities—
1935
1936
Assets—
Cash
$2,435,478 in 1935.
$2,590,766 in 1936 and
Represented by shares of $100 par.—V. 144, p. 3171.
y
1936
Calendar years—
Oper. profit for
$5,496,237 $5,620,498
Total
for depletion and depreciation of
reserve
$91.2,884
year
Interest
Abandoned lease
stock for each share of common stock of
4.000
119,290
Counsel and legal fees
Directors' fees
$354,664
30,993
Crown Central Petroleum
Exchange Commission.
1934
1935
$381,038
30,341
2,293
$467,572
coal and coke operations
Executive officers' salaries..
on
Profit
Earnings—
1936
Calendar Years—
Profit
Total
The company on Sept. 23 made formal offer to the stockholders of the
Public Service Co. of Northern Illinois for an exchange of securities under
the plan of financial consolidation approved earlier by the Securities and
27 Y cents per share
of record Sept. 25.—V.
1253.
Crow's Nest Pass Coal
x
Chicago—Exchange Offer
Approaches Holders for Con¬
Co.,
Common Div.—
Cornell-Dubilier Electric Corp.—Initial
The directors have declared an initial dividend of
on
2H% debentures due June 15, 1942, which have been sold and passed
beyond the control of the company.—Y. 145, p. 1736.
Commercial Investment Trust
$1.93
Earnings per share on 63,500 capital shares,.:
Mr.
The New York Stock Exchange has authorized the listing of $35,000,000
With¬
See list given on first page of this department.
The issue of 117,500 shares (par $1) common stock
users,
The subsidiary companies involved are:
Columbus Oil & Gas Corp. of
Wilmington, Del. Ohio Fuel Gas Co. of Columbus, Ohio Preston Oil
Co. of Columbus, Northwestern Ohio Natural Gas Co. of Columbus
Cincinnati Gas & Electric Co. of Cincinnati, and Dayton Power & Light
Co. of Dayton.
The suit asks that the companies be enjoined from further adulteration
of natural gas, an accounting of funds alleged to have been illegally collected
for consumers amounting to $14,000,000 and treble damages against the
seven
corporations totaling $42,000,000.
The $14,000,009 which is included in the $42,000,000 is sought not only
against the corporations but the individual officers of the corporations.
—V. 145, p. 1736.
Corp.—Registration
drawn—
has been withdrawn owing to market
Suit for $42,000,000 damages against the corporation and six subsidiaries
operating in Ohio was entered in Common Pleas Court of Franklin County,
Ohio, Sept. 18 in behalf of more than 500,000 gas consumers.
The suit is based upon the alleged fraudulent adulteration of natural
gas distributed in Ohio with 7 to 9% of inert flue gas or smoke during
most of the period since 1929.
Besides the six subsidiary companies, the suit, which was filed by
Commercial Credit
1897.
1960 to exhaust the sum of $177,761.—V. 145, p.
Colorado Power Co.—Bonds Called—
Columbia Gas & Electric Corp.Suit—
f
will, until 2 p. m. Oct. 14, receive bids
25-year 5% sinking fund bonds, due July 1,
The Baltimore National Bank
for the sale to it of sufficient
A total of
L.
Y.<—Tenders—
refunding mortgage bonds 4 H % series due 1958
5% series due 1958
interest.
Payment
will be made at the First Citizens Bank & Trust Co., Utica, N. Y. or at the
Grace National Bank of New York.—V. 145, p. 1737.
All of the outstanding
and
tion to the
John
1581.
Consolidated Water Co. of Utica, N.
Corp.—Earnings—
1933
1934
1935
$458,515
$822,380
16,656
33,929
64,685
—
Charge-off of intangibles
Federal income taxes
Loss
on
cap. assets
175,159
sold-
73,679
Depletion
Depreciation
233,412
Amortization
pat'd mfg.
of
cost
4,600
27,964
4,328
39,925
248,083
40,594
$1,106,057
60,526
195,498
200,997
40,000
33"3381
242,102/
152,752
of
36,923
36,923
36,923
36,923
$353,117
processes--
Net profitPrevious surplus
$383,818
2,056,910
$107,623
2,435,287
$419,360
2,003,686
2,392,224
Minority interest in Util.
75
Oil & R. Co. absorbed
Adjustment
of
Federal
368
inc.tax allowance 1934
Accruals of prior years
12,241
restored to surplus
Miscell. additions
Total surplus
Deducts, from surplus._
Preferred
4,061
-
$2,749,402
$2,441,096
48,872
$2,542,985
486,075
$2,435,287
21,572
$2,392,224
$2,056,910
$2,435,287
dividends
2,854
247,716
Common dividends
Surplus Dec. 31
$2,477,261
Condensed Balance Sheet Dec. 31
Commonwealth & Southern
Corp.—Output—
Oas—Gas output of the system for the month of August was 918,448,800
cubic feet, as compared with 772,528,600 cubic feet for August, 1936, an
increase of 18.89%.
For the eight months ended Aug. 31, 1937, the output
was
9,663,529,800 cubic feet,
as
compared witj
8,481,683,200 cubic feet
for the corresponding period in 1936, an increase of
13.93%.
for the year ended Aug. 31, 1937, was 14,510,519,600 cubic
pared with
12,587,326,800 cubic feet for the
year
Total output
feet, as com¬
ended Aug. 31, 1936,
increase of 15.28%.
Electric—Electric output
an
of the system for the month of August was
723,274,292 kwh., as compared with 662,562,771 kwh. for August, 1936,
an increase of 9.16%.
For the eight months ended Aug. 31, 1937, the out¬
put was 5,729,349,684 kwh., as compared w th 4,981,535,749 kwh. for the
corresponding period in 1936, an increase of 15.01%.
Total output for
the year ended Aug. 31, 1937 was 8,540,440,806 kwh., as compared with
7,267,085,259 kwh. for the year ended Aug. 31,1936, an increase of 17.52%.
—V. 145, p. 1414.
Assets—
1936
Cash
1935
Inventories
1,098,432
161,527
Other assets
Patent mfg. proc_.
x Real est.,
leases,
387,692
126,941
37,678
85,525
27,964
122,871
5% non-cum. vot¬
ing pref. stock--
cars, refin.
bigs.,
& equipment-,- 4,653,864
Prepaid expenses,
royalties, &c
51,851
x
76,100
76,100
4,128,600
4,128,600
2,477,261
tank
Total
1935
$150,000
272,020
equity
leases,
1936
$75,000
358,200
pipelines, stor'ge
systems,
on
Liabilities—
$555,335 Notes payable
179,799 Accounts payable1,212,150 Acer. taxes, royal¬
112,965
ties, int., &c
424,616 Fed. inc. tax (est.)
Res. for conting..
$707,820
218,593
Cust. accts. rec
2,392,224
$7,279,781
$7,255,304
4,730,854
39,586
$7,279,781 $7,255,304
After depreciation and depletion
Total
y
Represented by 4,128,600 $1 par
shares.
Compressed Industrial Gases, Inc.—Listing—
The Chicago Stock
Exchange has approved the application of the company
51,448 shares capital stock, $5 par value.
To be admitted to trading
official notice of issuance as a 25% stock dividend and registration
under the Securities Exchange Act of 1934.—V. 145, p. 1897.
to list
upon
10-Cent Dividend—
The
directors
common
have declared a dividend of 10 cents per share on the
stock, payable Nov. 10 to holders of record Sept. 23.
An initial
was paid on Dec. 21, 1936.—V. 145, p. 1581.
dividend of six cents
Volume
Financial
145
Crown Cork International Corp.
Ccalendar Years—
Cost of sales
Depreciation
Selling and admin,
exps.
1934
1933
$4,203,342
2,602,892
210,877
776,384
$3,949,828
2,512,432
762,731
$3,190,098
2,053,743
191,700
615,893
$828,442
$613,189
$508,579
$328,762
166,085
and red. of res., &c
Int. & other chgs. (net).
43,169
84,211
178",257
Amort. & trade rights
Foreign inc. & other tax.
Portion
of
net
profits
63,682
Cr491,482
23,128
22,170
108,851
31,620
20,123
99,767
$143,640
Cost of goods sold
Operating
expenses
Net profit from operations.
$9,546
1,078
Total
accruing to min. share¬
income and undistributed profits
on
180,415
30,945
87,013
23,866
$7,240
Balance Sheet June
Other
eign countries
141,900
123,318
"7". 576
3,276
$303,283
329,190
$370,707
254,190
$322,847
267,247
$500,330
179,498
def$25,907
$116,517
$55,600
hand
on
$4,120
1,100
valued at mkt
secur.
receivable—customers
xl 7,084
173
receivables
Inventories
Dividends paid
Balance, surplus
Assets—
Marketable
on
hand
1935
$1,419,957
securities
734,778
37,528
1,283,614
-
Inventories
x
$2,004,656
8,568
566,851
17,620
Notes and accounts receivable
foreign bank, to be released by
exchange authorities in instalments, &c
Investment in allied company
17,264
95,300
350,242
51,025
309,999
2,251,173
35,672
37,057
415,453
$6,994,160
Patents and trade rights
2,455.158
116,739
39,420
415,453
Sundry investments
Marketable securities
b Land, buildings and equipment
Goodwill.
Total
Liabilities—
Due froreign bank by a subsidiary
Accounts and notes payable and sundry accruals..
Accr'dFed. inc. & cap. stk & state franchise tax (est)
Due to officers-and employees.
Due to affiliates
1936
$34,684
278,449
201,415
226,948
43,695
149,055
71,072
119,307
37,858
year
Dividends payable
175,509
30,012
Reserves for taxes payable when profits of foreign
subsidiaries are remitted to parent company
25,696
408,840
2,471
2,422,697
1,781,258
1,014,849
684,298
2,465,564
1,585,663
1,014,850
403,256
...
$6,994,160
After
reserve
for doubtful notes and accounts of
Gross loss from operations.
Income credits
$8,426
10,011
$5,299
8,697
$46,749
6,993
$1,585
$3,397
loss$39,756
$3,397
loss$50,061
__
Net income from operations
Net
loss
from
operations
of
Crusader Aircraft
Corp.—Registers with SEC—
department.—V. 143,
p.
3312.
Crystal Oil Refining Corp.—Earnings—
Years Ended Dec. 31—
Net income for the year.
$12,888
Balance Sheet Dec. 31
Cash.
1936
1935
$25,634
___________
$29,153
Liabilities—
Notes
b Notes and accts.
(customers)
Marketable
94,772
stocks
62,740
Expenses
605,450
50,825
$980,734
901,254
151,817
Net loss from operations
Other income—rents, royalties, &c
$11,504
40,578
$23,877
19,927
$72,336
16,537
prof$29,074
22,217
$3,950
5,210
$55,799
14,329
55,883
Interest charges & discount on sales.
Depreciation
Balance—loss.
prof$6,857
.9,161
$126,013
Balance Sheet Dec. 31
Assets—
1936
1935
$28,413
Cash in banks &
$38,346
41,439
3,282
hand..
Accts. receivable
29,388
Inventories......
1,710
27,682
Notes &
warrs. reo.
Prepd.
exps-Rent
277,243
137,530
147,865
Accts. pay. (trade)
Acct. pay. (officer)
33,217
Accts. pay.(empi.)
Acer, real est. and
1,057
44
pers. prop, taxes
392,796
(not consol.)
receivables
14,996
13,894
121,011
116,183
1
1
77,765
Investments
Prop., plant
equipment
151,575
8,744
151,795
$28,010
198
165,000
bankers
6% cum. pf. stock
(par $10)
z
50,615
296
189,182
pay'le—due
Rent
164,979
Total
$482,726
301,999
$546,049
250,350
Common stock..
10
54,043
Earned surplus
6,857
$482,726
$546,049
x After
reserve for
bad debts of $2,448 in 1936 and $8,700 in 1935.
After reserve for depreciation and depletion of $174,716 in 1936 and
$1,089,524 in 1935.
z Represented by
102,587 no par shares,
a After
reserve for bad debts.—V. 143, p. 268.
Co.—Earnings—
[Including Cumberland Securities Crop.]
Period End. Aua. 31—
State & municipal taxes
Fed. taxes, incl. income
$4,610,539
2,640,201
364,080
175,517
Net operating income
Non-oper. income (net)
$110,610
9,712
$74,918
4,990
$1,430,741
61,204
$120,322
$79,908
44,244
$1,199,424
539,771
3,037
130,538
$526,078
$239,964
Gross income
Other interest
180
227
9,917
7,746
$77,456
$24,580
$27,691
$19,997
$865,881
$285,797
32,769
Net income
Pref. div. requirements
—V. 145, p. 1415.
Ltg.
S.
c
Crystalite Products Corp.—Delisting—
Exchange Commission has issued an order granting
the application of corporation to withdraw from listing and
registration its
$1 par value common stock and 7% cumulative preferred stock, $100 par
value, on the Los Angeles Stock Exchange.
Delisting was sought among
things because of the small number of stockholders and the inactivity
of exchange trading in the stocks.
1,264,500
$920,708
$728,508
of Europe,
A.—payable
demand
Common stock..
Deficit
Total
After
$920,708 f $728,508
Total
for depreciation of $167,287 in
25,250
651,799
1936 and $136,992 in
$7,833 in 1936
and $3,982 in 1935.
c Represented by 170,160 (150,000 in 1935) no par
shares—V. 143, p. 1873.
a
reserve
b After
for doubtful notes and accounts of
reserve
Exchange has authorized the listing of (a) 329,999
common stock
(no par), on notice of the filing and
certificate of amendment to the certificate of incorporation
and on official notice of issuance to the holders of certificates for 329,999
shares of common stock (no par), now outstanding and listed, on the basis
of one additional share for each share held; and (b) 70,000 additional shares
of common stock on official notice of issuance on conversion of a proposed
issue of cum. pref. stock (convertible until Oct. 1,1947) of the corporation,
making the total amount applied for 729,999 shares of common stock.
additional
shares of
recording of
a
Income Account—7 Months Ended
July 31,1937
Gross sales, less discounts, returns and allowances..
Cost of goods sold
$7,955,148
4,997,816
1,294,524
116,043
Selling, general and administrative expenses
Provision for depreciation and amortization
profits from operations
$1,546,766
43,981
Other income
Gross income
$1,590,747
476,024
Income deductions
income
Dividends
paid
Comparative
Assets—
,114.723
335,342
—
July 31 *37 Dec. 31 '36
Balance Sheet
Liabilities—
July 31 '37 Dec. 31 '36
Notes and accounts
Notes pay.—banks
$700,000
Accounts payable.
238,950
$230,972
47,976
91,808
48,429
Mutual ins. depos.
33,166
•
Taxes—general.
Wages & salaries
97,218
Royalties &
23,970
23,644
392,972
302,785
21,631
19,752
inventories-
3,283,217
2,185,273
Marketable
Deferred
763
securs
36,502
Net plant & prop'y 2,865,576
Total
c barges..
investments
1,043,780
at
cost
amortiz'n..
Accruals:
26,603
Val. life ins. pols..
Total
com
Fed, & State inc.
taxes..
21,878
2,691,471
1,063,411
Undis.
Social
Patents,
earns, tax
secur.
43,140
and
unempl. insur.
186,787
318,134
taxes
24,002
Miscellaneous
Due to
_
_
14,121
1,928
10,031
•11,886
1,524
Schweitzer
&
Conrad, Inc..
Res.—Conting
Compensation,
&c.
145,000
16,147
15,603
6,893
3,299,990
2,860,822
3,218
3,299,990
2,980,822
1,921,880
1,142,499
Rearrangem't of
factory equip.
Capital stock
Paid-in surplus
Earned surplus...
Total
-V.
The Securities and
other
25,250
1,329,611
650,837
to
stockholders (de¬
10,028
1937—12 Mos.—1936
$1,491,945
413,344
1,790
210,930
..
Other deductions
28,090
payable
accident,
Bond interest
13,343
25,104
Notes
$1,140,787
58,637
expenses
300
45,793
Other accrd. accts.
22,569
$4,292,972
2,623,942
341,233
187,010
revenue
904
72,751
37,404
ferred)
less
1937—Month—1936
$416,650
$390,924
244,476
263,027
31,111
30,757
30,453
22,222
Operating
Operating
cap.
receivable (net) .$1,750,215 $1,497,058
Cash
567,997
385,009
y
Cumberland County Power & Light
Fed.
95,325
250,350
10
32,202
Total
6,006
Accrued
of stk. of Curtis
Net
Capital surplus
&
34
stock tax...
.
32,696
Bal.of subscr. price
Net
$1,650
exps
443
1.213
1935
Accts. pay. &accr.
Deferred Income..
other
accts. recelv
1936
pay.—legal
fees
Notes
& insurance
&
Liabilities—
Notes
on
$2,153
87,352
The New York Stock
1934
$820,333
764,122
80,088
Cost of sales.
$2,252
Lighting Secur.)
cos.
.
to
Notes pay. (Curtis
6,207
Inventories
Deferred charges
Goodwill
1935
1937
payable
stockholders
Cutler-Hammer, Inc.—Listing—
1935
1936
$644,772
10,305
prof11,303
1935.
See list given on first page of this
99
Curtis
$7,038,190
$68,597 in 1935.
b After allowance for depreciation of $1,909,998 in 1936
and $1,669,480 in 1935.
c Represented by 249,658^ (280.454H in 1935)
no par.
d Represented by 200,000 shares, no par.—Y. 145, p 1581.
y
$46,649
sales
on
$75,571 in 1936 and
shares
Notes
$4,194
1,105
Net loss
on
Total
x
$5,595
2,831
Administrative and general expenses.
Patents
...
Surplus
a
$207,838
184,558
69,929
tools & dies, &c_
c
1934
1935
$330,284
268,252
66,226
aMach'y & equip.,
24,837
350,000
Minority interest in partly owned subsidiaries
a
1936
$542,412
463,517
84,490
exps.
Other lnvestm'ts &
Mortgage payable by subsidiaries
$1 cumulative partic. class A stock
d $1 non-cum. class B stock
Calendar Years—
sub. & affil.
same at
Reserves against investment and contingencies
Deferred profit on sale of investment
4176.
Inv. in &rec. from
Dec. 30, 1933 par rates
contract for purchase of patents, not
one
$127,269
After provision for deprecia-
y
Lighting, Inc.—Earnings-
Shipping, selling & engineering
rec.
converted and included herein at current rates of
on
......
...
Total
After provision for bad debts of $640.
Assefs—
19473
15.856
32,633
Foreign income and other foreign taxes accrued
Reserve for amount by which net current assets,
Surplus......
1,161
90,900
6,515
14,919
1935
$96,474
296,337v
19,589
Instalments on contracts for construction, purchase
of patents, &c., due within one year
due within
1,400
$7,038,190
Unexpired insurance premiums, prepaid taxes, &c.,
other deferred charges
capital stock, Income and un¬
distributed profits
$127,269
Curtis
on
7% cum. pref. stock (par $100).
Common stock (par $1)
1
tion of $11,507.—V. 144, p.
taxes
Other income charge.
1,368,821
Amount due from
Instalments
Patents
Total
Buildings and goods of a subsidiary destroyed by
fire, recoverable from insurance company
exchange, exceed
4,448
Federal
for
$6,000
5,345
2,428
Accrued wages and expenses
2,255
Property, plant and equipment. y62,782
Deferred charges
Consolidated Balance Sheet Dec, 31
1936
Cash in banks and
a
Conditional sales contract rec'le
Investment
Net profit for year
Note payable to bank, partly se¬
cured by marketable securities
Accounts payable
Provision
33,907
$320,831
Extraord. items (net)...
30,1937
Liabilities—
Marketable
Accounts
inv. & assets in for¬
.
Net income
Cash in bank and
holders of subsids
for in v. losses
$10,624
2,304
1,080
expense
Provision for Federal taxes
Assets—
Provision
105,586
28,508
-
Other income
Other
in assets of for'n subs.
on
Earnings for Year Ended June 30, 1937
Net sales
1935
$5,114,906
3,245,779
207,180
833,505
Operating profit
Credits arising from inc.
2069
(& Subs.)- -Earnings
1936
Net sales
Chronicle
145,
$9,789,635 $8,208,588
p.
Total
$9,789,635 $8,208,588
1737.
Cudahy Packing Co.—All Dividends Deferred—•
Directors have decided to make no further payments of dividends on the
preferred and common stocks "until improved conditions warrant doing
so," it was announced on Sept. 19 in a letter sent to stockholders by Presi¬
dent E. A. Cudahy, Jr.
The company had maintained an unbroken record of dividend
payments
since January, 1934.
Last previous distributions were the quarterly divi¬
dend of 62 H cents paid on the common stock on July 15 last, and the semi¬
annual dividends of $3 per share on the 6% preferred stock and $3.50
per
share on the 7% preferred stock paid on May 1 last.
Sales for this year to date,
siderably in
tions
as
Consolidated Balance Sheet Dec. 31
last year, but indica¬
be "somewhat disappointing."
Mr. Cudahy
the decision a smaller volume of raw material,
Accounts payable.
$294,300
278,565
635,693
231,703
Notes payable
551,921
Accrued liabilities.
5,316
3,092,827
y Capital assets
Deferred charges..
25,649
supply of livestock resulting
5,550
2,370,828
x
and 1936; increases in wages; additional taxes, and
tain supplies.
These, he said, had contributed to
Pipe
receivable
Inventories
Cash
in
29,680
Earnings for Year Ended. March 31,
Pro v.for Fed. taxes
Selling, delivery & administrative expenses
Provision for depreciation
Net operating profit.
Other income (net)
Accounts and bills receivable-
Grande
from
Due
4,663
Provision for Dominion,
Dividends payable
29,202
writing agreement
Life insur., cash surr.
value
Bills
&c.
year)
prop.,
one
equip.,
(not due within
Investments
Fixed assets not used in oper..
Fixed assets used In oper
Deferred charges
__
Jan.
•
depreciation for the year, 55,514.
Consolidated Balance Sheet Dec. 31, 1936
Allowances for
a
$2,759,916
Operating revenues
(incl. taxes)
Property retir.
reserve
appropriations
$6,412,477
$5,935,331
3,129,627
3,342,323
United States Treasury notes.
672,407
601,441
$215,313
$191,767
$2,397,747
$2,204,263
48
Net oper. revenues
87,268
260
1,464
receivable, trade (net).
on
mtge. bonds
Other interest & deduc.
x
$215,361
46,667
y32,254
$2,399,211
740,042
yl09,804
$2,208,381
$1,549,365
$2,396,614
507,386
507,386
$192,027
60,208
4,845
Net income
$136,440
$126,974
Dividends applicable to pref. stock for the
period, whether paid or unpaid..
722,500
89,267
closed banks
demand deposits in
stock for its
1935
1936
$52,198
$5.03
$31,365
$2.93
$71,171
$6.65
31,1937, totaled $567,974, including $192,811
cash and $45,071 investments at cost.
Current liabilities were $50,955.
The ratio of current assets to current liabilities is 11 to 1.
This compares
with current assets as of March 31,1936, of $509,764, and current liabilities
of $41,632.—V. 144, p. 1597.
a
Operating income
(net).
Miscell. oper. rev.
Other income.
Total income
Other
charges.1
productive
1934
1935
1936
Net
income
8,421
3 ,437
$66,565
$72,746
$47,474
$22,534
$0.72
$0.47
$0.23
$3,175,473
2,331,825
310,975
206,339
$2,628,297
1,586,061
311,643
$785,950
90,090
16,846
$448,553
78,479
10,176
$326,334
36,275
7,033
$580,545
30,681
8,749
$892,886
25,922
$537,208
13,373
$369,642
13,330
$619,976
60,325
245,137
129,775
239,279
92,557
141,212
222,971
65,979
170,781
222,041
97,447
125,446
211,463
191
58
Cr 91
99
150.049
1936
1935
bank.
$5,861
300,000
200,000
Income tax
(est.).
12,712
46", 379
Unempl. ins. tax..
38,564
17,210
61,411
Sundry
3,295
1,543
$94,779
296,338
7,500
12,779
16,981
22,956
Serv-O-Draft Corp
and
Liabilities—
Accounts payable..
23,202
3,804
sundry
accruals..
4,705
"
1,679
98
Due to officer
assets.
b Capital
stock
Surplus
Notes, officers and
$1,984
Res. for deprec. of
fixed
Officers, employees
314,518
291,282
500,000
259,517
500,000
273,709
12,144
employees
Dep. in closed bk.,
12,500
12,500
First
12,500
6,565
assigned
Pay. on property.
6,565
6,360
12,500
Nat'l
1,740
630,492
14,914
772,891
16,584
cost)
$1,397,545 $1,273,360
After
reserve
Di-Noc
Mfg. Co.—Pays Up Preferred
The company
$1,397,545 $1,273,360
Total
1936 and $18,336 in 1935.
($5 par).—V. 144, p. 4003.
for losses of $27,970 in
resented by 100,000 shares
paid
a
b Rep¬
Accruals—
dividend of $16.50 per share on the 6%
cumulative
ack dividends
this issue.—V. 144, p. 3172.
Sreferred stock, par $100, to holders of record Sept. 1, thus clearing up
on
Dictograph Products Co., Inc.—Suit
The S. E. O. has agreed by
Clancy
to
all
Ended—
stipulation signed by Federal Judge John W.
prosecution of a suit against Archie M.
alleged illegal transactions in the stock of
discontinue further
Andrews and others to restrain
the company.
The discontinuance of further
$67,036 loss$102,398
$125,194
prosecution is contingent upon the promise
denied any violation that they will not engage
the acts complained of in the suit—the stipulation, which notes
of the defendants who have
in any of
that the capital stock of the company was removed from trading
of the New York Curb Exchange on April 9 with the consent and
engaging in any
privileges
approval
forth that nothing in it restrains the defendants from
acts not barred by the rules of the Securities and Exchange
of the defendants, sets
$252,583
Dec. 31
Notes pay.,
1935
1936
400,000
Notes&accts.rec.
a
$3,567,396
2,665,960
253,412
199,470
"
$0.66
$110,742
Total
1933
$4,033,729
2,771,473
272,804
203,502
devel'm't,
rentals, &c
"4",705
447,242
Balance Sheet
Dep., comp. ins..
Fixed
assets
(at
Lease salvage, exp., non¬
Depletion
Depreciation
Proportion applicable to
minority interest
84,699
12,712
Stock in other cos.
Derby Oil & Refining Corp. (& Subs.)- -Earnings-
Selling expense
Gen. & admin, expense.
$131,624
105,653
earnings
Earns, per sh. on 100,000
shs. capital stock..
Deferred charges._
Cost of sales
$191,888
135,992
Net
1 to holders of record Sept. 15.
six months' periods.—v. 144,
2124.
Calendar Years—
$220,906
143,455
(est.)..
semi-annual stock dividend of 2 H % on the
series A and series B stocks, payable Nov.
Similar payments were made in preceding
Sales
$116,470
15,154
Corp
Res. for inc. tax
Bank
Deposited Insurance Shares—Stock Dividend-—
$180,338
11,551
$355,046
191,069
Total profit
Rec'r,
The directors have declared
14,159
$206,747
16,624
...
Inventories
$97,779
$9.46
$392,993
276,523
Sundry revenues
Marketable sees..
of March
$626,800
446,463
$653,989
$338,421
Cost of sales
Gross profit
1933
1934
1935
1936
$1,008,788
670,367
sales.
U. S. Savings bds.
1934
Net profit after deprec.,
and est. Fed. inc. and
share
aggregating approximately $51,000 in
b After reserve for depreciation
Gray Iron Foundry Co.—Earnings—
Detroit
a
State taxes
treasury,
Years End. Dec. 31
Net
U.S.Treas. bills..
[Including De Long Hook & Eye Co., Ltd., Canada]
1937
$2,422,518
Total
of the sinking fund requirements,
$424,634.—V. 144, p. 3497.
excess
Assets-
Years End. Mar. 31-
p.
299,697
51,089
22,845
....$2,422,518
Cash
Long Hook & Eye Co. (& Subs.)—Earnings-
as
249,372
surplus
required to pay into a preferred stock sinking fund
semi-annually, in cash or in preferred stock theretofore issued and pur¬
chased by the company, an amount equal to 5% of the net earnings of the
company for the preceding calendar year.
As at Dec. 31, 1936, the com¬
pany had deposited cash in a sinking fund bank account and had purchased
1581.
per
surplus
Earned
The company is
a
31, 1937, the first seven months of
with $1,041,309
27.78%.
Sales for the first three weeks of September, 1937, ended Sept. 18, showed
an increase of 21.5% over the corresponding three weeks of 1936.
Sales for the week ended Sept. 18, 1937, were $68,582, compared w'
$48,955 in the same week a year ago, an increase of $20,627 or 42%.—V. J
Current assets
214,250
Capital
Pref. stock in treasury at cost.
bank...
Admin., sell. & deliv.exp.
Loss of Serv-O-Draft
Dejay Stores, Inc.—Sales—
Earnings
808,939
Property, plant & equipment.
a Preferred stock sinking fund,
6%
$889,228
the company's fiscal year, totaled $1,330,564, compared
in the same period a year ago. an increase of $289,255 or
De
1,250,000
Common stock ($I par)
7% and $6 pref. stocks were paid on Aug. 2,
After the payment of these dividends there were no accumulated
1937.
unpaid dividends at that date.
y Includes amount required to amortize debt discount and expense over
the life of the outstanding debt plus an additiona amortization of $27,000
for current month and $54,000 for 12 months ended current month.
Note—Includes provision made during Dec. 1936, of $28 for Federal
surtax on undistributed profits for 1936.
No such provision has been made
to date for 1937.—V. 145, p. 1415.
P.
7,800
preferred stock ($20 par).
33,402
3,471
on
Sales for the seven months ended Aug.
1,950
for contingencies....
Investments
preferred
$1,041,979
Balance
Regular dividends
expenses
Reserve
of
x
Accrued
39,112
1.631
Total
Gross income
Div. on common stock
4,118
Other income
Interest
2,418
$154,945
304,875
Prepaid taxes, insur. & supplies
Accts. rec., officers & empl—
Due from
80,627
$263,480
53,562
131,078
467,797 Deposits on employees' badges
585,500 Defe red income, rentals
cash on hand
Inventories
1937—12 Mos.—1936
1937—Month—1936
$621,161
$577,696
325,221
298,661
vendors
payable
Accounts payable,
bank and
Demand deposits in
Accts.
Light Co.—Earning
Oper. exps.
Liabilities—
Assets—
reserve for depreciation of $52,276.
y After reserve for depre¬
$481,371. x Represented by 53,912 shares class A stock and 33,520
shares class B stock, both of no par value.—V. 143, p. 1874.
After
Dallas Power &
$299,697
31, 1936
Earned surplus Dec.
275,933
deficit
Total
$1,153,296
853,599
Total
Cash dividends
9,834
z359,085
5,698
ciation of
Period End. Aug. 31—■
586,589
6,000
655,600
1, 1954
Consolidated
$560,707
a Net income for the year
Earned surplus Jan. 1, 1936.
Adjustment of depreciation, prior years
3 mos. ended March 31,1937
$2,759,916
$746,298
85,877
99,714
.
100,807
307,851
Capital stock
Capital surplus of sub. co
x
(sales, discounts, &c.)
Allowance for Federal income tax
Debenture interest accrued for
Total
&c.)
Total income
Other deductions
34,650
742,275
Reserves
304,815
discounts, sales of other materials,
Other income (purchase
7,932
year)
xl 16,472 Equity of min. Int. In subs
yl,626,932 6% 20-yr. s. f. debs, of Dairy
Corp. of Canada, Ltd., due
6,155
Goodwill
$702,587
43,711
Profit from operations
3,124
10,745
Mtge. & agreement payable..
Bonded indebtedness of subs..
81,816
245,366
$1,045,079
342,492
administrative expenses
payable (not due within
one
Rec. on sale of refrlg.
profit
Shipping, delivery, selling and
20,550
Sundry accrued charges
3,103
..
Year Ended Dec. 31,1936
Gross
Pro¬
(subs.)
8,000
Prepaid expenses
of
Co.—Earnings—
Consolidated Income Account for the
18,032
vincial and municipal taxes.
under¬
is transfer agent for 110,000 shares
Detroit Gasket & Mfg.
617,337
135,948
__
mortgages of subsidiaries._.
Securities,
bond
Corp.—Transfer Agent—
Manufacturers Trust Co.
stock.—V. 145, p. 1737.
common
Interest accrued on bonds and
4,466
Due from Can. Gen.
under
Accounts and bills payable.
83,182
«.
Accrued Income
Ltd.,
Detrola
The
$6,381
accrued interest
Prairie
Creamery, Ltd
Inventories
doubtful notes and accounts of $43,587 in 1936 and
After reserve for
payable to bankers and
Notes
168
54,449,690 $3y483,982
Total
$33,544 in 1935.
y After reserve for depletion and depreciation of $3,300,-*
in 1936 and $3,086,274 in 1935.
x Represented by 18,849 no-par
shares,
a Represented
by 263,142 no-par shares in 1936 and 263,140
no-par shares in 1935.—V. 145, p. 1416.
$48,793
overdrafts
Bank
2,886
173,055
881
Liabilities—
$17,780
227,963
4,434,753
2,356,918
$4,449,690 $3,483,982
Total
Consolidated Balance Sheet March 31, 1937
Assets—
729,456
2,076,187
Certifs. of dep. out.
x
Cash
729,456
Common stock..
Earned surplus...
$86,085
134,878
—
cumul.
Capital surplus...
$79,055
7,030
Net loss for the year
369,264
1,795
447,121
1,719
interest.
div.
Deficit
919,197
93,775
Gross income
7.694
preferred stock.
a
Interest and other deductions.
$4
z
$2,963,099
1,871,073
Cost of sales
.......
Royalties pay. (dis¬
puted, subject to
counter claims).
1937
__
5,200
3,708
security tax
Minority
Sales
70,845
Provision for social
restricted
banks
Subs.)—Earnings—
Dairy Corp. of Canada, Ltd. (&
36,000
374,000
79,611
account
Notes & accounts
$227,092
$520,576
constr'n
line
$411,639
hand
on
1935
1936
L ab It es—
1935
1936
Assets—
Cash in banks and
from the droughts of 1934
increased costs of cer¬
higher unit operating
costs and made it increasingly difficult to earn satisfactory profits.
On the other hand, he points out, this year's bountiful crops, current
high prices for livestock and other favorable factors would stimulate
increased production of all classes of meat animals in the areas surrounding
Cudahy plants.
This increased production would assure a plentiful sup¬
ply of raw material later on, reducing unit costs.—V. 144, p. 3329.
due to diminished
Sept. 25, 1937
President Cudahy's letter stated, had been con¬
of the amount for the same period
excess
that profits would
factors responsible for
were
cited
Chronicle
Financial
2070
Volume
Financial
145
Commission.
Years End. Dec. 31—
rev.
The
1936
$302,281
109,785
193,331
Oper.& admin, exps....
Taxes (other than Fed'l)
Subs.)— -Earnings
$50,261
depreciation, &c
loss$49,487
loss$33,654
$651
1936
314,428
421,716
$1,257,078
182,763
Gen. & adminis. expenses
$1,390,451
135,319
$1,210,107
125,568
$1,074,315
113,501
$1,255,132
75,475
$1,084,539
Other income credits
25,457
$960,813
1,184,001
1,405,300
Income charges
Depletion and depreciation
$1,330,607
47,258
328,473
$1,109,996
36,472
331,468
$2,144,814
269,078
280,806
1,584
1,515
7,002
1,583
7,733
y
z
porate taxes
2,510
1,543
a
Property taxes._
58,480
59,999
Land
2,718,215
2, 718,215
x Bridge
struc.,<fcc.l2,505,711 12, 728,808
Franch., rts., Ac.. 1,840,077
1, 840,077
100,000
3,220,725
Undeveloped leasehold carrying chgs.
lsehlds. surrend'd & dry holes, &c..
559,791
Fds. in closed bks.
793
1,057,724
3,555,401
-
Dividends
Assets—
Due and included
18,845,934
..18,615,329 18,845,934
Total
payable, portion applicable to current
period,
x
After allowance for depreciation of $1,653,941 in 1936 and
$1,431,414 in 1935.
y Represented by shares of $100 par.
z Represented
by 100,000 no par shares.—V. 143, p. 1874.
on
accounts
I
1935
1936
Cash
124,319
$1,470,611
1,930,830
15,985
7,925
16,188
4,383,461
payable.
1935
$112,005
$120,575
3,220,000
2,324,470
3,218,000
2,089,166
4,341,313
397,408
1,133
1936
Liabilities
Accounts
$360,627
192,750
1,221
_
Accts. receivable.
$649,390
24,000
142,355
432,226
Notes receivable.
a
111,775
$630,281
321,803
Balance Sheet Dec. 31
1, 172,752
Total .........18,615,329
178,226
$776,649
402,350
Net income
793
Deferred charges..
10,091
7%
cumulative
preferred stock. 1,405,300
Common stock..
100,000
Deficit
$1.647,027
...
expenses
$
10,419
Funded debt
19,978,000 19,978,000
13,148
Deferred Income..
17,488
Accts. rec., consid¬
Prepd. ins. & sup.
Prepaid Mich, cor¬
loss$i7,113
1935
taxes
1934
1935
1936
'
$1,416,136
206,028
Operating
Subsidiary)
659,851
Accounts payable.
Accrued
(contra)
Co.—Earnings—
256,576
$
Liabilities—
dep.
ered good......
Devonian Oil
Years Ended Dec. 31—
Gross sales
1936
1935
$
bank
July 10, 1936, this
1930, when a dividend
on
In last
March
30 and
latter being the first distribution made since Oct. 1,
of 35 cents per share was paid.—V. 145, p. 1254.
...
Consolidated Balance Sheet Dec. 31 (Incl. Wholly-Owned
Special
declared a dividend of 75 cents per share on the
value, payable Sept. 30 to holders of record Sept. 20.
have
no par
This compares with 50 cents (not 75 cents as erroneously stated
week's "Chronicle," page 1899) paid on June 30 last; 25 cents paid on
31 last; $1 paid on Dec. 21,1936, and 25 cents per share paid on Sept.
601
Net income before int.,
Cash
directors
capital stock,
$47,714
773
1935
$245,521
110,179
183,055
$34,973
1,319
Net operating loss.
Other income
1933
1934
$231,896
106,598
175,559
$247,379
98,848
183,505
$834
1,485
from tolls....
Assess—
Corrected Dividend—
145, p. 1255.
Detroit International Bridge Co. (&
Gross
admission
It also states that it is not to be construed as an
of any violation.—Y.
2071
Chronicle
.
Materials at cost..
Investments
26,498
Deferred credits..
Com. stk.($10 par)
136,807
Surplus....
7,925
Oil prop., gasol'e
x
plants & equip.
.
Undevel. leases at
cost
Detroit Paper Products Corp.—Earnings—
Years Ended Dec. 31—
Sales
Cost of merchandise sold
$1,521,1201
1,164,058 /
_
Def'd debit items.
1934
Not available
1935
1936
$357,062
29,240
Selling, admin, and general
$386,302
150,068
$261,361
120,999
"2",3l6
"""748
33,221
z34,023
$252,072
2,617
$257,305
Other income.
19,026
expenses.
4,056
$254,690
84,429
1,356
11,738
xl3,661
Interest paid
Depreciation
Other deductions
Provision for Federal taxes
Net profit
Balance, surplus, Jan. 1
Net proceeds 'ife insurance policy.
Miscellaneous adjustments
...
973
$143,504
40,610
30.953
2,668
$267,043
$217,736
50,555
_.
158
...
$5,656,475 $5,454,239
Diamond Shoe
Corp.—Earnings—
Calendar Years—
Net prof, after Fed. taxes
Dividends paid
$686,918
340,832
$721,363
299,829
$470,802
299,990
$114,449
$346,086
$421,534
$170,812
209,640
$3.04
Balance, surplus
com.
$382,425
125,050
Cash dividends paid
51,450
Federal income tax, 1934 profits
19,753
209,640
$2.45
209,640
$2.61
209.660
stk. outstand¬
ing (no par)
Earnings per share
Surplus
sns.
common
stock outstdg
Earnings per share
$147,4*28
$215,593
206,000
$257,375
210,000
$0.79
.....
of
Assets—
1935
1936
Misc. accts.
1935
$37,678
x
Accounts
Accts. and notes
Acer, payrolls, &c_
107,461
Taxes payable....
6,391
10,935
z
49,765
Land
49,765
Capital surplus...
11,554
39,179
210,000
92,631
257,375
Common
Earned surplus...
Bldgs., mach. &
equipment
Prepaid taxes,
277,795
investments
fr. employees
& others
Due
4.584
25,492
206.000
150.000
111,727
196.602
16,959
24,920
dep
Rents rec. in adv.
3,458
.
26,135
2,196
4,560
3,120
540,750
9,379 6H% cum. pref.
stock (par $100) 1,493,900
2,842,548 6% cum. 2d pf.stk. 1,100,000
913,650
101,629 x Common stock..
1,619,500
1,100,000
and sub-leases
__
payable
6,544
2,782,648
100,240
Deposits on lease¬
holds, &c
35,932
18,532
113,663
913,650
590,578
2,408.818
93,700
1
1
Paid-in & cap.surp
587,406
2,564,985
Earned surplus
Prepd. rentals, in¬
surance..
Goodwill
215,593
Total
$8,603,004 $8,439,328
266,784
$8,603,004 $8,439,328
Total
Authorized, 300.000 shares, no par value; issued and outstanding,
209,640 shares, after deducting 2,860 shares in the treasury; 199,950 shares
at a stated value of $3 per share and the balance at amounts paid therefor.—
V. 143, p. 4152.
x
11,342
&c
$746,084
reserve
for
12,560
$608,238'
doubtful
Total
accounts
$746,084
of $2,500.
y
depreciation of $158,716 in 1936 and $139,154 in 1935.
210,000 shares of $1 par in 1936 and 206,000 shares,
Y. 145, p. 1416.
After
$608,238
reserve
for
Represented by
par $1, in 1935.—
(Joseph)
z
Dixon
(& Sub.)
AsseW—
-Earnings—
1935
1936
Years Ended Dec. 31—
Gross
before
Sell. & admin, exps., excl.
$2,544,548
1,350,919
$1,474,044
928,296
1934
$1,158,077
758,016
$1,193,629
16,940
21,054
1,573
$400,060
44,874
34,071
3,750
$1,154,062
2,791
22,641
Interest paid..
iterest pal
$545,748
38,272
22,174
11,072
$474,230
18,466
11,855
$317,364
10,724
/. 297
doubtful accounts..
Miscellaneous deductions
Interest earned
Miscellaneous income..
Co.-
-Condensed
Comparative
$5,978
43,483
48,173
544,884 Capital stk.
559,339
($100
par)
33,889
57,116
8,739
954,958
7,811
2,557,249
928,348
1,570,588
1,605,057
23,580
1,178,217
15,565
8,567
2,454,898
5,000,000
1,397,765
payable
and accrued
Accts. receiv. sub.
122,717
5,000,000
Accounts
$5,223
149,362
able
receivable
1935
$736,315 Foreign drafts pay¬
$670,827
life insurance
accts.
1936
Liabilities—
Customers' notes &
cos.,
Operating pr
1935
1936
Cash surr. value of
de-
deprec
profit from sales
deducting depreciation
Crucible
Balance Sheet Dec. 31—
Cash
Detroit Steel Products Co.
on
Due to assoc. co__
162*983
205,759
66,389
76,631
in¬
Total
Prov. for loss
Res. for taxes
Real estate mtges.
mach.,
fixtures, &c
Dividends payable
540,750
21,493
24,319
Employees'
sub¬
scriptions to com.
Real prop.,
1935
$759,293
Deposits on leases
Leaseholds at cost.
payable,
165",961
Inventories
After
51,770
226
100,821
Sundry accts. rec.
x
1935
$79,937
officers & em pi.
158,419
Other assets
surance,
1936
$83,348
QO
receivable
y
Liabilities—
Accounts payable.
Cash deposits pay.
22,142
U. S. Govt, secur.
Misc.
$934,242
expenses
Managers' security
23,279
19,533
30,425
9,526
stock
1936
4,484,135j
1,574
y$0.69
Balance Sheet Dec. 31
$76,409
15,084
assoc. cos.
of life insurance.
Including bad debts,
y Earnings per share on 206,000 shares afte
giving effect to 4-for-l split-up in November, 1935.
z Includes $5,153
provision for Federal undistributed earnings tax.
Assets-
Adv. to
1936
Liabilities—
Accts. pay.& accr.
303,0191 Loans payable
Cash surrender val.
x
Cash
3,1131
30,832
3,952,762
rec
,
$502,309
$1,217,641
1,367
Accts. receivable..
297,103
Scrip
206.000
$0.58
$1.41
Consolidated Balance Sheet Dec. 31
Inventories
No.
1933
1934
1935
1936
$807,716
693,266
Cash
Total
..$5,656,475 $5,454,239
Total
x After
depletion and depreciation reserves of $3,328,675 in 1936 and
$3,345,181 in 1935 —V. 145, p. 1254.
Shs.
$119,615
147,428
$166,674
215,593
Total
29,874
current
Surplus
Employees' notes &
accts.
receivable
Miscell. notes and
accts.
receivable
Mdse. InventoriesInvestments
x
Ld., bldgs.,mach.
& eqpt. (at cost)
Prepd. Ins., taxes,
:
Provision for
depreciation
Prov. for est. Federal income tax
$1,179,495
154,966
150,000
$504,550
153,776
40,000
subscrip. &
$335,386
160.604
22,000
Total
x
$310,774
117,919
$152,782
def34,863
$1,012,456
193,844
$428,693
193,844
$4.51
$1.60
$117,918
196,257
.$0.77
Profit and loss surplus
428,693
290,766
Jan. 1
Dividends paid on capital stock
Earnings surplus Dec. 31
Shares cap. stock outstanding (no par)
Earnings per share..
1935
Liabilities—
Notes payable
Cash on hand and
on
deposit
U. S.Treas. bills.,
a
$213,836
550,000
$211,541
1,457,083
913,942
Cust'rs notes and
accts. receivable
lower of cost or
market
1,011,486
Other assets
66,649
810,106
2,686,346
1
1
Pat'ts & contracts.
premiums,
Total
insur.
&c__
$500,000
83,457
.$6,100,605
74,040
$4,755,4241
expenses
1st mtge. notes...
Fed. inc. tax—est.
$457,530
111,933
100,000
152,336
36,664
50,000
40.000
certificates...
45,919
250"666
3~50~666
Uncompl'd orders.
18",864
Res. for conting..
73,191
c Capital stock... 3,284,359
dEarned surplus.. 1,012,456
Total
12,332
49,925
3,284,359
428,692
$6,100,605 $4,755,424
After allowance for doubtful accounts, freight adjustments, discounts,
&c., of $38,794 in 1936 and $43,001 in 1935.
b After allowance for de¬
a
preciation of $1,359,919 in 1936 and $1,288,057 in 1935.
c Represented
by 193,844 no-par shares after deducting 6,551 shares held in treasury,
d Restricted in the amount of $213,642 representing the cost of shares
held in treasury.
144, p. 4342.
.....$6,333,557 $6,525,707
1936 andi$1,239,723
»
Earnings—
Calendar Year—
1936
Profit, before prov. for deprec., bond
interest and exp. & Fed. income tax
Provision for depreciation
1935
1934
$497,540
121,499
48,805
x70,600
$429,840
93,996
52,247
38,100
$298,185
84,603
52,575
22,200
$256,636
900,597
$245,496
764,307
$138,806
721,141
1,067
1,622
$1,157,234
71,198
$1,010,870
71,809
$861,570
72,544
91,413
36,802
24,535
1,661
Net profit for year.
597,466
4% 1st M. notes..
chinery & equip. 2,718,093
Unexpired
payable for
purchases, &c._
6%
1935.—V.
Total
of $1,239,004 in
183
$869,608
$900,597
$764,307
$2.08
$1.95
$0.74
1935
Accts.
59,444 3H% 1st M. notes
b Land, bldgs..ma¬
After reserve for depreciation
Bond interest and expense.
Federal income tax
1936
Accrued comm'n &
Inventories at the
in
$6,333,557 $6,525,707
Driver-Harris Co.
Consolidated Balance Sheet Dec. 31
1936
Assets—
exps.
Previous surplus.
Discount on purchase of pref capital
stock
Total surplus
Preferred dividends
Dividends on common stock (holder
of 40,100 shs. waived right to div.)
Adjustment of prior years Federal
income tax
Adjustment
Prem. on pur. of pref.
y
stock
Balance, Dec. 31...
Earnings per share on 89,170 common
shares (par $10).
123,898
1,117
x $49,400
provision for Federal income and excess profits taxes and
$21,200 provisions for Federal surtax on undistributed profits.
y Adjustment of book value of curtain items of equipment and prior
period provisions for depreciation thereof to reflect fundings of Bureau of
Internal Revenue in connection with income taxes.
Financial
2072
Balance Sheet Dec. 31
Assets—
/
1936
Cash & ctfs. of dep.
Notes & trade ac¬
$321,044
cept. receivable,
Accts. receivable
cl,604
415,211
992,527
501.023
a
$280,107
17,707
30,173
Dlvs. declared
3,199
Def'd royalty pay.
1st mtge. sk. fund
1,618,335
71,479
1
Other assets
1
7% cum. pref. stk.
($100 par)
1,011,800
Common stk. ($10
891,700
par)
1,439,791
Pat'ts & tr'marks.
$3,726,036
$3,906,3731
703,500
667,500
1,023,200
891,700
900,597
869,608
Surplus
Total
$3,726,036 $3,906,373
Total
b After allowance
forfdepreciation of $2,463,377 in 1936 and $2,327,362 in 1935.
c Notes
receivable only.—V. 145, p. 1255.
After allowance for doubtful account of $20,000.
a
Dixie Home Stores—To
Dividend—
Preferred
Ltd.—35-Cent
i
.
The directors have declared a dividend of 35 cents per share on
account
holders of record
An initial dividend of like amount was paid on March 1 last.
of accumulations on the 7% pref. stock, payable Oct. 1 to
Sept. 22.
—V. 145, p. 606.
15-year 6% gold
bonds
b Prop., plant and
.
66,470
10,625
358,543
1,019,633
533,562
54,933
Inventories..
equipment
Deferred charges.
$166,236
101.485
Accounts payable.
Accrued accounts.
Machine Co.,
Washing
Easy
1935
1936
Liabilities—
1935
$301,620
Sept. 25, 1937
Chronicle
Ebasco
Inc.—Weekly Input—
Services,
For the week ended Sept. 16,1937, the kwh. system input of the operating
companies which are subsidiaries of American Power & Eight Co., Electric
Power & Light Corp. and National Power & Light Co., as compared with
the corresponding week during 1936, was as follows:
-Increase-
1937
Oper. Subs, of—
Electric P. & L. Corp..
National P. & L. Co—
Amount
1936
American P. &L. Co.. 121,346,000
61,656,000
81,839,000
.5
6,762,000
4,315,000
2,292,000
114,584,000
57.341,000
79,547,000
7.5
2.9
—V. 145, p. 1900.
Edwards Mfg.
Pay Initial Dividends—
Co.—Earnings
-52
Weeks Ended53 Wks.End. —
Jan. 2, '37
Dec. 28, *35 Dec. 29, '34 Dec. 30,
__
The directors on Sept. 20 declared an initial dividend of 15 cents per
on
the common
P.
share
stock, payable Oct. 1 to holders of record Sept. 25.—V. 145,
1582.
Dumbarton Bridge Co.
Calendar Years—
$146,651
$153,166
1,598
$345,079
$256,394
22,973
3,000
127,738
$146,651
27,482
11,853
5,552
$154,764
45,599
16,072
$345,946
47,080
42,400
Net profit for year
Surplus at begin, of year
Chgs. applic. agst. prior
periods
Chgs. on acct. of dis¬
posal of fixed assets—
Dividends paid
$102,683
1,265,591
$101,763
1,170,313
$93,094
1,079,210
$256,466
826,285
Cr279
Drl.995
Dr3,540
Surp. at end of year..
$1,313,236
$1,170,313
$1,079,210
Other income
$142,690
43,584
9,212
Cr235
$133,592
44,310
9,783
Crl,586
44,935
45,027
44,799
Cr390
Cr233
45,179
Bond int. & expense
Prov. for Fed. inc. taxes
39,867
x728
44,943
42,513
1,592
761
971
V.166
~~l",559
$3,375
$9,331
loss$999
loss$12,738
Other, deductions
Net profit
Balance Sheet Dec. 31
1936
1935
$53,590
3,381
$33,2881 Accounts payable.
4,204 Acer. Fed. tax on
Assets—
Acct's receivable..
depos.
list
trustee for retire.
f of bonds
33,000
140
1,666,816
1,231,667
Dep. In insur. pol.
Permanent assets
Deferred charges
$5,288
bond Interest...
with
__
28,000
$5,259
783
598.500
2,391,670
18,977
22,353
Surplus
x
....$2,988,594 $3,015,3381
allowance for
After
$2,988,594 $3,015,338
Total
605,021
502,620
340,470
706,015
1,225
2,002,989
27,226
The New York
shares
Stock Exchange has authorized the listing of 500,000
preferred stock—$4.50 cumulative (no par), which stock has
of
Fixed assets
x
Prepaid
expenses.
2,027,007
$15,646,154
913,246
and other income (before
appropriation for retirement reserve)
$16,593,224 $16,559,399
Appropriation for retirement reserve
2,433,306
2,113,852
...$14,159,918 $14,445,547
177,033
181,923
2.456,820
2,453,978
315,970
315,940
500,000
500,000
80,618
108,280
x
$10,599,797 $10,915,107
—V.
145,
1899.
p.
directors
have
declared
dividend
of
15
share on the
capital stock, par $2.50, payable Sept. 30 to holders of record Sept. 22.
Previously semi-annual dividends of 10 cents per share were distributed.
In addition, an extra dividend of five cents per share was paid on March 31,
1937.—V: 144, p. 1598.
East
a
Operating expenses
Net
cents
1937—Month—1936
$46,718
$39,028
12,881
11,626
$33,837
earnings
-V. 145, p. 939.
per
$27,402
$101,606
$128,346
more than $35O,O0O, almost double that of a year ago.
As part of the expansion program made possible by the recent financing,
the company has installed a wood-heel manufacturing plant at Dolgeville,
hand amount to
N. Y., capable of turning out 5,000 wood heels per day and
a substantial saving in manufacturing costs.
Net
1935
1934
$7,917,979
6,430,932
604,690
$6,984,287
5,456,001
530,414
32,889
312,711
108,500
31,551
306,494
93,000
$6,588,803
5,292,750
472,636
84,212
318,557
60,000
$428,257
$566,826
$360,648
$2.41
—
Cost of sales
$3.18
$2.03
General expenses
Other expenses
Depreciation
Provision for income tax
Net income..
Earns, per sh. on 178,000 shs. (no par)
capital stock
1936
1935
Cash in banks and
&
$134,335
570,635
1,406,841
1,516,990
receivable
value
Investments
17,395
11,145
15,472
4.531,707
42,355
4,597,937
4,948
Ld., bldgs., machln'y & equip..
Prepaid expenses..
Total
2,255
8,859
1935
$362,980
139,644
72,067
112,231
319,777
$0.16
Balance Sheet Dec. 31
$122,196
in banks
1936
$93,650
Notes payable
Accts. pay., trade.
1935
$19,266
129,972
Liabilities—
1935
1936
Cash on hand and
$21,950
76,247
14,408
Marketable securs.
21,236
32.566
Expenses accrued.
10,781
Notes & accts. rec.
243,294
178,985
Deposit payable..
Customers' depos.
"9,090
Due to officer of co.
24,773
Subscrlp. to capital
other
x
60,000
receivable
stock
353',721
287,088
14,875
450,119
12,275
397,560
297,514
750,000
10,932
in affil.
25,424
&
companies
Fixed assets
Patents
Deferred
4,500
Fed. Inc. & capital
stk. taxes accr'd
29,361
35,231
Capital stock
Cap. stock subscr.
y
9,559
40,462
392,871
Mtges. payable
1,883,374
60.000
lss'd (60,000shs.)
100,000
Capital paid In
'
Deficit
mm
mm
394,208
862",543
Surplus
$1,513,889 $1,837,549
Total
21,255
for but not as yet
&
assets
charges
.$1,513,889 $1,837,549
Total
x After reserve for depreciation of $397,694 in 1936 and $370,086 in 1935.
Represented by 392,871 shares of $1 par in 1936 and 319,777 no par
278.
shares in 1935.—V. 145, p.
Electric Bond & Share Co.—SEC Files
Brief—
filed its brief before the
of the Public
Utility Holding Company Act.
The Commission reasserted its arguments
that the registration requirements of the Act are constitutional and that the
company will have ample opportunity after registration to test
other
The
Securities and Exchange Commission has
U. S. Circuit Court of Appeals in New York in the case test
features of the Act.—V.
145, p. 1583.
Electric Household Utilities Corp.
1936
profit...
$1,278,243
Selling & admin, exps...
1,317,958
1935
(& Subs.)—Earns.
1934
1933
$1,457,213
1,303,368
$1,679,102
1,347,131
$1,777,367
1,243.102
$153,846
253,002
$331,971
$534,265
197,580
$406,848'
64,301
$559,207
75,851
97,043
come taxes
Net profit
loss$39,715
Miscellaneous credits
46,600
Net
earnings
15"666
15,000
Prov. for Federal taxes.
1st mtge. 6s
Pur. money notes.
Res. for workmen's
63,500
80,500
41,250
56,250
Depreciation
Add'l depr. for
comp. Insurance
2d mtge. 6s
8,842
Capital stock...
4,071*212
4,071,303
1,311,223
603,877
1,311,222
c
253,985
.
$214,269
20,688
Earned surplus
Total
227,236
prev. yrs.
$731,845
67,953
93,055
20,418
Decline in market value
8,481
of securities
67,200
Excess
for rec'bles &
res.
accruals,
442,355
provided by
charge to profit & loss
in prior years
Cr89,875
$283,456
53,957
$6,729,757 $6,764,5061
"T.920
$19,562
319.777
$0.06
$51,461
$504,964
Acer. exps. & int..
Prov. for Fed. In¬
$111,079
12,400
$59,655
392,871
$0.15
Net income to surplus
Net
b
$44,229
9,175
13,571
208
Earnings per share
Paid-in surplus...
5,979
of life
Insurance
$87,263
12,287
-
42,362
No. of shares of capital stock outst'g
Pur. money notes.
Sundry accts. and
notes
1936
Mtg. bds. (curr't).
supplies & stks.
Cash
Liabilities—
440.866
Raw materials and
fin. & In process
$31,114
13,116
19,174
Amortization of patents
Gross
Accounts payable.
$143,700
accts.
receivable
79.965
$71,282
15,981
$142,795
15,795
5,600
Gross income
Interest and discount
Provision for doubtful accounts
Calendar Years—
Balance Sheet Dec. 31
hand
120,104
$121,820
20,975
profit on operation
Other income
y
1936
Net sales
Notes
$191,387
155,303
expenses
The company announces that there are now more than 650 stockholders
its books.—V. 145, p. 1899.
on
$856,852
665.465
$277,124
.
representing
Eddy Paper Corp.—Earnings—
$653,674
542,595
861,848
Selling, administrative and general
on
Calendar Years—
1934
1935
1936
$1,138,972
Invest,
Corp.—Operations•—
Sales are currently running 86% ahead of a year ago.
Augus sales were
$102,000, against $50,000 in August of 1936, while September is running
at the rate of $140,000, against $75,000 of a year ago.
Unfilled orders on
a
Corp.—Earnings—
Cost of sales.
Assets—
1937—4 Mos—1936
$182,525
$148,580
54,179
46,974
1,265,591
1937 and $1,133,646
depreciation of $1,177,204 in
110.
Eisler Electric
Mdse. Inventory..
Eastern Footwear
1,313,236
for
Calendar Years—
Kootenay Power Co., Ltd.—Earnings—
Period Ended July 31—
Gross earnings
Assets—
reserve
25,000
1,100,000
...$3,206,767 $3,150,581
Total
Sundry other deductions
Eagle Fire Insurance Co. of N. J.—Larger Dividend—
The
After
in 1935.—V. 145, p.
...
Net income
$3,206,767 $3,150,581
Total
Net operating revenue
Other income deductions
25,000
1,100,000
Surplus
Net oper. revenue (before approp. for retire. res.)$16,038,247
Other income (net)
554,977
Appropriation for special reserve
(def'd)
& Interest
Res. for extraord'y
1937
1936
$30,416,330 $26,423,147
14,378,083
10,776,993
Amortization of debt discount and expense..
Notes pay.
$100)
F12 Months Ended July 31—
Operating revenues
Oper. exps., maint. and taxes
'
12,967
after one year..
repairs to canal.
Capital stock (par
Duquesne Light Co.—Earnings—
Gross income
36,738
Prov. for taxes
28,869
been issued.—V. 145, p. 1255.
Bents for leases of electric properties
Interest charges (net)
—
38,631
20,593
pay.
Accts. pay'le—due
book
values
(E, I.) du Pont de Nemours & Co.—Listing—
129,500
22,475
39,176
11,477
162,158
Accrued liabilities.
6,225
Inventories
at
$475,000
12,967
66,841
(see'd
by mach. pled'd)
Accounts payable.
for doubtful
Invests.,
1877.
143, p.
Dec. 28'35
$500,000
Bank loans
$41,995 Accts.
ree'le—less
Acc'ts
Jan. 2, *37
Liabilities—
Dec.28,*35
$67,687
hand
res.
depreciation.—V.
$1,265,590
Cash in banks & on
accts
Total
55,000
Jan. 2, '37
Assets—
568,500
2,391,670
6,765
Condensed Balance Sheet
634%
mtge.
serial gold bonds
38
931
•
140, Capital stock
1,710,469
1,239,235
1935
1936
Liabilities—
|
Interest expense
Prov. for Federal taxes._
Miscell. deductions
867
47,466
"
Includes $287 for undistributed profits tax.
Cash
x
$256,394
Profit from operations
1933
1934
1935
$155,005
46,522
9,365
Depreciation
Other income
Cash
$2,896,764
2,743,598
Earnings—
1936
$150,775
51,283
9,972
Operating expenses
Gen.#& admin, expense.
x
$2,773,740
2,627,089
Cost of sales
ToUs
'33
$2,837,082
2,492,002
$3,873,413
3,617,019
Net sales
$6,729,757 $6,764,506
After reserve for bad debts of $21,525 in 1936 and $21,404 in 1935.
b After reserve for depreciation of $5,865,913 in 1936 and $5,596,931 in
Common divs. (cash)
394,115
$342,547
493,488
$110,659
income
$150,941
396,858
$0.71
396.857
$0.81
$483,356
393,959
$541,936
a
1935.
c Represented by 178,000
(177,904 in 1935) shares, no par after
deducting 100 (96 in 1935) shares in treasury at $2,288 ($2,197 in 1935).
—V. 145. p. 940.
Deficit.
Shares
...
com.
stock
standing (par $5)
Earnings per share
sur$89,397 sur$541,936
out¬
396,809
$1.22
396,678
$1.36
Volume
Financial
145
Consolidated Balance Sheet Dec. 31
Assets—
Receivables
710,589
Inventories
1935
$71,654
304,090
1,379,624
98,375
221,996
250,000
in foreign exch__
53,030
Cap. stock (par $5) 2,099,622
2,099,622
905,236
905,236
General reserve—
Prepaid Insurance,
57,526
41,619
Res. for fluctuat'n
86,506
116,456
Paid-in surplus...
Land, buildings,
equipment, Ac. 1,194,561
Pat'ts, trademarks
1,161,022
taxes, Ac
Investments
y
145,611
27,925
Metered mach's
p out on rental.
..
and
52,863
Earned surplus
(of
$313,110,
repres.
cost
of
treasury stock, Is
z
Natural
Paso
304,104
98,991
167,479
250,000
$737,472 Trade acceptances
1,369,712 Accounts payable818,976 Dividends payable
1,238,607 Accruals
$464,664
1,336,737
Marketable secure.
x
El
1936
$30,990
Liabilities—
1935
1936
Cash
2073
Chronicle
113,685
Treasury stock...
$
$
Liabilities—
$
$
1936
1937
1936
1937
Assets—
17,818,078 15,097,977 7% cum. pref. stk.
Instal. notes rec__
(par $100)
170,600
150,000
Com. stk. ($3 par)
Sinking fund cash.
71,758
Premium on com¬
Special deposits
10,196
mon stock a
Cash
73,833
891,806
Notes receivable..
29,177
19,688 Long-term debt
Accounts receiv..
371,186
238,685 Notes payable to
banks
74,545
131,684
1,402,700
1,027,100
1,479,700
1,766,305
3.276.195
7,396,000 11,250,000
200,000
-
188,599
85,938
370,571
653,680 Accounts payable.
100,000 Accrued interest..
466,512
55,539
249,200
Accrued taxes
1,651,125
113,685
1,540,466
(& Subs.)—Balance
(Del.)
Fixed assets
Reacquired secur
restricted)
Co.
Gas
July 31—
Materials A suppl.
Deferred charges..
which
goodwill...
Sheet
85,495
288,027
pref..
Dlvs. decl.,
Advances
$5,336,219 $5,541,290
Total....
by con¬
sumers
(pre¬
$5,336,219 $5,541,290
Total
for doubtful accounts, collection expense, &c.,
reserve
Res. for retirem'ts
y
Contrib.
167
30,020
2,037,904
for
profits
Ltd.—10% Dividend—
(proper¬
ties
sold
stalment
in¬
on
paym't
plan)
Corp .—Earnings—
Total
Jan. 1 '36 to June 1 '36 to
Year End.
May 31 *36 Dec. 31 '36 Dec. 31 '36
$447,221
$561,145
$1,008,365
248.243
260,510
508,753
Net sales
Cost of sales
50,924
90,394
141,318
$148,054
$210,240
2,146
$358,294
2,450
Selling and administrative expenses..
Profit from operations
Other income
305
$360,744
50,836
87,157
116,129
7,490
$212,386
28,465
48,883
53,600
6,549
5,000
10,000
$64,889
$77,583
$148,358
Other deductions
22,371
Depletion
Depreciation
38,274
62,529
Amortization of development costs..
Provision for Federal income taxes..
Net income
•
14,039
Note—Corporation operated by receiver for period from Jan. 1, 1936 to
May 31, 1936.
No provision has been made for Federal surtax on un¬
distributed profits as the corporation was in Federal receivership during
a
or
portion of the taxable year
the Revenue Act of 1936.
19,142,923 17,226,382
36,964
19,142,923 17,226.382
Total
of no par value common stock
4,1936, plus excess of amounts
received over par value of shares issued since that date.
The earnings for the month and 12 months ended July 31 were published
In V. 145, p. 1900.
a Represents excess upon reclassification
into $3 par value common stock as of Sept.
Emerson Electric
Mfg. Co.—Clears Pref. Arrearages—
a dividend of $31.50 per share on account of
cumulative preferred stock, par $100, payable
Sept. 27 to holders of record Sept. 24.
This payment will clear up all back
dividends on the preferred issue.
The directors also declared the quarterly
dividend of $1.75 per share ordinarily due at this time on the preferred stock,
payable Oct. 1 to holders of record Sept. 24.—V. 145, p. 1584.
"
The directors have declared
accumulations
15,000
$12,694
Total income
1,397,185
unearned
Earned surplus
Electric Shovel Coal
1,137
39,431
8,317
sumers.^
The directors have declared a dividend of 10% on the common stock for
the year ended Sept. 30, 1937.
A similar amount was paid a year ago.—
V. 143, p. 3144.
1,340,148
con¬
Res. for conting..
Res.
Electric & Musical Industries,
by
83,658
606,359
1,676,647
paid gas)
of $107,261
After reserve for depreciation of $140,960
n 1936 and $90,607
n 1935.
z After depreciation and special reserve of
$2,415,933 in 1936 and $2,318,603 in 1935—V. 144, p. 3836.
After
x
in 1936 and $98,175 in 1935.
the 7%
on
-Earnings—
English Electric Co. of Canada, Ltd.6 Months Ended June 30—
Profit before depreciation and income taxes
—V. 145, p. 435 V. 143, p. 920, —V. 141, p.
Evans Wallower Lead Co.—Meeting
and is therefore exempt under the provisions
1936
1937
$32,913
$99,181
1768.
Adjourned—
for approval of the reorganization plan
30.—V. 145, p. 1256.
The special stockholders meeting
has been adjourned until Sept.
Balance Sheet Dec. 31,1936
Assets—
$83,331
Accounts
Accounts
118,213
receivable
Inventories
a
Family Loan Society, Inc.—Extra Dividends—
Liabilities—
Cash
Accruals
79,310
Oper. property, plant A equip
767,152
46,071
Deferred charges
Organization expense
Oct.
1937—
9,543
developed property
c
Common stock (no par)
Earned
deficit
share in
1
Fanny Farmer Candy Shops, Inc.- -Earnings—
2,460
2,066,758
844,502
1,120,357
—developed property
b Preferred stock
extra dividend of 37 K cents per
cum.
July 1, last.—V. 145, p. 1417.
pay. on
Install, basis—1937 and 1938
3
an
dividend of 87H cents per snare on the
and participating preferred stock, no par value, both payable
to holders of record Sept. 18.
Similar payments were made on
addition to the regular quarterly
$3.50
pay. on
basis due In
Install,
Coal land pur. contr.
12,662
Other assets
49,913
Coal land pur. contr.
769,589
Undeveloped coal lands
The directors have declared
$23,514
payable...
Period End. Aug. 31—
Sales...'.
$399,445
Profit after deprec., but
before Fed'l inc. taxes
44,052
1937—Month—1936
$387,356
1937—8 Mos.—1936
$3,809,850
$3,238,392
46,966
283,587
399,485
—V. 145, p. 1584.
Total
a
Total
$1,876,332
After
$1,876,332
Electrolux
partic.
no-par
stock,
c
b Represented by 57,140
Represented by 183,150 shares.
Corp. (& Subs.)— Earnings—
$3,760,589
57,251
29,412
16,551
5,187
598,000
28,500
$3,385,741
45,302
29,412
10,898
$2,807,804
1,559,686
$5,848,180
...
...
Amortization of patents
Interest
disposal of fixed assets
Provision for Federal income tax
Provision for surtax
on
undistributed profits
Net profit for the year
Jan. 1..
Total..
Adjustment of tax provision for prior years
Dividends paid in cash
$4,367,491
623
491,700
2,722,500
Balance, Dec. 31
Earnings per share on 1,237,000 shares (par $1)
$3,125,680
$2.44
—
1935
1936
$833,294
$1,023,025
Accounts receivable 4,610,085
1,165,290
1,403,722
at
$2,822,491
$2.27
1935
$419,075
$402,809
359,710
$67,820
$92,272
$38,321
750,163
$64,911
685,252
$67,820
617,432
$92,272
525,160
$788,484
$750,163
$685,252
$617,432
$19.16
$37.45
$33.91
Charge to surplus reserve
for contingencies
442,405
382,410
22,219
Res.
for
come
1.132,806
Fed,
Surp. at begin, of year..
Surplus Dec. 31, fully
earned
Earns,
sh. on 2,000
capital stock
per
shares
1936
1935
$132,001
$149,020
Assets—
Cash
...
v
A
$8,103,522 $7,250,668
286,867
8,086
66,618
2,557*,526
1,800,612
Acc'ts receivable..
Trusteed assets...
821,705
Reserve for miscel¬
6,684
1,000
Cap .stk. (par $100)
450,548
2,371,942
$2,984,480 $2,023,934
Total
Farr Alpaca
Year Ended
Apr. 30 '37
oper.& reduc. in
mkt. price of inven. prof.$220,465
Depreciation.
206,170
Taxes
155,614
Red. in val. of old-style
Co.—Earnings—
1937—12 Mos.—1936
$64,892
36,827
4,445
12,193
$868,687
450,798
82,918
al51,192
$874,663
469,792
64,171
157,368
$11,426
$183,778
10
169
Balance
res.
accruals
$9,048
5,000
$11,437
5,000
$183,947
60,000
Gross income
—
Net income
Dividends declared—
a
$4,048
1,035
$3,012
$6,437
.
779
$5,658
—
No provision has been made for the
190
$183,522
60,000
$123,947
11,736
$123,522
11,982
$112,211
105,889
$111,540
112,508
Federal surtax
income for the year 1937 since any liability
determined until the end of the year.—V. 145, p.
net
on undistributed
for such tax cannot be
1417.
198,160
$61,201
444,987
$853,940
$5u6,188
adj .books to lower mfg.
costs
265,972
...
Extraordinary charges._
x72,067
$213,387
$822,213
Extraordinary charges includes rearrangement and rehabilitation of
plant and machinery, $211,509, less balance deferred to be charged against
future operations, $176,258; balance, $35,251; and settlement of sales con¬
tract, $36,815; total (asabove), $72,067.
x
Comparative Balance Sheet April 30
246,862
Cash
$
551,065
reserve
346,785
676,355
4,927,412
2,904,409
Ld., bldgs., machin'y A equip.. 6,814,432
Deferred charges..
211,037
Total
x
Liabilities—
1936
$
$
L000.000
Bank loans
Notes A accept'ces
Inventories
less
x
1937
1936
$
Assefs—
254,270
payable
Accounts
payable
1,250,026
Cap. stk. (par $50) 7,000,000
Capital surplus... 1,600,000
Earned surplus... 1,442,232
and accruals
y
Interest charges
May 31 '34
$655,780
$81,334
184,826
199,680
90.402
mdse. in excess of res.
Accts. A notes rec.,
Retirement
Years Ended
11 Months
Apr. 30 '36 May 31 '35
lower sell. vals. and to
$183,332
Non-oper. income (net).
$2,984,480 $2,023,934
Total
Adj.of curr.int. to reflect
1937
Net oper. revenues
47,759
200,000
750,164
Co.—Earnings—
Period—
Balance, loss
$9,047
Taxes
788.484
Loss from
$65,598
38,035
7,056
all,459
Operating revenues
Operation
Maintenance
100,608
200,000
79,865
reserve for depreciation of $138,998 in
1936 and $121,872 in
After reserve for amortization of $147,060 in 1936 and $117,648
in
1935.
z Includes
$1,063,550, being amount representing difference
between stated value of no-par value capital stock at date it- was changed
to par value stock and present par value.—V. 145, p. 1097.
1937—Month- -1936
Obligations secured 1,317,000
Reserves
76,548
Unearned income.
50,000
2,301,050
37,396
y
Fall River Gas Works
Res. agst. notes rec
$11,405
9,805
13,102
318,216
628,000
45.483
Earned surplus
After
Period End. Aug. 31—
$5,584
18,656
17,723
459,876
Federal taxes
1935
—V. 142, p. 4339.
$8,103,522 $7,250,668
Total
$46^3
1936
Liabilities—
Accounts payable.
Accrued accounts
.
in¬
taxes
13.382
10,000
432,405
reserve..
laneous taxes
223,470
50,000
Cap. stk. (par$l) 2,301,050
Capital surplus
37,396
Earned surp., Elec¬
trolux Corp
443,864
Subsidiary co... 2,681,816
x
$74,911
302,945
454,335
dry accruals
z
Total
$62,272
Investment
Res. for conting..
1935.
$67,820
Balance Sheet Dec. 31
1936
Salesmen's res. fd.
bonus
623,758
352,998
89,933
cost
Patents
Prepaid A def exps.
y
$74,911
30,000
Total credits to surp..
interest
Liabilities—
chinery Aequip.,
'
257,926
Salesmen's goodwill
xLand, bldgs., mak
159,825
15,417
for contingencies.
res.
1,485,000
Accts. pay. A sun¬
4.405,050
Inventories
166,030
16,510
Transferred to surplus—
Consolidated Balance Sheet Dec. 31
Assets—
1933
$333,580
$38,321
Net inc. after taxes—
Note receivable
Cash
"
$243,062
$38,321
Taxes
Net add'n to surplus..
60,000
'
1934
1935
$257,451
256,079
27,063
and oper. expense
1935
$3,297,907
87,834
$3,025,688
2,822,491
Total Income
Depreciation
Balance,
1936
$321,463
Cost of borrowed money
1936
$3,687,044
73,545
Years Ended Dec. 31—
on
Co.'—Earnings—
Calendar Years—
Discounts rec., inc. from
inv. & other income.-
Net profit from operations..
Miscellaneous income
Loss
Farmer & Ochs
for depreciation o,f $2,175,677.
reserve
shares of $4 cum.
—V. 143, p. 755.
6,261,901
51,290
12,546,528 10,445,020
Total
1,655,618
12,546,528 10,445,020
1937 and $150,000 in 1936.
y After reserve
obsolescence of $7,312,770 in 1937 and $7,203,343 in
After reserve of $116,084 in
for depreciation and
189,402
7,000,000
1,600,000
1936.—V. 144, p. 612.
;
2074
Financial
(& Subs..)—Earnings—
Calendar Years—
1935
1936
Sales
1933
1934
$3,102,003
1,529,784
$2,825,987
$1,572,219
1,319,461
Gross profir from sales
Operating expenses
1,497,088
$2,730,853
1,446,530
$1,328,899
1,221,423
$1,372,176
1,261,303
$107,476
$110,873
$49,430
10,706
11,836
15,518
$262,261
16,493
114,791
20,240
$118,182
16,958
110,488
6,300
$122,709
20,809
112,965
8,098
$64,948
28,958
Sept. 25. 1937
appropriations from surplus in amount of $587,374 for the 12 months ended
Aug. 31, 1937, and of $795,966 for the 12 months ended Aug. 31, 1936.
(2) No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the
company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 1418.
$1,284,323
1,234,893
9,503
Cost of goods sold
$2,869,252
1,497,076
Chronicle
Florence Stove Co.—Sales—
Sales during the first eight months of 1937 exceeded sales for the same
Profit from operations
ther income—Interest,
discount, &c
Total income
Int. and other charges
Amortiz. and deprec'n...
Prov. for Fed. inc. tax__
period last year
by more than $2,000,000, it was reported by R. L. Fowler,
a meeting of the directors on Sept. 16.
that with seasonally-increased activity in the
company's general heater business, prospects for the balance of the year
seemed favorable.
In 1936, when a total volume-of about $12,663,000
was reported, monthly sales reached the year's peak levels during the final
President, following
126.948
Mr.
Fowler
observed
four months.
The company has given more people steady employment this year than
before in its history, he declared.
The present total of about 2,700
employees represents an increase of more than 15% over a year ago.—
V. 145, p.607.
ever
Net income
loss$15,565
sub.
loss$90,958
1,777
Cr2,404
1,757
10,263
4,614
9,061
$111,365
Applic. to min. stks.
loss$19,163
loss$24,071
loss$14,549
loss$81,897
of
cos
Extraordinary charges
Net income
Pref. di vs. paid.
__
Fohs Oil Co
7,197
53,285
Com. di vs. paid.
General
Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
a
1935
$199,321
Notes,
|
$219,7381
contract
Accrued
& accts. rec
7,749
88,574
tax, salaries, &c.
Real estate mtges.
52,106
Reserves
Co.'s capital stock
&
equip.—at cost.
Leasehold impts..
Leaseholds & good¬
619,592
153,262
594,872
151,087
23,287
481,058
27,182
7% cum. pref. stk.
5% pref. stock (par
$30)
charges..
11,994
of
General
85,943
Interest, 1st mortgage bonds.
Common stock..
320,310
Earned surplus
133,431
Interest
289,897
82,547
on
$1,133,220 $1,610,427
Total
Depreciation
1935
1934H
1933AM
$644,019 'JMLur
i aw
24,458
(W*
Not avail.J
24,169
8,110
25,676
27,736
4,894
Net profit
x
Assets—
June 30 '37 zJan' 1 '37
Cash
x
$53,176
$235,146
x70,832
$208,768
20,677
12,967
$241,816
1,890
119
13,177
42,129
14,135
33,187
tors
494,951
3,000
9,441
.....
equipment.
22,843
$3.08
$1.93
Acer.
1,439,995
1,457.212
813
862
99,475
..
59,570
16", 657
Assets—
1936
Cash
1935
1935
1936
$17,679
6,761
1,434
389,081
Accts. and accrued
889,506
435,074
359,346
Other
30,812
Notes & accts. rec.
Inventories
& inv.
Notes payable
Bank overdrafts..
items
117,004
119,483
49,621
58,500
to
curr.
tracts
$100,000
Plant & equip, less
6,004
depreciation
Sundry receivable.
433,020
37,782
366,467
42,797
11,946
13,238
$2,377,872 $1,398,836
by
105,534
388,041
__
420,000
25,385
137", 250
Common stock..
132,000
122,000
232,200
Capital surplus
565,251
454,470
446,556
..A..
Dr24,580
Treasury
stock.
Total
137,250 shares of no-par common stock 1936 and
y Represented by 57464 shares of preferred soock
common stock.—V. 145,
p. 1585.
First National
merger.—V. 145,
Gross profit.
Extraordinary returns...
Extraordinary income..
380,000
312,000
404,452
sur¬
1,126,995
707,035
$2,711,191
$2,404,219
operations.
Fiske & Co.,
757,316
155,396
82,827
Returns
on
$41,201
22^378
with credit company.
13,329,983
16,348.039
10,627,724
13,267,203
16,344,212
8,929,035
368,900
..
30,000
18,096,763
17,727,863
Total profit
30,000
62,779
3,825
1,698,689
Wages, salaries, deprec.,
interest, taxes and all
other
charges
Net profit.
Balance Sheet Dec. 31 (Currency in
1936
Fitzsimmons
on
1936
1935
Assets—
Intended
1
1
500,000
11,065,358
_
Current assets
500,000
9,764,132
44,801
Deferred charges
520,611
Co.—Earnings—
9,289
Total
—V.
Stores, Ltd.—Registersjjvith SEC—
p.
new
.
capi¬
tal investment.
2,668,975
...
826,880
Special reserves..
tabi ities.
5,056,491
Deferred liabilities
79,351
Profit
385,504
current
Total
253,295
2,671,135
54,119
66,604
27,148,226 23,464,127
4177.
Froedtert Grain & Malting Co., Inc.—Earnings—
first page of this department.
Period End. Aug. 31—
Operating revenues
Oper.exps. (incl. taxes).
Prop, retire.res. approp.
20,000,000 17,000,000
Statutory reserve.
800,000
750,000
27,148,226 23,464,127
142,
1935
Liabilities—
Capital stock
$142,147
Florida Power & Light
Reichsmarks)
Unpaid capital...
187,383
Property
14,874,873 13,155,193
Earnings for 6 Months Ended June 30, 1937
Net loss after all charges
3,656,242
6,971,482
investment
Investments
30, 1937
8,124,639
7,107,148
1,116,251
12,520,289
Patents
Inc.—Earnings—
Earnings for 6 Months Ended June
Net loss after all charges
Fiske Brisk & Granule
Germany—Earnings'—
287",414
Interest
Corp. of Portland (Ore.)—^Lccim. Div.
class A stock, no par value,
payable Oct. 15 to holders of record Sept. 25. Similar dividends have been
paid in each of the 20 preceding quarters, prior to which
regular quarterly
dividends of 50 cents per share were distributed.—V.
144, p. 4344.
Total.
17,541,126
Discount
par tic.
See list given
356,000
Income Account Year Ended Dec. 31 (Currency in Reichsmarks)
1933
1934
1936
1935
The directors have declared a dividend of
25 cents per share on account
of accumulations on the
$2 cum. and
sales
342,000
1258.
p.
Ford Motor Co, of
$2,377,872 $1,398,836
24,000 no par shares,
in 1935 and421 shares
„
52,455
x After reserve for bad debts, discounts and concessions of $94,415 at
June 30, 1937 and $62,680 at Jan. 1, 1937.
y After reserve for deprecia¬
tion of $743,183 at June 30, 1937 and $714,800 at Jan. 1, 1937.
z After
con¬
Earned surplus
y
.$2,711,191 $2,404,219
70,592
llab
Preferred stock
x
Patents
.
56,258
bonds
plus, less deficit
from
228,940
9,074
Long-term debts..
operations
$51,135
306,855
payable..
Uncompleted
in sub. cos
__
1st
.
revaluation
Total
■
Liabilities—
$397,158
A ^Presented
233,569
on
_
Marketable securs.
Cash value life ins.
Total
20,
Sept.
int.
(closed) mtge.
6M% sink, fund
gold bonds, 1941
Second pref. stock
Common costs (par
$1)
Surplus, paid-in &
in 1936 and $30,269 in 1935, commissions earned.
surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31
charges
73,269
186,242
1st
Includes $32,711
Def'd
10,000
204,661
93,797
agreement
mortgage
Patents and trade¬
Deferred charges
10,000
406,977
1935
Plant, machinery
and
1 *37
$75,230
bank,
pay.,
dated
stock
y
z Jan.
$84,471
Sept. 30, 1938..
1,480
$135,222
$1.06
207
$239,748
rec.
Before
I.iabll. under credi¬
716,736
marks
$427,260
Accts.
y
Notes payable, due
1,979
23,246
$194,169
$1.55
Notes
June 30 '37
...
unsecured
market)
Subscrip. to capital
of
Profit for the year
Earns, persh. on com...
Net
346,267
Inventories (cost of
$188,548
20,220
33,647
$305,978
y74,050
y_Including $339
loss$13,7l5
bank,
pay.,
Accounts payable.
Accrued liabilities.
interest
$208,169
2,597
24,757
36,986
^
386,575
receivable, net..
agreement
for current bond
357,078/
21,610
Liabilities—
Notes
secured
crow
427,984
11,428
Prov. for Fed'line. tax..
x
$21,054
Notes & accounts
Cash on dep. with
280,293
-See above-
disposition
y$41,736
Parker-Wylie Carpet Mfg. Co. and Alva Carpet and Rug Co.
undistributed profits tax.
trustee under es¬
19,066
plant equipment
3,803
9.250
Federal
425
$575,682
Int., discount, &c
"8",824
12", 365
Federal and Pennsylvania income taxes
Comparative Balance Sheet
$1,013,157
$491,214
x84,467
...
6,614
9,251
4,108
1,601
;
Life insurance premiums
Bond expense
Investments
Loss
$37,493
11,180
8,277
15,735
3,389
5,728
—
notes, accounts, &c
on
Allowances due to price guarantee
Federal and Pennsylvania taxes
_
Profit
$28,007
9,485
Total.
959,700
Ferro-Enamel Corp.—Earnings—
Plant depreciation
Loss on sale of assets.
expenses
1936
x
30*,909
b After reserve for depreciation of $389,888
in 1936 and $379,175 in 1935.
c Represented by 106,770 no par shares in
1936 and 216,000 no par shares in 1935.—V.
144, p. 104.
m
tm.
Miscellaneous income
administrative
and
Net profit on operationsOther income
$1,619.
Operating profit..._.
$72,978
17,676
Selling and shipping expenses
$795,528
675,058
66,383
26,080
$90,654
18,223
124,900
15,238
Years End. Dec. 31—
1936
Gross profit
$1,440,824
Maintenance & repairs.
35,831
Deprec. & amortization.
31,989
Taxes (other than inc.).
8,549
Royalties
1,435
Other mfg. expenses
377,827
Selling, general and ad¬
ministrative expenses.
480.978
Prov. for doubtful accts.
13,000
1937
$1,177,718
981,247
93,248
1 30,246
Cost of sales
287,910
$1,133,220 $1,610,4271
reserves
Carpet Corp.—Earnings—
6 Months Ended June 30—
Net sales
$18,304
1
Total
After
;
133,788
c
will
Patents..
a
90,500
83,579
Nin. int. in subs..
65
bldgs.
39,563
Res. for contlng..
reacquired
1935
|l
Interest,
4,344
Other assets
Deterred
1936
$16,958
94,943
26,412
Inventories
b Land,
Liabilities—
Accounts payable.
—Registrar—
The Chase National Bank has been appointed registrar for this com¬
pany's capital stock, no par value.—V. 145, p. 1900.
Years End. July 31—
1937
1936
..$11,749,310 $10,179,756
9,514,969
8,469,334
Sell. & admin, expense
672,291
590,434
Net sales of malt
Co.—Earnings—
x
1937—Month—1936
1937—12 Mos.—1936
$996,722
$862,225 $13,485,711 $12,036,019
591,116
500,159
7,176,214
6,798,767
66,667
33,333
866,667
400,000
y
Cost of malt sold
Net
1934
1935
$9,263,552
7,881,999
544,242
$6,327,205
4,930,782
474,392
profit from malt
sales
Other income
Net oper. revenues
$338,939
Operating income
Other income (net)
Gross income
Int. on mtge. bonds
Interest on debentures..
Other int. & deductions.
,
221
2,650
$339,160
10,608
$328,954
5,732
$5,445,480
449,339
$4,839,902
344,990
$349,768
216,667
$334,686
216,667
110,000
28,477
$5,894,819
2,600,000
1,320,000
278,534
$5,184,892
2,600,000
1,320,000
279,928
110,000
19,999
income
$3,102
def$20,458
Dividends applicable to preferred stocks for the
period, whether paid or unpaid._.
Balance...
$5,442,830
$1,119,988
26,278
$837,310
20,825
$922,031
18,954
Income charges
Inc. & cap. stk. taxes._
$1,591,298
71,707
z410,200
$1,146,266
18,459
$858,135
88,848
zl44,953
$940,985
83,853
171,119
$1,109,391
672,000
$915,129
252,000
$624,335
Dividends declared.
