Full text of Commercial and Financial Chronicle : September 4, 1937, Vol. 145, No. 3767

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

71937

It*'

Thf

mtimerria
COPYRIGHTED IN 1937 BY WILLIAM B. DANA

COMPANY, NEW YORK.

ENTERED A3

SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK,

145.lMued"EB'otp«Y«r*Copy~ NEW'YORK,

VOL.

SEPTEMBER 4, 1937

NATIONAL BANK

1866
OF

George V.

McLaughlin

NEW

CITY

The

BOSTON

YORK

PHILADELPHIA

BROOKLYN

NEW YORK

THE

NEW

OF

YORK

Kidder, Peabody & Co.

President

Member

CHASE

THE

COMPANY

1879.

NO. 3767.

.

TRUST

BROOKLYN

Chartered

NEW YORK, UNDER THE ACT OF MARCH 3,

chase is

tra-

ditionally a bankers' bank.
For

Federal Deposit Insurance

Corporation

years

many

served

it has

/large number

a

of banks and bankers

as

New York

White, Weld &
Members New

Co.

York Stock Exchange

correspondent

and

depository.

reserve

Mtmbtr Federal Deposit Insurance

BANK
boston

new york

Amsterdam

london

AND

INSURANCE

Correspondent
Quotations Facilities

Corporation

United States

STOCKS

Corporation

Government

Paris

Securities
<j>he

Brown Harriman & Co.

FIRST BOSTON

Hallgarten & Co.

Incorporated

CORPORATION
63 Wall

Established 1850

BOSTON

NEW YORK

Telephone: BOwIing Green 9-5000

CHICAGO

NEW YORK

AND OTHER

Washington

San Francisco

PRINCIPAL CITIES

Representatives in other leading Cities

London

Chicago

Chicago

Philadelphia

Boston

SAN FRANCISCO

PHILADELPHIA

Street, New York

Wertheim & Co.
120

The

Broadway

State and

New York

Amsterdam

London

CARL M. LOEB &
61

CO.

BROADWAY

NewYorkTrust

Company
Capital Funds

NEW YORK

Municipal Bonds

.

.

$37,500,000

Barr Brothers & Co.
INC.

Chicago

New York

Amsterdam

Berlin

London

Paris
IOO

BROADWAY
AVE.

57TH ST. & FIFTH
40TH ST. &

EDWARD B. SMITH & CO.

Service

to

Banks and

Dealers since

18 8 8

New York

31 Nassau Street

HORNBLOWER

BOSTON

PHILADELPHIA
CLEVELAND

MADISON AVE.

NEW YORK

LONDON

European Representative's
8 KING WILLIAM

Office:

&

STREET

WEEKS
Established 1888

LONDON. E. C 4
40

Correspondent
'

Edward B. Smith & Co., Inc.

Minneapolis

CHICAGO




St. Louis

Wall Street

NEW YORK

*

Members New York,

System,
Association

and ofthe Federal Deposit Insurance

Boston, Chicago,

Cleveland, Philadelphia and
Detroit Stock Exchanges

Member of the Federal Reserve
the New York Clearing House

^

Corporation

II

Financial

Chronicle

Sept. 4, 1937

BAKER, WEEKS

A. G. Becker & Co.

J. & W.

&HARDEN

Incorporated

Seligman & Co.

Investment Securities
Established 1893

Members

No. 54 Wall Street

New York Stock Exchange

New York Curb Exchange

Investment Securities

YORK

Chicago Board of Trade
52 WALL

New York

NEW

Philadelphia Stock Exchange

Commercial Paper

STREET, NEW YORK
London

Graybar Building, New York

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
NATIONAL BANK OF NEW ZEALAND Ltd.

Investment Bankers and Brokers

Established 1872
Chief Office In New Zealand:

Wellington
Grose, General Manager

Sir James

Head Office:
BIRMINGHAM

NEWARK

8 Moorgate, London, E. C. 2,
Eng.

MARX & CO

£2,000,000

£1,000,000

MUNICIPAL

CORPORATION

Reserve

The Bank

conducts

*

£500,000

description of banking

every

business connected with New Zealand.

Correspondents throughout the World
London Manager, A. O. Norwood

BIRMINGHAM, ALABAMA

SOUTHERN

Fund

Currency

Jersey State & Municipal Bonds

Newark Bank & Insurance Stocks

£6,000,00#

Reserve

New

Subscribed Capital
Paid up Capital

AND

BONDS

Dividends

J. S. RIPPEL & CO.
18 Clinton St.

Newark, N. J.
AMFJ1ICAN GAS

DETROIT

HARTFORD

A Nil

ELECTRIC COMPANY
r/

Preferred Stock Dividend

MICHIGAN MUNICIPALS
and

Specialists in Connecticut

the no par value Preferred capital
outstand¬
the hands of the public has been
declared out of the surplus net earnings of

Securities

CORPORATION BONDS

THE regular quarterly dividend of One
I Dollar and Fifty Cents ($1.50) per

®

share

ing

PUTNAM & CO.

WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New

Detroit 8tock Exchange

834 BUHL

York

Curb.

Chicago Stock Exch.

BLDG.,

DETROIT

6 CENTRAL ROW

Tel. 5-0151.

holders of such stock of record on the books
of the company at the close of business
©ctober 7, 1937.

HARTFORD

A. T. T.

in

the company for the quarter ending October
31, 1937, payable November 1, 1937, to

Members New York Stock Exchange
Assoc.

on

stock of the company issued and

Teletype—Hartford 35

Common Stock Dividend

PALM

BEACH

AND

WEST

PALM

THE regular quarterly dividend of
I Thirty-five Cents (35c) per share on
the no par value Common capital stock of
the company issued and outstanding in the
hands of the public has been declared out
of the surplus net earnings of the company
for the quarter ending September 30,1937
•

BEACH

MICHIGAN MUNICIPALS

Specializing in

October 1,

payable
such

FLORIDA BONDS

the

of

stock

September 8

Charles A. Parcel Is &, Co.
Members of Detroit Stock Exchange

PENOBSCOT BUILDING, DETROIT, MICH.

CARLBERG &

the

the

on

close

holders d
books oi

of

business

1937
FRANK B. BALL, Secretary.

COOK, INC.

Palm Beach—West Palm

1937, to

record
at

company

September 1,1937

Beach, Fla.

Bell System Teletype: W-Palm Beach No. 84

MARGAY

OIL CORPORATION

DIVIDEND
MIAMI
ST.

Board

The

LOUIS

OIL

NO.

Directors

of

CORPORATION

has

29

of

the

MARGAY
day declared a

this

dividend of twenty-five cents a share

We buy and sell for

our

own account

Florida

The officers

Municipal Bonds

St/k

(jorrigan.Mii^r £(jo.
—

INC,..

Co.

it

bajnt Laura
OO9OUVK st

Ingraham Bldg.,

on

the out¬

standing stock of the corporation of the issue of
160,000 shares provided by amendment to the
certificate of incorporation of April 27,
1926,
payable October 9, 1937, to stockholders of record
at the close of business September 20, 1937.

MIAMI

of the corporation

the

new

changed

Stockholders who

stock.

their

Exchange

have

not

ex¬

certificates should do so at The
100 Broadway, New
I.

TAYLOR, Treasurer.

Tulsa, Oklahoma, September
Members St. Louis Stock

authorized

New York Trust Company,
York City.

J.

Bell System Teletype MMI 80

are

to withhold payment of this dividend upon stock
of the issue of 800,000 shares until exchanged for

,

1937.

GUARANTY TRUST COMPANY OF NEW YORK
New York, September 1, 1937.
The

MILWAUKEE

Board of Directors has

declared

a

quar¬

terly dividend of Three Per Cent, on the Capital
Stock of this Company for the quarter ending
September 30, 1937, payable on October 1, 1937,
to stockholders of record September 3, 1937.

Missouri and Southwestern

WISCONSIN

MATTHEW

Stocks and Bonds

MURRAY Jr.,

T.

NEW YORK TRANSIT COMPANY

CORPORATION SECURITIES

26
New

Teletype—Milwaukee 92

EDGAR, RICKER& CO.
750 North Water

Street,
Milwaukee, Wis.




Smith, Moore & Co.
St. Louis
The First Boston

Corp. Wire

St. Louis Stock

Secretary.

Broadway
York, September 1,1937.

A dividend of Twenty-five (25) .Cents per share
has been declared on the Capital Stock ($5.00
par

value) of this Company, payable October 15,
to stockholders of record at the close of
September 24, 1937.

1937

business

J.

Exchange

R.

FAST, Secretary.

For other dividend# fee pages

1

iij and

v.

Volume

Financial Chronicle

145

hi

150,000 Shares

Victor Chemical Works
y

1

'

■

'

,

'

.

•

-

.

,

■

'

1 '

•

•'

.

'

\

'•••'-

•

■:

$5 Par Value

Price $19 per

share

Prospectus upon application

F. Eberstadt & Co.
Incorporated

August 31,1937

Dividend*

State of San Paulo

THE ATLANTIC REFINING CO.

(UNITED

7

NUMBER

PREFERRED

External Water Works Loan of 1926.

6

DIVIDEND

STATES OF BRAZIL)

% Secured Sinking Fund Gold Bonds

Coupons due September 1, 1937.

At

meeting of the Board of Directors
held August 30,1937, a dividend of one

of Brazil,

dollar

with the undersigned on

a

($1.00)

per

share

was

declared

the Cumulative Preferred Stock Con¬

on

vertible 4% Series A of the company,

payable November 1, 1937, to stock¬
holders of record at the close of busi¬
ness

Oct. 5,1937.

Checks will be mailed.

W. M. O'CONNOR
Secretary

August 30,1937

AMERICAN

Pursuant to Decree of the

Chief of the Provisional Government of the

known as Decree No. 23829

United States

of February 5, 1934, funds have been

deposited

behalf of the State of San Paulo, sufficient to make a payment
of 35% of the face amount of the coupons due September 1, 1937, appertaining to
the above Dollar Bonds, amounting to $12.25 for each $35. coupon and $6,125 for each

$17.50

coupon.

optional with the holders of said Bonds and
of said Decree and of said deposit with us, such
payment, if accepted by the holders of said Bonds and coupons, must be accepted in
full payment of such coupons and of the claims for interest represented thereby.
Holders of said September 1, 1937 coupons may obtain payment of the amounts
above mentioned by presenting such coupons, with appropriate letter of transmittal, at
the office of either of the undersigned and surrendering them for final cancellation.
No present provision has been made for the unpaid coupons which matured prior
to April 1, 1934, the effective date of the Decree, and they should be retained for
The

coupons,

future

acceptance

of such payment is

but pursuant to the terms

adjustment.

Speyer & Co.
can company
PREFERRED

On August 31st,
of

one

declared
pany,

1937

of

Special Agents.

1937.

a

the Preferred Stock of this Com¬

payable October

holders

New York, September 2,

quarterly dividend
three-quarters per cent was

and
on

STOCK

J. Henry Schroder Banking Corp.

record

remain open.

1937, to Stock¬

1st,
the

at

September 17th, 1937.

close

of

business

Transfer Books will

Checks will be mailed.
R.

SOUTHERN

A. BURGER, Secretary.

CALIFORNIA

EDISON

We

are

pleased to announce that

COMPANY, LTD.
Los

Angeles, California

MR. ALBERT C.

The regular quarterly dividend of 37He. per
on
the
outstanding Original
Preferred

share

FISCHER

Stock
No.

(being Original Preferred Stock Dividend
113) and the regular quarterly dividend of

has this day

August

27,

1937,

been admitted as a

General Partner

for

payment on October 15,
or record on September 20,
be mailed from Los Angeles

1937, to stockholders
1937.
Checks will
October 14th.

B.

T.

For other dividends

STORY, Treasurer.

see

pages

ii and

v.

HARRIS, BURROWS & HICKS
Members all Principal

Exchanges

Harper & Turner
135 South La

inc.

Telephone State 0172

Investment Bankers
ST.
stock

exchange

PHILADELPHIA




PAUL

building

Business Established 1912

Salle Street, Chicago

September 1, 19S7.

MINNEAPOLIS

NEW YORK

ronirlp

omtmtrW f
Vol. 145

No. 3767.

SEPTEMBER 4, 1937

CONTENTS

Editorials
Financial Situation__

Why
The

a

page

1465

...

_

Subsidized Merchant Marine?

Growing Danger of

What the

a

1477

--1478

Larger War_____—

Housing Program May Cost

1480

Comment and Review
Text of United States

Week

—1481

Housing Act of 1937—

Text of Revenue Act of 1937

-

__1484

-

the

European Stock Exchanges
Foreign Political and Economic Situation
on

1469
—1469

Foreign Exchange Rates and Comment.

1474 & 1525

Course of the Bond Market

1488

Indications of Business Activity
Week

on

the New York Stock

Week

on

the New York Curb

1489

.

Exchange

1467

Exchange

1524

News
Current Events and Discussions
Bank and Trust

1502

Company Items

_1523

General Corporation and Investment News

.1572

Dry Goods Trade

1613

State and

1614

Municipal Department

Stocks and Bonds
Foreign Stock Exchange Quotations..

1525 & 1537

Dividends Declared

1530

Auction Sales

1570

New York Stock Exchange—Stock

Quotations

New York Stock Exchange—Bond Quotations
New York Curb Exchange—Stock
New York Curb

1538

1538 & 1548

Quotations

1554

Exchange—Bond Quotations

1558

Other Exchanges—Stock

and Bond Quotations

1560

Canadian Markets—Stock and Bond Quotations

1565

Over-the-Counter Securities—Stock & BoncbQuotations .1568

Reports
Foreign Bank Statements

_

1472

Course of Bank Clearings

1525

Federal Reserve Bank Statements

1535

General

1572

Corporation and Investment News

Commodities
The Commercial Markets and the

Crops

_

_

1604

Cotton.

Published Every

1606

Breadstuffs

1611

Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City

Herbert D. Seibert, Chairman of the Board and
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second class matter June 23,
1879, at the post office at New York. N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00
per year, $9.00 for 6 months: in Dominion of Canada, $16.50 per year. $9.75 for 6 months;
South and Central America, Spain. Mexico
and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain)
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




The Financial Situation
decrease

IN community isdegree the at the week-end in the
AN unusual centered interest of the financial

both

forthcoming Treasury financing, details of which are
expected

considerable time in New York
week

discussing

season

measures,

by

which

offering.

The

the

of

state

The

general and the behavior of Government obligations
of late

came

particular make it clear enough that the

fact

remains,

however, that

into

by what

recently

it will

Absurd but Inevitable

ex¬

proving

tricate itself is

an

A

obtain the

needs to

a

in

holders

mind

very
a

of

and

interest

concern

as

be

made,

form which the

Administration,

generally asserted, to

discourage

for

Labor

more

It

would

Relations

con¬

on

the

Board

"advanced" than

trouble

not

to

even

"pack"

would simply replace them.
We must suppose that this
will

ex¬

ultimately be taken
that

and

there

the

to

itself—albeit,

of

at

in

it

now

this

re¬

not

or

other

any

agency,

"stage

in

movement"

be able to do is to relieve

of the difficulties it is certain to

concern

the country

with
two
labor groups at each
throats,
each
demanding,
appar¬
ently, what the other will not grant, and
thus placing it in a position in which it is
hopelessly entangled, no matter whatever

degree of probability that
New

Deal

managers

perhaps

will

course

very

soon,

the

when

alter their

course

come

in certain

situation.

particulars.

even

It is
not

highly probable that

nearly

so

would

upon

the immediate prob¬

lems of the
it

for

not

these

be

centered

Treasury

ent in

great many other plants.
of affairs is of course

the

same

industrial
time

and trade,

faced.

themselves
be beset

reach
course,

so

closely

financial, and

communities

Many of the

more

are

re¬

are

at

thought¬

quietly asking

just why the Treasury should at this time

by these difficulties, and the conclusions they

revealing.

are

The realistically minded,

cannot be satisfied with the

reasons

Obviously,

they

excess

they formerly

are

bank
were.

dwindling and




are

reserves

are

of

usually

assigned for the state of the Government bond
lower than

theories

the

and

recovery

been

go

Wash¬

mar¬

much

It is equally plain

destined further

to

used by others
a

need

as

we

must

we are

it

now

exists.

explanations

to

of

The

the

employed merely to

are

The

the

same

real

trouble

no

prospect that it will

future.

Expenditures

con¬

old colossal scale, receipts,

par¬

near

ticularly from the so-called revolving funds,

appointing to date, and if
maintain business

is

that the Federal budget is

balanced and that there is

on

that

without real meaning,

elaboration.

be balanced in the
tinue

course,

complex set of factors supposed to be too

found, first, in the fact
not

managed

which they have

much deeper if

many are

and when

to

of

get to the root of the situa¬

summarize

evident

pres¬

powers

preaching.

is, of

absurb,

day, when used by

port¬

The truth of the matter

glib

give rise to them are

their

Plainly, the

that be do not accord with

difficult kind of jurisdictional dis¬

state

corresponding
in

policies of the

tion

ful elements in the business world

that

another

ent

ington labor policies.

lated to the difficulties with which the
even

ket.

face

folios £

problems and the cir¬

cumstances that

the

now

but it is also inevitable under
present

that

fact

a

This

were

the

must

of

business, be perturbed

alterations

pute, which bids fair to be frequent enough
in the days to come.
For the essentials of
the situation in the case
just cited are pres¬

much atten¬

tion

more

It

recovery

funds

be surrendered

to make the

it pursues.

industry is unfortunately famil¬
iar enough with the old-fashioned
type of
jurisdictional dispujte. These wrangles among
organized groups of wage earners have cost
it much, and there has
usually been nothing
that the employer could do to remedy the

they must definitely

has

time

a

money

by the disposition of banks

American

reach the conclusion

that

to

other's

a

the

encounter

increasing

advocate of

which requires that at such

and

a

courts,

why should the Treas¬

theory of managed

inconvenience.
the

short-

usually required

ury, a sworn

finds

cost

normal

are

periods of active busi¬

ness,

matter

be relieved

great

the

term loans

courts.

them;

whole

corporation

course,

is

the

the higher courts,

of the embarrassments in which it

probably will

presently,

Fur¬

are

public policy of national

a

National

with what is

the

further

any

growth in deposits.

industry and trade

What

as

it

so

making upon the banks

ings are to take, together

garded

ago

policy of

was

and desist from dis¬

cease

the settled

was

the

bar to the instant pro¬

President in its attitude toward the

the

generally

it

large, and

short time

now

The

offer¬

new

no

and is the supreme law of the land

evidently far

perhaps

and

effect and ordered the company to

subject matter covered by it."

tent of the concession that
must

void

that

it has

rather the

are

no

contract

thermore, if the demands

cern

The subjects

past.

pres¬

Act embodies

cash balances

by bill offerings
in the

fact

deposits at

that bank
are

same

enor¬

a

criminating against the employees because
they decline to join the brotherhood.
This

whether the Treasury can

build up its

and

also

only

respondent shall

to

as

valid

is

that

"This decree is

obligations.

any

Labor

ceedings under the National Labor Relations
Act or to the making of an order by the
Board under the terms of the Act, that the

Nor is there serious ques¬
tion

of

Federation

at

would

come

It

mous.

affiliated with the

union

proceed in violation of it, saying:

provide the funds

maturing

labor

a

to

have been considered

ent

$800,000,000 it

with which to pay
of

to

way

cor¬

a

esti¬

point in the

tions Board declared this

and of

find

will

between

lowest

lowest

months

Federal District Court

contract

reserves

excess reserves

ordered performance under it.
On Tuesday last the National Labor Rela¬

the United States Govern¬
ment

existing

American

doubts that

course, no one

time ago a

and

vania

Of

York at the moment.

an

their

poration operating in the State of Pennsyl¬

New

financial

in

short

found

absorbing topic of discus¬
sion

the

mates of

How well and

means

excess

being, and further, that until relatively

Treasury is faced by real
difficulties.

those

exceed

reserves

virtually unknown until after the New Deal

were

in

have severely reduced the

existing

The Real Trouble

markets in

securities

gold

requirements,

reserve

are

and presumably working out plans for the

faced,

It is true that

advances.

required under existing law and regulations.

City during the past

situation by which they

the

drastic

margin

Treasury officials have spent

Monday.

on

the

as

sterilization and the increase in

profits

some way

on a

for the remainder of this year,

dis¬

is not found to

scale not

they

are

may

disappointing before the present fiscal

now

be

assured

even more

year

expires.

1466

Faith,

Financial
in

even

time

balance between cash income and

itself, and perhaps the business community
That it

the

turn

vigorous

so

it

as

was

The state of the budget has vital

ago.

effects upon the financial
in

business

situation in general, but

situation

vitally affects

the

budget.
competitors of the Treasury at the

banks

are

applicants for really liquid commercial loans normally
and

naturally arising from

doing

not distant future date is

some

well.

as

will in fact take steps for this purpose at

widely believed.

Such

belief takes for granted that current reductions in

a

rediscount rates will not

materially

very

the

serve

in hand. Another small increase in redis¬
is reported this week which brings the total

purpose

Furthermore, the supposition, if such it is, that
the

Sept. 4, 1937

longer nearly

a

cash outgo, is no
some

Chronicle

a business community
increased volume of business, stands suspect.

an

counts

hardly

$23,726,000,

to

of

can

impressive figure.

an

The

this week, which amounted to $5,023,000,

increase

by

course

lower discount

be attributed wholly to

no means

rates in

effect, since total bills dis¬

It is well known, of course, that a very substantial

counted have been slowly increasing for some time

portion of the so-called commercial loans that have

past.

been made

change in the rate, the figure stood at $18,288,000,

less

than

there is

during the past

finance

consumer

no

way

for

which

more nor

Unfortunately,

paper.

really appeals for capital

are

normal

in

they

as

needs in the usual way.

ment, having pursued

Thus the national

meet

govern¬

that close the capital

courses

markets to normal seekers of
now

able to satisfy their

are

long-term funds, finds

these

private borrowers

as

competitors at the loan counters of the banks.

find,

one

quite different

might be supposed from the superficial

descriptions often employed in explaining it;
when the
it at

once

facts

as

they exist

and

carefully studied,

are

becomes apparent that the reserve position

of the banks bears upon

the problems of the Treasury
only in the degree that it tends to prevent the banks
from
the

furnishing long-term accommodations both to

Treasury and to business.

assert,

as

It is easy enough to

is often asserted, that the New Deal

made

agers

a

man¬

serious blunder in adopting the gold

sterilization program

and in doubling

reserve

require¬

ments at about the

same time.
From the standpoint
Treasury needs, narrowly considered, they cer¬
tainly have been guilty of setting a neat trap in which
they themselves have been duly caught.
The really

of

blunders which at bottom

grave

the plight of the

Treasury
different order, and these

for

a

been
in

errors

would not

wholly

also responsible

are

If it be asserted,

it

as

program

some¬

had not

now

answer

reserve

requirements, the Treas¬

be faced with its

present prob¬

is that it could in the nature of the

have been saved from these difficulties in such

manner

only by

a

credit inflation of

portions, since to make such
to

a

devised, and if great caution had been exercised

lems, the
case

however, of

that if the gold sterilization

increasing bank

ury

are,

responsible for

are

great deal of the difficulty experienced today

by private enterprise.
times is,

and strongly skeptical

Two

an

enormous

assertion is

pro¬

equivalent

saying that the banks, with mountainous

reserves,

regardless of ultimate

Federal

brings

us




is

pur¬

under

are

One of

market purchases of government

obligations, and perhaps acceptances, by the Reserve
banks, and the other is de-sterilization of substan¬
tial amounts of

gold

do either.
these

It may

procedures,

course,

nor

both of them combined, could
do

case

more

the

than

simply retrace

taken when the gold

requirements

reserve

not intend to

may

be said, however, that neither of

in the nature of the

of the steps

held in the inactive fund.

now

Washington officials, of

doubled.

sterilized

was

Neither would

substantially ameliorate

underlying conditions which have already been

outlined

as

the real

sources

of

them, in point of fact, might

difficulty.
very

Either of

easily have the

ultimate

effect

both the

Treasury and the business community

of

suffering.

now

aggravating the ills from which
are

It need hardly be added that reduc¬

tions in rediscount rates must be

placed in the

same

category.
The
carry

trouble

the country
to finance

vide

with

all

schemes

is

that

they

should somehow be required to continue

Treasury deficits and at the
funds

capital

ought to be called
failure

of

way

time

pro¬

This,

of saying that the banks

to pay the bills incident

upon

Federal

the

same

industry and trade.

to

however, is but another
the

such

implicit in them the notion that the banks of

Government

to

set

to
its

financial house in order and its insistence upon poli¬
cies which prevent

the normal flow of savings into

productive investment.
be considered for

only to disaster,

as

If the authorities
the

restraints

upon

a

No

moment.

such
It

course

can

ought to

in the end lead

experience has abundantly proved.
were

which

to

give effect to such ideas,

otherwise

them by the natural

would

consequences

be

imposed

of their

own

mismanagement would in large part be prevented
from wholesome operation—at least for a time—and
the whole
inflationary movement would be

permitted

and

even

encouraged to proceed until utter collapse

brought it to

a

definite end.

the facts in this matter,

The country must face

and there is

every

reason

why the Government should face them also.
Federal Reserve Bank Statement

CURRENT banking statistics suggest that mem¬
Federal Reserve System
ber

to current ideas of steps that the

Government

the

consequences.

What Will the Authorities Do?

This

serve

for the Treasury

courses

them is active open

would have been able and ready to accommodate, all
comers

possible

in any way remove or even

reflection, that the situation

upon

by which the Treasury is faced is
what

is frankly

wide discussion in the financial community.

some

Explanations Unsatisfactory

course,

of the Treasury.

poses

and
Current

Further

of

but certainly the finan¬

community

earnings in the amounts heretofore

any

in the weeks to come,

occur

they will be substantial enough to

in short, applying to the banks to accommodate

from

may,

cial

them until such time

We thus

June 30.

that

advantageous terms from the securities markets,

that it must

on

rediscounts

substantial

more

corpora¬

customary, and unable to obtain1 additional capital

are,

compared with $9,929,000

as

and

but few

Enterprises, finding it exceedingly costly to

reinvest current

on

before there had been

ago,

circumstances

well-informed persons believe that the proportion is
small.

Two weeks

to the securities markets,

would go

tions

neither

of telling just what proportion of the

applications of today
funds

year are

likely to

take

to

relieve

already
tion to

banks

are

of

the

taking modest advantage of the invita¬

rediscount, given by the series of bank rate

general
among the 12 regional institutions.
For the week
to Sept. 1 the combined condition statement of the
reductions which

12

promises to become

soon

reflects

banks

Reserve

Federal

it
trend that is significant. The discount
plainly was designed to stimulate bank
as the alternative to sales of United

This is

726,000.

only the

rate

increase of

an

aggregate of $23,-

$5,023,000 in discounts, to an
is

policy

borrowing

a

small amount, of course, and

for
banks may well find
increasingly advantageous to resort to the Fed¬

States

As the demand

securities.

Treasury

trend of business added to the

lowest loan

eral Reserve banks on the basis of the
rates in central bank

which

will

likewise

Currency circulation,

history.

has entered upon its autumn

now

expansion,

of lowering member

the effect

have

deposits and stimulating rediscount-

bank

reserve

ing.

End-of-month influences occasioned a gain of

the

circulating medium in the

much

weekly period to

Member bank reserve balances were not

Sept. 1.

the total

and

however,

changed,

of excess

legal requirements is placed at $750,-

over

reserves

It should

000,000, down $10,000,000 for the week.

be borne in mind that the United States Treasury

readily ease any stringency in reserve bal¬

could

metal in that fund now exceeds

additions

fresh
the

The

by "cashing" some of its inactive gold.

ances

$1,300,000,000, and
The gain in

reported weekly.

are

gold stocks reported for the statement week is

$26,000,000, making the aggregate $12,567,000,000.
Total

of the 12 Federal Reserve banks are

reserves

reported as of Sept. 1 at $9,134,575,000, a decline of

The recession was occasioned almost

$15,661,000.

entirely by the movement of till cash into general

circulation, for the gold

certificate fund receded

only $559,000 to $8,831,389,000.

Federal Reserve

notes in actual circulation increased

Total deposits with the 12 banks

$4,260,604,000.
were
an

off

$25,924,000 to

$22,673,000 to $7,224,022,000 as a result of
of

increase

member bank

reserve

balances

by

$1,668,000 to $6,731,214,000; a drop of Treasury gen¬
eral account balances
a

decline of

$189,657,000,
$9,172,000
reserves

fell to
down

by $4,621,000 to $156,264,000;

foreign bank deposits by $10,548,000 to

and

other

deposits

by

The ratio of total
deposit and note liabilities, combined,

to

to

of

drop

a

tion

79.5% from 79.7%.

Industrial advances

tions remained in suspense, as

Open market

were

opera¬

bankers' bill holdings

$1,000 lower at $3,076,000, while holdings of

United States Government securities were

quite

un¬

plans and

the New York Stock Exchange was

on

moved

over

break

on

the New

on

and local

euphemistically call
national outlook
the

growing

nese

war

and

a

"deterioration" of the inter¬

steadily in

was

scope

progress,

owing to

and seriousness of the Sino-Japa¬

the attacks

Mediterranean.

What the diplomats

importance.

on

neutral ships in the

In the New York

market,

as

else¬

during the wide price

the million level

Yesterday the stock market

Thursday.

again drifted in apathy, with small gains evident.
The

with

Trading

new.

last

session

curtailed

nothing

Saturday

was on a very

developed

velopments failed
situation.

An upward

Monday, when week-end de¬

on

aggravate the international

to

Trading

produced

modest scale,

price levels unchanged, as a whole.

movement

the smallest scale in

on

was

but the thin market made pos¬

more

than two years,

sible

gains of 1 to 3 points in market leaders.
and

dustrial

utility

were

dull.

remained

In¬

in favor, while

Some

uncertainty

Tuesday, owing in part to announce¬
Federal loans on cotton would be at 9c.

on

ment that
a

stocks

railroad

issues

appeared

pound, with

an

additional subsidy up to 3c. a

After early

pound included in the arrangement.

wavering the stock market turned definitely soft
toward the

close, and small losses were the rule in

nearly all groups of issues.

The trend on Wednes¬

under the lead¬
Losses
numerous.
The dreary

day was toward sharply lower levels,

ership of steel, motor and railroad stocks.
of

to

one

five

points were

atmosphere of the market was further accentuated
by sale of a Stock Exchange seat at
lowest

$75,000, the

An even more
liquidating movement developed on Thurs¬

figure in more than two years.

decided

day, with all groups again
chief sufferers,

participating and market

Industrial stocks were the

sharply.

leaders down

but rail issues also dropped heavily

Sig¬
aided
some sugar securities.
The lower levels attracted
a little buying yesterday, but only on a modest scale.
Once again, however, ( the thinness of the market
utility shares joined the movement as well.

and

by the President of the sugar quota bill

nature

and gains of one to three

factor

a

was

points in

leading issues modified the previous losses.
In the listed bond

the

for

drifted

week.

market the trend was adverse,
States Government

United

issues

irregularly lower, owing to the parlous state
affairs and uncertainty regarding

of international

refunding operation to be announced next Tues¬

the

High-grade corporate bonds held close to pre¬
In the more speculative section, sec¬

day.
vious

figures.

for the year

NEW waves York stock market, factorsweek on
of liquidation developed this of both

around the

several sessions, but it

half-million share mark in

in

world

The turnover

days suffices to lower levels sharply.

the

were

railroad bonds were under
a ntmber of fresh lows

with

intermittent pressure,
The New York Stock Market

The stock market is ex¬

purposes.

ondary and defaulted

changed at $2,526,190,000.

liquidation at times,

ever-increasing distrust of Administra¬

the

tremely thin, and even a mild burst of selling nowa¬

$146,887,000.

$144,000 to $20,785,000.

were

did

as

funds increases later this year,
it

1467

Financial Chronicle

Volume 145

in evidence.

foreign list.

Japanese bonds receded

Commodity price movements

highly uncertain.

Cotton greeted the loan and

subsidy announcement with a drop,

finally recovered

improved sharply on the

Grains

quota measure.
lower

but the staple
Sugar

somewhat on Thursday.

signature of the sugar
marked irregularly

were

early in the week, with an upward movement

apparent later on. Base metals did not vary in this
weakness at London affected deal¬

where, the fear prevailed that some untoward inci¬

market, although

dent

ings.

might lead to

and such

a

general outbreak of hostilities,

apprehensions

are

largement of commitments.
ments

developed

on a

hardly conducive to
Actually, selling

en¬

move¬

sizable scale Wednesday and

The foreign exchanges remained under the
stabilization funds, but ster¬

control of the various

ling and francs
a

nevertheless displayed softness, on

resumption of the flow of capital to New York
other markets

that

Thursday, with trends not especially pronounced in

and

other sessions.

immune from war scares

Skepticism regarding the ultimate




are

considered relatively

and developments.

1468
On

Financial

the

touched

New

stocks touched

Curb

Stock

York

low levels.

new

the

New

York

changed at 1%.

new

Stock

half-day

On the New

shares;

high levels

low levels.

Call loans

Saturday last

on

were

254,300
on

Wednesday, 820,280

on

Thursday, 1,202,400 shares, and

on

Fri-

On the New York Curb Ex-

change the sales last Saturday

Monday, 114,655 shares;

64,865 shares;

were

on

Tuesday, 151,590

Wednesday, 181,575 shares;

on

at the

455,030 shares;

were

shares;

day, 690,900 shares.

shares;

un-

day, 227,195 shares, and

Thurs-

on

Friday, 155,995 shares.

on

present week.

trade and

Orient
the

Uncertainty

to the future of

as

industry at home and the situation in the

growing steadily

market and

proved too much for

worse

prices in turn dipped to

new

low

levels for the week and

market moved

in

an

jear. On Saturday last the
irregular fashion, with price

fluctuations for the day very narrow.

ing operations
of

market

Monday supplied

on

prices

confined
The

points.

cover-

The improve-

not general in any sense, but was

was

tendency of values

pressure

was

on

Tuesday veered toward

offset to

a

large extent by sell-

applied late in the day.

further pressure

closed

the

United States Steel

yesterday at 103% against 108%

on Friday
Inland Steel at 103% against 104;
Bethlehem Steel at 88% against 92%, and Youngs-

of last week;

town Sheet & Tube at 83

15%

against 86.

In the motor

Auburn Auto closed yesterday at 16 against
Friday of last Week; General Motors at 52%

on

against 53%; Chrysler at 106% against 108%, and
Hupp Motors at 3%
group,

against 3%.

In the rubber

Goodyear Tire & Rubber closed yesterday at

36% against 38% on Friday of last week; United
States Rubber at

50% against 54%, and B. F. Good-

rich at 34 against 35%.

The railroad shares again

moved to lower levels this week.

Pennsylvania RR.

closed yesterday at 33% against 34 on Friday of last

72%; New York Central at 33% against 35; Union
Pacific at 114 ex-div. against 116%;
cific

Persistent sell-

at

24%

38% against 38%;
26,

against

against 28%.

Northern

and

Southern Pa-

Southern Railway at
Pacific

at

25%

Among the oil stocks, Standard Oil of

N. J. closed yesterday at 63 against 63% on Friday
of last week; Shell Union Oil at 24% against 24%,
and Atlantic Refining at 26% against 27.
copper group,

In the

Anaconda Copper closed yesterday at

53% ex-div. against 55

on

Friday of last week;

American Smelting & Refining at 84% against 87%,
and Phelps Dodge at 45% against 46.

mainly to the industrial section of the list.

higher levels, but

ing

Short

goodly share

support, lifting many prominent issues

from fractions to about three
ment in

a

with

week; Atchison Topeka & Santa Fe at 67% against

The stock market had much to be concerned about

the

stocks met

present week and closed lower.

group,

503,710

on

York

new

Exchange the sales

Monday they

on

Tuesday,

214

Sept. 4, 1937

steel

The

stocks

-

session

shares;

4

while

Exchange remained

On the New York Stock

on

year

Exchange 12 stocks touched

and 132 stocks touched
on

Exchange

for the

high levels

new

Chronicle

Trade and industrial reports suggest no immediate alteration of the position, but fresh uncertain-

ties regarding the ultimate trend

suggested,

were

Maintenance of steel production this autumn and

ing characterized Wednesday's trading and stocks

thereafter is occasioning particular anxiety.

closed

the week ending today, however, the American Iron

virtually at the lowest levels of the

day.

Doubts

have arisen

autumn

pick-up in trade and industry, thus making

for

further

with

indecision

in

respect to the looked-for
the

stock

Thursday the volume of trading
some
ness
a

Friday

day's close
closed

new

trading

modest advance

last

On

the heaviest in

was

time, and prices, in turn, showed early weakand closed at

feature of

with

market.

a

over

on

the

low levels.

Steadiness

was

Friday and prices reflect
previous day.

a

As compared

week ago, however, prices at yestermostly lower.

were

General

yesterday at 50% against 52

on

Electric

Friday of

week; Consolidated Edison Co. of N. Y. at 33%

and

Steel

84.1%

of

Institute

estimates steel

against

capacity

71.5% at this time last

year.

For

operations

at

83,8% last week and

Production of electric

for the week to Aug. 28 is reported by the

power

Edison Electric Institute at 2,294,713,000 kilowatt
hours

against 2,304,032,000 for the preceding week

and 2,125,502,000 for the similar week of last year,

Car loadings

Aug. 28

are

of

freight for the week to

revenue

reported by the Association of American

Railroads at 787,373 cars.

6,126
over

cars over

This is

an

increase of

the previous week and of 33,276 cars

the corresponding week of 1936.

against 34%; Columbia Gas & Elec. at 11% against

As indicating the course of the commodity mar-

11%; Public Service of N. J. at 39% against 40%;

kets, the September option for wheat in Chicago

J. I.

closed yesterday at 105%c. as against 106%c. the

Case

Threshing Machine at 161 against 165;

International Harvester at 104

against 111; Sears,

close

Roebuck

90%;

Chicago closed yesterday at 96c.

&

Co.

at

87

against

Montgomery

on

Ward & Co. at 57% against 59%; Woolworth at 45

the close

against

at

46%,

and

against 166%.
45

against

Chemical &
de

Nemours

American

Tel.

&

Tel.

at

167

Western Union closed yesterday at

45%

on

Friday of last week;

Allied

Dye at 226 against 225; E. I. du Pont
at

152% against 154; National Cash

Friday of last week.

on

September

Friday of last week.

as

on

at

September oats

Chicago closed yesterday at 29%c.

28%c. the close

corn

against 95%c.

as

against

Friday of last week.

The spot price for cotton here in New York closed

yesterday at 9.36c.

as

Friday of last week.

against 9.60c. the close

on

The spot price for rubber here

Register at 30% against 33%; International Nickel

in New York closed yesterday at 18.68c. as against

at

18.31c. the close

59% against 61%; National Dairy Products at

18% against 19%; National Biscuit at 26 against

copper

25%; Texas Gulf Sulphur at 36% against 38; Conti-

on

Friday of last week.

Domestic

of last week.

nental Can
at 1S4

at

55% against 57%; Eastman Kodak

closed yesterday at 14c., the close on Friday

In London the price of bar silver yesterday was

against 183; Standard Brands at 11% against

19 13/16

pence per ounce as

11%; Westinghouse Elec. & Mfg. at 142 against

ounce on

Friday of last week, and spot silver in New

145%; Lorillard at 20% against 20%; U. S. Indus-

York closed yesterday at 44%c., the close on Friday

trial Alcohol at 32

of last week.

against 32%; Canada Dry at 22%

against 22%; Sclienley Distillers at 40% against 41,
and National Distillers at




29% against 30.

In the matter
transfers

on

of

the

against 19%

foreign

pence per

exchanges,

cable

London closed yesterday at $4.96 as

Volume

of last week,
yesterday at

against $4.97% the close on Friday
Paris closed

on

of last

against 3.74%c. the close on Friday

3.73c.
•

transfers

cable

and

week.

|V

European Stock Markets

i

,

IRREGULAR movementsthe foremost European fi¬
exchanges in were the rule this week
stock

on

and

international

with

the

Selling predom¬

thickening international at¬

the

spreading

Hostilities in the Far East are

mosphere.

JapanAmbassador to
China, and the Chinese bombing of an American
merchant ship, occasion profound apprehensions re¬
garding a possible involvement of other Powers in
the dispute.
Repercussions of the Spanish civil war
throughout China, and such incidents as the
ese

airplanes shooting of the British

assumed

also

aspect, on reports that a

serious

a

warship had been made the target of an un¬

British

ship sunk

known submarine and a British merchant

These matters were

by another mysterious raider.

business in

offset, in good part, by continued good
the chief industrial countries of

Aided im¬

Europe.

mensely in one sense by their respective armaments

Britain and Germany report well sus¬

programs,

French

tained trade.

confidence

moves

toward

continued with

were

Bank of France discount rate,

a

restoration of

reduction of the

a

Thursday, to 3%%

War fears in Europe were reflected by a

from

4%.

new,

if modest, movement of funds to the United

States, Holland, Switzerland and a few other coun¬
tries.

The
was

atmosphere on the London Stock Exchange
of extreme caution in the initial session of

one

Ambassador and the

an

a

little selling of

issues receded

Gilt-edged

securities resulted.

fractionally, while larger losses ap¬

Foreign securities of all
descriptions lost ground.
The tone improved on
Tuesday, but movements were small. Gilt-edged is¬

peared in industrial stocks.

sues

attracted

a

little attention and the modest re¬

took in also most industrial stocks.

covery

Com¬

modity securities were uncertain, but Anglo-Ameri¬
can

Reports that Japanese hos¬

favorites improved.

tilities would be extended to all of

market

London

apprehensive,

China kept the

Wednesday.

Gilt-

edged issues and domestic industrial stocks were
not much

changed, but Far Eastern bonds receded

sharply.

Anglo-American issues were down on the

influence

of

activity
section

the

Weakness

York recession.

reported on Thursday.

was
was

New

Not much

The gilt-edged

dull and most industrial stocks sagged.

in

stocks lower.

some

base

metals

drove

commodity

Transatlantic stocks slumped sharply

because of the further

drop in New York.

The tone

improved yesterday, with gilt-edged issues and in¬
dustrial

showed larger

favorites

Nervousness

the

mild

stocks in

and

Paris Bourse

the

many

vance

Anglo-American

trading

were

was

apparent on

resumed for the

Rentes fell sharply because of

international uncertainties, and

an

ad¬

report that nationalization of French railways

would be

day, but losses appeared in most French

The

international

attempted without delay.




group

equi¬

remained in favor.

Despite the lowering of the Bank rate, Thursday,
prices slumped sharply in that session.
the

Rentes led

decline, which extended also to French equities

descriptions and to international issues. After

of all

early firmness, prices dropped at Paris, yesterday,

changes at the end were of no moment.
was relatively immune to the

and

The Berlin Boerse

unfortunate international
control and the modest
was

over

not

on

Only a small turn¬

reported last Monday, and price levels

did

Munitions issues were in mild

change much.

favor,

events, owing to the close

trading.

the basis of orders recently

other issues fluctuated

received, while

fractionally, either way. The

trading remained modest on Tuesday, with a

few

manufacturing issues again of chief interest.

arms

groups were

electrical

shipping,

industrial,

Heavy

and

other

Fixed-interest obligations were

dull.

slightly improved.

The tone on Wednesday was

firm, and a small increase of business was

noted.

in heavy indus¬
trial stocks, and some interest also was displayed in
other groups.
On Thursday the Boerse slumped into
its usual apathy.
Textile stocks were in favor, but
other issues were neglected and unchanged.
Small
losses were recorded yesterday in a dull session at
Gains up

to 2 or 3 points appeared

Berlin.

Intergovernmental Debts

HUNGARY indication late last week the first
afforded of
definite
changing attitude
a

the European defaulting States toward the
owed the United States Government, which

among

debts

the term "war debts."

usually are lumped under
Finand is the

only country that has been making

full

payment in recent years, and all other

are

in

Great

complete default.

debtors

The chief defaulters are

Britain, France, Italy, Belgium and Czecho¬

smaller countries
them Hungary.
Secretary of State Cordell Hull accepted a proposal
of the Budapest Government to resume payments on
a very modest scale, and in a communication to the
Hungarian Charge d'Affaires, he referred to the in¬

slovakia, while a half-dozen of the
of

Europe owe lesser sums, among

cident as a

"heartening sign of recognition of the

importance of conserving
ernmental contractual

the sanctity of intergov¬

obligations."" Under the pro¬

posal, Hungary will pay

$19,656 annually for a three-

period, or an aggregate of $58,968. This sum
amounts to 22.8% of the regular payments of $258,-

year

449

the

actually due in the three-year period under

funding agreement.

It was pointed out by the State

Department that the Hungarian Government regu¬

gains.

uncertainty

as

week, last Monday.

demand.

After an

again wav¬

Rentes were maintained

the Paris market.

on

for the

American ship

the Sino-Japanese conflict an ominous turn,

gave

and

bombing of

International issues
atmosphere.

optimistic opening, Wednesday, prices

unadjusted incident of the British

The

the week.

previous

gains, and some sweeping ad¬

appeared in equities.

likewise reflected the better

ties.

easily swayed by a little pressure.

at 4%% against the

Rentes showed sizable
vances

London, Paris and Berlin, and the thin markets were
inated because of

The

easily, Tuesday,

figure of 5%%, and this encouraged the Bourse.

ered

with losses a little more

Dealings were small at all times

gains.

carryover

effected

was

receded.

also

securities

month-end settlement

pronounced
at

nancial centers,
than

1469

Financial Chronicle

145

French equities

larly included in its budget

the sums due under the
Hungarian Treasury

funding agreement and unpaid,
bills in favor of

the United States being deposited

regularly in the central bank of that country.

The
at¬

Hungarian default, like most of the others, was
tributed initially to transfer

difficulties.

1470
It

Financial

is, of

Finland, which
the so-called

in order to

a

for

a moment in ob¬

promise to pay, Hungary incurred
debt after the World War

war

bpy food for

doubt that

desire to pay just debts. Like

never wavered

of the

servance

no

welcome indication that Hun¬

course, a

has given of

gary now

a

needy populace.

payment, since the funds

available in any

are

now are so

that

a

they do not enter into

payment

lacking, it is

tions

with

the

the pri¬

on

vately held external debt, in the event of full

made in

be

a

breach

the ranks of

hoped

war

Apart from such considerations, it

remains true that

that

the

other

at

long last has been

defaulters, and it is to

and

have

far

more

prosperous

nations than

Mr. Hull prob¬

else that his words

anyone

strange sound at this time, when two major

a

but undeclared

wars are

in progress.

The fact that

he continues to remain faithful to his ideals is dis¬

praiseworthy.

tinctly

Wednesday, over

a

In

radio

a

address

Mr. Hull remarked that the easiest way

For its part, the United States

the Secretary said.

toward

saw

begets

another."

The

diplomatic

approach to the problem has been unsuccessful, he
admitted, but a firm belief was expressed that solu¬
tion of economic difficulties

Some

disarmament.
made

was

might bring

days earlier,

adviser, Sir Frederick Leith-Koss, to the
on an
"important mission." French

officials have indicated
to clear the slate

ment.

Save for

on

several occasions

by negotiating

a

desire

debt agree¬

a new

perfunctory notes of regret

011

annuity dates, other defaulters have maintained
found silence

the
pro¬

in

by Assistant Secretary of State George A.

Messersmith, to celebrate the ninth anniversary of

the

economic

success

radio address

a

don rumors,

United States

arma¬

deplored the "vicious circle, where

Mr. Messersmith admitted the "horrible

send its

of

causes

the world heading

bankruptcy because of international

increase

each

He

Hungary will take similar steps. Some
encouragement may possibly be gleaned from Lon¬
last month, that Britain is to

to keep the

is to prevent war from break¬

steadily has endeavored to root out the

ments races and

on

Columbia Broadcasting network,

United States at peace

war,

modest partial

a

principal European defaulters, but

debt payments.

ably is better aware than

only

possible clamor for full payments

a

gestion is hardly open to question.

ing out elsewhere.

fair surmise that Hun¬

a

Sept. 4, 1937

involving
Although official rea¬

took into account not only its diplomatic rela¬

gary

also

are

case

far modified

transaction

$100,000 annually.

for the decision to effect

sons

There is

Hungary could easily make the full

and the transfer difficulties

less than

ended,

Chronicle

the rather moth-eaten

to end

war

example of

wars," and he referred briefly to the

deterioration of the international outlook.

current

He

Kellogg-Briand anti-war pact.

maintained, however, that the world still is

mov¬

ing along the road marked out by the Pact of Paris,

especially in the Western Hemisphere, where
"eloquent expressions of
were

held up as

a

some

general desire for peace"

comforting examples.

the matter.

on

Reciprocal Trade Agreements

China and Japan

P

undeclared Sino-Japanese
UNDER the extended power to negotiate recipro¬ BITTER fighting was continued this week in the
while hardly
agreements, granted to President
cal

war,

trade

Roosevelt by Congress at the last
ministration

now

of considerable

notification of

is

moving to

importance.
an

for

was

an

announced in

agreement

Washington,

Monday, and applications by interested parties
hearings must be presented by Oct. 11. Articles

which

on

The necessary formal

intention to reach

with Czechoslovakia

last

session, the Ad¬

arrange new accords

accord

clude

our

are

duties may

many

vakia, such

said to in¬

are

of the principal commodities of

between

merce

be reduced in this proposed

quite numerous, and they
the

United

States

and

stances

Czechoslo¬

protests

against

lower

import

duties doubtless

affected

imposts
The

can be
expected, partly because a
important American industries may be

of

directly, and partly because
are

claims

generalized, with only
and

contentions

a

lowered

our

few exceptions.

of American

interests

necessarily must be given due and full considera¬
tion at
other

Washington.

hand, that the

rier reductions

is

an

sor

It

seems

process

fairly clear,

the

that should be pushed energeti¬

movement, and he

can

Hull is the spon¬

be relied upon to

the aim carefully and methodically.
Mean¬
while, it is worth noting that little progress, if any,
is being made toward the
contemplated understand¬
pursue

ing with the British Government.

the week.
far

It is

"incident"
and

the

near

plain that Japan has bitten off

expected to chew ivhen

Peiping

Hull

advises

the

world

peaceful, and the soundness




magnified

was

a

on

war.

July 7
first-

a

Troop transfers from Japan to China

in progress on a tremendous

are

modest

promise of still

sorry

Japanese forces

landed in and

were

national settlement at

scale, giving

greater battles.

Huge

the inter¬

near

Shanghai all week, with the

Chinese opposing the debarkations and
slowly giv¬

ing ground before the invaders.

The defenders pro¬

pose to

withdraw slowly to prepared and easily de¬

fended

positions not far from the city, according to

reliable

reports, and the real battle for Shanghai

quite possibly will begin next week.

Meanwhile, airplane bombing by the Japanese
carried

with

on

increasing scale.
the

native

relentless

with

of

Nantao

thousands

wounded.

The Nationalist

bombed

numerous

on

on

an

was

ever-

The Chinese civilian population of

quarter

Saturday,

fury and

bombed

was

reported

last

killed

or

capital of Nanking

was

occasions, and the

area

of air¬

plane bombings spread swiftly, almost to Canton.
The

greatest

course,

and

damage
one

wras

estimate

done

in

Shanghai,

placed the

of

destruction

there at

$275,000,000, with the Chinese loss at $125,000,000, the Japanese at $100,000,000, and that of
In northern China the

regular forces of Japan and China continued their

WITH unfailing regularity, Secretary
Cordell

exposed by such events.

eventually made the starting point for

class
now

now

than she

more

are

other nations at $50,000,000.

Peace and Disarmament

and remain

military position did not change greatly during

of all-round trade bar¬

Secretary of State Cordell

of the

on

implied in the reciprocal tariff idea

excellent one,

cally.

to which foreigners

The

as

strenuous

number

gers

com¬

boots and shoes, gloves, glassware,
imitation precious stones and
hops.
In some in¬

a

day went by without fresh indications of the dan¬

ofdisarm
State

to

of the sug-

struggle for the
Tientsin.

The

area

from Kalgan to the

Japanese

said to number 100,000

army

sea,

near

in northern China is

troops with modern equip-

Volume

Financial

145

at 200,000,
with equipment largely lacking.
But heavy rains
again kept the invaders from making much progress
of late, and even their claims are modest.
The direct
diplomatic position of the two countries remained
unchanged, with Ambassadors still present in each
other's capitals.
Japanese spokesmen continued to

ment, and the defensive strength is placed

lack of Chinese

insist that the real trouble is the

them under¬
China offered to
sign a non-aggression pact with Japan.
Internationally, the complications of the Sino*
comprehension and the need for making
Japanese viewpoint.

the

stand

1471

Chronicle
align Washington with London.
take

may

highly serious turn without warning.
now is en route to China with

a

An American vessel
a

airplanes aboard, and it is generally

number of

feared that

Japan will stop the ship and

non-aggression affords still other aspects,
in view

the

of

dispatch

China.
tries

of the

Monday in the estuary

to facilitate the

airplanes let loose the missiles,

war
one

of the tide
trip up-river to Shanghai. Chinese

Yangtze, while waiting for a turn

member of the crew and

which killed

injured seven others,

that it was

rumors

of

are

swept lightly aside.

not to be

Sino-Russian Treaty

BECAUSE ofmilitarists upon Chinese territory,
the inroads now being made by
Japanese
more
new

ordinary importance may attach to a

than

treaty of non-aggression signed by

and Chinese

To all appearances, the treaty

mistaken for a

but this did not alter the

situation and the incident

by Soviet Russia with that

ship

was

properly was described by Secretary of State
dell Hull

The Chinese Government lost no
a

formal and

time in presenting

obviously sincere apology at Washing¬

of the Chinese Gen¬

ton, while the personal regrets

also were communi¬
merchant ships were instructed

Chiang Kai-shek,

eralissimo,

American

cated.

Cor-

"unlawful, inexcusable and negligent."

as

thereafter to avoid

Still unsettled,

China, Sir
seriously
wounded by a Japanese airplane far behind the Chi¬
nese lines.
Japan apologized, but the British Gov¬
ernment apparently decided to make the occasion a
Hughe Knatchbull-Hugessen, was shot and

at

one

for

strong and

A British note was

tions.

sweeping representa¬

presented last Monday

Tokio, in which the "fullest measure of redress"
demanded for the affront.
The requirements

was

included

a

formal apology,

punishment for the guilty

airmen, and assurances against a recurrence of any
such incidents.
The British communication held it
irrelevant whether or not the

British flag could be

by the raiding airplane pilots, as no justifica¬

seen

tion

seen

was

for

attacks

non-combatants

upon

miles behind the lines in a war that is not

many

formally

even

Whether Japan

by

acknowledged

declarations.

will meet these demands is a ques¬

time. An
investigation is said to be under way which will be
completed this week-end, and an answer to the Brit¬

tion, and one on which Tokio is taking its

ish note will be drafted thereafter.
The United States Government late last

occasion to

behalf and

tion
not

now

on

Texts of these notes were

diplomatic language that left quite clear

warning against interference with American ship¬

This step appeared to be quite in line with

ping.

British and French

views, and it is at least equally

significant that Washington found the British pro¬
test to

Japan quite in accordance with its own ideas.

In view

of the overwhelmingly larger

Great Britain in the Far

the
with

United

States

suspicion

any




East,

interests,

Government indicated

its terms to
The two
parties simply renounce war as an instrument of
national policy and undertake not only to refrain
from aggression against each other, but also to avoid
assistance of any kind, direct or indirect, to third
clearly that Russia is not bound under
aid China

against Japanese aggression.

aggression against either
of other
non-aggression pacts negotiated in recent years by
Moscow.
It is, nevertheless, plain that the SinoRussian treaty has an importance that transcends
signatory.

These are precisely the terms

as

interests of

measured against

some

observers view

declaration that might tend to

For one thing, Gen¬

this nature.

other accords of

Kai-shek thus declares that the

eralissimo Chiang

Nanking National Government policy of
munism is

that the real ruler

liis

anti-com¬

abandoned, and it is thus more evident

communist

of China has joined forces with

opponents

to

prosecute the war

against Japan. In Moscow the accord was described
as a
new manifestation of the peaceful policy of
Tokio took the view that the treaty

Soviet Russia.
was

directed largely

against the Japanese Govern¬

contended that a more important
understanding augments the pact.
On this

ment, and it was
secret

point, Tokio may well be in a

position to speak with
treaty against

authority, since the German-Japanese
communism is
tion

of

a

generally believed to be only one sec¬
sweeping understanding.

more

German

objectionable from their
viewpoint, but they avoided the temptation of
ascribing to the accord a larger international sig¬
spokesmen held the treaty

nificance than is

apparent from the official Chinese

statement.

damages on its own

public, but they were understood to be

couched in
a

announcement of the Chinese

Spanish War

behalf of its citizens for the destruc¬

being wrought*

made

week took

notify both Japan and China that the

right is reserved to demand

accords arranged
country's neighbors. The

merely is one of a chain of similar

parties engaged in war or

Shanghai.

in the meantime, is the incident of

Aug. 26, when the British Ambassador to

suitable

the Russian

Governments, and made known at Nan¬

king last Sunday.

vessel.

airplanes to

Russian

numerous

especially

quickly followed by

Dangers of the involvement of other coun¬

The
Japanese troop transport,

causing serious damage to the

while

perhaps

The Sino-Russian pact of

preempt the airplanes.

Japanese conflict are numberless and becoming ever
more serious.
The American merchant ship Presi¬
dent Hoover was bombed last

Eegardless of real

imagined propaganda, the problem is one that

or

INTERNATIONAL difficulties once againbetween
ginning to overshadow the local fighting are be¬
Spanish loyalists and rebels in the
started in

After

July, 1936.

ment, the London

a

civil war which

three weeks' adjourn¬

Non-intervention Committee met

again last Saturday, and started another round of
debates about methods of controlling the flow of
men

and munitions to

There

appears

to be little hope for putting into

effect the British

foreign

Spain from other countries.

compromise plan for withdrawing

participants

rights to the rebels.

while granting belligerent
Airplane bombings of foreign

Financial

1472
merchant and

military vessels are continuing, but

a

deeply serious tinge has been given the entire

more

Chronicle

Sept. 4, 1937

for

The need

peace.

treaties

observing the

mentioned,

was

sanctity of

the surprise of

to

some

question of late by submarine sinkings of loyalist

observers, who had expected a move toward recog¬

and neutral

nition

by

upon
the

ships in various parts of the Mediter¬
British

The

ranean.

destroyer Havock

fired

was

unidentified submarine, Wednesday, and

an

ship dropped a depth bomb which may have been

effective,

oil welled up at the spot.

as

done the

was

No damage

Havock, but the identity of the attack¬
has become a question of

ing submarine

now

international

importance.

Woodford

torpedoed and sunk Thursday, which

was

British

The

aggravates the matter considerably.

London is said

to surmise that Italian submarines are

for

these

recent

cided

submarine fleets capable

possess

The British Cabinet de¬

performances.

Thursday to augment its naval strength in

on

the western basin of the

that

appears

Mediterranean, and it also

French invitation for

a

cussion of related
Powers has been

The

general dis¬

a

questions by the Mediterranean

and the

had the best of

The insurgents probably

it, for there is

alists in order to make
seems

the Danubian basin, according to the

statement.

The Ministers took occasion to praise

highly

indication that

no

a

better

showing.

war

pronouncements in favor of peace and

international cooperation.
American

between

fields

nomic

attach

to

Cata¬

a

limited

reported visits to the Conference by

for

of his

recognition

Diplomatic
this

progress

point, and

of

some

whittled rapidly

was

Gijon

left to

area

a

Hungary and the Little Entente
as

rearm.

to have been made

on

adjustment of relations between

an

the real achievement of the

may

well stand out

gathering.

Foreign Central Banks

THE BanktoofS}/2% from'4%. its discountrate had
France reduced The 4% rate on
Sept. 2
been in effect since

lowered from 5%.

Aug. 3, 1937 at which time it

was

Present rates at the leading centers

shown in the table which follows:

are

Rate in

Country

Effect
Sept. 3

Pre¬

Date

Rate in

vious

Established

Rate

Country

1 1936

Effect
Sept. 3

Holland

Pre¬
Date

vious

Established

Rate

3H

Mar.

Austria

3H

July

10 1936

4~

Hungary

4

July

1 1936

4 H

India

16 1936

2H

Ireland

3

June 30 1932

7

Italy

4H

May

18 1936

3.29

Apr.

6 1936

Jan.

14 1937

Argentina..

In

the

Saragosso-Huesca

loyalists started

sur¬

territory, the fighting

the Basque

pressure on

continued this week with¬

was

Insurgent

concentrated in this area,

area,

belated offensive with

a

thought of relieving the
intermission.

The

away.

forces

and after

a

Belgium

2

May

Bulgaria

under negotiation, according

was

reports.

where the

6

Aug. 16 1935

Canada

2H

Mar. 11 1935

4

Jan.

24 1935

4

July

18 1933

3

Jan.

1 1936

Colombia

quickly

5

Nov. 29 1935

3
6

5

Feb.

1 1935

5H

July

1 1936

Morocco

6H

May 28 1935

.

4

Jan.

2 1937

6

Norway

4

Dec.

4

Oct.

19 1936

3H

Poland

5

Oct.

England

2

June 30 1932

Estonia

5

Sept. 26 1934

Rumania

Finland

4

Deo.

4 1934

2H
5H
4«

Danzig
_

3 H

3H

Jugoslavia

.

France

SM

8.65

Lithuania

__

vakia

Denmark

2 H

Aug. 28 1935

3

5 1936
25 1933

4

6 H
6

4«
3H
6

4

South Africa

Dec.

7 1934

6

SH

.

_

Aug. 11 1937

4H

Portugal

May 15 1933

4

4K

3H
_

.

Sept.

2 1937

4

Spain

5

July

10 1935

4

Sept. 30 1932

5

Sweden

1 1933

3

Jan.

7

Switzerland

2H
1H

Dec.

6

Germany

Nov. 25 1936

2

4 1937

series of small

5H

Foreign Money Rates

by the loyalists the tide turned and small
were

2 1936

Deo.

4

Java

4H

were

advances

2
-

Japan

Czechoslo¬

Greece

successes

made

by the insurgents.

The

area

INbills Friday market discount rates9-16%
LONDON open 9-16% against for short
on

contested

was

gain

bitterly, and neither side

decided advantage.

a

of the conflict

again

was

of its

war

names,

or

Ethiopian

only

a

able to

The international aspect

an

Spain.

bills
on

as

against 9-16%

call at London

The list contained 987

few less than the 1,148 on the

market rate

434% to 3^%.

Rumania held
ferences last
summer

of

one

of their

periodic diplomatic con¬

Monday and Tuesday, at Sinaia, the

capital of Rumania, with results that are

encouraging to the French backers of the Entente.
The

break-up of this

group

has been predicted on

occasion, of late, owing to the diplomatic inroads
made

on

French

prestige

by

official statement issued last

Germany.

Tuesday is

a

If

the

reliable

on

was

Friday of last week.
was

lowered

%%.
on

Money

At Paris the

Thursday from

1%.
Bank of

countries

on

In Switzerland the rate remains at

Little Entente

FOREIGN MINISTERS of the Yugoslavia and
Little Entente
Czechoslovakia,

as

Friday

on

official list

list.

war

were

Friday of last week, and 9-16% for three months-

open

in

dead

was

prominent late last week,

when the Italian Government issued

-

country's right to

seems

Chile

out

the

Hungarian spokesman, who is said to have argued

Rebel troops

area.

spectacular attacks along the shore

Bay of Biscay, where the small

render

eco¬

and

Batavla

loyalists

the

States

Some significance also appears to

States.

United

European

unwilling to join with Valencia to

Utopian reforms in

of the

to

heralding the

as

DISCOUNT RATES OF FOREIGN CENTRAL BANKS

still

continued their

the

The declaration of the

Secretary was hailed

possibility of cooperation in the political and

prosecute the war, rather than put into effect vari¬
ous

Cor dell Hull's

of Secretary of State

one

numerous

Discount Rates of

internal squabbles have been patched up by the loy¬

lonia

continue in

some

loyalists in others, and results again

quite inconclusive.

Economic

improvement is proceeding and can be expected to

accepted by Great Britain.

fighting in Spain favored the rebels in

areas
were

responsible

outrages, for neither the rebels nor the

loyalists in Spain
of

grave

tanker

of Italy's conquest of Ethiopia.

England Statement

THE statement in gold week ended £98,744,showed
another gain for the holdings of Sept. 1
which
brought the total
960,180,
ago.

of

to another new high of £327,-

up

compared

£2,043,000

£1,944,000.
while other

£246,497,633

with

As the gain in gold

was

a

attended by

increase

circulation,

in

an

reserves

year

declined

Public deposits decreased £11,265,000,

deposits

rose

£11,886,840.

Of the latter

amount, £11,353,276 was a gain to bankers accounts
and

£533,564 to other accounts.

fell off

The

slightly to 24.3% from 25.6%

guide, France still is the acknowledged leader of

year

the Entente, and

a

reserve

week

ratio

ago;

last

increased

The

little danger exists of a real split.

solidarity of the member States

was

emphasized

in the communication, as was the traditional friend¬

ship of France.
Nations

was

called for

Continued loyalty to the League of

promised, and the Ministers

once

again

cooperation in the interests of European




it

was

38.40%.

Loans

on

government securities

£437,000 and those on other securities of
£2,162,539. Of the latter amount £1,050,564 was a

gain to discounts and advances, and £1,111,975 to
securities.

2%.

The discount rate remains

Following

we

unchanged at

show the various items with

parisons for preceding

years:

com¬

Volume

Financial

145

BANK OF ENGLAND'S COMPARATIVE

Since the statement ol June 29,

1937, gold valuation has been at rate ol 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,

STATEMENT

gold valuation
Sept. 1,

Public

Sept. 4,

Sept. 5,

1936

1935

1934

Other deposits
Bankers' accountsaccounts

Govt, securities

of gold to the franc.

17,698,686 22,117,791
29,707,462 26,921,501
9,694,892
6,935,180
10,621,347 14,080,503
10,763,506 12,422,899
19,086,115 12,840,998
Reserve notes & coin
60,713,718 52,492,911 71,044,886 76,433,305
Coin and bullion
327,960,180 246,497,633 194,115,078 192,328,463 191,659,266
Proportion of reserve
46.64%
45.67%
to liabilities
36.30%
38.40%
24.3%
wi'2%
2% !■
Bank rate
2%
2%
2%
Other securities

26,122,900
5,368,210
20,754,690
37,650,000

Disct. & advancesSecurities

26, 1936, there were 65.5 mg.

49 mg. per franc; prior to Sept.

was

1933

490,309,000 445,783,915 401,622,167 381,283,577 375,225,961
5,860,025 29,635,051 21,454,197
14,111,000 18,053,141
140,703,732 139,829,278 138,708,983 125,877,355 142,400,608
88,046,917 97,422,678
104,172,489 101,067,322 100,062,601
36,531,243 38,761,956 38,646,382 36,930,438 44,977,930
109,274,487 85,708,337 83,414,999 85,029,164 83,535,963

deposits

Other

Sept. 2,

Sept. 6,

1937

Circulation

1473

Chronicle

New York Money
ALL

12

and

the Federal Reserve banks

an

their

of

reductions

the effect of the latest

now

discount
to

maneuver

have

rates,

keep the

market extremely easy is already noticeable

money
in

of

ordered

**

Market

increased tendency

the member banks of the

toward rediscounting by

This is the pri¬

System.

.

development in the

mary

Bank of

Germany Statement

but

THE statement Tor gain last gold and of August
the in quarter bullion of
showed
further

a

337,000 marks, the total of which is

now

69,886,000

it remains to

will

be

gained only

a

day week.

and

day,

in note circulation of

total up to

circulation

An expansion

years ago.

the
5,115,000,000 marks. Last year notes in
aggregated 4,539,528,000 marks and the
525,000,000 marks^brought

An increase was

previous year 4,031,831,000 marks.
recorded in

deposits abroad, in bills of exchange and

Treasury bill issues, awarded last Mon¬

0.422%

week

compared to 0.332% on a 117-day

average,

earlier, while another series of $50,-

000,000 due in 273 days went at 0.615%, compared
to

0.524%

on

an

similar previous issue.

exactly

checks, in advances, in investments, in other assets,

Bankers' bill and commercial paper

in

changed, with business slack.

other

daily maturing

liabilities.
to

The Bank's

1.48%; last

year

2.48%.

it

year

obligations

reserve

was

ratio

and in other
fell off slightly

1.65% and the previous

Reserves in foreign

currency

decreased

239,000 marks and silver and other coin of 83,567,000
marks.

Below

we

furnish

New York Stock

V

STATEMENT

.

Changes
Aug. 31, 1937 Aug. 31, 1936 Aug. 31, 1935

for Week
Assets
Gold and bullion

+337,000

69,886,000

+ 314,000

Of which depos. abr'd
Res've In for'n currency

19,986,000
5,969,000

—239,000

Bills of exch. & checks.
Silver and other coin

+ 620,009,000 5,316,054,000

—83,567,000
+ 17,965,000
+ 19,000

51,704,000
403,440,000

+ 33,072,000

Advances

138,426,000

766,634,000

Investments
Other assets

_

Reichsmarls

Reichsmarls

Reichsmarls

Reichsmarls

94,779,000
69,420,000
29,620,000
21,500,000
5,301,000
5,606,000
4,767,163,000 4,035,103,000
111,684,000
119,247,000
54,091,000
64,500,000
664,272,000
528,808,000
664,252,000
566,445,000

Liabilities—

"i

+ 525,000,000 5,115,000,000 4,539,528,000 4,031,831,000
742,602,000
728,509,000
736,016,000
+ 53,121,000

Notes In circulation..__
Oth. daily matur. oblig.

+ 9,163,000

257,563,000

229,591,000

238,626,000

—0.17%

Other liabilities

1.48%

1.65%

2.48%

Propor'n of gold & for'n
curr. to note circul'n.

T

HE

another

slight^ increase in

ruling quotation all through the week for both new
loans and renewals.
The market for time money
continues

francs
to

90

a

year ago.

gold holdings

of

Notes in circulation rose slightly

francs the

as

against 84,323,914,210

corresponding period last

commerdal bills

discounted showed

French

year.

gain

a

ofJ381,-

000_,000 francs,_ advances, against securities of 127,000,000 francs, creditor current accounts of 1,540,000,000 francs and temporary advances to State of
francs.
The Bank's reserve ratio
stands now at 52.35%; last year it was 58.69% and
the year before 74.61%. The item of credit balances
abroad declined 2,000,000 francs.
The official dis¬
count rate was reduced on Sept. 2 to 3 A from 4%.
Below we furnish a comparison of the different items
1,340,000,000

for three years:
BANK

transactions having been reported

days and 1A% f°r four to six months' maturities.
market for prime commercial paper has been

The

The demand has been strong
paper has been excellent.
unchanged at 1% for all maturities.

quite active this week.
and the supply
are

of prime

THERE hasbankers' change this week in thebills are
prime been no acceptances.
Prime market
in

still

scarce

has been
tions

as

7-16%

asked; for bills running for four

A% asked; for five and six
9-16% asked. The bill-buying

months, 9-16% bid and

months, %% bid and
rate of the

New York Reserve Bank is A% for bills

running from 1 to 90 days,
bills and
Reserve

from

%% for 91- to 120-day

1% for 121- to 180-day bills
The Federal
Bank's holdings of acceptances decreased

$3,077,000 to $3,076,000.

market acceptances are as follows:
SPOT DELIVERY

Francs

Francs

French
bills

discounted.,

b Bills bought abr'd

circulation.

_.

Credit current accts.
c

Francs

30,"

1935

eligible bills

7,269,024

7,063,308,611
899,478,082
1,242,194,730
3,763,710,126 3,453,753,966
+38,000,000 88,254,533,080 84,323,914,210
+ 1,540,000,000 18,178,273,155 8,559,943,332

7,574,691,828
1,229,122,189
3,102,644,705
82,240,467,640
13,909,163,991

Bid
Prime

8,663,905,272

No change

+ 127,000,000

with¬
out Int. to State.. + 1,340,000,000 25,218,000,000

%

Eligible member banks
Eligible non-member banks

Discount Rates

Asked

716

eligible bills
FOR DELIVERY

+ 381,000,000

150 Days—
Asked

Bid

90 Days—

Francs

7,520,346

14,025,956

—2,000,000

Prime

commerc'l

Adv. against securs.

Note

1936 Aug.'

+ 378,325 55,717,532,724 54,511,102,374 71,741,662,620

Gold holdings.

Credit bals. abroad,
a

1937 Aug. 28,

Asked

916

Bid

Changes

26,

Open market dealers

quoting the same rates as those reported by the
Federal Reserve Bank of New York.
The rates for

are

COMPARATIVE STATEMENT

Aug.

Bank of New

and including 90 days are A%

—180 Days

for Week

The official quota¬

change in the rates.

issued by the Federal Reserve

and

bid

There

and trading has been very quiet.

no

York for bills up to

open

OF FRANCE'S

no

Rates continued nominal at 1)4% up to

Bankers' Acceptances

comparedj^with 54,511,102,374

88,254,533,080 francs,

quiet,

this week.

-

378,325 francs, which__brought the total up to 55,717,532,724 francs,

Rates

26 showed

dated Aug.

weekly statement

and 1%% for four the six

datings.
New York Money

Rates

Bank of France Statement

the

DEALING in detail with call loan rates was the
on the
Stock Exchange from day to day, 1%

\

*«•*

money on

Exchange held to 1% for all trans¬

maturities to 90 days,
months'

items for three years:
REICHSBANK'S COMPARATIVE

rates were un¬

Call

actions, while time money was quoted at 1'%% for

comparison of the different

a

One

increases of rates.

$50,000,000 bills due in 110 days went at

issue

a

The money market,

largely dormant in the pre-holi-

required moderate

series of

banks

member

As yet the trend has

little headway.

otherwise remained

market this week,

how far

seen

willing to borrow.

marks, compared with 69,420,000jnarks a year ago

94,779,000 marks two

be

money

916

—-60 Days—
Asked
Bid

X

716

120 Days
Asked

Bid

X

916

30 Days
Bid

Asked

Y

716

WITHIN THIRTY DAYS
—

H% bid
%% bid

of the Federal Reserve Banks

Temp, advs

Propor'n of gold on
hand to sight liab.
a

—0.79%

Includes bills purchased in France,

52.35%

9,161,332,300
58.69%

b Includes bills discounted abroad,

resenting drafts on Treasury on 10-billion-franc credit opened at Bank.




74.61%
c

Rep¬

THE discount rates of the Federal Reserve Banks
Boston, St. Louis, Kansas City, Dallas and
of

San Francisco were

lowered this week by the directors

1474

Financial

of those institutions from 2 to

1%%.

Bank of Dallas reduced its rate

Aug. 31, and

The Reserve

Aug. 30, effective

on

followed by the Boston and St.

was

Louis Banks which lowered their rates
effective

The Banks at Kansas City and
acted on Sept. 2, the new 1%% rate

Sept. 2.

San Francisco

Similar

re¬

ductions of from 2 to 1%% were recently made by
the

Richmond, Atlanta, Chicago and Minneapolis

Banks.

A

week

lowered its rate to
other

no

the

ago

New

York

1% from 1 %%.

institution

the Federal Reserve banks.

Sept. 4, 1937

the tripartite

as

The seasonal pressure on the
is the

greater

Date

Previous

Sept. 3

Established

Rate

2 1937

Sept.

i

Aug. 27 1937

IX

Philadelphia

2

Jan.

17 1935

2X

Cleveland

IX

May

11 1935

2

materials and the greater quantity

being required in view of Great Britain's
ment program.

It is conceded that the

program

has been

domestic

industry, employment, and

Great

an

IX

Aug. 27 1937

Aug.21 1937

Chicago

IX
IX

Aug. 21 1937

2

2 1937

2

IX
IX

Aug. 24 1937

2

Sept.

31937

2

IX
IX

Aug. 30 1937

2

Sept,

3 1937

can

In

other

revival in

words

quotations must be considered

the

indicating

as

ally firm tone favoring the pound.
everywhere

regarded

by the dollar, must be regarded
The

autumn

account is

pressure

well under way

now

normally be

adverse to

middle of

January.

sterling all

summer,

measured

as

commercial

on

and exchange should

London

until

around

Tourist traffic, which favored
has

practically ceased.

now

$4.97%,

compared with

a

cable

transfers

$4.97 5-16,

been

has

The

compared

$4.97% and $4.99%

with

a

week

a

The range

between

$4.95%

range

for

and

between

of

held within

are

a

narrow

range

cooperation of the exchange equaliza¬

tion

Practically

funds.

variations

in

all
the

the

other

currencies

sterling-dollar rate

virtually without exception, these units

move

as,

in close

sympathy with sterling.
The violence of the
is

war

and

spread of the Chinese-Japanese

so

and export

a

great deal of anxiety

markets in many countries

indirectly tends to reduce the volume of

foreign exchange transactions between such
have

as

conflict

Far

has

Eastern

no

direct

The

quotations.

trade

countries

but

connections,

bearing

commercial

on

the

foreign exchange

interests

12

months,

countries

has

of

Great

outstandingly extensive.
the

and particularly in the

international

been improving

trade

of

steadily, and

most
a

pro¬

longed conflict between China and Japan might, it is
believed, prove a serious drawback to the recent
encouraging improvement.
ment could at most affect

international
have

any




of

Even

so,

such

a

London
genuine

can come

existing

only

international

necessary maintenance

a

only the volume and

curtail¬
pace

of

trade, but could hardly be expected to

influence^on exchange quotations, surely

of bal¬

The British

Equalization Fund continues

to

keep

the London open market
with

dollar

gold price in close parity
and apparently the fund

exchange,

absorbs the greater part of the

Nevertheless there is
United

States,

a

a

gold arriving there.

continued flow of

early in June.

from the secret

gold to the

factor favoring the dollar.

The German authorities have been

London since

sending gold to

This movement of metal

of the Reich has

reserves

now

reached

approximately $36,000,000.
Swiss and Dutch

banking centers

are

interest in American investments.
nomenon

is likewise apparent

flow of British funds have

again showing

The

phe¬

same

in London and quite

come

a

into the market in the

pressure on

the pound and

favoring the dollar.
While it may
in the

had

be said that the recent reductions

Federal Reserve Bank rediscount rates have

no

direct effect

foreign exchange, it must be

on

recognized that reduction in the rediscount rate has
been

stimulating

a

investors

a

in

attracting

easy money

foreign

past few days, as these

interpret the reduction

long continued
of

factor

to this side in the

as

a

guaranty of

here, with the probability

greater expansion in industry.

In the past

few days there has been active silver

buying in

the

interests.

Despite the fall in the London price of

silver to

a

London

new

low

the United States

silver

last

the

or

45-cent price at

years,

in

are no reliable signs.
gold and foreign funds to London from

Britain, Holland, France, and the United States in

During the past few

substitute,

exchange of goods

relaxation

the Far East

are

arma¬

there, with favorable results for sterling.

investments

undoubtedly causing

in financial

ances

owing

to the mutual

reflect the

only

past several days, creating

ago.

Though sterling is easier in terms of the dollar,
fluctuations

When the

parts of the world continues in the quest for

many

between

of

range

$4.97 3-16 and $4.99 1-16 last week.

real

a

refuge, profit,

the

for bankers' sight this week has been $4.95 1-16

range

and

sterling

on

The

largely seasonal.

as

the

is

overseas

The flow of

The dollar is

relative weakness in sterling,

present

a gener¬

being undervalued.

as

in

tensions, of which there

in the pound, current

ease

are

expenditures have diminished, what, they ask,
take their place as a source of national income.

Foreign trade

STERLING exchange is easier than at anydollar^is
time in
weeks.

for

the Spanish and Far

as

opinion, and it is generally admitted that

Sterling Exchange

Despite the greater

in

outlook

London bankers

somewhat apprehensive.

are

with

several

scales.
centers

situations, but considering the longer term

2

firmer.

favorable

a

and winter trade.

Eastern

2

Course of

wage

ment

2

IX

San Francisco

important factor in increasing

indicate

Britain

rearma¬

rearmament

from virtually all industrial

Reports

2

Richmond.

Atlanta

Sept.

pound at this time

commercial account because of the

raw

high price of

they

ix

New York

Kansas City
Dallas

allied to

on

barring developments such

Rale in

St. Louis

are

agreement that the immediate future is encouraging

Effect on

Minneapolis

hold

currency agreements

nations, at least 35,

so many

sterling.

autumn

DISCOUNT RATES OF FEDERAL RESERVE BANKS

Boston

long

so

and while

There have been

changes this week in the discount rates of

Federal Reserve Bank

not

Sept. 1,

on

becoming effective yesterday (Sept. 3).

Chronicle

in

the

on

market

by

United

Aug. 27, at 19%d.

Treasury made

no

States

an ounce,

change in the

which it has bought so-called foreign

past.

The

London

price

has

been

ruling around two cents under the United States

Treasury price, making transactions unusually
tractive.

silver

to

at¬

Private interests in New York have sold
the

Treasury and have

had their stocks

replenished by purchases in London.
London

open

market

money

changed from recent weeks.
bills is

rates

continue

un¬

Call money against

readily available at %%, two- and three-

months^ bills at 9-16%, four-months' bills 19-32%,

Volume

Financial

145

and six-months' bills

Gold

23-32%.

on

offer in the

each
day, not counting unknown amounts absorbed by the
British Equalization Fund, was as follows:
On
London open

market at the hour of price fixing

Saturday last
Tuesday

£31,000,

£190,000,

Wednesday

on

Thursday £280,000,

gold movement for

Sept. 1,

reported by the Federal

as

Reserve Bank of New York, was as
GOLD MOVEMENT AT NEW YORK, AUG.

little

changed,

tions

$19,591,000 total

and grain for payment

$28,000 from China.

figures

are

week ended on

for the

On Thursday there

imports or

were no

but gold held earmarked for

exports of the metal,

received of which $3,236,000

was

and

from

$1,171,300

exports of the metal

India.

change in gold

or

held earmarked for foreign account.
Gold held in the inactive

Wednesday,

fund,

day changes

was as

are our own

as

indicated in the
The day-to¬

follows.

The
in

August 26

$1,314,547,916

+$4,614,154

August 27

1,314,741,599

+193,683

August 28

1,320,800,194

+6,058,595

August 30.

1,321,889,265

+1,089,071

August 31

1,334,935,194

+13,045,929

September 1.

1,335,376,727

+441,533

1-64% and
The
rate

relatively steady.

during the week ranged between
a

The rate

on

Paris, the London

Montreal

discount of

open

market gold price,

LONDON CHECK RATE ON

PARIS

132.86

Wednesday, Sept. 1

132.83

Thursday,

Sept. 2

132.82

Tuesday, Aug. 31

132.82

Friday,

Sept. 3

Minister

OPEN MARKET GOLD PRICE

140s. Id.

Thursday,

Tuesday,

Aug. 31

PRICE

PAID

139s. lid.
GOLD

FOR

BY

RESERVE

Saturday, Aug. 28

Monday,

140s. 3^d.

Sept. 3

UNITED

.140s. 3d.

STATES

that

....$35.00

Aug. 30

35.00

Thursday,

Sept. 2

35.00

35.00

Friday,

Sept. 3

35.00

Referring to

day-to-day rates sterling exchange

Saturday last

Bankers'

sight

was easy,

was

of

the

pound

was

On Monday the undertone

The

slightly firmer.

had

been

the

Bonnet

of

the

national

finances,"

said, "reduced the constant

Treasury

upon

pressure

both short-term

long-term
The

range

was

On Tuesday sterling

was

steady in relatively light trading.

was

$4.96 7-16@$4.96 15-16 and cable transfers

Bankers' sight
London

The

bankers'

sight and $4.96%@$4.96% for cable

$4.96 5-16@$4.96 11-16

On Thursday sterling continued steady in

relatively light trading.

The

range was

$4.96 5-16 for bankers' sight and
for

on

were

steady.

transfers.

cable

transfers.




On

Friday

as

shown in the rise in Government stocks."

as

right
came

proceed

to
to

an

end

on

decree
"The

published

the

in

in

matters

by

On that date

journal

official

of Finance is

Minister

financial

Aug. 31.

a

stated,

authorized to borrow

Treasury

foreign markets

on

for, the purpose
loans

of liquidating, funding, or conversion
contracted abroad by the State, public bodies,

and railway

companies.''

Among the loans which would

come

$4.96 1-16@

in

a

deal with the question than the

better position to

public bodies concerned.
On Aug.

27 the French Cabinet signed a decree

eliminating the 10% tax on revenues
Government bonds.

received from

The action represents

a

further

step in the

Government's policy of restoring investor

confidence

in

rentes.

Government

bonds

on

the

present prices have a market value of ap¬

basis of

the

proximately 247,000,000,000 francs,

was

of increasing

abroad, but that the Government is

$4.96%@$4.96%
market

under the

of this decree is the £40,000,000 loan
issued early this year to the French railways by a
London banking syndicate.
The preamble to the
provisions

decree stated that there is no question

for

M.

of the

the capital market and makes possible

reduction of interest rates,

the French debt

range was

the

balanced, and the deficit in the extraordinary budget

$4.97 5-16 for cable transfers.

$4.96%@$4.97. On Wednesday exchange

issued,

ordinary budget

$4.96 3-16@$4.97% for bankers' sight and $4.96%@

was

program

statement reviewing his

reduced to manageable proportions.

off from Friday's close.

$4.96%@$4.96%; cable transfers

$4.96%@$4.96 13-16.

a

decrees

100

for the account of the

Wednesday, Sept. 1

Tuesday, Aug. 31

on

In

(FEDERAL

BANK)

...$35.00

stock

day the completion of Finance

a

.140s.

Sept. 2

Friday,

THE

on

endeavors since he took office in June, M. Bonnet

decree

Wednesday, Sept. 1

Aug. 30

loans made

Bonnet's financial reconstruction

under dictatorial power.

132.90

Monday,

also lowered from

was

on

reductions, relieving business of higher interest

132.82

Aug. 30

139s. lid.

the

easy money

exemplified by the reduction of the bank rate, and

Monday,

Saturday, Aug. 28.

that

mean

cut from 5% to 4%%.

was

charges, followed by

the

Saturday, Aug. 28

LONDON

30-day loans

"Consolidation

London check

mean

paid for gold by the United States:

MEAN

on

4% to 3%%. and interest

premium of 1-64%.

following tables show the

and the price

a

to

policy of

a

Treasury position stabilized,

$25,442,965

Canadian exchange is

resuming

"'V.

accepted

prevent speculation and the flight of capital

asserted

Increase for the Week Ended Wednesday

Paris

in

quarters
was

was

pre¬

.

longer felt obliged to impose high interest

no

The

Daily Change

the rate had

June 14 from 4%.

from the country.

GOLD HELD IN THE TREASURY'S INACTIVE FUND

funds

financial

Government
and

on

lowering of the rediscount rate

security

Amount

reduced from 5%,

was

prevailed since July 6, when it was

viously been increased

rates to

calculations:

Date—

but the

The 4% rate had been in

reduced from 6%, to which level

daily Treasury statements issued during the week
ended last

improvement

some

discount in sterling,

Aug. 3, when it

which rate had

On Friday

foreign account decreased $2,975,600.
Canada

show

francs

the

to

Sept. 2 from 4% to 3%%.
effect since

'

$4,407,300 of gold

Future

respect

The Bank of France lowered its rediscount rate on

approximately $111,000 of gold was
San Francisco, of which $83,000 came from Australia and

no

Cotton

closed at $4.95%.

Continental and Other Foreign Exchange

Decrease: $184,000

Note—We have been notified that

were

$4.94%, documents for payment (60 days at

discount continues.

Net Change in Gold Earmarked for Foreign Account

There

sight bills

bills at $4.95%, 90-day

$4.95%, and seven-day grain bills at $4.95%.

with

from

Commercial

transfers.

finished at $4.95%, 60-day

sterling.

None

2,313,000 from India

came

and

Closing quota¬

$4.95 15-16 for demand and

were

cable

was

sight

THE French with the ruling fractionally lower for
sympathy franc is lower rates prevailing in

2,392,000 from Canada

Wednesday.

for

range

bankers'

for

Exports

6,712,000 from Belgium

above

Friday

on

$4.96

follows:

$8,174,000 from England

The

The

off.

was

$4.95%@$4.96 for cable transfers.

26-SEPT. 1, INCLUSIVE

Imports

received at

sterling

$4.95 11-16@$4.95 15-16

bills at

Friday £272,000.

on

At the Port of New York the

the week ended

£266,000, on
£314,000, on

Monday

on

1475

Chronicle

compared with

1476

Financial

200,000,000,000 francs early in June.
of the debt is 320,000,000,000

Belgian

has shown

currency

The face value

francs.
The belga has been

frequently quoted below the gold point of 16.8434This accounts for recent gold shipments from
Antwerp
to New

York, and it is believed that

Belgian

some

gold has been shipped to London.

which

in

the

of

opponents

transfers, against

time

section of the

a

Belgian

Final

40.15J4 for bankers'

were

sight bills and 40.1534 for cable transfers, in
parison with 40.19 and 40.20.

com-

Italian lire closed at

5.2634 for bankers' sight bills and at 5.2634 for cable
transfers,

5.2634

against

and

5.26)4-

Austrian

schillings closed at 18.86, against 18.88; exchange

on

the

Government

are

rest at 0.74, against 0.74; on Poland at 18.93, against
18.93, and on Finland at 2.21, against 2.21.
Greek
exchange closed at 0.91)4; against 0.9134-

charging Premier Van Zeeland with improper relations with the National Bank of

16.84'and 16.8434-

Czechoslovakia at 3.49)4) against 3.4934; on Bucha-

Exchange traders attribute the weakness largely
reports from Brussels of a possible political crisis

to

cable

Sept. 4, 1937

quotations for Berlin marks

tendency toward

a

weakness for the past few weeks.

Chronicle

Belgium.

For

some

•—

EXCHANGE

has been accusing

press

the countries neutral during the

on

presents no

war

features of importance

new

Premier Van Zeeland of continuing to receive
payments from the National Bank of Belgium, of which

from those of recent weeks. All these currencies
move in close relation to sterling, although the Swiss

he

franc and the Holland guilder have special firmness
owing to local conditions. Switzerland continues to

formerly Vice-Governor. Premier Van Zeeland

was

denied the charges, but admitted that he had received

large

a

sum

emanating from

fund which is the

a

receive foreign refugee funds, which

are

a source

of

personal property of members of the board of directors

strength to the Swiss franc.

of

stock of the National Bank of Switzerland was
reported as 2,544,000,000 Swiss francs. Its ratio of

the

National

Bank.

parties Premier

At the

request of several

Van Zeeland has agreed to call

a

meeting of the Belgian Parliament for Sept. 7 to
investigate the controversy.
German

marks

show

As noted above in the

shipments of gold

are

undertone

an

resume

of

sterling, important

being made from Germany to

England, derived apparently from
previously built

reserve

movement of German

and

June

of weakness.

up

a

secret metallic

by the

Reich.

This

gold to London began early in

according

British

to

customs

returns

On Aug. 31 the gold

gold to notes stood at 180.22%, and its ratio of gold
t° total liabilities was 91.86%.
The gold stocks of the Bank of The'Netherlands
have been unchanged in the last few weeks, standing
at 1,265,900,000 guilders on Aug. 30. The Bank's
ratio was 84.3%. Money is increasingly abundant in
Amsterdam.
Private banks and other big money
lenders and the Treasury show
liquidity with the result that

reached approximately $36,800,000 toward the end

to fractions of 1%.

of

a

condition of

over-

money rates have fallen

on a

August.

has had

The German gold loss during this period
effect upon

no

the Reichsbank's gold

reserves.

On the contrary, a small increase has been recorded
since the

and the

beginning of June in both the gold

foreign

currency reserve

reserve

of the Reichsbank.

It has been apparent for some time that the trade

clearing agreements which Germany reached with the
Central
the

to

European countries have not been working
satisfaction

of

these

agreements also failed in Brazil.

disposition

on

There is

a

growing

the part of the countries which have

entered

into

barter

sell

only

on

now

Similar

governments.

with

agreements

Germany to

the basis of payment in London in

A large Government operation

3% basis is expected soon. A huge volume of
Dutch funds is waiting for favorable investment
opportunity both at home and abroad,

Bankers' sight

on

Amsterdam finished

on Friday at
Friday of last week; cable
transfers at 55.17, against 55.1434; and commercial
sight bills at 55.12, against 55.09. Swiss francs closed

55.17, against 55.14

on

at 22.97)4 f°r checks and at 22.97)4 for cable transfers, against 22.9534 and 22.9534- Copenhagen checks
finished at 22.15 and cable transfers at 22.15, against
22.20 and 22.20.

Checks

on

Sweden closed at 25.58

and cable transfers at 25.58, against 25.65 and 25.65;
while checks on Norway finished at 24.92 and cable

sterling.

transfers at 24.92 against 25.00 and 25.00.

Shipments of gold from Germany come at this time
despite the fact that an export balance in Germany's

pesetas

foreign trade for the first half of this

F^XCHANGE

are

Spanish

not quoted in New York,
—•—

import of gold amounting to approximately
$94,600,000.
These receipts have never appeared

the South American countries
continues steady.
Fluctuations in the quotations are due entirely to the movement of these
units in sympathy with sterling. Argentine foreign
trade figures for the first seven months of 1937

in the statement of the Reichsbank.

showed

at

year

is estimated

approximately $77,000,000. From the beginning of

1935 to the end of

have

a

The

May, 1937 Germany is believed to

net

following table shows the relation of the lead-

ing European currencies to the United States dollar:
Old Dollar

New Dollar

Parity
b France (franc)

Parity

3.92

-

Belgium (belga)

trade balance

Range
3.72^ to

16.95

16.84

to

3.74%
16.86%

5.26

8.91

Switzerland (franc)

19.30

32.67

Holland

40.20

68.06

55.12% to 55.20

(guilder)

New dollar

parity a9 before devaluation of the European currencies
between Sept. 25 and Oct. 3,1936.
b The franc cut from

gold and allowed to "float"

The London check rate
at

132.94, against 132.91

New York

sight bills

on

3.72J4, against 3.7434
transfers

closed at




at

on

on

on

June 30.

the

Paris closed

on

Friday

Friday of last week.

In

Friday of last week; cable

3.73, against 3.74)4.

16.85 for bankers'

Antwerp belgas

sight and at 16.85 for

corresponding

Argentine

pesos

pesos

seven

paper

pesos

($249,000,000),

($70,800,000) for

months of 1936.

pesos

closed

on

Friday, official

quotations, at 33 1-16 for bankers' sight bills, against
ooir»

33.1b
33

the French center finished at

on

746,325,000

was

compared with 212,102,000

5.26% to 5.26%
22.94% to 22.97^

a

valued at 818,682,000

imports

($272,900,000), against last year's 632,338,000 pesos
($210,800,000), an increase of 29.5%. The favorable

This Week

a

6.63

13.90

Italy (lira)

total

on

-n

on

1-16,

•

i

Iriday

against

fix

ot

last

i

ii

week;

The

33.16.

cable

-

n

transfers

unofficial

or

at

free

market close was 30.10@33.20, against 30.15@ 30.20.
Brazilian milreis, official rates, were 8.85, against
8.88.

The

unofficial

or

free

market

6.40@6.50, against 6.40@6.50.
nominally quoted at

5.19,

against

nominal at 26.00, against 2554.

in

milreis

is

Chilean exchange is
5.19.

Peru
1

is

Volume

was

EXCHANGE on thethe Chinese
Far Eastern
disturbed
far

area

as

so

countries!is
is concerned
and Japan.

conflict between China

because of the

Japan continues to make important gold shipments
to the United States.
This movement, which began
in

March,

totals $153,000,000, of

now

The Japanese yen

500,000 is en route.

which $23,continued to

yesterday were
Friday of last week. Hong¬
kong closed at 31.06@31 3-16, against 31.20@31J4;
Shanghai was nominal at 29%@30J^, against 30.20;
Manila closed at 50.25, against 50.20; Singapore at
Closing quotations for yen checks

25.93, against 29.03 on

58

58J^; Bombay at 37.44, against

against

5-16,

of

construction

bullion

exchange) in the principal European

banks as of

respective dates of most recent statements,
to

reported

by special cable yesterday (Friday); comparisons
shown for the corresponding dates in the previous

us

are

four years:

struction-differential subsidy was to,

of—

England

1935

1934

£

£

£

£

2,244,800

c87,323,000
25,232,000
105,490,000
102,544,000
83,250,000
25,937,000
6,549,000

Spaln
Italy
Netherlands
Nat. Belg._

Swltzerland
Sweden
..

194,115,078
573,933,293
3,257,500
90,773,000
54,694,000
49,272,000
99,832,000
46,370,000
19,884,000
7,394,000

246,497,633
436,088,819
88,092,000
42,575,000
55,246,000
77,912,000
49,900,000
24,081,000
6,533,000
6,604,000

6,602,000

Norway

192,328,463
656,294,260
2,896,700
90,582,000
68,812,000
71,950,000

75,557,000
63,675,000
15,427,000

7,397,000
6,577,000

6,602,000

191,659,266
658,223,427
12,438,750
90,391,000
75,643,000
68,885,000
76,900,000
61,462,000
13,942,000
7,397,000
6,569,000

1,066,631,352 1,035,794,252 1,146,126,871 1,251,496,423 1,263,510,443
Prev. week. 1,066,988,042 1,064,863,896 1,144,440,686 1,248,337,320 1,262,363,143
a

31,

held Dec.

Amount

b Gold holdings of the
of which is now

1936, latest figure available,

exclusive of gold held abroad, the amount

reported at £994,300.
c Amount held Aug. 1, 1936, latest
The gold of the Bank of France was revalued on Jifly 23,

a con¬

be paid, based

the difference between

actual differential

if the

Commission

was

further

The

exceeded one-third.

impowered and directed to

incorporate in operating contracts minimum-man¬
ning and minimum-wage scales and

reasonable work¬

The intention is
the best
modern type with the aid of Treasury subsidies, in
the hope that thereby a substantial part of the waterof the Act is clear.

operate a merchant marine of

foreign commerce of the country

borne domestic and

will be carried in American vessels

figure available.
1937, at 43 milligrams

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.

manned by Amer¬

The Act assumes that the two

ican citizens.

indus¬

ship building and ship operation should not
to maintain themselves as independent indus¬

tries of

ocean

foreign competition, with such

payment for service rendered as

aid in the form of

Total week.

Bank of Germany are

by the

country and abroad, and

tries in the face of

1933

2,494,000

Germany b.

Denmark

1936

327,960.180
293,250,172

—

France

eventually

construction costs in
limited in general to
33%% of the construction cost, but rising to 50%
this

be left

«-

1937
£

Banks

for the

it should

provide the merchant marine contemplated
Act.
For the construction of such vessels

to build and

THE following table indicates the amounts of gold
(converted into pounds sterling at par
of

of such types as

vessels

determine and in such numbers as would

The purpose

Banks

Gold Bullion in European

sell useless vessels

by the United States, and to contract

ing conditions for officers and crews.

37.58.

37.58; and Calcutta at 37.44 against

further authorized to scrap or

owned

upon

pegged at the rate of Is. 2d. per yen.

be

1477

Financial Chronicle

145

mail contracts

represent, but that they should

be taken under Government

supervision and in part

supported, as well as stimulated and
Government subsidies. The Act further
some

expanded, by
assumes

that

appreciable national advantage, the precise
stated, will accrue if Ameri¬

nature of which is not

carried in American

exports and imports are

can

rather than in

American

foreign ships, and that the "flow" of

commerce

will

be better

maintained if

of gold, 0.9 fine,

such commerce is carried in
President Roosevelt's

Why

a

Subsidized Merchant Marine?
29, 1936, in its

opening declaration of policy, declares that "it is
necessary

its

of

for the national defense and development

domestic

and

foreign

commerce

ficent to carry

that the

marine (a) suf-

United States shall have a merchant

its domestic water-borne commerce

substantial portion

of the water-borne export

and

a

and

import foreign commerce of the United States

provide shipping service on all routes essen¬

and to

long delay in completing the

membership of the Commission made the
sion late in

The Merchant Marine Act of June

American bottoms.

done little more than

It has made

task.

months'

touch the fringes of its great

operating contracts, for the six-

period beginning July 1, with most of the
operating companies as a substitute for

American
the

Commis¬

getting down to work, and it has as yet

postal contracts which expired on June

has succeeded in

disposing,

on

number of old vessels of the

fleet, and it has begun some
which the

30, it

favorable terms, of a

egregious World War

of the investigations

Act, in elaborate detail, directs it to make.

The wide scope

of the investigations, or maritime

maintaining the flow of such domestic and

survey,

which the Commission is preparing to under¬

foreign water-borne commerce at all times, (b) capa¬

take is

particularly interesting because the inquiries

tial for

ble of

serving

time of

war

as a

or

naval and military auxiliary in

national emergency,

(c) owned and

operated under the United States flag by citizens of
the United

States in

so

far

as

may

be practicable,

(d) composed of the best-equipped, safest, and

and

precisely the ones which should have been made
before the Government embarked upon its great un¬

are

dertaking.

A list of questions, drawn up by the

Commission and made public on August
among

some

10, contains,

30 subjects altogether, the following

United States and manned with a trained and effi¬

pertinent items: "Are ships subject to our own con¬
trol necessary to insure continued delivery of our

cient citizen

goods, both exports and imports?"

suitable

most

types of vessels,

personnel."

In furtherance of this

the

constructed in the

termination,

on

policy, the Act provided for

June 30, 1937, of the subsidies

previously paid under ocean mail contracts to Ameri¬
can

steamship companies, and the substitution of

flag competition
tion

against our

the merchant
new

"Does domestic
minimize the chance of discrimina¬
goods by foreign vessels?" "Does

marine in and of itself tend to develop

markets? In other words, does trade follow the

operating differential subsidies, to be determined by

flag?" "Is merchant shipping necessary to preserve

the Maritime Commission which the Act created and

the

based upon

the differences in costs of operation be¬

tween American

tions.

companies and ships of foreign

No subsidy was to

ships more than twenty years old.




na¬

be available, however, for

The Commission

shipyards and the art of building so that we will
available in an emergency ?" "How many

have them

people make their living, directly and indirectly, out
of subsidized shipping?"
"Is shipping sufficiently
stable and

profitable to attract large scale private

1478

Financial Chronicle

investments?

to

If not, can

the over-all

are

protect

our commerce

of defense?"

it be made so?"

"What

holds the

requirements of the United States

"It costs

and to

serve as an

substantially

auxiliary

more to build

ships in the United States than abroad.
difference in each

must be added
any

case

enjoyed by foreign builders.

To

secure

To

this

subsidies

American

re¬

possibility of serious interference with the

operation of American ships.

With the entrance of
Organization into the

field, what was at first a struggle between rival
unions

the Atlantic and Pacific coasts has be¬

on

struggle between

a

come

Federation

American
branches

offset not only the actual

building differential but

Kennedy,

the

well.

foreign

as

What will be the

total cost?"

There

already suggestive indications of the

difficulties which the Commission has to face.
has been

It

pointed out, for example, that while the

operating subsidies for the last six months
present year represent

a

the

are

Government, they

rant

the

saving of

companies in

plans for building
out much

of

or

some

of the

|3,000,000 to

not large enough to

war¬

committing themselves

to

for expansion of service. With¬

larger subsidies, it is urged, it will be diffi¬
the Commission has in mind.

as

Protests have also been made
of the Post Office

regarding the action

Department in forwarding parcel

of

had

point of view of the Post Office Depart¬

ment, the prompt dispatch of mail is
than income for American

transatlantic

can

best

lines, but since

no

Ameri¬

steamships have the speed of the

foreign ships,

must

important

more

an

appreciable loss of

apparently be faced at the

revenue

time

same

that

American companies are expected to modernize their
fleets and invest in
In the

fective

new

on

that

discriminate

to

ships

or

operating contracts which became ef¬

The notice

August 13 they

ready by Sept.

specified that the reports should in¬

clude "full information
and

On

notified that the plans must be

were

1.

plans for the replacement of old

become obsolete.

concerning the number, size

type of the vessels to be constructed, and

posed arrangements for financing the

tion, and
the
was

any

required

A

more

was

which to mature
a

construc¬

elaborate statement of what

inserted in the subsidy agreements,

was

but two months

for

new

pro¬

other information deemed pertinent by

operators."

obviously

a very

short time in

plans calling, among other things,

large investment of

new

capital and dependent

for their execution
upon

the capacity of American
shipyards and the ability of builders to obtain the
necessary labor.

At the time when the notice

was

issued, the Commission had in hand tentative plans
for the construction of 95

Joseph P. Kennedy,
"Times"
until

as

was

would

reveal just

service

was

indefinitely its
may

a survey

which it

between

what the United

States

routes, and what the required

With the Commission

holding

up

decision, the private companies
well have thought that their own plans were to
own

be made somewhat in the dark.
The bitter

time labor

as

fault

of

fight which has been waged for months




the

labor

re¬

organizations

It is

whole and without distinction

a

Mr.

path of difficulties.

The situation

regarding maritime labor is becoming
than

be¬

exist."

Kennedy's position is commendable, but it

does not clear his

worse

rather

better, and interruption of service by strikes

reasonable

day. The authority given

prescribe minimum

working conditions

wages

especially since the Board

appears to

arrogant in its claims of power.
said in

his

wherein

and

well presage

may

collision with the National Labor Relations

a

Board,

be increasingly

As Mr. Kennedy

reply to William Green, "no industry

reliability of scheduled service is of such

prime importance
dence in its

Mr.

can prosper

if its service is to be

ability to maintain £uch service."

Kennedy has expressed himself

entirely

as

opposed to direct Government operation of merchant

ships.
vate

Between direct operation, however, and pri¬

operation under Government subsidies, with

Government control of
of the trade routes

ply,

and

a

on

final

minimum wages and
cal difference is

billion

dollars,

shipbuilding, determination
which subsidized

decision

regarding

and

ships shall
personnel,

working conditions, the practi¬

likely in time to fade.

vestment estimated

to

With

an

in¬

aggregate eventually half

with Government

industry and business

a

control

a

of

cardinal tenet of the Ad¬

ministration, the discretionary activities of private
companies
scribed.

are

Once

Government

bound to be

more

Government

control

tends

American

shipping will

rule.

and

more

circum¬

subsidy has entered,

to

detailed, and there is little

become

reason

increasingly

to expect that

'

The

.

prove an

exception to the

Commission,

but

it

of

course,

nevertheless

Growing Danger of

a

Larger War

No better illustration of the difficulties which the
war

in China has raised up

be asked than that afforded

British Government
attack upon

for foreign Powers could

by the note in which the

protested against the Japanese

the British Ambassador. While express¬

ing "deep distress and concern" at "the

news

of this

deplorable event," in regard to which "it must record
its
of

in maritime labor circles is not in
any way,
the

re¬

Kennedy promptly replied that the Com¬

tween whatever factions may

was

going to cost both private capital and

the Government."

of

vessels, but the Chairman,

of merchant service, auxiliary de¬

fense units and trade

Federation,

measure

the intention of the Commission to deal with mari¬

reported by the New York

experts had completed

hoped

William

mission "is neutral and will remain neutral.

saying that "no contracts would be let

needed in the way

Mr.

disrupted to the extent that the public loses confi¬

those which, under the twenty-year rule,

soon

24,

all

to

kept their agreements and those that did not.

To this Mr.

July 1, the companies undertook to submit

to the Commission

would

construction.

new

a

the

developed in maritime labor because it had

fused

to the Commission to

From the

letter

August

with

has become the order of the

formerly for American lines.

a

and

control

American

the Commission

stead of

as

In

on

the

post and printed mail matter by foreign vessels, in¬

holding it

to

sponsibility for the "destructive factionalism" that

cult, if not impossible, to obtain the capital required
to build such vessels

Labor

labor.

public

made

the Committee

of

maritime

President

Green,
charged

are

4, 1937

the Committee for Industrial

placements the Government must be prepared to
amount of

Sept.

emphatic protest and request the fullest

measure

redress," the British Government placed emphasis

primarily
outrage

upon

was an

the fact, not that the victim of the
Ambassador and

as

such entitled to

complete personal and official immunity from at-

Volume

Financial

145

noncombatants.
"The foreign, even the diplomatic status of the occu¬
pants" of the cars, the note declared, is "irrelevant.
The real issue is that they were lioncombatants."
The event, whose "wider significance" the British
Government took the opportuity to emphasize, is
"an outstanding example of the results to be ex¬
pected from an indiscriminate attack from the air.

tack, but that lie and his party were

Such events

illegal

inseparable from the practice, as

are

it is inhuman, of failing to draw that clear
noncombatants

as

distinction between combatants and
in the conduct of hostilities which

mankind has always

less than the conscience of

no

The fact that in the present case no actual
has been declared or expressly recog¬

enjoined.
state of

international law

war

inex¬

by either party to exist emphasizes the

nized

There is little in this of the stern tone

Britain

been

has

wont

to

could have been mistaken for

which Great

protesting

in

assume

infrac¬
The note concludes

the

with

diplomatic privilege.

demand for

a

a

apology" by the Japan-

"formal

ship

Japanese transport,

nounced

that

engaged in removing American refugees

was

from the

danger

For this act, properly de¬

zone.

by the Department of State as "a flagrant

example of wholly unlawful and unjustifiable bomb¬

ing of noncombants," the Chinese Government has
assumed

responsibility and promised redress.

Associated Press dispatch from

Shanghai,

on

An

August

25, reported that international investigators, "after
a

careful

inquiry,"

wrecked two

life,

agreed that the bombs which

were

department stores, with heavy loss of

few days before

a

were

dropped by a Chinese

plane, and Red Cross officials have complained of
violations

and

by the Chinese of the Red Cross flag.

incidents do

These

not

partisans in this country

England that the blame for lawlessness and

To these
of

exculpate Japan, but they

Chinese

to remind

inhumanity is not all

against attacks upon its nationals or serious
tions of

a

and the Chinese authorities must have known

serve

cusable nature of what occurred."

1479

Chronicle

on one

side.

complications is to be added, on the part

foreign Powers, serious apprehension regarding

the

ultimate

There is little

of Japan.

purposes

for those

doubt, in the minds of foreign observers well ac¬

responsible for the attack," and an assurance that

quainted with the Far East, that Japan proposes

"necessary measures will be taken to prevent recur¬

not

"suitable punishment

Government,

ese

rence

of events of such a character."

the note indicts

Japan for inhumanity as well as vio¬

will, in

some

position in which its development and its policies

ously depend upon the responsiveness of the Japa¬
Government to

nese

of the

measure
serve

the

Even

a

humanitarian appeal, and the

obligation which it recognizes to ob¬

superficial examination of the situation

at this

point discloses

action

of Japan

a maze

of complications. The

during the week since the British

note was delivered does not

has been taken very

suggest that .the protest

seriously.

Beyond

a

formal ex¬

pression of regret and attempted explanations of
the

attack

ward

as

an

reparation

attack

unfortunate mishap, no steps to¬

to have been taken.

appear

The

Shanghai by land, sea and air has been

on

will be determined in Tokio.

of the

Down to the beginning

present hostilities at Shanghai, the policy of

Japan has been to keep its operations in China free

foreign complications, and thereby avoid the

from

possibility of
not

requirements of international law.

a

territory in the north and, by

that its allega¬

quarters, increase hostility to

Its effect upon Japan, however, will obvi¬

Japan.

Asia, but also to annex a substan¬

tial section of Chinese

conquest or otherwise, reduce the rest of China to a

indictment is well founded, or

tions

only to dominate the political and economic sit¬

uation in eastern

Few will question that

lation of international law.
the

For the rest,

raised doubt

anxious

as

larger war for which it certainly is

a

The events of the past few weeks have

prepared.

as

as

to whether

Japanese policy is now

it apparently has

been to keep its

The heavy losses which
British and other foreign

quarrel with China isolated.
have been inflicted upon

trading interests at Shanghai, the menacing attitude
which
the

Japanese commanders have assumed toward

International

Settlement, the attempt to fcar

foreign naval vessels from the Yangpoo

pushed with the greatest vigor, foreign vessels have
been warned to

keep away from Shanghai, and the

an

keep away from the neighborhood of

attempt has been made to give the

Japanese navy exclusive

control of the Yangpoo

Chinese

warnings to foreign merchant vessels to

coast and

Shanghai,

River, the

announcement of a limited blockade of the

much attention to the
the attack on its

failure to pay

protest of Great Britain over

Ambassador, all point to a change

the part of Japan which,

River, foreign authorities in the International Set¬

of attitude

tlement and the French Concession have been asked

invite collisions with

to withdraw their forces from near the boundaries

if it does not

willing to risk them.

order

in

facilitate

to

further

Japanese operations

The

on

foreign Powers, seems at least

restrained tone of the British note, accord¬

against the Chinese, and aggressive bombing over an

ingly, is explicable when the international danger

inland

considered.

extending from Canton in the south to

area

Peiping in the north has been reported.
of these

made to
may

war

If, in

any

operations, a special effort has been

safeguard civilians or such foreigners as

have been in the

notwithstanding

way,

some

the fact is not apparent

assurances

that

due

care

would be exercised.

note, from the Japanese

point of view, has been further weakened by lawless
acts

of

the

Chinese.

On

Monday the

American

steamship "President Hoover" was bombed by Chi¬
nese

planes while approaching the mouth

No

one

crew

were

injured and

could believe that the

one

signatory to assist the other in case of

outside at¬

tack, does not, apparently, prevent other forms of
aid, and it is already reported that part of a large
for airplanes has

China from Russia.
of the

already been delivered in

As long as the present "purge"

political opposition in Russia continues, and

until the

Stalin

Government again feels itself en¬

tirely secure, Russia is not likely to take on a foreign

must indeed be

but

that

a

shortly died.

very

distant future.

ings were particularly prominent and significant,




tinctly excluding an obligation on the part of either

mem¬

steamship, whose mark¬

is

China and Soviet

recently been concluded, while dis¬

war,

of the

Yangtze River, 50 miles from Shanghai, seven
bers of the

Russia which has

order

The force of the British

The treaty between

will have
nese

one

Russo-Japanese

a

war

an

optimist to believe

will not

Once that

war

open

in the not

begins, Europe

part in it because of the German-Japa¬

alliance.

1480

Financial

Chronicle

Sept. 4, 1937
:

■

f

There is much
of

other

reason

for

expecting that the

course

foreign Powers in the Far East will be

annual subsidies and the
debt it

greatly influenced, if not in fact determined, by the
action of Great Britain and the United States.
the

In

present delicate position of political affairs in

Europe,
war on

naval demonstration and most of all

a

the other side of the

tion for Great
has

marine attacks

consequence

material reduction of the British

European waters

The United

of the mysterious sub¬

British vessels in the Mediterra¬

on

makes any

fleet in

ques¬

Britain, and the acute situation which

developed in

nean

globe is out of the

a

States,

than

more

improbable.

ever

draw its navy

will

it

by

housing law concede that

supply the number of homes

means

they think necessary.

tions

on

Even with the limita¬

inserted In, the

costs

original draft by
Congress, the present authorizations will scarcely
permit the erection of 100,000 family units for lowincome workers.

ticians who

are

Yet many

of the housing statis¬

the supporters of the

among

have estimated that the

ure

meas¬

country needs to erect

five to ten times that number of low-cost units.
In

fact, some

from the Pacific without exposing the
Philippines to occupation by the Japanese. It is to

income

the interest of Great

World

Britain, accordingly, to follow

no

be enlarged.

soon

new

which

the other hand, cannot with¬

on

provides will

Sponsors of the

,

$500,000,000 in guaranteed

faces

the American lead in the Far East—to refrain from

mean

recognizing the existence of

fully

of the opinion that the country

are

great

as

workers
War.

shortage of homes for low-

a

now

Some

did

as

idea

of

England
what

after

such

the

estimates

than

United

States does

ference

with

to

state of

unless the

war

to tolerate Japanese inter¬

so,

merchant

United States does not

a

shipping

long

as

as

the

forcibly resist, and meantime

give to its nationals such protection

as may be
It would be idle to expect that such coop¬

possible.

eration would avail to
be

can

stop the

hoped for is that it

danger that the
There

are

istration is

no

may

The most that

war.

lessen somewhat the

will spread.

war

visible

signs

yielding to the

as

yet that the Admin¬

pressure

of pacifist

or¬

The most generous

interpretation of the demands

anti-war

or

of

country is embarking upon a housing pro¬
destined to rival that of England, which seems
entirely possible, the costs to taxpayers of the
British

program

British

sidies

about

>

worthy

are

Government

has

of

call

for

the

during the

£175,000,000

houses

Local

payment of
to

years

already

since

1919,

also

there is in

Spain, and public

war

in China

war

has not yet been

declared.

Were the

could still

purchase in the United States

as were

and

no

pay

diminishing gold

such

goods

cash for them,
of Japan

reserve

ultimately limit such purchases, there would
great difficulty in evading the restriction, for

time at

some

Neutrality Act in effect, Japan

prohibited if it could

while the

would

be

not

as

least, through third parties.

Unless

other countries also
the

placed an embargo on exports,
gpods which Japan might otherwise have pur¬

chased here could

neutrality,

be

moreover,

the American

upon

obtained

elsewhere.

would put

a

Formal

heavy

and increase the danger of

embroilment with Japan.

The situation is undoubt¬

Moreover,
for the

local

granted

limited

to

but neutrality,

a weapon

alternative

of

unless practically
of limited usefulness, and the

forcible

intervention

is

not

to

be

thought of.

What the
The

future

on

dwellings erected, exceeds $7,000,000,000.
Finally, it should be noted that the English program
is

not

yet

completed,

,

the

this

country of the program initiated by
Wagner-Steagall Act may far exceed the sums

authorized and

appropriated in that

measure.

Pub¬

lic subsidized

housing seems certain,' in view of the
experience of other countries, to become a type of

activity from which it will be
government to withdraw
relief.

We must expect,

Steagall

measure

as

as

difficult for the

has been the

case

with

therefore, that the Wagner-

is only

a

venture, and that the few




of

over¬

now

beginning.
Even though the number of houses erected under
a

subsidized program

in this country

the million units built in
our

sible,
funds,

Great

never

rivaled

Britain, the costs

local and Federal governments
may very well

The

even

the

under

because

so

program

terrific
of

costs

and 'contracted

spent

sums

huge British

for

has been pos¬

outlay of public

an

construction

there

were

rigidly supervised and reduced throughout the life
The construction costs

Housing Program May Cost

history of the British low-cost housing and

to

the abatement

as

crowding provided for by the 1935 law is just

of the
program.

slum-clearance program suggests that the ultimate
cost

con¬

Since

dividend

abroad.

expect,

and

$2,200,000,000

companies for housing during
period, the total cost of the British housing
program, including the subsidies to be paid in the

continues for several months

universal, is

England

this

approximate

servers

in

governments

the local and national governments also made loans

increasingly irritating if the fighting at Shanghai

military ob¬

con¬

capital outlays undertaken by them in

to

some

subsidies

25% of the national

nection with the erection of low-cost houses.

edly irritating in the extreme, and it will become

as

on

tributions,

burden

navy

more

construction.

Wales have incurred debts of around

civil

the

subsidies

under

for would

no

in

or

$2,000,000,000

in annual
or

have

about

The

Existing contracts

some

come

erected

governments

review.

paid out in annual sub¬

which amount to

There is

more

If this

of the resolutions adopted on
Thursday by the Veterans of Foreign Wars, fails to
disclose any useful purpose that the course
they call
serve.

that

gram

neighborhood of $875,000,000.

ganizations and others to invoke the Neutrality Act.

societies,

be afforded when it is realized

may

1,280,000 subsidized family units have been
erected in England and Wales since 1919.

start for

our

millions of

housing

dollars

in

first

few

thousand

Great Britain exceeded

English authorities

(excluding land) for the

subsidized

$4,000

homes

per

or

purchase such

Hence, the equipment to be included

the number of

rooms were

tive

were

measures

in

The

perceived, however, that

soon

workers could not afford to rent

dwellings.

erected

family unit.

and

reduced and other restric¬

taken, with the result that

con¬

struction costs of subsidized
dwellings soon fell to
less than
$1,500 per family unit.
Such low costs
on

subsidized

dwellings, which would

lutely impossible to the

Act, have prevailed

up

sponsors

seem

abso¬

of the Wagner

to the present time, despite

(Continued

on

page

1487)

Housing Act of 1937 as Signed by President Roosevelt—Sets
Administration Authorized to Make Loans Up to $500,000,000

Text of United States

Up Federal Housing

Sec.

signed the United States
Housing Act of 1937, commonly known as the WagnerSteagall Housing bill, the text of which we are giving below.
The bill provides for the creation of a United States Housing
Authority, authorized to issue obligations in amount or
$500,000,000.
The Authority is also authorized by the
measure to make loans to public housing groups up to $500,000,000, $100,000,000 the first year, and $200,000 000
President Roosevelt on Sept. 2

for the next two years.
The completion of
gressional action on the measure was referred to in our
of Aug. 28, page 1349.
The following is the text of the bill as enacted into
a

1481

Financial Chronicle

145

Volume

year

laws

the

the

such employees

of

compensation

this

Act.

the

Con¬

annual

salary

of

elimination

the

for

ditions, for the eradication of

law:

The

utilize

and

insanitary

subdivisions

Administrator

such

of

tion

create

and

unemployment

traveling and

stimulation of business activity,
and for other purposes.

and the House of

the Senate

by

to

Representatives of the

assembled:

of America in Congress

United States

Declaration of Policy
Section

declared to be the policy of

It is hereby

1.

the United States

of the Nation by employing its funds and
Act, to assist the several States and their
political subdivisions to alleviate present and recurring unemployment and
to remedy the unsafe and insanitary housing conditions and the acute short¬
age of decent, safe, and sanitary dwellings for families of low income, in
rural or urban communities, that are injurious to the health, safety, and
promote the general welfare

to

credit,

provided

as

this

in

right, interest,

'

4

.

,

any

tions

•

^

ratio shall

such

(d) The

not exceed six to one.

families who are in the
enough to cause private
metropolitan area to build an adequate
supply of decent, safe, and sanitary dwellings for their use.
(3) The term "slum" means any area where dwellings predominate
which, by reason of dilapidation, overcrowding, faulty arrangement or
design, lack of ventilation, light or sanitation facilities, or any combina¬
tion of these factors, are detrimental to safety, health, or morals.
(4) The term "slum clearance" means the • demolition and removal of
locality

their

in

or

buildings from any slum area.

all undertakings necessary
carrying charges), land
acquisition, demolition, construction, or equipment, in connection with a
low-rent-housing or slum-clearance project, but not beyond the point of
physical completion.
Construction activity in connection with a low-renthousing project may be confined to the reconstruction, remodeling, or
(5) The term "development"

for

means

(including

financing

planning,

any

or

payment of

all undertakings necessary
financing, in connection with

(6) The term "administration" means any or
a

maintenance, or
slum-clearing project,

management, operation,
low-rent-housing

or

pletion.

subsequent to physical com¬

Sec.

"Federal project" means any project owned or admin¬
istered by the Authority.
,
(8) The term' "acquisition cost" means the amount prudently required
to
be
expended • by a public housing agency in acquiring a low-renthousing or slum-clearance project.
(9) The term "nondwelling facilities" shall include site development,
improvements and
facilities located outside building walls (including
streets, sidewalks, and sanitary, utility, and other facilities).
(10) The term "going Federal rate of interest" means, at any time, the
annual rate of interest specified in the then most recently issued bonds of
the Federal Government having a maturity of 10 years or more.
or

other governmental entity or public
is authorized to engage

ity), which
of

low-rent housing

and

Columbia,

or

slum clearance.

"State" includes the States of
the Territories, dependencies,

The term

(12)
of

State, county, munici¬
body (excluding the Author¬
in the development or administration

The term "public housing agency" means any

(11)

the Union, the District
and possessions

of

the

The term "Authority" means

(13)
created

by Section

the United States Housing Authority

of this Act.

3

Sec.

3.

of

is hereby

(a) There

which

shall be

The

(b)
an

an

agency

of

powers

the

the advice and
term

five

of

consent

years

of the Senate.

and shall be removable by the

serve

a

President upon notice

but for no other cause.
(c) The Administrator shall receive a sal'ary of $10,000 a year, shall be
eligible for reappointment, and shall not engage in any other business,
and

hearing for neglect of duty or malfeasance

vocation,

in

Neither the

the Authority shall

personal interests
tion

Administrator nor any officer or
participate in any matter affecting his
the interest of any corporation, partnership, or associa¬
directly or indirectly interested.

employment.

or

employee of

which

is less than

he

or

is




$300.

made available for the purposes of this Act shall
subject to the provisions of Section 2 of Title 3 of the Treasury and
Post Officie Appropriation Act for the fiscal year 1934 (47 Stat. 1489),
and to make such provisions effective every contract or agreement of any
kind pursuant to this Act shall contain a provision identical to the one
prescribed in Section 3 of Title 3 of such Act.
(d) No annual contribution, grant, or loan, and no contract for any
annual contribution, grant, or loan, under this Act, shall be undertaken
(c) The use of funds

be

by the Authority
Sec.

excdpfc^with the approval of the President.
The

(a)

7.

Authority

pertinent to the various aspects
,

(b) In January of each year

publish and disseminate information
of housing.
the Authority shall make an annual report
may

contributions,
slum-clearance
projects undertaken, and the assets and liabilities of the Authority.
Such
report shall include operating statements of all projects under the juris¬

to

its operations and expenses, including loans,
made or contracted for, low-rent-housing and

Congress of

and

grants

diction

of
of

or

the

receiving
incomes

the

assistance of the Authority, including sum¬
sizes of families, rentals, and other

of occupants,

related information.

The Authority may from

8.

rules and

time to time make, amend, and rescind

regulations as may be necessary to carry out

the provisions

this Act.
Loans

Sec.

assist

for

expenses

The provisions of Section 3709 of the Revised Statutes (U. S. C.,
title 41, sec. 5) shall apply to all contracts of the Authority for
services and to all of its purchases of supplies except when the aggregate

United States Housing Authority,

The Administrator shall

equipment,

printing and binding, for attendance at meet¬

prescribe.

created in the Department of the Interior

Authority shall be vested in and exercised by
appointed by the President, by and with

agencies, offices, vehicles, furnishings,

to
of

(b)

of

Administrator, who shall be

the

1934 ed.,

Sec.

and instrumentality of the United States.

for

within the United States, its
Territories, dependencies, or possessions, and for such other expenses as
may from time to time be found necessary for the proper administration
of this Act.
Such financial transacions of the Authority as the making of
loans, annual contributions, and capital grants, and the acquisition, sale,
exchange, lease, or other disposition of real and personal property, and
vouchers approved! by the Administrator in connection with such financial
transactions, shall be final and conclusive upon all officers of the govern¬
ment ;
except that all such financial transactions of the Authority shall
be audited by the General Accounting Office at such times and in such
manner as
the Comptroller General of the United States may by regula¬

for Low-Rent-Housing

general supervision of the Secretary thereof a body corporate

perpetual duration to be known as the

make such expenditures, subject
acquisition and maintenance

may

for any necessary traveling

ings,

such

and under the

general

the

supplies, books, periodicals,

,

United States Housing Authority

Authority
law,

The

(a)

adequate administrative

maries

States.

United

6.

under

audit

amount involved

-

(7) The term

pality,

in the

including but not limited to its franchise, capital,
reserves, surplus, loans, income, assets, and propery of any kind, shall be
exempt from all taxation now or hereafter imposed by the United States
or
by any State, county, municipality, or local taxing authority.
Obliga¬
tions, including interest thereon, issued by public housing agencies in
connection
with
low-rent-housing
or
slum-clearance projects, and the
income derived by such agencies from such projects, shall be exempt from
all taxation now or hereafter imposed by the United States.

tion

repair of existing buildings.
for

shall be granted the free use of the mails
of the government.

the executive departments

as

(e) The Authority,

lowest income group

enterprise

Authority

manner

same

The term "families of low income" means
and who cannot afford to pay

(2)

judicially

noticed.

housing" means decent, safe, and sanitary
dwellings within the financial reach of families of low income, and devel¬
oped and administered1 to promote serviceability, efficiency, economy, and
stability, and embraces all necessary appurtenances thereto.
The dwellings
in low-rent lipusing as defined
in this Act shall be available solely for
families whose net income at the time of admission does not exceed five
times the rental
(including the value or cost to them of heat, light,
water, and cooking fuel) of the dwellings to be furnished such families,
except that in the case of families with three or more minor dependents,
"low-rent

term

in its own name, and shall be
or such

matters by the Attorney General
designate.
(c) The Authority shall have an. official seal, which shall be
litigated

all

in

attorney or attorneys as he may

in this Act—

When used

2.

(1) The

place.

any

represented

Definitions
Sec.

at

(b) The Authority shall sue and be suedi

.

discretion transfer to the

or

Government in

morals of the citizens of the Nation.
t

other expenses.
time in his

at any

title held by any department or agency
housing or slum-clearance projects (con¬
structed or in process of construction on the date of enactment of this
Act), any assets, contracts, records, libraries, research materials, and
other property held in connection with any such housing or slum-clearance
projects or activities, any unexpended balance of funds allocated! to such
department or agency for the development, administration, or assistance
of any housing or slum-clearance projects or activities, and any employees
who have been engaged in work connected with housing or slum clearance.
The Authority may continue any or all activities undertaken in connection
with projects so transferred, subject to the provisions of this Act.
Sec. 5.
(a) The principal office of the Authority shall be in the District
of Columbia, but it may establish branch offices or agencies in any State,
and may exercise any of its powers at any place within the United States.
The Authority may, by one or more of its officers or employees or by
such agents or agencies as it may designate, conduct hearings or negotia¬

slums, for the provision of decent, safe,
of low income, and for the reduc¬

the

may

any

of the Federal

housing con¬

United States Housing Authority,

a

enacted

it

may

officers, employees,

necessary

Authority

sanitary dwellings for families

and

Be

unsafe

by the Senate.

accept and utilize such voluntary and
of the agency concerned may
equipment, and information of any agency
of the Federal, State, or local
governments as he finds helpful in the
performance of the duties of the Authority.
In connection with the
utilization of such services, the Authority may make reasonable payments
(c)

(d) The President
thereof

this Act
shall be

made under the provisions of
excess of $7,500 per annum

is in

uncompensated services and with the consent

for

States and political

the

to

assistance

financial

positions
which

of

subject to confirmation

issue

under this Act;

the civil service laws he may appoint

(b) Appointment to

AN ACT
provide

be necessary for the proper

may

the Authority

of

duties

the

of

without regard to

[S. 1685]

To

as

except that
such officers, attor¬
neys and experts, and such employees whose compensation is in excess of
$1,980 per annum, as may be necessary to carry out the purposes of
performance

Session]

[Seventy-fifth Congress—First

(a) The Administrator is authorized, subject to the civil service
Classification Act of 1923, as amended, to appoint and fix

4.

and

or

the

The

Authority

may

and Slum-Clearance Projects

make loans

to

public-housing agencies to

acquisition, or administration of low-rent-housing
projects by such agencies.
Where capital grants are

development,

slum-clearance

made
on

9.

to Section 11 the total amount of such loans outstanding
project and in which the Authority participates shall not exceed

pursuant

any one

project less all such capital
said loans exceed, 90% of 6uch cost. In the
in assistance of low rentals as provided in
Section 10 the total of such loans outstanding on any one project and in
which the Authority participates shall not exceed 90% of the development
or
acquisition costs of such project.
Such loans shall bear interest at
such rate not less than the going Federal rate at the time the loan is
made, plus % of 1%, shall be secured in such manner, and shall be repaid

the

development

or

acquisition cost of such

grants, but :n no event shall
case
of annual contributions

Financial

1482
within

such

period

exceeding

not

60

years,

as

Chronicle

be deemed advisable

may

the Authority.

Annual

Sec.

10.

housing
such

Contributions

(a) The Authority

agencies

character

to

their

of

Assistance

in

of Low

(e) To supplement any capital grant made by the Authority in connec¬
tion
with
the development of
any
low-rent-housing or slum-clearance

Rentals

make annual contributions to

may

public

housing

fixed

a

over

period of

No

years.

part of

such annual

by the Authority shall be made available for any preject unless and

until

the

city,

State,

county,

other political subdivision in

or

project

or

in the form of cash

is situated shall contribute,

general

fixed

the

in

tribution

slum-clearance

closing,

equal

of

the

Authority,
is

income

dwellings,

new

of

except that such elimination may,

be

in

referred

decent, 6afe,
acute

so

or

sub¬

area,

locality

any

in the discre¬

metropolitan

or

area

sanitary housing available to families

or

force

to

as

dangerous overcrowding

of

periods

character

Authority

bearing

of

Such regulations

the

contributions
cost, loca¬

to

or

provide for rates of contribu¬

may

development, acquisition

upon

tenants,

administration

or

number

cost,

other appropriate factors:

or

Provided, That the fixed contribution payable annually under any contract
shall in
no
case
exceed a sum equal to the annual yield, at the going
the

rate

of

interest

of

development

clearance

project

principal

be

1%

made plus

is

And

the Authority

due to

payment of interest

from the public housing

(c) In

and

low-rent-housing

this

contributions

section)

conditions

character

the

of

10

years

made out of

and

be

made

for

the

maintaining

with
In

no

shall any contract

case

period exceeding

a

pursuant

of the

Section

to

(including

20

for the payment

into additional

not

1,

on

other

or

capital and funds)

of such annual contributions.
and after the date of the enactment

of

aggregating

not

from

annual contribu¬

annum,

and on or after

per

such

which provide

contracts

$7,500,000

than

more

Congress,

annual

is

contracted

contributions

for

for annual

the

in

Treasury

to provide for

such

section,

fiscal year, out
the

appropriated,

amounts

payments.

Sec.
in

11.

(a)

Section

and to the

housing

other

character

or

in

and

and

shall

of

be

be

shall

the
no

low-rent-housing

repair

improvement

or

such

of

metropolitan

or

elimination

locality

sanitary
force

in

(c)
tion

the

in

may,

metropolitan

or

housing

grant
no

for any low-rent-

with

connection

limited
to

to

assure

low-rent

its

for the

grant shall be made

slum-clearance

its

the amounts

involving

project

available

for

discretion
families

to

of

(a)

of

where

area

such

of

the

in

number

by the, project; except that

the

the

Authority,

shortage

of

income

is

low

be deferred

in

safe,

or

decent,
so

acute

other

(d)
this

case

except

of

the Authority

any,

in lieu of

1932

Act.

the

that
of

its

capital

pursuant

the

and

its

Section

to

all

pay

of such

13.

Sec.

funds

obtained

through

the

20

(including repayments or
principal of loans made out of such capital and

action to protect

any

capital

on

after

more

capital

grants

grants

July 1, 1939,

or

after the

(pursuant

than $10,000,000.




additional

date

of

the

subsection

to
on

aggregating not

to make

the Authority

foreclose

may

or

after

more

capital

enactment

(b)

of

July 1,

than

this
1938,

$10,000,000,

grants aggregat¬

Without further authorization from

Con-

property

any

on

or

com¬

or

made a loan, pursuant to
10, or capital grants

ously owned or in connection with which it has
Section

9,

11.

the Authority of any real property pursuant to

The acquisition by

(b)

this Act shall not deprive
and

civil

rights under the State

or

criminal

and,

in

as

or

political subdivision thereof of its

or

and

in

such property,

over

such

the

to

rights

(c) The

Authority

enter

may

upon

to

it

such

any

not

were

State

any

such

case

the taxes that would be
be, upon such property

exceed

the

as

may

taxation thereby.

exempt from

procure

insurance against any loss in connection

and other assets

its property
from

The amount so paid for any

not

shall

property

(including mortgages), in such amounts,
desirable.

(d) The Authority
and

in

political subdivision thereof with respect to

or

subdivision,

or

(d), such jurisdiction

to pay annual sums

agreements

into

of

taxes

4

restored.

hereby fully

real property owned by the Authority.

if

impair the

have been taken away

may

Authority pursuant to Section

are

lieu

with

or

local law of the inhabitants on such prop¬

such jurisdiction

any

such rights impaired by reason of the acquisition of any property

any

transferred
and

jurisdiction
far

so

State

any

civil

erty ;

Section

contributions pursuant to

annual

to Section

pursuant

may

insurers,

it deems

as

public or private sale, or
projects, the disposition
of which is governed elsewhere in this Act) or personal property, and sell
or exchange
any securities or obligations, upon such terms as it may fix.
The Authority may borrow on the security of any real or personal prop¬
erty owned by it, or on the security of the revenues to be derived there¬
from, and may use the proceeds of such loans for the purposes of this Act.
Sec. 14.
Subject to the specific limitations or standards in this Act
governing the terms of sales, rentals, leases, loans, contracts for annual
contributions,
contracts
for
capital grants, or other agreements,
the
Authority may, whenever it deems it necessary or desirable in the fulfill¬
ment of the purposes of this Act, consent to the modification, with respect
to rate of interest, time of
payment of any installment of principal or
interest, security, amount of annual contribution, or any other term, of
(e) The Authority

lease,

contract
which

contrary

Sec.

been

to

15.

In

exchange

or

any

transferred

to

kind to which the Authority is a party
its

order

to

insure

pursuant

be

provision shall

this

at

(except low-rent-housing

agreement of

or

has

sell

may

real property

any

that

to

Any rule of

this Act.

inapplicable.

deemed

the

low-rent

character

of

housing

projects will be preserved, and that the other purposes of this Act will be
achieved,
(1)

it is hereby provided that—

When

loan

a

is

project the Authority
breach

made pursuant
may

of

the

condition

providing

for

the

project involved

make

Authority

enforce any right conferred upon it by any
law, contract, or other agreement.
The Authority may bid for and pur¬
chase at any foreclosure by any party or at any other sale, or otherwise
acquire, and may administer, any low-rent-housing project which is previ¬
mence

third

to

consistent with maintaining the low-rent

are

project.

(a) The

shall not be available for the payment of such canital grants.
Act

maintenance costs, together

taxes, plus such additional amounts as

lieu of

in

any,

and

operation,

management,

if

Authority shall determine

character

make

may

any

obligations

make additional

ing not

to this

The Authority is-authorized,

or

if

The provisions of Section 321 of the Act of June 30,

project.

pursuant

or

section) aggregating not more than $10,000,000,
on

in

and pay all management, opera¬

assume

together with payments,

costs,

project,

The lessee of any project,

agency.

(U. S. C., 1934 edition, title 40, sec. 303 b), shall not apply to any lease

any

low-rent-housing or slum-clearance project, which
exceed 25% of its development or acquisition cost.

realizations

funds)

maintenance

and

such

law

All payments of capital grants by the Authority pursuant to subsec¬
this section shall be made out of any funds available to the

issuance

public housing

to a

low-rent-housing

Federal

and shall pay to the Authority such annual sums as the Authority
shall determine are consistent with maintaining the low-rent character of

to

as

families.

of this section,

(b) of

Authority,

and

rentals
be made to such

or
insanitary dwellings situated
substantially, equal in [number to the

Pursuant to subsection

capital

shall

to

method

low

unsafe

area,

dangerous overcrowding

(b)

of

in

Authority,

newly constructed dwelling units provided

any

part,

loan pursuant to Section 9.

a

lease any

may

taxes,

demon¬

alternative

such

paid

capital
or

and

maintaining

strictly

provided

that

to

requests

of new dwellings, unless the project includes the elimina¬
by demolition, condemnation, and effective closing, or the compulsory

locality

in

or

be deemed'

project shall

Authority

paid to the State

construction

tion

of

achieving

project

determination

any

so

The capital grants thus made

acquisition,

of

assistance

this Act, capital grants may

of

purposes.

the

of

agency

Authority that

of

purpose

purposes

housing

the

Provided, however, That

:

development
the

of

slum-clearance

or

development
necessary,

public

any

the

to

method

alternative

an

satisfaction

for such

agency

a

As

when

10,
the

to

better suited

is

The

tion,

contributions pursuant to Sec¬
11.
Any obligation of the

annual

pursuant to this paragraph, shall

year

Capital Grants in Assistance of Low Rentals

strates

9, and either

any

otherwise

not

this

pursuant to

hereby authorized to be appropriated in each

money

necessary

such

of

Such project shall then become eligible for loans

shall fix.

capital grant pursuant to Section

a

accepted by the Authority as part of the consideration for the

purchaser

annum.

per

contracts

new

no

for

The faith of the United States is solemnly pledged to the pay¬

there
any

additional

into

provide for

$7,500,000

beyond those herein authorized shall be entered into by the

all

of

which

contracts

than

more

authorization

further

Authority.
ment

to

controbutions

contributions

and

such

enter

1939,

Without

or

General Powers of

Act, to enter into contracts which provide for annual contributions

annual

10

sale

hereafter be given

project), less such allowance for depreciation as

the

of

Section

to

pursuant
tion

aid

in

hereunder

this section shall

repayments

of loans made out of such

principal

aggregating

July

low-rent character (making such adjustment as the Authority

a

advisable for any annual contributions which may

60 years.

funds available to the Authority when such payments

be available

enter

tions

of

purposes

payments,

warranted

is

as

aggregating not more than $5,000,000 per annum, on or after July 1, 1938,
to

Federal project only to a public housing
sale shall be for a consideration, in whatever form
may be satisfactory to the Authority, equal at least to the amount which
the Authority determines to be the fair value of the project for housing

to

consistent

is

as

(e) The Authority is authorized,
this

provide for the completion and temporary adminis¬

to

Any such

with

housing project involved.

any

obligations

realizations
not

waste pending

The Authority may sell a

(c)

agency.

sary

contract

due, except that its capital and its funds obtained through the issuance

of

order to avoid

(b) As soon as practicable the Authority shall sell its Federal projects
divest itself of their management through leases.

by
low-rent

such

under

payments of annual contributions pursuant to

(d) All

of

endi of

the

continue the

order to

in

and,

in

projects by the Authority.

such

of

tration

provided;

hereinafter

as

lease,

or

and uniform amounts of subsequent

the fixed

in

payable

contributions

annual

shall

or

nation-wide unemployment and

of

sale

such

to

projects

(e) In the administration of any Federal low-rent-housing project pend¬

of

are

such

relief

disposal of any low-rent-housing projects hereafter
acquired by the Authority through the sale or leasing

ing sale or lease, the Authority shall fix the rentals at the amounts neces¬

visions

be

at

modification

make such

may

annual

for

of

the purpose of Congress to

declared to be

hereby

is

(subject to all the pro¬

Authority

the

changed

involved

project

in an amount not lees than

five years thereafter; and, at the time of any such reexamina¬

every

tion,

is made for a period

the Authority shall reserve the right to reexamine the

years,

the

of

contract for annual contributions

any

case

exceeding 20

(in the

for the orderly

transferred

whole

agency.

status

(a) It

12.

provide

(d)

cost

project

Disposal of Federal Projects

upon

first to apply toward any

used

loan

any

on

contract

for such

contribution

a

exemptions)

tax remissions or tax

or

Sec.

of the low-rent housing or slumprovided further, That all such annual

acquisition

involved:

contributions shall
or

the time such

at

otherwise,

20% of its development or acquisition cost.

the Authority

prospective

of

dwelling units, number of persons housed,

Federal

made,

deems

low

based

assure

shall also receive, from the State, political

grant

or

capitalized at the going Federal rate of
interest, of community facilities or services for which a charge is usually

rentals.

upon

maintain

tion

maximum

consideration

giving

thereof,

cash, land, or the value,

of

form

other factors
the amounts and periods of assistance needed to achieve and
ability

rent-paying

size,

the

fixing

regulations
circumstances,

to

Toward this end the

housing projects involved.

different

under

amounts and

the Authority,

of

determination

the
the

of

prescribe

may

available

tion,

in

necessary,

low-rent

the

to

capital

such

receiving

subdivision

or

strictly limited

contributions shall be

slum-clearance project involved.

or

(f) No capital grant pursuant to this section shall be made for any
low-rent-housing or slum-clearance project unless the' public housing agency

such

families.

(b) Annual

low-rent-housing

cost of the

ment

and

unsafe

metropolitan

or

for

expended for payment of labor used in such development: Provided,
That such additional capital grant shall not exceed 15% of the develop¬
be

unless

condemnation,

improvement

or

locality

the

in

of

demolition,

number to the number of newly constructed dwellings

in

where the shortage of
low

by

compulsory repair

by the project;

provided

construction

elimination

situatedi

such

over

development

the

involving

the

or

payment

guaranteeing any annual con¬
of any low-rent-housing or

contract

no

the

with

the

dwellings

insanitary

stantially
tion

project

includes

project

effective

remissions,

annual contributions shall be made, and

no

into

enter

connection

in

guaranteeing their

contract

a

period: Provided, That

Authority shall

the

or tax

such

The Authority shall embody the provisions for such

provided.

contributions

annual

which

special, or^tax exemptions, at least 20% of the annual contribu¬

tions herein

of

available

contribu¬

tions

President may allocate to the Authority, from any funds
the relief of unemployment, an additional capital grant to

the

project,

in achieving and maintaining the low-rent
projects.
The annual contributions for any

assist

project shall be fixed in uniform amounts, and shall be paid in such

amounts

capital grants beyond those herein authorized shall be made by

no

gress,

by the Authority.

Sept. 4, 1937

gage

or

in

other

the

eVlent of

low-rent

the

loan

lien held

of

plus

due

the

by

a

2%

going
per

forthwith.

a

substantial

in the loan agreement)
of the housing

character

acquisition

of

such

project by

a

foreclosure under a mort¬

third party, to increase the interest payable

the balance of said loan then held by

on

excess

acquisition)
said

the

of

party in any manner including a bona-fide

thereafter
not

in

in the event of

(which shall be embodied

maintenance

or

9 for a low-rent-housing

to Section

retain the right,

Federal
annum

rate

or

to

(at

the Authority to a rate

the time of

declare

the

such breach
principal

unpaid

or
on

Sec.

slum-clearance
the leasing
including a
by a third
party, to increase the interest payable thereafter on the balance of said
loan then held by the Authority to a rate not in excess of the going Federal
rate (at the time of such leasing or acquisition) plus 2% per annum or to
loan is made pursuant to

When a

(2)

Section 9 for a

shall retain the right, in the event of
or acquisition of 6uch project by a third
party in any manner
bona-fide
foreclosure under a mortgage or other lien held
project the Authority

principal

declare the unpaid

said loan due

on

forthwith.

to
sub¬

for annual contributions is made pursuant
10, the Authority shall retain the right, in the event of a
breach of the condition (which shall be embodied in such con¬

(3) When
Section

stantial

contract

a

of the
contributions
of 6uch
foreclosure

for the maintenance of the low-rent character
involved, to reduce or terminate the annual
such contract.
In the event of the acquisition
project by a third party in any manner including a bona-fide
under a mortgage or other lien held by a third party, such annual
providing

tract)

housing project

under

payable

con¬

terminate.

shall

tributions

annual

Authority may also insert in any contract for loans,
capital grants, sale, lease, mortgage, or any other
instrument made pursuant to this Act, such other covenants, conditions,
The

(4)

agreement

contributions,
or

provisions

or

it

as

deem necessary in order to

may

insure the

low-rent

Provided, That any such con¬
tract for a substantial loan may contain a condition requiring the mainte¬
nance
of an open space or playground
in connection with the housing
project involved if deemed necessary by the Authority for the safety or
housing project involved:

children.

of

health

the

of

character

loan, annual contribution, or capital grant
shall be entered into by the Authority with
respect to any project hereafter initiated costing more than $4,000 per
family-dwelling-unit or more than $1,000 per room
(excluding land,
for

contract

(5) No

any

pursuant to this Act

made

demolition,
with

into

non-dwelling facilities) ; except that in any city the
which exceeds 500,000 any such contract may be
respect to a project hereafter initiated costing not to exceed
and

entered

of

population

per room

(exclud¬

family-dwelling-unit cost or cost per room
of higher costs of labor and materials and other

is justi¬
construc¬

family-dwelling-unit or not to exceed $1,250
demolition,, and non-dwelling facilities), if in

$5,000 per
ing land,

the opinion of the

Authority such higher
fied

by reason

housing projects on which construction is
shall make loans, grants, and annual
for such low-rent-housing projects as it finds are to

respect

With

costs.

tion

only

contributions

to

the Authority

initiated,

hereafter

(a) that such projects will not be of
materials, and economy will be promoted
both in construction and administration, and (b) that the average con¬
struction cost of the dwelling units (excluding land, demolition, and nondwelling facilities) in any such project is not greater than the average
construction cost of dwelling units currently produced by private enter¬
in

undertaken

be

elaborate

building
standards

In order to protect

16.

Sec.

manner

the locality or metropolitan area concerned,
requirements applicable to the proposed site,
not lower than those prescribed in this Act.

in

prise,

such a

expensive design or

or

under the legal
and under labor

labor standards—

the Act of Aug. 30, 1935, entitled "An Act to"
March 3, 1931, relating to the rate of wages
mechanics employed by contractors and subcontractors

(1) The provisions of
amend the Act approved
and

laborers

for

Aug. 24, 1935,
alteration, and
repair of any public building or public work of the United States to be
accompanied by a performance bond protecting the United States and by
additional bond for the protection of cersons furnishing material and

public buildings" (49 Stat. 1011), and of the Act of
entitled "An Act requiring contracts for the construction,
on

for

Sec.

the construction,

for

labor

alteration,

or

repair of said public buildings

(U. S. C., 1934 edition, Supp. II, title 40, sees. 270a to
270d, inclusive), shall apply to contracts in connection with the develop¬
ment or administration of Federal projects and the furnishing of materials

Authority

the discretion of the

the purposes of this Act.

for

(a) The Authority

is authorized to issue

President, be

s

obligations, in the

sell to obtain funds for
the purposes of this Act.
The Authority may issue such obligations in an
amount not to exceed $100,000,000 on or after the date of enactment of
this Act, an additional amount not to exceed $200,000,000 on
or after
July 1, 1938, and an additional amount not to exceed $200,000,000 on or
after July 1, 1939.
Such obligations shall be in such forms and denomina¬
tions, mature within such periods not exceeding 60 years from date of
issue, bear such rates of interest not exceeding 4% per annum, be subject
to such terms and conditions, andi be issued in such manner and sold at
such prices as may be prescribed by the Authority, with the approval of
of

form

notes, bonds,

otherwise, which it may

or

of the Treaury.

the Secretary

and interest,
taxes) now
State, county, munici¬

(b) Such obligations shall be exempt, both as to principal
taxation (except surtaxes, estate, inheritance, and gift

from all

imposed by the United States or

hereafter

or

by any

local taxing authority.
(c) Such obligations shall be fully and unconditionally guaranteed upon
their face by the United States as to the payment of both interest and

pality,

or

that the Authority shall be unable to make
demand when due, payments shall be made to the
Treasury with money hereby authorized to
be appropriated for such purpose out of any money in the Treasury not
otherwise appropriated.
To the extent of such payment the Secretary of
the Treasury shall succeed to all the rights of the holder.
(d) Such obligations shall be lawful investments and may be accepted
as
security for all fiduciary, trust, and public funds the investment or
deposit of which shall be under the authority or control of the United
States or any officer or agency thereof.
The Secretary of the Treasury

principal, and, in the event
such payment upon

any

by the Secretary of the

holder

authorized

likewise

is

to

purchase

such

any

for such
proceeds from the

obligations, and

purchases he may use as a public-debt transaction the
sale of any securities hereafter issued under the Second

Liberty Bond Act,
amended, and1 the purposes for which securities may be issued under
such Act, as amended, are extended to include any such purchases.
The
Secretary of the Treasury may at any time sell any of the obligations
acquired by him pursuant to this section, and all redemptions, purchases,

as

by him of such

and sales

obligations shall be treated as

public-debt trans¬

United States.

actions of the

Authority at its request
of the Treasury, utilizing all the facilities of the Treasury
authorized by law for the marketing of obligations of

(e) Such obligations may
by the Secretary
Department now

be marketed for the

the United) States.

(a) Any money of

21.

Sec.

subject to check,

deposited,

be

in

or

United

(b) The Federal

Reserve banks are

depositories, custodians, and
its

of

exercise

Authority in the general

reimburse any such bank

be agreed upon.
The Authority may be employed as a financial agent
When designated by the Secretary of the Treasury,

(c)
ment.

such manner as may

regulations as he may

such

authorized and directed to act as

fiscal agents for the

and the Authority may

powers,

services in

its

for

otherwise employed may
the United States

with the Treasurer of

be invested in obligations of the
or retirement or redemption of
issued by the Authority.
J

obligations

any

the Authority not

Federal Reserve bank, or may
States or used in the purchase

any

public money,

in

(d) Not more than 10% of
the form of a loan, grant,
one

any

customs.
the funds provided for in this Act, either
or annual contribution, shall be expended

except receipts from

of

within

of the govern¬

and subject to
prescribe, the Authority shall be a depository

State.

public work"

of the Act of Aug.

3

Section

24, 1935.

for loans, annual contributions, capital grants, sale,
pursuant to this Act shall contain a provision requiring that the
contract

(2) Any
or

itself perform the
by Section 3 (a) of the Act of Aug. 30, 1935, and

prescribed

duties

suits shall be brought in the

the Authority shall

that

and

Authority

the

of

name

projects: Provided, That

for such

labor

and

lease

locality, as determined1 or adopted (subse¬
quent to a determination under applicable State or local law) by the
Authority, shall be paid to all architects, technical engineers, draftsmen,
technicians, laborers, and mechanics employed in the development or ad¬
ministration of the low-rent-housing or slum-clearance
project involved;
and the Authority may require certification as to compliance with the pro¬
visions of this paragraph prior to making any payment under such contract.
(3) The Act entitled "An Act limiting the hours of daily service of
laborers and mechanics employed upon work done for the United States,
or
for
any Territory,
or for
the District of Columbia, and for other
purposes", as amended (37 Stat. 137), shall apply to contracts of the
Authority for work in connection with the development and administration

wages

fees prevailing in the

or

of Federal

projects.

entitled "An Act to provide compensation

The benefits of the Act

(4)
for
of

the

20.

clearance may, in

slum

or

to

allocation

Act of Congress for

Any funds available under any

19.

housing

allocated

an

or

1483

Financial Chronicle

145

Volume

employees of United States suffering
their duties, and for other purposes"
employees of the Authority.

and

officers

injuries while in the performance
(39 Stat. 742), shall extend to

Act of June 13, 1934
276c), shall apply to
any
low-rent-housing or slum-clearance project financed in whole or in
part with funds made available pursuant to this Act.
(6) Any contractor engaged on any project financed in whole or in
part with funds made available pursuant to this Act shall report monthly
to the Secretary of Labor, and shall cause all subcontractors to report in
of Sections 1 and 2 of the
edition, title 40, sees. 276b and

(5) The provisions

(U.

like

1934

manner

forms

the

C.,

S.

to

be

number

(within five days
furnished
of

after the close of each calendar month, on
States Department of Labor), as to

by the United

persons

on

their

respective pay rolls on the particular

amount of such pay rolls, the total man-hours
worked, and itemized expenditures for materials.
Anj' such contractor
shall furnish to the Department of Labor the names and addresses of all
subcontractors on the work at the earliest date practicable.
the

project,

aggregate

Financial Provisions
The Authority shall

17.

Sec.

be subscribed

shall

have a capital stock of $1,000,000, which

by the United States and paid by the Secretary of the

Receipt for such payment shall be
issued to the Secretary of the Treasury by the Authority and shall evidence
the stock ownership of the United States of America.
Sec. 18.
There is hereby authorized to be appropriated', out of any
Treasury

money

for

out

funds.

appropriated, the sum of $26,000,000
1938, of which $1,000,000 shall be
to the capital stock of the Authority.
and all receipts and assets of the Authority, shall be available

in the Treasury not otherwise
fiscal year ending June 30,

the

available
Such

of any available

sum,

to

pay

for the purposes

the subscription

of this Act until expended.




Penalties

All

22.

Sec.

general penal

statutes relating to

the larceny, embezzle¬

dis¬
apply to the
of

conversion or to the improper handling, retention, use, or
posal of public moneys or property of the United' States shall
moneys and property of the Authority and to moneys and properties
the United States entrusted to the Authority.
Sec. 23.
Any person who, with intent to defraud the Authority or
ment,

or

deceive

director,

any

officer, or employee

to

thereof or any officer or em¬

United States, makes any false entry in any book of the
false report or statement to or for the Authority
shall, upon conviction thereof, be fined not more than $1,000 or imprisoned
for not more than one year, or both.
Sec. 24.
Any person who shall receive any compensation, rebate, or
reward, or shall enter into any conspiracy, collusion, or agreement, express
ployee of the

Authority or make any

or

to

to defraud the Authority or with intent unlawfully
shall, upon conviction thereof, be fined not more
$1,000 or imprisoned for not more than one year, or both.
See. 25.
Any person who induces or influences the Authority to purchase
acquire any property or to enter into any contract and willfully fails
disclose any interest, legal or equitable, which he has in such property
in the property to which such contract relates, or any special benefit
implied, with intent
its

defeat

purposes,

than

or

to
or

he expects

which
viction

to receive as a

thereof, be fined not more

result of such contract, shall, upon con¬
than $1,000 or imprisoned for not more

both.
Sec. 26.
No individual, association, partnership, or corporation shall
use
the words "United States Housing Authority", or any combination of
these four words, as the name, or part thereof, under which he or it shall
do business.
Any such use shall constitute a misdemeanor and shall be

than

year, or

one

punishable by a fine not exceeding $1,000.
Sec. 27.
Wherever the application of the provisions of this Act conflicts
with the application of the provisions of Public Numbered) 837, approved
June 29, 1936 (49 Stat. 2025), Public Numbered 845, approved June 29,
1936 (49 Stat. 2035), or any other Act of the United States dealing with
housing or slum clearance, or any Executive order, regulation, or other
order thereunder, the provisions of this Act shall prevail.
Sec. 28.
The President is hereby authorized to make available to The

Authority, from any funds appropriated or otherwise pro¬
of this Act, such sums as he deems neces¬
sary to carry out the purposes of the District of Columbia Alley Dwelling
Act, approved June 12, 1934 (Public Numbered 307, Seventy-third1 Con¬
gress).
Such sums shall be deposited in the Conversion of Inhabited Alleys

Alley Dwelling
vided to carry

Fund
of

the
Sec.

out the purposes

thereafter

and

District
29.

shall remain immediately

of Columbia Alley

Notwithstanding

any

available for the purposes

Dwelling Act.
other evidences

of the intention

of

is hereby declared to be the controlling intent of Congress
that if any provision of this Act, or the application thereof to any person
or circumstance, is held invalid,
the remainder of this Act, or the applica-17
tion of such provision to persons or circumstances other than those as to
which it is held invalid, shall not be affected thereby.
Sec.
30.
This Act may be cited as the "United States Housing Act
Congress,

of

1937."

it

1484

Financial

Text of the Revenue Act of 1937

Chronicle

Designed to Prevent Tax Evasion and Avoidances

The

"(3) Options—If any person has an option to acquire stock such stock
be considered as owned by such person.
For the purposes of this

following is the text of the Revenue Act of 1937, which,
as noted in our issue of
Aug. 28, page 1347, was signed by
President Roosevelt on Aug. 26, and which is designed to
close loop-holes in the Federal tax laws thereby
preventing

shall

paragraph an option to acquire such an option, and each one of a series
of such options, shall be considered as an option to acquire such stock.
"(A) For the purposes of the stock ownership requirement provided
in section 352 (a) (2), if, but only if, the effect is to make the corporation
a personal holding company;
"(B) For the purposes of section 353 (e) (relating to personal service
contracts), or of section 353 (f) (relating to the use of property by share¬
holders) if, but only if, the effect is to make the amounts therein referred to
includible unders such subsection as personal holding company income.
"(5) Constructive Ownership as Actual Ownership—Stock construc¬
tively owned by a person by reason of the application of paragraph (1) or
(3) shall, for the purpose of applying paragraph (1) or (2), be treated as
actually owned by such person; but stock constructively owned by an
individual by reason of the application of paragraph (2) shall not be treated
as owned by him for the purpose of again applying such paragraph in order

tax evasion and avoidances:
SEVENTY-FIFTH

CONGRESS—FIRST

Sept. 4, 1937

SESSION

,

IH.

R. 8234]

AN ACT
To provide revenue,

equalize taxation, prevent tax evasion and avoidance,
and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States

of America in Congress assembled, That this Act

may

be cited

as

make another the constructive owner of such stock.

to

the "Revenue

"(6) Option Rule in Lieu of Family and Partnership Rule—If stock may
as owned by an individual under either paragraph (2) or (3)
it shall be considered as owned by him under paragraph (3).

Act of 1937."

be considered

TITLE

I—PERSONAL

HOLDING

COMPANIES

Convertible

"lb)
Sec. 1.

Amendment

of

Act

1936

"TITLE

IA—ADDITIONAL

"Sec. 351.

Surtax

INCOME

Holding Companies

make the amounts therein referred to includible under such subsection

per centum of the amount thereof not in excess of

"(a)

"(3) For the purpose of section 353 (f) (relating to the use of property
by shareholders), but only if the effect of the inclusion of all such securities

term 'personal

"(1)

is to make the amounts therein referred to includible under such subsection

$2,000; plus

personal holding

as

per centum of the amount thereof in excess of $2,000.

"The

Definition of Personal Holding Company

General Rule—For the purposes

holding company'

requirement

income.

company

in

paragraphs

(1),

(2),

and

(3)

that

all

convertible

securities must be included if any are to be included shall be subject to the

of this title and of Title

means any

as

personal holding company income; and

following:

"Sec. 352.

into
con¬

section 352 (a)

"There shall be levied, collected, and paid for each taxable year (in addi¬

"(1) 65
"(2) 75

convertible

"(1) For the purpose of the stock ownership requirement provided in
(2), but only if the effect of the inclusion of all such securities
holding company;
"(2) For the purpose of section 353 (e) (relating to personal service
contracts), but only if the effect of the inclusion of all such securities is to

TAXES

tion to the taxes imposed by Title I], upon the undistributed
adjusted net
income of every personal holding company a surtax equal to the sum of
the

securities

outstanding stock—

as

is to make the corporation a personal

Personal

on

sidered

follows:

as

Securities—Outstanding

(whether or not convertible during the taxable year; shall be

stock

Title IA of the Revenue Act of 1936 is amended to read

I

the

exception that,

corporation if—

only after

Gross

Income Requirement—At least 80 per centum of its gross
income for the taxable year is personal
holding company income as defined
in section 353; but if the
corporation is a personal holding company with
respect to any taxable year, then, for each subsequent taxable year, the

date than in the

a later

date

conversion

but

where some of the outstanding securities

may

case of

are

convertible

others, the class having the earlier

be included although the others

are

not

included,

convertible securities shall be included unless all outstanding securi¬

no

ties having a prior conversion date are also included.

minimum percentage shall be 70
per centum in lieu of 80 per centum, until
a
taxable
year
during the whole of the last half of which the stock

"Sec. 355.

ownership required by paragraph (2) does not exist, or until the expiration
of three consecutive taxable
years in each of which less than 70 per centum

"For

of the gross income is
personal

the

purposes

Undistributed Adjusted Net Income

of

this

holding company income; and
Requirement—At any time during the last half
of the taxable
year more than 50 per centum in value of its outstanding
stopk is owned, directly or indirectly, by or for not more than five in¬

income'

dividuals.

title

the

term

'undistributed

adjusted

net

dividend carry-over); and

"(2)

Stock Ownership

"(a^

Exceptions—The
a

corporation

term

'personal

holding

does

company*

from taxation under section

exempt

101,

(b)

in¬

not

bank

a

ness

as

defined in section

1937,

"For

the

income'

"v.a)

of

purposes

means

this

the

term

'personal

"(a)

holding

company

interest,

royalties

(other

than

mineral,

oil,

or

"(b)

Stock and Securities Transactions—Except in the
or

securities, gains from the sale

or

"(c)

Commodities

commodity

on

Transactions—Gains

from

subject to the rules of

or

a

futures

or

transactions

board of trade

This subsection shall not apply to gains by

or

in

com¬

producer,

a

processor, merchant, or handler of the commodity which arise out of bona
fide hedging transactions
reasonably necessary to the conduct of its busi¬
ness

in the

manner

in which such business is

customarily and usually

con¬

ducted by others.

"(d;

Estates

and

Trusts—Amounts

includible

in

computing the net
income of the corporation under Supplement E of Title
I; and gains from
the sale

"(e)

or

other disposition of any interest in an estate or trust.

Personal

Service

person other

individual who is to

description)

to

a

(2)

amounts received from

contract.

This

subsection

to amounts received for services under

if at some time

during the taxable

year

a

for tlie individual who has

or

depreciation,

or

or

apply

with

or

in value of

indirectly,

or may

be desig¬

nated (by name or

by description) as the one to perform, such services.
Use of Corporation Property by Shareholder—Amounts received as
compensation (however designated and from whomsoever received) for the
use of, or right to
use, property of the corporation in any case where, at
"(f)

amount

or

by
n

shall

performed, is to perform,

an

if the

the sale

or more

directly

means

deductions—

right to

(a), relating to expenses, and section 23(1), relating to

which

property owned

name or
or

as

Deductions Not Allowed—The aggregate of the deductions allowed

unders section 23

con¬

particular contract only

25 per centum

the outstanding stock of the
corporation is owned,

by

(by

perform the services,

perform the services is designated (by name

in the contract; and

disposition of such

respect

a

to furnish personal services; if some

than the corporation has the right to designate

by description) the individual who is

other

"(b)

Contracts—(1) Amounts received under

tract under which the
corporation is

'adjusted net income'

Additional Deductions—There shall be allowed

section of a prior income-tax law corresponding to either of such sections.
"(2) In lieu of the deduction allowed by section 32 (q), contributions or
gifts made within the taxable year to or for the use of donees described in
section 23 (q) for the purposes therein specified, to an amount which does
not exceed 15 per centum of the
taxpayers' net income, computed without
the benefit of this paragraph and section 23 (q), and without the deduction
of the amount disallowed under subsection
(b) of this section.
"(3) In the case of a corporation organized prior to January 1, 1936, to
take over the assets and iiabiiities of the estate of a decedent, amounts paid
in liquidation of any
liability of the corporation based on the liability of
the decedent to make contributions or
gifts to or for the use of donees de¬
scribed in section 23 (o) for the purposes therein specified, to the extent
such liability of the decedent existed
prior to January 1, 1934.
No deduc¬
tion shall be allowed under
paragraph (2) of this subsection for a taxable
year for which a deduction is allowed under this paragraph.

of regular

case

exchange of stock

securities.

modity exchange.

Adjusted Net Income

of this title the term

purposes

section 23;

gas

royalties), annuities.
dealers in stock

allocable

are

the

use

to

the

operation

and

maintenance

of

operated by the corporation, shall be allowed only in

or

equal to the rent

or

other compensation received for the use

unless it is established

property,

(under regulations

prescribed by the Commissioner with the approval of the Secretary) to the
satisfaction of the Commissioner:

"(1) That the rent or other compensation received was the highest
or, if none was received, that none was obtainable;
"(2) That the property was held in the course of a business carried on
bona fide for profit; and
"(3) Either that there was reasonable expectation that the operation of

obtainable,

the property would result in a
profit, or that the property was necessary
to the conduct of the business.

"Sec. 357.

Meaning of Terms Used

any

time

during the taxable

year,

25 per centum

or

standing stock of the corporation is owned, directly
for

an

individual entitled to the

use

"The terms used in this title shall have the same meaning as when used

in value of the out¬

more

or

indirectly,

of the property; whether such

by

or

in Title I.

"Sec. 358.

right is

obtained directly from the
corporation or by means of a sublease or other
arrangement.

"(g)
gross

not

per

use

term

more

of the

'rents'

centum or

For the purposes of this subsection the

compensation, however designated, for the
but does

"All provisions of law
taxes

Rents—Rents, unless constituting 50

income.

means

unless

(2)

other

Mineral,

Oil,

or

Gas
per

Royalties—Mineral,
centum

or

more

23

oil,

or

gas

royalties,

of the gross income,

(a)

"Sec. 359.

"Sec. 354.

a

corporation is

is based

on

section 353

Stock

a

stock

purpose

ownership under section 352 (a)

see

section 102.

Foreign Personal Holding Companies

"For provisions
relating to foreign personal
see

such determination

(2), section 353 (e),

or

Section 12

1936

are

"(2) Family and Partnership Ownership—An individual shall be con¬
sidered as owning the stock owned, directly or indirectly, by or for his
family or by or for his partner.
For the purpose of this paragraph the
family of an individual includes only his brothers and sisters (whether by
the whole or half blood), spouse, ancestors, and lineal descendants.




Changes in Cross-References

(c), section 14(f), and section 102 (e) of the Revenue Act of

amended by striking out "section

351" and inserting in lieu thereof

"Title IA."

(f)—

beneficiaries.

holding companies and their

Supplement P of Title I."
Sec. 2.

of determining whether
as

Improper Accumulation of Surplus

corporations which accumulate surplus to avoid surtax

Sec. 360.

Ownership

personal holding company, insofar

on

stockholders,

shareholders,

"(1) Stock not Owned by Individual—Stock owned, directly or in¬
directly, by or for a corporation, partnership, estate, or trust shall be
considered as being owned proportionately by its
shareholders, partners,
or

on

compensation for personal services rendered by shareholders,

Constructive Ownership—For the

inconsistent with

and

(relating to expenses)

constitute 15 per centum or more of the gross income.

"(a)

as not

of, or right to use, property;

"For surtax

(1) constituting 50
than

imposed by Title I of this Act, shall insofar

include amounts constituting personal holding
company income

the deductions allowable under section

Administrative Provisions

(including penalties) applicable in respect of the

this title, be applicable in
respect of the tax imposed by this title, except
that the provisions of section 131 of that title shall not be applicable.

under subsection (f).

"(h)

-

are

"(1) Federal income, war-profits, and excess-profits taxes paid or accrued
during the taxable year to the extent not allowed as a deduction under
but not including the tax imposed by section 102, section 351
(either before or after its amendment by the Revenue Act of 1937), or a

the portion of the gross income which consists of:

Dividends,

1934, if such amounts

the net income with the following adjustments:

Holding Company Income

title

irrevocably set aside to pay or to retire indebted

"Sec. 356.
"For the

Personal

or

kind incurred prior to January 1,

foreign personal holding company

a

defined in section 331.
"Sec. 353.

Amounts used

of any

reasonable with reference to the size and terms of such indebtedness.

104, a life insurance company, a surety company, or,
except with respect to a taxable year ending on or before the date of the en¬
actment of the Revenue Act of

any

The amount of the dividends paid credit provided in section 27,
benefit of subsection (b; thereof (relating to the

''

(b)

as

356) minus—

computed without the

'

clude

the adjusted net income (as defined in section

means

Sec. 3.

The amendment
taxable

years

made

beginning

Revenue Act of 1936,
to

a

as

Effective Dates

by section
after

1

shali apply only with respect to

December

31,

1936; and Title IA of the

it existed prior to such amendment, shall not apply

foreign personal holding company

(as defined in section 331 of the

Revenue Act of 1936, added to such Act by section 201 of this Act) with
respect to any taxable year ending after the date of the enactment of this
Act.

A

II—FOREIGNlPERSONAL HOLDING

TITLE
Sec.

201.

Inclusion

Revenue Act

of Title I

a

new

of

requirement

Supplement to read as follows:

having
"SUPPLEMENT P—FOREIGN PERSONAL

"Sec. 331.

and of Title IA

the

personal holding company' means any

shall be 50 per
whole of
or until
in each of which less than

for each subsequent taxable year, the minimum percentage
centum in lieu of 60 per centum, until a taxable year during the
which the stock ownership required by paragraph (2) does not exist,
the expiration of three consecutive

taxable years

50 per centum of the gross income is foreign personal
income.
For the purposes of this paragraph there shall
gross income

the amount includible therein as

holding company
be included in the

dividend by reason

of the

application of section 334 (c) (2); and
'
"(2) Stock Ownership Requirement/—At any time during the taxable
year more than 50 per centum in value of its outstanding stock is owned,
directly or indirectly, by or for not more than five individuals who are
citizens or residents of the United States, hereinafter called 'United States
group.'
Exceptions—The term 'foreign personal holding

"(b)
include

"Sec. 332.

the portion,

means

of section 331

title the term 'foreign personal holding company
of the gross income determined for

the purposes

(1), which consists of:

(a)

"(a)

Dividends, interest, royalties, annuities.

"(b)

Stock and

dealers in stock

the case of regular
exchange of stock or

Securities Transactions—Except in

or

securities, gains from the sale or

securities.

Commodities

"(c)
any

commodity

merchant,

or

transactions

Transactions—Gains

from

futures

in
commodity

fide hedging
business in the

handler of the commodity which arise out of bona
such

to

the conduct of its

is customarily and

business

(3)

Personal Holding Companies
respect to a foreign

General Rule—As used in this Supplement with

corporation the term 'gross income' means gross income

regard to the provisions of Supplement I) as if
a

computed (without

the foreign corporation were

domestic corporation.
"

(b) Additions to Gross Income—In the case of a

ing company (whether

or not a

foreign personal hold¬

United States group, as

defined in section

the last date of its
taxable year) which was a shareholder in another foreign personal holding
company on the day in the taxable year of the second company which was
the last day on which a United States group existed with respect to the
second company, there shall be included, as a dividend, in the gross income
of the first company, for the taxable year in which or with which the taxable
year of the second company ends, the amount the first company would have
received as a dividend if on such last day there had been distributed by

331

(2), existed with respect to such company on

(a)

the second company,

bears the

and received by the

ratio to the undistributed

same

shareholders, an amount
Supplement P net income

which
of the

portion of such taxable year
up to and including such last day bears to the entire taxable year.
"(c) Application of Subsection (b)—The rule provided in subsection
second company

for its taxable year as the

"(1) shall be applied in the case of a foreign personal holding company
for the purpose of determining its undistributed Supplement P net income
which, or a part of wnich, is to be included in the gross income of its share¬
holders, whether United States shareholders or other foreign personal
holding companies;
"(2) shall be applied in the case of every foreign corporation with respect
to which a United States group exists on some day of its taxable year, for
the purpose of determining whether such corporation meets the gross income
requirements of section 331 (a) (1).

transactions

subject to the rules of a board of trade or

reasonably necessary

which

in

manner

on or

This subsection shall not apply to gains by a producer, processor,

exchange.

and

(2),

to be included

(b)—

Income

Foreign Personal Holding Company

"For the purposes of this
income'

company' does not
101.

corporation exempt from taxation under section

a

(1),

prior conversion date are also included.

a

"(a)

foreign corporation if—
"(1) Gross Income Requirement—At least 60 per centum of its gross
income (as defined in section 334 (a) ) for the taxable year is foreign personal
holding company income as defined section 332; but if the corporation is a
foreign personal holding company with respect to any taxable year, then,
term 'foreign

paragraphs

"Sec. 334. Gross Income of Foreign

Personal Holding Company

Definition of Foreign

General Rule—For the purposes of this title

"(a)

COMPANIES

HOLDING

in

securities must be included if any are

States

United

of

that all convertible
shall be subject to the
exception that, where some of the outstanding securities are convertible
only after a later date than in the case of others, the class having the earlier
conversion date may be included although the others are not included, but
no convertible securities shall be included unless all outstanding securities
"The

COMPANIES

Shareholders of
Foreign Personal Holding Companies
1936 is amended by adding after Supplement O
Income

in

Income of
The

1485

Financial Chronicle

Volume 145

usually conducted by

"Sec. 335.

Undistributed Supplement P Net

income'
minus

the

means

the

amount

computed without
dividend

Income

'undistributed Supplement P net
Supplement P net income (as defined in section 336)
Of the dividends paid credit provided in section 27,
the benefit of subsection (b) thereof (relating to the

"For the purposes of this

title the term

carry-over).

others.

Estates

"(d)

Income of
or

the

computing the net
corporation under Supplement E; and gains from the sale
and

Trusts—Amounts

other disposition of any interest

Personal

Service

by description)
individual

other

Contracts—(1) Amounts received

the individual

who is

description)

to

who is to perform the services, or

perform the services is designated

in the contract; and

disposition of such

(2)

contract.

a

if the

(by name or by
sale or

amounts received from the

This subsection shall apply with

only if
in value of
the outstanding stock of the corporation is owned, directly or indirectly,
by or for an individual who has performed, is to perform, or may be designamed (by name or by description; as the one to perform, such services.
"(f) Use of Corporation Property by Shareholder—Amounts received
as compensation
(however designated and from whomsoever received) for
the use of, or right to use, property of the corporation in any case where,
at any time during the taxable year, 25 per centum or more in value of the
outstanding stock of the corporation is owned, directly or indirectly, by

respect to amounts received for services under a particular contract
at some time
>

during the taxable year 25 per centum or more

for the individual entitled to the use of the property;

or

is obtained

whether such right

directly from the corporation or by means of a sublease or other

arrangement.

Rents—Rents, unless constituting 50 per centum or more of the

"(g)
gross

income.

For the purposes of this subsection the term 'rents' means

compensation, however designated, for the use of, or right to use, property
but does not include amounts constituting

"For
means

in an estate of trust.

under a con¬
tract under which the corporation is to furnish personal services; if some
person other than the corporation has the right to designate (by name or
"(e)

foreign personal holding company

the

Stock Ownership

a

foreign corporation is

a

such determination is based
section 332

foreign personal holding company, insofar
on

stock ownership under section 331

(a)

as

"(1) Taxes and Pension Trusts—The deductions provided in section
23 (d), relating to taxes of a shareholder paid by the corporation, and in
(p), relating to pension trusts, shall not be allowed.
"(2) Expenses and Depreciation—The aggregate of the deductions al¬
lowed under section 23 (a), relating to expenses, and section 23 (1), relating
to depreciation, which are allocable to the operation and maintenance of
property owned or operated by the company, shall be allowed only in an
amount equal to the rent or other compensation received for the use or
right to use the property, unless it is established (under regulations pre¬
scribed by the Commissioner with the approval of the Secretary) to the
satisfaction of the Commissioner:
^

section 23

.

That

the rent or

other compensation

(2),

or,

Corporation Income

"Sec. 337.

lf

beneficiaries.

"(2) Family and Partnership Ownership—An individual shall be con¬
sidered as owning the stock owned, directly or indirectly, by or for his
family or by or for his partner.
For the purposes of this paragraph the
family of an individual includes only his brothers and sisters (whether by
the whole or half blood), spouse, ancestors, and lineal descendants.
(3) Options—If any person has an option to acquire stock such stock
shall be considered as owned by such person.
For the purposes of this
paragraph an option to acquire such an option, and each one of a series of
such options, shall be considered as an option to acquire such stock.
"(4) Application of Family-Partnership and Option Rules—Paragraphs
(2) and (3) shall be applied—
"(A) For the purposes of the stock ownership requirement provided in
section 331 (a) (2), if, but only if, the effect is to make the corporation a
foreign personal holding company:
"(B) For the purposes of section 332 (e) (relating to personal service
contracts), or of section 332 (f) (relating to the use of property by share¬
holders) if, but only if, the effect is to make the amounts therein referred
to includible under such subsection as foreign personal holding company
,

income.

"(5) Constructive Ownership as Actual Ownership—Stock constructively
owned by a person by reason of the application of paragraph (1) or (3)
shall, for the purpose of applying paragraoh (1) or (2), oe treated as actually
owned by such person; but stock constructively owned by an individual
by reason of the application of paragraph (2) shall not be treated as owned
by him for the purpose of again applying such paragraph in order to make
another the constructive owner of such stock.

Option Rule in Lieu of Family and Partnership Rule—If stock may
as owned by an individual under either paragraph (2) or (3)
(3).

"(6)

be considered

it shall be considered as owned by him under paragraph

"(b) Convertible
stock

Securities—Outstanding

securities

convertible

(whether or not convertible during the taxable year)

sidered

as

into

shall be con¬

outstanding stock—

"(1) For the purpose of the stock ownership requirement provided in
(a) (2), but only if the effect of the Inclusion of all such securities
is to make the corporation a foreign personal holding company;
"(2) For the purpose of section 332 (e) (relating to personal service
contracts), but only if the effect of the inclusion of all such securities is to

section 331

Taxed to United States

Shareholders

"(1) Stock not

or

received was the highest

if none was received, that none was obtainable;
"(B) That the property was held in the course of a business carried on
bona fide for profit: and
•
..
"(C) Either that there was reasonable expectation that the operation
of the property would result in a profit, or that the property was necessary
to the conduct of the business.

(e), or section 332 (f)—

Owned by Individual—Stock owned, directly or in¬
directly, by or for a corporation, partnership, estate or trust shall be
considered as being owned proportionately by its shareholders, partners,

incom e

"(b) Deductions Not Allowed—

,

Constructive Ownership—For the purpose of determining whether

"(a)

P net

be allowed as deductions—
"(1) Federal income, war-profits, and excess-profits taxes paid or accrued,
during the taxable year to the extent not allowed as a deduction under
section 23; but not including the tax imposed by section 102, section 351
(either before or after its amendment by the Revenue Act of 1937), or a
section of a prior income-tax law corresponding to either of such sections.
"(2) In lieu of the deduction allowed by section 23 (q). contributions or
gifts made within the taxable year to or for the use of donees described in
section 23 (q) for the purposes therein specified, to an amount which does
not exceed 15 per centum of the company's net income, computed without
the benefit of this paragraph and section 23 (q), and without the deduction
of the amount disallowed under subsection (b) of this section, and without
the inclusion in gross income of the amounts includible therein as dividends
by reason of the application of the provisions of section 334 (b) (relating
to the inclusion in the gross income of a foreign personal holding company
of its distributive share of the undistributed Supplement P net income of
another foreign personal holding company in which it is a shareholder).
Additional Deductions—There shall

obtainable,

"Sec. 333.

of this title the term 'Supplement
income with the following adjustments:

purposes

the net

"(a)

"(A)

income under subsection (f).

Supplement P Net Income

"Sec. 336.

includible in

undistributed Supplement P net income of a
shall be included in the gross income
United States, domestic corporations,
domestic partnerships, and. estates or trusts (other than estates or trusts
the gross income of which under this title includes only income from sources
within the United States), who are shareholders in such foreign personal
holding company (hereinafter called 'United States shareholders') in the
General Rule—The

"(a)

foreign personal holding company
of the citizens

or

residents of the

and to the extent set

manner

forth in this Supplement.

Included in Gross Income—Each United States share¬
holder, who was a shareholder on the day in the taxable year of the com¬
pany which was the last day on which a United States group (as defined in
section 331 (a) (2) existed with respect to the company, shall include in
Amount

"(b)

dividend, for the taxable year in which or with which
the amount he would have received
there had been distributed by the com¬
pany, and received by the shareholders, an amount which bears the same
ratio to the undistributed Supplement P net income of the company for
the taxable year as the portion of such taxable year up to and including
such last day bears to the entire taxable year.
"(C) Credit for Obligations of U. S. and Its Instrumentalities—Each
United States shareholder shall be allowed a credit against net income, for
the purpose of the tax imposed by section 11, 13, 14, 201, or 204, of his
proportionate share of the interest specified in section 25 (a) (1) or (2)
which is included in the gross income of the company otherwise than by the
his gross

income, as a

the taxable year
asa

a

of the company ends,

dividend if on such last day

application of the
the gross

provisions of section 334 (b)

income of a foreign

of the undistributed

share

(relating to the inclusion in

personal holding company of its

Supplement P net income

distributive

of another foreign

in which it is a shareholder).
Information in Return—Every United States shareholder who is
required under subsection (b) to include in his gross income any amount
with respect to the undistributed Supplement P net income of a foreign
personal holding company
"(d)

and who, on the last day on which a United
existed with respect to the company, owned 5 per centum or
value of the outstanding stock of such company, shall set forth in

personal holding company

make the amounts therein referred to includible under such subsection as

States group

foreign personal holding company income; and
"(3) For the purpose of section 332 (f) (relating to the use of property
by shareholders), but only if the effect of the inclusion of all such securities
is to make the amounts therein referred to includible under such subsection

more

as

foreign personal holding company income,




his

in

return

in complete detail the gross

net income,

net income

of such company.

and credits,
undistributed Supplement P

income, deductions

Supplement P net income, and

1486
"(e)

Financial

Effect

on

Chronicle

Capital Account of Foreign Personal Holding
Company—

An amount which bears the
net income of the

ratio

to the undistributed
Supplement P
foreign personal holding company for its taxable year as
same

Sept. 4, 1937

guilty of a misdemeanor and, upon conviction thereof, be fined not more
than $2,000, or imprisoned for not more than one
year or both."
Sec. 202.

the portion of such taxable year up to and

including the last day on which
United States group existed with respect to the
company bears to the entire

a

I of the Revenue Act of 1936, added to such
Act by section 201 of this Act, shall not
apply to a taxable year (either of
a shareholder or of a foreign
corporation) ending on or before the date of
the enactment of this Act; and in no case shall the stock
ownership require¬
ment provided in section 331 (a) (2) of such
Supplement be satisfied unless
a United States group (as therein
defined) existed with respect to the

taxable year, shall, for the purpose of determining the effect of
distributions
subsequent taxable years by the corporation, be considered as a con¬

in

tribution to capital.

"(f)

Basis of Stock in Hands of Shareholders—The amount
required to

be included in the gross income of
section

(b) shall, for the

purpose

United States shareholder under sub¬

a

corpo¬

ration after the date of the enactment of this Act.

of adjusting the basis of his stock with

which the distribution would have been made

respect to

339 of such Supplement the date

(if it had been

made), be treated as having been reinvested by the shareholder as
tribution to the capital of the corporation; but
only to the extent to
amount is included in his gross income in his

such

a

time if filed prior to December

on

Sec.

or

203.

Section 113

and the

Liquidation—For amount of gain taken into account on liquidation
foreign personal holding company, see section 115 (c).
Period of Limitation on Assessment and Collection—For
period of
and

collection

without

assessment,

in

Sec.

"(a)

Information

338.

Returns

by

Officers

and

in which such month occurs,

year

preceding calendar month the

shareholder, the class

return

setting forth

any

such

other

and number of shares held by
each, together with

Act.

The

as

may

a

month.

In such

the fifteenth

day of the succeeding period, and shail be filed by the
individuals who on such day are officers and directors of
the corporation.

"(b)
of

year

Annual Returns—On the sixtieth day after the close of the taxable
a foreign personal holding
company each individual who on such

sixtieth day is

an

Commissioner

officer

return

a

or

director of the corporation shall file with the

setting forth—

"(1) In complete detail the gross income, deductions and
credits, net
income, Supplement P net income, and undistributed
Supplement P net

income of such foreign personal holding
company for such taxable year; and
"(2) The same information with respect to such
preceding taxable year
as is
required in subsection (a); except that if all the required
reports with
respect to such year have been filed under subsection
(a) no information
under this paragraph need be set forth in
the annual report.

"(a)

case

or

for whom 50 per centum

in value of the

or more

foreign corporation is owned directly or indirectly
of an individual, stock owned
by the members of his

a

defined in section 333

as

(a)

(2)), if such foreign corporation with

respect to its taxable year (if not beginning more than twelve
months before
the date of the enactment of the Revenue Act

in which such month

occurs was a

shall file with the Commissioner

preceding calendar month the

a

holdings during such period, the

of 1937) preceding the taxable
foreign personal holding company,

return

name

class and number of shares held

setting forth with respect to the

and address of each

by each, together with

changes in stock

holder of securities

approval of the Secretary, may by regulations
prescribe,

as

a

month.

day of the succeeding

period, and shall be filed by the

persons who on such

day

are

for whom

such sixtieth day more than 50
per centum of the out¬
standing stock of such company is owned directly or

indirectly (including
individual, stock owned by members of his family as defined
(a) (2)), shall file with the Commissioner a return
setting

same

information with respect to such
preceding taxable year as
(a); except that if all the required reports with

is required in subsection

respect to such year have been filed under subsection

(a)

no

information

under this subsection need be set forth in the
annual report.

"Sec. 340.

Returns

to

Formation, Etc., of Foreign Corporations

Requirement—Under regulations prescribed by the Commissioner
with the approval of the
Secretary, any attorney, accountant, fiduciary,
bank, trust company, financial institution, or other person—
"(1) Who, on or after the date of the enactment of the Revenue
Act
of 1937, aids, assists, counsels, or advises
in, or with respect to, the forma¬
tion, organization, or reorganization of any foreign
corporation, shall, within
30 days thereafter, file with the Commissioner a
return; or
"(2) Who, since December 31, 1933, and prior to 90 days after the date
of the

enactment of the Revenue Act of
1937, has aided, assisted, coun¬
seled, or advised in the formation, organization, or reorganization of
any
foreign corporation shall, within 90 days after the date of the enactment of
such Act, file with the Commissioner a return.
return shall be in such

form,

forth, under oath, in respect of each such corporation, to the

full extent of the information within the
possession
the control of the person required to file the

or

knowledge

or

under

return, such information

Sec. 206.

(a)

foreign personal holding
(as defined in

enactment of the Revenue

Period of Limitation
upon Assessment and Collection

Section 275 of the

Revenue Act
new

of

1936

is

amended

subsection to read

as

by

inserting

follows:

Shareholders of Foreign Personal Holding
Companies—If the tax¬
payer omits from gross income an amount
properly includible therein under
section

337 (b) (relating to the inclusion in the
gross income of United
States shareholders of their distributive
shares of the undistributed Supple¬
ment P net income of a

foreign personal holding company) the tax may be
or a proceeding in court for the collection of such tax
may be
begun without assessment, at any time within seven
years after the return

assessed,
was

filed."

(b)

Subsection

(d) of such section 275, before its amendment by sub¬
(a) of this section, is amended to read as follows:

section

"(e)

For

the

filed before

considered

(c)

purposes

of subsections

(a),

(b),

the last day prescribed by law for
filed on such last day,"

(c), and

(d),

a

return

the filing thereof shall be

as

Subsection

(e) of such section 275, before its amendment by sub¬
(a) and (b) of this section, is amended by striking out "(e)" and
inserting in lieu thereof "(f) "
sections

Sec. 207.

(a)

Minor Amendments

to

Title I of 1936 Act

Section 4 of the Revenue Act of 1936 is amended
by adding at the

end thereof

"(i)

a new

subsection to read

as

follows:

Foreign personal holding companies and their shareholders—Supple¬

(b)
new

Section 22 of such Act is amended by adding at the end thereof

subsection to read

"(g)

holders,
(c)

"Sec.
person

Nothing
divulging of privileged com¬

341.

Penalties

required under section 338, 339,

or 340 to file a return,
who willfully fails to file such return, or
supply such information, at the time or times required by law or regulations,

supply any information,

shall, in lieu of the penalties provided in section 145 (a) for such offense, be




as

of

foreign personal

see section

Companies—For provisions relating to
holding companies and of their share¬

334."

Section 54 of such Act is amended by adding at the end thereof

subsection to read

a

follows:

Foreign Personal Holding
income

gross

a new

follows:

as

"(e)

Foreign Personal Holding Companies—For information returns by
officers, directors, and large shareholders, with respect to foreign
personal
holding companies, see sections 338, 339, and 341.
For information
by attorneys, accountants, and so forth, as to formation, and
forth, of foreign corporations, see sections 340 and 341."
(d) Such Act is amended by adding after section 150 a new section
read

as

so

to

follows:

"Sec. 151. Foreign Personal
Holding Companies
"For information returns
by officers,

directors, and large shareholders,

with respect to
foreign personal holding companies, see sections 338, 339,
and 341.
For information returns

by attorneys, accountants, and

as

to

formation, and

so

forth, of foreign corporations,

see

so

forth,

sections 340

and 341."

(e)

Section

new

145 of such Act is amended by adding at the end thereof

subsection to read

"(d)

as

follows:

For penalties for failure to file information

returns with respect to

foreign personal holding companies and foreign
corporations,

see

section

341."

TITLE III—DISALLOWED

as

munications between attorney and client.

to

was a

United States group

January 1, 1938, then, despite the foregoing provi¬
subsection, 100 per centum of the gain recognized resulting

the Commissioner with the approval of the
Secretary prescribes by regulaas necessary for
carrying out the provisions of this Act.

lations

in this section shall be construed to require the

or

1937,
a

(2)) existed after the date of the

January 1, 1938; or
"(2) Unless (if it is established to the satisfaction of the Commissioner
by evidence submitted before January 1, 1938, that due to the laws of
the foreign country in which such
corporation is incorporated, or for other
reason, it is or will be impossible to complete the
liquidation of such com¬
pany before such date) the liquidation is
completed on or before such date
as the Commissioner
may find reasonable, but not later than June 30,1938."

a

"(b) Form and Contents of Return—Such

"Any

before, and ending after, the date of

returns
as

"(a)

and shall set

(a)

sions of this

on

an

in section 333
forth the

complete cancellation or redemp¬
foreign corporation which with respect

or

ment P."

"(b) Annual Returns—On the sixtieth day after the close of the taxable
foreign personal holding company each United States shareholder

of

a

from such distribution shall be taken into
account in computing net income—
"(1) Unless such liquidation is completed before

United States

year of a

case

on

Act of 1937 and before

In

shareholders.

in the

is made by

and with respect to which

company,

the period with

respect to which returns shall be filed, a longer
period than
such case the return shall be due on
the fifteenth

or

of the Revenue Act of 1936 is amended
by adding at

taxable year beginning

section 331

shareholder, the

any

name and address of any

convertible into stock of such
corporation, and such other information with
respect to the stock and securities of the corporatizn as the
Commissioner
with the approval of the
Secretary shall by regulations prescribe as necessary
for carrying out the provisions of this
Act.
The Commissioner, with the

by

(c)

"(d)

Monthly Returns—On the fifteenth day of each month each United

(including in the

family

Information Returns by Shareholders

shareholder, by

outstanding stock of

Liquidation of Foreign Personal Holding
Companies

115

after subsection (c) thereof a

"Sec. 339.

States

securities of

or

the enactment of the Revenue Act of

by

the return shall be due

case

a

tion of all its stock)
to any

the period with respect to which returns shall be

longer period than

a

Secretary,

Company

of the Revenue Act of 1936 is amended
by adding
new sentence to read as
follows:

a new sentence to read as
follows:
"If any distribution in complete
liquidation (including any one of a series
of distributions made by the
corporation in

carrying out the provisions of this

Commissioner, with the approval of the

regulations prescribe,

filed,

necessary for

as

Holding

(5)

the end thereof

with respect to the stock and securities of
the
the Commissioner with the approval of the
Secretary shall by

as

regulations prescribe

year

Section

information

corporation

on

Sec. 205.

and address of each

changes in stockholdings during such period, the name and address of
holder of securities convertible into stock of such
corporation, and

any

(a)

1937, and if the property
a foreign
corporation, which with respect
preceding the date or the decedent's death was a
foreign personal holding company, then the basis shall be the fair market
value of such property at the time of
such acquisition or the basis in the
hands of the decedent, whichever is
lower."

foreign personal

was a
a

name

in
Foreign Personal
Acquired from Decedent

to its taxable year next

year (if not beginning more than twelve
months before the date of the enactment of the
Revenue Act of 1937) pre¬

company, shall file with the Commissioner

113

consists of stock

which, with respect to its taxable

holding

Stock

"If the property was acquired by
bequest, devise, or inheritance, or by
the decedent's estate from the
decedent, and if the decedent died after the
date of the enactment of the Revenue Act of

Monthly Returns—On the fifteenth day of each month each indi¬
on such
day is an officer or a director of a foreign corporation

with respect to the

of

at the end thereof

Directors,

vidual who

ceding the taxable

Basis

204.

Section

failure to include in gross income the amount
properly includible therein
under subsection (b), see section 275
(d).

"Sec.

following;

of

case

Personal

(b)

"(E) to the extent provided in section 337 (f) in the case of the stock
of United States shareholders in a
foreign personal holding company."

"(h)

assessment

filed

"and

"(i)

on

as

1, 1937.

(1) of the Revenue Act of 1936 is amended
by striking
the period at the end thereof and
inserting in lieu thereof a semi-colon

out

(a) (5).

limitation

If under section 338 or

return is required to be filed

a

Holding Company

liability, made before the expiration of seven years
after the date prescribed by law for
filing the return,
"(g) Basis of Stock in Case of Death—For basis of stock or securities in
a foreign
personal holding company acquired from a decedent, see sec¬

of

which

Adjusted Basis of Stock of
Foreign

decreased by any adjustment of such amount in the last
determination of
the shareholder's tax

tion 113

on

prior to November 1, 1937, the return shall be considered

occurs

con¬

which

return, increased

Effective Date

Supplement P of Title

Sec. 301.

(a)

Section 24

follows:

(a)

DEDUCTIONS

Disallowed Deductions

of the Revenue Act of 1936 is amended to read

"(a) General Rule—In computing net income
case

no

as

deduction shall in any

be allowed in respect of—

"(1) Personal, living, or family expenses;
"(2) Any amount paid out for new buildings or for
permanent improve¬
ments or betterments made to
increase the value of any property or estate;
"(3) Any amount expended in restoring
property or in making good the
exhaustion thereof for which an allowance is or
has been made;

Volume

"(4) Premiums paid on any life insurance policy covering the life of any
or employee, or of any person financially interested in any trade or
by the taxpayer, when the taxpayer is directly or in¬
directly a beneficiary under such policy; or
.,
"(5) Any amount otherwise allowable as a deduction which is allocable
to one or more classes of income other than interest (whether or not any
amount of income of that class or classes is received or accrued) wholly ex¬
empt from the taxes imposed by this title.

Sec. 403.

officer

business carried on

,

"(b) Losses from Sales
in any case be

erty, directly or indirectly—

,

shall
prop¬

...

"(A) Between members of a family, as defined in paragraph (2) (D);
"(B) Except in the case of distributions in liquidation, between an
a corporation more than 50 per centum in value of the out¬
standing stock of which is owned, directly or indirectly, by or for such
individual and

individual;
"(C) Except in the case of distributions in liquidation, between two
corporations more than 50 per centum in value of the outstanding stock
of each of which is owned by or for the same individual, if—

"(i) Either one of such corporations, with respect to the taxable year
(if beginning after December 31, 1935) of the corporation preceding the
date of the sale or exchange, was a personal holding company as defined

Sec. 501.

(a) Section 211

or exchange, was a foreign personal holding company as defined in
331;
"(D) Between a grantor and a fiduciary of any trust;
"(E) Between the fiduciary of a trust and the fiduciary of another trust,
if the same person is a grantor with respect to each trust; or
"(F) Between a fiduciary of a trust and a beneficiary of such trust.
"(2) Stock Ownership, Family, and Partnership Rule—For the purposes
of determining, in applying paragraph (1), the ownership of stock—
"(A) Stock owned, directly or indirectly, by or for a corporation, part¬
nership, estate, or trust, shall be considered as being owned proportionately
by or for its shareholders, partners, or beneficiaries;
"(B) An individual shall be considered as owning the stock owned,
directly or indirectly, by or for his family;
"(C) An individual owning (otherwise than by the application of sub¬
paragraph (B)) any stpck in a corporation shall be considered as owning
the stock owned, directly or indirectly, by or for his partner;
"(D) The family of an individual shall include only his brothers and
sisters (whether by the whole or half blood), spouse, ancestors, and lineal

sale

section

and

"(E) Constructive Ownership as Actual Ownership—Stock construc¬
tively owned by a person by reason of the application of subparagraph (A)
shall, for the purpose of applying subparagraph (A), (B), or (C), be treated
as actually owned by such person, but stock constructively owned by an
individual by reason of the application of subparagraph (B) or (C) shall
not be treated as owned by him for the purpose of again applying either of

order to make another the constructive owner

of

Special Rule for Year 1936—In applying paragraph (1) (C) (i) in
taxable year therein referred to began in the
1936, the determination as to whether the corporation was
a foreign personal holding company shall be made under section 351 (b) (1)
before the amendment of Title 1A made by section 1 of the Revenue Act
"(3)

a

where the preceding

case

the end thereof

Tax

on

INDIVIDUALS

Nonresident Alien Individuals

(a) of the Revenue Act of 1936 is amended by adding
a new sentence to read as follows:
"The tax imposed

amount

by this subsection shall not apply to any individual if the aggregate
received during the taxable year from the sources
than

above specified is more

$21,600."

(b; Section 211 of the Revenue Act of 1936 is further amended by
at the end thereof

adding

subsection to read as follows:

a new

Income of More
engaged in trade or
of

No United States Business or Office and Gross

"(c)
than

$21,600—A

business

within

nonresident
United

the

business therein who has

$21,600 from the

sources

a

alien

States

gross

individual

and

not

not

having an office or place

gross income

of more than
taxable without

income for any taxable year

specified in subsection (a), shall be

regard to the provisions of subsection (a), except

"(1) The

"(ii) Either one of such corporations, with respect to the taxable year
(if not beginning more than 12 months before the date of the enactment
of the Revenue Act of 1937) of the corporation preceding the date of the

such subparagraphs in
such stock.

with respect to

December 31, 1936.

TITLE V—NONRESIDENT ALIEN

section 352, or

*

Effective Dates

by this title shall apply only

taxable years beginning after

at

Exchanges of Property—

or

The amendments made

,

Losses Disallowed—In computing net income no deduction
allowed in respect of losses from sales or exchanges of

"(1)

1487

Financial Chronicle

145

that—

the sources speci¬

shall include only income from

fied in subsection (a); and

(other than the so-called 'charitable deduction'
provided in section 213 (c) ) shall be allowed only if and to the extent that
they are properly allocable to the gross income from the sources specified in
subsection (a) ; and
"(3) The aggregate of the normal and surtax under sections 11 and 12
shall, in no case, be less than 10 per centum of the gross income from the
sources specified in subsection (a)."
"(2) The deductions

(c) The amendments made by subsections (a) and (b)—
(1) Shall apply only to taxable years beginning

after December 31, 1936;

and

Shall not apply to a resident of a contiguous country so long as there
is in effect a treaty with such country (ratified prior to the date of the
enactment of this Act) under which rates of tax under section 211
(a),
prior to its amendment by subsection (a), were reduced.

(2)

TITLE

Sec. 601,

VI—MISCELLANEOUS

Corporations Excepted from Section

102

1936 is amended by striking
out "(other than a personal holding company as defined in section 351)"
and inserting in lieu thereof "(except as provided in subsection (f) ) ".
(b) Such section 102 is further amended by adding at the end thereof
Section 102 (a) of the Revenue Act of

(a)

a

subsection to read as follows:

new

Corporations Excepted—This section shall not

"(f)

apply to any cor¬

poration—

With respect to a taxable year beginning after December 31, 1936,
if the corporation is with respect to such year a personal holding company
"(1)

as

defined in section 352

calendar year

"(2) With respect to a taxable year beginning before January
if the corporation is with respect to such a year a personal holding company
as
defined in section 351 (b) (1) before the amendment of Title
by

of 1937.

section 1 of the Revenue Act

Unpaid

"(c)

and

Expenses

Interest—In

(a) or interest accrued under section 23

23

net income no
incurred under section

computing

deductions shall be allowed in respect of expenses

If, by reason of the method of accounting

with which the taxable year of the taxpayer

or

paid, in¬
in which

ends; and

to

whom the payment is to be made are persons
24 (b)."

between whom

losses would be disallowed under section

Act of 1936, as in
24 made by subsection (a) of this

Section 24 (b) and section 24 (c) of the Revenue

(b)

force prior to the amendment to section

section,

are

amended by striking out "(b)" and

"(c)" and inserting in lieu

thereof "(d)" and "(e)".

Effective Dates

Sec. 302.
The

amendments

made

taxable years beginning

by this title shall apply only with respect to

TITLE

"(3) Corporations Excepted—This section

"(a)

as

31, 1936.
company

defined in section 352.

"(B) With respect to a taxable year beginning before January 1, 1937,
if the corporation is with respect to such year a personal holding company
as defined in section 351
(b) (1) before the amendment of Title IA by sec¬
tion 1 of the Revenue Act of 1937.
"(C) With respect to a taxable year ending after the date of the enact¬
ment of the Revenue Act of 1937, if the corporation is with respect to such
year a

foreign personal holding company as

If any

Act of 1936 is amended to read as follows:

shall not apply to any corpo¬

"(A) With respect to a taxable year beginning after December
if the corporation is with respect to such year a personal holding

defined in section 331."

Separability Clause

provision of this Act, or the

circumstances, is held

Credits of Estate or Trust—

such

ration—

of such

Section 163 (a) of the Revenue

351" and

provided in paragraph (3)".
(b) Such section 48 (e) is further amended by adding at the end of
subsection a new paragraph to read as follows:

Sec. 603.

IV—TRUSTS

Act of 1936 is amended by striking

personal holding company as defined in section

inserting in lieu thereof "except as

after December 31. 1936.

Denial of Personal Exemption to Trusts

Sec. 401.

Section 48 (e) (1) of the Revenue

out "other than a

defined in section 331."

Mutual Investment Companies

Sec. 602.

two

person

foreign personal holding company as

year a

(a)

of the person to whom

If, at the close of the taxable year of the taxpayer or at any time
and one half months thereafter, both the taxpayer and the

"(3)

ment

and one half

the payment is to be made, the amount thereof is not, unless
cludible in the gross income of such person for the taxable year

within

IA

of 1937.

With respect to a taxable year ending after the date of the enact¬
of the Revenue Act of 1937, if the corporation is with respect to such

"(3)

(b)—

"(1) If not paid within the taxable year or within two
months after the close thereof; and
"(2)

1, 1937,

application thereof to any person or
and the application
circumstances, shall not be affected

invalid, the remainder of the Act.

provisions to other persons or

thereby.

Approved, August 26, 1937, 10 a. m.

"(1) For the purpose of the normal tax and the surtax an estate or trust
shall be allowed the same personal exemption as is allowed to a single person
under section 25

(b) (1), except that no exemption shall be allowed a trust if

the trust instrument requires or permits the accumulation of any portion
of the income of the trust and there is not distributed an amount equal to

What the Housing

For the purposes of this paragraph the term "net income"
include amounts included in gross income which, under the law

the net income.
does

not

of the jurisdiction

under which the trust is administered, cannot (even if

Eermitted or required by and trust instrument to be considered as income)
considered
income
the
not distributable.
e

are

as

"(2) If no part of the income of the estate or trust is included in com¬
puting the net income of any legatee, heir, or beneficiary, then the estate
or trust shall be allowed the same credits against net income for interest
as

are

allowed by section 25

commodity prices since 1932.
The

the

Section 142 (a) of the

Requirement

Revenue Act of 1936 is amended to read as follows:

of Return—Every fiduciary

title and such other information for the purpose

visions of this title
may

as

of carrying out the

pro¬

the Commissioner with the approval of the Secretary

by regulations prescribe—

"(1) Every individual having a net income for the taxable year of .$1,000
if single, or if married and not living with husband or wife;
"(2) Every individual having a net income for the taxable year of $2,500
or over, if married and living with husband or wife;
"(3) Every individual having a gross income for the taxable year of
$5,000 or over, regardless of the amount of his net income;
"(4) (A) Every estate, and every trust entitled to the personal exemp¬
tion allowed by section 163 (a) (1), the net income of which for the taxable
year is $1,000 or over.
"(B) Every trust, not entitled to a personal exemption under section
163 (a) (1), which has a net income for the taxable year.
"(5) Every estate or trust the gross income of which for the taxable
year is $5,000 or over, regardless of the amount of the net income;
"(6) Every estate or trust of which any beneficiary is a nonresident
or over,

"(7) Regardless of the amount of the gross or net income, every trust,
though having no net income, which would have a net income if distribu¬
tions had not been made which under the terms of the trust instrument

the program

of the trustee or conditioned upon a contingency;
such conditions, limitations and exceptions and under such

regulations as may be prescribed by the Commissioner, with the approval
of the Secretary, a fiduciary required by this paragraph to file a return may
be exempted from the requirement of filing such return."




outlay for individual units was so

certainty that once

is started here it cannot be stopped

until its sponsors

have a program rivaling the Eng¬

had better be pre¬
If 500,000 subsidized
units (half the British program) are erected in this
country over the next 10 years, with the cost limita¬
tions per unit set by the new law, the capital outlay
by the Federal and local governments would easily
reach $3,000,000,000, to which must be added the
expenditure for annual subsidies by both Federal
and local governments that will be a continuing

lish, suggests that the taxpayers

pared for huge tax burdens.

charge for many years.
The

theory back of the Wagner-Steagall program

is, of course,

in the discretion

but subject to

cost of the British program, despite

that

low, together with the virtual

alien; and

were

huge

fact

Fiduciary Returns

(except a receiver ap¬
pointed by authority of law in possession of part only of the property of
an individual) shall make under oath a return for any of the following in¬
dividuals, estates, or trusts for which he acts, stating specifically the items
of gross income thereof and the deductions and credits allowed under this
"(a)

building boom and the upturn in world

the British

(a)."

Sec. 402.

Program May Cost

(Continued from page 1480)

be made

that only the annual contributions to

by the Federal and local governments

constitute

a

charge upon the taxpayer.

will

The capital

1488

Financial

outlay, to be financed fargely by guaranteed bonds,
will theoretically be
self-supporting. Only time will
demonstrate whether such guaranteed
is

the

and
in

with

case

Home

fact be

Owners'

to

issues.

Farm

Loan

The

Municipal finance his¬

of

accounts

revenue

authorities show that

and

as

however, that the taxpayer may
creditors holding such guaranteed

unable to make their

despite the

debts, just

Mortgage Corporation

us,

repay

even

late

as

English housing
as

1934

housing ventures

they

were

all costs,

pay

subsidies allowed by national

generous

local governments.

No

consideration

effects of the
estate

and

here

building

given to the possible

will

budgets.

if,

or

as

nor

grade rails underwent

Louis

declined 2%

some

in

spite

declines

on

bonds

average

Such

seems

incalculable

costs

it

off 3%;

were

a

on

is

is

soft this week.

While

been large in most of the

of 107.01.

a

An advance in the

273-day Treasury bills to 0.62% against 0.46%

fortnight ago reflected the seasonal hardening of short-

term money rates.

(Based

U.

S.

All

120

1937

Govt.

on

PRICES

New financing

limited to

was

an

issue

bonds

have

been

irregular.

High grades dis¬

played a firm undertone, but lower ranking issues generally
The

declined.

equipments

have

been

dull

and

coal

com¬

obligations eased, Consolidation Coal 5s, 1960, closing
at 67%, off %.
One of the widest movements in the oil
section has been the 1%-point drop to 89%, of Empire Oil &
Refining 5%s, 1942.
In the building supply group, Certainpany

78%.

5%s, 1948, stood out with

The

steels moved

a

fractionally

3%-point decline

lower.

Advances

included those of Wilson & Co. 4s, 1955, which rallied

% to

102%, and Loew's, Inc., 3%s, 1946, which closed
higher at par.

point

Foreign

bonds

have

moved

tilities

has

Europeans,
but

group,

small

Japanese

kept

declines
French

have

bonds

%

within

Brazilian issues tending to soften.

narrow
limits, with
The continuance of hos¬

bonds under
been

showed

Among

pressure.

registered

in

continued

the

Italian

firmness

on

turnover.

Moody's computed bond prices and bond
given in the following tables:

(REVISED)

MOODY'S

yield

averages

120 Domestic

by Ratings

Corporate by Groups *

All

Baa

Aa

h.

R.

P.

U.

120

1937

YIELD

AVERAGES

(REVISED)

Averages

Corp.

120 Domestic

tic

Indus

120 Domestic Corporate *

Domes¬

Daily
Aaa

BOND

{Based on Individual Closing Prices)

tic

Corp.*

United Light & Railways 5%s, 1952, closed

Average Yields)

120 Domestic Corporate *

Domes¬

Bonds

although

are

MOODY'S BOND

Daily
Averages

market,

Illinois Power & Light

expenditures.

Industrial

to

at 108.04 on Friday, being only

point above the year's low
yield rate

bond

5%s, 1957, declined 1% to 91%; Interstate Public Service

on

program

probable,

more

have been

the average have not

of eight issues,

declining

a

firm,

4%s, 1958, lost 1 at 74%; Southwestern Power & Light 6s,

tal

tax-exempt

United States Government likewise lost ground, the

year.

of

certain specific issues lost ground.

remained

Lower-grade utilities

$3,000,000 Rochester Gas & Electric 3%s, 1967, for capi¬

the second-grade rail list recorded new lows for the

groups,

Francisco 4%s,

grade have

have advanced fractionally.

well

held

St. Louis-San

off 1 point.

of investment

issues

Utility
and

were

Defaulted railroad

Chicago Great Western 4s, 1959,

points to 33%;

1978, at 19%

Baltimore &

1% at 73; N. Y. Chicago & St.
% to 82%,.

4%s, 1978, declined

bonds also showed losses.

Teed Products

of

serious price declines.

Ohio "D" 5s, 2000, were off

% at

Second-

of

=======

grades

off

were

to the effects of

The Course of the Bond Market
All

4s, 1995,

76%, down 5%.

undoubtedly increase the burden of taxpayers

enlarged.

gen.

at

greatly, however, if the low-cost housing
continued,

& Santa Fe

private real

program upon

building activity,
tax

Atchison Topeka

bonds have extended their declines.

2022, fell 2 to 89; United Light & Power 6%s, 1974, at 74

is

the erection of units which may be

municipal

Sept. 4, 1937

High-grade railroad

110% ,* Pennsylvania 5s, 1968, at 116 lost % point.

Corporation issues, will

self-liquidating.

tory teaches
have

the

Chronicle

by Ratings

Corporate by Groups *

30
For-

Aaa

Aa

A

Baa

R.

R.

P.

U.

Indus.

100.70

113.68

100.64

99.66

83.60

92.12

101.58

109.24

Sept. 3„

3.96

3.28

3.48

4.02

3.91

3.50

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

5.07

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

109.24

4.46

elgns

Sept. 3__ 108.04
2

—

5.07

4.48

100.88

113.68

109.64

99.83

84.14

92.43

101.76

Aug. 31..

3.95

3.28

3.48

4.01

5.03

3.90

3.50

30— 108.26

100.70

113.68

109.64

99.66

84.01

92.59

101.58

109.24

30-

3.96

3.28

3.48

4.02

5.04

4.45

3.91

3.50

28— 108.27

100.70

113.68

109.64

99.66

83.87

92.59

101.41

109.05

28-

3.96

3.28

3.48

4.02

5.05

4.45

3.92

3.51

27— 108.28

100.70

113.89

109.44

99.66

84.01

92.59

101.58

109.24

27-

3.96

3.27

3.49

4.02

5.04

4.45

3.91

26— 108.36

100.88

113.89

109.64

99.66

84.28

92.59

101.58

109.24

26-

3.95

3.27

3.48

4.02

5.02

4.45

3.91

25— 108.55

100.88

113.89

109.64

99.66

84.41

92.90

101.76

109.24

25..

3.95

3.27

3.48

4.02

5.01

4.43

3.90

3.50

24- 108.65

100.88

113.89

109.64

99.66

84.41

92.75

101.76

109.44

24-

3.95

3.27

3.48

4.02

5.01

4.44

3.90

3.49

23- 108.72

101.06

113.89

109.64

99.83

84.41

92.90

101.76

109.44

5.28

3.49

Aug.31__ 108.26

3.50
<

3.50

23-

3.94

3.27

3.48

4.01

5.01

4.43

3.90

108.71

100.88

113.89

109.64

99.83

84.28

92.59

101.76

109.44

21

3.95

3.27

3.48

4.01

5.02

4.45

3.90

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

19.

108.99

101.23

114.09

110.04

100.18

84.55

92.90

102.12

109.64

19„

3.93

3.26

3.46

3.99

5.00

4.43

3.88

3.48

18— 109.12

101.41

113.89

110.24

100.53

84.69

93.37

102.30

109.64

18-

3.92

3.27

3.45

3.97

4.99

4.40

3.87

3.48

17— 109.18

101.58

114.30

84.83

...

3.49

20— 108.86

5~.28

21

—

110.43

100.70

93.53

102.30

109.84

17-

3.91

3.25

3.96

4.98

4.39

109.21

101.76

114.72

110.43

100.70

84.83

93.69

102.30

110.04

16„

3.90

3.23

3.44

3.96

4.98

4.38

3.87

3.46

14— 109.15

101.76

114.72

110.63

100.88

84.96

93.85

102.30

110.24

14„

3.90

3.23

3.43

3.95

4.97

4.37

3.87

3.45

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

12-

109.23

101.94

114.93

110.83

100.88

84.83

94.01

102.12

110.24

12„

3.89

3.22

3.42

3.95

4.98

4.36

3.88

3.45

11

109.44

101.76

114.93

111.03

100.88

84.55

93.85

102.12

110.43

11-

3.90

3.22

3.41

3.95

5.00

4.37

3.88

3.44

101.76

114.93

110.83

110.88

84.55

93.85

102.12

110.24

10-

3.90

3.22

3.42

3.95

5.00

4.37

3.88

3.45

101.76

114.72

110.83

100.70

84.55

93.85

102.12

110.04

9-

3.90

3.23

3.42

3.96

5.00

4.37

3.88

3.46

5~.33

3.46

16

—

—

10- 109.67
97

109.55

3.44

3.87

3.47

5.08

*■

mm

mmm

---

109.53

101.76

114.72

110.83

100.70

84.55

93.85

102.12

110.04

7-

3.90

3.42

3.96

5.00

4.37

3.88

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

109.50

101.76

114.72

110.83

100.70

84.55

94.01

102.12

110.04

5-

3.90

3.23

3.42

3.96

5.00

4.36

3.88

3.46

...

4

109.50

101.76

114.93

110.83

100.70

84.41

93.69

102.12

110.04

4„

3.90

3.22

3.42

3.96

5.01

4.38

3.88

3.46

3

109.49

101.58

114.93

110.63

100.53

84.41

93.53

102.12

110.04

3„

3.91

3.22

3.43

3.97

5.01

4.39

3.88

3.46

3.47

3.23

2„ 109.48

101.58

114.51

110.83

100.70

84.41

93.69

102.12

109.84

2..

3.91

3.24

3.42

3.96

5.01

4.38

3.88

Weekly—
109.52
July 30.
23,. 109.22

101.58

114.72

110.63

100.70

84.28

93.85

101.94

109.84

Weekly—
July 30..

3.91

3.23

3.43

3.96

5.02

4.37

3.89

3.47

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

108.59

101.58

113 89

110 24

100 53

85.24

95.13

101.06

109.24

9-

3.91

3.27

3.45

3.97

4.95

4.29

3.94

3.50

5.15
5.17

108.39

5.13

100.38

113.6S

109.84

83.87

94.33

100.18

108.66

2„

3.95

3.28

3.47

4.00

3.99

3.53

108.36

100.70

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

18.

108.44

101.41

113.89

110.24

100.35

85.10

95.13

100.70

109.24

18„

3.92

3.27

3.45

3.98

4.96

4.29

3.96

3.50

5.13

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

3.95

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

3.30

3.52

June 25..

100.00

5.05

4.34

5.12

May 28..

3.92

3.46

3.98

4.92

4.26

3.97

21.

108.22

101.58

113.07

109.84

100.35

86.07

95.46

100.88

108.66

21„

3.91

3.31

3.47

3.98

4.89

4.27

3.95

3.53

5.27

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

Apr. 30— 107.59

3.93

3.56

5.37

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

23„

3.62

5.41

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

16-

3.64

5.31

107.79

100.70

111.03

107.88

99.48

87.21

95.62

100.70

106.54

16-

3.96

3.41

3.57

4.03

4.81

4.26

3.96

3.64

5.33

9..

107.23

99.48

109.64

107.11

98.45

85.65

94.49

99.31

105.41

9..

4.03

3.48

3.61

4.09

4.92

4.33

4.04

3.70

5.33

2„ 107.19
Mar. 25.. 108.40

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

5.36

101.23

111.84

108.27

99.48

87.93

96.11

100.70

107.30

Mar.25._

3.93

3.37

3.53

4.03

4.76

4.23

3.96

3.60

5.33

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

19

109.32

101.23

111.84

108.46

12„

110.76

102.30

112.86

109.24

100.35

89.40

97.45

101.76

108.27

12__

3.87

3.32

3.50

3.98

4.66

4.15

3.90

3.55

5.30

5„

111.82

103.74

114.09

110.43

101.76

90.75

98.45

103.38

109.44

5„

3.79

4.55

3.90

4.57

4.09

Feb. 26-

3.26

3.81

3.49

5.24

112.18

103.93

114.72

110.83

102 12

90.59

98.62

103.93

109.84

Feb. 26..

3.78

3.23

3.42

3.88

4.58

4.08

3.78

4.47

5.13

19—

112.12

11-

104.11

114.30

110.83

102.48

91.05

98.97

104.11

109.44

19-

3.77

3.25

3.42

3.86

4.55

4.06

3.77

3.49

112.20

104.48

114.93

111.03

102.84

91.51

99.66

104.30

110.04

11-

3.75

3.22

3.41

3.84

4.52

4.02

3.76

3.46

5.18

5.. 112.34

105.04

115.78

111.84

103.38

91.66

100.00

105.04

110.63

5.

3.72

3.18

3.37

3.81

4.51

4.00

3.72

3.43

6.19

29— 112.21

105.41

116.64

112.25

103.56

91.51

100.00

105.04

111.43

Jan. 29..

3.70

3.14

3.35

3.80

4.52

4.00

3.72

3.39

5.34

22..

112.39

106.17

117.72

113.27

104.30

92.38

101.23

105.79

112.05

22..

3.66

3.09

3.30

3.76

4.47

3.93

3.68

3.36

5.39

15..

112 53

106.36

118.16

113.48

104.48

92.28

101.23

106.17

112.25

15..

3.65

3.07

3.29

3.75

4.47

3.93

3.66

3.35

8-

112 71

106 36

117.94

113.89

104.48

91.97

101 23

106.17

112.25

8-

3.65

3.08

3.27

3.75

4.49

3.93

3.66

3.35

5.43

Hlgh 1937 112.78

106.54

118.16

113.89

104.67

92.43

101.41

106.17

112.45

Low 1937

3.64

3.07

3.27

3.74

4.46

3.92

3.66

3.34

5.08

99.48

109.64

107.11

98 28

82 66

92.12

99.31

105.41

High 1937

4.03

3.48

3.61

4.10

5.14

4.48

4.04

3.70

5.43

103.38

115.78

110.83

100.70

89.10

97.61

102.84

110.24

3.81

3.18

3.42

3.96

4.68

4.14

3.84

3.45

5.70

4.41

3.64

3.88

4.51

5.60

4.96

4.30

3.96

6.64

Jan.

Low

1

1937 107.01

Yr. Ago

5,13

5.41

1 Yr. Ago

Sept.3'36 111.08
2 Yrs. Ago

Sept. 3 *36
2 Yrs. Ago

Sept.3 35 107.34
*

_

93.21

106.54

102.12

91.66

76.88

85.10

94.97

100.70

Sept. 3'35

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
the average movement of actual price qutatloons.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of

level

or

yield

averages,

the latter being the truer picture of the bond market.




Financial

Volume 145

THE

TRADE—COMMERCIAL

OF

STATE

EPITOME

Friday Night, Sept. 3, 1937.
Business activity

is reported

holding steady, notwith¬

as

let-downs in certain departments of industry.
Gains in steel activity and bituminous coal production and
standing
a

peak for petroleum runs to stills offset declines in

new

loadings, electric output and automotive activity, accord¬
Commerce."
This authority states

car

ing to the "Journal of
that

the

weekly business index remained at 101.8,

the re¬

vised

figure for the preceding week, and compares with 93.5
for the corresponding period of 1936.
Production of elec¬
tricity by the electric power and light industry for the
week

ended

Aug. 28

cording to the

2,294,713,000 kilowatt hours, ac¬
This constituted

was

Edison Electric Institute.

of 8%

Highest
percentage gain over last year was recorded by the Rocky
Mountain area, which topped energy output of last year
by 18%.
The Federal Power Commission yesterday re¬
vealed that power production, consumption and earnings
soared to new peaks during the 12-month period
ended
a

gain

similar week

the

over

last

year.

Chronicle

1489

moderately

high winds were experienced, but crop and
damage, in general, was relatively light.
The maxi¬
mum
temperatures for the week ranged from about 80
degrees to 92 degrees east of the Mississippi Valley, but
other

high in the trans-Mississippi area.
Temperatures of
or higher were reported in western Arkansas,

were

100

degrees

northern

Nebraska, South Dakota, eastern Colorado and
Montana, with only slightly lower readings gen¬
erally throughout the Missouri Valley and the Plains States.
The highest reported was 106 degrees at Phoenix, Ariz.,
occurring on several days.
The weekly mean temperatures
were slightly above normal in most sections of the Atlantic
area and the South.
In the New York City area exceedingly
eastern

weather prevailed, with humidiy at times very high,
though clear weather prevailed during most of the week.
Today it was fair and warm here, with temperatures rang¬
ing from 72 to 89 degrees.
The forecast was for partly
warm

cloudy and
showers.

warm

tonight.

Overnight

at

Saturday cooler and

Boston it

72

was

probably

86

to

degrees;

These figures are hailed as definite evidence that the power

Baltimore, 72 to 92; Pittsburgh, 72 to 94; Portland, Me., 70
to 84; Chicago, 74 to 92; Cincinnati, 72 to 94; Cleveland,
74 to 96; Detroit, 76 to 88; Charleston, 72 to 86; Milwaukee,
74 to 94; Savannah, 60 to 88; Dallas, 72 to 90; Kansas City,

industry enjoyed the most prosperous year in its history
during the period ended July 31.
Chairman McNinch of the

72 to 98; Springfield, Mo., 70 to 86; Oklahoma City, 72 to
92; Salt Lake City, 60 to 88; Seattle, 56 to 80; Montreal,

July

31.

than

Production

alone

showed

11,000,000,000 kilowatt hours

increase

an

of

more

the preceding period.

over

Federal Power Commission predicts that "another new high
record will be made during the current

City Bank, in
states;

boom

the

midst

the

current

continues, the world
turn out 140,000,000 tons of steel,
previous peak outputs of around

steel mills this year may
which

would

exceed

of activity

rate

the

120,000,000 tons each in 1929 and 1936, and dwarf the pre¬
war output, which during the 1909-13
period averaged only
about 68,000,000 tons.
Factors contributing to the boom in
the

industry are extensive shipbuilding, modernization of
railways and highways, and lastly, munitions manufactur¬
ing, which is consuming an increasing portion of output.
The

demand

for steel is so great at present that it has
excess-capacity and has called upon scrap to satisfy
needs."
A continued rise in prices was forecast yesterday
by Federal experts studying trends for the Bureau of Labor
removed

Statistics.

These

statisticians

86, and Winnipeg, 54 to 86.

said

it

was

a

virtual

cer¬

:

,

♦

Revenue

Freight

6,126

Loadings Increase
Ending Aug. 28

Car

in Week

of the

greatest peace-time
experienced by the world's iron and steel indus¬

ever

If

in

are

74 to-

The National

its monthly review, made public this week,

"We

tries.

year."

Cars

freight for the week ended Aug. 28
This is an increase of 6,126 cars,
or 0.8%, from the preceding week; an increase of 33,276 cars,
or 4.4%, from the total for the like week of 1936, and an
increase of 106,525 cars, or 15.6%, over the total loadings
for the corresponding week of 1935.
For the week ended
Aug. 21, 1937, loadings were 6.2% above those for the like
week of 1936, and 24.8% over those for the corresponding
week of 1935.
Loadings for the week ended Aug. 14, 1937,
showed a gain of 5.5% when compared with 1936 and a rise
of 26.6% when comparison is made with the same week of
1935.
.'V^
The first 18 major railroads to report for the week ended
Aug. 28, 1937, loaded a total of 360,558 cars of revenue
freight on their own lines, compared with 362,281 cars in

Loadings of

revenue

1937, totaled 787,373

the

cars.

preceding week and 349,794 cars in the seven days
A comparative table follows:

tainty that for the next six months rents and the price of
clothing would continue a steady climb back toward 1929

ended Aug. 29, 1936.

boom

REVENUE

levels.

They also predicted a continuation of the
period in heavy industry and a revival in the
upward trends of construction costs as soon as the current

FREIGHT LOADED AND RECEIVED FROM

increase

in

building costs

has been

absorbed.

retail

sales this

the fall will reflect gains over the

the margin registered in

month

and

assume

for

larger farm spending, the completion of the vacation
period with the end of Labor Day, and the modest showing
this

the

For

summer.

States

United

the

finds

first

itself

seven

with

months
an

of this

unfavorable

trade balance of

approximately $144,819,000, the Commerce
Department's regular monthly trade report revealed yester¬

This is in spite of the fact that imports of foreign
products in July were somewhat below exports of American
day.

commodities in

months' trade

that month.
is

This adverse balance

than

more

on

The

was

a

$100,000,000 above the balance

For July alone,
favorable trade balance of $1,836,000.

of

an

16,709
22,012
21,456
3,012
2,644

16,824
21,868

21,668

2,373

2,452

5,315
16,012
41,628

5,313

5,064
16,843
39,760
4,978
23,651

Chesapeake & Ohio Ry

25,322

Chicago Burlington & Qulncy RR.

Santa Fe Ry.

Chicago Milw St Paul & Pac Ry__
Chicago & North Western Ry
Gulf Coast Lines

International Great Northern RR

Mtesourl-Kansas-Texas

RR

Missouri Pacific RR

New York Central Lines
Norfolk & Western Ry—"

Pennsylvania RR

Ry

16,185
41,898
5,522

5,560
23,406
68,647

NewYork Chicago <fc St Louis Ry.

Pere Marquette

21,668
3,149

23,194
69,741

5,545
6,903

Pittsburgh & Lake Erie RR
Southern Pacific Lines...

5,369
6,781

34,424

*—

35,990
5,625

5,583

Wabash Ry

16,825
19,847

2,330

6,027
17,592
10,680

8,355
8,548
10,822
1,693
2,092

2,781
9,222
39,419
9,405
4,554
45,508
4,924

67,823
4,824
7,199
31,839

x8,717

5,770

7,958

6,745

5,624

5,873
16,786
10,756
8,171
8,595
10,737
1,622
2,429

15,998

11,147
8,633
8,476
10,714
•

1,372
1,635

2,956

2,973
8,900
39,046
9,670
4,677
44,107
4,642
6,814

8.881
40,106
9,624
4,549
43,355
4.882
6,631

x8,497
8,141

x7,626
7,979

360,558 362,281 349,794 205,042 202,436 200,188

Total

x

Excludes

cars

interchanged between 8. P. Co .-Pacific Lines and

Texas & New

Orleans RR. Co.

TOTAL LOADINGS AND RECEIPTS FROM

CONNECTIONS

(Number of Cars)

$357,899,351 in the first

to

21,177
32,765
25,039

23,201
33,179

Association of American Railroads reported this week
Class I carriers had a net railway operating income

that

23,385
33,857
23,539

Baltimore & Ohio RR

Atchison Topeka &

seven

listed for the corresponding period of 1936.

however, there

Aug. 28 Aug. 21 Aug. 29 Aug. 28 Aug. 21 Aug. 29
1937
1937
1936
1937
1937 °
1936

It is stated

greater than seasonal proportions, even larger gains would
be in prospect.
Factors pointed to as favoring better retail
gains are the high level of purchasing power and prospects

of trade

Received from Connections
Weeks Ended—

during

1936 period about double

the last two months.

that if the predicted fall upturn in business should

year

Loaded on Own Lines

Merchants

Weeks Ended—

anticipating that

are

CONNECTIONS

(Number of Cars)

prosperous

In

seven months of 1937, equivalent
2.73% on their proporty investment.
period of last year the net railway operating

the

same

income

was

$299,738,774,

Retail volume shows

or

2.30%

gain of 7% to 18% over last year
Plans for the extended week¬

a

1% to 4%

end

holiday and buying for approaching school reopenings

over

last week.

this week aided in lifting retail volume, according to Dun &
Bradstreet trade review.
Wholesale volume was
10% to

20%
cars,

over

that of the 1936 week.

totaled
or

787,373

cars.

This

Freight
was

an

car loadings last
increase of 6,126

0.8%,

increase of

according
Railroads.

compared with the preceding week, and an
33,276 cars, or 4.4%, compared with a year ago,
to the report of the Association of American
The weather during the Week was characterized

by persistent warmth in the interior States, moderate tem¬
peratures in the South,

extreme East,

and Far West, and
almost daily rainfall over considerable southeastern areas.
On the morning of Aug. 24 a tropical disturbance of small
diameter and slight intensity was reported east of the Lee¬
ward

Islands.

passed inland

It
over

moved

slowly

west-northwestward

the northeastern

Florida coast

morning of Aug. 30, after which it quickly dissipated.




Aug. 28, 1937

and

on

the

Some

Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total

Aug. 21, 1937

Aug. 29, 1936

Not available

26,282

32,864
14,515

31,913
14,501

21,211
33,241
15,173

47,379

property investment.

on

and

week

Weeks Ended—

annual return of

72,696

The Association of American Railroads in

week ended Aug. 21 reported as

69,625

reviewing the

follows:

Loading of revenue freight for the week ended Aug. 21 totaled 781,247
cars.

This was an increase of 45,771 cars or 6.2% above the corresponding

week in 1936, and an

increase of 155,473 cars or 24.8% above the corre¬
1935.
j
Loading of revenue freight for the week of Aug. 21 was an increase of

sponding

week in

,

3,865 cars or ^ of 1% above the preceding week.
Miscellaneous freight loading totaled 313,429 cars, an increase
cars

of 1,873

above the preceding week, 16,695 cars above the corresponding

week in

1936 and 73,385 cars above the corresponding week in 1935.

Loading
cars, an

of merchandise less than carload

166,980
above the

lot freight totaled

increase of 584 cars above the preceding week, 934 cars

corresponding week in 1936 and 8,651 cars above the same week in 1935.
Coal loading

amounted to 116,046

cars, a

decrease of 205 cars below the

preceding week and 834 cars below the corresponding week in 1936, but an
increase of 16,136 cars above the same week in 1935.

1490

Financial Chronicle

Grain and

Sept.

4

grain products

loading totaled 43,949 cars, an
increase of
558 cars above the
preceding week, 4,159 cars above the
corresponding week
in 1936 and
3,492 cars above the same week in 1935.
In the Western
dis¬
tricts alone, grain and
grain products loading for the week
ended Aug. 21
totaled 31,721 cars, an increase of
1,144 cars above the
preceding week
and 5,363 cars above the
corresponding week in

All districts reported increases in the number of

cars

loaded with revenue

freight compared with the corresponding weeks in 1936 and 1935.
Loading of revenue freight in 1937 compared with the two previous

years

follows:

1936.

1937

Live stock loading amounted to
15,038 cars, an increase of
422 cars above
the preceding week, but a
decrease of 799 cars below the
same week in
1936,
and 11 cars below the
same week in 1935.
In the

loading of live

Western districts
alone,

stock for the week ended

increase of 389

4 weeks in March...

cars

Aug 21 totaled 11,983
cars, an
above the preceding week, but a
decrease of 762 cars
below the
corresponding week in 1936
Forest products loading totaled
41,346 cars, an increase of 414
cars above
the preceding week, 4,276 cars
above the same week in
1936 and 10,581 cars
above the same week in 1935
Ore loading amounted to
74,895 cars,

an

increase of 424

cars

preceding week, 20,294 cars above the
corresponding week in
38,810 cars above the corresponding week in
1935.
Coke loading amounted to
9,564 cars, a decrease of
205

preceding week but

an

cars

LOADED

AND

RECEIVED

Total Revenue

Railroads

Eastern District—
Ann Arbor

Total

following

1936

CONNECTIONS

1935

534

1937

(NUMBER

613

1,197

895

295

22

26

24

8,978
2,314

Central, Vermont
Delaware & Hudson
Delaware Lackawanna & West

96

1,410
4,762
8,295

1,010

89

986

5,235

3,666

7,201

517

379

2,002
6,697
6,029

2,049
6,694

Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line.

8,276

357

6,001

120

130

2,500

1,117
2,508
14,015
6,746
1,713

2,735

2,561

Grand Trunk Western

Lehigh & Hudson River
Lehigh & New England
Lehigh Valley

...

212

163

195

1,278
7,794
2,980
4,439
2,573

1,590

1,257

957

6,183
2,645

8,169
1,737
324

2,158
39,628
10,364
1,698

3,094
2,333
35,084
9,556
1,180

1,208
7,226
1,783

Maine Central

Monongahela..
Montour

241

New York Central Lines

38,623
10,612
1,767
9,556

253

237

13,205
2,913

11,304
2,465

41,898
10,528

8,187
2,875
3,709

58

Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
Rutland
Wabash

Wheeling & Lake Erie........

Total......

5,522
6,998
5,369

5,222

4,897

39,035
11,120
1,586
9,670

7,175
5,175

5,485
5,361

334

6,597
4,642

215

190

4,873

19

285

38

366

429

271

1,075

1,267

218

1,173

599

N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y Chicago & St. Louis

1,893

642

1,415

562

886

881

5,818

5,537
3,403

8,141
3,804

7,837
<3,608

964

5,625
4,675

151,565

4,639

145,903

127,761

153,104

Total Loads Received

1936

from Connections
1935

856

1937

......

918

1,022

1,220

353

413

369

984

440

356

343

8,471
21,420

7,551
20,916

6,356
17,531

Tennessee Central

2,747
3,613
13,896

467

430

367

735

Winston-Salem

188

178

158

791

99,833

99,549

85,360

60,729

2,408
10,737
2,662
8.595
4,539

Richmond Fred. & Potomac...
Seaboard Air Line..

Southern System..

Southbound

'

1,221
2,314
14,674
6,457
1,769

336

14,043
4,468

AUG. 21

District—(Concl.)

Norfolk Southern
Piedmont Northern

259

9,151
2,193

ENDED

Freight Loaded
1937

Southern

1,180

7,512
1,437

Erie

CARS)—WEEK

f

730

...

OF

Total Revenue

1936

8,163
1,727

& Maine

Chicago Indianapolis & Louisv

19,802,754

614,005

we

Railroads

1,066
8,488
1,728

Boston

Central Indiana

22,357,068

582,077

625,774

undertake to show also the loadings
for separate roads and systems for the week ended
Aug. 21.
During this period a total of 89 roads showed increases
when compared with the same week last
year:

below the

FROM

2,766,107
2,330,492
2,408,319
2,302,101
2,887,975
2,465,735
2,820,169

25,068,529

In the

from Connections

1936

547

Bangor & Aroostook..

7

1935

2,974,553
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,572,849
728,371
736,578
735,476

Total Loads Received

Freight Loaded
1937

Aug.

Week of Aug. 14

Week of Aug. 21

1936 and

increase of 1,046 cars above
the same week in

FREIGHT

April....

5 weeks in July

Week of

above the

and 4,429 cars above the same
week in 1935.

REVENUE

4 weeks in

5 weeks in May
4 weeks in June

1936

3,316,886
2,778,255
3,003,498
2,955,241
3,897,704
2,970,522
3,812,088
769,706
777,382
781,247

5 weeks in January..
4 weeks in February.

6,598

Total.....

....... .......

Northwestern District—
Belt Ry. of

Chicago
Chicago
Chicago
Chicago

Chicago

969

731

773

21,668
2,856
21,444
4,206
22,139
1,118
8,892

19,855
2,895
22,578
4,744
15,038

17,432

...

& Northern Western..
Great Western

Mllw. St, P. & Pacific.
St, P. Minn. & Omaha
Duiuth MIssabe & Northern...
Duluth South Shore & Atlantlc.

Elgln Jollet & Eastern..
Ft. Dodge Des Moines & South.
Great Northern

19,115
3,989
9,405

346

927

697

476

7,316

5,714

7,179

467

437

371

177

30,022

22,157

19,664

3,297

Green Bay & Western

638

Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific

Spokane International..
Spokane Portland <fe Seattle.

558

501

3,606
2,196
7,925
11,776

Lake

150,335

2,271

2,404
1,986
7,491
11,330

2,290

94

1,887

1,816

5,245

2,800

575

9,727

4,221

425

293

435

1,790

2,048

1.596

122,570

101,422

51,953

23,385
3,317

21,173
2,961

18,733
3,162

5,873
2,099

570

337

255

133

16,824

15,240
1,663
11,293
2,450

8,171

3,468

16,576
1,454
12,778
2,834
1,067
3,592

471

616

704

27

1,142
2,007
1,930
1,105

Total.

333

1,752
142,099

__

985

1,535
1,583

1,014
1,628

Allegheny District—
Akron Canton &
Youngstown
Baltimore & Ohio

Bessemer & Lake Erie......
Buffalo Creek &

Gauley

Cambria & Indiana
Central RR. of New

Jersey..
Cornwall
Cumberland & Pennsylvania
Ligonler Valley
Long island

Penn-Reading

543

580

501

692

33,857
6,637

16,786
3,362

15,272
2,507

7

6

6,053

26,588
3,635

382

160

137

1,170
6,112

1,425
6,062

1,197
4,743

461

736

696

245

276

16

10,072

10,055

52

313

21
48

34

45

Pennsylvania System
Reading Co

89

103

83

23

726

28

795

738

1,566
69,741
13,832
16,451

2,031

1,520
67,599
13,316

13,355

1,135
56,541
10,596
7,107

29

Seashore Lines

Central Western District—

674

33,505

1,523
44,107
16,425
7,117

44

2,058
1,336
41,761
15,813
5,823

32

0

3,630

1

3,386

3,126

6,494

6,235

Atch,

Top <fc Sante Fe System.

Alton

Bingham & Garfield..

Chicago
Chicago
Chicago
Chicago

Burlington & Quincy.
& Illinois Midland...
Rock Island & Pacific
& Eastern Illinois

1,958
13,470
2,660

Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake.

...

Fort Worth & Denver
City

956

831

8,522
2,414

921

1,412
3,072

2,590

(Pittsburgh)

West Virginia Northern

Western Maryland.........
Total

155,471

148,915

117,168

108,741

101,183

Peoria & Pekin Union
Southern Pacific
(Pacific)
Toledo Peoria & Western

1,144

1,009
1,801
1,176
1,161

117

232

302

21

27,430

23,507

20,900

251

301

Union Pacific System

Union

277

5,507
1,239

15,615

14,692

13,627

Illinois Terminal

Nevada

Northern

North Western Pacific..

Utah

Pocahontas District—

Chesapeake

& Ohio..
Norfolk & Western

...

24,066
22,726

20,930

881

699

3,584

3,474

813

51,257

44,463

17,546

17,326

256

299

13

1,945

1,676

2,797

119,109

109,568

99,239

54,502

236

5,361

774

52,333

Total

893

4,707

Norfolk & Portsmouth Belt Line

•Virginian..

10,756
4,677
1,300

8,971

409

2,024

Western Pacific

23,539
23,194

109
649

19,360

11,159
4,403

Total

990

Southwestern DistrictAlton

& Southern

259

Atl. & W. P.—W. RR. of
Ala..
Atlanta Birmingham &

224

171

216

733

145

801

618

749

1,207

909

1,271

779

712

638

8,326
4,124

8,023
4,006

7,847
3,968

Coast..

Atlantic Coast Line
Central of Georgia
Charleston & Western Carolina
Clinchfield

Columbus & Greenville

4,296
2,333

4,267
2,343

472

380

323

931

830

1,428

1,426

1,068

1,753

368

1,553

263

396

Durham & Southern.

279

162

281

Florida East Coast

154

139

424

424

419

430

375

474

488

Gainesville Midland
Georgia
Georgia & Florida

40

Mississippi Central..

32

80

93

926

696

668

Louisville & Nashville
Macon Dublin & Savannah

1,354

736

1,442

601

523

1,870
21,349
20,602

507

1,904
21,618
21,632

1,520
18,983
17,528

184

1,103
11,553
4,808

211

10,722
4,613

161

356

316

972

250

Mobile & Ohio

Nashville-Chattanooga

36

939

Gulf Mobile & Northern
Illinois Central System

& St, L.

256

185

351

1,955
2,708

315

1,702

1,593

3,045

2,364

1,795
2,195

1,703
2,233

Note—Previous year's figures revised.

* Previous

173

187

182

Fort Smith & Western
Gulf Coast Lines

Southern District—
Alabama Tennessee & Northern

229

Burlington-Rock Island

239

201

151

131

228

3,149
2,373

2,411

2,166
2,155

1,622
2,429
1,179
2,248
1,135

International-Great Northern..
Kansas Oklahoma & Gulf

Louisiana Arkansas &
Texas...
Litchfield & Madison
Midland Valley
Missouri & Arkansas

2,167

204

193

234

2,114

Kansas City Southern
Louisiana & Arkansas..

2,179
1,450

1,751
1,281

1,712
157

172

96

109

260

281

766

.....

286

745

760

538
:

984

380

286

Missouri-Kansas-Texas
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific

Lines..

186

120

282

5,313

4,867
16,974

4,693
13,703

2,973
8,900

16,185

;

39
...

St. Louis-San
Francisco.......
St. Louis Southwestern
Texas <& New Orleans

55

29

15

148

118

138

103

8,390

8,379
2,417
7,042
4,493

7,737
2,023

4,288
2,503
2,990
3,736
18,888

2,700
8,560

Wether ford M. W, &
N. W

Total.

4,789
2,902

2,706

6,051
3,971
2,324

263

307

264

56

54

31

41

33

60,837

......

Texas & Pacific
Terminal RR. Assn. of St. Louis
Wichita Falls & Southern

57,714

50,361

61,157

figures.

"Annalist"

Weekly Index of Wholesale
Commodity
Prices Unchanged
During Week Ended Aug. 31—

August Average Below July

"Mixed movements in
commodity prices
for the 'Annalist's' Index of

The

were

responsible
Wholesale Commodity Prices
remaining unchanged at 93.7 for the week ended
Aug. 31,"
it was announced
by the "Annalist" on Sept. 2.
The
"Annalist" also stated:
Textiles

were the

only group to decline, largely because
of another drop
in cotton goods prices which
reacted in
sympathy with raw cotton.
All
the other component
groups advanced, notably food
products which erased




all of last week's
decline.
It is interesting to note the
strong resistance of
the food index to
the current declining trend of most

commodities.

outstanding feature of the commodity market continued

to be the
The decline in this
commodity seemed to have been
stimulated by the announcement of
the Government's

weakness of cotton.

restriction scheme.
was

the probable

crop

loan-subsidy-

The fact that the plan did not cover
the whole crop
for this decline.
Wheat showed little change in

reason

price, both here and in
Liverpool.
Hog quotations were still tobogganing
due to
combination of increased marketings and reduced
demand because
of
the hot weather.

were

Other commodities to lose ground
during the week
and flour.
Milk, beef, veal,

pork loins, cows,
hams, lard
apples, eggs and butter advanced.

steers,

Volume

Financial

145

and

COMMODITY

(1926=100)

Aug. 24, 1937

Aug. 31, 1937
Farm

Food

Income for June, 1936 includes charges of $3,539,192 and for the six months of
1936 of $15,119,025 under the requirements of an Act approved Aug. 29, 1935,
levying an excise tax upon carriers and an Income tax upon their employees, and for
other purposes.
(Public No. 400. 74th

1, 1936

Sept.

86.5

85.6

88.2
80.2

*72.4

*73.4

70.1

debt

*90.6

90.6

88.3

month of report.

98.0

98.3

products
products

Textile

products

Fuels

1491

net

a

charge of $13,940,793 for the six months of 1937, because of provisions of
the "Carriers Taxing Act of
1937," approved June 29, 1937 and repeal of the Act
of Aug. 29, 1935,
levying an excise tax upon carriers and an income tax upon their
employees, and for other purposes.
(Public No. 400, 74th Congress).
The net

WHOLESALE

WEEKLY INDEX OF
PRICES

"ANNALIST"

THE

Chronicle

Congress.)

b Includes payments which will become due on account of

(other than funded debt matured unpaid)

principal of long-term

within six months after close of

Includes obligations which mature not more than two years after date of Issue,

109.2

88.9

c

70.4

70.4

66.4

d Deficit or other reverse items.

Chemicals

89.5

89.5

85.9

Miscellaneous

79.5

X79.4

68.1

93.7

93.7

84.1

Metals

109.2

—

Building materials

...

All commodities
*

Preliminary.

Moody's Commodity Index Declines

Moody's

Revised.

*

Regarding prices during August the "Annalist" also made
on
Sept. 2 its monthly index showing that the
average of prices for August declined from July.
The
monthly index follows:
available

"ANNALIST" MONTHLY INDEX OF
COMMODITY PRICES

THE

WHOLESALE

(1926=100)
July, 1937

Farm

89.5

100.4

products

85.9

85.3

x78.9

71.0

Fuels

*90.7

*90.8

88.9

Metals

109.1

108.9

88.9

Building materials

70.4

70.5

89.5

89.8

79.4

79.3

68.1

x95.2

85.0

Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.

27
28
30
31

196.0
No Index
194.8
194.3
192.9

_

2 weeks ago, Aug. 20
Month ago, Aug. 3

200.4
204.4

Year ago,

184.8

Low—May 12
1937 High—April 5
Low—Sept. 1

208.7
162.7
228.1
192.9

Sept. 3
1936 High—Dec. 28

85.9

94.3

declined

Prices

66.5

Chemicals

Commodity

Staple

Silk, hides, wheat, corn, hogs, steel scrap, cotton, wool and
sugar were lower, while cocoa, rubber and coffee advanced.
There was no net change for copper, lead and silver.
The movement of the Index during the week, with com.parisons, is as follows:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,

81.6

*74.3

of

Wednesday.

on

Fri.,

Aug., 1936

104.9

Aug., 1937

Index

further this week, closing at 193.5 this Friday, as compared
with 196.0 a week ago.
A new 1937 low of 192.9 was made

Food products
Textile

products

Miscellaneous

All commodities
*

Preliminary,

x

Balance Sheet Items of Class
Steam Railways for June
and

Statistics

of

Bureau

of

I

the

Commission has issued a statement

TOTALS

FOR THE UNITED STATES

193.5

Commodity Prices of United States
Department of Labor Dropped 0.9% During We6>k
Ended Aug. 28

Interstate Commerce
showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of June
These figures are subject to revision and were compiled
from 136 reports representing 142 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is as follows:
The

..193.8

3

Index of Wholesale

Revised.

Income

Selected

1
2

Sharp decreases in wholesale prices of farm products and
largely accounted for a decline of 0.9% in the index of
wholesale commodity prices of the Bureau of Labor Statis¬
tics, United States Department of Labor during the week
ended Aug. 28, according to an announcement made Sept. 2
by Commissioner Lubin.
"The decrease brought the allcommodity index to 86.5% of the 1926 average," said
Mr. Lubin, who added:
foods

It is

2.1% above the year's low of Jan. 2, and 2% below the high of

April 3.

Compared with the corresponding week of a month

commodity index is 1.1% lower.
In addition

(ALL REGIONS)

the all-

ago

It is 6.5% above the corresponding week

of last year.
to

the

farm

products and foods groups, textile products,

chemicals and drugs, and miscellaneous commodities also declined.
For the Month of

For the Six Months

June

of

increases

Metals and metal products and

materials, and building materials groups.

Net railway

1937

1936

1937

1936

$238,016,430
operating income- $58,939,875 $50,258,673 $297,341,775
72,143,037
67,647,399
14,720,025
14,974,381

Other Income

Minor

recorded by the hides and leather products, fuel and lighting

were

housefurnishing goods remained unchanged at last week's level.

Weakening prices for agricultural commodities
for

largely responsible

were

decrease of 1.6% in the index for the raw materials group.

a

It is 2%

—

below the level of
Total Income

$73,914,256 $64,978,698 $364,989,174 $310,159,467

-

1,477,509

M Is cell, deductions from Income

Inc. avail, for fixed charges..

1,803,119

10,358,904

11,850,005
40,771,160

—

11,077,932
41,855,717

238,282

Rent for leased roads

227,574

Other deductions

manufactured commodity prices declined 0.1%.
ago

66,387,766
244,534,149
1,414,857

66,509,354
249,585,857
1,330,085

Compared with

a

Semi¬

month

the index for the partially manufactured commodity group is down

0.2%.

Fixed charges:
Interest deductions

9,713,779

$72,436,747 $63,175,579 $354,630,270 $300,445,688

month ago and 3.2% above that of a year ago.

a

It is 14.3% above a year ago.

decreased 0.7%

during the week.

Wholesale prices of finished products

The index for this group is now 0.9%

below the corresponding week of last month and 7.2% above that of last
year.

The index for the large group "all commodities other than farm

products,"

reflecting the movement in prices of nonagricultural commodities, fell 0.6%
$52,859,447 $53,161,223 $312,336,772 $317,425,296

Total fixed charges

19,577,300
1,017,473

10,014,356
1,009,973

$18,559,827

$9,004,383

Income after fixed charges

Contingent charges

42,293,498

6,192,541

dl6,979,608
6,092,541

and

86.8.

stands at

now

index for "all commodities other than farm products and foods," declined

0.1%.

Compared with a month ago these groups are lower by 0.8% and

Nonagricultural commodity prices are 7.6%

0.5%, respectively.
Net income,

a

$36,100,957 d$23,072,149

than

a

Depreciation (way & structures

16,311,355
3,964,529

and equipment)

16,083,162
2,907,512

97,510,340
19,396,333

96,767,843
11,865,547

year

the

over

Federal Income taxes..-

Industrial commodity prices, measured by the

ago

year

higher

and industrial commodity prices have increased 7.7%

period.

Lubin's

Commissioner

announcement

of

Sept.

2

also

reported:
Dividend appropriations:

10,903,709
1,442,231

On common stock..

On preferred stock

10,573,902
473,500

46,281,554
9,797,585

44,486,368
13,202,911

Wholesale market

week

of farm products

prices

declined 2.4%

during the

result of decreases of 3.4% in the livestock and poultry subgroup;

as a

2.4% in grains; and 1.4% in other farm products including cotton, oranges,
Balance at End of June

hops, flaxseed, dried beans, onions, and potatoes.,

Lower prices were also

reported for corn, oats, rye, wheat, calves, cows, steers, hogs, and sheep.
1937

1936

Quotations on barley, live poultry in the New York market, eggs, apples,
and lemons were higher.

Selected Asset Items—

Investments In stocks, bonds, &c.,
of affiliated

companies

$699,314,210

-

The current farm product index—85.0—is 3.1%

below the level of a month ago and 2% above a year ago.

other than those

$687,858,373

450,985,039
8,299,530
39,519,222
321,333,258
9,531,147
60,927,996
53,287,186
146,480,737
371,557,945
24,035,534
1,937,006
7,384,557

417,818.772
3,801,151

Pronounced decreases in prices of cereal

products, meats, and fruits and

vegetables caused the foods group index to decrease 1.7 %.
Cash

-

Demand loans and deposits.
Time drafts and deposits

Special deposits
Loans and bills receivable

.

Traffic and car-service balances receivable

Net balance receivable from agents and conductors.
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable

Other current

assets—

32,368,706
128,624,505
2,726,699
61,583,895
50,863,234
141,134,993
297,505,991
28,256,732
2,308,203
6,351,286

$1,495,279,157 $1,173,344,167

Total current assets.
Selected Liability Items—
Funded debt maturing within six

reported
and

macaroni,

corn

meal,

rice,

$97,332,220

$138,943,438

211,912,833
83,673,210
258,718,261
144,975,817
621,430,896
11,220,265
509,350,918
10,333,391
93,141,415
24,289,169
30,406,980

months.b.

Traffic and car-service balances payable.
Audited accounts and wages payable

payable

unpaid

Dividends matured unpaid

Funded debt matured unpaid
Unmatured dividends declared
Unmatured Interest accrued

Unmatured rents accrued

Other current liabilities

244,724,766
80,205,531
237,406,119
97,405,979
498,680,330
11,409,200
462,312,209
10,763,360
92,299,198
24,910,228
25,746,734

$1,999,453,155 $1,785,863,654

Total current liabilities.

Higher prices were

vegetable oils.

below

1.4%

85.3—is

the

This week's food index—

corresponding week of last month

Tax liability:

Sharp decreases in wholesale prices of cotton goods, raw silk, and manila

hemp caused the: index for the textile products group to decline 0.7%, to
the lowest level reached this year.
Average prices for silk yarns, burlap,
and

raw

Clothing, knit goods, and woolen and worsted

jute were higher.

Falling prices for chemicals, principally fats and oils, caused the chemicals

index to decrease 0.6%.

Average prices for drugs and

pharmaceuticals, fertilizer materials and mixed fertilizers were higher.
Cattle feed prices

0.3%.

declined 5% during the week and crude rubber advanced

No changes were reported in prices of automobile tires and tubes

and paper

and pulp.

The index for the

fuel and lighting materials group rose 0.3%.

tions on kerosene were

Advancing prices for hides and skins caused the
ducts group to

leather

rise 0.1%.

products such

change during the

-.

113,940,609

Other than United States Government taxes—...

137,288,630

61,036,781
136,045,919

includes charges of $3,306,410 for June, 1937 and

$19,249,516 for the six months of 1937, $1,461,063 for June, 1936 and $8,580,085
for the six months of 1936 on account of accruals for excise taxes levied under the
Social Security Act of 1935; also




includes a net credit of $8,008,216 for June, 1937

advancing 0.1%.
and

gravel.

Quota¬

higher and coal and coke remained steady.

as

hides and leather pro¬

"Wholesale prices for shoes, leather, and other
harness, gloves, belting, and luggage did not

week.

and sand resulted in the index for the

^

United States Government taxes

The net income as reported

and 3.4%

above that of last year.