$ 686,013
192,800
$437,391
1,775,580
$663,129
1,112,451
$510,335
722,116
$493,213
1,145,670
3,233
$2,212,970
24,466
$1,775,580
$1,232,451
120,000
$1,642,116
920,000
$2,188,504
$1,775,580
$1,112,451
$722,116
$2.24
$1.78
$1.09
$1.40
.
Surplus
$1,696,285
1,153,008
z212,678
114,000
credits.
$984,964
1,153,008
$543,277 def$168,044
x Dividends
accumulated and unpaid to Aug. 31, 1937, amounted to
$5,380,704.
Latest regular quarterly dividends paid Jan. 3, 1933.
Divi¬
dends on preferred stocks are cumulative.
Notes—(1) Income account includes full revenues without consideration
of rate reduction in litigation for which a reserve has been
provided by
$1,562,050
29,248
$4,837,252
2,650
Net
x
$328,733
221
Rent from lease of plant.
Surplus charge
Earned surplus at end
Earn, per sh. on 420,000
common shares
x
Including provision for depreciation at usual rates,
vision for doubtful notes and
accounts,
z
y
Including
Income taxes only.
pro¬
Volume
Financial
145
Balance Sheet
Assets—
1937
Cash
Notes payable
2,374,434
—trade
1,238,042
Dlvs. declared
due Sept.
1 1937
Ins.
lives
on
Messrs.
A.
&
Dep.
97,403
14,281
$7,281,458 $4,808,087
Total
V.
1,016
137,557
To guarantee
145,
on
See list given on
with SEC—
Subs.)—Earnings—
1936
$26,964
1935
loss$21,301
17,010
16,507
17.668
$140,832
42,315
$43,974
28,011
loss$4,794
26,944
loss$24,436
25,958
$98,517
$15,963
loss$31,738
loss$50,394
Other income
Profit-..
Depreciation, facilities-Net profit.
per
common
share
$0.56
Note—No provision has been made for Federal surtaxes on
of $6 was paid on April 7, last, this latter being the
G
Order—
American
-v
have declared
a
dividend
value, payable Sept. 30 to holders of record Sept. 25.
paid on June 30, last, and previously regular quarterly
addition the following
(& Subs.)—Earnings—
directors
on
have
declared
the non-cumulative
Harshaw Chemical
$4,687,783
452,613
$0.56
'
;
Mfg. Co.—Earnings—
dividend
of $2.50
per
share in
a
semi-annual
series
Trust—Larger Div.—
dividend
of -50
cents
per
I
Co.—Special Dividend—Fiscal Year
The directors on
share
on
the
Sept. 20 declared a special dividend of 60 cents per
stock, no par value, payable Sept. 25 to holders of
common
record Sept. 20.
This compares with 40 cents paid on Sept. 9 last, and
with dividends of 30 cents paid on June 21 and on March 20 last, and
quarterly dividend of 20 cents paid on Dec. 15, 1936.
In addition an
paid on Dec. 24, 1936.
The company has changed the closing of its fiscal period from Dec. 31,
as heretofore, to Sept. 30, which accounts for the special payment at this
time.—V, 145, p. 1587.
a
Earnings for 7 Months Ended July 31,1937
Federal income taxes, deprec., and
other charges, but before prov. for Fed. surtax on undis. earns.
—V. 144, p. 105.
extra dividend of 50 cents was
Net income after oper. exps.,
$34,977
Haverhill Gas Light Co.—Earnings—
(& Subs.)—Earnings—-
Earnings for 6 Months Ended June 30, 1937
$326,869
Net income after all charges
$1.38
201,488 common shares
Period End. Aug. 31—
Operating revenues
Operation
Maintenance
1937—Month—1936
$45,734
$48,320
Sales—
Sales of General Motors cars and trucks to dealers in the overseas
markets
during August totaled 27,253 units, representing an increase of 9.2% over
the volume in August of last year.
In the first eight months of 1937, sales of 246,415 represented an alltime high volume for that period, and an increase of 10.0% over the volume
in the first eight months of 1936.
For the 12 months through August, 1937,
sales totaled 347,246 units—an increase of 10.2% over the volume in the 12
months ended Aug. 31, 1936.
These figures include
the products of the corporation,s American,
Canadian, English, and German factories sold outside of the United States
and Canada.—V. 145, p. 1739.
1937—12 Mos.—1936
$562,803
$563,585
360,901
353,387
22.450
28,590
a83,999
86,966
27,915
3,160
a7,328
27,108
1.660
7,797
Net oper. revenues—
$7,331
$11,754
$89,312
Non-oper. income (net).
1
Drb
68
Taxes
General Motors Corp.—Overseas
extra
an
Changed—
profit after deprec., int. & Fed. inc. taxes, but before undist. profits surtax
Earnings per share on 800,000 shares com. stock (par $3)
—V. 144, p. 4007.
Net
Earns, per share on
—V. 144, p. 2300.
declared
Guardian Rail Shares Investment
Earnings for 6 Months Ended June 30, 1937
Gross sales
have
preferred stock, payable Oct. 1 to
holders of record Sept. 15.
Previously semi-annual dividends of 40 cents
per share were distributed.—Y. 137, p. 2983.
April 2, 1934.—V. 145, p. 1258.
Gar Wood Industries, Inc.
directors
The
share
Corp.
$149,578
$89,629
$199,152
stock, par $50, payable in Canadian funds on Oct. 15 to holders of record
Sept. 30.
Similar distributions have been made each quarter since and
including Jan. 16, 1933.
Non-residents of Canada are subject to a 5%
tax.—V. 145, p. 437.
37
cents on Dec. 24,
1936; 25 cents on Sept. 30 and June 30, 1936; 12Yt cents on March 31,
1936; 25 cents on Dec. 31, 1935; 10 cents on July 2, 1934, and 15 cents on
General Machinery
Years
1935
addition to the usual quarterly dividend of $1.50 per share on the common
of 75 cents per share on the
dividends of 25 cents per share were distributed.
In
extra dividends were paid: 25 cents on March 31, last;
Gellman
Calendar
1936
ii
Guarantee Co. of North America—Extra Dividend—
-
no par
Like amount was
Corp.—Earnings—
6 Mos. End.
June 30 *37
>
undistributed profits
The
stock,
Ry.—Definitive Bonds Ready—
of
—V. 145, p. 1740.
by the builder to
Garlock Packing Co.—To Pay 75-Cent Dividend—
common
H
series
Net inc. after oper. exps., Fed. income
taxes, deprec. & other charges, but
before prov. for Fed. surtax on
order for 1,000 all steel coal cars by
The cars, costing in excess of $3,000,000, will be sold
the railroad under a lease agreement.—V. 145, p. 1258.
directors
satisfaction
preferred stock, payable on
preferred stock on Sept. 16 to holders
cumulative
Grumman Aircraft Engineering
first payment
Transportation Corp.—Gets Large
'/:V
share
per
dividend of $55.62 per share in
$8
15, 1934.—V. 145, p. 1257.
This company has been awarded an
the Illinois Central System.
The
a
cents
payable Oct. 1 to holders
announces
and
Period—
General
dividend of 33
The corporation has applied to the Interstate Commerce Commission for
permission to acquire control of Buckeye Stages, Inc., by buying 60%
of its common stock for $300,000.
Buckeye Stages operates bus lines in
Ohio, with services to Pittsburgh and Detroit.
Its gross revenue for the
first seven months of 1937 was $500,062.—V. 145, p. 1901.
S3 Accumulated Dividends—
one
initial
an
Greyhound Corp.—Would Buy Ohio Line—
undistributed
The directors have declared a dividend of $3 per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable Oct. 15
to holders of record Oct. 5.
A dividend of $5 was paid on May 25, last,
and
$34.25 per
that definitive engraved convertible 4% bonds,
1946, in bearer coupon form, are available in
exchange for bonds of like tenor, presently outstanding in temporary form
at company's office No. 2 Wall St., New York.
Full registered bonds of
the denominations of $1,000, $5,000, $10,000 and $50,000 are available.
-r-V. 145, p. 1419.
profits.
made since Sept.
declared
Great Northern
Nil
Nil
Nil
have
$2 cumulative preferred stock, par $25,
Company
series
on
stock
new
shares not yet exchanged for new $2
of record Sept. 13.—V. 145, p. 1901.
1934
loss$42,104
1937
$125,003
15,829
3 Mos. End. Aug. 31—
Operating profit
directors
the
of record Sept. 20.
The directors also declared
of all accumulations on the
first page of this department.—V. 145, p. 760.
Gamewell Co. (&
Earnings
after the payment of the current dividend will amount to
144, p. 4179.
The
278.
p.
of
New Preferred Stock—
payment of additional income taxes for prior years.—
Fuhdamental Investors, Inc.—Registers
dividend of $2 per share on account
a
the 7% cumulative preferred stock, payable Oct. 15 to
Similar amount was paid on July 15, last. Arrear¬
Gray's Harbor Pulp & Paper Co.—Initial Dividend on
$7,281,458 $4,808,087
Total
have declared
on
Graham's retail delivery reports from dealers show 13.5% increase in
August over the same period of 1936.
The figures show 1,288 cars sold
in August, 1936 and 1,461 during the month just closed.
Advance reports indicate that the retail for the first 10 days of September
were at least as high as for the first 10 days in August.
There is also every
indication that at the time new models are announced on Oct. 27, stocks in
the hands of dealers will be considerably lower than at announcement date
last year.—V. 145, p. 1901.
1,670,617
67,911
Deferred charges..
payments.—V.
Graham-Paige Motors Corp.—Deliveries—
420,000
1,775,580
90,347
2,472,839
ages
76,792
rec.
dividend
previous
share.—V.
with State
Fixed assets
x
420,000
2 ,188,504
stock—
Earned surplus
96,392
8,786
Wisconsin—-
of
2,100,000
Common
W.
of
record
holders of record Oct. 1.
partlc.
pref. stock
Investments
x
2 ,100,000
conv.
detailed
Pumps, Inc.—Accumulated Dividend—
accumulations
102,837
214,900
of
Telpel
Notes & accts.
430,071
Cum.
R.
K.
Froedtert
134,384
Income taxes, est,
1,209~867
for
The directors
42,000
1,096
Accrued accounts-
20,000
1,634,912
Inventories
Cash surr. value of
Goulds
$151,674
37,348
Stockholders' accts
bonds,
mtge.
1936
1937
$1 ,925,000
Accounts payable.
46,151
$439,214
Notes & accts. rec.
1st
144, p. 4345
145, p. 1099.
July 31
Liabilities—
1936
$439,134
2075
Chronicle
$100,781
.
*
77
'
$7,332
2,917
Retirement res. accruals.
Gross income
$11,749
2,917
$89,381
35,000
$100,858
$4,415
Balance
$8,833
$54,381
2,259
$65,858
2,776
$52,121
58,968
$63,083
58,968
170
185
$4,245
$8,648
Interest charges
Net income
Dividends
declared
35.000
No provision has been made for the Federal surtax on undistributed
net income for the year 1937 since any liability for such tax cannot be
a
General Reinsurance
The directors have declared a
Corp.—50-Cent Dividend—
dividend of 50 cents per share on the capital
stock, payable Sept. 29 to holders of record Sept. 24.
A similar
was made on June 22 last and on Dec. 30, 1936.—V. 145, p. 1418.
payment
first page of this department.—V.
145, p. 436.
Glen Alden Coal Co.—Interim Dividend—
The directors have declared an interim dividend of 12 K cents per share
on the common stock, no par value, payable Oct. 20 to holders of record
Oct. 5.
Similar amount was paid on July 20, last, and compares with a
special dividend of 50 cents paid on Dec. 23, 1936, and a regular dividend
of 25 cents paid on Oct. 20, 1936, and each three months previously.
In addition, extra dividends of 25 cents per share were paid in each of the
four quarters of 1935.—V. 144, p. 4345.
election of Arthur Hudson
Marks
as
Calif.—Accum. Div.—
Subs.)—Earnings—
30
Fed. inc. tax & other charges
6 Months Ended June
shares
deducting $74,000 for surtax.—V. 143,
Gotham
Silk
Hosiery
Co.,
1937
x$293,206
$9.50
Earnings per share on 30,000 common
After
p.
1936
$195,863
$6.24
2522.
Inc.—Dividend Arrearages
Cleared Up—
21 declared a dividend of $1 per share in satis¬
in addition to the regular quarterly dividend of
$1.75 per share ordinarily due at this time, both payable on the 7% cum.
preferred stock, par $100, on Nov. 1 to holders of record Oct. 11. See V.
The directors on Sept.
faction of all accumulations,
it
was
the
conservative
action
to
reduce
dividend
fund bonds by
declared a dividend of $1.75 per share on account of
accumulations on the 7% cumul. pref. stock, par $100, payable Oct. 1
to holders of record Sept. 27.
This compares with $9 paid on Dec. 16,
1936, and dividends of 50 cents paid on Oct. 1, July 1 and April 1, 1936;
Dec. 30, Oct. 1, July 1 and May 1, 1935, prior to which no dividends
had been paid since April 1, 1932, when a regular quarterly dividend of
$1.75 per share was distributed.—V. 144, p. 105.
x
felt
Vice-Chairman of the board.—V. 145,
Goodyear Tire & Rubber Co. of
Net inc. after depr..
directors
made
The directors have
Gordon Baking Co. (&
The
this time in view of the financial results of recent operations.
In
explanation of the operating results for the eight months of 1937, it was
brought out that abnormal weather conditions during January, February
and August adversely affected revenues.
At the same time expenses for
the year were increased because of an unusual amount of maintenance
found necessary, a part of which was of a non-recurring nature, wage
adjustments and higher cost of materials.—V. 145, p. 1420.
rate at
the Board on Sept. 24, announced the
1419.
p.
Pay Smaller Dividend—
Sept. 21 declared a dividend of 20 cents
share on the common stock, par $25, payable Oct. 1 to holders of
record Sept. 28.
This compares with dividends of 30 cents per share
previously distributed each three months.
Hayes Body Corp.—Bonds Offered—Public offering was
(B. F.) Goodrich Co.—New Vice-Chairman—
David M. Goodrich, Chairman of
To
The directors at a meeting held
per
(L. H.) Gilmer Co.—Registration Withdrawn—
See list given on
determined until the end of the year.
Sept. 20 of $700,000 1st mtge. 53^% conv. sinking
Floyd D. Cerf Co. at 98% and accrued interest.
Corporation is one of the country's leading manufacturers of automobile
bodies, metal stampings, steel trailers and other products.
Bonds are convertible into common stock, which is listed on the New
York Stock Exchange, and varying ratios are from 150 shares to 50 shares.
The financing is being done to provide
unds or a new factory unit,
additional machinery and equipment and for paying certain outstanding
obligations.
The bonds are secured by first mortgage on all the fixed assets of the
corporation, the sound valuation of which amounts to approximately three
times the present issi e.
Within recent years the corporation has greatly diversified its business.
Its principal customers today include:
Graham-Paige, Hupp, Beo, Buick,
Pontiac, Nash-Kelvinator. Norge, Brunswick-Balke and American Bantam
Car companies.
Corporation owns three plants, two in Grand Rapids and
one
in
Ionia,
Mich.
Latest available earnings figures show that for the three months ended
July 31, net profit was $34,289.
Its balance sheet as of Jan. 3. this year
showed total assets in excess of $2,000,000.—V. 145 p. 1261.
Higbee
Co.—Earnings—
6 Months Ended July 31—
Net income after all charges
—V. 141, p. 1099.
1937
$103,772
1936
loss$72,592
Financial
2076
Hecker Products
Chronicle
Corp. (& Subs.)—Earnings—
,
[Formerly Gold Dust Corp.]
Years Ended June 30—
Sales,
less
1937
1936
1935
allowances, dis¬
freight
$31,914,115 $31,725,684 $31,408,303
(before provision
returns,
for
24,538,909
Gross
profit
(before
provision
25,820,241
$5,905,443
5,371,088
$835,727
1,363,167
$534,355
1,734,249
$2,198,894
477,625
118,589
$2,268,604
646,299
111,838
$2,919,884
643,070
179,336
.
rovision
for
depreciation
Prov. for Fed. & Canadian inc. taxes
Prov.
Fed.
for
taxes
undistributed
178,664
130,259
1,567,029
1,158,507
$326,461
$313,671
$3,852,030
$3,742,140
1.634
1,923
16,571
14.502
Gross income
Int. on mtge. bonds
Other int. & deductions.
$1,904,236
1,015,648
Operating profit.
1937—Month—1936
1937—12 Mos.—1936
$979,223
$868,002 $10,384,722
$9,313,778
474,098
424,072
4,965.663
4,413,131
Net oper. revenues
Other income
4,781,977
for
.
$328,095
$315,594
$3,868,601
$3 756.642
80,208
108.125
1,102.083
1,^97,500
12,685
7 590
126,222
95,482
$199,879
Dividends applicab.e to preferred stocks for the
period whether paid or unpaid
$2,640,296
$2,363,660
Net income.
profits
x
(sub. cos.)
1,350
Interest paid
8,890
mm
mm
mm
mm
m
a$ 1,592,440 a$l,510,467
beginning of year.
11,998,362
.
a$2,097,477
13,902,598
■
13,494,031
$6
on
convertible1,
cum.
preferred stock (retired during the1
year ending June 30, 1936)
■
'
►
for 1936, inasmuch as the company reported no undistributed adjusted net
1,617,794
Prem. paid on redempt. of pref. stock
235,414
1,882,194
888,527
income for that year.
359,976
2,146,069
(Harvey) Hubbell, Inc.—Listing—
The
Stock Exchange has approved the listing application
160,000 shares common stock, $5 par value.
To
trading in the form of permanent certificates on notice
registration under the Securities Exchange Act of 1934 and upon notice
issuance.—V. 145, p. 1742.
for the year.
Expenditures made during previous fiscal years, less sales of
1936 and $554,199 in
charged in that year against a reserve theretofore provided out
of earned surplus for development and introduction of new products.
were
Period End. Aug. 31—
Gross oper. revenue
Consolidated Balance Sheet June 30
v
*
1937*
$
equipment,
1937
Liabilities—
5,297,731
5,646,958
1
1
6,528,380
292,840
4,903,878
1,747,658
6,562,632
180,018
6,528,380
Goodwill, &c
Inv. in Best Foods,
Inc
Stks. of other
cos.
Cash
rec.
Inventories
Deferred charges.
.
Fed'l taxes, &c.
Processing tax
304,868
6,398,419
2,013,446
5,928,405
126,481
& taxes..
Operating income
Non-operating income..
$
1,420.604
658,352
s._
expenses
1,529.369
2,033,320
J
...25,513,138 26,946,9591
1,276,379
1,271,379
Dividends payable
269,755
269,125
Surplus (earned)..11,973,008 11,998,362
c Treasury stock..
Dr452,216 Dr521,852
on
—V. 145, p.
Total
25,513,138 26,946,959
Hoberg Paper Mills, Inc.-—Earnings—
Earnings for 7 Months Ended July 31, 1937
$194,209
$9.15
Hoe & Co., Inc.- -To Pay 9^% Interest on Bonds
2-3% Interest on Notes on Oct. 1—Clearing All
Accumulations—
A. W. Lishawa, Secretary and Treasurer, announced
Sept. 24 that in
accordance with action taken at a meeting of the board of directors Sept. 22
funds have been made available with the respective trustees for
payment
on
Oct. 1, 1937, of interest of 9H% on the
of
17 2-3%
company's 1st mtge. bonds and
the company's 7% notes.
With these payments all re¬
maining accumulated interest is being paid for the period Oct. 1, 1934
to Sept. 30, 1937, Mr. Lishawa asserts.
Funds have also been made available, Mr. Lishawa
states, for payment
on Oct. 1, 1937, of interest of 17 2-3% on the
company's new notes, which
do not carry coupons, and which may be presented at Grace National
Bank, New York, at which time interest will be paid by check and notation
of payment endorsed on the notes.—V. 145, p. 765.
on
,
Co.# Inc.—Builds English Factory—
takes its name from the section in which it is located.
miles north of Manchester.—V. 145, p. 1100.
This is about
18
Holeproof Hosiery Co.—50-Cent Preferred Dividend—
declared
a
dividend
of
50
cents
6 2-3%
per
share
on
the
cum. pref. stock, par $60, payable Oct. 10 to holders of record
Sept. 30.
A similar payment was made on July 10, April 15 and Jan. 10,
last, Oct. 10 and on July 10, 1936, and an initial dividend of $1 par share
was paid on April 10, 1936.—V.
145, p. 1742.
Holly Sugar Co.—Court Restrains Dividend Payment—
Directors scheduled to hold a meeting on
Sept. 28 will take no action
on
common
dividends.
A temporary injunction granted
by
York
the
New
Supreme Court last July restrains any further common dividends
payments this year.
However, trial of the suit affecting common dividend payments is
expected within the next month, when, if the ordinary procedure is followed,
the temporary injunction will either be dissolved or made
permanent.
Last declaration of a common dividend was that ordered at the June
board
meeting,
contemplating a 25-cents quarterly payment Aug. 2.
Payment of this was enjoined July 14 by the courts on application of a
preferred stockholder alleging that articles of incorporation prohibited
disbursement of
more
than $2 annually on the common in
any one year
while any preferred stock is
outstanding.
Thus, for the time being at least, Holly Sugar is in the anomalous
position
of earning above $5 a common share but
being unable to disburse more
than 40% of earnings to common stockholders and at
the same time
subject to provision of the Federal
tax on undistributed income.
To enable the company to obtain benefit of
alleviating tax on undis¬
tributed income, a $2 dividend was declared
early this year and deducted
from earnings for fiscal year to March 31 last.
The $2 dividend was
understood to represent payment on dividends
year, as $2 had been paid in
to March 31,1936.—V. 145,
Hook
The
normally due this fiscal
quarterly instalments during the fiscal year
p. 1742.
Drugs, Inc.—Dividend Increased—
directors
have
declared a dividend of 25 cents per share on the
value, payable Oct. 1 to holders of record Sept. 20.
with dividends ot 12)4 cents per share paid each three
months from April 1, 1935 to July 1,
last, inclusive. Prior to April 1, 1935
common
This
stock,
no par
$1,869,675
$2,131,535
298,191
2,323,765
2,485,521
$82,153
$454,090
$353,986
first
of this department.—Y. 145, p. 1903.
page
Co.—Earnings—
Idaho
To Issue
$38,255
2211.
Power
Co., Boise, Idaho—Registers with SEC—
$18,000,000 Bonds—
*
ties Act of 1933 covering $18,000,000 of first mortgage 3Y\ %
due Oct. 1, 1967.
According to the registration statement,
bonds, series
the net pro¬
applied as follows:
$13,650,000 for the redemption on Jan. 1, 1938, at 105% and accrued
interest of $13,000,000 first mortgage 30-year 5% gold bonds
due Jan. 1, 1947.
1,500,000 for the repayment of unsecured advances made to the company
by Power Securities Corp., a parent, the proceeds of which
were used by the company for partial payment for the con¬
struction of its Upper Salmon Falls Hydro-Electric develop¬
ment on the Snake River in Twin Falls and Goody Counties,
ceeds from the sale of the bonds will be
Idaho.
The balance of the proceeds will be used to reimburse the company's
treasury in part for expenditures made in connection with construction or
improvement of its facilities, and will be available for general corporate
purposes.
Part of this balance, it is stated, will be used to pay the accrued
interest
be
on the bonds to be redeemed.
•
The company states that it is expected that the First Boston Corp. will
one of the
principal underwriters.
The names of the underwriters, the price to the public, and the redemp¬
tion provisions
are to be furnished by amendment to the registration state¬
K. M. Bobbins, of Boise, is President of the company.—V. 145,
Imperial Royalties Co.—Progress in Rehabilitation—
The trustees in a letter to the shareholders state:
The trustees are very pleased to be able to report shareholder approval
of
pending plans for corporate organization by the holders of substantially
the form of subscrip¬
more than the required 66
2-3% of trust shares, in
tions to the series A stock of Toklan Royalty Corp.
Under the terms of the plan, as registered
with the Securities and Ex¬
change Commission, and as submitted to shareholders, a period ended
Sept. 18, 1937, was fixed for the filing of such subscriptions.
Provision
was made for
placing the plan in effect within 30 days thereafter, and
Toklan Royalty Corp. is now in position to carry out its part of agreement.
An action has, however, been filed in the U. S. District Court, by two
local attorneys purporting to represent two minority shareholders which
eeks, among other things, to enjoin the proposed transfer of assets.
The
matter has been presented and awaits the decision of the court.
While
trustees are confident that the fairness and legality of the proposed plan
has been made evident and will be sustained, it is deemed necessary to
delay its consummation penning disposition of this matter.
In view of this situation, the period for exercise of shareholders' alterna¬
tives has been extended to a date 15 days after final determination of the
issues involved.—V. 144, p. 108.
Industrial Acceptance Corp., Ltd.—Extra Dividend—
The directors have declared an extra dividend of 12)4 cents per share
in addition to the regular quarterly dividend of 37 )4 cents per share on the
$2 non-cumulative class A stock, both payable Sept. 30 to holders of record
Sept. 20.
A dividend of 37)4 cents per share was paid on this issue on
June 30, last, and one of 25 cents was paid on April 1, last, this latter being
dividend paid since Jan. 2, 1932 when 30 cents per share was
the first
distributed.—V. 144, p. 4181.
Inland
Investors, Inc.—Earnings—
Calendar Years—
1935
1934
1933
$140,129
$93,741
$78,868
$60,863
17,996
$140,129
$93,741
$78,868
$78,859
12,891
11,182
10,348
9,086
12,000
10,310
1936
Income from divs. and
interestProfit from sale of securs.
Total income
Res. for possible loss on
deposit in closed bank
Expenses
Other deductions
Prov. for Fed. inc. tax..
Net profit
Divs.paid
or
provided for
Rate
Security transactions...
Surplus
Previous balance Dec. 31
compares
$216,038
290,002
Earnings for 6 Months Ended June 30, 1937
has
Association,
have
$1,945,757
185,778
p.1752.
Ltd., of Manchester, for the manufacture of chemical cotton. The Associa¬
tion of the two companies on this project provides
consuming industries in
England with a larger source of chemical cotton than had previously been
available.
The extensive experience of the Bleachers' Association in the
textile and other industries, coupled with Hercules'
knowledge of cellulose
chemistry, will enable the new plant to-proudce quality products.
A modern plant of latest design for
producing these high qualities of
cellulose from cotton linters is being built under the
supervision of Hercules'
engineers.
Hercules is supplying the technical information on the process.
The production of the new plant will be used by manufacturers of
lacquers,
celluloid, cellulose acetate, and for other associated purposes.
The new company will be known as Holden Vale
Manufacturing Co. and
directors
98,871
Net profit before income taxes
—V. 143, p.
It v»as announced on Sept. i/ by this
company that a new company
been formed in England, in conjunction with the Bleachers'
The
$1,770,804
1903.
Hunter Steel
ment.
Hercules Powder
$197,559
18,479
The company, on Sept. 16, filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-3413, Form A2) under the Securi¬
Net profit after all charges except surtax on undistributed profits
Earnings per share on common stock
—V. 143, p. 1230.
17
$156,050
12,799
Hughes Printing Co.—Registration Withdrawn—
Represented by 1,825,877 shares of no par common stock (including
treasury stock),
b After deducting $12,147,579 for depreciation and ad¬
justment of plant value in 1937 and $12,321,255 in 1936.
c Consists of
voting trust certificates representing common stock, 27,275 shares (31,475
in 1936), of which 4,200 (8,400 in 1936) shares are under contract for sale
to voting trustees in i938 as final instalment at $20 per share, less an amount
equal to dividends paid since dates of contracts—1937 average price $6.36
per share),in 1936 it was $7.18 per share.—V. 145, p. 1587.
(R.j
1937—8 Mos.—1936
$5,175,935
$5,138,752
3,405,131
3,192,995
$121,153
charges—Incl. int.
adj. inc. bds at 5%
Deficit
a
and
RR.—Earnings—
1937—Month—1936
$597,012
$591,503
440,961.
393,944
$168,849
Gross income....
Inc.
Reserves
See list given on
Total
of
be
of
of
1936
$
Capital stock. ..10,367,256 10,367,256
Accounts payable,
a
&c_
Accts. & notes
Oper.
1936 "
$
buildings,
to
Hudson & Manhattan
the products, aggregating a net amount of $235,632 in
Assets—
Chicago
admitted
All expenditures made during the year ended June 30,1937 in connection
with the development of new products have been included in the operations
b Land,
has been made to date for 1937.
on
the company to list
a
1935,
No such provis
—V. 145, p. 1421.
$11,973,008 $11,998,362 $13,494,031
$0.88
$0.71
$0.97
Earnings per share....
315,078
$2 048,582
.
Common stock dividends
Earned surplus at end of year
315.078
$2,325,218
__
x Regular dividends on 7% and $6 preferred stocks were
paid on Aug. 2,
1937
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed pro '.ts
$13,590,802 $15,004,498 :$16,000,076
Dividends
$235,202
•
*•
Balance.
Earned surp. at
Co.—Earnings—
31—
Operating revenues
Oper. exps. (inc'. taxes)
Property retirement re¬
serve appropriations..
$6,686,213
6,539,479
Period End. Aug
24,722,089
$7,375,206
depreciation)
Sept. 25, 1937
were
Houston Lighting & Power
counts and outward
Cost of goods sold
dividends
paid since Jan. 1,1915 when a dividend of 12H cents per
share was also paid.
In addition, extra dividends of 12)4 cents per share
were distributed on July 1, and April 1, last and on Dec. 21 and Oct. 1,
1936.—V. 144, p. 3503.
no
Surplus, Dec. 31.
—
700
»
—...
$69,781
-
$56,549
50,000
(50c.)
$115,356
125,000
($1.25)
Cr36,879
$83,393
80,000
(80c.)
Cr52,115
65,000
(65c.)
Dr44,366
$27,235
381,347
$55,508
325,838
def$39,585
365,423
$6,550
358,873
$408,582
$381,347
$325,838
$365,423
Volume
Financial
145
$9,961
deposit
on
Accts. receivable..
Market,
securities
Deposit
in
1,394,789
$975
$1,475
$10,332 Accrued taxes
18,740 Res. for conting..
1,330,138 x Common stock..
10,000
1,000,000
l.ooo'ooo
408,582
Surplus
closed '
1935
1936
Liabilities—
1935
$1,420,057 $1,382,322
Total
Represented by 100,000 (no par) shares.—V.
x
$1,420,057 $1,382,322
144, p. 108.
Net
Independent (Subway) System of N. Y.
City—Earns.—
Month
Operating revenues
Operating expenses
$1,346,580 $14,921,537
1,119,627 11,259.723
-
Income from railway operation.
$226,953
....
1,104
Non-operating
Excess of
-V. 145
12 Months
$3,661,815
11.572
$228,057
expenses.
$3,673,387
943.
Interborough Rapid Transit Co.—Listing—
York
The New
Stock
Exchange has authorized the listing
$883,563
x37,476
19,870
$1,094,655
of dividends
through
Profit
on
40,056
19,215
6,547
29,529
277,216
$1,000,180
289,108
$1,156,697
299,753
"4* 292
y529,708
436,362
21,270
435,288
57,622
of affil.
oper.
bonds purch..
capital stock which are unissued and held by the Guaranty Trust Co. of
New York in reserve for scrip and certificates of deposit, making the total
amount of stock applied for 350,000 shares of capital stock.
Sinking Fund Plea Denied—Holders Asked That
Sinking Fund Money—
&
Notes Be
Purchased with
denied the motion made on
directing the use of interest
sinking fund money for the purchase of outtanding 7 % notes at 67
the surrender of such securities to the Bankers Trust Co. in return
Federal Judge Julian W. Mack on Sept. 20
behalf of the Johnson committee for an order
2,375
_
$830,117
$1,671,947
255,957
470
570", 366
income
State
1,030
63.000
taxes, estimated..
Surtax on undistributed
12,000
$23,193
dividends
Earn, per share on com.
decision
subsequent similar appli¬
committee, said another appli¬
handed down without prejudice to
was
cations, and Louis Boehm, counsel for the
cation will be made before April 1.
for five years. Purchase of the bonds from the trustee, counsel for the note¬
holders contended, would provide cash for distribution to noteholders and
thus prevent them
1937
838,864
776,080
3,922,109
3,357,215
1,278,143
1,924,432
Cash
1,372,143
2,097,796
b Accts. and notes
Inventories.
...
54,972
$1,605,533
168,843
137.559
341.616
$2,194,161
279,799
Income from operation
$629,589
Current rent deductions
218,707
$941,136
218,707
$1,263,917
437,415
$1,914,361
437,415
$410,882
$722,428
$826,502
66,247
30,314
44 363
$344,634
$692,114
$782,138
$1,384,196
$344,634
848,699
$692,114
$782,138
1,697,399
$1,384,196
1,740,460
taxes,
16,269
7.317
243,302
&c
167,021
48,735
44,404
Res. for contlng..
1,365,395
2,366,054
Capital surplus... 6,326,043
1,365,395
Earned surplus...
799,000
477,000
48,734
1,895,900
phate property.
36,006
36.854
Cash in sink. fund.
774
6,326,043
44,404
421
from
unmined
phos¬
28.498,025 28,099,470
Total
28,498,025 28,099,470
Total
b After deducting rese-ves
$412,879 in 1937 and $780,546 in 1936 —V. 144, p 3840.
Represented by 436,048 no-par shares,
a
first
on
page
of this department.
International Metal Industries, Ltd.
•
o
Inc.—Registers with SEC—
International Cinema,
See list given
(& Subs.)—
1934
1935
1936
Calendar Years—
$660,842 loss$294,280
113,847
101,467
Net operating profit
Provision for depreciation
Remuneration of executive officers..
81,140
78,599
Legal fees
25,275
24,345
79,043
80,000
loss$78,462
89,335
8,941
25,233
Provision for contingencies
180,000
Provision for income taxes
Balance, income
investments
on sale of securities, &c
$281,980 loss$704,369 loss$176,738
20,628
32,966
96,817
48,757
x64,871
41,774
Profit for the year
$351,365 loss$606,530
Income from
Profit
x
Less adjustment
loss$38,147
of reserve.
Consolidated Balance Sheet Dec. 31
$490,577
115.236
1,268.223
Marketable secur.
b Bills & accts. rec.
2,525.456
39,755
Inventories
a
1935
$739,233
637.642
944,433
2,151,907
31,032
1936
Assets—
Cash
Other assets
1936
Liabilities—
Bank loan
Accts. pay.
$473,598
& accr.
charges
1935
$500,000
443,037
...
for taxes
98,660
30,895
Res. for contlng..
125,000
180,000
Reserves
Outst'g debs, of a
31,000
subsidiary
30,120
135,397 6% cum. conv. red.
30.000
30,255
118,145
Mtge. receivable..
92,750
Balance, city and co._
Payable to city under
not
interest,
79,000
94,000
3,082,100
3,082,100
$1,476,946
enterprise—
affils.
to
consolidated
Res. for Insurance.
&c
Investment in cos.'
Advs. & prepd. exp
$1,078,695
27,295
Prepaid insurance,
Thomas E. Murray
$798,433
Due
28.957
83,334
non-consol
taxes,
pref. stock..10,000,000 10,000,000
a Common stock.. 2,250.000
2,250,000
1st mtge. bonds... 5,633,000
5,777,000
266.390
Accounts payable.
249,227
Prior
Accrued
Due from affils.—
Overburden
and on the Sixth Avenue 1.80%.
The number of passengers carried on the entire system in August was
71,164,828, a loss of 1,920,931, approximately 2.63%, as compared with
August, 1936.
Subway Division Operations
1937—2
Jos.—1936
Period End. Aug. 311937—Month—1936
$6,311,751
$6,095,505
$3,093,112
Gross oper. revenue
$3,034,124
4.117.590
4,489,972
2,014,416
Operating expenses
2,235,690
$
Liabilities—
&C.19,511,655 19.881,306
securities
for Month of August—
1936
$
1936
1937
Rl. est., plant,
Investments
Insurance fund
Jr., as receiver, in his monthly report states:
Traffic—The Subway Division during the month of August carried
54,949,010 passengers, a decrease of 1,628,679, or approximately 2.88%,
as compared with August, 1936.
All lines on the division showed a decline
as compared with the corresponding month of last year.
August, this year,
had only four Saturdays whereas last year it had five and therefore to get
a real comparison of the rate of traffic in August as compared with August,
1936, it is necessary to make an adjustment.
The rate of traffic actually
declined at a rate of 3.75%.
Part of the loss was undoubtedly due to the
unfavorable weather during the month, humidity and rainfall being con¬
siderably higher than a year ago.
Traffic held up fairly well in the retail
and industrial sections, indicating that business conditions were apparently
not a material factor in accounting for the loss in traffic.
The Manhattan Division during August carried 16,215,818 passengers,
a decrease of 292,252, or approximately 1.77%, as compared with August,
1936.
Allowing for the extra Saturday in August, 1936, the rate of traffic
was lower by approximately 2.5%.
The smaller loss on this division as
compared with the Subway Division was undoubtedly due to the weather
conditions which on the average favored the elevated lines.
The only
line on this division, and incidentally on the entire system, which showed
increased traffic was the Ninth Avenue Line where the gain was 2.03%.
In this case the improvement vas distributed over the line, indicating
improvement in the industrial section along the mwer West Side of Man¬
hattan.
The loss on the Second Avenue Line was, as has been the case
for many months, much greater than on the other lines of the division.
The Third Avenue and the Sixth Avenue Lines recorded the smallest losses
of any lines on the system, the loss on the Third Avenue Line being 1.47%
"Nil""
in respect of this item was included for the
previous year in "operating and admin strative expenses."
y Effective
July 1, 1935, the company resinned charging depreciation on assets where
the appraised value was greater than the book value.
The effect o» this
change in accounting policy was to increase the depreciation charge and
decrease the net profit for the current year by approximately $71,000.
z After deducting $8,195 excess
of dividends received over corresponding
equity in net earnings of affiliated companies, not consolidated.
Consolidated Balance Sheet June 30
from bringing foreclosure action.
Receiver's Report
$400,386
"Nil""
The corresponding amount
x
receivable
Judge Mack observed in denying the motion that unification of New
York's transit facilities was again in prospect.
The Bankers Trust Co. holds approximately $55,000,000 in 5s as col¬
lateral for the $30,000,000 of I. R. T. 7% notes, which have been over due
$269,388
"Nil""
$770,154
300,000
$0.16
Net profits
Preference
for collateral.
In denying the motion, Judge Mack declared that there was not enough
time to acquire the necessary $1,750,000 worth of notes by Oct. 1.
The
2*5",967
rec.
Bond interest
Loss on own bonds purch.
Interest on loan
Federal
.
receivables11
on
previously written offProportion of prof, in ex¬
of 348,179
$100) in exchange on a share for share basis for
equal number of shares presently outstanding voting trust certificates;
1,407 shares of capital stock now issued and outstanding, and 414 shares of
an
and
$753,738
30,397
42,195
29,411
z84,335
-
profits (est.)
shares of capital stock (par
and
$2,225,213
1,130,559
Deprec. & depletion
revenues over oper.
p.
$2,116,847
1.233,283
1,412
earnings
cess
Period Ended June 30. 1937—
1935
$2,000,592
1,246,854
$1,500,578
Operating, &c., exp
Collections
Total
1936
$2,795,300
1,294,722
Gross profit from oper—
Int. & discount earned
Dividends received
19,035
15,317
Accrued dividends
1934
1937
Years End. June 30—
381,347
4,076
bank
Corp. (& Subs.)—Earnings
International Agricultural
Balance Sheet Dec. 31
1936
Assefs—
Cash
2077
Chronicle
Net oper. revenue
Taxes
Balance
Used
for
assets of
purchase
d Altera'n expenses
pref. stock
bLand, bldgs., pl't
& equipment
1,528,705
Pats., rights and
1,565,898
1
1
licenses
6% cum. conv.red..
c
pref. stk. ser. A. 1,438,500
714,936
Common stock..
714,936
$6,146,356 $6,266,664
b After reserve for depreciation of $367,988 in 1936 and
Less reserves,
a
Total
$6,146,356 $6,266,664
Total
of
1,438,500
134,562 def216,803
Earned surplus..
$273,196 in 1935. c Represented by 188,312 shares
and 50,000 shares of class B stock, no par.
d Cost
tions and engineers' expenses deferred.—V. 144, p.
of class A stock no par
of special plant altera¬
3177.
Contract No. 3
Gross inc. from oper__
Fixed charges
$504,065
780
income
$178,305
$915,261
724
1,560
$356,264
1,448
$503,284
Net def. from oper
Non-oper.
870,419
$177,581
$913,700
International Safety Razor Corp.- -Earnings—
1933
1936
1934
$66,367
$95,733
70,944
76,514
104,896
$176,511
115,957
$10,678
loss$l0,147
loss$9,162
$60,554
$10,678
17,610
Sell., gen. & adm. exp..
1935
$81,622
Calendar Years—
Gross profit
loss$10,147
loss$9,162
20,155
$61,034
$354,816
Operating profit
480
Miscellaneous income
Balance, deficit..
-
Manhattan Division
Operations
1937—Month—1936
$867,786
$875,950
Operating expenses—956,322
825,751
Period End. Aug. 31—
Gross operating revenue
Net operating revenue def$88,536
Total income
1937—2 Jos.—1936
$1,735,914 $1,783,570
1,851,871
1,679,090
$50,199 def$115,956
$104,480
$9,924
7,732
6,975
13,139
$37,772
$7,472
2,465
3,770
White Plains Rd. Line
3,562
6,538
3.490
6,529
$9,976
7,508
7,127
13.077
$18,873
$18,799
$37,689
Other rent items
Earns, per sh. on 173,973
shs. B stock (no par).
of
net
oper.
Assets—
Accts. receivable.
—V.
145, p.
.
...
Property account
Good-will,
trade¬
marks, &c
Deferred charges
x
def $107,409
$31,400
def$153,646
$66,707
1904.
A bonus of $4,400,000 will
Employees—
be paid to the company's 65,000 employees
in the United States and Canada early in November, Sydney G. McAllister,
informed employees on Sept. 19.
The extra compensation
covers the company's fiscal year ending on Oct. 31, and disbusrement will
be made immediately after that date, he said.
Approval of the payment was voted by the directors on Sept. 16, Mr. Mc¬
Allister disclosed.
Mr. McAllister also said the directors appropriated
President,
$1,500.000 to the company's pension fund out of 1937 earnings.
Employees with one year's service will receive a bonus of one week's
Two year's service will be rewarded with two week's salary and
those with three or more years will receive three weeks' extra pay.—v. 145,
p. 1904.
salary.
Nil
1936
$33,029
13,074
34,338
101,267
Total
Liabilities—
1935
$13,156
$0.17
118,695
Federal tax reserve
y
$247,265
2,713
1,238
4,161
1.296
86,112
$338,834
144,189
1,662
$338,834
$247,265
Accts.
Surplus
144,354
1,329
1935
$327,392
Capital
payable and
sundry accruals.
12,767
1936
76,175
34,670
$26,850
$327,392
._
International Harvester Co.—Bonus to
$75,276
Nil
Balance Sheet Dec. 31
Inventories
revenue
$32,359
Nil
_
Cash
Balance
$29,318 prof$32,801
2,465
2,465
43,493
43,493
Class B dividends
Deficit
$4,938
3,841
$29,894
2,465
$9,937
Net loss
Class A dividends
Lines—
$5,001
18,526
1,220
Federal taxes
Rental of jointly operated
Queensboro Line..
Lexington Av. Line..
22.639
5.594
540
Depreciation
Total
depreciation of $192,995 in 1936 ($184,873
in 1935).
y Represented by class A stock, $2.40 cum. div. conv., no par
value: authorized and issued, 40,000 shares; less exchange for class B stock,
38,973 shares; outstanding, 1,027 shares.
Class B stock, no par value,
authorized, 175,000 shares; issued, 173,973.—V. 142, p. 1819.
x
After deducting reserve for
International Paper & Power
Co.—Listing and Regis¬
tration—
has admitted to listing and registration
to purchase common stock, $15 par, of the company at the price
The New York Curb Exchange
warrants
•
2078
Financial
of $25 per share, exercisable from Oct.
15,1937 to May 14,1942
(both dates
are subject to postponement if the
company shall not have been able prior
to Oct. 15, 1937, to complete registration under the Securities
Exchange
Act of 1933, as amended, of the common stock issuable
upon exercise of
the warrants.)—V. 145, p. 1904.
International
River
Plate
& Telegraph Co.— United
Debenture Offering
Made in
Co.
of
Argentina—
A
by Credito Industrial
Comercial Argentino
y
S.
on
Capitalization—Assuming exchange of all stock
1st mortgage
Sept. 23, also
(Western)
$5 cumulative preferredstock(no par).
Common stock
J)hone had entered into an underwritingin the last with the Argentineto the
agreement quarterly report bankng group, and which
discussed
Telephone & Telegraph Corp.'s stockholders, but also in¬
5,000,000 pesos of debentures which International Telephone &
Telegraph Corp. has agreed to purchase from United River Plate Tele-
(Interstate
Western
.
_
Bakeries Corp. and
Corp., Ltd.]
Subsidiaries Schuize
1936
Shareholders
Other deductions—net..
$275,785
172,954
1 5,516
142,888
$231,684
168,950
15,039
142,859
$166,773
16,253
94,784
Bond Interest
are
to meet on Oct.
Equities Corp.—V.
145, p.
Income
loss$55,574
loss$95.164
$40,059
$68,377
208,048
CV8.380
6,000
Wes.ern Bakeries
13 to consider absorption of the Ameri¬
Income from operations
1589.
Calendar Years—
1936
Operating profit
3,672
$1,059
mortgage loan
on
loss$303
270
3,672
loss$4,246
270
...
Net profit.
Cash
1935
$9,852
13,455
23,464
Inventories
25,022
2,960
Prepaid charges..
Acc:s. pay.
31,956
2,384
$18,103
Accts. receivable..
Sales
1936
& accr.
-
-
-
...
3,163
-
House property
(Totonto)
1,507
...........
337,512
336,453
income
tax
$84,223
Corp.:
(Total of Schulze and Western)
Income from operations
$591,365
Depreciation
324,611
Other deductions—net..
23,437
Bond & Mtge interest._
97,309
$19,114
$11,663 loss$159,8741oss$137,291
$12,867
$831,574
458,273
47,680
147,184
tax
289
$406,003
56,500
147,900
300,300
y
z
Common stock.
_
Capital deficit..
219,393
Total
$406,003
Net
depreciated values,
y Represented
by 10,000 no
Resulting from revaluation of fixed assets.—V. 143, p. 2375.
Schulze
to
250,000
148,707
219,393
$146,007
$178,436 loss$215,448 loss$232,455
provision made for proportion of income or loss applicable
Baking Co. minority stockholders' interests.
Balance Sheet
(per books)
Assets
par
as
shares,
Western
$244,797
plants, is forecast in the announcement Sept. 23 of a plan to merge into
one corporation
Interstate Bakeries Corp. and its subsidiaries, Schulze
Baking Co. and Western Bakeries Corp., Ltd.
The plan is revealed by
R. L. Nafziger, President of the two former companies.
Schulze Baking Co. of Kanass City operates bread plants there and iff
Grand Rapids, Peoria, Cincinnati, Omaha, Des Moines, Springfield, 111.,
24*,570
and two in Chicago.
37,714
3,112,255
Life insurance premiums
Deferred charges & sundry
1,523,783
and the
Salesmen's
security deposits
Baking
1st
mtge
2,228,200
2,434,618
228,364
133,720
Pro Forma Ba
ance
Shee'
91,741
159",505
$4,723,764
$5,972,006
Sept. 11, 1937 (new company)
Assets—
Liabilities—
Cash
$814,397
U. S. Treasury certificates
Notes & acc. rec., less res
306.967
Inventories...
528,501
59,000
Note payable to bank
$70,000
Real estate note
25.000
Accounts
30,787
.
Investments
Accrued bond interest
53,159
35,160
Life insurance
Prepaid ins. & taxes
383,184
98,565
4,124
Accrued domestic taxes
payable
Purchase money obligations..
186,061
Purch. money oblig. (not curr)
Salesmen's security deposits..
28,608
13,394
Reserve for contingencies
38,776
26,896
Res. for
Fixed assets, less depreciation.
4,536,037
Unexp. corp. llf ins. premiums
Deferred charges & sundry
Approval by holders of two-thirds of the preferred stock and a majority
is necessary for consummation of
94,312
adj. of processing taxes
254,449
6% 1st mtge bonds
2,228,200
Western Bakeries Corp.—5H %
real estate note
225,000
$5 cumulative—
plan, he said.
Preferred stock
in discussing the plan pointed out that its provisions were
fair and in the best interest of security holders.
Mr. Nafziger
Present Capitalization
Co. has outstanding: $2,228,200 first mortgage bonds
$1,391,500 7% preferred stock (accumulated dividends at
Oct. 1, 1937—$42 per share) and 208,332 shares ($5 par) common stock.
Of the latter, Interstate owns ail but 1,460 shares.
Schulze also owes
Interstate on notes and open account a total of $296,886 representing funds
advanced in the past for working capital.
Western Bakeries Corp., Ltd., has outstanding a $250,000 promissory
note secured by a real estate mortgage and payable serially 1938-1942;
and 38,093 shares common stock, the latter all owned by Interstate.
Interstate Bakeries Corp.'s principal assets are the common stocks of its
two subsidiaries, as above.
Its outstanding capitalization consists of:
36,721 shares of $6.50 preferred stock (accumulated dividends at Oct. 1,
1937—$39 per share) and 242,096 shares common stock (no par).
Inter¬
state has no funded debt but owes Western $141,220.
Total
x
1945;
Outline
of Plan
he difficulties outlined above, the directors of the three
corporations believe it essential to accomplish immediately the consolidation
of the properties into one corporation wit> resultant (a) elimination of taxes
on inter-company dividends, (b) elimination of existing inter-company debt
(c) adequate working capital and (d) a capitalization which will permit the
payment of dividends as earnings justify, thus eliminating the probability
of large undistributed profits taxes to the Federal Government.
Stockholders of Schulze Baking Co. and Interstate Bakeries Corp. will
be asked to approve
the following:
Merger of the properties of Interstate Bakeries Corp., Schultze Baking
Co. and Western Bakeries Corp. into one operating corporation.
Elimination of present inter-company debt.
$5 dividend cumulative preferred stock and common
stock of the consolidated company sufficient to effect the following ex¬
new
*708,904
Common stock (par $1)
Surplus
Schulze Baking
4,913,715
1,050,171
3,809,300
222,606
24,666
$6,007,099
Total.
Byllesby & Co. and Spencer Trask & Co., who participated in the
of the Schulze
preferred, 32% of the Interstate preferred, and 61 % of Interstate common.
changes:
Drl41,221
Reduction surplus
Earned surplus
H. M.
a
77,962
225,000
Co.—6%
Capital stock
Capital surplus
undistributed profits."
his letter explained that directors had given careful
detail of the plan and had, in his opinion, devised
2>218,925
Dr77,962
141,221
218,925
bonds
distribution of the securities involved, amounted to 6H%
Issuance of
17,000
115,699
real estate note
Schulze
the best interests of all security holders.
He added
holdings, those of their families and affiliations, including
solution of
3,900
27",265
•33,784
138,750
Note payable
that worked to
a
43,525
4,124
138,635
28,607
53,224
Open account
Due Western Bakeries Corp., Ltd..
Western Bakeries Corp., Ltd.
5j^%
consideration to every
As
382
98,564
.
Reserve for contingencies
Reserve for adj. of processing taxes..
Interstate Bakeries Corp.—
company debt, adequate working capital, and creation of a capital structure
which would permit dividend payments as earnings justify and avoidance
in
193.182
$189,620
_
Due
time, according to Mr. Nafziger, is the fact that the Federal Government
no longer permits consolidated tax returns, making the holding company
in its taxable return 15% of the dividends received from sub¬
sidiaries.
Another reason is the fact that Schulze, with a growing sales
volume and good prospects for the future, needs additional working capital
which Western could supply immediately were it not for the fact that the
funds must first go to the holding unit, Interstate, and then be loaned to
Schulze.
This means that no dividends could be paid on Schulze preferred
until this loan and others were repaid.
The third reason, he added, is
the heavy surtax on undistributed profits which the units would have
to pay, despite the fact that any dividends on Schulze stock would be
postponed from three to five years.
"These facts make a merger and reorganization highly advisable today,"
Mr. Nafziger said.
"Consolidation into one corporation would mean
elimination of taxes on inter-company dividends, elimination of inter¬
due
$5,972,006
5,312
$70,000.
25,000
Accounts payable
Purchase money instal. obligations
include
the common stock of each company
$4,723,764
Accrued bond interest
Ac. dom. tax., esti. inc. & em pi. taxes
Purchase money obli. (not current)..
consequent reorganization entailed.
One of the immediate results of the
plan is expected to be a dividend payment this year.
As stated in the
letter to stockholders, directors of the new company will declare an initial
dividend of $1.25 per share on the new preferred to be created if the plan
can be consummated in ample time for stockholders to receive the dividend
before the end of the year.
One reason making the merger and reorganization advantageous at this
that directors'
Cr445,570
$6,007,099
Total
operated in
merger
4 ,893
2,109,702
Liabilities—
Santa Barbara, Long Beach,
The "Dolly Madison" cake
are
"
8,500
16,153
2,143,346
5",431
v
Goodwill
Western Bakeries Corp., Ltd., of Los Angeles operates three plants in
plants, the specialty divisions of the two organizations,
Chicago, Cincinnati, Kansas City, and Hollywood, Calif.
Directors of the three corporations have approved the
21,669
6,383",295
550
Note payable to bank.
Real estate note
that city and others in San Diego, Glendale,
Santa Ana, San Bernardino and El Centro.
$2,407
59,000
176,018
186,820
9,118
28,589
341,681
Prepaid insurance & taxes
Investments (less reserve)
Fixed assets, less depreciation
Intetstate
$571,886
130",950
...
Corp.—Merger and Recapitalization
11, 1937
of Sept.
Schulze
U.S. treasury certificates
Notes & accounts receivable, less res.
Merchandise inventories
Life insurance
$399,831
Creation of another large unit in the bakery industry to rank fifth in
size in the country, with total sales of more than $16,000,000 and 25
of heavy surtax on
Mr. Nafziger in
$300,061
376,998
6,659
148,859
383,563
CY1.159
148,888
income tax
Note—No
147,900
300,300
250,000
148,707
$399,831
Interstate Bakeries
$315,844
Income before Federal
365
56,500
Mortgage loan
Pref. stock class A
Cash
Total
Crl6,676
6,000
charges
Deficit....
bldgs.,
mach. & equip..
210,609
25,882
5,342
Income before Federal
1935
Pref. stock class B
Investments
R'l est.,
Liabilities—
204,940
Interstate Bakeries
Balance Sheet Dec. 31
1936
Assets—
$247,827
1935
$5,001
Executive salaries
tax
$61,784
Corp., Ltd.:
$224,112
Depreciation
130,180
Other deductions—net..
7,184
Mortgage interest
2,525
Acquisition—
Interprovincial Brick Co., Ltd.- -Earnings—
or
1934
1935
$583,746
253,334
21,798
141,841
Income before Federal
International Utilities Corp.—To Vote on
the
and
Co.
Baking
-Fiscal Years Ended-
Sept. 11, 1937
Baking Company.
operations
$367,252
Depreciation.
194,431
1743.
one
250,000
70,890.4shs
307,377
shs
Bakeries
Income from
International's indebtedness to New York banks and to the fund for the
retirement of the corporation's
debentures, due Jan. 1, 1939.—V. 145,
z
closed
Schulze
Proceeds of this financing, which is part of the financial operation
by
United River Plate Telephone for liquidating its floating indebtedness to
International Telephone & Telegraph Corp., will be devoted to
reducing
x
Outstanding
$2,228,200
71,000shs
400,000shs
_
36 Weeks End
Ehone Co.Brown Harriman, Inc., assisted in bringing about this Harriman,
and which is under option to the same group. Brown financing.
td. and
x
closed
Condensed Statement of Operating Income and Expense
was
International
cludes
Interest
6% bonds due 1945 (Schulze)
5}4 % note due 1938-1942
Real estate mortgage
The two combined offerings in the Argentine will include not
only the
pesos of 5H% debentures for which United River Plate Tele-
can
above, the capital¬
Authorized
55,000,000
p.
as
ization of the consolidated company will be as follows:
A.,
and by Bracht & Cia., last week offered in Buenos Aires
30,000,000 pesos
of United River Plate Telephone Co.
25-year 5}4% debentures at 94.
A
further 30,000,000 pesos of identical bonds was offered
at 94.
Sept. 25, 1937
common stock of the consolidated
company.
All treasury and inter-company holdings will be conceited.
New
headed
group
J
(1) For each share Schulze Baking Co. preferred stock 1 2-5 shares of
$5 preferred stock and 2 shares common stock of the consolidated company.
(2) For each share Interstate Bakeries Corp preferred stock 1 2-5 shares
of $5 preferred stock and 1 share common stock or the consolidated
company.
(3) For each 2 shares Schulze Baking Co. common stock owned by the
public 1 share of common stock of the consolidated company.
(4) For each share of Interstate Bakeries Corp. common stock 1 share
Telephone
Telephone
V»-
Chronicle
$6,404,298
Total liab., cap. & surplus
70,890 (no par) share at stated value of $708,904.—V.
Interstate
Department
6 Mos. End. July 31—
Sales
Stores,
1937
Inc.
(&
307,377
1,751,737
$6,404,298
144, p. 1283
Subs.) —
/•' 1935
1936
1934
$12,842,365 $11,188,118 $11,233,84:
Net profit after deprec.,
Fed. income taxes and
other charges
Shares
common
Earnings
per
y$268,508
stock
share
'
'
301,378
$0.60
[y309,310
12,455
xl28,498
219,592
219,592
Nil
219,592
Nil
$1.01
Before Federal taxes,
y Before provision for Federal surtaxes on un¬
distributed profits.—V. 145, p. 1743.
I
x
Investment Foundation, Ltd.—Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account
of accumulations on the 6% cum. conv. pref. stock, par $50, payable
Oct. 15 to holders of record Sept. 30.
Accumulations as of Sept. 30, 1937
amount
to
$6.75 per share.
Previous dividend distributions were as
75 cents on July 15, April 15 and Jan. 15, last; $2.50 during 1936,
$2.25 during 1935. and $2 per share during 1934 and 1933.—V. 144, p. 4182.
follows:
Investors Fund
C, Inc.—Registers with SEC—
See list given on first page of
this department.—V. 145, p. 116.
Iowa Electric Light & Power Co.-—Accumulated Divs.—
The
directors have declared
87 H cents per share
dividends
on
account
of accumulations of
on the 7% cum. pref. stock, series A; 81M cents per
6H % cum. pref. stock, series B. and 75 cents per share on the
6% cum. pref. stock, series C, all of $100 par value, and all payable Oct. 20
to holders of record Sept. 30.
Similar distributions were made in,each of
share on the
Volume 145
Financial
Chronicle
the'nine preceding quarters, on March 20,1935; and on Dec. 20 and June 15,
1934, prior to which no dividends had been paid since June 30, 1932, when
regular quarterly distributions of $1.75 per share on the 7% pref., $1.62^
per share on the 63^% pref. and $1.50 per share on the 6% pref. stock were
made.—V. 144, p. 4349.
Italian Superpower
r
Period End. June 30—
Income, divs. and int
Expenses
Taxes,
incl.
...
$193,010
31,060
on
8,983
9,440
40,863
838
ance
due
$52,217
Interest paid and accr.
on debentures
Profit
157,560
$362,435
$314,340
$2,108,595
$2,114,602
debentures
Kellogg Switchboard & Supply Co.—Larger Dividend—
630,240
630,331
ac¬
30,496
common
declared value)
Cash
.29,248,540 29,285,285
y2,692,293
1,933,014
.
An initial
an
interim dividend of 30 cents per share on
common stock, payable Oct.
15 to holders of record
initial dividend of like amount was
paid on July 15, last.
At a recent special stockholders'
Sept.
30.
An
meeting, the board of directors was
increased from six to nine and the following new directors were elected:
Wilbur C. Cook, P. Lyndon Dodge and
Roger F. Hooper.—V. 145, p. 612.
1936
1937
1936
$
$
Liabilities—
$
1906.
stock, payable Sept. 29 to holders of record Sept. 23.
was paid on Sept. 25 last.—V. 144, p. 941.
The directors have declared
Consolidated Balance Sheet June 30
•
stock.—V. 145, p.
the
Corp., which have not been included in income.
$
common
Kennedy's, Inc.—Interim Dividend—Directorate Increased
subsidiary.
Inveetm'ts (cost or
the
dividend of $1.25
Note—No provision has been made in the above statement for possible
U. S. income tax on earnings and surtax on undistributed profits
both resulting from receipts of lire dividends and interest by Italian Super¬
1937
on
Kelvinatorof Canada, Ltd.-—Interim Common Dividend
^fhe directors have declared an interim"dividend of $1 per share on the
......
normal
Assets—
dividend of 40 cents per share on the com¬
being the
initial distribution
Net loss for period.._
$105,344
$169,505
$526,167prof$221,249
x Not
including interest paid and accrued on debentures held by wholly-
power
a
stock, no par value, payable Oct. 31 to holders of record Oct. 11.
This compares with 15 cents paid in each of the three
preceding quarters,
and 10 cents paid on Oct. 31 and on
July 31, 1936, this latter
$526,167prof$175,512
15,241
quired and retired
owned
$2,643,050
462,729
65,718
mon
$805,843
157,560
$169,505
!
sale of securities
on
$2,558,136
398,230
51,310
The directors have declared
$104,073
loss$l 1,945
$105,344
_
on
$398,584
74,515
9,728
16,176
TV**/;
Balance
Profit
$419,923
48,921
8,567
devalua¬
to
tion of lira
x
$3,350,050
707,000
Note—Railway tax accruals for 1937 includes charge for Federal tax on
undistributed surplus.—V. 145, p. 1262.
lire bal¬
on
$3,350,136
792.000
Net ry. oper. income.
554
14,686
foreign exchange
Prov. for loss
$505,084
106,500
124,081
530
$507,923
88,000
Railway oper. income.
Equip; rents (net)—Dr.
Jt. fac. rents (net)—Dr.
$987,577
42,413
pro v.
'
oper. expenses.
Net rev. fromry. oper.
$l",975
1937—8 Mos.—1936
$9,320,744
$8,861,089
5,970,608
5,511,039
1937—Month—1936
$1,280,541
$1,246,777
772,618
741,693
oper. revenues.
Railway tax accruals
1937—12 Mos.—1936
$64,337
3,137
for
^ normal U. S. inc. and
capital stock taxei
Interest paid
Loss
Period End. Aug. 31—
Railway
Railway
(& Subs.)—Earnings—
Corp.
1937—3 Mos.- -1936
2079
Kansas City Southern Ry.--—Earnings—
Ken-Rad Tube & Lamp
6% debs, due 1963.10,504,000 10,504,000
x Cap. & surplus..14,298,732
15,561,963
Corp.—Earnings—
Calendar Years—
315,120
dl936
cl935
cl934
Deb.
b$659.084
b$254,743
174,250
31,020
$284,378
28,731
$484,835
Acer. Int. on debs.
v
due,
coupon
315,120
a
Other deductions.
but not presented
for payment
372
not converted..
2,140,329
3,911,418
for
divs.
Total...
Total.........31,940,834 31.218,299
982
on
pref. stock
$255,647
514",695
259",048
$738,417
$514,695
$1.49
$1.70
Crl5,210
Surplus beginning of
Dividends paid
839,470
4,656,450
Res.
$223,723
738,417
112,500
Surplus end of year
$1,125,963
Earns, per sh. on 150,000 shares of
class A stock
$3.23
7,020
78,326
7,560
18,270
Accrued taxes
Accounts payable.
Lire dlvs.& int. rec.
year.
a Net
figures after deducting other income,
b After provision for de¬
preciation of $115,235 in 1936 and $101,920 in 1935.
c Including sub¬
sidiaries.
d The accounts of the subsidiaries were consolidated with the
31,940,834 31,218.299
Represented by 124,172 no-par shares $6 cum. pref. stock, 970,015 noshares common stock class A and 150,000 no-par class B common stock.
Of which $490,491 on deposit in United States and $2,201,802 on deposit
in Italy—subject to exchange restrictions.
There are outstanding option warrants, series of 1929, to purchase
59,985 shares of the common stock, class A, as such stock may be consti¬
tuted at the time of purchase, at any time up to and including Jan. 1/1938,
at a price of $20 a share, on which last-named date the rights to purchase
represented by such option warrants, series of 1929, expire.—V. 144, p.
x
corporation's
par
of
as
July 31, 1936.
y
3841.
Balance Sheet Dec. 31
Assess—
U. S.
&
mktble
at cost and
Calendar Years—
1936
854,913
628,739
52,436
46,859
employees..
Prepaid expenses.
Other
buildings
equipment-
$451,654
53,437
55,455
$505,381
390,000
120,000
$4.21
$342,762
239,800
120,000
$2.85
1
48.543
Marketable
a
Assets—
x
Properties
309,072
4,747
Accr'd liabilities..
226,654
23,253
20,226
Res. for for'n exch
1,500,000
163,865
1,5~00"666
520,070
406,722
202,366
c
848,947
588,476
Cash surrender val.
of life Insurance-
69,694
17,157
Prop., pl't &
surplus
183,240
18,405
Total
163,865
Total
61,101
$20,365
& Refining Co..
Capital stock...
Capital surplus...
x
574,399
1,562,886
559,789
1,194,805
106,298
$2,626,047
$1,518,6751
Deficit
17,031
Total
320,537
$2,626,047 $1,518,675
17,116
5,227
Kresge Department Stores, Inc.—Initial Pref. Dividend
The company, announced that the regular quarterly dividend of $1
per
share, for the period from July 1, 1937, to Sept. 30, 1937, inclusive, was
declared on the new 4 % cumulative convertible first preferred stock,
payable
on Oct. 9, to holders of record Sept. 30.
The time within which holders of the 8% cumulative preferred stock may
exchange their stock for the new 4% cumulative convertible first preferred
stock and common stock, in accordance with the plan for the
rearrange¬
ment of the capitalization of the company, has been extended to Jan.
1,
25,181
Total
$2,554,336 $2,240,377
—V. 143, p. 4004.
1938.
Johnson Publishing Co.—Accumulated Dividend—
The directors have declared a dividend of $2 per share on the
8%
Exchange Time Extended—
cum.
The company has notified the New York Stock Exchange that the time
within which 8% preferred stock may be exchanged for new
4% cumula¬
Eref. stock, par $100, payable on account was accumulations 1, April 11, to
olders of record Sept. 18.
Like payment of made on July on Oct.
and
Jan. 2, last, and on Oct. 1,1936.
will amount to $16 per
Justrite Mfg.
Accumulations after the
share.—V. 144, p. 4349.
tive convertible preferred stock and common stock has been extended to
current dividend
Jan.
Co.—Earnings—
Kansas City Public Service
Total oper. expenses
Net oper. revenue
Taxes
Operating income
Non-operating income..
Gross income
funded debt.
deductions
depreciation
$80,164
28,337
$31,787
$51,827
799
861
$1,117,372
10,669
$1,513,277
296.254
$1,217,023
22,599
$32,586
41,296
5,429
72.089
$52,688
31,949
5,178
70,965
$1,128,041
453,494
78,566
859,305
$1,239,622
384,382
88,491
857,635
$86,228
$55,404
$263,323
$90,886
1935
$1,599,529
32,149
Net sales (beer)
Beverage taxes
1937—12 Mos.—1936
$6,781,936
$6,585,828
5,305,350
5,072,550
$1,476,585
359,213
1936
$1,668,450
$1,668,450
660,108
$1,567,380
634,608
$1,008,342
565,152
$932,771
589,925
$443,189
11,490
$342,846
10,881
$454,679
367,767
23,248
Cr 18,688
37,615
15,147
$353,727
334,703
18,693
Cr 17,772
41,261
Returns
Balance
Cost of sales (beer)
.
Gross
-----
profit (beer)
Gross profit on sales of soda, ice, gas and sundries
Gross profit all
divisions
Shipping, selling and administrative
expenses
Provision for doubtful notes and accounts
Other income
Other deductions
-
Extraordinary deductions
x
Net deficit
—Y. 145, p. 1262.
1589.
Calendar Years—
$15,955
Co.—Earnings—
1937—Month—1936
$516,592
$508,773
451,953
427,608
$64,638
32,852
1938.—V. 145, p.
Sales (beer)
and allowances
Earnings for 4 Months Ended April 30, 1937
profit after all charges, incl. Fed. surtax on undistrib. profits
—V.144, p. 4349.
Period End. Aug. 31—
Total oper. revenue
1.
Kingsbury Breweries Co.—Earnings—
Net
Total
1935
$35,270
947,997
$2,554,336 $2,240,377
on
31,236
1,635
177,057
1936
Accounts payable.
Due Amer. Smelt'g
x After reserve for depletion and
depreciation of $127,193 in 1936 and
$63,596 in 1935.—V. 143, p. 1884.
a After
reserve for doubtful notes and accounts receivable of
$11,500
in 1936 and $11,494 in 1935.
b After reserve for depreciation of $400,740
in 1936 and $418,729 in 1935.
c Represented by 120,000 no par shares.
Interest
Liabilities—
1935
941,098
29,124
eq.
Deferred charges._
Other
1935
$17,031
4,600
In vestments
b
Capital surplus...
Earned
Other curr. assets.
1936
$90,702
42
Common stock..
1,491
Warehouse suppl's
Ore on hand
110,877
ma¬
terials & supplies
1936
$2,401,190 $1,292,225
21,720
16,523
Smelting &
Refining Co
Sundry accts. rec.
$38,686
Notes and accts.
recelv. (trade)
Subs.)—Earnings—
Consolidated Balance Sheet Dec. 31
1935
$120,450
Other curr. liab...
sees.,
Inventories of
,1936
Accounts payable.
..$2,375,652 $1,865,522
Calendar Years—
Net loss afer taxes, depletion, depreciatiom, &c..
Amer.
Liabilities—
$388,166
Total
for depreciation of
Kildun Mining Corp. (&
46.973
Consolidated Balance Sheet Dec. 31
1935
1
reserve
reserve
Cash.
1936
2
for possible losses of $9,067 in 1936 and $24,277 in 1935.
$727,695 in 1936 and $613,133 in 1935.
c Represented
by 150,000 shares class A and 25,000 shares class B stock,
both no par.
d Consolidated.—Y. 144, p. 3506.
$303,924
179,700
199,800
$2.53
$333,642
1,000
5
2
...$2,375,652 $1,865,522'
After
a
$399,440
112.512
Assets—
626,662
5
Total
b After
$683,025
65,132
Cash
637,380
(cost
Goodwill
99,827
Income deductions-
stk. outstanding, no par.
6,949
Land,
and
$370,412
29,029
Dividends paid
475
6,750
Patents
341,001
$409,629
42,025
Earned per share
2,233
16,291
investments
b
1,044
$811,240
Other income.
Net income
officers
1222.500)
$608,705
74,320
Provision for taxes
from
and
1934
738,417
142,201
Licenses
$917,680
403.383
104,668
.
$75,934
176,169
875,000
1,125,962
Common stock.
223,941
Inventories at cost
1935
$1,231,899
512,021
111,173
dl935
875,000
expenses.
Surplus
184,396
454,461
Due
Subs.)—Earnings—
1936
$16,854
357,835
c
Cash val. life insur
Jacksonville & Havana RR.—Abandonment—
com.
Liabilities—
Accounts payableAccrued
$187,451
accrued interest,
The Interstate Commerce Commission on Sept. 3 issued a certificate
permitting abandonment by Elmer Nafziger, receiver as to interstate and
foreign commerce, of the entire line of railroad of that company extending
from Havana to Jacksonville, approximately 41.78 miles, and abandon¬
ment of operation under trackage rights over a line of the Chicago Burling¬
ton & Quincy RR., in Mason, Cass, and Morgan counties, 111—V. 145,
p. 1743.
Shs. of
other
sees,
a
Sell., gen. & administrative expenses.
Depreciation
dl935
$167,972
Govt, bonds
Accts. receivable
w*
Jefferson Electric Co. (&
1936
Cash.
Net income
x
After
$29,591
loss$23.158
providing for depreciation amounting to $63,799 in 1935 and
$66,107 in 1936.
—
Financial
2080
Balance Sheet June 30
Balance Sheet Dec. 31
1935
$28,409
Notes
C314.247
259,484
Accts.
86,006
78.627
17,517
Accts. receivable
a
12,999
Inventories
Rev. stamps
State)
Notes and other
accts. receivable
Est. legal fees,
Accts. pay.
96.403
101,145
period
91,975
175,262
226.993
52,638
22,901
3,369
3,369
Kegs
_
_
16.806
Supplies on hand..
359,625
212,322
304,105
3,194,282
ing companies..
reserve fund
848,896
848,896
646,924
597,545
Sundry assets and
prepaid expenses
213,754
11,656.836
Total
250,000
300,000
3.000
295,000
3,000
414.983
97,064
15.339,954'
x After deducting $5,796,304 reserve for
835 in 1936.—V. 144, p. 3179.
Lake St. John Power
Federal income
before prov.
profits
20,000 common shares
$63,410 loss$35,514
Nil
$1.66
Barns per share on
—V. 143, p. 1884.
$405,823
210,370
306,215
183,430
72,873
$305,945
196,665
306,215
183,430
38,123
x$271,983
273,209
144.627
Postponed interest
Prov. for Fed. & Prov.
income after oper. expenses,
x$367.066
x$418.488
22,000
taxes
$103,001
Profit
Indicates loss.
x
31
Balance Sheet Dec.
Co.—Earnings—
Kirby Petroleum
1936
income
Gross
field
41,612
expense
Exploratory
$425,659
38,287
expense
Direct
General
58.759
91,807
2,554
74,484
90,902
Accts. & bills rec._
3,668
50.879
43.092
18.303
Inventories
Depletion on cost
$26,733
$5,234
Notes receivable.
_
39,685
45,095
293
receivable-
(cost)
rec.
holds, &c
Inventories—oil
Capital
and
1,008
1,176,128
.
assets
Prepaid
1,115
1,232,090
_
de¬
2,000
.
Capital stock
5*534
500,000
710,533
Calendar
Operating
2,513,984
expenses..—
1935
1934
$2,912,804
2,417,436
$3,025,547
$495,368
$156,518
1,814
8,674
1,641
5,011
$505,856
$847,391
$163,170
139,843
47,387
"
17,137
9*559
$1,174,971
Miscellaneous income
$856,950
186,782
-
_.
2,869.029
Total income
204,815
Depreciation
189,163
208,080
33,230
27,813
Prov. for Fed. inc.dax__
State taxes
I
Rents
Sr
Real
estate
taxes._J
taxes J
Int. on notes & loads
3lT,275
__
y$43,612
164,607
$0.26
$1,539
165,276
$0.01
166,002
$0.86
208,241
75,510
$328,732
212,543
75,633
x$220,519
x$129,061
$40,555
Condensed Consolidated Balance
1935
585,854
Notes
176,235
190,585
debt.
43,150
43,150
1,041,354 Accrued accounts.
Note pay. sec. by
77,578
39,348
640,000
700.000
Inventories
1936
$144,300
131,730
42,898
$126,276
130,686
41,775
71,595
81,006
Investments
1,395,917
Inventory
53,937
4,293,433
4,639,351
17,825
notes
20,806
loss$24,060
163,612
Nil
Sec. dep. by tenants
6,837
security
as
Deferred charges.
_
co.
x
...$6,234,906 $4,364,331
Represented by shares of $1 par
Kroger Grocery & Baking
$
17,952,438
Sales
$6,509,680 $6,204,806
Total
x
Represented by 277,862 no par
x
Common
Lake Shore Mines,
Bullion
production.
Interest.
Total income
9,005
90,000
4,116,967
stock..
166,002
2.71L047
164,607
967,096
720,710
$6,234,906 $4,364,331
Total..r
value.—V. 144, p. 4349.
Co.—Sales—
$
18,083,501
1937—36 Wks.—1936
$
$
172,732,250 163,122,074
4,217
4,172
$15,752,063 $16,531,275 $14,736,515 $16,145,552
4,161,344
4,810,516
97,056
4,483,326
92,377
97,720
82,341
297,956
1,627,316
257,289
1,691,014
877,551
819,663
936.499
$8,301,056
12,000,000
$9,675,401
8,000,000
Balance, surplus.-_def$3,698,944
Shs.cap.stk.out.(par $1)
2,000,000
Earnings per share
$4.16
$1,675,401
2,000,000
$4.84
Prov. for
5,433,357
depr. on bldgs.,
structure &
equipment
Provision for taxes
Profit for period
Dividends and bonuses.
Common stock..
3,715.796
49.651
1,040,025
$8,237,891 $10,145,705
8,000,000
6,000,000
$237,891
2,000,000
$4.11
$4,145,705
2,000,000
$5.07
74,192 defl71,009
Dr78,069
Dr78,069
$6,509,680 $6,204,806
Total
shares.—V. 145, p. 767.
United Bakeries,
Langendorf
The directors have declared a
of accumulations
Oct.
15 to
Inc.—50-Cent Class A
June 19, last,
when
a
ments
on
dividend of 50 cents per share on account
stock, no par value, payable
30.
A similar paymentwas made on
the $2 cum. class A
holders of record Sept.
this latter being the first dividend paid since Jan. 15, 1935
share was distributed. These 25-cent pay¬
since Oct. 15, 1932 and prior to then
dividend of 25 cents per
had
been made quarterly
regular quarterly
V, 145, p. 612.
dividends of
50 cents per share were
distributed.—
v
Supreme Court Justice
Co.—Reorg. Managers Appointed—
Alfred Frankenthaler set in
motion the machinery
the company by an order filed Sept. 14, in which he ap¬
pointed Charles G. Edwards, President of Central Savings Bank, William
E. Russell, a trustee of series C-2 of New York Title & Mortgage Co., and
P. Walker Morrison, Vice-President of Cruikshank Co., to act as reorganiza¬
tion managers on behalf of creditors of the company, and appointed Richard
M. Hurd, Chairman of the Board of Lawyers Mortgage Guarantee Corp.,
nominated under the terms of the plan by the stockholders' committee,
as reorganization manager to represent the stockholders.
Lawyers Mortgage Co. was put into rehabilitation by the Superintendent
of Insurance in August, 1933, with $350,000,000 in guarantees outstanding.
The plan of reorganization submitted by Referee James A. Martin, which
was approved in its entirety in an opinion handed down by Judge Franken¬
thaler on July 17, provided for the designation of four reorganization man¬
agers who were to be charged with the duty of obtaining assents to the plan
and of supervising the various steps necessary to its consummation.
Of
these four reorganization managers, three are to represent creditors and one
is to represent stockholders.—V. 145, p. 284.
for reorganizing
Leath & Co.
Ltd.— -Earnings—
1934
1935
1936
1937
$15,692,653 $16,361,530 $14,578,936 $16,009,815
135,736
169,746
157,579
59,410
Operating expenses
Administration expenses
3,715,796
189,720
Dividend—
Lawyers Mortgage
10,661
pref. 6tk.
operation
145, p. 1424.
Years End. June 30—
34,334
Bond & mtge. pay.
Stores in
—V.
432,052
deposits
1937—4 W/fcs.—1936
Period End. Sept. 11—
442,454
32,000
Surplus
Total.
9,402
21,996
5,161
due
security
Subs.
92,452
35,535
Rent payable
as
2,000
3,943,860
37,102
5,761,757
63,190
$56,252
116,714
99,289
after one year..
on
leasehold
156,264
and
Fed.
Tenants'
Treas. stk. pledged
1935
$109,235
payable.
Notes payable,
3,005
8,030
3,185
Fixed assets
for
950,800
losses. &c
Treasury stock...
1936
Accruals
Res.
12.600
386,000
950,800
6% bds.
anticipated
1st mtge.
Res. for
7% pref. stock
Notes payable
Accounts
9,450
375,000
Land contract pay.
Land, bldgs., ma¬
chinery,
equip¬
x
Tenants' prepay'ts
and
receivable
accts.
mtge. & coll
30,544
andinvestm'ts..
165,274
State taxes
other sub. cos..
long-term
389,880
661,709
receivable
110,171
Liabilities—
Inv. in & advs. to
Other
payable.
Res. for contlng...
Exclusive of net losses sustained by subsidiaries not consolidated,
properties are involved in default of bond and mortgage term or
rentals.
Such losses amounted to $125,543 in 1936 and $209,460
in 1935, for which Knott Corp. is not considered accountable.
Consolidated Balance Sheet Dec. 31
Assets—
payable
Pays, due curr. on
ment, &c
y
Cash
1935
360,524
accounts
&
1936
$341,258
Notes
Accounts
10,318
securs
Sheet Dec. 31
Liabilities—
1936
$73,560
Assets—
Prepaid expenses..
whose
1935
1933
1934
$154,691
lease
Accts. receivable..
-Earnings—
1935
$96,275
249,435
67,359
Surplus
y$143,946
Profit for year
S hs. com .stk. out. ($ 1 par)
Earnings per share
y
(& Subs.)
31", 193
325,573
Interest on mortgages..
Miscellaneous
146,486
41,674
4,095
5,423
16,104
7,581
5,675
296,382
107,746
161,792
17,987
17,971
6,392
off..
14,667,130 16,309,053
Arising from reorganization.
Total
$628,449
304,828
83,013
20,100
Mlscell. receivables
Bad accts. written
m+ummrnrn
$220,508
Cash
Market,
earned
10,579
mm
Indicates loss.
1933
53,123.410
2,276,019
$1,157,834
Operating income..
Interest
mm
103.001
$1,460,469 $1,269,182
Total.....
(& Subs.)—Earnings—
1936
$3,671,819
m*>mm
483,841
175,000
Capital surplus.
1936
Years—
Operating profit
Allow, for depreciation. _
Other charges, incl. int..
x
Knott Corp.
75~66O
1,527.336
16,309,0531
Lamson & Sessions Co.
"
158,007
500,000
667,964
credits.
Net profit
Calendar Years—
156.352
1,777.030
536,211
Represented by 100,000 no par shares,
2133.
x
11,775
3,257
52,338
Deferred
14.667,130
Total
1884.
Gross earns, from oper
22.000
taxes
Contlng. reserve..
Earned surplus
Prov. for Fed. inc. tax..
-V. 143, p.
1,265,323
......
....
-Y. 144, p.
20,072
19,396
Prov.
15,218
Deprec reserve
Depletion reserves
Deficit..
926
1,935
llab__
$1,460,469 $1,269,182
Total
1,983,155
562
Delaware
franch. tax pay.
Surplus
ferred charges..
96.640
243.634
Accrued liabilities-
accrued
1,000.000
173.802
y
Conditional
3,600.000
500.000
payable.
Interest accrued..
Prov. for Fed. &
Deferred liabilities
Fed. inc. tax pay.
158,007
123.753
18,019
Fed. cap. stock tax
lease¬
1,010.217
2,822.000
Common stock..
Accounts
1935
from
of
sales
Preferred stock
x
$20,457
—
4,544
25.000
1,027,527
Cash
571,957
Deferred charges..
19,270
25,000
1936
Accrued
receivable
Oil pay.
271,336
Debentures
$54,755
21,583
143
Bonds of other cos.
365,903
$
4,710.500
5,652.600
3,527.500
1,800.000
Bonds
payable...
Notes payable
Accts.
103
...
31
Liabilities—
1935
1936
Assets—
Accts.
$146,493
$97,8.14
Balance Sheet Dec.
Accts.
18,364
20.652
Depreciation on cost
profit.
148
Dep. to guarantee
contract'l obligs
of Old River properties
Lease abandoned
Cash
Cash in trust
100,658
expenses
Maintenance
Net
12,657,473 13,598,056
Fixed assets
1935
$
Liabilities-
$
$
Assets—
1936
1935
1936
1935
$472,676
Calendar Years—
1933
1934
1935
$537,578
219,078
306,215
183,430
100,838
$792,532
249,694
Operating profit
Depreciation.
Debenture interest
1936
1937
& Paper Co., Ltd.—Earnings-—
1936
Years End. Dec. 31—
Bond interest
Inc.—Earnings—
taxes, deprec. & other charges, but
for Federal surtax on undistributed
11,656,836 15,339,954
depreciation in 1937 and $5,508,
Total
391.013
Total
June 30—
6 Months Ended
859,666
1,183
589,515
In trans.
or
Insur.
$1,367,262 $1,320,797
a After allowance for losses,
b After allowance for depreciation, c In¬
cludes notes receivable.—V. 145, p. 283.
Net
2,348,736
597,545
646,924
6,905,080 10,393,674
Insurance reserve.
Profit and loss
Bullion product on
5%
Cap. stock ($1 par)
Capital surplus
Earned surplus
Kingsport Press,
2,104,832
Accounts
Shs. in other min¬
—_i.
178,752
-
sink, fund bonds
$1,367,262 $1,320,797
5,805
$
Capital stock
2,000,000
payable,
'
Including provi¬
2,000,000
sion for tax
'
15,000
of settlem't
Notes payable, due
proc.
1st mtge. conv.
Total
8,633,265
7,041
13,187
9,656
of rebrand. cases
after 1937
7,999,136
Bonds
217,448
Prov. for claims in
copyrights
796,905
Accts. receivable..
for est. cost
Prov.
764,051
Loans, secured
hand
appl. to
prior to
bankruptcy
100.768
and
Trademarks
140,137
119,578
Prov. for returns__
b Bottles & cases..
Bldgs., struc's &
equipment
Mln'g prop., dev.
$
Liabilities—
& organiz. exps.
24,000
13,664
472.436
$
x
Cash & bank bals.
77-
15,139
458,478
buildings.
mach'y & equip.
bNon-oper. prop'y
Deferred charges
58,117
&c.,
under
reorg.
re
b Land,
b
38,539
--
16.262
45.630
Prior yrs' Inc. taxes
(Fed.
and
a
Accruals
19.887
1936
1937
1936
$
$102,000
$32,867
payable
payable
1937
1935
1936
Liabilities—
1936
$56,227
Assets—
Cash
1937
25
Sept.
Chronicle
(& Subs.)—Earnings—
Consolidated Income Account for
the Year Ended Dec.
31, 1936
$2,451,188
Net sales
1,338,316
Cost of goods sold
Gross profit on
sales
Selling, general & admins, exps. incl. prov.
Net
.$1,112,873
for deprec. of $19,879983,977
profit from operations
——
Net profit before provision for Federal
Provision for normal Federal income tax
Provision for surtax on
Common dividends
income tax
undistributed profits - -
Balance carried to earned
Preferred dividends--
surplus
$128,895
144,904
Other income.--
$273,799
37,600
3,200
$232,999
61,905
74,761
Volume
Financial
145
2081
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
Other
582,855
and
accts.
Cust's
notes receivable-
Inventories
1936
4,281
24,006
17,120
12,750
properties
58,880
22,738
deposit
Accts. & notes
deposits._-
1936
463,356
Cash
& other taxes.—
73,275
65,372
Res. for unemploy.
Fixed assets
Other assets
1
1
68,017
2,204
Insurance
22,940
Good-will
65,435
Long-term oblige.
101,130
Capital stock
Capital surplus
y795,729
*769,916
197,173
199,562
227,283
130,950
reserve—
60,229
95,317
$1,495,917 $1,324,202
Total.
1,243,489
..
(other
Represented by 24,761 shares (after deducting 239 shares in treasury
$2,390) of preference stock, no par, and 88,288 shares of common
no par.
y Represented by 24.761 shares $2.50 cumulative preferred
stock, no par, and 149,522 shs. of common stock, no par.—V. 143, p. 4159.
at cost of
Lerner Stores Corp.—To
The directors have declared
to
an
Sales
9,812,164
6,318
20,048
9,289,497
9,812,164
Total
(Del.) (& Subs.)—Earns.
1937
1936
$10,360,360 $10,820,038
5,160,519
5,585.065
$5,199,841
289,345
$5,234,973
$5,489,185
1,200,000
37,000
$5,615,500
1,025,000
37,000
$4,252,185
1,063.844
155,980
75.000
19,961
$4,553,500
1,397,824
122,857
$2,937,400
Net oper. rev. & other inc.
$3,019,172
retire, res.)
$1,260,119
$4,422,102
164,034
reserve—
$3,808,851
55,397
152,364
380,527
(before approp. for
Amort, of contractual capital expenditures
Gross income
Interest charges (net)
Amort, of debt discount & expense....
Amortization of flood expense
Theatres, Ltd.—-Accumulated Div.—
the
41,684
Appropriation for retirement
56,719
The directors have declared
on
9.289,497
1,693,949
1
Net oper. rev. (before approp. for retire, res.)
1937—12 TYfcs.—1936
$1,424,323
Loew's London
,£84,736
Earned surplus...
57,149
Other income.
Ltd.—Earnings—
Net profit after deprec.,
income taxes, &c
—V. 145, p. 1425.
of accumulations
7,644
182,863
1,209,174
336,687
Operating revenues
Oper. expenses, maint. & taxes
Liquid Carbonic Corp.—Listing—
1937—4 TYfcs.—1936
108,592
1,210,120
315,326
accounts
12 Months Ended July 31—
The New York Stock Exchange has authorized the listing of $3,500,000
10-year 4% convertible sinking fund debentures due June 15, 1947 (see
offering in V. 145, p. 440).—V. 145. p. 1907.
Aug. 21—
12,901
Reserve for losses-
Louisville Gas & Electric Co.
dividend of 50 cents per share in
regular quarterly dividend of 50 cents per snare on the
common stock, no par value, both
payable Oct 15 to holders of record Oct. 5.
Similar payments were made on Jan. 15, 1937.—V. 145, p. 1745.
Loblaw Groceterias
1,438,670
53,017
from
rec.
Total
the
Period End.
1,459,250
52,346
in trust and
a After
deducting $606,589 for depreciation of buildings in 1936 and
$546,292 in 1935.
b After deducting $81,040 for depreciation in 1936 and
$71,846 in 1935.—V. 142, p. 960.
Pay Extra Dividend—
extra
3,144,445
Deferred charges..
Corp.—To Change Par Value—
Mtges. payable...
Divs. payable
ma¬
subs
*
Stockholders at a special meeting on Oct. 20 will consider changing par
value of company's capital stock from no par to $1 par, and reducing the
capital from $1.66 2-3 per share to $1 per share.—V. 145, p. 1906.
addition
2,909.213
6,852
Accts.
stock,
2,222,835
escrow
46,828
Furn., mill
chinery, &c
Invest, insubs
17,151
1,795,823
Restricted surplus-
136,828
125,811
subs.)
b
1,011
1,409
15,277
Notes payable
of
than
4,343,110
com¬
Accr. payrolls, &c_
Dep.
Unsold real estate
x
Lehman
1,481,074
$
$
4,318,450
missions payable
Stks. & bds. owned
$1,495,917 $1,324,202
—
24,914
115,334
and
Accts.
on
& Improvements
Total
3,132,105
rec.
sales contracts
101,011
General
Liabilities—
Capital stock
Mtges. tr. deeds &
20,000
-
Earned surplus
Prepayments
$
3,075,338
hand &
on
1935
1936
1935
$
Assets—
Oper. & lnv. real
a
Inc.
Res. for Fed.
514,824
-
1935
$41,064
44,148
Accounts payableAccruals
$124,241
701,480
_
$54,454
Liabilities—
1935
$134,037
ACcts. receivable.
Comparative Balance Sheet Dec. 31
a
....-
Other income deductions
13,647
dividend of 35 cents per share on account
Balance
7% cumulative preferred stock,
par $10, payable
A dividend of 17M cents was: paid on
Oct. 15 to holders of record Oct. 2.
Dec. 15, and 1936, dividends of 35 cents
per share were paid on May 30,
Divs.
pref. stock of Louisville Gas & Electric
on
Co. (Ky.)
1,354,920
1,354,920
$1,582,480
$1,664,252
-
1936. Dec. 10 and May 15. 1934.—V. 143, p. 3847.
Net income.
London Canadian Investment
Years End. Dec. 31—
1936
Income from investm'ts.
Bond int. arrears ctfs. &
Corp.—Earnings—
1935
$317,217
1934
b$268,924
Note—No
for Federal
1933
$287,076
657
5,328
5,485
$269,582
bl73,678
$292,403
a200,677
$247,109
a200,678
stock divs. taken into
expense and redemption premium and expense on bonds redeemed in 1936
which will result in no taxable income for that year.
During the period
Investments
at prices
ruling on date of receipt
'
Total
$317,217
170,595
Int. paid & accr. on debs.
Exchange
on corp.'s
2,022
1,355
'j.
loans & carrying
on
from Jan.
1, to Aug. 31, 1936, Louisville Gas & Electric Co. (Ky.) made
provision for Federal income taxes in the amount of $271,400 which was
over the period from Sept. 1, to Dec. 31, 1936.
During the period
from Jan. 1, to Nov. 30, 1936, that company also made provision for State
income taxes in the amount of $90,060 which was reversed during December,
1936.
No surtax on undistributed profits under the Revenue Act of 1936
reversed
de¬
benture interest
Int.
......
was incurred
by the other companies consolidated herein for 1936.
No
provision for surtax on undistributed profits during 1937 is included in the
above statement as it is estimated that no such surtax will be incurred by
the company or its subsidiary companies for the year 1937.—V. 145,
p. 1907.
'
charges
Management expenses..
Prov. & municipal taxes
Trustee,
registrar
and
transfer agents' fees__
12,933
21,573
1,156
17.405
19,042
652
649
645
1,506
1,744
1,534
2,070
1,655
1.922
2,141
3,015
——
......
1,529
16,167
7,903
3,966
Miscellaneous expenses.
Exchange paid
24,428
18,155
21,555
16,768
7
Louisville Gas & Electric Co.
on curren¬
cies other than Canad.
income taxes
f
23,831
8,750
9,596
7,000
Operating revenues.
Operating expenses, maintenance and taxes.
4,500
$73,106
d44,474
$37,251
$30,984
loss$17,826
352,107
244,135
2Y3~,l5l
212,128
$469,688
$352,107
$244,135
$213,151
Directors' fees
Net profit for yeari__
Securities received, &c__
Reserve not required
c70,721
a Includes interest of
$16,629 in 1934 and $4,508 in 1933 on corporation's
gold debentures, series A 4H%, 1948, repurchased during the year and
b
Includes $1,437
interest
on
corporation's debentures owned
by it.
Discount.on corporation's debentures purchased and canceled has
been credited to investment reserve,
c
Securities received in respect of
289,345
$5,281,147
339,025
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,511,024
Appropriation for retirement reserve
1,181,000
Amortization of contractual capital expenditures—
37,000
$5,620,172
1,006,000
37,000
Gross income
Assets—
1936
1935
$62,279
Cash
x
$18,508
Bonds & stks. at
Net income
Liabilities—
1936
1935
$14,216
$14,216
on sec. pur..
74,841
36.685
Accrued liabilitiesliabilities.
z6,575
625,000
3,791.000
3,791,000
Int.
Pay.
reserve
9,427,298
Accts. receivable.-
9,807,132
3,146
1,285
on
4^ %
accr. on
bonds
,
Demand loan (sec.)
Gold debentures..
13,227
18,445
Reserve
77,232
32,237
5% cum. pref. shs.
y Common shares
Revenue surplus..
securities sold..
469,688
for
tingencies
con¬
100,000
.....
.
Total
1,060
650,000
3,500,000
1,000,000
Rec. in respect of
$9,581,321 $9,879,469
Total
100,000
3,934.400
1,000,000
352,107
$9,581,321 $9,879,469
x On the, basis of market
quotations in the case of quoted securities and
of prices considered fair by the directors in the case of securities not
cur¬
rently quoted, the value of the securities owned by the corporation at the
close of the year 1936 was $8,268,626, and in 1935 was
$6,231,795.
resented
by 350,000
no par
y
Rep¬
shares.—V. 143, p. 1886.
(P.) Lorillard Co.—Obituary—
Benjamin L. Belt, President of this company died
p.1285.
1936
$769,009
81,063
1935
$514,092
85,630
and expense and redemption premium and expense on bonds redeemed
in 1936 which will result in no taxable income for that year.
Duringthe
period from Jan. 1 to Aug. 31, 1936, Louisville Gas & Electric Co. (Ky.)
made provision for Federal income taxes in the amount of $271,400, which
was reversed over the period from Sept.
1 to Dec. 31, 1936.
During the
period from Jan. 1 to Nov. 30, 1936, that company also made provision
for State income taxes in the amount of $90,060, which was reversed
during December, 1936.
No surtax on undistributed profits under the
Revenue Act of 1936 was incurred by the other companies consolidated
herein for 1936.
No provision for surtax on undistributed profits during
1937 is included in the above statement as it is estimated that no such
surtax will be incurred by the company or its subsidiary companies for the
Ludlum Steel
Earnings
1934
$468,082
95,179
1933
$518,969
123,985
$563,262
317,022
304.204
173.591
prof$80,346
$171,983
$231,555
$197,981
y39,258
126,415
777,754
653,876
Interest expense
Taxes..
per
share on 497,600 shares common stock
1,032,139
$2.07
—V. 145, P. 1590.
McCall Corp.—Dividend Reduced—
The directors have declared
a dividend of 37)^ cents per share on the
stock, payable Nov. 1 to holders of record Oct. 15.
Previously
quarterly dividends of 50 cents per share were distributed.
In
addition an extra dividend of 25 cents was paid on Dec. 15, 1936.—V. 145,
common
regular
1264.
.
McCord Radiator & Mfg. Co.—To Vote on Dividend Plan
$599,722
354,900
255,282
161,523
Operating expenses
$8,424,000
profit after all charges, including depreciation, Federal inc.
Sept. 15.—V. 144,
$850,072
364,337
240.499
164,890
revenues
Co.—Earnings-—
Earnings for 7 Months Ended July 31, 1937
Sales
Stockholders at a special meeting on Oct. 25 will consider a plan to issue
special stock in payment of accrued dividends on the class A stock, on
which accruals on Dec. 31 will be $19.50 a share.
Plans Stock Issue for Accruals—
The
from
Total
1937—V. 144, p. 2134, 1114; V. 143, p. 1563.
year
p.
on
Angeles Investment Co.—Earnings—
Interest revenue..
Note—No provision was made by Louisville Gas & Electric Co. (Ky.)
Federal or State income taxes or for surtax on undistributed profits
taxes, but excl. of allowance for surtax on undistributed profits
Edward F. Barrett, Vice-President and director of the
company, will on
Oct. 1 become President succeeding Ellis L. Phillips, who will become
Chairman of the Board.
Mr. Barrett will at the same time become Presi¬
dent of all subsidiaries of the Long Island Lighting System with the
excep¬
tion of Kings County Lighting Co., of which he will continue as a
director.
—V. 145, p. 768.
Los
12",814
for the year 1936 as that company is claiming as a deduction in its Federal
and State income tax returns for the year 1936 the unamortized discount
Net
Long Island Lighting Co.—New President—
Years End. Dec. 31—
Revenue from operations
$2,905,223
for
31
debentures
cost, less invest.
Accrued Interest
Dec.
$4,577,172
1,536,278
122,857
(net)
Other income deductions
applicable to
Balance Sheet
$4,293,024
1,074,089
155,980
75,000
19,307
$2,968,648
Interest charges
Amortization of debt discount and expense
Amortization of flood expense—
interest and dividend arrears, applicable to prior periods, at realized values
in respect of those sold and at prices ruling at date of
receipt of those held
as investment,
d Received in respect of dividend arrears
prior periods.
$5,221,679
Other income
.
Rev. surplus Dec. 31-
1937
1936
$10,225,031 $10,694,490
5,003,352
5,413,343
Net oper. rev. (before approp. for retire't res.)..
18,850
Previous surplus
(Ky.) (& Subs.)—Earns.
12 Months Ended July 31—
Dominion, British & oth.
canceled,
provision was made by Louisville Gas & Electric Co. (Ky.)
State income taxes or for surtax on undistributed profits for
or
the year 1936 as that company is claiming as a deduction in its Federal and
State income tax returns for the year 1936 the unamortized discount and
a$241,623
a
$642,954
344,564
302,929
193,443
on
a
the
new
stock is to be retired pro rata through a sinking fund created
percentage of net earnings.
proposal—V. 144, p. 2486.
Stockholders of record Oct. 4 will vote
McKeesport Tin Plate Corp.—To Vote
The
company
has called
a
on Preferred Issue
special meeting of stockholders for Oct. 1,
100,000 shares of preferred stock, without
to vote for the authorization of
Losses
and
deprec.
property, &c
on
—
Net loss for year
x
Of
which
prof$41,087
x$298,398
$1,009,309
$851,857
$117,514 chargeable against previously created reserve,
losses chargeable to previously created reserves amounting
y After deducting
to $74,271.
par value.
It is the intention of the directors to authorize the offering
of this stock for subscription
of
a
portion
by the present stockholders in order to provide
approximately $5,000,000, additional capital, to be used as follows: about
$2,000,000 to liquidate bank borrowings which on Sept. 15 amounted to
$5,000,000, the Dalance of which debt will be substantially reduced by
seasonal liquidation of inventories and receivables; about $550,000 for an
addition and purchase of equipment and machinery at the can manufactur-
Financial
2082
turing plants in Baltimore, Maspeth, N. Y., Hamilton, Ohio and Boston,
Mass.; and the balance to reimburse the treasury for an equal amount of
capital expenditures made during the past year or more for additional can
manufacturing facilities.
The directors believe that the new funds should be provided in a manner
rather
than
and increasing the surtax on undistributed profits.
,
The terms of the preferred have not been decided but it will be convertible
into common stock and it is expedted the dividend rate will be $5 annually.
Arrangements will be made for the underwriting of the
p.1264.
McGraw-Hill Publishing Co.,
offering.—V. 145,
Inc.—Interim Dividend—
meeting held Sept. 20, declared an interim dividend
the no-par common stock of the company, payable
stockholders of record Oct. 5. A similar payment was made on
The directors, at a
of 15 cents
Oct. 15 to
a
share
on
July 15 and on April 15, last, and a dividend of 12^ cents was paid op
Jan. 15, last; this latter marking the resumption of dividends by the com¬
pany, the last previous payment having been the 25-cent dividend paid on
Oct. 1, 1931.—V. 145, p. 769.
McLellan Stores Co.—Smaller Common Dividend—
The directors have declared a dividend of 20 cents per share on the
common stock, par $1, payable Nov. 1 to holders of record Oct. 11.
This
compares with 75 cents paid on Jan. 23, last, and an initial dividend of
20 cents per share paid on Nov. 1, 1936.—V 145, p. 1745.
Managed Estates, Inc.—Initial Dividend—
dividend of eight cents per share
payable Sept. 27 to holders of record Sept. 9.—V.
The directors have declared an initial
on
the common stock,
144,
Midland Utilities
stock,
common
$500,216
1,962
$429,754
14,166
$499,632
9,333
—
$565,557
Gen., adm. & sell, exps.
Prov. for Fed. taxes
411,036
x35,700
$502,178
392,670
14,600
$443,920
411,580
3,500
$508,965
425,072
7,800
$118,820
7,511
79,568
$94,908
7,985
$28,840
8,325
Dec. 22,
on
1936.
$31,741
$86,923
Total income
Net profit
dividends
Common dividends
Surplus
$67,181
$20,515
undistributed profits-
Including $5,400 provision for Federal surtax on
x
Consolidated Balance Sheet July 31
$544,571
$579,436
201,458
234,950
1936
1937
Liabilities—
1936
1937
Assets—
Fixed assets
Preferred stock.
$97,300
..
$107,300
Common stock..
371,506
371,506
Customers' accts.&
Accts. & exp. pay.
receivable
Res. for Fed. taxes
22,735
35,700
27,834
14,600
15,000
533,087
300
Cash
notes
2^ cents per share were distributed on Oct. 1, July 3 and Jan. 3, 1935.
The regular quarterly dividend was raised from 17 H cents to 25 cents per
share with the July 1, 1936, payment.
See also V. 142, p. 4185.—V.
144, p. 4352...
*
of
Minnesota Power &
Period End. Aug.
appropriations.
x
Dividends
1,197
$3,020,290
1,654,813
62,760
Cr270
CM62
Net oper. revenues...
Rent for lease of plant
Massachusetts Investors Trust—Dividend—
declared
quarterly
a
distribution of 26 cents a share,
payable Oct. 20 to stockholders of record Sept. 30.
Other previous dividend distributions were as follows:
24 cents on
July 20, last; 22 cents on April 20 last; 18 cents on Jan. 20 last; 23 cents on
Dec. 24, 1936; 23 cents on Oct. 20, 1936; 21 cents paid on July 20, 1936
22 cents paid on April 30, 1936; 27 cents paid on Jan. 20, 1936; 20 cents
on Oct. 21,
1935; 19 cents on July 20, 1935; 21 cents on April 20, 1935;
24 cents paid on Dec. 31, 1934; 19 cents per share paid on Sept. 29 and
June 30, 1934; 21 cents per share paid on March 31, 1934 and Dec. 30,
1933; 10 cents per share on Sept. 30 and June 30, 1933, and 20 cents per
share on March 31, 1933.-—V. 145, p. 769.
—.
Gross income
31,666
468,167
390,000
$92,661
$1,620,890
$1,392,303
Cr249
Dr4,269
Cr842
$99,787
$1,616,621
1,847
$1,392,552
85
$93,503
418
$93,921
$1,618,468
$1,394,941
68,142
68,142
817,700
6,106
77,638
817.700
6,148
$19,673
$723,130
$507,272
403,608
403,608
preferred stock for the
period, whether paid or unpaid
Sept. 4 1937 Sept. 5 1936 Sept. 4 1937 Sept. 5 1936
$4,470,415 $18,953,016 $12,357,150
$5,848,268
3,413,917
14,201,880
9.354,017
4,414.296
375,303
1,337,462
946.483
Selling & Admin. exps__
452,307
69,969
$103,664
x Dividends
accumulated and unpaid to Aug. 31, 1937, amounted to
$655,863.
Latest dividend, amounting to $1.50 a share on $6 preferred
stock, was paid on Aug. 2, 1937.
Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936. inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
$319,522
Balance
—V. 145, p. 1427.
Missouri Gas & Electric Service
Co.—Earnings—
1937
Earnings for the Period March 1, 1937 to June 30,
Operating revenues
Operating expenses and taxes
—
—
General interest
19,594
529
$19,144
Note—No provision has been made
—V. 145, p.
$202,596
163,329
$39,267
Net operating income
on funded debt
Interest
Net income
36 Weeks Ended
12 Weeks Ended
2.389
Dividends applicable to
(& Subs.)—Earnings—
Mead Corp.
$5,478,775
3,696,472
58,333
mtge. bonds
Net income
x
1937—12 Mos.—1936
$6,610,286
4,521,229
$25,562
Operating income.
Other income (net)
$1,087,264 $1,069,627
preliminary report for the quarter ended Aug. 31,1937, Ross Beason,
President, states that net assets of the fund amounted to $12,124,282 at
the close of the quarter.
This compares with net assets of $9,524,055 at
the close of the quarter ended Aug. 31, 1936, and $2,690,219 for the end
of the same quarter in 1935.—V. 145, p. 1265.
1937, amounted to
$99,616
Other int. & deductions.
a
31,
$99,872
Int. on
Represented by 53,072 no par shares.—V. 144, p. 3341.
990,637
$313,685
Crl71
34,260
Total
990,740
1937—Month—1936
$492,231
$431,739
334,282
307,412
(net)
41,610
300
Crl,515
$1,304,322
Mississippi Power & Light Co.—Earnings—
Per od End. Aug. 31—
Operating revenues
Oper. exps. (incl. taxes).
Property retirement re¬
serve appropriations.
Donated surplus..
559,722
Cr5,115
$1,361,261
$370,521
accumulated and unpaid to Aug.
Real estate mtge
Maryland Fund, Inc.—Asset Value—
have
2,703
$3,064,677
1,639,692
68,839
$557,594.
Latest dividends, aggregating $2.33 a share on 7% pref. stock.
a share on 6% pref. stock, and $2 a share on $6 pref. stock, were paid
on July 1, 1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed
profits for 1936, inasmuch as the company reported no undistributed
adjusted net income for that year.
No such provision has been made to
date for 1937—V. 145, p. 1909.
57,039
$1,087,264 $1,069,627
Trustees
38
$240,302
137,207
5,445
$2
25,849
Total
In
1,898
-
20,150
-
405,000
$3,019,093
$160,391
$97,812
to pref. stocks for the
53,304
Earned surplus
Deferred charges __
475,000
$3,061,974
$302,090
136,217
5,752
bonds.
145,667
policies
Other assets
x
33,750
Dividends applicable
period, whether paid or unpaid
x
$6,069,194
2,645,101
$240,264
charged to constr..
Net income
$6,775,923
3,238,949
38,750
Other int. and deductions
Int.
1937—12 Mos.—1936
$547,610
273,596
$300,192
_
Net oper. revenues...
Other income.
69,028
Cash surrender val.
x
$586,025
247,083
Operating revenues
Oper. exps. (incl. taxes).
Property retirement re¬
serve
Light Co.—Earnings—
1937—Month—1936
31—
76,348
73,220
Mdse. inventory._
life insur.
10 cents was paid on Sept. 30, 1936, and extras of
paid on July 1, April 1 and Jan. 2, 1936, and extras
An extra dividend of
5 cents per share were
$76,092
8,911
—
share on
value, payable Sept. 30 to holders of record
Sept. 21.
This compares with an interim dividend of 50 cents paid on
July 1, last; one of 40 cents paid on April 1, last, and a special dividend of
40 cents and a regular quarterly dividend of 25 cents per share distributed
1934
$547,029
18,527
Preferred
par
no
Balance.
1935
1936
1937
Years End. July 31—
the company has been
Commission.—V. 145,
Mfg. Co.—Larger Interim Dividend
Minnesota Mining &
(B.) Manischewitz Co. (& Subs.)—Earnings—
Gross profit
Other income
Reorganization—
The directors have declared an interim dividend of 60 cents per
the
Interest on mtge.
Manati Sugar Co.—Meeting Again Adjourned—
stockholders meeting has again been adjourned, this time to
Sept. 29.
Stockholders at the first session Aug. 25 approved all proposals
before the meeting authorizing directors to carry out the plan of reorganiza¬
tion but the meeting has since been kept alive by several adjournments in
case any new proposals develop.—V. 145, p. 1427.
on
p. 1591.
Gross income
The special
Co.—Hearing
A hearing on a proposed reorganization plan for
Oct. 12 by the Securities and Exchange
284.
p.
Sept. 25, 1937
fixed for
which would require reducing this dividend
of earnings,
out
Chronicle
for Federal undistributed profits tax.
286.
Period—
Net
$981,664
92,928
Operating profit
Other income
Gross income
Depreciation
Int. & taxes on fd. debt.
deductions
Fed. & State inc. taxes._
Other
Minority interest
Net inc. for the
Com.
period
$681,195
24,668
$3,413,675
,074,591
336,048
101,029
105,116
103,069
2,268
$705,863
311,501
107,038
80,662
49,229
3,252
$3,615,194
1,008,191
311,664
341.141
340,291
29.276
201,519
$2,056,650
136,880
$2,193,530
915,774
325,329
227,622
133,015
32.992
Earns, per
periods
$427,061
$154,182
$1,584,631
586,210
$0.19
619,374
$2.19
586,210
$0.72
sh. of com. stk
Note—The above figures do not include an estimate of
undistributed profits.—V. 145, p. 1104.
Melville Shoe
Gross income
Interest
funded debt
interest
Taxes assumed
on
interest and miscell. deductions.
Net income
—
Note—No provision has been
—
$155,347
2,714
$68,926
55,572
940
879
$158,061
111,142
2,370
1,738
$11,534
$42,811
made for Federal undistributed profits tax.
—V. 145, p. 1909.
Monogram Pictures Corp.'—Listing and Registration—
Federal surtax on
The New York Curb Exchange has
to
admitted the common stock, $1 par,
listing and registration.—V. 145, p. 1266.
Moxie Co.—Class A Dividend—
women's shoes from $3.95 to
$3.50 became effective throughout the chain on Sept. 23, it was announced
on Sept. 22 by Ward Melville, President.
"Tne business of Melville Shoe Corp. is running just up to the budget,"
"and the company's earnings are very satisfactory."
that business generally for the next three
months would be "very good," and said his own company would shortly
Mr.
on
General
6 Mos.
$729,929
574,581
$67,936
989
Net operating income
Corp.—Prices Lowered—-
A reduction in the price of Thorn McAn
3 Mos.
$362,774
294,838
Other income (net)
$558,797
619,374
$0.52
(.■& Subs.)—Earnings—
Period Ended June 30, 1937
Operating revenues.
Operating expenses and taxes
stock outstanding
at end of
said
Missouri Public Service Corp.
sales
Cost of sales
The directors
have declared a dividend of 50 cents per
share on both
undeposited class A shares payable Sept. 28 to holders
This will be the first dividend paid since Sept. 30,1932
distribution of 75 cents per share was made.—V. 144, p. 3845.
the deposited and
of record Sept. 22.
when
a
Melville,
Missouri
He added that he was confident
experimental group of shoe stores to be called Frank Tod, selling
exclusively to men and boys. The prices in these stores will be under those
of Thorn McAn, with the men's snoes selling for $2.85 a pair.—V. 145,
p. 1746.
Pacific
RR.—Debtor's Modified Reorganization
Plan—
open an
Michigan Silica Co.—Initial Dividend—
dividend of 7 H cents per
30 to holders of record Sept. 25.—
The directors have declared an initial quarterly
share
on
the common stock, payable Sept.
Earnings for 6 Months Ended June 30, 1937
Net
..$23,468
earnings after prov. for normal income taxes.
Earnings per share on
—Y. 144, p. 2136.
$0.16
140,000 shares common stock
Minneapolis Brewing Co.—Earnings—
8 Months Ended Aug. 31—
1937
1936
$246,264
$0.49
$307,830
$0.62
Net income after oper. exps., Fed. inc. taxes, depr.
& other charges but before prov. for Fed. surtax
on undistributed profits
Earnings per share on 500,000 common shares
—V. 145, p.
1427.
Sept. 21 filed with the Interstate Commerce Commission
of reorganization, which allots two shares ($200) of 2d pref.
each $1,000 5}i% secured serial
gold bond due 1933-1956 (with coupon due June 1, 1933 and subsequent
coupons).
The committee representing the 1st & ref. mtge. 5% bonds
(Stedman committee) has also filed a modified plan (see V. 145, p. 1908),
in which the 5 % % seemed serial gold bonds are allotted 2 shares of partici¬
pating preferred stock (voting trust certificates) and 8 shares of common
stock per $1,000 bond.
The Chemical Bank & Trust Co. announces that, while the committee
continues to advocate its own plan and the principles on which it is based,
it has advised the Interstate Commerce Commission that the benefits ac¬
cruing from a speedy conclusion leads it to recommend the adoption of the
company's modified plan providing such plan is approved without substan¬
tial modification by the Commission, the administrative Court and by the
representatives of all other important classes of security holders.
Hearings before the ICC in Washington, D. C., have been scheduled
for 10 a. m. on Sept. 27, 1937, at which the holders of the 5M% secured
serial gold bonds and other parties in interest may, upon proper applica¬
The company on
a
modified plan
stock and 16 shares of common stock to
tion. be heard.
Volume
Financial
145
Treatment of existing outstanding securities is summarized in the
fol¬
lowing table:
PROPOSED
MODIFIED
SUMMARY
OF
REORGANIZATION
OFFERS
PLAN
OF
SECURITY
PRESENT
TO
by Roscoe Anderson, special counsel, who conducted an investigation of
the stock deals.—V. 145, p. 1908.
DEBTOR AND
HOLDERS
Muskegon Piston Ring Co.—Earnings—
Earnings for 6 Months ended June 30, 1937
(Last three figures omitted)
Profit from
operations after deducting manufacturing cost of
goods sold, selling and shipping and administrative and gen¬
Receive-
-Will
—Outstanding—
Gen. Mtge.
Inc. Bonds
Prior
1st
Securities—
Coll.
Mtg.
Ira.
Existing
Trust
Ser. A
Ser. B
Pref.
3H%
4%
5%
5%
Paid in Ser.
Prin-
Inter-
cipal
est
Cash
4s
$
$
$
B
6,996
Second 58
Provision for normal Federal income taxes
Net income (before prov. for surtax on
Earned surplus—Jan. 1,1937
$296,303
167,454
100%
2,573
100%
3,828
100%
7
799
7
17,841
26
26
799
3,940
100%
$1,000
lst&ref 58 "A"
25,000
5,833
10%
55%b20.5%
9,418 51,799 18,836
5,938
55%
b20%
13,750
5,375
55%b21.5%
13,750
5,500
10%
55%
b22%
6,117 33,644 12,540
10%
55%b20.5%
10%
2,500
10%
2,500
25%
6,250
25%
6,250
69
25,000
48
25%
$1,000
Series 1
16
61,170 13,508
15,293
25%
$1,000.....
3,657
9,812
1,784
4,460
$1,000
Series H
St L I M & So River &
Gulf 4s
Each
34,508
703
53
1,699
23
1,140
$1,000
Each
234
1,628
266
c25%
$1,000
$1,000
••
(2) New Orl Tex & Mex—
Equi pment trust ctfs
692
1st mtge ser A 5 Hs
15,770
.
.
Each
3,943
....
3,049
58
7,173
25% 12.5%
1,578
3,586
25%
11%
437
1,150
9.5%
25%
502
1,475
3,586
901
11
50%
2,300
1,150
50%
25%
2,950
1,475
5,900
2,354
16
1,040
147
$1,000.....
25%
25%
50%
8.5%
25%
1,177
589
589
94
50%
25%
25%
4%
$1,000
(3) International Great Northern—
Equipment trust ctfs..
1st mtgeser A 6s
Each
969
17,250
Series B 5s
Each
6,000
remain
8,625
40%
2,400
13
1,275
5,500
1,169
40%
2,200
$1.000
....
1,018
50%
18.5%
Bank
2nd
mon
Conv.
Conv.
Shares
$
23,135
6,014
$
5,850
100%
2,812
155
$
$
$
b
2,657
Pref.
23,135
100%
1,562
5,850
'
__
3,814
$
mmmm
Property, plant and equipment
&
patent rights—less
reserve for amortization
Prepaid expenses
x
49,339
9,539
5^s
Each $1,000
12,140
3,240
837
m,
reserve
for
doubtful
$1,480,870
Total...
and
accounts
of
$13,195.
y After
1428; V. 143, p. 2851. <
notes
for depreciation of $658,187.—V. 145. p.
Mystic Power Co.—Exemption—
An application by the company, a subsidiary of the New England Power
Association, for exemption from making a declaration of the issue of 3,500
shares of its $100 par value capital stock at par to the parent company has
been approved by the Securities and Exchange Commission.
The proceeds
will be used in part to pay indebtedness of the applicant to the parent.
—V. 145, p. 1266.
Nachmann-Springfilled Corp.—Earnings—
June 15 '35
June 14 '36
Net
June 16 '34 June 30 '33
to
to
to
to
June 15 '35 June 16 '34
'37
June 13' 36
$3,127,961
2,453,995
Period—
5,174,822
1,719,310
$1,847,764
1,443,778
$1,467,132
1,092,617
222,568
152,774
177,182
115,306
167,006
106,135
134,949
108,970
$298,624
1,609
$163,024
5,707
$130,845
5,478
$130,596
10,233
$300,233
39,475
33,814
Crl 0,693
x40,000
$168,731
33,318
59,300
Cr84,107
$136,323
24,563
18,886
$140,829
25,481
27,424
17,000
*5*656
"5*266
$197,636
141,803
$143,221
$87,873
$82,724
$2.26
"$1*64
43,609
$1.00
$0.93
June 19
sales
Cost of goods sold
5>^s
45,493
v
mmmm'.
-
-
-
•
m.m.
m m
mmmm
49,339
100%
2,428
12,928
mmmm
194
16
8 lis.
m
m
m
mm*
mm
m
«
Profit for period...
Dividends
Earns, per sh. on cap.stk.
x
1
271
81,314
Each share
1-3
(2) New Orl Tex & Mex—
Capital stock
860
5
Each share
3-5
are also
6
June 19'37
b Notes,
Inventories
15 shs.
$376,477
374,617
346,314
335,935
677,597
Other assets.
9,268
15,783
Prepd. insur., &c.
a Co.'s own capital
7-10
207
&c., rec.
15,827
15,346
ment,
&c
obligations in connection with the bonds of that mort¬
gage.
b Each $100 of interest
unpaid but earned is given one share of prior pref. stock.
In addition, each $1,000 bond will receive 5 shares of common stock (or a total
1,168 shares).
These bonds were secured by a lien on a 433^-mile unprofitable
branch line railway controlled and operated under lease by the Missouri Pacific,
extending from Boonvllle to Versailles, Mo., and including about 1,000 feet of the
Missouri Pacific's St. Louis-Kansas City main line and several thousand feet of in¬
trade,
(bank).
payable.
32,724
Divs. declared
payrolls,
&c
424,944
1
1
Res. for conting..
d
Capital stock—
Paid'in
a
$1,789,033 $1,514,845
Represented by 14,237 shares,
surplus
Earned
Total
$57,929
50,000
59,952
commiss., taxes,
486,852
Goodwill, &c
June 13'36
$78,861
payable,
&c
Note pay.
Accepts,
Accrued
offered $453,600 Rock Island Arkansas & Louisiana RR.
any
Accounts
1
stock reacquired
Real est., equip¬
June 19'37
Liabilities—
June 13*36
$224,913
Cash
c
3,452
25%
4% notes, guaranteed by Chicago Rock Island & Pacific Ry.
Both blocks of se¬
curities are to be deposited with trustees of mortgage in return for the release from
the mortgage of the Missouri Pacific line from Venton to Hot Springs and the release
from
undistributed profits.
Balance Sheet
Assets-
702
Each share
Each $1,000......
on
910
mmmm
70,190
(3) International Great Northern6,006
Adjustment 6s.
13,808
Including $6,360 surtax
m.
20 shs.
stock.
_
Res. for Fed. inc. tax
----
mm
Prov. for depreciation.
Other deductions
Extraordinary credits
mmmm
mmmm
Each $1,000.
of the new company
After
Total income
mm
b
20%
These securities
20,847
11,735
$1,480,8701
Total
reserve
$
■mmmm
b
Each $1,000......
a
surplus.
2,499
y537,246
Patents
Int. earned & sundry inc.
105.8+%
Common stock..
Earned
50,000
519,280
37,611
339,641
359,923
rants
Serial
Convertible
Capital surplus
4,818
+
Operating income
War¬
3 H*
debt, 6%
Preferred
conting¬
Paid in surplus.
18,993
reserve for valuation
mon
5%
Pref.
4%
Com¬
Ser. A
Each $1,000
General 4s
for
Com¬
est
b
.
(accrued)
Selling, warehouse and
delivery expenses....
Inter¬
Mtge.
RR Credit Corp, 1 %
Each $1,000
reserve
encies
Admin. & gen. expenses.
-Will Receive-
cipal
Securities—
(1) Missouri Pacific—
Special
Capital stock (par $2.50)
263,932
439
2,265
payable..
391
Investments
18.5%
Prin¬
Existing
RFC debt, 6%
Each $1,000
156,348
Dividends
146
435
20%
2,750
Prior
19
$15,364
Accrued liabilities
x218,944
_
1,100
50%
—Outstanding—
Accounts payable—trade
Accounts payable—other
$400,867
Deposits in closed banks—less
3,450
50%
3,000
ADDITIONAL SECURITIES AND LOANS AFFECTED BY PLAN
Is*
Liabilities—
■
hand in banks
undlsturbed-
6,900
14
4,399
$1,000
Series C 5s.....
Each
-Will
83
40%
..
$1,000
on
Notes & accounts receivable.
1,971
3,943
25%
4.600
$1,000
20%
1937
Balance Sheet June 30,
Assets—
Cash
undisturbed—
14,346
5s.
Each
7,885
3,686
$1,000
Series D 4 ^s
Income
remain
50%
Series C 5s
Each
-Will
326
60%
20%
v:
$1,000
Series B 5s.....
Each
977
326
....
the end of the year.
Cash value life insur
58
59
$i.42
tributed net income, since any liability for such tax is dependent on the
annual earnings and dividend payments which cannot be determined until
Inventories
45%
55%
$359,923
been made herein for Federal surtax on undis¬
not
—held for resale
686
34
Note—Provision has
Fractional warrants—own stk.
60%
Cent Br Un Pac 1st 4s.
Each
765
$1,000
Boonv St L & So 5s___.
Each
176
25%
934
23
100%
Little Rock & Hot Spgs
Western 4s........
Each
527
....
Earned surplus—June 30,1937
per share on 207,712 shares cap. stock (par $2.50)
Earnings
Accrued interest receivable
Creditors debit balances
100%
75%
Cairo & Thebes 1st 4s.
Each
34,508
100%
.
.
$463,757
103,835
Accounts receivable—officer..
137
$1,000.....
Plaza & Olive Bldg 6s
Each $1,000
230
230
undistributed earns...
Total
25%
103 23,545
94,180 20,406
Each $1,000
Series G
...
Dividends paid and accrued
100%
5
$1,000
Series F
Each
Income deductions
238
100%
3,828
Each $1,000
Each
6,996
2,573
Pac RR of Mo rl est 5s.
Each
8,695
Total income
100%
3
$1,000
Each
$352,348
117
3
100%
Mo Pac Ry 3rd 4s
Each
$387,659
35,311
—
$361,043
12,871
51,869
117
238
$1,000
Carondolet Br lst4^s
Each $1,000
Each
and amortization)
Net income from operations
Other income
undisturbed
remain
Will
$
$
eral expenses (exclusive of depreciation
Provision for depreciation and amortization
100%
Pac RR of Mo 1st 4s
Each
$
$
■
Non-CumConv.
Cum
Notes
■
(1) Missouri Pacific—
$
Equip trust ctfs
15,082
2083
Chronicle
surplus.
66,916
507",500
632,937
249,563
.$1,789,033 $1,514,845
Total
b After
118,712
7,408
507,500
632,937
300,937
reserve
of $21,838 in 1937 and
$19,100 in 1936.
c After reserve for depreciation of $380,340 in 1937 and
$355,549 in 1936.
d Represented by 101,500 shares (no par), including
treasury stock.—V. 145, p. 1266.
c
of
dustrial
tracks
at
Boonvllle.
All
these
lines,
except the property at Bonoville,
of salvage deposited with the mortgage
trustee.
It is proposed that the mortgage trustee distribute the cash realized from
the salvage of the abandoned properties directly to these bondholders.
have
been
abandoned
and
the proceeds
Company Would Merge Two Allied Carriers—
To safeguard an investment of
$20,000,000 in the Pueblo-Ogden trans¬
jointly operated by the Missouri"Pacific, the Denver
& Rio Grande Western and the Western Pacific roads, the Missouri Pacific
has renewed its request before the ICC for permission to file a plan for the
continental route
now
consolidation of the Denver & Rio Grande Western and Western Pacific
roads.
A previous request to intervene in the reorganization of the Western
Pacific was refused.
In its present petition M. O. P. states that a saving
of $750,000 annually can be effected in operating expenses by a consoli¬
dation of the two roads.
If control of the Western Pacific passes to hostile
a loss of traffic of between $238,000 and $515,000 will be lost to
the Missouri Pacific, the petition states.
The Denver & Rio Grande Western is now jointly controlled by Missouri
Pacific and Western Pacific, each owning 50% of the outstanding stock.
interests,
By reason of friendly control of the Western Pacific, the M. O. P. enjoys
heavy preponderance of all traffic interchanged by the D. & R. G. W.
termini, the petition states.
a
at its eastern
Baldwin Absolved in Financial Transaction—
Federal Judge George H. Moore at St. Louis has entered an order absolv¬
ing L. W. Baldwin, chief operating officer of the road, from all liability
in connection with financial transactions in 1930 and 1931 whereby certain
of the road's directors authorized an advance of $2,827,000 to a whollyowned subsidiary, Missouri Pacific Transportation Co., whereby funds
were used in the purchase of Missouri Pacific common and preferred stocks,
subsequently resulting in losses to the company.
The application for the order was made by Guy A. Thompson, trustee
for Missouri Pacific.
Attached to the application was a report prepared
Bondholders Corp.—Country's Largest Private
of Real Estate Nearing Completion—Investors
Received $19,000,000 Thus Far—
National
Liquidation
Have
C. E. O'Neil, President of this corporation, which has acquired and is
liquidating the real estate securing obligations issued by 20 mortgage
companies and guaranteed by National Surety Co., announced at the
annual meeting of the corporation that the holders of the corporation's
participation certificates would receive immediate additional distributions
of cash.
The corporation has authorized a total of $1,658,844 payable to holders
30, 1937.
The distributions on specific series range from
4% to 15% and will be received by some 15,000 certificate holders.
Approxi¬
mately $15,000,000 principal amount of certificates are held by investors
in the New York metropolitan area.
The corporation has made distributions thus far totaling $18,887,165,
including the one currently authorized.
These have been distributed in
amounts ranging from 15% to 96% on the 80 series of certificates involved.
Of this amount $4,593,990 was distributed in 1935, $9,339,522 in 1936,
and $4,953,653 in 1937 to date.
Mr. O'Neil expressed confidence that the
corporation would be in position to distribute additional funds before
of record Sept.
the end of this year.
The work of the corporation constitutes the largest non-governmental
liquidation of real estate now taking place in the United States.
Mr.
O^STeil said that 9.000 parcels of real estate and mortgages were acquired
pursuant to the plan of reorganization for securities guaranteed by National
Surety Co., promulgated by Harvey D. Gibson, C. Prevost Boyce and
W. Hannon, as reorganization managers, in cooperation with the
Superintendent of Insurance of the State of New York.
4
The widespread character of the real estate, which was located in 552
cities in 35 States, has given the officials of the corporation a very broad
picture of real estate conditions throughout the country.
Of the 9,000
items originally acquired, approximately 5,000 have been disposed of to
date.
With respect to the corporation's holdings, improvement in real
John
estate conditions was first noted in the Southwestern section of the country.
This
was
followed by a general uptrend in the
Southeastern and Pacific
Coast sections of the country.
Improvement in the New York area has
set in much more recently, and New York, according to Mr. O'Neil, is
Financial
2084
just
Chronicle
National Pressure Cooker Co.—Earnings—
beginning to feel the better demand for residential properties
in many other localities.—V. 144, p.
now
Sept. 25, 1937
which has heretofore been apparent
Income Account for
3681.
the Year Ended Dec. 31,1936
$1.710,973
Sales less freight, returns and allowances
Inc.—To Pay Larger Dividend—
National Casket Co.,
Cost of sales
1,336,274
-
243,981
Selling and general expenses
The directors have declared a semi-annual dividend of $2 per share on
stock, no par value, payable Nov. 15 to holders of record
Oct. 30.
Previously regular semi-annual dividends of $1.50 per share were
distributed.—V. 145, p. 1746.
the
$130,717
Operating profit
common
Miscellaneous income, discounts, &c
5.330
—--—
$136,048
33,670
Total income
National
Earnings per share
—V. 145, p. 947.
1936
$113,756
$0.34
1937
$338,042
$1.02
330,842 shares capital stock
on
Income deductions
(& Subs.)—Earnings—
Container Corp.
7 Months Ended July 31—
Net profit after charges and Federal income taxes.
Net profit
...
...
Balance Sheet Dec. 31,1936
Liabilities—
Assets—
National Department
6 Mon hs Ended July 31—
Total sales
-
$22,003,788 $20,390,180
Net earnings after int., deprec., Fed. inc. taxes,
but before undistributed profits tax
—V. 143, p.
Accounts receivable
1936
1937
&c.
293,165
269,070
2218.
National
Accrued insurance
$806,686
1,223,320
61,237
3,463
721,597
84,589
9,000
16,253
7,995
loss$16,496
9,941
$173,695
depreciation
loss$6,553
a
Other income.
due Nov.
mtge.
5H%
conv.
debentures.
133,767
$13,355
Loss for the period.
$140,320
Comparative Balance Sheet
June
Cash
on
Liabilities—
$
1163,596
$347,635
Accrued liabilities.
323,851
221,358
848,572
708,560
96
5,900
111,387
100
171,534
108,909
Inventory
Incomepleted
struction
Sinking fund
Inv. in affil.
cos
31/36
265,824
116,376
Prop., plants &
equipment
14,735,087 14,820,614
Pats. & goodwill..
1,537
1,429
disc.
$357,209
6,022
5,751
539
—.
ending
Provision for Dominion income tax for year
!
June 30, 1937
Net
$368,982
357,147
$312,393
111,399
7,511
Prov. for deprec. of buildings, plant and machinery
Dominion income tax paid for year end. June 30 '36>
32,500
$11,835
$160,983
profit
1936
1937
Liabilities—
1936
1937
Assets—
con¬
Capital and sur¬
2,540
3,428,350
73,017
Land, bldgs., plant
equipment.$6,135,977 $6,110,182
1
1
Pat'ts & goodwillCash
181,509
28,275
Bank loan (sec'd).
Reserve for taxes.
97,806
2,447,940
Capital surplus...10,163,747 10,184,073
Call loans and accr.
Accounts payable-
828,575
66,101
Earn, surpl.
Dom. & Prov. bds.
19,977
19,807
2,772,054
2,660,655
contr.
Term indebtedness
Reserves
3,459,076
72,040
June 8,
x
(since
1936)...def.16,015
def.2,660
26,109
16,533,468
8,588
Sales tax payable-
71,784
190,292
569,838
receivable-
Accrued wages, &c
Reserve for depre¬
ciation
value
surr.
140,500
150,500
1,640,996
13,516
Inventories
Deferred charges..
insur.
200,000
325,411
interest
Accts.
$4,620,691 $4,459,708
plus.
and
—.
2,448,915
$5)
134,670
26,104
4.839
5,552
$302,300
9,554
Interest on notes receivable-
life Insurance—
16,509,963
Unexpired
55,440
3,510
251
6,206
Income from investments
Cash
128,098
1936
$426,549
62,051
3,645
Legal fees
Interest charges
&
expense
1937
$374,452
Comparative Balance Sheet June 30
portion
bond
Ltd.—Earnings—
Executive officers' salaries—
Directors'fees and expenses
327,474
72,734
Common stock (par
158,282
y
Unamort.
incomplted
struction
con¬
contr.
Other assets
of
National Steel Car Corp.,
Advancebillingson
Notes & accts.rec
$806,284
b After amortization.
of $221,010.
depreciation
Years Ended June 30—
$
Accounts payable-
hand & on
deposit
x
June 30/37 Dec.
30/37 Dec. 31/36
Assets—
200,000
404,037
948.
Profit
22,000
143,074
21,976
1,1946
for
reserve
Operating profit for the year
bonds, series A,
Provision for depreciation & depletion
Int. accrued on 5% cum. conv. income
After
—V. 145, p.
doubtful accts., develop,
exp. on clay
of bond discount & expense, &c_.
...
...
Total
$806,284
Total
selling, general
General interest expense
1st
4,625
Capital stock ($2 par)
$159,627
14,067
Idle plant expense, exclusive of
on
5,108
Reserves
1936
$1,463,901
Cost of sales & expenses incl. oper.,
& administrative expenses
Int.
90
Uncompleted contracts
Surplus
Net sales
prop., amort,
10,173
Payroll accrued
Interest accrued
Fireproofing Corp.- -Earnings—
1937
for
30,248
11,876
Accrued taxes
6 Months Ended June 30—
Prov.
$44,000
96.126
Notes payable
Accounts payable
$57,153
67,603
Inventories
300,980
Cash surr. val. life Ins. policies.
7,855
Treasury stock
3,740
Deferred charges
9,688
a Fixed assets
356,373
b Patents
2,891
Cash
Stores Corp.—Earnings—
$102,377
80,000
—
Dividends paid
180,094
15,086
prepaid
prem.,
&c
expenses,
Total
Total
16,509,963 16,533,468
x After allowance for doubtful items, &c., of $20,944 in 1936 and $23,445
1937.
y After reserve for depreciation and depletion of $1,088,611 in
1936 and $1,228,723 in 1937—V. 144. p. 3681.
$8,639,103 $7,214,860
Total
$8,539,103 $7,214,860
Total
x As follows:
Capital stock (130,000 shares no par), $3,500,000; capital
3;
surplus, $934,326 earned surplus, $186,365 ($25,382 in 1936).—V. 143,
p.
2380.
in
Period End. Sept. 11—
Sales
Stores in
operation
—V. 145, p. 1429.
Nehi Corp. (&
Subs.)—Earnings—
1936
Calendar Years—
Co.—Sales—
Tea
National
$2,205,171
Net sales
1937—4 Weeks—1936
1937—36 Weeks—1936
$4,486,744
$4,667,805 $43,516,681 $42,115,627
1,212
1,244
639,212
Cost of sales
Period End. Aug. 31—
1937—3 Mos.—1936
Profit
1937—12 Mos.—1936
Subsidiaries—
Operating revenues
$20,285,992 $18,603,808 $82,653,283 $75,515,034
Oper. exps.,incl. taxes..all,707,622 *10,896,589 b47,198,556
42,792,813
Prop, retire, res. approp.
1,931,133
1,555,086
7,265,443
6,068,896
Rent for lease of plants
(net)
19,605
35,392
127,573
143,986
on
off
Operating income.
Other income deductions
to
Public
;6,116,741 $28,061,711 $26,509,339
128,125
359,289
376,793
094,937
0281,121
0254,230
16,813
36,725
14,518
8,407
$364,379
37,217
$333,823
37.334
$152,071
35,126
20,000
155,600
2,100
Federal and State taxes.
10,119
58,473
21,112
25,675
$258,570
86,627
$275,377
$91,270
$6,648,105
$6,149,929 $28,139,879 $26,631,902
on conv.
Earns,
per
common
3,048,238
06,087
12,167,453
Crl8,121
$3,605,954
1,515,651
$3,058,266 $15,990,547
1,515,831
6,062,951
$14,247,696
6,063.327
Balance
$2,090,303
applicable
$1,542,435
>,927,596
a
$333,437
53,567
98.096
Receivables
1,514
7,106
11,630
Net
4
income of subs
Net equity of Nat'l Pow.
& Lt. Co. in income of
subs, (as shown above)
Other income
Expenses, incl. taxes
Int. & other deductions.
Balance carried to
solidated
earn,
$1,540,921
$9,920,490
$8,172,739
>
•
$2,089,852
6,295
$1,540,921
7,183
>,920,490
94,214
$2,096,147
38,612
337,866
$1,548,104 $10,014,704
52,266
cl95,755
338,293
1,357,055
$8,233,362
189,274
1,356,490
$1,719,669
$1,157,545
$6,687,598
$8,461,894
cludes provision of $1,410 made within this period for Federal surtax on
undistributed profits in 1936, but includes no provision for 1937.
Note—All intercompany
transactions have been eliminated from the*
and
preferred dividend deductions of sub¬
requirements for the respective periods (whether
paid or not paid) on securities held by the public. The "Portion applicable
to minority interests,, is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of sub¬
sidiaries.
Minority interests nave not been charged with deficits where
income accounts of subsidiaries have so resulted.
The "net equity of
National Power & Light Co. in income of subsidiaries" includes interest
and preferred dividends paid or earned on securities held, plus the proportion
of earnings which accrued to common stocks held by National Power &
above
statement.
3,831
2,230
158,225
58,473
1,496,250
1,496,250
655,000
153,600
700,000
872,150
171,015
176,000
830,750
163,365
176,000
—
$8 cum. conv. pre¬
ferred stock
316,241
2,039,648
Co., less losses where income accounts of individual subsidiaries
have resulted in deficits for the respective periods.
The above statement includes full revenues of a subsidiary without
c
Common stock..
Capital surplus._.
d Treasury stock..
150,000
$3,057,684 $2,902,831
of $50,191 in 1936
$84,963 in 1935.
b After allowance for depreciation of $190,076 in
1936 and $319,623 in 1935.
c Represented by 150,000 no par shares in
1935 and 153,600 no par shares in 1936.
d Represented by 2,500 shares of
a
.$3,057,684 $2,902,831
After
allowance
for doubtful
Total
notes and accounts
and
first preferred
stock at cost.—V. 145, p. 1594.
Nebraska Power
Period End. Aug. 31—•
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire't
res. approp
Co.—Earnings—
1937—Month—1936
$674,781
$619,598
379,057
348,548
44,167
37,500
Other income.
Gross income
Int.
on
Int.
on
mortgage bonds.
deb. bonds.
Other int. & deductions.
Net
income
450,000
806
$2,754,299
254,682
$252,363
61,875
17,500
9,196
$269,028
61,875
17,500
7,364
$2,804,057
Cr 795
$163,792
$183,084
stocks for the
88,296
742,500
210,000
102,119
Cr41,190
$1,790,628
$3,008,981
742,500
210,000
88,760
04,487
$1,972,208
499,100
period, whether paid or unpaid
x
$7,014,835
3,810,536
$2,715,761
Dividends applicable to preferred
Balance
Mos.—1936
$233,550
35,478
Int. charged to constr..
x
1937—12
$7,277,747
4,021,152
540,834
$251,557
Light
provision for possible revenue losses, not exceeding $120,000 for each 12month period, from natural gas rate reduction now involved in litigation.
Figures for 1936 as previously published have in certain cases been re¬
arranged in the above statement.—V. 145, p. 1593.
11,301
$5.25 cum. 1st pre¬
Interest
represent full
4,037
for taxes...
Prov.
ferred stock
33,425
b Fixed assets
296,396
Goodwill, &c..._. 2,039,648
$8,172,739
60,623
Includes provision of $59,251 for Federal surtax on undistributed profits
in 1937.
b Includes provision of $58,814 made within this period for
Federal surtax on undistributed profits in 1936 and $111,339 in 1937.
c In¬
>
30,673
current)
a
sidiaries
723
Deficit
con¬
surp
84.011
11,922
50,858
(non-
Total
Total income
Cust. credit bals..
&c
123,312
.
bottlers
$661
21,656
Notes receiv. from
$2,089,852
Nat'l Pow. A Lt. Co.—
$32,480
15,054
from bottlers
Inventories
equity of Nat'l
& Lt. Co. in
payable.
Dividend payable.
Accounts
Accr. taxes, wages,
Prepaid expenses.
Advertising mat'l.
Pow.
1935
1936
Liabilities—
1935
1936
$433,501
Cash
$8,184,369
451
to
Minority interests
Nil
$0.88
$0J7
Consolidated Balance Sheet Dec. 31
Notes receivable
Portion
6.854
*
$2.81
stock
Assets—
Balance
Preferred divs. to Public
368,156
210,000
pref. stk.
share on
12,403,462
Crl9,256
3,097,357
05,694
$570,507
Net income for year..
on 1st pref. stk__
Divs.
and
deductions..
Int. chgd. to construc'n.
►
252,277
uncollectible
of
accts., notes & accept¬
ances receivable
Divs.
Gross income
Interest
$6,627,632
112,643
Dr92,170
$145,217
charge
Federal surtax
Other income
$323,623
10,200
476,141
$810,514
62,307
Total income
Deductions from income
or
250,888
$341,455
*"
other sales
Allowance for
$648,382
374.471
328.278
808,983
Additions to income
Light Co. (& Subs.)—Earnings—
1933
1934
$1,026,373
$756,976
Sell. & admin, expenses.
Operating profit
National Power &
1935
$1,207,691
390,095
-
499,100
$1,291,528
$1,473,108
Regular dividends on 7% and 6% preferred stocks were paid on
1937.
After the payment of these dividends there were no accu-
June 1,
Financial
Volume 145
mulated dividends at that date.
Regular dividends on these stocks were
declared for payment on Sept. 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 145, p. 1428.
2085
Chronicle
Commission.
authorized the transfer of three short
small sub-station in Cattaraugus County by the
Commission
The
transmission lines and
a
_
National Tunnel & Mines Co.—Unlisted Trading—
has admitted the capital stock, no par,
Niagara, Ixjckport & Ontario Power Co.—a Niagiar-Hudson subsidiary—
York State Electric & Gas Corp., a subsidiary of Associated
Gas & Electric.
These lines had carried power to the Bradford Electric
Co., a Pennsylvania utility which the Niagara-Hudson Systen sold recenlty
to the Keystone Utilities, indirectly identified with Associated interests.
to the New
—V. 146. p. 773, 949.
The New York Curb Exchange
to unlisted
New Jersey
trading privileges.—V. 145, p. 1909.
Naumkeag Steam Cotton Co.—$2 Dividend—
The directors have declared
dividend of $2 per share on
Worsted Mills (& Subs.)—Earnings—
Calendar Years—
Net income before depreciation
the common
stock, payable Oct. 7 to holders of record Sept. 30.
A like amount was
paid on July 1 last, and compares with $1 paid on April 26 and on Jan. 1,
last none in 1936 $1 was paid each three months from April 2, 1934, to
Earns.per sh.
and
including Jan. 2, 1935 80 cents per share paid on Jan. 10,1934 Oct. 2,
1933, and July 1, 1933, and 75 cents per snare paid each quarter from
July 1, 1932. to and including April 1, 1933.—Y. 145, p. 4352.
Neild Mfg. Corp.—Earnings—
81,775,833
1,738,804
Gross profit.
Depreciation.
$37,029
23,000
_
Net profit.
1935
1936
Land, bldgs. and
machinery
309,326
securities..
Profit and loss
_JTotal
132,292
$1,297,178 $1,329,241
Total
of""$0)63~323 In
xAfter depreciation
—V. 143, p. 2219.
1936
and""$1,040,323 in 1935.
New Britain Machine Co.—Dividend Increased—
The directors have declared a dividend of $1 per share on the common
stock, payable Sept. 30 to holders of record Sept. 20.
This compares with
40 cents paid on June 30 and on March 31 last, and with a dividend of $1
paid on Dec. 15, 1936, this latter being the first payment made on the
shares since 1930.
Plans to Issue More Stock—
Directors voted on Sept. 20 to issue 15,000 additional shares of unissued
but authorized shares before the end of the current year.
The new shares
will be issued in ratio of one new share for each six held at $25 a share.
The new capital is to be used to take care of the expanding business needs
Application to issue the stock will be filed with the Securities and Exchange
Commission.
Earnings from Jan. 1 to Aug. 14, this
after provision for normal
Federal income taxes, were $363,279, equal to $4.05 per share, a letter to
the stockholders states.
The net income after provision for preferred stock
dividends for five-eighths of the year are made shows the common equal
to $3.70.
For the entire year ended Dec. 31, 1936, the net income reported
was $458,359, after all
charges, equal to $4.55 pot share on the common
stock.
There are 90,000 shares of the common stock outstanding to date.
Accruals
per share on
144, p. 4353.
common
$363,279
$4.04
stock
Total
May
before Oct. 1, 1937, with Guaranty Trust Co. of
In connection with the extension offer, Edward B. Smith & Co. will
purchase at the principal amount and accrued interest bonds which have
not been extended and which are tendered for sale on or before Oct. 1,1937.
As part compensation of those holders agreeing to extension, the company
will pay a sum equal to not more than l-20th of 1 % on the principal of each
bond deposited.
Further, the carrier has entered into an agreement with
Edward B. Smith & Co. whereby that firm will purchase at principal and
accrued interest and extend such of those bonds as are not deposited by the
holders.
The company has agreed to pay E. B. Smith & Co. $163,810, being 1%
of the bonds now outstanding and also to pay an additional amount equal
1% of the principal of such bonds purchased by the firm.
of
500,000
2,420,028
com¬
stkholders-
$4,278,646 $3,993,444
Total
Includes 100,000 shares of common stock, no
York
File
New
Haven
RR.—Bondholders
Hartford
&
Group
Plan—Independent
holders is worthless.
Arthur Garfield Hays,
ICC
Permitted by
counsel for the committee,
to
Earnings for Year Ended Dec. 31, 1936
Gross profit before depreciation. Federal and State income taxes
$251,409
Balance Sheet Dec. 31
Assets—
1935
1936
Accounts payable-
$2 ,939,952 $2,904,104
323,459
491,943
92,897
9,600
machinery
Inventories
Accts. receivable
Cash
21.268
16,339
11,000
250,000
_
No. 1 mill
50,000
35,619
912,590
18,357
y
2,543,470
Surplus
2,512,067
$3,807,062 $3,516,031
Total
Represented by 48,000 shares of no par common stock.—Y
North American Car Corp.
144, p. 3011.
(& Subs.)—Earnings—
1936
1935
1934
1933
$2,858,459
1,059,997
$2,942,696
1,029,992
$3,203,611
1,107,760
$3,152,378
993,230
$1,798,462
27,141
16,113
$1,912,703
31,125
22,643
$2,095,851
20,093
25,138
$2,159,148
19.321
30,065
$1,841,716
520,494
871,429
320,685
50,821
$1,966,471
534,072
861,194
323,445
69,473
$2,141,082
519,141
883,181
398,070
72,128
$2,208,534
6,789
7,093
8,303
$71,498
$171,193
$260,260
$219,619
150,381
Nil
150,381
$0.05
150,381
$0.62
150,381
$0.33
Calendar Years—
Inc. from rents, mileage
& sales of products
Repairs & cost of sales
__
Operating income
Inc. from for.
$23,016
-
977,972
Reserve for taxes
$3,516,031
„
$250,000
Notes payable
Res. for deprecia'n
12,527
250,000
$3 ,807,062
1935
1936
Liabilities—
Land, buildings &
car opers_
Other income
Total income
Gen. & adminis. exps
Depreciation
Int. Federal taxes, &c__
Other expenses
Loss fr.
liquidation
Shs.
(par $20)--Earnings per share
x
com.
,
31,525
1,589
Net profit
3.74%.
537.094
895,717
x442,410
80,581
of
Ad j. of chgs. of prior yrs.
The Interstate Commerce Commission has authorized the company to
extend from Oct. 1,1937, to Oct. 1,1947, the maturity date of $16,381,000
first mortgage bonds, with the interest rate reduced to 3M%.—V. 145,
1429.
has announced his
Nonquitt Mills—Earnings—
subsidiaries
this
arrangement the effective annual interest yield to holders
during the extension will be about 3.50% and the interest cost to the road
will be between a minimum of slightly under 3.62% and a maximum of
p.
500,000
2,441,012
stock-.-
Equity
intention of seeking ICO permission to solicit authorizations from other
bondholders to represent tnem in the proceedings.
At present the com¬
mittee represents only about $2,000,000 bonds, it is said.—V. 145, p. 1746.
Offer—
The company is offering holders of its $16,381,000 first mortgage 4%
bonds due Oct. 1, 1937, an opportunity to extend the maturity of these
bonds to Oct. 1,1947, with interest at 3^ %.
The extension offer provides
Under
ital
y
The Interstate Commerce Commission has voted to permit the inde¬
pendent bondholders' committee bonds to file its proposed plan of reorgani¬
zation.
This follows action of Commissioner Mahaffie at a hearing in
refusing on his own initiative to allow the plan to be filed on grounds
that the committee did not represent 10% of any class of security holders
as required by law.
The committee's plan would wipe out present New Haven stockholders
and is predicated on the principle that until seemed bondholders receive
securities worth 100 cents on the dollar and unsecured bondholders as well
as creditors also receive 100 cents on the dollar the equity of existing stock¬
y
to
y
$200,000
726,114
75,808
64,385
7,109
8% cum. pref. cap¬
2,127,782
5,980
$4,278,646 $3,993,444
x
Depreciated values,
par.—Y. 143, p. 2528.
Total
New York Chicago & St. Louis RR.—Extension
for deposit of the bonds
New York.
Prop, taxes pay—
Res. for contlng..
mon
Prepaid insurance-
Net income after all charges
Earnings
2,203
rec
Inventories
year,
Earnings for Period Jan. 1 to Aug. 14, 1937
—V.
253,919
1,540.819
1,912
%
Present Plan—
..$1,297,178Jl,329,241
common
629,845
1,619,052
Investment
1,912
x Plant property-2,068,697
Deferred charges.5,036
Other accts.
1935
$66,000
1,200,580
41,532
39,523
Notes payable
Accounts payable-
$54,104
accts.
New
184,341
152,278
payable
155,285
146,321
148,761
1936
$60,828
Notes and accounts
Cash, accts. rec'le
and
$0.48
Liabilities—
$1,144,900 $1,144,900
Capital stock
$725,809
301,826
$706,798
Manufac'g & mdse.
1935
1936
Liabilities—
Nil
1935
1936
Cash
$14,029
Balancesheet Dec. 31
Assets—
x
Assets—
receivable
Earnings for Year Ended Dec. 31, 1936
$87,722 loss $580,295
$13,875
100,000 shs.com.stk-
on
Consolidated Balance Sheet Dec. 31
Customers'
Receipts
Expenses
$239,873 loss$428,270
152,151
152,025
152,640
Net income for the year
1934
1935
1936
$166,515
Depreciation
a
stk. outstand.
Interest paid only.
•
Consolidated Balance Sheet Dec. 31
New Haven Clock
Co.—Earnings—
Calendar Years
Cost of sales, selling, administrative
and general expenses
1935
$2,888,175
$2,291,438
Marketable
\
2,823,306
51,958
Deprec. of machinery, equip. & bldgs_
Certain selling expenses
Certain admin. & general expenses-.
Cash
2,349,494
57,505
221,918
209,576
131,932
,
123,831
1,771,659
86,061
184,343
114,336
$485,213
17,103
$147,768
12,310
$135,039
17,796
$502,316
102,637
94,754
$160,079
22,118
21,560
$152,835
36,060
18,214
$304,925
159,022
26,985
$116,400
$98,560
$3.60
$0.98
secur.
b Accts .& no tes rec
Cash
on
166,632
17,712
512,105
Charges against income.
Provision for
taxes
Common
dividend^
able & accruals.
550,483
44,465
21,683
800,723
1,847
& ac¬
counts receivable
88,314
17,431
__
Steamships
385,449
273*231
1
_
of subs, co
878,116
935,865
obllg.
one year
Contract
for pur¬
chase of cars.--
Funded debt.
596,455
144,348
5,246,000
63,515
Other liabilities
19,870
Series A pref. stock 1,548,000
Series B pref. stock 1,080,000
Com. stk.($20 par) 3,007,620
Paid-in surplus
319,386
reserve
Earned surplus
a Treas. stock
Leasehold interests
45,435
money
1,031,692
equip.tr. notes
Sundry
201,000
Deposited cash
Pur.
&
271,988
226,257
Equip. & plants,
less depreciationlO.906,157 11,031,609
Other notes
$
788,920
maturing within
Inventories
Deferred charges
Preferred dividends
1,552
1935
Notes & accts. pay¬
433,816
Inv. in affll. cos
S
Liabilities—
97,785
deposit
with trustee
Sundry investm't-
Other income.
1936
$
$
Assets—
1934
$3,714,327
Net sales
1935
1936
1936
586,824
Dr36,822
4,393,814
21*614
1,584.000
1,104,000
3,007,620
311,145
660,671
Dr49,502
Earns, per share on 71,960 shs. of com.
stk., no par, axel. 40 shs. held in treas.
Total
$0.74
a
Balance Sheet Dec. 31
Assets—
a
$192,781
Liabilities—
$123,956
Trade accts. and
notes
receivable
570,287
481,529
7,405
b Life
insurance..
97,775
Fixed
88,479
929,519
27,384
Total
a
reserve
e
Common stock..
899,500
939,129
and
Northern Texas Electric
Total.
$3,047,951
$2,844,176
Initial
Preferred Div.-
Co.—Earnings of Subsidiaries—
Month of
August—
Operating revenues
Operation
1937
$115,641
69,640
16,330
al0,043
Taxes.
$2,844,1761
.13,645,778 13,000,920
b After reserve.—V. 145,
record Sept. 20.—V. 144, p. 4354.
Maintenance
for doubtful accounts of $30,000 in 1936 and $25,000 in
value,
c After reserve for
depreciation of $2,-
Total
preferred stock,
North American Finance Corp.-
899,500
1,045,393
Surplus
3,955
$3,047,951
After
24,292
52,243
common
The directors have declared an initial quarterly dividend of 20 cents i
of 20 cents per
share on the cum. prior preference stock, payable Oct. 1 to holders of
699,000
1
Goodwill
1935.
153,138
697,500
stock
1,180,515
1
_
assets
24,825
Unp'd&accr. taxes
30,764
1,201,408
Miscell. assets
Deferred charges.
wages, &c
150
4,312
938,920
5,759
Inventories
80,011
...13,645,778 13,000,920
Consists of
288.
$150,000
77,594
d Pref.
28
secur.
1935
$150,000
Unpaid & accrued
6,200
Accrued int. rec.-
Marketable
1936
Notes payable
Accounts payable-
993
Accts. rec. (sundry)
c
1935
1936
.
Cash
p.
Net operating revenues
1936
$125,482
62,810
$19,628
$36,744
Miscellaneous interest paid.
14,816
11,111
661
b Cash surrender
058,932 in 1936 and $2,014,491 in 1935.
d Represented by 6^% cumu¬
lative preferred stock, $100 par.
e Represented by 71,960 shares, no par,
after deducting 40 shares held in treasury at cost of $500.—Y. 144, p. 4353.
Balance before depreciation
a
net
No
$18,967
$36,744
provision has been made for the Federal surtax on undistributed
for the year 1937, since any liability for such tax cannot be
income
determined until the end of the year.
Niagara-Hudson
Interstate
Power
-Divests
Itself
of
Last
Operation—
The final step in the
state
Corp.-
operation
was
corporation's move to divest itself of its only inter¬
approved Sept. 16 by the New York State P. U.
Note—Figures appearing in this report have been compiled from those
shown
on the books of the subsidiary
companies and of A. F. Townsend,
receiver of Northern Yexas Traction Co., after inter-con pany eliminations.
All figures reported are subject to such adjustments as audits
by inde¬
pendent auditors
may
disclose to oe necessary.—V. 145,
p.
1430.
Financial
2086
North American Rayon
share
Corp.—Interim Dividend—
50 cents per share on
the class A and B common stocks payable Oct. 12 to holders of record
Oct. 1. Similar amounts were paid on Aug. 10, June 21 and on April 1, last.
The company paid an extra dividend of $1.25 per share in addition to
a quarterly dividend of 373^ cents per share on Dec. 15, 1936.
A 25-cent
dividend was paid on Oct. 1 and July 1,1936, and compares with 12 H cents
distributed on April 1, 1936, and 50 cents per share paid on Jan. 1, 1936,
this latter being the initial dividend of the issue.
In addition extra dividends of 25 cents per share were paid on Oct. 1,
1936.—V. 145, p. 1910.
The directors have declared an interim dividend of
Indiana
Northern
Period End. Aug. 31—
Public Service
Similar
of accumulations on Oct.
Dividends of $3 and $2.75 per share,
respectively, were paid on April 1, last. For previous dividend distribu¬
tions see V. 143, p. 4163.—V. 144, p. 4194.
paid on July 1, last.
Light Co. (.& Subs.)—Earning
Pacific Power &
1937—12 Mos.—1936 ^
1937—Month—1936
$593,462
$421,336
299,465
224,382
Period End. Aug. 31—
Operating revenues—_
Oper. exps. (incl. taxes)
Property ratir.
reserve
appropriations
$5,107,944
2,670,992
$5,621,634
3,057,536
692,500
692.500
$139,246
17,243
$1,871,598
209,208
$1,744,452
205,708
$163,823
$156,489
Dr249
Dr222
$2,080,806
Cr3,606
$1,950,160
Drl,023
$163,574
$156,267
85,417
18,933
$2,084,412
1,025,000
234,514
$1,949,137
1,025,000
224,325
$58,426
$51,917
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
-
$824,898
$700,205
458,478
458,478
57,708
57,708
$146,289
17,534
Net oper. revenues.._
1937—8 Mos.—1936
payable
cumulative preferred stock, no par value, both
1 to holders of record Sept. 15.
the $5.50
on
on account
amounts were
Co.—Earnings—
1937—Month—1936
Sept. 25. 1937
Chronicle
Rent from lease of plant
;
Net income after deprec.,
int.,
Federal
income
share
par)
per
stock
(no
on
145,
p.
Operating income.
...
Other income (net)
Nil
$0.26
at
.:
Adjusted.—V.
x
x$895,257
$1,398,380
$161,340
$157,912
1,806,870 shares common
taxes, &c
Earnings
on mortgage bonds. V,
Other int. and deduct'ns
Int.
1911.
(Minn.)—Weekly Output—
Northern States Power Co.
Northern States Power Co. system for the week
Sept. 18, 1937, totaled 25,607,689 kwh., an increase of 8.0% com¬
pared with the corresponding week last year.—V. 145, p. 1911.
85,417
.
19,731
Cr393
Int. charged to constr..
Electric output of the
ended
first page of this department.—Y. 145, p.
Called—
616.
'
.
will redeem on Nov. 1, 1937, at par, all of its refunding
improvement gold bonds, series A, 5H%» due Nov. 1, 1957.
Bonds
will be paid at the National City Bank, of New York.—V. 145, p. 1594,
This company
and
V. 138, p. 327.
Norwich (N.
Calendar
Miscell.
inc.
Dividends on these stocks are
,534,166
_
1933
$2,220,607
(net)
Fed. & Canadian in. tax.
Inc.—Stop Order—
1,667,231
1,567,574
1,402,485
32,673
112,395
37,570
122,440
37,436
99,829
?
.
^
has issued a stop order sus¬
registration statement filed by the company.
Securities and Exchange Commission
The
pending the effectiveness of the
—V. 143, P. 1410.
deductions
27,341
155,698
cumulative.
made for Federal surtax on undistributed profits
inasmuch as the companies reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 1269.
Note—No provision was
Paper Sales Co. of Detroit,
1934
$2,521,222
1935
1936
-
.......
for 1936,
Y.) Pharmacal Co. (& Subs.)—-Earnings
Years—
Gross
profit on sales
$2,900,140
Sell., advertising, adm. &
general expenses
1,794,195
z
$366,420
$241,727
x Dividends
accumulated and unpaid to Aug. 31, 1937, amounted to
$382,065.
Latest dividends, amounting to $1.75 a share on 7% pref.
stock and $1.50 a share on $6 pref. stock, were paid on Aug. 1, 1937.
Balance
Corp.—Bonds
Nitrogen
Hydro-Electric
Norwegian
x
Inc.—Registers with SEC—
Northwest Airlines,
See list given on
Net income—
Parker Wolverine Co.—Stock Increase
Voted—
on Sept. 20 approved the plan to increase authorized no par
shares from 120,000 to 200,000 shares and to issue 2% five-year
convertible debentures in part payment of dividends, the increase in com¬
Stockholders
common
$922,906
680,000
$721,867
659,457
$793,638
597,672
$680,857
498,060
$242,906
1,158,281
$62,410
1,007,731
$195,966
2,316,222
$182,797
2,187,401
$1,401,187
CY37.259
$1,070,141
088,140
$2,512,188
$2,370,198
53,976
$1,438,445
$1,158,281
x400,000
$1,007,731
x400,000
$1.80
$1.98
Net profit for year
Dividends.
Balance, surplus
Surp. at begin, of year..
Total
Surplus charge
Surplus at Dec. 31.
_
Shs. cap. stk. outstand..
Earnings
per
share.
x400,000
$2.31
_
1,504,457
$2,316,222
ylOO.OOO
$6.80
payable.
323,731
635
Miscell. reserves..
Accounts, notes &
for the six months ended June 30, 1937, its
95,265.8.5 pounds sterling (equivalent to
sterling, plus 1,949,339.66
companies
six months
ended June 30, 1937 was 3,860 tons of fine tin as against a production of
3,633 tons for the same period in 1936.
Tin in concentrates shipped, but
not sold at the close of the 1937 period was valued in inventory at £250 as
against approximately £173 at the close of the 1936 period.—V. 145, p. 289.
with a profit of 4,231. 5. 9 pounds
This compares
bolivianos for the same period in 1936.
Profits of subsidiary
taken up until declared as dividends. Production for the
2,000,000
; 1,438,445
Capital stock
Surplus
677
(David) Pender Grocery Co.—Earnings—
2,000,000
Jan. 2, '37 Dec. 28, '35 Dec. 29, '34
$16,850,404 $15,616,213 $14,050,798
Years Ended—
Sales (net)
Cost of sales,
614,705
805,891
781.560
sundry rec., &c_
117,316
Permanent assets.
745,885
73,677
690,192
Miscellaneous income
154,976
127,378
Miscellaneous
rec
Inventories
1432.
Inc.—
$455,791 at June 30 rate of exchange' plus 2,285,470.24 bolivianos after
taxes, but before providing for United States undistributed profits tax.
697,198
warrants
Consolidated,
Earnings—
The company reports that
estimated net profits were
$102,348
506,353
$147,574
Accrued accounts.
Accounts
$1,389,118 $1,480,147
of these securities.—V. 145, p.
Enterprises
&
Mines
1935
1936
Liabilities—
1935
1936
Assets—
securities
stock providing for conversion
Patino
are not
x $5 par.
y Declared value $5 per share,
z After deducting all costs
of goods sold, including provision for depreciation of factory buildings and
equipment.
Condensed Consolidated Balance Sheet Dec. 31
Cash & marketable
mon
y
1,158,281
selling, delivery, administration & general expenses._
„
16,656,553
15,542,123
13,881,010
$193,851
105,328
$74,090
100,744
$169,788
92,438
$299,179
26,473
50,069
15,774
$174,834
23,136
26,500
$262,227
$206,863
700,878
$125,197
672,967
$199,280
607,309
682
1,507
$998,605
97,968
32,535
1,683
5,000
$798,847
97,968
$808,096
97,968
32,535
4,625
$861,419
$1.67
$700,878
$0.41
$672,967
$1.55,
Miscell., securities,
Good-will
Net operating
profit
formu¬
lae, &c
Deferred charges..
charges
Fed'l & State inc. taxes
Total
...$3,910,386
$3,767,660!
>
$3,910,386 $3,767,660
Total
Represented by 400,000 shares of common stock, $5 par.—Y.
y
undivided profits
on
Net income for the year .!
Earned surplus at beginning of year.
.
_
Ohio Leather
The
Est. Fed. surtax
144,
1795.
p.
(est.)
directors
have
Co.—Larger Dividend—•
declared
a
dividend of 35 cents per share
on
the
stock, payable Oct. 1 to holders of record Sept. 24. This com¬
pares with 25 cents paid on June 30, last, and 25 cents on Dec. 24, 1936.
—V. 145, p. 3513.
common
Adj. of Fed. & State inc. taxes app 1.
to prior years
Adj. of depreciation
90.864
_
Dividends—Class A stock
Ohio Wax Paper
Co.—Extra Dividend—
The directors have declared
an
Dividends—Class B stock
of 25 cents per share in
extra dividend
dividend of like amount on the common
value, both payable Oct. 1 to holders of record Sept. 20.
Similar payments were made on July 1 and on April 1, last. An extra divi¬
dend of $1.50 was paid on Dec. 10, 1936, and an extra of 25 cents in addi¬
tion to the regular quarterly dividend of 25 cents was distributed on Oct
1,
addition to the regular quarterly
stock,
no
Adj. of taxes for prior years
Prov. for res. against invests
par
1936.—V.
144,
p.
Earned surplus at end of year
Earnings
per
share
Assets—
1936
$12,882,696 $11,960,869
6,801,051
6,178,055
1937
Operating revenues
Oper. exps., maint. & taxes
$6,081,645
2,340
Other income.
Jan. 2, *37
$5,782,814
2,651
$6,083,986
1,200,000
$5,785,465
1,025,000
on
hand
$388,818
113,655
1,691,274
Mdse. inventories.
$404,396
129,537
1,630,099
(before
124,054
.
Appropriation for retirement reserve..
.
$4,760,465
2,223,810
375,360
44,294
28,705
$2,636,555
.
Amort, of debt discount and expenses.
Other income deductions
$4,883,986
1,894,089
309,049
.
Invest, (at
100,890
4,267
.
19,649
$2,132,590
5,526
a
Dividends—
,
1,517,065
861,419
1,517,065
700,878
Dr40,390
Capital stock...
Treasury stock
Dr40,390
10,074
760,322
1
Total
Olympic Forest Products Co.- -Accumulated and Initial
26,500
24,043
1
,
Goodwill
Net income
8,164
66,838
28,276
26,606
776,492
banks (less res.)
Prop'y plant &
equip, (at cost).
-V. 145, p. 1911.
8,164
Earned surplus...
c
insi^r. policies..
Deposits in closed
83,179
divs.—Class
stock
Prov. for Fed. and
b
9,867
Cash surr. val. life
a
Acer.
expenses./
Res. for insurance.
1
cost).
$325,000
427,355
(banks)
State inc. taxes.
funds, &c
>r
Accrued
pro¬
cessing taxes, re¬
Net oper. rev. & other inc.
retirement reserve)
Accounts
A
Prepd. exp.—Ins.,
taxes suppl., &c.
for
Dec. 28,'35
$200,000
payable.) 482,365
Notes pay.
Notes & accts. rec.
d Claims
Jan. 2, '37
Liabilities—
Dec.28,'35
Cash in banks and
Co.—Earnings—
12 Months Ended July 31—
class B
Balance Sheet
4356.
Oklahoma Gas & Electric
on
19,974
42,973
$3,123,737 $3,071,794
After
reserve
for
Total
depreciation of $1,066,008 in
$3,123,737 $3,071,794
1936 and $1,411,610
b Represented by 30,207 shares of class A stock, no par, and
65,070 shares of class B stock, no par.
c Represented by 2,216 shares
of class A stock at cost, d After reserve of $34.607.—V. 145, p. 1111.
in
1935.
The directors have declared
an initial dividend of 33 cents per share on
.pref. stock, payable Oct. 1 to holders of record Sept. 20.
They also declared a divided of $46.29 per share in satisfaction of all
accumulations on the $8 cum. pref. stock, payable on shares not ye« ex¬
changed for new $2 pref. stock, on Sept. 16 to holders of record Sept. 13.
—V. 145, p. 1109.
the
new
$2 cum
Oppenheim, Collins & Co., Inc.—To Reduce Directorate
Stockholders at their annual
meeting
on
Oct. 5 will consider amending
the by-laws so as to reduce the number of directors from nine to seven,
and to eliminate reference to the number of directors that shall be elected
the annual meeting of stockholders, also, permitting the by-laws to be
amended by the directors as well as by the stockholders.—V. 145, p. 289.
at
American
Pacific
Fisheries, Inc.—Earnings—
charges..
share on 385,468 shares capital stock (par $5)
Earnings per
To Create
__
.$455,205
$1.18
Preferred Issue—
The company has notified the New
York Stock Exchange of the proposed
creation of 100,000 shares of 5% cum. con v. pref. stock of $100 par value.
—V. 144, p. 4356.
1
The
have declared a dividend of $1.50 per share on the $6
preferred stock, no par value, and a dividend of $1.37H per
directors
cumulative
(Minn.)—Accumulated Dividend—
RR.]
1937—8 Mos.—1936
$314749,310 $281210,299
234,026,267 202,090,484
[Excludes L. I. RR. and B. & E.
Period End. Aug. 31—
1937—Month—1936
Ry. operating revenues.$39,735,326 $37,917,727
Ry. operating expenses. 29,007,840
26,229,361
rev.
from ry.
oper.$10,727,486 $11,688,366 $80,723,043 $79,119,815
Railway taxes..
3,212,900
Unempl. insur. taxes.415,730
y RR. retirement taxes.
507,792
Equip, rents (dr.) bal...
273,859
Jt. facil. rents (dr.) bal.
163,171
Net ry. oper. income.
$6,154,034
2,614,243
172,865
586,041
559,256
210.591
21.783,600
3,026,240
x4,014,958
2,082,529
1,270,118
17,721,088
1,288,714
3,312.475
4,841,567
1,681,760
$7,545,370 $48,545,598 $50,274,211
from 3K% to 2H%, effective Jan. 1,
Amount of $586,041 included in August, 1936, and $3,312,475
in the eight months period of that year, on basis of charge of 3J^% of
payroll, effective March 1, 1936.
x
Otter Tail Power Co.
Dividend—
Pennsylvania RR. Regional System—Earnings-—
Net
Earnings for 4 Months Ended June 30, 1937
Net profit after all
Pennsylvania Gas & Electric Co.—Preferred
The directors have declared a dividend of 75 cents per share on the
7% cumulative preferred stock, par $100, payable Oct. 1 to holders of
record Sept. 20.
Similar payment was made on July 1, last; a dividend of
$1 was paid on April 1, last, and dividends of $1.25 were paid in each of
the four preceding quarters.—V. 145, p. 1111.
Includes adjustment of tax rate
1937.
y
Volume
Financial
145
Earnings of Company Only
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos —1936
Ry. operating revenues.$39,627,722 $37,807,085 $314095,305 $280523,476
Ry. operating expenses. 28,911,197
26,142,247 233,301,532 201,356,940
Net rev. from ry.oper.$10,716,525
IU,
jr . UJ/Ol
J.U,U£U
Railway taxes
Unempl. insurance taxes
y RR. retirement taxes.
Equip, rents (dr.) bal_.
Jt. facil. rents (dr.) bal.
3,197,463
415,266
505,372
271,931
163,560
$11,664,838 $80,793,773 $79,166,536
mo
Ot
711
AHA
jy Q54 264
21,711,004
2,600,012
ll287i593
172.709
3,023,312
3,305,256
x4,005,898
584,744
4,831.157
557,331
2,071,015
1,684,182
1,272,700
210,894
Net ry. oper. income.
$6,162,933
Chronicle
Judge Dickinson said that the trustee had no more legal right to inter¬
than general creditors and that if one was admitved all the others
might claim the same right, thereby making the administration of the case
complicated.
Moreover, he said the courts are obliged to protect the
interest of all parties concerned.—V. 145, p. 1912.
vene
$7,539,148 $48,709,844 $50,404,084
*
.
.«i
*
n
Includes adjustment of
x
,193X'
in the
3f
ifit
Aor,
n
tax rate from
eight months period of that
payroll, effective March 1. 1936.
3H% to 2%%, effective Jan. 1,
year,
on
on
The following is taken from the "Herald Tribune":
ft
the
fundamental
affecting security dealers popped up
Exchange Commission hearing.
i,,a
u
question
»
had been traded extensively
ii
lull
a
Net operating revenue (before appropriation for
Interest charges (net)
Amortization of debt discount and expense
Guaranteed dividends on Consolidated Gas
of the
The Commission was considering whether to approve
applications, which would put into effect a plan of reor-
&PowerPC ^^ & Power Corp* to create a new company, the
Light
a
$EC attorney, objected to the type of new se¬
proposed to be issued, "their characteristics, terms and provisions,"
y
Public Utility Holding Company Act of 1935.
The
r>
t«
ca?? under advisement, with Commissioners George C.
Healy and J. O. Ross sitting at the argument.
w
of New York
he said, have bought
security houses, which,
Ij-T, ?? a when ^ued" basis about $1,500,000 of the securities, and
i?e 8tatement that it was estimated other New York and Chicago
.
k
additional
an
wiro
i^
uLuPJff0U
™
c
i
.u
courts
said
Jackson
Mr.
that
Mr. Jackson is
an
never
advocate of
intended
i
Vit
permitting
m°®t^eriom objections are with respect to the securities protb£ ?ew company; although there are some objections
certain of
.•
«,^V?
the securities proposed to be issued by subsidiaries.
een fo.un(1 9y the court to be fair and equitable and
luhe Provisions of Section 77-B of the Bankruptcy Act.
fPPear. however, that the court was or could have been asked
Cnn?T«nlf a iie c°nf?rm;ibility of the plan to the standards of the Holding
wMiKiriprifi«no'*Kec were before the
^hich presents to the Commission far broader
than
500,000
289,840
$9,123,609
Smaller Common Dividend—
The
directors
common
stock,
have
a dividend
of 15 cents per share on the
value, payable Oct. 25 to holders of record Oct. 1.
declared
no par
This compares with 20 cents paid in each of the two preceding quarters;
25 cents paid on Jan. 25, last; 15 cents paid on Oct. 26, 1936; 20 cents paid
on July 25 and
April 25, 1936; 25 cents on Jan. 25, 1936; 15 cents paid on
Oct. 25, 1935; 20 cents each three months from April 25, 1934, to July 25,
1935, incl.; 17
cents paid on Jah. 25, 1934; 12>£ cents on Oct. 25, 1933;
on
July 25 and April 25, 1933; 35 cents per share each quarter
April 30, 1932, to and incl. Jan. 25, 1933, and 55 cents per share on
Jan. 25, 1932.—V. 145, p. 1912.
25 cents
from
(Albert) Pick Co., Inc.—To Pay Interim Dividend—
The directors
Sept. 20 declared an interim dividend of 12 Yi cents per
Dec. 1 to holders of record Nov. 1.
made on Sept. 1, last.
Two dividends of 10 cents
per share each were paid in Dec., 1936.—V. 145, p. 618.
share
on
on
the common stock, payable
Similar payment was
Pittsburgh Screw & Bolt Corp.—Obituary—
William G. Costin, 63, Chairman of the board and Treasurer, died on
Sept. 21—V. 145,
p.
618.
Plymouth Oil Co. (& Subs.)—Earnings—
Period End. Aug. 31—
1937— > fonth—1936
$247,085
$154,709
1,050,006 capital shares
Net prof after all charges
Earnings per share
—V. 145, P. 618.
Plywood
on
Container
Corp.
of
inv?lve concern not merely for the immediate
^ ? p ?' but also for the future purchasers of the pro£oriihe Public iuterest in the financial stability and
registered
holding companies."
under the plan pointed out that "should
many innocent purchasers
contracts will suffer severe losses and, should any
the plan be required, there is real danger that the parties
the
of
thfl
maior
3
hfl
H ipLSf Co"lmission, be withheld,
Su
t
agree upon any plan of reorganization."
Th«
at—',with due deference"—"the function of the
IuShph^ a°d not nmnagement of public utility *>rporations within
of
Mo.
1937—8 )Mos.—1936
$1,838,609
$1,122,926
$1.75
$1.07
-Registration
See list given on first page
of this department.—V. 145, p. 618.
Public Service Co. of New
Hampshire—Earnings—-
[Including Manchester Street
Period End. Aug. 31—
Operating
Operating
1937—Month—1936
$481,951
$525,952.