Higher prices for yellow pine flooring, china wood oil, rosin,

a

canned

coffee, lard, edible tallow,
quoted for butter, cheese at New

York, oatmeal, raisins, and dressed poultry.

and drugs group

Interest matured

hominy grits,

flour,

were

apples, canned tomatoes, lamb, mutton, copra,

goods prices remained firm.

Loans and bills payable.c

Miscellaneous accounts

Dairy products

Important individual food items for which lower prices were

advanced.

turpentine,

building materials group as a whole

Lower prices were reported for yellow pine lath, doors,

The brick and tile, cement and structural steel

subgroups

remained unchanged at last week's level.

in prices of pig tin did not affect the index for the
and metal products group as a whole which remained at 95.5.

A slight reduction
metals

1492
Average
motor

Financial Chronicle

wholesale

prices

for

agricultural

implements,

iron

and

Sept. 4, 1937

steel,

vehicles, and plumbing and heating fixtures remained
steady.

For the third consecutive week the index for the

Percentage Change from
a

housefurnishing goods

Per Cent

Year Ago

unchanged at 92.7% of the 1926 average.
The furnishings
subgroup declined fractionally and furniture did not change.
The index

of the

Bureau

of Labor

Statistics includes

784

Locality

Net Sales

Month

1936

1937

+ 0.1

+ 5.9

+20.4

49.4

48.3

Buffalo

+ 7.6

+ 10.4

+ 19.0

48.8

Rochester

+ 2.5

+ 6.9

+ 14.9

50.1

48.4

+ 10.8

+ 11.0

34.3

38.9

+ 1.3

+ 8.4

+5.9
+ 21.2

41.7

41.1

+ 20.9

Syracuse

Sept. 1, 1934, and Sept. 2, 1933:

Northern New Jersey

(1926=100)

Bridgeport

Commodity Groups

21

28
1937

All Commodities

14

7

1937

1937

July

1937

Aug.

31

Aug.

29

1937

Sept.

31

1936

1

1935

2

1934
77.5

69.7

87.3

87.5

87.4

87.5

81.2

87.1

87.5

86.9

87.7

83.3

86.8

86.5

86.3

86.5

82.5

86.0

76.6

65.3

108.7 108.6 108.6 109.1

108.4

94.3

90.4

84.5

Foods
Hides and leather products

80.5

73.5

40.8

36.3

36.5

+ 4.2

+ 6.4
+ 6.3

+ 6.9

+ 3.3

+3.2

+ 3.6

—0.1

+ 13.3

+9.7

Westchester and Stamford.

Niagara Falls

79.2

41.4

+0.4

+ 4.4

92.9

products

+4.2

+4.9
-—0.5

+ 6.1

__

Hudson River Valley Dist.

Capital District

86.5

85.0
85.3

Farm

Central New York State

1933

+ 11.7

+ 2.4

Northern New York State.
Southern New York State.

Sept.

57.1

Textile products
Fuel and lighting materials..
Metals and metal products..

76.1

76.6

76.9

77.4

77.6

70.3

70.9

71.3

78.9

78.9

78.9

78.8

76.9

75.4

75.1

95.5

95.5

95.5

95.4

95.4

86.4

86.0

85.9

81.4

96.5

96.4

96.7

96.7

96.7

86.9

85.3

86.3

81.0

+ 1.7

+6.6

+ 18.9

46.0

45.3

Apparel stores

-11.3

+ 4.0

+4.9

43.3

42.3

67.2

Building

All department stores

74.2

79.1

materials

Chemicals and drugs
Housefurnishing goods

81.2

81.7

82.0

82.4

83.6

80.3

79.0

76.3

92.7

92.7

92.7

92.8

92.7

82.6

81.8

82.9

77.0

77.2

77.4

77.4

78.2

71.6

67.1

70.3

83.6

85.0

85.2

84.9

85.3

81.0

X

X

X

Semi-manufactured articles..

86.5

86.6

86.5

86.5

86.7

75.7

X

X

X

Finished products
All commodities other

88.3

88.9

89.1

89.1

89.1

82.4

X

X

86.8

87.3

87.5

87.5

87.5

80.7

80.7

78.3

72.3

85.8

85.9

86.0

86.0

86.2

79.7

78.1

78.4

J74.6

are

compared with

65.2

Raw materials

July sales and stocks in the principal departments
those of a year previous in the
following table.

77.0

Miscellaneous

46.4

+ 5.1

Elsewhere

Aug.

July

July

New York..

table shows the index numbers for the main groups of
commodities for the past five weeks and for Aug. 29,
1936, Aug. 31, 1935,

Aug.

Collected in

Hand

End of

July

The following

Aug.

Stock
on

Feb. to

price series,

weighted according to their relative importance in the country's
markets,
and is based on the average for the
year 1926 as 100.

Aug.

of

Accounts Out¬

standing June 30 ]

group remained

farm

farm

Stock

on Hand

Percentage Change
July 31, 1937

Compared with

X

Compared tcith
July 31, 1936

Judy, 1936

than

other

products and foods..

Not computed.

x

Net Sales

Percentage Change
July, 1937

Classification

than

products

commodities

All

72.2

Toys and sporting goods

+ 18.4

Men's and boys' wear

+ 19.8

+4.3

+40.3

+4.0

Linens and handkerchiefs
Toilet articles and drugs

+ 20.2

+3.7

+2.9

Silverware and jewelry

Wholesale

Commodity Prices Continued to Decline
During Week Ended Aug. 28, According to National

Fertilizer Association
The

downward

the week ended

modity

trend

in

commodity prices continued in

Aug. 28, according to the wholesale
by

the

This index last week

National

86.7, based

was

a

month

79.7

ago,

com¬

Fertilizer

1926-28 average as 100, compared with 87.2 in the

week, 88.3

the

on

A series

was

+23.0

+ 0.9

Shoes

+ 15.4

+0.8

+ 25.1

+0.7

Musical instruments and radio

+ 19.9

preceding

—0.4

Cotton goods

—0.4

+ 31.9

Hosiery

—0.6

+ 21.0

Women's ready-to-wear accessories..
Furniture

of six consecutive weekly declines has caused

index from its recovery peak of 88.8.

—1.2

+ 22.3

—2.5

+46.8

—5.3

+ 34.4

—6.0

—2.9

Woolen goods

—7.8

+ 30.4

Luggage and other leather goods

—8.3

+ 15.4

—2.6

+ 5.8

Miscellaneous

...

As to sales in the

the first half of
drop of 2.4%

a

+8.1

Men's furnishings
Silks and velvets

The announcement

a year ago.

by the Association, issued Aug. 30, continued:
in the all-commodity

+ 16.2

+ 1.2

Home furnishings

price index compiled

Association.

+2.7

Women's and misses' ready-to-wear.
Books and stationery

Metropolitan area of New York during
August the New York Reserve Bank, in its

''Review," stated:

This decline

due to further recessions in agricultural
commodity prices.

Although

During the first half of August, sales of the reporting department stores
Metropolitan area of New York showed about the usual seasonal

advances in prices of wheat strengthened the grain
index, cotton and live¬

in the

stock

increase

prices not only

index to

group

declines,

one

offset

this

small

of the lowest

however, this index is

6.3%

but took the farm

gain

levels

reached

this

above last year.

index also dropped off as a result of lower quotations

and

meats,

vegetable

of cotton,

prices

oils.

With

prices is

expected

to reverse

since last

this

bone and tankage prices and caused

a

the

The food

registered

textile

November;

downward

50 cents per ton in superphosphate more

than

of

spite

trend

offset

in

the

advance

an

A

soon.

declines in

in

the

second

preceding week

there

were

30

declines

ground

brought

and

15

advances.
COMMODITY PRICE

Per Cent

Preced'g

Week

the

Group

July total sales of the reporting chain store systems
(New York) District were 6.3% higher than

in the Second
a

ago," said the Federal Reserve Bank of New York

year

in its

"Monthly Review" of Sept. 1, adding "and

making adjustment for variations in
increase

was

Week

1937
Foods

following to

somewhat

Ago

Aug. 29,

1937

1936

86.0

87.3

80.9

larger than the increase

larger advance than in June.

continued to show

There

was

a

between July,

a

The grocery and

candy chain store systems

smaller dollar volume of sales than

a

year ago.

slight decrease in the total number of stores in operation
1936 and July, 1937, due to

a

69.9

72.0

76.7

79.8

units operated by grocery chains,

73.5

76.4

83.6

96.7

per store of all chains combined was somewhat

84.0

85 1

86.9

53.0

55.5

62.2

65.1

89.9

89.3

93.0

101.3

90.0

91.2

91.5

75.0

86.5

86.5

86.5

79.7

reduction in the number of

79.0

Farm products

Cotton

.

Grains.
Livestock
Fuels

10.8

the

over a year

The Bank also had the

Cottonseed oil

17.3

after

say:

Fats and oils

23.0

even

shopping days,

The shoe firms reported the most favorable
year to year comparison for
sales in several months, and the 10 cent and
variety chain stores registered
a

Ago

July 31,

1937

85.1

Year

Month

Aug. 28, Aug. 21,

Total Index

25.3

INDEX

(1926-1928=100)

Latest

Each Group
to

"In

previous which occurred in June."
WEEKLY WHOLESALE

Compiled by The National Fertilizer Association.

Bears

York Federal Reserve Bank

of

Thirty-four prices series included in the index declined during the week
and 14 advanced; in the preceding week there were
40 declines and 30
advances;

6.3% in Chain Store Sales During July as
Compared with July Year Ago Reported by New

in

rise

gain in the fertilizer material index

A fractional drop in the miscellaneous
commodity group index was
about by further decreases in cattle feed.

Increase of

index

group

the July level, and were 2.2% higher than in the first half of

over

August, 1936.

price

for eggs, potatoes,

declines

goods, hemp, and silk,

cotton

reached the lcnvest point recorded

fall

continued

product

In

year

Miscellaneous commodities

85.9

86.2

so

that the percentage increase in sales

larger than for total sales.

Percentage Change July, 1937
Compared with July, 1936
Type of Store

Metals

6.1

Building materials

1.3

Chemicals

and

drugs

78.0

Number

Total

74.1

76.5

68.7

of Stores

Sales

106.2

105.7

84.6

87.5

Textiles

7.1

87.2

73.4

106.1

8.2

87.5

88.8

81.8

Grocery

—4.0

—3.3

Ten-cent and

95.6

95.6

95.6

95.1

Fertilizer materials

72.9

72.3

72.4

67.1

Shoe

.3

Fertilizers

79.9

79.9

78.6

73.7

Candy.

.3

Farm machinery

96.4

96.4

96.4

87.2

88.3

Store

;i

+0.7

92.6

86.7

_

Sales per

79.7

.3

...

All groups combined

+ 9.4

—5.2

—5.2

—1.1

.

+ 8.6
+ 10.0

0

.

+ 1.1

+ 0.4

All types..

100.0

variety

+ 6.3

+ 7.4

+ 7.4

Sales of Wholesale Firms in New York Reserve District

July

Department

Store

Sales

in

New

York

Reserve

During July Reported 8.2% Below July, 1936

District

1.7% Above Last Year—Smallest Increase
October,
1935—Increase
Also
Noted
in
Metropolitan Area in First Half of August

The Federal Reserve Bank of New York

Since

According to the Sept. 1 "Monthly Review" of the New
Federal Reserve Bank July sales of the
reporting
department stores in the Second (New York) District "were
1.7% higher than last year, the smallest increase since
York

October, 1935."
Sales

The "Review" said:

of the New York

and

wholesale firms

were

practically

Sales of the cotton goods and shoe concerns showed the
largest year to
year recessions in about two years, the hardware and grocery firms reported
the least favorable sales

rayon

last year, with fairly substantial advances occurring in

showed

port, and Niagara Falls.
were

Sales of the leading apparel stores in this district

11.3% lower than last

year,

the first decrease in

Department store stocks of merchandise

on

hand

over

at

two

the

years.

end

of July

continued substantially higher than last year, and some increase in stocks
was

also

shown

by the apparel stores.

than last for department stores in

apparel stores.




Collections

were

lower

this

year

practically all localities, and also for the

comparisons since January,

showed the smallest increase since October,

stationery and drug firms

unchanged from last year's total, while department stores throughout the
remaining localities in this district recorded moderate gains in sales over

Syracuse, Bridge¬

averaged 8.2% below last year, the first
The Bank continued:

decrease since May, 1936.

concerns

Brooklyn reporting stores

reported in its

"Monthly Review" of Sept. 1 that July sales of reporting

months

in

in

which

gains

and silk goods

sales

were

over

a

1936, and the
1936.

paper

Sales of the

below last year's volume following several
year

(reported by

ago

were

recorded, yardage sales of

the National Federation of Textiles)

smaller increase than in June, and there was a rather large decline
of men's clothing from the unusually high level of a
year ago.

a

On the other hand, the diamond and
in sales than in June.

The grocery,

jewelry firms reported larger advances

1

drug, hardware, diamond, and jewelry

substantially larger stocks of merchandise
The rate of collections averaged lower in
all reporting lines.

on

hand

July than

concerns

this

reported

year

than last.

a year ago in

practically

Volume

Financial

145

1493

Chronicle
PERCENTAGE

Per Cent of

Percentage Change

Outstanding

July, 1936

Collected in July

Commodity

Major Geographic

30

June

Week Ended

Regions

94.8

+20.6

—30.2

Men's clothing
Cotton goods

38.2

43.4

42.8

+ 11.9*

76.7

48.8

Shoes

—16.7

43.5

31.1

47.0

9.0

7.4

12.3

14.0

12.0

0.9

4.1

7.1

5.1

7.5

9.8

12.7

18.4

20.2

16.7

12.9

Southern States..
_

6.8

9.5
1.4

Rocky Mountain

Rayon and silk goods

6.5

7.2

7.0
_.

West Central

91.4

47.0

—1.4

Groceries

Aug. 7, 1937

14, 1937

1937 Aug.

5.3

6.4

Middle Atlantic..
Central Industrial

1937

1936

of Month

Week Ended

Week Ended

Week Ended

1937 Aug. 21,

Aug. 28,

New England
Stock End
Net Sales

OVER PREVIOUS YEAR

INCREASE

Accounts

July, 1937
Compared with

_

4+4

—8.3

Hardward

+ 49.7

+ 0.7

Stationery

Total United States.

—6.7

-

+8.7

Change
Week Ended

from

included in weighted average

1936

for total wholesale trade.
June

Commerce.

Reported by Department of

5

June

19

June 26

of Electricity for Public Use
Reaches

10,100,747,000 Kwh.

its monthly electrical

The Federal Power Commission in

production of electricity for public

report disclosed that the

States during the month of July,

in the United

totaled

This is

10,100,747,000 kwh.

a

1937,

gain of 4% when

July

3

July

10

July

During July

17

July

24

July

31

Aug.

7

Aug. 14
Aug. 21

Aug. 28

+ 7.2

1,655,420

1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056

1,381,452
1,435,471

+ 10.3

1.628.520
1,724,491
1,742,506
1,774,654
1,772,138

1,341,730
1,415,704
1,433,993
1,440,386
1,426,986
1,415,122

1,922,108
1,945,018

+ 10.9

1,989,798

+ 11.3

2,005,243
2,029,639
1,956,230
2,029,704
2,099,712
2,008,284
2,079,137
2,079,149
2,093,928
2,125,502

2,131,092
2,214,166
2,213,783
2,238,332
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

June 12

use

1929

1932

1935

1937

1936

1937

Federation of Textiles, Inc., not

Quantity figures reported by the National

Production

Cent

Per

-8.2

Weighted average

x

55.4

(THOUSANDS OF KILOWATT-HOURS)

24.2

+ 52.8

Jewelry

*

7.9

8.8

52.4

27.5

63.3

+ 50.9

+6.6

Diamonds

8.9
10.6

DATA FOR RECENT WEEKS
52 A

+ 9.3

Paper

8.1
10.0

+ 17.6X

—5.2x

Drugs and drug sundries..

7.6
8.0

Pacific Coast

+ 11.6

+ 13.8

+ 13.2

1,766,010

+ 7.6

1,441,532
1,440,541
1,456,961

1,807,037
1.823.521
1,821,398
1,819,371
1,832,695
1,839,815

+ 8.0
+ 8.8

+ 10.6
+ 10.0
+ 8.0

1,431,910
1,436,440

compared with the 9,682,000,000 kwh. produced in July,
1936.
For the month of June, 1937, output totaled 9,816,1937, output a total of 3,361,353,000 kwh.
was produced by water power and 6,739,394,000 kwh. by
fuels.
The Survey's statement follows:
Of the July,

PRODUCTION

Indexes of Board of Governors of

Monthly Business

568,000 kwh.

ELECTRICITY FOR PUBLIC USE IN THE UNITED

OF

(IN KILOWATT-HOURS)

STATES

Federal Reserve System

On Aug. 26

the Board of Governors of the Federal Reserve

System issued

as

follows its monthly indexes of industrial

production, factory employment, &c.:
BUSINESS INDEXES

Total by Water Power and

Fuel

(Index numbers of Board of

Governors, 1923-1925=100)a

Division

July, 1937

June, 1937

May, 1937

;

Without

Adjusted for

Middle Atlantic

2,319,706,000

—

2,277,039,000

East North Central

646,237,000

West North Central

Mountain

1,174,131,000
419,576,000
526,497,000
502,450,000

Pacific—

1,244,165,000

South Atlantic
East South Central

West South Central

Seasonal

609,078,000

615,852,000
2,362,297,000
2,217,104,000
690,093,000
1,148,873,000
433,333,000
564,333,000
498,517.000
1,286,166,000

608,806,000

New England

2,371,270,000
2,326,437,000
652,119,000
1,130,861,000
463,819,000
592,970,000
526,749,000
1,427,444,000

Seasonal Adjustment

Variation

July,

General

June,

July,

July,

June,

July,

1937

1937

1936

1937

1937

1936

Indexes—

pll4

114

108

pll2

115

105

Manufactures—

P115

114

109

pill

114

105

Minerals

pill

114

101

P114

117

102

p68

61

59

p75

72

65

p45

42

44

p45

47

45

p 86

77

71

p99

92

82

total

Industrial production,

Construction contracts, value: 6

10,100,747,000

9,816,568,000

9,718,607,000

Total United States

Total

—

Residential

The average

daily production of electricity for public use in July was

less than the average daily production in June.

325,831,000 kwh., 0.4%

The normal change from June to

July is —0.9%.

% Inc. % Inc. % Produced by
1936

p65

90

63

1937

1936

34

11

11

39

43

Petroleum,

8

14

43

45

7

43

June

9,816.568,000

12.4

10,100,747,000

9.2

44

9,160,000,000

7

16

38

4

16

33

14

9,722,000,000

October

15

31

18

p

13

34

10,528.000.000

15

35

113602 000,000

.

crude

14

Note—Production,

P116

113

113
167

87

150

154

178

164

80

79

p71

72

72

74

69

p39

65

57

172

144

pl77

175

147

122

81

245

240

164

115

104

104

111

97

70

71

79

72

68

car

loadings, and department store sales indexes based on

daily averages.

36

Construction contract

indexes based on three-month moving average of F. W.

Dodge data for 37 Eastern
Total

114

Preliminary.

31
33

>

9,785,000,000

_

128

118

32

10 176,000.000

September..

147

36

9,682,000,000
9,814,000,000

August

132

121

Zinc

9,088,000,000

124

164

Iron ore sbipment

13

12.6

130

P118

Anthracite

May

76

82

36

39

8,893,000,000

67

112

39

15

17.5

92

pl73

11

13.7

107

77

p48

7
4

yll.7

110

119

Minerals—Bituminous coal

9,247,000,000

8,965,323,000
9,957,310,000

119

pl02

p78

12.6

9,595,364,000
9,718,607,000

130

116

129

Leather and shoes.

1937

119

126

Food products

Automobiles

Water Power

119

70

Over

8,601,000,000
8,906,000,000

December.

91

■'

Kilowatt-Hrs.

9,849,712,000

November.

93

140

Tobacco manufactures

July

77

pllO

1936

1936

1936
Kilowatt-Hrs.

—

79

and

....

1937

Over

April

82

Industries—

Textiles

Over

1937

1937

February

76

P94

Department store sales, value..

Manufactures—Iron and steel
Inc.

x

March

80.2

78

'

MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE

January

102.9

80

Production Indexes by Groups
TOTAL

91.2

101.1

P101.2

__

Freight car loadings

of the total.

92.8 plOl.7

101.4

P103.3

Factory employment c
Factory payrolls c—

of electricity by use of water power in July was 33%

The production

-

All other

x Special
comparison between actual comparable data for respective
yCompensated for extra Saturday in February, 1936.

periods,

in above tables for the year 1937
are not exactly comparable with similar data for corresponding months of previous
years due to the following changes:
Beginning with the report for January. 1937,
the output and fuel consumption for street and interurban railways, electrified
steam railroads, and miscellaneous Federal, State and other plants were grouped
in separate tables.
Also, all manufacturing plants, which formerly produced some
electricity for public use but no longer produce any except for their own use. have
been eliminated.
The figures, therefore, in the table for 1937 for the entire United
States are approximately 4.7% lower than they would be on the former basis.
The
percentage changes in output from corresponding months of the previous year have
been dropped as the electricity produced in any State varies with transfers of energy
from one State to another, with stream flow conditions and other factors, and is
not necessarily an index of the consumption within the State.
Note—The output and fuel consumption shown

States.

FACTORY

n

seasonal adjustment, and payrolls index compiled

Employment index, without
by Bureau of Labor Statistics.

EMPLOYMENT

AND

PAYROLLS—INDEXES

BY

GROUPS

AND INDUSTRIES (a)—(1923-1925=100)

Payrolls

Employment

Adjusted

for

Seasonal Varia'n

Without Seasonal

Without Seasonal

Adjustment

Adjustment

July

July

July

June

July

July

June

July

1937

Total

June

1937

1936

1937

1937

1936

1937

1937

1936

92.8 101.7 101.1

91.2 101.2 102.9

80.2

99.2

103.3 101.4

-

Stocks

Durable goods

and Consumption

The total stocks of coal held by electric utility power plants on

1937,
over

1936.

amounted
the stocks

increased

This was an increase of 0.9%

9,823,135 net tons.
July
coal

1,

1937, and an increase of 44.3% over Aug. 1,

stocks

increased

0.8%

and

anthracite

utility

1937.

power

plants

Of this amount

stocks

3,842,648 tons were bituminous

when compared with consumption in
In terms of

84.6 101.9 104.6

75.9

106.5 105.3 100.4 104.3 103.5

98.2 100.2 100.8

85.6

93.5 107.6 101.4

93.0 114.2 110.4

81.8

Durable Goods—
Iron and

108.3 100.7

steel..

Machinery

coal

and

and 0.6%, respectively,

Transportation equipment—
Railroad

days' supply, which is calculated at the current rate of

con¬

enough anthracite for 259 days' requirements.

Non-ferrous metals..

Totals
The

Edison

disclosed that

Electric

the

Week

Aug.

—

2,294,713,000 Kwh.
Institute, in its weekly statement,

production of electricity by the electric

The Institute's statement follows:




99.5

56.9

63.4

68.7

56.0

63.7

115.4 115.0

57.4

64.2

64.0

97.8 111.5 113.9

94.5 105.4 111.5

77.4

72.7

72.3

65.6

72.7

72.9

65.6

67.2

72.3

54.5

Stone, clay and glass

70.3

70.4

65.7

71.6

74.0

67.0

66.2

71.4

55.3

106.4 105.4 102.6 100.2 103.4

96.3

85.7

91.3

77.3

91.7

89.5

93.8

77.1

114.0 112.0 116.6 102.7 109.3 104.6

74.7

82.5

74.3

Textiles and products
A.

102.0 101.3

Fabrics

B. Wearing

apparel

Chemicals & petroleum prod.
A. Chem.

95.5

98.0

99.7

74.2
80.6
91.4
86.1
90.3
96.7
96.1
93.8
95.6
119.0 114.7 112.4 124.4 112.6 116.9 127.9 115.8 107.0
51.0
55.7
60.6
55.9
60.6
60.1
61.2
61.3
60.2

Paper and printing

28

light and power industry of the United States for the week
ended Aug. 28, 1937, totaled 2,294,713,000 kwh., or 8.0%
above the 2,125,502,000 kwh. produced in the corresponding
week of 1936.

135.2

Lumber and products

Leather products

Ended

134.1

64.8

repair shops

Tobacco products

During

92.8
92.6

139.1 133.8 115.7 133.5 137.8 111.1

Food products

Production

137.2

126.2 122.6 105.1 122.5 126.4 101.9 125.5 127.8

Non-Durable Goods—

the preceding month.

sumption, there was enough bituminous coal on Aug. 1 to last 69 days and

Electric

85.6

131.1 129.4 105.3 129.5 129.2 104.0 133.1

...

Automobiles

consumed 3,998,030 net tons of coal in

155,382 tons were anthracite, increases of 9.6%

98.8

97.8

Aug. 1,

1.9% compared with July 1, 1937.

Electric

July,

to
on

Bituminous

100.4

Non-durable goods

Coal

except
refining...

86.6
98.5 101.2 104.9
99.8 105.5 106.9
106.8 108.2
127.8 127.5 115.7 124.4 123.9 112.7 136.3 137.4 106.4

group,

petroleum
B. Petroleum

refining

Rubber products

128.3 128.0 114.6 123.7 123.4 110.5 134.3 135.7 103.8
126.0 125.4 120.3 127.3 126.0 121.5 142.7 143.0 114.7
99.7 100.0

91.4

98.9 101.2

90.8

99.1

103.8

87.1

adjustment,
compiled by the Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
are for payroll period ending nearest middle of month and have been adjusted to
the Census of Manufactures through 1933.
July, 1937, figures are preliminary.
a

Indexes

of factory

employment

and

payrolls

without

seasonal

1494

Financial

California

Reaches

Business

Highest

Point

Chronicle

for

Sept. 4, 1937

Calif., for a public utility building to cost nearly $2,300,000; in Torrance.

July
Wells-Fargo Bank & Union
(San Francisco)

Since 1929, According to

Calif., for an oil refinery to cost over $600,000; in Bellingham, Wash., for

Trust Co.

a

The highest point for July

pulp mill to cost $2,000,000;

attained for

was

Contracts

general business in California during July this

States

to the current "Business Outlook" of the

cost nearly

year, according
Wells-Fargo Bank
& Union Trust Co., San Francisco.
Taking 1923-25 as
equal to 100, July business rose to 113.5, as against 113.0 in
June and 102.6 in July, 1936.
The bank added:
The

advance

June

over

due

was

moderate

to

increases

in

The

volume of building permits issued at some

although

still
for

months;

above

well

the

first

1936

for

total

months,

seven

permits

($115,633,408)

three

$400,000 and for

ESTIMATED

Federal court house in Erie,

a

IN

awarded

buildings in the Laurel

COST OF BUILDING CONSTRUCTION, TOGETHER

WITH

STATES, AS SHOWN BY PERMITS ISSUED, JULY, 1937

successive
were
New Residential Buildings

No.

Building Activity During July
by Secretary of Labor Perkins
for residential

over

by the Low-Cost Housing Division

of
Cities

Percentage

Families

Change from

Estimated

Provided

Cost

valuations

Pa., to

1,483 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED

Division

Permit

United

office in Johnstown, Pa., to cost

a post

were

Geographic

in

public

a

the

THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS

still 20.6% ahead of those of the same period last year.

Decrease

of

Homes Project in Cincinnati to cost nearly $600,000.

50 cities in the State,

declined

G., for

Division

of the Public Works Administration for additional

declines.

has

levels,

by the Procurement

Treasury Department for

Additional contracts

industrial

showed small

awarded

were

$300,000.

production and bank debits, while the two other components of the index
(freight carloadings and department store sales)

and in Washington, D.

cost $375,000 and for apartment houses to cost $480,000.

garage to

since 1929

Reported

\

decreased

All divisions

July,

July,

July,

1937

1936

1937

§53,764,056

1,483

June,

1937

construction

Percentage
Change from

for

—24.4

—38.4

June,
1937

12,694

July,
1936

—23.7

—39.3

during July, the value of non-residential building and of

New England

129

3,983,172

—54.9

844

+6.8

—50.2

repairs increased and the first

Middle Atlantic

378

13,236,358

—8.4

—52.0

—65.9

323

—43.5

—35.4

West North Central.

123

—52.8

—18.5

801

—44.6

—9.6

South Atlantic

166

—15.6

—28.0

1,874

—8.2

—21.2

—8.3

—66.2

476

—4.4

—48.9

—12.6

—44.0

1,120

—4.S

—34.3

63

11,311,695
2,785,860
7,146,621
1,281,681
3,181,S03
1,406,376

2,317
2,271

—19.3

East North Central.

—24.0

—27.3

+7.7

9,430,490

—15.9

+11.5
+ 1.8

434

147

2,657

—14.0

+7.2

months of 1937 showed

seven

increase in all construction of 19 % over the

an

period last

Secretary of Labor Frances Perkins reported
Miss Perkins said:

year,

Aug. 28.

on

corresponding

According to reports received by the Bureau of Labor Statistics from
1,483 cities having a population of 2,500 or over, there was a decrease of
38% in the value of residential buildings for which permits
compared with the corresponding

as

month

of 1936.

over

West South Central.

building construction, comparing the

New Non-residential

July

was

repairs

rise in

12%

less than in June.

existing

to

the value

of

June,

July,

July,

June,

July,

1937

7%.

There

was

slight

a

1937

1936

1937

1937

1936

seven

months of 1937 the aggregate value of all classes of

building construction for which
population of 2,500

or

over

permits

sponding period of 1936.
the first

seven

of 1936.
the first

issued

were

in

cities

having

an

increase of 19%

the

over

months of the current year with the

for 113.914

months of

families,

corre¬

an increase

of 22% over the first

seven

During

Mid. Atlantic. 10,381,843

+22.5

—15.2 58,373,255
—23.9

5,419,207

33,948,069

—0.1

27,002,440

—36.4

7,554,300

—24.9

+0.9

—5.9

—17.2

4,872,546

—19.3

—39.4

2,019,095

—31.0

3,047,150

—6.6

1,131,810
5,054,960

—24.9 17,975,898
—14.5 14,486,568

Atlantic

3,045,799
4,562,219

+24.6
+58.1

—23.9

16,020,140

East So. Cent-

1,130,109

—35.4

+5.8

1,734.402

—36.8

—39.8

3,351,015
6,768,030

—17.6

892,140
10,004,383

+ 16.1

—42.5

-f-55.6

3,153,826
23,363,229

—14.6

+42.6

+5.0

+21.8

South

West So. CentMountain
Pacific

—39.7

4,366,031

various classes of construction is indicated in the

National Industrial Conference Board
Reports Business

Activity

following table for 1,438

j
|

Change from June, 1937, to July, 1937
Number

age attained

New residential

—13.2

—24.4

New non-residential

—10.0

-J-2.4

—9.5

clines

in

change compared

with

same

——6.6

July,

1936,

by

class

of

from
con¬

1,483 cities:

Change from July, 1936, to July, 1937
Class of Construction
Estimated Cost

fff

Total

tion

decrease of 39%

a

was

—15.2

shown in the number

family-dwelling units provided in these cities.
over

of

of

the

metal

did

retail

fields.

sales

de¬

Load¬

in

urban

and rural areas, however, declined
the usual seasonal amount.

with

Canada totaled

451,206 units

in

July,

456,775

1936.

As

a

plants toward the middle of the month,
the usual seasonal amounts from the

than

Ford

industry

counterbalanced

non-ferrous

towns

than

the Ford

operations.

entire

seasonal

reopened

is

expected

Aug.

on

to

show

9,

and

August
less

somewhat

produc¬

than

the

whole advanced1 to the highest level for

the

recession.

activity

as

a

Total contracts awarded in 37 Eastern States, as reported
by the F. W. Dodge Corp., amounted to $321,602,700, exceeding the previ¬
ous high
figure reported in June of this year by 1.2% and representing
an
increase of 9.1% over the value of contracts awarded in
July, 1936.
The July advance was due
public utility awards, which
level

Number

small

more

compared

as

82%, respectively.

Change from First 7 Mos. in 1936
to First 7 Mos. in 1937

Class of Construction

than

more

and

recovery period.

-i-7.9

The cumulative gains made during the first seven months of 1937
the corresponding period of 1936 are indicated below:

in

by

output declined by more

Construction

+ 19.6

—3.4

Compared with July, 1936,

level

petroleum

I railroad advanced, as

shutdown in

a

June level

—38.4

Additions, alterations, repairs

Class

business

June

during July

usual

New non-residential

automobile,
on

output of the construction, iron and steel,
industries

power

Automobile production in the United States and
units

total

New residential

electric

Retail
the

result of

Number

and
the

ings of freight

—12.4

aver¬

The survey also said:

Greater-than-seasonal rises in

areas.

struction, is shown below for the

Substantially—

Quarter in 1936, However

the regular monthly survey of the National Industrial Con¬

newsprint,

—10.3

Recovered

during the third quarter of 1936, according to

ference Board.

Estimated Cost

Total..

July

ing the month of July, but still remains well below the

Construction

Additions, alterations, repairs

During

Below Average in Third

Business activity as a whole recovered substantially dur¬

identical cities having a population of 2,500 or over:

of

—12.4

10,780,081

9,617,058

an

The percentage change from June to July in the number and cost of the

percentage

+ 19.6 131,941,130

+46.8
+32.3
+27.1
+71.5

+74.9
+26.9

East No. Cent

months of 1936.

noting the foregoing remarks of Secretary Perkins,
announcement by the Department of Labor also said:

The

+2.4

3,315,979

corresponding period

1937, dwelling units were provided in these cities

In

Class of

divisions.. 44,683,932

All types of construction showed gains, comparing

The gain in residential construction amounted to 23%.
seven

a

which reported to the Bureau of Labor Sta¬

tistics, amounted to $1,002,592,000,

$

West No. Cent

for this class of construction being 2% greater than in June.

For the first

All

New England.

(Census

of 1930)

Cost,

$

non-residential construction, the July valuation

new

Percentage
Change from

Estimated

July,

The value of additions, alterations,
decreased

structures

Change from

Cost,

same two months.

The value of total building construction for which permits were issued

—39.0

Population
Percentage
Estimated

Division, shared in the decrease in residential construction.

and

—46.4

Total Buildino Construction
Unci. Alterations <k Repairs)

Buildings

the

non-residential

new

All geographic divisions, except the Mountain Division and the Pacific

in

89

Mountain

buildings and of 8% in the value of additions, alterations, and repairs to
existing structures.
There was a decrease of 15% in the aggregate value
of all

65

Pacific

issued,

were

However,

period, there were increases of 20% in the value of

same

East South Central..

—4.9

since

the

increases

higher

than

a

in

non-residential

and

by

and

year

ago

of

Residential

1930.

to decline

by

construction, on the other
than seasonal amounts, and is lagging

more

considerably behind expectations expressed earlier in the
Production

Estimated Cost

44%

Activity in both types of building reached the highest

middle

hand, continued

entirely to
were

of,.,steel

ingots during

the first

year.

months

seven

of

this

year

was

New residential

+31.1
+ 14.6
+ 10.6
+ 15.1

New non-residential

Additions, alterations, repairs
Total

The data collected
to

+ 18.6

average annual production

from 1931-34.
Activity is expected to increase
materially with the advent of the fall buying season, and some authorities
believe

by the Bureau of Labor Statistics show, in addition

private construction, the number and value of buildings for which con¬

tracts were awarded

in the report.
to

only slightly below that for the corresponding period of 1929, fell
only 100,000 tons short of output for the full year 1935, and exceeded the

+23.0
+ 8.2
+25.9

by Federal and State governments in the cities included

For July, 1937, the value of these public buildings amounted

$6,642,000; for

June,

1937,

to

$14,010,000,

and

for

July,

1936,

to

$26,881,000.
Permits

were issued dining
July for the following important building
In Hartford, Conn., for an office building to cost $300,000;
Newark, N. J., for factory buildings to cost nearly $600,000; in New

and

power

Machine

school

building to cost

buildings to cost
cost

over

cover

over

$600,000 and for

$650,000; in Detroit, Mich., for factory

over

$300,000 and for

store and

mercantile buildings to

nearly $300,000; in Dayton, Ohio, for office buildings to cost nearly

$350,000; in Toledo, Ohio, for

a

school

building to cost

over

$1,000,000;

tool

machine

orders,

during
of

has

tools

both

an

on

in

July.

the

field!

Bank

the value of trade

Gains
and

continued

to

actual

and

were

ten

more

recorded

cent

than

stores.

is usual

of

debits
as

for

distribution
outside

Whole,

a

rose

Rural

retail
time of

4.3%

the year.

volume

recovered




over

department store
to

sales

the

was

April

trade

on a

$400,000; in San Francisco,

buildings to cost

the

fuel

adjusted basis,

foreign demand

domestic

demand

has

advanced

City,

roughly

moderately
indicative

seasonally adjusted basis.

store

index of department store prices, with

mercantile

but

York

Board's

and

year

sales, variety stores, and five
sales, however, declined by considerably

department

at this

and

New

$400,000; in Glendale, Calif., for

store

among

seasonally

Over this period,

increase,

Va., for

over

this

output expanding by more than
all-time high level.
Bituminous coal

of

factory building to cost

ingots

with

new

in Omaha, Neb., for a school building to cost over
$900,000; in Richmond,
a

Bessemer

56.5 million tons.

sharply curtailed.

Activity

buildings to cost nearly $1,000,000; in the

Borough of Queens for apartment houses to

and

the sharpest gain

registered

during July,

declined for the third consecutive month.

been

of Manhattan for institutional

electricity

industries

hearth

open

changes.
Crude petroleum output, on a
seasonally adjusted basis, remained well below the recovery peak registered
during May, 1937.

$3,300,000 and for school buildings to cost

a

of

proportions to reach a
production showed only minor

for

$1,400,000; in the Borough

of

total of approximately

record

new

seasonal

York City—in the Borough of Brooklyn for
apartment houses to cost over
over

production

a

Production

projects:
in

that

will reach

slightly
level.

more

The rise in the dollar value

than that of the Conference
the result that net physical

Volume

by Companies of
Third Quarter Above

Estimated Dividend Payments
Oil

ard

Chronicle

Financial

145

Group for

Within

manufacturing classification of industry, 2,291 reporting
establishments, the number of male and female workers increased 0.1 of 1%

Stand¬
Similar

and

Period

1936

by the companies of the

Standard

for the third quarter of 1937 are

$31,978,898, compared with $29,911,506 in the

third quarter

comparison with June.

3.3% while total

Average Weekly Earnings—July

aged $26.92; $29.55 for

The

In the

period of 1936

enterprises the total hours worked
Hours

quarterly dividend

share in addition to the regular quarterly

and

have been paid

which

year,

In the

of

Car

by

third
the first two

compares

group,

1,680 firms reported a decrease of 0.4
female workers combined.

decrease of 3.7%.

In the manufacturing establishments
were

38.8

the average hours worked in July

compared with 40.6 in June, or a decrease of 4.4%.

as

the non-manufacturing

classification, the average number of hours

worked per week during July was 39-6, or 1.7%

less than in June.

Canadian Newsprint

each in the
Union

50 cents in the third quarter of 1936.

dividend of 40 cents a share in each

quarter this year

During July newsprint output in Canada totaled 314,529
tons,

was

Buckeye
Pipe Line's quarterly dividends of $1 a share in effect since the final quarter
last year compare with payments of 75 cents a share in the first three
quarters of 1936, while Southern Pipe Line Co.'s dividends of 20 cents and
paying more than at this time last year.

25 cents a share respectively in

March and September this year compare

and 10 cents a share in the corresponding periods

with payments of 15 cents
year.

a new

high record, according to

by the News Print Service Bureau.

members of the group making distributions in the cur¬

rent quarter, two are

Production in July Reached New
Tons Produced by United States

Mills

this

with a quarterly rate of 30 cents a share in 1936.

The record of

for male

Average actual hours worked in July by 514,790 workers in the 3,850

In

77 M

decreased 4.5%

enterprises reporting man-hours were 39.0 as compared with 40.5 in June,

dividend to 6214 cents

payments compare with dividends of 25 cents

Of the pipe line

of last

non-manufacturing

Record—78,205

cents a share paid in the first two quarters

the 37 34

Co.'s

establishments reporting man-

separately

2.8% in the total man-hours worked by female employees.

or a

respectively,
first quarters this year.
A total of $2.50 a share will
South Penn in the first nine months of 1937, as against

first and second quarters and
Tank

workers

these

in

dividend of 37 H cents

Humble Oil & Refining Co. increased its quarterly
share from

manufacturing

female

combined, and

3.3% less in July than in June.

Within this «lassification of industries, 1,293 concerns showed an increase

$1.70 a share in the corresponding period of 1936.

a

2,024

and

were

with extras of 37 Hi cents and 2214 cents,

share compares

in the second

male

in

workers and 6.8% for female workers.

of 15 cents each in the second and

and an extra of 10 cents in the third quarter of 1936.
South Penn Oil Co.'s recent declaration of an extra dividend of

a

worked

hours for

quarters

a

manufacturing classification of industries, 2,170 enterprises re¬

of 1% in total man-hours worked by male and

declared an extra
dividend of 20 cents a share in addition to the regular quarterly dividend
of 25 cents a share.
A similar extra was paid in the second quarter, while
in the preceding five quarterly periods extras of five cents each were paid.
Standard Oil Co. of California for the current quarter

cents

the

ported man-hours for male and female workrs

total for the first nine months this year.

this year, as compared with regular payments in

total

Total hours worked by male work¬

during July decreased 3.4%, while total hours worked by female workers

In

several of the smaller
units.
These increases, together with the larger semi-annual dividends
paid in June by the Standard Oil Co. of New Jersey and Ohio Oil Co., as
well as the larger distributions made by other leading members of the
group during the first two quarters, account for the substantially higher

quarters

,

Compared with June.

decreased 6.2%

Co., South Penn Oil Co., Union Tank Car Co., and

of 25 cents a share with extras

as

For male and female workers combined, in all reporting industries, the
number of man-hours decreased 2.7%.

paid by the Standard Oil
Standard Oil Co. of Kentucky, Humble Oil & Refining

Standard Oil Co. of Kentucky supplemented its rgular

workers

non-manufacturing industries, weekly earnings averaged $26.71;

Changes in Man-Hours During July

principally reflects the higher dividends being
Co. of California,

In the manufacturing

$29.56 for male and $14.55 for female workers.

ers

quarter's increase over the corresponding

current

combined in all reporting industries aver¬

and $15.75 for women.

combined; $29.55 for male and $16.02 for female workers.

1930.

peak of $286,526,728 paid out by the group in

sexes

men

industries average weekly earnings were $27.01 for male and female

by
these companies continues the upward trend in effect since 1933 and current
indications are that distributions this year will compare favorably with
the

male workers increased

Total wage payments to

paid to female workers declined 2.5% during the

wages

Weekly earnings for both

the total of payments

date this year in

recorded to

enterprises, 2,016 re¬

number of male, but a

above-noted period.

said:

also

increase

increase of 1.8% in the

an

de¬

workers decreased 4.4%.

decrease of 1.7% in the number of female workers employed during July in

Carl H. Pforzheimer & Co., New York City, members of the New York
Stock Exchange.
Aggregate cash disbursements of the
group for the first three quarters of the current year will
total approximately $152,413,136, compared with $124,600,645 in the first nine months of last year, an increase of
22%.
In noting the foregoing, an announcement in the
The

Total wage payments to male workers

while total wages paid to female

porting concerns, showed

1936, according to figures compiled by

matter

3.1%

The non-manufacturing classification of industrial

estimated at

of

0.2 of 1%, respectively.

clined

Cash dividend payments
Oil group

1495

the

14.6% above July

a

report recently issued

The July production
United States mills,

a year ago.

ac¬

cording to the Bureau, produced 78,205 tons of newsprint
during the month.
Canadian output for the seven months
ended July was reported at 2,097,312 tons, an amount 19%
in excess of the same period of 1936.
The report of the
News Print Service Bureau was given in part, as follows in
the Montreal "Gazette" of Aug. 14:
Production in the United States (in July) was 78,205 tons and shipments

quarterly disbursements in recent years follows:

79,759 tons, making a total United States and Canadian newsprint pro¬
duction of 392,734 tons and shipments of 381,609 tons.

First

Second

Third

Quarter

Year

Fourth

Quarter

Quarter

Quarter

Totals

During July
that

so

1937
1936.
1935

19,872,088
*18,122,737

1934

24,312,981

1933

32,406,332
46,801,053

1932

63,101,797

1931

$31,978,898
29,911,506
17,653,161
18,582,065

$94,996,530
74,817,051
63,821,486
58,908,391
34,527,747
46,278,873
57,843,467

$25,437,708

19,546,576

43,858,468
51,263,688

$114,399*982 $239*,00*0*627

Does

not

include

of 1937 than in the first seven months of 1936,

220,739,182

than in the first seven

1,399,345 shares of Mission Corp. distributed by Standard

Noted

Industrial

in

July—Decrease

Employment in

in

Payrolls

Than

partment of Labor by 6,266 reporting manufacturing and
non-manufacturing enterprises in Illinois, employment in
1%

over

June although total wage

payments decreased 1.9%, it was announced on Aug. 28
by Peter T. Swanish, Chief of the Division of Statistics and
Research of the Illinois Department of Labor.
"The cur¬
rent

June-July change in employment is contra-seasonal in

character," Mr. Swanish said, "while the decline in payrolls

represents a less than seasonal decrease." He explained, that
for the 14-year period, 1923-1926, inclusive, the records of
the Division of Statistics and Research show that the average

decreases of 1.2% and 3.7% in the
number employed and total wages paid, respectively, Mr.

June-July changes

were

Swanish also noted:
In comparison

with July, 1936, the July, 1937 indexes show increases

of

The index of
employment for all reporting industries rose from 79.4 in July 1936, to 90.1
in July, 1937, while the index of payrolls rose from 65.8 to 82.5 during the
13.5% in employment and 25.4% in total wage payments.

same

period.

One hundred and twenty-four reports

increases

of

wage

increases were received by

and Research during the.month of July.

Wage

affected the pay envelopes of 26,418 workers in manufacturing

and non-manufacturing

industries, or 4.0% of the total number of workers

reported as employed.

increase of

at Canadian

mills were reported at 79,993

end of July and 13,090 tons at United Stares mills,

making

Secretary of Labor Perkins Reports Decreases in Indus¬

Employment and
to July

The weighted average rate of increase was 6.0%

Payrolls in United States

from June

Employment in the industries covered regularly by the
of Labor Statistics, United States Department of

Bureau

during July, Secretary of Labor Frances
on Aug. 26.
Due largely to inventory-

Labor, declined

Perkins announced

taking,

vacations

repairs,

and July Fourth shut-downs,

payrolls also declined over the month interval, she reported.
"On the basis of reports received, it is estimated that ap¬

proximately 50,000 fewer workers were employed in July in
industries covered by the Bureau of Labor Statistics," she
said.
"Aggregate weekly payrolls decreased by $4,700,000.
Comparisons with July of last year show an increase of
nearly 1,300,000 workers and a gain of nearly $65,000,000
in weekly wage disbursements," Secretary Perkins said,
continuing:
July is normally a month
in employment

of decreased business activity, seasonal recessions

usually occurring in retail trade, year-round hotels, dyeing

and cleaning, anthracite mining
ment

and manufacturing industries.

in the manufacturing industries in

contra-seasonal gain.

the Division of Statistics

was an

combined total of 93,083 tons compared with 81,958 tons on June 30, 1937.

a

that State increased 0.4 of

which

States was 14,752 tons or 2.8% more
months of 1936, and in Newfoundland 25.282 tons

of newsprint paper

at the

trial

statistical summary of data submitted to
Division of Statistics and Research of the Illinois De¬

the

amounted

Illinois

Less

Seasonal

According to

month

13.8% more, making a total increase of 375,191 tons or 15.1%.
Stocks

a

the

The output in the United

19%.

tons

During

production for

169,092,529
128,938,375
181,050,895

Oil Co. of New Jersey.

Increase

American

produced 335,157 tons more in the first seven months

The Canadian mills

or
*

of newsprint were made in Newfoundland,

tons

North

Total production in July 1936 was 375,369 tons.

422,827 tons.

to

70,516,298 *170,113,682

67,289,092
42,457,920
44,112,501
48.530,230

30,093

total

the

goods groups of manufacturing industries.
in the

Employment Increased 0.8%

non-durabie goods group and 0.4% in the durable goods group.

the non-durable
sions in the
due

Employ¬

July, 1937. however, showed a

This was true in both the durable and non-durable

In

goods group the gain was due primarily to seasonal expan¬

food industries, while in the durable goods group the gain was

compared with a weighted average rate of 7.8% for the month of June#

chiefly to a sharp rise in the iron and steel products group.

Employ¬

Changes in Employment and Total Wages paid. According to Sex
Reports from 4,307 enterprises
forces, showed an increase
crease
as

which indicated the sex of their working

of 0.4 of 1% in the number of male, but a de¬

of 0.2 of 1% in the number of female workers employed during July

compared with June.

Total wage payments to male workers declined

2.1% while total wages paid to




female workers decreased 4.1%.

ment in the

durable goods group in July, 1937, was 17.3% higher than in

July 1936.

as

In the non-durable goods group a gain of 6.2% was shown over

the year

interval.

The July 1937 employment index for the non-durable

goods group (104.3) indicates that for every 1,000 wage earners employed
during the base period (1923-25), 1,043 were employed in July 1937, while
the July index

of employment for the durable goods group (99.2) indicates

992 wage earners were employed in this group in July

1.000 employed ih the years 1923-24-25.

1937 compared with

Financial Chronicle

1496
Gains in factory employment

Sept. 4, 1937

INDEX NUMBERS OF EMPLOYMENT AND PAYROLLS IN

from June to July have been shown in five

MANUFACTURING INDUSTRIES

preceding 18 years for which information is available, and payrolls

of the

have declined in all but two of these years.

(Three-year average 1923-25=100.0)

0.6% in factory employment between June and July repre¬

The gain of

of approximately 51,000 additional wage

sented the employment

earners

Employment

July employment index (101.7) to above the level of any
exception of the months of April

and raised the

1

if n+nn

-fn flUT'l VI n

I

and

industries surveyed

was

general merchandising stores and

Seasonal curtailments in employment

the month interval.

over

mail-order houses), which reported 7.2%
tetail trade decreased 1.8%

Employment in other lines of

fewer workers.

were also

(12%) and in dyeing and cleaning (7 %).

shown in anthracite mining

Brok¬

number of workers and year-round
In the remaining two indus¬
tries reporting decreased employment (bituminous coal mining and whole¬
sale trade), the decreases were 0.2% and 0.4%, respectively.
Reports received from 9,320 contractors engaged in private building
firms reported a decline of 1.6% in

erage

seasonal decrease of 1%.

hotels reported a

gain in employment between June and July.

construction showed a 3.3%

Metal mines continued to expand their working

forces, the gain of 2.9%

of

raising the July employment level above that

any month since June

Each of the three branches of public utilities surveyed reported em¬

1930.

and manufactured gas companies
gain of 1.8%; telephone and telegraph companies, 1.5%, and

Non-durable goods

and

bus

operation and

maintenance companies.

electric

railroad

0.2%.

Laundries reported a seasonal expansion of 1.6% and crude petro¬

motor

increased their forces 1.2%.

Insurance firms
gain of 0.3% and quarrying and non-metallic mines also reported

leum producing companies

reported

a

slight

a

of more

the

over

shut-downs

gains

payrolls.

101.4

93.0

114.2

110.4

SI .8

119.6

106.2

102.8

133.4

123.4

92.5

Bolts, nuts, washers, and rivets

88.4

81.9

75.5

94.2

93.3

74.3

Cast-iron pipe

69.6

70.6

65.6

54.4

59.7

46.2

84.7

78.7

Blast furnaces, steel works, and

rolling mills

.

Cutlery* (not

silver
and plated cutlery), and edge
Including

86.2

73.4

86.2

61.2

Forglngs, Iron and steel.

72.3

72.6

58.5

63.6

71.5

45.7

Hardware

93.3

96.7

77.1

108.4

96.5

71.7

Plumbers' supplies

92.5

93.2

85.4

71.8

76.3

56.1
53.5

tools

Steam

-

and

hot-water

-

heating

...

...

12.6%

and

phonograph

work

reported
in

109.2

102.4

120.7

116.6

102.1

101.6

80.5

107.6

114.9

76.0

"Wirework

176.1

181.2

145.7

171.5

188.5

121.7

129.5

Tin cans and other tinware

not

Machinery,

including trans¬

106.3
82.9

151.1

149.9

120.0

154.0

156.4

102.5

Engines, turbines, tractors, and
Foundry & machine-shop prods.

Payrolls, however, declined 1.7%
customary

year,

was

expansion of 7.1%.

factories reported a seasonal

The

work

increased

Plants engaged in the smelting and refining

the month interval.

over

industry reported a gain of 2.3%

employment

91.2

114.6

119.5

81.4

152.7

118.4

159.0

164.6

108.4

195.2

182.3

193.5

166.0

156.2

143.3

70.6

89.2

93.6

62.6

152.1

153.8

99.3

145.5

151.1

90.4

122.5

126.4

101.9

125.5

127.8

92.6

Aircraft

807 7

496.0

Automobiles...—

Textile machinery and parts...

Typewriters and parts
Transportation equipment

The

and the jewelry

packing

(12%); sawmills (1.1%); petroleum refining (1.1%); silk and rayon goods

834.0

620.7

687.6

751.3

137.8

111.1

134.1

135.2

74.0

76.5

54 2

85.5

91.4

50.5

Locomotives

62.7

59.5

37.2

50.8

51.4

24.3

99.6

103.3

98.9

110.0

114.5

99.0

64.2

64.0

56.9

63.4

68.7

56.0

Electric railroad

63.6

62.7

62.2

67.2

67.1

61.7

Steam railroad

64.2

64.1

56 5

63.2

69.0

Non-ferrous metals & their prods.
Aluminum manufactures

111.5

113.9

94.5

105.4

111.5

77.4

131.5

129.5

110 5

134.5

135.6

96.1

Brass, bronze & copper products
Clocks and watches and time-

118.8

122.3

100.1

116.0

125 3

82.8

118.5

94.0

111.8

121.6

102.8

110.8

91.1

89.1

75 5

68.6

70.3

Lighting equipment
Silverware and plated ware

90.3

96.1

72.8

87.4

95.3

63.2

73.6

74.4

53.5

66.9

69.1

38.7

recording devices

Smelting and refining—Copper,
lead, and zinc

ing equipment firms reported a decrease of 6.1%.

4.0% to 4 9%
aud

tires

and

men's

declines ranging from 3.1%

aircraft,

ments.

road
per

and

car

druggist

furnishings.

of 3 6%

leather,

electric-and

steam-rail¬

The brass, bronze and cop¬

building, rubber tires, and hardware.

products industry reported a decrease of 2.9% in number of workers
similar decrease was

a

creases

of 2.8% each were

reported in the carpet and rug industry.

industries and losses ranging from

ware

2.0% to 2.3% were reported in the

knit goods, furniture, shirt and collar, and newspaper industries.
the remaining 21

De¬

shown in the wirework andstamped and enameled

Among

industries reporting declines were paints and varnishes

(1.7%), cotton goods (1.0%), book and job printing (1.0%), and foundries
and machine shops

(0.2%).

The indexes of factory employment and
turns

are

supplied by representative establishments in

dustries.
age

payrolls

computed from re¬

89 manufacturing in¬

1923-25,

taken

100.

as

Reports

were

They have

not

been adjusted for seasonal

received in July 1937 from 21,831 manufacturing

establishments employing 4,184,713 wage earners,

during the

pay

whose weekly earnings

period ending nearest July 15 were 8105,999,318.

each of the 19 years 1919 to 1937, inclusive.

'Employment
ln-

Year

1920

1921
1923

1924
1925

1926
1927
1928

In-

2.3

—

Year

1929

2.6

1919

1922

cr'se

—

1930..

_.

1.5
1.9

1932

1.0

._

1933

0.1

-

1935-.

cr'se

2.9

_

-

3.6

1920..

1.4

1921..
1922..

57.5

52.8

57.4

67.0

66.2

71.4

55.3

Brick, tile, and terra cotta

54.0

54.5

50.3

46.1

49.1

39.1

Cement

69.4

69.7

63.0

72.3

75.0

58.0

107.6

112 4

98.9

109.0

119.4

87.7

44.8

44.1

44.6

38.9

37.6

37.4

Pottery

72.3

80.0

70.1

58.9

70.3

50.0

100.2

Non-Durable Goods

Cotton goods

2.9

1924..

1.0

1936

—

1.2

1926-

1.1

1937—

0.6

1927..

—

--




0.1

1928..

8.6
4.9

1932..

7.6

7.5

4.0
-

—

1925..

—

—

1930..
1931..

1933..

7.4

1934..

7.1
1.3

1.9
m

_

_

_

--

1935-

4.2

1936-

3.9

1937..

2.6

_

__

_

_

1.0

1.7

93.8

77.1

95.5

100.2

91.3

67.9

103.0

91.7

96.6

101.2

78.5

77.3

96.4

97.4

90 6

91.1

91.6

82.0

110.5

109.7

109.3

95.3

95.8

89.3

82.9

83.9

88.2

80.S

73.8

78.8

Knit goods

115.7

118.1

111.8

112.1

119.0

104.0

79.9

79.1

75.0

67.6

68.4

59.7

62 6

wares.

Silk and rayon goods

Clothing, men's
Clothing, women's

86.0

79.8

71.6

78.5

109.3

104.6

74.7

S2.5

74.3

107.1

106.6

106.9

86.3

86.7

80 6

119.1

-

80.8
102.7

Woolen and worsted goods..

Wearing apparel

137.3

128.5

73.6

91.6

81.0

,

88.2

89.6

84.8

79.2

85.2

129.9

136.5

123.8

96.5

103.7

91.2

37.9

51.2

44.3

23.7

37.4

29.8

115.3

Corsets and allied garments.
Men's furnishings
M illinery

118.0

89.3

77.3

109.7

97.4

101.7

96.7

93.8

91.4

86.1

80.6

Boots and shoes

98.6

94.0

92.1

81.7

73.3

70.3

Leather

94.8

98.0

93.8

104.2

108.4

89.9

124.4

112.6

116.9

127.9

115.8

107.0

Shirts and collars
Leather and Its manufactures

Food and kindred products

74.2

Baking.

136.6

136.6

129.2

135.0

133.8

116.1

Beverages

234.2

224.4

220.0

284.0

260.5

266.4

97.0

95.6

92.4

77.6

76.6

71.7

205.4

122.7

174.0

239.6

123.5

138.3

69.3

68.9

66.8

64.0

68.0

56.1

Butter.

Canning and preserving
Confectionery
Flour...
Ice

80.4

78.3

73.6

74.2

75.5

92.6

cream

Slaughtering and meat packing.
Sugar, beet
Sugar refining, cane

90.6

88.3

85.2

81.5

80.2

89.9

88.9

90.8

100.0

99.2

86.7

77.7

49.3

53.1

55.7

55.2

53.2

81.1

74.9

79.8

80.2

68.4

69.3

60.6

Tobacco manufactures

60 1

60.6

55.9

55.7

51.0

55.4

56.4

54.7

66.7

69.4

58.0

52.4

Chewing and smoking tobacco
and snuff

....

Cigars and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
Printing and publishing:
Book and Job

Newspapers and periodicals.
Chemicals

and

6L.2

60.5

61.2

54.6

54.0

50.2

106.9

98.5

101.2

104.9

86.6

101.7

103.0

92.3

99.8

104.4

85.5

119.4

120.5

108.3

119.2

124.3

92.5

94.4

95.4

88.9

88.9

91.3

76.7

103.0

105.4

100.0

99.9

103.6

91.9

124.4

123.9

112.7

136.3

137.4

1064

123.7

123.4

110.5

134.3

135.7

103.8

139.5

13S.5

122.5

152.5

153.5

42.4

43.9

41 2

35.7

38.6

32.9

105.3

108.8

100.1

111.9

121.3

100.8

95.1

94.8

86.2

103.4

103.0

105.5

'

allied

products,
and petroleum refining
Other than petroleum refining.

Druggists' preparations
Explosives
Fertilizers

5.0

89.5

82.6

Dyeing an d finishing textiles.
Hats, fur-felt

114.9

84.2

69.8

75.7

58.6

75.8

79.2

52.4

136.6

138.9

126.2

138.8

142.7

113.8

Rayon and allied products..
Soap
1.
;
Petroleum refining

403.1

391.4

347.3

393.7

391.8

287.8

Rubber products
Rubber boots and shoes
Rubber goods, other than boots,

Paints and varnishes

3.7

2.8

85.7

91.7

101.6

102.0

Carpets and rugs

96.3

99.7

98.7

products

Fabrics

103.4

98.0

Textiles and their

cr'se

1929.:

43.3

Marble, granite, slate & other
products

Glass

De-

er'se

42.3

55.0

51.9

Cottonseed—Oil, cake & meal

3.9

«...

1923..

6.7

0.4

Year

59.9

49.5

Chemicals

J Ti¬

De-

er'se

3.4

_

1934_.

—

I ti¬

Year

1919..

0.5

—

3.2

._

cr'se

•

1931

..

De-

cr'se

78.7

74.0

Payrolls

De-

cr'se

73.2

57.5

The following tabulation shows the percentages of change in the Bureau's

general indexes of factory employment and payrolls from June to July in

76.9

55.7

The base used in computing these indexes is the three-year aver¬

variation.

54.5

89.1

71.6

each were

reported in agricultural imple¬

were

62.0
115.9

72.3

57.3

and cottonseed oil-cake-meal industries and
to 3.5%

preparations,

85.2
162.4

67.2

56.3

Decreases ranging from

Losses

86.3

148.9

65.6

Sawmills

shown in steam fittings, glass, rubber goods other than

were

footwear,

reported in the shipbuilding

77.6

135.0

72.9

Mill work

Stone, clay, and glass products—

industry (261%), women's cloth¬

and time-recording devices industry and light

88.8

159 2

Lumber:

Vacation shut-downs accounted primarily for the decrease

(6.1%).

91.7
154.7

87.1

ware-

Furniture

Cotton small

of 8.1 % in the clocks, watches

50.6

72.7

—

Stamped and enameled

Lumber and allied products

ing (13.3%). stoves (9.6%), pottery (9.5%), fertilizers (7.7%), and woolen
goods

55.7

Jewelry

employment were seasonal in character,

decreases being reported in the millinery

99.5

Shipbuilding
Railroad repair shops

(0.4%).

The most pronounced declines in

87.3

133.5

(0.9%); electrical machinery, apparatus and supplies (0.6%); and men's
clothing

86.1

Cars, electric & steam-railroad.

Among the remaining 22 industries in which

shown were slaughtering and meat

was

112.7

152.9

Radios and phonographs

Firms manufacturing locomotives

The increases of 5.0% in boots and shoes, 4.4%

increase of 2.2%.

an

112.4

Machine tools

a

Em¬

following labor difficulties in
Seasonal increases were reported in the flour in¬

companies reported an increase of 3.0%

industry

98.4

113.7

Tools (not Including edge tools,
machine tools, files and saws)

126.1

lead and zinc reported a gain of 3.3% in employment and rayon

structural metal

61.3

146.7

for which data are available, and payrolls in

expansion.

82.4

146.0

beverages, 4.1% in tin cans and other tinware, and 2.3% in ice cream

of copper,

81.8

124.0

8.0% in employment in the bolts, nuts, washers and rivet indus¬

reflected seasonal

71.0

91.8

pronounced gain in number of wage earners

gain of 5.4%.

a

76.6

78.7

114.2

67.4% in the canning and preserving industry.

preceding month.

76.4
106.2

119.9

between June and July,
nearly normal operations in the blast

dustry (6.3%) and in beet sugar (6.1%).

70.5
84.9

135.9

try was due largely to increased operations
the

65.8
100.5

120.5

reported increases in employment of 8.3% and 7.9%. respectively, and radio
increase of

79.8
119.0

Structural & ornamental metal-

137.2

The cane sugar refining and rubber footwear industries

.

76.6

107.6
80.6

apparatus and steam fittings.
Stoves

Electrical machinery, apparatus
and supplies
.

ployment in the blast furnaces, steel works and rolling mill industry in¬
creased

85.6

Secretary Perkins, the

the month interval and 23 industries reported increased

The most

100.8

(Office of the Secretary)

Thirty-nine of the 89 manufacturing industries surveyed showed gains
in employment over

100.2

92.8

employment being 11.5% higher and payrolls 26.2% greater.

seasonal increase of

98.2

108.3

corresponding month of the preceding

the

over

75 9

103.5

80.2

137 2

The July 1937 levels of employment and payrolls show

16 of these years.

104.6

182.7

mally reported between June and July, employment having decreased in

substantial

101.9

133.1

Decreases in factory employment and payrolls are nor¬

13 of the preceding 18 years

84.6

164.6

repairs, vacations and the observance of the

for inventories,

July 4 holiday.

98.8

1936

104.0

interval, this decrease resulting largely from

month

102.9

110.1

Industries

furnaces, steel works and rolling mills.

101.2

140.6

Factory employment showed a gain of 0.6%
due primarily to a resumption

91.2

107.6

not

water wheels

Manufacturing

101.1

July

129.2

of the remarks of

In furtherance

1937

136.3

„

United States Department of Labor
made available the following:

1937

portation equipment
Agricultural Implements
Cash registers, adding machines
and calculating machines——

(0.1%).

gain

June

1936

x

Durable Goods

and steel and their products,
inoluding machinery

Iron

ployment gains; electric light and power
reporting a

1937

July

104.3

Durable goods

merchandising grdup (department, variety and

in the general

July

99.2

All industries

largely

The major portion of this

the country.

in retail trade establishments of

decrease

was due

of 3.1%, or approximately 110,000 employees,

the seasonal recessions

June

101-7

100,000 workers between June and July

in the combined 16 non-manufacturing

July
1937

x

May 1937.

The net decline of approximately

to

Payrolls

o/Wuo

MunUjuctuTinu jltcU'iIoI'TZcs

month since November 1929, with the

102.5

102.5

93.0

114.8

115.1

127.3

126.0

121.5

142.7

143.0

98.9

101.2

90.8

99.1

103.8

87.1

78.1

72.5

72 0

73.6

69.7

54.8

shoes, tires, and Inner tubes.

135.8

142.1

120.6

131.5

144.9

106.2

Rubber tires and inner tubes..

89.6

92.7

83.9

94.0

97.9

88.5

x

July 1937 indexes preliminary, subject to revision.

91.7
114.7

Volume

Financial Chronicle

145

1497
AUTOMOBILE

Non-Manufacturing Industries

indexes of employ¬
ment and payrolls for July 1937, where available, and percentage changes
from June 1937 and July 1936, are shown below.
The 12-month average
for 1929 is used as the index base or 100, in computing the index numbers
for the non-manufacturing industries.
Information for earlier years is not
The

FINANCING

non-manufacturing industries surveyed, with

16

Retail Financing

Wholesale
Used ana

Financ¬
Year

Volume

Month

available from the Bureau's records.

ing

and

in

Cars

Volume

Number

in

Number

in

Number

in

of

Thou¬

of

Thou¬

of

Thou¬

Cars

sand

Cars

sand

Cars

sand

Dollars

FACTURING INDUSTRIES IN JULY
JUNE 1937 AND JULY 1936

Unclassified

Volume

Volume

Thousand

PAYROLL TOTALS IN NON-MANU¬
1937 AND COMPARISON WITH

INDEXES OF EMPLOYMENT AND

New Cart

Total

Dollars

Dollars

Dollars

.

(Average 1929=100)

Summary for

456 Idem ical

Orga nizations

1937—

Payrolls

Employment

June

469,482
172,145 b421,035

Index

Index

174,155

200,000 118,322
181,139 106,865

269,482

239,896

75,406
67,290

P. C. Change from

P. C. Change from

Industry

193,728

180,318

July
Total

July

June

July

July

June

July

1937x

1937

1936

1937*

1937

7

mos.

1936

July 1,213,440 2,757,368 1,123,894 1,162,229 679,100 1,595,139 444,794

ended
1936—

—.4

89.9

Trade—Wholesale

87.6

General

merchandising.

—7.2

+

11.1

76.6

+ .4

72.7

—2.2

+ 11.7

87.1

+5.2
+5.3
+5.2

—3.1

95.4

Retail

—5.8

+ 12.6

—1.3

+ 11.3

June

Total

Other than general mer¬

85.6

—1.8

+5.4

69.7

Telephone and telegraph
Electric light and
power

79.7

+ 1.5

+9.0

92.4

+4.3

+ 15.7

and manufactured gas..

97.7

+ 1.8

+6.5

101.1

+1.0

+ 12.6

73.5

+

.2

+ 1.4

70.9

—.3

+ 6.7

chandising

480,330

7

194,968

436,223

177,448
166,018

July

176,201

223,864 129,693
200,903 116,065

256,466

65,275

235,320

6Q.137

mos.

July 1,121,799 2,677,165 1,072,479 1,216,160 698,862 1,461,005 373,616

ended

Public Utilities:
1935—

303,334

111,893

126,207

69,409

177,127

42,484

324,633

119,372

134,054

74,489

190,579

44,883

896.536 1.877.767

June

692.586

799,077 435,257 1,078.690 257.329

121,779
122,238

July

Electric railroad and motor
bus operation

& malnt.

Total

—5.2

-6.9

35.2

—30.8

Bituminous coal

77.7

—.2

+ 3.0

67.9

—4.6

81.2

+2.9

77.5

+ .4

+•68.2

Quarrying & non-metallic.

55.5

.1

+32.6
-t-2.0

51.0

—3.2

Crude petroleum producing

80.1

+ 1.2

+ 6.3

716

+1.6

86.1

—1.0

+3.4

73.8

—.2

+ 16-2
+ 18.5
fti*
+ 11.8
+ 10.0

mos.

+ 8.4

Metalliferous

7

—12.0

45.0

M Inlng—Anthracite

+

Services:

Hotels'(year-round)

y

Laundries

95.1

•4* 1.6

+5.1

86.9

+ 1.7

Dyeing and cleaning

85.6

—7.0

4.2

67.1

—15.3

—1.6

z

—1.7

+ .3

+ 2.2
+ 1.6

z

+3.3

+ 13.0

z

+ .9
+5.5

Brokerage

z

Insurance

z
z

Building construction
x

ended

282 Idem ical Organ izalions

Summary for

i

,

,

+33.7 J

175,215
167,509

d396,330

1932467
193280
Total

7

Cash payments only; value of board, room, and tips cannot be
Data

computed,

70,202
62,519

July 1,178,766 2,594,306 1,067,047 1,119,124 654,694 1,475,182 412,352

1936—

June

174,276

413,923

7

217,354 125,916
195,299 112,794

186,550
168,685

455,463

162,404

Total

available for 1929 base.

are not

250,371
222,086

mos.

ended

July

z

192,678 114,195
174,244 102,918

184,397
165,438

443,049

July

Preliminary.

y

c

1937—

June

+3.5,
+6.8
+7.1

July

238,105

218,624

60,634
55,890

mos.

July 1,093,677 2,532,195 1,023,866 1,179,707 677,757 1,352,488 346,109

ended

1935—

The

.

Report

lumber

Week

Lumber Movement,
Aug. 21, 1937

of

21,

July

770,696 419,705

39,262
41,460

996,029 238,196

20% greater than

business booked and 19%

used

was

shipments

new

Reported production and

shipments.

less

business

was

in

than

slightly

less.

considerably

were

new

the preceding

Production

was

slightly heavier; new orders and shipments were less than

this
The

corresponding

1936.

of

week

National

production

re¬

a

were

new cars,

dis¬
55.6%

$9,000,000,000

by Bureau of Agricultural Economics—Highest for
Any Year Since 1929 and Compares with $7,865,000,000 in 1936

During the calendar year 1937 the farmers of this country

of

below that week's orders, ac¬

44%

unclassified.

Cash Farm Income for 1937 Estimated at

ing week; shipments were 9% less than shipments of that
orders were 3%

and 0.4%

cars,

will

new

d Of this number,

continued automobile financing,

ported for the week ended Aug. 21, 1937, by 4% fewer mills
was 6% less than the output (revised figure) of the preced¬
week;

657,901

163,091
175,866

mos.

ended

71,665

The week's reported pro-

heavier than reported

in

121,632
128,876

67% of 1929 shipments.

tion and

week;

113,125

Of these organizations, 37 have discontinued automobile financing,
b Of
number 43% were new cars, 56.6% were used cars, and 0.4% unclassified,
c
data in this table are included in Table 1.
Of the 282 organizations, 24 have

1937, stood at 77% of the 1929 weekly average of produc¬

di'ction

7

66,913

106,174

304,742

118,731
119,099

July

Total

ended Aug.

week

during the

industry

Ended

284,723

875,294 1,766,725

June

Weekly

receive

approximately $9,000,000,000 from marketings

products and from government payments, it was
estimated on Aug. 21 by the Bureau of Agricultural Eco¬
farm

reporting for both 1937 and

This
with
$7,865,000,000 for the 1936 calendar year and is the highest
for any year since 1929, when income from farm market¬
ings totaled $10,479,000,000, it was pointed out in an an¬

the corresponding week of

nouncement

cording to reports to the National
Association from

tions of

Lumber Manufacturers

regional associations covering the opera¬

and softwood mills.

important liardwod

tion in the week

ended Aug.

last

Produc¬

21, 1937, was shown by mills

1936 as 5% above output in
1936; shipments were 5% below
the same week and new orders

year's shipments of
were 13% below orders of the 1936 week.

The Association

further reported:

1937, 544 mills produced 269,416,000
shipped 226,727,000 feet;

During the week ended Aug. 21,
feet

hardwoods

of

and

softwoods

combined;

Revised figures for the preceding week

booked orders of 223,692,000 feet.

Mills,

were:

All regions

1937.
All

286,372,000

production,

565;

feet;

shipments,

250,342,000

orders, 230,513,000 feet.

feet;

All

hardwoods reported orders below those of
but Southern cypress and Northern pine
reported shipments below last year's week, and all but Southern pine and
Northern hemlock reported production above that of similar 1936 week.
regions

Northern

except

Lumber

orders

softwood

mills

the

mills.

same

feet,

or

15%

;

all

endedi Aug. 21, 1937, by 461
212,166,000 feet, or 17% below the production of

reported

totaled

Shipments

for

as

104

reported for the same week were 216,073,000

or

Production

week's

254,391,000 feet.

Shipments as reported for the same week were

29% below production.
Identical

Last

was

hardwood mills give new business as 11,526,000 feet,

23% below production.

10,654,000 feet,

week

the

below production.

Reports from
or

1936

production of

452

Mill

Production was 15,025,000 feet.

the

in

issued

identical softwood mills was 253,037,000

feet, and a year ago it was 242,625,000 feet;

shipments were, respectively,
215,119,000 feet and 225,458,000 feet, and orders received, 211,445,000
feet and 243,765,000 feet.
In the case of hardwoods, 94 identical mills
reported
production
last week and a year ago
13,252,000 feet and
10,726,000 feet; shipments, 9,541,000 feet and 11,664,000 feet, and orders,
10,479,000 feet and 11,646,000

matter

by

the

of

Department

calendar year.

farm marketings on a cal¬

basis from 1924 through11937, including all gov¬
ernment payments to farmers by the Agricultural Adjust¬
ment Administration, were listed in the department's an¬
endar year

nouncement as follows:

§9,785,000,000
10,324,000,000
9,993,000,000
10,016,000,000
10,289,000,000
10,479,000,000
8,451,000,000

1924
1925

1926

1927

x

1935...

§5,899,000,000
4,328,000,000
5,117,000,000
6,348,000,000

7,090,000,000
7,865,000,000
x9,000,000,000

Preliminary estimate.

commenting

In

the

is

This

increased

on

fifth

the

over

1932, the general

tributed

successive

previous

in which farmers' cash income has
With income more than doubled since

year

year.

economic position of farmers has, of course, been greatly
that farm income will be more evenly dis¬
This distribution
with recent years, when droughts, particu¬

the entire Nation than in any recent year.

over

income

the

estimate for 1937, A. G. Black,
Agricultural Economics, said:

the

improved.
It is significant this year
of

feet.

Agriculture.

The announcement said:
The Bureau's preliminary estimate made annually at this period of the
year is based upon cash income from farm marketings and from government
payments during the first half of the year and on indications as to
probable sales and prices of farm products, as well as the prospective
volume of government payments to farmers during the last half of the

Chief of the Bureau of

Reports

of

Agriculture.

Estimates of cash income from

reported orders below production in the week ended Aug. 21,

regions but Southern pine reported shipments below production.

corresponding week of

Department

States

United

nomics,

year's estimate of farmers' total cash income compares

is

in

contrast

1934 and 1936, sharply reduced production in many areas.
result of droughts, but this advance failed to
help many farmers whose production was sharply reduced by the weather.
However, these droughts, by reducing available supplies, are in part
responsible for the improved position of farm income this year.
Other
factors in the improved income situation this year are the farm programs
carried on by the Federal Government and the improvement in the demand
for farm products
resulting from business recovery.
Another factor of
larly those of
Farm

Automobile Financing in July
The dollar volume of retail

the 456 organizations
of

financing for* July, 1937 for

amounted to $174,155,660,

a

decrease

10.1% when compared with June, 1937; a decrease of

1.2% compared with July, 1936; and an increase of 45.9%
July, 1935.
The $172,145,221 shown for wholesale
financing for July, 1937 is a decrease of 4.5% from June,
1937; an increase of 3.7% compared with July, 1936; and an
increase of 40.8% over July 1935.
Figures of Automobile Financing for the month of June were

prices advanced as a

importance in
be much

will

over

published in the Aug. 21 issue of the "Chronicle",




page

1174.

assets

such

as

the situation is that the cash income of farmers this year
less dependent upon receipts from liquidation of capital
foundation breeding stock than was the case during the

drought years.

this time is that of continuing the improvement
of agriculture.
In the case of wheat, for
instance, the improved situation this year comes in the wake of relatively
small crops in the United States for four years, of small crops in Canada
The

in

the

major concern at

economic

position

^

Financial

1498

and small crops of wheat in Argentina, Australia and other

five years,

for

producing
had

have

wheat

world

of

supplies

of

their level

to

Income

in this country would quickly suffer with a return

production

1931

and

1932,

though

even

world

also from the announcement of the De¬

The following is

partment of Agriculture:
increase

of

end

the

which will be
and will probably amount to

during 1937 includes only the actual government payments
made

farmers

to

the calendar

during

year

$400,000,000 to $450,000,000.

from

The increase

is expected to amount to

farm marketings

income from

in

$1,000,000,000.
This increase is due almost entirely to
greater income being received from the larger crops this year.
Large

approximately
the

such

of

portions
marketed

until

estimate.

The

and

fruits

as

crops

and

1938,

do

the

into

enter

not

will not be
1937 income

however,

and citrus fruits,

corn

therefore

increases in income this year are from grains,
income from cotton and cottonseed, and

greatest

although

tobacco,

vegetables is also expected to exceedi the income received from
modities

last

year.

show

the

greatest

to

grains

over

a

year

ago,

other

although

corn) and most other fruits and truck crops are expected
a sizable
increase in income during 1937.
Income from potatoes
last half of
1937 may be somewhat smaller than in 1936 as

show

in

the

increased

marketings

1937

during

marketings

higher

is

Only

prices.

Income
was

portion

small

a

the

of

1937

crop

corn

will be

calendar year.

this

livestock

from

and

livestock

products

during the first half

only about 5% greater than during the first half of 1936,

from

income

Income from corn

likely to be more than offset.

are

also expected to be smaller than a year ago as smaller
from the short 1936 crop will be only partially offset by

marketed in

1937

gain

percentage

these com¬

apples and tobacco is expected

Income from wheat,

(except

to

during

commodities

these

of this year is not

last half

the

of

and

expected to be any larger than during the last six months of 1936.
Prices
of all kinds of meat animals are now considerably higher than a year ago
and

expected

are

Numbers

to

livestock

of

average

feed

on

the remainder of the year.
smaller than at

during

higher

farms

on

are

considerably

in prices will be fully offset by
reduced marketings.
Prices of both poultry and eggs are now lower
than
a
year ago
and, while prices are expected to advance after the
usual seasonal changes are taken into account, marketings are likely to
decline more than usual because of the smaller amount of poultry hatched
this

last

time

this

year,

and

the increase

of the year, there¬

Income from poultry during the last half

spring.

fore, will be under that of a year earlier.

of many of the important crops, such as wheat, corn,
tobacco will not be marketed until 1938, and the
larger output this year will tend to increase income in the first half of
1938 over that of 1937.
The iarger feed grain and hay crops, which are
A

year.

portion

cotton, citrus fruis and

through

marketed

chiefly

reflected

to

livestock and livestock products, also will be
in the income received by farmers in 1938.

larger extent

a

of the

Because

shortage

of feed grains now on farms, meat animals to

be

winter feeding season will not be placed on feed
until later than usual.
Therefore, many of the hogs and cattle that would
marketed

during

normally

be

the

marketed

in

1937

will not

move

to market until early in
animals as compared

Furthermore, the relatively high prices of meat

1938.

in the coming feeding sea¬
son,
will probably result in meat animals being fed to heavier weights
than usual and thus further delay their movement to market.
This late
marketing of meat animals is an important factor in the email increase
in
income to be expected from livestock and livestock products during

with

prices

of

feeds, which is likely to exist

continuation

1937, and the delayed marketing of meat animals points to a

part of 1938.
which was indi¬
cated
by conditions on Aug. 1 might result in 6ome changes in the
probable income during the remainder of 1937, it is likely that any change
in production will be offset by an opposite change in prices.
Unusually
favorable pasture conditions might cause some change in the anticipated
income from dairy products, but these changes in income would be 6mall
compared with the change which has occurred as a result of the general
improvement in the demand for farm products from 1936 to 1937.
improvement in farm income, at least during the first

of the

While

change in the final output of crops from that

a

Index

Price

Farm

of

United

Agriculture Declined
Ended Aug. 15

States

Two

Points

Department

of

During Month

A

two-point decline during the past month carried the
price index down to 123 as of Aug. 15, compared with
125 on July 15, and with 124 on Aug. 15 last year, it was
reported on Aug. 31 by the Bureau of Agricultural Economics,
United States Department of Agriculture.
The drop during
the past month was attributed to improved crop prospects,
and an adjustment of prices toward a new-crop basis.
An
announcement by the Department of Agriculture continued:
farm

Farm

of

prices

meat

animals

and

miscellaneous

crop

items were up

sharply during the past month, dairy and poultry products advanced sea¬

sonally, but grains, cotton and fruit were sharply reduced in price.
The

Bureau

said that

the divergent price movements of the different

commodities between July 15 and Aug.

15

are

indicated by the following

changes:
Grain dropped 20 points, cotton

lost

22.

Truck

crops

products advanced 3,

and cotton seed

advanced 8 points,

were

eat animals

chickens and eggs were

up

down 16, and fruit
were

7. and

up

7, dairy

miscellaneous

products advanced 15 points.
On Aug.

15 this year the index for farm prices of grains was 10

less than on the




15 points

Fruits were up

in the index, and meat animals were up 28.
prices paid by farmers lost 1 point from July 15 to Aug. 15

The index of

this year,
to a sharp

standing at 132 on the latter date.
The decline was attributed
drop in feed prices.
On Aug. 15 last year the index of prices

The Bureau said that although prices received and prices
declined since the first of this year, the decline in

paid was 126.

prices received has been greater and a lowered buying power has resulted.
In the Bureau's indexes the average for the five-year period 1910-14

Products—Pennsylvania and Corn¬
Prices Lowered—Nation's Output of
Fresh
Peak—Well
Completions
Off

Petroleum and Its

Crude

ing

Crude

at

Slightly in Week—All Stocks Up 962^000 Barrels
in Aug. 21 Week—Texas Proration Hearing Called
Reductions ranging from 22 to 27 cents a barrel in vraious

grades of Pennsylvania crude oil were made on Wednesday
by the Joseph Seep Purchsing Agency of the South Penn
Oil Co.
The new prices are: Pennsylvania grade oil in the
New York Transit pipe lines, $2.60; Bradford district oil in
the National Transit pipe lines, $2.60; Bradford district oil
in the Bradford Transit Co. pipe lines, $2.60; Alleghany
district oil in the pipe lines of the Bradford Transit Co.,
$2.60; Pennsylvania grade oil in the South West Pennsylvania
pipe lines, $2.30; Pennsylvania grade oil in the Eureka Pipe
Line Co.'s pipe lines, $2.25 and Pennsylvania grade oil in
the Buckeye Pipe Line Co. lines, $2.10.
The next day the same agency ordered a slash of 15 cents
a barrel in Corning grade crude oil run into Buckeye Pipe
Line Co.'s lines, bringing the new level to $1.27 a barrel.
First reaction to the unexpected cut in Pennsylvania crude
was
that it represented the territory's disapproval of the
mounting crude oil production throughout the country.
However, advices from Pittsburgh told a different story.
It
was indicated that the price reduction was brought about by
smaller refinery
requirements for September.
Inquiries
from refiners suggested a considerable reduction in operations
from the

preceding month and, rather than encourage this
a bulge in stocks, the
price change was decided upon as a stimulant to further
condition which would have resulted in
orders.
Earlier in the week the Bradford District Oil Producers
Association
field

reported that

average

crude oil production of the

1,123 barrels to 48,809 barrels daily during the
Aug. 28 week.
A decrease of 108 barrels meanwhile lowered
the daily average output of the Alleghany field to 9,816
fell

barrels.

country's flow of crude
The American Petroleum

For the sixth successive week the

about 20% of the
total cash income, is likely to be about 5% higher in 1937 than in 1936.
The full significance of the increased crop production in 1937 will not be
reflected in the cash income from farm marketings during the calendar
dairy products, which usually contribute

Income from

down 3, and miscellaneous crops lost 24.

$1,135,000,000 in farm income in

for which $500,000,000 was appropriated, will get under way before
of this calendar year.
The estimate of cash income of farmers

gram,

truck crops lost 30, dairy products declined 6, chicken

13 points,

and eggs were

equals 100.

1937 over the income
received in 1936 is primarily the result of greater income being received
from the sale of farm products, but government payments during 1937 al6o
will be somewhat larger than in 1936.
During the first^half of 1937 gov¬
ernment payments amounted to $330,000,000 compared with $287,006,000
for the entire year 1936.
A part of the payments on the 1936 agricultural
conservation program are still to be made during the next few months, and
it is anticipated that payments on the 1937 agricultural conservation pro¬
The

down

paid by farmers have

apparently have improved substantially.

conditions

business

we

when the world supply is below

that at present,

where the supply would be above normal.

to a situation

normal,

as

States this year would change the world

United

the

wheat from

on

A series of normal crops such

recent years.

most of

in

situation

from

in

areas

Sept. 4, 1937

Chronicle

points

corresponding date last year, cotton and cotton seed were

oil established

Institute

a new

all-time high.

reported daily

average

output for the week ended

Aug. 28, of 3,731,450 barrels, an increase of 2,100 barrels
over

the

preceding week, and contrasted with Bureau of

August calculations of 3,462,900 barrels daily.
Texas again was the chief contributor to the expanding
flow.
Its output for the week was 1,549,900 barrels daily,
a
gain of 9,650 barrels over the preceding week.
The total
contrasted with the State allowable of 1,510,317 barrels and
the Bureau of Mines figure of 1,395,200 barrels.
Segregating
the State the American Petroleum Institute report reveals
that Coastal Texas flow was up 4,200 barrels daily, the

Mines

largest gain of any other area.
Oklahoma pared its flow by 12,100 barrels daily during
the week, which brought the flow for the week down to 641,500 barrels.
Despite the reduction that State's production
compared with 633,400 barrels set by both the Bureau of
Mines and the State authorities.
Kansas' flow was up
7,300 barrels in the week to 201,350 barrels, which compares
barrels set by the State and the Federal Depart¬

with 200,500
ment.

California

produced 670,200 barrels a dip of 4,800,

barrels.
The "Oil and Gas Journal"
in the week ended

wells, 48

gas

completions

reported 612 well completions

Aug. 28, of which number 447 were oil

wells and 117 dry holes.
In the preceding week
to 635.
For the year to Aug. 12, it was

came

reported, finished wells numbered 20,140, compared with
16,381 in the corresponding period a year ago.
The Bureau of Mines reported that domestic and foreign
crude oil stocks rose 962,000 barrels to a total of 309,699,000
in the week ended Aug. 21.
Of the increase 534,000 barrels
was in the domestic supply and 428,000 in foreign stocks.
Crude oil imports averaged 117,000 barrels for the week, a
decline of 1,000 barrels from the preceding week's figure.
A statewide oil production proration hearing was called
for Sept. 20 by the Texas Railroad Commission for the pur¬
pose of considering market demands and exploring the situa¬
tion in the various fields preliminary to fixing of the allowa¬
ble for October.
Crude oil purchasers were asked to submit
estimates of their requirements for the coming month.
Operators are evincing interest in the report which is to be
made on the bottom hole pressure of wells in East Texas.
A
sharp reduction in the allowable is anticipated if the bottom
hole pressure continues to decline.
Engineers of the Texas Railroad Commission estimated this
week that 5,000,000,000 barrels of crude oil ultimately will
be recovered from the East Texas field.
Such a figure is
...

.

procured. At the present pace
approximately 20 K years would
elapse before the entire 5,000,000,000 barrels is recovered.
about 25% of

of

the oil already

output, it is calculated,

Volume

Heat &
Power Co., predicted the opening of a new market for
Louisiana crude oil.
The prediction was made on Tuesday,
in a story carried in the New Orleans "Times Picayune,
following announcement that a tow of 16 barges bearing 75,J. R. Brannan, oil sales manager

000

barrels

The oil

was

of

1499

Financial Chronicle

145

of the Petroleum

started from New Orleans

oil

$1.351

Diesel 28-30 D

New York

said to be destined for refineries of the

(Bayonne)—

27 plus

F.O.B. Refinery or Terminal

New York

Brooklyn

| Boston

19

I

..$.053

I Newark

$.19

$.02)4-.03

I Tulsa

I Chicago—
$.0434'
28-30 D

Gasoline, Service Station, Tax
*

x

1.35

PhUa., Bunker C

$1.00-1.25

2.20
Gas Oil,

N. Y.

$.105

New Orleans C

California 24 plus D

(Bayonne)-

Bunker C

to Chicago.

company.

Oil, F.O.B. Refinery or Terminal

Fuel

N. Y.

...

Included

$.1651
.18 I

$1.75
.177

Buffalo

Chicago

xNot including 2% city sales tax.

Corporation Commission, ruling that
Skelly Oil Co. boosted potentials
of 18 wells on its Park College lease in Fitts field, of Pontotoc
County, in violation of proration regulations, on Monday
issued an order against the company.
It directed that
potentials be slashed and overage estimated at around 425,000 barrels b.e charged against the company.
The company
was
given an option of taking new gauges of the wells
involved, with a stipulation that if potentials arrived at are
higher than the new reduced potentials the high figures will

daily average gross crude oil production for the week ended
Aug. 28, 1937, was 3,731,450 barrels.
This again estab¬
lished a new high mark for daily production and indicated a
gain of 2,100 barrels from the output of the previous week,
which was also of record-breaking proportion.
The current

govern.

week's

Oklahoma

The

evidence indicated that the

Crude oil

1—Joseph

Sept.

Purchasing Agency of the

Seep

reduced Pennsylvania

South Penn Oil Co.

grade crude oil 22 to 27 cents a barrel.
Purchasing Agency of the

2—Joseph Seep

Sept.
reduced

follows:

price changes during the week were as

$1 27

to

a

South Penn Oil Co.
Line Co.'s lines

barrel.

Prices of

Typical Crudes

per

Ended

The

Barrel at Wells

Rusk, Texas, 40 and over
Darst Creek

Western Kentucky

Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over

SEASON

-

Sunburst, Mont
Huntington, Calif, 30 and over
Kettleman Hills, 39 and over

1.40
1.30
1.25
0.90

Petrolla. Canada

REFINED PRODUCTS—FEW PRICE CHANGES
OF

1.09

„

Central Field, Mich

1.35

Illinois

APPROACHES—GAS

....

1.42
1.22
1.21
1.30
2.10

RESULT AS PEAK

LOWERED

PHILA¬

IN

DELPHIA—INTEREST EXPAND^ IN FUEL OIL—STOCKS

The refined branch of the
came

to the traditional

OF

IN WEEK

MOTOR OIL DECLINE 263,000 BARRELS

petroleum industry this week

peak of the year—the Labor Day

holiday.
Over this week-end is experienced the year's last
great trek of automobilists from their own localities to other
territories.
The industry was well geared for the annual
occurrence and expected a banner period of sales.
Price changes during the week were few and far between
and those which did

occur were

tone

to

discernible.

The New York

"Journal

of

that

plenty of No. 2 oil, in tank wagons, was being sold for
as low as 6% cents, possible 6H cents, and that in the case of
No. 4 oil 6\i cents has been done.
Grade C bunker fuel oil was reported easyjat $1.35 a
barrel at the New York harbor refineries.

weeks ended Aug.

28.

Receipts of California oil at Atlantic

and Gulf Coast ports for the

and an expansion in
refinery operations were the feature of weekly statistics
released by the American Petroleum Industry.
Stocks of
gas and fuel oil last week rose 1,618,000 barrels over the pre¬
ceding week. The industry as a whole ran to stills on a
Bureau of Mines basis 3,425,000 barrels of crude oil daily
during the period. All companies had in storage at refineries,
bulk terminals, in transit and in pipe lines 66,997,000 barrels
of finished and unfinished gasoline, a dip of 263,000 barrels
from the previous week, and 112,111,000 barrels of gas and

daily during the week.
CRUDE OIL PRODUCTION

DAILY AVERAGE

(Figures In Barrels)

Four

B. of M..

oil.

State

Week

Change

Weeks

Interior

Allowable

Ended

from

Ended

Ended

Aug. 28

Aug. 29

1937

1936

Aug. 1

Calcu¬

Previous

Aug. 28

Week

1937

lations

(August)
Oklahoma.

633,400

633,400

641,500 —12,100

200,500

200,500

201,350

+73,00

199,150

85,750

—1,900

75,500

+250

80,750
75,050

64,050

64,440
36,063

33,500

—200

33,650

+2,350
+ 1,350
+900
+2,700
+4,200

238,200

26,550
182,150
61,450
434,300
163,150
184,500

81,400

Panhandle Texas
North Texas
West Central Texas...

'

East Central Texas...

248,737
124,842

245,100
129,800

East Texas

470,734

473,300

Southwest Texas

261,652

276,200

222,449

230,750

West Texas

Coastal Texas

175,300

Coastal Louisiana

127,900
471,900
271,750
225,650

+1,600
—1,000

88,400

North Louisiana

87,550

81,200

175,100

152,750

233,950

263,700

+600

262,650

29,100

35,600

—150

34,000

29,100

253,900

Total Louisiana
Arkansas

264,550

121,900

125,600

+850

123,000

113,700

Michigan

39,900

47,600

+2,100

Wyoming....

52,800

59,050

—1,450

45,500
58,700

31,250
41,550

Montana

17,700
4,900

+700

18,050

18,750

5,150

4,850
78,050

Eastern

Colorado

100,800

New Mexico.

114,000

18,250
4,750
113,950

*612,800

3,061,250
670,200

Calif-. 2,850,100
612,800

California

3,731,450

3,462,900

—600

114,050

+6,900 3,034,600 2,473,550
558,500
673,050

—4,800

+2,100 3,707,650 3,032,050

Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not include any estimate of any
•

might have been

Other Cities—

New York—

Texas

Stand. OU N. J__$0.7)i

Socony-Vacuum__

.08

Gulf

Tide Water OU Co

.08 M

Shell Eastern

Richfield OiKCal.)

$.0734
.08 M

.0754

.0734
.07)4

Warner-Quinlan..

Chicago
New

Orleans.

Gulf ports
Tulsa

$.05

-.05)4
.06)4-.07
.05)4
.05)4-.05 %

oil which

surreptitiously produced

CRUDE RUNS TO STILLS

AND STOCKS OF FINISHED AND

UNFINISHED
28, 1937

GASOLINE AND GAS AND FUEL OIL, WEEK ENDED AUG.
(Figures in Thousands of Barrels of 42 Gallons Each)

Daily Refining

Crude Runs

Capacity

to Stills

Stocks of

Finished and
Unfinished Gasoline

Stocks

of
Unfin'd

Star Gasoline Co.,

New York—

61,450

+9,650 1,524,850 1,177,600

1,395,200 1,510,317 1,549,900

Total Texas.

Total

P. C.

P. C.

Oper¬

At Re¬

age

ated

fineries

569

669 100.0

85.1

5,247

Gas

in

Daily
Aver¬

Reporting

tial
Rate

Lone Star Gas

Octane), Tank Car Lots, F.O.B. Refinery

572,300
172,450

649,500

Kansas

Poten¬

wholly-owned subsidiary of the
Corp., bought approximately 15,000 acres of
oil and gas leases in Leon County, Texas, from the Shell
Petroleum Corp. for a cash payment of $400,000, plus an
over-riding royalty and an additional payment out of gas and
oil production. It was reported that the transaction included
three large gas wells.' These wells were said to have a total
potential flow of approximately 35,000,000 cubic feet of gas
daily.

Week

Dept. of

District

U. S. Gasoline (Above 65

week

of 25,571 barrels,
compared with a daily average of 51,571 barrels for the week ended Aug. 21
and 23,571 barrels for the four weeks ended Aug. 28.
Reports received from refining companies owning 88.9% of the 4,119,000barrel estimated daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,425,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 66,997,000 barrels of finished and
unfinished gasoline and 112,111,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 755,000 barrels
totaled 179,000 barrels, a daily average

ended Aug. 28

Total East of

Reduction in inventories of gasoline

Lone

compared with a daily average of 207,857
183,750 barrels daily for the four

daily average of 146,714 barrels,

barrels for the week ended Aug. 21 and

Com¬

merce" declared that in the local market reports were heard

fuel

and receipts in bond at principal

ended Aug. 28 totaled 1,027,000 barrels,

United States ports for the week
a

any

was

by the various

due to local conditions rather

easing in the national price structure.
On
Tuesday the Atlantic Refining Co. ordered a reduction of
He. a gallon in gasoline to dealers in the Philadelphia area.
"This price reduction was brought about by local competitive
conditions," W. C. Yeager, Vice-President of the company,
said, adding that "the new prices have created a subnormal
local market, which I do not expect will continue very long."
With less emphasis due to be placed on the motor fuel
market after the holiday is passed, interest is beginning to
switch to the fuel oil market.
No change in prices has been
reported, but there seems to be a definite opinion among
many oil men that the recent decline in tanker freight rates
from the Gulf to the North Atlantic Seaboard is going to play
an important
part in determining the price structure.
It
will be remembered that tanker freight rates recently fell from
60 cents to 30 cents before firming.
As a matter of fact at the week-end a definitely weaker
than

of the Interior

Daily average produc¬
tion for the four weeks ended Aug. 28, 1937, is estimated at
3,707,650 barrels.
The daily average output for the week
ended Aug. 29, 1936, totaled 3,032,050 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use

$1.27
1.35

Eldorado. Ark., 40

$2.60
1.25
1.27

the 3,462,900 barrels cal¬

figure remained above

culated by the United States Department
to be the total of the restrictions imposed

(All gravities where A. P. I. degrees are not shown)

Bradford, Pa
Lime (Ohio Oil Co.)
Corning, Pa

the

that

estimates

Institute

Petroleum

American

oil-producing States during August.

Corning grade crude oil running into Buckeye Pipe

15 cents

Average Crude Oil Production During Week
Aug. 28 Maintains Record-Setting Pace

Daily

and

Terms., Nap'tha
Distil.
<fcc.,

12,309

1,334

Fuel

Oil

13,439

East Coast--

669

Appalachian.
Ind., 111., Ky

146

129

88.4

105

81.4

946

1,390

232

890

529

489

92.4

448

91.6

6,834

3,347

846

6,893
m

Okla.,

■

Kan.,

489

3,504

452

383

84.7

330

86.2

201

56.6

151

75.1

105

356

1,768

793

757

95.5

744

98.3

3,496
1,252
5,190

2,369

355

325

1,734

La. Gulf

174

168

96.6

138

82.1

872

654

315

10,023
2,735

La.-Ark.
Mtn_
California

58

63.7

44

75.9

114

97

89

62

69.7

56

90.3

1,296

97

791

821

746

90.9

538

72.1

8,047

2~373

1,475

68,477

3,662

88.9

3,123

85.3

Mo

Inland Texas
Texas

Gulf- -

91

No.

Rocky

381

6,975 108,901
310
3,210

4,119
4,119

33,416

22,986

457

Reported —
Est. Unreptd
xEst.tot.U.S.
Aug. 28 '37
Aug. 21'37

236

302

2,590

720

4,119
4,119

3,425

36,006
36,153

23,706

3,415

23,624

7,285 112,111
7,483 110.493

z3,014

33,576

19,743

6,462 112,450

i

Kerosene, 41-43 Water White,

Tank Car, F.O.B. Refinery

U.S. B.of M.
xAug. 28

I North Texas

New York

(Bayonne)..

$.0554

$.04

I Los Angeles.. .03)4-.05




I New
Tulsa

Orleans_$.05)4-.05)4
.03J4-.04

x

'36

Estimated Bureau of Mines' basis,

z

August, 1936 daily average.

1500

Financial

Chronicle

Weekly Coal Production Statistics

Revenues

The National Bituminous Coal Commission of the
United
States Department of the Interior in its current

drop of 90,000 tons, or 1.2%, from the output in the
preceding week.
The cumulative production of bituminous
coal for the calendar year 1937 to date is
283,829,000 tons.
This is 9.3% ahead of 1936.

the

1936.

corresponding period of 1936.

mercial

increased

users

11.4%,

gained 1%.

.

Manufactured

a

Crude oil production in 1937, which is shown below for
comparison in terms of equivalent coal, is 18.6% ahead of

of manufactured and natural

849,700 for the first six months of 1937.

weekly coal
report stated that the total production of soft coal for the
week ended Aug. 21 is estimated at 7,550,000 net tons.
This
is

Sept. 4, 1937

six

months,

utilities aggregated

gas

This

while

from

industrial

from

revenues

and

domestic

...

industry revenues totaled $186,246,400 for the first

gas

practically

domestic

unchanged

from

a

such

uses,

cooking,

as

year

Revenues

ago.

Revenues of the natural gas

$247,603,300,

uses

water-heating,

from

Revenues

refrigeration,

&c.,

2% less than for the corresponding period of 1936.

were

to

com¬

customers

industrial and commercial uses of manufactured gas gained 6 %.

from

$433,-

increase of 4% over

was an

Revenues

a

industry for the first six months amounted

gain of 7.2% over a year ago.

Revenues from industrial

increased 18%, while revenues from domestic uses gained 3.1%.

The

weekly anthracite report of the United States Bureau
disclosed that total production of
Pennsylvania
anthracite during the week ended Aug. 21 is estimated at
475,000 tons.
Compared with the preceding week this shows
a decline of
73,000 tons, or 13.3%.
The consolidated report
of both of the aforementioned organizations follows:
of Mines

ESTIMATED UNITED STATES PRODUCTION OF COAL AND
BEEHIVE
COKE (IN NET TONS) WITH DATA ON PRODUCTION OF

CRUDE

PETROLEUM

July Production and Shipments of Portland Cement
The

monthly cement report of the U.S. Bureau of Mines
industry in July, 1937,
produced 11,597,000 barrels, shipped 12,237,000 barrels
disclosed that the Portland cement

the mills and had in stock at

from

the end of the month

23,371,000 barrels.
Production and shipments of Portland
cement in July, 1937, showed increases of 0.8% and 3.5%,
as compared with July, 1936.
Portland cement
stocks at mills were 23.3% higher than a year ago.
The mill value of the shipments—52,539 barrels—in the

respectively,
Week Ended—

Bituminous coal:

Aug. 21,

1937

Aug. 14, 1937

Aug. 22, 1936

e

a

Total, including mine fuel
Dally average

d7,550,000
dl,258,000

first half of 1937 is estimated

7,640,000

7,671,000
1,278,000

79,200

91,300

118,000

522,000

674,000

mated mill value of

64,500

61,100

10,750

10,183

29,200
4,867

d5,974,000

5,957,000

4,917,000

Total, Including mine fuel

475,000

Daily average
Commercial production.!

548,000

708,000

$3,000,000.

Beehive coke:
United States total

c

Coal equivalent of weekly output.

Calendar year to date f—
Bituminous coal:

1937

1936

In

the following

statement of relation of

production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
July, 1936 and 1937.
RATIO OF PRODUCTION TO CAPACITY

1929

a

July 1936

283,829,000
1,416,000

334,761,000
1,662,000

h32,001,000

h35,444,000
183,200

223,100

July 1937

June 1937

May 1937

51.3%

52.8%

34.0%

53.1%
47.8%

53.2%
47.9%

h43,179,000

165,400

Total, Including mine fuel
Dally average
Commercial production.!.

259,803,000
1,296,000

The month
The 12 months ended...

Total, Including mine fuel
Daily average
Pennsylvania anthracite: b

g

g

United States total

AND

862,000

11,525

4,332

157,933,000

OF

JULY,

April 1937

48.8%
47.6%

FINISHED

PORTLAND

1936 AND 1937

(In Thousands of Barrels)

22,234

187,273,000

47.8%

STOCKS

CEMENT BY DISTRICTS JN

2,293,400

148,502,000

...

Daily average
Crude petroleum: c
Coal equivalent of weekly output

SHIPMENTS

PRODUCTION,

g

Beehive coke:

a

$78,999,000.

452,000

Pennsylvania anthracite: b

Daily average
Crude petroleum:

as

According to the reports of producers, the shipments totals
for the first half of 1937 include approximately 1,596,000
barrels of high-early-strength Portland cement with an esti¬

1,273,000

4,424,500

Stocks at End
District

Production

Shipments

of Month

Includes for purposes of historical

comparison and statistical convenience the
production of lignite and anthracite and scmi-anthracite outside of Pennsylvania,
b Includes

dredge coal and coal shipped by truck from authorized
Total barrels produced during the week converted to equivalent coal

washery and

operations,

c

assuming 6,000,000 B.t.u. per barrel of oil ana 13,100 B. t. u. per pound of coal,
d Subject to revision,
e Revised,
f Sum of 34 full weeks ending Aug. 21, 1937,

1936
Eastern Pa., N. J., and Md
New York and Maine

OF COAL,

BY STATES

[In Thousands of Net Tons]
based

are

on

a2 342

1936

2,189

1937

3,478

4,821

1,847
2,984

763

855

745

779

1,494

1,237

Ohio, western Pa. and W. Va

1.097

1,175

1,158

2,610

Michigan

852

1,017

1,081

940

1,240

1,011

1,345

1,504

1,703

938

923

981

1,567

1,206

1,023
1,065

1,319

1,230

1,319

2,385

2,379
2,106
1,740
2,507

826

900

780

958

1,555

1,689

449

631

496

606

515

319

353

303

329

412

451

1,061

938

1,007

925

1,394

1,356

Wis., 111., Ind., and Ky
Va., Tenn., Ala., Ga., Fla., & La.
East. Mo., Iowa, Minn. & S. Dak
W. Mo.,

(The current weekly estimates

2,138

a2,178

1937

Colo., Mont., Utah, Wyo. & Ida.

cludes mine fuel.
WEEKLY PRODUCTION

1936

Texas

and corresponding 34 weeks of 1936 and 1929.
Note that method of computing
the cumulation differs slightly from that used in previous reports of this
series,
g Comparable data not yet available,
h Sum of 33 weeks ending Aug. 14.
i Ex¬

ESTIMATED

1937

Neb., Kan., Okla. & Ark

California

railroad carloadings and river ship¬

Oregon and Washington

434

569

396

549

543

776

11,503

11,597

11,823

12,237

18,975

23,371

ments and are subject to revision on

and State sources

or

receipt of monthly tonnage reports from district
of final annual returns from the operators.)

Total

PRODUCTION,

Week Ended

SHIPMENTS,

AND

STOCKS OF

CEMENT BY

State

715

FINISHED

PORTLAND

MONTHS

August

Aug. 14

Aug. 7

1937 p

1937 p

Alaska

Aug. 15 Aug. 17 Aug. 17
1936

1935

r

2

4

226

203

1923

s

8

3

230

Alabama

143

Arkansas and Oklahoma

58

58

Colorado

82

89

2

1

Georgia and North Carolina

313

25

54

86

Shipments

Stocks at End of
Month

.

1936

1937

1936

1937

1936

1937

173
8

8

Production

81

126

*

Month

397

80

84

*

Avge.

1929

1

(In Thousands of Barrels)

January

3,650

February

3,475

6,616
5,837

3,917
3,177

4,689

22,686

5,163
7,879

22,971
21,126

24,394
25,059
a25,622

alO,272

Illinois

686

619

778

507

968

1,363

Indiana

246

220

272

188

277

440

March.

33

27

44

69

5,311

8,443

21

100

April

91

86

al0,402

72

8,612

101

112

a25,751

May

698

671

11,634

11,890

733

524

925

20,431

765

11,104

7,186
9,182
11,240

20,571

145

June

125

11,377

11,163

12,521

al2,645

120

124

243

217

Maryland
Michigan

July

28

27

11,163

12,649

44

August

4

11,823
12,624

3

3

2

15

21

Montana

September

47

44

47

41

60

50

October

11,503
12,599
12,347
12,470

November

10,977

8,942

8,971

6,246

19,281
18,975
18,920
18,738
18,079
20,117
22,441

a25,493
a24,011

146

112,396

112,566

Iowa
Kansas and Missouri

_

.

Kentucky—Eastern
Western

New Mexico

31

32

47

26

29

27

22

45

49

North and South Dakota
Ohio

18

19

15

17

813

s20

422

329

414

301

457

13,089

24,015

871

Pennsylvania bituminous

12,619

2,077

2,035

2,089

1,461

2,645

3,734

Tennessee

90

100

90

73

104

118

Texas

16

15

14

15

24

24

Utah

50

42

38

30

68

83

December

Virginia

250

Washington

258

225

156

232

248

28

30

26

22

38

1,738

1,748

1,359

2,028

1,515

538

496

483

328

711

875

84

95

103

60

111

154

1

83

84

'

Wyoming
*

Other Western States.c._
Total bituminous coal

1

*

7,640

7,380

7,775

5,605

9,714

r566

428

r655

481

1,072

11,538
1,926

8,206

7,808

8,430

6,086

10,786

13,464

Pennsylvania anthracite, d
Grand total

Includes operations on the N. & W.; C. & O.; Virginian; K. &
M.; B. C. & G.,
on the B.
& O. in Kanawha, Mason and
Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and
Oregon,
d Data for Pennsylvania
a

and

Anthracite from

Mines,

p

Weekly Anthracite and Beehive Coke Report of the Bureau of
Preliminary,
r Revised,
s Alaska, Georgia, North Carolina and South

Dakota included with "other Western States."

Gas

Customers

Gain

in

* Less than 1,000 tons.

First

Six

Months

Domestic customers served by manufactured and natural
gas utilities totaled 15,787,500 on June 30, an increase of

223,000 during the first six months'
nounced

on

American

interval, it

was

Foreign Buying of
in

Sept. 1 by Paul Ryan, Chief Statistician of the
Mr. Ryan further announced

increase of

a

some

22%

over

the first six months of 1936.

80% of such sales consisted of relatively high-priced
modern

total of 823,000 gas

sold in the country during the first half of 1937.

automatic features,




such

as

was an

Approximately

ranges

oven-heat control, &c.

This

Business

Mineral Markets" in its issue of Sept. 2,
despite nervousness over the developments in
the Far East and general unsettlement in the security markets
sentiment in non-ferrous metals during the last week under¬
went some improvement.
Inquiry for copper abroad was
better than in recent weeks, and prices hardened.
Domestic
copper was about unchanged so far as sales volume was
concerned.
Lead buying expanded on opening of pro¬
ducers'
books
for October business.
Zinc
was
steady,
with the industry convinced that the shortage in the
supply
is over.
Tin supplies increased during August, contrary
to general expectations.
Silver in London steadied after
early weakness on support from this country.
The publica¬
that

tion further reported:
Copper

Copper

Gas Association.

gain in customers is reflected in the fact that

Improves—Good
Quiet

"Metal and

stated

incorporating

buying

by

foreign

during the last week, which
at

This

Copper

Lead—Zinc

an¬

that:

ranges were

Revised.

Note—The statistics given above are compiled from reports for July received by
the Bureau of Mines from all manufacturing plants.

47

1,705

West Virginia—Southern.a.
Northern, b

Total
a

the

close

of the

period.

consuming
was

Demand was

Italy,
also

interests

reflected in

a

was

stronger

was

good

volume

London market

well diversified, with Russia,

Germany, and England substantial buyers.
improved because of easier exchange conditions.

Demand for domestic copper

in

Buying

by

Japan

in steady volume during the week,

involving 8,749 tons, compared with 7,990 tons last week.
Total sales
for August as reported
by the Copper Institute were 69,225 tons, of which

Volume
about

Financial

145

57,000 tons

totaled

Sales in July
in stocks for
deliveries will be larger than in July.
The price
for November forward delivery.

were

steady at 14c., Valley.

Stocks

Aug.
with

of

week

a

warehouses in the United Kingdom on
an increase of 2,450 tons compared

official

in

copper

Increase or

United

States..

previous.

October business the sales
during the last week
5,940 tons, against 3,328 tons in the preceding week.
Consumption
of lead is holding up well, and, from present indications, the shipments for
August were larger than in July.
Production did not increase materially,
and the industry expects another moderate reduction in stocks on hand.
The September requirements of consumers, according to trade esti¬
mates, are about 85% covered, with sales for October still relatively low.
of lead opened their books for

As producers

the tonnage disposed of

and

naturally increased,

9,660
8,288
29,457

—12.2

177,384

157,421

+ 12.7

United Kingdom..
U. S. S. R

24,362
10,473

Japan

11,768

.

Other countries (incl. Spain and Italy)..

Total

+ 19.6

69,740
21,789
7,735
8,918
9,332
6,350
33,557

83,376

_.

France

Lead

Decrease

June, 1936

June, 1937

Germany

totaled 22,648 long tons,

21

Percentage

Year Ended

Producers anticipate another increase

62,297 tons.

August, but believe that
was

1501

Chronicle

apparent consumption

+ 11.8

+ 52.1
+ 17.4
+ 3.5
+ 30.5

totaled

also the contract settling

was

Smelting & Refining Co., and at 6.35c., St. Louis.
by St. Joseph Lead
months

of the

current

year,

time

with comparable figures for the same

Cable
Tin foil

13,166
38,692

Batteries

Brass-making

1,764

22,269
2,434

Unclassified,

a

198,466

pigments,
tempering gasoline.

3,718

360,367

254,733

Totals.

oxides, sheet and pipe, solder, babbitt,

Includes lead

and lead for

•■■■_

•/'

■■

..

./r

" •

Zinc

';

/

1,867 tons from Belgium.

It is known that additional imports were

the

vehicles in the year

week, from about
amounted

consumers

108,000
4,989

to

The consumption

The

tons.

quotation remains steady at

the
last week and then firming up on expectations that the statistics for August
would show a drop in the visible supply.
Yesterday afternoon the under¬
tone eased moderately on news that the stocks actually increased.
The
world's visible supply of tin at the end of August, including the Eastern
and Arnhem carry-overs, was 26,016 long tons, against 25,646 tons a
tending slightly lower early in

within narrow limits,

month previous.

Deliveries of tin in the United States during August

amounted to 7,580

long tons, against 4,980 tons in July, and 5,385 tons in August last year.
Deliveries

in

the

first

of 1937 amounted to 56,995

eight months

tons,

against 49,525 tons in tbe same period last year.
Chinese

99%,

tin,

was

nominally

as

Aug. 26, 57.500c.; 27,

follows:

The

57.375c.; 28, 57.250c.; 30, 57.125c.; 31, 57.375c.; Sept. 1, 57.500c.
differential

on

the last day of the week narrowed to
PRICES OF

DAILY

of tin in the United Kingdom in

2,723 tons compared
1,701 tons in July,
tons in

1.125c. under Straits.

(4,E. & M. J." QUOTATIONS)

ivIETALS

1936.

Straits

Zinc

Lead

Tin

New York

New York

St. Louis

St. Louis

Aug. 26

13.775

13.600

58.750

6.50

6.35

7.25

Aug. 27

13.775

13.475

58.625

6.50

6.35

7.25

Aug. 28

13.775

13.400

58.500

6.50

6.35

7.25

Aug. 30

13:775

13.400

58.375

6.50

6.35

7.25

Aug.31

13.775

13.450

58.625

6.50

6.35

7.25

13.775

13.475

58.625

6.50

6.35

7.25

13.775

13.467

58.583

6.50

6.35

7.25

Dom.,Refy. Exp., Refy.

Sept.

1

Average..

ended Aug. 28 are:
Domestic copper f.o.b.
refinery, 13.775c.; export copper, 13.600c.; Straits tin, 58.896c.; New York lead,
6.500c.; St. Loui" 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

Daily London Prices

Lead

Tin, Std.

Copper

Copper, Std.

Zinc

Electro

Spot

259%

2113,6

258%

21'3,6

21'3,6
21",6

259

21H

21 %

231,6
231,6
231,6

261X

260

215,6

21%

23

231,6
23)4
23)4
231,6

261%

261

21 %

2115,6

2213,6

62

260 %

555,6

61 HI

259%

55H
55%
555,6

61*

260

61H
61HC

555,6
5413,6

55',6
555,6

visible

to

14.1% in July, 1937.

1937

was

lean

ana

zinc are

tne oiriciai

23

of the

and tin are the official closing buyers'

All are in pounds sterling per long ton (2,240 lb.).

World

Production

and

Consumption

of

Tin

During

First Half of 1937 Above Year Ago

According to the August "Bulletin" of the International
Council, published by the
Hague Statistical Office, the world's production of tin in
the first half of 1937 was 92,303 tons, an increase of 9,415
tons as compared with the first half of 1936.
World con¬
sumption of the metal during the first six months of 1937 was
also above a year ago, it having totaled 94,863, tons, as
shown in the "Bulletin," or 14,944 tons in excess of the 1936
Tin Research and Development

usage.

In

an

announcement issued on

Aug. 24 by the New York

office of the Research and Development Council, it was also
stated:
In
tons

the

12 months

ended

June,

1937 world production totaled 187,779

while apparent consumption showed an increase

of 12.7%

consumption for the previous 12 months at 177,384 tons.
of tin consumption for these periods are
in tons of 2,240 lbs.




The average cash price

of standard tin in July,

Sterling £249.19.11 in

the previous

in

Business

month.

Steel

Industry

Still

Waiting

for

Rise

a

reported that steel
waiting period.
The extent
clearly indicated by present

The "Iron

Age" in its issue of Sept. 2

business is obviously

over the

Further details

tabulated below, the figures being

still in

conditions, but there is a growing
whether the aggregate

disposition to question

volume will be as large as was ex¬

pected earlier in the summer.

The current outlook

points

products, particularly
sheets and strip and wire products, but not much improve¬
ment in the immediate future in the heavy products, such as
to

increasing tonnage in the lighter

shapes, plates, pipe and rails.

The "Age" further

reported:

benefit from a rising trend In auto¬
mobile production of new models, from expanded farm buying power and a
generally good prospect for sales of consumers' items, which run into the
hundreds and in which steel has rapidly been taking the place of other ma¬
terials.
In fact, such improvement as has already occurred in steel sales
during the past two or three weeks has been largely in the light products.
The

light products will undoubtedly

products are at the
far as steel lettings
reflect it, has been following a downward trend during the summer and the
number of new projects in sight does not promise an immediate reversal.
Aside from 800 steel hopper cars ordered by the Cambria & Indiana, there
has been no railroad buying of importance during the week, and the amount
that may develop during the next month or two probably will not be suf¬
ficient to keep car shops busy throughout the remainder of the year.
Al¬
though the danger of an immediate strike of railroad workers has been
averted by mediation, the labor situation will be a deterrent in railroad
purchasing activities until it is definitely settled, which may not be until
moment not

the trade prospects in the heavy

Building construction, so

clearly outlined.

late in the year.
In view of the

mills, British and German in
buying, which at the moment is
pending, but action apparently has

sold-up condition of European

particular, a revival is expected in export
in

a

lull.

Many Japanese inquiries are

been deferred.

Exchange difficulties may be one reason,

already having been made on the

steel sales
of the material

some

basis that actual processing

available in New York
banks.
However, a conjecture is that Japan is delaying purchases until the
progress of the Chinese warfare determines whether the United States
Neutrality Act is .ikely to be invoked.
An outstanding export item is the
mills until funds are

will not be started by American

A

buyer s prices ior tne iirst session

London Metal Exchange; prices for copper

prices.

1936.

has increased from

£263.14.1 against

Sterling

to
The ratio of stocks
10% in July, 1936

1937 increased by 2,603 tons

July,

of tin in

stocks

the annual rate of consumption

tanks.
of the volume of autumn steel
number of important mills in suspending

of plates for oil storage

possible reflection of revised estimates

business is the action taken

by a

This, together with some apprehension in the
scrap trade that export shipments to Japan might be stopped at any time,
and the further fact that steel companies are bringing pressure to bear on
shipments of steel scrap.

of scrap exports, has caused weakness
for about two months. Heavy
melting scrap is off 75c. a ton at Chicago, 50c. at Pittsburgh and is un¬
changed at Philadelphia, where export buying has helped to strengthen the
market.
From the June lows, steel scrap had risen $4 a ton at Chicago,
$3.50 at Pittsburgh and $3 at Philadelphia.
The "Iron Age" composite
price has declined to $20.17 from $20.58 a week ago.
Steel plant operations are virtually unchanged from last week, being
estimated at 83%.
A one-point loss to 82% in the Pittsburgh district, a
two-point decline in the Celeveland-Lorain area to 77% and a one-point
gain at Youngstown, with sustained production elsewhere, result in a change
in the aggregate output so slight as to have no importance.
Order backlogs are rapidly diminishing, however, having become ex¬
hausted in some products, while in others they will be cleaned up some time
during September unless new business increases materially.
Aside from a
fairly sharp gain in bookings of sheets and strip from the Fisher Body units
of General Motors, there has been no appreciable improvement in buying
in the past week, but August as a whole has shown a gain of possibly 10 or
15% in tonnage over July, which, however, was the low month of the year

scrap
ior

■trices

United

to

3M

55 %

555,6

Aug. 26
Aug. 27
Aug. 30
Aug. 31
Sept. 1

3M

Spot

3M

month and with
Netherlands was 130
75 tons in July of last year.
States totaled 195,000 tons in July

Tin consumption in The

The output of tinplate in the

sale of 21,000 tons
Spot

3M

(Bid)

Spot

July, 1937 is given as

2,841 tons in the previous

July against 110 tons in June and

On the other hand,

Electrolytic Copper

with

against 190,000 tons in June.

105,541 tons, and shipments to

to

Tin
moved

*

Months

Tin Statistics for Recent

of the autumn demand is not

tons

7.25c., St. Louis.

Prices

1936 to

ended June,

1937.

during

Unfilled orders decreased slightly

received at other ports of entry.

by

3,313,000 tons.to 4,038,000
increased from 5,485,000
6,207,000 vehicles in the year

Motor Industry

25,042 tons compared with 15,964 tons in July,

the last week
and demand for metal was light, involving only 3,085 tons of the common
grades, most of which was sold on an average price basis.
The trade
believes that imports of zinc have removed the fear buying here and have
caused consumers to adopt more rational views.
During the week imports
of zinc at New York were 274 tons from Poland, 25 tons from England,
the zinc market during

easier feeling was evident in

ended June, 1937 increased

compared with the preceding year from

The output of the world

World

'

and

as

tons.

26,922

147,396

Sundries

Jobbers

Industries

Tin Consuming

World production of tinplate in the year

1937

1936

53,265
13,227
13,793
48,451
2,525

18,759
10,253

Ammunition

which tin con¬
Holland, Czechoslovakia,

Among other countries in

definite upward trend are

a

July—

-January to

1937

1936

An

shows

Poland, Yugoslavia and South Africa.

ended June,

last year, in tons:

a

sumption

22%

during the first seven

—January to July—

was an

11.8% and in Germany 17.4%.

basis of the American
Business was booked

its own brands at a premium.

on

Industrial classification of domestic lead shipments

In the United States there

continued at

Quotations

The undertone remains firm in all directions.

6.50c., New York, which

by over 52% and in Japan by 3014 %*
increase of 19.6%, in the United Kingdom

Tin consumption in Russia increased

exporters to reduce the volume

in all scrap

markets after a sustained rise

in new business

for most steel companies.

Pointing to steel companies'
ness

expectations of a substantial

through the winter months is the present

volume of busi¬

heavy ore movement.

Water

in August will exceed 11,000,000 tons, top¬
shipped in August, 1929, the previous high record
for that month.
It is indicated that the total up to Sept. 1 will be reported
as more than 45,600,000 tons compared with 43,717,787 tons in the same

shipments of Lake Superior ore
ping the 10,806,967 tons

period of 1929.

1502

Financial
THE "IRON AGE"

COMPOSITE PRICES

Finished

Aug. 31, 1937, 2.605c. a Lb.

i

One week ago

2.605c.

on

beams, tank plates

wire, rails, black pipe, sheets and
hot
These products
represent

One month ago

2.605c.

rolled strips.

2.159c.

85% of the United States output.

High
2.605c.
Mar.

1937

9

1934

Dec. 28
Oct.

1

2.330c.
2.084c.
2.124c.

Jan.

2.199c.

Mar.

2

Mar. 10
8

Apr. 24

2.008c.

Jan.

2

2.015c.

Oct.

3
4

Feb.

2

..2.037c.

Jan.

13

1.945c.

.2.273c.

1932

Jan.

7

2.018c.

Dec.

-

1930

steel

In

$23.25

Low

Mar.

9

$20.25

19.73

Nov. 24

18.73

18.84

Nov.

17.83

5

Feb.

16

Aug. 11

May 14

17.90

1

16.90

1933

16.90

Dec.

5

13.56

1932

Jan.

3

14.81

Jan.

5

13.56

Dec.

6

Dec.

15.90

Jan.

6

14.79

1930

18.21

Jan.

7

15.90

»

27

Dec.

With

and Chicago.

21

12.67

1935...

June

13.42

Dec.

10

10.33

Apr.

1934

13.00

1933.......w.».>.-'.->....«>>.......

12.25

Mar. 13

Aug.

9.50

6.75

23

Jan.

6.43

July

8.50

Jan.

1931

11.33

Jan.

6

8.50

1930

15.00

Feb.

18

11.25

Steel

9

Sept. 25

8
12

1932

Institute

5
Dec. 29

Dec.

Aug. 30

on

telegraphic reports which it has

3

9

under

city for the week beginning Aug. 30, compared with 83.8%
week ago, 85.5% one month
ago, and 71.5% one year
increase of 0.3 point,

from the estimate for the week ended

1936—

Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

1936—

3
10

74.1%
Nov. 23
74.3%
Nov. 30
75.9%
Dec.
7..... 76.6%
Dec. 14
79.2%
Dec. 21
77.0%
Dec. 28
77.0%

70.0%

17
24

72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%

31
7

14
21
28

Oct.

5

Oct.

12

Oct.

19

Oct.

26

Nov.

2

Nov.

9

"Steel"

Feb.

Jan.

4
11

Jan.

18

Jan.

25

Feb.

1

Feb.

8

Feb.

79.4%
78.8%
80.6%
77.9%
79.6%
.80.6%
81.6%

15

82.5%

June

7

76.2%

1

14

8

85.8%
87.3%
88.9%
89.6%
90.7%
89.9%
90.3%
91.3%
92.3%
91.0%
91.2%
90.0%
91.0%

June

Mar.

76.6%
75.9%
75.0%
67.3%
82.7%
82.5%
84.3%
85.5%
84.6%
83.2%

Mar. 15
Mar. 22

Mar. 29

Apr.

5

Apr. 12
Apr. 19
Apr. 26
May

3

May 10
May 17
May 24

June 21
June 28

July

5

July

12

July

19

July

26
Aug.
2
Aug.
9
Aug. 16
Aug. 23

83.8%
84.1%

Aug. 30

May 31.....77.4%

a

weeks.

In

are

the

a

number of products are taken

a

high rate of operation and in

backlogs to maintain their present
of

some

in¬

rate for several

Eastern mills orders in August were
A Chicago mill has bookings which will continue
capacity production for at least 30 days.
Part of the gain in buying is due to
early commitments by automobile
two

heavier than in July.

builders and this is apparent in bars, sheets and
strip, with
in

wire

and wire

The

products.

Week

with

It

seems

the

certain

Federal

balances increased $1,000,000.
reserves
arose
from increases
bank credit and $8,000,000 in

that

these

Reserve

some

reflection

requirements

New

in

was

the

previous

week's

decline.

compared

Preparations for change to

the

This is

England, where the

General

Motors

made

new models is the cause of shorten¬

In the scrap market dealers and consumers
over

prices which has resulted in

tically

nominal

quotations

lull in

a

are

engaged in

a

quiet contest

buying and consequently prac¬

steel-making

on

grades.

Large

consumers

have not entered the market for some time and in the Pittsburgh district

shipments

have

contracts

on

been

embargoes

by

the

leading

interest.

Dealers fell that supplies are light and tonnages would be difficult to obtain
and

marking time to await developments.
Meanwhile bids on two
three heavy railroad offerings will be made this week and some
light
are

is expected to

be thrown

the situation by

on

For the third time this

season

these figures.

the record for

a

from the head of the Lakes has been broken.

tons,

which is
in

creases

119

cargoes

tons

is

above the

proof of the

single cargo of iron ore

The record

preceding record.
effort

now

is

15,529

The successive in¬

being made to bring down the

maximum of ore this season.

"Steel's" composites all remained
unchanged for the past week, finished
steel prices

being fixed and

scrap prices

being steady

or nominal to a

degree

that

precluded changes in quotations.
Steels works scrap composite i
$20.50, iron and steel composite $40.36 and finished steel
coposite $61.70.s

Steel

ingot production for the week ended Aug. 30, rose a
the previous week, according to the "Wall Street
Journal" of Sept. 2.
The rise is due entirely to an increase
of 3 points by U. S. Steel
Corp., believed to reflect resump¬
tions at some plants after vacation schedules.
Leading
independents, on the other hand, show a drop of Yi point.
over

The "Journal" further
reported:
For the
in

the

two

industry ingot output is placed at 84%, compared with 83%
preceding weeks.
U. S. Steel is estimated at 84%, against

81% in the week before

and

82% two weeks

Leading independents

ago.

are

credited with 84%, compared with 84
X% in the previous week and 83 H%

following table gives

comparison of the percentage of production

a

with the nearest
corresponding week of previous years,

together with the
approximate changes, in points, from the week
immediately preceding:

Industry

u

S. Steel

+1

84

+3
T

—5X

69 X
37

84

1936

72 X

1935

45

1934

19

1933

42

1932

13

1931

31

1930

57 X

1929

—1

of

$14,000,000 in

Reserve

Treasury

currency and from
deposits and other
$5,000,000 in Treasury
deposits with Federal Reserve banks, offset in part by
increases of $37,000,000 in
money in circulation and $11,000,000 in Treasury cash other than inactive
gold.
Excess
reserves of member banks on
Sept. 1 were estimated to be
approximately $750,000,000, a decrease of $10,000,000 for
the week.
Inactive gold included in the
gold stock and in
Treasury cash amounted to $1,335,000,000 on Sept. 1, an

increase of $25,000,000 for the week.
After noting these
facts the Board of Governors of the Federal Reserve
System

—7

19

X--IX

X

42 X
13 X

—

X

29

—6

34

65

—1

93

—1

—8
—

—2

83

77

77

X

69

■^Lscctc

(+)

X-

-

or Decrease
Since

Aug. 25,1937

^

24,000,000

bought
U. S. Government
securities

+5,000,000

+15,000,000

3,000,000

-

2,526,000,000

+96,000,000

including

$15,000,000 commitm'ts—Sept. 1)

Other Reserve bank credit

Treasury currency

21,000,000

—8,000,000

5,000,000

...

Member bank reserve balances
Money in circulation

+9,000,000

+13,000,000

2,579,000,000

Total Reserve bank credit
Gold stock

Treasury cash
Treasury deposits with

(—)

Sep*. 2, 1936

^

Bills discounted
Bills

(not

2

65

Increase

advances

X

—1

51

+1X
—

Sept. 1,1937

Industrial

X

X

50

—

12

X
—IX

77 X

—

—

75

—4

41

X

—

67 X

84

X

—1

87 X

1928
1927

Independents

19

—7
—

Banks

1 member bank reserve
Additions to member bank

decreases of $21,000,000 in nonmember
Federal
Reserve accounts and

as

plants

compared with 32,954 the previous week and Chrysler 23,950,
with 26,600.
Ford continued at unchanged rate, 26,000 cars

During the week ended Sept.

proceeds

district

of

August.
Pittsburgh
83.4%, Detroit 5 to 100, and Wheeling 0.3 to 89.5.

The only recession

duplicating

1937

maintaining

experience

week

15 points to 60.

as

fall revival.

stances have sufficient

Pittsburgh

second

small volume, and does not balance
shipments

from the mills, signs of improvement in

Steel makers

two

2 points last week, to 83%.

the

cars,

each week

The

Cleveland, in its summary of the iron and
steel markets, on Aug. 30, stated:

indications of

for

two weeks ago.

of

Although steel buying is in

some1

Automobile production last week dropped from 93,339 to
83,310, prac¬

point

1937—

22

Mar.

1937—

Jan.

Aug. 23,1937.

1937—

Nov. 16

71.4%

0.35%,

or

Weekly
operations since Aug. 3, 1936, follow:

indicated rates of steel

the rate

Cleveland, 79.5%.

one

an

in

town, 73; Buffalo, 86; Birmingham, 96; Cincinnati, 93; St. Louis, 84, and

or

operating rate of steel companies having 98%
of the steel capacity of the
industry will be 84.1% of capa¬

This represents

at

operating rate rebounded

rate declined

an¬

received indi¬

cated that the

ago.

although

There was no change at Chicago, 86.5%; eastern Pennsylvania, 65;
Youngs-

June 15

Dec.

and

considerably

eight weeks.

model year.

Low

$17.08

17.75

Iron

eased
as

ing of production, which is holding up closer than usual to the end of the

High
$21.92
Mar. 30

The American

have

of production

resumption

point

29,100

on

1936

nounced that

country

substantial

Construction is largely restricted to small projects, requiring

advanced 3.9 points to

16

No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia

20.421
16.001

Oil

which

lighter shapes, which do not run to tonnage.

tically

(Based

1937

Jan.

Scrap

$20.58{

One month ago
One year ago

deliveries

plates

15

May

1931

Aug. 31, 1937, $20.17 a Gross Ton
One week ago

in

«

heavy plates.

one

1934

Steel

products.

The soft spots in steel demand at present are found in absence of railroad

national

-

other

tubing,

buying, the carriers being practically out of the market, although planning
late in the year; and in structural steel and

High

1935

and

oil-well

heavy car and rail buying

Aug. 31, 1937, $23.25 a Gross Ton
Based on average of basic iron at
Valley
One week ago....
.....$23.25
furnace and foundry irons at
Chicago,
One month ago
23.25
Philadelphia,
Buffalo,
Valley,
and
One year ago
18.73
Southern Iron at Cincinnati.

1937

bars

especially

mills are booked for as much

cases

9

Pig Iron

1936

demand,

in

are

Semi-finished steel specifications continue heavy and mills in the Pitts¬

Dec. 29

1933
1931

1938

on

burgh district are seeking to supply consumers of ingots, billets and sheet
bars who have orders for their products.

18

Oct.

1.867c.
1.926o.

Apr.

1.977c.

-

steady shipments of

taking

are

backlogs exist.

2.130c.

-

builders start

to production is activity of agricultural implement
manufacturers, who report the heaviest demand in several years.
They
One strong support

goods

Low

2.330c.

1935

automobile

as

models.
steel bars,

One year ago

1936

Sept. 4, 1937

increase within a short time

must

Steel

Based

Chronicle

+14,000,000
+26,000,000
+8,000,000

+1,850,000,000
+83,000,000

12,567,000,000
2,585,000,000
6,731,000,000
6,532,000,000
3,719,000,000

F. R. bank..

+1,000,000
+37,000,000
+36,000,000

+290,000,000

+307,000,000
+1,344,000,000

156,000,000

—5,000,000

+49,000,000

593,000,000

—21,000,000

+58,000,000

Non-member deposits and other Fed¬
eral Reserve accounts

+116,000,000

follows:

The principal change in holdings of bills and
securities
$5,000,000 in discounted bills.

The statement in full for

was an

increase of

the week ended
Sept. 1 in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 1536 and
1537.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Sept. 1, 1937, were as follows:




Returns

of

Member

Banks

in

New

York

City

and

Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Reserve System for the New York City member
banks and also for the
Federal

Chicago member banks for the cur¬
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming

rent

Monday:

Volume

ASSETS AND LIABILITIES QP

WEEKLY REPORTING

MEMBER BANKS

British

Chicago—
Aug. 25 Sept. 2
1937
1936
$
$

New York City

Aug. 25
1937

1937

$

$

Assets—

Sept. 1
1937
$

Sept. 2
1936
$

8,377
4,085

8,340
4,036

8,615
3,220

2,014
717

242
1,576

239
1,562

163

1,171

1,140

*
*
*
984

33
449

164

54

32
442
30
52

carrying securities
Real estate loans

275

267

134

Loans to banks

101

134
102

2,043
566

2,010
707

Loans and Investments—total._
Loans—total

industrial,

and

agricultural loans:
On securities
Otherwise secured & unsec'd

Open market paper
brokers and dealers

Loans to

30

*

33

Other loans for purchasing or

75

75

33

14
2

14
2

15
5

3,826

24
36
923

24
36
923

1,094

*
132

Other loans:

Otherwise secured & unsec'd

227
195

2,933

*
*

234
195

U. S. Govt, direct obligations—

2,940

On securities

Bombed

Gijou,

at
to

North

on

Spanish

Re-Enforce Mediterranean

Fleet—Rebel

(In Millions of Dollars)
Sept. 1

Ships

Coast—Great Britain

CITIES

IN CENTRAL RESERVE

Commercial,

1503

Financial Chronicle

145

*
*

Lines

The

Troops
Break
Through
Loyalist
Saragossa—Also Push Attack in Aragon

at

bombing of two British steamers

government held port on

as

they left Gijou, a

the North Spanish Coast, by war

planes said to belong to Spanish 'Insurgents was reported in
Associated Press accounts from London on Aug. 27, and
later in the week (Sept. 1) it was stated in London
to the New York "Times" that the British destroyer

advices

Havock
during the night by an
San Antonio between
Alicante and Valencia, Spain. The Sept 1 "Times" advices
by Ferdinand Kuhn, Jr. in part continued:

had been attacked without warning
unidentified submarine off Cape

The

Havock and her

crew

145 men narrowly missed being sent

of

the bottom of the Mediterranean. The torpedo passed within a

to

few feet of

her.

Obligations fully guaranteed by

Reserve with Fed. Res. banks..

48
65
467

Cash in vault

Balances with domestic banks..
Other assets—net

99
275
571
25
125
63

447
1,122
2,457
50
69
459

398
966
2,408
50
65
454

398
961
2,412

United States Government—

Other securities

91
292
603
32

100
280
583
26
124
63

195
71

The

Havock

6,060
714
334

6,341
577

1,527
448

191

55

1,829

2,403

502

536
8

United States Govt, deposits

6,049
732
317

1,858

Time deposits

524
9

372
3

7

1,526
448
55

1,521
449
101

512
7

counter-attacked,

dropping

depth

bombs, in

British warships in Spanish

waters.

"The result of the counter-attack is not known," was the laconic state¬
ment issued

But there would be grim

by the Admiralty this afternoon.

Liabilities—

Demand deposits—adjusted

promptly

accordance with instructions already issued to

satisfaction in this country if it proved

that the depth charges had found

their mark, for this was the eighteenth

attack

619

Mediterranean within

on

neutral shipping in the

month.

a

Inter-bank deposits:
Domestic banks

Foreign banks
Borrowings

5

376

Capital account

1,483

378

331

16

17

21

1,479

Other liabilities

1,432

243

241

228

.

Comparable figures not available.

x

to

The decision by members of the British Cabinet on Sept. 2
send naval re-enforcements to the Mediterranean to

after it was disclosed that the
torpedoed and sunk on
unidentified submarine was reported in United
from London Sept. 2, which in part also said:

British

protect

Sept. 1 by

an

Press advices

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
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 Aug. 25:
As

The condition statement of weekly reporting member

banks in 101 lead¬

Increases of

for the week ended Aug 25:
$26,000,000 in commercial, industrial and agricultural loans,

$20,000,000

in

ing cities shows the following principal changes

demand deposits-adjusted,

$55,000,000 in time deposits

$37,000,000 in Government deposits; and decreases of $113,000,000

and

banks and $18,000,000 in borrowings.
$13,000,000 at

in deposits credited to domestic

Commercial, industrial and agricultural loans increased

York City, $5,000,000 in the San Fran¬
member banks.
Loans to

reporting member banks in New

district and $26,000,000 at all reporting

cisco

brokers and dealers increased $4,000,000 in New York City and
at all

$5,000,000

reporting member banks.

The Ministers decided to re-enforce the destroyer
basin of the Mediterranean

The Woodford

Holdings of obligations fully guaranteed

tively little change for the week.

$20,000,000 in the Chicago district, and declined $15,000,000 in the Cleve¬
land

district

$12,000,000 in

and

the Philadelphia

district, all reporting

of $20,000,000 for the week

member banks showing a net increase

Time

deposits increased $12,000,000 in New

York City, $9,000,000 elsewhere in

the New York district, $14,000,000 in

the Cleveland district, $10,000,000

in the Philadelphia district
Government deposits

and $55,000,000 at all reporting member banks.

increased $33,000,000 in New York City and $37,000,-

000 at all reporting member
declined $41,000,000 in New

banks.

Deposits credited to domestic banks

York City, $26,000,000 in the Chicago dis¬

$13,000,000 in the San Fran¬
$113,000,000 at all reporting member banks.

trict, $14,000,000 in the Kansas City district,
cisco district and

Borrowings of weekly reporting member banks amounted to $21,000,000
on

Aug. 25, a decrease of $15,000,000 being shown for member banks in

New York City.

summary of the principal assets and liabilities of the
reporting member banks, together with changes for the
week and year ended Aug. 25, 1937, follows:
Increase

Aug. 25,

1937

$

Assets—

Loans and investments—total
Loans—total

22,315,000,000
9,958,000,000

(+)

or
Decrease
Since

(—)

Aug. 18, 1937

Aug. 26, 1936

|

$

+12,000,000
+51,000,000
+25,000,000 +1,533,000,000

Commercial, industrial, and agri¬
cultural loans:
On securities

589,000,000

Otherwise secured and unsec'd

Open market paper
Loans to

+2,000,000
+24,000,000
—1,000,000

*

*
*

brokers and dealers in

1,355,000,000

loans

for

purchasing

+5,000,000

+208,000,000

693,000,000
1,164,000,000
138,000,000

securities

Other

4,017,000,000
467,000,000

—4,000,000
—1,000,000
—1,000,000

+17,000,000
+ 72,000,000

724,000,000
811,000,000
8,232,000,000

+5,000,000
*
—4,000,000
*
+1,000,000 —1,042,000,000

or

carrying securities
Real estate loans
Loans to banks

*

Other loans:
On securities.

Otherwise secured and unsec'd

U. S. Govt, direct obligations

Onligations
fully guaranteed
United States Government

1,134,000,000
2,991,000,000

—5,000,000
—9,000,000

5.191,000,000

—3,000,000

—99,000,000
—341,000,000
+215,000,000

302,000,000

Balances with domestic banks

1,654,000,000

+10,000,000
—55,000,000

«

second

reported that six other members of the crew had
coast above Valencia.

The crew landed from lifeboats on the

Regarding the bombing of the two British steamers as they
leaving Gijou, we quote the following (Associated
Press) from London Aug. 27:
The Admiralty said that one, the 4,533-ton African Trader, continued
toward

though the

bombs had started several

Two British destroyers, the

Fearless and Foresight, were

France,

Bordeaux,

leaks in her hull.

even

standing by until it could be determined whether or not

she would need

assistance.

There

was no

of the other steamer, the

information available on the fate

3,827-ton Marion Moller, the Admiralty reported.
Informed sources in London asserted that
volved because the ships were
Other

that

than

Trader had

the

"no international issue is in¬

inside the port and not on the

been struck there

was

high seas."

taken place and that the African

bombing had

the details of the attack.

on

no

information immediately

available

No casualties were reported

of Santander in the province of
only remaining territory in Northern Spain still held by the
The United States destroyer Kane was reported en route to

Gijon lies about 90 miles to the west

Government.

Gijon to evacuate about 700 Cubans.

Spanish Loyalists
Spanish Loyalists' lines on the

Indications that Gen. Franco's Aragon

had

through

broken

the

contained in an insurgent communique
on the Franco-Spanish Frontier,
the Associated Press, which in part also said:

Saragossa front, were
issued Aug. 31 at

Hendaye,

according to
"^Franco'slegionnaires,
from them, were

of Zuera, about

resisting a Loyalist attempt to wrest

Saragossa

in the vicinity
fifteen miles north of the one-time capital of the ancient
reported to have started a counter advance

Aragon kingdom.

north and south of Saragossa. To the south strong
attacks to drive a wedge through
Franco's long Aragon salient and shear off the lower end, pointed by
Teruel, from which an insurgent army for weeks has menaced the vital
Fighting raged both

have made smashing

units

Loyalist

Madrid-Valencia highway.

Franco's men had been driven from their
about 20 miles south of Saragossa.
The fall of Belchite, these advices said, was imminent.
While the insurgent communique gave no details of the fracture of the
Government line, it was believed to have referred to the front north of
Loyalist

reports said that

positions around Belchite,

Saragossa, not the

Belchite sector.

Loyalist sources themselves
"out troops to

From

admitted the Zuera counter thrust had forced
after the arrival of re-enforcements."

return to their bases

P. Carney at
Saint
Spanish border) the "Times"

correspondent William

its

Jean-de-Luz, France (on the

reported advices, from which the following is

taken:

Government's northern army, mostly Asturians, are in full flight toward Gijon and negotiations for the surrender
of that port, according to trustworthy reports, are already proceeding.
Genera] Francisco Franco's military headquarters here contends tonight
that the Aragon front eight-days ago has utterly collapsed.
Desperate efforts are being made to strengthen as quickly as possible
the Government lines protecting Catalonia and the approaches to Valencia,
it is stated, in anticipation of a big Nationalist Insurgent counter-offensive.
The Government's initial attacks in Aragon were spread over a 250kilometer 155-mile front extending from Huesca to Tercuel, with Saragossa
as

remnants of the

the

While

by

Res. banks

.

50 miles north of where the

sank immediately, carrying the

were

mountain

A

The ship

The Spanish Loyalists
been wounded.

Holdings of "other securities" declined $9,000,000.

increased $51,000,000 in New York City and

.

struck by two torpedoes

engineer with it.

by the United States Government declined $5,000,000 in New York City.
Demand deposits-adjusted

was

attacked.

was

the Woodford, the

the British destroyer Havock,

and other recent attacks on British shipping.

Havock

strength in the western

result of the sinking of

as a

submarine attack Tuesday (Aug. 31) night on

Asturias, the

Holdings of United States Government direct obligations showed rela¬

shipping,

British tanker Woodford had been

their main

objective. The Government troops

numbered more than 60,000
International Brigade

—622,000,000

Other securities
Reserve with Fed.
Cash in vault

14,950,000,000
5,282,000,000
States Government deposits
569,000,000

Time deposits

+20,000,000
+55,000,000
+37,000,000

4 39,000,000

+254,000,000
—251,000,000

Inter-bank, deposits:
Domestic banks

Foreign banks

*

4,901,000,000

573,000,000
21,000,000

Comparable figures not available.




force.
The Fight for

The attacks on

Demand deposits—adjusted

Borrowings

reported to have depended heavily on the

for their driving

—77,000,000

Liabilities—

United

and were

—113,000,000
—6,000,000
—18,000,000

—825,000,000
+161,000,000

+18,000,000

Then the
and the

Belchite

first abandoned.
diminished noticeably in intensity

Huesca by Valencia's picked forces were

attacks in the Teruel sector

Government's big push finally narrowed down to a

concentrated

twenty-five miles due south of Saragossa.
impressive number of tanks and planes as well as considerable

drive on Belchite,
An

artillery, was

used by the Government forces in an attempt to

by storm, but
forced

troops

heavy
take Belchite

the Nationalist lines held firm

and General Franco's rein¬

have now taken the initiative

and are counter-attacking.

1504

Financial

Chronicle

A pastoral letter, signed by two Spanish
other prelates of Insurgent Spain,

Gen.

Franco, declaring it

this week.

City
the

Sept.

on

be

to
the Associated

In

2

Cardinals and 46
defending the revolt of
legitimate one, was issued

a

gave

Ambassador

Dollar

"The

is legitimate because "five years of continued
outrages of
Spanish subjects in the religious and social fields had
endangered the
very existence of
public welfare.
war

Line

by mistake
The

River.

ship

"The position

sels

Hull

slightly

was

she

and

therefore

was

to Settle

mistaken

16;

in

the Aug. 23

these

columns

statement
week

a

of

ago,

Secretary
1341,

page

while that of July 16 was given in our
July 24 issue,
537.
Apart from the statement

page

by the Chinese Ambassador

(which,
have

give

we

also

Great

below), the week's developments
lodging of a protest to Japan by
against the shooting by Japanese airplane

machine

the

bullets of the British

gun

Ambassador

Sir

Hughe Montgomery Knatclibull-Hugessen,
which was made in our item on
page 1340.

to

have

to

[A
who

started

seaman,

The

bombing

resulted
to

in

Nelson

the

Aug.

on

Hoover

30 of

the

American

by Chinese planes off

issuance

of

instructions

Dollar

liner

Shanghai Harbor

the

by

Secretary Hull

to

American merchant

vessels

against entering the port of
incident.
In a dispatch from its

Shanghai followed the
Washington bureau, on
Tribune" said
As
to

result

a

the

Hull

added

of

Americans

He

reported

from

would

that

Yarnell

and

Shanghai.

warned

Admiral

the

Dollar

the

Asiatic

Hereafter,

Secretary
bring out beleaguered

liner

Far

the

in

East,

it

commander-in-

had

relieved

fired

the

proceed

McKinley

not

to

Hoover

bombing prompted:
of

the

Foreign

into

Yarnell

Relations

William

E.

Borah,

Committee, to

issue

...

the

vicinity

remain

leave
would

in

has

State

the

that

city.

Of

Chinese

as

he

said,

but

it

conditions

in

the

officials

authorities

had

the

from
was

in

1,800
200

the

Shanghai

inclined

of

300

had

that
are

vessels

who

still

planned

of

many

to

The

of

for

regret

version

from

the
his

Chinese

accept

Hoover

the

was

explanation
mistaken

for

of

The State

government

with

steamship President Hoover, it
that

reports

the

bombing

reference

seems

to

to

him

yet
the

on

received

any

official

bombing of the Dollar

the

basis

of various

press

done accidentally by Chinese airplanes who
mistook the steamer for a
Japanese army transport.
He hastens, there¬
fore, to express his deep sympathy for those who have been
injured thereby.
was

He

wishes to add that the Chinese
people always appreciate the
service of the Dollar Line
Steamship Co., whose

founder,

was

well

recognized

therefore, all the

as

more

a

sincere

friend

of

China

.

It

efficient

Captain

makes

the

Dollar,

accident,

regrettable.

ment

on

offered to the State Depart¬
Aug. 31; one of these came from the Nanking For¬
were

Washington,

Secretary Hull's offices




to

the

of

was
was

proceeding

Kobe,

to

President

Hoover's

crew

later Associated Press dispatch,

a

shell-shocked.]

Yarnell,

a

destroyed
about

Three

the

to

mile

President

of

time

then

and

the

passen¬

United

Hoover.

the

at

away

raiders

the

of

*

commander-in-chief

a

the

at

guns

aid

States

Two

Japanese

the

bombing,

of

rushed

the

to

aid

of

Cumberland,
the

to

which

President

five

was

miles

which

Hoover,

also im¬

away,

sent

out

wireless

and supplies.

follows the State Department's advices in the matter:

as

On the

evening of Aug. 30, immediately upon receipt of an initial report
regard to the bombing of the American steamship President Hoover at

in

the

mouth

of

the

Yangtze

River,

the

American

Ambassador

to

China sent

note to the Chinese Minister for Foreign Affairs
reading as follows:

a

"Dear Mr. Minister:

inform you that I am Just informed by telephone from

Shanghai

that the American ship SS. President Hoover was bombed
today by Chinese planea
while approaching Yangtze Light at the mouth of the
Yangtze River, fifty miles
from Shanghai.

"The President Hoover, which carried all possible identifications as an American
was damaged above the water line and a number of people on board were injured
seriously.
I hereby protest this inexcusable assault upon an American mer¬
chant ship and state that I must hold the Chinese Government

ship,

some

responsible for

damage done."

The

Secretary of

Commander

in

State,

Chief

the

of

Additional

Note

receipt of the

upon

Asiatic

steamship President Hoover and

telegraphed reports

of the

Fleet

in regard to the bombing of the
receipt of the text of the note which

upon

China sent to the Chinese Minister for
Foreign
telegraphed the American Ambassador approving the action taken
by him and instructing him to supplement the note which he had already

Affairs,

sent

to

the Chinese Minister

under

as

The

convey the regrets

for

Foreign Affairs with

instructions from the American

express

Ambassador

directed

was

call

to

a

further note 6ent

Government.

particular

attention

to

the

fact

that the

President Hoover was anchored in the open sea 17 miles from the
Chinese mainland; that at the time of the bombing attack the President
Hoover was engaged
in the wholly humanitarian pursuit of removing

from

Shanghai;
the

the

and

dangers which
the

that

existed

have

andi

Government

American

continue

considers

the

to

exist

in

bombing of

President Hoover

able

a
flagrant example of wholly unlawful and unjustifi¬
bombing of noncombatants.

The department

received

to

China

the Ambassador

this

morning

telegram

a

from

the Ambassador

stating that the Chinese Vice Minister for Foreign Affairs
and

keen

communicated

to

desire

and

regret

to

him

make

called

expression of the Chinese

an

immediate

redress

for

the

incident.

Aviator to
The Vice Minister

General
and had

This

cere

say

stated

that

that

his

aviator
with

of his

the

was

Chinese aviator converned would be punished.

Chinese Ambassador called

had

been

in

had

stated

under the

Ambassador

impression

concluded

with

he

the

that
a

State

for this

sin¬

unfortunate

injured.

according

what

in

of

express

make prompt indemnification both in regard

that

observed

to

of the President Hoover and to

responsibility

regard to the persons

Ambassador
involved

full

the Secretary

on

by his Government

the bombing

assumed

Japanese naval vessels

bombs

instructed

regard to

Government

and

informed the Ambassador that

much concerned in regard to the matter

very

and was prepared to

damake
The

he

with

regrets

occurrence

to

that

morning the

stated

Punished

Be

for Foreign Affairs also

Chiang Kai-shek

willingness to make

eign Office, which voiced its right to Ambassador
Johnson,
while Mr. Wang, the Chinese Ambassador
at
visited

now

was

and

when she

Department made public on Aug. 31 the present¬
by Ambassador Johnson to the Nanking Foreign
regard to the bombing, making known at the

with

Formal apologies by the Chinese
Government for the bomb¬

ing of the President Hoover

Kong,

same time the regrets expressed
by the Nanking office; a
dispatch from Washington to the "Times" Aug. 31 reported

and
not

is

Yangtze River,

Hong

morning,

a

bombing were tendered
Wang at Washington on

has

this

She

members

asking for medical help

Government's

the

Ambassador

263
crew

Nanking Government had assumed responsibility for

warship

on

Secretary Hull by Ambassador
Aug. 30, in a statement as follows:
Although

the

of

from

and1

Shanghai

States.

seven

were

were

offered:

ments made

Japanese transport.
Moreover,
they were favorably impressed
by the
alacrity with which the Chinese Ambassador sought an
opportunity to take
up the incident officially with the State
Department.

Expressions

of the

m

British

messages

these

much quieter and

Settlement.

to

President

number

Americans

to

possible

International

were

that

sufficient

a

evacuate

Hoover,

resumed

Department

Navy

to

these,

President

been

the

Shanghai

change their minds

business
>

the
the

on

of

United

E.

sent

anti-aircraft

vessel.

refugees
in

Harry

carrying

was

the American Ambassador to

Senator

statement

said

responsibility

power.

of the
the

which

mediately

Kobe,

urging this government to avoid being drawn into war or
any
controversy.
He expressed the belief that the State
Department was pursu¬
ing the proper policy toward the
Chino-Japanese embroglio, but he ques¬
tioned the
practicability of the "cash-and-carry" phase of the neutrality
legislation, remarking that if put into effect it would be
altogether
favorable to Japan.

Secretary Hull

or

the

put

to

probable Admiral

was

the

members

mouth

Manila

from

Ordered

to

ves¬

ship

added:

from

more

evacuation.
Hoover

President
that

Yarnell,

E.

the

own

one

Fleet,

destroyers,

"Herald

warning to all American shipping.

President

ranking Republican member
a

Harry
in

President

Secretary Hull indicated

would extend

The

ordered
the

Shanghai.

be relied upon to

chief of the American naval
forces
Dollar Line of its
agreement to assist

Japan,

York

the

evacuation

Admiral

New

the

which

lying off the

the

for

that

"I regret to

intimated, naval vessels

nationals.

30,

300

aboard the liner

Admiral

:

bombing incident, the State Department has decided
for the time being at least, attempts to use American liners

abandon,

in

of

Aug.

war

by the air¬

American

assumes

bombing and had promised the "fullest redress."

gers

T.

Johnson, American Ambassador to China, to
protest against the bombing.
Warning by Secretary Hull

Japanese

any

bombed
seven

injured, succumbed today,- said

were

which

Office

President

attacking

ship was damaged, it was stated in
by Hallett Abend from Shanghai to the

was

on

under her

Japan,

China,

reference to

crew

the

mostly Americans

waiting to take

further

included

Britain

30,

Yangtze

and

passengers

two

Japanese transport

a

when

of 320;

crew

"Times,"
which

liner,

carrying

nese

July

York

The

week.

appeared

for

Chinese Government

Hoover

a

wounded and

New

On

Aug. 23 and

and

wireless message

a

Protests by Great Britain and the United
States over
incidents affecting both countries in the
Sino-Japanese dis¬
pute have figured in the Far East developments of the

Hull

between

was

intention of

no

that the

President

Tbe

were

Ambassador, whose announcement, made on behalf of
government, decleared that it is the conviction of the
Chinese Government
"that the relationships
among
the
nations can best be governed" by the
principles enunciated
by Secretary of State Hull in his pronouncements of

the

ready to make immediate redress for the accident."

passengers

Japan by Pacific Means

his

Aug.

on

of

any Government, I called on the Honorable
Secretary of State, this morning, to express in the name of my
profound regret over the accident and to inform the

Secretary of State
and is

Dispute with

Aug. 28 the willingness of China to settle its differences
with Japan by pacific means was indicated
in a statement
issued at Washington by Dr.
Chengting T. Wang, the Chi¬

mouth

several

the

Government

by Japan Protested by Great Britain—

Willingness

bombed

was

the

near

of friendly countries.

Cordell Hull,

Shanghai—Shooting of British Ambassador

China Indicates

as

"Acting under instructions of

Following Bombing of American Liner Presi¬

China

Hoover

damaged and

of the ship while hit

who had absolutely

by Secretary

dent Hoover—United States Warns Vessels
Not to
Enter
to

President

Chinese airplane

a

ships

Chinese Government Ordered

to

statement

a

injured.

were

♦

steamer

by

man,

Protest

Wang issued

follows:

1937,

V..

Hull,

Secretary

Press advices from the Vatican
extracts from the letter, from which

following is taken.

The civil

Sept. 4, 1937

Government and to indicate its willingness to "make imme¬
diate redress for the accident."
Following his talk with

to

his

information

thought to be

a

neighborhood, and he had

he

was

reiteration

attacking
of

his

an

the

Chinese

Japanese transport,

enemy

Government's

dropped his
vessel.
regrets

The
and

amends.

Nanking

Statement

The

Ambassador, Nelson T. Johnson, reported from Nanking today that
the following statement was issued to the
press on Aug. 30 by the Chinese
Foreign Office:
"The Chinese authorities have learned with
deep regret that the steamship
President Hoover was bombed by mistake
by a Chinese airplane, resulting in
persons aboard.

injury to certain

Financial

145

Volume

Immediately

event the Government

"Upon being Informed of the unfortunate

military authorities and at the same time expressed
readiness to assume responsibility and make imme¬

ordered an Investigation by the
to the American authorities its

diate redress for the incident.

position at the time of the Incident, was between two
mistaken by the Chinese airman for a Japanese military

was

Japanese warships,
transport. Earlier

force had received reports that Japanese
arriving at Shanghai.

in the day the Chinese air

ports were

military trans¬

on vessels

third country.

Nanking for an early settlement of
this deplorable incident.
The Chinese Ambassador at Washington also has been
instructed to convey to the State Department the regret of the Chinese Government
and its readiness to make Immediate redress for the incident."
"Negotiations already have been started at

On

1 the State Department announced that Gen¬
Kai-shek, head of the Chinese Govern¬

Sept.

eralissimo

national

Chiang

outbreak

of

ernment

made

of

the

incident

in

vain

in

attempts

effect

to

the

it

and

while

she nevertheless,

with

1937,

July 15,

that

China

addressed to the leading
obliged to employ all

was

herself

held

in

Japan by any of the pacific means

known in international

12, 1937, the Chinese Am¬
bassador again took occasion to point out that the stand of the Chinese
Government as to the issue with Japan remained the same as that stated)
note

a

the

to

Secretary of State

Government

to the Japanese

instructed James Dodd,
Charge d'Affaires of the Tokio Embassy, to deliver in the
case of the shooting of the British Ambassador, calls for a
formal apology, suitable punishment for those responsible
for the attack, and assurances by the Japanese Government
that

Eden

Secretary

Foreign

The text of the note, as contained in

such events.

of

taken to prevent a recurrence

be

would

measures

Aug.

on

injuries sustained by
Sir Hughe Montgomery Knatchbull-Hugessen, His Majesty's Ambassador to
China, as the result of shooting from Japanese military airplanes when
with

motoring

members

be

will

Government

Japanese

his

of

staff

Aug. 26 last.

of the

aware

Nanking

from

Shanghai

to

on

proceeding
Shanghai on Aug. 26, accompanied by a military attache
and the financial adviser to His Majesty's Embassy and a Chinese chauffeur.
The party occupied two black saloon cars of obviously private character,
each flying a Union Jack, approximately 18 inches by 12 in size on the
The

facts

were

His

follows:

as

Ambassador

Majesty's

was

from Nanking to

side of the

near

About

2:30

some

from

a

eight miles

about

and

m.,

from

Shanghai, the cars

airplane which

fired

machine

a

This

i.e.,

of Taitsang,

northwest

dived from the off side of the

gun

followed by

was

Ambassador

The

in

embedded

grazed his

the

hit

was

car)

by

which

nickel

a

side

the

the United
the news of this

Government

in

redress.

of

concerned,

of

rules

lished

combatants

hostilities

which

attack
Nor

other form of attack.

any

and

not

was.

which have been recorded above make it
accident resulting from any normal hostile

an

that they were

operation, and it should have been obvious to the aircraft

should it be advanced, that the flags carried on the cars were
be visible is irrelevant.
There would have been no justifica¬

The plea,
too small

to

for the attack

tion

The

foreign,

The

is,

was

troops nor any
Chinese

No

about

until

an

attack noncombatants, and

to

illegality.

an

in

locality

a

of the

results

Such

significance
to

events

of this

expected

from

inseparable

failing to

of

human,

be

are

the

an

equipment were
who place faith
sanctity of treaties and who have vast commercial interests in China.
"If the nations of the world recognize the menace of Japanese aggression
and wish to prevent its consequences from descending on the world directly
or indirectly,
they should take immediate action," Chiang asserted in an
interview.
His American-educated wife, the former Meilung Soong, acted

in the

interpreter,

as

Whether
the

or

inexcusable

the

case

Chinese

in

that

present

recognized

it

is

in¬

from the
"The

Firstly, a formal apology to be

less

no

case

by

no

actual

state

either party to

of

war

exist

has

been

emphasizes the

at

Hull's

declarations

the

fact
of

accepted,

Aug:.

Washington,

issued

that

of such a character.

July

16,

should

28,

note with

Secretary

the

Japan

the

to

accordance with

with powers like the United States,
pact, the Nine-Power Treaty, and

anti-war

Kellogg

organized) the League of Nations," concluded

the Chinese leader.

Shanghai Aug. 29 to the "Times" had

the following to say

in part:

Beginning
Shanghai,
Nankow

the Far Northern front, nearly 1,000

on

and

from

armies

Japanese
Pass

miles by airline from

Peiping plain are driving against
Jehol are driving against the

the

armies

Japanese

from

take over the entire length

of the

China and Sovietized
for the far western difficult desert trails and

Peiping-Suiyuan Railway, effectively wedging between
Mongolia

except

routes.

caravan

day

(Aug. 28)

Associated Press advices

Peiping stated:

from

claimed today complete occupation of strategic Nan¬
gateway to inner Mongolia, after a bloody 16-day
battle in which Chinese troops contested every inch of the way.
Trustworthy sources said that the victory had cost about 1,500 Japanese
Japanese authorities

kow

Pass,

the narrow

lives.

victorious Japanese forces now are

section of the

Hsuanhua,

flanking the

hold above the pass.

of Kalgan, the
eastward from
north side of the railway and sandwiching 70,000

which

previously claimed the capture

of Peiping, now are deploying

military base north

Chinese

flanking westward along a short

Pingsui Railroad which the Chinese still

forces,

between forty-mile fronts. ...
domination of Nankow Pass was believed to
by the dynamiting by the retreating Chinese of railway
Japanese

Previously it had been reported
of

have been offset

tunnels, making

useless for traffic.

them

120,000

vise-like

on

men

that part of Japan's north China army

had broken through the Great Wall

and were closing in

the stubborn defenders of the pass.

From its

correspondent at Shanghai on Aug.

29 (Hallett

Abend), the "Times" reported in part:
Hundreds of defenseless
were

Chinese civilians were killed and hundreds more

wounded yesterday in raids by Japanese

bombing planes over Nantao,

Chinese city of Shanghai adjoining the French Concession.
[Sixteen Japanese bombers participated in the attack on Nantao, inflict¬
ing 600 civilian casualties, according to a Shanghai dispatch to The Asso¬
Press.]
raid, one of the most extensive

city because Nantao

made by the Japanese, shocked the

has an immense civilian population.

Its vast numbers

with

general

respect

to Secretary

the reiteration

in his statement of Aug.
of policy

the Chinese

Government

international

in

enunciated

has

by

is taken of the appeal

refrain

from

resort

to

and

23,

1937,

his

state¬

unreservedly

relationships and should

to

settle

differences

in

principles which in the opinion not alone of the American




had
shelling of

expected air raids because the' Japanese spokesman

that airplane bombing and artillery

[Aug. 27]

it was decided to
ample warning would be given to permit the civilian population
might

become a military necessity but that if

leave.

the

of the Secretary of State to China
war

not

Friday,

on

Nantao

to

principles

1937, which

said

attack

gratification

of State,

effectively govern

ago.

Nantao had

applicable throughout the world.
Due note also

victorious

greatly increased when more than 1,000,000 Chinese fled from the
environs of Shanghai at the beginning of the Japanese attacks two weeks

of policy:

Government

Cordell Hull,

firm belief China would emerge

Reports to the effect that Japan appeared to be moving
into additional Chinese territory, a wireless message from

The

following is the- statement of the Chinese Ambassador

Chinese

a
,

question of intervention rests

ciated

Thirdly, an assurance by the Japanese authorities that necessary measures will

ment

asserted

however,

depends, he said,
destroyed and come

content to see China

Japan."

were

be taken to prevent recurrence of events

Hon.

of

fight.

created

which

.

conveyed by the Japanese Government to His

Secondly, suitable punishment for those responsible for the attack.

The

are

powers

part of the old

Majesty's Government.

The

inevitably clash with one or more western powers
victorious in the present conflict

is

other

domination

the

under

.

.

Japan

"whether

on

combatants and

international law

occurred.

what

of

as

has always enjoined.

mankind

the

expressly
nature

illegal

as

Majesty's Government must therefore request:

His

j

Japan must

event

an

practice,

the

from

is

draw that clear distinction between

conscience of

fact

The

declared

Nanking, in which this was

fighting not only their own battle, but also that of nations

outstanding example
indiscriminate .attack from the air.
It

event.

noncombatants in the conduct of hostilities which
than

Government

Associated Press advices
reported, also send in part:

commander.

Chinese troops

in this particular
where there were no

to observers that

pertinent

traveling

Majesty's Ambassa¬

actual hostilities in progress.
troops were in fact encountered by the Ambassador's party
hour's drive from the scene of the attack.

wider

the

size

and

from

The

Majesty's Government feels it must take this opportunity to empha¬

His

be

Chiang Kai-shek, head of the Chinese Central

Japanese

to attack His

intend

did

to constitute

itself

in

moreover,

Ambassador

apparently

They

cooperation of all the countries.

intervention of foreign powrers to halt the
urged by Generalissimo

and its supreme army

flags at all.

no

status of the occupants is also irrele¬

not intend

doubt did

no

such.

suffices

It

carried

carse

the diplomatic

even

aircraft

as

that

of

On Aug. 31 the

full

undeclared China-Japanese was was

real issue is that they were noncombatants.

The

vant.

had the

even

of these principles

and that the realization and fulfillment

On the previous

this

can

complete disregard for the sanctity of

a

present case the facts

that

noble

that the rela¬

Chinese Government

the

be best governed by the realization and
principles enunciated andi reiterated by Secretary

nations

only be attained by the

Outer

the facts are such as

of accident be accepted where

negligence

the

the

of

State Hull,

life.

the

clear

to

as

dealing with noncombatants.

dor

fulfillment

can

of

conviction

sincere

among

Kalgan region with the obvious intent to

this rule, which applies as much

exempt from

way

plea

best

outside the area

or

taking place.

are
no

the air

the

at

civilian
In

in

are

from

can

show

to

whether inside

absolutely prohibited,

are

Aircraft
to

the

accept

must

but

territory and national honor
ready as ever to settle whatever differences Bhe may
in accordance with the principles of international law

Japan

the

is

tionships

the normal conduct of hostilities, it is one

from

in

including foreigners resident in the country
inevitable risk of injury resulting indirectly
of the oldest and best estab¬
international law that direct or deliberate attacks on non-

noncombatants,

Although

with

which

spine.

Majesty's

attempted to resort to war,

never

She is

practice.

It

of

China has

foreign aggressions in defense of her

Chiang,

(subsequently found
of the abdomen and

Kingdom has received with
deep distress and concern
deplorable event, in respect
whereof it must record its emphatic protest and request the fullest measure
His

have
and

feet.

bullet

steel

penetrated

bomb attack from a

a

Japanese airplane from a height of about 200

second

noted that

be

to

resist

and existence.

in

right angle to it.

a

same.

It is

attacked by machine gun fire

were

Japanese airplane.

at

car

projecting above the roof.

car

p.

40 miles

The

the

seek a
in principle the British
if Japan would accept

Even in a recent move to

July 15, 1937.

Chiang declared that his Chinese legions with inadequate

■/.

„

of

proposal for the cessation of hostilities in Shanghai,

wireless

"Times," follows:

advices from London to the New York
The

the memorandum

to

The British note of protest
which

law

treaties.

In

in

this effect came to

national honor and
settle her differ¬

readiness to

peaceful solution, the Chinese Government accepted

vices to

peaceful

a

disposal to defend her territory and

her

at

means

date

clear

made

was

existence,
ences

under

memorandum

a

Powers,

Hoover, that he offered full redress, and has said that
have been taken to avoid recurrence of such indicents.
Johnson.

Gov¬
settlement

July 7, 1937, the Chinese

Lukouchiao on

several

the incident.

ment, formally apologized for the bombing

of the President
steps
Ad¬
Washington from Ambassador

should govern in inter¬

relationships.

Traditionally it has been the foreign policy of the Chinese Government
settle all international controversies by pacific means.
Soon after the

In

whose sole object
of any

that the Chinese military and air force,
would never consider a deliberate attack

"It goes without saying
Is to resist aggression,

people, but of practically all peoples of the world,

to

President Hoover,

Indicate that the steamship

appear to

"Preliminary reports
whose

1505

Chronicle

on Sept. 2 that heavily reinforced Japanese on
blasted at Chinese concentrations to open the way
concerted drive over the entire Shanghai front, Asso¬

Stating
that day
for a

ciated

Press

accounts

on

Sept. 2 from Shanghai, in part,

also said:
The

seemed

hostilities

in

this sector,

pointed toward

an

now

imminent

nearing the end

climax.

of the third week,

1506

Financial Chronicle

Fires lighted the skies as Japanese war planes dropped
in an effect to clear out Chinese from the
Hongkew

incendiary bombs
north

area,

of

International Settlement, while naval gunners shelled
adjacent Chapei.
The new Japanese drive designed to clear Chinese forces out of the
lower
that

Yangtze River Valley,

it

was

the

authorities
force

a

Navy also warned all

naval

.Estuary,

warning

a

from

the

concentrations

of

avenue

for

discussed

refugees.

United

inauguration

States

of

and

naval

River

from Woosung.

pillar trucks

as

well

Yesterday (Sept. 3) China's armies
prised the Japanese with
shifted

Shanghai

placed in

warfare

end

extensive

were

war

Press)

of

Chinese

artillery and machine
and

sur¬

other

19, 1936,

Sept.

June

30,

1937

1790)

estimated that revenue during
30, 1937, would total £81,550,000
and expenditures £81,505,000 a surplus of
£45,000.
In his
latest report Mr. Casey estimates the revenue of Australia

we

"big push" and forced

shells

Eight

and bullets

Japanese

page

during the coming fiscal

Japa¬

on

transports

of 1937-38 at £85,190,000, ex¬

year

penditures at £85,160,000, and surplus at £30,000.
Mr. Casey's speech was summarized as follows in

fled

received

ment

Shanghai reported Admiral
Yarnell as stating on Sept. 2 that when American merchant
vessels call at Shanghai in future they will be escorted
by

state¬

a

from

Canberra, Aug. 17, by David M. Dow,
official Secretary for Australia in New York, and released
by Mr. Dow (all figures, unless otherwise stated, in pounds
Australian) :

naval convoy.

one

Ended

$4), while expenditures totaled £81,531,000, leaving
surplus of £1,276,000.
A year ago the Treasurer, in his
budget speech at that time (referred to in our issue of

The "Times" correspondent at

least

Budget

a

downstream.

at

in

the fiscal year ended June

sprayed

guns

Disclosed

lent to

added:

transports.

troop

Australia

Commonwealth for the fiscal year ended June
30, 1937. He
reported that the revenue of the Commonwealth during the
year amounted to £82,807,000 (one pound Australian equiva¬

supplies.

Japanese strategy.

warships

of

budget speech, delivered Aug. 27, in the Australian
House of Representatives at Canberra, the Treasurer of Aus¬
tralia, R. G. Casey, revealed the financial position of the

heavy counter-offensive which
back to the city proper and

The Chinese attack stalled Japan's long promised
revision

public

In his

of the

said to have

Position

Year

to

up

In part, the Shanghai advices from which

(Associated

quote

a

as

to insure the

Speech of R. G. Casey, Treasurer of Common¬
wealth—Surplus of £1,276,000 Noted in Fiscal

British

convoys

jeopardy the lives of Americans and

new

foreigners.

nese

Financial

the Yangtse¬
six-inch guns mounted on cater¬

Four-inch and

landed in Yangtsepoo,

were

been taken to put the railways

entire

safe passage

Settlement, and northwest of there at Liuho.

measures have

paying basis, to protect the stockholders and

on a

foreign

the

Strong

better service."

shipping to steer clear of
the Whamgpoo River and the Yangtze

in

escape

immediately

International

a

back

Japanese Navy

down the rivers for refugee ships.
Japanese reinforcements landed in Yangtsepoo, near to eastern

poo

the

Sept. 4, 1937

tic management.

a

extending its operations to all China.

The Japanese

Japanese

followed

c

The Treasurer recorded

Decree

French

of

alization

of

Rail Systems

Provides

for

Nation-

Into One Company

The nationalization of six large private railroad
systems
of France into a single rail company under control of the

Government is provided for under a Council of Ministers
decree signed by President Albert Le Brun on Aug. 31—The
six systems, with a combined mileage of 26.400, will it is
stated be added to the two other lines
already under State

control.

As noted in United Press advices from Paris
Aug.
31 the two roads which had been under Government control
the

were

State

a
higher llevel of material prosperity than at any
period in the history of the country.
Unemployment is 9.7% as against 30% in 1932.
In June, 1937, factory
employment was 535,000, the highest on record, and 19% above 1928-29.

other

Government

Ry and the Alsace-Loraine Ry.

To them

v

The
with

The

latter has ten tributory lines.
The Government, it is said, will hold 51% of the
capital
of the new company, which will operate under the title of the
National Ry. Co.
Government ownership will include a

$1,046,500,000 assessment for the private lines, and share¬
holders will be virtually barred from any voice in the manner
of their operation said the United Press accounts, which in
part also stated:
The decree

Exports
Of

though

have

they

lost money for years.

The Council of Ministers also abolished

a

10% tax

Immediately

after

the

that

and

will govern the

new

was

decree

Jacques

Guinard,

named President

of the

State-controlled railroad system.

first

ties

a year

The

There

are

but

of small

regarded

reserves

hours.
The

new

decree

The

comes

of 24

for

their

combined

decree was supplemented by another submitted by
Queuille, the Public Works Minister, today providing for the co¬

providing also for the regulation of river, canal and aviation transport.

a

compromise between State authority and the adaptability needed in

a

big

"We have avoided the double risk of permitting public interests




the

income

to be

be

add

about

liabili¬

£20,000,000

sterling

Australian

public

debt,

including

The following figures are in

limit

loan

raisings for the States and

($64,000,000).
Since the fund

£10,210,000.

£75,000,000

has

deficit of £25,390,000

a

($326,124,000).

estimate

by

1931,
and

tax,

1931-32

at

1937-38

are

($6,176,000).

£1,544,000

since

sales

tax,

($146,000,000)

Mr.

land

Casey
instead

rates,

further

to

and

($340,640,000).
($120,000).

of

y

the formidable and

reduce

taxation

during this financial

old-age

pensions

will

shillings ($3.80) to

be

Civil

be

increased

£2,672,000

year,

the

in

with

weekly

rate

£8,067,000

1937-38 will be

($32,268,000)

£11,531,000

1936-37.

in

It

($13,056,000).

($10,688,000).
£940,000

supply,

($3,760,000).

£1,039,000

($4,156,000).

(June 30)

This total will be spent,

addition

loan

It

the

($4).

£1

The year 1936-37 closed
funds.

year.

from

($14,464,000).

£3,264,000

aviation,

in

follows:

as

£3,616,000

Military,
Air,

compared

allocated

Navy,

inescapable increases

the government regrets being unable

The total financial provision for defence for

($46,124,000)

yielded

£18,200,000

current year.

£30,000

Invalid

out that

have

of

follow:

as

view

in

pointed

would

tax,

($340,760,000).

£85,160,000

Casey 6aid

to

£6,000,000

with

from

£3,000,000 at credit of defence

committed in the current financial

or

the budget,

and

£2,500,000 from

fund.

is

proposed

£2,500,000
monwealth

to

raise

£2,000,000

on

Commonwealth

Australian,
Bank

of

Australia

in

sterling

($10,000,000)

Treasury bills,

from

London, and fund these at

an

equaling
the

Com¬

appropriate

time.
As

recommended

decided

to

by the Royal Commission

establish

a

new

department

on

of

Banking, the government
the

Commonwealth

Bank.

new

department will provide facilities for fixed and long-term indus¬
trial lending.
Other recommendations of the Royal Commission are under
consideration
In

of

by the government.

concluding his

the

present

changed."

dominated by private gain and of subjecting the railways to wholly-bureau-

will

overseas

funds.

£16,000,000

obligations for the immediate future,

valuable

commercial and industrial enterprise.

which

all

($331,228,000).

Mr.

This

The accord represents

to meet

($5,104,000).

for

railroads' administrations.

majority of the stock," he said, "and all leading administrators will be

local gov¬

(Federal) budget results for 1936-37 disclose:

£85,190,000

has

Works Ministry.

and

to

to

over

£81,531,000

Expenditure,

the decree, Premier Camille Chautemps expressed satis¬

"The Government's rights have been strongly recognized since it controls

millions

£22,-

over

Commonwealth and State budget results in 1936-37 show

Revenue,

faction that the railways question had been solved by negotiations with the

named by the Public

several

sufficient

1937-38 will be

1923,

Estimates
*

trust

Trucking will be left free for short hauls but will be drastically regulated
as to the territory it can cover and rates.

the

in

£1,276,000

Munitions

The reorganization

on

1937-38

£82,807,000

£36,500,000

ordination of the railways with automobile and truck transport services and

Commenting

the

whole

Reviewing taxation reductions

by P. J.

Philip from Paris Aug. 31 contained the following:

£126,200,000

governmental and

16 years ago.

decided

has

in

Revenues exceeded

special account until 1955,

wireless message to the New York "Times"

for

surplus of £965,000 ($3,860,000) compared with

will

a

the

totaled

($178,500,000)

($38.02);

Council

established

Surplus,

after which they will be distributed to the shareholders.

Henri

Loan

Revenue,

assets, the private companies will be credited with

capitalization will be held in

silver,

($27.93);

The Commonwealth

annuities covering the interest on their outstanding shares and amortization.

new

over

($101,560,000) in 1930-31.

It is provided, however, that the new Government shares to the extent of

49% of the

1936-37

in

($29.45).

Commonwealth

of 19

without interference from any stockholders.

20%

currency:

The composite

State and private lines will

In return

of

than

more

£7.7.3.

still

pool their assets and at the expiration
of the present decree, in 1982, the Government will be in absolute control

of

been provided for the
redemption of the debt of the Commonwealth of Australia, and since 1928
over
£37,000,000 for the redemption of State debts.

into effect tomorrow morning, but the new Govern¬

will not begin to function formally until Jan. 1.

1934-35.

overseas.

are

year,

Estimated surplus,

be transported to their scattered garrisons in a
space
Full mobilization can be achieved in 48 horns it was said.

new

to

London

of

Sinking fund receipts in

mobilization plan one-half of the Nation's 6,000,000 army

can

ment company

head

per

£6.19.8.

was

famous Maginot line, built at a cost of $400,000,000.

Under the

interest

The

railroad lines in France which annually lose

as

com¬

($156,800,000)

£90,500,000 sterling ($452,500,000).

be required

credits

reserves

and

($72,800,000) included in the budget for the

important by the military experts because
they provide parallel lines of transport to the frontiers and behind France's
are

to

£9.10.1.

the

scores

in

£35,700,000

addition

financial

current

1936-37,

in losses incurred by the private systems, and this will

ing competition between railroads and motor transport systems.
money,

the

1920-21,

An assistant

stringent decrees regulat¬

of

will

in

1930-31,

be written off to give the Government controlling interest under the new

A

for

Expenditure,

To protect itself, the Council of Ministers issued

compared

($267,000,000)

£39,200,000

increase

gold

and imports

balance

interest

exchange, is little

board

capitalization.

'round

including

($110,000,000)

Australian

Since 1931 the Government has been obliged to underwrite
approximately

$1,050,000,000

1936-37,

($100,000,000)

general secretary also were appointed.

a

at

($84,000,000)
all

an

It is estimated that all

a

nationalization

President of the Court of Accounts,

valued

was

required for sinking fund purposes

on revenue on many

categories of Government securities.

showed

favorable

the

000,000

of the smaller roads

even

£21,000,000

in

ernmental

the

that they be retained for the mobilization scheme

£66,900,000

($140,000,000) in 1931-32.

sterling ($631,000,000),

•

some

($1,728,000,000)

in 1931-32.

realized

of 1936-37

crop

Export prices

£432,000,000

1936-37

1935-36.

temps the powers of a virtual dictator in dealing with a National financial

Against the demands of M. Chautemps that

is

($1,220,000,000)

for

£35,000,000

compared with

signed a few hours before expiration of the "full powers"
bill, passed by Parliament two months ago to give Premier Camihe Chau-

be abandoned, M. Blum stood with experts of the General Staff in demanding

production

clip

The wheat

was

crisis.

wool

pared with

will

be added the Paris-Lyon Mediterranee,
Paris-Orleans,
Midi Ry., Est Ry., Nord Ry. and the Paris Belt Line.
The

of

value

£305,000,000

pointed

From

out,

speech,

Mr.

government's
the

"conditions

entirely different today

andi

Casey

reign,

economic

said

the

outlook

compared

in

with

that

"during

Australian

and financial

point of view,

every

1931.

scene

section
This

the six
had

years

radically

the Treasurer

of the people were

had

not

come

about

Volume
by

change.

prices,

been

had

fortunate in

trend of world

uoward

the

favorable situation
Apart from its activities in other directions, the govern¬

this

could

alone

today.

has

ment

Australia

but

existing

Financial

i4S

assured

the

not

have

Australian

produced

the

and con¬
the part
of private citizens, on which, in the final analysis, our system is based.
Continued progress depends on the maintenance of stability and confidence

fidence,

which

and

the

through

these

government is

stability

people conditions of

conditions

enterprise on

encouraged

convinced it

can

Aus¬

people of

the

to

ensure

tralia."

Concludes

China

Non-Aggression

Soviet
The

signing of

Soviet Russia

Non-Aggression Act between China and

a

made known in

was

with

Pact

Russia

an

announcement issued on

Aug. 29 by the Nanking (China) Foreign office; according to
Associated Press advices from Nanking the pact does not
bind Russia to come to China's aid against Japanese ag¬
gression.
In part these advices added:
The announcement indicated that in

far

the new treaty

concerned

China's present undeclared war with Japan, it was only a gesture

of Russian

so

as

sympathy and moral support.
The treaty binds

each

signatory not to aid in

any

way

a

third party

committing aggression against the other signatory, but it makes no pledge
of assistance against the aggressor.

munique, referred to Japan

as

The Nanking Foreign Office, in a com¬

"China's aggressor," but it said that if Japan

would change her National policy, China would be glad to

conclude

similar

a

non-aggression pact with her.
The

said

communique

that

"great hopes

are

entertained" concerning

the agreement with Moscow, and it added that the pact might" prove a

turning point for general improvement of the Far Eastern situation."

Foreign

authorities

treaty to support
against Japan.

any

found

nothing in the official version of the new

expectation of Russian material support for China

-

The Chinese Government announced that the treaty followed the general

principles of the Briand-Kellogg Pact of 1928.
the announcement said, reaffirm
for the renunciation of

war.

treaty

1507

Outstanding Argentine External 6% Bonds, Issue of
Oct. 1, 1925, and Government Loan 1926 External
6%

Bonds, Public Works Issue
Called for Retirement Oct. 1

of

Oct.

1,

1936,

J. P.

Morgan & Co. and the National City Bank of New
fiscal agents, have called for retirement at par and
accrued interest on Oct. 1, 1937, out of moneys in the
sinking fund, all of the outstanding Government of^the
Argentine Nation external sinking fund 6% bonds, issue of
Oct. 1, 1925, and all of the outstanding Argentine Govern¬
ment Loan 1926 external sinking fund 6% bonds, Public
Works Issue of Oct. 1, 1926.
Payment will be made upon
York,

as

presentation at the New York offices of either of the fiscal
agents.

Odd-Lot Trading
Weeks

New York Stock Exchange During
Aug. 21 and Aug. 28 as Reported

on

Ended

by SEC
The Securities and Exchange Commission has made public
summaries for the weeks ended Aug. 21 and Aug. 28 of
the daily corrected figures on odd-lot transactions of odd-lot

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 Aug. 14 were given in our issue
of Aug. 21, page 1183.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
The
following are the Commission's figures for the weeks ended
Aug. 21 and Aug. 28:
ODD-LOT TRANSACTIONS OF ODD-LOT
IN

DEALERS AND

SPECIALISTS

STOCKS. RIGHTS AND WARRANTS ON THE NEW YORK STOCK
AUG. 21, AND AUG. 28, 1937

EXCHANGE—WEEKS ENDED

The two contracting parties once more de¬

clare that they condemn recourse to
controversies and renounce it

China and the Soviet Union,

the principles contained in that

Chronicle

as an

for the solution of International

war

instrument of National-policy in relations

Sales

Purchases

0Customers' Orders to Buy)

Trade Date

0Customers' Orders to Sell)

with each other.

They undertake to refrain from aggression against each other,
individually

or

jointly with other

contracting parties is subjected to aggression

on the part of one or more
"third powers" the other party obligates itself not to render assistance of

any

kind, directly

or

indirectly, to such

powers

No.Ord.

either

In the event that either of the

powers.

during the conflict and also

to

refrain from taking action or entering into agreements that may be
utilized by the aggressor to the disadvantage of the
party subject to the

Aug. 16

5,439

Aug. 17

5,060
5,227
5,649
8,247

Aug. 18
Aug. 19
Aug. 20 and 21
Total for week

29,622

Shares

Value

No.Ord.

6,247,539
5,893,740
5,814,947
6,754,762
9,525,813

4,775
4,720
4,750
5,010
6,971

760,401 $34,236,711

26,226

$5,627,505

3,730

5,024,992

3,814

4,717,229
8,233,250
10,346.927

3,590
5,432
7,605

736,613 $33,949,902

24,171

137,562
131,861
131,837
147,447
211,694

Shares

Value

112,764
114,047
114,943
127,507
174,024

4,823,502
4,946,037
4,921,599
5,863,787
7,918,059

643,285 $28,472,984

aggression.
The provisions of the agreement, the announcement

tirely negative, intended merely to maintain

asserted,

by mutual

peace

are

en¬

assurances

of non-aggression and non-assistance to
aggressors.

United Press advices from Nanking on Aug.

military clauses.
1.

He said it

signed Aug

was

Both parties condemn recourse to

4,913
4,182
4,034
6,936
9,184

Aug. 24
Aug. 25
Aug. 26

29 reported that Foreign

Minister "Wong Chung-Hui, was careful to explain that the
agreement had
no

Aug. 23

-

Aug. 27 and 28
Total for week

29,249

120,267
104,082
103,747
182,053
226,464

92,672
92,257
83,504

137,550
197,497

$4,571,479
3,899,110
3,574,811
6,474,836

8,711,070

603,489 $27,231,306

21 and provides that:

war.

2.

In event of aggression against either
signatory by a third power both
China and Russia pledge themselves not to assist the
aggressor.

3. There is to be

no

modification of rights or obligations imposed

by

ear¬

lier treaties between the two powers.

4.

The treaty shall be effective for five years from
Aug. 21, 1937.

"The

conclusion of the Chinese-Soviet pact marks the beginning of
collective security among countries bordering on the Pacific,
through mutual
assistance and non-aggression," a Foreign Office
spokesman said.
Its provisions are entirely negative in nature and are aimed

merely at

maintenance

of peace,

he added.

The pact does not differ from similar

agreements which Russia has signed with other powers.

Funds Remitted for

Payment of 36% of Face Amount
Sept. 1 Coupons of State of San Paulo (Brazil)
7% Gold Bonds, External Water Works Loan of 1926
of

Speyer & Co. and J. Henry Schroder
special agents for the State of San Paulo
gold bonds external water works
nounced Sept. 1 that pursuant to the terms

fund

of the Chief of the Provisional

States

of

Brazil,

sufficient to

pay

Banking Corp., as
% secured sinking

7

loan

of

1926,

an¬

of Decree No. 23829
Government of the United

funds have been deposited with them
35% of the face amount of the Sept. 1,

1937 coupons of the above loan.

The announcement added:

Acceptance of such payment is optional with holders of the above bonds
and coupons, but, if
accepted by them, must be accepted in full payment
of such coupons and of the claims for interest
represented thereby.
holders will receive $12.25 per $35
coupon

upon

and $6,125

per

Coupon

$17.50 coupon,

surrender of coupons

letter of

for cancellation accompanied by appropriate
transmittal, at the office of either of the special agents.

Bondholders

Committee

Protests

Against

Plan

of

Antioquia, Colombia, to Use Income of Antioquia
Railway for Public Works—Income Held Pledged to
Service of 7% Bonds of
Department, Due 1945,
Now in

Default

The

Bondholders Committee for Republic of
Colombia,
through its Executive Secretary, Lawrence E. de S. Hoover,
has addressed a letter to the Governor of the
Department of

Antioquia, Colombia, protesting against the plan of the De¬
partment to

use

funds derived from income of the
Antioquia

Railway to build a highway, which funds it is contended are
pledged to the service of the Department of Antioquia 7%
bonds, series "A," "B," "C" and "D," due July 1, 1945, and
outstanding in amount of $17,092,000. Interest and
fund

payments

on

the bonds have

sinking

been

in

default

since

July, 1932. The Governor of Antioquia is authorized by a
law adopted in June to contract a loan of
300,000 pesos to
construct the

Santa-Barbara-Pintado Highway and to take
the funds from the income of the
Antioquia Railway in the
event the loan cannot be floated within six
months.




Member

on New York Stock and
New York
Exchanges—Figures for Weeks Ended July
31 and Aug. 7

Trading

Curb

Trading in stocks on the New York Stock Exchange by
except odd-lot dealers, for their own account,
amounted to 1,845,203 shares during the week ended Aug. 7,
it was announced by the Securities and Exchange Commission
yesterday (Sept. 3), which amount was 19.60% of total trans¬
actions on the Exchange of 4,706,090 shares.
During the
previous week ended July 31 (as announced by the SEC on
Aug. 27) round-lot purchases and sales of stocks for the ac¬
count of the members, except odd-lot dealers, totaled 1,744,367 shares; this amount was 19.57% of total transactions
for the week of 4,457,870 shares.
The Commission also promulgated figures showing the
relation of trading by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended Aug. 7 the member trad¬
ing was 388,455 shares, or 17.93% of total transactions of
1,082,810 shares, while in the preceding week (ended July
31) the Curb members traded in stocks for their own account
in amount of 473,040 shares, which was 20.68% to total

members,

volume of 1,143,440 shares.
The data issued by the SEC is in the series of current figures
being published weekly, in accordance with its program
embodied in its report to Congress last June on the "Feasi¬
bility and Advisability of the Complete Segregation of the
Functions of Broker and Dealer."
The figures for the week
ended July 24 were given in our issue of Aug. 21, page 1183.
In making available the data for the weeks ended July 31
and Aug. 7 the Commission explained that the figures for
total round-lot volume for the New York Stock Exchange and
the New York Curb Exchange represent the volume of all
round-lot sales of stock effected on those Exchanges as dis¬

tinguished from the volume reported by the ticker.
The
Aug. 7 on the
New York Stock Exchange, 4,706,090 shares, was 7.5%
larger than the volume reported on the ticker.
On the New
York Curb Exchange total round lot volume in the same
week, 1,082,810 shares, exceeded by 7.7% the ticker
volume (exclusive of rights and warrants).
For the week
ended July 31 the total round-lot volume on the Stock Ex¬
change, 4,457,870 shares, was 8.3% larger than the volume
reported by the ticker, while on the Curb Exchange the total
transactions of 1,143,440 shares were 7.6% in excess of the
total round-lot volume for the week ended

ticker volume.
The data published by the SEC are
filed with the New York Stock and Curb

respective members.

based upon reports
Exchanges by their

These reports are classified

as

follows

Financial

1508
—Week Ended July 31—

New

York

New

—Week Ended

York

New

York

Aufj. 7—

New

ratio

York

Stock

Curb

Stock

Exchange
865

Exchange

Exchange

1,073

1,075

869

193

104

193

as

floor

240

65

289

115

540

604

on

Reports showing no transactions
*

222

53

310

t

123

515

■;

607

Note—On the New York Curb Exchange the round-lot transactions of special¬

designated for the New York Stock Exchange, since specialists on the New York
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
the number of reports

and their market values.

classifications

1, 1937, New York Stock Exchange member
total net borrowings in New York City on collateral amounted
to $1,173,757,509. The ratio of these member total bbrrowings to the market value of all listed stocks, on that date,
was therefore 1.98%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
'
As of Aug.

ists "In stocks In which registered" are not strictly comparable with data similarly
Curb

thus these ratios usually will exceed the true relationship

other collateral;

between borrowings on all listed shares

*
specialists:

Initiated off floor

Initiated

2.10%.

broken down to separate those only on

Reports showing transactions:
Other than

market value of all listed
Member borrowings are not
listed share collateral from those on

of these member total borrowings to the

105

Number of reports received
As specialists

Sept. 4, 1937

stocks, on this date, was therefore

Curb

Exchange

Chronicle

may total more than

received because, at times, a single report

may carry

entires in more than one classification.

Sept. 1, 1937

The following

data made available by the SEC shows the
proportion of trading on the New York Stock and New York
Curb Exchanges done by members for their own account
during the weeks ended July 31 and Aug. 7:
EXCHANGE—TRANSACTIONS

STOCK

YORK

NEW

FOR ACCOUNT

MEMBERS *

OF

Week End.

ALL

STOCKS

Total

Per

Cent

Week End.
Total

a

Per

for Week

Cent

a

Total volume of round-lot sales effected on
the Exchange.

4,457,870

4,706,090

Electrical equipment manufacturing _.

Foods
Rubber and tires
...

Amusements

Initiated

on

—

Mining (excluding iron)

dealers In stocks In which registered:

1.

Petroleum

258,230
301,730

the floor—Bought

Sold

267,690
274,040

Paper and publishing
Retail merchandising

559,960

-

-

6.28

541,730

5.75

Steel, iron and coke

171,230

Initiated off the floor—Bought

214,737

Sold

Total

385,967

...

Gas and electric

186,775
245,458

4,428,214,339

38.73

1,471,143,399
6,536,613.791
891,206,175

22.97

62.98

92.36

2,391,946,759
3,399,135,062
542,805,215
1.095,366,142

28.73

480.629,269

29.72

74.44

39.09
57.86
36.88
50.25

10.27

transactions

of

35.24
30.35

39.65

(operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
4.59

In

specialists

399,040
399,400

stocks In which registered—Bought—
Sold

432,233

——

429,610
441,630

Total

5,227,269,587
3,552,929,004

44.32

69.35

321.827.787

27.95

29.52

2,195,559,999

31.21

15.47

181,132,307
350.488.752

41.30

14,598,730

6.97

798,440

8.96

871,240

9.26

46,784,393

Leather and boots

except transactions

Garments...!
U. S. companies operating abroad

of odd-lot dealers

in stocks in which registered—Bought.

828,500
915,867

Sold

Foreign companies (lncl. Cuba & Can.)

884,075
961,128

All listed stocks
Total

1,744,367

19.57

1,845,203

20.97

17.13

7.28

15.27
35.25
62.68

24.63

27.63

1,668,112,829
41,371,922
974,101,767

34.15

i,386.269.306

35.96

40.51 59.393,594,170

42.30

23.11

56,623,913,315

30.40

19.60

We

give below

two-year compilation of the total market
value and the average price of stocks listed on the Exchange:

Transactions for account of odd-lot dealers
In stocks In which registered:

1.

33.17

61.16

42.69

124,174,779
230,631,611

15.45

18.35

482,874,938
15,251,926
46,259,823

20.45

885.307.753
1,316,126,465

...

Tobacco

196,154,541
393,315,396

16.95

121,152,179
226,128,994
1,627,744,672
38,832,204

17.09

3,823.065,157 101.86

15.26

467,659,499

74.27

1,659,594,488

3,776,579,453 100.62

Shipping services
Ship operating and building

of members,

37.87
30.94
41.78

26.29

Miscellaneous utilities

Miscellaneous businesses

Total round-lot transactions

11.45

39.36
41.04

41.65

Business and office equipment

4.33

54.14

2,445,711,826
2,578,120,601
7.157,248,534
583,983,464
2,995,186,873

39.30

Aviation

Round-lot

-

-

37.82
96.36

57,537,861

37.22

76.35

41.89

2,092,828,476
1,501,950,222

—

Textiles

2.

$

37.40

25.08

4,912,698,784
3,415,826,477
302,672,419

Railways and equipments
Total

Price

51,634,593

Machinery and metals

transactions of specialists and odd-lot

Value

2,317,976,048
2,463,099,746
6,650,465,478
573,833,749
2,872,550,182

Land and realty

Round-lot transactions of members except

Aver.

Price

4,288,827,289
1,317,723,072
6,374,281,825
832,023,189
2,197,950,596
3,314,933,646
531,302,021
1,044,420,628
514,379,474

-

Financial..

Farm machinery

_

Market

$
Autos and accessories.

Building

Aug. 7

Aver.

Value

Chemicals

(SHARES)
July 31

for Week

;

IN

Aug. 1, 1937

Market

205,230
117,150

Sold

210,480
136,880

322,380

In round lots—Bought

a

347,360

Market

Average

Market

Average

Value

Total

Price

Value

Price

$54,532,083,004
55,105,218,329
58,607,236.527
60,019,557,197

$40.56

1935—
2.

In odd lots (including odd-lot transac¬

Sept.

683,574
764,155

Total

1,447,729

1

725,096

Oct.

1

801,449

Nov.

1

Dec.

tions of specialists)—Bought

Sold

1

1,526,545

Total

'

Total volume of round-lot sales effected

Cent

Total

a

Aug.

7

Per

for Week

1

1,143,440

Sept.

1

30.97

Oct.

1

32.90

Nov.

1

34.34

Dec.

1

Feb.

a

1
1

Apr.

1,082,810

40.88
43.36
44.26

46,954,581,555
50,164,547,052

Jan.

1

37.98

Feb.

1

51,201,637,902
51,667,867,515
47.774,402,524

1

35.62
38.61

Mar.

1

38.85

Apr.

1

35.74

May

1

59,878,127.948
61.911,871.699
62,617,741,160
62,467,777,302
57,962,789.210

37.35

June

1

57,323,818,936

38.00

July

1

54,882,327,205

39.21

40.30

Aug.
Sept.

1

59,393,594,170
56,623,913,315

42.30

May

1

June

1

1

49,998,732,557
50,912,398,322

Aug.

Cent

on

the Exchange

130.44

1937—

July

for Week

„

Per

Week End.

Jan.
Mar.

July 31

139,800,738,378
40,479,304,580
43,002,018,069
44,950.590,351

1936—

NEW YORK CURB EXCHANGE—TRANSACTIONS IN ALL STOCKS FOR
ACCOUNT OF MEMBERS * (SHARES)
Week End.

1936—

1

54,066,925,315

I

Round-lot transactions of members, except

44.02

45.30
45.46
46.26
41.80

41.27

40.51

transactions of specialists in stocks in
which registered:

1.

Initiated

on

the floor—Bought

38,100
42,470

Sold
Total.
2.

80,570

Initiated off the floor—Bought

Total
Round-lot

88,595

transactions

3.52

39,135
49,460

Sold

Four

24,810
32,900
57,710

2.66

40,435
32,300
3.87

72,735

3.36

of

specialists in
stocks in which registered—Bought...

Sold
Total

13.29

Total.

Utility Holding
by SEC

473,040

258,010

Rule 9C-3

11.91

(9), which provides

an

exemption from Commission approval

for certain types of
security acquisitions, has been amended to
similar exemption in cases where securities are

extend

a

acquired incidentally in

a

quisitions of utility assets

189,275
199,180
20.68

388,455

have been

expressly authorized by the State

commission.
Rule 17C-4

17.93

was

amended to permit

registered holding companies

subsidiaries to have, under certain circumstances,
Odd-lot transactions of specialists in stocks
in which registered—Bought

rectors representatives

94,614
64,819

92,669
61,276

159,433

153,945

Sold..
Total.
*

The

term

"members"

includes

all

Exchange members,

tions includes

both

this

or

was

Listed

Stocks

on

New

York

panies,

As of Sept. 1, 1937, there were 1,254 stock issues
aggre¬
gating 1,397,800,910 shares listed on the New York Stock
Exchange with a total market value of $56,623,913,315, the
Exchange stated on Sept. 2. This compares with 1,242 stock
issues, aggregating 1,403,960,689 shares listed on the Ex¬
change Aug. J, with a total market value of $59,393,594,170,
and with 1,198 stock issues, aggregating 1,344,364,896 shares
with a total market value of $54,532,083,004 on Sept. 1,1936.
The Exchange, in making public the figures for Sept. 1,
1937, said:
As of Sept. 1, 1937, New York Stock Exchange member total net borrow¬




collateral amounted to

category.

allowing, under special circumstances, registered holding

was

their subsidiaries to have

amended,

so

that

an

occupy a similar position in any

forth

Dr.

Stocks

on

To complement

new

in

officer

as

or

officers

or

directors persons with

director of such companies may

subsidiary company,
company

even

though the ter¬

does not meet the requirements

the rule.

Stock

Exchange Sept. 1 $56,623,913,315, Compared with
$59,393,594,170 Aug. 1—-Classification of Listed

New York City

di¬

of outstanding voting securities,

extended to include this

ritory served by such subsidiary

of

their

or

financial connections in institutions located in territories served by the com¬

set

ings in

17C-7,

companies

that the total of members' transac¬

purchases and sales while the total Exchange volume includes

Value

of 10%

or

their officers

addition, Rule 17C-6, limiting the number of directors and officers hav¬

Rule

their firms and their

only sales.

Market

owners

as

regardless of such representative's financial connections.

to
total Exchange transactions.
In
calculating these percentages the total of members' transactions is compared with
reason

of

ing financial connections,

partners, including special partners.
a Percentage
of members' transactions

twice the total Exchange volume for the

Company

reorganization of public utility companies of the same State, when all ac¬

214,130
258,910

Sold

Public

Act Eased

The Securities and Exchange Commission announced on
Sept. 1 that it has amended four of its rules under the Public
Utility Holding Company Act of 1935.
The four rules
amended are Rule 9C-3 (9), Rule 17C-4, Rule 17C-6 and
Rule 17C-7.
In explanation of the changes the Commission

124,030
133,980

Total round-lot transactions for accounts of
all members—Bought

Under

said:

136,895
166,980
303,875

Rules

>i;

$1,186,449,148.

The

Duvel,

Chief of CEA, Cautions Against Broad
Authorizations for Use of Customers' Funds

Customers of commission merchants

were

cautioned

on

Aug. 27 by Dr. J. W. T. Duvel, Chief of the Commodity
Exchange Administration, against signing authorizations
giving broad authority over use of their accounts. "Cus¬
tomers should look with disfavor
upon any request

of

a com¬

mission

merchant for an authorization to transfer or use
funds which is too broad or indefinite in its
provisions,"
Duvel advised.
His statement follows:

excess

Dr.

Customers of futures commission merchants who trade in securities and
unregulated commodities may, if they so desire, authorize the transfer of
excess

to

funds from regulated accounts to securities

avoid

calls for

margins

commodity futures.

on

open

or

unregulated accounts

trades in securities

or

in unregulated

Volume

Financial

145

touching
and their
questions have been asked concerning the proper

While it is not the function

customers,

commission

merchants

by the Commodity Exchange Act that a

covered

not

many

so

of the CEA to give legal advice

futures

commodities
suggested form of

Guaranty Trust Co., Discussing World Recovery and
American Trade,
Declares Most Prudent Policy
for

commodity customers' funds in margining securities or

of

use

between

relations

contractual

been prepared which we believe will be

customer's authorization has

The

satis¬

suggested form reads as follows:

her by authorized and directed
(or) our Regulated Commodity Account to my (or) our

"Until further notice in writing, you are
to transfer from my

Account or Unregulated Commodity Account such amount of
funds as in your judgemnt may be necessary at any time to avoid

Securities
excess

margins on my (or) our open trades in securities or in unregu¬
By 'Regulated Commodity' is meant any com¬
Commodity Exchange Act, i. e., wheat, cotton, rice,
corn, bats, barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs
and Irish potatoes.
This authorization and order is conditioned upon your prompt confirma¬
tion in writing of any and all transfers of funds made pursuant hereto."

Although the United

lated commodity futures.

modity covered by the

said, "to
securities and
unregulated commodities as well as in regulated commodities.
Customers
may direct the use of their excess funds to margin securities and unregulated
accounts if they so desire, but they should be fully advised of thier right to
trade without signing such authorizations'
Customers should look with
commodity

customers

disfavor upon any

only who actually

trade in

request of a commission merchant for an

to transfer or use excess

authorization

funds which is too broad or indefinite in its pro¬

primary purposes of the Commodity Exchange

of the

greater protection of

funds of persons dealing in commodity futures.

The

that customers' margins and equities be dealt

control over such funds."

sign away their

explained that by "regulated account" is meant
the .Commodity
Exchange Act., i. e., wheat, cotton, rice, corn, oats, barley,
rye, flaxseed, grain sorghums, mill feeds, butter, eggs and
covering commodities under

account

world's largest exporter and next

the

was

several foreign countries

is

much

And

such

regarded:

relationships

enlarging

the volume of

do

should be reduced
extended

an

normal

is

for

unwholesome

as

occasion

not

unfavorably

of

out

of

for

development

a

react

of American

surplus

materialize

be

expansion

process

export

our

should

a

long

our

as

sacrifice of

reducing

income,

farm

volumes that might
throwing American workers
and jeopardizing American

investments.

Trust Co. are contained

These comments 'by the Guaranty
in the

Aug. 30 issue of its monthly review, viz.: the "Guar¬

Survey," in which it discusses "World Recovery and

anty

American

in which it finds that de¬

Foreign Trade," and

significance in the last several months with the appearance
of

unprecedented merchandise import surplus during a

an

period when, despite numerous adverse situations, recovery
in most nations of the world has been well sustained and

Exchange Act.
The CEA recently (on Aug. 11) indicated that it would
view with disfavor all contracts between futures commission
merchants and customers purporting to give the commission

general

be segregated and cannot be

blanket authority to use the customers' funds at

issue of Aug.

York

New

its

These views of the CEA were referred to in our

discretion.

Exchange

Reports

Outstanding
31—Increase

$12,691,640 Over July 31 and $212,664,664 Over
Aug. 31, 1936
of

the New York Stock Ex¬

Outstanding brokers' loans on

change increased during August to $1,186,449,148 at the
end of the month, the Exchange made known on Sept. 2 in

issuing its monthly compilation. This figure is $12,691,640
in excess of the July 31 total of $1,173,757,508, and $212,664,564 over the Aug. 31, 1936 figure of $973,784,564.
During August, demand loans were above July 31 and
Aug. 31, 1936, while time loans were less than on the two
earlier dates.
Demand loans on Aug. 31 were reported by
the Stock Exchange at $872,462,148, against $836,864,420
July 31 and $591,906,619 Aug. 31, 1936; time loans at the
latest date amounted to $313,987,000, as compared with
$336,893,088 and $381,878,415, respectively, a month and
is the compilation made available by the
Sept. 2:

The following
on

New York

contracted for

The detailed tabulation follows:

$1,186,449,148.

borrowings

Net

(2)

Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
the City of New York..

on

Combined total of time and
Total face amount of

$313,172,000

50,787,500

815,000

$872,462,148

$313,987,000

1,186,449,148

demand borrowings..

"Government securities" pledged as collateral
In items (1) and (2) above—

25,340,950

of the above compilation is exactly the same as in the

report issued by the

loan

Exchange a month ago.
Time Loans

Demand Loans

$

$
Aug. 31
-

Nov. 30
Dec. 31

,

Total Loans

$

372,553,800
418,266,300
456.612,100
439,457,000
391,183,500

399,477,668
362,955,569
335,809,469
406,656,137
547,258,152

772,031,468
781,221.869

924,704,335
924,320.544
996,894,018

792,421,669
846,113,137
938,441,652

1936—

May 29

600,199,622
631,624,692
,763,101,103
688,842.821
559,186,924

June 30

581,490,326

31
Aug. 31
Sept. 30

571,304,492
591,906,169
598,851,729

324,504,713
292.695,852
243,792,915
375,107,915
410,810,915
407,052,915
396,076,915
381,878,415
372,679,515

31

661,285,603
708,177,287
768.439,342

313,642,415
275,827,415
282,985,819

31

Feb. 29
Mar. 31

aim-. 30

July

Nov. 30

Dec. 31

,

1,063,950,736
969,997,839
988,543,241
967,381,407

973,784,584
971,531,244
974,928,018
984,004,702

1,051,425,161

30

Feb. 27
Mar. 31

Apr. 30
May 29
June 30

July

the

on

export

foreign

of

an

of

realization

31

Aug. 31




719,105,327
734.435.343
792,419,705
804,749,884
777,836,642
818,832,335
836,864,420
872,462,148

307,266.765
340.39i6.796
366.264,500

382,529,500
374,376,346
367,495,246
336,893,088
313,987,000

as

Germany,

may

than

imports

in

some

exports in

in

activity

industrial

and

...

importance

the

reflected in the concern
in

such

with
could
indefinite continuation of substantial export surpluses

an

beneficial or normal.

either

business

materials,

raw

export surplus as favorable; whereas a natiin
gold resources and a large volume of investments abroad

regard

hardly
A

need

regard

abundant

as

influence on the

of its

a

in

badly

rightly

because

given nation's international economic and financial inter¬
nation heavily in debt abroad, with depleted goldi reserves,

A

course.

and

but

import side,

the

or

functioning of

export surplus almost

of

export

our

markets is undoubtedly

quarters because of the more

rapid growth

the last few years despite the revival in
throughout the world.
Our traditional

disappeared in 1936 ; and trade in every month thus
May, has resulted in an import

1937, with the exception of that in

far in

surplus.
Continued

Import

Surplus

Uncertain

growth in imports so far this year is largely the result of expanding
industrial activity that
has created a greater need for imported raw
The

Also,

materials.

foodstuffs abroad.

have

last

year's

crops

necessitated larger purchases of

of imported raw materials and

agricultural

manufactured articles,
exports, with the result that the

risen more rapidly than those of

constitute a large

which

poor

The prices

portion of our

aggregate value of imports
tharti total exports.

has been raised to a greater extent by price

factors

Favorable

and

Unfavorable Trade Balances

question arises as to the

objectives that should be kept in view in

future trade agreements.
If developments later demonstrate
that this Nation is tending toward a prolonged period of import surpluses,
should efforts be made to alter the flow of trade?
In contemplating this
is

it

well to avoid

1,026.372,092
1,074.832.139
1.158,684,205
1,187,279,384
1,152,212.988
1,186,327,581
1,173.757,508
1,186,449,148

the popular misconception that an import

nation's economy. So general is
popluarly, but often erroneously,
referred to as an adverse balance of trade.
The latest figures of the Department of Commerce show that American
surplus is an undesirable element in any
this belief that an
import surplus is

private investments in foreign countries total approximately
$15,000,000,000.
Obviously, we must permit foreign nations in some
manner to build: up balances in this country with which to make the pay¬

long-term

ments

these

that

From

the

investments will require over a period of years.
viewpoint, our monetary gold stock amounts

financial

to

$12,500,000,000, including the sterilized metal.
The economic
welfare of many foreign countries, and indirectly of our own, would be
enhanced by a repatriation of some of this metal; and this redistribution
can come about only through loans or investments
abroad or payments for
more

than

merchandise.
Finally, and by no means the least important,
consideration of international exchange.
Certainly no longterm trade policy should' be adopted until the lines along which international
currency stabilization will take place are known.
imported

there

is

the

Several

Additional

Discount

by

Boston,

All but the

Federal

Reserve Banks Lower
1%%—Action Taken

Rates from 2% to

St.

San Francisco

1937
Jan.

world trade has given rise to much speculation in

country

prospect

for the borrowings Included

Oct.

the

in

rise in aggregate

a

surpluses growing out of American foreign
face of expanded business activity abroad

import

months

recent

negotiating

5821,674,648

banks or trust companies

Jan.

and

of

appearance

in

The

Time

collateral from New York

(1)

Sept. 30
Oct. 31

The
trade

total net borrowings on collateral,
and carried in New York, as of the close of business, Aug. 31,
Demand

The scope

quantities of import commodities."
adds:

Stock Exchange member

1937, aggregated

demand for large
In part, the "Survey"

business activity and created a

commodities

year ago.

Exchange

to

foreign nations have contributed an additional impetus

regarding the factors underlying this situation and the pos¬
sible effects on domestic economy of a prolonged tendency in this direction.
T balance of trade is favorable or unfavorable not because it is either

Brokers' Loans at $1,186,449,148 Aug.

a

"Not only," says the

"Survey," "have normal recuperative forces stimulated in¬
dustries activity throughout the world in the last few years,
but more recently large-scale armament programs in many

this

21, page 1184.

Stock

The situation need

altered international trade

export

industry and agriculture,

on

employment,

must

creditor nation.

a

so

it

our foreign transac¬
actual import balance
be remembered that

an

or

period,

purchasing power has been expanding.

potatoes.

firm

participation in inter¬

further

a

trade.

if, in the

tions,

not

for

room

national

Customers' margins and equities in such
dealt with as
belonging to futures commission merchants.
Unregulated
accounts, Dr. Duvel said, as those covering commodities
which do not come under the jurisdiction of the Commodity
Irish

accounts must

registered con¬

velopments in American foreign trade have taken on a new

Dr. Duvel

an

States

siderably greater percentage gains in both exports and imports; and there

Act is the

with as belonging
to the customer for whom deposited and must be separately accounted for,
but the CEA cannot protect customers' funds if customers voluntarily

law requires

Both Branches

Stimulate

to

largest importer last year,

capital

visions.
One

the

to

authorization should be confined," Dr. Duvel

"The use of this

Is

States

Foreign Trade

According to the Guaranty Trust Co. of New York, "in
of all the complex elements involved in our future
foreign trade relations, it may be said that perhaps the
most prudent policy for this country to follow is one that
proceeds gradually and that is designed to stimulate both
branches of foreign trade."
Continuing, it says:

the calling of

those

United

of

view

merchant.

factory to both customer and commission

1509

Chronicle

Louis, Kansas City,

Dallas and

Institutions

Federal Reserve Banks of Philadelphia and

Cleveland have lowered their discount rates in conformity
with the "easy money" policy of the Board of Governors of
the Federal Reserve System. This week the Banks at Boston,
St. Louis, Kansas City, Dallas and San Francisco reduced

1510
their

Financial
from

rates

2% to llA%, following similar changes
made recently by the Richmond, Atlanta,
Chicago and
Minneapolis institutions. The New York Reserve Bank a
week ago also lowered its discount rate by K of
1%, but
from \Yi% to 1%. The previous changes were referred to in
our issue of Aug. 28, page 1343, and
Aug. 21, page 1186.
The rate of the Philadelphia Bank is 2% while that of the
Cleveland Bank is 13^%; the llA% rate of the Cleveland
Bank has been in effect since May 11, 1935.
The changes this week were initiated by the Federal
Reserve Bank of Dallas, which, on Aug. 30, reduced its
2%
rate, in effect since May 8, 1935, to \Yl%, effective Aug. 31.
This was followed by the Banks at Boston and St. Louis on
Sept. 1, the new 1 A% rate becoming effective on Sept. 2,
and by the Banks at Kansas City and San Francisco on
Sept. 2, the new 1 A% rate becoming effective yesterday
(Sept. 3). The 2% rate at the Boston Reserve Bank had
been in effect since Feb. 8, 1934; at the St. Louis Bank since
Jan. 3, 1935; at the Kansas City Bank since May 10, 1935,
and at the San Francisco Bank since Feb. 16, 1934.
All of
the changes have received the approval of the Board of
Governors of the Federal Reserve System.

Tenders of

$226,780,000 Received to Offering of $100,000,000 of Two Series of Treasury Bills—$50,072,000
Accepted for 110-Day Bills at Rate of 0.422% and
$50,028,000 for 273-Day Bills at Rate of 0.615%

Chronicle
taxation,

Sept. 4, 1937

except

and

estate

inheritance

taxes.

(Attention

No loss from the sale

gift tax.)

shall be allowed

as

a

Federal

or

Reserve

thereabouts

banks

and

of

the

series

two

branches

amended,

as

prescribe the terms of the Treasury bills and
issue.

States

govern

2 p. m.,

Details of

the conditions of their

Stock of Money in the Country

Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and
the moneys held

the amount in circulation after deducting
in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for July 31, 1937, and show that the
money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve

System) was
$6,459,804,383, as against $6,447,132,642 on June 30, 1937,
and $6,161,947,699 on July 31, 1936, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
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110-Day Treasury Bills, Maturing Dec. 20, 1937
Total applied for, $103,158,000
Total accepted, $50,072,000
Range:
High
99.921—Equivalent rate approximately 0.259%.
Low
99.860—Equivalent rate approximately 0.458%.
Average price 99.871—Equivalent rate approximately 0.422%.
(44% of the amount bid for at the low price was accepted.)

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to
Each series of

the bids to the two issues of bills

follows

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us"

,

as

this notice

The Treasury

was

available

of its

any

and

.

Eastern Standard Time, Aug. 30.
offered in amount of $50,000,000 or thereabouts;
one series was
110-day bills, maturing Dec. 20, 1937, and
the other 273-day securities maturing June 1, 1938.
the bills

or

of

thereof

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Range:

High
99.621—Equivalent rate approximately 0.500%.
Low
99.518—Equivalent rate approximately 0.636%.
Average price 99.534—Equivalent rate approximately 0.615%.
(91% of the amount bid for at the low price was accepted.)

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The price offered must be expressed
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maturity dates. There is a maturity of similar securities
on Sept. 8 in amount of
$50,027,000.
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offering on Aug. 31, Acting
Secretary Taylor said:
and

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be dated Sept. 8,1937.
The face amount of the bills of each
series will be payable without interest on their
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$500,000,

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$50,000,000, or thereabouts.
One
104-day bills, maturing Dec. 21, 1937, and the
273-day bills, maturing June 8, 1938; both series will

$100,000,

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offering of $100,000,000, or thereabouts,
Treasury bills, were received at the Federal

The bills will be issued in bearer form
only, and in amounts
tions of $1,000, $10,000,

i

!

N

CO* <N*

I

offered in amount of

other

us os

'

I

Eastern
(Sept. 3).
The tenders to the
offering had been invited on Aug. 31 by Acting Secretary of
the Treasury Wayne C.
Taylor.
Each series of the bills,
which were sold on a discount basis to the
highest bidders,
were

CD

OS
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Bills

Reserve banks and the branches thereof
up to 2 p. m.,
Standard Time, yesterday

series

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a new

of two series of

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New Offering of Two Series of Treasury Bills in Amount
of $100,000,000—To be Dated
Sept. 8—$50,000,000

CO

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104-Day Bills and $50,000,000 of 273-Day

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decimal places, e.g.. 99.125.

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US

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accompained by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment
by an incorporated
or

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all tenders received at the Federal Reserve
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ac¬

Payment at the price offered for Treasury
bills allotted must be made at the Federal
Reserve banks in cash or other
Sept. 8, 1937, provided, any qualified de¬
positary will be permitted to make payment by credit for
Treasury bills
maturing Dec. 21, 1937, allotted to it for itself and its customers
on

up to any

excess

of

existing deposits when

so

notified by the Federal Reserve Bank of its
district.
The Treasury bills will be
exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be

exempt, from all

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particular series will be

Those submitting tenders will be advised of the

which it shall be qualified in

I

possible thereafter, probably on

ceptance or rejection thereof.




a

b.

as

The Secretary of the Treasury expressly reserves
all tenders or parts of tenders, and to allot less than

immediately available funds

amount for

in

CO

branches thereof up to

soon

the amount applied for, and his action in
any such respect shall be final.

subject to rejection.

o

CO

Sept. 3, 1937,

public announcement of the acceptable

prices for each series will follow

Any tender which does

OS

OS

q o q q oo ©_
CO* o* os* co* r»" N-"

us

trust company.

Immediately after the closing horn for receipt of tenders

the following morning.

tN

t>
q q ©_ q
CO* o* o" CO* us* HI*

rH* CO* rH*

a

are

bank

<N

IN

Tenders will be accepted without cash
deposit from incorporated banks
and trust companies and from
responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be
of

to

otherwise recognized, for the purposes

or

Department Circular No. 418,

Treasury

offering
Treasury
bills dated Sept. 1, 1937, Acting Secretary of the
Treasury
Taylor announced on Aug. 30 that $100,100,000 were
accepted.
The tenders to the offering, which was referred
to in our issue of Aug. 28, page 1344, were received at the
$100,000,000

invited

other disposition of the Treasury bills

or

deduction,

of any tax now or hereafter imposed by the United

Of tenders totaling $226,780,000 received to the

of

is

Treasury Decision 4550, ruling that Treasury bills are not exempt from the

£

O

k.

.

u

©

.

a§3§|§a
o o O s o O
§

O

♦

Revised figures.

a

Does not Include gold other than that held
by the Treasury.

b These

amounts are not Included In the total, since the
gold or silver held as
security against gold and silver certificates and
Treasury notes of 1890 Is Included
under gold, standard silver
dollars, and silver bullion, respectively.
c This total
includes credits with the Treasurer of the United States
payable In
certificates in (1) the Gold Certificate Fund-Board of
Governors, Federal
Reserve System, In the amount of
$6,018,442,437 and (2) the redemption fund for
Federal Reserve notes in the amount of
$9,281,912

gold

Volume

Stabilization Fund; $1,214,140,973 Inactive
Increment resulting from reduction In weight or

$1,800,000,000 Exchange

d Includes

gold, and $140,971,716 balance of
the gold dollar,
e

lawful money deposited as a reserve

Includes $59,300,000

deposits.

Savings

for Postal

_

and silver certificates and Treasury notes of 1890
deducted from this amount before combining with total money held in the
to arrive at the total amount of money in the United States.
f The amount of gold

g Includes money

held by the Cuban agency

should be
Treasury

of the Federal Reserve

Bank of

Atlanta.

held outside the con¬

includes any paper currency
tinental limits of the United States.
h The money in circulation

maintained in the Treasury—(i) as a reserve

Note—There is

1511

Financial Chronicle

145

of 1890—$156,039,431 in

notes and Treasury notes

for United States

gold bullion; (ii) as

security for

Congressional Action helium export bill was
the adjournment.
The following re¬
garding the measure is from an account to the New York
"Times" of Sept. 3 from Poughkeepsie, Sept. 2, by Robert
P. Post, correspondent of the "Times":
The Helium Bill was introduced in Congress as a result of the disaster
early this spring when the dirigible Hindenburg, inflatd with inflammable
hydrogen gas, blew up and burned at Lakehurst, N. J., with a heavy loss of
life.
With the United States virtually controlling the world's supply of
helium, which is not inflammable, the bill was passed to amend existing
regulations and allow helium to be sold abroad in limited quantities for
On the Final

recorded just prior to

equal dollar amount in standard silver dollars (these
notes are being canceled and retired on receipt); (iii) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until June 30. 1939, of
direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used includes
credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve bank notes and National bank notes are in process of retirement.

Treasury notes of 1890—an

Pit
is necessary under the bill
and navy. Experts
from these two departments have said that sales to Germany in limited
quantities would have no military significance because of the difficulty of
commercial and medicinal use only.

Action

Completes

Roosevelt

on

The

bill

designed

is

Departs for Five-day Cruise on

Long Island

President Roosevelt on Sept. 2

sailed from Poughkeepsie,

Long
legisla¬

yacht Potomac for a five-day cruise on

N. Y., on the

Island Sound,—after he

had completed action on all

passed at the recent session of Congress.
It was made
White House offices at Hyde Park,

known at the temporary

N. Y., that

of the 937 measures sent to the President,

he had

signed 897 and vetoed 40; this was reported in Hyde Park
advices of Sept. 2, to the New York "Times" of Sept. 3,
which said:
Figures made public at

these two were

the temporary White House offices here

showed

session. Of
They were the bill

had sent 17 vetoes to Congress during the

that Mr. Roosevelt

overridden by two-thirds of each house.

renewing for another
for veterans and the

five years the five-year premium term

war-risk policies
Federal Land

bill continuing low rates of interest by the

Banks.

vetoed bills had pocket vetoes, the President

remaining 23

The

after Congress adjourned.

holding his signature
statement explaining

with¬

In each case he issued a

his reasons for not signing the bill.

2 signed the Wagner-Steagall lowbill, the text of which is given elsewhere in our
issue of today, a measure providing for the sale abroad of
helium, and two bills affecting wild life.
The President also
gave a pocket veto to a measure for the enlargement of the
Washington-Hoover Airport, in Washington, D. C.
As to
this veto, Associated Press advices from Hyde Park, Sept.
The President on Sept.

cost housing

President Roosevelt today vetoed the

District of Columbia airport bill on

"the principal aviation field of the
capital should not be owned or controlled by any private corpora¬

ground, among other things, that

national

♦

in
Message
to
Williamstown
Holds Structure of Democracy
Rests on Public Opinion—Finds "Too Complacent"
Those Who Say Democracy Is Challenged Abroad—
Roosevelt

President

Institute

Urges Vigilance Against
Press

He said furthermore that

because of the importance of air traffic to and

from the district the Government

of the United States "could well afford

fields."

consideration," he said,

careful

"After

no

are

river fogs or

minutes of the center

port planes on
At the

same

a

It could be used by the large trans¬

of Washington.

probably 80 per cent of all flying days."
time the President said

develop an additional field—on
"Such

"I am of the belief that the

be developed for use in all good weather, when
bad flying conditions.
This site is within 10

Gravelly Point site should
there

he believed the Government should

high land not subject to fogs.

field," he added, "either at Camp Springs or at some

could be made ready in a very
the comparatively

similar site,

few months of work and would be used during

small numbers of days when the

Gravelly Point site is

unsafe because of river fogs."
He said he would ask Congress
"this matter as

quickly

as

immediately upon re-convening to take up

possible "

Secretary of Commerce, until
such time as a high level field can be made available, to close the Washing¬
ton-Hoover airport to all planes, wherever, in the judgment of the Bureau
of Air Commerce, landing on or taking off from that field is unsafe.
"Further," he continued, "I am asking the

the two measures signed by the Presi¬
affecting wild life, a dispatch from Hyde Park,
Sept. 2, to the New York "Herald-Tribune" of Sept. 3,
In commenting on

dent that day
noted:
President

Roosevelt

signed

a

bill authorizing

proximately $2,760,000 annually to the states

the distribution

of ap¬

for development of wild¬

life breeding and protective projects.
To get the money, states
The

minimum

Federal

will be required to contribute one-third as

grant

to

a

state will be

much.1

$15,000, the maximum

$150,000.

and

Speech

and composite interests"
American democracy," Presi¬
dent Roosevelt, in a message to the Institute of Human Re¬
lations, pointed to three powerful agencies in the creation
of public opinion—the press, motion pictures and radio, and
declared it to be our duty to see that these agencies, through
adherence to the highest ideals, are maintained as agencies
for the creation of wholesome relationships among the vari¬
ous religious, cultural and other groups which make up the
American people.
"Our Nation," the President added, "has
e\er
held aloft the torch of human freedom, freedom of
press, speech, of conscience, of assembly."
The President,
in declaring that "the whole structure of democracy rests
upon public opinion,"
referred to some among us as v"a
little too complacent" in holding that democracy "is chal¬
lenged abroad," and questioned whether "within our own
gates" there may not be "a small minority"
.
.
.
"pay¬
ing lip service to democracy "who seeks by every means
within its power to thwart the will of the majority."^ The
President's letter was addressed to Dr. Everett R. Clinchy,
Director of the Institute of Human Relations, which opened
a
six-day session at Williamstown, Mass., on Aug. 29, to
discuss "Public Opinion in a Democracy," under the sponsor¬
ship of the National Conference of Jews and Christians.
The meeting was opened by Dr. Harry A. Garfield, Presi¬
dent emeritus of Williams College.
Dated Aug. 20, and
made public Aug. 29, President Roosevelt's message follows:
In

summing

up

the "complex

The

Dr.

Dear

Jews

the

number

of

hunting

licenses

sold.

Two states,

Pennsylvania, will be eligible for the maximum,
The new law requires the states
The Federal share of the
arms,

the basis of area
New York and

measure

relating

to

and

animal life and signed by the

today was the Dimond bill, which

President

authorizes a $2,000,000 appropriation to

by white men and distribute them
The measure also prohibits future white

purchase Alaska's reindeer herds owned
among

the Eskimos and Indians.

ownership of the deer.
In recent years

sponsors

and
of herds upon

whites have gradually made inroads into the industry

of the legislation asserted many natives lost control

which they were

dependent for food and clothing.




held

be

Institute of Human

under

could be of more vital interest at this par¬
of the Institute, "Public Opinion in a
Democracy," is stimulating as well as inspiring.
Few

democracy.

time.

ticular

The

under
are

whole
a

subjects

The

very

structure of

theme

democracy

rests upon public

opinion.

Indeed,

which functions through democratic institutions, we
by public opinion.
Only through the full and free expression of

government

ruled

public opinion can the springs of democracy be
tions kept alive and capable of functioning.
There are among us some who are a little to

renewed and its institu¬

complacent these days in
the assertion that democracy as
a system of government is challenged
abroad.
Can we be too sure that it is not distrusted right here within
our own gates by a small minority,
powerful and articulate, which, paying
lip service to democracy, 6eeks by every means within its power to thwart
the will of the majority?
Let us not forget that eternal vigilance is the
price of liberty.
We have today three powerful
the press,

motion pictures, radio.

agencies, through adherence

play,

are

agencies in the creation of public opinion:
Ours, then, is the duty to see that these

to the highest ideals of truth,

maintained as public agencies for

justice and fair

the creation of wholesome rela¬

cultural, religious, racial and economic inter¬
est groups which make up the American people.
The sum of these complex
and composite interests constitutes what we mean by American democracy.
Our own Nation, for its own guidance and for the guidance of other
peoples if they will follow it, has ever held aloft the torch of human free¬
dom, freedom of press, of speech, of conscience, of assembly.
Ours is the duty, and the National Conference of Jews and Christians,
through this forthcoming Institute of Human Relations, can be a potent
agency in guaranteeing that our torch of freedom shall never be lowered.
Rather must we strive by every legitimate means to increase the light of
that torch that its rays may extend ever farther, that its splendor may

tionships among the various

seen

by all men.
Very sincerely yours,
FRANKLIN D.

ROOSEVELT.

to enact assenting legislation.

funds will be paid from existing taxes of fire¬

to

Washington, Aug. 20, 1937.

to learn that the

officials said.

ammunition and other sports equipment.

Another

White House,

I am glad

Clinchy:

the auspices of the National Conference of
Christians, proposes to concern itself this year with the con¬
of an American public opinion which shall maintain and develop

Relations,

be

Secretary of Agriculture will make allotments on

The
and

"Small Minority" Seeking
Freedom of

Will of Majority—Stresses

Thwart

to

sideration

tion."

two

appeared in our issue of

1192.

page

2, reported:
the

control of

constituting "what we mean by

Sound

tion

the governmental

Previous reference to the measure

Aug. 21,

Approved by Congress—Signs Measures Providing
for Export of Helium and Preservation of Wild Life
—District of Columbia Airport Bill Vetoed—Presi¬
dent

to strengthen

also

helium.

Bills

all

including that of the army

storing any reserves.

(Mass.)

President

government departments

The approval of six

before any sale can be made,

Signs Rivers and Harbors Bill
for Improvements—Asks that
Survey of Pollution of Ohio River be Conducted by
Special Committee
The $53,716,525 omnibus appropriation bill authorizing
the construction, repair and preservation of certain public
works on rivers and harbors was signed by President Roose¬
velt on Aug. 26.
The President, in signing the measure,

President

Roosevelt

Providing $53,716,525

1512
asked

Financial

that

Chronicle

special committee of three,
comprising "an
Army engineer, a representative of the Public Health Service

and

a

non-Government expert

on

Representatives.

pollution," be appointed

between

originally passed by the House on July 1, the measure
totaling $32,275,300, by the Senate, in
approving it on Aug. 5, increased the amount to $48,715,525.
The $53,716,525 finally adopted was arrived at in
conference,
the conference report having been
adopted by the Senate on
Aug. 11 and by the House on Aug. 12.
The remarks of
President Roosevelt in affixing his signature to the
bill were
reported as follows in Washington, United Press, advices of
Aug. 27:

conduct

Army engineer,

a

non-Government expert

a

a

hand and

one

the refiners'

That is at least

lobby should expect
a

no

the seaboard

growers.

That

help from the

definite step in the right direction.

domestic growers of beets and cane to perpetuate it.
housewife millions

concerned for her

as

I

of dollars

every

The monopoly costs

year

and I

am

just

as

for the farmers themselves.

am

a.

President

•

Roosevelt

Signs Bonneville (Ore.) Power
Bill—Provides for Completion of Project
Energy

Project

and Sale of Excess Electric

President Roosevelt

committee of

on

Aug. 20 signed

a

bill authorizing

the completion, maintenance and
operation of the Bonne¬
ville navigation and power project on the Columbia

representative of the

on

hereafter

the American

of this nature falls properly under the
jurisdiction of
I am, however,
asking the Secretary of War and

this survey—an

the

on

I

Department.

to

growers

hope that the next session of the Congress will consider repealing or
shortening the clause which continues the refining monopoly to March 1,
1940: but even if Congress does not then act, the end of the monopoly is
definitely in sight and I sincerely trust that nothing will be done by the

Service.

Public Health Service and

beet

and

cane

domestic growers.

In signing the so called Rivers and Harbors bill I
note that provision is
made for a pollution survey of the Ohio River by the War

the Secretary of the Treasury to join in the appointment of

that

means

authorized projects

three

the

refining monopoly on the other, has been terminated by the

As

a survey

In view of these assurances, therefore, I am approving the
a gentleman's
agreement that the unholy alliance

bill with what amounts to

Service.

Obviously

1937

I have received similar assurances from responsible leaders of the
House of

to conduct the survey of pollution of the Ohio River
provided
for in the bill, instead of the Public Health

Public Health

Sept. 4,

a

pollution problems.

River,
Bonneville, Ore., and North Bonneville, Wash.
The
provides for the completion of the building of the
dams, locks, power plant and appurtenant works now under
construction, and provides for the sale of excess electric
energy generated
at the project.
The surplus electric
energy remaining after the operation of the dam and locks
and the navigation facilities
employed in connection there¬
with, will be turned over to an administrator who will make
all arrangements for the sale and
disposition of the energy.
The administrator, who will receive
$10,000 annually, and
who will be appointed by the
Secretary of War, will act in
at

President Roosevelt Signs

measure

Sugar Control Bill Although
Disapproving Restrictions Against Hawaii and
Puerto
Rico—Finds/'Ray of Hope" Inasmuch as
"Refining Monopoly" Will Soon Be Dissolved—
Discloses Assurances Given

President Roosevelt

by Congressmen

Sept. 1 signed the Sugar Control
bill and in so doing issued a formal statement in
which he
declared that the "system of
quotas provided in the bill is,
on the whole,
equitable," but added that the measure "has
been seriously impaired in its value
by the inclusion of a
provision intended to legalize a virtual monopoly in the

hands of

on

consultation with

monopoly shall terminate

Commission and the

Secretary of Agriculture will each name
The legislation specifies that this "form
administration
is intended to be
provisional
pending the establishment of a permanent administration

March 1,
1940, whereas the beet and cane producers' quota is extended
to Dec. 31, 1940."
The President expressed the
hope that
the next session of Congress will consider
repealing or shorten¬

the close of this year, was
adopted by Congress on
the House approved a conference

Aug. 20
report previously

when

agreed to the preceding day by the Senate. Previous refer¬
to the bill appeared in our issues of
Aug. 28, page 1345,
and Aug. 21, page 1193.
Because of President Roosevelt's
opposition to the limitations imposed by the measure on
imports of refined sugar from Hawaii and Puerto Rico, to be
in effect until March 1, 1940, it had been
anticipated that
he might veto the bill.
The President in his statement of
Sept. 1 said that since the passage of the bill he had been
given assurances by Senators "representing the great
majority
of continental sugar
producers," and also from responsible
leaders of the House, that,
first, refined sugar quotas will be
dealt with separately when the
sugar bill comes up for re¬
newal; second, Hawaii and Puerto Rico should not be dis¬
ence

criminated against; third,

when the limitations

offshore refineries; and fourth,
adequate protection will be
given in future legislation to the "American housewife."

following is the text of President Roosevelt's

state¬

ment:
The

problem before

so-called

sugar

raised

me

bill—is

that

the

many thousands of farmers who

by the
bill,

enactment

intended

of H.

primarily

produce beets and sugar

R.

to

7667—the

benefit

cane

the

and those

who, at the place of production, refine the raw material into
sugar, has been
seriously impaired in its value by the inclusion of a
provision intended to
legalize a virtual monopoly in the hands of a
small group of seaboard
refiners.
I

am

of

...

for Bonneville

flag and the
So far

as

cane growers

cane growers

of

of the domestic beet and

in the islands which

some

all of these
growers,

are

cane

under the American

of our close
neighbors, such as Cuba.
domestic and insular, are concerned, the

system of quotas provided in the bill

is, on the whole, equitable.
From
this, the most important objective of the
bill, I have no reason to disagree.
The sole difficulty relates to a
little group of seaboard refiners
who,

unfortunately, for

many years were able to

ducers in the maintenance of

capital and elsewhere.

This

a

join forces with domestic pro¬

continuing and powerful lobby in the national

lobby has

cost the stockholders of these

companies millions of dollars, and it has been
wholly unnecessary
protection of the domestic

It is with great regret,

beet

and

cane

sugar

refining

so

far

producers has been

as

status

a

therefore, that I

find that the

install and maintain additional
machinery, equipment, and
facilities for the generation of electric
energy at the Bonne¬
ville project when in the
judgment of the administrator such
additional generating facilities are desirable to meet actual

potential market requirements for such electric energy.
bill had been passed by the
Aug. 9, but was sent to confer¬
ence for the
adjustment of several minor Senate amendments.
A conference report on the measure was
agreed to by both
or

The Bonneville power
project
House and by the Senate on

the House and Senate on
the President.
We gave

these columns of

a

Roosevelt

Signs

Measure

Unemployed—President
House

for

Opposed

Canvass—Text of

President Roosevelt

sent to

Census

of

House-to-

to

Measure

Aug. 30 signed a bill providing for
the taking, before April
1, 1938, of a census covering partial
employment and unemployment together with the occupa¬
on

tions in each category and other related matter.
Adoption
of the bill by
Congress was referred to in our issue of

Aug. 28,

page 1348.
In advices from Hyde Park, N. Y.,
President Roosevelt is staying, it was stated that
the President signed the measure on the
understanding that
the unemployed are not
compelled to register and that there
will be no house-to-house canvass.
Under the measure the President is authorized to

where

scribe the necessary rules and
regulations and to determine
the amount necessary to meet the cost of the
census, the
funds to come from the
Emergency Relief Appropriation
Act of 1937.
The census will be taken under an adminis¬
trative committee set up under the bill

consisting of the

Secretary of Commerce, the Secretary of Labor, the Works
Progress Administrator, the Chairman of the Social Security
Board, the Chairman of the Central Statistical Board and
the Director of the Census.

The following is the text of the
signed by President Roosevelt on Aug. 30:

bill

SEVENTY-FIFTH CONGRESS—FIRST SESSION
S. 2705

ac¬

quo

A BILL
To

Since the passage of the bill I have
been

1.

That their primary interest in
sugar legislation is to afford protection
to the growers of sugar beets and
sugar cane in all domestic
sugar-producing
areas of the United States
and when the Sugar Act of
1937 comes up for
renewal they will endeavor to deal with the
question of refined sugar quotas
in a separate measure.
That

they recognize the fact that Hawaii and
Puerto Rico and the
Virgin Islands are integral parts of the United
States and should not be
discriminated against.

provide

Hawaii, Puerto Rico and the
Virgin Islands are terminated, they will endeavor to
enact legislation pro¬
viding that minimum labor standards in sugar refineries
in these offshore
shall not be lower than the minimum
standards in refineries on the

such




census

occupations,

of

partial

and

for

employment,

other

unemploy¬

purposes.

enacted, kc., That to provide information concerning the numbers,
and

of

geographical

partial

other

the

Hawaii

(a)
of

that the American house¬

and

a

distribution

of

persons

in

the

United

States

security, and unemployment relief for the people of the United
States, the President shall cause to be taken on or before April
1, 1938, a

tion

see to it

taking of

social

census

That in future legislation
wife is protected adequately.

they will

it

classes,

mainland.
4.

the

partially employed and unemployed and their dependents and income, and
concerning industries and occupations of partially employed and unem¬
ployed' persons to aid in the formulation of a program for reemployment,

in

That when the refined sugar
quotas for

for

ment,
Be

'

given the following assurances
by Senators representing the great
majority of continental sugar producers:

areas

measure

previous reference to the bill in
July 31, page 690.

half years to

1940.

3.

Aug. 12 and the

»

President

con¬

Congress has

continuation of this seaboard
refinery monopoly for
come.
The bill in this
respect gives only one ray of
hope—for it provides that this refining
monopoly shall terminate on March
1, 1940, whereas the beet and cane producers'
quota is extended to Dec. 31,

2.

projects in the Columbia River

Completion of the dam will be under the direction of the
Secretary of War and the supervision of the Chief of En¬
gineers.
The Secretary of War is authorized by the act "to

cerned.

two and

other

pre¬

primarily concerned with the interests

growers and of the

corded

and

Basin."

refined

on

sugar quotas terminate, legislation will
be attempted to
equalize minimum labor standards as between mainland and

The

representative.

a

on

ing the clause continuing the refining monopoly.
The sugar bill, which represents a
"compromise" between
Congress and the Administration and which supplants the
Jones-Costigan Sugar Control Act of 1934, due to expire at

an
advisory board to which the Secretary
the Secretary of the Interior, the Federal Power

of War,

small group of seaboard refiners."
However, the
President said that there is some solace in that the
bill "pro¬
vides that this refining
a

to

the

48

and

and

related

States

total

unemployment, and occupations,

information
and

the

as

shall

District

of

be

deemed

Columbia

in
and

the

the

and

including

public interest
Territories

of

Alaska.

The questions to be included in this
be enumerated

shall

census

be determined upon

and the detailed informa¬

by

a

committee consisting

Secretary of Commerce, the Secretary of Labor, the Works Progress
Administrator, the Chairman of the Social Security Board, the Chairman

Volume

Board, and the Director

Statistical

Central

the

of

of the Census, or

their

of State and
of such lands and

"(1) The enactment and reasonable safeguards for the enforcement
local laws Imposing suitable permanent restrictions on the use

18,

including penalties, of the Act approved June
C., Supp. VII, title 13, ch. 4), except Sections
9 to 11, inclusive, thereof, shall, so far as not inapplicable, apply to
taking of the census provided for in Section 1 of this Act: Provided,
ever, That temporary personnel required to carry out the purposes of
Act shall be appointed without regard to the Classification Act of 1923 :
Provided further, That the administering agency is authorized to call upon
the other departments or agencies of the Federal Government for informa¬
tion relating to, and for assistance in connection with the census herein
Sec.

1929

The provisions,

2.

(46 Stat.

U. S.

21;

the
how¬
this

provided for; and the administering agency is
and to use the information secured by such

have data pertinent to this ecnsus.
Sec. 3.
To meet the expenses of this Act

authorized to cooperate with
State and local agencies as

may

such

1937

of

Act

make available from the

to

authorized

is

amount

an

retardation and soll-eroslon prevention;
Agreements or covenants as to the permanent use of such lands; and
Contributions in money, services, materials, or otherwise to any operations

otherwise providing for

representatives.

authorized

1513

Financial Chronicle

145

the

as

the Secretary of the

Treasury

Appropriation
may' determine to be

Emergency Relief

President

"(2)
"(3)

conferring such benefits."

Sec.

That

5.

construction

as

to cailry

necessary

are

and regulations
such provisions

authorized to make such rules
out the provisions of this Act and

The President is

4.

1902, as amended, as are

of the Census Act of

River—Text of Measure

N.

Y., that lie had affixed his signature to
authorizing $34,177,000 of new projects,

a

Hyde Park,

flood control

including $24,877,000 for construction of levees, floodwalls and drainage
structures for the protection of cities and towns in the Ohio
River Basin.
It is stated that the bill wps approved on
Aug. 28.
The 'President is said to have signed the measure
although opposed to a provision giving him authority to
bill

50% of property contributions now required by
in his discretion, such communities
are incapable of meeting them.
The measure was sent to the President on Aug. 20 when
the Senate adopted a conference report approved the pre¬
ceding day by the House.
The House originally passed the

remit up to

towns, when,

cities and

amended and passed it
conference after the House on
Aug. 16 refused to concur in the Senate amendments in¬
sisted upon by the Senate.
The following is the text of the
July 19, and the Senate

measure on

It was sent to

Aug. 13.

•on

measure:

Brook in Chautauqua

Davis

and

Creek

"Conewango

CONGRESS—FIRST SESSION]

County and Cat-

taragus County, New York.
"Mettawee

York.

New

"Battenkill,

New York.

River,

Steel Creek, New York.

"Ilion,

River.

"Delaware

Branch

"North

watershed above

River

"Youghiogheny

Dawson, Pennsylvania.
in the vicinity of

and its tributaries

Potomac River

of

Virginia.

West

tributaries, Florida.
Corkscrew River (Horse Creek),
River, Rock Creek, Hendry Creek, Mullock Creek, and Six Mile
Slough,

Valley and its

River

Imperial River,

River,

Gordon
Cypress

all in Florida.

"Quiver River, Mississippi.
River, Mississippi.

"Sunflower

"Dugdemonia Bayou, Louisiana.
"Boeuf River,
Catahoula, Franklin,

Louisiana.

Parishes,

"Outchita River and

"San

tributaries, Louisiana.

tributaries, in

and its

River,

Jacinto

Montgomery, Walker, San

and Harris Counties, Texas.

Waller, Liberty,

Grimes,

Jacinto,

Carroll,

East Carroll, and West

Madison, Richland,

Franklin,

Macon,

"Bayou
Carroll

Caldwell, Richland, West

Parishes, Louisiana.

Morehouse

and

sub¬

Tennessee, with a view to
flood protection to Congress.

Nashville,

and

Memphis,

mitting comprehensive plans for

"Brazos River

and its tributaries,

"Saline River,

Texas.

Arkansas.

•

Scott County, Arkansas.
County, Arkansas.
"Illinois Bayou, Pope County, Arkansas.
"Big Piney Creek in Pope and Johnson Counties, Arkansas.
"Fourche La Fave River, in Perry, Yell, and Scott Counties, Arkansas.
"Palarm Creek, a tributary of the Arkansas River,
in Faulkner and

"

'The Narrows'

on

Fourche La Fave River in

Bayou in Little River

"Walnut

Counties, Arkansas.

Pulaski

"Bayou Meto Basin, a tributary

of the Arkansas River in

Arkansas.

the State of

-

,

River, Arkansas.

"Sulphur
"Poteau

[SEVENTY-FIFTH

examinations and

River, Rhode Island.

"Pawtuxet

"Clarksville,

announced on Aug. 29, at

President Roosevelt

at which preliminary
following names:

Chicopee Rivers.

"Connecticut and

"Estero

Roosevelt Signs Flood Control Bill Author¬
izing $34,177,000 of New Projects—Includes $24,877,000 for Erection of Floodwalls Along Ohio

entitled "An Act authorizing the
rivers and harbors for flood con¬
June 22, 1936, is hereby amended

authorized to be made the

surveys are

"Ivissimmee

President

public works on

by adding to the list of localities

Keyser,

applicable.

Act

the

of

6

section

of certain

trol, and for other purposes", approved

necessary.

Sec.

run-off and,water-flow

River, Arkansas.

"Grand

(Neosho) River and its

tributaries, Oklahoma, Kansas,

Missouri,

and Arkansas.

[H. R. 7646]

amend

To

an

rivers and' harbors for

on

construction of certain
flood control, and for other

purposes", approved June 22, 1936.

Representatives of the United
■States of America in Congress assembled', That the Act entitled "An Act
authorizing the construction of certain public works on rivers and harbors
for flood control,
and for other purposes", approved June 22, 1936, is
hereby amended by adding a third paragraph reading as follows under
enacted by the Senate

it

Be

and Houee of

"Ohio River Basin" in section

the heading

5:

floodwalls, and drainage structures: Construction of levees,
floodwalls, and drainage structures for the protection of cities and towns
in the Ohio River Basin, the projects to be selected by the Chief of Engi¬
"Levees,

the Secretary of War, in

the approval of

with

neers

accordance with the

Engineers in House Committee on Flood Control
Document
Numbered 1,
Seventy-fifth Congress, first session, at a cost
not to exceed $24,877,000 for construction which is hereby authorized to
the Chief of

of

Tc-port

appropriated for this purpose: Provided, That the protection for Pitts¬
burgh, Pennsylvania, is to be interpreted as applying to the metropolitan
district of Pittsburgh: Provided further, That the local cooperation re¬

be

by section 3 is complied with: Provided further, That if, after
investigation, the President, finds that any city or town is, by reason of its
iinancial condition, unable to comply with the requirements of section 3
quired

hereby authorized to waive such require¬
ments on any individual project not to exceed 50% of the estimated costs
•of
the lands, easements, and
rights-of-way: Provided further, That any
funds appropriated for the fiscal year 1938 to carry out the provisions of
Control Act of June 22,

Flood

the

he is

cooperation,

local

to

as

1936, may be used for

plant, material,

and skilled services necessary in the execution of the projects
authorized herein, with relief labor, furnished under the provisions of the
supervisory,

Emergency Relief

Appropriation Act of 1937.

tions

heretofore

of War

is hereby authorized to approve

not to exceed $300,000 per year, from any appropria¬
hereafter made for flood control, in removing accumu¬

expenditure of

the

Secretary

the

That

2.

Sec.

or

and other debris and clearing of channels in navigable streams
and tributaries thereof when in the opinion of the Chief of Engineers such
work is advisable in the interest of flood! control: Provided, That not more

lated snags

$25,000 shall be expended for

than
any

this purpose on any single stream in

one year.

ciples

declared

June

22,

surveys

in

That,

3.

Sec.

in

1936,

order to

further the declaration of

policy and prin¬

sections 1 and 2 of the Flood Control Act approved
and to supplement the preliminary examinations and

War has heretofore been authorized and
make of waterways with a view to the control of their floods,

which

directed1 to

the Secretary of

and he is hereby, authorized and directed
to cause preliminary examinations and surveys to be made for run-off and
water-flow retardation and soil-erosion prevention on the watersheds
of

the

Secretary of Agriculture be,

said waterways,
or

the costs thereof to be paid from

Sec.

That

4.

construction

section

of certain

trol, and for other
by adding

appropriations heretofore

for 6uch purposes.

hereafter made

3

of

the Act entitled "An Act authorizing the

public works on rivers and!

harbors for flood con¬

purposes", approved June 22, 1936, is hereby amended

the following subsection

(d):

benefits, in prosecuting meas¬
ures
for run-off
and water-flow retardation and soil-erosion prevention
authorized by Act of Congress pursuant to the policy declared in this
Act, to any lands not owned or controlled by the United States or any
of its agencies, the Secretary of Agriculture may, insofar as he may deem
necessary for the purposes of such Acts, require—
"As

a

condition

to

the extending of any




"Yellowstone

and Haskell Counties,

Sequoyah

in

River

"Arkansas

Nebraska.

River, Kansas.
River, Montana.

"Little Osage

Act authorizing the

Act entitled "An

public works

of Schuyler,

the vicinity

in

River

"Platte

AN ACT

"North

Haskell and Latimer Counties,
Canadian River, Oklahoma and Texas.

"South

Canadian River,

Creek in

Bois

"Sans

"Cimarron River,

.

*

Oklahoma.

Oklahoma and Kansas.

Oklahoma.

River,

"Beaver

Oklahoma.
Oklahoma.

River, Oklahoma.

"Washita

(Fountain) River and its tributaries,

Que Bouille

"Fountains

and its tributaries, Colorado.
River and tributaries in Memphis

Colorado.

"Cherry Creek

"Mississippi

and Shelby County,

Tennessee.

Missouri.

"Wyaconda River in Clark and Lewis Counties,
"South Fabius River in northeast Missouri.
"Charitan

(Fever

"Galena River

Iowa.

River,

"Floyd

Missouri.
River) in Illinois and Wisconsin.
County,

Schuyler

River in

River, Iowa.

"Little Sioux

"Cpdar River, Iowa.
1'Cnariton River, Iowa.
River, Iowa.

"Iowa

Iowa.

River,

"Boyer

.

.

.

r).

"Turkey River, Iowa.
"Nishnabotna River, Iowa.
"Bureau

River

"Mackinaw

Illinois.
River at Ottawa, Illinois.

tributaries,

Creek and

"Illinois

and the Fox

River, Illinois.