269,134
259,069
77,316
66,106
23,484
6,249
revenues
expenses
State & municipal taxes
Fed. taxes (incl. income)
Net operating income
Non-oper. income (net)
Ry '
1937—12 Mos.—1936
$5,929,089
$5,226,418
2,601,847
2,825,128
746,793
853,652
120,664
225,834
$156,018
3,086
$150,527
2,731
$2,024,475
$159,104
56,018
1,060
8,696
$153,258
50,982
2,145
10,058
9,400
$2,060,828
657,425
18,652
90,235
36,353
SEC is
their
managers asked the
SEC to permit the plan of
SSl ob&?ioSs/t22v.e 1I5?pyei432nClUding that there were n0 ,,funda'
Pepperell Mfg. Co. (& Subs.)—Earnings—
Saies
d' JUTle 30~
I937
1936
j935
1934
OD^atln^VY'tyoVT —
'o I
$29,640,764 $28,986,092 $28,606,880
operating expenses,
.on
&c_b37,837,135
Net income
a
---
Dividends
28,519,405
26,999,194
$1,121,360 loss$438,062
291,684
583,374
$2,104,116
1.555,576
29,424,155
$829,676
100,000
100,000
$21.04
$1,021,436
100.000
Nil
$11.21
After
deducting Federal taxes, depreciation,
undistributed profits taxes.
reserves,
$1,004,866
100,000
$16.07
b Including
&c.
Consolidated Balance Sheet June 30
1937
$
Plant accounts..
tax
Cash
8,166,476
y
7,467,445
3,029,706
59,995
Accts.
1,194,425
Tax reserves
..
Other reserves..
._
99,627
398,570
262,953
Pepperell Mfg. Co.
shares
Prepaid items
Total
x
Other deductions
Prov. for special reserve
Net
$93,330
$80,673
$1,253,216
Pref. div. requirements
$52,176
$47,365
$607,266
Note—The above figures include the operating results of New
Power Co. from March 31, 1936.—V. 145, p. 1914.
Public Service
99,410
.25,316,311 20,280,410
After depreciation
reserve
accruals.
_
par
7,054,249
87,519,299
82,723,681
$2,534,338 $38,502,138 $37,682,787
1,375,668
25,554,695
23,386,659
The Federal Power Commission has set Oct. 27 as the date for hearing.
the application of the corporation to merge six of its underlying companies
on
subsidiary, Public Service Electric & Gas Co.
The Com¬
of the proposed mergers would make Public
598,517
mission said consummation
658,901
Service Corp. of New Jersey's sysetm.
663,451
663,451
as
8,908,079
Earned surplus—
Total
1,424,821
1937—12 Mos.—1936
t
$9,588,586 $126021,438 $120406,468
FPC Sets Hearing in Jersey Merger—
824,416
352,915
8,359,540
Capital surplus
I
—
7,509,915
$2,470,055
1,067,450
The
25,316,311 20,280,410
of $7,689,681 in 1937 and
Represented by shares of $100
Net inc. from oper—_
Balance for dividend and
into its chief
..
$930,089
$553,732
Hampshire
1937—Month—1936
$9,979,971
Oper. exp., maintenance,
deprec. and taxes
10,000,000
3,500,000
..
&
payable
$1,794,846
625,148
12,801
114,078
112,730
Corp. of New Jersey (& Subs.)—Earns.
Aug. 31—
Gross earnings-
$
Capital stock. ..10,000,000
Notes payable..
41,300
income
$1,757,114
37,732
1936
$
8,608,421
10,788,771
4,118,489
claims
14,840
Accts. receivable..
y
1937
Liabilities—
1.287.692
Inventories
Process,
interest
surplus
1936
5
Assets—•
x
Other
$1,607,686
602,820
$548,540
Shs. cap. stk.
outst'g
Earnings per share
a
Bond interest
Period End.
Balance, surplus
With~
drawn—
court.
^trol
control
69,192
69,192
500,000
327,364
on pref. & common stocks held
by public and min. int. of subs and divs. on
common stock of Philadelphia Co_» $8,647,116
consideration to the fact that the reorganization
i?Ivei.
?n
T?
tJ>
Dospii^
$17,245,807 $17,728,124
989,395
990,053
6,173,542
6,216,213
539,197
539,216
Net inc. for divs.
yenem'L° corporate reorganizations, controlled by courts,
T1?18 ^ ProPosed in bills pending before Congress.
tie
PosMon of the SEC staff, the SEC experts, in a brief,
Vn
$24,743,329
7,015,205
Co.
reserve
Other income deductions
by the security business is accepted prac-
Mr. Jackson contended that Congress
override the courts.
Li^i?
$1,000,000,
aI^8
tbe
District Court for the District of Dela3®: confirmed the plan of reorganization of the company.
Fl ® wP?, 1 awyer said.
to
SLfiH
7,429,925
pref. and
The reorganization
managers under the plan of Peoples Light & Power
1936, defended the plan.
The staff of the SEC,
it
*-
City of Pittsburgh preferred capital stock
Appropriation for special
"when issued" basis.
on a
for retirement and depletion reserves
a
declarations and
curities
•>
—$24,528,643 $24,542,209
147,089
201,119
Gross income
Rents for lease of properties
*
f'roples
1936_
It involved whether
cksorl °* New York, counsel for the McAdoo Committee
Senate, investigating corporate reorganizations, appeared in
Ji
a ?r9uP
New York security houses at a public nearing before the
commission.
tt
kIkTi#
and taxes
retirement and depletion reserve)
Other income (net)
WEG should iorbid the issuance of securities
of a plan of reorganization
approved by a Federal District Court, particularly when the securities of
the company
expenses, maintenance
Sept. 18.—V. 145,
Light & Power Corp.—Court Approved, Plan
Weighed by SEC Rule—Agency Reserves Decision on Peoples
Light Despite Big When-Issued Sales—
rather
1937
$55,207,874 $49,779,680
30,679,231
25,237,471
revenues
Net oper. rev. and other income (before approp.
for retirement and depletion reserves)
$24,675,732
Peoples
A
12 Months Ended July 31—
Operating
Operating
Appropriation
director of this railroad died
a
[Not incl. Beaver Valley Traction Co. (in Receivership) and its subs.j
basis of charge of 3of
Obituary—
Edgar C. Felton,
p. 1432.
Philadelphia Co. (& Subs.)—Earnings—
ar\r\
Amount of $584,744 included in August, 1936, and $3,305,256
2087
$7,231,533 in 1936.
—V. 145, p. 1270.
Perkiomen RR.—Extension
of Bonds—
applications, which include financial statements of the companies
of July 31, seek Commission approval of the mergers of South Jersey
Gas, Electric & Traction Co., Paterson & Passaic Gas & Electric Co.,Gas
& Electric Co. of Bergen County, New Brunswick Light, Heat & Power Co.,
Bordentown Electric Co. and Cinnaminson Electric Light, Power & Heating
.
Co.
of River ton, N. J., into Public Service Electric & Gas Co. through
security issues by Public Service Electric & Gas in exchange for capital
stock of the six companies, cash payment to be made for outstanding frac¬
tional shares.—V. 145, p. 1433.
new
The
Interstate Commerce Commission on Sept. 17 authorized the com¬
pany to extend from Jan. 1, 1938 to Jan. 1, 1951, the
maturity of $799,500
of first-series
mortgage bonds and of $1,125,000 of second-series mortgage
bonds, to bear interest, during the extended period, at the rate of
33^%
per annum.
Authority was granted to the Reading Co. to assume obligation and
liability in respect of the payment of the principal of, and interest
on, the
first-series and second-series
mortgage bonds of the Perkiomen RR., as
extended.—V. 145, p. 1432.
Pere
Marquette Ry.—Clears Prior Preferred Arrears—
The directors
on
Sept. 21 declared a dividend of $10
per share on account
of accumulations on the
5% prior preference stock, par $100. This payment
will wipe out all back dividends on this issue.
The directors also declared
the regular quarterly dividend of $1.25
per share ordinarily due on the
Ereferred stock at this time. Both dividends will be paid
olders of record Oct. 8.
on Nov. 1 to
A dividend of $20 per share was paid on Dec. 17, 1936, this latter
being
first payment made since Aug. 1, 1931, when a regular
the
dividend of $1.25 per share was distributed.—V. 145, p.
Philadelphia
&
Reading
Coal
&
Iron
April 15, last, and dividends of $1.25 per share were distributed on Jan. 15,
last, Oct. 15 and on July 16, 1936, this latter being the first dividend paid
since October, 1932 when a regular quarterly dividend of like amount was
distributed.
The company issued the following statement in connection with the cur¬
City of Seattle defaulted the $208,400 Street
Ry. bond interest payment due the company Sept. 1.
The company is
confronted with constantly rising operating costs, threatened adverse busi¬
ness conditions,
and the financing of necessary new construction out of
earnings.
In addition, the company is faced with the necessity of refunding
approximately $8,500,000 of bond and note maturities occuring on or before
March 1, 1940.
In view of the above the directors deemed such action
advisable."—Y. 145, p. 1750.
rent dividend action: "The
quarterly
1432.
Co.—Trustee
Denied Petition to Intervene—
The petitions of the Central-Hanover Bank & Trust Co., New York,
trustee for the refunding 5% bonds to intervene in the company's 77-B
reorganization proceedings and for the impounding of its assets for the benefit
bonds, was dismissed by U. S. District Judge Dickinson on Sept. 15.
The Court, however, gave the trust company the right to appeal to the
U. S. Circuit Court, if it has the right to do so, otherwise the trustee must
make its appeal move to the Circuit Court itself.
Puget Sound Power & Light Co.—Pref. Div. Deferred—
Directors at their recent meeting decided to defer further dividend pay¬
$5 cumulative prior preference stock, no par value.
A divi¬
dend of $1.25 per share was paid on July 15, last; one of $3.75 was paid on
ments on the
Puget Sound Pulp & Timber Co.—Initial Pref. Diviaend
The directors have declared
share
on
the
an initial quarterly dividend of 30 cents per
6% convertible preferred stock, par $20, payable Oct. 1 to
Sept. 20.—V. 145, p. 1913.
holders of record
Quarterly Income Shares, Inc.—Extra Distribution—
The directors on Sept. 22 declared an extra distribution of $1 per share
payable Oct. 15 to holders of record Oct. 1. This distribution will be payable
in five-year 5% debentures with cash adjustments for odd denon inations.
The regular quarterly dividend of 30 cents per share which had been
previously declared will be paid on Nov. 1 to holders of record Oct. 15. An
<
Financial
2088
extra dividend of 30
cents
share was paid on Feb. 1, last.-
per
Balance Sheet—as at Opening of
have declared an initial dividend of $1
The directors
per
Stock—
share on the
company's common stock, payable Oct. 5 to holders of record Sept. 30.
This will be the first dividend paid on the common stock since the recent
capitalization plan which eliminated accumulated dividends on the class A
and class B shares was effected.—V. 145, p. 1433.
Randall
Marketable securities.
Refundable
deposits, &c
Inventories
10 ,898,806
_
Miscellaneous
Co.—Earning.
1937
1936
1935
$291,619
$374,765
153,219
$309,926
$221,546
1,688
Selling and general expenses
$223,234
23,759
$203,375
Discount
debentures
on
160
$115,076
-—
27,928
$30,124
204,039
$171,547
184,911
$151,996
173,350
$234,163
6,360
39,393
$356,458
11,668
65,751
75,000
$325,346
$188,410
.
Earned surplus at beginning of year,.
retirement of cap'l assets (net)
Cash dividends—Class A capital stock
$204,038
$184,911
,
Class B capital stock
Adjustment of accrual of Federal in¬
come taxes for previous year
Earned surplus at.
622
54,625
85,000
187
end of year
Condensed Balance Sheet June 30
53,850
Accts. receivable..
Inventories
Other
106,526
assets.
curr.
1,495
103,412
Investments
a
Property,
88,727
pay.Banks
95,000
Accrued liabilities-
15,576
notes
Def'd
35,497
13,131
38
25
1,700
222,724
932
credit—un¬
redeemed coupon
plant,
218,825
patents
Deferred charges..
1
1
9,948
4,397
■»
ribbons, &c
b Capital stock
Paid-in
144,
p.
27,920
188,410
$562,036
$1,036,531
Railway tax accruals—
292,356
$1,546,092 $12,793,878 $11,887,509
405,422
3,370,864
3,244,732
fromry. oper.
$9,423,014
384,125
Cr 13,635
$840,305
$1,205,034
$9,820,774
$8,908,304
$744,175
93,994
Net ry. oper. income.
—V. 145, p. 1433.
299,653
Dr34,126
Regent Knitting Mills, Ltd.-—Initial Common Dividend
p.
Earnings for 6 Months Ended July 31,1937
Corp.—Sales—
$741,778, a de¬
the corporation
and subsidiary for the eight months ended Aug. 31, 1937, were $5,952,221,
an increase of 14.1% over the corresponding period of 1936.—V. 145, p. 448.
Corp.—Initial Common Dividend—
The directors have declared an initial dividend of 20 cents per share on
common
Net
Bank
July 31,''37 Jan. 31,'37
$139,764
$167,319
$169,621
$313,678
41,358
34,655
insurance.3,925
3,175
Res. for Fed. taxes
107,518
114,681
Accts. & notes rec.
419,879
356,286
Deferred income._
4,076
4,199
receivables.
5,387
665,655
10,040
Capital stock (par
145,000
145,000
84,016
1,044,127
834,407
life
Other
419,756
431,458
Paid-in surplus
13,659
Fixed assets (net).
Other assets
26,098
Earned surplus
$1,739,772 $1,386,578
Total
$1)
463,948
Inventories
84,016
$1,739,772 $1,386,578
Total
Securities Investment Co. of St. Louis—Extra
The directors have declared an extra dividend
Security Products Corp.—Registers with
See list given on first page of this
Includes $74,733 from sale or disposition of capital
$0.79
assets including
deferred leases.—V. 145, p. 1273.
Richfield Oil
on
Liabilities—
$71,966
hand and in banks
x440,655
429,240
assets, less res. of $847
Property, plant & equipment.
931
39,322
y704,036
1
Goodwill
income
Federal
Accrued
Total
x
of capital was filed in the office of the Secretary of State
on Dec. 11, 1936, changing the name of the com¬
Richfield Oil Corp. and making certain other changes in the original
certificate of incorporation.
Under its charter the company is to nave
perpetual existence.
Income Account for
the Period March 13, 1937, to
July 31, 1937
maturities shown above)...
21,417
51,595
214,615
138,077
575,348
154,971
surplus
no par
Cost of sales
4,038,776
Selling, administrative and general expenses
_
per
share
62,002
Non-operating income.
$2,689,811
33,739
$2,723,550
Total income.
long-term debt
of debt discount
Amortization
organization expense
Depletion and depreciation (estimated)
provision for Federal income and undistributed
profits taxes
_
149,517
24,042
4,805
1,775,970
Profit before
$769,216
per share on the common
Sept. 30. A divi¬
dividends of $1 were paid on
paid on Oct. 15, 1935, and $1
on
March 15, 1935.
Earnings Period Ended Aug. 31
1937—6 Mos.—1936
1937—12 Mos.—1936
Net profit after deprec.,
$208,575
$670,249
$586,948
Earns.persh.oncom.stk.
$1.25
$4.08
$3.57
x Before
provision for Federal surtax on undistributed earnings, which
liability, company states, is not determinable until close of fiscal year.
$227,775
$1.37
taxes, &c
—V.
-
After reserve for depreciation
value, payable Oct. 15 to holders or record
dend of $1.25 was paid on Feb. 26, 1937;
Oct. 15 and on April 15, 1936; 50 cents was
408,966
$16,805,261
10,014,672
y
(W. A.) Sheaffer Pen Co .—Smaller Dividend—
$16,396,295
Total
$1,686,156
Total.—
$17,506.
1914.
The directors have declared a dividend of $1
stock,
x
$1,686,151
After reserve for bad debts of
of $556,458.—Y. 145, p.
pany to
Amortization of
of current
Reserves
Earned
of the State of Delaware
Gross income
14,215
131,266
expenses
Notes payable (excl.
Paid-in and donated surplus..
•
Other expenses
220,825
Class B common stock (par $1)
The New York Stock Exchange has authorized the listing of $10,000,000
15-year 4% sinking fund debentures (convertible into common stock until
March 14, 1947), dated-March 15, 1937, and due March 15,
1952.
5,926,667 shares of common stock (no par) issued or to be issued
pursuant to the plan of reorganization of Richfield Oil Co. of Calif.
The company was incorporated in Delaware on Nov. 14, 1936, under
the name of Rio Grande Oil Corp.
An amended certificate of incorporation
Tentative Consolidated
;»_
payable,
tax
Class A common stock (par $5)
Corp.—Listing of Securities—
Sales, exclusive of Federal and State gasoline and oil taxes
Miscellaneous operating revenue
$163,824
payable
payable
Accounts
prior years
Other receivable & investment
Deferred charges
Notes
and including
before payment
SEC—
department.
Balance Sheet June 30, 1937—
Serrick Corp.
Cash
x$167,252
of $1 per share in addition
regular quarterly dividend of 50 cents on the common stock, no par
value, both payable Oct. 1 to holders of record Sept. 24. Extra dividends of
50 cents were paid on July 1 and on April 1, last.
An extra dividend of
$1.50 was paid on Dec. 23,1936.—V. 145, p. 131.
to the
Inventories
share on 211,815 shares capital stock (no par)
Common
Dividend—
Notes & accts. receivable
cost, amortization, Federal income taxes, &c
on
July 31,'37 Jan. 31,'37
Liabilities—
Accounts payable.
Accrued liabilities.
Casl. surr. value of
Assets—
Pendleton, Inc. (& Subs.)—Earnings—
Net income after estimated provision for deprec., deplet., devel.
Interest
$1,128,143
$1.94
stock (par $1)
Consolidated Balance Sheet
&
Earnings for 6 )Months Ended June 30, 1937
x
$1.044,127
84,016
Total surplus
Earnings per share on 145,000 shares capital
Trust Co. of New York has been appointed
agent for 1,055,000 shares of capital stock.—V. 145, p. 448.
per
$1,116,627
72,500
-
—V. 144, p. 4359.
Continental
Earnings
Feb .11937
Cash dividends paid
Republic Pictures Corp. of Del.—Transfer Agent—
Roeser &
$282,220
834,407
-
Total
Remington Rand, Inc.—Subscription Rights Extended—
transfer
profit (estimated)
Earned surplus, balance,
stock, par $2, payable Oct. 15 to holders of record Oct. 4.—
1434.
The company has filed its prospectus extending from Oct. 1 to March 31,
1938, the series B stock subscription rights registered by it.
The rights
entitle stockholders to purchase new stock at $27.50 per share.
This
extension has been granted primarily because of stock market conditions
currently prevailing and it is the belief of the management that an adequate
opportunity should be afforded holders of stock subscription rights, series B,
to exercise such rights under normal conditions, the supplement said.
—V. 145, p. 1914.
The
48,000
Provision for Federal normal income tax
Cash
Consolidated net sales for August, 1937, amounted to
of 2.6% compared with August, 1936.
Sales of
V. 145, p.
$330,220
profit before Federal income taxes
Assets—
Reliance Steel
478
.
stock, payable Nov. 1 to holders of record Oct. 15.—V. 144,
crease
the
$329,742
Operating profit
Net
^
1,692,988
176,016
21,739
*
Other income
1122.
Reliable Stores
^
$2,220,484
Net sales
Paid-in surplus
The directors have declared an initial dividend of 25 cents per share on
common
144, p. 1800.
(& Subs.)—Earnings—
Balance, July 31,1937
Co.—Registers with SEC—
See list given on first page of this department.
he
Schwitzer-Cummins Co.
18,642,777
Cr2,136
$1,140,670
69,962
Dr 5,598
Railway oper. income
Equip, rents (net) Cr
Joint facil. rents (net)..
Reed Drug
Co.—Merger—
sold (estimated)
Selling and administrative expenses
Provision for depreciation
1937—8 Mos.—1936
$4,712,083 $40,643,494 $38,419,347
3,165,991
27,849,616
26,531,838
oper. expenses.
rev.
Schulze Baking
See Interstate Bakeries Corp. above.—V.
1937—Month—1936
oper. revenues,
required
(Form 1000), covering interest, will be
corporations.—V. 145, p. 1598.
from all holders except
Cost of goods
787.
$4,378,387
3,341,856
Net
Ry.—Interest—
Lonsdale, trustees announce that: (1) interest
maturing on Oct. 1, 1937 pertaining to equipment trust certificates
series DD; and (2) interest coupons maturing on Nov. 15, 1937 pertaining
to equipment trust certificates series CC, will be purchased on and after
their respective maturity dates upon tender at the office of C. W. Michel,
Eastern Representative (Room 1949) 120 Broadway, New York City, at
J. M. Kurn and John G.
$521,155
surplus...
Reading Co.—Earnings—
Period End. Aug. 31—
Railway
Railway
,,
,
Ownership certificates
a After reserve for depreciation of $168,332 in 1937 and $171,868 in 1936.
b Represented by 26,298 shares class A stock and 100,000 shares of class B
stock both no par.—V.
,,
acquiring the Minneapolis plant, Mr. Abraham, said,
and distribution system
by effecting various manufacturing economies and by providing more
rapid service at advantageous freight rates to distributors in the North
Central and Northwestern States.
In addition to continuing the manu¬
facture of asphalt roofing and shingles, the Minneapolis plant will be pro¬
vided by its new owners with facilities for warehousing and distributing the
complete line of Ruberoid building products.—V. 145, p. 1434.
further round the Ruberoid manufacturing
was to
222,724
27,920
204,038
...
Total
$521,155
$562,036
be taken Dec. 1.
The purpose in
t/hoii* fcico valUG.
Earned surplus
Total
will acquire the physical assets of the Gold Seal Asphalt
Minn., a modern plant for the
production of asphalt roofing and shingles, it was announced on Sept. 16,
by Herbert Abraham, President of Ruberoid.
Title to the property will
for typewriter
210,617
and equipment.
Intangible assets—
Co.—Acquisition—
operating at Minneapolis,
coupons
Dividend payable-
Employees' fund..
Ruberoid
This company
St. Louis-San Francisco
$16,886
$10,667
Accts. pay.—trade
$49,065
97,877
67,659
2,810
$67,976
demand deposits
1751.
Roofing Co.,
1936
1937
Liabilities—
1936
1937
Assets—
Cash on hand and
$88,024,744
Total
$88,024,744
—Y. 145, p.
25,039
26,339
78,083
6,869
charges
Provision for Federal income taxes—
on
500,000
1,808
74,437,250
Capital stock (3,986,637 shs.)
Total...
Gross income,
Loss
Deferred credits
Reserve for contingencies
125,000
Organization exps. (part est.)
108,903
Minority interest (sub.)
$114,915
Profit from operations
Other income credits
Net income
634,839
90,668
7,663,766
1,112,500
51,000
48,995
Res. for organization expenses
131,973
49 ,250,000 4% sinking fund debentures.
670,573 Sub. cos.—Notes pay. (6%).
766,376
Purchase money obligations
$201,023
2,352
176.704
241,603
991,243
230,014
26,871
Res. for fees & expenses
&
investment
long-term receivables (net)
Capital assets
Prepaid rents, taxes, ins., &c.
Years Ended June 30—
Income
3 ,061,405
110,949
Accts. & notes recelv. (net)..
$1,988,280
Accounts payable
Accrued salaries and wages..
Acer, property, &c. taxes
Other accrued liabilities
Res. for Fed. inc. taxes
$22 ,942,878
66,783
Cash
Pulp & Paper Co.—Initial Div. on New
Rainier
Business March 13, 1937
Liabilities—
Assets—
p.1433.
1937
Sept. 25,
Chronicle
145,
-V.
144,
p.
3191.
Sierra Pacific Power Co.-—Plea; to Issue Stock Dismissed—
The Federal Power Commission has dismissed, "without prejudice to
the right of the applicant to renew said application," the application of
the company for authorization to issue 35,000 shares of ($100 par) pref.
stock and 226,600 shares ($15 par) common stock.
This stock, according
to the application, was to be issued to convert the capital stock of the
Sierra Pacific Electric Co., which owns all the outstanding stock of Sierra
Pacific Power Co., into capital stock of Sierra Pacific Power as the surviv¬
ing corporation in a merger of the two companies.—V, 145, p. 131, 292,
778, 1599.
Volume
Financial
14S
Chronicle
2089
Balance Sheet
Signode Steel Strapping Co.—Listing—
The Chicago Stock Exchange has approved the application of the com¬
pany to list 10,000 shares common stock, no par value.
To be admitted
to trading upon official
notice of issuance and registration under the
Assets—
Securities Exchange Act of 1934.—V. 145, p. 1114.
83,163,458
Net
and
Fixed
770,791
allowances
sales
taxes
Operating profit.........
Total income
...
......
............
•
Balance carried to surplus
...
Inventories...
597.727
—
Other current assets.
Miscellaneous
Accrued liabilities
Fixed assets
Total.
*
surplus-
.........
surplus.............
reserves
of $72,840.
reserve
•
$4,118,630 $4,065,925
Total.:
shares.—V. 145,
p. 1915.
Co.—Listing and Registration—
1937
$2,452,872
1936
$1,701,889
197,309
59,326
exps.
500 000
526.248
246.100
1937—12 Mos.—1936
$984,673
$967,627
728,129
691,415
48,000
48,000
1937—Month—1936
$81,356
$80,346
60,514
57,741
4,000
4,000
Operating revenues
Oper. exps. (incl. taxes).
Prop .retire, res. approps.
Net oper. revenues
$18,605
$16,842
Other income
Total......
After
y
.
no-par
298,108
1,172,780
Superior Water, Light & Power Co.—Earnings—
$208,544
$228,212
581
725
$209,125
5,450
98,979
$228,937
5,450
94,996
44
.......$2,676,839
for depreciation of $288,711.
Gross income
145, p,1435.
"
*
$1)......
Capital
Represented by 298,108,
Period End. Aug. 31—
414,491
Common stock (par
$2,576,839'
After
35,277
32.085
Earned
1
43,013
499,840
476,840
298,108
1,417,086
Federal income taxes,
deprec. & other charges, but before Federal sur¬
tax on undistributed profits
...—
—V. 145. p. 1916.
62,377
—.
.
Reserves
y1,059,003
Patents and trade-marks..,..
Deferred charges....
...
......
.
15,414
1,249,600
Struthers Wells-Titusville Corp.—Earnings—
$212,747
349,682
233,108
Long-term debts...
485
65.000,
94.809
2d
non-cum.
Common stock..
Surplus
$4,118,630 $4,065,925
Net sales
Net income after oper
Other current liabilities......
6,057
investments...
payable
payable, trade......
Accounts
.
pf. stk. ($20 par)
a
7 Months Ended July 31—
Liabilities—
Notes
$140,842
X730.710
5%
88,743
Standard Steel Spring
Consolidated Balance Sheet June 30, 1937
Assets—
6% cum. 1st pf.stk.
($50 par)
1,210,850
conting
The New York Curb Exchange has admitted the new common stock,
$5 par, to listing and registration.
The new common stock, $5 par, is
issuable share for share in exchange for old common stock, no par.—V.
145. p. 1752.
Note—No provision has been made for undistributed profit takes.
Cash in banks and on hand...
Notes «fc accts. recelv., trade..
17,435
53,034
$309,181
...
Res. for
72.081
a
$402,760
31,579
62,000
.....-
Income deductions
pay.
23,723
65,227
Total
47,394
Provision for U, S. and foreign income taxes
34,573
87,214
28,890
Deferred charges..
$355,366
Other income
$400,000
270.374
220.069
2,738,394 Fed. taxes payable
1,019.677 Accrued expenses.
Dec. 31/36
$345,000
(trade)
92,413
4.743
......
June 30„'37
(banks)
less
22,440
-
Provision for doubtful accounts receivable
assets,
Notes pay.
j Accts.
depreciations...
Improv't to leased
prop, (less amor.)
$2,392,667
1,323,652
646,909
39,558
Cost of goods sold
Selling, general and administrative expenses
Provision for depreciation
Taxes, other than Federal income
$70,595
2,583,525
Inventory
1,160,939
Value of life insur.
28,038
Invests. & sundry
assets
19,052
Consolidated Statement of Income 6 Months Ended June 30,1937
Sales
Liabilities—
Dec.31,'36
$116,402
rec.
(net)
Simplicity Pattern Co., Inc. (& Subs.)—Earnings—
Returns
June 30,'37
Cash
Notes & accts.
Int. on mortgage bonds.
Other interest
Skenandoa Rayon Corp.—Initial Preferred Dividend—•
$18,605
$16,886
454
454
8,503
8,069
Cr25
Cr34
$104,721
$128,525
1
The directors have declared
an initial quarterly dividend of $1.25 per
the 5% prior convertible
preferred stock, par $100, payable Oct. 1
to holders of record
Sept. 20.—V. 145, p. 450.
share
on
Soundview Pulp
x
Co.—Earnings—
8 Months Ended Aug. 31—
Net Inc. after oper. exps., Fed. inc. taxes, deprec.
& other chgs., bi t before Fed. surtax on undist.
profits..
Earns, per share on 488,250 shares
—V. 145, p. 1915.
com.
$10,082
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$1,208,634
stock.....
$2.42
$366,234
$0.90
Capital Program
35,000
35,000
$69,721
$93,525
x Regular
dividend on 7% preferred stock was paid on July 1, 1937.
After the payment of this dividend there were no accumulated unpaid
dividends at that date.
Note—No provision was made for
for 1936, inasmuch as the company
income for that year.
—V. 145, p. 1437.
Merger Proposal—
A plan for the retirement of $1,947,340 of debt and for the
merger under
ownership of substantially all its subsidiaries has been placed before
$7,929
Balance
1936
1937
Southeastern Greyhound Lines—Files
and
Net income
Switlik
Federal surtax on undistributed profits
reported no undistributed adjusted net
No such provision has been made to date for 1937.
Parachute
Its
&
Equipment
«=.
Corp.—Registration
Withdrawn—
the Interstate Commerce Commission
by the company.
The plan involves
the issuance of 175.987 shares of($10 par) common stock and
28,121 shares of
6% convertible preferred, and an increase in the par value of the 123,480
outstanding shares from $5 to $10 a share.
The company had entered into an agreement with Chandler &
Co.,
Philadelphia, whereby the latter would underwrite the preferred shares
and seek their listing on the New York Curb
Exchange.
Southern
Berkshire
Power
&
Electric
Co.—To
Pay
See list given on first page ot this
r* Directors took
The
directors
on
Southern Pacific
Lines—Earnings—
1933
69,342
$3,267,731
2,721.797
Not avail¬
x
Cost of goods sold
Net
from
public
warehouse operations
Expenses
able
gain
10,650
421,318
342",047
292",347,
Profit from operations
Interest & discount and
$446,023
$165,813
$253,586
5,301
12,726
26,738
20,430
$451,324
$178,539
12,119
35,901
$280,324
35,000
42,157
$210,624
32,000
29,708
15,397
"9",094
$115,121
416,113
$194,073
347,040
$118,714
278,326
$776,225
300,000
$531,234
175,000
$541,113
125,000
$397,040
50,000
$476,225
$356,234
$416,113
$347,040
$3.65
$1.15
$1.94
-
Gross income
Prov. for doubtful accts-
y85,675
$190,195
1936
$95,256
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1934
$70,471
12,669
22,518
18,109
$53,934
5,956
1,333
415,777
373,830
surplus
Dividends
32,164
defl0,956
8,110
def40,728
Earns, persh. on 100,000
shs. com. stk. (no par)
$1.18
x
Includes depreciation of plants and equipment of $42,946 in 1936,
$39,817 in 1935 and $47,309 in 1934, and maintenance and repairs of $14,510
in 1935 and $12,108 in 1934.
y Including $6,650 surtax on undistributed
336,970
92,117
33,570
$365,649
356,234
54,343
Gross
Surplus Dec. 31-
1935
$77,882
21,516
40,165
30.336
income
years
at their annual
1937
30,203
operations, &c
Other income charges—
age
Net
Spokane International Ry.—Earnings—
net income.
554,977
124,301
66,487
Net from railway
Net after rents.
—V. 145. p. 1436.
Consolidated Balance Sheet, Dec. 31
Standard Gas & Electric
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Sept. 18,
1937, totaled
109,385,047 kilowatt hours, an increase of 6.3% compared with the cor¬
responding week last year.—V. 145, p. 1915.
Stratbury Mfg. Co.—Registration Withdrawn—
page
$2,837,163
2,436,910
131
x91',527
Net profit (before prov. for Fed'l inc. & undist. profits
taxes)
$275 551
Surplus, Jan. 1, 1937
1,172 780
Increase in surplus arising from purch. of 775 shs.
6% cum. 1st
pref. stk. & 1,150 shs. 5% non-cum. 2nd pref. stock
17,255
Prior year adjustment
1,485
—
$1,467,070
6% cum. 1st pref. divs
2nd pref. dividends
provision
for
37 488
12,496
$1,417,086
com.
stock
from
Capital stock
1,711
Surplus
35,901
25,000
37,866
6,583
1,613,481
356,234
buildings,
&c
1,155,109
28,378
1,037,797
21,813
$3,228,803 $2,156,049
Total
$3,228,803 $2,156,049
After deducting reserves for depreciation of $334,488 in 1936 and
$302,346 in 1935.
z Represented by 100,000 shs. of no par value.—V. 145,
p. 1753.
y
Technicolor, Inc.—Stock Increase Approved—
At
repossessions
$0.76
and
uncollectible
a
special meeting-held Sept. 9, stockholders approved the proposal
to increase the authorized stock to
1,500,000 shares from 1,000,000.
Dr.
Herbert T. Kalmus, President and General Manager, said that the contracts
now closed under the option plan, together with those likely to be closed
required 182,000 shares of the increased authorized stock.
Dr Kalmus also declared that if the corresponding pictures are produced
and the options all exercised, these shares would bring in about $5,000,000
cash.
In addition, existing outstanding options on stock previously au¬
soon,
thorized would similarly bring in another $2,500,000.
color and its subsidiary, Technicolor Motion Picture
Cash of both Techni¬
Corp., totaled $2,400,Aug. 31, compared with $1,700,000 as of Dec. 31, 1936.
It was announced that the engineering departments were
trying to
double the capacity of Technicolor so that some time next
year, the an¬
nual capacity of release prints will be 130,000,000 feet.
This is the footage
that may reasonably be contemplated beginning a year from
now, in the
000
losses
z
mm****
1,613,481
476,225
_
5,754
85,675
_
1935
$118,851
33 176
Income charges and credits (net)
notes and accounts receivable.
667,122
Dividends payable
Accr'd liabilities.
850,000
After deducting reserves for losses of $73,361 in 1936 and $73,362 in
1935.
--
Surplus, June 30, 1937
Earns, per share on 298,108 shs. of
y Land,
$165,557
352,756
2,638
1,448,131
Due from employ's
3,927
Miscell. investm'ts
137,367
x
Cost of goods sold and operating expenses
General and administrative expenses..
376.794
1936
Accounts payableNotes payable
Fed'l income tax_
1
Inventories
Total
Inc.—Earnings-
1935
$69,096
accts.
Sundry accts. rec.
equip't,
Earnings for the 6 Months Ended June 30, 1937
Net sales.
&
Deferred charges._
of thi6 department.
Sterchi Bros. Stores,
Notes
receivable
Co.—Weekly Output—
Liabilities—
1936
$76,460
Assets—
Cash
x
Includes
96,594
$4,172,087
3,664,227
Previous surplus
Adjust, applic. to prior
August—
x
110,836
$5,757,096
4,900,406
Net sales
$2,930,135 $15,677,748 $15,110,006
Gross from railway.....
non-cum.
1934
$3,337,073
Federal income tax
meeting on Sept. 25 will consider approving
of the writing off as of June
30, 1937, of the profit and loss deficit in the
amount of $800,290.91 against the
capital surplus.—V. 145, p. 1435.
5%
1935
$4,268,681
allowed
Sparks-Withington Co.—To Write Off Deficit—
Total—
Dividends paid:
the company's
1936
$1,635,473
Net ry. oper, income.
—V. 145, p. 1435.
first
on
disc't
59,620
Joint fac. rents (net)...
on
dividend
Loss from ranch & stor¬
1,390,647
875,344
See list given
~~
a
$5,867,932
outward,
$4,730,368 $34,788,700 $30,186,434
985,748
11,447.266
8,771,065
769,692
7,134,803
5.843.173
44,793
528,882
462,190
Railway tax accruals...
Equip, rents (net)
Stockholders
of
miscellaneous income.
and March 31,
1937—Month—1936
1937—8 Mos.—1936
Railway oper. revenues_$19,265,938 $17,434,856 $151291,711 $124821,286
Railway oper. expenses. 15,304,854
12.704,488 116.503.011
94,634.852
from ry. oper. $3,961,084
3696_4025^
the issue.
Freight
Period End. Aug. 31—
rev.
action on the payment
have declared
par
1933ePty29i44933' *2148^ CGntS per share paid on June
Net
no
Calendar Years—
a dividend of 75 cents per share on the
$25, payable Sept. 20 to holders of record Sept. 16.
This compares with 65 cents
paid on June 30, last; 50 cents on March 31,
last; 75 cents paid on Dec. 26, 1936; 50 cents paid on Sept. 30, 1936; 25
cents on June 30, 1936; 50 cents on March
31, 1936; 75 cents on Dec. 31,
1935; 50 cents on Sept. 30, 1935; 25 cents on June 29, 1935; 50 cents on
March 30, 1935; $1 per share on Dec. 31, 1934; 50 cents on
Sept. 29, 1934;
75 cents on June 29 and March 31, 1934; 90 cents on Dec.
29,1933; 50 cents
stock,
p.
.
capital stock, par $1, at this time.
A dividend of 7 y2 cents was paid on
July 1, last, April 1, last, and on Dec. 20, 1936, and a dividend of 5 cents
per share was paid on Dec. 16,1935, this latter being the initial distribution
Larger Dividend—
common
departmentV. 144,
urttrwny-inr
(K.) Taylor Distilling Co.'—Common Dividend Deferred—
on
Financial
2090
light of new contracts recently signed and
those under negotiation,
Twentieth Century
Dr.
"
Kahnus said.
.
Net operating profit of Technicolor and its subsidiary
for the first eight months of 1937.—V. 145, p. 1754.
$485,600
was about
25
7
Sept.
Chronicle
Co.—Registration Withdrawn—
See list given on first page of
this department.
Twin Disc Clutch Co.—Dividend Raised—
$1 per share on the common
no par value, payable Oct. 1 to holders of record Sept. 20.
This com¬
pares with an extra dividend of 25 cents in addition to a dividend of 75
cents paid on June 25, last; 75 cents paid on March 25, last, and on Dec. 28,
1936; 50 cents on Oct. 1 and July 1, 1936, and 25 cents per share paid each
three months from Oct. 1,1934 to April 1, 1936, inclusive.—V. 144, p. 3520;
The directors have declared a dividend of
Co.—Earnings—
Terre Haute Malleable & Mfg.
i
Earnings for 7 Months Ended July
Net income after oper. exps.,
31, 1937
Federal inc. taxes, deprec. & other
earnings. _$80,105
chgs., but before prov. for Fed. surtax on undistributed
Earnings per share on 73,584 capital shares
—
V. 145, p.
stock,
$1-09
1600.
Period End. Aug.
1937—12 Mos.—1936
1937—Month—1936
$758,936
$674,500
414,309
341,400
65,000
29,166
Period End. Aug. 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
$8,089,091
4,219,870
696,664
383,336
$3,172,557
20,000
$3,023,963
61,444
$7,155,645
3,748,346
Net oper. revenues
Rent for lease of plant
$279,627
Cr20,000
$303,934
5,000
Operating income
Other income (net)
$299,627
118
$298,934
Dr399
$3,152,557
4,905
$2,962,519
Dr5,365
$299,745
140,542
$298,535
140,542
2,302
$3,157,462
1,686,500
$2,957,154
1,686,500
19,036
26,821
$156,757
$155,691
Dividends applicable to preferred stock for the
$1,451,926
$1,243,833
,
Gross income
Int.
mortgage bonds_ Other int. & deductions. •
on
2,446
'
income
Net
x
<
375*678
375,678
$1,076,248
$868,155
period, whether paid or unpaid
Balance
x Regular dividend on $6 preferred stock was paid on July 1,1937.
After
the payment of this dividend there were no accumulated unpaid dividends
■
.
■
■ *
at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.—
V. 145, p. 1276.
Texas & Pacific
Ry.—Earnings—
1937—8 Mos.—1936
1937- Month—1936
Petiod End. Aug. 312,397,184 $20,281,856 $17,770,352
Operatingrevenues_.
$2,518,993
1,614,175
13,665,195
12,300,304
Operating expenses
1,760,175
194,114
1,522,891
1,162,368
Railway tax accruals
l9l,634
145,525
1,063,994
974,093
Equipment rentals (net)
152.667
Joint facility rents (net).
8,136
33,456
58,181
8,908
._
$405,609
35,837
fixed
$3,275,406
308,681
$505,298
3,785
$4,326,416
67,188
$3,584,087
40,979
$501,513
332,304
$4,259,228
2,642,063
$3,543,108
2,703,732
$105,982
available
Income
$3,996,320
330,096
$434,498
328,516
Total income
Miscell. deductions
$435,234
70,064
$441,446
6,948
Net ry. oper. income-
Other income
$169,209
$1,617,165
$839,376
for
charges
Fixed charges
Net income
—V. 145, p. 1276.
Texas Power & Light
Co.—Earnings—
Period End. Aug. 31—
1937—Month—1936
Operating revenues
$1,005,477
$879,615
Oper. exps. (incl. taxes).
467,083
431,629
Prop, retire, res. approp.
66,456
46,818
Net oper. revenues
mortgage bonds.
on
debenture bonds-
Other int. & deductions.
Net
$401,892
177,708
10,000
13,138
$4,565,642
$4,617,093
2,137,428
$201,046
$2,106,099
$265,308
on
Int.
x
$4,609,073
8,020
income
$401,168
$474,064
177,708
10,000
21,048
Gross income
Int.
1937—12 Mos—1936
10,667,081
$9,539,470
5,396,944
4,397,371
-714,330
533,026
$4,555,807
9,835
$471,938
2,126
Other income (net)..
724 '
2,132,500
120,000
207,043
120,000
157,299
$2,202,366
Dividends applicable to preferred stocks for the
period, whether paid
or
865,050
865,050
unpaid..
Balance
$1,337,316
$1,241,049
x Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed D^ofits
fbr 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 145, p. 1438.
Transamerica Corp.—Dividend Recommended—
The
executive
committee
of the
board
of directors
at
a
meeting held
Sept. 16 voted to recommend to the board that the corporation's new
$2-par capital stock be placed upon a 75-cent annual dividend basis at the
next meeting of the board.
Commenting upon the action of the executive committee, John M. Grant,
President, said:
"Transamerica's old shares
were
on
an
annual basis of 50 cents
a
share.
Since the reclassification of shares, no dividend action has been taken and
it was the feeling of the members of the executive committee that our stock¬
holders should have a definite expression from them now as to what is the
appropriate and justifiable dividend for the new stock based on the con¬
solidated net profits of the corporation and its controlled subsidiaries for
year to
the
date."
Action
by the Transamerica executive committee followed an increase
Sept. 14 by the Bank of America N. T. & S. A. in its annual dividend rate
from $2 to $2.40 a share.
On the new dividend basis, 50 shares of Trans¬
america new stock will draw cash dividends of $37.50 a year, while the ap¬
pertaining 10 shares of Bank of America stock, which stockholders of Trans¬
america Corp. received as a partial return of capital on July 31, last, will
draw cash dividends of $24 a year.
Thus, the aggregate yearly cash divi¬
dend on the equivalent of 100 shares of Transamerica old stock will be
$61.50 as compared with $50 in the year 1936, an increase of 23%.—V.
145, p. 959.
Tubize Chatillon
Corp.—Earnings:—
Earnings for 6 Months Ended June 30, 1937
Net
profit
after
deprec.,
Fed.
income
taxes,
&c.
but
before
K surtax on undistributed profits
Earns, per sh. on 299,018 shs. common stock (par $1)
—V. 145, p. 1917.
Twin State Gas & Electric
$678,721
$0.38
Co.—Earnings—
[Including Berwick & Salmon Falle Electric Co.]
Period End. Aug. 31—
Operating revenues
Operating expenses
State & municipal taxes.
Fed. taxes (incl. inc.)...
Net oper. income....
Non-oper. inc. (net)
Gross income
Bond interest
Other interest
Other deductions
1937—Month—1936
$213,677
$202,410
156,135
147,324
17,702
14,984
8,709
6,149
V. 143, p. 3337.
Union Pacific RR.—Earnings—
Earnings—
Texas Electric Service Co.
$14,361,377 $104152,081 $93,873,117
9,840,762 79,368,700 70,900,077
$4,930,937
1,069,858
$4,520,615 $24,783,381 822,973,040
1,157,870
9,752,152
8,614,708
Ry. operating income. $3,861,079
Equipment rents (net)._
917,735
Joint facility rents (net).
44,618
$3,362,745 $15,031,229 $14,358,332
828,416
4,659,0o3
4,341,898
52,751
38b,173
373,501
Net
rev.
from ry. oper.
RaUway tax accruals—
$2,898,726
Net of items
$31,131
705
$33,953
1,308
$629,310
1,564
$542,318
3,654
$31,836
11,165
8,136
2,290
$35,261
19,520
2,718
2,369
$630,874
142,340
104,881
59,968
$545,972
234,236
32,145
29,990
Cigar-Whelan Stores Corp.—Listing—
United
The New York Stock Exchange has
authorized the listing of
$10,245
$10,654
20,789
20,789
$323,685
249,475
$249,601
249,475
Pref. div. requirements-
—V. 145, p. 1438.
-
$5,949,700
.
5% sinking fund bonds issued pursuant to the plan of reorganization or
United Cigar Stores Co. of America dated as of March 23, 1937.
Under tne plan the $5,949,700 bonds have been issued and are to be
distributed as follows: (1) To holders of $8,180,000 20-year 5^% sinking
fund gold debentures, series
Inc. (principal of which and
A, due Jan. 1, 1941, of Cigar
Stores Realty
interest on which were guaranteed by United
Cigar Stores Co. of America). $4,090,000 ($500 for each $1.000); (2) holders
of $7,438,767 claims against United Cigar Stores Co. of America which
were not allowed in the old bankruptcy proceedings of United Cigar Stores
Co. of America but were allowed in the reorganization proceedings, $1,859,691 ($2.50 for each $1,000 claim).
In addition to the distribution of bonds of the company, the plan pro¬
vided for, among other things,
(a) The vesting of the assets of Cigar Stores, and possible the assets of
one or more of its subsidiaries, in Cigar Stores, or another existing corpora¬
tion or a new corporation organized under the laws of such State as might
be selected for that purpose by the reorganization committee.
(b) The issuance by such new company of new bonds, preferred stock
and common stock and scrip for fractional amounts of such new securities;
(c) The distribution of certain amounts of cash and the new bonds,
preferred stock and common stock to the holders of claims allowed in the
reorganization proceedings and to the holders of the preferred stock and
common stock of
Cigar Stores; and
(d) The assumption by the new company of certain obligations of Cigar
Stores and of Irving Trust Co., as trustee in bankruptcy of Cigar Stores
and as trustee of the estate of Cigar Stores, as provided in the plan.
stated that the board of directors of the new company, to be
planned to employ Allen L. Woodworth
of the new company, provided terms of employment satis¬
factory to the board of directors and to Mr. Woodworth snould thereafter
be agreed upon and that it was contemplated that the employment contract
with Mr. Woodworth would provide for a cash salary at the rate of $50,000
The plan
constituted as therein provided,
as
President
purchase shares
a year (commencing as of Jan. 1, 1937) plus an option to
of authorized but unissued common stock of the new company
in an amount
prices to be agreed upon.
The plan included separate offers of Phoenix Beeurities Corp. to pur¬
chase from all holders of debentures of Realty Holdings the new bonds and
shares of preferred stock and common stock received by such holders under
the plan at the price of $667.48 for each unit or lot of such new securities
delivered in respect of each $1,000 original principal amount of such deben¬
tures and to purchase from all holders of landlords' claims and general
debt referred to in the plan the shares of common stock and scrip in respect
thereof received by sucn holders under the plan at $1 per share.
The company, an operating and holding company was formed under the
laws of Delaware, July 13,1937, by statutory consolidation of Cigar Stores
Realty Holdings, Inc., and United Cigar-Whelan Stores Corp.
Tne company was organized pursuant to an order of the court dated
July 8, 1937, entered in the reorganization proceedings and became the new
company.
Cigar Stores has been duly merged into the company pursuant
to an order of the Court dated July 15, 1937, entered in the reorganization
proceedings.
Company has been vested with the assets of Cigar Stores and
of Realty Holdings and has assumed certain contingent liabilities and
administration expenses of the estates of Cigar Stores and Realty Holdings
as provided in the plan.
The distribution of cash and securities pursuant
to the plan began on July 21, 1937, but has not yet been completed.
Securities Owned by Phoenix Securities Corporation
or amounts
and at a price or
,
At the time of the consummation of the plan
Phoenix Securities Corp.
3,075,000 shares, or approximately 57% of the outstanding shares,
stock of Cigar Stroes, 73,155 shares, or approximately 43%,
of the outstanding shares of the preferred stock of Cigar Stores, $2,920,500
or approximately 36%, of the 20-year 5M% sinking fund gold debentures,
series A, due Jan. 1, 1949, of Realty Holdings, and $1,658,183 or approxi¬
mately 19%, of general debt and landlords' claims allowed in the reorgani¬
zation proceedings.
Under the plan Phoenix has received in exchange for the old securities
and claims and now owns 2,159,394 shares, or approximately 38%, of
the common stock of the company to be issued (exclusive of the shares
reserved under the option and warrants granted to Allen L. Woodworth
15,195 shares, or approximately 24%, of the preferred stock of the com¬
pany to be issued, and $1,844,210 or approximately 31 %, of the $5,949,700
of bonds of the company to be distributed under the plan.
By reason of the acceptances of the offers of Phoenix referred to in the
plan received during the effective period of such offers, Phoenix is obligated
to purchase not more than 206,984 additional shares of common stock, 5,618
additional shares of preferred stock and $1,518,500 additional bonds, making
the maximum holdings of Phoenix approximately 41 % of the common stock,
approximately 33 % of the preferred stock and approximately 57 % of the
bonds to be distributed under the plan.
Pursuant to the plan, Phoenix designated for election to the board of
directors of the company, and there have been elected as members of such
board, five of the eleven members thereof, namely, Wallace Groves, Walter
S. Mack, Jr., Edward A. Lelioy Jr., Ray Kramer and Joseph V. McKee.
Phoenix disclaims any admission of the actual existence of effective con¬
trol of the company by Phoenix,
owned
of the
common
Seven Months Ended July
31
[United Cigar Stores Co. of America and Subsidiaries and United CigarWhelan Stores Corp. and Subsidiaries from July 17, 1937]
7 Months Ended July 31—
Net sales (after deducting stamp and sales
Profit from store and agency operations
Profit from real estate operations
1937
„on1936
taxes)..$31,522,310 $30,904,577
442,078
539,442
115,873
92,000
_
Combined profit
Deprec. of furniture & fixtures in use & in storage.
Depreciation of buildings
Amortization of store improvements made
subsequent to bankruptcy
_
Other charges (net)
Net income
$9,642,933
$9,986,003
$2,481,578
Note—Approximately $286,700 was credited to railway tax accruals in
(similar amounts were credited in June and July), representing
one-seventh of the amount (approximately $1,801,000) charged to that
account from March 1 to Dec. 31, 1936, inclusive, that would have been
payable under the provisions of the Taxing Act (companion to the Railway
Retirement Act of 1935) which was repealed by the Carriers' Taxing Act
of 1937,
and one-seventh of the difference (approximately $206,000)
between the amount charged to railway tax accruals from Jan. 1 to May 31,
1937, inclusive, under the repealed Act, based on a tax rate of o^%,
and the amount accruing for that period under the new Act, based on
a
tax rate of 2%%.
The balance of approximately $1,146,900 will be
credited to railway tax accruals in equal proportions in each of the months
September to December, 1937, inclusive.—V. 145, p. 1438.
August
Consolidated Income Statement for
1937—12 Mos.—1936
$2,512,930
$2,364,835
1,620,799
1,564,898
196,342
178,793
66,479
78,826
1937—8>Mos.—1936
1937—Month—1936
31—
Ry. operating revenues_$14,975,324
Ry. operating expenses. 10,044,387
Provision for
Federal
Balance for the
income taxes
seven
months ended July
...
31
^
$557,951
149,039
17,480
21,406
81,042
-
$631,442
152,977
17,551
23,588
97,379
50,651
60,000
$238,330
$279,946
Volume
Financial
145
Balance Sheet at Opening of
[United
Cigar-Whelan
Stores
Subsidiaries]
Consolidated
and
$3,416,833
Notes and accounts receivable
346,274
Merchandise inventories
5,626,071
Accounts
Investments and advance—
1,358.337
Fixed assets
6,024,053
96.521
Other accrued liabilities
*
Unexpired insur. premiums..
payable—trade
150,305
Accrued taxes
16.831
bonus
Accrd. salaries,wages &
96,473
129,895
150,000
Prov. for Fed. Income taxes..
State & local taxes & licenses.
134,173
Agents deposits,
Prepaid rent & lease deposits.
241,411
Prov. for contingencies,
Inventory of stationery, <fcc__
64,917
&c__
Funded debt (subsidiary)
22,711
5% sinking fund bonds
59,939
Real estate mortgages
Real
subsidiary
Other deferred charges
69,201
&c
—
Unam. disct. & exps. of mtge.
estate
$17,291,242
Represented by 63,657 shares (no
—V. 145, p. 1118.
at stated value of $75 per share.
Phila. 22
Street
Philadelphia
As the results of the United States Lines Co.
for the year were not suf¬
ficient to permit the payment of dividends on the junior preferred stock,
the United States Lines, Inc., had no income for 1936.
At the adjourned annual meeting of stockholders held on June 5, 1936,
the committee of stockholders appointed on March 10, 1936, none of whom
were connected with International Mercantile Marine Co., recommended
Report—
President, says in part:
During the fiscal year ended July 31, 1937, company produced 1,791,085
tons of coal, an increase of 21 % above the
production of the preceding year.
Production was confined to three large stripping mines—No. 11 or Fidelity
at Du
Quoin, No. 13 at Freeburg and No. 9 at Cuba, Illinois. The Freeburg mine which began operation Feb. 11, 1936 after a long period of
idleness, and which did not attain full production until this current year,
accounted for a large portion of the increased output.
Coal Sales Corp., the wholly-owned sales subsidiary of the company, was
dissolved on June 30, 1937.
Company now controls fully its sales outlet
through its own sales department.
The creditors' agreement,
originally dated Dec. 15, 1930, the extension
of which expired this year, has been further extended in accordance with
the terms of the agreement until Dec.
15, 1939.
On March 31, 1937, the
authorized capital stock of 535,000 shares was increased to 750,000 shares
and changed from no par to $5 par value.
204,000 shares were sold by
offering to stockholders and the resultant receipts were applied partly
toward reduction of debt and to provide funds with which to develop the
new mine on the Dunfermline
property.
During the year bank indebted¬
ness and other obligations were
paid totaling $824,707 and, as a result,
reduced interest rates and more favorable banking terms were arranged.
Buckheart mine
on
of the pending suit of this corporation against United States
Lines Co. and others, the principal term of the settlemtnt being that, fol¬
lowing the discontinuance of the suit, the International Mercantile Marine
Co. shall assume the indebtendess of this corporation and take the steps
necessary so that the preference stockholders of this corporation shall have
the opportunity of exchanging share for share their preference stock in this
corporation for the junior preferred stock of United Sttaes Lines Co.,
without expense to
any
stockholder (except International Mercantile
Marine Co.) for transfer taxes or other expenses, and that meanwhile this
corporation shall be entitled to representation of one member on the board
of directors of United States Lines Co.
The recommended settlement was
agreed to by International Mercantile Marine Co. and approved by a large
majority of the stockholders present at the meeting.
Thereafter Theodore
S. Chapman brought proceedings in court to oppose the settlement.
The
lower court has decided against him and held that the settlement made on
June 5 should stand.
Accordingly, the court ordered the suit discontinued,
but Mr. Chapman has taken an appeal.
It is expected the appeal will be
heard about October, 1937.
Meanwhile, the carrying out of the terms of
the settlement must remain in abeyance.
'
'
Balance Sheet Dec.
31,1936
Assets—
Cash
.
,
,
deposit
Investment in 600,000 shares junior preferred participating no
par stock of United States Lines Co., $0.37^ div. cumulative
if earned, preference in liquidation $7.50 a share, as valued
by the board of directors at acquisition
plant, scheduled to begin operation in October of this
a valuable addition to the
company's operations.
year,
will prove
on
$405
Total
the
Dunfermline property
was begun this
Spring, where the most modern electric shovels and washing
plant are being installed.
This work is proceeding satisfactorily and the
new
Walnut
settlement
Louis Ware,
new
1528
*4,774,275
570,992
553,858
"$17,291,242
United Electric Coal Cos.—Annual
Construction of the
A. T. & T. Teletype
510,000
Total
par
YARNALL & CO.
532,288
5,949,700
Initial surplus
x
1,150,000
365,000
mortgages
$5 cum preferred stock
Common stock (par $10)
Total
Republic Natural Gas Common Stock
Philadelphia Electric Common Stock
Northern Central Railway Stock
Metropolitan Edison $6 Prior Preferred
United Gas Improvement $5 Preferred
$2,272,425
Accrued interest
of
WE DEAL IN
Liabilities—
Cash
2091
Business July 17,1937
Corp.
Assets—
Chronicle
$4,500,405
4,500,000
be
to
Liabilities—
Current liabilities
Consolidated Income Account Year Ended July 31
1937
Sales and commission
Profit
after
costs
and
expenses
Other income
$2,546,813
919,869
13,474
Gross income
Depreciation...
x
62,224
200,182
36,544
155,753
232
$97,228
x306,000
Nil
share
value.
per
-
Total
$221,894
511,200
$0.43
$0.42
<
Trade accounts and notes receivable
Officers'and employees'accounts receivable
assets
Capital assets, productive
abandoned
Payment on contribution to purchase coal
minority rights, &c
7 689
5,596,913
245 727
793,635
326,347
.Total
.$8,381,671
'
777,968
270,251
$7,643,482
bank...
1936
$18,104
96,725
Accounts payable.
Accrued salaries, wages, royalties, taxes, int., &c_
Purchase money obligation—Title to coal lands
$308,182
27,640
73,193
114,593
Corp.—Report-
1936
1935
$21,189
Net loss
1933
y$l,698 pfy$323,408
1934
pf$46,875
After all operating expenses, income taxes, bond interest and deprecia¬
tion.
y Includes credit of $21,049 in 1935 and $33,568 in 1934 as adjust¬
ment
of prior
tax provisions,
years
&c.
Condensed Consolidated Balance Sheet Dec. 31
Liabilities—
1935
1936
Assets—
Cash
$354,861
$486,917
Rec.
832,140
1,465,809
453 023
to secure loans)
Funded
debt
liability
-
Reserves
823,518
_
86,958
615,538
88,676
Invest. & adv., &c
570,579
x Fixed assets
4,776,961
expenses.
4,912,978
$606,776
ing liabilities...$2,169,893
Deferred
Commod. (pledged
1935
1936
Total curr.& work—
883,115
(less reserve)
Notes receivable..
Prepaid
1937
•
Sept. 18. '37 Sept. 11, '37 Sept. 19, '36
90,025,727
83,874,336
88,119,118
x
86,927
reserve
Liabilities—
Calendar Years—
x
438^47
Deferred charges
Notes payable,
17,936
500
507,976
223,366
5,732,516
227,499
_
I
or
54,218
147,042
163
1,887
coal bids..
Inventories
Exhausted
$
316
Other receivables
Other
1936
$i06,251
161,378
—
Improvement Co.—Weekly Output—
Electric output of system (kwh.).___
—V. 145, p. 1917.
United States Cold Storage
1937
.
on
$4,500,405
Week Ended
Consolidated Balance Sheet July 31
Assets—
Cash
Deposits
$48,374
4,452,030
x Represented
by preference capital stock without par value, $1 cum.
divs., participating (voting), preference in liquidation $25 a share; author¬
ized and issued, 600,000 shs.; common stock (voting), without par value,
authorized and issued 1,000,000 shs.; together, $6,500,000; less deficit,
$2,047,969.
The number of shares of preference and common stock authorized was
reduced on June 27, 1936, from 2,000,000 shares each to 600,000 shares of
preference and 1,000,000 shares of common.—V. 140, p. 1856.
;
loss$52,515
x306,000
'
Capital
x
United Gas
stock (par $5)
common
No par
$596,450
194,421
62,190
174,381
82,634
135,107
191,871
712
Net profit
Earnings
$572,960
23.490
$744,514
249,964
35,884
190,513
Shut-down expenses, tax, &c
Depletion
Minority interest
1935
$2,175,437
697,641
46,873 '
$933,343
160,966
74,122
Interest
Royalties....
Shares
1936
7% pref. stock
y Common stock..
Capital surplus...
2,221,500
87,947
39,085
1,900,000
2,368,680
33,053
•
1,875,000
593,083
•
Earned
Bond disc't & exp.
in
amortization
593,083
151,404
Z>rz28,095
86,531
76,082
—
130,214
surplus...
Treasury stock
of
process
18,714
1,897.500
1,855,850
retained
by vendor subject to completion of
payments.
Notes payable under contribution for construction
-$S,988,627 $7,525,060
Total
2,521
washing plant.
27,153
71.658
Notes payable under agreement with creditors
1,253,504
1,649,808
Other notes payable, unsecured
4 494
20-year mortgage income gold bonds, due Dec. 1,
1946 (interest payable from profits from mortgaged property)..
b758.000
799,000
Common capital stock subscribed
c213,400
Common stock..-------b5,683,318
a4,657,318
Capital surplus, arising from reduction of capital.
130,411
130,411
Surplus, arising subsequent to revaluation of assets
as of Aug
1, 1933
85,864
def81,040
Paid in surplus
600
Excess of capital value of stock of Coal Sales
Corp.
owned, together with surplus at date of acquisi¬
tion, April 30, 1934, applic. thereto, over cost..
✓
298
$8,988,627 $7,525,060
Total
for depreciation of $1,610,152 in 1936 and $1,599,117
Represented by 75,000 shares, no par, in 1936 and 74,234
shares, no par, in 1935.
z Represented by 170 shares 7% cumulative pre¬
ferred at cost and 766 shares of common at stated value.—Y. 145, p. 136.
x
of coal
in
Less
1935.
U. S.
.
reserve
y
Smelting, Refining & Mining Co.—Earnings—
8 Afos. End.
$6,086,928
1936
$5,607,164
1935
$5,824,778
1,601,034
1937
1,824,395
1,651,257
1,479,029
$4,485,894
$3,782,769
$4,173,521
$4,148,484
Aug. 31—
•
Profit after interest
1934
$5,627,513
-
Total...
$8,381,672
$7,643,482
Represented by 306,000 (no par) shares,
b 750,000 shares ($5 par);
subscribed for by officers and employees, but unissued,
38,800 shares;
reserved for options to purchase on or before April 19, 1939 at
$8 per share
50,000 shares; issued and outstanding. 511,200 shares
(including 306,000
a
Deprec.,deplet. & amort
'Netprofit
x
Shs.
Note—Coal sales corporation
the wholly owned sales subsidiary of the
June 30, 1937.
The company now controls
fully its sales outlet through its own sales department.—V. 145,
p. 135.
company,
was
dissolved
.
The profit and loss statement of the United States
Lines, Inc., shows a
loss of $17,066 for 1936, as compared with a loss of
$34,020 for 1935, and
the consolidated profit and loss statement of the United States Lines
Co.
and subsidiaries shows a loss of $833,088 for the
year, after
preciation of steamers on the usual basis,
$35,559 for the year 1935.
as
deducting de¬
compared with
a
profit of
The capital surplus of the United States Lines Co. was reduced
by
$360,821 during the year 1936, representing an adjustment of the reserve
for depreciation of the SS. Leviathan in addition to the usual
depreciation
which was charged against earnings as authorized by the board or directors
of that company.
This adjustment results in reducing the value of the
SS. Leviathan
the books of the United
States Lines Co. to the
approxi¬
value as of Dec. 31, 1936, thereby eliminating any further
charges against operating income for depreciation of this inactive vessel.
on
1,091,879
$3,056,605
528,765
$5.08
528,765
$5.82
528,765
out-
standing (par $50)
Earnings per share
x
'
$5.78
Average shares outstanding.
has been made for Federal surtax on undistributed
profits in respect to the above stated earnings.—V. 144, p. 4364.
Note—no provision
United States Lines Co.
(& Subs.)—Earnings—
[Excluding Rosskai G.m.b.H.]
Earnings for Year Ended Dec. 31, 1936
Profit from voyages—Revenue
Expenses
$15,976,315
Net
profit from voyages
Other operating income.
xl3,789,372
$2,186,943
55,098
Inc.—Report—
As the United States Lines, Inc., owns 600,000 shares of
junior preferred
stock of the United States Lines Co., which are
practically all of the com¬
pany's assets, the report includes the consolidated balance sheet as of Dec.
31,1936, and a consolidated profit and loss statement for the calendar year
1936 of the United States Lines Co. and subsidiaries
(see separate state¬
mate scrap
1,091,879
$3,081,642
on
United States Lines,
ment)
com.'stock
1,091,879
$2,690,890
528,765
$6.41
Surplus..
shares of $5 par value each at previous
aggregate stated value of 306,000
shares of no par value, $4,657,317).
c 38,800 shares of $5 par value each
$194,000 and excess of subscription price over par value—to be credited to
paid-in surplus upon payment of subscription, $19,400.
1,091,879
$3,394,015
Preferred dividends
$2,242,041
765,008
Total
Administration,
advertising,
&c
Lay-up and repair exps. not provided for in voyage expenses—
Amortization of leaseholds and deprec. of furniture & equip..
Profit from operations
income credits.
192,975
12,871
$1,271,188
14,421
Other
Gross income
$1,285,608
490,557
Income charges
Depreciation of steamers
i
Loss for the year
yl ,628,140
$833,089
Including $2,258,312 commissions to International Mercantile Marine
y In addition to the depreciation shown, which was provided at the
usual rates, capital surplus was charged at Dec. 31, 1936, with $360,821,
representing an adjustment of the reserve for depreciation of the SS. Levia¬
x
Co.
than.
Notes—Cumulative dividends
on
preference stock of United States Lines
Co. amounting to $1,002,315 were in arrears at Dec. 31,1936
Financial
2092
Unaudited statement of operations of Rosskai G.m.b.H.,
above, shows a profit of SI2,108 for the year 1936.
The voyage revenue and expenses
Co.
Consolidated Balance Sheet June 30
Liabilities—-
$1,269,685
~
subscribers
from
Due
149,338
Long-term
375,000
252,146
Deposits refundable
Due to
Atlantic Transport
1,121,525
182,220
within year
Claims against underwriters-
443,091
_.
Steamers, leaseholds, equip.,
21,975,599
Ac
193
Reserves for
repairs to steam¬
Long-term obligations
Deferred credits
Res. for retirement of
For'n govt, license A guaranty
62,772
14,643,447
ers, Ac
24,909
Inv. in Rosskai G.m.b.H
77,585
99,270
investments
Preference
869,451
Deferred charges
tioning
Junior
a
y3,086,886
z87,500
stock
272,884
249,947
50,054
—
Inventory
of
1st
$27,082,974
184
mtge.
stk
700,000
700,000
2,276,180
2,155,926
par)
Common stock ($2
2,276,180
2,240,866
•
Surplus
64,147
360,665
71,056
329,793
After reserve
1,590,500
($100
par)
$6,935,417 $6,992,503
Total
for depreciation of $1,856,574 in
in 1936.—V. 144, p.
1937 and $1,684,337
4365.
Universal Leaf Tobacco Co.,
Years End. June 30—
Gross income
Cost of sales
x
Represented by 350,000 no par shares,
y Represented by 600,000 no
par shares.
z Represented by 1,200,000 no par shares.
a Less total charges
of $1,221,643, representing adjustments or the depreciation reserve of the
SS. Leviathan, authorized by the board of directors.—V. 144, p. 4028.
3,659,747
100,000
3,255
20-year
6% sk. fd. gold
bonds, due 1947 1,541,500
6% cum. prior pref¬
$6,935,417 $6,992,503
Total
90,075
Accruals.
fac¬
supplies
x
128,709
Unpaid dividends.
erence
office
and
tory
2,891,577
3,536,286
Capital surplus
Total
$27,082,974
...
25,568
1,342
buildings,
mach., eqpt.,Ac. 3,321,273
Blocks and rollers.
100,000
x3,500,000
stock
Operating deficit
Total
606,458
Other assets
16,896
1,824,935
loans
preferred stock
Common
value)
$91,441
unclaimed
894,834
820,242
Deferred charges..
Reserve for contingencies
46,801
deposits
Due from affll. cos., not curr.
1,102,143
Deps. in closed bks
Investments
(cost
1,542,191
recondi¬
$133,102
Matured bond Int.
Cust. notes, accts.
xLand,
Co., Ltd
1,500,100
Traffic, Ac., acc'ts receivable
Due from I. M. M. Co
Miscellaneous
A exps. accr'd $1,659,119
obligations
due
1936
1937
Liabilities—
1936
1937
$890,909 $1,006,854 Accts. payable—
Other curr. assets.
Accts. payable
for
preference stock
Assets—
Cash
acceptances rec.
Mdse inventories.
Consolidated Balance Sheet Dec. 31,1936
Assets—
Working funds in Europe
of the subsidiary company not consolidated.
ngs
a
Cash
Sept. 25, 1937
Note—The above statement does not include undistributed current earn
do not include the revenue and expenses
chartered vessel, the SS. California, operated for one voyage under a
charter party, as the voyage resulted in a loss, $16,578, which, under the
terms or the charter party, was paid by the International Mercantile Marine
of
Chronicle
not included
Inc. (& Subs.)—Earnings
1937
1936
1935
1934
$27,361,229 $20,972,516 $18,011,822 $13,983,277
y26,295,991
19,719,396
16,759.758
12,720,827
x
United States Sugar Corp.
Years End. June 30—
proceeds—Sale of
sugar
f. o. b. sugar
Profit
2.157,830
$2,810,002
1,765,506
$2,606,109
2,058,854
$1,223,456
on
12,292
$1,044,496
Drll9,224
$547,255
Dr88,906
$226,721
130,119
$925,272
8,199
41,244
70,918
$458,349
$356,840
11,991
112,225
$1,031,141
7,426
12,633
bonds
'
Prov. for Fed. inc. tax_.
140,000
8,579
109,846
31,099
$871,083
$804,910
64,793
$232,623
32,982
reserve.
div.
on sugar.
The report points
Comparative Consolidated Balance Sheet June 30
1937
Acer, taxes, int..Ac
110,518
100,983
9,191
32,362
18,000
10,467
Pro,, lor Fed. inc.
499,488
49,962
598,275
within
one year.
Curr. accts. pay
.
.
Pref. stk. divs. pay
Clewiston Co
Other investments,
2,000
Mtges. payable—
Mtges. payable—
46,017
3,560,727
3,437,081
1,951,265
2,095,917
not
23,875
advances, Ac
assumed
Serial equip, notes
_
_
m
—
—
34,600
103,200
Series B bonds
Bldgs., mach. A
equipment—net
71,000
18,000
52,117
691,362
Land
$23,461
91,708
103,549
140,000
44,607
advs.—
crops
1936
$12,468
85,582
164,727
Notes payable due
$345,871
561,985
Invs. in A advs. to
x
1937
Liabilities—
1936
755,442
$341,446
Growing
Series C bonds
Reserve
Prepaid land lease
rentals
11,107
10,772
for
cane
field insurance
7,677
Unexpired insur..
86,986
_.
Res. for conting..
Res.
for pref.
34,746
25,000
19,000
32,363
735",300
647,250
1,511,352
3,767,607
Earned surplus.__
956,495
3,777,605
Preferred stock
y
...
Common stock.
Capital surplus
$7,562,453 $7,734,043
1,493,894
1,248,582
Total
Including Federal surtax on undistributed profits of $2,408 to Dec. 31,
1936.
z Loss of $225,000 on investment in affiliated company liquidated
during the year has been charged to reserve.
United Wall Paper
1
1
1,647,238
19,646
1,606,919
Goodwill
Invest, affll. cos..
investments
Sinking
fund
_
expenses.
Other income credits.
Gross income
Discounts
mortgage bonds
on
sales
Prov. for uncollectible accounts
Provision for depreciation
Fiscal agency expenses
Expenses applicable to temporarily closed mills
Depreciation applicable to closed mills
Miscellaneous deductions
Provision for Federal income taxes
Net income for the year
Miscell
adjustments applicable to prior years (net)
Common dividends
Prior preferred dividends
1937
1936
$5,600,594
4,072,330
on
$4,684,655
3,714,492
$1,528,265
499,473
337,674
$970,164
381,918
199,528
$691,118
85,959
$388,717
99,004
$777,077
92,344
56,800
56,491
186,906
11,429
14,106
23,262
9,458
x46,500
$487,721
98,330
$
for
138,918
5,343,068
2,956,616
1,407,624
5,989,352
Deferred assets...
2,539,041
486,143
6,250,900
1,479.305
1,542,787
159,711
132,920
5,236.342
_
658,779
153,891
Res. for contlng's.
76,409
rec.
6,250,900
y Common stock.
1,479,305
Pref. divs. payable
125,018
138,649
125,018
4,809,687
40,060
preferred stock.
Cash
Accts. A notes
Inventories
5,386,244
Surplus
14,192,786 14,926,983
Total
14,192,786 14,926,983
After deducting $1,242,202 reserve for depreciation in 1937 and $1,179,"
480 in 1936.
y Represented by 145,241 shares of no par value.—V. 144*
x
p.
4029.
Upson-Walton Co.—Registers with SEC—
See list given on first page
of this department.—V. 145, p. 1119.
Utah-Idaho Sugar Co.— Unlisted
The
par, to
Trading—
York Curb Exchange has admitted the common stock,
unlisted trading privileges.—V. 145, p. 1918.
$5
New
Utilities Power & Light
Holders
of
debentures
of
the
Corp.—Filing of Claims Dropped
corporation
have
been
notified
by
the
corporation that it is unnecessary to file proof of their claims.
By an
order entered on Sept. 13 in the U. S. District Court an order entered on
July 30 was changed to eliminate the need of filing claims.
It was explained that the order entered on Sept. 13 provides that the
Chase National Bank, New York, as trustee, file aggregate claims in behalf
of the debenture holders, and the court reserves the right to determine the
method of taking a vote of
SEC Sets Oct. 13
The
Securities
Oct.
the holders on any plan or reorganization.
Hearing
on
Investing Plan—
and Exchange Commission oh Sept. 20 postponed until
advisement a request of its own counsel for an
13 and took under
indefinite postponement
of further
hearings
on
the applications of the
corporation for approval of the expenditures of $6,000,000 for the purchase
of gold debentures of its parent company—Utilities Power & Light Corp.—
and certain securities of subsidiaries in the system.
The request for the Oct. 13 postponement of hearings on the application
made by John Harmon, counsel for the subsidiary organized under the
was
laws of Canada, and granted by the Commission during a
at which it was explained that additional time was necessary in
the
complaint of the Commission's utility division that
were
deficient in certain
respects.—V. 145, p. 1602.
Valspar Corp. (& Subs.)—Earnii
12 Months Ended Aug.
brief hearing
order to meet
the applications
gs—
1937
31—
1936
Net
profit after all charges, incl. deprec. & Fed.
income taxes (other than undist. profits tax)—
p.
$310,468
$10,776
4365.
Vanadium
Alloys Steel Co. (& Subs.)—Earnings—
__
1937
1936
1935
1934
$4,029,156
2,354,797
$2,767,105
1,586,812
$2,895,571
1,779,033
$2,398,473
$1,674,359
$1,180,294
44,476
$1,116,537
69,551
$2,480,025
740,434
.,743,910
685,350
.,224,770
$1,140,636
542,074
247,801
133,881
126,121
134,142
17,194
62,691
118,612
y209,303
Sales, less returns, &c._
$5,822,345
3,423,872
81,552
Years End. June 30—
$279,780
Dr4,342
170,714
73,500
$106,861
Cr2,006
Gross profit from sales
Other income
Gross income
Gen., adm. & sell, exps.
Add'l comp. to directors,
officers & employees.
_
Provision for deprec 'n._
Loss on sale of securities
xll3,703
64,877
1,812
54,354
85,006
42,893
16,185
2,326
2,313
9,080
3,188
1,135
600,387
24,099
130,917
104,796
Int.—Employees' invest.
certificates
Federal income taxes
Prov. for est. Pa. inc. &
capital stock taxes
for est., Fed. un¬
employment tax
Prov.
196,765
13,979
54,953
6",230
10,601
Surplus for the year
$31,224
$108,868
Earns, per sh. on 1,138,090shs. com. stk., $2 par..
$0.24
$0.06
x Includes $1,330 for estimated surtax on undistributed profits
1936
$
Pref. stock (8%)..
Accounts payableTax reserve
996,929
Factories, Inc. (& Subs.)—Earnings
Years Ended June 30—
Interest
Liabilities—
$
1,062,114
Fixed assets
Other
1937
1936
$
Assets—
Cost of sales
expenses.
$6.90
all expenses and provision for Federal taxes*
$7,562,453 $7,734,043
x Depreciation reserve deducted in
determining net amount of buildings,
machinery and equipment as above, $2,353,946 in 1937 and $2,144,966 in
1936. y Represented by shares of $1 par.—V. 145, p. 1917.
General
145,241
$7.50
y
—V..144,
Selling
$566,769
145,241
$7.78
Cost of sales includes
stk.
dividends
Total
$656,932
145,241
sh. on com..
Total
out that taxes included in operating expenses plus
charged against income, including capital, franchise and income
taxes, &c., during the fiscal year amounted to $313,334.
This amount is
equal to nearly 1-3 cent a pound of sugar produced 21 cents a share on the
common stock and almost one-quarter of the total payroll.
Discussing Government control of sugar production, the report concludes:
"With continental production of only one-quarter of our own sugar re¬
quirements, the heavy tax burdens now imposed and the crying need for
relieving unemployment, it seems strange indeed that the continental
area, producing sugar at a cost less than most of the off-shore areas and at
the same time paying an Ajmerican scale of wages, should be restricted and
prohibited from supplying the American market with American products."
The report reveals that continued research has resulted in an almost
complete change in types of cane planted, some of the new varieties showing
a yield as high as seven tons of raw sugar per acre-year.
90% of present
plantings consist of Java and Florida canes.
.
$549,960
$7.82
Surplus...
x
those
Mat'ls A supplies
$1,503,374
501,132
435,473
Com.shs.outst. (nopar)
and taxes
and
$1,589,427
500,072
432,423
145,241
dividends..
Earns, per
$0.14
$0.18
$0.52
$0.55
the 1937 crop was the largest ever
produced by the corporation and that it was produced at the lowest unit
cost, $44.28 per ton, despite the increased labor and material costs exper¬
ienced by all American enterprises.
The harvest amounted to 48,736 tons
of 96 degree raw sugar from 522,596 tons of company cane and 6,560 tons
of purchased cane, resulting in net operating profits of $1,018,848, equal
to $20.90 per ton of sugar.
Benefit payments were not received on the recently completed crop and
during recent Congressional hearings the management opposed such pay¬
ments to sugar producers as well as restrictions on Continental production
drain, dist.—net
$1,630,996
500,072
580,964
$155,632
income..
Common divs. (cash)—
1937
The annual report points out that
Invs.
$1,636,081
500,072
980,377
z27,269
Consolidated Balance Sheet June 30
—
Receivables—net
1oss47.076
disposition of
450,360
Assets—
17.651
capital
paid—
cash
Earns, per share on com¬
mon stock
Cash
$1,625,602
75,149
21,704
on
Preferred
x
$308,825
41,090
Balance, surplus.
stk.
$1,679,096
107,321
996,735
Pref. stock divs. paid on
Com.
363,152
$1,681,130
71,837
inv. & plant assets..
Net
$1,018,848
Other interest
427,031
72,678
sale of
on
Net loss
Cost of sugar sold
Interest
$1,252,065
428.010
assets
$3,176,678
Net profit on oper
Other income—net
$1,253,120
$1,736,028
...
Depreciation
1934
1935
1936
Net
$1,262,451
$1,065,238
670.790
profit
Tota 1 income
(& Subs.)—Earnings—
1937
Gross
Other income
Provision
for
est.
Research expense
Loss from sale of prop'ty
Int.
on
notes
6,083
social
security taxes
payable..
Combined net profit.
_
Dividends paid..
Surplus
Shs. cap. stk. (no par).,
shr
Earnings per share
35,107
14,499
42,549
2,752
18,026
6,119
2,063
$968,693
938,801
$592,216
50,536
$357,377
151,409
$293,280
253,423
$29,892
201,825
$4.80
$541,680
202,136
$2.93
$205,968
202,136
$1.77
$39,857
202,316
$1.45
x
Includes capital stock taxes.
y
Includes
excess
profits, undistributed profits, and
capital stock taxes.
Volume
145
Financial
Consolidated Balance Sheet
Assets—
1937
1936
146,749
33,540
Mtge. receivable._
Due
from
Capital surplus—
Empl.
146,749
47,699
injury
6,086
Add'l
9,431
employees
16,017
1,387,241
569,341
Inventories
14,102
1,460,601
472,319
Notes & accts. rec.
Accrual Int. rec_.
8,132
8,253
408
126,121
91,775
9,331
Cash In closed bks.
Deferred charges.,
224,825
79
8,953
209.802
Misc.
153,547
Period End. July 31—
Gross earnings.
12,658
*
497,234
$6,831,847 $6,376,700
llabils.
380,183
Surplus
Treasury stock.. Dr519,492
z
>
Oper.
exps. and taxes...
Net earnings
—V. 145, p. 964.
1937—Month—1936
$493,394
$479,201
317,183
294,524
1937—7 Mos —1936
$3,950,884
$3,847,855
2,304,219
2,200,719
$1,646,665
$184,677
$176,211
Wisconsin Power & Light
$6,831,847 $6,376,700
Total
$1,647,136
Co.—Earnings—
Earnings for 12 Months Ended June 30, 1937
Represented by 210,000 no par shares,
y After depreciation of $1,582,953 in 1937 and $1,512,755 in 1936.
x Represented by 8,175 (7,864
in 1936) shares at cost.—V. 144,
p. 3859.
x
Operating
revenues..
Operation
Wabash Ry.—To Pay 80% of Interest—
Maintenance
Pursuant to authority contained in
an order entered in the Federal Court
Louis, Mo., on July 14, 1937, there will be paid on and after Oct. 1,
1937, at the office of the treasurer for the receivers, 15 Broad St., New
York, N. Y., 80% of the face amount of coupon series No. 72, due Oct. 1,
1937, appertaining to the Wabash RR. Omaha Division first mortgage
3 34% bonds.
When payment has been effected, the coupons will be
stamped to indicate the partial payment made thereon and returned.
Depreciation or provision for retirement reserves
Amortization of plant acquisition adjustment..
Taxes—State, local, &c
at St.
._
Income taxes—Federal and State
Net earnings from operations
income
Corporate
Consolidated
$8,881,296
$8,950,515
3,022,010
3,022,025
498,792
499,862
1,090,795
1,108,912
27,900
27,900
1,177,228
1,201,635
82,200
86,650
$2,982,371
24,631
Total net earnings
Interest on funded debt
—V. 145. p. 1440.
$3,003,530
10,657
$3,007,001
1,435,211
Other
Coupons, accompanied by the required Federal income tax ownership
certificates, should be placed for collection through the usual channels and
such coupons must be presented separate and
apart from any other coupons
of this company's issues which are being paid
currently at their face value.
$3,014,187
1,433,521
Amortization of bond discount and expense
Genera] interest
The directors have declared a dividend of 50 cents per share on account
on the $2.50 cumulative class A convertible stock, no par
value, payable Sept. 30 to holders of record Sept. 20.
Similar payments
were made on July 26, April 26 and Feb.
18, last; Nov. 30, Oct. 15, Aug. 31,
July 1, April 25 and Feb. 15, 1936, and on Dec. 20, Nov. 15, Aug. 15, May
15 and Feb. 15. 1935—V. 145, p. 962.
—V.
364,001
9,267
$1,199,373
1441.
Corp. (& Subs.)—Earnings—
1937
1936
$8,297,718
$7,673,442
4,710,799
4,409,638
$3,263,804
27,217
Dr59,428
revenues
expenses,
maintenance and taxes
Net operating revenue and other income (before
<•>
appropriation for retirement reserve)
$3,603,763
See list given on first page of this department.—V.
145, p.
Appropriation for retirement
1441.
Gross income
Interest charges
Co.—May Issue Debentures—
Stockholders
an
p.
8,025
9,267
_
Net oper. rev. (before approp. for retirement res.) $3,586,919
Miscellaneous non-operating revenue
32,150
Income from mdsing., jobbing & contract work—
Dr15,306
Wellington Fund, Inc.—Registers with SEC—
Western Auto Supply
145,
Operating
Operating
paid on Nov. 2, 1936.—"V. 145, p. 786.
was
interest and other deductions.
Wisconsin Public Service
Foundry & Pipe Corp.—Extra Dividend—
$1
on
12 Months Ended July 31—
The directors have declared an extra dividend of 50 cents
per share in
addition to a quarterly dividend of 50 cents per share on the common stock,
no par value, both
payable Nov. 1 to holders of record Oct. 15.
Similar
payments were made on Aug. 2 last and prior to then regular quarterly
dividends of 25 cents
per share were distributed.
In addition, an extra
o
7,951
365,418
Net income
of accumulations
dividend
(net)
$1,189,154
Taxes assumed
Walker & Co.—Accumulated Dividend—
Warren
for the purchase in
Winnipeg Electric Co.—Earnings—
12,786
125,910
71,024
345,023
Dr501,056
accr.
company
V. 145, p.1441.
79
taxes.
Accr'd Fed. taxes.
991
I
Cash,
employees of the
the aggregate of 35,000 unissued shares of common stock at the
price of
$3 per share, and that said options may be exercised in equal amounts
during the years ending Dec. 31, 1937 to and incl. Dec. 31, 1941/—
compensat'n
Aocr'd gen.
1,555,915
Willys-Overland Motors, Inc.—Options Granted—
4,240
247.801
Ltd.—Merger—
above.
This company has notified the New York Stock
Exchange that options
have been granted to four
settlem't
Accounts payable.
Unclaimed wages.
6.746
2,032,431
511,852
secur.
Total
23,700
of employees
for purch. of stk.
Marketable
4,077,095
40,800
expenses
estate
Due fr.
4,077,095
for personal
Prov.
empl's
for purch. of real
See Interstate Bakeries Corp.
.
$2,000,000
7% ctfs. of
Investment
2093
Western Bakeries Corp.,
1936
Common stock.,$2,000,000
x
mach'y & equip„$2,110,718 $2,152,252
Patents.
1
1
Investments
1937
Liabilities—
Land, buildings,
y
Chronicle
June 30
at a special meeting on Nov. 15 will consider
authorizing
issue of not to exceed $4,000,000 principal amount of unsecured debenture
$2,675,013
1,006,242
156,758
25,810
Other income deductions
$2,315,760
1,303,003
67,647
24,000
$1,486,203
328,101
(net)
Amortization of debt discount and expense
(inclusive of $2,000,000 principal amount already authorized but unissued).
$3,231,593
915,833
928,750
reserve
$921,109
289,013
—V. 145, p. 1918.
West Point
Net income
Mfg. Co.—Initial Quarterly Div.
The directors have declared
share
an
New Stock
on
Earned surplus, beginning of period
Miscellaneous direct items
initial quarterly dividend of 30 cents per
$20 par stock, payable Oct. 1 to holders of
Sept. 17. A special year-end dividend of $1 per share was paid on
on Aug. 20, last.
The company recently split its stock on a five-for-one
basis, issuing five
record
,
distributed.
1, 1936, on July 1,
April 1,1936; 50 cents on April 1,1935, and extras of $1 per share
of the six preceding quarters.—V. 145,
p. 1121.
$
a
Plant & equip.._
Goodwill,
8,303,288
1937
Liabilities—
8,595,346
patents,
&c
1
1,864,936
5,388,910
1,470,126
b Accts. and notes
receivable
b Claims
closed
5,518,768
4,754,448
11,003,048 10,750,836
Aug. 1 to Dec. 31,1936.
The amount included in operating expenses as provision for Federal income
d625,000 c31250,000
taxes in the consolidated income account for the year ended
against
banks
Motor
Realty..
583,000
2,782,650
562,725
2,973,543
1,000,000
1,000,000
payable
pany
427,609
as
81,210
88,239
267,321
678,772
408,372
62,980
417,438
395,224
165,457
312,193
176,169
(current)
investments
Other assets
196.763
1,723,903
_
176.000
&c
no
1937 is included in the above statement,
by the corporation or
1937.—V. 145, p. 1757.
such surtax will be incurred
for the
company
year
Woman Lake Goldfields
Def. from oper'ns.