Wisconsin.
County, Minnesota.
Fillmore, Mower, Olmsted, Winona, and Houston

"Kickapoo River,
"Gilmore
"Root

Creek, Winona

River,

Counties,

Minnesota.

"Zumbro River

River,

"White

and the Whitewater River in

southeastern Minnesota.

South Dakota.
Philip to Fort Pierre, South Dakota.

River from

"Bad

tributaries in Flathead County, Montana.
Pennsylvania.
Conemaugh Rivers and their tributaries, Pennsylvania.

"Flathead River ard

"Kiskiminitas River,
"Kiskiminitas and

"Tygart River and tributaries in the vicinity of Elkins, West Virginia.
"Buckhannon River and Middle Fork River and their tributaries in the
vicinity of Buckhannon,

West Virginia.
its tributaries

River

and

River

"Cumberland

and

in

the vicinity of Nashville,

Tennessee.

"Cumberland

its

tributaries

in

the vicinity of Clarksville,

Tennessee.

"Girty's Run, in Allegheny
"Clinton River, Michigan.
"Scioto and

County, Pennsylvania.

Sandusky Rivers and their tributaries,

"Bill

"Big

Ohio.

Williams River, Arizona.

Sandy River,

Knight Creek on
"Gila
near

River,

in Arizona, from the junction of Trout Creek and;
the north to the Bill Williams River on the south.
Arizona, from Gillespie Dam downstream to a point

in

Wellton.

"Little

Colorado River

and its tributaries upstream from the

in Arizona.
"Santa Ana River and tributaries, California.
!
"Santa Ana River and Banning Canyon in counties of San
and Riverside, California.
"Mojave River, in the county of San Bernardino, California.

of the

boundary

Navajo Indian Reservation

Bernardino
/

1514
"Lytle

Financial Chronicle

Creek,

Waterman

Canyon,

the

in

county

California.
"San

of

San

Bernardino,

tlereto

a

Sept. 4, 1937

chapter, to be designated "chapter X", to be and read

new

'

River

and

Bautiste

Creek

in

the

county

of

Riverside,

California.

"CHAPTER X
•

"I

'

/

.

"Santa

Clara

"Salinas

River, California.

"Cucamonga

Creek,

"Sec.

Deer

Creek,

San

Antonio

Creek,

and

Chino

Lorenzo

Creeks

and

their

tributaries, California.

named,

"Pajaro River, California.

and

"Russian River, California.

"Santa

Maria

"Ventura

River,

River,

"Willow

Ventura

County,

California.

(a)

taxing
levee,

tributaries, Oregon.

levee,

(d)

similar

tricts

tributaries, Oregon.

of

"Clatskanie River and
tributaries, Oregon.
"Sandy River and tributaries, Oregon.
River and tributaries,
Oregon.
"Glamath River and tributaries,
Oregon.

of

assessments

upon

property

(b)

out

taxes

or

or
or

agencies
or

out

liens

assessments

both,

"Chetco River and tributaries,
Oregon.
"Smith River and
tributaries, Oregon.
"Alsea River and

payable

constituting

such

Creek, Oregon.
its

•

■

Jurisdiction

and

the

instrumentalities,

California.

"Nestucca River and

Act

otherwise exercised,

tion

"Arroyo Grande Creek in the county of San Luis
Obispo, California.
River, California.
San

be within

to

"Whitewater

and

This

proceedings thereunder are found and declared
subject of bankruptcies and, in addition to the
jurisdic¬
courts of bankruptcy shall exercise
original juris¬
diction as provided in this
chapter for the composition of indebtedness
of,
or authorized
by, any of the taxing agencies or instrumentalities hereinafter

Creek,

California.

81.

•

.

"Additional

River, California.

"Alameda

aB

follows:

Jacinto

of

both,

levee

from

out
the

both,

or

of

said

acquired

(c)

or

combination

any

taxes,

any

property

instrumentalities

or

from

or

in

of

levied against

taxing

by

agencies

foreclosure

of

income derived

sale

of

water

or

or

any

by such

power

or

thereof;

(1) Drainage, drainage and
reclamation, water, irrigation, or other
designated as agricultural improvement dis¬

and

drainage,

districts,

commonly
improvement districts, organized or created for the
purpose
improving, maintaining, and operating certain improve¬
projects devoted chiefly to the improvement of lands therein for

local

or

constructing,

ments

or

"Deschutes

agricultural

"Malheur

by their respective names; or (3) local
improvement
districts such as road,
highway, or other similar districts, organized or
created for the purpose of
grading, paving, or otherwise improving public
streets, roads, or highways; or (4) public-school districts or
public-school

River

paving,

and:

tributaries, Oregon.
"Owyhee River and tributaries, Oregon.
"Burnt

River

and

"Powder

River

"Grande

Ronde

"Whatcom
"North

tributaries,

Oregon.
tributaries, Oregon.

and

and

South

Forks

of

the

Skagit

River

from

Mount

Vernon

to

Creek, Alaska.

6.

That

for

Public

the Chief of

the

Act

Engineers may, in his discretion, modify the
of
floods on the Yazoo
River, as authorized by
678, approved June 15, 1936, to substitute therefor
floodway and levee plan: Provided, That the total cost

control

Numbered

combined reservoir

a

thereof

does

Committee

not

exceed

Flood

on

the

present

authorization

estimated

as

in

House

Control Document Numbered

1, Seventy-fifth Congress,
further, That the modified project shall be
subject
the following conditions of local
cooperation:

first
to

be undertaken until the States

other

or

have furnished

to

necessary
Sec.

7.

the

construction

That

section

5

of

of

levees

the

and

Act

qualified agencies

"The

"An

Sec.

8.

certain

That

the

Act

public works

purposes",

approved

proved April

27,

execution

June

1937,

of

the

22,

is

either

that

construct

construction

Sec.

9.

That

Act

authorizing the construction

cost

of

section

for

flood

amended

as

reservoir

flood
or

the

5

reservoir

a

of

to

provide

to

of

protection

shall

entire

Engineers.

of

beneficial

interest

in

the

city

the petitioner

said

that

it

by the plan'

chapter

means

shall

be

security

a

deemed

as

a

which

to

modified materially

or

of a composition
agreement!
number includes the plural and the masculine
gender the

is

insolvent

desires

petition

shall

petitioner

cost of lands and
damages, $4,324,000."
Approved, Aug. 28, 1937.

this

face value thereof.

"Compositions

for

Esti¬

of a security or securities.
holding securities acquired pursuant

under

full

(a) Any petitioner

for

cost, $9,000,000.

holder

States

consummation

"Sec. 83.

Act

mated

certificates

proposed to be adjusted:

project shall not be increased.

Estimated construction

the

means

petitioner

any

"The singular
feminine.

in

"Memphis, Tennessee:
The construction of
floodwalls, levees, and revet¬
ments
along Wolf River and Nonconnah Greek for the protection of
Memphis, Tennessee, in accordance with the report on record in the office
Chief of

and

protection of

entitled "An Act
authorizing the
construction of certain public works on
rivers and harbors for flood con¬
trol, andi for other purposes", approved June
22, 1936, is hereby amended
by adding a third paragraph reading as
follows, under the heading "Missis¬
sippi River":

the

with

provided

be

unsecured,

of the United

agency

contract

by the

ap¬

provide that, if,

for the

or

"The term 'security affected
the rights of its holder are

other works: Provided, That the total esti¬
the

the

'security' shall include bonds, notes, judgments, claims, and
or
unliquidated, and other evidences of indebtedness,

creditor in the amount of the

control, and for other

by Act of Congress

system

protection

for

liquidated

secured

"Any
to

geological and engineering conditions make it

a

Johnstown, Pennsylvania,
city by channel enlargement
mated

"An

1936,
for

of

of

created

or

"The term 'creditor'

,

River".

hereby further amended

project

Pittsburgh, it is found
impracticable to

entitled

rivers and harbors

on

the

property.

Act

"Willamette

"Willamette

sewer,

for

The

term

demands,

authorizing the
construction of certain
public works on rivers and harbors for flood con¬
trol, and for other purposes", approved June
22, 1936, is hereby amended
by adding the words
"and
tributaries," after the words
River," in the paragraph entitled

as

following terms as used in this chapter, unless a different
meaning is plainly required by the
context, shall be construed as follows:
"That the term 'petitioner' shall
include any taxing agency or instru¬
mentality referred to in section 81 of this chapter.

drainage ditches.

entitled

such

created

or

"Definition
"Sec. 82.

satisfactory assurances that they will—
(a) undertake, without cost to the United
States, all alterations of
highways made necessary because of the construction of reservoirs
and
meet all damages because of such
highway alterations; and
(b) furnish, without cost of the United States, all lands and
easements

the

organized

session: Provided

No work shall

districts

organized

taining,

"Skagway River in the vicinity of Skagway, Alaska."
Sec.

project

improvement

districts,

local

Skagit Bay, Washington.
"Lowell

local

similar

purpose
of constructing, main¬
and operating public schools or public-school
facilities; or (5)
improvement districts such as port,
navigation, or other similar
districts, organized or created for the
purpose of constructing, improving,
maintaining, and operating ports and port
facilities; or (6) any city,
town, village, borough, township, or other
municipality: Provided, however,
That if any provision of this
chapter, or the application thereof to any
such taxing
agency or district or class thereof or to
any circumstance, is
held invalid, the remainder of
the chapter,
or
the application of such
provision to any other or different
taxing agency or district or class
thereof or to any other or different
circumstances, shall not be affected
by such holding.

and tributaries,
Oregon.
Bellingham, Washington.

Creek at

(2)

or

other

or

designated

authorities

River

purposes;

sanitary,

purposes

to

be

filed

the

or

plan

a

with

file

may

unable to

or

effect

the

major part

for

the

court

in

thereof

petition hereunder stating that

a

meet

its

debts

is

as

composition
whose

they mature and

of

located,

and,

in

debts.

its

territorial

The

jurisdiction the
the

of

case

unincorporated

any

tax or special-assessment
district having
no
officials of
the petition may be filed
by its governing authority or the board
or
body having authority to levy taxes or assessments to meet the
obliga¬
tions to be affected
by the plan of composition.
The petition shall be
accompanied by payment to the clerk of a
filing fee of $100, which shall

its own,

be

in

lieu

of

the

fees

applicable chapters of
The

petition

shall

required
the

state

to

Uniform

that

be

collected

by the clerk under other

Bankruptcy Act of 1898,

amended.

as

plan of composition

a

has been prepared, is
submitted with the petition, and that creditors of the
petitioner
not less than 51% in amount of the securities
affected by the

filed: and

owning
plan

(excluding, however, any such securities owned, held, or controlled
by the petitioner), have accepted it in
writing.
There shall be filed with
Text

the

of

Municipal

President

Bankruptcy

Bill

Roosevelt—Supplants

Signed

as

1934

Law

by

Held

Invalid by United States
Supreme Court

petition

their

of

list

a

addresses

respective

all

far

known

creditors

known

as

to

of

the

petitioner,

petitioner,
and

together with

description

of

their

showing separately those who have accepted the plan
together with their separate addresses, the contents of

composition,

which

of

so

securities

list shall

The municipal bankruptcy bill
adopted by Congress on
Aug. 9 to replace the Municipal
Bankruptcy Act of 1934,
held unconstitutional in
May, 1936, by the United States
Supreme Court, became a law of Aug. 16 when President
Roosevelt affixed his signature to it.
The measure, which
is designed to aid
financially distressed communities to

not constitute admissions
by the petitioner in a proceed¬
ing under this chapter or otherwise.
Upon the filing of such a petition
the judge shall enter an
order either approving it as
properly filed under
this chapter, if satisfied
that such petition complies with this
chapter and

meet

or

their

obligations, authorizes municipalities (including
special districts) to enter into bankruptcy
proceedings in a
Federal District Court, and
permits the court to make effec¬
tive

plan

any

agreed upon by two-thirds of the munici¬
pality's creditors. The jurisdiction conferred on the courts
by the measure will expire on June 30, 1940.

Adoption of the bill by the Senate

Aug. 9 and by the
House on June 24 was referred
to, respectively, in our issues
of Aug. 14, page
1032, and July 3, page 41.
The following
is the text of the measure

on

enacted into law:

as

has

been

"The

filed

in

good

of

'plan

composition',

include provisions
of

new

any

class of

securities

of

faith,

dismissing it, if not

or

within

the

meaning

[H. R.

them, secured

any

provisions and
agreements not inconsistent with this chapter
may desire.
"No creditor shall be
unless
the
same
shall

controversy
shall
after

or

shall

hearing,

"For
an

shall

all

attorney

arise

not be

a

affect
to

as

to be

his

affected by

interest

whether

any

AN
To

amend

an

ruptcy
Acts
Be

it

States

entitled
the
and

Act entitled

throughout

America

"An

United

the

ACT

Act to

United1

ment

establish

States",

a

uniform

approved

system of bank¬

July

1,

1898,

and

Act

to

supplementary




the Senate and House of Representatives of the United
Congress assembled, That the Act of July 1, 1898,

in

States",

establish

a

uniform

system of bankruptcy throughout
approved July 1, 1898, and Acts amendatory thereof
thereto be, and they are hereby, amended by adding
as

plan of composition

materially,

and

creditor

class

or

in

case

of

any

creditors

to the

of this

parties

chapter

duly authorized

any

agent

interested:.

creditor may act in
or

committee.

person

Where

assume

to

act

or

any

for

by

com¬
or

on

group, or individual shall
first file with the
court in which the proceeding is
pending a list of the
creditors represented
by such committee, organization, group, or individual,
giving the name and address of each such
creditor, together with a state¬

5969]

amendatory thereof and supplementary thereto.

enacted by

of

"An

any

the parties

as

affected, the issue shall be determined by the judge,

notice

upon

purposes
or

deemed

organization, group, or individual shall
behalf of
creditors, such committee, organization,

SESSION]

satisfied.

this

or

mittee,

[SEVENTY-FIFTH CONGRESS—FIRST

so

of

chapter, may
altering the rights of creditors generally,
or unsecured1,
either through issuance of
character, or otherwise, and may contain such other

modifying

of

the amount,
class, and character of the security held by him, and
thereto copies of the instrument or instruments
in writing signed
by the owners of the bonds
showing their authority, and shall file with the
attach

list

a

copy

of the

contract

or

agreement

entered

into

between

such

com¬

mittee, organization,

group, or individual and the creditors represented by
them, which contract shall disclose all compensation to be
received,
directly or indirectly, by such committee,
organization, group, or indi¬
vidual, which agreed compensation shall be

it

or

subject

approval by the court.

to

modification

and

Volume

the petition as properly filed, or at any time
enter an order fixing a time and place for a
hearing on the petition, which shall be held within 90 days from the date
of said order, and shall provide in the order that notice shall be given
to creditors of the filing of the petition and its approval as being properly
approving

"(b) Upon

shall

the judge

thereafter,

the hearing. The judge shall prescribe
the form of the notice, which shall specify the manner in which claims
and interests of creditors shall be filed or evidenced, on or before the date
fixed for the hearing. The notice shall be published at least once a week
for three successive weeks in at least one newspaper of general circulation
filed, and of the time and place for

published within the jurisdiction of the

court, and in such other paper or

general circulation among bond dealers and boldholders
as
may be designated by the court, and the judge may require that it
may be published in such other publication as he may deem proper.
The
having a

papers

judge shall require that a copy of the notice be mailed,
to each creditor of the petitioner named in the petition
such

for

petition

reasonable

the

him as the judge
herein provided shall be

The notice shall be first published,
thereof shall be completed at least 60 days

copies

and the mailing
before the date

hearing.

the

for

fixed

of

is given in

prepaid, to such creditor addressed to
All expense of giving notice as

paid by the petitioner.
of

postage prepaid,
at the address

if no address

creditor and the address of such creditor cannot with
be ascertained, then a copy of the notice shall be

any

prescribe.

may

or,

diligence

postage

mailed,

petition,

the

in

given

creditor

fixed for the
plan may file an
answer to
allegations therein
and setting up any objection he may have to the plan of composition.
The
judge may continue the hearing from time to time if the percentage of
creditors required herein for the confirmation of the plan shall not have
accepted the plan in writing, or if for any reason satisfactory to the judge
the hearing is not completed on the date fixed therefor.
At the hearing,
continuance thereof, the judge shall decide the issues presented and
unless the material allegations of the petition are sustained, shall dismiss
the proceeding.
If, howeveT, the material allegations of the petition are
sustained, the judge shall classify the creditors according to the nature of
their respective claims andi interests: Provided, however, That the holders
of all claims, regardless of the manner in which they are evidenced, which
payable without preference out of funds derived from the same source
or souices shall be of one class.
The holders of claims for the payment of
which specific property or revenues are pledged, or which are otherwise
given preference as provided by law, shall accordingly constitute a separate
"At

than 10 days prior to the time

less

time not

any

creditor of the petitioner affected by the
the petition controverting any of the material

hearing, any

a

or

are

class

hearing,

the
to

matters

and

a

for

of creditors.

classes

or

"At

the

report

master

refer any
testimony,

special issues, and may allow reasonable compensation
performed by such special master, and the actual and

incident

incurred

expenses

in connection with the

proceeding, including

and expenses incurred in obtaining the
deposit of securities and the preparation of the plan, whether such work
may have been done by the petitioner or by committees or other repre¬
sentatives of creditors, and may allow reasonable compensation for the
attorneys or agents of any of the foregoing, and may apportion the amount
so
determined among the parties to the proceeding as may be just:
Provided, however, That no fees, compensation, reimbursement, or other
allowances for attorneys, agents,
committees, or other representatives of
creditors shall be assessed against the petitioner or paid from any revenues,
property, or funds of the petitioner except in the manner and in such
sums,
if any, as may be provided for in the plan of composition.
An
appeal may be taken from any order making such determination or award
to the United States Circuit Court of Appeals for the circuit in which the
proceeding under this chapter is pending, independently of other appeals
which may be taken in the proceeding, and such appeal shall be heard
for services rendered

compensation

the

to

fully disclosed and are

have been

composition

(5) the offer of the plan and its acceptance are in good
petitioner

the

out

carry

order

an

authorized by

is

by it to

law

plan.

changes and

is confirmed,

plan

a

creditors

the

as

judge

such notice to

direct, subject to the right of any

may

creditor who

his acceptance, within
judge and after such notice as the judge may

previously have accepted the plan to withdraw

period to be fixed by the

a

taken
enter

modifications may be made

therein, with the approval of the judge after hearing upon
shall

reasonable;

faith; and (6) the

take all action necessary to be
If not so satisfied, the judge shall
to

dismissing the proceeding.

"Before

direct,

in

if,

modification will
and if any creditor
of withdrawal shall not withdraw within such period,

the

of the

opinion

the change or

judge,

materially adverse to the interest of such creditor,

be

having such right
shall

he

be

deemed

to

the

accepted

have

plan

as

changed or modified:

modified shall comply with
all the provisions of this chapter and shall have been accepted in writing
by the petitioner.
Either party may appeal from the interlocutory decree
as in equity cases.
In case said interlocutory decree shall prescribe a time
within which any action is to be taken, the running of such time shall be
suspended in case of an appeal until final determination thereof.
In case
said decree is affirmed, the judge may grant such time as he may deem

Provided, however, That the plan as changed or

for the taking of such action.

proper

is entered as herein
confirmation shall become and be
binding upon all creditors affected by the plan, if within the time pre¬
scribed! in the interlocutory decree, or such additional time as the judge
may allow, the money, securities,
or other consideration to be delivered
to the creditors under the terms of the plan shall have been deposited with
"(f) If

decree confirming the plan

interlocutory

an

provided,

the

decree of

and said

plan

court may appoint or shall
And thereupon the court
has made avail¬
able for the creditors affected by the plan the consideration provided for
therein and is discharged from all debts and liabilities dealt with in the
plan except as provided therein, and that the plan is binding upon all
creditors affected by it, whether secured or unsecured, andi whether or not
their claims have been filed or evidenced, and if filed or evidenced, whether

the

court

available

made

final

a

decree

the

as

the creditors.

for

determining that the petitioner

creditors who have not,

including

allowed,

not

or

disbursing agent

such

or

be

otherwise

shall enter

as

well as those who

have, accepted it.

certified copy of the final decree, or of any other decree or
entered by the court or the judge thereof, in a proceeding under

"(g) A
order

jurisdiction of the court, the regu¬
that the decree or order was made.
copy of an order providing for the transfer of any property
dealt with by the plan shall be evidence of the transfer of title accord¬
ingly and, if recorded as conveyances are recorded, shall impart the same
shall be evidence of the

this chapter,

larity of the proceedings, and the fact
certified

A

notice that

deed,

a

impart.

if recorded, would

not be construed as to

shall

"(h) This chapter

upon

services

necessary

continuance thereof, the judge may
for consideration, the taking of

a

or

special

a

1515

Financial Chronicle

145

modify or repeal any

statute relating to the refinancing or readjustment of
indebtedness of municipalities, political subdivisions, or districts: Provided,
existing

prior,

the

That

however,

under section

80

proceedings or the filing of a petition
constitute a bar to the same taxing agency or

initiation of

shall not

procedure under section 81 thereof.
in this chapter shall be construed to limit or
impair the power of any State to control, by legislation or otherwise, any
municipality or any political subdivision of or in such State in the
exercise of its political or governmental
powers, including expenditures
therefor.
'
"Termination of Jurisdiction

instrumentality initiating a new

"(i) Nothing contained

Jurisdiction

84.

"Sec.
be

exercised by such

conferred

court

any

on

after June 30,

proceeding initiated! by filing a
to June 30, 1940."

court by section 81 shall not
1940, except in respect of any

petition under section 83 (a) on or

prior

Approved, Aug. 16, 1937.

summarily.

that

petitioner, the judge, if he finds
prosecuted with reasonable diligence, or
unlikely that the plan will be accepted by said proportion of

days' notice by any creditor to

30

"On

that

proceeding has not been

the
it

is

creditors, may dismiss

any

the
suits

entry

against

account

the

or any officer or inhabitant thereof, on
affected by the plan, or to enforce any lien or

petitioner,

the securities

of

enforce the levy of taxes or assessments for the payment of obligations
under any such securities, or any suit or process to levy upon or enforce

to

against

property acquired by the petitioner through foreclosure of
tax lien or special assessment lien, except where rights have

any

such

any

decree providing that the
operative with respect to all securities affected
thereby and that the payment of the principal or interest, or both, of such
securities shall be temporarily postponed or extended1 or otherwise read¬
become

vested,

and

enter an interlocutory

may

plan shall be temporarily

and upon the same terms as if such plan had
confirmed and put into effect, and upon the entry of such
decree
the principal or interest, or both, of such securities which have
otherwise become due, or which would otherwise become due, shall not
be or become due or payable, and the payment of all such securities shall
justed in the same manner

been

be

finally

postponed during the period in

but

shall

interfere

not,

with

by
(a)

any

order or

any

of

the

which such decree shall remain in force,

decree, in the proceeding or otherwise,
political or governmental powers of the

or (b) any of the property or revenues of the
essential governmental purposes; or (c) any

petitioner;
sary

for

property,

unless the plan of composition so

petitioner neces¬
income-producing

provides.

shall not be confirmed until it has been
accepted in writing, by or on behalf of creditors holding at least twothirds of the aggregate amount of claims of all classes affected by such
plan and which have been admitted! by the petitioner or allowed by the
judge, but excluding claims owned, held, or controlled by the petitioner:
Provided, however, That it shall not be requisite to the confirmation of
the plan that there be such acceptance by any creditor or class of creditors
(a) whose claims are not affected by the plan; or (b) if the plan makes
provision for the payment of their claims in cash in full; or (c) if pro¬
vision is made in the plan for the protection of the interests, claims, or
"(d) The plan of composition

lien of

such creditors or class of

creditors.

of the hearing, the judge shall make written
findings of fact and his conclusions of law thereon, and shall enter an
interlocutory decree confirming the plan if satisfied that (1) it is fair,
equitable, and for the best interests of the creditors and does not dis¬
criminate unfairly in favor of any creditor or class of creditors; (2) com¬
"(e) At

plies

the conclusion

chapter; (3) has been accepted and
of subdivision (d) of this section;
all amounts to be paid by the petitioner for services or expenses
with

the

provisions

of this

approved as required by the provisions
(4)




Bill Authorizing Payments

and World Wars and to Gold
-Star Mothers—Unable to Agree with Proposal to
Provide Funds Out of Treasury for Donation to

to

the proceeding.

of the order fixing the time for the hearing, or at
time thereafter, the judge may upon notice enjoin or stay, pending
determination of the matter, the commencement or continuation of

"(c) Upon

President Roosevelt Vetoes
Veterans of Foreign

Private

President

Agencies
Roosevelt announced on Aug.

withheld his approval of a

of

veterans

foreign

wars,

and to American Gold

War

and

American

pointed out that the bill

the

disabled veterans of the World

War,

the

29 that he had

bill authorizing payments to

Star Mothers of the World
Mothers.
The President

War

would appropriate out of the Treas-

$294,852.97, and he added that while the money repre¬
sents "the unexpended balance of certain funds accumulated

uiy

by military organizations during the World War, Congress
has already provided that because of the impossibility of

to the sources from which it origi¬
into the general funds of the Treas¬
ury"—an equivalent being appropriated in the event of war
for the benefit of "the enlisted personnel of the military
establishment."
"In no sense," said the President, "could
this former appropriation be considered as being for the
benefit of any one organization of veterans," and he there¬
fore states that "I find myself unable to agree with the
returning this

money

nated, it be covered

present proposal to provide out of the general
the donation to private agencies."

Treasury, for
ment by

fund of the
The state¬

the President follows in full:

certain
of the World War and the
Foreign Wars of the United
States, Inc., and the Disabled American Veterans of the World War, Inc.
This bill would appropriate out of the Treasury of the United States
the sum of $294,852.97, to be divided among the above-mentioned organiza¬
tions for use in aiding and assisting destitute or unemployed veterans and
I

withheld

have

my

approval

of S.

1516, an Act to authorize

payments to the American Gold Star Mothers
American War Mothers, Inc.; the Veterans of

their

dependents.

While

the

of certain

War,

money

the unexpended balance
by military organizations during the World

to be appropriated represents

funds accumulated

Congress has already

provided that, because of the impossibility of
which it originated, it be covered
and has authorized an equivalent
of war for the recreation, amuse¬
of the enlisted1 personnel of the

the sources from
the Treasury
amount to be appropriated in the event
ment, comfort, contentment and health

returning this money to
into the

military

general funds of

establishment.

1516

Financial Chronicle

The reports of
stressed

the

authorized

fact

in

Paris,

committees

that

be

to

of

Congress,

which

considered

this

In

bill,

portion of the money formerly

a

in this fund
Legion to be used in

appropriated to the American

nection with the

aiding

the

liquidation of indebtedness against Pershing Hall Memorial
implying that other national organizations engaged in

assisting

their

and

veterans

dependents

likewise

are

The premise on

to

liquidate

ditioned
of

which this argument is based

The appropriation,

the

United

the World
In

the

the
the

on

no

entitled

indebtedness

connected

me

the

and

use

benefit

of

all

couldi

this

any

former appropriation

organization

one

entirely

was

of

different

American

be considered

veterans.

The attitude of
ment

veterans

of

the

The

as

In

being for

purpose

authorized

one

of

by

Roosevelt

in the Czechoslovak

No less disturbed was

Vetoes

Bill

the

of

Authorizing Annual

'President

Roosevelt

$2,580,000 to be paid to States

of

a

bill

authorizing

and Territories for the de¬

velopment of cooperative agricultural extension work was
announced on Aug. 28.
Such grants already authorized, the

President contends, should be made to suffice.
His state¬
ment indicating that he had withheld his
approval of the
bill follows:
I have withheld
my approval of

appropriations
the

$2,580,000, to be paid to the States and
development of cooperative agricultural exten¬

further

the

total

amount of

very

such

grants

It

would

now

amount

authorized

should

be

is

made

approximately $14,to

suffice, in view
Treasury, present and prospective, in

great demands upon the

the interest of

agriculture.
that

seem

the

particular

classes

of

extension work
sought to
bill might well be taken care of by
amending
existing law without increasing the total amount of present authorizations.

be

provided

for

by

this

Pennsylvania's New Law Fixing 44 Hours

is

monopoly

A

law, fixing 44 hours as the maximum work week for
Pennsylvania, went into effect on Sept. 1.
A
more general
law, providing a 44-hour week for all workers
in the State
earning less than $25 a week will become effec¬
in

Dec.

1, it

stated

was

in

the

Philadelphia "Record."
Secretary of Labor and Industry,
thousands of Pennsylvania workers now
employed seasonally
on
a
piece-work or hourly-wage basis may be
placed on
According

annual
as

salaries—with

guaranteed terms of employment—
the result of the new State 44-hour week
law.
Mr. Bashore is also
quoted as saying:

"It will make it possible for at
least 20,000 more women in
jobs.
Most of them will be taken from

families

This in turn will result in

a

Pennsylvania

on

decrease of 40,000 to 50,000 persons

The 44-hour limitation, it

fide executives"
earning $25
in the "learned
profession"

relief rolls.

on

relief."

is said, is not to apply to "bona
a

week

or

more,

or

to persons

making that much.
In both
it is stated,
they must be over 21.
The law fixes five 8-hour
days and one 4-hour day. It is
stated that
Pennsylvania has more than 500,000 women
workers who have been under a 54-hour week.
Associated
Press accounts from
cases

Harrisburg, Pa., Aug. 30 reported the

Labor Department at
Washington as stating that only two
other states have
regulations comparable to
women's
women

has

a

new

work

Pennsylvania's

law.

Oregon has

44-hour week for
by order of the State Welfare Commission while Ohio

45-hour week for

women

in

a

manufacturing.

Plans

with

Be

to

Washington

was

stated

held

in

Oct.

Reciprocal Trade
on
Proposal
25—Opposition Reported by

production

from

all

and

Glassware

American

utensils

began work on
who

Others

Association,

has

con¬

virtual

a

crowded

has

the

domestic field

the

glass,

interested

pressed

blown

in

glassware

and

table

Carpet

inclusion

of

chenille

Manufacturers
wilton

and

of

America,

and

rugs

of

the proposed concesions

about

change in existing rates.

oppose any

glass¬

type

many

expected to file protests against the proposal

of

State

of

brief to

a

were

Institute

the

and
into

cut

gov¬

are

shoes

as

said,

he

Czechoslovakia

markets

glassware, sent word to its members

Inc.,

concerned

.

.

the

over

the

the list sent out

in

carpets

.

were

by

Department.

Federal Court in Kansas City Rules Washburn-Crosby
Flour Mills May Retain Processing Taxes Paid by
Bakers

Albert L. Reeves in Kansas City ruled on
Sept. 2 that the Washburn-Crosby Flour Mills, with head¬
quarters in Minneapolis, need not return refunded processing
taxes to bakers.
O'Connor-Bills, Inc., and other bakers had
sued for recovery of the $1.38-a-barrel processing tax paid
under the invalidated Agricultural Adjustment Act, but
Judge Reeves ruled that the milling firm may retain the
taxes.
In reporting the decision, Associated Press advices
from Kansas City, Sept. 2, said:
Judge Reeves sustained
He held in

flour

company

of

case

a

and

at

on

the

Aug. 30 by Secretary of State Hull.
same

Washington

Soon

Jan. 6,

motion of Washburn-Crosby

bakers

the

to dismiss the

opinion that the contract between the

provided for adjustment

of payments in

decrease in the processing tax but not for reinbursements should

a

after

the

United

States

ft*

Supreme Court invalidated

the

action

1936, funds deposited by Washburn-Crosby with the clerk of the

Federal court here

were

refunded.

Secretary of State Hull Declares Gains in Trade Have
Followed Negotiation of Reciprocal Trade Pacts—
In Radio Address Holds Development of World
Trade A Means Toward Promoting Peace

Making the statement that "thus far

on

time that

Oct.

25 to

It

public hearing will be
permit those affected to
a

imports

from

glass products, kitchen and table
utensils, certain types of
buckles, buttons, clasps and pins, bent-wood
furniture, malt
beverages, some cheeses, fabrics and articles of
clothing.
members

threat to their markets

of

were

the

of

Sept. 1 special bul¬

trade

sent out

treaty's potential
by glass, chinaware,

boot and shoe and other trade
associations, while the Amer¬
ican Tariff League advised its

membership that it stands
ready to lend its cooperation to any who feel
they may be
affected by the proposals.
The "Times," in part, added:




have concluded 16

the

other

has shown substantial
gratifying" said Secretary Hull
"has been the slow but steady change of attitude on the
part
of statesmen throughout the
world, until today there is.
almost unanimous testimony that the policy of trade liberali¬
zation and international economic fail*
play can alone relieve
the tension that is holding the world in its
grip." Secretary
gains."

"But

even

Hull's remarks

were

country,

more

contained in

a

radio address delivered

at

Washington over the Columbia Broadcasting System. In
a
dispatch from Washington to the New York "Herald
Tribune" he was quoted as saying:
I confidently believe that if we could solve the economic difficulties now
facing the world, a political appeasement would shortly ensue.
In attacking

we are

making to reduce excessive

already resulted in

Many of the

worries

goodly

a

measure

artificial barriers

or

of success.

confronting statesmen today spring from the inability

of

their countries to sell their surplus products abroad in their natural
markets and under conditions of reasonabel
competition.
Blocked in their
normal outlet, they have tended to improvise an abnormal

which

in turn has reacted
upon their normal suppliers.

Even worse, the temptation to seek economic relief
by vast enrollments
in

military organization and in the mass production of war supplies has
embittered relations between nations by causing fear, and as Sir Edward
Grey

once

said, fear is what brings out all the worst in

nations

and

buries

all that is good.
t

New

Commodity Rules
culture

Issued

by Secretary of Agri¬
Commodity Exchange Act
Butter, Eggs, Potatoes, and Mill

Wallace

—Cover

that among the articles
are various kinds of
carbons,
potassium permanganate, various kinds of Czechoslovakian

According to the New York "Times"

we

trade agreements," Secretary of State Hull stated on
Sept.|l
that "in each and every case our trade, both in exports and

Washington, Aug. 30, reported

warning

a

memorandum

the AAA be held unconstitutional.

which duty may be reduced

letins

in

foreign

far

so

which,

the

or

the

feel

economy,

present their views orally; written statements in the
matter
will be received
up to Oct. 11.
Associated Press advices
from

Czechoslovakia,

organization,

blown
and

on

.

Otis Ball, Presi¬

J.

that shoe manufacturers

kitchen

Negotiate

Czechoslovakia—Hearing

Held

Chinaware, Glass, and Other Trade Associations

on

Bata

shoe

on

.

.

the economic problem the present Administration has taken an
outstanding

The intention of the United
States to negotiate a
recipro¬
cal trade agreement with
Czechoslovakia was made known
at

granting of tariff reductions

of fighting any rate reduction

explained

negotiating with

with the

of tariff

association will

...

to trade have

States

Pact
to

said his

rates on shoes at existing levels.

lead, and the efforts

United

which

on

State

to

to obtain

,

items

A special brief will be filed by his

treaty.

ware,

suit.

new

tive

well.
The

not

States

United
as

Maximum

as

Work Week for Women

women

exporters

Exporters,

Federal Judge

000,000, and I feel that this
of

Senate Bill 1052, which would authorize

totaling

work.

The

announce¬

Both

the National Boot and Shoe Manufacturers Associa¬

organization,

but

cerned,

Already Authorized Should
Suffice, He Says, in View of Demands on Treasury
by

prevent the

announced its intention

binding of present

tension Work—Grants

for

of domestic interests.

at the government's move.

States Potters Association,

the last ditch" to

tion, which

would not apply.

Appropriations of $2,580,000 to Be Paid to States
Development of Cooperative Agricultural Ex¬

Territories

gain

would

organization Oct. 25 at public hearings on the treaty, he said.

for

sion

pointed

was

the Czech Government.
yesterday John E. Dowsing, in charge

issued'

United

the

for

ernment

annual

it

began preparing lists of the

"fight to

the

v'

.

agree

governmental safeguards

veto

tariff,

Oppose Proposal

sharp contrast to that

statement

a

matters

that

dent

The

the

com¬

the treaty
the

Under

foreign traders toward the State Department's

through their trade groups,

with the present proposal to
provide, out
of the general fund of the
Treasury, for the donation to private agencies
of funds to which they have no claim and to the
expenditure of which

President

in

was

under

the

on

of the tariff concessions granted the latter.

importers expressed satisfaction

and

more

through

enjoy

Czechoslovakia.

competitive with Czechoslovakia,

chinaware

from

"

'

,

myself unable to

the usual

accorded

based

were

would
from

they hope to gain concessions from

of

pending bill.

goods

incorrect

an

Secretary of the Treasury
Pershing Hall was con¬

with

treatment

Potters

to

seems

the

Japan

competition

greatly through generalization

War.

benefit

find

made to

was

direct

producing

Japan,

out,

vesting of the legal title to the property in the Government
States for

sense

appropriation
I

which

they expected

of

fear

most-favored-nation

to share in this fund.

one.

advantage

from

than

thereby

and

instances the fears of producers

many

petitive

was
con¬

Sept. 4, mi

Cotton,

Under

Feeds—To Become Effective Oct. 1
Rules

and regulations under the Commodity Exchange
applicable to cotton, butter, eggs, potatoes and mill
feeds were issued on
Aug. 21 by Henry A. Wallace, Secre¬
tary of Agriculture.
The new rules, to become effective on

Act

Oct.

1,

Article

1937,
I

modities

Article

wheat,

on

are

covered
II

by

setting

corn,

sorghums

designated

general

oats,

were

Articles

provisions

the

forth

barley,

issued

Commodity
special
rye,

July

16

III

applicable

through

VII.

13

com¬

to

all

Exchange

Act,

and

provisions
rice,

and

applicable to
flaxseed, and grain

became

effective

on

Volume

Financial

145

in our
683, and Aug. 14, page 1026.
Ar¬
ticle II is almost identical with the new Articles of which

Aug. 2; summaries of Articles I and II were given
issues of

July 31,

page

to

Article

eggs,

VI

and

potatoes,

to

V
Article VII to mill

Article IV to butter, Article

Article III relates to cotton,

These

several

named

in

commodities

Commodity Exchange Act.

the

articles

all of the

feeds.

cover

articles issued by Secre¬

In presenting a summary of the

tary Wallace
United

31, which

Aug.

on

almost identical, the

are

"every

Department of Agriculture said that

States

possible precaution is being taken to prevent large operators

manipulating prices by making a concerted drive on

from

the

market

The

different commission

several

through

houses."

the articles

summarizing

department's announcement

1517

Chronicle

officials expressed their regret at
out that this country's with¬
materially affect the working of the treaty as exports
from the United States are only nominal in quantity.

Although
the

Department

Senate's

drawal

failure

would

of sugar

to

Agriculture

of

act,

pointed

they

not

signed by 22
Refer¬
ence to the conference appeared in our issues
of May 22,
page 3430, and May 1, page 3032. / It was announced in
London on Aug. 30 that the British Government had ratified
the agreement.
Reichsfuehrer Hitler of Germany ratified
the agreement on Sept. 1, while Cuba and the Government
of the Union of South Africa ratified it on Aug. 31.
The
agreement has also been ratified by the Governments of
The

international

nations

last

agreement

sugar

May at

a

was

conference held in London.

^

Australia, Peru and Dominica.

follows:
The

first

The
of

sections

only

includes

report

futures

and

distinguishes

commission

each

of

article

routine

six
has

house

spot

or

prescribe the form and

which

items

trades today;

(b)

They

(dt)

today;

position

net

(c) total open accounts

today;

close

at

and

modity

Exchange

official

next

Administration

than

later

not

minutes

30

before the
1

opening.

Whenever

has

merchant

commission

futures

a

who

customers

are

net

merchant must
report daily to the Commodity Exchange Administration regarding the
operations of those customers as long as their position continues to be
equal to or over the specified limit.
These limits are: for cotton, 5,000
bales; for butter, eggs and potatoes, 25 carlots; and for mill feeds, 500
tons.
The
reports covering these special accounts must show the net
long, or the net short, position of each account.
The amounts specified
are
so
large that only the transactions of the largest traders must be
reported.
They are to be classified as hedging, spreading (straddling as
it is known in the cotton trade), speculative, or commission house accounts.
long

It

is

specified

a

office

upon

the

the
A

in

CEA

where there

cities

every

have

required from

settled

been

not

is

no

field office

whose

person

by

total

size

these

mission

much

and

houses

as

large

a

house.

mission

market

dential

to

is hedging,

account

will often

from futures com¬
considered necessary in as

than one com¬
to prevent large
concerted drive on the

the

for

information

a

houses.
considered as strictly confi¬
only of the CEA.
As a means of

will

official

use

specified

amount

records

accounts"

available

be

must

held

are

furnished

CEA

the

to

partnerships,

by

information

detailed

will

concerning their

upon

demand.

If

these

"special

corporations, associations, or trusts,
oiganization, stockholders, &c., must

demand.

upon

merchandising, processing, or dealing in cotton,
or other cotton products who hold or control
in any one future 5,000 bales or more of cotton must report weekly con¬
cerning both cash (spot) and futures positions.
A similar provision is
also included in Article II of the Special Provisions Applicable to Grains
Persons

cotton

an

in

cloth,

cotton

in

grain

futures

report weekly.
The

last

in the cash grain business having
equaling or exceeding 200,000 bushels

which requires any person

position

open

to

engaged

yarn,

Flaxseed

and

established compare with the
value):

short tons, raw

1937 Quotas

.*

Hawaii
Puerto

1,613,576
270,664

:

831,508
5,462

1,0S5,304
2,014,538

1,035,742
1,922,423

27,610

Cuba

.

26,610

Foreign countries other than Cuba *
1937 sugar

976,685

840,954
9,396

...

Philippine Islands

foreign countries other than
amounts heretofore in effect and the

quotas for individual

fixed in the regulations at
reserve

Under

Jones-Costigan Act

442,793
988,551

Rico

The

1937 Quotas

1,633,361

Virgin Islands

*

Under
1937"

"Sugar Act of

Area

has been increased

the same
slightly.

Of the total 1937 quotas,

the following amounts from

brought in as direct-consumption sugar

each area may be

(in short tons, raw

Quotas

Under

"Sugar Act of 1937"

Area

Cuba are

unallotted

value):

Quotas Under
Jones-Costigan Act

Cuba

.

375,000
80,214

Rico_.

422,933
80,214

126,033

_

Philippine Islands
Puerto

126,033

known

which

be

the

exceed

is

The quotas for the different areas as now
quotas heretofore in effect as follows (in

be

be assigned a code number
only to the officials of the Administration.
The owner¬
ship of controlled accounts must be revealed, however.
These large traders
are
also required to maintain a record of all their transactions, which
or

Regulations, Series 4,

established quotas.

commission

traders

individual

making

by

protecting the secrecy of their transactions each trader whose transactions
equal

made under the old

through more

operate

prices

different

several

of

No. 2,
The quotas are
1, 1937, and any charges against the quotas previously
Jones-Costigan Act remain as charges against the newly

Quota

retroactive to Jan.

While

extent those required

exchange members they are

trader

essential.

is considered

operations

some

manipulating

through

Operations

Sugar

contracts
transaction or

Every possible precaution is being taken

from

operators

their

of

the

the
2,

"Wallace

with the signing by Secretary

The quotas became effective today
of General

beets

whether

December of

said:

cane...

duplicate

reports

1937 established last

6,682,670 short tons, raw value. An announcement by
Agricultural Adjustment Administration, issued Sept.

Continental

record

constant

a

the initial amount for

Continental

contracts;

open

in accordance
7,042,733 short
tons, raw value, an increase as compared with the final total
of 6,812,687 short tons, raw value, established in 1936 and

for the calendar year 1937 were determined
with the provisions of the new act, to be

futures and by markets

show by

trader shall

Each

Sept. 2

regulations under the
new
sugar act, approved, as noted elsewhere in our issue of
today, by President Roosevelt on Sept. 1. The total sugar
consumption requirements of the continental United States

open

offsetting

an

spreading, or
speculative; the total transactions executed; and the deliveries made or
received on the day covered! by the report.
It is anticipated that only a
limited number of persons will be involved in this requirement.
In as
much as their transactions are of especial importance because of their
his

Secretary of Agriculture Henry A. Wallace on
announced the first of the sugar quota

exceed the amounts specified above, which are designated

or

"Special Accounts."

Changes

Raw Value—Administrative
Philippine Importations

Tons,

designated office.

a

is also

which

delivery) equal

in

mail their reports to

may

daily report

(contracts

as

firms located

However,

opening.

traders should be

of large

operations

much as their transactions have an important
the market.
These reports must be filed with the local
OEA not
later than
30 minutes before
the next official

known

of

commission

that

amount

that the

especially important

constantly
influence

of

short

net

or

733

Made in

are

(e) deliveries made
received; and in the case of cotton, (f)
delivery notices passed
today.
These reports must be filed with the local office of the Com¬
close

at

Quotas Under New Sugar Act Announced by Secretary
of Agriculture Wallace—Consumption
Require—
ments of United States for 1937 Increased to 7,042,-

well-organized
(a) total

every

available.

constantly

accounts at previous close;

open

the cash

between

content
which clearing members of contract markets must submit daily.
three

next

report

a

This

defines

section

and the commodity future.

commodity

two

;
each

,

sections

of

v

authorize the

article

Chief of

the

CEA,

in any delivery
month, to require each member of a contract market and each futures
commission
merchant to report all
accounts carried by him or held or
controlled by him in an amount equal to or in excess of the amount

whenever

specified

his

in

the

in
for

Forms

before they

judgment

there is

danger of congestion

call.

reporting have not yet been

are

completed, but will be available
CEA.

to be submitted to the

required

Territory

No

can

sugar

29,616

29,616

of Hawaii

be brought in from the Virgin

Islands in the form of

direct-consumption sugar.

Agricultural Adjustment Administration also an¬
on Sept. 2 certain changes in administrative pro¬
cedure affecting Philippine sugar importations under the
The

nounced

quota established for the
Islands, pursuant to the
The Administration said:
Philippine sugars will

Commonwealth of the Philippine
provisions of the new sugar act.

be admitted without the

weighing of individual

with the administration of the
Philippine allotment and permit procedure.
The only requirement here¬
after for the entry of Philippine sugars under the quota established pursuant
to the Sugar Act of 1937 will be the filling out of the customary Form SS-3.
Certifications to the Collectors of Customs by the Sugar Section that

lots

as

cargoes

heretofore required in connection

are

be required, except for direct

within the 1937 quota will not

exhaustion. For direct consump¬
tion sugar from the Philippines, Collectors of Customs have been advised
that, as heretofore, certification should be obtained from the Sugar Section
by the importer that such sugar is within the quota prior to entry.

consumption sugar, until the quota nears

\

Reference to the initial quotas

December

was

made in

and Jan. 2, page

our

for 1937 established last

issues of Dec. 26, page

4174,

25.

Congress Failed to Ratify International Sugar Agree¬
ment—Accord Becomes Effective Without Partici¬
Farm Credit Act

pation of United States
Congress adjourned

without

ratifying

the

agreement designed to establish a world-wide

sugar

system on sugar exports.

quota

Accordingly, the agreement, which
H. Davis, Ambecame effective

signed recently in London by Norman

was

bassador-at-Large for

the United

States,

Sept. 1 without the participation of the United States.
a
Washington 'dispatch of Aug. 23 to the New York
"Journal of Commerce" of Aug. 24 it was stated:

on

In

When
in

the

was

the

agreement

summer

taken by

presented to the Senate
disagreement

arose.

for ratification early
a result, no action

As

of 1937 Expected to Encourage

of Farm Mortgage Loans

provision of the recently enacted Farm Credit Act of
1937, which encourages farmers to make advance payments
on Federal land bank and Commissioner loans and authorizes
A

payment of interest on money deposited for future install¬
ments, will speed the progress of thousands of farmers this
fall in getting out of debt, it was stated on Aug. 29 by F. F.
Hill, Deputy Governor of the Farm Credit Administration.
The text of the Farm Credit Act and reference thereto ap¬

peared in our issue of Aug. 28, pages 1325 and 1347.
Mr.
Hill predicted increased payments of three types namely:

explained this action by stating that they had been influ¬

1.

More loans paid in full.

by the uncertainty prevalent in the domestic sugar industry and the

2.

More advance payments or lump sum

unsettled
Senators

in

was

immediate

the Senate Foreign Relations Committee before adjournment.

Senate leaders
enced

an

Repayment

international

condition
stated

of

that

legislation for

they

committing the United




domestic quotas.

Furthermore,

believed Ambassador Davis had

some

"gone too far"

States to the terms of the treaty.

to shorten

3.

payments on principal

in"order

the term of loans and save interest.

Money deposited with the

future installments as

land bank by borrowers to be credited to
Thus, the farmer is assured of having

they mature.

1518
money

Financial Chronicle

to take

care

of his mortgage debt requirements in years of
poor

harvests.

Mr. Hill's remarks
announcement

an

>

The latter

is

further summarized

Federal

Land

in lean

used

Land

Banks

years, a

farmer

the

to

Now, in good

to keep

years

was

can

his

made possible by the

the

principal.

a

back-log to be

mortgage account current.

Farmers will

In

paid in to meet annual

only a small
About one-half of the remittances
were
and semi-annual principal installments and

Joint

Resolution

207

outlining

the

fundamental

soon

as

possible after Congress reconvenes, Secretary Wallace

as

connection with loans by CCC.

Congress authorized the Secretary of Agriculture to

$130,000,000 for a cotton price adjustment payment
similar to the

to the 1937 crop

with

of 1935

program

not to

use

program

exceed

with respect

Upon proof of compliance

1938 agricultural program to be formulated under legislation to be

a

cotton from the 1937 crop

the

prior to July 1, 1938, will be paid the difference

between 12c. a pound and the average price of % inch middling cotton on
the ten spot markets

the day of sale, but not to exceed 3c.

on

As in 1935, payment will be made on

due.

remaining amount for payment of loans in full.

If the payments

65% of

a

which borrowers previously had of postponing
principal
payments of Commissioner loans during the first three years of the
loan
withdrawn.
From now on extensions on both old and new
loans will
be granted only at the option of the Land Bank
Commissioner after con¬

pound.

do not approximate the $130,000,000 appropriated, payments will be made

of the individual payments will
time the producer

was

case.

a

grower's base production.

with respect to 65% of the 1937 base cotton production

with reference to a larger proportion of the base production.

The privilege

sideration of the individual

Senate

to

enacted pursuant to Senate Joint Resolution 207, cotton producers who sell

spite of postponement privileges heretofore granted, Land Bank and
Commissioner borrowers have steadily increased their
principal payments
during recent months, Hill said.
They paid off over $106,000,000 of
principal in the 12 months ending July 1, /1937. although
was

enacted

in

Heretofore, money paid in

applied immediately to
build up with the bank

get interest on money so held by the bank.

fraction of that amount

Pursuant

principles of permanent farm legislation, which resolution stated in part
that it is the sense of Congress that a permanent farm program should be
announced the cotton price adjustment payment plan, which will be made

bank service

Farm Credit Act of 1937, Mr. Hill explained.
advance

follows in

as

by the FCA:

new

a

were

Sept. 4, 1937

depend

upon

The amount

the level of cotton prices at the

sells his cotton.

Since adjustment payments will be related to the price of cotton on the date
of sale,

producers must sell before July 1, 1938, cotton with reference to

which payments are to be made, and should retain original sales receipts on
all cotton sold from the 1937 crop

Cotton Loans by CCC Fixed at 9 Cents—To Bear

pending the announcement of detailed

instructions and regulations.

♦

4% In¬

terest—Three-Cent Subsidy Program to be Limited
to

65% of Base Production—Growers Required to
Comply with Next Yearns Farm Program

National

Promise to

f

Announcement of the details of the 1937 cotton-loan
pro¬
under which the Government will lend to
producers 9

gram

cents per
was

same

time

Secretary of Agriculture Henry A. Wal¬

pound cotton subsidy plan.
Both programs are limited to
agreeing to comply with the farm program to
be formulated next year.
Congress recently adopted legisla¬
tion pledging itself to make farm
legislation the first order
of business when it convenes in
January; this legislation,
which was adopted after President Roosevelt
had intimated
that he would veto
any plan for a renewal of Federal loans
cotton growers

on
crops, was referred to in our issue of Aug. 28,
page 1349,
in which item we also gave reference to
the Byrnes rider to
the Third Deficiency bill
providing for the cotton subsidy

The cotton subsidy
program, similar to that of 1935, will
provide for price adjustment payments up to 3 cents a
pound
to be made on
65% of a grower's base production, tending
assure

farmers of 12 cents

a

pound

their cotton providing the market price of the commodity does not fall below
9 cents.
If the price goes below 9 cents the
farmers will
on

have to receive a total
price of less than 12 cents inasmuch as
the subsidy payments are limited to
three cents.
The sub¬

sidies, which are expected to amount to nearly $130,000,000,
will be paid from
money set aside from tariff receipts.
A
requirement of the program is that producers must sell the
cotton

on which
payments are to be made before July 1, 1938.
That the decision of the Government to
limit the

subsidy

program to

65% of each grower's base production fails to
satisfy the cotton industry was indicated in Washington ad¬
vices, Aug. 30, to the New York "Times" of
Aug. 31, which

said:

It had been assumed

the subsidy payment was to be made on
the entire
1937 crop, as indicated by the
wording of Senator Byrnes' amendment to

the

Third

Deficiency Appropriation Bill.

Announcement of the 65% limitation
brought
A spokesman for the
agricultural commissioners of

Order

of

Issue

current crop.

of the Southern

Westbrook, Washington representative
Agricultural Commissioners.

The 9-cent loans to
producers of the 1937 crop will be made
has arranged a loan of
$150,000,000 from
the Reconstruction Finance

by the CCC which

Corporation for the

purpose.

loans, which will

be available not later than
Sept. 15,
will carry a
4% interest rate, and will mature on July 31,
1038.
The announcement of the CCC of
Aug. 30 regarding
the cotton-loan
program

follows:

The CCC announced that it will
lend to producers of the 1937 crop 9c.
pound on cotton classing

per

% inch middling cotton,

pound

Under

decision announced

a

Relations Board set aside

as

Aug. 31 the National Labor
an order signed on
July

invalid

29 by

Judge F. P. Schoonmaker of the Federal District Court
Pittsburgh, Pa. directing the National Electric Products
Ambridge, Pa. to live up to a closed shop agreement
entered into on May 27 with the International Brotherhood
of Electrical Workers, an affiliate of the American Federation
at

Co. at

of Labor.
order the

At the time of the issuance of
Judge Schoonmaker's
Pittsburgh "Post Gazette" said:

The order, said to be the first of its kind issued in this
district, followed

before

arguments

Brotherhood

of

the

court

Electrical

yesterday

Workers

(July

29)

petition

on

alleging

the

the

International
company

on

cotton

or

better; 8c. per

classing 13-16 inch in staple, and middling or better in
on cotton
classing % inch as to staple but under

grade; 72^c. per pound

middling

as to

grade.

staple which is of

a

No loan will be made

grade not deliverable

on

of the New York and New
Orleans cotton
on

on

% inch cotton

or

contract under the

exchanges and

no

regulations

loan will be

13-16 inch cotton under
middling grade.

$150,000,000 from

the RFC.

H.

Jones, Chairman of the RFC, also issued
Aug. 30 the following statement:
The RFC has authorized
to make loans

on

The

a

loan to the CCC of
$150,000,000 to




on

enable it

the 1937 cotron
crop.

following is the announcement
bearing on the Government's subsidy

proper

those

who

have

made

for

arrangements

had

(union)

becoming members

within 21 days after being employed."

Attorney William A. Wilson, for the
allegations in the petition
to

were true

carry out its agreement

company, told the court that the

but that the company had been unable

with the American Federation of Labor union

because of picketing at the plant entrances and
many threats made by the

pickets, who
& Radio

were

said to be members of

a

rival union, the United Electrical

Workers, affiliated with the John L. Lewis Committee for Indus¬

trial Organization.

Mr.

Wilson stated the

Ambridge plant had been in operation, after

forced shutdown due to the

picketing, when

a

a

representative of the National

Labor Relations Board suggested the
company employ workmen without
reference to their union affiliation.
Mr. Wilson declared the company would "be
glad to" abide by its con¬
tract if assured of protection against

Mr.

Wilson said he

believed the

further outbreaks of violence.
I.

B. E. W. was "entirely right" in
making demands for observance of the closed shop agreement.

In its decision of Aug. 31 the National Labor Relations
Board it is stated holds that the National Electric Products

Corp. violated the National Labor Relations Act by negotiat¬
ing the closed shop agreement regarding the Board's ruling
we quote the
following from a Washington dispatch Aug. 31
The

Board asserted that the corporation violated the Labor Act by
encouraging membership in the brotherhood and by recognizing it as the
representative of the employees "at a time when the company knew that
the

"Because

did

not

board's

the free choice

of

a

majoirity of its

order

testimony that the brotherhood

was given its
plant by interference and coercion by the management," the

went

"the board finds that

on,

the contract between

the

company and the brotherhood is invalid."

"The conclusion is inescapable,"

the board said, "that the respondent

actively participated in the enlistment of the brotherhood's membership."
The company was ordered to "cease and desist" discrimination
against
Local 609 of the C. I. O. union to

cease encouraging membership in Local
1073-B of the brotherhood, and to stop "all other forms of coercion."
It

was

further directed to post for 30 days a notice that the contract with the

brotherhood is "void and of

no

effect."

The board's official account of the events
leading up to its action today

included the following:
"A decree of the United States District Court for the Western District of

Pennsylvania requiring the company to perform its May 27 agreement with
the brotherhood was offered as an exhibit
by the company at the board's
hearing.
"The

board's

decision

raises

the

question

whether

the

decree

makes

brotherhood membership obligatory

or leaves open the apparent alterna¬
tive that employees would have the amount of union dues deducted from

they did not become members of the brotherhood.

"However, the Board's
tion of the decree

or

decision does not rest

on

any

particular construc¬

the agreement, since it holds that any performance of

the contract by the
company, on either alternative, would be in violation
of the National Labor Relations
Act."

It

was stated in Associated Press advices from
Pittsburgh
Sept. 1 that Mr. Wilson, attorney for the corporation,
announced that he would appeal the Labor Board ruling—
taking the case to the United States Circuit Court in Phila¬
delphia. Mr. Wilson was quoted as saying:

on

It would

serve no

of the National

Secretary Wallace

program:

represent

of unrefuted

status in the

up

of

brotherhood

employees."

their wages in the event

producer-borrower agrees to partici¬
pate in and comply with the 1938
adjustment program.
With a view to having
ample funds with which to make such loans, CCO

Jesse

"to employ only members of the local

better in

The loans will bear interest at
the rate of 4% and mature on
July 31,
1938.
To be eligible for loans cotton
must be stored in warehouses
approved
by the CCO.
The loans will be available as
soon as the necessary arrange¬
ments can be
completed, but not later than Sept. 15.
A condition of each loan is that
the

has arranged to borrow

violated its signed contract

immediate reaction.

To protest the restriction and
to formulate
plans to be brought to bear
upon whatever general legislation is
evolved at the next session of Congress,
a general
conference of all branches of the cotton
industry was called for
Friday at Memphis by Lawrence

made

Aside

to the New York "Times":
an

the cotton States charged

breach of faith by the AAA in that
the restriction had the effect of reducing
the subsidy by one-third and
put a floor price of 11 instead of 12 cents a
pound under the farmers' price for the
a

The

Sets

of

plan.

i

Board

Schoonmaker Directing National
Electric Products Corp. at Ambridge, Pa. to Adhere
to Pact with A. F. of L. Union—Order
Challenged
by C. I. O. Unit—Election by Board to Determine

pound on cotton classing % inch middling or better,
on Aug. 30
by the Commodity Credit Corporation,

lace revealed the terms of the Administration's
3-cent per

to

Relations

Judge

made

and at the

i

Labor

Federal

by Congress

The
at

good purpose to comment

Labor Relations Board,
as a

on our

which

we

surprise at the attitude
assumed had been set

neutral agency for settlement of labor disputes.

Corporation
Philadelphia for

on
a

Sept. 2 appealed to the Circuit Court
solution of the conflicting orders, and

•I.

on

the

ford,

day Judge Schoonmaker at his home
signed an order granting the appeal

same

Pa.,

in Bradfrom his

ruling.
At the

same

time it

was

indicated that the company, com¬

plying with the Court decree, notified its employees to join
the A. F. of L. union at its plant or face dismissal.
The Executive Council of the A. F. of L., at its meeting in

1, declared itself as

Atlantic City on Sept.
the Board's ruling.

of the A.

Executive Council

The

right to void any agreement

bargain collectively.
of the
unions for control, the question being which
Federal court held that our contract was a

It is the Board's job to protect

It is

a

contest of two

The

shall have the control.

legal

1199.
Signing of the agreement ending the walkout in
Pennsylvania was reported as follows in Associated Press
advices of Aug. 20 from Harrisburg, Pa.:
The mills have been shut since the T. W. O. G. called a strike several
weeks ago.
Sidney Hillman, President of the union, said he would notify
the strikers that they could return to work, probably Monday afternoon.
The agreement provided for an election in the plants to determine a
for the employees.

collective bargaining agency

1. The textile workers shall return to
2.

the right of labor to

matter that must

be settled outside

days

designate

a

collective bargaining agency.

3. The employer agrees to

designated and if any
submitted to three ar¬

deal with any agency as

grievance is not adjusted within

30 days it shall be

by the sole collective bargaining
agency for that plant, and a third by the two others.
If the third is not
selected within five days, he shall be selected by Arthur D. Whiteside,
President of Dim
& Bradstreet's.
A grievance shall be any matter in
bitrators,

one

selected by the employer, one

dispute with regard to wages, hours
include

closed

a

and working conditions,

but shall not

shop.

Representatives of these companies
Atwater Silk Corp.,

one.

discrimination.

workers in any plant an election
under the supervision of the National Labor
if a majority of the workers in such plant wish

Relations Board to determine
to

their jobs without

Upon written request of 10% of the

is to be held within 10

correspondent at Atlantic City Sept. 1 of the New
York "Herald Tribune"—Edward Augly, reported President
Green of the A. F. of L. as saying:
We don't think the National Labor Relations Board has a right to enter
into a matter of this kind which concerns the contract for the Ambridge
plant. That is an inter-union fight, and the Board has no right to enter it.

Board.

referred to in the

was

page

Relations Act.
entered into by any employer

A staff

We maintain that this is a

covered by union agreements.
"Chronicle" of Aug. 21,

were now

The strike

of the National Labor

legitimate labor organization."

a

sylvania

The agreement:

"The Board's action is in violation

with

the action of the
National Electric Products

quarters estimated on Aug. 23 that all but 12,000 of the
58,000 workers on strike originally in New Jersey and Penn¬

void.

Co. and the I. B. E. W.

no

follows against

F. of L. condemns

agreement between the

NLRB in declaring the

The Board has

1519

Financial Chronicle

145

Volume

signed the agreement:
400; Bloomsburg Silk

Plymouth, employing

Mills,

Act.
Under such a ruling as that which the court made yesterday, there is no
stability.
It was never the intention of Congress to create instability and
disorder.
Such a ruling would merely mean that, in the future, if a minority
of employees do not get the bargain they want, they will complain against
the bargain reached by the majority and petition for a new union to come

300; Duplan Silk Corp., Hazleton, King¬
ston, Nanticoke, Berwick and Wilkes-Barre, 4,200; S. Goldsmith, WilkesBarre and Kingston, 700; Wilkes-Barre Silk Mills, 600; Kerstetter Silk

in and represent them.

before the agreement

Nor do

we

within the scope of the Wagner

think such a dispute is

1,400; Crane Brothers, Kingston,

Mills,

200.

Mocanauqua,

Mr. Hillman

signed for the T. W. O. C.

Representatives of other mills were

present at the conference, but left
The agreement will go to other

had been reached.

Pennsylvania operators for their action.
The conference

Restrained by Judge
Pleas Court in Ohio from Inter¬

United Shoe Workers of America
White in Common

fering with Employees Under Industrial
to the Williams Manufacturing Co.

Contract

Portsmouth, Ohio, on Aug.

In the Common Pleas Court at

factory Aug. 16 and Edward Lamb of Toledo,
declared in court according to the Associated
Press that strikers would not permit the company "to manu¬
facture another shoe" until the union was recognized.
In
at the shoe

C. I. 0. counsel,

issuing the restraining order, Judge White declared, (we
special Portsmouth advices to the Cincinnati

from

quirer" by its staff correspondent Ned
uruawful

or

void either under the law

and that they are mutual

and binding contracts as between

Mfg. Co. and the employees who signed

In part

the

same

General Counsel in Ohio for the C.

I. O., con¬

proceedings that the contracts were
voidable under State and Federal law on the grounds of

support

Court Had Held

announcing on
C. I. 0. United Shoe Workers
of America as exclusive collective bargaining agent for
employees of 12 shoe manufacturers in Lewsiton and Auburn,
Me., held a view contrary to that of Judge Harry Hanswer
of the Maine Supreme Court, who, according to Washington
advices to the "Wall Street Journal," declared the shoe strike
of last April illegal and granted an injunction prohibiting the
strikers from picketing or their leaders from assisting in the
strike.
In its decision, the Board in the account from which
we quote, is reported as saying:
In its opinion the Court appears to have interpreted the National Labor
Relations

Act

In disposing of this

Board.
Judge White said "a violation of some order

of the National Labor Relations

failed to comply with orders

argument,

of the National Labor Relations

Board by the Williams Mfg. Co. could not

defense unless it was

matter of this suit."

related to and connected with the subject

(The employment

contracts.)

following is from Associated
Portsmouth Aug. 30.
The

Graves Williams, President of

from six months to a year, that

the wage scale and not to

Annual Convention Indorses "Sit-Down"
Members to Raise $400,000
Fund to Organize Employees of Ford Motor Co.—
Homer Martin Re-Elected President of Union After
John L. Lewis Urges Members to End Factionalism

the company, said the contracts ran

reduce

dismiss employees summarily and that the workers

give written notice 15 days in advance
Judge White, granting the restraining

the duration of the contracts or to
of cancellation.
order at the request of the company

1,050 employees, decreed:

"That the defendant

(United Shoe Workers) and

each individual or their

employees be enjoined until final hearing
placards calcu¬
lated to induce the plantiff employees to break their employment contracts
with the Williams Mfg. Co., or prevent them from performing their part
of the contracts or prevent the company from carrying out its part of the
contracts by furnishing the employees with employment.
"The same defendants also are enjoined from compelling, inducing,
agents, officers, representatives or

from making statements

either verbally or through signs or

coercing, intimidating or threatening
street or at their homes to

employees, either at the plant, on the

break their contracts or to prevent them from

working for the company in compliance

the many

power and authority were threatened by a
which sought to distribute them among the President
and four equal ranking Vice-Presidents.
In a speech on
Aug. 27 John L. Lewis, head of the Committee for Industrial
Organization who had endeavored to bring about harmony,
urged an end of factionalism in the union, this being followed
it is said by Mr. Martin's withdrawal of demands for dict¬
atorial powers.
As reported in advices from Milwaukee on
Aug. 28 to the new York "Herald Tribune" from a staff
correspondent, Geoffrey Parsons Jr., through the guidance,
influence and pressure of Mr. Lewis the differences between
the two factions were settled by compromise on that day and
the delegates sat down in harmony to wind up their business.
In part the "Herald Tribune" advices said :
Mr. Martin
pledged himself to carry out what he said were
the two main objectives now facing the U. A. W. A.—to get a contract with
Henry Ford and to make the auto industry a closed-shop industry.
Neither
objective will be attained, the union's leaders concede, without a struggle.

group

.

United
Ladies'

Covered

A textile strike

Pennsylvania—C. I.

by Agreements

delegates today as representing
Gassaway, a Vice-President of Lewis's
Mine Workers; David Dubinsky, President of the International
Garment Workers, and Leo Krzycki, a Vice-President of the Amal¬

compromise plan was sold to the

was concluded on Aug. 20, when operators of
silk mills and the Textile Workers Organizing Committee, an

Pennsylvania

Industrial Organization,

pro¬

viding for the return of strikers to their jobs "without dis¬
crimination."
Most of the strikers covered by the agree¬
ment returned to work on Aug. 24.
T. W. O. C. head¬




John L. Lewis by Ora

gamated Clothing Workers

with Employers

affecting approximately 15,000 workers in

affiliate of the Committee for

.

C. I. O. Leaders Press P,an

O.

in

.

with terms of their contracts."

All But 12,000 Workers in Industry Are

Ends

Convention of the

stated in our issue of a week ago (page
1355) dissention among several factions was evidenced with
the opening of the convention in Milwaukee on Aug. 24.
The controversy as was then stated revolved about Mr.

the wishes of

Workers' Strike

developments of the Annual

Union, in which, as we

The

Union Says

28 of Homer Martin as President
Automobile Workers of America was one of

The re-election on Aug.
of the United

Martin whose

Press accounts from

in them the company agreed not to

agreed to remain with the company for

Now

of employees in a plant

U. A. W. A. At

between the Hamilton

junction under equity law because it came into court with "unclean hands."
This contention was based upon the union's charge that the company had

Silk

declare strikes by a minority

to

That such a declaration

right to strike."

Jones and Laughlin case and of the

Hamilton County in the case

Amalgamated Clothing Workers.
Judge White also set aside Lamb's argument both in court and in a
brief submitted later than the Williams Co. was not entitled to any in¬

and the 870 of its

Relations Board, in

did not represent the intention of Congress
is clearly evident from even a cursory examination of the Act.
Section
13 of the Act states in irnequivocal language that "nothing in this Act shall
be construed so as to interfere with or impede or diminish in any way the

illegal.

Tailoring Co. and the

A.

as

Aug. 31 the certification of the

Judge White cited a decision of

of his divergent opinion

Court of Appeals in

as a

Shoe Factories

I. O. Unit—Maine
Illegal Strike

Strike—Votes to Assess

Chief Justice Charles E. Hughes in the

be used

Affecting Workers in

yesterday.

Rules in Favor of C.

Maine

The National Labor

lack of mutuality.
In

Secretary of the Common¬

Earle, and went into session

injunction

the

throughout

"yedow dog" ones

the Williams

the same."

advices said:

Edward Lamb of Toledo,

tended

Morris):

involved in this case, are not
of the State of Ohio or the Wagner Act

employment contracts

individual

"The

quote
"En-;

called by David Lawrence,

NLRB in Findings
in

30, Judge William R. White granted an order temporarily
restraining the United Shoe Workers of America from inter¬
fering with the 870 employees under contract individually to
the Williams Manufacturing Co.
The union, affiliated with
the Committee for Industrial Organization, called a strike

was

wealth, representing Governor

Workers Organizing
in

the Committee

of American and an organizer for the Steel
All three men are high ranking leaders

Committee.

for Industrial Organization.

According to the Milwaukee

"Sentinel" the new spirit

reached a climax at the end of the afternoon
session when a resolution embodying the International's
fighting attitude toward the Ford Motor Co. was adopted.
From the "Sentinel" of Aug. 28 we also quote:

of unanimity

1520

Financial Chronicle

Providing

machinery

for

Intensifying

the

campaign

to

organize

the

Ford. Co., the convention did its most momentous business of
the day
when it voted, in the Ford resolution, an assessment of $1 on
every member
of the vast C. I. O. organization to raise a $400,000 war chest
to

finance the

Sept. 4. 1937

of whom 9 would come from Manhattan; 7, from the Bronx, 13, from

men,

and 1, from Richmond.
number of representatives of each

Kings; 6, from Queens

The following table shows the present

possible number of councilmen figured on two different

borough and the

battle.

Mr. Lewis, following his address to the convention, was the
centra, figure
at a luncheon of the convention

International officers,
the C.

I.

s

guiding figures, including TJ. A. W. A.

executive board members,

Number of
Vote

1933

Number

Number of

for

Present

and National figures in

O. outside the Auto Workers' union here to lend their
aid and

Councilmen

of

Both U. A

W. A. factions

were

1933

1933

represented.

Councilmen

for

on

Vote

Basis,

1936

& Landon

Basis,

on

Mayor

Aldermen

guidance.

Vote

Roosevelt

1936

Vote

for Roosevelt
and Landon

for Mayor

As the

afternoon session got under way, Mr. Lewis went into a
private
huddle with leaders before leaving the city at 4:50
p. m. for Washington.
Out of it

.

.

.

One
.

of

the

was

.

7

951,158
482,850

13

Queens
Richmond

as

Vice-Presidents.

of Ed

Hall and Wyndham
Mortimer, unity group leaders,

5

62,034

1

69,081

1

28

2,707,298

36

believed among those who have followed the matter of

It is generally

proportional representation that the actual vote wid be somewhere between
the mayoralty vote

United Press accounts from Milwaukee

on Aug. 29
report¬
ing the voting down of proposed Constitutional
changes

which would have allowed local unions to call
strikes without
executive board approval and condemned "wildcat"
strikes
such as have
disrupted production in General Motors
The changes were voted down after

plea by President Homer Martin,
was joined
by First Vice-President Wyndham Mortimer and
Secretary-Treasurer George Addes.
more

be done on paper ballots and people are not thoroughly familiar

defective ballots which

a

dangerous to the labor

movement than

of divisions within

irresponsibility

a
union," Mr. Martin said.
"We have national
agreements with these great automobile
strikes certainly are a national

monograph

problem.

Beyond that, we expect to get

an

to

of the maximum number

method by which

with the

void

keep down the number in the

After

of voters.

explaining the

the number of councilmen will be decided the mono¬

graph continues:
"Reapportionment of seats thus takes place automatically at each elec¬
at last

a

generation when the political party in control

graciously consents to recognize changes in population.

Obviously

this system also gives a direct incentive for casting a heavy vote at

council

elections instead of treating them as merely incidental and relatively minor
matters in

held at the

election

an

time when more important

same

offices

to be filled.

"There

and

agreement with

tend

to reduce his wastage of votes and to insure the counting

was

of the ballots

are

concerns

will

One of the purposes of the Association in issuing its explanatory

council.

tion instead of about once in

in which he

the voting for councilmen will

as

system it is to be expected that there will be a considerable number of
and

Corp.

Continued in part:

Mr. McCaf¬

of 1933 and tne presidential vote of 1936.

frey pointed out, however, that inasmuch

In return, it was
understood, the unity faction would relinquish its de¬
mand that a fourth Vice-President be
added, all four to be of equal ranking
rather than numbered as at
present.

6

2,124,093

most

re-eiection

"Nothing is

512,776

3

one

to

plants.

691,433

10

65

.

significant compromises reported being worked out
by which the faction of Homer C. Martin,
President, and
Richard T. Frankensteen, board
member, would withdraw its opposition
.

7
5

747,754
392.835

6

Mine Workers, "clarified" a statement made
by Mr. Lewis in which he
highjy praised and urged reelection of U. A. W. officers on their record.
.

530,360
391,110

Kings

8
24

.

9

New York
Bronx

24

special "peace" message from the big CIO chieftain.
The Lewis message, delivered by his
aid, Ora Gassaway of the United
came a

be

can

gerrymandering under this plan.

no

The boroughs are

fixed permanently as the districts and within each (except Richmond) the

the Ford Motor Co., and
eventually we will expect a ciosed
shop in the entire automobile industry.
"We are driving toward that
end, but if we achieve it we must

leaders to select councilmen.

ourselves responsible.

leader, would be practically certain of election under the old system would

prove

.

.

minority is given

fair treatment

as

The delegates, after
only brief discussion, adopted salary increases for
their officers,
raising the fixed annual payroll of international officers from

borough-wide district.

$15,000 to $80,000.

able to make

Mr. Martin's salary was raised from
$3,000 to $5,000 a year. Salaries of
vice-presidents and the secretary-treasurer were increased from
$3,000 to
$4,000. Board members, who were
paid no salaries last year, will receive
$3,000 a year.

elected must

Mr.

Martin

got

apparent

control

of the

U.

A.

W.

Executive Board tonight when his
progressive faction
the 24

votes

A.'s
won

all-important
at

least

15 of

that board.

on

Mr. Martin's

victory

that denied seats to

faction.

by

ruling by the old Executive Board
eight Flint delegates who were friendly to the "unity"
a

Tracy Doll, Detroit;

Loren

Houser, Detroit; Lester Washburn,

Lansing, and Morris Field, all pro¬
gressives, and Walter Reuther and Leo
Lamocte, both "unity" supporters

from Detroit.

Mr. Martin also ruled that the
convention could not change the Board's
even

Board

if it

did, the change could not affect the results of

election.

.

.

and

organizers, but the delegates declined
officers.

to

give Mr. Martin the power to

This power went to the
Executive Board

compromise that

was

At its session

as

a

part of the

supposed to end the factional fight.

The

on

policy of the sit-down strike,
in

submitted

in

the

report

of Martin

the

sessions, was reaffirmed in a convention resolution.
Mr,
Martin said that "the
stay-in (sit-down) strike will remain an effective
weapon against employers who refuse to
recognize the moral and legal rights
of the workers to
collective

labor's

that

most

bargaining.
In my opinion, it will remain
effective weapon against the
autocracy of industry."

to Receive More Members in New York
City
Council than
Manhattan—Merchants' Association
Analyzes Features of Proportional Representation
Under New
City Charter

York

City Council, which will be elected in
November to replace the
present Board of Aldermen, will
comprise between 28 and 36 members, and
Brooklyn will
have at least three more
members than Manhattan,
according
to a survey published on
Aug. 9 by the Merchants' Associa¬
tion of New York.
The Association
recently issued a
monograph explaining the meaning of
proportional rep¬
resentation.
George H. McCaffrey, Director of the As¬
sociation's Research
Bureau, who prepared the monograph,
acted as Assistant
Manager of the campaign in behalf of the
new
city charter.
The Association in its
analysis stressed
the

In

summarizing the

part:

survey,

the

City
to

own

Council to

offer

in

the

votes

necessary

district.

run

in

a

he must be

This in effect

means

have any expectation of being
of recommendation to the

way

borough-wide district,

a

it is probable

the

men

who have been candidates for Borough President

be

Aldermen|
ofjthe leading politicalfparties these candidates will probably

case

selectedfforjsupport by their respective county committees rather than

by their districtPeadersTas such."

So far as the individual voter is concerned, it is
explained
by the association that if he follows directions he cannot
lose the effect of his vote under

proportional representation
he does under the present system if his party condidate is defeated.
In its survey, for the purpose of explana¬
tion, a number of eminent men have been pictured by the

voting

as

association

candidates for councilmen.

as

The

explanation

continues:
"Let

us

that you have decided that the man who can best

assume

present your opinions in the council would be 'AT
you mark

opposite his

ballots

name

in the little box

being used.

are

If,

on

name

Smith.

and press it.

In that

re¬

event

the ballot the figure *1' if

the other hand,

on

proportional representation voting machine, you
it is opposite Smith's

you

By doing

are

using the

the indicator until

move

have given the

so you

election officers orders to count
your ballot for Smith.
It may happen that
'AT Smith will be so
popular with the voters as to be elected without your

assistance,

or

Nevertheless
If there is
not

quite

in the

unpopular

so

well

as

to be defeated in spite of your assistance.

on

that list of candidates who could represent you,

Mr. Smith but still satisfactorily, you are at liberty to

feeling and it is to

figure '2' opposite the

you have

as

do not have to worry about throwing your vote away.

you

anybody else
as

express that

your

name

advantage to do

so,

let

us say

of Raymond V. Ingersoll.

given the election officers orders to count

your

by mark-

By doing

so

ballot for Smith

long as it can help him, but if he is elected without your assiatance
defeated in spite of it, then your ballot must be counted for Ingersoll
as

just

as

long

you have a

E.

as

it

help him to be elected.

can

Hughes, Jr.;

Mills;
sibly

a

ninth,

names in

a

will

Grover A.

Whalen.

an

in

fashion if

sixth, Ogden

a

opposite their

the order of your preference until you have indicated all whom
you

You

more

your

marking
ever

same

eight, Mayor LaGuardia, and pos¬

You mark the figures

You

may

stop any place between

can

indicate
one

a

your

preference for

and twelve you want,

choices you indicate the more certain you are that your vote

actually assist in the election of somebody and

hurt

in the

fourth choice, if you have any, let us say Charles

would care to have
represent you.

all twelve.

but the

so

fifth, former Comptroller McGoldrick;

a

seventh, Governor Lehman;

a

And

third choice you mark the figure '3' opposite his name, let us

Judge Thacher; and

say

first

choice

third, and

'bulleting'

by marking

so on.

a

second,

nor

you cannot

your

System

by

In other words, there is no advantage what¬

'plunking,' that is, voting for only

or

in any way

second choice

one

Chairman Miller of ICC Offers One National

candidate."

Railroad

Logical Solution of Railroad Difficulties
—Should, He Says, Result in Simple Rate Structure
as

—At

Meeting of Railroad and Utilities Commis¬
R.
E. Healey of SEC Discusses Holding
Company Act
sioners

the Association said

The computations made
by the Research Bureau show that if the vote
cast for the council next
November should be the same as the vote for
Mayor in 1933, the city would have 28
councilmen, of whom New York
County would have 7; Bronx, 5;
Kings, 10; Queens, 5, and Richmond, 1.
On the other hand, if the
vote for councilmen should be
equal to the com¬
bined city vote of Landon and
Roosevelt in 1936, there would be 36 council-




the
more

In fact, running in

years.

Inithe

that proportional
representation will solve
the reapportionment
problem and will eliminate "gerry¬
mandering" by giving to each borough a number of councilmen m direct
proportion to the number of votes cast in the
in

appeal outside of his

for

have

to be nearer that of

contention

election.

could be elected when he has to

accumulate

that the calibre of candidates who will stand
any chance of success will have

or

Brooklyn

New

To

district

backing of his district

voters than most of the candidates for the Board of Aldermen have had for

many

just

The

some

candidates

paper

Aug. 27 the Convention adopted a resolu¬
tion
reasserting "the policy of the 'sit-down' strike as a
weapon in labor struggle,"
As to this Associated Press
advices from Milwaukee
Aug. 28 said:
earlier

at all that he

no assurance

.

The convention
adopted a completely new constitution, strengthening
somewhat the control of the
International Executive Board over officers
remove

have

■/.

yesterday's

the majority.

A man who, with the

than that of those who have been candidates for the Board of

was aided

This decision resulted in the
election of five "progressives" in the Michi¬
gan district, while the
"unity" group got only two.
The seven were: C. E.
Maeden, Pontiac;

ruling and that

as

"It is also clear that this system is a severe blow to the power of

Stating that "the logical solution of the railroad difficulties
seems

to be

Chairman

of

one

National railroad system," Carroll Miller,
Interstate Commerce Commission in an

the

address

on
Aug. 31 added that "such a system should result
simile rate structure, no differently rated territories,
uniform tariff classification,
transportation wastes reduced

in

to

a

a

minimum, and

many

other manifest benefits."

By what-

equitable means one National railroad system might
accomplished," he said," the security owners generally
should ultimately be in a better position than under present
competitive and complicated conditions."
Mr. Miller's address was delivered before the 49th Annual

sver

be

meeting of the National Association of Railroad and "utilities
Commissioners at Salt Lake City, Utah, before which also

member of the Securities and Exchange
Commission, was also a speaker. In his remarks Mr. Miller
observed that "we often hear of scientific rate making."
"Since" he said, "I more or less of a scientist, naturally I
would prefer such procedure but when it is considered how
rates have been made in the past, the economics and com¬
mercial conditions of the whole country would be upset if
such a method were suddenly adopted.
Perhaps, as rates
based largely on costs are adopted, the rate structure will
gradually approach the scientific.
"In part he continued":
In recent years, the consideration of whether or not an individual railroad
was earning more than a fair return on its investment has seldom been
necessary.
But when and if such a question should arise, we would be faced
Robert E.

Healy,

a

with the factor of competition between the

railroads.

If we ordered the

that it
of
happened

earnings to reduce its rates, the chances are

railroad having excess

traffic, and probably earn

would get more

and may happen again

more money,

at the expense

As an example of what has

its competitors and their shippers.

the Association's last fiscal

properties, over and above a

fair

originaUy invested, to such an extent that large pro¬

all of the original investments

further

The southern

the northern markets.

Official Territories is a fair example.

between them and
roads often make proposals to estab¬

divisions demanded

official territory

refuse to concur no doubt primarily because

but the official lines generally

by the southern lines.

Perhaps the divisions

by the Commission when such rates are
proposed although that issue is seldom presented by the parties when the
cases are brought to us.
A report recently issued by the Tennessee Valley
be considered

Authority makes rate proposals that might result in a rate barrier
the North and South and other territories, against the North.
In presenting
as a

I

testimony in Ex Parte 115, the railroads
making

no

considered their

If all the railroads were operated by

should

corporation, it is apparent that value for rate making purposes

be placed only on used and useful property
written

on

ways

fident that

Various proposals have been

and means of combining the railroads into one or a

number of systems.

If

none

limited

of these proposals is satisfactory, I am con¬

fair plan to the general public and assure

a

the growth of the
"

industry.

.

demands

course

was

also

Salt

activities

"If the much

then

as

follows in United Press advices from

discussed and discussed Section 11 were a 'death sentence'
week of the American Water Works &

Electric Co.

Section 11
would be an application for permission to commit suicide," he said.
"The
implication of the statement issued by the management upon filing this
application is that the proposed reorganization will add strength and vitality
to the corporation.
If the management is correct in its view, the term
Inc., filing with us a plan for reorganization under this same

'death sentence'

will be recognized as the misnomer it is,

"But, seriously,
the

will be
Mr.
SEC

the most interesting aspect of the application is that

11 without injury and

Healy

within

with benefit to itself.

even

I think there

of these applications."

more

gave

details of various cases which have been before the

the past

16 months, pointing out how that agency has im¬

proved its administration

of the Public Utility Holding Company law.

During the time the Act has been in effect, he said, the commission has
had before it applications or declarations
law.

In the aggregate, security issues

under nearly all provisions of the

before the SEC totaled over $1,000,-

000,000.
on

Aug. 31 regarding the meet¬

Increased cooperation between State

and Federal commissions in utility

investigations was forecast by Alexander N.

ton, D. C., Secretary and Assistant

Mahodo of Charleston,

He and Clyde S. Bailey of Washing¬

W. Va., President of the association.

General Solicitor, said increasing pres¬

tige of both State and Federal commissions was

causing utilities voluntarily

readjustments.

opposition

demand

,

:

L ■'

.

•

the Association

on

Business of Undistributed Profits
Department by National
of Manufacturers—Finds Among Other

Survey of Effect

on

Tax Laid Before Treasury
Association

extensive

An

to

any

Governmental

would change the status of the Interstate

reorganization

plan

The

with the undistributed profits
indicating the probability of greater
employment if the tax were modified. The tax was adopted
last year and imposes a heavy tax penalty on net income
of business not distributed as dividends.
The National
Association of Manufacturers and other

adoption of the
This oppo¬
was predicated upon a belief the measure would fore¬
machinery
replacement and plant expansion, both

measure

sition
stall

organizations

business

leading

as

of long

result

a

opposed

potential deterrent to recovery.

a

as

of obsolescence and re¬
It was also opposed be¬

years

trenchment during the depression.
of the special

cause

burden it would impose on small
which lack working capital.

sized companies

medium

conclusions were
conclusions were:

general
These

with

in

are

debt

heavy

are

seriously

companies

Strong companies

handicapped.

position.

advantageous

more

and
Ten

reached based upon the replies.

Companies—Young, growing concerns and

Strong and Weak

1.

burdened

Partnerships—The partnership form of business

tage over corporate form under present Federal
3. Debt
Retirements—Companies faced with

enterprise has advan¬

law.
retirement

of

bonds and

of bank loans, appear to be discriminated against
by the narrow provisions of the tax law.
4. Restriction of Dividends—Where operating
losses and deficits have
notes, and the repayment

capital structure, companies are prevented
in restoring depleted capital.

impaired
and

Creditors

5.

from paying dividends

handicapped

are

creditors

Customers—Large commitments and

and

show small prospect of early

ing hesitancy to incur

outstanding loans

repayment, with customers show¬

capital goods investments.
Difficulty of Determining Earnings—

Cyclical and Non-Cash Profits;

6.

Many industries operating on cycle of profitable and losing years are confronted with serious reduction of working capital.
Advancing price levels

bring inventory profits that disappear when
task of determining earnings often makes
Dividends and

7.
dends

'

prices fall, and the complicated

dividend payments hazardous.
in divi¬
penalty has resulted in bank loans and refinancing
Excessive dividends bring interference with normal

Notes—The compulsion to distribute earnings

avoid the tax

to

otherwise

unnecessary.

operations.

complexity of tax structure
enforcement.
earnings built reserves which
helped stabilize and increase employment.
The penalty tax tends to limit
reserves and
thereby influences the stability of employment and the crea¬
Complexity

of

Computation—The

Tax

problems of compliance as well as
Employment—In the past, retained

brings

tion

of

further needed employment.

Expansion—Specific and contemplated expansion programs

10.

have been

since the penalty tax has made capital goods expendi¬
prohibitive in cost.
These delays and stoppages of expansion impede
curtail the reemployment that would result, both directly and indi¬

delayed and halted,
tures

rectly,

from reequipment

Estate of

and expansion of plants.

Past Year, a Period in Which
Largely on "Defensive"

Although business improved materially during the last 12

the "defensive" during
that period, according to the annual report of S. U. Mead,
Secretary of the Merchants' Association of New York, for

Late Andrew W. Mellon to Go to

Charitable

Purposes—Belief Expressed that
is Subject to Pennsylvania Tax but Ex¬

and Educational
Fortune

of Federal

Annual Report of Secretary Mead of Merchants Asso*
ciation
of
New York Finds Business Improved




experiences

their

scribing

which

Commerce Commission, Federal

months, it continued to be largely on

made public Aug. 27, is based upon letters
in all parts of the United States de¬

survey,

manufacturers

from

empt
It

•»

It Continued to Be

undistributed

on

of Congress.

Courts in overruling findings of Public Service

Materially During

of the effects of the

survey

business and employmerit has been laid be¬
fore the Treasury Department by the National Association
of Manufacturers with view of assisting it in preparing
modifications of the law for submission to the next session
profits tax

Exchange Commission.

Changes to the Minton bill, which proposes to limit powers
Commissions.

Programs Impeding

Reemployment

and Curtailing

Communications Commission, Federal Power Commission or Securities and

^

business

brought about taxed

members for help.

from

and

Nelson Lee Smith of New Hampshire, Chairman and Vice-President,
said problems to be studied by the convention included:
1

Strong

anything like the degree that

from members for
complying with new rules.
During the year, he said, the Association gave direct assist¬
ance to individual members in 170,000 instances; 106,000 of
these involved the certification of shipping documents made
necessary by governmental regulations in foreign countries,
and 31,000 related to the development of trade opportuni¬
ties.
The balance consisted in responses to direct requests

9.

ing said:

to make

in

with the situation thus

cope

of the Association."

the

crease

8.

Associated Press accounts

rate

To

help in solving problems and in

to

believes it has worked out a plan which will comply with

company

Section

diminish

to

noted that one of the effects of
increasing amount of government control was to in¬

the

and Section 11

be rechristened the 'rejuvenation section.'

will

failed

distinctly

of social
There were new
tending to increase the tax burden.
The
in previous years.

Mr. Mead, in his report,

2.

the action last

men

increased.

and the stern methods

and more recognition were
generally began to feel the full force
for more

public expenditures,

every measure

Lake City:

quoted

for

cost of relief

needed

of his remarks Mr. Miller made the
statement that "the Commission is in no way responsible for
what I may say."
Mr. Healy who discussed the Public Utility Holding Com¬
pany Act of 1935 at the meeting of the Railroad and Utilities
Commissioners asserted that the 16 months' existence of the
Act have shown it to be "workable."
In part Mr. Healy
During the

t

tax, with many of them

criticism of this procedure but it at once sug¬

gests the idea of one railroad system.
one

between

whole in so far as investment and percentage of profits were

am

Business

its demands,

in

vigorous

more

Things Halting of Expansion

lish rates for the entire haul on the basis of rates within

concerned.

became

security and labor legislation enacted

apply
this

Many shippers of the South contend there is a rate barrier

properties

field

the

by it in pressing

disturbing.

The constant controversy in

rated territories.

connection between the Southern and

question should

invaded

"Labor

adopted

earnings, a part
having been returned to the stockholders

making rail rates is in fixing those to

Another great difficulty in

of the

^

adds:

In the form of dividends.

differently

"the trend of much

Albany and Washington
of private enterprise," and he

of the legislation advocated both at

portions, if not the entire properties, now represent excess

between

which was made public

year,

Mr. Mead points out that

Aug. 28.

on

with competitive rail carriers, there are some com¬

panies that have invested earnings in their
return on the money

or

1521

Financial Chronicle

145

Volume

was

from Federal Taxation

made known during the week by

D. D. Shepard,

for the late Andrew W. Mellon, that the entire
estate of Mr. Mellon, except for a bequest of $180,000, has
been left to his educational
and charitable trust. Mr.
attorney

Shepard's announcement, issued

at Pittsburgh Aug. 28,

follows:
"With

the

exception of a bequest of

$180,000, to be divided among

personal employees, in appreciation of their loyalty and
and such household effects as are contained in his residence,
his

estate

will go to the use

efficiency,
the entire

of charitable and educational purposes.

1522

Financial Chronicle

"The A. W. Mellon Educational and Charitable Trust, created in
De¬

cember, 1930, is the organization to which the residue of the estate has been
The deed creating this trust provides that its funds shall be
applied

left.

exclusively to religious, charitable and educational uses and purposes.
has already distributed many millions of dollars
during its existence.
"In explanation of his reason for making no bequests to his

Quinn is from Associated Press
ton, Aug. 30:
Mr. Miles, a native of

It

Board

children,

adequately provided for.
"His son, Paul Mellon; his son-in-law, David Bruce, and his
Attorney,

Donald D. Shepard, who are the surviving Trustees of the A. W. Mellon
Educational and Charitable Trust, were named as executors under the will.

The death on Aug. 26 of Mr. Mellon, who was
formerly
Secretary of the Treasury, and also formerly Ambassador to
a

week ago, page

Marion, Va.,

accounts from

Mr.

Quinn,

Committee from

1920

He was

agent in April, 1927.

Named

Security
of the

member

a

1932.

to

native of Portsmouth, N. H.,

a

Washing

was succeeded on the Social

by Miss Mary Dewson of New York.

Democratic National

Mr. Mellon stated that they already had been

Great Britain, was noted in these columns

Sept. 4, 1937

Mr.

appointed

was

F. B. I.

an

inspector March 16, 1934, he had served

an

as personnel officer and assistant to
Director J. Edgar Hoover.
Justice
Department officials said Mr. Miles would represent the Government in a
Supreme Court case involving Rio Grande River water resource rights.

Texas and New Mexico

the litigants.

are

Becomes
Farm
Security Administration Under
Change Made by Secretary of Agriculture Wallace

spokesman for the Mellon family was reported in
Associated Press advices from Pittsburgh on Aug. 28 as
stating that the bequest to the Trust would mean that there

RA

would be

Security Administration on Sept. 1, and Secretary of Agri¬
culture Henry A. Wallace announced that the
agency,

1355.

A

Federal inheritance tax, but it is expected that

no

10% levy would be imposed under the Pennsylvania law.

a

Howard M. Johnson, Secretary to Mr. Mellon,

quoted

Sept. 1.

on

While it

was

reported

similarly
Aug. 28 that
was

on

the Internal Revenue Bureau has contended in its income tax

against Mr. Mellon that his educational and charitable
not a tax exempt organization,
Treasury officials
were indicated as
saying on Aug. 30 (in Associated Press
advices from Washington) that the determination as to

case

trust is

whether the

Government will collect

Mellon's estate will

charitable trust.
estate is

depend

reported

any

taxes from Mr.

Resettlement

under the

Administration

estimates

the

value

of

the

possibly exceeding $100,000,000. Funeral
were held in
Pittsburgh on Aug. 28,
his body having been brought to that city from
Southampton,
in

I.

Pittsburgh.

President

Bureal

in

was

Allegheny Cemetery

Among the floral pieces

and

Mrs.

Roosevelt.

One

was a

of

the

wreath from
messages

sympathy came from J. P. Morgan from Scotland; it
sent by cablegram to Paul Mellon, and said:

of

was

trator of the Farm

Security Administration, and of Dr. L. C.
Gray, Assistant Resettlement Administrator, as Assistant
new
body, in charge of the land utilization

Administrator of
program.

♦

Horatio B. Hackett

Resigns
of

Emergency

Sept.

1,

Administration

in order

to

Housing Corporation,

Director

MacLean, Former Assistant Attor¬
General of United States—Argued Gold Clause
Repudiation Test Before Supreme Court

Angus D. MacLean, former Assistant Attorney General
and former Assistant Solicitor General of the United
States,
died on Sept. 1 at his home in Raleigh, N. C., of heart disease
at the age

of 60. Mr. MacLean, as Assistant Solicitor Gen¬
eral, assisted in preparing the Government's argument in
favor of the gold clause and argued its
constitutionality
before

the

United

summarized
ated from the

University of North Carolina in 1898, and

the bar and opened a private law office in
As

member

a

of

the

North

He

was

House

of

gradu¬

admitted to

Washington, N. C., the

Carolina

was

same year.

Representatives

from

1927 to 1932, he fostered legislation to extend free public education.
was

effective
Colonel
Feb.

on

19,

subsidiary unit of the Public

a

On June 15, 1934, he was appointed

Housing,

Assistant

named

Administrator

of

the

Public

the
the
was

Works

Ad¬

ministration.
+.

Edward

G.

Dolan,

Register
Edward G.
of office

Manchester, Conn., Becomes
Treasury—James
L.
Houghteling,

of

Sworn in

Commissioner of Immigration

as

Dolan of Manchester,

Sept. 2

on

of

Conn., took the oath
Register of the Treasury succeeding

as

the late W. W. Durbin.

Mr. Dolan was Collector of Internal
Revenue for the District of Connecticut from August, 1934

to June, 1935, was Chairman of the State Board of the
National Recovery Administration and has been a member
of the National Advisory Board of the Works
Progress
Administration until his recent resignation.

Houghteling of Chicago

in

was sworn

Com¬

as

missioner of Immigration on Aug. 26, succeeding Daniel M.
McCormack, who died last January.
Reference to Mr.

Houghteling's nomination by President Roosevelt
made in our issue of July 24, page 546.

on

July 22,

was

He

elected to the State Senate in 1933. but resigned a few months later to

accept appointment by President Roosevelt

as

After his retirement to private practice in
several

cases

General.
Bar

business.

Public Works Administration,
having absorbed the functions of
Emergency Housing Corporation; on May 13, 1935, he

James L.

born July 12, 1877, at Maxton, N. O.

was

Works,

private

Division

follows:

as

Mr. MacLean

of

Housing

States

Supreme Court.
Following his
successful defense of the gold clause cases, he was
appointed
Assistant Attorney General in charge of cases
brought against
the Government under this decision.
Mr. MacLean, in
October, 1935, resigned from this post in order to return to
private practice in Raleigh, N. C., as senior partner of the
law firm of MacLean, Pou & Emanuel. In the New York
"Herald Tribune" of Sept. 2, Mr. MacLean's career was

Public

to

appointed General Manager of the Emer¬

was

Works Administration.

ney

of

return

Hackett joined the Public Works Administration

gency

Death of Angus D.

Assistant Administrator

as

PWA

It was announced on Aug. 23 that Colonel Horatio B.
Hackett resigned as Assistant Administrator of the Federal

1934, when he

"Please express to Mellon family my regret and sympathy."

Farm

would administer the Bankhead-Jones

new name,

as

he died.

where

the

Tenancy Act, adopted at the recent session of Con¬
gress.
The Secretary also annouhced the appointment of
Will W. Alexander, Resettlement Administrator, as Adminis¬

services for Mr. Mellon

L.

became

Farm

study of his educational and

on a

In official

The

He

for

the

was

a

Government

member of the

as

a

Assistant Solicitor General.

T.

B.

1935, Mr. MacLean argued

McCabe

Reserve

special assistant to the Attorney

Named

American, Federal and North Carolina

The

master

Eilenberger, Third Assistant Post¬

General—Was

Director

of

Postal

Savings

System
Clinton B. Eilenberger, Third Assistant Postmaster Gen¬
eral died

Aug. 28 at his summer home in Minisink Hills,
Monroe County, Pa., following a long illness.
He was 61
years old.
Mr. Eilenberger was named Third Assistant
Postmaster General by President Roosevelt on March
6,
1933. He supervised the Postal Savings
System and was in
charge of eight divisions of the Post Office Department.
The divisions which were under his
authority were the issu¬
ance
of stamps, finance, postal
savings, money orders,
classification of mail, the registered mails, parcel
post and
determination of costs.
A brief summary of his career is
given below as contained in Associated Press advices of
Aug. 28 from East Stroudsburg, Pa.:
on

A native of Monroe County, he was educated at Drexel
Institute, Phila¬

delphia.

Early in life he became interested

teller of the

Stroudsburg National Bank

Stroudsburg Trust
He

later

organized in

became
a

in

banking.

He resigned

as

to assist in the organization of the

of

Branches

to

C

Class

Director of

Federal

Philadelphia—Several Directors
of

Atlanta

and

Kansas

City

Banks

Associations.

Death of Clinton B.

Appointed

Bank

Board

announced

of

Governors

Aug.

24

the

of the

Federal Reserve

appointment

Thomas

of

System
Bayard

McCabe, President of the Scott Paper Co., Chester, Pa.,
a

class

C

director

of

the

Federal

as

Reserve Bank of Phila¬

delphia, for the unexpired portion of the three-year term
ending Dec. 31, 1939.
There has been a vacancy in the
class C

directorship of the Federal Reserve Bank of Phila¬
delphia since the resignation of J. David Stern in Decem¬
ber, 1936.
'
On Aug.
ments

as

20 the Board announced the following appoint¬

branch

directors

of branches

of

the

Atlanta

and

Kansas City Reserve banks:
Edward

branch
of

L.

Norton,

director

of

fill

to

the

unexpired

an

Birmingham

term

branch

of

expiring
the

on

Federal

Dec.

31,

Reserve

as

Bank

Atlanta.

Clyde Austin to fill the unexpired portion of
1938,

as

Bank

of

term

branch

director

Atlanta,

ending

Clarence

on

and

Dec.

W.

31,

Roberts

to

Oklahoma City branch

of

E.

McEwen

1939,

fill

Nashville

the

as

the

a

a

term

branch

to fill

the

of

unexpired

term

as

on

Dec. 31,

Federal

unexpired

director of the

of the Federal

ending
the

Reserve

portion of

the

branch.

same

branch

director

of

the

Reserve Bank of Kansas City.

Co.
a

Vice-President

bank merger.

of the Stroudsburg Security
Co.,
He held this position at the time of his death.

Appointment

of

Secretary

of

Interior

Ickes

as

Reconstruction Administrator for Puerto Rico
Vincent

M.

Miles

Named

Special Assistant Attorney
Cummings—Thomas D. Quinn
Department of Justice

General to Homer S.

Promoted in

Attorney General Homer S. Cummings announced on
Aug. 30 the appointment of Vincent M. Miles, former mem¬
ber of the Social Security Board, to be a
special Assistant
Attorney General. Thomas D. Quinn, of the Federal Bureau
of Investigation, was appointed an Administrative Assistant
in charge of budgetary matters of the Department of Justice.
The

following regarding the appointments of Mr. Miles and




Announcement was recently made of the appointment by
President Roosevelt of Secretary Ickes gf the Department
of the Interior as Reconstruction Administrator for Puerto
Rico.
In the latter post Mr. Ickes fills a vacancy created
by the resignation of Dr. Ernest Gruening.
Under date of
Aug. 17, Associated Press Accounts from Washington said:
The

Puerto

Rico

Reconstruction

Interior Department
under the general

announcement

policy

independent

supervision

of

partments.

grouping

of

Administration,

said,
Mr.

becomes

Ickes,

in

administrative

a

reorganized,

as

an

unit of the department

line

with

agencies

in

the

President's

executive

de¬

Volume
The

trator,

Secretary
with

1523

Financial Chronicle

145

appointed1

headquarters

in

Mr.

Fairbank as Acting Assistant Adminis¬
E. E. Glover as director of the

San Juan ;

Washington office, and Mrs. Leona B. Graham as executive

assistant.

It had

profound influence on banking and has

a

It is continually

quasi-professional status.

engaged in banking that is
broader and

Financial Advertisers Association to
vention in

Hold Annual Con¬

Syracuse, N. Y., Sept.

13-16

In the current vogue of adult education, some 500
bers and other financial executives will "go to school"

mem¬
at an
unusual Financial Advertisers Association convention, the
the twenty-second annual meeting, to be held in Hotel Syra¬
cuse, Syracuse, N. Y., Sept. 13-16.
The Association is
made up of the advertising j business development and public

companies, in¬
vestment houses, financial advertising agencies and repre¬
sentatives of advertising media.
Many top executives of
financial institutions will also attend.
Early reservations
a

record attendance.

The annual

of young men and women
reflected in sounder banking methods and a

useful

more

banking service to the public.

President Curda recently

„

commented:

The upward trend in banking, not to
of the day, calls for a higher degree

forget the harassing complexities

of fitness that demands

concentrated

trained staff is a
prime requisite to sound banking, and to any program of public education.
In increasing numbers they are welcoming the Institute as an able and
willing ally and heartily accept the educational and training assistance

and advanced study.

Banking executives realize that a

offered.

of leading banks, trust

relations executives

indicate

given its employees a

exerting a growing influence in

shaping the knowledge and ability of thousands

exhibit of advertising,

publicity and public

by representative financial institutions,
both large and small, which annually is a feature of the
convention, will include the largest number of exhibits in the

relations work done

National Security Traders Association to Hold Fourth
Annual Convention at Atlantic City Sept. 8-11
Some 2,000 members and guests will be welcomed by
Mayor Charles D. White of Atlantic City and Members of
the City Commission at the opening of the Fourth Annual
Convention of the National Security Traders Association at

the Hotel Traymore in Atlantic City on Sept. 8.
Greetings
will be heard by members who represent every phase of the

history of the Association.
Annually the delegates have
been accustomed to inspect these exhibits on a personally-

financial and

experienced financial advertising
explained the purposes and accomplishments of
This year, the exhibits will be projected on a
screen
and Haynes McFadden, Secretary of the Georgia
Bankers Association and publisher of the "Southern Banker,"
will explain the aims and achievements of the displays.
Recognizing the change in the thought, ideas and ideals
of the people in the last five years, the Association's Syracuse
convention program has been built to guide financial public
relations to meet these new conditions.
Instead of tightly

S. E. C. members will be David

conducted tour in which
man

an

has

each exhibit.

security structure including personnel of
Security & Exchange Commission.
Among

Federal

the
the

Saperstein, Sherlock Davis,

John H. Kelly, and C. H. Staples.
The welcoming address
will be delivered at the National President's luncheon which

by William K. Hartzell, President of the
Philadelphia, who will present the
National President, Arthur E. Farrell of Chicago.
The major portion of the convention which will continue
from Sept. 8 to 11 will be devoted to problems of security
trading and the delivery of technical addresses by financial
experts.
Unusual entertainment features will also be pro¬

will be

presided

packed programs as heretofore, more time has been allotted
to informal discussions of individual problems.
Thomas J. Kiphart, Publicity Manager of the Fifth Third
Union Trust Co., Cincinnati, is President and William H.
Neal, Vice-President, Wachovia Bank & Trust Co., WinstonSalem, N. C., is Chairman of the Program Committee.
Preston E. Reed, Chicago, is Executive Vice-President.

vided.

of American Mining Congress
City Next Week—Sept.

before

over

Traders of

Investment

Metal Mining Convention
to

Be

Held

at

Salt

becoming identified with Wall Street.

Albert Arthur

the interest which has already

men

Nation-Wide Radio Commencement Exercises of Ameri¬
can

&c.

C.

Lake

been displayed by
throughout the country in the forthcoming
Metal Mining Convention and Exposition of the American
Mining Congress, to be held at Salt Lake City, Utah, next
week, viz., Sept. 7-10, C. M. Chapin Jr., Vice-President of
the St. Joseph Lead Co., New York City, has extended an
invitation to all metal mining men in the States of New
York, New Jersey, Massachusetts and Pennsylvania to be
present.
Mr. Chapin is a district chairman of the national
program committee which is arranging this event.
The pro¬
gram, to which reference was made in our issue of Aug. 7,
page 876, calls for discussions of legislative, economic tax,
and operating problems.
In conjunction with the conven¬
tion sessions, there will be held an exposition of mining ma¬
chinery, equipment and supplies, necessary to modern
metal mine operation, which will be presented to an expected
attendance of over 2,000 mining men from all parts of the
United States and from Canada and Mexico.
New York mining men who will take an active part in the
convention sessions and their subjects include: Donald E.
Cummings, Field Director of the Saranac Laboratory,
Saranac Lake: "Dust Elimination in Mines"; Samuel H.
Dolbear, of Wright, Dolbear & Co., New York City, and
H. B. Fernald, Loomis, Suffern & Fernald, New York City,
"The Application of the Securities Act to the Mining In¬
dustry."
Congressman James M. Fitzpatrick of New York
and Richard B. Wiggles worth of Massachusetts, members of
a sub-committee of
the House Appropriations Committee,
who are to make an inspection trip over reclamation projects
in the West prior to the convention, are planning to be in
Salt Lake City for the meeting.
With

COMPANIES,

Gude, a partner in the New York Stock
Exchange firm of Gude, Wimmill & Co., died on Sept. 2 at
his home in New York City.
He was 66 years old. Mr.
Gude was one of the founders of the firm which was organized
in 1907. He was Treasurer of the O.J. Gude Advertising Co.
Edward

7-10

mining

TRUST

BANKS,

ABOUT

ITEMS

Institute of Banking to

President of the Institute, made known that ar¬
rangements have been completed for holding exercises simul¬
taneously in about 225 chapters located in cities and towns
throughout the United States.
The speaker of the evening
will be Branch Rickey, Vice-President and General Manager
Curda,

Company

of New

York,

died

fishing lodge while on
a
fishing trip in Eastern Canada.
Born in Brooklyn on
February 11, 1868, Mr. Tilney was a son of Joseph Tilney,
merchant, who came here from England as a boy, and Janet
Fingland Tilney, a native of Scotland.
He prepared for
college at the Brooklyn Polytechnic Institute and in 1890
received his A.B. from Yale.

foreign freight department of the
he entered the banking house of
Harvey Fisk & Sons, which in 1894 sent him to Boston as
its representative.
He was made a partner in 1901 and
remained with the firm until January 1, 1915.
At that time
After two years in the

Railroad,

Pennsylvania

business, but the
Dwight W. Morrow, he
accepted the post of Assistant to the President of Bankers
Trust Company, for which he had been suggested by Henry
P. Davidson, who founded the bank in 1903.
The following
year Mr. Tilney became a Vice President of the company,
and in March, 1923, he succeeded to the Presidency, when
Seward Prosser assumed the newly created office of Chairman of the Board.
In 1929 Mr. Tilney became Vice Chair¬
man and in 1931 Chairman, which position he occupied at
he

reluctance to continue in

expressed

following August, on the urging of

the time of his death.

Mr.

Tilney had also served as

Chairman of the Clearing

having been elected in October, 1934.
He
President of the New York Clearing House Association,

House Committee,
was

of Directors of the American Gas
Babcock & Wilcox Company, Bank¬
ers
Safe Deposit Company, Central Romana, Inc., Inter¬
national Agricultural Corporation, Newark Factory Sites

a

member of the Board

and Electric Company,

Company and South Porto
The

10, it was announced on Aug. 30 by the Association.
The
year's graduates, according to Dr. Harold Stonier, edu¬
cational director of the Institute, number 2,867.
Frank R.

Trust

during his sleep on August 28th in a

Be Held Sept. 10

Signalized by the largest group of graduates in its 34-year
history, the American Institute of Banking Section of the
American Bankers Association will hold its nationwide radio
commencement exercises for this year on the evening of Sept.

Tilney of Plainfield, N. J., Chairman and

Bankers

of

Director

Rico Sugar Company.

Exchange Bank Trust Co., New

Corn

York City, on

by the New York State Bank¬
ing Department to open a branch office at 453-455 East 86th
Street, in Manhattan, after Oct. 1, it is learned from the
Aug. 27 "Weekly Bulletin" of the Department.
*

Aug. 20 was given permission

#

the

From

State

Aug. 27

"Weekly

Bulletin" of the New York
the following, dated

Banking Department we take

Aug. 25:
Chinese Merchants

Bank Ltd., New York Agency, New York, N. Y.

the affairs of this Agency has been completed:
Superintendent of Banks and its business deemed discontinued.
Liquidation

of

by the

of the St. Louis Cardinals baseball team, who has announced
John

that the

topic of his address will be "The Score Board."
will be broadcast through the courtesy of the
National Broadcasting Co. from its St. Louis, Mo., studio
over the Nationwide blue network at
7:30 p. m. Central
The

talk

Standard

A.

Education, supported by the
Carnegie Foundation, in its recent report on adult education,
said of the American Institute of Banking:




in the new York

Stock Ex¬

Slepack & Co., died on Aug. 30 at his home
Montclair, N. J. Mr. Sheeran, who was a veteran of the

in

Spanish War, was born in Brooklyn.
♦

Time.

The Association for Adult

Sheeran, a partner

change firm of

The defunct Middlesex Title

Guarantee & Trust Co., New

Brunswick, N. J., on Aug. 30 paid a total of $59,942 to 3,800
depositors,

representaing a second liquidating dividend of

1524

Financial

5%, it is learned from

a

Newark "News" of Aug. 27.

November, 1935.
tion

Finance

New Brunswick dispatch to the
The first 5% dividend was paid

It is added that claims of the Reconstruc¬

Corporation

advances

for

the

to

institution

Chronicle

Wash., has been acquired by the Seattle-First National
Bank, Seattle, Wash. The bank will become a branch of the
Seattle-First National Bank.
We quote from the paper, in
part:

have been paid fully and all funds derived hereafter will be

disbursed to depositors.
Affiliation

of

the Tiffin

National Bank

of

Ohio,

Tiffin, Ohio,

was announced

Aug. 30 by John H. Pole, Executive Vice-President of the
Tiffin National Bank, it is learned from the Ohio State
"Journal" of Aug. 31 which further said:
on

Addition,

known

made

voted

the

of

Tiffin

Corporation,

for

that

such

National

Bank

Columbus,

the

was

of

said

be sale to

to

a

the remaining assets

group

of

of Seattle

the Yakima

men

not

Securities

of

Tiffin,

announced

was

O.,

as

Aug.

affiliate

an

when

30

it

of

bank's

with the

deal

The

securities
The
to

is

bank

Yakima

reorganization.

subject to approval
was

reorganized,

by deferred depositors at the time the

who

hold

participation

certificates

in

the

corporation.

price was not mentioned but officials believed it would be sufficient

provide for

of the deferred

a

new payment

of from 40 to 45% of the principal amount

deposit certificates.

was

majority of stockholders of the Tiffin institution had

a

union.

John H.
Pole, executive Vice-President of the
Bank, in making the announcement, said the bank's deposits
$2,404,297, and its total resources $2,714,316.
a

deal

with the bank

Corp. which the Yakima bank transferred to it in Feb. 1934, in connection

with the BancOhio Corp. of Columbus,

BancOhio

Involved in

connected
«

Sept. 4, 1937

THE

CURB

EXCHANGE

Tiffin National
are

There will

bank,

Mr.

be

change

no

Pole

asserted,

in policies,

shareholders

as

equitable basis for stock in BancOhio
aligns

in

the

strong

of

group

affiliated with BancOhio

officers

merely

Corporation,

exchanged

Corporation.

independent

stock

Addition of

banking

on

this

organizations

an

bank
now

total of 16, with the Ohio National

a

Bank of Columbus and its 13 offices

employes of the Tiffin

or

in the

city and environs the largest.

•

We learn from the St. Louis "Globe-Democrat" of
Aug. 31
that disbursement of an additional
10% dividend to creditors
of the old Natural

Bridge Trust Co., St. Louis, Mo., the
was closed in
January, 1933, was
Aug. 30 by Circuit Judge Harry F. Russell.
Claims against the bank, of which P. J.
Lerch, special
Deputy Commissioner of Finance, is liquidating officer,
totaled it is said $669,822 when it closed. The
10% dividend
amounts to $67,030.
sixth since the institution

authorized

on

♦

affairs of the defunct Citi¬

Savings Bank & Trust Co. of Jackson, Miss.,
Aug. 25:

was

con¬

tained in the Jackson "News" of
F.

been
to

J.

Juliene, receiver for the Citizens Savings Bank and Trust Co. has
by Judge V. J. Strieker in Hinds county chancery court,

authorized

distribute

cellor.

This

a

30%

will

dividend, according to

require the payment

for the distribution

has

been set

for

order

an

depositors

to

signed by the chan¬
of

$91,200

and date

September 15.

According to the petition filed by Juliene, the receiver reduced the deposit
liabilities in the liquidation from $357,000 to $304,000 and
payment of the
30% dividend will leave

cash balance of $10,200.

a

#

^

Joseph Muir, Vice-Chairman of the Board of the Frost
National Bank, of San Antonio, Tex., died on
Aug. 28 at his
home in that city at the age of 86,
according to Associated
Press advices of Aug. 28 from San Antonio.
The advices
continued:
Mr. Muir

came

to San Antonio 60 years ago

from New York City.

He

President of the Lockwood National Bank and when the Lookwood and
banks were merged he become an officer in the latter

was

Frost

institution.

He also

was

treasurer of the

State Steam Laundry.

banking business for nearly 70

He had been in the

years.
*

The
was

Merchants

liquidated

State Bank & Trust Co. of Laredo,
Tex.,

Aug. 28, it

on

reported in

was

Associated

Press

advices of Aug. 28 to the Dallas "News"
from which the following is also taken:
Its

and

notes

securities

Laredo, Tex.

Henry

B.

statement
without

to

the

Aug. 29

Union

National

Bank,

said

Bank of

'

Zachry,

showed

President of

there

National Bank,

tors' checks drawn

the

Merchants

sufficient

were

selling any notes

the Union

transferred

were

of

securities

real estate.

or

All

and beginning Aug.

pay

30, Mr.

either bank will be cashed

on

to

deposits

its

financial

every

depositor

were

transferred to

Zachry said,

deposi¬

by the national bank.

4

The

directors of the Central Bank of
Oakland, Oakland,
Calif., Sept. 1 elected T. A. Crellin, President, as Chairman of
the board, and named Carl F.
Wente, President of the First
National Bank, of Reno,
Nev., to succeed Mr. Crellin as
President.
Mr. Crellin had expressed the wish to be relieved
of

a

portion of his administrative duties.

A director

of the

bank since

1908, Mr. Crellin joined the institution in 1918
Vice-President, becoming Executive Vice-President in

as

1932 and President in

been President of the

December, 1936.

Mr. Wente, who has
Bank, of Reno, since

First National

June, 1934, will

assume the Presidency of the Central Bank
Oakland, it is announced as soon as he can be relieved

of

of his present responsibilities.
First National Bank, of

He is also

Portland, Ore.,

a

a

director

director of

of the
numer¬

ous

corporations, and a member of the Agricultural Com¬
mission of the American Bankers Association.
Prior to join¬
ing the First National Bank, of Reno, Mr. Wente had been
associated with the Bank of

Italy, precedessor of the Bank
America, N. T. & S. A. (California).

of

4

From the Portland

that Robert M.
National Bank of
of that bank at a

"Oregonian" of Aug. 28 it is learned
Alton, Trust Officer of the United States
Portland, Ore., was elected a Vice-President
meeting of the directors held Aug. 27. Mr.

Alton will continue
of the Trust

as

a

Trust Officer of the bank in charge
From the same paper, we quote

Department.

in part:

Alton joined the staff of the United
States National bank in 1922.
war he had been a
practicing

vious to the world
war

attorney here.

he went overseas

with

the American forces

as

a

Pre¬

During the

major in the head¬

quarters staff of the 8th division.
4

It
that

is

learned

the

from

Yakima




the

Valey

Portland

Bank

and

"Oregonian" of Aug. 24
Trust

Co.,

of

Yakima,

showed

some signs of
improve¬
during the fore part of the week, and while the gains
were not particularly impressive,
they extended to all parts
of the list.
Lack of support and realizing in Technicolor and
Carrier Corp. brought a fresh decline on
Wednesday and
many prominent trading favorites tumbled downward from
1 to 6 or more points.
The specialties attracted some
speculative attention and some of the more active stocks
among the oil shares were fairly strong at times, but utilities
have shown little change either way.
The volume of sales
has been unusually small.
Fairly wide gains were recorded in a few selected stocks
during the two hour session on Saturday, but the Curb
market, as a whole, was quiet and price changes were
generally within a narrow range.
There was little or no
week-end selling pressure apparent, and while there were one

ment

or

two fair

small.

The following regarding the
zens

Curb market movements

sized

transactions, most of the transfers

Public utilities

were

easier and

a

were

number of active

stocks in the oil group registered gains of minor fractions.
Industrial specialties attracted some attention, Carrier

Corp.

climbing up 2^ points to 63)4, Technicolor advancing 1)4
points to 30)4 and Safety Car Heating & Lighting 1 %
points to 12034United Light & Power pref. gained 1%
points and closed at 41)4.
The volume of sales dipped toapproximately 65,000 shares.
Modest price improvement was in evidence
during most
of the trading on Monday.
The gains did not include all
parts of the list but were more pronounced among the
specialties, oil stocks and mining and metal issues.
There
were

occasional advances among the public utilities, but the

public interest

was

dwindled to about
1935.

lacking and the volume of transfers
115,000 shares, the bottom since July,

Technicolor continued the

outstanding performer and
1% points to its previous gain.
Pittsburgh Plate
another strong stock and closed at 120)4 with an
advance of 2 points.
Other gains of importance were Detroit
Steel Products, 3)4 points to 47)4; Illinois Zinc, 4
points
to 29, Niles-Bement-Pond, 2 points to 62 and South Penn
Oil, 2)4 points to 52)4Specialties were in demand during a goodly part of the
trading on Tuesday, and while prices were somewhat ir¬
regular, there was a strong tendency toward higher levels.
Technicolor was actively purchased and moved close to its
top for the year.
Pittsburgh Plate Glass also advanced 2)4
points to 123.
Public utility stocks slipped backward and
forward without definite trend and the mining and metal
stocks were fairly steady.
Noteworthy among the issues
closing on the side of the advance were Jones & Laughlin
Steel, 2 points to 97, New Jersey Zinc, 2)4 points to 80)4;
Red Bank Oil, 3)4 points to 18)4; Singer
Manufacturing Co.,
3)4 points to 316 and Lion Oil, 1)4 uoints to 26.
The
added
Glass

was

transfers

were
somewhat heavier, the total volume
151,590 shares against 115,005 on Monday.

Price movements

being

generally toward lower levels on
prominent trading favorites slipped
downward from fractions to 6 or more points.
The losses
were not confined to
any one group but extended to prac¬
tically all parts of the hst.
Pepperell Manufacturing Co.
was one of the weak
spots and moved back 4 )4 points to
114.
Carrier Corp. dropped 4 points to 61 )4; Celluloid pref.,
6 points to 42 and Babcock & Wilcox, 6
points to 115.
Technicolor was off 2)4 points at 30)4; Ford Motor of
Canada B, 2 points to 24; Pratt & Lambert, 4 points to 28;
South Penn Oil, 2)4 points to 50 and Youngstown Steel
Door, 1)4 points to 66.
Sharp declines in prices that swept numerous active stocks,
into new low ground were in evidence on
Thursday, the
losses ranging from 1 to 5 or more points.
The selling of the
preceding day apparently had a depressing effect on most
of the market leaders,
many of which tumbled downward
during the early trading.
One of the outstanding move¬
ments was the break in Pepperell
Manufacturing Co. which
opened at 114 and dropped 5 points to 109 and then climbed
back to 113 with a net loss of 1 point.
Noteworthy among
the declines were American Book Co. 3
points to 61; Bab¬
cock & Wilcox 3 points to 112; Canadian
Hydro Electric
pref. 5 points to 88; Childs pref. 5 points to 75, Dayton
Rubber 3 points to 20; Newmont Mining Corp. 2)4 points
to 94; and Duke Power 3
points to 69)4The trend of the market turned upward on Friday and
the level of prices was lifted from fractions to a
point or
more.
The improvement was slow as speculators were
cautious and unwilling to extend commitments to any
great
extent.
The preferred stocks in the public utility group-

Wednesday and

were

many

attracted
a

a

attention and
stronger, but the oil stocks and

specialties were

The volume
of sales was down to approximately 156,000 shares against
227,000 on Thursday.
As compared with Friday of last
week prices were generally lower, Aluminum Co. of America
closing last night at 138% against 145% on Friday a week
ago; Commonwealth Edison (new) at 30 against 31%; Cord
Corp. at 4% against 4%; Creole Petroleum at 33 against
35%; Electric Bond & Share at 15% against 16%; Gulf Oil
Corp. at 55 against 55%; Hudson Bay Mining & Smelting
at 29% against 31; New Jersey Zinc at 78 against 79; Newmont Mining Corp. at 92 against 98; Niagara Hudson
Power at 11% against 12%; and Sherwin-Williams Co. at

mining and metal issues made little progress.

122% against 126.

Sat.,
Aug. 28
British Amer Tobacco.
Canadian

Marconi

Central Mln & Invest.
Cons Goldflelds of 8 A.

Crown Mines
Courtaulds S & Co
De Beers

Distillers Co
Electric AMuslcallnd.

Ford Ltd
Gaumont Pictures ord.
A

Geduld

Exploration

Sept. 3.

1937

Tuesday
Wednesday
Thursday
Friday

895,000

1,000,000

22,000

13,000

1,023,000

13,000

17,000

$366,000
605,000
931,000
1,035,000
1,053,000

853,000

14,000

14,000

881,000

$4,710,000

$86,000

$75,000

$4,871,000

$2,000
13,000

$14,000

589,000

895,875

Total

Total

3,000
20,000

$350,000

64,865
114,655
151,590
181,575
227,195
155,995

Saturday
Monday

Government

Domestic

16,000

Metal

Rand Fr Est Gold
Roan Antelope

150/-

17/9

32/6
150/9
151/3

$4,710,000

$11,911,000

Foreign government-.

86,000

246,000

Foreign corporate

75,000

93,000

8,895,000
7,289,000

$4,871,000

$12,250,000

$316,250,000

$597,883,000

£7

£7

70/7*4

71/3
£459,6
£5133z
7/3
205/-

£45
£5"3z
7/3
202/6

67/3
£44*4
£553z
7/3
200/-

£7

68/3
£44*4
£53,e
7/6
203/9'

64/-

63/6

64/6

64/-

18/6
80/15/6

80/7*4
16/48/9
£6*4

42/9

42/6

42/-

40/9

41/-

160/-

Ltd

Corp

160/-

106/-

106/-

157/6

31/3
31/3

30/9
31/3

29/6
31/3

30/10*4
31/3

30/3

Witwatersrand

£8

90,366,173
$576,534,000
12,509,000
8,840,000

18/80/6
16/3
48/9

66/-

Triplex Safety Glass...

Areas

75,868,177

18/3
80/9
16/9
49/4*4

70/-

Shell Transport
So Kalgurll Gold M

West

$300,066,000

Total

151/3

£45*4
£15'322
7/3
202/6

Cop M.

Royal Dutch Co

West Rand ConsolM..

1936

1937

Bonds

Domestic

150/3

151/3

£97

Rand Mines

Unllever

1,307,422

895,875

Stocks—No. of shares.

4/6
32/3

4/6

33/151/3

18/3

Sub Nigel Mines

New York Curb

1936

155/160/-

175/160/-

175/160/-

81/3
15/6
48/9

Box

United Molasses

1937

17*4
190/3
31/9
26/9
27/3
5/10*4
5/10*4
2/6
2/4*4

4/6

151/3

Palmietkull Gold M...

Unlon

Exchange

...

255/53/6

£17*4
108/9
21/6

21/9
27/5/9
2/3

33/151/9

Holiday 151/10*4

Mines of Kalgoorlle.

Foreign
Corporate

Foreign

54/9
£18*4
109/6

Fri.,
Sept. 3

117/6
7/9

116/6
7/9
430/73/9
252/6
52/6

Lake View South Gold

(.Number
of
Shares)

430/-

75/257/6

175/160/-

4/6
33/6

Hudson Bay Mln & Sm

IMPS.

Bonds (Par Value)

Stocks

118/1 *4
8/-

&

Imp Tob of G B & I..

Week Ended

cable

Thurs.,
Sept. 2

Wed.,
Sept. 1

Mon.,
Tues.,
Aug. 30
Aug. 31
117/6
118/9
7/9
8/430/430/75/7*4
76/3
257/6
260/54/10*4
55/£18*4
£18**
109/6
109/6
21/9
21/9
27/3
"27/5/9
5/9
2/3
2/3

175/162/6

(E)

Geduld Prop Mines...
Finance of Australia.

EXCHANGE

NEW YORK CURB

AT THE

TRANSACTIONS

DAILY

STOCK EXCHANGE

Quotations of representative stocks as received by
each day of the past week:

Gold

/

t

LONDON

THE

substantial part of the speculative

few of the

1525

Financial Chronicle

145

Volume

THE

BERLIN STOCK

Closing prices of representative
each day of the past week: '

EXCHANGE

stocks

Aug.

£7*4

£7*4

£8

£8*4

as

Sept.

31

30

28

received by cable

Aug.

Aug.

Per Cent

1
of Par

Sept.
2

Sept.
3

131

130

130

131

130

130

Commerz-und Privat-Bank A. G. (5%)

135
169
118

136
169
118

135
168
118

135
168
119

135
168
119

135
168
118

Dessauer Gas

121

121

123

123

124

122

Dlsconto-Geeell. (5%)-123

124
153
128
105
167
160
159

124
153
128
105
167
161
158
85
124
90
214
232
163
219

124
154
128
105
167

124
154
128
105
167
160
158
83
125
90
213
230
163
219

124
153
128
105
167
159
158
80
124
88
211
230
159
217

Allgemelne Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
Berliner Kraft u. Llcht (8%)

We

New York correspondent for

act as

154
Deutsche Relchsbahn (German Rys) pf 7%-128
Dresdner Bank (4%)
105
Farbenlndustrle 1. G. (7%)
167
Gesfuerel (6%)
159
Hamburger Elektrlzltaetswerke (8%)
158
Hapag
86
Mannesmann Roehren (4*4%)
124
Deutsche Erdoei (5%)

commercial banks in all parts of the world.
MANUFACTURERS TRUST COMPANY
DEPARTMENT.

PRINCIPAL OFFICE AND FOREIGN

STREET, NEW YORE

BROAD

55

Norddeutscher Lloyd—
Relchsbank (8%)

Member Federal Reserve System

Rhelnlsche Braunkoble (8%)

Association

Salzdetfurth (6%)
Siemens & Halske

requirements of Section 522 of the Tariff

Pursuant to the

certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record foi the week just oassed:
Act

of

1930,

EXCHANGE

FOREIGN

is

the Federal Reserve Bank

AUG.

RATES

CERTIFIED

now

BY FEDERAL RESERVE

TREASURY UNDER TARIFF ACT OF 1939

BANKS TO

28,

1937, TO SEPT. 3,

1937, INCLUSIVE

Noon Buying Rate for Cable Transfers in
Value in United States Money

Country and Monetari

New York

Aug. 30

Aug. 31

Sept. 1

$

$

$

Europe—

Sept. 3

Sept. 2
$

$

233
163
-.220

124
90

214
...

...

220

Bank clearings
a

this week will show a decrease compared

upon

Clearings—Returns by Telegraph
Week Ending Sept. 4

Per

.188516*

.188550*

.188566*

.188557*

.188528*

.188357*

1936

$2,863, 118,898
276, 680,105
296, 000,000
165, ,884,000
80, 199,187
72, 900,000
135, 182,000
121 ,082,179
82, ,137,681

New York....

.168594

.168457

.168401

.168413

.168455

Chicago

.012875*

.012875*

.012875*

.012875*

Philadelphia..

$3,107,025,336
250,811,857
268,000,000

+ 10.3

161,699,000

+ 2.6

76,817,644
66,800,000
124,145,000
101,949,236

+ 4.4

.012875*

.012875*

.034907

.034887

.034880

.034889

.034900

.034914

Boston

Denmark, krone

.221679

.221608

.221627

.221610

.221462

.221345

Kansas City..

England, pound sterl'g

.966458

.967375

4.965250

.964458

.961583

4.958541

Finland, markka

.021943

.021962

.021968

.021950

.021940

.021956

France,franc

.037373

.037375

.037372

.037379

.037342

.037276

.401817

.401571

4.01707

.401610

.401546

.401464

Detroit

.009112*

.009105*

.009100*

.009107*

.009107*

.009075*

Cleveland

80, 630,879

Germany,

relchsmark

Greece, drachma.....

Cent

1937

$

.168396

koruna

231
163
219

year ago.

Belgium, belga
Bulgaria, lev

125
91

213

Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Sept. 14)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 1.6% below
those for the corresponding week last year.
Our preliminary
total stands at $5,918,570,941, against $6,017,283,595 for
the same week in 1936.
At this center there is loss for the
week ended Friday of 7.9%.
Our comparative summary

with

Austria, schilling

Czechoslo'kla,

161
159
84

for the week follows:

Unit

Aug. 28 |

(8%)

85

Course of Bank Clearings

EXCHANGE RATES

FOREIGN

213

-

Insurance Corporation

Member New York Clearing House
Member Federal Deposit

(7%)

Deutsche Bank und

St. Louis
San Francisco.

Pittsburgh

—7.9

+ 10.4

+ 9.1

+ 8.9
+ 18.8
+ 6.3

Holland, guilder

.551207

.551278

.551392

.551396

.551653

.551757

.197650*

.197525*

.197400*

.197400*

.197425*

.197425*

New Orleans..

Italy, lira

.052601

31, ,704,000

Baltimore

Hungary, pengo

+ 17.6

55 ,025,477

77,295,967
68,573,382
51,071,743
32,674,000

—3.0

$4,260,544,406
671,598,045

$4,3S6,863,165
681,733,330

-2.9

$4,932,142,451
986,428,490

$5,068,596,495

—2.7

948,686.100

+ 4.0

$5,918,570,941

$6,017,283,595

-1.6

+ 7.7

.052601

.052603

.052601

.052601

.052600

Norway, krone

.249539

.249475

.249447

.249404

.249258

.249104

Poland, zloty

.188975

.188975

.188975

.188975

.188975

.188925

Portugal, escudo

.044910*

.044929*

.044983*

.044908*

.044887*

.044900*

.007282*.

.007282*

.007282*

.007282*

Rumania, leu

.007267*

.007285*

8paln, peseta
8weden, krona
Switzerland, franc...

.065857*

.065357*

.066166*

.065785*

.065142*

.065285*

.256035

.256014

.255962

.255929

.255762

.229448

.229478

.229507

.229666

.229703

Yugoslavia, dinar

.022980*

.023020

.023000*

.023020*

.023000*

days

days

Total all cities, five

days.

-1.5

.255608

.229548

Twelve cities, five

Other cities, five

.023020*

Asia—

China—

•

(yuan) dol'r

.299572

.299208

.299520

.299156

.297333

.297000

Hankow(yuan) dol'r
Shanghai (yuan) dol

.299739

.299375

.299687

.299156

.297333

.297000

.299739

.299375

.299687

.299156

.297333

.297000

.299156

.297333

.297000

Chefoo

Tientsin (yuan) dol'r

.299739

.299375

.299687

Hongkong, dollar..

.310854

.310406

.310593

.310125

.310281

.309843

India, rupee

.375000

.374809

.374937

.374667

374562

.374208

Japan,yen

.289585

.289621

.289635

.289608

.289367

.289080

Singapore (S. S.) dol'r

.582500

.582500

.582500

.582500

.581937

.581125

Australasia—

Australia, pound
New Zealand, pound.

.957901*3 956339*3, 955758 *!3, 956607* 3.953214* 3.950982*
.988802*3 987291*,3. 976406*3. 985833* 3.983645* 3.980625*

Africa—
South Africa, pound.. 4.920000* 4.919375*4.920078*

3.918906*3.913515*4.912678*

North America—

(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we

until

present further below, we are able to give final and complete
results for the week previous—the week ended Aug. 28.
For that week there was a decrease of 2.1%, the aggregate
of clearings for the whole country having amounted to

$5,287,037,151, against $5,398,310,604 in the same week
Outside of this city there was an increase of 8.1%,
the bank clearings at this center having recorded a loss of

1, 000000

.999939

.999804

.999166

.999166

.999166

.277500

.277500

.277500

.277500

.277500

.997500

.997500

.997500

.997500

.997455

.997187

.331066*

.331000*

.331066*

.330916*

.330816*

.330533*

.087272*

.087255*

.087271*

.087255*

.087255*

.087238*

serve

Cuba, peso

.999166

Mexico, peso

.277500

Newfoundland, dollar
South America—

Argentina, peso

mllrels

in 1936.

9.1%.

We group the cities according to the Federal Re¬
this it

districts in which they are located, and from

in the New York Reserve District (including
totals show a loss of 8.8% and in the Boston
District of 4.3%, but in the Philadelphia Reserve
the totals record a gain of 3.0%.
In the Cleveland

.064255

.063962

.063900

.063900

.064337

.064214

Chile, peso.

.051325*

.051325*

.051200*

.051200*

.051200*

.051200*

Colombia, peso

.569905*

.570131*

.570131*

.570131*

.570131*

.570131*

appears that
this city) the

Uruguay, peso,

.791750*

.792066*

.792333*

.792333*

.792333*

.792666*

Reserve

(Free) mllrels

•Nominal rates; firm rates not




available.

week

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them, today, inasmuch as the week ends today

.999166

000000
1.000000

day

Total all cities for

1..000000
.999166

.000000

Canada, dollar

Brazil (official)

All cities, one

District

Financial

1526

Chronicle

Sept. 4, 1937
MONTHLY

improvement of 21.8%, in the
of 2.8% and in the Atlanta
Reserve District of 9.5%.
In the Chicago Reserve District
the totals are larger by 11.5%, in the St. Louis Reserve Dis¬
trict by 8.3% and in the Minneapolis Reserve District by
13.7%.
In the Kansas City Reserve District the totals
register an increase of 6.2%, in the Dallas Reserve District
of 1.5% and in the San Francisco Reserve District of 11.8%.
In the following we furnish a summary by Federal Reserve
Reserve District there is an

Richmond

Reserve

District

Clearings, Total All

Clearings Outside New York

Month

1930

1937

1937

1936

I

$
%
%
%
+8.2 12,400,970,597 10,876,517,032 + 14.0
Jan... 29,924,287,813 27,663,352,857
+8.2 10,750,471,638 9,502,491,474 + 13.1
Feb— 26,070,426,220 24,084,886,600
Mar
32,233,110,651 28,937,350,633 + 11.4 13,244,083,177 10,405.721,409 +20.5
$

..

88,227,824,684 80,685,596,090

+9.3 36,395,525,412 30,844,729,915 + 18.0

April.. 28,818.231,387 27,067,061,596
May.. 26,605,325,643 24,779,150,469
June.. 28,697,184,405 28,599.694,452

+ 7.3 12,037,903,347 10,326,237,123 + 16.5
+0.3 12,420,968,079 11,274,260,853 + 10.2

1st qu.

districts:
SUMMARY OF

CLEARINGS

BANK CLEARINGS

Inc.or

+ 0.5 12,744,647,797 10,863,040,546 + 17.3

Reserve

Federal
1st

1937

$

Dists.

12 cities

Boston

$

214,437,106

+4.6 37,203,519,223 32,464,138,522 + 14.6

172348 566,119 161131502,607

+ 7.0 73.599,044,635 63,308,868,437 + 16.3

175,397,684

1935

July
Aug

28,792,060,433 27,302,371,638 Z+5.5 12,691,807,678 11,854,065,151
-t-5.1 11,642,742,969 10,789,275,911
24,763,333,696 23,567,963,759

1934

?

%

224,179,295

84,120.741,435 80,445,906,517

2d

Dec.

1936

1937

qu.

6 mos.

Week End-. Aug. 28,

—4.3
—8.8

$

191,416,090

"

3,008,317,801

3,297,057,489

3,187,459,713

2,371,157,470

3rd

PhiladalphialO

"

334,744,735

324,875,254

"

306,575,807

251,687,129

202,952,473

177,862,392

5th

Richmond .6

"

120,337,263

98,297,985

91,932,763

0th

Atlanta

"

135,704,458

123,964,867

+9.5

102,729,508

86,730,084

"

+ 11.5
+8.3

341,350,788

325,800,486

105,633,653

+7.1

242,677,703

Cleveland..

+3.0
+21.8
+2.8
117,030,295

283,386,484

4th

..

2nd

York. 13

New

5

10

7th

Chicago ...18

468,194,928

420,014,247

8th

St. Louis

4

"

125,927,797

116,284,056

9th

Minneapolis 7

"

113,209,928

10th Kansas City 10

"

139,025,753

0

"

64,486,263

Fran..11

"

256,075,312

+13.7
+6.2
130,969,335
+1.5
63,540,059
229,106,961 + 11.8

11th Dallas

12th San

99,601,617

Our usual

monthly detailed statement of transactions on
Exchange is appended.
The results for
August and the eight months of 1937 and 1936 are given
the New York Stock

87,194,794

86,440,580

106,167,211

45,295,596

45,591,977

201,777,526

below:

82,965,088

129,847,745

179,791,862

Month of

August

5,287,037,151

5,398,310,604

4,976,587,141

2,199,793,556

+8.1

1,879,562,344

1,680,725,405

295,151,764

313,292,902

—5.8

263,508,695

259,658,859

1936

1936

1937

3,973,269,514

2,378,350,346

112 cities

Total

—2.1

Eight Months

Description
1937

Outside N. Y. City

+ 7.9

26,563,970

17,212,553

Stocks, number of shares.

266,805,765

322,111,669

Bonds

Railroad & misc. bonds.

.

State, foreign, &c., bonds

We also furnish

today a summary of the clearings for the
month of August.
For that month there was an increase for
the entire body of clearing houses of 5.1%, the 1937 aggre¬
gate of clearings being $24,763,333,696 and the 1936 aggre¬
gate $22,567,963,759.
In the New York Reserve District
there is an improvement of 2.7%, in the Boston Reserve
District of 0.2% and in the Philadelphia Reserve District
of 4.8%.
The Cleveland Reserve District has managed to
enlarge its totals by 15.9%, the Richmond Reserve District
by 4.8% and the Atlanta Reserve District by 9.9%.
In the
Chicago Reserve District the totals register an increase of
8.1%, in the St. Louis Reserve District of 7.5% and in the
Minneapolis Reserve District of 3.3%.
The Dallas Reserve
District enjoys a gain of 19.6%, the Kansas City Reserve
District of 7.0% and the San Francisco Reserve District
of 10.9%.
August

August
1937

V

Inc.or

August

Dec.

1935

Total

$105,633,000 $179,589,000 $1,475,078,000 $1,868,790,000
21,298,000
22,794,000
239,465,000
218,520,000
19,174,000
15,541,000
297,915,000
200,056,000
$147,601,000 $216,428,000 $2,012,458,000 $2,287,366,000

transactions in share properties on the
Exchange for the eight months of the years
1937 is indicated in the following:

The

of

volume

New York Stock
1934 to

1937

No.

Reserve Dists.

1st

Boston

2nd

New

$

14 cities

York. 15

%
1,016,644,835

13,604,045,432

13,247,222,104

8rd

Phlladelphlal7

"

1,588,562,592

1,515,331,139

4th

Cleveland-.19

"

1,451,886,813

1,252,646,039

6th

Richmond .10

"

584,521,091

557,970,865

6th

Atlanta

16

"

644,095,672

586,221,312

7th

Chicago —31

"

2,177,595;326

2,014,769,373

8th

St.

Louis.. 7

"

592,892,801

551,581,600

9th

Mlnneapollsl6

10th KansasCity 18
11

11th Dallas

12th San

Fran..20

Total..

We

60,884,392
51,016,548

15,850,057

29,900,904

159,265,700

179,102,685

49,663,714

141,290.205

First quarter.
Month of April

34,606,839

39,609,538

22,408,575

29,845,282

May

18,549,189

20.613,670
21,428,647

30,439,671
22,330,422

25.335.680

16,449,193

09,605,221

81,651,855

75,184,668

71,981,117

228,870,927

260,754,540

124,848,382

213,277,322

20,722,285
17,212,553

34,793,159
26,563,970

29,427.720

21,113.070

42,925,480

16,690,972

Second quarter

August

15,190,986,741
1,429,434,616

1,193,976,409

984,878,694

+ 15.9
+4.8
+9.9
+8.1
+7.5

12,004,861,184

846,639,396

490,400,787

435,384,050

494,041,593

1,500,486,889

504,897,640

clearings at leading cities of the country
for the month of August and since Jan. 1 in each of the last
four years is shown in the subjoined statement:

423,290,074

494,869,140

+3.3

423,545,991
751,475,204

638,241,879

495,243,952

341,107,199

301,332,591

1,232,515,428

1,110,969,426

+10.9

994,280,607

23,567,963,759

24,258,203,163

10,789,275,911

9,507,726,940

1,421,246,230

1,456,361,477

—2.4

1,375,984,173

1,290,576,430

__.13.121

Chicago

8,280,241,508

...

Boston

St.

...

Louis.

Pittsburgh

Cincinnati

Kansas

New

York. 15

"

5th

Richmond

0th

Atlanta

7th

8 Months

1935

1934

$

9,544,923,102

"

Phlladelphial7
Cleveland..19

8 Months

Dec.

$

14 cities

3rd

Inc.or

1930

14,186,297,561
11,848,878,851

10

"

4,976,591,215

"

5,575,038,530

Chicago ...31

"

18,361,676,721

8th

St.

7

"

5,090,941,714

9th

Mlnneapollsl6

"

3,692,814,268

10th KansasCity 18
11th Dallas
11

"

6,760,867,396

"

3,917,638,398

12th San

"

9,539,119,196

Louis..

Fran..20

%
+6.9

$

+ 1.9 126,348,855,084 115,011,744,405
+10.9 11,526,682,328 10,091,434,176
9,824,834,912 +20.6
6,858,155,685
7,764,233,220
4,329,642,313 + 14.9
3,721,411,400
3,336,206,497

12,788,645,087

4,616,045,760

+20.8

+13.9
+ 13.0
+10.1
5,996,342,530 +12.7
3,230,428,114 +21.3
8,345,541,792 +14.3

16,117,842,345

3,996,675,437

3,486,106,260

$

422

349

3,632

2,890

282

253

3,379

2,673

2,177

1,983

274

254

2,368

2,122

1,898

1,718

134

111

95

780

364

310

1,040
3,483

866

431

1,248
4,026

2,958

2,407

138

124

121

93

1,186

1,032

896

137

...

3,124

354

327

2,388

138

133

117

1,066

1,095

957

922

39

36

31

378

338

295

271

778

85

St. Paul

Denver

Indianapolis
Richmond

669

539

451

1,279

1,079

949

896

84

868

816

762

660

126

105

97

1,085

923

788

69

57

50

645

549

475

396

163

...

733

110

96

71

...

60

121

109

141

...

69

142

114

...

88

150

Buffalo

157

147

130

1,318

1,121

1,036

939
430

662

13,497,680,210

11,425,189,407

66

61

52

48

621

525

464

4,504,475,178

3,938,147,426

3,493,429,113

Seattle

181

154

129

105

1,325

1,101

920

3,354,609,496

3,031,704,093

2,638,666,681

Salt Lake City.

70

62

54

47

555

472

410

343

5,314,192,397

4,556,294,284

Hartford

45

41

45

32

425

397

363

292

2,645,045,216

2,390,841,207

7,299,629,582

6,392,129,965

Outside N. Y. City

97,933,595,282

Canada

12,401,352,687

12,157,395,877

Memphis
...

Total

—

Total

all

+2.0

10,800,198,498

covers

2,241

2,455

the clearings by months

since Jan. 1, 1937 and 1936:

now

add

10,789

our

8,280

9,508

97,934

754

194,178 182,366 164,370
17,824

85,952

12,834

14,709

197,075 177,204
74,323
65,337

detailed statement showing the figures

for each
years

city separately for August and since Jan. 1 for two
and for the week ended Aug. 28 for four years:
%

CLEARINGS FOR AUGUSTSINGE JANUARY
1, AND FOR
Month of August

1,882

24,763 23,568 24,258 19,915 225.904 212,002

10,203,598,406

We

18,291 205,163
20,741
1,624

..22,308 21,327 22,376
...

Outside New York.11,643

following compilatioo

$

460

Milwaukee

+6.6 197,075,042,664 177,203,670,006
85,952,209,499 + 13.9 74,322,559,193 65,336,621,269

The

$

146

...

...

194 cities 225,903,960,248 212,001,838,004

..32 cities

$

429

460

...

Other cities

Total

1934

$

433

Providence

7,523,472,506

1935'

$

335

...

...

Detroit

t

7,990,786,271

260

...

Louisville

132,409,173,296 129,964,009,093

"

10

.

8,929,421,384

1936

40

City

Omaha

Reserve Dists.

2nd

4th

8 Months

668

288

...

New Orleans...

1937

610

...

...

Cleveland

8 Months

868

381

...

San Francisco..

Baltimore

1937

14,750 11,635 127,970 126,050 122,752 111,867
968
11,432
7,293
1,081
1,241
10,040
8,482
755
875
811
8,150
7,667
6,525
6,880
13,422
1,141
1,434
1,366
12,082
9,654
11,057
330
281
361
3,228
2,900
2,272
2,561
426
368
537
5,028
4,265
3,347
2,981
554
492
608
5,201
4,647
3,553
4,139
222
246
279
2,422
2,138
1,905
1,755
194
164
228
2,173
1,400
1,829
1,600

1,498

...

AUGUST

1934

12,779

1,379

...

Philadelphia

IN

———Jan. 1 to Aug. 31-

1935

S

s

19,910,039,818

11,642,742,969

+5.1
+7.9

CITIES

—

1936

1937

New York

895,336,320

24,763,333,696

LEADING

AT

-August-

378,580,290

+ 7.0
414,048,922 + 19.6
805,689,004

CLEARINGS

BANK

omitted)

append another table showing the clearings by Federal

Boston

16,800,155

of bank

course

427,992,925

1,704,939,646

The

Minneapolis

1st

54,505,349
56,829,952

June

,

Reserve districts for the eight months for four years:

Federal

Shares

50,248,010
50,346,280

19,409,132
14,404,525

868,917,811

862,036,769

32 cities

No.

February.
March...

$

948,214,445

511,281,906

Outside N. Y. City
Canada

*

%
+0.2
+2.7
+4.8

"

"

1934

Shares

No.

67,201,745

Six months

"
"

194 cities

1935

Shares

1934

1,018,655,914

"

No.

58,671,410

Month of July.
Federal

1936

Shares

Month of January..

August

1936

U. S. Government bonds

WEEK ENDING AJJG. 28
Week Ended Aug. 28

8 Months Ended Aug. 31

Clearings at—
Inc. or

Inc. or

Inc. or

1937

First Federal Reser

ve

1936

Dec.

1937

1936

Dec.

1935

$

%

$

$

%

$

$

%

$

+ 12.5

480,865

644,186

—25.4

—0.6

1,808,563
185,426,289
510,029

1,792,245
197,108,740
469,330

—5.9

2,845,016

—13.7

1,404,789

1,393,285

+ 0.8

23,782,248
71,567,361
8,149,937,251
23,891,462
13,299,819

1,568,975

+ 22.4

13,806,827

+ 2.7

+ 6.4

24,579,047
114,106,502

+ 11.3

61,068,600

+2.3

378,011,400

+ 14.4

19,277,976

21,148,360
71,974,547
7,666,811,276
21,703,279
12,269,522
12,232,238
22,794,294
104,168,767
58,931,089
397,024,893
133,534,006
49,182,800
338,149,800
19,496,513

9,544,923,102

8,929,421,384

8,950,464

1

8,734,718

+ 2.5

875,230,397

—0.9

2,644,469

Fall River

2,492,439

+ 6.1

2,948,927

1,281,979
2,870,642

Springfield...

11,988,847

11,267,320

Worcester

Conn.—Hartford

8,356,538
44,698,362

New Haven.

16,832,603

Waterbury

6,567,300
40,330,400
2,209,321

7,106,482
41,149,218
15,000,221
5,900,200
39,441,700
1,931,218

1,018,655,914

1,016,644,835

+ 0.2

New Bedford

hk

R. I.—Providence

N. H.—Manchester
Total (14 cities)




1934

$

District— Boston—

867,700,997

Mass.-—Boston

Lowell

1937

2,453,922

Portland

Holyoke

Dec.

$

Me.—Bangor

1936

+ 17.6
+ 8.6

+ 12.2

73,998,332
425,126,157
152,470,120

+ 6.3
+ 10.1
+ 8.4

+ 7.1

+ 14.2

3,628,208

+ 7.8

+ 9.5
+ 25.6

+8.7

476,990
1,463,585
152,483,568
472,583

"

328,423
589,601
2,483,897
1,704,332
8,858,039

+ 12.9

+ 0.9

486,266
1,658,559
165,163,781
503,233

250,290

+ 31.2

"298", 211

"i93;66i

513,898
2,184,473

+ 14.7

489,282

+ 13.7

2,149,593

1,411,728
8,628,744
3,020,373

+ 20.7

+20.1

1,036,462
8,909,129
2,808,458

440,267
2,135,871
1,007,174
7,438,987
2,626,960

6",272:400

+ 2.7

+ 24.2

8,058+00
559,860

7,717+66

+4.4

7",443" 100

—1.1

438,188

+27.8

470,016

386,298

+ 6.9

214,437,106

224,179,295

—4.3

191,416,090

175,397,084

+ 11.8

Volume

CLEARINGS
8

Month of August

Clearings at-

erve

34,085,733
32,032,563
4,981,724
5,124,153
142,183,280
150,061,012
2,772,139
2,410,002
2,393,815
3,275,615
13,120,590,727 12,778,687,848
31,911,624
32,896,918
15,489,370
18,403,104
2,983,758
3,181,612
12,452,000
13,830,779

N. Y.—Albany

Blnghamton
Buffalo

Elmlra
Jamestown

New York

.

Rochester

Syracuse
Utlca.
Westchester Co

(15 cities)

Third Federal Rese

Chester.-..—....
Harrisburg
Lancaster

Lebanon
Norrlstown

Philadelphia
Reading
Scranton

Wilkes-Barre
York

1,369,053

—

577,646
-

Del.—Wilmington
N. J.—Trenton

Fourth Federal Res

erve

19 ,408,793

1.123, 214,078

139 070,269

715,502
828,929
25,429,999
26,600,000
361,139
576,083
338,536
401,456
+ 44.3
—9.1 3.097,024,797 2,292,544,109
4,858,904
5,447,975
+2.6
2,726,306
3,019,336
+ 15.6
+ 16.1

+0.6

—24.9

502,262

25 367,425
112 659,150

1,924"057

13 627,106

653 039,561

+ 19+

2,919,286

+29.4

207,877

+ 1.9

15,994,330
28,295.025

2,292+85
3,777,324
211,745
16,246,019
25,914,541

124 556,232

—8.4

1,823,845
2,347,983
381,777
15,442,220
28,390,198

+ 1.6

1,379,110
1,994,354
'

225,000

13,507,364
17,941,939

30, 956,554

31,728,162

+1 9

—8.8 3,187,459,713 2,371,157,470

3,008,317,801 3,297,057,489

349,213
526,056
258,061

476,787
424,267
263,086

15 ,900,775

263,863
349,334

297,283

—19.3

+ 1.9

208,505

241,405

+ 36.5

—2.1

18,076,215
18,791,620
12,263,029
78,623,290
49,506,738
16,260,627
17,697,907

13,422,000,000

12,082 000,000

+ 11.1

324,000,000

51,390,195
86,108,190
38,043,719

42 792,080

+ 20.1

272,000,000
790,226

+ 4.0

1,343,918
1,862,326

+ 30.6

82 826,489

316,000,000
1,028,926
1,808,300

235,000,000

+4.5
+ 25.8

+ 3.0

1,571,205

1,819,189

38 657,321

—1.6

699,094

752,517

—7.1

965,737

768,946

50 937,392

+ 20.4

1,748,500

1,147,566

+ 52+

1,115,747

912,049

61,305,552
11,803,918
4,784,208
23,017,458
121,885,3951
154,739,500

2,630+00

1.839*000

+ 4+6

5,318*866

1,833~6O6

+3.0

283,385+84

242,677,703

+8.6
+ 11.0
+ 11.1
+ 18.7

+25.6

+ 0.1
—12.6

+ 25.7

+ 22.6
—2.9
—0.9

4.8

+ 31.8

1,515,331,139

15 830,800
10 876,346

69 560,413
41 ,912,892
13 534,028

1,296,157

+ 18.1

1,165,615

+"ll"2

802*067

811,137

+2.5

+ 20.1

17 842.577

—0.8

10

975,362
3 879,293

22

+ 23.3

036,493

+ 4.5

112, 004,626
157, 078,200

—1.5

+ 8.8

12,788,645,087

+ 10.9

+ 23.9

83,368,510

65,765,233
1,828,752,228
2,672,865,878

334,744,735

+ 26.8

+ 14.0

District —Cleveland-

994,694

+ 7.5

14,186,297,561

+4.8

X

"

10,206,070
259,686,989
432,781,516
46,926,600

8,237,976
227,851,983
353,690,833

+ 22.4

2,172,532,230
3,378,820,399

45,408,000

+ 3.3

426,606,500

376,155,400

2,226,585

+ 17.2

+40.5

17,066,800
8,336,873
49,686,555

Newark
Toledo

24,510,202

x

X

X

■

•

.

+8.1

1,083,066
6,573,576
11,228,616
5,085,360

18,445,477
13,030,293

324,875,254

X

X

+ 13.4

2,609,419
1,521,252
7,887,552
12,157,590
5,801,882

Ohio—Canton
Cincinnati

-

Cleveland
Columbus
Hamilton
Lorain
Mansfield
,

565,814

2,908,686,805 3,198,517,048
6,638,783
6,809,224
3,222,277
3,725,673

628,505

258 086,063

132,409,173,296 129,964,009,093

+ 17.3

3,258,550
13,306,871
13,783,200

1,588,562,592

(17 cities)...

+ 0.5

594,710

3,228,741
12,664,087
18,164,000

Du Bois
Ilazleton

—0.5

2,003,637
*1,980,000
1,313,135
8,696,343
4,922,768
1,787,182
2,301,587
1,434,000,000
5,093,447
9,575,855
5,129,915
6,467,206
1,116,733

2,350,256
*2,150,000
1,457,856
9,660,038
5,841,345
2,244,927
2,252,638
1,498,000,000
6,408,127
9,584,282
4,482,305
8,127,291

Bethlehem

Total

+ 23.0
—1.5

District— Philadelphia

rve

Pa.—Altoona

Potts ville..----

+6.6
+ 11.1

13,604,045,432 13,247,222,104

Oranges

726,984

32+00,000

1,236,069,594

+ 18.8

+2.7

Northern N. J

843,917

32,900,000
425,029
724,920

$

9,135,208

5,175,114

+ 18.9

4,843,746

40 ,271,461

284,228,824
164,811,995
30,206,210
125,367,571
149,070,627
14,903,151
702,473,853

—11.0

78,305,878
122,209,395
3,362,351

Newark

5

5,760,419

22 799,671

1934

1935

%

1,079 ,435,551

127,970,364,966 126,049

+ 3.1

1,588,115
78.709.718
121,550,826
3,779,437

N. J.—Montclalr

Dec.

$

271 888,674

23,949,607
26,302,881

—13.1

+2.7

1936

$

1,279,047,112

+2.9
+ 5.5
+36.8

1937

%

326,076,434
44,572,309

—6.0

13.652.717

16,796,548
1,564,775

Conn.—Stamford

Total

York

District- --New

Inc. or

jInc. or
I Dec

$

%
Second Federal Res

28

Wee\ Ended Aug.

Aug. 31

1936

1937

Dec.

(Continued)

Months Ended

Inc. or

1936

1937

1527

Chronicle

Financial

145

Youngs town

+ 20.0

+ 8.3
+ 14.1

70,930,370
104,178,356

51,804,065
194,672,726

+ 42.8

Pittsburgh

+28.4

:

X

X

X

X

54,507,267
7,629,500

+ 22.1

X

+28.4

20,699,587
807,416

+ 18.4

+ 13.8

7,706,295

468,122

+ 5.9

1,408,789

+9.6

3,976,893
11,929,314

3,754,990
9,946,510

+ 19.9

537,445,302

+ 13.5

5,028,353,057

4,264,649,188

+ 17.9

6,596,819

+ 18.8

58,280,211

+ 12.2

12,784,000

Greensburg

1,012*871

1,31+819

+ 20.2

7,837,217

Frankdn

1,143,577

+26.2

+ 56.3

159,434,032
6,083,109

11,033,625

918,936
495,790
1,544,550
610,262,489

Pa.—Beaver Co

+2 7" 2

47,878,600
77,270,450
8,808,200

1,670+78

+ 26.4

86,645,661
40,354,411

37,642,115

+ 12.2

43,107,238
60,164,951
8,025,200

60,429,884
99,177,956
9,879,000

+ 18.8

+26.7
+ 5.9

135,418+89

116.41+060

+ 16.3

90,511". 507

77,070+39

306,575,807

251,687,129

+21.8

202,952,473

177,862,392

—0.7

140,725
1,889,000
33,258,510

1,879,000
31,338,756

+ 15.9

89.533.134i

760,304

724,336

+ 5.0

Ky.—Lexington

5,023,582

4,482,069

+ 12.1

W. Va—Wheeling

8,170,873

7,593,979

+ 7.6

6,184,673
52,439,428
76,086,820

51,955,440
74,221,961
5,308,428
41,405,549
62,446,666

1,252,646,039

+ 15.9

11,848,878,851

9,824,834,912

+20.6

+26.0
+ 3.6

13,036,359

9,101,369
84,208,000

+ 43.2

352,906

291,187

+ 21.2

97,827,000

+ 16.2

2,232,000
38,839,006
1,114+35

2,029,000
39+01,216
967,795

+ 10.0

+ 17.6

+ 15.1

773,770

567,293

44",961+80

Erie
Oil City
Warren—.

Total

—

1,451,886,813

(19 cities)

Fifth Federal Reser

1,765,447

1,400,705

11,009,000
163,201,050
4,436,340
7,320,970

Richmond

S. C.—Charleston
Columbia

+ 16.5

+26.6
+ 21.8

District— Richmond—

:

10,625,000

W. Va.—Huntington—

Va.—Norfolk

+20.6

156,904,318
3,979,663

+ 4.0

1,318,375,910

+ 11.5

45,700,009)

5,936,940

+23.3

65,166,445

1,120,742,221
35,356,157
58,068,703

+ 29.3

126,506

+ 12.2

4,364,884
*11,000,000

4,287,089

+ 1.8

11,800,537

—6.8

34,692,763
104,736,265

278,798,047

+ 3.2

2,137,596,350

+ 13.3

59",654",421

+ 2.9

48",029",733

287,836,945

57",984",613

Md.—Baltimore

40,718,855
106,667,740
2,421,883,081

+ 17.4

N. C.—Durham

1,835,766
91,750,689

1,493,537
82,745,029

+22.9

13,614,934

11,165,825

+ 21.9

853,600,882

+ 16.3

18,144+95

16",656",484

+8.9

14,206", 247

13",059" 528

+ 10.9

733,974,660

+ 14.9

120,337,263

117,030,295

+2.8

98,297,985

+4.8

4,329,642,313

91,932,763

4,976,591,215

134 092,454

112 ,040,833

+ 19.7

072,098

509 ,973,557

+ 21.8

2,101,443
9,583,059
31,800,000

"632+37

Greenville

Frederick
D. C.—Washington
Total

584,521,091

(10 cities)

District— Atlanta—

Sixth Federal Reser

Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta

; Columbus
Macon

Ida.—Jacksonville
Tampa

—

Ala.—Birmingham
Mobile

Montgomery
Miss.—Hattlesburg

16,174,318
71,481,845
223,200,000
4,862,712
3,723,306
3,822,553
66,069,801
4,842,629
79,094,403
7,500,390
3,376,066
5,061,000

15,292,880
61,677,704

—

+ 5.8

+ 15.9
+ 2.6

4,316,038

+ 12.7

1,890 000,000
43 ,690,912

3,211,399

+ 15.9

31 411,682

3,808,535
53,267,523
4,229,991
67,288,089
5,854,961
3,327,141
4,183,000
6,837,435
1,147,097

+ 0.4

+24.0
+ 14.5

Flint

Lansing

4$H06

1

Gary.

t'nl8'28^

'if™

Wis.—Madison
Milwaukee

*•998,602

Oshkosh

Sheboygan..

I%'928

Watertown
,

Manitowoc-

Iowa—Cedar Rapids__

42

,394,284

+26.9

11 334,113

10 010,688

+ 13.2

+ 9.9

5,575,038,530

Chicago
Decatur

(31 cities)

123,964,867

86,730,08

351,631

222,004

+ 58+

342,114

412,332

94,133,276

+ 12.8

74,366,531

66,538,563

+ 7.4

+ 19.2

2,916,991

2,778,058

+ 5.0

1,975,915

111,247,956

1,473,753

+ 14.8

1,268",053

1,541+22

—17.7

"963+65

+ 12.2

67~l~,5l8

"546", 928

3" 5

11,360,000

9,861+66

+ 3.4

16,828,393
55,543,930

+ 17.2

23,350,373

+ 1.5

23,022,817
39,347,914

+28.6

123,803,296

+ 25.6

644,956,799

+ 3.5

4,831,946
20,387,549
4,020,116
87,592,925
2,041,107
3,255,348
459,769

+ 33.7

52,512,969

—4.9

173,209,140
38,494,511
732,569,338
16,622,191

—3.4

+20.5
—2.8
—2.1

+ 4.7

+ 2.3
+ 3.3

25,786,255
4,160,854
11.066.479
38,342,843
292,046,006
107,301,247

—3.8

—11.9

9'8o*,883

+38.2

32,184,886
142,565,088
49,833,880

804,062

2,177,595,326

2,014,769,373




20,136,501

102,729.508

106,176,523

4,559,438
5,251,215
523,842

Sterling
Total

24,139,544

+9.5

+ 7.7

17,989,690

5.782,499

135,704,458

+ 20.8

+3.9

31,519,424

+ 15.6
+ 8.4

7S'l*5'299
r'O
»969
*5,842,209

Springfield

4,616,045,760

"60,818

12,554,607

11,431,992,827

Rockford

32,760,631

"""68", 958

3,483,192,669
37,745,034

+ 11.1

I

Peoria

+ 20.0

4

X

X

X

+T+

13,520,474

1,240,917,873
3,478,762

87a'f>82'532

+ 31.7

1,040 ,246,086

X

"113", 593

4,026,073,234
40.919.478

15,658,436

1

428,522

114,802

+ 6.8

—19.6

f,885,424

Bloomington

X

—45.3

2,093,497

S99,U4

1,060,466

53 803,677

6,236,268
19,072,075

o

1,140,768

+ 0.7

+ 57.3

13'7*9,546

City

Ames

+ 17.9

+ 16.6

—25.3

111.—Aurora

1,386,839

+21.0

45,592,751
15,143,283
517,597
1,834,171

891

Des Moines
Sioux

f70,508

I'*99,580
J,008,743

'

1,635,499

+ 28.2

1,241,545
4,850,875

South Bend
Terre Haute

11,"038+46

958,520

+ 12.5

68,888,000

Indianapolis

14",069",906

+ 32.8

—4.0

11,714,510

+27.9

315,981

7,125,872
2,427,473
2,470,904
4,609,015

o'?3921

Bay City
Ind.—Ft. Wayne

13",878",063

31 ,014,000

1,854,044

2'oS502

Muskegon

9,359,000

17,755",911

25 355,988

5 ,830,201

l'9*7>424

10,800,000

+ 24.2

45

1,247 ,916,767

4,656,923
12,342,520

+ 11.7

562 410,600

39 ,747,000

+ 9.3

&

Grand Rapids

Jackson

12,620,000

28 516,415

+ 14.2

1,265,546
430,831,267

"832+19

14,094,000

60 181,900

571,201

—

804,327

+ 26.1

+ 1.5

Seventh Federal Re ae"e DJStrlct —Chicago—
Detroit

"693" 835

+ 11.5

+ 28.1

133,608,318

Mich.—Ann Arbor

+ 24.3

+ 33.9

698 ,349,969

e*

586,221,312

1,009,994

2+33,679
11,323,926
37,100,000
958,892

+ 20.2

40

+ 18.8

+ 17.5

652,308

(16 cities)

+0.9

+27.9

,217,413
905,584
289,633

28

,905,579

+ 22.1

—3+

499

44

2,755,631
13,148,604
46+00,000

+ 17.8

,914,785

33

3,364,452
16,819,812
47,100,000
1,255,024

1,604 ,200,000
36 ,777,709
23 ,464,882

630 270,978

146,014,889

Vicksburg
La.—New Orleans
Total

621

217,600,000

6,882,057
1,337,395

Jackson
Meridian.:

557,970,865

+ 1.8

—9.4

93,317,561
14,607,651
49,308,680
19,128,954
18,831,213
35,840.208
92,871,345
548,651,000
41,917,589
160,975,728
30,453,789
668,660,086
14,628,179
22,305,607
3,825,020
10,126,839
35,000,176
286,485,002
113,657,710

"

+ 15.2
+ 12.6

916", 017

+ 22.1
+ 22.3

1,023+03

"912+32

15","097+66

14,58+666

1,391,934
3,969,022

938,174

+ 48.4

4,396,911

—9.7

+ 9.8

+ 33.3
+ 17.6
+ 25.3
+ 7.6

+ 26.4

+

796,547

586,457

3,578,466

3,318,095

13,292", 356

11,974+01

'

17",734+04

+ 9.6

17,997~8l§

—1+

—-

'

+ 13.6
+ 15.6

'\

+ 8.8
"

+ 9.3
+ 9.6

+ 1.9
—5.6

+ 15.3

+ 8.1

18,361,676,721

16,117,842,345

+ 13.9

1,139*641

—3+

734+19

"579+io

7,507,683
2,895,127

—16.9

6,094,738

5,082,108

—4.7

2,669,292

2,552,871

+ 23.8

48,220,678
5,186,086

5,038,641
12,710,728
14,550,588
10,039,992,971
27,017,494
144,153,800
35,104,684
40,827,900
4,360,892

1+0+815
6,235,858
2,758,516

+ 15.7

+ 10.1

+ 50.0

"

+ 7.6

327+86

"55*3+37

—40" 8

"286", 340

654,974

+ 13.9

301,228,538

+ 14.0

220,151,233

+ 8.4

518,779

216,815,537
532,049

—6.5

+ 19.1

793,978

264,130,411
732,435

—1.1

3,301,870
1,334,141
1,181,865

3,530,130
871,018
1,152,875

+ 53.2

2,256,395
811,997

+ 2.5

982,845

513,245
776,828

468,194,928

420,014,247

+ 11.5

341,350,788

325,800+86

+42.0
+ 18.1

2,169,856

+ 18.9

1528

Chronicle

Financial
CLEARINGS
Month of August

Sept. 4, 1937

(Concluded)

8 Months Ended Aug.

Week EMed Aug. 28

31

Clearings atInc.

1937

1936

Dec.

1937

1936

Dec.

%

$

5

Eighth Federal Res

138,047,090
66,312,239
360,669
2,733,000

592,892,801

Quincy

1934

3,228,030,315
28,349,973
4,293,968
1,185,950,097
620,672,803
2,409,558
21,235,000

2,900,179,716
23,549,540
3,801,422
1,032,051,789
525,079,477
2,279,234

+ 11.3
+20.4
+ 13.0
+ 14.9
+ 18.2
+5.7

82,800,000

75,600,000

+ 9.5

69,600,000

56,500,000

28,236,701
14,314,096

26,779,881
13,462,175

+5.4

+6.3

23,484,622
12,191,031

20.099,406
10,259,388

17,534,000

+21.1

577,000

442,000

+5.7

+21.2
—7.9

+ 11.5

+9.1

x

x

+30.5

358,000

336,000

x

+ 7.5

5,090,941,714

4,504,475,178

+ 13.0

125,927,797

116.284,056

+8.3

105,633,653

87,194,794

18,004,014
335,022,592
1,283,692
114,495,080
1,447,525
489,984
9,502,778
1,326,000
925,000
3,288,720
5,923,558
535,476
3,333,900
3,925,878
11,529,685
248,024

(7 cities)

Ninth Federal Rese
Minn.—Duluth

14,175,452
327,190,392

+27.0

3,018,011
68,453,341

+38.6
+ 14.7

2,180,861
59,146,901

3.007,173
58,002,482

—0.1

+28.4
+ 11.6
+ 5.4
+6.3
+ 5.4

4,181,893
78,526,312

1,283,897
109,450,765

97,958,614
2,122,280,324
9,664,934
816,330,757
11,432,232
4,109,491
69,160,241
6,224,000
5,730,624
20,230,344
55,791,988

24,713"958

22*.6*8*2*437

9*0

19*.8*82*335

17,678*,113

'► 1,979,017

1,877,779

+5.4

1,654,190

1,606,297

685,273

579,352

+1*8*3

572,475

""363,517

511,281,906

rve

District— Minneapolis

-

Fergus Falls
N. Dak.—Fargo
Grand Forks

Mlnot
S. Dak.—Aberdeen
Sioux Falls.

Huron

Mont.—Billings
Great Falls
Helena
Lewlstown

Total (16 cities)
Tenth Federal Rese
Neb.—Fremont

Hastings
Lincoln
Omaha

Kan.—Kansas City
Manhattan
Parsons

Topeka
Wichita

Mo.—Joplin
Kansas City
St. Joseph
Carthage..

Okla.—Tulsa

Colo.—Colo. Springs..
Denver
Pueblo

Casper
Total <18 cities)—..
Eleventh Federal R
Texas—Austin
Beaumont
Dallas
El Paso.

Fort Worth

Galveston
Houston
Port Arthur

Wichita Falls
Texarkana

La.—Shreveport
Total (11 cities)

10,914,110

+5.6

314,246

—21.1

2,026,361

—4.6

494,869,140

+3.3

3,692,814,268

3,354,609,496

+ 10.1

113,209,928

445.804
612,332
12,663,680
138,172,059
15,517,895
403,226
764,846
9,413,423
14,255,290
1,870,250
428,756,172
13,498,648
488,683

+ 11.4

3,794,061
4,460,627

—0.2

96,748,589

—3.4

1,094,557,917
90,049,777

69,623
98,188
2,182,187
28,840,699

+ 50.0

2,188,404
3,146,547

1,779,846
2,282,896

+ 16.2

98*603*544

91,789*603

+3.0

2,797,658

2,735,256

35,585,507
3,106,892
125,734,390
3,276,283
1,123,624

+ 18.3

862,036,769

St. Paul
Winona

125,800,265
2,368,417,342
10,186,409
867,763,368
12,051,623
4,074,165
73,334,737
7,247,000
7,153,287
23,049,576
51,275,655
4,809,810
22,560,654
26,259,818
86,898,169
1,932,390

141,342,233
2,661,309
1,330,143

Minneapolis
Rochester

805,689,004

rve

District

496,831
*625,000
11,717,841
136,583,482
17,486,648
541,499
798,594
10,960,100
14,411,912
2,058,738
460,413,908
14,868,804
462,866
42,096,023
3,180,838

eserve

Distric

6,637,704
5,284,189
216,017,446
17,523,151
32,749,885
10,969,000
183,847,253
2,172,822
3,747,405
1,411,374
14,883,723

495,243,952

Twelfth Federal Re

+2.4
+ 4.6

1,602,685,

—9.7

636,421

—23.0

9,351,896
1,013,000
785,348
2,795,266
7,644,590
675,220
3,070,253
3,965,599

+ 1.6
+30.9
+ 17.8
+ 17.7
—22.5

—20.7

+8.6
—1.0

Seattle

Spokane
Yakima

Idaho—Boise

Ore.—Eugene
Portland

Utah—Ogden
Salt Lake City

Ariz.—Phoenix

Calif.—Bakersfleld

Berkeley
Long Beach..
Pasadena.

694*826

681,689

2,428*655

2,309*668

Riverside
San Francisco

San Jose
Santa Barbara

Stockton

(20 cities)

*559*524

"*3*62*459

2,444*294

2*.645,647

99,601,617

+13.7

86,440,580

82,965,088

100,681
100,103
2,517,743
28,289,616

—30.8

79,113
81,091

2,138,996
29,162,693

82,501
47,032
1,583,985
25,740,335

+ 37.8

2,064,300
2,938,502

1,269,418
2,477,583

7*4

89*.3*51*841

71,909*218

+2.3

2,949,919

2,514,614

+ 7.4

+ 10.2

110,175,945

—5.3

+ 18.4

4,481,364
337,045,042
23,724,837
1,084,999,398
22,726,881
10,007,093

15,788,947
3,124,479,204
107,001,544
4,628,344
283,604,687
21,713,601
922,854,387
23,293.348
9,070,636

+ 7.0

6,760,867,396

5,996,342,530

+ 12.7

139,025,753

130.969,335

+39.2

39,529,591
30,671,368
1,471,849,527
128,829,084
209,062,610
74*149,000
1,128,035,577
12,404,902
26,420,718
7,887,005
101,588,732

+ 23.2

1,265,010

1,034,151

50*617*566

51*639*313

+ 31.5

6*.6*4*7*469

5,759*755

+21.3

1,845,000

1,871,000

+ 15.9

48,712,379
37,523,429
1,731,289,942
156,360,709
274,935,722
89,963,000
1.396,051,729
16,786,731
32,132,246
10,688,598
123,193,913

414,048,922 .+19.6

3.917,638,398

+2.1
—7.5

—1.2

+ 12.7
+34.3
+4.4

+ 16.4
+ 1.1

+ 10.1

+2.4

+ 12.4
—18.8

4,010,251
6,001,894
75,417,894
108,866,822

+

+ 8.4
—2.6

—1.9
—13.3

+ 1.9

+ 16.2
+ 4.1
+ 7.9

+ 13.5

+23.0

+ 5.2

+

—3.2

+ 18.8
+ 9.3

573,443

539,465

+ 6.3

543,450

110,046

+ 17.6
—2.4

52*5"460

834*126 —3*7*6

"537", 840

"442",479

+ 6.2

129,847.745

106,167,211

+22.3

976,290

834,100

—6.8

35,2*5*9*375

36*,940",42i

1*5*4

4,923,676
1,540,000

4,*36*1*849

+ 10.3

-Dallas—

4,769,751
3,644,677
189,327,221
15,597,927
25,443,876
8,777,000
147,796,438
1,536,029
3,174.815
1,140,360
12,840,828

+ 45.0

+ 14.1
+ 12.3

+28.7

+25.0
+24.4
+ 41.5

+ 18.0
+23.8

+21.4
+

—1.4

1,828,000

+23.8
+35.3

828,077

730,399

13*4

785,268

3,283*201

3*.105+41

+5.7

1,8*10*,987

1,687", 607

3,230,428,114

+21.3

64,486,263

63,540.059

+ 1.5

45,295,596

45,591,977

19,481,897
1,101,298,592
290,220,000
27,713,147
38,003,902

—6.9

+ 20.4

40,880,197

8,076,000
964,384

33,632,732
9.415,000
1,034,609

+ 21.5

+ 6.5

—14.2

28,042,249
7,404,000

6.8

715,940

23,542,706
7,877,000
619,802

29,827,484

29,256,089

+2.0

24,112,422

21,195,002

15*,11*2*535

13,*11*7*935

15*2

10,86*8*,321

9*."495,592

+ 6.9

4,002,899

3*.161*840

+26*6

3,404*733

2,430*065

+23.0
+22.4

3,082*403

3~,0*5*5*723

0*9

2*.6*7*1*648

1,783*419

+ 11.9

147,186*666

136,88*4*666

12*5

120,*518*,915

108,898*446

+ 13.5

3,328,142
1,330,150
2,285,118

2,717,555
1,130,122
1,701,356

+22.5
+34.3

2,425,110
801,392
1,412,796

2,042,717
836,636
1,070,477

256,075,312

229,106,961

+ 11.8

201,777,526

179,791,862

+ 17.1
—+.5

309,178,000

+8.7

+34.9

34,267,033
42,733,655
8,423,000
1,085,246,431
25.092,326
555,177,517
129,323,350
60,564,627

+ 15.2

169,347,914

+ 13.5

920,068,727
22,636,663
471,651,121
104,593,054
42,937,360
146,855,789
137,711,269
23,615,000
117,067,925
29,444,719
4,646,615,497
86,003,181
46,267,047
66,713,902

130,012,593
3,876,639
61,769,398
10,864,141
5,510,053
17,433,473
15,451,339
3,732,000
13,544,939
2,810,660
607,549,368
13,749,233
6,476,266

+22.3
+ 17.6

+21.3

41,556,000
4,032,515
5,562,966
958,000

+21.6

+

x

+35.5

SCO

+9.2
+23.8
+ 10.4
+ 1.6
+ 12.9

+27.5

9,111,554

+ 11.2

147,228,575
29,053,000
143,334,826
31,549,817
5,200,963,763
97,578,806
51,438,852
75,005,161

1,110,969,426

+ 10.9

9,539,119,196

+ 9.5
+ 15.2
+15.5

+ 10.0
+ 6.0

+0.4

6,643,000

+23.6
+ 12.4
+26.8
+ 18.0

+ 10.8
+ 17.7
+ 23.6

+ 11.2
+ 12.4

8,345,541,792

+ 14.3

+ 6.6

Outside New York

+7.9

CLEARINGS FOR

97,933,595,282

+

+ 7.1

+ 5.1 225,903,960,248 212,001,838,004

11,642,742,969 10,789,275,911

+

+41.1
+ 15.3

Grand total (194 cities) 24,763,333,696 23,567,963,759

CANADIAN

1*9

+5*2

3,785,580
4,833,304
93,498,745
1,066,117,322
135,094,711
4,661,602
6,250,850
81,341,970
123,529,930
16,607,527
3,631,985,295

18,139,125
1,325,473,418

1,232,515,428

"

Kansas Clty-

—15.7

15,610,195
3,245,341
668,055,286
14,573,868
6,501,074
10,127,885

+ 2.5

+4.2

2,727,592
154,240,697

4,087,000

+ 13.9
—8.1

+ 10.4
+4.4

-San Franc)

Modesto

+ 6.0
+ 16.4

+ 24.8

83,396,714

District

serve

+

—0.9

4,691,588
20,427,690
25,153,594

*2,300,000
180,577,755
39,698,000
4,383,910
6,073,553
1,186,000
143,542,717
3,938,068
69,713,109
13,853,487
7,433,205
20,081,424
17,533,551

Wash.—Belllngham

Total

$

+30.3
+ 14.1

551,581,600

III.—Jacksonville—

1935

-St. Louis

360,719,347
3,079,017
539,391
123,789,416
60,781,568
276,861
2,396,000

497,000

Independence
Ky.—Louisville
Tenn.—Memphis

Total

District

erve

381,210,226
3,732,577

Cape Girardeau—.

1936

Dec.

%

1937

%

$

Mo.—St. Louis

Inc. or

Inc. or

or

+

+ 17.7

5,287,037,151 5,398,310,604

-2.1 4,976,587,141 3,973,269,514

85,952,209,4991 +13.9 2,378,350,346 2,199,793,556

+ 8.1 1,879,562,344 1,680,725,405

AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 26
Week Ended Aug. 26

8 Months Ended Aug. 31

Month of August

Clearings alInc.

1937
Canada—

$

Toronto...
Montreal.

458,927,983
471,367.866
143,562,565
77,531,578
76,872,465
21,344,896
10,612,569
23,736,064
20,197,628

Winnipeg
Vancouver
Ottawa

Quebec
Halifax

Hamilton

Calgary
St. John

8.895.468

Victoria

7,397,823
10,962,830
16,001,986
14,001,136
1,363,010

London

Edmonton

Regina
Brandon

Lethbrldge

*1,800,000
*5,600,000
2,395,271

1,943,612
6,231,490
2,533,758
3,437,819
3,569,705
2,932,803
1,104,127
2,574,684
2,456,042
4,363,914
9,679,393
1,412,890
3,022,245
2,240,150
2,076,023
1,799,083
4,169,295

1,456,361,477

Brantford

3,676,554

Fort William

3,181,887

New Westminster..

Medicine Hat

PeterboroughSherbrooke
Kitchener

Windsor
Prince Albert
Moncton

Kingston
Chatham
Sarnia

*

—

(32 cities)

Estimated.

77,117,794
83,077,980
17,157,640
9,730,238
17,949,582
21,805,101
7,147,404
7,192,262
11,037,681
14,870,235
20,962,902
1,361,146

1,421,246,230

Moose Jaw

Total

454,202,273
389,421,017
267,781,189

3,105,645
974,358
2,548,757
3.120.469
4,155,691
12,235,201
1,590,642
3,390,791
2,353,222
2,202,600
1,896,120
4,243,157

Saskatoon

Sudbury

1936

x




Figures not available.

Inc.

or

Dec.

%
+ 1.0
+ 21.0
—46.4

+0.5
—7.5

+24.4
+9.1
+32.2
—7.4

+ 24.5
+2.9
—0.7

+ 7.6
—33.2
+ 0.1
—7.4

—10.1
—5.5

+ 6.9
—10.9

+5.9
—11.8

1937

1936

4,268,611,987
3,884,183.312
1,272,048,953
662,756,215
719.329,262
168,214,055
86,806,711
814,073,612
192,789,073
66,830,432

55,098,140
95,649,510
132,193,546
120,841,986
9,993,238

14,349,110
46,100,458
20,293,928
33,037,249
26,129,382
22,615,443
7,364,649
21,607,338
22,701,622

4,147,526,420
3,330,095,619
1,872,164,136
611,713,893
730,116,418
138,275,074
77,196,804
152,762,470
192,644,999
58,377,024
56,753,219
96,385,081
124,541,771
116,585,296
9,857,053
14,868,105

+ 5.4

+ 14.5
—2.9
—-0.8

+ 6.1
+ 3.7

+ 1.4

2,380,247
6,403.510
4,549,921
1,895,250
1,556,549
2,357,173
3,474,234
3,190,336

+ 13.2
+ 13.7

785,106

+ 5.9
+ 10.0

+ 10.3

720,670
717,088
196,096
565,862
723,507
899,220
2,957,257
307,199
839,199
525,113
468,007
444,639
1,005,520

+ 2.0

295,151,764

12,157,396,877

+ 6.1

+ 0.1

17,923,559
29,047,242
24.668.200
20,556,371
7,879,769

12,401,352,687

+ 12.2
+ 5.0

+ 8.3
—1.5

+21.7
+ 12.4
+20.5

96,632,807
94,835,833
30,773,401
15,431,045
13,863,177
4,445,032

+ 0.9

+ 1.8

+ 12.6

+ 16.6
—32.1

45,693,166

—2.4

+ 26.4

1937

306,617
463,795
1,099,296
339,058

21,178,394
19,339,373
35,300,788
92,426,455
10,858,512
23,585,466
17,940,396
15,967,800
15,672,803
29.494.201

—4.8

Dec.

1936
$

36,758,642
106,477,535
11,354,174
26,575,438
18,755,031
18,873,644
16,396.873
32,542,139

—1.0

+ 27.1

Inc. or

or

—3.5

—6.5

+ 2.0
+ 17.4
+ 4.1
+ 15.2

+ 4.6
+ 12.7
+ 4.5

+ 18.2
+ 4.6

100,332,646
82,473,903
59,350,829
14,182,082
16,863,519
3,396,013
2,002,051
3,937,294
4,475,452
1,581,013
1,550,903
2,467,447
2,989,096
5,108,736
285,577
454,685
1,307,722
575,709
709,664
722,116
623,517
253,641

Dec.

*3.7

1935

+2.0

82,592,254
70,473,685
50,433,062
12,315,069
12,591,532
3,348,875
1,975,765
3,061,244
4,905,464
1,822,246
1,301,423
2,271,795
3,379,940
2,462,852
238,298
428,356

—15.9

1,111,382

+ 15.0
—48.1

+8.8
—17.8

+30.9
+ 18.9
+ 62.6

+ 1.7
+ 19.9

+0.4
—4.5

+ 16.2
—37.6

+7.4

—41.1

+ 10.6
—0.2

415,218
600.364

537,062

+ 5.4

516,224
913,589
2,139,336
304,889
687,454
517,104
435,011
398,140
1,200,478

+40.2

—16;2

484,317
462,444
254,849
468,296
455,945
940,613
1,911,102
273,465
724,766
415,783
235,688
373,598
779,005

313,292,902

—5.8

263,508,695

+ 15.0
—22.7

—1.6

+38.2
+0.8

+22.1

+ 1.5
+ 7.6
+ 11.7

1934

87,399,922
68,341,776
54,234,441
13,007,695
3,304,028
3,163,342
1.798.268
2,810,809
4,479,065
1,766,375
1,114,314
1.982.269
3,132,827
2,992,825
237,710
424,337
983,713
390,117
604,029
600,418
542,867
200,162

494,762
441,072
724,669
1,750,522
220,570
728,046
431,038
386,292
281,445
689,134

259,658,859

Volume

STATEMENT SHOWING

TRFASURY

1529

Chronicle

Financial

145

APPROPRIATIONS AND EXPENDITURES FOR RECOVERY AND

RELIEF AS OF JULY 31, 1937
The various

agencies of the Federal Government,

it is shown in a tabulation given in the Treasury's "Daily Statement"

$21,169,593,575 for recovery and relief up to the end of July, which compares with $19,786,688,080
appropriated as of June 30, 1937. Thie figure for July 31 does not include amounts advanced under the Kerr-Smith Tobacco
Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress in February,
1936, after the.United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
The Treasury's

of

July 31, appropriated

follows:

tabulation for July 31
FUNDS

RECOVERY AND RELIEF, EXPENDITURES THEREFROM, AND UNEXPENDED

APPROPRIATED AND ALLOCATED FOR

AS OF

JULY 31,

BALANCES

1937

Expenditures

Sources of Funds

Appropriations
Statutory and Executive

Organizations

Allocations

Industrial

Emergency

Recovery

Appropriation

Specific

Act 1935,

Act

Agricultural aid:
Agricultural Adjustment
Federal Farm Mortgage

Administration

1933

June 19,

200,000,000

Federal Land banks:

Reduction in int. rates on mortgages.
Relief:

152,072,943
399,548,290
317,566,732

Relief Admlnistrationd h604,868,457
h332,481,750
Administration..
93,101,630
—

Fed'l Emergency

Civil Works

Civilian Conservation Corps

(Including work relief):

Public works

438,041,640
256,302,875

255,488,217

Public highways
River and harbor work

Rural Electrification
Works Progress

480,590,512

120,064,745
142,160,468
81,401.999

5,063,865
46,304,194
7,169,693

911,040,000 3,083,577,539
820,990,040
88,960,000
1,326,707,313
84,060,431

349,186 3,074,249,696
817,423,102
5,602
298,556 1,318,407,420
83,919,948
1,288

8,978,656
3,561,335
8,001,337
139,214

1,202,968,727

935,005,625

321,069:656

594",969:951

84,060,431

relief....

Department of Agriculture,

Administration...

Administration
830,184,646

83,339,960

All other

Unexpended

198,226,460
200,000,000

198,226,460
200,000,000

8,642,097 1,061,243,460
467,177,385
3,659,211
11,673,706
2,289,779
127,350,140 3,160,108,148
25,704,930 1,296,543,241

133,083,168
81,401,559
48,084,989
376,425,988
205,552,670

1,507,900

120,006,100

3,486,000

8,571
6,293,099

200,000,000
49,952,826
82,490,030

gl28,610
535,336
378,306

125,000,000
189,000,000
88,950,000

125,000,000
189,000,000
88,950,000

Capital stock

Prior Years b

Acts of 1935,
1934 1936 & 1937

Corporation..

Paid in surplus

1937 and

1938

Corporation

37,495,227

cl60,731,233

Fiscal Year

Total

Finance

Emergency
Relief
Appropriation

Approved

Approved
June. 16,

Fiscal Year

Reconstruction

National

2,239
93,708,085

509,436,630
202,227,195
15,548,476
3,663,884,277
78,173,002
536,103,233

46,500,000

552,238,156
62,048,476

3,663,884,277
1,527,800,842

Aid to homr owners:
Home-loan bank stock:

125,000,000
200,000,000

Home-loan system

Corporation
Federal savings and loan associations.

Home Owners' Loan

j50,000,000
108,310,483

29,299,469

Emergency housing

1,000,000

Federal Housing Administration

Resettlement Administration

53,121,074

26,333,105

469,675:104

3,389,487

19,315,142

k

4,992,568
25,000,000

Miscellaneous:

Administration for Industrial Recovery.
Tennessee Valley

50,000,000

Authority

2,132,961,249 2,557,160,074 1,090,985,326 7,035,160,976 1,624,621,074 14440,888701

Subtotal

Revolving funds (net):

19,170,966

g5,516

SMoii
48,826,823
4,963,853
124,719,262

47,208,553
355,507,468

150,000,000
24,245,466
75,000,000

67,761

198,009,494 13137,010229 1,105,868,978

e

Agricultural aid:
Commodity Credit Corporation
Farm Credit

1,948,667

150,000,000
24,307,711
75,000,000

150,000,000

Corporation.

Federal Deposit Insurance

125,000,000
200,000,000
50,000,000
137,609,952
54,121,074
499,397,697

3,000,000
60,000,000

91,361,620

593,940,064

126,140,471

319,456,040

321,836,877

440,378,311
542,782,847

gl ,202,864

gl ,215,248

122,125,135
372,346,241

171,651,854

1,041,917,413

1437,378,311
316,885,778

16,900,000

57,635,449

Administration..

19,108,235

618,869,623

403,939,554

g48,731

Public works:
Loans

and grants

States, munic¬

to

ipalities, Ac
Loans to railroads

Miscellaneous:

18,166,574

28,132,167

gl8,771,523 1,697,331,270

1,925,354,9^

338,736,877 4,403,178,832 5,675,243,314

g2,130,133 2,828,838,845

2,848,534,603

2,190,596,698 3,215,350,139 1,308,487,418 7,373,897,853 6,027,799,906 20116,132016

Subtotal

195,879,360 15965,849074

3,954,403,5gi

195,879,360 15965,849074

5,007.865.1go

3,603,914,742 3,603,914,742

Unallocated funds......

—..

217,502,091

220

16,151

...

...

Grand total

b The emergency

658,190,064

57,635,449

........

Total

2,190,596,698

expenditures included In this

m3215 366290

1,053,445,186

Corporation is authorized to

statement for the period prior

susceptible to segregation from the general expenditures of such
establishments on the basis of the dally Treasury statements.
cThe

of

sum

d Includes

e

Emergency

departments and

j Includes

k Includes

m

Surplus Commodities Corporation from
Relief Administration.

expenditures made by Federal

Expenditures are stated on a net basis, I. e., gross
the details of which are set forth in

n

g Excess of

expenditures less repay¬
the supplementary state¬

o

of $950,000.00

allocated by the President as follows:

i Under the provisions

'

Reconstruction Finance Corporation.

provided in the Act of Feb. 15, 1934, waP
Federal Emergency Relief Administration

OF REVOLVING

under the Act of April 8, 1935,

appropriation under the Act of June 22,

1936, $789,000,000

9, 1937, $1,500,000,000 specific appro¬
and transfers of unexpended balances as
follows' From the Reconstruction Finance Corporation, $500,000,000; from the
appropriation of $3,300,000,000 for National Industrial Recovery, $84,633,709,18;
from the appropriation of $525,000,000 for relief in stricken agricultural areas pro¬
vided in the Emergency Appropriation Act of 1935, approved June 19, 1934, $39,124 759 65; from the appropriation of $899,675,000 for emergency relief and publio
works provided In the Emergency Appropriation Act of 1935, approved June 19,
1934 $47 704,412.27; from the appropriation of $950,000,000 for emergency relief
and civil works provided in the Act of Feb. 15, 1934, $7,431,542.23; from unobli¬
gated moneys referred to in Sec. 4 of Act of March 31, 1933, $21,527,113.76, and
moneys transferred pursuant to Sec. 15 (f) of the Agricultural Adjustment Act.

of the Emergency Appropriation Act, fiscal year 1935.
Appripriation Act of 1937, the Reconstruction Finance

DETAILS

$4,000,000,000 specific appropriation

000,000 specific

referred to in
Credit Admin-

the surplus fund of the Treasury"

appropriation under Act of Feb.
priation under the Act of June 29, 1937,

$605,000,000, of which $131,542.23 has been trasnferred to the Emergency Relief
appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief approriatlon, and $5,218,250 transferred to the Employees' Compensation Commission.

and the Emergency Relief

$39,124,759.65 and $47,704,412.27 transfers
to salaries and expenses, Farm

and $5,500,000 transferred
and $25,358,189 carried to

Includes

account of subsistence homesteads.

the;$84,633,709.18 transfer referred to in note o.

specific

credits](deduct).

h The appropriation

Recon¬
Federal

■

and loan promotion as authorized by

allocations and expenditures on

Exclusive of the

tration';
$1 425

deducting repayments to the

$700,000 allocated for savings
of April 27, 1934.

Exclusive of

note o

ment below, m

f Net, after

Administration of Public Works. •

Sec. 11 of the Act

the balance under appropriations
May 25, 1934 and Aug. 24. 1935.

ments and collections,

the Federal

The purchase of such securities by

Finance Corporation is reflected as expenditures of the
struction Finance Corporation and as credits against expenditures of the
the Reconstruction

$160,731,233.35 represents

funds provided for the Federal Emergency

purchase marketable securities acquired by

Administration of Public Works.

Emergency

1934 Include only expenditures on account of the Reconstruction
Finance Corporation and subscriptions to capital stock of Federal Land banks under
authority of the Act of Jan. 23, 1932.
Expenditures by the several departments
and establishments for public works under the Emergency Relief and Construction
Act of 1932 were made from general disbursing accounts, and, therefore, are not

1,053,461,553

1,053,461,558

nl308,487639 O8427.343039 6.027.799,906 21169,593575

to the fiscal year

provided by the Acts of May 12, 1933,

46,250,000

45,000,000

1,250,000

Washington.

Export-Import Bank of

Reconstruction Finance Corporationdirect loans and expenditures

$12,921,502.64.

FUNDS INCLUDED IN

GOVERNMENT RECEIPTS AND

EXPENDITURES
Fiscal Year 1938

■

This Month

Organizations

Repayments and
Payments

Commodity Credit Corporation

Administration
and grants to States, municipalities, &c

—

Farm Credit
Loans

Export-Import Bank of
Reconstruction Finance

a

;

Washington
Corporation—direct loans & expenditures

Excess of repayments




and collections (deduct),

$578,597.33

bl37,297.59

21,791,135.22
10,590.00
10,688.07

127,116,229.21

b Counter entry (deduct).

Collections

$1,781,462.07
1,077,951.16
2,606,320.20
87,169.88
59,419.94
145,887,752.77

Repayments and

Net

Expenditures

,202,864.74
al.215,248.75
19,184,815.02
a76,579.88
a48,731,87
al8,771,523.56

all

Payments

$578,597.33

bl37,297.59
21,791,135.22
10,690.00
10,688.07

127,116,229.21

Net

Collections

Expenditures

$1,781,462.07
1,077,951.16
2,606,320.20
87,169.88
59,419.94
145,887,752.77

a$l,202,864.74
al.215,248.75
19,184,815.02
a76,579.88
a48,731.87
al8,771,523.56

1530
THE

We

Financial
ENGLISH

reprint

GOLD

SILVER

AND

Chronicle

the following

Dividends

from the weekly circular of
& Co. of London, written under date of

Samuel Montagu

first

Aug. 18, 1937:

as

£960,000 of bar gold, offered at the daily fixing during the week.

Prices ruled at about dollar parity and showed very
Per Fine

News

The following were

on

British India
New Zealand

Venezuela
Soviet Union

Germany
Switzerland
China

Other countries

Share

Adams

5c

Oct.

Aetna

50c

Oct.

Aetna Life Insurance Co.

20c

Oct.

$1%
$1%
$1%

Oct.

United States of America.

Royalty Co. (quar.)
Casualty & Surety (quar.)
(quar.)
Alabama Power Co., $7 pref. (quar.).
pref. (quar.).
$5 pref. (quar.).
Allis-Chalmers Mfg Co
American Can Co. preferred (quar.)
American Gas & Electric Co. common

$784,300

France

Finland
Netherlands
Switzerland

Yugoslavia

1%%
(quar.)..

-

-

—

14 carries gold to

China

on

and

account

common

Indian

bought

20d.

on

Aug. 14. and remained at that figure until today, when there

decline of l-16d. to

a

appreciable advance, although prices recovered

cause any

There is

no

seems

was

steady at about

the present level.

The following were the United Kimgdom imports and exports of silver,

registered from mid-day

on

Aug. 9 to mid-day on Aug. 16:.

Imports
£33,437
3,549
3,408

New Zealand

Portuguese East Africa
Belgium..
Germany

British India

*15,681

Australia

Norway
Portugal

2,400
2,640
1,222
1,284

Other countries.

2,971

Other countries

£47,792

Aden and Dependencies
Sweden

17,136
9,059
1,252
£83,522

*

Bearer

Coin of legal tender in the United Kingdom.

LONDON

IN

Aug. 12
Aug. 13.
Aug. 14
Aug. 16
Aug. 17
Aug. 18
Average...

19 15-16d.
_19%d.
v

19 15-16d.

_20d.
20d.
20d.
19 15-16d.
19.958d.

20d.

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

19 15-16d.
20d.
20d.
19 15-16d.

NEW YORK

11
12
13

45 cents
45 cents

18

^

50c

75c
25c
25c

$1%
$1%
lOd

FINANCIAL

MARKET—PER

CABLE

The
as

daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,

Mon.,

Tues.,

Aug. 28

Aug. 30

Aug. 31

Sept. 1

Sept. 2

19%d.

19%d.

19%d.

19%d.

Silver, per oz..

Gold,

p.

fineoz. 139s.lid.

Consols,
British

19 3-16d.

2%%

140s.Id.

Holiday

Wed.,

139s.lid.

74 5-16

140%d.

74 5-16

74 5-16

Thurs.,

Fri.,
Sept. 3
19

140s. %d.

13-16d.

140s.3d.
73 9-16

73%

3%%—

W. L

Holiday

100%

100%

100%

100%

100%

British 4%—

1960-90

The

States

Holiday

110%

price of silver
on

Bar N. Y.

the

same

110%

per

110%

(in cents)

ounce

110%

in

110%

the

United

days has been:

eign)

Closed

U. S. Treasury

44%

44%

44%

44%

44%

50.00

50.00

50.00

50.00

50.00

50.00

77.57

77.57

77.57

77.57

77.57

77.57

U. S. Treasury

(newly mined)

NATIONAL

BANKS

following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
CHARTER

ISSUED

Auj?' 2.4—The First Nat'l Bank in Blytbeville,

Blytheville, Ark... $100,000
Capital stock consists of $100,000, all common stock.
Presi¬
dent, H. Highfill; Cashier, S. H. Williams.
Primary organi¬
zation.

CHANGE

Aug. 21—"The National Bank
National Bank of

OF

TITLE

of

Tacoma. Tacoma, Wash.",
Washington, Tacoma, Wash."

to

VOLUNTARY LIQUIDATION

AH?^23.~Tlie Fir„st National Bank of Ismay, Ismay,
Effective

Mont
Aug. 6, 1937.
Liquidating agent. L. K. Hills, care of
the Bank of Baker, Baker, Mont.
Absorbed by the Bank of
Baker, Baker, Mont.

35,000

AUTHORIZED

No. 1364A.




20
15
7
15
31

$1

Oct.

Sept. 15 Aug. 27
Sept. 15 Aug. 27

%VA
$1%

Nov.

1 Oct.

15

$1%

Nov.

1 Oct.

15

25c
25c
20c

$1%

t$l%
t$lH
50c

Extra
Duke Power Co
Preferred (quar.)
Durham Duplex Razor class A and B

25c

75c

nVi.
10c
10c

;

Esquire-Coronet, Inc. (quar.)

30c

Evans Products Co. (quar.)
Ex-Cell-O Corp

25c
...

20c

Fanny Farmer Candy Shops (quar.)

25c

Extra
Fear (Fred) & Co., common
(quar.)
Ferro Enamel Corp

25c

2% %
75c

_

common

25c

37 %c

(quar.)

30c

Common class A (quar.)
General American Investors pref.
(quar.)
General Investors Trust
(quar.)
General Mills, Inc.,

30c

$1%
10c

preferred (quar.)
General Public Service, $6 pref. (quar.)
$5% preferred (quar.)

$1%

25c
10c

$3 conv. preferred (quar.)
Godchaux Sugars, Inc., class A
Preferred (quar.)
Gordon Oil (Ohio), class B

75c

$1
$1%

(quar.)

40c

Gorton-Pew Fisheries (quar.)
Granite City Steel Co., common
Guaranty Trust Co. of New York (quar.)

$1
37 %c

3%
25c

Hartman Tobacco, prior
pref. (quar.)
Holland Furnace Co

$1
50c

$5 preferred (quarterly)

$1%

(quar.)

50c
15c
40c
...

(quar.)
Indianapolis Power & Light, 6%% pfd. (qu.)
International Shoe Co. (quar.)
International Vitamin Corp.
(quar.).
Investors Royalty Co. (quar.)
Preferred (quarterly)
Irving Trust Co. (quar.)

Jamieson (C. E.) & Co
Jersey Central Power & Light, 7% pref. (qu.)_-

6% preferred (quarterly)
5%% preferred (quarterly)
Johns-Manville Corp. (quar.)_

75c

$1%
110c

i3%
15c

$1%
50c

12%c
l%c
50c
15c
15c

$1%
$1%
$1%
75c
75c

Extra

Preferred (quarterly)
Keystone Custodian Funds,

111Z1111" 111
B-4, (s.-a.)

15

$1%

25c

Dejay Stores, Inc. (quar.)
Diamond State Telep., pref. (quar.)
Dominion Textile Co .(quar.)
Preferred (quar.)
Duff-Morton Mfg. Co

Honolulu Plantation Co. (mo.)
Hoskins Mfg. Co
Hygrade Sylvania Corp., common
Preferred (quarterly)
Imperial Tobacco of Canada (interim)
Preferred (semi-ann.)
Indiana Steel Products

1 Oct.

10
10
20
28
10*

t50c

Extra

Home Fire & Marine Insurance

Nov.
Oct.

1 Sept. 15
1

15 Oct.

1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 20 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.

10c
5c

Foster & Kleiser
Co., pref. (quar.)
General Acceptance Corp. common

1 Aug. 26

Oct.

10c
35c

Extra

Flintkote Co.

Sept.

Sept. 15

30c

Consolidated Laundries preferred (quar.)
Continental Gas & Elec. Corp. prior pref. (qu.)_
Creameries of America (quar.)

Participating preferred

Oct.

15c
__

_

BRANCH

Aug. 23—National Bank of Washington, Tacoma, Wash.,
Tacoma, Wash.
Location of branch, City of Auburn,
King County, Wash.
Certificate

1

3

3

1

,

Amount

11

Oct.

3
3

1 Sept. 15
1 Sept. 15

Gulf Oil Corp

The

Oct.

15c

t$3.035 Sept. 20
Sept. 30
t$2
37 %c
Sept. 15
37 %c
Sept. 15

Sept.
Sept.
Sept.
Sept
Sept.
Sept.
Sept.
Sept.
Aug.

15
15
31

Oct.

General Telep. Corp. common
Extra

(for¬

Oct.

7
7
7
7

24
17

Oct.

„

ENGLISH

Oct.

1

7*
18
18
18
15

j25c

Deixel-Wemmer-Gilbert (quar.)

$4.99% and the lowest $4.98.

Oct.

2%%
2% %
70c

...

Crown Cork International Corp. class A
Class A (quar.)

45 cents

Oct.

lOd
—

15
20

U5c
$1%

45 cents
45 cents

19.969d.

was

37%c

(quarterly)
Ltd., 5% 1st pref. (quar.)..

45 cents

14
16
17

The highest rate of exchange on New York recorded during the period
from Aug. 12 to Aug.

50c
50c

City Auto Stamping (quar.)
Commercial Alcohols, Ltd., 8% pref. (quar.)
Consolidated Investment Trust (quar.)
Special
:__T,

(Per Ounce .999 Fine)

5

1 Sept. 20
1 Aug. 28

Convertible preferred
Canadian General Electric (quar.)
Chicago Dock & Canal (quar.)

£58,309

-Bar Silver per Oz.Std.Cash
2 Mos.

Oct.

1 Oct.

1 Sept. 22

Canadian Canners

Quotations during the week:
IN

•

—

Expoi ts

Japan

Nov.
Oct.
Oct.

Sept. 20 Sept.
Oct. 15 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept.15 Aug.

25c

Laughlin, Inc. (quar.)

Borne

to

19 15-16d.

change in the outlook and the market

Sept. 30 Sept. 20
Sept. 15 Sept. 14

Sept. 20 Sept. 15

$1%

Preferred (quar.)
Borg-Warner Corp
Scrymser Co
Bridgeport Brass Co. (quar.)
Bridgeport Machine Co. (quar.)
Preferred (quar.)
Bristol Brass Corp. (increased)
British American Tovacco Co., Ltd.—
Amer. dep. rec. ord. bearer (interim)
Amer. dep. rec. ord. registered (interim)
Amer. dep. rec. 5% pref. bearer (s.-a.)
Amer. dep. rec. 5% pref. register (s.-a.)
Burdines, Inc., $2.80 pref. (quar.)
Burlington Steel Ltd.
Byers (A. M.) Co. 7% preferred
Calaveras Cement Co. 7% preferred
Canada Malt Ltd., registered (quar.)

t

but although offerings were very moderate, the latter did not exert sufficient
pressure to

Sept. 9
1 Sept.
9
1 Sept. 14

$1.15

10c

Extra

Bazaars

1

held

(Pa.), pref. (quar.)

Blaw-Knox Co. (interim)

and conditions continued

the

25c

Oct.
Oct.

12 %c

stock for each

Quarterly
Bell Telephone

Bliss &

made

$1%
$1
$1%

Oct.

Special opt. div. of qash of 10-65 of a share in

quiet.
were

15 Sept. 15

75c

Bishop Oil Corp

Sales

1 Oct.
7
15 Sept. 15

Oct.

10c

Refining (quar.)
(quar.)

Automobile Insurance Co. (Hartford) (quar.)..
Baldwin Rubber Co. optional dividend

SILVER

to be

Nov.
Oct.

25c

Ashland Oil &

£214,000.

Movements in prices have been unimportant

1 Sept. 15
1 Oct. 15

Sept.30 Sept. 13
Oct.
1 Sept. 17*
Oct.
1 Sept.
8

$1,125
75c

$1%

Atlantic Refining Co. preferred (quar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.)
Autocar Co. $3 preferred (quar.)

The SS. Comorin which sailed from Bombay on Aug.

-

American Stores Co

£1,241,126

Oct.

Nov.

1 Sept. 17
1 Aug. 28
1 Aug. 28
1 Sept. 15

50c

Rolling Mill Co. (quar.)
4%% preferred (initial, quar.)
American Snuff Co. (quar.)
Preferred (quar.)

Preferred

35c

$1%

American

303,138
2,253

Other countries

6

Preferred (quar.)

5,650
81,980
22,351
39,494
1,96 0

£6,701,025

V

When
Holders
Payable of Record

12s. 2.16d.

Expojts

Tanganyika territory
Kenya

the value of about

Per

12s. 2.29d.
12s. 2.18d.

British India

138,866
20,967
5,442
208,152
21,874
23,527
2 ,245,803
812,280
51,398
1 ,214,538
10,633

in our "General Corporation and Investment
Department" in the week when declared.

Name of Company

Aug. 9 to mia-day on Aug. 16:

£1 ,947,545

British West Africa. _!

the

second table in which

12s. 2.16d.
12s. 2.07d.

Imports
British South Africa

a

name

12s. 2.16d.
12s. 2.25d.

the United Kingdom imports and exports of gold,

registered from mid-c.ay

Then we follow with

The dividends announced this week are:

Equivalent Value
of £ Sterling

Ounce

139s. 6d.
139s. 5d.
139s. 6d.
139s. 7d.
139s. 6d.
139s. 4%d.
139s. 5.75d.

In the

dividends announced

the

show

pany

little variation.

Quotations:

August 12
August 13
August 14
August 16
August 17
August 18
Average

grouped in two separate tables.

together all the

have not yet

compared with the previous Wednesday.

Business in the open market has been quiet and a general demand absorbed
about

are

bring

dividends previously announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
we

The Bank of England gold reserve against notes amounted to £326,406,625

Aug. 11 showing no change

we

current week.

GOLD

on

Sept. 4, 1937
DIVIDENDS

MARKETS

$1%
10c

15
10
10
10*
10*
15
15
15
20
15
30
10
10
15
15
10
10

10
18
15
15
15

1
10
15

15

Sept. 23 Sept. 9
Sept. 23 Sept. 9
Oct.
1 Sept. 15
Oct.
1 Sept. 18
Oct.
1 Sept. 18
Sept. 15 Sept. 1
Oct.
1 Sept.
1
Sept. 30 Sept. 16
Oct.
1 Sept.
3
Oct.
1 Sept. 15
Sept. 15 Sept. 7
Oct.
8 Sept. 17
Oct.
1 Sept. 17
Sept. 15 Sept.
6
Sept. 10 Aug. 31
Sept. 27 Sept. 11
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 30 Sept.10
Sept. 30 Sept. 10
Sept. 30 Sept.14
Oct.
1 Sept.
7
Oct.
1 Sept.15
Sept. 30 Sept. 10
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 10
Sept. 15 Sept. 7
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept.10
Sept. 24 Sept. 10
Sept. 24 Sept. 10
Oct.
1 Sept. 17
Sept. 15

Volume

Koppers Co., preferred (quar.)
(N. J.)
Lord & Taylor (quar.)
Mallory (P. R.) & Co.
Mangel Stores Corp., $5 con v. pref

40c

1 Sept.

Oct.

1 Sept.

25c

9 Sept.
1 Aug.

Oct.

1 Sept.

Oct.

1 Sept.

Sept. 15 Aug.
t$lH Sept. 15 Aug.
1 Aug.
Sept.
90c
Sept. 27 Sept.
$1H
1 Sept.
Oct.
55c
Sept. 30 Sept.
50c
Sept. 30 Sept.
30c
1 Sept.
Oct.
$1
1 Sept.
$1.31H Oct.
1 Sept.
Oct.
$1H
1 Sept.
Oct.
$1H
Oct. 15 Sept.
25c
Sept. 15 Sept.
50c
Sept. 25 Sept.
$1
Aug. 25 Aug.
$1
75c
Sept. 24 Sept.
1 Sept.
Oct.
$1H
1 Sept.
Oct.
$1H
1 Sept.
Oct.
$1.65
1 Sept.
Oct.
$ih
1 Sept.
$1.80 Oct.
1 Sept.
Oct.
30c
1 Sept.
Oct.
Sept. 25 Sept.
1 Sept.
Oct.
40c
1 Sept.
Oct.
10c
Oct. 15 Sept.
$1H
Oct. 15 Sept.
$2
Oct. 15 Sept.
$1H

(quarterly)
(s.-a.)
Ry. Co

New York Transit Co

Norwich Pharmacal Co., .ommon

Oakland Title Insurance Guarantee
1—

Ohio Brass Co
Ohio Edison Co. $5 pref. (quar.)

—

(quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
$6 preferred

Ohio Finance Co., common

Oct.

Oct.

|50c

New York Lackawanna & Western

i

6% preferred (quarterly)
Co. (quar.)

Lighting Corp. $6 pref. (quar.)
Pacific Telephone & Telegraph—
Preferred (quar.)
Penn Illuminating Corp., partic. pref. A
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)

Pacific

6% non-cum. pref. (quar.)

lc

15c

Progress Laundry Co. (quar.)

10c

Extra.1

Hampshire—
$1h

(quar.).
\).
(quar
Reliable Stores Corp. (quar.)
Preferred (quar.)
Reynolds Spring Co..
Rochester Telephone Corp. (quar.)
,

.

50c

Scovill Manufacturing Co
Smith

$1H

(H.) Paper Co. (quar.)

37 He

South Penn Oil Co. (quar.)
Extra

77Hc

Ltd.—

Southern California Edison Co.,

37Hc
34Hc

Original preferred (quar.)
(quar.)
Southern Canada Power Co., Ltd.—
Preferred series C

25c

t$lH
50c

$1H
25c

Stokely Bros. & Co. (quar.)
Sunray Oil Corp., pref. (quar.)

68 He
-

$1H
75c

37Hc

(quar.)

10c

Teck-Hughes Gold Mines
Bonus

5c

„»

Thermoid Co., $3 pref.
Tilo Roofing Co

75c

(quar.)

Twentieth Century-Fox Film
Preferred (quar.)

25c
50c

Corp. common

Union Elec. Lt. & Power. Co.

(Mo.) 7% pref

37Hc
$1H
25c

Union Investment Co. common

$1

United Carbon Co. (quar.)

50c

Extra

—

—

.

preferred (semi-ann.)__ —
United States Trust Co. (quar.)
Valley Mould & Iron
Waldorf System, Inc., common
Warren RR. Co., guaranteed (s.-a.)
Wayne Pump Co

United Profit Sharing

Special
Weston Electrical Instrument
Class A

Below

50c

$15
$1
20c

15 Sept. 20
1 Sept. 15*
4
Sept. 15 Sept.
1 Sept. 15
Oct.
Oct.

1 Sept. 15

Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 29 Sept.
Oct.
1 Sept.
Sept. 10 Aug.
Oct.
1 Sept.

17
17
16
10
15
15

15 Oct.

$1H

Oct.

50c

Oct.

$1
50c

Nov. 10 Oct.

1 Sept.

1
10
10

3
10
15
15
15
18
15
15
30
20
31
20
1

17
13

Sept. 20 Sept. 10
1 Sept. 20
Oct.

1 Sept. 15

$1H

preferred

Oct.

Oct.

1 Sept. 15

give the dividends announced

we

15 Sept. 20
15 Sept. 20

50c

(quar.)

$6 preferred

15
15
20
20

t50c

(quar.)

West Texas Utilities, $6

15

Oct.

15c

Starrett (L. S.) Co
Preferred (quar.)

Stein (A.) & Co., pref. (quar.)
Sunshine Mining Co. (quar.)

15
15
31
10
30
30

Oct.

50c

Line.

Spencer Trask Fund, Inc
Standard Products Co
Standard Steel Construction, $3 pref. A

Swan-Finch Oil preferred

Oct.

tlM%

6% cum. partic. pref. (quar.)
South West Pennsylvania Pipe

20
20

Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept 16
Oct.
1 Sept. 16
Sept. 29 Sept. 15
1 Sept. 20
Oct.
Oct.
1 Sept. 15
Oct. 15 Sept. 30
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct

in previous weeks

The list does not include dividends an¬
nounced this week, these being given in the preceding table.

and not yet

paid.

When
Name of

Extra

40c
-

$1
35c

(quar.)

Addressograph-Multigraph Corp
Aero Supply Mfg. Co., class A
Aetna Ball Bearing Mfg. Co
Agnew-Surpass Shoe Stores 7% pref. (quar.)

t$2 H
40c

Oct.

1

Sept. 25
Oct.

1

75c

Oct.

1

12Hc

Akron Brass Co.




Sept. 30
Sept. 30
Sept. 30
Sept.11
Sept. 22

t$1.75

Agricultural Insurance Co. (N. Y.) (quar.)
(quarterly).
Alabama Mills, Inc., common
Alabama & Vicksburg Ry. Co. (s.-a.)
Alexander & Baldwin, Ltd. (quar.)
Allegheny Steel Co
—
Allen Industries, Inc. (quarterly)
Allied Laboratories, Inc
Allied Products Corp., class A (quar.)
Allied Stores 5% preferred (quar.)
Alpha Portland Cement
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)

10c

75c

Abraham & Straus
Acme Steel Co.

Holders

Payable of Record

Company

Abbott Laboratories (quar.)_

60c

3%
$2H

Nov.
Oct.

14
14
20
27
2
15
15
15
20
3

1 Oct.
15
1 Sept.
8

50c

Sept. 15 Sept.
5
Sept. 16 Sept.
1
Sept. 4 Aug. 20
Oct.
1 Sept. 15
Oct
1 Sept. 10
Oct.
1 Sept. 21
Sept. 25 Sept.
1
Sept. 30 Sept. 15

50c

Dec.

40c

25c
15c
43 He
—

Sept. 15

Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

$1H
25c

31 Dec.

15

Sept. 30 Sept. 15

1

Dec. 31 Dec. 15
Oct.
1 Sept. l7

$4

Sept. 30 Sept. 10
Oct.
1 Sept. 13
Oct.
1 Sept. 13

25c

75c

stock div

l-40th sh. of Am. Tooacco cl. P for each
Amer. Cigarette & Cigar com. held.

Dec.
25c
20c
50c

Sept. 30 Sept. 22
1 Sept. 14*

Oct.

$3
30c
90c

Co

26c
5c

(Newark, N. J.) (s.-a.)

Extra

15c

American Machine & Metals

American News N. Y. Corp. (bi-mo.)
American Power & Light Co., $6 pref.

American Paper Goods, 7%

preferred (quarterly)
(quar.)—

15c

Amer. Radiator & Standard Sanitary

20c
50c

American Shin Building Co

4

5

Dec.

50c

American Safety Razor (quar.)
American Seal-Kap Corp

Sept. 15 Sept.
Oct.
1 Sept.
1 Sept.

Sept. 30 Sept. 15
Oct.
2 Sept. 7
50c
2 Sept. 7
$1H. Oct.
25c
Sept. 15 Sept.
1
Oct. 15 Sept. 15
$2H
Oct.
1 Sept. 10
$1H

(quarterly)—

American Sumatra Tobacco Corp
American Telep. & Teleg. (quar.)
American Tobacco Co., pref. (quar.)

2c

(quar.)

2c

20c

t$l

preferred
Copper Mining Co

50c

Appalachian Electric Power, $7 pref.

$1
$1H

(quar.) —

Sept.
Sept.
Sept.
Sept.

20c

(HI.)

$1H
12Hc
20c

27iSept. 7
13 Aug. 13
1 Sept.
1
Sept.15 Aug. 25
Oct.
1 Sept. 10
Oct.

1 Sept. 10

Oct.

1 Sept

35c

Asbestos Mfg. Co., $1.40 pref. (quar.)
Associates Investment Co. (quar.)

Sept. 20 Sept.

Sept.
Sept.
Sept.
Sept.
10c
5c
Sept.
Sept.
$1
Sept.
10c
Sept.
5c
29 l-6c. Sept.
75c

25c

Atlas Press Co. (quar.)
Extra
Atlas Powder Co

Automobile Finance Co
Extra
-

$1
,

15c

Baldwin Co

$1H

(quarterly)
Bangor & Aroostook RR. Co., common
Cumulative convertible preferred
Bangor Hydro-Electric, 7% pref. (quar.)
6% pref. (quar.)
Barkers Bread, Ltd. (monthly)
Basic Dolomite, Inc. (initial quar.)
Bath Iron Works Corp., payable in stock
Bayuk Cigars, Inc
Preferred (quarterly)
Preferred A

63c

15
Sept.15 Aug. 31
15 Sept. 30
1 Sept. 15
Oct.
1 Sept. 11
Oct.
1 Sept. 11
Oct.
Oct. 15 Sept. 23
Sept.15 Sept. 1

—

(quar.)

Dec.

(Del.)

5% preferred (quar.)
Common

preferred
7% pref. (quar.)

Biltmore Hats, Ltd.,

(semi-ann.)

(quar.)

50c

Extras

Brewer

*2&
37Hc
$1H

(quar.) — _

(quarterly) -

Co., Inc., common (quar.)
Class A (quarterly)
Brooklyn-Manhattan Transit—
Preferred (quar.)
—
Preferred (quar.)
—
——
Preferred (quar.)
Brooklyn Union Gas
—-—
Brown Fence & Wire Co., pref. A (semi-ann.)
Brown Rubber Co., Inc., com. (quar.) —

1
Oct. 15 Oct.
1-15-38 Dec. 31
1
4-15-38 Apr
1
Oct,
1 Sept.
Feb. 28 Feb. 14

Sept. 15 Sept.
Sept. 15 Sept.

Extra

(quar.)
(quar.)
Co
Bucyrus-Monighan, class A (quar.).
L.) Co. 7% cum. pref.

Oct.
—

Oct.

3H% cum. pref.
Buckeye Pipe Line

Bullard Co

Burroughs Adding Machine
Butler Water Co., 7% pref.

(quarterly)-.

(Holding), Ltd.—

$1H conv. pref. (initial, quar.)
5H% preferred (semi-annual)
Calamba Sugar Estate (quar.)
Extra

Preferred (quar.).
Calumet & HeclajConsol. Copper Co.
aferred.
Canada Cement Co., preferred
Canada & Dominion Sugar Co. (quar.) —
Canada Northern Power Corp., Ltd., common

preferred (quarterly)
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
Canada Wire & Cable, preferred
Canadian Cottons, Ltd. (quarterly)
7% cumul.

Preferred (quarterly)

Ltd., class A&B
7% preferred (quar.)
Canadian Wirebound Boxes, class A (quar.)__
Canfield Oil Co., 7% pref. (quar.)
Common (quarterly)
Cariboo Gold Quartz Mining Co. (quar.)
Carnation Co., 5% pref. (quar.)
Carolina Telep. & Teleg. (quar.)
Carpenter Steel Co. (interim)
Canadian Industries,

38c

Sept.

2H%

Oct.

40c

Oct.

$1

Oct.

Oct.

35c

Sept. 16
Sept. 20
Sept.
1
Oct.

25

tlH%

Oct.

15

t$2

Oct.

1

t$6

Sept.

7

$1
$1H

m
37 He

M
2Hc
$1M
$2
25c

Oct.

1

Oct.

1

Oct.
Oct.

30
15

Oct.

1

Sept. 30
Sept. 30
Oct.

1
1

Oct.

1

Oct.

Sept. 20

27
20
16
16
15
31
1

20
1
15
15
15
Sept.
1
Aug. 31
Aug. 15
Sept. 30
Sept. 30
Sept. 15
Aug. 10
Sept. 17
Sept. 17
Sept. 30
Sept. 30
Sept. 15
Sept. 20
Sept. 20
Sept. 10
Sept. 20
Sept. 23

1 Aug.
7 Sept.
1 Sept.
1 Sept.
1 Sept.

35c

t*$lH
37 He
tt30c

1
1

1 Sept. 25 1
1 Sept. 30 |

Sept.15 Aug.
Oct.
1 Sept.
Sept.30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 7 July
Sept. 15 Sept.

pref. (quarterly).
Preferred (participating dividend)

Budd Wheel Co.,

Cable & Wire

1
15

Sept. 25'Sept. 20
Sept. 30 Sept. 16
3
Sept. 15 Sept.
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 15

Brillo Mfg.

Bruce (E.

1 Sept. 10
1 Sept.

Oct.

(C>) & Co., Ltd. (monthly)

Common

15
30
30
25

Sept. 25 Sept.

pref. (quar.)

Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd., 6% pref.

20
20
4
3
3
27
20
15
15
15

Sept. 1
Sept. 17
Sept. 17
Sept. 15
Oct.
1 Sept. 15
Sept. 30 Aug. 31

Sept.
Sept.
Sept.
Sept.

Oct.
-

1

18 Dec.

Sept. 13 Aug.
Sept.
1 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 5 Aug.
Sept. 5 Aug.

Berghoff Brewing (quarterly)
Bethlehem Steel Corp. 7% preferred (quar.)

8% preferred (semi-ann.)
Birmingham Water Works Co., 6% pref.
Black & Decker Mfg. Co. (quar.)__

1

Dec. 30 Dec.

(quar.)

Bloomingdale Bros., Inc
Bohn Aluminum & Brass Corp
Boston & Albany RR. Co
Boston Elevated Ry. (quarterly)
Bower Roller Bearing
Brazilian Traction Light & Power,

15'Sept.

10 Aug. 31
15iAug. 31
15 Aug. 31
15 Aug. 31
1 Sept. 20
25 Sept. 20
15 Aug. 31
1 Aug. 31
1 Aug. 31
1 Sept. 10
1 Sept. 10
1 Aug. 24
1
15 Sept.

Oct.

(quar.)

Bird Archer Co.

Oct.
Oct.

Bendix Aviation Corp

B-G Foods,

Sept.
Sept.

Sept.
Sept.

Telephone of Canada (quar.)

Beneficial Loan Society

Oct.

Oct.

Extra

Class A

10

Sept. 15
Sept. 15
Aug. 20
Sept. 1

30
30
15
15

Oct.

Beech Creek Railroad Co

Bellows & Co.. class A

10

Sept.21 Sept. 10
Nov.
I Oct. 20

$1H

5% preferred (quar.)
Atlantic Refining Co., common

Preferred

1
15 Aug. 20
15 Sept. 1*

Oct.

7% preferred (quar.).
(Del.) preferred (quar.)

Armour & Co.

Arnold Constable Corp
Art Metal Works, Inc. (quar.)

Babcock & Wilcox Co

1

Sept. 15 Sept.
Dec. 15 Dec.

$6 preferred (quar.)

Bell

5

15 Dec.

Sept. 30 Aug. 27
Sept. 30 Sept. 10
Sept. 10 Aug. 30
Nov.
1 Oct. 15

50c

American Steel Foundries

Beech-Nut Packing Co.

7
7

Oct.

$1H
$1H

7% preferred (quarterly)

American Sugar Refining
Preferred (quarterly

Sept. 25 Sept.
7
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct,
1 Sept.
1
Oct.
1 Sept. 7
Oct.
1 Sept.
7
Oct.
1 Sept. 15

Sept. 15 Sept.

50c
$1H
$1H

(quar.)—

$5 preferred (quarterly)

Armour & Co.

Oct.

75c

(interim)

American Indemnity

American Insurance Co.

Sept. 30 Sept. 15
1 Nov. 25
1 Sept. 15

$1H

A (quar.)...
Steamship (quar.)
American Hide & Leather preferred (quar.)—American Home Products (monthly)
American Ice Co. (Jersey City, N. J.) preferredAmerican I. G. Chemical, class A (interim)
American Envelope Co., 7% pref.

American Hawaiian

Class B

10 Aug. 18
15 Sept. 7
15 Sept. 7
15 Sept.
15 Sept.

sh.

Preferred (quar.)

Anaconda Wire & Cable Co

1 Sept. 10

3c

(quarterly)

American Chicle Co. (quar.)
American Cigarette & Cigar,

Anaconda

1 Sept. 10

50c

Pratt & Lambert, Inc...
Premier Gold Mining (quar.)
Extra

UH

American Woolen Co.

30

Oct.

m

..

Preferred

Sept.
Sept.
Sept.
Sept.
Sept.

1750C

American Water Works & Electric Co

Oct.

Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Aug.
1 Sept.
Oct.
Oct. 15 Sept.
Oct.
15 Sept.
1 Sept.
Oct.
Oct. 15 Sept.
Oct. 15 Sept.
Sept. 1 Aug.
Sept. 1 Aug.

7% pref. (quar.)

American Chain & Cable Co

Quarterly.

7

8Hc
3Hc

American Box Board

American Toll Bridge Co.

Sept.

Ltd. (Am.shs.)

pref. (quar.)

15
15
10
10
14
15
15

70c

— — - —

Pittsburgh Plate Glass Co
Power Corp. of Canada 6% cum.

10
24
4*
20
20
8
15
15
15

6Hc
$1 H

Package Corp

Public Service Co. of New

11
3
17
3
3*
15
15
15
15
20
31
15
15
31
31
21
15
20
17
20
15
15
17

M

Outboard Marine & Mfg.

$6 preferred
$5 preferred

Oct.

$1H
$1H
87 He

(quarterly)

Pinchin Johnson & Co.,

1 Sept.

50c

Murphy (G. C.) Co., common (quar.)
Myers (F. E.) & Bro
National Battery Co.. pref. (quar.)
National Enameling & Stamping Co
National Oil Products Co. (interim)

Pictorial Paper
Extra...

Oct.

50c

Margay Oil Corp
Metropolitan Edison Co., $6 preferred
Mississippi River Power, 6% pref. (qu.)
Monroe Chemical Co., pref. (quar.)
Montreal Cottons, Ltd. (quar.)__

Pacific Indemnity
Extra.

1 Sept.
Sept. 10 Sept.
Sept. 15 Sept.
1 Sept.
Oct.

50c

Extra

Extra

1 Sept.

Oct.

25c

$1H

McKeesport Tin Plate Corp
Mapes Consol. Mfg. Co. (quar.)

Newark & Blooinfield RR. Co.

1 Sept.

Oct.

$2 US

Master Electric Co

Nehi Corp
1st preferred

Oct.

$1I!

Lackawanna RR. Co.

When
Holders
Payable.of Record

Per
Share

Name of Company

Payable of Record

Share

of Company

Holders

When

Per
Name

Preferred

1531

Financial Chronicle

145

1532

Financial
Per

Name of

Carter (Wm.) Co. preferred (quar.)
Case (J. I.), preferred (quar.)

_-

v

—

SIM
$1,125
til

+$1
SIM
$1M

6% preferred..

Centrifugal Pipe Corp. (quar.)
Champion Paper & Fibre, pref. (quar.)
Chapman Ice Cream Co
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)

SIM
10c
75c
70c

Preferred (quar.)

$1
$1

Chesebrough Mfg. Co
Extra

50c

Chestnut Hill RR. (quar.)
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool, $3 pref. (quar.)
Prior preferred (quarterly)
Chicago Rivet & Machine

75c

common

Cincinnati Union Terminal Co., 5% pref. (qu.).
City Ice & Fuel (quar.)
City of Paris Dry Goods Co. 7% 1st pref. (qu.)_
Clark Equipment Co

(quarterly

Coast Counties Gas & Elec. Co. 6% pref
Coca-Cola Co. (quar.)
;

50c

Sept. 15 Aug. 30
Sept. 15 Aug. 30

$1
25c

$1.10
$1
50c

Extra.

(quarterly)

Commonwealth & Southern Corp., $6 pref
Commonwealth Utilities, 7% pref. A (qu.)
6% preferred B (quarterly)
6M% preferred C (quarterly)
6 M % preferred C (quarterly)
Compo Shoe Machinery (quar.)
Compressed Industrial Gases (quar.)
Confederation Life Assoc. (Ont.) (quarterly)
Quarterly
Congoleum-Nairn. Inc. (quarterly)
Connecticut Light & Power (quar.)
Consolidated Edison Co. of N. Y. (quar.)
Consol. Gas Elec. Light & Power Co. of Bait.—
__

(quarterly)
Series A 5% preferred (quarterly)
Consolidated Rendering (irregular)
Consol. Retail Stores 8% preferred (quar.)
Consumers Glass Co. (quar.)_
Consumers Power Co., $5 pref. (quar.)
$4M preferred (quarterly)
Continental Diamond Fibre Co
Continental Oil Co. (Del.)
Special.
Continental Steel Corp. (quarterly)

$1.06 M
$1
$1.06 M
75c

SIM
SIM
SIM
SIM
25c
50c

fi
50c
75c
50c
90c

_

$1li

Preferred (quarterly)

Cosmos Imperial Mills, 5% preferred (quar.)
Crane Co., 7% preferred
New 5% pref.(initial, quar.)
Crowell Publishing Co. (quar.)
Crown Cork & Seal Co., common (quar.)
cum. preferred (quar.)
Crown Zellerbach Corp. (resumed)
Crucible Steel Co. ef America, preferred
Crum & Forster, preferred
(quarterly)
Cuban-American Sugar, preferred
Cuneo Press, preferred (quarterly)
Curtis Publishing Co. $7 preferred
Cutler-Hammer, Inc
Dayton & Michigan RR. Co. 8% pref

(quarterly)

Dentists Supply Co. of N. Y. (quar.)
7 % preferred (quarterly)

75c

7% preferred (quarterly)
Detroit City Gas Co. 6% pref. (quar.)
Detroit Harvester Co., extra

$134
50c

Detroit Hillsdale & Southwestern RR. (s.-a.)
Detroit Paper Products
Detroit Steel Corp. (quarterly)
Extra..
Devonian Oil Co. (quar.)

$2
634c

Sept.
Sept.
Sept.
Sept.

1

Sept.
Sept.
Sept.
Sept.

10
30
30
30

Oct.

1

Oct.
Oct.

1
1

Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.

13
27
18
18
17
25
10
10
10
10
10
10
15
15
14

Oct.
Oct.

1

Sept.

1

Dec.

1 Nov. 15

1

Sept. 15 Sept. 4
Sept. 15 Sept. 4
Sept. 30 Dec. 24
Dec. 31 Mar. 15

Sept. 15 Sept. 1
Oct.
1 Sept. 15
Sept. 15 Aug.
6
Oct.
Oct.

1 Sept. 15
1 Sept. 15

Sept.

Dec.
1 Nov. 20
Oct.
1 Oct.
1
Dec. 23 Dec. 23

Sept. 1 Aug. 25
Sept. 20 Sept. 15
1-5-38 Dec.

20

Sept.
Sept.
Sept.
Aug.
Aug.

3
15
15
31

31
1 Nov. 15

Sept. 15 Aug. 25
Oct.
Aug. 28
1 Sept. 20

Oct.
Oct.

(quar.)
(interim)

1

Sept. 15 Aug. 25

6% debentures
$434 preferred (initial

$134
$1.35

Oct.

25 Oct.

8

Oct.

25 Oct.

8

$1M

Duquesne Light Co., 5% pref. (quar.)
Duro Test Corp. (quar.)

Oct.

10c

Extra

7Mc
17Mc

Interim

Eagle Picher Lead

.

(quar.)

10c

SIM

Eastern Footwear Corp
Eastern Gas & Fuel Assoc.,

12c

6% pref
preferred (quarterly)
(quarterly)Eastman Kodak Co. (quar.)__
Preferred (quarterly)

75c

434%

$1,125

Eastern Utilities Assoc

50c

$2

SIM
25c
62 Mc
25c

SIM
15c

$1
$1
50c
„

50c

15 Sept. 15
Sept. 25 Sept. 15

Sept. 25 Sept.
Sept. 25 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.

15

15
J 5
15
24

Oct.
1 Sept. 15
Oct.
1 Sept. 15
Nov. 15 Nov.
9
Oct.
1 Sept.
4
Oct.
1 Sept.
4

Sept. 25 Aug. 31
Sept.15 Aug. 31
Dec.
Dec.

common

(quar.)
pref. (quar.)...

50c

Empire Power Corp., $6 cum.
Participating stock
Emporium Capwell Corp. (quar.)
7% preferred (semi-ann.).
4M% cumul. preferred A (quarterly).
i% cumul. preferred A (quarterly)..
English Electric Co. of Canada, Ltd.'
$3 non-cum. class A (resumed)
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)..
Falconbridge Nickel Mines, (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
$5 preferred (quar.)

25c

1 Nov. 10
1 Nov. 10

Sept. 10 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.

25
20
20
10
10

Oct.

1
1

1-2-38 Dec. 23

87Mc

Dec.

10 Nov. 30
1 Nov. 30

Dec.

Sept. 30 Sept. 8
Sept. 30 Sept. 15
Dec.
Oct.
Oct.

17 Dec.

15
1 Sept. 10
1 Sept. 10

Oct.
1 Sept. 15
1 Sept. 20
Sept. 15 Aug. 27
Oct.
1 Sept.
1
Sept.30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 20
Sept. 15 Aug. 16
Sept. 15 Aug. 16
Oct.
I Sept. 15
Oct.
1 Sept. 15
Sept. 15 Sept. 1
Sept. 18 Aug. 28
Oct.
1 Sept. 20
Oct.
1 Sept.15

Oct.

7% pref. and 7% pref. class A

Florsheim Shoe Co. class A (quar.)
Class B (quar.)

—

Fohs Oil Co

Foreign Light & Power, 1st pref. (qu.)

Nov.

1 Oct. 15
1 Sept. 22
1 Sept. 15

Oct.
Oct.

...

Sept.10 Sept. 3
1 Sept. 15
Sept.15 Aug. 27

—

Oct.

Dec.

1 Nov. 20

3-1-38
6-1-38

...

2-18-38

5-20-38

Sept. 10 Aug. 25
Sept. 15 Aug. 16
Sept. 13 Aug. 12
Nov.

1 Oct.

4

Sept. 25 Sept. 15

PrGforrod

t$lM

(quar.)..

Oct.

25 Oct.

Oct.

15

Oct.

1 Sept. 20
1 Sept. 10

Oct.

1

Nov.

Preferred (quarterly)
General Theatres Equipment (interim)

1 Oct.

Sept.
Sept. 28 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.30 Sept.

Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.)
Gibraltar Fire & Marine Insurance
Gillette Safety Razor Co. (quar.)
•

Globe-Wernicke Co

10
17
15
15
14

7
1

Sept. 15 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.

Preferred (quar.)
Goebel Brewing Co. (quar.)
Extra

Goldblatt Brosl-50th

15

Sept. 15 Aug. 31
Sept. 10 Aug. 31

First Bank Stock Corp. (s.-a.)
Fiscal Fund, Inc. (bank stock series)
Insurance stock series

payment

15

56Mc

Feltman & Curme Shoe Stores, pref
Finance Co. of Amer. (Bait.), common A & B__

Optional

Oct.
Oct.
Oct.

Sept.
1
Aug. 16
Aug. 16
Sept.
1
Sept. 30
Sept. 30
Sept. 20
Sept.
1
Sept.
1
Sept. 15
Sept. 11
Sept. 21

62 Mc
87 Mc

Faultless Rubber Co. (quar.)
Federal Insurance (Jersey City) (quar.)
Federal Mining & Smelting Co., pref

Preferred (quarterly)

15
15
15
15

Sept. 23

Extra

General Pcblie Utilities, Inc., $5 pf.
General Railway Signal.

Sept.
Sept.
Sept.
Sept.

Oct.

Farmers <fc Traders Life Insurance (N. Y.)

Freeport Sulphur Co., preferred (quar.)
Fuller Brush Co., 7% preferred (quar.)
Gannett Co. 6% preferred (quar.)
Gemmer Mfg. Co. class A
General Box Co. (increased)
General Cigar Co., Inc
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
General Fire Extinguisher Co
General Gas & Electric Corp. (Del.)—
$5 prior preferred (quar.)
General Motors Corp
$5 preferred (quar.)
General Outdoor Advertising preferred-.

Holders

Payable of Record

Sept. 15
Sept. 15

Fox (Peter) Brewing6% pref. (quar.)

30
10
10
10

Oct.

SB

7% preferred A (quarterly)

1 Sept.
4
1 Sept. 10

Oct.

Dec.

_

Elgin National Watch

Ford Motor Co. of Canada A & B (quar.)

Marl'38 Feb 15'38
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Dec.
1
-

75c
40c
10c
50c

Extra

1 Sept. 11
1 Sept. 11

25c

)




Oct.
Oct.
Oct.

25c

25c

____

Edison Bros. Stores (quar.)
Preferred (quar.)
Electrographlc Corp. (quar.)
Preferred (quarterly)
Electricmaster, Inc. (quar.)
Electric Controller & Mfg.
(quarterly)
Electric Products Corp
Electric Storage Battery (quar.)
Preferred (quarterly)
'

Sept. 25 Sept. 15
,1 Sept. 20
Sept. 15 Aug. 25

Sept.10
Sept. 29
Sept.29
Sept. 15
Sept.15

25c
25c

Extra
Diamond Match Co
Common stk. di». of 4-50tbs of a sh. of Pan
Amer. Match Corp for each sh. of Dia¬
mond Match com. stk. held.
Payable in
three Installments, the iso of 2-50ths; the
2d & 3d of l-50th each.
Pref. stk. dlv. of l-50th of a sh of Pan Am.
Match Corp. for each sh. of Diamond
Match preferred stock held.

Dunean Mills 7% preferred
du Pont de Nemours (E. I.)

1 Nov. 10
1 Nov. 10

$1?7

Common (semi-ann.)
De Long Hook & Eye

Dixie-Vortex Co., (quarterly)
Class A (quarterly)
Doctor Pepper Co (carterly)
Dominion Tar & Chemical, 5M % pref.
(quar.)
Draper Corp
Driver-Harris Co., 7% pref (quar.)

Dec.

7 Aug. 27
Oct.
$2
1 Sept. 17
25c
Sept.15 Aug. 31
1 Sept. 10
SIM Oct.
Oct.
1 Sept.10
$1,125
25c
Sept. 30 Sept.16
25c
Sept. 30 Sept. 8
25c
Sept.30 Sept. 8
25c Oct.
1 Sept.15
Oct.
1 Sept.15
SIM
Oct. 15 Sept 30
Sept.15
SIM
Sept. 15 Sept.
1
75c
Sept. 24 Sept. 14
50c
Sept. 7 Aug. 20*
Sept.15 Aug. 31*
Oct.
1 Sept. 13
Sept.30 Sept. 16
Sept.30 Sept. 20
t$8
Sbpt. 15 Sept. 2
S1.62M Sept. 15 Sept. 1
Oct.
1 Aug. 31
SIM
Sept. 15 Aug. 23
Oct.
5 Sept. 16
1
8734c Oct.
Septv16
Oct.
1 Sept. 20
SIM
qpl

_

1 Mar. 20

Oct.

SIM

4M% preferred (quarterly)
Commercial Investment Trust (quar.)

Common

75c

25c
37 Mc
40c
75c

Quarterly

Oct.

Nov. 15 Nov. 10

$5.85

Columbia Pictures Corp., com. (quar.)
Columbus & Xenia RR. Co
Commercial Creuit Co. (quar.)

-ann

8
8
8
Sept. 30 Sept. 10
Sept. 30 Sept. 10
1 Sept.

Dec.

Electro Bleach Gas Co. (quar.).
Electrolux Corp. (quarterly)-..

El Paso Natural Gas Co.,

1 Sept.
1 Sept.

Oct.
Oct.

When

Share

El Paso Electric Co. (Texas) $6 pref. (qu.)

Sept. 10 Aug. 28
Oct.

of Company

30
30

Nov. 15 Nov.
6
Oct.
1 Sept. 15

Oct.

87^

Per

Name

20
20

Sept. 30 Sept. 15

71

Coca-Cola International Corp. (quar.)
Colgate-Palmolive-Peet, pref. (quar.)
Colonial Finance Co. (Lima. Ohio)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Broadcasting class A & B (quar.)
Columbian Carbon Co. (special)

Preferred (sem

Sept. 15 Aug.
Sept. 15 Aug.
15 Sept.
15 Sept.

50c

SIM

Cleveland & Pittsburgh RR. Co. gtd. (quar.)..
Special guaranteed (quar.)
Clorox Chemical Co
Cluett, Peabody & Co.. Inc., pref. (quar.)

Preferred

1 Sept. 20

$28 M
SIM
S3M

45c
15c

Chicago Venetian Blind (quar.)

Preferred

Oct.

Sept. 4 Aug. 20
Sept. 30 Sept. 20
1 Sept. 20
Oct.
1 Sept. 20
Sept. 15 Aug. 27
Sept. 30 Sept. 20
Sept. 16 Aug. 25
Oct.
1 Sept. 30
Sept. 10 Aug. 10

J1

75c
6234c

Christiana Securities Co
7 % preferred (quarterly)

Chrysler Corp.,

Sept. 15 Sept. 10
Oct.
1 Sept. 12

Oct.
Oct.

10c

Sept. 4, 1937

Holders

Payable of Record

$1M

Central Illinois Light Co., 4M% pf. (quar.)
Central Illinois Public Service $6 preferred
6% preferred
Central Power Co., 7% preferred

Preferred

When

Share

Company

Chronicle

sh.

common

31
2G
11
11
10

Oct.

10
18
18

for

each share held.

Preferred (quarterly)
Goodrich (B. F.) Co., common

62 Mc
50c

$5 cumulative preferred
Goodyear Tire & Rubber

SIM

Preferred (quarterly)
Gorham Mfg. Co., com. voting trust ctfs—
Grand Rapids Varnish (quar.)

SIM

50c
50c
25c

Grant (W. T.) Co

35c

Great Western Electro Chemical preferred
(qu.)Great Western Sugar (quar.)

30c
60c

Preferred (quar.)
Greene Cananea Copper (quar.)

$1M

Special
Greyhound Corp. (quar.)
Preferred (quar
Griggs, Cooper & Co. 7% preferred (quar.)
Group No. 1 Oil Corp. (quar.)
Gulf States Utilities, $6 pref.
(quar.)
$5 M preferred (quarterly)
Hackensack Water Co. preferred A (quar.)
Hall Lamp Co
Haloid Co. (quar.)
Hamilton United Theatres, Ltd., 7% pref

$1 M

75c
20c

13 Mc

—.

SIM
$50

SIM
43 Mc
10c
25c

tSIM

Hamilton Watch Co

60c

Hammermill Paper
6% preferred (quar.)
Hanes (P. H.) Knitting Co.
7% preferred (quar.)
Hanna (M. A.) Co., common

Harbison-Walker Refractories pref. (quar.)
Harrisburg Gas Co. 7% pref. (quar.)
Hawaiian Agricultural Co. (mo.)
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
Hecla Mining Co
Helme (G. W.) Co. common
(quar.)
Preferred (quar.)
Hercules Powder Co. (quar.)_
Hewitt Rubber Corp
Hibbard. Spencer. Bartlett <fe Co (monthly)
Hires (Chas. E.) Co. class A common
(quar.)
Hoe (R.) & Co.,
7% cumulative preferred
Hollinger Consol. Gold Mines. Ltd
Holophane Co. preferred (semi-annual)
Honolulu Oil Corp., Ltd. (quar.)
Ilonomu Sugar Co. (mo.)
Uote' Barbtzorr. Inc.. vot

25c

SIM
SIM
20c

SIM
75c
25c

SIM
SIM
SIM
25c

20c
50c

t$4.41
t5c
$1.05
25c

10c
tr. ctfs.

Houston Oil Field Material

$2

(quar.)

50c

-

Preferred (initial)
Humber Oil &
Refining Co. (quar.)
Hutchinson Sugar Plantation (monthly)
Huttig Sash & Door Co. 7% preferred (quar.)
7% preferred (quarterly)
Idaho-Maryland Mines (extra)
Illinois Bell
Telep. (quar.)
Imperial Life Assurance of Canada (quar.)

Quarterly
Imperial Tobacco

50c

SIM
SIM

43 Mc
62 Mc
10c
—

SIM
SIM
10c

S3*
$3

_

Sept.30
Sept.30
Sept.15
Sept.15
Sept.15
Sept. 30
Oct.
Oct.

Oct.
Oct.

2
2

Sept. 13
Sept. 13
Oct

1

Oct.
Oct.

1

Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

20 Oct.

Oct.

3

21

10
31
31
16
4

15
31
3

1
15
20
18
6

15 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Sept. 8 Aug.
Sept. 24 Sept.

Dec.

3

21
1

Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.

Sept.
Sept.

20
14
20
15
15

1 Oct.

Sept. 30
Sept.15
Sept. 15
Sept. 30
Sept. 15
Sept. 30
Sept. 30
Sept. 15
Sept. 15

Oct.

19
19
1

30
25
17
1

14
10
10
14
26

14
1 Nov. 15
4 Aug. 28

9 Aug. 26
Oct.
1 Sept. 15
Sept. 15 Sept. 3
Sept. 10 Sept. 4
Nov

5 Oct.

25

Sept. 30 Sept.15
Sept. 30 Sept. 15
Oct.
1 Sept.
1
Sept.
5 Aug. 14
Sept. 30 Sept. 20
Dec.
Oct.

30 Dec.
12 Oct.

20
1

Sept. 30 Sept. 18
Oct
1 Sept. 30
1-3-38 Dec. 31

of Great Britain & Ireland—

Amer. dep. rets, for ord.
reg. (interim)
Indianapolis Power & Light Co. 6M% pref. (qu.)
6% preferred (quar.)_._
Indianapolis Water Co., 5% pref. ser. A. (qu.)_
Indlana Security
Corp. 6% preferred (quar.)
Indiana Water Co.
5% preferred A (quar.)

Institutional Security, Ltd.—
Bank Group shares, class A
Interlake Steamship Co
International Business Machine Corp
International Cellucotton Products Co
Extra.

International Harvester (quar.)
International Mining
International Nickel of Canada

7M%

Sept.
Oct.

SIM
SIM
37 Mc
SIM

9 Aug. 17
1 Sept.
4

Oct.

1

Oct.

Oct.
Oct.

3c

Oct.

SIM
*1 M
37 Mc

Oct.

25c
62 Mc
15c

t50c

Oct.
Oct.

Oct.
Oct.

Sept. 4
Sept. 11*

1 Sept. 15
1 Sept. 11

Aug.
Sept.
Sept.
Sept.
Sept

31
15
22
20
20

15jSept. 20

Sept. 20!Aug. 31
Sept. 30 Aug. 31

Volume

1533

Financial Chronicle

145

Name of

Company

International Salt Co

37 m^

Oct.

International Silver preferred
Interstate Home Equipment
Interstate Natural Gas
Iron Fireman Mfg. Co.

(quar.)

Aug.

16
31

Nov.

10

Sept.
Sept.
Sept.

Aug.

pref. (quar.)
Kansas Utilities Co. 7% preferred (quar.)
Katz Drug Co. common—omitted
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kellogg (S.) & Sons (quar.)
Kemper-Thomas Co.—
7% special preferrred (quar.)
Kennecott Copper Corp
Special

1 Sept. 15

Oct.
Oct.

SI-125
SIM

Sept. 30 Sept.
Sept. 30 Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.

_

(quar.)

/

ser.

B (qu.)

Special
Kresge (S. S.) Co

(G.) Brewing Co. (quar.)
pref. A (quar.)
6% preferred A (quar.)
..
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.).-.
Kysor Heater Co

Kreuger

Kroehler Mfg. Co. 6%

Ltd. (quar.)
Landis Machine (quarterly)
7% preferred (quarterly) —
7% preferred (quarterly)
Lava Cap Gold Mining
Lazarus (F. & R.) Co
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., com.
Preferred (quar.)
Leslie Salt Co. (quarterly)

—

-—....—
—

Dec.

special guaranteed (quar.)..
Special guaranteed (quar.)
Original capital
Original capital
—
Lockhart Power Co.. 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Monthly

75c

75c
75c

series A (qu.)

preferred (quar.).
Louisiana Land & Exploration Co
Louisville Gas & Electric, class A & B (quai .) —
Lunkenheimer Co., preferred (quarterly)
Preferred (quar.)

preferred

37Mc
slM
SIM
tS3
25c

SIM

8% pref. (quar.)..
--

Extra

«.—

(quar.)

Preferred (quar.)

7% pref. (quar.)-....

7% preferred (quarterly)
McColl-Frontenac Oil (quar.)

(quar.)

Mead Corp

Memphis Natural Gas Co., common
Pre,erred (quarterly)
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.).
Mercantile Acceptance Corp. of Calif,—
6% preferred (quar.)
6% preferred (quar.)
...—..
5% preferred (quar.)
0% preferred (quar.)
Merck & Co., Inc

50c
20c

SIM
SIM
SIM

(quarterly)
Mergenthaler Linotype Co..
Merrimac Mills Co. (initial)

-

Meyer-Blanke Co
7% preferred (quar.)
Michigan Cities Natural Gas
Michigan Steel Tube Products

1

Micromatic Hone Corp

25c

Dec.

5

25c

Oct.
Oct.

1 Sept.15
1 Sept. 15

Sept. 15 Aug. 25
Oct. 10 Sept. 20
Oct.

SI
75c

Oct.

10c

SIM

Midvale Co. of Dela

3c

Mid-West Refining (quar.)

2c

Extra

Milnor, Inc., increased
Miss. Valley P. S. 6% pref. B (quar.)
Mock, Judson, Voehringer Co
Preferred (quar.)

(quar.)

Extra

Kjnitting Co. 7% pref

(Springf, Mass.)
Monongahela West Penn Public Service—
Preferred (quarterly)
Monsanto Chemical Co. (quar.)
$4M preferred
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
Montgomery Ward & Co
Class A (quar.)
Moore (Wm. R.) Dr., Goods (quar.)

30 Oct.

15

1 Sept. 16

Sept. 10 Aug. 20
Sept. 11 Aug. 31
Oct.

1 Sept. 15
Sept. 15 Sept. 1
Sept. 10 Aug. 31
Sept 15 Sept. 4
Oct.
1 Sept.18
Sept. 15 Aug. 31
Sept. 15 Aug. 31

SIM
30c
30c

tSlK
SIM

44Mc
50c

Dec.

1 Nov. 15

Oct.

15c

1 Sept. 20

1
Sept. 13 Sept.
Oct.
1 Sept.15
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct.
1 Sept. 15
Sept. 15 Sept. 1
Oct.

1 Sept. 15
Sept. 15 Aug. 25

SI.64

Dec.

1 Nov. 10

50c

Oct.