See list given on first page of
5,888,344
Woodward &
Capital surplus...20,180,151
Deferred charges..
subsidiary
Development, Ltd.—Registers
with SEC—
Contingent res'ves,
Unamortized
pat¬
terns, dies, &c_.
190,000
121,608
2,025,473
Deferred income.
it is estimated that
the
6% debentures due
of sub .not consol
undistributed profits during
on
to
banks..
July 31, 1937
above, includes $4,000 representing provision made by the subsidiary com¬
for Federal income taxes for the calendar year 1936, which provision
included $ 1,230 for surtax on undistributed profits.
No provision for surtax
773,000
Accts. payable, &c
Accrued taxes
Notes
bin vest. In & accts.
Other
years.
During the period from Jan. 1 to July 31, 1936, the corporation
made provision for Federal and State income taxes for 1936 in the amount
of $60,500 which was reversed over the period from
$
6%
Cash
b Inventories
Capital stock
debens. White
redemption
on bonds redeemed in 1936 which will result in no
taxable income for that year, and similar deductions in its State income
tax returns for 1936 and 1937 will result in no taxable income for those
1936
$
$328,101
premium and expense
White Motor Realty Co.]
1936
3,085
■
,
return for 1936 the unamortized debt discount and expense and
[Including White Co., White Co., Ltd., Indiana Motor Corp. and
$
,
$389,179
Note—No provision has been made by the corporation for Federal income
taxes or for surtax on undistributed profits for 1936 or for State income taxes
for 1936 or 1937 as it will claim as a deduction in its Federal income tax
White Motor Co.—Consolidated Balance Sheet June 30—
1937
4,521
d*
on
AssctStmmm*
862,987
264,259
294.188
Earned surplus, end of period
and previously regular quarterly dividends of $1
per share were
An extra dividend of $1 per share was
paid on Oct.
each
$1,217,575
503,409
382,981
Dividends, preferred
Approp. for accum. unpaid preferred stock divs..
Appropriation for contingency reserve
Miscellaneous charges
$20 par shares for each old $100 par share.
An extra dividend of $1 in addition to a quarterly dividend of $1.50
per
share was paid on the old stock on July 1 and
April 1, last. An extra of
$2.50 in addition to a quarterly dividend of $1.50 was paid on Jan. 2, last,
new
n
7,453
$1,815,133
Total
this stock
1936;
829
the company's new
on
this department.—V. 144,
p.
4366.
Lathrop Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents
per share in
addition to the regular quarterly dividend of 37 J4 cents per share on the
stock, par $10, both payable Sept. 29 to holders of record Sept. 24.
extra distributions were made as follows; 25 cents on June 28
March 30, last; 623^ cents on Dec. 29, 1936; 37 34 cents on
Sept. 30,
common
Total
28,070.607 32,632,4741
After depreciation,
a
b After
Total.
reserves,
28.070,607 32,632,474
Previous
and
Represented by 625,000 shs.,
c
$50.
d Represented by shares of $1 par.
Note—The income account for 6 months ended June 30, was
given in
•Chronicle" of Sept. 4, page 1603.
par
Will & Baumer Candle Co.,
The
directors
common
stock,
have
declared
a
1936; 1234
of
10
cents
per
share
on
cents per share on June 27 and March
31, 1936; 55 cents
Dec. 28, 1935, and 25 cents per share on Sept. 27 and June 27,
on
1935.—
V. 144, p. 4366
Inc.—10-Cent Dividend—
dividend
on
Youngstown Steel Door Co.—Listing and Registration—
the
The New York Curb Exchange has admitted the new common
stock, no
to listing and registration, issued in accordance with notice dated
Aug. 24, 1937, addressed to stockholders which provides that each share
of old common stock, no par, shall be split up into two shares of new
value, payable Nov. 15 to holders of record Nov. 1.
This compares with 20 cents paid on Feb. 15, last, and
previously regular
quarterly dividends of 10 cents per share were distributed.
In addition,
an extra dividend of five cents was
paid on May 15, 1935, and on Feb. 15.
no par
par,
common
1935.—V. 144, p. 797.
share of
stock,
no
common
par,
by the issuance to stockholders of one additional
145, p. 1918.
stock for each share held.—V.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
change reported that purchases of the retained quotas of the
1936-37
Friday Night, September 24, 1937
Coffee—Oil the 20th
down
in
the
Santos
The Rio contract
at
the
was
a
close.
inst.
futures
contract,
was
Sales
with
closed 9
sales
to 12 points
totaling 104 lots.
quiet, with prices 9 to 15 points lower
of
Rio
contracts
totaled
holiday in Brazil today, Monday.
But
12
on
lots.
spot price
open
was
100 up.
market rate
was
It
Saturday
Rio ternie prices were
unchanged to 25 reis higher and
the
At 15.08 milreis to the dollar the
better by 40 reis.
coffee crop commenced on Friday, and that Presi¬
Vargas has presented a lengthy project to the House
Deputies for the formation of a central reserve bank.
dent
Cables to the Ex¬
of
,
On the 21st inst. futures closed 3 to 10 points lower in
the
Santos contract,
with sales totaling 101 lots.
The Rio
contract closed 2 points higher to 5
points lower, with sales
of 20 lots.
The Brazilian
selling was centered on distant
positions, but it weakened the structure of the entire mar¬
ket.
The selling of
of the business
was
December, in which approximately helf
effected, was against purchases of latex
Financial
2094
and
Cost
months.
freight
firm at
continue
offerings
a
premium of 45 to 75 points over the price of September for
^delivery.
While the Rio terme market ranged from un¬
changed to 150 reis lower, the spot price was unchanged at
market exchange rate was 10 reis
dollar.
On the 22d inst. futures closed 13 to 25 points up in the
Santos contract, with sales of 74 lots.
The Rio contract
closed 14 to 19 points higher, with sales of 16 lots.
Much
of the short covering was entered by trade houses with
Brazilian connections, which, in sessions during the past
few weeks, have been consistent sellers.
There was nothing
in the news to account for the improvement, but it appeared
that the market had been oversold at a time when the pros¬
the
and
16.900,
open
better at 15.07 milreis to the
'
pect is promising for a better business in the actual market,
certain observers state.
It was a holiday in Brazil, but the
at 1:30 o'clock.
Rio
the open market dollar
reopened for business in Rio
banks
spot prices were unchanged, as was
rate at 15.07 milreis to the dollar.
closed 4 to 15 points higher in the
sales of 134 lots.
The Rio contract
closed unchanged to 9 points higher, with sales of 39 lots.
The market appeared to derive its strength largely from the
news from Brazil.
Although the free market exchange rate
was easier by 30 reis at 15.10 milreis to the dollar, the Rio
terme market was 25 to 350 reis higher on the opening and at
the close was 25 lower to 325 higher.
The Santos "B" con¬
tract was 325 to 950 reis higher as compared with the previous
close; the Santos "C" 250 to 950 up and the "A" 300 to 500
reis higher, compared with their previous closings.
Today
futures closed 10 to 3 points down in the Santos contract,
with sales totaling 53 contracts.
The Rio contract closed
11 to 4 points off, with sales of 16 contracts.
Brazilian
markets were firm.
Rio de Janeiro futures gained 125 to 150
On the 23d inst. futures
Santos contract, with
reis, while the "C" contracts in Santos,
Brazil, were 125 to
The spot No. 7 price advanced 300 reis.
As an offset the free market exchange rate was 140 reis
weaker at 15.24.
Cost and freight offers from Brazil were
unchanged to 10 points higher, with Santos 4s at 11.15 to
11.50.
Manizales traded also at 113^, but generally were
held for 11%.
In Havre futures were % to 1 franc higher.
Rio coffee prices closed as follows:
350 reis
higher.
6.21
6.39' March
6.10 July
December
May
6.05
6.75
September
Santos coffee
as follows:
9.60 December
9.40 September
May
July
10.43
points higher
Transactions totaled 6,713 tons. Selling,
drove the later deliveries
lower, even though the 1937 options continue to enjoy the
support of the leading chocolate manufacturer at set mini¬
mum levels.
London came in 5d. lower on the outside and
to 8
points lower.
chiefly hedging and liquidation,
Market, with 390
tons trading.
Local closing: Sept., 8.18; Oct., 8.19; Nov.,
8.21; Dec., 8.23; Jan., 8.14; March, 8.15; May, 8.21.
1% to 41/&d. lower on the Terminal Cocoa
On
21st
the
inst.
closed
futures
unchanged
Pressure continued to drive
lower.
to
9 points
the deferred deliveries
the 1937 contracts ruled steady
persistent buying of our leading chocolate
Transactions totaled 860 lots, or 11,524 tons.
quite sharply lower, while
the
of
because
manufacturer.
Again the big bulk of the business was in December, 666
lots of the contract being traded, with the leading manu¬
facturer the conspicuous
buyer.
London came in 3d. higher
Terminal
with
only 260 tons trading. Local closing: Sept., 8.16; Oct., 8.16;
Dec., 8.23; Jan., 8.07; May, 8.15; July, 8.23.
unchanged
to
on
outside.
the
Futures
on
the
Cocoa Market ran l%d. higher to a like amount lower,
On the 22d inst. futures closed with a
of
100
situation
support
came
to
interest
contract
unlimited
manufacturer
in the local market by the apparently
country's
leading chocolate
of
the
an
abrupt and sensational climax today when this
withdrew abruptly
limit
100-noint
the
sensational decline
the limit for one day's trading.
The tense
that had been built up in the December future
points,
delivery
for
all
for
deliveries,
the market.
trading session,
from
one
was
the
result.
A break of
$300 per
or
Sales
rose
to
as forced liquidation and short sell¬
There was a rally of approximately
15 to 20 points from the morning lows as a result of short
covering for profits and some buying by other manufac¬
1,221 lots,
or
16,361 tons
ing increased sharply.
turers who had been awaiting such a chance to cover a part
of their cocoa needs.
March,
7.09;
The rally proved short-lived, however.
Sept., 7.16; Oct., 7.16; Dec., 7.23; Jan., 7.07;
Local closing:
May, 7.12; July, 7.23.
On the 23d inst. futures closed 43 to 25
points net lower.
This market again suffered a heavy break, prices dropping
50 to 79 points from the previous close.
At this point heavy
new buying developed and this with substantial short cover¬
ing brought about a substantial rally.
Trading continued
tremendous rate,
1,699 lots, or 22,767 tons changing
previous day, the leading chocolate
manufacturer who has been absorbing wholesale quantities
of futures for the past months, was on the sidelines.
Foreign
markets again followed local prices.
London futures on the
Terminal Cocoa Market closed Is. 103^d. to 2s. 43^d.
weaker, with the trading volume rising to 2,400 tons.
Out¬
at
a
hands.
As
on
the
prices, Is. to 9d. to 2s. lower at that center.
Local
closing: Sept., 6.77; Oct., 6.73; Dec., 6.82; Jan., 6.80;
side
early afternoon, with December at 6.84 cents.
Manu¬
were reported
buying futures, while in the spot
a good
business was also done.
Warehouse stocks
decreased 4,100 bags.
They now total 1,367,546 bags
the
facturers
trade
against 701,315 bags a year ago.
It was reported that 137
October notices were issued, today being first notice day for
that month.
Local closing: Oct., 6.71; Dec., 6.84; Jan.,
6.84; March, 6.86; May, 6.93.
Sugar—On the 20th inst. futures closed
unchanged to 2
Transactions totaled only 16 lots. The very
light volume of trading reflected the lack of interest by
refiners or operators in actuals.
While offerings were held
at the 2.50c. equivalent, sugar was available at 2.48c. on a
bid.
The easier tone is reported to be the result of the
recent reallocation of quotas, which makes available more
points higher.
•
than the market is likely to absorb.
In the market
the impression was general that it was possible
sugar
for
raws
3.38c., although nothing was
It was reported that at that
price there were at least 2 or 3 cargoes of Cubas in ad¬
dition to about 15,000 tons of Philippines, all for October
arrival, on offer.
The world sugar contract closed IY2 to 3
points higher. Transactions were 277 lots, or 13,850 tons.
On the 21st inst. futures closed 1 to 3 points higher.
Trading was quiet, with sales totaling 105 lots, half of which
were in
September, where covering was entered in antici¬
pation of last notice day, tomorrow.
However, it was the
distant positions that showed most steadiness.
It was after
the futures market closed that announcement was made of
a reduction by some refiners in
the cane granulated price.
This is not expected to be an immediate market factor,
since the reduction was generally expected.
It was reported
that bids were solicited yesterday on raw sugar at 3.37c.
buy raw sugar on a bid of
definitely offered below 3.40c.
to
unsuccessfully today, although rumors were cur¬
and 3.38c.
have bought
At the 3.40c. basis
offerings were increasing, including Cubas for late Septem¬
ber and early October shipment.
The world sugar contract
closed 1 to V/2 points higher, with transactions totaling
in
rent
Godcliaux may
that
quarters
some
something below the 3.40c. asking level.
lots.
On the 22d inst. futures closed 1 point
The volume of trading was light.
lower.
notice
closed 3
July, 6.96.
6.80;
down in the October delivery
10.09
9.30
inst. j utures
the 20tli
Cocoa—On
Today futures closed 4 points
and 2 to 6 points up for the rest
of the list.
Ignoring lower markets in other lines, the cocoa
futures market rallied, standing 2 to 6 points net higher in
March,
130
prices closed
March
Sept. 25, 1937
Chronicle
were
higher to 4 points
Tomorrow is last
for September, in anticipation of which there
issued today (Wednesday).
They were re¬
day
5 notices
by J. Aron & Co.
A good
which was supplied by
and stopped
portedly put out
deal of short covering was entered,
house
trade
a
of
Some
with
close the best bid was
estimated
tens
of
Rican
at
was
2.46c.
a
connections.
In the market for raws, it was
sugar
quarters
were
Refiners did not act.
Cubas).
producing
price of 2.50c., but at the
that from 25,000 to 30,000
available, although in only a few
definitely offered at 3.55c. delivered (2.45c. for
several
in
raw
instances
Puerto
covering
the
Late in the day an operator
bought 2,000 tons of Philippines, due Oct. 4 at 3.35c.
livered.
The world sugar contract closed %c. higher to
lower.
of
raws
with
de¬
%c.
Sales were 174 lots.
In the London market sales
were reported at 6s. 6d., equal to 1.12%'c. f.o.b. Cuba
freight at 28s.
On the 23d inst. futures closed 2 to 4
points down. Sept.
day of trading on belated long liquidation, part
of which was for European account—tumbled 11 points
to-day, the final sale being effected at 2.35c. There were
31 notices issued, which helped the decline along.
Twentyseven were issued by Farr & Co. and 4 notices were issued
by J. Aron & Co. These went back to the issuers. Trans¬
actions totaled 235 lots.
In the raw sugar market the spot
in the final
sale of a cargo of Cubas late on Wednesday de¬
points to the basis of 2.43c., cost and freight for
Cubas, or 3.33c. delivered for duty frees.
The buyers
name was withheld as was the arrival position.
To-day the
market was weaker.
Several parcels of Cubas and Philip¬
price
on a
clined 7
pines were offered at 2.40c. or the equivalent 3.30c. without
attracting buyers. The world sugar contract closed 2 to 23^
points off, with sales totaling 169 lots. This weakness was
attributed to the weakness in the London terme market,
%d to l}-£d lower. In London market raws
the equivalent of 1.12c. f.o.b. Cuba,with
freight at 28s. To-day futures closed 2 points down to un¬
changed. Transactions totaled 122 contracts in the domestic
market.
A decline in the spot price of raw sugar to a new
which closed
were
offered at
low for the year was
fluence in the futures
trading
raw
was
regarded
market.
as
the chief depressing in¬
The major portion of the
done in March contracts at 2.30 cents. In the
were made at 3.33 cents.
The world sugar
market sales
opening unchanged to 1 point lower, closed
Yl to 1 point net lower, with sales totaling 125 contracts.
were
l/i<i to Id lower, while raws were
offered at 1.11 cents.
Prices were as follows:
market
after
In London futures
September
2.37 January
2.44 March
December
2.30 May
July
2.33
2.35
2.37
Lard—On the 20th inst. futures closed 20 to 30 points net
lower.
which
orders
Liquidation
resulted
were
in
a
developed
after the opening,
Stop loss
scale down.
At the inside
shortly
setback of 40 to 50 points.
uncovered
on
the
Volume
Financial
145
for speculative account and some
by trade interests caused prices to rally 10 to 15
points from the lower levels.
Hog prices at Chicago at
the start of the week were stbady at Friday's average.
The
price
top
today
$12.60c,
was
and
sales
were
reported at
49,800
$12.60.
Western hog marketings totaled
against 67,600 for the same day last year.
$11.65
to
head
Lard
The
unchanged to 5 points higher.
Transactions totaled 2,690 tons.
Factories were reported
as
still
inactive
as
buyers.
However,
outside
prices
strengthened under the lead of the futures market and
opening
closed
on
ket.
light and totaled 11,200 pounds, destined for Southampton.
Sept.,
On the 21st inst. futures closed 12 to 15 points net lower
the
nearby
months
and
the distant options.
showed maximum losses
on
marketings
be
to
the
At
unchanged
of
17
37
to
to
2
points higher
of the session prices
one stage
points.
Western hog
above trade expectations, and this proved
were
principal
factor for the sharp decline in prices.
Total receipts for the Western run were
53,300 head against
60,600
head for the same day last year.
Hog prices at
Chicago ended 10 to 20c. lower, the top price reported on
the day was $12.45, with sales ranging from $11 to $12.35.
Lard
clearances
from
the
Port
of
New
York
were
moder¬
ately heavy and totaled 275,000 pounds, destined for London
and Liverpool.
Liverpool lard futures followed the decline
American
in
prices
the
past
two
with final
days,
prices
there today Is. 3d. lower to 3d. higher.
On the 22d inst. futures closed 22
points lower.
ing within a
Trading
points higher to 2
fairly active, with prices mov¬
was
rather wide range.
Hog prices held very
steady, the top price at Chicago registering $12.45, with sales
reported at $11.60 to $12.35. Western hog marketings were
moderately heavy and totaled 43,300 head against 54,000
head for the
lard
day last year.
same
reported
were
Liverpool lard
from
futures
the spot position
No export clearances of
of New York today.
unchanged to 6d. lower, with
the
were
Port
On the 23d inst. futures closed 7
points lower to 7 points
higher. Trading was light and without any special feature.
The undertone of the hog market was steady and
prices at
Chicago closed 5c. to 10c. higher. The top price reported
was $12.50 and scattered sales were uncovered at
$11.05 to
$12.40. Western hog marketings were under a year ago and
totaled 39,000 head,
against 49,100 for the same day last
Lard clearances from the Port of New York as re¬
ported to-day were 18,750 pounds, destined for Antwerp.
Liverpool lard futures closed steady unchanged to 6d higher.
To-day futures closed 35 to 12 points down. The severe
drop in lard prices to-day was attributed largely to heavy
liquidation influenced by the sharp drop in wheat and corn
and especially the securities markets.
Bearish factors were
rather plentiful.
year.
Sat.
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
September
11.65
October
11.40
11.32
11.12
December
10.95
10.72
10.70
January
10.90
10.70
Wed.
11.00
10.70
11.17
Thurs.
11.30
11.17
10.67
10.62
Fri.
11.25
10.90
11.10
10.80
10.70
10.47
Oils—Linseed
oil prices are still being held at
10.4c.,
apparently showing no inclination to shade prices.
Quotations: China wood: resale, nearby 22c. Coconut: Nov.
for'd 434c.; Coast Nov. for'd 434c.
Corn: West tanks,"
nearby 634c.
Olive: denatured, nearby $1.30 to $1.35;
Shipment, new crop $1.00 to $1.10. Soy Bean: Tanks, West,
Spot 6%c.; Oct. for'd 6 to 634c.; L. C. L.
Oct. for'd
8 to 834c.
Edible: 76 degrees 1034c.
Lard: prime 1334c.;
extra winter, strained 1234c.
Cod: crude, Japanese 62c.;
Norwegian light filtered 43c.
Turpentine: 35% to 39%c.
crushers
Cottonseed Oil, sales, including switches, 94 contracts.
Crude, S. E., 634°.
Prices closed as follows:
7.17®
January
„
7.25®
March
7.31 @
7.22®
7.25®
_
February
7.18®
December.
April
7.32@
7.37®
7.26 May
7.38
Rubber—On the 20tli inst. futures closed 14 to 18
points
net lower.
The opening range was 15 to 20
points below
the
previous
rubber
was
finals. ; At the lows of the day December
23 points lower and March 22 points off.
Trans¬
actions totaled
rather
basis
2,190 tons.
quiet affair.
of
18
7/10c.
The outside market continued a
Outside prices
for
standard
were
sheets.
quoted
The
a
spot
London
and
on
Singapore markets closed steady and dull, prices declining
1/32 to %d.
British rubber stocks increased 854 tons last
week to
Oct.,
IS
a
total
18.35;
of 48,761
Dec.,
64; July, 18.70.
and
the
22d
Local closing:
18.61; March,
Singapore closed steady.
inst.
18.55;
.
closed
futures
Jan.,
unchanged
to
2 points
The market opened 3 to 5 points higher and drifted
rather aimlessly all day.
Some switching from October into
later delivery months was noted. Transactions totaled
tons, with 690 tons traded in October rubber.
2,300
The outside
market again was a quiet affair, with factories holding back.
Outside
for
closed
to
prices
standard
dull
l/16d.
unchanged
were
sheets.
The
and
steady,
lower,
while
on
London
with
spot
a
and
basis of 1834c.
Singapore markets
London unchanged
advanced l/16d.
Local
prices in
Singapore
closing: Sept., 18.37; Oct., 18.42; Dec.,
March, 18.66; May, 18.74; July, 18.33.
18.55; Jan., 18.61;
On the 23d inst. futures closed 12 to 18
points net lower.
points down.
The outside
affair.
Outside prices were
reduced to a spot basis of 1834c. for standard sheets.
The
London and Singapore markets closed quiet and steady
respectively, prices on the former l-16d. lower to l-16d.
higher, while the latter was practically unchanged.
Local
closing: Sept., 18.25; Oct., 18.28; Dec., 18.38; Jan., 18.43;
March, 18.49; May, 18.58; July, 18.68.
Today futures
closed 5 to 13 points lower.
Transactions totaled 642 con¬
tracts.
Lower cables and a bearish interpretation placed on
Malayan rubber census figures for August, coupled with a
break in the stock market, proved too much of a burden for
The opening range was 2 to 19
market again was a very quiet
Prices cracked with the
market
going into new low ground for the season under a
wave
of liquidation which caught stop loss orders.
The
rubber trade and importers bought on the decline.
In the
early afternoon the market was 13 to 17 points lower, with
September at 18.12 and December at 18.21.
London
closed 5-32 to 3-16 lower.
Singapore also lost ground.
It is
estimated that United Kingdom stocks increased 1,150 tons
this week.
Local closing: Sept., 18.20; Oct., 18.17; Dec.,
18.26; Jan., 18.30; March, 18.48; July, 18.57.
Hides—On the 20th inst. futures closed 10 to 19 points
net
lower.
The
ruled weak at
the start, with
25 points below the previous close.
Transactions totaled 3,640,000 pounds.
In the later deal¬
ing the market regained part of its early losses, but at no
time did it show any strong rallying tendency.
There was
nothing of importance reported in connection with the spot
initial
hide
12
prices
market
to
Local
markets.
closing:
Sept.,
15.24;
Dec.,
15.45;
On the 21st inst. futures closed 16 to 19 points net
higher.
March, 15.78; June, 16.10.
The
market
r
irregular at
was
the start,
the opening
range
being 6 points up to 10 points off, but the tone improved
as the session progressed, prices closing at near the highs
of the day.
Transactions totaled 2,400,000 pounds.
Local
closing: Sept., 15.31; Dec., 15.58; March, 15.91; June, 16/25;
Sept., 16.57.
'
On the 22d inst. futures closed 11 to 20
Transactions totaled 2,280,000 pounds.
hide
prices
still
appeared
factors in the trade.
have
enterel
the
It
was
American
points net higher.
Domestic spot packer
largely
nominal, according to
reported that Japanese buyers
hide
market
on
a
large scale.
The information received indicated that Armour
have
sold
and
Swift
to
Nippon representatives some 50,000 Chicago
light native cow hides, presumably July-August take-off,
at 17c.
Details concerning the transaction were lacking,
but reports current also had it that the Japanese buyers
have an option on 50,000 more hides.
In some quarters it
was
maintained
that
in
of the
view
large stocks in hands
of big packers,
tively little.
at
the sale of 50,000 hides would mean compara¬
The hide futures market showed a weak tone
the start of
today's session, but prices worked consider¬
the later dealings, apparently on the
strength of the news of the Japanese buying.
Local clos¬
ing: Sept., 15.42; Dec., 15.77; March, 16.10; June, 16.45.
ably
higher
during
On the 23d inst. futures closed 19 tb 37
points off. J The
opened 15 to 22 points below the previous closing
prices.
There was no real support, and the undertone ruled
heavy throughout most of the session.
Transactions totaled
2,360,000 pounds.
No further large sales were heard of in the
domestic spot market, but in the Argentine it was stated
that 4,000 frigorifico steers sold at 15%c., while in the
Uruguay market 5,000 frigorifico steers were reported sold at
16 13-16c. to 17c.
Local closing: Sept., 15.23; Dec.,
15.50;
Marcn, 15.80; June, 16.10; Sept., 16.40.
Today futures
closed 20 to 10 points off.
The market was easy*in active
trading, which totaled 168 contracts. * Further buying of
hides in the Chicago market by Japanese was reported, but
this did not appear to have any stimulating effeat.
The
hide market seemed affected to a large extent
by the general
decline in all commodity markets and especially the weakness
of
the
securities, markets.
Local
closing: Dec.,
15.30;
March, 15.66; June, 16.00.
market
Rosins: $9.10 to $10.00.
October
liberal, but mostly too high for this mar¬
18.38;
On
10.52
10.65
Pork—(Export), mess, $35.12)4 per barrel (per 200
pounds); family, $35.12)4 (40-50 pieces to bale), nominal,
per barrel.
Beef: (export) steady. Family (export), $26 to
$27 per barrel (200 pounds), nominal. Cut Meats: pickled
hams—picnic, loose, c. a. f.—4 to 6 lbs., 19%c.; 6 to 8 lbs.,
1834c.; 8 to 10 lbs., 16c.
Skinned, loose, c. a. f.—14 to 16
lbs., 2134c.; 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., 22%c.
Bellies: clear, dry salted, boxed, N-.. Y.—16 to
18 lbs., 1734c.; 18 to 20 lbs., 17%e.; 20 to 25 lbs.,
1734c.;
25 to 30 lbs., 1734c. Butter: creamery, firsts to
higher than
extra and premium marks: 2934 to 35%c.
Cheese: State,
held, '36, 23 to 24c.
Eggs: Mixed colors, checks to special
packs—1834 to 2834c.
November
London
lower.
Ship¬
spot basis of 1834c. for standard sheets.
a
the rubber futures market to bear.
Is. lower.
DAILY CLOSING PRICES
was
Oct., 18.43; Dec.,
18.67; May, 18.75; July, 18.84.
close
on
range
ment offers were
exports from the Port of New York, as reported today, were
Liverpool lard futures held very steady, and prices on the
were unchanged to 6d. higher.
higher.
On the 21st inst. futures closed 8 to 15 points net
prices scattered buying
support
2095
Chronicle
18.44;
tons.
Jan.,
Local closing:
18.50:
March,
Sept., 1S.30;
18.57; May,
-
;
Ocean Freights—The market for charters continues
firm, with freight rates in most sections of the world
very
at the
Financial
2096
of the
Charters
season.
included:
special feature. Local closing: Sept., 1.77%; Oct., 1.753^;
Dec., 1.72V2\ Jan., 1.70%; March, 1.693^.
Today futures
closed 3^ to 2c. down.
Transactions totaled 238 contracts.
The trend of prices throughout most of the session was
downward.
The price of crack double extra silk in the New
York spot market declined %q. to $1,883^ a pound.
The
Yokohama Bourse closed unchanged to 5 yen lower.
Grade
D silk was unchanged at 840 yen a bale.
Local closing:
Sept., 1.74; Oct., 1.72^; Nov., 1.71; Jan., 1.67; March,
1.66; April, 1.65.
Venice-Trieste, Sept., 25c. One
load, New York to Venice, Trieste, Sept., 25c. Five loads,
New York to Sweden, Nov., 26c. basis.
Two loads, New
York to London, Oct., 3s. Five loads, New York to Sweden,
Oct., 26c. basis. Sugar: One port Cuba to London, Oct. 20Nov. 10, 28s, Antwerp 27s 6d. Cuba to United Kingdom,
end Oct., 27s 6d. Trip: Canada to United Kingdom, no rate.
New
York
to
Coal—It is
reported that in certain sections of the country
night temperatures have fallen considerably below 60
degrees a scramble to buy anthracite and other grades, and
coal and coke for domestic heating purposes has been very
marked. It is said that in many cases dealers have had to
employ extra drivers. Latest advices are to the effect that
where
stocks of coal in dealers'
COTTON
Friday Night, Sept. 24, 1937
are now
Metals—The report .of Copper, Tin. Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles
appearing at the end of the department headed
"Indications of Business Acitivity," where they are covered
more fully.
Wool—There has been
marked change
from the pre¬
vious week in the wool situation, though prices are reported
as being somewhat unsettled.
There appears to be an atti¬
tude of watchful waiting on both sides. However, bids made
by prospective purchasers are quite low as compared with
August asking prices.
Some interior short French combing
and clothing territory in original bags has been transferred
at 88 to 90c., clean basis, but good French fine territory is
held for 93 to 95c., as against mill bids of 90c. or less. It is
stated that dealers in trying to meet the prevailing thin
no
of the Crop, as
The Movement
dwindling fast and in
another two weeks there will be considerable replenishing
buying from the mines. The better grades of coal are rela¬
tively in better demand than last year, which is pointed to
as another indication of the improved purchasing power of
the public. Reliable sources state that all major barometers
of soft coal distribution, with the single exception of rail
shipments from the Western interior fields, show impressive
gains for the period Jan. to July, 1937, as compared with the
corresponding period of 1936.
yards
lower.
Opening sales were at J^c. down to ^c. UP*
Transactions
totaled only 840 bales.
There was a holiday in Japan, and
as a result the local market rdled very quiet and without
Two thousand nine hundred tons to 3,400 tons
Two loads
Sept. 25, 1937
On the 23d inst. futures closed unchanged to 2c.
Grain Booked:
from Montreal
to Liverpool and (or) Birkenhead, Oct.-Nov. 5s.
Twentyone
loads Montreal to Antwerp-Rotterdam, Nov., 21c.
Seven and one-half loads, New York to Sweden, Oct., 26c.
highs
Chronicle
indicated by
our
tele¬
For the week
ending this evening the total receipts have reached 411,538
bales, against 347,270 bales last week and 309,808 bales the
previous week, making the total receipts since Aug. 1, 1937,
1,875,440 bales, against 1,433,170 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 442,270
grams
from the South tonight, is given below.
bales.
Tues.
}Ved.
917
40,321
14,651
3,203
9,238
2,654
13,488
21,010
2,167
29,192
1,690
12,150
9,186
1,550
14,917
5,106
19,723
11,940
2,854
11,131
2,176
5,051
Savannah
2",532
2",377
3",675
1,945
1,609
2,513
1,043
2,090
2",085
Charleston
"55
"122
132
"99
30
30
57
342
16,426
12,198
2,383
12,195
Houston
Corpus Christi.
_
New Orleans
Mobile
Pensacola, &c—
20,923 123,031
49,522 118,507
1,690 13,847
13,344 90,017
3,029 15,572
5,051
"270
270
1,849
13,115
6,121
13,561
23,154
6,121
"82
49
539
183
306
948
920
920
Jacksonville
Lake Charles
1,882
~
Wilmington
Norfolk
Baltimore
Totals this week
The
Total
Fri.
Thurs.
Mori.
Sat.
Receipts at—
Galveston
57,107 111,138 411,538
46,483
73,924
74,205
48,681
following table shows the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
total since
with last year:
This
Since Aug
This
Week
Stock
1936
1937
Receipts to
Sept. 24
Since Aug
Week
1. 1937
1936
1937
1, 1937
market have either to sell at cost and' below
or accept a
stagnant situation and await the turn of events in the wool
Texas
textile
Houston
Galveston
industry.
It is said that domestic wools are yielding
slowly to the combined action of lower mill bids and absence
of actual business.
448,333
123,031
630,948
550,060
275,313
87,483
27,225
**50
518~,692
New Orleans
90,617
Mobile
15,572
5,051
Pensacola, &c
270
Jacksonville
Savannah
13,561
66", 644
246",368
595",426
354,660
2,691
265,600
48,554
21,329
1,380
69.831
118,507
13,847
Beaumont
territory group of six graded wools
averages 87c., clean, at this time, as compared with 90.6c.,
scoured basis, a month ago.
Pressure is still on for lower
prices, and occasional lots for one reason or another sell at
3 to 4c. a pound below their August rate, but the group price
has only declined 4% from its
August index.
At the
Colonial wool auctions in London Wednesday there were
6,519 bales offered.
The sales were marked by increasing
general competition.
Firm limits were responsible for the
withdrawal of about 1,000 bales.
333,350
City
Corpus Christi.
The
98,958
9,494
1,409
87,467
12,585
5,347
232,201
3,483
333,932
53,428
47,679
2,597
70,301
159,319
15,732
416,841
71,934
18,395
2,777
159,235
15", 767
73",694
900
62,807
36,972
2,833
2,944
1.291
"4", 275
356
9,803
465,429
109,039
24,755
3,218
175,554
Brunswick
23",154
Norfolk
948
81,196
49,987
1,104
7,422
"920
"4",661
Charles.
6,121
...
3,741
525
63,942
32,819
10,391
23,979
""loo
3.299
539
Lake
45,638
8,549
18,950
""'166
Charleston
Wilmington
4,163
875
750
Newport News...
New York
Boston
Baltimore
Philadelphia
Silk—On the 20th inst. futures closed % to 5c. net lower.
The declines in today's market were attributed to the poor
demand
for actual silk
and the
fact that
the
crop is
coming to market in substantial quantities.
Transactions
totaled 1,260 bales.
The crack double extra price held un¬
changed at 1.90,
Certificated stocks totaled 1,650 bales.
Grade D
at
411,538 1,875,440 314,287 1,433,170 2,221,712 1,854,270
Totals
In order that
new
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Yokohama advanced 5 yen to 850 yen, and at
Kobe 10 yen to make the price there also 850
yen.
The yen
New
held unchanged
Mobile
at 29.
At Yokohama prices ranged from
6 points to off 4 points, while at Kobe they were 4
points up to 3 points off.
Spot sales for both markets
totaled 700 bales; futures transactions totaled 4,550 bales.
Local closing: Sept., 1.77y2; Oct., 1.73%;
Dec., 1.72%; Jan.,
1.70; March, 1.68.
up
On the 21st
inst. futures closed
natural
rally after
in
raw
silk
trading
was
was
a
A
break of 5c. the previous day
severe
the
% to 2c. net higher.
result
of
today's session.
However,
quiet, only 1,130 bales being sold. Crack double
extra
sold off
1 to 1.89c.
bales.
There
one
was
Certificated stocks totaled 1,640
transferable notice sale, bringing the
total for the month to 27.
fered
10
yen
losses in
Both Yokohama and Kobe suf¬
Grade
D, the final prices for both
The yen held unchanged at 29.
Yokohama
futures declined 5 to 8 yen; at Kobe
they were off 10 to
5 yen. Spot sales for both markets totaled 700
bales, while
closing at 840.
futures
transactions
totaled
Sept., L78; Oct., 1.75;
4,775
Nov., 1.73;
bales.
Dec.,
Local
1.72;
closing:
Jan.,
1.71;
Houston
Orleans.
On the 22d
inst.
Savannah
Grade D held at 840 yen in Yokohama and
Kobe.
at Yokohama were 2 yen
higher to 2
yen
Kobe they were 4 yen lower to
unchanged.
both centers
totaled
1,100
while
Futures
lower, while at
Cash sales for
transactions
in
futures totaled 2,925 bales.
Local closing: Sept., 1.78; Oct
1.75%; Nov., 1.75; Dec., 1.73%; Jan., 1.71; March, 1.70y2.
54,788
76,870
41,461
7,867
5,671
Norfolk
16.767
19,436
10* 625
539
525
237
9
948
900
2,126
809
.
101,334
137,321
51,393
8,585
13,272
2,676
11,836
1,564
2,819
26". 209
All others
Total this wk.
21,638
36",391
39,105
75,845
28*177
411,538
314,287
336,897
237,205
406,645
322,464
Since Aug. 1__ 1,875,440 1,433,170 1,390,126 1,113,467 1,763,682 1,506,266
The exports for
the week ending this evening reach a total
142,419 bales, of which 53,794 were to Great Britain,
24,040 to France, 26,279 to Germany, 11,155 to Italy, 8,971
to Japan, and 18,180 to other destinations.
In the corre-,
sponding week last year total exports were 121,151 bales.
of
For the
season
to date
aggregate exports have been 655,917
bales, against 615,135 bales in the
season.
Below
are
same
period of the previous
the exports for the week.
Week Ended
Exported to—
Sept. 24, 1937
Galveston..
Ger¬
Great
France
17,887
5,605
5,558
15,773
Corpus Christi..
10,451
257
New
10,745
Houston
Orleans
Lake Charles
Italy
Japan
China
2,993
7,525
986
2,283
4,375
2,434
403
8,045
3,246
3,492
1,040
750
3,277
3,703
3",413
1~424
376
3",018
Norfolk
Los Angeles
Total
787
"256
11,275
1,064
2,034
6"050
5,225
163
Total
41,817
32,109
20,119
19,948
5,035
5,213
3,018
"787
Savannah
Charleston
Other
6,868
1,332
Mobile
Pensacola, &c
many
"45
856
"""3
700
1,075
53,794
24,040
26,279
11,155
8,971
18,180 142,419
Total
'
90,885
100,550
61,761
9,397
9,230
4,358
11,491
3,027
3,588
Newport News
Britain
unchanged to 2c. higher.
quiet, though there was considerable
September.
There were 71 notices posted
against the delivery, most of which were
stopped by the
trade.
All told, the day's total business
was 2,140
bales,
of which 1,540 bales were transacted in
September contract
bales,
60,018
63,376
109,903
19,617
25,793
Wilmington..
1932
1933
1934
98,958
66,644
87,467
12,585
9,803
Charleston.
futures closed
very
1935
1936
Brunswick
Exports from,—
Trading was
liquidation of
1937
123,031
118,507
90,017
15,572
13,561
23", 154
Galveston
1936
13,145
33,803
24,573
5,682
33,336
230
Total
1936
8,575
14,456
18,078
7,119
69,057
900
10,382 121,151
18,015 136,200
/
Volume
Financial
145
From
On
Exported to—
Sept. 24, 1937
Great
France
Galveston
26,716
Houston
31,200
69,141
Corpus Christi.
Beaumont
New Orleans
-
104
2,366
Mobile
850
15,722
5,527
78,691
819
18,639
9
993
3,040
102,801
123,051
242,403
200
3,277
20,078
m
10,903
—
7,016
^
200
5,919
39
....
9,840
\
12,687
23,773
41,666
.
7,578
248
6,266
Total
Other
10,511
100
7,612
Lake Charles..
China
Japan
9,691
7,386
34,589
20,905
44,105
-
30,757
_
_
20,400
39,784
550
Italy
many
22,796
35,517
1,466
....
8,036
'
Jacksonville
Pensacola,
70
&c.
~
-
4,741
2,266
Savannah
10,045
Charleston
13,638
Norfolk
19,249
12,378
--
184
1,277
2,420
323
San Francisco.
26,658
1,254
7,702
456
6,945
4,233 105,146
655,917
420
607
1,062
522
Total
32,008
642
1,300
2,391
4,567
1,100
Los Angeles
137
67
m
458
980
....
185,034 112,020
1935
142,794
65,420
41,270
150,686 114,008
95,593 72,668
Total 1936
101,419
28,221
149,248
1,085
70,468
615,135
86,516
44,059
160,030
1,100 102,086
563,052
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
still
Shipboard Not Cleared for—
Sept. 24 at—
Leaving
Great
Ger¬
Britain
Galveston..
7,700
11,406
Houston
New
10,600
6,975
6,797
Orleans..
Other
Coast¬
many
Francs
Foreign
wise
10,000
9,899
1,520
16,700
9,646
2,535
Stock
Total
1,500
584,448
557.009
405,989
3",805
159,235
73,694
68,129
Savannah
Charleston
2~,766
Mobile
"800
"239
Norfolk
18,950
Other ports
Total
Total
Total
254,684
1937..
1936..
1935..
21,872
13,132
20,601
25,172
18,561
11,392
21,419
9,545
29.120
99,574 2,122,138
86,678 1,767,592
77,278 1,720,362
1,991
2,738
1,007
42,702
30,256
14,022
Speculation in cotton for future delivery was quite
active, with price trend decidedly downward.
Heavy hedge
selling, liquidation by recent longs who had felt the market
could
not
demand
The
to
below
go
the
were
8^c.
chief
a
pound, and lack of aggressive
factors
operating
government report yesterday
Sept.
little
16,
On the
lower.
4,266,617 running
the market's decline.
18th
All
inst.
active
October sold at
against
values.
showing record ginnings
totaling
in
part
bales,
played
levels
of the
today
season
result of continued weight of Southern hedge selling.
good
was
close brought
divided.
a
narrow
limits
slight rally.
a
with
with
and
towards
the
The volume of trading
short session, with
a
Houses
sellers,
against the
ous
within
about
large for
was
as
There
buying in evidence from time to time, and this
the market to
held
no
prices closed 1 point higher to 1 point
positions in the cotton market beyond
the lowest
orders seemingly well
Southern connections
evidences
were conspicu¬
increasing hedges
of//steadily
At the
new crop.
same time there was
demand
from the domestic and
foreign trade, and further buying by
Liverpool and Bombay on differences, while toward the
close there was a spurt of active buying by commission
houses and shorts
in the South.
on
22d
officially reported,
and business
narrow
was more or less a duplication of
prevailed for at least a fortnight.
Increased hedging pressure forced prices into new low levels
the movement and season, but continued
absorption
through foreign interests and trade fixations cushioned the
decline.
The market opened steady and up 2 to 4 points.
Higher Liverpool cables and good trade and foreign demand
accounted
for the initial upturn.
Subsequently Southern
increased, following publication of the weekly
weather and crop bulletin, which proved to be exceptionally
favorable.
There were reports here and there of farmers
availing themselves of the loan, but in the aggregate the
amount put under the loan is believed relatively small.
Southern spot markets, as officially reported, were un¬
changed to 3 points lower.
Average price of middling at
the 10 designated spot markets was 8.36c.
On the 23d inst. prices closed 14 to 19 points net lower..
Increasing hedge selling and less aggressive foreign buying
offerings
responsible for
the later
fixing
the
on
than
season
to
further setback in cotton today.
was
In
the sharp
Southern offerings proved quite a press¬
the market, and while there was considerable price-
on
more
a
trading another bearish influence
drop in securities.
of
part
countered
were
the
the
trade,
of contracts
supply
New low levels for the
the demand.
again established, December breaking through
Below the 8%e. level there were renewed
low of 8.44c.
a
discussions concerning the possibility of more cotton going
the government loan, but this was considered prob¬
lematical and dependent upon the attitude of the farmer..
into
Pinal prices were at the lowest levels of the day.
The mar¬
ket at the opening was off 3 to 8 points.
Liverpool and
the Far East
early buyers, absorbing October liquida¬
were
Southern
tion,
New Orleans selling.
Southern spot
markets, as officially reported, were 10 to 16 points lower.
Average price of middling at the 10 designated spot markets
and
8.41c.
was
\
Today
prices closed 21 to 25 points net lower.
Cotton
prices declined sharply today to new seasonal lows and to
the
lowest
levels
since
the
latter
part
of 1933.
start of the last hour active months were off
a
bale in active trading.
ing abroad caused
Exchange.
The
a
Continued
pressure
By
more
than
the
$1
of hedge sell¬
further drop in prices on the Liverpool
here opened barely steady, down
market
4 to 6
points on lower Liverpool cables.
Favorable weather
heavy hedge selling started prices well on their down¬
and
ward course.
In addition to heavy hedge selling, tired long
liquidation and wire house selling added to the supply of
offerings.
The trade was still the best buyer on a scale
down.
While
foreign
orders from abroad
abatement
porary
interests
were on
buyers
were
balance,
on
both sides of the market.
of pressure accounted
for
eries, but with the stock market weak, buyers
Tem¬
slight
were
recov¬
generally
cautious.
Futures—The
the prospects of less favorable weather
Southern spot markets, as
inst. prices closed 1 to 4 points off.
The
trading expanded, but movement of prices was
for
ure
46,500
38,417
10,852
491
2097
the conditions that have
were
On
the
volume of
Ger¬
Exports from— Britain
Total
Chronicle
highest, lowest and closing prices
week have been as follows:
at
New York for the past
unchanged to. 1 point advance.
Average price of mid¬
dling at the 10 designated spot markets was 8.70c.
were
On the 20th inst. prices closed 9 to 11 points down.
As
Saturday
Sept. 18
Monday
Sept. 20
Tuesday
Sept. 21
Wednesday
Thursday
Friday
Sept. 22
Sept. 23
Sept. 24
a
result of increasingly persistent hedge selling, cotton prices
touched new low levels during this session, with all deliv¬
Oct.
eries
selling under the 9c. level. Resistance was met on the
scale down, this making a favorable impression on traders,
Nov.—
especially in vibw of the sharply lower stock market and
swelling volume of Southern offerings.
The forecast for
Dec.—
favorable weather and
Jan.(1938)
out of the course
ance
of the cotton belt
the
veering of the tropical disturb¬
that might have hit the larger areas
other
depressing influences operat¬
ing against values.
The market opened barely steady and
off 2 to 5 points.
Hedge offerings accumulated over the
week-end
and
selling predominated for a time.
Subse¬
quently a steadier tone developed on Liverpool buying on
were
differences.
the
Liverpool opened quiet and unchanged to
point lower, and closed quiet 2 to 3 points lower.
South¬
ern spot markets, as officially reported, were 10 to 15 points
lower.
Average price of middling at the 10 designated spot
1
markets
wTas
8.59c.
On the 21st inst. prices closed
2 points lower, except the
the previ¬
ous closing price.
Trading was relatively light, with fluc¬
tuations narrow.
A flurry of hedge selling occurred late
in the session, forcing prices into new lows for the day
The reaction of the stock market and
tinuance of favorable weather for
ton tended to discourage
but
cotton
The
appeared
opening
a
range
was
the
early
lost
ground
on
absorbed
to be well
con¬
picking and ginning cot¬
aggressiveness
the upward side,
on
the
setbacks.
2 points off to 2 points advance.
October liquidation prior to first
and
notice
of hedging caused
heaviness
was
of
the
recovered
market,
on
trade
but
subsequently
covering
in
the
the
spot
month, together with foreign and scattered buying, some of
was encouraged by the steadier Liverpool cables and
which
modification
in
the
Japanese Government ban
on
imports.
Reports come from Texas that considerable cotton is going
into the government loan, with similar reports emanating
from
10
the
8.75- 8.82
8.72-
8.69- 8.77
8.54- 8.66
8.33- 8.51
8.86- 8.87
8.75- 8.76
8.73
8.69- 8.70
8.54
8.33
_
8.80
—
Range..
8.80»
8.69n
8.67 »
8.64n
8.49»
Range..
8.71- 8.76
8.63- 8.71
8.61- 8.67
8.57- 8.66
8.44- 8.56
8.21- 8.40
Closing.
8.74- 8.75
8.63
——
8.61- 8.62
8.59- 8.61
8.44- 8.45
8.21- 8.22
Range..
8.76- 8.81
8.67- 8.76
8.67- 8.72
8.61- 8.70
8.48- 8.60
8.24- 8.44
Closing.
8.78
8.67
8.67- 8.68
8.63n
8.49
8.24
Closing.
8.27 n
—
Feb.—
Range..
8.82»
8.72n
8.71»
8.68»
8.52n
8.28n
Range..
8.85- 8.90
8.77- 8.85
8.75- 8.81
8.71- 8.79
8.56- 8.70
8.33- 8.53
Closing.
8.87- 8.88
8.77
8.75
8.74
8.56- 8.57
8.33
8.38n
Closing.
March—
April—
Range-
8.92»
8.82n
8.80»
8.79n
8.61»
Range..
8.95- 9.00
8.88- 8.96
8.86- 8.92
8.81- 8.90
8.67- 8.80
8.43- 8.62
Closing.
8.98
8.88- 8.89
8.86- 8.87
8.84- 8.85
8.67
8.43-
Closing.
May—
—
8.44
June—
9.02»
8.93»
8.91n
8.89n
8.71»
8.48n
Range..
9.04- 9.09
8.97- 9.05
8.96- 9.02
8.92- 9.00
8.76- 8.91
8.53- 8.72
Closing
9.07- 9.09
8.98- 8.99
8.96- 8.97
8.95
8.76- 8.77
8.63- 8.54
Closing
.
•
July—
.
—
Aug.—
Range..
Closing.
Sept.—
Range..
Closing.
n
Nominal.
Range for future prices at New York for week ending
Sept. 24, 1937, and since trading began on each option:
dav next Tuesday,
overnight accumulation
moderate
8.81- 8.87
Closing
Range..
January delivery, which closed unchanged from
and movement.
(1937)
Range..
Memphis area.
Average price of middling at the
designated spot markets was 8.57c.
%
Option for—
Oct.
1937..
Range for Week
Range Since Beginning of Option
8.33
Sept. 24
8.87
Sept. 18
8.33
Sept. 24 1937 13.98 Apr.
9.04
Sept.
8.21
Nov. 1937..
1 1937 12.40 July
Sept. 24 1937 13.93 Aprl
8.24 Sept. 24 1937 13.94 Apr.
Dec.
1937..
8.21
Sept. 24
8.76
Sept. 18
Jan.
1938..
8.24
Sept. 24
8.81
Sept. 18
Feb.
1938..
8.33
Sept. 24
8.90
Sept. 18
8.43
Sept. 24
9.00
Sept. 18
8.43
8.53
Sept. 24
9.09
Sept. 18
8.53
Mar. 1938..
Apr.
11.15
8.33
5 1937
12 1937
5 1937
5 1937
26 1937 13.85 Mar. 31 1937
Sept. 24 1937 13.97 Apr.
5 1937
July
1938..
May 1938..
June
1938..
July
1938..
Aug. 1938.Sept. 1938..
9.63
Sept. 24 1937 12.96 May 21 1937
Aug. 27 1)37 11.36 July 27 1937
Sept. 24 1937 11.36 July 27 1937
Financial
2098
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
New
The Visible
cable and
as
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
figures
are
StocK at Liverpool
Stock at Manchester..
bales-
987,000
92,000
....
Stock at Havre
Stock at Rotterdam
82,000
44,000
744,000
132,000
118,000
7,000
47,000
34,000
7,000
6,000
428,000
1 51,000
73,000
12,000
21,000
62,000
8,000
5,000
Stock at Barcelona
15,000
6,000
3,000
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
American cotton afloat for Europe
8.53c.
1936
12.24c.
1928
1935
1934
10.90c.
1927
12.80c.
1926
1933
193 J
10.15c.
1925
7.35c.
6.35c.
10.55c.
1924
1923
1931
163,000
165,000
753,000
93,000
499,000
151,000
636,000
2,221,712 1,854,270 1,797,640 2,758,927
1,245,539 1,677,862 1,610,222 1,446,194
35,347
ii,393
38,611
22,443
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports today
5,669,598 5,929,525 5,205,473 7,209,564
Total visible supply
above, totals of American and other
descriptions are as follows:
j\.7Yl€T/iC(L7lm*~m
Liverpool stock
188,000
Manchester stock..
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
33,000
79,000
74,000
34,000
280,000
39,000
298,000
112,000
85,000
202,000
14,000
88,000
50,000
53,000
220,000
2,221,712 1,854,270 1,797,640 2,758,927
1,245,539 1,677,862 1,610,222 1,446,194
35,347
11,393
38,611
22,443
U. S. port stock.
U. S. interior stock
U. S. exports
261,000
97,000
194,000
32,000
64,000
85,000
10,000
330,000
-bales.
...
today
East Indian, Brazil, <fcc.—
287,000
60,000
33,000
36,000
23,000
43 ,000
49,000
53,000
44,000
67,000
47,000
30,000
62,000
23,000
56,000
49,000
40,000
56,000
30,000
51,000
80,000
152,000
177,000
138,000
163,000
98,000
609,000
151,000
636,000
93,000
499,000
Manchester stock
Bremen stock
Havre stock
647,000
468,000
......
Other Continental stock
....
Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Indian afloat for
-
For
closed
the
convenience of
the
which show at
Total visible
8.87d.
10.45d.
9.92d.
4.33d.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
5.45d.
5.64d.
7.58d.
5 65d.
6.28d.
4.43d.
8.96d.
5.27d.
bales
464,125
of
1935,
over
and
a
decrease of.
1,539,966 bales from 1934.
At
the
same
on
movement—that
the
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Movement to Sept. 24,
ments
Receipts
Towns
Week
918
Ala., Birming'm
Eufaula
1,110
Montgomery.
5,656
Selma.
8,856
.
9,382
Ark., Blythville
Forest City..
2,999
Helena
7,986
Hope
6,710
Jonesboro
1,291
Little Rock..
8,707
4,159
8,385
Newport
Pine Bluff.
Walnut Ridge
Ga., Albany___
Athens
Atlanta
Augusta
3,802
2,257;
4,460
2,106
14,957
Columbus
Macon
1,500
4,746
.
Season
Stocks
24
1,898
4,069
234
15,859
25,236
16,767
594
4,462
15,895
11,007
1,608
15,417
6,369
16,016
5,252
6.230
13,693
13,692
56,526
6.200
14,054
Ship¬
2,596
13,870
7,622
36,548
34,672
48,354
6,801
19,154
11,982
135
8,920
2,186
42,038
11,167
446
935
988
"371
307,
1,282, 22,243
706, 13,993
Receipts
Week
Season
Saturday
Monday
Tuesday
WednesdayThursday
Friday
—
__
Sept.
Week
396
Steady
Barely steady..
Barely steady.
Steady
Barely steady.
Barely steady-.
9.072
Aug. 1-1936Since
Aug. 1
601
"543
28,837
22,798
4,995
6,710
26,073
16,860
1,172
2,553
29,472
29,397
13,543
72,764
20,392
105,527
920
233
6,955
4,661
1,600
32,656
1,291
4,275
367
9,669
2,383
58,313
Via Louisville
4,140
Via Virginia points
Via other routes, &c
Total gross overland
Shipments—
Overland to N. Y., Boston, &c
Inland, &c., from
5,344
2,800
168
South
Total to be deducted
8,108
38,917
11,327
64,971
Leaving total net overland *
5,435
33,847
9,065
40,556
*
Including movement by rail to Canada.
1937
-1936Since
Since
Sight and Spinners'
In
411,538
1,875,440
5,435
Sept. 24-130,000
33,847
1,005,000
,546,973
.194,625
2,914,287
395,566
Receipts at ports to Sept. 24
■
ldl
Net overland to Sept. 24
Aug. 1
Week
Aug. 1
Week
1,433,170
40,556
1,020,000
314,287
9,065
135.000
2,493,726
458,352
178,587
471,445
I
over
Total in sight
North, spinn's'
*
*150,471
*305,739
consumption to Sept. 1
636,939
2,814",700
3,004,114
Sept. 24
137,973
takings to Septtk24 21,936
178,150
22,743
Decrease.
Movement into
sight in previous
Bales
608,787
404,884
653,051
1935—Sept. 27
1934—Sept. 28
1933—Sept. 29
years:
Since Aug.
Bales
1-
2,382,320
1,969,494
2,811,410
1935
1934
1933
Quotations for Middling Cotton at Other Markets—•
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Closing Quotations for Middling Cotton onWeek Ended
Saturday Monday
Sept. 24
Tuesday
Wed'day Thursday
8.05
8.68
8.54
8.31
8.64
8.49
8.87
8.85
8.70
8.46
8.90
8.90
8.90
8.75
8.50
8.65
8.60
8.60
8.45
8.30
8.44
8.70
8.68
8.66
9.00
8.88
Norfolk
9.00
Montgomery..
Augusta
Memphis
8.75
...
New Orleans..
Friday
8.28
8.47
8.70
11,302
20,351
8.31
8.99
8.88
8.86
8.85
8.69
8.46
8.55
8.58
8.45
8.30
8.48
8.40
8.45
8.40
Houston
8.45
8.05
8.07
71,799
Little Rock
8.50
8.38
8.35
8.35
8.30
8.20
13,545
Dallas
8.19
8.08
8.06
8.05
7.89
7.95
7.66
40.017
Fort Worth
8.19
8.08
8.06
8.05
7.89
7.66
379
17,06b
2,853
1,924
2,876
466
17,559
40,208
2,757
7,531
19,567
3,394
1,067
3,168
15,233
19,930
6,534
700
"200
Week
10,115
10,245
2,576
2,875
-
470
16,873
19,244
11,473
535
19,412
10,646
1,444
69,926
65,281
3,275
5,222 123,956
350 33,400
13,100
1,794
2,635
"450
Aug. 1
Via Rock Island
6,914
6,083
225
"450
3,952
Via St. Louis
90,208
15,387
250
t
Week
5,888
6,046
1,120
2,244
250
Since
^
Savannah
1,750: 20,160
80,679
4,299103,399
1,2001 33,700
1,740' 24,615
Total
Contr 'ct
Spot
_
76.646
712
9.60c.
...
_
Via Mounds, &c
2,583
862
..-11.90c.
-
-1937-
31,484
41,126
8,339
...
__
SALES
Steady, 1 pt. adv—
Quiet, 11 pts. dec-_.
Quiet, 2pts. dec
Steady, 4 pts. dec__
Quiet, 15 pts. dec—
Quiet, 21 pts. dec—
Mobile
5,623
9.40c.
—
1970
1906
we also add columns
Market for spot and futures
Closed
8.47
1,669
-_.
reader,
Sept. 24—
Shipped—
61,329
4,672
.._13.70c.
-13.75c.
-_
Overland Movement for the Week and Since
923
4,412
18,954
10.85c.
_
700
1,979
1,269
4,543
1908
«...
...11.75c.
-
Market
8.58
8.85
8.79
3,637
2,645
...
8.872
25
14,413
610
1909
Tc al week.
Galveston.
5,789
17,611
3,511
-.26.30c.
-.15.95c.
--11.55c.
Since Aug. 1
33,733
11,007
3,457
6,139
1910
Futures
Stock
ments
Sept.
Week
-.32.75c.
...13.60c.
-
1911
of the week:
Movement to Sept. 25, 1936
1937
Ship¬
—
1912
Closed
Week—
Towns
Interior
—
1915
1913
--28.50c.
-.31.75c.
.741,598
Continental imports for past week have been 76,000 bales.
The above figures for 1937 show a increase over last
week of 501,311 bales, a loss of 259,927 from 1936, an
increase
---
1914
glance how the
days.
5,669,598 5,929,525 5,205,473 7,209,564
5.08d.
6.73d.
6.40d.
6.91d.
8.53c.
12.27c.
10.75c.
12.55c.
supply
1916
a
Southern consumption to
Middling uplands, Liverpool
Middling uplands. New York
1917
---
--20.15c.
Spot Market
165,000
753.000
1,458,000 1,692,000 1,237,000 1,985,000
4,211,598 4,237,525 3,968,473 5,224,564
Total East India, &c
1918
-
.each day during the
indicated in the following statement.
Takings
Total American......
—
1919
The total sales of cotton on the spot
week at New York are
Between interior towns
_
404,000
Liverpool stock
1922
—
1920
Market and Sales at New York
Deduct
4,211,598 4,237,525 3,968,473 5,224,564
Total American
1921
18.45c.
18.05c.
20.85c.
15.15c.
23.65c.
23.75c.
29.75c.
21.40c.
1929
632,000
138,000
177,000
Egypt, Brazil,&c.,afl't for Europe 152,000
Stock in Alexandria, Egypt.98,000
Stock in Bombay, India..
609,000
142,000
24,000
54,000
40,000
$,000
9,000
760,000 1,619,000
49,000
80,000
220,000
202,000
935,000 1,095,000
43,000
47,000
330,000
280,000
Total European stocks
India cotton afloat for Europe
354,000
332,000
351,000
251,000
Total Continental stocks......
Of the
1934
908,000
79,000
684,000
97,000
121,000
9,000
Total Great Britain..._
Stock at Bremen...
1935
384,000
1936
662,000
1937
592,000
Sep*. 24—
Yor|c Quotations for 32 Years
1937
1930
only.
Sept. 25. 1937
Chronicle
Market—The closing quotations
New Orleans Contract
for
leading contracts in the New Orleans cotton market for
week have been as follows:
the past
33,825
450
596
300
14,903
475
808
300
19,967
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
La., Shreveport
12,911
40,165
31,251
9,674
38,454
Sept. 18
Sept. 20
Sept. 21
Sept. 22
Sept. 23
Sept. 24
17,733
45,210
41,601
12,956
39,595
49,263
6,326
Mlss.Clarksdale
4,761
4,100
1,474
5,352
1,526
3,708
2,000
43,035
Rome.
3,400
7,014
21,148
6,275
63,102
Jackson
Natchez
569
Columbus
Greenwood
_
j
19,560
1,321
65
16,033
8,771
58,418
20,144
85,759
17,589
7,842
29,935
Vicksburg
3,300
Yazoo City_.
6,106
5,574
21,185
871
2,546
9.201
2,576
1,856
6,282
21,362
1,630
31
397
23
1,597
Mo., St. Louis
N.C.,Gr'nsboro
65
16,569
28,481
2,812
205
2,724
8,269
1,052
67,806
26,594
2,670
8,326
5,939
512
25,207
5,344
26,193
25,553
5,344
129
2,077
383
1,358
1,873
982
7,956
4,082
Oklahoma—
15
Tenn., Memphis
Texas, Abilene.
16,220
3,447
68,316
4,792
1,433
6,160
80,064
13,426
32,174
14,365
2,804
53,561
4,390
34,284
25,735289,966
94,896
139,285
8,953
3,237
8,854
1.333
8,739
8,682
10,726
34,228
24,324
1.334
8,292
6,411
615
Brenham
Dallas
Paris
2,772
1,337
2,954
11,970
11,554
3,795
835
268,995
24,982
3,773
274
1,674
6,261
8,271
27,073
26,419
10,093
11,215
92,403
44,956
3,708
45,673 434,025
9,092
7,989
1.330
1,267
274
2,308
5,672
14,093
177
San Antonio
15,450
208
12,017
752
394
6,185
590
826
396
749
893
6,393
1,882
8,461
13,495
3,235
7,732
4,062
10,716
760
5,686
45,512
28,478
5,411
11,140
13,203
.
__
10,970
Total. 56 towns 304,627
4,384
810,322110,0021245539 334,2431,080,315155,6561677862
Includes the combined totals of 15 towns In Oklahoma.
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 18 to Sept. 24—
Sat. Mon. Tues.
Wed. Thur*.
Fri.
Middling upland
9.06
8.95
8.93
8.89
8.72
——
8.696-8.70a 8.666-8.67a
8.51- 8.52 8.296-8.30a
December-
8.84- 8.85
8.70- 8.71
8.70
8.54
8.31
January'38
8.89
8.74
8.73
8.71
8.57
8.34
8.96
8.85- 8.86
8.84
8.80
8.65
8.42
9.06
8.96
8.94
8.90
8.74
9.12
9.03
9.03
9.00
8.84
February
March
—
8.67- 8.68
.
April..
8.50
June
July
August
_
;
8.61
-
Tone—
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Barely st'y
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
10,072
4,700
3,453
Robstown
*
35,176
1,561
Austln
Waco
8.83- 8.84
May
towns *
S. C..Greenville
Texarkana
Sept(1937)
October
November
8.74
8.53
Activity in the Cotton Spinning Industry for August,
Census announced on Sept. 21
1937—The Bureau of the
according to preliminary figures, 26,923,712 cotton
spinning spindles were in place in the United States on
Aug. 31, 1937, of which 24,353,102 were operated at some
time during the month, compared with 24,394,300 for July,
24,558,398 for June, 24,656,284 for May, 24,727,106 for
April, 24,640,046 for March and 23,413,928 for August 1936.
The aggregate number of active spindle hours reported for
that,
j
Volume
the
Financial
145
2099
Chronicle
Rain
month
was 8,184,561,738.
Since the inauguration of
inquiry in 1921, the average hours of operation for the
day shift for all of the mills was used in computing the
monthly percentage of activity.
The hours of employment
and of productive machinery are not uniform throughout the
industry.
However, in order that the statistics may be
comparable with those for earlier months and years, the same
method of computing the percentage of activity has been
used.
Computed on this basis, the cotton spindles in the
United States were operated during August, 1937, at 130.5%
capacity on a single-shift basis.
This percentage compares
with 121.9 for July, 136.6 for June, 137.6 for May, 146.4
for April, 146.6 for March, and 116.0 for August 1936.
The
average number of active spindle hours per spindle in place
for the month was 304.
The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average hours per spindle in place, by
States, are shown in the following statement:
this
Oklahoma—Oklahoma City.-Arkansas—Eldorado
Rainfall
Days
2
Inches
Active
.
Shreveport
Alabama—Mobile
73
79
80
58
74
76
87
88
65
75
54
60
73
0.71
60
86
2.92
71
76
78
4
2
Pensacola
2
0.66
2.69
86
86
84
Tampa
2
0.10
92
70
81
6
1.17
86
64
86
*84
84
78
82
86
82
58
60
56
63
53
54
46
54
55
52
75
72
82
45
64
Georgia—Savannah
Atlanta
dry
Augusta
Macon.
South Carolina—Charleston..
Greenwood
dry
dry
2
0.34
Charlotte
Newbern
dry
dry
dry
Weldon
Spindle in Place
0.06
1
77
68
76
68
86
84
82
dry
dry
dry
Columbia
Spindle Hours
Total
59
68
Miami
Average per
ing August
75
74
77
77
60
dry
dry
Florida—-Jacksonville
.
100
90
92
1
Birmingham
Montgomery
Mean
79
76
90
dry
dry
dry
Mississippi—Meridian
Vicksburg
_
60
93
86
0.36
2
Raleigh....
Aug. 31
58
56
56
dry
dry
dry
Amite
New Orleans
for August
Active Dur¬
92
92
98-,
dry
-
Louisiana—Alexandria
State
In Place
54
0.74
1
Fort Smith
Pine Bluff
North Carolina—Asheville
Spinning Spindles
Low
62
98
dry
-
Little Rock
Thermometer-
High
96
0.20
72
70
75
69
68
62
68
71
67
24,353,102
8,184,561,738
70
18,831,686
17,775,110
New England States.
7.173,030
5,855,108
722,884
6,385,888,033
1,645,456,914
153,216,791
623,363,383
327
164,271,395
1,053,176,372
305
810,487,119
203
57,776,972
176,052,703
58,279,925
1,789,716,090
251,934,595
2,287,743,965
222,316,463
280
74
dry
88
48
68
dry
88
44
66
245
216,737,502
56
54
Chattanooga
229
84
91
304
Cotton-growing States
dry
dry
Nashville
26,923,712
Wilmington.
lennessee—Memphis.
United States
__
All other States.
918,996
Alabama
1,904,532
669,144
3,248,832
710,288
Connecticut
Georgia
1,784,314
620,710
3,999,988
Massachusetts
3,071,902
661,538
3,111,744
206,164
Maine
166,968
Mississippi
New Hampshire
678,282
556,528
466,180
6,036,956
New York
339
The
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
167
Sept. 24, 1937 Sept. 25,1936
Feet
324
New Orleans
Memphis
632,050
Texas
255,452
212,190
81,966,744
321
Virginia
666,784
624,504
All other States
747,660
664,062
220,849,904
169,888,606
227
Island
1,016,816
South Carolina
5,684,584
296
248
352
331
16—
report issued on Sept. 23, compiled from the
census
Above
zero
of gauge-
Above
Above
zero
of
of
zero
Feet
2.6
4.1
9.0
5.3
3.3
gauge-
gauge-
1.9
3.3
9.2
8.4
—1.8
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.
Receipts from the
402
Cotton Ginned from Crop of 1937 Prior to Sept.
The
.Above zero
of gaugeof gauge-
ShreveportVicksburg
125
Rennessee
Rhode
zero
Nashville
260
293,958
5,659,816
827,612
5,609,936
587,320
North Carolina.
Above
19367
Week
I
Ended-
linters) ginned from the crop of 1937 prior to Sept. 16, com¬
pared with 3,709,965 bales from the crop of 1936 and
2,315,831 bales from the crop of 1935.
Below is the report
Receivedfrom Plantations
Stocks at Interior Towns
Receipts at Ports
individual returns of the ginners, shows 4,266,617 running
bales of cotton (counting round as half bales and excluding
June
1937
25-.
1936
I
19,653 21,698
1935
2..
15,752
21,952
1937
OF
BALES
PRIOR
TO
OF
COTTON
SEPT.
16,
GINNED
1937,
AND
FROM
THE
GROWTH
COMPARATIVE
TO THE CORRESPODNING DATE IN 1936 AND
OF
STATISTICS
1936
964,3921,424,612 1,201,295
Nil
Nil
Nil
Nil
Nil
Nil
NIT
Nil
3,764
34,411
811.1821.167.4011.111.532
39.236
17,059
13,381
17.371
23..
28,601
16,973
28,419
20,715
37.205
30..
55,199 39,742, 46,866
68,215 38,915' 56,583
13..
94,093 52,891 61,492
20.. 149,210 76,336 96,074
27.. 221,570141.365159.138
State
1937
Arizona
.
Arkansas
689
Florida
Georgia.1
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
1.
South Carolina
;
...
Tennessee
Texas
;
All other States
1936
426,453
14,975
325,615
280,990
2,576
19,374
486,553
407,224
571,923
21,482
3,139
29,972
88,437
142,119
19,751
1,827,089
-
California....
.
United States.
*4,266,617
...
I
I
i
3.. 300.222201,842188.943
400.522
8,075
83,861
1,560
18,110
416,961
237,093
422,410
4,116
7,163
18,936
432,470
376,302
719,482
61,596
2,716
25
28,399
91,293
1,023,303
8,024
1,252
122,233
4,357
587,168
662
64
140,855
40,745
*3,709,965
*2,315,831
836,73914219,8311.178,879 330.292 280,892 248.136
918,1781,339,6821,274,081361,614391,307310,219
309,808271.456215,017
347,270 340,816 265,021 1,050,9141,49942751,414,604480,006 500,408 405,544
24..
411,538314,287336,897 1,245,5391,677,8621,610,222606,163492,874532.515
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
1937, 49,058
The revised total of cotton ginned this season prior to Sept. 1 is 1,874,674
.
Consumption, Stock, Imports, and Exports—United States
consumed during the month of August,
1937, amounted to
604,380 bales.
Cotton on hand in consuming estaolishments on Aug. 31
was
960,899 bales, and in public storages and at compresses 3,504,127
bales.
The number of active consuming cotton spindles for the month
was 24,353,102.
The total imports for the month of August, 1937. were
8,458 bales and the exports of domestic cotton, excluding inters, were
220,415 bales.
Cotton
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening denote that numerous advices indicate
that the crop is now being served in good condition and
of the results of the recent wet weather is that the
improvement in the staple.
an
Weather conditions in the cotton region are now about
good
as
they
ever
get.
i
Rainfall
Inches
5
Days
Texas—Galveston
2
Austin
Brenham
Brownsville
1
Corpus Christi
Dallas
0.52
dry
drydry
i
Week
_
Kerrville
Palestine
Paris
San Antonio
Taylor.
Weatherford.
....
;
90
60
64
75
70
92
Mean
66
80
66
70
83
81
0.20
90
74
82
98
88
102
64
0.08
dry
Lampasas
Luling
Nacogdoches
79
100
81
75
83
74
dry
1
Henrietta
69
dry
dry
dry
dry
dry
dry
dry
dry
dry
62
64
94
54
100
98
64
56
78
81
94
58
98
100
62
80
56
70
62
62
78
83
81
96
100
100
76
81
:
_
1936
Week
Season
Season
5,541,467
4,339",022
4,899,258
2,814.700
103,000
70,000
175,200
636",939
5,000
3,004,114
62,000
54,000
159,200
49,000
5,995,885
7,667,336
6,265,406
5,669,598
Visible supply Sept. 24
5,669,598
5,929,525
5,929,525
326,287
225,287
101,000
1,997,738
1,209,938
787,800
335,881
259,881
76,000
2.193,633
1,668,433
525,200
741,598
3,000
4,000
74,000
Total takings to Sept. 24 a...
Of which American
Of which other
*
from which statistics
amounts gone out of
5,168,287
-
Total supply
Deduct—
a
or
1937
Cotton Takings,
Week and Season
7,000
10,000
64,000
6,000
61,000
8,123,158
Embraces receipts in Europe from Brazil, Smyria, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern
mills, 1,005,000 bales in 1937 and 1,020,000 bales in 1936—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 992,738 bales in 1937 and 1,173,633 bales in 1936,
of which 204,938 bales and 648,433 bales American,
b Estimated.
India Cotton Movement from Ail Ports
1937
Sept. 23
Receipts—
1936
Since
Week
Bombay
Low
96
94
0.28
1
...
El Paso
-Thermometer
High
89
dry
Amarillo
Abilene
as
sources
obtainable; also the takings
sight for the like period:
are
The statistics in this report include 66,126 round bales for
fdr 1936, and 14,702 for 1935.
The statistics for 1937 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
is beginning to show
Nil
17..
Bombay receipts to Sept. 23Other India shim'ts to Sept. 23
Alexandria receipts to Sept. 22
Other supply to Sept. 22 *5...
crop
NU
Nil
10..
*
one
Nil
4,302
25,760
34,849
Sept.
1935
Includes 142,983 bales of the crop Of 1937 ginned prior to Aug. 1, which was
counted in the supply for the season of 1936-37, compared with 41,130 and 94,346
bales of the crops of 1936 and 1935.
:
• /'
that
NU
Nil
46,569
796,150|1,144,6501,097,283 79,061 30,140 47,243
788,4081,132,176 1.094,124 141,468 63,862 92.915
806.6491,140.7811,119,686239,811 149,970 184.700
Visible supply Sept. 17__
Visible supply Aug. 1
American in sight to Sept. 24.
bales.
1935
Aug
Running Bales (.Counting Round as Half
Bales and Excluding Linters)
350,836
14,464
1936
930,96911,384.1541,181,353
903.027 1,349,5021,161,421
873,772 1,301,7651,145,008
848,935 1,255,3641,133,563
828,147 1,206.4171,121.546
9,188
13,918
6..
Alabama
1937
8,706
9..
NUMBER
1935
July
16..
in full:
1936
1937
....
3,000
1935
Since
Week
Aug. 1
62,000
7.00C
For the Week
Aug. 1
103,00C
Since
Week
Aug. 1
10,000
78,000
Since Aug. 1
Exports
From—
Great
Conti¬
Jap'n&
Britain
nent
China
Great
Total
Conti¬
Japan &
Britain
nent
China
.
Total
Bombay—
1937.--*--
3,000
4,000
3,000
4,000
7,000
7,000 11,000
23,000 28,000
3,000
39,000
4,000
4,000
22,000
36,000
7~6OO
4,000
3,000
6,000
4,000
10.000
6,000
13,000
29,000
36,000
41,000
41.000
,46,000
1936
7"O6O
1935
2,000
7,000
4,000 11,000
7,000
7,000 21,000
9,000 23,000 34,000
16,000
33,000
40,000
80,000
63,000
82,000
1935.
2J)00
93,000
109,000
77,000
135,000
135,000
117,000
Other Indla-
1936
1935
54,000
70,000
82,000
Total all—
1937..—
93,000
189,000
109.000
205,000
199,000
77,000
Financial
2100
CHARLESTON—To Manchester—Sept. 8—Dolmere, 4,300
To Liverpool—Sept. 11—Huntress, 925*
To Bremen—Sept. 18—Llanfair, 4.700--*
——*——*«
To Hamburg—Sept. 18—Llanfair, 1,350
T A AT7VT A TT
Clem*
1Q
T
SAVANNAH—To Gdynia—Sept. 19—Lauras, "7QT
787
1935
1936
1937
Sept. 25, 1937
Bales
Alexandria Receipts and Shipments
Alexandria, Egypt,
Sept. 22
Chronicle
4,300
925
4,700
1,350
.0111.1,0
787
Receipts (cantars)
iThis week
l
| mince Aug. 1
—
Since
This
Week
Exports (Bales)—
To Liverpool
To Manchester,
&c
To Continent and India.
To America
8,523
12,474
54,805
_
Total exports
16,000
7,788
11,001
38,478
1,051
6",006
7,000
400
76,202
22,000
Week
1
Aug.
1
Aug.
8",666
5,604
9,611
47,450
589
58,318
13,000
Total
Since
This
Since
This
Week
1
Aug.
6",000
200,000
397,638
320,000
875,468
370,000
795,116
8,000
63,254
Market—Our report
Manchester
received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Sept. 3
Forward
Total stocks---.*.-Total imports
8% Lbs. Shirt¬
Twist
8% Lbs. Shirt¬
Middl'g
32s Cap
ings, Common
Middl'g
Upl'ds
Twist
to Finest
Upl'ds
Sept. 24
48,000
690,000
209,000
43,000
11,000
165,000
93,000
49,000
684,000
220,000
46,000
30,000
193,000
117,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Saturday
Spot
A
Monday
Tuesday
Wednesday
Thursday
A good
Moderate
A good
business
business
business
demand.
doing.
doing.
doing.
good
f
1
business
1
doing.
Cotton
ings, Common
to Finest
32s Cap
Sept. 17
48,000
698,000
220,000
49,000
8,000
132,000
53,000
28,000
15,000
142,000
53,000
Of which American
12:15
1936
—
Of which American
Amount afloat
Market,
Cotton
Sept. 10
48,000
702,000
235,000
-
Of which American
P.M.
1937
142,419
--—
Quiet.
5.32d.-
Mld.Upl'ds
5.29d.
5.27d.
5.27d.
Friday
A
good
5.08d.
6.19d.
Futures.
d.
s.
d.
d.
s.
d.
d.
d.
s.
d.
s.
e.
June
25..
13%@15
10
6
©10
9
6.95
10%@11 %
9
1%@
9
4%
7.18
10%@11%
@12%
11% @12%
9
6
@
9 10%
7.18
9
9
@10
July
2~
9
@10
9
6.87
9-
10
6
@10
9
6.98
13%@14 H
13% @14%
16-. 13% @14%
23.. 13%@14%
30-. 12%@14%
11
f Barely stdy
Market,
6
@10
9
6.85
6
@10
9
6.60
11
4%@10
7%
6.12
10% @12
10
5
10
12%@14
13-. 12%@13% 10
20- 12%@13 H 10
27- 11%@13% 10
Sept.
10
3.. 11%@13
10
10- 11% @13
10
17- 11%@13
10
24.. 11% @13
4% @10
7%
6.20
10%@12
10
4% @10
3
@10
6
5.93
3
@10
6
5.78
10% @11% 10
10%@11% 10
10%@11% 10
4%@10
1%@10
1%@10
1%@10
4%@10
0
10
0
9 10%@10
9 10%@10
@10
0
7.58
2
2
7%
10
10
10
@12%
Steady,
Steady, un¬
Steady,
[ Very stdy., Quiet, un¬ Steady,
Market
1 3 to 5 pts. changed to 1 to 2 pts. changed to 1 to 2 pts. 5 to 7 pts.
1 pt. dec.
advance.
2 pts. adv.
decline.
decline.
decline.
opened (
1
4
3
to
Quiet but
7.47
7 33
advance.
Steday,
to 1
pts. stdy., 2
7.10
1
P. M.
3 pts. dec.
Prices of futures at
to
Quiet,
un¬ Barely stdy
Steady,
pts. changed to 6 to 8 pts. 5 to 11 pts.
2 pts. dec.
decline.
decline.
2
decline.
Liverpool for each day
are
given below:
Aug.
6_.
1%@10
4%
5.63
1%@10
1%@10
1%@10
4%
4%
4%
5.56
5.46
5.33
10%@11% 10
10
10%@12
10%@11% 10
0
3
5.08
10%@11%
7.02
7%
7%
4%
6.92
Sept. 24
Mon.
Tues.
to
6.74
Sat.
Sept. 18
Wed.
Frl.
Thura.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
6
6.70
6.70
October (1937)
6.99
December
@10
4%
7%
3
6.98
January (1938)--
5.18
5.17
5.15
5.16
5.13
5.11
5.07
5.05
4.97
@10
3
6.73
March
5.23
5.23
5.21
5.22
5.19
5.19
5.17
5.13
5.11
5.03
5:00
May
5.28
5.28
5.26
5.27
5.25
5.25
5.23
5.19
5.17
5.09
5.06
July
5.33
5.33
5.31
5.32
6.29
5.29
5.28
5.24
5.21
5.13
5.11
October
5.39
mm
5.35
December
5.41
January (1939)-.
5.43
March
6.45
May
5.47
d.
New Contract
@10
Shipping News—Shipments in detail:
Bales
GALVESTON—To Antwerp—Sept. 16—Hein Hoher, 100—Sept.
17—Gaud, 30
To Bremen—Sept. 16—Hein Hoher, 6,908
To Hamburg—Sept. 16—Hein Hoher, 960
To Japan—Sept. 16—Wales Maru, 3,565
Sept. 21—Fernmoor, 3,960
.
To Liverpool—Sept.
130
5,908
960
d.
5.10
--
5.15
To Ghent—Sept.
To Havre—Sept.
-
--
17—Gand, 450
17—Gand, 4,894
To Dunkirk—Sept. 17—Gand, 664
To Genoa—Sept. 18—Monrosa, 2,993
;
To Porto Colombia—Sept. 16—Margaret Lykes, 406
HOUSTON—To Copenhagen—Sept. 16—Gorm, 800
To Gdynia—Sept. 16—Gorm, 350
To Genoa—Sept. 17—Monrosa, 3,172
To Cartagena—Sept. 14—Margaret Lykes, 95
To Liverpool—Sept. 19—Saugor, 5,605
To Japan—Sept. 21—Fern wood, 403
To Havre—Sept.
18—Hein
Hoher,
2,604
Sept. 23—San
Pedro, 4,972
Sept. 22—West Moreland, 6,371
To Bremen—Sept. 18—Hein Hoher, 2,283
To Rotterdam—Sept.
18—Youngs town,
858—Sept.
22—
Binnendijk, 261--»*
To Enchede—Sept. 18—Youngs town, 326
To Lisbon—Sept. 18—Youngstown, 100
To Oporto—Sept. 18—Youngstown, 237-To Ghent—Sept. 22—Binnendijk, 600
Sept. 23—San Pedro,
446
Sept. 22—West Moreland, 651
To Tallin—Sept. 22—Binnendijk, 103
To Antwerp—Sept.
23—San
Pedro,
23-**Sept.
22—West
Moreland, 23
To Dunkirk—Sept. 23—San Pedro, 1,446
To Bordeaux—Sept. 22—West Moreland, 380
NEW ORLEANS—To Bremen—Sept. 16—Nemaha, 650; Idarwald,
1,462.
To Rotterdam—Sept. 16—Leerdam, 300
Sept. 21—Beemsterdijk, 400
To Liverpool—Sept.
17—Sauger,
2,090
Sept.
20—Daytonian, 6,003
To Hamburg—Sept. 16—Idarwald, 322
To Manchester—Sept. 20—Daytonian, 2,652
To Venice—Sept. 20—Lixenza,
689
Sept. 23—Meanticut,
_-
_
m
—
5.37
^
m
mm
-
—
5.40
mm
6.42
mm
-
mm
mm
5.37
5.39
mm
d.
d.
5.04
5.08
5.13
5.34
—
—
mm
5.37
mm
mm
5.38
6.27
__
mm
mm
mm
5.29
5.31
5.41
5.40
5.33
5.43
5.45
4.88
4.96
5.01
mm
d.
d.
d.
4.99
5.03
5.10
^
5.39
d.
d.
5.05
5.07
5.12
m,m»
mm
d.
5.07
mm,
5.42
~~
-
—
1.
«.
-
4.91
4.95
5.17
-.
•
4.86
-
mm
mm
mm
mm
5.35
5.19
5.21
5.23
5.26
7.525
16—Magician, 4,530—Sept. 21—Sangor,
11.118
To Manchester—Sept. 16—Magician, 2,239
d.
5.09
mm
BREADSTUFFS
15,648
2,239
Friday Night, September 24, 1937
Flour—Recently flour prices have been ruling firm as
450
4,894
664
.
2,993
406
800
-
3,
95
5,605
403
result of the
strong showing in
wheat.
Advertised
a
brands
of
family flour rose 10c. per barrel, the advance to become
effective this Saturday morning.
Bakery patents in general
were boosted about 5c.
Semolina holds at the 15c. reduc¬
tion made Wednesday.
However, it is
generally reported
that
the volume cf demand here has fallen
to
a
low level.
.
-
-
-
768
To Trieste—Sept. 20—Lixenza,
To
326
100
237
1,697
103
46
1,446
380
2,112
700
8,093
322
2,652
65
Only odd lots
600
100
100
*___—-
Wheat—On the 18th inst. prices closed % to %c. down.
contrast to corn, wheat prices moved within narrow
ranges, opening with gains of % to %c. at Chicago and
closing with substantial net losses.
Winnipeg wheat fin¬
ished % to lc. down; Minneapolis
unchanged to %c. lower,
and Kansas
firm
after
stronger.
PENSACOLA, &c.—To Manchester—Sept. 20—Azalia City, 858—
858
to'
--
-
To
Liverpool—Sept.22—Antinous,2,160
NORFOLK—To Havre—Sept. 22—Schodack, 45
fc. To Hamburg—Sept. 24—City of Hamburg, 856
To Manchester—Sept. 23—Manchester Division, 163LOS ANGELES—To Liverpool—Sept. 18—Pacific Enterprize, 500
To Manchester—Sept. 18—Pacific Enterprize, 50
To Glasgow—Sept. 18—Pacific Enterprize, 150
To India—Sept. 21—Pacific Enterprize, 256
To Havre—Sept. 23—Wisconsin,975
To Dunkirk—Sept. 23—Wisconsin, 100
2,160
-
cf
45
ber
corn
were
-
50
150
256
975
100
3
To
1,503
1,215
To
117
Havre—Sept. 17—Cardonia, 1,115; San Pedro, 100
Dunkirk—Sept. 17—San Pedro, 117
To Rotterdam—Sept. 17—Cardonia,2,200
CORPUS CHRISTI—To Japan—Sept. 17—Feenwood, 1,040
To Antwerp—Sept. 21—Hein Hoher, 400
To Bremen—Sept. 21—Hein Hoher. 3,925
To Abo—Sept. 21—Hein Hoher, 50
To Ghent—Sept. 18—San Pedro, 300
To Hamburg—Sept. 18—San Pedro, 450
To Dunkirk—Sept. 18—San Pedro, 257
To Genoa—Sept. 18West Quechee, 3.246
To Liverpool—Sept. 23—West Chatala, 7,854
To Manchester—Sept. 23—Wast Chatala. 2,597
MOBILE—To Antwerp—Sept. 15—Wacosta, 216
vkTo Bremen—Sept. 13—Idawald, 830
Sept. 15—Wacosta.
W 2.435To Hamburg—Sept. 15—Wacosta, 148
To Rotterdam—Sept. 15—Wacosta, 160
To Trieste—Sept. 16—Alberta, 750
.To Venice—Sept. 16—Alberta, 674
2,200
1,040
400
3,925
50
300
450
257
3.246
7.854
2,597
216
3.265
148
160
750
674
were
Kingdom and 15,000 tons
This
and because of rains in
drought
areas
of Argentina.
Further, Liverpool wheat nuotations, due 1% to l%c. down,
closed 2 to 2%c. off.
Later however, buying both of wheat
and
500
-
to United
r^oorted.
would figure out to
1,100,000 bushels to 1,200,000 bushels.
On the 20th inst. prices closed 1 to
2%c. up.
This grain
averaged lower at first, in sympathy with action of Septem¬
163
To Japan—Tatsuta, 3
LAKE CHARLES—To Belgium—Sept. 17—Cardonia, _-l ,503
Liverpool turned
opening, finishing the day 1% to l%c.
was % to %c. down.
The outstand¬
in the day's foreign developments were the
soft
20,000 tons of wheat
856
—
-
City unchanged to %c. easier.
a
Buenos Aires
ing features
Argentine official estimate of wheat acreage and advices
of a big overnight business in Russian wheat.
The Argen¬
tine wheat area
was
officially put at 17,586,000 acres
against 17,500,000 acres last year and 14,200,000 acres two
years ago.
The figure which closely parallels 1936 is about
2% less than the five-year average. Russian export sales
397
--
this business is
about
—
—
even
In
to the Continent
1,535
-
being worked, and
poor.