15 Sept. 10

SIM
SIM
SIM

Oct.

1 Sept.

Oct.

1 Oct.

1-2-38

pref. stock
—

...

87 preferred
Penick & Ford, Ltd

(quar.)
.

Jan.

17
1
2

1 Oct.

50c
40c

SIM

25c

SI

SIM
25c
50c

tsi
SIM
10c
50c
...—

50c

25c
—

10c

...

Pictorial Paper

—

....

Gold Mines of B. C. (quar.)
Pittsburgh Bessemer & Lake Erie RR
(s.-a.)..
Pittsburgh Ft Wayne & Chicago Ry. Co. (qu.)_

preferred (quar.)
Metallurgical (quar
<fc Ashtabula Ry.
7% preferred (quar.)
Plymouth Oil Co. (quar.)
Powdrell & Alexander, Inc
Procter & Gamble Co., 5% pref. (quar.)
Prosperity Co., Inc.. 5% nref (quar.)
Public National Bank & Trust (s.-a.)

30c
45c

SIM
SIM
50c

SIM
60c
"0c

75c

Pioneer

7%

8Mc
3Mc
tlOc
75c

SIM
SIM
25c

Pittsburgh

Pittsburgh Youngstown

37 Mc
25c

-

pref. A (quar.)
Package (quar.)

Oc».—

J. (quar.)

preferred (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
Public Service Co. of Okla. 7% prior lien (qu.)._
6% prior lien (quar.)
Public Service Elec & Gas 7% pref. (quar.)
$5 preferred (quar.)
...
Pure Oil Co. 5M % preferred (quar.)
6% preferred (quar.)
8% preferred (quar.)
Pyrene Mfg. Co. common
Quaker Oats Co. (quar.)
Preferred (quar.)

Nov.

SI

8% preferred (quarterly)
Phoenix Securities, $3 conv.

8%

Nov.

1 Sept. 15
1 Oct. 15
1 Oct. 15

SIM
SIM

Sand

Serai-annual
Public Service Corp. or N.

14

6 Aug.

Oct.
Nov.

40c

(quar.)

Exploration (quar.)

Extra

15

Sept.

25c

Co
—
Phelps, Dodge Corp
Philadelphia Co. $5 preferred (quar.)
$6 preferred (quar.)
Philadelphia Electric Power. 8% pref. (quar.)..
Philadelphia & Norristown RR. (quar.)
Phoenix Finance Corp.. 8% pref. (quar.)

5

40c

SIM
SIM

15c
—

Pfeiffer Brewing

Sept.

50c

Mc
tSIM

1 Dec.

1 Sept. 15
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 20 Aug. 31
Sept. 20 Aug,. 31
1
Sept. 15 Sept.

SI
SI
SIM

11

25c

sii

43

Extra

5

Oct.

25c

10c

Petroleum

5

4
31
15
31
31
15
15

20c

20
11

Dec.

Jan.

$2

SIM
SIM
SIM

(quar.)

6% cum. conv.

Parke, Davis & Co

Co. (quar.)
Petroleum Corp. of America

Sept.

50c

Inc., 1st pref.

Pet Milk

25c

Meteor Motor Car Co




1
1

25c

Messinger Corp. (quar.)

Quarterly

15
30

30c
30c

50c

Mesta Machine Co. common

Monarch Life Insur. Co.

Sept. 15 Aug.
Oct. 15 Sept.
Sept. 15 Sept.
Sept. 20 Sept.
Sept. 10 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.

10c

70c

50c

Preferred (quar.)
Pennsylvania Salt Mfg. Co
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Peoples Drug Stores, Inc
Special
6M% preferred.
preferred .
5Dl€
Peoples Water & Gas Co.
$6 preferred (quar.)..
Pepeekeo Sugar Co
Perfect Circle (quar.)
— ...
Perfection Stove Co. (quar.)

Nov. 30 Nov. 30

75c

10c

SIM

16Mc
SIM

Pa the Film Corp.

Pennsylvania Glass

5

Sept.
1
Aug. 31
Aug. 31
Sept.
1
Sept.
7
30 Sept. 7
31 Aug. 31

15
15
15
10
30

SIM

Preferred

Mohawk Carpet Mills, Inc.

Sept. 21 Aug. 31
Sept. 15 Aug. 27
Sept. 15 Aug. 31

16

llNov. 20

45c

2d preferred (quar.)—.—...—
Park & Tilford, Inc., common (quar.)

Peninsular Telephone

1 Nov.

Sept. 15 Sept.
Sept. 15 Aug.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15'Aug.
Sept. 30 Sept.
1 Sept.
Oct.

20c

7% preferred (quar.)
7% preferred (quar.)
Penney (J. C.) Co. common

2'

Dec.

25c

Paraffine Co.'s, Inc—
Preferred (quar.)

Opt. div. of cash or

1

31
15
15
27

M

preferred (quar.)..
Plantation Co. (monthly)
Calif, (quar.)

Paramount Pi tures,

1 Nov. 20

Dec.

75c

Pacific Mills

1-3-38 Dec. 31

14

Nov. 15 Nov.

30c

(quar.)

1 Oct.

Sept. 18 Aug.
1 Sept.
Oct.
1 Sept.
Oct.
Sept. 10 Aug.

S2M

8% preferred (quar.)
6M% preferred (quar.)
5% preferred (quar.)

Sept.30 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 17*
Sept.15 Sept. 1
Sept. 25 Aug. 31
Oct
I Sept. 21

43 Mc

JS1M

50c
60c

(quar.)

Otis Steel Co. 1st

20

Nov. 15 Nov.

$2
SIM

Pacific Finance of

20
20

1-3-38 Dec.

50c

75c

(quar.)

Paauhau Sugar

25
20

37Mc
SIM
43 Mc

2Mc

10c

(quarterly)
McKesson & Bobbins, $3, pref.
Preferred

20

Sept. 28

1

50c

(quar.)

Co. (N. Y.) (quar.)
Northern Oklahoma Gas Co 6% pref. (qu.)
Northern RR. Co. of N. J., 4% pref (quar.) —
Oahu Sugar Co., Ltd. (monthly)
Ohio Oil Co.. pref. (quar.)
Water Service, series A (increased) —
Oklahoma Gas & Electric 6% pref. (quar.)
7% preferred (quar.).
Oklahoma Natural Gas 6% pref. (quar.)—
Old Joe Distilling Co. 8% pref. (quar.)
8% preferred (quar.)
Omnibus Corp., pref. (quar.)
Oneida Ltd. (quar.)
7% partic. pref. (quar.)
...
Ontario Silknlt, Ltd., 7% preferred (quar.)
Otis Elevator Co. (increased)..
—
Preferred (quar.)

3

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.

10c
5c
25c

(quar.)

McClatchy Newspapers,

10c

50c

(quar.)

Mathieson Alkali Works

1M

SIM

(quar.)

Masonite Corp.

SIM
30c

(P.) Co. (quar.)

Loose-Wiles Biscuit Co., 5%

Maryland Fund, Inc. (quar.)

Preferred

10 Nov. 26

Oct.

60c

North River Insurance

5

Sept. 30 Sept.
Sept. 30 Sept
Oct. 30 Oct.
Nov. 30 Nov.
Dec. 31 Dec.

Corp.. class A

North American Co. common

Sept. 10 Aug. 25
Dec. 10 Nov. 26

S2
75c

8%
Lone Star Cement Corp

Monarch

Dec.

$2

(quar.)
preferred (quar.)

6% preferred (quar.>__
Martin Custom Made Tires,

Nineteen Hundred

16
15
31
1
1
16
16
10
27

Sept. 15 Aug. 31
1 Sept.
Oct.
1
1 Sept, 16
Oct.
1 Aug. 31
Oct.
Sept. 30 Sept. 10
Sept. 10 Aug. 20
Sept. 15 Aug. 31
Sept. 14 Aug. 30
Sept. 21 Sept. 9
Sept. 15 Sept. 4

30c

Assoc. $5M pref..

Niles Bement Pond Co
Norfolk & Western Ry.

Dec.

50c

Telep. & Teleg
New Jersey Zinc Co
—
Newmont Mining Corp
New York & Queens Elec. Lt. & Pow. (quar.)..
Niagara Share Corp. of Md., class A pref. (qu.)_

31
31
7
15
20
Sept. 10 Aug. 25

75c

8% preferred

1 Oct.

50c

SIM
SIM

(s.-a.)

10
10

4*
Sept. 18 Sept.
Sept. 24 Sept. 10
Sept. 24 Sept. 10
1 Sept.
Oct.
1
1 Sept. 20
Oct.

22Mc

N. J

pref. (quar.)
Neisner Bros., Inc. (quar.)
Newberry (J. J.) Co. (quar.)
Gas & Electric

Nov.

50c

Neiman-Marcus Co. 7%

New Amsterdam Casualty

1 Sept.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.

50c

Extra

I Nov. 15

Nov.

Oct.

SIM
SIM

Casting
Standard Co. (quar.)

National Sugar Refining Co. of
National Supply Co., preferred

Sept. 28 Aug.
Sept. 28 Aug.
Sept. 20 Sept.
Oct.
1 Sept.
Sept. 25 Sept.

Little Miami RR.,

Magma Copper Co
Magnin (I.J & Co.

National

Sept. 15 Aug. 31
Oct.
1 Sept. 10
1
Sept. 15 Sept.

Libby-0wens-Ford Glass (irregular)
-—
Liggett & Myers Tobacco, pref. (quar.)
Lily Tulip Cup Corp
Lincoln National Life Insurance Co. (qu.)..—
Lincoln Service Corp. (quar.)
7% preferred (quarterly)
Lindsay Light & Chemical Co. pref. (qu.)
Link Belt Co., preferred (quar.)
Liquid Carbonic Corp., new (quar.)

1 Sept.

Oct.

12Mc

(quar.)

New England
New England

21 Oct.

Dec.

1 Sept.

Oct.

National Malleable & Steel

1 Sept. 14
Sept. 15 Aug. 31
1
Dec. 15 Dec.
Oct.

Oct.

25c

preferred (quarterly)

1

15 Sept.

30c

Preferred A (quar.)
Preferred B (quar.)

1
Sept. 20*
Sept. 15
Sept. 15
Aug. 30
Sept. 9
Sept. 24

Sept. 10 Sept.

Macfadden Publications, Inc.,

2nd

29 Sept.14

SIM
SIM

(quar.)
pref. (quar.)

National Lead Co.

Oct.

Special
Lessing's, Inc. (q«*f.)
Le Tourneau, Inc. (quar.)

Preferred

11
15
15
15

1 Sept. 15
1 Oct. 14

Nov.

(quar.)
-—-

Long Island Lighting Co. 7% pref.
6% preferred series B (quar.)

Class A and B

(quar.)

National Gypsum, 1st

15 Dec

Oct.

SIM
J50c
J44c

(quar.)

National Casualty Co. (Detroit)
National Dairy Products

Sept. 30 Sept. 10
Sept. 25 Sept. 15

Quarterly

Lorillard

3
3
11
11

Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Nov. 15 Nov
Sept.15 S#pt

Extra

(quar.)

(quar.)

5% preferred (quar.)

Sept. 30
Sept. 30
Sept.13
Sept. 16
Oct.
1
Dec. 31 Dec. 24
Oct.
1 Sept. 20
Nov.
1 Oct. 20

—

Lake Shore Mines,

1

25c

SIM
37Mc
SIM

National Biscuit Co. (quar.)
Nationa JBond & Investment Co.

National Breweries, Ltd.
Preferred (quar.).

15 Sept. 10

Sept. 21 Sept.
Sept. 21 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Sept. 15 Aug.

SIM

pref. (quar.)

10 Aug. 20
29 Sept 14

30 Sept. 10
30 Sept. 10
28 Sept. 18
Dec. 18 Dec. 10
1
Sept. 15 Sept.
18
1 Oct.
Nov.

25c

6% pref. (quar.)
Nachman Springfilled Corp. (quar.)
National Bearing Metals Corp. pref.
,

Oct.

36c

$2
25c

Extra

Sept.15 Sept.
Oct.

40c

10c

(quar.)

(quar.)

Ring

30 Sept. 20

25c

....

Mutual Chemical Co. of Amer., 6%

1

Dec.

Extra
Preferred

Muskegon Piston

Sept. 30 Sept. 10
Sept. 30 Sept. 15

40c

(quar.)

Muncie Water Works Co. 8% pref.

1 Nov. 26

Dec.

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

$1
40c

Extra

Sept.

Otc.

Kimberly-Clark Corp. (quar.)

Kings County Lighting Co. 7% pref.
6% preferred series C (quar.)
5% preferred series D (quar.)
Kingston Products Corp. (quar.)
Klein (D. E.) & Co., Inc. (quar.)
Kleinert (I. B.) Rubber Co. (quar.)

Aug.

Oct.

SIM
SIM
$1)4
SIM
SIM

cum.

Motor Wheel Corp., common
Mueller Brass Co. (quar.)

31
31
3
Sept. 20
Sept. 14
Sept. 20
Sept. 20
Sept. 20

Oct.

37 Mc
$1

65c

(quar.)

Morris Plan Insurance Society
Motor Products Co

Oct.

12Mc

Irving (John) Shoe Corp. (quar.)
6% preferred (quarterly)
Jewel Tea Co.. Inc. (quar.)
-—
Joslin-Schmidt Corp. 7% pref. (quarA..
—
KansasOity Power & Light 1st pref B (quar.)..
Kansas Power Co. $6 cum. pref. (quar.)
$7

Aug.

Dec.

$1
30c

Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15

S3M

(quar.)

Class B (quar.)

7% preferred (quar.)

Sept.
Sept.

lie

(quar.)

Payable of Record

Share

of Company

Morris Finance Co. class A

Sept. 15*
Sept. 15*

Oct.

$2

-—

Name

Record

Payable of

Holders

When

Per

Holders

When

Per

Share

SIM
35c
20c

SIM
SIM
37 Mc

37Mc
65c

12

SIM
SIM
50c

SIM

15

Sept. 10 Aug. 30
Sept. 27 Sept. 10
1
Oct. 15 Oct.
1 Sept. 15
1 Sept. 15
1
Sept. 20 Sept.

Oct.
Oct.

Sept. 30 Sept. 18
Oct.
1 Sept. 23
1
Sept. 15 Sept.
Oct.
1 Sept. 16
5

Nov. 15 Nov.

2-15-38 Feb.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.

5

15
15
15
31
15
15
8
8
1

Sept.
1 Aug. 20
Sept.
1 Aug. 20
Sept. 15 Sept. 10
Oct.
1 Sept. 17
Sept. 30 Sept. 20
Oct.
1 Sept. 10
Sept. 14 Sept. 3
Sept. 15 Sept. 4
4
Sept. 15 Sept.
Sept. 15 Aug. 31
Sept. 10 Aug. 20
Oct.
1 Sept.
1
1 Sept.
1
1 Sept. 10
4 Aug. 20
Oct
10 Sept. 30
1-10-38 Dec. 31
Oct.
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept.
1
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Oct.
5 Sept. 10
Sept. 15 Sept. 3

Oct.

Oct.

Sept.

Dec.

1 Nov. 20

Sept. 30 Sept. 8
1
Sept. 15 Sept.
Sept. 15 Aug. 25
1

Nov.

Oct.

1-3-38

1 Sept. 21
Dec. 21

Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.

Sept.
Sept.
Sept.
Sept.
Sept.

30
30
30
30
30

_

20
20
1
1
10
10
10
Sept. 15 Aug. 31
1
Sept. 25 Sept.
Nov. 30 Nov.

1

1534

Financial Chronicle
Per
Name of Company

Quaker State Oil Refining (quar.)
Queens Borough Gas & Electric Co.:
6% preferred (quar.)
Radio Corp. of Amer., $3 34 cumul. conv. 1st pf
Rapid Electrotype Co. (quar.)
Quarterly
Raybestos-Manhattan, Inc
Ray-O-Vac (quar.)
Reading Co. 1st preferred (quarterly)
2nd preferred (quarterly)
Reeves (Daniel) pref. (quar.)
Common (quar.)
Payable in cash or pref. stock.
Regent Knitting Mills, non-cumu.. pref. (qu.)>
Reliance Grain Co. 6J4 % pref. (quar.)
Remington Rand, Inc., interim
Reno Gold Mines, Ltd. (quar.)
Republic Portland Cement
5% preferred (quar.)
Republic Steel Corp. 6% preferred (quar.)
6% preferred A (quar.)
Rex Hide, Inc. (quar.)
Reynolds Metals Co. 5H % cum. conv. pf. (qu.)_
Reynolds (R. J.) Tobacco Co., com. & cl. B cornRice-Stix Dry Goods Co. 1st & 2d pref (quar.)..
—

.

..

Richardson Co

60c

$134
1234c
40c

$134
35c
3c
25c

$134
$134
$134
25c

Oct.

Sept. 15
1

1
1

Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.

25c
15c

common

Russell & Co. common

25c

Payable to common stockholders
Porto Rico Sugar Co.
Ruud Mfg. Co. (quar.)

of

10c
15c

Quarterly
Extra
St. Joseph Lead Co. (quar.)
San Francisco Remedial Loan Assoc. (quar.)

Quarterly
pref. A (qu.)__

preferred B (quar.)__

6% prior preferred A (quar.)
Savannah Electric & Power 8% pref. A (quar.)..
734% preferred B (quar.)

7% preferred C (quar.)
634% preferred D (quar.)
6% preferred (semi-annual)
Schenley Distillers Corp. (quar.)

10c
50c
75c
75c

$134
$134
$134
$134
$2

IIP.
"IS
75c

Preferred (quar.)
Schiff Co., common

$134
50c

7% preferred (quar.)
534 % preferred (quar.)

$134
$134

Scott Paper Co., common (quarterly)
Scranton Electric $6 preferred (quar.)

40c

$134

Scranton Lace Co
Seaboard Oil Co. of Del..
Sears Roebuck & Co. (quar.)

60c

25c

75c
20c

Securities Acceptance Corp. (quar.)
6% preferred (quarterly)
Seeman Bros., Inc., common
Selected American Shares, Inc
Serrick Corp. A

3734c
6234c
20c
23c

Class B (quar.)
Servel, Inc. preferred (quarterly)
Preferred (quarterly)
Sharon Steel Corp. (quar.).
Preferred (quar.)
Shattuck (Frank G.) (quar.)
Sheep Creek Gold Mining, Ltd. (quar.)

30c

30c

(initial)

Sloss-Sheffield Steel & Iron pref. (quar.)
Smith (S. Morgan) Co.
(quar.)

lc

15 Aug. 25
15 Aug. 31
15 Aug. 25
15Aug. 25
1. Sept. 17

South Carolina Power Co., $6
pref. (quar.)
Southern Acid & Sulphur Co.
7% pref. (quar.)__
Sou. Calif. Edison. Ltd.,
6% pref. ser. B

(qu.)__

Southern Colorado Power, preferred
Southern Counties Gas of Calif.
6% pref. (quar.)
Southland Royalty Oil
South Porto Rico
Sugar Co., com. (quar.)
Extra

Preferred (quar.)
Southwestern Gas & Electric Co.—
7% cumulative preferred (quar.)
Southwestern Portland Cement (quar.)
8% preferred (quar.)

Sept. 24 Sept.
Oct. 15 Sept.
Oct. 15 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Aug.
Sept. 31 Sept.
Sept. 30 Sept.
Sept. 21 Sept.

Standard Oil Co. of Indiana
(quar.)....

_II~
__II

Stecher-Traung Lithograph 734% pref. (quar.).

1

"III
__

"

I

10
1

1

Sept.
Sept.
Sept.
Sept.
Aug.

20
20

Sept. 15
4
Sept. 30
15
Sept, 9
31
Sept. 15 Sept.
1
Sept. 30
Sept. 20 Sept. 10
Sept. 15 Sept.
1
Sept.15 Aug. 16
Sept.15 Aug. 16
Sept. 15 Aug. 16
Sept.15 Aug. 16
Sept.15 Aug. 31
Sept. 15 Aug. 31
Sept.15 Aug. 31
Oct. 15 Sept. 30
Sept. 30 Sept. 23
Dec.

_

1

1 Sept. 15

Oct.

Extra

(quar.)

15

1 Nov.

Oct.

Sperry Corp
Spiegel, Inc., $434 convertible preferred (qu.j_Square D Co. (quarterly)
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
Standard Brands, Inc., $434
pref. (quar.).
Standard Oil Co. of Calif,
(quar.)

734% preferred (quar.).

10
4
31

Sept. 15 Aug. 19*
Sept. 15 Sept.
1
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Sept. 15 Aug. 20
Sept. 15 Aug. 31
Oct. 15 Sept. 13
Sept. 15 Aug. 31
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.

5% preferred (quar.)
Sterling Brewers, Inc
Stix, Baer & Fuller, 7% preferred
(quar.) _I
7% preferred (quar.)
Strawbridge & Clothier, preferred.
Stuart (D. A.) Oil Co., Ltd., class A
pref—
Sun Oil Co. (quar.)
Superheater Co. (increased)
Sutherland Paper Co. (quar.)
IIIII"

3
30
30

Sept. 15
Sept.15

Southwest Natural Gas Co., $6 pref. A (qu.)
Spang, Cbalfant & Co., Inc., pref
Sparks Withington Co.., pref. (quar.)
Spencer Kellogg & Sons, Inc. (quar.)

5% cumulative preferred

20

15 Sept. 15
1 Sept. 15

Nov.

Socony-Vacuum Oil Co
Sonotone Corp
Preferred (quarterly)

Tacony-Palmyra Bridge Co. (quar.)
Preferred (quar.)

Oct.
Oct.

15c

Skelly Oil Co

Extra
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd. (quar.).

Oct.

Sept.
Sept.
Sept.
Sept.

$134
2c

1,Sept. 10
1'Sept. 10

1-3-38!Dec.

$134

Extra

Sterchi Bros. Stores, Inc.,
6% pref.

Oct.

31 Dec.

Sept.30
Sept.30
Sept.15
Sept. 30

18

Sept. 20
Sept. 20
Sept. 1
Sept. 15

Dec. 31 Dec.

15

Oct.
1 Sept. 15
Sept.15 Aug. 16
Sept. 15 Aug. 25
Oct.

15 Oct.

Sept. 30 Sept.
Sept. 30 Sept.
Oct.
l|Sept.
Sept. 30 Aug.
Sept. 30 Sept.
Nov.
1 Sept.
Oct,
1 Sept.
Oct.
1 Sept.
Oct.
II

1

20
20

1
16
15
17
15
15

50c
50c

Sept. 15
Sept. 30
Oct.

Sept. 15

Sept.30

75c

Sept.
Sept.
Sept.20
Sept. 15
Sept. 15
Sept.

25c
50c

Shipyards Corp. (quar.)
Pump Co

25c

Extra

25c

(quar.)

__

66c

$1

Corp.

80c

Union Gas Co. of Canada (quar.)...

115c

Union Pacific RR

Semi-annual—

2

Union Premier Food Stores

(quar.)

20c

United Biscuit Co. of America, pref. (quar.)
United-Carr Fastener (quar.)

$154

United Corporation, $3 cum. pref. (quar.).
United Dyewood Corp., com. (quar.)

75c

!!S
20c

Preferred (quar.)

154%
25c

Preferred (quarterly)

58*l-3c

United Light & Rys., 7% pref. (mo.)

6.36% preferred (monthly)
6% preferred (monthly)...
United N. J. RR. & Canal (quar.)
United States Graphite Co. (quar.)
Quarterly
United States Guarantee Co. (quar.)
United States Gypsum Co. (quar.)
Preferred (quarterly)
United States Leather Co., prior preferred
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
United States Playing Card Co. (quar.)
Extra

United States Rubber Reclaiming, 8% pref
United States Tobacco Co., common
Preferred

—

Oct:
Oct.
Oct.
Oct.

53c
50c

$234
50c
30c
50c

$154
t$754
75c
75c
25c
25c

Debenture (semi-ann.)

Dec.

Dec.

Preferred (semi-annual)

Victor Equipment pref. (quar.)
Victor Monaghan Co., 7% pref. (quar.)

10 Dec.

Oct.

Viking Pump Co. (special)
Preferred (quar.)
Virginia Electric & Power, pref. (quar )
Virginian Ry
Virginia Public Service, 7% pref
6% preferred (quar.)
Vulcan Detinnlng, preferred (quarterly
Wagner Electric Corp., common
Wailuku Sugar Co
Walgreen Co., 4>4% preferred w w (quar.)
Walker (Hiram) Gooderham & Worts, Ltd.(qu.)
$1 preferred (quar.)
Waltham Watch, prior preferred (quar.)
Ward Baking Corp. 7% preferred
Warren (S. D.) Co..
Washington Ry. & El. Co., 5% pref. (quar.)
5% preferred (seml-ann.)
Washington Water Power $6 pref. (quar.)
Weisbaum Bros. Brower (quar.)
Wellington Fund, Inc. (quar.)

1

Sept. 27

Sept. 1
Sept. 1
Aug. 31
Sept. 11
Sept. 10
Sept. 10
Oct. 11
Sept. 1
Sept. 10
Aug. 26
Aug. 20
Aug. 20
Sept. 18
Sept. 14
Sept.18

Dec.
Dec

Nov. 15
Nov. 15

Sept.
Sept.
Sept.
Sept.

15
15
20
25

Oct.

1

Oct.

1

Oct.

20

Sept.
Sept.
Sept
Sept.
Sept

20
20
15
15
15

Oct.

Oct.

Sept. 15 Aug. 25

—

Nov.

Dec.

—.

9

Sept. 30 Sept.15
Sept. 30 Sept.15
Oct. 30 Sept. 30

Extra

Westing house Air Brake (quar.)
Quarterly
West Jersey & Seashore RR. Co. (s.-a.)—
—
6% Special guaranteed (s.-a.)
West Kootenay Power & Light, pref. (quar.)
Westland Oil Royalty Co.. Inc. cl. A (monthly)

1-30-38 Dec 31
1-3-38 Dec. 15
Nov. 15
Dec.
Oct.
Sept. 22

.

Sept. 15 Aug. 31
Sept. 15
Sept. 15
Sept. 30 Sept. 17
Oct.
Sept. 15
Oct.
Sept.24
Oct.
Sept. 24
Oct.
Sept. 20
Oct.
Sept. 20

Westmoreland, Inc. (quarterly)
Weston (Geo.), Ltd. (quar.)
West Penn Flectric Co., class A

Oct.
Oct.

West Virginia Water Service Co. $6 pref
Wheeling Steel Corp., $5 pref. (initial)

6% preferred
Whl taker Paper Co
7% preferred (quar.)
White Villa Grocers, Inc., 6% pref. (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)..
Willson Products, Inc. (quar.)

Oct.

Sept. 11
Sept. 10 Aug. 31
Sept. 10 Aug. 31
Nov.
Nov.

Extra

Wisconsin Michigan Power 6% pref. (quar.)
Wisconsin Power & Light Co.—
6% cum. pref. (quar.)
7% cum. pref. (quar.)
Wisconsin Public Service Co. 7% preferred.
634% preferred
6% preferred
Woodall Industries, Inc. (quar.)

Sept. 15

Oct.

Special
Wlnstead Hosiery Co. (quarterly)

1

Oct.

15

1

Oct.

15

Sept. 15 Aug. 31
$1,125

—

...

11.3134
t$154
t$154
t$134
25c

preferred

t$154
$154

Woolf Bros., Inc., 7%

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.

Wrigley (Wm.) Jr. Co. (monthly)
Yale & Towne Mfg. Co
Yellow Truck & Coach
Mfg., pref

50c

Sept.
Sept.

10c
5c

—

Ltd. (quar.)

Extra

Oct.

25c

Oct.

Oct.

15c

Oct.

$154

Oct.

$134

Youngs town Steel Door Co
Youngstown Sheet & Tube (quar.)

Sept.

$1

Oct.

$154

Preferred (quar.)
not

16

Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.

Vicksburg Shreveport & Pacific Ry. (s.-an.)

Transfer books

27 Dec.

Sept. 30 Sept. 15
Sept. 10 Sept.

Extra

t On

10

31*

Dec. 20 Nov. 30*
Oct.
1 Sept. 15
Oct.
1 Sept. 15

Vagabond Coach Co. (monthly)
Vapor Car Heating Co., inc. 7% pref. (quar.)..
7% preferred (quar.)
Veeder-Root, Inc. (quar.)

*

24

18
15
15

Sept. 15 Sept. 1
Sept.15 Aug. 30
Sept. 15 Aug. 30
1 Sept. 15
t$2 Oct.
1 Sept.
$1.16*3 Oct.
1
Oct.
1 Sept.
$1
1

Upressit Metal Cap Corp. 8% pref
$7 pref.
$6 preferred
Utica Clinton & Binghamton RR

Wright-Hargreaves Mines,

10

Sept.15
Dec.
8 Nov.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 20 Aug.

50c

$1£4

Utah Power & Light Co.,

preferred (quar.)
Worcester Salt common (quar.)

1

1

1

Sept. 3
Sept. 1
Sept. 1
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 15
Sept. 20
Sept. 1

t75c
$154

•

Wood (Alan) Steel 7%

10

Sept. 24
Sept.15
Sept.15
Sept. 30
Sept. 30

50c

United Gas Improvement (quar.)

10
7
10
10
10

1-3-38 Dec.

25c

Preferred (quarterly)

15*

Sept. 15 Sept.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.

25c

Extra

Oct.

Nov.

50c

Preferred (quart' rly)

15

Sept. 30 Sept. 11
Sept. 30 Sept. 11
Oct.
" Sept.
3
Sept. 15 Aug. 20
Oct.
Sept. 7
Oct.
Sept. 7
Oct.
Sept. 15

50c

Special

Aug. 31
Aug.
2
Sept. 4
Sept. 4
Sept. 1
Sept. 1
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 10
Sept. 1
Sept. 10
Sept. 15
Sept. 3
Sept. 10
Sept. 10
Aug. 17
Aug. 17
Sept. 7
Sept. 7
Sept. 7
Aug. 31

30 Oct.

Oct.

20c

Underwood Elliott Fisher
Union Carbide & Carbon

Oct.

50c

Tokheim Oil Tank &

Dec.

Oct.

$134

Shell Union Oil Corp., 534%
pref. (quar.)
Sherwood, Swan & Co. 6% pref. class A (qu.)

Extra
Standard Oil (Ky.) (quar.)
Extra
Standard Oil Co. (Ohio), common

Sept. 16 Sept.
Sept. 16 Sept.
16 Dec.
Dec. 16 Dec.
Sept. 20 Sept.
Sept. 30 Sept. 15
Dec. 15 Dec.
1
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 16
Oct.
1 Sept. 17
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Sept. 1
Oct.
1 Sept.
1
Sept. 30 Sept. 15
Sept. 15 Sept. 1
Sept. 15 Aug. 16

50c

75c

United Elastic Corp. (quar.)...
United Gas & Electric Corp., common

15c

Extra

1

Oct.
Oct.
Oct.
Oct.

60c

$1,125

Extra

Toronto Elevators, Ltd., pref.
Truax-Traer Coal Co. (quar.)

South

Oct.
Oct.

15c

$434 Pref. (quar.)

15

10

15
19
25
25
15
15

Oct.

IIP.

Tiinken-Detroit Axle (interim)
Timken Roller Bearing (quar.)
Todd

Mar. 10
Apr.
June 10
July
Sept. 30 Sept. 15
Oct.
1 Sept. 15

Dec.

21c

(quar.)

31
30*
4

25c

20c

49c

$1.80
$154

Thermoid Co., $3 pref (quar.)
Tide Water Assoc. Oil,

13

Jan.

15c
50c

Pendleton, Inc. (quar.)
Quarterly
Quarterly
Quarterly

534% partic. preference (quar.)
Tamblyn (G.) Ltd (quarterly)

Oct.

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

20%

Thatcher Mfg

„

Holders

Payable of Record

25c

Texon Oil & Land Co.

Nov. 20
Sept. 13

25c

25c

__

Talcott (James), Inc.. common

Nov. 15

Dec.

20c

$1H
12*4c

Special stock dividend
Telephone Bond & Share Co. 7% 1st preferred.
1st $3 preferred
Tennessee Electric Power Co., 7.2% pref. (qu.)
7% preferred (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
7.2% preferred (monthly)
6% preferred (monthly)
Texas Corp. (quarterly)
Texas Gulf Sulphur Co. (quarterly)

1937

When

Share

Tecumseh Products Co

Sept. 15 Aug. 31
Oct.
Sept. 9
Oct.
Sept. 10
Sept. 10 Aug. 25

Sept. 14
4
Sept. 30
20
Sept. 11 Aug. 27
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Sept. 10
Oct.
Sept. 15
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 10

$134

Roeser &

San Joaquin Light & Power 7%
7% prior preferred B (quar.)

Dec.

Company

Tappan Stove Co
Taylor & Fenn Co. (quar.)—

Sept. 15
Oct.
Sept. 8
Sept.15 Sept. 1
Dec. 15 Dec.
1
Sept.15 Aug. 31
Sept.15 Sept. 7
Sept.
Aug. 19
Oct. 14 Sept. 23
Sept. 15 Aug. 31
Sept. 15 Aug. 31

Oct.

$134

Per

Name of

1

Oct.
Oct.

25c

Riverside Silk Mills class A (quar.)
Roberts Public Markets, Inc. (quar.)
Rochester Telep. 634% preferred (quar.)




50c

Oct.

25c

(quar.)
Ritter Dental Mfg. (quar.)
$7 preferred (quar.)
River Raisin Paper Co

Simonds Saw & Steel (new)
Siscoe Gold Mines (quar.)

50c

Holders

Payable of Record

Sept. 15 Aug. 31

60c
60c
50c

$134

Kike Kumler Co

6%

25c

$134
8734c

40c

Rich's^Inc., 6H % pref. (quar.).

Ruberoid Co.

When

Share

Sept. 4,

Oct.

Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

31
31
31
31
31
1
15
20
20
8
8
20
10
15
1
11
11

closed for this dividend

account of accumulated dividends.

t Payable in Canadian funus
deduction of

a

tax of 5%

and in tne

casern

noo-re8frtepr«

of the amount of such dividend wll

Canada

be made

Volume

MEMBERS

Sept.

Net Demand

Time

Undivided

Deposits,
Averaoe

Averaoe

$

$

Surplus and

Capital

1,

1937 Aug. 25, 1937 Sept. 2, 1936

Deposits,

Profits

*
•

Clearing House

comparison with the previous week and the corresponding

date last year:

1937

AUG. 28,

SATURDAY,

ENDED

in

CLEARING HOUSE

NEW YORK

OF THE

WEEK

THE

FOR

following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 1, 1937,
The

City

weekly statement issued by the New York
Clearing -House is given in full below:
OF

York

New

The

ASSOCIATION

of the Federal Reserve Bank of

Condition

York City

Weekly Return of the New
Clearing House

STATEMENT

1535

Financial Chronicle

145

Members

$

$

$
Assets—

$

%

Bank of N Y & Trust Co

6,000,000
20,000,000

25,769,700

National City Bank
Chem Bank & Trust Co.

77,500,000

139,986,000
408,389,000
al, 499,238,000
425,091,000
51,373,560,000
448,903,000
689,162,000
245,944,000
436,765,000
471,092,000
40,765,000
Cl,827,165,000
49,010,000
d744,331,000
15,360,000
87,944,000
267,783,000
74,915,000
76,915,000

13,102,300

Bank of Manhattan Co.

57,496,600
54,132,100
179,891,500

20,000,000
90,000,000
42,777,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000

Guaranty Trust Co
Manufacturers Trust Co

Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank

Irving Trust Co
Continental Bk <fe Tr Co

43,503,300
68,112,400
17,508,900
107,641,600
4,054,900

128,220,000

500,000

3,553,200
75,366,200
1,295,900
9,012,200
28,136,700
8,092,800

Fifth Avenue Bank
Bankers Trust Co

25,000,000

Title Guar & Trust Co..

10,000,000

Marine Midland Tr Co..

5,000,000
12,500,000

New York Trust Co

Comm'l Nat Bk A Tr Co

7,000,000
7,000,000

Publlo Nat Bk & Tr Co.
Totals
*

As

8,616,700

official reports: National,

3,293,741,000 3,289,867,000 3,273,180,000
1,368,000
1,369,000
1,555,000
64,869,000
74,813,000
76,445,000

United States Treasury.*

Redemption fund—F. R. notes
Other cash f

Total

3,369,923,000 3,367,867,000 3,339,417,000

reserves

Bills discounted:

Secured

by U. 8. Govt, obligations,
fully guaranteed..

2,928,000

7,227,000
7,517,000

6,406,000

5,238.000

3,399,000

14,744,000

11,644,000

6,327,000

1,093,000
5,382,000

1,092,000
5,422,000

7,076,000

Treasury notes

211,831,000
332,269,000
180,929,000

211,543,000
332,270,000
181,216,000

88,263,000
406,823,000
165,475,000

725,029,000

725,029,000

660,561,000

746,248,000

743,187,000

675,066,000

84,000

84,000

6,281,000

6,020,000
135,034,000
10,038,000
12,739,000

84,000
8,621,000
129,256,000
10,855,000
34,425,000

direct

or

Other bills discounted
Total

—

discounted....—

bills

Bills bought In open market

Industrial advances

567,000

—

1,102,000

United States Government securities:

27,089,000
1,646,000
50,157,000

Bonds

737,994,000
Total U. 8. Government securities._

1937; trust

1937; State, June 30,

June 30,

companies, June 30, 1937.
Includes deposits In foreign branches as follows: a $278,805,000; b
c

hand and due from

3,259,000

9,322,318,000

894,463,200

523,547,000

per

10,176,000
48,340,000
194,957,000
23,916,000
84,877,000
100,882,000
59,258,000
23,691,000
3,859,000
1,970,000
2,858,000
71,299,000
1,305,000
27,888,000

on

Treasury bills

60,956,200

100,270,000

Chase National Bank

Gold certificates

$90,951,000;

Total bills and securities

$121,574,000; d $41,459,000.
Due from foreign banks

New

York

INSTITUTIONS
BUSINESS

"Times"

IN

NOT

CLEARING

HOUSE

AND

Loans,

Banks and

Deposits

127,400

23,995,000
6,393,686

478,000

256,100

2,209,600

7,031,400
7,591,000

1,660,278

COMPANIES—AVER\GE

Manhattan—

Lawyers
United States

Brooklyn—
Brooklyn
Kings County

9,117,000

1,151,000

-

Deposits

127,992,000

9,117,000
1,294,000

8,849,000

50,179,000
50,825,000

7,744,000
6,149,000

Gross

Trust Cos.

133,178,000
51,072,000
51,474,000
7,744,000

4,298,669,000 4,274,969,000 4,197,724,000

Total liabilities

Banks and

3,994,500
1,783,739

570,788

12,986

764,100

250,900

9,888,755
23,472,700
36,947,200

15,143,551

80,551,241

34,095,000

2,796,368

5,829,134

51,000 113,723,000
32,873,232

786,500

Includes amount with Federal Reserve as follows:

83.8%

676,000

697,000

5,279,000

5,338,000

total

for foreign

66,032,400
10,708,026

9,609,400
1,849,299

83.6%

bills purchased
correspondents

of

reserve

to

84.6%

Contingent liability on

$

$

$

deposit and
F. R. note liabilities combined

Ratio

3,188,000

84,245,000
30,005,960

.

7,744,000

-

All other liabilities

FIGURES

*6,301,300
56,437,800
177,718
8,887,720
*1,103,171
10,984,523
20,607,300 *6,555,100
27,485,700 *11,156,500
77,075,859 18,566,971

Fulton

—

Surplus (Section 13b)—
Reserve for contingencies

Dep. Other

$

$

Fiduciary

Capital paid in

5,332,000

Elsewhere

Cash

Investments

Federation

149,227,000
51,070,000
51,474,000

Deferred availability Items

5,890,404

Res. Dep.,
N. Y. and

Loans
Disc, and

207,000

749,000

96,000

4,894,000

TRUST

*

28,939,900
28,101,000

Surplus (Section 7)

Brooklyn—
People's National...

Empire

1,014,000
66,957

3,081,152,000 3,084,646,000 3,118,184,000

Total deposits-..-.

$

$

$

$

$

23,567,300

Sterling National
Trade Bank of N. Y.

827,802,000
947,734,000
936,444,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't.. 2,900,924,000 2,890,900,000 2,893,725,000
24,356,000
29,510,000
31,858,000
U. 8. Treasurer—General account
18,267,000
68,461,000
72,216,000
Foreign bank
181,836,000
82,257,000
89,672,000
Other deposits

Gross

Trust Cos.

Grace National

4,298,669,000 4,274.969,000 4,197,724.000

Total assets

Dep. Other

Elsewhere

—

Liabilities—

Y. and

N.

Includino
Bank Notes

Manhattan—

All other assets-

1937

Res. Dep.,

Other Cash,

Due. and
Investments

10,021,000
12,914,000

Bank premises.

BANKS—AVERAGE FIGURES

STATE

153,198,000

Uncollected items

CLOSING OF

FRIDAY, AUG. 27,

FOR THE WEEK ENDED

NATIONAL

WITH THE

—

Federal Reserve notes of other banks

publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Aug. 27:
The

Commitments

make

to

Industrial

bances

ad-

-

Other cash" does not lnolude Federal Reserve notes or a

t

Reserve bant notes

9,401,00©

bank's own Federal
.\'s
.

by the United States Treasury for the gold taken
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
*

These are certificates given

over

Empire, $3,856,400; Fidu¬

ciary, $728,740; Fulton, $6,281,300; Lawyers, $10,501,600.

from the Reserve banks

Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19. 1937, various changes were male In the breakdown of loans as
Federal Reserve Bank of New York of April 20, 1937. as follows:

reported in this statement, wnioh were described In aa

announcement of the

olassl float Ion of loans and dlsoouats.
This classification has been changed primarily to show the amounts to
(1) commercial. Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying securities.
The revised form
also eliminates the distinction between loans to brokers and dealers In seourltte3 located In New York City and those located outside New York City
Provision has been
made also to lnolude "acceptances of own bank purchased or discounted" with "acceptances and com nerolal paper bought In open market" under the revised caption
"open market paper," Instead of In "all other loans'' as at present
The

ohanges

in the report form are oontlned to the

Subsequent to the above announcement It was made known that the new Items "commercial. Industrial,
as "on securities" and "otherwise secured and unsecured."

and agricultural loans" and "other loans" would eaoh be

segregated
A

more

detailed explanation of the

revisions was published in the May 29, 1937, issue of the

ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101

Federal Reserve Districts—

Total

Boston

New York

ASSETS

%

$

S

$

Loans and Investments—total

Loans—total

LEADING CITIES. BY DISTRICTS, ON AUG.

$

$

Atlanta

S

22,315

1,320

9,214

1,181

1,916

631

714

4,481

478

711

243

262

Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured—

Open market paper
Loans to brokers and dealers

Other loans for purchasing or carrying
securities
Real estate loans
Loans to banks

S

3,089
1,033

546

9,958

25,1937 (In Millions of Dollars)

St. Louis Minneap. Kan. City

Chicago

s

Cleveland Richmond

PhUa.

"Chronlole," page 3590.

San Fran,

Dallas
S

S

S

$

669

398

728

503

309

175

289

230

2,120
1,033

589

39

253

44

43

14

10

50

55

9

19

13

40

4,017

288

1,679

174

242

93

122

581

132

82

162

132

330

54

12

7

27

3

35

6

1

4

3

21

467

92

175

26

20

12

4

1,355

42

1,156

27

22

4

7

62

693

38

347

38

38

19

16

92

12

9

14

15

55

1,164

85

242

60

178

29

27

83

45

6

20

21

368

5

9

1

1

2

47

12

14

9

74

138

5

102

2

3

2

6

121

30

25

*

Other loans:
On securities

724

67

267

49

9

Otherwise seoured and unsecured—

811

58

260

58

44

40

45

59

26

52

28

33

108

United States Government obligations

8,232

442

3,156

326

872

293

173

167

268

195

679

1,134

22

443

99

60

29

34

1,447
189

214

Obligations fully guar, by U. 8. Govt.

46

12

45

29

126

Other securities

2,991

142

1,134

278

273

66

77

420

100

44

126

49

282

134

110

795

136

78

176

111

328

Reserve with Federal Reserve Bank..
Cash In vault
Balances with domestlo banks
Other assets—net

5,191

235

302

33

67

16

38

18

11

59

10

6

13

11

1,654

78

135

118

161

110

100

282

77

72

190

146

185

1,279

81

526

87

106

43

40

94

23

17

23

27

212

14,950
5,282

957

6,561

806

1,103

429

337

2,287

399

269

504

386

912

278

1,144

290

745

198

185

862

184

122

147

122

1,005

15

73

8

2

11

19

37

170

706

228

115

375

186

249

2,526

229

333

20

LIABILITIES
Demand

deposits—adjusted

Time deposits
United States Government deposits..

569

36

324

18

15

11

4,901

200

1,895

265

329

183

573

12

526

5

1

1

1

------

1

------

21

1

15

1

4

7

20

8

6

3

4

316

88

363

88

56

90

80

329

Inter-bank deposits:

Domestic banks

Foreign banks
Rnrrn

wings

O ther liabilities

Capital account




838

27

390

19

"16

22

3,607

236

1,613

228

345

91

8

1

17

»--

1536

Financial

Chronicle

Sept. 4, 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.

returns

Thursday afternoon, Sept. 2,

on

The first table presents the results

whole in comparison with the figures for the eight preceding weeks and with those of the corresponding

The Federal
following) gives details regarding transactions in Federal Reserve notes between the

and the Federal Reserve banks.

for the latest week

appear

The comments of the Board of Governors of the Federal Reserve System upon the

in our department of "Current Events and Discussions."

RESOURCES AND LIABILITIES

COMBINED

OF THE

FEDERAL

Sept. 1,

Aug. 25,

Aug. 18,

1937

Three ciphers (000) omitted

1937

1937

$

S

ASSETS

Gold ctfs.

Wednesday.

The second table shows the resources and liabilities separately for each of the twelve banks.

Reserve note statement (third table
Reserve Agents

on

RESERVE

11,

Aug.

1937

$

BANKS AT THE CLOSE OF

Aug. 4,
1937

1937

8,831,389

8,831,948

8,831,946

8,832,398

8,833,399

8.949

9,423

10,122

10.784

9,784

21,

July

July

SEPT.

14,

1937

1937

$

$

$

28,

July

BUSINESS

$

S

1, 1937

July 7
1937

2,

Sept.
1936
$

$

294,237

308,865

303,051

306,903

312,308

323,657

8,833.905
9,976
318,928

307.824

277,661

8,334,034
12,625
268,885

9,134,575

9,150,236

9.145,119

9,150,085

9.155.491

9,167,492

9,162,809

9.152,780

9,123,466

8,615,544

12,915
10,811

11,312

13,755

11,674

8,619

11,718

9,623

4,561

4,533

5,023

10,026
5,377

10,316

7.391

4,901

3,553

3,328

3,395

4,041

23,726

18,703

18,288

16,697

15,403

15.217

12.172

15,040

13,018

8,602

3,076

3,077

3,073

3,596

3.669

3,095

21,007

3,201
21,596

3,280

20,929

3,072
21,043

3,078

20,785

21,665

21.759

21.783

28,522

738,073
1,157,713

737,073
1,157,713
631,404

732,508
1.157.713

732,508
1,157,713

732,508

732,508

732,508

732,508

732,508
1.165.713

635,969

630,969

1,162.713
630,969

1,165.713

635,969

1,157,713
635,969

1,162,713

630,404

627.969

627,969

1,496,719
608,787

2,526,190

hand and due from U. S. Treas.x

on

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

Redemption fund (Federal Reserve notes)
Other cash »

Total reserves...

.......

8,833,899
9,936

8,835,407

8.835.406

9,549

10,399

Bills discounted:

Secured

by

S. Government obligations,

U.

direct or fully guaranteed
Other bills discounted..
Total bills discounted
Bills bought in open market
Industrial advances

United 8tates Government securities—Bonds..

Treasury notes
Treasury bills
Tota

U. 8

Government securities

Other securities.

Foreign loans

21,082

324,721

181

_

on

gold

Total bills and securities

2,568,899

2,573,777

2,568,558

2,567,002

2,565,753

2,566.204

2,663,307

2,566,591

2,564,660

2,470,627

Gold held abroad
Due from foreign banks..
Federal Reserve notes of other banks..
Uncollected items

"""220

221

Bank premises

...

All other assets

*

""227

"""227

""222

"""222

"""219

"""222

"""219

""220

24,200

25,444

25,686

28,198

32,396

28,917

26.890

21.950

25,346

580,791

643,160

582,630

601,649

582,875

638,313

544,120

45,501

45,502

45,500

45,572

645,445
45,582

759.714

45,479

27,785
625,356
45,423
45,515

45.601

45,601

48,056

•

Total deposits
Deferred availability items

Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies.

44,769

43,588

42,945

41,977

44,581

12,439,505

12,439,530

12.489.870

12,594.740

12,436.186

11,748,494

4.234,680

4,238.391

4,228,043

4,222,016

4,193,413

4.197,871

4,213,898

4,262,417

4,020,920

6,729,546

6,743,874

6,635,764

6.775,505

6,858,300

6,440,622

155,689

308,778

227,818

183,743

6,927,951
90,232

6.826,707

160,885
200,205
156,059

6,681,124
252,690

199.602

193,493

195,093

185,042

161,864

159.009

172,325

50,267

140,513

133,626

124,926

120,372

95,966

115,621

112,381

229,285

7,246,695

7,239,678

7.260,933

7.264,561

7,308,737

7,299,873

7.292,813

7.212,350

6,827,410

620,482
132,594
145,854
27,490

Other deposits

42,692

12,414,652

7,224,022

Foreign banks

43,520

12,471,975

6,731,214
156,264
189,657
146,887

Deposits—Member banks* reserve account
United States Treasurer—General account-_

43,966

12,414,551

4,260,604

LIABILITIES
Federal Reserve notes In actual circulation

44,726

12,452,652

Total assets

584,978

646,593

606,265

589,461

625,371

552,398

132,533

132,442

132,407

645,176
132,514

741.434

132,531

578,259
132,530

132,459

132,355

130,163

145,854

145,854
27,490

145,854

145,854

145,854

145,854

145,854

145,854

145,501

27,490

27,490

27,490

27,490

27,490

27,088

35,838

35,871

27,490
35.873

35,871

35.906

35,906

34,236

5,598

5,672

5,004

6,297

35,872
5,220

4,886

4,443

10,778

..

100,937

107,236

5,767

27,490
35,838
6,485

12,452,652

12,414,551

12,471.975

12,414,652

12,439,505

12,439,530

12,489,870

12,594,740

12,436,186

11,748,494

79.5%

79.7%

79.7%

79.6%

79.7%

79.7%

79.7%

79.5%

79.6%

79.4%

1,873

1,932

2,478

2,780

2,917

3,212

3,587

4,150

4,138

15,404

15,179

15,249

15,304

15,366

15,720

15,859

16.171

16,110

23,699

Short-term Securities—
1-15 days bills discounted..
16-30 days bills discounted

20,537

16,546

16.083

14,237

12,554

12.304

9.624

12.877

802

362

397

426

447

511

283

31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted

1,101
1,092

914

920

829

915

774

918

742

666

945

663

806

194

139

222

260

824

822

23,726

18,703

18,288

16,697

15,403

15,217

132

569

1,286

238

262

208

35,839

All other liabilities

Total liabilities
Ratio of total reserves

deposits and Federal

to

Reserve note liabilities combined

Contingent

liability

bills

on

purchased

foreign correspondents

for

....f

Commitments to make industrial advances

Maturity Distribution of BUls and

Total bills discounted..
1-16 days bills bought in
16-30 days bills bought In
31-60 days bills bought In
61-90 days bills bought in

7,107

162

389

562

234

559

414

399

642

788

843

842

239

12,172

15.046

13,018

8,602

273

1,455

438

open market

1,200

1,333

90

178

177

271

225

190

1,256

open market

416

391

1,555

89

90

173

232

324

348

1,328

784

142

2,567

2,549

2,549

2,550

1,627

1,627

880

3,076

3,077

3,073

3,072

3,078

3,201

3,280

3,596

3,669

3,095

970

936

783

636

657

1,149

1,216

749

784

1,539

334

224

426

534

251

94

87

736

767

352

526

649

691

672

861

656

674

657

341

498

564

445

446

524

792

844

808

969

767

18,457

18,556

18,662

18,755

18,788

18,905

18,844

18,809

18.922

25,155
28,522

open market

open market
Over 90 days bills bought in
open market

Total bills

11,053

151

761

#

bought in open market...

I- If

days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
81-90 days Industrial advances
Over 90 days industrial advances

.

Total industrial advances

'

122

1,616
"v

477

709

20,785

1-15 days U. 8. Government securities
16-30 days U.S. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government
securities
Total U. S. Government securities

20,929

21,007

21,043

21,082

21,596

21,665

21.759

21,783

101,670

28,546

20,246

29,447

38,628

33.045

35,561

35,063

81,016

32,189
54,821

106,880

104,170
65,661

27,447
142,926

38.628

33,045

48,443

67,993

61,621

70,804

146,834

2,259,453

43,375
127,416
65,661
2,256,693

2,247,174

153,359
2.243,102

2,153,581

2,526,190

2,526,190

2.526,190

2,526,190

2,430,227

61,055
2,276,455

59,729

58,034

30,546
138,834
56,472

2,276,299

2,278,079

2,270,891

43,375
18,246
140,359
57,821
2,266,389

2,526,190

2,526,190

2,526,190

2,526,190

2,526,190

54,736

57,736

76,383

1-15 days other securities.
16-30 days other securities
31-60 days other securities..
61-90 days other securities

Over 90 days other securities.
Total

181

.

other securities..

181

Federal Reserve Notes—

Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank

4,560,971
326,291

4,554,501

4,544,445

4,532.357

4,552,646

316,402

310,341

342,161

338,748

4,550,464
298,047

4,299,473

316,110

4,523,643
330,230

4,540,032

302,570

4,260,604

4,234,680

4,238,391

4,228,043

4,222,016

4,193,413

4,197,871

4,213,898

4,252,417

4,020,920

4,600,632
23,339
20,000

4,594,632
18,277
20,000

4,593,632

4,593,632
16,117
20,000

4,582,132

4,587,632

4,563,632

4,306,338

14,579
20,000

4,580,632
14,531
20,000

4,585,632
11,677
20,000

14,860

12,844

6,922

20,000

20,000

20,000

73,000

4,643,971

In actual circulation..

4,632,909

4,631,539

4,629,749

4,616.711

4,615,163

4.617.309

4.522.492

4,596.476

4,386,260

4,563,174

278,533

Collateral Held by Agent as
Security for
Notes Issued to Bank—

Gold otfs.

hand and due from U. 8. Treas..

on

By eligible paper
United States Government securities
Total col lateral....
*

x

"Other
These

cash"

are

does

not

certificates

include Federal

Reserve notes,

t

Revised

17,907

figure,

given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been
appropriated as profit by the Treasury under
the provisions of the Gold Reserve Act of 1934.
/

cents on Jan.




Volume

of the Federal Reserve System (

Weekly Return of the Board of Governors

Three Ciphers

(000)

Omitted

on

and

hand

New York
*

$

Chicago

$

St.

732,219

297,587

$

$

$

$

$

San Fran.

DaUas

Louis Minneap. Kan. City

$

271,687

195,043

1,031
14,815

563

255

375

5,476

18,194

14,073

684,996
1,677
28,376

287.533

201,082

309,957

195,424

715,048

539

180,976

291,508

383

609

513

74,813

23,727

13,186

16,351

233,777 1,726,336
681
1,132
14,273
41,781

465,970 3,369,923

8,949
294,237

487,083

511,193

746,014

314,451

249,182 1,768,798

7,227
7,517

863

1,121

611

657

80

351

225

109

952

50

24

258

703

1,025

89

87

128

499

101

1,145

869

1,360

1,105

440

312

237

1,451

040

120

29,172

....L*—

9,134,575

Secured by U. S. Govt, obligations.
direct and (or) fully guaranteed--

12,915

180

Other bills discounted

10,811

330

reserves

Atlanta

$

436,437 3,293,741
361
1,369

8,831,389

from United States Treasury

Other cash *
Total

%

due

Redemption fund—Fed. Res. notes..

SEPT. 1 lf37

THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS

Cleveland Richmond

Phila.

$

%

RESOURCES
certificates

Boston

Total

Federal Reserve Agent at—

Gold

OF EACH OF

AND LIABILITIES

WEEKLY STATEMENT OF RESOURCES

1537

Chronicle

Financial

145

Bills discounted:

23.726

14,744

223

318

293

3,838
62,330
97,768

811

1,934

182

809

298

739

592

1,190

2,064

71,850

38,868

32,428

81,340

32,543

24,009

63,999

112,703
61,369

60,968

127,584

51,046

37,661

33,198

50,866
27,697

28,818
45,202

53,238

69,474

27,796

20,506

36,266
56,885
30,976

24,614

54,663

1,157,713

84,374

630,404

45,944

2,526,190

184,109

725,029

213,336

245,922

133,034

110,991

278,398

111,385

82,176

124,127

98,634

219,049

2,573,777

187,788

746,248

218,405

248,171

135,957

112,640

280,696

112,209

83,287

125,043

101,362

221,971

221

17

84

22

20

9

8

26

4

3

6

6

16

6,281

903

1,306

2,235

2,076
20,643
2,208

4,237

1,918

2,050

584

88,144

1,765
25,963

17,739

34,102

3,841
27,820

4,630

2,356

1,514

3,177

1,806

4,323

1,795

1,624

2,014

25,963
1,246
1,775

307,167

476,349

326,360

975,539

8. Government securities—Bonds.

Treasury notes
Treasury bills
Total U. S. Govt, securities

Total bills and securities
Due from foreign banks.

Fed. Res. notes of other banks

premises

Total

589

27,785
625,356
45,423
45,515

Uncollected Items.

Another

218

87

87

60

86

2,946
53,791

Industrial advances

Bank

384

107

20,785
738,073

1,093
5,382
211,831
332,269
180,929

Bills bought In open market

U

510

3,076

Total bills discounted

913

resources

65,996

52,579
2,737
2,842

789,141 1,071,365

510,810

388,563 2,150,854

431,625

167,812

968,524

180,188

139,387

167,511

92,743

343,139

197,258

129,688
4,165

249,309
9,351

543,350

4,363

5,500

178,842
6,638
5,500
3,706

10,813

10,021
12,914

726,210 4,298,669

12,452,652

resources.

64,674

4,913

48,535
4,867
5,216

153,198

3,019

2,831

100,387

6,267
,

3,381

3,462

LIABILITIES
F. R. notes in actual circulation

316,308

438,377

201,614

357,576

947,734

287,268

4,260,604

473,381

220,773

27,113
17,449

10,773

173,498
4,437

976,823
39,294

8,156

6,638

22,001

Deposits:
Member bank reserve account

329,792 2,900,924
29,510
3,822

6,731,214

9,825

1,593

3,392
5,690
7,253

2,541

428

188,474 1,039,711

213,593

140,757

264,588

194,686

577,454

87,882
12,858

27,310
3,843
4,655

17,619

34,353

2,891
3,116

4,050
3,613

545

1,003

1,142

1,200

2,041

941

27,851
3,875
3,851
1,262
1,847

30,534
10,169
9,645
1,996
2,037

82,257

7,944
18,587
7,002

21,358

3,581

7,224,022

349,914 3,081,152

391,109

539,301

243,283

Deferred availability Items

620,482

51,047

132,594

12,931

4,875

Surplus (Section 7)

145,854

9,826

51,474

14,323

Surplus (Section 13-B)

27,490

2,874

7,744

1,007

4,869
3,422

754

1,416

Reserve for contingencies..

35,839

1,570

9,117

48,319
12,258
13,362
4,325
3,000

61,832

Capital paid In

64,984
9,379

149,227

3,121

1,497

1,691

7,777

5,767

395

1,151

460

473

203

297

1,182

291

353

151

246

565

789,141 1,071,365

510,810

388,563 2,150,854

431,625

307,167

476,349

326,360

975,539

U. S. Treasurer—General account-

156,264

Foreign bank

189,657
146,887

Other deposits
Total deposits

All other liabilities

Total liabilities
on

cash" does

"Other

51,070

726,2 1 0 4,298,669

not

Include

137

676

184

172

88

66

217

56

43

54

54

133

1,957

5,279

152

930

1,888

313

10

1,039

54

122

302

3,358

Federal

Reserve notes.

Total

Boston

New York

STATEMENT

t

$

1

by

S

Atlanta

St.

Chicago

$

S

S

Kan. Citv

i

S

S

San Fran.

Dallas

$

Louis Minneap

f

185,540 1,005,936
27,412
17,728

188,117
7,929

143,530

177,006

100,840

4,143

9,495

8,098

380,261
43,122

978,524

180,188

139,387

167,511

92,742

343,139

171,000 1,020.000

190,632

145,000

180,000

370

292

237

102,500
1,412

399,000

1,105

192,320 1,021,105

191,002

145,292

180,237

103,912'

399,63g

4,563,174
302,570

330,077 1,038,338
90,604
42,809

331,505
15,197

464,647

211,377

26,270

9,763

4,260,604

287,268

947,734

316,308

438,377

201,614

167,812

4,600,632

circulation

held

NOTE

Cleveland Richmond

Phila.

$

Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
actual

RESERVE

(000) Omitted

Federal Reserve Bank of—

In

21,504

1,873

Federal Reserve notes:

Collateral

19,524
4,395
5,616

13,466

15,404

FEDERAL

Three Ciphers

3,901

bills purchased

for foreign correspondents.
Commitments to make Indus.advances
*

2,454

12,452,652

Contingent liability

68,461

13,846

336,000 1,040,000
510
14,578

337,000

467,500

212,000

863

1,145

869

Agent as security

for notes Issued to banks:

Gold

hand

certificates on

and

from United States Treasury

due

Eligible paper

23,339

U. S. Government securities

20,000

Total collateral

United

Government

336,510 1,054,578

Securities

Exchange—See following

on

337,863

the

468,645

New

212,869

Transactions

at

United States

quoted

8 1937.

New

for discount at purchase.

0.35%

26 1938

Jan.

AtketI

PARIS BOURSE

0.53%

Quotations of representative stocks as
each day of the past week:

Sept. 15 1937.

0.35%

Feb.

2 1938

0.55%

0.35%

Feb.

9 1938

0.55%

0 35%

Feb.

16 1938

0.58%

0 1937.

0.40%

Feb.

23 1938

0.58%

Bank of France

1938

0.60%

Banque de Paris

0.61%

Banque de

Oct.

13 1937.

0.40%

Mar.

2

Oct.

20 1937.

Mar.

9 1938-

Oct.

27 1937.

0.40%
0.40%

3 1937.

Aug. 28
Francs

0.62%

Canal

Cle Dlstr d'Electrlclte

6le

Generate

Cle

Generale Transatlantlque..

Eaux

Dec.

1

1937.

0.47%

Dec.

8 1937.

0.48%

April 6 1938.
April 13 1938-.April 20 1938
April 27 1938

Dec.

15 1937.

0.49%

May

Dec.

22 1937.

29 1937.

0.51%
0.52%

May 11

Dec.
Jan.

5 1938.

May 25 1938

0.65%
0.65%
0.65%
0.65%
0 66%
0.67%
0.68%
0 70%

1 1938

0.70%

•

Nov. 17 1937.
.

Jan.

L.......

0.50%
0.51%

Jan.

L.

4 1938

1938

May 18 1938

-

d'Electrlclte
d'Escompte

S A

de France..

Credit Commercial
Credit Lyonnalse

Lyonnalse cap

Energle Electrlque
Energie Electrlque

du Nord
du Littoral..

Kuhlmann..
L'Alr

Sept. 3

Llqulde

Lyon (P L
Nord Ry

M)

Orleans Ry

6%

Pathe Capital.
Pechlney—

a

Figures after decimal point represent
point.

one

or

more

32ds of

Rentes,

Perpetual 3%

Rentes4%. 1917
Rentes4%. 1918
Rentes 4 HI %,

Int.
Rate

Maturity
15 1941..-

1 H%

Sept. 15 1939---

1X%
1H%
l H%
IX %
IX %
IX %
1X%

Deo.

Dec.

15 1939---

June 15 1941...
Mar. 15 1939...
Mar. 15 1941...

June
Deo.

15 1940
15 1940,.

.

Rentes 4H%.

Int.

Bid

99

Asked
99.4

Maturity
Mar. 15 1940-.-

100.3

100 5

Mar. 15 1942...

100 3

100.5

June

99.17

99.19

100.14

100.16

99.28
100 2




99.31

99.30
100.4

100.1

15 1939

Sept. 15 1938
Feb.
June

1 1938--.
15 1938

Mar. 15 1938...

Sept. 15 1937...

Rate

Bid

IX %
IX %
2H%

100.13

Atktd

100.15

100.3

100.5

101.16

101.18

2X%
2X%

101.25

102 27

100.28

100.30

2X%

101.24

101.26

3%

101.12

101.14

3X%

100.8

100.10

Francs

6,500

25,300
605
1,280
53
557

25,100
590
1,240
52
551

25,200

701

700

----

1,247
445

1,240
440

25,100
611
1.240

309

1932 A
1932 B

1920
Royal Dutch
Saint Gobaln C & C
Schneider & Cle
—Soclete Francalse Ford
Soclete Generale Fonclere
Soclete Lyonnalse.--------.--Rentes 5%,

Marseillaise
Silk, pref
d'Electrlclte
W agon-Li ts - -

HOLIDAY

307

426

53
653
703
200

200

227
474
1,420
1,240
304
494
620
1.010
775
865
375
23
1.695
74.90
75.80
74.40
79.70

203
478
1,440
1,270
304
505
630
1,020
776
875
370
22
1,820
75.00
76.00
74.75
79.80

205
479
1,440
1,270
302
502
623
1.010
775

203
469
1>£10
1,230
292
485
608
950
726

80.60
99.80
5,970
1,865
1,195
72
122
1,236

80.75
99.80
6,040
1,886
1,195
72
122
1,268

879
371
23
1,780
74.74
75.10
74.90
80.30
81.25
100.10
5,960
1,875
1,180
74
125
1,270

840
368
22
1,745
74.40
74.75
74.40
80.10
81.00
99.70
5,850
1,840
1,142
71
124
1,231

193
380
105

202
386
106

194
385
106

185
370
104

Soclete

Tublze Artlflcal
Union

Sept. 3
Francs

6,600
1,200

6,700

575
690

CourrleresY""

Quotations for United States Treasury Notes—Friday,

Sept. 2

Francs

6,700

200

Comptoir Natlonale

0.52%

June

cap!

dtroen B
Cotv

Sept. 1

Francs

Francs

304
25,200
602
1.260
52

Canadian Pacific

0.63%
0 64%

de Suez

Aug. 30 Aug. 31

1,227
431

et Des Pays Baa
l'Unlon Parlslenne..

Mar. 23 1938---

Mar. 16 1938

Nov. 24 1937.

Nov. 10 1937.

received by cable

6.600

Mar. 30 1938

0.42%
0 43%
0.44%
0.45%

Nov.

Exchange,

1553.

Averages—See page 1553.

THE
Bid

Ailed

Sept. 22 1937.
Sept. 29 1937.
Oct.

Stock

York

Treasury Bills—Friday, Sept. 3

are

Bid

Sept.

the

Daily, Weekly and Yearly—See page

page.

Stock and Bond

Rates

638

20,000

4,643,971

States

York Stock

1,320

^97

1,220
52
200
----

1,240

980
365
....

74.10
74.70
74.30
79.90
81.00
99.20
5,960
....
—-

72

Sept. 4, 1937

1538

Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTIOB—Cash and deferred delivery sales

disregarded In the day's range, unless they are the only transactions of the day.

are

in computing the range for the

account is taken of such sales

United States Government Securities
Below

furnish

York Stock Exchange

the New

on

daily record of the transactions in Treasury, Home Owners' Loan and Federal
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we

115.31

[Low.

115.31

115.29

[Close

115.31

116

Total sales in $1,000 units...

20

105.26

105.26

Sept. 1

5

fHlgh

31

ug.

116

Treasury
4Kb, 1947-52

Farm Mortgage

a

Daily Record of U. S. Bond Prices Aug. 28 Aug. 30

[High

Sept. 2

115.30

Daily Record of V. S. Bond Prices Aug. 28 Aug. 30 Aug. 31

Sept 3.

100.3

Low.

100.3
100.3

100.4

Sept. 2

Sept. 3

100.2

100.1

100.1

100.4

Close

100

100.1

100

100.4

115.23

115.28

115.22

115.23

115.29

115.27

115.23

3

5

Total sales In 31,000 units...

25

1

18

105.20

105.15

fHlgh
[Low.

99.14

99.14

99.12

—

-----

105.26

Sept. 1

100.4

100.4

High

115.27

6

—

No

year.

Treasury

2Kb, 1948-51

106.3

----

100.1
26

99.15

5

99.14

99.7

Low.

105.26

105.24

105.23

105.20

105.15

106.3

99.10

99.13

99.12

99.13

99.10

99.4

Close

105.26

105.24

105.23

105.20

105.15

106.3

[Close

99.14

99.13

99.12

99.15

99.10

99.7

Total sales in 31.000 units...

5

5

8

1

6

1

Total sales In 31.000 tmlte.—

60

5

23

64

17

110.27

110.28

[High

99.4

99.5

3 HS.

1943-45

■

(High

111.5

Low

111.5

[Close

111.5

48. 1944-64

111.3

-

--

-

-

—

-

-

-

----

3HS, 1943-47

106.18

—

99.3

99.5

99.5

55

13

7

12

112

2

[High

97.22

97.22

97.22

97.24

97.20

97.18

-

-

-

Low

97.20

97.19

97.17

97.21

97.16

97.14

97.22

97.19

97.22

97.23

97.20

97.17

29

13

32

70

42

15

-

102.13

102.12

-

-

-

102.11

102.10

-

-

-

Federal Farm Mortgage

102.12

102.12

Total sales in 31,000 units...

41

5

fHlgh

103.22

103.21

103.22

Low.

—

—

—

-

Low.

101.28

101.23

101.29

101.23

Low.

101.25

101.28

101.23

101.29

101.23

Close

101.25

101.28

101.23

101.29

101.23

Total sales in 31,000 units...

1

1

*1

4

fHlgh
[Low.

102.20

102.15

102.15

102.18

102.14

102.12

I ClOBfi

102.20

102.14

102.12

4

43

48

3B, 1944-49

14

31

103.26

103.21

103.20

103.22

103.21

103.19

103.24

103.21

103.22

103.21

103.19

103.24

103.21

1

13

10

2

6

fHlgh

105.18

105.12

3s, 1942-47

103.18

2

Federal Farm Mortgage

103.18

Cios©

105.12

<

1 Low. |

Total sales in 31.000 units..

—-

-

-

105.18

-

-

105.18

I olosg f

8KB, 1940-43

105.18

—

—

-

-

-

-

105.16
105.16

12

14

8

1946-49..

11

1

1

104.9

----

104.11

104.8

----

Low

.Close

104.11
104.11

104.9

li.OOOjtmlte...

10

104.10
104.10

104.8

104.10

104.8

6

Low

----

----

-

-

----

.C1086

----

-

-

-

3 Kb, 1941

Low.

105.30
1

-

-

-

—

—

-

—

-

Low.

105.20

105.20

3

13

105.25

105.17

105.18

105.17

105.12

1

105.15

1

100.6

100.8

100.5

100.2

100.1

100.3

100

100.2

100.6

100.7

100.3

9

25

102.2

102.2

----

----

100.4

100.4

100.4

100.1

100

100.1

100

10

29

1

17

9

99.23

99.24

99.22

99.26

99.22

99.21

99.23

99.20

99.20

99.24

99.19

99.18

99.23

99.22

99.20

99.24

99.22

99.18

5

24

37

2

62

5

table

includes

only

sales

of

102.1

101.30

101.29

102

101.29

101.25

102.1

102.1

101.30

101.25

15

23

11

23

99.31 to

99.31

101.24 to 101.24

United States

101.28

8

coupon

99.31
100.1

32

1
\

100.2

100.2

28

100.2

75

102.4

Low.

Total tales in 31,000 units...

100.2

100.4

24

100.4

[Close

^

100.4

16

100.1

100.1

Treas. 2Kb. 1945-47

2

100.4

102.2

100.4

Treas.2Ks, 1955-60....

105.17

100.4

High

100.4

above

2

100.2
39

101.22

16

Transactions in registered bonds were:

105.25

Low.

2Kb. 1945-47

Note—The

105.25

fHlgh

Total sales in 31,000 units..

101.22

101.24

68

105.20

105.20

[Close

„

101.24

101.30

6

Odd lot sale.

6

----

Total sales in 31.000 units...

2KB. 1956-60

105.24

105.31

105.20

....

101.28

101.23

95

Low.

105.20

....

.Close

101.23

101.26

100.4

Total sales In 31.000 units

105.31

—

105.20

101.25

100.4

High

2kb. 1942-44

-

bonds.

High
3 KB, 1944-46..

— -

101.23

-

105.31

—- —

—

101.26

Close

14

-

----

3

.

101.30

Close

—

—

105.31

105.30

.Close
Total sales in 31,000 units...

101.27

Total sales in 31,000 unite...

*

105.30

101.27

1

101.23

Low

2Kb, series B, 1939-49..

104
104

10

High

2

101.27

High

Home Owners' Loan

104.7

-

9

101.27

Low.

Home Owners' Loan

1

104.7

-

-

101.4

Close

104.7

Total sales in 31,000 units...

101.4

101.9

Total sales in 31.000 unite..

104.3

*1

High
3 KB, 1949-62..

104.8

101.9

101.12

....

High

3b, series A, 1944-52...

2

1

101.4

101.12

Total sales in 31.000 units...

105.20

1

1

1

High

Total sales in

1

1

101.10

Low.

Home Owners' Loan

105.20
1

1

101.12

Close

5

Low.

3

....

....

High

105.12

105.23

Close
Total sales in 31,000 units...

3%s.

Federal Farm Mortgage

105.9

105.12

High
3K8. 1941-43..

Total sales in 31.000 units..

2Kb. 1942-47

105.8
.

3

101.25

102.2

Total sales in 31,000 units...

.

102.14

High

Federal Farm Mortgage

102

102.8

-

102.14

Total sales in 31.000 units...

102.6

102.8

-

■.

102.14

Close

106.3

9

—

High

3K8, 1944-64

106.3

-

-

102.14

102.10

102.13

■

Total sales in 31,000 units...

----

102.12

Close

38, 1946-48

2Kb. 1949-53

....

1

Low.

■

■

109.7

3

fHlgh
3s, 1951-55

-

----

99

99.4

99.4

2Kb, 1950-59

106.3

106.18

99

99.2

99.3

Close
Total sales in 31.000 units...

106.18

Low.

■

98.31

99.7

Low.

2

2

Total sales in 31,000 units...

99.5

110.26

Total sales in 31,000 units...

High

99

110.26

109.7

'

[Close

99.5

30

1

109.7

[Low.

29

99.7

110.27

1

fHlgh
3 Kb. 1946-50

99.5

110.27

111.3

111.3

Total sales in 31,000 units...

2KB. 1951-54

United

Treasury Bills—See previous

States

Treasury

Notes,

page.

&c.—See

previous

page.

.

New York Stock Record
Pa)-*,
LOW

AND

HIGH

SALE

PRICES—PER

Sales

STOCKS

for

SHARE, NOT PER CENT

NEW YORK STOCK

the

EXCHANGE

Saturday

Monday

Tuesday

Aug. 28

'Wednesday

Aug. 30

Thursday

Friday

Aug. 31

Sept. 1

Sept. 2

Sept. 3

Week

$ per share

$ per share

3 per share

8 per share

$ per share

Range Since Jan. 1

Shares

On Basis of

1*48
*,*56

§17%

48%
62%
80%
17%

*25

*78%

48
*56
*78

48

*4712

62%
80%

*56

48*2
6212

*78

80%

78

78

1778

17%
25%

17%

175s

25%

25%

*2538

32

32

32%

2l4
6834
2l4
98%
1178

2%

66%

*2%

■

*2

67

67%

2%

*

98%

2%
*

2%

68%
2%
98%

11%

11%

11%

2%

2%

2%

68%

2%
*

11%
2%

11%

2l2
30

30

*29%
*29%

30%

|*29

30

30

31

*27

31

*29

^*26
£.*32%

30%

*28%

30%

1*16%

18

33%

227% 227%

33

*16%

30

33

z33%
*16%

17%

228

k;*16%
fc*22

22%

18%

18%

231%
*16%
17%
22%
22%
18%
18%

*73%

78%

*73%'

64%

17%

64%

64%

232

23

4%

*21

*478

31

31%

31%

1,700

*2

2%

200

11%
2%

?%
67%
2%
98%
11%
2%

29

2%
*

2%

27

29

*26%

31

27

27

3334

32

33%
16%

32%
16%

32%

32%

*16

224%

226

16%
2178
17%
77%
61%
ZS32
227g

*15

16

21%
16%
*73%

21%
17
77%

1,600
19,400

61%
62%
"32
2732
22%

ib'600

*16%
225

227

17%
22%

220

*16%
21%
17%

22

19

78

*73%

77%

17%

5%

16%
21%
16%
*73%
59%
2,32
*21%
4%
38%
85%
91%

18%

63%
%

22%

96

94

94%

91%

93

25%

25%

25

25

25

25

59

59

59%

59

59

*

Bid and asked prices; no sales




on

5

this day.

*24
*

*21

5

*4%

5

2%June17

2%June 17

25% Sept
27
Sept

5K%Pref A without warlOO

29

$2.50 prior

""300

27

Corp.....No

preferred

Allis-Chalmers Mfg

100

3

74

June 21

85

57

June

1

2

16% Sept

No par

34% Jan

Amerada

No par

80

2

21% Aug 9
4% June 28

40

200

87

2,000

92%

92%

900

Am Agrlc Chem (Del)..No
par

83

24%

24%

900

American Bank

10

20%June 30

50

59

J in receivership,

63
a Def.

20

delivery,

6%

Feb 17

May 14

June 17

87

*

Feb 11

June 28

215

Corp..
Note

Preferred.

n New stock.

rCashsale.

x

5

June 28

Jan

Apr

Ex-dlv.

5

Feb 18
Mar 15

Jan

Mar

13

July

Nov

Feb

15% Nov

Feb
37% Oct
21% Jan
86% Nov
6% Apr
35%

103

Nov

Jan

17% Sep*
5% Nov
61% Nov
60% Nov

12%

Jan

60

27

Apr

54% Nov

2%
12%
12%

Apr
Jau

28% July

40%

Nov

Oct

167

" "Jan

Aug 14
Jan 16
Mar 6

23

Aug
Jan

20% Nov

9

69

Jan

90

Nov

36%

Jan

81

Deo

Mar

9

83% Jan 22

2732
39%
8%
52%
114%

2

91

70

74%

Apr 12
Mar

Sept

Jan
Mar
Mar
Mar

3
28
13

15
11
101% Jan 22
41% Jan 16

6%

19% May
4

Oct

31% Nov

245

"34"

Ex-rights.

Aug
Nov

34% Nov
5% Dec

39% Dec
125% Mar

76

Jan

49

July

30

Dec

55%

85

8
y

9

69

15

3

Jan

100% Jan 22
15% Feb 25
5% Feb 18
59% Feb 11

20

Sept

Alpha Portland Cem
No par
Amalgam Leather Cos Inc
1
6% couv preferred..
50

700

3

Aug 27

30%June 17
16%Sept 2

Rights

49,700

22% Jan
il% Jan
68
Apr

2132 Sept

Allied Stores

5%

Apr

9% Aor
17% June

par

No par

Inc
1
Allied Chemical db Dye.No par
Allied Kid Co
5
Allied Mills Co Inc....No par

300

69

58%
62%
45%
23%
258%
17%
33%
21%

pref.No par

Allen Industries

100

1,900

Aug 13

22% Mar 11
28% Feb 3

100

conv

Allegheny steel Co

1,300

85

4% Jan 26
80% Jau 7
5% Jau 25

*38

38%
86%
91%
2434
63

17%
226

300

Mar

36

Allegheny Corp
No par
5K %Prel A with $30 warlOO
5K%Prel A with $40 warlOO

27

42

June 16

8,900
1,100

27

8
0

June 29

Mar 11

*24

Mar
Mar

2

64% June 17

per share

55

28

No par

Highest

per share $

69

10

June 16

30

$

...No par

11

29

1712

7

97

29

232

22%June

Alaska Juneau Gold MIe.__10

30

32%
16%

4

~1~866

28

90%

63

11%
2%
28%

Jan

15

Appliance.-No par
Vickaburg RR-CO..100

28

38%

25%

11%
2%
25%

Multlgr Corp

$ per share

share

57

Air Way El
Ala &

*25

87

25%

3,600
2,000

*25

4%
38%

*93

2%

31

41

93

67

Address

per

Year 1930

Lowest

Highest

44%June 29
July 6
63% Jan 6

No par
25

No par
..No par

Advance Rumely
Air Reduction Inc

98%

29

90%

93

2%

29

*38%
90%

41
92

*

11%

66%
*

29

62

*38%

*59

2%
*

Express..

Adams-Mtills

700

*26

31l2

*21

*90%

Adams

$

No par

Acme Steel Co...

200

2%
66%

22%

93

Abbott Laboratories
Abraham & Straus

4,900

30%

65%

39%

17%

2%
67%
2%
98%
11%
2%

z22%

1*38%

17

25

22%

4*90%

79

Par

10

*76

Lowest

300

61%

47%

24%

78%
65%

*5

*75%
1678

47%

*56

47%
62%
79%
17%
25

*16%
22%
18%
*73%
64%

5%

47%
62%

25

,116
*21%
4%

per share

25%
32%

2%
6678

30

*28

30

62%

232

258
3078

51

48%

*56

33

*2

*47%

26

31

*2

17%

25%

31

17%

,

8

Range for Previous

100-Share Lots

Jan

73

89

Nov

Apr
Nov

H Called for redemption.

Volume

LOW

New York Stock

145

SALE PRICES—PER

HIGH

AND

Saturday

Monday

Aug. 28

Aug. 30

5984

60*4

60%

58*4

58*2
127

127

127

102*2

1025s IO284

*126

*102*2 105

102

*157*2 160

159*2 159*2 *157*2 160
42*4
43
4384 44
*72*8
74
*72%
75*8
32
3158 3258
3234

44

44

74

74

3178

33

*108

108*2 108*2 *107*2 109
*2534 29
*2584 29
*14
*14
14*2
1434

109

*2584

32

*14

15

$ per share

Shares

53*2 53*2
62i2 57
57*2
58*4
*126
134
*126
134
125*2 126
100
100*2
98»4 100*4
100*8 101
15934
*157
159
159
15984 *157
40*8
40*4
39
41
41*2 4158
69*2
69*2
72
72
70*4
70*4
31*2
30*4 31*2 *30
31*8
3158
—

734

*47

50
20*2
41

*47*4
*20*2
*37*4

48
2034
40

16%

16%
6%
*40*4
43%
2%
*23%

16%
6%

*37*4

*1684
6%
*40%
*43%

17

44

16%
*6%
*40*4

43%

44

*43%

44

6%

7

3
3
3%
3%
24
23% 23*2
13%
13%
13%
13%
45%
*44*2 45*2
44%
*108
*108% 109
109%
19
19*4
18% 18%
*8
8*4
8*4
8*4

23%

51

51%

51

*107% 119

9%

57*2
*48%
19%
*148

64

9*2

9*2
57*2
49*2
19%

58

*49%
19%
*147%
36*2
36%
97%
97%
27
*27*8
26
26%

156

3638
97%
27

25*2
48

48

87%

87%

140

140

*55

56

"49"

"49%

44

44

125

125

22*2

23
77

78*4
137%
12%

7784

78*2
139%
12%
12%
17% 17%

17%

92

10%

*91

10%

10%
66

*63

13%

13%

*140

63""

54*2

16%
6%

*15*2

1534

16*4
6%

6*4
*40*4
43*2

40*4

40*4

44*8

44%

44%
2%
24%

3,100

26%

2484

23

23

13%

13

13

12*4

125s
41*2

3

46

42%
108

45

3

278

44

39

108

106

2%

3

108

109%

19%
8*2

18%

18%

18*2

8%

*8

52

49

50*2
*100*2 119

48

8%
49*4

I884
8%

*

48

47

88
85%
139*2 139%
54
*

133

50%
15%

"50%

50%

"48%

15%

15%

15

44%

*43

*43

44

54

"45"

49%
15

15
44

4384

54
133

*

*58

55%

*140

"46"

47%

15

*1434
*43

55

»

65"

*58

55*4

56

-

*120

»

-

-

-

*120

60

60

60

56*8

52%

5484

52*4

60

£53*4

53%

110

59%
*12%

*103

60

58*4

12%

*103

58*2
*12%

60

13

12%
9*4

9

9

*9

*95

105

*95

17%

110

17%

17%

»

-

-

-

9

*95

105
18

17%

110

*103

*103

110

60

58*2
13

57*4
12%

59%

13

13

*95

105

*95

105

17

17%

8%

884

8*2

9*8

16%

17%

110

Preferred

Amer Power A Light... No par

$6 preferred

12%

"~7"806
2,100
700

4H% conv pref
100
American Safety Raaor.. 18.50
American Seating Co..No par

*95

100
17

15%

900

American

*85

90

*86

90

*85

90

*86

90

*85

90

*85

108

*100

108

*100

108

*100

108

*97

104

*100

American Stores

4,100

10,300
100

4,700
1,100
7,000

55

*53*8

55

*94

95*2

*94

95*2

86

*85

87

*85

87

85

72*2

72%

73

74

75

71*8

72

97%

*93*4

97*2

94*2

94*2

43%

45%

55

*93
45

46

*14

17

2284
27

22%
27%

*108% 110

14%
*50

15

50%

*71%
120

76

120

10%

15%

*5%
*33

10*2

15%
5%

35%

44%

23

45*2

46%

*16

17

*22*4
27%

17%
23%
27%
27%
27*2
*108% 110
*108% 110
15
15
15
14%
50
50
*50
50*4
77
76
*72
*71%
120
120
120*4 120*4
11
11
*10*4
*10*4
16
16
15%
15%
5%
5%
*5%
5%
*33% 35%
*33% 35%

6%

6

5

5%

5%
4%

5

2084

45

*15

6

*4*8

72%
*94*2

97*2

21

20%

23

,

6

6*8
5%
4%

5%
4%

20*4

21%

6%
5%

4%
21%

53*8
*94

*52%

53*8

*52%

95*2

86

*51%

95*2

*

69%
*94

42%

88

7084
97%

*14

16

*21*4

2234

*71%
120

6

4%
4%
19%

1484

50

50

*72

76

76

*120*2 122
10*4
10*4
10*2
16
1534
15%

16

5*2

26%
108

120

10%

33%

1434

50%

*50

26%
108

5*2
33%
6*8
5%
484
20*4

5*4
33

5*4
33

5%

6

4%

4%
4%
19%

4%
18*8

67%
*96

*13*2
2I84

16

22%
27%
15

*85"

43*2

16

14%

*

44

22%
26%

108% 108%

52%

5484
95*4

"85"

87

26%
*106

14%
50

*72
121

38,100

American Tobacco

""100
200

700
200

20,500

25

Common class B

100
10

6% preferred
Type Founders Inc;

Am

Am Water Wks & Eleo.No par

No par

16 1st preferred
American Woolen

No par

100

Preferred

Amer Zinc Lead & Smelt——1

26
...25

15 prior conv pref
Anaconda Copper Mining..60

Jan 18

1384
68%
38*2
58%

Jan 22

7
5%June 17

14% Aug

7

41

784 June 28
64%June 29
6% Jan 2
100

79

Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.No par

18

700
900

Artloom

~8~7o6

f6 conv pref

"5" 400

Corp———.—No par
Preferred
100
Associated Dry Goods
1

200

Assoc Investment Co.-No par

6% 1st preferred..——100
7% 2d preferred
190

52%
95%

Jan 13

44% Jan 7
47«4May 13

18

7% preferred
100
Armour4Co(Del)pf 7% gtdlOO
Armour & Co of Illinois——6

Jan 23

79%May 13
138% Apr 14
52*4June 23
131% July 1
45
Sept 2
15
Aug 28
37 June 17
123% Aug 31
21% June 14
15984June 29
7384June 12
74%May 18
128*4 May 13
11% June 28
15*4 June 17
88 June 25

105

Andes

June 17

49% June 28
40*4June 17
18*4 Sept 2
153
Apr 16
31%May 13
95%Sept 3
2684June 14
22*4 Apr 27

.No par

Anchor Cap Corp

No par
7% preferred
....—100
Armstrong Cork Co...No par
Arnold Constable Corp.
5

600

Apr 10
Jan

8
1
4
June 30
Jan

4

8I84 Jan

2

Feb

4

7

96

54% July 12
11

June 18

8% Sept

1

Mar

2

95

15% Apr 28
82% Aug 20
107
Aug 27

49% Mar 24

200

8,000

50

260

75*2
121

50

300

800
300

5%
33

220

6

7,700

484
4%
19%

6,800

pref series A—100
1
6% preferred.—
—60
Atlas Powder
—No par
5% conv preferred
100
Atlas Tack Corp
No par
Auburn Automobile..-No par
Austin Nichols..------No par
$5 prior A
——No par
Avia n Corp of Del (The)—-.3
^Baldwin Loco Worka.No par
4% conv
Atlas Corp

Assented

3,800
10,800

.......

Vot tr ctfs when

Issued. 13
.—100

5

13
13
3
16
15
11
4
5
8

May

Apr
Apr

118

Dec

16*2 Jan 13
87% Jan 18
72% Jan 12
29*2 Feb 3
170
Jan 21

46*4 Mar 11
101% Aug 18

Dee

Apr

107

Jan 21
Jan 20
Jan 11

187
99

5

Jan 13
Jan 25
Jan 8
Jan 28

99%
150%
20%
29%
107

Feb

Jan 26
Feb 3
Jan 13
1

14% Jan 18
79
Jan 12

28%
25

3984

28%
24%
*36%
22%

29%
24%
3984

26*2
*23%
*36%
20%

28%
24

25%
*23*2

39*2

*37

27

24%
39%

26%
23%
*37

26%
23*2
39%
21%

22%
20%
20% 21
22%
"22% 23
14
14
14
*13%
13%
13%
14%
1334
14%
21378
*110% 115
*110% 115
*110% 115
*110*4 115
*110*4 115
*110*4 115
24
*22
*23
24
*23
22%
*22% 24
*23
23*2
*23*2 25*2
*101*2 102% *101*2 103*2 *101% 103% *101% 103% *101% 103% *101% 103*2
*111
114% *111
114*2 *108
114%
112
112
*112
114% *111
114*2
12
12
11%
12
11%
1184
11%
11%
12
11%
11%
12%
*87
*87
*87
89%
*87
8884
*86%
*8658
18
18
19
18%
19
18*8
17%
18*«
19*4
19*4
*1834 T9I4
21
20%
20%
2034 21
*20%
20% 20%
2078 2078
*2078 21

"22%

23

*14

4,600
300
-

-

15

—

*5684

U$2*8
^1834

57

57

93%

9184

19
115

115

60

*57

*2684

28

187S
*116

*56*4
2778

57*8
92%
18%

57%
93%
1878
117

*116

28

*56*4
28*4

23

23

60

57*4
94*4
18%
117

56%
89%
*18%
116

-

—

57

53

54

54

54

91%

87

89%

88%
18%

90*4
18%

19
116

*56%

58

28%

27

27

23

22

22

60

*18%
18%
*114% 114%
57
57%
26% 26%

23

24

24

*21

24*2

*22%

23

22%

22%
22%

*76

80

*76

80

76

76

76

76

75

75

32*2

32

32%

30%

31%

2984

30*2

31*8

31*2

3178

*22

24*2

•Bid and asked prices: no sales on




this day,

-

-

16,300
1,200
_

_

.

100

2,600

-

22

23

-

21%

5,400
2,000
1,600

39,600
800

114

114
55

400

Deo

2684 Mar
Jan

Nov

7

Nov

Feb 18

46

13% Feb 27
99% Mar
126

Jan

1
6

37

Jan
4% June

66*4
104

Jan

Aug

47*4
7%

Feb

8%

Jan

50

Jan

122

Jan

110%
7%

Jan

84 f
128

Jan
Jan
Deo

62% Mar
18% Nov
22% Feb

70% Mar 13
16% Feb 27
17% Jan 21
100
July 23
2484 Mar 5
101
Jan 28

95

Dec

112

Oct

125

98

Feb

124

Oct

1*9

Jan

9084

Jan

107

Oct

21% Apr
11
Apr
13% Apr
26% June
109
Sept

49

Dec

Mar

9

05

Jan
Jan

12% Apr

108

May
27% Nov

57*2 Feb 18

2
9
7
2

May 21

68%June
113% Apr
10*4 Aug
13%June
5*4 Sept

17
26
27
16
2

June 15

6%May 18
4% Sept
4% Sept
18%Sept

2
2
2

9484May
Feb

9
7

65*2 Mar 17
29

Mar 13

44

Jan 18

37

Mar 11

6
6
52% Mar 10

116% Feb
18% Mar

20% Jan

25% Sept

2

88*2 Aug

31*2 Oct
5484 Nov
35% Apr

118% Deo

94

Mar 11

48

Jan

84

Nov

133

Jan 13

*112

Jan

131

Nov

9
2
1

14

June

18%
36%
9*2
62%
9*4
11*4

Jan
Feb
Feb

26% June
6% June

30% Feb
64% Mar

Apr

10% Jan
46*2 Jan
7«4 Mar

2% July
2% July

II84 Deo
9% Deo

29% Apr
3384 July
15% Apr

94% Deo

40% Mar 17

47% Mar 17

21

Apr

Feb 11

39

Deo

Mar 26
Jan 12
Jan 29

9*2 Jan 30

29% June
3

2384 Aug 18

46

110*2 Feb

43% Mar

9

94% Deo
27% Nov
41*4 Oct
49% Feb

8

Jan 21

42

24% Nov

38%

13%

28% Nov

LteO

Jan 21

No par
preferred...—.——.100
Beatrice Creamery
.26
25 preferred w .w....No par
Beech-Nut Packing Co——20
Beldlng-Heminway
No par
Belgian Nat Rys part pre!
Bendix Aviation.
6

Bayuk Cigars fno
1st

Beneficial Indus Loan—No par

-No par
Bethlehem Steel (Del).No par

Best A Co
^

6% preferred.....——20
7% preferred
..—..100

50

Blumenthal & Co pref

t In receivership,

Deo

July
Apr
May

32

30

13,400

50

3

June 29

80

31%

15*2

78

43

June 28

23

30%

3% July

111

22

*74

1,100
2,700

Oct

Jan
May

34

*22

26%
22%

62>4 Sept

2784

10984 Sept
11% Feb
70»4 Feb
7% Mar

June

5H% preferred---.——50
Barnsdall Oil Co...———.5

Bigelow-Sanf Carp lnc.No
Co No
Blaw-Knox Co— — No
Bloomlngdale Brothers.No

2084
*21%

10

Jan

7% Sept

9

Barker Brothers—.No par

800

55

Barber Co Ino——

0284

97

2

43

28i2

Deo

Feb 13

2434 Aug

43

25

Mar

18

37% Jan 12
10*4 Feb 10

111

6

*

Feb

150

89% Deo

5

25%
3984

104

Jan

8% June
19% Apr

136

Jan

Feb

28

Jan

Feb

35

Feb

28

102%

Feb 23

97

120

*25

26%

190% Nov

65% Nov

120

*

Mar

Jan

4
26%Sept 1
38% May 13
100%May 11

Bangor A Aroostook..——.60
Conv 6% preferred..—-100

87

Jan

Sept

Jan

June 29

140

20% Mar

149*2 Apr

145

May

73%June 30

100

Jan

28

Ohio-—-—100
4% preferred
..—100

1,600

129

Deo

63% Aug

69% Mar 10

22%

104

36

24

25*2
29%

27%

04

24% Dec
48% Apr

79% Feb 23

24%
29%
*42%

*41

20*2 Apr

44

24%
29%
44*4

*102

133%

Feb 23

Preferred assented.........

4384

Dec
Nov

Feb 23

Preferred

104

45%

20

90

104

Oct
2884 Nov

3984

185

85

*40*2

Jan
Nov

88% Mar

Feb

*78

43

37

73% Jan
145% Dee

Feb

73*4
26%
56%
143«4
25%

*78

106%

74% Sept
27%

165% Aug

57*2 Mar
Jan

68% Jan 29
148

91

26%

14% July
87% Sept

15284 Mar

85

106*4 *104

Feb

103

*75

29%

15

54% Nov
134
July
69, Nov

Jan

*75

29

Jan

15% Nov
48% Deo
122*2 Nov
29% Jan

Jan

95

*41%
43%
106% *103% 106*4 *104

24

6684

91

29

Jan

61% Nov
5% Jan

136%

*78

106

46

Jan 28

154

104

14% Sept 3
Aug 13

70

21% July
8% Mar

105% Mar 11

June 30

50

30

Deo

60% Deo

Feb 18

67% Sept
93

22*2

Jan

*78

*42%

23% July

984 Mar
60% Deo

2588

91

27

Jan

18

95

27

I884 Apr
167

31

*84

Baltimore &

Feb

3

MarlO

*85

21,100

36%

Feb 20

92

2384
27%
4384

Feb

Feb

68

91

23

Jan
Feb

43

29

*87

22%

235%
7%

36

*87

22%

9% Apr
23% Apr
66
Apr
10

95

23%
27%

Jan

2*8 Sept
16% Sept

27

91

24

37

21

*84

24*2

Oct
Oct

10
1

*84

23%

Jan

20

Feb 15

75

13

4%
31%

Deo

June 29

14*2 Aug
2084 Aug
26% Sept

8,900

Feb

11*4 Mar
5584 Mar
52% Mar
484 Mar
27% Feb
17«4 Mar
68% Feb
125
Feb
29% Mar
13% Jan
6884 Mar
129*2 Feb

88

WISS Lines..No par

14%

Apr

106

42% Sept

109

25

5
3

Aug

Atlantic Coast Line RR—.100

—25

Jan
Apr

June 18

3,800

5% preferred...——100

12

118

85

Atlantic Refining

Jan 22
Jan 22

105*4

92

Atl G A

Jan

6*2 Apr

6

43*2

100

984

2984

8

100

700

Nov

27

7% July
20% July
16% Jan
89
Apr
3*2 Apr

Mar

7,900

15

87% May

111

97*2

2134

100

120% Deo
113% Oet
35% Deo
16% Deo
35% Nov
32
Aug
101
Sept
8% Deo
14% Feb

121% Feb

70*2

27

Apr
Nov

106

warrants 100
Atcb Topeka & Santa Fe—100
6% preferred...
100
$5 pref without

4

May 21
June 22

67

llT"

Jan 18

21

Highest

share S per share
40
Apr
70*4 Dec
141
Deo
124
May
110
Deo
137% July
174
Dee
162
May
60*2 Deo
30% Apr
per

5% Jan
39% July
11684May

h% pref with warrants. .100
70

88

16

4%
19*4

17

6%Junel5
43% Sept 2
18%May 18
37
May 20

16.50 conv preferred-No pa r

10*2

5%
484

Co—100
—.25

Anaconda W & Cable—No par

"i"66o

16

*5%

100

Preferred
Amer Telep & Teleg

S6 preferred

*984

33

-No par

Am Sumatra Tobacco—No par

104

*94

100

American Sugar Refining..100

90

*100

--25

Snuff

Amer Steel Foundries—No par

100

100

16%

..100

Preferred

200

8,300
1,000
3,000

12*2
8%

8%

25

American Rolling Mill

Amer Smelting A Retg.No par

110
58

100

6% preferred

54

57

..No par

S5 preferred
No par
Am Rad & Stand San'y.ATo par

Amer Ship Building Co.No par

60*" "'"266

*103

8'

100

-

100

108*2 108*2
11
IO84
91
*88%

58*2
12%

pref...—100

Amer Internet Corp.—IVTo par
American Locomotive. -No par

400

600

10%June 29

June 17

4084June 17
2% Jan 5
17% Jan 7
12 *4 June 30
37 June 30
lOlUJune 28
18%June 28
784June 30
43*4June 15
112 June 1
60%June 15

No par

Mar 31
Jan 21
Mar 2
Jan 28

88%June 14
5%June 30

American Home Products...!
American ice

3

23% Mar

3084
33%
99*4
13%

3634June 28

17,800

*120

*120

*120

108% 108% *108% 109% *108% 109%
11
11
11%
IO84
11%
11%
89
89
89%
89%
90%
90%

*108% 109% *108*2 109
11%
11%
11%
11%
90*4 90*4
*90% 91
*103

17,200
4,200
1,000
2,200

13% Sept

60

6% preferred..

*140
60

10

American Hide A Leather... 1

Preferred

43%

80
*67*2
*67
*67
82% *67% 80
83
83
*67%
*67% 83
20
20%
20*4
21
20*4
20%
20%
21%
21% 21%
21%
21%
*100% 109% *100% 109% *102% 109% *102% 109l2 *102*2 109% *102% 109%
25
*19
25
22
*19
*20
22
*22
22
26
*20% 25
7
6
6
*6%
7
7
684
7
6%
*6%
*6%
*6%
42*2 42*2
42
4134
42*2
41%
42% 43
41%
*40% 42%
*39%
*120

10,200
2,100
1,100
33,500

15

*140
*56

Amer Hawaiian 88 Co

133

48%

44%

....No par

"""loo

49%
8584
8484
139*2 139%
54
55%

86%
139% 139%
*

..No par
$7 2d preferred A...No par

6% cony preferred
100
Amer News N Y Corp.-lVo par

*45

47

10
100

Amer Metal Co IAA...NO par

*120
130
126%
126% *120
123% 123% *120
22%
22%
23%
23%
*22% 22%
23%
165
165% 167
16584
165*2 166%
166% 167%
77
78
77
77*2
77*2
79
77
77*2
*77%
79*4
79%
79
80
79%
78*2 79*4
79%
79%
I3884
*136
139
139% *136
*137
138% *135
137%
12
1284
12%
11%
12%
1134
12%
12%
12%
17%
16%
17*8
18
16*4
17%
16%
17%
17%
*82
*82
93%
93%
93%
*91
*81%
93%
93%
9
9
8*2
9*4
9%
9%
9%
10*4
10%
62
62
*63
63
5934 60% *60*4
66
61%
1384
13%
13%
12%
14%
13%
14%
14*4
14%
*140

Jan 25

3,500

*23

23

Aug 12

29

Amer Mach 4 Fdy Co..No par
Amer Mach & Metals..No par

48

83*2

55

133

112

600

8%

119
*100*2 119
*100% 119
69
*64%
69
*65
*64l2 69
*64% 69
9
9%
9%
9
9%
9%
10%
*56
57
59
57%
58
58*2
58%
58*2 59%
49
*48%
50
49*2
50*2
49*2
49% 49%
19%
18%
18*4
19
19%
1984
20*4
19% 20
"147 % 156
*147*2 156
*147% 156
156
*147% 156
36%
37
35%
3578
37
37
35%
35*8
37%
97
96
98
9584
97
96*2
98
98*4 98*2
26%
28
26%
*27
27
2678 27
28
27*8
27
2634
26
26%
26% 26*2
26%
26%
26*8

n

Apr 26

$7 preferred

6% non-cum

104*2 Feb 4
3384 Aug 25

June 15

25

500

1,900
4,100
1,000
2,000

19

9%

48

800

*23%
12%
12*4
40% 42
104% 105*2

1878

8%

8*4

2,100

4334

44

44

600

684

4

Jan

25

American Crystal Sugar
6% 1st preferred

S6 preferred

15%

9
9

Feb

98

Co)25

2
20%June 17

1,700

Jan

71

Apr 25

American Colortype Co....10
Am Comm'l Aloohol Corp..20

600

174

No par

American Chicle:

100

19

51

*140

*58

*33*2

7*2

166*8 166%

*139

*64*2
1384

39

*35

19*8
*34*2

60

1,800

*123% 125

22%

166% 167
76
76%

92

19

7*8

64

*43

15

20

73g
45
1938
37

109

51

133

49*2
15%

15

47*4

19%

*47
49%
48% 48*2
89
89%
89*4
88*4
*139% 143% *139% 140%
*55
*55
56*4
56%
*

133

*.»

46

46

7*8
43*2

*40%
*43*8
2%
*23%

43

*107% 119

66

*64

13

7*2

784
12
7*2

2,600

95

Feb 18

121

150

15%
6%

13
734

*11*2

73s

26*4

8OS4 Feb 18
160

90%June 15
162% Apr 12
39
Sept 2
69% Sept 3
Jan 25

Amer & For n Power...As par

*12*8

41

700

52% Sept 2
Mar 25

125

115

Am Coal Co of N J(Alleg

22*4
26%

$

S per share

share

100

100

13
734

21

14

"""266

per

June 14

5% preferred

"""566

I

Lowest

Highest

28

5,400

*1168
7*2

*1984

Am Chain & Cable Inc.JYo par

7%
46%
19*2
385g

25*2
*90*2

*37

400

10,800

11*2

90

*47*4
20*4

21*2

100

American Car <fc Fdy.-.No par
Preferred
...100

7%
*44*2

90

7*4

Preferred.....

400

5,300

*11

90*2
778

49

*13

29

25

11

25

90*2
784

734

*2584

Vdy.Ne par
100

pre!

11

22*4

25

95
784

7%

*107*2 109

conv

American Encaustic Tiling.. 1
Amer European Sees...Arc par

23
2584

22*4

26

13

5h %

American Can

*90

227fi

*25

738

Am Brake Shoe &

160

26
95
734

*2234
*90*2
7%

2278

1,900
2,500

23

*22

*25

Par

Year 1936

100-Share Lou

Lowest

*135

*135

107*2 107*2 *107% 109
*2584 29
*2534 29
14
14
13*2
14

25*2
95
734

*12

!•

$ per share

On BaHs of

Week

2278

*22*2
25*2
*90*2

EXCHANGE

Sept. 3

*135

*138

*138

*140

NEW YORK STOCK

$ per share

$ per share

60

STOCKS

for

Friday

Sept. 1

126

126

Range far Previous

Range Since Jan. 1

Sales
the

CENT

Thursday
Sept. 2

Aug.SI

$ per share

$ per share

SHARE, NOT PER

Wednesday

Tuesday

1539

Record—Continued—Page 2

Black A Decker Mfg

Boeing Airplane Co

a Def. delivery,

n

New stock,

par

20% Sept
13% Sept
111

21%June 28
101

June 28

6

35*4 Feb 1
20*4 Jan 16
115

Aug 16

28% Feb
105% Mar

Jan 16

11434 July
15% Feb
88% July

17% Sept 2
20% Apr 29
47%June 14

30% Feb
23*4 Jan
62% Jan

105

Feb

11*4 June 23
84

73

Jan

4

17

June 22

108

June 17

*51%May 14
June 14

par

24

par

21%Sept

par

22

100
5

75

r Cash Bale.

2
2

June 17

9
8
14
8
4
11

6
8

105% Mar 11
20

Jan 18

129*2 Feb 16
69% Feb 10
38

Jan 21

2

29% Mar 10

June 23

32*2 Jan 7
94*2 Jan 16
4984 Mar 3

July

8
27%June 28

* Ex-dlv.

y

Ex-rlghts.

14%

Jan
Jan

I684 June
110

May

28*4 Deo
22% Nov
115

Deo

18

Jan

100

Aug

105

July

Feb

112

Deo

85

28% Nov

13

Dec

16*4 Mar

83

June

20

Jan

89% May
32% Oet
25*4 Oct

48

Jan

72

21%

Jan

Nov

45*4 Apr
16% Apr

77% Deo

107% July

135% Nov
65% Deo
*34*2 Dee

23

28*4
14%
18*4
77*4
16%

Jan

Deo
July
May
July

Apr

20

Deo

24% Deo
38% Nov
120

Oct

378s Deo

^ Called for redemption.

New York Stock Record—Continued—Page 3

1540
LOW

AND

SALE PRICES—PER

HIGH

SHARE,

Monday

Tuesday

Wednesday

Aug. 28

Aug. 30

Aug. 31

Sept. 1

$ per share

$ per share

$

share

per

45

45

44%

88

*88

90

88

*42

4334

*42%

44

*42%

*24

24%

24

24%

24

23

23%

23%

23%

47%

48%

47%

9

*8%

*44

45*4

88

$

44%

45

89

89

44
24%

*42%
*23%

*2

2%

*2

32

32%
17%
42%

33

33

17

17

4234

43%

*47

50

49

49

*50

*38%
3%
1534

39%
3%
16
19%

*38%

39

*38%
3%

39%

*53

58

*55

*28%

29

*43

46

*17%

17%

17%

17%

17%

*1634

17

*

17%

17%7

17%

17

42%

19

*104

3%
*16

19

105

16

50

38

38

3%

8

8

55%

33%

32%
16

16

28

*5

*1634

22

*16%

26

*25

5

/14
127%

1534
28

*14

15%
27

14%

14%

300

Burl'ngton Mills Corp

2634

3,600

4%
*13%

§25
115%

26

*18

31

A 534

34

52

52

*48%

1434

30

30

30

29%

23%

23

23

21%
%

3%

3%

14

1434

11

11%
46

*13%

14

47%

13%
473s

*13%
*44%

1334

*44%

13%
*44%

3534

36

*108% 110
*108%
38
38%
*3634
75%
75%
*75%
31
31
*30%
7
678
6%

*100%

101

101

5%

35

2234

3534

534

19

30

*6%

5%

35

..

*44

19

20% Jan 12

6

Jan

37% Feb 13

30

Jan

16% Nov
40% Apr

2134

5,800

30%

1

%

11%
50

1

1

10%
*44-2

11

1034

10%

50

*44%
*12%
*44%

%

96

96%

96%

30%

*29%

6%
164

6%
155

30

Ia

*5%
22%
*134

22%
2

3%
3%
*10%

3%
3%
10%

8

105

*104

35%
110

30%
7

106

1234

12%

12%

51

50

51

110

110

*109

110

2%
6%

9

9

*5%

8%
22%
2
334
3%
10%

23

45

44

2%
478
*4%
13

2%
5%
434
13

17%
18
9%
9%
*54%
62
10734 10878
*17%
1734
83% 83%
*70

73

*7%

734

43
*100% 102
*4034

109

109

44

44

*85

88

*49

2%
*5%
434

*13%
18

9%
*53

24
44

800

Carriers & General

634

*104

1%
8%
*5%
2334
*134
3%
3%

*10%
23%
44

2%
6%
1%
8

2334
2
3%
3%
11%

634

2334
44

84

*70

73

734
44

*100% 102
*109% 112
*43

44

*86

88

9%

109

110%

17%

82%
*70

7%

50

50

109% 10934

*5%

1%

134

8%
8
23%

*5%
22%

2
3%

8

P4.
3%

1%

8
8

2234
1%

8

*10

10%

22

22%
44%

22

22%

4334

44

434
14%
18
9%
62

8%

*5%

*103

17

17

*21%

22

*1734

21%

*2778

28%
2834

*27

123

*114
*26

2734

*39%

41%

11%

1134

94

94

*81

90

62

62%

109
*25

*32

17%
21%
*18%

109
3 884
33%
1734
22
23%

900

600

23%

*44%

3%

5,700

3%

2,700

10%

3%
3%
*10

23%

2,000

45

2

2

2

1,700

5

4%

5

2,200

14%

1734

17%

*834
*52

9

62

*4%
*13%

'4%
14%

100

17

17%

1,700

9

1,700

*8%

62

82

82

*80

82

*70

*70

73

*70

7%

103% 103% *103
10334 *101% 10334 *102% 10334
49% 4934
4734 48
4734
47%
4734
47%
112
*109% 112
109% 110% *109% 110
*25
*25
38
3834
*25
28
38
*25

*109

32

30

30

30

30

1634

17%

17

17

17

17%

20%
23%
2734
27%

19

20

20

20

*30

28

28

27

27

*26

27

20%
*1734
2734
*25%

116% 117

*116

119

116%

26%
*40

1134

93%
*82%
63%

26%

25%

23%
28%

117

25%

24

24%

41%

39%

39%

*1734 23%
25%
25%
25%
25%
114% 115
2334
2334

49",000
700
180

"l'ioo
2,100

""130
1,400

41%
12

*40
12

12%

93%

*88%
8934
6384

93%

*88%

9134

8934

*80

8934

*80

63%

61

90
64

64%

11%

6134

12

38%

38%

11%
92%

11%
92%
90

3,300

"l~306
300

6,100
100

3,200
30

""466
430
220

23%

26%

26%

""666

2534

700

113% 115

1,100

23%

24

1,900

*3734
11%

41

200

11%

*91

93%

*80

90

Bid and aaked prices; no sales




on

thla day,

j Inr eceivershlp.

a

conv

No par

10

2

8%June16
98% Aug 16
60

4

14%June16
60
Sept 2
45% Sept 2
90% Aug 16
l%Sept 3
6% Aug 27
1% Aug 31
7% Sept 1
7
21

July

9

Auer 27

Feb

Mar

Aug

48

22%

Jan

6

59

Jan

4

61

Jan

90% Mar
68% Mar

4% Mar 16
Mar

8

18% Mar

6

12%May 19
32

Jan 20

1

Aug 31
June 30

3% Mar 18
7% Mar 17
6% Mar

884 Mar

4
9

8

27% Jan 14
22% Jan 29
15% Mar 3
80

Mar 11

135% Feb 11
21% Feb 18

June 25

92

Feb 18

Feb 16

74

July 15

32% Apr
98

7
May 21

10284June 21
35

Jan

100

Nov

77% Nov
3%
8%
2%
14%

Jan
Deo
Feb
Deo

Jan

12

May

33% Nov

10% Mar
48

Apr
Apr
Apr
May

1% Apr
3ia Apr
3% Apr
19% Jan
17% Sept
7

Jan

25

Jan

85%
15%
72%

Jan
Jan

45

Jan

Mar

1

4%

Jan

Aug 10

23%

Jan

103% Apr

5

90

113

7

107%

Jan

90

Jan

Feb

Jan
July

2%
5%

Feb

4%

Feb

Feb

12% Oct
24% Dee

3

Feb

8

Jan

8

July

32% Oct
30% Jan
14% Deo
51

Deo

138% Nov
23

Nov

89% Nov
50

Nov

13% Nov
46% Mar
98

Oct

111% Deo
47%

Oot

Jan 14

82

Feb

90

48

Mar

51

29% July 15
132%June 3

48

Apr

77%

124

Jan

129

Jan

134

Nov

58

Nov

25% Mar 19

13

June

21% Deo

104% Jan 6
62% F%b 13
112% Mar 11

100

Aug

106% Feb
66% Nov

June

1

2

26

15

..100

Jan 18

Sept

2

June 28

15%June 17
14%June 28
2
25% Sept 3
111
May 18
23% Sept 3
25% Sept

Aug 13

preferred
100
Comm'l Invest Trust..No par
conv

July

8

5634 Apr

...10

8

100

Maris

57% Sept
Sept

3

170% Apr
59

45

June

2

84

9

55%

Apr 12

8% Jan
28% Sept

30

Oct

48

Dec

19

36%

Feb

5

Jan 14

19%

Jan

37% Mar

29

Jan 25

16

Jan

36

Aug 2
31% Aug 2
125% Apr 1
39% Jan 20
46% Jan 20
20% Jan 14
108

Jan

101

Jan 14

69% Jan
114

8

8

Jan 12

94

Jan

136% Aug

31

May

£45% Jan
51% Jan
23% July
108% Oct

39%

Dec

14

Jan

90%
80%

Jan
Jan

44

Jan

100% July

80% Jan 26

55

Jan

Jan 25

97

Jan

3

June 22

21% Jan 21

2

May 19
June 23

4% Jan 13
75% Jan 13

Ex-div.

Mar

32

13

x

Dec

30

103

46

39% Apr

Oct

July

51% Feb 10

'35.No par

No par

Jan

Deo

Dec

27% Mar

Solvents..No par
Commonw'lth A Sou...No par

Commercial

Cash sale,

Deo

Deo

69% Apr

50% Feb 26

30

..100

100

r

38%

May

33

10734 July 10

Columbian Carbon v t c No par
Columbia Pict v t c...No par

New stock,

72% Deo
111

6

48% Aug 16

47% Sept

100

4% 2d preferred
100
Columbia Broad SysIncclA2.50
Class B
2.50

n

_Oct
jnov

19% Mar

102

par

Colonial Beacon Oil...No par
Colo Fuel A Iron Corp. No par

$6 preferred series

Nov

74

23% Sept 2
125% Aug 11
122% Jan 6
56% Jan 29
16% Sept 1

100

«er

12

108

4

Apr 23
47% Mar 31

No par

Commercial Credit

1% May
2% Jan
1% Apr

5

86

50
No par

No par

Colorado A Southern
4% 1st preferred

Feb

Mar 11

13% Mar 17
4

57

Aug 28

634June21

No par

conv preferred

6% Apr
97% May
47% jau
8% June
57% Sept
19

80

6% preferred
Collins A Alkman

Apr

35

101

60

5

Class A

Dec

4

100

Sept
Dec

63%June 10
Feb 13

86

Deo

9%

3% Mar 17

June 14

Def. delivery,

111

Feb 10

Jan
Dec

39%
37%

10% Feb 19

June 28

1,800

82

110

Jan

45

10

40,900

3

Jan 14

32%

6% Nov

June 25

17% June 28

100

pf

14% Mar
115

100

Colgate-Palmolive-Peet

conv

107% Jan 26
4134 JanlS
24% Jan 11

100

Coca-Cola Co (The)...No

$4.25

May

25%

June 14

75

200

54

12% Apr

80

9,500

7

Feb

June 25

5% preferred

4,200

82% Jan

33

94

Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7% gtd.50

4Ji%

Apr

19% Feb 17

ls4June 26
3% June 17

6% preferred series A...100

20

Dec

19

25%
1%
2%
2%
6%

9

..No par

Special guar 4%
Cluett Peabody A Co

Nov

106

23% Feb 10

July 13

£91

9

ll%June18
48%June19
35% Jan

Jan

21% May

8

86% Mar 10

107

July

June

May 13

46% Jan 22

Clark Equipment
No par
C C C A St Louis Ry
5% pf 100
Clev El Ilium $4.50 pf.No par

5%

June 28

15%May

par

5

6H % preferred
City Investing Co
City Stores

June

3% June 28
13
Aug 27

25

Chrysler Corp
City Ice & Fuel

18
11

54%

June

143

2

100

Chickasha Cotton Oil
Childs Co
....No

June 29

Feb

9%
186

48% Mar

12% Jan 28

96

Deo

Jan

4%June 29

pref erred... No par

Chicago Yellow Cab

115

6% May
92% Jan
116

35

par

tChlc Rock I«l A Pacific... 100
7% preferred...
100

6% preferred

I

39% Jan 12

400

100

*

13

Feb

105% Aug 11
41%May 20

June 17

3

100

Chicago Pneumat Tool. No

9% Apr 20
191% Aug 3
129% Jan 22
100

Oct

103%

2

9%June 26
21
Apr 28

6% preferred
100
tChlcago & North West'n. 100
Preferred

35%June

6%June 17

19.300

*102% 110% *105% 107% 105% 105% *102% 108
*101
106% *101% 107
60
61
60
60%
60%
60
61%
61%
59%
59%
59%
57%
105% *103
105% *103
*100
105% *103
105% *103
103
103
105%
13%
13%
13% *13%
13%
13
13%
13
1334
13%
13%
13%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
54
54
54
54
53
52
53
54%
51
51
50
51%

61

100

73%May 18
30

38

6,900

1-

4% preferred

106% Jan 6
36% Jan 13

$2.75 conv preferred.No par
Columbia Gas A Elec_.No par

61%

6134

25
100

Preferred

*1734
25%

par

Chile Copper Co

73

73

106% 108
17%
1738

5

tChlc Ind ALoulsv 4% pref 100
Chicago Mail Order Co
tChlc Mil St P A Pao
No par

100

*52

No par

Preferred series A

1,900

2

4%
*4%
*13%

4%

Common

300

73

17%
21

100

ChampPap A Fib Co 6% pf 100

1,800

1%

17%
82%

32

prior preferred

tChlc & East 111 Ry Co... 100
6% preferred
..100

134

104% 10634
17%
17%

17%
20%
*1834
*27*4

6%

tChicago Great Western.. 100

"l"600

7%
7%
7%
7%
44
4434
42% 43
43%
42%
42%
41%
*100% 102
*100% 102
*100% 102
*100% 102
109
109%
109% 109% 109% 109% *109% 109%
*43
44
42
41
41
41% 43
41%
88
*86
88
*86%
88
*86% 88
*86%

32

Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products
1

400

8

*25

103% *103
103%
49
48% 48%

*48

*10834 112
*31
3834
*30
33%

Central RR of New Jersey .100
Central Vloleta Sugar Co
19

2,900

23%

3%

10%

134

*22%

3%

3

10

1%
6

*49
*49
*48%
*48%
25%
25
25% 25~34
2~5~
25
25%
2434
23%
*125% 12978 *125% 129% *125% 129% *125% 129% *125% 129% *125% 129%
152
152
153
15134 152
153% 152% 152%
151% 153% 151% 152
5734
5734
58% 58% *5734
58% *5734 58% *58
58%
58%
58%
17%
18
18
17% 18
17%
17
17%
1634
17%
1634
17%

25

100
No par

5% preferred.
100
Central Aguirre Assoc ..No par
Central Foundry Co
1
Central 111 Lt 4H % pref..100

100

*49

25

7% preferred
Celotex Co

Chesapeake Corp
No
Chesapeake A Ohio Ry

6%

7%

6

600

10534 108%
17%
17%
82%
82%

7%

9

26% Jan

*92%

1%

June 17

102% July

*60%

6%

85

100

61

1%

9

No par

92%
2%

10,900

6% Aug 27

Celanese Corp of Amer.No par

46%

94

3

1

60

70

29% Sept

4

45%

46%

Jan

Jan

61%
4734

46

Jan £100

91

July

Checker Cab

94

87

112

220
90

Jan

8

Jan 18

Feb
Nov

53

45%

Feb

1

5% preferred

18%

102

138

Caterpillar Tractor

Feb

68% Nov

106

Aug 10

100

300

6%

*53

3,000

8

Apr

94% July 28

100

2,200

*4%
*13%

18

IIS4

50

Corp

47

9

Deo

16

95

Preferred

19

434

62

12%

5

50

5

9

2

50

2%

18

52% Jan

10

100

*14%

2

*53

12% May

16

4%

9%

18% Mar 11

50

5%
434

62

61% Jan

Century Ribbon Mills..No par
2,700

37

8

2

16

2%

18%

11%

67%
12%

67%

Jan

Sept
July

49%

*2%

15

*8%
*95% 10134

2%

*4%
*13%
17%

900
300

67

10934 10934

70

1934

65

1%
784

4334

4,400

10

2%

3%

700

6%

Apr

10%

June

19

*5

15

9%

30

38% Mar 19
1
Sept 1
17% Mar 6

10%

3

Case (J I) Co

100

400

13%

19%
*12

6%

*134

4,500

2
2

13

Stamped

40

32%
101

101

92%
2%

*5%
22%

3,500

Sept
34Sept

10% Sept
44

Carpenter Steel Co

165

6% Feb 25

1

5234

5%

*82

43

200

4

No par

Carolina Clinch A Ohio Ry. 100

29%

634
160

25

Capital Admin class A
$3 preferred A

300

*47%

10934 10934

2%

108% 110%
1734
1734

*7%

29%

5

2% Jan

Rights

50

12,000

*8%

50

20

1

Canadian Pacific Ry
Cannon Mills

96%

106

*95% 10134

67%

1284

44%

47%

""700

35
33%
34%
34%
*108
110
110
*108

6%

12%

23

13

96

*93"

6%
160

101

51

22%
*184
3%
3%
10%
*2234

*.

41,500
13,500

50

118% *117% 120
*117% 120
93
89
90%
8934
88%

123a

234

Nov

Apr 29

51

638
2

Dec

3

June 28

106

2%

48%

Aug 27

12

67

638
*134

52

21

*95

2%
678

Mar 22

24

69

2%

50

Canada Dry Ginger Ale

106

*134
*9%

50

Campbell W & C Fdy__2Vo par

68

*6%

5% preferred

Calumet & Hecla Cons Cop..5

*95

61%
46%

54% June

Jan 11

1,300

47%

*91

16% Apr

91

8,400

69

65

Jan

14%

32

94

2%

28%

32

47%

9% Feb 25
3334 Mar 9

22%'

76

47%

4% Apr 28
17%June29

31% Nov

27%

38%

*91

5

33% Nov
6% Mar
29% Dec
88% Deo
33% Oct

14

*37

*63

16% Nov

Dec

29

*74%
*29%
6%

94

Dec

21%

76

65

13%

29%

1

27%

39

4734

Apr

2
3

21

106

47

14%

18% Mar

21%

69

*63

45% Feb
36% Mar

Jan

*95

*91

7

12%June 29
28%June 21

%

68%
12%
52%

47%

24% Jan

10

30

Apr
Apr

101%

66

Deo

30%

*95

93

Mar

33%

2

10

47%

9

Jan

48% Feb

*8

*63

Jan

8%

1

33% Aug 30

*9

*91

2%

Feb

No par

47%

5134

Oct

Jan 29

39

California Packing

96

*16

341*

9

1134

9

Callahan Zinc-Lead

*74%

54%
1634

Apr

35% Feb

9

June

100

*37

*5234
1634

4%June
15

6,800

76

52%
1634

22%June 30

3%

10

52%
1634

25

14

18% July 14

52%

12%

18

Dec

3

3434

20%

53%

35%

34

*9

110

Apr

*48%

*20%

50s4

Dec

20%

52%
3%

*10

*1634

59%

JanlS

preferred

conv

Byers Co (A M)

700

Mar

Jan

3%
1334

3%
1334

10%

*109

115% Sept

Apr

3%
14%
29%

12%

*51

Deo
Sept

8%

22

20%

68%
12%

21%
115

11%

2

47%

19%

85

34% Mar

*9

20%

7

61
Aug 20
25%June 29

*10

13

Jan

Deo

2

No par

10%

20%

Oct

22%

15% May

No par
.100

13

30%
634

Oct

65%

Jan

Partlc preferred

13

*100

51% Mar

58% Sept

Jan

9%

Feb 15

14% Sept

tBush Term Bldg gu pf ctfa 100

6%

Jan

13

1

Butler Bros

500

98

45%

...100

2,900
•

7%June 17

107% Sent

Byron Jackson Co

*9

20%

143a Jan 11

June 16

Jan

400

*100% 101
20%
*1934
20%
13
12%
13%

*10

7%June17
58

8%

440

38%

7%

24% Feb 3
117% Mar 12

No par

1,200

76

31%

14% June 28
101
Aug 10

2

Debentures

18%

38%

101

8% May

2634

75%

7

24% Jan 11

65

13%

*

18%

40

31%

2

Jan

*26%

75%

*100

44% May
45
Sept

57

7

Apr

106

65% Mar

Butte Copper A Zinc

40

7%

Feb

2

9

Burroughs Add Mach_.W« par

3,800

75%
31

40%
97%

Jan 12

102% Jan

No par

6

38

101

53

Sept

*63

*44%

47%
96

50% July
12% Mar

Jan
Dec

26%
34%

13%

96% *95"
96%
"96%
31
*30% 30%
30%
634
6%
6%
6%
165
162
168
I6884
120
*118% 120
11834
94
93
91
92%
105
105
104% 105
36
37
36%
34%
110
108% 108% *108

Jan

4%
33

50% Apr
30
Sept

JBush Terminal

40

15%
3034

26%

1434

168

15%
30%

66

23

6%

15%
30%

68

100

100

26

14%

2634

7% preferred

700
22

30%

2634

32

*

*18

67

*2234

11%

25
15%
31

6%
1934

*29

168

26%

5

1634

35%

*118% 120
*118%
94
*92%
91%
*103% 10434
104%

26%
5

0

Feb

69

38% Jan 14

No par

90

7%

7%

1634

*44

Burtd (E G) Mfg

Bullard Co

3%
15

113s

9,700

76

5

46

5
100

900

*72

19%

*44

10

Bucyrus-Erle Co
7% preferred

31

8%
76

5

50

Jan

31

5

*44

41

Jan 13

Jan 14

30

8%

*1634

£14%

Jan 23

8

50

32%

i-19%

*165

"104

16
16%
104% *104

25

3%

47

2% June 17

18%

Dec

•

16%

20

*52

47

52%

32%

67%

31

4,000

32% Aug

64% Mar

53% Feb 13

No par

27%

96

16%
104%
8%
8%

Apr

yl2% July
43% Apr

23% Feb 23
59% Feb 11

13

Apr
Nov

11% Jan
5% Nov

41% July

£37% Aug 13

47

1% July

15
Apr 28
39%June17

1

share

per

63% Mar
100%

Aug 14

1

par

6

4% Jan 11
34

43% July
16
Sept

Bruns-Balke-Collender.

June

~25% "Jan

15% Mar 23

26%June12

No par

67%
27%
*34%

*94%
*30%

~~2,200

Jan 18

39

Deo

50% Aug 25

par

..No par

Bulova Watch

6%
1934
68%
28
34

*

16%

16%

28

1

Budd Wheel

6%

*52

Brown Shoe Co

46% Apr 13
25
Aug 16

2

3,000

6

97

900

46

80% June

17% Sept

3,100

6

96

28

40%

53

52

1534

*95%
*28%
6%

28

*43

48% Feb 13
Jan 22

Highest

share $

per

93

par

51

31%
6%
1934

♦

28
46

$

par

7%

15%

11%

600

52%
30%

31%
6%
1934

11%

7,200

share

per

3

7%

15%

11%

17%
53%

Year 1936

Lowest

Sept

par

51%

31%

3%

17%
53%

No
Bklyn-Manh Transit...No
$6 prerfered series A.No
Brooklyn Union Gas—No
$6 preferred.

8
54%

15%

"3%

18%

5

l%June18
Sept 2

31

Brooklyn & Queens Tr.JVo par

7%

*30%

3%
1434

Bristol-Myers Co

2,200

53

15

*52

500

3

55%

16%

Manufacturing.^ par
No par

Brlggs & Stratton

600

16

Brlggs

500

76

31

*33%

Bridgeport Brass Co ...No par

5,600

tBotany Cons Mills class A.50
Roller Bearing Co_17

9%
79

15

35%

5,300

13%

17%

j

*30

1934
67%
*26%
33%

16%
42

3

25

26

Bower

13

*1678

5%
21%

*25

200

1,400

39

39

38% Apr 28
8
Aug 25

100

1%

13%

3

5

Borg-Warner Corp
Maine RR

Boston &

31%

50

June 24

22%Sept 3
"21%June25

Borden Co (The)

200

37

$

84% Aug 4
41% Mar 12

834
i.78%

9%

79%
8%
55%
32%

2734

5,000

10,400

share

per

1
15

Class B

45%
9%

5

$

Range for Previous

Lots

Highest

No par
No par

Bond Stores Inc

3

17 J
17%
17%
104% *104 1105

1534

38%

Bohn Aluminum & Brass
Bon Ami class A

10

*13

*43

28

19%

38%

48

Par

1,600

15%

47

1534

28

16%
42

28%

28

67

16

41%
£48

28

15%

19%

31

*43
17

On Basis of 10b-Share
Lowest

23%

*8%
1%
31%
16%
41%
*47%

2

*1%
31

47

28%

67

45%

29

28

*27%

23

8%

*43

54%

110

43%

23%

*28%

9%

1,600

90

23

44%

17%
*53%
27%

*79

4334

45%

23

19%

*104

*88%
43%

22%

53

9%

45

89
23

18%

17%

45%

23

53

*3134

5%

44%
88%
*42%

3%

*13%

Range Since Jan. 1

Shares

19%

*14
*5

3

16

$ per share

59%

79

8

54%
31

17

43

50

$ per share

19%

54%

8

8

54%

16

42

51

16%

4334

.1

EXCHANGE

Week,

57

104

9

79

31

17%
44

2

9%
2
31%

STOCKS

NEW YORK STOCK

the

Sept. 3

47

104

9%
7934

32%

46%
*8%
*1%
31%

2

3%
18%
19%

44
24%
23%
48

Sales

Friday

29

28%

9

23

23%
48%
8%

£32

CENT

Thursday
Sept. 2

57

*43

*79

48

share

per

45%
88%

23%
48%
9%
2%

*8

NOT PER

for

Saturday

Sept. 4, 1937

120

y Ex-rights.

14% June
2% Apr
59%

Apr

103

Aug

84% Sept
128

Nov

91% Nov
136

Nov

24%

Feb

5%

Feb

82

Feb

1 Called for redemption.

EXCHANGE

the

Saturday

Monday

Tuesday

Wednesday

Thursday

Friday

Aug. 30

Aug. 31

Sept. 1

Sept. 2

Sept. 3

Week

Aug. 28

$ ;per share

Shares

*12
*14

*12

14%
2034

21

21

*12%

13

14*2

*14%

17%
20*2

1934

*12

85

*83%

*83

90

*83

3

3

12%

16%

"84"

84

*

*

76

86

*1134

12%

34*8

34*2

34%

34*2

21%

278

85

*83

90

*83

90

10

3*8
11*8
3334

*lll4

3

1134

11*8
33%

28%

27

23

2278

23

21

21

38

38

38

2578

2l2
4278
2578

63

63

23s
42%

64

64

165%

*160

778
48
116"32ll6«32
*11H4 1123s
734

47%

28

*27

1412

57%

14%

15

1378

3884

38

38*4

38

38i2

*38

205s

21U
98i4

21

69

934

*9

13s
10*4

9%

38

38

*38

3812

10

71

*38

Continental Insurance...J2.50

2%

470

Corn Exch Bank Trust Co. .20

5%

5%

18%

18%

17%

18%

*41%

55

78

*76%

78

15

*13

15

*17*4

19

71

41%

Cream of Wheat ctfs...No par

27*4 Sept
18*8 Sept

4,800

Crosley Radio Corp...No par
Crown Cork A Seal
No par

""366

$2.25 conv pref w w..No par
Pref ex-warrants
No par

5,500

*55%

71

97g

177g
71
55

*

55

13%

90

76

"75%

1234

1,200

13%

400

18
*16
17
17
19
17% 17%
19
*17*4
*17*4
105
*102
105
*102
105
*102
*102%
10334 104
124% 125
122
12434
131
125% 127
131
131
13078
2434
24%
2478
24%
25*4 25*4
25%
25*4
25*4 25*4
20
*1984
*19
19%
19*4 19%
19%
19%
20
20*4
32
31%
31%
3034
33%
31%
33% 34
33
33*2

3,800
1,300

1412
514

14i8
*434
110

14

14

1378

14%
434

434

4%

110

110

110

110

1234

13%
5%

13*4

4*2
110*4

*4%

300
30

600

3,700

6,900
400

1,200

110

110

110

110

137g
4%

13%
4%

14

16

*10

16

*10%

14

*10%

*19

1978

*19

1978

*19

197g

*19

1978

*19

197g

*58

59

60

60

60

*58

60*2

*58

60

2678

*58*2
2678

200

59

2678

34

*33*2

34

26*2
33*2
1584
20%

26*2
33%
1534

*9*4

16

59

*26%

26%

*263s

*33%

34

*15*4
21

16*4
21*4

*33*2
*1538

84*2

84%

*9*4

16

16*4

16*4

*1534

20

36%
38*2

*35%

36%

*19%
*35%

36%

*35%

*37

38

*36

37

100

40

40

*36%
39%

38%

40*4
8%

3978

1,700

*8%

834

100

5034

9,700
1,500

*37%

5234

25

40

8%

25

45

117% 117%
*42% 45

25

*24

34

»%

*1%

134

*1%

1«4

4%

4%

4%

458

4

*1*2

1»4

45s

458

*1%

134

434

434

15
16
*1484
16
*14%
*116%
*11612 120
*116% 120
155
155
155l2
155
155%
135*2 *134
*134
135i2 *134
*113%
*113
114i2
*1184
*1114
H34

186

*183

185

185

161

161

16034 161

68

68i8

34

34

186

156

160% 160%
32% 3234

37*4

3734

36%

37

36%

3678

12%

11%

11%

11

11*4

11

11%

5*8

5%

5%

5*8

5

20%
*72%

21%

19%

20*2

5%
1934

5%
1834

19%

75

72%

73

70*2

71

71

700

*69

70

68

68*4

*67%

687g

67%

67%

800

34*8

34*8

3434

35

35

*34

35

35%

109

2584
54
109

3434

*1

2534
*52%
*109

4%

26%

2534

54

1*4

438
26

1834
70%

1%

*1

35%
1%

600

*1

*4%

5

*4%

5

2534

2534

26

3,500

25%

52%

10's

20

200

62

*9

10

*56%
61%

60

*56

62

*57

62

*57

62

100

61%

*60

65

*60

65

*60

70

100

69%
434

*65

69*8

*65

69%

434
1378

14

141

*20*2

21
16

21

*1458

*15

*76

78*

*76

69%

*65

13

4%
13%

197g

1878

19

1534

*13%

15%

4%
13%
*19%
*1384

*76*2

78*2

*76

734

734

78%
7*2

*4%

47g

13%

1378

21

1978

16

*13%

78%

14

4%

1958
234

19%
*234

1934

19*4

19*4

3

234

234

3*8

3*4

*3%
*21%
56%

3*4

3

3%

3

21%
56*2

*734

22

22

*22

56%

56*2

*56

58

50
*15

8

21%
5434

22%

56*2

19
3

50*

4934

4934

48%

48*2

19

*16%

18%

*16%

18%

*76

7%
I884
234

21

3%
21%

53

54%

4%

"""766

13%

2,000

19%

100

14%
78%
7%

400

49

1,500

3%

53%

*1634

1,900

234

*3%

*125

"""600

19

22

*125

*125

*136

*135

48%
19

100

54
54
*5134
52%
*5134
110%
110% *109
110% *109
11
*9
834
9%
*884 10

234

47%

100

110% *109

270

Preferred

48

49"

1678

1678

*88

90

*88

90

*88

90

*88

90

*88

145

*123

140

123

123

*110

116

*112

120

.

3*4
*

338

3%

3%

Bid and asked prices; no sales on




6*4

6%

7

7

7

7

3*4

3%

3%

3%

this day,

6

3%

t I** receivership,

1

6

7

338

preferred

Inn Am shares...
Electric Power A Light-No par

No
No
Elec Storage Battery..No
jElk Horn Coal Corp..No
6%

preferred

El Paso

Natural Gas

par
par
par

par

50
3

Corp
50
preferred
.100
Engineers Public Service
1

No par
5534 preferred w w..No par
$6 preferred
No par
Equitable Office Bidg.-No par
Erie Railroad
...100
4% 1st preferred
100
4% 2d preferred
100
Erie A Pitts RR Co
50
Eureka Vacuum Cleaner
5
Evans Products Co
;
5
Exchange Buffet Corp.Ne par
Fairbanks Co
25

100

~2,400
400

1,200

a Def. delivery.

n

New stock.

jCasb sale.

Jan

4

4
6

Jan

10*2

86

Jan 14

59

62

Feb 27

36% May

2

Feb

109

Jan

Jan

7% Apr

5

99*4June 28

Sept

43*4

Jan 16

18%
24

5

Sept

10438 Jan

Jan

5

Jan

19*2 Apr

Jan

3634

24*2 Mar 17

2

147g Apr

Aug 27

4

22

59

26

June 29

19
May 13

May

30

13

2
4

40% Feb
23
Apr 10

2

il434June 14

June

42

Jan

30%
37%

76*g Feb 19

36*2 Feb

May
Apr

128

116** Jan

9
Aug 4
Aug 10

Jan

4%

1078 Feb 18
7

June 16

938 Apr

Aug

27

683$ Mar 17

4

33

Deo
Jan

5

29

110
19

52

3134 Mar

3
1778June 24
3084 Sept 2
13*4 Sept

107"

143*2 July 23

5

2438 Sept

Oct
Oct

18*4 Apr

20*4 Apr 28

29

Mar 17

80

June 16

96

Mar

9

18

June 28

25

Feb

9

19

Oct

40

Aug

34

June 21

June 15

93

41*4 Jan 25

35

Dec

4634 Feb 17
12% Mar 8
77*4 Jan 25
14384 July 13

858 Aug 21
47*8May 17
II584 July 27
43*4 Aug 27
i2June 25
l*4June 29

% May
1% Jan

Jan 16

47S July
13% Aug
114
Feb

8*4

Aug 11

May 28

122

Jan 19

148*2 Apr 28
130*4June 29
110
Aug 5

180*8

Jan 18

9*4June 17
151
Apr 29

17

Apr

150

133

5

198

Aug 16

156

Apr

163

2

Jan 11

152

July

Mar 17

534 Apr

45*2 Feb 11
16
Feb 23

3034 Apr

16

3

9UMay 14

7*4 Feb

4*2 June 15

10

Apr

5

6

Dec

Jan 14

63b

Jan

92*4 Jan

7

3234

Jan

Jan

8

29*2

44*2 Jan 16

393s

14i8June 14
62 May 18
58*4June 15

26&S

32*2June 28
1
June 2

87

Jan 19

2

Jan 18

June 15

8

21&8 Apr 28

29

Jan 18

1

60

Feb 11

52*4 Sept

Jan

28*2

37*2 Feb 11

3434 Apr 28

3

Feb

*111*4 June
5% July

115*2 Jan 22
Mar

Apr

129

135% Feb 19

29*2June 15
10*4 Sept

Jan

5*2

17% Jan 19

378June 29

112

Jan

29

Jan 16

55

39*4 Jan 7
13g Jan 5
3*2 Feb 19

24*2 June 22

14

41% Jan
7% Apr
5058 Jan

Jan 28

51

38*sMay 13

Jan
Dec
% Jan
1% Jan
2234 Nov
53*2 July

110

Aug

105*2 June 10

115*2 Jan 19

8

June 16

17% Jaa 16

7*2

Jan

55

Aug 17

78*4 Jan 30

July 31

81

60

Jan

8434

48

Jan

Jan

8912 June
97
June

4

86*2 Feb 10

55

4i2 Sept
Sept

2
2

934 Jan 15
2358 Mar 17
3538 Mar 17

11

13

1878Sept

2
l4%June 28
*75%May 27
7*4June 17
18

June 29

2»4 June 30
3

June 23

20'4 Apr

2
49%May 18
150

Mar 31

14*8
34*4
634
58g
28

70

88%May 25

103

66*2 Jan 27

150

94*4 Apr

129

6

Sept

5*2 Jan
3
*

9
2

4

June 14

Ei-dlv.

y

1078

Dec

18% Sept

34%

Oct

1134

Jan

29

Oct

Jan

69

Jan

Jan 21
Mar 3
Jan 21
Jan 28

12

Jan

157g Aug

23% July
438 Jan

407g Jan
8*4 Mar

Jan 28

Jan 11

293$ Jan 18

210%

101*2

84

Jan

Mar 11

37

Aug

Apr

2

11*2 Feb 25
Jan 14

Ex-rlghts.

434 Mar

2% June
8*2 Apr
3434 Jan
122% Jan
315S Feb
1834 Apr

4

Jan

11% Feb 19
6

Apr
Apr

68

717t Jan 15
210*4 Jan 14

45*2June 14
16*4 June 28

5*4 Apr
16

Jan 14

28*4 Mar 17
80

Oct

45%

Feb 19

Aug

65

8% preferred
100
Fairbanks Morse A Co .No par

preferred..
—100
Fajardo Sug Co of Pr RIco.20
Federal Light A Traction. .16
$6 preferred
100
Federal Min A Smelt Co.-.100
Preferred
,
100
Federal Motor Truck..No par
Federal Screw Works.-No par
Federal.Water Serv A..No par

1678 June
99% Mar

907* Mar 10

17

55 conv preferred

-

20% Feb 11
6

73*2May 21
1234 Sept 2

Endicott-Johnson
5%

35*2 May

2384 Mar

Elec A Mus

preferred
56 preferred

Jan
Jan

1

Mar

16%May 13
67*8 Aug 19
415s Sept 1

1

No par
8% preferred
100
Du P de Nemours(E 1)A Co 20
6% non-voting deb...-.100
Duquesne Light 5% 1st pf_100
Eastern Rolling Mills
5
Eastman Kodak (N J)-No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eitlngon Sehild
No par
Electric Auto-Lite (The)
5
Electric Boat
3

Duplan Silk

Sept

6*8
63*2

83s Mar

Atlantic—100
preferred
100

Dunhlll International

9

4

109*2 Jan

JDuluth S S A

}7

1% Sept

June 17

5

Apr

95% Apr

143g Jan 12
Jan 11

65

1

Western..50
fDenv A Rio Gr West 6%pflOO
Detroit Edison..
—100
Det A Mackinac Ry Co...100
5% non-cum preferred.. 100
Devoe A Reynolds A—No par
Diamond Match
No par
6% participating pref
25
Diamond T Motor Car Co..2
Distil Corp-Seagr's Ltd No par
5% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die CastlngCo No par
Dome Mines Ltd
No par
Dominion Stores Ltd..No par
Douglas Aircraft
No par
tow Chemical Co
No par
iresser(SR)Mfg conv ANo par
Class B
No par

*96% 110
*634

7*4 May
28

8i2June 17
Aug 16

No par

Delaware Lack A

90

*111

*96% 110
6
6*4

43

No par
Inc..-No par
Corp
6
Conv 5% pref
—25
Dayton Pow A Lt 4^ % pf. 100
Deere A Co
No par
Preferred
20
Dlesel-Wemmer-Gilbert
10
Delaware A Hudson
100
$8

100

90

*96*4 105

3778May 21

173s Jan

784June 15

Davega Stores

2~ooo

18%

Dec

44

127

6%

51

145

*96% 102
6%
6%
*7
7%

10978 July 21

Cutler-Hammer

"

*88

*94*4 110

10
100

Class A

.

*111

*96*4 106
*612
6
*7
7*8

100

No par

Preferred

1,500

54%

Jan

46*4 July

Jan 11

3

li8May 28
884 July 2

Curtiss-Wrlght

150

22

Jan

8184 Mar 3
135
MarlO

—50

pref—.
Sugar

Cudahy Packing
Curtis Pub Co (The)

300

7%
1834
234

*1714

5%

*65%

*834

6918
434

*135

2,300
2,800
5,600
10,300
4,300
33,400

1134

*66l2

*19

70

3734

*60

734

2,600

38
11®
5*
20*
74%
68*4

6138

*7634

"V.266

5*8
20*4
*72*4
68*4

25*2
*52*4

2034
15
78i2
734

200

37*2
11*2

*60

1458

"4" 400

11%
38%

438

2034

200

15

56*2

15% Mar
43%

3
8

47*4 Jan 28

May 20

115

....No par

Cuban-American

6%

1,000

4%

*4%

100

...

(The)

Cuba RR 6%

1«4

*1%

11*4

5*8

14

84

100

11*

*54

434

134

'""966

34

84

4%

2434

160% 1603s *156% 160% *156% 160%
31%
31%
31%
3084
32% 3238
1078
10%
11
1034
11*4
10%

1*4

14

2434

33

58

58

24%

45

11*4

*438

934

*9*8

117

10

32

*1

109*2

50
117

*41%

45

134
134
135
135
135*2
135% *135
*113% 115
114% *113% 114% *113% 115
1134
1134
11%
1134
12
11%
1134
184
184%
183
184% al79% 181
187

26
55l2

*109

3934

14%
14%
*14% 15
*116% 120
*116% 120
*116% 120
151
15284 154
152
15378
152%

15

120

458

*414
*2514
*5214

%

19%

*14

1

1*4

*1

26

*85

834
*8%
4934
48*2
116% 117%

*41%
24%
**2
*1%

*%

**2

51%

50

53%

52%

3934

9%

*42%

117% 120

34

34

*8%

25

117*2 117*2
*423s 45

72i2

400

20

9*4

203s

19%
36%

*19

3784

7212

400

20

40*4

20

3,300

*19

*8%
52*4

514

15
21

86

15

20%

86

40*4

3212
1112
3734
11*4

15*4
21

*84

3734

3212
III4
3758
11*4
*5i8

15

20*2

21

800

86

40*8
9%

*%

600

*85

38*2

26

34%

85%

*37

26

34%

21%

*35%

*42%

34

85

36

45

34

21

36

51%

500

83

*19*4

*117% 120

26%

21*8

36

40*8
*8%
51%

26%

83

*35

19%

26%

21

20

19%

263g

Mar

Jan 15

41*8June29
37
Sept 1

Cushman's Sons 7% pref. .100

197g

*9*4
*19

Cuba Co

71

76*2

"76"

77

5%

I784

17%
*

"§5"

Jan 16

2 884

10078 Feb

25*4 Apr 13

2,700
1,700
17,200
5,400

5%

5%

37

Oct

Nov

Aug 13

10834 Apr 15

100

9%

June

115

165sJune 28

Preferred

70

July

41
136

94U July 28
51
Jan 4

190

69%

68

3
17
3
2
29

5

400

9%

6978

4

171*2 Jan 14

$5 conv pref
No par
Crucible Steel of America.. 100

Crown Zellerbach Corp

700

377g

377g

113*2May

400

18,500

158

Apr
Aug
Aug

10*4 Mar 16

200

5% conv pref

63 s8

56*2 Feb 3
121
Jan 28

100*«June

1,200

55*4

4

Jan

100
100

preferred

Dec

Feb 13

71*4 Jan 15

8

June 29

6
40

Apr

2%

28% June
25

77

3

5478May 13
153
Apr 14

No par
25

Co

1f7%

500

113%

♦111

38

*

*13

14
1378
5
*434
»10878 110%

Preferred

Coty Inc
Crane

61*4 Sept

17% June
35% Apr

July 19

355s Mar

June 14

x25

25
100

Corn Products Refining

49

3934May 14

5

Continental Steel Corp .No par

100

Jan

Jan
Dec

9
2534 Jan 23
4234 Jan 23
378 Feb 11

69*8 Jan

May 13

2

Jan

158

67*4
6334

1378 Sept 1
35%May 13

1

Motors

Continental Oil of Del—

5,200
4,600

99

9%

10

*

15

5478

*12

33

98

98

Continental

2,300

217g

5*4
17*4

558

18%

70*2

*76*2

20*2

21

9%

70

*41 s8

25*4

39

*37%

69%

10

978

10

70%
534

14

32%

Continental Diamond Fibre..5

38

38%

*38

38%

77*4

*19%

Continental Can Inc...

5,200

2,600
5,500
15,200
1,000

113% 114

10

55

*25*8

3,000

14%
38%

55%

1038

10984 Feb 17

June 17

14*2

9%

112

14

131

20

50

1534 May

Jan 15

5*4

June 18

37*2

4,300

77*4

130

18I

5434

"""BOO

*55%
41%
7684

*104

100

preferred

14

934

70%

71

8%

500

90

55%

98

9%

9

9%

72*8
534

5*2
183s
*5558

55s

*

2i2June 17

Class B

2,300

27g

37%

21

98*4

10

978
*70*8

1838

*97

11934 11934 zll2

120

71

5l2

No par

21

66
66
64%
63%
66*2 68*4
*121
129%
*120% 129
*121% 129
1%
*1%
1%
138
1%
1%
*1*4
10
*9%
10*4
934
10*4
*934 10*4

*1*4
*978

912

120

18%

9212 Aug 16

2,600

June

12*4 June

3738 Apr 13
3784 Jan 14

70

13s

120

95s

98

10*4
9*4

120

71

Aug 24

*121% 129

129

*120

1*2
1278

*138

6912

69l2

129

*934

92

205s Jan 4
18*8June 17

278

39

21*4

6

Container Corp of America. 20

90

20

37

20%

68*2

995s

69

*120

37

22

98

217g

2

6

5234 Apr

Consumers P Co$4.50pfNo par

91

*37

39

21%

*36

39

13*4 Apr

Feb 24

Continental Bak class A No par

2%
2%
2%
2%
2%
238
42%
42
41
41%
42
43
43% 4378
4334
25%
25
25
25%
25% 25%
*26*8 28
*2534
2812
61%
61*4
63
62*2
63
61%
63i2
63I2 *6234 63*2
63%
627g
63*2
62%
65
65% *63% 65
6434
65
*161
165%
16034 16034
*160l2 16512 *160*2 165% *160*2 165*2
7%
7%
7*2
734
7*4
7%
778
7%
778
8
46 84
46
45
46%
4634 48*4
48U
4734
4634
4712
*116% 116,3i6 116,3i6116,5j6
*1162932 117 *1162952 117 *116%
110
110
111
110
110% 111%
112l2 112l2 all 2% 113
27%
27%
*27
27%
28
28
*27*2 28
*27i2 28
I8S4
*18%
18*4
18%
*18% 19%
1934
*18%
♦18U
1934
70%
69%
68
73
69%
70
75
73*2
7312
73%
46%
*42%
*42
46%
*42%
46*2
*45
4634
*4458 4634
23g

19i2
7378
4734

98

57

55*4

38 May

100

37

1434

38%
2%

5*2 Sept

8*8 Jan 26

2*4

5678

Jan

101

4

158 Feb 27

105s Jan

8,800

4278

*7212
*4514

*18i8

2078

Apr

11*2

33

100

5% preferred v t c

5334
1378

9034

57U
1478

57U

21

*88

91

*89

9084

38i2

5714
1538

5714
14%

2578

234

fConsolidated Textile..No par

Jan

378 Apr

10578 Jan 23

58May 13

Consol Coal Co (Del) v t C..25

380

6

4*2June 30

26%

2634
278

1,700

2,500

Aug

Apr
Apr

27*4
102

13*2 Feb 26
1778 Apr 5

104

$5 preferred
No par
Consol RR of Cuba 6% pf-100

100

3

Jan

15*4

I884 Jan 9
4978 Jan 23
Jan 12

Sept

14

72*4

108

99*2June 15
8
Sept 1

Jan

73*2 Feb
4*s Sept

Jan 20

584

June

33%

6534 June

5

92%

*90

9234

Mar

June 29

10

8

Mar 11

92

31*2June 14

200

10
4114

*978
40%

10%

20

92

*88

23,100

2534

278

278

3

3

278

143s

14

42

*90

28

22

95

*87

10
41

92%

*91*4

92

28

300

104% 104% *104i2 105%
*534
6%
6
6*4
58
r
34
%

95

2*8June 18

$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par

1,400

8%

*8%

14%

14*4

13,000

103% 103%

103% 103%
8%
*87g

8*2

8

9

1

Jan

Aug

7

July

Aug 31

83

12 partic pref
No par
Consol Edison of N Y..No par

200

12
33%

83*2 Apr

2534 Mar

16

15

1878 Jan 15
87
Mar 2

76

100
100

Consol Film Industries.

1,200

3

3

33

100

Jan

44%

3078 Aug

Jan 14

26

9*8June 14
Aug 2

No par

preferred

634 % Prior pref w w
634 % prior prf ex-war._

20

92

278

7%

85

2

18% Sept

.1

19*8 Feb 11

22

Highest

1 per share S per share
7
July
16*2 Dec

45*2 Mar 11
19*4 Jan 23

June 21

12

4J^ % pref.100

Consolidated Cigar

75

*

75
86

9234
2778
.

12%

12

No par

Consol Aircraft Corp

2,800
1,600

*83%

27U

2678
21%
278

1858
1178

3334

103% 103%
8%
*8*4

June 28

per

share

per

12%June29

Cigar

Conn Ry & Ltg

90

90

'

92%' *9134

2614

19*4

20
19%
12

*

14%
14-%
1478
14%
1478
14%
14*2
14%
*104*2 10434 *104*2 10434 *104*2 10434
*104% 105
*534
6
6*4
*534
6%
*534
*534
6*2
%
%
%
%
34
%
*58
84
11
1034
10*4 10*4
10%
1078
10%
10%
43
43
43% 44%
44*2
44*2
*43%
45*2
*9134

16

*1314

3*s

3*8

12%

34*8

103% 103%
*8
8%

*12

14%

18%

3%
1134
34%
103% 103%

3*8

3*8
*11%

3*8

:*n*8

12%
34*2
*103% 103*2
*8*8
858

16

86

*83

34

3,700

14%

75

*83%

83

83

90

100

35*4

*12

14%
20
12%

14%

20%

11%

35

11

Congoieum-Malm Inc..No par

*11

Conde Nasi Pub Inc. .-No par

Congress

1134

35%

16

*12

21%
76

*83%

37*4

t

share
Aug 31

5

Lowest

Highest

Lowest

Par

36*2

*11

12%

37

37%

13

♦

76

*11

*37

13

12%

12%
*

$ per share

$ per share

11

11

37%

18%

3634

3658
15%
14%

3658

11

*10

1238

*11

$ per share

$ per share

$ per share

100-Share Lots

On Basis of

STOCK

NEW YORK

for

Range for Previous
Year 1936

Range Since Jan. 1

STOCKS

Sales

NOT PER CENT

SALE PRICES—PER SHARE,

HIGH

AND

LOW

1541

New York Stock Record—Continued—Page 4

145

Volume

6978 Mar
7% Jan
3
Apr
2*2

i Called to

Jan

25

Deo

7184

Deo
Dee

61%
27»4
92

Dee
Dec
Dee
Mar

123*2 Nor
12% Mar
6
Dee
6

Oct

rredeiptlon.

New York Stock Record—Continued—Page 5

1542
LOW

AND

SALE PRICES—PER

HIGH

SHARE,

NOT PER

CENT

Sept. 4, 1937

Monday

Wednesday

Tuesday

Thursday

Sales

Friday

STOCKS

Range Since Jan. 1

for

Saturday

NEW YORK STOCK
EXCHANGE

On Basis of 100 Share Lou

the

Aug. 28

Aug. 30

Aug. 31

Sept. 1

Sept. 2

Sept. 3

Weet

$ per share

$ per share

$ per share
32
32

$ per share

$ per share

$ per share

Shares

*31

32

*31

95

*93

*93

39'4
*33

39%

32

94

39%
*33

39

94

94

317s
94l2

39%

40

40

39*4

*

39

317s
94l2

31

9234

40*8

*33

39

3078
39

9234
39*4

*

39

*30

31

600

91

91

400

39

39

*

39

37

334

*31

334

37

378

*31

*31

37

37s

4

37

*31

4

*378
46*2
36*2

4

48
48
*47%
47l2
*47l2 48
47l2
37
38
*37i8
393S
38*2 38*2
37
*103% 10834 *103% 10834 *103*2 10834 *103*2 10834
*9

*9

11%

*62

*28

68

29

2938

*9

978

*62

68

29

*9

10*2

*58

68

2884

29

"""800

6% preferred series A—100
First National Stores..No par

37s

5,000
200

"i"500
2,600
40

100

600

36*4

10

*9

11

*57

68

2778

~2~4o6

2734
28%
*106*2 10978

109

10

*40

44

*39

45

*40

43

43

*37

43

40

40

60

*23

25

*24

25*2

*24*8

25

2418

24*8

*22*4

25

*22*4

25

*45g

5

434
12U

434
1234

4%

*4*2
12*4

5

33

33

*33

23l2

23*2
99%

*22%

*1258

4l2

5*8
13

12%;

13

13

*40

13

12

4%
12%
33%
23%

500

2,700

3234

10

13
*13*4
14*4
*13*2
14l4
13%
13*2
1234
12%
*100*8 105
*100*8 105
*100*8 105
*100*8 105
*100%
61
61
62
63
59
63*4
63*4
61*2
62%
11*4
11%
113g
11*4
1138
11*2
11*4
11*8
10%

*130

130

*33

3414

*22*8

34*4
237g

*33

24

*22*8

24

*96

99*2

*96

99*2

*96

100

11

11

134

8

*130

8*4

23

1034

23*2

*46

134

8

1034

*130

8

24

24

*47

51

*115*2 120

107s

51

*115*2 121

*32

33

32

32

*120

122

122

*96

11

778
*24*4
*47*2

122

122

122

51 %

5234

52*8

5338

52*2

53 %

36

365s

3578

36*2

35

1%
50*2

178
47

178
48*2

178
*47*2
61*2

*61*4
*118

1%
50*2
62*2

1%
*47

*61*4

120

120

*61*2
120

5378
5538
11934 11934
*49

50

103

"3 *4
30*2

3*4
30*2
53*2

46

*45

110

*106

*115

1%

134

50*2
61%

*119

47%
61

120

120

50

*

103

*

*

103

103

"3*4

33g

"*3%

3*2

"3*8

*

30*2

30*2

30*2

54

54

53

30*2
53%

56

56

55

55

53*2

*2334

25

*24

24l2

25*2

24

*3334

35

*3334
23 7s

*3334

35

3334

24%
3334

22%
33%

24

24

24

*14*s
*70*4

14*8

14*4

74

1978
42

20*4
833g
42

*5058
*4*8
*5

52*2
4*4

20

100

35

1412
20*4

1978

81

41*8
*5078

4134

4*4

4*4

5
*.

52l2

5

100

*79*2
385S

80

80

80

3 834

38%

39*4

117

878

878
83

"35%
*115

*834
*80

36*4

118

93g
83

4112
*51

4*4

4?g
100
36

*79l2

38*s
*113

834
*80

3*4

33g

3*4

3*2

958

958
234

9*8

33g
*9*8

234

*234

19

18*2

33

234
*1734

19

938
234
*17%

*32

33

*32

38*4
20*4
4634

38*4

2038

47*4
34*8
34*8
*13134 135
*5034
64l2
*3178
32*2
*66

80

4634

48-

*32i8
37*2
2058
4734

34

34

19

53%
23%

53

24%

2538

*

80%

42

40

52*2

52%

5

4%

4%
100

3%

4*8

100

36%

35

80

79l2
36%

434
*100

35*2
79%

39*8
117

37%

114l2 114*2
9
*834

834
83

80

3*2

80

3*4
*9%

10

80

3*2

3%

934

9

38*s

*66

16,100

9%

93g

1,200

31

31

32

32

36%

37*2

37%
19%
4534
3334

37%

1334

10%

10%

2%

2%

44

*40

10

*834

*27*4

30

*29

30

*31

3234

*31

3234

37*4
*27*4
3234

*12

13

*66

42

*31

10

30

2934

33

34%
135

110

62

*5034

3134

31%
*64

1,400

79

_

14%

*10%

10%

600

2%

2%

2%

1,000

44

44

8*2
35%

8%
35%

*27%
*33

*43

11,600

10

47

8%
35%

33*2
11%

8%

200

35*2

300

30

30

33%

12

4,600
21,800
2,200

14%
10%

2934

*33

14

20

14

10
39

700

1,700

46%

135

79

44

*8l2
*36

37*4

*64

79

30

200

33*2

20

*12l2
11
10*4
11%
29
29*4 2934
28
29%
30
*27%
*27%
105ig 106
*105%
*105*8
*105%
*100*2 101*2 *100l2 101*2 *100% 101*2
100*2 100*2 100% 100*2
*40
42
*40
42
40
*41*4 42
38
3734
37%

2,100

13

13

12

*29*2 3034
29*2 3034
*105*8 106
*105*8 106

*129

132

1134

*11

1134

96

*92

96

*129

*11*4
90

132

*129

132

1134

*11

92

*88

*129

132

10

11

*88

96

11%
96

45g
4*2
4%
4*4
438
4*4
4*4
116*2 *112*2 116*2 *113
116*2 *112% 11612
11
11*8
11
11*4
11*4
11*4
11*4
*9734 105
*98*2 105
*9878 105
*98% 105
*
*
*150*4 154
154
*150*4 154
154
11

30*2

"36*2

*30"

30%

162

162

162

162

*129

130

*129

130

*57*2

62

1,000
30

*57*2

3034

160% 160%
*129

58

130

57*2

57%

*129

150

1,600

132

10%

—600

10%

*88

80

96

4%
4*4
4%
4%
110% 112% *107% 116*2
11
10%
11%
11%

*112

*30

*33

-

*438

62

33g

37*4

14%

*57*2

3*4

32%

*2%

30*2

3%

36*2

*10*8

39

50

32

23g

*8*2

80

38

10*8

*37

600
800

33

*2l4

130

80

22,900

600

2%

*40

300

600

10*2

*129

78*2
78*2
36%
37%
109*2 111
8%
*8%

80

8,900

3

2*4

*15978 163

*99% 105
*

154

16"

30

155% 155%
129

129

*57

60

1,800
300

..

154

*30"
155

*111

46*2
*35

21*4

4634

46*2

383s
21*4

36

36

2U2

2134

*63

64

*91s4

*63

93

9178

14

14l8

14%

76

76

75*2
*3*8

3*2

3*2

10*8

10*8

15

15

37s

*111

4

*10

15*4
378

4634

46*2

6334

6334

46*2
3578
22*4
6334

9178
14*4

*9134

927g

14

143s

78*4

77*2

3*2
12

15*2
4

*34
22

3*4

63

63

*92

93

92

12%

77

72%

13%
73*2

3

3

3%

14

15

378

22*2
3758

*35

*55

59*2

*54

58

*50

14

14

14

22*2

4

35

21%
6234

92

15%

22

4634

1384

15

*35

46%
*32%
2034
6234

50

200

3%

4

74

21

36

36%

934

1334

56*2

*50

56%

*10%

13

14%

*50

*12%

14

14

400
200

3

21%

4

100

2,500

74

3
*7

334
2034
*34%

this day.

1,400

13

35

on

900

61%

21%

14

90

92%

1238

35

Bid and asked prices; no sales

300

1,200

35

61%

21%
*50

100

2134

*91%

3634
5734

3%

X In receivership,

—

47-34 "2,800

47

22%

—

_

2134

984
1384

—

500

60

*33

934
12%

-

—766

30%
155

*111

13%
75*8
*3%

10

44




35%

21*2

10

22

*

3*4

46%

21%

10*"

22

13

7778

46*8
*34

*111

.

*10

*35*4
13

*111

-

.

-

*127% 129%
*57%

6,000

.

*99% 105
*

*10178 10634 *103
105
*103
104
103
103
*101% 10634 *101% 104
3234
3234
*33*4 33l2 *3234 33l2 *3234 33%
3234
3234
32% 32%
42
3938
3938 *39*8
*3934 42
38
38
38% 40
37%
38%
*105
10534 *105
10534 *105
10534 *105
105
105
10534
105
105
*2234 23i2
23*8
23*8
2338 24
23
23% 23%
22%
2234
*22%
*28
29
*283S 29
28*2 28*2
29
30
27% 29
28*2
28*2

*111

Feb

9734
355s

23*2 July
108

Jan

4

473s

Jan

8

31*2

Apr

384

Jan

33

Jan 16

19*2 Feb
15*2 Mar

9

105*4 Jan

5

97

86*2 Feb 17
19i2 Jan 14
163

Feb

14

4

141

65

Feb

73s Aug

30

Nov

105*2
177s
1458
104*2

Deo
Nov

165

Oct

1134

Jan
Deo

17

Jan

Dec

70*2

Jan 23

49
140

605s Deo
12884 Nov
59*2 June

Jan
Jan

152

6478 Jan 21

34*2

Apr

65

Deo

44*4 Feb

9

333s

Feb

44

Nov

Jan 18

78

Jan

2

l*2May 19

334

Aug 31

64*2 Jan 29

14

Jan

Mar 22

6578 Jan 18

58

July

I 17

1

16

Oct

70*2 Feb 11
122% Feb 2
60*2 Jan 9

118

10
No

May

1

3%
21%
36%

10,800

2,800
500
,

124

Feb

Common

No par

No

13

106

No par

Gen Railway Signal

1

8%May 17
15*8 Apr 13

1

No par

Gen Public Service

July

42*2May 21

June 21

15*4 Feb

Deo

4%

36

100

104

Sept

3

June 28

Oct
Jan

123

Aug

77

Nov

Jan
Jan

534

123*8 Nov
6912 Deo
1684 Deo
110

Jan

105

538 Jan 13
65*8 Feb

4

117*2 Jan 22
534 Jan 20

3*2 Apr
32*2 Apr
106

Jan

2

June

63s
57

Feb
Deo

Apr

118*2 Mar
478 Deo

4878 Jan
70*4 Feb

7

26*2 May

48*2 Deo

4

33*4

88

Jan

6

32*2

20*4June 28

3384

Jan 25

Gen Time Instru Corp.No par
General Tire & Rubber Co.. 5

33

4378 Feb 11

Gillette Safety Razor.-No par
55 conv preferred
No par
No par

13*2 Sept 3
Aug 27
1734 Sept 3
80
Sept 3

No par

3978 Apr 30

50

5078 Aug 27

Gen Realty & Utilities

1

3

..No par

30

Sept

2

No par

49

Sept

3

Gen Steel Cast 56 pref.No par
Gen Theat Equip Corp.No par

48

16 preferred.
General Refractories

GImbel

Brothers

preferred

55

conv

preferred

4% Sept

pref series

Granite City Steel
Grant (W T)

Feb 17

4

141

96

3

Jan

473s Mar 11

4

7»4May 18
80
Sept 1
6*2 Jan 4
2%June 14

15

1'8 July

Apr
Apr
24i2 Aug
28% Jan

48*8 Feb

8

34*2June 29

Gt Nor Iron Ore Prop.No par

1734 June 28
40% Jan 4

475s Jan
28*2 Mar

8

Jan
Jan

42i2 Jan

2

31

145*2 Mar

10*4
118

2

136

Jan

Feb

Feb
Oct

35*2

Dee

80*2 Nov
3178 Apr

10578
145s

Deo
Deo

90*2 July
4i2 Feb
11*4 Mar

683

Jan

*255s Nov
44

Dec

62*4 Nov
223g Oct
46*8 Oct
42U Deo
149i2 Aug

64i4 Mar 10

60*2 Mar

65

39*2 MarlO

22

Apr

397s Nov

98

May

par

27%June 2
65*4June 18
123sMay 13

10

10*4 Aug 17

11*2 Mar 18

8% preferred..
100
Gulf Mobile & Northern.. 100

40

Feb 27

27

25

7% preferred class A
25
Hall Printing
10
Hamilton Watch Co
No par
6% preferred
100
Hanna (M A) Co 55 pf.No par

3

65

1678 Feb

8

1484

434 Jan 11
59

Dec

158 July

Jan

9

17% Mar
59i2 Mar

6

9*4

6

3012

June 29

3434 Feb

8

30

Jan

36

7

33

June

26*2 Apr 17
10*4 Sept- 2
25*2 Apr 2

Jan

2058 Feb 10

24

0

July

Jan

Feb 16

14

Jan

*104

Dec

May 14

105

Jan 22

100

June

37*4 Sept 3
Apr 13

140

128
10

Sept

100

90

Aug 11

2

4

May 14

25

100

2

25

5

7

2

9638 Aug 25
May 6

32

Nov

125*2 Nov
105l2 Mar

Jan

65

Deo

Feb 26

120

Jan

135*2

Deo

12

Jan

104

Nov

115

Jan

458 Apr
9958 Dec
12% Aug

9

Mar

133

Mar

Feb 26

8

Jan 14

117*2 Aug 13

May

Deo
Deo

1784 Jan 11
107

1078 Sept

Hecker Prod Corp v t o.No par

58*2 Mar

434
66

62i2 Oct
3478 Dec
37
Aug
15*2 Deo

Feb 18

1

1778 Nov

Jan

31

98

Oct

Jan

1984 Mar

108

June

95

Jan

9

103

Harbison-Walk Refrac.No par
6% preferred
100
Hat Corp of America cl A

Mar

2
2

8*2 Sept
35l2 Sept

100

Helme (G W)
Preferred

Jan

3

June 17

Hazel-Atlas Glass Co

16

32*4

July 21

2

w w

5

56'4May 20

Jan
Deo

7*2

3*8

16

Nov

55*4
60

5934 Apr 24

No par

6H% preferred
Hayes Body Corp

Apr

Jan 12

2

3334 Sept

8*2

558 Jan 22

Sept

132

Dec

zlOO

June

31

Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper
100

Sept
21% July

2

No par

Great Northern pref
100
Great Western Sugar.-No par
Preferred
100

Jan

9

1

6% preferred.
Hackensack Water

Feb

484 Feb

2734 Feb

Greyhound Corp (The).No
6H% preferred

0*4 Nov
116

Jan

No par

Guantanamo Sugar

92

77

June 12

Oct
Jan

Oct

5

17

90

Dec

62*4 Sept
378 Jan

Jan

No par

'l~9"%

84

13*2 Jan 18

2

Jan

Mar 11

Deo

37*2

74

100

Deo

3184 Dec
44*8 Nov

27*2 Nov

87% Mar 11

Jan

71
89

Jan

8*4 Feb 19
115

Aug

684

1358

1

conv

67s Feb 25

1358 June
70

50*2 Mar 11

5

53

9

51*2 Jan 28
58*8 Jan 18

July
30*8 July

4

1

Grand Union Co tr ctfs

Aug 25

2734 Jan

par

Granby Consol M S & P

90*4 Mar

Apr
Apr

17

777sJune 29

par

Motors

88*8 Feb 23
2938 Mar 9

3

31

100

Graham-Paige

24
Aug 30
2078 Feb 1

3

100

No par

Preferred

2

378 Sept

No par

Gotham Silk Hose

Aug 12

22*8 Sept

1

5% preferred.
No
Goodyear Tire & Rubb-No

June 29

73

No par

56 preferred
GMdden Co (The)

Apr 26

1578 Jan 25

30*8

18*4 Nov

2183

Jan

126

Feb

9

117

May

141

Jan

166

Jan

6

150*4 July
25*2 Apr

105

Deo

100

140

Motors

No par

z24

Hercules Powder

No par

1447sMay 17

185

Feb

3

84

Jan

150

Deo

125

135*2 Feb

2

126

Aug

135

Apr

Hercules

0% cum preferred
Hershey Chocolate
54

conv

preierred

100
No par
No par

Hlnde & Dauche Paper Co. 10
Holland Furance
No par

5%

conv

preferred..No par

Hollander & Sons (A)

Holly Sugar Corp
7% preferred
Homestake Mining

May 22

67*2 Sept
101

1

4
32*2 July 13
35*2May 13
10 U2 July
1
21

5

No par
100

June 17

Aug

Jan 27

27*8 Sept
110

12.60

Aug

1
6

46*8 Sept

1

par

35

June

9

No par

18

June 29

Houdallle-Herehey cl A.No
Class B

Household Fin

com stk. No par
5% preferred
100
Houston Oil of Texas v t C..25
Howe Sound Co
5

395s Feb 11

67»4 Jan 21
111
37

Jan 19
June

Sept

5
4

108

June

9

Jan

3384

19*4

Jan

4278 Dec

41

Jan

30*8

J&n

Feb

115

407

Dec

544

5

3978 June

44*4

2778 Feb 11

22*4 July
5484 June

33

73

Jan 11

94

683

Jan

Feb

13*2 May

225a Nov

1858 Apr

29*2 Oct
5433 Sept
73*4 Oct

2

38

1

07*2 Mar 11

30

June

57

Aug 10

72

Jan 20

58

Jan

220

13

Aug 28

25*2 Mar 11

11

May

y

137s Deo
Deo

Sept

Ex-div.

*7858 Nov

57a
173s

Leased lines 4%
100
RR Sec ctfs series A... 1000

*

Feb

Feb
Mar

65

35

Cash sale.

Oct
Oct

4884 Jan
3*8 June
8*2 Apr

2034Sept

r

Dec

Mar 20

17*2 Jan 22

6% preferred series A...100

New stock,

4934 Deo
124

108

200

n

Jan

Feb

30'4Mar 9
43*2 Jan 7
11484 Mar 3
50*2 June 29

167s Jan 21
23*4 Feb 17

May 11

80
119

4

67«July
1278 Sept
3

Oct

52«4 Feb

90*2 Mar 10
578 Jan 21

1
2

41

120*2 Jan

573s Mar 25
88*2 June 11
12
Apr 8
6234 Jan 4
234June 15

Hudson &

687s Sept
102

7,100
8,900
4,300

Def. delivery,

Feb

71

70*2

Mar 20
Jan 19

Jan
Jan

185S

1

19

110

278 Aug 30

par

537s

Manhattan
100
5% preferred
100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central
...100

400

56%

a

48i8June 14
113

par

Gen Outdoor Adv A—No par

General Printing Ink

Apr

70
20

28

100

$5 preferred

Nov

Oct

60

General Motors Corp

Aug
Nov

Jan

Jan 13

162

Jan

Deo

7

4

Mar

52*4

78

684

4

126% Mar 31

Jan

42*4 Apr
10s4 Apr

Feb 11

32% Mar

Nov

15*4 Dec
8*2 May

Apr

63*2

11*2 May
100

1

Oct

Feb

Nov *135

47

preferred

Deo

Nov

Nov
Deo
Deo
Deo
Mar
Deo
Deo

498sJune 14

Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par

40

35%

1734

10*2

*29

Aug 26

Sept

127

July

No par

3,700

100

9%
*234
1734

2*4

*92

6%

3

Nov

34% Sept

J6 conv pref series A .No par
General Mills

434

4%
34

234
17%

10%

42

Gen'l Gas & Elec A

Gobel (Adolf)

234

214

132

31*4 Sept

No par
No par

2,700

17%

*10*8

*11

39*2June 14
Sept 2

--No par

4

2%

13%

*4034

Foods...

4conv

18%

147s

*130

Electric

500

*234
17%

3

79

42

3,000

18*2

14*4
*10*8

*38

41

52%

100

21
20
20%
19%
1934
483g
46% 47%
45%
4634
34
34
34*2
35
34%
135
135
*13134 137
*_
135
*131% 137
*5034 64*2
62
*5034
64*2
*5034
64%
*50%
32
32
32
31*2 32
30
*3034
30*2

20*4

300

4

434

I3-5OO

18%

39%

104

_

80

*52

35
34%
*78*2
7984
37
36%
109*2 109*2
8%
8%

1,200
4,800

14

80

4

200

74

"I734

41

52*2

24

zl3%
*

1834
80%

4

35

24

14

74

~18*~4

1934

*31

33%
22%

83

*52

100

3%

800

*66

102

preferred

6% preferred

lb'ioo
2,100
3,500
2,700

14*4

101

122

7%

General

103

50

41

42

900

30

*80

52*2
4*4

"600

53

80

10

100

June 14

110

16 preferred

49

22%
1334

14

74

1,000

30

14

44

100
No par

General

3,100

50

1378

*878

No par

7% cum preferred

900
600

30

*34

37*2
20*4

78,600

30

1358

*40

Class A

40

49%

23%

14

2038

81

3558

*80

*23

*70*2

74

82

"3538
*114

*70*2

*81

5*8

*

73gJune 29
20

-—No par

General Cigar Inc

30

300

121%

3*8

56*2
24l2

*81

50%
61

*

103

3%

5338

14*4

*46
*119

52l2
51%
5234
52%
53%
119*2 119*2 11834 119
*11834 119
48
48%
48l2
47*2
47*2
47%
11
1178
11%
11%
11%
11%
1138
17
16
16*2
16*2
16%
16*2
16%
10934 *1088410934 *10834 10934 *10834 10934
3
2%
2%
2%
2%
*234
2%
38
38
36
38*8
37
37%
37%

30*8

74

57,100
7,400
4,200

,

1%

*60%

120

Cable

200

52

35%

50

56

14

122

5

Bronze

General

3

10«4June 23
130
Sept 2

No par

J8 1st preferred
General

58*2 Sept

5

Baking—

General

200

54

a30%
533g

*70

1%
47*2
61%

73

106*4 Jan 28

300
600

63

48*2 Jan

10% Sept 2
10*2May 13

10

1,600
1,600

47%

50*s
34%
1%

Mar 25

Gar Wood Industries Inc

2

Apr

9584 July

9

Aug 24

"2-766

31%

*115

51%
35

Jan

Apr 26
May 13

Aug

June

24*8

32

98

Dec

378 Aug
32

Nov

Nov

588s
423s
6684
3414
1134
48%
4538

25*2 Mar

95

No par
Gen Am Transportation.....5

Apr

45

22

3

Jan

30*2 Sept

10

preferred

13

GamewellCo (The)

$6 preferred

734
2234

Jan

Feb

40

No par

1

Gen Amer Investors—No par

3,200

20*4
z24%
100*2

32*4 Jan 13

3

4%June 14
1134June 14

Apr

7*2 Mar 3
153s July 19
x39%June 21

Gair Co Inc (Robert)

3,100

116

31%

122

50

34%

58

5312
*53

3134

52%
35%

5414
55l2
11934 11934

51

11*4
1158
115a
1134
11*2
17
17
*16
17
1634
*108*2 1 0934 *10812 10 934 *108*2
*3
3
3*8
2%
*278
43
*3934
3978 3978
38*8
*

62

120

22

46

31%

"4-506

134

"734

734

23*2

Aug 25

38

share

46*4
1153s
4984
40*8
36*4
10534

'

53*2
5438
*11878 120
50

62

120

*

110

122

51

37

1%

23

*32

99*2

734

24%
47*2
115*2 116%
31%
31*2

2334
47*2

51

367s
*47

130

8

734

778
25

10%

134

*130

*115*2 121
32
*3U2

122

11

1034

134

*96*2

117

Sept

Jan
Dec

Jan 14

83

40

20*2
105

183s Jan 12

9

24

No par

Highest

share $ per

per

Feb

135

24*4 May 14
105*8June 22

10

Gabriel Co (The) cl A ..No par

100

24
*22%
*96%
99%
11
1034
*1034
12%
12%
1234
105
*100% 105
01
60
58*2
11
11%
11%

3438

*22*4

2

June

9

Gannet Co conv $6 pf.-No par

12%

*33

55

%

Feb
Mar
Feb
58
Apr
54*2 Feb

778June 16

6% conv preferred
100
Fuller (G A) prior pref. No par
J6 2d preferred

46*4
68*2
39%
97s

3

June 23

Sept
3584 Sept

No par
F'k'n Simon & Co Inc 7 % pf 100

20

4l2

*4&8

45
100

Francisco Sugar Co

Freeport Sulphur Co

107i2 Feb
52*4 Mar

Aug 23

31

Lowest

snare

per

4334Mar 4
10878 Mar 9
45% Jan 18
3934 Feb 19
413s Mar 11

334 Aug 27

$7 conv preferred—No par

45

3

June 17

31

X Follansbee Brothers ..No par
Food Machinery Corp
100
Foster-Wheeler
10

68

27*4

No par
No par

2

May 12

101*8 June 30
39*2June21
25*8 Sept 3
45
Sept 2

Florshelm Shoe class A.No par

378

10

109

Flintkote Co (The)
Florence Stove Co

5

39*4 Apr 23

Sons Co.No par

105

45
46l2
36
3638
103*2 *100

36

Firestone Tire & Rubber... 10

Ftlene's (Wm)

Highest

share

per

30% Sept
91
Sept

100

"iifoo

37

*57

68

27*2
28*2
*106*2 10978

*106% 11378 *106*2 11378 *106*2 HO

*31

preferred

4\i%

Fidel Phen Fire Ins N Y..2.50

39

378

*45*2
3534
103

9*2

*58

37

37s

5

Federated Dept Stores.No par

1,100

*32%
35
32%
32%
3238 32*2
32i8
33
32
3134 32
32*8
*10258 103% *10258 10312 *103
103*2 *102i2 103l2 *102l2 103*2 *102l2 10234
*40
41
40
40
4018
40*8
40*8 40*8 *40
40*2 *40*4 4012
2634
27
2734
2734
27*2
28
2558
27l2
2538 26*8
25ig
26
*46
*46
*46
*46
48
48
45
4934
4934
46
*42
45
*32

Lowest
Par

Range for Previous
Year 1930

Jan

4*4 Aug 17
Mar 17

Ex-rights.

20

Oct

? Called for redemption.

Volume

LOW

*13%
37%

Friday

the

Sept. 1

Sept. 2

Sept. 3

1378

*13

3784
129% 12912 *128

133

*128

132

*128

*134

138

*134

138

*134

138

107

107

107

*106

24%

2412

5

5

*612
*46i2

5

*47

5078

*6i2

1958
*5%

1978

534

578

*44

45

*44

150

150

150

11%

5

5

6%

634

7%

*47

6%

678

6%

19%

20
5%

5%

*40

149

102% 10634
150% 150%

154
*150% 151
15378 *150
12
12%
12%
1234
12%
8%
9%
10
934
984
11
11%
11%
11%
*11%
12

11%

3,300

45
149

700

149

43

149

12,000

5%

104

106

13,600

*40

43

150

700

15334 15334

*50

*25%

6

6%

*4%

6%
51%

8%
11

53

11%

9,600

Int Hydro-EIec Sys cl A

10
11%

1,900

Internat Mining Corp

98

*62%

26,600
4,500

99

98

98

30

98

*14%

17

*14%

17

*15%

17

100

Intertype

28

28

28

28

28

*28

28%

800

Island Creek Coal

124

124

*63%

69

128

128

*124

125

125

129

125

124% 124% *122% 125

123%
*124
124% 125
122
122%

122

126%

*124% 125

122% 123

121% 125%
122

Jones & Laugh Steel pref. .100

*29%
*30
*29%
32
32% *29% 31%
♦30
*30%
32%
*119% 120%
*119% 120% *119% 120% *119% 120% *119% 120% *119% 120%
17
14
*14%
15
14%
17
17
1584
*15%
*15%
*15%
17%
26
26
26
*21%
26
28
*26
*24
28
*20%
28
*20

*101

103

*101

*28%
*20

22%

*101

103

15%

15%

*15%

16

*11%

12%

*11%

13%

57%

58%

*15%

16

*15%

*38

39

*38

*5

22%
103

*28%
*20

101

30

*5%

5%

20%

20%

15%

15%
11%

,

*103% 106
*103% 106
58%
57%
60%
58%
15%
15%
15%
15%
*15%
*38
39%
*38
39%
39%
5
5%
5%
*5%
5%

48

*45

47

*45

48

45

30

30

*29%

31

29%

15

*934

22%

23

*9%

10

140

*30

34

21

*125

21

*14%
*26

*30

20%
*13

21

22%

22%

10

9%
*125

140

22%

22%
9%
140

33%

*30

*20%

4%

*14

*28%

1878
13%
2234

18%

13%

*2134

*28%
*

"12%
*178

*10%

22%
*29

32
170

1234
2

11%
40%

*

*25

30

30

30

20%
*14

18%
13%

*11%

30
*

"l234
1%
10%
39%

"l2%

13

1%

1%
10%

*10%
3934

18%

23

21%

29%

30

170
13

1%

*

20%
20
35

18%<f
13

21%
30

170

"l2"

1,000

1%

1%

14

14

*40%

42%
63%

*41%

43

*27%

11%
28%

11

*27%

*97

99

*97

41%

41%

66%

63%

66

12

14%

12%

28

28

28

100

*99

100

12
11%
27% 27%
*95% 198

61%

11%

63%

*1%
52

6%

28%
*105

21
*130

20%
*82

*9834

1%

1%

1%

52

51%

51%

5134

638

28%
106

21%
139

20%
85

*32%

32%

*31

33

6%
*29%
*105

6%

21

*105

22

*130

139

*20

21%

52

6%

29%
106

2134

1%

1%'

134

1%

50%

51%

49%

50%

6%

6%

*29

30

*105

106

2034

20%

6

*28%
*105

20%

134
4934

2034
138

82%

32%

33

20

20

20

20

20

20

20

8234

83

82

82

81

81

*79%

33%

32%

32%

*31

33

33

*31

33

18%

18%

17

17

17

*10

19

*10

19

*10

13%

12

12

*10

13%

*16%

26

*16%

26

*1634

26

*1634

26

*18

26

*18

10

10

10

10

*9%

18%
3%

18%

*18%

19%

18%

4

4

9%
19%

4

4

934
*1%

9%
2

9%
*1%

378

934

10

178

9%

934

*1%

1%

*1%

*9

10%

*9

10%

*9

*17

18%

17

17%

17

*2%

3

40

40

25

25%

1934

19%

*7%

8

51%

51%

*35%
*153

*60%
9

*238
*39%

25%
20%
*7%
50%

3

*2%

3,100
14,000
300

lb",400
120

1,300
600

20

4,200
19,100

"""566
400

"""226

1,300

9%

9%

5,200

1%

*1%

10%

*9

1078

*9

17

17%

1634

1634

1634

3

*2%

17%
3

*2%

40

3

3

*40%

42

40

40

26%

23%

23%

23%

19%

2434
20%
8
51%

22%

21

I884

19%

18%

8

8

*7%

Z50%

8

51

5034

5034

*3534

36

157

157

*61%

63

9%

*9

36%
157
63

9%

*35%

37

*35%

37

*35%

37

*31%

44%

*31%

44%

*31%

44%

*10334 105

4

9%

25

36

*9

19

334

2034

*40

*10334 105

*103% 105

1




35%
*155

3534
157

7%

7%

49

50

33%

34

*155

157

61%

61%

57%

57%

9

9

9

9

*7%

1%
10%
1634
3
41

24%
19%
7%

48%

49

2:3384

34

*155

*57%
*9

157

59

9%

37
36
*35
35%
36%
*30
*30
44%
44%
*31% 44%
*10334 105
10334 10334 *10334 105

36%

1,400

*18%

*1%

20% Apr

33%

Jan

41% Jan 14

32

74%

Jan 13

Mar

July

8

1734 Mar

1

17

Jan

4

27% Mar 11

18%June30

28% Sept

3

24

51% Feb
Feb

203

June

50% July

15% July

6

12

26% Feb
18% Nov
18% Deo
45% Nov

7%

Jan

12

160

July

1

15% Apr

1

94% Apr

180

Nov

July

2

2
2
25% Feb 25
93

May 20

200

Oct

4

Feb

9% Apr

19

Oct

9

Jan 16

Jan

2

7

May

29

Aug

5

25

May

113% Feb

4

97

Mar

9734 Mar

114

Jan 28

175

Jan 13

160

Oct

5

19

Apr

23%May

23% Aug 26

4
July 28

87% Aug 11

1

June 22

3% Feb

49% Sept 2
534 June 17

75% Mar

25%

Jan

Corp No par

A...No par
25

Biscuit

49

Sept

3

64% Jan

28%June 17
Aug 2

100

105

Lorlllard (P) Co

10

20

preferred

100

127

preferred

Jan

Jan
Deo

23% Feb
63% Nov

June 26

110

55

Deo

67%

Dec

Jan 23

±04% Feb

2

Apr

3%

Feb

Jan

61%

Dec

11'

1034 Jan 26
43% Jan 8
May 12

110

28% Feb

8

35%
3%

Jan

107

45

Jan

113

Sept

Dec

Louisville Gas & El A..No par

May

Nashville..—100
Ludlum Steel
1
MacAndrews & Forbes
10

81

Louisville &

No par
No par

No par
Rights
No par
Madison Square Gard..No par
Magma Copper......
10
t Manatl Sugar
—100
Certificates of deposit... 100
Preferred
100
Pref ctfs of deposit
100
Macy (R H) Co Inc

No par

Sept

29% Jan

2
4

30%May 4
127% Aug 10
3734 Sept 2

3
i%6 Sept 1
10%June 14
42% Sept

42

May 23

334May 17

99

4134 Mar 11
36

Jan

Oct
Feb

Oct

42

Jan

33

9

127%

Jan

8

27%

Jan

8

40% Apr

Oct

134% Nov

49%

Oct

65% Nov

1% Aug 12

Deo

1538 Jan 20
Mar 10

8%

Jan

15%

34%

Jan

57

Nov

7% Jan 12

1%

Jan

9

Dec

7%

Jan

63

4%May 14

7

Mar 30

14

June 28

30

Jan 11

14

June 24

12

Sept

2

21% Apr 6
16% Jan 11

9

Aug 26

1634 Sept

2

2% Aug 26
39

July 19

Marhsall Field &

Co...No
L) Co
Martin-Parry Corp
No
Masonlte Corp
No
Mathleson Alkali Wks.No

par

18% Jan

Martin (Glenn

—1

1834Sept

7% preferred
May Department

100

7

4
2

May 14

par

48%June 28

par

32%May 30
142
May 17

June

Dec

57%

16% Jan 20i

12%

Dec

29% Jan 30

17% May
2% Jan
8% Apr
1% Jan

634 Feb 17
14% Feb 13

3% Mar 29
20

Jan 21

39

Jan 20

6% Mar 27
5134 Mar

4

30% Mar lu

29% Apr 30
13% Jan 10
74

Feb

8

6% July
18% Jan
2% July
41

11%

May
Jan

6% Apr

Jan

Feb
Deo
6% Mar

1234 Aug
3% Mar
23

Nov

45

Nov

7%

Dec
56% Nov
25% Nov
12

Mar

5

4134 Jan
165

Jan 25

27% Apr
153% Jan

42% Nov
163

Deo

70

Nov

43% May
13% Apr

21%

Jan 13

43%

55

Feb

Jan 13

44

Nov

50%

Apr

Jan 22

103

Jan

110%

Oct

2

66% Mar 11
15% Jan 11

34

June 23

44

35

June

3

45

8

111

July

Nov

23%
2434

June 12

97

18

7

Jan 14

8

51%June

35% Deo

32

078June 151
18% June 22
3%June 17
9% June 29
1% Aug 18

Stores... 10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$0 1st cum pref
No par

Jan

35

Jan

58% Mar

100^
Manhattan Shirt
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
5
Market Street Ry
100
6% preferred
100
6% prior preferred
100
6% 2d preferred
100
Marlin-Rockwell Corp
1

par

151

22% July

57%

62% Mar

39

Modified 5% guar

Feb 11

26%
30%
102%

132% Feb

15%June 14

7% guar. 100

Mar 17

8% Mar

Oct

21% Apr
20

July

108% July

May

xS834

140

Mandel Bros

Jan

116%
170%

Apr

28% Jan 13

preferred

31%
115

43

14734 Jan 20

6%

Nov

Nov

July

7

Mack Trucks Inc

13

36

19%June 17

7%

123% Nov
21% Nov

26% July 26

No par

Inc

22

15% Mar

No par *105

$6.50 preferred

Loose^Wiles

79

Jan
July

8%
2

83% Feb 15
63
Aug 14

Liquid Carbonic Corp .No par
Inc
No par

% Manhattan Ry

934

26%

*153

9

9%
1%

9%

""166

334

10%

27% Jan 14

3

15% Jan 16
147

51%May 14

No par

Loew's

5%

18%

*9

Jan

15%June 15

23%June

Link Belt Co

334

*18

20%

41

36

*60%

4

40

157
63

3%

28

Lima Locomotive Wks.No par

26

9%
*18%

19% June

Lily Tulip Cup Corp..-No par

19

*12

9%

24% Jan 14

1,600

6%

19

9%

Nov

June 14

18

2,000

"16 155,300

19

9%

Dec

51

"""400

13

13%

9%
18%

135

xl8%May 28

128

*10

18% Nov

4% Apr
Feb

35% Aug

25
100

128

20

5
Tobacco..25

Preferred

100

*12

2

47% Jan 23

8%May 18
May 11
30
Sept 3

105

94%June 14
151
May 20

4,600

19

Nov

32% Nov

80% Nov

32

13%

61

65

32

*10

20% Apr

47%

Long Bell Lumber

6

Apr

6

38% May

32

*5%

29% Jan

20%June 29

30

Feb 30

58% Jan

31%

6

71

35% July

2

z40

Lone Star Cement

43%

Jan

No par

33

r%

Deo

7%

Lerner Stores Corp

32

43

46%

300

3134

*11%

Jan

3% May

Jan

4,500

40

Oct

18%

Oct

May

51%

44%

24%

63% Nov

12

Lehigh Valley Coal

Loft

42%

Jan

17% June

107

89

Lehigh Valley RR

2,900'

40

28%

4

9% Mar 30

2

Sept

"i",4o6

82

Jan

Feb

8
46% Apr 14

July 10

Liggett & Myers
Series B

20%

Jan

24%

Dec

6938 Mar 10

28

Life Savers Corp

20%

Nov

28%

17%

20% Mar

44

200

138

Feb

33%

87

109% Feb

Apr 29
14%June14
37% July 9
51

2,400

*12

*17

19% Jan 14

11%

19

19

9%June 22
101
May 25

28%

13%

*17

Dec

934 Jan

*12

19

19%

58% July

*10

*17

23% Feb 11

21% Feb 11

*31%

128
*127% 128
*127% 130% *127% 130% *127% 130% *127%
40
3734
3834 41%
4134
42%
41%
41%
42%
42%
44
43
43%
45%
46%
45%
45% 46%
45%
45%
'
r'te
,316
»16
'S16
,316
,S16
%
,316
3T6
13
12
*11
*11
13
13%
*11%
*11%
13% *11%
43%
43%
43% 43%
46%
*43
*43%
46% *43% 4578
6
6
*5
*5
6
6
*5
*5
6
*5%
*4
6%
*4%
6%
*5 '
6%
6%
*4%
6%
*4%

12%June 17

36% Nov
110

Aug 25

300

2034

Jan

5

June 17

1,700

140

80

Mar

14

6

32%

20%

136

Jan

June 16

35

36

29

139

Jan
Dec

Libby McNeill & Llbby No par

1%

19%

44% Jan 16

1

Apr
Apr
48% Aug

200

4,000

106

*135

26

18% Jan 18
43%June10

29

6

25
100
50

Dec

121

Jan

8%June 29

*105

139

Nov

13

6% conv preferred
..50
Lehman Corp (The)—No par
Lehn & Fink Prod Corp
5

30

6%

116

Mar 17

334 Jan 18

106

139

82%
*31

6%

29%

30
106

1%

Mar 17

29

17

LIbbey Owens Ford Gl.No par

99%

2

121

2

23%

4% Sept

Dec

50%

8

27% Jan 18
110
Jan 14

4,500

64%

*99
100
98
98
100
98
99%
99%
*159% 162
*159% 160% *15934 161% *159% 161% *159% 162
+159% 162
20
20
20%
20%
21
*20% 22%
*21
*20%
22%
2134
2134
50
49
50
49%
50%
50
56
56
56
54%
*54
56%
58
58
57
58%
59%
58%
59
59%
61
59%
60%
*59li
24%
2412
24%
2434
25
25
25%
25
2434
25%
24%
2434
78
79%
77%
79
80%
82
79%
79
80%
80%
80%
79%
10534 10534
10534 10534 *105% 10534 *105% 10534
10534 10534
*105% 10534

*98% 100

July

Dec

133

l%June 23

98

*1334

43

25

Deo

126%

No par

10%
38%

10%

66%

115% Apr
14
Sept

Jan

Sept
93% Nov

152

24% Mar 17

700

38

Feb

126

2

1,400

14

121%

Apr

31% Nov

6

"3",600

10%

...No par
..5

Lehigh Portland Cement

2

Jan
May

Oct

22%

Jan

1%

38%

Lee Rubber & Tire

88

19% Feb
37% Nov
107

11% Sept

12%

~Ii%

No par

Lambert Co (The)

4% conv preferred

170

10

43

12

28%

28%
*

..100

preferred

Lane Bryant

""466

37%

1434

12%

12

1,900

13

20%

21%
2834
170

5%

20%

*1334

66%

*98

28%

18%

18%
*11%

13

10%

43

*12%
*2734

*20»4
*._..

18%'

10%

*13

28

18%
*11%

38%

*66

99%

*27%

1034

*42%

12

Laclede Gas Lt Co St Louis 100

35

29%

20%

3934

14

*97

21

1%

65%

*2734

Kroger Grocery & Bak.No par

*17

*27%

11%

43

*13

20%

20
35

20%

1%

14

65

No par

*17

12%

*42

39%

100

pi tferred

Kress (S H) & Co

'

134

39%
14%

40

8%

58%

8

39% July

No par

Kresge Tept Stores

9%

*9%

9%

33

*27%

*21

22%
32

170

22%

22%

22%

*30

34%

*12

30

140

18%

1878

*1134

45

*28

*125

'

1878
*11%

*9

*42

28%

140

*27%

34%

22

22%
9%

4%

4%

4%
45

*125

21

35

28

140

20%

21

15%

5

Jan

6

Copper
No par
Keystone Steel & W Co No par
Klmberly Clark
No par
Kinney (G R) Co
1
$8 preferred
No par
$5 prior preferred
No par
Kresge (S S) Co
....10

39%

*125

33%

20%

9%

15%
*3834

*42

29%

*22%

15%
38%

Apr

113

4

Jan

46

Kennecott

5 6 34

Jan

June 29

Kendall Co $6 pt pf A.No par

103

55%

38%

45

30

103

56%

£55

59%

15

24% Aug

75% May

1

B.

Jan

Jan

preferred

Class

10% Apr
82

6

Feb 15

96

11%

11% Sept

Jan 18

136

June 30

*11

Nov

Aug

87%
155

June 28

11%

11%

127

20

15%

Nov

93

Apr 15

30

25

101

*93

35

126

B No par
100

Feb

53%

Apr

Mar 18

Southern

Oct

June

26% Jan 30

Kayser (J) & Co

*15

Oct

30

15

107% Apr

Kaufmann Dept

103% 103%

11%

*28%

*20%

Apr

Feb 19

120

100
Stores.$12.50
5
Keith-Albee-Orpheum pf..l00
Kelsey Hayes Wheel conv cl A1
4%

61% Nov

50

15% Feb 19

36%

21

15%

*15

15%

12%

20%

Kansas City

Jan

47

110

28%

28%

101

*93

101

*43

*134

29

29

*103% 106

*103% 106
58

15%
*12

30

Kan City P & L pf ser

19%

4

June 17

28

Oct

10%

a:117%June29

10

Kalamazoo Stove & Furn

Oct

Jan

Mar 11

52

6

Nov

136

3

23

120

100

Preferred

6

Jan 30

49% Jan

6
2

Jan 16

67% Aug

No par

"""390

83

Aug 30

121

__1

preferred

No par

31

31

$6

Jewel Tea Inc

Johns-Manvllle

125

121

122% 122%

40

1

1%

57% Feb 16
2834 Jan 25

1534 Aug 27
25% Jan 26

No par

"3". 600

69

*63

67

*60

67

Corp

125%

Feb 16

10

June 17

98

100

*96

1213

934May 14
20%May 27

Tjeleg....No par

Preferred

9i(

June 15

88

.400

preferred

Interstate Dept Stores-No par

16%

125

30

7%

Inter Telep &

*96

*124

122

10

10

127

*124

69

97

24

97

16%
27%

127

*64

*20

100

*94%

28

*124

68

23%

Dec

9634

16%

*28%

Dec

98%
11%

41% July
3I34 Jan

*

127

30

Dec

20% Apr
334 Jan

100

22%

*28%
*19%

Dec

8%

No par

934

43% May
Feb

Jar 10'
Jan 5

14%

No par

23%

Dec

66% Nov

23%

Shoe

978

Feb

.18%

Jan
Jan

International Sliver

23%

8

Dec

Apr

International

934

Jan

13%

2%

International Salt

2234

4%

7

Ian

334

600

*94%

Dec

9

1834

6
6

300

10

10%

15% Apr

Apr
Apr
Apr

200

24%

Apr

18

42%

96%

Dec

160

6

26%

*92

Dec

105%

\pr

43%

97

194

73%

43%

97

16% Jan 29

4

Jan

Dec

243<

*42%

97%

56%

148% Jan
234 Apr

Jan 18

Dec

7%

1353<

*25%

9%

122

5

43%

23%

122

4

Aug

25%

10%

,422

Jan

120
162

4278

24%

125

189

7

25%

10

127%

Voting trust certifs..No par

preferred

2234 July
160
Apr

43%

24%

*124

7% pref
100
Internat Rys of Cent Am.. 100
5%

63% Apr 14

4234

10%

*124

220

1,480

4

45

22%

27%

51%

5134

Jan

Dec

5% Mar

2% July

Feb 23
Feb 24
Jan 12
Jan 6
5%June17
5% Aug 27
43%May 26

No par

470

9% Apr 14

42%

10

28%

6

51%

51

*5%

6

5,000

2

16%
10%
534
90%

No par

Class C

5%
18%

Jan

55% Apr 29

100

Class B

Jan

l27%May 27

Int Nickel of Canada..No par

1,900

Jan

9% July

8% Jan

Inter Pap & Pow cl A..No par

Preferred

Apr

2%

6% Jan 4
10 May 18

1

3,300

107

ll%Mar 16
28% Mar 11

99% Apr

25

"3,466

111% July 16

Jan

4834 Nov
112
Sept

5

144% Apr 30

Int Mercantile Marlne.No par

6,100.

Aug 19

146%June 14

..100

11

Dec
May

Deo

18%

Oct

5

10%

Jan 20

42

No par

11%

1334

24%
7%

Jan

5

Int Business Machines-No par

*884

4

434 Feb

...100

Preferred

6%

Feb

16%May 13

Internat Agricultural..No par

Internat Harvester

Nov

37

26%

*96

*67%

100

Prior preferred

Dec

122

64% Apr 20

44%

10%
23%

*28

No par

Iron

140

104

No par

Interlake

147

Aug

88% July

Jan 21

42%

97%

*124

6% preferred
Intercont'l Rubber

May

125

33% Feb 23
6
Jan 18

5% June 17

*25%

10

98

4%June

106

0

41

Corp..No par

46

46

45

*15

1

t Interboro Rap Tr v t C...100

43

*90

15%

Insuranshares Ctfa Inc

5

Feb

143

131% Mar

17%May 18

27

*42%

100

Inspiration Cons Copper...20

15% Nov
41% Nov

July 30

144

1

June

94

*42%

44

*25%

44

46

*15~

June 28

133% Mar 27

No par

*25%

27

27

*4434

*

124

100

Steel

24

*42

23%

No par

preferred

52

50

45

Ingersoll Rand

share

per

Jan

4%

47% Apr 20

Inland

Highest

share $

per

25% May

22% Jan 20

June 28

11%
884

10.100

$

share

12%June28

53

51

50

*5%

6

6

6%

400

share

pa

33

10

11%

11%

60%
60
5934
5878
61%
59%
62%
62
62%1
61%
61%
£61%
13534
13534 *131
135% *131
135% *131
135% *131
*127% 135% *131
18
17%
17
18
17%
18
17%
18%
18%
17%
18%
18%
12%
12%
13
12%
12%
12%
13%
12%
12%
12%
13%
*1234
6%
6%
6%
6%
7
6%
6%
634
6%
6%
6%
6%
9934
97%
100
97
104
103
102
99% 101%
102%
101% 101%
6%
6%
6
6
6%
6
6%
7
*6
6%
6%
*6%

*434

10

1,100

per

$

No par

d Interchemlcal

6%
19%

5

5%

42

10678 110

----

1834

19%

5

600

49%

*47
49%
10534 *10534
6%
6%

1834

10

10

1,700

5

12%

12%

12%
*984

13,300

6%

10534 10534

111% 113

3 ,400

24%

5

*150

153

153

24

23%

Indian Refining

$

Industrial Rayon

6%

"

103%

103

23%

*147

150

150

150

110% 111%

110% 110%

101% 10434

50

*46%

*10534 108
*6%
7
20%
20%
5%
534
45%
45%

7
20%
534
46%

*6%
1978

7

138

7%

*6%

50

*47

50

*10534 108

*10534 108

127

*134

5

5

678

634

*125

138

25

2334

5%

*5

7%

200

2,200
300

128

Par

Lowest

Highest

Lowest

Shares

364

36

128
*134

106%

105

25%

2484

25%

*6%

7l2

36%

106% 107%

5

24i4

*37%

36%

36%

37%
13178

138

*37

*134

$ per share
13
13

$ per share
13
13

$ per share

14
38

*13%

100-Share Lots

On Basis of

STOCK

Week

$ per share

14
37%

YOKK

EXCHANGE

Thursday

Aug. 31

$ per share

14

NEW

for

Wednesday

Aug. 30

$ per share

CENT

1543
Range for Previous
Year 1936

Range Since Jan. 1

STOCKS

Sales

Tuesday

Monday

Aug.IS

SHARE, NOT PER

SALE PRICES—PER

HIGH

AND

Saturday

*13%

New York Stock Record —Continued—Page h

145

Dec

Feb

New York Stock Record—Continued—Page 7

1544
SALE PRICES—PER

HIGH

AND

LOW

SHARE,

NOT PER

CENT

STOCKS

Sales

MEW YORK

for
Saturday

Monday

Tuesday

Wednesday

Aug. 28

Aug. 30

Aug. 31

$ per shzre

$ per share

8 per share

22

22

2U2

1634

1678

1684

8912
52l2
19*4

*86*8
*50

*18*4

86lS
*50
18

*34

3438
13i8
*4412
*135S
*9514
26l2

3412

13*4

133s

*44l2

45

*1312

*9514

1358
9612

25l2

25i2

*

21*2
173g

21*2
16&8

21l2
167g

2114
1678

21i2
167g

90

86

86

*86

86

86

50

5212
19U

34S8

50*8
17*2

51

34*8
34*4
1278

3438
34*4
13*8
4412
13*2

3458
1312
4434
13S8

131s

*4412
13f>S

9612

95l2

*25l2

*43l2
13

26i2

25

50

1678
34

3358

34

12

43*2
1258
97

12*4

*95*4

98

24

97

10

1,300

95

*88

95

*897s

95

*897g

95

*897g

*68

6978

*66*4

68*2

1038

934

34i8

*3434

37

*3434

37

*663S
934
3478

70

10

24

23i2
*585s

24io

*23

68*2
10
37
23

*6778

10

*88

978

34i8
24

60

17U

28is
*40l2
*116

18

1734

10

*3434
22*2

595s

59

59

58

17*2

16*2

17*8

28

29*8

*3434
22*2

2314
5938

1712

36*2
22*2
5834

17*8

5978
18

.

10

18

28&S
2834
28l4 28i2
29*4
41
41
4312
42i2 *40
11634 *11512 11612 *115*2 116*2

27

58

41

100

*98

100

*98

100

*98

100

11514 116

*115

116*2

115U 116

113

114

112"

112*2

117

*115

118

*115

117

114

115

114

*115

1212

1212

1212

*103

105

*101

314
*6i2
32

32

105

105

*234

*2534
6

21

614
22

3ig
634

32l2

60

59

60

35

*325s
*56

13g

22

34

60

57

13s

*25

6H4

19*2
*3*8
6*8
3212
103

534

61*8
325g

*3234

57

1*4

57*2

13s

5934

1*4
3158

32*2

32

3212

3258

20l2

2058

*20*4

207s

*1934

38

37

37

35

35*2

35

35

*13

1334

13*4

13*4

13

13*4

1278

13*8

*85

88i2
2H2

*76i8
*107l2
1H8

*85

88

*85

*20i2

21l2

*2078

88*2
2H2

77

*7638

79

77

79

*107l2
11*2
*65i2

"1I84

*65

68

17U
*3138
2014

1758
33l2
2034
IH2
2558

1738
*313«

95

*90

11&8
*6534

5212

52

33

1*4
32*4

12l2
*80

1234
*80

86*4
20

7558

7558

11*8
*66

68

17

175g

lT*4

95

90

*85

90

20*2

*72

75

*107*2
11*8

68

68

17

17*4
33

*26*2
1958
*11*4

20

95

*49
61
51
52
52
*5U2 53*2
*50*4
32
31
3234 33
3034 32
33*8
30*2
20
19
1978
20
3:1938
1934
193s
18*2
187g
185g
19*8
110
110
110
110
111
*110
111
*108*8 111
109*2 109*2 *110
*109
11012 *107*4 110*2 *107*4 110
11012 *109
*107*4 110
*107*4 110
18
*17 '
17
17
16
*16
17*4
*17*4
1712
17*4
163s
1658

3014
*2912
1134
35

*15258
*133
*47

10
*1

*8
9U4
33

*127

*634

*9ig
*3912
*52

*105l2
*1912
34

64*4
35i8

7 1
7
*634
7*4
*634
634
*684
634
*65g
7*4
3012
2978 3038
2978
30*4
29*8
295g 30
2978
29*4
2978
31*2 *29*2 31*2 *29*2 31*2 *29*2 30*2 *29*2 30*8
*29*2
30*8
1134
117s
1134
1034
934
1134
115g
1H2
1034
97g
10*2
35
35*8
35l2
35*4 35*2
34i2
34l8
3434
35*4
34U
3458
159
*15258 159
*15258 159
*15258 159
*1525S 159
*15258 159
135
*133
132
13412 *133
134l2 *133
134l2 *133
133*2
13312
50
50
50
*47
47
48
47
49l2
*48*4
4912 z48
10
103s
10i8
10*8
978
984
1018
10*8
10*4
978
97g
*1
*1
*1
*1
*1
1*4
1*4
1*4
1*4
1*8
1*8
In
*38
h
*2
*%
*2
38
*3g
*2
*2
92
93
88
86*2
9312
92i2 9334
8812 9134
88*2 90
33
33
30
33
32
30*4
3234 3334
31*2 3214
131
131
131
*12634 131
*127*2 13078 *125*2 13034 *127*4 130
7
678
*634
678
*634
6*2
6*2
6*2
634
6*2
6l2
9*8
938
9i2
918
*9*8
*9*8
9*4
*9*8
9*4
9*4
9*8
*39
*39
39
*39
39
43
*38
43*4
43*4
43*4
4314
*52
53
52
52
*5134
5134
5312
5134
*50*2 51*2
52l2
108
*105*2 107
*105*2 107
*105l2 107
*105*2 107
*105*2 107
*15
19*2
19l2
18*4
18*4
22l2
19l2 *14*2 20
19*2
19*2
31
34
34
3234 33*2
3158
3178
33*2
3234
3134 3258
65
67
65
64
65*4
65*4
*65*4
62*2
63*2
64l4
6212
32
36
36*4
3534 367g
3334 35ls
3334
353s
34*2
33*8

714

100

100
300

88*2 Jan

par

7

5*2June 17

19*2 Sept

1

Jan

2

Apr 29

48

May 13

31

6%

7,300

2

Jan 23

107*2 Aug 27
69

Mar 10

46

Feb 17

79

80

June 15

Feb
Feb
Deo
Feb
Oct

4

Feb

784

Feb

33*2 Deo
103

Mar

68

Nov

Maris

3

66*2 Jan 18
3*2 Feb 26

No par

19*2 Sept

1

15*4 Aug 16
993s Mar 19
36i2 Feb 11

No par
100

67

6

90

No

C)

(G

2978
95s
33 s8

May

Aug 10

Feb

5*4
6*2

Jan
Sept

Sept

Dec

234

37g Jan
197a Aug

12

par

July

102

Apr 8
10*8June 28

585s Jan 23
16*2 June 17
30

..1

June 29

70

102*8 July
14
Apr

2034 Feb 11
71

Mar

1

17'iJune 29

lli4May 18

10

2234 June 14

183s Jan 21
333s Mar 2

May 18
June 30

3384 Jan 13

90

Aug 20

51

Sept

1

2958 Jan

5

103*2 Feb 3
57*4 Aug 17
387g Feb 25

18*8 June 25

100

107

No par

15

June 14

10 '

Jan 18

101*2 Nov
36*4

22*4 Mar
62*2 Nov

20*2 May

"47*2 "Oct

1212 Apr
9*2 Apr

19*2 Dec
155s Mar

2884

Oct

38*4

Jan

164i2

Deo

3078 Dec

37*4

Dec

153

100

Dec

21

Apr
Apr

21

10734

112

107

~325g

Apr

9

Jan

107*2 Dec

Dec

10

May 20

Deo

Jan

26*8 Feb 8
11212 Mar 11
245g Mar

Dec

79i2 Aug
108

Nov

28*4 July

112*4 Mar

Oct

112

June

24*4 Nov

35

Mar 17

255a June

33*a Mar

29

38

Mar

28

377|

June 14

1078 Jan 28
3

Oct

Apr

18*8 Apr 22

984 Sept 2
3038June 17

100

44

15434 Apr 26
July 9

...10

171

Jan 22

155

Oet

171

Dec

150

Jan 29

137*4

Jan

147

Nov

54

Dec

..100

127

44

Mar 11

June 17

6178 Jan 22

858June 17

26*8 June

14*4 Jan 14
2*4 Jan 18

78June 15

100

1

70

10

30

2

Jan

100

500

National Tea Co

No par

6*4June 12

500

Natomas Co

No par

9*8 Aug 26

100

Nel8ner Bros Inc

1

37

200

Newberry Co (J J)
No par
5% pref series A
100
t New Orl Tex A Mex
100

50

100

2

July

June 17

Apr

36*2 Nov

61*2
147,

95a May
78 Jan

Jan 18

12

57*4
197g
74*8
77,
10*4
32*4

3

Jan

99*4 Aug 14
413a Aug 6

Apr

3gJune25

25

Newport Industries

167

43

jmuV

6*2 June 1?
27i2 Feb 5

No par

Lead

9

25

1
Mar 11

preferred

Mar

145

100 xl07*4June

401-

27

Jan

*2458 Jan 28
47i2 Mar 11

Feb

2*8 Nov

4478 May

108*2 Jan 26

Feb

71

May

21

No par

No par
No par

5984

Jan"

Mar 13

24

Sept 1
121i2 Feb 26

30

14*2

Mar 17

B...1

Preferred

7,600

Mar 17
Mar 17

'Ki-

National Steel Corp
National Supply of Del

200

Mar 17

Feb 13

5% 2d preferred

7,600

984
3458
6*4
12*4
4078

5

51

Nat Rys of Mex 1st 4% pf.100

8,100

Apr

38*2 Jan 15

Nat Mall A St Cast's Co No par
National Power A Lt._-No par

"""800

34

Dec

94

2*2 Aug
234 Jan
16'4 June
5*2 Jan

26

7% pr< ferred A
6% preferred B

20

500

2*4 Jan 23
5*8 Mar 4
6*4 Jan 8

Nov

128a Mar

57*4 Jan
l's July

17i2June 14

pref class A

National

3

34

Nat Enam A Stamplng.No par
Nat Gypsum Co
1

5,100

Aug

1

preferred

485s Sept

Jan

5

Co
class

3078 Nov

3584 Jan
41*2 Dec
60*2 Jan
84 Jan
288a Apr

Wheel

Nat Distillers Prod

7,800

~8~5()6

108

6*2

July 13
54*2 Aug 3
*4 May 12
27»8June 30

60

7% pref class B.
Nat Depart Stores

100

16*8 Mar 11

l*4June 24

2i8 July 31
258June 30
237gJune 14

85

Nat Dairy Products

T266

*17*4 Apr
2158 Jan

Dec

120

10

7%

3538 Mar 10
48i2 Mar 5

112

May 14

Nat Cash Register

90

Nov

16'4

Dec

7% cum pref
100
Nat Bond A Invest Co .No par
5% pref ser A w w
100
Nat Bond A Share Corp No par

6,600
12,600

Oct

65

Apr

National Biscuit

400

45

Jan

Jan

119

3

28

Nat Aviation Corp

800

27,000

Jan

*65

100

National Acme

3,000

1178

31*2
4038
5*4

Mar 17

Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis..100

30

27*8
15438 15438
26
26*4
*85
92i8

26

3318

*634

11:566

Jan 16

Mar 10

5% preferred
Murray Corp of America... 10
Myers F A E Bros
No par

~il58 "4^300

*66

17*4

Dec

124

4

20

Co

Oct

12

120

May

June 29

conv

91

8

May 14

1078Sept

6

$7

9

Mar

100

Murphy

Jan 13

4734 Mar

88

100

Munslngwear Inc

300

55*4 Jan
67, May

Nov

93*2 Aug 13
86

108

Mother Lode Coalition.No par
Motor Products Corp. .No par

"""500

108*4
2834
122

Jan 22

100

Co

Deo
Deo

Jan

131*2 Mar
109
Sept

3

Mfg

Dec

Dec

1234

Feb

100

Mulllns

*95

106

Morris A Essex

88

20*2

*107*2

"lli2

3512
1278

*95

110

No par

Mueller Brass

112*2 Jan 14
3484 Apr 19

2

No par

Motor

Nov

4914 Nov
2138 Nor

Jan

Mont Ward & Co Inc. .No par
Morrel (J) & Co
No par

1,000
1,200
2,100

"1484

85g Apr
3734 Jan
ID2 Apr

June 21

Monsanto Chemical Co

3,900

1234

20

17*4

32*2
20

1978

Dee
Jan

Oot

122

5% conv preferred
Mohawk Carpet Mills

9,300

34

77

*66

13g

preferred

Preferred series A

100

24*4
4988

June

June 16

^Missouri Pacific

10

52

33

68

5634

20

2078

*107*2
11*4

175g

*90

52l2

1*4
32*8

34

37

1958

*

46

16

96

Mo-Kan-Texas RR

1,800
2,700
1,400
1,400
1,700
1,700
42,000

*32

33
33
*3038
*26*8
30*8
30*8
2h2 2H2
19*2
20*2 2114
20*8
12
1134
II84
11*2
1134
11*2
265S 273g
25*2
2558 26*2
267g
*151*4 1577S *154l2 158
*153*4 157
26
25*4 25*2 *253s
26*4 *2538

95

3234
1978

31

*35

88

3134
103
103*2
57*2
59*8

preferred.No

Nov

40*2 Nov
38*8

101

Feb 16

Deo

23*2 Nov
101*2 Dec

94

4% leased line ctfs
Mission Corp

500

June

37

100

4% conv pref ser B
conv

92

share

per

Feb

2*4 May

108

Minn Mollne Pow Impl No par

$6.50

8

Jan

72*4 Mar 5
26*4 Feb 23

25igJune 17
3378June 28

29

par

Minn-Honeywell Regu.Ne

7%

*56

19*2

"117,

17*2

H?8
68
175S
33

3114

77

*107*2

2012 2H8
1138
m2
11*2
25U
2534 2634
*15H4 158
♦151U 15778
*25
2534
2614 *25
*90

*85

6*8

1*4

20*2

32i4

20l2

*2012

63g

138

32

33

6*4

10

No par

1st pref
100
MUw El Ry & Lt 6% pf--100

19

41

1

Apr 28
14®4 Apr 29

Minn St Paul & S S Marie. 100

21

20*2

56

58

170

3

56

2012
*37

3

32
30*2
10134 102*2
5634
58*4
*32*2
357g

36

*56

3*8

6

104

57g

20*2

3*8

33

22*2 Sept

6

106*4 Mar 2
54i2 Mar 12
28*2 Jan 19
42i2 Jan 14
42i2 Mar 24
16*4 Mar 17
47it Jan 12

Highest

share (

per

2

Jan

163s Feb

June 25

5

700

1934

21*8
3*4
6*8

34

8% cum

7,800

10034 10134
*13g
1*2
*2*8
3*2
*234
378
255g
255g
534
534

Aug 24
July
1

9*4June 29

100

Mid Continent Petrol

"2:166

1134

1st pref

Midland Steel Prod

60

114

90

67

1

Mesta Machine Co

100

1078

25

25

6

578

614

3*8
6»4

12

102*4 104*s
*13s
1*2
3*2
*2*8
37S
*234

26

57

325g
*56

1%

1*4

26*2

104l2 104l2

36

57

104*4 10414
*138
1*2
*2*8
312
37g
*234

34

2614

11*2

12l2

26*2
6*4
2138
3*8
6*2

1*2
378

*56

1178

10434
*138
1*2
*2*4
3*2
*278
37g

41o

*3212

1234

*101

104

104

118

12l2

106

*138
*214
*234
26i8
6I4
2114
3is
634
32l2

1*2
4i2
378
2658
6I4
2U4
314
678

*13s
*214

*115

1234

conv

June 21

|

24*8 Feb 11

1

Sept 2
93*2May 11

Merch & Mln Trans Co.No par

400

113*4 113*4

100

95

1

24

No par

Miami Copper

800

6,800

41

(

100
..No par

$5.50 pref ser B w w'sNo par
Melville Shoe
No par

5%

4,400

115l2 *110*2 116*2

*

6% conv preferred

Mengel Co. (The)

150

58

17*8

4284 July
12*4June

1

Mead Corp

120

28

40

115

115*2 115l2

35

17

2778

40

41

*39

200

1,800

978
23

*2ll2

No par

Stores

$6 pref series A

95

6912

6958

934

4088 Jan 12
16*2June 21

5

$3 conv preferred
McLellan

June 23

3234May 10
31*8 May 11
12
Sept 2

10

McKesson & Robbins

300

1,500

94

10

92

*67

*5858

10,300

84

5

McKeesport Tin Plate

36

July 31
143gMay 20

McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..5

800

13

6%

Lowest

$ per share

21

100

400

13

Year 1936

Highest

share

per

—No par

conv preferred
McGraw Elec Co

400

44*4

$

1

2,400

3358

6912

*88

McCall Corp

McCrory Stores Corp

25

24
Y

94

Par

300

173g

*95*4

25

*

94

Lowest

900

35

Range for Previous

EXCHANGE

1,900

50

173S
3412
33*2
12i2
*43 a8
1234

1234

43*2

2512

*

94

50

167S
34

17*2

*95*4

95l2

2612
94

94

Shares

3518

*17*8
3478

3438
1314
45
137S

$ per share

2H2
1634

90

*50

35

$ per share

Range Since Jan. 1
On Basis of 100-Share Lots

STOCK

Week

17

*85

18

35

35

35

Sept. 3

2178

17

the

$ per share

2178

22
1634
8618
52i2

Friday

Sept. 1

Thursday
Sept. 2

Sept. 4, 1937

137

Aug 2
12*8 Jan 15
13*8 Feb 25
57*4 Feb 13
6434 Mar 10

7

109

Jan 11

June 24

37

Mar 17

Feb

li2
78

Jan

Deo
Feb
Feb
Deo

76*2 Nov
133

Jan

Dec

July

12*4 Nov

June

13*4

Apr
Apr
104ia Apr

60

41

Jan
Nov

64*4 Nov
110

Nov

10*4

Feb

43

Apr

28

4134 Jan 18

9

Apr

40

Deo

32*a
27*4

Jan

83

Dec

Jan

49*8

Oct

17

1

N Y Air Brake

No par

Apr 28
62l2Sept 2

New York Central

No par

32

Sept

2

98*2 Feb 10
55*4 Mar 17

200

N Y Chic A St Louis Co—.100

41

Jan

4

72

Mar 17

17*4

Janf

53*|

1,100

6% preferred series A... 100

74

Sept

2

100

Jan 22

36*2

Jan

95

Oct
Sept

3,100

NYC Omnibus Corp.-No par
New York Dock
No par

21

July 15

6

July

15

Nov

800

57,000

'

*44

49i8

*74U

79

*2212

*43*2
*76*2
22l2
758

*119

2338
758
17
I8I4
12934 *120

*119

128

7&S

*1738

*7„
*

1 2934

78
*

*1012

258
11

*60

67

*60

*2i2

*78

78
88

4*8
1238
2*2
*1034

4i8
1258

*119

128

*119

1
88

4l8
1258

47
78*2
23l2
7&8
17*2

43
43
*40
46*2
42l2
74
75
77
79
75
75
76*2 77
23
21 s8
2338 235s
23*2
227g
'22l2 2412
758
753
784
734
75g
758
17
17
163g
163g
17*2 1734
16*2
17*4
*120
12934 *120
12934 *119*2 12934 *119*2 12934

46*2

4*8

13
212
11*8
67

*

128

*2*2
11

*60*4

*119

4*4
1234
25g

128

78

1
88

4

12*4

*43

46*2

7g
8734

*

4

4i8

*119

128

78
*

*119

8734

""4"
12

11*8

12*3
212
1034

12*8
2l2
1034

10*2

67

60

60

60

2l2

78

*

4*8

t*98
2734
*44

85*4

8512
97

*2l2
*10*4

400

11

600

60

20

234

99*2

*98*4

99121

28*2
44

2634
*44*4
*4*8

2834
45
4*4
33*2

412
*418
412
315g
3158
3312
18
18*8
18*8
18*2
60i2
60i2 \ 6034
61
14i2
14io
1434
1512
*90i2 100
*90*2 100
1512
15*2
1512
1512
38l2
38*2
2-38*4
38*4
*4i8
*3138

3:129

132

*130

I8I4
*131

18&8

*81

185S
*131

138

129

19*4
138

*317a
183S

1812

61*2

62

1534

1534

*90*2

9934
16*2
3834

*15

38*4
128

I884
*131

129

19*2
138

*2418

2412

*24

83*8
24l2

*81*8
24*2

2412

*56i2

60

*56*2

60

*56*2

60

8312

*116

*116

*116

98*4

*1778

i *7i8
h*24

|

83*8

14*4
♦

83l2

...

*98*4
26*8
*44*4
4*8
3214
17*2
58*2
*14-*8
*90*2
*16

38

9934
27
45

4is
32*4
18*4
61

1538
100
15*2
38

*98*4

99

25*8
4334

44*4

4

4

*32

33

*79*2
*24*8
*56*2

138

14*8

145g

14

14l4
9984
147g

*98*2
*14l2

3534

*98*2
15

37*2

*131

138

82

82

2434

24*8
56*2

24lg
56*2

*116

*116

1478

35*2 36
12958 12958
18
18*2
*131

18

18*4

18*2

8
26
UI4

*7*2
24l2
*143s

8*8
24l2
16

7*8

7

7

82

2434
60

2412

23

23

21

22*2

1384

1438

13*4

13*4

13

133g

Bid

18*2

18

99
18

7*4

and asked prloes; no sales on this day.




96*2

17*2
7

80

97*2

177g

96*2

177g

177g

X In receivership,

190

100
.No par

prior preferred

100

Mar 23

190

Def. delivery,

n New stock,

13

June 28

95

June 28

12*4May 14
3334May 14
126
July 7
14i2May 18
112i2 Jan 23

114

Feb 13

193aMar 1
45*4 Jan 21
140

Feb

3

2438Mar

8

Mar

6

Jan 26

97

Mar

8

22
Apr 29
54«4June 29

28

83

Mar

93*a Apr
1*8 Aug

Jan 12

114

Mar

4

June 30

65gJune 17

.No par

13
*

23*a
5234
65g
98

97*2

Nov

109*4 Aug
27g Jan

310*2
116

Oct
Oct

Feb

69

Jan
Jan

Apr'
Jan

Jan

8

Jan

2414

Apr

123

Sept

104

35*2 July

19
Aug
12*8 Aug
24*8 Jan
17
July

107

7*2 Feb
155S Mar
99

Apr

237| July
50
Aug
2

2*4 Feb
99*4 Sept
6*8 Dec
18*4 Deo

Jan

12i2 July
July

June

14*4 Dec
106*2 July
103

36*4
57

Nov

Feb
Mar

4i2 Mar
32

Nov

18

Deo

59*2 Deo
25*8 Mar
115*2 Feb
195, Nov
3984 Nov
136

June

20*4 Mar
120*4 Nov

Jan 26

75

75

21

Cash sale.

67gMar 3
40
Jan 18

134

No par

r

Jan 28

227j Apr 5
73
Apr 20
26*2 Feb 16

*17

5

105

8

4
4

17*8 Jan
53*2 Jan

10

1st preferred
2d preferred

1738 Jan 21

104*2 Jan

365aMar 11
6312 Jan 22

*82*2 Apr 28

Pacific Coast

8

3478 Jan 14
57*4 Feb 3

25*8 Sept 2
4334 Sept 2
3*4 Jan 4
26*4May 18

No par
100

8

Pacific Amer Fisheries Inc

150

133s

par

No par

Apr

June 17

Owens-Illinois Glass Co.. 12.50

3,400

7*4

2212

a

93

No par

Outlet Co

~97*2 _4~l66

2158
133g

7

98

1

$5.50 conv 1 st pref.-No par
Outboard Marine A Mfg
5

200

9

48*4June 18
958May 18
97«4 June 25

Telegraph...50

Otis Steel

"""266

June

9*2 Apr
May

57

Jan

50

Elevator

7%

July

19*2 Feb 11
76*2 Jan 22
10234May 3
112i4May 5
434 Mar 3

May

6% preferred

8,800

4

June 28

105

Preferred

7

24l2

99*2

250

Apr
Apr

210

Oppenhelm Coll A Co..No
Otis

2,000

*116

99

99*4

"""566

73g

Jan

Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
8% preferred A
100

1,900

Jan

3

8

Jan 14

preferred

Ohio Oil Co

138

*79*2
*24*2
*5434

55

Norwalk Tire A Rubb_.No par
Preferred
50

70

90

984 Mar

114

800

12,600
3,600

Feb 10

97

26*2 Feb 25
678 Feb 11

272

Northwestern

18

Sept

Aug 6
384June 15

Northern Central Ry Co...50
Northern Pacific
100

59

138

Jan

21

150

32

Jan

1

102

lMOO

173g

125

7

Jan

1178Sept 3
2*8June 29
8i2May 18

No Amer Edison $6 pf.N# par

5784

Mar 12

2

100

4

32

137

100

300

58

Oct

May 19

No par

pref

North Amer Aviation

12,400

150

lla Aug 26
230
Sept 2

45

*37g

98*4
18

993S

6%

Jan

73

Norfolk A Western

North American Co

300

119

63*2June 14

100

700

Adjust 4%

Jan 20

No par

t Norfolk Southern

29*4 Nov

135

No par

12:666

175g

83*2
60

600

17*4
57*2

129*2 129*2 *1295s 132
185s
17*4
18*4
18*2
*131

2638

N Y Steam $6 pref
$7 1st preferred

90

3*a July
10*4 May

May 17

85

100

Shipbldg Corp part stk-.l
7% preferred
100

150

99

*98*4
2512
*4334

Conv preferred

1,900

317, Mar 19
1278 Jan 22
25*8 Jan 22

84 June 25

125

N Y

*57

212

85*4

27*4

*98*4

121

JNY Ontario A Western. .100

1034
60

95*4
*1®4

44

9914
283S
45

"3",900

12

2

12i2June 17

10% preferred
50
t NY Investors Inc..-No par
N Y Lack A West Ry Co.. 100
t N Y N H A Hartford—100

2.500

117g

85
85
85
87*4
*85*4
85*2
85*2 8512
95
95
95
95
95*2
96
95*4
95*4
95*4
2
2
2
*158
2
134
134
1®8
15g
158
lSg
230
*245
250
230
237*2 230
*242*2 246
*242*2 246
23912 242
*104
107*2 *104
107*2 *104
107*2 *104
107*2
107*2 *104
107*2 *104
24
2434
25*4
23*8
2434
25
2458
25*4
23*2 24
2334 24*4
54
*53
54
*53
54
54
54
54
*53
*53
53*4
54U
10
10*8
10*8
10*2
1058
97g
1034
10*4
IOI4
10U
10*s
1058
100
100
99*4 *99*4 9934
*99*4 100
99*4
99*4
99*4
*9914100

*81

*9514

No par
50

N Y A Harlem

8734

4

12

5% preferred

128

78

7j

620

270

Sept

2

June 14

Ex-dlv.

y

115

June

9

70

79

Dec

47

Jan

70

Nov

114

July

114

July

22

Dec

15

Dec

32*2
297,

Dec

83*2 Dec

10334 Aug 11
23

Jan

7

"l3" July

1538 Feb

1

3*2

40

Mar

3

27*4 Feb

2

8*4 July
4*4 Jan

Ex-rlghts.

Jan

Dec

1 Called for redemption.

Volume

LOW

New York Stock Record—Continued—Page 8

145

SALE PRICES—PER

HIGH

AND

Tuesday

Wednesday

Aug. 28

Aug. 30

Aug. 31

$ per share

$ per share

Friday

the

Sept. 2

Sept. 3

.

*1978

2014

1978

20

20%

1934

20

30%

30%

3058

31

3084

31

2978

30%

29%

30

42
42
4234
*41%
26
26
26
*2434
*14314 147
*142&8 147

4212
26i2

4212

42

42%

42

42%

*

2312

"22%

8i4

83g

8I4

8l2

8i2

858

*1178

15i2

*1178

1512

*1178

15i2

2

2

*89

93

9012

90l2

*69

72

*6912

2%

*2is

*1912
*24is

27

*24

27

1178

88%

86
67

26

*24

4%

4%

4%

458

4%

*3938

3978

3878

39

28

28

*27i8

28%

2778

2778

27%

*3U

358

33g

338

*338

358

978

IOI4

934

97g

9&8

3%
9%

9812

334

*334

6%

6%

638
4734

9734
358

6%

6I4
*44l2
*2384
3434
*4712

4l2
658
46

*42i4

48

*4312

23%
34l2
*47%

2334

*2334

34i2
47%

3438

3434

4712

48

638

46

3%

2,000

Parker Rust Proof Co.

338

900

95
4

Pennsylvania RR

50

32% Sept

*112

116

116

45

45

44%

*5%

500

45%

45%

77g

""806
""206

Peoples Drug Stores

24

24

*2514

2778

24

24

*24%

77

*70

76

*70

76

70

70

*60

76

*60

76

*70

76

*70

78

*70

78

*70

72

*70

74

*70

*15

22

*15l2

46i8

46i2

3978
♦

*

78

~*4%

*72

*14

1514

*133s

2858

2934

*28%

15

46

135

14

*1384

14%

*1314

1434

*13%

6OI4

*58

63

*58

63

*56

*13

14

*13

14

'

mm mm

*1314

*166

m

*178
14

13%

*24

*2434

27

*87

88

*2%
*15

*4%

*1%

2478

*2%
*14

*4%

4%

28

91

2%
*14

20

4%

484
116

29

*1%

1%

247„

24%

2434

90

90

4

4%

1934

20%

17%

1978

*19%

19%

18%

19

18%

5

*4%

5%

600

*1%
*6%

2

6%

400

2

118

*18

♦49

54

*49

59

59

118

40
40
40%
*1027g 103% *103
*1137g 116% *115
132

*130

*130

*135

*145

148

*111%

112% *1113.

50

18%
21

50%
1878

50%

58%

5%

5

1%

1%

*1%

634

7%

634

6%

*18%
*47

54

58%

587g

118

*117% 118
40% x397s 40%
103% 2:10134 10134
118

17

18

1778

21

*17

20

*17%

53

*47

51

59

59%
58%
117% 118
40
387g

18%

118

19%

*101

mm

mm

148

*130

148

50%
1878

148

19%

115

*105

74

75

73%

73

8%

*3534
34%

*36%

7334

8%

8%

8%

36

49

5078

*7%

73

8%
35%

8%
36

*35%
*3278

38%

*3278

38%

42

♦36%

42

*36%

42

35

*33

36

*33

*7%

8%

*61

2%

2%

*7%

8%

*61

66

*2%

2%

32%
*36%
33

*7%

8%

*61

66

2%

2%

*18

21

*18%

20

*18%

18%

*17%

18%

*17%

18%

18%

*18

19

*17%

18%
25%

17%

13%
*16%
107g
70%

778

34%
32%

8%

*7%

66

*61
*2

2%
20

*17

17%

17%

23%
91

*88%

90%

92

91

94%

*92

94%

*92

94

5%

5%

35

*32
*

81

*11-1
*
I

90

25
*24%
*102% 103%

19%

*17

51%

5134

60%

60%

35

*65

81

*98~
*

*65

80

130

*110

127

*

90

*

90

"24%

♦

25

"25"

25%

102% 102% *102% 103%
19
19%
19%
19%
52
52%
51%
52%
61

18

61

61

61

~24%

5184
61

*1134

18

18

17%

17%

17%
*68

71%

*68%

72

*69%

34%

*33%

34%
434

*32%

34%

3178

4%

*4%

56%
2%
534

55%

*2%

55%
2S4

55%

5534

56%

2%

2%
5%

2%

*11%

13

*11%

13

534
*11%

*20

34

*20

34

*20

5%

♦

5%

5%

13

112

2,100

33

"24% 24% "24% 24%
103
101% 102% *101
1778
17%
17%
17%
51
*50%
50%
5078
61
62
*5934
*59%
12%
12%
*11%
*11%
20

72

*66

72

*65

33

32

32

31

*4%

4%
55%

1378

1378

34

*17

34

this day.

56

76% Jan 22
14% Aug 16
100% Aug 14

1

35i2 Apr

3

200

No per

5% Pf (ser of Feb. I *29).100
Pub Serv Corp of N J ..No par

No par

Mar

160

176

Feb

187

7i2 Apr

Mar

8

23i2 Dec

600

9,000

5%

*11%

137g

34

*20

34

16i2June

2978
22%
33%
1178
378
15%
3178

3
29
3
15
29
27
2

18

4

114i2Mar 25
3634June 17
9934 July

2

No par
No par

100
100
No par

Corp..10

110
47

June 17

Sept

2

16%June 14
107i2June 28

20

Jan
6*4 May

Jan 15

4
Jan 21
Feb 8
Jan 21
Jan 20
162 >8 Jan 25
113i8 Jan 25
Jan

.50
50

32

June 26

47

36

June 26

49

50

33

Sept

43*4 Jan

par

63

par
par

29

June 17

678June 17
May 18

1

7i2June 17
Sept 3

80

Jan

7

Jan 15

110

Deo

43a
30i2
9i2
112U
4114
334
2734
26i2
2958
IU4
3*4
13ia
28I4
28U
7314

Deo
Dec

Apr
Nov

Apr
Feb
Deo

Mar
Deo
Deo
Deo

Deo
Deo
Deo
Deo

56

Dec

122i2 Feb
50i2 Nov
113

July

130

July

146

112

Jan

3678

9114 May
9*8 May
16is

Oct

9*4 May
83i2 Jan
68i2 Apr

164

July

114

Apr

6978 Deo
247s Mar

133*4 Apr
117% Mar
20% Nov

19U Oct
14% Jan
108% June
80

July

5

Jan

287s
35i2

Jan

1078 Nov
3838 Nov

Jan

50*4

Jan 11

39

Jan

50

Deo

8

37

Jan

47

Nov

10i8 Apr 19
37i8 Aug 25
Mar

8

133s Jan 16
83

Deo

444% July

Apr
Apr

May

103

Deo

29

128

16

187« Jan 21
12*4 Mar 6

Oct

137s

10312 Feb
11318 Apr

103

Feb 15

8
7

Apr

3

107

Apr
Jan

39

112*4 Feb 27

4

23*4 Feb 25

103

17i2 Oct
17*4 Oct
57i2 Oct
40i4 May
115*4 Deo

Jan
Aug

72i8 Feb
243# Feb

2

par

Jan

II4

13i8Sept

7»4June 29

Jan

4%

7

16

Jan
May

12

Feb 11

par

6
100

117#

Jan

99

Jan

Oct

li2 Apr

Feb 10

65%
118%
5234
112%
128%
140i8

Jan

21

4
22
22
20
11

86

Aug 24

55i2 Jan

Feb
Jan
Jan
Jan
Feb

June

2*8
5818

Apr 22
Aug 30

31

June 26

50

14

Jan 12

3

Jan

II4 May

5

47% Mar

June 22

1

49

Mar 10

8% Feb 1
141
July 14

2
X97U Apr 29
28i2Sept 3
338 Jau

100 *112% July 30
....100 124 June 24
..100 147i2May 11

8% preferred.
Pub Ser El A Gas pf $5.No per

Jan 20

97s

Jan

Mar

5

65is Oct
17s Apr
1252 May

Reliable Stores Corp...No par

16%June 15

22*8 Feb

8

16

10
1
warrants..25
A Sar RR Co. ..100

17i2July30
21
Apr 28

1684
100

Oct

Jan
Deo

35i2 Mar 31

Preferred
Rels (Robt) A
1st

"566

May

155

8

84

5
50

.......

Deo

7

612 Aug
17
Sept

4% 2d preferred

I8I4 Deo
77

Jan 18

tPostal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc
1

6% preferred
Purity Bakeries

Dec

718 June

Jan

U2June

m

No par

100

Co

June 14

20

June 14

preferred

Co
Remington-Rand
Preferred with
Rensselaer

900

400

5,400
60

3,400
800

1,200
10
mmmmmm

Def. delivery,

2

29% Mar

9

94U Jan 30
110

9i2 Feb 18

Republic Steel Corp...No par

47U Mar 11
124
Apr 23
IIOI4 Mar 10
493s Apr 14
98
Apr 14
139
Apr 17
95*4 Jan 26
30*8 Jan 14

preferred

100
A. 100
6

—.—10

109

Jan 19

97%June 21
32
71

June 29
Jan 21

100
100

126»4June 10

No par
100
1
Reynolds (R J) Tob claaB B.10

22i2May 18
101
July 21

10
El A Pow—
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
10
J St Louis-San Francisco.. 100

69i2June 30

67

Jan 26

ll%May 28
17_Sept 2
60 " Apr 27

14

Feb 23

31% Feb

6% preferred
100
t St Louis South western.. 100
5% preferred
100

434 June 28

Reynolds Metals Co
5H% conv pref

Reyno ds Spring
Common

Ritter

n

Dental Mfg

New stock,

r Cash sale,

89

June 10

*16%June 14
49
May 17

30

June 28

3%June 17

4334 Jan 29
2%June 29
II

20

Jan 27

Aug

x Ex-dlv.

4

112

81

Dec

4is July
167S Apr

3

6% conv

17% Aug

99is Sept

4

6% conv prior pref ser
Revere Copper A Bras*

Aug

Feb 18

47g Sept

Rhine Westphalia

""BOO

May 19

90% Sept

30

5

27% Jan

Car

Class A

1,600

80

4% Mar

5

Reo Motor

7% preferred...:
5)4% preferred.....

"1,700

61

2

Reliance Mfg

100

2%
5%

a

49*4

2

18*4 Jan

8

Mar

No par

8% conv preferred

Dec

20

4i4June

200

11%

t la receivership.

27*8

I8I4 Deo
37U Jan
6218 Aug

175

183gSept

Pure OH (The)

Feb

Jan

190

No par

Pullman Inc........

84

Apr 12

No par

$5 preferred

Deo

July

June 14

Porto Ric Am Tob cl A.

6% preferred

Dec

11*8

1741s Apr 23

Poor A Co class B

5% conv 1st pref
5% conv 2d pref
Procter A Gamble

Mar

52*8

Aug 10

22i2Sept

Class B__

88

8

Feb 17

117

Plymouth OH Co
5
Pond Creek Pocahon_.No par

"""800

5%
*20

56

Aug 10

165

Pittsburgh A West Va
Plttston Co (The)
No par

Real Silk Hosiery

4%

11%

2%

July 16

Jan
Nov

70

Jan 12

"26

31%

54%
2%
5%

53%
*2%

3

13% Sept
94
Sept

100
25
100
.100

unstamped

3*8
16

3818 Jan
5i2 July

28

72

2%
5%

July 30
June

6

July 26

912 Jan 20
74% Jan 13
20»4 Apr 5
333g Jan 18

Jan 12

90

*16%

56

8774 Jan

4

126

4%

64

122

12,900
88,000

17

4%

4

Deo

101*4 July

7*4 Apr
68
May

Jan 16

June 28

80

*

66

20

7

2i4June 21
16
July 26

Conv pref

Mar

95% Aug 31

Apr

40

1

6% preferred
Pittsburgh United

56*4

D2 July

1

3*8 Feb

June 11

49% Jan

......100

7% cum pref

300

90'

Mar

1678 Mar

43

1,000

_

Oct

12

Jan

24%June 29

4% 1st preferred

50

34%

32%

102l2

Jan

8%

No par

Reading

100

*60

Jan

3%

Jan 12

14

No par

_

113

*

81%

100% Jan
7% Feb

Plttsb Screw A Bolt

""166

100

80

545s Aug

12

1,000
_

*112

126

Jan

11%June 17
72
July 8

No par
100

1,200

5~4o6

5

33%

45%

June 17

9,900

_
~

17

17%

2%
5%
*11%

Bid and asked prices: no sales en




2478

61

1234

*33%

55%

*

51%

*1184

*4

*50
*

10278 10278
*18
18%

13

*4

80

100

91

478

5%
33%

101% 101%
33
32%

90

*67

434

32
112

127

72

*4

5

5%
3278 34%
34% 35%
*112
114
114
113%
104
104
102% 10334
33% 3434
3434 35

*1034

*1034
*17

*34%
*

130

5

5%

23

10*8 June
25*8 Jan

54% Jan 14

52

No
$5 preferred B
No
$3.50 conv 1st pref..No
tRadlo-Kelth-Orph
No
Raybestos Manhattan.No

17%
17%
23%
91%

*17

17%

22%

13^4 Feb 19
6978 Mar 10

19i8 Mar

June 14

100

370

2%

*16%

18U Dec

7l2 Aug 11

Pitts Coke A Iron CorpNo par

Pitts Term Coal Corp

Nov

123s June

June

Quaker State OH Ref

20

17%

*88%

*92%

"266

778

*17

17%

18

92

34%

2%
20

Nov

122

215s Mar 11

10

7% preferred

61

*2

Dec

31

117

_

37

*7%

90

Jan

100

Radio Corp of Amer

42

61

9134

92

104

77g
66

Jan

16

44

8%

*36%
*31%

56

6

34%
32%

32

32%

8

Jan 11

28%June 17

400

72

8%
33%

24%

*88%

33%

8%
35

7

Jan

25

5

200

-

71

72%

Jan

91

100

11% 201,600

*105

1734

9134

115% 115%

11%

87

pref...100

,100

1678

23

*88%

4,900

14

11

37

19

5%

*13%

42

92

25

47%
1778

*16%

*31%

25

104

400

17

*36%

2434

102% 102%

"2" 700

13%

33

*18%

34
33%
*115% 1183s

59

148

*135

48%

42

*88%

5%

52

118

*58%
118

41,800

8%

25

1,400

19

18
18%
1/17%
11234 11234 *112% 11278
101% 101% *101% 102

7434

90

5%

177g

5,900

3578
32%

17%
2478

2,300

*110%

*105

90

17%

148

700

19

49%

47

50%

*105

7534

36%
34%

66

*2

115

36%

37

*33

♦61

8%

*135

*11034 112% *110%

112% *111

5034

*135

112% 112%

*100

*47

5,000

19%

39%
3934
39%
39%
*102% 103
102% 102% *102% 103
115% 115% *114% 115%
116% *11334 116% *114% 116%
130
132
*127
131% *127
132
H29% 129% *128

1878
18%
19%
11234 11234
112% 11234
*101% 102
*101% 102% *101% 102% *101% 102
14
14
14%
14
13%
*14
14%
14%
17
17
17
*1634
1634
1634
17%
*1678
11
12
11%
II84
11%
11%
11%
11%
19

11258 112%

1%

23%

*17%

6%

18

I87g
21

*1%

178

*5

110

28%

22%

1%
24

1
2

Plllsbury Flour JWllls
26
Pirelli Co of Italy "Am shares"
P'tts C C A St L RR Co..100

100

*1%
7%
1878

*1%
23

28%

Sept

14l2 Aug 26

20

123

*115

mm

20%

2%
7%

*117

m

1,200

4%

4%

4%

mm

*20%

*1%

*18%

18

*14

18

100

Oct

7i2 Feb
4612 Aug

7%May 17

100

$5 conv pref
Pitts Ft W A Chicago

58

June

40

No par

"590

2%

24%

2

54

92

2434
21%
5%

59

*90

1%
24%

♦1%

1%

*5

59

90

29

5%

*49

4%

8,100

27

123

22%
20%

18%

*14

Jan

5

Pittsburgh Steel Co

*21

*2%

Apr

4

4

38%June 23

7% gtd conv preferred..100

14%

27

2%

38

Mar

17

16i4June 17

No par

6% preferred

Oct

59i2 Nov

II634 June

June 28

I

—

*26

5%

1878

—

*115

21%
20%

21

1334

14%

«.

29

5

*18

M.

123

19

*18

172

*177

*27

21

*7

94
*166

95%
mmmm

80

94

*115

5

7

200

45

Mar

Aug 11

Pittsburgh Coal of Pa

2734 July

28i4 Apr

19

70

200

13%

30

18

7

62%

*13

172

*2%

4%

*54%

123

21

*1%

18

*14

20

"266

1484

13%

89%

2%

*2%

2%

135

*12%

56

*133g

*20

27

♦

12%

*27%
*1%
24%
21%

*115

29

29%
1%

*21%

10

46

*43

46

135

400

June

17

Deo

25ig Apr
64i2 Jan

No par

Pierce OH 8% conv

74

110

June 28

Preferred

10i2 Mar

Jan

Feb

Mar

48% Mar

4

Phoenix Hosiery

Jan

Jan

4i2
2834

30

5

76

7% preferred
PhUllps Petroleum

Feb

67s

11634 Jan 27
65i2 Feb 6

60
50

PhUllps Jones Corp

334 Deo
73

112i2 NOV

9

Aug 30

PhUllp Morris A Co Ltd... 10

Pblla A Read C A I

55

1434

.

28

100

7%

*6%
*45

30

56

•

mm

91

*2434

2%

116

117

*19

mm

m

91

88

2%
20

117

mmm

17",300

*28%

95
96%
*95%
96i4
*9514 96i4
172% *166
17212 *166
17212 *166
*177
*177
*177%
14
14%
14%
14%
I4I4
1414

*95

96

9534
*166

*178

78

*13%

"12%

1334

1334

14

1434

64

14

14

100

2834

*43

14

*55

7,000

55

54%

55

*

135

*13"

*72

"3", 500

2884

46

*

*13%

1%

17i2 Nov

3*8 June

3

No par

tPhlla Rapid Tran Co

1178

75

par

7% preferred

94%

1%

*13%

28%

*43

*43
*_._

*6%

15

28%

94

5478
738

*45

""I26

734

Mar

69

Apr
Apr

10

70

Corp of Am
5
Pfelffer Brewing Co...No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6 preferred

484

*7

9

63

July 15

24

Petroleum

78

*4%

78

1334

5334

55

*13%

30

*

7%
1%

*72

57%
7%

*45

43

*-.

135

612

135

43

45

*43
*

78

54%
*6%

700

94%
1334

1%
9134

14

*72

55

*13%
*28l2

1584

*1334

78

39%

39%

1678

4%

♦7

937g

15i2

*45

29

93

59

5884
6i2

55

*45

55

1%

*72

714

*6l8

8i4

*14

5878

583s

7*8

*6i8
*45

1512

*1312

58

57*4

9512

78

14I2
78

*72

9314

1%
93

90

734

45%

78

"4%

4%
7%
1%

734

44%

2,200
1,400
5,700

39%

*39%
*

78

4%
*7%
1%

478

16%

44%

734
43

39%

39%
*

78

8

1*8

1%
90i2

8

22

*15%

No

Milk

3214 Nov

Apr

4% Jan
65s June
lO's May
Us Jan
60
Aug

2

4i8 Jan

Deo

514 Jan
4714 Mar

23

5

12% Feb
76% Feb

43%June 25

100

Jan

Dec

40*4 May

7% Feb 18
64

22*4

Jan

2*4 July

758 Jan 14
10i2 Jan

Feb

37i2

8% Aug
17%

2
1
2934 Feb 10
50% Mar 17

Sept

112

...100
100
100

5% Prior preferred
5% preferred
Pet

167g
734

16%

46

*4%
*7i2
*H8

5U

*712

8i4

*718
1U
*895s
*13l2

*734
4478

3934

*

78

"*4i"2

534

8

3934

22

*15%

17%

17%

4714

784
463s

39l2

39l2

3978

1778

8'S

4634

*8

8i2

8%

1778

1734

17i2

17i2
*46

22

*15%

18

4 5%

No par

Pere Marquette

75

2U2

Dec

Jan 13

22

6% conv preferred
100
People's G L & C (Chtc)__100

100

2878

*70

conv

Peoria & Eastern

77g

*53g

*24

*15

174

SUJune16
6

par

pref ser A
No par
Penn G1 Sand Corp v t cNo)par

$7

28

22

No

Cement

13,100

*43%

277g

June

59

26% Jan 28
34% Jan 5
8*4 Feb 25
4434 Feb 3
29% Aug 25

3i8June 30

Coal & Coke Corp. ..10

Penn-Dlxle

47

*40

46

*24%

Dec

10334 Mar 8
63s Jan 23

"""900

457g

45%
778

25

June 16

85

3378

52%

*53a

3

No par

2334

*48

45

Dec

7*8 Aug

237g Mar 11

23%

54

*112

Penn

97i2
109i2

5
2
3 818 May 13

No par

(J C)

74i2 Apr

Jan

Apr

14i8 Feb
3% Jau

33

3438

*4234
23%
32%

48

25

46'4
77g

6%

Corp

Penney

18%

July

June 16

33%

47

*2334
3234

*558

Peerless

Penlck & Ford

.Jan
414 Apr

Jan

67

2%June 17
6UMay 18

2334

*40

25

*112

4

6%

23

Oct

1*8

103

43% July

47

116

2,400
1,000
1,600

9434

*3%

6%

100

48

94

16%June 14
June 29

121

..2.50

Deo

135S
20%

Mar 10

90

zl5i8June 14

Parmelee Transporta'n.No par
Pathe Film Corp
No par
Patlno Mines & EnterprNo par

4,000

638

638
*46

6

63g

2734

3%

6%

94%
*3%

9734

27%

23i2

Jan

10978 Mar 18
2834 Jan 28
200% Jan 28

36%June 30

Parke Davis & Co

18,100
3,100

6

Apr

67s

12% Aug

17% Jan 20
4i2 Jan 25
121
May 13

2

Jan

1134

2934 Apr 6
1238 Feb 18

No par

2,700

97g

July

1

39%

15

Deo

152

C M

38 84

9%

153

Jan

24i2 July 28
4
May 14

"7",300

15

Jan

140

1

438

Park Utah

118

2

Inc

4%

48

*46%

Park-Tll ford

Dec

4

Jan

eiTsJune 29
99 June 4

__1

47U

Jan

60

100
.10

26%

15

6%

48

100

6% 1st preferred
6% 2d preferred

July

58*4 July

14% May

149

June 28

2

100

41

152

lOfy July

par

No par

preferred

*24%

9%

9%
1478

600

Dec

778June 17

preferred

conv

conv

44*4

39% Nov

Jan

5334 Jan 14
447g Jan 9

share

per

Dec

30*4

20%May 14

Paramount Pictures Inc

1,800

19

19

8%

Parafflne Co Inc

4%

43,200

21%

21

3%

3%

3512

4584

77fi

*538

778

334

*111% 116

116

46

47ig

*7

25

*113

116

*4534

98i2

99

9814

334

6I4
r4734

20

28

27%

33g
934
15%
6%

15%
6%
*4634
94%
3%
6%

1512

6*8

4734

*47

9812

*113

10

1538

1514

15i8
6I4

6*8
48

500

148% 148%

3978

15%

140

70

145% 145%
19%
18%
*24
26%
4%
4%
39%
38%

*39

4i2

90

100

30

Jan 12

38

2

10

JPanhandle Prod & Ref No

Hiohest
I

share

per

Apr 28

133

No par

Corp

5

share

per

3234 Jan 14

June 28

134%June

Pan-Amer Petrol & Transp__5

*67

89%

OH

Packard Motor Car

600

2%

2%

Pac Western

$

share
19%Sept 3
2818 June 17
40%June 21
per

25

100
100

6% preferred

100

12

*934

117g
2%

2

No par
...No par

Pacific Telep & Teleg

1,700
19,300

8%

8

148% 152
19%
19%

20i8
26i2

*24

22%

22%

Ltg Corp

Pacific Mills

50

*91% 100
21%
20%

458

6%

136% 1-36%

Pacific

70

*99% 100
21%
20%

3978

15%

142% 144

100

4%

*46%

*23

67

*3834
28

2478

300

86

69%

67%

214

20

1978

15%
2%

71

158

*154

156

*154

19i8

19%

117g

*

*99i8 100
2214
2134

22

213g

2U2

2118

*14712 155

42%

4,200
2,200

8%

8%

91

214
89

8

8i4

*2%
88%

*69i2

72

100

*99

100

*99

*42

$

Pacific Finance Corp (Cal).lO
Pacific Gaa & Electric
25

700

30%

247g
26%
*22%
26%
2612
*143% 147
*14314 147
*14314 147
13914 13914 *139% 140%
13914
13914
22
23
223g
23
23%
"23"
23

"23%

Par

Lowest

Hiohest

Lowest

30

*

*

139%

*20

20i2

Year 1936

100-Share Lots

EXCHANGE

Shares

$ per share
1934
19%

$ per share

Ranoe Jrr Previous

Ranoe Since Jan. 1
On Basis of

STOCK

Week

Sept. 1

$ per share
*20

STOCKS

NEW YORK

Jot

Thursday

Monday

$ per share

Sales

NOT PER CENT

SHARE,

Saturday

1545

Jan

8

77

May

78I4 May
10

Apr

2414 June
90
Apr

4i|
31

Deo
Dec

24is Nov

"25"

Nov

90% Nov
114

Apr

8% Mar
297# Deo
128

Deo

104% Oot
39*4 Deo
79i2 Deo
138

Oct

Dec

98

Nor

22i2 May
105
Apr

34

Feb

117

Jan

92

34U Jan 22

25

July

36I4 Nov

58

50

Apr

60% Not

Jan

8

4

86% Mar 10
38

June

834 Nov

65*8

135|

Feb
Jan
Mar

19i2 Feb

35

32

Jan

75*4 Deo

June

"l0% "Feb

July

50*8 Deo

4

984 Feb 19
65

587s Sept

Mar 11

5%
22

3*8 Mar
6*4 Deo

434 Mar 17

U2

Jan

IDs Feb 25
20*4 Mar 5
37% Mar 11

23s

Jan

77s

Jan

15

Oct

Jan

37

Oot

7 Ex-rights.

18

? CaUed for redemption.

New York Stock

.1546
LOW

SALE

HIGH

AND

PRICES—PER

SHARE,

NOT PER

Record—Continued—Page

CENT

Sales

STOCKS

Monday

Tuesday

Wednesday

Thursday

Friday

the

Aug. 28

Aug. 30

Aug. 31

Sept. 1

Sept. 2

Sept. 3

Week

$ per share
34
34

$ per share

$ per share

$ per share

$ per share

Shares

$

share

ver

34

*3334
95

*95

95

*105

33%

34%

*95

99

33%

31%

32%

99

95

95

33%

99

*95

105%
105% 105% *105
1057S *105
105%
109
*108% 109
*108% 109
108% 108%

109
*24

25

24%

41%

41%

41%
*91

1%

1%

47g
38

*7%
9012

8%

41%

93

93

*23%

*32%

1,200

*95

£9

20

104

104% *104

105%

109

109

109

25

24%

39%

40

40

4078
93%

*92

50

24%
40%
93%

4,800

1%

93% •*91%
1%
1%

2,800

500

200

1%
*12%

1%

1%

1%

14%

41%

*12%
41%

41%

40%

40%

41%

41%

320

1%

1%

1%

1%
*4%
33%
*6%

1%

1%
4%

1%

4,500

478
37%
8%

4%

1%
4%

4%

x36

37

*7%

1%
*12%

14

4%

34

36

92%

91%

93

28

28

28

88%
267g

28

13%

13%

13%

13%

13

59%

*56

59%

*32%

35

7%

35

101%

10

10%

*56

59%

33

7%
91

33

25%

25%
25%
*104% 104% *104% 104% *104% 104%
13
13%
13%
13%
13%
13%
43
43%
43%
43%
44% 45

*12

4%
34%

14

1278

12%

35

*96%

99%

9%

9%

10

9%

*56%
*3178

12%
33%
33%
*96% 100
9%

9%

59%

*5612

59%

*56%

*3178

33

*3178

900

2,100
400

*3%
48%

49

41%

41

42%

l%June24
12% June 28

*146

148

155

*106

148

149

107%

106

106

*27

27%

28

28

*27%

29

27

*19

20%
20%

*19%

27%
20%

20%

20%

20%
*112

*112

113

*3%

37g

35%

35%

*143

*24%
39%
25%
39

*19%
19%

12

—No par

29
95

No par

$3.50

200

4

No par

conv

pref ser A.N opar

6,600

53^% conv preferred.... 100
Silver King Coalition Mines.5

3,400

Simmons Co

113

37g

3%

3%

35%

34%

35%

145

24%

24%

*24%

39%

40%

39%

26%

267g

39%

39%

*48

8

57

6%

*143

6%

*92

98%

6%
*19%

21%

*73%

76

*27%
*31

28%
17%
32%

*73%
*27%

*49

50

49

23

23

23

23%

85

85

84

84

41

41

41

41

11%

11%

11%

11%

Mar 20

12

June 29

42

6%
*60%
*92%

62%
98%

26%

6%

56

6%

*92%
67g

98%

*19

20

*19

20

76

76

28%

*27%

17%
32%

*73%
*27%
17%
*30%

17%

17

32%

*3078

49

*49

17%

*55

64

8%

8

7%
8%

*7

18%

8

41

43%

43%

35

35

37

Nov

53% Mar

2134 Apr

4334 Nov
18% Nov
129

5% Apr
9%

Feb

13% Mar
978

Feb

Jan

277S

2434 Apr
2684 Apr

62

Dec

72%

Deo

Deo

334

47%

Feb

48%

Deo

1678
*14%
19%

17%
14%

2,000

Stewart-Warner

5

Stokely Bros & Co Inc

1

14

June 29

8,400

No par

17

June 17

13%
*67%

33% Jan 29

13%
67%

12%

13%

16,400

1

12

June 14

20

68%

67%

400

Sun Oil

No par

65

May 27

77% Jan 11

150

6% preferred
100
Sunshine Mining Co
10
Superheater Co (The) ..No par
Superior Oil
..1
Superior Steel
100

118

Jan

17% Jan 20

20%

13%

*

121

21

121

*31%

18%
*41%
4%
*31%

18%
43

4%
34

*16

16%

11

*50

52

*10%

11

12%
*10%

*50%
6%
*12%
58%
6%
38%

52

*50%

10%

12%
*1078
*40

6%
13

59%
6%

38%
12%
11

*6%
12%
58%

6%
x37%
12%
11

40

19%
12%

21

13%

12%

72

67%

121% *121
19%

30

11
52

8%

27%

2778

4%

*4%
*17%
19%

4%

96%
23%
*62

1578

12%
*1578
7%
*101

20%
19%

96%
24
65

28%
4%
*17

*9

1,900

2,000

Without warrants

1

11

ll34Sept

*10%

10%

10%

*10

10%

100

Talcott Inc (James)

9

10%June 26

1534 Jan

52

*50%
*6%

52

*50%

52

.50

48i2June28
6i2Junel6
1034 Apr 28
503s Jan 18

57% Feb

37

2,500

11%

8,100

10%

10%

9,900

37%

12

10%

11%

12

10%

*35

41

10%
*37%

41

38

400

38

38

36

36

*35

38

600

63

*62

63

*62

63

8%

8%

*8%

8%

*8%

""206

9

7%

7%

7%

2,000

Thermoid Co

3%

3

278

27g

2%

Third Avenue Ry

8%

2%
834

3,500

*8

3%
8%

Thompson (J R)
...25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par

28%

26%

4%

4%

96%
24%

28

4%

*8

83

*83

*8

9%

86

60

"

26%

26%

27%

27%

2", 200

4%

4%
19%
18%

4%

4%

1,30.0

20%
19%

*18

18%

*17

95

24

2278
59

96%

500

23%

4,700

23%

62

19

23%

95

96%

23%

19%

187g
*95%

61

lb", 800

60%

61%

1,500

15%

16

15%

15%

15%

12

1234

1178

12

11%

15%
11%

21,300

12%

46

9%
66

17%

17

17

17

3%

*3

17%
3%

87

88%

76

76

97

97%

2378

24

116% 117%

90

*76

79%
98%
24%
24%
117% 118
98

91%

91

91

26%
27%

27

27

26%

27

26%

26%

27%

26%

27%

2678

...No par
100

7%

83

16

88%

The Fair

8

63%

80

Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par

86

96%

3%
89%

Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil...10
Texas Pacific Land Trust...1

8

157g

3%

5
5

*83

1878
*9278

9%

5)4% preferred
Telautograph Corp
Tennessee Corp

8%

*16%

*16%
7%
*102

10%
*12%

34%
*42%

17

*1578
16%
7%
7%
*1017g 105
1078
10%
10%
17
17
*12%
35%
34%
34%

16%

7%

105

7%
*

101 '8

10%

*12%

3,400
100

16%

4,300

7%
105

"

i',400

10%
17

35

35%

*43%

"

3",300

46%

45

*42

45

9

9

*8

9

*8

66

66

63

65

64

64

16%

16%

16%

16%

16%

1,300

3

3

3%

700

t-,16%
3

*89
75
96

23%

3

3

89%
76%
97%
24%

115% 116

91%
26%
26%

Bid and asked prices.; no sales on thW day




37%
12%
10%

6,400

25

Symington-Gould Corp ww._1

100

*62

*17

*44

Dec
Oct

9% July

3

7

12%

9%

30%
1578

8

Sutherland Paper Co
10
Sweets Co of Amer (The)...50
Swift & Co
Swift International Ltd

1,300

36%
11%

66

*91

16

12%

31%

37%

66

Dec

6% Mar
42% Dec
377g Oct
13% Nov
26% Nov
357g Jan

15

16

46%

60

Jan

12

37%

66

Jan

3

12

38%
12%
11%

72

27

2

47% Mar 11

15%

30,100

*67

3

Jan

20% July 12
61% Feb
734 Mar

31%

56%
6%

36%

Nov

11%

6%

36

125

15

55%

36

Jan

31

6%

35%

118

4

Jan

12%

56%

17

Mar

15%

6%
36%

*12%

91

31%

55%

17

Jan

12

700

58%
6%

*12%

Apr

Dec

15%

6%

11

Oct

24%

14%
9%

300

57

11

125

Jan

70

Feb 17

3,000

6%

11

16% Apr

17%

31

5978

10%

Feb 11

23%

4,000

778

21

22%
31%

7

1678

65

*2978

12%

105

Jan 29

*16%

19%

778

Dec

78% Nov

Mar

75

16%

20%

*16%

70%
4034

30

12%

*102

55% Jan
2434 May

23%

12%
7%

Dec

9

5

16%

62

18

31

Mar

Mar

23

*6%

9

25

76

48

1678

7

83

36% July 12

2378

12%

105

*43

300

Aug 6
1734 July 23
37% June 29
4%Junel7
28%June25
30
Aug 30
13
Jan 8
2134June 14
297sJune 16
15
Sept 2

9

23%
31%

*16

19%
24%
*62%

7,900

12%

63

Studebaker Corp (The)

1,400

4%

12%

41

27%

31

12

38%

*8

40

30%

30

Stone & Webster

8,800

*50%
*6%

*62

*8

100

7

*38

9

3978
4%

4%

4%

500

13%

*39

3%

40

30

63

3%

3878

4%

19,500

*120% 122
19
18%

19%

30

41%

8%
*314

121

30

41

4%

67%

Standard Oil of Kansas
10
Standard Oil of New Jersey.25

100

40

"62%

63%

18%

34

38

*8%

121

41

38

83

19%

*30

*62

8%

123

41%
4%

40

9

18%

19%

35%
30%
1678
23%
31%
16%
12%

63

83%

15%

*6712

38

8%
*3%

17

*

40

"62%

13%

40

*8%

65%

68%

*62

83%

64%

21%

*37%

91%

Oct

Jan

1678
14%
19%

16%

*90

27

92% Oct
3634 Jan
24% Aug

Feb

1678
14%

12%

97%
23%

114% Nov
934 Mar

Aug

17

32

118

Oct

2

*14%

12%

96%

Jan

Oct

82

3234

15%

16%

23%

44

Deo

117g Nov

35

17%

12%

*116%

54%
59

Jan 11

*14%

1*%

88%

Jan
Jan

6% July
63% June
101% Mar
534 Apr
678 Jan
73% June
2934 May
1578 Apr
1338 Jan

Feb

15%
21%

31%

*76

19

34

Feb 19

*17

12%
*10%

*3

Mar

3212 July
477g Oct
26% De

50

17

31%
1578

9%

160

50

Starrett Co (The) L S..No par
Sterling Products Inc
10

x23%

-

Feb

2

1,300

30

*9

2% Sept

65

16%
23%

*43

Jan

25

July

4

64%

30

35%
46%

Standard Oil of Calif..No par
Standard Oil of Indiana
25

41

43%

7

65

16%
23%
31%

35%

12,400

40

44

Jan

7% Feb
35% Aug

23% Jan
12% Apr

8

Jan 12

65

1678

17

10,000

42%

43%

Mar

66

23%

11

41%
43%

40%

65

72% Jan

66

31

10%
*14%

Stand Investing Corp..No par

No par

prior pref

68

23%

7%

300

43%
44%

114

Apr

150

8

*66

*30

17

3

cum

Mar

67

35%

105

36%June 17

*2%

Mar

9% July

637g
38%

18%
41%
4%
*3178
30%

*101

June 17

No par

2%

6%

47% Deo
Apr

132

378 July
26

Jan 22

38%

18%
*41%
4%
*31%

12%

33

$7

2%

Deo

Nov

jan

1438 Apr
12078 Jan

13

72

13%

16

No par

600

3

64
45

30% Dec
17% Nov

8

Feb

2078

21

12%
*1578
7%

June 14

100

$4 preferred
$6 cum prior pref

13

35%
42

16% Jan 20

12812
123s
14%
32%

38

*1419

1578

3,800

35%

*2%

Jan 18

95% Apr 28
48% Mar 8

42

3

Aug 14

50

..1

No par
No par

38

43%

40

35

1

38

15%

24%

2334 Jan 12

June 14

June 29

41

17%

62%

16

26% July

*39

*14%

19%
96%

2

42%

*35

43%

*2%

Jan

80% July 2
27% Apr 26
11% Sept 3
IjPreferred
12015i6 Apr 30
Stand Comm Tobacco
1
634June 17
tStand Gas & El Co
No par
5% May 18

6,300

17%

36

66

17

*17%
19%
96%
23%
*61%

17%

2

42

*17

21

16%

Feb

65

67

4%

18%
41

7%
16%

7%

Feb 26

94

42

67

*7%
27%

7%

31

22
26% Aug 5

No par

Standard Brands

1,400

7%

10412 Jan 7
9% Jan 28

14

44

Deo

2834 Feb 11

Square D Co class B

16,300

7

7

7

31
14

*35

67

3%

778

7%

7

July
5% June
17%June
75 May

19%June 14

Conv $4.50 pref

700

11%

93

77% Mar 17

38%

64%
*42

9%

300

11%

100

*67%

64

8%

21%

June2o

6%June 28
58% Feb 5

65%
43%

*35

40

86

20%

49

Deo
Deo

Nov

110

4338 Mar 17

60% Mar 6
65% Jan 20
1178Mar 16

39%June 17
40%June 14
30%May 14
62%Sept 2
34% Jan 2
623s July 22
1678 Aug27

41

*8%

18,100

84%
40

7%

41

*8%

21%

*37

43%

*83%

207g

49

4

Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
$3 conv preferred A..No par
Spiegel Inc
2

""200

11%

43

12%

49

40%

7%
18%

8,800

33

49

49

2

3

No par
Spencer Kellogg & Sons No par

"ioo

Jan

Jan

par

Nov

28% Deo
127% Nov
14% Jan
4878 Oct

Sept
12% May

3212 Jan 13
6538 Mar 11

24

$5.50 preferred

17

16%
*30%

11%

44%

38%

17

32%

40

42%

12%
10%

16<2
*30%

11%

41%
4412

*38

17%
33

41

2%

6%

28

11%

2%

59

*27

27%

40%

3

7

27%

28

11%

*2%

12%

76

40%

18

*6%
12%
58%
6%

*73%

*73%

100

9

35% Sept

Spang Chalfant & Co 6% pflOO
Sparks Withlngton
No par
Spear & Co
1

3,600

155

Nov
Nov

72

Aug 14

June

100

Spalding (A G) & Bros.No

10

6%

*40%
11%

*35

*16

76

76

98

Mar 29

778 Nov

101%
31%
1934
327g
104%
11%

21

4212 Jan 12

22%May 13
37%Sept 2

Deo

Feb 16

loot

1st preferred

20

6%

*83

19

4%

*18

6%

84%

44

44

19%

*83

39

18%

98

84

44

121

98

6%
19%

2278

*37

*118

98

84

38%

20%
1278

*92

""300

115

Deo

87g Deo
44

85

63s Feb 26

141

25

100

6% preferred..

63%

6%
20

•

Southern Calif Edison
Southern Pacific Co...
Southern Railway

Feb

40% June

Feb 15

32% June 17

Mobile & Ohio Stk tr ctfs 100

7%

*6%
*55

2178

46%

*67%

7%

85

23

*35

44%

4,600

x85

*43%

41%1

12,300

1,800

Mar 18

Mar

8

Jan 11

3%June 14

Sugar...No par
8% preferred
..100

57

49

40

44%
*34%
63%

25%
37%

49

42%

41

24%

63%

110

South Am Gold & Platlnum.l

25,400

*48

57

Sept 1
Sept 2
10% Jan 15

So Porto Rico

145

54i2
40%
2934
2314

26

Solvay Am Corp 5)4% pref 100

-

1,400

24%
39%

25%
37%

*6%

-

4,110

35%

24

*55

••4.''-'*.

37fi
36

49%
23%

7%
18%

18%

7

678

7

7%
778

113

3%
*35%

3578
*48

6%

*92%
6%
*19%
*73%

*31%

*112

38%

62

28%

18

Socony Vacuum Oil Co Inc.15

24

*60

678

Snider Packing Corp. ..No par

*143

38%

Mar

900

38%

25

120

77.700

3%

x3% June
19% Jan
97% Dec
54
Sept

MarlO

Aug 25

24

37%

197

Dec

8% July
19% Jan

60% Apr 22
IO2I4 Feb 4

98*2 Apr 29
85*4 Jan 2
June 17

36
35%
145
•113

102

Marl6

>16 Apr 28
4% Apr 21

Jan 27

96

18

2

17?8 Mar 11
58

Jan

43% Jan
30% Apr
1434 Apr

8

10538 Feb

40

Jan

July

4%

Jan 21

25

20%

89

1

Feb

No par

19%

Feb

3434 Feb 19

Smith (A O) Corp
..10
Smith & Cor Typewr_.No par

18

MarlO

14

65

20

19

113

120

44

10

$6 preferred

Feb

42i2Mar 10

2

800

23%

*48

5

1,200

37%

27%

Jan

27%

24%

57

11%
2034

26%

38%

40%

1758 Feb 10

27

37%

26%

Jan

25%

19%

3%

15%

102

100

2%

4

25

Sloss Sheff Steel & Iron

Jan

34

June 17
Jan

4%

Nov

Nov

20% Feb

Apr

2

July 21
325s Aug 27

100

78
2

4

106% 106%

27%

23%

39%

•80

2

30t2 Aug
3% July
59% Jan

May 13
' 128 May 10
3% Aug 10

6% preferred

Dec

Nov
Mar

1% May
778 June

2

8I2 Jan

56

No par

June

54i8 Apr 5
11*4 Mar 1
98% Aug 18

Skelly Oil Co

100

2is Jan

June29

Slmms Petroleum

800

2,200

27

41

42%

*35

•

145

3%

146

24%

*48

63

6%

#112

113

3%
*143

107%

18
20%
20% -19%

*112

3%

47
46%
*99% 102

9

23% Sept

par
No par

11

Dec

114

114%
1778
5578
101%

4514 Jan 14

May 13
9% Apr 28

A) Pen Co.No

Shell Union Oil

314 Feb

Jan 11

33%Sept 2
634June29

No par

Sbeaffer (W

14,500

27*2 Mar

l%June24

1

Sharpe & Dohme

10

41%

145% *140

.26%
2678

27

35%

24%

*6%

7%
7%
18%

20

*112

145

26%

27

*19%
20%

2078

*141

107% *106

26

3%

*55

17%

107% *106
27
28%

3%
48

*99% 102

149

29

39%

39%
55%

*48

28%

146

*3%
47

*99% 102

*27

36

*143

145

*106

113

3%
36

150

3%

2358 Feb 10

x38

Rights
*3%
3%
3%
3%
3%
3%
51
49%
*50
51
49%
50%
1017g 1017. *100
102% *100
102%

93

1

$5 conv pref

3,400

35

44

3778 July

98% Mar 15

..100

Sbattuck (F G)
Sharon Steel Corp

59%

33

23% 24%
23%
23%
23%
24%
104% 104% *104% 104% *104l4 104%
13
12%
12%
12%
12%
12%
43

2
51 s4 Mar 17

Aug 23

Jan

5,700

33

108

110% Sept

81

17,100

26

Aug

6

3

25% Sept

89

25%

99

Jan

Servel Inc

87

26%

49% Nov

Dec

Feb

100

No par
Air Line.— No par

share

per

July

38%June 30

Scott Paper Co

5

96

6

113

Seagrave Corp..
No par
Sears, Roebuck & Co..No par

88

25%

Highest

share

per

27

113

Seaboard Oil Co of Del.No par

85%

Mar

$

91

5
100

5)3% preferred
JSchulte Retail Stores

103

99
July 9
104%June29
.
14% Jan 4

400

7%

Year 1936

Lowest

$ per share
46
Jan 13

May 19
July 9

^Seaboard
4-2% preferred

100

100

5% preferred
6% preferred
7% preferred
Savage Arms Corp
Schenley Distillers Corp

share

per

31
95

1,700

35

*6%

Range for Previous

Highest

3,100

4%

35

7%

$

No par
100
100
100
No par

8% preferred

Z1278
32%

33%

101

35

25%

8%

14

Safeway Stores

120

241%

28

2478

32

*23%

40

*92

Par

32

109

23%

Lowest

1%
14%

35

24%

23%

1937

EXCHANGE

41%
1%

13%
33%
34%
33%
34%
*95
101% *100% 102
10
10
10
10%
*56

247g

*7%
91%

91%
27%
13%

27%
*13

41

93

1%
*12%
40%
1%
4%
37%

1%
15

40%

38

41%

*91

93

*12%
40%
*1%
47g

25

Sept. 4,

Range Since Jan. 1
On Basis of 100-Share Lots

NEW YORK STOCK

Saturday

9

88
*74

x93%
22%
115

91%

*90

26%
27%

26

26%

8%

"""700

89%

89%

90

74

74%

900

94%

94%

9534

13,100

23%
23%
22%
115% X113
114%

2,400

*88%

90

2,000

7,700

26%

1,200

26%

27%

12,900

f In receivership,

a Def. delivery,

100

10

June 14

$6 preferred
.....No
Truax Traer Coal
No
Truscon Steel
20th Cen Fox Film
Corp No
$1.50 preferred
..No
Twin City Rap Trans..No
Preferred

8%Sept

1
Aug 31
734June 17

83

2% Sept

3

7%June 17
23
Mar 22

4% preferred

New stock,

r

Cash sale

14

2

June 12

6

13% Mar

93%
13%
8%
15%
2878
10%
4034
21%
98%

1

Jan

4

Feb

3

Jan 13
Mar

June28

8%June 28
63

Sept

28

8%

24%
478

Jan 25

26

4

Oct

8% May
3% Jan

5

Feb

Jan

Mar

8% June
85

Jan 25

Jan
Jan
Jan

Apr

Jan

44% Nov
15% Feb
14% Mar
49
July
487g Nov
63% Oct
16

Nov

110

Feb

12% Mar
9% Feb
13% Nov
3234 July
8% Mar
39% Feb

1434

Jan

2134

2878 Feb 11

12%

Jan

79

Feb

56

277g Dec
74% Nov

17

Aug

4

2
22% Jan 11
27% Jan 22
11% Mar 8

109% Jan 21
12

Deo

Aug 13

Mar

3

26% Mar

8

Apr

1478 Jan
10% May
7% Jan
93

Jan

Mar 13

47g Jan
7% Apr
22%June
313s Apr

17% Jan 22

8% May

2

94

Jan 20

16%Sept 2
2i2June 17

25

27% Apr
22% Deo
12

110

Feb

Oct

9% Nov
28

Deo

38% Nov

4734 Nov
17% Deo

Mar 29

73

June 14

63

Feb 17

65%

Jan

8%

100% Jan 8
91% Mar 27

102%

Deo

70

Dec

148% Mar 16

Aug 27
2434June 14

99% Jan 13
31% Feb 4
35% Mar 5

90% Jan
22% Jan
20% Apr

2

22% Sept
S.pt

2

90

23%May 18

fcx-dlv

g

Deo

278 June

3

x9334Sept

109

u78 Jan 25

74% June
38% May
71% Jan
20% Aug
108% Jan

100x113

t

7% Jan
9% June

Feb 11

4078 Mar 13

Union Tank Car
..No par
United Aircraft Corp
—5

n

June 14

54% Mar

50

100

Deo

Jan

39

Union Carbide & Carb.No
par
25

Union Oil California
Union Pacific

878

Nov

3034June 29

par

Deo

6

par

No par
Under Elliott Fisher Co No
par
Union Bag & Pap

Deo

33

par

.1

Corp No

16

2
3

101%June28
8% Jan 11

par

9%
13

55%

Mar 15

16% Jan 22
15% Jan 28

Deo
Deo

6% May

Mar 30

44

2038
15%

5% Apr
2878 Jan

59

par

,_100

Twin Coach Co
Ulen & Co

3

Apr 22

337g Apr

7% Sept

10

Jan 12

Mar

Nov

Jan 13

par

par

838
15%
65%
9%

15

Feb 19

15% Sept
11%Sept

Tri-Continental Corp..No

12% Nov

48

Transamerlca Corp

2

3378 Mar 31
2334 Jan 20
17% Jan 21

64

2

9134May 20
1734June 14
55 June 23

Transcont & West'n Air Inc.5
Transue & Williams St'l No par

Jan

6% Jan
20% Apr
28% Apr

61*8 Aug

10

No par

23

37*2 Sept 3
32 June 30

No par
Timken Detroit Axle
10
Timken Roller Bearing.No par

$3.50 com prer
Tide Water Assoc Oil
$4.50 conv pref

200

*25%

1

June 29

3334June 17
11%Sept 2

3%June 17
1734June 16
15%June 17

160

75

92%
26%
27%

Preferred

6

2

3978 Jan 25
20% Jan 20
28% Mar 8

111

Feb 20

28% Feb

Evrignta,

Tl

4

Jan

105% Nov
28% Feb
14934 Aug
100

June

31%

Feb

32%

Feb

Ctlle.i for redemption

Volume

Saturday

Monday

Tuesday

Aug. 28

Aug. 30

Aug. 31

Sept. 1

1438
22l2

*2234
2278
2278
11312 113i2 *11312
*84
82l2
8512
*33
*3338 34%
5
434
478
36'4
3634
3634
11
1034
1078
22
22
*2058

*113i2

85
*33

478
36%

*33

5

478

36i2
1078

36i4

3612
1078

10%
*19%
*91%
83S

8434
34U

8434

85i2
34i4
47g

1078

2112

*20i2
*91%

22
97

858

8%

4914

*91i8
83s

97

*47

49%
73%

97

*47

51%

~84
3414
478
36%
1078

*33

21l2

*21

21l2

97

*95

97

8

No par

22%June 17

Preferred...

100

113i2Mar 16

1058

20l2

497s
7012

*45i2

*15S

258

*158

25s

*158

15

17

*1514

16

16

16
108

108

108

*103

106 4

165

*161

165

*161

163

*161

165

*161

18

18

*55%

60

*3234
9%
1678

34i2
9i2

33

3378

32

32i2

30i2

3134

958

9i8
1514

9is

*105

50

11

11

54%

5478

54%

90

90

9014

*84

89

4914
1138

4934

56%

54i2

9012
86I4

16i2

5634

1034
51%

90i4

92

87i2

87

84

8538

6%

6%
5

5

19

19

5i8
70i8

*62

70i8

*69

76

*70

*1834

147

*144

*70

75

61

60

*1%
*48

48i2

*155

C

19

3,300

200

78

72

147

*144

147

*58

60

58

58

*50

59

60

*59

13s

lSg

48i2

1*8

13s

4812

*48l2

138

51

*47

Vadsco

90

*_._.

*

95

"734

8l2

*714
*22l8

*714

8i2

*7l4
*22i4

*

95

8
"*7h
*5112 53l2
51%
5112
*10834 111
*110i4 111
*7%

734

8

52

53
111

*110

24

*22

*122

127

*122

127

83

83

83

*23

"""800

73s

"4:700

49i2

40

*122

127

8OI2

8012

49

50

♦118U 125
*11814 125
*11814 125
*11734 125
♦11734 125
35s
334
3l2
4
4
334
378
37«
4
378
378
6
6i2
6
6i4
658
7ls
714
714
7l8
714
7%
834
7
*5i8
7
*5U
7
7
7
*5i8
7
*678

♦11734 125
4

*7i8
*5i8

*26

27

1U2
2658

*89

92

9U2

1153

1158

265s

2714

2658

26

4734

14

14i8

143s

13i8

14%

4734
*1938

4734

48l4

48i4

475g

1934

*1938

1934

48l4
1934

*193s

48%
19%

*19%

26

*21

26

25

*20%

25

*20

6

534

534
69

14%

14

14l2

*58

62%

58

58

7

7
*

25

*_

~39%

39l2

2858

285g

*414

5

*l3s

2

*13s

40%

42

*4058
*8012

*80%
102

45i2

82i8
102

l03i2 10414
10U4 1017s

1334

55

7

*

2434 *-_._
39&8

*28

29

46

434

2

4134

82i8
10412

434

*13s

458

1%
4112
8U2

4112
*80i2

103

103

IOU4 105

100

100

101

100

*120

121

*120i2 121

*113

116

*113

28

28

28

27

*2738

734

734

7l2

*1258
*218

1638

*125S
*214

6

6

*534

4578

4578

45i2

758
16%
23s

6i2
46

*7i2
*125s
214
6i8
46i4
40

115

273s
8

16

2l4
6%
47
40

38

40

3914

144

145

144L

4912
14612

1547s 15478

158

158

*24

*24

2534

*38

38i4

*38

3814

20

*1914

20

*2658
*100

5412

20

*2658

10938 *100

55%

200

%

1,900

7%

3,000

25

38

~38~

38

"""500

27

*26

28

600

43

4434

*1%
3934

2

40

80%

80%

80%

80i2

4%

4%

40

40

43%
4%
*1%
40%

4,900

46

4%

400

40%
81%

"""900
300
100
690

5414

145
*150

2538

146i2
157

2538

100

265s
73S
*1258

100

120

9912 100%1
12014 120l2
*113

120% *120

26

26%

7%

.

16

214
*534

7%
*12-%

152

*38

19%

2%

534

*148

24%

24%

*38

38%

18%

19%

*100

*100

56"

*114

119

*118

121

*114

119

*118

5558
*117

—

51

26%
734

1,000
1,100

15

2%
5%

"""266

457S

500

38

38

18

18%

500

28

28

400

102

102

10

W% conv preferred ...100
Wheeling Steel Corp..-No par

9034

20""

*1914

"20"

*1912

89

89

*83

*85

88

*1914

20

*19%

20

23

9034
20

88%

200

*19%

20

100

79

78

46

45

14is
414
35i2

*14l2
4

4

*30l4

35l2

4

4

4

4

4

*31

37

*30i4

4

4

*9i8
78i2
46

37U

914

9

7812
4638

77

77

46

46i2

37L

10412 10412
*100

4

112

38l4
105
*105

914

38i2

10518
112

9014

*85i4

9014

*8614

*8514

87

8712
*94i2 110
*69
6912

*94
*69
*45

2034
*127

110

6934
50
21

128

2078

2158

12514 127

*90

110

34

103%

4434
34%

45%
3434

101

878
*77

4478

*

101

*82%

90%

87%

87%

*90

100

600
500

378

1,400

9

7,200

79

300

45

11,400

35%

3,500

101

*_

166"
*82%
*82%
*90

330

101

180

88%

"""200
"""400

68%

6834

*6734

6878

56

50

50

*43

48

300

21

16,500

2114

217g
127

3912

8834

9912

99

4U2

43

514

*5is

42l2
5's

4334
514

2038

20%
20%
*125% 128
38
38%
39%
81
82%
85%
99
*98% 100
21%

*12538 128
39%
82%

*9858
4158
5%

42%
5%

51%
5

43

5%

20%

125% 125%
38

82%
*98%
42%
434

38

83%
99

43%
5

stamped

6%

preferred B stamped

100

140

1,000

11,900
100

20,800
1,800

1

44

458
1578

J?n
Jan

385s

Mar 10

21

Apr

37&S Dec

19l2

Apr

39i2 Dec

38U Feb 19

1

Aug

Dec

69

Feb

278

1284 Dec
Dec

III4

Feb

284

Jan

Mar 17

56

2

618 June

6

214 Jan

Apr

i2 June

3358 June

523s Dec

78

8334 Dec

Feb

109

Feb 11

96

Jan

110

Apr

Aug 26 f

87

Feb

102

Sept

116i2

Jan
Jan

12412 Sept

11134

8i8

Apr

12i8

Apr

23U Sept
4
Feb

July

84i2 Feb

li

103

9
8

123i2Mar

Apr 10

11512 Jan

9

2

June 25

5%June 25

41%June 28
36
Sept 2
13014 Apr 12
143
May 14
21
May 17
3584 July
18
Sept

2

28

3

II34 Mar
23t2Mar
434. Mar
lli4Mar
83i2 Jan
5784 Mar
1675s Jan

5
6
17
17
22
6
22

Jan 22

170

303s Jan 22
39 May 6

90

Jan 18

2714 Feb 23
3478 Jan 7
115
Apr 13

114

Jan 18

126

38

Jan

3

4

65

6
Mar 11
Aug

15

178 Nov
5i8 Aug
72i2 May
3484 Jan
94i2 Jan
12312 Jan
22&8 Jipe
3512 Oct
1984 June
3184 Nov
34

June 29

20

June 17

333s Feb 16

183s

2

1878 Jan 25

1384 July

33sJune 17
25
June 17

684 Mar 22

14

May 20

July

8

Sept

1

Sept

37s Sept 1
8%June 16
77 June 14

314

978

Feb

Feb

96% Nov
x5078 Dec
153i2

Oct

160

Oct

3384

Jan

39

Jan

32

July

3514
91

Oct
Nov

Apr

283s Nov
1758 Nuv
634 Nov

Apr

43

Feb

46i8 Jan 4
6I4 Jan 25

16

1214 Feb 27

65s June
70
June

284

Jan

Nov

514 Mar
11

Jan

87

Jan

4334June29

6538 Jan 20

4484

Apr

71

Nov

30% June 18
81
Jan 4

47

Jan 22

2318

Apr

3634

Dec

112i2Mar 25
112
Aug 6

56

Apr

8684

Dec

Mar 10

47

Jan

8034

Oct

Jan

100

Sept

3

91»4Mar

2

7634June 30

128

Mar

6

6258

76

Jan

7

63

1

Jan

20

89

11634 Dec

Oct
July X120
3978 Dec
21i2 July
84
July 10914 Feb

126% Aug 14
125is Aug 16
9034 Aug 31
23i2May 15

99

Sept

107

99

82i2July 12
90
May 18

Aeronautical..-No par
(Del) .No par
Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
Young Spring & Wire..No par
Youngstown S & T
No par
5M% preferred
100
Zenith Radio Corp
No par

Jan

29i2 July 12

June 21

Sept

9184

100

Wrigley (Wm) Jr

Products Corp

1838 Dec

Jan

100

Yale & Towne

Zonite

75s Nov
Nov

Jan 23
Feb 17
Jan 25
Jan 16

100

Wright

110

687S

*49

127

White Motor Co.
White Rk Min Spr ctf—No par
White Sewing Mach...No par
$4 conv preferred
No par
Wilcox Oil & Gas—
5
Wilson & Co Inc
No par
$6 preferred
100
Woolworth (F W) Co
10
W orthingtonP&M (Del) No par
Preferred A 7%
100
7% pref A

Nov

52
105

108

107

$5 conv prior pref ...No par
WhlteDent'lMfgCoCThe SS)20

Preferred B 6%

87%

*6884

99




878
79

378
29

50

86 i2

514

834
*77

378

2734
378

600

6912

8712

99l2

110

4

378

5,900

50

86I4
*98l2
4114

86

*92

14

69

*39%

8558

*5>8

50

22%

14

14

378
9%

36
38
38i2
10512 *103% 106I2
112
10512 10512 *101
*85
90%
9014
*86l2
*85
90
90%
*8614

22%

14%
378
30%

22%

14%
4%
35%

104

3914

3834

41

50

9U

39

3 884

*9812

87i2

9

*78%
4578

1458

22%'

4

4578
37%

2314

f

27%

78

23

1418

14i8
*334

1

23

2234

1418

;-100

Preferred rets--—

22%
14%
*378
*30%
378
87S

24

2234

50

5

1197s

"26"

100

Weston Elec

Preferred

5

Dec

4934 Nov
20
Nov

July 14

7U Sept

38%
18%

200

Jan "123s

4
Aug 26

2

24%

"5:666

5%

18

1378June 17

Instrum't.No par
Class A
No par
Westvaco Chlor Prod..No par
5% conv preferred..
30
Wheeling & L Erie Ry. Co.100

5234

19

39U Dec

2618 Apr
1778 Apr
10?8 Jan
2i8 Apr
4738 Jan
P% Apr

8
1

Nov

Jan
Apr

9is
30

Mar 13

24

30

52%

784 Mar

69*2
I84
1214
35U

July 15

IIOI2 Apr

600

114% 114%

4% June

5084 Aug 10
934 Feb 1

118

5,900

*100

Feb

4i2

1038 Mar

Mar 17

46

81

25

52%

13712 June

Jan

90% J up e 17

25

113

Aug

5

89

37

113

Aug

2U Aug

80

154

55
56
5212
119
1217s *113

70
120

42i4June 29
4
May 14

144

1

Mar 12

13U2 Aug
86
Feb

3334 Apr 28
26%June 28

142

40

Jan

xll4%

1034 Feb 26
99i8Mar 2

2U2 Aug 27

Telegraph .100
Westingh'se Air Brake.No par
Westinghouse El & Mfg
50
preferred-.'-..

4

1978 Jan

%May 18

Western Union

1st

4U2 Dec

Mar

503s Feb

ll%May 13
Sept 1

100

Pacific.

Apr
May

92l2 Aug 18
1884 Mar 11
515sJuly 15

55

preferred
100
West Penn Power 7% pref.100
6% preferred..
-.100
Western Auto Supply Co.-.10
Western Maryland
100
4% 2d preferred
100
preferred

1334 Dec

4

14

195s Feb 11
Feb 8

5i8June 21
66
Sept 3

6%

6%

8I2 Dec

5884 Dec
114i2 May

5

49

4

III4

3934 Sept

Aug

80

7

16

42% Apr 28
19 May 5
24 June 17

1

Aug

4814 July

10i8Mar 16
183s Marl6

par

No par
---1
Wesson Oil & Snowdrift No par
$4 conv preferred
No par
West Penn El class A.-No par
7% preferred
100

4938 Nov
116

Jan

98

par

1

Mar

109

305s Dec

122% Jan 11

11
Aug 31
2478June 24
84%June 24

Webster Eisenlohr

Western

6

Feb 15

Dec

57

135

2
3i8 Jan 5
6
Sept 2
6% July 15

63s Feb

May

4i8 Jan
2834 Aug

6

Oct

2%

37

11734 Feb

-

Apr

6% Mar

1234 Jan

20i8June 17
1233s Aug 25
70
Feb 17

Jan

Mar 27

72

7438 Apr

6I4 Apr 28

100

Feb

40

115

June 29

2834
*110%

5

1284 Apr

48%June 17
105

*147

154

*100

-

140

10

114

Mar

Apr
Jan

16U

May 12

80

June 17

7

11,100
3,600

45%
36
36%
1407s 14234

145

24%

15

44

38%

141

26%
7%
*12%
*2%
5%
4434
3634

26%
7%

534

4534

*150

114

*2%

2%
6%

4414
38%

100% 100%)
120%

116

*113

116

300

June

40%June 17
80
Mar 27

par
par

Wayne Pump Co

30

47

Preferred
Class B

58I2 Jan 20
393s Mar 11
445s Jan 20
115

-No par
A...No par
No par
Preferred
100
Warner Bros Pictures
5
$3.85 conv pref
No par
{Warner Quinlan
No par
{Warren Bros
No par
$3 convertible pref..No par
Warren Fdy & Pipe
No par
Waukesha Motor Co
5
,

1

Jan
July

103i2 Aug 19

100
100
-..100

...No
No
4 H % Pref with warrants
Walworth Co
No
Walk(H)Good & W Ltd No

3i8

25s Jan 20

24i8June 14
32 June 29

100

Co

47s Jan 13

l%June 17
138 Aug 24
48
Jan 4

100

5% preferred B

Apr

Jan 18

Coke.100
5% preferred
100
Virginia Ry Co 6% pref—100
Vulcan Detaining
100

Walgreen

Aug

115

Jan 19

108

pref...No par

Waldorf ByStem

165

Jan

164

Wells Fargo & Co

2

*80%
102% 102%
102% 104%

*102% 105
102% 103%

103

103i2 105'

28
*26%
28% 28%
2912
2958 295s
109%
*100
107
109% *100
10938 *100

*100

*100

26,500

2634

"38"

preferred

Va El & Pow $6

{Wabash Railway
5% preferred A

Mar

50

142i4May 17
55
Aug 18

5
Vicks Shr & Pac Ry Co com 100
Va-Carolina Chem
No par
6%

Nov

153

"5758

'

121

*1914

*4%
*13s

103

25

200

14%

%

634

"1,700

2

43

7% 1st preferred
Vick Chemical Co

Nov

92

Jan 21

5
100

Van Raalte Co Inc

102

May 17

86

No par
100

Sales

Preferred

July

884 Nov

Apr

6734 May

21

Ward Baking class

60

*

100

26

28%
4512
434

27

4534

1334

7

7
*

24X2
38%

~38%

"39%

116

*38

634

2858
4514

*113

2478
3814
2012
2934

6i2

100

66

66

%

168

Apr

Vanadium Corp of Am.No par

100

1,700
1,600

534

*54

62%

*%

5s

39%

*120

238

58

5s

7

7i8

*46

4,200

2,600

1334

13%

14%

55

"1:566

13,800

66

*65

67%

6712

14l2
58

%

34

*10219 10414

104

69

14

*55

25

*38%
28%
4514
*438

45

69

*58

58

5s
7

*6712

57g

578
*67i2

534

512
*6712
137s

Oct

5

preferred

Preferred

13%

534

5%

30

5%

23

534

1934
*21

100

47%
1934

13

19%

*23

Apr

160

Virginia Iron Coal &

46%
*19%
*20%

13%

1312
48

2634
92

*89

9178

1278
47%

1334

1312

11%

26%

*887s

92

*11

11%

25%

2634

*89

92

*89

9U2

11

2714

11

r *11

11

118S

1158

8%

1,600

110i2 110l2
110l2
*714
7i2
*714
712
*2112
26i2 *2U2 2634
127
1245s 12458 *122
*80
8234
81
81

25

86i2

100

95

714

73s

49

812

*714

27

*83

6,300

110i2 *110

127

*122

*82

2634

*

95
7

8
5112

50

111

8i2

*

95

73s

131

5

No par

1,700

95

*4014
♦

9

Jan

914 Feb 9
8i8 Feb 5
84i2 Jan 11

378May 17
June 11

1«4

30

42

3634
108

Mar

169

I8I4 Aug 23
68
May 13

13s

ll2

4812

136

65

4,900

30i2
29l2
29
30
2834
2958
31
3034
3134
3134
35
35i2
*343s
35
*34is
35
*34i8
35
*3514
3534
*10514 109
*10514 109
*10514 109
*10514 108
*10514 108
4038
40l2
4012
40l2
40l2 4012
*40l2
42
40% 40%

31

3058
*34l2
*104

Universal Leaf Tob

Apr

751s

Apr 29

x5%June 30

100
Universal Pictures 1st pref.100
^Utilities Pow & Light A
1

10

115i2

10334 Nov

Jan
Jan

7978 Dec
15484 Nov
144
July

147

4912

15s

158
13s
48l2

1*4

15s

134

134

'

Jan 22

Nov

101

150

No par

7234

*70

126i2Marll

Dec

19U

4938 Nov

Jan

4638

Dec

6378

I26I4 Sept 3
120
May 15

400' Universal-Cyclops Steel Corp 1

*144

72U July
68i2

Sept

104

Jan

753s Jan 18

665sJune 21
75
Jan 4

United Stores class A ..No par
86 conv pref. A

47

Jan
Jan

978
183s

Jan
758 Apr
163s Jan

Mar 11

105

Jan

Apr

59

Aug

21i2

723s Mar 31
118
Feb 18

June 17

Jan

71

72U Mar 9
193s Jan 12

78

Feb
205s Nov
62U Nov

Aug

10

4
81%June 17

1

19%'

*19i8

878

Jan

3938

I6914

3II4 Aug
414 Oct

Mar 30

112

4

125U Nov

May

49

May 13

10

No par
100

S Tobacco

Jan

2334 Nov

160

9
15i8 Mar 13
2238Mar 17

44U Jan

100

United Stockyards Corp

68

*60

68

19

19i2

478

478

478

478
*60

"2:666

3

Mar 22

70

44% June 14

100

Preferred

57s

534

57s

534

Feb 10

89

50

Preferred
U

Feb

172

Apr

24i4 June
80U May

3478 Jan 13
137

May 10

2
13i8 Apr 23

..100
50

U S Steel Corp

100

Jan

6I4 Jan

No par
No par

8% 1st preferred

4,000

Nov

5

147g Aug 27
Sept 2

100
20

U S Smelting Ref & Min

158

Feb

100

Jan

4358 Feb

U S Realty & Impt

130:660

20

Jan

23*2 Mar 22

Preferred

*11934 130

158

78

48

48

103l8 10538
12614 128

147

1%

1«4

178
1%

3,600
1,200

Apr

153s June 29

U S Rubber

7138

*70

60

178

85

14612 14612 *144

147

61

88

85

126

70i8

19

5178

13

91

535s Jan 11
28 June 18

U S Pipe & Foundry

4,000
34,100

126

5i8

*62

2,100

1034

Jan

50

Prior preferred

200

4778

*6934

12612 12814

6i8

19

74

*144

5

7018

*5i8

4,200

16i2

Jan

1938

11314 July

109

100

class A.No par

Nov

1137s Jan 14
16i8 Feb 8
2434 Mar 9
10012 Feb 3

10

No par

conv

Dec

87

Jan

14% Nov

Jan 14

17

June

8I4

5084 Nov

66i2

8634 Mar 19

Corp—5

U S Leather

29i2 Aug
105

3218 June

2

3&s Jan 28

U S Industrial Alcohol.No par
Partic &

Mar

63

20*2 Jan 19

156

4878 Aug
16i2 Feb

July

li2 Apr 29

preferred—

1,000

105

*155

6

"2:606

Jan

4

1158May 17

5Hi% conv pref

32l2
934

93

.100

preferred..

U S Hoffman Mach

57

88

83

713g
*69l2
10178 104l2

158

6%
5%

*62

1914

*1858

*155

160

6i8

6%

5i8

6

*62

*155

158

*155

160

*155

7%

"1:466

165g

IO6I4 Feb 26
9i2Mar 11

Jan

9684 Nov
35i8 Nov
914 Feb

•

Jan

2

20
..100

5053

517S

Conv

15

No par

U S DIstrib Corp

90

8

2634 Apr 19

June 11

No par

4714
10i2

87

83

90

86

7134
7178
*6912
*69l4
104
10758
10833 11138
10878 11034
108% 109
129
128
12834 1287s
128% 128l2 12778 128%
130
*126
*12458 130
*12453 130
*1245s 130
7138

*69U

72i8

*69%

"""406

Mar

335s Nov
117

538 Apr
4014 Apr
1034 Apr

812 Jan 14
16

June 30

U S Gypsum

*101

1034

15
92

U S Freight

9l2
16is

4814

10l2
5018
84i2

IH4
54U

lll2

.10

Mar 17

4678 Jan 14

1
4

100

86 first preferred

per

Jan

June 14

11

No par

U S & Foreign Secur

800

32

16

105

106
10612 *101
47
4734 49

108

*106

108

*50

1058

16

17

16i2

United Paper board-.

1,100

*51

9%

1,500
2,000

225s

2
4
17
17
17
2

1023s July
612 Jan

No par

preferred

1538

16

57

18

No par

$5

163

*161

17

*5212

17

86%

163

I6I4

5934

17U

18>s

9i2

50i4

108

*161

101

101

*54

3358

4978
10%

*105

100

United Gas Improvt

100

IOH4

1538

16

1558

16t

5934

18i8

60

3314
912
1612

16i8

6934 Sept

9,500

15

*14

*55

18>s

18%
*5512

1712

1634

15

*14

15

15

1514
1634

17

10958 *103

*1514
*15i4
*103

f

No par

400

158

*ll2

15s

1%

17b

*15g

178

5

4,600

United Eng & Fdy
United Fruit

5%June
45% June

94

90

94

*90

94

*90

94

*90

96

*90

96

183s Jan
95i8 Aug

5

iilsoo

8I4

70
70i2
71
7114
7078
72
73
7234
1212
123g
125g
1212
1278
1258
1278
1234
1278
1234
1278
13
108
*106
108
*106
108
*106
108
IO8I4 *106
108% 108% *106
9
9
9
834
9
834
9
938
878
8%
*834
934
16
1512
1534
1514
17
16i2
1534
*16
1678
1634
*15%
1634

*90

10
100

United Dyewood Corp
Preferred

37i4 Nov

Oct

32i4June 15
1012 Sept

2512 Sept

Jan

35

5

Jan

16i2 Apr
24U Mar
68

Apr 30
June 17

4

No par
No par

preferred

13

111

29

share

share $

3

Feb

91

United Electric Coal Cos

200

46

46

$3

United Drug Inc..

Highest

per

$

share

per

6934 Apr 28

No par

United Corp

2,300

2,300

97

818

8is

734

24~666

20i2

*95

United Carbon

17

United Carr Fast Corp No par

434
36i8
1034

a:36

1058

1,500

33i2

4i2

478
36i4

1012

49

*46

5112
7134

'

458
36

83S

United Biscuit

~8~1%

8012

Year 1936

Lowest

243s Jan 12
3114 Feb 10
30% Jan 11
11784 Feb 6

2

June 21

20

*33

34

share

per

13i2Sept

"""766

1978

so"

%

5
No par

*113l2

79i2

Un Air Lines Transport

$

United Amer Bosch

2334

197g
23

*113l2

*9318

85s

..

2378

*18

*2234

*18
*22

20

*18

20

*18

23

2258

22%

*113%

8,000

14

135g

Par

Shares

$ per share

1378

13i2

Range for Previous

Highest

Lowest

Weel

Sept. 3

$ per share

1414

1334

14i4

20

*18

20

*18

14

1438

1378

143S

$ per share

$ per share

$ per share

$ per share

On Basis of

STOCK

EXCHANGE

the

Friday

Thursday
Sept. 2

Wednesday

NEW YORK

for

1
100-Share Lots

Range Since Jan.

STOCKS

Sales

NOT PER CENT

i LOW AND HIGH SALE PRICES—PER SHARE,

1547

Record—Concluded—Page 10

New York Stock

145

655s July
48

2

June 15

20i8 Jan 4
Apr 28

123

357s June 21
7434 June 17

9734June
30

2

June 17

434 Sept

3

92

Aug 11

62i2 Jan 27

373s Feb 16
142

Jan 23

465s Feb 15

10178Mar
115

6

Jan 27

4334 Aug 31
914

Jan 16

14084 Sept

Aug

79

Feb

Apr
Jan
83i2 Jan
42U July
4184 Jan
105
Jan

51

Nov

163i2 Dec
55
Apr

Jan

423s Nov

3338

884

Ills

534 July

2314

8784
122

933

Dec

Oct
Aug

Jan

1548

Sept. 4, 1937

W!H

NEW YORK

Bond

Friday

V

Week Ended Sept.

Range or
Friday

V.

Sale

£ fe

3

Price

Mft,

Bid,

&

Low

U. S.

Range

12

High

No.

N.

Low

39

O

105.26

26

D

110.26 110.26

A

15 19'

>

Dec.

15 19'

LJ

Treasury 3%s
Treasury 3%s

Mar. 15 19'

M

June 15 19'

106.3"

D

102.5

111.5

34

109.7

S

r J

109.7

2

106.3

106.18

4

102

102.13

100

S J

D

103.18 103.18

103.26

34

5 J

Sept. 15 19,

D

105.12 105.8

105.18

39

M

>

Treasury 3%s.

S

J M

104

D

J

D

IF

A

A

Treasury

105.20 105.20

S

J

O

Apr.

......

105.23

2

104

104.4

27

104.7

104.7

10

105.31

31

105.25

34

105.20 105.20
105.15 105.12

S

100.1

99.31

100.8

188

M

S

73

S

101.25 101.25
100.1
100

102.4

M

100.4

75

M

J

99.7

99.4

99.15

198

99

98.31

99.7

201

97.17

97.14

97.24

201

102.14
101.23 101.23

102.14

3

101.29

11

D

M S

15 1949-18

{J

D

M

S

M N

3a

.Jan.

2%s

J

J

'M

S

15 194

Mar.

1 194

......

101.4

102.12

102.20

95

101.4

101.12

12

May

M N

101.22 101.22

101.30

F

A

100

100.4

IJ

3s series A

J

1 194

1 193

99.18

A

23%
23%

A

O

M N

J

J

J

J

J

100

99.18

204
94

99.26

135

J

------

11%

23%
23%
99%
11%
11%
11%

23%
23%

16

99%

4

12%

30

12

52

J

11

11

1

12

A

f 7s 1st series

2

11%

J

O

11

11

11%

A

O

A

O

J

D

10%
------

11%
10%
101

61
7

11%

3

11%

14

101

1

A

O

100%

100%

100^32

9

A

O

100%

100*32

T—( 0 0 X

32

10011,6 100>%2

8

M

S

M

S

1002'32
102%
94%
107%

♦Extl 6s Pub Wks May 1927.1961 M N
M N

S f external conversion 4a..

F

A

J

J

M

S

M N

Austrian (Govt) s f 7s.

J

104

A

M
6s

107
------

J

F

s f

S

J

J

J

D

M

S

......

117
......

15

1002132 100%
103
101%
94

156

95%

589

107%
106%
102%

107%
107%
102%

42

104

104

53
33
6

25

17

24%
109%
108%

108%

5

117

118%

7

110

21

*102%

....

A

O

25

25

J

D

24

24

24%

1941 J

D

47

30

1957 A

O

38%

O

38%

D

38%

46%
38%
38%
38%

49

A

♦Brazil (U S of) external 8s
♦External s f 6 %s of 1926.
♦7s (Central Ry)

1952 J

Brisbane (City) 8 f 5s

1957 M

Sinking fund gold 5s

1958 F
J

Budapest

(City

S

104.2

104.28110.18
101

_

......

A
D

D

J

J

A
s

O

....

"101%

O

A

f 6s ser C-3

100%

1961 M

106%

S

92%

1961 F

♦6 Ha stamped

S

1961 M

♦Buenos Aires (Prov) extl 6s
♦6s
stamped

A

102%
102%
102%

2
5

40%

69

40%

55

40

17

103%
103%
102%

12
5
8

28

28

101%
100%
100%

101%
100%

106

91%
*91

83%

2
7
15

100%
106%

7

93%

16

.....

.....

3

82%

83%

60

F

A

83%

83

83%

16

1976 A

O

83%

83

83%

12

85%

86

20

60

61%

16

M

Extl re-adj

4%s-4%s

S

M N

J

85%

J

J

J

O

107%

1952 M N

A

A

113%
99%

1961 J

J

99%

1944 J

J

Aug 15 1945 F

7-year 2%s...
30-year 3s

1967 J

J

♦Carlsbad (City) s f 8s

1954 J

1950 M

93%

J

♦Cent Agrlc Bank

...

S

♦Farm Loan

(Ger) 7s

f 6s_.July 15 1960 J

s

27%

27%

4

30

......

M N

10-year 2 %r
25-year 3 Ha—

106.28

99

104.30

100.18106.16
99.2

104.16

98.4

103.17

98

103.18

96.6

1949 F

101.8

Denmark 20-year extl 6s

105.23

99.6

104.10

33

;.,-w

High

.

27

42

27

Low

High

External gold 5 Ha

98.16102.31

38

25%

38

2
.

20%

31

—

23%
101%

2
43
14

99%
83

17

72

31

96%

6

33

6

*103%
*101%
104

62

.....

104

1

59%

62%

*104%
104%

104%
104%

106%

106%

54

102%

103%

25

100%

103

1955

O

{♦Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5 Ha.-1942 M S
1st ser 5 Ha of 1926
1940 A O
2d series sink fund 5%8
1940 A O

98.28103.2

25%

22

23%
24%

*103

1942

External g 4 %s.
Apr 15 1962 A
Deutsche Bk Am part ctf 6s._.1932

99.24105.3

20
30%
30%
96% 101%
93
100%
20

77

90

70%

80

95

99

101%

56

224

*60%
75%
75%
75%

75%

....

8

27
36%
100% 105%
101
103%

97% 102
102% 105
56%
68%
103% 105%
103% 105%

104% 107%
100% 103%
97% 101%
45

77

13

75%

3

60

74%

82%

72

82

30

30

3

107%
113%
99%
99%
98%.
93%

57%
*40

J

34

107%

97

11H

11%

♦Extl sinking fund 6s.-Sept 1961 M S
♦External sinking fund 6s
1962 M S
♦External sinking fund 6s
1963 M N
Chile Mtge Bank 6 Ha
1957 J D
♦Sink fund 6%s of 1926

1961 J

'Guar

s

f 6s

1961

'Guar

a

f 6s

1962 M N

A

♦Chilean Cons Munic 7s_

1960 M

♦Chinese (Hukuang Ry) 5s

1951 J

♦Cologne (City) Germany 5 Hs.1950 M

D

O

S
D

S

19%
20

19%
19%
17%
17%

17%
------

15

19%
19%
19%
19%
19%
19%
17%

J

99

107

7 %s unstamped

100 X 102%

lOO'sz 103

102 X

18

25 H
25

18H
42 X

59 X

35
35

47 X
47

35 H

47 %

99 X

103 H

99% 103H
101

26 X

105 X
33 H

100

102

1

2

35%
29%
33

*101%

1968 F

A

29%
27%
*25%

28%

8
....

16

29%
33

33

2

2

37%

37%

1

32

"32"

32%

5

100%

4

100%
*24

26

20

20

2

105

105

5

J

♦Hungarian Land M Inst 7%s.l961
♦Sinking fund 7 Hs ser B
1961
♦Hungary (Kingdom of) 7%s._1944

M N

23%
*22%
*22%

M N

*22%

Irish Free State extl

91

35%
30%

♦7s unmatured coupon on...1946
•

100% 124

30%
.....

35

J

F

A

59%

58%

1

23%
25%

....

.....

....

30

....

59%

6

114

99X 102 H
97 X 106 X
82 H

93H

83 H

92

75 H
75 X

84 X
85 %

77

86 H

78 H
56

88
65 H

30

104 H

73%

12

78%

83%

158

66

69

71%
82%
71% 100%

102

61

41%

42

6

♦7s with all unmat coup

66%

1957

*23

♦Leipzig (Germany) s f7s
1947
Lower Austria 'Province)
7%fl-1950

*99

.....

♦Medellin (Colombia) 6%s
1954 J D
♦Mexican Irrig assenting 4%s.l943 M N
♦Mexico (US) extl 5s of 1899 £
♦Assenting 5s of 1899

1945 Q

10%
*

J

102%

-

.

.

6

1945 Q

J

6

4

6

6

5

of 1904

*

6%

*4%

1954

4%
4%

of 1910 large
of 1910 small

♦{Small

J

Milan (City, Italy)
extl6Ha_—1952 A
Minas Geraes (State)—

*6

J

.

-

4%

-

4%

"73%

S

25%

.

6

8
to
1

1
14

103 H

♦6s series A.
1959 M N
New So Wales (State
)extl 58—1957
External s f 5s.
Apr 1958

66

66

104%

Norway 20-year extl 6s
20-year external 6s

107%
106%

95

50 %

60

54%
40

20

65

18 X

25

20

23
23

18X
18H
18H

25

20

4

20

18 X

38

18H

15

15%

20

15%

31

17%

17%
15%

17

15H
15%

55
25

25
-

...

"4

24%
24%
24%
24%
21%
21%
21%

♦Sec extl

s

♦Sec extl

s

f 6%s
f 6 Hs

1958 IV!

1959 M S
1952 J

1944

13

1

104%
104%

6

107%

17

106%

6

3

External sink fund 4%s
External s f 4%s

1956

105%

105

106%

1965

103%

103

104%

27

4s

1963

101%

100%

101%

100

s f ext

loan

Municipal Bank extl s f 5s.
♦Nuremburg (City) extl 6s

Oslo (City)

1955 A

8

f 4%s

♦Stamped
Pernambuco (State of)—

*24

1952
1953 M

Panama (Rep) extl 5%s
♦Extl s f 5s ser A

*102%

-.1970

Oriental Devel guar 6s
Extl deb 5 Ha

26

-

.

-

.

.

.

-

.

65

68

76

61%

65%

14

O

102%

1953 J

65%

106%

D

103

106%

16
5
2

68

68

1963 M N

61

61

61%

10

25

25

25%

5

—1963 M N

15

21%

53 H

73

18H

26%

♦Poland (Rep of) gold 6s

♦Stabilization loan s f 7s
♦External sink fund g 8s

.....

17

1958 M N

S

♦7s Sept coupon off
1947 M S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.-I960
♦Nat Loan extl s f 6s 2d ser..l961

22

104

1943

1940

89%

42
26
100%
17

8%
8

6

11%

6

11%
11

5%
4%

9

4%

9%

4%

9

25

9%

13%
13
82

34

24%

33

65%
60%

75%

101%
101%
104%
105%
101%
99%
95%
102%

66

105%
105

107%
109

106%

104%
101%
103%

17

25%

59

85

53%
79%
97% 103

104% 107
68

85

60%

76

22%

20

20%

3

"l7%

19%

17%

19%

57

17%

17%

18%

44

17%
17%

30%
28
26
26

58%

58%

59%

6

47

62%

74

75

11

60

80

"52%

52%

53%

19

45%

64

1947

1950

10%
4%
5%

70%

75%

34

29%
19%

7

1

"74%
25%

19%

94

7%
1

73%

.

18

J

O

.

.

5

26

20

93%

7%

*

1954

-

♦Assenting 4s
♦Assenting 4s
♦Assenting 4s

.

75

20%

115%

80

80%

95

18

11%
7%

6

♦Assenting 5s large
♦Assenting 5s small
♦4s of 1904

10%
*4%

25%
25%

35

30%
30%
30%
27%
62%

73%

D

99X

20%

73 >4

♦Montevideo (City) 7s

4

21%
21%
21%
21%
47%

25
107

80%

101H

4

15%
105

J

110H
114%

29

96% 101%

Japanese Govt 30-yr s f 6%s—1954 F A
Extl sinking fund 5%s
1965 M N
Jugoslavia State Mtge Bank—

9

97

...

35%

111
57

<111

.

42

82%

86

18

58

34

33

82

22

93%

23%
27%

82%

45

98 H
92 %

36

S

1960 M N

Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7s ser B
,'47 M
Italian Public Utility extl 7s__. 1952 J

28H

22

25%
30%

D

f 5s

♦§Treas 6s of '13 assent(large) '33 J

21H

31%
28%

*112%
85%
85%

s

99%
99%
98%

46%

20%
18%
25%
27%
23%

17

113%

4

98

26

66%
100%

105% 109
17%
25%
105
124%
98
119%
105% 130

102H

100

O

Hungarian Cons Municipal Loan—
♦7%s unmatured coup on.-.1945

25 H
18 H
108
111

99

110

(Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
...1946
♦Heidelberg (German) extl 7%s '5Q
Helsingfors (City) ext 6%s
196(7

104H

2

115

Haiti

99 % 103 %

3
2

103

30

♦Sink fund secured 6s

103
95%
104% 110H
104% 110

105 H 110%
115H 118%

D

♦(Cons Agrlc Loan) 6Ha
1958 J D
♦Greek Government s f ser 7s..1964 M N

96 X
90 H

99

107%
24%

110

D

19%

55%

103

1949 J

♦7s unstamped.
1949
German Prov & Communal Bks

102X
100'i,6103%
100',6 102%
1002i32102%

61

*107

1941

♦5%a unstamped
..1965
♦5 Ha stamp(Canad'an Holder)*65
♦German Rep extl 7s stamped. 1949 A

16H

98

24%

1949
German Govt International—
♦5 Ha of 1930 stamped
1965 J

16H

10%

98H 102

17%

15

1967

.1945 M S
♦Frankfort (City of) s f 6 %s__.1953 M N
French Republic 7 %s stamped. 1941
D
External 7s stamped
7s unstamped

17%
17%

~25~~

J

17 H

11

*56%

1948

20

17%
17%

------

1

dep

20%

18%

20

2

25%

10%

10

J

77

81%
81%
81

11

40%
48%
25%

J

77

25%

75%
74%

11H

30 X

19%

82

75

5

Estonia (Republic of) 7s
Finland (Republic) ext 6s

20 H
20

26 X
26 H

20

73

9

75%

♦El Salvador 8s ctfs of

100 H

1

♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s.-.1960 A O
♦Extl sinking fund 6s
Feb 1961 F A

1

77

30

22 H

75%

77

75%

5 Ha 2nd series
1969 A O
♦Dresden (City) external 7s—.1945 M N

23

7

1553.

33

A

Sinking fund 5%s.-.Jan 15 1953 J
J
♦Public wks 5Hs._.June 30 1945 J
D
Czechoslovakia (Rep of) 8s.—1951 A O
Sinking fund 8s ser B
1942 A O

100.11105.17

38%




Since

Jan. 1

106.10

39%

page

Range

Asked

of)—

External loan 4 Ha

101.22

101.7

40

see

J

♦7s Nov 1 1936 coupon on—.1951 M N
Cuba (Republic) 5s of 1904
1944 M S
External 5s of 1914 ser A
1949 F A

39%
38%

footnotes

A

Costa

40

For

A

1957 F

109.25

O

1961

99%
82%
70%
96%

1957 F

104.24108.24

O

JaD

100%

104

Oct 15 1960 A

f 6s

A
D

Cordoba (Prov) Argentina 7s.-1942 J

Apr 15 1938 A

s

1947 F

1953 M N

♦Cordoba (City) 7s
♦7s stamped

(Republic

26%

1952 J

102.20108.24

Rica

26%

1946 M N

♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4%s

104.24 108.24

♦Farm Loan sf 6s

♦Ry ref extl

&

26%
23%
*23%
23%

102.24108.18

♦Farm Loan 6s

ser A

Bid

O

♦Sinking fund 7s of 1926

102.10107.30
104.20107.27

Bulgaria (Kingdom of)-

Canada (Dom of) 30-yr 4s
5s

O

♦Colombia Mtge Bank 6%s.__1947 A

109.26

109.12115.20
107.12114.9

of)—

♦6s July 1 1935 coupon on...1962 J

^External

Price

Low

100

M N

External

•»

or

Friday

Customs Admins 5%s 2d ser.1961 M S
5%s 1st series
1969 A O

F

s

3*

Sept. 3

Colombia (Republic of)
♦6s Apr 1 1935 coup on__Oct 1961 A
♦6s July 1 1935 coup on.-Jan 1961 J

Foreign Govt. & Municipals—

♦External

Range

Sale

High

113.16121.14

Loan Corp—

2X8 series B__Aug.

Last

£

STOCK EXCHANGE

Week Ended

Federal Farm Mortgage Corp—

Home Owners'

Y.

Foreign Govt. & Mun. (Cont.)
116

O

15 19'

Treasury 2%s—Dec.

BONDS

Since

Jan. 1

115.23 115.22
105.17 105.13

A

Oct.
Oct.

3%s
Treasury 3%s

Week's

/

8

Asked

Government

Treasury 4%s
Treasury 3%s
Treasury 48

Treasury 3s

y

Week's

Last

«9
<U "M

BONDS

STOCK EXCHANGE

Y.

Record, Friday, Weekly and Yearly

No account is taken of such sales in computing the
range for the year.

occur.

N.

STOCK EXCHANGE

1549

Record—Continued—Page 2

New York Bond

145

Volume

Friday

Friday
BONDS

STOCK EXCHANGE

N. Y.

Week's

Last

Range or

fel

sS

Week Ended Sept. 3

Bid

Price

A

High

♦7Xs July coupon off

1966
1952
6XS.1951

Prague (Greater City) 7Xs
♦Prussia (Free State) extl
♦External

s

25 X

3

25 X

25M

5

25

31

M N

99 X

99 X

5

92

24 X

5

Q|

24 X

25M
24 X
109 X
11X
36 X

25

Queensland (State) extl s f 7s.-1941

A

O

1947

F

A

25-year external 6s

1950 M

♦Rhlne-Maln-Danube 7s A

111X

109 X
11 iX

S

*32 M

1946
1953

♦8s April coupon off...

4

7

109

15

1946

off

1968
♦7s May coupon off..
1966
♦7s June coupon off
...1967
Rome (City) extl 6Xs
1952
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
1959
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of, Brazil)—
♦8s May coupon off
1952
♦Extl 6Xs May coupon off--1957
♦6s June coupon off

A

O

28 M

28 M

29 M

26

A

24 M

24 M

25

22 X

33

28 X

Big Sandy 1st 4s

1967

25M

26 M

25

32 X

24

24 M

24 M

1st g 4 Xs series J J
1961
{♦Boston A N Y Air Line 1st 4s 1955

75X

72 X

32 M
83 M

28M

D

25

M N
J

D

A

O

28

M

74

74

40 X

M

21X

38X

J

30 X

31X

27

28

27
24 M

24 M

25X

95 M

95

97

1945

J

D

*25

J

D

*62 M
29

98

19 X

68 X

(Kingdom)
1962
♦7s Nov 1 1937 coupon on
1962

34 X

25

22

32 M

1946

♦Sinking fund g 6Xs

35 X

24

91

J

J

44
43 M

25

J

1936

off. 1950
M S
♦External 7s Sept coupon off 1956
J
♦External 6s July ooupon off. 1968 J
A O
Secured 8 f 7s
1940

34 X

36 X

20.

27

25

Serbs Croats A Slovenes

♦8s Nov 1 1937 coupon on...

60

25M

31X

29

30 X

54

24

30 X

52 X

52

52 X

5

32 X

2

30 X

M N

D

J

31X

30 M

M N

♦Silesia (Prov of) extl 7s

.1958

♦Slleslap Landowners Assn 6s.

.1947

F

A

1946
Sydney (Ctty) s f 5Xs
1955
Taiwan Elec Pow s f 5 Xs
1971
Tokyo City 58 loan of 1912
1952
External s f 5 Ms guar
1961
Trondhjem (City) 1st 5Xs——1957
♦Uruguay (Republic) extl 8s... 1946

F

M
32 M
*98X

A

Syria (Province of) 7s

♦External

s

Vienna

♦Warsaw

(City) external 7s

Yokohama (City) extl

RAILROAD

AND

6s

104 X

104 X

63 X

S

A

O

F

70 M

69 M

70 M

66 X

67

66 H

66 X

O

A

1952
1958
1961

"66 X
K

M N

F

A

J

D

1957
July 1969
Oct 1969

70 X

63 X

70 X

Guaranteed gold 5s

78

83 X

Guaranteed gold 5s

"2

100

52 X

49 M

52 X

7

67

66 X

68 M

43

COMPANIES

94

94

100 X

84 X

99 X

76

85

105 x

110

64

74

Celotex Corp deb 4 Ms w w

104

104

4

101

107

90 M

93

41

90X 101M

80

80

80 M

37

80

♦5s stamped

Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ms

Alplne-Montan Steel 7s
Am & Foreign Pow deb 5s
American Ice s f deb 5s..
Amer I G Chem conv 5 Ma
Am Intermit Corp conv

1955

M

8

J

72 M

IVI

deb 4 Ms 1950
♦Anglo-Chilean Nitrate—
5 f Income deb
—1967

1955
Term 5s. 1964

A

103 X

Conv 4s of 1905

44

105 M 109M

7

103X 106X

99 X

98

1965
Trans-Con Short L 1st 4s—1958
Cal-Arlz 1st & ref 4 Ms A
1962
Atl Knox & Nor 1st g 5s
1946
Atl A Charl A L 1st 4 Ms A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A
1964
10-year coll tr 5s
May 1 1945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I SS coll tr 5s
1959
Auburn Auto conv deb 4Xs.—1939
Austin & N W 1st gu g 5s
1941
Rocky Mtn Dlv 1st 4s

1940

...1940
Bait A Ohio 1st g 4s
July 1948
Refund A gen 5s series A
1995
1st gold 5s
July 1948
Ref A gen 6s series C
1995
P L E A W Va Sys ref 4s,.— 1941
Southwest Dlv 1st 3Ms-5s_-1950
Tol A Cln Dlv 1st ref 4s A... 1959
Ref A gen 5s series D
2000
Conv 4Ms
1960
Ref A gen M 5s series F
1996
Bangor A Aroostook 1st 5s
1943
Con ref 4s
1951
48 stamped
1951

115

♦

36 M

96 X

120

200

8

103

110 X

104 M

107

52

31

97 X

O

105'

98 X

94 M 100X

98 M

95

99 X

J

D

J

D

J

J

107""
108X

Potts Creek

R A A Dlv 1st con g

107 M

104 X

109X

107

107 M

103X 110

106X

108

111

105

107

U3"

110

114

112

112M

111

113X

109X

109X

118X 118X
108
HIM

111M

llix

110

101

102 M

99

*114X

J

J

J

M

S

112 M

D

IVI N

101

90 X

90 M

87 X

90 X

116

105X
99 X

102X 106X

102

104X
90

89X

99 X

44

44 X

44

60 X

43

MN

102

43

42

70

70

83 X

62 X

31

85 X

89 X

J

70
*40 M

106
IVI N

54

105 X 107 X

106

104

*103X
4

106 X

AO
J

D

A

O

106X
99X 108X

J

D

M N
J

J

J
IVI
F

IVI

8

J

J

J

J

J

J

101

74 X

94 X

105

105 X

116 X

74

86X 103 X

100 M

63

99 X

105

96 M

57

95

107X

88

99 X

"l9

72 X

93 X

63

142

60 X

82 M

86 M
99 M

ioo x

A

151

76 X
106 X

106

87

S

101X

74 M

75

J

104

100 X

101X
106X

95

95
*

88 X

"73"
60 X

75 M

73 X

ioix

76

55

113

74 X

113

3

111

116

108X

108X

2

103

110X

109M

109M

1

109 X 116X

74 X




56

70

48

58

100 X

mm

m

7

21X

24

27

120

112 X

116

118X

31
5

114X 121
114X 121

74

M

S

113 X

113X

33

J

J

9

112X H8X
110X 116X
110X 116
120 X 128 X
89X
99 X
102 X 105X

1

110

115X

29

106

110X

9

J

95X

124 X
94 X

124X

J

95 X

201

M

S

104 X

104 X

105

114

114

D

'l08X

107 X

108 X

J

102 X

102 X

103

29

J

J

D

72

*65

M N

A

D

J

D

F

A

m

99 X 105X

102 X 105 X

12

108X 111X
106 X

100

3

100 x

*

83 X

70

m

110X

100 X

100 x

F

J

mm

103

102 X
*110X

D

119X

109X 116
113
118X

8

113X

115X

J

42

20
112

118X

J

105 X

103

104

103 X

73 X

100X 103X

-

*117 X

93

—

mmm

82

4

83

96

97 X

24

40

78X

81X

24

36 X

"66"

96 X

*20

X
79 X

25

24

25

15X

15X

2

14X

23X

14X

14X

1

14

23 X

m

27

40

24

31

11X

23 X

20

34

96X

~79X

M N

O

A

15X

A

-mm-

1

79 X

37

J

*23

29

J

*13

23

J

*12

15X

J

*15

32 X

mm

m

mmm

m

mm

m

m

mmm

—

140X 244
96
125X

M

F

A

A

O

F

A

#

97

106 X

2

103 X

47

99 X 104X

104 X

104 M

9

IOOX 108 X

*

68

"48X

106

*104

"93""

92 X
*

78 X

106 X

-mm-

m

mm

95 X

88

..mm

92

88 X

m

125X

120

7

120

108X

92X 104 X

15

93 X

112 X

101

105

90

120"

88 X

45

93

*88

75 X

48

53

108X

107

M N

63

-mmm

50 X

44 X

*

IVI N

M N

109

102

106X
102 X

107 X

96 X

IVI

8

*78X

78 X

81

18

M

S

106 X

106 X

107

22

105X 108

IVI N

106 X

106X

106 X

41

106X 109

120

121

13

116 X

IVI

8

M N

74X

102X

97 X

38

95

96X

97 X

24

95X 102 X

A

J

J

*106

109 M

mlmmm

J

mm

96 X

J

*107

111

J

J

*115X

117X

J

J

111

111

IVI

8

108 X

108 X

107 X 111

108

1

mm

-mm-

111X

108

4

.....—1958
1977
.1971
{{♦Chicago A East 111 1st 6s_ —1934
{♦C A E III Ry (new Co) gen 5s. 1951

128X

97

""97""

F

120X

109X 115
108
108X

13

46X

107 X

107 X

108X

19

104 X

110X

110X

110M

15

108X H3X

46 X

47

48

58 X

110

IVI N

deposit
Chicago A Erie 1st gold 5s
1982
{♦Chicago Great West 1st 4s... 1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A
..1966
♦Certificates of

1966
1956

110X

37

107X 117X

109 X

16

106X H6X

114X

115M

9

114

119

ioix

ioix

3

100

ioix

25X

28X

12

25

27 M

8

25

118X

...

iiox
109 X

110X

4s

6s series B._May
Chic Ind A Sou 50-yr 4s
Chic L 8 A East 1st 4Xs

9

*100*16

4 X8 series B_.
1st A ref 5s series A

93X

Chic Mllw A

118M

2

117

33 X

79

"~25X
25

M N
M

S

J

J

26

36 M
26

J

J

*10

29 X

J

J

*22

25X
14 X

"33

X

IVI N

*11X

4
-mm-

.mm

mm

-mm-

25X

33X
25X

46X
45 X

124

27 X

51X
44 X
43

23

39 X

11

26 X

13

26 X

J

J

13

13M

1

J

J

103

103 X

9

IOOX 107X

J

D

111X

111M

5

iiox nix

1969

St. Paul—
.
A
May 1 1989

X

-mmm

46

57 X

50

-mm-

49

69 X

49

49

48X

M N

3Ms..1987

M N

34

M N

*33

1987

1987

stpd Fed inc tax

stamped
{♦Secured 6 Ms

1987

♦4 M8

—1936
May 1 2037

Ms stpd.May 1
A ref 4Mb ser C.May 1
4^8 series A

2037
2037
1949

6X
*31X

*30

IVI N

....

64

272

20

36 X

375

34

-mm-

36

X
mm

38

12X
49 X
52 X

34

52 X

39

54 X

11

37

66

-mm-

37

52

m

m

m

m

39X
mmmmm

6X
32X
34

23

35 M

37

M N

mmm-

7M

3

M

51

20

6X

69X
71X

21X

X

*47

"20X

♦Stpd 4s non-p Fed inc tax 1987 M N
♦Gen 4Xs stpd Fed lnc tax—1987
M N
♦Gen 5s

66

48

*47~

*

1 1989
1 1989
♦Gen 4 Ms series E—May 1 1989
♦Gen 4X's series F—May 1 1989
{♦Chic Mllw St P A Pac 5s A..1975
♦Conv adj 5s
Jan 1 2000
♦Gen g 3 Ms series B„May
♦Gen 4 Ms series C—May

{♦Chic A No West gen g
♦General 4s

47

47 X

*41

♦Gen 4s series

♦Cnnv

1553

83

58

66 X

67

1st A ref

♦1st

page

90X

56

RR ref g 3s
1949
Q—111 Dlv 3Xs—-1949
Division 4s
1949

♦1st A ref 4

footnotes see

31

85

mm—

-

113 X

1989
1989
1941

♦1st A gen

-

-

113X

May 1940
4s

m

•

A

Branch 1st 4s... 1946

♦1st ref g 5s

For

32

17

m

-mmm

103

104

5s assented

Illinois

93

16X

m

mmm

F

1939

5s

gold 4s
Spring V 1st g 5s

General

75 X

28

20

*88 X

Chic Burl A

S

18 X

*15X

Chic A Alton

U2X

J

*17

m

4

1960

2d consol
Warm

mm

102

108X 110X
100
1012'u

5
m

76 X

75X

76X

mm

mm

m

-

-

100

— m

mm

109 X

109 X

104X 108

108X

101

*100 x

103 X 107

2

18

4s—1954

5s

112
112

D

J

Craig Valley 1st

102

102

J

107

116M

gold 4 Ms
1992
3 Ms ser D—1996
AlmptM 3 Ms ser E
1996

106

*106 X

109

107

118X

Ref A lmpt mtge

104 X

108 X

103

118X

General

110X

IVI

J

Ches A Ohio 1st con g

*104

D

J

38

115X
113 X
113X

{♦Cent RR A Bkg of Ga coll 5s 1937
5s extended to May 1 1942
Central Steel 1st g s f 8s
1941
Certaln-teed Prod 5 Ms A
1948
Champion Pap A Fibre deb 4Xs '50

*106

D

J

106X 116

106 X

115X

ret gu gold 4s.. 1949

103 X

*

104""

106

106

6s

Through Short L 1st gu
Guaranteed g 5s

132X

90

1941 M S
Gen mortgage 5s
1941 IVI s
Cent Hud G A E 1st A ref 3 Ms. 1965
F A
'103X
Cent 111 Elec A Gas 1st 5s—..1951
A O
Cent Illinois Light 3 Ms
1966 J J
{♦Cent New Eng 1st gu 4s
1961 J. y "48 X
Central of N J gen g 5s
1987 j j
General 4s
1987
Cent Pacific 1st

122X

113

118X

5s_.Nov 1945
1945

110X

110M

Nov

J

74

101

101

"98"

42 X

60

45

67 X

*

102X

96 X 102 X

8

111

""28

A

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♦Ref A gen
1959
♦Chatt Dlv pur money g 4s. .1951
♦Mac A Nor Dlv 1st g 5s
1946
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946

Ref

M N

J

132

106

87 X

100

111X 114
103M 113

79

99 X
107 M

36

J

124

99 X

105X

105 M

98 X

I960
1948

104

122

98 M

A

113M

106 M

O

J

1955

Copv gold 4s of 1910
Conv deb 4 Ma

107

120

S

1995

102X

105X

98 X

A

1995

93 X

6

87

122

F

......-1995
gold 4s of 1909
1955

102 X
74 X

lis

118

D

series B
5s series C

Central Foundry mtge
70

O

M

(Del) 4s series B.1955
J
1st M s f 4s ser C (Del)..—1957
Atchison Top A Santa Fe—

Armour & Co

"26

100

Jan

Q

98X 101M
100 X
97

1

112X
103 M

H3M

J

3X8

Anaconda Cop Mln s f

98 X

112M

106 M

ioe'x

J

A

107 X

73

100

debentures
..1961
J
D
debentures
-.1966
J
J
Founders conv deb. 1950
M N
Amer Wat Wks A Elec 6s aer A. 1975
3X8

93 X 120 M

"il

105

N

J

109
99 X

102 M
73 M

74

D

♦Am Type

{Baldwin Loco Works 1st 5s

52

98X

102 M

S

IVI

20-year sinking fund 5M8---1943
J
Convertible debenture 4 Ma. -1939

Adjustment gold 4s
Stamped 4s

26

98

98 M

M N

General 4s

57

*

Telep & Teleg—

{Ann Arbor 1st g 4s

93 M

52

1950

2030
1953
1949
5MS--1949

79

115X

F

♦Ref A gen 5 Ms

1

108M

1951

debentures

♦Consol gold 5s

81

*

1998
1942

{♦Central of Ga 1st g

mmm.

98

J

J

83

55

-

42

94 X

118X

1947
1948

P 1st g 4s

96 M

81

*52"

♦Cent Branch U

75X 104

—

mm—

113

J

deb 5s w w 1950
gold 4s
1198

74

86 X

106 X

O

Carriers A Ger Corp

*65

97 X 105X

"*8

mm

m

100 x

93 X

A

5s
1938
J
A.Dec 15 1952

Cart A Adlr 1st gu

—

109

54 X

113

J

1949

{♦Car Cent 1st guar 4s

76

-mm

77 X

J

J

Caro Clinch A Ohio 1st

59

18X
41X
72
101X

23 X

trust ctfs
,,
1944 J
gold 5s
Dec 1 1954
J
Collateral trust 4 Ms—
1960

70

1

ioix

104"

Coll trust

*65 M

41X

21

*116X

O

1970
June 15 1955
Guaranteed gold 4Ms
1956
Guaranteed gold 4 Ms.-Sept 1951
Canadian Northern deb 6 Ms. -. 1946
Canadian Pac Ry 4% deb stk perpet
Coll trust 4 Ms—
1946

1st A cons g 6s ser

34 X

18

"99" "

_

O

liox 115

116"

93

Allegh A West 1st gu 4s

Conv

105 X

1949
......1950
1950

♦Coll & conv 5s...

Ark & Mem Bridge &

98 X 105X

101

*113M
*107 X

106

5s—1944

Alleghany Corp coll trust

Amer

105 X

1946

Alb A Susq 1st guar 3 Ms

4 Ma

101M

105

105M

109X

99

101

101

100 X

1947
10-year deb 4Ms stamped.. 1946
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
♦Albany Perfor Wrap Pap 6s_.1948
6s with warr assented
1948
Coll trust 4s of 1907

84

96 X

20

6

"94

A

5s equip

{{♦Abltibl Pow & Paper 1st 5s. 1953
Adams Express coll tr g 4s
1948

1

21

*

A

1962

Guar gold 4Xs

86 X

56X

85X

22

72

~99X

J

Guaranteed gold 5s

92 X 100
57
39 X

91X

69X

75X

J

72

63 X

75

1

*

O

Canadian Nat gold 4Xs

63 X

90

1

70 X

76 X

A

1942

2

74 X

75

J

1940

6

"74X "~30

ioox

ioix

J

♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A

INDUSTRIAL

Coll & conv 5s

1955

Consol 5s

27

82

loo"

1952

{Bush Terminal 1st 4s

99 X
112

107

20 X

AO

Cal Pack conv deb 5s

103

92 X

—

80 X

56 X
99 X

25

100X 106 x

94

*

73 M

65

26X

8
2

60

21

78 X

3

18X
20

--mm

22

"20X

{♦Bush Term Bldgs 5s gu
1960
M N
Cal G A E Corp unlf A ref 5s... 1937

106

"44

101M

100 X

A

98X

56 X

65

101M

M N

39 X

101X

61X

61X

M N

30

""§

67

*

"62 M

M N

57

18

105X

♦Certificates of deposit..

40 X
90 X

62 X

J

M

Bank 7s..1952

(City of) 6s

32 X

A

J

.1960
1964

f 6s

♦External s f 6s

Venetian Prov Mtge

F

X

.

74 X
75

J

J

27

70 X

75

1941
IVI N
Bklyn Edison cons mtge 3Xs—1966
M N
Bklyn Manhat Transit 4Xs_ —1966
M N
Bklyn Qu Co A Sub con gtd 58.1491
J
J
1st 5s stamped
1941
F A
Bklyn Union El 1st g 5s
1950
IVI N
Bklyn Un Gas 1st cons g 5s....1945
M N
1st Hen A ref 6s series A
1947
J D
Debenture gold 5s
1950
IVI N
1st lien A ref 5s series B
1957
F A
Brown Shoe s f deb 3Xs
1950
J
J
Bruns A West 1st gu g 4s
1938
F A
Buffalo Gen Elec 4 Ms ser B
1981
M S
tBuff Roch A Pitts gen g 5s
1937
M N
Consol 4 Ms
1957
A O
{{♦Burl C R A Nor 1st A coll 5s 1934

Brooklyn City RR 1st 5s

18 X

105 X

96

"74X

M s
M N

A 0
** A
1934 A O

{{♦Botany Cons Mills 6Xs
♦Certificates of deposit

35 X

29 M

27M

24 M

27
24 M

27

M N

1955

1st M 5s series II

41X
27

25X

29M

40
*21
M N

M

28

5

mmm*

*108X

E

1944 J

40
33

Boston A Maine 1st 5s A C

23 X

O

J

20

96 X

104

96f

25

A

♦External 8s July coupon

♦Saxon State Mtge Inst 7s

Cons mtge 3Xs series E

34 M

F

120

2

25

25

104""

131

21

25X

25X

1955

D—1960
1966

115X 121X

*

*

-

-

27 X
26

26

♦Berlin Elec El A Undergr 6 Ms 1956
Beth Steel cons M 4Xs ser

mm.

78 X

103X

6

126 X

27 X

71
102

-

—

126 X

"27X

High

Lots

No.
mm.

—

—

118X

*104X

cons

♦Debenture 6s

32 M

—

118

3X8—1943
♦Berlin City Elec Co deb 6 Xs—1951
♦Deb sinking fund 6Xs
1959

113

21M

San Paulo (State of)—

§♦88 July coupon off

Belvldere Delaware

—

Since

Jan. 1

71

*102"

1960

1st A ref 5s series C

25 X
16X
25 M
109
113M

Rio Grande do Sul (State of)—
♦8s April coupon

*

Range

2J

5

High

Low

17 X

Rio de Janeiro (City of)—

♦6Xs Aug coupon off..

Price

3s—1989
Beech Creek ext 1st g 3 Ms
1951
Bell Telep of Pa 5s series B
1948

100

S

J

M

1952 A

f 6s

33 X

25 X
25

D

1961

•0

Battle Creek A Stur 1st gu

Porto Alegre (City of)—
♦8s June coupon off

Friday
Asked
Bid
A

High

Low

No.

Range or

Sale

EXCHANGE

STOCK

Week Ended Sept. 3

Jan. 1

Asked

Low

Foreign G»vt. JtMunlc. (Concl.)

N. Y.

Since

Friday

Sale

Week's

Last

BONDS

Range

41

4

39

61

21 X

"40

22

5

18X

38
36 X
36 X
24 X

"40

J

D

J

D

"l9X
19 X

21X
21M

19X

D

19X
19X

72

J

29

19X

M N

13 X

13

14 X

100

12X

New York Bond Record

1550

Continued— Page 3

-

Sept. 4, 1937
Week's

Friday
BONDS
N.

Hennett Urns. &
cMembers

Johnson

Gen & ref M 4s ser F
Gen & ref mtge 3

%s

"K*" York, H. Y.

135 So.

Connections

T. 1-761 H* 'Bell

La

108%

S

103%

103%

D

Dow Chemical deb 3s

N. Y.

STOCK EXCHANGE

Range

ll

Friday
Bid

&

Asked

Since

Low

C5&3

High

Jan. 1
Low

High

J {♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% par paid

J ♦Chic R I & P Ry

4s

gen

1988

1934 A

♦Certificates of deposit
{♦Secured 4%s series A

1952

O

m*s

31%

15

15%

16%

13%

14%
16%

65

15

19

9
<

1951 J

D

June 15 1951 J

D

43%
42%
26%
22%

91%

90

-

-

-

-

-

-

-

90

1

77%

-

13%
14%

25%

15

22%

9

16

105

„

-

*90

15%

61

9%
106

*94%

Memphis Dlv 1st g 4s
1951 J D
Chic T H & S'eastern 1st 5s...I960 J D
J._lnc gu 5s
Dec 1 1960 m S

30%
30%

20

14%

83%

44

9

1960 M N

Ch St L & New Orleans 5s

62%
47

47

15M
13%
14%
15

♦Certificates of deposit
♦Conv g 4%s

3%s

30%
1

♦Certificates of deposit
{♦Refunding gold 4s

Gold

66

*62%
30 M

65
48

D

*43

41%

55

55

116

D

1937 A

O

g 5s._. 1937 J

101%

1939 J

105%

Ed El 111 (N Y) 1st cons g 5s.. 1995 J

113%
94%
90
98%
87% 99%
75% 91
94%

*113

1952 F

1941 IVI N

El Paso Nat Gas

1951 J

D

1965 A

O

4%s

A

ser

El Paso & S W 1st 5s
5s stamped

A

107

109

107

110

*105%

Conv 4s series A

1953

103

conv

99

1996

74%
74%

74%

1953

4s series D

1953

1967 IVI N

66

1975 A

O

65%

Erie & Jersey 1st s f 6s

1955 J

J

Genessee River 1st

s

f 6s

•

«.

66

-

M

1957 J

N Y & Erie RR ext 1st 4s

74%

*

Ref & lmpt 5s of 1927

1947 IVI N

3d mtge 4Ms

-.1954 F

68%
67%

91

82
163

118

118%

93%

66

89

89
65%
114% 119

116% 118%
114%

109

--.1938 IVI

Ernesto Breda 7s

65%
117%
118%
*108%

97% 106%
74%
92%
74%
94%
75%
94%

76%
76%
79%

*74

Ref & lmpt 5s of 1930

106

103% 107

1996

Gen

100% 105%
106% 112
105
106%

107

*106%
*105%

4s prior
1st consol gen Hen g 4s
B

116%
103% 107%
131
139%
107% 111
108% 113%

105%

1940

cons g

Series

111

112

111%

105%

1940

Series C 3 Ms

110

106%

111

111%

1965

Erie & Pitts g gu 3 Ms ser B

102

114%

*104%
*131%
108%
108%

J

Electric Auto Lite conv 4s

16

106%

*107

J

118%

101
102%
101% 102%
34%
72%

101%

"40%

39

J

111
10

107

101%
*1003,6

J

1965 J

Ed El 111 Bklyn 1st cons 4s

Erie RR 1st

60

55

45

Elgin Jollet & East 1st g 5s

Price

60

*53
*44

Nor Dlv 1st 4s_.1948 A O
East T Va & Ga Div 1st 5s.—1956 M N

Week's

Sale

■M

Week Ended Sept. 3

85

D

1951 J

;

HDul & Iron Range 1st 5s

{ {♦Dul Sou Shore & Atl

Range or

27

High

111% 116%
106% 110%
105,% 111%
101
109%

D

East Ry Minn

Last

109

*58

Low

1995 J

Duquesne Light 1st M 3 Ms

Friday

104

107

Detroit Term & Tunnel 4%s_. 1961 IVI N

Salle St.

Randolph 7711

System Teletype •>- Cgo. 543

BONDS

No.

113%

Jan. 1

1995 J

♦2d 4s assented

Chicago, III.
'Private Wire

,©
fiQ&a

High

O

1965 A

106%

Since

©

Asked

113%
106%
108%

G._. 1966 M

ser

♦Detroit & Mac 1st Hen g 4s._. 1995 J
♦1st 4s assented
1995 J
♦Second gold 4s

One Wall Street

A
O

Range

or

Friday
Bid

Price

Detroit Edison Co 4%s ser D.. 1961 F
Gen & ref 5s ser E
1952 A

c^ew ymrk Qurh exchange

%AlLROAD "BONDS

T)Igby 4-5200

Range

Sale

Low

f a^-ew Y°rk Stock exchange

f

Last

STOCK EXCHANGE
Week Ended Sept. 3

Y.

Chicago Union Station—
Guaranteed 4s

1944 A

1st mtge 4s series D

3%s

4%s

1951 M
con

ser

1952 J

Childs Co deb 5s

103%

1962 M

4s

D__

102

1943 A

{♦Choc Okla & Gulf

cons

O

*

'

r

10

107M

22

105%

12

103 M

24

102%
86 M

22

84%

161"

84%

101%

10

107%
103%
*104M

1993

D

General 5s series B

1993

Ref & lmpt 4%s series E

1977
1939

J

100

100

D

-

.

Cairo Dlv 1st gold 4s

J

"90%

90

104

104

108%
104%

15

144

12

100%
116%

-

-

-

Spr & Col Dlv 1st g 4s

M

S

41

91%
104

4

J

J

*101%

1940
1940
Cleve-Cllffs Iron 1st mtge 4% s. 1950
Cleve Elec Ilium 1st M 3%s_—1965
Cleve & Pgh gen gu 4Ms ser B.1942
Series B 3 Ms guar
1942
Series A 4 Ms guar
1942
Series C 3 Ms guar
1948
Series D 3 Ms guar
1950
Gen 4 Ms series A

106%

107%

"18

J

109M

109%

19

A

O

*107M

A

O

*104

J

107M

*107M
106M
*io7M

M N
F

A

106M

1977 F

Cleve Union Term gu 5 Ms
1st s f 5s series B guar

♦5s Income mtge
Colo & South 4Ms series A

1970
1980

104% 108%
105% 109 M
101
HOM
104 % 104 M

110%

6

106M

107%

17

102 %

102%
*107M

102%

*104%

105%
15

62%

24

101%
101%
100

97

100%
101%

*112%

D

F

A

1950 M N
J
D

D

1st mortgage 4Ms_.
Den Gas & El 1st & ref

O

1943 IVI N

1971 J

IVI N

page

1936 J

108%

94

100%
99% 105%
104 M 106
105% 112%

102% 106%

106

36

102

103%

47

32%
35
33

32%

67 %

1955 F

A

107%

31

*25%
105%

26
18%
105% 108 M
100% 107%
31M
41%
33
41%

35%

67 M

68

105%
103%

106%

8

104

7

21

40

34

40%

99 M

6
6

101 %

37

102%

1

63%
71%
103% 110%
107%
98% 108%
96% 103%
102
105%
100% 103%

101%

27

99% 102%

106%

18

97

103

105M

101%
99M
104M
101%

105

101%
102%
101M
105%

104

100

104M

106

105%

2

104

107

101

105M
45 M

45 M

48

101%

47

19

103% 106
45

46 %
*59%

46

105%
84%

104%
83%
*105%
*103%
*105%
107

23 M
k

46%
5
9

105%
86

42

107

107"" "5

"25% "59
45

"ii%

13

65

64%
62%

14

50%
62
46

*106%

23%

J

1553.

111M 115
102

104% 107%
100% 108%

J

♦Assented (subj to plan)
♦Ref & lmpt 5s ser B_._Apr 1978 AO
{♦Des M & Ft Dodge 4s ctfs
1935 J
J
{♦Des Plains Val 1st gu 4 %s_--1947 IVI s

For footnotes see

105

12

f 5s_—1951 IVI N

1936 J

97% 105%
98

63

J

1951

77%

49

J

1969 J
s

96

105%

J

—1969 J

Stamped as to Penna tax
{♦Den & R G 1st cons g 4s
{♦Consol gold 4 Ms
{♦Den & R G West gen 5s.Aug

108

76 M

105

J

Dayton Pow & Lt 1st & ref 3 Ms I960
Del & Hudson 1st & ref 4s
Del Power & Light 1st 4
Ms
1st & ref 4%s

104

104%

D

6s series B extended to 1946

104% 111H
99 M 105%
109
112%

103%

W
1952

107" "l4

*20

Crane Co

to 1946

113

104%
104%

A

7%s series A extended

108

106 M

*20

F

Cuba RR 1st 5s g

49

*20

Copenhagen Telep 5s.-Feb 15 1954

1942

24

97%

J

1951 J

103

*28

1966 M N
1946 J D

1951

106" "13

102 M

1970 M N

f 4s

113%

105%

1st mtge 3 Ms

s

111%
106%

108% 116%

101

1st mtge 3Ms

f deb 3 Ms

109

105

103%

♦Consolidation Coal s f 5s
1960 J
Consumers Power 3%s_May l 1965 IVI N
1st mtge 3 Ms
May 1 1965 Ml N

Crown Willamette Paper 6s
Cuba Nor Ry 1st 5Ms

113""

107

M 105%
109
114%

105%

103

1955 A

1943 J

105% 111%
110% 110%

96

102%

97 M

1955 J

15-year deb 5s

4

*109 M

105%

deb 4s_,1954 J

1956

106 M 108

105

1951 J
1951 J

♦Debenture 4s

104%

l6i" 103""

66 M

*106M

♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956 J

Container Corp 1st 6s

90
98%
103% 106%
91% 103

106M

1956 A

♦Debenture 4s

107%

38

100 H

*105

1951 J
1951 J
Conn Rlv Pow s f 3%s A
1961 F
Consol Edison (N y) deb 3Ms. 1946 A

non-conv

84%

62

1943 A

♦Debenture 4s

»-

83

A

Stamped guar 4 Ms

Consol Gas (N y) deb 4 Ms
Consol OH conv deb 3 Ms

-

62

O

Columbus Ry Pow & Lt 4s
1965 M N
Commercial Credit deb 3%s—1951 A
Commercial Invest Tr deb 3 Ms 1951 J

3 Ms debentures

13
-

83

A

Columbia G & E deb 5s. --May 1952 IVI N
Debenture 5s.
Apr 15 1952 A O
Debenture 5s
Jan 15 1961 J
J

Conn & Passum Rlv 1st 4s
Conn Ry & L 1st & ref 4 Ms

97

115% 118

106

in" "16

109M

IVI N

Columnia <fe H V 1st ext g 4s. .1948 A
Columbus & Tol 1st ext 4s
1955 F

3

WW

A

1972

Coal River Ry 1st gu 4s
1945 J
Colo Fuel & Iron Co gen s f 5S..1943 F




40 M

109%

109%
106%

111

Ill

1973 A
1977 A

f 4 Ms series C

s

94

*109

M N

J

Gen & ref mtge 4 Ms series B.1981 J
Cleve Short Line 1st gu 4 Ms—1961 A

Crown Cork & Seal

80%

95

*104%

W W Val Dlv 1st g 4s

{♦Consol Ry

105%

-

92%
96%

Cin Wabash & M Dlv 1st 4s_1991 J
J
St L Dlv. 1st coll tr g 4s
1990 M N

s

99 M

™

Cleve Cln Chic & St L gen 4s.

1st

101M 108%
100% 108%

97 M 104%

*105

108%
104%

107%

104 M 113
103
111%

35

35

1966 F A
1942 M N

Cln Un Term 1st gu 5s ser C...1957 IVI N
1st mtge guar 3%s series D-.1971 IVI N
Clearfield & Mah 1st gu 4s
1943 J
J

m

108

5s.-.1952 IVI N

Cincinnati Gas & Elec 3%s
Cin Leb & Nor 1st con gu 4s

104

108

106%
104M
102%
101M

107%

1963 J

guaranteed

Chic & West Indiana
1st & ref M

*107%

-.1963 J

1st mtge 3%s series E

-

«.

..

7

56
46

55

101% 108
83%
95%
104% 107
101% 104
104%
106% 108%
106% 108%
23%
36%
38
27%

12

11%

12%

11

11%

23

16

16

17

42

10%

22%
32%

*5M
*52

6%
71

16

5%

50%

12

57%

A

72

Fairbanks Morse deb 4s
1956 J D
Federal Light & Traction 1st 5s 1942 IVI S
5s International series
1st Hen

1942 IVI

f 5s stamped

102%
98%

102%

98%

S

*95

72

64%
101

98%
102%

98% 103%
101% 102%

100%
103%

100

105

1942 IVI

S

1st lien 6s stamped

1942 IVI

S

30-year deb 6s series B

1954 J

D

1946 J

J

*93

95

82

1943 J

J

*60

77

70

{♦Florida East Coast 1st 4%S--1959 J

D

60%

Fiat deb

s

s

f 7s

{♦Fla Cent & Penin 5s

100

100%

103%
94

94

70

1974 M S

♦Certificates of deposit
Fonda Johns & Glov 4%s

12%

9%

20%

12

13

9%

20

17%

9

9%

3%
3%

3

6%

2%

5

-

*2%
*2%
*106

106% 107%

J

*108

107% 110%
66%
87%

69

Galv Hous & Hend 1st 5 Ms A—1938
Gas & El of Berg Co cons g 5s. -1949

*92%
*117%

Gen Amer Investors deb 5s A-.1952

102

f 5 Ms A.—..1947

105%

95

1940

♦20-year

1948 M N

Gen Motors Accept Corp deb 3s '46 F

92
100%
121% 122%
100% 102%
103% 106%
30
40%

102"

40%

♦Sinking fund deb 6 Ms
f deb 6s

69

106%
40%

a39%

♦Gen Elec (Germany) 7s Jan 15 1945

039%

30

*41

A

102%

1951

A

Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5 Ms with warr.1949

101%

102%
101%

J

"79""

"79""

80

15-year 3%s deb

J

32

101%

35

101%

76%

97%

*28

35

30

44%

38

30%

52

O

30

30

D
D

1956

Grays Point Term 1st gu 5s

1947
1944
1950

A

Great Northern 4%s series A—1961

109

97

78%

74%

109

76

14

110

116

18
25

103%
103%
118%

104%
121M

456

107%

108

164

Gen mtge 4s series H

1946

J

107%

J

92%

Gen mtge 3%s series I
♦Green Bay & West deb ctfs A
♦Debentures ctfs B

1967

Feb

11%

Greenbrier Ry 1st

1940 M N

104

23
26

*105%

92

Gulf Mob & Nor lst5%sB
1950 A
1st mtge 5s series C._
1950 A
Gulf & S I 1st ref & ter 5s Feb 1952 J
1952 J

O

93 M

*60

Feb

101

O

28

74%

95%

12

J

96%

7

O

10-year deb 4%s
Hackensack Water 1st 4s

1946

o

102%
104%

1952

J

*107%

1949

J

*24

1999

J

118

118%

1944

o

*90

93%

{♦Housatonlc Ry cons g 53
1937 M N
Houston Oil sink fund 5%s A..1940 Ml N
Hudson Coal 1st s f 5s ser A... 1962 J D
Hudson Co Gas 1st g 5s
1949 M N
Hudson & Manhat 1st 5s ser A. 1957 F A
O

Illinois Bell Telep 3Ms ser B...1970
Illinois Central 1st gold 4s
1951
1st gold 3 Ms
1951
Extended 1st gold 3 Ms
1951

98

102%

*63

102%

102%

42

43

*120

Litchfield Dlv 1st gold 3s

Springfield Div 1st

g 3%s_._1951
Western Lines 1st g 4s
1951

25

43

62%
21

101

22

38

120%

106%

28

114% 126%
84
97%

65

102%

68%

*89

"37
49

27

86%

103%
57%

116% 124
61%

21%

85%
36%

101% 110
110

93

111

107%
107%

92%
74%
73%

96

74%

6

74%

90%

70%
85%

4

70

90

A

11

63

51

75%

74%
70

~70""

75

74

J

85

"(U"~

60%

93

10

124

74%
74%

85

95

*

104%

'97""

62

80

105

109

95

*104%

Louisv Dlv & Term g
3%s—.1953

Omaha Dlv 1st gold 3s
1951
St Louis Div & Term
g 3s.-.1951
Gold 3 %s
1951

102% 105%
105% 108

30

1955 M N

1951

2

108

102

1953 M N

.1950

104M

102

Collateral trust gold 4s
Refunding 5s

1 1966 F

99% 105%

67

1952

—

93%

*110%

1955 M N

.

26
25

28

106

93%
99%

98%

28%

1951

Aug

95% 103%

102%

'"67%

106%

1st gold 3s sterling
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 Ms

1952 J

15

106%

100% 106%

90"~

*93%

O

A

96
65

10

J

1961 A

♦Adjustment income 5s Feb 1957

92

106

"5

1966

g 4 %s

116%
114% 119%
115%
100% 109%
100% 108%
117% 141%
106
111%
108

60

"l7

162"

Gulf States Steel s f 4%s
Gulf States Utll 4s series C

♦Hoe (R) & Co 1st mtge

98%
95%

70

113%

103%
103%

95

69%

9

109M

118%

106

108% 111
18

113%
115%

J

103

95

"79%

109

J

30%
102% 107
97% 101%

103% 103%

109

1977

23

95% 107%

104%

*92

1946

J

54

108%

"79"

General 4 %s series D
General 4 Ms series E
General mtge 4s series G

1976

91

104%

*102%

J
J

101%

103%
*95%

J

1973

52

104%

100%

104%

J

.-1952

2

104%

104%
100%

D

Gt Cons El Pow (Japan) 7s
1st & gen s f 6 Ms

Stamped

98% 105%
101% 103%

*30

1957 IVI N
Gotham Silk Hosiery deb 5s w w '46
S
Gouv & Oswegatchle 1st 5s
D
1942
Grand R & I ext 1st gu g 4%s.. 1941
J

gu 4s

40

40
29%
98% 105

J

♦Good Hope Steel & Ir sec 7S..1945
Goodrich (B F) conv deb 6s
1945
1st mtge 4%s
Goodyear Tire & Rub 1st 5s

103%

J

{♦Ga & Ala Ry 1st cons5s Oct 1 '45
{{♦Ga Caro & Nor 1st ext 6s._1934

40-year 4%s
Cairo Bridge gold 4s

87

J

Francisco Sugar coll trust 6s_—1956 M N

♦Harpen Mining 6s
Hocking Val 1st cons

96%
81%

71%
13%

-

♦Certificates of deposit

General 5%s series B..
General 5s series C

105

1952

Fort St U D Co 1st g 4 %s
1941 J
Framerlcan Ind Dev 20-yr 7 Ms 1942 J

s

94

12%

-

{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner M N

s

103%
104%

101

94

12%

♦1st & ref 5s series A

Gen Cable 1st

80%

103

93

98

106%
97%

95

83

82%

91

88

93%

*

93%

*97

*91%

"97""

102%
89%
92%

98%
100% 100%
90
101%

Volume

Friday
jj-e

BONDS

N.

Y.

fc-S

EXCHANGE
Ended Sept. 3

STOCK

Week

Week's

Last

Range or

Sale

Friday
Bid

Price

&

O1963

Jolnt 1st ref 5s series A
1st & ref 4 Ms series

Illinois Steel deb 4 Ms
Ind Bloom & West 1st ext

69

71M

36

62

65

29

M
107 M
*103M

1950
{♦Ind & Louisville 1st gu 4s...1956
Ind Union Ry 3 Ms series B—1986
Inland Steel 3 Ms series D
1961
{Interboro Rap Tran 1st 5s—1966

..1932

A

O

87 M

106M 108

29 M

100
105 M
64 M

2
15

101

62 M

10

22

*

16

43

68 M

"29

100 M

120

55

Members New York Stock Exchange

97

53 M

95M

20

56

61M

Wall

63

NEW YORK

St.

52 M

91M

A. T. & T. Tele. N. Y.

Telephone WHitehall 4-2900

1-1598

91

61

66

D. H. SlLBERBERG & Co.

98M 105 M
108

101

18

21

"67""

1932 Mi

FOR BANKS AND DEALERS

91M

104M 104M

105M
60M
61M
20M

64

69

62 M

100 M 107

30 %

166"
105M

♦Certificates of deposit

5*10-year conv 7% notes
♦Certificates of deposit

9

103M

*

of deposit

♦Certificates

107 M

*101

4s.. 1940

BROKERS IN BONDS

High

Low

63 M

Ind III & Iowa 1st g 4s

§♦10-year 6s

Since

69

1963
1940

C

Range
Jan. 1

Asked

High

Low
111 Cent and Chic St L & N

1551

Record—Continued—Page 4

New York Bond

145

Friday
99 M

O

Interlake Iron conv deb

A

Int Agric Corp 5s

M N

4s—.1947
stamped 1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A_.July 1952
♦1st 5s series B
1956
♦1st g 5s series C
—1956
Internat Hydro El deb 6s
1944
Int Merc Marine 8 f 6s
...1941
Internat Paper 5s ser A & B...1947
Ref

s

1955

f 6s series A

Int Rys Cent Amer 1st
1st lien & ref 6 Ms

5s B—1972
1947
4 Ms—1952
1939
1955

Int Telep & Teleg deb g
Conv deb 4 Ms
Debenture 5s

{♦Iowa Central Ry 1st & ref 4s. 1951

4s.-.1959

James Frank & Clear 1st

J

99M

O

9M

27

<z87M
97 M
66 M

50

63M

75

56

79

94M

88

67

80 M

4

3

9M

20

93

43

100

102 M
106

J
F

89 M

A

M

J

103 M

O

104

*100

O

83M
78 M

94

102

"22
5

83

J
J

D

♦Karstadt

9
59

108 M

108 M

4

104 M

J

Kansas Gas & Electric

104 M
42

25

M N

104 M

42

9

101M 108
46
66M
42

M
82 M

64

95

78 M 100
109 M

106

102M 105
44

40

UM

25

*22

21

31

*22

25

35

I

98

26

*16 M

M

S

J

J

110M

J

115M
M 101M
99 M 107M

110M

108

89 M

Kings County Elev 1st g 4s—1949

94 M
108

J

J

J

J

J

D

M N

*112M
99 M
99M

94 M

95M

114

108
113

112M 119M
99M 102
103M 104M

99 M

1

104M

38

104 M
99

J

105

11

102M 111M
98
102M

99 M

4

32 M

30 M

32 M

63

25

95

95

90

63

95 M
65

16

64 M

53

56 M

64 M

F

62 M
54

64 M
56

27
5

A

56

108M

108

103 M

104

50 %
101

2d

1941

104

98 M
104

1997

gold 5s—

102 M

102 M

1st & ref s f 5s

1st & ref s f 5s

Secured 6% gold notes
Leh VAhHarbor Term gu 5s

1940
Lehigh Val (Pa) cons g 4s
2003
General cons 4 Ms
-.2003
General cons 5s—
2003
Leh Val Term Ry 1st gu g 5s—1941
4 Ms

1965

Lex & East 1st 50-yr 5s gu

"3l""

31
*

1990

A—1962
1962
Prior lien 4 Ms series D
1978
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st
ref 5s ser A
1965

J

J

98 Vs
104
103

6
4

21

J

93 M

J

J

A

O

F

70 M

70

20

series A—1962
1946
1952
Long Dock Co 3Ms ext to
1950
Long Island gen gold 4s.
1938
Unified gold 4s
1949
Guar ref gold 4s
1949
4s stamped
1949

99 M

98

100 M
98

106 M

30 M

35 M

109M

2
1

46

♦1st «fe ref 5s series G

17

♦Conv

gold

1949
1980

5 Ms

♦1st & ref g 5s series

15

H

98

1981

47

159

50 m

8

57 m

28

A

O

*119

2

122

-

A

*108
99 m

100

D

~

74

A

D

*102 m

O

J

74

IVI

101m

101m
*

S

103m
42 m
72
48
76 m

53m
101

86
109

116

130

8

129m
129 m 136

121m

2

117

126 m

108

108

_

100

35

97 m

101m

75

3

69 m

79m

105
1

101m
102 m

101m 106m
101m 103m
102m 108

IVI

s

100

lol

102

25

100

106m

IVI

s

100 h

100m

101m

42

100

104m

127

127 h
120 m

4

1944

5s
—1951
J
Louisiana & Ark 1st 5s ser A—1969 J
1966 M S

120 x
84 h

M

120 x
83 h
102

Louisville Gas & Elec 3 Ms

*107m

S

6

126m 135
116m 124m

85

23

82

102

15

99 m

106

111

4%—July 1938

4s...1938

♦Montgomery Div 1st g 5s.. 1947

100m
102m
112m

Unified gold 4s

106 m

1940

1st & ref 5s series B__

2003

_

2003

«.

Paducah & Mem Div 4s

—

-

-

93m

2003

E

_

104

-.2003

1st & ref 4s series D

_

4 Ms
1945
South Ry joint Monon 4s._-1952
Ms.-1944

32

105m 109m

108

12

106m 111

103H
99 m

104 m

59

92

*90m
M

S

100

13

93 m

39

J

97

F

*98 H

-

-

-

«

104 m

104 m

18

102

104 m

104 m
102

104m

47

102 m

3

99

102 m
100

D

78 X

79

3

1942 A

O

69

69

17

106

105m
105m
77m
86 m
55

90

67

♦Certificates of deposit..

2013

67

67

12

54

90 m

34 m

34 m

37

37

32

57 m

32 %

deposit..

——

103m

94 m 100m
109 m 115

104 m

D

{♦Manhat Ry (N Y) cons g 4s .1990 AO

32 m

33

6

D

*16m

S

1953 IVI

1939 IVI N

*83

93

1959 IVI N

*65m

75

*30

37

}*ManG B & N "wist 3Ms— 1941

J

•

1553.

27 m
92 m

24 m

*92 m

Manila Elec RR & Lt s f 5s..
Manila RR

(South Lines) 4s—

108m

90m
98
105m him
85 m
96 m

93

100

1960

Gen mtge 4Msser A

{{♦Manati Sugar 1st s f 7Ms—

99 X
96

O

53
33 m
92 %

82 m
75

.78m

16m

-

-

-

-

-

-

32

90
41

28 m

81

80

95 m

95

95

29
2

57 M

'"l9

48

61M

84

84 M

7

84

96 m

69

70

21

68 H

88 m

60 M

61M

13

60 H

76

69

79 x
80

*

69 M

58 M

"3l

35M

35 X

18

33

33

48 h
45 m

14

13 M

14 M

90

13m

24

35

34M

35 X
33

126

31m

33

14

31m

47

34 M

34 M

35%

9

31h

48 h

32 m

45 m

"57"

57

57

31h

9

'lOM

10M
34 M

35

F

A

34 M

34 M
*

MN
M
F

4s. 1991

S

O

A

1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5% -.1941
Namm (A I) & Son—See Mfrs Tr
Nash Chatt & St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4 Ms extend to
1946
Nat Dairy Prod deb 3Ms w w__1951
Nat Distillers Prod deb 4MS--1945

'"84 M

47

92 m 100
93
v

97

34 m

54 x

37 M

15

28

41

25m

39 m

28 M

4

27 m

39 m

86

8

84

98m

109

110M

6

105

111M

105 M

106 M

22

100

108m

102 M

O

102 M

7

101

110M

50

92

99 m

106 M

94 M

94M

Montana Power 1st &

B

25M

IVI N

A

49 m

30

2

46 m

84%

S

M

33

48 m

31h

"36"" "49

18m

31m

25M
28 M

A

M

ref 3 Ms. 1966
Montreal Tram 1st & ref 5s
1941
Gen & ref s f 5s series A
1955
Gen & ref s f 5s series B
1955
Gen & ref s f 4 Ms series C—1955
Gen & ref s f 5s series D
1955
Morris & Essex 1st gu 3Ms
2000
Constr M 5s series A
1955

10

73

83M

"34 x

49

32

35M

92

S

1938
A '60
Serv
I960
1965

"IlM "77

*31

1977

Constr M 4 Ms series

30

12M

19

98

95

101M

101M

*--...

*11111
*11111

1

86 H

82 M

98 m 104 m
85 m
79 x

"84""

84 M
M N

90

M
82M

90 M

M N

M N

*115

IVI N

79 m

86 M

A

F

33M

D

89 M

89 M

J

J

31M

80 X

84

"86

27

84

93

10

90 m 102

82 H

10

82

97m
97

H2M 119

117

*107

J

86 m

80

79M

106M 111
90 M
35

12

89 m

23

31m

98 m
63 m

95

*101
103

103 M

'lis

IVI N

105 M

106 M

19

J

101

99 m

107

*3M

IVI N

i03M

103

106 m

National Rys of Mexico—
♦4 Ms Jan 1914 coup on
♦4 Ms July 1914 coup on

1957
1957

J
J

J

*2M

J

J

*2M

4

2m

*3M

3M

3m

2m
6m

1914 coupon on—.1977
♦4s April 1914 coupon off
1977
♦Assent warr & rets No 5 on '77
Nat RR of Mex prior lien 4 Ms—
♦Assent warr & rets No 4 on. 1926

A

O

*2M

A

O

*2M
*3 M

4

3m

6h

J

J

*3M

4M

4m

7h

1914 coupon on
1951
♦4s April 1914 coupon off.-.1951
♦Assent warr & rets No 4 on '51

A

O

*2M

A

O

*2M

"3m

"6"

J

D

♦4M July 1914 coup off
1957
♦Assent warr & rets No 4 on *57

♦4s April

3M

Nat Steel 1st coll s

1965

f 4s

106 M

3M

106 M

110m 115
4

97

*113m

A

McCrory Stores Corp s f deb 5s .1951 IVI N
McKesson & Robbins deb 5 Ms 1950 IVI N
Maine Central RR 4s ser A— .1945

93

*111%

1955 IVI N

Atl Knox & Cin Div 4s

107m

*109 m

1946

St Louis Div 2d gold 3s——1980
Mob & Montg 1st g

106 %
107 X

A

S

♦4s April

Louisville & Nashville RR—

MN

M

♦Ref & lmpt 4 Ms

6s debentures

41m

16

15M

33

Monongahela Ry 1st M 4s ser

93

19

3

"57"

of deposit

♦Secured 5% notes
Mohawk & Malone 1st gu g

8

18

*

♦Certificates of deposit
♦Certificates

18

21M

*31

Monongahela West Penn Pub
1st mtge 4 Ms

107

6

12

101

M N

8M

19

44

33

1978 Mli

75

100M

94

129m
121m

10

3

33

♦Certificates of deposit

77

M

94

100

53 h

•»

94 M

2

93 h
42 m
48

—

105M

46

46 M
94

101

F

1945

52
46

O

—

104M

93 M 100M
52
78

2

A

J

4s

~"l

M

99M

Lombard Elec 7s ser A

7s

93

94

-

21H

4m

37 m
32

*18

"21M

M N

1975 rvi's
1977 M S

♦1st & ref 5s series F

52

A

7

57

11

12M

A

♦Certificates of deposit

68M

46 M

53 h

46 m

57

"_3

17

J

5s ser
40-year 4s series B

49

70

71

*66

48

91m

31

"13

99 m

77

4M

21M

85

90

19M

69M

M-K-T RR pr lien

100

IVI N

4M

19M

84 M

6

IVI N

12

90 m

105

105

80

D

100M

44 m

32 M

*3M

J

{♦Mobile & Ohio gen gold

IVI N

83

"90M '""5

4M

4M

J

90

94

99 x

63

"IIm

J

—

{♦Mo-Ill RR 1st 5s series A
Mo Kan & Tex 1st gold 4s

2

J

41m
100

80

J

91M

O




19

90 M

J

5Ms
——
1st ref 5Ms series B._
1st Chicago Term s f 4s

J

A

page

"_24

103 M

104 m 110m
108
101

*77

1949
1978
1941
1959

25-year

Mo Pac 3d 7s ext at

Loews Inc s f deb 3 Ms

For footnotes see

102 M

103

*

S

92 M 106M

F

Little Miami gen 4s

♦Second 4s

18

101M

Nl

1

1951

♦Certificates of

104 M
40

I03M

J

104

7s—1944

5s

Lower Austria Hydro El 6

103 M
*35

103M

J

56

46

J

103 m 105 m

104 M

108M

J

34 M

1954
1964
1974
1938
1954

1st & ref s f 5s

5H

28

*92

J

93 M
92

100

24 m

*107M

J

93 M

A

1st & ref 3Ms series

104 M

104 M

J

34

O
Lehigh & New Eng RR 4s A—.1965
Lehigh & N Y 1st gu g 4s
1945 M S
F A
Lehigh Val Coal 1st & ref s f 53.1944

C

J

1946

J

34 M
J

Lehigh C & Nav s f 4M3 A
Cons sink fund 4 M8 ser C—1954 J

1st & ref 4Ms series

J

1938

♦1st & ref 5s series I

1975
1954

♦1st mtge Income reg

Louis & Jeff Bdge Co gu

*26 M

♦General 4s

Lautaro Nitrate Co Ltd—

Lorlllard (P) Co deb

D

16M

*2 M

.....1938

49

62

3% to—1947

Liggett & Myers Tobacco

8M

2M

M S

1977
1956

♦Certificates of deposit

Lake Sh & Mich So g 3 Ms

Leh Val N Y 1st gu g

100 M 104 M

9M

2M

cons 5s gu as to Int
1st & ref 6s series A

70M

Lake Erie & Western RR—
5s 1937 extended at

101X

9

9M

J

151

A

A

48 int gu. 1938 J

M St P & SS M con g

146 M 161

F

O

2M

1st

161""

103

103M 107 M
109 M
106

89

1st cons 5s

O

A

F

-.-1951 M S
1952 IVI N
J
C
1979 J
{♦Mid of N J 1st ext 5s
1940 A O
J
D
Milw El Ry & Lt 1st 5s B
1961
J
1st mtge 5s
1971 J
S^Milw & No 1st ext 4Ms(1880) 1934 D J
1st ext 4Ms
...1939 J D
Con ext 4 Ms
—.1939
{♦Mil Spar & N W 1st gu 4s.„1947 IVI S
J
{♦Mllw & State Line 1st 3 Ms—1941 J
{♦Minn & St Louis 5s ctfs
1934 M N
♦1st & ref gold 4s
1949 IVI S
♦Ref & ext 50-yr 5s ser A
1962 Q F

101M 102 M

A

95

96

101M

S

1st gold 3 Ms
Ref & lmpt 4 Ma series

107M 108 M

1997

87M 100

94

104 M
108 M

Jack Lans & Sag 3Ms

109M 109 M

*

95

High

97 M 103 H

104 M
108 M

104 X

IVI

♦Miag Mill Mach 1st s f 7s
Michigan Central Detroit & Bay
City Air Line 4s
1940 J

101M

Purchase money 6s...

J

♦4s (Sept 1914 coupon)

109 M
107

*101
O

O

Low

103 M

1977 M S

♦Mex Internat 1st 4s asstd

*103

J

1961

1961
1937

A

1947

f 6s

Metrop Ed 1st 4 Ms ser D
1968
Metrop Wat Sew & D 5 Ms
1950
§{*Met West Side El (Chic) 4s. 1938

105

unguaranteed
Kings County El L & P 5s

J

s

103 %
*80

Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6s with warr..1945 IVI N

*100 M

4 Ha

A

96 M 100

98 M

89 M

89 M

J

Since

High

Low

D

-

I

M N

Plain

1954
—1954
Kinney (G R) 5 Ms ext to
1941
KoppcreCo 4s ser A
1951
Kresge Foundation coll tr 4s..l945
3Ms collateral trust notes... 1947
{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 5s. 1939
Coll & ref 5 Ms series C
1953
Coll & ref 5M8 series D__—1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942

1

83M

J

M 101M

115

47 M
45 M

A

102 M

95

95

102

J

71
99

83

93 M
104 M

47 M
45 M

45 M

40

89M
71M
5M

5M
93

93 M

6

26

97 M

68

S

D

73

102

88

68

J

A

Kings Co Lighting 1st 5s
1st & ref 6 Ms

Marion Steam Shovel

64

4s. 1936

1961

89 M

97 M

♦Certificates of deposit

Stamped

Mfrs Tr Co ctfs of partlc in
A I Namm & Son 1st 6s..—.1943 J

64

J

Kanawha &

4s
4 Ms—-1980
(Rudolph) 1st 6s.-.1943
♦Ctfs w w stmp (par $645)—1943
♦Ctfs w w stmp (par $925).. 1943
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky & Ind Term 4MS—-1961

90

97 M

A

S

Kansas City Term 1st

40 M

a87M

F

Jan. 1

40 M

101M
97M
a87 M

J

Range

Friday
Bid
&
Asked

Price

n&.

71 %

97 M

IVI N

Week Ended Sept. 3

27

102"

74

Range or

Sale

EXCHANGE

26 M

82 M
74

J

O

1950
Apr 1950
1960

""§

STOCK

17M

S

o

M

A

gold 3s

15

9M

Y.

Week's

Last

BONDS

N.

42 M

79 M

M

Ref & lmpt 5s

27M

79 M

o

Steel 4Mb A..1961
Mich 1st gu g 4S..1990

Kan City Sou 1st

25

9M

*27

J

102

100

32 M
28

9M

J

1

30 M

29

29M

J

Jones & Laughlln

{{♦K C Ft S & M Ry ref g

101

101

104M

94

106M

102M 107m

IVI N

*78 M

84

77

93 m

5s...1948

J

D

*118M

119

118

J

J

*

{♦New England RR guar 5s—1945
♦Consol guar 4s
1945
New England Tel & Tel 5s A..1952
1st g 4 Ms series B
1961
N J Junction RR guar 1st 4s._ 1986
N J Pow & Light 1st 4Ms
I960
New Orl Great Nor 5s A
1983

60

52

122 M
82

J

J

*

J

D

123 M

124M

IVI N

120 M

120 M

1952
New Orl Pub Serv 1st 5s ser A..1952
1st & ref 5s series B
1955
New Orleans Term 1st gu 4s...1953

1954

{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons

N O & N E 1st

ref & imp 4 Ms A

52 M

*101

74 m
52 m
118M 127m
116M 125m
100 m 101
104 m 108m

F

A

A

O

J

J

J

J

A

O

99

98 H

J

D

99

98 M

99 M

92 m 103m
103
92

J

J

91M

92 X

90m 100M

107

107

85M
*60

l07~"
88 M

73 M

100

84

98

70

85 h

New York Bond Record—Continued—Page 5

1552

Sept. 4, 1937

—

BONDS

N. Y.

Week's

Friday

•9

Last

STOCK EXCHANGE
3

Range

Sale

at
K
.

<3

or

IF

No.

49

48

A

<fc

------

O

High

*

O

4§""

A

*

—

—

52

*

*

♦Certificates of deposit.

-

47 /a
X

50

50

—

2

•

93

56

*110

J

F

A

I A
A

96 M

102 M
86 X

102M

103

53

86 X

88

143

O
O

96

J IVI N

Conv secured 3 Ms.

Paramount Pictures deb 6s._. .1955

100

99 M

90

89 M

90

54M

98

98

48

60

{♦Park-Lexington 6Ms ctfs... .1953

96 X
*41

46M

55 M

Parmelee Trans deb 6s

50

62M

Pat & Passaic G & E oons 5s.. .1949

57

Ms coll tr A

J

J

A

O

F

A

F

A

89M

A

O

------

105M

O

IF

4s collateral trust-

O

86

88

A

F

A

A

O

83 M

82

60

O

4

14

102 X

13

59M
101M

"54

101M

12

1.21 M
H4M

6

58M
*56 M

F

121M
114

A

N Y & Greenwood L gu g 5s.-.

IVI N
IVI N

*l02"

IVI N

97M

N Y L E & W Coal & RR 5Ms.
N Y LE & W Dock & Impt

J

IVI

*95

IVI

S

♦Non-conv debenture 3MS--

A

O

♦Non-conv debenture 4s

J

J

♦Non-conv debenture 4s

*166"

J

J

♦Collateral trust 6s

A

O

♦Debenture 4s

IVI N

debenture 6s

♦1st & ref 4Ms ser of

1927---

J

♦Harlem R & Pt Cbes 1st 4s_

M

S

J

A

O

J

N Y & Rlchm Gas 1st 6s A

J

1951

M N

ref mtge 3Ms ser B.

J

J

J

M S
A

O

Nord Ry ext sink fund 6

Ms
1950
it ♦Norfolk South 1st & ref 5s._1961
♦Certificates of deposit

1961 F

North Amer Co deb 5sNo Am Edison deb 5s ser A

1957 M

A

S

13

Northwestern Teleg 4 Ms ext

Norweg Hydro-El Nit 5 Ms

1957 MN

♦Og & L Cham 1st

J

J

J

J

J

-

6
15

106M

4

105M
105M

11

2

28
60

J
4s„.-1948 J
1943 M S
1965 M N
1972 J
J

gu g

Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s

1
----

14

80

3
—

-

107M
83

-

—

66

101M

25
----

86

1st mtge 3Ms

Ohio Indiana & West 5s..Apr 11938 Q
Ohio Public Service 7 Ms A
1946 A
1st & ref 7s series B

1947 F

Oklahoma Gas & Elee 3Ms

1966

98 M
98

28
79 X
13
65

95
109 M

105 M

108M
108 X
107 X
107 M
92 M
91

69 X

106M

106M 109 M
101
101M
83

5

85
10

94 M
98

5

18

79

97 M 109 X
32 M
23 M

69

"l9

73 M
94

110M
100M
100

*103M
100M

*107

103M

112

122

----

120

119
72 M

"91

83
87

100M

3

72 M

81M
101M 112M

53

69 X

62

94

118

9

100M

----

51

101
20

-

—

-

-

----

-

104

82 X

106

99 M 109 M
104M 104 M

41

100

105M
33 M

20

109M 109M
101X 106 M

100 M

19

103M

8

103

114

1

Ontario Transmission 1st 5s

1945 M N

110M 115
107 M 115

---

-

103 M

19

106

114

6

116

121M

5S--.1946 J

J

Guar stpd cons 5s
Ore-Wash RR & Nav 4s

1946 J

J

119M

119M

119M

3

1961 J

J

106M

105M

106M

62

Oslo Gas & EI Wks extl 5s

1963 M

S

102M

6

99 M

102M

67

87 M

92 M

*63

106
103
98
98
*

91

103M
99M
98
96 X

------

123

117

103 M 107M

65

70

106M

"47

----

161"

101M

27

101M

82

103

111

J {♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit

D

Panhandle Eastern Pipe L 4s_.1952 M
Paramount Broadway Corp—

S

For

f g 3s loan ctfs

footnotes

see




page

1955 F

1553.

109

----

47

----

67M

111

114M

114M

F

A

117

113

M N

*117

125M
124M

J

D

A

O

J

J

-

—

-

1

-

111

_

H5M
115M

H5M
115M

5

113M 124
113M 123 M

107

—

115M
------

MN

117

107

4

104 M 107 M

1

84 M

96 M

83

96

82

3

82

97 M

Pitts y & Ash 1st 4s ser A
1st gen 5s series B

1948 J
—

1st gen 5s series C
1st 4 Ms series D

conv

1962 F
1974 J
1977 J
I960 M
J

82

s

f deb 5s

88 M

—

-

-

—

—

108

110M
119M 124 M

■

*110

112M 113

*118 M

D

-

-

-

S

59 M

60 M

J

*106 X

107 M
74 M

74 M

17M

-

-

6

103

94

179

54 M

75H

105 X

108M
88 M
45 M
17M

74

8

M
*11M

"97"

100

106

4

95M

~97~~

J

68
-

19

102 M

17M
------

1951

1948 J

-

A
D

{♦Postal Teleg & Cable coll 5s. 1953
Potomac Elec Pow 1st M 3MS-1966

Purity Bakeries

-----

*110

D

6s. .1942

Gen & ref 4 Ms series A
Gen & ref 4 Ms series B

92

100

15

13M
85 M
3

28M
9J

96M 101

*110
------

"_7
15

*107M

Gen mtge 4 Ms series B
1961 F A
Purch money 1st M conv 5 Ms '54 M N
Gen mtge 4 Ms series C
.1956 IVI N

1952

1955
{♦Rio Grande June 1st gu 5s. .1939
{♦Rio Grande West 1st gold 4s. 1939
♦1st con & coll trust 4s A——1949

96

99

91

27
-

-

-

25

-

1

28

-

94 M 100
108
130 M
95 M 100
100 M 106
24
32

18

26

X

19

-

26 M

19

M
19M

27M
28M

F

A

O

27M

28 M
28

4

A

4

19M

28

39

39

2

39

66

40M

66

J

*

F

D
J

A

O

41

*52 M

A

J

7

*104

J

J

27 X

72 X

*

70

89 M
70

32

32

------

32 X

*117M

-

-

-

O

*19

J

-

-

-

-

9

5
-

-

-

-

-

—

-

116M 117
107 M 109 M

-

—

—

—

20 M

-

-

—

-

22 X

----

103

103 M

52

O

102

101 M

102

18

109

109

A

St Jos & Grand Island 1st 4s—1947 J
J
St Jos Ry Lt Ht & Pr 1st 5s—.1937 M N

103M 104M
53 M
60
91
91M
69 M
84
32
52 M

-

3

15X

*25

J

--

X

*109M

15X

.

D

St Lawr & Adir 1st g 5s
2d gold 6s

115M

27 M
28

15M

28M

20 M
19

32 X

20 M

34 M

25 M

102 M 103M
99 X 104 M

J

1966 A

2

107

99 X

99

37

97

112M
101»a

96

96

7

96

103M

92

92

7

92

102

73 M

73 M

73 M

15

72 M

1996 J

72 M

72 M

1

------

96

O

X

St Louis Iron Mt & Southern—
g

4s

1933 M N

gu 5s—.1948 J
St L Rocky Mt & P 5s stpd—1955 J

J

{♦St L-San Fran pr lien 4s A..1950 J
♦Certificates of deposit.—

J

j

J

57 X

♦Certificates of deposit..
♦Con M 4 Ms series A.

75M

13

97 M
103 M
32

Saguenay Power Ltd 1st M 4Mb *66

♦Prior lien 5s series B

M

67

*18X
102 X

58

65

116M

*26 M

{♦S L Peor & N W 1st

101

112

212

♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 4 Ms—-1941 J
1947 J
Safeway Stores s f deb 4s

37
98

112
127

96

M N

102 M
105 X

108M 108M

105

96

25

108 M

24

103
*30 X

89X 104M
105

105M 108

292

107M
-----

115

116M

5

155M

IVI N

1948 A

f 6s

106M

148 X
95

95M

1977 M S
1962 IVI s
{{♦R I Ark & Louis 1st 4MS-1934 M S
s

53

*108

------

Roch G & E 4 Ms series D
Gen mtge 5s series E

♦Ruhr Chemical

105 X 126 M

_

20

107

107
------

{ {♦Richfield Oil of Calif 6s„. 1944 IVI N
IVI N
♦Certificates of deposit
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s

_

97
106

106

106

1997
1997

♦Rhine-Westphalia El Pr 7s„.1950
♦Direct mtge 6s
1952
♦Cons mtge 6s of 1928---—1953
♦Cons mtge 6s of 1930
-1955

111

96 M

105 M

------

Remington Rand deb 4Ms w w.1956 M S
Rensselaer & Saratoga 6s gu... 1941 IVI N
Republic Steel Corp 4 Ms ser A. 1950 M S

♦Ctfs of deposit stamped
66 M

110

82

1960

36 M

44

A

113M
113M
112M

111

109

104 M

96 M

8

8

-

109

♦Certificates of deposit

101

1st M

—

O

94 M 100M
97 M 102 M

1

101M

101

-

A

1st mtge 4 Ms series C

83

101

100M

-

3

♦{Rlv & G Div 1st

D

------

—

83

99 X 107M

O

*106M

—

83

39

1966 J
1955 J

------

112M

—

*111

------

114

89M

109

108

—

*108M

J

109M 112M
100 M
100

102%

107 M HIM
109
113M
111

*108M

J

14

119

85 M 101
98
100 M

A

♦Rhine-Ruhr Water Service 6s. 1953 J

111 M

J

26 X
30

108 M

F

110

99

1U M

J

18M
106

104 M
50 M

MN

109M 112

111,932

109M

J

103M

A

108 M
119

8

*111

J

113

115

99

*108

Revere Cop & Br 1st mtge 4Ms. 1956 J
♦Rheinelbe Union s f 7s
1946 J

100

*111M

O

O

for deb 6s & com stk (65% pd)...
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951

103M

Ref mtge 3Ms ser C
Paducah & III 1st s f g 4 Ms

102

O

101
105M
101M 106M
99M 107
120
125M

97 M

98 M

119

108M 117
91M 106 M

*104 M
*83

9

109M

------

129

112

{♦Radlo-Keith-Orph pt pd ctfs

103M
74M
95 X
110M

-----

*100 M
98

98

{♦Providence Sec guar deb 4s..1957 IVI N
{♦Providence Term 1st 4s
1956 IVI s

18

103M

21M
107

A

Pressed Steel Car deb 5s

99M

99

"i06M

116
-

D

102 M 106 M

104

*16M

89M

84

A

31

*107M

D

99 M

103 M
106M 119M
107
113M

Pitts & W Va 1st 4 Ms ser A—1958 J
1st mtge 4 Ms series B_
1959 A

15

72 M

102 M

S

82 M

19M

100

2d ext gold 5s.
--.1938 J
Pacific Tel & Tel 3Ms ser B...1966 A

Pitts Va & Char 1st 4s guar

17

25
22 X

IO91332

D

Gen mtge 5s series B
Gen 4 Ms series C

103M

109M

1964 J

Gen mtge 5s series A

Porto Rlcan Am Ton

109M

1st & ref mtge 3Ms ser H
1961 J D
1st & ref mtge 3 Ms ser I
1966 J D
Pac RR of Mo 1st ext g 4s.-1938 F A

Series J cons guar 4 Ms

Port Gen Elec 1st 4Ms-r
1st 5s 1935 extended to 1950

J

J

—1957
1960
1963
1964
1970
1975
1977
1943

104

O

1946 J

98 M

D

Series G 4s guar.
Series H cons guar 4s
Series I cons 4 Ms

108

114

Otis Steel 1st mtge A 4Ms.-,-1962 J

-

*106

106

103M

Pacific Coast Co 1st g 5s
Pacific Gas & El 4s series G

-

A

100

83

119

-

F

100

100

cons g

113M

—

M N

4

D

Ore Short Line 1st

*112M
99 M

-

*109M
*111M

Series F

77

1952 IV1

A——1940
1942
1942
4s guar
1945
3 Ms guar gold
1949
4s guar gold
1953

11

125

10 9 M

-

M N

101M

100

101X
102 M
104M
102 M

23

D

—

Series B 4 Ms guar
Series C 4 Ms guar
Series D

D

J

-

1952 IV! N

Pitts C C C & St L 4Ms

Series E

A

4s.-.1946

6

121

113M

22

42 X

1943 F

g

112

HIM

------

22

*

------

133

*112

1943

46 M

1946 J

Oregon RR & Nav con

J

114M

*118

1937

12M

56

122

99M

111M
------

§ ♦Philippine Ry 1st s f 4s

107M
101X

*120

103M

112

113M

Pillsbury Flour Mills 20-yr 6s.
Pirelll Co (Italy) conv 7s
Pitts Coke «fc Iron conv 4 Ms A

18

Ontario Power N F 1st g 5s

4s debentures

♦Conv deb 6s

22 X
109 M

*119

------

5s series A

10M
104M

103

101

101

91

7

9

104M

J

106

91

25

3

106

118

O

99

5
3

M

23 M

---

77

104

J

A

D

29

92

94 X

100M

92
93

107 M
101

8

-----

19M

------

99

----

99

26 M
113

9M

87

J

99

------

14

22 M

sale of April 1 '33 to

Ref & impt 5s series C
Ref & lmpt 5s series D
Nor Ry of Calif guar g 5s

J

S

90

108

-

74

29

105M
103M

24

94M
110M

J

-

84

sec

102

73M

J

M

113

163

5

18X

104

"f03"

J

♦
------

11 %

♦Oct 1937 and sub coupons.-1945

J

A

-

5

25M

99 M

♦

J

14

104 M

25

2047
2047
2047
2047
1938
1944

14

-

39

10M

26

A

Apr

-

90 M

1943 M N

Phila Bait & Wash 1st g 4s

-

90

1956 J

1980
C
Phelps Dodge conv 3 Ms deb— 1952
1st g 4Mb series

6

115

*113M

O

24

104M

Ref & lmpt 4 Ms series
Ref & impt 6s series B

1st ser A 5s—u 1956

1st 4s series B

56

118

103M

104M

April 1 1937 lncl coupons.-1945
North Pacific prior lien 4s
1997 QJ
Gen lien ry & Id g 3s Jan
2047 Q F

1990

118

------

10M

103M

as to

151

104 M
25

104M

♦Stpd

104M

1949

65

------

coupons. 1945

106M
106 X

68

105M
103 M

{♦Phila & Reading C & I ref 5s. 1973

104M

&aub

105M

106M
103M

Phila Electric 1st & ref 3 Ms— 1967

103M

♦Oct. 1 1934

106 M

49

47 M
47

90 M

"117%

S

114

D

34 M

*75M
117M

------

26

101 M

44M

A

S

116M

J

1974 F

101

------

110

115M

46M

Aug 15 1963

1974 M
A
1974 M
tNorthern Ohio Ry 1st guar 5s—

Pere Marquette

109M

7

31

Nov 15 1969 N M

Gen & ref 4 Ms series

April

1

100 M

1947 M S

4s

69

O

Peoria & Eastern 1st cons 4s.— 1940 A

♦Income

7

98 M

111

106M
112M
109
116M
109M 116M
96 M 103 M
115M 126
106 H 115M
113M 123
98M 107
103 M 111M
103 M 111M
103M HIM
116M 121X
112
H7M

32 X
31

Deb 5s series C

North Cent gen & ref 5s

6s

113M
113M

98

102

105 X
107

108

36

10

106M

100

7
----

Deb 5 Ms series B

F

cons

-

101M

1967 J

19

107 M

19%

{{♦Norfolk & South 1st g 5s—1941 MN
Norf & W Ry 1st cons g 4s
1996 O A

Peop Gas L & C 1st

-

Phila Co

13

101 x
*82 M

------

107

107 M

104 M 110

47

—

92 X

*65M
106 M

-----

A

104
104

37 M

10

O

Gen mtge

Conv deb 3 Ms

-

110

D

71

85

F

D

IH >0 OO
-

120

1981 J

60

10

A

1965

113

119M

J

1SX

13

101%

119X

A

53

*9M

------

H3M
113M

A

1977 J

35

28

------

113M
113M

1960

4 Ms
General 4 Ms series A

1974 F

10

------

IVI N

ioiS

*J09M

98 H

General 5s series B_—

19

102M
105M
105M
104M
105M

------

ioix

------

O

General g 4 Ms series C
General 4 Ms series D

108 M
98

36

77

D

j~~J

99 M 102

18M

105

107%

"lol M

M N

106

55M

*99M

------

5

-

33

-

31M

12M

A

6

106

-

-

----

5

-

32

18

------

105M

1970 A

105M 106 M

92 M

J

IVI N

94 X 105 M
103
109M

34 M

A

F

97M 101X
99M 107

53 M

M N

F

116M 125 M
109M 117M

18M

IVI N
J

May 1 1948

C

o

45

1961 IVI N

105M

97M
103 M
103M
109M

1948 (VI N

gold 4s—

4s sterl stpd dollar

Gen mtge 3Ms ser

1943

31M

77

99 M

15

o

58

105%

71

99M

—

I

O

1952

32

IVI N
1st mtge 6s
1st mtge 5s

Consol

1981 A

1943 M N

1984

98

96

101M 106M

1981 J
-

1981

37 M

18

102 M

98 H
106

4Mb series E.

35

92 %

100M

------

General 4Ms series D__.

72

55 X
60
97
105 M
97 X 105 X

31X

53 M

1

D

35M

------

107 M

O

32
>

O

MN

—

—

107 M

107 M

A

1968

31

D

A

-

5
—

31M

*31

D

M N

---

—

-----

*104M

99M

1970

31

J

J

♦Conv

----

31

30

31

-

8

36

31

------

—-

-----

*31
31

IVI N

♦Conv debenture 3 Ms——

100 M
105M
107M

------

O

-

102M

*

s

♦Non-conv debenture 3 Ms--

A

----

98

105M

J

M S

4s
{♦N Y & N E (Bost Term) 4s..
{♦N YNH&Hn-c deb 4s

-

*102 M

IVI N

5s.

N Y & Long Branch gen

7

98

——————

IVI N

4Ms series B__
Pennsylvania P & L 1st 4 Ms.
Pennsylvania RR cons g 4s

Peoria & Pekln Un 1st 5 Ms

*

N Y & Harlem gold 3 Ms
N Y Lack & West 4s ser A

4Ms series B

Ms A. 1977

Pa Ohio & Det 1st & ref 4

Refunding gold 5s

121M

D

*105M

101

Penn-Dlxle Cement 1st 6s A.. .1941
Penn Glass Sand 1st M 4Ms. 1960 J

Debenture g 4 Ms

N Y & Erie—See Erie RR

IJ

85

107M

General 5s series B

55 X
55

39 M
60 M
55
77 M
116M 122 M

------

.1944

109M
109 X
72 M

109

3
4

------

.1942

C
D

Consol sinking fund

106

6

Guar 3 Ms trust ctfs

105 X

----

—

100 M 101M

100

----

58 X
60

105

88
98 M
88
97 M
100®32 102 M
92 M 106
80 M
95 X
94 M 100 M

109M

—

57

H9M

M

96 M
103

109 M

104 M 108M
85
96 M

-----

100 M
101

O

6

96

58

Certificates of deposit.
A

7

29

94M
102M

58

A

13

89M
100M
96 X

*108M
*108M

A

IF

84

82 M

A

IF

16

103

—

90

105

.1963

94

96X

82 M

28-year 4s

84
104

18

M

High

99 M 105

*i04M

.1952

36

89

88 M

------

Guar 4s ser E trust ctfs

285

88

100*32

-

M S
A

105M

86

Guar 3 Ms trust ctfs

96 M

Low

86

*95M

B-. .1941

Since

5

.1937

Guar 3 Ms coll trust ser

51

46

57
119

119

.1942

♦Paulista Ry 1st ref s f 7s

84

141

96M
106M
87 X

------

.1944

H3M
95
106M
99 M 104M

97

95 M

No.

101

.1947
3Ms conv debentures
Paris-Orleans RR ext 5Ms--. .1968

Range
Jan. 1

High

61M
59 M

106

104M

96

J

A

"97M "62

96

104M

J

Asked

&

Low

High

Is

Friday
Bid

48

110

"97"

O

$A

Range or

Sale
Price

Week Ended

Penn Co gu 3

>J

Last

STOCK EXCHANGE
Sept. 3

Y.

47

•

50

47M

F
A

Low

N.

46M

20

47 M
/ d

*

Jan. 1

44M

48 M

*45

♦Certificates of deposit.

I O

Since

§ 1§

Low
A

1 A

>

♦1st 6s series B

Asked

Bid

BONDS

Range

f2

Friday

Price

Week Ended Sept.

'Week's

Friday

*

J

19M

83

89 M
88 M

31M

32 M

*82M
19M

73M
72 M

48

82

85

22

70

19M

37M

24

18

16

21

33 M
36 M

12

17M

---

-

1978

m"s

18

21M

21

20 M
23

19M

1950

19

18

21

19M

19

21

53

19

33M
33 M

17M

17M

19M

65

17M

30M

Volume

New York Bond Record—Concluded—Page 6

145

Friday

SI

Last

Range or

si

Sale

Friday
Bid
&
Asked

k2

Since

§3

Jan. 1

BONDS

N. Y.

STOCK EXCHANGE

Week Ended Sept. 3

Price

1989

♦2d g 4s Inc bond ctfs

High

15

*483*
423*

J

515*

{♦1st terminal & unifying 5S.1952 J
♦Gen & ref g 5s series A
1990 J

J

St Paul & Duluth 1st con g 4s.-1968 J

{♦St Paul E Gr Trk 1st 4J*S—1947 J
{♦St Paul & K C Sh L gu 4^8-1941 F

A

29

423*
29

"~~5

305*

23

J

12

16

153*

54

1033* 1093*
213*
37

25

1534

743*
653*

483*

42 J*

29

St Paul Un Dep 5s guar

1972

J

J

*1023*

J

153*

4s—1965

1946 J

J

J

J

A

O

A

6?*s

guar

O

♦Stamped
♦Guar

s

f 6?*s

1946

series B

♦Stamped
Scioto V & N E 1st gu 4s

105

1203*

113

1966 IVI

♦1st lien g term 4s
♦Det & Chic Ext 1st 5s.
♦Des Moines Div 1st g 4s

1075*
1133*

108?* 1123*
1053* 1105*

44

25

313*

M N

433*

A

O

23

{♦Gold 4s stamped---------1950
Oct 1949

A

O

F

A

{♦Refunding 4s

A

O

"313*

*113

-1989
5{♦Seaboard Air Line 1st g 4s. -1950
♦Adjustment 5s

1959

1935 F

123*

233*

{♦Warner-Quinlan

113*

22?*

26

383*

{♦Warren Bros Co deb 6s
1941 IVI s
Warren RR 1st ref gu g 3 3*s—2000 F A
Washington Cent 1st gold 4s. -.1948 Q-M

*166"

Wash Term 1st gu 3
3*s

1945

119

173*

49

27

165*

"95*

4

103*

9

147

65*
65*

13

*93*
—

105?*

99?*

993*

.•MM* —

143*
143*

20

105?* 1173*

103

1053*

1962

C633*

953* 102
893*
663*

20

100

"'2
2

183*

253*

6

68

823*

52

1003*

42

995* 1023*
973* 1025*

104?*
*1223*

1053*

46

1005* 1073*

993*
106?*

1003*
1063*

106?*

1073*

20

1003*
105

A

100

*,

-

-

-

118

—

"46
19

Southern Colo Power 6s A

1947 J

J

106

106

1063*

3

Southern Kraft Corp 4>*s
Southern Natural Gas—

1946 J

D

100

100

1003*

39

1003*
913*

101

26

S

106?*

Walker(Hiram) G&W

deb 43*s. 1945 J
Walworth Co 1st M 4s
1955 A

90

89 3*

913*

99

82 3*

813*

83

87

81

815*

813*

823*

110

81

M N

815*

805*

823*

52

IVI

10-year secured 3 ?* s

1946

J

San Fran Term 1st 4s

1950 A

J

O

D

4s

1955
1955

J

1956

55

985*

983*

995*

134

1075*

1075*

1083*

16

J

2

Devel & gen 6?*s
Mem Div 1st g 5s

1003*

1003*

103%

1043*

92

103

100

103

69

1956 A

lien g 5s._—.1938 M
1938 M

Mobile & Ohio coll tr 4s

S

J

45

102?*

90

"903*

106

106?*
1033*

*102?*
203*

J

J
♦Studebaker Corp conv deb 63.1945 J
Swift & Co 1st M 3?*s
1950 IVI N

105

97?*
--

-

-

-

1073*
1053*

203*
105?*

95

-

-

-

*

103

-

1063*

110

105?*

1053*

103
159

1023* 1075*

1233*

117

126

103 3*

1033*

103

105

D

89 3*

903*

"85"

104"

O

*1063*

1073*

106

1095*

Tenn Coal Iron & RR gen 5s.-.1951 J
Tenn Cop & Chem deb 6s B
1944 IVI

J

IVI

s

Tennessee Corp deb 6s ser C

1944

Tenn Elec Pow 1st 6s ser A

1947 J

Term Assn of StL lstg 4?*s---1939 A

1st

cons

f g

—

-

-

s

1953

1093*

1035*

Tex & N O

con

4s

104

Texas & Pac 1st gold 5s.
Gen & ref 5s series B-—

1093*
103?*
103 3*
*108

1943

gold 5s

1183*
1053* 1113*

109%
104

103?* 1083*
100
1053*

1123*

105

1055*

1195*

1195*

120

1977

100 3*

1003*

1013*

20

1979

1003*

1003*

1013*

20

Gen & ref 5s series D
1980
Tex Pac Mo Pac Ter 5?*s A...1964 M

1960 J

Third Ave Ry 1st ref 4s

Jan 1960 A

♦Adj inc 5s

101

101

1015*

5

S

1095*

1093*

1103*

14

J

42 3*

423*

433*

21

O

113*

14?*

124

{♦Third Ave RR 1st g 5s

1937 J

Tide Water Asso Oil 3 ?*s

1952 J

J

11
*

J

1005*

893*

look

100?*

S

Co deb 6s. .1939 IVI

s

513*

1st 6s dollar series...-1953 J
Ohio Cent ref & imp 3?*s 1960 J

1950 A

Tol St Louis & West 1st 4s
Tol W V & Ohio 4s ser C

100

-.1942 M
J

40J*
11
84

"41

Toronto Ham & Buff 1st g 4s.. 1946
Trenton G & El 1st g 5s
1949 IVI
Tri-Cont Corp 5s conv deb A..1953 J

64 3*

64

673*

167

55

103

103?*

10

73?*
463*
1013*

101

S

s
J

*118?*
1153*

s

1952 F

f 7s

83

1083*
973* 103

1023* 1073*

105

116

-----

113

118

s

1153*

99

99?*

90

1013*

99

99

90

O

1942 F

A

{{♦Union Elev Ry (Chic) 5s._. 1945
Union Oil of Calif 6s series A

79

145*
118

.1952 J

3 J*s debentures.

Union Pac RR 1st & Id gr 4s

J

109 3*

1947 J

J

1125*
106 3*

1st Hen & ref 4s

..June 2008 M

S

1st lien & ref 5s

June 2008 M

S

34-year 3?*s deb

1970 A O
1971 M N

35-year 3?*s debenture
United Biscuit of Am deb 5s

1950 A

United Drug Co (Del) 5s
U N J RR & Can gen 4s

1953
1944

s

IVI

1st mtge 4s ser H
1st mtge 33*8 series 1
Western Maryland 1st 4s

1952

Western Union coll trust 5s

1163* 1213*
1143*

118

1103*

108

1133*

110

103

1093*

West Shore 1st 4s guar

White Sew Mach deb 6s

conv

1073*
93 3*

1073*

e

1225*

1065*

107
31

♦Sink fund deb 6?*s ser A

1947

{♦Util Power & Light 5%s
♦Debenture 5s

1947

48

98?*
1003*
435*

1959

48

433*

Vanadium Corp of Am conv 53.1941 A

O

F

A

Vandalla cons g 4s series A
Cons s f 4s series B

1955

101

1957 M N

{♦Vera Cruz & P 1st gu 4 3*s...l934 J
J
{♦July coupon off




101

J

J

100?*
96

823*

107

105

"ii

101

54

104

104

1

1133*
973* 1033*

106

1023* 105

1

383*

383*

323*

47

39

37?*

40

16

31

47

12

123*

12

12

62

1033* 104

104

*1033*
1013*

1023*

1003*
1083*

"1623*

"47

1003*

15

1003* 100?*

1083*

1

1063* 115
20
353*

20

223*

7

20

20

203*

6

1043*

17

143*

32?*
25?*

15

15

15

24

*11

22

*153*

IVI N

"l5"
Y'j
F

99

IVI N

A

20

1233* 1623*
983* 105

....

Cash sales transacted during the current

92

1033*

1023*

103

week and not included in the yearly

range:

No sales.
Cash sale; only transaction

r

current

during current

week,

a

Deferred delivery sale; only

during current week.
» Under-the-rule sale; only transaction during
x Ex-interest.
{ Negotiability Impaired by maturity.
{ Accrued

transaction

week,

of $4.8484.

interest payable at exchange rate

1 Bonds called for redemption or nearlng

maturity.

receivership, or reorganized under
assumed by such companies.

{ Companies reported as being in bankruptcy,

Act, or securities

Section 77 of the Bankruptcy
*

No sales transacted during current

Friday's bid and asked price.

♦

Deferred delivery sales

week.

Bonds selling flat.

z

to the

Included

transacted during the current week and not

yearly range:

No sales.

Stock Exchange,

Transactions at the New York

Daily, Weekly and Yearly
Stocks,
Week Ended

Sept. 3, 1937

Railroad &

State,

United

Total

Number of
Shares

Miscell.

Municipal &

States

Bond

Bonds

For'n Bonds

Bonds

254,300

3,790,000
4,103,000
4,927,000
4,211,000
$21,595,000

820,280

1,202,400

Thursday

Friday

690,000
814,000

2,800,000

3,926,620

...

Tuesday.
Wednesday

455,030

690,900

Monday

Sales

$2,452,000
3,734,000
4,903,000
5,648,000

$342,000
244,000
299,000

$346,000

$1,764,000

503,710

Saturday

305,000

1,240,000

1,288,000

471,000

744,000

261,000

6,686,000
5,216,000

Total..

$5,122,000

$1,922,000

$28,639,000

3

*25*

109

3

New York Stock

1936

1937

1936

1937

Exchange

3,926,620

6,485,360

269,519,345

326,829,679

$1,922,000
5,122,000
21,595,000

$4,435,000
4,972,000

$298,952,000

$203,922,000

53,128,000

242,737,000
1,488,319,000

1,908,936,000

$28,639,000

$62,535,000

$2,030,008,000

$2,335,169,000

Stocks—No. of shares.
Bonds

Government

Total.

365*

993*

33

323*
963* 1053*

1013*

92

98

49

172

41

222,311,000

131

41

Stock and Bond Averages
Below

are

the

stocks and bonds

daily closing averages of representative
listed on the New York Stock Exchange

compiled by Dow, Jones & Co.:

69

485*

673*

103

Jan. 1 to Sept.

Week Ended Sept. 3

1035*
1143*

22

32

*99 3*
101

89

7

123*

1961

Railroad and industrial

120
1703*
1055* 1073*
22
333*
32 3*
243*

33

31

1944

"36

83
107

1013*

25

~33""

122 5*
*30

1944

883* 1073*
86
1093*
19
253*

112

J

1951

f Conv deb 33*s._
1st mtge s f 4s ser C

54

1003*

1003*

♦Certificates of deposit

1943

843* 1113*

77

"913*

903*

203*

{♦Wor & Conn East 1st 4 3*s
Youngstown Sheet & Tube—

33

883*

1113*

F

40?*
39?*

283*
283*

853*

823*

♦Certificates of deposit

State and foreign

1013*

111

943*

1951

Utah Power & Light 1st 5s

"~90k

1949

4s

1003* 1043*

893*

1947
gen

10

86

Winston-Salem S B 1st 4s._.._1960

{♦Sup & Dul div & term 1st 4s '36

59

*20

Wilson & Co 1st M 4s series A.. 1955

{♦Wis Cent 50-yr 1st

23

293*

843*
88

1938

Conv deb 3?*s

293*

101

"893*

7s A. 1935 MN

Wilmar & Sioux Falls 5s.

973* 1063*
1053* 108?*
106
1113*

3

1013*

28?*

101

1942

933*
92?*
1053*
933*

953*

A..1951

Utah Lt & Trac 1st & ref 5s

94
41

110

*106

{♦Wickwlre Spencer St't 1st 7s. 1935
J
♦Ctf dep Chase Nat Bank
♦Ctfs for col & ref

32

1063*

1940 M N

♦Wilkes-Barre & East gu 5s

106?* 1103*
102
109?*

1003*

1949 M

Wheeling Steel 43*s series A..-1966

1233*

106?*

993*

D...1966 M

RR 1st consol 4s

1273*

117

1073*
283*

J

2361 J
ser

116

119?*

106

2361 J

Wheeling & L E Ry 4s

1113* 1163*

"98"

95

♦Sec s f 6 ?*s series C

♦Un Steel Works Corp 6?*s

1103* 112?*

1043* 108?*

1203*

106

"283*

S

110?*

107

107?*

1938 J

1023*

106

106

real est g 43*s
1950 IVI N
25-year gold 5s
D
1951 J
30-year 5s
....I960 IVI
♦Westphalia Un El Power 6s.—1953 J

1163*

1063*

*111?*
*28.3*
106 J*

100

Funding &

23

95

"94"

106

80

77

*1113*

1966

76

52

100

1013*

*119

1961

1st & ref 5 3*s series A
1977
West N Y & Pa gen
gold 4s
1943
{♦Western Pac 1st 5s ser A..-.1946
♦5s assented
1946 IVI

975*

14

*114?*

s

J
{{♦United Rys St L 1st g 4s
1934 J
U S Pipe & Fdy conv deb 3?*s_1946 IVI N
J
U S Rubber 1st & ref 5s ser A. .1947 J

75

145*

1173*
1093*
1123*
1063*

95

O

IVI

80

14

S

A

3

52

100

A

1945 IVI

f 7s

58

1003*
55?*
44?*

70

1203*

f 5s

Sales at

Ujlgawa Elec Power

93

52

*106?*

123

115

Tyrol Hydro-Elec Pow 7HS...1955 IVI N
Guar sec

99

*103

*104?*

'993*

100

*1093*

108

97?* 1013*

1035*

D

90

94

'953*

1945

100
1083*
1073* 1103*

D

*973*

773*

8

1285*
1003* 1065*

D

O

76

51

s

1093*

85

94

1939

110

Tokyo Elec Light Co Ltd—
Tol

1063*

823*

118

2000

Gen & ref 5s series C

40

104

523*

1939 M

963*
943*

Westchester Ltg 5s stpd gtd._.1950
West Penn Power 1st 5s ser E..1963

115

Texarkana & Ft S gu 53*s A...1950
Texas Corp deb 3>*s
1951

s

*119

1944

gold 5s

Gen refund

-

44

28

"io

97

84

O

Wash Water Power

102

101

97?*

97?*
*1013*

853*
1053*
913* 1103*
1015* 105%
89

1015* 105
88
955*
102
1093*
99
1063*
203* 40
1013* 1063*

*103

-----

108J*
1003* 1003*
1123*

933* 103

96

953*

S

D

1961

943*

♦

A

1943

92

953*

D

Staten Island Ry 1st 4?*s

3

-----

♦{Spokane Internat 1st g 5s.-.1955 J
Staley (A E) Mfg 1st M 4s
1946 F
J

913*

69

-

92?*

S-western Bell Tel 3 %s ser B
1964 J D
S'western Gas & Elec 4s ser D..1960 M N

Standard Oil N J deb 3s

1013*
71?*

913*

703*
„

120

166"

1013*

1996 J
-.1951 J

1003* 1033*

104

A

1956 A

98

975*
803*
975*
965* 1023*
1063* 1093*

1003*

J

Devel & gen 6s

——

933*

J

1994 J

Southern Ry 1st cons g 5s
Devel & gen 4s series A

913*

O

So Pac of Cal 1st con gu g 5s.-.1937 M N

reor

1003*

s

S

1968
1969
1981

4

East Tenn

100

IVI N

IVI

Gold 4%s

g4s_

983* 1005*
1075*
1015* 1073*
1033* 1065*
105

1063*

D

O

1955 A

Registered
A

St Louis Div 1st

130

973* 1013*
99 3*
913*
893* 1003*

1951
coll)-.1949
1st 4?*s (Oregon Lines) A--.1977

1st mtge pipe llne4?*s
So Pac coll 4s (Cent Pac

So Pac RR 1st ref guar
1st 4s stamped

73

73?*

24

A

Gold 4?*s
Gold 4?*s

503*

100%

1961 IVI
1965 F

1st mtge & ref 4s

100

733*

24

„

1951 J

South Bell Tel & Tel 3%s
Southern Calif Gas 4 %s

106

99?*
1003*

A

F

1952 A

Socony-Vacuum Oil 3?*s
1950 A
South & North Ala RR gu 5s—1963 A

25

*1063*

185*

16
26

165*

a63%

Skelly Oil deb 4s

433*
39?*

9

25

20

1951 M S
F

41

25

"26"

25

103*

693*

1946
1941

25

O

1980 A

18

-----

7s

44

25

233*

133*

683*

deb 4s

25

*21

135*

*983*

Simmons Co

36

25

25"

63*

J

♦Silesia Elec Corp 6?*s
SIlesian-Am Corp coll tr

443*
413*

26

113*

D

6?*s

263*

20

253*

1

1935 J

s f

713*
99?*

263*

25

253*

A

1978 AO

Warner Bros Plct deb 6s

81

60

97?*
25

"26 k

263*

*

6s debentures

1063*

91?*

.♦Certificates of deposit

„

24

86

60

603*

22

9

♦{Siemens & Halske
♦Debenture

*

97

70

*60~

823*

95

*

143*

9

Shinyetsu El Pow 1st 6 %b
f 7s

1033*
983*

70

135*

1951 M
1952 J

s

60

24

A

deb 4>*s—1951 M

conv

Shell Union Oil deb 3?*s.

1073*

82

3

*

1976 F

1st 40-year guar 4s

f Sharon Steel

101

16

60

363*
133*
203*

16

certificates

263*

38

833*

135*

♦Certificates of deposit

♦Series B

1

42

1043*

82

1941

♦Ref & gen 5s series D._

933* 101?*

l04~

♦Certificates of deposit..

A

67

110

103

82

♦Certificates of deposit

1133* 121
353*
23

513*

54

1939

♦Ref & gen 4 %s series C

High
20
41?*
1043* 109?*

95

A

1941

♦Ref & gen 5s series B

Low

41

108

25

♦Certificates of deposit—
♦1st & cons 6s series A
1945 M S

{♦Alt & Birm 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs.-.1935 F A

"23"

43

1043*

s

1941

43

273*

No.

*51

{♦Wabash Ry ref & gen 53*s A. 1975
♦Certificates of deposit

415*

26

25

26

243*

*313*

"313*

115

110

35

*24

High

#

1954

♦Omaha Div 1st g 3 3*s
♦Toledo & Chic Div g 4s

1035*

1103*

Jan. 1

24?*
108?*

213*
1083*
*106

1939 IVI N
1939 F

Since

Friday
&
Asked

60

Virginian Ry 3 ?*8 series A

124

1003*

25

22%

108?*

Va Iron Coal & Coke 1st g 5s.-.1949 IVI S
Va & Southwest 1st
J
gu 4s
2003 J
1st cons 5s
1958 A O

1013* 1065*

1075*
1133*

IVI N

D

1955 M N

-.1942 J

♦2d gold 5s

995*

100

Santa Fe Pres & Pben 1st 5s.-1942 M S

{♦Schulco Co

1203*

Bid

Price

♦{Wabash RR 1st gold 5s

27

1103*

S A & Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s__1952 J
San Diego Consol G <fc E

1203*

Sale

ii

Range

Range or

Last

*2

Low

♦Vertientes Sugar 7s ctfs
Virginia El & Pow 4s ser A

St Paul Minn & Man—

{Pacific ext gu 4s (large).—-1940 J

v

STOCK EXCHANGE
Week Ended Sept. 3

100

80

D

J

BONDS

N. Y.

High

Low

No.

843*

M N

Nov 1989 J

Week's

Friday
Range

843*

Low

{St L SW 1st 4s bond ctfs

1553

Week's

983* 111
1105* 111
1103* 1133*
3
53*
4

as

1065*

4

.

Bonds

Stocks
10

10

30

20

20

Total

10

First

Second

10

Indus¬

Date

Rail¬

Utili¬

70

Indus¬

Grade

Grade

Utili¬

40

trials

Rails

Rails

ties

Bonds

trials

Aug.

3
2
1
31
30

Aug.

28

Sept.
Sept.

Sept.
Aug.

roads

ties

Stocks

Total

172.17

47.21

26.80

58.28

106.68

108.13

80.84

103.46

99.78

170.84

47.13

26.54

57.90

106.59

108.06

80.93

103.59

99.79

173.08

48.21

26.73

58.75

106.71

108.05

81.28

103.66

99.93

177.41

49.60

27.38

60.26

106.75

108.28

81.56

103.88

100.07

177.88

49.73

27.45

60.42

106.71

108.36

81.38

103.68

100.03

175.93

49.46

27.26

59.87

106.78

108.39

81.26

103.68

99.99

New York Curb

1554

Exchange—Weekly and Yearly Record

Sept. 4, 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
regular weekly range are shown in a footnote in the week in which they occur.
No account is taken of such sales in computing the
range for the year.

In the

following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Aug. 28, 1937) and ending the present Friday (Sept. 3, 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:
week

Friday

Sales

Last
Par

Week's Range

for

Sale

STOCKS

of Prices

Price

Low

High

1
6
1

Agfa Ansco Corp com
_

Air Devices Corp com

26
14

4%
25%
12%

1%

Warrants
Alabama

$6 preferred
Alles & Fisher Inc com...*

7834

77

"64

64

May
Feb

2%

900

1% Sept
Jan
3%
25X June

4

May

300
80

130

Alliance Invest common.

34

$3

25

Aluminium Co

6%

_*

common.

13834

Aluminum Goods Mfg.

*

—

Jan

100

6% preferred

21

138

143

1,450

120

300

111

122

American Airlines Inc... 10

20 34

American Beverage com_.l

1%

100

American Book Co

Amer Box Board Co com.l

American Capital—
Class A common

20%
1%

250

21%
1%

1,000

1634 June

20

18

18

61

19

400

June

98%

Breeze Corp...—

Jan

5%
2%

Mar

24

16%
26%
177%

119%
17%
14%

Bright Star Elec clB

Jan

Brill Corp class B__

19

June

1734

Feb

24%

10c

34

*

$3 preferred
$5.50 prior pref

8

X
35

6%

500

X
35

X

200
100

July
Aug
Aug
Aug

33

82

Corp.—1

2%

3%

2%

1,700

Sept

11

1%
42

8934
5%

Amer dep rets reg
British Celanese Ltd—

Jan

Jan

Am dep rets ord

Mar

Amer

1

30

32%
4%

32

4%

32%
4%

300

900

Cyanamid class A. 10

Class B

—10

n-v

Amer Equities

34 %

33%

35%

11,300

Co com_._l

Amer Foreign Pow warr...
Amer Fork & Hoe com...*

*

Amer Gas & Elec com

*

Preferred

American General Corp 10c

$2 preferred
$2.50 preferred

xl8
31

11034
934

---1
1

Amer Hard Rubber

Feb

Class A pref

Feb

July

18

2%
18

30%
33
108% 110%
9%
10
30
30%

100
200

2,600
400

Jan

Jan

37

Aug

26X
4%

37

Aug

Burco Inc

106

30

21

21

50

24

100

28%

400

16%

17%

3,000

27

27

25

17 M

"44"

44

44%

200
150

100

Preferred
Amer Maracaibo Co

134

Amer Meter Co

*

24%,

35

1X
35

1%
38

5,100
500

35

250

38

%

Amer Potash & Chemical. *

Amer Seal-Kap com

2
Am Superpower Corp com*
1st preferred
*
*

Preferred

American Thread pref
Anchor Post Fence

134
93%
25%

5

"3%
5%

Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
1

Arcturus Radio Tube
Arkansas Nat Gas com..

Common class A

*

.

Preferred

10

Arkansas P & L $7 pref.
Art Metal Works com

—

Associated

94%
25%

3%
5%

46%
8%
1%
93%
27%
4%
3%
6

27%

27%
xl04
104%
1%
1%
6
5%
6%
5%
5%
8%
8%

100

10,800
100
400
100

600
600
100

140

1

88

2ty
38

5%

Amer deposit rets

£1

38

Feb

2634
2834
5434

Jan

1

1,900

5%

6,400

1,200

Jan

Jan

234

Sept
Sept

5%
8%
Apr
76% June

11%

11%

400

5%

5%

5%

3,100

5%

Sept

12 X

12%

12%

700

10%

Apr

Class A

1

1%
2%

$5 preferred

*

18X

Option warrants
Assoc Laundries of Amer.*

332

V t

1%

1%

400

2%
18%

2%
19%

2,700
400

5,300

*

c common

Assoc Tel & Tel class A...*

June

1% June
23g June

17% June
i16 May
X July
X
Jan
5

Atlantic Coast Fisheries..*

7%

8%

500

Aug

734 June

Atlantic Coast Line Co. .50

47

Jan

Atlantic Gas Light pref. 100

87

June

Atlas Corp warrants
Atlas Plywood Corp

*

Austin Silver Mines.

1

Automatic Products

.5

Automatic Voting Mach..*

Avery (BF)

3

1234

Axton-Fisher
Class A

Jan

10

common

*

§Baldwin Locomotive

Feb

Carolina P & L $7 pref
$6 preferred

Jan

!

Carter (J W) Co

J

Catalin Corp of Amer

1534
834

Feb
Jan

Mar

Aug

Aug

5

Mar

Jan

8

Feb

Sept
Sept

21

Feb

Stainless Steel... 1

4%

4

434

5,800

Barlow & Seelig Mfg A

5

15

7% Istpref

834

934

100
400

11

11

200

85

100

85

10

11

234
3%
15

8%

Jan

Mar
Mar

Feb
Mar

Aug

8%

Mar

pref

com

Bell Tel of Canada

80

Apr

103

10

16

June

xl8

2234
2X

July

1
1

15%

1

6%

2%

100

634 % pf-100

Benson & Hedges com
*
Conv pref
*
Berkey & Gay Furniture. 1

June

1834

July

5

June

Feb

8%
16934
12534
5%

Mar

159

40

1%

1%

34%

34%

.5
*
*

May
Jan

1,000
100

113%

June

6,700

1

12%

"l5"

13%

15^

38%

39

2%
44%

2%
45
17

15

Sept

19
4

July
Mar

Aug

July

7,300

June

1434
2434

34

June

41

Aug
Jan

2%
42%

600

14

Sept
Mar
June

434
4834
4334

Cent Hud G & E com
*
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
Cent P & L 7% pref

Feb

Jan

Jan
Jan




1559.

warr

100

134

Jan

Aug

30

Jan

400

8

26

July
Sept
June

5 34

200

3,500
50

834

300

Childs Co preferred
Cities Service common
Preferred

43

50

1 534

400

'""206

1534

8334
3

134

134

125

1,300
3,400

Jan

534

Mar

8

Mar

Jan

134

Jan

134
34
534
3234

Mar

20

Mar

534

June

234 Ju

e

1

June
June

275

10

34

25

20

1234

75

534

700

834
734
161

334

Apr
Feb

Jan
Jan

Apr
Jan

2334 May
Jan
234
2634
834
35

334
10234

July

July
Jan

Feb
Jan

Jan

8S

Aug

14M

Feb

3834
4234
1034

July

124
15
57

10534
19

Feb

Jan

June

Mar
Mar
Mar
Jan

96

Feb

2234
9134
634
234
2734

Feb

Apr
Jan
Jan
Jan

5

52

Jan

3334

Jan

11

2634

Jan

1134

1134

114"

300

12

"166

114%

60

61

250

163-4

17

17

600

434 May

1134
7134
11034
5234
14

2?4

234
37

39

7734

100

3

16,500

42

1,525

Aug

Sept
Jan
Jan

Jan
Apr

7

Mar

19

May

1634

Feb

8234

Mar

123

Apr

7634 May
1834
234

July

July
June

9234

Apr

234 June

534

Jan

3ie
75

Sept
June

13

*
*

82

7

Jan
Feb
Feb

1034 June
12

1
100

Preferred B

Sept

10834
Jan
734 June
3934
Jan
9334
Jan
xl4% June
8934 May
1234 July

20

20

*

4

4%

13

11

11

Cherry-Burrell Corp com.*
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chic Rivet & Mach
Chief Consol Mining

June

7,700

100

Centrifugal Pipe.

134

Mar

834

234
134

100

Chamberlin Metal Weather
Strip Co
5
Charis Corp
10

70

37

Sept

60

Feb

Jan

*

3 34

Preferred BB
*
Cities Serv P & L $7 pref.*

3734

39

20

37

Aug

58

Jan

45

45

25

40

7934

Feb

43

43

25

39

Aug
Aug

76

Feb

734 June
334 Aug
3034 Sept
34
Jan
734 Aug
3734 June

1534
434

Feb

1034

Jan

4834

10

16

Jan
Aug

$6 preferred

*

City Auto Stamping
City & Suburban Homes

934

*

3 34

934

100

-

300

10

Clark Controller Co

"30k "36k"

1

Claude Neon Lights Inc.. 1

"2"

Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
Cleveland Tractor com
*

1334

1334
134
1434
734
434

—

-

-

Club Alum Utensil Co

134

2

""loo
1,100

-

~~38% "39""

Clinchfield Coal Corp. .100

""800

13%

500

5

__

600

5

334 June

Jan

Feb

9

22

1434

100

12

1334

1,000

734
Apr
334
Jan
434
Jan
334
Jan
1134 June

6534

7034

1,500

56

Feb

7 0 34

175

62

June

12

Conv 5% preferred..100

6834

68 34

Columbia Oil & Gas
1
Columbia Pictures com..*

634

634

334

May
Sept

100

1,900

66

40

1

1,400

734

Colt's Patent Fire Arms.25

534

4

134
1434

434

5% income stock A
£1
6% conv pref.
£1
Colorado Fuel & Iron warr.

Jan

Feb
Apr

Mar

Apr

234

Mar
Mar

934 Feb
834 Feb
4% May
4X Feb
2434 Feb
7434 Apr

Columbia Gas & Elec—
7

2,900

534 June
29

10434
1034

Jan

Jan

June

39

Jan

Sept

33

Aug

Commonwealth Edison—
New

page

834

83

100

Conv pref opt ser '29.100

common

Warrants

see

15

Jan

65 34

"l234 "l334

1

Cent & South West Util 50c
Cent States Elec com
1

Commonwealth

For footnotes

1534

4%

12 %
13

1,900

116

42

Cohn & Rosenberger Inc.*
Colon Development ord

25

700

834

Jan

Feb
Mar

11,100

116

"134

234

234

26

434

14%

1534
3734

250

300

9,200

Apr
May

28

26

1

*

Aug
Aug

1634
134

IX

82

34
834

Cockshutt Plow Co com..*

June

234

60

62

Feb

Mar

12%
34%

*

Blue Ridge Corp com____l

$3 opt conv pref
Blumenthal (S) & Co

11

100

%
12%

14%
38%
2%

Jan

May
2734 Aug
434 May

400

1,300

4

*

*

Aug

18

conv pref
—*
Birdsboro Steel Foundry &

Bliss (E W) & Co com
Bliss <fc Laughlin com

13%
6%
6%
168% 168%
117% 118%

300

1%

$2.50

com

2%
15%

%

Purchase warrants
common

Mar

1134 June
1134 Aug

20

com..

Beech Aircraft Corp
Bell Aircraft Corp com
Bellanca Aircraft

15

3,400

434

434

8734 June

*

7% preferred
Conv preferred

15

600

15

234

*

Feb

Mar

May

June

9

11%
1634

134

*

6% pref without

Jan

4

"134 "2
16 34

"134

'3~3o6

10

$7 div preferred

Apr

Jan

234

Machine Co

Jan
Feb

34 May

43

234

Bickfords Inc

732

134

156

1334

Bell Tel of Pa

Jan

Sept
Sept

2%

conv

Jan

July

Bath Iron Works Corp
1
Baumann (L) & Co com..*

$1.50

Jan

22%

Sept

134

Celanese Corp of America
7% 1st partic pref.-.100
Celluloid Corp common. 15

2934
334

100

155

1

Jan

Jan

Aug

Jan
May

534 May

1,300

*

common.

Jan

1334
57%

5

*
*

Feb

Apr

"l4%

30"

734

5

1

com

Carrier Corp

Feb

7

1

Baldwin Rubber Co com.l
Bardstown Distill Inc

88

634

*

-

common

Carnegie Metals

6%

Jan

%

87

87

25c

Feb

88

34
5

2834 Aug
1634 June

Mar

700

3,000

100

May
Aug

300

134

3,600

5

2,200

%

%

534

Jan

26

534

1%' June

110

1

*

14

190

800

Carnation Co

1034

300

134

34

134
%
534

Jan

1034

2634 2634
* 121

334
34

Jan

Feb

13

110

700

1.200

24

300

26%
112%

X

Aug
Mar

Feb

34

Feb
Mar
Jan

3834
34

Sept
Sept

4

334

34

4

5

Aug
Aug
Aug

334

1

1334

7

June

334

*

9,600

warr

Beaunit Mills Inc

Marconi

1034

534
3934

24

32

*

96

3

June

Carman & Co class A
Class B

Jan

Tobacco—

Babcock & Wilcox Co

Barium

B non-voting

Casco Products
Castle (A M) com

tH CO

93

Aug

134

4

1,500

45% June
2234 June

93

Jan

134

4

50

Mar

6% preferred
100
Canadian Indus Alcohol A*

Jan

2234

5

500

Jan
Apr

Mar

73

Mar

Mar

34
10 34

100

23

3034
5134
2534
10634
3134

Apr

Mar

134

5

2734

4734

10134 10134
2634 2934

June

70

Feb

45

2134

%

47
23

47

Apr

*1534
2834
1234

Apr

1%

19

Apr

40

.....

2,700

11

2534 May
634 July

Feb

June

Apr

1st preferred

1

634

85

Feb

Mar

3134

Assoc Gas & Elec—

Common

600

200

12

934

Apr

Capital City Products
Carib Syndicate

Jan

39

Apr

Jan

June

234

July
June

7

Canadian

May

134

24

Jan

3

Feb

com..

1034
99

Jan

32

Apr

Jan

Canadian Indust 7% pf 100

5934
434
5%
834
4234
11034

28J4 Sept

Canadian Car & Fdy pfd 25

Apr

Mar

Mar
Mar

Canadian Dredge & Dock*
Canadian Hydro-Elec—

53

June

Feb

1234

Jan

Jan

2%

77
31

Mar

18

_

59

June

10

82

3034 Mar
1434 Mar
534 Aug
3634
Jan
2134
Jan
10834 Apr
334 Feb
734 Feb
1634 Mar

Mar

70

Calamba Sugar Estate..20
Canada Cement Co com..*
Canadian Canners

Jan
Jan

2634

3»6

Sept
July

26% June
101% July

Industries

Elec

Jan

5% May
IX June

2,400

*
5

Ashland Oil & Ref Co

45%
8%
1X

4%

*

Wupperman.. 1

Angostura

Jan

Feb

8

25

44

1,400

*

_

Jan

3234

33

500

7634

634

Am dep rets A ord sh
£1
Am dep rets B ord shs.£l
Amer dep rets pref shs £1

Feb

Jan

Mar

Jan

Cables & Wireless Ltd—

Mar

Mar

Mar

Amer Pneumatic Service.*

Jan

37

Sept
July

1%

Jan

32

16%
26>£
32%

134

1134

Burma Corp Am dep rets..
Burry Biscuit Corp.-1234c
Cable Elec Prod vtc
*

Feb

Jan

Sept
934 May
28
May
2234 May

Warrants

42

82

25

6% preferred

Amer Mfg Co common 100

3634

Jan

Aug

z20

27 X

12

634
45

*

common

$3 convertible pref

Aug
May

17

24

24

48%
11234

Aug

3534

50

Mach—20

Amer Lt & Trac com

June

9%

800

350

June

300

29

74

74

Buckeye Pipe Line
Buff Niag & East Pr pref25

Jan

X

834 May

$5 1st preferred
*
Bunker Hill & Sullivan 2.50

134 June
17% June
28% June

2834

134

*
50

Jan

Apr

15% Sept
10834 Apr
X May
234
Jan

600

*

8

Feb

31

29

Brown Forman Distillery. 1
$6 preferred
*

Mar

Sept
Sept

2334

Brown Co 6% pref
100
Brown Fence & Wire com. 1

Mar

7%
4%

35

4134

5%
4%

100

Jan

19

Apr

Aug
Sept
20}4 Sept
334 June
1834
Jan

*

47.

Apr
Apr

1034

reg—10s

3134 June
3% May
Jan
33%

*

com.

Amer Invest (111) com
Amer Laundry

2%

June

100

1034

834

£1

Bruce (EL) Co

25

Class A

Class B

45

British Col Power class A

Apr

Am Cities Power & Lt—

Class A with warrants 25

400

334

8

,_*

Class B
8

334
45

Jan

5634

134

1,200

T.766

11

4%

700

9

434

British Amer Oil coupon

May

75

"400

"2334

8

Registered
*
British Amer Tobacco—
Am dep rets ord bearer£l

131

3234
3%

100

500

45

*

Jan

June

1% June
Sept

2034

734
434

*

Class A

Mar

120

2834 Aug
1334 June

31

100

Feb

140

61

""266

"1534 "1734

—*

7% preferred
Brlllo Mfg Co common

Mar

434
134

*

Class A._;

Mar

"23"

434

100

Jan

Feb

434
114
2034

734

Aeronautical-—1

Preferred

July

Jan

100

61

10c

—

Common class B

Amer Centrifugal

122

Aug
Aug
Aug
July
Apr
Apr

7
122

2334

Bridgeport Gas Light Co
Bridgeport Machine
*

300

100

Brazilian Tr Lt & Pow— *

Jan

77

21

""400

100

59% June
2% June
3% June

15

112"

434
134

-100

Brewster

100

'io8~

2d preferred

Jan

Aluminum Industries com*
Aluminium Ltd common.*

7% 1st preferred

Jan

June

15

115% 116%
16%
16%

Jan

5X

'""366

1634

High
Aug

X

*

_.

87

21

100

preference

Bowman-Biltmore com.

80

15

21

1%

Low
5

100

§Botany Consol Mills Co.*

Jan

iiH

*

pref

conv

Class A

Aug

5

16"

Bourjois Inc

June

7234
67

Allied Internat Invest com*
Allied Products com—.-10

25

22

5%
34%

5

Range Since Jan. 1 1937

Shares

100

38

78%
73%
64%

73

7% 1st preferred

June

6%

Price

Bohack (H C) Co com...*
Borne Scrymser Co

11

200

*
*

Week

Apr

200

1%

for

of Prices
Low
High

Mar

600

-

Ala Power $7 pref

24

14%

*

Southern..50

Gt

Jan

Jan

56%

26

2,400

Week's Range

Sale
Par

3% June
Feb
14%

4%

Air Investors common.

Conv preferred

May

21
4X

Last

High

42

*

Class B

Alusworth Mfg common.

Low

Shares

Supply Mfg class A.

Aero

Sales

STOCKS

Continued)

Range Since Jan. 1 1937

20

Acme Wire v t c com

Friday

Week

25

30

30

3234

2,300

34

18,700

30

& Southern

*16

3,s June

7,«

Jan

Volume

Sales

Friday
STOCKS

Week's Range

Last

(Continued)

Sale
Par

of Prices
High

Low

Price

1

Commonw Distribut

35%

150

32

June

64
34

Jan

100

14 %

June

17

Jan

16

400

14% May
4
Sept

17%

Jan

Jan

11%

5

June

1

1%

Warrants

1,900

%

700

80%

600

7%

100

79%

1

Consol Retail Stores

pf 100

3%

Jan
Mar
Jan

June

2%
20%

Feb

300

X
10%
8%

June

15

Feb

200

14%

Sept

54

8%
14%

Aug

21%
61%

14%

18%

17 %

Aug

35

Apr

29

29

Sept

52%
18%

Jan
Jan

3,900
100

32

4%

11H

500

10

May

32

32

100

27

July

3,500

2

4%

4%

Jan

Jan
Mar
July
July

5%

200

Feb

4%

5,500

4

Aug

23

500

22

Aug

28

13%

100

12%

Mar

14%

& Eng

32%

35%
13%
%

5,900

100

Bldg Corp

5

Crocker Wheeler Elec

*

Co.i
Crowley, Milner & Co

33

1
*

Croft Brewing

—

Crown Cent Petroleum-

12 %

%

Preferred

114

.

1,700
400

Aug

1%
12%

June
June

40

'16

11%

%

'is

U%

11%

Mar

25%

5

Jan

25

Feb

2%

Jan
June

11%

2%

"5
44

U%

Sept

16%
17%

Aug

19

300

Sept

21%

July

98

Mar

*
*

75

3%

30

60

June

5%

Jan

7%

1,300
300

15%

17%

300

17

2%
4%

800

2% June
3% June
5% Aug
43% July
28% July

2%

5

5

%

43%

47%

800
100

700

June

Jan
Mar

4%
19%

Sept

Jan

87

May

8%
89

11

10%

Jan
Feb

31%
30

Aug
Jan

28%

May

17%

Dominion Textile Co com. *

81

4%

400

.1

Dominion Steel & Coal B 25

21%

23

21

1,400

Aug

Feb

64

15

4%

Feb

3% May

12

4%

Aug

19% May
20

Domin Tar & Chem com.*

Divco-Twln Truck com__l

July

82

July
Apr

Jan
Jan
July

Aug
Mar
Apr
Aug

ord reg.£l

Gen Fireproofing com

21%
21%

*

100
*

32%

32%

50

30

82

81

82

60

76%

33%

35%
106

106

100

Dubilier Condenser Corp.l

2%

300
10

2%

1,000

72%

2%

175

30

56

"l% "l%

0%

7%

8%

8%
19%

1
*

0%

Eagle Picher Lead
..10
East Gas & Fuel Assoc—

18%

*

5%

5%

"49"

01%
45%

Eastern

100

6% preferred A

17%

2^600
800

5,100

Feb

Feb

68

Apr

79

Aug

Mar

5% June
6%
Jan
17% May

1%
7%
10%
27%

Mar

Jan

Feb

1,300

4% June
55% June

10%

Jan

100

80

Jan

49
18%

800

38

71

Jan

75

18

Aug

3%

400

3

June

26%
6%

Feb

61

*
$6 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Edison Bros Stores

Aug

82%

Jan

1

June

59

8

8%

200

15

100
800

15%

2%
17%

42,000

61

02%

400

07

08%

600

15

Aug

7% June
15

Sept
May

19

2

Eisler Electric Corp

95%

95%

Jan

82" '

Jan

13

Jan

*
*

16

Feb

Aug

45%
12%

Feb
Aug

22

July

28

Feb

9

01

2%

1
1

5%

"5% "5% ""260

*

Option warrants

$6 conv. pref ww

*

89

$3 preferred
Gorham Mfg Co—

extended
Inc 1
Varnish...*
Gray Telep Pay Station. 10
Vtc agreement

Grand National Films

Great Atl &

23

Jan

24

Mar

121%

Greenfield Tap & Die..

com..25c

Grocery Sts Prod

.-25
Util $5.50 pref

Alabas..*
*

5
Hamilton Bridge Co com.*
Hartford Elec Light
25
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Dept

Store com. .5

50

preferred

25c
*

Hecla Mining Co

Rubenstein

Class A

Jan

Horder's

Jan

Hormel

Jan

Horn

2% June

7%
98%
22%
17%
5%
40%

Jan

"166

38

100
100
7% preferred
100
8% preferred
..100
Empire Power part stock.*
Emsco Derrick & Equip. .5
Equity Corp com
10c
Eureka Pipe Line com
50
European Electric Corp—

39%

37%
45%
13%

1%

39%
45%
£26

£25

1%
31%

14

1%
33

400

Aug

60

Jan

July

72%

Feb

June

74

Feb

37%

Sept

77

Mar

50

40

July

81

Feb

2,600

£25

Aug

Feb

13

June

31%
19%
2%
47%

500

5,600
200

1% June
30

Aug

Option warrants..

13,600

%

Sept

100

%
18%

18%

20

200

18

July

3

17%

17%

17%

700

Aug

__1

4%

4%

4%

1,000

17%
3%

1,400

8

July
Jan

Falstaff Brewing

1

9%

10%

Fanny Farmer Candy

1

24%

24%

100

19%

Apr

Metallurgical—*

10%

11%

200

10%

Aug

9%

Fedders Mfg Co

5

14%

14

14%

1,500

12

June

Ferro Enamel Corp

1

30%

36

38%

1,500

35

June

1,800

13% June
% Aug

Fiat Amer dep rets

%

Fldelio Brewery

80%
119%

July

117%

Jan

July

128

Feb

Sept

47

Apr

121% 121%

Mar
Jan

1%
3%
45%
27%
8%
11%
25%
17%
15%
47%
18%
1%

Feb

700

4%
7.

7,6

716

300

54%

56%

5,000

1

(A C) Co com
Hardart

—

*

5%

Aug

Feb
Mar

100
7% pref unstamped..100
Hydro Electric Securities."
Hygrade Food Prod
5

12%
4%

12%

4%

12%
4%

Feb

Ctfs of deposit
Illinois Zinc..

Feb
Jan




1559.

June

95

12%

Sept
June

Jan

"4

Aug

24

15%

Aug

15%

56

1%

1%

1%

"15% "xl5%

2%
1%

49

15%
10%

16%
16
50%

16%

17%

15%

600

1%
1%
9%

Jan

Apr
Jan
Jan

70

3%

Aug
Jan

Apr

June

4

Jan

June

15

Feb

15

June

Feb

1,500

13

June

18%
17%

200

46

May

52

1*666

2,800
100

7

7

400

May

Jan

Feb

Feb

15% June
6% June
7% June
6% May

25%
9%
10%

Jan

23

28%
16%

July

47%

Aug

24%

24%

50

Mar

15%

300

44

46%

300

12% June
39% June
42

11

Mar

Apr
Apr
Jan

42

42

100

Aug

42

Aug

36

Jan

45

June

28

28

100

24

June

35

Apr

11%

12

700

10%

June

15%

Jan

19

11%

Jan

July

33%
11%

Feb

June

20

30

"29%
81

10

7%
:
29%
30%
103% 103%
29%
31%
79

9%
22

81%

200

Apr

7%

100

29

50

102

5,400
3,100

10

800

22

100

Sept
Aug

19%
22%
9

41%

Jan

Jan
Mar

July
Jan

June

112

Jan

25%

June

42

Feb

72

June

87

Feb

%

12%

July

Jan

9%
17

23

Mar

July

2

Feb

Aug

3%

"3%

6%

t

50

Aug

27%

Feb

Feb

26

Apr

8

16

15
24

16

June

13

Feb

3%

5%
53%

21%

34

21%
7%

23%

500

8%

300

3% June
43% June
6% June
21% Sept
7% Sept

30

850

22

July

52

June

62%

Feb

June

9%
24%

Mar

1,000
600

Jan

Mar

11% May
33% May
13% May
July

—

A.*

coup..*

Registered

8%
21

20%

20%

1,600

20

June

300

20

July

24

Feb

14

20%

Jan

15

Mar

Can. 5
Imperial Tobacco of Great
Imperial Tobacco of

Ireland..£1
10
Service 6% pf.100
and

Indiana Pipe Line
Indiana

Jan

90

25

50

Preferrred

7% preferred
100
Indpls P & L 6% % preflOO
Indian Ter Ilium Oil—
Class B

footnotes see page

125

Jan

Feb

July

600

Mar

1%
63%

16

Hygrade Sylvania Corp
Illinois Iowa Power Co...*

Britain

6

June

Common.

Imperial Oil (Can)

Mai*

16%

50

Inc—

Feb

Feb

16

Jan

84

Inc

Mar
Mar

Jan

June

72

55

Imperial Chem Indust—
Am dep rets ord reg..£l

Feb

36

200

5

8%

200

19%

19%

10

22

22

20

8

-.*

36%
7%

Mar

1%

100

Jan

Jan

15

Mar

36

Jan

39%

Jan

19

2

1%

44%

Mar

18% June
June

91% May

Non-voting class A..

For

100

300

(Geo A) Co com.*

Illuminating Shares cl

% June
*

140

Jan

16

§Hylers of Delaware

40

6%% preferred

86

5

7% pref stamped

6% preferred

83%

(Henry) & Co cl A

Mar

35

Jan

22%

7

G M...5

Mar

Empire Gas & Fuel Co—

Aug
Jan

Sept

Hires

preferred... .-..100
Hud Bay Min & Smelt—*
Humble Oil & Ref
*
Hummel-Ross Fibre Corp 5
Hussman-Ligonier Co
*

Feb

33%
4%
18%

7%

14

10
Wakefield Co. 25

14

July

Jan
Apr

1,500

13%

5

Heyden Chemical

80

June

Feb

38

8

14%

Preferred ww

June

2

21% Mar
1% June
12%
Jan

%
7%

500

39

Hewitt Rubber com...

Holt

'766

July

Feb

107

3,400

Holophane Co com

"2% "2%

June

% June
5%
Feb

36

-2
25

Jan

Jan

95

3

—

Heller Co..—

Jan

Feb

Feb

30

Haloid Co

87%
11%
9%

Aug

39%

36

1

Guardian Investors

66% July
5% June
5% June

May

Feb

Aug

14

25

Gt Northern Paper

Hollinger Consol

8

~38~~

200

Jan

51

2%

29

2%

preferred-1.--100

Feb

68

38*

400

15

Aug

7%

29

83%

80

30%

Empire Dist El 6% pf.100

30

%
6

July

37%

33

*

Non-vot com stock

Hey wood

Jan

Pac Tea—

Jan

100

15

39

%
6

(C E) Co cl A...
"
Hoe (R) & Co class A...10

13% June

"2%

150

Grand Rapids

Jan

150

Electrographlc Corp com.l
1

500

1,600

*

4%
28%

8%

89

89
8

Elec Shovel Coal $4 pref..*

3%

9%

98

98

%

*

Horn &

3%

1

37%

_..._*

1% June
13% June
56% June

Electric Shareholding—
Common

9%

*

$7 preferred..

8%

23%

9%
39

45

2%
15%

Apr

Apr
Apr
Jan

July

Goldfield Consol Mines. .1

Helena

11%
36%
%
95%

11%

Gorham Inc class A

6%

Aug
June

Feb

107

32

A. *

Class B

Hearn

Sept
Aug
June

Feb
Jan

Mar

*

Godchaux Sugars class

Gulf States

38%

95%
10%

72

Jan
Jan
Mar
Feb

*

Gladding McBean & Co..*
Glen Alden Coal
*

1st

Jan

',6

Preferred

7%

Feb

3,6

96%
100%
3%
22%
51%

18%

30

Jan
Mar

100

Apr

46

100

34

6% June

Elec Bond & Share com..5

Elgin Nat Watch Co.

95%

Feb

Aug

July

100

Warrants

Gypsum Lime &
Hall Lamp Co

0%
01%

$7 preferred series A

Electrol Inc vtc...

24

300

1,800

*

13 preferred

Jan

May

Jan

68% Aug
1% June
15%
Aug

Gen Water G & E com...l

42%

6%

Feb

25%
64%
1%

1% June
83

$6 preferred

18

States Corp

Class A

1%
16
47%

24

Hazeltine Corp...

Malleable Iron.25

Eastern

Elec P & L 2d pref A

15%
47%

1%
15%

General Tire & Rubber..5

Jan

111

Jan

6%

',6 June

Apr

3

4%% prior preferred .100
6% preferred
100

$6 preferred

"760

89%

pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock...*
General Telephone com. 20
53 conv pref...
— *

96

105% Aug
2% June

Jan

23

Jan

Warrants

50

1

69

100

Durham Hosiery cl B com *

Elec Power Assoc com

500

Gen Outdoor Adv 6%

July
Jan

Jan

19% June
17% June

600

*

$6 preferred

Jan

32%

10

$5 preferred

21%
22%

B_*

Gulf Oil Corp.

(W L) Shoe Co—

Jan

3

1,500

4

3%

14%

Gen Electric Co Ltd—

25

10%
29%
5%
22%

Fansteel

9%

200

100

Mar

Fairchild Aviation

500

18

10%

26

7% preferred

10%
17%

17%

74%

£1

Ex-cell-O Corp

9%

17%

1

10%

Liquors Corp...5

Evans Wallower Lead

preferred.

74%

Apr

Common

Conv

*

July

Duval Texas Sulphur

1

Common..
Fruehauf Trailer Co

Gilbert (A C) com

Feb

Jan
11% June
14% Feb

Jan

Froedtert Grain & Malt—

Apr

16

Aug

15

"266

33

14

Jan

2%

24

Aug
10% June

5%

10%

Georgia Power $6 pref...*

11 %

Aug

Feb

9%

5
1

Feb
Jan
Apr

200

Feb

July

2%

Franklin Rayon Corp com

11% Sept
13% May
Jan
19%

July

Aug

8%
29%
31%

2%
8%
8%

300

Feb
Feb

10

Duro-Test Corp com

2%

16%
%
18%
15%
28%

9

Duke Power Co

100 frcs

Aug

23

7% preferred

Amer dep rets...

Aug

Diamond Shoe Corp com.*

Driver Harris Co

26

24

',6

13,6

Mar

11%

Ford Motor of France—

108%

July

Mar

65

,

22

100

July

10%

4%

1

7% preferred
Draper Corp

1,100

Jan

6%

17

17

Detroit Steel Products—*

Douglas

22%

22

*

Feb
Feb

July

92

6% July
21% June

2,000

50%

75

20

Dobeckmun Co com

Ford Motor of Can cl A..*
Class B

6%

6%

June

10%

6%

Fdy.__l

Distillers Co Ltd

ord reg..£l

40

*

DetMach Stove Co com__l

Distilled

Am dep rets

15

500

June

36% May
11% Aug

300

13

150

26

74

73

74

Detroit Gasket & Mfg coml

De Vilbiss Co com

70

50

42

Ford Motor Co Ltd—

Gilchrist Company

Derby Oil & Ref Corp com*

Detroit Paper Prod..

77

41

*

General Investment com.l

Feb

10%
77

Gen G & E $6 conv pf

2% June

13,6

£1
1

6% pref ww

Ford Hotels Co Inc

11%

Jan

2%

Mar
Mar

~4l"

Feb

16

3,800

114%
18%

May

'21% ""BOO

~<20~

"2l"

Dennlson Mfg 7% pref-100

Detroit Gray Iron

$6 preferred
Florida P & L $7 pref

Jan

1%

Aircraft Co—

Preferred

Fisk Rubber Corp

Amer dep rets

12

12%

109% June
10%
Jan

June

com.*

dep rets ord reg

100
1
100
*

6

*

Dayton Rubber Mfg com.*
Class A
35

Dejay Stores

7% 1st preferred

General Alloys Co

20

Jan

20

72%

72%

Stores—

First National

Feb
Aug

1%
38%

73%

82%

4

11,900

High

05% May

100

5

Darby Petroleum com—5

Am

3,500

100

Defiance Spark Plug

Jan

Low

70

113% 113%

Fire Association (Phila).lO

104%
10%

Cusi Mexican Mining.-50c

Davenport Hosiery Mills.

May

%

Range Since Jan. 1, 1937

Week

100

6%

40

6%% preferred

Price

50

10

6%

Cuneo Press Inc

De Javiland

2
13%
2%

114
13%
2%

10

Cuban Tobacco com v t c.*

Curtis Mfg Co

12

1,600

June

*
—10

6% preferred

Mar

June

Co com__25c
25

Crystal Oil Ref com

1,200

Aug

%
28%

6

Crown Cork Internat A..*

Crown Drug

12%

Par

Gamewell Co $6 pref

Jan

Cramp (Wm) & Sons Ship
Creole Petroleum

Sales

Friday

Fox (Peter) Brewing

4
22

£1

Courtaulds Ltd

5%

13%

50

preferred

June

4% June
86

4%

Jan
Mar

May

34

5%

Cosden Petroleum com—"*

Jan

7%
94%
5%

*

$6 preferred A

July

2-5383

Mar

135

17%
102%

11%

Copper Range Co
Copperweld Steel com..10
Cord Corp
5
Corroon & Reynolds—
Common
1

Shares

HA

Jan

Feb

700

29

*

$3 prior preference

of Prices
Low
High

Aug

600

18

18

for

Sale

May

*

$4 preferred

Cooper Bessemer com

Week's Range

{Continued)

6

%

8%

'14%

Last

Mar

85

19H

%
18

Cook Paint & Varn com..*

STOCKS

100

75

91

91

"'%

Fdy...*

Street, New York City
Teletype: N. Y. 1-1943

89%
114%
4%
2%

900

9

714

Wall

60

Mar
Jan
Feb
Mar
Mar

10%

INC.

WILLIAM P. LEHRER CO.,

Jan

11

July

2%
7%

Continental Secur Corp..5

conv

78

112% July
1% Aug
% Aug
Apr
73%
0% June

120

96

Continental Oil of Mex___l

5%

5,6

7%

8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com..

Cont Roll & Steel

64

800

72%
74%
1.3% 113%
1%
2%

S16

Consol Min & Smelt Ltd.5

7%

19,100

10

9

9%

100

800

4%

Preferred

and

BO UOH T—S OLD—Q VOTED

Mar

June

15%

15

Consol GELP Bait com *

—

2%

%
15%
4

Common

Jan

June

Community Water Serv__l

Consol Gas Utilities

Jan

24

34

Compo Shoe Mach vtc..l
New v t c ext to 1946.._
Consol Biscuit Co
1

5% pref class A

2%

Aug

1 Ys

400

Cities Service Co.

High

Low

Community Pub Service 25

Consol Copper Mines

1, 1937

Range Since Jan.

for
Week
Shares

1%

1%

Community P & L $6 pref *

Cont G & E 7% prior

1555

New York Curb Exchange—Continued-Page 2

145

June

1% June

105

4%
4%

Jan

Jan
Jan

New York Curb

1556
Friday
STOCKS

Last

(Continued)

Week's Range

Sale

Par

of Prices
High

Price

Exchange—Continued—Page

3

Sept. 4, 1937

Sales

Low

for

Friday

Range Since Jan. 1, 1937

Week

Shares

STOCKS

Last

(Continued)

Low

Sales
Week's Range

Sale

High

Par

of Prices

Price

Low

Range Since Jan. 1, 1937

for
Week

High

Shares

Low

High

Industrial Finance—
V t

1

c common

7% preferred

IK

1%

200

lsi6 June

6624
23

"266

2%

200

6434 June
2234 June
2K Apr

100

9

Insurance Co. of No Am. 10

"66"

International Cigar Mach *

23

22%
2%

Internat Holding & Inv..*

200

Internat Hydro-Elec—

Pref $3.50 series
A stock purch warr

50

27%

27%

29%

500

35

34%

35%

3.400

Jan
May

"1%

Class A

""800

100

1

Internat Safety Razor B.*
International Utility—

Jan

11

34

1

$3.50 prior pref

IX

*

IX

1%

38

38

Interstate Hosiery Mills..*

37%

Interstate Power $7 pref.*
Investors Royalty

9

1

Iron Fireman Mfg v t C..10

Irving Air Chute

23X

...1

Italian Superpower A
Warrants

*

Jacobs (F L) Co
Jeannette Glass Co

1

7ie
22%
1034
%

1,000
200

400
20

Jan
Jan

434 Aug
5% Sept
3434
Jan
634 June

1,700

7i6

*

14%
5%

700

13

534 % preferred
6% preferred
7% preferred

5

100
100

72
83

"~5X

Julian & Kokenge com
*
Kansas G & E 7% pref. 100
Ken-Rad Tube & Lamp A *

300

5

Sept

75

66

June
June

100

5%

1,100

June

97

934
12634

11*»

200

100

1%

100

54

50

3734
4%

37*5

20

4%
5

2,300
1,300

5

4%

10*;

10%
12

11%

10 H

*

15

1

*

100

225

100
400
50

1,600
1,400
100
300

4,300

"29"
24%

"29""

24%
4%

*

5

Lone Star Gas

*

Corp

*

7% preferred
6% pref class B

13X
12%
10%

26
,

4%

'"""50
2,700
200

65

4634
434

Apr
Aug
Aug
June
June

Aug

234 May
1324 July
734 Sept
"16

Jan

30

107

334
8834
6534
824
824
124

Jan
Jan

10

10%

2,600

924
934

3%

2,100

June

3%

10

64%

125

12

12%

2,800

324

2%

2%

53

3

24

28

13%
3%

424

Memphis Nat Gas com
Memphis P & L $1 pref

20%
U8%

5

*
Mercantile Stores com
*
Merchants & Mfg cl A...1

634 % A preferred
Mesabi Iron Co

13%
3

20

Jan

1324
234

Apr
Feb

3034

6%

100

7

Mar

24

May

2234 June
1834
Jan
1634 Feb
1434
Jan

Jan

Jan

600

Apr
June

38

Apr

624

100

4,100

2 24

Sept
June

234
5524
524
1034

May

82

100

2034

Apr

17

Jan

14
3%

400

12

June

800

3

Apr

11%

1,500

23

200

834
1834

Feb
Jan

200
800

Jan

50

300

Aug

634

June

1834 Aug
10134
Jan
434 June
6234 July

100

39

6

500

5

"6% "~6%
70

"X

Jan
June

2524 June
MOO

524 May

70
a

"16

50

52

3,200

7i6

Jan

May

July
Jan

73

5324
7

Feb
Feb
Jan

100

1

1%

1,700

4%
"16

4%

1,200

"16

600

*

7%

7%

50

Minn P & L 7% pref..100
Miss River Pow pref
10

113% A3%

10

12

10

12

13%

500

10%

14,200

"3% "~3% "3% """360

10

8%

*

8%
145
30

.

page

1559.

8%
145

32%

100

100
300

350

X

*6

34

3%

4

"966
800

24

24

300

10

1034

400

124
2034

10%

"20'x

124
2034

1,300
700

Common

10

1st pref

51

5034

51

500

8

8

"ix "ix

IX

"266

69

69

""25

Jan

8

Sept
June

134
1034

Sept

69

Sept

424

2d pref cl B
Class A opt warr
Class B opt warr

Jan

10

114

23%

2334

2334

200

18

June

78

78

8034

1,600

72

June

234

200

114

114

234

"92"

92

99

92

June
Jan

334

30

30

1324

107"

107

3034

250

1434

600

11034

110

10034 10034

20

434

100

434

1124

1224

83

83

6,300
50

1224

*16

2

5

12

1234

400

Class A pref

54%

Nineteen Hundred Corp B1

Nipissing Mines

X5334

Common

1

734

*

com

Northern Pipe Line
com

3

334

700

924 June
8134 June
75% Aug
July
Feb

si6 May
Apr

134

IO34 June

Jan

Mar

Feb

Mar
Jan

Feb

65

Jan

1624

Feb

100

Feb

94

Feb

7934

Aug

115

24
224
16

Feb

Feb

Feb
Feb

734

Jan

Jan

49

Sept

4934

"TOO

Jan

124

Sept

5

4,300
20

"260
500
100

Apr

34
76

Jan

July

8734 Apr
Jan
734
1624 June
134 June

77

Jan

Jan

5134 Aug
5024 Apr
5134 June
424
Jan
634
Jan
24
Jan
9634
Jan
10334
Feb
1224 May
41

634

Feb

Jan

24

"2824" "28X "2824
56

9834

5634

9834

9834

11024 111

""166
75

75
90

Aug

37

Feb

28 X

Sept
Jan

3524

Jan

4334
97

June

10624 May
10234 June

Jan
Feb

May

11124
10424
1434
1424
3224

""166
500

9234
Apr
1224 June
934 Apr

300

26

50

2734

29

Jan

Jan

1224

12

Mar

112

"1224 "12%

5

15

101

67

110

11134

Oil8tocks Ltd

$3 preferred

34

Apr

224 June

"""16

6%

634
16

Jan

Mar

1,300
1,100

105"

com.

37

Feb

105"

com

13524

Feb

324
1134

Ohio PS 7% 1st pref...100
6 % 1st preferred
100

Oklahoma Nat Gas

5

Mar

Mar

July
May

Jan

124

14034
3028
9424

6

35

com.. *

*
Ohio Oil 6% pref
100
Ohio Power 6% pref...100

234

3524

21

Mar

Apr

900

""§""

Mar

Aug

200

2034
124

Apr

35
88

15

50

""8"

Jan

Jan

Aug

45

21

Jan

Jan

98

4624

34
7834

Feb

62

49

34
7834

Apr

Apr
May
Aug

43%

,

Jan

Feb
Mar

1,000

Northwest

Ohio Brass Co cl B
Ohio Edison $6 pref

40

4334

§Nor Texas Elec 6% pf.100

Engineering..*
Novadel-Agene Corp
*

June

50

34

Apr

Mar

43%

"ix "ix

21
11234
5924
8034
1924
1924
224
2324
8934
634

1224
524

44

10

cl A..100

234
734

224

"7%

....1

$6 preferred
...»
North Amer Rayon cl A..*

1,800

Jan

Jan

Jan
9%
12% May
3% Feb

7% June
434 Aug

15

5

Noma Electric
Nor Amer Lt & Pow—

62

28

Mar
Mar

97% June

95
*

%
734
5734

Jan

Mar

700
500

Apr

1534
11524
10534

June

98
'16

2

Pond

June

65

100

common

2834 June
106

24

11X

Feb

19

July
Aug

Jan

Feb

91%
1234

234 June
26

900

Niagara Share—

Nor Sts Pow

Apr

July
July
Aug

June

734

724

200

"2924 "30""

""966

28

I6B34

"""75

103
65

Apr
Aug
May

Jan

June

5

Feb
Feb

July

May

10

Jan
Jan

Mar

Feb
Jan

conv

pref

2924

10624

Pacific P & L 7% pref.. 100
Pacific Public Service
*
$1.30 1st preferred

25

*

Pacific G&E 6% 1st pf.25
534% 1st preferred
25
Pacific Ltg $6 pref
*

Pacific Tin spec stock

101

65

10624
65

*

*

Page-Hersey

Tubes Ltd..*
Pan Amer
Airways
10
Pantepec Oil of Venez
1

10524

43

4834

550

May

24

Mar

Jan

90

Mar

Aug

424
14%

Mar

Aug

13

Aug

June

5

Feb

43

Jan

Jan

May

98

Jan

109

July

118

Feb

Feb
Apr
May

Pender (D) Gorcery A
Class B

Peninsular Telp
Preferred

com

Penn Edison Co—
$2.80 preferred

Jan
Feb
Jan

Jan

734

July

9%
2624

10524 10634

150

5634

6124

900

634

734

14,200

38

10134
5634
534

1024

Feb

Aug

10

Aug

Mar

3224

Feb

Mar

2934

Feb

2424

Jan
Mar

Sept
Mar

5434
10634
7534
924

July

634

Feb

Apr

26

2734

300

*
*

734

734

"166

2124 July
2524 June

30

29

26

Apr

53

3034 June

43

100

7

Jan

26

*

June

10924 May

Aug

Jan
Jan
Jan

3034 July

1224
3024
110

Feb
Feb

Feb

Mar
Apr

June

4234

Mar

$5 preferred
Penn Mex Fuel Co

*

65

June

72

Mar

1

5

824

Feb

Pennroad Corp vtc
Pa Gas & Elec class A
Pa Pr & Lt $7

Aug

1

June

524
1734

Mar

pref
$6 preferred
Penn Salt Mfg Co
Penn Traffic Co

Pepperell Mfg Co
Perfect Circle Co

17

Feb

6

33

Pa Water & Power Co

37

106

June

*

Feb

157

July

3

4

5634
634

10

71

9734

20
46

Patchogue-PlymouthMills *

May

Jan

12

100

Parkersburg Rig & Reel..l

29

32

100

100

2d preferred

Parker Pen Co

434

Mar
June

80

100

2d pref cl A

Jan

25

Jan

Jan

Aug

1

1

Jan

June

10

134
2034
102

New York Transit Co
5
N Y Water Serv 6% pf. 100
Niagara Hudson Power—

Class B

Aug
Aug

9

Feb

334 May
734 June
13434 June

June

2224
734

*

N Y Shipbuilding Corp—
Founders shares

Class B

Jan

334

Warrants

5%
5%
5%
5%

Aug

3^ Aug
Jan

200

N Y City Omnibus-

Feb

1624
1124

May

6%
1134

49

1

N Y & Honduras Rosario 10
N. Y. Merchandise
10
N Y Pr & Lt 7% pref..100
$6 preferred
»

7

1134 June
834 Mar

64

72

8

22

Monarch Machine Tool..*
Monroe Loan Soc A
1

0%

68

24

2

C
1

67

*1134 "l3X

Jan

*

88

113%

2.50




"600

3334

Overseas Securities
Pacific Can Co com

3334 May

"3% "3%

Minnesota Mining & Mfg. *

Feb

Aug

*

10

824
1124
224

47

June

6

5

June

624

Aug

600

900

7

Paramount Motors Corp.l
4% Sept
34 June

234 June

"766

Midwest Piping & Sup
*
Mining Corp of Can._^__*

see

50

1534

634

July
July

1334
1934
13%

6% preferred
.100
New England Tel & Tel 100

20
84

15

45

July

Jan

Jan

.....

15

June

113
143

600

900

Feb

83

1234

334

37

....

1124

18

43

11X

Sept
July

New Engl Pow Assoc

com

Feb
Feb

1434 May
Jan
334
1024 May

June

New Bradford Oil

N Y Auction Co

23

4434

7

100

*

Jan

Mar

15

100

25

Feb

9734

Jan

3

106

14%

134

11,500

June

Mar

Sept

101

Aug

*

1%

Feb

20

June

624

3

Sept

434

1424
27

100

101

31

334
1124
1834
134

100
200

1034
134

1

10

124

1424
29

*

com

July

1424

*

7% preferred

Apr

100

31

1%
1%
7%
14%

15534
2834

Sept

Oldetyme Distillers

Jan
Aug

Sept

*

Jan

3

June

1034
134

Nelson (Herman) Corp..5

Nev-Calif Elec

7%

June

1734

28

*

Neptune Meter class A
Nestle-Le Mur Co cl A

Jan

May

Jan

2

124 Sept

*

Montana Dakota Util

Mar

100

224
Jan
1134 June
34 July
634 May

Montreal Lt Ht & Pow

Apr

Mar

3134
1134
234
8034
234
534

700

Montgomery Ward A

Jan

7

700

Mid-West Abrasive com50c
Midwest Oil Co
10

Common

Jan

125

*

Molybdenum Corp

Jan

3334 Mar
2234 Mar
334
Jan
1634 Mar
2534 Aug
5534 May
9834 Mar
1434
Feb
4434
Feb

3,200

*

Voehrlnger

1st preferred

Feb

5
13

91

Nor Ind Pub Ser 6 %
pf. 100
7% preferred
100

Feb

2

10

Co

Nebraska Pow 7% pref. 100
Nehi Corp common
*

8

Apr

Sept
5J4 June

9

18

1034

Aug
Apr

3

National Sugar Refining..*
National Tea 534 % Pref. 10
National Transit
12.50
Nat Union Radio Corp
1
Navarro Oil Co..
*
Nebel (Oscar) Co com
*

Jan

4524
184

xl38

1

10

1%

7%

500

*

2524 May

8%

Midvale

Jan

1734

1734

6% prior preferred... 50
No Am
Utility Securities. *
Nor Cent Texas Oil
5
Nor European Oil com.__l

2%

2

Michigan Steel Tube__2.50
Michigan Sugar Co
*

t c

Feb

Aug

88

*

Midland Oil conv pref
Midland Steel Products
$2 non-cum div shs

Jan

31

Michigan Bumper Corp__l
Michigan Gas & Oil
1

Preferred..'

Jan

2

Metropolitan Edison pref.*

Middle States Petrol—
Class A v t c

Feb

624
1534

%

Metal Textile Corp com..*
Part preferred
__*

Mexico-Ohio Oil

Aug

July

80

43

5%

1

Jan

Aug

100

6%
6%
20% 21%
118% 122
4%
5%
43

Participating preferred.*
Merrltt Chapman & Scott *
Warrants

Feb

4,700

*

Jan
Jan
Aug

June

1124 May

9224

McCord Rad & Mfg B___*
*

common

1334
1734

110

634

*

Newmont Mining Corp. 10
New Process common
*

26

6

25

Feb

6224

55

May Hosiery Mills pref..*
McColl-Frontenac pref. 100

Mead Johnson &Co

28

10%
22%

*

National Refining Co

21

11134 Feb
1224
Jan
2134
Jan
7834 Feb
5934 Mar
934 Feb

6

*

New Mex & Ariz Land

Mar

834 June

1

Dredging

Feb
Feb

93

1
52

Massey Harris common..*
Master Electric Co

Jan

Mar

July
Apr

76

95

24

1

Feb
Aug
Aug

324

81

60

*

Jan

434

2,800

*

Apr

34

*1334

Mar

3

100

1034

4

New Haven Clock Co
New Jersey Zinc..*

2634
Apr
Jan
1634
334 June

1,100

com

Jan

39

Mar

Jan
Jan

12

Aug

June

Jan

,

11424
2834

524

1

Marion Steam Shovel
Mass Util Assoc vtc

For footnotes

Feb
Jan

1134
924

3,700

64%
12 X

Communicationordreg£l
Margay Oil Corp

Jud,

106

14%

Marconi Intl Marine—

Mock,

June

924 June

12%

preferred

v

July

13%
12%

81

Mapes Consol Mfg Co

Class B

1624
1034

*

National Oil Products
National P & L $6 pref

Niles-Bement
3%

100

Majestic Radio & Tel
Mangel Stores

McWilliams

Feb

23

100

Loudon Packing
;__*
Louisiana Land & Explor.
Louisiana P & L $6 pref. *
Lucky Tiger Comb G M.10
Lynch Corp common
6

Sept

2234

Long Island Ltg—
Common

June

424

9,700

Class B

Locke Steel Chain
Lockheed Aircraft

Aug

38f

34

_.*

Loblaw Groceterias A

2%
15
8%
IX

7%

1

Develop
25
Le Tourneau (R G) Inc__l
*

50%
5H

2X
14%

724

Leonard Oil

com

July
Sept

.1*

95

1

Lion Oil Refining

10 %
x65

49%
5%

Lakey Foundry & Mach__l
Lane Bryant 7% pref. .100

Line Material Co

10
x65

1

Lehigh Coal & Nav

Jan

Apr
July
Jan

2124
10634 108
11%
11%

Lackawanna RR (N J). 100

*

19

300

*

Lefcourt Realty com
Preferred

4%
90%
2534
10834

"16

4%

Kleinert (I B) Rubber. .10
Knott Corp common

Lake Shores Mines Ltd

Jan

June

85

1%

1

Kobacker Stores Inc

Jan

9624

75

10

51

1

Koppers Co 6% pref...100
Kress (S H) & Co pref
10
Kreuger Brewing..
1

89

310

Klein (D Emil) Co com..*

conv

Jan

83
9024

Klrkl d Lake G M Co Ltd.l

$5

Feb

14

100

4%

9

conv

Conv part preferred
National Steel Car Ltd

Feb

42%

4%

*

pref.
50
National Container (Del). 1

44

June

75

9

National Candy Co com..*
National City Lines com.l

$3

Sept
Mar
Aug

4%

*

v t c

Feb

Feb

45

180

National Baking Co com.l
Nat Bellas Hess com
1

Nat Rubber Mach

Jan

44%

30

175

100

Nat Service

1824
234
34
1834

4434

*

Jan

27S

82%
90%
5X

1134 Sept
10534 Mar

Kings Co Ltg 7% pref B100
5% preferred D
100

Kingston Products
Kirby Petroleum

72

ll*i

Kennedys Inc
5
Kimberly-Clark Co preflOO
Kingsbury Breweries
1

Lit Brothers

Mar

95

100

Jonas & Naumburg
2.50
Jones & Laughlin Steel. 100

*

Nat Auto Fibre A

Nat Mfg <fc Stores

4234
24%

3134

*

6% preferred
Nachman-Springfilled

Feb
July

30

Mountain Sts Tel & Tel 100

Murray Ohio Mfg Co
Muskogee Co com

National Fuel Gas

7

30

Mountain City Cop com 5c
Mountain Producers
10
Mountain States Pow com*

Jan

Mar

June

Jersey Central Pow & Lt—

Feb
Feb
Aug

34
24
734

Jan
14

Apr

Moody Investors pref..,
Corp Ltd com
*
Class A 7% pref
100
Moore (Tom) Distillery_.l
Mtge Bk of Col Am shs
Moore

Jan

1934 June
1034 Aug
%
Jan

300

Mar

Mar

Jan

800

200

Jan

1534 May
124
Feb

Aug

34
5%
5%
37%
9X
1%
23%
10%
1

834
103

38

New warrants

4%
5%
37X

Mar

Aug

'is

International Vitamin
1
Interstate Home Equip.. 1

38

38

100

Feb
Feb
Jan

2134
334

Old warrants.

Feb

July

Mar

1534 June
134 Aug

5,600

Feb

224
1834
3934

June

*

Class B

1,600

"l2X "l3"

100

Internat Radio Corp

"3% "4%

44

3334 June
33% July
3% Sept

*

International Products...*

2234
75%
2824
434

Apr

34
13

Registered
6% preferred

June

2534

Internat Metal Indus A..

International Petroleum..*

224

334

3 34

*

93

*

7,200

1234

1234

100

12

93

9434

lOO

89

May

113

89

100

82

May

112

Jan

162

1234

3 24

87

*

Jan

179

June

50

2.50

334

224

May

Aug

434

Jan
Jan

Mar

*

78

77

79

600

73

June

95

Feb

100

112

109

120

800

109

June

151

Apr

Mar

37

Feb

*

3134

Week's Range

for

Sale

of Prices
Low
High

Wesk

Price

Pharte Tire & Rubber com 1

Phillips Packing Co

9%

900

116%

1

33%
20%

*
1

Pines Winterfront.

June
June

34

Sept

15%

Feb

6

Jan

11%

Mar

6% original preferred.25
6% preferred B
26
5%% pref s*rtes C...25

33

Aug

40

Mar

19%
Jan
2% June
3% June

200

7%
20
83%
12%
123%
1%
12%

1,000

7
17

June

4%
1%

6
1%

800

8%

8%

800

7%

1
Pittsburgh A Lake Erie-60
Pittsburgh MetallurglcallO
Pittsburgh Plate Glass.-26
Pleasant Valley Wine Co.l

17%

17%

83

81

12%

12%

123%

"12%

*

Plough Inc

118%
1%
12%

1%

6

Potrero Sugar com

5

Powdrell A Alexander
Power Corp of Can

90

81

Aug

12

June

147%

114%
1%

May

300

100

12%

Sept

1,000

800

com..*

100

6% 1st pref

May
Feb

400

Sept

4%

Feb

Feb

Sept

2%
33%

800

2

33%

200

28

3ie

%

1,500

516
.15%
9%
10%

%

1,200

16%
9%
11

800

16

Providence Gas

*
*

Prudential Investors
$6 preferred
Pub Ser of Col 7%

preferred

Jan

41

June

4%

Jan

May

35%

Feb

Aug

Mar

*ic
%

June

17%

Jan
Feb
Mar
Jan
Jan

3t6

%
12

$6 preferred

25%

*
5
Pyrene Manufacturing.. 10

$3 conv preferred
Raytheon Mfg oom

com...

1
*

Richmond Rad com..

9%

103

Feb

Sterch

100%

Jan

June
Aug

Jan

8

Jan

14%

June

124%

Feb
Jan

150

Jan

Rustlees Iron A Steel

June

July

104%

Feb
Jan

50

17

97%

600

% June

400

■u

2

%

July
49

Mar

Jan

53%

Mar

4

Jan

7%

6,000

10

Jan

Feb
Sept

400

32

100

9%

June

5%

July

20

46%
8%
1%

Apr

Teck-Hughes Mines

Mar

Tenn El Pow 7% 1st

Jan

July

13%
7%

Mar

100

ft

ft

4

Sept

9i«

100

27%

400

5%

"300

6

150

88

88%

12

12%

200

12%

13%

2,000

50

12%

Feb
July

July

Jan

% May

50

150

'"3% "3%

'""266

118% 120%

3%

7%

200

7%
106

V%

8

7,700

106

50

Manufacturing.26

Aug

15%
4%

Aug
Feb

June

13%

Jan

18

Jan

Mar

1

Jan

65%
110%

July

12

July

14%

Apr

10%
46%

June

17%

Jan

Aug

June

51

July

Mat
June

8

June

3%
111

6%
141

Jan
Mar

Apr
Jan

1
..1

11%

Apr

117%

Jan

July

2,400

It

400

19%

Sept

20

May

1,100

38%

May

55

Mar

Apr

30

40

Aug
June

100

48

44%

May

5%

1,600

5

Aug

21%

69

4%

Feb

Jan

54% May

Aug

78%

Apr

17

Feb

Jan

119

Aug

2,200
200
100

3%
33%
5%

29%

5%

5%

2,700
32,500

3,800

Jan

""650
700

99

£1
1
7%

15%

Mining. .6

28

122%

14%

27%
122

100

7%
3

15,800
2,700

16
28

1,500
650

127%

50

109% 110

5% cum pref ser AAA 100
Sherwln Williams of Can.*

United

Aircraft

700

2% June

United Chemicals oom

9%

Mar

$3 cum A part pref
United Corp warrants..

30

90%
92%

July

4%
28%
101%

July

104

Jan

%
7%

2%
14%
26%

Jan

Jan

Mar
Mar
June

Feb

Apr

2%
1%

Aug
Aug

12%
6%

Mar

Sept

28%

Jan
Jan

Feb

107%
22%

400

Aug

10

Jan

Aug

3%

900

29%
3%

,

1,200

9

60

295

Apr

5%

pflOO

98

*

2

(H) Paaer Mill...*
Co
1

Solar Mfg

For footnotes see page 1559

Aug
June
Sept

Singer Mfg Co Ltd—
Amer dep rec ord reg.£l

5%

July

Jan

Sept

10% Aug

100

20%

4%

July
Apr

July
Jan

June

370

6%
100

5%
29%
7

July

21

500

63

200

3%

3%

100

Sept
Mar
Mar

l",606

10
...1
Reclaiming..•

Corp com
$7 conv 1st pref
United Storee v t e

Feb
,

*i«

Mar
Jan

2

Feb

5%

Feb

Sept

13%

9%

1% June
8
May

3

Apr
Jan

9%

Mar

Jan

31%

Feb

Jan

86

May

11%
13%

Feb

July

Aug
Aug

9%
6%

Feb

Aug

4%

Jan

May

114%

Feb

13% June

4% June

9%
3%

Feb

Feb

16%

July

18%
10%

July

Apr

%

Apr

Jan

"11% "12

"l.GOO

11% Sept

12

Aug

85

11%

85

Jan

Jan

17% June

15,
16

8%
115
2

is.

100
100

6% June
July

47

8%
9%
114% 115
1%

2

15,900
600

3,400

30% Mar
13%
Feb
52% May

% June

300

2

Jan

Mar

*11

Mar

7%

June

108

May
1% June

84

Aug

13%
124

3%
94

Feb
Jan

Jan

6%
6

6,000
300

Jan

37%
27%

41%
27%

1,900

7%

7%

100

"1% '"!%

"266

10%

100

25

4%

June

11%

5

June

11%

Jan

33% June

75%

Jan

25

June

46

Feb

55

5%
6

6

*

U S Lines

U S Stores

115

112

May

75

5%

10%

Jan

8%

Jan

Feb

Apr

253

Aug

July

2

July

9% July
5% June
2
Sept

12

Mar

June

245

1%

84%
39%

2%

1,200

85%

225

7% May

40%

90
300

12%
11

1%

2%

13

10%
1%

12%

1,000

1%

300

2%
25%

"7%

7%

6%

2%
25%
8
6%

1,000
150
500

200

4%

Jan

Mar

96%

37%

Apr

47%

12%

Sept

Jan
Jan
Aug

10%

Sept

1%

Aug

78%

2

pref with wart

U 9 Rubber

105

Jan

*11

Securities..*

U 8 Radiator oom

July

400

Am dep rets ord reg

Jan

Feb
July

60

300

Jan

3

15%

1,300

18%

July

June

4

20%

5%
10%

Jan
Jan

4%

74

% June

300

5%

United Profit Sharing

Apr

Mar

June

99

9

10

United N J RR A Canal

pref
U 8 Playing Card

July
July

Jan
Mar

Jan

500

•

Jan

Jan

73

66

1,200
1,500

United Molasses Co-

1st

Jan

7%

Apr

63

"20%

United Milk Products—*

preferred

Feb

Apr

1%

4%

7

1st $7 pref non-voting.*
Option warrants
United G A E 7% pref. 100
United Lt A Pow oom A.*
Common oiass B
*

93

6%
77%
112

Aug

10%

United Elastlo Corp

$6 1st preferred

Aug

3

1%

50

U S and Int'l

May

1

3%

5%

July

34

18%
10%

9%

7

Feb

Feb

Apr

9%

312% 317%

Feb

%

-----

60

Feb

114

28%

100

_*

317%

30

105

*

7%
13%

Feb
Mar

Slmmons-Broadman Pub—

1

Mar

11%

_.*

35

33%

154%

Aug

9%

10

Jan

5%

June

3%

Jan

Sept

5

125

Feb

2%

%

100
*
Preferred
1C
United Shipyards cl A
1
Class B
1
United Shoe Mach com .25
Preferred
25
United Specialties com
1
U S Fob Co oiaas B
1

Apr
June

118

9%

9

41

June

May

1,200

Warrants

Jan

Aug

26

3%

June

4%

12%

100

Jan

%

Simmons Hard're A Paint *

J0%

2%
18%

58%

Transport

Feb

Shreveport El Dorado Pipe
*

Sept

10%

Union Premier Foods Sts.l

6%

1%

1,800

2%

"93% "96%

2%

33ft

11%

16%

United Gas Corp com...1

2%

9%

43%

190

7% preferred.

46

Apr

1

4

Union Gas of Canada—

50%
4%

21

*

Feb
Apr

1~,506

Union Oil of Calif deb rts

98%

22%

11

Union Investment com..

May
May

6%

Apr

Jan
Jan

June

98

Union Elec Light A Pow—

Jan

4%
50

16

92%

Truna Pork Stores

Class A—

Mar

3% May
40% June

9

Tri-Continental warrants
Pubis# ChatUlon Corp

Jan
Feb

19%

44

34

103

1%

June

Apr

5




75

Mar

2%
28

200

9%

9%

.....

10

June

15%
38%

*

"93%

May

61

1

Common
Trans western Oil Co

3%

2%

% June
Sept

16%
2%

preferred A

7%

97

Jan

1% June

Shawtnlgan Wat A Pow._*

Smith

100

Am dep rots

.ft
3?ft

%

2% June

2%

17

7

Tung-Sol Lamp Works..1
80c dlw preferred
Ulen A Co 7%% pref..25
5% preferred
2
Unexcelled Mfg Co
10

Apr

3,900

Seversky Aircraft Corp__l

Sioux City G A E 7%
Skinner Organ com

10,800

Trans Lux Piet Screen—

June

Apr

88

2%

100

100

800

1,000

Feb

Feb
Feb

55

.100
Tonopah Belmont Devel 1
Tonopah Mining of Nev J

Selfrldge Prov Stores—

Simplicity Pattern com

5%
33%

Toledo Edison 6 % pref. 100

June

5

1%

certificates..

Singer Mfg Co

June

1% May
20% July

400

Todd Shipyards Corp...

19% *20%
40
42%
40
40%

6

Conv pref...

Mar

6%
27%

dep rets ord reg—£1
def reg
£1

27%

5%

48

....1

Silex Co com

Feb

7%

Jan

3%

*

Aug

1

com..25

13%

Aug

Tobacco and Allied Stocks*

Am

Feb

8% June

56%

Aug

Ino—

Liae stamped

5%

"11%

Tobacco Prod Exports

13%

4%

53%

•

1,000

*

Denn

Mar

101

Tllo Roofing Inc

Union Stockyards

Securities Corp general...*
Seeman Bros Inc
._*

oom

30%

June

29

Scran ton Lace Co com...*

dep reo
Sentry Safety Control

Thew Shove JCoaJ Co

5%

Scranton Spring Brook—._
Water Service pref
*

Amer

15%

.....

2%

Texon Oil * Land Co.—.2

3%
19%

*

26

Jan

Texas P A L 7% pref.. 100

5%

*

....6

$6.60 prior Btock

Sept

1

26

4

60
St Regis Paper oom...
6
7% preferred
100
Samson United Corp com. 1

Conv stock

40

Tobacco Securities Trust

pref A

Selby Shoe Co

Apr

pf-100

6%

•

Segal Leek A H'ware
Seiberling Rubber oom

May

34

34

1

32%

8%

Feb

107

Feb

8
35

6%

4%
40%
18%

18%

5%

Sept
June

Feb

Feb

July

21%

100

116% 117
9%

Taggart Corp com
1
Tampa Electric Co com..*
Tasty east Inc class A
1

June

2%

93

""loo

%

June

Feb

10

Feb

800

%
18%

17

.....

22%
4%

600

4

%

40%
18%

200

1%

4% June

Jan

2,000

1%
21%

1%

3%

1

Taylor Distilling Co
1
Technicolor Inc common.*

200

"ii

Aug

15

17%

Feb

Mar

%

Jan

9%

21%

5,800

Gold Mines. 1

com

1%

$3.30 class A participat.*

'""loo

1%
9%

Feb

*5%
5%

9

*5%
4%

""""%

Swan Finch Oil Corp...15
Swiss Am Elec pref.... 100

Jan

40

1

Feb

24%

100

%

Jan

26

16

5%% oonv pref.....50
Superior Ptld Cement B__*

150

"ft

Ryerson a Haynee com._l

Schiff Co common

"4%

Sunray Drug Co
Sunray Oil

40

Safety Car Heat A Lt.100
81 Lawrence Corp Ltd

9%

Sterling Inc
...1
Stetson (J B) Co com....*
Stinnes (Hugo) Corp
6
Stroock (8) A Co
»
IStuts Motor Car.
»
Sullivan Machinery
*

Jan

24

69%

v

14% June

25

9%

8%

20

28%

*

Ryan Consol Petrol

2d preferred

Jan

%

June

Jan
Jan

10

,

40

Sterling Aluminum Prod.l
Sterling Brewers Ino
1

25%

6

7%

107

8%

♦

50

July

35%

June

300

100

17%

2%

J|
*

pref

pref
Bros Stores..

preferred

25

20

2

16%

14

*
•
2%

Russeka Fifth Ave

1st

Apr

33

7%

17% May

125%

32%

105%

June

93

10

*

Royal Typewriter

Sherwin-Williams

Mar

1,100

800

20

Royalite Oil Co Ltd

Shattuck

25

4%

20

135"

27%

%

5%

SI .20 conv pref..Rossia International

Seton Leather

Feb

4%

A Add Works com

Stein (A) A Co common.

99

6

Roosevelt Field Ino

Allotment

Mar

Tlshman Realty A Const. •

Root Petroleum Co

Industries

8

Apr

800

Amer dep rets ord reg.£l
Rome Cable Corp com...6

Common

Jan

June

%

%

"16% "16%

4

1

RysAUtil InvclA
Roils Royce Ltd—

Selected

36

5

Lead

Aug

Apr

1%

1
1

Voting trust ctfs

Scoville

June

200

Silver

117%

Rio Grande Valley Gas Co-

Sanfod Mills

23

6%

Mar

45

Sept

2%
36

16

120

Apr

25

24

24

Reynolds Investing
Rice Btlx Dry Goods

Savoy Oil Co

300

6%

200

•

June

92

1

$2 conv

9,400

29%

716
30

Preferred

Starrett (The, Corp v t c .1
Steel Co of Canada ord
*

60%

%

*

Reybarn Co Inc

St Anthony

200

,.»

Jan

26%

6

Reliance Elec A Englng._6

conv

16%

Common class B

Feb

700

33

♦

Reiter-Foeter Oil

$2.50

102

2,600

98

29%

17%

20

Reed Roller Bit Co

(Daniel)

50

2%
2%

2%
2%

2%

1

93

Jan
Jan

"5% "'5%

60c

Red Bank Oil Co

Reeves

35%
102%

100

July

41

32%

•

Apr

19

102

6% preferred
Standard P A L

May

Raymond Concrete Pile—
Common

63 %

June

Standard Oil (Ohio) com 26

June

19%

Jan

%
%

41

Standard Wholesale Phosp

4%

%
%

Jan
May
Jan
20% Aug
13%
Apr
5%

21

Jan

15%

100

Sept

Mar

90%

%

*

Apr

June

41

Sept
June

Class B

400

Standard Steel Spring com*
Standard Tube clB
1

Rainbow Luminous Prod
Class A..

July

27

June

4

2,000

Jan

Aug

21%

19

19%

Jan

23%

9

Jan

May

98

19%

33

68%

1%

17%

500

1

Aug
July

500

June

60%

17%

«

800

39

150

98

17%

100

9%

1

10

19

Apr

%
21%

41%
20%

"26"

Standard

100

19

Mar

4%

9

(Neb)

Feb

62

L35~

1%
12%

"566

10

35

Oil

105

109

10%

Mar

Mar

Mar
Feb

26

Standard

June

20

0% preferred
100
Quebec Power Co..
•
Ry A Light Secur com..
Rochester G A E pref D 100

1

16

1

Pyle National Co com
Quaker Oats com

Jan

% June
% May
8%
Feb
3%
Feb

20

41%

Standard Products Co

27%

16 preferred

Aug

42

%

20%

16%

Jan

10

1%

56

8%

200

Jan

Puget Sound P A L—

60%

Apr

Apr

Aug

4%

109

60%

1%

pf.

11%

42

23%

Conv preferred
•
Standard Invest $5% pref*
Standard Oil (Ky)
10

0%%

$5 preferred

1,100
1,300

4%

103

150

99

5%

23%

June

117%

99

7%

Jan

•

112

7% prior lien pref...100

Aug

10

99

70

93

Aug

July

100

11%

Pub Service of Okla—

Pub Util Seour $7 pt

21%

77

93

Feb
Mar

2

%-

%

75

0% prior lien pref... 100

163

Jan

8%

4%

9%

9

14%

60

25%

23%

83

300

52%

%

June

100
100

7% preferred

dep rets ord reg._£l
Am dep rets ord bearer £1
Spencer Chain Stores
..*

June
May

60

6% preferred

Am

8%

Pub Serv of Nor 111 com

Common

July

26

98

*
_.*

Jan

Mar

28

400

9%

10%

Public Service of Indiana—

17 prior pref

41%

29%

3

49%

50

50

46%

Sept
June

154%

106

44

Aug

5

4%
2%

500

100

100

*
1st pflOO
100

500

65

26

Conv preferred

July

26%

100

28%

So West Pa Pipe Line..60
Spanish A Gen Corp—

Standard Dredging Co—
Common

10%
5%

24% June
4% May

Standard Brewing Co
•
Standard Cap A Seal com.l

Jan

Apr
Aug

33%

35%

6

South Penn Oil

Jan

6%

4%

200

28

*

Southland RoyAlty Co

2%

1%

Stahl-Meyer Inc com....*

12$

2%

*

9%
4%

High

July

4,100
1,900

33%
28%

10

July

33%

1

IPropper McCallumHos'y *

2

Engl Tel..100

8

6%

June

26%

South New

Southern Pipe Line
Southern Union Gas

Feb

June

Pressed Metals of Amer._*

Prosperity Co class B

Low

100

Apr

8%
18%

30

2%

Jan

2%

7% preferred

19

June

26%

Producers Com

Feb

1%

26%

*
Premier Gold Mining—.1
Pratt A Lambert Co

Jan

9%

100

6

25c

Polaris Mining Co

Feb
Feb
Jan

Feb
27%
116% Mar
16% June

..10

Pneumatic Scale Corp.

Mar

33%
3%
6%

Aug

900

7

*

Pittsburgh Forglngs

*1%
9%
4%

Range Since Jan. 1 1937

for
Week
Shares

Southern Colo Pow ol A.26

100

7%

Postage

Meter

9%

3o0

Pioneer Gold Mines Ltd..l

Pitney Bowes

2

1,700

7%
33%
20%

6%

6%

10

Pierce Governor com

Feb

Sonotone Corp
1
Boss Mfg com
1
South Coast Corp com
1
Southern Calif Edison—

31

7%

7%

Phoenix Securities—

Conv pref ser A

Jan

of Prices
High

Low

Price

111

*
pref-25
*

Common

July

20

8% June

400

8%

8%

Sept

6

1,200

Sale
Par

High

Low

Week's Range

Last

(Continued)

Shares

6

*

Philadelphia Co com
Phila Elec Co $5 pref

6%

STOCKS

1 1937

Range Since Jan.

Last
Par

Sales

Friday

Sales

Friday
STOCKS

(Continued)

Phila El Power 8%

1557

New York Curb Exchange—Continued—Page 4

145

Volume

Aug

84

"16

300

3

Feo
Mar

Jan

Sept

4%

Mar

June

2%
25

34%

Feb

6% June
5% Aug

10

Mar

14

Mar

June

40

"l6

18%
93%

1%
18%

Jan
Jan

July

1%

Feb

June

""7% "7%

15

x

New York Curb

1558
Friday
STOCKS

I

Last

Week's Range

for

(Concluded)

I

Sale

of Prices
Low
High

Friday

Week

Par, Price
3%
3%

United Verde Exten—60c
Connol

17

2%
16%
6%

Aug
May
July

8%
22%

Apr

100

19

Jan

1st M 6s series B___1964

Apr
23%
66% June
Feb
2%

35%
80%
4%

Feb

1st 4 %s series

250

62 %

64 m

275

*

3m

3m

100

6%

4

Utility Equities Corp....*
Priority stock
•

60

2%

%
1%
16M
4%

1

Class B

IwO
1
-.5

Vaispar Corp v t c com.

pref

Van Norman Maob Tool.5
6

1

...

M
1%
14

4%

"60

1M

Jan
Fab

m
1%
18M
5%

4.300

%

Sept

300

900
50
200
500

20%
6

Jan

10%

Feb

73

Feb

33

Apr

Mar

(Balti 3%s jer N...1971
Consol Gas (Bait City)—
6s

Gen mtge 4%s.

Jan

6s ser A stamped...1943

83%

June

Jan

Cont'l Gas A El 5s.—-1958

13m
5m

100

11

June

18%

Feb

Crucible Steel 5s

300

5

10

Jan

20

200

July
Apr

23

Aug
Aug

Cuban Telephone 7 %sl941
Cuban Tobacco 5s
1944

1

•
1

2m
9

Wayne Knit Mills.......6
Welsbaum Bros-Brower. .1

7m

7m

2m
9m
7m

300

1,400
400

June

2%
7

Mar

7%

Aug
July
Aug

4m

4

8%

4%

2,000

8%

300

14

100

4

•
*

7%

♦6%s

Mar

117

Mar

*32

Feb

9

June

76%

3m

3m
11m

3m
11m

1,400

3%

June

200

11%

62

95%
5%

Aug 1 1952

Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A

Empire Dlst El 5s

.

.

Empire Oil A Ref5%s.l942

Apr

Ercole Marelll

Mar
Mar

Elec

Mfg

6 %s series A
Erie Lighting 6s.

6

June

12%

July
Feb

fWU-iow Cafeterias Inc.. 1
Conv preferred
*

%
2%

Aug
Aug
Aug
Mar

1%

Jan

9%

Jan
May

Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42

16% May

19%

18 %

200

2%
18%
13%

500

6

100

Winnipeg Electric cl B
•
Wlso Pr A Lt 7% prei-100
Wolverine Portl Cement. 10

Wolverine Tube

2

com

Woodley Petroleum

11

...1

9%

4m
10%
9

4m
11%
9m

200

1,900
700

Jan

10

Jan

First Bohemian Glass 7s '57
Florida Power A Lt 5s 1954

June

95

Jan

5
6% preferred
£1
Wrlght-Hargreavee Ltd..*
Youngs town steel Door..*

18

18

18

100

4%
10%
8%

July
Aug

8%
18%

Feb

Feb

May

12%

Jan

5s ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June 151941

18

July
Apr

23%

Jan

6%

5% June
61%
Apr
2% June

8%
80%
4%

Apr
Jan

6

*6%

6M

2%

3.70c

66

69

600

2%

2H

1,400

66

5

6H

1,000

Mar
Mar

Abbott's Dairy 6s
1942
Alabama Power Co—
1946

102 %

1951

98m

1956

1st Aref 6s

1968

90 m
85

1st Aref 4 He
1967
Aluminum Co sf deb 5s' 62

98 m
96%

98 m
96%

90 m

90 m

84

85

106

107

106 % 107
89
93

Am Pow A Lt deb 6s. .2016

90

Amer Radiator 4His.. 1947
Am Roll Mill deb 5s. 1941

104

Amer Seating 6s stp..l946

76

84

85

8,000
51,000

102
98 m
49

89%

106 m

104

.05

104%
104%

"91"

Gen Pub Utll 6%s A.1956

Aug

93%

Mar
Jan

74%
78%

June

98 %

Feb

104%

97

Jan

101%

Aug

101%
106

105%
103

Mar

Jan

June

Jan

Feb

80

105%

July
July
Jan

Jan

109% Mar
107% Apr
106% May

10,000

6

June

6

June

13%
12%

Jan

1.000

3,000

2

Aug

4%

Mar

2

4,000

2

May

4%

Mar

Jan

"86% "86% "72",000
104% 105%
80%
82%

26,000
45,000

"i",66o

96%

3,000

89

91%

41,000

79% June

100% Mar
78%
Apr
102% May
101
July
92% June

102

93%
109

96%
115

Jan

Jan

Jan
Jan

Jan
Feb

104%

Aug
Jan

Feb
Mar

83

June

103%
93%

63

70

105%
76%

4,000

Jan

73%

103% June

108%

71

Jan

July

93%

Jan

101%

Jan

102%

Feb

6,000

103%

Mar

105%

Mar

4,000

104% 104%
104% 104%
*94
100
90
92%

103%

Aug

105% June

94

Jan

34",000

87

Apr

100%

Jan

13,000
50,000

96

June

101%
104%

Jan

102%
101%
101%
104%
99%

Jan
Jan

100%
99

98%

2,000
1,000
9,000

90

1,000

99

82%
70%

Apr
Mar

Feb

July
Aug
Aug
Jan

16
Aug
21%
Apr
84% June

96

Jan

Jan

Jan
Jan
Jan

77

Mar

26

Feb

25%

Feb

97

104%

Apr

Jan

94%

84

May

Georgia Pow

72

68

June

88

Jan

Mar

31

Aug

48 %

..1950

"49 %

1968

50

"75"
i6I~"

83

May

12,000

76%

May

Jan

Grocery Store Prod 6s. 1945
Guantanamo A West 6s '68

39,000
16,000
59,000
28,000

102

106%

Apr
Mar

95

Jan

107
May
107% June
108% June

85v

June

106 %

Jan

103%
102%

Jan

106%
104%

Aug

Mar

103

June

Jan

Jan

108% Mar
107
May
110% June
119%
Jan

45

48 m

15,000
34,000

41

June

61

Jan

50 m

41,000

65%

49

m

53

69

15,000

May

79% June
98
Apr

91%
105%

Feb

153

146

170

113m
120%
120 M

113% 113%
119% 120%
120% 120%

lBt M 5s series B...1957
1960

Broad River Pow 5s.. 1954
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
1956

137

Apr
Aug

106

Jan

36

97

♦A St. Ry. 5%s
1938
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s.. 1943

1956

Idaho Power 5s

99 %

111 Northern Utll 5s...1967
111 Pow A L 1st 6s ser A '53

1st A ref 5%s ser B.1954
1st A ret 5s ser C
1956
5 f deb
5%s...May 1957
6s series A
6 %s series B
6s series C

Cent Ohio Lt A Pr 6s. .1950

Mar

93 m
52 m

"s'ooo

140

June

225

Feb

127,000

135

June

227

Mar

5Ms ex-warrants.-.1954
Cent States PAL 5M« '53
Chic Dlst Elec Gen 4%s'70

54

52 m

110

Mar

115%

Jan

Indiana Service 5s

14,000

113

Mar

124

Jan

1st lien A ret Be

114%

Mar

125

Jan

Apr

145

Jan

iDd polls P L 5s ser
A.1957

76% June
67% May
88
July

99

Jan

130

88%
101%

Jan
Jan

1961

I ♦Chic Rys 5s otfs
1927
Cincinnati St Ry 5Ms A '52

"62%

1955
72

1960

68%

Cities Service Gas 5 Ms '42
Cities
Service
Gas
Pipe

101M

1943

Fo r footnotes see page 1559

Feb

July

83%

76

June

88%

Mar

86%

Feb

Agu

110%

July

108

Aug
Feb

1,000

4,000
28,000
16,000
41,000

106%
106

Jan

100

Apr
Feb

June

106%

95% June

106%

91% June

104%

Jan

99%

Jan

14,000

90

4,000

91

93
100

Apr
June

96% July
81% June

7s series E._
7s series F

1957

July

Mar

104%
104%

Jan

103%

Jan

99

99

3,000

98

Apr

104%

79%
4,000
94% 108,000
52%
14,000

76%

July

94

Feb

89

Mar

99

Jan

72%

Jan

46% June
46

June

50% June

103%

Apr

104%

15,000

Mar

96%

7,000

92

107% 107%
101316 1013,6
62%
63%
98
*90

15,000
1,000

106

12,000

101316
62%
92

Jan

72%
75%

Jan

106%

Aug

107

Jan

June

1952

.