425
-
Gothenburg—Sept.21—Tortugas, 100-----
are
690
Sydney—Sept.20—Schwanheim, 690
Melbourne—Sept. 20—Schwanheim, 425
To Abo—Sept. 21—Tortugas, 100
To Havana—Sept.9—Cefalu,397-
500
200
65
To Genoa—Sept. 23—Meanticut, 1,535
To Gdynia—Sept. 21—Tortugas, 600
To
1,119
1,457
450—Sept. 23—Meanticut, 50
To Susac—Sept. 20—Lixenza,200
To Valparaiso—Sept. 9—Metapan,
To
3,947
2,283
rye
on
developed, due to indications that export interests
the purchasing side of the market.
The rallying
tendency of
the
stock
market
also
played
its
part
as
an
iLfluence.
ber
The best gain in wheat was made by the Septem¬
delivery, which rose to $1.04% at the last against
$1.01%
the
day's
bottom.
On the 21st inst. prices closed
% to lc. net higher. Wheat
prices again acted contrary to crop news, closing firm after
a mildly bearish start.
At no time showing losses of more
than y2c., the Chicago closed considerably above the
previ¬
ous
closing quotations.
Winnipeg gained % to lc., Septem¬
the strong position; Minneapolis % to lc. higher,
ber being
arid
not
Kansas City
appear
up % to lc.
Strength in Liverpool did
to have any material effect market wise, appar¬
ently reflecting
United
our
Kingdom
suprising gains registered Monday. The
finished
1%
to
l%c. higher.
market
Buenos Aires weakened
% to l%c. on the rain news. There
appeared to be nothing bullish in the day's news.
Reports
from Argentina told of further rains that reached consid¬
erable
areas
in
moisture also.
the dry belt.
Thus
the
Australia received
former
crop
some
more
is out of immediate
Volume
Financial
145
danger, according to observers, and the latter is generally
a favorable
condition.
In addition, the export demand
in
scattered lots
worked.
On the 22d inst. prices closed unchanged to %c.. lower.
Wheat again moved within relatively narrow limits.
After
starting out firm, the grain continuing the move against
both crop news
and the Liverpool market, a moderate
amount of selling developed.
Losses up to about lx/4c. re¬
sulted, but by the closing these had narrowed to %c., with
December unchanged.
Similarly, Winnipeg was \ to lc.
lower at the close, after going at fractional gains at one
time.
Minneapolis was down x/4 to %c., and Kansas City
off % to V8c.
Liverpool opened % to lc. lower and closed
Ys to %c. off.
Buenos Aires failed to show^ny change.
for North American
wheat proved slow, only
States hard winters being
of Manitobas and United
rain
further
Some
there
reports
from the
came
ArgiStine, but
have not
belief that many of the dry--areas
still
is
Wheat export
line.
Canada worked about 250,000 bushels of Manitobas.
The
sale of United States hard winters was believed negligible.
On the 23d inst. prices closed lVs to 21/4c. net higher.
Today wheat took the limelight in grain trading, September
corn, the outstanding performer for some days past, being
relegated somewhat to the rear.
On an improved export
demand and wider general buying interest, the chief cereal
grain netted gains substantially above the previous close.
Chicago wheat was featured by September strength, some
short covering coming into this contract.
The open interest
is down to 2,463,000 bushels, a reduction of 461,000.
Winni¬
peg wheat was lVa to 2c. higher at the closing, after earlier
gains of 2x/i to 3%c.; Minneapolis % to l%c. higher, and
Kansas City V/2 to 2c. stronger.
Liverpool afforded little
encouragement to the upward side, opening unchanged to
Yac. lower, and closing only Y2 to %c. higher. Buenos Aires
received their share of the recent
sales continued light on
moisture.
both sides oL the international
2101
Chronicle
of Agriculture has asked for com¬
United States Department
reports on long and short accounts in the, option,
which has recently been subjected to spectacular tips and
plete
downs
The
natural corner.
the result of an apparently
as
stood
at 10,642,000 bushels, a' reduction of only 121,000 bushels
with just a week of trading remaining for the contract;
Short covering today drove September corn as much at 3%c.
net higher.
Notices of only 98,000 bushels were posted, a
small figure compared with the big open interest.
At no
time did September sell at a loss.
Primary receipts of
open
interest at
the close of trading Monday night
corn
show
increase,
some
rising
bushels from
452,000
to
week ago, and comparing with 459,000 last year.
On the 22d inst. prices closed % to 8c. net higher.
Specticular conditions continue to prevail in the corn market,
269,000
a
sweeping upward 8c. a bushel, the limit allowed
The day's peak quotation was $1.12%, which
was
reached just as the market closed.
Leading holders
of the limited amount of corn available here for delivery in
with prices
for
day.
one
adjust 10,000,000 bushels shortage of supplies
time to
needed
^
%e. higher, apparently on clear weather news,
finished % to
Argentine wheat crop still needs rain.
wheat
export sales were estimated at
the
since
American
North
about
1,000,000 bushels of Manitobas, mostly to United Kingdom,
and from 100,000 to 250,000 of United States hard winters.
Today prices closed 2 to l%c. down.
The sharp slump in
the corn market naturally affected wheat.
This latter grain
unchanged to %c. higher, and during most of the
session displayed considerable heaviness.
Open interest in
wheat was 125,270.000 bushels.
opened
OF WHEAT IN NEW YORK
DAILY CLOSING PRICES
Sat.
Sat.
September
Thurs.
Wed.
Tites.
120% 120%
103%
Mon.
Thurs.
Wed.
Tues.
Fri.
DArt,YOL63Itt6
Sat.
Mon.
Tues.
Wed.
125% 126% 127% 127
122% 123% 123% 123
Corn—On the 18th
Made
20, 1937
16, 1937
16, 1937
Thurs.
Fri.
129% 128%
124% 123%
Board
the
situation,
purchase.
brought the price down to $1.01% against the final price
of the night before of $1.12%.
This was viewed as a sign
that the much talked of natural "squeeze" has passed its
fairly orderly liquidation of the contract
likely. Reduction of
the open interest by 2,354,000 bushels to a total of 11,088,000
by the close of trading Friday, Sept. 17, was about in line
peak,
that
and
oh the Chicago Board of Trade is now
with
the estimates of
expressed
market observers.
The opinion was
today (Saturday) were reduced
Notice was given shortly before the
that contracts
about that much more.
close of the market of the delivery
against September contracts.
of 291,000 bushels of corn
This served to accentuate the
but does not materially change the market
price decline,
situation, brokers said.
On the 23d inst. prices
September corn was announced
total
of 8,839,000, with three more day still remaining in which
to adjust
September corn accounts without resorting to
physical deliveries that have been made difficult by unusual
dearth of adequate supplies of corn at Chicago.
This reduc¬
tion of uncompleted contracts was the largest since last
I'rid ay, and indicated 2,103,000 bushels of September corn
interest
yet outstanding in
today as having been curtailed 1,386.000 bushels to a
settled for in the first three days of the present
been
The immediate market tension was somewhat allayed
week.
700,000 bushels
that
estimates
by
whether
some
inst. prices closed
of
the larger traders, who
have been short
their contract obligations to deliver
huge quantities of corn this month, had succeeded in extri¬
cating
themselves from their difficult position.
Only
126,000 bushels reduction of the amount of uncompleted
September contracts was officially shown today to have
been accomplished during this session, whereas a much big¬
ger decrease was expected to be revealed.
On the other
hand, arrivals of corn in Chicago today, Monday, were of
greatly increased volume, totaling 205 cars, the largest
amount in a long time,
with additional liberal receipts
supplies
to
% to %c. up for the remaining active deliv¬
Apparently feeling that the liquidation of the
delivery and
September corn contract in Chicago has been proceeding too
slowly,
the
Commodity
had been
corn
delivery
No notices were given today, however, that any
deliveries at all on September contracts would be more
purposes.
corn
Today prices closed % to
2%c. net lower.
September corn
prices underwent 6%c. a bushel maximum collapse today,
but most of the setback was overcome in sudden rallies at
Lack of buyers willing to tie up funds in big mar¬
exacted for the privilege of trading was a material
bearish factor.
So, too, were liberal receipts of corn, 258
More than 5c. a bushel
early today,
with quick rallies of about 3c. following.
The fall was
attributed largely to heavy sales of corn for shipment to
Chicago from industries elsewhere, and to curtailment of
the largest total in months.
cars,
of
tumble
September corn prices took place
Open interest in
demand.
Sat.
Exchange
Administration
of
the
Mon.
Tues.
Thurs.
Wed.
..
May
Season's
High and
Sept. (new)
116%
Dec. (new).,. 86%
May
74
Oats—On
Tues.
Wed.
Thurs.
Fri.
104% 102 V 104% 112% 112
110
62%
63%
64%
65%
65%
63%
63%
64%
64%
65%
65%
64%
September
December
Mon.
Fri.
CHICAGO
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat.
was
127% 127% 125%
121% 117% 120
_
corn
CORN IN NEW YORK
DAILY CLOSING PRICES OF
No. 2 yellow
Season's Low and
When Made
July
9,1937 Sept. (new)... 89%
July _8, 1937 Dec. (new)... 61%
63
July 29. 1937 May
the 18th inst.
When Made
July 30, 1937
Aug. 30, 1937
Aug. 30, 1937
prices closed unchanged to %c.
this grain was listless. On the 20th
inst. prices closed unchanged to %c. advance.
Trading was
light and without special feature.
On the 21st inst. prices
closed to
y2c. higher.
Trading was light and without
Trading in
higher.
special feature.
to
%c. higher.
On the 22d inst. prices closed unchanged
There was very little of interest in this
market.
the 23d
There
was
inst.
very
prices closed %c. down to %c. higher.
little
of interest in this market.
prices closed unchanged to %c. off.
very dull affair, with the attention
trated largely on corn and oats.
DAILY
CLOSING
PRICES
meet
expected here this week.
On the 21st inst. prices closed 2%c. up for the September
eries.
of old
booked to arrive from the country, presumably for
On
2%c. off to l%c. up.
In
brisk trading with unusually wide fluctuations, September
corn today fell 5%c., then ran up 6%c., but again tumbled,
closing at 2%c. net lower.
Uncertainty prevailed as to
On the 20th
margin a corn contract.
closed %c. off to %c. up. The open
the amount normally required to
immediate consumer
September delivery, which showed an extreme drop
the session of 8c., the limit for one day.
This
of the
the clearing
raised
Trade again
45,103,000 bushels.
September contract and V8 to %c. off in the other de¬
The feature, as usual, was the sensational action
during
of
margin, putting it at 12c. for the first 250,000 bushels
and V2C. more for each additional 250,000.
This compares
with the 8c. margin recently instituted, and is three times
house
prices closed IY2 points off in
inst.
liveries.
of
to
123% 124% 124% 123% 125% 124%
May
the
When
Aug.
Sept.
Sept.
Mrckm',g6W!baWriET^T'wil^NrPEG^
October
December
efforts
gins
May
'
wild
the last.
105
105% 107
Season's High and
When Made J
Season's Low and
September
129%
July 16, 1937(September
100%
December..., 131%
July
6, 1937 [December
102%
May
122%
July 29, 1937|May
104%
and both early and late indulged in
Taking cognizance of the tight
panic-stricken,
came
On the
account of their expectations of lower
on
tomorrow.
102% 104% 105% 105 j
-
December
sellers
being.
speculators who previously had been
prices, be¬
other hand, numerous
Fri.
120% 122% 120%
OF WHEAT FUTURES IN CHICAGO
PRICES
CLOSING
DAILY
Mon.
118
N9. 2 red.
tically their own way for at least the time
had
the chief buyer.
Antwerp is believed to have been
uncompleted September contracts had things prac¬
to fulfill
OF
Sat.
43%
No. 2 white
IN
Wed.
44%
43
YORK
NEW
Tues.
OATS
Mon.
Today
This market was a
of the trade concen¬
Thurs.
44%
43%
Fri.
43%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat.
September
December..
May....
.
Season's High and
September.... 47%
December
41%
May
33%
......
31%
30%
31%
Mon.
32
30%
31%
Tues.
32%
31%
31%
Wed.
Thurs.
32%
31
32
Season's Low and
When Made
Apr.
6.1937 September.... 27
28%
July
6, 1937 December
30%
July 29, 1937 May
31%
31%
32%
When
Fri.
31%
31
31%
Made
Aug.
4,1937
Aug. 23, 1937
Aug. 23, 1937
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.-
51%
48%
October
December
52%
49
53%
50
54%
50%
55%
50%
Rye—On the 18th inst. prices closed % to %c. off.
53%
49%
Hedge
the factors
operating against values in this grain.
On the 20th inst.
prices closed % to l%c. up.
There was considerable do-
selling
and
extreme
weakness
of
corn
were
Financial
2102
Chronicle
Sept.
mestic
buying of this grain, and this, with indications of
healthy demand from export houses, gave the rye market
its upward swing.
On the 21st inst. prices closed firm at
t
V2 to %c. net higher.
sympathy
On
22d
inst.
was
the
closed
prices
unchanged
lower.
% to %c. net higher. This
was largely in sympathy with the strength displayed in the
wheat market.
Today prices closed 1% to l%c. down. The
in
breaks
wheat
and
especially the latter,
naturally had a denressing effect on rye.
These influences,
-together with substantial hedge selling of rye, were the
corn,
contributing factors in the decline of this grain.
DAILY
CLOSING
OF
PRICES
RYE
Sat.
September
May
_
Season's Hioh and
September
103%
.December
96
.May...
84
Tues.
81%
79%
79%
RYE
Sat.
*
October
IN CHICAGO
Wed.
Thurs.
Fri.
82%
80%
80
82%
79%
79%
FUTURES
Mon.
89
.December
83%
80%
80%
82%
79%
78%
Tues.
89%
89%
88%
IN
WINNIPEG
Wed.
89%
89%
Thurs.
90%
89%
Fri.
91%
90%
90%
90%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
DAILY CLOSING PRICES
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
October
59%
December
60
01%
57%
_
Closing quotations
58%
58%
62%
58%
63%
60
62
59%
85@7.78
25
40
20
40
60
Coarse
15,054,000
1,041,000
10,443,000
43"666
43"OOO
18,000
87,000
21,500
252,000
1,000
105,000
12,000
6,000
West Indies
49,000
130,000
3,260
Brit. No. Am. Col.
Other countries-—
7^666
45"U6
Total 1937—
76,800
1,074,797
2,371,000
108.876
1,278,927
3,071,000
Total 1936
-
visible
The
Rye, No. 2 f.o.b. bond N. Y._ 98%
Barley, New York—
47% lbs. malting
72%
Chicago, cash
48-5
57
-
~
of the last three years:
203,000
Duluth
785,000
Barley
GRAIN
lb'ooo
189,000
1,295,000
704,000
304,000
42,,000
25,,000
29,000
666,000
10,000
13,000
2,000
115,000
188 ,000
8,000
146.000
62 ,000
8,000
35,000
19,000
358,000
124 ,000
35,000
66,000
1,079,000
377,000
60,000
104 ,000
54,000
158 ,000
91,000
209,000
12,000
33 ,000
Wichita
~5~66o
ioi, ooo!
22,000
334,000
1,770,000
2,149.000
2,146,000
3,375.000
1,227,000
5,618,000
13,000
',.3,334,000
City—.
Buffalo
Total wk.1937
370,000
wk.1936
wk.1935
396,000
4,479,000
390,000
15,032,000
11,385,000
24,000
1,847,000
260,000
22,000
53,000
163,000
37,000
85,000
466,000
48,000
1,000
New York *
Philadelphia
a
...
132,000
New Orleans
Galveston
2,011,000
9,523,000
...
Fort Worth
—.
Wichita
---
Hutchinson
6,069,000
24,000
82,666
62,666
14,000
578.000
169,000
30,000
9,246,000
36,000
1,776,000
60,000
130,000
3,000
261,000
30,000
133,000
...
--.
1,106.000
Peoria
On
i
11,000
145,000
747,000
85,000
10,000
------
16,024,000
.--
128,000
816,000
11,980.000
1,423,000
4,652,000
3,471,000
2,108,000
2,475,000
------
-
-
—
-
'
39.000
60,000
10,189,000
197,000
2,000
5,000
4,000
150,000
6,843,000
...
d
"
574,000
825,000
89,000
175,000
389,000
127,000
62,000
70,000
231,000
183,000
afloat
------
82,000
Canal
Total Sept. 18,
1937—131,010,000
Total Sept. 11, 1937—130,005,000
*
655,000
739,000
693,000
Detroit
Buffalo
On
------
4,747,000
-
10,594.000
...
1,000
-
5,000
2,678,000
—
------
1,086,000
552,000
Lakes
4,000
15,000
147,000
7,244,000
St. Louis
Indianapolis
Chicago c
18,000
_
33,488,000
...
City
------
4,000
122,000
5,000
6,362,000
—
Omaha..
————
------
------
45,000
2,288,000
...
St.Joseph
Kansas City
------
1,000
v
3,644,000 25,732,000
5,564.000
9,738.000
3,719,000 23,585,000
5,399,000
9,283,000
bond,
a Philadelphia also
New York also has 17,000 bush. Argentine corn In
b Baltimore also has 119,000 bush.
151,000 bush. Argentine corn in bond,
Argentine corn In bond,
c Chicago also has 163,000 bash, Argentine corn in bond,
has 157,000 bush. Argentine corn in bond.
d Buffalo also
Note—Bonded grain not included above: Oats—On Lakes, 162,000 bushels; total,
162,000 bushels, against 7.000 in 1936.
Barley—Duluth, 176,000 bushels; Buffalo,
20,000; on Lakes, 758,000; total, 954,000 bushels, against 1,020,000 in 1936.
Wheat
—New York, 793,000 bushels; Albany, 436,000; Buffalo, 355,000; Duluth, 71,000;
Chicago, 211,000; on Lakes, 2,820,000; on Canal, 219,000; total, 4,605,000 bushels,
against 21,267,000 bushels in 1936.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
7,187,000
512,000
156.000
1,101,000
18,768,000
671,000
696.000
4,977,000
396,000
5,062,000
board
Ft. William & Pt. Arthur
Other Canadian & other
36,892,000
3,015,000
18, 1937— 62,847,000
Total Sept. 11, 1937— 52,395,000
4,198,000
3,374,000
Total Sept.
—
1,248.000 11,140,000
1,126,000
8,877,000
Summary—
9,738,000
5,664.000
62,847,000
3,644,000 25,732,000
4,198,000
Total Sept. 18,
1937—193,857,000
11, 1937—182,400,000
3,644,000 29,930,000
Total Sept.
3,719,000 26,959,000
6,812,000 20,878.000
6,525,000 18,160,000
1,248,000 11,140,000
1,006,000
426,000
18,000
City..
Barley
Bushels
Canadian
728,,000
42,000
Omaha
St. Joseph-..
Rye
Bushels
307,000
131,010,000
91,000
Louis
Peoria
Oats
Bushels
2,000
Boston
American
16,000
Indianapolis..
STOCKS
Corn
Bushels
371,000
811,,000
53,000
Toledo
comprising the stocks in
Wheat
198,000
184,000
Milwaukee.
1,000
Bushels
United States—
bush 56 lbs bush 48 lbs
744, 000
46,000
16,000
Rye
bush 32 lbs
853,000
2,392,000
2,407,000
Minneapolis..
of grain,
supply
elevator stocks
Oats
Corn
bbls 196 lbs bush 60 lbs! bush 56 lbs
Chicago
271666
25,641,000
35,253,000
at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 18, were as follows:
has
43%
regarding the movement of grain
•—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Same
1,311,000
4 00
Oats, New YorkNo. 2 white
125%
Wheat
Bushels
550,879
80,802
146,000
31,540
Kingdom-
Continent
Fancy pearl, Nos.2,4&7 5.60® 6.10
All the statements below
Flour
1937
Bushels
13,500
United
Barley goods—
GRAIN
Receipts at—
18
Sept.
„
Wheat, New York—
No. 2 red, c.i.f.. domestic
120%
Manitoba No. 1, f.o.b. N.Y..144
Corn, New York—
No. 2 yelfow. all rail
July 1
1937
Bushels
Bushels
Duluth
Rye flour patents
5.10@ 5.25
Seminola, bbl.,Nos.l-3. 6.80®
Oats, good
2.50
Corn flour
3.30
20®6 55
90®6
15@5
85®6
05® 6
5.40 @5
Hard winter clears
Same
Barrels
Minneapolis
FLOUR
Sioux
Barrels
Since
Sept. 18
1937
Milwaukee
follows:
were as
Spring oats, high protein _6
Spring patents
6
Clears, first spring
6
Soft winter straights
5
Bard winter straights5
Bard winter patents
6
Kansas
1937
Sioux
September
St.
July 1
1937
July 1
1937
Sept. 18
July 1 to—
Week
granary
When
Made
1
Season's Low ana When Maae
Dec. 29. 19361 September-—- 73H
June 14. 1936
May
6, 1937(December
73%
Aug. 23, 1937
Aug. 10, 1937(May
73%
Aug. 23, 1937
DAILY CLOSING PRICES OF
*
Mon.
80%
78%
78%
December
FUTURES
Since
Since
So. & Gent. Amer.
%c.
to
On the 23d inst. prices closed
heavy
Corn
Week
Week
and Since
corn.
light and without special feature.
Trading
Wheat
Flour
Exports for Week
This firmness in rye was largely in
with the strength displayed by wheat and
1937
25
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Sept. 17, and since July
are shown in the
following:
6,000
12.000
634,000,
378.000
1,824,000
3,831,000
2,597.000
3,664.000
607,000
848,000
1, 1937 and July 1, 1936,
Corn
Wheat
Week
Since
Sept. 17,
July 1,
1937
1937
Exports
Bushels
Bushels
Week
July
Sept. 17,
1,
Since
Since
July 1,
1937
Since
1936
1937
Bushels
Busfuls
July
1,
1936
Bushels
Bushels
60.000
North Amer.
'
Since Aug.
1—
2,628.000 103,393,000
11,609,000
29,433,000
36,365.000 10,629,000 21,584.000
27,956.000 4,455,00027,598.000
12,920,000
51,873,000
3,316,000
1936
1935
69,829,000
2,905,000126,936,000
1937
;
--
4,995,00017,719,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 18, 1937, follow:
Wheat
Flour
Receipts at-
Oats
Corn
bbls 196 lbs bush 60 lbs
bush 56 lbs
Barley
Rye
bush 32 lbs bush 56 lbs bsh 48 lbs
J
24,000
York-—
151,000
2,000
Philadelphia-
19,000
48,000
6.000
Baltimore
11,000
75,000
20,000
22,000
78.000
1,000
58,000
——I
31,000
1,164,000
|
15,000
8.000
10,000
32,164,000
54,326.000
2,896,000
13,864.000
14,000,000
5l"666
2,672.000
1,000
5,707,000
Argentina...
561,000
10,308,000
11,723.000
7,071,000
83,326,000
73,782,000
Australia
611.000
15,847,000
64.000
6,904,000
13,649,000
824.000
4,648,000
7,632.000
New Orleans
*,
Galveston
Montreal
Boston
Hal'fax
1
66,000
Oth. countr's
296,000
86.000
27,000
58.606,000 27,604.000
Since Jan.1'37
3,958,000
3,240.000
Week 1936.
290,000
2,408,000
840,000
107,000
117,000
Since Jan.1'36 10,739,000
89,473,000
4,618,000
5,044,000
3,580,000
Receipts do not include grain passing
296.000
3,169,000
1,000
3,511,000
through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
ended Sept. 18, 1937, are shown in the annexed statement:
York
Philadelphia
New
Orleans
Galveston
Montreal
Can
Flour
Oats
Rye
Barley
Bushels
New
Albany
Wheat
Bushels
Barrels
Bushels
Bushels
Bushels
488.000
43,000
29,800
~6~666
"e'ooo
106.000
32,000
5.000
576,000
3i"666
Halifax
2,371,000
3,071,000
The destination of
2~96~665
1,000
76,800
10.000
108,876
296,000
19,000
these exports
July 1, 1937, is as below:
49,000
~9~666
10.000
1,164,000
for the week and since
of
high
was
part of the country was
domi¬
attended by mostly cool
Northeast,
in other parts
generally seasonable to warm, with scat¬
areas,
pressure
except in the extreme
much cooler than normal
practically everywhere east
Plains, especially in tne Ohio Valley and the Lake region,
was from 9 to 11 degrees cooler tnan usual.
Temperatures
somewhat above normal in the extreme (southeast and quite generally
the
Great
where the week
were
the
Great
abnormally
Plains
warm,
westward, while in the Northwest the week was
with the plus departures from normal ranging from
9 to 12 degrees.
Minimum temperatures were somewhat
low for the season in the Ohio
Valley and much of tne Northeast, with light to heavy frosts reported
from many localities in this area and some Killing frosts noted in Appa¬
lachian sections.
Freezing temperatures were noted at several first-order
stations
in
the
interior
of
the
was
and some north-central parts.
degrees at a number of Weather
Northeast
The lowest reported for the week was 32
Bureau stations in the above sections.
Rainfall
Exports from—
succession
a
and little rain,
of tne country tne weather was
tered showers.
from
*
by
Tne weatner
21"\000
1,425.000
4,o~i7:666
83,507,000
The weather of the week in the eastern
weather
of
on
7,374,000
Weather Report for the Week Ended Sept. 22—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weattier for the week ended Sept. 22, follows:
nated
18,000,
260,000
9,837.000
Total wk.1937
3,032:666 19.074:606
83,735,000 102,154,000 10,154,000 105,132,000
392,000
,
Total
27,000
9.000
...
India
1,000
New
149,000
2,850,000
Black Sea...
light to moderate in the Northeast, parts of the
Lake region,
districts.
amounts
locally in the Northwest and some southern and southeastern
Elsewhere the week was largely rainless, witn only very lignt, local
and
in scattered sections.
The generally fair, cool weather that has prevailed over practically all
important agricultural sections was very favorable for fall harvesting opera¬
tions.
in most sections outside work continued practically without inter¬
ruption, although in many central parts of the country continued dry
weather delayed fall plowing and seeding.
In many (Southern states the
"weather
was
extremely favorable for all outside operations, wnile late
vegetables and pastures are snowing much improvement.
The extremely
warm, dry weatner in the Northwest was also favorable for late harvest¬
ing operations, wnile some fail planting made good advance wherever the
soil is sufficiently moist,
in the Pacific Northwest temperatures were ab¬
normally nign, establishing new high records for this time of year.
The cooler weatner that prevailed in eastern sections brought light
frosts as far south as Kentucky and Missouri, with heavy frosts in some
Volume 145
Financial
parts of the Lake region, and killing in north-central districts.
den truck and some potatoes were
Late gar¬
North Dakota and Min¬
nesota,
while
damaged in
were reported killed
and
tomatoes
cucumbers
in
parts
northwestward.
western
ranges
seriously delayed
dry in most
and
Meadows
and
pastures
also
the
preparation of
areas
ern
seed
Missouri
beds,
and
Iowa
dry in these sections ana
however, continue to maintain
are
dry.
Livestock,
good condition, especially under the favorable
are
from
warm
weather in the west¬
range country.
Small
Grains—Threshing in the late districts is reported nearing com¬
facilitated largely bu favorable weather conditions during the
past week.
The winter-wheat outlook is
highly unfavorable in all States north of
Oklahoma and Arkansas and westward to the Rookies.
General rains
pletion,
,
are
urgently needed
to
condition
Minnesota, tnough in Wisconsin
progress is
soil moisture obtains.
In Iowa and Missouri
being made where sufficient
no widespread
activity has begun as yet, owing
to dry, hard, soil, though some
seeding in Iowa has been done in poorly
prepared seed beds in the hope that rain will soon be sufficient for ger¬
mination.
In Neoraska progress in
seeding is generally rated as poor,
while in Kansas tnis
activity was pushed vigorously, though the sod is
too dry, except in the southeast
quarter.
One-naif to three-fourths of the
seeding in Kansas has been done in the western half and almost half
in
sown
the
eastern
section
and
coming up in the western two-thirds,
but considerable grasshopper
damage is reported.
Some wheat has been
sown in tne extreme northern section
of Oklahoma, while in northwestern
Texas seeding operations have been
delayed awaiting more favorable
mositure conditions.
Sod-moisture condition, previously
adequate in most of the Ohio Valley,
now becoming somewhat deficient
and general rains are needed in Illi¬
Indiana, Ghio, and Kentucky to condition the soil for seeding and
to insure germination.
in
nois,
In the Pacific Northwest wheat
harvest is nearly finished in eastern
Whitman County and seeding
begun,
it is reported too dry for seeding
Walla Walla district and western Whitman
in the
County.
However, in
other districts considerable
early sown wneat is coming up.
Oat
threshing is progressing favorably in western districts.
Rice harvest made excellent advance in
.Louisiana and Texas and late
sorghums are reported developing normally in eastern New Mexico.
some
Corn—The
corn
crop is practically mature in all parts of the belt,
except in the eastern Ohio Valley, wnere about two weeks are needed to
mature the late crop.
In the Ouio
Valley corn is reported safe from frost
damage in many parts, with over nine-tenths indicated safe in
Illinois and
practically all safe elsewhere, except in Ohio wnere the late
crop needs
two weeks to mature.
Corn is nearly safe in
Missouri, witn about normal
advance in cutting and silo
filling; the crop probably averages in good
condition.
Cutting has been largely done in Kansas and is well advanced
the northward.
Iowa the light
to
In
frosts only damaged the leaves of lowland
corn, as
the upland has matured
normally; ears were not damaged and are about
nine-tentns safe for commercial
purposes, although a severe freeze would
injure corn for seed.
A little corn in this State is
dry enough to crib,
while much seed has been gathered and
placed in the driers.
Cotton—The weather of the week was
very favorable for the cotton
crop in most portions of the belt, with abundant
sunshine and season¬
able temperatures very helpful in eastern
sections.
In
Texas
progress
and
condition
of
cotton
were
generally
good
and
picking and ginning made rapid advance under favorable conditions and
are
practically completed in southern sections.
In
Oklahoma picking
cotton made fairly good
progress, witn much being snapped, but the crop
is opening very slowly in the western
part and some bolls are rotting in
the southeast, due to the recent rains.
In central
States of the
belt
picking made mostly good
along the Gulf coast and in
to
fair, sunshiny weather
excellent
western
to
aavance,
Arkansas;
was
except
some
favorable, and
in
local
areas
damage
permanent
staple and seed was noted locally,
in tne eastern States of the belt
and ginning made good to excellent
advance, while the crop
opened rapid/y in tne Caroliuas and made
good advance elsewhere; con¬
dition ranges from locally poor in southern
Alabama to egenerally good.
Local rain injury was noted in southern
Georgia at the close of tne week.
picking
The Weather Bureau furnished the
following resume of
conditions in the different States:
•
Virginia—Richmond:
tation
light.
planting.
Temperatures somewhat below normal; precipi¬
Favorable for Crop growth,
harvesting, plowing, and tall
Truck good to excellent.
Meadowns and pastures fair to
good.
Tobacco cutting practically finished..
Cutting corn well advanced; filling
silos continues.
Picking cotton begun; some rotting in boll.
Sowing
winter wneat in progress.
North Carolina—Raleigh: Fair and
cool, with abundant sunshine.
able for crops,
harvesting, and fall plowing.
Cotton
picking good to excellent advance.
in clean condition.
South
Carolina—Columbia: Mostly cool and
all crops.
Picking and ginning cotton
half of crop open in central and north
and
dry;
favorable
excellent
opening fast in
open
in
Favor¬
opening rapidly and
Much hay and other forage
gathered
vesting
countries; nearly all
small grains sown.
south.
Late
corn
about
for
har¬
advance;
over
extreme
matured.
upper
Some
Georgia—Atlanta: Seasonable temperatures and
generally dry, except
light showers in north and excessive rains in south at
end of week.
Pick¬
ing cotton excellent advance and weather favorable
for checking weevil
activity, but still some rotting in central;
crop in south injurea by ex¬
cessive rains at end of week.
Corn harvesting nearly
done, but still green
in
extreme north.
Digging yams continues.
Truck improved
Peanut harvesting nearing
completion.
Farm work made good
greatly.
progress.
Florida—Jacksonville: Heavy rains and progress of cotton
rather
but condition fair; picking short
staple good progress, but
staple only fair advance.
beans, and strawberries.
poor,
gathering long
Planting celery, pappors, eggplants, tomatoes,
Citrus good and
maturing rapidly.
Alabama—Montgomery: Only light, scattered showers; rather
cool,
Progress of cotton excellent; condition
mostly
good in north, fair to good in middle, and
poor to fairly good in south;
staple dried rapidly and picking excellent advance.
Much hay cut during
week.
Corn harvest
progressing in south.
with aboundant sunshine.
Mississippi—Vicksburg: Frequent
extreme
northeast,
cotton slow
.
showers
on
coast and on
Friday in
generally dry elsewhere.
Picking and ginning
Saturday in many localities, but present
progress
opening, with improvement of staple.
Progress of
progress
but
to
fair: mostly rapid
gardens and pastures generally good.
Louisiana—New Orleans; Dry week, with
moderate temperatures,
very
favorable.
Progress of cotton very good and condition
good, but some
permanent damage to staple and seed
locally from previous rains; pick¬
ing excellent advance.
Rice harvest resumed and
progressing rapidly.
Cane, potatoes, sweet potatoes, pastures, and truck
good to excellent.
Texas—Houston: Averaged considerably warm
over northern third
and
about
normal
elsewhere.
Light rains in
condition of cotton mostly
south
and
extreme
northwest.
Progress and
good and picking and
ginning
rapid advance under favorable
conditions; this work practically
completed in south.
Winter wheat seeding
progressing favorably, but
farmers awaiting rain in northwest.
Ranges drying in many localities,
but cattle continue generally
good.
General rain needed,
except in east.
Oklahoma—Oklahoma City: Warm, with moderate to
heavy rains in
northeast, but light or none elsewnere.
Rain now needed in
southcentral.
Some winter wheat sown in all sections
and this work quite
general in
extreme north.
Corn being gathered.
Cotton picking fair to
good ad¬
vance: much being sanpped;
opening very slowly in west; some bolls
rotting
in southeast account recent
excessive rains.
Late feed crops
made
satisfactorily.
Arkansas—Little Rock: Abundant
sunshine,
dry winds very favorable for cotton,
advancing
seasonable temperatures,
except in west and northwest
where wet weather
continued; picking cotton good to excellent
advance,
except in west and northwest where slow.
Very favorable for growth of
and
corn
and
2103
gathering early
Favorable for late
potatoes, sweet
corn.
potatoes, truck, and fruit.
Tennessee—Nashville: Condition
and sunshine favorable
and
Corn
maturing
vance.
of cotton good and
causing
rapid
improving;
opening;
picking
satisfactorily
warmth
ad¬
fair
and good progress in
cutting;
condition very good to excellent.
Tobacco improved and
condition mostly
good; considerable still green and growing: about
three-fourths of burley
cut and housed.
Hay and pastures excellent.
Kentucky—Louisville: Dry and cool weather favorable for
tobacco
cutting which advanced rapidly, but cold winds
unfavorable for
curing;
mostly in barn in central burley district, but
considerable remains out
and ripening slowly on northern
and eastern uplands.
Some frosts
and Saturday, but
Friday
damage slight.
Corn cutting well
and condition of late
tures
improved in
advanced;
fair; nights too cool.
Seeding
west-central.
rye
progress
increaded.
Pas¬
the
soil, insure germination, and restore
normal activities.
Despite the lack of moisture some fall plowing ana
seeding has been accomplished in the Dakotas and south-central Montana,
with some early sown fields
coming up in central Montana.
The soil is
reported too dry for plowing, seeding, and germination of winter wneat
in
late
of
Michigan.
Elsewhere the damage from the frosts was generally slight,
with only local indications of material harm to tender
vegetation.
The continued absence of a good general rain in the central and western
winter wheat belt has
with the ground hard
Chronicle
THE DRY GOODS TRADE
New York,
Friday Night, Sept. 24, 1937
by cooler temperatures during the
early part of
the period under
review, retail trade gained
appreciably,
notably in the women's and children's
apparel divisions.
Later in the week, due to warmer
weather, the volume of
Favored
business declined
somewhat, although in the local area the
stimulus of the Legion Convention
served to offset this
factor
to a considerable extent.
Particularly cheerful reports again
arrived from the rural sections in
the South and
Southwest,
whereas on the Pacific Coast in the
Middle West and in
the New England
territory, business continued to fall below
expectations.
Department store sales in the
metropolitan
area for the first half of
September, according to the usual
survey of the Federal Reserve Bank of New
York, showed
an
increase of 2.7%; stores in New
York and
Brooklyn
registered
gains of 3%, while at Northern New
Jersey
establishments the increase was confined to
1%.
Trading in the wholesale dry goods markets
continued its
moderate expansion.
Accumulated
needs of seasonal
,
mer¬
chandise, the downward price adjustments on
many staple
items and the better flow of
goods in distributive
channels;
resulted in the placing of a
considerable amount of orders
by
wholesalers, although it was obvious that the
decline in
persistent
cotton values served
raw
to prevent
buyers from
broadening their commitments.
A feature of the
week were the heavy sales of
percales and the much improved
interest in cheaper dresses.
Business in silk goods continued
quiet, and few changes in prices were
reported.
A
further
existed for silk and cotton mixtures
in staple goods.
rayon yarns was fairly active, with most
good call
Trading
in
maining booked
producers
up
re¬
until the end of November, and with
surplus stocks showing but moderate
the amount of available
increases.
Domestic Cotton
Goods—Following the previous week's
spurt in sales, trading in the gray cloths markets
quieted
down
considerably,
downward
trend
decline in the
largely
in
raw
as
a
cotton
security markets.
result
values
of
the
and
continued
the
further
The excitement
attending
the Legion Convention also
helped to cut down the volume
of business.
While mills in general
continued to resort to
moderate curtailment
schedules, the opinion prevailed that
further reduction in output will be
required to tide the
over
the present
period until such time when a
greater stability of cotton prices and a much
improved move¬
ment of finished goods will
again result in
a
market
a
movement.
Business
in
fine
expanded moderately.
goods
early
broader buying
in the week
Later, however, the market
relapsed
into its previous dulness.
A fair call existed for
pigmented
and plain taffetas, and moderate
interest was also shown
in fancy dress goods weaves.
Closing prices in print cloths
as
follows:
39-inch 80s, 7c.; 39-inch
39-inch 68-72s, 6c.; 3834-inch
64-60s, 5 to
were
72-76s, 6%c.;
5Ke.; 3834-inch
60-48s, 4y8 to 4Kc.
Woolen
Goods—Trading in men's wear fabrics continued
While retail sales, under the influence of cooler
temperatures in many sections of the
country, made a some¬
what better showing, manufacturers
generally remained out
quiet.
of the market
their stocks of
goods continued ample to
requirement.
Brices for spring
clothing
fabrics announced by the
leading producer during the latter
part of the week, showed reductions ranging from
23^ to 5c.
below the fall opening prices.
Reports from retail clothing
centers made an improved
showing as weather conditions
stimulated the covering of seasonal needs
by the public,
with less resistance to higher
prices being in evidence.
Busi¬
ness in women's wear
goods gave a fairly satisfactory account.
The
as
immediate
cover
better
of merchandise in retail
channels
fill-in orders
placed by merchants.
An active call existed for
sports type fabrics and for
resulted
in
movement
numerous
dressy
cloakings.
Foreign Dry Goods—Trading in linens showed
seasonal
Far East
improvement.
The
protracted
a moderate
hostilities in the
believed to have
seriously affected an important
supply for linen handkerchiefs, and, as a
result,
a shortage in certain
types of these goods is said to have
developed.
A certain stimulus to the sale of household
items was reported to have been furnished
by the aftermath
of Convention activities
resulting in the necessity of replace¬
ment by a number of local hotel
establishments.
Business
in burlap continued
quiet although a slightly
source
are
of
interest existed
improved
for shipment goods.
Prices eased moder¬
ately, in sympathy with slightly lower Calcutta quotations.
Domestically light weights were quoted at 3.80c., heavies
at 5.20c.
Financial
2104
Sept. 25, 1937
Chronicle
in 1938 and that the saving in water rates
passed along in other forms of taxation. •
power
be
Specialists in
New York State—Six
could not
Amendments on November Ballot—
question of whether New York shall issue a $40,000,000
bond issue to finance construction for State institutions will
be No. 1 among the propositions to come up for approval at
the general election in November, as noted in these columns
recently—V. 145, p. 1292.
The
Illinois & Missouri Bonds
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
PUBLIC
President
of
text
an
WORKS
ST. LOUIS
ADMINISTRATION
Suspends Fund Allotments—The following is the
Associated Press dispatch from Washington on
Sept. 23, dealing with the suspension of allotments for works
projects, through an order signed by President Roosevelt:
Of the emergency agencies created early in the New Deal, the Works
Progress Administration was the only one still going strong today after
President Roosevelt's suspension of allocations under the Public Works
Administration.
The Civilian Conservation Corps, although technically still on an emerg¬
basis, is regarded by the Administration as permanent.
The other
big lending and spending agencies virtually have suspended the flow of
funds and are chiefly concerned with administering and collecting past;
ency
loans.
The future of the PWA still was uncertain.
foreshadowed
an
effort in Congress to
The President's decision
extend the Works Administration by
mandatory legislation.
In the last two weeks it twice has been extended by
such moves.
Should a further extension fail, Congress would be called on to consider
Ickes that a skeleton organization be
ready to start whenever an economic
the proposal by Secretary
permanently
to
be
maintained
depression
threatened.
Regardless of further congressional action, PWA has two more years to
It was extended in the last Congress until 1939.
Should it get no
new funds, its chief activity will be completing projects already under
construction, amounting to about $1,000,000,000.
live.
Six proposed amendments to the Constitution will appear in this order:
Four-year-term for Governor and Lieutenant Governor, effective if
adopted, Jan. 1, 1939.
This means if the people this fall approve the pro¬
posed amendment, the Governor and Lieutenant Governor elected in
November, 1938, will serve the first four-year terms.
In addition to these, the Attorney General and the State Controller
likewise would serve four-year terms since Article 5, Section 1, of the
Constitution provides their terms be concurrent with that of the Governor.
Two-year-term for Assembly.
Members of Assembly are now elected
for a year.
If this amendment is adopted, Assemblymen elected next year
and their successors would serve two years, the same as Senators.
Permitting defendants in criminal trials, except for an offense punishable
by death, to waive trial by jury and stand trial without a jury before a single
judge.
Permitting sheriff's to succeed themselves.
The Constitution now
prohibits a sheriff from seeking re-election.
Increasing the jurisdiction and powers of the New York City Court.
Permitting the Legislature to increase the powers of the New York
City Court.
Permitting the Legislature to increase the powers of the New York
City Municipal Court.
United States—Taxation Found Bar to
opening session of the New England regional convention
the organization, meeting at Hartford on Sept. 22.
of
billions of dollars to encourage housing while munici¬
palities the country over stifle new construction with an unfair and unjust
Government to spend
tax burden.
'The resentment o 5 the public against our
Due—Jan. 1, 1955
B.2S
Development Authority Ruled Valid—
Development Authority, more generally known as
Wisconsin's "little TVA," was victorious in the first round
of the fight being waged against it when Circuit Judge AT. C.
Reis at Madison recently upheld the constitutionality of the
act creating such authority.
The decision is said to have
been given in a test case brought about when Theodore
Dammann, Secretary of State, refused to audit claims on
The State
Harvey Building
WEST PALM BEACH, FLORIDA
appropriated by the State Legislature when the
passed.
An appeal will be carried to the State
Supreme Court, opponents of the act said.
The authority,
a private corporation,
was given a $60,000 annual appro¬
priation at the 1937 legislative session for encouraging and
promoting public ownership of utilities.
funds
News Items
measure was
California—Municipal Bonds Discussed—Kaiser & Co.,
Building, San Francisco, has prepared for distribution
booklet entitled "California Municipal Bonds," which
contains a great deal of pertinent information regarding the
economic background and legal restrictions of the bonds of
the State and its political subdivisions.
Some of the sub¬
jects covered briefly in this booklet are the property tax,
the State debt and its sources of service, provisions for the
Russ
a
issuance of local bonds and defaults.
Bond
Proposals and Negotiations
The booklet will be
$75,000 Jefferson County, Alabama
interested dealers and investors.
3^% bonds due May 1, 1954 to
Prica 100X to 100>*
Jersey—Municipal League to Convene—Officers of
the State League of Municipalities predicted recently that
the problem of public relief will "be with us for many years to
come."
The prediction was included in a letter sent by the
League to members announcing that its 23rd annual conven¬
tion will be at the Hotel Chelsea, Atlantic City, Nov. 18
New
Mayor Ellenstein of Newark, League President, and Samuel S. Kenworthy, Executive Secretary, declared in the letter:
"Financial assistance from municipalities and standards of relief can
only be measured by the ability of local taxpayers to pay the bill.
Fed¬
eral and State governments must continue to carry the major portion of
Telephone WHitehall 4-6765
ALABAMA
ALABAMA,
information is
_
$1,541,317,623
99,376,061
—.
—
...—...
10% penalty
Funded debt:
July 15, 1937
— —
..$608,768,684
Motor vehicles
the 50% emergency increase in water rates.
sharp message the Mayor denounced the Board for
failing to heed the recommendations of Joseph Goodman,
Commissioner of Water Supply, Gas & Electricity, for a
-
Renewal and funding
190,553,461
23,812,990
2.279,378
$8,557,000
16,683,000
20,190,000
9,600,000
16,025,000
Highway, 1st issue
Highway, 2d issue
Harbor improvement
Refunding
———————
71,055,000
Overlapping net debt (estimated)
—
130,000,000
Direct and overlapping net debt
...—-—
201,055,000
Ratio of: Direct debt to assessed valuation.—
7.68%
Direct debt to estimated actual value
...
4.61%
Direct and overlapping net debt to assessed valuation..
21.74%
Direct and overlapping net debt to estimated actual value
13.04%
Per capita:
Direct debt (1930 census)
$26.85
Direct debt (1937 estimate)
—....
25.07
Direct and overlapping debt (1930 census)__—.
—
75.97
Direct and overlapping debt (1937 estimate)
70.94
Population: 1920 (Federal census), 2,348,174; 1930 (Federal census),
2,646,248; 1937 (estimate), 1,834.000.
partial reduction of from 20 to 24% for small home owners,
and instead had passed a measure calling for full reduction
of the rates.
It was asserted by the Mayor that the ordin¬
ance as passed by the Aldermen was clearly invalid because
discretion to fix
rates, their powers being limited to approving or disapproving
the rates recommended
by the Commissioner of Water
Supply.
Move to Void Veto Made—The Citizens'
derives its revenues from a broad
usual methods of producing municipal in¬
—SOURCES OF REVENUE—The State
base which includes most of the
sent a letter on
-.
Real estate.
Personal property
Public utilities
a
Budget Commission
Sept. 21 to William F. Brunner, President
of the Board of Aldermen, asking him to call a meeting of
the Board on Oct. 4 to override Mayor La Guardia's veto
of the above ordinance. I It was asserted by the Commission
that there was every prospect the city would use up its taxing
value
Assessed valuation:
eliminated
the
Tenn.;
Financial Statement as of
Estimated actual
York, N. Y.-^-Mayor Vetoes Repeal of Water Rate
Increases—Mayor F. H. La Guardia vetoed on Sept. 20
the ordinance of the Board of Aldermen which would have
or
of—FINANCIAL STATEMENT—'The following
furnished through the courtesy of the Equitable Securities
State
Corp. of Nashville,
New
the initiative
CHARLESTON, S. C.
GREENVILLE, S. C.
costs."
Board has not
NEW YORK
•7 BROAD STREET
Appealing for wide representation, the letter said that under Chapter 163,
Laws of 1915, "convention expenses are a legal municipal disbursement
and, therefore, we expect your community to be well represented."
the
1956
McALISTER, SMITH a PATE, Inc.
and 19.
In
passed by nine
building In
other States.
The most effective way of increasing home
America is to remove from it its present unfair tax burdens.
Wisconsin—State
Basis"
Thomas M. Cook & Company
relief
present obsolete and unjust
have been passed
$15,000 DELAND Imp. 6% Bonds
sent to
of
"Real estate enjoys but 20% of the national income and pays 60%
the national tax burden." Mr. Stark said.
"It seems futile for the Federal
tax system is indicated by the tax limitation laws which
in nine States and by tax exemption laws which have been
"WE OFFER SUBJECT—
Pricw
Building Revival—
High mortgage interest rates, the heavy tax burden and a
too-short period of amortization of mortgages are the three
chief barriers holding back home ownership and blocking
recovery in the building industry, Paul E. Stark, President
of the National Association of Real Estate Boards, told the
come.
the order of their importance are: 6c per
gallon gasoline tax, 6H_mill general property tax, tobacco tax, motor vehicle
tax, Convict Department, franchise tax, income tax. Insurance
Department licenses, and inheritance tax followed by several miscellaneous
departments and levys.
(In recent years Federal aid for highways has
ranked near the top).
license
,
The largest producers in
Volume 145
The
1937
Financial
Session
of
Chronicle
the
Legislature considerably altered the State's
system of revenues, however, the changes should result in
appreciably
larger income.
A general 2% sales tax was enacted and
put into effect
Feb. 1, 1937 to replace a gross
receipts tax which was nullified after a few
months operation.
A Homestead Exemption Act
providing a $2,000 ex¬
emption was passed to become effective Oct. 1, 1937.
It is estimated that
this Act will cost the State
approximately $1,370,000 in revenies annually,
but the loss will be more than offset
by the sales tax which will produce an
estimated $6,000,000 per annum, about
$1,085,000 of which will be allocated
***•-; «.r
<4
$100,000 4K% Fort Bragg School District
bonds.
DenomT$l,0007"Due
$5,000 yearly on Sept. 30 from 1938 to
1957, incl.
32,000 4% Point Arena Union School
District bonds.
Denom. $800.
Due $800 yearly on
Sept. 30 from 1938 to 1957.
Dated Sept. 30, 1937.
Principal and semi-annual interest
(March 31
and Sept.
30) payable at the County Treasurer's
office.
Certified check
for 10% of amount of
bonds bid for, payable to the
Clerk of the Board of
^
to the various countries.
Further additional income will be
provided by
State-operated liquor stores in those countries which have voted "wet" or
which may do so in the future.
No accurate estimate of this income is
available at present, however.
The relative importance of each source
of revenue is brought out by the
following tabulation which shows the percentage of the State's total income
for 1935-36 produced
by each of the major sources: gasoline tax—23.29%;
general property tax—12.64%; Federal
aid—12.3%; tobacco tax—5.71%;
motor vehicle license
tax—5.16%; Convict
Supervisors, required.
cJ£S£!TEREY
SCHOOL
BOND
on
11
a.
is
auction
by
on
a
MUSCLE
W.
R.
Sept. 28 at
ORANGE
Ana),
,
ARIZONA
PIMA COUNTY SCHOOL
DISTRICT NO. 15 (P. O. Ajo),
PRICE PAID—The Phelps
Dodge Corp., successful bidders on
price of 105 for the bonds.
p.
Ariz.—
Sept. 14
1931—paid a
bonds.
PETALUMA, Calif.—BOND
SALE—The $250,000 issue of
improve¬
1932—was awarded
Co., both of San Fran¬
cisco, paying a premium of $144,
equal to 100.0576, on the bonds divided
as follows:
$48,000 as 4s, maturing $8,000 from
Sept. 1, 1938 to 1943; the
as 2Ms,
maturing on Sept. 1; $8,000, 1944 to
1968,
bonds offered for sale on
Sept. 20—V. 145, p.
jointly to the American Trust Co. and Kaiser
&
bonds
BONDS OFFERED FOR
INVESTMENT—The successful bidders rethe above bonds for
general subscription at prices to
yield from
1.00 to 2.95%,
according to maturity.
offered
Largest Retail Distributors
SAN BERNARDINO
COUNTY (P. O. San
Bernardino), Calif.—
NEEDLES SCHOOL DISTRICT
BOND OFFERING—On
Sept. 27 the
County Clerk will receive bids for the purchase of
an issue of
$60,000 bonds
of Needles
High School District.
WALTON, SULLIVAN A CO.
LITTLE ROCK, ARK.
o^fNrDIEGO COUNTY
ARKANSAS
and accrued interest. No accrued
interest will be paid on bonds
accepted,
and right of acceptance of
any part of bonds so tendered is reserved.
Ten¬
ders must be submitted on forms
prescribed by the Treasurer, and may be
obtained by request at his office. Immediate
confirmation will be made of
accepted tenders, and payment made on or before Nov.
2.
A certified
check for 3% of the face value of the bonds
tendered to guarantee
delivery
is required or
delivery must be guaranteed by a bank or trust
company.
REFUNDING BOARD BUYS $753,140 BONDS—The
State Refunding
Board announces that out of a total of
$1,409,272 of various highway
obligations offered by tender for pin-chase, the board will
buy $753,140 at
a price of
$672,963, effecting a saving of $80,177.
Largest purchase was of series A hignway bonds, of which
$374,000 were
acquired at a yield of approximately 5 H %.
Second largest item taken was
$295,000 of road district refunding series
A, on which high tenders were
85.55 and low tenders 82.5
'
Series B road district refundings were
purchased at 54.95 to 60. Series A
toll bridge refundings were
purchased to yield 5.3%, and series B to yield
6%.
price:
list of the bonds tendered purchased, and the
purchase
Offered
HighwaySeries A
Toll bridge refunding—
Series A
Purchased
$608,000
—
$374,000"
Price
$359,506
58,000
9,287
-
Series B____
_
Municipal aid certificates,
Funding notes
28,000
26,485
346
263
613,500
55,972
Series B
Road district refunding—
Series A..
295,000
38,122
12,270
248.584
22,293
10,712
5,117
59,110
5,400
CALIFORNIA
5,400
MUNICIPAL
FIELD
O.
O.
Los
Angeles),
Calif.—BLOOM-
Madera),
Calif.—BETHEL
BONDS OFFERED—L. W.
Cooper, County Clerk,
10 a. m. Oct. 5 for the purchase of an issue of
School
District.
Denom.
$500.
MENDOCINO COUNTY
SCHOOL
will receive bids until
$2,500 3H % bonds of Bethel
Cert,
check
for
10% required.
(P. O. Ukiah), Calif.—FORT BRAGG AND
POINT ARENA SCHOOL
DISTRICTS BONDS OFFERED—As
previously
reported in these columns—V. 145, p.
1932—County Clerk H. M. Burke
Bankamerica Co"
a
premium
3.435%.
of
Dated
second
highest bid on the larger issue was
submitted by Banks,
of Los Angeles, an offer of
$852 premium on 4s.
The
best offer on the
high school bonds was also submitted
by that
firm, a bid of $391 premium on
Huntley & Co.
4% bonds.
SANGER, Calif.—BONDS VOTED—At
ers
of
Sanger approved
a
an
election
proportion to issue $50,000
on
Sept. 13 the vot¬
bonds.
water system
SAN
JOAQUIN COUNTY (P. O. Stockton),
Calif.—BOND ELEC¬
TION IN TRACY SCHOOL
DISTRICT—An
School District
on
Oct. 11 to vote
on a
election will beheld in
Tracy
proposed $50,000 school bond issue.
SANTA
BARBARA, Calif.—BIDS REJECTED—Bids received for
the
$62,000 recreation bonds offered on
Sept. 20—V. 145, p. 1932—were
rejected pending receipt of a Public Works
Administration offer.
Dated
Oct. 1, 1937.
Due $4,000 yearly on Oct. 1 from
1938 to 1952, and $2,000
Oct. 1, 1953.
SANTA BARBARA COUNTY
CARPINTERIA SCHOOL BOND
until
of
10
an
School
(P.
O.
Santa
Barbara),
Calif.—
OFFERING—Sealed bids will be received
Oct. 4 by J. E. Lewis,
County Clerk, for the purchase
$60,000 3H% semi-annual bonds of
Carpinteria Union
District.
Denom. $1,000.
Dated
a.
m.
issue
on
of
Sept. 13, 1937.
Due $5,000
incl.
These bonds are
part of a total issue
by the County Supervisors on Sept.
13, after being
approved by the voters on Aug. 20 by a count of
157 to 51.
Bonds will
be sold at not less than par and accrued
interest.
Delivery will be made
at the County Treasurer's office.
A certified check for
3% of the amount
bid, payable to the County Treasurer, is required.
from Sept. 1, 1938 to
1949,
of $100,000 authorized
SIERRA COUNTY (P. O.
Downieville), Calif.—SCHOOL BOND
OFFERINGS—Sealed bids will be received until
10 a. m. on Oct. 4
by
F. H. Turner, County Clerk, for the
purchase of two issues of bonds
aggre¬
gating $60,000, divided as follows:
$33,000 Sierra Valley Joint Union High School District
bonds.
Due on
Dec. 1 as follows: $6,000, 1938 to
1942, and $3,000 in 1943.
27,000 Loyalton Elementary School District bonds.
Due $1,000 from
Dec. I, 1938 to 1964.
145, p. 1932—were awarded to
DISTRICT
BANKERS—Campbell,
SCHOOL BOND SALE— The
$9,500 Bloomfield School District
building bonds offered for sale on Sept. 21—V. 145,
p. 1931—were
pur¬
chased by Redfield, Royce & Co. of Los
Angeles as 4j^s, paying a premium
of $30, equal to
100.31, a basis of about 4.45%.
Dated Sept. 1,1937.
Due from Sept. 1, 1938 to
1949, inclusive.
(P.
about
COLORADO
on
(P.
3j^s, paying
of
BASALT UNION
HIGH
SCHOOL
Colo.—BONDS OFFERED BY
FRESNO COUNTY (P. O.
Fresno), Calif.—NOTE SALE—The $1,000,000 issue of notes offered for sale on
Sept. 17 was awarded to Kaiser
& Co. of San Francisco at
1% plus a premium of $103.00,
according to
E. Dusenberry, County Clerk.
Due on Dec. 31, 1937.
COUNTY
The
basis
second
SANTA ANA
COUNTY
as
$729, equal to
Aug. 23, 1937.
Due from Aug.
23, 1939 to 1955.
65,000 Escondido Union High School District
bonds to the
Bankamerica
Co. of San Francisco as
3j^s, paying a premium of
$259, equal
to 100.398,
a
basis of about 3.455%.
Dated Sept. 1, 1937.
Due from Sept. 1, 1938 to
1957.
a
WILLIAMS, Calif.—BOND SALE—The $15,400 5% city
hall, firehouse
of)—WARRANT SALE—The
$1,212,840.10
Sept. 20—V. 145, p. 1932—were awarded to
a
group comprised of the Anglo-California National
Bank, the Bankamerica
Co., the American Trust Co., San
Francisco, and the Capitol National
Bank of San Francisco, on a
1% interest basis plus a premium of $137.17.
Dated Sept. 22, 1937.
Maturity estimated at or about Nov. 30, 1937.
Blyth & Co., Kaiser & Co. and Schwabacher & Co.
joined in submitting
the second high bid, a
premium of $27.89 for 1% warrants.
MADERA
Francisco
100.5607,
and city jail bonds offered on
Sept. 20—V.
Frank Schuckman of Williams.
CALIFORNIA
ANGELES
of San
Teletype: LA 477
SAN FRANCISCO
LOS
San
accrued interest to date of
MEMBERS: Los Angeles Stock Exchange
650 So. Spring Street
•
Los Angeles
CALIFORNIA
(State
registered warrants offered
O.
Interest rate is not to exceed
5%, payable J. & D. Denom. $1,000.
Dated Dec. 1, 1937.
Each bid must state that the bidder
offers par and
delivery, and state separately the
premium, if
any, offered for the bonds bid for and the rate of
interest the bonds will
bear. Principal and interest
payable in lawful money at the
County Treas¬
urer's office. A certified check for
10% of each issue bid for is required.
BONDS
Revel Miller & Co.
Telephone: VAndike 2201
(P.
Diego), Calif.—ESCONDIDO
SCHOOL BOND SALES—The two
issues of bonds
aggregating $195,000.
offered for sale on
Sept. 20—V. 145, p. 1770—were awarded
as follows:
$130,000 Escondido Union School District bonds
to the
ARKANSAS, State of—
TENDERS
BOND It Is announced
by Earl Page, State Treasurer, that he will receive tenders until
11 a. m.
on Oct. 12, on the
following bonds:
Highway refunding, series A and B.
Toll bridge refunding, series A and B.
De Vails Bluff Bridge
refunding.
Road district refunding, series A and B.
Funding notes and certificates of indebtedness.
Available funds will be applied to the
purchase of bonds tendered at the
lowest price on the basis of
highest yield to the State, or best bid sub¬
mitted.
Tenders must be at a flat
price, not exceeding equivalent of par
a
(P. O. Santa
connection
ment
arkansas
Following is
COUNTY FLOOD CONTROL
DISTRICT
Calif.—BONDS AUTHORIZED—In
$2,500,000 in bonds toward a water
conservation and flood
control program—V.
145, p. 977—we are now informed
by J. M. Backs,
County Clerk, that the issuance of these bonds
was authorized
Board of County
by the
Supervisors.
It is said that the
interest rate is not to
exceed 5%,
payable semi-annually. Denom. $1,000.
Dated Jan. 2. 1938.
Due $125,000 from
Jan. 2, 1939, to 1958, incl.
Principal and interest
payable at the office of the
County Treasurer.
OXNARD DRAINAGE DISTRICT
NO. 3 (P. O.
Oxhard), Calif.—
BOND ELECT ON—The
district will hold an election
Sept. 28 for the pur¬
pose of voting on a
proposal to issue $210,000 ditch,
canal, conduit and drain
construction
office.
buidling bonds—V. 145,
Bid¬
with the report
given in these columns in
August that the voters had approved
the issu¬
ance of the
by R. A.
Beaver, City Clerk, that the bonds were purchased by the Public Works
Administration as 4s at par.
Denom. $1,000. Due $1,000 from June
1,
1939 to 1956 incl.
Prin. and int. (J. & D.)
payable at the City Treasurer's
coupon school
delivery.
interest for different
of said bonds.
A certified or cashier's
check for 10% of the
bonds bid for, payable to the
above named Clerk, is
required.
SHOALS, Ala.—BONDS SOLD
3M%
will
maturities
TO PWA—In connection with
a loan by the Public Works
Administration of $18,000 for an electric dis¬
tributing system, noted in these columns some time ago, it is stated
for $108,000
sold at less than par and
accrued interest to date of
be permitted to name
different rates of
ders
stated
COUNTY
(P.
O.
Salinas),
Calif.—SPRECKELS
OFFERING—Sealed bids will be received until
10 a. m.
F. Joy, County Clerk, for the
purchase of an
$85,000
of Spreckels School
District bonds.
Interest rate is not to
exceed
5%, payable M. & N.
Denom. $1,000.
Dated Nov. 1, 1937.
Due as
follows: $9,000 from 1938 to 1942
and $8,000 from 1943 to
1947, all incl.
Principal and interest payable at the
Treasury of the county. Bonds will
not be
$32,000 issue of 4% semiannual water works of
1937 bonds.
Dated Sept 15, 1937.
Due on Sept. 15 as follows:
$2,000, 1940 to 1946;
$4,000, 1947 to 1950, and $2,000 in 1951.
A $250 certified check must
accompany bid.
m.
Oct. 4 by C.
issue
Department—4.27%; franchise
tax—2.98%; income tax—2.79%; Insurance Department
licenses—1.85%.
LAFAYETTE, Ala.—BOND OFFERING— It
Chatfield, City Clerk, that he will sell at public
2105
will receive bids until 2
p. m. Oct. 13 for the purchase at
not less than par
of the
following coupon school district bonds:
(P.
O.
Basalt),
Weller Jacobs &
Co. of Denver offer to investors at prices to
yield from 2%
issue of $24,400 3%% school
building bonds.
to 3.30% an
Denom. $1,000, $500 and
1, 1937.
Interest payable April 1 and Oct.
1.
Due
serially as follows:
$1,100, 1938 to 1941; $1,500. 1942 to
1946; $2,000,
1947 to 1951, and $2,500 in 1952.
Legality approved by Myles P. Tallmadge of Denver.
$100.
Dated Oct.
COLLBRAN UNION HIGH SCHOOL DISTRICT
(P. O.
PAID—In connection with the sale
of
Colo.—PRICE
Collbran),
the $5,000 4%
school bonds to Deloss M. Webb, of
Collbran, as noted in these
recently—V. 145, p. 1770—we are now informed
by the District
Secretary that the purchase price was 102.75.
The next highest bid was an offer of
101.267, by Amos O. Sudler, of
coupon
columns
Denver.
ELBERT COUNTY SCHOOL DISTRICT NO. 39
(P; O. Kiowa),
Colo.—BOND CALL—The County Treasurer is said to
be calling for pay¬
1, Nos. 1 to 10 of the 6% bonds dated Oct.
1,1923.
It is reported that various school warrants
were
called for payment
ment at his office on Oct.
on
Sept. 23.
FREMONT COUNTY SCHOOL DISTRICT No. 2
(P. O.
Colo.—BONDS VOTED—The $18,000
refunding bonds sold
Donald F. Brown & Co. of Denver—V.
by the voters.
Florence),
recently
to
145, p. 1770—have been approved
LARIMER COUNTY SCHOOL DISTRICT
NO. 41
(P. O. Fort
Collins Route No. 2), Colo.—BOND
SAL,E—Subject to approval of the
for Oct. 11 a block of $7,000
4% refunding
bonds has been sold to
Bosworth, Chanute, Loughridge & Co. of Denver.
Dated Nov. 1,1937.
Due $500 yearly from 1939 to 1952.
voters at an election scheduled
DISTRICT, Boulder County, Colo.—BOND
decided to hold an election Sept. 30
for the purpose of submitting to the voters a proposal to issue $50,000
high school building bonds.
LOUISVILLE SCHOOL
ELECTION—The School Board has
CONNECTICUT
p. 1932—was awarded
basis of about 1.96%.
from 1938 to
to
coupon,
23—V. 145,
Coffin & Burr of Boston on a bid of 101.38, a
Dated Oct. 1,1937.
Due $5,000 yearly on Oct. 1
R. L. Day & Co. of Boston were second high, bidding
1947.
Oct. 4 for the purchase of $370,000 coupon school
Interest rate is not to exceed 4%, payable semi-annually
Denom. $1,000.
Principal and interest payable
at the County Treasurer's office, or at the Chase National Bank In New
York.
Due on Jan. 1 as follows: $10,000, 1937; $12,000, 1938; $14,000,
1939; $16,000, 1940; $18,000, 1941. and $20,000, 1942 to 1956; bonds num¬
receive bids until 8p.m.
building bonds.
on
Jan.
and July 1.
1
bered 296 to 370 to be
SHELTON, Conn .—BOND SALE—The issue of $50,000 2}4%
registerable as to principal only, relief bonds offered on Sept.
Rate Bid
101.263
101.219
.101.189
101.121
100.82
100.53
100.525
100.52
;
Putnam & Co
Co., Inc.
& Williams
Co
Halsey, Stuart &
Day, Stoddard
;
J. & W. Seligman &
Washburn & Co.
Bancamerica-Blair
Corp.
R. P. Griggs Co.
Estabrook & Co
DELAWARE
order, on any interest
for 3% of amount of
bid, payable to the
IDAHO—NOTE SALE—An issue of $120,000 tax anticipation
Jan. 20, 1938, has been sold to the First Security Co. of
BOISE,
notes, to mature
interest basis.
Ogden on a 1.19%
INDEPENDENT SCHOOL
MOSCOW
Bidder
redeemable in inverse numerical
payment date.
Certified check
District Treasurer, required.
101.339.
Other bids were as follows:
1937
25
Sept.
Financial Chronicle
2106
DISTRICT No. 5, Class A
scheduled to
will be
(P. O. Moscow), Idaho—BOND ELECTION—At an election
Oct. 8 a proposed $175,000 high school building bond issue
submitted to the voters for approval.
We have reported In these columns—
take place
V. 145, p.
1933—that $175,000 school
bonds would be offered for sale Oct. 5,
apparently is an error, as Weldon Schimke, Clerk
that bids are not being asked on the
be voted upon at the Oct. 8 election.
but this
of the District, states
to
and Treasurer
bonds that are
WEISER, Idaho—BOND SALE— The $15,000 coupon park improve¬
offered for sale on Sept. 17 were purchased by Sudler, Wegener
Co. of Boise, according to the City Clerk.
Dated Sept. 1, 1937. Due
serially in from two to 15 years.
ment bonds
&
MILFORD, Del.—BOND OFFERING—Sealed bids will be received by
the City Treasurer until noon on Oct. 4 for the purchase of $105,000 3M%
coupon water and sewer bonds.
Denom, $1,000. Due $5,000 annually
on Sept. 1 from 1941 to 1961 incl.
Non-callable. A certified check for
5% of the amount of the bid, payable to the order of the city, must accom¬
each proposal.
Bonds deliverable Oct. 14,
accrued interest from Sept. 1, 1937.
offering supersedes that given
1937.
pany
pay
(This report of the
Purchaser to
in a previous issue.)
ILLINOIS
111.—BONDS NOT SOLD—No bids were submitted at the
7 offering of $22,000 5% coupon sanitary sewer bonds—V. 145, p.
Dated Sept. 15, 1937, and due serially from 1939 to 1954, incl.
!*" ALTAMONT,
Sept.
1617.
Callable at any interest date.
FLORIDA
(P.
O.
ROAD & BRIDGE DISTRICT
Lee County, Fla.—BOND OFFERING—Esther
MYERS-IONA
FORT
Fort Myers),
SPECIAL
of County Commissioners of Lee County, will
Oct. 6 for the purchase of $100,000 6% coupon
Dated Feb. 1, 1926. Principal and semi-annual
1 and Aug. 1) payable at the Bank of America in New York.
1 as follows:
$10,000, 1951; $35,000, 1952 and 1952, and
Draughton, Clerk Board
receive bids until 2 p. m.
Denom. $1,000.
bonds.
interest
(Feb.
Due on
Feb.
$20,000, 1954.
Fla.—BONDS VOTED—A
to issue $200,000 canal
GULF COUNTY (P. O. Wewahitchka),
recent election resulted in approval of a proposal
bonds.
HILLSBOROUGH COUNTY (P. O. Tampa), Fla.—BOND ELECTION
NOT SCHEDULED—It is stated by Ernest G. Suarez, Deputy County
Clerk, that a petition did not carry a sufficient number of names to
possible the holding of an election to vote on the issuance of
county hospital bonds.
HILLSBOROUGH COUNTY SCHOOL DISTRICTS (P. O. Tampa),
Fla.—BOND ELECTION—It is stated by E. L. Robinson, Superintendent
of the Board of Public Instruction, that an election will be held on Sept.
in order to vote on the issuance of $24,000 in bonds, as follows:
$20,000 Dover Special Tax School District No. 29 4% bonds.
Dec. 1, 1937.
Due on Dec. 1, 1958.
It is said that the Public
Works Administration has approved a loan of $20,000 and a grant
of $16,364 for the project.
4,000 Springhead School District 6% bonds.
Dated Dec. 1,
Due on Dec. 1, 1948.
„
make
$200,000 in
28
Dated
1937.
reported the date of the election as being Sept. 14.)
At the same time an election will be held in Special Tax School District
No. 19 in order to vote on the issuance of $36,000 in school bonds.
It is
said the the PWA has approved a loan of $37,000 and a grant of $30,273
(We had previously
for this
project.
TAX SCHOOL DISTRICT (P. O. Ocala), Fla.—
CONTEMPLATED—It is reported that an election is
OCALA SPECIAL
BOND ELECTION
contemplated
construction
in the near future to pass on
bonds, to match Public Works
the issuance of $200,000 in
Administration funds for a
cost $375,000.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5 (P. O.
Bartow), Fla.—BONDS NOT SOLD—It is stated by C. I. Hollingsowth,
Superintendent of the Board of Public Instruction, that the report given
in these columns recently of the award to the Peoples Savings Bank of
project estimated to
Lakeland, of the $8,000 4% semi-annual
V. 145, p. 1771—was incorrect as these
Dated Aug. 1, 1937.
Due $1,000 from
school bonds offered on Sept. 6—
bonds have not been sold as yet.
Aug. 1, 1940 to 1947 incl.
SPECIAL TAX SCHOOL DISTRICT NO. 15
(P. O. Live Oak), Fla.—BOND OFFERING—W. T. Newsome, Secretary,
Board of Public Instruction, will receive bids until 11 a. m. Oct. 5 for the
purchase of $8,000 6% bonds.
Denom. $500. Dated July 1, 1937.
Interest payable Jan. 1 and July 1.
Due $500 yearly on July 1 from 1940
to 1955.
Certified check for $500, required.
TURKEY CREEK SPECIAL TAX SCHOOL DISTRICT (P. O.
Tampa), Fla.—BOND ELECTION—An election is said to have been
called for Oct. 5, in order to vote on the proposed issuance of $70,000 in
construction bonds, to be used in connection with a Public Works Ad¬
SUWANEE COUNTY
ALTON, 111.—BOND PURCHASE CONTRACT COMPLETED—It is
reported that the municipality has completed arrangements for the private
sale to C. W. McNear & Co. of Chicago of a bond issue of approximately
$2,000,000 in order to finance acquisition of the facilities of the Alton
Water Co.
The ordinance providing for the project and the financing is
scheduled to be considered by City Council on Sept. 22.
The bond sale
contract, according to report, has been completed subject to passage of the
legislation.
In answer to reported criticism of the city's failure to offer
the loan at competitive sale, city officials declared that the Chicago bond
house which was awarded the contract was selected following a careful
survey among Chicago investment houses recommended by the Illinois
Commerce Commission.
It was reported in these columns last August that the city proposed to sell
an issue of $1,860,000 water plant bonds to C. W. McNear & Co., Chicago.
BYRON, III.—BONDS AUTHORIZED—The City Cuoncil recently
passed an ordinance authorizing the issuance of $26,000 water and sewer
CHICAGO, 111.—PROTEST 1935 TAX RATE—Attorneys representing
a group of large taxpayers before County Judge Edmund K. Jarecki pressed
objections to the 1935 tax rate on Sept. 2.
The case affects about $15,000,000 in taxes of the entire levy.
Arguments centered about the legality
of the application of the pegged-levy statute by the city council.
Attorney George P. Foster, leading the arguments on this point, de¬
clared that the effect of the council's application of the statute was to
increase the rate of the original levy, which he contended was illegal.
He
said that a maximum of $1.29 per $100 of assessed valuation was fixed in
the original tax levy of Jan. 22, 1935.
In July of that year the Legislature
authorized the city to levy a supplemental tax, pegging the levy at $36,000,000 and the following month the council levied a spuplemental tax.
Foster contended that in order to obtain this supplemental levy, a rate
of only about 24 cents per $100 assessed valuation was required, which,
added to the original rate of $1.29 would have made a total of $1.53 per
$100 valuation.
the rate clerk in the County
Instead, he declared,
assessed valuation.
based on the corporate fund, but It was stipulated
Corporation Counsel Otto S. Fasig, rep¬
resenting the city, that the arguments also would apply to the library fund,
the municipal tuberculosis sanitarium fund and the retirement and annuity
plus, per $100
His arguments were
between
himself and Assistant
benefit fund.
Specific objections to the rate on
Attorney Adelbert Brown.
Fasig, arguing Foster's point that
used
as a
basis for
until after the tax levy was
27, 1936.
TOWNSHIP HIGH SCHOOL DISTRICT, Saline
111.—BONDS PUBLICLY OFFERED—btix & Co. of St. Louis
offering of a new issue of $82,500 3H % school building
bonds at prices to yield from 2.70 to 3.20%, according to maturity.
Dated
June 1, 1937, and due serially on Jan. 1 from 1943 to 1953, incl.
Principal
and semi-annual interest (J. & J.) payable at the City National Bank,
Harrisburg.
Legal opinion of Chapman & Cutler of Chicago.
The
bankers were awarded this issue at 103.28, a 3.14% interest cost basis, as
previously reported in these columns.—Y. 145, p. 1933.
the public
Financial Statement
Total bonded debt
(estimated) 20,000.
of the indebtedness of
does not include the
Saline County, which
$400,000, or of the City
$40,000
Harrisburg Township
to
$40,000, having met
instalment
on
of
all semi-annual interest coupons
SALT
SCHOOL DISTRICT NO.
G. Skeel, Clerk Board
Bell Teletype: SL K-372
the
voters
will pass on a
ELECTION—At an election
proposal to issue $20,000 sewage
bonds.
INDEPENDENT SCHOOL DISTRICT, Cla.s
previously
will
A, No. 1 (P. O. Pocatello), Idaho—BOND OFFERING—As
reported in these columns, G. G. Wells, Clerk Board of Trustees,
set for Oct. 23
disposal plant
«
NAPERVILLE, 111.—BONDS
SOLD—The $40,000 water revenue
bonds
been sold.
PRINCETON, 111.—BOND SALE—The $100,000 electric light plant
revenue bonds offered Sept. 20—V.
145, p. 1933—were awarded to the
Citizens First National Bank and the First State Bank, both of Princeton,
recently authorized by the
IDAHO
BANNOCK COUNTY
86 (P. O. Joliet), 111.—BOND
of School Inspectors, will receive
(Central Standard Time) Oct. 4 for the purchase of $55,000
coupon, registerable as to principal, school building bonds.
Bidders are
to name rate of interest, not to exceed 5 %.
Denom. $1,000. Dated Oct. 1,
1937.
Interest payable Jan. 1 and July 1.
Due $15,000 July 1, 1953;
$10,000 July 1, 1954, and $30,000 July 1, 1956.
Certified check for $500
required.
Legal opinion of Champan & Cutler of Chicago is to be paid for
by the purchaser, who is to supply the blank bonds.
bids until 7p.m.
MONTICELLO, 111.—BOND
LAKE CITY
Wasatch 3221
and the annual
maturity. The district has always
and currently has approximately $58,000
principal promptly at
OFFERING—J.
Phone
has a debt of approximately
High
hand.
JOLIET
FIRST SECURITY TRUST CO.
district's proportionate share
has a debt of approximately
of Harrisburg, which
School District, Saline County, 111., is
situated in the southeastern part of the State.
The district covers an entire
township, having an area of approximately six square miles, and includes the
City of Harrisburg (population, 1930 census, 11,600).
This district issued $140,000 of bonds in 1922, and has reduced this issue
cash
MUNICIPALS
$4,995,254.00
122,500.00
58,814.87
1936
(including this issue)
hand as of Sept. 2, 1937
Assessed valuation,
operated on a balanced budget
UTAH—IDAHO—N EVADA— MONTANA—WYOMING
extended and was not
HARRISBURG
The above statement
WANTED
by
County,
announce
Population
the bid.
OFFERINGS
the benefit fund were advanced
the 1935 valuation should have been
extending the levy, pointed out that the 1935 valuation
did not become known
fixed until July
GEORGIA
^ALBANY, Ga.—BOND OFFERING—Sealed bids will be received until
7:30 p. m. on Oct. 1, by S. T. Dillingham, City Clerk, for the purchase of
three issues of bonds aggregating $155,000, divided as follows: $75,000
junior high school construction; $20,000 negro school buildingk and $60,000
water works system construction bonds.
These bonds were approved by
the voters at an election held on Sept. 16.
No bid for less than par shall be
considered.
All bonds will be sold expressly subject to validation by the
Superior Court of Dougherty County.
A, certified check for $1,000, ad¬
dressed to the Clerk of the Board of City Commissioners, must accompany
Clerk's office added
original levy to the supplemental levy and applying this
assessed valuation, that of 1933, obtained a rate of $1.76—
the amount of the
to the last known
Cash balance on
ministration grant.
*
bonds.
systems revenue
City Council have
Volume
jointly,
as
145
3s at
Financial
price of
a
Dec. 1 from 1938
Dated Dec. 1, 1937 and due $10,000
par.
on
1947 inclusive.
to
ROCK FALLS SCHOOL
DISTRICT, 111.—BONDS SOLD—An issue
building bonds has been sold to the White-Phillips Co.,
of $7,500 school
Inc. of Chicago.
Other bids
follows:
were as
_
*
Rate Bid
White-Phillips Corp., Davenport-
„
—
Vieth, Duncan, Worley & Wood, Davenport
1957, incl.
96.58
95.20
will offer for sale
MUSCATINE
bonds has been sold to Ballman & Main of Chicago.
ALEXANDRIA,
Ind.—BOND OFFERING— Sealed bids addressed to
Madden, City Clerk, will be received until noon on Oct. 16
purchase of $10,000 4% park bonds. Dated Oct. 16, 1937. Denom.
$1,000.
Due $1,000 annually.
Florence E.
1934.
The bonds bar interest at 2 X6 % and were sold at
equal to 100.013.
p.
(P.
O.
Delphi),
Ind.—BOND
SALE—The
$88,000 Lockport Bridge bonds offered on Sept. 20—V. 145, p. 1617—were
awarded to the Harris Trust & Savings Bank of Chicago, as 2X6s, at par
plus a premium of $121, equal to 100.1375, a basis of about 2.48%.
Dated
Sept. 15, 1937.
Due $4,000
on
May 15 and Nov. 15 in each of the
years
from 1938 to 1948.
EAST
issue
CHICAGO
of
SCHOOL CITY, Ind.—WARRANT SALE—The
time warrants offered Sept. 22—V. 145, p. 1934—was
3Ms to the Union National Bank of East Chicago.
$40,000
awarded
as
GREENDALE
(P. O. Lawrenceburg), Ind.—BONDS SOLD—The
"utility department purchased earlier in the year an issue of $15,000
4% street improvement bonds.
town's
LAKEVILLE,
these columns—V.
Ind.—BOND OFFERING—As previously reported in
145, p. 1771—W. Glen Houser, Town Clerk-Treasurer,
will receive bids until 8 p. m. (Central Standard Time) today (Sept. 22)
for the purchase at not less than par of an issue of $15,000 4% waterworks
revenue
bonds.
Denom. $500.
Dated Oct.
1, 1937.
Principal and semi¬
annual interest (April 1 and Oct. 1) payable at the office of the Town
Clerk-Treasurer.
Due $500 yearly on Oct. 1 from 1939 to 1968.
Certified
check for $500, payable to the town, required.
Approving opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished by the
town.
■
follows:
$10,000 from 1943 to 1949 incl. and $10,560.16 in 1950.
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc
Harris Trust &
Fletcher
Trust
2M %
2% %
2%%
2%%
2% %
2% %
2% %
22£%
3%
3%
Savings Bank
Co
Lawrence Stern & Co
Brown Harriman & Co
City Securities Corp
Stranahan, Harris & Co
j.
Merchants National Bank of Muncie
A. S. Huyck & Co
& Huncilman.
McNurlen
Premium
$1,063.40
675.00
635.00
291.00
264.00
120.00
103.30
20.80
634.20
485.00
ORANGE
TOWNSHIP SCHOOL TOWNSHIP (P. O.
Glenwood),
issue of $9,000 2%% school building bonds.
May 15, 1937.
Denom. $600.
Legality approved by Matson,
Ross, McCord & Clifford of Indianapolis.
Ind.—BONDS SOLD—An
Dated
SHAWSWICK SCHOOL TOWNSHIP (P. O. Bedford), Ind.—BOND
C. Ray, Township Trustee, will receive bids until
OFFERING—Norris
10
a.
Oct. 11 for the purchase of an issue of $7,500 bonds.
m.
OTTUMWA, Iowa—BOND OFFERING DETAILS— In
a.
m.
Oct. 9 for the purchase of $34,000 not to exceed 4% interest
Dated Sept. 1, 1937. Denoms. $500 and $250. Interest
on
offering
scheduled
for
24,
Sept.
of the
$10,000
connection with
grade
fund
bonds,
report on which appeared in these columns recently—V. 145,
p. 1934—it is
now stated that tne bonds are dated Oct.
1, 1937, and mature $2,000 from
Nov. 1,1943 to 1947 incl. The approving opinion of
Seipp, Perry, Bannister
& Starzinger, of Des Moines, will be furnished.
SAC COUNTY
(P. O. Sac^City),
and
Iowa—BOYD OFFERING—Sealed
open bids will be received by Iva Bilbrey, County
Treasurer, until
Oct. 4 at 2 p. m. for the purchase of a $250,000 issue of
primary road bonds.
Bidders to name the rate of interest in multiples of
Xi of 1%, and must
be the same for all of the bonds.
Dated Oct. 1, 1937.
Due
follows:
on
$15,000,
May 1
as
1948; $175,000, 1949, and $60,000 in 1950.
Purchaser
blank bonds and the county will furnish the
approving opinion
Chapman & Cutler of Chicago.
Bids to be on forms furnished by the
County Treasurer or the State Highway Commission at Ames.
A certi¬
fied check for 3 %, payable to the County
Treasurer, must accompany the bid.
to furnish
of
WOODBURY COUNTY
(P. O. Siuox City), Iowa—BOND SALE—
The $150,000 issue of funding bonds offered for sale on
Sept. 20—V. 145,
1934—was awarded to Brown Harriman & Co., Inc., of
Chicago, as
paying a premium of $1,851, equal to 101.234, a basis of about 2.60%.
Dated Sept. 1, 1937.
Due $50,000 on Jan. 1, 1945, and $25,000 from
Jan. 1, 1946 to 1949.
p.
2
WORTH
COUNTY
(P.
O.
Northwood),
OFFERING—Louie Mostrom, County Treasurer,
1:30 p. m. Oct. 1 for the purchase of $12,000
Bidders
are to name rate
of interest, in a
Iowa—CERTIFICATE
will
receive
bids
until
anticipatory, road certificates.
multiple of Xi %.
Dated Oct. X,
1937.
Due on or before Dec. 15, 1938, at option of the
county.
check for 3% required.
Certified
KANSAS
ATCHISON
COUNTY
(P.
O. Atchison)
$25,000 2X6%
Kan.—BOND SALE—The
semi-aim. county bonds offered for sale on Sept. 18—V.
145, p. 1934—were purchased by Stern Bros. & Co. of Kansas
City, at a
price of 101.35, a basis of about 2.24%. Dated Sept. 1, 1937.
Due from
Sept. 1, 1938 to 1947 incl.
HOLYROOD SCHOOL DISTRICT NO.
24, Kan.—BOND ELECTION
Sept. 27 for the purpose
—The Board of Education is holding an election on
of voting on a proposal calling for the issuance of
bonds.
INDEPENDENCE.
$5,000 2X6%
school
heimer Co. of Kansas
and Sept.
$30,000 school building
•
Kan.—BONDS
bonds
were
City, Mo.
1 in 1938.
SOLD—We
are
informed "That
purchased recently by the Baum, BernDue $1,000 on May, June,
July, August,
JOHNSON COUNTY SCHOOL DISTRICT NO. 4
(P. O.
Kan.—BOND OFFERING—L. L. Locke, Clerk Board of
Springh.ll),
Directors, will
receive bids until 8 p. m. Sept. 27 for the purchase of
school building bonds.
Denom. $1,000.
Dated
$18,000 3% coupon
Sept. 1, 1937.
Principal
and semi-annual interest (Feb. 1 and
Aug. 1) payable at the office of the
State Treasurer.
Due $1,000 yearly on Aug. 1 from 1939 to
1946.
Cer¬
tified check for 2% of amount of bid required.
MARION, Kan.—BOND SALE-^-Of
UNION TOWNSHIP (P. O. Fort Branch), I nd.—BOND OFFERING—
bids addressed to Trustee James D. Foster will be received until
Sealed
10
premium of $5,
OELWEIN, Iowa—MATURITY—In connection with the sale of the
$14,000 funding bonds to the Carleton D. Beh Co. of Des Moines, as 3^Cs,
noted here recently—V. 145, p. 1772—we are now informed that
the bonds mature on June 1 as follows: $500, 1938,
$1,000, 1939 to 1950,
and $1,500 in 1951.
•
MUNCIE, Ind.—BOND SALE—The $80,560.16 funding bonds'offered
Sept. 20—V. 145, p. 1617—were awarded to the Muncie Banking Co. of
Muncie, as 2X6s, at a price of par.
Dated July 1, 1937.
Due June 15 as
a
at par, as
for the
COUNTY
COUNTY
(P. O. Muscatine), Iowa—AMOUNT OF
BOND SALE—Although the county offered $30,000
county relief bonds for
on Sept. 14 $37,000 bonds were awarded to the Carleton D.
Beh Co.
of Des Moines, not $30,000 as was reported in these
columns—Y. 145,
the
INDIANA
the City Council
block of $2,419.74 5% street improvement bonds.
a
sale
WILMETTE, 111.—BONDS SOLD—An issue of $30,000 3% water main
CARROLL
2107
for sale on Sept. 20—'V. 145, p. 1771—was awarded to the First National
Bank of Chicago, as 2Ms, paying a premium of $730,
equal to 100.97, a
basis of about 2.64%.
Dated Oct. 1, 1937.
Due from Oct. 1, 1938 to
MUSCATINE, Iowa—BOND OFFERING— On Oct. 7
ROCK ISLAND COUNTY UNITED TOWNSHIP HIGH SCHOOL
DISTRICT NO. 30 (P. O. East Moline), 111.—BOND SALE—The $50,000
3% coupon, registerable as to principal only, school building bonds offered
Sept. 21—V. 145, p. 1933—were awarded to Paine, Webber & Co. of Chi¬
cago, at a discount of $1,444, equal to 97.11, a basis of about 3.32%.