6s series D_.
4 %s series F

..1968

Iowa-Neb LAP 5s...1957
5s series B._

1961

Iowa Pow A Lt 4%s
Iowa Pub Serv 5s

104
84

105%

1967

Italian Superpower 6s. 1963
Jacksonville Gas 5s... 1942
Stamped
Jersey Central Pow 4Lt-

Jan

105

Jan

106%

Jan

1st mtge 6s

Jan

ser

H...1961

96

July

68

June

82

Jan

6%s series D
5%s series F_._

65% June
Apr
99%

83

Jan

5s series 1

103

Jan

104%

Apr

•ake

..1948

June

105%

Mar

Feb

61% June

62% June
59% June
103% Mar
65

Apr
71% July
66
May
2,000
81,000
22,000

101

Jan
Jan

107%

June

111

June

79%

Jan

78

Jan

82%

Jan

106%

Apr

77

83 %

Jan

Feb

81

Feb

109

May

105

Mar

49

June

76%

27

June

69%

Jan

96

Jan

Jan

6,000

76% June

75

7,000

72

June

88%

Jan

99% 100
99% 100
*106%
103%
103% 104

42,000

92

June

104%

34,000

92

July

Feb
Feb

74%

82%

74

99%

71

*77%

"57%
48

57

105%

Jan

79%

Jan
Feb

72

Jan

80

Feb

ii"6o5

50

June

71

Feb

3,000

46

Mar

56%

Jan

15,000

103

Mar

105%
105%

Apr

1,000

48

104% 104%
104% 105%
*95%
98
116
117%
101
101%

Mar

66

3~66o

80
57%

48

Apr

104%
106%

~

71

105""
116

85%
100

85%
88%
99% 100

1955

91

91

1969

84

89

Sup Dlst Pow 3%s '68

Lehigh Pow Seeur 6s..2026
100

June

99

107% June

104%
99%

May

Kentucky Utilities Co—

Feb

18,000
68
69% 111,000
101% 101%
8,000
3,000

*66
68%
*70
74%
*70
73%
107% 107%
52%
53%
37%
39%
82

1947

J an

Jan
Jan

101%

1958

Jan

100
110

Aug

53%

Isarco Hydro Eleo 78.1952
Isotta Frasohlnl 7s—.1942

4 %s series C.
1961
Kansas Eleo Pow 3%s. 1966
Kansas Gas A Eleo 6S.2022
Kansas Power 5s
1947

Apr

Mar,
Sept
July

.

1956

"4",060

72

52,000

106%

1955

113%

Jan

1,000

"69% i~9~,666

105% 106%

6 %s series C

86

Aug

109%

106% 106%
*111

64%

Feb

Jan

"2" 000

87%

64%'

Interstate Power 6s.
1957
Debenture 6s.
1952
Interstate Public Service—

105

106%

*107%

5s A1952

Jan

Mar

"e'.ooo

10,000
10,000

106%

100

84%

69

June

111%

84

67

03

Mar

102% 103

92

*98

92%

"84%

International Salt 58..1961

May

96

Aug

77

67

Jan

93

70%

Mar

27%
104%

105% Sept
103% June

2,000

1963

114%

94%

96

1966

99

98

Mar
May
May

31

67

May

98

96

102%

95

101%

Jan

Feb
Aug

"12",000

67

108

9,000

25,000
24,000

♦Indianapolis Gas

58 series B

107%

7,000
8,000
1,000

1950

Aug

Chicago A Illinois
Midland Ry 4Mb A 1956
Chic Jet Ry A Union Stock
Yards 6s1940
Chic Pneu Tools 5 Ms. 1942

77%
77%

1957

104%

21.000

54

5s

Mar

99%

53%

1951

101

15,000

53%

97%
105%
103% 103%
30%
*25
78
77%
77%
77%
106% 106%
107% 107%
102
103%
99
99%
96
96%
93
91%

102%

International Power See—

2,000

102%

105% 105%
*105% 105%

20%

'

97%

105

Indiana A Mich Elec 5s '55

15,000

47,000

93%
52%
52%

*35

97%

Indiana Gen Serv 5s. .1948
Indiana Hydro-Elec 5s '58

79%

"_99"

Cent Power 5s ser D—1957
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s... 1948

1947

240

102%

99%

1,000

..1953

Jan

112%

102

10,000

Indiana Eiectrlo Corp—

Jan

97

102

97%

1947

158

98%

1981

....1949

Mar

97

90

104% 104%
110% 111%

1947

240

102

110%

73%

Jan

23

1977

Sept

4,000
96,000
13,000
1,000
1,000
53,000
26,000
3,000

89

72 m
90 -

62

102

5s series A...
Hall Print 6s stpd

♦Hamburg Elec 7s
1935
Hamburg El Underground

153

5,000

112

73%

Cedar Rapids M A P 5s '53
Central III Public Service—
1st Aref 4Mb ser F.1967
5s series G
1968

138

88 M

"51%

Jan
Jan

,

1998

Birmingham Elec4Ms 1968
Birmingham Gas 6s... 1959

June

94%

Jan

Jan

61
80 m
82%
*99 m 100
*59

107

75%

Jan

48m

Jan

83% Aug
48% June

109%

Jan

51,000

45% June
44% May

65%

49

48%
47%

83% May
62%
Jan

Jan

106%

Mar

♦Hungarian Ital Bk7 %s '63
Hygrade Food 6s A... 1949

Apr
May

105

June

Jan

68

Mar

47

Jan

June

Jan

Feb

Sept

Sept

108

67%

47

89%

89%

74%

97%

Guardian Investors 5s. 1948

104%

102%

Jan

65

6%s with warrants. 1943

Apr
June

105%

Hackensack Water 5s. 1938

Jan

98%
03%

3,000

72

21%

1953

Grand Trunk West 4s 1950
Gt Nor Pow 5s stpd.. 1950

38,000
26,000
43,000

48 m

1978

Glen Alden Coal 4s.. .1965
Gobel (Adolf) 4%s...l941

101m-102m
97 m
98 m

48

1977

♦6s stamped x W..1938

.

Jan

Mar

72

1938
1948
1949

Bell Telep of Canada—
1st M 5s series A...1955

A Lt 5s

Jan
Jan

109

169




Jan

Apr

7
6%

♦General Rayon 6s A. 1948
{♦Gen Vending Corp 6s.'37

105%
99%

2,000

149

Line 6s.

Feb

2%

"82%

106

165

Conv deb 5s

104%
109%
125%

1,000

108%

Mar

*155

6s series B._

Apr

2,000

May

106

♦6s stamped w w.1938
♦6s without warrantsl938

Cities Service 5s

Jan

6%
6%

103

June

104%

153

6s series B.

90%

July

15,000

96%

June

7,000

153

4Mb series H

98%

2,000
46,000

*102%

91

98%

8,000

♦6s with warrants.. 1938

5s series E

Jan

"e'.ooo

91%

IBaldwIn Locom Works—

Carolina Pr A Lt 5s

Jan

130

2%

*74

General Bronxe 6s
1940
General Pub Serv 5s.. 1953

6s series B

Assoc T A T deb 6%s A '65

Bethlehem Steel 6s

101

Aug

123%

66

31666

96%

92%

113 m 113m

2024

Atlanta Gas Lt 4 Ms. 1955

5s series C.

June

102

~

*106% 107%
104% 104%

5,000

t'05% 106 m
104 m 105
108
109

Appalachian El Pr 5s 1956

Appalachian Power 5s 1941

Arkansas Pr A Lt 5s.. 1956
Associated Elec 4%s-_1963
Associated Gas A El Co— j

Jan

102'si6 Aug
106

Amer G A El deb 6i. .2028

Debenture 5s
Conv deb 6 Ms

Aug

96

100

86%
105%
82%

3,000
3,000

102 % 103 m $17,000

Aluminium Ltd deb 5s 1948

Conv deb 5s

71

118

1941

♦Gesfurel 6s

1st A ret Be

Ark-Louisiana Gas 4s 1961

102

j103m 105

1st Aref 5a

Conv deb 5 He
Conv deb 4%s C
Conv deb 4Kb

Mar

112

107%
106%
Jan
104% June

Gen Wat Wks A El 5s. 1943
Georgia Power ref 5s. 1967

BONDS

Debenture 6s

102%

Apr
Mar
Mar

Apr

Sept
July
May
Aug

105

♦Certificates of deposit.

1st A ref 5a

100%

Jan
Apr

Gary Electrto A Gas—

Deb 6s series B

Woolwortb (F W) Ltd—
Amer dep rots

Yukon Golc Co

24

June

76

14%

Jan
Jan

Aug

2

Banks 6s-58 stpd...l961

*

75

>

1967
Federal Water Serv 5 %s '54
Finland Residential Mtge

-.1

9,000

105

Aug
Sept

14

7

Wlllson Products

32 000

38,000
5,000
16,000

101% 102%

*63

100

Wilson-Jones Co

113%
113%
112%

79%

—

300

%

Jan

110%

110%
107%
107%
102%

12,000

1963

7

600

59%

3,000

99% 100
123% 123%

6%

1952

7

H
2H
19m
14m

80

June

8,000
17,000
18,000

*102% 104
98
98%
72
167%
103% 103%
108% 108%
106% 106%
106%
105
106%

I960

7

9%

71

112%
113%
111%
111%
106%
104%
103%
72%

.

Eastern Gas A Fuel 4s 1956
Edison El Ill(Bost)3%s '65

Jan

Mar

7

1

112%
112%
111%
111%
106%
104%
103%

75%
84%

♦Certificates of deposit
Dixie Gulf Gas 6 %s. 1937

Mar

Williams (R C) A Co
*
Williams Oli-O-Mat Ht._»

Weyenberg Shoe Mfg

High

46%

64%
...

*106% 107%
*121
123%

♦Certificates of deposit
♦Deb 7s..T. .Aug 1 1952

Feb

60

West Texas Uth SO pref..*
•

_1950

Apr

June

Low

61% June
62% June

Detroit Internet Bridge—

Apr

Aug
July
Aug
July

West N J A Seashore RR 50

5s 1st series B

Jan

Aug

Aug

25%
8%

West Vi Coal A Coke

Det City Gas 6s ser A. 1947

Jan
Feb

13%
7%
13%
102%
21%

14
98

100

5

Delaware El Pow 5 %s. 1959
Denver Gas A Elec 5s. 1949

Jan

9%
10%

101
14

4%
11%
2%

1940

Jan

8%

Wellington OH Co
Went worth Mfg
1.25
Western Air Express
1
West Cartridge 6% pf 100
Western Grocery Co ..20
Western Maryland Ry—

Jan

98

102

1954

3%

17M
95% July
2% June
7% July

25,000
19,000

Consol Gas Utli Co—

Feb

100

103%
72%
99%

1939

»%

10

112%
111%
111%
106%
104%

Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-

Jan

Apr

Sept

Waitt A Bond class A...*

Westmoreland Coal Co

52

28%

Sept
Sept
Sept

1%

-.100

7% 1st preferred

4%

Aug
June

1%
12

6%
1%
3%

1,800

Wahi (Tbe> Co common.. •

Western Tab A Sta

1966
Com* wealth Subsld 5 %s '48
Community Pr A Lt 6s 67
Community P S 5s
1960

Jan

2

June

1981

86

20

...

3%s series H

June

400

1956
1957

IstM 4b series F

Jan

%

21M
6%
1%

5

Class B

1st 4

Jan

C
%s series D

13m

Wagner Baking v t e_.

WsikerMmjngCo

1st M 6s series A.-.1963

Apr

2%

64%

Range Since Jan. 1 1937

Shares

Commonwealth Edison—

86

pref..100
*

Vofft Manufacturing
Waco Aircraft Co

7% preferred

89%

1949

-

High

61%
62%
*59%

62%
62%

♦Oommers APrivat 5%s'37

Jan

200

20 %
6

H

60

6

6%s

Jan

July

400

52

l

'""25

Aug
Sept

18

H
2%

52

Venesueia Mex OU Co..10

Veneiuelan Petroi.

"eo"
%

Utility & Ind Corp com..5
Conv preferred
7
lUttl Pow A Lt aommon.. 1

7% preferred

tH

Cities Serv P & L 6 %s-1952

Feb

"loo

pref_.»

Utah Pow A Lt R7

Jan

Jan

25

Products....

Utah Radio Products

3%

Week's Range I for
of Prices
J Week

1Low

Price

High

Sept

25

Pictures oom__l

Universal

Low

1937

Sales

1

|

Sale

3%

700

Insurance

Unlversa

Va Pub 8erv 7%

7,000

17%
7m

8

Unjversai

v t o conv

3H

"2M ~~3

-1

Universal Corp v t o

1,800

Last

BONDS

(Continued)

12%

*
Oil.>.10

United Wall Paper
Unlverwi

Range Since Jan. 1 1937

Shares

4

3%
3%

Sept. 4

Exchange—Continued—Page 5

Sales

Leonard Tletz 7%s_..1946
Lexington Utilities 58.1952

102%

Jan

97%

Mar

113

June

121%

Jan

10,000

100

Mar

104%

Jan

80% June

99%

Jsd

93% June

19,000

94%

June

107%

Jao

3,000
12,000

88

July

79%

July

10,000

93

Mar

103%
99%
101%

Jan
Jan

May

111%

Jan

26%

July

9,000

42,000

100%

100

"4,666'

100

100%

Apr

4~66o

95%
101% 103%
*27%
29
95%

102%

41,000
"

18%

Mar
June

105

Jan

Jan

Volume

Week's Range

for

Sale

of Prices
Low
High

Llbby McN 4 Llbby 6e '42
Lone Star Gas 6b

13,000

103%

Mar

100

102% 102%

cj05

1942

Long Island Ltg 0s... 1946
Louisiana Pow A Lt 6s '67

105%

2,000

102%

105

105%

♦Manitoba Power 6%sl951

104% 105h
193
95

106%
107

May

106%

May

22 H

25",000

{27%

....

%s_1952

May

27%

98%

July
Feb

60

|*McCallum Hofl'y 6 Ha '41
96

McCord Rad & Mfg 0s *43

Memphis P A L 6s A-.1948
Mengel Co con v 4 Ha--1947

2,000

100h 100h

105%

Metropolitan Ed 4s E.1971

96

90
88 H
105% 105%
105
105%
90

Middle States Pet 0 Ha '46
Midland Valley 6s
1943

82

105

Minn P&L4H8

60

Mar

S'western Lt A Pow 5s 1957

L

104

Jan

So"west Pow A Lt 08—2022

"89

104

Jan

101%

May

107%

Jan

♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit

1,000
6,000

90

July

99%

Jan

80

July
June

94

June

97%
106%
102%

Mar

97

10,000

97%

21,000

3,000
6,000

82

100%

Mar

77%

June

106

99%

-

May

100%

Jan

Feb

109%

Apr

Aug

84%

Feb

11,000

92

June

100%

Feb

5

Aug

14%

Jan

102

90 %

2020

Deb 5s series B

2030

(♦Nat Pub Serv 6a ctfsl978
Nebraska Power 4 Ha. 1981
0s series A
2022

44 %

107%

es stamped

67%

69

Jan

107%
97%

8,000

28",000
1,000
13,000

15,000

Jan

May

111

July

120%

Jan

July

110

80%

Aug

Jan

June

85

Jan

84%

Jan

89

June

101%

Jan

90%

June

102%

Jan

July

N Y Central Eleo 6Hs '60

69%
95 *

11,000
32,000

96 %

97%

42,000

91%

8,000

85% June

78

79

3,000

72

N Y PAL Corp 1st 4 Hs *07
N Y State E A G 4 Ha. 1980

99 h

108% 108%
106% 107%
99

99%

105

Apr

107%

Jan
Aug

14,000

96

June

104%

100

Apr

110%

Apr

104%
112%

Feb
Jan

N Y A Westch'r Ltg 4s 2004
Debenture 6a
1964

j103

Nippon El Pow 0 Ha.-1963

75

75

2,000

75

Aug

86%

94

94%

2,000

91

100%

2,000

47

Apr
May

till %

103%
----

No Indiana G A E 0s. 1952

107%

15,000

106%

Jan

69%
108

1906

103

103

103%

1909

102

101

102

4Ha series E

98

1970

N'western Elec 0s stmpd'45
N'weetern Pub Serv 6s 1957

Ogden Gas 6s-.

"95%

1945

1st A ref 4Ha ser D-1956

Mar

100

99%

1963

6s series D

1954

6s series A

4%s

Jan
May

107

Jan

Jan

Apr

111%

Jan

Jan

100%

Mar

22,000

103

Feb

105%

Jan

May

110%

Feb

20,000

103%

Mar

106%

Apr

2,000

104%

Aug

107

Apr

8,000

98%

9,000

107% June

96%

13,000

86

74%

West Penn Elec 5s
2030
West Penn Traction 5s '60
West Texas Utll 6s A 1957

100%

Jan

108%

Jan

100

Jan

102% June

4,000
18,000

108

Jan

Mar

119

Jan

Mar

102%

Jan

Wise Pow A Lt 4s
1900
Yadkin River Power 5s '41
York RyB Co 6s
1937

Mar

117

113

70%

June

93%
103

Aug
Jan

98

21,000

96

June

105%

Jan

1971

93

93%

17,000

88

June

103

Jan

1950

102

99% June

100

Mar

96%

102

97%

108

108

1104

108

1908
93

93

11,000

3,000

43",000

93%

8,000
2,000

16,000

Pledm't Hydro-El 0Hs '00
Pittsburgh Coal 0s.. -194 9

107%

nl5% /?15%
111% 111%
87%
87%
72%
72%
107% 107%

Pittsburgh Steel 0s..-1948

103%

102% 103%

111%

24

Eleo 0s. 1953

Portland Gas A Coke 5s '40

70

Potomac Edison 6s E.1956

24%

70

71

{107% 110

107% 108

1901

Potrero Sug 7s stpd-.1947
Power Corp(Can)4 Ha B "69

70

71

8,000

89% June
May
100% May
107% Mar

105%

Jan

109

Apr

Buenos Aires

106%

Jan

111%

Jan

Mar

108

88%

Mar

100

12

July

105

99%

Electric 0s. 1964

6% perpetual certificates
1st A ref 6s

99%

99%

{25
134

i960

series E__
1980
1st A ref 4 Hs ser F. 1981

4Hs series 1
1900
Pub Serv of Oklahoma—

133

134

103

103%

{103% 105
103
103%
103%
105

1900

Puget Sound PAL 5Hs *49

81%

1st A ref 5s series C. 1950
1st A ref 4 Ha ser D.1950
tQuebeo Power 6s
1908

Mar

78%

May

98%

1,000

64%

June

Jan

85%

Jan

Jan

80

Feb

101%

43,000

98% June

106

Jan

101

114

40%

91%

15",000

100

Feb

Aug

113

Feb

July

104%

Jan

109

Apr

106%
75

'

Jan

94%

June

55

49% June

5,000

114%

May
June

90

34",000

105

111

4,000
2,000

117%

Mar

Jan

June
Jan
Feb

66%

Mar

79%

20%

71

Mar

27

July

Mar

28

Aug

27

"2,000

19%

69%

71%

21,000

69

June

89%

75%

2,000

71

June

94%

104% 104%

17,000

101 %

July

80

29,000

76%

Sept

11,000

70
91

96%

97

2,000
1,000
2,000
1,000

76%

Feb

30

104
103

30

104% 104%

103

107

90%
115

June

89%

69% June
88

103

July

Jau

Jan
Jan
Jan

Jan
Jan
Jan

102

Jan

100

Feb

107

June

103

Mar

104%

Jan

1,000

101

Jan

26
24%
105% 106
106% 106%

4,000

24%

Sept

12,000

104%

July

108

Jan

4,000

105%

Apr

107

Mar

105% 105%

8,000

103

June

100%

20,000

95

June

105%

Jan

5,000

105

July

114%

Jan

58,000

91

June

99%

JaD

103

103%

107

103

"93%

107

93%

94%

Jan

32% June

Feb

Feb

57%

8,000

79%

104% 104%

3,000

49%
103%

May

104%

Mir

105%

Jan

108

108

5,000

105%

Feb

108

Apr
Apr

56%

56

108

7,000

105%

Feb

24,000

92%
103%

Apr

102%

Jan

9,000

June

30,000

106% 106%
96
95%

107

"95%
105

105

*87

87

87

23%
23%

105%

81%

May

107%
100%

Jan

108%

Mar

30%
112

(Province)—
4.000

95

June

12%

12%

9,000
1,000

Jan

♦Prov Banks 6s B—1951

{26%

—

Jan

99%

Danish

6%s

Jan

77

Jan

108

Jan

102%
18%

Apr
Apr

107

Jan

♦German Con Munic 7s '47

25

Aug

3,000
2,000

10,000
-«-»

_1947

Jan

108

July

Apr

63

85

Jan

109

Jan

July

104

4,000

0s

June

70

105%

27,000

1953

♦Secured

81

Mar

104% 105

{101% 102%
80%
82
76%
77%

4,000

39,000

8,000

73

74

Mar

147

Jan

Apr

103%

Mar

105%

101

Mar

105

Mar

104% June

102

Mar

7,000

June

•

105%

May
May

98%

Jan

90

Jan

Jan

69% May

92%
104%

May

5,000

100%

Apr

1,000

427 %

May

107%

Sou Carolina Pow 6s. 1957

89%

89

69
89%

Southeast PAL 0s..2025

98%

98%

99




Jan

11% June

14,000

103% 104%
68%

22

Feb

107

107
132

110%

Jan

Feb

21%

Mar

95%

Apr
June

34

3,000

23%
21%

May

35%

{14%

11%

18

{99% 100
25%
{24%
25

25%

1

July

1,000

1

13%

Aug

100%

June

„

Sept

78

78

i",66o

02%

Jan

14%

15

5,000

{14%

14%
14%

Aug
Aug

15%

Feb

Jan

Jan

2

Apr

1%
1%

Apr
Apr

IX
81%
20%

Mar

20%

Mar

Apr
Mar

in year's range,
n Under
Cash sales not Included In year's

Deferred delivery sales not included

a

not Included

Ex-dlvldend.

v

In

year's range,

r

Ex-Interest.

No sales were transacted during

current week.

1 Called for redemption

May

e

Cash sales transacted during the current

Sept

28% June

47

Mar

week ana not Included In

weekly or

yearly range:
No sales.

July
Mar

2,000

101%

Mar

101%

Mar

65%

July

72

Mar

Aug
90% June

101

Jan

109%

Jan

10,000

ar

33

105%
101%

11,000

No par value,

Mar

101%

-

27%

Jan

2,000

I Reported in receivership

Jan

6.000

-

27%

Feb

15%

17

t Friday's bid and asked price.
•Bonds being traded flat.

Mar

3,000

-

•

Jan

11,000

6,000

Apr

21%

24

1949

♦7s

108%
18%

104%

12%

105% 105%
127% 127%

{104% 104%

22

23%

23%

1961

♦Santiago 7s

108% 108%

1970

7,000
4,000

23%

Mav

Safe Harbor Water 5%s '79

Sheridan Wyo Coal 0s. 1947

Apr

{1

the rule sales

102% 103
106% 106%
104
104%

Feb

90%

Jan

range,

1948

21

"14",000

Sept
July

Aug

Shawlnlgan W A P 4Hs '07
4 Ha series B
1908

July

Aug

90% June

14%
95%

1

Aug

Scrlpp (E W) Co 5 Ha. 1943

July

1

25%

10,000

Mar

33

7,000

28%

35

25%
29%

Jan

2,000

Apr

33

3,000

24%

13%

30

Jan

1%

Mar

33

26

Apr

18

1%

July

♦Schulte Real Est 0s..1951

Mar

Feb

Aug
Aug
Aug

17%

"2",000

1

Jan

Jan

18

2,000

17

21

1

98%

33

1,000

25

25%

1

22%

33

25%
25%

1919

2,000

{110%

Jan

♦5%s
1921
♦5%s eertlficate».—1921
♦Santa Fe 7s stamped. 1945

♦6%s certificates

5,000

1955

Jan

17

1

26%

Pub Wks 08—1937

77

17

3,000

70

1

105% May

Mar

73
70

Apr

28%

San Joaquin L A P 0a B *62

Apr

4,000

♦Russian Govt 6%s.-_1919

47,666

9,000

50

24%
24%

94%

0s stamped
-.1931
Mtge Bk of Denmark 5s '72

28

12

Feb

95%

♦Parana (State) 7s
1958
♦Rio de Janeiro 0%s._ 1969

103%

100%

Aug
Apr
July

{24

B.1968

Jan

101%

30

♦Issue of May 1927
♦Issue of Oct 1927

101% 101%

(♦St L Gas A Coke 0s—'47

27%

Apr
Apr

102%

97

17

129

99

12,000

Mar

99

Mtge Bk of Bogota 7s.l947

103%

73%

20

21

Mendoza 4s stamped.. 1951

July

112%

July

June

2,000

{23%

♦Medellln 7s series E.1951

Feb

25

101

.000

Aug

24

Feb

102

Mar

108%

"l

Feb

27%

23%

104

July

Aug

95

21

{12%

July

97%
18

12,000

Apr

94%

Mar
June

8,000

25

♦Hanover (City) 7S.--1939
♦Hanover (Prov) 6 %s_ 1949
♦Lima (City) Peru0%S-'68
♦Maranhao 7s
-1958

98%

..

4,000

May

{60
24%
24%

Danzig Port A Waterways
External 6%s
-1952

Feb

83%
84%
11%

Feb

99%

101

62%
100%

Jan

Feb

Mar

101%

{27%

1965

5s

29%
25

22

99%

1952

♦6s series A

Jan

Feb

Apr

19%

94

95

Mar

30

22% June
18%

{24

1951

87%

Sept

3,000
1,000

94

♦Ruhr Gas Corp 0HS.1963
♦Ruhr Housing 0 Ha. -1968

1st 4 Ha series D

109% Mar
107% June

100%

24,000

-.1952

Queens Boro Gas A Eleo—
5Ha series A__
1952

6s

Jan

"3",000

66

23%

1,000

38

{112
114
105% 105%

1978

4 Ha

Inc

107

Jan

102%

•Mtge Bk of Chile 08.1931

1960

6s series C

Serve]

Sept

49%

21,000

23%

♦7s stamped

Public Service of N J—

Sauda Falls 68

Aug

106%

♦7 %s stamped.:
1947
♦Cauca Valley 7s
.1948
Cent Bk of German State A

Pub Serv of Nor Illinois—

♦Saxon

106%

Mar

70%

—1947

2,000

{99% 100

Power Securities 0s.-.1949

8an Antonio P 8 6s

Mar

102%

67

—1940

7s

♦20-year 7s
♦Baden 7s

105

1,000

105

108% 108%
{106% 108

1981

4s series A

May

102

1,000

Agricultural Mtge Bk (Col)

♦20-year

Phlla Elec Pow 5H8..1972
Pblla Rapid Transit 0s 1902

4Hs series D

37

3,000

AND MUNICIPALITIES—

98%

98

|*Peoples Lt A Pr 6s..1979

♦Prussian

13,000

FOREIGN GOVERNMENT

105 %

1954

4 He series F

Jan

July

Jan

Mar

99%

103%

Peoples Gas L A Coke—

♦Pomeranian

50

Apr

Jan

94%

July

Penn Water A Pow 6a. 1940

B

Sept

37

8,000

Wlso-Mlnn Lt A Pow 5s '44

116

90%

"93%

Deb 5Ha series B-.1959

4Hs series

28%

10,000

44%

Mar

105%

West United G A E 5 %s *55
Wheeling Elec Co 6s.-1941

25",000

Penn Pub Serv 0s C-. 1947

4s series B

Mar

106%

West Newspaper Un 6s *44

May

Penn Ohio Edison—

6s series D

Jan

90

11,000

♦

94

Penn Cent L A P 4 Ha. 1977
6a
1979

0s series A x-w

102

70%

105% 105%

Wash Ry A Elec4S-.-1951
Wash Water Power 5s. 1960

92%

{102

1938

Penn Electric 4s F

90

July
June

{106% 109
{102% ..—
95%
96%
95%
92%
93%
92%
92%

1946

June

96

18,000

114

6s.

Apr

17,000

73%

97

5s income deb
1954
Wash Gas Light 5s—.1958

99%

114

June

93
62

91

Va Pub Serv 6%s A..1940
1st ref 5s series B___1950

93%

98

"74%

63%

70

Vamma Water Pow 5%s'57

105%

106%
104%

98%

Corp 0s

12,000
5,000
20,000

107% 108

__1952

2,000

9,000

.

E

3,000
16,000

116%

Palmer

31%

Mar

Waldorf-Astoria Hotel—

116

Pacific Ltg A Pow 6s_ 1942
Pacific Pow A Ltg 5«--1955

95%
65%

74

Utlca Gas A Elec 6s D 1956

Jan

116%

A. 1948

67

27

70

1944

Jan

Pacific Coast Power 5s *40
Pacific Gas A Elec Co—
1st 0s series B
1941
ser

Mar

70

6s series A
1973
Utah Pow A Lt 0s A.-2022

105

"87%

Pacific Invest 6s

114

__1952

105%

101% 101%
87%
89
{104% 105%

99

Mar

90

United Lt A Rys (Me)—

Feb

9,000

6Haseries E
1901
Okla Nat Gas 4Ha— -1951
5s conv debs...
1946
Okla Power A Water 5s *48

99%

95%

June

52

July

June

103% 103%
96
95%
108
108%

109% 109%
103% 103%
104% 104%

June

49%

76%

Ohio Public Service Co—
08 series C

95

63%
65%

33,000

UnLtARys (Del) 5%s '62

102%

94%

105% 105%

June

7,000

26,000

May

104%

12,000

105%

June

67%

7,000

68%

{27%

May

98%

98

105

Ohio Power 1st 6s B..1952

7,000
25,000

2,000

66

76%

104%

Northern Indiana P 8—
5a series C

69

108%

1974

6s series

6s series D

Mar

75

—

48%
49
107% 107%

Mar

95

108

—.1959

No Amer Lt A Pow—

6He series A
1966
Nor Cont'l Util 5Hs—1948

95

75%

♦1st s f 0s
1945
United Lt A Pow 0s—.-1975

6%s
5%S--.

106

Sept

100%

7,000
10,000

108%

1962
Twin City
Rap Tr 5%s '52

Jan

Jan

Mav

91

Toledo Edison 5s

109%

103

Jan

June

{103%

2022
Tide Water Power 5s.. 1979
♦Tletz (L.) see Leonard

Mar

5,000
93,000

Jan

Jan

104%

65%

{

♦United Industrial 0 %s.'41

Jan

Jan

104

June

85

May

87

103%

67

1956

Jan

92

Mar

105

Jan

66

106% 106%
81
82%

70%

6s

Feb

95%

99%

4,000

"106%

1957

99% May

{103

107

1954

104%

New York Penn A Ohio—

4%s stamped--1960

Syracuse Ltg 5%s

Ulen Co—
Conv 6s 4th stamp. 1950
United Eleo N J 4s.
1949
United El Serv7sex-w 1956

July

11,000
3,000

50%

104%

84%

May

43%

Texas Power A Lt 5s

Apr

July

93%

43

Jan

June

73%

106% 106%
106% 106%
106%
{107
107%

Jan

65%
65%
65%

113

102%

4,000
3,000

50

1970

„

14,000

Mar

9,000

62%

101%

Jan

Jan

50

6%s—1953
Texas Elec Service 58.1960
(♦Texas Gas Utll 0S-.1945

99%
121%

110%

43

Tenn Public Service 6s 1970
Ternl Hydro-El

51

Jan

104

66

Tennessee Elec Pow 5s 1956

110

Jan

108

64

106%

4%g__

5s series B

108

Apr

69%

28%

Jan

44
May
106% June

91%

"79"

1st

Feb

May

67 %

"97"

1942

♦Income 0s series A. 1949

102

84%

107

June

74

99

4,000

117

83 h

July

83%

101

94 %

—I960

New

Eng Pow Assn 6s. 1948
Debenture 5Hs
1964
New Orleans Pub Serv¬

18,000
47,000

68

"67 H

1,000

44%

119h 119%

N E Gas A El Assn 58-1947

Conv deb 6s

79%

5"66O

107%

t99
84 %

New Amsterdam Gas 5s "48

1948

90%

117

Nelsner Bros Realty 0s '48
Nevada-Calif Elee 5s. 1950

Conv deb 5s.

77%
44%
107

102

"

Aug

Mar

99%

95%

2d stamped 4s
1946
8uper Power of 111 4%s '08

6

107%

99%

18,000
6,000

67%

66%

Stinnes (Hugo) Corp—
2d 8tamped 4s
1940

98 h

90%

Mar

103

19,000
98,000

64%

"63%

84

t5 %

High

66%
68%

(Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s_1950

107

65%

Low

Shares

66

"67%

8,000
1,000

97h

6Ha..-..
1944
♦Munson S3 0Ha otto-1937
Nassau A Suffolk Ltg 6s *45
Nat Pow A Lt 0s A

Jan

Jan

74

97%
102%

104% 104%

Debenture 6s
1951
Debentu e6s.Dec 1 1966
Standard Investg5%s 1939

14,000

Montana Dakota Power—
_

Feb
Jan

89%
108H 108%
65 %
65%

(♦Missouri Pub Serv6sl947

88

|*Stand Gas A Elec 081935

20.000

101

—~

So'wwt Pub Serv 08—1945

Apr

103%

196V

96%

118

101%

Miss River Pow 1st 6s. 1951

74

74

Mar

96

Miss Pow A Lt 6s

S'western Assoc Tel 5s 1961

1951

106

103% 104%

103%

Sou Indiana Ry 4s

July

103

8IX
88 h

106

Aug

July

"96"
81%

103

101

90

103 %

Mississippi Pow 6s_—1965

106% 107
102% 103%
102% 103%

103%

Aug

83

82

101

3%s-May 1 i960
Ref M 3%s B.July 1 "60
1st A ref mtge 4s
1960
Sou Counties Gas 4 %s 1968

105

Ha—1907
1978

6s

Jan

107

1946

Ref M

11,000
6,000

1966

Mllw Gas Light 4

Debenture 3%s

~2~ 000

90

81

Week

Sou Calif Edison Ltd—

Apr

Sept
Feb

Mansfield Mln 4 Smelt—
♦7b without warr'ts.1941

Feb

Range Since Jan. 1 1937

for

of Prices
Low
High

Price

103% June
87
July

104%

{105% 106

Week's Range

Sale

High

Low

Shares

Last

Jan. 1 1937

Week

Price

Ext

BONDS

(Concluded)

Range Since

Last

Sales

Friday

Sales

Friday
BONDS

(Continued)

Marlon Res Pow 4

1559

New York Curb Exchange—Concluded—Page 6

145

87

Apr

103%

Jan

107%

May

105

104%
105%

Feb

y

Under-the-rule sales transacted during tne current

weekly

or

week and not included In

yearly range:

No sales.

Feb

c

July
in

sales transacted during the current

Deferred delivery

week and not included

weekly or yearly range:
ISTo sales

Abbreviations

Above—1"cod," certificates of deposit; "cons," consolidated
convertible; "m." mortgage;
non-voting stock
certificates; "w I." when Issued; "w w." with warrants; x-w

Used

'cum," cumulative; "conv,"
•v t c," voting trust

without warrants

1560

Financial

Chronicle

Sept. 4, 1937

Other Stock Exchanges
Friday

New York Real Estate Securities

Last

Exchange

Sales
Week's

Sale

Closing bid and asked quotations, Friday, Sept. 3

Stocks (Concluded)

Par

Low

Price

Reece Button Hole MachlO

Unlisted Bonds

Bid

B'way Ac 38th St Bldg 7s 45

A 8k

94

Bryant Park Bldg 6 %s 45.

39%

Drake (The) 6s

34

1939

11 West 42d St 6%S..1945

45

600 Fifth Ave 6%8... 1949

38

-

-

Park

-

Place

•

28%

25

Low

23

High

2%

Sept

14

2%
13%

20

*

14

480

12%

Juue

16%

*

19%

19%

21%

686

33%

Jan

41%

May

98

Reece Folding Mach Co. 10

Waldorf System

82%

Warren

14

15

-

-

2%

*

37%

36%

37%

667

84%

84%

86%

617

84

Mar

Jan
Feb

Jan

Jan

1

1%

1%

1%

1,920

1%

Jan

Corp..*

2%

1%

2%

225

1%

10%

Apr
Sept

6 %

Feb

12%

Jan

Jan

46

Feb

10%

*

inc

Co

*

D) Co

*

Bros

Warren (S

*

-

Corp.25

Torrlngton Co (new)

Venezuela Holding

29

m

Apr

17% June
34% June

Utah Metal Ac Tunnel
6

10 East 40th St Bldg 5s 53.
2124-34 BdwyBldgsS %s'43
250 W 39th St Bldgs 6s 1937

....

25

25%
3%

United Shoe Mach

Dodge Corp—

Pennsylvania Bldg ctfs
10

6% 1941 and ctfs

Ask

6

1948

Income bonds v t c

Fox Theatre & Ofice Bldg

Shares

Stone Ac Webster

Bid

Majestic Apts 6s

---

High

25

Range Since Jan. 1, 1937

for
Week

Shawmut Assn tr ctfs

Unlisted Bonis
Internat Commerce Bldg—
6%s
1943

...

Range

of Prices

6%

11%

45

19%

Feb

7

25

40

70

35

13,000

76

July

89

Feb

2,350

78

Sept

95

Jan

6%
40

2% June
2% Mar

—

Bonds—

Eastern

Orders Executed

on

Series

Baltimore Stock

Exchange

Mass St Ry—
A

SteinBros.&Boyce
6

Established

Calvert St.

S.

1853

39

BALTIMORE, MD.

1948

78%

79

1948

78

81

4%s

Series B 5's

chicago

Broadway

Hagerstown, Md.

Louisville, Ky.

securities

Listed and

NEW YORK

York, Pa.

1

Unlisted

Vml RDavls & 60.

Members New York, Baltimore and Chicago Stock Exchanges

Chicago Board of Trade

Members

New York Curb Exchange (Associate)

New York Stock Exchange
New York Curb

Chicago Stock Exchange
Chicago Curb Exchange

(Associate)

10 So. La Salle

Baltimore Stock Exchange

St., CHICAGO

Aug. 28 to Sept. 3, both inclusive, compiled from official sales lists
Sales

Friday
Last

Stocks-

Par

Arundel Corp

*

Bait Transit Co com v t c.*

1st pre! v t o
Black A Decker

*

com

preferred

Preferred

1

Fidelity Ac Deposit-.20

Fidelity & Guar Fire
Houston Oil

Week

Price

20%
1%
26%

t

com v

"72"

1st preferred

39%
118

260

'~20%

70

Aug

3

Jan

3%

Jan

9

Jan

28

169

24%

June

38

Jan

1

100

Sept

1

Sept

74

153

64

19

112

26%
72

28

29

1,030

40

37%

495
140

120%
38

37%
20%

21%
34%

115

50%

June

48

Jan

Sept

117

136

Apr

37%

Sept

48%

Jan

19 %

Apr

23%

Aug

1

9%

112

3%

1,200

4

July

%
9

Jan

July

Jan

6,565

3

Jan

24

83

21

Sept

'25%

25%

148

25%

13 %

13%

919

13

34%

14%
%
22%
34%

27

28%

%

%
21

20%

10

4%

Apr

41

Jan

July

27%

Jan

Sept
May

18 %

Feb

1%

Feb

Sept
Apr

29%

Jan

34

37

Jan

27%

July

41%

Jan

260

1,347

Jan

1%

June

3%

26

1

Jan

Jan

45

1

3%

Jan

89%

Apr

21

2%

U 8 Fidelity Ac Guar
2
Western National Bank_20

June

June

887

22%

3%

New Amsterdam Casualty5

1

20%

6«

Par

Common (new)

flat

1075

.

34%

$9,000

34%

500

31%

Jan

48

July

Established

10

Advance Alum Castings..6
Aetna Ball Bearing com..l

!3.

13

Allied Products Corp com 10

Altorfers Bros

com

pref

*

Amer Pub Serv Co pref.

100

Armour & Co common

Asbestos Mfg Co com
Associates Invest com

and Tyson

*

com.

5

Barber Co (WH) com

Barlow&SeellgMfgAcorn 6

15%

17%
15%

Bastlan-Blesslng Co com.*

20

20

Castle (A M)

Boston Stock Exchange

DEPARTMENT

30 State St., Boston

Bangor

..10

"15%

30

30%

10

37

37

_•

46

'il%
16%

1
.

common..

1

Lewlston

1%

Friday
Last
Sale

Stocks—

Par

Price

Range

Week

of Prices
Low

Range Since Jan. 1, 1937

for

High

Shares

3

98

*

Chain Belt Co

Sales
Week's

1

*

Preferred.

Exchange

Low

Chicago Corp

*

High

2

53%
8

5%
7%
17%
15%
20%
20%
9%
12%
39%

150

55%

Feb

Aug

17%

Feb

6%

Jan

12%

June

12%

Mar

Aug

May

2,250
200

Jau

150

12%

Aug

100

37

Sept

43

Jan

1,020
2,500

61

June

7

J«n

84%
13%

Feb
Mar

10%

500

1%

June

4%

100

Feb

Jan

48%
7%

Mar

57%

100

Sept

17

Jan

500

4%

Sept

9

Mar

100

3%

Jan

9

Mar

200

16

250

15%

250

19

100

20%
9

May

19

Feb

Jan

Aug

20%

Feb

Jan

23%

Feb

22

Aug

Aug

Feb

Aug

14%

150

9%

Jan

14%

Feb

1,100

32%

Jan

43%

Mar

1,600

Aug

1,020

38%

Apr

50%

100

18%

July

22%

12

150

11

Apr

15%

Feb

16%
11%
15%
30%

600

15%

Sept

30%

Mar

250

11%

48%
18%

39

1,650
50

750
50

1%

300

13

62%

140

2%

7

14%
23%

15%

54

June

10%

1%

98

45

10

50

13

July

June

18%

Mar

28% June

36%

Mar

June

43

July

Jan

19

Feb

13

29%
15

1%
12

53%

Aug

June

Feb
Jan

July

19

*81%

Feb

OH
110%

Mar

3%

2,350
220

2% June
86% June

560

47

4%

8,150

57%

3%

June

99%
54%
57%

20

Feb

Jau

June

71

Feb

Sept

73

Mar

•

57%
4%

57%
4%

*

com

43

43

43

250

43

June

48

24

24

20

20

May

32

Feb

60

61%

450

63

Jan

77

Mar

common

Preferred

Chio Elec Mfg A.
*
Chic Flexible Shaft com..5
Chic & N W Ry pref... 100

Common

High

Low

800

13

Prior lien pref

Boston Stock

Shares

62

Common

Aug. 28 to Sept. 3, both inclusive, compiled from official sales lists

Range Since Jan. 1. 1937

for
w ce*

15%

$1.50 conv pref
*
Cent 111 Pub Serv pref... *
Central S W—

N. Y. Tel. CAnal 6-1541

Portland

"38%

9

12%
38%
45%
18%
11%
15%
11%
14%
30%

Common

Private Wire System
Boston Tel. LAF 7010

"9%

Cen Cold Storrage com..20
Central Illinois Sec—

New York Curb Exchange (Asso.)

UNLISTED TRADING

20%

10

1
Blnks Mfg Co capital
1
Bliss Ac Laughlln Inc cap.o

5% conv preferred

York Stock Exchange

7%
4%
7

1.

15%
37

68%
11%

53

Autom Washer conv pref. *

13

37

2

7%
4%

48%
11%
10%
8%

68%

10%

*

cap

Automatic Products

Butler Brothers.

New

.....

1

Athey Truss Wheel

7%

15%

"37"

6

Bruce Co (E L) com.
Burd Piston Ring com

1887

11%
10%
7%

6
Brach & Sons (E J) cap
*
Brown Fence Ac Wire com.l

Members

48

*

Adams Royalty Go com..*

Borg Warner Corp—
(New) com

Townsend, Anthony

Price

*

Adams (J D) Mfg com

Berghoff Brewing Co
27

of Prices
Low
High

Abbott Laboratories-

Belden Mfg Co com

Bonds-

Bait Transit Co 4s (flat) *76
A

Stocks—

Week's Range

Sale

Apr

320

1

Sales

Friday
Last

23%

1%

9

Com class A

High
Jan

4%

1

1

Merch & Miners Transp..*
Monon W Penn P S 7% pf. 25

Low

18

1

117

25

Owlngs Mills Distillery

Aug. 28 to Sept. 3, both inclusive, compiled from official sales lists

Shares

20%

113% 113%

~~28%

*

Mar Tex Oil

High

20%

1

10

1 ' ..100

pref

Low

Chicago Stock Exchange

Range Since Jan. 1, 1937

3%

4

100

Eastern Sugar Assoc com.l

Mfrs Finance

for

of Prices

*

Chalmers Oil & Gas pref_5
CoiiboI Gas E L Ac Pow_._ *

5%

Week's Range

Sale

60

3%

June

6%

Mar

Feb

18

18

100

18

Sept

18

Sept

70

70

10

65

July

77

May

13

18

*

13%
2%
1%

100

13

Sept

27%

Chic Towel—
Amer Tel Ac Tel

100

166

164% 167%

BIgelo-Sanf Carp pref.. 100

106

106

Boston At Albany

100

125

125

Boston Edison Co

100

133%

132

Boston

100

Elevated

Jan

Sept
Sept

115

Feb

125

147

Jan

Club Aluminum Uten Co.*

565

134

187%

106

210

127%

June

160

Jan

Coleman L'p & Store

Sept
Sept

69%

Mar

30%

Jan

Sept

14%

Mar

Consolidated Biscuit

Sept

66%

Mar

Cord Corp cap stock

June

20

Mar

Cudahy Packing pref.. 100
Cunningham Drg Storee2%

1,924

60

59%

61

186

59%

23%

Boston-Herald-Traveller. *

23

24

210

23

Common

100

Prior pref

100

8%

40

31
11

.

Boston Personal Prop Tr. *
Brown Durrell com

8%

.....

*

Calumet <fc Hecla

25

Copper Range

33

60

10%

Class A 1st pref stpd. 100
Class C 1st pref std
100

10%

95

11

11

12%

12%

3

25

13%

8%
31

9%

;

Common

*

...100

pref

cum

60
45

61%

100

5%
61%
45

1%

23

Mar

July

18

Jan

Dayton Rubber M fg

7%

Feb

20%

Jan

Deep Rock Oil

983

10

May

17%

Jan

4% June

10%

Jan

Dexter Co (The) com
Dixie Vortex Co com
Class A

51

Jan

Elgin National Watch..15

7

Jan

Fuller Mfg Co com

Jan

Jan

Mar

Eastern Steam'p Lines pf.*
Economy Grocery Stores

37

10

37

Aug

53%

17

17

20

16

June

22%

Employers Group

19%

20%

325

19

June

26

11

11

100

10

June

14%

Jan

14%

13%
%

14%

222

13%

Sept

20%

Feb

%

400

2%

Jan

4%

6%

Jan

17

17

Mass

Utilities

Mergenthaler

4%

v t c

3

Linotype..*

38%

3

38%

50c May

635

2

17

25

14

3

777

2%

May

151

38%

Sept

40%

vi

ar

May

Jan
Mar

Inc

1
com

7%

*

New England Tel & Tel 100

NYNH4H RR(Tbe) 100
North Butte
2.50

4%

RR

7%

785

15c
%
3%
3%
115% 116%
3%
4%

1,200

soe

25

page




1564

Jan

37

29%

Sept

33%

38%

June

48%

400

May
Aug
Feb
Jan

4

Aug

2

June

5%

Feb

Apr

110%

Mar

104%

11

500

18

Sept

26%

Feb

250

19%

Jan

28%

Apr

5%

May
May

11%

Jan
Jan

July

32%
17%

18

June

25

Feb

35

July

41

Feb

500

20%

June

26%

Aug

200

29%

May

41%

Aug

6%

Aug

12 %

6

50

25

60

8%
19%

70

100

37

100

24%

25

36

37

950

1,610
217
105

6%

Mar

15c Sept
3% July
114% Juue
3% Juue

20

8%

Jan

20

13%
5%

3%
32%

17%
11%
11%

4%
33%
11%
18%
11%
11%

13

13

Common

4

Hall Printing Co com

11%

Apr

%

Mar
Mar

142

Mar

10

32%
11%
17%
11%

10

"l3~~

Helleman Brew Co G cap 1
Heln-Wern Mot Pts com_3
Horders Inc com
*

7%
7%

Harnlschfeger Corp

com.

9%

Mar

Ian

2%

Mar

29%

Jan

Hupp Motor com (new)..l
Illinois Brick Co cap
10
111 North Utll pref
100

26%

55

25

June

44%

Jan

Indep Pneum Tool

35

243

32%

Sept

60

Mar

555

6%

Jan

11%

Mar

2,235

680

35

v

t c._*

Indiana Steel Prod com..I
Interstate Pow $6 pref...*

3%
11

108%
35%

Jan

11

7%
7%
16%
3%

300

31

June

40%

Mar

950

34

19%

Jan

x6

6%

13%
5%

Feb

3%
56

6%

5%

Sept

7%

34

400

13%

14

7

80

1,300
2,100

19%

85

1%

Mar

9,250

32%
43%
4%
4
4%
107% 107%
18
20%
20%
21%

*

15

1

Jau

2%

4

5

Candy Corp A

32%

...50

Mining Co...

For footnotes

New common

Gen

14

1

100

Pacific Mills Co

Pennsylvania

7%

5%

May

42

General Finance Corp com 1
Gen Household Utll—

26%

Old Colony RR

Qulney

1

24%
36%
6%
34%
4%

Elec Household Utll cap

Hamilton Mfg cl A pref. 10

t c__l

Nat'l Tunnel Ac Mines

Dodge Mfg Corp com
*
Eddy Paper Corp (The).. •

Goldblatt Bros Inc com.. *
Gossard Co (H W) com..*
Great Lakes DAD com.. *

Jan

19

Narragan&ett Racing Ass r
Natl Service Co

June

1%

Gardner Denver Co—

Jan

3%

Aug

1

2%

200

37

*

69

4

25

Jan

4,800

23%
8%
19%

5

81

32

(Boston)25

35

29%

6

*

June

40

Copper Go

21%

pref__*

1%

142

37

"18%

10

com

55% June

4

Helvetia OUCotc

*

35%

37

'

4%

70

4

Razor

fl

265

37

._*

4

17

1%

100

Gilchrist Co

com

3% May
11%
Apr

100

»

•

290

conv

1

com

Decker & Cohn

Adjustment

"37""

30
42

July

20

2%
1%
35

*

25

12

1st preferred

Isle Royal

New

11

Sept
Sept

Loews Theatres

com

2%

Commonwealth Edison—

200
125

13% *14%
11%
12%
5%

East Mass St Ry com.. 100

Gillette Safety

•

com.

10

3

East Gas Ac Fuel Assn—

6%

Cities Service Co

Compressed Ind Gases cap*

Boston Ac Maine—

4%% prior pref.

Chicago Yellow Cab Co..*

159% June

29

109

8128%

*4%

July

6%

May

23%

July

550

19%

250

13%

Sept
Sept

1,100

4%

Mar

2,100

3%

June

10%

450

32%

Sept

42%

Mar

950

11

500

17%

10

11%

12%
29%
20%

July

150

9%

100

12%

July

Sept
Sept
May
Aug

19

Feb

5% May
Jan

Jan

Feb

14

Apr

20

Mar
Jau

950

6%

Aug

11%

1,750

7%

Sept

13%

Mar

17

60

15%

Aug

21%

June

4

1,150

4%

Aug

7%
8%

3
11

May
Sept

Jan

11

250

108

60

99%

50

35

May
Aug

200

8

June

10% May

10

7

Sept

21

11%
108%
35%
35%
8%
8%
7

7

19%

111%
49

Aug
Mar

Jan

Financial

Volume 145

Iron FIrem Mfg com vtc.*
Jarvis (W B) Co cap
1

Joslyn Mfg.& Supply com 5
Katz Drug Co com
1
Kellogg Switch & Sup com*

Preferred.,.

Week's Ranoe

of Prices

Week

Low

Price

25%
53
8%
10%

500

51%
8

150

1,800
750

92

92

10

22

23

1,150

29%

22%

29%
5%
1%

5

Kingsbury Breweries cap.l
6

25

10

Ky Utll jr cum pref
50
Kerlyn Oil Co ol A com__5
La Salle Ext Unlv com

22%

150

1%

"3 %

Lawbeck 6% cum pref-100
Leath & Co-

3

Apr

Jan

28%
43%
7%
3%
3%

Apr

50

30

25

June

5

Sept

1%

Aug

30

1%
38

7

7

100

7

Aug

__*

Preferred..

28

28

40

25

June

16%
11%

17

250

12

400

Le Rol Co com._

10

Llbby McN & Llbby.-.IO
Lincoln Printing Co—
Common

*

7%
24%
3%

Lion Oil Refining Co com.*
Loudon Packing com
*

Lynch Corp com

__5

7%
25
4

-T

50

T 150
500
150

16% June
9%
Jan

12%
33%
6%
48%

51

53

26%

26%

10

22

July

51

51

00

41

Jan

McQuay-Norris Mfg com.*

42

42

20

42

Aug

300

f

56

4%

2

June

24%
22%

10

21

Apr

25

26

1,350

19

Jan

30%

5%
27%

5%
27%

5%
27%

2,000

1

2%

Middle West Corp cap
5
Stock purchase warrants

8%

2%
8%

*
Mickelberry's Food Prod—
Common..

Jan

24%

20

4%
25

June
June

Jan

July

Kahn

High

Low

10

7

15

87

15

15

7
May
17% May
4% May

133

19%

21

12

5

5

5

100

10

10

10

21

Aug

9

June

22

Jan

9

Mar
Feb

27%

Jan

5%
16

Jan

Apr
Feb

28%

28%

28% July

30%

.*

45

45

45%

85

40

May

49%

*

_

28%

25

27

25

27

June

31

Jan

9

June

12

Jan

18% June
101% May

24

Jan

106

Mar

*

com

Kroger

52
42

>

50

"los"

2.50

Little Miami Guar
Magnovox...

27
27
9%
9%
20% 20%
103% 105
1%
1%
59%
59%

,

9%

♦

1%

*

120
30
131

1% June
Jan

55%

Feb

4%
65%

Jan
Mar

215

8% pref

100

214

214

214

72

211

Feb

Randall A

*

19

19

19

35

18

23%

Jan

26%

26%

27

26%

July
Sept

38

Feb

25

25

26%
3%
12%

25

June

34%

Feb

6%

Feb

Rapid

._*

U S Playing Card
U S Printing....

10
*

3%

Preferred
Wurlitzer pref

50

12%

100

3%
12%

110

Aug

3%

75

12

Aug

21

Jan

2

92

Jan

134

Apr

115

115

115

25

130

Jan

Aug
Feb
Mar

24

Prior preferred._

Aug

57%

24%

Mer & Mfrs Sec cl A com. 1

Julian & Kokenge

Jan

Shares

Mar

Marshall Field com

2

Jan

Mar

54

Manhatt-Dear'nCorp com*
Mapes Cons Mfg cap
*

2

Feb

Hatfield prior pref
Part pr f
Hilton Davis pref
Hobart A

13% Feb
34% Mar
19% July
15% Mar

7% Sept
16% Man
3% June
38% Mar

McCord Rad & Mfg A
*
McGraw Electric com... .5

*

Feb
Mar

10

P & G

*

Common

18

Mar

17%

1,050

7

18

16%
12%

150

42%

7

Eagle-Plcher Lead.

55

125

Price

Feb

29%

June

Aug

for
Week

Aug

June
Aug
June

Par

of Prices
Low
High

15

27

91

(Concluded)

Week's Range

CIn Union Stock Yard
*
Dow Drug
...__*

Feb

June

050

3%

,

42%

19%
20%
45%
7%
8%

Stocks

High

Low

Shares

22%
25%
51%
8%

100

Ken-Rad T & Lamp com A*

High

Range Since Jan. 1,1937

Last
Sale

for

Sale

Sales

Friday

1 1937

Range Since Jan.

Last

Par

1561

Sales

Friday

Stocks (Concluded!)

Chronicle

7

31%
5

Jan

Ohio Listed and Unlisted Securities

Apr
Mar

Members Cleveland Stock Exchange

Feb
Jan
Jan

3

1,400

2% June

8%

2,000

7% June

15%

Jan

1% June

7%

Jan

Jan

2%

2%

3%

1,150

H
5%

%

%

2,000

% June

1%

4%

5%

350

3% June

12%

Jan

2%

3%

200

2%

Aug

9%

Mar

2

2

390

1H

June

5

1%

GILLIS

Midland United Co—

Common...

*

Conv preferred A

......

*

Union Trust Building* Cleveland

Midland Utll—

7% prior lien
7% preferred A
6% preferred A
6% prior lien

100
100

100
100
pref..*
Modine Mfg Co com
*
Montg Ward & Co cl A_._*
Muskegon Mot Spec A
*
Nachman Springfield com *
National Battery Co pref.*
Nat Rep Inv Trconv pref *
Miller & Hart

1%

1%

20

June

8%

Jan

3%

480

2% June

9%

Feb

3%
37% 37%
145% 145%

20

3% June

8%

Jan

June

46%

Jan

3%

Noblltt-Sparks Ind com...'

4

July

12%

28

June

36%

Feb

58

Feb

41%
5%

42%
5%

11%

11%

11%

55

55

57

27%

*

1%

37% June
5% June
18

Sept

Feb

9%
18

Sept

16%

Jan

11C

55

Sept

81

Jan

30

23

July

54

Jan

400

1.25C

30
100

10% June

10%

Aug

15%

Feb

21

July

29%

Jan

July

2%

Jan

July

24%

Mar

May

35

pJan

1%

*

20

30

2%
1%

Process Corp com

2%

350

2% June

3%

Feb

1%

1%

100

1%

June

3%

Jan

1%

50

1% June

4%

Jan

i>*

Public Service of Nor 111

Common

91

60

1,300

70

June

74

Jan

99%

June

99

Jan

120

310

109% June

120

Jan

119%

119% 120

30

114

Apr

122

Jan

*

111

111

113

430

109

June

125%

Jan

100

6% preferred
7% preferred
Quaker Oats Co

135

134% 135

com

Preferred

89%

89%

...100

....100

118

100

30

121

Apr

10

20%

20%

20%

50

18

May

37%

Mar

50c

5%

5%
2
17%

4

Jan

350

1% June

July

7%
3%
36%

Feb

1%

5%
1%
17%

650

6

2%

2,400

2

Sept

2%

July

50

25

Mar

50

34

May

Rath Packing Co com

150

Jan

Raytheon Mfg—
v

t c

6% pref vtc

Reliance Mfg Co com... 10
Rollins Hos Mills—
Common

90

15%

Feb

2

Ross Gear & Tool com...*

26

Sangamo Electric com
*
Schwltzer-Cummlns cap..l
Serrlck Corp cl B com
l

36%
21%

Jan

26

36%
22%
/12%

12

12

32%

32%

33

30%

24

21

21%

69

200

30%

23

150

19% June

30

Feb

42

Apr

28%

Feb

10% June

14%

Mar

16%

Slgnode Steel Strap—
Common

*

Preferred

Sivyer Steel Castings com *
So Bend Lathe Wks cap..5

*21%

St Louis Nat Stockyds cap*
Standard Dredge com
*

"~4%

Swift & Co...

Apr

35

Mar

100

22

Apr

26

Mar

500

19%

Jan

27%

Mar

300

69

Sept
Apr

83%
5%

Jan

4

Jan

2,000
850

8

1,100
2,100

31%

31

23

23

8%
31%
23%
20

15

8%

20

8

8

Utah Radio Products com *
Utll & Ind Corp—

"3%

.900

300

3%

3%

3,050

6

%

%

26%

2%
2%
25%

19

19

2%
2%
27%
19%
8%
10%

com

common

Wieboldt Stores Inc
Wisconsin Bank shs

15%

com.
com

8%

com..

8%
9%

Zenith Radio Corp com

"42%

41

43%

850

Jan

8

Sept

30

June

15%
33%

22% June

28%

Week

Price

Low

18

93

_:

_

Apex Eiec Mfg pr pref.. 100

175

10%
18%
93

9%

*

Akron Brass

American Coach_

20

13

13

13

Shares

High

6

Mar

June

Feb

4%
2

Jan

20

July

17%
32

52

30

Aug

95

97

405

85

June

110

Cleve Cliffs Iron pref.... *

95

2%

% June

July

100

2%

June

6%

Feb

250

2

June

5

BJ.DG.

300

525

June

49%

6

41

246

39

Sept

63%

37%

565

32

June

50

Mar

56

437

30

Jan

56

Aug

90

32

68

Feb

100

Aug

38

38

20

33

Feb

54

Mar

100

68%

68%

20

57%

Feb

73%

56

56

25

51

June

60

Jan

60

46

June

50

May

73%
37%

Mar
Mar

Preferred

"39"

90

Greif Bros Cooperage A..*

100
*
*

Interlake Steamship

46%

46%

58

.58

171

200

19

Sept
6% May

26%

30

30

110

24

Jan

24

24

35

23

May

Lima Cord Sole & Heel—*

7

7

75

7

Aug

480

9

Jan

*

_.

-

Cin

*

Leland Electric

10

10

*

McKee (A G) class B_...»
Medusa Portland Cement*

*

20

20

34

13

June

41

42

80

41

Apr

34

34

35%

150

34

5%

298

5

78

Peerless Corp

*
*
3

Richman

*

Corp

Patterson-Sargent

of Prices
High

Low

-.100
-_.50

9
4

104%
6%

28

_

9% June

15%
43%

8% June

58%

Jan
Jan

Mar
Feb

Sept

60

4% June
May

11%

Mar

78

85

Mar

6%
5%

200

6

Aug

12%

4%

465

4%

Aug

1%

1%

150

1%

Sept

10%
2%

Feb
Mar
Feb

14% June

20%

Mar

23

34

15

15

23

"23"

23

120

6%
44%

447

6%

6%

44

65

305

June
Jan

3%
44

7%

57%
9%
64%

5

5

70

5

61

255

38

July

12

*

July
Aug

51

.....

12

15

12

Aug

10

420

8%

Jan

10

5%

Aug

Feb

Mar
Mar
Apr
Aug

100
1
1

8% cum pref
S M A Corp

Upson Walton

51

9%
5%

*

Van Dorn Iron

Vlchek Tool

10

*

10

5

25

—

Weinberger Drug Inc

5%
25

84

82%
28

for

30

June

Sept
Feb

17%

Jan

Mar
Feb

14

15%
22

Jan

July

Watling, Lerchen & Hayes
Members □ jfcM

New York Curb Associate

New York Stock Exchange
Detroit Stock

Chicago Stock Exchange

Exchange

Buhl Building

DETROIT

Telephone: Randolph 5530

Feb

Aug. 28 to Sept. 3,

Exchange

both inclusive, compiled from official sales lists
Last
Sale
Par

Stocks-

Sales

Price

5

7%

9

162

4

75

74
201

2%
28

7% July
4

May

2

Sept

2%
14%

2,866

9%

Jan

27

28

203

22%
3%

June

2

19

110%

Frankenmuth Brew com.. 1

1%

...

5

33%
13%
7%
108

10%

Feb

Feb

Jan
Mar
Jan

Jan

91

92

74

85

June

100

Jan

25

3

3

3

25

2

Mar

5

Feb

3%
18%

4

1,400

19

310

21

2
2%
U0% 110%
3%
4%
5
6%

17
18

3
com..—10
1

300

21

3%

com2.50

Gar Wood Ind com..

High

98% June
6% Sept

High
Aug

13%

100
Detroit-Mich Stove com.. 1
Detroit Paper Prod com..l
Federal Mogul com.
*

Aug

Low

1S16

1
Burroughs Adding Mach.*

Baldwin Rubber com

Detroit Edison com.

Aug

Range Since Jan. 1,1937

1,550

Fruehauf

100

for
Week
Shares

"16

Burry Biscuit com... 12%c
Consolidated Paper com. 10

Low

of Prices
High

Low

16

Allen Electric

Week
Shares

Week's Range

1

Auto City Brew com

Range Since Jan. 1 1937

4

102% 104%
6%
6%

10

19

13%

Aug

100

8,050

92




Feb

30

3

78

6

4%

Nestle Le Mur cum cl A..*
Packer

10%

"4l"

Metropolitan Pavg Brick. *
Cum 7% pref.
100
National Refining.
25

Mar

—50

Telephone

Cin Tobacco Ware.

*
_

_

28

Apr

27

Lamson & Sessions

General Motors
40

Jan

14

Jaeger Machine

Mar

12

1,950

Sales

Week's Range

2%

Feb

56%

Kelley Isld Lime & Tran.. *

Feb

CINCINNATI

Friday

2%

Jan

112

110

35%
51%

Cunningham Drug

*

Feb

Feb
Mar

39

100

Cliffs Corp vtc

Detroit & Cleve Nav com 10

Burger Brewing
Carthage Mills B
Churngold..
Cin Bal 1 Crank pref
Cin Gas & Elec pref.
Cln Street Ry

21

40%
101%

*
Commercial Bookbinding. *
Elec Controller & Mfg—*
Great Lakes Towing.. 100

Cleve Elec 111 $4.50 pref. .*
Cleveland Railway

Jan

Cincinnati Stock Exchange

Sale

103% June

100

Jan
Feb
July
fcJan

Alar

Phone Cherry 6711—Bell Sys. Tel. Ctn. 363

Price

June

17%
32

Apr

June

7%

BALLINGER & CO.

Par

Aug

17%

*

33%
14%
20%

Mar

Cincinnati and Ohio Listed and Unlisted Securities

Stocks—

93

165

June

1

Friday

Last

18

Clark Controller

Trading Markets in

TRUST

9% Sept

95

City Ice & Fuel

Detroit Stock

UNION

High

Sept

Mar

Members Cincinnati Stock Exchange
Active

Low

13

Mar

28%
15%
26%

20

350

7

Common...
Convertible pref

Woodall In dust

200

8%
23%

23

for

of Prices

20.% May

4%

19%

20

(The)

40

70%

4%

SundBtrand Mach Tool Co*

Walgreen Co

Jan

28% June

40

17

17

Thompson (J R) com...25
Trane Co (The) com.
2

Wahl Co

300

.....25

Swift International

Airway Elec Appl pref. 100

Seiherllng Rubber

30

Convertible preferred..*
Stockline Fur com
10

Par

Stocks—

Week's Range

Sale

National Tile

__1

Range Since Jan. 1 1937

Last

Halle Bros pref
85

88

Common

18

33%

*

com

100

18

Pines Winterfront com.._l
Prima Co com

18%
33%

1%

conv

Perfect Circle Co

50

10%
24%
1%

10%

A..10

50

27%

24%

Peabody Coal Co B com..5
Penn El Switch

1,050

18

Parker Pen Co(The)com 10

Sales

Friday

Jan

400

N'west Utll pr conv pref 10
Oshkosh B'Gosh com

Jan

220

33

Northern Paper Mills com *
Northwest Bancorp com.. *

100

32

80

Exchange

Sept. 3, both inclusive, compiled from official sales lists

Jan

27% May

to

Feb

22

Cleveland Stock
Aug. 28

Feb

26

Aug

14

18

%

156

Sept

21%

4%

4

32

North American Car com20

135% June

100
200

27%

27%

41

10

3

14%

4

4%

100

21%

21%

32

7% preferred

Feb

2%

conv

National Standard com.. 10

Common

A. T. & T. CLEV. 565 & 566

Telephone OHerry 5050

11

1%

17

1%

18

18

11

11

100

18

2

260
850

3%

June

June
June

3

15%
35

7%
22

25%
3%
145%
11

Feb

Jan

10

400

June

397

18

Sept
Aug

2%
21%

Feb
July

5

1,040

11

48%
4%
3%

3%

3%

695

1

1

200

5%
5%

200

19%

Feb

70

Feb

Aug

8

Feb

Jan

Aug
Mar

4% Feb
2% Feb
5% June
7

270

June

20

250

17% May

22%

13

15%

770

13

23

1,475

Jan

June

20

1

Feb

Mar
Jan

23

1
Grand Valley Brew com__l
General finance com-—-1
Hall Lamp com..—
*
Hosklns Mfg com
*
Hudson Motor Car com..*
Hurd Lock & Mfg com___l

»1«

Jan

Jan

Sept

556

,S16

Feb

Mar

June

200

5

13%

Feb
July

15%
1%

300

4%

5%
4%

1

2,87

52

5%

June

110

Goebel Brewing com

Graham-Paige com

July

19

1,264

Sept

2%

Sept

"16 June

1%

Jan

July
Feb

Financial

1562

Week's Range

Sale
Stocks (Concluded)

Price

Par

Sept. 4, 1937

Sales

Friday
Last

Chronicle

of Prices
High

Low

4%

for

Range Since Jan. 1 1937

Week

Shares

625

Established 1874

Low

High

22 %

m
22 H

315

4% Sept
20% June

8%
29%

26

26

106

22

28

Apr

Masco Screw Prod com—1

l

2%
1%
2%
1%
7%
4%
4%
20%
21%

& Townsend

DeHaven

Feb

Kresge (S S) com
; —10
Mahon Co (R C) A pref..*

Feb

Kingston Products com__l

McCalanahan Oil

Michigan Sugar com

Mid-West Abrasive comSOc

Murray Corp

com

10

...

Musk Piston Ring com 2.50

Packard Motor Car com...*
Parke-Davis

Parker Wolverine com

Penin Metal Prod com—1

545

110

13

July

967

8

June

600

37

June

200

13%
3%

m
39%
19%
4%
4%

33%
19 %
4X

*

400

1% July
% Aug
6% Sept
2% June
2% June
10% June

6%
3%
2%
11%
17M

8

*

com

200

l

6%
3%
2%
11%
17%

Micromatic Home com—1

3,100
1,800

1% June

''16

IX

l

*
-.10

Preferred

1X

%
%
IX

1

com

McClanahan Refining coml

Feb

103
100

380

1,445

%

Aug

Jan

4%

4%s
5%
6%

470

4% May

1,005

5

1,125

4% June

50

98

June

pref-.100

Co

Feb

Chrysler Corp

100

P*B

*

Warner Aircraft com

1

Wolverine Brew com.....I

800

32%
25%

Budd Wheel Co.....

5H
3%

100

165

167%

Budd (E G) Mfg

5X
3%

230

.50
10

Bell Tel Co of Pa

*

1,775

100

Bankers Securities pref.

Feb

Universal Cooler A

1

American Tel & Tel

Jan

Feb

7

4%

Jan

Feb

2% June

300

May
5% Aug
3% Aug
July

9%
8%
1%
7%

July

«16

June

1

4%
X

Barber Go

117

*

9

*

7%

8%
7%
104%

——5

—

*

10

Jan

Electric Storage Battery 100

34

Feb

General Motors

Mar

Feb

Curtis Pub Co com

Horn & Hard't (Phila)com

*

*

(N Y) com

.50
.25
..—25

Lehigh Valley

2%

*
1
50

9%
3%
33%

Mitten Bank Sec Corp.

Preferred...

Wm. Cavalier & Co.

Nat'l Power & Light
Pennroad Corp vtc

Pennsylvania RR
Phila Elec of Pa $5 pref.

MEMBERS

.

*

25

Phila

50
50
50

Rapid Transit
7% preferred

San Francisco Stock Exchange

Philadelphia Traction

523 W. 6th St.

.

Phila Elec Powpref

Chicago Board of Trade

Los Angeles Stock Exchange

Los Angeles

Teletype L.A. 290

...

Salt Dome Oil Corp
Sun Oil Co

7%

1
*

Aug. 28

to

Tonopah Mining

Last

Sale
Stocks-

Par

Price

Sales

Week's Range

of Prices
High

Low

Range Since Jan. 1, 1937

for
Week
Shares

50

United Corp com

__*

United Corp com

Sept. 3, both inclusive, compiled from official sales lists
Friday

1

Union Traction

*

United Gas Improv't com. *

Preferred-

Low

High

._*

Westmoreland Inc

1

5%

5

5%

1,200

3%

Barnhart-Morrow Cons._l

45c

42c

45c

700

40c

July
Aug

Berkey & Gay Furn Co

1%

1%

1%

500

1%

Sept

3%

Jan

90c

90c

90c

100

90c

July

2.25

3%

3%

1,900

3%

July
Sept

7%

175
25

25%
119%
9%
8%
108%
10%
34%
55%

363

High

210
580
100
215

1,902

Aug

159% June
32% Sept
25% Sept
112

May

7% June

715

7%
94%
9%
33%
48%

43

3
884

135

1,889

2,028
60

163
105

286
600
584
3

30

Aug
May

24%

5%
14%
5%
50%
117%
35%
7%
13%
16%

Aug

June
June
Mar
Aug

June

4%

887
747

4

515

4

33

Jan

Apr

Mar
Feb
Apr
Feb
Jan

Feb
Jan

8%

Jan

June

15

Mar
Apr
Feb

76%
Jan
35% Aug
i5,e May
1% Aug
7%
Feb

June

515

Feb
Aug

20

Apr

June

July
'is
Jan
% June
4% June

14,210

Feb

41%
14%

June

June

Mar
Feb
Jan
Feb

139

Aug

June

Jan
Feb

20%
44%
70%

Aug

278

Mar

13

June

29

7%
11%
1%
2%
8%
3%
32%
108%
31%
4%
7%
9%
12%
65%
29%

Mar

127%
14%

June

110

Jan
Mar

134%

25

Feb

45

July

28

35

26%
187%

June

June
July

632

June

3,868
269

10% June
102

June

114%
14%

9%
9%

20

Apr
Feb

Aug

16%

Jan

11

9

45

*

Feb

3%

12%
107

*

Westmoreland Coal

Bandinl Petroleum Co

1%
4%
4%

*

Preferred

505

33

%
1%
4%
4%
4%
4%
4%
4%
36%
36%
12%
13%
106% 108%
12
12%

Tonopah-Belmont Devel .1

Angeles Stock Exchange

14

603

15%
167%

34

Tacony-Palmyra Bridge.. *

Los

Low

Shares

51%
111% 112
30% 30%
7%
8%
11%
13
1%
1%
2%
2%
9% 10%
3%
3%
32% 35%
114% 115%
33% 33%
4%
4%
8
7%
10
10%
13%
14%
67% 67%

10

Lehigh Coal & Navigation *

New York Stock Exchange

Week

of Prices
High

14

8

200

7

1

American Stores

11

5%
3%

7

Range Since Jan. 1, 193

for

Low

*

Feb

10

3

4%

Price

June

5%

3%

Sale

Par

Stocks-

5

1

..

Week's Range

Feb

Mar

1

..

Last

103

*

Wayne Screw Prod com. .4

Sales

Friday

Aug

Tivoli Brewing com
Tom Moore Dist com.

2,389

Jan

official sales list8

Aug. 28 to Sept. 3, both inclusive, compiled from

98

United Shirt Dist

com

Philadelphia Stock Exchange

Jan

Aug

July

5

98

Jan

Feb

5%
6%
9%
5%
6%
10%

4

530

Stearns & Co(Fred'k)pf 100

30 Broad Street

Jan

594

5%

NEW YORK

1513 Walnut Street

Jan

Feb

5

6

PHILADELPHIA

Mar

19

5

Exchange

Philadelphia Stock Exchange

Mar

Jan

4

Rickel (II W) com.
2
River Raisin Paper com..*
Standard Tube B com
1

New York Stock

Jan

Feb
Feb

Reo Motor

5

Members

Jan

12%
44%

Prudential Investing com.l
com

Jan

Jan
Feb

Jan

1

Warrants.
Bolsa-Cliica Oil A

com..

B common

10
10

Central Investment

1.00

1.00

100

5

30

30

25

3

3

3

200

106%
9%
14%

Claude Neon Elec Prods

Consolidated Oil Corp
Consolidated Steel Corp

17%
1

com

95c

Farmers & Merch Natl. 100
General Paint Corp com..*

106% 106%
9%
9%
14%
14%
9

9

Preferred.....
Exeter Oil Co A

1.00

30

100

Chapman's Ice Cream
Chrysler Corp

43

9

100

16

100

800
400

17%

100

95c

99%c

1,000

43

Jan

2%
Jan
97% June
9% Sept
14% Sept
3%

17%

43

1.00
29

10

June

60c

431

100

14

300
300

15%
8%

200

21

Jan

Aug
Jan

9%

Jan

90c

Apr

2.50
43

4%
135

Bonds—
El & Peoples tr ctfs 4s.

2,000

Mar

Jan
Feb

H. S. EDWARDS & CO.

Feb
Feb

12%

Jan

17%
17%
24%

Mar

1%

Mar

460

10

1945

womhaM1

Members

Feb

f Pittsburgh Stock Exchange
^

New York Curb Exchange (Associate)

BANK

UNION

PITTSBURGH, PA.

BLDG.,

'Tel. Oourt-6800

A. T

&T

Pttb-391

Tel

BROADWAY, NEW YORK

120

Jan

15%
15%
8%
24%
87% c

15%
15%
8%
24%
87% c

90c

200

85c

Mar

10c

10c

9c

10c

2,000

8c

Jan

18c

Mar

Kinner Airpl & Motor
1
Lincoln Petroleum Co._ 10c

25c

25c

25c

1,600

lc June

72% c

Jan

29c

24c

30c

3,800

21c

Aug

60c

Lockheed Aircraft Corp__l

600

Jan

Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds

Feb

Gladding-McBean & Co..*
Globe Grain & Milllng..25
Hancock Oil Co A com
*

Holly Development Co___l
Jade Oil Co

15%
16%
8%
25

Sept
Mar

18%
30%
11%

Jan

27%

Feb

Mar
Jan

Aug
1.50 June

Pittsburgh Stock Exchange
official sales lists

Aug. 28 to Sept. 3, both inclusive, compiled from
Sales

12%
3%

12%
3%

1,400

9%
3%

Jan

16%
6%

Friday

2

12%
3%

Feb

Los Ang Industries Inc

Feb

Last

Week's Range

for

Mascot Oil Co

1

80c

80c

85c

1,000

75c June

1.45

Mar

Sale

Week

Menasco Mfg Co
1
Mid-Western Oil Co..-10c
Mt Diablo Oil Mng & Devi

2%

2%

2%

900

2% June

4%

Jan

of Prices
Low
High

16c

6,000

lc

Jan

60c

400

55c

Aug

15c

14c

60c

55C

.

Par

Stocks-

5
1

34c

34c

35c

800

33c June

Oceanic Oil Co

1

1.15

1.15

1.20

600

70c

1

22c

22c

22c

Olinda Land Co
Pacific Finance

...

22

22

23

7,200

13

July

Apr

*

Armstrong Cork Co

Feb

Duquesne Brewing com..5

1,000

18c June

40c

Mar

Electric Products

20%
1%

500

11%

30

200

19% June
11% Aug
28% June

7

7

2,400

6% June

5%% pref
Rice Ranch Oil Co

41

41

_

Richfield Oil Corp com
Warrants

50

20

20

7%
41

100

50

1

20c

20c

20c

200

*

8

7%

8%

5,800
100

3

Ryan Aeronautical Co...l

40

June

18c

7%

July

Sept

32

119

119

119

units ben Int..
Sierra Trading Corp...25c
Signal Oil & Gas Co A....*

42

42

42

Security Co

Original pref.....
6% pref B

12

225

19%

19%

20%

555

18

Jan

20%
24%

Jan
Feb

13%
33%

14

330

10

Jan

14%

Aug

25%

*

110

1

90c

95c

3.042

85c

July

1%

Jan

Harb-Walker Refrac com.*

39%

39%

17

39%

Sept

58%

Mar

13%

Feb

Jeannet Glass pref.

50

50

20

50

Aug

99

237

104

Apr

109%

1.043

10

June

14%

Jan
1%
58% June

4%
72%

50

July

87%c Mar
10% May
3% July
3%
Feb

2

June

119

Feb

120

110

38

June

56

Feb

*
Koppers G & Coke pref 100
Lone Star Gas Co

109

*

*

2%

Mesta Machine Co

5

58%
7%
4%

Mountain Fuel Supply

Renner Co

1

Jan

1,000

2c

Jan

15c

Aug

100

34c

Sept

48c

Mar

14%
32%

June

11

100

11

24%

600

35

50

28

1,000

22% May
34% Aug
26% June

..25

27%

5%% pref C
25
So Calif Gas 6% pref A..25
Southern Pacific Co...100

26%
30%
37%

26

Standard Oil Co of Calif..*
Superior Oil Co..
25

41

41

37%

37%

Transamerica Corp

30%
37%

26%
30%
38%
41%
37%

July

41

Jan

Union Oil of Calif

25

Universal Consol Oil

10

1

8%

14%
8%

Mammoth Consol 10c

Wellington Oil Co.
Blk

15%
23

15%
24%
14%

25

300

29%
37%

200

30

9

200

36%

Sept

4%

Sept

10

Mar

125

33%

Aug

50

Feb

17%

50
33

17% Sept
114% May

14%

75

12% June

20

14

14%

Screw & Bolt..*

Sept

5

16%

Feb

29%

Apr

1,000

1%

Aug

2%

Mar

10

15%

July

2c

5,000

2c

Jan

4c

1,200

5%

Aug

7%

5
1

15%

15%

Shamrock Oil & Gas

*

"1%

5%

Sept

62%
49%

Mar

Standard Steel Spring

*

30%

30%

19

22

49%

49%

20

Sept

55

Mar

United Engine & Foundry 5
United States Glass Co..25

50

46%
2%

50

45

16%
28%
18%
13%

Aug

Victor Brewing Co

Sept
June

11%
8%

Jan

Aug
Aug

Feb

July

2c
6

3

3

54

*

1
Westinghouse Air Brake.. *
Westinghouse El & Mfg.50

Jan

30

14

24%
1%
15%

1%

Ruud Mfg Co
San Toy Mlning Co.

15%

Feb
Mar

14

1%

Aug

23

Feb

27

147%
19%

24%

Steel Foundry.*
Plymouth Oil Co
5

Mar

2,100
600

.7%

597

31

2,400

Jan

3,333

29%
28%

Feb

12%

7%
4%

July

June

Jan
Feb
Mar

33%

June

200
400

100

50

118% 120%

Forging Co
1
Plate Glass ..25

Vanadium Alloy Steel

15%
23%
14%

*

607

17%

7%
4%

Feb

Feb

14c

2%
58%

Jan

Apr

33%

Co.

Brewing pref.. *

34c

107% 109
10
10%

McKinney Mfg Co

Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh

14c

11

Feb

50

34%

Fort Pitt Brewing

10

23%
34%
27%

June

Feb

4

Follansbee Bros pref...100

June

11

Mar

Apr
1% June
10% June

Jan

34c

35

Mar

29%

21%

1,100

Jan

3

24%

25

10

70%

Jan

14c

Stores
*
So Calif Edison Co. .....25

High
July

54%

14%

34c

Sontag Drug

Low

206

32

700

2

pref...100

pr

59%
22%
2%

22%
2%
11%

Nat'l Fireprooflng Corp..*

SJL&P7%

58%

2%

Columbia Gas & Electric. *

Mar

30

10

1

.

*

Carnegie Metals

80c

11%

10

Feb

2.00

30

com

Preferred A.

45

Jan

Pacific G & E 6% 1st pf 25
Republic Petroleum com. 1

Range Since Jan. 1, 1937

Shares

23c June

97% c

Blaw Knox Co

Nordon Corp Ltd
Occidental Petroleum

Price

54

95c

38%

40%

87
200

July
Jan
Jan

Jan

Jan

35

61%

Jan

Mar

Feb

6%
54

May

Aug

1.25

Feb

38% Sept
132% May

56%
163%

Feb
Jan

85c

425

95c

114% 146%

95c

June

Jan

19

Apr

20c

20c

20c

2,000

19c

Cardinal Gold

l

23c

23c

23c

300

24c

Aug

82% c

Feb

Zenda Gold.

l

9c

9c

10c

7,500

7c

July

15c

Jan

5% May
2% June
5% June

9%
5%
8%
62%

39c June

St. Louis Stock Exchange
Aug. 28

to

official sales lists

Sept. 3, both inclusive, compiled from

Unlisted—
Aviation Corp (Del)
Cities Service Co

3

Curtiss-Wrlght Corp

1

General Electric Co

*

52

52

52

100

52

Goodrich (BF)Co...

*

*

6

2%
5%

2%
5%

6

600

2%
5%

200

100

Sept

35%

35%

35%

600

33%

International Tel & Tel...*

10

10

10

100

10

McKesson & Bobbins Inc. 5

13%

13%

....

100

North American Aviation. 1

10

10

10

100

13% Aug
9% May

Packard Motor Car

*

Radio Corp of America

*

Radio-Keitli-Orpheum

*

United Corp (Del).
Warner Bros Pictures

*

For 'ootuiiu*




5

8%
11%
8

4%
14%
1564

8%
11

8

4%
14%

8%
12

8%
4%
14%

Jan

49

Jan
Jan

Last

Mar
Feb

Sales

Friday
Sale

Stocks—

Par

Price

Week's Range

of Prices
Low

High

Range Since Jan. 1, 1937

for
Week
Shares

Low

High

Mar
Feb

24%

82

20

July

25

44%

25

43

Aug

49%

40

8

Aug

9%

35

100

8

35

35

37%

8

June

Jan

Coca-Cola Bottling com__l
Columbia Brew com.
5

129

1,100

15%
15%
17%
12%
12%

200

7

June

10

Apr

Dr Pepper com

31

30%

3%
31%

485

8%
17%

Jan

Ely & Walker D Gds com25

27%

27%

15

27%

6

118%

Jan

100

300

Aug

June

4% June
11% May

Mar

Jan
Feb

Feb

American Inv

*

com

Brown Shoe com

Century Electric Co.

1st

pref..

*

.

44%

*

100

24%
44%
8

100

3%

124

8

124'

40

3%
25

Aug
Feb

Aug

40

May

Aug

6

Mar

Jan

48

July

32

Feb

125

June

Sept

Feb

Volume

Financial

145

1563

Chronicle
Sales

Friday
'

Range Since Jan. 1 1937

Last

Stocks (Concluded)

ST. LOUIS MARKETS

Pacific G & E

I. M. SIMON & CO.
Business

Enquiries Invited

1,091

106K 106
5H
5K
21K
21K
143K 143K

190

139

139

139

100

100

100

*
100

com..

Sales

Week's Range

Last

Sale
Stocks (Concluded)

Price

Par

1

9K

Jan

UK

Mar

Aug

40 K

Apr

3

220

15

89

IK
42 K

IK

50

42 H

42 K

121
15

18

18

Knapp Monarch com
*
Laclede-Chrlsty Clay com*

125

8

32

14K

5

Hydraulic Pr Brick com 100
International Shoe com
*

May

100

1,455

2Vs

Ham-Brown Shoe com_._*

Huttlg S & D com

6

Mar

2K June

Feb

6

1

41 K
14

Richfield Oil

51K
10K

70K
4K
7K

2,005
25,621

67

Sept
Sept

461

3

June

10

102

Sept

110

Jan

Shell Union Oil pref... 100

122

122

122

10

114

Apr

122

Sept

2,352

40

Feb

Soundview Pulp Co
5
So Calif Gas pref ser A
Southern Pacific Co...100

59

3K

Jan

Spring Valley Water Co__*

Jan

Standard Oil Co of Calif.*

Aug

Super Mold Corp of Calif 10
Tide Water Ass'd Oil

Pac Golden Gt A

*

com.

58

62

30K
3SK
IK

30K
39K

30 K

80

40K

466

IK

1,200

40K

42 K

899

20K

20 K

221

15

19K
15K

350

16

June

8

8

*

500

8

19K

22

Mar

41

42

Sept

58

Mar

*

15K

15K

17

Aug

22

Feb

Union Oil Co of Calif...25

23K

23

Sp com *
National Candy com
*

hk

UK

12

535

11K

Sept

13

Aug

22

13K

Mar

Union Sugar Co com
Universal Consol Oil

8K

94K

19

19

Rlce-Stix D Gds com

*

9

155

8K

94K

1st

Sept
July

5

50
50

*
*

24J*
56

122 K

S'westeru Bell Tel

pref. 100
Sterling Alum com
1

25

23 K
56
122

500

25c

25c

*

275
5

56
122 H

93

9K

115

8K

4K
11

25c

July

Sept
Sept

13 K
117K

Mar
Mar

Wells Fargo Bk & U T.100

8K

Feb
Jan
Jan

Yosemlte Cement

19

Jan

29 K

May

60

9K

9K

27

9K

Aug

25
15

17K

17K

80

16K

July

18

40

43

243

38 K

June

49

15K Sept
23

June

756

18

Apr

24

Feb

475

Jan

19

July

535

11K
7K

Aug

315

44

Aug

9K July
75

Jan

7

July

350

Feb

25

Jan

28

Sept

40K

20

4K

312

43

July

64

434

28

Feb

Aug

5K

1,308

47

4

4

Aug

Mar

Jan

4K

July

STRASSBURGER & CO.

Mar
Jan

May

K

MONTGOMERY STREET

133

Feb

FRANCISCO

SAN

(Since 1880)

Bonds—
93 H

92 K

29

29

28

t Scullin Steel 6s unassd *41

28

92

6s assd

t United Railways 4s. 1934
f4s c-ds

93 K $12,500
10,COO
14,000
28
2,000

Jan

88

102

May

95

June

92 K

92

Aug

29

26

June

36 K

25K June

34K

Members: New York Stock Exchange—San Francisco

Jan

Jan

& Co.

Francisco Curb

(AssoJ, San Francisco Curb Exchange, HonoluluStockExchange

Seattle

Last

Tacoma
Stockton

NewYork

Portland
.Fresno

Beverly Hills

Honolulu

Los Angeles

Ppsadena

Long Beach

Par

Stocks—

Aug. 28 to Sept. 3, both inclusive,
Last
Sale

Price

Par

Stocks—

Week's Range

of Prices
High

Range Since Jan. 1, 1937

for
Week
Shares

23 K

High
Jan

Anglo Calif Nat Bk of S F20
Assoc Insur Fund Inc
10

24

24

24 K

670

4

4

4K

2,075

4

Aug

5
5
*
20

14

14

851

13

June

Diesel Eng
Bishop Oil Co
Byron Jackson Co
Atlas Imp

Calamba Sugar com

7

620

6K

Jan

27

391

34K

Mar

29K

480

25 K
27

June

29

June

32 K

Feb

21H

21K

100

21K June

23 K

Mar

7

7

June

12 K

IK

Jan

K
34 K

51K
102
92

103 K

Preferred.

H
34K
51K

K
34 K
52

335
40

102

10

92

92

136

103K 103 K
9K
9K

Aug

50

May

48 K
53

Aug

106 K

Apr

99 M

Feb

104 K

Feb

390

39 K

June

56

Mar

280

35

Jan

46

Apr

43 K

41K

42 K

Creameries of America

6K

2,322

Crown Zeller Corp com

5

21K

20K

22

99

98

99 K
11

3,539
315

87

5K June
16K June
94

1,774

9

70

22 K

18K

41K
51
39 K

39 K

39 K

9K

July

6K May
25

Apr

108 K

Apr

17K

Mar

36

59

Mar

305

22

Jan

27

Jan

18K

775

16K June

24K

Mar

41K

42 K

280

51

51

40K

39

42

._*

22 K

22 X

Emporium Capwell Corp.*
4K% cum pref ww_..50
Ewa Plantation Co
.20

18K

Fireman's Fund Indem__10

39

June

47 K

Mar

10

49 K

June

60 K
42

Jan

Feb

96 K
57 K

Mar

30

36

June

75

74 K

75

100

80

June

Food Mach Corp com...10

44 K

44K

46

546

44 K

Sept

pref..25

18K
36 K

18K

10

17K

Jan

22

Mar

35

18K
36K

30

34K

July

40

Mar

53 K
15

52 K
15

52 K

295

48 H

June

70 K

Feb

16K

16 K

17

Aug

18K
31K

Feb

Sept

8K

Apr

Fireman's Fund Insur

Foster & Kleiser A

Galland Merc Laundry
General Motors com
General Paint Corp

25

*
10

com..*

Gladding-McBean & Co..*
*

Golden State Co Ltd

6

15K
6K

350

14K

450

16 K

1,270

Hawaiian

Pineapple
Home F & M Ins Co

Ltd

Hunt Bros Acorn

100

15

36K

36K

125
530

36K Sept
35K June

36 K
53 K

Sept

37

37

17

17

35

10

40

40

40

*

29

29

29K

285

2K

200

10

2K
22

10

2K
20

22

Mar

Aug

20

June

25

Mar

135

37K May

42

30

June

45 K

16K

12 K

1,660

Magnavox Co Ltd
2K
Marchant Cal Mach com_5

IK

IK

IK

360

23
17

23 K
17

1,924

Market St Ry pr

22 K
17

26K
9K

26

28

22

22

14K

13K

14K

29

29

30

O'Connor Moffatt AA

*

10K
15K

10K
15K

10K
15K

Sugar
Pacific Amer Fisheries

15

11

11

11

5

18

18

18

Oliver United Filters B___*

*

For footnotea see page




9K
1564

9K

9KJ

100

6

June

UK

6K

Sept

13

14K
5K

14 K

80

18K

30

14K
5K

Sept

5K

Aug

50

5K

Aug

9K
11K

Jan

5K

8K

14K

9

1,256

8K

June

13K

June

31

8K

15 K

25

15 K

Aug

25K

70

July

4K

Feb

5

Feb
Jan

1,460

9

Aug

38K
44K
13K

80

22

Sept

33

1,500

20c

Aug

82c

Feb

100

25c

Aug

50c

July

2,000

40c

Jan

1.90

Mar

1.35

1.35

1.45

800

40c

Jan

1.90

Mar

2H

2K

650

2K June

IK

IK

IK

50

70c

Jan

3K

Mar

55c

55c

55c

100

55c

Sept

2.50

Mar

4.20

4.20

50

3.00

Mar

5.25

Mar

1

1

Packer.

5 K,

4

12K May

16K
32

455

1,160
110
10

100
330

Sept

July

4

100

4

Sept

5K

5K

300

5

June

23

24 K

360

21

June

27

34 K

100

34K

Sept

43 K

76 K

76 K

115

66 K

May

79

22 K

22 H

25

21K

Mar

23 K

Feb

2.25

Chem com. .

.

2.50

37

2.15

Jan

7.00

Mar

88c

92c

400

80c

Jan

1.60

Mar

Mar

76 K

—20

Preferred

A

Hobbs Battery Co

1
20

Holly Development

Honokaa Sugar

Co

Idaho-Maryland Mining. 1
Internat'l Gineraa
1
Internat'l Tel & Tel

88c
12

12

17K

Apr

7K

Jan

90c

91c

400

87c

Aug

1.85

Mar

9K

10K

220

9K May
46c Aug

15 K

Feb

9K
50c

46c

52c

3.80

4.10
24c

58 K

150

56

64K
10K

Feb
Mar

6K

75

13K

Sept

15K

2.50

2.50

200

2.25

July

4.80

36c

38c

4,400

57K

60 K

245

10

710

63c

Feb

68 K

Mar
Mar

9K

Sept

17K

50

34K
32c

June
July

44

300

8

8K

129

7K

June

17 K

37

82c

41

41

50

41

Sept

50

10K
2.65

10K

40

10

May

18K

2.65

294

1.10

500

2.55

95c

53

53

8K

8

;

6K

6K

6K
11

12

20

21K

37

UK

Schumacher Wall Board—
Shasta Water

Co com

37

6K

Sherwood Swan Co

2.15

July

95c

Sept

4.15

12K May
17K Apr
18

17K May
9K Aug

22K
18K

Jan

July
Feb

Private
Santa

Sept

12 K

Feb

220

8

100

6K

Sept

2,385

7K

June

8K May

12K
27

120

18

Jan

10

37

July

41K

115

6

June

10

1

New York

wire to own offices in San Francisco —

Barbara

—

Del

Monte

—

Hollywood

Los Angeles —
Beverly Hills

—

Jan

Feb

Cortlandt 7-4150

>

Jan

Feb

1.80 May

York Slock Exchange

111 Broadway,

Jan
Mar

60

46

Schwabacher & Co.
Members New

Jan

Feb

July

20

Feb

11

Sept

6K

Jan

Aug

36c

9K
37

Jan

May

36c
51

35c

9K

95c

America

Feb

June

54

13 K

Portland Cem pflOO

Pantapec Oil

Mar

72c

6K
13K

Pacific Clay

Pacific Distillers

Mar

7K

3.80

135

5

Products
Coast Aggregates. 10

1,833

1.25

5K June

2,500

Sept

10c June

1,918

21c

McKesson-Robbins
2 Menasco Mfg Co
M J&M &M Consol

Packard Motors

June

5K

3.95

1
1
Montgomery Ward & Co..
Mountain City Copper..5c
Oahu Sugar Co
20
2 Occidental
Petroleum_.l
Olaa Sugar Co
20
Onomea Sugar Co
20

Aug
July

91c

Kennecott Copper

McBryde Sugar Co

Mar

May

5K

1
1

Kinner Air & Motor

Radio Corp of

1,155

5K

SK

3.60

11

65

12

1

Italo-Petroleum
Preferred

Feb

8% June
13K May

Sept

4

5K
23 K

Mar

28

1,362

26

Jan

34 K

.1

Goodrich

Mar

500

Jan

Feb

32c

24c

Jan

28

Jan

Aug

4

Gt West Elec

Pac

200

1.40

General Metals

Pacific

24

28 K

27K
15K
32c

Curtiss-Wright Corp

2

Jan

Feb
Mar

22c

Cord Corp

2

50

2K

Columbia River

2

6 K

1.25

Coen Co's Inc A

(B F)

6

6K

Feb

41

37

12 K

9K

Feb

Feb

Jan
9K
IK May
22 K Sept
17
Sept

41

34

12 K

23

27 K

Feb

535

20

34K

9

Jan

31

41

pref. .100
Nat Automotive Fibres._*
Natomas Co
.*
North Amer Inv com.. 100
North Amer Oil Cons...10
Occidental Insurance Co. 10

Feb

44 K

1

G) Inc

Lockheed Aircraft

July

27 K July
2
May

1

Leslie-Salt Co

Pacific Can Co..

22

Jan

36K

17

5

Hutchinson Sugar Plant. 15

Paaulinu

Jan

36 K

*

Hawiian Line new

LeTourneau (R

6

Jan

36K

Hale Bros Stores Inc

Honolulu Oil Corp

6

Feb

June

65c

1

2

Aug
June

9K

10
..100

97c

19

Apr

1

Claude Neon Lights.....

Aug

12K

43 K

Di Giorgio Fruit com...

Feb

Jan

41K

$3 preferred
Eldorado Oil Works

34

100K May

Aug

43 K

—*

Jan

Aug

325

Gold

Central Eureka
Preferred

Cities Service..

2

9K

10
*
*

6

K

10

101K May

10
100

9K

6

7

100

102

1
10

Cardinal Gold

Mar

100

7

Claude Neon Elec Prods..*

Preferred

Feb

7K
26K

21K

1
Calif Packing Corp com..*
Preferred
50
Calif Water Service pref 100
Caterpillar Tractor
*

Consol Chem Indus A

Feb

7K

Callf-Engels Mining

Clorox Chemical Co

25

Feb
Mar

29

*

Calaveras Cement com

31K
7K

26K

20

7% preferred

16

4,350

160

5K

..5
3

2

Jan

69c

21K

6

Calif Art Tile A

2

186 K

65c

6K

Bancamerica-Blair

Carson Hill

Low

High

Low

249

5

Argonaut Mining

2

Range Since Jan. 1 1937

for
Week
Shares

165K 167 K

167K

Anglo Nat'l Corp....

Bunker Hill-Sullivan

Sales

Low

Low

Baldwin Locomotive

compiled from official sales lists

Friday

of Prices
High

Price

1

American Toll Bridge

Aviation Corp

Exchange

Exchange

21K

100

American Tel & Tel

Atlas Corp com

Francisco Stock

Week's Range

Sale

Arkansas Nat'l Gas A..

San

(Associate)

Sales

Friday

Members: New York Slock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade

Sacramento

Stock

Exchange—Chicago

compiled from official sales lists

Aug. 28 to Sept. 3, both inclusive,

Private Leased Wires

MUNICIPAL AND CORPORATION BONDS

San Francisco

Curb

Board of Trade—New York Curb Exchange

San

NewYork Curb Exchange

Francisco

Exchange—San

Direct Private Wire

Dean Witter

Oakland

Aug

9,746

Mar

UK

Stix Baer & Fuller com.. 10

Wagner Electric com

Feb
Feb

July

128

Feb

June

Mar

50

117K June
8K Sept

27
47

4K

12

49K
21K
21K
16K
28K

105

28
47

Western Pipe & Steel... 10
Yel Checker Cab Co A. .50

70c

16

Aug

Aug
Mar

2,027

21K 22K
15
14K
7K
7K
44K 44K
6K
5K
308K 320

14K
7K
44K
5K
308K

Equip
Agricultural...20
Rights

13 K

Title Insur Corp com

10

Waialua

9

11

25

Victor

Feb

114K

5

Securities Invest com

Apr

29

11

11

Scullln Steel pref

101

20

10

St Louis Pub Serv com

Sept
Aug

18

9K

St L Bank Bldg Equip cm *
St Louis Car com

June

7

94K

117K 117K

,_»_100

preE...

35

157

Transamerica Corp

July

2K

Jan

1

40K
20K
19K

69K
30K
65K

30K Sept
38K Aug
K June
7K Aug
39K June

165

8K

3K May

3

17K

*

Feb

10K May

102

17K

100

Aug
June

3

42

2d pref

4K
13K

May

6K Sept

2,269

Jan

Jan

19K

6K June
15

Aug

102

17K

National Oats Co com

3

700

1,296

8K

Jan

Feb

79

Aug

67

Jan

Feb

54K
18K
89K

Sept

70

16K

Midwest Piping &

109

3

49 K

Jan

150

Sept

Jan

152K

102

June

14K

Apr

100

120

42

680

133

10

18

Jan
Jan

55

200

~17 K

*17K

*

Mo Ptld Cement com

8K
24

19K June
135K June

11

3

Jan

20

72

25

McQuay-Norrls com

107

100

54K

6K
17K
7K

Jan

100

Warrants

So

July

32K

June

5

261

10K

8

Feb

21

103K May

70

7

20K

June

Jan

54 K

17K

July

13

53K

120

3K
'

Roos Bros pref..

Cigh

Low

358

10K
35

34

Griesedieck-West Brew cm*

1 1937

Range Since Jan.

for
Week
Shares

117

117

Emerson Electric pref__100
Falstaff Brew com

of Prices
High

Low

Jan

June

41

67

1

Rheem Mfg

Jan

29K

70

Rainier Pulp & Paper A..*

Rights
Republic Petroleum

786

54K
iok

Ry Equip & Realty com..*
6%
100

Louis, Mo.

Telephone Central 3350

Friday

42

42 U

6% preferred
100
Paraffine Cos pref
100
Phillips Petroleum. ..____*

Chicago Stock Exchange

315 North Fourth St., St.

26

29K

38

28K June
28K Mar
25K Mar

2,905
1,865

26K
42 K
106K
5K
21K
143K

(non-vot)

High

Low

31K
29K
26 M

29K
29K

30 K

25

preferred..

Pacific Tel & Tel

New York Curb (Associate)
Chicago Board of Trade

St. LouIb Stock Exchange

25

com

Shares

25

Pref

MEMBERS

New York Stock Exchange

Price

Pacific Lighting Corp com*
6% preferred
_*
Pac Pub Ser (non-v) com. *

Securities

Mid-Western and Southern

Week

5K%

all

on

for

of Prices
Low
High

6% 1st preferred

1874

Established

Par

Week's Range

Sale

Jan
Mar

Jan

May

1564

Financial Chronicle
Sales

Friday

Rank

Last

(Concluded0

Week

25

5%% preferred
6% preferred

for

of Prices
Low
High

Price

Par

Sou Califorla-Edlson

Week's Range

Sale

Stocks

25
25

"ii%

Sou Pac Gd Gt F 6% pf
Standard Brands Inc
z

1.40

~13"

Studebaker

1.55

1

270

32%
28%
29%

Toronto Stock

1

44

Friday

Jan

100

Last

Week's Range

for

Jan

Salt

of Prices
Lew
High

Week

35

10

June

10

11%

Sept

16%

1,875

1.25 June

2.70

Mar

30c

500

Feb

1.30

Feb

Brett Trethewey

Aug

14%

Aug

Canada Bud......—

3.75

Feb

Canada Malting........*

13

.50

15

1.65

13

Par

Stocks-

Jan

Bissell pref

Jar

38%

Feb

18%

18%

10

17

July

21

Feb

1.95

2.15

2,635

1.50 June

22% June

15

77%

Jan

126%

Mar

Canadian Wirebound

*

23%

23%

90

25

2.75 Aug
11% May

3.00

Aug

Central Manitoba.

1

5%c

6%c

2,300

June

31c

Mar

Coast Copper

5

4.50

4.55

200

3.00 June

10.00

Feb

1%C
17%
16%
93%

1%C
17%

1,000

June

3,397

lc
Aug
Feb
12%
15% June

22

18%
93%

19%

May

89

Mar

70c

85c

4,750

8%

18
13

Aug

Feb
Mar

common stock on

a

~2~66

1

Cobalt Contact
Press

*

17

Consolidated Paper

*

16%

Corrugated Box pref.-.100
Dalbouale Oil
year.

*

Ex-divldend.

v

Ex rights

zLlsted.

•

Dominion Bridge

1, 1938

*

Dom Found A Steel

*

East Crest Oil
or reorganisation

14

Inter Metals A

100

Jan

90c

45c

Feb

Apr

3.55

May

May

42

47%
18%

June

12%

77

Feb

Jan

Apr

300

50c June

1.75

25% June

41%

Feb

30

28

32%

Feb

25

13%

Aug

12

307

90%

Jan

1,700

19c

June

5,OO0

26c

*

230

98%

22c 23 %c
2c
2%c

2c

*

..1

Night Hawk

Aug

1,564

13%

*

National Steel Car

Apr

43

2,165

97

98%

-.1

Montreal L H A P.._

58%

May

60c

1

Mandy

Junt

29

100

MaJrobic

3.60

31%

30

*

Preferred

95%

47%

150

Jan

29%

*

Klrkland Townsite

Jan

3%c

Apr

4,300

1.01

Jan

29

150

13c

25

55c

20

42

Jan

3%

60c

*

Humberstone

20

39%
14%

1.00
39

—*

Hudson Bay MAS

BRAUNL

1.00
39

5c

30

48%

40%
12 %c

*

Honey Dew.

Inactive Exchanges

48

*

voting trust
Bridge

Hamilton

Foreign Stocks, Bonds and Coupons

71c

—*

Foothills OH
Fraser

WALTER E.

34

1

9. 1937.

tin default
t Company in bankruptoy. receivership

160

*

Castle <fc Co. spilt its

for

37%

Canada Vinegars

d Stock split up on a two-for-one basis.

range

Apr

37

*37%

b Ex-stock dividend.

in

10%

Canadian Marconi

Consolidated

paid Sept.

July

Feb

8%

Included

8

Aug

50

sale—Not

Feb

900

2.o0

8%

Stook dividend of 100%

21c

9%

29%

1

Cash

July

3,700

9

8%cJ

Jan

Western Air Express

r

70

3 %o June

1.25

320

0

High
Jan

9c

26%

3.00

•

45

2,600

1.40

14%

a A. M.

Lbw

20

Sept
Sept

103% 103%

Cash sale,

9c

)

50

1.50

3.00

c

50

100

Shares

150

13%

No par value,

Price

400

27

1.30

30c

5

•

Range Since Jan. 1 1937

Jan

1.45

Utah-Idaho Sugar
Warner Brothers

two-Ior-one basis on March

Sales

Mar

15

1

1.40

Exchange—Curb Section

Aug. 28 to Sept. 3, both inclusive, compiled from official sales lists

11%

26%

com

22% May
24% June
26% June

81

28

13

United Aircraft
US Steel

353

26

Cigh

30c

Stearman-Hammond 1.25

U S Petroleum

Since Jan. 1 1937

Low

1.35

100

Texas Consol Oil

Shares

24%

23%
25%
27%
12%
11%

27 %

Sterling Oil & Develop.—1
z

Sept. 4, 1937

26c

May

Jan

Jan

18%

Mar

108
55c

4%c

l%c July

Apr
Feb

32c

2,400

July

6UC

576

29

Apr

37%

Jan

47%

32%
47%

10

40

Apr

57%

Jan

2c

2c

2,000

July

6c

Jan

31

30

220

1%C

Jan

St., N. Y.

Oil Selections

Tel. HAnover 2-5422

*

4%

4%

1,000

4c June

12c

Jan

Pa wnee-Kir kland

52 William

1

2%c

2%c

500

July
2.60 May
3%C Aug

6c

Feb

6.66

Feb

Pend Oreille

1

4.15

Bid

Anhalt 7s to

Antioquia

1946

1946

8%

Argentine 4s

/24
/25

1972

Bank of Columbia
Bank of Columbia

7% 1947
7% 1948

Barranqullla 8s'35-40-46-48
Bavaria 6%s to

Bavarian

1945

7% toi
1945
Bogota (Colombia) 6 %s '47
8s

1945

(Republic) 83.1947

7s

1958

7s

1969

6s

1940

Brandenburg Elec 63. .1953
Brazil funding 6% .1931-51
Brazil funding scrip
Bremen

(Germany) 7s 1935

6s

1940

British

/20
/20
/24

/24%
/19
/19
/16%
/8%
/8%
/8%
/10
/24%

Haiti

1953

28

Hausa SB 6s stamped. 1939
6s unstamped
1939

/70
/85
f23
f23
/2 3

95
23
23

26

27%
21

Ilseder Steel 6s

21

Jugoslavia 5s Funding 1956

18%
9%
8%

Jugoslavia 2d

1953

Koholyt 6%s

Land M Bk Warsaw 8s '41

74

76

/90
/25
/24

95

Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &

27

26

/23
/26

Caldas

14%

(Colombia) 7 %s '46
Call (Colombia) 7s...1947
Callao (Peru) 7 %s
1944
1947

/13%
/13%
/12
/13%
/9%

1934

/23

1946

Chile Govt 6s assented

fl7

7s assented

14%

Budapest 7s
1953
Colombia scrip Issue of '33

4%...1946

Cordoba 7s stamped. .1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 %s '49
1949

Cundlnamarca6%s

1959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945

Dulsburg 7% to

1945

East Prussian Pow 6s. 1953

Electric Pr (Germ) 6%s '50

6%s

...1953

7%s
7 %s Income

1966
1966

7s

7s

1967

Income

1967

Frankfurt 7s to

1945

French Nat Mall SS 6s *52

Gelsenkirchen Mln 68.1934
6s

1937

6s

1940

German Atl Cable 7s.. 1945
German Building & Landbank

German

6%%

19
19

f23
/89
/62
m
/27
/29
/ 30
/12%
/25
/24
/24
/24%
/25%

/25%

26

26

27%
27%

1948

f35
f29
/35
/30
/24
100%

1946

Int ctfs of dep Jan 1 '38
German defaulted coupons:
July to Dec 1933
Jan to June 1934

July to Dec 1934
July to Dec 1935
Jan to June 1936

July to Dec 1936.
Jan to June 1937

July to Aug 1937
German scrip
German Dawes coupons:
Dec 1934 stamped

f25

28

35%

3o"~

Administered

/25

28

Affiliated Fund

Par

1954

Fund

1948

no

Nat Central Savings Bk of
Hungary 7 %s
1962

National Hungarian A Ind
Mtge 7%
1948
North German Lloyd 6s '47
4s
....1947

1945

1952

1968
Protestant Church (Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
6a

1941

Rhine Westph Elec 7% '36
6s

1941

Rio de Janeiro 6 %
1933
Rom Cath Church 6%s '46
R C Church Welfare 7s '46

/12 %
/15

9.93

25%

27%

..1957

Amer Business Shares.60c

f23
/98% 100%

22.43
18.22

19.94

6

Series S-2

24.26

26.58

8

Series S-4

10.91

12.09

3%

4%
«

48

24

/22%

24.06

/25
/28
/22
/30
/22
/22
/23
/22%

*

25.35

27.26

Commonwealth Invest.. .1

5.07

Century Shares Trust

Consol Funds Corp cl A.l
Continental Shares pf.100
.1

10

15.36

16.78

4.56

4.66

1

Series ACC mod
Crum A Forster com

14.81
11.78

11.57

-

-

~

—

-

-

-

_

«.

-

-

10.48

11.34
13.42

Metals

14.03

15.14

12.15

13.12

......

M

m

-

-

-

Steel

--

11.71

12.65
15.17

657 %
2.64

61%

Series 1955

1

Series 1956..

1

3.25

Series 1958

1

3.05

Northern

Securities

3.31

100

~

-

-

75

Pacific Southern Inv pref. *

-

3.19

12.72

14.06

equipments...

No Amer Bond Trust ctfs
No Amer Tr Shares 1953.*

36

6.00

37

83

Class A

3.60

11%

C

3.50

4.70

-

-

«

-

-

-

-

*

14%

Class B

*

2%

Plymouth Fund Inc A ,10c

.74

.85

15%
3%

1

6.95

7.00

Quarterly Inc Shares

16.63

18.22

25c

1.81

1.96

Representative Trust Shs.

12.67

13.17

Eqult Inv Corp (Mass)..6
Equity Corp conv pref
1
Fidelity Fund Inc
*

32.72

35.16

36%

39%

26.33

28.36
3.65

Dividend Shares

Republic Investors Fund..

89

Fiscal Fund Inc—
Bank stock series

10c

3.35

Insurance stock serleslOc
Fixed Trust Shares A... 10

12.26

B

3.76

.09

•a

27

10

10.17

Foundation Trust Shs A.l
Fundamental InvestIno._2

4.60

23.77

5.93

6.63

B-

2

40.51

•

»

5.44

General Capital Corp
General Investors Trust.*

f58

-

-

43.56

6.45

7.02

1.85

Group Securities—
Agricultural shares

2.00

Shares.

%
14.59

5.20

-

-

-

-

1.01

1.11

*

19.71

20.75

Standard Am Trust Shares
Standard Utilities Inc
*

3.90

com.

Spencer Trask Fund

4.10

.75

State Street Invest Corp. * 116

Super Corp of Am Tr Shs

.81

A

119

3.93

AA

2.59

4.07

BB

2.59

C

1.33

2.04

Chemical

shares
Food shares

1.52

1.65

.92

1.02

Investing shares

1.41

1.53

—

-

-

.......

7.46

Supervised Shares

3

14.46

13.30

1.45

1.88

..

-

7.46

D

Building shares
27

Income

1.40

%
13.38

B

_

Automobile shares.....

f 66%
/52%
/58%
/57%

Selected

Shares .2%

4.90

22.51

1.25

Royalties Management. .1
Selected Amer

Sovereign Invest Inc

Fundamental Tr Shares A.

27%

Oct 1932 to April 1935
Oct 1935 to Oct 1936.

Trustee 8tand

Invest Shs.

Series

C

1

2.94

Series

D.._

1

2.88

Trustee Stand Oil Shs A.l

7.63

-

--

-

Merchandise shares

80

13%

27

24
26

1.32

1.44

Mining shares
Petroleum shares..

186.54 91.14

/25
/22
/24

11.78
12.43

Railroad

j/2.26

28

/12%

Electrical equipment
Insurance stock

Oils

........

/26

75

supplies.

Machinery

111

/85%

f40
f 25

3%
13.72

Shares

D

2.06

10.71

100 117

B

26"

N Y Bank Trust Shares.. 1
N Y Stocks Inc—

10.91

3.45

3.42

Wide Securities

Bank stock

30%

34

Nation

Agriculture

-

3.45

1

10

Mutual invest Fund

Building

2.82
2.70

Diversified Trustee

164

5.42

2.70

24%

66

1945

-

28.29

11

16%

1

25

24

55

to

-

26.66

17%

9

-.1

Deposited Bank Shs ser A1
Deposited Insur Shs A
1
Deposited Insur Shs ser B1

53

Wurtemberg 7s

-

9.68

1

Mass Investors Trust

7.34

8

7% preferred
100
Cumulative Trust Shares. *

53

1947

_

8.83

18.95

42

6

Crum A Forster Insurance
Common B shares
10

1956

1955

3

*
10c

17.62

40

*

8% preferred

1956

1936

Major Shares Corp
Maryland Fund Inc

-

24.49

7.09

1.65

1.79

Trusteed Amer Bank Shs B

1.41

1.55

Trusteed

Shares

1.41

1.54

RR equipment shares
Steel shares

1.23

1.34

U S El Lt & Pr Shares A_.

15%

16%

2.51

2.61

.96

1.04

1.95

Tobacco shares
Guardian Inv Trust com.*
$7

Preferred
*
Huron Holding Corp
1
Institutional Securities Ltd

No

par

value,

2.11

1.03

1.13

.40

.60

24

e

26

.50

Series

B

1

Industry

B

Voting trust ctfs
Un N Y Bank Trust C-3.»
(Jn N Y Tr Shs

.90

Wellington

ser

F

Fund

7.25
.92

.83

•

1

4

3%
1%
17.69

1%
19.41

Investm't Banking

1.62

Insurance Group Shares.
Incorporated Investors. *
Insuranshares Corp of Del
.




19.27

Series K-l
Series K-2

National Investors Corp..
New England Fund
1

Bank Group shares

1570.

Series B-3

1.11

4.75

Accumulative series
Series A A mod

13%

1946

21.13

1.21

12%

4.35

Series AA

24

1946

31.67

1.90

Corporate Trust Shares.

/22
/25%
/25

Certificates 4s
Toho Electric 7s

29.00

Voting trust certificates-

44

/SO

.

Keystone Cust Fd Inc B-2.

.59

26

/12%

Stettin Pub Utll 7s— .1946
Stlnnes 7s unstamped. 1936

48

15.34

21%

/24
/41
/43
/22

Santander (Colom) 78.1948

1951

Ask

46

14.45

35.51

28

(Brazil)

Saxon Pub Works 7S..1945

Bid

1

.99

14

(Brazil) 6s_.1943

10

.39

/25

/12
/61
/55

8%
1947
Santa Fe 7s stamped. 1942

com.

Investors Fund C.

19%

56

1948

1948

Invest Co. of Amer

33.20

54

36"

109% 110%

26%

Jau

1

Class B

/34%

Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s..-.1947

/23%

Feb

Sept

1.10

22.50

Central Nat Corp class A. *

/23

1957

Union of Soviet Soc Repub
7% gold ruble
1943

/51

Jan

5.00

1.75

Canadian Inv Fund Ltd..l

..1957

7%

106

55

3%

11%

Corp

Bullock Fund Ltd

7s ctfs of dep
4s scrip

Tolima 7s

16"

Aug

1% June

Par

18.42

9.04

British Type Invest A
1
Broad St Invest Co Inc.-5

/87
/87

/23
/40%

7s unstamped

20~~

Mar

2%
62%

Jan

46

Ask

17.31

Boston Fund Inc

Coupons—

Hanover Harz Water Wks

For footnotes see page

Bid

*

Inc...1%
Amerex Holding Corp
•

/25%

.

1960-1990

27

5s

7%

68c

Jan

June

1%

45

Investing Companies

27

/27

2d series 5s

Great Britain & Ireland—

6%

/40

/25
/49

State Mtge Bk Jugoslavia

30

June

•No par value.

Nassau Landbank 6%s '38
Natl Bank Panama 6%%

6%s

24

Mar

9%
39

53%

Saxon State Mtge 6s..1947
/26
Slem A Halske deb 6s.2930 /345
7s
1940
m

/5 8
/40

20c

150

4.75

Certificates 4s

Young coupons:
Dec 1 '34 stamped
June 1 '35 to June 1 '37.

4s

1.90

Bankers Nat Invest Corp *
Basic Industry Shares. .10

Scrip

German

Guatemala 8s

1.75

47

Feb

/58

Sao Paulo

/34%
/93

Jan

*

/24%

8s ctfs of dep
Santa Catharlna

/9%

Apr 15 '35 to Apr£15 '37.

(Austria) 8s

53%

8s

29%

/40%
/39%
/38
/36%
/35
/28
f22
/6%

Jan to June 1935

Graz

29

Municipal Gas A Elec Corp

Salvador
26

Aug

33%

Waterloo Mfg A

7%

Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47

/82
/67
m
/26%

4%

55

50

Assoc Stand Oil Shares..2

Panama 5% scrip...
Porto Alegre 7%

26

385

105

5

Jan
Jan

8%
34

Apr

2%

26

82

13%

28,150

47

5%

to

27

39c

2%

2% June
26%

2%

26

Panama City 6%s

35

37%

170

*

/24
/24

1945

64

31

220

Walkerville Brew

Amer A Continental

Oberpfals Eleo 7%
1946
Oldenburg-Free State 7%

30

6%
27%

2%

Amer Gen Equities Inc 25c
Am Insurance Stock Corp *

1946-1947

71%

12 %o

33 %c

47

27%

1948-1949

Conversion Offloe

Funding 3s

36c

1

86

(A A B)

/69%

July

100

84

(CAD)

11%

2%C

pref

/25
/24%

14%

European Mortgage <fe In¬
vestment

Fuel

Water 7%
1948
Mannheim & Palat 7s. 1941
Meridionals Elec 7s—.1957

14

f 17
1968

5a

Temlskaming Mines.
Thayers

Recklinghausen 7s.. 1947

Central German Power

Issue of 1934

.1943

Munlc Bk Hessen 7s to '45
66

Chilean Nitrate 5s
City Savings Bank

1956

Nov 1932 to May 1935
Nov 1935 to Nov 1936

8%

/63
Burmelster & Wain 6s. 1940 /113

Magdeburg 6s

5s

ser

11,000

4%
37%

4%

United

/23
/26
52%
52%

•

..*

Feb

3c

27

27%

Supertest ord
26

*

16o

*

Shawlnlgan W A P

July

Coupons—

12

Buenos Aires scrip

Cauca Valley 7 %8
Ceara (Brazil) 8s

1948

26%

Corp—

6%s

Housing & Real Imp 7s '48
Hungarian Cent Mut 7s *37
Hungarian Ital Bk 7 %s '32
Hungarian Discount <fc Ex¬
change Bank 7s
1936

Rogers Majestic

Feb

40

4c

Munich 7s to

1962

Brown Coal Ind

6%

11c

5,500

1

Stand Paving

Ask

97

Hungarian Bank

7 %s

Bid

26

Palatinate Cons

Cities

Bolivia

94%

Ask

2,000

4%c

2%c
6%

Robb Montbray

5,500

3%c

4c

1
1

4.45

3%c

Porcupine Crown
Ritchie Gold

Foreign Unlisted Dollar Bonds

3.85

l%c

1.55

23.47

1.76
1.68
«

1%

Ex-coupon,

-

-

-

2%

Corps
Bancamerica-Blalr Corp.l
First Boston Corp
10
Schoelkopf, Hutton &
Pomeroy Inc

x Ex-dividend,

y

com

lOo

9%

8%

25

23%

2%

Ex-Stock dividend.

1

3%

new york

members

Telephone

SPECIALIZING

UTILITY AND

CANADIAN

IN

security dealers association

52

WILLIAM
NEW

MONTREAL

J

•
.

.

STREET

Volume

145

WIRES

ROYAL

CONNECT OFFICES

AND

434s

f57

5834

6a

/5534

Montreal Stock Exchange

57

6s.

6s

434s

9534

12 1949

July

Oct

9634

1 1953

9634
97 34

Jan
15 1965
Quebec—

11434 116

434s
of

4348

Mar

2 1950

4s

Feb

1 1958 '107

2 1959

90

434s

May

1 1961

16 1960
15 1961

Apr
Apr

--

108

109 34 11034

5s

June

15 1943

78

82

104 34

5348
434s.

Nov

15 1946
1 1951

82

85

Province of Nova Scotia—

4Hs

Sept 15 1952
Mar

116

1 1960

for

of Prices
Low
High

Week

Price

Par

Paper

Low

Shares

17

July

24

Jan

125

30

June

40

July

15

16

430

10

June

1634

*

2134

22

320

31

Apr

1334

1534

300

2134
834

Aug

*

Jan

18

Mar

54

54

5

53 34

May

56

11

1134
1234

734

1,145
166

15

1434
11

12

'

992

75

29

9934

Apr

2034

June

1,955

1334

Jan

2434
1534

Feb

734

Apr

3834

5

7

CO.,

Inc.

41

41

41

25

3734 June

46

*

6034

59

62 34

4,769

54

Apr

7334

Mar

*

3434

3434

3534

2,894

33 34

Apr

7

7

7

75

3934
1234

MM

*

Power pf. 100

88

88

88

148

100

2434

2434

26

390

86 34
24

2434

24

2534
1734

805

24

—

no

1534

Coal

100

Lang & Sons (John A)

17

*
*
*

1034

1034

1134

1234

1134

13

2,821

3034

105

95

10834
102 34

Canadian Northern

Sept

1 1951

Feb

Bid

Ask

6s

July
July

1 1956
1 1957
1 1969

5s

Oct

1 1969

5s.

Feb

11970

11334 11334
116

634s

Ask

Ry—

1 1946

July

12434

Orand Trunk Pacific Ry—

11334 114

11234 113 34

48

Jan

1 1962

116

3s

Jan

1 1962

11634

9534

107

96 34

11834 11834
11834 11834

Last
Sale

Par

Stocks—

Agnew-Surpass Shoe
Alberta Pacific Grain A
Preferrred
Associated

Bawlf Northern Grain.
Preferred

*

100

234

Low

Shares

15
110

High

8 34

Jan

234

15

145

15

Aug
July

14

230

11

Jan

1734

2034

2,788

17

Apr

234

18 34

234

25

17

100

Telephone

169

169

1.75

25

17

16934

609

157

17

July

Sept
May

23

2534

10,012

1834

Jan

Corp A. »

3534

3534

440

7A

734
734

50

3434
734

July

*

Braalllan Tr Lt A Power..*
British Col Power
B

Bruck

234

12

15

*

811k

Mills

Building Products A

Calgary Power

♦

23 34

734

100

1434

1534

1,245
85

17

14 34

5

1434

434

6

15

1634

Canad Wire & Cable cl B .*

32

32

Canadian Canners Ltd

44

45

16

*

Canadian Car & Foundry.*

30

62

17

*
*

Canada Steamship (new).*
Preferred
..-100

190

109J4 10934

Tm

Canada Cement.pref ...100

Can Forgings cl A
Class B

734
62

*

1434

Jan. 1 1937

14 J*

1534

5

5634

Apr
July
Jan

1434 June
104

Jan

25

16

10

14
2

July

25

Canadian Celanese

*

2534
24

25
24

2734

2,988

2434

83

Feb

Apr

300

Mar

Apr

158

July

6134

__

230

30

235

160

160

160

20

150

16

100

16

10

15

8634

*

Products

87

20

8734

Jan

Jan

Jan

1834

July

99

Jan

100

Traction

103

103

40

103

May

103

May

100

Preferred

Ottawa

230

100

Preferred

2,140

24

24

10

20

Jan

23

June

10

__

*
100
Saguenay Power pref. .100

4834

6434

Apr

79

72

520

1934

410

17

June

934

75

8

Apr

16

104

Jan

10634

Mar

10334

Apr

18
„

m

mm.

934
104

105

»

-

4,030

99?4
834

Jan

13

Jan

15

34

1,293

25

Jan

3934

26

26

15

22

Mar

25

June

90

94

107

68

Feb

98

Aug

28

2,326

3334

Feb

»

~

-

90

2734

80

27

2234

160

22

120

5

prdf.100
-.100

no

110

20

98

98

40

United Steel Corp

-

2534

-

30

130

Jan

101

Jan

110

Aug

98

Sept

10834
1834

Feb

156

12

411

77

834

1,125

28

85

68

78
3

11634 U634

Apr

Mar

1434

68

*

Apr

Sept

8434

28

*

Apr

22

12834

7

...

100

Preferred

"

14
w

8

Western Grocers Ltd

-

83

Southern Canada Power.. *

Wabasso Cotton

June

1134

102 34 10234

120

*

11

3034

m

*

Steel Co of Canada

Jan

2534

1234

100

Simpsons pref

Feb

Apr
Mar

31

102 34

*

Preferred

Apr

68

50

Shawinlgan W & Pow

6334
3334

Apr

4134

*

Power

June

22

38

100

Regent Knitting
Holland Paper pref

May

18

35

6134

2034

39

Canada— *
.*

Price Bros & Co Ltd

pref.

58

951

2,661

6134
2034

*

Penmans

July

May

634

Juno

Apr

Feb

Mar

9634
1134

Mar

35

June

Feb

70

Feb

11534

Mar

120

Jan

21

May

70

*

B

Jan

434

434

5

590

3

June

1034

334

Winnipeg Electric A

334

434

185

3 34

June

10

Jan

8234

Jan

66

100

Woods Mfg pref

25

66

65

Aug

Banks—

Nova Scotia

50
100
100
100
100

Royal

100

Canada

—

Canadienne
Commerce
Montreal

—

60

June

58

58

60

79

58

Jan

160

160

160

21

150

Jan

181

181

83

181

Sept

211

220

220

183 34
220

27

219

Jan

241

Feb

335

335

335

62

314

Jan

340

Mar

195

19434 196

58

195

Aug

226

Feb

16134

Aug
Jan

35

25

Apr

Feb

20

834

1334

HANSON BROS Canadian Government

Apr

1,505

Apr

685
355

100

117

117

220

Cndn Fairbanks pref___10Q
Cndn Foreign Invest
*

103

103

10

Preferred 7%._

Feb

5434 June

59

ESTABLISHED

23

Municipal

INCORPORATED

Canadian Car & Foundry—
Preferred

54

July

934

Feb

6734

Apr

40

,

Jan

1,293

43 34

Apr

3934

Simon (H) & Sons

1334

*

100

Breweries

of Prices
Low
High
12

*

Bathurst Pow A Paper A_*

Bell

Price

for
Week

Mar

39

100

*

Feb

100

Feb

162

Ogilvie Flour Mills

Jan

3634
4234

715

Sberwin Williams of Can.*

Range Since

Week's Range

1,500

4634

60

Apr

May
37 H
Apr

42

*

Mar

no

80

4034

Ltd

Mar

15

65

42

Mines

July

1634

Apr

90

45

Noranda

9

Feb

Apr

4034

St Lawrence Paper pref 100

Sales

Friday

Mar

May

46

St Lawrence Flour Mills._*

Aug. 28 to Sept. 3, both inclusive, compiled from official sales lists

22

29

4034

A preferred

Exchange

Jan

105

89

-

Niagara Wire new

St Lawrence Corp

Montreal Stock

-

Aug

Sept

National Steel Car Corp..*

Quebec
106

-

27

834
834

41

Price Bros & Co

11634

-

Jan

4334

20

3234

Jan

Sept

3,812

105

30 34

Jan

98

June

8

4034

Power Corp of

124 J*

105

50

8

41

Ontario Stee

Bonds

8

Jan

June

Sept

*
25

Breweries

Preferred

Ask

Ask

434 June

1,180

*

MacKinnon Steel Corp

National

Dominion Government Guaranteed

June 15 1955

Jan

33 34

Ottawa L H <fc Power.

434a
434s
434s

Mar

65

McColl-Frontenac Oil

9534
15 1942 fllOH 11034
16 1944 10134 10134
11434
1 1944 113

434s

Mar

3534

Lake Sulphite

Railway Bonds

Bid

7

July

3534

Lake of the Woods

Canadian National Ry—

106

20

4,083

3534

International

Pacific Ry—

Dec

Apr

1434

7

£1

Montreal Tramways...100

July

Apr

3434

21

Montreal Cottons pref. 100
Mtl L H & P Consol
•

6s

74

Jan

1434

1434

Jan

Jan

2034

20 34

Imperial Tobacco of Can.5

Apr
Apr

1534

Internat- Pet Co Ltd

Private wires to Toronto and Montreal

4Hb

90

Jan

May

1834

1,080

Massey-Harrls

...Sept

Mar

International Power

14 Wall St.

6s

Feb

1834
1834

10334 104

■

Imperial Oil Ltd

Industrial Acceptance

Gundy

4s perpetual debentures.

1534

56

25

27

28

*
.100

Jan

Jan

63 34
10 34

25

12

75

100

Preferred

1434
81

1134

Jan

1134 June
Jan
1234

440

14

1134

6

Smith Paper
Preferred

1134
79

*
100

Intl Nickel of Canada

Bid

Apr

225

Goodyear T pref Inc 192750
Gurd, Charles.
*

Intercolonial

Canadian

20

18

Foundation Co of Can

Howard

New York

High
Jan

1354

39

*

Holt Renfrew pref.

Wood,

405

1734

*

Preferred

Bonds

17

3834

1

Holllnger Gold Mines

Canadian

1534

1634
1734

*

Electrolux Corp
English Electric A
English Electric B

Hamilton Bridge

117

&

Range Since Jan. 1 1937

Week's Range

Sale

Gypsum Lime & Alabas..*

78

10834 10934

5s

Oct

Sales

Friday

.

Last

Dry den

106 34 107 34
105 34

■

Stocks (Concluded)

Prov of Saskatchewan—

Prov of New Brunswick-

,

General Steel Wares

110

90
...

.

.

106 34 107 34

1 1941

Dec

434s
434s

11934 120

June

1 1959
1 1962

15 1954

June

5s.

May

90

Aug

5s

15 1943

Province

Province of Manitoba—

4>4s

.Sept

4s.

Prov of British Columbia—

Y

11134 112
11634 11734

1 1942

Oct

Ask

5s

1 1956

Oct

A Sl

Bid

Ontario—

Province of

Bid

1 1948

1565

UNLISTED

Provincial and Municipal Issues
Jan

BUILDING

BANK

TORONTO

YORK

Canadian Markets
LISTED

Alberta—

BONDS

AND

'

.

.

PRIVATE

5s

STOCKS

INDUSTRIAL

BUILDING

ALDRED

Province of

Cable Address Hartwal

Bell System Teletype ny 1-395

2-0980

HAnover

Public Utility and

1883

Apr

23

July

117

Aug

103

Jan

35

23

365

71

634

7 34

6,480

5

Apr

Canadian Ind Alcohol cl B*

534

534

520

434

Apr

115

1234
1034
1334

July

Industrial Bonds

330 Bay St., Toronto

Sparks St., Ottawa

Apr

Canadian Indust Alchol..*

255 St. James St., Montreal

56

Can Hydro-Elect pret--100

Canadian Locomotive
Canadian Pacific Ry
Cocksbutt Plow

*

25
*

Con Mln & Smelt new___25

23 A

88

Dominion Bridge
Dominion Coal pre
Dominion Glass

Preferred

14

lovt
1334

1034
1334
7834

1134

2,546

1434

393

82

21

21

100

18

2034

2034

405

48

48

136

20 34
47

Apr
May

2134

940

19

June

79

"20 H

Dom Tar & Chemical.

534 %

new

Dominion

2034

25

pref

Textile

Preferred

*

100

72

"21"

10

110

Jan

142

15

140

Mar

16,006

13

2034

2334

11 a

1134

13

555

88

88

70

*

80

140

8034
140

Jan

1134

Sept

86

July

266

73

Jan

5

140

July

Sales

Friday

Range Since Jan. 1 1937

Last

Stocks—

Par

Abltibl Pow & Paper Co..•

Week's Range

for

Sale

Jan

115

88

both inclusive, compiled from official sales lists

Apr

115

100




1,623

Montreal Curb Market
Aug. 28 to Sept. 3,

Sept
Sept

140

115

100

Dominion Steel & Coal B 26

Apr

13

*

100

89

13

Crown Cork & Seal Co...*
Distill Corp Seagrams

2334

87 A

of Prices
Low
High

Shares

Price

534

100
100

53

*
Bathurst Pr & Pap class B *
Beauharnols Power Corp.*
Brewers & Distill of Van._*

75

6% cum pref
7% cum pref
Asbestos Corp Ltd

No par value.

im

Week
Low

5

High

July

1534

Apr

534
5234

6

5,677

55

3,110

Jan

80

72

72

50

60

Mar

97

Apr

74

82

2,023

74

Aug

92

July

4134

Apr

834

734

934

442

7

Feb

12 34

754

8

2,354

6

June

934

Jan

7

7

15

9

Apr

7 34

Feb

Apr

1566

Financial

Canadian Markets
Montreal

Curb

Market

Last

Week's Range

for

Sale

of Prices
Low
High

Par

Brit Amer OH Co Ltd

*

22 %

23

B C Packers Ltd..

*

15%

Canada Bud Breweries

*

8%

Can & Dom Sugar Co

*

Can Nor P

7%

80

37%

Canada Vinegars Ltd
Canadian

Price

*

Breweries

*

Preferred

Cndn Dredge & Dock
Cndn Gen Investments

2%

1514

73

15%

814

10
30

2%

26%
22

Mar

9

Apr

10

3

Jan

60

Apr

34

Jan

39

112

20

Exchange
Commodity Exchange, Inc.

New York Curb (Associate)

Feb

Aug

Canadian

Apr

Jan

June

10

445

17%
2%

82%

Jan

Aug

4

15 King Street

14%

Jan

23%

Aug

38%
9%

Apr

47

Mar

Jan

11%

241
5

230

Cndn Intl Inv Trust Ltd__*

1.75

1.75

6

Cndn Marconi Co

2.00

234

Aug

2.00 June

Stocks (Continued)

1

1.80

115

1.50

July

3%

3

85

2%

Aug

7%

Jan

Can Vlckers Ltd

714

8

100

for

of Prices
Low
High

Week

Price

Range Since Jan. 1 1937

Shares

Low

Cigh

Jan

2%

Par

Week's Range

Sale

Jan

Canadian Pow & Pap Inc.*

Sales

Last

Mar

5.00

WA. 3401-8

Exchange

Friday

Feb

248

West, Toronto.

Toronto Stock

Jan

290

20

914

Members Toronto Stock

Mar

109

40

230

*

Apr
Aug

240

193*
20%

9%

STOCK BROKERS

High

1

3714

40

*

Cndn Industries Ltd B

21%

20

20

*

Low

965

110

193^

*

Range Since Jan. 1 1937

Shares

80

80

37%
110

pref100

cum

Duncanson, White & Co.

Week

Stocks (Concluded)

Sept. 4, 1937

Listed and Unlisted

Sales

Friday

Canada Malting Co Ltd.

Chronicle

*

32

CndnVlckers7% cm pf 100

32

105

7

June

32

200

1.70

Aug
July

15

6%

16

Jan

65

Jan
Jan

Jan

3%
11%

Feb

70c May

2.50

Mar

30c June

80c

Jan

4

Jan

5

Aug

Canadian Wineries Ltd

*

214

Catelli Food Prod Ltd

*

8

City Gas & Elec Corp

*

90c

1.25

100

Claude Neon Gen Adv

*

35c

35c

550

2%

2%

2%
4%

1,645
200

3%

Consolidated Paper Ltd..*

16 %

17,028

10%

Jan

24%

Apr

15

16%
14%

18%

Donnacona Paper A

2,665

13%

Apr

19%

Apr

15

15

15%

100

13%

9

9

8

8

8%

1,130

22%

565

Commercial Alcohols Ltd.*
Preferred

Dob

Paper B
Dairies7%cmpfl00

Falrchild Aircraft Ltd

6

Ford Motor Co of Can A.

.

22

*

1.00

Foreign Power Sec Corp..*

16

5

489

40

36 %

43

*

Voting trust ctfs

38%

38

43%
12%

Power

1214
73

Preferred

65

Apr

Apr
8% June

19

Apr

30

Jan

13

Jan

June

21%

June

1.00

29%
2.50

Feb

Feb

50

Apr

29 %

Feb

50

Apr

11%

July

73%

Aug

106

102

76

5

75

5

Jan

Aug

17%

115

15% June

1.35

1.40

800

1.25 June

78

*

207

25

*

83
25

90

22%

30

22%

66%
24

July
May
Jan

22%

14

Aug

75$*
110

Aug
Mar

11

Jan

21%
3%

Feb

87

Aug

25%
22%

July

1.80

Apr

Jan

1.40

25

30%

790

27

Apr

37%

Jan

Massey-Harr 5% cu pf 100
McColl-F Oil 6% cm pf 100

58

58

130

51

Aug

73%

Mar

95

96%

June

614
1914

1

6

July

10014
9%

Mar

Melchers Distilleries pref. *
Mitchell (Robt) Co Ltd..*

21

135

19

Apr

30

Jan

107

20

99

Jan

110

Mar

1.40

*

MacLaren Pow <fe Paper..*

28

47

30c

1

7%c

7%c

1

8c

8c

Aztec

1.25 May

89%

9c

50c

Mining

Bans ot Canada

30 %c
220

70c

Bankfleid Cons

106
100

100

Southern Can P pref. .100
United Distil of Can Ltd.*

106

Walkervllle Brewery Ltd.*

9

272

99

106%

54

105

1.05

400

Feb

28c

Aug

1.16

Feb

7%c

Sept

15c

Feb

6c

July

25c

Feb

9c

16c

Feb

1,000

9,125

60

65c

46

72c

17

7o May
57
16

June

220

14,821

60

Aug

64c June

j an

49o

%o June

Feb

245

Apr
Feb

85

I

Jan

Bank of Nova Scotia—100

335

336

61

305

May

340

Aug

100

250

250

2

250

June

273

Mar

July

48

May

Bank of Toronto

50

Preferred

10
28c

Base Metals Mln—

19

Bathurst Power A

"T20

Beattle Gold

Beauharnols.

—

*

7%
169

Bel Tel Co of Canada

28c

560

Q

26o

100

1*15

1.20

18%

7%

43%

7,850

20

16%

*

Beatty Bros A

100

10

26 %c
18
O

*

B

2,300

17

7%

168% 169%

Apr

1.75

Feb

Apr

21%

Jan

Jan

9%

Jan

419

154

56c

66c
53c

9,580

1.00

52,970

49c

Preferred

12

Bobjo Mines

1
*

Bralorne Mines

*

25

38

25

14c

55

176

Feb

1.70

July

72c

Feb

July

16%

Feb

10

Jan

34

Mar

110

Aug

July

109%

40

Mar

3,250

7.75

746

8.40 May

P.00

Feb

63

24% May

26%

Mar

10

Jan

7

25

23%

Apr

380 June

38o

15c

7.65

Brantford Cordage pref_25
Brazilian

110

38
15c

12

110

—50

Aug

«

60c

Blue Ribbon pref

Feb

Apr

10

15

49c

*
..100

Mar

65o

24%

50

1

Big Missouri
Blltmore Hats

Jan

Apr

1,750

8

Bldgood K'rkland— —.1

25

23

25%

7,532

12c June

29c

Jan

30%

Mar

Brewers & Distillers

5

7

20

Aug

9%

Mar

B

*

"22%

22%

23

2,452

21%

Apr

26%

Mar

Brit Columbia Power A..*

35%

35%

36

345

34%

July

37

Aug

...

OU

A

7

Brown Oil Corp

•

40c

43c

8,000

Buffalo-Ankerlte

1

10%

Buffalo-Canadian

*

2%C

2%c

10%
3c

I,105
4,000

*

60

60

62

Bunker Hill

*

July

107

Feb

1.00

JaD

65c

108

Feb

Burlington Steel

Jan

Burry Biscuit-

Apr

35

4734

48

475

42

1954

47%

9

19%

150

18% June

1.15

1.75 June

Apr

3%

Jan

51%

July

20

Feb

Mines—

Aldermac Copper
Gold

1.00

1.15

28c

1.08

30c

48c

48c

23c

25c

8,050
8,100
1,100
3,100
3,600

1
5

~4%c

4%c

4%c

500

3c June

24

24%

95

"l~25

23% June

Ltd.*

1.20

1.27

Cartler-Malartlc O M Ltd I

18c

18c

20c

Corp...*

Beaufort

1

Bidgood-Kirkland

*

Big Missouri Mines Corp. 1
Bouscadlllac Gold Mines. 1
Brownlee Mines
Bulolo Gold

(1936)

Dredging

Can Malar tic Gd M

55%c

Central Patricia Gold

1

50c

35c

1

Chlbougamau

5534c 5534c

47c

39c

3,100
3,100
1,300

2.60

Central Cadillac G M Ltd.l

2.60

100

4434c

47c

8c

8c

Duparquet Mining Co

*

EastMalartlc

1

T04

1.03

1.15

Eldorado Gold M Ltd

*

2.56

2.55

2.80

65c

70c

Francoeur Gold M Ltd._. 1

1134c 1134c
30%
30%

Graham-Bousquet Gold-.l
Hudson Bay Mm A Bmelt *

J-M Consolidated Gold

1

27c

27c

15,120
20,850
2,250
4,170
3.300

75c

Apr

1.90

20c

June

65c

Feb

Aug
41c May
19o July

79c

Aug

45%c

90c

*

"18%

12% c

314

12 %c
18

110

14c
18%

13,800
1,775

4%

1,650

8.25

Apr

39

Jan

65

June

12.50

Feb

2c June

6%c

Jan

Jan

74%

Mar

23c

Feb

51

11c June

30c

13,270

Feb

Feb

72c

Aug

Apr

6 55

Fen

40o

Apr

175

Mar

Aug

Apr

10%
103%

Sept

59%

—50

Canada Cement

»

*
*

B

Feb

Canadian Canners 1st

Feb
Feb

57c

Feb

45c

Apr
Apr

2,000

19c

Aug
Mar

4o

May

1.64

Jan

59

Jan

27 %c
30o

1,100
3,000

2%c

July

7%c

5.55

125

4 25

June

8.AO

Moffatt-IIall Mines

1

2%c

3c

3,500

2c

July

8c

Montague Gold

1

10c

10c

100

14c June

45c

Mar

334c

334c

1,000

Aug

10c

Feb

1.43 May

2.15

July

4.90

Aug

i3%

Jan

2.15 June

4.05

Jan

1.10

Mar

12c June

2%c

Preferred.
Canadian Dredge

20%

315

8%

19%

55

40c

June

15c

June

42c

Feb

100

1 90

June

3.80

Feb

4.40

2,150
1,200

2.55

May

Feb

70c

June

2.51

Jan

100

5.20

July

9.10

Feb

1634c

110

15

3.40

3.40

3.60

550

2.80 June

45c

40c

6.85

Feb

2.00

23%

Apr

32

Jan

7%
5%

13
1.20

Jan

2%

1.65

346

95c

98c

2.60

2.60

2.70

75c

76c

1,025
5,160
5,900
3,725

13%

13%

14%

502

5

2.45

11%
2%

1.65

13c

13c

1,750

79
200

Feb

Cosmos

1.13

Feb

Crows Nest Coal

Sherritt-Gordon

1

2.52

2.45

2.70

9,475

1.80

Apr

4.00

Feb

Dark water Mines

i

Slscoe Gold Mines Ltd

1

3.70

3.60

3.80

3.20 June

6.65

Jan

Davles Petroleum..

*

39

36

39

Sladen Mai

1

1.00

1.00

1.11

76 4o June

2 50

Jan

Dlst

*

20%

20%

21%

*

1.16

Mar

Sullivan Cons Mines Ltd.l

1.33

June

2.90

1.38

1.00 June

2 25

Jan

200

2.59 June

4.70

Feb

Dominion Bank

Teck Hughes Gold

1

5.35

5.35

200

4.60 June

6.10

Feb

Thompson

1

47c

51c

22,925

47o June

2.15

Jan

Dominion Coal pref..
Dominion Explorers

33c

34c

6,900

30c June

73 %0

Apr

Dom Scottish Invest
Dom Steel Coal B_...

2.30

2.50

2.10 May

6.40

Feb

Dom Stores.

Dominion Tar

Cad

Oil—

*

70c
._.*

1.75

70c

Apr

3.60

Feb

1.70

1.85

9,185

1.35

Apr

4.10

Feb

5c

1,000

5c

Aug

16c

Feb

Dorval Slscoe

34% May

59 %

Hunter Valley option warr.

Royalite Oil Co

*

38

41

831

55c

Mar

Friday
Last
Sale

Stocks—

Par

Abltlbl

5%
100

6% preferred

*

Acme Gas & Oil
Afton Mines Ltd

1

..

AJax Oll&Gas..

53

Amm Gold Mines

__1
.




_

*

of Prices
Low

High

5%

for

5%

1,105

56%

52

853

Low

High
July

15%

Apr

41%

Niar

80

Apr

6

12c

12c

14c

3,800

11c

May

20c

Jan

3c

3%c

1,700

3o

July

10%c

Jan

25c
16

15

1.08

1.04

26c

30c

16

1.15

1,500
45

26,400

250
15
73c

Jan

Aug

57c

Aug

43%

Jan

«9

Feb

June

J

1,655

21

21

540

1

6%c

22%
8%

4

4

4

21%

20%

*

8%

8%

*

12

i

"Toe

Aug
May

Apr

20c

26c

5,900

20c

Aug

26c

5.60

2,003

5 00

June

8 75

Feb

Jan

50

Feb

40

95

90%

Sept

38%

May

51

July

2 50

J an

17% June

24

Mar

Aug
Jan

15c

Jan

3%

July

5

Apr

12%
8%

Jan
Sept

28%

Mar

12%

Mar

18

Apr

455

300

13

45

49c

5,900
5

65

1.15

10,325

11% June
88

Aug

38o
60

Aug

May

65c June

Jan

116
1 22

2.05

Jan

Jan
Apr

5%

5%

5%

220

4%

Jan

9%

2.50

2.80

9,069

2.10

Apr

3.65

38%

38%

10

30

Apr

6%

118

1,613

7.05 June

•

24%

24%

5,923

19

.1

.*

8%c
22%

25
9%c

22

5%

July
Apr

Fen

Apr

80

2.56

40

July

8

Aug

12.90

May

25%

July

7c June

54c

Jan

22%

1,892

21% June

29%

Jan

28c

8c

25c

•

Jail

Aug
Mar

86
214

7.50

3,950

20 %c June

1.25

Feb

15,700

•

""67c

67c

70c

7,470

.....*

8%

7%

8%

616

6

July

II

Jan

Preferred

100

A preferred

100

50c June

58

I

Feb

106

General Steel Wares

•

1

33%c

l

5c

106

10

101

June

107

Apr

47

54

78

43

Apr

54

Sept

14

"54"

Gillies Lake Gold
Glenora
No par value.

27%

A pi

6%

*

M ar

Aug

7.30

Sept

5.25

Mar

20

7.50

Frost Steel

Feb

100%
211

33

"~6%

Foundation Pete
Francoeur

Jan

2 68

*
*

Jan
Feb

l

»

Fanny Farmer

3.50
2 14

June

25
...

Jan

23

1

_

English Electric A
Equitable Life

Falconbrldge

430

6,284

88%

1.05

Feb

July

45c

65

Jan

4c

12

"~45c

Apr

31c

5,500

88%

100
..

Jan

66

1

10

6c

26

72

197%

Federal Kirkland—

Week

Shares

40%

54

6%c

I

Ford A

Range Since Jan. 1 1937

3%c

-.1

Alberta Pacific Grain pf 100
•
Aldermac CouDer

Anglo-Huronlan Ltd

Price

Sales

Week's Range

5

86

39%

227

1

2.10 June

22

25

Eldorado Mines

Aug. 28 to Sept. 3, both inclusive, compiled from official sales lists

"39%

175

5 26

Jan

41

2,300

Mar

4

Mar

183

11,000
10,730

225

Eastern Theatres pref-.100
East Malartio
1

Easy Washing

Toronto Stock Exchange

52c

100

Preferred

5c

Dal ho us le Oil Co

Home Oil Co

2,200
2,200

•

47

45c

86

100

Dome Mines

25%

45

50c

Mar

1.47

110

25

*

100

Jan
Jan

17%

22%

1,424

June

Feb

Apr

Aug

38C

2.30

18%
135

Aug

40c

50c June

Jan

9c June

26,960
96

Jan

23

60c

47c

44c

7%

13 %

Aug

7%c June

3.05

July
June

May

3,600

1.30

41

91o

1

2.10 June

00

4,000

3.05

10% Sept
1% June

19%

8,400

...1

June

110

20

45c

Seagrams
Preferred

85e

78
82%
197% 200

46c

6

100

1.35

20

100

310

2.45

2.45

1.25

*

.*

60c

Calgary & Edmonton

2,869

2%

1

July

July

10%

1

12
11

10%

Jan

4% June

115

834c

48c

Aug

206

70

8c

Cad

May

209

Apr

100

53c

90c

47

Sept

II,300

8c

1.25

May

4%

1.27
116

53c

1.15

38

13%

1.20

13%

Jan
Fen

200

3,085
11

13

116

%

15

200

6%
4%

85

12%

25

41

200

l

Gold

Jan

21

Shawkey

Stadacona-Rouy n

20%

Apr

*

2,000
5,000
34,890
8,400

Mar

Mai

»

Consumers Gas

22c

10%

10

1

Cons Chlbougamau
Cons Smelters

Feb

7% Apr
18% May
14

*

Conlaurum Mines
Cons Bakeries..

16c

Aug

580

»

Conlagas Mines

1.01
5.50

23%

570

*

Chromium Mining
Cockshutt Plow

1.00

Jan

Jan

14%

300

1

3,500
2.301

Jan

3%

2% June

15%
27

19%

1

3.85

Reward

210

11%

Castle Trethewey
Central Patricia.
Central Porcupine...*

5150

1

Jan

Aug

19%

Cariboo Gold

Pend-Orellle

Red Crest

Aug

73

180

1,500

3

8

100

Wineries..

Perron Gold Mines Ltd... 1
Pickle Crow Gold
1
Placer Development

Read-Authier Mine

July
Aug

34

49

25

25

18c

May

19

5

49

183%

41

O- P R

2.15

17

8

*

17c

June

"19%

25

B_

2.15

6 50

105

49

Cndn General Electric—50
Canadian lnd Alcohol A-_ *

Canadian

33

32

U

Canadian Oil pref

3c

5.50

Aug

14%
26%

Canadian Malartlc
Canadian Oil

2%c

I

Apr

79

July

19%

Jan

1

Macassa Mines

18

July

2

14%

Jan

Lee Gold

Apr

July

50

11

Jan

18c

7

9

60

*

pf .20

Jan

1

Aug
July

728

180

Canadian Locomotive.. 100

Lebel Oro Mines

Apr

110%
160

*

2nd preferred
Canad Car & Foundry

20c June

Jan

Mar
Feb

6%
16%

2%
*

23

Jan

77

5%

"iso"

Breweries
*

Jan

Feb

44%

15

"33"

100

Preferred

625

Aug
8c

76

5%

15%

58

5c

Parkhlll Gd M Ltd new__l

Jan

»

60c

4%c

Pato Gold

May

146

Can Wire & Cable A

41%

June

Sept

101

Can Steamship (new)
Preferred new

June

47

14%

5

Feb

»

223
15

Feb

9c June

60c June

15%

14%

6

99%
48

107

2.28

Canadian Canners

25%

15

154

30

pref

Apr

35

150

Canada Permanent

Canadian

5

50

107

Canada Cement

Jan

3.60

Apr

14%

6

103

100

Feb

2.03

71c June

6

48

48

Sept

100

15

13c

1

3%

103

100

A

Canada Bread B

Jan

2 10

2.40

*

Canada Bread

Mar

Lamaque Contact G M__*

50c

2 00

8,435

15c

27c

48c

7,045

52c

Jan

97%c

Pandora Cad

2.50

50c

5%c

344

550

2.29

.1

Feb

100

8,905
1,020

39% May

2.70

200

5.65

45

Aug

51c

1.80

41

40c

30c

2.75

40%

Can Bank of Commerce 100

1.23

1.80

26
*

Cndn Bakeries pref

30c

4.90

(FN)
Calgary & Edm.

Feb

50c

2.60

Burt

Mar

1.23

5.10

60

65c

1

*

40

5.15

1

O'Brien Gold M ines Ltd.. 1

25

47 He

1

Pamour-Porcupine

40

25c June

Lake Shore Mines..

Normetals

19

40

_

2.20 June

Kirkland Lake Gold

Murphy

14% June
3%c Sept

50

Preferred

Jan

700
785

June

14o

Kirkland Gold Rand

Wood

1.42

Calmont Oils

Walker-Good & Worts (H)*
Walker-G & W $1 cum pf.*

Sylvanlte

35c June

25,100

30 %c
31c
220
225

58

ou

Bagamac Mines—-—-. -1
Bank of Montreal
100

8c
8%c

4,907
2,700
4,000

Building Products

6%

Page-Hersey Tubes Ltd..*
Power Corp of Canada—
6% cum 1st prefT
100

Consol

1

Ashley Gold
Astorla-Rouyn—

Feb

28

Mackenzie Air Service

1

Feb

Apr

30

17%
78

B

162

73%

Apr

8

5

Internatl Utilities Corp B.l

Loblaw Groceterias A

5,640

175

106

GenSteelWares7%cm oflOO
Internat'l Paints (Can) A.*
Internat'l Util Corp A
*
Lake St John P & P

10

1.00

*

Fraser Cos Ltd

Gateneau

8

414

Eastern

2%

39c 40 %c
30c
31c

Argosy Gold Mines
Arntfleld Gold

15%

245

18%

Apr

31c 36%c

35,850

28c

Aug

65c

May

7,000

3 %o

July

30c

fan

4%c

5c

8

Jar

Volume

Financial

145

1567

Chronicle

i

Canadian Markets

-

Listed and Unlisted
Toronto Stock

F. O'HEARN & CO.
11 KING ST. W.

Stocks (Concluded)

Pet Cobalt Mines.

Toronto

Cobalt

Montreal

Noranda

The Toronto Stock Exchange

Ottawa
Hamilton

Sudbury
Kirkland Lake

Winnipeg Grain Exchange
Montreal Curb Market

Sarnia

North Bay

Canadian Commodity Exchange

Owen Sound

Bourlamaque

Chicago Board of Trade

Apr

5.70

1,000
7,825

l%c

5.40

4.90

June

9 20

Feb

3.90

3.90

4.05

685

3.65

June

6.85

Feb

1.34

1.32

1.46

13,350

75c

June

2 20

Feb

20%

20%

June

*
25c

2.25

32 H

32 H

33 H

1.11

1.18

1.60

1.60

100

3~50

3.40

3.50

1,075

1
*

Read Authier

l

Red Crest Gold

Week's Range

Last
Sale

Stocks

Par

(Continued)

Range Since Jan. 1 1937

for

1

Reno Gold

*

55c

61c

6,527

1

22 He

25c

2,500

50c

28c

28c

1,000

God's Lake Mines.
Goldale Mines

Gold

Belt

....

36c

12c

Preferred

Graham Bousquet

Preferred..
St Anthony
St Lawrence Corp

Apr

68

June

July

22c

Apr

142

7 Ho
82

May

97*4

Aug

75

52%

July

57

1,800
23,850
6,000

9c

June

15c

June

6*4c

Apr

95

92

96*4

54

54

54 H
12c

381

13 H

26*4

Apr

524

33 H

Apr
Mar

5354

Aug

205

.95

Sept

3.35

Feb

55c June

1.25

Jan

15c

1

Grandoro Mines....

24

52 H

*

49

*

Preferred

Great West Saddlery

7Hc

7c

22

22

*

Great Lakes Paper

17c

15c

*

95

100

Jau

July

Apr

Jan

29*4

Mar

900

22

72c June

6,400
11,700

15c

9c

Mar

35

Apr

60

Mar

10

56

Jan

78

Apr

102

102

18c

July

118

June

100

33

150

9H
32*4
1.25

12,950

1

1.53

1.46

1.59

52c

52c

56c

92c

92c

5,100
2,100
26,504
12

460

67c

Feb

Sherrltt Gordon

i

Jan

Silverwood

*

2.45

2.54

4X

4%
25

25

*

2.74

150

150

~4*4

Preferred

100

9934

Apr

Aug

Apr

2.40

Jau

1.10

Fee

Mar

92c

Aug

1.90

Apr

3.95

Feb

1.50

Aug

1.60

Aug

3 H

Aug

4*4

Aug

38

Feb

7*4 June

107

8H
99 H

15

36*4

57c

5

9

*

Jan

Jan

Apr

40c June

5,025

1

32c

12c June

12

...50c

Feb

227

900

40J4

Sept

3234

Shawkey Gold
Sheep Creek

Jan

1.35

48*4c

191

70

50

June

58

16 He
12

Feb

Feb

17

Feb

June

110

Feb

20

15

Jan

95

.-.1

80c

80c

90c

14,340

•
1

Gunnar Gold—

12 *4

11*4

12 H

11*4

June

18 *4

Apr

Slscoe Gold

1

3.65

3.65

3.75

3,890

3.15 June

6 65

2c

July

7c

Jan

Bladen Malartlc

l

1.00

1.00

1.10

37,705

76c June

2.49

Jan

Slave Lake

1

46c

46c

50c

1,500

46c

Sept

2 50

Feb

15c

15c

15c

5,000

15c

July

19c

Aug

1.26

30,735

90c

June

Gypsum Lime A Alab
Halcrow Swayze

254c

-i

-

3*4c

1,175
5,400

2.00

3c

1

Theatres

2.00

25

1.60

Sept

3

July

110

4*4

June

7

Jan

South End Petroleum..25c

2,505
20,400

Jan

Stadacona

12Xo

Aug

330

Feb

Steel of Canada

2,300

15o

Jan

90C

Mar

..*

Harding Carpets

4*4

4 H

5

1

1.28

1.27

1.35

—*

16c

15c

16Hc

•
—6

18c

180

18c

Hard Rock

Harker

Highwood Sarcee...
Bollinger Cons
Home Oil Co....

11H

12

1.70

1.75

...

1.87

35c

1

35c

220

100

Imperial Bank....

60*4

International Pete.t..—•

34 54

Jellicoe Cons

3

Kerr Addison....

1

Kirk. Hud Bay

*
3
1

1

7c

8,300

6c

June

28*40

*

5.25

5.20

5.35

June

6.00

*

1.65

1.65

1.75

8,185
4,550

4.55

Texas Canadian

1.60

Apr

2.35

25

97

Feb

105

Apr

73*4

June
15*4 June

33*4

1.25

39*4

Mar

21*4

Feb

June

3.16

Feb

Toburn Gold

*

Preferred

Dchl Gold

1.03
26c
25

16,770
15

25

2.15

70c June

19o

25

39

Aug

Feb

United Oils

Feb

16

Aug

109

50

104

Mar

110

Apr

2.40

800

2534

140

51

2.25

"f.05

73c June

2.00

Feb

5,575

50o June

1.10

Aug

16

2,215

22c

5,330

8

7.65

2.65

Apr
Feb

Vulcan Oils

1.21

27,800

Feb

1.70

Apr

Waite Amulet

*

1,700

40c

July

1.10

Feb

Walkers.....

*

4634

46

4,416

June

59*4

Jan

Preferred

*

1934

1934

25

Sept

27

18c

17c :

2,500
5,700
2,380

254c
60c

60c

•

5.10

5.00

Loblaw A

*
•

24 54

24%

25

22%

23

410

—1

5.45

5.35

MacLeod Cockshutt

1

1.85

Mad sen Red Lake

i

McDougall-Segur

*

Manitoba A East—

*

3*4c

3%c

1
•

14c

14c

10,050

June

1.33

June

1.30

July

lie

June

30c

2*4c

Feb

Jan

Westflank

Jan

White Eagle

*

1.35

Feb
Jan

Wiltsey-Coghlan
Winnipeg Elec A

June
June

23

Apr

25

Feb

Jan

23*4

Aug

27c

2,600
100

14%

55

86 H

1,495

32*4

•

9 He

9 He

*

3.20

3.10

6,865
5,

1.00

July

101

value.

See Page 1564

Mar

May

42*4
2.03

Jan

Jan

57c

35o June

1.18

Mar

Feb

26o

Apr

9*4o

Sept

39c
5.00

Government

Feb

2.70 June
80

3,500

Aug

56c

Aug

95c

June

1.98

45]

180

41

June

45*4

16

172

July

190

250

Aug

267

Feb

44

A

100

178

178

182

B

100

265

265

265

*■*•1

July
Apr

Aug

Morris Kirkland

A

23c

28

5
21,000

20c

July

Murphy Mines

1

3*4c

4

6,000

2*4c

July

National Grocers

*

575

JaD

11

July

212

30 Broad Street

New York

•

Feb

.100

1

202 X
37c

29c

5,400

29o

.*

4*4c

4%c

New Golden Rose

1

50c

50c

6,000
5,100

Nlplsslng

5

2.40

2.25

Noranda Mines

*

60 H

59 H

Nay bob Gold
Newbeo Mines

12o

Feb

Abltibl P A Pap ctfs 5s '53

60o

June

1.49

Jan

Alberta Pao Grain 6s. 1946

Sept
June

3.60

Feb

Beauharnols Pr Corp 5s '73

83

Feb

Bell Tel Co. of Can 6s. 1955

2.25

54*4

Aug
Apr

16*40

Jan

2.23

July

Calgary Power Co 5s..1960

95c

Apr

1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5s 1949
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 5s '63
Consol Pap Corp 534s 1961
5J4s ex-stock
1961
Dom Gas <k Elec 6348.1945
Donnaconna Paper Co—

3*4c

7,443

1.20
1.30

Aug

4.00

3 H

355

3*4

Aug

4H

Jan

20c

10,120

15c

49c

Feb

123,115

4.85

July
Sept

13.25

Jan

6,325
1,400
12,265

1.05

Apr

4.10

Feb

3c

July

12c

Jan

45o

July

1.28

Jan

North Star Oil

*
*

North Star pref

5

Nordon Oil

1

22c

O'Brien Gold

1

5.15

4.85

)

Okalta Oils

*

1.59

1.45

>

Olga Oil & Gas

*
1

3*4c

3

50c

3

135

51c

135

15

Jan

;=.*

190

190

160

1.80

Aug

*

7

7

100

5*4

17c

*

Ontario Steel

Preferred

1.72

Oro Plata Mining

16c

•

Page Hersey—
Pamour Porcupine
Pantepeo Oil

*
*
1

Park hill

1

Partanen-Malartlc

J

15Hc

14c

Paulore Gold

1

16c

Paymaster Cons ....

55c

Payore Gold

1
1

Gold

1




3

1.70

21c

Pacalta Oils

105

Bid

60c June

3,500

16,100
1 200

*

Orange Crush.

3*4o

68c

1

Nor metal

North Canada Mln...

"T.70

Industrial and Public

Feb

1.70

3Ho

Norgold Mines

Omega Gold

Feb

1.05

595

105

10

7,600
3

106

93,375
160

Mar
85c June

18

3.50

10

Burns & Co 5s

Jan

Mar
Jan

2.20

Feb

Feb

Mar

1.90 June

4.00

Jan

9*4

Jan

98

2.70

2.65

10,020

654

654

200

6*4

Apr

17c

15c

June

11c

Aug
July

41c
46c

54c

28,375

49o June

1.38

Jan

27c

26c

35o

July

1.00

19,500
3,850

June

1.00

70c June

2.50

Jan

7s 1942
1949
Eraser Co 6s
Jan 1 1950
Gatlneau 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
534s
1961
5s
1981
Eastern Daries 6s

Jan

12c

22c

40

Feb

-

I

*

6254
62*4
113*4 11354
75
....

MacLaren-Que Pr 5*4s '61
Manitoba Power 6*4 s. 1951
Maple Leaf

-

10354 104*4
101*4 101*4
101*4 102*4
96*4
97*4
112
11254
92 54
/92

No par value,

-

66

104

_

1947

5*4 s '67

5054

1939

50

1956
1973

99

95

95*4

Montreal Tramway 5s 1941

101

101*4

Ottawa Valley Pow

10454 105*4

par

value) 3s

3*4s
3*4s

5*4s '70
Corp of Can 4*4 s '59

Power

87*4

Provincial Pap Ltd

98

1957

102

103*4

98*4

United Grain Grow 5s. 1948

9954

100

104

6*4s '47
Saguenay Power 4*4s A. *66
4*48 ser B__
1966
Shawlnlgan W A P 4*4s '67
Smith H Pa Mills 4*4s '51

5s

99*4
70—

104

102*4 10254
101
83

Dec

1

5*4 s '52
Winnipeg Elec 6s.Oct 2 '54

84

n Nominal.

103

101*4 102*4
101*4 102*4
104*4 104*4
104
80
78

United Secure Ltd

102

f Flat price,

95

-

Montreal Island Pr

85*4

97*4

-

Montreal L H A P ($50

6754

103

»

97
9754
10354 104 H
74 H
/74

/ 67
84*4

......

93

Minn A Ont Paper 6s. 1945

McColl Frontenac Oil 6s '49
-

10154 102*4

Milling—

254s to '38—5*4s to '49
Massey-Harris Co 5s.

96
•

Alt

Bid

80

108

Utility Bonds

A»t
94 *4

86*4

East Kootenay Pow

Apr

16c

9,333
7,700
6,300

f94

1958

4s 1956

Mar

Apr

.

Canada Bread 6s

Jan

43 *4 C
118

10c

HAnover 2-6363

Feb

10c

Sept
May

2,944

f

88c

•

Bell System Tele. NY 1-208

Apr

9145

8*4
201

National Trust

Montreal and Toronto

Royal Securities Corporation

June

44

Corporation

•

Private wire connection between New York,

33*4e May

30c

16,610

•

Municipal

•

Feb

1.8

Moore Corp

SECURITIES

CANADIAN

Jan

63o

17o

▲Ah

Milfoil

Jan

June

12,400
1.64

Feb

Mar

8,150
8,450

1.70

52c

7*4 >Apr

Toronto Stock Exchange—Curb Section

Jan

June

35

1

Jan

20c June

3*4 May

Jan

8*4

963

Mo net a Porcupine

10

Mar

34

9 He

•No par

Feb

1,129

35c

8

Feb

Mar

Mar

96 H

•

16c

36c

11

12*4
16*4

13

S

Zlmmerknlt

Jan

77o

44c June

74

11*4

V '■

10

534

Apr
Jan

59

25c

Aug

25c

Aug

55

9,600
1,250
3,800

Minto Gold

3

Jan

10

534

450

56

30c

Jan

Feb

June

*

8*4
50*4

24

41 He

5c

17c

Aug

July

3

Ymlr Yankee Girl

June

25Hc

154 c
3*4c

229

5.85 June

June

43c

Aug

Sept

7,530

May

26c

36*4c

35c

6.80

2c

1

Mar

6.65

llo

..*

Jan

30c

6.70

18c

2,740

Mercury Oils—

106*4

1,500

5

Jau

Aug

2,000

134c
434c

18*4

10c June

97

*

700

1.24

June

Wright Hargreaves

Jan

1.27

125

Jan

B

Mar

34 M

Jan

117*4 May
13
Sept

30o June

1 20

1

20

10

4.85

5H

100

52*4

May

3,700

June

—5

4c

May

19

34c

May

10X

♦

134c

"4 H

Feb

July

42

434

55o

1054
100

T%c

4.66

Juue

34c

1.65

Sept

35c 36 34c

May

2.25 June

Apr

10

34c

7,700

5

2,100
2,000

9 10

1.00
2

434

1.75

*

14c

Feb
Mar

1

8.60

4

Petroleum

60

98

14c

14c

55

700

Wood Cadillac

June

150

2,506

97

97

Jan

19

11*4

17c
6

434
434

4.15

4

1934

1

8.40

45c

.

500

10,991
1,995
1,083

*

15,046
4,555

23c

100

Preferred

"1334

l

4.85
21

»

7*4c

July

1.50
3.60

11734 11734
13
1334

pref..100

Westons

Whitewater Mines....

69c

Massey Harris

Western Grocers

Jan

68c

6,000

Malargo Mines

58o

735

22 *4

Aug

1.41
3.30

1.41

Apr
Apr

May

600 June

546

48

46*4

66c

7.80

350

7.90

3 30

Apr

90c

28o

13

1634

18c

734

...

1.35

May

Jan

4,350

2.00 June

4q

JaD

Apr

46
52

1.00

250

100

Aug

July

1.10

39,367

10,900
2,800
15,550
14,467

4.65

June

48*4

95c

2.25

4954c

1.85
25

10

1.02

United Steel.;
Ventures..........

Jan

10

51

~16%

Union Gas..

Feb

Jan

20

-.1

Feb

59C

June

Exploration..*

Feb

16

25

25

50

Towagmae

Mar

Jan

109

1

Toronto Elevators

Feb

16

Tip Top Tailors
*
Tip Top Tailors pref...100

Feb

64*4

5,834

1.15

Mining Corp

Jan

Teck Hughes

1

Monarch Oils

16*4

Tashota....

Mar

1.19

Merland Oil

Jan

Mar

Little Long Lac

MoWatters Gold

15*1

Mar

4%C

McVlttie Graham

530

May

53c

—1
1

Preferred

1634

15*4

Leltch Gold

Mclntyre Mines
McKenzle Red Lake

16J4
634c

24*4

25

McColl Frontenao

15%

240

10

i

Preferred

Feb

J»"
July

1,675

4*4c

Maple Leaf Milling
Preferred..

4.80

Apr

11,074

25

B

Apr

55c

1

Lake Sulphite

Macassa Mines

2.70

Aug

13*4

1.62

50c

Lake Shore

Lebel Oro

5,300

20

15c June

1

Lee Gold

3.15

218

25c June

1.25

1

Gold

3.00

1.50

Kirkland Lake

Lapa Cadillac

Jan

3.05

83

410

8.920

2.30

Laguna Gold

Lamaque Contact

3.25

4,749

43,207
14,355

1

June

21

70c

1.08

1.03

-.1

8ylvanite Gold

41c

25

*

1.34

1

»

1.35

26*4c

J M Consolidated

6.90

40*4 c

Sullivan Cons

42c

Kelvinator

June

15c June

Tamblyns

17 H

1

Aug

3 00

Jan

70c

Jacola Mines

14*4

1,890
4,600
3,575

18c

June

34%

Jack Waite

10

4.50

4.25

1

95

59

1.40

Feb

14%

17c 1834c
1.30
1.38

...»

Jan

99 X

*

17

4.00

*

Sudbury Basin

Sudbury Contact...

225

*

Intl Utilities A

Mar

72

14 X

intermit Utll B

Feb

88

May

10

20*4

14 *4

International Nickel

96

71

80

12*4

20 54

—•

77*4 June

25

14%

Stuart Oil pref

Jan

72e

July

79

76

Mar

80

Imperial Tobacco.
6
International Milling pflOO

Imperial Oil

30c

Jan
Jan

405

Apr
May

Apr

85

76

870

15*4o

Apr

3o

2.85

Jan

79

79

19

220

100

10*40
140

1.16

1.17

»

*

25

Preferred

June

80

Hunts A

3.44

1.00 June

12

12 X

Huron & Erie

2,049
5,615
9,730
9,310

45c

.....i

Howey Gold

Perron

65c

5

113

Simpsons A
Simpsons B

Feb

1.78

1.52

70

Dairies

1.95

Sept

113

83o

18o

Feb

June

196

38*4

i

San Antonio

Aug

6 86

29o

100

A preferred

2.00

1.10

40c

^100

Simpsons pref

12c

—1

Granada M lnes

Lava Cap

Russell Motors

-.50

Goodyear Tire.—

Homestead Oil

Jan

39c May

Mar

J
1
*

Gold Eagle

Goodflsb Mining

Hamilton

49

June

Jan

Feb

2.85 June

500

90c

14c

191

*

Jan

1.02

June

12c
30

40c
9,600
1454c 103,650

35c

13c

40o
18

47

1

33,875

26

86c

87c

]
100

Royalite Oil

24,450

80c

80c

26

1

Roche Long Lao
Royal Bank..

High

Low

Shares

Feb

55c June

'

*

Remington-Rand

Jan

36c

July

27c

35c

32c

33XC

Reeves-M acdonald

Week

of Prices
High

Low

Price

*

July

40c

40c

.__•

Red Lake G Shore...

Sales

Friday

~

Feb

29c
4.50

20o

145

1.05

33*4

18

2,000
5,140

*

Preston E Dome..

Exchange

22c

2.10

'

Sept

1.95 June

100

23

20c
2.20

Prospectors Air

Toronto Stock

l*4c

l

Pressed Metals.

Timmlns

l*4o

5.50

l

Corp

Prairie Royalties
Premier

(Inc.)

Jan

3%c

lHc

1

Powell Rouyn
Power

High

Low

Shares

1

Pioneer Gold..

MEMBERS

Week

..1

Pickle Crow

OFFICES

for

of Prices
Low
High

Price

Par

1 1937

Range Since Jan.

Week's Range

Sale

TORONTO

WAyerley 7881

Sales

Last

GRAIN

BONDS

STOCKS

Exchange

Friday

93*4

.

-

-

Financial

1568

Quotations
Bid

Over-the-Counter Securities—Friday Sept. 3

on

New York

New York Bank Stocks

City Bonds

Ask

Bid

1 1977

96 X

97%

a4%s Mar

1 1964

1

1975

101M

102 M

a4%s Apr

1

d3%s May

1

1954

105

106 M

a4Ms Apr

a3%s Nov

1 1954

105

106 M

a4%s June

a3s

Jan

a3%s July

1960

104

105 M

a4%s Feb

15 1970

103

104M

a3%s Jan

105

106M

a4%s Nov

a3%a July

113 %
114

1 1974

15 1976
1 1977

15 1978

111 M

a4%s Mar

1 1981

a4s

Nov

1

1958

110

111 M

a4s

May

1 1959

110

111 M

a4Ms May
a4%s Nov

1 1957

a4s

M ay

1 1977

a48

Oct

1

a4s

110

1 1957

May

1 1957

109 M 110M
110M 111 M

a4%s Mar

1 1963

fl4Ms June

1 1965

1 1960

113 M

114M

o4Ms July

1 1967

1 1962

113M 114M

a4%s Dec

15 1971

«4%s Dec

a4%s Sepa4%s Mar

1 1979

1980

116

Par

Ask

113% 114%
114%
115%
114% 115%
114% 115%
114% 116
115
116%
ii6% 117%
115% 116%
115 % 116%

1966

15 1972

a4%s Jan

1 1975

1

a3%s Mar

Chronicle

Ask

Bid

Bank of Manhattan Co .10

30 M

Bank of Yorktown_.60 2-3

Bensonhurst National—50

95

82 M

66

184

100 1000
First National of N Y..100 2205

Fifth Avenue

30

Flatbush National..—100

115

50

50

55

50 M

National Safety Bank. 12 M

18

20

45%

Penn Exchange

National Bronx Bank

10

13 M

15%

Peoples National

50

57

67

Public National

25

40 M

42%

2245
40

Sterling Nat Bank & Tr.25

33

35

Trade Bank..

30

37

New York Trust

117 % 119%
119 X 120%

Par

Bid

Companies

Ask

Par

105

115

Fulton

455

465

Guaranty-

10

Bankers

66

68

b 2.75 less

-

5s Jan & Mar 1964 to '71

10

14%

62.10

-

Chemical Bank & Trust. 10

Kings County

100 1775

Lawyers—

130 M

Manufacturers

46

50

52

50

52

59 M

61%

50

80

90

Preferred..

25

16

18

New York...

16

17%

Title Guarantee & Tr. -.20

12
95

20
.

20

131% 134%

123

Com Exch Bk & Tr

20

61%

62%

Underwriters

.100

123

Empire

10

29%

30%

United States

.100 1760

Barge C T 4s Jan *42

«...

13

110%

& '46

Barge C T 4%s Jan 1 1945.

...

1825

43

Canal Imp 4s J&J '60 to '67

--

15%

123% 126%

County..

4s Mar & Sept 1958 to'67

127%

_

Irving

320

Continental Bank & Tr.10

4%s April 1940 to 1949.

52.90

130 M

Can & High Imp 4%s 1965

.20

Ask

255

Colonial Trust...

Ask

Highway Improvement—

Highway Imp 4%s Sept '63
Canal Imp 4 %s Jan 1964.

123

Bid

240

315

.100

Clinton Trust

Bid

1

13

118

Bronx

World War Bonus—

Canal & Highway—

12

100

Central Hanover

3s 1981

7

Brooklyn

Ask
1

12%

117

116 % 117 X
118

117

New York State Bonds
Bid

"

190

Bk of New York & Tr--100

52.70 less

_

1030

Banca Comm Italians. 100

3a 1974

Ask

65

100

125-"

43 M

12 M

City (National)

Commercial National--100

Bid

100
.100

Merchants Bank

48 M

13.55

Chase

Par

Klngsboro National

103

1810

114

Chicago & San Francisco Banks
Par

Port of New York

Bid

Ask

American National Bank

Authority Bonds

100

& Trust..

240

260

Par

Harris Trust & Savings. 100
Northern Trust Co
100

Bid

Ask

395

420

710

750

54

56

Continental Illinois Bank
Bid

Ask

Port of New York—

Gen & ref 4s Mar 1 1975

Gen & ref 2d

3 Ms '65

ser

Gen & ref 3d ser 3 Ms '76
Gen & ref 4th

ser

3s

Bid

Ask

1976

.

Gen & ref 3 Ms

105 % 106%
104
105

101% 102%
96 M
97M

J&J 3

George Washington Bridge

128

132

100

298

303

First National

60.50

SAN

FRANCISCO

BankofAmericaNT&SA12ij

Holland Tunnel 4Mb ser E
1938-1941

M&S

1942-1960

M&S

Inland Terminal 4Ms ser D
1938-1941
_M&S

101

1977

1939-53

33 1-3

& Trust

Bayonne Bridge 4s series C

60.75

I

1.75

nsurance

111M 112M
Par

61.25

2.00

Aetna Cas &

Bid

Companies

Ask

M&S

107 M 109

Par

Home

Bid

Ask

10

91M
47 H

10

28M

29 M

25

83 M

85M

Ins Co of North Amer

10

65M

66 M

American Alliance

1942 1960

10

Agricultural

110 M 111M

Aetna Fire

Aetna Life

4Ms ser B 1940-53.M N

95 M
49 M

10

21%

23

Knickerbocker

6

14M

38

40M

Lincoln Fire

5

4M

16M
4M

13M

14 M

Maryland Casualty

__1

5

12

13 M
41M

Mass Bonding & Ins.. 12 M
Merch Fire Assur com
5

55

58

51

54

American Equitable
American Home

United States Insular Bonds

American of

American
Bid

Philippine Government—

8urety

Ask

5
10

Newark...2M

Re-Insurance. 10

39M

Ask

American Reserve

10

26M

3.00

American

25

51M

28M
53 M

10

32

34

100

101M

Honolulu 5s

53.50

4MB Oct
1959
4 Ms July
1952
5s
April 1955

105

107

U S Panama 3s June 1 1961

112

105

107

Govt of Puerto Rico—

Feb

4 Ms July 1958

100 M 102
110

-

1952

108

110

SMaAug

1941
Hawaii 4 Ms Oct 1956

5s

112 M

115M 117 M

July 194S

Security

10

3M

4M

10

18M

19M

Importers & Exporters. -.5

7 M

8 M

6

<13.75

3.50

111

110

108

Conversion 3s 1947

112%

107

—

U S conversion 3s 1946

Surety--

Automobile

116

110

•

Merch & Mfrs Fire New'k.5

11

Merchants (Providence)—5
National Casualty. *
10

18M

19M

National Fire

Bid

4s 1946

6s

Fire

Homestead Fire..,

64

66

10

Baltimore Amer

2 M

Bankers & Shippers
Boston

25

101

104

National Union Fire

100

630

640

New Amsterdam Cas

Camden Fire

6M

7M

National Liberty

2

20
2

7

7M
135
13 M

13
8

8M
139
15

10

32M

34 M

10

23

21M
24 M

New Brunswick Fire

Carolina

New Hampshire Fire

10

46 H

City of New York.

10

25 M

46M

48 M
48 X

35M

New Jersey.
New York Fire

20

10

24 M
34 M

20 M

22M

5

26 M

28 M

Northern

95

98

5

Connecticut Gen Life
Continental Casualty

Federal Land Bank Bonds

Eagle Fire

19M

2M

4

Employers Re-Insurance 10

45

Excess
Bid

Ask

Bid

Ask

3s 1955 opt 1945....
3s 1956 opt 1940
_.J&J

100 %

100%
100M 100%

4s 1957 opt 1937

3s 1950 opt 1946... _M&N

100M 100%
101% 102%

4Ms 1957 opt Nov 1937...

1009i6 100%

3%s 1955 opt 1945. -M&N

4Mb 1958 opt 1938

103 M

4s 1946 opt 1944— ..J&J

108 M 108%

M&N

4s 1958 opt 1938

M&N

100M 100%
102

102%

.5

Federal

10

Fidelity & Dep of Md—20
Fire Assn of Phlla.

6

4M
47
7
41

117% 121M

2

12.50

North River..

Northwestern

-.2.50

National.25

Pacific Fire

25

Phoenix

10

Preferred Accident.

-

18M

10

33 M

.M&N

103%

72

74

84

11M

13

30 M

32M

Republic (Texas)

10

24

10

27

5

Providence-Washington
Reinsurance Corp (N

.

Y)_2

38

40

Revere (Paul) Fire
Rhode Island

10

24

26

Rossla

Gibraltar Fire & Marine. 10
Glens Falls Fire
5

Joint Stock Land Bank Bonds

25

27

St Paul Fire & Marine.-25

5
6

48

Seaboard Fire & Marine..5

10M

12M

18M

21

Seaboard Surety

10

27M

29M

62 M
92

Security New Haven

10

33

34

Springfield Fire & Mar__25

26

Stuyvesant

15

100

101

Louisville 5s

100

102

Great American

-.5

24 M

Atlantic 5s.

100

102

100

102

9M

/50

100

102

Great Amer Indemnity... 1
Halifax Fire
10

8M

Burlington 5s

Maryland-Virginia 5s
Mississippi-Tennessee 5s..

24 M

26 M
35 M

Travelers

California 5s

100

Chicago 4Ms&5s

_

Dallas 5s

/5%
100

«

-

6%
102

2d preferred

Sun

124

121

5

8

9

100

660

710

100

Life Assurance

482

492

20 M

22

100

Hanover Fire
Hartford Fire

U S Fidelity & Guar Co..2

North Carolina 5s

10

74

76

U S Fire

—.4

54

56

99% 100%
66
/63

Hartford Steam Boiler. L10
Home
s

66

68

U S Guarantee

10

54

58

33M

35M

Westchester Fire

2.50

34

36

New York 5s

102

9

11%
217

46

Atlanta 5s

Ask

8

10M
212

8M
25 M
28 M

5

59 M
88

Bid

7M

15

-

Globe & Republic
Globe & Rutgers Fire

Ask

20 M
35 M

86

Franklin Fire

-

10

Fireman's Fd of San Fran25
Firemen's of Newark
5

General Reinsurance Corp5

«.

125M 129
82 M
86 M

6

-

Georgia Home

Bid

27 M
28%
120
125

99 M 100%
101

Denver 5s

96

97 M

Ohio-Pennsylvania 5s
Oregon-Washington 5s

First Carollnas 5s

98

99

Pacific Coast of Portland 5s

100

102

Pac Coast of Salt Lake 5s.

100

m

—

—

Flrstof Montgomery 5s—.
first of New Orleans 5s._.

95

97

.

~

—

99 M 100 M

Pennsylvania 5s

100

101

First Texas of Houston 5s

99% 100%

Phoenix 4 Ma

105

107

107

33M

101

100

10

109

First of Fort Wayne 4 Ms..

First Trust of

Chicago 4 Ms

Fletcher 3 Ms
Fremont 4Ms

100

Pac Coast of San Fran 5s.

102

_

.

5s

100

Potomac 5s

100

77

81

St Louis 5s

/27M

78

81

San Antonio 5s

100

Greenbrier 5s

100

102

Southwest 5s

Greensboro 6s

100

102

Southern Minnesota 5s

/17M

85

87

Tennessee 5s

100

97

99

100% 102%

5s

Illinois Midwest 5s
Iowa of Sioux City 4%s._.

Kentucky 5s.

100

La Fayette 5s

-

-

Union of Detroit 4 Ms
5s

98%

30

87
19

101

99%

99% 100%

Virginia-Carolina 5s

100

102

88

91

Virginian 5s

100

101

89

.

Bid

101

102

99 M 101

.

Lincoln 4 Ms
5s

•.

85

Surety Guaranteed Mortgage Bonds and Debentures

92

Allied Mtge Cos Inc—
All series 2-5s
1953

Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '63
Associated Mtge Cos Inc—
Debenture 3-6s
1953

47

Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3 0s '53

Bid

Ask

Atlantic

.100

Dallas

Par

Bid

60

New York

100

14

Ask
16

38

42

North Carolina

100

45

1953

76

Pennsylvania

-.100

28

20

Potomac..

100

07

San Antonio

100

45

Virginia

100

6

10

Fremont

100

2

3

6

1953

—1

74

Corp—
1953

48 M
46 M

49 M

46 M

49 M

49 M

Deb Co

3-6s

1953

Potomac Maryland Deben¬
ture

Corp 3-6s_.

1953

74

46%

37

Realty

1953

Realty

Bond

&

46 M

49 M

Mortgage

deb 3-6s

49%

72

Atlantic

Deb Corp 3-6s

/34

5

Virginia-Carolina

100

1.40
50

1953

Unified Deben Corp 5s 1955

47

50

36 M

38 M

50

Telephone and Telegraph Stocks

1.70
55

Bid

r

Preferred

109

100

BeJl Telep of Canada. .100
Bell Telep of Pa
pref..l00
Cuban T'lep

Ask
112

167% 170

Pac & Atl Telegraph

117% 119%

Peninsular Telep com

Preferred A

Bid

Ask

7% pref--100

41

61

66

Franklin Telegraph....100
Ask

FIC IMS—sept 15 1937 6.50%

15 1937 6.60%

FIC IMS—Jan
FIC IMS—Mar

40

45

*

97

99

Telegraph.-.100

85

95

FIC IMS—Nov

15 1937 6 .70%
15 1937 6 .80%

FIC

FIC

IMS—Apr

Mtn States Tel & Tel.. 100

137

15 1938 6.85%
15 1938 6 .90%

15 1938 6.90%
May 15 1938 6 .90%

Bid

Ask

24

26
*

18
25

20

M

100

100

27%

109 M

110

Rochester Telepnone—

$6.50 1st pref

Gen Telep Allied
Corp¬

se preferred

FIClMs—Oct

Par

New York Mutual Tel.100

120% 122%

Emp & Bay State Tel-.100

intermediate Credit Bank Debentures
Bid




)2-5s

3-6s

81

(Central Funding series)

Am Dlst Teleg (N
J) com.

FIC 1Mb—Dec

issues

Potomac Cons Deb

36%

Nat Cons Bd Corp 2-5s "53
Nat Deben Corp 3-68.1953

8

Federal

77

(all

72

65

1954

Corp

33

15

First Carollnas

Lincoln

48

48

72
100

Des Moines

49

76

Potomac

60

Denver

Bond

Potomac

Potomac Franklin

1945

Ask

53 M

6

Nat Bondholders
part ctfs

52

1954

Potomac Deb Corp 3-6s '53

Inc 2 5s

Par

Bid

Corp—

Series A 3-6s

Series B2-5S

79

Empire Properties Corp—
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md

Atlanta

—

47

2-3s.

Joint Stock Land Bank Stocks

Ask
Nat Union Mtge

82

So & Atl Telegraph

25

20

24

Sou New Engl Telep...100
Int Ocean

For footnotes see
page 1570.

140%

162 M 164M

S'western Bell Tel pref-100

120 M 122 M

Wisconsin Tetep 7% pf.100

114M

Volume

Financial Chronicle

145

Quotations

1569

Over-the-Counter Securities—Friday Sept. 3—Continued

on

RAILROAD BONDS

Guaranteed Railroad Stocks

BOUGHT

SOLD

.

Members New

York Slock Exchange

Dealers In

220 Broadway

john

Tel. REctOff
41 Broad

St., N, Y.

2-6600

STOCKS

e. sloane&co.

Members New York Securitv Dealers Association

GUARANTEED

NEW YORK

Bulletin

Request

on

.

Monthly

Earnings and Special Studies

3o$epb Walkers $om

.

QUOTED

.

-

HAnover 2-2455

-

Bell Syst. Teletype NY 1-624

Railroad Bonds

Guaranteed Railroad Stocks
Bid

Asked

1946

65

67

1945

65

1953

96

99

1957

99

101

April 1, 1943

104

105

1950

(Guarantor in Parenthesis)
Akron Canton A Youngstown

Dividend
Asked

Bid

Par m Dollars
6.00

*91

96

10.60

100
Albany A Susquehanna (Delaware A Hudson)......100
Allegheny A Western (Bull Roch A Pitts)
100

164

170

Alabama A Vlcksburg (Illinois Central)

6.00

98

101

50

2.00

38

100
100

Boston & Albany (New York Central)

8.75

125

130

135

Boston A Albany 1st 4%s
Boston A Maine 3s

67

60

65

..1942

76

82

4%s

1944

79

Convertible 5s

129

8.50

6s

Augusta Union Station 1st 4s
Birmingham Terminal 1st 4s

42

Beech Creek (New York Central)

5%8

Prior lien 4s
Prior lien

84

Canada Southern (New York Central)

...100
100

93

96

1961

100

102

1942
1949
1965
1995

85

88

45

53

Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s

97

99

91

93

1945

64

66

1978
...1946

94

1978

97

1939
1949

102

103 %

107

60

55

2.85

1940-45

Buffalo Creek 1st ref 5s

Boston A Providence (New Haven)

95

Chateaugay Ore A Iron 1st ref 4s

100

5 00

93

96

Choctaw A Memphis 1st 6s

Cleve Clnn Chicago A St Louis pref (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)...
50

5.00

100

103

3.50

86

88

—50

2.00

50

63

45

48

Georgia Southern A Florida 1st 5s
Goshen A Deckertown 1st

Carolina Cllnchfleld & Ohio (L A N-A CL)4%
Common 5% stamped

Betterman stock

25

Lack & Western)

Michigan Central (New York Central)...
Morris & Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Northern RR of N J (Erie)

6.50

83

88

10.00

190

195

4.00

65

68

100

Georgia RR & Banking (L A N-A C L)

2.00

100
100
.100

Delaware (Pennsylvania)
i
Fort Wayne & Jackson pre! (N Y Central)
Lackawanna RR of N J (Del

92

4.00

50.00

900

1050

5%s

Hoboken Ferry 1st 5s
Kansas Oklahoma A Gulf 1st 5s

3.875

58

Little Rock A Hot Springs Western 1st 4a..

84

88

Long Island refunding mtge 4s

4.00

100
50

55

5.00

—50

98

99

20

15

1965

63
65

65

70

93

95

1949
1956

Maryland A Pennsylvania 1st 4s

104

43

50

Macon Terminal 1st 5s

60

r._1951
—1955

59

4.50

60

83"""

100

4.00

Oswego A Syracuse (Del Lack A Western)

j\

78

Meridian Terminal 1st 4s
43

40

50

1.50

50

3.00

80

86

Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100

7.00

176

172

...100

7.00

176

181

100
100
100

6.82

90

94

6.00

142

Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred

Preferred
Rensselaer A

Saratoga (Delaware A Hudson)..

St Louis Bridge 1st pref (Terminal RR)
Second preferred

Minneapolis St Laul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
<
New York A Hoboken Ferry general 5s
Piedmont A Northern Ry 1st mtge 3%s

72

1946
1966
1951

93%

95

65

67%

1945

89

91

1957

86

90

St Clair Madison A St Louis 1st 4s

1951

95

Shreveport Bridge A Terminal 1st 5s

1955
1955
1951

91

1957
1966
1954

109

112

96

99

63

64 %

Portland RR 1st

71

3.00

93

;

3%s

Consolidated 5s

..100

6.00

142

100
Utloa Chenango A Susquehanna (D L A W)_.
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)—100

10.00

246

250

6.00

85

89

5.00

90

6.00

79

83"

Somerset Ry 1st ref 4s

100

5.00

82

87

Southern Illinois A Missouri Bridge 1st 4s

50

3.50

47

50

50

3.00

61

64

Tuone RR St Louis (Terminal RR)

United New Jersey RR A Canal (Pennsylvania)

Preferred
Warren RR of N J (Del Lack A

West Jersey A Sea

Western)..

Shore (Pennsylvania)..

Rock Island Frisco Terminal

Toledo Terminal RR

4)4a

4%b

Toronto Hamilton A Buffalo

4)4 s

—

Washington County Ry 1st 3%s

66

87 %

85

EQUIPMENT TRUST CERTIFICATES
WASHINGTON RAILWAY & ELECTRIC

Quotations-Appraisals Upon Request

5% PREFERRED

BmfeU Brothers

Stroud & Company Inc.
Private Wires to New York

Philadelphiai Pa.

ONE WALL ST.,

n. y. stock exchange

and n. y.curb

Railroad

Tel. DIgby 4-2800

EST. 1908
members

Equipment Bonds
Public Utility

Bid

Atlantic

Coast Line

Baltimore A Ohio

4%s.
4%s

61.70

1.10

62.65

2.10

2.00

Missouri Pacific

5s

62.00

2.30
2.30
2.20

62.76

1.75

2.00

63.75

4%s

5s

2.25

62.50

6s

N Y N H A Hartf

1.25

63.00

N Y Chic A St L 4%s

62.90

82

Associated Gas A

2.25

63.00

80%

Arkansas Pr A Lt

2.25

62.90

63.00

7% pref*
Electric
Original preferred
*
16.50 preferred
*
17 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7 % pf 100
Birmingham Elec S7 pref.*

2.75

62.75

3%s Dec 1 1936-1944—

4%s__

73%

63.75

New York Central

5s

Par

Ask

72%

Alabama Power $7

4%s_.

New Orl Tex A Mex

2.25

Canadian Pactflo 4%s
Cent RR New Jersey 4)4s_

Bid

pref—*

2.00

4%s...

2.25

62.90

Canadian National

Par

3.00

2.75

63.75

2.75

Northern Pacific 4%s

61.75

1.20

Pennsylvania RR 4%s

62.00

1.25

61.50

1.00

9

11

18

20

4%s

62.50

1.75

5s--

58

61.75

1.00

4s series E due

Mountain States Pr com—*

20
•

130
68

-

135

5s
Chic Mllw A St Paul 4%s_

64.00

3.00

64.00

Chicago A Nor West 4%s

4.50

65.25

68

5s

4.75

89

91

89

Chicago RIA Pac 4%s—

91

2%s series G

5a

4%a_.
...

63.90

2.60

2.00

2.25

62.75

2.20
1.10

5% s

•70

2.00

62.75

2.00

62.80

2.25

2.00
1.75

1.20

4% s

62.80

61.75

1.20

5s

62.25

5s

1.00

Union Paolflc

63.00

2.40

Virginia Ry

62.40

1.50

63.75

2.25

62.75

2.00

5s_

62.50

1.50

5% 8

61.75

1.10

6s

4%s._

5s

5%s

Western Maryland 4%s„
Western Pacific 5s

2.25
3.00

For footnotes see page 1570.

Stfiv"*

r

,




5%S

1.50

Hudson County

Gas... 100

183

1.00

Idaho Power—

1.00

$6 preferred..

1.00

7% preferred

1.00

Interstate

2.75

59

60

74%

99% 101%
107

109%

106

$7

preferred..—

Natural Gas...*
$7 pref—.

9

11

57

60

97%
98%

79

98%
99

107%

110% 112
94

97

103

105

106

108%

64

92%

68%
106

64%

66
94

70%
109
66

Rochester Gas A Elec—

Iowa Southern

2.75

60%

*
Ohio Power 6% pref
100
Ohio Pub Serv 8% pf—100
7% preferred.
100
Okla G A E 7% pref—.100
Pacific Pow A Lt 7% pt 100
Penn Pow A Lt $7 pref—*
Philadelphia Co $5 pref.
Pub Serv of Golo 7% pf 100
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
1

Ohio Edison $6 pref

28

101

63.75

59

76

110

100

63.75

37*

100
*

(Del) $7 pref
(Minn) 5% pref

108

100

2.00

36%
74%

Northern States Power—

26

99

2.25

cum

preferred
preferred...100

108

Interstate Power

62.65

7%

cum

106

100

62.75

—

$6

100

97

1.10

63.00

2.25

97

—

2.25

63.75

-

37

125

97

63.00

5s

Minn St P A SS M 4s

35
120

61.70

4%s

61.75

5s

Maine Central 5s......

34

$7 cum preferred
Gas A Elec of Bergen.. 100

61.70

4%s

5s—

4%8—.

$6 cum preferred
$6.50 oum preferred

35%
35%

61.50

61.65

Illinois Central

Wabash Ry

34

61.50

Pacific 4s

Hocking Valley 5s

5s...

58

53

61.75

Loulsv A Nash

115

185

62.25

Long Island 4%s

112

100
Corp—

62.75

4%s—

91%

pref-.*

6s

Internat Great Nor

90%

Gas

4%S

5s....

99 %

Derby Gas A El $7

1.75

4%s

7% pre! 100

15 %
55

Federal Water Serv

62.50

4%s.

100

7% preferred
Dallas Pr A Lt

13%
98 %

Essex Hudson

62.75

4%s

4%s___

84 %

50

2.20

6s

Pacific

5s

5s

84

2.00

Southern Ry

Texas

94%

82

2.00

Southern

1.50

Great Northern

92 %
82%

-100
100

$6 preferred

Cent Pr A Lt 7% pref..

62.50

2.00

107

120

$7 prior lien pref
*
New Orl Pub Serv $7 pref*
New York Power A Light

Central Maine Power—

62.85

63.00

5%s—.

105

100

New Eng G A E

New Eng Pub Serv Co—

22%

Continental Gas A El—

62.25

5%s
Erie RR

23%

5

34

91

101

2.50

26%
40

84

100%

63.50

9%

2534
3

81

100
Consol Elec A Gas $6 pref.
Consol Traction (N J) .100
Consumers Power 85 pref.*

63.00

_

69%
114

8)4

32

89

preferred

99%

St Louis Southwestern 5s.

111

36

preferred

*

6%

99

5s

Ask

100

7%

Carolina Pr A Lt $7 pref*

7% preferred.

St Louis-San Fran 4s

2.60

62.70
62.85

Marquette 4%s
Reading Co 4%s_

63.75

2.00

nou call

Dec 1 1937-50
Pere

4%s
Denver A R Q West

62.75

62.00

3.00

64.85

1937 49

67%

Nassau A Suff Ltg pref. 100
Nebraska Pow 7% pref. 100

5)4% Pt-*
N E Pow Assn 6% pref. 100

25

$1.60 preferred..
!

Jan A July

Mississippi P A L $6 pf
*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..5
Monongahela
West Penn
Pub Serv 7% pref
25

Newark Consol Gas

18

112

Buffalo Niagara Eastern—

Chesapeake A Ohio

Bid

2.00

63.00

5%s

62.90

4%s

63.75
63.00

4%s.

5s

5s

Boston A Maine

Stocks

Bid

Ask

62.50

5s

N.Y.

Teletype n.y. 1-1140

exchange

7% preferred

Utilities—
100

Supply—
7%% preferred
50
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref—100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt $7 pref.*
Mississippi Power S6 pref—
$7 preferred

66

..100
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow A Lt 7% pf-100
Toledo Edison 7% pf A 100
United G A E (Conn) 7% of

80%

82

Utah Pow A Lt $7

63%

66%

Utlca Gas A El

55

58

Virginia Ry

64

67

Jamaica Water

55

90

92

110

112

50

54

64

$6 preferred C

pref—*

7% pf—100
—.100

5%

97%
96

6%
99

97%

27

28

183

188

52% 53%
62%
63%
99% 101
102% 104%
82% 84%
62

64

176"

18l"

1570

Financial

Chronicle

Sept. 4, 1937

Quotations on Over-the-Counter Securities—Friday Sept. 3—Continued
Securities

the

of

Specialists in —

Associated Gas fit Electric System

Complete Statistical Information—Inquiries InvUstil

Members New York Curb Exchange
150

Water Works Securities

s. a. o'brien & co.

Swart. Brent & Co.

BROADWAY, NEW YORK

75

FEDERAL

COrtlandt 7-1868

ST., BOSTON

incorporated

HANcock 8920

40 EXCHANGE

Direct Private Telephone between New York and Boston
Bell Svstem Teletype—N. Y. 1-1074

Public
Bid

Ask

Bid

Amer States P 8 5MS-1948

77

Amer Utility Service 6s *64
Amer Wat Wks A El 5s '75

74% 76 "
98 M 100

Dallas Pow <fe Lt 3M8.1967
federated Utll 5 Ms
1957

Associated Electric 5s. 1961

51

Green Mountain Pow 5s '48
Houston Lt & Pow 3 Ms '66

52 M

Assoc Gas & Elec

Corp—
Income deb 3Ms-—1978

Cumberl'd Co P&L 3 Ms '66

32 M
32 M

33%

Iowa Sou Utll 5 Ms

33M

35%
41M

36

Kan City Pub Serv 48.1957
Kan Pow & Lt 1st 4 Ms '65

Income deb 4ms- —1978

42 M

Keystone Telep 5 Ms—1955

Conv deb 4s

1973

65

Conv deb 4 Ms

1973

Income deb 3%s-—1978

Income deb 4s

1978

65

1950

98
99
103 M 104

67

Metrop Edison 4s

70

72
84

Missouri Pow & Lt 3Ms '66
Mtn States Pow 1st 6s 1938

94

96

96

45%

Sink fund Income 4s 1983

42

45"

46 M

48 M
50 M

ser

G '65

Narragansett Elec 3 Ms '66
Newport N & Ham 5s. 1944
N Y State El & G

Cons ret deb 4MS--1

4s

1965

Northern N Y Utll 5s. 1955

57

61

45

Old Dom Pr 6s May 15 '51

47 M

70

Ashtabula Wat Wks 5s '58

102

104

Atlantic County Wat 6s '58

101M

102 M 103M
99
100 M
36 M

109

37M

Birmingham Water Wks—
6s series C
1957

109 M

99M

101% 102 %
104% 105 %

Citizens Wat Co (Wash)—
5s
1951
5 Ms series

96

95%

1941

101

5s

102 M 102 %
68
67

5s series B
1st 5s series C

104 M 106
72
75

7

78 M
86
102% 103 M
Central Public Utility—
Income 5 Ms with stk '52

/4

Tel Bond A Share 5s—1958

5 Ms series B

mmm

104 M 104%

104%

101M 102

98

Western Mass Co 3%s 1946
Western Pub Serv 5 Ms '60

Wisconsin G A El 3 Ms 1966
Wise Mich Pow 3 Ms- -1961

71

.1946

4MB

1958

1st mtge 5s—

'mmm

mmm

88

92 M

97M

1st & ref 5s

1950

1948

1st consol 5s

1948

100

Prior lien 5s
1948
Phila Suburb Wat 4s—1965

106

108

97

100

104

Pittsburgh Sub Wat 5s '58

104

Richmond W W Co 5s. 1957
Roanoke W W 5s
1950

105

95

99

102

45 M

1942

101%

5s series D

1960

102

100

1952

98

1952

Water Serv 5s

Hackensack Wat Co 5s '77

Shenango Val 4s

104

1977

100

108

South

-.1954

71

1954

5s—

1962

mmm

104

101

47

49

46

48

103

1955
1960

102 M

103

1966

1960

97

Terre Haute Water 5s B *56

m

I

-

103%

1958

99% 101%

Joplin W W Co 6s

6s series A

1949

mmm

103

Union Water Serv 5 Ms '51
W Va Water Serv 4s..1961

mmm

100

103

Texarkana Wat 1st 5s. 1958

100

'■mmm

mm

102"

97%

99%

Western N Y Water Co—
5s series B

93

■■mmm

101

Indianapolis W W Secure—
6s

104 M

105

mmm

Indianapolis Water—
1st mtge 3 Ms-

74

Pittsburgh Water—

5s serie8B-_

■mmm

101

94 M

96 M 100 M

B 1961

1st mtge 5s

+ m

93

91%
92 M

1967
ser

Springfl. City Wat 4s A *56

6s

104 M

101M 103 M

58serle8 A-_.

rn

Huntington Water—
5s series B

mm

M
101M

104M

1961

1st & ref 5s A

mmm

104

98

5 Ms series B

1958

South Bay Cons Wat 5s '50

5s series B

101% 102 %
104

4 Ms

102

Greenwich Water & Gas—

Illinois Water Serv 5s A '52

1961

Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co

m

99 M

92

Scranton-Sprlng Brook

1942

6s series B

Wisconsin Pub Serv—
1st mtge 4s

St

—

mmm

89 M

Roch A L Ont Wat 5s. 1938

E St L & Interurb Water—

87 M

mmm

102

Plainfield Union Wat 6s '61

mmm

98

100 M 101

104

78 M

105

100 M 100%
103 % 103 M

99M 101M

75M

1958

119

102 M

100

74 M

Davenport Water Co 5s '61

76

75

lOl"

94 M

71M
100

98

74

71

1st coll trust 4%s.-1966
Peoria Water Works Co—

Consol Water of Utlca—

104% 104%

85

92 M
101

Pinellas Water Co 5 Ms *59

105

5s series A

Westchester Ltg 3 Ms .1967

104% 105%
Consol E & G 6s A

1946

6s series A

5

105M 105 M
106 M

85

Newport Water Co 5s 1953

mmm

100 M

5s series A

Union Elec (Mo) 3%s_1962
Utlca Gas & El Co 6s. .1957

80

1st consol 4s

.1957

Connellsvllle Water 5s 1939

74 M

v

81

89M

mmm

100 M

—1954

Clinton W Wks Co 58.1939

95

97 M
43 M

76

1951

Ore-Wash Wat Serv 6s 1957
Penna State Water—
105

103

QR

97 %

Public Serv of Colo 6s. 1961

Central G & E 6Ms.-.1946

mmm

102

A
—1951
City of New Castle Water

103

/69

Pub Utll Cons 5 Ms—-1948

1951

98

Peoples L & P 5Ms—-1941

Sioux City Gas A El 4s 1966
Sou Cities Utll 5s A—.1958

m

106

104 M

92

58 series B

5Ms.

Ohio Water Service 6s. 1958

101% 102 %

1952

^

103%

New York Wat Serv 6s '51
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s .1954

Pennsylvania Elec 5s_1962

90

103

100 M 102

Penn Telep Corp 1st 4s '65

Cent Ark Pub Serv 5s. 1948

103 M

101

102 M 104 M
105

102 M

98%

_

.

101

Chester Wat Serv 4 Ms '58

50 M

-

mmm

105

Calif Water Service 4s 1961

61

...

102

Community Water Service
Parr Shoals Power 5s

■mmm

104

Muncle Water Works 6s '65
New Jersey Water 58.1950
New Rochelle Water—

1954

A

Ask

101

96

97%

104% 105%

mmm

Monongahela Valley Water
5Ms
1950
Morgantown Water 5s 1965

100

94

59

108

'mmm

105% 106
99 %

Bid

1954

6s series B
5 Ms series

98 M

49M

1967

Ask

97 M 100 M

105

65

48 M

102 M 104

1956

City Water (Chattanooga)

43

3%s series C-

Alton Water Co 5s

103

Corp—

North'n States Pow 3 Ms'67
Ohio Pub Service 4s__ 1962

48M

Alabama Wat Serv Ss.1957

Butler Water Co 5s...1957

82

94

Bid

Ask

•»

Assoc Gas & Elec Co—

NEW YORK

Teletype: New York 1-1073

Water Bonds

Utility Bonds
mmm

PLACE,

Tel. HAnover 2-0510

1950

1st mtge 5s

1951

1st mtge 5 Ms

97

1950

1957

104 M

Kokomo W W Co 5s—1958

104 M

mmm

Westmoreland Water 5s *52

99M

mmm

Public Utilities—I ndustrials—Railroads

Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56

97 M 100
94
97

Wichita Water—

Reports—Markets

Lexington Wat Co 5Ms '40
Long Island Wat 5MS.1955

Real

Estate Securities

•

•

mmm

103 M 105M
104

5s series B

96 M

1956

101

6s series C—

1960

104

6s series A

mmm

93 M

101

99

101M 103 M

1949

104

W'msport Water 5s.-.1952

^,mm

■

'mmm

mmm

102 M 104 M

AMOTTY BAKER & CO.
INCORPORATED
BArclay 7
2360

150

Broadway,

Sugar Stocks

BeUN^lSss61'

N. Y.

Par

Ask

Bid

Par

Ask

Bid

Cuban Atlantic Sugar- -.10

Real Estate Bonds and Title Co.
Bid

Alden

1st

68...Jan 1 1941

Broadmoor (The) 1st 6s '41

B'way Barclay 1st 2s. .1956
B'way A 4l8t Street—
1st leasehold 6Ms—1944

/41M
/46M
f26

Chesebrough Bldg 1st 6s '48

Bid
6s

28 M

41M

60%

S f deb 5s
1945
Munson Bldg 1st 6 Ms. 1939
N Y Athletic Club—

63

60

Court & Remsen St Off Big

/37M
/33M

East Ambassador Hotels—
1st & ref 5 Ms
1947

/6M

Equit Off Bldg deb 5s. 1952

70

Deb 5s 1952 legended—.

71

50 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—

53

6 Ms unstamped
1949
52d «fc Madison Off Bldg—
6s
Nov 1947

38

1947

1st mtge 2s stmp A reg'65
1st & gen 6s
1946
N Y Eve Journal 6 Ms. 1937
N Y Title «fc Mtge Co—

40

5 Ms series BK

36

5 Ms series C-2

Film Center Bldg 1st 6s '43

Corp 6s

7%
73 M

65~"

1958

60

62"

72

1400 Broadway Bldg—
1st 3 M-6 Msstampedl948
Fox Theatre A Off Bldg—
1st 6 Ms
Oct 1 1941

Fuller Bldg deb 6s

1944

5 Ms unstamped
Graybar Bldg 5s

1946

1949

5 Ms series Q
19th A Walnut Sts

2nd mtge 6s
1951
103 E 57th St 1st 6s... 1941
165 Bway Bldg 1st 6 Ms '51

5s

/10

11

63%
/42

44

Hotel Lexington 1st 6s 1943
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
1st 4-68 extended to 1948
Lewis Morris Apt Bldg—
1st 8Mb

65%

67 M

Income

1943

1st fee Al'hold 6Ms. 1940

6s




Miscellaneous Bonds

32%

Bid

Associates Invest 3s.
Bear

67 M

93%

/27M

/48

30

50 M

lMs
lMs

15 1938 IOH32
June
1 1939 100*32

Reynolds Investing 5s .1948
Trlborough Bridge—
s

f

revenue

1977. A&O

93

91

103% 103%

4s serial revenue 1942-68

100*32 100'232

101*32
100*12

62.40

3.60

Bid

Ask

100*32 100*32

53
43

Chain Store Stocks

/44M

Par

Borland Shoe Stores

73 M
74
52

Bid

Ask

*

11
95

105

Blckfords lnc
$2.50

conv

3%

3%

*

12

12 M

*

pref

34%

35 M

M

/51

53"

Bohack (H

C)

66

...

Fishman (M

Kobacker
56

7%

*

common

7% preferred
Diamond Shoe pref

/54

Par

Kress (S

13

7% preferred
100
B/G Foods Ino common
*

/10

100

100

H) Co lnc

*

Stores..

selling

36%

3-5 % 8 deb lnc (w
s). 1956
60 Park PI
(Newark) 6s '37

/23
/33
/50M
71M

11

(I) Sons common..*

6M% preferred
100
Murphy (G C) $5 pref. 100

11M

11

13

39

44

107 M 109
98 M

29M
11

*

22

29

82

united Cigar-whaien Stores
Common

1%

1%

89

$5 preferred

38

40

24%

5s 1961

9M

Miller

H) 6% pref

Reeves (Daniel) pref—.100

5

3M
28

104 M 107 M

100

preferred

35M

1945

1956

*

No par value,
on

n

a

Interchangeable.

Nominal quotation,

New York Curb

Exchange,

6 Basis price,
t

on

per 100 gold rouble bond,

Ex-rights*
y

Now

New York Stock Exchange.

equivalent to 77.4234 grams of pure gold.

CURRENT

41M

44 M

—Fahnestock & Co.

1st 6 Ms

Hinckley, formerly

Jr., formerly

a partner

announce

a partner

Oct 19 1938

5BEE5555

Mr. Hinckley is

a

member

Exchange and Mr. Boker is a member of the New

63M

office in Chicago at 39 S. La Salle St.

—Dempsey, Tegeler & Co., of St. Louis,

announce

the opening of

a

branch

George W. Dailey, formerly with

McMahon & Hoban, has been appointed resident manager of the new office.

/24M
69 M

of Wrenn Bros. & Co., and Carl F. Boker,

of Beverley Bogert & Co.

York Curb Exchange.

—S.

Westlnghouse Bldg—
1st fee A leasehold 4s '48

the admission as general partners of Albert

47

80 M

60M

NOTICES

35""
P.

1939

"

t Now listed

of the New York Stock

s)._
1958
Trinity Bldgs Corp—

■■'

e

Corp—

Textile Bldg—
1st 3-5s (w

94 M

d Coupon,

Issued,
x Ex-dlvldend.
Ex-stock dividends,

w i When

t Quotations

30M

92

Ask

Aug

IMS

.....

4s

April 1938
July 1936

1 Ms

55

Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—

/29

103

100*32 100*32

Federal Home Loan Banks

I Flat price,

2 Park Ave

65

Bid

Home Owners' Loan Corp

41

70%

65

96%

2s

Sept 1 1939

98 M

Ask

95 M

53

61 Bway Bldg 3M

94 M

1940

River Bridge 7s
1953
Federal Farm Mtge Corp—

35M

Sherneth

51"

.

Mountain-Hudson

/51

1st 5 Ms

1948

7%

/33
/33
33%

Savoy Plaza Corp—
Realty ext 1st 5 Ms. 1946
3s with stock

Ludwlg Bauman—

(Bklyn)
1942
1st6Ms (LI)
1936
Majestlo Apts 1st 6s—1948
Metropolitan Chain Prop—

6%

30

28

Co—

7l"

52
49

68 M

1st 6s

West Indies Sugar Corp.. 1

Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940

68

/46M

London Terrace Apts 6s '40

40

Roxy Theatre—

53

Apr 15 1937

1947

38

616 Madison Av 1st 6Ms'38

66

Lincoln Bldg lnc 5 Ms. 1963
Loew's Theatre Rlty Corp
1st 6s.

/31 %

51

6Ms double stpd—.1961
Realty Assoc Sec Corp—

39

71

40

6s-

Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42

36 M

(Phlla)

1st 6s—Nov 61935 1939

Prudence

69

/38M

1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6sNov 15 1939
1 Park Avenue—

...

f52
/49M

1939

42 Bway 1st 6s

1%

34 M

As

/52M

5 Ms series F-l

40 Wall St

%

1

.1

99 M 101

Metropol Playhouses lnc—

62%

60

1st 6s
Apr 28 1940
Dorset (The) 1st 6s—.1941

Haytian Corp Amer
Savannah Sug Ref com

*

30

Metropolitan Corp (Can)—

40

57

18%

28

—

Mortgage Certificates

Ask

Broadway Motors Bldg—
4~6s
1948
Chanln Bldg lnc 4s—.1945

16%

Eastern Sugar Assoc..
Pref erred

---

Bleichroder New York,

prepared

a

Inc., 25 Broad St., New York City, has

comprehensive study of International Paper & Power Co.

Financial

145

Volume

Quotations on Over-the-Counter

Securities—Friday Sept. 3-Continued
Industrial Stocks and Bonds—Continued

Industrial Stocks and Bonds
American

Arch

American

Book

-.100

60

63

8% cum preferred—100
American Hardware
25
Amer Maize Products
*

100

105

29!*
18!*

21!*

pref.100
com.*

80

84

American Hard Rubber—

American Mfg 5%

31!*

American Republics

13!*

14!*

Corp...*
Art Metal Construction. 10

54!*
26!*

56!*
28!*

Andlan National

52!*

Beneflolal Indus Loan pf_»

54!*
23

Lawyers

~9!*

lix
46!*

45

6

8

preferred
*
Crowell Publishing com—*

16

$1

cum

10

67

71

47 J*

49

35

37

IX

ll4

12**
IX
27

1H

110

56

58

56

60

67

Dictaphone Corp

$3

104

28J*

*

38

100
Northwestern Yeast—100
Norwich Pharmacal
5
Ohio Leather common—*
Ohio Match Co
*
Pathe Film 7% pref
*

87

New Haven Clock—

*
4!* % pref-*

110!* 110!*

*

5X

6!*

30

18!*

Follansbee Bros pref._.100

33!*

20!*
34!*

Federal Bake Shops

Preferred

14

Preferred wl

14!*

47

Follansbee Steel com w L.

49

Chicago Stock Yds 53.1961
Commercial Credit 2!*s '42

100H 100!*

25!*

Cont'l Roll <fe Steel Fdy—

5H

1st conv s f 6e——.-1940

Cudahy Pack conv 4s. 1950

99!* 101
102!* 102!*

1955

102!* 103!*

1st 3!*s

Deep Rock OH 7s

13!*

15!*

H

1!*

8X

24

34

West Dairies Inc
$3

cum

..1939

160

..1946

/42
90

Conv 6s

9

101

10

11!*

12!*

1st 5s

32

34

2d conv Inc 5s—

6%

preferred

26

1942
Utd Clg-Whelan St Corp—

5!*

10!*

108

f25

1st 6!*s assented

Willys Overland Motors.. 1

106

106

Standard Textile Products

30

$7 1st preferred
100
Wickwire Spencer Steel..*
Wilcox & Gibbs common 60

J*

102

48

1945

Scovlll Mfg 5Hs

3

2!*
27

*

25

20

90

t—

N Y Shipbuilding 6s -1946

Nat Radiator 5s

36

40

£38!*

85

Kopper Co 4s ser A.. ..1951
(Glenn L)—

White Rock Mln Spring—

Preferred 6!*%

23

104!* 107

t c 1

com v

preferred

83

/81
/21

Martin

106

preferred

..1948

Conv deb 6s

48

22

,

*

..1938

Kelsey Hayes Wheel Co—

10

45!*

100

preferred

..1937

Haytlan Corp 8s

5

4

*

95

42!*

102!*

98

100

69

85

Corp

Du Pont (E1)

preferred

conv

7%

91

67

82

Draper

6%

29!*

24

West Va Pulp <fe Pap com.*
Preferred
—100

40

8

*
100

New Britain Machine

27!*

Welch Grape Juice com. .5

111

Nat Paper & Type com.-.

66!*
33

100

Warren Northam—

9X
30X

31

107

Am Wire Fabrics 7s. .1942

12!*

4!*

18!*

63!*

107

14

...

40!*

Preferred

107!*

1 '52

179!*

American Tobacco 4s. 1951

*

com

100

Bonds—

17!*

Trico Products Corp
*
Tublze Chatlllon cum pf.10

50

119!*

127

Allis-Chalm Mfg 4s w

*

Tennessee Products

116

17!*

100

16

Taylor Wharton Iron A
common

94)*
94

100

preferred

7%

102!* 103!*

Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Steel

22!*

7% preferred
100
Young (J S) Co com._ .100

6

5!*

United Merch & Mfg com *
United Piece Dye Works.*

92

(Jos) Crucible.-.100

Preferred
Dixon

Douglas Shoe preferred. 100

321

10!*

46

Preferred

316

39

Ring.—
*
*

Preferred

70!*

Devoe A Raynolds B com

25

loo

66

8H

-.100

Muskegon Piston
National Casket

N Y
*

*

Dentists' Supply Co of

5
42

63

Voebrlnger
-100

4!*

3!*

Dennlson Mfg class A.. .10

4

40

37

preferred

6%

108!*

100

preferred

52

48

*

United Artists Theat

Mock Judson &

$7

10
—100
York Ice Machinery, i
*

120

♦
1

Merck & Co Inc com

275

56

*

Skenandoa Rayon Corp
Standard Brands 4!* % pf *
Standard Screw
100

14K

£13

25

Preferred

45

42

12

25X
59!*
24!*
96!*

23X

Worcester Salt

com

_

Ask

Bid

Woodward Iron com

6X

com

Singer Manufacturing.
Singer Mfg Ltd

9X

8

225

18

Columbia Baking com

30

Scovlll Mfg

100
1st 6% preferred
100
2d 8% preferred
100
Macfadden Publlca'n com *

6!*

5!*

*
*

Molybdenum

Publication Corp
Remington Arms

Cement 100

Lawrence Portl

10

Chilton Co common

26 ^

28

Lord & Taylor com

*

New common

Climax

65

com—1
Mortgage Co. .20

18!*

100

preferred

Burdlnes Inc common

3!*

1

1%

5!*

Petroleum Heat & Power-1*

64

King Seeley Corp

Hotels

Bowman-BUtmore
1st

7!*

6

Bankers Indus Service A.*

Petroleum

4!*

25!*

Par

1

3!*

Conversion

Ask

Bid

Par

3X

shs—*
American shares
*
Garlock Packing com
*
Gen Fire Extinguisher—.*
Golden Cycle Corp
10
Good Humor Corp
1
Graton & Knight com
*
Preferred
-.100
Great Lakes S3 Co com—*
Great Northern Paper. .26
Harrisburg Steel Corp—5
Kildun Mining Corp
1
Foundation Co For

45!*

42!*

*

Ask

Bid

Par

Ask

Bid

Par

1571

Chronicle

18!*
25

WJR The Goodwill Sta__ 5

27

74!*

1952

5s

19!*

Wither bee Sherman 6s 1944

/46

76 H
50

Woodward Iron—

6X

-1962

1962

103!* 104
106!* HI!*

1570.

For footnotes see page

Products Common

Tennessee

Woodward Iron

EDWARDS & CO

S.

H.

f
Memoers

Follansbee Bros.

Pittsburgh Stock Exchange

| New York Curb Exchange (Associate)

United Cigar

Broadway, New York

120

Teletype N. Y. 1-869

Tel. REctor 2-7890

Union

Bank

Stores

SELIGSBERG & CO

Building, Pittsburgh

Members New York Stock &

50 Broad St.,

Wickwire Spencer

Curb Exchanges

New York

Telephone Bowling Green 9-8200

Steel Co.

COMMON STOCK
Bought—Sold—Quoted

WICKWIRE SPENCER STEEL

QUAW & FOLEY
Members New York Curb Exchange

New Common

Hanover 2-9030

Y.

30 Broad St., N.

£xp?ieAA
New York City

52 Wall Street,

CLIMAX MOLYBDENUM

.

-

UNTERBERG

E.

C.
.

^

Members

COMPANY

A. T. & T. Teletype N. Y. 1-1842

HAnover 2-3080

& CO.
GARLOCK PACKING COMPANY

/ New York Security Dealers Association
j Commodity Exchange, Inc.

BOUGHT and

BOwllng Green 9-3565

New York

61 Broadway,

Teletype

N.

Y.

1-1666

SOLD

Analysis upon request

ROBINSON, MILLER & CO.

AUCTION SALES

INC.

The

following securities were sold at

auction on Wednesday

Telephone
HAnover 2-1282

of the current week:

By Adrian H. Muller & Son,
Shares

New York:

CURRENT

$ Per Share
67c
21!*
10

$3 paid In liquidation

Hydro-Electric Co. common, par
9 Waters Governor Co., par $100
50 Bangor

$25

$ per Share
69c
67c
8c

Stocks

Cotton Co., par $100
($3 paid In liquidation)
100 Gold Circle Consolidated Mines, par $1

10 Naumkeag Steam

300 Amoskeag Mfg. common

By Barnes & Lofland,

Philadelphia:

NOTICES

Co

100 Bellefonte Central RR.

Co

CURRENT

-r-Dyer,

Hudson & Co. announce that Lewis E. Waring has become
Mr. Waring was formerly a partner of Clark,

associated with their firm.
Childs & Co., which

NOTICES

Economist, assumed charge

of the Investment Advisory

Co., effective Sept. 1. The Department is
experts in their various spheres. Mr.
varied experience in merchandising as well as
finance.
He has frequently visited European countries and has traveled
extensively throughout the North American continent.
In the security
field Mr. Amberg has made many independent studies, including those on
silver, labor costs, inventory situation and cigarettes—to mention but a few.
Department at Joseph thai &

comprehensive in that it includes

Amberg has had wide and

—John R. Williams has become
of their Unlisted. Trading

—Hoit, Rose & Troster,

analysis of American




associated with Stemmler & Co. in charge

Department.
74 Trinity Place, New York City, have prepared

Piano Corp.

Keech. Later he
retired to become

& Co.
Mr. Waring is a Director of Plainfield Trust Co. and Chesebrough Mfg.
Co.
He is a member of the Brook and Recess clubs.
—Formation of T. J. Kane,
is

Jr. & Co. at 39 South La Salle St., Chicago

announced, to conduct a general
T. J. Kane,

investment business serving individuals,

Jr., principal of the new

firm, has been actively engaged on

1928, having previously been associated with

La Salle St. since

Hutchinson & Co.,

Riter & Co., Chas E. Quincey

McMaster

& Co., and Edward B.

Smith & Co., Inc.

General Partner of Harris,
Mr. Fischer has been associated with the
late Siebel C. Harris since 1920 and has been ciosely identified with the
commodity business for many years.
For the past seven years he was
Manager of the grain department of Harris, Burrows & Hiclfc and was
formerly Manager of the grain department of Cross Roy & Harris.
Burrows &

C.

Fischer has been admitted as

Hicks of Chicago.

& Co., has
Manager of their New York Office,
announced. Mr. Quinn originally
was with Hickey, Doyle & Co. in Chicago, and in 1929 went to New York
to become associated with their New York office.
Previous to that con¬
associated for ten years with Hickey, Doyle

—John Quinn,

—J. L. Amberg,

firm later became Clark, Childs &

of Shields & Co. from which firm he

became a partner

—Albert

$ per Share
7X
1 !*

Stocks

50 Integrity Trust

an

Teletype

N Y. 1-905

banks and institutions.

By Crockett & Co., Boston:

Shares

Y

associated with A. O. Slaughter

Stocks

100 Amoskeag Mfg. Co.

Shares

N

Realty Corp

By R. L. Day & Co., Boston:
Shares

rnrvt

William dtreet, W. Y.

$ per Share

Stocks

(N. Y.1, no par
$500 lot
All right, title and Interest of Administrators In and to United States Letters
Patent Nos. 1,821,824 and 1,831,403
$30Qlot
All right, title and Interest of Administrators in and to royalties on a song
entitled "There's a Little Box of Pine on the 7;29," pursuant to agreement
dated June 3, 1932.
1
—
—
$10 lot
100 JoRam

eo Wllli-tm

joined Doyle, O'Connor & Co., Inc. as
Leo J. Doyle and James J. O'Connor

nection he was

with C. F. Childs & Co.

that Joseph LvHall, formerly Vice-President
Cincinnati has become associated with them.

—Lebenthal & Co. announce
of the Hall

Safe Co. of

—MacGuire & Co. announce
Gilbert have become
A descriptive

by G. J. Cramer

that Augustus W. Stukey and

Charles A.

general partners in the firm.

report of the Bronx

County Trust Co. is being distributed

& Co. of 70 Wall St.,

this city.

lii

1572

Financial

General

Chronicle

Sept. 4, 1937

Corporation and Investment News

RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS

American

Underwriting Corp. (2-3380, Form A2) of Chicago, 111.,
registration statement covering 30,000 shares of $5 par common
at $8 a share.
The proceeds would be used to repay

has filed

a

stock to

be offered

indebtedness

and for working capital.
No underwriter named.
Kemper is President of the company.
Filed Aug. 28, 1937.

RIGHTS—SCRIP

H.

G.
\

Wellington Foundation, Inc. (2-3381, Form CI)

of Philadelphia, Pa.
has filed a registration statement covering 22,914 trust certificates,
periodic
payment type.
Of the issue of trust certificates being registered, 5,320
will be offered with insurance at $1,800 a
certificate; 6,764 will be offered
without insurance at $1,800 a certificate and 10,830 will be
offered, fully
paid type, at $300 a certificate.
Proceeds from the issue will be used for

Specialists since 1917

investment purposes.
dent of the company.

McDonnell&ro.

Sponsored by depositor.

New York Curb Exchange

Broadway, New York
Ball

Inc.

(2-3382, Form Al) of Minneapolis, Minn.,
has filed a registration statement covering 250,000 shares of
6% cumula¬
tive class A common stock, no par, to be offered at market.
Proceeds will
be used for investment and (or) trading.
Financial
Distributors, Inc.
will be underwriters.
S. B. Newhall is President of the company.
Filed
Aug. 30, 1937.

Members
New York Stock Exchange

120

Alvin J. Wilkins is Presi¬

Filed Aug. 30, 1937.

Gongoll Associates,

Telephone REctor 2-7815-30

Teletype NY 1-1840

(K.) Taylor Distilling Co., Inc. (2-3383, Form A2) of Frankfort, Ky.,

has filed

FILING

OF

REGISTRATION

STATEMENTS

UNDER

SECURITIES ACT
The

3369

following additional registration statements

to

ties

and

(Nos.
3391, inclusive, have been filed with the Securi¬
Exchange Commission under
the
Securities

Act of 1933. The total involved is

approximately $68,192,689.

Spencer Shoe Corp. (2-3369, Form A2) of Boston, Mass., has filed a
registration statement covering 60,000 shares of $20 par $1.60 cumulative
convertible preferred stock which will be offered to the
public first at $25
per share and later at the market and 120,000 shares of no par common
stock which will be reserved for conversion of the preferred.
Childs Jeffries & Throndike, Inc.,
York

Saco-Lowell Shops (2-3370, Form El) of Boston, Mass., has filed a
registration statement covering 77,157 shares $20 par $1 cumulative class A
convertible preferred and 112,181 shares $5 par common to be issued in

exchange for 6% and 7% preferred stock of predecessor company, together
with 189,338 warrants for class B convertible preferred and common.
The
warrants will be issued with each full share of

the

in

preferred

or common

issued

exchange.

Also registers

56,802 shares $20 par $1 cumulative class B convertible
preferred and a like number of $5 par common all reserved for exercise of
warrants at $36 and 147,017 shares common reserved for
preferred con¬
version and for employees, under a plan of reorganization.
Hornblower

&

"Weeks

are

President of the company.

Rustless

Iron

Md., has filed

a

&

the

underwriters.

David

F.

Edwards

is

Filed Aug. 26, 1937.

Steel

Corp.

(2-3371,

registration statement

?er share. Co., Inc., the underwriter, at $10offered publicly common stock
Unsubscribed stock will then be a share. The through F. S.
antis &
will

for

be reserved

for

conversion

working capital.
1937.

Harry

of the preferred.

D.

Henshel is

Proceeds will be used
President of the company.

Filed Aug. 30,

Lane Bryant, Inc. (2-3384, Form A2) of New
York, N. Y., has filed a
registration statement covering $2,000,000 10-year 5% bonds, and 55,000
additional shares of common stock.
The bonds will be in $1,000 denoms.,
non-convertible, with 2,000 common stock purchase warrants attached

fiving the right to purchase 20up to Dec.common stock or an aggregate of
shares of 31, 1938; during 1939 and 1940
0,000
shares at $16
common

including both Massachusetts and
companies, and Herrick Heinzelmann & Ripley, Inc., were
named as underwriters.
Proceeds will be used to repay bank loans, for
working capital and for a subsidiary plant and equipment. Frank Butterworth is President of the company.
Filed Aug. 26, 1937.
New

a registration statement
covering 36,800 shares of $1 par value,
60 cents dividend, cumulative convertible preferred stock, and
73,600
shares of $1 par value common stock.
The preferred stock will first be
offered to preferred and common stockholders
through warrants at $8.50

Form A2) of Baltimore,
covering 16,964 shares of $2.50

cumulative convertible no par preferred stock, second series, which will be
offered to common stockholders through warrants and the unsubscribed
balance to the public through underwriters, and 42,410 shares of $1
par

which will be reserved for conversion of the preferred.
Names of underwriters will be filed by amendment.
Proceeds will be
used for plant additions and improvements and for
working capital. O. E.
Tuttle is President of the company.
Filed Aug. 26, 1937.
common

the price will be $20 and

during 1941 and 1942 the price will be $25. The
expire Dec. 31, 1942.
There is an indeterminable an ount of
subscription warrants and fractional subscription warrants.
The sub¬
scription warrants and fractional warrants are being issued to enable holders
of common stock to exercise preemptive
right to subscribe to debentures.
They will be issued to common stockholders of record as of Sept. 24,
entitling them to subscribe for debentures at the rate of 1-50 of $1,000
warrants

debentures for each share of common held.
Subscriptions must be made by
Oct. 14.
Company states that holders of 26,234 share of common stock
have waived their right to subscribe to the debentures.
Offering price of
the debentures is par.
Unsubscribed for debentures will be purchased

by

underwriter and offered publicly.
The remaining 15,000 shares common
stock being registered are to be optioned to A. C.
Allyn & Co., Inc., under¬
writer of the debentures at $16 per share.
The option expires Dec. 31,1938.
Proceeds from sale of the debentures will be used to redeem
$1,300,000 of

6% debentures.
Any remaining proceeds will be added to general funds
of the company.
Debentures are redeemable at par, plus a premium of
2M% if redeemed on or before Sept. 1, 1938 and if redeem able thereafter
at X of 1% less premium for any
year from Sept.l, 1938 to date of redemp¬
tion.
Harry Liverman is President of the company.
Filed Aug. 31, 1937.
Pressed

Metals of America, Inc. (2-3385, Form A2) of Port Huron,
a registration statement covering 12,429 shares of common

Mich., has filed

stock without nominal
ment warrants

are

to purchase the

to

new

or par value.
According to the registration state¬
be issued giving all common stockholders the right

shares of common.

Warrants entitle each stockholder of record Sept. 15 to purchase—one
share of new common for each 10 shares held at $25
per share.
Fractional
warrants for 1-10 share or a
multiple thereof will be issued to shareholders
when

Hampden Brewing Co.

(2-3372, Form A2) of Chicopee, Mass., has
registration statement covering $400,000 of first mortgage 53^ %
sinking fund bonds due 1947.
Bonds will be offered to the public at 993^.
Underwriter will be Dwelly, Pearce & Co., Inc.
Proceeds will be used to
pay mortgages and bank loans and other debt incurred for plant additions,
improvements, equipment and working capital.
Karl H. Bissell is Presi¬
dent of the company.
Filed Aug. 27, 1937.

filed

a

Northern Oklahoma Gas Co. (2-3373, Form Al) of Ponce
City, Okla.,
a registration statement
covering 43,650 outstanding shares of $1
stock held by Stone & Webster and Blodgett, Inc. for resale to

has filed
common

President of the company.
Sublic. Price to the public will be filed by amendment. D. C. Williams
Filed Aug. 27, 1937.
i

World

Investment

Trust

(2-3374, Form Al) of Boston, Mass., has
filed a registration statement covering $4,875,000 of shares of beneficial
interest of which $4,553,933 will be offered at the market
through Russe
Dean & Co., Inc., underwriter.
George B. Henderson is President of the
company.
Filed Aug. 27, 1937.
Automobile
filed

a

Finance Co. (2-3375, Form A2) of
Pittsburgh, Pa., has
registration statement covering 10,000 shares of $25 par 6% cumula¬
preferred stock to be offered to the public at $26 per share

tive convertible

and 90,000 shares of $1 par common stock, of which
40,000 shares will be
for conversion of the preferred and
50,000 shares will be offered
through the underwriter, Webber Simpson & Co.
Proceeds will be used
for working capital.
G. A. Pivirotto is President of the
reserved

company.

Chemical

Co.

(2-3376,

rate of one for each two now held.

The unsubscribed portion will be offered

publicly.
The proceeds of the offering will be used to retire bank loans
amounting
$650,000, to make plant and laboratory additions costing about
$500,000, to acquire inventories and for other corporate
purposes.
Mitchell
Herrick & Co., will be underwriters.
W. J. Harshaw is President of the
company.
Filed Aug. 27, 1937.
to about

Penn Rivet Corp. (2-3377, Form A2) of
Philadelphia, Pa., has filed a
registration statement covering 216,506 shares common stock, $1
par, all
of which are outstanding.
Of the shares registered, 28,495 shares are held
by underwriter for resale
at $3 each; 30,296 shares are optioned to underwriter
at $2.50 each by
certain stockholders for resale at $3
per share; 27,773 shares are being
offered by certain stockholders at $3 each, and the
remaining 129,942
shares registered are not to be presently offered.
No proceeds accrue to
the company.
Thomas and Griffith will be underwriter.
T. M. Searles
is President of the company.
Filed Aug. 28, 1937.

Luscombe Airplane Corp. (2-3378, Form
Al) of West Trenton, N. J.,
filed a registration statement
covering 195,000 shares common stock
50-cent par value.
Of such shares, 145,000 shares are to be offered
through
underwriter at $2.50 each; 35,000 shares are
optioned to underwriters at
$2.50 each, and 15,000 shares are optioned to officers and
key men at $2.50
each.
Proceeds are to be used for payment of
debt, for building, machinery,
equipment and development, and for working capital.
Knight & Co. will be underwriter.
D. A. Luscombe is President of the
has

Filed Aug. 28, 1937.

Brainard

Steel

Corp. (2-3379, Form A2) of Warren, Ohio, has
a registration statement
covering 116,000 shares of common stock,
$1 par value, the issuer's part of the proceeds to be used to
pay bank loans
and for machinery, equipment, plant additions and
working capital.
Distributors Group, Inc., was named as the underwriter.
35,000 of the shares will be offered by the issuer and 5,200 shares
by
filed

E. T. Sproul, President, through underwriters, first at
$8.75 a share and
later at the market; 48,000 shares have been optioned to the underwriter
$7 a share for resale; 11,000 shares have been optioned to Mr.
Sproul,
and 1,650 shares optioned to employees and directors at
at

$7.

15,150 shares
the company.

are not

to

increase

presently to be offered.

Filed Aug. 28, 1937.




The remaining

E. T. Sproul is President of

working capital.

Leighton is President
General
has filed

No underwriter is named.
the company.
Filed Aug. 31, 1937.

or

Banknote

Oct. 30.

machinery,
John W.

Corp. (2-3386, Form Al) of New York, N. Y.,

a

registration statement covering 22,500 shares of 7% cumulative
preferred stock, $10 par value, and 600,000 shares of common stock, no par.
Of the preferred shares
registered, the company states that 15,500 shares
will be issued

as part payment for certain assets of Hamilton Bank Note
to stockholders of that
partial liquidating dividend.
The remaining 7,000 shares of
preferred may be issued in exchange for certain inventories of Hamilton

Engraving & Printing Co., and will be distributed

company as
Bank Note

a

Engraving & Printing Co.

194,200 shares

are

to

be

issued

As to the common shares registered,

in

exchange for common shares of conNote Engineering
Co., Inc., and
Corp.) and may be offered at the market; 18,965
shares are to be offered
through underwriters initially at $1,875 a share
and later at the market;
257,035 shares are optioned to underwriters at
$1.45 a share, for resale first at $1,875 each and later at market; 109,100
shares are to be issued to underwriters as additional
compensation and
20,700 shares are to be issued to Anderson & Conrow for services.
Pro¬
stitutent

companies
General Bank Note

(General

Bank

ceeds are to be used in connection with the acquisition of certain assets of
Hamilton Bank Note and for
building, machinery and working capital.
Thomas & Griffith will be the underwriter.
A. Claxton Cory is President

of the
company.

Filed Aug. 31, 1937.

Dewey fb. Almy Chemical Co
has filed

Form A2) of Cleveland, Ohio, has
filed a registration statement covering 59,458 common shares and
118,915
subscription rights entitling present stockholders to buy new shares at the

company.

and

Filed

Aug. 27, 1937.
Harshaw

necessary to carry out this ratio.
Warrants will expire
Proceeds will be used for building purposes, for the purchase of

(2-3387, Form A2) of Cambridge, Mass.,

a

registration statement covering 22,496 shares $5 cumulative
convertible prfererred stock, no par and 142,626 shares of common stock,
no

par.

The company plans to offer 8,213 shares $5 preferred and 2,053

shares of

common in
exchange for 8,213 shares $7 cumulative prior preferred
stock at the rate of one share new
preferred and H share common for each
share of $7 prior
preferred.
It also plans to offer 14,283 shares $5

pref.
exchange for 14,283 shares $7 cumulative class B
new preferred and one-half share common
for each share of
$7 class B preferred.
The company also plans to offer
26,400 shares common to public through underwriter and use proceeds to
increase working capital.
Another 89,984 shares common are registered
for conversion of the
$5 preferred stock.
According to the registration
statement, the retraining 17,048 shares common being registered may be
offered to the public, together with additional shares of common released
from that reserved for conversion of the
preferred and that to be issued under
the exchange offer, in case all of the $7
prior preferred and $7 class B
preferred stock is not exchanged for the new $5 preferred.
Proceeds from
sale of any such shares of common will be used to retire
any shares of the
prior preferred or class B preferred not exchanged.
The company states
that the condition of the offer of exchange will be that at least 15,000
shares of prior preferred and class B
preferred stock are exchanged. Jackson
& Curtis and F. S.
Moseley & Co. are expected to be underwriters. Offering
price of the common to the public will be filed by axrendnent.
Each
share of new $5 preferred is convertible into four shares of comn on
prior to
April 1, 1910, and thereafter to Sept. 1, 1941, into three shares of common.
Bradley Dewey is President of the company. Filed Aug. 31, 1937.
and

7,141 shares

common

preferred at the rate of

in

one

share

Lane Wells Co. (2 3388, Form A-l) of Los Angeles, Calif., has filed a
registration statement covering 60,000 shares common stock, no par.
Of
the stock
registered, 40,000 shares will be offered publicly at $15 each and
20,000 shares will be offered employees at $13.50 each. Hartley, Rogers &
Co., Inc., will be underwriter. Proceeds will be used for payment of debt,
for

buildings, equipment, and working capital.

of the company.

W. T. Wells is President

Filed Sept. 1, 1937.

Abitibi

Reserve Gold Mines, Ltd. (2-3389, Form AO-1) of Toronto,
Ont., has filed a registration statement covering 1,000,000 shares common
stock $1 par. The offering
price on 500,000 shares will be 75 cents each and
on the
remaining 500,000 shares $1 each. Proceeds will be used for buildings,
equipment, development expense, and working capital.
No underwriter
was named in the
registration statement. Frank S. Base is President of the
company.
Filed Sept. 1, 1937.

Whitney Blake Co. (2-3390, Form A-2) has filed
covering 50,000 shares common stock, $5 par.

ment

registration state¬
The stock is to be

a

Volume

Financial

145

Chronicle

publicly at $11 per share.
Underwriters are Fuller, Rodney &
Co.; Putnam & Co.; Hincks Bros. & Co. and Bridgeport-City Co. Proceeds
purchase of additional
equipment, construction of plant extensions and for working capital.
Filed Sept. 2, 1937.

1573

offered

will be used to retire short-term bank loans and for

ize Invite

Inquiries in

Milwaukee & Wisconsin Issues

Phillips Petroleum Co. (2-3391. Form A-2) of New York, N. Y., has
a registration statement
covering 444,905 shares of common stoca,
value. Filed Sept. 2, 1937. For further details see subsequent page.

filed

no-par

The SEC has announced that at the request

it has consented

cants

a,®®wa & (g®.

of the appli¬
following

the withdrawal of the

to

Phone Daly 6392

1933:

registration statements filed under the Securities Act of

MILWAUKEE, WIS.

Teletype Mil*. 488

shares of

Acampo Winery & Distilleries, Inc. (3251) covering 78,000
stock.
Filed June 22, 1937.

common

Citizens Mortgage & Securities Co.
5% to 8% promissory notes. Filed May 24,
Hearst

Magazines,

Inc.

(3176)

covering

$200,000 of

1937.

The registration statement filed on
been added up to and through

(2948).

March 10,1937 to which 11 amendments had

Aug. 16, covering $13,000,000 of debentures.

Publications, Inc. (3031). ' The statement of registration filed
March 30, 1937 to which nine amendments were presented up and through
Aug. 16, covered debentures of 1937 totaling $22,500,000.
Hearst

The last

in

our

previous list of registration statements was given
1406.

issue of Aug. 28, page

♦

Abitibi Power & Paper

Co., Ltd.—Preferred

Committee Urges Adoption of

Stockholders'

Ripley Plan—

protective committee, headed by Lieut.-Col.
Herbert Molson, C.M.G., M.C., of Montreal, has advised all holders of
preferred shares that the committee recommends acceptance of the reorThe preferred stockholders'

ganization Joseph P. Ripley. the bondholders' representative committee
eaded by plan sponsored by
„

holders of the issue states: "The preferred

The committee's letter to

stockholders' committee has approved the plan and recommends its adop¬
tion because, after careful study of this and other plans, including the
liquidator's plan dated June 9, 1937, it feels that the new company, which
will result from the adoption of the plan of the bondholders' committee,
will have a sounder financial structure than would result under any other

plan yet submitted, and that the plan provides the money which is urgently
needed to put Abitibi in a position to take advantage of improving condi¬
tions in the paper industry and gives sufficient working capital for the needs
of an expanding volume of sales.
"Optimistic forecasts have been published with regard to Abitibi's
possible future earnings.
These forecasts appear to be based on the as¬
sumptions that the price of newsprint will rise rapidly above the price fixed
for the first half or 1938, that the price of sulphite pulp will not decline
materially below the present level and that the increase in gross revenue will
not be accompanied by an equivalent rise in wages and other costs.
What¬
ever be the possibility of these forecasts being realized, the preferred com¬
mittee, in view of the experience of the newsprint industry in the past,
is o f the opinion that a
reorganization based on the assumption that the net
earnings so contemplated will be maintained over a sustained period would
not be sound.
The preferred committee considers it preferable to support
a plan which, while
putting the preferred shareholders of Abitibi in a posi¬
tion to benefit from improved future earnings, protects them as stockhold¬
ers of the new company against possible lean years and avoids the creation
of fixed obligations on a scale and of a kind which might become onerous
and even dangerous if earnings did not come up to those so forecast."—
V. 145, p. 1406.

Abitibi Reserve Gold Mines,

zation
rom

Conway of the Finance Bureau.

Under the examiners' recommendations, the new
capital structure of the
consolidated company would consist of $450,500 of undisturbed equipment
obligations and trustees' certificates, $4,700,000 of new consolidated mort¬
gage 4H% bonds, $2,793,750 of 5% preferred stock and 71,592 shares
(no par) common stock.
Holders of existing Northern Ohio bonds would receive
40% of

bonds and 65% in preferred stock.
100% of principal only in new mortgage
bonds and 30% of principal in
preferred stock, 15% of which would be to
take care of unpaid interest and
15% to take care of loss of interest to sched¬
uled maturity of the old bonds.
Holders of the Akron 5Hs would receive 100% in new mortgage bonds
and 25% in preferred stock to take care of
unpaid interest.
Bank claims
and that of Railroad Credit
Corp. would be satisfied by one sbare of common
stock for each $30 of claim
There is reserved 26,354
.

shares of common stock for issuance to
Nickel Plate, while the existing common stock would be replaced by
shares of new stock for each share of old stock.

^The examiners recommended rejection of the proposal advanced by both

the debtor and trustees of the properties
jthat the Nickel Plate be released
obligation to guarantee bonds of the Northern Ohio.
In order to

Ereserve this guarantee, it was recommendedbonds with unmatured coupons
olders wishing it, in exchange for Northern
the Nickel Plate issue to those
attached, its notes to mature on the same date and bear the same rate of
interest, and continue its present offer of cash for all outstanding coupons
matured and

on

the effective date of the plan.

property and the new securities issuable for the Northern bonds and $1 in

Earnings for July and Year
1937

July—
Gross from railway
Net from railway

1,306,607
466,929
216,260

Net after rents

145,

p.

Allen

$179,094
63,942

p.

4331.

1,281,253
474,844
259,492

33,219

properties, making the total amount applied for 2,587,313 4-5 shares.
The directors at a meeting held July 28, 1937 authorized the acquisition
by the company from Crystal Carbonic Laboratory, Inc. (Del.), and Crystal
Carbonic Laboratory (Ga.), of all of the assets and busihess as going con¬
cerns of those corporations in exchange for the issuance to the Crystal
Carbonic Laboratory, Inc., of 34,561 shares of common stock and of the
issuance to the Crystal Carbonic Laboratory of 2,229 shares of common
stock; and, pursuant to said action of the board of directors, agreements
containing plans of reorganization were entered into by the company with
the Crystal Carbonic Laboratory, Inc., and Crystal Carbonic Laboratory,
respectively, providing for the acquisition by the company of all of the
said assets and business as going concerns of the said corporations in ex¬
change for the issuance of the above common stock.
The corporations whose assets and business as going concerns are to be
acquired are in the business of manufacturing and selling liquid carbonic
dioxide in the States of North Carolina, Georgia, Virginia, Arkansas, Louisi¬
ana, Florida, Alabama, Mississippi, Tennessee ana Texas.
Crystal Car¬
bonic Laboratory, Inc., owns and operates plants for the manufacture of
liquid carbon dioxide, equipped with the necessary gas-cylinders, trucks,
&c., for the distribution thereof in the cities of Charlotte, N. C.; Jackson¬
ville, Fla.; Birmingham, Ma.; Memphis, Tenn., and Dallas, Texas; and
Crystal Carbonic Laboratory leases a warehouse similarly equipped for
such distribution in Atlanta, Ga.

30,1937

Industries, Inc.—Stock Increase Voted—
a

special meeting held Aug. 26 approved authoriza¬

"The amendment and authorization will become effective only upon

to whether or not the
to those

corporation will offer for sale
presently outstanding."

$5,012,095
771,658

Net income earned

$4,240,437

Shares of stock outstanding

(new shares)

2,542,60,1 66-75

share

$1.67

,

Note—No accrual has been made for

excess

profits taxes or for surtax on
such taxes, if any, are
'

undistributed profits inasmuch as the amounts of
not determinable until Dec. 31, 1937.
'

Consolidated Balance Sheet June 30, 1937

.

Liabilities—

Assets—

Cash

$8 653,228

Dividends

3 ,101,248

Inventories

and

,955,000

notes

.

4,518,265

Fixed assets

14,286,605
4,606,926

stock

for

& ins. funds..
deposits to insure

cylinder returns, &c..
Common stock (no par)
Earned surplus

759,253

mon

p.

would be sold, nor as to probable date of the offering, if any.—V. 145,

1245.

Allied Stores

Corp.—Earnings—

Period End. July 31—
Net

Fed
on

&c.

1937—3 Mos.—1936

before
Sc surtax

but

inc

1937—12 Mos.—1936

deprec.

after

prof,

int.

undistributed prof.

1

$160,017

$314,377

$4,166,552

$3,001,556

For six months ended July 31,

1937, profit was $930,220, after charges
$797,116, before
Federal income taxes, in like 1936 period.—V. 145, p. 1087, 426.

but before Federal income taxes, comparing with profit of

Allis-Chalmers Mfg. Co.—Dividend Doubled—

-

The directors on Sept. 2 declared a dividend of $1 per share on the com¬

stock, no par value, payable Sept. 30 to holders of record Sept.

13.

May 16, 1932, when a payment of 123^ cents per share was made.

$43,499,3651
reserve

of $247,366.

145,

p.

&

Youngstown

Less

reserves of

$19,-

Ry.—Merger

with

Urged Before ICC—

Recommendations

calling for the consolidation of Akron Canton &
Youngstown Ry. and Northern Ohio Ry. and the creation of a new capital¬




tion

•

Stock Exchange has authorized the listing of $25,321,500

pursuant to subscription by stockholders and (or) sale to underwriters,

and 337,620 additional shares of common stock (no par) upon official no¬
tice of issuance, from time to time, upon the conversion of the debentures;

making the total amount applied for 2,125,590 shares out of a total author¬
ized issue of 2,500,000 shares.
The company intends to add all of the net proceeds to be received by it
from the sale of the debentures (estimated at a minimum of $25,018,002
and a maximum of $25,334,520) to its general funds.
From such general
funds the company proposes to discharge bank loans which have been in¬
curred by it since Feb. 11,1936, and which were outstanding in the principal
amount of $12,000,000 as of July 31, 1937.
These bank loans were incurred
to enable the company to carry enlarged operations which in part have re¬
sulted in increased inventories and increased notes and accounts receivable.
Company may borrow comparatively small additional sums for similar
purposes

prior to the receipt by it of the net proceeds, in which event it

discharge such additional loans by payment from its general funds.
the general funds of the company will augment the com¬

The increase in

pany's working capital and will place the company in a position to carry
additional inventory and additional notes and accounts receivable.
It is
expected that some part of this addition to the company's general funds
will ultimately be employed in extending the company's production facili¬
ties- no definite appropriations have yet been made but it has been tenta¬
tively proposed that between $6,000,000 and $8,000,000 be spent prior to
Dec. 31, 1938, on such capital additions.
Offer to Stockholders

$43,499,365
c

747.

Canton

Northern Ohio

Total....

b As face value,

The New York

15-year 4% convertible sinking fund debentures to be dated Sept. 1, 1937,
to become due Sept. 1, 1952, upon official notice of issuance and distribu¬

will

122,047
24,389,397
11,415,439

1

Total

Akron

1,066,373

for pen.

539,214

assets

964,462.—V.

Res.

491,736
1,423,898

759,253

Patents and licenses

After

taxes

7,564

Pension and insurance funds.

a

Federal

(463 69-75

shares)

Deferred

Estimated

Res.

Investments

new

451,000

and

pref. stocks called for red'n

Treasury

$1,288,621
2,542,602

Reserves for contingencies...