Dated Dec. 1, 1936, and 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.
Bidder
Chronicle
gymnasium bonds.
payable J. & J.
the $15,000 city hall construction
on
Sept. 13—V. 145, p. 1772—$8,000 2H% bonds were
Callender, Burke & MacDonald of Kansas City,
Mo., at a
price of 99.50.
These bonds mature $2,000 yearly on Oct. 1 from 1941
to 1944.
The remaining bonds, bearing 1% interest, were taken
by the
city.
These mature on July 1 as follows:
$3,000 in 1938 and $1,000 from
bonds
offered
awarded
to
1941 to 1944.
MARSHALt!
IOWA
CEDAR FALLS, Iowa—BOND ELECTION—An election has been called
for Oct. 12 at which a proposal to issue $75,000 dam construction bonds
will be submitted to
a vote.
DES MOINES COUNTY
(P. O. Burlington), Iowa—BOND SALE—
The $100,000 issue of funding bonds offered for sale
on Sept. 20—V.
145,
1934—was awarded to the White-Phillips Corp. of Davenport, as 2%s,
paying a price of 100.662, according to the County Treasurer.
The second best bid was an offer of 100.661, tendered by the Carleton
D. Beh Co. of Des Moines, while the next highest was a tender of
100.628,
submitted by Stern Bros. & Co. of Kansas City.
The W. D. Hanna Co. of
Chicago, offered 100.555.
p.
COUNTY
(P. O. Marysville), Kan.—BOND SALE—
The county has sold an issue of $14,500 2M% bonds to the
Dunne-Israel
Investment Co. of Wichita at a price of 99.51. Due
serially in 10
NEWTON,
Kan.—BOND
SALE—The
$225,000
2%
years.
coupon
School
District No. 1 building impt. bonds offered on
Sept. 21—V. 145, p. 1772—
were awarded to the Small-Milburn Co., the
Brown-Crummer
Investment
Co., both of Wichita, and Stern Bros. & Co., Kansas City, Mo.,
jointly,
at a price of 94.85, a basis of about
2.56%.
Dated May 1, 1937.
Due
Aug. 1 as follows: $11,000, 1938 to 1952; $12,000, 1953 to 1957.
The City
National Bank & Trust Co. of Kansas City submitted a bid of
94.702.
OBERLIN COMMUNITY SCHOOL DISTRICT
(P. O. Oberlin).
Kan.—PURCHASER—The $150,000 high school bonds sold
recently by
145, p. 1618—were purchased by Estes & Co. of Topeka
at par.
Of the bonds, $44,000 bear interest at 2%%, maturing $7,000
in 1938, $8,000 in 1939, $9,000 in 1940, and
$10,000 in 1941 and 1942;
$51,000 bear interest at 3%, maturing $10,000 yearly from 1943 to
1946,
and $11,000 in 1947; and the remaining $55,000 bear
interest at 3X6%
and mature $11,000 yearly from 1948 to 1952.
the district—V.
EMMETSBURG,
called
plant
an
election
revenue
Iowa—BOND
for
Oct.
14
at
ELECTION—The
which
bonds will be submitted to
a
a
City Council has
proposal to issue $79,000 gas
vote.
HAMPTON INDEPENDENT SCHOOL DISTRICT (P. O.
Iowa—BOND
OFFERING—F.
H.
Ridgeway, District
receive bids until 1 p. m. Sept.
28 for the purchase of
an
Hampton),
Secretary, will
issue of $120,000
school building bonds.
bonds
IOWA CITY, Iowa—BOND SALE—The $35,000 issue of
community
building bonds offered for sale on Sept. 20—V. 145, p. 1934—was awarded
to the White-Phillips Corp. of Davenport, as 2%s,
paying a premium of
$10, equal to 100.028, we are advised by the City Clerk.
Dated Sept. 1,
1937.
Due from Nov. 1, 1939 to 1954.
IOWA
A
FALLS
SCHOOL
DISTRICT, Iowa—BONDS DEFEATED—
building bonds was defeated by the
proposal to issue $50,000 school
voters at a recent election.
1939 to 1943 incl.
The bonds
coupon
is
JOHNSON
The $36,000
awarded
to
COUNTY (P. O. Iowa City), Iowa—BOND SALE—
funding bonds offered on Sept. 24—Y. 145, p. 1934—were
White-Phillips Corp. of Davenport, as 3s, at par plus a
the
fremiumMay 1 and Nov. 102.013, a basis of about 2.81 %. Nov. 1 in 1950;
10,000 of $761, equal to 1 in 1949; $5,000 May 1 and
Due as follows:
and
$6,000 May 1, 1951.
KENSETT SCHOOL TOWNSHIP (P. O.
Kensett), Iowa—BOND
SALE—The $3,250 school building bonds offered on Sept. 9—V.
145, p. 1618
—were awarded to the Carleton D. Beh Co. of Des Moines as
2%s, at par
par plus a premium of $32.50, equal to 101, a basis of about 2.33 %.
Dated
Sept. 1, 1937.
Due $1,250 March 1, 1939 and $1,000 March 1 in 1940 and
1941.
LYON COUNTY (P. O. Rock Rapids), Iowa—BOND OFFERING—
It is stated by L. J. Dehn, County Treasurer, that he will receive sealed
and open bids until Oct. 5 at 3. p. m. for the purchase of a
$250,000 issue
of primary road bonds.
1949, and $60,000 in
on Sept. 20 and was awarded to the
Bennington State Bank,
Due $500 on March and Sept. 1 in each of the years from 1939 to
1948, incl.
SABETHA, Kan.—BONDS SOLD—It is stated by Lulu
Christensen,
City Clerk, that the $45,000 electric plant revenue bonds authorized in
June, as noted in these columns at the time—V. 144, p. 4218—have been
sold.
•
;
COUNTY
(P. O. Wichita), Kan.—BOND SALE—A
$40,000 issue of 2X6 % semi-annual public works relief bonds was offered for
sale on Sept. 18 and was awarded to Stern Bros. & Co. of
Kansas
a premium of $14.53, eaual to
Dated Sept. 1, 1937.
Due $4,000 from
paying
City,
100.03, a basis of about 2.49%.
Sept. 1, 1938 to 1947, inclusive.
SEDGWICK, Kan.—SUIT FILED AGAINSTIBONDS-'The
bonds in the denom. of $1,000 each, dated Sept. 1,
payable semi-annually on May 1 and Nov. 1.
Due
$5,000 on Nov. 1 in 1939, 1950 and 1941; $6,000 Nov. 1, 1942, and $2,000
Nov. 1, 1943.
are
Interest
offered
at par.
SEDGWICK
JEFFERSON COUNTY (P. O. Fairfield), Iowa—BOND SALE—The
$23,000 issue of funding bonds offered for sale on Sept. 20—V. 145, p. 1934—
was awarded to the Carleton D. Beh Co. of Des
Moines, as 2X£s, paying a
premium of $161, equal to 100.70, a basis of about 2.06%.
Due from
1937.
OTTAWA COUNTY SCHOOL DISTRICT NO. 3
(P. O. Bennington),
Kan.—BOND SALE—An issue of $10,000 2X6 % semi-ann. school
was
Due
1940.
May 1 as follows:
$15,000,1948: $175,000.
A certified check for 3% must accompany
on
Gas Serivce
Co. of Wichita filed a suit in district court on Sept. 17 to set aside a
$25,000
municipal gas plant bond issue voted by the city and a gas purchase contract
signed by the city with the Drillers' Gas Co.
The petition contends the
bond issue voted on June 15, should be set aside because
voters "were led
to believe they were voting for a municipal gas
plant when in reality they
were voting only for the physical properties of such a
plant."
SEDGWICK
COUNTY
CONTEMPLATED—It is
(P.
O.
Wichita), Kan.—BOND
reported" that
the county is
offering of $150,000 relief bonds.
OFFERING
laying plans for the
WAKEENEY, Kan.—BOND SALE DETAILS—It is liow reported by
the City Clerk that the $19,000 3 X6 % semi-annual
municipal building bonds
sold recently, as noted in these columns—V
145, p. 1772—were purchased
by Beecroft, Cole & Co. of Topeka for a premium of $339.15,
equal to
101.785, a basis of about 3.17%.
Due on Aug. 1 as follows: $1,000, 1938.
and $2,000 in 1939 to 1947, incl.
.
BOND SALE NOT CONSUMMATED—It is also
reported that the sale
of the $15,000 4% municipal building bonds on
July 22 to the Columbian
Securities Corp. of Topeka as noted in these columns at that
time, was not
consummated.
WAMEGO
has sold
an
SCHOOL
DISTRICT, Kan .—BOND SALE—The district
issue of $99,000 school
building bonds
to L. C. Atkins & Co. of
the bid.
Topeka.
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Mason
City), Iowa—BOND SALE—The $75,000 issue of refunding bonds offered
WHITE CITY, Kan.—BOND SALE—The
city has arranged to sell
issue of $28,879.40 bonds to the First National Bank of
White City.
an
Financial
2108
Chronicle
1935—are dated June 1,
KENTUCKY
years.
Denom. $1,000.
JEFFERSONTOWN, Ky.—BONDS AUTHORIZED—B. H. Farnsley,
authorized the town to float a $110,000 bond
VANCEBURG,
Nov. 2
a
Ky.—BOND ELECTION—AX, the general election on
and power plant revenue
proposition to issue $148,000 electric light
bonds will be submitted to
a
vote.
WILLIAMSTOWN, Ky.—BOND ELECTION—At the coming general
election Nov. 2, the voters of the city will pass on a proposition to issue
$90,000 electric light and power plant revenue bonds.
LOUISIANA
BEVERLY, Mass.—LOAN OFFERING—John C. Lovett, City Treas¬
sealed bids until 11 a. m. on Sept. 29 for the purchase at
discount of $100,000 current year revenue anticipation notes.
Dated
Sept. 29, 1937.
Denoms. $25,000, $10,000 and $5,000.
Due Dec. 15,
1937.
Payable at the First National Bank of Boston, or at the Central
Hanover Bank & Trust Co., New York City.
Notes will be authenticated
as to genuineness and validity by the First National Bank of Boston, under
advice of Ropes, Gray, Boyden & Perkins of Boston.
They will be delivered
on or about Sept. 30, 1937, at the 17 Court St.
Office of the First National
Bank of Boston, or at the Central Hanover Bank & Trust Co., New York
urer, will receive
City.
DISTRICT,
Tax Collections
La.—BOND ELECTION—
An election will be held in the district on Nov.
9 to vote on a proposed $30,-
ARNAUDVILLE
SCHOOL
SCHOOL
Levy
Uncollected Sept. 15,1937
$1,423,556
$394
Year
1935
000 bond issue for school construction.
CHOUDRANT
DISTRICT,
Callable after five
1937, and mature in 1952.
Interest payable J. & D.
MASSACHUSETTS
Circuit Judge, is said to have
issue for the establishment of a water system.
1937
25
Sept.
La.—BONDS
special election the voters of the district approved a
$30,000 high school building bonds.
recent
VOTED—At a
proposal to issue
1936..
1,430,256
Tax titles, $63,713; tax title loans, $58,111; valuation,
22,626
1936, $42,315,275.
Mass.—BONDS AUTHORIZED—At a town meeting
bond issue of $135,000 for high school purposes was authorized
BROOKLINE,
La.—BOND SALE—
bonds offered on Sept. 23
Inc., of New Orleans, as
4s, at par plus a premium of $11, equal to 100.036, a basis of about 3.99%.
Dated Sept. 1, 1937.
Due Sept. 1 as follows: $2,500, 1938 and 1939;
$3,000, 1940 to 1945; and $3,500 in 1946 and 1947.
JEFFERSON DAVIS PARISH (P. O. Jennings),
The issue of $30,000 jail and parish office building
—V. 145, p. 1772—was awarded to Weil & Co.,
LOUISIANA, State of—BONDED DEBTS OF PARISHES COMPILED
—Scharff & Jones, Inc., Whitney Building, New Orleans, have prepared a
statement showing the bonded debt of all parishes as of July 15, 1937, in¬
cluding both parish-wide and district bonds, but exclusive of levee disricts.
Other statistics included in the circular are those on 1936 assessed
values, parish-wide limited and unlimited tax debt, and percentage of parishwide debt.
on
Sept. 14
a
for issuance.
CAMBRIDGE, Mass.—NOTE SALE—On Sept. 20 an issue of $500,000
July 15, 1938, was awarded to Jackson &
basis, plus a premium of $3.33. Other
temporary loan notes, payable
Curtis of Boston on a .76% discount
bidders were:
Discount
.774%
Name—
First National Bank of Boston
j
Faxon & Co., Boston
.78%
E. H. Rollins & Sons, Boston
.794%
.82%
.823%
Whiting, Weeks & Knowles, Boston
Second National Bank of Boston
FRAMINGHAM, Mass.—NOTE SALE— The issue of $150J)00 notes
23 was awarded to the Second National Bank of Boston, at
0.71% discount. Due $50,000 each on June 30, July 29 and Aug. 31, 1938.
Other bids were as follows:
offered Sept.
O. Alexandria), La.—BONDS VOTED—AX,
the election held on Sept. 14—V. 145, p. 1295—the voters approved the
issuance of the $351,814.89 in courthouse and jail construction bonds by a
count of 755 to 499.
The bond issue will be supplemented by a Federal
grant of 45% of the total cost of the proposed structure, which is in the
neighborhood of $585,000.
RAPIDES
PARISH
(P.
TROUT-GOOD PINE SCHOOL DISTRICT NO. 21, LaSalle
La.—BOND ELECTION—A proposal to issue $25,000 high school
bonds will be submitted to a vote on Sept. 28.
WEST MONROE,
Parish,
bu81ding
La —BOND OFFERING—L. L. Wood, City Clerk,
29 for the purchase of $25,000 public
will receive bids until 10 a. m. on Sept.
improvement bonds bearing interest at no more than 6%.
Denom. $500.
Dated Oct. 1, 1937.
Interest payable April 1 and Oct. 1.
Due on Oct. 1
as follows: $2,000, 1938 to 1940; $2,500, 1941 to 1944, and $3,000, 1945 to
1947.
Certified check for $500, payable to the Mayor, required.
Discount
Bidder—
Chace, Whiteside & Co
^__0.73%
Merchants National Bank of Boston
—0.76%
Whiting, Weeks & Knowles
0.913%
HOLYOKE, Mass.—BOND SALE—The $100,000 coupon gas and elec¬
tric light bonds offered Sept. 22—V. 145, p. 1935—were awarded to the
Second National Bank of Boston, as 2s, at a price of 100.534, a basis of
about 1.90%.
Dated Oct. 1, 1937 and due $10,000 on Oct. 1 from 1938
to 1947 incl.
complete list of the unsuccessful bids:
Int. Rate
Rate Bid
LIST OF BIDS—Following is a
Bidder—
Tyler & Co_
2%
2%
2%
First National Bank of Boston
E. H. Rollins & Sons, Inc
LEWISTON, Me.—BOND SALE—The $158,000 coupon refunding water
bonds offered on Sept. 20—V. 145, p. 1935—were awarded to Pierce, White
& Drummond of Bangor on a bid of 102 35 for 2%s, a basis of about 2.54%.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows: $6,000, 1938 to 1963, and
$2,000 in 1964.
Among other bidders, bidding for 2%s, were:
Name—
Price Bid
Lazard Freres &
101.74
101.408
Chace, Whiteside & Co., Boston
Rate Bid
101.79
Int. Rate
Bidder—
2%
E. H. Rollins & Sons, Inc
-
—2A%
2H%
Chace, Whiteside & Co
Kimball, Ware & Co
Frederick M. Swan & Co
101.408
101.388
•
3%
...
...
101.839
Kennedy, Spence & Co_.
.........
3%
101.71
Brown Harriman & Co
...........
3%
101.279
100.412
Stone & Webster and
3%
3%
3%
3A %
Blodget, Inc..........
Arthur Perry & Co..
P. H. Morton & Co...
........
First Boston Corp
100.27
100.24
101.788
MARYLAND
BALTIMORE,
Md.—REVENUES
GREATLY EXCEED
DISBURSE¬
MENTS DURING FIRST EIGHT MONTHS— Revenue collected by Balti¬
more in the fitst eight months to Aug. 31, exceeded expenditures by $10,-
457,985, according to the monthly report issued by Herbert Fallin, munic¬
ipal budget director.
This compares with an excess in receipts over ex¬
penditures of $9,178,607 in the like period of the preceding year.
In the
first eight months of 1935 revenue exceeded expenditures by $9,862,667.
City taxes and other accounts collected totaled $40,262,730, or 87.08%
of the year's estimated lev(y of $46,236,060.
This compares with $38,332,607 collected in like period of preceding year, or 84.44% of the estimated
amount of $45,396,338.
This year's budget is based on the collection of
91.50% of the total current levy as against 90% in the preceding year.
Current real estate taxes collected as of Aug. 31, last, amounted to
$23,118,656, or 92.78% of the estimated $24,917,026 to be collected this
against $21,676,319 or 91.18% a year previously.
Current personal property taxes collected during the first eight
months
totaled $3,178,654, or 63.34% of the estimated $5,018,589 to be collected
this year against $2,778,302 or 61.94% a year ago.
Delinquent tax col¬
lections amounted to $2,269,292, or 68.76% of the estimated $3,300,000 to
be collected this year.
This compares with $2,499,522 collected in the same
period of 1936, or 71.41% of the year's total of $3,500,000.
Operating expenditures totaled $21,223,456, or 65.01% of the $32,647,455 total operating appropriations for the year.
In the same period last
year operating expenditures totaled $20,836,814, equal to 65.26% of the
year's $31,931,059 operating appropriations.
Co., Inc
2%
CHARLES
COUNTY
(P.
O.
La
Plata),
Md.—BOND OFFERING—
school bonds.
Dated Sept.
1, 1937.
Denom. $1,000.
Due
$1,000 each Sept. 1 from 1938 to 1962 incl.
Principal and interest (M. & S.)
payable at the County Treasurer's office.
A certified check for $1,000,
payable to the order of the Board of County Commissioners, must accom¬
pany each proposal.
".j,
coupon
CUMBERLAND, Md.—TO ISSUE $100,000 BONDS—The Mayor and
City Council has authorized Harry W. Matheney, Finance Commissioner,
$100,000 improvement bonds.
to issue
HOWARD COUNTY (P. O. Ellicott City), Md.—BOND OFFERING—
John L.
Iglehart, Clerk of the Board of County Commissioners, will receive
sealed bids until 2 p. m. on Oct. 12 for the purchase of $45,000 3% coupon
school
building bonds.
Dated Oct. 15,
1937.
Denom. $1,000.
Due
$3,000 each Oct. 15 from 1938 to 1952 incl.
Interest payable A. & O. 15.
A certified check for $1,000 must accompany each proposal.
The bonds are
to be exempt from State, county and municipal taxation in Maryland, and
will remain a direct obligation of the county.
MARYLAND (State of)—MOTION FOR REHEARING ON BUILDING
BOND
ISSUE
has denied
unanimous
Jones,
.DENIED—The Maryland Court of Appeals at Annapolis
the motion for rearguinent In the State office building case by
decision.
The motion was filed with the Court by Willis R.
counsel
for
the
Maryland
Classified
Employees
Association
and
attorney for Harvey G. Bickel.
The
Appellate Court, in unanimous decision rendered last July, had ruled
that the $1,000,000 State bond issue bill passed by the 1937 Legislature for
construction of a State office building at Annapolis was constitutional and
not
subject to
a
Officials said
popular referendum.
the decision
of the Court today ends-legal
action
on
the
building case.
The initial instalment of $100,000 2%% bonds of
on Oct. 6, as previously reported in these columns.
the issue will be sold
OAKLAND, Md.—BOND SALE DETAILS—'The $13,000 4%
reservoir
at a
construction
bonds sold
to
the
First National
coupon
Bank of Oakland
price of 102.53, as previously reported in these columns—V. 145, p.
100.197
100.179
100.079
2%
100.029
2A%
2A%
2A%
2A%
2A%
2M%
2A%
Hoi yoke National
Bank
Kennedy, Spence & Co
Goldman, Sachs & Co
—
-
-
101.079
101.051
101.006
100.91
100.77
100.691
—
Salomon Bros. & Hutzler
100.377
2)5%
Washburn & Co
2A %
100.320
,
100.12^
Mass.—MUNICIPAL UTILITY DATA—In connection
10-year gas and electric light bonds
following statement:
acquired by purchase from the
Holyoke Water Power Co. a gas and electric plant, which has developed
into one of the most successful municipally-owned and operated plants in
the country.
The Gas and Electric Department has not only increased and
enlarged its plant to meet the growing demands, but has also gradually
reduced its rates to the lowest in the country, as well as paying an annual
tax of some $22,500, all out of earnings and without a cent of cost to the
HOLYOKE,
with
a
forthcoming sale of $100,000
dated Oct. 1, 1937, the city has issued the
On Dec. 15, 1902, the City of Holyoke
city.
While the Gas and Electric bonds are general
obligations of the city, the
Department has always paid its bonds out of earnings.
The record-breaking flood of March, 1936, damaged the plant to the
amount of $205,000, all of which was paid from revenue and surplus.
The Department has also acquired three mill properties which are rented
out to small industries, bringing in a substantial revenue to the Department.
The combined manufacturing accounts for 1936 showed a profit of
$112,256.
Statistics
1936
1903
year
Bernard L. Perry, President of the Board of County Commissioners, will
receive sealed bids until noon on Oct. 11 for the purchase of $25,000 3H %
100.267
100.2379
2%
2%
2%
2%
Newton, Abbe & Co
Bancamerica-Blair Corp
Kidder, Peabody & Co
Blyth & Co
F. S. Moseley & Co...
First of Boston Corp
R. L. Day & Co
Burr & Co., Inc
Harris Trust & Savings Bank
100.438
100.337
100.334
100.306
100.271
2%
-
Estabrook & Co
E. H. Rollins & Sons, Boston.•_
100.513
2%
Chace, Whiteside & Co
Jackson & Curtis
MAINE
0.77%
—_ —
Leavitt & Co
Cubic feet of gas sent out__
Electricity sent out (kwh.)..
—
Maximum h. p. used
.
Horse power capacity.
......—
Cost of plant.
Less depreciation and obsolescence—
99,634,400
1,286,890
500
305,271,743
32,624,040
13,405
25,889
$7,196,165
3,324,259
_
„
$815,458
$3,871,906
Present book value of plant...
Bonds issued for
purchase in 1903
—
Additional bonds issued since
Total
bonds
$720,000
—
2,271,000
—
issued
$2,991,000
...
—-——
Bonds paid from earnings..
2,375,000
...
outstanding
...
$616,000
City's equity in plant (book value less bonds outstanding) — .
$3,255,906
All of the above bonds are in serial form, the final payment coming due
in 1947.
Annual payments vary from $92,000 in 1937 to $25,000 in 1947.
Bonds
now
Last bond issue in
Power
.
1927.
„
Rates—Vary from 3.10c. per kwh. for
.
.
the first 200 kwh. to 0.95c.
100,000 kwh.
Hours' Use—Vary from 1.20c. per kwh. for the first
25,000 kwh. to 0.85c. per kwh. for all over 100,000 kwh.
Lighting Rales—Vary from 4.0c. per kwh. for the first 50 kwh. to 2.5c.
per kwh. for all over 200 kwh.
Gas Rates—Vary from $1.25 per M cu. ft. for the first 2,500 cu. ft. to
$0.55 per M cu. ft. for all over 5,000 cu. ft.
per kwh. for all over
Power Rates for 24
,
^
^
,
1937
vehicle excise
j>.
Financial Statement Sept 15,
Assessed valuation 1936. including motor
including this issue
Self-supporting bonds included in total debt
Total bonded debt, not
$83,527,180
2,328,000
1,056,000
322,000
Water bonds
Gas and electric department
Holyoke & Westfield RR
Sinking funds
_
Net debt
j
f9341t^x°levyf$2.4'61.094;
616.000
118.000
None
1,272,000
„
uncollected Sept. 15, 1937, $7,483.15.
1935 tax levy, $2,356,321; uncollected Sept. 15. 1937, $19,601.48.
1936 tax levy, $2,333,200- uncollected Sept. 15. 1937. $86,030.25.
The 1936 valuation ($83,527,180) is 71% of the 1927 valuation ($117,-
068 780)
The present total bonded debt
d6To
^Uie^gas
($2,328,000) only 50% of 1930 total bonded
and electric department has issued $2,891,000 serial
bonds, of which $616,000 remain outstanding, the last instalment due in
1947.
The last previous issue for the department was in 1927.
(late
Volume
Financial
145
NEW
BEDFORD, Mass.—BOND SALE—Whiting, Weeks & Knowles
Boston purchased privately an issue of $400,000 2
coupon relief
of
bonds.
Dated Oct. 1, 1937.
Denom. $1,000.
from 1938 to 1947 inci.
Principal and interest
National Shawmut Bank, Boston.
Due $40,000 each Oct. 1
(A. & O.) payable at the
Legality approved by Storey, Thorn-
MIDLAND,
PINE GROVE AND BLOOMINGDALE TOWNSHIPS FRACTIONAL
NEWTON, Mass.—FINANCIAL S TA TEMENT—The following is given
improvement bonds
100.079, a basis of
Debt Statement
Outside Debt Limit—
School.
Water
City Hall
County Sanatorium
Soldiers, Sailors and
Marines Memorial..
Street Improvement..
*$163,000.00
1,154,000.00
640,000.00
586,000.00
297,000.00
200,000.00
140,000.00
120,000.00
90,000.00
61,002.34
45,000.00
titles
Building
193465
Sewer
564.000.00
School, fire alarm head¬
quarters & fire sta'n.
Building
252,000.00
79,000.00
40,000.00
5,000.00
4,000.00
Auburndale fire station
building
$3,496,002.34
Gross
$1,244,000.00
1,114,000.00
Street improvement
debt
$3,302,000.00
$6,798,002.34
x6,640,709.94
sinking fund of $157,292.40.
This is
Net debt
DISTRICT
NO.
5
(P.
O.
Gobies),
Mich.—BOND SALE
of the issue of $25,000 not to exceed 4% interest
school bonds proposed for Sept. 16 has been extended to Sept. 30.
They
are dated Sept. 15, 1937 and due $1,000 annually on Sept. 15 from 1938
1962, inclusive.
PLYMOUTH,
Gross
-
Service
SCHOOL
EXTENDED—Sale
to
1937)
15,
Within Debt Limit—
School
Land
Incinerator
Tax
(Sept.
Gross
Sewer
Mich.—BOND
SALE—The $33,000 special assessment
sewer bonds offered Sept. 20—V. 145, p.
1935—were awarded to Martin,
Smith & Co. of Detroit, as
2#s, at par plus a premium of $165, equal to
100 50, a basis of about 2.08%.
Dated Sept. 1, 1937 and due Sept. 1, as
follows: $6,000 in 1938 and 1939, and $7,000 from 1940 to 1942, incl.
dike, Palmer & Dodge of Boston.
in connection with the recent award of
$70,000 street
to the Second National Bank of
Boston, as 1%&, at
about 1.74%.—V. 145, p. 1935.
Washington Street
2109
Chronicle
*
For payment of which there is a
the only loan of the city for which there is a
sinking fund.
x Difference of
$157,292.40 represents the
sinking fund of that amount
applicable to the $163,000 Washington Street loan.
Borrowing Capacity
Average valuation for last three years (and 1934,1935,1936,
motor vehicles).
$169,836,213.28
Debt limit at 2^ % of $169,836,213.28
4,245,905.33
Debt within limit...
3,302,000.00
Mich.—OFFERINGS WANTED—Clarence H. Elliott,
City Manager, announces that he will receive sealed offerings until noon
Sept. 29 covering outstanding special assessment refunding bonds,
dated Nov. 1, 1935 and numbered from 1 to 30 incl.
Offers to show date
of maturity, number of bond and price at which offered and must be made
firm until noon on Sept. 30.
1
*
on
SOUTH LYON, Mich.—BOND OFFERING—W. C. Troost, City Clerk,
will receive sealed bids until 8 p. m. on Oct. 4 for the purchase of
not to exceed 6% interest sewer and sewage disposal plant bonds.
$12,000
Dated
1 from 1947 to 1958, incl.
The bonds are general obligations of the city and the approving legal
opinion of a reliable firm of bond attorneys will be furhnished the seccessful
bidder.
A certified check for $1,000 must accompany each proposal.
Nov.
1, 1937.
WARREN
Due $1,000 annually on Nov.
TOWNSHIP
SCHOOL
DISTRICT
NO.
5
(P.
O.
Van
Dyke), Mich.—TENDERS WANTED—Sealed tenders of refunding bonds
and
certificates
of
indebtedness
will
be
received
by
William G. Miller,
District Secretary, until 8 p. m. on Oct. 19.
They must fully describe the
type of obligations offered and state the sums for which sale will be made
to the district.
MINNESOTA
CALLAWAY SCHOOL
DISTRICT
(P.
O.
BONDS SOLD—It is stated by C. S. McArthur,
Callaway), Minn.—
Clerk of the Board of
Education, that $4,000 building bonds have been purchased as 3s by the
State of Minnesota.
«■■■■■■■■■■
The above statement does not
Assessed
$943,905.33
include the present offering of $70,000.
Valuation—Tax Collections
LAKEFIELD
Assessed valuation for 1936
.$171,297,487.72
Excluding the water debt, the net debt of city is 3.534% of the assessed
valuation.
Tax Collections for
Last Three Years
1934
1935
1936
$4,398,815.47 $4,447,584.38 $4,666,900.00
$425.93
3,410.99
96,205.31
Commitment
Outstanding Sept. 13, 1937
WAKEFIELD, Mass.—NOTE
SALE—'The Second National Bank of
awarded Sept. 21 an issue of $75,000 revenue notes at 0.66%
discount.
Due $50,000 March 29, 1938, and
$25,000 on April 15, 1938.
Other bids were as follows:
Boston
was
Bidder—
Discount
Chace, Whiteside & Co
0.70%
Jackson & Curtis
Faxon & Co., Inc
First Boston
KASSON, Minn.—BONDS SOLD—It is said that $8,000 swimming
pool bonds approved by the voters in April, have been purchased by local
investors.
0.73%
0.78%
0.784%
Corp
WALTHAM, Mass.—LOAN OFFERING—H.
W. Cutter, City Treasurer,
will receive sealed bids until 11a.m. on
Sept. 28 for the purchase at discount
of $300,000 revenue anticipation notes.
Dated Sept. 28, 1937.
Denoms.
$25,000, $10,000 and $5,000.
Due in installments of $100,000 each on
Feb. 10, March 10, and April 7, all in 1938.
Payable at the First National
Bank of Boston, or at the Central Hanover Bank
& Trust
Co., New York
City.
Notes will be authenticated as to genuineness and
validity by the
First National Bank of Boston, under advice of
Storey, Thorndike, Palmer
& Dodge of Boston.
They will be delivered on or about Sept. 29, 1937, at
the 17 Court St. Office of the First National Bank of
Boston, for Boston
funds.
SCHOOL
DISTRICT, Minn.—BONDS VOTED—AX, a
approved a proposition to issue $20,000 school
recent election the voters
heating plant bonds.
MOORHEAD SCHOOL DISTRICT, Minn.—BONDS SOLD LOCALLY
by S. G.
—An issue of $20,000 bonds is to be sold locally, we are advised
Reinertsen, Superintendent of Schools.
REDWOOD
FALLS,
Minn .—CERTIFICATE
OFFERING—F.
R.
Forbes, City Recorder, will receive bids until 7:30 p. m. Oct. 4 for the pur¬
3% street improvement certificates of indebtedness.
Bidders may name rate of interest lower than 3%.
Due serially in from
chase of $24,000
one
to ten years.
ST.
PAUL,
Minn.—BONDS AUTHORIZED—On
Sept.
21
the
City
Council passed an ordinance providing authority for the issuance of $435,000 airport improvement bonds.
WADENA
COUNTY INDEPENDENT
SCHOOL
DISTRICT
NO.
5
(P. O. Verndale), Minn.—BOND OFFERING—Wm. Kelzenberg, Clerk
Board, will receive bids until 8 p. m. Sept. 27 for the purchase
of $10,000 series B funding bonds.
Interest rate is not to exceed 4%.
Denom. $500.
Dated Oct. 1, 1937.
Interest payable semi-annually.
of the School
Due $500 yearly on Jan. 1 from 1939 to 1958; redeemable on any interest
payment date.
Certified check for $200, payable to the district, required.
Approving opinion of Junell, Fletcher, Dorsey. Barker & Coleman or Min¬
neapolis and of Rol. E. Barron of Wadena will be furnished by the district.
WESTBROOK, Minn.—BOND ELECTION—At
an
election scheduled
for Sept. 27 a proposition to issue $70,000 municipal light plant bonds will
be submitted to a vote.
Tax Collections
*rJfear
LevV
Uncollected Sept. 23, 1937
$1,966,890
1,935,614
1,949,879
Tax titles, $238,016.74; tax title loan, $230,008.53.
$1,404.74
2,275.82
72,138.01
Offerings Wanted:
LOUISIANA & MISSISSIPPI
MUNICIPALS
We
Bond Department
Buy for Our Own Account
WHITNEY NATIONAL
MICHIGAN MUNICIPALS
BANK
NEW ORLEANS, LA.
Bell Teletype N. O. 182
Cray, McFawn & Company
MISSISSIPPI
DETROIT
Tslaphone CHerry 4828
A. T. T. Tel. DET 341
MICHIGAN
EAST GRAND RAPIDS. Mich.—BOND
OFFERING—Louis F. Battjes,
City Clerk, will receive sealed bids until 7 p. m. (Eastern Standard
Time)
Sept. 27 for the purchase of $78,000 bonds, divided as follows:
$39,000 special assessment refunding bonds.
Due Oct. 1 as follows: $4,000
in 1940, and $5,000 from 1941 to 1947. incl.
39,000 special assessment refunding bonds. Due Nov. 1 as follows:
$4,000
in 1940, and $5,000 from 1941 to
1947, incl.
on
_
Rate of interest to be named by the bidder in
a multiple of M of 1 %.
The
offered subject to approval of the Public Debt Commission.
A
certified check for 2%, payable to the order of
the City Treasurer, must
accompany each proposal.
bonds
are
GRASS LAKE, Mich.—BOND SALE—The issue of
$55,500 water works
bonds offered Sept. 15—V. 145, p. 1773—was
awarded to Bliss, Bowman
& Co. of Toledo as 4s at par plus a
premium of $149.85, equal to 100.27.
a basis of about
3.98%.
Dated Oct. 1, 1937, and due as follows:
$1,000,
^jSPo0',1947
io4£^°i946,,1,?rCi-;
to 1951 • in°i•» $2,000. 1952 to 1954, incl.;
$2,500, from 1955 to 1962, incl., and $3,000 from 1963 to
1967, incl.
COUNTY (P. O. Mount
Clemens), Mich.—^TENDERS
ACCEPTED—Arnold F. Ullrich, County
Auditor, reports acceptance the
following tenders:
District No. 81 $7,000,
District No. 83 $1,000,
District No. 85 $7,000,
District No. 86 $4,000,
par and accrued interest.
'
99.99 and accrued interest.
par and accrued interest.
par and accrued interest.
District No. 87 $2,000, par and accrued interest.
District No. 89 $2,000, par and accrued interest.
District No. 89 $3,000, 99.99 and accrued
interest.
District No. 90 $5,000, 99.00 and accrued interest.
District No. 90 $1,000, 99.70 and accrued
interest.
District No. 96 $3,000, 99.00 and accrued
interest.
District No. 99 $3,000, par and accrued interest.
District No. 99 $3,000, par and accrued interest.
District No. 105 $3,000, 98.90 and accrued
interest.
District No. 105 $5,000, 98.85 and accrued
interest.
District No. 107 $1,000, 98.90 and accrued interest.
District No. 108 combined $2,000,
par and accrued interest.
MARINE
Clerk, will
CITY, Mich.—BOND OFFERING— Robert Springborn, City
receive sealed
bids until 7 p. m.
(Eastern Standard Time) on
Oct. 4 for the purchase of $18,000 not to exceed
4% interest bridge bonds.
1937.
Hue Oct. 1 as follows:
$1,000, 1940 to 1942, inc.
$2,000 from 1943 to 1949, incl. and $1,000 in 1950.
Bidder to express the
rate of interest in a multiple of
M of 1%.
Principal and interest (A. & O.)
payable at the City Treasurer's office.
A certified check for $300 must
accompany each proposal for the bonds, which are
general boligations of
the city.
The city will furnish the legal opinion and pay the cost of
printing
the bonds.
Raymond 5409
BOLIVAR COUNTY SIXTH SEPARATE ROAD DISTRICT (P. O.
Cleveland), Miss.—BONDS OFFERED BY BANKERS—Dane & Weil of
New Orleans are offering to investors at prices to yield from 5% to 5M%
an
issue of $211,000 5%% refunding bonds.
Denom. $1,000.
Dated
Sept. 1, 1937.
Principal and semi-annual interest (March 1 and Sept. 1)
payable at the Central Hanover Bank & Trust Co. in New York.
Due on
Sept. 1 as follows; $3,000,1938 to 1942; $5,000,1943 to 1947; $7,000,1948;
$8,000, 1949 to 1952; $12,000. 1953 to 1956, and $14,000, 1957 to 1962.
BROOKHAVEN MUNICIPAL SPECIAL SCHOOL DISTRICT (P. O.
an election to be held on
7 the voters of the district will pass on a proposal to issue $50,000
Brookhaven), Miss.—BOND ELECTION—At
Oct.
school building bonds.
COLUMBUS, Miss.—BONDS VOTED—At an election held on Sept. 14
the voters approved the issuance of $281,000 light and power plant bonds.
GREENVILLE, Miss.—BOND SALE—An issue of $30,000 improve¬
recently authorized by the City Council has been sold to the
Whitney National Bank of New Orleans at a premium of $85, equal to
100.283.
The purchaser agreed to pay for the printing of the bonds and
also for the legal opinion.
ment bonds
MAGNOLIA SEPARATE
SCHOOL DISTRICT (P. O. Magnolia),
Miss.—BOND ELECTION—An election will be held on Oct. 12, according
to report,
to vote on the issuance of $30,000 in building bonds.
(At an
election held on Aug. 12 the voters turned down a proposal to issue $45,000
in school bonds, as noted in these columns at the time—V.
145, p. 1296.)
PASCAGOULA, Miss.—BONDS SOLD—It is stated by Fred Taylor,
City Clerk, that $100,000 factory building bonds were sold as follows:
$50,000 jointly to the Pascagoula National Bank, and the Merchants &
Marine Bank, of Pascagoula, the remaining $50,000 to the Treasurer of
Jackson County.
ROLLING FORK CONSOLIDATED SCHOOL DISTRICT, Sharkey
County, Miss.—BOND OFFERING—R. E. Durst, Clerk of the Board of
County Supervisors, will on Oct. 4 offer for sale at Rolling Fork an issue
of $24,000 bonds of Rolling Fork Consolidated School District.
Interest
rate is not to exceed
and Sept. 1.
1943 to 1961,
5%.
Dated Sept. 1, 1937.
Interest payable March 1
Due yearly as follows: $500 from 1938 to 1942; $1,000 from
and $2,500 in 1962.
SENATOBIA
SCHOOL
DISTRICT
(P.
O.
Senatobia),
Miss.—
BOND SALE NOT SCHEDULED—In connection with the $57,000 3H%
building bonds approved by the voters on May 10, it is re¬
semi-annual
ported by Harper Johnson, Town Clerk, that no date of sale has been set
as
yet.
Denom. $1,000.
Dated Sept. 1, 1937.
Due on March 1 as
foUows: $2,000. 1938 to 1942; $3,000, 1943 to 1957, and $1,000 in 1958
and 1959.
TUNICA COUNTY SUPERVISORS DISTRICT NO. 2 (P. O.
Holly¬
wood), Miaa.-r—BOND ELECTION—A proposed $15,000 road and bridge
bond issue will be submitted to the voters at
UNION,
Miss.-r-BOND
an
election
on
Oct. 1.
OFFERING—W. P. Williams, Town Clerk
will receive bids until 2 p. m. Sept. 28 for the purchase at not less than
par of $35,000 coupon, fully registerable, industrial building
bonds.
2110
Bidders
Financial
to
name
Chronicle
rate of interest.
Principal and semi-annual interest
(March 1 and Sept. 1) payable at the Whitney National Bank, New
Orleans.
Due as follows: 1 $5,000 yearly for first five years; $1,500 yearly
for next 20 years.
Certified check for 2% of amount bid, payable to the
town, required.
are
Other bids
MISSOURI
follows:
Bidder—
Rate Bid
First Boston Corp. and Brown Harriman & Co
Ballou, Adams & Whittemore, Inc. and Lazard Freres & Co
Kidder, Peabody & Co. and Goldman, Sachs & Co
Lehman Bros, and Stone & Webster and Blodget, Inc
E. H. Rollins & Sons, Inc. and Chace, Whiteside & Co
Burr & Co., Inc. and Lyons & Co
F S. Moseley & Co
Halsey, Stuart & Co., Inc
103.18
103.067
102.416
102 219
102.191
102.125
101.76
„—
,
WINONA, MU».—BONDS VOTED—The voters at a recent election
approved a proposal to issue $35,000 industrial building bonds.
Markets in all
Sept. 25, 1937
were as
BONDS
100.00
MUNICIPAL BONDS
State, County & Town Issues
New Jersey and
B. J. Van
SCHERCK.ERICHTER COMPANY
LANDRETH. BUILDING, ST. LOUIS, MO.
57 WILLIAM
Market
General
Issues
Ingen & Co. Inc.
STREET, N. Y.
Telephone: John 4-6364
A. T. & T.: N. Y. 1-730
Newark Tel.: Market 3-3124
MISSOURI
KANSAS
CITY, Mo.—BONDS SOLD— It Is reported that $400,000
$20,000 City of East Orange, N. J.
improvement bonds were purchased recently by Stranahan, Harris & Co.,
Inc., of Toledo, at par, as follows: $100,000 as 2>£s, maturing $20,000 from
Oct. 1, 1939 to 1943, and $300,000 as 3s, maturing $20,000 from Oct. 1,
1944 to 1958, incl.
Denom. $1,000.
Dated Oct. 1, 1937.
Prin. and int.
4Hs, due June 1, 1948-60
To Yield 2.75%-2.85%
(A. & O.) payable at tne City Treasurer's office or at the Chase National
Bank, New York City.
It is said that these bonds are issued for water
trafficway, city market and airport improvements.
Legality ap¬
proved by Cnarles & Trauernicat, of St. Louis.
Colyer, Robinson $ Company
works,
KEYTES VILLE
SCHOOL
INCORPORATED
1180 Raymond
DISTRICT, Mo.—BONDS SOLD—H. N.
York
New
Elliott, District Secretary, informs us that the $12,500 high school audi¬
by the voters have been sold.
Blvd., Newark
Wire:
MArket 3-1718
A. T. & T. Teletype
KEctor 2-2055
torium bonds recently approved
NWRK
24
NEOSHO, Mo.—BOND OFFERING—F. A. Taiclet, City Clerk, will
receive bids until 7:30 p. m.
Sept. 30 for the purchase of an issue of $40,000
3% municipal auditorium and city hall bonds.
Interest payable semi¬
annually.
Due serially on Oct. 1 from 1939 to 1956.
(This corrects the earlier report given in these columns that $49,500 bonds
would be offered for sale—V. 145, p. 1936.)
SEWER DISTRICT (P. O. Pine Lawn), Mo.—BOND
OFFERING—Bids will be received by Fred Small, an official of the district,
at 6122 Grimshaw Place, Pine Lawn, until 8 p. m. Sept. 30 for the purchase
of $110,000 coupon sanitary and storm sewer construction bonds.
Bidders
are to name rate of interest.
Denom, $1,000.
Dated Oct. 15, 1937. Prin¬
cipal and semi-annual interest (Feb. 1 and Aug. 1) payable at the Mis¬
sissippi Valley Trust Co., St. Louis. Due annually beginning Feb. 1, 1940.
Certified check for $2,o00, required.
Legality approved by Charles &
.
;
Trauernicht, of St. Louis.
v
NEW JERSEY
ALLENDALE,
Commission
has
N.
J.—BONDS AUTHORIZED—The State Funding
approved the borough's proposal to issue $169,000 re¬
funding bonds.
PINE LAWN
■
AVON-BY-THE-SEA, N. J.—BOND SALE—The $67,000 4^%
coupon
registered jetty reconstruction bonds offered
p.
or
on
Sept. 21—V. 145,
1775
H. B. Boland & Co. of New York City, at a
price of
100.90, a basis of about 4.38%.
Dated Sept. 1, 1937 and due Sept. 1 as
follows: $4,000 from 1938 to 1945 incl. and $5,000 from 1946 to 1952 incl.
awarded to
—were
HANOVER
EAST
TOWNSHIP,
MorrU
County,
N.
J .—BOND
APPROVAL DEFERRED—In connection with the
previous report in these
columns of the passage by Township Council of an ordinance
providing
for
an
issue of $76,000
that
learn
the
4% and
State
4}^% refunding bonds—V. 145,
p.
1775,
Funding Commission, at the Sept. 10 meeting,
proposal pending receipt of satisfactory evidence
that the issuing expense will be kept within a reasonable figure.
we
deferred
MONTANA
HILL COUNTY SCHOOL DISTRICT NO. 6S (P. O.
Havre, Bo*
1011), Moat.—BOND SALE—The $1,875 refuding bonds offered for sale
Sept. 21—V. 145, p. 1458—were purchased by the State Land Board
as 5s at par, according to the County Treasurer.
on
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 16
(P. O. BainMont.—BONDS NOT SOLD—The $6,000 gyn nasium-auditorium
bonds ofered on Sept. 18—V. 145, p. 1296—were not sold, as no bids were
received.
The bonds are being reoffered for sale on Sept. 28.
ville,
action
on
the
GLOUCESTER,
adopted
N. J.—BONDS AUTHORIZED—'The City Council
providing authority for the issuance of $65,000 city
an ordinance
hall bonds.
HAMILTON TOWNSHIP SCHOOL DISTRICT (P. O.
Trenton),
N. J.—BOND OFFERING—It is reported that an issue of $110,000 school
building bonds will be offered for sale on Oct. 13.
JERSEY CITY,
OF
N. J.—CITY TO RECEIVE $2,003,003 AS RESULT
COURT
DECISION—According to a statement issued by Arthur
Director of the Department of Revenue and Finance of Jersey
City, a lump sum payment of over $2,000,lkJO will be made to Jersey City
Potterton,
NEBRASKA
COLUMBUS,
Neb.—UTILITY
ASICS
PWA
POWER LOAN
BE
BARRED—The Northwestern Public Service Co., Inc., of Columbus, on
Sept. 20 asked the District of Columbia district court to enjoin Administra¬
tor Harold L. lckes from disbursing $40U,0UU as a Government loan and
grant for a municipal power project in Columbus.
The Northwestern
company listed their investments in power equipment in Columbus at $lr185,734 and contended the PWA allotment constituted a violation of its
rights.
4
LYNCH. Neb.—BONDS AUTHORIZED—An issue of $22,000 refunding
bonds has been authorized.
MAYWOOD, Neb.—BONDS SOLD—It is reported by the Village Clerk
that $37,000 4% semi-ann. refunding bonds have been purchased by the
State of Nebraska.
■
'
--f.'*
5
OMAHA-COUNCIL BLUFFS, MISSOURI RIVER BRIDGE BOARD
(P. O. Omaha), Neb.—BONDS SOLD—It is stated by Chairman Henry
a bid of 91.uO for 4%s, submitted by John Nuveen & Co.
of Chicago, was accepted for the
$1,500,000. bridge construction bonds
F. Kieser, that
offered
on
Sept.
21—V.
145, p.
1775.
m
A
...
.
p ADDITIONAL INFORMATION—In connection with the above report
we quote in part as follows from the Omaha "Bee0 of
Sept. 22, dealing
With
SElG!
The Missouri River Bridge Board of Trustees
Tuesday afternoon un¬
animously accepted the "surprisingly good" bid of the John Nuveen Co. of
Chicago to finance construction of the proposed publicly-owned bridge at
Dodge St.
Tne Nuveen company agreed to buy $1,500,000 or more in bonds of
$1,000 denominations for 91 atinterest.
•
this week by the New Jersey State Tax Commission, as a result of a de¬
cision handed down in favor of Jersey City by the Court of Errors and
Appeals.
Mr.
Potterton's announcement asserted further: "The payment will
1935, 1936 and 1937 from public utility
companies operating in Jersey City.
The Court's decision, financially a
great victory for Jersey City, is the result of the followiug circumstances:
"In 1932, the State Tax Commission of New Jersey devised and
adopted
represent taxes due for the years
a new base for distributing to the
municipalities concerned the 5% gross
receipts taxes paid by the public utility companies in lieu of personal taxes.
The immediate result was the loss to Jersey City of about $7bb,00U a year
in
revenue
from this
Jersey City promptly appealed against this
source.
basis of payment and the State Board of Tax Appeals held the new base to
be illegal.
The case was appealed to the Supreme Court of New Jersey
and subsequently to the Court of Errors and Appeals, New
Jersey's court
of last resort, which decided in favor of Jersey City.
"Distribution of these moneys will be made tpis
week.
Since Jersey
City is operating on a cash basis, and had anti&pated only $374,000 of
revenue from public utilities in its
1937 budget, not only does the city
receive at once its entire anticipated revenue from this source for the full
year 1937, but it also ereeives an additional free cash surplus of $] ,640,000,
representing payments due in the two preceding years.
Thus the city is
virtually assured that its 1937 budget will be balanced in full, and that the
end of the year will show a large earned free cash surplus."
0
JERSEY CITY, N. J .—BOND OFFERING—Raymond M. Greer, City
Comptroller, will receive sealed bids until 11 a. m. (Eastern Standard Time)
on Sept. 28 for the purcnase of
$1,480,000 not to exceed 4% interest coupon
or
registered bonds, divided
as
follows:
$1,300,000 series C city hospital bonds.
Dated Oct. 1, 1935.
Due Oct. 1
as follows: $35,000,
1938 to 1940 incl.; $40,000, 1941 to 1945
incl.; $45,000. 1946 to 1949 incl.; $40,000. 1950; $45,000, 1951
-\
to 1955 incl.; $50,000 from 1956 to 1960 incl. and $60,000 from
1961 to 1965 incl.
Interest payable A. & O. '
180,000 general improvement bonds.
Dated July 1, 1937.
Due Jan. 1
as follows: $10,000 from 1938 to 1943 incl. and
$5,000 from 1944
to 1967 incl.
Interest payable J. & J.
'
'
Bonds will be callable at
105 after the first year with &
for each succeeding year.
H% reduction1
p Trustees agreed the bid was a good one in the face of a depressed bond
market and what was termed the latest "smoke screen" raised
by the street
railway company in formally offering the Douglas St. bridge for sale at
$2,500,000 to the City of Council Bluffs.
Only one other bid was presented when trustees met in the First National
Bank at 2 p. m. to open bids.
Walter, Woody & Heimerdinger Co. of
Cincinnati offered to buy the bonds at 93 with 5j^% interest.
In accordance with the bid of the Nuveen
company. Dr. M. E.
a contract with the
Secretary of the Board, immediately signed
firm.
Denom. $1,000.
Tenders must be m.de on the basis of the bonds con¬
single issue
Ail of the bonds must bear tne same interest rate,
a multiple of M or l-10tn of 1%.
Principal and semi-annual
interest payable at tne City Treasurer's office.
Tne price for wnicn the
bonds may be sold cannot exceed $1,481,000.
A certified cneck for $29,600,
payable to the order of tne city, must accompany each proposal.
Approv¬
ing legal opinion of Reed, Hoyt & Washburn of New York City will be
furnisned the successful bidder.
The bonds will be prepared under the
supervision of the Trust Company of New Jersey, wnicn will certify as
to the genuineness of signatures of city officials and seals impressed on the
stituting
O'Keefe,
Chicago
Signing on behalf of the bond house were R. B. Douglass, the company's
representative, and Jackson Cagle, attorney for the company.
WHEELER COUNTY
(P. O.
An election will be held
Bartlett), Neb.—BOND ELECTION—
instruments.
on Oct. 2 for the
purpose of voting on a proposition
$36.000 warrant funding bonds.
to
NEWARK, N. J .—TO ISSUE RELIEF BONDS—The City Commission
has
Neb.—BONDS TO BE REFUNDED—The village is
preparing to refund $37,000 outstanding bonds.
The refunding will
be
WOLBACH,
Neb.—CORRECTION—In
connection
with
a
report
County Treasurer's office.
NEW
NEW
HAMPSHIRE
HAMPSHIRE
(State of)—BORROWS $1,000,000—State Treas¬
F. Gordon Kimball has announced the
borrowing of $1,000,000 from
a Boston Bank at 0.50%
interest for a period of 45 days.
The loan was
incurred against the public works fund authorized
by the 1935 Legislature.
HILLSBOROUGH
COUNTY
(P. O. Manchester), N. H.—BOND
3% funding bonds offered on Sept. 20—V. 145
p. 1937—were awarded to Salomon Bros, & Hutzler of Boston on a bid
of 103.44, a basis of about 2.62%.
Dated Sept. 1, 1937.
Due $15,000
yearly on Sept. 1 from 1938 to 1957.
•
*
SALE—The
$300,000
authorize
a
bond
issue
of $1,75J,000
for relief purposes.
been the subject of dispute among municipal officials for
months.
Director of Finance Vincent Murphy, who
school bonds will be placed on the ballot at the general election Nov. 2.
"
urer
to
of three
NEWARK, N. J .—BOND ELECTION—A proposition to issue $2,132,500
given in these columns in April, to the effect that the Public Works Ad¬
ministration had purchased $18,000 sewer
bonds, it is now reported by the
Village Clerk that the amount of bonds issued was $16,000 and these were
sold to Steinauer & Schweser, of Lincoln,, as
4j^s.
Due in 20 vears
Pavable at the
period
consistently opposed the bond issue plan, finally agreed to approve the issue
of $1,75J,uOO on the condition that only $/UU,0Uu be sold.
.
the
decided
This question has
WILSONVILLE,
handled through the Mortgage Investment Co.,
Hastings.
a
expressed in
NORTH ARLINGTON,
N. J .—BONDS OFFERED FOR INVEST¬
MENT—Offering is being made of a new issue of $778,000 4% bonds by a
banking group comprising Schlater, Noyes & Gardner, Inc.; B. J. Van
Ingen & Co.. Inc.; J. S. Rippel & Co.; H. L. Allen & Co.; A. C. Allyn & Co.,
Inc.; MacBride, Miller & Co.; C. A. Preim & Co., and C. P. Dunning & Co.
The bonds
are
divided into two issues
as
follows:
$478,000 school and water refunding bonds.
Due Nov. 1 as follows: $41,000
v
1938; $46,000, 1939; $29,000, 1940; $18;000, 1941; $5,000, 1943:
$6,000, 1944; $4,000, 1945; $10,000. 1946; $3,000, 1947; $5,000
3948, 1949 and 1950; $45,000, 1952; $55,000, 1953; $36,000, 1954;
$45,000, 1955; $35,000, 1956; $2,000, 1957; $9,003, 1958; $5,000,
1959, 1960 and 1961; $6,000. 1962; $10,000. 1963; $14,000, 1964;
and 19c5; and $15,000
1986.
Tnese bonds are offered at prices
to yield .from 4% on the first maturity to 4.60% on the 1950
maturity; and at prices ranging from 93 to 90 on the maturities
1
from 1952 to 1966.
'
' «.•
•
Volume
Financial
145
300,000 general refunding bonds.
Due Nov. 1 as follows: $40,000,1957,
1958 and 1959; $35,000, 1960; $25,000, 1961; $30,000, 1962 and
1963; and $20,000 in 1964, 1965 and 1966, callable at par in
inverse order of maturities on any interest payment date.
These
bonds are offered at a price of 90.
All the bonds
are
dated
May 1, 1937, in the denom. of $1,000 each, and
in form, registerable as to principal only or as to both principal
Principal and semi-annual interest M. & N. 1, payable at the
Rutherford National Bank, Lyndhurst, or at the
City Bank Farmers Trust
are coupon
and interest.
Co., New York.
Legality of the bonds si approved by Hawkins, Delafield
& Longfellow of New York.
'
*
ORANGE,
N.
J.—BOND SALE—The $202,000
coupon
or
registered
bonds described below, which were offered on Sept. 21—V. 145, p. 1937—
were awarded to J. & W. Seligman & Co. of New York as 3s, at par plus a
premium of $363.60, equal to 100.18, a basis of about 2.97%:
$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, incl.
Chronicle
2111
and 4 p. m. on that date for the purchase
of the bonds at not less than par'.
Denom. $800.
Dated Oct. 1, 1937.
Principal and annual interest payable
the First National Bank of Fleischmanns.
Due $800 yearly on Oct. 1
at
from 1938 to 1942.
Cert, check for 10% of amount of bid. payable to the
Village Treasurer, required.
UNION FREE SCHOOL DISTRICT
NO.
8
(P. O.
Y.—BOND OFFERING—John E. Rahler, District Clerk,
Oct. 4 for the purchase of $15,000
registered school bonds.
Dated
Nov. 1, 1937.
Denom. $1,000.
Due Nov. 1 as follows:
$2,000 from
1938 to 1942 incl., and $1,000 from 1943 to 1947 incl.
Bidder to name
a single rate of interest for
all of the bonds, expressed in a multiple of
\4 or 1-10 of 1%. Principal and interest (M. & N.) payable at the Bank
or Blasdell with New York exchange.
The bonds are general obligations
of the district, payable from unlimited taxes.
A certified check for $300,
payable to the order of Ella E. Salisbury, District Treasurer, must accom¬
pany each propqpal.
The approving legal opinion of Clay, Dillon & Vandewater of New ¥ork City will be furnished the successful bidder.
HAMBURG
Blasdell),
N.
will receive sealed bids until 1 p. m. on
not
to exceed 5%
interest coupon or
All of the bonds are dated Sept. 1,1937.
Denom. $1,000.
Prin. and int.
(M. & S.) payable at tne Orange First National Bank, Orange.
B. J. Van lngen & Co. of New York were second high, offering a premium
of $648.20 for 3Vi% bonds.
November the City Council will place on the ballot a proposition calling for
the issuance of $1,200,000 municipal gas plant bonds.
RIDGEFIELD SCHOOL DISTRICT, N. J.—BOND SALE—The issue
—The Board of Education will receive sealed bids until 1 p. m. on Sept. 21
of $65,u00 coupon or registered school bonds offered on Sept. 22—V. 145,
p. 1937—was awarded to the Ridgefield National Bank on a bid of $65,415.35 for $o5,000 4% bonds, equal to luO.369, a basis of about 3.93%.
Dated Oct. 1,1937. Due Oct. 1 as follows: $3,000, 19391
1950 to 1957.
Other bidders, all bidding for 65 bonds, we
Name—
1949; and $4,000,
Y.._
KENDALL SCHOOL DISTRICT, N. Y.—CERTIFICATE OFFERING
for the purchase of $11,000 certificates of indebtedness, proceeds of which
will be applied to retirement of existing indebtedness and to finance addi¬
tional equipment for the new Kendall Central School building.
LIVINGSTON
Interest Rate
$65,195.59
MANOR
CENTRAL
SCHOOL
DISTRICT
Clerk Wilfred F.
offer for sale
^
an
Smith informs
us
that the district will in the
approval to an ordinance providing authority for the
issuance of $42,000 sewer bonds.
SHAMONG
TOWNSHIP
(P.
O.
Vincentown,
R.
D.
2),
N.
2
future
issue of $640,000 school building bonds.
offered
and E.
basis
Sept. 21—V. 145,
on
H.
of
p. 1938—were awarded to A. C.
Sons of New York on a bid of 100.511
Rollins &
about
J.—
Allyn & Co.
for 3.30s, a
as follows:
3.26%.
Dated Oct. 1, 1937.
Due Dec. 1
$3,000, 1939 to 1943; $4,000, 1944 to 1964. and $1,000 in 1965.
Other bids
were
follows:
as
Bidder—
Int. Rate Rate Bid
Manufacturers & Traders Trust Co., Buffalo, and Arthur
B. Treman & Co
3.40%
3.40%
3.50%
3.50%
3.70%
3.70%
3.70%
Jefferson County National Bank, Watertown
Paine, Webber & Co. and Rogers, Gordon & Co., Inc
George B. Gibbons & Co., Inc. and Roosevelt & Weigold-
SAYREVILLE, N. J.—BONDS AUTHORIZED—1The Borough Council
gave final
near
LYME UNION FREE SCHOOL DISTRICT NO. 4 (P. O. Chaumont),
N. Y.—BOND SALE—The $100,000 coupon or registered school bonds
414%
RIDGE WOOD,
N. J.—BOND OFFERING—Wilbur Morris, Village
Clerk, will receive sealed bids until 3 p. m. (Eastern Standard Time) on
Oct. 19 for the purchase of $163,000 not to exceed 6% interest improvement
bonds of 1937. Oated Oct. 1,1937. Denom. $1,000./ Due Oct. 1 as follows:
$15,000 from 1938 to 1947 incl. and $13,000 in 1948. Principal and interest
(A. & O.) payable at the Citizens First National Bank At Trust Co., Ridgewood. A certified check for 2% must
accompany each proposal. Approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
(The above issue was originally offered Aug. 24, and the sale postponed.)
Sept. 15
No.
(P. O. Livingston Manor), N. Y —BONDS TO BE OFFERED—District
4%
4%
4^%
65.46S.U0
Minsch, Monell & Co., N. Y
65,388.05
C. P. Dunning & Co., Newark and C. A. Preim &
Co., Newark
65,670.00
on
The pro¬
ject will cost about $220,000.
:
Price Bid
B. J. Van lngen & Co., N.
H. L. Allen & Co., N. Y
JAMESTOWN, N. Y.—BOND ELECTION—At the general election in
Sherwood & Co
Bancamerica-Blair Corp
Marine Trust Co. and Northern New York Trust Co—
MIDDLETOWN,
N.
Y —BOND
OFFERING—P.
E.
100.299
100.087
100.445
100.22
100.50
100.315
100.299
Benedict,
City
BONju SALE—The $21,500
5% coupon or registered general refunding
bonds offered Sept. 15— V. 145, p. 1621—were awarded to the
Burlington
County National Bank of Medford, at par.
Dated Sept. 15, 1937 and due
Clerk, will receive sealed bids until 2 p. m. on Sept. 29 for the purchase of
$49,000 not to exceed 5% interest coupon or registered bonds, divided as
follows:
Sept. 15
$30,000 school bonds.
Due $3,000 on Oct. 1 from 1938 to 1947, incl.
19,000 park and playground bonds.
Due Oct. 1 as follows: $2,000 from
1938 to 1946, incl., and $1,000 in 1947.
as
follows:
WALDWICK,
$1,000 from 1938 to 1958 inc
N.
.
and $500
n
1959.
J .—BOND
SALE— The $25,000 414% coupon or
registered improvement bonds offered on Sept. 17—V. 145, p. 1776—were
awarded to H. B. Boland At Co. of New York, at
par plus a premium of
$125, equal to 100.50, a basis of about 4.40%. Dated Aug. 1,1937 and due
Aug. 1 as follows: $4,000 in 1938; $2,000 from 1939 to 1947 incl. and $1,000
from 1948 to 1950 incl.
NEW
MEXICO
DES MOINES SCHOOL DISTRICT NO. 22 (P. O.
Clayton), N. Max.
—BOND CALL—Tne County Treasurer is said to be
calling for payment on
Oct. 1, the entire issue of 6% bonds, dated Oct. 1, 1917.
NEW
YORK
AUGUSTA UNION FREE SCHOOL DISTRICT NO. 7
(P. O. Ori.kany Falls), N. Y.—BOND OFFERING—Frank C. Brock, District Clerk,
will receive sealed bids at Directors
Oriskany Falls, until 2
p. m.
Room of First Trust & Deposit Co.,
(Eastern Standard Time)
Sept. 27 for the
on
Surchase of $86,0001,1937. exceed 5% interest coupon 1or registered$2,000,
not to Denom. $1,000. Due Oct.
school
onds. Dated Oct.
follows:
as
1938 to 1941 incl.; $3,000 from 1942
to 1967 incl.
Bidder to
name a
rate of interest for the entire
single
issue, expressed in a multiple of )4 or l-10th of
1%. Principal and interest (A. Ac O.) payable at the First Trust & Deposit
Co., Oriskany Falls, with New York xechange. The bonds are direct general
obligations of the school district, payable from unlimited taxes. A certified
check for $1,800, payable to the order of D. B. Hamlin,
District Treasurer,
must accompany each
proposal.
The approving legal opinion of Clay,
Dillon Ac Vandewater of New York
City will be furnished the successful
bidder.
a
••
Financial Statement and Tax Data
roll, is $567,563.00.
The total
bonded debt of said district,
including the above-mentioned bonds, is
$86,000.00.
The present population of said district, is
approximately
I,100. Tne bonded debt above stated does not include the debt of
any other
subdivision having power to levy taxes
upon any or all of the property
subject to the taxing power of the district.
The school year commenced
July 1 and ends June 30 next.
»
■
1936-37
1935-36
1934-35
$5,675.63
None
Taxes levied
Uncollected at end of fiscal year
$8,199.53
$9,194.23
None
None
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.
The amount of taxes levied for the
fiscal year
1937-38, is $5,675.63 and collection of the
same
commenced
Sept. 3.
BINGHAMTON, N. Y,—BOiVD OFFERING DATE CHANGED—The
date of the offering of $175,000 North
High School bonds has been changed
from Oct. 13 to Oct. 14 by City Comptroller Everette E.
Allen.
BUFFALO, N. Y.—BOND OFFERING—William A. Eckert, City
Comptroller, will receive sealed bids until 10 a. m. on Sept. 28 for the
purcnase of $1,810,000 not to exceed
divided as follows:
$1,000,000 home relief bonds.
6% interest coupon
Due
Bidder must
or
registered bonds,
$100,000 each Oct. 15 from 1938
1947, inclusive.
450,000 city contnoution-relief project bonds.
15 from 1938 to 1947, inclusive.
to
semi-annually
NEW
on
will
April
be dated Oct.
15
and
Oct.
a.
m.
HARTFORD, N. Y.—CORRECTION— It has been called to
attention
in
that
connection
with
the
offering scheduled for Sept.
our
28 of
the $17,400 highway improvement bonds, notice of which appeared in our
issue of Sept. 18, the figure on assessed valuation was erroneously reported
being $31,161,976, whereas the correct figure is $3,161,976.
It is re¬
a new corrected statement has been prepared by George W.
Healy, Village Clerk, which will be given in these columns as soon as pos¬
as
ported that
NEW
■
■
;
ROCHELLE, N. Y.—VOTES 1% tTILITY TAX FOR RELIEF—
Common Couhcil, at a meeting Sept. 21, passed a bill imposing 1% tax on
of the Westchester Electric RR. Co., surface-car operators in
New Rochelle.
The tax, effective immediately, is to continue until next
July 1 and the proceeds are to be used for relief work in the city.
The Council's measure provided, however, that the company should be
exempt from the tax if it substituted buses for trolley cars on some of its
shorter routes.
Aaron Simmons, corporation counsel, announced today
gross revenue
that he would try to help the company obtain this
the legality of the tax.
exemption.
He questioned
New Rochelle is the second Westchester city to take advantage of a new
State law permitting such a tax. White Plains recently adopted a similar tax.
SCHENECTADY,
N.
Y.—BOND
OFFERING— William
A.
Wick,
Director of Finance, will receive sealed bids until noon (Eastern Standard
Time) on Sept. 30 for the purchase of all but no part of $627,000 not to
exceed 3% interest coupon or registered bonds, divided as follows:
$400,000 debt equalization bonds, 1937 series, issued to pay or refund not
exceeding two-thirds of general tax bonds due in 1938. Due Sept. 1
as follows:
$25,000 in 1943 and 1944; $40,000, 1945; $50,000 in
1946 and 1947; $60,000, 1948; $75,000 in 1949 and 1950.
100,000 general municipal bonds, series A, issued to pay the city's share
of the cost of public works projects.
Due $10,000 on Sept. 1
from
1938 to
1947 incl.
60,000 general municipal bonds, series B, issued to pay the city's share of
local home relief costs.
Due $6,000 on Sept. 1 from 1938 to 1947
25,000 public
improvement
bonds,
series
A,
issued
to
pay
the
city's
share of
15,
15.
1937, with interest
Both
principal
and
interest payable at the City Comptroller's office or at the
Central Hanover
Bank & Trust Co., New York City, at
option of the holder.
Coupon bonds,
registerable as to both principal and interest, will be issued in
$1,000
denoms., and at holder's option may be exchanged for bonds of
$1 000
each, ormultiples theerof, registered as to prin. and int.
A certified check
for $36,200, payable to the order of the
City Comptroller, must accompany
each proposal.
The approving legal opinion of Caldwell & Raymond of
New York City will be furnished the successful bidder.
Bidder to specify
in his proposal the preferred place of delivery of the
bonds, either at the
City Comptroller's office or at the Central Hanover Bank & Trust
Co.,
70 Broadway, New York City.
Delivery will be made on or about Oct. 15,
1937.
All bids must be unconditional and award will be made
of the tender figuring the lowest net interest cost to the
city.
on
the basis
FLEISCHMANNS, N. Y.—BONDS NOT SOLD—REOFFERED—The
$4,000 4% registered series B. fire department bonds offered on Sept. 20—
V. 145, p. 1937—were .not sold, and will be reoffered on
.Sept. 29.
Ruther¬
ford H. Brown, Village Clerk, will receive bids between the
hours of 10 a. m.
(P. O. North Tarry town), N. Y .—BOND
Hennessey, Town Supervisor, will receive sealed
(Eastern Standard Time) on Sept. 29 for the purchase of
$16,000 not to exceed 6% interest coupon or registered judgment bonds.
Dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1 as follows: $6,000 in
1938, and $5,000 in 1939 and 1940.
Bidder to state a single rate of interest
for all of the bonds, expressed in a multiple of H or l-10th of 1 %.
Principal
and interest (A. & O.) payable at the First National Bank, North Tarrytown, with New York exchange.
The bonds are general obligations of the
town, payable from unlimited taxes, but payable primarily from taxes oh
property within the Hardscrabble Water District in the town.
A certified
check for $320, payable to the order of the town, must accompany each
proposal.
The approving legal opinion of Clay, Dillon & Vandewater of
New York City will be furnished the successful bidder.
improvements, part of the cost of which is to be assessed
property benefited.
Due Sept. 1 as follows: $2,000 from 1938
to 1942 incl. and $3,000 from 1943 to 1947 incl.
name a
The entire $1,810,000 bonds
PLEASANT
incl.
Due $45,000 each Oct.
single rate of interest for all of the above
$1,450,000 bonds, expressed in multiples of ]4 or l-10th of
1%.
360,000 general improvement water supply bonds.
Due $18,000 each
Oct. 15 from 1938 to 1957, inclusive.
Bidder must name a single rate of interest for this
issue of
$360,000, expressed in a multiple of % or l-10th of
1%.
payable
MOUNT
OFFERING—Edward F.
bids until 10
sible.
The assessed valuation of the property subject to the
taxing power of the
district according to the 1937 assessment
_
All of the bonds are dated Oct. 1, 1937.
Denom. $1,000.
Bidder to
single rate of interest for all of the bonds, expressed in a multiple of
)4 or 1-10th of 1 %.
Principal and interest (A. & O.) payable at the Orange
County Trust Co., Middletown, with New York exchange.
A certified
check for $1,000, payable to the order of the city, must accompany each
proposal.
The approving legal opinion of Clay, Dillon & Vande water of
New York City will be furnished the successful bidder.
name a
on
30,000 public
from
improvement
1938 to
bonds,
series
B.
Due
$6,000
on
Sept.
1
1942 incl.
12,000 fire equipment bonds.
Due Sept. 1 as follows: $2,000 from 1938
to 1940 incl. and $3,000 in 1941 and 1942.
All of the bonds are dated Sept. 1, 1937.
Denom. $1,000. Bidder to
name one rate of interest on the entire offering, expressed in a multiple of
M or 1-10 of 1%.
Principal and interest (M. & S.) payable at the Chase
National Bank, New York City.
A certified check for $12,540, payable
to the order of the city, must accompany each proposal.
The bonds are
general obligations of the city, payable from unlimited ad valorem taxes
on ail of its taxable property.
The approving legal opinion of Reed, Hoyt
& Washburn of New York City will be furnished the successful bidder.
NEW
YORK
(State
ISSUE—Morris S.
that
banks and
oi)—ALLOTMENTS OF
$100,000,000 NOTE
State Comptroller, announced on Sept. 16
throughout the State were quick to accept
Tremaine,
bond
houses
the allotment of short-term notes of the new issue of $100,000,000 which
offered to them the previous night.
As already noted in these
were
columns—V.
145, p. 1938—the issue consisted of $50,000,000 0.70%
due March 16, 1938, and $50,000,000 with interest at 0.75% and
April 18, 1938.
All of the notes bear date of Sept. 17, 1937, with
interest payable at maturity.
In announcing the allotments, the Comp¬
notes
due
troller pointed out that "as usual" demand for the securities was far greater
than the amount for sale.
Allotments of each maturity were as follows:
Financial
2112
Chronicle
Sept. 25,
Emanuel & Co.
$1,800,000
Chase National Bank
We
Bank of the Manhattan Co.
Phelps, Fenn & Co.
Central Hanover Bank & Trust Co.
Eastman, Dillon & Co.
Specialize in
Kings County Trust Co.
Guaranty Trust Co.
Marine Trust Co.,
National
H. L. Schwamm & Co.
MUNICIPAL ISSUES
$200,000
Bronx County Trust Co.
Federation Bank & Trust Co.
First National Bank
M. & T. Trust Co., Buffalo
First Trust Co.
Co.
J. P. Morgan &
Virginia—West Virginia-North Carolina
George B. Gibbons & Co.
Buffalo
City Bank
Bankers Trust Co.
F. W. CRAIGIE & COMPANY
(Albany)
Lawyers County Trust Co.
$1,200,000
Lehman Brothers
Salomon Bros. & Hutzler
Richmond, Va.
(Rockvllle Center),
Sterling National Bank & Trust Co.
United States Trust Co. of New York
A. C. Allyn & Co.
South Shore Trust Co.
Barr Bros. & Co.
Brown Harriman & Co.
Gertler & Co.
First Boston Corp.
premium of $612, equal to 100.612, a basis of about 3.19%.
1, 1937.
Due on Sept. 1 as follows:
$3,000, 1938 to 1945:
$4,000, 1946 to 1949, and $5,000. 1950 to 1961.
R. S. Dickson & Co. of
Charlotte were second high, offering a premium of $602.75 for 3 Ms.
* 4
Edward B. Smith & Co.
Co.
Chemical Bank & Trust Co;
Fifth Avenue Bank of New York
Public National Bank & Trust Co.
Fulton Trust Co.
p. CONCORD, N. C.—BOND ELECTION—The Board of Aldermen has
ordered a special bond election to be held Oct. 5, to vote on the question of
issuance of $120,000 in municipal bonds.
Of the total bonds to be issued,
$43,000 would be for street improvement, $4,000 for sidewalks, $22,000
for extending the existing municipal sanitary sewerage system, and $51,000
to retire bond anticipation notes issued by the city.
Liberty Bank (Buffalo)
City Bank Farmers Trust Co.
$700,000
Bacon, Stevenson & Co.
First of Michigan Corp.
Harris Trust & Savings Bank
Blyth & Co.
Goldman, Sachs & Co.
C. J. Devine Co.
Paine, Webber & Co.
J. & W. Seligman & Co.
$100,000
Trust Co. of North America
Halsey, Stuart & Co.
Woodside National Bank, Flushing
Lazard Freres & Co.
C. F. Chllds & Co.
Speyer & Co.
Darby & Co.
Ladenburg, Thalmann & Co.
New York Hanseatic Corp.
Stone & Webster and Blodgett, Inc.
ENFIELD, N. C.—NOTES SOLD—It is stated by W. E. Easterling.
Commercial National Bank & Trust Co.
Continental Bank & Trust Co.
Secretary of the Local Government Commission, that the $8,000 street
improvement, bond anticipation notes offered on May 11, as reported in
these columns at that time—V. 144, p. 3379—were purchased by the
Bank of Halifax, of Halifax, as 5Ms, at par.
Dated May 1,1937. Due on
May 1 in 1938, 1939 and 1940.
Hallgarten & Co.
Hannahs, Ballin & Lee
Heidelbach, Ickelheimer & Co.
Hemphill, Noyes & Co.
$500,000
Bank of New York Trust Co.
J. Henry Schroder Trust Co.
Morse Bros. &
GREENVILLE, N. C.—BOND ELECTION—A special election is to be
Oct. 4 at which a total of $200,000 bonds will be submitted to the
The amount is made up of $115,000 water works extension bonds,
$35,000 sewerage extension bonds and $50,000 street improvement bonds.
held
voters.
William E. Lauer & Co.
Brooklyn Trust Co.
National Commercial Bank & Trust Co.
Co., Inc.
G. M.-P. Murphy &
HICKORY, N. C —BOND ELECTION—The City Council has decided
Co.
to submit to the voters at an election set for Nov.
Riter & Co.
(Albany)
$175,000
E. H. Rollins & Sons
Empire Trust Co.
State Bank of Albany
L. F. Rothschild & Co.
(Albany)
Starkweather & Co.
$400,000
IrvPg Trust Co.
Tucker, Anthony & Co.
Dominlck & Dominick
White, Weld & Co.
NORTH PATCHOGUE FIRE DISTRICT (Town of Brookhaven),
(P. O. Patchogue), N. Y.—OTHER BIDS—The issue of $12,000 building
plus
a premium of $10.50, equal to 100.08, a basis of about 2.99%, as previously
reported in these columns, was also bid for as fo lows:
bonds awarded Sept. 17 to P. B. Roura Co. of New York, as 3s, at par
.
Bidder—
fa,-i
Int. Rate
3%
>,
Union Savings Bank, Patchogue
Marine Trust Co
a
Dated Sept.
Brown Brothers Harrlman &
$1,000,000
plus
par
Kidder, Peabody & Co.
Rutter & Co.
Co.
R. W. Pressprich &
CAROLINA
NORTH
Cassatt & Co.
Bancamerica-Blair Corp.
A. T. T. Tel. Rich. Va. 83
Phono 3-9187
m
Premium i
$10.00
1
a
proposition to issue
disposal plant bonds.
sewage
JONESBORO, N. C.—BOND OFFERING—W. E. Easterling, Secre¬
tary, Local Government Commission, will receive bids until 11 a. m.
Sept. 28, for the purchase at not less than par of $12,000 coupon, general
obligation, unlimited tax, bonds, described as follows:
$7,500 sewer bonds, due $50u yearly on July 1 from 1940 to 1954.
4,500 interest funding bonds, due $500 yearly on July 1 from 1938 to 1946.
Bidders are to name rate of interest, not to exceed 6%.
Denom. $500.
Dated July 1, 1937.
Principal and semi-annual interest (Jan. 1 and July 1)
payable in New York.
Certified check for $240, payable to the State
Treasurer, required.
Approving opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished by the town.
the above mentioned bonds, is $12,000.
The estimated population of the
district is 4,500.
The bonded debt above stated does not include the debt
A separate bid for each issue (not less than par and accrued interest)
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6%, in multiples of M of 1 %.
Each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any issue,
and each bidder must specify in his bid hte amount of the bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds
at the lowest interest cost to the town, such cost to be determined by
deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
The sewer bonds were approved at a special election held on July 13,1937.
Sixty-nine votes were cast in favor and six against issuance of said bonds,
there being 184 voters qualified to vote in said election.
of any other subdivision having power to levy taxes upon any or all of the
property subject to the taxing power of the district.
The fiscal year com¬
menced Jan. 1.
The amount of taxes levied for each of the fiscal years
receive bids until
36.00
3.20%
3.40%
3.50%
3.60%
3.70%
3."
4%
Roosevelt & Weigold
A. C. Allyn & Co., Inc
Sherwood & Co
George B. Gibbons & Co., Inc
Bacon, Stevenson & Co
Suffolk County National Bank
31.20
45.24
12.00
30.24
34.00
Par
Financial Statement
m
The assessed valuation of the property subject to the taxing power
district is $1,795,635.00.
of the
The total bonded debt of the district, including
commencing Jan. 1, 1934, Jan. 1, 1935 and Jan. 1, 1936 was respectively,
$3,544.00, $3,541.39 and $3,585.59. The amount of such taxes not received
by the district at the end of each of said fiscal years was none.
The
amount of such taxes remaining uncollected as of the date of this notice is
none.
The taxes of the fiscal year commencing Jan. 1, 1937 amount to
$4,130.20 of which $4,130.20 has been received by the district.
^ PORT OF NEW YORK AUTHORITY, N. Y.—SYNDICATE DIS¬
syndicate which purchased on Aug. 18 an issue of $15,000,000 3H% bonds has closed its books and distributed among members
the unsold portion of the loan, reported to be $9,000,000.
The group made
initial reoffering of the obligations at a price of 101.
They were quoted
in the open market recently at 97 M -97 M.
tM
SOLVED—The
PORT~ATjYti'6Rlf VCLOSES"YEAR
WITH INCOME INCREASE OF
OVER 12%—Gross income of the Port of New York Authority for the year
ended August, 1937, totaled $13,995,524.90, an increase of 12.3% over the
same period in 1936, according to a preliminary income statement for the
month of August.
Of this amount, $8,620,433.01, or a .4% decrease from
last year's figure, is charged to operating expenses, interest and other
charges, leaving a net income of $5,375,191.89 or a 41.2% increase over
the eight months last year.
Operations for the month of August showed gross income of $1,425,563.43 or 4% over August, 1936.
Net income for the month totaled
$585,438.42 or 13.4% over August last year.
Holland Tunnel led all revenue sources for the eight-month period, show¬
ing a net income of $3,628,564.98, a 23.3% increase over last year.
The
George Washington Bridge produced a net income of $2,114,018.09 or
47.2% over last year.
The largest increase for the month came from Inland Terminal No. 1
which in August, 1936, carried a deficit of $6,772.30 and showed a net
income this August of $6,474.44 or 195.6% increase.
" It, Bayonne Bridge showed a 13% net increase over the eight-month period
and the Arthur Kill Bridges, 4%.
,*J
|
____
I*
ROCHESTER,
N.
Y.—BOND
SALE—The $80,000
coupon,
fully
Sept. 22 were awarded to Washburn & Co.
of New York as 2s, at par plus a premium of $112, equal to 100.14, a basis
of about 1.97%.
Dated Oct. 1, 1937.
Due $8,000 yearly on Oct. 1 from
1938 to 1947. The Harris Trust & Savings Bank of New York bid a premium
of $61.60 for 2s.
,
registerable, bonds offered
SARANAC CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Saranac),
Y.—BOND SALE—The issue of $40,000 coupon or registered school
N.
on
Sept. 20—Y. 145.
1938—was awarded to E. H. Rollins
price of 100.15, a basis of about
3.185%.
Dated June 1,1937, and due June 1 as follows: $2,000 from 1939
to 1952, incl., and $3,000 from 1953 to 1956, incl.
p.
& Sons, Inc., of New York, as 3.20s at a
F SMITHTOWN COMMON SCHOOL DISTRICT NO. 8 (P. O. Nesconset), N. Y.—BOND SALE—The issue of $37,000 coupon or registered
school bonds offered Sept. 21—V. 145, p. 1776—was awarded to A. O. Allyn
& Co., Inc., of New York, as 3.30s, at a price of
100.333, a basis of about
3.27%.
Dated Sept. 1 ,1937 and due Sept. 1 as follows: $2,000 from 1940
to 1948, incl., and $1,000 from 1949 to 1967, inclusive.
■
i
SUFFERN, N. Y.-—BOND OFFERING—Sealed bids will be received by
Robert F. DuVall, Village Clerk, until 3 p. m. on Sept. 27 for the purchase
of $18,000 fire equipment purchase bonds.
►
TROY, N. Y.—BONDS AUTHORIZED—The Common Council has
adopted two ordinances, authorizing the issuance of $150,000 public relief
bonds and $140,000 debt equalization bonds.
►
WATKINS
GLEN,
N.
Y.—BONDS DEFEATED—The voters of the
recent election rejected a proposition to issue $20,000 fire alarm
village at a
bonds.
system
NORTH
^
(P. O. Marion), N. C.—BOND OFFERING—
Local Government Commission, will
»urchase at
not less than par of $22,000 coupon, registerable as to principal, general
obligation, unlimited tax, school bonds.
Bidders are to name interest rates,
in multiples of M %, but not to exceed 4 %, provided that no more than two
different rates may be applied on the entire issue.
Denom. $1,000. Dated
Sept. 1, 1937.
Principal and semi-annual interest (March 1 and Sept. 1)
payable at New York.
Due $2,000 yearly on Sept. 1 from 1938 to 1948.
Cert, check for $440, payable to the State Treasurer, required.
McDOWELL COUNTY
W.
E.
Secretary of the
11
m.
a.
Oct. 12 at his office Raleigh for the
CAROLINA,
NORTH
AUTHORIZED—The
the
authorized
Local
of
issuance
State
of—MUNICIPAL
BOND
ISSUES
Government Commission is said to have
the following bonds:
$200,000 Greenville
improvement bonds, if they are approved at an election: $133,000 Forest
City refunding; $45,000 Boiling Springs building, and $20,000 Pasquotank
County court house bonds.
^
SPINDALE, N. C.—NOTES SOLD—It is reported that $5,000 revenue
were purchased on Sept. 21 by a firm in Asheville, at 5%, plus a
premium of $25.» Dated Sept. 1, 1937.
Due on June 30, 1938.
notes
TARBORO, N. C.—BOND SALE—The $17,000 coupon refunding bonds
for sale on Sept. 21—V. 145, p. 1939—were awarded to R. S.
premium of $51.98, equal to 100.30,
divided as follows: $12,000 as 4Ms,
maturing on Jan. 1: $2,000 in 1947, and $5,000, 1948 and 1949, and $5,000
as 3Ms, maturing on Jan. 1,
1950.
'
offered
Dickson & Co. of Charlotte, paying a
a basis of about 3.98%, on the bonds
WAKE
N. C.—NOTE SALE—The $6,000 revenue notes
Sept. 21, were purchased by the Bank of Clayton, at 3%.
1937.
Due on Dec. 24, 1937.
FOREST,
offered for sale
on
Dated Sept. 24,
NORTH
DAKOTA
BOWBELLS, N. Dak .—CERTIFICATE OFFERING—C. J. Buskrude,
City Auditor, will receive bids until Oct. 1 for the purchase of an issue of
$8,000 certificates of indebtedness, to bear interest at nq more than 7%,
Due in two years.
Certified check for 2% of amount of bid, required.
CAROLINA
GRAFTON,
(P. O. Concord), N. C —BOND SALE—The
$100,000 coupon county hospital bonds offered on Sept. 20—V. 145, p.
1776—were awarded to Scott, Horner & Mason of Lynchburg]as23Ms, at
N.
ELECTION—At an election set for
proposition to issue $15,000 winter sports
Dak.—BOND
Oct. 7 the voters will pass on a
building bonds.
GRAIL SCHOOL DISTRICT No. 1, McKenzie County, N. Dak.—
CERTIFICATE OFFERING—Hjalmar Nelson, District
bids at the County
Clerk, will receive
Auditor's office in Schafer unti| 2 p. m. Oct. 12 for the
of indebtedness, to
bear interest at no more than 7 %.
Denom. $1,000.
Interest payable semi¬
annually.
The certificates are to be dated $2,000 the first of each month
from Nov. 1, 1937 to April 1, 1938 and will mature 24 months after date of
issuance.
Cert, check for 2% of amount of bid, required.
purchase at not less than par of $10,000 certificates
HASTINGS
DISTRICT No. 28, Bottineau County, N.
OFFERING—Pearl Buckingham, District Clerk,
SCHOOL
Dak —CERTIFICATE
will receive bids at the County Auditor's office in Bottineau until 2 p. m.
Oct. 1 for the purchase at not less than par of $10,000 certificates of in¬
debtedness.
Interest rate not to exceed
7%, payable semi-annually.
Denom. $500.
Dated Oct. 11, 1937.
18 months and $4,000 in 24 months.
Due $3,000 in 12 months, $3,000 in
Cert, check for 2% of amount of
bid, required.
SCHOOL
DISTRICT NO. 92,
Dak.—CERTIFICATE OFFERING—Mrs. M. L.
HIDDENWOOD
N.
Ward County,
Warner, District
Clerk, will receive bids until 2 p. m. Oct. 1 at the County Auditor's office
in Minot for the purchase At not less than par of $2,250 certificates of
indebtedness.
Interest rate is not to
Denom. $750
exceed 7%, payable semi-annually.
Due Oct. 1, 1939.
LIDGERWOOD SPECIAL SCHOOL DISTRICT, Richland County,
Dak.—BOND OFFERING—A. L. Parsons, School Clerk, will receive
N.
the County Auditor's office in Wahpeton until 10 a. m. Oct. 9,
purchase at not less than par of $19,000 coupon school room and
bonds.