Inter¬

mediate Credit Bank bonds

and

payable.
payable

Accruals

b U. S. Govt, bonds & notes

c

Accounts

3 ,621,061

Notes & accts. receivable..

bonds

securities in addition

part of the company's authorized but unissued 245,600 shares of $1 par
common would be sold instead of the preferred.
Nor was there any com¬
ment as to when decision would be made on whether the preferred or com¬

Listing—

Other

any

Officials would not comment as to the probable dividend rate of the pre¬
ferred stock, if issued, nor as to the previously mentioned possibility that

50,487

Net income before estimated Federal taxes

I,and

the

a time as the board of directors shall determine, of a proper
certificate of amendment.
However, no determination has been made as

filing, at such

1936; a dividend of 37 M cents paid on Sept. 30, 1936, and 25 cents per share
distributed on June 30, 1936, this latter being the first dividend paid since

Crl50,865

-

Estimated Federal taxes.

Federal

authorized,

This compares with 50 cents paid on June 30 and on March 31, last; an extra
of 50 cents and a regular quarterly dividend of 37 M cents paid on Dec. 24,

Income charges

b

396,452
212,628

747.

$4,911,717

Net operating income
Other income

a

,v

10,868,039

Operating expenses (including depreciation, $746,817)

per

363,946
204,280

tion of 40,000 shares of $25 par preferred to be issued when and if directors
deem it advisable.

mon

$15,779,756

Gross sales, less discounts, returns and allowances

1,051,888

1,117,255

among other things, an amendment for the authorization of 40,000 shares
of preferred stock of the par value of $25 per share.

Co., Inc.—Listing—Acquisition—

Consolidated Income Account for Six Months Ended June

1934

$128,154
32,846
11,162

$140,125
34,042
15,132

1—

Gross from railway
Net from railway

—V.

Date

1935

$171,090
50,447
23,449

Net after rents
From Jan.

to

1936

The company issued the following statement:
"Stockholders of Allen Industries, Inc., at a special meeting

144,

The New York Stock Exchange has authorized the listing of 36,790 shares
common stock (no par) upon official notice of issuance in exchange for

"Earnings

It is recommended

cash should be bid for the property by the new company.
The bid securities
would then be delivered to holders of Northern bonds upon surrender of the
old bonds.

drawn—

of

unpaid

that the plan become effective about April 1, 1938.
Should the Nickel Plate be unwilling to issue its notes in exchange for
Northern bonds, the examiner said there should be a judicial sale of the

The stockholders at

See list given on first page of this department.—V.

the

1.62

from its

Ltd.—Registers with SEC—

Acampo Winery & Distilleries, Inc.—Registration With¬

principal

and unpaid interest in new
mortgage
Holders of Akron 6s would receive

See list given on first page of this department.

Air Reduction

for the two companies
reducing the fixed interest requirements
$364,731 annually to approximately $234,000 were submitted to the

interstate Commerce Commission by Examiners J. V. Walsh and P. A.

and

Underwriting

holders of its common stock of record on Sept. 2
subscribe to an aggregate of $25,321,500 debentures at the
subscription price of 102% plus accrued int. from Sept. 1, 1937, to Sept. 23,
1937 (such accrued int. amounting to $1.22 for each $500 debenture).
The holders of common stock will be entitled to subscribe to such deben¬
tures pro rata at the rate of one $500 debenture for each 35 shares of com¬
mon stock so held.
The subscription certificates will expire at 3 p. m.,
N. Y. City time, Sept. 22,1937.
Company will offer to

the right to

1574
The

Financial Chronicle

names

of the

the

underwriters and

debentures which they have respectively

Edward B. Smith & Co

Co., Inc

Glore, Forgan & Co

...

Kidder, Peabody & Co
Goldman, Sachs & Co...
Securities

Co.

of Milw.,

Dancamerica-Blalr Corp
Cassatt & Co.; Inc

4.74%

Lee

Laurence M. Marks & Co.

Inc

Halsey, Stuart & Co., Inc
W. E. Hutton & Co
H. M. Byllesby & Co., Inc
Milwaukee Co

Paine, Webber & Co...

Hemphill, Noyes & Co..

Consolidated

Assets
on

a

.$1,508,722 SI,328,522
securs.
22,694
22,694

b

machin¬
.28,494,616 27,611,277

ery, equipment

Goodwill & patentsl
Other assets.

Deferred charges..

After

a

1,554,986 11,564,866
783,230
730,224
158,038
133,634

2,001,124

1,450,681
2,895,229

447 at June 30,

$60,997

5,954
163,667

Total income

$230,618

fees, &c
Transfer agency fees & exps., stockholders' notices & reports, &c—
Taxes—Other than Federal income tax—
& auditing

43,513
2,121
3,868

Interest

6,379
3,222

Provision for Federal income tax

Net earnings

$171,515

Note—Net earnings are stated exclusive of net profit on sales of securities

amounting to $542,055 and net loss on sale of investments in subsidiaries
amounting to $794,289, which amounts have been carried directly to capital
After taking into account reserves heretofore provided against
investments in subsidiaries sold, the net charge to capital surplus in respect
of loss on their sale amounted to $382.
No provision has been made for any possible Federal surtax on undis¬
tributed profits for 1937.
Consol. Income Account for

con¬

2,964,431

1,307,764
192,374
619,448
315,684
2,231,475
2,184,786
Commonstock__55,129,718 55,045,823
Earned surplus
13,101,627 10,727,944
c Treasury stock..
£>r219,213 Dr224,661

Sundry creditors.

the 6 Mos. Ended June 30, 1937

(Incl. Subs.)

—$1,355,990
260,770

Operating revenues
Other income
Total income

$1,616,761

,»

_

d

Operations

502,969

_

Maintenance

62,484
142,853
3,944

Taxes—Other than Federal income tax
Provision forbaddebts

._

Provision for depreciation.

142,933
$761,577

Interest

Total

94,106,712

78,999,876

for receivables of $1,837,670 at Dec. 31,1936 and $2,543,1937.
b After reserve for depreciation of buildings and

reserve

the 6 Months Ended June 30, 1937 (Company Only)

General & adminis. exps., incl. salaries, rent, telep. & teleg., legal

Advances on eontr

94,106,712 78,999,876'

Total

4,312,014

com¬

of

Reserves

Factory sites,

bldgs..

for

pletion

Taxes accrued

474,864
324.547
27,672,760 20,454.319

$2,100,000

6,470,338

tracts billed

Bund, debtors, em¬

ployees' working
fund, &c

June 30'37 Dec. 31'36

payrolls

23,436,796 16,829,792

receivable

Equities Co.—Earnings-

income Account for

surplus.

Notes payable
$10,500,000
Accts payable and
Reserve

Notes and accts.

Sept. 4, 1937

Income—Dividends from subsidiaries,
Interest and miscellaneous income from subsidiaries
Other interest and dividends

.79%

3.95%
5.92%

Sheet

Liabilities—

June 30'37 Dec. 31'36
hand and

-Inventories

Hlgginsori Corp

Balance

demand depos.
Marketable

1.97%
l.5s%
1.58%
1.58%
1.58%
1.58%
1.58%
1.58%
l .18%
1.18%
79%
.79%

Estabrook & Co.

American

follows:
1.97%

4.74% F. S. Moseley <fc Co
2.96% F. £. Smlthers & Co
2.37% Butler, Herrick & Marshall
2.37% Swan,. Culbertson & Fritz
2.37% E. II. jftollins & Sons, Inc..
2.37% Johnston1, Lemon & Co
1.97% J. E. Swan & Co
1.97% Mellon Securities Corp
1.97% Kuhn, Loeb & Co

Lazard Freres & Co., Inc

Cash

are as

G. M.-P,Murphy & Co

4.74%

Corp..

Brown Harriman &

agreed to purchase,

unsubscribed

5.92%
5.92%
5.92%
5.92%

Blyth & Co., Inc
The First Boston

of

Hornblower <fc Weeks

—14.15%

Hayden, Stone & Co

percentages

machinery of $17,065,582 at Dec. 31, 1936 and $17,549,146 at June 30,
1937.
c Represented by 16,206 no par shares at
cost at Dec. 31, 1936
and 15,813 shares at cost at June 30. 1937.
d Represented by 1,785,573
no par shares at
Dec. 31, 1936 and 1,787,970 shares at June 30, 1937.
—V. 145, p.1406.

Alps Hotel (36th Street
City, Mo.—Reorganization—

Investment

Co.),

Kansas

funded debt of subsidiaries
-

351,198
26,846
19,948
16,482
27,143

-

Amort, of debt discount & pref. stock expenses of subs
Provision for amortiz. of deferred charges of subsidiary

....

Provision for Federal income taxes
Dividends

on

preferred stocks of subsidiaries.

Profit....

128,907

_—

$191,054
11,832

-

Non-recurring income—Proportion of inc. of subs, sold in 1937
Total.

$202,887

Proportion applic. to min. ints. in com. stocks of subs

33,690

Consolidated net earnings...

A

plan of reorganization was confirmed in Federal Court at Kansas City
Aug. 26.
The plan provides that the holders of $251,000 of 6% bonds, which were
in default since April, 1933, will receive $500 of new 15-year second mortgage
income bonds and 10 shares of common stock for each $1,000.
The new issue is for $135,000 and the bonds bear interest at the rate of
4%, cumulative after the first three years.
The first lien against the property is a $35,000 loan made by William
Volker.
The proceeds will be used to pay current taxes, recondition the
building and provide reorganization expenses.
The new company will have 2,789 shares (no par) common stock, of
which 2,510 will go to the first mortgage holders.
The second mortgage
will receive 200 shares of stock and $10,000 of the inqome bonds, and
55 shares of stock will go to the unsecured creditors.

on

Other interest

$169,196

Note—The operating revenues are stated after deducting $120,000 in
respect of estimated annual reduction in the revenues of Consolidated Water
Co. of Utica, N. Y., a subsidiary, which will result if the rate case decision
of the Public Service Commission of the State of New York, which has been
affirmed by the Appellate Division and the Court of Appeals of the State
of New York, is finally confirmed in the appeal which has been taken
by the
company to

the Supreme Court of the United States.

Consolidated net earnings are stated exclusive of net profit on sales of
to $587,590, and net loss on sale of investments in
subsidiaries amounting to $794,289, which amounts have been carried
securities amounting

directly to capital surplus.
After taking into account reserves heretofore
provided against the investments in the subsidiaries sold, the net charge
to

capital surplus in respect of loss on their sale amounted to $382.
been made for any possible Federal surtax on undis¬

No provision has

Alton

tributed profits for 1937.

RR.—Earnings—
1937
$1,604,195
441,981
152,446

July—
Gross from railway
Net from railway
Net after rents.

From Jan. 1—
Gross from railway

1936
$1,508,531
370,535
91,185

1935
$1,163,440
49,891
defl97,191

1934
$1,285,293
388,905
155.301

Balance Sheet June 30, 1937
Assefs—
Cash in banks &

Foreign

9,748,426
2,450,899

Net from railway

9,033,778
1,866,683

561,157

51,062

7,579,896

7,411,331

817,238
def723,348

1,633,001
167,579

i

Investments & advances.
on

currency

$5,014,183

hand

58,140

Marketable

28,119

American Bantam Car Co.,

Inc.—New Directors—

Fred A. Hahn and Dean B. Copeland have been named to the board)
directors of this company, R.
p.

S. Evans

President, announced.—V. 145,

3,204,215

Loans receivable—secured

206,035

Sees, "old & undelivered

—Y. 145, p. 747.

securs. at cost

382,293

Due from affil. companies

S.

Net after rents

$455,000
37,521

Prov. for Fed. inc. tax

(restricted) at

est. net realizable values

(Company Only)

Liabilities—
Notes payable to banks
Accts. pay. & accrued liabs

7,861

Capital stock (par$l)
Capital surplus

1,464,531

100,063

Accounts & notes receivable..

Earned surp. fr. Jan. 1,1932..
447,560
Capital stock in treasury
Drl52,583

32,092

Divs. & accrued int. receiv'le.

6,790,315

17,580

_

Deferred charges

7,485

595.
Total.

American Brake Shoe & Foundry
Stockholders at

a

special meeting

Co.—Merger—

Oct. 7 will consider

on

$9,050,204

an agreement

ss cZs*™*™*

Fixed capital

and American

Special deposits

Manganese Steel Co. (a Maine corporation) into the Ameri¬
Brake Shoe & Foundry Co.—V. 145, p. 596.

Commercial

Alcohol

Corp.—To

Withdraw

American

Commercial

Alcohol

Corp.

Cash in banks & on hand

The American

tribution of industrial alcohol in order to devote their facilities and

resources

effectively to their growing business in beverage spirits.
To this end,
the American Commercial Alcohol Corp. and its affiliate, The American
Distilling Co. (but not the Kessler Chemical Corp.), have agreed to transfer
all their goodwill and business in the industrial alcohol selling and distribu¬
tion field, together with all permits for the use of industrial alcohol lodged
with them, to Commercial Solvents Corp. (which see).
All four plants of The American Distilling Co., located at Philadelphia,
Pa., Pekin, 111., Gretna, La., and Sausalito, Calif., will be continued in
more

operation and will be owned as heretofore.
Industrial alcohol will be pro¬
duced at the Philadelphia and Sausalito plants to supply requirements of
Commercial Solvents Corp.
The personnel of the industrial alcohol sales divisions of The American

Distilling Co. is joining the Commercial Solvents organization.

1937
Cash discount

on

purchases

239,404

Total income

Expenses
Interest
Cash discount

on

$2,525,082
13,326
32,885
41,131

51.155

Miscellaneous income

sales

Provision for doubtful accounts receivable.

Depreciation
Decrease in equity of part owned affil. cos
Miscellaneous deductions

Subsidiary preferred dividends
Provision for special reserve
Federal income taxes

Securities sold & undelivered.

498,543

100,063

$2,334,987
1,211,468
140,481
39,715
90.820
159,917
108,079
25.821

$2,612,424
1,282,005
88,159
40,732
95,256
153,402
31,000
63,408

Accts. & notes receivable
Dlvs. & accrued int. receiv'le.

y462,609

Inv. of mat'ls, supplies, &c_.

122,461
1,205,853

for

346,000

$396,238
260,930
$1.52

Net profit
Shares common stock

$675,026

61,000

estimated

$329,026
260,875
$1.26

unrealized

The directors have declared

an

on

undistributed

5,075
refund¬

84,463

Reserves

668,903

Min. ints. in subs

5,350,312

Capital stock (par $1)
Capital surplus

1,464,531
6,887,196

Co.'s

Total

$32,345,369

x After reserve for
depreciation of
—V. 145, p. 747.

own

(incl. earned

of Amer. Equities
1932)
cap. stock reacq'd.

638,153
Drl52,583
$32,345,369

Total

$3,618,010.

y

After

reserves

of $34,095

Inc.—Earnings—

Income Account (Company Only)

Period End. June 30—
Income from subsidiaries

1937—3 Mos.—1936
$2,904,405
$1,983,691
21,120
5,829

1937—12 Mos.—1936'
$9,786,443 $10,314,260
69,115
22,739

$2,925,525
al86,670

$1,989,520
bll6,975

$9,855,558 $10,336,999
a689,714
b732,978

$2,738,855

$1,872,545

$9,165,844

$9,604,021

1,601,703

1,785,833

6,710,947

7,177,657

(before exch.
adjustments) carried
to surplus
$1,137,152

$86,712

$2,454,897

$2,426,364

Other
Total income

Expenses, incl.

taxes

Balance applicable to
int.& other deduc'ns

Int.

(incl. inter-co)

and

other deductions—

Balance

Includes provision for Federal surtax on undistributed profits,
b Does
provision for Federal surtax on undistributed profits.

not include any

Earned surplus
Balance from statement of income for 12

$19,194,867
mos.

ended June 30,

1937, before exchange adjustments (as above)
Equity in surplus of subsidiary company liquidated in 1936
Exchange adjustments (net)
Total
Loss on sale of investment securities

2,454,897
1,703,917
10,367
$23,364,048
116,894

(Ga.)—Extra Dividend—
extra dividend of 60 cents per

share on

the common stock, no par value, payable Aug. 24 to holders of record
Aug. 19.
An extra dividend of 25 cents in addition to a regular quarterly dividend
of 50 cents was paid on July 1, last.—Y. 144, p. 4333.




other

Summary of Surplus for the 12 Mos. Ended June 30, 1937

Earnings per share
Note—No provision has been made for possible surtax
profits.—V. 144, p. 3485.

American Discount Co.

&

able deposits

Co. from Jan. 1,

137.436

$457,238
res.

18,238

pref. stocks of subs.,

payable & accrued
Consumers

surplus

a

Appropriation for
profit on sales.

chgs

Divs. on

Earned surplus

46",006
lbl",448

Profit

cos

1936

$2,031,230
13,198

Interest earned

78,413
4,733

American & Foreign Power Co.,

Earnings for 6 Months Ended June 30 (Incl. Subs.)
Operating income

58,491

Funded debt matured

Due from affil.

exrs. & dev.

110.727

Prov. for Federal income tax.
Other accrued taxes.

3,690,300
74,220

at est. net realizable values

Prepd.

$15,859,600
1,135,000
152,355

28,119

(restricted)

currency

Funded debt of subs

Notes payable to bankB

030,267 Accts. pay. & accrued exps..
366.306' Accrued interest payable

Loans receivable—secured

and its affiliate,

withdrawing substantially from the general sale and dis¬

are

5,097,259

Marketable securities

from Industrial Alcohol Business—•
Distilling Co.,

x$20,051,130

Investments

Foreign

American

$9,050,204

Liabilities—

of merger and certificate of consolidation providing for the merger and
consolidation of American Brakeblok Corp.
(a New York corporation)
can

Total

Consolidated Balance Sheet June 30, 1937

Earned surplus/June 30, 1937

$23,247,154

Note—The above statement of income and summary of surplus repre¬
accounts of the company as distinguished from those
resulting from consolidation with its subsidiaries.
Generally it is the policy
of the company to take up as income from subsidiaries only interest and
sents the individual

Volume

dividends collected in cash

should not
subsidiaries during

earned by the

1936

1937

J5

$

Assets—
Investments in subsidiaries, &c

517,164,251 488,257,075
8.250,134
10,515,342

-

Cash.

Special deposit

63,613

—

Notes and loans receivable for advs. to

4,216,524

subs

Accounts receivable—subsidiaries

1,657,095

Accounts receivable—others

7,094
6,926,921

Unamortized discount and expense

-

-

_

Liabilities—

_

7,001,672

15,495

payable.
payable

Contracts

—

Accrued accounts.

:

Earned surplus

Total

538,296,701 541,632,803

x303,940,452 393,940,452
50,000,000
50,000,000
30,000,000
26,800,000
42,500,000
41,700,000
3,211,931
Ltd
3,344
3,344
137,127
26,969
2,645,082
2,578.781
19,194,867
23,247,154

Capital stock-.---.- —_
Gold debentures, 5% series due 2030
Notes and loans payable—To banks
To Electric Bond & Share Co
To Midland Bank Executor & Trustee Co
Accounts

------

32,747,509
3,089,449
6,260

11,068

Sundry debits.—
.

—

538,296,701 541,632,803

-

-

Represented as follows: Capital stock (no par value) Preferred (S7)
cumulative (entitled upon liquidation to $100 a share and accumulated
dividends): pari passu with $6 preferred: authorized, 900,000 shares: issued
and outstanding, 478,995 shares.
$6 preferred, cumulative (entitled upon
x

liquidation to $100 a share and accumulated dividends); pari passu with
preferred ($7); authorized, 2,000,000 shares; issued and outstanding, 387,025.65 shares, including scrip equivalent to 5.65 shares.
Second preferred,
series A ($7), cumulative (entitled upon liquidation to $100 a share and
accumulated dividends); authorized, 3,000,000 shares; issued and out¬
standing, 2,616,886 shares.
Common: authorized, 10,006,000 shares; issued
and outstanding, 2004,638 shares.
Option warrants to purchase 6,721,094.8 shares of common stock for $25 per share (one share of 2d preferred
stock, series A ($7), acceptable, in lieu of cash, with warrants for four
shares, in full payment for four shares of common stock), capital stock sub¬
scribed—Allotment certificates, $480.
Notes—1. Dividends on the preferred stock ($7) and $6 preferred stock,
which are cumulative, have been paid to Dec. 31, 1931; dividends on the
2d

preferred stock, series A (7), which are

amounting to
series A ($7),
amounting to $123,645,727 ($47.25 per share) at June 30, 1937.
2. The consolidated income account for 3 and 12 months ended June 30,
was given in "Chronicle" of Aug. 28, page 1407.—V. 145, p.
1407
$18,441,307 ($38.50 per share), on the $6 preferred stock
$12,771,660 ($33 per share), and on the 2d preferred stock,
to

Republics Corp.—Registers with SEC—

Common

Rolling Mill Co.- -Initial Preferred Dividend-

on

Androscoggin Water Power Co.—Hearing Adjourned—
At

an adjourned hearing on Aug. 31, 1937 in the Federal District Court
Portland, Me., Judge John A. Peters adjourned the hearing until Dec. 1,
1937 at the request of counsel for the bondholders committee for the Andros¬
coggin Water Power Co. first mortgage 6's of 1945, who stated that the
committee wished an opportunity to make a study of the company's affairs
before making any definite recommendation for appointment of a trustee.
Theron A. Woodsum is Secretary of the bondholders committee.—Y. 145,

at

p.1248.

Ann Arbor

the new

RR.—Earnings—
1934
$297,974
72,813

1935
$336,250
81.011

1936
$329,280
71,414

1937
$324,610
48,327

July—
Gross from railway
Net from railway

20,877

41,753

43,405

43,920

2,390,081
453,713
210,987

2,249,020
401,321
198,589

2,215,312
504,730

1,941,943
461,184

272,150

234,116

Net after rents

From Jan. 1—
Gross from railway-...,
Net from railway
Net

after rents

—V. 145, p. 748.

Associated Gas & Electric Co.—Weekly Output—
an increase in electric output
of 7,654,166 units (kwh.) for the

With

week ended Aug. 27, Associated Gas & Electric System reached a new
total of 93,232,500 units.
This is 8.9% higher than the production
a

high
of a

year ago.

Gross output,

including sales to other utilities, amounted to
1409.

103,757,581

units for the week.—V. 145, p.

Atlanta Birmingham

1934
$273,860
38,128

367

46,236

37,589

14,408

1,926,632
197,193

1,759,853
124,128

18,561

defll,145

def71,064

1,699,219
32,401
defl44,707

1—

Gross from railway
Net from railway.

Net after rents

—V.

1935
$312,659
65,041

1936
$327,478
78,028

2,256,277
287,382

Net after rents
From Jan.

& Coast RR.—Earnings—

1937
$309,791
33,879

Gross from railway
Net from railway

145, p. 748.

Atlanta & West Point RR.—Earnings—

Dividend—7
declared an initial quarterly dividend of $1.21 H Per
4H% cumulative convertible preferred stock, par $100,

The directors have

share

Company officials amplified the statement with the assertion that the
was
declared at this tim e because the Federal undistributed
profits tax imposes heavy additional taxes if profits are not distributed in
dividends, either in cash or obligations.—V. 144, p. 2117.
dividend

July—

corporation has filed with the SEC a registration statement covering
218,008 shares ($10 par) common stock.
"When the registration statement
becomes effective the stock will be offered to stockholders at $15 per share
on the basis of one share of new stock for each six shares of stock held,
The directors have fixed 3 p. m. C. S. T., Sept. 10, as the date for the
taking of the record of stockholders entitled to subscribe to the new stock.
—V. 145, p. 1248; V. 144, p. 597.
The

American

continued.

announcement

cumulative, have been paid to

Sept. 30, 1930.
No provision has been made in the above statement for
undeclared cumulative dividends on the preferred stock ($7), amounting

American

Directors of this company, which acquired the assets of the liquidated
Amoskeag Manufacturing Co
textile mills, last October for $5,000,000,
on Aug. 27 declared a
125% dividend to its stockholders.
The payment
is to be
$25 a share in cash and 100% in five year notes bearing interest
at 6%.
The company's announcement disclosed that the amount of stock issued
and outstanding which was entitled to the dividend was $543,300.
The
dividend is payable Aug. 28 to stockholders of record Aug. 27.
The directors, in their statement, made known that "sales of mills, ma¬
chinery and tenement property of the company during its first year of
business, ending on Aug. 31, 1937, have amounted to approximately
$2,400,000, and the cost of doing business, including provisions for taxes,
has been approximately $800,000."
y
As a result of the year's business approximately half of the 6,000,000
sauare feet of manufacturing space has been sold or leased to 29 business
enterprises which will give employment to almost 4,000 persons, the
,

Only)

Comparative Balance Sheet June 30 (Company

_,

Amoskeag Industries, Inc.—To Pay 125% Dividend—

and therefore the above statement

be understood to represent the amount
the respective periods.

Total

1575

Financial Chronicle

145

payable Oct. 15 to holders of record Sept. 15.
The directors also declared a dividend of 50 cents per share on the com¬
mon stock, par $2.5, payable Oct. 15 to holders of record Sept. 15.
A simi¬
lar amount was paid on July 15 last and a dividend of 30 cents was paid on
April 15 last, and each three months previously.
In addition, an extra
dividend of $1 was paid on Dec. 15, 1936.—V. 145, p. 931.

Consolidated Income Account Years Ended

1934
$109,066
def9,953
def28,294

def6,090

defl.178

1,532

1,061,869
135,644

992,934
121,378

867,868
70,088

811,923
26,655

def4,855

def27,692

def58,321

defl00,241

Net after rents
From Jan.

1935
$141,014
22,803

1936
$157,113
23,040

1937

Gross from railway
Net from railway
1—

Gross from railway
Net from railway.
Net after rents

—V.

Corp.—Earnings—1

American Sumatra Tobacco

$141,220
12,937

July—

145, p. 748.

Atlantic Coast Fisheries Co.—Earnings—

July 31

1936
$12,555 Pro/$ 18,226
19,705
25,975

1937

3 Months Ended July 31—

1937

1936

1935

1934

profit on sales
Selling & genera»expense

$997,786
xl71,997

$776,624
xl55,019

$785,067
160,748

$693,757
128,183

Net loss, before charges
Reserves for depreciation

Other income.

$825,787
21,133

$621,605
23,635

$624,318
24,874

$565,574
17,906

—V. 144, p. 4334.

$846,920

$645,240

57.605

48,304
89,521

$649,192
48,980
93,479

$583,480
48.407

Gross

Total profit

Miscellaneous
Federal taxes,

charges.
&c

yl40,239

72,042

$649,076
528,965

profit.
.

$507,415
384,702

$506,734
240,772

$463,031
48,254

$120,111

Net

Dividends.

$122,713

$265,962

$414,777

stock (no par).
outstanding
Earnings per share
Shs. cap.

Autocar Co.—Tenders—
The Chase

National Bank, as successor trustee,

is inviting tenders of

fund 7% convertible gold bonds, modified as pro¬
indenture dated Aug. 27, 1936, for account of the
sinking fund at a price not exceeding the unpaid balance of the principal
and a premium of 7^ % and accrued interest to date of purchase.
Tenders
will be received prior to Sept. 15 and bonds accepted for purchase must
be surrendered for redemption not later than Sept. 25, 1937.—V. 145,
p
1249.

first mortgage sinking
vided in supplemental

192.351
192,351
193,105
193,105
$3.37
$2.64
$2.63
$2.39
x Including
provision of $37,000 ($29,000 in 1936) for extra compensa¬
tion of management and employees,
y Includes $14,000 provision for
undistributed profits.
for depreciation for the year
1937, $73,779 in 1936 and $70,140 in 1935.

$7,748

$32,260

Net loss

Automobile Finance Co.—Registers with SEC—
first page of this department.—V. 145, p. 1410.

See list given on

Locomotive Works—Reorganization

Baldwin

Confirmed

surtax on

Note—Provision

amounted to $79,321 in

The reorganization

Consolidated Balance Sheet July 31
1936

1937

Assets—
Plant &oth. prop.,

incl.invest .&eq.$2,268,507

S2.312.89S

hand

on

-

Notes «fcaccts. rec.
Tobacco

1,208,686
757,754

1,296.813
593,606

and In process

1,179,182

296,916

155,426

Supplies
Hogs and cattle In¬

37,803

35,949

10,000

30,000

30,700

arising

8,000

18,560

stock
142,002

91,417

self-

25,194

25,816

1,712,097

1,749,342

Earned surplus

1,003,528

883,418

surance

Capital

Invest, in control'd

use

2,329

11,465

23.S00

Dr37,245

28,900

53,746

(no consol ).
tobacco con¬

ditioning mach's
under lease

Unexp. insur. and

prepaid taxes...
Total.
x

$5,893,987 $5,705,397

Baltimore & Ohio
$5,893,987 $5,705,397

Total

Represented by 192,351 shares no par value.—Y.

American

American

144, p. 3660.

Underwriting Corp.—Registers with SEC—

See list given on

Baldwin Rubber Co.-—Optional Dividenddeclared a special optional dividend on the common
$1.15 per share in cash or 10-65 of a share of stock for each share
held.
Stockholders must make their choice by Sept. 10.
Dividend will
be paid on Sept. 20 to holders of record Sept. 15.
The regular quarterly dividend of \2H cents per share was also declared
on the common stock payable Sept. 20 to holders of record Sept. 15.
A special dividend of 50 cents per share was paid on Dec. 21, 1936.—
V. 145, p. 598.
The directors have

53,158

corp.

first page of this department.

Output of electric energy

July—
Gross from railway
Net from railway

Netafterrents
Gross from railway

Water Works & Electric Co.,

Works & Electric Co. for the

Inc.—Output—

of the electric properties of American Water
week ending Aug. 28, 1937 totaled 50,740,000
the output of 47,441,000 kwh. for the corre¬

Net from railway
Netafterrents-..
—V. 145, p.

kwh., an increase of 9.0% over

sponding period of 1936.
Week Ended—
1937
Aug.
7
50,291,000
Aug. 14
50,767,000
Aug. 21
50,626,000
Aug. 28
50,740,000
—V. 145, p. 1408.




which are required

reorganization, the plan virtually is completed, Mr. Mason said,
as practically all that remains to be done is the actual exchange of the
securities.—V. 145, p. 1249.

stock of

of
retired__
stock

of license to

Cost

of the refunding bonds.
formal delivery of several documents

also, on four coupons

Except for the

taxes

for

the U. S. District Court

Dickinson to take the necessary steps

in the

Initial surplus

consol.)

from sale of prop

co.

employees
for Federal

Reserve

Adv. to contr. co.

rec.

56,101

Res've

and capital

ventory
(not

75,969

38,700

-

management and

of
1,215,886

Notes

State

taxes, Ac
Provision for extra

compensation of

hand

on

.

pay.,

plan finally was confirmed by

Philadelphia Sept. 1, and the company was instructed by Judge Oliver B.
at once to put it into effect.
The Court's order set Sept. 1 as the beginning of the 60-day period in
which the holders of the five-year 6% consolidated mortgage bonds, due in
1938, have to exercise the option to convert into 80 shares of common stock.
Judge Dickinson also signed a decree authorizing the company to declare
dividends on the new 7% cumulative preferred stock, which is to be used
to take up the coupons due on March 1, and Sept. 1, 1935, on the old con¬
solidated bonds, which have not been converted into refunding bonds and,

at

1937
1936
x Common stock..$2,884,000
$2,884,000
Accounts payable
12,496
21,847
Liabilities—

Accrd.

Cash in banks and

by Court—

1936

1935

1934

46,759,000
46,707,000
47,032,000
47,441,000

36,622,000
37,243,000
38,696,000
39,774,000

31,950,000
31,136,000
31,342,000
30,790,000

1933

34,675,000
35,394,000
36,370,000
36,289,000

1934
$11,654,709
3,156,947
2,166,003

79,752,368
19,615,595
12,455,522

81,359,468
20,887,318
13,741,861

102,432,160
25,147,642
15,697,298

94,001,562
23,201,594
14,627,880

1410.

Baton Rouge
12 Months

RR.—Earnings—

1937
1936
1935
$14,420,491 $14,535,536 $10,771,406
3,314,535
3,895,425
2,257,327
1,933,438 21,513,625
1,258,469

Electric Co.—Earnings—

Ended July 31—

Operating revenues
x Balance after operation, maintenance
y

Balance for dividends & surplus
x Includes
non-operating
income,
reserve.—V. 145, p. 1090.

.1936
<$1 .o/o,y /1
565,231
520,857
236,892
214,596
After appropriations for
..

& taxes._
net.

retirement

0

y

$i,»4z,o/4

1576

Financial

Chronicle

Bangor Hydro-Electric Co.—-Earnings—
Earnings from Aug. 1,1936, to July 31,1937
Total operating revenuas

Operating

$2,163,831
1,164,645

expenses and taxes
--

Net earnings from operation

3999 186

Other income
Net

'

11

earnings..

Interest

,*885

$1,011,071

funded debt

on

Amortization of debt discount and expense
Other interest

326 209

~

8661 577

Note—No deduction is made in this statement for
Federal surtax
distributed profits.—V. 145, p. 1090.

on

un¬

(Ludwig) Baumann & Co. (& Subs.)—Earnings—

Years Ended June 30—

1937

1936

1935

Net sales

$13,260,510 5 10,834,506
a Cost of goods sold
11,515,850
9,595,266
Deprec. on buildings.185,255
170,460

as

trustee, was named defendant, argued
strongly

Steel should be the defendant.

It was further maintained
case was one for the
Pennsylvania courts,
The bondholders
group had asked for a declaratory
judgment compelling payment of the bonds which were called as
of Sept. 1.
in guilders, not dollars.
not the Federal Court.

Rights to Subscribe—
Holders of common stock

of record

at the close of business on
Sept. 8
right to subscribe at 100% of par (flat) for
15-year sinking
3H% debenture, dated Oct. 1, 1937, and due Oct. 1,
1952,
to the extent of $15
principal amount of debentures for each share of stock
held.
The rights to subscribe
expire Oct. 1, 1937.

$8,550,693
7,370,941

165;!o8

Cr8,540

C/T6.855

Crl6,725

Cr26,368

524,957
264,390
149,433
12,441

477,698

538,844
323,107
12,156

748,997

$616,723

$239,989

$2-68

Bad accounts, written off
and provided for

$0.17

33^% Interest for Debentures—

The corporation, in an amendment filed
with the Securities and Exchange

Commission, states that the interest rate on its
$48,000,000 convertible
debentures will be 3^%.
The debentrues are to be offered at
par.
The
amendment also registers
436,363 shares of common stock which are to
be reserved for conversion of the
debentures.
The~debentures are con¬
vertible on or before Oct. 1,
1942, at the rate of $110 principal amount fo
each share of common,

thereafter and

on or
before Oct. 1, 1947, at the
$115 principal amount for each share of
common, and thereafter
or before April 1,
1952, at the rate of $120 principal amount for
each share of common.—V.
145, p. 1411.

rate of

Interest paid
Prov. for Fed. inc. tax..
Surtax on undist. profits

profit

Earns, per sh. on 150,000
shares (no par) com._

Including selling,

fund convertible

Sets

Realty Corp.

bonds and notes

a

Co., which,

by the bank's counsel that the

1934

$9,276,518
8,179,857
157,688

Profit from red. & resale

Net

Bank & Trust

that Bethlehem

will be offered the

income

of Elbeco

Corp.—Bond Suit—

Decision has been reserved
by Federal Judge John W. Clancy in the
suit brought Aug. 25 by a
group of foreign bondholders to compel
payment
of Lackawanna Steel Co. bonds, in
guilders.
Counsel for Central Hanover

20 214

~

3,071
Net

Sept. 4, 1937

Bethlehem Steel

319,007
48,941

344,885
5,628

$81,591

loss$58,499

Nil

Nil

operating administrative and other expenses, less

miscellaneous income.

and

on

.

Binks Mfg.

Co.—Earnings—

6 Months Ended July 30—

1937

Net income after
charges
Shares common stock.

1936

y$101,352

$47,861

1935

$14,627

107.745

x96,637
x96,637
share
$0.94
$0.50
$0.15
giving effect to exchange of old class A and class B stocks and
of debentures,
y Before
liability for excess profits and un¬
distributed earnings taxes.—V.
144, p. 4335.

Earnings
x

per

After

conversion

Comparative Balance Sheet June 30
1937
Assets—

1936
S

300,762

Cash in closed bks.
x

1937

S

302,654

Cash
Accts.

receivable

inventories

Cash

9,008,108
1,398,441

477,940

349,154

gent liability...

770,794

658,023
58,155

981,886

43,720

2,500

78,415
7% cumul.
1st pref. stock.. 1,947,500

38,620
7,655
2,500

Conv.

Loan receiv'le, em¬

ployees
Lease deposit
Prepaid Ins., int.,
supplies, &c

non-cumul.
2d pref. stock..

172,744

9S.160

1,814,726
356,693

1,804,559
259,518
1

reval.

Goodwill

1.947,500

1,189,800

1,799,559

178,000

of invest,

of Elbeco

Blaw-Knox Co.—Interim Dividend—

approp.

The directors have declared

an interim dividend of
25 cents per share on
the common stock,
payable Sept. 30 to holders of record
Sept. 7.
A like
payment was made on June 30, last, and
compares with 20 cents paid on
April 15 last; 35 cents on Dec. 18,
1936; 15 cents paid on Oct. 30, 1936,

10 cents per share distributed

Realty

Corp
Surp.

1,189,800
178,000

1,809,726

Common stock..
Surp. arising from

El¬

beco R'lty Corp.
Fixed assets

The directors on
Aug. 27 declared a dividend of 10 cents per share on the
capital stock, par $5, payable Sept. 15 to holders
of record Sept. 1.
This
compares with 5 cents paid on June 15 and on March
15, last, and a regular
quarterly dividend of 2^ cents per share
paid on Oct. 15, 1936.
In ad¬
dition, an extra dividend of 10 cents was
paid on Dec. 19, 1936.—V. 145,
p. 933.

J4%

y

1

of

worth

6

Bishop Oil Corp.—Dividend Doubled—

$

2,050,000

..

Prov. for taxes

life insurance...

Net

1936

$

3,375,000

Accounts payable.
Prov. for contin¬

8,208
7,533,507

of

val.

surr.

Liabilities—
Notes payable.

this latter

pref. stock sink¬
ing fund

300,000
surplus.2,972,412

Earned
Total

Total

Acquisition—

300,000

This company has purchased
the assets and

2,505,186

.....13,099,587 11,035,376

on

After allowance for doubtful accounts of
$946,513 in 1937 and $832,950

x

in

13,099,587 11,035,3761

1936.

y

Represented by 150,000

Beacon
on

and

1936

1935

1934

$7,716
1,570
15,317
1,113

$3,216

$1,888
3,702

$6,484
3,830

640

expenses

profit
period

750

for

68,962

38

loss$70,776
1,074,280

$1,866
943,868

the

$86,032
571,302

Deficit Jan. 1

$129,101
672,330

Reduction in amount of
reserve for losses

Cr90,825

5,515

p.

Bliss &

Dr7,849

Cr41,696

Reserve for taxes—

—

Dr25,000

.
—————

Deficit June 30-

$355,865
$604,027
$1,012,535
Comparative Balance Sheet June 30
1937

1936

8839,411

Stocks and bonds.

$876,375
3,852

Cash

135,559

Accts., notes,

int.

Liabilities—

and divs. rec'le.

1937

Res. for taxes, &e_

35,278

for

The directors have declared
addition to the regular

an extra dividend of 5t) cents
per share in
quarterly dividend of 50 cents per share on the com¬
$5, both payable Sept. 30 to holders of record Sept. 18.
Dividends of 50 cents were
paid in the two preceding quarters; regular
dividends of 37}/% cents were
paid in each of the last three quarters of 1936,
and an initial dividend of
25 cents was paid on Marhc 31,1936.
In addition
an extra dividend
of $1 was paid on Dec.
26, 1936, and an extra of 37Vi
cents on Sept.
30, 1936.-—V. 145, p. 428.

$24,481

2,300
84

25

y
z

$1,010,332

$882,552

$32,050

60,762
175,672
605,283

653.182

499,000

499,000

1,000
355,865

604,027

$1,010,332

$882,552

Cl. B partic. pref
Common

Deficit
Total

6,697
167,304

1,000

Represented by 31,857 shares no par class A participating preferred
in 1937
(34,378 in 1936).
y Represented
by 25,000 sbs. no-par
class B participating preferred stock,
z Represented
by 25,000 no par
shares of common stock.—V.
144, p. 2987.
-.y*.
x

stock

Beaumont Sour Lake & Western
July—

Net

after

—V.

145,

Bell

rents

p.

1,328,566
382,322
21,977

1936

1935

1—

Gross from railway
Net from railway
Net

$134,958
7,766
def39,201

1,929,320
902,906
459,156

after rents

From Jan.

Ry.- —Earnings—

1937
$184,102
48,768
14,220

Gross from railway
Net from railway

$132,230

1934

$125,586

31,128

32,492

def4,999
997,184
246,241

1,047,381
279,884

def53,450

def38,651

Operating revenues
Uncollectible oper. rev..

1937—Month—1936
1937—7 Mos.—1936
$5,656,753
$5,384,590 $40,133,330 $37,862,501
18,335
18,520
92,838
94,680

Operating revenues.
Operating expenses

$5,638,418
3,978,858

$5,366,070 $40,040,492 $37,767,821
3,758,723
26,948,308
25,623,809

Net oper. revenues.

$1,659,560
454,751

$1,607,347 $13,092,184 $12,144,012
398,287
3,523,108
2,797,168

Operating taxes
Net oper. income
—V. 145, p 1090.

_.

July—

Net
-

after rents

From Jan.

$1,204,809

—V.

$1,209,060

145, P. 749.




$9,569,076

$9,346,844

RR.—Earnings—

1937
$2,328,090
1,561,097
1,252,907

1936

1935

1934

$1,747,822
1,084,434
799,424

$1,082,043
497,429
407,634

$1,003,474

10,706,202
5,622,181
4,840,078

7,315,300
2,972,768
2.486,701

5,155,374
1,422,532
1,276,746

4.838,130
914,284

1—

Gross from railway
Net from railway
Net after rents

Aug. 27 declared

Dividend—

dividend of 75 cents per share on
15 to holders of record Sept. 24.
April 15, last. A special dividend of 75 cents
was paid on Oct.
15, 1936, and dividends of 50 cents were paid on April
15, 1936, and on Oct. 15, 1935, this latter
being the first payment made
on the issue since
Oct. 15, 1931, when a regular semi-annual dividend of
$1 per share was distributed.—V.
144,
a

p.

Brainard Steel

4169.

Corp.—Registers with SEC—

See list given on first
page of this department.

Bridgeport Machine Co.—2B-Cent Common Dividend—
The

directors

common

have

declarfed

a

dividend

of

25

cents

stock, payable Sept. 30 to holders of record

per

Sept.

share on the
17.
Similar

1 paid
§ayment was made on Junethis and on being 1 last, as dividenda paid on the
30 latter April the first against dividend of
Dec. 21, 1936,
on

common stock

since 1930.—V. 145, p. 428.

Broadway & 41st Street Corp.—Earnings—
The

corporation reported net income available for amortization for the

year ended March

31, 1937, after realty tax and bond interest deposit, of

$93,438, against $63,305 in the year ended March 31, 1936, according to
a report issued
by Amott, Baker & Co., Inc.
The percentage earned on the
$4,268,000 of outstanding mortgage bonds before interest and
amortization,
on an annual
basisT, was 5.27% for the March 31, 1937 year, compared with
4.65% for the previous 12-month period.
Under a reorganization
plan consummated in May, 1935, interast is
initially fixed at 3 % per annum and amortization is continued as provided
under the original trust
mortgage. All interest payments have been made to
date.

Brooklyn-Manhattan Transit Corp.—Annual Report—
Gerhard M. Dahl, chairman, states in part:
Taxes—During recent years costs of labor and taxes have con¬
tinually increased, whereas gross receipts have decreased.
Taxes charged
to operations for the fiscal
year 1937 were equivalent to $8 per share on
Labor and

common stock
outstanding and the ratio to operating revenues was
approximately 11.3% as compared with 6.5% for the fiscal year 1930.
During the fiscal year 1937, payrolls amounted to $20,573,000, which
was
approximately 40% of gross operating revenues; wages were increased
and such increase
together with increases made in the previous y6ar fully
restored the 10% cut made in 1932.
Effective May 1, 1937, a vacation of
one week with
pay was granted to employees who did not previously have
vacations with pay, such vacations adding
approximately 2% to the labor

cost.

Bessemer & Lake Erie
Gross from railway
Net from railway

on

the

Telephone Co. of Pa.—Earning1

_

Corp.—Final Dividend—

def4,340

749.

Period End. July 31—

par

Bond Electric

127,347

expenses

)oint account
Furniture and fixts

stock,

Luigi Criscuolo, Chairman of the protective committee for
6H % deben¬
1937, announced that a final dividend of
2.12% is being
paid to registered holders of certificates of
deposit by the Bank of New
York & Trust Co., 48 Wall
Street, N. Y. City.—V. 143, p. 2827.

litigation

Notes & accts. pay
x Cl. A par tic.
pref

held in so-called

1936

Res. for losses
Res.

Market val. of coll.

Total

$942,003

_

Assets—

1250.

the capital
stock, par $25, payable Oct.
A like
payment was made on

ac¬

quired for treasury.._

business of R. M. Gordon
Co. announced

Blaw-Knox

Laughlin, Inc.—Extra Dividend—

Borne-Scrymser Co.—IB-Cent
116,040

cl. A stock

of

(E. W.) Bliss Co.—Depositary—

The directors

(net)
on

President

933.

The Manufacturers Trust Co. is
depositary under a plan of recapitaliza
providing for the conversion of the three classes of
preferred and the
common stock into new
stock.—V. 145.

Rec. under covenant not
to sue former directors
Disct.

p.

tures due April 1,

Dr35,798

Excess of prior year res.
for taxes reverted

Aug. 30.—V. 145,

mon

2,494
prof99,610 profl35,819

sale of securities.

Net

3,000
3,301

bank

services.
on

2,994

9°- WOliam P. Witherow,

tion

800

Interest paid
Transfer fees

Loss

145, p. 932.

1937

int. & divs__

General expense
Taxes

Other

shares.—V.

Participations, Inc.—Earnings—

6 Mos. End. June 30—

Income

no par

on July 30,
April 30 and Jan. 2, 1936,
being the first distribution made since March 1,
1932, when a
12^ cents per share was paid.

dividend of

for

377.448
320,657

.

820.432

Under the refunding plan described in the 1936 annual
report, interest
on funded debt were
reduced, effecting a reduction in interest payable

rates

which, excluding sinking fund computations, amounted to over $1,000,000
for the fiscal year 1937, but because of increased cost of labor and taxes
"current income carried to surplus" showed a decrease of over $489,000.
Therefore, the saving accomplished by refunding has been more than
absorbed
by increased cost of labor and taxes.
Among the taxes added in recent years to the heavy tax burden carried
by the companies of B.-M. T. System is the New York City local law tax
of 3 % of gross income
imposed upon all utilities including transit companies,
for unemployment relief.
This one tax required payment by B.-M. T.
companies of $1,726,114 for the fiscal year ended June 30, 1937.
This tax
was
originally imposed in 1933 at 1^% of gross receipts and it was repre¬
sented at that time to be
only a temporary emergency measure to be in
effect for six months.
The period of its duration was then extended through
the calendar year 1934, and instead of
ending at the close of that year, it

Volume

Financial

145

continued, and the rate, commencing Jan. 1, 1935, was increased to
3% of gross receipts.
As thus doubied in amount the tax is still in effect.
Up to July 1, 1937, the City of New York collected the entire tax. Since
July 1, 1937, the State of New York takes 2% and the city 1%, with the,
result that the companies are still required to pay a total of 3% of gross
receipts for unemployment relief, in addition to tne sales tax on substantially
all materials ana supplies purchased.
The total of these additional taxes
paid by B.-M. T. companies to and including June, 1937, is $5,522,947.37.
This tax is a tremendously unfair burden on transit companies for the

Less—Amount

was

following reasons:

•

It is a definite percentage of gross receipts and is, therefore, a far
heavier burden (30% of net income) on a company whose operating ex¬
penses are 90% of its gross receipts than on a company whose operating
expenses are 50% of its gross receipts (0% of net income).
(2.) It is highly discriminatory because it is not imposed on business
generally, but is imposed only on utilities, although the sole purpose of the
tax is to raise money for the relief of suffering due to unemployment, for
which other business is more responsible than the B.-M. T. System com¬
(1)

panies.
During all the years of the depression no employee of our com¬
panies was discharged because of the depression or because of the reduc¬
tion in the number of revenue passengers carried.
Hundreds of employees
whose services could have been dispensed with were continued on the

If all business organizations had been
problem ,
■ >

payroll.

able to do likewise

&

Court of the United States.
Traffic—Tne total number of fare passengers carried on all lines of the
B.-M. T. System—rapid transit lines, trolley lines and bus routes—during
the fiscal year 1937, was 1,021,342,782, a decrease of 9,569,342 passengers
or 0.928% from the preceding fiscal year.
Both the rapid transit lines and trolley lines of B.-M. T. Systems were
subjected to increased competition because of extension of lines of the
Independent Subway operated by the City of New York.
Rapid Transit Lines—The total number of fare passengers carried on the
rapid transit lines in the fiscal year 1937 was 590,491,591, a decrease of
18,417,819 passengers or 3.025%, as compared with the preceding fiscal

297,819

dividends

1937

shs.

rentals, &c.. and certain preferential deductions, including
of any payments to the city.
The con¬
densed summary belcfw for the fiscal year ended June 30, 1937, and for the
24-year period of operation under the contract, shows the order in which
such deductions are made from the revenue and the application of revenue
thereto, together with the accumulated deficiency, subject to adjustment for
accrued items not previously included and to audit
by the Transit
expenses, taxes,

accumulated deficiencies, ahead

Commission.

-

*

$31,558.060 $622,133,679
corporation's first pre¬
27,902,096 517,469,198

Operating deductions and
ferential

available for return
invested under contract

Balance

on

new

$3,655,963 $104,664,480

Corporation's second and third preferentials, re¬
presenting interest and sinking fund on corpora¬
tion's contribution to construction and equip¬

com,

The

_

are

which do not affect current income carried to

Comparative Consolidated Balance Sheet June 30
[Incl. Brooklyn & Queens Transit Corp. and Subsidiaries]
T

Properties owned, excl.
of rapid transit exp.
made under contr't

186,309,441

115,915,102
2,990,277
3,579,229
676,595

115,098,197 112,977,477 112,577,380
6,291,918
3,638,880
3,573,090
3,113,694
3,129,665
3,038,858
2,279,342
2,336,159
3,217,685

exp. un¬

Contract No. 4

der

and related ctfs

Cash

The stated

hand and in bks.

on

Materials and supplies.

_

Coupon deposit
Dividend deposit
Mtge., &c., receivable.

_

$6,584,237
30, 1937,

$3,457,055

"operating deductions" for the year ended June
of $1,535,418 in adjustment of tax charges

amount

[Incl. Brooklyn & Queens Transit Corp.
Rev. from Transport'n—
1937
Passenger revenue other
than
Brooklyn
Bus
Corp
$46,412,829
Pass, rev., Brooklyn Bus
Corp
3,785,864
Freight revenue
314,537
Other car revenue
156
-

and Subsidiaries]

bl936

Interest receivable.

—City of N.Y.corp.
!
stk. & Liberty bds.
Deprec. Fund Board,
&c., sec. and cash.!

264

222

Cash

1,182,685

1,183,346

1,162.537

267.055

249,620

244,769

11,191

equipment
Rent of tracks and ter¬

22,365

20,741

244,486
25,087

3,809

16,833

3,806

minals

4,482

1,770

2,050

2,265

3,990

13,874

Saleofpower
Miscellaneous revenue.

11,259

12,945

17,930

Total oper. revenue..$51,987,039

$52,464,854 $51,555,084 $52,599,376

3,498,030

Deprec. of way & struct.
830,000
Maint. of equipment...
4,595,720
Deprec. of equipment..
1,720,712
Operation of power plant
4,601,022
Operating of cars
14.167,834
Injuries to persons and
property...
2,761,842

8,635
1,954,037
194,649
5,887,657

Traffic expenses
Gen. and iniscl. expenses
oper.

3,475,772
830,000
4,524,989
1,660,939
4,899,091
13,828,044

3,172,165
930,000
4,299,085
1,613,682

3,085,693
932,500
4,387,187
1,666,875
4,215,295

4,546,989
13,410,638

2,712,028

2,702,031

3,769
1,816,320
199.002
4,865,831

7,072
1,850,985
194,076
4,559,040

13,564,837
2,367,507
..

11,917
1,938,436
182,310
4,180,048

Operating income
$11,766,901 $13,649,066 $14,269,318 $16,066,766
Non-operating income..
921,049
886,443
729,976
701,253

$12,687,950 $14,535,509 $14,999,295 $16,768,020

Income Deductions—

6,866,053
206,975

deductions
Rent deductions
Amort, and other deduc.
Interest

income

204,730

1,453,250

i

,

►

1,500,000
Trustees'

fund

for

re¬

18,318

17,938

18,443

1,156,885

2,742,907

3,170,751

2,888,951

2,898,426
434,718

2,959.211
345,518

363.408

placement of equip
Accts. in litiga'n & items\
in suspense

Unamort.

.

debt discount

and expense.

Prepaid accounts

$

$

Funded debt—B.-M. T.

92,660,000

90,660,000

22,416,000

29,683,630

29,215,630

26,968,400
174,520

23,964,300
519,621

26,086,000
726,667

916,500

1,092,000

112,500,000 110,000,000

Corp.

1934

1935

1936

1937

Liabilities—

752,621
525,001,489

336,079,260 335,889,958

N. Y.

Rap. Tr. Corp.
underlying bonds.
22,423,000
Bklyn.
&
Queens
Tr.
Corp
27,957,200
Bklyn. Bus Corp
62,753
Bklyn. & Queens Serv.
Co., Inc..
1,935,000
_

Total funded debt. 164,877,953

y

(249,468 shs.) 24,946,800
Common stock
29,938,138
&

Minority int. in cap.
surplus of subs
Bills

147,744,051 147,780,297
24,946,800
29,938,138

24,946,800
29,938,138
20,268,492
150,000
3,849,031
2,281,318
2,041,805
3,872,970
61,899
53,820
745,204

2,479,724

3,199", 148

731,049

118,655
2,051,718

1,637,259
2,410,172
7,406
53,821
2,323,250

20,459,328
100,000
3,000,000
1,933,682
1,941,549
3,846,178
17,192
53,820
2,289,298

19,484,672

15,524,320

15,086,900

13,666,122

3,588,310

2,027,508

40,604,406
144,863

2,586,528
49,307,383
162,582

45,976,069

176,980

1,527,518
44,652,444
181,589

2,749,061
922,776
19,519,977

273,044
846,132
20,146,340

665,531
846,132
26,606,601

529,215
846,132
27,608,690

20,633,713

62,500

87,500

payable

.

payable

Accounts

2,247,500
161,806,420
24,946,800
29,938,138

21,903,015

Real estate mortgages..

.—..

1,948,351

Int. accr'd on fund, debt

7,294

Other interest

incl. judgm.

Acer, amort, of cap., &c.
reserves.

for

taxes

in litiga.

liability

Unadjusted credits...
Excess of par or stated
val. over cost of interco. sees, eliminated in
consolidation (net)
—

Capital surplus
Surplus, June 30.

336,079,260 335,889,958 327,655,758 325,001,489

Total

Represented by 735,664 no par shares,

z

Accounts and notes receivable.

Comparative Statement of Consolidated Income Years Ended June 30

Transit Corp. and Subsidiary Cos.]
1937

xl936

1935

transp.—Pass. revenue$29,526,125 $30,447,125 $29,913,596

156

Other car revenue

Totalrev. from

264

222

transportation..$29,526,281 $30,447,389 $29,913,818

3,847,040

operating revenues

3,801,623

3,620,763

operating revenues
$33,373,321 $34,249,012 $33,534,581
2,445,616
2,202,605
Maintenance of way and structures..
2,492,761
320,000
320,000
Depreciation of way and structures..
320,000
2,326.332
2,490.087
Maintenance of equipment
2,458,153
780.000
780,000
Depreciation of equipment
780,000
4,588,792
4,945.452
Operation of power plant
4,647,295
6,864,434
7,049,927
Operation of cars
7,130,945
Injuries to persons

8,057,157
202,178

8,348,721
205,466

8,455.402
206,202

808,641

727,003

91,029

206,029

$4,806,281

$5,549,170

$6,354,078

$7,900,385

....




883,896
3.505

2,604
1,080,250

846,167
2,216
970,545

1,012,133

37,932

35,107

37,654

822,779

and property

Traffic expenses

General and miscellaneous expenses.
Miscell. charges from

Operating Expenses—
Maint. of way & struct-

Balance of income....

1,546,430
9,125,499
204,236

Trustee, equip, tr. notes,

180

1,175,958

Rent of

from

1,594,928

9,670,311
185,477

290,693

other

privileges

Gross income..

1,631,644
11,584,873
273,054

Total

Rent of land, bldgs., &c.

Freight expenses
Taxes assignable to

1,714,704

4,025,816

Other spec

fromtransp.$50,513,386 $50,992,391 $50,087,207 $51,128,509
and

400,620

12,301,487

[Excl. Brooklyn & Queens

3,241,675

400,620

Trustees, coll. tr. bonds:

Revenue from

Other Oper. Revenues—

Advertising

441,870

$47,184,173 $46,520,048 $47,595,960
3,246,561
320,375

599,950
476,015
472,108
z418,321
178,998

State Industrial Com.

,

3,519,571
288,382

462,762
152,709
z5$3.332
178,015

ties and cash:

City of N. Y., Contr't
No, 4, &c..

Other
Totalrev.

89,954
z647,8u7
146,897

Special deposits of securi¬

al934
:

317 058

428.214

441,870

Accounts receivable

y

1935

389,168

187,078
590,338
193,994
347,139
182,831

Investments

Other reserves

foi prior
years, arising out of the deferred payment of special franchise taxes in
December, 1936, which, in the accounting under contract No. 4, was
treated as current year's deduction.
The actual preferential deficit result¬
ing from the operations for said year was therefore $1,921,637.
Comparative Statement of Consolidated Income Years Ended June 30
include an

185,839,199 186,294,027

188,238,041

No. 4 & related ctfs

Rapid Transit

& conting. tax

on

1934

1935

1936

1937

Assets

Cost of road and equip.:

Res.

which

surplus,

b 1936 figures revised for comparison.

Dividends payable

sinking

corporation's contribution to con¬
struction ana equipment under the contract.
fund

$6,940,818
1,496,808

1,496,808
1,122,606

stk. (no par)

1934 figures

Tort claims,

111,248,718

7,113,019

Deficiency,
representing amount
by
revenue failed to equal interest and

$5,707,353
1,496,808
2,206,992

Tax accruals

money

ment under the contract

$4,997,588

Pref. stk.

Period

Aug. 4, '13
June 30,'37 to June 30,'37

Year Ended

Revenue

959,566

jfiyfe

$4.09',;
$5_.59__
$5.72
$7.40
restatedTfor comparative purposes*to eliminate
inter-company revenues and off-setting deductions between the BrooklynManhattan Transit System and the Brooklyn & Queens Transit System,
which previously had not been eliminated in reports for prior years and
a

miles operated on the rapid transit lines in the fiscal year
101,374,083, an increase of 513,367 miles or 0.51% over the

was

646,725

1,496,808
2,574,824

Common dividends
Earns, per sh. on 735,664

year#
The total car

preceding fiscal year.
Results of Operation Under Contract with City—Under the provisions of
Contract No. 4 with the City of New York, the New York Rapid Transit
Corp. is entitled to deduct from the revenue from operation all operating

551,582

$4,508,462

surplus

„

Preferred

there

ing to the Supreme

bl936

Current inc. carried to

The

.

al934

1935

|i 1397 j*aa

accruing
minority int. of B.
Q. T. Corp

to

would have been no unemployment

employees with wnom the operating companies of the B.-M. I.
System have contracts which will expire in October, 1938, and in accord¬
ance with which wage increases were made in fiscal year ended June 30,
1937, as above stated, have asked through their elected representatives
that these contracts be modified to provide for readjustment upward in
the rates of pay specified in the contracts.
Our companies cannot continue
much longer to meet the demands of labor for increased wages and at the
same time continue to pay excessive taxes.
Tax Litigation—On Sept. 23, 1936, two actions were commenced against
the City of New York, one by New York RapidTransit Corp.
and the
other by Brooklyn & Queens Transit Corp., to recover the amounts paid
by said corporations respectively under tne local laws of the city which
imposed a tax on utilities of 3% of gross earnings for the purpose of un¬
employment relief during the period from Jan. 1, 1935 to June 30, 1936,
on the ground that the local laws in question were unconstitutional and void.
The city moved to dismiss on the ground that the complaint failed to state
cause of action wnich raised the legal question that, assuming the facts to
be as stated, were these tax laws in violation of the Constitution of the
United States?
The Supreme Court of the State of New York decided in
favor of the companies.
This decision was affirmed by the Appelate
Division.
The city appealed to the Court of Appeals which reversed the
decision of the lower court.
From the decision of the Court of Appeals the companies are now appeal¬

1577

Chronicle

_

B. & Q. Transit

System

—$13,600,600 $14,363,891 $14,515,226
operations
3,701,650
3,109,651
2,866.372
assignable to operations—

Net revenue from
Taxes

—

Operating income
Non-operating income

...

(net)

....

Gross income
Interest

accrued on funded debt

$9,898,950 $11,254,239 $11,648,853
1.213,313
1,308.812
1.217,970

$11,112,263 $12,563,052 $12,866,823
6,803,736
7,014.482
5,661,793
10,148

Other interest

charged to fixed capital
Rent for lease of road and equipment
—Brooklyn & Queens Tr. System..
Other rent deductions—B. &
Q.

Interest

Crl07,196

15,608
Cr2,407

13,635

of debt discount and
premium—net
of leasehold invest, under

25,100

25,100

25,100

112,930
174,315

Transit System
Other

113,087
174,939

113.891
174,859
39.013

Amortization

83,302

50,205

648,000

610.000

$4,503,872

$4,772,781

Amort,

contract No. 4
Current income carried to
x

1936 figures revised for

surplus.

comparative purposes.

$5,485,841

1578

Financial Chronicle
Condensed, Consolidated Balance Sheet, June 30

Sept 4, 1937

Condensed Consolidated Balance Sheet June 30

[Excl. Brooklyn & Queens Transit Corp. & Subsidiary Cos.]
1937
Assets—
Road
at

&

1936

$

cost

194,461,420 192,956,083

securs.

B.

Q.

&

of

$
$6 cum. pf. stlc. 24,946,800
Common stock. 29,938,138

Corp. <fe subs. 26,538,626

49,658,238

2,533,036

Coupon deposit-

147,246

2,986,024
2,806,694

Dividend deposit

181,115

Secur., at cost__

148,975

88,974

xl82,177

355,701

notes

(less res.)
Interest
receiv.
rec.

Interest

1,365,321
76,903

131,884

Gen. & conting

410,267

Dep. fund
Damages

2,328,680

2,013,340

Materials & sup¬

currently

&

178,242

17,738,684
3,490,455

14,455,409

Special depos. of
secur. (at cost)
Deferred charges

60,030

6,898,306

87,500

35,849
13,918

58,536

to assoc. cos..

699,712
1,011,395
276,215

699,712

1,081,895

236,327

249,972

Int.

583,029

614,653

173,770

funded debt..
Other interest

Trustees'
lund

reserves

391,733

80,203

Other liabilities

100,560

17,908,884

17,275,293

tr.

74S.372

x

248,908,463 271,251,581

Accounts receivable only.—V.

Bristol Brass

Total

145,

p.

248,908,463 271,251,581

699,137

27,781

56,374

814,786
197,221

831,787

-

Taxes

Prepaid accounts

176.532

tax

Bunker Hill & Sullivan

Mining & Concentrating Co.

Total

—V

...114,392,831

145,

1,465,572
2,946.719

4,206,553

114.772,042

1937—7 Mos.—1936

reac¬

114,772,042

Total

65,577
1,465,572

1250.

p.

Brown Fence & Wire Co.

(& Subs.)

1937

Other income

1935

1934

$385,644
43,343

$187,837
54,344

$502,170
36,851

$242,182

10,675

$650,649
28,352

$478,500
23,670

$428,987

54,373

Depreciation

-Earnings—

1936

$596,276

Bond interest

34,411

39,587

Prov. for contingencies.
Federal taxes

$289,630

Burlington &

$161,812

Rock Island

July—

1937

Gross from railway
Net from railway

after rents

-

1936

456,463
def72,405
defl81,569

$70,331

1934

$60,046
def27,790
def43,171

def4 257

$68,151
def 9,591

455,966

446,188
def55,931
def147,797

def 119,637

def229,215

145, p. 750.

total number of fare
passengers carried on all lines of the Brooklyn &
Queens Transit System including tbe Brooklyn Bus
Corp. was as follows:

1937

1936

Increase

352,234,106 349.101,879
78,617,085
72,900,835

Total.

x$533,678

$340,627
198,128
195,835

$388,739

$151,362

430,851,191 422,002,714

«.

"

198,128
41,965

293,752

x Earnings
per share on 279,764 shares
compared with 51 cents per share in 1936

0.89%
7.84%
2.09%

miles operated on trolley lines in the fiscal
year 1937, was
an increase of 895,541 cars miles or
1.88% of the total car
miles operated in the
previous year.

Passenger traffic on the bus routes operated by the Brooklyn Bus Corp.
increased 7.84% in the fiscal
year 1937, as compared with the preceding
fiscal year.
The total number of fare passengers carried on tbe bus routes
in 193/ was 78,617,085 and the total
number in 1936 was
72,900,835.

The
total number of bus miles
operated in 1937 was 12,026,981, an increase of
1,185,388 bus miles or 10.9% over the
preceding year, reflecting operation
of 30 additional buses and
increased route miles referred to the 1936 annual

report.

1936

on

Inventories
Real

estate

1937

curr.

90,000

55,000

liabils.

62,030

49,111

990,640

990,640

6,000

S

802

CI. A conv.pf.stk
CI. B com. stock

139,882

Common stock (par
$1)

107,274

279,764

Capital surplus.

537,734
86,259

8,048

__

$48,856

Res. for conting

1,284,983

534,783

1936

$145,151

Fed.

z

Land,
plant,
equipment, &c._

Deferred charges

for

income tax.'

Other

pur¬

chased for resale
x

Reserve

74,113
17,388
116,463

6,774

133,763
1,676,762

Liabilities—

Accounts payable-

$151,130
250,000

100,005

Due from empl'ees
Install, accts. rec.

733,530

881~827

381,139

350,475

3,720

__

Earned surplus...

Dep. in liquidating
banks

Total

competition between tbe trolley

car

1937

$114,044

Time ctfs. of dep..
Accts. & notes rec.

increase in trolley traffic
occurred
notwithstanding that during
fiscal year 1937 the Independent
Subway operated by the City of New York
extended its lines and there was increased

Subway for local traffic.

stock $1.20 per share,
the present capitalization.

common

Consolidated Balance Sheet June 30
Assets—

Cash

The

lines and the Independent

-

Common dividends

def 21,702

Brooklyn & Queens Transit Corp.—Annual Report—
'The

Trolley lines

6,154
14,500
30,580

-

Class B dividends

1935

defl8,899

Buslines

65,904

—

—

Class A dividends

775,250
118,799
def35,527

Gross from railway
Net from railway

53,950

—

$1,151,129

RR.—Earnings—

$132,119
36,019
13,465

--

Net after rents
From Jan. 1—

$1,963,327

88,619

Net profit for period..

depletion
—V. 144, p. 4171.

.The total
48,378,199,

62,022

quired bonds.

Total income

1937—Month—1936

of

cost

Years End. June 30—
Profit from operations._

145, p. 1412.

other inc., but before
inc. taxes, deprec. and

—V.

1,024.375

64,660

Capital surplus.
Surplus....

City of New York has been appointed

Operating

Net

1,784,469

liability

Excess of par or
stated val .over

—Earnings—
Period Ended July 31—
income incl.

3.058,645

litiga¬

conting.

Unadj. credits..

Co., Inc.—Registrar—
common stock.—V.

8,203,387

114,392,831

In

tion &

1250.

See V. 144, p. 3488, for de¬
payments.—V. 144, p. 4335.

Bank of the

2,432,195

reserves

Unamortiz. debt

extra of 25 cents was paid on March 15 last.
tailed record of previous dividend

The Chase National

249,381
17,358,631
2,837,277

capital & other

The directors have declared a dividend of
$1.25 per share on the common
stock, par $25, payable Sept. 15 to holders of record Aug. 31.
Previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition, an extra dividend of 50 cents was paid on June 15 last and an

registrar for this company's

3,065,845

Acer, amortiz. of

Corp.—To Pay $1.25 Dividend—

Brown Rubber

5,962

Res. for replace,
of equipment-

1.500,000

disct., &c
Total

7,406

22,572
218,194

635,125
14,959.240

Res. for conting.
Res. for damages

cash

posits

7,293

cos

Other special de¬

19,374

_

surplus.

24,509

equip't

notes

668,457

41,752

Dlv. rayable...
Due
to
assoc.

of

stock &
Lib'ty bonds)

Trustee,

354,853

.

on

judgments

corp

1,562,153
2,717,430

payable.

accrued

Tort claims, incl.

re¬

(City of N. Y.

1,803,841
1,199,877

Unadj. credits
Earned

173,770

acct.

for

placement
equipment

tax

Unamount prem.
fund, debt-.-

5,039,749

Y.,

N.

18,800,000
31,486,420

Accts.

15,012

State Ind. Com.

liability
Other

of

28.325,000

stk.

Tax accruals.

acct. franchise

28,808,535
12,782,203
11,577,741
1,471,174

11,669,304
12,272,503
1,465,762

res.

con¬

tingent

354,012

62,500

rec.—not curr

Taxes in litiga¬
tion

receivable

31,454,953

Real est. mtge_.
Ctfs. of indebt.

28,325,000

(800,000sh.) 18,800,000

Common

Mtge. notes,&c.,

City

Amort, of cap.

plies, at costMtges. & accts.

Funded debt...

980

Int. receivable..

168,913

_

and cash

31,248

35,849

cos

635,125

(less reserve)

(283,250sh.j

410,991
218.194

cos

1,840,581

Reserves—

companies

587,066

Due from assoc.

Tort claims and

judgments
Due to assoc.

stock—
Preferred stlc

1,025,51.8
292,105

Stocks & bonds..

968,801

on

funded debt..

Due from assoc.

not

454,834

accr.

$

Capital

566,849
5,963
45,019

Coupon depositDlv. deposit

Tax accruals

1936

S

Liabilities—

108,451,555

1,250,549
164,962

Accts. receivable

170,975

and

Mat'ls & suppl's

29,938,138
debt--.134,923,000 132,423,000
pay.
1,468,330
2,117,253
Dividends pay.
2,045,755
2,219,530
Funded

Cash

Accts.

24,946,800

1937

S

Road & equip..109,691,723
Cash
419,741

$

Accounts

Tr.

1936

A3

1936

Liabilities—

equip.,

Inv. in

1937

1937

$

x

$2,682,254 $2,521,7901

Total

$2,682,254 $2,521,790

After depreciation of $925,569 in 1937 and $901,076 in 1936.

sented
—Y.

by 99,064

no par

shares,

z

Represented by 139,882

y

no par

Repre¬
shares.

144, p. 3998.

(A. M.) Byers Co.—Accumulated Dividend—
The directors

on Aug. 27 declared a dividend of $2.50
per share on ac¬
7% cumulative preferred stock, par $100,
payable Sept. 20 to holders of record Sept. 7.
This dividend is payment of
accumulated and unpaid portions of the dividends
ordinarily payable on the
preferred stock on May 1, 1933, and Aug. 1, 1933, amounting in each case

count of accumulations on the

to $1.25.

In addition to the dividend, the check will include the sum of
53M cents
share, representing the interest at 5% on $1.25 a share from May 1, 1933.
1937, or 27 H cents a share, and interest at a like rate on $1.25
per share from Aug. 1, 1933, to Sept. 20, 1937, or 26 cents a share.
The dividend announcement states that the
corporation at the present
time has no earned surplus but has a paid-in surplus
amounting to $9,070,730, and the corporation is advised by counsel that dividends may be paid
ojit of this paid-m surplus provided the source of such dividends shall be
disclosed to stockholders entitled thereto prior to or
concurrently with the
a

Comparative

Income

Account for
1937

Passenger
Pass,

1936

June

30

1935

revenue

$16,886,704 $16,737,048 $16,606,452
Brooklyn

revenue

Bus Corp.
Freight revenue

3.785,864
314,537

Total.
Other

Year Ended

3,519,571
288,383

3,246,561
320,375

(System)
1934

$17,271,899
3,241,676
290,693

$20,987,105 $20,545,002 $20,173,389 $20,804,267

Street

Ry. Oper,

payment of such dividends.
The last previous payment on the preferred stock was 50 cents on Nov.
1,

1933.—V. 145,

Revenues—

Advertising & other priv.
Rent of buildings & other

Rent of tracks & term'ls.
Sale of power

Miscellaneous receipts

_

_

70,884

59,862

154,680
65,487
26,492
633
7,024

139,046
74,569
27,168
898

855

7,717

8,785

140,684
83,335
39,520
2,315
11,933

$325,200

property
Rent of equipment

Total

to Sept. 30,

$309,261

$318,389

$343,833

64,900
140,825

76,529
26,495

66,046

other street ry.

oper. revenues

Tot. street ry .op .revs

_

$21,312,304 $20,854,263 $20,491,778 $21,148,101

Operating Expenses—

p.

751.

California Water Service
12 Months Ended July 31, 1937—
Gross
Net before depreciation
—V.

145,

p.

Oper. of

1,540,256
2,917,060
2,439,876

1,579.639
2,807,234
2,272,889

1,488,942
2,825,686
2,244,946

6,553,750

6,712,209

expenses

Net rev. from oper
accrued on oper-

1,818,135
835,345
194,099

$4,170,906

$4,266,696

$4,430,686

$5,173,133

1,756,179

1,692,667

1,517,824

662,690

Notes, drafts and

accts. receivable
Amts. receiv. from

Cash

205,659

$2,510,516
180,982

$2,738,019
188,864

$3,655,310
200,657

Rent reductions

Amort, and other deduc¬
tions from income

Preferred dividends

$2,190,557
1,424,823

$2,691,499

$2,926,884
1,431,767
40,651

$3,855,968
1,510,091
38,294

42,509

1,392,501
36,073

$645,831
637,313

66,797

$1,196,127
778,937

52,016
$1,402,449
991,375

17,437
$2,290,146
1,699,500

Surplus
common

$8,518
shares




Nil

$417,190
Nil

$411,074
Nil

$590,646

$0.74

S.

&

787,625
15,115

life insurance

Local taxes, wages
& miscell. accts.

410,855

255,046

600,000

200,000

35,911

63,587
5,101

212,521

416,590

61,000

48,000

Res. for prop. adj.
Res've for obsolete

Dom.

of

Can. inc. taxes.

surr. value of

bottles

64,226

accts. rec_

12,906

19,582

Advs.for travel exp

8,464

5,447

Hupfel Brewing
Corp
Inventories
1,955,671

1,000,000

Deferred credit

1,608,989

258,302
5,382,539

35,353

Funded debt (non-

Reserve for contin¬

Depos.

b

Funded

debt pay.
within 1 year

rec. for con¬

Property

Deferred charges

-

.

_

&c

....

410,483

337,942
1,257,507

current)

265,843
5,285,208
197,548

261,341

gencies

Capital stock
Surplus
c

2,563,155

200,000
2,563,155

3,698,831

200,000

4,784,800

1

-

Advs. for property
purchases

24,470

Customers' depos. *1,256,393

return'le

by customers

Total

Earns, per sh. on 800,000

U.

981,865

G'dwill, trade-mks,

77,394

$

Accounts payable.
Notes payable

17,195

employees

tainers

Gross income

Liabilities—

828,138

Inv. in J. Chr. G.

$1,984,899
_

880,753
182,310

Apr. 30 '37 Sept. 30 '36

$

Cash

Sundry

Taxes

Operating income
Non-operating income.

Apr. 30 '37 Sept. 30 '36
Assets—

1,640,121

194,756

1,865,860
845,777
199,002

and

General miscell. expenses

Freight

6,779,735

1,939,063
873,795

2,186,007

persons

Ale, Inc.—Listing—

The New York Stock Exchange has authorized the
listing of 102,526
additional shares of an authorized issue of 800,000 shs. of its
capital stock
($5 par), on official notice of issuance, pursuant to the terms of an offering
to stockholders and an
underwriting agreement, making the total amount
applied for 615,157 shares of such stock.
(For offering, see V. 145, p. 1412.)

a

7,043,002

to

1936

$2,232,435
1,123,236

Consolidated Balance Sheet

1,515,811
3,079,478
2,495,492

cars and traffic

expense

Injuries

1937

$2,447,815
1,251,456

271.

Canada Dry Ginger

Mamt, & deprec. of way
and structure.Maint. & deprec.of equip
Purchased power, &c

Co.—Earnings—

22,000
9,473,620 10,167,081!

Total

9,473,620 10,167,081

After reserves for uncollectible notes and accounts of $89,108 at
Sept.
30, 1936, and $75,867 at April 30, 1937.
b After reserve for depreciation
c Represented
by shares of $5 par value.—Y. 145, p. 1412.
a

Volume

Financial

145

1579

Chronicle

Calaveras Cement Co.—Accumulated Dividend—
have declared a dividend of $2 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Sept. 30 to
holders of record Sept. 15.
A similar account was paid on June 30 and on
March 31, last; a dividend of $4 was paid on Dec. 19, 1936, and $1 on
Dec.l, Nov. 1, Sept. 1, July 1, May 1, March 2 and Jan. 16,1936; Nov. 15
and Aug. 12, 1935, this later being the first distribution made on this
issue since Jan. 15, 1934, when a regular quarterly payment of $1.75 per
sh^re was made.—V. 144, p. 3999.

July

1,

1936,

premium, discount, com¬

of preferred stock

amortization

mission and expense.—V. 145, p. 935.

The directors

Cambria & Indiana RR.-

1937

Net after

rents

From Jan.

1935

1934

$98,256
27,302

$68,403
4,984

60,386

54 523

$81,117
13,248
59,181

739,861

Net from railway

1936

683,946
66,076
408,644

628,145

277,030

Net after rents

554,374

—V.

w

1—

Gross from railway
Net from railway

600,055
140,900
497,349

181,054
524.268

Central RR. of New Jersey—Earnings—
July—

1937

$2,602,779
652,243

'
1936
$2,555,774

124,941

693,950
113,711

19,394,446
5,545,356
1,700,448

Taxes.

1937—12

_

$3,257,455
2,489,135

$248,501

$768,320

32,642

30,982

70,234

Profit

expenditure

Other inc. or

$3,059,352
2,451,144

Net after rents

Charleston & Western Carolina

$447,483
27,943

Interest.

Provision for

$279,483
26,751

$838,555
104,260

$661,759
76,865

76,300

Total

92,665

315,734

378,586

deprec'n..

def47,363

17,171,184
5,004,471
2,255,195

Net

1934
$144,178
36,851
19,867

55,858

61,492

18,974

1,303,307

1,186,571

550,011

420,966

333,516

1,204,879
413,841

"

349,520

272,687

210.434

273,863

Jan. 1—

Net from

railway

Net after rents

—V.

1935
*
$148,665
35,457

1,548,017

Net after rents..
From

Ry.—Earnings—

1936
$210,843
83,076

1937
$221,454
80,187

railway
from railway

Gross from railway

$608,208
53,550

36,744

17,179,932
4,631,980
1,815,503

—V. 145, p. 752.

Gross from

Mos.—1936

1937—3 Mos.—1936
$1,237,304 $1,034,074
822,464
785,572
$414,840

Period End. July 31—
Profit from operations__

1934
$2,289,517
551,386

From Jan. 1—
Gross from railway
Net from railway

July—

Ltd. (& Subs.) —Earnings—

1935
$2,381,206
660,824

18,028,420
4,211,874
709.663

Net after rents

145, p. 751.

Canadian Breweries,

Stock—

Foundry Co.—To Reduce Preferred

Gross from railway
Net from railway

•Earnings-

$81,322
13,047
61,529

July—
Gross from railway

Central

Stockholders at their annual meeting on Sept. 13 will vote on a proposed
reduction in authorized preferred stock from 9,000 shares to 4,349 shares
—V. 145, p. 751.

145, p. 752.

,

Cherry-Burr ell Corp.—To Vote on Stock Split—
a special meeting to be held Sept. 15 will be asked to
proposed three-for-one split-up of common.
Authorized stock would be changed to 600,000 shares of $5 par value

Stockholders at

approve a

x

1

Profit

$206,307
interests and Dominion Government
$418,561

$160,067

$343,238

x

Subject to provision for minority

i'

r

jQCQLQ-© t3»X6S«

'

1

Liabilities—-

Assets—

Cash

$90,920
794,396

.

Bank loans & overdraft

$460,889

(sec'd)

846,407

&accr'd liabs
5H% series A sink, fund debs.
Accts. & bills rec. less res. for
due April 1, 1946
doubtful accounts
316,568
Inventories
1,737,215 Min. int. in sub. company
.......
Invests, in & advs. to affil. cos.
106,019 xCapltal stock....
Prepaid expense...
342,697 Capital surplus & distributable

Investments.

Accts. pay.

Total

$9,930,259

Total

Represented by 163,428 cumulative sinking fund

x

reserve

Canadian National Lines in New
Gross from

2,048,385

$9,930,259
convertible preference
y After

$106,133
def26.496
def72,797

869,126

753,917

defl0,531
def323,8S6

def 171,444

627,210
def190,976
def473,686

619,459
def144,046
def469,402

after rents

From Jan.

1934

1935

$105,389
defl9,374
def58,217

$126,915
defl7,904
def61,170

railway

1—

Gross from railway
Net from railway
Net after rents

def463,540

145, p. 751.

—V.

def23,986
def47,178

def39,045

$106,880
def 17,231
def35,929

$103,540
def17,844
def37,418

1,576,288

1,375,845

1,200,476

305,534
80,856

103,894

121,594
def66,756

1,340,384
235,780
31,096

$125,019
defl5,212

$132,782

Gross from railway
Net from railway

Net after rents

Jan. 1—

Gross from railway

railway

Net after rents

—V.

108,709

145, p. 751.

Canadian Pacific Lines in Vermont- —Earnings—
$90,409

def43,496

695,883
def86,083
def278,079

574,315
def235,268

after rents

From

Jan.

$71,666
def23,923
def44,413

549,017

def 17,739

def37,268

$79,902
def18,543
def39,429

$86,701

def8,671

Net from railway

1934

1935

1936

1937

July—
Gross from railway
Net

563,882
def 118,631
def271,537

1—

Gross from railway
Net from railway
Net after rents

def 145,818
def296,901

def413,871

145, p. 751.

—V.

Canadian Pacific
Period End. July 31—
Grass earnings

Working expenses

Ry.—Earnings—

1937—Month—1936
1937—7 Mos—1936
$12,041,527 $11,577,430 $78,831,789 $73,621,776
10,946,066
10,598,330 69,476,174
65,851,676

Net earnings
>.
V. 145, p. 1413.

$1,095,460

$9,355,615

$979,100

$7,770,100

special meeting held in Pittsburgh Aug. 31, stockholders of the
company approved the proposed merger of the company with the National
Cylinder Gas Co.—V. 145, p. 430.

(A. M.) Castle & Co.—Application Approved—
Stock Exchange has approved the application of the com¬
list 60,000 additional shares of common stock, $10 par value.
Upon the issuance of this stock there will be 300,000 shares authorized and
outstanding.
These additional shares will be admitted to trading upon registration
to

becoming effective under the Securities
notice of issuance.—V. 145, p. 1251.

Exchange Act of 1934 and upon

Corp.—Earnings—
—3 Mos.—

.

.

—9 Mos.—

$2,747,654
2,301,737

.

$7,860,262
6,583,462

$445,917

$1,276,800
y206,397

22,182

Other income.

Interest

Amortization.

Depreciation.

$468,099
45,000
12,808
90,425

$1,483,197
139,640
25,616
■-

common.

The Examiner said that,

Chesapeake & Ohio has agreed to pay Alleghany Corp., which controls
& O. through Chesapeake Corp., $5,065,475 for the stock to be pur¬
An agreement to carry out this proposal was made Feb. 1 ,1932,
and since that time O. & O. has paid $4,515,475 and will immediately pay
the remainder of $550,000 with interest, if the Commission approves the
pin-chase.
Previous payments on the stock have been placed in a deposi¬
chased.

tory.
Calling

attention to the Commission's consolidation plan, which put
Chesapeake & Ohio, Nickel Plate and Erie in System No. 6, Mr. Mol¬
the Commission's attention to the arguments along this line set
forth in C. & O.'s application for approval of the stock purchase.
"The applicant states," said the Examiner's report, "that the proposed
transactions will constitute an important and necessary step toward the
formation of system No. 6; that, including the Pere Marquette's mileage

ster calls

operated in the United States, it will result in 9,287 miles, or 72.36%
of the total mileage embraced in the system, being brought under common
control, and in thus furthering the consolidation plan will promote the
public interest.
.......
"It will result in simplification of corporate structure through elimination
of the Alleghany Corp. and the Virginia Transportation Corp. as factors
in the relationships between the applicant, the Nickel Plate and the Erie:
and will insure continuance of savings in administration expenses, and other
benefits flowing from operation through common officers.''—V. 145, p. 1413.'

Chicago Burlington &

Gross revenue

Oper. exps. & taxes
Prov. for retire, reserve.
x

Gross income

Int. & other fixed chgs.
Net income

pref. stock

Balance

1937—Month—1936
$639,529
$618,939
363,881
348,443
82,600
75,000

1937—12 Mos.—1936
$8,604,342
$7,969,347

4,698,467

4,220,634

947,200

855,000

$195,496
76,335

$2,958,675
919,183

$2,893,713

80,530
$112,517

$119,161

41,800

41,800

$2,039,492
501,608

$2,041,482
668,479

$70,717

$77,361

$1 ,'537,884

$1,373,002

$193,047

852,231

Includes provision for Federal surtax on undistributed profits for 1936.

provision has been made for such tax in 1937. y Includes, effective as of




Quincy RR.—Earnings—

1937

1936

1935

$9,362,034
2,800,624
1,648,403

$9,401,251
3,060,610
1,925,570

$6,639,562
1,001,423
438,671

1934
$7,157,271
2,338,796
1,570,050

55,862,939
12,425,544
6,406,309

53,364,497

43,297,050
6,722,887
1,091,698

44,433,419
11,492.516
5,505,372

July—
Gross from railway
Net from railway

Net after rents

From Jan. 1—

Net after rents.

—V. 145, p.

12,368,775

5,147,191

1252.

Ry.—Earnings—

Chicago & Eastern Illinois

Net from railway
Net after rents
From Jan. 1—

railway
railway

Gross from

Net from

$1,314,710
228,521
28,507

1936
$1,309,163
347,382
128,707

1935
$913,893
19,722
def143,635

1934
$1,081,826
253,601
73,099

9,546,453
2,204,029
646,789

8,887,111
2,041,012
522,299

7,405,497
f 1,279,091

7,283,297
1,465,109
153,065

w '

Gross from railway

1937

railway.....
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 145, p. 1252.
Gross from

July—

railway
Net from railway...
Net after rents
Gross from

Net from

railway

Net after rents
—V.

RR.—Earnings—

$1,562,102
388,683
107,936

1936
$1,662,180
584,303
302,231

1935
$1,193,046
207,361
defl9,001

1934
$1,281,655
329,568
88,470

10,581,360
2,240,649
253,892

9,977,981
2,383,383
569,015

8,377,879
1.481,404
def66,520

8,414,656
2,020,582
360,167

Midland Ry.—Earnings—
1937
$311,964
91,953
69,221

1936
$328,328
141,375
119,349

1935
$267,026
76,397
63,166

1934
$237,652
70,398
64,477

2,254,290
759,854
534,906

2,006,183
680,388
575,733

1,894,625
562,260
501,455

1,601,642
424,377
398,126

145, p. 1092.

Chicago Indianapolis & Louisville
July—
1937
1936
Gross from railway
$803,298
$849,858
Net from railway......
86,783
177,177
Net after rents.!
def26,444
29,771

GroSfri'ailway
Net

64,633

1252.

Chicago Great Western
July—
1937

Grossfr^railway

Central Illinois Light Co.—Earnings—
Period End. July 31—

No

would amount to
securities having full voting

taken together, these interests

57.02% of Nickel Plate and 55.68% of Erie

Chicago & Illinois

$1,035,798
Earns, per sh. on 268,685 shs. com. stk. (no par)—
$1.05
$3.44
x Before
Federal income taxes,
y Includes $66,019 profit on sale of
investments, based on written down value.—V. 145, p. 751.

x

Molster, Finance Divi¬

proposed acquisition, to be brought about by stock purchase, Mr.
Molster pointed out, would be in line with the Commission's own plan for
consolidation of railroad properties, both Nickel Plate and Erie being as¬
signed to System No. 6 in the Commission's consolidation program.
C. & O. proposes to take over from Virginia Transportation Corp.,
a wholly-owned subsidiary, 25,100 shares of Nickel Plate common stock,
151,405 shares of Erie first preferred, 60,195 shares of second preferred and
769,800 shares of Erie common stock, and to take over from Alleghany
Corp. 167,300 shares of Nickel Plate common and 215,000 shares of Erie

282,143

$319,866

Profit

Divs. on

Commerce Commission approve

The

—V. 145, p.

y

Interstate

sion Examiner.

Net after rents

Period Ended July 31, 1937—

x

the

submitted to the Commission Aug. 31 by Ralph R.

July—

The Chicago

Celotex

that

Gross from railway

a

pany

Recommendation

the application of Chesapeake & Ohio Ry. for authority to acquire control
of New York Chicago & St. Louis RR. (Nickel Plate) and Erie RR. was

Net from railway

Carbo-Oxygen Co .—Stockholders Approve Merger—
At

Chesapeake & Ohio Ry;—Examiner Finds Merger with
Consolidation Plan—

C.

1934

1935

1936

1937

July—

From

changes in wording
to changes made in

corporation statute.—V. 144, p. 4000.

power.

Canadian Pacific Lines in Maine—Earnings—

Net from

Illinois

Nickel Plate and Erie in Line with General

$115,032
def7,917
def49,959

Net from railway

shares

At the same time the com¬

pany will secure necessary approval of shareholders to
of corporate charter to make that charter correspond

257.324

England—Earnings—

1936

1937

July—

Net

1,400,000

672,961 common shares of no par value,
for depreciation of $4,203,307.—V. 144, p. 4337.

shares of no par value and

to 148,115 outstanding

shares would be held in company's treasury.

4,917,254

surplus

Land, bldgs., plant & cquip't.y6,083,706
Other investments
458,738

from present 250,000 no-par shares.
The three-for-one split will apply actually

of present common stock which thus would be increased to 444,345 shares.
The balance of the proposed authorization of 600,000 new shares or 155,655

1937

Consolidated Balance Sheet July 31,

fromrailway.

Net after rents..

—V. 145, p.

1093.

5,982,851
1 003,633
152,871 '

5,784,652
1,122,913
117,955

Ry.—Earnings—
1935
$604,202
51,598
def68,894

1934
$613,492
120,239
def26,778

4,461,066
709,686
defl24,630

4,235,903
688,658
def298,545

1580

Financial

Chicago & North Western Ry.—To Intervene

r

Chronicle

in Plan—

The Interstate Commerce Commission on
Aug.
Committee of holders of common stock to

31 authorized a protec¬
intervene in the carrier's

tive

July—

1937

Gross from railway
Net from railway

1936

605,497

def465,887

43,014,519
6,663,400
1,471,149

3,113,882

defl312,810

Chicago Rock Island
July—

^
—

Net after rents
From Jan. 1—
Gross from railway
Net from railway
after rents

Net

145, p.

& Gulf

1937

$6,521,403

$6,743,503
1,326,423

304,023

•

Other operations

Total
Maintenance
Provision for retirements
Taxes other than Fed. inc. taxes
Prov. for Federal income taxes

Ry.—Earnings—

Net

$597,010
298,758
189,207

1936
$436,531
166,642
69,942

$385,478
136,757
38,747

$413,116
168,967
81,910

2,482,004
672.830
154,142

2,198,046
566,215
def39,252

2,119,024
533,072
def23,430

1935

752.

Net

rev.

from oper'n.

$2,586,878
491,287
442,102

Railway tax accruals...
Equip. & joint fac. rents
Net oper. income.

$1,653,489

..

$759,573

Earnings df
July—

Company

1937

Gross from railway

Net after rents

..

..

—Y. 145, p. 936.

Assets—

689,631

104,886

44,553

41,845,805

36,411,195
5,420,638

Due

$10,622,255

of sales, operating
and admin, expenses..

6,677,294

Accts. payable.
Accrued taxes..

97,154

167,734

deposits, &c__
Accrd. bd. int..

Cr230,129

441,858
473,958

Cr274,771

Oth. accr. llabs.

72,401

73,216

4,571

Curr. amts. pay.
to affil. cos

83,116

237.145

Depreciation

$430,414
53 710

$826,398
51,689

$484,124

$878,087

260~345

260,828
1,140,005

In vs., at cost...

209,782
1,430,735

279", 285
91" 000
32,589
19,564

33,131

$455,649

chgs_.

3,440,403

extens

Total

130,077,280 141,059,890

Colonial Beacon Oil Co.
(&
6 Mos. End. June 30—
Gross profits

Operating

Balance, surplus
shs. cap

def$25,360 def$381,804

stk.(par $10)

Nil

$837,317
446.250

$37,648

1936

1935

1934

4,888,550
1,453

$3,710,735
5,730,946
74,264

$5,462,437
6.398,160

$888,620
16,484

$1,379,376
026.520

$2,094,475
11,505

$1,021,780

expense

$3.28

Columbia Pictures

Includes linter claim judgment against U. S.
Government (net) arising
time transactions of
$32,951; adjustment of property, plant and
equipment accwnts and allowance for depreciatoin in
connection with 1935
&c., Federal income taxes of $11,341;
recovery on employees fidelity
bond of $5,959 total $50,253 less
additional capital stock tax for
1936,
$2,500; additional local taxes for prior
years—comprised of $20,000 and
shares of aggregate net losses of
unconsolidated controlled companies of
$15,592 net (as above) $38,092.
y

Gross

stock

1927

Amort, of prod, costs
Share to other producers
Cost of accessories.
a

e»t.

111,559
not

S2,550 000 $2,550,000

Real

est.,

36,003

Insurance

246,631
132,759

99,025

accrued

3.464

9,494

Capital surplus

1,326,134

Earned surplus

1,691.638
1.233,924

1,7S9,353

3,953,319

3,927.481

mills,

^ &c._

2 313,386

Organization

Accounts payable.
Taxes accrued.

36,831
172,091

exp.

9.320

Deferred charges..

120.654

Other assets

62,996

cos.

June 27 '36

2,681,869
9,320
55,621
98,651

'35

& branches._

'34

Crl37,269

Cr230,846

lossl7,780

$1,792,079

41,130

$2,049,113
86,686

$1,372,955
87,916

"$l,617,77r "$1,833,209

$2,135,799

$1,460,871
265,000

$1,519,854
97,917

Total income
Prov. for Fed. inc. taxes

Exps. of newly
subsidiary

June 30

$19,066,100 $15,301,552 $14,389,783 $11,178,447
10,033,457
8,638,066
7,840,960
5,310,009
717,396
333,325
221,471
290,782
448,742
311,046
321,144
266,649
6,346,652
4,364,304
4,187,941
3,920.271

Net income
Other income

e300,000

264,348

310.000
10,532

187,037

$1,317,771

$1,568,861
32,091
101,291

$1,815,267
51,783

$1,008,834

d256,445

cl74,987

b42~,340

$633,035

$1,179,034

$1,588,497

$914,711

$3.26

$4.95

$9.91

formed

Net profit
Preference dividends
Preferred dividends
Common divs. (cash)

Balance, surplus
Earnings per sh. on
mon

June 29

'

_

__

31,922
172,091
Inventories
530,966
Ad vs. & investm'ts 1
053,473
x

72,780

used

in operation
Life Ins. pols

Gen. adm. & sell. exps.

Operating profit of for'n

1936

'37

rentals
of film and

accessories

(par

.

current
Real

June 26

from

sales

sub.

Liabilities—

Acets. & notes ree.,

inc.

and

Balance Sheet June 30

Capital
S10)

Corp.—Earnings—

[Including Domestic Subsidiary Companies]

Years Ended—

out of war

1937
1936
$3, 561,577 §2,602,994

25,798

$872,136
$1,352,856
$2,105,980
$1,047,578
Depreciation and amortization included:
$719,220 in 1937, $744,563
in 1936;
$778,775 in 1935 and $842,745 in 1934.—V.
144, p. 3493.

books.

Assets—

86,057

x

x Excess of
proceeds of life insurance policies paid on death of
President
of company over cash surrender value
carried on

Cash

Subs.)- —Earning

Net loss

$391,067

$2.15

$0.50

130,077,280 141,059,890

$4,128,181
5,498,225
9,333

Loss

,

100.626

1937

Minority interest

Earns, per sh. on 255,000

125,479
7,762,458

$4,001,383

Interest

x91,999
yl2,160
$547,648
510,000

Total

-V. 145, p. 1252.

x

$128,196
510.000

324,099

100,345
82,601
8,137.563

Other

2,081

ioss$25,360

607,810

310,204

Surplus

$837,317

loss

309,124

13,533,333

age

gins—charged

Life insurance proceeds.

267,293

Retirements.. 12,122,361
Contingencies
605,953
Deps. & con-

3,380,719
3,310,404

Injur. & dam¬

391,033
35,604

$128,196

...

rate

trib. for line

186",080

43"oil

Other deductions

Net profit
Dividends paid

pending
Reserves:

357,608

14,781
18,897

Profit
loss$39,602
Share of losses of jointly-

Deferred

499,604

earns,

decisions

Special funds &

13.233

279" 23 9

Minority interest, &c—

&

Conting.

$1,820,875

Local taxes for prior yrs.

credits (net)

4,480

.

$1,795,002
25,873

Federal tax

toco-owners

officers

Curr. amts. rec.
from affil. cos.

11,484,444

$220,743

Net income
Interest paid

5,763,108

(750,000

Consumers'serv.

deposits

10,191,841

stock

&

& employees

$6,589,506 $13,279,446

$141,456
79,287

<P

Other IE
income

profit

457,957

receiv'le

fr.

459,192

434,470

doubtful accts

Stock Decrease—

30,000,000
44,740,000
577,085
1,710,713

shs. no par)..
1st mtge. bonds.

Less—Res've for

Cost

Special

accts.

notes

40,000,000

30,000,000
35,000,000
1,049,205
1,330,418

pref.

7,701

Com.

hand

Other

June 30, *37

40,000,000

cum.

7,674,696
1,460,085

—appliance..

561,422

5%

7,701

Accts. rec., serv.
Acets. receivable

on

Dec. 31, '36

Liabilities—

Cash in banks &

776,500

Stockholders at their annual
meeting on Sept. 14 will vote on a
proposal
to decrease the authorized
capital stock from $6,000,000 to
$2,550,000.
Years Ended June 30—
1937
1936
1935
1934
Sales and gine earnings.. $6,818,750

owned

SO, '37

3,520,245
1,619,839

...

$5,496,715

on

$1,749,894
1,000,000
1,125,000

$

119,749,150 123,230,271

Investments

1934

June

S

Fixed assets

$5,629,134
742,487

Chickasha Cotton Oil Co.—To Vote

$4,239,643
2,000,000
1,125,000

facilitating comparison between

35,141,381
4,059.394
2,953,409
2,135,383defl,240,327 defl,565,021

..

$2,322,936
573.041

$4,082,017
2,000,000
3,000,000

Dec. 31, '36

$2,482,387def$1086,185
1935

$5,766,871
1.527,228

Comparative Balance Sheet

Only

1936

$5,662,429
1,580,412

---

periods.

$7,191,636
•1.522,041

From Jan. 1—

Gross from railway—
Net from railway

$4,732,224
3,387,851
2,430,558

44,948,317
6,484,821

..

..

$2,315,859
7,076

Notes—As of June 30, 1936, Union Gas &
Electric Co. was merged Into
Cincinnati Gas & Electric Co.
Prior to this
merger Union Gas & Electric
Co. operated the properties of Cincinnati
Gas & Electric Co., as lessee
paying as rent therefor its entire net income.
In the above income state¬
ments of Cincinnati Gas & Electric Co. there
have been substituted for the
rental income from Union Gas &
Electric Co. the revenue and
operating
accounts of the latter
company, as though the two companies had been
merged throughout the entire period covered
by such statements.
This
substitution does not change the net
income of Cincinnati Gas & Electric
Co., but presents the accounts in a form

$8,211,719
2,288,119
1,464,282

..

Net from railway
Net after rents

2,362,989
2,571,460

16,296

---

Net income

1937—7 Mos.—1936

$7,416,836

$5,750,574

25,181

Dividends: Preferred
Common

$47,833,412 $44,327,809
40,416,576
39,595,585

$1,688,683
493,062
436,048

$5,637,248

-~

Int., &c., fixed charges (net)

[Including Chicago Rock Island & Gulf Ry.]

5,939,484

revenue

Gross income

Chicago Rock Island & Pacific
Ry.—Earnings—
Period Ended July 31—
1937—Month—1936
Total oper. revenue
$8,808,730
$7,628,167
Total oper. expenses...
6,221,852

operating

Other income

1934

$8,256,915
3,833,789
232,314

$22,028,362 $24,068,114 $12,323,019
9,962,204
10,706,733
5.947,979
1,681,670
2,154,864
1,144,589
2,447,148
2,724.074
1,532,591
1,745,416
1,978,186
1,045,251
554,674
753,681
336,747

Operation

2,885,095
932,015
347,005

Gross from railway
Net after railway

Ended Dec. 31— 6 Mos. End.
1935
1936
June30, '37

$15,359,958 $16,817,897
6,469,016
6,906,846
199,387
343,370

-

551,863

41,890,274
4.886,792
defl90,614

_

Net after rents

-Years
Gross revenues—Electric
Gas

1934

50,401,821
4,726,409
def964,971

—V. 145, p. 602.

—V.

1935

$8,640,566
1,383,317

50,842,645

From Jan. 1—
Gross from railway
Net from railway

Comparative Income Statements

Date

to

$8,410,255
592,993
304,982

Net after rents

Co.—Listing—

The New York Stock Exchange has authorized the
listing of $10,000,000
first mortgage bonds, 3 Yn %, series due 1967.

pending reorganization proceedings.
The committee, headed
by Arthur
T. Gait of New York, told the Commission it
represented holders of more
than 150,000 shares.

Earnings for July and Year

Sept. 4/1937

Cincinnati Gas & Electric

206,260
f478,476

com¬

stock (no par)

51,783

$5.69
Includes depreciation on furniture in head office
and branches,
b Does
include a stock dividend of
2H % ($54,021).
c Does not include stock
dividend of $112,070.
d Does not include stock dividend of
$1,353,715.
e Includes
$55,000 for surtax on undistributed profits,
f Does not include
stock dividend of
$215,891.
a

Total

$7,967,946 $8,655,718 1

After depreciation reserve of
—V. 145, p. 1414.
x

Total

$3,883,781

in

Citizens Mortgage & Securities
drawn—
See list given on first page of this

Claude

Neon

..87,967,946 $8,655,718

1937 and $4,272,089 in 1936.

Co.—Registration With¬

Products

Subs.)—Earnings-—

Shs. cap. stk. outst'ding

1936

xl$48,442
262,002

x$151,128
262,193

Earnings
x

p.

No

p.

Corp.,

Assets—
Cash

3665.

Ltd.

(&

per share
$0.56
provision was made for surtax

on

275.

1935

1934

§

1,448,213

Notes receivable..

2,043.328

5,462

Accts. receivable..

3,584

457,683

409,259

8,957,567

7,344,900

688,702

632,079

Advance to outside
producers
Invest, in wholly-

$203,688
262,303
.57
),62
$0.76
undistributed profits.- -V. 145,

sidiaries

495,397

Clinchfield
July—

Net

1937

after rents

From

Jan.

Investment

RR.—Earnings—
$524,223
242,766
232,706

-

$492,113
199,079
190,171

1—

Gross from railway
Net from

railway

Net after

rents...

—V. 145, p. 753.




4,132,574
1,983,811
1,875,341

3,485,399
1,477,026
1,415,169

1935

1934

c

339,268

3,658

&

8,600

6,063

4,944

ad¬

Fixed assets

Accts. payable and
accrd. expenses.

Owing

to

June 27'36

§

22,270
1,225,403

1,131,933

outside

131,153

Dlvs. payable
Res. for Fed. taxes

Deposits payable
outside

_.

vances

1936

$

pay.to bank

.

27,611

313~30l

288,672

240,830
50,088

290,413

72,353

56,438

Fds. withheld from

Deposits..,

Gross from railway
Net from ra'lway

June 26'37
Loan

Deferred Income._

Cash In trust with¬
held from
out¬
side producers

Sheet

Liabilities—

producers

owned for'n sub¬

$162,631
262,193

Balance

June 27*36

$

Inventory
1937

Net profit after deprec.,
Fed. taxes & al; other

charges

Consolidated
June 26'37

department.—V. 144,

Electrical

f 6 Mos. End. June 30—

not

produc's

3,658

9,541

Res. for conting
Stock dlv. payable

261,285

259,976

In common stk__

361,028

336,580

2,219,203
179,295

2,050,601

114,352

94,043

d §2.75 conv pref.
stock

3.487,500

b Common stock..

4,506,837

118,269

3,487,500
3,694.365

122,970

Capital surplus

...

96,036

104,573

Earned surplus

...

67,256
4,420,607

4,018,463

$367,342

2,956,692
1,123,436
1,009,352

$350,579

3,189,545
1,425,755
1,333,682

Prepaid

expenses..

347,777

67,343

Total

c

d

14,822,271 13,520,920
Total
14,822,271 13,520,920
b 340,944 shares (no
par) in 1937 and 289.413 sharas (no par) in 1936.

After depreciation

reserve

Represented by 75,000

of $1,400,243 in 1937 and $1,226,267 in 1936.
par shares.—V. 145, p. 603.

no

Cleveland & Mahoning
The Central Hanover Bank

the first mortgage 4%
000.—V. 145, p. 1414.

Valley Ry.—Trustee—
appointed trustee or
July 1, 1962. Authorized issue $2,936,-

& Trust Co. has been

bonds due

Columbus & Greenville

Ry.—Earning,

Net from railway
Net after rents

,

,

$102,766
4,290
7,013

Gross from railway

1935
$71,254

1936
$85,941
6,111
2,711

1937

July—

defl,165
defl,254

1934

$62,028
def3,159
def2,047

From Jan. 1—
Net from railway

Net after rents

465,817

484,259
def25,345
def29,958

608,340
45,081

742,478
105,682
18,674

Gross from railway

—V. 145, p.

14,403

292

,

def9,243

753.

Commercial Alcohols,
The directors have

Dividend

Ltd.—Initial Preferred

declared an initial quarterly dividend of 10 cents per
par $5, payable Oct. 15 to holders of

8% preferred stock,
record Oct. 1.—V. 141, p. 110.
share

the

on

1581

Financial Chronicle

145

Volume

The stockholders of Public Service Co. of Northern
United Gas & Electric Co., and Illinois Northern Utilities

properties of the other three utility companies.
Neither
thepperating organizations and personnels contemplated.

cohol
Ai

Business of American

The industrial
and

alcohol business of American

subsidiary, the American

its

Industrial
Commercial Alcohol Corp.—
Over the

Solvents Corp.—Takes

Commercial Alcohol Corp.

Distilling Co., has been

transferred to

according to an announcement

by William D.

President of Commercial Solvents.
American Commercial Alcohol Corp. and the American
are retiring from the industrial alcohol field, according to the

Listing and Registration—
admitted to listing and registration the
accordance with notices dated Dec. 29,

capital stock (par $25) issued in

addressed to stockholders of Commonwealth Edison
Co., which provides that each share of "old" capital stock, par $100, of the
company shall be split up Into four shares of "new" capital stock, par $25,
by the issuance to stockholders of three shares of "new" capital stock,
par $25, for each share of "old" capital stock, par $100, held of record,
and the exchange of the "old" $100 par value certificates into "stamped*
or "new" $25
par value certificates on a share-for-share basis.—V. 145,
1936 and Aug. 14, 1937,

■1

p. 1414.

■

■

.

Oper.

Ticknor,

Commercial Solvents their goodwill and trade in
this field and also that part of their selling organization which has special¬
ized in industrial alcohol sales.
None of the Alcohol corporation's plants
has been acquired by Commercial Solvents, but the Alcohol corporation
will supply Commercial Solvents with industrial alcohol from its plants
located at Philadelphia, Pa., and Sausalito, Calif.
.
By this arrangement, it is stated, Commercial Solvents obtains a large
volume of profitable business, secures the benefits of Atlantic seaboard pro¬
duction and strengthens its sales organization.
Mr. Ticknor states in part:
'
.
"This acquisition of the industrial alcohol business of American Com¬
mercial Alcohol Corp. and its subsidiary is one more step in a program of
steady development by Commercial Solvents Corp.
The corporation,
primarily a manufacturer of fine chemicals, has always been a producer or
industrial alcohol, although in its early years only a comparatively small
one.
In 1932 it became a substantial producer and distributor of this im¬
portant solvent by purchasing Rossville Commercial Alcohol Corp. and its
subsidiary, American Solvents & Chemical Corp. of California.
Three
years later, it effectively protected its supplies of an important raw material

and have turned over to

by organizing the

Commercial Molasses Co., with

stations, storage tanks and tank cars located in
and Porto Rico, and also four tank steamships for

terminals, distributing

the United States, Cuba

the transport of molasses.

Sol¬

still further strengthens the position of Commercial
in its special field of industrial solvents and allied chemicals.
acquisition places Commercial Solvents Corp. among the leading
distributors of industrial alcohol.
At the same time, however, the major
portion of the corporation's business consists, and will continue to consist,
of other types of industrial solvents and allied chemicals."—V. 145, p. 754.

The present step
vents Corp.

"This

Edison Co., Chicago—Exchange Plan
by SEC—Acquisition of Northern Illinois
Public Service, Illinois Northern and Western Gas Approved—
Concluding that the exchange plan involved is within the permissible
bargaining limits, the Securities and Exchange Commission on Sept. 2
approved the acquisition by the company of the outstanding common and
6% and 7% preferred stocks of Public Service Co. of Northern Illinois.
It also approved the acquisition by Commonwealth Subsidiary Corp..
Commonwealth
Permissible

Held

Commonwealth Edison Co., of the outstanding 6% and $7
preferred stock of Illinois Northern Utilities Co., and of the outstanding
6% and 6H% preferred stocks of Western United Gas & Electric Co.
The immediate objectives of the plan are to acquire all publicly owned
stock and to make Public Service directly and Illinois Northern and Western
United indirectly, so far as stock ownership and voting power are concerned

subsidiary of

the wholly-owned subsidiaries of Edison.
After the accomplishment of these objectives,

Edison plans the issuance
of its own convertible debentures to bring about the retirement of the out¬
standing funded indebtedness of Commonwealth Subsidiary Corp., and of
Illinois Northern and Western United and part of the outstanding funded
indebtedness of Public Service.
It further contemplates possible future
rearrangements in these companies.
The SEC said that the proposed acquisitions

will not create new interlock¬

existing inter¬
with

ing relations, but will tend to insure the continuance of the
connected system and to bring about further economies in connection
future refunding or financing of improvements and extensions.
The

pro¬

posed acquisitions also will tend materially to simplify the corporate struc¬
ture, it was said.
Public Service will brcome a direct subsidiary of Edison, it continued,
and the foundation will be laid for making Illinois Northern and Western

this will facilitate the possible merger
Illinois Northern, or the regrouping
of the gas and electric facilities along such lines as may be deemed desirable.
Discussing the exchange plan for the stocks of Public Service Co. of Nor¬
thern Illinois, the SEC, while disagreeing with some of the methods em-

United

wholly-owned subsidiaries, and

ef Public Service,

Western United and

asis of exchange of the in determining
Eloyed by the engineers common stocks, what would
nevertheless

constitute a proper
said:

"We do not find ourselves in disagreement with the conculsions reached
to a suitable basis for the exchange."
Although the SEC noted that, based upon present earnings and a com¬
parison of asset valuations, the exchange is somewhat
to
Public Service stockholders, it pointed out that there must be balanced
as

favorable

the

the future prospects of Public Service, the fact
that its business has increased relatively faster than that of Edison and the
other advantages not measurable in money sought to be gained by the

against these considerations

exchange.

should be noted that the amount of consideration
sufficiently attractive to induce the exchange of Public
time be not disproportionate to the values
Factors such as these indicate the nature and scope of the per¬
bargaining limits which are envisaged by the Utility Act, the

The SEC also said it
to be

paid must be

Service stock and at the same

received.
missible

Commission explained.

Stock Exchange
The

Offer Approved by

Securities and Exchange

SEC—

Commission at Washington, has just ap¬

approval of the Illinois Commerce Commission
authorizing the subdivision of each bid share of Commonwealth Edison Co.
capital stock of $100 par value, into four shares of the capital stock of $25
par value, i n order to facilitate the exchange offers, and the issuance of
sufficient additional shares of its capital stock to effect the exchanges for the
preferred and common stocks of Public Service Company of Northern 111.
The receipt of these two approvals now puts the company in a position
to carry out the exchange plans under which the company proposes to offer:
Three shares of its stock par $25 each in exchange for each share of the
common stocks (whether with or without par value) of Public Service Co.
This action follows the

111.; and
of its stock par $25

Four shares

preferred stock (whether 6% or

each in exchange for each share of the

7%) of Public Service Co. of N. 111.

When Commonwealth Edison Co. has made the foregoing exchange offers,
Commonwealth Subsidiary Corp. will then be in a position to offer:
3 3~d0 shares of Commonwealth Edison Co. par $25 each in exchange
for each of the preferred shares (whether 6H% or 6%) of Western United
Gas & Electric Co.; and 3 7-10 shares of Commonwealth Edison Co. par

$25 each in exchange for each of
of Illinois Northern Utilities Co.




cos

149,098
140,499
Balance available for dividends and surplus of

Connecticut Power Co.

the preferred shares (whether

1937—12 Mos—1936
$4,162,495 $3,894,999
1,384,522
1,164,369

surtax.—V. 145, p. 1253.

(Consol.)—Earnings—
1937

1936

$3,595,730
2,224,758
80,642

$3,227,865
2,029,379
65,645

$1,290,330

$1,132,842

6 Months Ended June 30—
Gross

earnings
Operating expenses and taxes
Interest charges, &c
Balance (reserves,

178,965

424,518

Community Power & Light Co
Note—No provision made for Federal

retirement and surplus)

—V. 144, p. 3833.

Consolidated

Edison

of

Co.

New York,

Expansion to Cost $50,000,000—Permit to
Floyd L. Carlisle, Chairman of the
the Public Service Commission on the

Inc.—Plant

Borrow Asked—

Board at a hearing Sept. 1 before

company's application for permission

debentures, $60,000,000 of which would be used
4j^% obligations of the parent company, due in
to represent new money stated that capital ex¬
12 months would approximate $50,000,000, which
would necessitate the issuance of about $30,000,000 of additional securities
for new money.
The system's construction budget for the current year is
$50,000,000, of which $15,000,000 will be spent in the remainder of this year.
"The company has spent in the last five years more than $168,000,000
for capital expenditimes, upon which it is entitled to borrow money and
issue securities," Mr. Carlisle said.
He estimated that $15,000,000 would
be spent in the first six months of 1938 out of the $31,000,000 now available
and that $15,000,000 would be spent in the balance of this year.
Thus, he
declared, "an additional $20,000,000 would be needed to complete the
construction budget planned for the next 12 months."
Mr. Carlisle said the $80,000,000 of debentures would be issued in serial
maturities of 5-year periods, with coupons varying in interest according
to maturity.
He indicated also that the interest on the new obligations
would be about 3 H %
The company probably will register with the
Securities and Exchange Commission some time this month, if permission
is granted, and the bonds will be sold to underwriters between Oct. 10 and
15, Mr. Carlisle told the Commission.—V. 145, p. 1414.
issue $80,000,000

of
to redeem outstanding
1951, and $20,000,000
penditures for the next

to

•

Consolidated Investment

Trust—Special Dividend—

quarterly dividend of 30 cents per share and a
share on the capital stock, par $1, both

The trustees declared a

special dividend of 35 cents per

payable Sept. 15 to holders of record Aug. 27.
A special dividend of 20
cents was paid on June 15, last, and one of 50 cents in addition to the 30
cents quarterly was paid on March 15, last.
On Dec. 15, 1936, the Trust
paid a semi-annual dividend of 60 cents per share and a special dividend of
$1.15.
See also V. 143, p. 3463, for further dividend payments.—Y. 144,
p.3495.

Continental Can Co.,

Inc.—Earnings—

1937
1936
1935
$13,761,779 $15,491,106 $15,100,749
Depreciation & estimated
Federal income taxes. x4,486,847
x4,858,064
4,635,491

1934
$13,154,973

$9,274,932 $10,633,042 $10,465,258

$9,059,662

12 Mos. End. June 30—

Profit

Net

profit

4,095,311

Shs. common stock out¬

2,853,971
2,665,191
2,665,191
1,755,689
$3.25
$3.99
$3.93
$5.16
Federal surtax on undistributed profits.—

standing (par $20)—
Earnings per share—__
V.

provision
938.

Includes

x

145, p.

for

Continental Motors Corp.—Earnings—
Period End. July 31— 1937—3 Mos.—1936
Netproftaft. depr. & tax
x$53,463
loss$53,848
x Before Federal income tax.—V.
144, p. 4176.

Crown

1937—9 Mos.—1936 '

x$88,080 loss$159,025

Subs.)—Earnings

Central Petroleum Corp. (&

1936

1937

Ended June 30—
Net income after deprec., depletion, loss from sale
&
abandonment,
Federal income taxes, &c.,
but before surtax on undistributed profits
Earnings per share common stock
—V. 143, p. 3463.
6 Months

$378,294

$0.09

$183,357
$0.04

International Corp.—75-Cent Class A Div.
75 cents per share on
stock, no par value,
payable Oct. 1 to holders of record Sept. 10.
Dividends of 25 cents were
paid in each of the six preceding quarters; on Dec. 20, Aug. 30 and May 22,
1935, and on Dec. 21, 1934, and compares with 50 cents paid on March 30,
1934, and Nov. 1, 1933.
The last regular quarterly dividend of 25 cents
per share was paid on April 1, 1931.—V. 144, p. 3835.
Crown Cork

The directors on

account

Aug. 30 declared a dividend of
on the $1 cum. class A

of accumulations

Co.—Stock Dividend Planned—
announced on Aug. 31 that, in connection with a special
meeting of stockholders called for Sept. 15 to increase the authorized com¬
mon stock from 1,005,000 to 5,000,000 shares, it was proposed to double
or increase otherwise the number of shares outstanding by declaring a stock
dividend and to offer for sale some of the additional shares.
Deere &

It is

6% or $7)

be split two or more for one as a pre¬
of rights, which may not occur until next year.

expected that the stock will

liminary to an offering
—V. 145, p. 757.

Deisei-Wemmer-Gilbert Corp.—Extra Dividend—
have declared an extra dividend of 25 cents per
regular quarterly dividend of 25 cents per share on

The directors
addition to the

1937.

of N.

sub.

Gross income, sub. cos._

The company

proved the application of the company for permission to exchange shares
of its own capital stock for preferred and common stocks of Public Service
Co. of Northern Illinois.
At the same time the Commission approved the
application of Commonwealth Subsidiary Corp. for permission to exchange
shares of Commonwealth Edison Co. for the preferred stocks of Western
United Gas & Electric Co. and of Illinois Northern Utilities Co.
The foregoing steps are part of the general program approved by the
stockholders of Commonwealth Edison Co. at a special meeting held Jan.
23

revs.,

(& Subs.)—Earnings—

1937—Month—1936
$394,601
$382,827

Period End. July 31—

Distilling Co.
announcement,

Commercial Solvents Corp.,

is the merging of

The New York Curb Exchange has
new

Community Power & Light Co.
Commercial

Illinois, Western
Co. need take no

exchange are made to them directly in writing.
Several steps will be necessary which are now being completed.
It is
contemplated that formal offerings will be made in the near future, that is,
as soon as the details can be perfected.
As previously announced, it is not contemplated in the present plan that
Commonwealth Edison Co. should acquire direct ownership of the physical

action until offers of

mon

share in
the com¬

payable Sept. 25 to holders of record Sept. 15.
dividend of 50 cents was paid on Dec. 24, 1936.—V. 145, p. 939.

stock, par $10, both

An extra

Dejay Stores,

Inc. (& Subs.)—Earnings—

Ended June 30—
Net income after deprec., but before
6 Months

—V. 145, p.

Delaware Lackawanna
July—

railway
Net from railway
Net after rents
From Jan.

1935 J

$82,706

$64,809

& Western RR.—Earnings—
1936
1935
1934
$4,055,411 $3,182,711 $3,391,097
700,349 defl42,316
409.045
343,783 def5l7,335
, 29,980

1937
$3,948,768
725,731
273,957

1—

railway
railway
Net after rents.
—V. 145, p. 757.
Net from

1936

1254.

Gross from

Gross from

1937
$113,594

Federal taxes

30,269.476
7,350,369
4.153,367

28,504,351

5,450,135
2,987,532

25,988,271
4,188,751
1,800,237

26,682,468
5,632,514
3,003,252

1582

Financial

Denver & Rio Grande Western
July—

1937

$2,146,479
defl9,495

Net after rents

def300,198

1935

$1,971,599
108,962
defl48,028

14,350,397
461,148
def8l7,518

Net from railway

Net after rents

....

12,911,946
1,421,025
def261,659

Net

323,271
133,389

sales

July—

Cost of sales

9,617,361
2,061,091
965,493

Net income before pro v.
for income taxes

Net after

railway

145,

def431

1,370,036
225,725
361,114

399,404

919,727
301,762
505,371

657,849
192,066
174,558

1937

Gross from railway

Net after rents

2,322,532
1,283,178
661,473

2,052,678
1,112,913
586.327

1,871,657
1,024,996
529,900

new

Liabilities—

$884,207'

144,

holders rights to subscribe to additional stock on a one-for-four
basis.
Com¬
plans to arrange for underwriting of any part of stock not taken
up
by shareholders.
Offering price will be determined at a later date.—V.
144, p. 449.

Dominion Gas & Electric Co.

1935

revenue

325,232
192,670

__

$6,370,928

x570,000

840,000
Cr7,379

$2,953,520

$4,590,527

700,000

700,000

$5,633,951
700,000

$0.80

$0.96

$0.84

Includes accrued dividends
dividend of 50 cents per share
x

Cr603

$262,410

$170,477
23,067

$148,771
17,109

loss$16,936
14,499

$22,602
17,107

$193,544
31,061
19,263

$165,880
12,107
28,238

loss$2,437
1,810
5,696

$39,709
1,630
8,848

$143,220
1,232,463

$125,535
1,096,931

def $9,943

$29,230
978,221

49,064

21,250

Dr8,868

""529

""'603

$1,213,598

$1,065,972

$1,029,304
2,106

gen.

& sell. exp.

Prov. for income taxes
Net income
Earned surplus Jan. 1__
Adj. of res. for valuation

preferred stock of $450,000.
y Includes
(amounting to $300,000) paid June 1, 1937,
in stock of Pan-American Match
Corp. and cash as follows: 75 cents per
share ($450,000) paid
Sept. 1, 1937, and 75 cents per share ($450,000)
payable March 1, 1938.
z 50 cents cash
per share paid March 1, 1937,
amounting to $350,000, $2 per share paid June, 1 1937,
amounting to
$1,400,000 payable in stock of Pan-American Match Corp. and 25 cents
cash per share paid Sept.
1, 1937, and 25 cents per share payable March
1, 1938, amounting to $900,000.—V. 144, p 3835

Distillers

on

of treasury stock
Loss on abandon of
equip

The business will be continued under thfe

name

of Carstairs Bros. Dis¬

independent unit, offering a com¬
plete line of whiskies, straight and blended, and sold under the Carstairs
Brand.—V. 144, p. 4342.
as

an

(S. C.)—Stock Offered—Hammons &
Co., Inc., New York, G. H. Crawford & Co. and C. W.
Haynes & Co., Inc., Columbia, S. C., recently offered 83,000
shares of common stock
($1 par) at $7.50 per share.
This
offering does not represent any new financing by the com¬
pany.
The
offering includes only outstanding shares
acquired or which may be acquired by Hammons & Co.,
Inc., the principal underwriters from the stockholders.

The stockholders have agreed to cause the
company to make application
for the listing of the common stock on the
New York Curb Exchange.

Business—Company

was

as

incorporated May 7, 1937, in South Carolina

a consolidation of Dixie
Stores and Home Stores.
Dixie-Home Stores
comprises a chain of 164 retail grocery stores
operated on a "cash and
carry" basis in the States of North
Carolina, South Carolina, and Georgia.
These stores are engaged in the sale of a wide
variety of groceries, meats,

meat products,
vegetables, fruits, dairy products,
supplies, tobacco, tobacco products, sundries and

of

food and kindred articles.
Approximately
bination units, each handling fresh

sea

food,

various

household

other

kinds

50 of the stores are com¬
meat and sea foods as well as other lines
groceriesdairy products, household supplies, &c.
The stores are
located principally in the central section
of South Carolina and the Piedmont
sections of North and South
Carolina.
113 of the stores are located in
South Carolina, of which 28 are
located in Columbia; 49 are located in
North Carolina, of which 11 are
located in Ashville, and 2 are located in
of

Augusta, Ga.

The company also operates a
bakery which has a capacity of approxi¬
mately 15.000 loaves of bread per week, which is distributed
through the
stores of the
company under the private brand "Homes Stores."
Since the date of
consolidation, one additional store has been placed
in operation.
The

following is

a record of the net sales and number of stores in

operation
corporations, together with the total, for the
years 1932 to 1936, inclusive, and for the first
12 weeks of 1937:
of each

of

the

constituent

-Net Sales

Dixie

Home

Total

1932

Stores in OperationDixie
Total
Home
48
97
107
50
117
57

-$1,445,699 $1,552,083 $2,997,782
49
1,898,729
1,911,314
3,810,044
57
2,278,813
2,107,695
4,386,509
60
2,526,737
2,563,855
5,090,592
78
3,289,217
3,332,289
6,621,507
79
1937 (12 weeks).
781,006
800.212
1,581,219
80
Capitalization—The capitalization as of March
29,1937,

86

164

83
83

as

was

not

of March

the

company with
of the latter date.

Outstanding
200.000 shs.




organized until May 7, 1937, but the information
29, 1937, for the reason that the consolidation of

its

two

constituent

corporations

became

effective

Liabilities—

$426,422

90,927

96.277

3,556

_____

and employees

35,074

as

$210,601

51,035
1,750,000

40,133

1.750,000

107,050
1,352.115

107,050
1,213.598

93",976

con¬

tingencies
y

19,832
92,781
1,295,058

Inventories

for

1936

$461,111
200,000
117,621

Accrued liabilities.
Reserve

receivable.
Due from officers

1937

Accounts payable.
Bank loan

715,991

Capital stock

Pref. stock of Bry¬
ant Heater Co..

Earned surplus

834,865

Working funds and
advances
Other

7,898

curr. assets.

11,151

2,093

4,284

382,085

332,304

mach'y & equip.
Patents

1,048,773

856.577

2

2

Deferred charges..

91,735

98,853

Invest. In co.'s

own

stock

Land, buildings,

x

Total
x

$4,038,931

$3,415,3581

Total

$4,038,931 $3,415,358

At

cost less depreciation,
y 100,000 shares of class A participating
covertible stock (no par); 100,000 shares of class B stock
(no par)—v. 145,

757.

p.

Duff-Norton Mfg. Co.—Extra Dividend—
The directors have declared

an

extra

dividend

of 25

cents

in addition

to a
quarterly dividend of 50 cents per share on the common stock, no par
value, both payable Sept. 15 to holders of record Sept. 10.
This compares
with 50 cents
paid on June 15, last; 40 cents paid on March 15, last; 35 cents
paid on Dec. 21, 1936, 25 cents paid on July 15, April 15 and Jan.
15, 1936,
and regular
quarterly dividends of 15 cents per share previously disbursed.
In
addition, extra dividends of 10 cents were paid on Oct. 15 and July 15,
1935, and on Oct. 10, 1934.—V. 144, p. 4004.

Duke Power Co.—75-Cent Dividend—
The

directors have declared a dividend of 75 cents per share on the
stock, payable Oct. 1 to holders of record Sept. 15.
A dividend
was paid on
July 1, last, and previously quarterly dividends of
75 cents per share were distributed.—V. 144
p
p. 3669.
common

of

$1.25

Duluth South Shore & Atlantic Ry.
-Earnings—
„

July—

1937
$313,407
99,076

Net from railway
Net after rents

1936
$311,542
117,477
92,216

$236,338
78,684
67,568

$256,878
82,369
56,113

1,733,152
471,880
350,299

Gross from railway

1,644,850
502,659
365,322

1,320.842
309,352
212,025

1,321,330
264,398
106,584

124,068

From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 145, p. 757.

Duluth Missabe & Iron Range

share.

Company

above is

1936

$102,540
893,116
12,091

Def. accts. & notes

_

x In the
agreement of consolidation, it is provided that
50,000 unissued
shares may be sold by the board of directors at
any time at not less than

a

1937
;

Accts. receivable..
Notes receivable..

163

follows:

x250,000 shs.

$1,352,115
$1,213,598
$1,065,972
$1,027,197
1934, $35,556.01; 1935, $38,097.79; 1936, $33,800
Balance Sheet June 30

Assets—
Cash

162

was as

Authorized

Common stock ($1 par)

$5

1937, $40,840.

Investments

Dixie Home Stores

1,026,322

taxes

After depreciation:

a

and

the acquisition of Carstairs Bros.
The latter
company traces its

tilling Co., Inc., and will operate

Drl ,344

$1,352,115

Adj. of propr years'

187,127
52,680

22,224

Miscell. adjustments

Corp.-Seagrams, Ltd.—Acquisition—

Saniuel Bronfman, President of this
company, on Aug. 26 announced
Distilling Co., Inc. of Philadelphia, Pa
beginning in the whisky business back 149
years.
In 1788 an ancestor of the Carstairs family established himself in
Philadelphia in the uquor business.

1934

$252,424
211,598
57,762

Gross income
Income charges

$6,095,609
700,000

$0.87

stk.(no par)
share

1935

$552,430
291,130
112,529

Net profit on saies
Other income

350,000

117,409

1936

Research & exper. exp__

450,000

z2,100,000

1937

$695,617
372,579
152,560

.

Admin.,

$6,895,006

Common dividends

$6,596,015
600,000
1,225,000
180,489

$7,036,575

yl ,200,000

$4,454,858
336,921

2649.

6 Mos. End. June 30—
Gross profit on sales.

a

$1,043,447
5,851,559

Total surplus
Pref. div. requirements.

p.

1936

(S. R.) Dresser Mfg. Co. (& Subs.)—Earnings—

$1,561,348

$1,123,545
5,913,027

144,

$1,087,887
3,366,971

$4,321,343
251,620

Natural gas revenue

1934

$1,761,350
494,866
142,939

$1,010,100
5,585,915

per

1937
$1,131,304
3,190,039

revenue.

Operating

$1,057,100
5,313,828

com.

(& Subs.)—Earnings—

12 Months Ended June 30—
Electric

Net income

Previous surplus

Shs. of

Stock Increase—

on

special meeting to be held on Sept. 20 will be asked
company's authorized capital stock to 125,000
This step is preliminary to
offering to stock¬

a

pany

Co.—Earnings—

Miscell. surplus adjust-_

$884,207

4177.

—V.

1936

43,700

Total

approve an increase in
shares from 89,365 shares.

Registers with SEC—

133,320

444,511

Dodge Mfg. Corp.—To Vote

See list given on first page of this
department.- -V. 145, p. 1254.

Depreciation

1,769
200,000

Paid-in surplus

626

Stockholders at

common,

$1,560,567
409,297
141,170

80,878

Capital stock

14,151

to

shares for cash.

6 Mos. End. June 30—
1937
Earns, from all sources.. $1,891,119
Fed., State & city taxes.
700,699

100,348

Note—Provision has not been made for Federal and State income
taxes
profits of $43,700 earned from organization to May 22, 1937.—V.

Proceeds of this offering will be used to reimburse the
company for
amounts expended in
calling for redemption all present prior preference and
preferred stock not already exchanted, under the plan, and to
provide
additional working capital for
expansion of the business.
The company
proposes to file a registration statement with
respect to such offering
within a few days.

Diamond Match

(net)

$13,000

on

including class B stock, are to be
outstanding after the exchanges and following a public offering of up to
common

$0.62

53,000

on

$50,574 Notes payable
657,889 Accounts payable—trade
16,149 Accrued liabilities
144,817 Accts. pay.—other than trade..

Total

H. S. Ferguson, Treasurer of the
company, on Aug. 27 announced that
stockholders had approved the plan for simplification of the
capital struc¬

of the company at a meeting held
Aug. 27.
The plan calls for an authorized total of 350,000 shares of
of which approximately 265,000 shares,

stock based

Earned surplus

ture

193654

$0.51
3,876

common

...

Dewey & Almy Chemical Co.—Recapitalization Voted—

Earnings

62.275

42,820
$0.21

Deferred charges
Other assets

p.

new

Available for the

Fixed assets

757.

80,000 of the

179,006

124,822

Balance Sheet May 22, 1937

1934

2,305,084
1,293,817
681,106

Gross from railway
Net from railway
p.

129,421

Assets—

$181,674
73,551
23,910

railway

145,

1935

139,060

183,639

105,990
$0.53
10,000

Other current assets

$216,647
95,339
42,030

Net after rents
From Jan. 1—

—V.

1936

$1,581,219
1,253,039
328,180
51,471
63,526

124,543

Inventories

$253,415
117,008
48,350

1,011,794
99,804
135,183

from R. E. Ebert and J. P. Williamson and six other stockholders.

■Earnings—

$255,872
124,144
57,703

"4,078,798

102,194

Cash.

July—

12 Wks.End.
Mar. 27 '37

$6,621,508
5,280,272
1,341,236

200,000 shares outstanding.
Underwriting—The principal underwriter, Hammons & Co., Inc., New
York, has agreed to purchase 83,000 shares of common stock at $6 per share

757.

p.

Detroit & Toledo Shore Line RR.-

Net from

a

$5,090,592

prov.

Per share earnings
Bonuses paid to officers-

1934
$93,292
20,175
52,553

1,391,483
295,435

Net after rents
—V.

1935

$102,221
5,442
34,877

$134,345
def26,657

From Jan. 1—
Gross from railway

after

a

1936

$127,481
def31,278
def 13,189

_

income

for income taxes

-Earnings-

1937

Gross from railway.

$4,386,509
3,499,380
887,129
95,329
125,998

Gross profit
Net income after exps..
Total gross income

Net

Net from railway
Net after rents

52-Week Periods Ended29 '34 Dec. 28 '35
Jan. 2 '37

Dec.

$1,546,264

10,396,127
1,533,125
196,954

7

Earnings Record (Combined)
1934

$1,622,478
165,316
def36,314

-V. 145, p. 1416.

Denver & Salt Lake Ry.-

Sept. 4,

RR.—Earnings—

1936

Gross from railway
Net from railway.
From Jan. 1—
Gross from railway

Chronicle

July—

Gross from
railway
Net from railway......
Net after rents

From Jan.
Gross from

the

Ry.- -Earnings—

xl936

•

1934

$2,720,376
1,933,019
1,707,673

xl935

.

$1,864,356
1,196,608
1,065,841

xl934

$1,798,984
1,151,389
1,023,857

1—

solidation

1937
$4,728,384
3,674,459
3,128,083

1935

railway

xl6,078,132
8,237,498
6,035,512
5.125,081
Net from
railway......xlO, 130,971
3,891,688
2,379,924
1,151,536
Net after rents.
x8,214,915
2,805,873
1,807,237
611,052
x The
Interstate Commerce Commission on June 24 approved the con¬

the

Spirit

of

Lake

properties of
Transfer

Ry.

Duluth

into

Missabe

one

&

Northern

corporation

known

Ry.
as

and of
Duluth

& Missabe & Northern Ry.
Figures for
consolidated by editor.—V. 145, p. 1255.

the Duluth
are

responsibility

Duluth Winnipeg & Pacific Ry.—Earnings—
1937
1936
1935
July—
$105,109
$96,576
$80,140
Gross from railway
Net from

$67,100

defl9,873
def34,127

782,552
113,979
def51,461

def6,828

def20,982
defl5,556

573,904
defl3,401
defl05,021

497,825
def45,573
defl6,828

1—

From Jan.

Gross from railway

838,182

Net from railway

171,810

7,173

Net after rents

and the

1934

def7,182
def26,536

8,360

railway

Net after rents

sphere of Federal control.
Its objectives are not the regulation of com¬
merce, but the public interest and the protection of investors and consumers.
The control provisions not only transcend the limited powers of Congress,
but, ignoring the requirements of due process, transfer the
of corporate management to Federal commissions."
Last January Judge Mack decided that the act was separable
utilities must register.
In the suit before Judge Mack the SEC confined
its argument to the separability of the act and the question of registration
while Electric Bond & Share contended that the act was not separable

of
of

and 1936 are
the seven months

The figures for 1934, 1935

Missabe & Iron Range Ry.

1937

and that the validity of the whole act was in question.
"If this Act should be sustained," the brief asserts,

ment; the prohibition of transactions
right to use the mails and facilities
submits to

1934

1935

1937

1936

$57,279

$55,391

de-

President—

Depreciation & depletion
Interest
Debt discount & expense

Minority interest..-

$251,885
6,485

Dividends

$1,299,300
paid—

:

30,1937

41,572

Taxes

earned surplus, $1,039,716 and discount on

Consisting of

2,560,218

$1,446,767

Liabilities—

$165,749
Customers notes & accts. rec._
x973,771
Advs. to employees for expenses
4,725

$1,530,826

286,281

247,785

$111,445
5,664

rents,

$1,160,486
43,626

hand

of merchandise
hand & In transit

$1,283,041
56,788

$117,109

on

$148,229

$1,204,112

$1,339,829

Advances to officer,

1,281.517

2,000
y32,860

Investments, at cost
—

106.416

106,500

$41,617

Deprec. & equalization.

449,322
768.004

373,875
731,043

63,586

52,310

$21,857

Goodwill...

520,085
20,466

...

Deferred charges

Taxes accrued

-

before

loss

prov.

for retire, losses.

—V.

145,

p.

758.

Co..118,331,000
Electric Power & Light Corp.. 60,690,000
National Power & Light Co— 79,425,000
—V. 145, p.

Amount

1936

1937

Operating Subsidiaries of—
American Power & Light

114,498,000
53,717,000

3,833,000
6,973,000

76,016,000

3,409,000

incl. surtax on

profits.

undistributed

After reserve

CI. A

P.C.

3.3
13-0

4.5

Stores Corp.—Earnings—

TPT1 flClT

PfiT™

O

1,128,728

,

*37 June 27,'36 June 29,'35 June 30,'34
$19,442,830 $18,485,092 $17,519,611 $15,658,929
15,158,743
14,352,878 13,426,164 11,772,712

Total
$3,349,930
and discounts of $46,000. a y^After

for doubtful items

Elgin Joliet & Eastern
railway—
Net from railway

$1,556,059
434,093
258,046

13,755,781
4,574,493
2,962,753

10,513,483
3,157,416
2,111,705

Net after rents
From Jan. 1—

railway—
Net from railway
Net after rents
—V.

..

._

..

1934

1935

1936

$1,979,507
709,181
424,452

..

Repre-

of $338,761.

-Earnings—

Ry,

1937

Gross from

199,700
915,500

al92,495

...

of $15,000. z After reserve for depreciation
sented by 49,713 no par shares.—V. 144, p. 2826

Gross from

WtfpZ'

41,000

....—

pref. (par $100)
5% cum. part, (par $100

8% cum. first

reserve

July—

1417.

Economy Grocery

$978,991
151,212

$715,859

87,240

defl23,466

1,219

M
6,483.152
1,444,889

7,906,896
2,185,516
1,504,223

576.194

758.

145, p.

July 3,

Period Ended—
Sales
Less cost

$4,284,087

$4,132,214

$4,093,447

188,135

105,320

90,045

$3,886,217
91,427

$4,472,222

$4,237,534

$4,183,494

$3,977,645

4,197,326

4,031,719

4,001,325

3,749,113

$274,895
xl35,000

$205,815
30,000

$182,169

$228,532

Other income, &c_
Gross income
Deduct oper. exps.

Net

x

8,872

Federal & State income taxes,

$3,349,9301

Total

Services, Inc.—Weekly Input—
For the week ended Aug. 26, 1937, the kilowatt-hour system imput of
the operating companies which are subsidiaries of American Power & Light
Co.,
Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1936, was as follows: CCLS6~——~
TICT
Ebasco

34,691

24.940

ment taxes.

Surplus.

prof$99,194prof$122,503

250.027

security and enemploy-

Commonstock

Net

$540,000

13,977

accrued

Wages

z348,758

-

Capital assets........

debt,

funded
&c

payable to banks......
Trade accounts payable
Due to officials and employees

Notes

Social

secured by

stock of the company

Gross corp. income—
on

$139,513
8,716

30,1937

Balance Sheet April

$4,091,044

2,466,796

Inventory

Other income-

99,426

*$1,128,728
capital stock

purchased, net $89,012.

$3,913,563

$172,982
33,469

16,060
55,086

..

Common stock

1937—7 Mos.—1936

326,308

$153,017

,

First preferred stock to April 1,1937
Class A participating stock to April 1,1937

Cash in banks and on

Net ry. oper. revs

$207,088
1,088,394
3,819

-

$507,326

$499,290

$524,126
371,109

undistributed profits

Total

1,108,637

2,046,682
100,946

-Earnings—

1937—Month—1936

Period End. July 31—

Railway oper. expenses.

$245,399
35,612
2,700

profit
Balance, April 30, 1936
Discount on capital stock purchased, net

Balance, April

Railway oper. revenues.

16,136

Net

1416.

Massachusetts Street Ry.

3,997

destroyed

value of assets

-

Provision for surtax on

x

Int.

disposal of capital assets

Provision for Federal and State income taxes

$2,748,939

$385,166

Deficit

on

by fire
Total.

2,261,628
106,186

State taxes on dividends

Eastern

1,311
9,480
2,250

sale of investment

Interest paid

1,108,733

preferred
stock owned by East ern

Div. 6 % cum. pref. excl. of
Gas & Fuel Associates

-V. 145, p.

$218,711

■,

$3,091,381

Net income

% prior

,

—-

—

Excess of insurance recovery over book

}?36
$11,076,477 $10,412,443
453,342
541,334
3,952,568
3,477,705
3,016,747
3,175,239
560,812
363,635
1,627
105,591
1937^

31—

on

Profit

fought out.
changes in

Fuel Associates—Earnings—

Total income

4^

Profit

board of directors made no
1416.

Estimated Federal income tax

Dividend

Dividends received

this company, succeeding
replaced on Aug. 18,

stockholders and the management were

Except for Mr. Farley's election, the
management personnel.—V. 145, p.

Eastern Gas &

Year Ended April 30, 1937,
$25,035 for depreciation

Earnings for the
Interest received

Eliot Farley on Aug. 27 became President of
H. B. Plumb.
Company's entire directorate was

12 Months Ended July

Co.—Earnings—

$141,663

$120,373

Operating profit, after deducting

Eagle Lock Co.—New
issues between

Elder Mfg.

_

„

prec'n& other chgs...
—V. 144, p. 3497.

tions."—V. 145, p. 606.

(& Subs.)—Earnings—

Dunhill International, Inc.
6 Mos. End. June 30—

when

a

device could

Net loss after taxes,

"there have been

business by the Federal Govern¬
in interstate commerce, and of the
of commerce,, unless such business
control system which is beyond the power of Congress.
This
be extended to all kinds of business and all manner of transac¬

discovered the formula for control of all

145, p. 758.

—V.

1583

Financial Chronicle

145

Volume

(incl.

income

Dividends paid

E1 Paso Electric
12 Months

Co.—Earnings—

Operating revenues
x Balance after operation,

maintenance & taxes—

Balance for dividends and surplus._
x Includes non-operating income, net.
reserve.—V. 145, p. 1097.

y

1936

1937

Ended July 31—

$3,036,384

$2,868,606

355,050

322,984

.

y

1,095,107

1,152,683

After appropriations for retire¬

ment

El Paso

Natural Gas Co.—Listing—

York Stock Exchange has authorized thel isting of 5,675 shares
stock (par $3) upon official notice of issuance and payn ent in
full pursuant to an offering to employees and officers making the
amount applied for 603,584 shares.
By action of stockholders at a meeting held March 2, 1937, directors
and the President were authorized to put into effect a stock purchase plan
under which present and all future officers and employees of the company
(including officers, other than its present President, who are
the company) will be offered the right to subscribe for and purchase from
the company shares of its authorized but unissued common stock in such
The New

of common

(no par)^

$139,895
120,000

$175,815
120,000

$182,169
120,000

$228,532
120,000

$2.29

Balance, surplus

Shs. cap. stock

$1.71

$1.52

$1.90

Earnings per share
xTncludes extra

dividend of 12H cents per

share amounting to $15,000.

Balance Sheet

July 3 '37 June 27'36
assets....$1,780,132 $1,773,828

Fixed

y

459,970
38,289
1,542,477

in banks

Investments:

381,366
34,000

218,786

Accts. receivable..

1,422,845
217,654

4,631

Inventories

10,391

Restricted balances
in closed banks.

79,688

118,821

operation

683,389

Other accts. pay..

Accept, under let¬
ters of credit

14,149

22,907

contract

15,102

Surplus

Total

(the conversion

than $16 2-3 per share

such price or prices not less

price of the

company's outstanding convertible

18,477

12,549

obligat'ns

7,617

1,61?! 127

9,752
1,477,232

$4,163,106 $3,919,773

x After deducting depreciation of $879,984 in 1937 and $767,792 in 1936.
Represented by 120,000 shares of no par value stock.—V. 144, p. 2125.

such terms and

cluding the present

Consolidated

President.

Income Statement

6 Months Ended June 30,
—

Gross operating revenues
—
purchase costs
Operating expenses....
Maintenance and repairs.
General and administrative expenses
Taxes (other than Federal incom e tax)
Provision for Federal income taxes
Provision for retirements
Gas

_

Co.-—Utility Act Test Case Litiga¬

Resumed—Briefs Filed with U. S. Circuit Court of Appeals
Seek Decision on Entirety of Measure—

tion

—

—

96,450

258,865
$1,095,767
5,730

Litigation in the government's test case of the Public Utility Holding
Act of 1935 was resumed Sept. 2 with the filing by the company and others
of briefs with the U. S. Circuit Court of Appeals for the Second Circuit.
Asking the Circuit Court of Appeals to reverse Judge Julian W. Mack's
decision in favor of the Securities and Exchange Commission, the com¬
pany's brief seeks also to have a decision rendered on the
and not only on one or two issues as the SEC succeeded

Act in its entirety
in obtaining from

the lower court.

the brief states, "as an attempt
investments and corporate re¬
lationship in an industry primarily local in character and without regard
to the regulation of commerce or any other matter with the constitutional
the Act in its entirety,"
normal business transactions,

"We challenge

to

control




I

$1,101,498

income

Total gross

long-term debt
Other interest —
Amortization of debt expense.

—

175,275
13,496
16,258

-

$896,469
1,519

before non-recurring income.
securities reacquired
....

Net income

Premium on

Net income.

7% pref.

-

dividends

Conm on

dividends

Number of shares of con n on stock outstanding.
Earnings per share of com. stock after provision for
—V.145. p.

1256.

$2,224,181
379,817

39,814
144,243
79,965
129,260

operating income
Total other income

Interest on

1937

$2,222,461
1,720

(including pipe line rental).-

Miscellaneous

Net

Electric Bond & Share

debentures)

conditions (which may include agreements by the
company to repurchase in certain events) as the directors or the President
shall determine and for such purpose set aside 5,675 shares of the authorized
but unissued common stock of the company.
By action of the directors at a meeting held on July 31, 1937, it was
determined to offer on Sept. 1. 1937, not to exceed 5,675 shares of common
stock of the company at $17.55 per share to employees and officers, ex¬

and upon

Gas sales

excise taxes

(estimated)
Int.
on
purchase
money

proportions and at

187,000

22,977
17,568

Other accrd. exps.
Mass.

directors of

(not

tributions

$3,919,7731

45,779

173,756

&c

current)
Social security con¬

$4,163,106

18,332

54,584

Federal and excise
Notes payable

Total

7,887

Cash bonds of store

taxes,

y

41,400

48,439
674,621
1,878

Instalm't

Trade creditors

managers.

Deferred charges to

*37 June 27 '36

$1,350,000 $1,350,000
50,000
(bank)
150,000

Capital stock

Notes pay.

Cash on hand and

July 3

Liabilities—

Assets—
x

total

$894,950
51,790
454,339

pref. divs

584,799
$1.44

1584

Financial

Emerson

Electric

Mfg.

Co.,

Inc.—Stockholders

Chronicle

Subscription Rights—
Common stockholders of record May 5, 1937 have been
given rights to
subscribe to 80,000 additional shares of the company's new common
at

stock

$9.37H

Per share in the ratio of 1 share for each 3% shares of new
stock held by them.
Rights will expire at 4 o'clock Sept. 9.

mon

company's

stock

com¬

Equity Corp.—Earnings—

The

split 20 shares for 1 and the par value re¬
duced to $4 in May of this year, and there are at present
270,000 shares of
new common
outstanding.
The offering has been underwritten by Van
Alstyne, Noel & Co., Fenner & Beane Corp., Taussig, Day &
Co., Inc
and Bonner & Bonner, Inc.
The $750,000 of new capital to be obtained from the sale of this
stock is to
be used by the company to pay all arrears on its
preferred stock and to im¬
prove its working capital position.
In his letter to stockholders, L. G. Rowe,
Secretary, states that during
the past three fiscal years ended Sept.
30, 1936, and the four months ended
Jan. 31, 1937, the company has spent and capitalized
$684,245 for addi¬
tions to its manufacturing facilities, of which
$256,264 was spent and capi¬
talized during the past fiscal year and $150,820
during the four months
ended Jan. 31, 1937.
During this period the company's business has ex¬
panded rapidly, Mr. Rowe points out, with gross sales, less
discounts,
returns and allowances, having increased from
$1,921,705 for the year
ended Sept. 30, 1934, to $5,441,322 for the
year ended Sept. 30, 1936.
For the months of June and
July of this year sales aggregated
$1,308,546,
and net profit, subject to final
audit, was $143,968.
Unfilled orders on
hand on July 31, 1937, amounted to
approximately $1,500,000, with the
plant operating at a high percentage of capacity.—V. 145,
p. 1097.
common

was

Earnings for 6 Months Ended June 30, 1937
Cash dividends

on stocks of associated and
American General Corp
General Reinsurance Corp

,

Cash dividends

Department stores
Real

estate

130,195
47,791

99,357

lossl2,626

2,647

Interest

loss32,466

deb.

subs.
bond

&

Excess of income

97,219
■

1,360

loss39.777

loss29,250

$140,857
68,874

$330,205

$326,415
137,880

19,702

10,628

48,244

Equity Corp. by Ralph E. Still, as nominee, on May 8, 1934, ultimately
resided, through various other companies, in Neosho Securities Corp.
and Cartell, Sargent & Co., Inc., which shared
equally in the top underlying
company's stock.
A trust created by Ellery C. Huntington Jr., a director,
owns 50% of Neosho and 16
2-3% of Cartell-Sargent; a trust under which

loss71,704

$131,579

28,303

profits

the wife and children of David M. Milton,
President, are sole beneficiaries,
owns like amounts.
A trust under which Mr. Milton's mother has a life
interest

Net profit before divs.

$111,877
4,380
50,625

Pref. stock of sub

$61,355

Erie

$281,961

4,380

$160,232
8,761

8,761

[Including Chicago & Erie RR

$56,872

$56,974

$171,951

$151,472

3,529.708

3.408,325

3,644,184

$3,477,063
from

purchase

bonds

after

$3,586,683

of

$3,580,276

of

prior

Net from railway
Net after rents

2,936

8,822

8,694,646

6 .445,232

2,662
1,334

206,427

206,427

$3,583,246

$3,365,028

$3,583,246

$0.14

$0.42

$0.37

charges..

revenues

500

Non-oper. inc. (net)

$1,862,146
16,924

$1,692,354 $20,973,550 $19,437,772
120,177
423,447
1,186,654

Balance
Int. & amortiz., &c

$1,879,070
658,871

$1,812,531 $21,396,997 $20,624,426
665,463
8,024,560
8,312,801

Operation.
Maintenance

Net oper. revenues

Balance....

have

$1,220,199
for retirement reserve

145,

p.

759.

Essex & Hudson Gas

Co.—Merged—

See Public Service Electric & Gas Co. below.—V. 128,
p. 4153.

$4,094,109 $50,577,788 $46,341,741
1,654,691
20,414,565
19,123,483
251,454
3,354,997
2,702,975
495.609
a5,834,675
5,077,510

Taxes

directors

$1.20 per year.—V.

103,213

$4,426,757
1,742,365
305,824
516,421

Famous

Players

Canadian

Corp.,

Cumulative pref. divs. earned but

not

Balance
Amount applicable to
minority interests
_

-

$7,126,390
2,388,322
1,467,146

$3,681,994
17,487

declared...

$7,800,614
2,798,297
1,320,323

profit after depreciation,
taxes, minority interest, &c

Earnings

share
4153.

per

—V. 143, p.

amortization,

interest,

$426,045

$1.07

Fanny Farmer Candy Shops, Inc.—Extra Dividend—

1936;

an

extra of

cents were

paid

on

12^ cents on Oct. 1, 1936, and extra dividends of 6M
April 1 and on Jan. 2, 1935.—V. 145, p. 1256.

Federal Water Service Corp. (&

Subs.)—Earnings—

[Not including Southern Natural

Gas

Co.]
1937

Operating revenues
Expenses and ordinary taxes

1936

$16,994,046 $16,255,902
8,125,066
7,637,942
1,164,161
1,098,541

Retirements and replacements
Balance.

$7,704,819
552,204

$7,519,419
152,210

$8,257,023
4,930,993
176,339
1,252,601
64,445
199,972
101,844

$7,671,629
4,945,269

$1,530,829
384,344
75,000

$1,037,128
380,718

$1,071,485

Other income—net

$656,410

-

V - -1 - r Cum. pref. divs. of certain - - L
sub. cos., not earned..

$3,664,506

subsidiary

Total income

$3,258,401

288.021
555,179
Includes Federal income taxes of
$798,009 of which the Federal surtax
undistributed profits for four
subsidiary companies amounts to $4,975.
No provision has been
made by the other
subsidiary companies for Federal
surtax on undistributed
profits since any liability for such tax cannot
be determined until the
end of the year,
b Applicable to Engineers Public
Service Co., before
allowing for unearned cumulative preferred dividends
of certain
a

on

Subsidiary interest
Subsidiary amortization
t Subsidiary preferred dividends
Minority interest

companies on Jan. 1, 1937 adopted the Federal
System of Accounts, hence previous
year's figures are
exactly comparative.
On March 31, 1937 the
physical property and
certain other assets of Ponce
Electric Co. were sold.
The income statement

includes results of operation of
that company for periods
prior to that date.
—V. 145, p. 1097.

Equitable Office Building
Corp.—Earnings—
July 31—

income.

Other operating income.

Total oper. income...

Maintenance & repairs..
x
Depreciation

....

Real estate taxes
Other oper. expenses
Prov. for doubtful accts.
Other general expenses..
Net oper. income

Other income
Net income

Int. on funded debt.
Prov. for Fed. inc. tax..
Federal surtax on undis¬

tributed profits
Net income

1937

$771,853
75,077
$846,930
20,505
61,752
200,100
156,239
2,713
77,064

'

1936

$782,242
84,188

1934

$785,867
64,736

$866,431

...

18,408

19,993

61,752
195,750

67,125
204,450

150,457
4,330

$960,214
17,107
68,945
200,600
148,340
12,729
64,565

149,652
7,938
59,247

56,546

$328,556
3,878

$379,186
4,637

$342,197
4,839

$447,926
2,346

$332,434
276,301

$383,823
282,420
15,000

$347,037
288,546
8,000

$450,273
293,830
21,500

9,300

$86,404

principal

$50,491

1937, the

sum

$134,942
of

$127,405

on the funded debt.

After

....—

Balance

Net income

t Includes dividends

not

141,134

1,256,007
27,762
264,329

declared.

It is stated that no provision was made
and certain subsidiaries in

by Federal Water Service Corp.

respect to possible Federal surtax on undis¬
tributed profits for the six months ended June
30, 1937.—V. 144, p. 4006.

Federated Utilities, Inc. (& Subs.)-

Years Ended June 30—

1937

revenues

Operation
Maintenance
Uncollectible

$408,844
240,795
19,844

accounts

-Earninos1936

1935

$423,125
257,955
30,028

$426,813
259,132
24,362
3,815
39,207

729

840

34,186

38,478

$113,290
719,971

$95,821
719,971

313

382

178

Balance
Provision for retirements

$833,574
34,030

$816,174
34,321

$826,551
31,539

Gross income
Int. & other income chgs. of subs
Int. & other income charges of Feder¬

$799,544
9,819

$781,853
10,116

$795,012
13,315

756,722

754,920

769,563

$33,002
50,000

$16,815

$12,133

Taxes (including Federal income taxes)

_

Net operating revenues before prov*
for retirements
x

Non-operating income
Sundry—net

ated Utilities, Inc

11,000

$35,833

...

Interest, Federal Water Service
Surtax undistributed profits Fed. Water Service..

$886,237
73,977

$850,603

—

.

Operating

Note—For the three months ended
July 31,
has been provided for the
payment of




1935

.....

Federal income tax
Surtax on undistributed profits

companies.

Note—Certainsubsidiary

Power Commission

not

3 Mos. End.

income

397,524 shares capital stock (no par)

on

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, par $1, both payable Oct. 1 to holders of record Sept. 15.
Dividends of 25 cents were paid in each of the two
preceding quarters
and previously regular quarterly dividends of 12
M cents per share were
distributed.
In addition, an extra dividend of 25 cents was paid on Dec.
23,

$3,270,922
12 521

(& Subs.)—

Earnings for 6 Months Ended July 3, 1937

Net

$1,147,068 $13,372,437 $12,311,624
5,571,823
5,185,234

preferred stocks, declared.

Ltd.

Earnings—

Years Ended June 30—

-

44,955,123
13,060,554
8,433,404

10 ,498,744

declared an initial dividend of 30 cents per share
the capital stock payable Sept. 30, to holders of record
Sept. 10.
The
company states that it is the intentoin of the board of directors to place
the stock on a regular
quarterly dividend basis of 30 cents per share, or

Combined Income. Statement of
Subsidiary Companies
flnter-Company Items Eliminated]
Period End. July 31—
1937—Month—1936
1937—12 Mos.—1936

Rental

42 ,137,714

Esquire-Coronet, Inc.—Initial Dividend—
The

Engineers Public Service Co. (&
Subs.)—Earnings—

on

460,896

47,215,865
13,578,470

on

Surplus balance close
of period.
$3,365,028
Earns, persh. on 412,853
shs. capital stock
$0.14
—V. 144, p. 3670.

Balance
Dividends

1934

$6,398,008
1,684,236
953,090

—V. 145, p. 759.

1,987

period

Divs. paid & declared by
corporation..

Appropriations

1,315,971
50,612,952
15,232,698
9,640,222

1935

>,814,438

i,073,753

de¬

8,822

Operating

1936

$7,286,527
2,307,270
1,458,984

...

From Jan. 1—
Gross from railway

un¬

taxes

Miscellaneous

Net after rents

$3,795,656

amortized disc. & exp.

Adjust,

1937

$7,196,897
1,985,133

from

railway
Net from railway

3,420,191

ducting adjust, of

RR.—Earnings—

July—

101,250

Gross

Consolidated net profit
to surplus
Surplus balance begin-

deb.

50% of Cartell-Sargent, and the remaining 16 2-3% of that
held by A. F. Milton, a brother.—V. 145, p. 1416.

owns

company is

in

Preference stk of sub

Loss

Changes in Registration Statement—

mailed to stockholders with the full report for the six months
ended June 30.
In the amendments, holdings of
28.8% of the common shares of the

on

minority ints.

undistributed

have been

Debenture bond interest

to

on

I

Among the amendments to the registration statement of the corporation
on Aug. 23 by the Securities and
Exchange Commission
upon dismissal of hearings on the original statement, filed in
February, 1934,
is much descriptive matter relating to control of the
company and various
of its relationships and contracts in 1933 and 1934.
The amendments

before

taxes

$91,994

Note—No provision has been made for possible surtax

profits realized for the period.

int.

Fed.

operating expenses

Balance, deficit, Dec. 31, 1936, $11,278; net profit on sales of securities
for the six months ended June 30, 1937,
$1,685,120; excess of income over
operating expenses for six months, $91,994; total, $1,777,115.
Provision
for Federal income taxes, 1937, $302,800; balance,
$1,463,036.
Dividends
on preferred stock:
Dividend paid March 1, 1937, $202,101; dividend paid
June 1, 1937, $202,101; provision for reserve for deferred
charges, $22,270;
balance, June 30, 1937, $1,036,464.

declared effective

lossl2,741

for

over

Earned Surplus, 6 Months Ended June 30, 1937

(last
year) & Fed. taxes on

Prov.

105,553
83,750
1,254

debentures—

on

Taxes refunded to debenture holders and taxes paid at source..

net loss—excl. of divs.

from

$282,551

Operating Expenses

299,540

used

In operations

General administrative—

:

—

Stockholders told of

292,564

49,867

in

$14,426
73,382
177,254
7,700
9,789

Total

1937—6 Mos.—1936
$5,535,740 $11,735,039 $10,952,396

107,079

used

operations
Real estate not

cos.:

stocks of other corporations

Miscellaneous income..

1937—3 Mos.—1936

$5,757,880

Net profit of units before
Fed. taxes on profits:

on

subsidiary

Underwriting profit

Emporium Capwell Corp. (& Subs.)—Earnings—

Period End. July 31
Net sales of dept. stores.

Sept. 4,

deducting the net income of $35,832 as shown above, and the provision fo
depreciation amounting to $61,752 charged against operations in accordance
with rates allowed by the United States
Treasury Department, the balance
amounting to $29,820 has been debited to the surplus account.—V. 144,
p.3836.

Get

Net income
Dividends on
x

Int.

Electric

on

&

common

stock

.

i

'

$100,295
726,077

property purchase obligations of parent company, Consolidated
Gas Co.

Volume

Financial

145

Galveston Electric Co.—Earnings-

Consolidated Balance Sheet June 30
1936

Assets—

1937

1936

$

1937

$

$

$

Liabilities—

Prop., plant & eq.,
incl. Intangibles 2 696,194
2,680,273
Investments
20 571,506 20,574,005
5,758
10,296
Special deposits...
Cash
57,352
57,181

Pref. stk. of sub.

600

600

7,245,700

7,245,700

cos...

6,159,654
11,812

8,297

affiliated

239,990

Consumers' depos.

19,378

18,406

2,524

Accrued accounts.

159,097

168,365

Def'd credit items.

1,008
561,487

&

56,647

41,216

7,970

7,646

Cash in closed bks.

296

420

Def'd debit Items.

6,432

Operating

a

Total

Reserves.

528

cash

of which

acquisition

545,321

8,548,854

~l",649

28,130
5,723
b24,694

$5,779

$5,579

$44,878

$5,779

$5,579

$49,312
1,103

$24,795

$5,579

$48,209

$24,795

Net oper. revenues

23,736,993 23,716,706
deposited with trustee.—

Total

been

"

445

Net income

$5,334

These accruals

equal depreciation to be

minor extent
1937.
undistributed net
liability for such tax cannot be deter¬

income for the year 1937, since any

mined until the end of the year.—V.

The

have

directors

declared

of 75

dividend

a

cents

stock,

no par

Investment Counsel

First

See list given on page

Operating
Operation
Taxes..

bonds

The date of expiration for subscription warrants for purchase of
common stock of the Follansbee Steel Corp. has been extended

from

Aug. 30 to Sept. 27 by order of the Federal Court for the Western District
of Pennsylvania.
The Guaranty Trust Co. of New York will continue to
issue and transfer the warrants until Sept. 27.
The extension was permitted on petition of the company because of delays
met in preparation and submission of the necessary petitions, auditors'
statements and exhibits preliminary to obtaining action under the respective
"Blue Sky" laws of various States in connection with the qualifications of
the bonds and common stock.—V. 145 .p. 1418.

Foreign Light & Power Co.—Preferred Stock Called—
The company has called 2,500 shares of its $6 cum. first preferred stock
•for redemption on Nov. 1, at $105 per share plus accrued dividends and
Notices are being mailed to shareholders of record.
Inquiries from others may be addressed to J. G. White & Co., Inc., 37 Wall
Street, New York.—V. 143, p. 2837.

less the Canadian tax.

From Jan.

459,888
56,724
def9,996

11,202

365,436
13,108
def31,314

July—
Gross from railway

..

Net from railway
Net after rents

$553,354
211,304
137,127

$462,063
124,994
66,406

$764,023
439,487
369,226

4,497,096

3,251,699

1,853,343
1.384,908

478,529

2,782,563
503,962
113,949

3.463.295
1,414,731
993,639

._

..

926,093

Operating
Interest

86,627

expenses

1935

Cost of sales

1936
$1,823,648
1,262,399

$1,070,394
723,468

314,106
73,825

168,233
53,955

$179,862
10,700

...

1937
$1,985,523
1,466,509

250,304
88,848

Years Ended June 30—
Sales

$173,319
2,195

class

A

common

$190,562

$175,514

Net profit before deprec. & inc. tax
Depreciation
prof, taxes.

See

x

«.

m

-

2.461

$127,198
42,413

''

m.

$162,102
124,600

$148,086
68,750

$84,784

$37,502
$79,336
depreciation charges of $45,446.

this General Motors division's history,
Of these sales 13,014 represented trucks. For the entire

August volume among the largest in
company

reported.

and used cars, with the second 10-day period

total of 151,971 new
a

a round 5,000 units over the first.
Retail sales of Oldsmobile cars reached an

gain of

25,000

—

Balance Sheet June
1937

.

$67,689
54.973

retail sales totaled 141,665
137,014 in like period a year ago.
the second 10 days of August
totaled 5,612 units, against 6,144 deliveries in the second 10 days of July
and 5,359 in the second 10 days of August, 1936. For the first 20 days of the
month sales were 11,510 units, against 12,238 in the July period and 9,013
of August, 1936.
10,654 used cars in the

V.145,

p.1258.

1937

1936

payable.

$51,064

$35,748

19,565

15,903

Income tax..

28,459

27,427

Accrued

warrants

8,053

10,406

Inventories

175,489

97,626

Construc'n

23,750

121,496

& equipment...

Ld.,hldgs.,mach.,
bbls., cases, fur¬
749,019

exps.

x

71,000

183,072

144,154

750,000

$1,103,161

P.

Fraser

.1

.

■'

1098.

General Theatres Equipment
for

Chicago, 111.
Both
sound picture

these

Total

...

$1,103,161 $1,189,478

$748,574
677,687

$613,863
615,474

$9,396
7,362

def$4.887
7,149

$70,887
53,831

def$l,611
46,202

Ry. oper. income
Equip, rents (net)
Joint facil. rents neC__

$2,034
Crl,199
Drl,960

def$12,036
Cr2,209
Drl,920

$17,055

def$47.813

Drl0,474
Drl3,582

Dr 13,592

income.

$1,273
1,072

def$l1,747
1,146

def$7,002
9,074

def$55,207
9,169

$2,345

def$10,601

919

973

$2,072
6,542

def$46,037
6,727

sur$l ,426

$11,574

$4,470

$52,764

Net rev. from ry. oper.

a subsidiary will on Oct. 2, 1937 pay the balance
6% first mortgage bonds due 1948. Payment will
$12.28 per $100 bond.—V. 144, p. 3500.

Net ry. oper.

Fuller Mfg. Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net profit after operating expenses,
Federal income taxes,
depreciation, and other charges, but before provision for
Federal surtax on undistributed profits
Earnings per share on 300,000 shares of capital stock
—V. 144, p. 2997.

General Banknote Corp.—Registers

Non-oper. income
Gross income

$114,113

$0.38

with SEC—

of this department.

Deducts, from income.

Deficit
-V. 145, P.

Georgia

RR.-—Earnings—

dividend of 10 cents per share on company's
par $1, payable Sept. 15 to holders of record
This compares with 5 cents paid on June 15 and March 15, last;
40 cents paid on Dec. 15, 1936; 8 cents on May 1, 1936; 7 cents on Nov. 1,
1935: 6 cents on May 1, 1935, and on Nov. 1. 1934; 10 cents on May 1,
1934; 20 cents in 1933 and 12 H cents per share paid on Dec. 1, 1932.
The directors have declared a

Aug. 28.

941.




railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 763.
Gross from

_

06,199

1419.

July—

General Investors Trust—Dividend Doubled—

1937—7 Mos—1936

$85,257
90,144

Ry. tax accruals

Cos., Ltd.—Subsidiary to Pay Interest—

shares of beneficial interest,

RR.-—Earnings—
$107,982
98,583

Ry. oper. revenue-Ry. oper. expenses

of $176,177 in 1937 and $118,561 in 1936.

1418.

See list given on first page

1418.

1937—Month—1936

Period End. July 31—

Restigouche Co., Ltd.,

—V. 145, p.

companies were also licensed to use, lease and sell
reproducer equipments in the continental United
licenses were granted

Georgia & Florida

$1,189,478

Corp.—Licenses Granted

Research Products, Inc., on Sept. 2 granted non-exclusive
the manufacture of sound picture reproducing equipment to
General Theatres Equipment Corp., New York, and to Motiograph Inc.,

licenses

Research Products or its

t

of deferred interest on its
amount to

p.

associated companies.—V. 145, p.

After reserve for depreciation

145,

stock, par

States, Alaska, and the Hawaiian Islands.
The
under patents owned or controlled by Electrical

37,989

exps...

Total

—V.

143,890

charges and

prepaid

Corp.—To Pay Extra Dividend—

27 declared an extra dividend of 10 cents per share
quarterly dividend of 25 cents per share on the common
$20, both payable Sept. 23 to holders of record Sept. 9.—V. 145,

in addition to the

47,272

42,202

677,110

......

and

trade marks
Def'd

121,496

payable
Capital stock
Capital surplus...

752,027

48,596

niture & fixtures

Organtz.

order granting

Electrical

contr't

Earned surplus...

dep. res.

for bldg. constr.

x

Corp.—Delisting—

Exchange Commission has issued an

application of the Boston Stock Exchange to withdraw from listing
and registration the no par value common stock of the corporation.
Delist¬
ing was sought because the company is being dissolved.—Y. 145, p. 1098.

the

General Telephone

Div. pay. July 1..

on

second 10 days of August,

Buick dealers sold

reducing the stocks to 28 days supply, against 10,474 used cars sold in the
second 10 days of July and 8,861 in the second 10 days of August, 1936.—

The directors on Aug.

expenses.

Accounts

Fed.

Rev. stamps & tax

Cash

Ralston, General Sales Manager

units, also a newrecord, as compared with
Domestic retail sales of Buick cars in

30

Liabilities—

1936

$42,258
37,544

Assets—

showing

all-time peak of 11,943 units

$59,784

paid—

Cash

20 days of August hit a

Chevrolets during the first 20 days indicate an

month lajst year, sales totaled 95,905 unite, including 23,249 trucks.
Chevrolet dealers during the first 20 days of this month sold a combined

The Securities and

Accts. receivable.

$1.57

Corp.—-Retail Sales—

record pace.
Retail sales of 60,122

27,427

Net profit

Cost of sales includes

8,500

stock out¬

Earnings per share
145, p. 1418.

General Stockyards

28,459

Prov. for Fed. inc. & exc.

Balance

$17,867

20,000
$1.79

common

—V.

in the first 20 days

Other income less other expenses.

x

$40,869

and

standing end of periods.

$124,736

expense

Total administrative expense

7,176
5,499

profit after prov. for Fed. & State income
for surtax on undis¬

taxes, but before prov.
tributed profits
Shares

62,940
26,794

;

29,064
22,840
10,205

charges

Provision for losses

Net

1936
$1,214,327
120,276

1937
$2,401,247
189,605

\

Income

revealed.
This compares with 8,054 in 1936.
From Jan. 1, through Aug. 20, Oldsmobile

(Peter) Fox Brewing Co.—Earnings—

Dividend

Corp.—Earnings—

during the first 20 days of August. D. E.

—V. 145, p. 760.

Sales

General Acceptance
6 Months Ended June 30—

1934

1935

$1,127,630
697,815
589,537

—

Net after rents

61,300

new

From Jan. 1—

Gross from railway
Net from railway

1,620

prof$l,760

$2,953

General Motors

1936

$25,267
61,300

Chevrolet and Oldsmobile retail sales in the first

City Ry.—Earnings—

1937

$24,016

Total volume of business

760.

p.

Fort Worth & Denver

$6,868
5,108

p.761.

1,049

def6,490

349,748
def9.987
def57,813

415,370
46,639

Gross from railway

145,

def3,609

def2,542

$23,647

Notes—(1) No appropriations (other than the appropriation of surplus
through the cancellation of debt incident to the plan of reorganiza¬
tion) have been made to retirement reserve since 1931 because such ap¬
propriations would simply have the effect of increasing the deficit.
(2) Op¬
eration of the interurban electric railway service between Galveston and
Houston was discontinued at the close of business Oct. 31, 1936.—V. 145,

1—

Net from railway
Net aft er rents
—V.

4,667

$9,349
14,667

created

$50,758

$45,933
def5,005
defl 1,882

$57,673

$5,248
1,620

determined until the end of the year.

1934

1935

1936

1937
$62,534
7,587

July—
Gross from railway
Net from railway
Net after rents

129,455
41,626
15,934

Allowance for Federal and State taxes

Earnings—

Ryv

a

net

$210,663

46,032
12,629
al2,011

$37,283
$36,033
No provision has been made for the Federal surtax on undistributed
income for the year 1937, since any liability for such tax cannot be

Net deficit.

and

Fort Smith & Western

1st mtge. bonds.

on

$80,022

$2,155
5,108

Balance

Int.

1937—12 Mos.—1936

$1,141
1,014

Net oper. revenues.._

Non-oper. inc. (net)

Co.—Warrants Are Extended—

Follansbee Bros.

revenues

Maintenance

Corp,—Registers with SEC—

1406 in "Chronicle" of Aug. 28.

Earnings—

1937—Month—1936
$2,305
$22,030
475
11,795
6
3,527
a682
1,461

Period End. July 31-

a

145, p. 761.

Galveston-Houston Electric Ry.-

share on the

per

value, payable Sept. 20 to holders of record Sept. 10
This compares with 50 cents paid on June 31, last; 25 cents paid on March
31, last; $2 paid on Dec. 11, 1936; 55 cents paid on Sept. 21, 1936; 25 cents
on June 20, 1936; 20 cents per share distributed on March 20, 1936; Dec.
20 and Sept. 25, 1935; 15 cents per share paid in the two previous quarters,
and dividends of 10 cents per share distributed each three months previously.
In addition, extra dividends of five cents per share were paid in each of the
four quarters of 1934.—V. 144, p. 2826.

common

17,568
$24,795

claimed for Federal income

tax purposes on buses only.
Bus service was inaugurated to
in December, 1936, and was increased substantially in May,
b No provision has been made for the Federal surtax on

Corp .—Larger Dividend—'

160,997
31,901

4.434

Balance
Int. on equipment notes.

a

has

13,836
2,745

Non-oper. inc. (net)

946,399

'

Ferro Enamel

$235,260

$278,051
174,625

$23,808

_

8,548,854
929,401

Capital surplus...
Earned surplus...

23,736,993 23,716,706

For

x

1937—12 Mos.—1936

Month—1936

$26,940
15,313
1,796
1,531
b2,520

Retirement accruals.

6,696

V. 144, p. 2651.

1937-

revenues

Operation
Maintenance
Taxes

and

Due to parent

Accounts

supplies
Appliances on rent

Period End. July 31—

6,134,236

payable.

debt

Funded

239,990

recelv..

mat'ls

100.000

100,826

Due from affil.cos.

Mdse.,

100,000

90,481

Accts. receivable..
Acer. Int.

(par SI)

Com. stk.
x

1585

Chronicle

1936

1935

1937
$299,739
24,885
21,350

$322,927
60,647
58,203

31.046

2,210,395
413,529
437,325

2,057,608
323,867
337,098

1.816.775
268,645
295.756

$266,141
33,514

1934

$274,504
48,165
46,443

1,839,965
260,327
261,966

1586

Financial Chronicle

Goldblatt Bros.,

Balance

The directors have declared an
optional dividend on the common
stock,
of 60 cents per share in cash or
1-50 of a share of common stock
for each
share held.
Dividend will be paid on Oct. 1 to holders of

Assets—

RR.—Earnings—-

1937

1936

24,864

797,516
15,231

A31,458

charges.

$1,721,477

$1,493,828

265,335
146,029

14,206,400
3,627,569
2,224,956

11,936,393
2,305,593

10,939,651

31,336

77,662

50,893

Accts. pay. &accr.

charges
&

pay.

8,775

—V. 175. p. 763.

Granite City Steel

2,051,049
718,693

1,272,869

Co.-—Larger Dividend—

The directors have declared

Capital surplus

1

365,051

336,003

1st pref. stk. ($100

par)

699,200

a

dividend of 373^

cents per share

on

1937

Costs and expenses.___.

1936

1935

144,700
542,532

($100

par)

542,532

Total

$2,055,543 $2,380,542
Total
$2,055,543 $2,380,542
a
Non-current,
b Acquired through
liquidation of collateral,
c
In
reciprocal insurance exchanges operating revenue,
d Represented by
40,003 no par shares,
e After reserve for depreciation of $323,366 in 1936
and $287,623 in 1935.—V. 144, p. 2482.

the

(W. T.) Grant Co. (& Subs.)—Earnings—

6 Mos. End. July 31—
Sales

699,200

144,700

2d pref. stk.

stock, payable Sept. 30 to holders of record
Sept. 16.
Previously
regular quarterly dividends of 25 cents per share were
distributed.—V. 145,
p. 942.
common

478,500
31,506

20-yr.

d Common stock..

Net from railway
Net after rents.

9,870

417,000
25,000

.

mtge.

6,973

1

172,916

Deficit

int.

accrued

1st

6% gold bcls...
Sundry reserves..

182,347
32,313

14,990,444
3,899,128
2,033,433

$56,000

88,674

9,856

658

Goodwill

1934

$1,902,632
391,750
9,435

1935

$52,000

Bank loan

25,634

7,160

Equity

c

1935

$1,982,816
397,816
211,428

Net after rents—
From Jan. 1—
Gross from railway

12,719

Fixed assets

e

1936

(see'd).

Bank overdraft...

Bond

sale &sund. sees.

b Prop's acquired.

Deferred

Grand Trunk Western

588,019
94,497

Mtges., agree'ts for

Gongoll Associates, Inc.—Registers with SEC—

See list given on first page of this
department.

July—

631,480

Accts. receivable

a

31

Liabilities—

$6,238
427,949

411,556

Inventories

Sheet Dec.

1935

$6,305

receivable-

Accts.

were

Gross from railway
Net from railway

1936

Cash on hand

record

Sept. 10.
paid in each of the two preceding
quarters, and
an extra dividend of 50 cents in
addition to a regular
quarterly dividenf
of 37^ cents per share was
paid on Dec. 26, 1936.—V. 145, p. 1259.
Dividends of 60 cents

Sept. 4, 1937

Inc.—Optional Dividend—

1934

$45,191,618 $43,653,281 $41,555,814 $37,538,664
42,830,499
41,134,365
40,127,076
36,179,503

(B.) Greening Wire Co., Ltd.—New Common Offered—
Preferred—

Proceeds Will Redeem

Under the terms of the proposed conversion
operations, the company
will call its $650,000 7% cumulative
preference shares for redemption on
Oct. 1,1937, and will effect certain
changes in its

capital set-up, The com¬
plete capitalization of the company, after the conversion has been
effected,
will consist of 250,000 shares common
stock, of which 190,000 shares will
be issued.

Operating profit..... $2,361,119

Other income (net)

$2,518,916
Dr21,813

Total income
$2,408,161
Int. paid less int. rec'd..
31,706
& amortiza'n..
613,583
Federal tax

$1,428,738
11,665

$1,359,161

$2,497,103

47,042

$1,440,403

$1,402,378
73,423
588,902
81,173

35,221

367,896

69,558

614,471
398,433

Deprec.

43,217

599,030
102,290

The financing of this operation is
being accomplished by the sale of
10,000 shares of the new common stock to present holders of common stock.
An additional 60,000 shares are
being offered to the public by Lampard,
Marston & Co., Ltd., and
Cochran, Murray & Co., Ltd., at a price of $12
share.

a

The

preferred stock is

holders

to be called at $110 a

share, and preferred share¬

given the right by the underwriters to convert their
holdings
the basis of $100 per value
preferred stock for nine shares of the new
common, and will receive, in addition, $3.75 in cash.
The cash represents
the difference between the purchase
price of the nine shares of common
and the redemption price of
$110 applicable to the preferred stock,
plus
$1.75 quarterly dividend due Oct. 1, 1937. on the latter stock.
The B. Greening Wire Co. was founded in
1859 by Benjamin Greening.
The company's business is
mainly with the wholesale hardware trade and
the large industrial and mining industries.
It manufactures wire cables and
ropes of all kinds, wire cloth, wire mesh in all
sizes,
are

on

Net profit

Earns, per sh. on 1,195,355 shares cap. stock_.

$1,394,976

$1,448,978

$669,525

$1.16

$1.21

$0.56

1937

Accounts receivaole.

Merchandise inventories
Cash surrender value life insurance
policies
"

*

Amounts expended on building
construction, to be
repaid by owners upon completion
Advances to and security deposited with

1936

$9,816,126
289,334
12,339,227
86,591

$9,396,561
106,870
10,544,476
85,032

9,247

landlords,

to be repaid over a term of
years

486,987
14,103

in closed banks & restricted
bals., less

reserve

Land, bldgs. & impts., less allow, for depreciation.

Furn. & fixt., less allowance for
depreciation
Alterations & impts. to leased
properties
Prepaid taxes & rents, unexp. ins. prems.

,supp.,

& c.

6,567,319
2,888,624
5,117,239
840,051

.$38 ,464.091

Liabilities—
Accounts payable

$35,838,297

$1 ,364,531
1 ,066,740

Dividend payable
Federal tax reserve
(estimated)
Note payable for lease, due 1937
Notes payable for lease, due 1938.
Tenants' deposits as

12,500
37,500

7,478

_

Represented by l,195.35o

no par

7 994

1,550,200

123,470
10 ,089,446
22 201,552

_

10,089,446
20.958,027

$38,464,091
shares.—V. 145, p. 942.

1936

j

$35,838,297

Net after rents

57,802

$347,137
55,921

$211,396
170,000

$291,217
163,625

$60,157

Dividends...

$41,396

$127,592

Balance

Earns,

per sh. on 170,000 shs,
cap.stk.
Before Federal income tax.
y Before

$1.45
$1.24
$1.71
undistributed profits taxes.

Balance Sheet Dec. 31
Assets—

1936

Cash in closed bks,
Land

Bldgs., machin'y
& equipment...

22,067

Liabilities—
exps.
&
for taxes

1936

1935

$155,529
1,700,000
374,502

$97,906
1,700,000
350,027

tirement

Net income
Divs. on pref. stock

for

Total

$2,230,031

$2,147,934
in

1935.

1937—Month—1936

1937—12 Mos.—1936
$1,605,124
$1,383,382
1,024,748
890,311
139,787
83,500

$143,981
91,814
11,942

$127,283
82,258

$40,225

$37,025
17,160

$440,588
218,767

$409,571
207,725

5,584

$19,865
5,585

$221,821
67,014

$201,845
67,014

$15,800

$14,280

$154,807

8,000

The company notified the New York Stock
Exchange that on Aug. 16,
1937, it obtained the release of $625,683 of the
$1,500,000 deposited
with the Chase National Bank of the
City of New York as trustee under
the indenture dated
Sept. 1, 1926, as supplemented and as modified by a
.third supplemental indenture dated
Oct. 1, 1936, securing first
mortgage
and refunding bonds, series
C, 4%, due Oct. 1, 1966, of the company;
that said $625,683 was released
against the certification of an equal amount
of additional
property in accordance with the mortgage provisions, and
that the release of the above sum
leaves on deposit with the trustee a
balance of $149,661.—V. 145, p. 1099.

Years End. Jan. 31—
Profit....
Prov. for depreciation

shs.

$134,831

12 Months
Dec. 31 '36

$99,037
revenue.

18 Months
Dec. 31 '35

$135,994
1,392

Net profit

charges..

1937

x$35,253

Before depreciation and income taxes.




1936

$3,061

$137,386
33,619

$13,882

Provision for depreciation
Dominion and Provincial income taxes.

6 Mos. End. June 30—
Net profit after deprec.,

1935

1934

$841,401
172,599
135,333
68,000

$610,388
174,836
123,014
31,000

$378,102

$465,469
122,378

$281,537

115,239

404,064

168",360

89,792

11", 224

$2.85

a

on

$1.17

$1.54

$0.67

144,812
122,425

$759,562
108,915

129.900

10,600

224,480

stock

Including $10,500 Federal

Assets—

1937

Cash
Ohio

$1,138,480
State

surtax.

1936

Liabilities—

$325,762

sales

tax stamps

sch'l board scrip

11,467

220

61,078

&c., securities
Accts. receivable.

213,269
3,016,594

Inventory

2,062,433
209,790

$2,753

1935

loss$10,661

44,490
54,039
2,484

1934

$2,465

418,603

2,568,668
1,817,814
190.451

re¬

ceivables

$607,652
due within

one year

275,000

Accrued tax., int.,
&c._

Notes

44,140

57,592

163,000

383,325

285,020

payable to

bank

825,000

1st mtge. leaseho.
serial

Claims against cl.

1936

$672,716

Bonded indebted¬
ness

U.S. Govt.,munic

Sundry other

1937

UnpaApurc.,exp.,
&c_

32,712

bks & ins. dep.
Land & leaseholds

$99,037
20,289
25,665
35,742
3,459

salaries

interest

int. & other

942.

Saddlery Co., Ltd.- -Earnings—

Total income

x

sh.

.

$21,384

Period Ended—
Profit from operations

Bond

per

common

1936

$757,542
171,756
153.684
54,000

172,344

_.

Conv. pref. dividend
Common dividends

Earns,

Subs.)—Earnings-

1937

$1,199,143

City, county and
18,840

p.

Executive

debentures will

Oct. 1, 1937.

Condensed Consolidated Balance Sheet Jan. 31

Includes provision for Federal surtax
on undistributed
profits for 1936.
No provision has been made for such
tax in 1937.—V.
145,

Additional non-recurring

Oct. 1, 1946, were notified
debentures had been called

Deposited Cash Released—

-Earnings—

x

Great West

After

redemption on Oct. 1, 1937, at 103% plus accrued interest.
Such
debentures, with Oct. 1, 1937, and subsequent
appurtenanct coupons
attached, should be presented for payment at Bank of INew York & Trust
Co., trustee, 48 Wall St., New York.
Interest on such

Value of life insur
—__

1936

$5,733,122
2,663,943
824,939
appropriations for re¬

Bonds Called—

a

.....

y

Holders of 10-year 4J^%
debentures, due
that $178,000 principal amount of these

Pref. divs. (6^%)

depreciation of $1,143,320 in 1936 and
$1,126,869
Represented by shares of $10 par.—V.
144, p. 4346.

Gross income
Int. & other fixed chgs..

1937

$6,115,639
2,830,651
983,857

reserve.

Int., bond disct., &c

After

x Oper. exps. & taxes
Prov. for retire, res.

Co.—Earnings—

Balance for dividends and surplus
x Includes
non-operating income, net.

Halle Bros. & Co. (&

reserve

Capital stock
Surplus

.$2,230,031 $2,147,934'

Period End. July 31—
Gross revenue.

687,487
108,012
def72.540

Balance after operation, maintenance and
taxes.

Net profit

Gulf Power Co.-

742,362
98,452
def64,179

x

Prov. for taxes.

charges

def26,373

840,778
116,765
def56,884

$74,382
def 3,050

Accts. pay., accr'd

Misc. assets & def.

Balance

def20,502

revenues..

469,460

24,132

Inventories

$43,442
598,327
242,822
105,207
29,249
637,358

502,754

Accts. & notes rec.

1935

$45,899
413,287
372,919
205,340
28,341
637,358

Cash & ctf. of dep.
Investments

Operating

1934

$99,839
9,702
def 13,916

4,573

12 Months Ended July 31—

1934

$264,269
52,873

y$247,157
187,000

Net income for the year

Gulf States Utilities

1935

$120,856

From Jan. 1—

Gross from railway
railway.

cease on

1935

$304,959

Depreciation

y

956,074
187,150
9,936

Net after rents

115,969

Engineering Works—Earnings—

Calendar Years—
Net income

Total

1936

$125,270
14,180
13,737

railway

y

2 ,177,500

x Capital stock
Surplus

Great Lakes

751",666

(expiring

payable

Reserve for repainting stores.

x

Ship Island RR.- -Earnings—
1937

Net from

$1,185,680
1,129,981

418,374
990,000
12,500
12,500

security for leases

1937 to 1949)
Real estate mortgages

x

Gulf &

Jul'y—
Gross from railway

—V. 145, p. 764.

Accrued accounts

x

are fabricated from
iron, steel, brass, monel metal,
nickel.
In 1931 improvements were
effected which greatly
modernized the plant and
materially aided in lowering costs of production.—
V. 144, p. 280.

and

Net from

Total

x

12,023
6,412,009
2,776,998
5,310,068
870,459

chains, perforated

metals, which products

bronze

315,346
8,455

9,243

Employees' notes and accounts receivable
Sundry accts., notes, claims & investments, funds

x

$0.55

Comparative Consolidated Balance Sheet July 31

Assets—
Cash.

Total

$658,880

1,650,000

Res. for contlng

2,710,200

100,000

.

100,000
1,752,400

pref.stock.

24,369

24,118

127,076

127,556
98,021

Common stock

202,535
132,948

202,535

Profit & loss surp

2,901,583
231,422

3,440,938
260,187

Total
-..$10,431,320
—V. 145, p. 114.

$9,739,153

not used, &c
Investments

....

Land

Leaseholds

Impts.

to

....

93,746

Conv.

prof.
($50 par)

stk.

Capital surplus

3,000,000

1,122,400

..

mi

-

-

-

1,122,400
10,703

..

2,467,944

2,922.713

$10,431,320

$9,739,153

134,360

leased

properties, &c
Deferred assets

..

.

Total

Hamburger Distillery, Inc.—Registrar—

The Manufacturers Trust Co. is
registrar for 40,000 shares of preferred
225,000 shares of common stock.—Y. 145, p. 1420

stock and

Hampden Brewing Co.-—Registers withXSEC—

See list given on first
page of this

department.

Volume

Financial

145

Under

Ltd. (& Subs.)—Earnings—
Dec. 28, *35 Dec. 31, '34 Dec. 31, '33
y$57,964
$29i,149
z$295,354
z$256,281

Hamilton Cotton Co.,

Dec. 26*36

Years Ended—

Operating profit.

Cr 55

Inc. from invests

40,590
122,281

44,715
99,325

22,000
1,400

25,000

22,000
1,400

$109,138

$118,916

38,024

$85,841
28,518

297

1,219

5,833

Depreciation
Prov.

for

other

&

Fed.

46",420

46,420
102,413

Bond interest

taxes

Directors' fees

1,400

profit

Preferred dividends
Income tax (prev. year).

to

distribution of 1 % was

421,625

on

Res.

securities sold

for

Assets—

$11,544

"l",389

$113,083

$10,155

282,375

242,818

.

a

Other current assets...
b Property, plant &

$252,973

executive remuneration.

After

z

$262,675

$211,116

154,956
2,082

Accrd. wages,

&c

Investments

142,332
3,992

$104,015
21,271

Stock on hand

466.549

468,558

Bond int. accrued

Payables

Commonstock..

15,000

11,178

600.000

490,096

bonds..
Conv. pref. shares
y Common shares
1st mtge.

570,360

Surplus

$2,659,411 $2,608,661

Total

$2,608,661

421,625

85,000
753,000

Secured notes

16,679

25,250
85,000
780,000
570,360
600,000

25,315

& other taxes..

15,624

1,750,358

$2,659,411

....$4,067,0001

After

reserve

1 ,063,714

of $1,127,161 in 1936 and $1,017,171
Represented by 20,000 no par shares.—V. 144, p. 4009.

After reserve for depreciation

in

Total

doubtful notes and accounts

for

Illinois Central

•

From Jan.

Corp.—Initial Common Dividend—

$5 par common stock,
—V. 145, p. 1100.
new

63,075,204
14,365,772

7,671,702

Net after rents

1937
$7,951,506
1,598,274

July—
Gross from railway

Net

rom

railway

7,149,874
Only

$7,368,276
1,005,149

Registers with SEC—
See list given on

first page of this

1,207,671

186,669

813.618

63,075,204
14,365,772

6,231,680

7,149,874

54,230,469
10,458,088
5,338,065

51,719.156
13,099,087
7,321,095

the

new

$4 prior preference stock,

quarterly dividend of $1 per share
payable Sept. 15 to holders of record

Sept. 7.—V. 145, p. 1260.

Hawaiian

Pineapple Co., Ltd.—Stock Increase

Voted—

approved plans to raise $14,451,520 new capital.
will provide $10,000,000, while $4,451,520 will

Stockholders on Aug. 31
Sale

of

stock

preferred

from

come

one new

a

common

Hearst

Stockholders may purchase for $20
share for each five shares held.—V. 145, p. 1420.

sale of common stock.

Magazines, Inc.—Registration

See list given on first page

Hearst

Withdrawn—

of this department.—V.

Publications,

144, p. 4346.

Inc.—Registration Withdrawn—

ft. See list given on first page of this department.
The company on Sept. 1, according to the Associated Press, issued a
statement that, in asking permission to withdraw the registration statement,
its reason had been:

►•"The market for industrial debentures was turning less favorable at the
time of filing and has continued less favorable up to the present time.
Our proposed underwriters have therefore not been in position to market
the debentures at an interest rate and at an underwriting commission
which

we

"In

Illinois

have been meeting regularly

we

the payments

Power

Iowa

subsidiary of Illinois Traction

(& Subs.)—Earnings—

$15,000,000.

Years Ended June 30—

after

profit

1937
1936
Federal &
&c
y$l,592,440 x$l,510,467
1,798,602
1,794,402

deprec.

Canadian income taxes

Illinois

Terminal Co.-

railway

Net from railway

after rents

Net

Shares common stock

on

undistributed profits.V

a
quarterly dividend
145, p. 1260.

1937- -Month—1936

Period End. July 31-

$32,371
15,993
2,309

Retirement accruals
Taxes..

Net oper. revenues
Int.

on

bonds

Other interest, &c
Amort,

of debt disc't

1937—12 Mos.—1936

$2,657,629

$28,104
18,661

$396,188
201,068
13,483

$289,898
230,793

526

646

705

7,956

3,142

34,589
23,946
a26,113

Maintenance

1,309,359
370,697
286,819

; a294,566

$2,285,715
1,129,531
320,791
317,887
227,608

9,530

$13,423
$8,211
$173,680
$46,433
fro provision has been made for the Federal surtax on undistributed
for the year 1937, since any liability for such tax cannot be
determined until the end of the year.—V. 145, p. 765.
Net income
a

net income

(N. Y. City)—Earnings—
The corporation showed operating income for the first half of 1937 of
$1,010,465, compared with $984,953 in the first six months of 1936, accord¬
ing to a report issued by Amott, Baker & Co., Inc.
Profit available for
interest and additional rent was $200,321 in the 1937 period against $179,974
in the 1936 period.
The percentage earned on the $10,985,000 of out¬
standing 5% income debentures was 2.28% for the 1937 period, on an annual
Hotel Waldorf Astoria Corp.

basis, based on the amount

2.09% for the first half of




2,898,041
863,191
573,662

2,842,369
848,635
540,778

Insurance

Co.—Transfer

31—

Operating revenues __
Operating expenses
Net oper. revenues—

lease of operating property

Rent for
t

Operating taxes
Net oper. income
—V. 145, p.

Corp.—Earnings—
—1936
1937—7 Mos.

1937—Month--1936

$691,979

$98,818

$747,413

97

625

$107,211
60,813

$98,721
53,711

$746,788
406,028

$691,273
368,934

$46,398

$45,010

$340,760

$322,339

50

50

391

507

15,532

10,981

106,538

86,461

$30,816

$33,979

$233,831

$235,371

$107,211

706

943.

Steel Products Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937

profit after oper. exps., Fed. inc. taxes, deprec. & other
but before prov. for Fed. surtax on undistributed profits
Earns per share on 99,070 shares stock
—V. 144, p. 3336.

charges

$65,540
$0.66

(and Kentucky Fuel Gas Corp.)—
Reorganization—
The Inland Gas Corp. and Kentucky Fuel Gas Corp. are both engaged in
the production and sale of natural gas in northeastern Kentucky.
Sub¬
stantially all of the common stock of each company is or was owned, directly
indirectly, by the American Fuel & Power Co. (Del.).
Both Inland Gas
and Kentucky Gas are now in reorganization proceedings under Sectlofe
77-B.
The frst mortgage bondholders' protective committee believes
that it is to the best interests of Inland Gas and Kentucky Gas to have the
two corporations reorganized as a single unit rather than as separate enInland Gas Corp.

Amended Plan of

or

&

expense

3,377,544
1,210,108
832,259

Net

$201,539
100,064
26,306
24,579
22,486

$234,217
117,197

Operating revenues
Operation

106,242
66,583

Trust Co. is transfer agent, registrar and dividend
40,000 shares of capital stock.—V. 140, p. 2009.

Operating revenues
Uncollectible oper. rev_.

distributed.—V.

-Earnings—

$407,457

121,997
78,686

Associated Telephone

Indiana

Houston Electric Co.-

Exporters

144, p. 3668.

of 25 cents per share was

$422,527

149,990
88,290

The Manufacturers

Indiana

itter being ttye first dividend
Said on Dec. 21, 1936, and a paid on the common stock since July 1, 1932,
dividend of $1 paid on Nov. 27, 1936, this

when

&

Agent, &c.—

Period End. July

Holland Furnace Co.—To Pay 50-Cent Dividend—
The directors have declared a dividend of 50 cents per share on the com¬
mon stock, no par value, payable Oct. 8 to holders of record Sept. 17.
This
compares with $1 paid on Aug. 2, last; a year-end dividend of 25 cents

1934

1935

1936

$458,259

145, p. 765.

Importers

1935

Earnings per share
$0.88
$0.71
$0.97
|» x Includes $701,443 profit from sales of securities, after charges and in¬
come taxes and after providing for invalidated processing taxes,
y Ajfter
surtax

3,616,314
1,309,879
818,104

Net after rents
—V.

Earnings—

1937
$493,970
161,430
98,016

July—
Gross from

disbursing agent for

$2,097,477
1,790,202

,

.

Co., it is stated, will own all of the capital stock
corporation after the consolidation is effected.
Opportunity for hearing in the above matter will be given at 2 p. m.,
Sept. 22, 1937.—V. 144,1). 3336.
Illinois Iowa Power

of the new

(Formerly Gold Dust Corp.)
Net

Terminal RR.,
Illinois rail¬

the Illinois
RR.,
Terminal
Ry., all of the capotal stocks of which are owned by Illinois Iowa Power Co.
According to the application, Illinois Iowa Power Co. will receive $25,000,000 of capital stock and at least $10,889,000 of the bonds of the new
corporation in exchange for securities of the railroad companies being con-,
solidated, and, if funds are provided by the applicant for the retirement of
all the underlying mortgage bonds of the Illinois Traction, Inc. held by
the public on March 1, 1937, it will also acquire an additional $4,111,000
of the bonds of the new corporation which will make the acquisition total

Net from railway

Hecker Products Corp.

approval of the acquis¬
1st and refunding

bonds 4% series, due Jan. 1, 1967, of the Illinois
a new corporation to be organized by consolidation of certain
road corporations.
The new corporation is to be formed by the consolidation of
Terminal RR., Illinois Traction, Inc., St. Louis Troy & Eastern
Alton & Eastern RR., St. Louis & Illinois Belt Ry., and Alton

Gross from railway

amount of the debentures which, ultimately, we may
may be substantially changed, and when such time arrives,
wish to issue securities with different provisions and of a different
type than those described in our present registration statement.
"In the case of the Magazine issue, a similar letter was sent.
The
reduction of the funded debt was not so large but more than half of the
funded debt has been paid since the registration statement was filed for
theJVlagazine company."—V. 144, p. 2303.
sell

Co., a registered holding
Commission an appli¬

Securities and Exchange

has filed with the

wish to

may

Co.—Seeks Permission to Acquire

New Terminal Railroad—

current obligations.
"As a result, the
we

Sept. 15. Dividends
the current dividend

mtge.

on

thus reducing the net amount outstanding from
$18,776,706 (pro forma consolidated basis) at Dec. 31, 1936, to $16,549,541
at this date.
Some reduction has also been made in our interest-bearing

share on the $6 cum.

cation (46-71) under the Holding Company Act, for
ition of $25,000,000 common stock and $15,000,000

considered attractive.

the meantime,

old long-term debt,

our

Co.—Accumulated Div.

pref. stock, no par val. pay. Oct. 1 to holders of record
of $3 was paid on July 1, last.
Accumulations after
will amount to $1 per share.—V. 144, p. 4180.

company,

The directors have declared an initial
on

Telephone

declared a dividend of $2 per

The directors have

The company, a

Dividend—

Co.—Initial Preferred

Hartman Tobacco

145, p. 765.

Securities of

department.—V. 145, p. 1420.

$7,537,558
1,707,540

785,166

Illinois Commercial

dividend of 40 cents per share on the com¬
mon stock, no par value, payable Sept. 9 to holders of record Sept. 2.
This
compares with dividends of 30 cents paid on June 21 and on March 20 last,
and a quarterly dividend of 20 cents paid on Dec. 15, 1936.
In addition,
an extra dividend of 50 cents was paid on Dec. 24, 1936.

1934

1935

1936
$9,407,560
2,287,665

56,646,843
11,079,784

Net from railway
Net after rents

Co.—Dividend Increased—

Harshaw Chemical

The directors have declared a

45,265,490
11,506,064
7,059,636

Earnings of Company

—V.

'

47,754,501
9,236,005
5,389,767

1,207,671

65,689,528
13,820,248

Gross from railway

initial dividend of 20 cents per share on
payable Sept. 15 to holders of record Sept. 7.

1,565,453
868,700

2,287,665

From Jan. 1—

Harrisburg Steel

1934

$6,645,584

868,318
243,116

1—

Gross from railway
Net from railway

1935

$6,456,155

1936

$9,407,560

830,416

Net after rents

4154.

Co. below.—V. 128, p.

1937
$9,109,296
1,849,378

July—
Gross from railway
Net from railway

30, was given in

Co.—Merged—

System—Earnings—

Net after rents.

The directors have declared an

$4,067,000
of $26,397. b After

$27,507.

for depreciation of

See Public Service Electric & Gas

30,826

Prov. for Federal

16,173

1,741,721
15,254

It companies

the

...

earnings for the 6 months ended June
"Chronicle" of Aug. 7, page 943.—V. 145, p. 1421.

.

Bank loan

Dep. with fire ins

y

28.853
37,466
143,350
500,000
182,320

Preferred stock

13,097
6,724

Note—The

Dec 28,'35
$69,421

~lb~354

Cash.

1935.

981,629

260,770' Other current liabilities

....

Hudson County Gas
Dec. 26*36

Liabilities—

Dec. 2S'35

Dec. 26*36

Receivables

Total..

Sheet

-.,.-$1 ,129,668

Accounts payable—Trade
1,036,545 Acceptances payable—Trade.
15,849'Accrued liabilities
....—._

Other assets.

Balance Sheet

expense

|
Liabilities—
$113,343 (Notes payable
2,620,670

equip

Prepaid expenses.

reserve

$366,055

$421,625

$490,096

After depreciation.

Deferred

hand and in bank..*.

Inventories

a

Dr29,402

Real estate, &c_

on

Notes and accounts, receiv..

Total

2,346

_

Total surplus..

x

a

Inc.—Balance

Co.,

Surplus

non-recurrent

Assets—

Material

June 30, 1937—

"

losses, &c

y

made.—V. 144, p. 3674.

535

for redemption

Loss

and 20 shares of
other 40% being issued
1937, an initial interest

$1,000 5% income debenture

Field

Oil

received for

confirmed early in 1936, holders

reorganization plan

stock, aggregating 60% of the equity, the
holders of the old common stock.
On March 1,

common

Houston

~

$56,104
366.055

$70,816

Balance, surplus
Previous surplus
Loss on bonds purchased

a

each $1,000 of the old bonds

Cash
Net

1587

Chronicle

actually available for interest purposes, against
1936 and 1.49% for the full year 1936.

tx tics

The purpose

of the amended plan is to

reduce the heavy fixed interest

ample working
thought desirable,
Inland
Kentucky Gas.
under
contract
with each company.
Pursuant to contract between Inland Gas and Ken¬
tucky Gas, which was in existence prior to the receivership of either com¬
pany, Inland Gas has the right to furnish the first 6,000,000 cubic feet of
gas taken by the American Rolling Mill Co. in any one day and Kentucky
provide for a new company which will have
capital to further develop its gas production, and, if it is
to extend its delivery lines so as to be in a position to serve new customers.
The American Rolling Mill Co. is by far the largest customer of
Gas, and, except for Inland Gas, is the sole customer of
It purchases gas from Inland Gas and Kentucky Gas
a

charges and to

1588

Financial Chronicle

Gas has the right to furnish all gas taken
by the American Rolling Mill Co.
in excess of 6,000.000 cubic feet
per day.
The contract of Inland Gas with
the American Rolling Mill Co. has been extended

through 1946

at a

reduced rate, and it is believed that the contract of
Kentucky
the American Rolling Mill Co. will be likewise
extended.
It is understood that Columbia Gas &
Electric Corp. owned or
stantial amounts of Inland bonds,
Kentucky bonds, Inland

slightly

(ii)
of

Kentucky bonds held by them.
(iii) The holders of Inland debentures
the basis of 53.25 shares of
held by them.

on

sub¬

American

Fuel

&

Power

Co. owned

or

owns

the

notes.

Pursuant

to

$400,000 Inland

order, the Stone & Webster Engineering
Corp. has
reported to the Court on the physical properties of both
Inland Gas and
Kentucky Gas.
Subsequent to the appointment of the Inland trustee and the

(iv)
stock

proceedings and Kentucky reorganization proceedings,
hearings were held
at which
testimony was introduced relating to the solvency of Inland Gas
and Kentucky Gas, and the Inland trustee
and Kentucky trustee have

from
time to time filed in the
respective proceedings reports relating to
Inland
Gas and Kentucky
Gas, and the conduct of their affairs.
If gas withdrawals continue in the
future at the same rate as
during the
first five months of 1937
(and the two properties are separately
operated),
the proven and
developed and proven and undeveloped reserves as
esti¬
mated
8.2 years from that date and in the

case

of

from that date.

Kentucky Gas in 6.85

stock

common

the basis of 2 shares of

on

principal amount of such

Existing
Inland Gas Corp.:
Bonds
!:

For the purposes of the amended
plan only, the
claim filed by Carbreath
Gas Corp. in the sum of
$963,169 and the addi¬
tional claim of that
company in the sum of $804,568, both of which
claims
have been objected to
by the Inland trustee, are included at $963,169.
®.This amount includes the claims of Columbia Gas & Electric
in the sum of
Corp.
$94,010.
Columbia
.

Gas & Electric Corp. asserted
that this
prior to the claims of the
Kentucky bonds.
The Court denied the
priority of this claim and an appeal was taken
to the U. S. Circuit Court
of
®r
w"ich affirmed the Court's decision.
This amount excludes
$164,583 of purchase
money notes held by the American
Rolling Mill Co.
and accrued interest
thereon in the amount of
$24,744, said notes secured
by said $250,000 principal amount of
Kentucky bonds have been foreclosed
and title to said bonds
acquired by the holder.
Note—The claims of
Piney Oil & Gas Co. and the Hamilton Gas
Co.
were asserted to be
prior to the Inland bonds but the
priority was denied
by the Court and appeals have been
taken.
The validity of these claims
^J10^ mitted but in order to avoid further delay the amended plan pro¬
vides for the settlement of
these claims by the
payment of $54,000 in cash
to Hamilton Gas Co. and
$46,000 in cash to Piney Oil & Gas Co.
For the purposes of the
amended plan and its approval and
acceptance,
the note or
Kentucky Gas to the American Rolling Mill Co. is
disregarded
and the
Kentucky bonds pledged to secure such note are
treated as Ken¬
tucky bonds issued and
was

Though it is believed

outstanding.

there is no present
equity in the mortgaged prop¬
erty of Inland Gas above the amount
due on the Inland
bonds, the holders
of Inland
debentures, of Inland secured notes and Inland unsecured
claims
are allotted new
common stock in order
to hasten the consummation of the
amended plan and to avoid
further litigation as to the extent and
value of
the assets not
subject to the mortgages.
For like reason, a small amount of
new common stock
has been allocated to the
holders of the Kentucky de¬
bentures and unsecured
claims though it is believed
there is no present
equity in the mortgaged
property of Kentucky Gas above the amount due
on
the

Kentucky bonds.

Creditors Not Affected
by the Amended Plan
New company will assume
the
liability for and agree to pay in full to
United States of America
any and all Federal taxes and customs
duties
due from Inland
Gas, Inland
the

receiver,

275

Inland

•

plan,
such taxes shall have been fully paid or

liability, if

any, of Inland Gas or
Kentucky Gas, in respect of workcompensation claims and State
and local taxes shall be assumed
and become liabilities
by
of the new
company to be paid by the new company
in cash as and when
due.

Claims and Interests Which
Receive

Nothing Under the

Notes

.

Kentucky Gas

New

are

insolvent.

Kentucky

or such other

State

bondholders' protective committee
shall determine.

acQuire all of the

.New.cpmpany wiu be
estimated

as

the

New

assets of both Inland Gas and Kentucky

authorized to issue $3,500,000 of

$2,726,157

new

issue

(par $1), of which 417,688.55
shares,

bonds, of

be issued under the amended
plan,
900,000 shares of new common stock
it is estimated, will be issued under the

are to

amended plan.

400,000
1,609,282

Each $1,000

2

Common stock

341,775 shs.
3,939,500

Exchange of Claims

and Interest

for New Securities

lu view of the
present cash position of
Inland

,made to
at the rate of $57.20
per $1,000 of bonds.
,

Gas and Ken-

the holders of Kentucky bonds

A.. ca®k Paynjent of $54,000
satisfaction

will be made to Hamilton Gas Co. in
full
of all of its claims
against Inland Gas.
(iv) A cash payment of $46,000 will
be made to
Piney Oil & Gas Co. in
full satisfaction of all of its
claims against Inland Gas
(b) New Bonds—
..

The holders of Inland bonds

are

to receive new bonds at
the rate of

^nds f2rTeach $1,000 of Inland
£e holders of Kentucky bonds are to
new




47,274

71

12

2,734.2

x$215,270

Each $1,000General claims

430.5

2

-

Each $1,000
Common stock
x

279,705

xl,367,118

2

500,000 shs.

-

Includes principal and interest to May 31, 1937.
Pro

Forma

Income Account

[Income available for interest and dividends (before Federal taxes), calcu¬
lated according to contemplated provisions of
proposed new mortgage

Indenture.]
Calendar YearsInland Gas Corp.—
Net oper. revenue

1934
$113,276

12 Mo.End.

1935

1936

May 31 '37

277,167

$241,118
298,476

$407,058
245,364

$395,960
238,582

$390,444

$539,595

$652,423

$634,542

21,939

27,753

29,528

10.851

$368,504

$511,842

$622,894

$623,691

def$19,516
42,401

$39,294
50,027

$59,458
19,081

$51,714
18,461

$22,884

$89,322

$78,540

$70,175

2,105

5,038

5,238

2,934

$20,778

$84,283

$73,301

$67,241

$368,504

$511,842

$622,894

$623,691

20,778

84,283

73,301

$389,283

$596,126

Prov. for retire. & deple.
Total

Less—Adj. Amer. Roll'g
Mill contract

-

Balance

Kentucky Fuel Gas Corp.—
Net operating revenue..
Prov. for retire. & deple.
Total

Less—Adj. Amer. Roll'g
Mill contract

Balance
Pro Forma—New

Company—•

Balance—Inland Gas (as

above)

—

__

Balance—Kentucky Fuel
(as

above)

,

Total

Less—development

67,241

$696,196'

$690,932

ex¬

pense allowance

200,000

200,000

200,000

200,000

$189,283

Balance
Int. at 5H% on $2,726,157 1st mtge. inc. bds.

$396,126

$496,196

$490,932

149,938

149,938

149,938

149,938

$39,344
140,000

$246,187
140,000

$346,257

$340,994

140,000

140.000

def$ 100,655

$106,187

$206,257

$200,994

Balance

Sinking fund.
Balance before Federal
income

taxes

Note—Other income has been omitted
income from holdings of U. S. Govt,

Forma

Balance Sheet

Assets—

$3,263,000

receivable

;

Supplies—General
Advances to officers & employees
Sinking fund cash
Def'd charges & suspense accounts.

Combined

$3,655,000

1

384,042
1,000
136,841
93,279

receivable

Accounts

Kentucky
$392,000

..

Cash and cash items

Notes

represents

May 31, 1937
Inland

Property, plant and equipment
Investments in affiliated companies

it

as

largely
bonds, which will be sold to obtain cash

for disbursements to bondholders.

Pro

above

52,539

436,581
1,000
149,420
98,166

12",579
4,887

580

5

585

9,100
4,554

21,800
21,582

$3,908,471

.

12,700
17,028

Total..
Trf n hi li ti p q——•

Capital stock' ($1 par)
Surplus (capital)

$475,665

$4,384,135

$367,250
1,002,984
2,446,453
32,'742
2,345

$50,439
128,762
279,704
3,486

s.

f. bonds

$417,689
1,131,745
2,726,157

300
274

36.228

49,748
4,152

p.

730

2,645
3,071
61,718
4,882

$475,665

$4,384,135

2,797

Total

134,

11.970

$3,908,471

Other current liabilities
Accrued taxes (estimated)
Other accrued liabilities—

2521.

Interborough Rapid Transit Co.—He'iring Sept. 13—

Federal Judge Julian W. Mack has put over until Sept. 13 further
argu¬
on the
hearings relating to the proposed change in the method of
sinking fund purchases of the 5% bonds of the company.. Consequently,

the Oct. 1 operation will be conducted as
formerly, the purchases being made
from tenders submitted at the
request of the receiver.
The plan was advanced

by Louis Boehm, counsel for the Johnson

com¬

mittee of 7%
noteholders, during a hearing on Mr. Boehm's motion for an
directing the I. R. T. receiver to purchase all future sinking fund
from the Bankers Trust Co., which holds
approximately

order

requirements

855,000,000

in 5s as collateral for the $30,000,000 of I.
which have been overdue for five
years.

R.

T.

7% notes

Purchase of the bonds from the Bankers Trust would
provide cash for
distribution to noteholders and thus prevent them from
bringing fore¬
closure action, Mr. Boehm
argued.—Y. 145, p. 1421.

International Great Northern RR.
July—

1937

Gross from railway

railway

145,

p.

-Earnings—
1935

1934

$972,850
113,029
def29,654

$965,392
161,385
42,284

$1,072,745
274,809
120,555

7,552,813
...

Net after rents
—V.

„

$1,048,878
156,381
205,649

Net after
railway
Net after rents
From Jan. 1—

Gross from railway
Net from

1936

,

6,759,882
967,124
def59,591

6,660,110
1,201,711
321,300

7,377,613
2,054,456
930,143

1,240,836
226,381

766.

bonds held by them.

receive new bonds at the rate
bonds for each $1,000 of
Kentucky bonds held by them.
(c) New Common Stock—
(i) The holders of Inland bonds are to
receive new common stock on the
basis of 62.5 shares of new
common stock for each
$1,000 of Inland bonds
held.

of $71 of

225,339
57.20

Debentures

,

be made to the
holders of Inland bonds at
the rate of $275 per
$1,000 bonds.

_

53.25
20,900
52.25
3,218.6

ment

Company and Capitalization

New company will be
organized in

tUCKy vJclS!

62.5

77,212.5

Each $1,000
General claims

—V.

Plan

The interests of the
stockholders of Inland Gas and
Kentucky Gas are
iLa^?r J11} will receive nothing under the amended plan, for the reason
that both Inland Gas and

Cash

575

trustee,

men s

(a)

Com. Shs.

265,918.75

1.450,000

Customers'service deposits

H., -Pv remain unimpaired until

Bases of

$2,466,452

Each $1,000-

s&txsii6&

*° ,k.®

Receive-

New Bonds

$1,170,042

Each $1,000

Debentures

Conv. mtge. income
Accounts payable

!']!

Cash

$4,254,700

Kentucky Gas,
Kentucky receiver or Kentucky
trustee, whether or not proofs of claim
are filed in
the Inland
reorganization proceedings or
Kentucky
reorganization proceedings.
Such taxes shall be
paid by Inland Gas,
Kentucky Gas or the new
company as the case may be, when, as and
if,
they may become due, and the lien
thereof, if any, and priorities with respect
thereto, shall not be affected by the
confirmation of the amended

therefor

*

■Will

_

,e. Courts decision.

?

stock for each $1,000

New for Old Securities

standing

Each $1,000

This amount includes

is

.

.

,

,

new common

Out¬

Securities—

Bonds

the aggregate principal amount of
claims filed
against Inland Gas which have
been allowed in either the Inland
receivership
proceedings or in the Inland reorganization
proceedings.
It also includes
the claim of Columbia
Gas & Electric
Corp. in the principal sum of $252,313,
which claim was asserted
to be prior to the claim of the
Inland bonds and
Inland second
mortgage.
The Court denied the
priority of this claim and
an appeal was
taken to the U.S. Circuit
Court of Appeals, which affirmed

§a£Pany

„

claims.

Table of Exchange of

amount.

_

which it

common

Kentucky Fuel Gas:

bonds—principal

mortgage

new

The holders of Kentucky debentures and general unsecured claims
receive new common stock on the basis of 2 shares of new common
stock for each $1,000 of such debentures or claims held by
them, plus inter¬
est to May 31, 1937.
(vi) The holders of Inland unsecured general claims are to receive new

years

$4,254,700
1,889,796
x Inland
debentures—principal amount
1,450,000
Accrued int. Aug. 1, 1930, to
May 31, 1937.
693,583
x Inland
secured notes—principal amount.
400,000
Accrued int. Jan. 2, 1930, to
May 31, 1937
178,000
Claims of Hamilton Gas Co.
and Piney Oil & Gas Co., as filed..
4,513,168
x
Unsecured claims against Inland
Gas:—principal amount
1,609,282
Inland Gas common stock
(no par)
341,775shs
y Kentucky
bonds—principal amount
3,939,500
Accrued int. June 1, 1930, to
May 31,1937__
1,792,472
Kentucky debentures—principal amount
939,600
Accrued int. June 1, 1930. to
May 31, 1937
427,518
a Other unsecured
claims against
Kentucky Gas, with interest to
May 31, 1937
215,270
Kentucky Gas common stoc c (no par)
500,000 shs.
x It is
believed that the Inland debentures and the
Inland secured notes
are
equally and ratably secured by the Inland
second mortgage.
y Includes $250,000 of
Kentucky bonds pledged to secure
Gas note to American
Kentucky
Rolling Mill.

first

receive

stock for each $1,000 of

(v)

Claims and Interests to Be Dealt with Under
the Amended Plan

All

to

are

new common

are to

Accrued interest, Aug. 1, 1930, to
May 31,1937

claim

the basis of 52.25 shares of
held by them.

notes

,

by Stone & Webster Engineering Corp. (assisted
by Ralph E. Davis,
Inc.), as of Dec. 31, 1936, might be exhausted in the case of
Inland Gas in

z

receive new common stock
stock for each $1,000 of Inland

are to

new common

The holders of Inland secured notes
on

secured

Kentucky
trustee and pursuant to the orders of the Court in
the Inland reorganization

Inland

new common

,

court

stock of the
stock for each $1,000

common

■

The
secured

Kentucky.

to receive

debentures

debentures and

Kentucky debentures, in addition to the claims referred to
below, which
it has asserted against Inland Gas and
Kentucky Gas.
It is also under¬
stood that Columbia Gas & Electric
Corp. is or was heavily interested in the
American Fuel & Power Co. and owns
operating gas properties located
and selling to customers in northeastern

are

the basis of 12 shares of

new company on

Gas with
owns

Sept. 4, 1937

The holders of Kentucky bonds

Inter chemical

Corp.—Option Extended—-

The corporation advises the Committee on Stock List of the New
York
Stock Exchange that an
option heretofore granted to du Val R. Goldthwaite,
an officer of
the corporation, to purchase, at $14.78 per share, all or
any

part of 1,100 authorized and unissued

April 20, 1940.

common shares has been extended to
Said option was granted under an employment agreement

Volume

Financial

145

as of April 20, 1934, which provided that the option should be valid
a period of three years from the date of the agreement.
HlThe officer has agreed with the corporation that the option shall not be
exercised unless the shares in respect of which it is being exercised are being
acquired for investment and not for distribution.—V. 145, p. 1261.

dated
for

International Rys. of
Period End. July 31—
Gross revenues

___

<

Operating expenses & tax

suspended by City OI XNGW York as OX Jan. 1, 1934.
fjy vlty of New
x Oriv
of «lcLIlt X
lyOTt*
XdjJ
Payment offered at
$18.50 per hydrant per auuum VI $113,406. Offer rejected.
tojwu\,u.
annum or
z There
are no Federal income taxes due to the refund
refunding of the first

ouojjciiuuu

f

MCI

.....

mortgage 53^ % 30 year gold bonds series A.
'

Balance Sheet June 30
1937

Central America—Earnings—

Assets—

1937—7 Mos.—1936

1937—Month—1936
$420,213
$310,696
263,742
253,331

1589

Chronicle

Fixed assets

$3,625,846

$3,307,205

1.938,408

1,711,553

Cash

Income

before

fixed

$6

Int. & divs. reciv.

$3,783,417

revenue
Other income

247,133

1,030,550
1,521,259

Total income

Operations

Provision for amortization and depreciation
Interest on funded, debt of subsidiaries

_v>

..

1st

Notes

Reacquired

.

Amortization of debt discount and expense of subsidiaries
Provision for amortization of deferred charges of subsidiary
Provision for Federal and Dominion income taxes

preferred stocks of subsidiaries

5,745,000

970,000
58,603

600,000

102,404
55,000
17,953

payable....
payable.

Accounts

97,824

97,616

Advance payments

Unamort. dt. disc.
and expense
Miscell. suspense.

5,748,700
3H%

mtge.

bonds series A._

13,840
1,000
1,200
35,583

consumers

Dividends declared

2,119,465

261,311

48,098

57,672

Interest

14,800

14,800

Unamort. prem. on

secur.

accrued..

189,340

bonds

240,766
348,763
17,944
365,546
617,644
41,392
34,731
16,482
142,535
237,096

Maintenance

Taxes—other than Federal and Dominion income
Provision for bad debts

on

Special deposits...

Ended June 30, 1937

Consolidated Income Account for the 6 Months

Dividends

Miscell. investm'fcs

(& Subs.)—Earnings—

Operating

74,998
19,428
1,000
1,432
77,264

.....

series A

667,634
69,933

912,396

Mat'l & supplies..

Prepayments

International Utilities Corp.

Other interest_

5H% gold bds.,

accounts

$1,595,652

S

1,715,941
1,000,000
1,000,000

1st mtge. 30-year

gation & miscell

$1,687,438

$ 57,365

$156,471

pre*, stock. 1,000,000
pref. stock
1,000,000

7H%

Accts. rec.—in liti¬

charges & without prov
for undist. prof, tax
-V. 145. p. 944.

stock...

Common

106,916
366,511

51,419
414,158

$
1,715,941

Liabilities—

$

10,515,735 13,338,773

Accts. receivable..

1936

1937

1936

$

14,524

21,394

239,847

211.745

Taxes accrued

Consumers'

rev.

(billed in adv.).
Miscell. unadjust.

13,941

13,270

933,069
189,245
177.922

1,734,157
89,365

906,279
921,124

661,076

credits

Retirement reserve
Contrib. to ext'ns.
for conting..

Res.
x

141.062

Segrega. of earn'd
surplus..

Earned surplus

1,803,020

$446,393

Profit

11,832

Non-recurring inc.—proportion of inc. of subs, sold in 1937

$458,226

Total.

46,222

Proportion applic. to minority ints. in com. stks. of subs

14,250,194 14,935,171
x Representing
hydrant rental billed to City of New York for period
from Jan. 1, 1934 to June 30, 1937 in litigation.—V. 144, p. 3178.
Total

Jewel Tea
Consolidated net earnings
Note—No provision has been made for

$412,004
possible Federal surtax on

any

undistributed profits for 1937.

Total

14,250,194 14,935,171

Co., Inc.—Sales—
1937—32 ^.—1936
$14,069,924 $12,243,485

1937—4 Wits.—1936
$1,727,631
$1,555,194

Period End. Aug. 14—
Sales
—V. 145, p. 1423.

Consolidated Balance Sheet June 30, 1937
Liabilities—

Assets—
Fixed capital
Investments

y$36,863,656
5,713,151
Special deposits..
632,239
Cash in banks and on hand..
783,018
Foreign current (restricted at
est. net realizable values..
' 28,119
Marketable securities..
4,427,424
Loans receivable—secured

subsidiaries..$24,771,426

Funded debt of

Notes

1,382,027

payable to banks

Munlc.

deb. Instalments ma¬

turing within 1 yr & funded

28,955

debt matured

643,468

Other accrued taxes

notes receivable.

913,919

Divs. & accrued Int. receiv'le

27,588

Accts. pay. & accrued exps_.
Dlvs. on pref. stocks of subs.,

404,817

441,336

Inventories

,
26,532
1,668,703

Prepaid exrs. & def'd charges

22,808
603,466
37,032

Cons. & other refund'le depos.

Deferred liabilities

„

853,923

Reserves

9,437,765
*9,848,648
2,077,451
2,249,115

in subsidiaries

Minority Ints

Capital stock
Capital surplus
Darned surplus

$52,277,8101

Total

Johns-Manville

declared an extra dividend of 75 cents per share
quarterly dividend of 75 cents per share on the
value, both payable Sept. 24 to holders of record
Sept. 10.
An extra dividend of $1 was paid on Dec. 24,1936.
See V. 143,
p. 3634, for detailed record of previous dividend payments.—V. 145, p. /b/.
common

stock, no

par

Kansas City Power & Light Co.—Earnings—
1937—Month—1936
1937—12 Mps.—1936
$1,455,258
$1,398,214 S17.386.499 S16.348.539
Operating expenses
731,386
689,995
8,452,542
7,821,388
Period End. July 31—

$840,108

$1,715,373

366,195

$879,109

imposed on

Gross from railway
Net from railway

Net after rents

129,514

Accounts receivable

364,170

168,516

w& municipalities

19,836

Other receivables
Due from affiliated company.

Merchandise, mat. & supplies
Deferred debit items

Pref. $7 cum. ($1 par)

$50,000
100,000

Common stock ($1 par)
Funded debt

4,530,000

Property purchase obligation
—due on

2,057
355,258

demand

2,500,000

77,496

Notes & accounts payable.

._

Consumers' deposits

Accrued

extension
over

deposits,
long term.

Deferred credit items.

1,127
8,307

2,719,916

Reserves

Equity

6,946,833
211,299
85,188
118,078

accounts

Service

refundable

of

holders

stock¬

minority

in common capital

sto.ck & surplus of subs
Capital surplus

$18,628,283

1,494
2,464,508

Earned deficit

Total

1,108,465

„

$18,628,283

Total

-V. 143, p. 2212.

Jamaica Water

Net from railway

Net after rents

1935

y$l,714,258

$1,722,053

Taxes, State & local

517,011
68,849
18,467
x271,295

516,710
90,177
29,736
x255,131

$1,669,205
497,565
67,360
25,453
210,925

$1,568,898
540,816
28,128
43,422
174,038

Operating income

$838,636

$830,299

$867,902

$782,492

Gen. & other expenses._

Maintenance

Uncollectible bills

Miscell. rent revenues.

Miscell.

603

_

int. revenue—

7.426

41,845
$867,902
321,479
14,424

$790,520
323,432
14,630

long-term debt..

$880,481
283,761

Amort, of dt. disc. & exp

1,363

$830,299
318,431
14,274

6,165
50,793
102,000
See z

5,963
22,796
102,000
29,267

6,166
9,635
102,000
43,690

3,975
28,653
102,000
30,310

$436,400

$337,567

$370,507

$287,520

Total

Int.

on

revenue

Miscell.
gross

from
income—

deduc'ns
corp.

Miscell. int. deduc'ns
Prov. for retirements—

Federal income taxes

t0

x

y

at

of New York excise taxes,
$245,202 included for fire protection from City of New York accrued
July 1, 1936 to June 30, 1937. Rate

Includas $45,919 ($44,576 in 1936) City

$40 per hydrant per annum from




1936
$235,617
131,671
79,594

1935
$173,735
76,006
44,362

1,323,394
699,222
447,083

1,407,587
735,783
458,110

*'099,181

„

1934

$164,046
83,655
53,753

1,108,811

264,404

556,059
344,593

bid in the property at a foreclosure sale and
set up by the bondholders, committee.

order directing Frank Cosgrove,

master,

Itfis stated°that62 %

of the bondholders are in favor of a reorganization,
while 38% favor liquidation to the highest bidder.
The company has a
tentative offer of slightly more than $400,000, which, together ^th available cash in the hands of the receivers, would permit a flat distribution to
bondholders of about 65%.
This would not take into account the accumuIt

was understood that if the receivers could obtain about $500,000, which
bondholders about an 80% flat distribution, that reorganiza¬
proceedings would be dropped.
The property is expected to be ordered

would give the
tion

^T^ie^ompany^has outstanding $620,500 of 6% bonds of which the bulk
^
The*plam^which is favorable to bondholders, and is expected to be adopted
20-year 1st mtge. bond
4% for the next five years,

calls for a new
five years,

with coupons of 3% for the first

and 5% for the next ten years.

^Thefmem&rs^fthebondholders'

committee are: J. E. Kirk, Chairman;
L H
Hall, and D. H. Martin.
J. E. Kirk is Secretary, care of National
Bank, Topeka, Kan.
The latter is depositary for the bonds.
Counsel,
M. F. Cosgrove.—V. 131, p. 1565.
See Inland Gas

Corp.—Amended Reorg. Plan—

Corp. above.—Y. 139, p

Keystone Custodian
A

1873.

Funds, Inc.—Dividend—

semi-annual distribution amounting to 10 cents per share has been
Keystone Custodian Fund "B4,"'for payment on Sept.. 15.
with 5 cents per share paid on Feb. 15, 1937 and on Sept. 15,

declared on

This compares
1 QQfi

The approved list of securities for Series "B4" consists of a group of
thirty-five (35) reorganizations, selected for appreciation rather than
income.—V. 145, p. 944.

Key West Electric
12 Months

Co.—Earnings—
1937
$148,314

Ended July 31—

Operating revenues
y

64,815

maint. and taxes
dividends and surplus

Balance after oper.,

Balance for
x Includes

non-operating
income,
retirement reserve.—V. 145, p. 1102.

Kresge
surplus

$7.75
the surtax

Gulf Ry.—Earnings—

1937
$227,389
142,178
117,972

the business under a plan
Judge O. L. Phillips has signed an

x

Net income transferred
to

$8.30

Telephone Co.—Reorganization—

Kansas

1934

Operating revenue

$0.68

Kentucky Fuel Gas

1936

1937

$0.60

145, P. 767.

—V.

Supply Co.—Earnings-

Years End. June 30—

$4,309,685

Bondholders are expected to

Due to parent company

Due from foreign governments

$4,609,458

manage

Liabilities—

Cash

284,238

$375,142

Kansas Oklahoma &

Consolidated Balance Sheet June 30, 1937

18,556

20,590
527,165

foregoing statements for
undistributed profits.—V. 145, p. 1424.

Gross from railway

Sinkings funds & spec. dep..

6,633

Note—No deduction is made in the

21,090
763,405

$2,436
$74,799
Note—No provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31, 1936.
Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at June 30,1937
and no provision therefor has been made.

3,979
72,000

Earnings per common sh.
after income tax

169,413

Net loss

1,612,470
109,333
2,211,422

$336,564

July—

Interest & other income charges of subsidiaries..
Int. & other inc. charges of Islands Gas & Elec. Co.

$8,527,150

1,437,307
103,197
2,236,238

investments

$907,054
Dr27,945

$477,934
83,710
17,750
378,910

$8,933,957

133,073
9,115
184,254

Fed. & State inc. taxes._

if any

f
Gross income
Provision for retirements

$708,218

114,968
8,496
187,863

Depreciation
Amortiz. of limited term

808,319

$473,914
4,020

Non-operating income—Net

$723,872

Net earnings
Interest charges
Amort, of disct. & prems

Net income

12 Mos.

6 Mos.

Period Ended June 30, 1937—

Property, plant & equipment.$12,869,395
Investments
4,623,487

m

Gross earnings

(& Subs.)—Earnings—

Operating expenses & taxes.

Assets—

Corp.—Extra Dividend—

in addition to the regular

Represented by

value issued:

Islands Gas & Electric Co.

,

$52,277,840

Total

prior pref. authorized, 600,000 shares without par
$7 initial series, 4,121 shares; $3.50 series of 1931, 108,837.46
shares.
Pref.: authorized, 1,000,000 shares without par value; issued,
$1.75 series of 1931, 91,525.36 shares; class A authorized, 154,708 shares
without par value; issued, 112,447 shares; class B: authorized, 2,500,000
shares of $1 par value; issued, 1,229,890.5 shares,
y After reserve for
amortization and depreciation of $10,482,302.—V. 145, p. 1423.
x

a

The directors on Aug. 30

payable and accrued

Other rec., not current

mittee named in the

Bernhard Benson, L. J. Cullen

income taxes

Securities sold & undelivered.

22,466

by

199.355
191,729

Provision for Federal & Dom.

Accounts

Appliances installed on rental
or approval, less res.$2,694

duly executed letter of transmittal.
and A. H. Zellar are members of the com¬
deposit agreement dated May 5,1927.—v. 133,p. 41b/.

169,323

Accrued interest payable

86,220

Johnson-Cowdin-Emmerich, Inc.—Final Payment
■
first mortgage 20-year 7 % sinking
gold bonds are notified that a first and final distribution payment
at the rate of 2.25 cents per dollar of face amount will now be made by
Chase National Bank upon the surrender of the certificates for cancellation
at its Corporate Agency Department, 11 Broad St., New York, accompanied
The holders of certificates of deposit for

fund

Department

net.

Stores,

y

After

1936

$139,374
58,866
12,713

19,021
__
appropriations for

Inc.—Exchange

Time

Extended—
announced that the time within which holders of the 8%
cumulative preferred stock may exchange their stock for the new 4% cumula¬
tive convertible first preferred stock and common stock, in accordance
The directors

1590

Financial Chronicle

with the plan for the
rearrangement of the capitalization of the company,
has been extended to Jan.
1, 1938.—V. 144, p. 4349.

A total of $75,000 of 15-year
have been called for redemption
will be made at the City Bank

(G. R.) Kinney Co., Inc. (& Subs.)-

6 Mos. End. June 30—

1937

1936

1935

1934

$7,725,435
7,297,572
194,335

$6,776,797
6,479,813
169,410

$6,035,475
5,873,465

&6,757,86 9
6,408,983
75,501

422

956

Deprec. & amortization.

130,764

6,366

Prov. for Fed. inc. tax..

123,363

20,000

116,211
2,000

126,868

88,943
$8,943

loss$80,280

8140,151

Int. & misc. chgs.
(net).
Loss
on
factory
tem'

117,971

V.

Net profit
x$82,763
x Before
provision for Federal surtax

on

Assess—

1937

1936

$458,847

242,748

102,056
11,704

__

Cash in closed bks.

4,898

raw

materials, &c
Other assets...

Prepaid

3,944,077
194,999
196,6S6

expenses.

Fixed assets

y

Lasts,

1,487,768

patterns

3,481,832
162,336
213,451
1,466,595

&

dies

Trade-marks,good¬
2

_

for

36,678

2,000

239,749

149,275

2.480,051

liabilities

5% scrip dividend.

726,500

58,333

2,523~950
xl

,535,260
2,048,427

1936

8471,557
342,271
273,013

From Jan. 1—
Gross from railway

8435,816
319,093
252,944

1935
8309,529
208,629
167,343

1,780,882

Net from railway

1,029,027

1,362,329
693,375
455,758

901,959
325,777
187,090

751,257
233,037
107,639

Net after rents

—V.

145,

734,957

767.

P.

1934

3 Mos.

376

Profit
Other income

Net pro.it before Federal

Underwriters—The names of the several underwriters and the
respective
they have severally agreed to purchase, are shown below:
Granbery, Marache & Lord, New York, N. Y., 28,500
shs.; Emanuel &
Co., New York, N. Y., 19,000 shs.; A. C.
Allyn & Co., Inc., New York,
N. Y., 10,000 shs.

$178,030
53,264

Earnings Jor Stated Periods
Particulars—
Gross

income taxes

862,166

__

8124,766

Lane

admin. &

selling

exps.

Years Ended May 31
1936
1935

12,950,143

11,820,344

28, *37

$1,972,426
1,797,090

$2,401,243
2,108,125

$58,899

$129,362
16,024

$175,335
25,825

$293,117
38,814

loss$31,869
2,571

Total income.
Income deductions
a Prov.
for Fed. inc.

1934

12,554,872

2 Mos. End.

Feb.

$1,630,103
1,500,740

$145,387
100,037

$201,160

$331,932
14,488

loss$29,297
2,190

9,729

&

excess-profits taxes

$13,296,481 $12,754,378 $12,398,603

14,128,938

Years Ended Dec. 31
1935
1936

diS"~

Net prof, from opers..
Other income..

Bryant, Inc.—Earnings—
Consolidated Income Account,

1934
Igss

Cost of sales & expenses-

3841.

Years End. May 31—
1937
Sales (net of
returns).-.$14,614,004
Cost of sales,
operating,

sjlIgs

counts, &C-_._

The sales for the nine month
period were 73 % greater than the sales for
the same period ending July
31, 1936, and the profits, though still not
large,
were
575% greater than they were for the same period last year.—Y.
144

p.

Authorized
Outstanding
$180,000
$180,000
200,000 shs. 180,000 shs.

amounts which

3,649

$81,128
18,962

Depreciation.

■

Serial 5 % notes
Common stock (par $10)

$174,381

2,733

Profit

corporation's business.

Lionel products are distributed through
electrical, hardware, sporting goods and toy
jobbers, and are sold directly
by the company to department stores and dealers. The
corporation's main
plants are located in Hillside Township, N.
J., and Irvington, N. J. Execu¬
tive and sales offices are located in N.
Y. City.
Capitalization—After giving effect to the issue and sale of 30,000 ad¬
ditional shares of common stock, the
capita'ization of the company, will be;

8269,529
86,399
8,749

$78,395

Selling and administrative expense
Interest charges

''

$1,140,861

$2.08
$1.88
$3.23
$2.53
$232,824 comparing with $189,725 in July, 1936.

The corporation is

9 Mos.

8111,904
33,133

$1,455,283

engaged in the manufacture and sale of model electric
trains and accessories and other
electric and mechanical toys and novelties.
The business was founded in 1901.

Lakey Foundry & Machine Co.—Earnings—
Period Ended July 31, 1937—
on sales before seeing and ad¬
ministrative expense, deprec. and int.
charges._

Manufacturing profit

:-v: •V

$844,028

The entire proceeds from sale of new
shares will be devoted by the com¬
pany to working capital, to assist it in
financing increased expenditures
necessitated by the growing volume of the

8207,747
115,562
87,664

__

$934,918

new stock purchased from the
company, while the remaining
27,500 shares were purchased from stockholders.

Ishpeming RR.—Earnings—
1937

-

...

1937—12 Mos.—1936

Corp.—Common Stock Offered—Public offering was
Aug. 31 of 57,500 shares of common stock (par $10)
at $12 per share by a
group headed by Granbery, Marache
& Lord, and including Emanuel & Co.
and A. C. Allyn & Co.,
Inc.
Of the total
being offered, 30,000 shares represent

$6,415,673

July—

sur-

was

Inc.—Earnings—

1937—7 Mos.—1936

Lionel

$8,381,771'
Total
$6,415,673 $8,381,771
by 153,526 no par shares,
y After
depreciation and
81,701,914 in 1937 (81,644,926 in 1936).
z Represented
by shares of 81 par.—V. 145, p. 944.

Gross from railway
Net from railway
Net after rents

2,085,961
550,051
481,663

561,346
569,535

made

170,760

amortization of

Lake Superior &

before

July net profit
145, p. 768.

696,296

__

but

—V.

Represented

x

2,047,780

tax on undist. profits.
Earns, per sh. on 450,000
shs. com. stk. (par $1)

140,666

471,700

outst'g

Capital surplus
Appro p. surplus

taxes

37,927
140,000

Real est. mtges

Earned surplus

Total

Period End. July 31—
Net profit after charges
& normal Fed. income

Federal

notes

2,296,002
589,791
445,358

(R. G.) Le Tourneau,

$981,360
275,000

income tax.....
Accrued & miscell.

Gold

29,302

768.

P.

1934

$264,438
48,805
47,657

1936

$691,321
1,000,000

$5 prior pref. stock
737,667
$8 pref. stock
1,970,650
x Common stock..
Z164.591

1

will

Prov.

145.

1935

$262,735
43,021
50,739

2,224,256
561,048
498,913

From Jan. 1—■
Gross from railway
Net from railway.
—V.

1936

$299,252
70,350
52,557

railway.33,427

Net after rents.
1937

gold debentures, due April 1, 1942,
1 at 101 and interest.
Payment
Trust Co., New York City.—

Oct.

Farmers

1937
$246,686

Gross from railway

undistributed profits.

Accounts payable.
Notes pay., banks

on

1442.

p.

Net after rents

Liabilities—

$349,391

Merchandise,

144,

Net from

Consolidated Balance Sheet June 30
Cash

1937

Lehigh & New England RR.—Earnings—
July—

porarily closed

Accts. receivable..
Notes receivable

Sept. 4.

Lawrence Portland Cement Co.—Bonds Called—

15,741

37,692

75,000

$29,608

Net profit.

$153,738

$242,444

90,768

def$31,488

Including $31,000 for surtax on undistributed profits for the year 1936.
Confirmed orders received by the
company during the first six months of
1937 aggregated $1,504,507 as
against $771,023 during the corresponding
period of 1936.
a

Operating profit
Miscellaneous income.

$485,066
55,335

$199,506
134,792

$578,258

$540,400

$482,186

$334,298

$590,081

174,146
69,276

176,709
79,113

194,977
92,022

920

_

$346,338
135,848

154,346
71,377

_

Cr 772

Cr2,467

11,823

Total

income
before
Federal taxes
Provision for deprec. of

The balance sheet of the

bldgs., equip., &c
Interest

i

Discount

on

debs,

pur¬

chased and canceled..
Excess of exps., except

deprec.,

inc. of
props .not used in oper.
Federal taxes

6,223
x47,800

(7%)

5,527
33,000

5,331
9,850

47,500

$259,734

Net income
Preferred divs

$201,010
74,021

$65,765
80,641

$255,582
86,195

' 69,806

Common dividends

63,042

Surplus..

x

$126,886

$126,989
def$14,876
126,079
126,228
128,928
$1.5.i
$1.01
Nil
Includes $3,290 for surtax on
undistribueed profits.

$169,387
128,957
$1.31

per share

1937

Land, buildings,
equipment. &c.

$775,640

$805,424

3,004

on

Tax

anticip.
rants, &c._

6%

debentures...
Accounts payable.

762,158

Prepaid

2.858,036

10,936

13.365

dep.
war-.

to

tr.

1,348.500

68,367

149,507

130,224

Y.

23,527
251,741

12,886

18.7S2

advances

depts.

16,352

4.704

investments

15,875

700

10,500.

pay. within 1 yr.
for Federal

2,000

2,000

income taxes...

50,311

35,290

on

July—

estate

3,000

$5,894,242 85,679,5841

Lane Wells

first page of this department.—V.

145, p.

Net after rents
From Jan. 1—

Gross from railway
Net from railway
Net after rents

145, p. 768.




3,279,289
1,255,774
803,985

2,629,189
874,891
570,060

2,488,539
840,411
546,927

p.

769.

1936

1935

1934

$109,869
25,900
4,776

$87,920
7,677

$77,045
13,115
def4,437

757,235
185,652
39,377

733,138
178,688
39,810

552,258
114,700
13,766

556,522
128,065
9,189

24,232

,

Corp.—Earnings—

July 31—

1937

revenues

Balance after oper., maint. and taxes
x Includes
non-operating income, net.—V.

$2,645,997
7(5,680
145, p. 769.

1936

$2,384,952
686,687

The company on Aug. 25 notified stockholders of its
plan to raise from
to $3,500,000 of additional capital for
expansion, through the

$2,500,000

issuance of

not more

than 125,000 shares of common stock to be offered to
a pro rata basis.
To make
provision for the additional shares, a meeting of the stockhold¬
ers has been called for
Sept. 23, when approval will be asked for a proposed
increase in authorized common shares from
500,000 to 1,000,000 and to
amend the certificate of
incorporation to eliminate all provisions for a pre¬
ferred stock.
All $6.50 cumulative preferred stock of the
company was
retired in 1936.

1102.

Co.—-Registers with SEC—

Lehigh & Hudson River Ry.—Earnings—
July—

1934

$381,782
130,620
76,405

present stockholders on

See list given on first page of this
department.

Gross from railway
Net from railway

1935

$421,481
165,088
113,285

Ludlum Steel Co.—Plans
Financing—

y

Registers with SEC—

—V.

145,

12 Months Ended

on

1936

$516,957
210,087
140,576

Louisiana Steam Generating

After deducting

See'list given

14,178,942
3,764,679
1,154,105

1937

Net after rents...

Operating

Total
$5,894,242 $5,679,584
$1,932,366 ($1,813,766 in 1936) for
depreciation and
After deducting $83,500 ($77,700 in
1936) for doubtful
accounts,
z
Represented by 126,079 shares of no
par value in
1937
(126,228 in 1936).
x

13,829,844
3,063,316
360,779

691,489

$110,595
25,723
11,076

Gross from railway
Net from railway

x

amortization,

14,514,256
3,494,189

Louisiana Arkansas & Texas
Ry.—Earnings—

marks, good¬

Total

14,594,652
2,785,720
defl49,412

3,374,885
1,092,724
696,158

rents

July—

898,630

will

$2,405,111
881,067
353,831

1937

Gross from railway
Net from railway.

5,000

1,027.122

Surplus

patents,

1934

$2,309,701
807,490
267,319

$488,796
160,079
124,830

From Jan. 1—
Gross from railway
Net from railway
Net after rents
Y. 145, p. 769.

—V.

real

1935

$2,458,691
808,559
227,831

1103.

Net after rents
From Jan. 1—

Prov.

Mortgage

p.

Gross from railway
Net from railway

785.565

Mtge. installments

16,548

145,

1936

$2,434,207
748,329
161.743

Louisiana & Arkansas
Ry.—Earnings—

69,401

World's Fair bd.

292,527

leased

1,300,000
927,797

expenses.

N.

1936

$970,300 $1,018,000
1,385,337
1,386,972

to custom's

Accrued

—V.

and

321

Loans & advances.

Other

cred

sales

Subscrip.,

&c.

Patterns,

Common stock..

940 823

Adv. to manufac's

&

z

581,177
1,001,268

Prep'd rents .taxes,

Loans

1937

3,168.029

Accts. receivable

Inventories

Def'd cash

Liabilities—
Preferred stock

U. S. Govt, securs.
Cash..
y

1936

.

Net after rents..

Net after

Consolidated Balance Sheet May 31
A ssets—
x

1937

Net from railway.
Net after rents........
From Jan. 1—•
Gross from railway

Net from railway.

Shs.com.stk.out.(no par)
Earnings

Long Island RR.—Earnings—
July—
Gross from railway

over

__

corporation as shown in the prospectus, as of
Feb. 28, 1937, shows current assets of
$1,006,456 and current liabilities of
$293,609. Total assets were $2,019,205.—V. 145,
p. 945.

1937

1936

$131,423
32,450
13,232

$123,447

977,408
299,611
121,474

1935

1934

Giving the tax on undistributed profits as the reason for abandoning
old policy of
financing expansion and improvement out of earnings,
H. G.
Batcheller, President, in his letter to stockholders, says: "It has been
the policy of the
management to operate on a 'pay as you go' basis," but
recent legislation has
"severely penalized this sound practice."
its

$109,896

def299

$112,443
33,076
10,941

899,275
242,492
69,492

883,889
281,439
111,701

868,563
253,562
96,376

23,004

26,843

5,180

"While it is our belief," he adds, "that conservative business methods
still demand that a reasonable
portion of earnings should be retained for
reasonable expansion and for
working capital, it is obvious that you cannot
have your cake and use it for
taxes, too, and that if unreasonable penalties
under the tax are to be
avoided, the
percentage of earningsldistributed

l

Volume
as

To accomplish

dividends must increase.

requires an increase in capital."
,
,
The directors,
according to Mr. Batcheller, have recommended an
appropriation of approximately $1,400,000 for improvements to plant ana
equipment.
A registration statement covering the new shares proposed to
be issued will be filed with the Securities and Exchange Commission and
arrangements for underwriting the issue will be consummated, he said.
V. 145, p. 1426.

Corp.—Registers with SEC—

Luscombe Airplane
See list given on first page

of this department.—V. 144, p.

Earnings for 6 Months Ended July 31,

Period End. July
Net sales

31—

Inc.—Sales—

<

$69,365
4,648

362

$33,209
16,784
3,650

$75,045
12,945
6,147

287

$49,205

22,445
2,006
64

Exchange paid

103

788

$24,068
56,193

Balance, surplus.

$11,987
56,193

$55,848
28,097

Balance Sheet, Dec. 31
Assets—

1935

1936

8,300

$1,251
8,300
47,009

Share capital

1,123*862

1,123,862

Earned surplus

355,115

$481,410

9,768
823

7,079

Unclaimed div

582

Res. for contin

978,700

804,416

rec

Acc. receivable

Shs. in other cos..

a

625,309
$239,691

36,389
21,824

$297,903

Total

48,567

Interest paid
Loss on investments & capital assets sold
Debenture interest & amortization

oil

—

5,538
36,647

Net profit

$206,840

—

$571,761
173,180
256,225

Dividends paid—Cash

Debentures—Subsequently retired
Balance Sheet, June

&

drafts

in

process

Notes

of
$98,346
466,341
284,604

collection
Accounts receivable

1,254,288

Inventories (at cost)
Cash value life insurance

Invest,

in

30,1937

Liabilities—

Assets—

113,065

$2,262

Acc. & div. pay...

$500,247

Dividends

$§64,999
-

1,471
750

Treas. stock—100 shs. at cost.

Liabilities—

1935

1936

Cash

the

30, 1937

Profit

Notes receivable

Dividends paic
id...

on

Corp.—Earnings—

profit on sales.
Selling & administrative expense

Cash

621

Taxes

of 40 cents per share

744

Sundry
Total income
Adminis. & general expenses
Transfer & corporate expense

Dividend—

dividend

Estimated Federal income taxes

$27,925
4,922

exchange

on

a

1934

1935

1936
$45,934
3,270

Calendar Years—

declared

Net warehousing income
Discount & interest earned

h

winley Mines Securities Co., Ltd.- -Earnings—

Interest earned

have

stock, payable Oct. 1 to holders of record Sept. 15.
This com¬
pares with 25 cents per share paid each quarter from Jan. 2, 1936 to and
including July 1, last, and dividends of 15 cents paid each three months
previously. In addition an extra dividend of 25 cents was paid on Dec. 10,
fast,—V. 145, p. 1104.
Y '
:

Earnings for Fiscal Year Ended June

$512,000
$0.42

1937—Month—1936
1937—7 Mos.—1936
.$12,653,916 $11,752,389 $96,696,631 $83,201,016

Dividends earned
Profit

directors

Gross
—

—V. 145, p. 1264.

Mc

Master Electric Co.—Larger
The

common

Merchants Distilling

1937

income, taxes, &c
(no par)

1, 1956,
interest.
1778;

Payment will be made at the New York Trust Co.—V. 113, p. 2622,
V. 110, p. 1647,876.
'

.

4350.

145, p. 442.

McKesson & Robbins,

All of the outstanding 1st mtge. s. f. 5% gold bonds, due July
have been called for redemption on Jan. 1, 1938, at 105 and accrued

Ltd.—Earnings—

McColl-Frontenac Oil Co.,
Net profit after interest, deprec.,
Earns per share on common stock

Mas8illon Electric & Gas Co.—Bonds Called—

permitting the

this without

of your company to deteriorate through inadequate maintenance,
through obsolescence, or more particularly through failure to install tnose
improvements necessary to meet the requirements of an expanding business,

assets

—V.

1591

Financial Chronicle

145

affil.:

.$1,109,915

payable

Accounts payable

.

Accrued liabilities

5% conv. debs. due
March 1,1947
Common stock (par $1)...
Paid-in surplus
Earned surplus

Merchants

525,345
211,930

10-year

278,000
656,271
500,585
40,087

6,000
xl,013,961
Prepaid licenses
50,061
Organization exp.—Amortized
Carbonic Corp
Physical props, (at cost)

value

90,100

:

Deb. discount & financing cost-

Total....

Represented by shares of $1 par.-

a

$1,489,539 $1,293,488

Total

$1,489,539 $1,293,488

56,210

Amortized value

-V. 143, p. 2525.

$3,322,133

Total

McLellan Stores

Co.—Earnings—

x

12 Months Ended July 31—

1936

1937

$22,790,730 $20,776,493
deprec., Fed. income taxes & other
1,225,114
charges...
1,275,901
Shares common stock
733,205
733,195
$1.42
Earnings per share
$1.49
—V. 145, p. 946.

McMillan Gold

Mines, Ltd.- -Earnings—

Calendar Years—
Bullion produced
Bullion marketing expense

Net

$11,135
458

$10,676

revenue.

..}

Gen. & adminis. expense.

Net operating loss
Miscellaneous expense

46,2531

$257,709
238,282
50,199

$35,576
\
86i

$30,772
4,153
1,386

$36,340

x$33,539

_.

Net loss for period,

$262,305
4,596

97

;

__

Miscellaneous income.

&

1935

1936

before providing for

Assets—
on

1936

on

209

114

rec

675

deposit

"*280

Accrued int. rec._
Invent,

Liabilities—

"9*666

hand..

of mat.

Notes

1,450

9,232
2,375

plant &
equipment..
171,278
Mining property
1,176,625

1936

1935

$19,381

$5,510

accrued interest.

dro-Electric

payable
Accrued liability
y

3,736,074

3,586,074

..

Capital stock
allotted

Deficit

Drl,865,122 Drl730,122
110,476
58,910

of

transmis¬

sion line
x

.

.

Deferred charges..

Total

After

y

425,417

402,507

$1,798,538 $1,806,852'
reserve

Total

$1,798,538 $1,806,852

for

Madeira, Hill & Co.—Files Petition in Bankruptcy—
The company, one of the oldest bituminous

and anthracite selling agencies
Pennsylvania, which reorganized under 77-B in 1935, went into voluntary
bankruptcy Aug. 28. The action taken by the company in U. S. District
Court at Philadelphia involved six of its eight subsidiary companies.
The company asserted its financial troubles were due largely to a priceslashing campaign this year by one of its principal competitors, combined
in

with slack business and curtailment of bank credit.

The six subsidiaries

are:

Thomas

Colliery Co., and Harleigh Brookwood

Coal Co., Mill Creek Coal Co., Hale Coal Co., Natalie Store Co., and Vul¬

Smithing Coal Co.

Two other subs, not involved
mines in

are The Colonial Colliery Co., operating
Northumberland, Columbia and Schuylkill counties, which is con¬
the Madeira company owns

trolled by a bondholders' committee, although
all the common stock.