Bidders are to specify rate of interest, not to exceed
4%.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual
interest (April 1 and Oct. 1) payable at place designated by the purchaser
in his bid.
Due $1,000 yearly on Oct. 1 from 1940 to 1958, incl.
Certified
check for 2% of amount of bid, payable to the District Treasurer, required.
bids
at
for the
auditorium
CABARRUS COUNTY
Easterling,
on
SALT AIRE, N. Y.—BOND SALE—The issue of $15,000 coupon or
registered water improvement bonds offered Sept. 21—V. 145, p. 1938—
was awarded to the Marine Trust Co. of Buffalo as 4.20s at a
price of
100.389, a basis of about 4.15%.
Dated Sept. 1, 1937, and due $1,000
annually on Sept. 1 from 1940 to 1954, incl.
Sherwood & Co. of New York,
only other bidder, offered par plus a premium of $1 for 5.50s.
bonds offered
is
SPRING
N.
CREEK
SCHOOL DISTRICT NO. 6, Bowman County,
OFFERING—Claude White, District Clerk,
.1 at the County Auditor's office in Bow-
Dak.—CERTIFICATE
will receive bids until 2p.m. Oct
Volume
Financial
145
HOPEWELL-LONDON SCHOOL DISTRICT, Sandusky County,
Ohio—BOND ELECTION—At the November election the voters of the
for the purchase of $1,000 5% certificates of indebtedness.
Denom.
Interest payable semi-annually.
Dated Oct. 1, 1937.
Payable in
Sale will not be made at less than par.
Certified check for
man
2113
Chronicle
$500.
5% of amount of bid, required.
district will be asked to approve a bond issue
of a school building.
WEST FARGO SCHOOL DISTRICT NO. 6 (P. O. West Fargo).
N. Dak.—BONDS TO BE REFUNDED—The School Board has arranged
for the refunding ot $20,000 outstanding bonds at a reduced rate of interest.
The School Board has entered into an agreement with H. J. Muehler,
Hazen
whereby Mr. Muehler will take over the $20,000 worth ot bonds
IRONTON, Ohio—BOND SALE—The $15,550 funding bonds offered
Sept. 23—V. 145, p. 1777—were awarded to Fox, Einhorn & Oo. of Cin¬
cinnati, as 3 Ms, at par plus a premium of $55, equal to 100.35, a basis of
about 3.21%.
Dated Oct. 1, 1937 and due Oct. 1 as follows: $1,550 In
1944 and $2,000 from 1945 to 1951 incl.
18 months.
at
The School Board at a recent meeting decided to buy up
now held by the Bank ot North Dakota at 5%.
the first
10 years and $2,000 annually for the next five years, according to W. N.
Leonard, Clerk of the School District.
of $180,000 for construction
4% interest.
the bonds which
The
JEFFERSON COUNTY
are
bonds will be retired at the rate of $1,000 annually for
new
(P. O. Steubenville),
Ohio—BOND ELEC¬
TION—A proposition to issue $800,000 court house construction bonds is
to be
placed
the Nov. 2 ballot.
on
JEFFERSON
WILLISTON, N.
Dak.—CERTIFICATE OFFERING—W. H. Robin¬
City Auditor, will receive bids until 8 p. m. Oct. 5, for the purchase of
$20,000 5% certificates of indebtedness.
Denom. $1,000.
Certified check
for 2%, required.
UNION
,
SCHOOL
Ohio—BOND ELECTION—A
DISTRICT,
Jefferson County,
bond issue for construction of a
$75,000
school building will be voted upon at the coming general election.
son,
LAKEWOOD, Ohio—BOND ELECTION—At the Nov. 2 elections the
of the city will pass on the question of issuing $420,000 hospital
improvement bonds.
voters
WILLOW CITY, N. Dak.—CERTIFICATE OFFERING—E. O. Holler,
City Auditor, will receive bids until 2 p. m. Sept. 27 for the purchase of
$1,000 7% certificates of indebtedness.
LANCASTER SCHOOL DISTRICT, Ohio—BOND ELECTION—The
Denom. $500.
voters of the district will ballot at the
general election in November on the
question of issuing $225,000 school improvement bonds.
LEMON TOWNSHIP DISTRICT (P. O. May field), Ohio—BOND
proposition to issue $90,000 school building bonds will
place before the voters of the district at the general election in November.
ELECTION—A
MAHONING COUNTY (P. O. Younestown). Ohio—BOND SALE—
The issue of $500,000 coupon refunding bonds offered Sept. 20—V. 145,
1622—was awarded to the BancOhio
Securities Co. of Columbus as
p.
2Ms at par plus
2.74%.
to 1948
a premium of $262, equal to 100.052, a basis of about
Dated Oct. 1, 1937, and due $50,000 each Oct. 1 from 1939
inclusive.
MARION
—BOND
school
OHIO
AKRON
SCHOOL
TOWNSHIP
ELECTION—A
SCHOOL
building will be placed
MARTINS
DISTRICT, Allen County, Ohio
$92,000 bond issue for erection of a
the ballot at the coming general election.
proposed
on
FERRY, Ohio—BOND ELECTION—A proposition calling
for the issuance of $50,000 fire station bonds will be placed on
DISTRICT,
Ohio—BONDWELECTION—At
the
the Nov. 2
ballot.
November elections the voters of the District will be asked to approve a
MIDDLEPORT,
proposition to issue $2,500,000 school impt. bonds.
AUSTINBURG
SCHOOL
MILLERSBURG,
general
election
MONROE
issue will
RURAL
SCHOOL DISTRICT, Adams County, Ohio—
BOND ELECTION—On Nov. 2 the voters of the district will pass on the
question of issuing $20,000 school building bonds.
Ohio—BOND
SCHOOL
ELECTION—A
election
for
to
Ohio—BOND
proposed $15,000 water plant improvement bonds to
a
MONTGOMERY
COUNTY
the
elections
a
November
authority to issue $6,000,000 school building bonds.
3Mf^pt
3.78%.
proposal calling for the issuance of $175,000 road bonds.
authorized by the people in 1930 in the sum of
$3,250,-
sum $175,000 already has been issued.
The city has been
unable to issue the balance of the bonds because of State laws which limit
the amount of issues to 5% of the city's tax valuation.
The bill
DISTRICT,
tion, the bids
favorably
NEW
EAST LIVERPOOL SCHOOL
issue $235,000
general election in
ERIE
COUNTY
(P.
O.
FLAT
sub¬
a
NORWALK-BRONSON
RURAL SCHOOL
building bonds
DISTRICT
O.
(P.
Nor-
walk), Ohio—BOND ELECTION—A proposition to issue $45,000 school
building bonds will be submitted to a vote at the November general elections.
OLIVE TOWNSHIP SCHOOL DISTRICT, Adams County, Ohio—
BOND ELECTION—At the general election in November the voters of the
district will pass on a proposal to issue $16,000 school building bonds.
Ohio—BOND
ELECTION—A
bond issue will
PEEBLES
be submitted
SCHOOL
DISTRICT,
Adams
Ohio—BOND
County,
ELECTION—A proposition to issue $47,000 school building bonds will be
submitted to a vote on Nov. 2.
RURAL SCHOOL DISTRICT^
Henry
County, Ohio—BOND ELEC1TON—A proposed $44,000 school building
ROCK
the general election in November.
has passed a resolution to submit a proposed $100,000 city
to the voters at the November election.
Nov. 2 to approve a proposition
Sandusky),
upon at
KNO^VILLE SCHOOL DISTRICT, Ohio—BOND ELECTION
NEW PHILADELPHIA, Ohio—BOND ELEC TI ON—T he City Council
to approve propositions
addition construction bonds
high school building bonds.
proposed $130,000 courthouse improvement
to a vote at the November elections.
bids temporarily. If the litigation is not concluded
days, the bids will be rejected and the bonds
60
PARIS, Ohio—BOND ELECTION—At the Nov. 2 elections
proposal to issue $25,000 sewage disposal plant bonds will be voted upon.
DISTRICT, Ohio—BOND ELECTION
on
within
NEW
CREEK RURAL SCHOOL
DISTRICT, Jefferson County,
Ohio—BOND ELECTION—A proposed $95,000 school
building bond issue
will be submitted to the voters of the district on Nov. 2.
to
restricted and limited that the board has been unable
With the consent of all the bidders
—A proposed $78,000 bond issue for erection of a school building is to be
mitted to the electorate at the coming general elections.
CROSS
—Voters of the District will be asked
were so
ming pool bond issue is to be voted
CONVOY, Ohio—BOND ELECTION—A proposed $24,000 bond issue
hospital
4%
DISTRICT
NELSONVILLE, Ohio—BOND ELECTION—A proposed $20,000 swim¬
Sandusky County,
for construction of a sanitary sewer system and a treatment
plant will be
submitted to the voters at the November general election.
calling for the issuance of $25,000
and $15,000 fire equipment bonds.
CONSERVANCY
readvertised.
Ohio—BOND ELECTION—A proposed $30,000 bond issue for construction
a school building is to be voted
upon at the November election.
the
WATERSHED
the board is holding the
of
COSHOCTON, Ohio—BOND ELECTION—At
Noyember the people of Coshocton will be asked
3M%
to determine which offer is the best.
pro¬
proposed
bond issue of $2,500,000 to be used for the
rebuilding of the Central Viaduct
and repair of other city bridges.
SCHOOL
// 60.00
(P. O.
Philadelphia), Ohio—BOND AWARD DEFERRED—The district
has deferred action in awarding the $1,500,000 3% bonds offered on Sept. 18
—V. 145, p. 1622.
Five bids were received, but because of pending litiga¬
Passage of such a bill also would make available for the river improvement
$567,000, appropriated by the Federal Government, but which cannot be
TOWNSHIP
3M%
3,780.00
MUSKINGUM
used until the city issues its bonds.
CLINTON
$236.00
New
limitations.
a
Int. Rate
Premium
Cleveland
proposed
would allow the city to sell the bonds outside of the present
Mayor Burton also announced that the same bill would contain
vision which would enable the city to place on the ballot a new
" '
•
Fox, Einhorn & Co., Cincinnati and E. H. Rollins &
Associates, Cincinnati
Van
Lahr, Doll & Isphording, Inc., Cincinnati,
Weil, Roth & Irving Co., Cincinnati and Provident
Savings Bank & Trust Co., Cincinnati
Assel, Goetz & Moerlein, Inc., Cincinnati Seasongood & Mayer, Cincinnati, Pohl & Co., Inc.,
Cincinnati,
and
McDonald-Coolidge
&
Co.,
000, of which
mayor
to 100.108, a basis of about
follows:
were as
Bidder—
FINANCING—Battle to straighten the crooked Cuyahoga River
will be taken before the State Legislature when it reconvenes next
month,
Mayor Harold H. Burton announced Sept. 7.
The city administration, the mayor said,
plans to present a bill that
would give the city authority to issue
$3,075,000 in bonds to finance the
improvement.
by the
group
par plus a premium of $652, equal
Other bids
CLEVELAND, Ohio—SEEKS AUTHORITY FOR $3,075,000 RIVER
was
a
Dated Sept. 1, 1937.
Due $30,000 on March 1 and Sept. 1 in
each of the years from 1942 to 1951 incl.
Fox, Einhorn & Co., Cincinnati,
and associates, submitted a bid of par plus $236 premium for 3Ms.
Batavia), Ohio—BOND ELECTION—
submitting to the voters at the November
BOND
The bond issue
Ohio—BOND SALE—
bonds offered on Sept. 21—V. 145, p. 1622—
composed of Stranahan, Harris & Co., Prudden
& Co., both of Toledo, and the BancOhio Securities Co. of Columbus as
CLERMONT COUNTY (P. O.
The County Commissioners are
awarded to
(P. O. Dayton),
$600,000 refunding
were
ELECTION—
ask the voters at
Coshocton
County,
school building bond
$12,000
MONROEVILLE, Ohio—BOND ELECTION—'The Village Council has
The
DISTRICT,
has decided
DISTRICT,
proposed
the voters at the Nov. 2 elections.
000 flood defense bonds will be placed on the Nov. 2 ballot.
SCHOOL
$20,000
proposed
ELECTION—A
be voted upon at the November elections.
decided to submit
CINCINNATI, Ohio—BOND ELECTION—A proposal to issue $5,000,CINCINNATI
Council has
$50,000
City
November.
in
RURAL
Ohio—BOND
building bonds.
The Board of Education
ELECTION— The
bond issue for park improvements will be submitted to the voters at the
BELLEFONTAINE
RURAL
SCHOOL
DISTRICT
(P. O. Bellefontaine), Ohio—BOND ELECTION—The Board of Education is asking
the voters at the Nov. 2 elections for
authority to issue $45,000 school
BRATTON
Ohio—BOND
decided to ask the voters at the November election to approve a
bond issue for erection of a municipal storehouse.
DISTRICT, Ashtabula County, Ohio—
BOND ELECTION—A proposal to issue $77,000 high school building bonds
will be submitted to a vote at the November election.
TOWNSHIP
PEMBERVILLE
SCHOOL
DISTRICT,
Wood
Ohio—
bonds
County,
BOND ELECTION—A proposition to issue $70,000 school building
will be voted upon at the Nov. 2 elections.
bond issue is to be submitted to the voters of the district at the
general
election in November.
*
PERRY-PIKE
FOREST, Ohio—BOND ELECTION—A proposal to issue $21,500 water
works impt. bonds will be placed on the ballot at the
general elections in
November.
RURAL
SCHOOL
be place
on
PERRY TOWNSHIP SCHOOL
FOSTORIA, Ohio—BOND ELECTION—At the Nov. 2 election the
City Council will ask the voters to approve a $30,000 bond issue for con¬
struction of a swimming pool.
FRANKLIN, Ohio—BOND ELECTION—At
voters of the
sanitary
Village will be asked to
sewer system
and
a sewage
approve a
the Nov.
GENEVA, Ohio—BOND ELECTION—On Nov.
lage will be asked to approve
system improvement bonds.
GENEVA SCHOOL
a
2
elections the
bond issue of $70,000 for
a
disposal plant.
2 the voters of the vil¬
proposal to issue $50,000 sewage disposal
2
the Board of Education will ask the voters for
authority to issue $46,000
school
improvement
bonds.
GOSHEN SCHOOL
for
DISTRICT, Ohio—BONDS VOTED—At
a
a
recent
$50,000 bond
school building purposes.
GUSTAVUS-WAYNE
SCHOOL
DISTRICT,
Ashtabula
HARLAN TOWNSHIP SCHOOL
County,
DISTRICT, Warren County, Ohio
—BOND ELECTION—The voters of the district will be asked
on
Nov. 2
bond issue of $46,750 for school building purposes.
HICKSVILLE
SCHOOL
DISTRICT,
Ohio—BOND ELECTION—
Authority for the issuance of $89,000 school building bonds will be sought
by the Board of Education at the general elections in November.
DISTRICT, Franklin County, Ohio
of
voters
the
district
on
Nov.
will
2
decide
whether or not the Board of Education is to issue $140,000 school building
bonds.
PERU
SCHOOL
TOWNSHIP
DISTRICT,
County, Ohio—
Huron
BOND ELECTION—A proposition to issue $15,000 school
will be voted upon at the Nov. 2 elections.
PIERPONT
BOND
SCHOOL
ELECTION—A
ROSEVILLE
the
November
DISTRICT,
proposed
bond
be submitted to
SCHOOL
elections
ROSS
TOWNSHIP
BOND ELECTION—A
building is to be placed
Ohio—BOND ELECTION—The residents of the district will be asked on
Nov. 2 to approve a $50,000 bond issue for erection of a school
building.
to approve a
ELECTION—The
the Nov. 2 ballot/
the
DISTRICT,
Board
of
Ashtabula
issue
of
a vote on
County,
$15,000
for
Ohio—
school
con¬
Nov. 2.
Ohio—BOND
Education
building bonds
will
ELECTION—At
ask
the
voters
for
authority to issue $40,000 school building bonds.
special election the electors of the District voted approval of
issue
—BOND
struction purposes will
DISTRICT, Ohio—BOND ELECTION— On Nov.
DISTRICT, Coshocton County,
Ohio—BOND ELECTION—A proposal calling for the issuance of $75,000
school building bonds will
/
SCHOOL
DISTRICT,
Butler County,
Ohio—
bond issue of $100,000 for construction of a school
on
the ballot at the November general election.
SHELBY, Ohio—BOND ELECTION—On Nov. 2 the voters of the city
will be asked to approve a bond issue of $25,000 for improving the storm
sewer
system.
1
SILVERCREEK TOWNSHIP RURAL SCHOOL DISTRICT, Greene
County, Ohio—BOND ELECTION—On Nov. 2 a proposition to issue
$18,000 school building bonds will be placed before the voters for approval.
SPRIGG
RURAL
SCHOOL
DISTRICT,
Adams
County.
Ohio—
BOND ELECTION—A proposition calling for the issuance of $42,000 schoo
building bonds will be submitted to the voters on Nov. 2.
Financial
2114
CONTINUES
CITY-MANAGER GOVERNMENT—
TOLEDO, Ohio—
City-manager government on Sept. 21 received a vote of confidence when
the second major effort to return to a 21-ward council
plan.
The manager plan was adopted two years ago.
In a light vote 300
of the 323 precincts in the city gave 33.284 votes against the proposed city
charter amendment and 18,224 votes for it.
citizens repulsed
UNION TOWNSHIP SCHOOL DISTRICT,
WABASH TOWNSHIP RURAL SCHOOL DISTRICT (P. O. North
Star), Ohio—BOND ELECTION— On Nov. 2 the Board of Education is
asking the voters of the district for authority to issue $44,000 school
building bonds.
SCHOOL
DISTRICT.
Hocking
County,
ELECTION—A proposal to issue $89,000 school building
placed before the voters of the district at the coming general
TOWNSHIP
WARD
Ohio—BOND
bonds is to be
elections.
,
ELECTION—A proposal to issue $80,000
the November 2
WARREN,. Ohio—BOND
incinerator plant bonds will be submitted to the voters at
elections.
At the same time the voters will pass on a
$4,000,000 sewer
TOLEDO, Ore.—BOND OFFERING— Sealed bids will be
TOWNSHIP
asked to approve a
bond issue of $60,000 for school building purposes.
follows: $3,500, 1939 to 1942: $4,000, 1943 to 1945: $4,500,
$5,000, 1949 to 1951, and $5,500 in 1952.
The approving
opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be
furnished.
A certified check for $2,000 must accompany the bid.
Due
UNION
orized placing a $90,000 bond issue on the Nov. 2 ballot for the purpose
financing the city hospital.
YORK
RURAL
as
COUNTY SCHOOL DISTRICT NO.
15 (P. O.
Ore.—PRICE PAID—The Forest Grove National Bank
bidder on Sept. 13 for $50,000 school bonds
—V. 145, p. 1940—paid a price of par plus a premium of $120, equal to
100.24, for 2%s, a basis of about 2.73%.
Dated Oct. 1, 1937.
Due on
Oct. 1 as follows:
$2,500, 1939 to 1955; $3,500, 1956, and $4,000 in 1957.
WASHINGTON
Forest
Grove),
of Forest
Grove, successful
NO.
5
COUNTY UNION HIGH SCHOOL DISTRICT
Forest Grove), Ore.— WARRANTS SOLD—The $5,000
Sept. 14—V. 145, p. 1623—was sold as 2Hs
O.
(P.
issue of warrants offered on
according to the District Clerk.
at par,
Due $1,000 from Sept. 15, 1939
1943, inclusive.
will be submitted to
of
3 (P. O. Dundee),
that sealed bids will be received
27 by E. E. Leslie, District Clerk, for the purchase of $25,000
4% semi-annual school bonds.
YAMHILL COUNTY SCHOOL DISTRICT NO.
Ore.—BOND OFFERING—It is stated
until Sept.
DISTRICT,
Union County,
Ohio—
proposal to issue $40,000 school building bonds
City of Philadelphia
SCHOOL
ELECTION—A
BOND
Oct. 1
SCHOOL
Ohio—BOND ELECTION—The City Commission has auth¬
XENIA,
on
1946 to 1948:
to
DISTRICT,
Adams County,
Ohio—
BOND ELECTION—On Nov. 2 the voters of tne district will decide the
question of issuing $20,850 school building bonds.
WEST
Dated Oct. 1, 1937.
Denominations $1,000 and $500.
payable A. & O.
WASHINGTON
SCHOOL DISTRICT (P. O. Ney),
Ohio—BOND ELECTION—The voters of the district on Nov. 2 will be
!
received until
7:30 p. m. on Sept. 24, by C. B. Arthur, City Recorder, for the purchase
of a $60,000 issue of water bonds.
Interest rate is not to exceed 6%,
project, involving the issuance of about $960,000 bonds.
WASHINGTON
1937
25
Sept.
SALEM, Ore.—BOND SALE—The $20,000 issue of refunding bonds
offered for sale on Sept. 20—V. 145, p. 1623—was awarded to a syndicate
composed of Baker, Fordyce & Co. of Portland, William P. Harper & Son
Co., the Seattle Trust & Savings Bank, both of Seattle, and Atkinson,
Jones & Co., of Portland, according to the City Treasurer.
Dated Oct. 1,
1937.
Due $1,000 from Oct. 1, 1938 to 1957, incl.
Clermont County, Ohio,
in November a proposal to
building bonds will be submitted to a vote.
—BOND ELECTION—At the general election
issue $75,000 school
Chronicle
a vote on
YOUNGSTOWN,
4V2% Bonds due Dec. 1, 1975/45
Nov. 2.
Ohio—BOND
proposed $520,000
the general
ELECT ON—A
108.899 & Interest to Net 3.25%
Price:
bridge construction bond issue will be placed on the ballot at
election ih November.
Moncure Biddle & Co.
Philadelphia
Locust Street
1520
R. J. EDWARDS, Inc.
PENNSYLVANIA
Municipal Bonds Since 1892
BANGOR, Pa.—BOND ELECTION—At the Nov. 2 election a
bonds will be voted upon.
proposi¬
tion to issue $40,000
Oklahoma
City, Oklahoma
BELL
TOWNSHIP SCHOOL DISTRICT, Westmoreland County,
OFFERING WITHDRAWN—The $55,000 bonds offered on
Pa.—BOND
AT&T
Ok
Long Distance 158
Cy 19
45, p. 1623—were withdrawn
schedule did not comply with a new State law
Sept.
CHARTIERS
OKLAHOMA
BLACKWELL,
Okla.—BONDS SOLD—The two issues of bonds,
aggregating $300,000, offered for sale on Sept. 21—V. 145, p. 1940—were
T
sold
as
24—V.
follows:
$75,000 electric light improvement and extension, series A bonds to the
Security Bank, and the First National Bank, both of Blackwell,
jointly.
Due $37,500 on Sept. 1 in 1940 and 1941.
225,000 electric light improvement and extension, series B bonds to C. Edgar
Honnold, of Oklahoma City.
Due $37,500 from Sept. 1, 1942 to
1947, inclusive.
TOWNSHIP
from sale, as the maturity
governing maturities.
SCHOOL DISTRICT
(P. O.
ton, R. D. No. 1)—BOND SALE—The $120,000 coupon
offered on Sept. 20—V. 145, p. 1778—were awarded to S. K.
& Co. and Glover & MacGregor, both of Pittsburgh, as 3s,
Washing¬
school bonds
Cunningham
at par plus a
premium of $307.85, equal to 100.256, a basis of about 2.97 %.
Dated Aug.
1, 1937.
Due $8,000 yearly on Feb. 1 from 1939 to 1953, incl.
Singer,
Deane & Scribner and E. H. Rollins & Sons, both of Pittsburgh, joined in
of $158 for 3s.
submitting the second high bid, offering a premium
Other bids
were as
follows:
Int. Rate Premium
Bidder
3%
Singer, Deane & Scribner, Inc
$158.00
3k %
3M %
3 34 %
406.00
660.00
1,524.00
3H%
Johnson & McLean
420.00
DUNCAN, Okla.—BONDS VOTED—It is stated by the City Clerk that
at an election held on Sept. 14 the following not to exceed 5% bonds,
aggregating $30,000 were approved:
$15,000 sewer extension, and $15,000
swimming pool bonds.
We understand that no date has been set for the
Edward Lowber Stokes & Co
offering
DISTRICT (P. O. Davids
ville), Pa.—BOND OFFERING—J. W. Johns, District Secretary, will
receive sealed bids until 6 p. m. on Oct. 7, for the purchase of $170,000
coupon bonds, all to bear interest at the same rate, the bidder making choice
from the following:
3, 3}4. 3^,394,4, 4)4 or 4H%. Dated Feb. 1, 1938.
Denom. $1,000.
Due Feb. 1 as follows:
$8,000 from 1941 to 1961, incl.
and $2,000 in 1962.
Interest payable semi-annually.
The district assumes
and agrees to pay any and all taxes, except succession or inheritance taxes,
which may be levied on the bonds and interest now or hereafter under any
present or future law of the Commonwealth.
A certified check for $8,500,
payable to the order of the district, must accompany each proposal.
as yet.
.
...
DISTRICT
SCHOOL
ENID
•
.
(P.
O.
The $4,079.28 issue of special assessment
-
;
Enid), Okla.—BOND SALE—
retirement bonds offered for sale
Sept. 21—V. 145, p. 1940—was awarded to R. J. Edwards, Inc., of
Oklahoma City, as follows:
$2,000 as 3s, maturing in 1940: the remaining
$2,079.28 as 3ks, maturing $2,000 in 1941, an $79.28 in 1942.
CITY,
Okla.—BOND ELECTIONS CONTEMPLATED
to the "Wall Street Journal" of Sept. 22 had
—A report from the above city
the following to say:
"Voters of this city likely will be asked to vote on bond proposals totaling
under tentative plans of city officials.
$4,357,000 before Jan.
"An early election would involve a bond issue of $2,357,000 to pay for
the city's participation in the proposed Fort Supply Reservoir to be con¬
structed in northwestern
Oklahoma as a combined
Fedreal-State-city
project.
.
"This would be followed within two months, in the expectation of city
officials, by another election calling for $2,000,000 more for development
and improvement of the water distribution system within Oklahoma City."
OKLAHOMA
COUNTY
(P. O. Oklahoma City), Okla.—SINKING
F.
Vahlberg,
County Treasurer,
recently approved the purchase of $100,000 of municipal bonds from the
Mercantile-Commerce Bank & Trust Co. of St. Louis.
The purchase
is said to have included $50,000 in Oklahoma City park bonds and $50,000
in Tulsa water system improvement bonds.
The bonds are reported to
average 2.60% interest.
Mr. Vahlberg is reported as saying that about
$50,000 more was available for similar investments.
FUND
PURCHASES
PONCA
CITY,
BONDS—W.
Okla.—BOND CALL—It is stated by Jay G. Paris,
City Treasurer, that the following street improvement district bonds are
being called for nay men t on Oct. 1:
DisWNo. 61—No. 17 (called Oct. 1, 1936, not yet presented for payment).
Dist. JNo.
48 to 53.
/u—JNos.
Dist. No. 71—Nos. 75 to 78.
Dist. No. 72—No. 21.
Leach Bros., Inc
CONEMAUGH
on
OKLAHOMA
M. M. Freeman & Co
.
TOWNSHIP
SCHOOL
CRANBERRY TOWNSHIP SCHOOL DISTRICT (P.
O. 27 Seneca
St., Oil City), Pa.—BOND SALE POSTPONED—In order to revise
the
proceedings to meet requirements of Townsend, Elliott & Munson, bond
counsel, of Philadelphia, the district has postponed the sale scheduled for
Sept. 27 of $9,000 not to exceed 4)4% interest school bonds.
A new
offering will be announced soon.
to
to
DONORA, Pa.—BOND ELECTION—The Borough Council has decided
submit a proposed $200,000 sewer and street improvement bond issu
the voters at the Nov. 2 election.
EAST VINCENT TOWNSHIP SCHOOL
DISTRICT (P. O. Phoen'x-
ville), Pa.—BONDS DEFEATED—At the Sept. 14 primary election
voters defeated a proposal to issue $35,000 school building bonds.
ELK
LICK
TOWNSHIP SCHOOL
the
DISTRICT, Somerset County,
the Sept. 14 elections
Pa.—BONDS VOTED—The voters of the district at
approved a proposal to issue $25,000
FOSTER TOWNSHIP
school building bonds.
SCHOOL DISTRICT
(P. O. Freeland, Box
207), Pa .—BONDS NOT SOLD—-No bids were submitted at the Sept. 11
offering of $23,000 5% coupon school bonds—V. 145, p. 1624.
Dated
Sept. 1, 1937 and due as follows: $1,000 in 1938, and $2,000 from 1939 to
1949 incl.
Dist. No. 73—Nos. 58 and 59.
Dist. No. 74—No. 64.
An issue of $50,000 2% sewer
STILLWATER, Okla.—BOND ELECTION REJECTED—It is reported
that at a recent preliminary election to determine if a referendum should
be held on the proposed issuance of $125,000 in hospital construction bonds,
the proposition was voted down.
WAURIKA,
•
Okla.—BOND OFFERING—Sealed
—
bids will be received
until 7:30 p. m. on Sept. 28 by Ennis Tyson, City Clerk, for the purchase
of
$20,000 issue of refunding bonds.
Due $2,000 annually beginning
three years from date.
The bonds will be sold to the bidder offering the
lowest rate of interest at not less than par and accrued interest.
Issued in
accordance with Section 5930, Oklahoma Statutes 1931, as amended by
House Bill No. 409, enacted by the 15th Legislature, and Senate Bill
No. 152, enacted by the 15th Legislature.
A certified check for 2% must
a
accompany
the bid.
The bonds
run
City
—
CITY,
$500.
Oct. 5 for the purchase of $5,000 interest-bearing warrants.
Dated Oct.
Denom.
1,^937.
O. Route No. 5,
37, Salem), Ore.—WARRANT SALE—The $4,500 issue of interestbearing warrants offered for sale on Sept. 20—V. 145, p. 1940—was purphased by Tripp & McClearey of Portland as 3>£s, according to the Dis¬
trict Clerk.
_
MARION COUNTY SCHOOL DISTRICT NO. 22 (P.
°ox
improvement
bonds
Rate Bid*
Stroud & Co_
—
Edward Lowber
—
100.06
100.57
100.53
3)4%
Stokes & Co
SCHOOL
100.549
3)4%
3M%
—3H%
DISTRICT,
Pa .—BONDS
VOTED—The
district on Sept. 14 gave their approval to a proposal to issue
LOWER MERION TOWNSHIP SCHOOL DISTRICT (P. O. Ard
mote), Pa.—BONDS VOTED—At the Sept. 14 election the proposition to
school building bonds was approved by the voters.
issue $950,000
Pa.—BONDS VOTED—A proposi¬
auditorium-gymnasium bonds was approved by the
NESCOPECK SCHOOL DISTRICT,
Ore.—BONDS VOTED—The voters of Junction
a proposal to issue $70,000 water system bonds.
Sept. 7 approved
LANE COUNTY SCHOOL DISTRICT NO. 90 (P. O. Eugene), Ore.
WARRANT OFFERING—The School Board will receive bids until 8
p. m.
$95,000
Int. Rate
Bidder—
Dougherty, Corkran & Co
Leach Bros., Inc
LAFAYETTE
improvement, and $5,000 water refunding bonds.
on
Pa.—BOND SALE—The
Sept. 21—V. 145, p. 1778—were awarded to E. H. Rollins &
Philadelphia, as 3)4s, at a price of 101.40, a basis of about 3.13%.
Dated Oct. 1,1937.
Due yearly on Oct. 1 as follows: $5,000, 1948: $10,000,
1949; $15,000, 1950 to 1953, and $20,000 in 1954.
Dougherty, Corkran &
Co. of Philadelphia bid 100.5498 for 3Ms<■■■■&
on
Sons of
$40,000 school building bonds.
HEPPNER, Ore.—BOND OFFERING—Sealed bids will be received un~
til Oct. 4, according to report, by E. R. Huston, City Recorder, for the pur¬
chase of two issues of bonds aggregating $12,000 divided as follows: $7,000
JUNCTION
for 30 years,
HAZELTON,
offered
voters of the
OREGON
street
(P. O. Ardmore), Pa .—BONDS SOLD—
bonds has been issued to the sinking fund.
subject to call after five years.
HAVERFORD TOWNSHIP
Dist. No. 75—Nos. 45 to 47.
tion to issue $30,000
voters at
an
election held Sept. 14.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The De¬
partment of Internal Affairs, Bureau of Municipal Affairs, has approved
the following local bond issues.
Information includes the name of the
municipality, amount and purpose of issue and date approved:
Laureldale Borough, Berks County: $20,000; funding floating indebted¬
ness,
$6,000;
purchasing
road
machinery, improving and constructing
$14,000; Sept. 7.
streets and making capital improvements,
West
Lawn
Borough, Berks County:
Sept. 13.
$20,000;
improving
highway;
Financial
Volume
Topton Borough School District: $15,000; remodel grade school building
expenditures thereto; Sept. 13.
and necessary
Woosic Borough, Lackawanna County: $35,000; constructing a
sewer system with necessary rights-of-way; Sept.
15.
PHILIPSBURG,
Pa.—BONDS
the borough approved
department bonds.
a
VOTED—On
Sept.
14
sanitary
the voters of
fire
proposition to issue $65,000 refunding and
PITTSBURGH CITY SCHOOL DISTRICT, Pa .—BOND SALE—
of $1,500,000 coupon, registerable as to principal only, school
building bonds offered Sept. 21—V. 145, p. 1624—was awarded to the
Union Trust Co. and the Mellon Securities Corp., both of Pittsburgh,
jointly, as 2^s at a price of 101, a basis of about 2.405%.
Dated Oct. 1,
193/ and due $60,000 annually on Oct. 1 from 1938 to 1962 incl.
E. H.
Rollins & Sons, Inc., and associates were second high with an offer of
100.b99 for 2Mb.
The Union Trust Co. and the Mellon Securities Corp., both of Pittsburgh,
jointly, are making public re-offering of the loan on a basis of yields ranging
from 0.75% to 2.40% for maturities from 1938 to 1957, inc., and at a price
of 101.50 for the bonds due from 1958 to 1962, incl.
They are legal invest¬
ment, according to the bankers, for savings banks and trust funds in Penn¬
sylvania.
Tne following is a record of the unsuccessful bids as furnished by H. W.
Cramblet, Secretary of the Board of Education:
E. BL. Rollins & Sons, inc., Stroud & Co., Inc., Glover & MacGregor,
Inc., Chas. D. Barney & Co., Moncure Biddle & Co., b. K. Cunningham
& Co., Inc., Geo. E. Snyder & Co., Edw. Lowber Stokes & Co. and Schmidt,
Poole & Co. bidding a rate of 214 % and a premium of $13,492.50, or a bid
for the issue of $1,513,492.50, together with accrued interest thereon.
Phelps, Fenn & Co., E. W. Clark & Co., R. L. Day & Co., Equitable
Securities Corp., Campbell, Phelps & Co., Inc. bidding a rate of 2j^%
and a premium of $11,398.50, or a bid for the issue of $1,511,398.50, to¬
The issue
gether
with
accrued
interest
thereon.
Peoples-Pittsburgh Trust Co., Harris Trust & Savings Bank, F. S. Moseley & Co., Battles & Co., Cranberry, Marache & Lors, Safford, Biddulph
& Co. bidding a rate of 2>3 % and a premium of $4,305, or a bid for the issue
of $l,504,30o, together with accrued interest thereon.
Lehman Brothers, Estabrook & Co., Norman Ward & Co., and Associates
bidding a rate of 2>^% and a premium of $2,535, or a bid for the issue of
$1,502,535, together with accrued interest thereon..
Hazard Freres & Co., Inc., B. J. Van lngen & Co., Inc., Eastman, Dillon
& Co., Hornbiower & Weeks and the Boatmen's National Bank bidding
a rate of
2% % and a premium of $23,205, or a bid for the issue of $1,523,205,
accrued interest thereon.
together with
2115
Chronicle
plus a premium of $715, equal to 102.102.
Dated Sept. 1, 1937
Due on Sept. 1 as follows: $1,000, 1940 and 1941; $2,000, 1942 to 1945;
$3,000, 1946 to 1949; and $4,000, 1950 to 1952; subject to call on and
after Sept. 1, 1947.
at
par
SCOTLAND INDEPENDENT SCHOOL DISTRICT NO. 4 (P. O
Scotland), S. Dak.—BOND OFFERING—As previously reported in these
Hansen, Clerk, Board of Education,
27 for the purchase of $30,000 school
bonds, to bear interest at no more than 4%.
Dated Oct. 1,1937.
Interest
payable semi-annually.
Due $1,500 yearly on Oct. 1 from 1938 to 1957.
Sale will not be made at less than par.
Certified check for $1,000, payable
to G. C. Weidenbach, Treasurer, required.
columns—V. 145, p. 1941—Wm. F.
will receive bids until 8 p. m. Sept.
DAKOTA, State of—BABY BONDS RETIRED—The following
from the "Commercial West" of Minneapolis, issue of
SOUTH
report
Sept.
is taken
18:
Wednesday retired a $150,000 issue of its rural
"State of South Dakota,
credit 'baby bonds' sold in 1932, out of sinking funds, with interest of $3,750.
"Termed 'baby' because they were issued in small denominations and sold
directly to individual investors by the State treasury, the bonds carried 5%
interest, lower than the rate generally obtainable at time of offering.
"Another $1,000,000 rural credit bonds will be retired yet this year, too,
$500,000 each on Oct. 1 and Dec. 1.
If department revenue collections
from various sources does not provide sufficient funds to meet these obliga¬
tions, balance will be provided by temporary transfer from other sinking
"So far
bonds
at
this
a
year
the rural credit department has refunded $1,650,000
interest saving.
Refunding issues consisted of
$300,000
2^s,
replacing
$1,000,000
6Ms,
and
considerable
$1,350,000
3s
$650,000 5s."
and
;
Wood),
S. Dak.—BOND OFFERING—Ervin Dickson, Clerk, Board of Education,
will receive bids until 2 p.m. Sept. 27 for the purchase at not less than par
of $13,000 5% coupon school bonds.
Denom. $500. Dated Nov. 15, 1937.
Principal and semi-annual interest (May 15 and Nov. 15) payable at the
Farmers State Bank of Winner.
Due yearly on Nov. 15 as follows: $500,
WOOD INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
1940 to 1947; and $1,000, 1948 to 1956.
TENNESSEE
PARIS, Tenn.—BOND SALE—The City Council has sold $24,000 4H%
refunding bonds to W. N. Estes & Co. of Nashville in addition to the $50,uOO
refunding bonds issued to the same firm at an earlier date.
Brown Harriman & Co., Inc., Philadelphia, bidding a rate of 2M%
a premium of $17,835, or a bid for the issue of $1,517,835, together with
thereon.
together with accrued interest
thereon.
ELECTION PROPOSED—Mayor J. Henry
Stump has introduced into the City Council an ordinance providing that a
proposed $4,75j,000 bond issue for a municipal power and light plant be
Pa .—BOND
submitted to the voters in November.
SHARON, Pa.—BOND OFFERING—Fred S. Williams, City Clerk, will
bids until 9:30
a. m.
Oct. 5 for the purchase at not less than par
bonds.
Bidders are to name a single rate of interest,
2j^%, 2H%, 3%, 3M%. 3>£%, 3M% and 4%.
Denom. $1,000.
Datea Oct. 1, 1937.
Interest payable semi-annually,
April 1 and Oct. 1.
Due on Oct. 1 as follows; $5,000, 1938 to 1947; and
$6,000, 1948 to 1952.
Bonds may be registered as to principal only. Cert,
check for 2% of amount of bonds bid for, payable to the City Treasurer,
required.
Bonds are offered subject to legal opinion of Totfnsend. Elliott
& Munson, Philadelphia.
.
of $80,000
coupon
choice
from
SHICKSHINNY
SCHOOL
DISTRICT,
Pa.—BONDS VOTED—At
approved a proposi¬
the Sept. 14 primary election the voters of the district
tion to issue $44,000 high school building bonds.
SOMERSET COUNTY (P. O. Somerset), Pa .—BOND SALE—The
$120,000 2% refunding (councilmanic) bonds offered on Sept. 20—V.
145, p. 1624—were awarded to the County Sinking Fund at a price of par.
Dated Oct. 1, 1937. Due $15,000 annually on Oct. 1 from 1938 to 1945 incl.
Callable in whole or in part at any anniversary date.
WEST ALEXANDER SCHOOL DISTRICT (P. O. West Alexander),
Pa.—BOND OFFERING—Mrs. Grace McNinch, District Secretary, will
receive bids until 7 p. m. Oct. 11 for the purchase of $10,000 coupon bonds.
Bidders are to specify rate of interest, in a multiple of K%, but not to
exceed 4%.
Oct. 1.
Denom. $500.
Dated Oct. 1, 1937.
Interest payable April 1
Due $500 yearly on Oct. 1 from 1938 to 1957, incl.
Cert,
$500 payable to the District Treasurer, required.
The legal
opinion of Burgwtn, Scully & Churchill of Pittsburgh will be furnished by
the district, which will also print the bonds.
and
check
for
RHODE
WESTERLY,
R.
a
of
Boston
on
payable Nov. 10,
a
.57%
1937.
SALE—The
$50,000
tax
anticipation
Sept. 22 were awarded to the First National
discount basis.
Dated Sept. 22, 1937 and
on
The Second National Bank of Boston bid .70%
discount.
DISTRICT, Tmm—BOND
of voting
proposed $100,000 school building bond issue.
Texas—BONDS
BRYAN,
SOLD— It
reported
is
semi-annual school building bonds have been
that
$280,000
3%
purchase by the State Board of
Education.
COUNTY
CALHOUN
(P.
O.
Port
Texas—BONDS DE¬
Lavaca),
FEATED—The voters of the county recently rejected a proposition calling
the issuance of $70,000 court house repair bonds.
for
CAMERON, Texas—BOND ELECTION—At an election set for Sept. 28
$150,000 waterworks revenue
the voters will pass on a proposition to issue
bonds.
CASTLEBERRY SCHOOL DISTRICT (P. O. Fort Worth), Texas—
the County Superintendent of Education
purchased by tie State of Texas.
that $18,000 building bonds have been
CHAMBERS COUNTY ROAD PRECINCT
NO. 3 (P. O. Anahuac)
Texas—BOND ELECTION—It is stated by Guy C. Jackson Jr.,
County
Judge, that an election will be held on Sept. 29 to vote on the issuance of
$50,000 in road improvement bonds.
FORT BEND COUNTY ROAD DISTRICT No. 13 (P. O. Rich¬
mond), Texas—BOND SALE—The $250,000 road bonds recently approved
by the voters have been sold by the district.
The bonds, bearing interest
at 4^.%, are now being offered for investment by George V. Rotan Co. of
Houston at prices to yield from 1.50% to 3.50%, according to maturity.
Dated Oct. 1, 1937.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the County Treasurer's office in Richmond or at the City
National Bank, Galveston.
Due $12,000 yearly on Oct. 1 from 1938 to
1947 and $13,000 yearly on Oct. 1 from 1948 to 1957; the bonds coming
due from 1947 on being subject to call on and after Oct. i, 1947.
The bonds
are offered subject to the approving opinions of the Attorney General of
Texas and of Chapman & Cutler, Ch cago.
Texas—BOND SALE— The $35,000 issue of
1937 bonds offered for sale on Sept. 1(1—
to the W. K. Ewing Co. of San Antonio,
as 3Ks, at par, according to Mayor B. A.
Owen.
Dated Sept. 1, 1937.
Due from Sept. 1, 1938 to 1962; optional in part after Sept. 1, 1947.
FORT
STOCKTON,
street improvement, Series of
Y. 145, p. 1779—was awarded
HASKELL COUNTY (P. O. Haskell), Texas—BOND SALE—The
County Commissioners' Court has sold an issue of $60,000 4M% hospital
bonds to the Dunne-Israel Investment Co. of Wichita at par.
McLEOD
DISTRICT
CONSOLIDATED SCHOOL
(P.
O. Linden),
Texas—BONDS SOLD—The $100,000 4% school bonds approved by the
voters on March 8, as noted in these columns at that time, are said to have
been
purchased by the State Board of Education, at a price of 101.00, a
Due in 10 years, optional after five years.
basis of about 3.78%.
us
ISLAND
I.—NOTE
temporary loan notes offered
Bank
on
BONDS SOLD—It is reported by
READING,
making
BENAVIDES INDEPENDENT SCHOOL
ELECTION—An election is scheduled for Sept. 25 for the purpose
thereon.
Halsey-Stuart & Co., Inc., Baneamerica-Blair Corp., Bacon, Stevenson
bidding a rate of 2% % and a premium of
$1,440, or a bid for the issue of $1,501,440, together with accrued interest
& Co. and Coffin & Burr, Inc.,
receive
TEXAS
;
Blyth & Co., Inc., Eidredge & Co., Inc., Shields & Co., Geo. B. Gibbons
Co., Inc., Francis 1. duPont & Co., Foster & Co., Inc., and First of
Michigan Corp. bidding a rate of 2-31%, and a premium of $12,600, or
a bid for the issue of $1,512,600,
together with accrued interest thereon.
First National Bank at Pittsburgh, Chemical Bank & Trust Co. of N. Y.,
Northern 'Trust Co., Salomon Brothers & Hutzler, Braun, Bosworth & Co.
bidding a rate of 2 % % and a premium of $9,300 or a bid for the issue of
$1,509,300, together with accrued interest thereon.
The National City Bank of N. Y., Mercantile-Commerce Bank & Trust
Co., Dougherty, Corkran & Co. and Mackey, Dunn & Co. bidding a rate
of 2^% and a premium of $8,838, or a bid for the issue of $1,508,838,
&
MINEOLA, Texas—BONDS SOLD—City Secretary J. D. Harris informs
that the city has sold an issue of $67,500 refunding bonds.
NOCONA, Texas—BONDS VOTED—A
approved by the voters at a recent election.
bond
issue
of
$15,000
was
Texas—BONDS REFUNDED—Mayor S. M. Depew an¬
Sept. 8 that the State Board of Education had approved and
ORANGE,
nounced
on
Eurchased, on the application ofbonds were issued on a $128,000 compared
ond issue.
The
refunding the City of Orange, 4% basis, refunding
new
SOUTH
with 5% paid on the old bonds.
When all of the
issue have been completed, the total outstanding
CAROLINA
VARNVILLE CONSOLIDATED HIGH SCHOOL DISTRICT (P. O.
Hampton;, S. C.—BOND OFFERING—Sealed bids will be received until
8 p. m. on Sept. 27, by Hugh O. Hanna, Chairman of the Board, for the
purchase of $25,300 school bonds. Interest rate is not to exceed 6 %, payable
semi-annually. Due as follows: $1,000, 1938 to 1947; $2,000, 1948 to 1954,
and $1,300 in 1955.
It is stated that of this amount, $12,500 may not be
sold, in which event $12,800 will be sold, maturing as follows: $1,000, 1938
to 1948, and $1,800 in 1949.
These bonds were approved recently by the
voters, as noted in these columns—V. 145, p. 1941.
SOUTH
DAKOTA
DAY COUNTY
(P. O. Webster), S. Dak.—MATURITY— It is now
stated by the County Auditor that the $150,000 funding bonds purchased
by the Allison-Williams Co., and the First National Bank & Trust Co.,
both of Minneapolis, as 3 J^s, at a price of 100.877, as noted in these columns
recently—V. 145, p. 1941—are due on Sept. 1 as follows: $12,000, 1940 to
1946, and $11,000, 1947 to 1952; subject to redemption at par and accrued
interest on Sept. 1, 1947, or any interest paying date thereafter,
giving a
basis of about 3.38%.
HOSMER
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Hosmer),
S. Dak.—BOND SALE—The $8,000 issue of 4% semi-ann. school
building
bonds offered for sale
local
investor.
Dated
Sept. 20—V. 145, p. 1941—was purchased by a
July 1, 1937.
Due $1,000 from Jan. 1, 1939 to
The bonds
were
the city will
PALESTINE
SCHOOL
DISTRICT, Texas—BOND ELECTION—
The City Council has set Oct. 12 as the date of an election at which a pro¬
position to issue $200,000 school bonds will be submitted to a vote.
PALMER
JAVA,
19
S.
INDEPENDENT
Dak.—BOND
which
at
submitted to
a
a
ELECTION—An
scheduled
for
proposal to issue $18,000 waterworks bonds wil
be
election
is
vote.
PLATTE
INDEPENDENT SCHOOL DISTRICT (P. O. Platte), S.
Dak.—BOND SALE-—The $34,000 refunding bonds offered on Sept. 17—
V. 145, p.
1778—were awarded to the Allison-Williams Co. of Minneapolis
OFFERING
SCHOOL
(P. O. Palmer),
informed by T. E.
DISTRICT
SCHED CLED—We
are
Daly, President of the Board of Trustees, that it is expected $40,000 school
bonds will be offered for sale on Oct. 20.
Interest rate is not to exceed 4%
payable semi-annually.
Dated Sept. 1, 1937.
Due as follows: $500,1938
and 1939; $1,000, 1940 to 1945, and $1,500, 1946 to 1947, incl.
These
bonds were voted at an election held on Aug. 31, the count being 80 to 10.
A certified check must accompany each bid for these bonds.
PARIS, Texas—BONDS VOTED—A $41,000 issue of street improve¬
bonds was approved by the voters at an election held recently, ac¬
ment
cording to report.
PATTISON SCHOOL DISTRICT (P. O. Pattison), Texas—PRICE
State Board of Education, recent purchasers of an issue of
$15,000 gymnasium-auditorium bonds—V. 145, p. 1779—paid a price of
par for 4s.
Due in 30 years; optional in 10 years.
PAID—The
ROBERT LEE INDEPENDENT SCHOOL DISTRICT (P. O. Robert
Lee),
Texas—BONDSSOLD—The $30,000 4% semi-annual school building
bonds approved by the voters, as noted in these columns
taken by Preszler & Stoecker of Hosmer at par.
SCHOOL DISTRICT (P. O. Kadoka;,
S. Dak.—BOND ELECTION—A proposal to issue $14,000 school building
bonds is to be voted upon at an election scheduled for Oct. 11.
Oct.
INDEPENDENT
Texas—BOND
p.
KADOKA
details of this refunding
bonded indebtedness of
be $371,000 with $20,000 set aside in the bond sinking fund
account.
on
1946, incl.
.
funds.
and
accrued interest
'
4389—have been sold.
ROSCOE
SCHOOL
Due in 30
DISTRICT,
Tex.—BOND
Sept. 25 a proposed $44,000 high school building bond
mitted to
a
vote.
in June—V. 144,
years.
ELECTION—On
issue will be sub¬
'
SHERMAN, Texas—BOND SALE DETAILS— In connection with the
sale of the $100,000 4% semi-ann. water works and swimming pool revenue
bonds to Callihan & Jackson, and James, Stayart & Davis, both of Dallas,
at a price of 104.079, as noted in these columns recently—V. 145, p. 1941—
we are informed that the bonds are dated Aug. 2, 1937, and mature on Aug. 2
as follows: $4,000, 1939 and 1940; $6,000, 1941; $7,000, 1942; $8,000, 1943
,
2116
Financial
and 1944; $9,000, 1945 to 1947; $11,000, 1948;
$12,000, 1949, and $13,000
in 1950, giving a basis of about 3.48%.
Prin. and Int. (P. & A) payable
at the Chase National Bank in New York.
TARRANT
COUNTY
(P. O. Fort Worth), Texas—BOND SALE—
The county has sold $137,500 2M% city-county hospital bonds to W. N.
Edwards & Co. of Fort Worth at par.
The purchaser will pay for
printing
Due serially in from one
the bonds and the expense of legal procedure.
Chronicle
Sept. 25, 1937
of par plus a premium of $101, equal to 100.404, a basis of about 2.94%.
Dated July 1, 1937.
Due on July 1 as follows: $1,000, 1938 to 1942;
$1,500, 1943 and 1944; $2,000,1945 to 1951. and $3,000 in 1952.
FREDERIC, Wis.—BOND SALE—The $21,500 issue of sanitary sewer
and sewage disposal plant bonds offered for sale on Sept. 20—V. 145, p.
1780—was awarded to A. S. Huyck & Co. of Chicago, it is stated by tne
Village Clerk.
to five years.
A.
u.
Dated Oct. 1, 1937.
Huyck & Co. paid
a
Due from Oct. 1, 1940 to 1959 incl.
premium of $265, equal to 101.232, for 3M%
bonds.
UTAH
MADISON, Wis.—BOND SALE—The $180,000
PROVO SCHOOL DI STRICT, U tah—BONDS VOTED—The $93,000
school bonds sold recently to Ure, Pett & Morris, Inc., of Salt Lake City—Y. 145, p. 1941—subject to an election, have been approved by the voters.
coupon
refunding bonds
offered
on
Sept. 22 were awarded to the Harris Trust & Savings Bank
of Chicago, the Milwaukee Co. of Milwaukee and Harley, Haydon & Co.
of Madison in varying amounts.
A total of $72,000 bonds bearing date of
1, 1937 and Nov. 1, 1937 were issued to the Harris Trust & Savings
as 2Ms, at par plus a premium of $704, equal to 100.977, a basis of
about 2.37%.
The Milwaukee Co. was the successful bidder for $93,000
bonds dated Dec. 1, 1937. taking the bonds as 2Ms, at par plus a premium
Oct.
Bank
VERMONT
HARDWICK, Vt.—BOND OFFERING—Guy W. Larrabee, Village
Treasurer, will receive sealed bids until 7 p. m. on Oct. 8 for the purchase
of $50,000 not to exceed 4% interest electric plant improvement bonds.
Dated Oct. 1, 1937.
Denom. $1,000.
Due $5,000 annually on Oct. 1
from 1938 to 1947 incl.
Principal and interest (A. & O.) payable at the
Village Treasurer's office.
Legal opinion by George B. Young of Montpelier.
VIRGINIA
of $401, equal to
1 from 1941
bonds,
divided
follows: $300,000
as
as 3s at par.
to
1951.
17,000
bonds, dated Nov. 1, 1937 and payable $7,000 Nov. 1, 1941
$5,000 on Nov. 1 in each of the years 1942 and 1943.
93,000 bonds, dated Dec. 1, 1937 and payable $3,000 Dec. 1, 1941,
$5,000 on Dec. 1 in each of the years 1942 and 1943, and $10,000 yearly
and
Dec. 1 from 1944 to 1951.
10,000 bonds, dated Dec. 15. 1937 and payable Dec. 15, 1940.
5,000 bonds, dated Dec. 31, 1937 and payable Dec. 31, 1940.
Denom. $1,000.
Interest payable semi-annually from dates of bonds.
genera*
election in November the voters will be asked to pass on the issuance of
in
Dated Dec.
Haydon & Co.
on
ROANOKE, Va.—BOND ELECTION—It is said that at the
$400,000
100.431,
a basis of about 2.70%.
Bonds in the amount of
15, 1937 and Dec. 31, 1937, were sold to Harley,
The bonds are described as follows:
$55,000 bonds, dated Oct. 1, 1937 and payable $5,000 yearly on Oct.
$15,000.
bridge,
and
$100,000
incinerator bonds.
MADISON, Wis.—BONDS AUTHORIZED—The Common Council is
divided as follows:
$55,000 refunding bonds.
Dated Oct. 1, 1937.
Due $5,000 from Oct. 1,
1941 to 1951. incl.
17,000 refunding bonds.
Dated Nov. 1,1937.
Due on Nov. 1 as follows:
$7,000, 1941; $5,000 in 1942 and 1943.
93,000 refunding bonds.
Dated Dec. 1, 1937.
Due on Dec. 1 as follows:
$3,000, 1941; $5,000. 1942 and 1943, and $10,000. 1944 to 1951.
10,000 refunding bonds.
Dated Dec. 15,1937.
Due on Dec. 15,1940.
5,000 refunding bonds.
Dated Dec. 31,1937.
Due on Dec. 31,1940.
said to have authorized the issuance of $180,000 in bonds,
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
DrumMler, EhrMtnan & White
SEATTLE
Teletypes SEAT 187, SEAT 188
I
SAN FRANCISCO
Teletype SP 29©
WASHINGTON
CHELAN COUNTY SCHOOL DISTRICT NO. 114 (P. O. Wenatchee), Wash.—BOND SALE—The $25,000 school bonds offered on Sept.
18—V. 145, p. 1779—were awarded to the State of Washington, the only
Dated Sept. 1, 1937.
Due within 20 years.
bidder.
DOUGLAS COUNTY SCHOOL
DISTRICT
NO.
21
(P. O. Water
on Sept.
ville), Wash.—BOND SALE—The $42,000 school bonds offered
18—V.
145, p. 13U2—were awarded to the State of Washington as 3 Ms
at par.
Due serially in from 2 to 15 years.
Ferris & Hardgrove of Spokane
offered a premium of $301 for 3 Ms.
SEATTLE.
BOND DEFAULT—A special dispatch from
Seattle to the "Wall Street
eligible for "Legal for savings bank" status in New York.
One Department rule prohibits the acceptance of municipal bonds for this
legal list if "the city shall
have, within 25 years, defaulted in the
payment of any part of the principal or interest of any bond or other
evidence of indebtedness."
Inquiry follows inability of Seattle to meet
the $208,400 interest payment due last Sept. 1 on street railway revenue
bonds, most of which are held by Puget Sound Power & Light Co.
The
utility firm has announced, following default of interest, that it has deferred
further payment of dividends on its $5 prior preference stock, which is
currently $16.25 a share in arrears.
as
.
.
PREBLE,
.
.
STEVENS COUNTY SCHOOL DISTRICT NO. 22 (P. O. Colville),
DISTRICT, Wis.—BONDS VOTED—The School
Wis .—BONDS
AUTHORIZED—The
Town
Board
has
passed an ordinance providing authority for the issuance of $100,000 water
works mortgage bonds.
ROCK COUNTY
(P. O. J*nesville), Wis.—BOND OFFERING—
Sylvia Fero, County Clerk, will receive bids until 10:30 a. m. (Central
Standard Time) Oct. 4 for the purchase of $350,000 Series B, highway
improvement bonds.
Bidders are to specify rate of interest, not to exceed
3%.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual
interest (April 1 and Oct. 1) payable at the County Treasurer's office. Due
$125,000 on April 1 in 1941 and 1942; and $100,000 on April 1, 1943. Cert,
check for 2% of amount of bonds offered, payable to the County Treasurer,
required.
The bonds are issued subject to legal opinion of Chapman &
Cutler of Chicago, which expense will be borne by the purchaser.
The
purchaser will also be required to furnish the bonds without cost to the
county.
SHELDON
Wash.—INQUIRY MADE ON STATUS OF RAILWAY
Journal" of Sept. 24 had the following report to make:
Corporation Counsel A. C. VanSoelen of City of Seattle has received a
letter from the New York State Banking Department asking his opinion
on default of City of Seattle street
railway revenue bonds last Sept. 1.
The inquiry originates in the New York State Department's acceptance of
Seattle bonds
MERCER SCHOOL
Board has voted to issue $30,000 school addition bonds.
(P.
O.
Sparta), Wis.—BOND SALE—The $35,000 issue
of
3% semi-annual highway improvement bonds offered for sale on Sept.
20—V. 145, p. 1942—was awarded to the Milwaukee Co. of Milwaukee, at
a
price of 100.90, according to the Town Clerk.
RACINE, Wis.—BOND OFFERING—It is stated by Frank J. Becker,
City Clerk, that he will sell at public auction on Oct. 4, at 2 p. m., an issue
of $125,000 sewage disposal system bonds.
Interest rate is not to exceed
3%, payable A. & O. Denom. $1,000.
Dated Oct. 1,1936.
Due on Oct. 1
as follows:
$27,000, 1951; $35,000, 1952; $36,000, 1953, and $27,000 in
1954.
The bonds are said to be part of a $598,000 issue.
The bonds are
to be issued subject to the favorable opinion of Chapman & Cutler of Chicago.
Purchaser is required to furnish printed bonds.
No bid shall be received
for less than par and accrued interest.
A certified check for 2 % of the bonds
payable to the City Treasurer, must accompany bid.
WINFIELD .(P. O. Reedsburg), Wis.—BOND SALE— The $14,500
3% highway improvement bonds offered on Sept. 15 were awarded to Har¬
ley, Haydon & Co. of Madison.
Wash.—BOND SALE—The $25,000 school bonds offered on Sept. 16—
1626—were awarded to Ferris & Hardgrove of Spokane as 3 M»
at par plus a premium of $112, equal to 100.448.
Due in from 2 to 20 years;
optional after 10 years.
V. 145, p.
TENINO, Wash.—BOND OFFERING POSTPONED—The offering of
$55,000 water system bonds originally set for Sept. 21—V. 145, p. 1942—has
been postponed to Sept. 28.
Bids will be received until 4 p m. by L. D.
Baldwin, Town Clerk.
Interest rate is not to exceed 5M%»
The bonds
are payable only from revenues of the municipal water system.
Denom.
$500.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows: $2,000, 1939 to
1945 $3,000, 1946 to 1953 $4,000, 1954 to 1956 and $5,000, 1957.
The
bonds are callable at 103 within five years after date of issue, and at par
thereafter.
Cert, check for 5% of amount of bid, payable to the Town
Treasurer, required.
Legal opinion of Shorett, Shorett & Taylor will be
furnished by the town.
The purchaser will bear the expense of printing
the bonds.
WHATCOM COUNTY CONSOLIDATED SCHOOL DISTRICT No.
327
(P.
Bellingham), Wash.—BOND SALE— The $27,000 issue Of
on Sept. 20—V. 145, p. 1780—wa-i <>; rchased
as 4s at par, according to the County Treasurer.
no. other bid received.
Due in from 2 to 20 years after date of
O.
WYOMING
SHERIDAN
COUNTY
SCHOOL DISTRICT
No.
22
(P.
O. Clear-
mont), Wyo.—BOND OFFERING—H. R. Zingg, Clerk, Board of School
Trustees, will receive bids until 2p.m. Oct. 16 for the purchase at not less
than par of $15,000 6% coupon bonds.
Denom. $500.
Dated Oct. 16,
1937.
Principal and semi-annual interest payable at the County Treasurer's
office in Sheridan or at the Chase National Bank in New York.
Due 15
years after date.
required.
Cert, check for $500, payable to the Board of Trustees,
COUNTY
SCHOOL DISTRICT
No. 9
(P. O. Big
Wyo .—BOND OFFERING—Cornelia Fear, District Clerk, will
Oct. 8 for the purchase of $35,000 coupon general
obligation school building bonds, bearing interest at no more than 4%.
Due $1,000 yearly for 10 years, $1,500 yearly for next 10 years, and $2,000
yearly for following 5 years.
Cert, check for $1,500, required.
(This offering was originally set for Sept. 27—V. 145, p. 1780).
SUBLETTE
Piney),
receive bids until 2 p. m.
school bonds offered for sale
by the State of Washington,
There
was
issuance, redeemable
on
and after 5 years from date of issuance
YAKIMA COUNTY SCHOOL DISTRICT NO. 120 (P. O. Mabton),
Wash.—BOND SALE—The $15,000 coupon high school building bonds
offered on Sept. 18—V. 145, p. 1626—were awarded to the State of Wash¬
ington on a bid of par for 4s.
Dated Nov. 1, 1937.
Due over a period of
22 years.
WEST
VIRGINIA
RAVENSWOOD, W. Vat.—BONDS AUTHORIZED—'The Town Counci
has authorized the issuance of $15,000 swimming pool bonds.
CANADA
WEST
VIRGINIA, State of—BOND OFFERING-—Sealed bids will be
on Sept. 28, by Homer A.
Holt, Governor, for the purchase of a $500,000 issue of road bonds. Interest
received until 1 p. m. (Eastern Standard Time)
rate is not to exceed
4%, stated in
a
multiple of M of 1%.
A part of the
issue may bear one rate and a part a different rate.
Not more than two
rates will be considered in any one bid.
Coupon bonds in $1,000 denomina¬
tions, convertible into fully registered bonds of $1,000 and $5,000 denoms.
Dated May 1, 1937.
Due $20,000 on May 1 from 1938 to 1962, incl.
Prin. and int. (M. & N.) payable in lawful money of the United States at
the State Treasurer's office, or, at the option of the holder, at the National
City Bank in New York.
The bonds cannot be sold at less than par and
Interim certificates will be furnished purchasers.
Pur¬
chasers will be required to pay accrued interest to date of delivery.
Delivery
will be made in New York City.
The purchaser will be required to pay the
accrued interest.
fee of Caldwell
the bonds.
order of the
&
Raymond of New York, for approving the legality of
A certified check for 2% of the bonds bid for, payable to the
State, is required.
Option
The successful bidder will be awarded an option until one o'clock p. m.
(Eastern Standard Time), Sept. 30, 1937 to purchase an additional $500,000
of road bonds alike in all respects to this issue at the same price, conditions
and terms bid for this issue.
In case the option is not exercised, the
additional bonds will not be offered for sale until after the successful bidder
has had a reasonable opportunity to dispose of this issue.
WISCONSIN
CUBA CITY, Wis.—BOND SALE—The $25,000 3% coupon general
liability water works improvement bonds offered on Sept. 16—V. 145,
P. 1780—were awarded to the Channer Securities Co. of Chicago at a price
ALBERTA
(Province of)—OFFERS INTEREST PAYMENT—It is
reported that the province is advertising in Canada that it will pay interest
at rate of 3% for half year ending Oct. 1, 1937, on issue of debentures which
reached maturity April 1, 1936.
Payment is offered at branches of Imperial
Bank at Montreal,
Toronto and Edmonton.
MONTREAL, Que.—APPROVES PLAN FOR TAX ARREARS
The
City Council has approved proposals for the consolidation of tax arrears as
provided by an Act passed at the last session of the Quebec Legislature.
The Act provides for consolidation of tax arrears for the years 1931 to
1936 inclusive over a period of up to 25 years and application for con¬
*
solidation must be made before Nov. 17 next.
It is not
expected that there will be a large number of applications for
The experience of the City of Quebec would indicate,
consolidation.
reports state, that there will be only a small
ST. LAURENT, Que.—BOND
number of applications.
OFFERING— O. W. Legault, Secretary-
Treasurer, will receive sealed bids until 8 p. m. on Sept. 28 for the purchase
of $30,000 4% bonds, dated Sept. 1, 1937, and in denoms. of $1,000 and
$500.
Tenders may be made for the issue to mature on either of the fol¬
lowing schedules: $1,000 annually for 30 years, or $1,000 for a
13 years and $17,000 in the following year.
$28,175 at
period of
LO WER—Bank loans were
Aug. 31, 1937, compared with $59,575 at the end of August,
WATERLOO,
Ont .—BANK
LOANS
1936.
WOODSTOCK, N. B.—BOND OFFERING—A. G. Bailey, Town Treas¬
will receive sealed bids until noon on Sept. 27 for the purchase of
$56,000 4% bonds, dated Oct. 1, 1937 and due serially in 25 years.
De¬
urer,
nomination $1,,000.
J/ I 7
Volume
in
Chronicle
Financial
145
Foreign
The Government of the French Republic
Twenty-year External Gold Loan ThPlo Bonds dated June 1,1921
NATIONAL BANK
Twenty-fire Year Sinking Fund 7% Gold Bonds dated December 1,1924
of EGYPT
Head Office
-
FULLY PAID CAPITAL
RESERVE FUND
.
deduction referred to below.
3,000,000
A decree of the French Government,
tuted
tain
LONDON AGENCY
6 and 7,
King William Street, E. C. 4
Royal Bank of Scotland
Incorporated by Royal Charter 1727
£3,780,192
Capital (fully paid)...........
£3,944,171
.......
£66,800,988
Deposits
Over
Commercial
Years of
200
premiums
upon
were
Banking
event not later
CHIEF FOREIGN
3
DEPARTMENT
furnished that such bonds
were
in
non-
publish in Paris
an
announce¬
with respect to the procedure
in French ownership on September
instituted for stamping bonds
1, 1937, with a legend defining
the conditions for the application of the above-mentioned 10%
deduction upon the payment of coupons (and of certain redemp¬
tion premiums) of such bonds. Attention is called to the fact that
bonds called for payment on and after December 1, 1937, and
coupons maturing on and after that date, which are stamped to
indicate French ownership on September 1, 1937, will be subject
ment
OFFICE—Edinburgh
General Manager
William Whyte
Total number of offices, 254
Associated Bank, Williams Deacon's Bank,
than December 31, 1937.
The French Government will
Bishopsgate, London, England
HEAD
of coupons (and of cer¬
redemption) of the above-named bonds
ownership on July 17, 1935. In order to establish
such ownership and to obtain exemption from the deduction, nonFrench holders of bonds were required to execute ownership cer¬
tificates in approved form and to present their bonds and coupons
for stamping with an appropriate legend on or before December
31, 1935.
A further decree of the French Government, dated August 25,
1937, amending the above-mentioned decree, provides for similar
exemption from the deduction in respect of unstamped bonds in
non-French beneficial ownership on September 1, 1937. Holders
of unstamped bonds
may now establish their non-French bene¬
ficial ownership and obtain exemption by presenting their bonds
and all appurtenant coupons for stamping, accompanied by prop¬
erly executed ownership certificates. Ownership certificates in
approved form may be obtained at the offices either of Messrs.
J. P. Morgan & Co., 23 Wall Street, New York City, or of Messrs.
Morgan & Cie., 14 Place Vendome, Paris, France. In order to
obtain the exemption, unstamped bonds and coupons
should be presented at either of the above-mentioned
offices as soon as possible and must be presented in any
principal Towns in
....
dated July 16,1935, insti¬
deduction of 10% upon payment
unless evidence
EGYPT and the SUDAN
fund
a
French beneficial
Branches in all the
Reserve
holders of unstamped bonds
of the above Loans should present their bonds promptly
for stamping in order to obtain exemption from the 10%
£3,000,000
....
of unstamped bonds of the above-described Loans:
American and other foreign
Cairo
•••••••
To holders
Ltd.
the deduction when in the
to
ownership, French
foreign, of
or
others than individuals.
regards all coupons of the above-named bonds which ma¬
on June
1, 1937, and earlier, whether stamped or un¬
stamped, they are payable at the full dollar face amount thereof
upon presentation and surrender at the banking offices of Messrs.
J. P. Morgan & Co.
As
tured
Hong Kong & Shanghai
BANKING
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
THE GOVERNMENT OF THE
of the Colony.
By M. E. MOUSSELET,
Authorized Capital (Hongkong
Currency) HS50.000.000
Reserve Fund in
Dated September 20,
Embassy.
1937
Silver (Hongkong Cur¬
Hf10 000,000
rency)
song
#
Assistant Financial Attache to the French
Paid-up Capital (Hongkong Currency)...HJ20,000.000
Reserve Fund In Sterling
£6.500.000
Reserve
FRENCH REPUBLIC
of
Liability
Proprietors
(Hong-
H *20,000.000
Currency)
A. G.
72 WALL
KELLOGG, Agent
STREET, NEW YORK
CHARTERED
1853
United States Trust Company of
45-47 WALL
New York
STREET
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Head
Office: 26,
Capital,
Kenya Colony
July 1, 1937
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Subscribed Capital........ £4,000,000
Paid
Up Capital
£2,000,000
£2,200,000
Reserve Fund.......
This Company acts as Executor, Administrator, Trustee, Guardian,
Committee, Court Depositary, and in all other recognized trust capacities.
The Bank conducts every description of banking
and exchange
KINGSLEY, President
WILLIAM M.
business
Trusteeships and Executorships also
undertaken
$2,000,000,00
$28,715,275.53
•
.
.
.
Surplus and Undivided Profits,
Bishops gate, London, E. C.
WILLIAMSON PELL, 1st Vice
FREDERIC W.
THOMAS H.
LLOYD A.
President
ROBBERT, V. Pres. & Comp.
Vice President
DIEFENBACH, Asst. Comptroller
HENRY L.
"
SMITHERS, Asst. Secretary
ELBERT B.
WILSON, Vice Pres. & Secy.
ALTON S. KEELER,
WAUGH, Asst. Comptroller
HENRY G.
KNOWLES, Asst. Secretary
BENJ. STRONG, Vice
ALBERT G. ATWELL, Asst.
ROBERT S.
HENRY E. SCHAPER, Asst. Secretary
President
OSBORNE, Asst. Vice President
WILLIAM C. LEE, Asst.
Vice President
HENRY B. HENZE, Asst.
Harper & Turner
inc.
GEORGE MERRITT, Asst.
GEORGE F.
IRVIN A.
Vice President
Vice President
CARL O. SAYWARD, Asst.
JAMES M.
SPRAGUE, Asst. Secretary
TRENARY, Asst. Secretary
ARTHUR H. ERB, Asst. Secretary
Vice President
THOMAS J. MADDEN,
LEE, Asst. Vice President
STUART L. HOLLISTER, Asst.
Comptroller
Investment Bankers
H. IRVING
TRUSTEES
FRANK LYMAN
exchange
building
PHILADELPHIA
Asst. Secretary
PRATT, JR., Asst. Secretary
WILLIAM VINCENT ASTOR
JOHN
stock
Secretary
HARRY M. MANSELL, Asst. Secretary
JOHN
J.
PHELPS
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N.
BLISS
FRANK L.
HAMILTON
POLK
WILLIAMSON PELL
JOHN
P.
HADLEY
FRANCIS T. P. PLIMP
BENJAMIN
WILSON
BARKLIE
GEORGE de FOREST LORD
ROLAND L. REDMOND
SLOANE
STRONG
HENRY
Business Established 1912
Members Federal Deposit
Insurance Corporation
Financial
Chronicle
Sept. 25, 1937
NOTICE TO BONDHOLDERS
Abitibi Power &
Paper Company,
Limited
of the Bondholders of Abitibi Power & Paper Company, Limited,
A meeting
to be held in
Toronto, Canada,
on
October 15, 1937, has been ordered by The
Supreme Court of Ontario.
It is
important that all Bondholders of the Company be present or represented
at this
and
meeting, the
purpose
of which is to consider the Plan of Sale of Assets
Reorganization presented by the Bondholders' Representative Committee.
In order to be
represented at the meeting, unregistered Bondholders must
present their bonds at
with any
Trustee, obtain
at the
the meeting in
bank, trust company
a
person, or
or some
deposit their bonds in advance
other depositary approved by the
voting certificate entitling the person therein named to vote
meeting, and
appear
in
person or
by
proxy at
the meeting with such
voting certificate.
Bondholders
to Montreal
are
urged promptly to send their voting certificates and proxies
Trust Company, Trustee, or to the Bondholders' Representative
Committee, Room 1000, 44 Wall Street, New York
City,
Toronto, Canada,
Canadian Bank of Commerce Building,
Room 2400,
or
to communicate
or
with the Committee in case further information is desired.
Bondholders' Representative Committee
By JOSEPH P. RIPLEY, Chairman
Toronto, Canada
Notices
Dividends
Dividends
AMERICAN
MANUFACTURING
COMPANY
THE CHESAPEAKE AND OHIO
RAILWAY COMPANY
Noble and West Streets
Brooklyn, New York
The Board of Directors of the American Manu¬
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
payable October 1, 1937 to Stockholders of record
September 15, 1937.
facturing
quarterly
ROBERT
B.
INDIANA PIPE
26
BROWN, Treasurer.
LINE COMPANY
Broadway,
New York,
September 25,1937.
Notice to Holders of Scrip Certificates Representing
Fractional
Interests
in
Shares
of Preference
Stock, Series A.
4
Notice is hereby given that pursuant to appro¬
priate action by the Company's Board of Directors
the time in which scrip certificates representing
fractional interests in shares of Preference Stock,
Series A, may be exchanged with other scrip
certificates for full shares of Preference Stock,
Series A, and similar scrip certificates, has been
extended from October 1, 1937, to October 1,
1939.
Holders of scrip certificates who wish to
dispose of them or to purchase the additional
amounts necessary to exchange for full shares of
A dividend of Fifty (50) Cents per share has
been declared on the Capital Stock ($10.00 par
stock
value) of this Company, payable November 15,
1937 to stockholders or record at the close of
business October 22, 1937.
J.
R.
are
referred to their
brokers
or
H.
of
the
1920
Jan.
7
1922
Jan.
6
»-* CO to
Jan.
9
1926
Jan.
8
1927
Jan.
7
1928
Jan.
5
1929
Jan.
26
1929
LOHMEYER, Secretary.
All note holders and other
creditors
are therefore hereby
notified
the notes and other claims for payment.
association
to present
17
F,
Bank of Glendora, located
Glendora, in the State of California, is closing
its affairs.
Jan.
or
The First National
at
CHRONICLES
banks
purchases thereof.
Such holders are urged to
take the appropriate action in this connection.
FAST, Secretary.
WANTED
own
for particulars as to the market therefor and sales
O.
W.
CHAMBERLAIN,
Cashier.
Dated July 23, 1937.
The First Central National Bank of Calexico
located at Calexico, in the State of California is
closing its affairs.
All note holders and other
creditors of the association
are
therefore hereby
notified to present the notes and other claims
for payment.
E. R. GILMORE, Cashier.
Dated July 16, 1937.
The Kent National
Bank, a national banking association, located
Kent, in the State of Washington, is closing
Notice is hereby given, that
at
Oct.
1929
12
1929
Oct.
19
26
All note holders and other creditors
are therefore hereby notified
the notes and other claims for pay¬
of the association
to present
ment.
1929
Oct.
The Garlock
SL
6
Oct.
its affairs.
1929
J. A.
OLIVER, President.
Dated August 30th, 1937
Packing Company
Eggggb
September 21, 1937
common dividend no. 245
At
regular meeting of the Board of
Directors, held in Palmyra, N. Y., this
day, a quarterly dividend of 75
per
sl
share
of
was
the
declared
on
the
common
stock
Company,
payable September
30, 1937, to stockholders of record at
the close of business September 25,1937.
R. M.
Waples, Secretary
BANK &
QUOTATION
The
January—1926
January—1933
Will pay
WM.
26
25 cent»
B.
DANA
NEW
Price $2.00 each
Plus Postage
per copy
CO.,
Spruce Street,
YORK
"Expandit" Binder
Is Serviceable
January—1931
■
The "EXPANDIT" Binder
25
Sprues St., New York City
(
Volume
Financial
145
Chronicle..
VII
a
BANK OF MONTREAL
Montreal
Office
Sugar
Coffee
Wheat
Securities
Rubber
Established i8i7
Head
Cotton
Pepper
Cocoa
LAMBORN.HUTCHINGS&CO.
37 WALL STREET
Capital
Undivided Profits
Rest and
Total
in
Assets
Excess
NEW YORK
$36,000,000
------
of
$40,036,534
$800,000,000
Members
New York Stock Exchange
New York Ootton Exchange
New York Coffee & Sugar Exchange, Inc.
Chicago Board of Trade
Commodity Exchange, Inc.
And All Leading Exchanges
President
BRANCH OFFICES
Sir Charles Gordon, G.B.E.
CHICAGO
NEWARK
MONTCLAIR
231 South La Salle
Vice-Presidents
810 Broad St*
Hinck Building
R.
H.
Drummond, Esq.
Mai.-Gen. The Hon. S. C. Mewburn, C.M.G.
A.
W.
SAVANNAH, Ga.
HAVANA, Cuba
Bog, Esq.
General Managers
Jackson Dodds
—
G. W. Spinney
*
Branches and
Agencies
In Canada and Newfoundland—
More than 500 Branches.
In London:
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
In the United States—New York, 64 Wall
St.;
Chicago: 27 South La Salle St.;
Bank of Montreal
San Francisco:
Francisco),
(San
333
California
Street.
SOLD
...
Wellington &Co.
From
Members New York Stock Exchange
120
Broadway
NEW
Company addressed distributors' meetings
72 distant
points. Using 7 telephone conference
hook-ups, they talked with
YORK
one
Bridgeport, Conn., executives of the General
Electric
at
in
morning
by telephone
...
as many as
12 different
At the end of three hours, orders had
for 15,000 washing machines, valued at
groups at once.
been booked
retail for
Established
more
than $1,000,000.
How else than
1856
H. Hentz & Co.
by using Bell System service could
such results be obtained
Have
quickly, so economically?
youtried conference telephone service?
so
Members
New
York
Stock
New
York
Curb
New
York
Chicago
Exchange
Cotton
Board
Winnipeg
Exchange
Exchange
of
Grain
New Orleans Cotton
And other
Trade
Exchange
Exchange
Exchanges
BELL TELEPHONE
N. Y. Cotton
SYSTEM
Exchange Bldg.
NEW YORK
BOSTON
DALLAS
MIAMI
DETROIT
LONDON
AMSTERDAM
GENEVA
PARIS
Cottonthe canadian bank
of commerce
HEAD
OFFICE:
TORONTO
Friendship—
Established 1867
Paid-up Capital,
$30,000,000
Reserve
20,000,000
This Bank is in close touch with
the
commercial
and
financial
of Canada and is well
serve
corporations,
dividuals
interested
life
equipped to
firms
in
and
in¬
Canadian
AdvertisingA large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which is necessary to every
business.
business.
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San
Francisco; Seattle; Los An¬
geles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados,
and
Port
of
Spain,
Trinidad.
BUT—did you ever stop to think of the large
part
played by consistent publicity in devel¬
oping the initial introduction?
An advertisement in the "Chronicle"will
form
Cotton
NEW YORK AGENCY
Exchange PI. Ac Hanover St.
friendships
help
the people
constituting the "backbone" of the World's
you
new
Industry.
among
VIII
Financialm Chronicle
Sept. 25, 1937
WOODWARD, BALDWIN & CO.
Established 1828
43 and 45 Worth
Street, NEW YORK
Selling Agents for
SOUTHERN COTTON MILLS
Manufacturing Well Known Brands For Home and Export
SHEETINGS
SHIRTINGS
lUWELb
DRILLS
All
Weights and Constructions of Print Cloth
and
OUTING
WASH
St.
Fine
Cloths
FLANNEL,
DIAPER
DUCKS
in
Plain
and
Fancy Weaves
PAJAMA CHECKS,
CLOTHS,
TABLE
DAMASK,
BED SPREADS,
TERRY CLOTHS,
CLOTHS, HUCK CRASH, TURKISH AND HUCK TOWELS
Louis
Philadelphia
Baltimore
San
St.
Boston
Cincinnati
Paul
Francisco
Detroit
Chicago
Los
Havana, Cuba
New Orleans
Angeles
WHITLOCK, SMITH & CO.
We
execute commission
orders
MUNICIPAL AND CORPORATION
on
principal exchanges
BONDS
for futures contracts in
Members
Detroit Stock Exchange
1446
Penobscot
Bldg.
CHerry 4900
DETROIT
COMMODITIES
Cotton
Cotton Seed Oil
Oats
Barley
Lard
Wool
Wheat
Butter
Potatoes
Eggs
Hides
Tops
Tin
Corn
Rye
Sugar
Tallow
Copper
Soy Beans
Coffee
Cocoa
Rubber
Lead
Silk
Zinc
Offices connected by leased wires with the
various markets to execute orders and inter¬
change statistics and information useful
MANUFACTURERS
and
STERN, KEMPNER & CO.
to
MERCHANTS
14 Wall Street
New York
and others interested in futures markets
'
"
J
'
'•
'
1
'
'
1
•
MEMBERS
of Thirty-one Commodity arid Security Exchanges
LAMBORN & CO.. INC.
99 Wall Street. N. Y. C.
Inquiries Invited
SUGAR
Export—Import—Futures
E. A. PIERCE & CO.
40
WALL
OFFICES
DIgby 4-2727
STREET, NEW YORK. CITY """»
IN
FIFTY-SEVEN
CITIES
FOR OUR OWN ACCOUNT...
in, and invite your inquiry.
.
.
we
are
Dealers
BUY OR SELL
OHIO CORPORATION—MUNICIPAL
Bonds
FOR
ANNUAL
SEE
COTTON CROP REPORT
EDITORIAL PAGES
•
Stocks
c£. Q. (tflosenbaum & Co.
UNION TRUST BUILDING
PRospect 0027
•
CLEVELAND, OHIO
AT&T Tel. CLEV 170
Volume
Financial
145
Chronicle
IX
DEERING MILLIKEN & CO.
INCORPORATED
79-83 Leonard Street
261
NEW
Fifth Avenue
YORK
Selling Agents for
Cotton and Woolen Mills
BROWN AND BLEACHED
COTTON
PRINT
DRILLS,
CLOTHS,
RAYON FABRICS, SILK
FANCY
SHIRTINGS
FABRICS
SHEETINGS,
LAWNS,
VOILES,
MIXTURES, SHEETS, PILLOW CASES,
NOVELTY
AND
WOOLEN
COTTON
GOODS
FABRICS
CLOAKINGS, SUITINGS, FLANNELS AND OVERCOATINGS
James Talcott, Inc.
factors
:
COTTON
The
Commodity Department of this firm
offers its facilities in the execution of orders
on
225
the
leading Cotton Exchanges.
Fourth Avenue, New York
"The Factor"
on
©
request
FENNER & BEANE
MEMBERS
FINCH, WILSON & CO.
Members New York Stock Exchange
New York Stock
•
New York Cotton Exchange
principal Exchangee
Exchange
and other
and
818 Gravier Street
New York
Stocks
67 Broad Street
-New Orleans
Branches in All Leading Cities
Bonds
Commission Orders
Carefully
Executed for Institutions
and Individuals
120 Broadway
Saratoga Springs, N. Y.
Private Wire Connections
New York.
Thomson &
11
McKinnon
WALL STREET, NEW YORK
Chicago, Toronto, Indianapolis
KENTUCKY
STATE
Branch
Offices
in
Other Principal Cities
3% WARRANTS
MEMBERS
TOE
BANKERS BOND co.
New
York
Chicago
Stock Exchange
Board
Incorporated
LD. 238-9.
New York Cotton
LOUISVILLE
and other leading
^LSVL 1^6
of
Trade
Exchange
exchanges
Financial
X
Chronicle
Sept. 25, 1937
ESTABLISHED 1856
H. HENTZ & CO.
N.
Y, Cotton Exchange BldgHanover Square
730 Fifth Avenue
132 West 31st Street
NEW YORK CITY
Dallas
Detroit
Miami
Amsterdam
London
Geneva
Boston
«
Paris
#
Execute Orders for Future
Delivery
COTTON
IN NEW
■
YORK, NEW ORLEANS, CHICAGO AND LIVERPOOL
Members of
New York Stock
New York Curb
Exchange
Chicago Board of Trade
Exchange
New York Cotton
Winnipeg Grain Exchange
Canadian
Exchange*
New Orleans Cotton
New York Coffee & Sugar
Exchange, Inc.
Exchange
Chicago Mercantile Exchange
Commodity Exchange, Inc.
Liverpool Cotton Association, Ltd.
(Rubber, Silk, Hides, Tin, Copper, Lead, Zinc)
New York Cocoa Exchange, Inc.
Wool Associates of N. Y. Cotton
New York Produce
Commodity Exchange, Inc.
Detroit Stock
Exchange
Associate Members of
United
Exch., Inc.
Exchange
Terminal
Rotterdam
>
Grain
Sugar Market Ass'n.
Market
ANDERSON, CLAYTON & CO.
Cotton Merchants
HOUSTON
LOS
BOSTON
CHARLOTTE
ATLANTA
MOBILE
PROVIDENCE
GASTONIA
NEW ORLEANS
SAVANNAH
NEW
GREENVILLE
ANGELES
BEDFORD
MEMPHIS
DALLAS
-and-
Anderson, Clayton & Co. (Egypt)
Anderson, Clayton & Co. (India)
Anderson, Clayton & Co., S.A; (Mexico)
Anderson, Clayton & Co., Ltda. (Brazil)
Alexandria
Bombay
Mexico City and Torreon
Sao Paulo and Recife
L
Anderson, Clayton & Co., S.A. (Argentina)
Anderson, Clayton & Co., S.A. (Peru)
Algodones, S. A. (Paraguay)
Buenos Aires
Lima
Asuncion
*
t :
Represented Abroad by
,
AUSTRIA
Dr.
.
BELGIUM
J
J_„*
Vienna
Ghent
--t-
Anderson, Claytori & Co
CHINA.
.Montreal
Anderson, Clayton & Co
___
ENGLAND
Shanghai
D.
FRANCE
GERMANY
Ludwig Nettel
Edmond Veesaert
CANADA
Pennefather & Co
F.
,L...
Anderson, Clayton & Co
HOLLAND....
Anderson, Clayton & Co.,
ITALY
Lamar
JAP AN
G.
PORTUGAL
N. V...
Rotterdam
Fleming & Co
A.
Milan
F. Muste
SWEDEN
Osaka
■
Sebastian
A. Algodoeira
SPAIN
Lodz
W. Stam
Oporto
;
Ballester.
Barcelona
p. Corin & Co
SWITZERLAND.:
Gothenburg
...Zurich
....Gysi & Co......
Correspondents:
,.
ANDERSON, CLAYTON & FLEMING, New York
'
Members New York Cotton
D.
F.
Exchange
PENNEFATHER & Co.,
].
Liverpool
Members Liverpool Cotton Association
FOR
ANNUAL
COTTON
SEE EDITORIAL
Liverpool
Bremen
.....
Anderson, Clayton & Co.'8 Agency
POLAND
...
Le Havre
Clason, Burger & Co
....
CROP REPORT
PAGES
@FedFRASER