Rock Hill Coal & Iron Co., with collieries in

Fulton, Huntingdon and
been operated for nine years under a Federal Court
receivership and will continue as heretofore.
Following filing of the petition the companies were automatically ad¬
judged bankrupt and the case assigned to L. Leroy Deininger, Federal
referee in bankruptcy, for further proceedings.—V. 140, p. 4072.
Bedford counties, has

(P. R.) Mallory & Co., Inc.—25-Cent Dividend—
The directors
common

$3,414,802

Net oper. revenues...

$1,237,730

2,177,072
412,003

$1,192,460
357,046

$8,848,976
2,941,951

$7,930,872
2,481,186

$825,727

$835,414

$5,907,025

$5,449,686

Operating taxes
Net oper. income
—V. 145, p.

$3,092,901 $23,278,928 $20,894,929
1,900,441 14,429,952 12,964,057

946.

Corp.—Earnings—
1937

6 Months Ended June 30—

1936

deprec., & bond
deduction of min. int. in earns., but

$82,965

before inc. & profs, taxes

—V.

loss$22,908

144, p. 4013.

Corp.-—Acquisition of Securities—
Exchange Commission on Aug. 28

announced that it

approved an application by the corporation for permission to acquire
41,030.5 shares (no par) common stock and $54,600 1st mtge. 5% bonds,
dated Aug. 1, 1935 and due Aug. 1, 1960, of Missouri Public Service Corp.;
and $33,000 1st mtge. 20-year 5% bonds, series A, due April 1, 1947, of
Michigan Public Service Co.
_
The Middle West Corp. holds 99.9% of the common stock of Common¬
wealth Light & Power Co. which, in turn, is the owner of all the common
stock of Inland Power & Light Corp.
Inland Power & Light Corp. holds
all of the common stock of Michigan Public Service Co. and formerly held
all of the common stock of Missouri Public Service Co., predecessor company
of Missouri Public Service Corp.—V. 145, p. 947.
had

x

Midland Utilities Co.—Reorganization Plan—
holders of the 6% series A gold debentures on Aug.26
filed with the Securities and Exchange Commission a plan of reorganization
for that company, which has been in reorganization proceedings under
Section 77-B of the Bankruptcy Act since July, 1934.
The committee is composed of Melvin L. Emerich, Chairman, Robert P.
Minton and Leo J. Sheridan, all of Chicago.
Frederick A. O'Hagan is
Secretary, and Samuel A. and Leonard Ettelson and Oravath, DeGersdorff,
Swaine and Wood are counsel for the committee.
The company, a registered holding company, is the principal subholding
company in the Midland United Co. system.
Its operating subsidiaries
serve communities in northern Indiana and in small portions of Ohio and
The committee of the

depreciation of $30,011 in 1935 and $29,994 In 1936.
Represented by shares, of $1 each.—V. 142, p. 3858.

can

Operating revenues
Operating expenses.____

13,577

Bldgs.,

x

Michigan Bell Telephone Co.—Earnings—
July 31— 1937—Month—1936
1937—7 Mos.—1936
$3,418,881
$3,094,441 $23,317,164 $20,917,290
Uncollectible oper. rev
4,079
1,540
38,236
22,361

Middle West
3,094
1,206

for

elec.

$100, payable Oct. 1
paid on July 1, last.
dividend payments.—Y. 144,

Period End.

The Securities and

3,596

Pr.

Commission
construction

for record of previous

Operating revenues

15,083

Salaries and wages

170,163
1,176,625

7,168

Prepaid insurance.
Recover, from Hy¬

p.

payable and

Discount on shares

&

supplies

144, p. 3007
3843.

int. & after

Accounts payable.

rec

Misc. accts.
Power

1935

$19,209
2,745
10,023

$6,715

Settlement
Bullion

See V.

Consolidated net inc. after dep1.,

hand & In

bank

Co.—Accumulated Div.

of $4 per share on account of

the 6% cum. preferred stock, par
to holders of record Sept. 15.
Similar amount was
on

Middle States Petroleum

...

Balance Sheet Dec. 31

Cash

The directors have declared a dividend
accumulations

deprec.

depletion

After depreciation.

x

$3,322,133

Total

accrued of $97,980.—V. 144, p. 3843.

Michigan Associated Telephone

Sales.

Net profit after

After depreciation reserves

on Aug. 27 declared a dividend of 25 cents per share on the
stock, payable Sept. 10 to holders of record Sept. 3.
A similar

payment was made on June 29 last.
A stock dividend of 100% was paid to holders of record June 21 last.
An interim dividend of 25 cents was paid on March 10 last and a dividend
of 10 cents per share was paid on Sept. 10,1936, and each three months pre¬
viously, the Dec. 10, 1935, dividend being the initial distribution on the
issue.—V. 145, p. 442.

^The'plan
common

debenture holders would receive 107 shares of new stock
debentures held.
would receive 157 shares of new stock for each
$1,000 of notes held.
Midland United Co., holder of $4,250,000 unsecured notes, would receive
new stock at the rate of 34 shares for each $1,000 of notes held.
Holders of prior lien stock would receive one share of new stock for each
five shares of prior lien stock held.
Preferred stockholders would receive one share of new stock for each
10 shares of preferred held.
The claims of certain direct and indirect subsidiaries, totaling $3,510,246,
would be disposed of by intercompany adjustments subject to the approval
Under the plan

for each $1,000 of

Holders of secured notes

°f
Claims filed against

Mapes Consolidated Mfg. Co.—Extra Dividend—
an extra dividend of 50 cents per share in
quarterly dividend of 50 cents per share on the
payable Oct. 1 to holders of record Sept. 15.
An
paid on July 1, last.—V. 145, p. 1103.

The directors have declared
to

common

stock,

the regular

both

extra of 25 cents was




the company total approximately $39,341,000.

The

plan proposes to eliminate all but $17,580,000 of these claims.
The claim of the debenture holders totals $6,000,000 and would be al¬
lowed in full.
Claims of Continental Illinois National Bank & Trust Co.
total $4,476,598, of which a claim for $2,116,598 represents a claim for
contingent liability of Midland Utilities Co. on notes of Midland United
Co.
This claim, the plan proposes to disallow, so that the Bank's adjusted
participation in the new plan totals $2,360,000.
The claims of the estate of Midland United Co. total $17,968,298.
The
plan proposes to disallow all but $8,170,000 of these
The claims of Peoples' Gas Light & Coke Co.

claims.
Service Annuity Fund

$1,091,120, and it is proposed to allow $1,050,000 of this claim.
The $17,580,000 of claims adjusted as proposed by the committee would
receive 97% of the new common stock.
The claims of the prior lien pre¬
ferred stockholders would be settled by giving them 2.1% of the new
common stock, and the claims of the preferred stockholders would be settled
by giving them 0.09% of the new common stock
totals

addition

of $1 par value
and obligations of the com-

contemplates the issuance of 1,997,300 shares

stock to replace all present securities

t)o,nv

1592

Financial

Chronicle

The present common stock,

substantially all of which is held directly
or
indirectly by Midland United Co., would not participate in the new
plan.
The result of such distribution would
give the debenture holders 32.1%
of the new common stock
| Continental Illinois National Bank & Trust Co.
would receive 18.6% and the estate of Midland United
Co. would receive
38.8%; Peoples' Gas Light & Coke Co. Service Annuity Fund would
receive 8.3% of the new.common stock.
The Commission has not yet scheduled a
public hearing on the application.
—V. 145, p. 1427.

Midland Valley

,

1937
$138,273

Net after rents

823,407
355,924
252,705

Net after rents...

1935
$118,066
56,440
43,223

819,645
353,707
241,590

—V. 145. p. 770.

1937—Month—1936

chgs__

$73,931
37,745

$1,077,187
691,151

$901,595
453,415

$51,083
21,088

Gross income

$255,086
172,155
9,000

$101,203
50,120

Prov. for retire, reserve.

Int. & other fixed

Divs.

1934

.

$106,249
47,948
33,937

692,179
267,437
168,226

691,147
257,274
167,939

on

$36,186
21,088

$386,036
253,062

$448,181
253,062

$15,098

$132,974

$195,119

pref. stock

Balance
x

$29,994

No provision

made in

was

Power

Implement
Co.—Recap¬
Discharge Accumulated Dividends of
Preferred Stock—To Change Name—

italization

Plan—To

$3,000,000

on

plan for recapitalization of the company and the
discharge of accumu¬
lated dividends of $3,800,000 on its
outstanding $6.50 preferred stock is
advanced in a letter mailed to holders of the
company's preferred and com¬
mon shares by W, C.
MacFarlane, President.
The plan, which is designed to
conserve for the development of the com¬
pany's business cash resulting from rising earnings,
gives to the preferred
stockholders the opportunity, if all privileges are
exercised, of obtaining for
their holdings ownership of more than
51% of the common stock equity.
Under the plan, which is to be voted on at a
special meeting of stock¬
holders called for Oct. 4,
1937, a cash dividend of $4 a share would be paid
on each share of
preferred stock, reducing the accumulated dividends as of
Sept. 30, 1937, to $34.44 a share.
Each share of present preferred stock would
then be exchangeable for
one share of $5.50
prior preferred stock, which would be entitled to two ex¬
traordinary dividends aggregating 2^4 shares of common
stock, payable
1 share in 1937 and
1\4 shares in 1938, and would be convertible on or be¬
fore Oct. 15,1942, into 5 shares of
common.
It is expected that the latter

1936

-

for Federal surtax

on

undistributed

Erofits asmade for such tax infor that year was distributed.
all taxable income 1937.—V. 145,
been
p. 947.

No provision

as

Missouri & Arkansas
Ry.July—

Minneapolis-Moline

1937—12 Mos.—1936
$3,316,624
$2,936,267
2,131,437
1,929,372
108.000
105,300

$288,985
178,783
9,000

Net income

1936
$127,587
57,050
38,778

64,281
64,062

From Jan. 1—
Gross from railway.....
Net from railway

A

Period End. July 31-rGross revenue

Oper. exps.& taxes

RR.—Earnings—

July—
Gross from railway
Net from railway

Sept. 4, 1937

Mississippi Power Co.—Earnings—

-Earnings—

1937

1936

1935

1934

$93,195
17,147
5,508

$92,169
21,532

$74,228

$76,832

21,580

20,772

10.359

12,161

10,035

641,697
85,258
def4,913

586.498
124,789
47,662

258,738
68,326
37,507

571,033
113,695
34,073

Gross from
railway
Net from

railway

Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 770.

.

dividend in common stock would be
paid as early in 1938 as is practicable.
The prior preferred is to have the
benefit of a sinking fund equal to
25%
cash dividends paid on the common stock and will be
entitled in

of any

liquidation

or on

dends

redemption to $105

a share and accrued dividends.
will be cumulative from Sept. 30.

on the prior preferred
The company will
apply for the listing of the new stock

Stock

on

Exchange.

Divi¬

the New York

The holdings of common stockholders
will remain unchanged under the

plan.

In his letter to stockholders
urging approval of the proposals, Mr. Mac¬

Farlane explains that a larger volume of
business and higher costs require
that the company provide out of its cash
accumulations a greater amount
of working capital and
enlarged manufacturing facilities.
The directors
therefore deem it inadvisable to undertake
the payment in cash of any sub¬
stantial portion of the accumulated
preferred stock

dividends, even though
earnings have substantially increased.
The payment in cash of the ac¬
dividends, Mr. MacFarlane says further, could
reasonably be
expected only over a period of many years of
increasing prosperity.
Assuming complete exchanges, capitalization of the
company, following
payment of the two extraordinary dividends on the
prior preferred, will
consist of 98,700 shares of convertible
$5.50 prior preferred stock and 946,750
shares of common stock, as
compared with 98,700 shares of $6.50 preferred
stock and 700,000 shares of common
stock at
cumulated

present.
Complete converresult in capitalization consisting solely
stock, of which 740,250 shares would accrue

siP? pftb? Prior preferred would
of

1,440,250 shares of

common

holders of present preferred stock.
Both common and preferred
stockholders are asked to return their
proxies
approving the creation of the new prior preferred
stock, as well as a change of
name of the
company to Minneapolis-Moline Co.
Preferred stockholders
are also asked to
present their certificates for stamping to the Manufac¬
turers Trust Co., N. Y.
City, in acceptance of the exchange offer.
Approval
by a majority of the common stock and two-thirds of
the preferred stock is
required for the amendment to the certificate of
incorporation, and accept¬
ance of the exchange offer
by holders of a much larger proportion of the
preferred stock is required to make it effective.
to

Earnings for 7 Months Ended July 31
1937
,

_

,

„

„

Consolidated net profit before Federal and
State

income taxes and Federal surtax
—V. 144, p. 1288.

$1,318.817

1936

$415,560

July—

1937

1936

1935

$837,600

4,546,827

Net from railway
Net after rents
—V.

.

1934

132,295

$551,875
defl2,651
def69,540

$573,962
6,219
def39,356

5,040,488
947,319
332,828

3,897,421
26,201
def316,207

3,948,186
134,253
def258,645

225,717

481,448
12,518

145, p. 1266.

Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.—
[Excluding Wisconsin Central Ry.]
1937—Month—1936
1937—7 Afos.—1936
$1,086,683
$977,043
$6,683,361
$6,522,772

Period Ended July 31—

Freight revenue
Passenger revenue

147,711
140,355

All other revenue

126,733
121,613

General expenses
Net railway revenues.
Taxes
Net after taxes
Hire of equipment—
Rental of terminals

.
_

Net after rents
Other income (net)—Dron funded debt

Int.

Net deficit

Note—As there is
for the surtax

on

no

1,275,567
1,589,082
250,687
3,481,241
435,909

$203,242
101,480

$616,900

$199,088
38,061
52,499

$101,761
23,264
16,974

$285,739

41,670
492,602

expenses

$7,709,955

1,337,908
1,740,050

$61,522
33,426
475,535

$425,745

Transportation

$7,999,812

187,671
232,676
39.856
493.921
68,023

$108,527

expenses

$1,225,390

$302,040
102,952

expense
Maintenance of equipt.

„

483,023
704,159

201,672
233,357
35,978
538,128
63,573

structure

$447,438

251,154

3,650^740
403,0o9

331,611

119 463

145,447

$677,468
625,491

$51,977
120,005
104,560

$20,829 def$172,587
276,324
250,429
3,367,216
3,235,875

Earnings—Including Wisconsin

$3,622,711

$3,658,892

Net after rents

From Jan. 1—
Gross from railway

Net from railway
Net after rents.

1935

1934

$2,724,524
788,987

$2,443,636

$2,148,717

644,830

444,343

445,958

310,236

171,743

$1,839,136
284,109
40,912

15,540,960
2,790,923
1,247,723

Gross from railway

Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway

Net after rents
—V.

145, p.

1104.




596.036
121,437
34,538

547,909
128,409
44,284

Net from railway
Net after rents.
—V. 145, p. 770.

$84,873
12,295

Monongahela Ry.—Earnings—
July—

„

1937
$342,513
188,160
64,370

.

Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway

2,642,869
1,538,872
705,296

Net from railway._____
Net after rents
—Y. 145. p. 771.

1936

1935

1934

$353,476
208,568
109,298

$264,907
145,699
53,438

$279,605
162,470
60,098

2,657,278

2,304,477
1,394,476
698,530

2,314,892
1,387,236
690,351

1,611,006

883,493

Monroe Loan

Society (Del.), Newark, N. J.—Preferred
Offered—Ganor & Co., Newark; Lane, Waters & Co.,
Newark, and Mackenzie & Co., Inc., New York, on Aug. 2
Stock

offered at $25 per share 40,000 shares of
stock.

5H% pref.

cum.

Transfer

Agent, Fidelity Union Trust Co., Newark, N. J.
U. S. Trust Co. of
Newark, 936 Broad St., Newark, N. J.

Registrar,

History & Business—Company was incorp. in Delaware on Dec.
2,1927.
Company is a small loan holding company
engaged, through its wholly
owned subsidiaries, in the small loan
business.
Company is engaged in the business of lending money under the
pro¬

visions of State "small loan laws."
The States in which active operating
offices are now maintained under their
respective laws are Connecticut,
Maine, New Jersey, New York. Pennsylvania and Rhode Island.
The amount of loans receivable at the close
of the company's last three
fiscal years, after writing off all
accounts considered uncollectible by the
management, and the amounts written off during such

lectible and charged to operations, are
Nov. 30—
Loans receivable
—

Amount written off

years

as

as

uncol¬

follows;
1936

1935

$1,443,859
47,033

1934

$1,248,725
31,310

$1,004,113
23,555

Capitalization of Company, April 17,1937

a

b Cum.
5H % pref. stock

Authorized

($25par)

Outstanding

40,000 shs.
None
600,000 shs. 321,157 shs.
12,000 shs. cl0,489 shs.

d Common A stock
($1 par)
d Common B stock
($1 par value per share)

Prior to

changes were made by amendment to the certificate of
incorporation, ef¬
fective April 17, 1937. The amount of common B
stock outstanding March
31, 1937 was 10,496.9. the company
having purchased 7.2 shares for its
treasury between March 31,1937 and April
17,1937.
b At any time
prior to June 1, 1943, but not thereafter, the cum. 5\4%
preferred stock is convertible into common A stock at the
option of the
holder, without any adjustment for dividends, on the basis of five shares of
common A stock
per one share of cum. 5V4 % pref. stock if surrendered for
conversion prior to June
1, 1940, and on the basis of four shares of com.
A stock per one
share of cum. 5H% pref. stock if surrendered for con¬
version prior to June
1,1943 when tne conversion privilege expires.
Excludes 843 shares held in
treasury.
d 30c. per share
per annum non-cum. div., plus partic. rights.
c

Purpose—The net proceeds of approximately $869,300 will be used to
discharge loans which have been made and are being made currently. As
at

July 6, 1937 the company had outstanding notes payable aggregating
which $300,000 were commercial paper and
$210,000 were bank
There were also outstanding at that date, certificates of indebtedness
aggregating $158,628.

$510,000 of

Consolidated Income Statement
4 Mos. End.
Mar. 31, '37

Interest

on

,

loans

14,651,627
2,635,247
612,304

-

Year
1936

12,491,466
1,376,162
325,209

Ended

12,525,237
1,823.095
40,899

1937
$75,484
9,336
11,524

1936

1935

$83,564
26,513
18,503

$56,869
6,241
1,562

defl,309
def7,201

525,158
72,152
16,913

512,627
129,666
80,060

394,636
55,688
12,193

372,227
34,679
def4,416

1934

$51,024

Nov.

30-

1935

1934

Total oper. expenses

$167,036
92,732

$451,524
265,430

$359,976
220,382

$304,349
199,800

Net oper. revenue
N on-oper. income

$74,304
1,157

$186,093
4,125

$139,593
4,416

$104,548
9,883

$75,462
7,379

$190,218
19,443

$144,010
24,057

$114,432
10,710

.

_

_

Gross income

Total income deductions
i
Prov. for Fed. income
5
taxes

Surplus

8,949

nNote—No provision

31,1937 for

26,544

20,752

15,689

$59,132

net income

$144,230

$99,200

$88,032

has been made during the four months ended March
145, p. 1266.

surtax on undistributed income.—V.

Operating

Corp.—Earnings—
6 Months

revenues

Oper. exps., maint., taxes (except Federal income
taxes) & deprec. expense

Balance

$146,023

48,373

92,304

$53,719

$53,795

$18,405
9,000

$37,960
18,000

$9,405

$19,960

76

Gross income
Bond interest
Other deductions

Note—The above is

12 Months

$25,986
5,312
2,269

Non-operating income

Balance.
Preferred dividends paid

$74,350

$25,977

Net income from
operations.

Mississippi Central RR.—Earnings—
July—

defl,615

628,955
150,030
40,391

Period Ended June 30—

1936

—V. 145, p. 947.

1934

$81,290
9,673
def5,520

Mt. Vernon Telephone
Central Ry.

1937

Gross from railway
Net from railway

1935

859,642
276,189
144,574

.

taxable income to
date, no provision is necessary

undistributed profits.

,

July—

1936

$108,384
31,277
11,290

loans.

Total revenues
$1,374,749
Maintenance of way and

Traffic

549,660
766,790

1937

$129,521
34,632
27.718

from Jan. 1—
Gross from railway

a

$685,747
92,709
10,727

RR,—Earnings—

Gross from railway
Net from railway
Net after rents

April 17, 1937, the cumulative 5^% preferred stock was not
authorized, the common A and common B stock were without par value
and the amount of common B
stock authorized was 20,000 shares.
The

Minneapolis & St. Louis RR.—Earnings—

Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway

Missouri Illinois
July—

or

accrued

j,.

10,625
5,209

a statement of income and
expense from the books
adjusted to reflect depreciation expense and preferred
dividend accruals on basis of
reorganization having been in effect for entire

of the

company,

period.

—V. 144, p. 3845.

Volume

Monsanto Chemical
The

Co.—Listing—

Exchange has authorized the listing of 50,000
preferred stock, series A, all of which have been
outstanding.—V. 145, p. 1266.
Stock

York

New

issued and

are

a

involving current transactions is taken

Dividend—

(H. A.) Montgomery & Co., Inc.—Stock
Directors have declared

senting the third quarter dividend payable Sept. 30 to holders of record
Sept. 15.
This dividend is payable out of stock acquired and held in the
company's treasury and payment in stock is being made in lieu of the regu¬

Muirheads Cafeterias,

Special repairs and
placements, &c

144, p. 3325.

Feb. 28 '34

re-

-124,000

24,000^
" ' '

^,

$14,412
30,000,

$8,617

$2,590

**

24,000 Jt

.

$15,588

Comparative Balance Sheet
Feb. 28 '37

$11,234

Investments

6,000

„

Capital assets
Leases, tr. names,

x

150.000

6,931

6,549
55,420
480,205

General

65,817

51,752

Interest

Common shares.

lmpairm't

Capital

$437,387

$422,952

Total..

$148,907 in 1936.

y

Repre¬

by 78,710 no par shares.—V. 143, p. 2217.

(F. E.) Myers & Bro. Co.—Larger Dividend—
The directors have declared a dividend of $1.25 per share on the common
stock, no par value, payable Sept. 27 to holders of record Sept. 15.
Divi¬
dends of $1 were paid on June 26 and on March 26, last; a dividend of 75
cents was paid on Dec. 26, 1936, and previously dividends of 50 cents per
share

14,883,553
5,729,115
20,457
$20,637,675

administrative

2,308,577

expenses

2,500,768

funded debt

23,042
79,318

Other interest paid
Miscellaneous charges
b Provision for Federal income tax

199,300

$15,526,670

profit

Including $11,785,059 received in the form of demand notes payable
$17,885 in marketable securities.
Certain of the. consolidated sub¬
sidiaries paid dividends to the corporation in an amount approximately
equal to their earnings for the calendar year 1936 without regard to losses
of prior years accumulated since the time of their acquisition by the cor¬
poration.
Such dividends aggregated $1,342,312.
b No provision has been made for Federal surtax on undistributed profits
with respect to that portion of the earnings accruing in the six months' period
ended June 30, 1937.—V. 145, p. 948.
a

and

In addition, an extra dividend

distributed each three months.

were

of 25 cents per share was paid on
P.

and
on

$4,549

150,000
$437,387

Dr67,753

Z>r67,603

account

After depreciation of $172,907 in 1937 and

sented

—

Total income

Net

x

11,847

Profit from operations
a Dividends received from consolidated subsidiaries
Interest received

55,220
480.205

212,799

$422,952

goodwill, &c...
Total

$16,396

...

Miscellaneous other income

y

9,234

9,171
190,511

12 Months Ended June 30,1937

(including $5,562 inter-company sales)

of sal
ales

$14,717

Deficit

revenue

to

Preference shares,

9,960

Prepaid exps. and
accrued

under the straight-line method would amount
approximately $105,000 per annum.

amortization of this expense

§14,015

'

9,096

Inventory

}i% gold debentures due 1948 of the corporation were

Accounts payable.
Accrued expenses.

39,158
5,000

45,537

Prepaid tax rets.

Feb. 28 '37 Feb. 29 '36

Liabilities—

Feb. 29 '36

$12,636

Assets—
Cash

5

Income Account (Parent Company Only) for
Cost

$18,833

$21,409

$13,119

1936 of the

Net sales

"WPtP 3,449

Net loss

in

Commission and expenses in connection with
the issue and sale in 1936 of 3%% debentures due 1951, less premium re¬
ceived on the sale thereof, were charged off entirely to earned surplus;

Feb. 29 '36 _Feb. 28 *35

$10,881

The amount of inter-company profit in inventories, if any, not elimi¬
nated is insignificant compared to the total.
(4) Commission and expenses incurred in connection with the redemption

(3)

charged to earned surplus.

Ltd.—Earnings—

Feb. 28 '37

Years Ended—
Net earnings
Prov. for depreciation

in the current profit and loss

up

account.

stock dividend of one-fortieth of a share, repre¬

lar quarterly 25 cent cash dividend.—V.

rates of exchange.
At June 30, 1937, current rates of exchange were
approximately equal to or higher than the par rates.
Accordingly, no re¬
serve for possible loss on foreign exchange was provided.
In no case is un¬
realized profit on foreign exchange taken up in the consolidated profit and
loss account.
Profit and loss on actual transfers of foreign currencies
par

of cumulative

shares

1593

Financial Chronicle

145

National Gas & Electric Corp.

Sept. 30 and June 30, 1936.—V. 145,

1428.

National Bellas Hess,

yl937

yl936

1935

1934

$8,325,506

$6,812,637

$949,493
535,038
57,469

$86,724
44,892
5,231
7,835

$1,117,144

$22,334

$28,765
1,341

$361,782
8,971

$288,841
15,757

$22,617
9,190

$30,107

$370,753

9,583

125,622

$304,598
98,777

$13,427
6,161

$20,523
6,219

$245,131
73,984

$205,820
76,337

$7,266

Operation

$8,125,966

Years Ended July
Sales, less returns

1937—12 Mos—1936

$84,835
49,950
5,267
a7,282

Operating revenues

Inc.—Earnings-

(& Subs.)—Earning

1937—Month—1936

Period End. July 31-

$14,304

$171,147

$129,483

611,180
57,494
a86,686

$6,903,596

3l—
and

Maintenance
Taxes

Cost of sales, oper., adminis. & sell, expenses

Net oper. revenues

8,143,460

6,793,425

6,749,197

$112,586

$182,045

$19,213

$154,399

71,051

4,844

54,610

$134,933

$253,097

$24,056

$209,009

114,976

.

8,013,380

22,347

Profit from operation
ncome
credits—Inter¬

79,289

6,596

37,730

283

Non-oper. inc.—net
Balance.-Retirement accruals

est, discounts, &c

Gross incomeGross income

68,143

Interest

I ncome—charge—Prov 'n
for

Federal and

State

income taxes, &c

Net

income

been made for the Federal surtax on undistributed
the year 1937, since any liability for such tax cannot be
determined until the end of the year.—V. 145, p. 1105.
No provision has

a

net income for

Net income for period

$19,957
368,133

$173,808
194,325

$17,460
176.865

$171,279
5,586

$388,090
$0.01

-

$368,133
$0.13

$194,325
$0.01

$176,865
$0.13

National Oil Products Co.,
Total surplus
Earnings per share
x

finance

Including

mencement of

expense

and

expense

operations on Oct. 1, 1932.

y

incurred prior to the
Including subsidiaries.

com¬

Consolidated Balance Sheet. July 31
1937

1936

$150,604

Assets—

Cash in banks

$282,576
23,053

571,194

301,436

1,154,182
Inventory supplies
79,235
81,090
Prepd. catalog cost
57,087
Prepd. insur., &c.

682,940

Accts. receivable.

Mdse.

at

cost

_

Accts. pay.

47,490
25,868

15,794

9,229

52,834

44.110

7,455

mtge. conv. bds.
receivers
on

Common stock

Surplus

170,500

' 192,700

316
1,610,713
388,090

1,551,847

300,420

284,690

Capital surplus

a

...$3,451,382

As follows:

$2,805,4191

Total

$6,756,121
Other income
103,944
Other income deduc'ns—
92,223

3.711

129,330

143,967

$6,292,511

$27,983,831

$26,584,786

Cr6,658

3,086,187
Cr4,635

12,213,878
Crl 9,026

12,406,601
Crl 9,375

$3,770,051

$3,210,959

other

Int. charged to constr'n.

$3,451,3S2 $2,805,419

Customers' mailing list, $44,994; machines and equipment

$6,254,947 $27,905,867 $26,462,096
371,833
119,655
366,325
249,143
288,361
82,091

3,004,449

$15,788,979 $14,197,560

Pref. divs. to public (full
div.

requirements ap¬
plicable to respective
periods whether earnedL

fixtures, $1; packing material, box and stationery supplies,
$1; catalogue plates, drawings, &c., $1; trade mark and trade names; $1;
leasehold at Kansas City, $1; good will, $1.—V. 145, p. 123; V. 144, p.3009,

,

1,515,762

National

Cylinder Gas Co.—Merger—

Carbo-Oxygen Co. above.—V.

National

Portion

145, p» 1105.

12 Months End. June 30,193/,
$342,303,820
288,891,065

Selling, general and administrative expenses

36,700,132

Balance

$16,712,622
1,210,569

Other income

$17,923,191
2,500,768
102,610
Dividends on preferred stock of sub. co. held by public
120,750
Net loss on disposition of capital assets in ord. course of business
253,682
Miscellaneous charges
372,127
Minority interest in current year's earnings
33J)80
a Provision for
Federal income tax
2,106,700

$12,433,473

No provision has been made for Federal surtax on undistributed
profits
with
respect to that portion of the earnings accruing in the six month
a

period ended June 30, 1937.

income

11,880

$2,253,048

of subs

Nat. Pow. & Light

$1,692,995

$9,718,953

$8,122,351

2,253,048
21,708

$1,692,995

$9,718,953

6,286

95,088

$8,122,351
59,894

$2,274,756
40,792

$1,699,281
49,344

$9,814,041
c206,678

$8,182,245
194,645

$2,233,964
338,036

$1,649,937
337,407

$9,607,363
1,357,684

$7,987,600
1,356,195

$1,895,928

$1,312,530

$8,249,679

$6,631,405

Co.—

subs

(as shown above)

Other income

Expenses, incl. taxes-_«
Bal. before int. & other
Int. & other deductionsBalance carried to con-

Includes provision of $64,251 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 $99,919 in 1937
a

made within this period for Federal surtax
undistributed profits in 1936, but includes no provision for 1937.
Notes—(1) All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidi¬
aries represent full requirements for the respective periods (whether paid
or not paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income appli¬
cable to minority holdings by the public of common stocks of subsidiaries.
Minority interests have not been charged with deficits where income ac¬
counts 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 & Light Co.,
less losses where income accounts of individual subsidiaries have resulted
in deficits for the respective periods.
(2) The above statement includes full revenues of a subsidiary without
provision for possible revenue losses, not exceeding $120,000 for each
12-month period, from natural gas rate reduction now involved in litigation.
(3) Figures for 1936 as previously published have in certain cases been
earranged in the above statement.—V. 145, p. 1428.
c

Notes—(1) The corporation has included in its consolidated

accounts

only

those subsidiaries in which it owns directly or indirectly securities
repre¬
senting more than 90% of the voting power.
The corporation has not
consolidated five wholly-owned German subsidiaries nor nine subsidiaries
in which it owns directly or indirectly securities representing more than

50%
but less than 90 % of the voting power.
The corporation's proportion of the
profits of subsidiaries not consolidated in the 12 months ended June 30
1937, amounted to $180,803, and the dividends received directly or indi¬
rectly by the corporation from such unconsolidated subsidiaries during that
period amounted to $16,714, or a difference of $164,089.
Of the net profit
of the German subsidiaries for the period, a part, amounting to
$19,136
has been provided for in the consolidated accounts; such amount, however'
is not in excess of losses of such companies taken up in the consolidated
;

Profit and loss items of foreign subsidiaries consolidated are taken
profit and loss account at the par rates of exchange ruling imme¬
diately prior to the devaluation of the United States dollar.
At the end
of the fiscal year a reserve is provided for possible loss on foreign
exchange
if the actual rates of exchange at the close of such year are lower than such




6,940

Net equity of Nat. Pow.
& Lt. Co. in income of

solid. earned surplus

profit

(2)

2,133

to

Total income

Interest on funded debt of corporation
Other interest

accounts in prior years.

$8,134,231

Net equity of National
Pow. & Lt. Co. in

Net sales (excluding inter-company sales)
Cost of goods sold, including delivery expenses

into the

6,063,329

$9,725,893

minority interests

Dairy Products Corp.—Earnings—

Consolidated Income Account (Incl. Subs.) for

applicable

6,063,086

$1,695,128

1,241

Balance

1,515,831

$2,254,289

2837.

Net

$28,035,197 $26,606,063

$6,767,842
Int. to public and

368,133

and furniture and

See

35,572

Operating income

Due

55,228

$6,290,519

30.226

Nat. Hold. Co. 1st

acct.of purch.of
K. C. property.

$6,777,666

21,545

Net oper. revenues—
for lease of plants

(net)

come tax pay

716,964

$20,240,445 $18,518,118 $82,161,446 $75,036,673
10,695,025 b46,967,313
42,340,778
1,532,574
7,158,936
6,089,832

Rent

Federal & State in¬

83,635
55,229

Total

51,458

Oper. exps. (incl. taxes)-all,574,281
Prop'y retire, res. approp
1,889,498

outst'g, current.

705.005

exp.

Operating revenues

54,996

Due to employees.

Land & buildings.

Organization

18.519

68,775

Due to customers.

500,000

Improve. & mach.
and equipment.

National Power & Light Co. (& Subs.)—Earnings—
1937—3 Mos.—1936
1937—12 Mos —1936

23,920

Cust. refund, chks.

73,433

500,000

Inc.—-Interim Dividend—

interim dividend of 30 cents per share

common

Period Ended July 31—
Subsidiaries—

catalog

73,335

Inc..

,

an

stock, payable Sept. 30 to holders of record Sept. 20.
This compares with 50 cents paid on June 30, last, and semi-annual divi¬
dends of 30 cents paid on March 31, last, and on Sept. 30, 1936.
In addi¬
tion, an extra dividend of $2 was paid on Dec. 18, 1936 and an extra of 20
cents was distributed on Sept. 30, 1936.—V. 145, p. 1106.

$180,510

52,342

from Nat. Bellas

directors have declared

the

1936

$98,605
700,000

costs

Assets taken over

Hess Co

mdse..

Misc. exp. accruals

or

market

a

pay.

Notes payable

14,121

postage

1937

Liabilities—
Accts.

Cash on hand and

The
on

Includes provision of $1,410

on

1594

Financial Chronicle

National

Supply Co.—Balance Sheet—

Pro Forma Consolidated Balance Sheet June 30, 1937
[Showing the effect as of June 30, 1937, of the proposed agreement and
joint plan of consolidation between National Supply Co. of Del. and
Spang
Ohalfant & Co., Inc., dated Aug. 10, 1937, on the basis of a
complete
exchange of cap'tal stocks of the constituent corporations.]
■>

Assets—

■"

Liabilities—

Cash

Notes receivable

(1938)

260,222
Accts. recelv.—Customers
9,805,844
Accounts recelv'le, miscell—
387,401
Less—Res. for doubtful accts.Cr1,521,004
Accts. rec—Of fleers &empls.
49,993
Inventories
20,014,002
Investm'ts & other assets
Fixed assets

Deferred charges
Patents & licenses

——

Dlvs.

reserve

Nehi

pay.

$2,900,000
2,908,384
int., &c
1,250,498

pref. stks, of

on

1,265,667
Res. for 1936 Fed., &c., taxes
625,596
Res. for 1937 Fed. &c., taxes.
1,038,379
Reserves.
2 457,304
1st mtge. 5s 1948
6.294,000
5M% prior pref. stock
29,629,300
$2 10-year pref. stock
6,654.120
Com stock (par $10)
11.559,825
Earned surplus
9,001,439
.

-.$75,584,513

for depreciation of $11,443,757.—V.
145, d. 1267

New York
July—

—Y. 145, p.

1934

$36,150
13,139
9,675

Gross from railway
Net from railway

312,282
36,295
17,376

194,721
40,619
22.065

Gross from railway
Net from railway

From Jan. 1—
Gross from railway

392,876
190,963

312,282
131,877

Nexr a/^r ren^A

139,934

96,774

1937

From Jan. 1—
Gross from
railway

1936

>

_

—V. 145, p. 772.

$64,402
def8,117
def30,626

441,543
def45,268
defl92,684

def38,071
defl83,905

July—

1937

defl00,511
def242,629

1935

1934

787',182

$137,136
13,132
19,347

1,224,395
343,820
253.412

1,733,482
780,719

506,713

•Earnings—

$112,201
defl5,777
def22,805

18,437
96,020

1,001,542
258,776
312,679

$111,727
8,694
29,529

1,058,450
317,925
404,635

•

Earnings of System
1937—Month—1936
1937—7 Mos.—1936
$896,869
$735,454 $10,194,116
$7,229,102
163,736
defll7,377
2,643,002
660,869

Period Ended July 31—

Operating

460,019
defll5,559
def254,041

1936

$159,877

From Jan. 1—
Gross from
railway
Net from railway
Net after rents—III III

defl7,823
def35,189

$65,568
defl7,232
def35,821

revenues

Net ry. oper. income
—V. 145, p. 772.

these bonds

°f,m,°neys

on

ucp.

on

Interest will

cease on

145,

1430

p.

T^®Ir\terstate Commerce

operation
iN

Aug. 23 issued
Attica

certificate
branch line

a

(2) for authorizing
trackage rights, over a line of railroad of the Erie RR
same points, 10.5
miles, all in Wyoming and Genesee counties,'

under

—V.

•

145, p.

1429.

New York City Omnibus
Corp. (& Subs.)—Earnings—
[Consolidating Madison Ave. Coach Co., Inc. and Eight Ave. Coach
Corp.]
Net

inc.

obligations,

int.

on

bonds

assumed

from

N.

amort,

Y.

reported

to stockholders in a letter

to be held on

lor
in

plished, according to Mr. Bennett, by applying cash On hand exceeding
present working capital requirements; using proceeds from sale of Mohnsville
Water Co. to the Borough of Shillington, Pa., from sale of Northampton
Consolidated Water Co. to the City of Easton, Pa., and from sale of
Central City Water Service Co. to the City of Central City, Ky., and dis¬
posing of Provincetown Light & Power Co. to New England Gas & Electric
Association, a subsidiary of Associated Gas & Electric Co.
In this manner company has eliminated about $170,000 in annual fixed
charges, including amortization.
Holders of company's $4 preferred stock are being asked to vote on
amendments to the indenture securing the collateral trust bonds, liberalizing
terms and conditions upon which property or cash pledged under the
indenture may be released from the lien thereof and modifying restrictive
conditions imposed by the indenture.
Preferred stockholders will also
be asked to elect an additional director to represent them on the board
and to increase the number of directors from six to nine.

on

Rys.

equip,

Corp.

$937

Eighth Ave.
Coach Corp.
1937
1936

$16,302

Aincoine-After

$15,121

$26,769

i 108

SUr

on undistrtbuted profits or excess profits tax.—V. 145,

1937
$247,956

railway

190,195
141,399

Net after rents

From Jan. 1—
Gross from
railway.
Net from railway

1,705,218
1,350,499

Net after rents
—V. 145, p. 772.

936,267

1936

Northern Pacific

1934

$191,554
136.271
64,915

$201,411
152,966
74,733

1,631,985

1,590,795
1,211,008
736,142

1,623,870
1,293,440
781,485

1,256,200
792,003

Co.—Deposit Time Extended—

New York New Haven & Hartford
RR.—Abandonment
Commerce Commission

permitting abandonment by the trustees of

on
a

Aug.

13

issued

a

certificate

line of railroad
extending from

point 1.6 miles east of Allerton Farms in the
township of Waterbury, to a
point about 900 feet east of Southbury station in the
&

township of South-

145^pap429X^ma^e^ D-6 miles, all in New Haven County, Conn.—V.
New York Ontario
July—

&,Western Ry.- -Earning
1937

Gross from railway.$580,305
Net from railway
102,679
Net after rents

26,724

1936

$889,427
304,553
212,315

From Jan. 1—
Gross from railway
Net from railway

4,004,180
612,733
35,529

Net after rents
—V. 145, p. 773.

New York Steam
the
Oct.

1935

$881,075

92,595

165,926

263,5(76




831,522
672,835

31,773,706
3,846,055
2,256,134

27,015,423
1,319,946
156,626

27,280.701
4,078,797

c

2,774,998

774.

Northern States Power Co.

(Minn.)—Weekly Output

Northwestern Bell Telephone
Period End.

July 31—
Operating revenues

week

Co.—Earnings—

1937—Month—1936_

1937—7 Mos. 1936

$2,869,817
10,105

$2,779,033 $19,430,767 $18,621,004
6,469
66,057
57,624

Operating revenues
Operating expenses

$2,859,712
2,010,798

$2,772,564 $19,364,710
1,907,327
13,208,949

$J3'563.380

—

Net oper. revenues.__

Operating taxes

Includes

12,643,680

$848,914
377,294

$865,237
303,650

$6,155,761
x2,479,693

$£»91?,700

$471,620

$561,587

$3,676,068

$3,848,034

2,071,666

amount of $41,154 for possible additional Federal net inc.
1936 due to adjustment of deprec. expense for year 1936.—

an

taxes for year

V. 145, p. 950.

Norwegian Hydro-Electric Nitrogen Corp.—Refunding
Issue Marketed Abroad—
The

corporation has abandoned negotiations with New York bankers
large refunding bond issue and placed the loan through Swiss, Dutch
The operation involves the redemption of
approximately $15,000,000 of 5^% dollar bonds, floated in this market
in 1937 by the National City Co.
Negotiations with New York bankers were well under way when the
company, it is stated, balked at the idea of revealing in a registration state¬
ment intimate business details of value to competitors.
At about the same
time foreign bankers approached the company with a proposal to take the
issue at a rate below what the New York market would have demanded.
The result was the rapid consummation of a deal for the sale of bonds in
three currencies, all bearing a 4% rate, maturing in 1987 and redeemable
for

a

Swedish banking houses.

in 1943.

Mendelssohn

& Co. of Amsterdam purchased 14,000.000 guilders, of
7,000,000 guilders have been placed privately in Holland at 96.
Banking Corp. of Basle has taken 30,000,000 Swiss francs of
the issue and will market them at 96.
The third participant in the under¬
writing is the Stockholms Enskilda Bank, which is placing 18,000.000
kroner, at a price believed to be 96.
which
The

Swiss

Ohio Bell

5.087,561
1,297,146
769,462

Telephone Co.—Earnings—

Period End. July 31—

Operating

revenues——

Uncollectible
5,289,364
1,316,601
747,811

oper. rev—

1937—Month—1936
1937—7 Mos.—1936
$3,464,393
$3,278,497 $24,312,364 $22,482,002
5,308
6,888
24,290
46,076
_

5,721,652
1,491,944
830,781

Corp.-—37.1% Favor Steam Exchange—

letter sent Aug. 20 to stockholders of the New York Steam
Corp.,
Consolidated Edison Co. of New York announced an
extension to
of the time for

1934
$4,545,445

392,152
176,088

1934

$743,824
163,577

a

1

1935
$4,228,693

_

Exchange that the time
notes, series due 1938, may be deposited under
recapitalization dated Feb. 16, 1937 of the
company has been
to and including Oct.
15, 1937.—V. 145, p. 772.

the plan of

In

1936
$5,569,212
1,104,229
801,312

36,052,011
5,396,251
4,886,206

Gross from railway

—V. 145, p.

Ry.—Earnings—

845,490
627,216

Net from railway
Net after rents

and

New York Dock

Interstate

Co.—Registers with SEC—

1937
$5,652,432

Net from railway
Net after rents

x

1935

$235,497
179,370
122,578

The company has notified the New
York Stock
within which 5% serial
gold

The

Gas

See list given on first page of this department.

Net oper. income

Connecting RR. —Earnings—

Julu—

Gross from
railway
Net from

extended

security.—V. 145, p. 1430.

Northern Oklahoma

$23,985

deprec., int., normal Fed. in. tax., &c., but before
any provision

New York
„

1936

Coach Co., Inc.

,

Month of July

p

Present directors

Uncollectible oper. rev—
Madison Ave.

*

special meeting

1937, totaled 26,352,262 kwh., an increase of 10.8% com¬
pared with the corresponding week last year.—Y. 145, p. 1430.

monthly instalments.

T

a

ended Aug. 28,

and other chargas but before
any pro v. for Fed. surtax
undistributed profits or excess profits tax
x$97 023
Before deduction of $19,353
charged to income in respec. of provision
amortization of "amount to be
amortized on basis of recapture contract

,

notifying them of

Sept. 21.

The reduction of $2,424,600 in the company's indebtedness was accom¬

on
x

Corp.—Reduces Debt—

v

Electric output of the Northern States Power Co. system for the

Earnings for Month of July, 1937
deprec., normal Fed. inc. taxes, int.

after

2,896,101
812,544
415,732

This company recently reduced the amount of its 20-year 6% collateral
trust bonds to $3,000,000 from $5,424,000, Boyd A. Bennett, President,

all such drawn bonds

abandonment by the company of its
extending from Batavia to Attica, 10.67 miles, and
between the

55,617

2,803,818
619,693
243,673

348,470

^

July—
on

9,382

2,584.471
491.434
167,897

1934
$414,496
111.010

60,495

.

Gross from railway

Commission

1935
$374,187

Northeastern Water & Electric

for this class of

Abandonment and Operation—
n

1936
$375,276
64,898
11,931

Special Meeting—

been drawn by lot for
redemption
Oct. 1, 1937, at the principal sum

l, 1937.

RR.—Earnings—

3,009,483
746,071

-

Net after rents.

bonds due April 1,1946, that $475,000

have

in the sinking fund

Co.-—Larger Dividend—

from Jan. 1—

J-p- M°rgan &
Co., as sinking fund agent, on Aug. 27 notified holders

thereof plus accrued interest.

2,233,178
623,138
324,743

representing the owners of the $4 preferred stock, J. T. Woodward and
A. S. Cummings, are recommending John L. Simpson, as a third director

New York Central RR.—Bonds Called—

™i~yetr 3 A
secPred sinking fund
principal amount of

2,191,321
632,325
254,357

1937
$392,292
68,821
17.838

Net after rents—

1934

$62,189

463,680

New Orleans Texas & Mexico
Ry.Gross from
railway
Net after railway!
Net after rents

'

1935

$60,283
def7,618
def27,579

July—

—V

Jersey & New York RR. —Earnings—

Net from railway
Net after rents

1,986,834
718,187

Norfolk Southern

1935

Net from railway

1934
$283,791
55,596
15,840

1,956,423
608,676
276,564

10,349

1935
$300,301
82,869
39,851

The directors have declared a dividend of 25 cents per share on the
capital stock, par $5, payable Oct. 15 to holders of record Sept. 24.
A
dividend of 15 cents was paid on April 15, last, and each six months pre¬
viously.
In addition, an extra dividend of five cents was paid on Oct. 15,
1936.—V. 144, p. 1117.

$27,302
5,390
2,626

11,422
7 494

1936

773.

1936

22)504

_

773.

$273,774
92,201
39,301

278,910

$37,297

July

p.

1—

From Jan.

Gross from railway
Net from railway—

1937

Gross from railway.
Net from railway
Net after rents

1937
$233,275
59,272

Gross from railway

$56,899
29,141

—V. 145, p. 772.

year.—Y. 145,

Susquehanna & Western RR.—Earnings—

Net from railway
Net after rents

Ry.—Earnings—

railway

Net from railway
Net after rents-';

New

Note—No provision has been made for the Federal surtax on undistributed
income for the year 1937, since any liability for such tax cannot be

determined until the end of the

Corp.—To Pay $1 Common Dividend—

Nevada Northern

1937—12 Mos.—1936
$1,155,353
$1,203,484
271,835
327,079
124,561
173,113

net

New York Transit

The

July—

Co.—Earnings—

1937—Month—1936
$93,710
$98,421
19,398
24,114

Net after rents

Total

directors have declared a dividend of
$1 per share on the common
stock, payable Oct. 1 to holders of record Sept. 15.
A similar amount was
paid on July 31, last, this latter being the first
payment made on the
common stock since 1931.—V.
145, p. 1429.

Gross from

1937

constituent cos

$75 584,513

After

a

3,561,598
a28,552,721
158,856
21,482

Total

Accrued taxes, wages,

3,385,299

New York & Richmond Gas
Period End. July 31—

Operating revenues
Gross inc. after deprec..
Net income.

Notes payable—Banks
Accounts payable.

$8,439,671
2,468,428

Listed securities, cost

Notes receivable—Customers.

Sept. 4,

stock, and said 37.1% of the outstanding Steam preferred stocks have been
deposited thus far under the exchange offer.—V. 145, p. 1268.

deposits of Steam securities for Edison preferred

Operating revenues— $3,459,085
Operating expenses
2,283,650
Net oper. revenues

Operating taxes
Net oper. income
—V. 145, p. 950.

$3,271,609 $24,288,074 $22,435,926
2,059,600
15,027,572
13,615,237

$1,175,435
466,565

$1,212,009
452,544

$9,260,502
3,395,837

$8,820,689
3,160,352

$708,870

$759,465

$5,864,665

$5,660,337

Volume

Ohio Central

1595

Financial Chronicle

145

charges

Telephone Corp.—Earnings—
$446,487

$228,212

Operating revenues
Oper. exps., maint., taxes (except Federal income
taxes) and deprec. expense

144,264

$155,712

79

79

$84,027

$155,791

46,368
2,027

94,047
2,146

$35,632

Other deductions.

Balance

Pacific Indemnity Co.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share*in
addition to a quarterly dividend of 40 cents per share on the common stock,

$59,597
xl 6,200

Non-operating income
Gross income..
Bond interest

made in

290,775

$83,949

Net income from operations.

from
straight
25-cent
monthly to 15-cent monthly for 18
Further cut of $250,000 in Oregon, Washington and Nevada was
September, 1936, and cut of $550,000 annually was made in lone
line rates last December.—V. 145, p. 1110.
months.

12 Months

6 Months

Period Ended June 30—

8,100

Preferred dividends paid or accrued.

$10, both payable Oct. 1 to holders of record Sept. 15.
Similar pay¬
July 1 and on April 1, last.
An extra dividend of 20
in addition to a quarterly dividend of 30 cents per share was paid
Jan. 2, last.—V. 144, p. 3685.

par

ments were made on
cents
on

Paraffine

Cos., Inc.—Earnings—

[Including Domestic Subsidiary Companies]
Years Ended June 30—

Balance

$43,398

$27,532

This dividend has been calculated at 3%.
The rate increases to*4%
Oct. 1,1937,
Note—The above is a statement of income and expense from the books

f

x

depreciation expense and preferred
dividend accruals on basis of reorganization having been effective for entire
period.—Y. 144, p. 4017.
company,

1937
1936
$12,873,469 $10,736,702

1935

1934

$8,499,555

$7,666,666

7,318,882
See y

5,475,938
311,288

4,464,524
310,379

$3,417,820

$2,712,329

$2,891,764

ex¬

9,075,125

Provision for deprec

See

y

adjusted to reflect

Profit from operations
share
of

Ohio Finance

Co.—Registers with SEC—

has filed with the Securities & Exchange Commission a
registration statement covering 28,086 common shares (no par).
After
expiration of an offer to present shareholders to purchase additional shares,
the unsubscribed remainder of the registered shares will be offered at a price
to be supplied
by amendment by an underwriting group under the manage¬
ment of Mitchell, Herrick & Co. and McDonald-Coolidge & Co., and in¬
cluding Riter & Co., Whitaker & Co., Stevenson, Vercoe, Fuller & Lorenz,
and the First Cleveland Corporation.
Net proceeds of the financing are to be used in making of loans and pur¬

receivable in¬
creased from $5,079,557 on June 30, 1930 to $9,583,071 on June 30, 1937,
represented by approximately 86,000 receivables with an average balance
due of $111.
Net profits have been earned in each year since the company was formed
in 1929.
After provision for all Federal taxes, including undistributed prof,
was $154,606 in 1934, $338,259 in 1935, $453,318 in
1936
$303,087 for the first half of 1937.
Funded debt consists of $1,273,000
outstanding 15 year 6H% debentures and $1,471,000 outstanding 15 year
5% convertible debenturas.
Capital structure is 60,000 authorized ($100
par) 6% preferred stock with 25,305 shares outstanding, and 300,000 com¬
mon shares
(no par) authorized and 140,431 shares outstanding.—V. 145,
P. 616.

profits of

cos. over

50% owned (not
solidated)

company

chase of receivables and for other corporate purposes.
Total outstanding gross installment notes and accounts

$3,798,344

Proportionate
net

The

sold,

cluding depreciation..

.

.

of the

Net sales...
Cost of goods

con¬

1,583,000

1,273,342

916,806

1,254,835

$5,381,344

$4,691,162

$3,629,135

$4,146,599

2,543,243

2,431,432

2,028,098
20,809

1.859,233
9,615

9,690
39,765

Total

14,607
52,441

62,853

103,444

9T,033~

36,148
151,427

Selling, general and ad¬
ministrative expenses.
Patent & trade mark exp.
Patent

and

trademark

amortization

Sundry
Int.,

expenses

funded

count

Loss

and

and

dis¬

18,868

expenses

capital

on

sold

debt

assets

Prov.for Fed. income tax
Surtax

14,689
154,524

60,128

scrapped

212,763

undistributed

on

profits

64,444

tax. net income

$2,500,766
107,628

$2,071,649
102,025

$1,376,886
108,859

$1,919,682
109,020

Total income
Divs. paid on pref. stock
of The Cott-a-lap Co.

$2,608,394

$2,173,674

$1,485,745

$2,028,701

Consol. profit for year
Charges to earned surp.
Dividends paid

$2,608,394
52,649
a 1,880,254

$675,491

Net income

and

All of the outstanding 1st mtge. and refunding 7H %
Oct. 1. 1946; 1st mtge. and refunding 5% gold

gold bonds—series A.

due

bonds, series D. due
1954, and 1st mtge. and refunding 5}4% gold bonds—series E,
due Nov. 1, 1961, have been called for redemption Oct. 1, next.
On said date there will become and be due upon each of said series A
bonds the principal thereof with 9% premium thereon and the accrued
interest to redemption date; there will become and be due upon each of
said series D bonds the principal thereof with 3% premium thereon and
the accrued unterest to redemption date, and there will become and be
due upon each of said series E bonds the principal thereof with 4H%
as

the payment of such principal premium and accrued interest.

Trustee
The

10,581

$2,173,674
253,021
952,018

$1,476,027
185,658
952,015

$2,018,120
162,948
714,010

7,910,021

$968,635
6,766,899
174,487

$338,355
6,428.544

$1,141,162
5,287.382

i,585,514

$7,910,021

$6,766,899

$6,428,544

$7,333,281

$6,166,795

$5,572,967

_

1,

Eremium depositedand the accrued interest to redemption sufficient for
been thereon
There
with Bankers Trust Co., trustee a sum date.
for New Bonds—

Net addition to

Earned surplus, bal¬

x

ance at

x

$28,900,000 principal amount of first
Aug. 1, 1962.—Y. 145, p. 1430.

share of
undistributed profits

mortgage

bonds

4%

Wholly owned domes¬
(consol.)
(over 50%

86,047

195,002

260,466

192,250

owned--con trolled).

21,386

300

22,427

2,542

317,211

660,785

tic

July—

1936

1935

$42,372
13,883
9,206

railway

cos.

Foreign

1937

Gross from

sur-

since acquisition of:

Oklahoma City-Ada-Atoka Ry.—Earnings—

Net from railway
Net after rents

end of year.

The above earned

Proportionate

of

series, due

surplus

for year

Previous surplus
Miscell. adjust. (Cr.)

Guaranty Trust Co. of New York has been appointed trustee for

issue

an

9,718

TheParaffine^osS,einc^'$7,542,689

Ohio Public Service Co.—Bonds Called,—

Sept.

Other income

$49,570
25,951
15.774

$36,499
12,614
2,968

1934

cos.

Fibreboard

$25,645
5,102
def4,972

Inc.
not

Products,
(50% vot. int.,
controlled)

935,391

381,438

$8,585,514

$7,910,021

From Jan. 1—

Gross from

302,801

railway

Net from railway

.

Net after rents.

322,193

258,321

106,929
44,646

165,569
108,543

98 007

200,530
68,970

35,418

347

—V. 145, p. 774.

Oklahoma Natural Gas Co.
Operating

Gross income after depreciation
Net income

1936

$8,032,498
2,949,010
1,393,540

.

$7,469,748
2.547,674

1937

Colony RR.—Abandonment—

Dominion

Power

Co.—Alteration

of

Rights

of

Preferred Stockholders Permitted—

hand

510,327

Accts.

Trade, less res.. 2,829,021
For'n sub. cos..
9,139
Instalm't notes rec.
161,562

2,149,719

Duvs.

57,919
4,331,131
41,552
9,376,755

45,272
3,481,060
57,674

Notes

8,746,806

Deferred credits..

5,623,816

5,031,784 Reserves:

Notes &accts.rec.:

Inventories

...

Employees'

accts.

Investments
a

Fixed assets

Prov.for Fed. taxes

180,730

59,274

pay. to bk.
(non-current)

300,000

_.

14" 880

1

For

43,666

stockholders

Aug. 28 approved a declara¬
by the company regarding the alteration of holders' rights of 6,735
shares of its $7 cumulative preferred stock (no par).
The declarant is a public utility company organized and
operating in
the State of Virginia.
Its is a subsidiary of Kentucky Utilities Co., which
in turn, is a subsidiary of the Middle West Corp., a
registered holding com¬

pref.

for

stock
to
1936

218,800

June 30,

4% cum.con v. pref.
stock (par §100) 2,380,400
b Common stock.10,666,170 10,666,170

pany.

8,585,514*7,910,021

Earned surplus

As of June 30, 1937, company had outstanding in the hands
of the
public $2,911,900 first mortgage bonds.
It also had outstanding 6 735
shares of $7 cumulative preferred stock and 13,000 shares
(no par) common
stock.
All of the preferred and common stocks are owned
by Kentucky
Utilities Co.
As of June 30, 1937, there were accrued and
unpaid accumu¬

lated preferred dividends in the aggregate amount of
$181,845, or $27

per

share.
It is proposed that this arrearage of preferred dividends shall be
eliminated

by amending company's articles of association,

amended, so as to provide
for the waiver and cancellation of all accumulated but
unpaid or undeclared
preferred dividends accrued prior to July 1, 1937, and to provide that on
and after July 1, 1937 dividends shall commence to accrue at the
rate of
$7 per annum.
Such amendment has been proposed by the directors and
according to the declaration, has already been agreed to by
Kentucky
Utilities Co., the owner of all of the preferred and common
stock.
The
amendment, however, is to be submitted to a vote of all company's share¬
holders, both preferred and common, at a meeting of such
stockholders
called for that purpose.
The outstanding .certificates representing the
6,735 shares of preferred stock will be stamped with an appropriate
the effect
on

that

cumulative dividends

and after July

legend

on

1, 1937.—V. 145,

Outboard Marine & Mfg.

as

said
p.

shares

will

commence

Pacific

23,029,103

Total
a

After

20,426,253'

of

$4,164,577

depreciation

p.

1269.

Park Lexington

Co., Inc.—Listing Approved—

Exchange has approved the original listing applica¬
to list $4,768,500 principal amount first mortgage
leasehold sinking fund bonds, due July 1, 1964.—-V. 145, p. 1110.
The New York Curb

of the company,

tion

Peck, Stow & Wilcox Co.—Earnings—
Earnings for Year Ended June 30, 1937
Net profit

$293,084
68,047

...

Depreciation
Taxes

-

Profit

87,181

-

$137,856
80,000

-

Dividend (paid June 15, 1937)----.

—

i

$57,856

charge
esti¬

Liabilities—

Assets

&

notes rec.,

$100,489

Notes pay. for borrowed funds

$65,000

Accts. pay. for curr. purchases
Accrued wages & other accts.

153,697

206,825

Cash on hand & In banks
Accts.
for

companies

less res.

possible losses

Inv. of raw materials, supplies,

goods in process & fin. goods
Land, bldgs. & equipment

Prepaid int., insur,,&c

not due

710,003
x702,2 70
6,989

mated to result in annual reduction of $275,000 in
operating revenues
Reduction will cut extra charge for hand sets from 15 cents

Accrued taxes (not yet due)

Capital stock
Capital surplus
Earned surplus

47,903
70,802

1,000,000
429,614
59,559

monthly for

billing dates after Oct. 1.
Rate reduction by Pacific Telephone brings total reductions since
June,
1936, to about $4,250,000.
Rate cuts in June, 1936, amounted
to
$3,100,000 affecting monthly service charges and reduction of hand set




and $3,898,106.ajinJ1936.
144, p. 3514.

Balance Sheet June 30, 1937

Telephone & Telegraph Co .—Hand Set Charge—

New rate will be effective with

1937

in

Added to surplus

The California Railroad Commission announced reduction in extra
for hand-set telephones of this company and associated

18 months to 10 cents monthly for 12 months.

23,029,103 20,426,253

b Represented by 476,062 no par shares.—V.

Co—Larger Dividend—

10, 1936 —V. 145,

Total..

to

1431.

The directors have declared a dividend of $1 per share on the
common
stock, payable Sept. 25 to holders of record Sept. 14.
This compares with
75 cents paid on Aug. 10, last; 45 cents paid on May 10, last, and an
initial

dividend of 30 cents paid on Feb.

104,444

Cash subs.rec'dfr.

133,924

165,407

charges

42,329

140,683

prod. guar,

and conting..

Prepaid & deferred

17,278

compensat'n

insurance

64,445

1

63,867

—

taxes.

For

amortiz'n..

173,195

Provision for other

Pats. &trademks.,

Goodwill

pref. stk.

on

744,015

885,118
23,804
225,000

liabilities

accrd.

24,507

The Securities and Exchange Commission on

to

bks.
payable and

372,925

on

tion

accrue

250,000

Notes pay. to

Cash in banks and

less

Old

$

$

Liabilities—

Sundry accts. rec.

The Interstate Commerce Commission on Aug. 13 issued a
certificate
permitting abandonment by the trustees of a line of railroad of the old
Colony extending from a point of switch with the Boston & Maine RR. at
Sterling Junction to a point about 1,600 feet south of the Sterling station
approximately 2.09 miles ail in Worcester County, Mass.—V. 145, p. 1269.

1936

1937

1936

Assets—

862,951

Note—No provision has been made for a Federal tax on undistributed
profits for the fiscal year beginning Dec. 1, 1936, since the amount of such
tax, if any, cannot be determined until the close of the year.—V. 145, p. 950.

Old

Domestic Sub. Companies)

Consolidated Balance Sheet June 30 (Imcl.

1937

revenues.

y Provision for depreciation charged to
amounted to $311,839 in 1937 and $306,245 in 1936.
z $95,216 paid on
preferred stock and $1,785,038 paid on common stock.

(& Sub.)—Earnings—

12 Months Ended July 31—

$6,428,544
profit and loss during th elfyear
$6,766,899

Total
x

$1,726,575

Total

After depreciation of $1,149,328. -V.

Penn Rivet

144, p. 4018.

Corp.—Registers with SEC-

See list given on first page of this department.

.$1,726,575

Financial

1596
Penn Valley Crude Oil

Chronicle
Phillips Packing Co.,

Corp.—Earnings—
—

$301,923
103,428

—

Expenses
Amortization, depletion, depreciation and reserves
_

95,850

Other

$102,644

profit from oil operations
revenue

4,783

*

Liabilities—
-

$226,313
1,900
3,301
627,976

-

Marketable securities

a

—

Accounts receivable

Inventory

—

4,095,909
287,368

;—

Other assets

Net income

$107,427
69,912

_

Income charges and tax reserve...
Net income

$37,515
81,191

Dividends paid..
Balance Sheet June 30, 1937

Securities

50.000

inter-company liabilities

701
189,050

Sinking fund

41,473

Long-term obligations...

76,395

2,303
2,353
1,133,904
1,000
563
35,221

Deferred income

x309,977

Class A stock

Oil reserves

547,756

Class B stock

Intangible developments
Deferred charges

y70,447
23,691

Capital surplus

Fixed assets

After

x

Earned surplus

$1,266.8181

Total

$1,266,818

Total..

depreciation reserve of $41,621.
144, p. 1448.

y

After amortization

reserve

of $17,612.—V.

Pennsylvania
of Stock—
The

Finance

Inc.—SEC

Co.,

Enjoins

Sale

as to each of these securities under the Securities Act of 1933
and from further sales of these securities, without disclosing to purchasers

statement

that

dividends on the preferred stock were disbursed from unrealized
appreciation of assets and not from realized earnings, and without dis¬
closing further that Mr. Levitt as underwriter received a bonus or concession
of over $100,000 from Mr. Sussman, the company's President and con¬
trolling stockholder, in addition to his regular profit in the transaction,
and Mr. Victor, Mr. Levitt's general sales manager, received a finder's fee
of 17,500 shares of common stock free from Mr. Sussman.
The bill of complaint upon which the decree was based was filed Aug. 26
in the U. S. District Court for the Eastern District of Pennsylvania, together

stipulations of fact in which the defendants admitted all of the facts

alleged in the bill and consented to the immediate entry of a permanent
injunction.
The Pennsylvania Securities Commission cooperated with the Securities
and Exchange Commission in conducting this investigation.

Pennsylvania Power Co.—Earnings—
Period End. July SI—
Gross revenue
x

Oper. exps. & taxes.__

Prov. for retire,

reserve.

1937—Month—1936
$356,312
$315,309
262,614
236,233
27,000
18,300

Gross income

pref. stock

Balance
x

No

$60,776
29,539

$926,129
326,869

$782,270
357,799

$38,560
17,292

Net income
on

$31,237
14,542

$599,260
182,758

$424,471
174,508

$21,268

provision

1937—12 Mos.—1936
$4,276,983
$3,694,419
3,091,353
2,692,549
259,500
219,600

$66,697
28,137

Int. & other fixed chgs..

Divs.

made in

was

$16,695

$416,502

1936 for Federal surtax

on

profits

as all taxable income for that year was distributed.
been made for such tax in 1937.—V. 144, p. 4357.

$249,963

undistributed

No provision has

1937

Net after rents

1936

1935

$905,959
352,875
70,236

$795,293
252,699
6,387

3,630,478
181,405
_.def1072,890

3,446,289
268,200

3,175,502
def89,570

...

$807,465
228,163
def45,342

...

Net after rents

3,241,981
23,603
def938,375def1,156.001 defl.242,899

—V. 145, p. 775.

Period End. July 31—
income after int.,

1937—Month—1936

1937—7 Mos.-

-1936

Net

amort.,
deprec.
and
taxes, incl. surtax on
undistributed profits.
p.

$7,544,997

Note—The income account for six months ended June 30
"Chronicle" of Aug. 28, page 1433.

was

$34,522

loss$66,413

$1,970,451

$1,045,991

952.

Pet Milk Co.

given in

Phillips Petroleum Co .—To Offer Rights—
The
with

have authorized the filing of a registration statement
Securities and Exchange Commission under the Securities Act
amended, to enable the company to offer to its stockholders,

directors

the

of 1933,

as

pro rata, 444,905 shares of its common stock, at the ratio of one share for
each 10 shares held.
According to present plans, it is expected that the
registration statement will become effective, and the offering of the ad¬
ditional shares will be made during the latter part of September.
As soon
as
the registration statement becomes effective, arrangements will be
made to list the new stock and the subscription rights on the New York
and San Francisco Stock Exchanges.
Thereafter stockholders may either

exercise or sell their rights.

the fourth quarter dividends are declared.
Proceeds from the sale of this stock would

be used

to

reduce

(& Subs.)—Earnings—

3 Months Ended June 30—

1937

Sales.net
Cost of gods sold
Sell., gen. & adminis. expenses
Deprec. of plant & e quipment

1936

$7,463,459
6,011,007
940,167

,

$6,951,638
5,335,149
729,502
192,406

165,704

current

liquidation, reimburse the treasury for a part of the
capital expenditures made during the first six months of this year and
provide additional working capital.
A portion of such funds would be
reserved to retire a part of the company's funded indebtedness when
maturities occur and to anticipate such maturities when deemed to be to the
company's best interest.
Frank Phillips, President, and K. S. Adams, Treasurer in a letter dated
Sept. 1 state:
The company, during the past two years, has taken advantage of the
many excellent opportunities to further increase reserves.
During this
period there were large increases in the volume of sales which called for
continued expansion and improvement of plants and operating facilities.
Pursuant to a long established policy of development most of our improve¬
ments and additions to capital assets have been made from current income.
Continuance of this sound policy has been greatly retarded by the Federal
law levying progressive surtaxes on undistributed profits.
To escape the
burden of this tax greater dividends must be paid leaying xess to be allocated
to the acquisition of capital assets.
Under this law a company is seriously
handicapped in the retirement of its indebtedness from current income,
and, without the payment of excessive taxes, current income cannot be
accumulated to insure liquidity and financial reserves for the expansion of
plants and property in times of depression.
liabilities capable of

Registers with SEC—
The company on Sept. 2 filed with the SEC a registration statement
(No. 2-3391, Form A-2) under the Securities Act of 1933 covering 444,905
shares of no-par-value common capital stock.
The company will offer the
stock to its stockholders in the ratio of one share for each 10 shares held.
Transferable warrants and fractional warrants evidencing subscription
rights and exercisable only in amounts calling for full shares will be issued
to stockholders.

According to the registration statement, no definite allocation has been
of the proceeds, but it is the present intention of the company to
approximately $3,500,000 for the payment of current liabilities and
to set aside $3,000,000 to anticipate the payment of the next maturity of
the outstanding joint serial notes due Dec. 1, 1940, issued by Phillips
Petroleum Co. and Phillips Pipe Line Co., a subsidiary.
The balance
of the proceeds will be used to reimburse the company for capital expendi¬
use

The company states that the names of the underwriters are to be fur¬
nished by amendment to the registration statement, but it does not indicate
what portion, if any, of the share are to be underwritten nor whether any
of the shares are to be offered other than to stockholders.

be made,
of the

the price at which the stock is to be offered, and the expiration date
warrants are also to be furnished by amendment.—V. 145, p. 1271.

Phoenix Silk Mfg.

Peoples Gas Light & Coke Corp.—Earnings—

145,

Total..

doubtful and discounts of $16,800.
b After al¬
c Represented by 475,000 no par

The record date of the stockholders to which the offering is to

From Jan. 1—

Gross from railway.
Net from railway

—V.

$7,544,9971
allowance for

tures and for other corporate purposes.

1934

$959,001
371,802
68,141

...

_

Surplus

made

Pennsylvania Reading Seashore Lines—Earnings—
July—
Gross from railway.
Net from railway

151,497

960,000
1,930,100
2,833,152

Common stock

All the new stock to be offered would be issued and outstanding when

Securities and

Exchange Commission announced it had secured a
final decree of injunction Aug. 26 in Philadelphia against Pennsylvania
Finance Co., Inc., Howard J. Levitt, "William H. Victor and Samuel Sussman enjoining them from further sales of class A 8% preferred stock and
common stock issued by the company, until there is an effective registration

with

c

16,887

Total

After

670,248

5% % cum. pref .stk.($100 par)

plant & equipment 2,285,342

Deferred charges

a

$1,000,000

shares.

Current liabilities

$48,802

b Property,

Notes payable
Accounts payable
Accounts accounts

lowance for depreciation of $1,296,436.

Liabilities—

Assets—
Current assets

Deferred assets

Inc.- -Consolidated Balance Sheet

Assets—

Cash

Notes receivable

Net

1937

June 30—

Earnings For Fiscal Year Ended June 30,1937
Revenue oil sales..

Sept. 4,

1935
$4,923,008
3,851,266
716,543
168,542

Co., Inc.—Plan to Creditors—

Federal Judge Robert P. Patterson on Aug. 27 directed that a proposed
reorganization plan for the company, calling for a loan of $185,000 from the
Reconstruction Finance Corporation, and the issuance of new capital stock,
be submitted to creditors.
The court also ordered that a hearing on the
plan be conducted on Oct. 4.
Evan W, Walters, trustee in the reorganization proceedings, said the
plan already had the approval of all noteholders and 56% of the holders of
outstanding bonds. If the plan is confirmed and the loan obtained, he added,
the company will begin the operation of 350 looms in its plant in Allentown,
Pa.—V. 139, p. 2059.

Pierce-Arrow

Motor

Corp.—Stockholders

pansion Plan—
The

Approve

Ex¬

(

program to manufacture a medium-priced automobile
direction of "a person of national importance" moved a step
completion Sept. 2, when stockholders voted full approval at the
annual meeting of the plan submitted by the directors on Aug. 12 for the
sale of approximately 1,300,000 shares of stock in a new corporation and
the trans:
ifer of outstanding stock, on a specified basis, for shares in the

company's

under the

Profit

$346,581
3,987

$694,580

$350,568

$692,891
51,180

$188,509

y72,211

xiiiasi

18,723

777

633

337

$255,515
2,726,009

$529,899
2,545,156

$169,448
2,445,310

$2,981,524

$3,075,054
175,305

$2,614,759

Other income
Total profit

Reduction in value of capital assets..
Interest paid

Drl,689

$186,656
1,853

new company.

22,064

Prov. for Fed. income taxes
subs.

Net earns, for the 3 mos. ended
June 30—
Earned surplus as at March 31___:
-

surplus.
Prem. paid on pref. stock retired
Preferred dividends

110,338

11,351
110,339

21", 852
110,338

$2,871,185

$2,778,059

$2,482,568

$0.57

$1.17

$0.33

Common dividends.:

Earned surplus June 30, 1935-.-..
Earns, per sh. on 441,354 shs. (no par)
common

stock..

Includes undistributed profits taxes,

x

y

Before surtax

on

undistributed

profits.
Consolidated Baiance Sheet June 30
1937

x

1936

$

Assess—

$

Real est., bldgs..

6,861,192

6,062,916
945,447

Goodwill.
Cash

1,074,902

1,592,103

Accts. & notes rec.

1,542,760

Due fr. empl., &c.

16,380
5,347,072

1,711,246
12,546

Inventories

2,550,959

29.420

17,189

receivable

81,635

61,651

Mlscel. accts. rec.

$

in

subsidiaries..

4,005
Accounts payable. 1,681,004
Notes payable
2,700,000
Accrued salaries
wages

1936

$

7,798,534

&

Acer, taxes &c

92,185

66,152

56,277

....

(non-current)

"The next schedule calls for 1,200 high-priced cars, 35,000 mediumcars, and 4,800 trailers, with estimated net earnings of $3,100,000,
while the third schedule calls for 2,400 high-priced cars, 45,000 medium-

priced
2,987
1,337,749
1,000,000

56,556

Notes pay. to bks.

Long-term notes &
accts.

1937
Liabilities—

Common stock. 7,798,534
Minority
interest
y

914,047

mach'y & equip.

Interest at the meeting was directed not only to plans of the company to
the medium-price automobile field, with volume production con¬
templated, but even more pointedly toward the identity of the individual
who will direct the new company.
A. J. Chanter, President of the cor¬
poration, was questioned during the meeting about the report that Post¬
master General James A. Farley will become the chief executive of PierceArrow.
He declined to amplify his recent statement that it contemplated
"a person of national importance will be invited to become the executive
head of the new corporation
Mr. Chanter issued a statement referring to the plan for reorganizing and
refinancing Pierce-Arrow by sale of the 1,300,000 shares to underwriters,
which will give the company approximately $10,700,000 cash for the
development of the new manufacturing program
"In connection with our studies," he said, "we have worked out various
schedules of production and have estimated, with the utmpst care, what we
believe the company could make, in the event these schedules are realized.
The first schedule covers 1,200 of our present line of high-priced cars, 25,000
of the medium-priced cars, and 4,800 trailers.
We have estimated that on
this production we could earn approximately $1,800,000 before Federal
enter

Prop, of profits applic. to min. int. in

Total

nearer to

priced

cars,

$5,750,000.

and 10,000 trailers, with estimated net earnings of around
It is, of course, impossible to foresee the future course of

business, but the management is convinced that the first schedule which
includes 25,000 of

medium-priced

cars,

is a conservative one, and, under

favorable conditions, expects to be able substantially to exceed this minimum
program."

Invests. & advs...

541,463
35,321

549,017
33,546

Sundry acc'ts

Miscell. invests.._

Fed. tax reserve..

800,000
55,115
178,320

78,398
zl80,243

Deferred charges..

178,093

141,908

Insurance reserve.

235,658

229,850

corporation as follows:
One share of the new stock with respect to each two shares of the 50,000

150,000

150,000

2,871,185

2,778,059

....16,622,285

13,678,529

outstanding shares of preferred stock of the present corporation.
One share of the new stock with respect to each five shares of the 118,894
outstanding shares of common stock of the present corporation.
One share plus a like warrant for the purchase of an additional 7-100th
share of the new stock with respect to each $8.65 of mortgage indebtedness
of the present corporation now outstanding in the principal amount of
$1,250,000 with nterest. at 5% pe annum from Dec 1,1936.

Reserve

for

tingencies,
Surplus.
Total
x

y

After

16,622,285 13,678,529

depreciation

Represented 441,354

—V.

145. P. 1432.




of

Total

_.

pay.

The plan as approved provides that

con¬

&c__

$6,053,175 in 1937 and $5,811,421 in 1936.
shares, z Includes undistributed profits taxes.

no par

in the new

of the

simultaneously with the sale of stock

corporation to underwriters, the new corporation is to acquire all
of the present corporation by issuing stock to the present

assets

Volume

Financial

145

P 5,000 shares of the

stock for the purpose of enabling the present
corporation to deliver the same to the proposed new chief executive officer
of the new corporation in the event that the present corporation is able to

for his services in such capacity.
The acquisition of assets by the new corporatoon is to be free and clear
of the lien of the mortgage indebtedness, but is to be subject to the other
liabilities of the present corporation.
Pursuant to agreement to be made
between the present corporation and the mortgage creditors, the mortgage
arrange

indebtedness

is

be

to

discharged

poration of shares and
for the mortgage notes.

warrants

delivery by the present cor¬
creditors in exchange

through
to

the

mortgage

_,.

Mr. Chanter emphasized at the meeting the opportunity of
Arrow Co., pointing out that he had already received a number

the Pierceof requests
asking the privilege of placing the first order for the medium-priced car.
The company's program is based on the belief that there will be a sub¬
stantial market for

an

automobile of this type,

£e ^,ote

none against.
meeting of the stockholders of Public Service Electric & Gas Co.
were adopted agreeing to the merging of
the aforesaid
companies.
Completion of the plan is subject to the approval of the New Jersey Pubhe Utilities Commission and the Federal Power Commission.—V.
145,

953.

P.

12 Months Ended July 31—

Operating
y

dividend of $1 per share on the common

$25, payable Oct. 1 to holders of record Sept. 10.
This com¬
$2 paid on Aug. 20, last; $1.50 paid on July 1, last; $1 on April 1,
Dec. 21, 1936; $1.50 paid on Oct. 1, 1936; 50 cents paid in each
of the six preceding quarters, and dividends of 40 cents per share distributed
quarterly prior thereto. In addition, an extra divi4ena of $1 per share was
paid on April 1, 1936, and on Aug. 15, 1935, and an extra dividend of
on

1934.—V. 145, p. 776.

10 cents per share was disbursed on April 2,

Net after rents

2,498

From Jan. 1—
Gross from railway

367,244
def9,542

Net from railway
Net after rents
—V.

16,387

$35,460
def4,434
def2,804

$29,054
def7,671
def2,827

$40,248
4,927
11,205

300.851
def24,4l7
defl6,604

396,209
37,841
53,381

395,870
55,571
87,248

145, p.776.

1937
$350,760
69,238

railway
Net from railway.

73,797

Net after rents...

1—

From Jan.

111,106
113,345

Gross from railway

2,547,320
678,771
754,292

Net from railway

34,688

1,643,673
488,871

1,659,714
487,833

516,544

2,155,620
726,763
776,518

535,235

776.

Consolidated Income Account for 4 Months Ended April 30,

Total income....
on

$7,002,568
121,669

bank loans, &c

Interest and discount

81,374

on

dividend of three cents per share on the
stock, both payable Oct. 15 to holders of record Sept. 15.
Similar

15, April 15, and Jan. 15 last, on Oct. 15,
July 15, April 15, and Jan. 15, 1936, and on Oct. 15,1935.—V. 144, p. 3515.

Net income carried to earned surplus

Apr. 30, *37
Assets—

95,717 629

1937

1936

1935

b Notes & accts.
8

628,742

8,004,279

19,235,219

16,120,947

3,780,689

3,147,002

$681,952
51,406

5,129

8,888
2,176

$735,248
162,807
8,120

$738,487
137,267
2,277

$1,018,547
163,190
6,326

30,000

Total profit
on bank loans

Interest

__

Miscellaneous interest-_

1,889,308

692,310
1,000,000
192,313

663,696
1,000,000
363,067
65,600
37,582

663,696
1,000,000
344,845
48,390
81,618

663,696
1,000,000
221,699
53,799
403,486

$293,913

$1,595,625

$1,628,744

Consolidated Balance Sheet March 31
1937

1937

1936

5

S

Liabilities—

82,136

72,352

Accts. <fc billsrec._

1,713,915

1,424,807

Inventories

5,473,469

4,331,471

Investments

3,997,510

2,803.698

Sundry

1,245,000

investm'ts

10,528

13~9U
273,094

Balances duo;

Que.

In v.

b2l

1,2 73,500

Newsprint InsA-|
tute of

in

536,136

debt

Prov.

for

75,404

46,411,944 50,225,250

of

reserve

for

doubtful receivables,

59,321,287 61,029,626

of equipment
to time.

Bond

not to be sold immediately to the Hydro will be sold from

Proceeds of this sale will

be used to meet the expenses of the winding

of the company and its subsidiaries and also for a pro rata distribution
bondholders according to the amount owing in respect to interest
and principal.—V. 135, p. 297.

up

among

Radiomarine Corp. of
Period End. July 31—•

America—Earnings—

1937—Month--1936

2,867,167
on

pay.

purchased
to
bank-

prop,

$721,611

67,405

506,354

457,234

$61,705

$20,361

$215,257
1,750
44,689

$125,807
1,750
25,721

oper. revs—

250

250

assignable to oper.

11.678

5,046

$49,777

$15,065
148

$168,818
3,273

$98,336

900

$50,678

$15,213

$172,092

$99,021

Operating income
Non-operating income.

1

ruptcy

50,000

—V. 145, p.

685

953.

19,268,300 13,827.000

(par $100)
6K%

_

Gross income

6,284,300

(par $100)

Railway Express Agency, Inc.-—Earnings—

......

Period End. June 30—

cumul. red.
fund pref.

6,284,300

Total

59,321,2^7 61,029,626

extra dividend of

10 cents per share in

the regular quarterly dividend of 15 cents per share on the
no par value, both payable Sept.
1 to holders of record
Extra dividends of 5 cents were paid on June 1 and on March 1,

to

stock,

& income.$14,178,319

$81,699,827 $75,783,833
44,515,934
48,885,686
1,148,503
195,369
x455,990

Total

revs.

Operating expenses
Express taxes
Other deductions

232,707

xCrl ,905,353
133,533
8,602

132,742
988

was

1,322,660

800,361
62,485

807,645
13,509

$5,469,955 x$31,495,305 $29,298,242

z

Rail transport'n rev.x$7,747,568

Includes effect of total credit in June,

1937, of $2,377,936 to account

317, express taxes, resulting from reversal of Federal excise tax (railroad
retirement) accruals previously charged to that account; $2,153,570, of
which applies to period March to December, 1936, inclusive, at 3H %. and
$224,366 applies to adjustment of accruals for period January to May,
1937, inclusive, downward from 3H to 2%%.
y

1936, at which latter time the regular quarterly dividend
10 cents to 15 cents per share.—V. 144, p. 3689.
,

1,381,846

$13,384,151
7,585,097
8,193,969

Int. & disct. on fd. debt.

last.
A special dividend of 15 cents was paid on Dec. 23, 1936; an extra of 15
cents on Nov. 2, 1936, and an extra dividend of 5 cents was paid on Aug. 1,

1937—6 Mos.—yl936

$13,151,444 $80,317,981 $74,461,173

c21,472,280 42,683,200

7,628,567df8,811,075

1937—Month—yl936

Charges for transporft'n$13,932,420
Other revenue & income
245,899

stook(par

Progress Laundry Co.—Extra Dividend—
an

$583,041

$87,766

x

The directors have declared

1937—7 Mos.—1936

$142,776
81,071

Tel. & cable oper. revs..

Uncollect,

for

1936 figures restated for comparative purposes—including elimination of
(railroad retirement) accruals,
z Payments to rail and
privileges.—V. 145, p. 953.

Federal excise tax

other carriers express

raised from

Railway &. Light Securities Co.—Earnings—

,

Propper McCallum Hosiery Co.—To End Receivership—
Judge Sweeney in Federal Court in Boston has set Sept. 24 as the date
when the company will be out of receivership under Sec. 77-B.—V. 145
p. 129.




on

bonds has not been paid since July 1, 1930.
J. G. G. Kerry,
sell to the Hydro-Electric Power
& Trent Valley lands, buildings,
machinery, &c., for the sum of $325,000.
Other assets of the company
which include 3,201 shares of Toronto Paperboard Co. and a small amount

by 536,807 no par shares.—V. 144, p. 4196.

Au,g. 20.

Vote

Sept. 10, at which they will be asked to appiove a compromise arrange¬
for the settlement of bond interest and principal.
Interest on the

Taxes

depreciation and depletion of $19,097,285 in 1937
and $17,883,600 in 1936.
b After reserves of $1,809,635.
c Represented

common

Consists

1st mtge. bonds have been notified of a meeting to be held

Net tel. & cable op .rev

Capital surplus...

addition

c

76,620
d Represented by

8%

expenses

1,000,000

$100)

reserves

b After

shares of5M% preferred, 282,760 shares of 6% preferred, and

of

pay.

penses, &c

Common

After

reserves,

14.310,464

President, states that it is proposed to
Commission of Ontario, all the Quinte

72,561

stock

a

After

Total

incurred prior to

sink,

Total..

162,828,325

162,828,325

company

5H% red. pref.stk.

holders....:
Fixed assets

166,087,632

576,491

Total tel. and cable oper.

Funded debt

of

trustee for bond¬

a

679,033

Acer, int.on fund'd

prior

Canada]

hands

27,074,691

Quinte & Trent Valley Power Co.—To

$

718,279

bankruptcy

\

28,519,191
surplus. 17,229,001
surplus.

preferred stock, all of $100 par value,
3,574,020 no-par shares.—V. 145, p. 1433.

3,450,000

payable

Amount

Co ,1

Ltd

Cash

Acets.

2,877,000

Prov.for accts.pay.

paid charges

a

of237
shares

unpaid organ.ex¬

386,784

Mortgages receiv.
Deferred and pre¬

166,087,632

Total

1936

$

Bank & other loans

hand & in

banks

3,697,968

time

x Before providing for expenses connected with and (or)
incidental to the
company's bankruptcy.

on

1,682~4S9

3,767,926

interests..

Paid-in

$1,493,650

Prov. for power adjust't

Assets—

1,763,418

ment

Prov. for rental adjust't

Net loss for the year

7,739,159

403,750

Min

on

45,743

islation

_

1,996,849

8,566,599

(current)

Dividends pay._

Holders of 6%

Wage adjust, arising out
of minimum wage leg¬

Prov. for depreciation.
Prov. for depletion..—

2,302,290

Accts. payable..

Interest Plan—

possible

Prov. for bond interest.

3,107,393
2,440,921

oblig.

Other accrd. liab

9,012,052
1,771,602

9,689,575

vances,

43,393

$1,805,862
191,446
23,706

curr.)

Accrued interest

&c.._

Deferred charges

$1,007,482

47,024
12,900

2,964,966
1,707,391

(non-

Bankloaas(curr)
Purchase

ad¬

3,000,000

Defd. purch. ob¬

ligation

Matls. & suppls

35,961,700
32,851,200
28,389.000

3,000,000

curr.)

receivable

Investm'ts.

stock_d35,740,200

Long-term debt. 24,161,200
Bank loans (non-

Earned

1934

$675,324

Oper. profit for the year. $1,789,316
Dividends received3,425
revenue..
13,122

Cash

Preferred stock_c35,961,700
Common

19 696,020
9,358.794

Dec. 31, '36

$

Liabilities—

$

Property acct. 98,017,698
Patents,
trade¬
marks, &c... 19,694,280
Cash
,5,152,117
a

Co., Ltd. (& Subs.)—Earnings—

Miscellaneous

x

Apr. 30, *37

Dec. 31, '36

$

Pressed Metals of America, Inc.—Registers with SEC—
given on first page of this department.—V. 144, p. 1798.

Provision
for
bad debts

$3,600,987

Cash dividends paid on preferred stocks.
576,750
x No
provision has been made for surtax on undistributed profits for the

See list

Price Brothers &

430,185
2,554,836
213,515

sinking-fund notes

Provision for deprec. and deple. (incl. lease bonuses paid)-..
Income applicable to minority interests

payments were made on July

Years End. Mar. 31—

>,696,163
306,405

&c_.

Cash discount allowed

&c

Mining Co., Ltd.—Extra Dividend—

have declared an extra dividend of one cent per share in

addition to the regular quarterly
common

27,895,498
xl,276,900

Net oper. income before depreciation, depletion,
Other income

Interest

1937

$35,868,561

Taxes (incl. income taxes)

Crude &ref. oils,

Premier Gold
The directors

of the above 442,443 5%
applied

conversion

Consolidated Balance Sheet

1934
$201,081
34,370
28,288

1935
$210,248
38,186

i

Net after rents
—V. 145, p.

1936
$342,157

upon

period.

Pittsburgh & West Virginia Ry.—Earnings—
July-—
Gross from

or

Gross oper. inc. (after the elimination of interco. sales, &c.)
oper. & gen. exps. (excl. of deprec. and deple.)

1934

1935

1936

1937

$50,738
1,913

1,851,302
1,590,378
After
appropriations
for

y

Costs,

Pittsburgh & Shawmut RR.—Earnings—
July—

net.

Co.—Listing—

shareholders

common

par

Gross from railway
Net from railway

income,

cumulative convertible preferred shares, making the total amount
for 5,972,985 shares.
(See also V. 145, p. 1433.)

pares with

last; $2

non-operating

The New York Stock Exchange has authorized the listing of 442,443 of
5% cumulative convertible preferred shares ($100 par) upon official notice
of issuance, pursuant to the terms of an offering to common shareholders
or
upon sale to underwriters and 1,990,995 additional common shares
(no par) on official notice of issuance, pursuant to the terms of an offering
to

Pittsburgh Plate Glass Co.—$1 Dividend—
stock,

Includes

x

»

1936

1937

.$15,941,069 $14,364,690
7,203,309
6,872,726

revenues

Balance after oper., maint. & taxes
Balance for dividends and surplus

x

Pure Oil

being notified that

of these outstanding bonds have been called
103 on Oct. 1, 1937 through operation of the sinking
drawn bonds will be made at the office of City Bank
trustee.—V. 145, p. 1271.
amount

a

,

..

Puget Sound Power & Light Co.—Earnings—

Pillsbury Flour Mills Co.—Bonds Called—

The directors have declared

The vote in

was 91 >406 shares for the merger and none against.
57,038 shares for and

retirement reserve.—V. 145, p. 1113.

Holders of first mortgage 20-year 6% gold Bonds are

$221,000 principal
for redemption at
fund.
Payment of
Farmers Trust Co.,

&

also held at which resolutions

was

the "Pierce-

the sale of common stock and the
shareholders and holders of mortgage
have approximately 1,500,000 shares
at approximately $15,000,000.—V.

Aug. 30 by the stockholders of the Hudson County
Hudson Gas Co. in accordance with a plan to

on

the Essex & Hudson Gas Co. case was
A special

_

of the refinancing by
issuance of additional stock to present
notes will mean that the company will
outstanding and will be capitalized
145, p. 1112.

held

were

and the Essex

merge those companies into Public Service Electric & Gas Co., which now
operates them under long-term leases.
Under New Jersey law a two-thirds
vote is required for a
merger.
In the case of the Hudson County Gas Co.

name.

Completion

1597

Public Service Electric & Gas Co.— Units Merged—
Meetings
Gas Co.

built by a company ex¬

perienced in the manufacture of quality cars and possessing
Arrow"

Chronicle

new

The company reports that market value of assets available
stock is equal to $28.48 per share on Aug. 31, 1937, against

for its common
$30.93 a share

July 31 last and $30.72 a share on Aug. 31, 1936.
These figures are
after allowance for possible normal Federal income tax if the. indicated
on

appreciation were realized.—V. 145, p. 619.

Financial

1598

Chronicle

Earnings for 5 Months Ended May 31, 1937

Reynolds Spring Co.—Balance Sheet June 30—
Assets—

1937

Fixed assets

Cash...

Dep.

as

a690,585

150,000
634,331

538413

270,620

150,000

Accrd. Int. receiv..

z305

Inventories

Accounts payable-

220,335

183", 101

19,695

15,659

Taxes payable

Unclaimed dlvs

Investm'ts & other

wages,

for Fed.

come taxes

assets

1,696

&

development-

1

199,997

Interest and dividends

12,918
1.240

Miscellaneous income credits

131", 196

bl32,186

33,125
137,893

&c.

Reserves

72,841

$621,062

Gross income

Idle plant

in¬

1

114,556

85,213
$606,904

171

Patents, good will
Deferred charges..

$692,117
idle plants) i _ -

profit

540,000

Prov.

3,632

Net oper. profit before depreciation
Prov. for deprec. (not incl. deprec. on
Net operating

Notes payable

Accrd.

value

surr.

of life insur

[Company and Wholly-Owned Subsidiaries]

1936

x$2,184,861 $2,112,409
410,213
423,712

surplus
Fundedebt

judg't
Accts.&notes rec.

Cash

1937

Common stock and

244,826

192,040
guaranty

of pay. of

y

Liabilities—

1936

$2,091,072 $1,696,372

Sept. 4, 1937

expenses—Net (incl. prov. of $32,731 for deprec.)

39,515

Fed. capital stock & State taxes
Interest on funded debt and 10-year loan
Miscellaneous income charge
Provision for Federal normal income tax.

56,928
53,966
4,873
70,350

Prov. for social security,

38,946

u

$395,429
Note—No provision has been made for Federal surtax on undistributed
profits of the companies for the five months ended May 31, 1937, inasmuch
as the amount of such profits subject to surtax is not determinable until the
end of the taxable year, Dec. 31,1937.
In the event that the undistributed
profits at May 31, 1937, are determined to be subject to surtax, such tax
would amount to approximately $60,000.
Net income for the period

Total

$3,780,298 $3,037,097

$3,780,298 $3,037,097

Total

Represented by 290,000 shares, $1 par, valued at $1,349,113 after
deducting 7,132 shares held in treasury valued at $33,179.
Paid-in surplus
$327,591 and earned surplus $508,156.
y Less reserve for doubtful ac¬
counts.
z Includes notes receivable,
a Accounts receivable only,
b In¬
cludes $41,537 for
1937 Federal income and excess profits taxes and
$90,649 for 1936 Federal income taxes payable.
The earnings for the 6 months ended June 30 were published in Y. 145,
p.
1434.
x

Consolidated Balance Sheet May 31, 1937
Liabilities—

Assets-—

Rochester

Gas

&

Electric

Corp.—Bonds Offered—To
continue the financing of a general construction and improve¬
ment program, including an
extended program of rural
electrification, an offering of $3,000,000 gen. mtge. 3%%
bonds due 1967 was made Sept. 1 at 102%% and int.
The
offering, which represents new financing by the company,
was made
by a group composed of the First Boston Corp.;
Edward B. Smith & Co.; Goldman, Sachs & Co.; Harris,
Hall & Co., Inc.; W. C.
Langley & Co., and Sage, Rutty
& Co., Inc.
According to the prospectus on which the offering is based, gross capital
expenditures of $1,974,273 already have been made by the company during

Accts.

$651,857
xl,676,279

Cash
Notes & accts. receivable

Real estate, mach'y, equip.,&o

Deferred charges

accrd.
$509,681
335.9^1

Int. accrd. on funded debt

349,415

Miscellaneous assets

& sundry

Accrd. Fed. inc. taxes, &c.__.

2,233,051

Inventories

pay.

liabilities

10-year loan & interest accrd.

3,874,733
27.598

11,376
41.407

_

Funded debt

2,288,196
150.000
43,172

10-year loan
Reserve for cont In gencies

6% pref. cum..stock (par $100)
2d pref. 7% cum. stock (par
$100)

2,643,800
y5,437,942
3.898,621

Common stock
Deficit

-58,812,933

Total
x

After

of $124,458.

reserves

—V. 145, p.

y

I

1,250,000

Total

$8,812,933

Represented by 70,048 no par shares.

1434.

the first six months of 1937, and in addition, as of June 30, 1937, the com¬

had unexpended gross capital authorizations totaling $2,714,481.
The bonds being offered will be secured
by the lien of the general mortgage
indenture, which, in the opinion of the company's counsel, constitutes a
first lien on
substantially all the physical properties of the company, with
certain exceptions.

Adjusted to give effect to the present financing, the company's total
as of June 30,
1937, amounts to $35,399,500.
Capitalization
consists of $23,887,100 of
preferred stock and 775,914 shares of common
stock having a stated value of $14,393,208.
Corporation had net earnings after provision for Federal income tax for
the 12 months ended June
30, 1937, of $3,060,289, compared to $2,871,626
for the 12 months ended Dec.
31, 1936, and $2,806,551 for the 12 months
ended Dec. 31, 1935.
Annual interest charges on the funded debt of the
company to be outstanding upon the issuance and sale of the $3,000,000
general mortgage 3H % bonds due 1967, being offered, are $1,515,740.
The company does a
general electric light, power and gas business in
Rochester, N. Y., and vicinity, serving a population of about 488,000 with
electricity and 423,000 with gas.
The territory extends over approxi¬
mately 2,000 square miles.
In addition, the company supplies steam for
heating and industrial purposes.
In 1935 approximately 67% of gross
operating revenues of the company were derived from electric operations,
approximately 6% from steam.
funded debt

Of the revenues

derived from electricity in 1935, approximately 37%
derived from residential customers,
26% from commercial customers,
19% from industrial customers and the remainder from miscellaneous
sources.—V. 145, p. 1273.
were

Rochester

The Securities and

almost all of the assets of the company have been distributed to its stock¬
holders and there has been no trading in the stock on the Exchange for four

five years.—V. 143, p.

or

St. Louis

Uncollectible oper.

$416,602

1937—7 Mos.—1936
$2,886,535
$2,748,811
3,220
3,909

rev_

466

Operating revenues..
Operating expenses

$416,136
308,362

$394,320
296,671

$2,883,315
2,049,640

$2,744,902
2,033,125

The Securities and

Exchange Commission

$107,774
52,570

$97,649
34,324

$833,675
294,178

$711,777
233,459

$55,204

$63,325

$539,497

$478,318

St. Louis-San Francisco
July—

Rustless Iron & Steel
Corp.—Registers with

Net from railway

Net after rents

St. Louis Brownsville & Mexico
Ry.~
j 937

Gross from railway
Net from railway

1936

From Jan. 1—
Gross from railway
Net from railway
Net after rents

29,275,603

5,402,676

Net after rents

3,904,701

—V. 145, p. 777.

26,177,808
4,264,950
2,304,339

22,137,013
1,920,101
116,547

railway oper. inc...
Other income

290,768

23 ,290,660
4 ,205,574

2 ,098,194

3,755

$3,895,889
37,073

$1,953,458
45,911

$1,619,153

$613,574

$3,858,816

$1,907,547

x Includes credit of $800,687 account adjustment of accruals under the
Amended Federal Railroad Penion Act.
y After charges of $745,837 for

July 31, 1937 as adjusted, as compared with $489,731 *
period in 1936 for accruals under the amended Pension Act and
Security Acts.—V. 145, p. 1273.

same

July—

1934

1935

$619,374
5,800

$1,622,908

Deduct, from income

St. Louis San Francisco & Texas

-Earnings—

$305,008
def26,161
def40,754

$293,299
defl9,227
def27,733

$283,984
29,998
8,989

3.237,430
754,160
341,144

2,893,139
787,938
463,557

2,905,115
965,979
551,796

Net from

Ry.—Earning
1934

1935

1937
$229,470
108,272
105,715

railway

Net after rents

From Jan. 1—
Gross from railway
Net from railway
Net after tents

$151,869
42,750
1,625

$95,261
defl5,607
def45,193

$95,936
def5,812
def34,920

917,707
defl46,327
def98,898

Gross from railway

739,226
def37,473
def303,962

549.048
def 130,117
def326,140

558,534
def68,581
def276,759

1936

—V. 145, p. 778.

Saco-Lowell Shops,

Boston—Plan Operative—-

The board of directors declared the
plan of reorganization (as amended)
operative on Aug. 23.
Steps are now being taken as rapidly as possible
to carry the plan into effect.
In that connection, a new corporation (to

Saco-Lowell Shops") is being organized in Maine.
It is hoped
possible to consummate the plan and to make the new securi¬
the middle of September, 1937.

e®

1934

$3 ,353,855
520,954
227,803

1937—7 Mos.--1936
1937—Month—1936
$4,869,079
$4,457,179 $30,615,606 $27 ,398,427
25,020,456
23 ,269,265
3,735,533
3,484,975
xl,611,952
599,297
y3,810,278
1 ,806,815
146,643
10,955
20,077
85,611

Period End. July 31—
Total oper. revenues
Total oper. expenses

Social

5,013,751
2,005,023
1,478,594

-

1935

$3,594,030
571,991

From Jan. 1—

Gross from railway
Net from railway

for

$374,101
15,350
85,202

Net after rents

1936

$4,230,423
935,852
616,816

the period Jan. 1 to

SEC-

See list given on first
page of this department.—V. 145, p. 448.

July

Ry.—Earnings—

1937
$4,595,167
1,016,862
1,491,273

Gross from railway

Bal. avail, for int., &c.

Net operating income1
—V. 145, p. 1113.

Aug. 30 agreed to exempt

5,000 shares of capital stock (par $100).
The Commission based its ex¬
emption order on the fact that the issue and sale of this stock had been
authorized by Missouri P. S. Commission and proceeds therefrom are to be
used in company financing.—V. 131, p. 2224.

Total income

Net oper. revenues

on

from certain provisions of the Holding Company Act a declaration filed by
the company, a subsidiary of North American Co.
The declaration covers

Net

Operating taxes

3332.

County Gas Co.—Exemption Granted—

Earnings of System

$394,320

1937—Month—1936

revenues

Co.—Delisting—

Exchange Commission has granted the application of

the company to withdraw its ($10 par) common stock from listing and regis¬
tration on the St. Louis Stock Exchange.
Delisting was sought because

Telephone Corp.—Earnings—

Period End. July 31—

Operating

Louis Cotton Compress

St.

pany

tnat it will be

ties available about

St. Louis Southwestern Ry. Lines-

Net

rev.

Ju y 31—

from

railway

operations

$449,328

$2,951,158

100,367

479,070

$3,487,270
634,522

$508,868
25,711

$348,961
24,966

$2,472,088
169,967

$2,852,748
167,678

$324,697
Crl84,171

Railway tax accruals

Amendment to Plan of Reorganization,
Aug. 12,1937

-Earnings—

1937—7 Mos.—1936
1937—Month—1936
Railway oper. revenues. $1,652,773
$1,590,622 $12,316,940 $10,818,522
1,141,295
9,365,782
7,331,251
Railway oper. expenses.
1,328,076
Period End.

The

following amendment to company's plan of reorganization has been
adopted:
The Price at which each unit
(consisting of one whole share of class B
c9Pvej "I0 Preferred stock and one whole share of common stock) will be
offered to stockholders for
subscription will be $36.
Eachi whole share of class A convertible
preferred stock and each whole
share of common stock, issuable
upon consummation of the plan in exchange
for then existing securities of
Saco-Lowell, will carry with it a right to sub¬
scribe, during such period as may be determined, to 3-10 of a unit, and
scrip representing fractional interests in said
stock, so issuable upon such
co**summation,
carry with it a proportional right so to subscribe.
The total shares of new stock
which may be outstanding upon con¬
summation of the plan as amended will be:
(a) Assuming no conversion of existing convertible notes of Saco-Lowell:
77,157.0 shs. class A convertible preferred,
56,801.4 shs. class B convertible preferred

168,982.4 shs. common;
(b) Assuming complete conversion of existing convertible notes of Saco

Lowell:

convertible
not less than 147,017.6 nor

preferred stock and for other corporate purposes,
than 154,197.6 additional shares of common
stock—depending on

more

Of the units offered

as

payment

of an

aforesaid—will be

commission)

satisfactory to

$3,020,426

1,489,968

1,318,175

railway
operat¬
ing income
Non-operating income._

$290,845
8,550

$132,738

$1,152,087
50,864

$1,702,251
45,053

$299,395
273,147

$141,697
274,596

$1,202,951
1,901.935

$1,747,304
2,019,480

$132,899

$698,984

$272,177

Net

Gross income

Deduc. from gross income
Net deficit
-V. 145. p. 954.

8,958

Inc.$26,2-

San Antonio Uvalde & Gulf
1937

Net after rents

From Jan. 1—
Gross from railway

RR.—Earnings—1936
$86,421

$80,004
defl8,280
def32,981

12,730
defl4,269

742,192
82;136
defl30,838

250,931
45,810

757,792

1935

1934

$72,100
defl3,944
def40,952

$68,628
8,019
defl6,544

authorized

516,353
defll,135
defl81,916

657,150
204,230
34,649

page

the

board

of

Savannah & Atlanta

Ry.—Approval of Plan Urged—

A plan of reorganization for the company filed with the Interstate Com¬
Commission last December, has been recommended to the Commis¬
sion for approval by C. A. Bernhard, examiner.

merce
,,

Registers with SEC—




$2,642,055

241,188

—V. 145, p. 778.

underwriting

given on first

$373,927

243,733

subscription to stockholders, at least
at not less than the price at which
and upon terms and conditions (including the

as

aforesaid for

directors of Saco-Lowell.

See list

$534,579

railway
income

from

operating

Net from railway
Net after rents.

notes

56,801.4 units will be underwritten
offered to stockholders

Total ry. oper. income

Deduc.

for

of convertible

future issue.

so

income
inc.

oper.

Gross from railway
Net from railway

In order to provide a reserve for conversion of the'
oregoing

conversion

oper.

July—

77,157.0 shs. class A convertible preferred,
63,221.4 shs. class B convertible preferred,
196,802.4 shs. common.

the

Railway

Other railway

Under

of this department.

the

preferred and

recommended
common

plan,

interests

of

general

stockholders would be wiped out.

creditors and of
All the common

Volume
stock and

Financial

145

61% of the preferred is owned by Piedmont Associates,

over

StOCk.

South Carolina Power

of

Delaware

^•Existing bonds, consisting of $865,000 of Brinson Ry. 5s and $2,500,000
Savannah & Atlanta 6s and $3,088,708 accrued interest and other items
amounting to $830,947, would be exchanged for new common and preferred

1599

Chronicle
Period End. July 31—
Gross revenue

1937—12 Mos.—1936
$3,118,191
1,840,296
290,000

$2,752,361
1,595,601

Int. & other fixed chgs__

$67,632
55,910

$68,948
53,468

$987,895
655,495

$937,760
647,136

Net income
Divs. on pref. stock

$11,721
14,286

$15,479
14,286

$332,400
171,438

$290,624
171,438

def$2,565

$1,193

$160,962

Oper.

x

& taxes

exps.

Prov. for retire,

reserve.

219,000

Ann

capitalization would consist of an authorized issue of $2,000,000
4H % bonds, 25,000 shares of common and 15,000 shares of preferred stock.
The new bonds would be pledged with the Reconstruction Finance
Corporation as collateral for a proposed loan of $1,700,000, which would
be used to retire $500,000 of receivers' certificates, for additions and better¬
ments and for working capital.—V. 144, p. 1616.
The

new

Gross income

Balance

Savannah Electric & Power
^

Co.—Earnings—

1937—Month—1936
$253,626
$226,157
150,994
139,209
35,000
18,000

Co.—Earnings—

12 MonthsEnded July 31—

Operating

1937ci

_

revenues

x

^

1936

$2,082,515
$1,875,151
972,585
858,361
356,611
276,385
After appropriations for retire-

x

Balance for dividends & surplus

was

made in 1936 for Federal surtax on

$119,186
undistributed

Erofits asmade for such tax in 1937.—V. 145,was956.
all taxable income for that year p. distributed. No provision
been
as

Balance after operation, maintenance & taxes..

y

No provision

x

Includes non-operating income, net.
reserve.—V. 145, p. 1113.

y

ment

Schulte Retail Stores

Corp.—Hearing Oct. 4.—

Olney Jr. on Sept. 1 adjourned
scheduled hearing of creditors of the corporation, which is in
of reorganization under Section 77-B of the Bankruptcy Act.

Federal Bankruptcy Referee Peter E.
until Oct. 4
process

a

South Penn Oil Co.—Extra Dividend—
The directors on Aug. 30 declared an extra dividend
share in addition to a regular quarterly dividend of 37 H

Sept.

Southern Indiana Gas & Electric

Ry.—Earnings—

Period End.

1937

1936

1935

1934

$3,004,168
358,666
158,928

$2,689,465
167,239
17,572

$2,214,057
defl75,969
def339,141

$2,231,668
defl8,068

July—
Gross from railway..
Net from railway

...

Net after rents

x

Gross from railway..
Net from railway

...

...

...

26,079,476
5.868,912
3,115,191

20,299,249
3,514,692
1,350,926

21,920,208
3,380,832
1,179,525

reserve-

$281,374
161,289
23,142

$3,747,805
2,128,883
388,000

277,700

fixed chgs__

$99,638
28,361

$96,943
20,884

$1,230,921
350,150

$1,187,690
308,111

$71,277
34,358

$76,059
45,206

$880,771
490,135

$879,579
542,477

$30,853

$314,697

Prov. for retire,

20,946.794
4,002,999
1,621,855

Int. & other

Net income

Divs. on pref. stock
Amortiz. of pref. stock

Sierra Pacific Power

1937—12 Mos.—1936

revenues

Maintenance

Taxes
Net oper. revenues

$87,626
1,297

Non-oper. income (net).
Balance

$1,775,889
637.659
105,444
a226,297
$806,487
4,738

$736,510
5,902

$80,190
1,652

657,080
74,633
205,164

$88,923
7,717

$81,843
8,333

$811,225
96,174

$742,413
100,000

$81,206

Retirement accruals

Balance.

$1,673,388

$73,510
17,919

$715,050
217,581

$642,413
217,252

x

75,939

10,848

expense

Co.—Earnings—

1937—Month—1936
$164,248
$151,684
46,762
43,514
8,274
6,066
21,912
a21,585

July 31

1937—12 Mos.—1936
$3,469,762
2,004,373

$319,098
185,460
34,000

& taxes

exps.

def212,519

—V. 145, p. 773.

Operating
Operation

Oper.

Gross income

Net after rents

See

Co.—Earnings—

1937—Month—1936

July 31—

Grossrevenue

From Jan. 1—

Period End

30 and June 30, 1936, and 12H cents on March 31, 1936.
1485, for detailed dividend record.—V. 145, p. 1274.

V. 142, p.

—V. 145, p. 954.

Seaboard Air Line

of 77 K cents per
cents per share on

the capital stock, par $25, both payable Sept. 30 to holders of record Sept. 15.
Previous extra distributions were as follows: 37 H cents on June 30, last;
22
cents on March 31, last; 52J4 cents on Dec. 29, 1936; 22H cents on

$26,070

No provision was

made in 1936 for Federal surtax on

$337,102
undistributed

made for such
Erofits as all taxabletax in 1937.—V. year p. 956.
income for that 145, was distributed. No provision has
een

Southern Pacific SS.

Lines—Earnings—
$385,730
def60,272
def61,112

$399,841
def69,743
def70,498

3,220,186
def98,023

2,722,765
def363,023

135,853

def368,698

2,560,452
def452,910
def455,406

$597,196
22,113
4,086

$487,377
defl9,944
defl9,349

4,556,970
226,779
53,468

.

Net after rents

1934

1935

1936

1937

July—
Gross from railway
Net from railway
From Jan. 1—

Gross income

Interest & amortiz., &c.

17,910

Net income

$63,295

a

No

$425,160
220,500
128,000

$497,469
220,500
284,000

$55,590

Preferred divs. declaredCorn. divs. declared

Gross from railway

Net from railway
Net after rents
—V. 145, p.

provision has been made for the Federal surtax on undistributed
year 1937, since any liability for such tax cannot be
of the year.

Note—The

company on Jan. 1, 1937, adopted the Federal Power Com¬
mission System or Accounts, hence previous year's figures are not exactly
comparative
Balance Sheet July 31
1937

1936

$

$

Assets—

1937

$

.

Unamortized

debt

4l',767

Net operating income

dlsct. & expense

205,531

215,207

dueaffll.

54,876

26,152

Retirement

Operating
Contrib.

reserve.

Provisions for retirements

Net income.
Balance Sheet Dec. 31
Liabilities—

Plant, property, equip., &c

1,524,955
62,762

Special deposits
Bond discount and expense in

in aid of

process

construction

.$2,816,020
7,217

1,517,550

56,471

20,136
70,442
325,000
544,414

325,000
550,021

11,915,126

31,541

of amortization
accounts,
deferred

Earned surplus...

Prepaid
14,469

charges,

9,115

&c

313,589
53,751
41,066

Cash and working funds
a

Accts. and notes receivable.

Materials and supplies

Total.........11,915,126 11,697,4081

Represented by shares of $100
par.—V. 145, p. 778.

a

no

Total

Total
a

Simonds Saw & Steel
The

New

shares of

York

common

6 Months Ended June 30,

After reserve for

Gross profit

Net inc. after

862,305 shares capital stock (par $5)
$0.32
1937, including $570,043 cash, amounted to
$677,815 and current liabilities were $88,081.—V. 145, p. 780.
Current assets as of June 30,

Spencer Shoe Corp.—Registers with
See list given on

$1,574,551
6,735
Cr5,099
10,608
228,418
47,225
150,600

Equity in earnings of subsidiaries unconsolidated
Losses from sale or abandonment of plant assets
Provision for Federal and Canadian income taxes
Provision for Federal excess-profits tax
Provision for Federal surtax on undistributed profits.

Inventories
value

insurance policies
Prepayments
Notes & accts. rec. (not curr.)
a

Investments

c

Other security investments.

b Plant...

66,325
102,470
27,402
156,523
124,643
3,804,902

In subsidiaries not consolidated

depreciation and obsolescence,

c

Reserve for uninsured

Cost of
ment

South American Utilities

losses

Compensation Law.
Capital stock (no par)

30, 1937

months ended

$63,424,643

sales, less discounts, returns and allowances

goods sold (including depreciation of plants and equip.
of approximately $530,000.

41,240,069

$22,184,574

Gross profit

15,402,216

38,000

3,000,000

surplus

7,245,676

b After

Income charges

{including depreciation
$ 10,000)
......

on

non-operating plant

of approximately
a

Corp.—-Meeting Postponed—

214,222

$6,996,580

Gross income

less.—Y. 145, p. 1274.

on the proposed dissolution of this
company, which was formed
reorganization of Intercontinents Power. Co., a subsidiary of
American Equities Co., was postponed from Aug. 27 to Oct. 8, when it was
revealed that not enough holders of Intercontinents Power Co. 6% deben¬

$6,782,358

Net profit from operations
Other income credits

$11,744,770

reduced to reflect losses,
or

3,213,704
1,364.696
785,819

Selling, administrative and general expenses (including depreciation of buildings and equipment of approximately $275,000-.

men's

as

Gross

136,000

under State of N. Y. Work¬

At cost

4,000,295
1,358,214
668,825

com¬

pensation from Jan. 1,1937

Total

4,287,391
1,335,680
493.622

(Includes operations of certain foreign subsidiaries for six
April 30 or May 31, 1937)

16,269

Prov. for additional staff

$11,744,770

5,085,160
1,675,231
979,006

New York Stock Exchange has authorized the listing of 200,000
of $4.50 cumulative preferred stock (voting), without par value.

890,872
116,171

Other accrued liabilities

Consolidated
Total

$301,782

1934

$520,818
155,901
68,798

Consolidated Income Account for 6 Months Ended June

$2,217,407 Accounts payable, trade....
184,166 Accrued Federal, State, Cana¬
dian and local taxes
1,240,535
3,820,395 Accrued payrolls.

of life

1935_

$664,581
250,751
144,285

Standard Brands, Inc.—Listing—
The

Liabilities—

Cash

a

Net after rents
—V. 145, p. 956.

shares

Consolidated Balance Sheet June 30, 1937

Cash surrender

Gross from railway
Net from railway..

1936
$767,295
270,533
138,935

Net after rents
From Jan. 1—

338,905

Assets—

1435.

$789,681
245,008
115,096

railway

Net from railway

L, 136,063

4,;

stock

1937

July—
Gross from

Profit from operations and other income
Interest.

SEC—

first page of this department.—V. 145, p.

Spokane Portland & Seattle Ry.—Earnings—

$1,553,643
20,908

Consolidated net income

$279,072

Earnings per share on

operations

Marketable security (at cost)
Accts. and notes receivable..

-

Earnings for 6 Months Ended June 30, 1937
depl., deprec., abandoned prop., inc. taxes, &c.-

1937

$2,628,897
763,152
306,841
5,261

expenses

on common

2,161

^$3,272,299
of $10,067.—V. 145, p. 1435.

Total

uncollectible accounts

$5,821,739
3,192,843

General and administrative expenses...
Bad debts written off (less recoveries)

Dividends

29,096
32,993
2,948
101,435

Misc. current liabilities._.—
Retirement reserves

Southland Royalty Co.—Earnings—

authorized the listing of 500,000

Gross sales less discounts, returns and allowances...
Cost of goods sold

Profit from
Other income

25,615

Acer. State & local taxes, &c.

$3,272,299

-

(no par).

Consolidated Income Account,

Selling

432,800

payable

Accrued interest

Co,—Listing—

Stock Exchange has
stock

$241,950
2,403,300

Miscellaneous reserves

b Represented by 80,000 hsares.

par.

Capital stock ($1 par)
1st mtge. 4% sinking fd. bonds
Note payable to United Public
Service Corp
Accounts

11,697,408

Unadjusted credits
Capital surplus...

$222,707
113,476
2,216
107,014

(before retirement provision).

Gross income

517

1,510,000
1,557,963

cos

.....

Assets—

reserve

$200,556
22,150

(before retirement provision)

Interest on long term debt
Amortization of debt discount and expense...

Ad vs. from & accts

Unadjusted debits

675,911
41,809
56,829

Taxes—State, local, &c

33,268
131,309
47,788

.

$975,105
:

Maintenance

Non-operating income

3,675,000
1,600,000
2,173,000

Months Ended Dec. 31, 1936

Operating revenues
Operation

1936

$

Liabilities—

Prop'ty .plant & eq 11,304,135 11,010,918 a 6% pref. stock.. 3,675,000
Cash..
76,878
142,013 b Common stock. 1,600,000
Notes receivable..
14
3,377 1st mtge.& ref. bds 2,173,000
Accts. receivable..
179,305
183,039 Notes payable
100,000
Materials & suppl.
89,419
55,474
82,537 Accts, payable
Prepayments
4,088
5,194 Consumer's depos.
35,489
Misc. Investments
12,104 Taxes accrued
142,091
Sinking funds
16,000 Interest accrued
47,873
878
864 MisceU. liabilities.
Special deposits...
1,770

Co.—Earnings—

Income Account for 12

net income for the

determined until the end

780.

Southern United Ice

Provision for Federal and foreign income taxes

-

229,484

—~

1,043,425

2,396

Minority interest in income of subsidiary.

Action

through

tures had converted

their securities in South American Utilities preferred

stock to accede to the plan.—Y. 145, p. 1115.




income applicable to parent company
Preferred dividends
Net

Common dividends
a Does
not include

if any.

any

$5,721,275
209,465
5,058,706
profits

provision for surtax on undistributed

1600

Financial
Consolidated

Balance

Sheet

(Includes certain foreign subsidiaries

Unaudited

$16,487,464
15,000

U. S. Govt, securities
Accrued interest receivable..

506

Notes & collateral loans rec__

279,001

a

Accts. receivable

(trade)

6,938,782
employees
61,829
27,149,140

Due from officers &
Inventories

Sundry

...

Investments

General insurance fund

(trade)

$3,772,316

Dividends payable

37.500

&exps_.

Acer. Fed. & foreign inc

tax.

General Insurance fund res..
Miscellaneous reserves

$4.50

cum.

pref. stock

d Common stock

Earned surplus

1,215,417
2,771,157
1,252,099
186,487
20,000,000
25,296,216
26,385,650

.'

Sept. 30,

1936. —V. 145, p. 1437.

Staten Island

Rapid Transit Ry.—Earnings—

Total

$80,916,843

Gas

&

Electric

Co.—Effort to Be Made in
Keep Suits and Reorganization Proceedings

Court to

Apart—
An effort will be made before

a Federal Court in Delaware this month
to
separate from the reorganization proceedings the action seeking the
appoint¬
ment of a trustee to represent holders of securities of the
company in a

$100,000,000 suit against certain officers and directors of the company, the
Standard Power & Light Co., H. M. Byllesby &
Co., Laden burg, Thalmann & Co. and others,
according to the New York "Times,"
In this move the petitioners will have the support of William
G. Mahaffy
and William H. Button, who were appointed special counsel for the
com¬
pany by the Court on May 9, 1936, to make an independent investigation
of the alleged causes of action.
Messrs. Mahaffy and Button, in a report dated Aug. 18, 1937.
asserting
that the conditions of an offer of compromise for
$1,000,000 of all such
claims except those directed against
Ladenburg, Thalmann & Co., were
not satisfactory, and that the amount offered was
inadequate, recommended
rejection by the Court of the offer of compromise.
"In short." they declared, "the offer of
compromise is too much mixed
up with a plan of reorganization, whereas, as a matter of fact, it should be
entirely independent of any such plan of reorganization.
We regret that
some offer, untrammeled
by conditions and more commensurate with the
amounts involved and the
ability of the proposed defendants to pay, has
suggested."

Electric output of the Public Utility Operating companies in the
Standard
& Electric Co.'s
system for the week ended Aug. 28, 1937 totaled

Gas

112,353,275 kwh.,

an increase of 8.3%
week last year.—V.
145, p. 1436.

—

compared with the corresponding

Subs.)—Earnings—

Years Ended June 30—

1937

Operating profit
Other deductions

$1,454,642
361,165

$877,136
47,207
Crl 1,456

for Federal income, excess profits and
and undistributed
profits taxes
Special charges

$1,093,477
50,084
Crl 6,492

205,217

Portion of subs, loss
applicable to minority interest

-Drl.524

214,215
110,000
Cr2,649

__

income

Provision

$634,644
300,000
on common

$738,319

$2.11

$2.46

stock—_

Consolidated Balance Sheet June 30,
Assets—

1937

1936

$169,130

$639 223

502,607

370,892

hand and

deposit

Accts. rec.(eust.)

Vendors debit bais.

1,223

York

pledged to

prov.

Bank

32,500
55,270

33.723

833,997

455,143

20,304
13,078

10,282

Property,
and

plant
equipment.

Patents

1,240

32,904

d244,848

237,547

overdraft

(Canadian sub.)
Acct. pay to officer
Other

<

Prepaid taxes

43,063
(incl.

for Federal

taxes)

of

Canadian sub...

1936

$183,684

wages, &c

Accrd. liabs.

secure

indebtedness

1937

$153,457
30,000

Unpaid salaries,

drafts

Other assets

c

153,398

Liabilities—
Accts. pay. (trade)
Note pay. to bank

612

427.219

Inventories

b

eurr.

liabib.

1,086

11,607
30.000

47~030

19,346
300,000

300,000

762,048
433,289

755,913
103,997

Min,

int.

Com. stk.

In

out¬

capital

(par $1)

Paid-in surplus
Earned surplus

$2,055,327

4,100

Other liabilities

stock of sub

Totul

21,083
2,488

Reserves

standing

$1,664,5151

2 350

Total

.$2,055,327 $1,664,515
a After reserve of
$26,100 in 1937 and $25,000 in 1936.
b After reserve
for depreciation of
$161,607 in 1937 and $80,890 in 1936.
c After reserve
for amortization of
$3,879 in 1937 and $3,002 in 1936.
d Accrued taxes
only.—V. 145, p. 1275.

861,527
def56,125
def321,160

1,012,519
172,694
def55,753

Co.—Earnings—

6 Months Ended June 30—

1937

The directors have declared a dividend of
$1.50 per share on account of
accumulations on the $3 cum. red. class A preference
stock, no par value,
payable Oct. 1 to holders of record Sept. 15.
Like payment was made on

July 1 last;

1936

$2,798,183

$1,499,141

$966,919

1935

$1.88

$1.00

$0.64

Net profit after deprec., Fed. income
taxes, &c____

Earns, per share on 1,488,821 sahres

capital stock
133.

—V. 145, p.

fK.) Taylor Distilling Co., Inc.—Registers with SEC—
See list

given on first page of this department.—V. 144, p. 1124.

Teck-Hughes Gold Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of five cents per share in
to the regular quarterly dividend of 10 cents per share on the

addition
common

stock, par $1, both payable Oct. 1 to holders of record Sept. 10.
1936.
See

Similar payments were made on Jan. 2, last, and on July 2,
V. 139, p. 3337, for detailed dividend record.—V. 145, p. 133.

Telephone Bond & Share Co.—Accumulated Dividends—
The directors at their meeting

held Aug. 27 declared dividends of 49 cents
share on the 7% 1st pref. stock and 21 cents per share on the $3 1st pref.
15 to holders of record Sept. 1.
Similar payments
were made on June 15 and on Marcn 15, last.
See also V. 143, p. 3649.
—V. 145, p. 1276.
per

stock, to be paid on Sept.

Tennessee Central

Ry.—Earnings—
1937

July—

1936

$210,842
59,866
31,185

Net after rents

1,474,107
367,501
188,344

1,370,577
371,722
239,135

1935
$174,770

$210,611
66,258
49,796

1934
$172,730

58,513

53,189

41,254

34,761

1,234,213
331,611

1,218,327

From Jan. 1—

Gross from railway—..

215,379

336,394
208,096

Haute (Ind.) Malleable & Mfg. Co. (Ind.)—
Offered—An issue of 46,464 shares of common stock
(par $5) was offered Aug. 31 by Thompson Ross Securities
Co., Inc., Chicago.
The stock was priced at $8 per share.
The offering does not constitute new financing for the
Terre

Stock

Company—"Was organized Aug. 2, 1906, in Indiana.

dividend of 75 cents was paid on May 1
last, and dividends
paid on April 1 and Jan. 1 last, and on Nov. 16, 1936.
A
dividend of $3 was paid on
Aug. 15,1936, this latter being the first paid since
Oct. 1, 1933, when a
quarterly distribution of 75 cents per share was made.
a

On Oct. 25, 1926,

the company reincorporated in Indiana.

Company is engaged in the manufacture of malleable iron castings and
air furnace grey iron castings.
Company purchases pig iron, malleable
steel scrap and cylinder scrap and manufactures, treats, processes and mills
castings according to specifications supplied by customers.
Company
operates a core department for making sand cores and a pattern shop for
preparing patterns pursuant to customers' orders and in conformity with
their blue prints and designs.
The castings manufactured by the company, which range in size from
one ounce to more than 250 pounds, are sold directly to and used by manu¬
facturers of numerous and various types of products.
Among the principal
types of castings manufactured by the company are the following; Tractor
track roller brackets and differential housings, railroad tie plates, rail
anchors and switch blocks, refrigerator pump housings, valve plates, valve
heads, eccentrics, pistons and connecting rods, road grader gear housings
and brackets, telegraph guy wire anchors.
The above and other products of the company are used by manufacturers
of automobiles, trucks, tractors, agricultural implements, road machinery,
electric refrigerators, railroad equipment, and telegraph equipment.
The manufacturing equipment of the company includes four air furnaces
with a melting capacity or 140 tons daily, 12 hand fired annealing ovens,
of which three are "muffle" type and nine are "pot" ovens,
and three
powdered coal mechanically fired annealing ovens.
On July 9, 1937, the
company employed 546 employees.
Capitalization—The capitalization as at April 30, 1937, consisted of
80,000 shares of common stock (no par), of which 73,584 shares were issued
and outstanding.
On June 12, 1937, the authorized capital was changed to
100,000 shares of common stock ($5 par), and each outstanding share of
common
stock (no par) was changed into one share of common stock
($5 par).
The present capitalization consists of 100,000 shares of common
stock ($5 par), of which 73,584 shares are issued and outstanding.

Profit and Loss Statement
Years Ended Dec.
1934

Standard Steel Construction Co., Ltd.—Accum. Div.—

of $1.50

926,287
defl0,374
def262,720

company.

Net profit.

Dividends paid
per share

Earnings

New

1934
$145,820
20,575
defll,217

—V. 145, p. 783.

1936

after deducting cost of goods
sold, incl. material, labor and factory exepnses.. $1,272,302
Selling, general and administrative expenses
395,166

on

1935
$130,487
def38,709
def37,169

•

Sunshine Mining

Net from railway.
Net after rents.

Manufacturing profit

on

-

—V. 145, p. 782.

_

Standard Products Co. (&

a

908,874
def9,692
def201,760

'

Gross from railway,
Net from railway

Weekly Output—

Cash

1936
$136,220
3,848
def31,924

_

Gross from railway
Net from railway

_._$80,916,8431

Standard

Other

1937
$125,678
def8,167
def32,105

July—
Gross from railway—+
Net from railway.

Net after rents

c

not been

stock, no par value, payable Sept. 30 to holders of record Sept. 17.
A dividend of $1.75 was paid on June 26, last, and previously regular quar.
dividends of 35 cents per share were distributed.
In addition, an extra divi¬
dend of 40 cents was paid on March 30 last; an extra of 25 cents was paid
on Dec. 30, 1936, and an extra dividend of 15 cents per share was paid on

reserve

432,413.

Federal

S.) Starrett Co.— To Pay 50-Cent Dividend—

The directors have declared a dividend of 50 cents per share on the com¬

Net after rents
From Jan. 1—

of $1,038,145.
b After reserve for depreciation of $21,Represented by 200,000 no par shares,
d Represented by
12,648,108 no par shares, at stated value of $2 per share.—V. 145, p. 781.
a

Sept. 4, 1937

mon

1

_V_

After

May 31, 1937)

or

1,252,099
27,740,922
901,324

b Property.....

Total.

(L.

90,774

Deferred charges
Patents

of April 30

Acer, payrolls, taxes

c

Chronicle

1937

Accounts payable

per Books

Assets—

30,

Liabilities—

June 30, 1937,

Cash..

as

June

Grand ^l\?wimesr——r—

1935

4 Mos. End.

31
1936

Apr. 30 '37

$977,006
950,964

$1,350,583
1,209,025

$541,791
465,151

58,502
4

52,057

54,624
40

23,174

loss$74,805
4,568

loss$26,015

$86,893

4,753

2,633

$53,464
726

loss$70,236
9,318

Cost of goods sold
Sell., gen. & admin. exp_
Bad debts charged off—

$696,552
712,850

loss$21,262
10,700

$89,526
13,320

$54,191
4,250

were

A similar payment was made

on

Jan. 1, 1933, the April 1 and

dividends having been omitted.—V.
144, p. 3021.

July 1, 1933.

Gross profit—.

Other income
Total income

Income deductions

Standard Steel Spring Co.— To Issue
Preferred Stock—

..This

company proposes to create 12,500 shares of preferred stock of
$100 par value, which may be issued in one or more
series, and which may
or may not be
convertible, with rights to be offered to stockholders.
A special
meeting of stockholders will be held Sept. 8 to

Normal income &
profits taxes
Net
—V.

excess

income-

145,

p.

*

10,688
def$79,554

def$31,962

6,500

$65,517

$43,441

783.

reclassify the

authorized stock into the above number of
preferred shares and 287,500
shares of common.
Giving effect to the 100% stock dividend which was
to have been paid
Aug. 20, the stockholders will be given the right to pur¬
chase one-twentieth of a share of
preferred for each common share held.
The issue of preferred will be
underwritten.

Stockholders will vote on
granting two officials of the company options
to purchase 20,000 shares of common.
If the stockholders approve the

preferred issuance, the meeting will be
adjourned so that the stockholders may approve the terms under which the
preferred will be issued.
The communications to stockholders disclose
that the
dend has not yet been paid.
One of the

100% stock divi¬
proposals to be acted upon at the
meeting is the changing of the common from no par to $5.
The stock
dividend wil be issued then as $5 par stock and is
expected about Sept. 15.
The contracts proposed
by the board of directors provide that W. F.
Rockwell, Chairman of the Board, be given a one-year option to purchase
10,000 shares of the $5 par value stock at $16.50 per share and R. C. Enos,
President, a three-year option to purchase 10,000 shares at the same price.
The company has spent about $360,000 in the
acquisition and develop¬
ment of the spring plant at Gary, Ind., and
$30,000 in improvements to
its universal joint plant at Allegan, Mich., it was said.
Another expendi¬
ture of $100,000 is considered to be necessary.
Larger inventory needs

and increased accounts receivable

tying up much of the cash working
capital and bank loans on June 30 amounted to $650,000.
The preferred stock plan will increase working
capital it is said, and
enable the company to use earnings for dividends and to avoid the tax on
undistributed profits.—V. 145, p.




are

1437.

Texas Mexican

Ry.—Earnings—

July—

1937

Gross from railway
Net from

railway.

$125,855
37,600

_:

Net after rents
From Jan. 1—

22,790

1936

1935

$83,932
6,207
def4,709

$77,738
8,353

761,011
209,076

730,806
226,998
150,126

def202

1934

$68,355
8,066
1,027
—

Gross from railway

896,975
282,115
197,206

Net from railway
Net after rents.
.

122,834

518,712

117,532
57,397

—V. 145, p. 1117.

Thew Shovel

Co.—-Capital Changes Voted—

Stockholders at a special meeting approved changes in company's capital
structure designed to facilitate sale of common stock to provide additional
working capital sometime during the company year.
Authorized common stock was increased to 250,000 from 125,000 shares,
the common was changed to $5 par from no par, and pre-emptive rights
to 48,018 of the
98,018 authorized but unissued new common were sur¬
rendered for period of one year.
Decision as to when additional financing
is to be undertaken will

Third Avenue

depend upon market conditions.—V. 145, p. 1276.

Ry.—Not to Pay Interest—

The directors of the company announced
"no available surplus income for the period of

on Aug. 31 that there was
six months ended on June 30,
5% adjust¬

1937 applicable to the payment of interest on the company's
ment bonds," and declared no interest on the bonds.

Volume
WOut of

a

Financial

145

total indebtedness of $44,499,000

of the company, about
5% bonds, due in 1960.

50%

In¬
declared by directors
out of available surplus income.
The interest on the bonds has been
cumulative since 1913 and for the period to Oct. 1, 1936, carried an accumlation of 50K%, or $502.50 for each $1,000 bond.
Payments had been
made on the bonds at the rate of 2K % annually since April, 1935.
Citing increased operating costs and taxes as the determining factors in
consists of the adjustment mortgage income
on these bonds is payable only when

terest

and

as

decision, the directors said:
"Among other things which the directors have had to

their
V

take into considera¬

bonds are increases in wages
During the present fiscal year
increased wages will cost the company about $750,000.
In addition to
this the company has not only been unable to obtain any relief from the
heavy burden of taxation which has been placed upon it but additional
taxes, approximately $150,000, must be paid in the present fiscal year.
^Although there has been an increase in receipts and strenuous efforts are
being made to effect further economies, these have not yet been sufficient
to materially counterbalance these enforced increased expenses."
£*S. W. Huff, President of the company, in his letter to bondholders
accompanying the directors' statement said it was the opinion of the

tion since the last interest payment on the
which the company was required to grant.

directors that "it

was

for the best interest of the company to reserve

from

Union Investment Co.—Consol. Bal. Sheet
Assets—
Cash
a

Notes <fc acets. receivable...

7,655,143
45,093

Repossessed merchandise
Accts
and

c

Notes

639,491
51,338

payable
payable & accruals

Accts.

Res.

22,517

withheld from dealers

Mortgage payable
Reserve for losses.

29,468
251,729

15,111

b

181,000
750,000

10-year 5% conv. debs

7.6% cum. 1st pref. stock

732,152

d Common stock

Capital
Earned
Total

1

..$9,000,635

surplus
surplus

369,767
352,333

.....—

$9,000,635

Total..

a
Notes and accounts receivable having unpaid balances aggregating
$6,113,972 deposited with trustee to secure collateral trust notes payable,
b Debentures are subordinated to collateral trust notes,
c After deprecia¬
tion.
d Represented by 167,594 no par shares.—V. 145, p. 1438.

United Carbon Co.—Extra Dividend—
The directors have declared

an

extra dividend

of 50 cents per share in

quarterly dividend of $1 per share on the common
both payable Oct. 1 to holders of record Sept. 15.
for detailed record of previous dividend payments.

addition to the regular

stock,

July

Earnings of System for Month of

See

V.

value,
p. 1620
1118.

par

no

144,

1937

1936

Total operating revenue
Total operating expenses

$1,150,940
897,074

$1,119,420
835,158

Net operating revenue.

$253,866
129,540

$284,262
111,169

Years Ended Dec. 31—
Gross operating incomeCost of operations

$124,326
25,732

$173,093
40,042

Taxes, city and State

Taxes
Total operating income
Non-operating income

_

145. p.

—V.

United Elastic Corp.

-Earnings1933

1934

1935

1936

Gross income

$150,058
224,291

$2,145,627
2,028,370
x39,023
68,599

$2,158,716
2,146,415

$64,681

$9,636

loss$99,100

$148,554

y9,500
Cr39,622

y3,000
Cr62,561
Crl3,226

Cr~74~220

27,264
Cr81,767

$99,436
1,130,580

$82,423
1,110,813

loss$17,883
1,238,204

$203,058
1.141,147

$1,230,016
101,816

$1,193,236
62,656

$.1,220,321
101,816

$1,344,205
103,877
2,123

$1,128,200

Depreciation

$213,135
228,705

$74,233

___

_

Total deductions

$15,570

Combined net loss- -Railway and bus.
-V. 145, p. 783.

Net profit from

Fed.

$1,130,580

$1,110,813

40,548
70,853

regular

operations
&

inc.

stock

cap.

taxes

Inc. from invests., &c___

Tidewater Electric

Co.—jExemption—

Profit

sale of

o.

The Securities and Exchange Commission has granted the company ex¬
emption from necessity of filing a declaration under the Utility Holding
Company Act in connection with the issue and sale by it of $ $125,000 mort¬
gage note, to be dated July 1,1937, and to evidence a loan through the Rural
Electrification Administration.
The company is a subsidiary of East
Coast Public Service Co.
Proceeds from the loan are to be used for the

securs.

Cr4,633

_

Balance
Dividends paid

building of electric transmission and distribution lines.

$2,239,496
1,922,683
43,207
71,727
53,325

$2,227,921
2,058,198
x36,666
68,376

Cotton tax FAAA

Cr6,996

Miscellaneous

Toledo Peoria & Western

1935

1936

1934

$198,001
53,223
24,306

Net after rents

$244,146
78,329
33,968

$153,434
32,551
15,253

$174,378
48,340
23,555

1,337,427
373,594
156,131

_

Net profit for the year

charges._
Adjustment of local taxes
on
change in munic.
tax year & miscell

:

■

RR.—Earnings—

1937

July—
Gross from railway
Net from railway..

1,389,277
417,172
200,636

962,885
175,864
58,885

979,655
187,034
67,221

Surplus,Dec.31--

7,692

Includes Federal capital stock taxes,

x

From Jan. 1—
Gross from railway

Net from railway..
Net after rents....

Years End. June 30—
Net profit for year
Common dividends

Accounts

239,097

Accrued

2,649
277,469

1,057,927

Res.

Value of life insur.

120,644

115,768

receivable

1,596

425

609

1934

$225,356 def$186,123 def$212,170

Interest

standing (no par)
1,627.050
542,350
534,216
534,216
Earned per share
$2.01
$4.30
$3.79
$3.82
x After special reserve for depreciation of $190,820 in 1934 and $100,000
in 1933; also after reserve for taxes (amounts not stated) ,
y After reserve
for taxes of $656,970 in 1937, $423,023 in 1936 and $278,326 in 1935.
Consolidated Balance Sheet June 30
1935

1934

52,722,612

$1,638,046
593,127

593,127

German subsidiaries.

75,335

87,684

1,486,232
72,448

2,889,613
1,371,049
3,728,788
910,047
49,678

2,150,215
866,448
3,453,056
483,408
39,994

1,739,188
812,119
4,606,932
1,112,208
36,144

U. S. & Can. Govt

sees.

Cash..
Deferred charges..

671,966

30,456

United Gas Improvement

145,

p.

Accts.

1,394,062

assets...

mtge.

$7,000,000
559,310
262,495
634,977
3,702,159

$7,000,000

558,317
314,753

Reserve for taxes

839,003

3,885,943

Surplus

$7,000,000
273,894
161,882
407,585
3,839,612

$7,000,000

238,132
369,151
426,979

3,633,099

$12,598,016 $12,158,941 $11,682,973 $11,667,360
Represented by 1,627,050 no par shares in 1937 and 560,000 no par
shares in 1936, 1935 and 1934.
b After reserves for depreciation, in¬
cluding special reserve of $4,428,675 in 1937, $4,211,150 in 1936, $3,517,659
in 1935, and $3,467,277 in 1934.—V. 144, p. 4201.
a

Tri-State Telephone &
Period End. July 31—
Operating revenues

1,500,000
4,012,800

69,412

Reserve for taxes.

Res. for contingent

liability

97,500

—

1,738,952
125,000

payable.
payable
Mtge. payable on
Notes

1,760,133

5,200

real estate

Accrued expenses.

1,217,000

..

1,558,986
97,500

Contingent acct__

409,349

Earned surplus

subs, in excess of
..

7,496,220
109,874

$

Capital sto

580,455

747,643

Capital surplus
stock

1,292,991

1,159,717
Dr8,381

Dr8,381

Treasury

contracts
843,910
18,602
93,841

& goodwill,
Bal. in closed bks.

Deferred charges..

11,709,198 11,362,707

Total

Total..

11,709,198 11,362,707

After depreciation,
y Represented by 300,000 no par shares.
For income statement for 3 and 6 months ended June 30, see "Chronicle"

»x

Telegraph Co.—Earnings—

1937—Month—1936
$525,075
$486,522
6,069
108

Uncollectible oper. rev..

4,982,860

Cost of securities of

book value.

y

Accounts

225,000

equipm't bonds.

Cartage

Total liabilities

510,490

marine

Inv. in other cos..

1936

7,496,220

Liabilities—

1,173,017
2,220,349

64T565

Notes receivable.,

Fixed

1937

$

1,065,142
receivable.. 2,093,780

Represented by

Co.—Weekly Output—

1936

$

Assets—

x

y

Co. (& Subs.)—Bal. Sheet June SO

United States Freight

Cash

value,

Aug. 28 '37 Aug. 21 '37_ Aug. 23'33
89,821,797
89,538,587 85,827,708

of system (kwh.)
1439.

Electric output

M tge. notes re ceiv.

Common stock

Accounts payable
Res. for foreign exchange

$2,953,920 $2,917,264

Total

$2,953,920 $2,917,264

Total

—V.

$12,598,016 $12,158,941 $11,682,973 $11,667,360

stock.

26,620

29,306
654,183

Plants & equipm't

1st

Total assets
Liabilities—

1,656,300
1,130,580
Dr89,900

409,323

19,889

1937

res.

100,000

1,656,300
1,128,200
Dr89,900

Capital stock
Treasury

17,425

25,121
100,000

sec.

Prepaid ins., &c_.

1,337,856
34,538

4,009,713
1,584,664
2,661,332
821,677
68,571

Inventory of materials,
supplies, &c
Bills&accts.rec. ,les

other

Week Ended—

_

Inv. in sundry stks., &c_

409,323
in

& notes

b Real estate bldgs., ma¬

chinery & equipment. $2,977,256
Torrington Co. of Maine
399,469
capital stock..
Net assets of English &

&

Surplus
y

Co

Inv.

$1,395,249

399,469

1937

Fed.

for conting..

x Represented
by 165,630 shares of no par
8,990 no par shares.—Y. 145, p. 1439.

1936

Assets—

17,024

State taxes

x

$102,859

$117,174

ton Rub. Thread

$500,668

stock out.

in Easthamp-

Inv.

payable.
expenses.

for

Res.

250,656

securs.

Inventories

y$3,262,516 y$2,333,877 y$2,027,830 x$2,040,668
1,540,000
3,037,160
2,520,000
2,240,000

Surplus
com.

$85,565

1935

1936

Liabilities—

1935

$89,068
272,992

1,105,653

Marketable

1935

1936

1937

$1,238,204

Federal income tax only.

Balance Sheet Dec. 31

Notes receivable..

Torrington Co. (& Subs.)—Earnings—

y

1936

Assets—

Cash......
Accts. receivable..

—V. 145, p. 783.

a

297,171
306.343

Def. discount on notes receiv.

62,835

Furniture and equipment...

Deferred charges

30, 1937, all such income
and other charges, for the purpose
maintenance and operation of the

lines."

Shares of

76,035
99,005
170,000

Res. for Federal & State taxes.

receivable, other notes
investments

Cash value of life ins. policies..
c Office building and site

payable.$4,976,000

Collateral trust notes

$918,737

on

July 31, 1937

Liabilities—

hand & in banks ..'...

income and earnings for the six months to June
and earnings, after operating expenses
of securing proper, safe andT adequate

1601

Chronicle

1937—7 Mos.—1936
$3,581,676
$3,268,187
21,439
7,255

of Aug. 7, p.

transfer agent for the

961.

Transfer Agent—
the City of New York has been appointed
capital no par stock of this company.—Y. 145, p. 961.

The Chase National Bank of

Operating revenues.
Operating expenses

$519,006
401,491

Net oper. revenues

Operating taxes
Net operating income

$486,414
374,537

$3,560,237
2,717,979

$3,260,932
2,429,545

$117,515
51,777

_.

$111,877
29,495

$842,258
311,286

$831,387
220,356

$530,972

$82,382

$65,738

.

$611,031

Utah Ry.—Earnings—

1937

July—■
Gross from

railway

Net from railway
Net after rents

—V. 145, p. 959.

From Jan.

Truax-Traer Co. (&
3 Mos. End. July 31Net

loss

Subs.)

deprec.,
deple., int., taxes, &c_

quirements.—V.

Ulen &

a44,

p.

Nil

Nil

_

Exclusive of discount

on

x$23,081

x$43,386

$72,262

Earns, per sh. on 276,325
shs. cap. stk. (no par)
x

1935

1936

1937

Net from railway

1934

Net after rents

after

prof$52,669

Nil

debentures purchased

$0.19

for sinking fund

re¬

4363.

Co.—Delisting Permitted—

The

application by the New York Curb Exchange to withdraw from
listing and registration company's 6 % convertible sinking fund gold deben¬
tures, due Aiig. 1, 1944, bearing three stamps, has been granted by the
Securities and Exchange Commission.
The Exchange sought delisting on

—V. 145, P.

1935

1934

$43,045
def4,293
2,516

$40,020
def7,425

def 8,146

def 12,827

def22,732

678,070
97,063
30,648

562,225
132,203
68,414

482,558
103,497
12,205

308,207
16,906
def100,364

$30,127

1—•

Gross from railway

-Earnings

1936

$54,502
def7,138
def8,275

961.

Utica Knitting

Co.—Accumulated Dividend—■

The directors have declared a dividend of

$1.75 per share on account of

accumulations on the 7% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 30.
Dividends of $5.25 were paid on July 1, and
March 31, last, and on Dec. 15, 1936.
A dividend of $3.50 was paid on

Sept. 1, 1936; $1.75 on June 1, 1936; $3.50 on March 2, 1936; $1.75
Dec. 2,1935; $3.50 paid on July 1 and March 18,1935; $1.75 paid on

paid on
Sept. 1,

$1 per share on March 1, 1932.
The last
regular quarterly dividend of $1.75 per share was paid on July 1, 1930—
1934; $7 on March 1, 1934, and

V. 144, p.

3697.

....

the ground that there was an inadequate number of these debentures out¬

standing in the hands of the public after an exchange.—V. 145, p. 624.

United American Bosch Corp.
12

Months Ended

June 30—

Net sales
Net

profit
after
ordinary
deprec., &c. charges but
Federal taxes and surtaxes

—V.

144, p. 4346.




(& Subs.)—Earnings—

1937

\

$10,204,662

1936

$7,546,837

1935
>,

192,333

taxes,

before
381,073

255,912

55,874

on Trustee—
S. District Court for the Northern District of Illinois erred
order appointing a trustee for the corporation on Aug. 14
"in the absence of notice by publication to all creditors and stockholders
as required by statute" is charged in a brief filed Sept. 2 with the U. S.
Circuit Court of Appeals oy Utilities Power & Light, the Atlas Corp. and
representatives of several protective committees.
In addition, the brief sets forth, the court Was in error "since it was an
abuse of discretion," as the court "already was in control of the assets and

Utilities Power & Light

That the U.

in entering an

Corp.—Appeal

1602

Financial

property of the debtor through four trustees," and since the appointment
made "over the objections of every substantial party in interest," and
"simply because the Securities and Exchange Commission insisted."
Section 77-B requires that notice be given to all creditors and stockholders
where a debtor, having been once continued in possession, is deprived of
the title and possession of its property by the appointment of a trustee,

Chronicle

was

the brief held.

"The most serious error of all in appointing a trustee," the brief con¬
tinued, "was the refusal to permit an offer made by Atlas Corp., the prin¬
cipal creditor, to relieve the debtor from its financial embarrassment and
permit the termination of the reorganization proceedings, to be submitted
to the stockholders for their approval.
"Unless reversed, this action of the court will deprive the equity interests
of at least $10,000,000.
This offer, the acceptance of which would make
possible a speedy reorganization, dispenses with necessity for the appoint¬
ment of a trustee and puts the company in a sound financial
condition,
able to meet its debts as they mature.
"It was a gross abuse of discretion for the court, over the objection of
every substantial party in interest, including the court's own trustee of
Pusco and Webster and creditors holding almost 60% of the debtor's out¬
standing indebtedness,- to refuse to permit this offer to be submitted to
stockholders, and simply upon the insistence of the SEC to appoint a trustee.
"The objections made by the SEC to this offer, that it could not be
consummated as a plan for reorganization because it did not affect deben
ture holders, is untenable in view of the express language of Section 77-B:
•A plan for reorganization shall, in case any creditor or stockholder or class
thereof shall not be affected by the plan, specify the creditor or stockholder
or

class

or

case

there were

no

plead¬

ings

or evidence before the court justifying the appointment of a trustee.
On this hearing the debtor was admitted by all parties to be solvent."
The petitioners have asked the Circuit Court for a stay of the

of

a

appoint¬
pending the appeal and for leave to appeal. It is not
on the appeal will begin before
October.—V.

trustee

expected that
145, p. 1440.

arguments

receivable (net)

Notes & accts.

$1,100,013 Accounts payable—trade
420,567 Bal. of add'l comp. for 1936-.
Accrued

—

1,285,109
21,045
66,950

3,096,874
1
78.157

Other current assets

Other assets..-.-----

Fixed assets
Patents

Deferred charges

Corp., Ltd., Moncton, N. B.—
Exemption to Acquire Block of Securities—

company.

The company states

in one of the applications that it proposes to expend
$3,000,000 for the acquisition of 30-year 5% gold debentures, due Feb. 1,
1959, and 20-year gold debentures 5^j% due June 1, 1947, of Utilities
Power & Light Corp.
The other application covers a proposal to expend
$3,000,000 for the acquisition of the securities of the following companies,
all of which are subsidiaries of Utilities Power & Light Corp.:
Central States Power & Light Corp., 1st mtge. & 1st lien
gold bonds,
5M% series, due Jan. 1, 1953.
Interstate Power Co., 1st mtge. gold bonds, 5% series, due Jan. 1, 1957.
Laciede Gas Light Co., 1st mtge. coll. & ref. 5H% gold
bonds, series C,
due Feb. 1, 1953: series D, due Feb. 1, 1960; 10-year 5H % gold
notes, due
Aug. 1, 1953: ref. & ext. mtge. 5% gold bonds, due April 1,1934: coll. trust
6% notes, series A, due Aug. 1, 1942; series B, due Aug. 1, 1943, common
stock, par $100.
Utilities Elkhorn Coal Co., 6% 20-year 1st mtge.
sinking fund gold bonds,
due July 1, 1945.

Darby Gas & Electric Corp., $7 div. series

Vick Chemical

dividend of

Works—Stock Offered—Public

offering

made Aug. 31 of 150,000 shares ($5

par) common stock
Eberstadt & Co., Inc., at $19 per share.
Of the
150,000 shares offered, 75,000 represent new financing, the

by F.

remaining 75,000 being acquired from present stockholders.
The issue has bben substantially oversubscribed.
an electric furnace and
chemical plant at Mount Pleasant, Tenn., which will add
substantially to
the company's capacity to produce phosphoric acid, the
prospectus states.
In connection with the
proposed erection Of this electric furnace, the

July 1937 entered into a 20-year contract to purchase electric
power from the Tennessee Valley Authority at
favorable teras.
The
company states that the availability of low-cost power from TVA was an
important reason for the decision to build the new plant at Mount Pleasant,
Tenn., where the company's property is within a few miles of the TVA
power lines, close to substantial phosphate deposits owned by the company.
Construction on the new plant has already begun and is
being carried on
Stone &

Cost of goods sold, sell¬

ministrative expenses.

6,306,289

6,225,672

z2,774,366

5,719,845

Prof, from operationsOther income

$3,508,167
146,168

$3,079,320
106,691

$1,141,610
47,675

$3,100,263
151,663

$3,654,335

$3,186,011

$1,189,285

$3,251,926

537,765
26,808

469,403

124,291

446,817

y7,274

y6,899

1,853

Total income

Prov. for Fed. & foreign
income taxes
Fed.

surtax

undist.

On

4,412

profits
Prov.

for adjustment of
to
market

securities

quotations.
Net loss

109,234

—

sale of

secur.

3,962
9,384

5,230

Misc. adjustments
Other losses and charges

17,371

on

...

60,423

Approp. as a res. for adv.
exps. during 1935

325,000
$2,953,515
3,413,371

$2,709,334
2,384,489

$1,044,751
2,179,979

1&2,417,834

$6,366,886
2,934,142

$5,093,823
1,680,452

$3,224,730
840,241

$3,860,580
1,680,600

Profit & loss surplus..

$3,432,743

$3,413,370

$4.23

$3.86

$2,384,489
$1.49

$2,179,979

Earns.per sh.on cap.stk.

Net profit

Previous surplus
Total surplus.

Dividends

____

Heights,

111., and West Nashville, Tenn.
Sales offices are maintained in
New York City, Nashville, Tenn., and Kansas
City, Mo.
The company intends to
apply for the listing of its shares on the New
York Stock Exchange.

Capitalization (Giving Effect to This Offering)
Authorized
Shares ($5 par)

Outstanding
696,000 shs.

750,000 shs.

Consolidated Income Statement for Stated Periods
-Years Ending Dec. 311934
1935
1936
Gross sales less discts.,&c
Cost of goods sold—

Sell., gen. & adm.
Depreciation
Taxes
eral

exps.

(other than Fed¬
income)

Rents.
Doubtful notes, &c
Research & development

$4,596,019
2,878,000
676,626
1,560

$5,083,267
3,215,936
753,033

14,908
28,289
6,219
139,907

18,687
28,654

1,560

8,253

168,567

6 Mos. End.
June 30 '37

$5,521,531
3,573,938
831,043
1,575

$2,859,918
1,848,073
472,886

25,011
30,024
1,157
150,025

21,221
15,667
2,471
89,558

810

$3.45

Including depreciation of $65,075 in 1937; $56,745 in 1936; $24,632 in
first six months of 1935, and $42,425 in 1934.
y Incl. adjustment of gold,
z After applying reserve
(provided out of 1934 profits) for advertisement
of $325,000.

Note—The stockholders on March 30, 1935
fiscal year to end June 30 instead of Dec. 31.

approved

a

change in the

Consolidated Balance Sheet June 30
Assets-

Cash

in

1937

banks

Oth. market .secur.
Short-term

Accts. payable, ac¬
crued
expenses,

$624,836 $1,302,846
5,870,958
4,415,158

U. S. Govt, secur.

204,875

350.250

602,660

on

purch. with for.

504,379

Accts. receivable

Fed.

Accrued

undist.

198,647

tax

4,412

prof.

Cap. stk. ($5 par). 3,501,400
1,752,648
Capital surplus
Earned surplus

Other receivables.

504,696

income

taxes.

797,501

abroad,

$443,406

State

Fed.,

& foreign

funds
a

$225,993

&C-Acer.

com¬

Gold held

1936

1937

Liabilities—

1936

&

hand

on

...

3,432,743

3,501,400
1,752,647
3,413,370

183,299
42,366

44,793

Officers' & employ.
accounts

2,237

2.199

1,531,313

Inventories

1,111,359
232,430

Invest. & advances

215,095

Vick Chemical Co.

capital stock

119,845

Land

83,666

b Buildings,

41,166

486,804

549,651

&c.,

machnry, equip¬
ment, &c
Leasehold improve¬

ments, unamort.
balance

44,945

b Non-oper.

-

44,973

Total

30,120

46,867

52,792

1

Advert, supplies &
deferred charges
Trade-mks., good¬
will, &c

After

Y

real

estate.

a

Eart in the is located in Chicago and its principal plants The at Chicago
ead office company's operations, the prospectus states.
company's
are

1,442,746

x

Webster.

Approximately $175,000 of proceeds from the financing will be used for
expansion of manufacturing facilities of these plants.
The balance will
be added to working capital.
•
Company was organized in 1902 under Illinois laws.
Is one of the lead¬
ing manufacturers of high-grade phosphoric acid and phosphates or food,
pharmaceutical and various technical purposes.
It also manufactures
various other chemical products,
including triple superphosphate, ferro
phosphorus, oxalic acid and formic acid.
Its products are sold to the food,
steel, building, textile, fertilizer, oil, paint, pharmaceutical, chemical and
other industries.
Research and development have played an important

$8,820,108

$3,915,976

$9,304,992

ing, advertising & ad-

company in

under the supervision of Messrs.

1934

_

$9,814,456

& discounts
x

Cal. Year

6 Mos. End.

Year Ended

Proceeds from the sale of the 75,000 shares being offered for the account
of the company will be used in the amount of
approximately $1,000,000

for the acquisition of real estate and construction of

.$6,068,717

June 30, '37 June 30, '36 June 30, '35

Sales, less returns, allow.

(trade)

Victor Chemical
was

—

Consolidated Income Account

Period—

discounted value

$i per share on the common
stock, payable Sept. 10 to holders of record Aug. 31.
A like amount was
paid on May 1, last.
An initial dividend of $2 per share was paid on
Dec. 19. 1936.—V. 144, p. 2850.
a

surplus

Co.—Earnings—

mercial notes at

Valley Mold & Iron Corp.—To Pay $1 Dividend—
The directors have declared

3.416

3,105,000
2,343,599

Total

$6,068,717

—

55,000

Earned surplus
Capital stock.

Equity attaching to contracts for sale of 25% interest in consolidated
subsidiary.—V. 145, p. 1120.

cum. pref. stock, and $6.50

div. series cum. pref. stock.
In the acquisition of these securities, the applicant
proposes to utilize a
portion of funds realized from the sale on July 29, 1936, of its holdings in
Greater London & Counties, Trust Ltd., and in English Electric
Co., Ltd.
The securities will be bought through brokers at market
prices on national
securities exchanges, and by over-the-counter transactions in the cases of
unlisted securities, it is stated.

Div. pay. to minor, int. in sub.
Reserves

a

The corporation, a

wholly owned subsidiary of Utilities Power & Light
Corp., a registered holding company, has filed two applications (46-69 and
46-70) with the Securities and Exchange Commission, under the Holding
Company Act, asking for exemption with respect to the acquisition of cer¬
tain securities of the parent company and of subsidiaries of the
parent

7,586
243,974
5,500
128,915

liabilities

Earned

Total—

$175,727

aEqulty attach!'g to contr'ts—
Capital stock

—

Inventories

State income taxes

Utilities Power & Light

Asks

Liabilities—

Jssets—
Cash

classes thereof not affected.' "

The brief asserted elsewhere that "in the instant

ment

Sept. 4, 1937
Consolidated Balance Sheet June 30

1

reserve

$10,307 in 1936.

$9,519,854 $9,615,521

Total

$9,519,854 $9,615,521

for doubtful accounts and discounts of $8,539

b After

reserve

in 1937 and

for depreciation.—V. 145, p. 961.

Virginia Electric & Power Co.—Earnings—
12 Months Ended July 31—

Operating
x

x

x

Includes

1937

1936\

3,335,621

3,092,987

_

$17,255,710 $15,751,397
7,117,829
6,864,984

revenues

Balance after oper., maint. and taxes
Balance for dividends and surplus

non-operating
145,

retirement reserve.—V.

income,
p. 1440.

,——

net.

y

After

appropriations

for

Virginian Ry.—Earnings—
July—
Net from

railway
railway._____

Net after rents.
From Jan. 1—

Gross from railway
Net from

railway

Net after rents.
—V. 145, p. 1120.

1935

1936

1937

Gross from

1934

_

$1,628,146

$1,346,036

$1,264,215

$1,162,321

837,304
723,120

710,734
671,267

656,197
557,766

599,976
524.896

11,185,462
6,049,513
5.180,461

9,543,939
5,094,721
4,588,106

8,907,450
4,726,017
3,930,646

8,182,578
4,230,690
3,666,819

Waco Aircraft Co.- —Earnings—
6 Mos. End. June 30—
Net loss after all charges

1937

1936

1935

$24,808

and taxes

$32,031

$87,732

1934

prof$25,433

Sales for the six months ended June 30, 1937, totaled $583,613 against
$525,799 in six months ended June 30, 1936.—V. 145, p. 962.
,

Waldorf System, Inc.—Dividend

Reduced—

The directors have declared

a dividend of 20 cents per share on the com¬
stock, no par value, payable Oct. 1 to holders of record Sept. 20.
Dividends of 30 cents were paid in each of the four preceding quarters and
compare with 20 cents paid oil July 1, 1936; 12>£ cents on April 1 and
Jan. 10, 1936, Dec. 20 and Oct. 1, 1935; 20 cents paid on Dec. 31, 1934;
25 cents on April 1 and Jan. 3, 1933, and 37cents per share distributed
each quarter from April 11, 1927, to Oct. 1, 1932, incl.
In addition, an
extra dividend of 25 cents was
paid on Dec. 23, 1936; an extra dividend of
10 cents on Oct. 1, 1936, and an extra dividend of 17 Scents per share
was paid on
April 1, 1936.—V. 145, p. 786.
mon

F Profit from opers
Other income

$850,508
20,849

$888,574
20,203

$908,755
56,373

$409,230
11,801

$871,357
9,038
126,064

$908,777

$965,128
1,519
151,982

$421,031

Income deductions

Normal income tax
Surtax

on

undist.

profits

Bal., carried to surplus
Equity attaching to min.
ints. in the net profits
subsidiary
Nei profit




119",091

69",833

42

$736,254

$789,686

'

$811,583

$351,197

335

8,710

$811,248

$342,487

Walker's

$736,254

$789,686

Department

Store,

Los

Angeles—Sold

in

Bankruptcy Action—
The sale of the store for approximately $1,400,000 and the future opration of the concern as the Fifth Street Store brought to a close Aug. 31 what

Volume

termed an unusual bankruptcy administration, according to Los
Angeles press dispatches.
As announced by William H. Moore, the trustee in bankruptcy, the
purchase price was paid to him, all creditors are being paid the full amount
of their claims in addition to interest from December, 1934, the date of the

Wisconsin Central Ry.—Earnings—

was

bankruptcy.
This is a dividend of 118.66%.
In this respect, it was said,
the bankruptcy administration was unusual.
Purchaser of the store is the Fifth Street Building, the former landlord
corporation and owner of the building in which Walker's operated.

Webster &

Co.—Granted

Southbridge Gas & Electric

Exemption by SEC—

_

Wellington Foundation, Inc.—Registers with
See list given on

first page of this departn ent.—V. 143, p.

Western Grocer Co.

$1,086,083
50,019

$6,818,395
226,616

102.322

82,144

496,136

455,681

Total revenues.
$1,349,774
Maint. & way & struc.

$1,218,246

$7,541,148

$6,941,672

152,417
182,558
29,698
455,375
42,779

126,530
152,494

28,687
396,226
72,721

888,764
1,119,049
177,350
2,861,313
320,649

793,815
1,002,928
171,106
2,658,081
357,961

All other

Selling,

goods sold
warehouse

expenses

Transportation

14,499

18,847

•

.

Foods, Inc
Prov. for Fed. inc. taxes.
res.

48,450

45,913

y71.840

to eliminate

22,868
12,505
19,971

3,000

2,500

$320,784

$222,294

$233,718

98,490
153,896

Net profits.

90,031
25,715

Preferred dividends

Condensed Consolidated Balance Sheet June 30
Liabilities—
1937
1936
1937

$286,319
599,920
2,665,615
41,590

3305,139
582,639

Inventories

2,633,088

Deferred charges..
cellaneous assets

Accept,

400,000

Accounts

675,508

878,929

153,929

rolls, &c

90,258

45,600

928,200

943,200

2,100,000

2,100,000

1,251,970

1,303,256

Capital surplus...

300,003

1

Earned surplus.__

299,880

181,506

$4,834,432

$4,971,823

$4,834,432 $4,971,823
1937 and $87,887

Total

.

181,526
Drl9,457

stock

for doubtful receivables of $91,246 in

reserve

1936.—V. 144. p. 1982.

Western Public Service Co.—Earnings—

1937

1936

$2,157,633

$2,087,896

12 Months Ended July 31—

Operating revenues
x

y

Balance for dividends and surplus
Includes

retirement

income,

non-operating

145, p.

reserve.—V.

1121.

748,752
130,680
177,283
appropriations for

707,793

Balance after oper., maint. and taxes

x

$3,305,758
1,953,221

expenses

$1,352,537
24,291

revenues

Other

funded debt

on

1937
$126,166

July—

railway

6,616
485

Net after rents

net.

y

After

liability for Federal surtax on undistributed
provision has been made for the seven months
Federal surtax based upon undistributed income,
estimate it at this time.—V. 145, p. 964; V. 144,

3524.

Mississippi Valley RR.—Earning

Yazoo &

579

981,382
110,094
65,819

Net from railway
Net after rents.,-

Gross from railway
Net from railway

—V. 145, p.

$106,436
def7,921
defl2,537

1934

8,018,157
2,213,998
676,917

6,453,666
1,593,023
192,702

6,479,068
1,225,183
defl00,777

Sheet

Tube

&

Co.—To

Vote

on

867,442
50,510
2,738

754,016
def48,358
def74,976

745,464
def37,733

30 called a special meeting of the share¬
holders of the company for Oct. 19,1937, in connection with further financ¬
ing contemplated by the company.
The purpose of the meeting is to place the company in position to under¬
take new financing to provide working capital, from which large expendi¬
tures have been made for plant improvements and betterments, increase
inventories and receivables, &c., and to facilitate completion of further
improvements contemplated in both the Youngstown and Chicago districts.
No definite plans for the proposed financing have as yet been made.
Any
new securities issued in this connection would be offered first to present
common shareholders pro rata.
While the amount of such financing has
not been determined, it is expected to be approximately $30,000,000.
The action to be taken by the shareholders at the special meeting includes
The board of directors on Aug.

approval of an increase in the

authorized common shares of the company

to 2,500,000 shares, the release of pre-emptive rights of
shareholders on not exceeding 400,000 shares, and authorization
the board of directors to issue securities convertible into common shares.

from 2,000,000
common

will be entitled to vote at the meeting.
12 Months Ended April 30, 1937

taxes of

& allowances
$151,009,761
plants & est. prov. for

incl. repairs & maint. of
operating properties

Cost of sales,

118,818,906
5,564,123
479,760

Selling, general & administrative expense
& notes (less recoveries)

Other general expense

def54,239

dividend of $2 per share on account of
pref. stock, no par value, payable Oct. 1

A dividend of $1.87)4 was paid on July 1,
April 1, last; $1.50 was paid on Jan. 2, last;
$1.12)4 paid on Oct. 1, 1936 and dividends of 75 cens per share were paid
on July 1, 1936, and each quarter since and incl. Oct. 1,1933, prior to which
regular quarterly dividends of $1.50 per share were paid.—V. 145, p. 1121.
15.

Corp.—Dividend Doubled

have declared a dividend of 50 cents per share on the
stock, payable Sept. 20 to holders of record Sept. 10.
This
May 14 last; 60 cents paid on Dec. 10,1936,
1936, this latter being the first distribution
made by the company on the common stock since July 1, 1931, when a
regular quarterly dividend of like amount was paid.
Dividends of 25 cents
had been distributed eacn quarter from Jan. 2, 1930 to and including
July 1. 1931.—V. 145, p. 1279.

1937

July—
Gross from railway
Net from railway

1935

1934

Other charges

Net after rents

$1,433,151

$992,272

501,031
429,529

211,387
149,815

$931,228
154,599
73,519

8,441,537
2,257,183
1,619,443

7,445.841

1,103,069

18,704
7,281,727

Proportion of profit accruing to min. shareholder of sub. co
Prov. for deplet. of minerals & deprec. of plants & equipm't—
Prov. for Federal income & excess profits taxes
Prov. for surtax on undistrib. profits of sub. cos. for 1936 only.
Profit for the 12 months—

1,613,123
4,229
$14,303,177

—

Note—Provision has been made for excess

profits tax and surtax on un¬

profits of certain subsidiary companies during the last eight
months of 1936, and for normal income taxes of all companies for the first
four months of 1937.
The company had no excess profits tax or surtax
on undistributed profits in 1936, as. in the opinion of the company's counsel
and officials, due to the deduction of redemption premiums and interest
distributed

applicable to bonds redeemed during 1936 which have been charged to
surplus, the credits are sufficient so that no such taxes will be payable. No
provision for excess profits tax or surtax on undistributed profits of any

6,995,547

1,655,812
1,077,401

1,125,519
3,194,774
24,041

—

debt

Other interest.

company

$1,483,069
489,064
439,182

9,801,402
3,220,328
2,984,937

__

2,084,770

$27,565,294

Interest* wn funded

directors

Wheeling & Lake Erie Ry. —Earnings—

$25,480,524

—

Total income

par common

compares with 25 cents paid on
and 25 cents paid on March 2,

1936

666,447

;

providing for depletion of minerals
depreciation of plants

Profit from opers. before
Other income

Co.—Accumulated Dividend—

Weston Electrical Instrument

New

Financing—

Gross sales, less discounts, returns

$94,081
defl9,430
def20,692

last; one of $2.50 was paid on

included in the consolidated income account has been
of 1937 as it is not possible to determine

the first four months

p.

made during
definitely as

1937.—V. 145,

such taxes will be payable for the year

yet whether any

1279.

1—

Gross from railway
Net from railway
Net after rents
—V

$891,974
142,087
def65,260

1122.

Youngstown

have declared a

to holders of record Sept.

From Jan.

def61,447

35,400

Net after rents..-

&

accumulations on the $6 cum.

The

63,981

1934

1935
$912,172
136,882

9,042,685
2,740,464
1,372,872

Gross from railway
Net from railway 1

145, p. 963.

West Texas Utilities

no

1936
$1,205,489
296,275

1937
$1,157,790
251,102

July—

Consolidated Income Account for the

1935

1936

$125,569
8,883

$841,457

-

Prov. for doubtful accts.

Gross from railway

directors

97,010

—

income

ended July 31, 1937, for
as it is impracticable to

to

•

From Jan. 1—

The

13,884
Crl ,907
2.055

and plant

;

deductions

Provision for income taxes

Alabama- -Earnings—

Net from railway

—V.

$1,376,828
393,108
31,222

Gross income

Interest

Amortization of bond discount and expense
Other interest charges
Interest during construction charged to property

Only holders of common shares

Western Ry. of
Gross from

145, p. 787.

Net operating revenues

115,828

payable.

1

.

profits.—V.

From Jan. 1—

Bankloans

Treasury

After

taxable income to date, no provision is necessary

Net after rents

$26,316

Common stock

10,533

&c_
Plant & equipment

$723,256
for

$30,288 def$265,551

$122,549
no

undistributed

on

Non-operating

1936

400,000

7%pref. stock

Goodwill

a

$235,641
X102.860
$1.63

$5,029

Prov. for Fed. tax.

lmprov.

Total

$235,641

under let¬

ters of credit

75.120

51,061

in proc.of amort.

n

$784,891
488,244
1,019,904

Accrued taxes,pay¬

Investments & mis¬

Leasehold

Operating

p.

$233,718
$68,398
$106,548
102,860
Shs. com. stk. (par $20).
105,000
102,860
$1.62
Earnings per share
$2.44
$1.52
x Par $25.
y Includes surtax on undistributed profits of $7,900.
Balance, surplus

Receivables

$1,226,893
524,256
968,187

Note—The company has no
income for the year 1936.
No

15,000

Common dividends

a

$248,713
85,627
132,798

389,529
293,201

Operating'revenues

Net

tories

Cash

$1,467,622

76,545
40,926

•

intercompany & inter¬
departmental profits in
jobbing branch inven¬

Assets—

$1,957,779
490,157

$1,893,782
395,307
271,581

71,885
142,996

Net income

Note—As there is
the surtax

1,172,755

Other invest, written off
Prov.for

Net after rents
Other income (net) -Dr
Int. on funded debt

$2,174,023
280,241

$366,184

Earnings for 12 Months Ended July 31, 1937

1,193,625

1,240,021
12,644

Creamed

to

Rentals of terminals

$441,588
75,404

$337,430

Net after taxes
Hire of equipment

Wisconsin-Michigan Power Co.—Earnings—

for loss in invest,
adv.

$486,946
79,733

$407,213
59,110
10,672

Taxes,

and

1,388,599
Interest, &c. (net)Cr9,777
and

expenses

Net railway revenues-

SEC—

(& Subs.)- -Earnings—

adminis. expenses

Prov.

revenue

Maint. of equipment
Traffic expenses

2387.

-Year End. June 30
July 1,'36 to
1935
1934
June 26, '37
1936
$15,577,223 $13,854,581 $12,733,650 $10,991,638
11,228,358
9,509,052
13,802,777
12 331,208
"

Net sales

$6,260,969
225,022

50,191

$1,197,261
-

General expenses

subsidiary of New England Power Association, has been
granted an exemption by the Securities and Exchange Commission from the
necessity of filing a declaration under the Utility Act in connection with
issuance of 96,600 shares of capital stock (par $25).
The company proposes to acquire the properties owned by Worcester
Electric Light Co., also a subsidiary of New England Power Association,
through a consolidation of the two companies.
Upon consummation of
this transaction, Webster & Southbridge will become the owner of the prop¬
erties of Worcester Electric Light Co. and will issue the 96,000 shares of its
capital stock to the parent company.
The latter in turn will surrender for
cahcellation the shares of Worcester Electric Light Co. which it now holds
—V. 145, p. 1278.

1937—7 Mos.—1936

1937—Month—1936

Period End. July 31—

Freight revenue
Passenger revenue

The company,

Cost of

1603

Financial Chronicle

145

1,801.505

145, p. 787.

White Motor Co. (&

Subs.)—Earnings—

1937

income, &c., charges
Earns per sh. on 625,000

y$653,197

.

CURRENT

$1.04

shares cap. stock

$Nil

$0.45

,

—Mam-ice

Nil

Manasse

other high

Before Federal surtax on undistributed earnings.
sales during the first half of 1937 amounted to $16,910,552 as
against $13,775,741 in the first six months last year.
Truck and bus
deliveries totaled 6,737 units compared with 5,349 in the corresponding
period of 1936.—V. 144, p. 4366.

Whitney Blake Co.—Registers with SEC-—
1937
Net income after all charges and provision for Federal taxes but
before any provision for undistributed profits tax
$70,143
World Investment Trust—Registers
See list given on first page of this department.

with SEC—

Co., 32

Inc.,

Economist, formerly Financial Advisor to Young

will become Economist to Alexander

Eisemann & Co.,

investment department.
—Redmond & Co. announce that Melville

first page of this department.

Earnings for 6 Months Ended June 30,

Ottley,

&

exclusively as brokers in tax exempt and

grade securities.

—Dr. A. M. Wolkiser,
&

the formation of Manasse

announces

Broadway, New York City to act

Gross




NOTICES

$287,421 loss$851,573 loss$640,520

y

See list given on

Co.—To Split Stock—

recommended to shareholders a two-to-one split of
stock.
The shareholders are to act on the recommendation
on
Sept. 10.
The company has 400,000 authorized shares of common
stock, 332,960 of which are outstanding.—V. 145, p. 965, 1442, 1279.
have

1934

1935

1936

6 Mos. End. June 30—
Net profit after deprec.,

Youngstown Steel Door
Directors

the common

as

a

general partner in the firm.

Curb Exchange.
—Jackson
nounce

&

„

Curtis,

that Robert

partner.

L. Brown has been admitted

Mr. Brown is a member of the New York
■

(

members of the New York Stock Exchange,

an¬

V. White has been admitted to the firm as a general

1604

Financial

Chronicle

Sept.

4,

1937

The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN

PROVISIONS—RUBBER—HIDES—METALS—DRY

COMMERCIAL EPITOME

is the second notice

Friday Night, September 3, 1937
up

Coffee—On! the 30th ulto. futures closed 6 to 10 points
in the Santos contract, with sales of 73 lots.
The Rio

contract closed 3 to 8

points off, with sales of only 17 lots.
opposite direc¬
the New York Exchange today, the Santos
advancing
on support from Brazil, the Rio contract
declining from a lack
of support rather than aggressive selling.
In Brazil the
Santos B terme prices were 50 reis higher to 25 lower,Santos C
125 reis higher to 200 lower.
On Rio terme prices there
were no
comparisons since the schedule was changed.
The
open-market dollar rate was weaker by 120 reis at 15.280
milreis to the dollar.
Cost and freight offerings were un¬
changed to 10 points lower.
On the 31st ulto. futures
closed 9 to 11 points higher, with sales of 68 lots.
The Rio
contract closed 13 to 18 points up, with sales of 16 lots.
Better cables from Brazil, which attracted some
hedge
covering and new buying, aided coffee futures today.
Brazilian cables showed the open-market rate 60 reis im¬
proved at 15.22 milreis to the dollar.
Rio terme prices
were up
100 to 200 reis, and the Santos C contract from
Monday's opening unchanged to 125 reis higher.
Havre
closed 2 to 33^ francs higher.
Coffee destruction in Brazil
for the first half of August amounted to 789,000 bags,
against 1,125,000 for the last half of July.
This let-down
was a disappointment to the trade.
On the 1st inst. futures
closed 21 to 15 points up in the Santos contract, with sales
totaling 68 contracts.
The Rio contract closed 21 to 22
points up, with sales of 40 contracts.
The upward move in
The Santos and Rio coffee contracts moved in

tions

on

coffee continued with increased vigor.

Trade buying and
covering in the September Santos contract, prompted by
the absence of tenders, was attributed to the
higher Brazilian
cables and the news that the President of Brazil had approved
the action of the legislative body in
authorizing an internal
emission of 500,000 contos to be loaned to the National
Coffee Department for the purchase and destruction of 70%
of the current coffee crop (about 18,000,000
bags).
Santos
contracts opened 6 to 14 higher, while Rio contracts were
15 to 16 points higher.
Rio de Janeiro futures were 250 to
275 reis higher, while in Santos the C contract was 25 to
100 reis up.
The free market exchange rate was nominally
quoted at 15.1 milreis to the dollar, an improvement of 120
reis.
Cost and freight offers from Brazil were unchanged
to slightly higher.
Havre futures were 3 to 4^ francs
higher.
On the 2nd inst. futures closed 7 to 11
sales of 54 contracts in the Santos

points down, with
department.
The Rio

contract closed 3 to 4

points down, with sales of 11 contracts.
throughout the session, due to scattered

Heaviness prevailed

selling from trade and commission house
Janeiro futures

sources.

Rio de

unchanged to 50 reis higher, while the
free market exchange rate was 30 reis
improved at 15.07
milreis to the dollar.
Cost and freight offers from Brazil
were
slightly higher, with Santos 4s quoted at 11.00 to
11.30c.
Havre futures were 3 l/i to 4 ^ francs higher.
Today
futures closed unchanged to 4
points down in the Santos
contract,
closed

were

with

sales

1

point
futures trading

up,
was

of

31

contracts.

The

Rio

contract

with sales of only 3 contracts.
Coffee
confined largely to the Santos contract,

which opened 5 to 7 points lower.
but buying interest was almost

Selling was not heavy,
entirely absent.
Rio de
Janeiro futures were 50 to 125 reis
higher, but as an offset
the free market
exchange rate was 20 reis weaker at 15.1
milreis to
held

the

dollar.

Cost and

freight offers from Brazil

about unchanged, with Santos 4s. at from 11.00 to
Two Santos transferable notices were issued, the

11.30.

first since the seventeen issued
were

l/i franc either

Rio coffee

Ilavre futures

Santos coffee

as

follows:

.6.29
6.25

prices closed

March.

6.26
.6.24

July.

as

____9.63

May
July

9.58

follows:

December

September

9.97

10.16

9.57

Cocoa—On

the 30th

ulto.

The opening

Transactions

totaled

futures

range was

closed unchanged to
unchanged to 3 points

only 366 lots, or 4,904 tons.
reported the outside market unchanged to 6d. lower,
on the Terminal Cocoa Market 4to 6d.
easier,
with 1,520 tons trading.
Local closing: Sept., 8.13; Oct.,
8.16; Nov., 8.20; Dec., 8.24; Jan., 8.27; March, 8.33.
On
the 31st ulto. futures closed 1 point
higher to 4 points lower.
Opening sales were unchanged to 1 point down. Transactions
totaled 517 lots, or 6,928 tons.
London came in 3d. lower
on the outside and l^d. easier to 3d.
higher on the Terminal
Cocoa Market, where 1,770 tons were transacted
Today
London

and futures




^

Sugar—On the 30th ulto. futures closed 1

to 3 points
exceedingly dull, in fact it was one
of the dullest days in the history of the Exchange.
Only 7
lots were turned over, indicating how extremely important
is
the
fate
of
the
sugar
bill now
before
President
Roosevelt for his approval or veto.
Fearing violent or
drastic declines one way or the other, traders were extremely
wary about making commitments.
In the market for raws
a
local refiner is understood to have purchased a small
parcel of Puerto Ricos from store at 3.55c. today, but the
details were lacking.
Meanwhile it was confirmed that^a
transaction which had been under negotiation late Friday
involving 3,500 tons of Philippines due in New Orleans Sept.
19 to Godchaux at 3.55c., was effected also. The world sugar
contract was off 2 to 3Yi points, with transactions totaling
down.

The market

413 lots.

was

The action of the London market

was

a

further

discouragement to longs.

Afloats were sold at 2)^d., equal
to 1.063^0. f.o.b. Cuba, and refined was reduced 2^d.
On
the 31st ulto. futures closed 1 point higher to 3 points lower.
Transactions totaled 261 lots, or 13,050 tons.
As the dead¬
line approaches for the Presidential action on the sugar bill,
nervousness increases, with opinion veering more to a
veto,
as indicated
by the market's trend. In the market for raws
National bought 3,000 tons of Philippines, due next week, at
3.50c.
This price established the spot basis of 5 points under
the previous nominal quotation.
At the close 1,000 tons of
Philippines, due Sept. 24, were available at the same price,
but buyers temporarily had withdrawn.
The world sugar
contract market closed unchanged to 1points lower, with
transactions totaling 224 lots.
September notices were issued
to the extent of 235.
When these notices were halted after
about 45 minutes of trading, the September position rallied
from the low point of 1.00K to 1.0434>c., but closed at 1.02c.

bid.

On the 1st inst. futures closed 1 to 2 points down in the
Sales totaled 80 contracts.
The opening

domestic contract.
range was

unchanged to 2 points lower.

There appeared to

be very little life to the market, the trade generally awaiting
the important verdict soon to be handed down, whether the

President will sign or veto the sugar bill.

In the market for
September arrival sugars were offered at 3.50c., the
spot price established by sales yesterday. Refiners might
pay that price, it was stated, but only for specific September
dates which met melting schedules.
The world sugar con¬
tracts responded to the improved tone and better activity in
raws
in London, and after opening H lower to 2 points
higher, scored maximum gains of lp2 to 7 points. Net gains
at the close were lHz to 4 points up, with transactions
totaling 126 contracts.
On the 2d inst. futures closed 4 to 13 points up in the
new

6.37

March

points off.

day for September, and deliveries are
expected to range between 500 and 600.
Again it is believed
the country's leading manufacturer will accept these tenders
promptly.
Local closing: Sept., 8.14; Oct., 8.17; Nov., 8.20;
Dec., 8.24; Jan., 8.26; March, 8.32; May, 8.41.
On the
1st inst. futures closed 1 point up to 1 point down, with the
exception of the distant July delivery, which was unchanged.
During the early session approximately 328 notices were
issued against the September delivery, but they were all
well absorbed by the leading manufacturer.
The London
market was narrow and closed steady.
Transactions in the
local market totaled 354 contracts.
Local closing: Sept.,
8.15; Oct., 8.16; Dec., 8.23; Jan., 8.25; March, 8.31; May,
8.40; July, 8.47.
On the 2nd inst. futures closed 1 up to 2 points down.
Prices moved within a very narrow range, with transactions
totaling 300 contracts. The leading manufacturer continued
to support the nearby months and there appeared to^be
some
additional buying coming from Wall Street.
Local
closing: Sept. 8.14; Oct. 8.17; Dec. 8.23; Jan. 8.25; March
8.29; May 8.38.
Today futures closed 8 to 12 points up.
The cocoa market was selling 10 .o 12 points higher by the
late afternoon on reports that manufacturers were entering
the spot market and also on reports that the primary markets
in producing countries were firm.
Wall Street was a small
buyer.
Sales up to mid-afternoon totaled 250 lots.
Early
today there were 167 transferable notices issued, all of which
were
taken by the leading manufacturer.
Local closing:
Sept. 8. 5; Oct. 8.25; Dec. 8.34; Jan. 8.36; March 8.41;
May 8.50.

raws

prices closed

December

off.

Aug. 27.

way.

May
September

10

on

GOODS—WOOL—ETC.

domestic
In

contract.

Transactions

totaled

1,367

contracts.

of the

longest and most exciting openings in the history
of the
Exchange, sugar futures scored gains of 13 to 25 points
(the limits for one day) in the domestic contract. At this
level a heavy wave of profit taking set in, which cut down
the early gains materially.
This profit taking and short
selling was prompted by the news that the Department of
Agriculture had announced new 1937 quotas up 360,000 tons
one

above those originally set.
In
at a standstill. All refiners

were

the market for raws things
temporarily withdrawn,

were

Volume

announcing that a new price and terms will be set within the
next few days.
The world contract opened with gains of 2
to 10 points, and closed 5 to 634 points up.
Transactions in
this market totaled 320 contracts.
London further hedge

raised futures 34 to l%c., while
Today futures closed 3 to 6
points down in the domestic contract. The opening range
was 1 to 5 points lower.
Activity was not up to yesterday's
volume, as traders waited for evidence that the market had
settled.
Shortly after noon two refiners, Henderson and
Sterling, announced a new price of $5.20, an advance of 50
cents per hundred pounds, against the added excise tax of
5334 cents on refined sugar. In the raw market Philippines
were offered at 3.50, while other sugars were from 3.55 to
3.60.
Buyers wete not disclosing interest. The world sugar
contract opened unchanged to 1 point lower and closed 4 to
3 points lower.
Part of the declines was in sympathy with

lifting against sales of
raws

the

were

raws

offered at 6s 4}4d.

action

of

the

domestic

market.

London's

failure

to

advancing trend was regarded as a depressing
influence locally.
In London futures were y2d higher to yd
lower, while raws there were still held at 6s 434d per cwt
continue the

Prices

were as

follows:

July
September

2.38

2.25

2.40 January
2.49 March

December

were

20

were

3d. to 6d. lower.

On the 1st inst. futures closed 2 to 10

points lower. Liquidation was influenced early in the session
by reports of heavy deliveries in September lard contracts.
This selling resulted in a setback of 5 to 12 points in the
nearby deliveries. Trade interests were looking for a decrease
of about 18,000,000 pounds in lard stocks, due to the con¬
tinued light hog marketings.
The report issued after the
close of the market was above expectations and showed that
stocks decreased 19,258,855 pounds.
Total stocks now at
Chicago are 86,207,058 pounds, against 105,468,943 a month
ago and 65,345,143 pounds on Aug. 31, 1936.
Demand for
hogs was reported slow and in spots prices were 40c. lower.
The top price was $11.80.
Western hog marketings were
light and totaled 36,100 head, against 39,700 head for the
same day last year.
No lard exports were reported. Liver¬
pool lard futures closed quiet at 6d. to 9d. lower, with spots
unchanged.
On the 2d inst. futures closed 25 to 37

points up. The
monthly lard statistics, firmness in grains and other
outside markets stimulated active covering for speculative
account.
The market opened 10 to 15 points higher, but
soon after advanced 27 to 30
points, closing at about the
highs of the day. Lard exports today totaled 64,400 pounds,
destined for Antwerp and Liverpool. Liverpool lard futures
closed unchanged to 6d higher, with the spot position un¬
changed. Chicago hog prices were a shade easier, the top
price registering $11.70, with the bulk of sales easier, the
top price registering $11.70, with the bulk of sales ranging
from $9.90 to $11.60.
Western hog marketings were below
a
year ago and totaled 34,100 head, against 48,600 for the
same day last
year.
Today futures closed 18 to 5 points
down. The heaviness of the grains and the downward trend
of most other commodity markets, appeared to have a
depressing influence on lard. There was nothing in the lard
situation to encourage real support and prices yielded
easily
to the slightest pressure.
bullish

DAILY

CLOSING PRICES OF LARD
Sat.

September
October

10.27

Mon.

FUTURES IN

Tues.

Wed.

CHICAGO

Thurs.

Fri.

10.17

10.12

10.50

__.__10.37

10.15
10.27

10.30

10.65

10.35
10.47

10.50

10.47

10.47

10.25
10.45

10.72

10 60

__10.60

11.50

10.60

10.50

10.75

10.62

December.

January

Pork—(Export), mess, $36.1234 per barrel (per 200
pounds); family, $35.1234 (40-50 pieces to bale), nominal,
per barrel.
Beef: (export), steady.
Family (export), $23
to
$24 per barrel (200 pounds), nominal.
Cut Meats:
Steady.
Pickled Hams: Picnic, loose, c.a.f.—4 to 6 lbs.,
1934c.; 6 to 8 lbs., 1834c.; 8 to 10 lbs., 1634c.
Skinned,
loose, 14 to 16 lbs., 23^c.; 18 to 20 lbs., 2134c.
Bellies:
Clear, f.o.b., New York—6 to 8 lbs., 25>4c.; 8 /to 12 lbs.,




September

2.38

May

registered, which was followed by a rally of 15
points from the lows. The hog market was a shade
easier and hog prices at Chicago closed unchanged to 15c.
lower. The top price for the day was $12, and scattered sales
were reported at $10.10 to $11.85.
Hog marketings at the
leading Western packing centers were under a year ago and
totaled 42,800 head, against 48,505 head a week ago and
62,200 for the same day last year. Lard exports from the
Port of New York continue to run light and today totaled
33,600 pounds, destined for Hamburg. Liverpool lard futures
to

Cottonseed Oil, sales, including switches, 128 contracts.
Crude, S. E., 734c.
Prices closed as follows:
7.69@ 7.71
7.70@

7.71@ 7.76 January
February
7.66@
March
7.65@
April
7.68@

October

time during the session maximum declines of 7 to 10

one

Oils—Linseed oil crushers were reported as holding firm,
though quotations were reduced 2 points recently, with tank
cars
at 10.2c. .Quotations: China Wood—Tanks, nearby,
18 to 20c., nominal; Jan., if and as shipped, 14 to 15c.
Cocoanut: Oct.-Dec., 434c.; Coast, Sept.-Dec., 4c.
Corn:
West tanks,
old crop, 734 to 7%e.
Olive: Denatured,
nearby, $1.30; Shipment, new crop, $1.10.
Soy Bean:
Tanks, west, Aug.-Sept., 634c.; Oct. forward, 6 to 634c.;
L.C.L.—Aug.-Sept., 9c. offered, no bid; Oct. forward, 8 to
834c.
Edible: 76 degrees, 1034c.
Lard: Prime, 1334c.;
Extra winter, strained, 1234c.
Cod: Crude, Japanese, 62c.;
Norwegian, light filtered, 43c.; yellow, 44c.
Turpentine:
3634 to 4034c.
Rosins: $9.05 to $10.00.

November

points off.
The opening was 2 to 5 points lower.
The market subse¬
quently rallied and advanced about 5 to 10 points from the
ower
levels.
When grains turned easy light liquidation
resulted in a break of 15 to 20 points from the highs. Houses
with Eastern connections were reported as fairly heavy sellers
of lard.
Chicago hog prices were steady at the start of the
week, the top price registereing $12, with most of the sales
ranging from $10.20 to $11.90. Western hog receipts con¬
tinue to run light and totaled today 46,200 head, against
47,618 head a week ago, and 65,929 head for the same day
last year. Liverpool lard futures ruled quiet, with prices 3d.
lower, while the spot price was unchanged. No export clear¬
ances of lard were reported from the Port of New York.
On the 31st ulto. futures closed 2 to 10 points net higher.
points

2534c.; 10 to 12 lbs., 2434c.
Bellies: Clear, dry salted,
boxed, New York—16 to 18 lbs., 1834c.; 18 to 20 lbs., 1834c.;
20 to 25 lbs., 1834c.; 25 to 30 lbs., 1834c. Butter: Firsts to
higher than extra and premium marks: 28 to 3434c.
Cheese:
State, held '36, 23 to 24c.
Eggs: Mixed colors, checks to
special packs: 17 to 2334c.

2.36

_

Lard—On the 30th ulto. futures closed 5 to 10

At

1605

Financial Chronicle

145

December

7.76(a)

7.77©

Rubber—On the 30th ulto. futures closed 1

higher.
higher.

to 6

points

The opening range was 3 points lower to 1 point
Transactions totaled 3,380 tons, of which 2,450 tons

in the September contract.
Factories were reported as
showing increased interest in the outside market. Most of
them apparently were bidding 1834c. for standard sheets,
with offerings raised to 18 7-16c. by dealers.
London and
Singapore closed dull, prices unchanged to l-16d. lower.
Local closing: Sept., 18.90; Oct., 18.38; Dec., 18.51; Jan.,
18.59; March, 18.74; May, 18.82. On the 31st ulto. futures
closed 5 to 10 points higher.
The market opened 5 points
higher to 10 points lower.
Trading was very limited, with
740 tons transacted for the day.
Only 13 September con¬
tracts changed hands, indicating that apparently September
liquidation has about run its course.
It seems the general

were

belief that the market is in

a

sound technical

position.^

In

the outside market

prices firmed slightly to a spot basis of
1834c. for standard sheets.
London and Singapore closed
dull and quiet respectively, at unchanged prices.
Local
closing: Sept., 18.40; Oct., 18.47; Dec., 18.02; Jan., 18.68;
March, 18.80; May, 18.89.
On the 1st inst. futures closed
5 to 11 points down.
The market started with the range
unchanged to 6 points advance, except January 8, which was
3 points down.
During the latter part of the session the
market had a decidedly heavy appearance and closed at the
lows of the day.
Transactions totaled 43 contracts.
The
London and Singapore markets closed quiet and steady
respectively, prices ranging unchanged to 2-32d. higher.
Local closing: Oct.,
18.42; Dec., 18.55; March, 18.70;
May, 18.78.
■
•
On the 2d inst. futures closed 47 to 30 points up.
At the
opening prices were 3 to 7 points off, except May, which
was 2 points higher.
Shortly after the opening the market
firmed up and increased in strength as the session progressed,
closing at the highs of the day. The London and Singapore
markets closed steady, prices ranging unchanged to l-16d.
higher on the former, while the latter declined 1-16 to 3-32d.
Local closing: Sept. 18.82; Oct. 18.85; Dec. 18.90; March
19.00; May 19.10.
Transactions totaled 186 contracts.
Today futures closed 2 points up to 5 points down.
The
market opened unchanged to 19 points lower.
Prices im¬
proved somewhat during the rest of the session, recovering
a substantial portion of the early losses.
The London and
Singapore markets closed quiet and steady respectively,
prices ranging unchanged to 5-32d. higher. Transactions on
the local Exchange totaled 312 contracts.
Local closing:
Dec. 18.82; Jan. 18.86; March 18.96; May 19.07.
,

Hides—On the 30th ulto. futures closed 5 to 9

.

points off.

Trading was moderately active, with transactions totaling
1,720,000 pounds.
No new developments were reported
the domestic spot hide
situation.
However, it was
reported that in Chicago city calfskins, 10-15s, sold at 21c.,
a decline of
lc. from the last previous sale.
Local closing:
in

Sept., 15.92; Dec., 16.28; March, 16.63; June, 16.96; Sept.,
17.26. On the 31st ulto. futures closed 10 to 12 points up.
The opening range was 12 points advance to 2 points decline.
Buying power improved during the late dealings and the list
gradually worked higher. Transactions totaled 1,840,000
pounds. No business was reported in the spot markets
either here or in the Argentine.
Local closing: Sept., 16.02;
Dec., 16.40; March, 16.75; June, 17.08; Sept., 17.38.
On
the 1st inst. futures closed 22 to 23 points down.
Transac¬
tions totaled 56 contracts. The market opened 7 to 17 points
down. The session was under way a short while when weak¬
ness
developed and continued to the end of the session.
Local closing: Dec., 16.18; March, 16.52; June, 16.86.
On the 2d inst. futures closed 13 to 15 points up.
The

opened 2 to 8 points under the previous close, but
strength as the session progressed, closing at
about the highs of the day.
Transactions totaled 2,400,000
pounds.
Argentine indicated that frigorifico steers have
been sold at $97.50, a decline of $1.50 from the last previous
sale.
Local closing: Sept. 15.94; Dec. 16.31; March 16.68;
June 17.00; Sept. 17.30.
Today futures closed 1 point

market

increased in

1606

Financial

The market opened 3 to 14 points
down.
Trading was light and fluctuations narrow. Transac¬
tions totaled only 42 contracts.
Local closing: Dec. 16.32;
up

to 3 points down.

March 16.65.

,

Ocean Freights—The market for charters is reported as
quite slow; ship owners' and shippers' ideas being somewhat
apart in many instances.
Charters included: Trips: Hector,
period North Atlantic River Plate trade, September. Sydfold, trip down North Atlantic to West Indies, prompt.
Gov. John Lind, round trip West Indies, $2.25.
Grain
Booked: Two loads, New York-Glasgow, September, 21 to
23c.
Montreal to Hamburg, 1,000 tons, September, 19c.
Four hundred tons, New York to Malta, September, 25c.
Sixty-five loads, New York-Antwerp-Rotterdam, Sept.,
14c.; 10 loads Albany to Antwerp-Rotterdam, Sept., 14c.
Grain: Aalsum, 4,700 tons, 10%, San Lorenzo to full range
United Kingdom, Dec. 20-Jan. 30, 33-6; option slow Irish
ports, 33-9.
Tre—, 8,100 tons, 10%, Durban to picked
ports United Kingdom, Sept. 25-Oct. 31, 36-, maize, cotton¬
seed.
Steamer Harrison, 514,000 cubic feet, Alexandria to
Hull, Oct. 15-30, 19-6, per 60 cubic feet.

Coal—Wholesalers have been

reporting a sudden increase
recently, due largely to a desire to forestall the
advance on Sept. 1 in the wholesale price.
However, sellers
believe that the worst of the poor domestic demand is ended
and that the present buying is a seasonal upward movement
on the
prepared coals. It is predicted that orders will gain
from now on because of the prospects for higher prices under
code schedules.
It is reported that business has been so
spirited in some districts that additional mines have been
opened.
It is said that production will probably increase
steadily from now to the end of the year. An indication of
bfisk industrial consumption is the further rise in steel
operations for this week to over 84% of capacity.

Chronicle

Sept. 4, 1937

Local closing: Sept. 1.78; Oct. 1.79; Nov. 1.77; Dec.

bale.

-75)4; Jan. 1.7434; March 1.74; April 1.73. To-day futures
)4c. down. Transactions totaled 130
contracts. The market opened lc. lower to lc. higher. The
1

closed unchanged to

price of crack XX in the New York spot market advanced
)4c. to $1.87)4. The Yokohama Bourse closed 5 to 8 yen
higher, while the price of grade D in the outside market
advanced 234 yen to 825 yen a bale. Local closing: Sept.
1.78; Oct. 1.78)4; Nov. 1.76; Dec. 1.74)4; Jan. 1.74; Feb.
1.74; March 1.73; April 1.72)4. A

COTTON

The Movement of
grams

from the South tonight, is given below.

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 Activity," where they are covered
more fully.
Wool—While conditions in the wool trade

quiet,

previous week, making the total receipts since Aug. 1, 1937,
806,824 bales, against 506,612 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 300,212
bales.

Houston.

12.751
8,304

Corpus Christi-_

10.658

Wed.

Mobile

Pensacola, &c—
Jacksonville

8.600

12,778
8,365

8,853
7,646

13,182
2,301

—

-

1,136

930

-

-

A.

_

2,295
1,054

Savannah
Charleston
Lake Charles....

-

-

-

-

-

«.

Norfolk

«.

*

-

-

-

reported that mills generally have a fair accumulation of
reasonably priced raw material.
About 50,000,000 pounds
of early contracted wools are said to have been taken over
by
the mills.
Wool houses are said to be in a comfortable
financial position owing to the unusually heavy turnover of
early contracts.
Holders of wool are showing no disposition
shade

asking prices in order to stimulate sales.
Occa¬
sional clips of wool are being picked up in the West at what
seem like easier
prices, it is reported; though, as stated, this
is not a general thing.
Fine wools have been taken in Oregon
at prices estimated to cost 90 to 92c., while other estimates
of shrinkage would place the scoured cost landed at 96 to 97c.
Western wool growers are not at all disposed to offer conces¬
sions as a means of increasing dealer
buying at this time.
They are in the strongest position in years and under the
especial favor of governmental agencies.
Australia opened
its new season at Sydney in a
very firm market without
advances.
The part-that Japan may play as the new season
opens is a matter of conjecture.
Silk—On the 30th ulto. futures closed 2c. lower to Kc.
higher. The opening in the active deliveries was as much as
2J^c. up. Transactions totaled 1,010 bales, which reflected
the unusually quiet trading. An
average spot price for crack

4,188

29,110
6,531

88,128
56,121

1,667
484

3,768

"

"

w

—

3,768

-

230

230

1,894

1,775

2.563

14,327

1,431

436

4,829
7.999

12,107

242

808

1,508

—

-

-

7,999

279
_

„

_

279

186

_

262

100

....

40,716

The following

78,347

593

-

—...

-

Baltimore.
Totals this week.

Total

16,247
39,308
6,523

'J

-

•

..

Fri.

13,072
9,873
7,545
1,667
3,096

-

—

4,179
3,132

1,621
1,225
'

«.

Wilmington

50.348

54,196

100

29,716

42,067

83,179 300,222

table shows the week's total receipts, the
1, 1937, and the stocks tonight, compared

total since Aug.

with last year:

relatively

is

Thurs.

5,936

4,077

4,567
1,087

New Orleans

Receipts to
Sept. 3

1936

Galveston.

_

This

Since Aug

Week

a

double extra of $1.92

Tues.

21,741
9,012
15,384

Beaumont

strong feeling of confidence prevails in not a few
circles that prices are destined for higher levels shortly.
It

to

Mon.

Sat.

Receipts at—
Galveston.

1937
are

For the week

ending this evening the total receipts have reached 300,222
bales, against 221,570 bales last week and 149,210 bales the

in orders

Metals—The

Friday Night, Sept. 3, 1937
Crop, as indicated by our tele¬

the

1, 1937

This

Aug
1, 1936

Week

78,347

142,948

88J28
56,121
1,667
29,110
6,531
3,768

.

Stock

Since

202",453
279,044
1,763

72,043

48,481
9,112
8,753

1937

1936

60,495

413,431

374,150

28",449

58,537

376",535

178,307

27,797
2,074

180,371
2,074
101,940
15,389
14,511
1,053
30,126

186,247
15,004
274,893
49,059
9,870
1,839
147,617

98,689

40,596

Texas City

50

Houston

Corpus Christi
Beaumont
New Orleans

Mobile. _j__

Pensacola, &c
Jacksonville

14,002

8,016

27,188
297,682
84,845
13,576

230

442

625

14,327

29,249

17,115

Charleston..

12~,l07

"39",406

32,765

279

301

691

17,404
20,507
1,249

32",384

7,999

20,436
30,749

ll",650

Lake Charles

1,508

2,740

4

890

17,498

24,974
9,519
23,803

"""ioo

"'"ioo

3,372

646

100

2,638

875

675

Savannah

2,789
165,139

Brunswick

Wilmington
Norfolk

...

7,095

7,943

Newport News
New York
Boston
Baltimore.

_

2,066

Philadelphia
Totals

300,222

806,824 201,842

506,612 1,569,432 1,341,538

In order that
we

comparison may be made with other years,
give below the totals at leading ports for six seasons:
1937

1936

1935

1934

1933

1932

Galveston

78,347

New

88,128
29,110

51,094
28,911
39,826

25,256

Houston

40,596
28,449
48,481

Savannah

6,531
14,327

9,112
17,115

18,010

50,536
11,077
3,547
7,291

32,381
69,653
23,033
4,404

15,458
63,378
29,452
9,356
11,700
3,742

12~, 107

11" 050

4,591

"4,681

279

691

1,508

4

69,885

*46",344

Total this wk.

300,222

201,842

188,943

137,090

188,484

186,676

Since Aug. 1__

806,824

506,612

573,191

454,454

751,997

645,737

Receipts at—

Orleans.
Mobile

posted, or net 2c. under the Friday
quotation. Cables came in 234 to 5 yen lower on Grade D,
making Yokohama and Kobe both 850. Futures in these

Charleston

centers

7,880

13,479

N'port News.

was

respectively were 1 to 5 yen higher and unchanged to
11 yen firmer.
Cash sales totaled 500 bales, while transac¬
tions in futures at these centers totaled
2,025 bales. Local

closing: Sept., 1.80)4; Oct., 1.81; Nov., 1.7834; Dec., 1.77)4;
Jan., 1.76)4; March, 1.76. On the 31st ulto. futures closed
2c. higher to 34c. lower. The
opening range was unchanged
to )4c. higher.
Transactions totaled only 730 bales. Some
covering of short lines by operators with Japanese connec¬
tions

reported.

was

Grade D held at 850

Yokohama and Kobe markets.

yen

at both the

Futures at Yokohama

were

1 to 5 yen

higher and at Kobe 2 yen lower to 1 yen higher.
Cash sales at both Japanese centers were 875
bales, while
futures transactions totaled
1,175 bales.
Local closing:
Sept., 1.80)4; Oct., 1.82)4; Nov., 1.80)4; Dec., 1.77)4;
Jan., 1.76)4; Feb., 1.77; March, 1.76)4- On the 1st inst.
futures closed 4)4 to l)4c. down.
The opening range was
34 to 234c. lower. Transactions totaled 166 contracts. The
market had

a

heavy

appearance

during most of the session.

The price of crack XX in the New York
spot market declined
The Yokohama Bourse closed 2 to 5
yen lower,
while the price of Grade D in the outside market declined
2c. to $1.90.
10 yen to

840

bale. Local closing: Sept., 1.78)4; Oct.,
Dec., 1.75)4; Jan., 1.75; March, 1.74;

yen a

1.78; Nov., 1.77;
April, 1.72)4.

opening
York

range

was

The

price of crack XX in the New

market declined 3c. to $1.87.
The Yokohama
15 to 19 yen lower, while the
price of grade

Bourse closed

D in the outside market declined




.

Norfolk

All others

The exports

17)4

yen

to 822)4 yen a

1

9,642
337

"2",099

939

420

446

36,532

33",762

35",035

36",397

for the week ending this evening reach

12,714
1,033

a

total

of

111,271 bales, of which 28,908 were to Great Britain,
16,822 to France, 27,108 to Germany, 12,622 to Italy, 10,473

to

Japan, and 15,338 to other destinations.

In the corre¬
99,247 bales.
For the season to date aggregate exports have been 290,834
bales, against 249,229 bales in the same period of the previous
season.
Below are the exports for the week.
sponding week last

year

total exports

were

Exported to—

Week Ended

Sept.

Exports from,—

Britain

Galveston.

France

3,048
8,488

9,318

7,845

5,658
__

13,023

1,364

2,000

Lake Charles

1,034

Mobile

Jacksonville

«

-

-

8,966

....

1,507

-

1,505
4,577
4,417
2,373
1,824

•

1,218
1,157

1,184

Total

14,117
22,465
52,057

7,244
2,858
47

_

70

1,795
2,827

"

-

-

r—.»

642

-

3,850
2,341

-

1,300

1,300

Angeles

Total

-

Other

_

1,990

Norfolk.

China

505

2,827

San Francisco

-

-

__

-

70

1,290

Los

-

47

Pensacola, &c

Japan

Italy

2,270
2,507

3,095

New Orleans

many

5,497
6,675

1,750

Houston

Corpus Christi

Ger¬

Great

Charleston

)4c.t down to lc. up. The
unchanged to 2c.'decline. Transactions

164 contracts.

spot

Wilmington.

Savannah

On the 2d inst. futures closed
totaled

100

Brunswick

300

300

27,108

12,622

15,338 111,271

10,473

28,908

16.822

Total 1936

31,065

24,059

9,093

5,456

17,782

Total 1935

12,486

6,348

16,238

5,030

7,119

155

11,637

99,247

16,802

64,023

Volume

1607

Financial Chronicle

145

with whatever plan the Government may decide
in connection with crop-control legislation. The aver¬
cotton trader could see little in this plan to encourage

operate
Exported to—

From,

upon

Aug. 1, 1937, to

Houston

Corpus Christi.

6,689

12,593

2,803

1,380

26,880

36,575

20,409

12,794

100

l.iio

13,968

Orleans..

104

Lake Charles

Pensacola,

m

mmrn

1,723

&c_

Savannah

2,671

San

M

m

-

m

•

•

,

23

m-m

m

_

1,345

1,300

■

mm m

m

4,355
7,208
5,679
3,397

957

602

'

mm

642

mmmm

m

420

rn

904

m'mmm

mm

3,070

----

980

458

522

Francisco.

2,228

-

•

150

650

37,241
2,962
6,912

-

1,232
__

1,824

-

346
m m.

_

3,895

.

Norfolk
Los Angeles.

8,814

200
-

40,030

157,138

-

m

137

67
505
601

2,827

Charleston

mm

mm

-

;

'

mm

m

m

21,917

42

2,181

248
'

70

Jacksonville

mm

m

-

2,852

5,320

4,977

-

1,034

4,095

Mobile

-

Total

3,540
7,724
30,136

850

3,547

7,145

3,536

Other

China

Japan

Italy

many

550

Beaumont

New

France

3,299
8,841
30,344

Galveston

age

Ger¬

Great
Sept. 3, 1937,
Exports from,— Britain

69,164
76,100
51,658

Total 1936...J

Total 1935

54,887

290,834

44,451

155

61,302

200

32,602
51,497

249,229
273,324

19,356

41,041

13,600

39,727

41,280

38,420

NOTE—Exports to

200

32,144

30,520

73,009

42,074

been our practice to

Canada—It has never

include in the

being that virtually
is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, wo will
say that for the month of June the exports to the Dominion the present season
have been 22,903 bales.
In the corresponding month of the preceding season the
exports were 14,007 bales.
For the 11 months ended June 30, 1937, there were
262,709 bales exported, as against 217,827 bales for the 11 months of 1935-36.
of cotton shipments to Canada, the reason
destined to the Dominion comes overland and it

above table reports
all the cotton

In addition to above exports,

our

telegrams tonight also

give us the following amounts of cotton on
cleared, at the ports named:

shipboard, not

still

averaged above the 9-cent mark, especially in view of the fact
that after making a loan, farmers will be subject to carrying
charges of approximately 7 points a month until loans have
been paid off. Southern spot markets, as officially reported,
were 14 to 25 points lower.
Average price of middling at
the 10 designated spot markets was 9.16c.
On the 1st inst.
prices closed 7 to 9 points lower. The downward trend con¬
tinued. However, there appears no disposition to aggressively
bear the market at these levels notwithstanding the bearish

prevails generally among traders. The market
of crop estimates by two leading trade
journals indicating yields of from 15,970,000 bales to 16,457,000, which compared with the last Government estimate
of 15,593,000.
Weakness in the stock market helped to
undermine confidence, and while the weekly weather and
sentiment that

felt the

Total

present price levels, which

farmers to accept loans at

influence

bulletin complained of too much rain in the Eastern
was offset by favorable conditions in the West.
Attention was directed to the fact that while the market
crop

belt, this
broke

to

the lowest

point

so

far reached on the present
of the 9-cent level,

decline and December sold within 4 points

prices failed to go to that level. This was regarded as re¬
flecting the stabilizing influence of the 9-cent loan, especially
as
it applied to middling
^g-inch cotton. Houses with
foreign connections, while selling early, later bought on
differences and there was some new investment buying in
Southern spot markets, as officially reported,
points lower. Average price of middling at the
10 designated spot markets was 9.97c.
On the 2nd inst.. prices closed 26 to 31 points net higher. The downward movement in progress since early July in
cotton values was checked yesterday and prices experienced
one
of the best rallies in several weeks.
The close was
firm at the best prices of the day.
The market's action
recently in showing resistance when prices approached the
9c. mark, and which was attributed to the sustaining influ¬
ence of
the government loan, apparently served to revive
confidence abroad.
Liverpool came in firmer than expected,

later months.
On

Shipboard Not Cleared for—

Sept. 3 at—
Ger¬

Other

1,200
2,175

Galveston
Houston
New

France

Foreign

wise

500

Orleans._

Stock

Coast¬

many

Great

Britain

Leaving

8,100
5,835
2,248

Total

2,000

5,500

700

4,360
100

877

15,173
2,848

8~,66o

Savannah

8,000

Charleston

"224

"224

Mobile

395,931
361,362
272,045
139,617
32,384
48,835
17,498
258,015

17.5J0

1.926

Norfolk.
Other ports

Total

1937.
1936.

Total

4,099

_

.

16,183

1,577

5,194

11,926
5,450

9.960

2,760
5,283

1935--

Total

17,283

1,616

1,439

1,298

10,069

545

Speculation in cotton for
active during the week,

substantial

announcement
not

at all

future delivery

feature

he checked.

fairly

was

the

while it was

regarded as favorable from a bullish

the extensive decline of

was

of the week

cotton loan terms, and

of the

standpoint,

the past several wreeks appeared to

The substantial rally that took place on

day was attributed largely

Thurs¬

to the market's strong technical

On the 28th ulto.

prices closed 6 to 15 points net higher.

market opened

barely steady at 2 points lower to 3

points higher, and during the early part of the session dis¬
played considerable heaviness. At one time during the morn¬
ing prices dropped to new" low levels for the downward
movement, largely due to hedge selling.
At this level the
short interest started in to take down some profits, and this
buying together with trade demand caused prices to rally
considerably, showing substantial gains at the close. During
the entire session prices covered a range of 9 to 19 points.
Traders appeared wary about taking an aggressive position
on either side of the market because of the prevailing uncer¬
tainties. There were indications of investment buying on the
theory that prices had discounted a 9% loan, and there was
some buying of distant months
based on the theory that

positions should reflect any new crop control legislation
be enacted by the next Congress. Southern spot
markets, as officially reported, were unchanged to 25 points
higher. Average price of middling at the 10 designated spot
markets was 9.48c. On the 30th ulto. prices closed 10 to 18
these

which may

points net lower. The market opened barely steady at 3 to 9
points lower in response to a decline in Liverpool, which
apparently influenced considerable liquidation and Southern
selling.
After the early selling subsided, the market de¬
veloped stability and was influenced to some extent by heavy
rains over the eastern cotton belt and tropical storm off the
Georgia coast.
This storm, however, worked inland with
decreasing intensity and was believed to have had little or no
effect on the crop. The uncertainty prevailing among traders
the

over

announcement on the cotton loan
the feverish action of the market throughout

prospective

was

reflected in

the

day.

that

Towards the close press advices from Washington
the Government, owing to lack of funds, will be able to

cotton farmers a subsidy on only part of their crop,
caused prices to drop sharply. Values closed at the lows of
the day, with December and January at new lows for the
movement.
Southern spot markets as officially reported

pay

Average price of middling at
the 10 designated spot markets was 9.31c. On the 31st ulto.
prices closed 14 to 21 points off. The bearish interpretation
of the loan terms on cotton were reflected in a break of about
$1 a bale to new low levels for the season. The loan plan
provided for advances to farmers of 9c. a pound basis,
middling J^-inch staple or better; 8c. for 13-16-inch middling
or
better, and 7%e. on J^-inch under middling in grade.
The plan also included subsidies up to 12c. on 65% of the
base production, but only to farmers who agreed to co¬
were

connections were good
was

also

After a gain of about $1 a
the market hesitated and
during the midday session was inactive with narrow and
feverish fluctuations.
In the last half hour the market
became active as a result of heavy short covering, and

the South

10 to 20 points




lower.

much lighter.

was

recent low levels,

from the

bale

prices

ran

covered

on

up quickly.
the way up,

Southern spot

advance.
24 to

position.
The

houses with Liverpool and Far Eastern
buyers in the local market.
There
fair trade buying and volume of hedge selling from

and early in the day

with prices towards the end scoring
The

advances.

43,745 1,525,687
32,303 1,309,235
18,634 1,282.682

5 to 11

were

40 points

Many stop loss orders were un¬
and this greatly accelerated the
markets, as officially quoted, were

higher.

.

20 to 13 points down. The market
opened barely steady 3 to 7 points lower, influenced by bear¬
ish weather reports.
By the start of the third hour active
Today prices closed

positions were 12 to 14 points lower.
The recent strength
displayed by the market had encouraged many in the trade
to believe prices had taken a definite turn for the upward
side.
However, the market's action today, together with the

selling and liquidation did much to undermine
many to withdraw.
Although a fair
from abroad and the trade helped to check the

heavy hedge

confidence and cause
demand

decline, the market showed little rallying
after the first half half prices fell off

power and

shortly

considerably. An¬
other private crop report appeared pointing to production
of 15,488,000 bales on a condition of 73.7%, compared with
an indication a month earlier
from the same source for a
crop

of

15,114,000 bales.

for Grade and
the premiums and discounts
staple in relation to the base grade/Middling
Premiums and Discounts

table below gives

Staple—The
for grade and

established

contract on Sept. 10, 1937. Premiums and
discounts for grades and staples are the average quotations

for deliveries on

designated by the Secretary of Agriculture,
premiums represent 60% of the average premiums
3^-inch cotton at the 10 markets on Sept. 2.

of 10 markets,

and staple
over

14

15-16

1 In. &

V*

15-16

Inch

Inch

Longer

Inch

Inch

0.66 on

St. Good Mid.. 0.59
0.51
Good Mid

on
on

0.34

on

St. Mid

Basis

Mid

St. Low

*

Longer

Spotted—

White—

Mid. Fair

1 In

0.38

0.60 on

.91

on

16 on

Good Mid

,15

0.84

on

09

on

St. Mid

0.77

on

01

on

Mid

.06 off 0.16 on 0.40 on
.66 off 0.44 off 0.23 off

0.60

on

84 on

•St. Low Mld..

0.26 on

50 on

•Low Mid

Mid— 0.61 off 0.38 off

17 off

on

on

,52 off 1.33 off 1.17 off
,28 off 2.14 off 2.03 off

Tinged—
Even

1.46 off 1.29 off

11 off

Good Mid

.43 off 0.23 off

Good Ord. 2.18 off 2.08 off
2.70 off 2.65 off
•Good Ord...
Extra White—

98 off

St. Mid

62 off

•Mid

.70 off 0.49 off 0.26 off
.57 off 1.44 off 1.26 off

Low Mid.

•St

•St. Low Mld._
1.01

Good Mid

0.51

on

0.77

St. Mid

0.34

on

0.60 on 0.84 on

Even

Mid

St. Low Mid

0.26

on

on

on

0.50 on

0.59 off 0.36 off 0.15 off
1.44 off 1.26 off 1.09 off

Mid
1.94 off
Good Ord. 2.15 off 2.05 off
2.68 off 2.63 off 2.59 off
Good Ord

Low

•St.

•Low Mid
Yel.

.32 off 2.21 off 2.09 off
,84 off 2.77 off 2.71 off

Stained-

Good Mid

•St. Mid
•Mid

Cray—

.21 off 1.04 off 0.84 off
.80 off 1.69 off 1.57 off
47 off 2.42 off 2.31 off

Not deliverable on future

57 off 0.34 off 0.14 off
81 off 0.58 off 0.40 off

•Ml«1

*

Good Mid
St. Mid

•

38 off 1.22 off 1.07 off

contract.

quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 28 to Sept. 3—
Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
9.70
9.52
9.38
9.29
9.56
9.36
The official

1608

Financial

Futures—The

highest, lowest and closing prices
New York for the past week have been as follows:

Chronicle

at

Saturday

Monday

Tuesday

Wednesday

Thursday

Aug. 28

Aug. 30

Sept. 1

Sept. 2

Sept. 4, 1937

Interior

Towns

the

movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in

Friday

Aug. 31

the

At

Sept. 3

detail below:

Sep*. (1937)
Range—

Closing

9.45m

.

9.27 n

9.13m

9.32- 9.46

9.15-

9.32- 9.33

9.18

9.04m

9.31m

9.08- 9.18

9.17-

Range..

9.31-

Closing

9.50

9.51
—

9.09

9.28
—

9.36

—

Movement to Sept. 3, 1937

9.11m

Oct.—
9.36

9.16-

9.16-

—

Nov.—

Receipts

9.32
9.17

Towns

Closing

9.04-

9.47/1

_

9.32m

9.15m

9.35m

Range.

9.35-

.953

9.40- 9.50

9-38-

9.50

9.38

9.51

984j

l,267j

313

6,347

695

839

415

Montgomery.

1,390

26,309

3,224

5,320

1,038

52,319

2,576

4,010
6,235
209,

1,016

Selma

1,030

18,922

6.049

9,649

564

60,058

68

33,192

9.08- 9.18

665

64,383

9.18- 9.40

9.18-

14

2,358

339

360

118

9.09- 9.10

5,432

9.40

9.22

4,735

2,277

259

6,993

3,850

1,582

2,470
2,007

323

9,763

—

Ark.,Blyth'ville
Forest City—

9.33

9.26- 9.41

9.17- 9.27

9.26-

9.49

9.25-

Closing.

9.61

9.46

9.27

9.19- 9.20

9.45-

9.49

9.29

9.22m

9.14m

9.42m

9

e;

700

961

"""21

8

593

696

19

20

Little Rock..

9.25m

—

Pine Bluff.

9.43

9.30m

9.23m

9.49m

9.71

9.54-

9.70

9.32- 9.50

9.34-

9.55

9.35-

9.34

9.54- 9.55

9.25- 9.34
9.27

9.54-

9.55

9.71m

9.77

9.63-

9.77

9.40-

Closing.
Aug.—

9.73- 9.77

9.63-

9.64

9.42

1,574

9,500
12,163

65

3,058

148!

425

5,696'

3,350

16.2851
2,900,

3,338

3,540

1,317

1

800

15,208

8,098

1,015

8,249

5*838

Miss.Clarksdale

3,919

4,924

138

7,395

8,713

492

601

1,012

II,691

626

Greenwood

7,598

12,006

1,128

17,515

Jackson..:

2,289

4,294

989

5,867

15,677
5,280

26

_

800

_

Macon

2,034

9.58m

9.38M

9.30m

9.57m

9.42m

9.58

9.32-

9.44

9.41-

9.64

9.43-

9.33- 9.35

9.60-

9.64

9.47

9.57

Natchez...

Nominal.

Range for future prices at New York for week ending
Sept. 3, 1937, and since trading began on each option:
Option for—

Range for Week

Range

Sept. 1937..

9.43

1

9.51

Nov. 1937..

9.04 Sept.

1

Dec.

1937-

9.04

1

Jan.

1938-

9.04 Sept.
1
9.53 Aug. 28
9.51 Aug. 30

Sept.

Sept.
9.08 Sept.

1

Aug. 28

1938—

Since

Beginning of Option

Aug. 26 1937 13.95 Mar.

9.08

Sept.
Sept.
Sept.
9.08 Sept.
9.04

1 1937 13.98 Apr.
1 1937 12.40 July

9.04

1 1937 13.93

11.15

July

Apr.
1 1937 13.94 Apr.

1

9.61 Aug. 28

9.17

1

9.71 Aug. 28

9.3*2* Sept.

1

9.7*7*

1 1937 13.97 Apr.

Supply of Cotton tonight, as made up by
as follows.
Foreign stocks as well
are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make

telegraph, is

afloat

the total show the

complete figures for tonight (Friday) we
add the item of exports from the United
States, for Friday
only.
/
/'Vv.
Sept. 3—

1937
bales

1936

1935

1934

447,000
54,000

908,000
86,000

747,000
153,000
121,000
10,000
55,000
45,000
9,000
6,000

501,000
184,000
74,000
15,000
36,000

994,000
375,000
148,000
24,000
59,000
46,000
11,000
11,000

276,000

Stock at Rotterdam

670,000
77,000

12,000
6,000
5,000

Stock at Havre

600,000
105,000
705,000
109,000
131,000
13,000

Total Great Britain
Stock at Bremen.

399,000

Stock at Barcelona
Stock at Genoa

Stock at Venice and Mestre

Stock at Trieste

Total Continental stocks

64,000
9,000
9,000

391,000

674,000

Total European stocks
India cotton afloat for Europe...

981,000 1,146,000
892,000 1,668,000
40,000
48,000
42,000
57,000
American cotton afloat for Europe
172,000
131,000
153,000
147,000
Egypt, Brazil,&c.,afl't for Europe 168,000
167,000
147,000
149,000
Stock in Alexandria, Egypt
76,000
71,000
60,000
129,000
Stock in Bombay, India
679,000
713,000
531,000
869,000
Stock in U. S. ports
1,569,432 1,341,538 1,301,316 2,435,456
Stock in U. S. interior towns
836,739 1,219,831 1,178,879 1,152,815
U. S. exports today
40,095
22,613
11,495
4,718
Total visible supply
Of the

4,562,266 4,859,982 4,316,690 6,611,989
are as

Liverpool stock

bales.

Manchester stock
Bremen stock

Havre stock..
Other Continental stock.
American afloat for

_

Europe

U. S. port stock
U. S. interior stock
U. S. exports today

Total American

Liverpool stock
Manchester stockt
Bremen stock

Havre stock
Other Continental stock
Indian afloat for Europe

Egypt, Brazil, &c., afloat—
Alexandria, Egypt

Total East India, &c
Total American...
Total visible

....

203,000
32,000
92,000
75,000
50,000
131,000

125,000
281,000
15,000
43,000
99,000
324,000
51,000
117,000
9,000
70,000
94,000
172,000
153,000
147,000
1,569,432 1,341,538 1,301,316 2,435,456
836,739 1,219,831 1,178,879 1,152,815
40,095
22,631
11,495
4,718

397,000
73,000
50,000
38,000
26,000
40,000
168,000
76,000
679,000

'

467,000
45,000
61,000
46,000
75,000
48,000

167,000
71,000
713,000

322,000
39,000
85,000
23,000
63,000
42,000
147,000
60,000
531,000

627,000
43,000
51,000
31,000
57,000
57,000
149,000
129,000
869,000

1,547,000 1,693,000 1,312,000 2,013,000
....3,015,266 3,166,982 3,004,690 4,598,989

supply

Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool....
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple.s'fine.Liv

Continental

follows•

3,015,266 3,166,982 3,004,690 4,598,989

East Indian, Brazil, tfec.—

Stock in Bombay, India

203,000
32,000
60,000
93,000

4,562,266 4,859,982 4,316,690 6,611,989
5.56d.
6.70d.
6.lid.
7.20d.
9.36c.

10.42d.
4.87d.

6.76d.
4.90d.

12.04c.
10.61d.

10.75c.




2*115

19,972
23,018

12,513
13,589
2,659
25,381

568

19,667

2,743

7,705

899

26,052
12,580

96

13,708

825

188

247

1

310

965

807

1,017

107

2,459

2,158

3,247i

4,516

4,526

6,824

27

7,312

398

4,957j

398

1,737

2,098

135

215'

261

2,146

344

15,699
1,725

2,098

1,512

356

2,432

201

80,762

I
2,505

6

6,825

2,383

22,892

Austin

1*827

*3", 604

1,360

1,407

Brenham.
Dallas.

2,110

,4,311

1,859

2,625

*348

577

5,696

8,704

5,547

4.232

6,269

2,366!

6,398

2,171
1,572

6,688

;

55,728
54,460

1,478

2,139

9,008
21,295
1,157

7,812222,967
8

70,684

3,295' 41,305
17,539 331,450
160.
2,043

18,814
1,307
239

1,422

2,553

4,133
1,022

2,173

4,451

1,240

13,629

806

6,437

3,179

10,101

San Antonio.

1,153

4,813

563

1,972

818

2,454

115

137

2,223

1,260

9,067

17,399

6,471

76,400

172,037

600

296

5,970

Robstown

Paris

Texarkana

__

Waco

*

2,179

7,102

1,962

1,153'
31l!

6,827

3,364

4,713

1,564

4,619

46,310836,739 132,444!

282,695

7*. 124

949

above

totals

show

during the week

that

the

30,090

interior

stocks

have

bales

and are tonight
383,092 bales less than at the same period last year.
The
receipts of all the towns have been 56,044 bales less than
the

week last year.

same

New York

The

quotations

Quotations for 32 Years

for

middling upland at New York
Sept. 3, for each of the past 32 years have been as follows:
19379.36c.
1936- --11.95c.
1935
---10.65c.
—

-

1934

1929

19.00c.

1921

18.15c.

1913

1928

19.85c.

1920

31.75c.

17.00c.
-18.70c.
22.80c.
25.80c.

1919

---13.10c.

-

---10.30c.

1922

—

1924

1930- ---12.85c.

—

1925

6.00c.
8.10c.

1933
1932

1931

-

...

-

---

1926

1923
.

—

26.35c.
.22.25c.

30.75c.
1918-.-_.38.20c.
1917
23.30c.

1909

12.85c.

1916

16.30c.

1908

9.30c.

9.85c.

1907

13.55c.

1906

9.80c.

1914

Market and Sales

a

13.30c.

11.50c.
1911 .—11.70c.
1910
15.00c.

1915

at New

The total sales of cotton on the
spot
week at New York are indicated in the
For the convenience of the
which show at
closed on same

on

1912

1927

-

York

each day during the
following statement.

reader, we also add columns
glance how the market for spot and futures

days.
Futures

Spot Market

SALES

Market

Closed

Closed

Saturday
Monday
Tuesday

Steady, 10 pts. adv.
Steady, 18 pts. dec.
Quiet, 14 pts. dec
"Wednesday. Quiet, 9 pts. dec
Thursday
Steady, 27 pts. adv.
Friday
Quiet, 20 pts. dec...

Spot

Very steady
Barely steady.
Steady
Steady

Contr'ct

Total

-

*200

*255

200

200
6,371

Firm

Steady

Total week.
Since Aug. 1

6",171

200

Overland Movement for the Week and Since Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made up from telegraphic
reports

Friday night.
Aug. 1 in the last two

The results for the week and since
follows:

years are as

1937

Sept. 3—
Shipped—

1936

Since

Week

Via St. Louis.
Via Mounds, &c

398

Since

Aug. 1

925

5,764
4,495

68

x

Via Rock Island
Via Louisville

68

Week

Aug. 1

2,098
1,380
....

16,065
7,980
730

81

3,000
3,000

1,555
17,218
14,088

6,113

41,564

9,868

57,636

100

2,638

184
4,354

968
16,269

315
8,267

2,066
1,477
39,400

19,875

8,582

42,943

1,475

...

Inland, &c., from South!

390

17,459
13,424

~4~638

Total gross overland
Deduct Shipments—
Overland to N. Y.,
Boston, &c—
Between interior towns.

354

3,181
1,460

Via Virginia
points...
Via other
routes, &c

9.30d.

5.19d.

53,3941219831

Includes the combined totals of 15 towns in Oklahoma.

The

13.35c.

8.58d.

5.53d.
7.45d.
5.54d.

21,689

1,286

14,693

5.55d.

imports for past week have been 82,000 bales.
figures for 1937 show an increase over last
week of 188,210 bales, a loss of 297,716 from
1936, an
increase of 245,576 bales over 1935, and a decrease of
2,049,723 bales from 1934.
above

33,725
25,681

142

__

above, totals of American and other descriptions

American—

802

38

180

9.25

The Visible

Stock at Liverpool.
Stock at Manchester

1,568

1,673

increased

cable and

225

867

81

Total, 56 towns

Aug. 28

450

5 1937

Apr. 1938—
June 1938—

17,972
70,649
96,057

1,859

Sept. 1 1937 12.96* Mar. 21 1937
9.63 Aug. 27 1937 11.36 July 27 1937
9.32 Sept.
1 1937 11.36 July £7 1937

Sept.

4,813

2,633

7,361

26 1937 13.85 Mar. 31 1937

Sept.

6,570

22,183
2,550

15 towns *

5 1937
5 1937

Sept.

250

799

S. C.,Greenville
Tenn., Memphis
Texas, Abilene.

5 1937
12 1937

9.17

110

28,119
10,526
16,988

10,913

Oklahoma—

7 1937

9.25

900

56

*214
*642

149

Vicksburg...
Yazoo City..
Mo„ St. Louis
N.C.,Gr'nsboro

.

10,612

95

1,668

4*529

Columbus

9.52

Range..
Closing

1938-

2,302

I,0185

48

_

Columbus

May 1938-

9,265
41,631

9,628
78,800
74,107
32,900
19,111

9.37

Closing.
July—
Range..

Mar. 1938—

6

26

464

*703

Rome

9.08

202

4,141

58

*217

2,151

Augusta...

Range..

1937-

98

1,987

956'

8,104

Atlanta

9.33m

June—

9.57-

7,455
5,125

La., Shreveport

9.50m

9,259

9,835

30,502

505

"

1*034

Athens

4,584

2*294

446

__

Walnut Ridge

Ga., Albany..

Range..

The

206

Helena

April—

9.70-

29,879

9.11- 9.28

Newport

Closing.

4

763

9.14- 9.16

9.46-9.59

9.71

922

9.36

9.42m

9.52-

472

9.36

9.55 n

Range..

Sept.

9.34-

9.43- 9.61

Stock in

13,418

9.13-

Range..

as

279

9.04- 9.15

March—

July

766

Hope

9.65m

Stocks

Week

9.05- 9.06

:

Jonesboro

Closing.
May—

Ship¬
ments

Season

9.14

Feb.—

Closing.

Receipts
Week

9.12- 9.29

Ik flange..

Feb.

3

9.18- 9.21

Range..

Closing

Oct.

Sept.

9.18- 9.31

9.49

9.33

—

ments

9.12-

9.32-

9.45- 9.53

Stocks

Week

———

Season

36

Ala., Birming'm

9.15m

Eufaula

Closing.
Jan.(1938)

Movement to Sept. 4, 1936

Ships-

9.04

9.04m

Dec.—

m

—

Week |

Range.

i

Total to be deducted

Leaving
*

total net overland *

Including

The

movement

by rail to Canada.

foregoing shows the week's

this

year

the

week

has
last

net overland movement
against 1,286 bales for
and that for the season to date the

been- 1,475
year,

bales,

aggregate net overland exhibits
of 6,995 bales.

an

increase

over

a

year ago

Financial

145

Volume

——1936

-1937In Sight

1,475
3--135,000

806,824
21,689
670,000

201,842
1,286
125,000

506,612
14,693
625,000

1,498,513
16,399

328,128
79,050

1,146,305
13,414

™

1,514,912

"1,159,719

80,563

114,367

300,222

3_

marketed

Interior stocks in excess.

466,767

Came into sight during week
Total in sight to Sept. 3

North, spinn's'takings to
*

Aug. 1

Week

Aug. 1

Week

436,697
30,070

Receipts at ports to Sept.

Net overland to Sept.3
South'n consumption to Sept.
Total

Since

Since

and Spinners'
Takings

—

11,994

Sept. 3-

28,581

Decrease.

1609

Chronicle

Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that near normal temperatures
throughout the cotton belt have been favorable.
Weevil
damage is increasing in large areas in the western belt,
as is rotting in the bolls, which indicates that if the western
half of the belt does not get dry weather this month, the

Rain

Days
4

Texas—Galveston
Amarillo
♦,

2
1

.

Austin

1
2
2

Abilene

Movement into

sight in previous years:

Brownsville

„

U072,931
944,213
1,408,394

332,410 1935
279,144 1934
326,11311933

5
7
8-———

1935—Sept.
1934—Sept.
1933—Sept.

Brenham

Since Aug. 1—

Bales

Week—

2
3
2

Palestine.
San Antonio

2
2
1

Taylor

Cotton on-

Closing Quotations for Middling

3

Tuesday

Saturday Monday

Sept. 3

Wed'day Thursday

Friday

—

9.07
9.26

__

Savannah

9.07

8.98

9.27

9.30

9.19

9.43

9.27

9.13

9.04

9.31

9.11

9.75

Mobile

9.21
HOL.

9.45

New Orleans

9.58

9.43

9.34

9.61
9.55

9.42
9.35

Amite
New Orleans

Norfolk

9.65

9.55

9.40

9.30

Montgomery
Augusta
Memphis

9.40

9.25

9.05

8.95

9.35

9.85
9.45

9.67

9.53

9.44

9.35

9.10

9.05

9.71
9.35

9.40

9.23

9.08

9.00

9.25

Pine Bluff.

9.05
9.00

Little Rock

9.30

9.20

9.00

8.90

9.20

Dallas

8.95

8.77

8.63

8.54

8.81

8.95

8.63

8.54

8.81

New Orleans Contract

leading contracts in the New Orleans cotton
the past week have been as follows:
Saturday

Monday

Tuesday

Wednesday

Aug. 28

Aug. 30

Aug. 31

Sept. 1

Sept. 2

9.15

9.31-

9.09

9.33

Jan. (1938)

February

9.23-

9.56

9.27

9.59

9.42

9.64-

March

9.65

DAY.

9.25

9.47

Raleigh
Wilmington

9.36

9.58

9.45

Chattanooga
Nashville

April
9.73

—

9.44

9.34

9.81

May..

—

9.48

9.40

The

June

July.
August

9.65

Bid.

9.54

Quiet.

Steady.

Steady.

stdy.

Steady.

Steady.

Elected

Four

Membership

New

in

York

Cotton

Meric & Co.,
business, and

Henry Baudin, a commission merchant of Paris, France,
were elected to membership in the Exchange.
Mr. White is
also a member of the Memphis Cotton Exchange, Mr. Meric
of the New Orleans Cotton Exchange, and Mr. Baudin of
the New York Commodity Exchange and the Paris Bourse.
& Co.,

68

83

92

76

84

95

73

84

90

80

90

70
72
73

80

88

70
72

80

90

74

82

-

3
2
3

83

86

81

81

80

83

74

92

88

72

80

90

81

90

72
73
70

90

72

81

90

72

81

86

76

81

90

69

80

88

93

83

80

79

70

84

60

74

90

68

79

90

72

81

91

62

81

92

70

81

92

0.16

70

88

88

72

82

received by

tele

the points named at

.Above zero of gauge_
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.

New York, Issue New Edition cf
Bros. & Co., New York,

Memphis
Nashville

Shreveport
Vicksburg

Feet

2.1

1.5

8.6

2.7

9.5

9.0

9.4

1.8

4.1

2.9

Plantations—The following table

the

from

Receipts

Sept. 4, 1936

Feet

a

spot merchants; Albert L. Meric of Albert L.
New Orleans, La., who do a commission

Bros.

98

1.14
0.48
0.42
0.32

Steady.

New York Cotton Exchange

Orvis

72
70

83

92

94
94

Sept. 3, 1937

meeting of the Board of Managers of the
held Sept. 2, Charles C. Partee
of Memphis, Tenn., who is in the shipping business, T. J.
White of T, J. White & Co., Memphis, Tenn., who are
Exchange—At

82

95
100

following statement has also been
also

New Orleans

to

70

Steady.

Steady.

Steady.
Very

83

graph, showing the height of rivers at
8 a. m. on the dates given:

___

Tone—

Spot
Options

81

1.64
0.05
0.62
0.16

—

Tennessee—-Memphis
9.33

64

70
71
72

3
3

9.29

84

98
96

0.78
2.76
1.55
2.64
0.36
0.74

North Carolina—Charlotte

HOLI¬

_

100

2.68
0.08

0.40
0.54
0.38
2.98

4
5
3
5
3
3

—

Macon

9.25- 9.26

82
82
84

1.48
2.52
0.92
0.51

—

South Carolina—Charleston—

9.37- 9.38

80

70
68

4
6
5
4

Friday

9.14

68

98

1.48
0.14
5.36

_____

Pensacola

Augusta

9.18

9.24

86

70

3
3
4

Miami.

—

Asheville__
9.55-

83

72

90

Atlanta.,

9.16

82

66

68

1.25
7.08

Georgia—Savannah

Sept. 3

62

94

0.76

Tampa..

84

96

0.62
0.64
0.04

5

November
December-

82
86

4
6

Columbia
9.14-

9.48- 9.51

83

68

70

Birmingham
Montgomery
Florida—Jacksonville

Sept (1937)
__

72

Alabama—Mobile

Greenwood
October

94
96

102
102
100
100
92

89

Vicksburg

market for

Thursday

85
83

2.91
0.83
0.62

Market—The closing quotations

for

72

72
76

3
5
4

Mississippi—Meridian

8.61

Fort Worth

____

Shreveport

8.61

8.77

__—

Louisiana—Alexandria

9.51
9.15

Houston

Fort Smith_____
Little Rock

9.15

i

84

98

1

Oklahoma—Oklahoma City—
Arkansas—Eldorado

9.38
9.65

Galveston

84

2
1
4
6
2
3
5
2

Weatherford

Week Ended

81

70
70

94

1.98
0.18
2.04

Paris

68

98
98

0.16

Lampasas
Luling
Nacogdoches

day

principal cotton markets for each

2

85

77

94

0.88

Kerrville

Mean

Low

92

dry
dry

Henrietta

of the week:

-Thermometer-

High

92

2

Dallas
El Paso

Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at

Rainfall
Inches
1.39
0.04
0.10
0.02
0.60
1.33

dry

Corpus Christi-

i

Below

Southern and other

Georgia are com¬

crop will suffer.
Alabama and
plaining of too much rain.

cotton

each week from the planta¬
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.

indicates the actual movement
tions.

The

figures

Stocks at interior Towns

Receipts at Ports

Week

Receipts from Plantations

Ended

1937

1937

1935

1936

1936

1935

1937

1936

1935

June

Nil

7,151

Nil

4_.

23,761

47,072

18,907 1,064,946 1,554.313 1.269,564

Annual "Cotton Chart"—Onus

11..

32,597
39.972

Nil

Nil

13,466

Nil

NU

Nil

recently made available for distribution the 26th edition of
their annual "Cotton Chart," a compilation which carries in

23,325
15,944
19,653

NU

18..

21,698

8,706

964,3921,424,612 1,201,295

Nil

NU

Nil

21,952
13,381
16.973
28,419

9,188

930,969 1,384,154 1,181,353
903,027 1,349,502 1,161,421
873,772 1,301,765 1,145,008

NU

NU

Nil

NU

NU

Nil

NU

4,302

37,205

Nl!

25,760

39,742

46,866

848,935 1,255,364 1,133,563
828,147 1,206,417 1,121,546

3,764

34.849

vital cotton statistics including Government
figures on the condition and estimated size of the crop over
the past 10 years, as well as ginning reports for the same
period.
The card, which has proven of constant value as a
reference to those interested in cotton, pictures the acreage
planted in cotton, cotton production, world consumption and
world carryover during the past decade, and features in
graph form the monthly high and low price of middling
upland spot cotton in New York. At the bottom of the chart
is a graphic picture of the business and economic history of
compact form

the United States from

present
AAA

recovery

1800 through the 1937 phase of the

movement.

Allots Additional

$100,000 for Continuation of

Work in New Cotton Uses—Announce¬
ment was made on Aug. 29 by the Agricultural Adjustment
Administration of the allotment of an additional $100,000
for continuation of work in developing and extending new
uses of
cotton.
Previously 8,500 bales of surplus cotton
had been made available by the AAA for the experimental
use of cotton fabric in highway construction and the expen¬
diture of about $7,000 for work toward the development of
other new uses for cotton was authorized in March of this
Experimental

year.

The foregoing was indicated in a Washington dispatch,

Aug. 29, to the New York
Aug. 30, which continued:

"Journal of Commerce"
,

of

.

the AAA will furnish the cotton for continua¬
demonstrations and additional work in eight proposed new
including the use of cotton fabric for construction of wind¬
breaks to control soil blowing.
The suggestion for the use of cotton fabric
to check sand and soil blowing is based on information received from the
Soil Conservation Service.
1
As a part of the new program recommendation has already been made
for the use of 22,500 square yards of cotton fabric in further testing the
adaptability of the material as a reinforcement for asphalt-lined irrigation
canals.
This will be used near Soda Springs, Idaho.
This test will be
made by the Bureau of Agricultural Engineering.
Under the new allotment,

tion

of these

cotton uses,




25..

14,317 1.030,5201.517,933 1,244.820
998.705il.465.362 1,218,931

July
9..

15,752
17,059

16..

17.371

2_.

23

_.

30_.

28,601
55,199

13,918
20,715

34,411

NU

811,1821,167,4011,111.532 39,236
796,1501,144,6501,097,283 79,061

NU

30,140

788,408|l,132,176,1,094,124 141,468

63,862

Aug.

56,583
61,492
13_.
94,093
96,074
20- 149,210
27.. 221,570 141,365159,138
6..

68,215

38,915
52,891
76,336
.

Sept.
3_. 300.222
_

NU

46,569

47,243
92,915

806,6491,140.7811,119,686239,811 149,970184,700

I

201,842 188,943

836,7391,219,83l'l,178,879 330,292 280,892 248,136

shows:
(1) That the total receipts
plantations since Aug. 1, 1937, are 823,223 bales;
in 1936 were nil bales and in 1935 were 54,679 bales.
(2)
That, although the receipts at the outports the past week
were 300,222 bales,
the actual movement from plantations
was 330,292 bales, stock at interior towns having increased
30,070 bales during the week.
The above statement

from the

Shipping News—Shipments

in detail:

HOUSTON—To Liverpool—Aug. 31—West Ekonk, 4,875
To Manchester—Aug. 31—West Ekonk, 783
To Copenhagen—Aug. 26—Delaware, 782
To Trieste—Aug. 27—Clara, 150—Aug. 30,—Waban 5
To Venice—Aug. 27—Clara, 746
To Gdynia—Aug. 26—Delaware, 1,325
To Bremen—Aug. 28—Bockenheim, 3,105—Aug. 30—Aqua¬
rius, 3,570
To Rotterdam—Aug.
30—Aquarius, 1,257-_,Sept. 2—City
of Omaha, 100
To Genoa—Aug. 30—Monbaldo, 810
Aug. 30—Waban, 796
To Abo—Aug. 30—Aquarius, 63
To Ghent—Sept
2—City of Omaha, 450
To Antwerp—Sept. 2—City of Omaha, 600
To Havre—Sept. 2—City of Omaha, 2,992
To Dunkirk—Sept. 2—City of Omaha, 56
SAN FRANCISCO—To Great Britain-?—, 300
LOS ANGELES—To Bremen—?—Portland, 1,300-—
—
LAKE CHARLES—To Ghent— ?—Hybert, 1,064
___—
To Antwerp—?—Hybert, 90
To Havre—?—Hybert, 934
To Dunkirk—?—Hybert, 100
—
—
To Rotterdam—?—Hybert, 670

Bales

4,875
783
782
155
746
1,325

6,675
1,357
1,606
63
450

600
2,992
56

300
1,300
1,064
90
934
100
670

1610

Financial

Chronicle

Bales

GALVESTON—To

Ghent—Aug. 31—City of Omaha, 450
Aug. 26—Louisiane, 100
550
Havre—Aug. 31—City of Omaha, 2,484
26—
Aug.
Louisiane, 5092,993
To Rotterdam—Aug. 31—City of Omaha, 123
Sept.
.•
Aquarius, 82
205
To Sydney—Aug. 31—Germanic, 700
700
To Antwerp—Aug. 26—Louisiane, 50
50
To Dunkirk—Aug. 26—Louisiane, 102—
102
To Bremen—Aug. 30—Bockenheim, 2,346—Sept. 1—Aqua¬
rius, 3,151
5,497
To Liverpool—Aug. 28—West Ekonk, 1,293
1,293
To Manchester—Aug. 28—West Ekonk, 457
457
To Trieste—Aug. 28—Waban, 112; Clara, 200
312
To Genoa—Aug. 28—Waban, 909; Monbaldo, 735
1,644
To Trieste—Aug. 28—Clara, 314
314
NEW ORLEANS—To Rotterdam—Aug. 30—Bloomerdijk,
100
—Aug. 28—Boschdijk, 100
200
To
200
Havana—Aug. 30—Tivives, 200
To Valparaiso—Aug. 30—Tivives, 89; Contessa, 500
589
To Liverpool—Aug. 28—Custodian, 1,006
1,006
To Manchester—Aug. 28—Custodian, 994
994
To Gothenburg—Sept. 1—Tampa, 150
150
To Stockholm—Sept. 1—Tampa, 100
100
To Bremen—Aug.
31—Koenigsberg, 1,364
1,364
To Oslo—Sept. 1—Tampa, 100
100
To Gdynia—Sept. 1—Tampa, 834
834
To Warberg—Sept. 1—Tampa, 100
100
To Abo—Sept. 1—Tampa, 100
100
To Japan—Aug. 31—Rhein, 1,507
1,507
CORPUS CHRISTI—To Ghent—Sept. 1—Winston Salem, 1,792
—?—Louisiane, 462
2,254
To Antwerp—Sept. 1—Winston Salem, 72
72
To Havre—Sept. 1—Winston Salem, 5,579——?—Louisiane,
2,194-_
7,773
To Abo—Sept. 2—Bockenheim, 500
500
To Dunkirk—Sept. 1—Winston Salem, 200---—?—Louisiane,
To

Sept. 4, 1937

World's Supply and Takings of

Cotton—The follow¬

ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two

seasons

from all

sources

obtainable; also the takings
sight for the like period:
are

Cotton

Takings,

from which statistics

amounts

or

:

■

1937

1936

Week and Season

Week

Season

Visible supply Aug. 27
Visible supply Aug. 1
American in sight to Sept. 3--

4,374,056

Bombay receipts to Sept. 2__
Other India ship'ts to Sept. 2_
Alexandria receipts to Sept. 1Other supply to Sept. 1 * b

5,000
11,000
17,000
6,000

Week

466",767

Total supply

4,339,022
1,514,912
47,000

4,899",258

407", 178

515

715

Varburg—Sept. 2—Bockenheim, 329
329
To Genoa—Sept. 1—Nionbaldo, 2,693
2,693
To Venice—Sept. 2—Clara, 1,787-1,787
To Bremen—?—Aquarius, 3,525
Sept. 2—Bockenheim, 5,054 8,599
To Bremenhaven—Sept. 2—Bockenheim, 464
1
464
To Hamburg—?—Aquarius, 115
Sept. 2—Clara, 160
275
To Mestre—Sept. 2—Clara, 2,081
2,081
To Rotterdam—?—Aquarius, 825825
To Burcas—Sept. 2—Clara, 145
145
To
Riga—?—Aquarius, 99
99
To Trieste—Sept. 2—Clara, 1,284__.
1,284
To Reval—?—Aquarius, 93
93
To Susak—Sept. 2—Clara, 100
100
To Japan—Aug. 29—Slemmestad, 8,966
8,966
To Liverpool—Sept. 2—W-est Cohas, 10,124
10,124
To Manchester—Sept. 2—West Cohas, 2,899
2,899
NORFOLK—To Bordeaux—Aug. 28—Collamer, 1,157
1,157
To Hamburg—Aug. 31—Kellerwald, 630
Sept. 3—City of
Norfolk, 554
1,184
JACKSONVILLE—To Manchester—Sept. 2—Shickshinny, 70---70
SAVANNAH—To Liverpool—Aug. 31—Toledo, 281; Aug. 28—
Schoharie, 933
1,214
To
Manchester—Aug. 31—Toledo, 228
Aug. 30—Tulsa,
1,385
1,613
CHARLESTON—To Liverpool—Sept. 1—Tulsa, 61—Aug. 5—
Schoharie, 5
66
To Manchester—Sept. 1— Tulsa, 1,924.
1,924
To Antwerp—Sept. 1—Tulsa, 642
642
To Hamburg—Sept. 1—Schoharie, 1,218
1,218
PENSACOLA—To Liverpool—Aug. 30—City of Alma, 795—
Aug. 27—Topa Topa, 495
1,290
To Bremen—Aug. 27—Konigsberg, 505
505
MOBILE—To Hamburg—Aug. 11—Chemnitz, 47--47

42,000

28,200
31,000

4,879.823

6,002,134

5,184,503

6,242,177

4,562,266

4,562,266

4,859.982

4,859,982

317,557
214,557
103,000

1,439,868
917,068

324,521
226,521

522,800

98,000

1,382,195
1,083,995
298,200

Total takings to Sept. 3 a
Of which American
Of which other
*

111,271

-

Cotton

Freights—Current rates for cotton from New

York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
High

Stand-

High

Inc.,

Stand-

are

High

as

consumption by
670,000 bales in 1937, and 625,000 bales in 1936—takings
being available—and the aggregate amount taken by Northern and
foreign spinners, 769,868 bales in 1937 and 757,195 bales in 1937, of
which 247,063 bales and 458,995 bales American,
b Estimated.
Southern mills,

not

India Cotton Movement from All

Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of Indian cotton at

1937

Trieste

d.45c.

.60o.

Piraeus

.850.

1.00

Flume

d.45c.

,60c.

Salonlca

.85o.

1.00

Antwerp---.39)4 o. .54)4c.

Barcelona

*

*

Venice

*

*

Copenhag'n.52o.

.67c.

*

Havre

.36c.

Rotterdam
Genoa

Japan

.54)4 o. Shanghai

*

d.45c.

.60c.

.53c.

.68c.

Bremen

.67c.

Hamburg

Rate

Is open,

,50c.

x

Only small lots,

x

Bombay

d.45o.

.60o.

Naples

d.45c.

.60c.

Leghorn

d.45c.

.60c.

Gothenb'g

.52c.

.67o.

Aug. 13
52,000
764,000
269,000

Total imports
Amount afloat
Of which American

47,000

6,000

86,000

For the Week

Sept. 3
48,000
702,000
235,000
28,000
15,000
142,000
53,000

Liverpool market for spots and futures
day of the past week and the daily closing prices of

spot cotton have been
Spot
Market,
12:15

P. M.

as

follows:

Saturday

Monday

Tuesday

Wednesday

Moderate

Moderate

Quiet.

business

demand.

demand.

5.59d.

5.60d.

f

Since Aug.

Futures.

Quiet,
3 to

Market,
4

P. M.

7

Steady,

un¬

pts. changed
2

decline.

opened

Quiet.

Quiet.

5.53d.

Jap'n &

Britain

nent

China

Total

2,000

3,000
10,000

94,000

3,000

21,000
12,000

71,000

10,000

5"6OO

80,000

95,000

4,000

9,000

2,000

24,000

41,000

11,000

11,000

31,000

42,000

Great

Conti¬

Britain

nent

7

1937

1936
1935

5,000

2,000

Other India:

1937..—

4,000

1936

1,000

1935

Total

1937

7,000
2,000
11,000

4,000

1936

1,000

5.46d.

Steady,
1

pts.

decline.

to

4

Steady,

pts. 2 to

decline.

4

5.56d.

Steady;

pts. 6 to

advance.

Liverpool for each day

Mon.

3,000

19,000

18,000

37,000

24,000

33,000

57,000

9,000
2,000

10,000

13,000

22,000

30,000

80,000

4,000

20.000

26,000

57,000

41,000

3,000

16,000

13,000

52,000

71,000

136,000
132,000
124,000

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's
receipts of
1,000 bales.
Exports from all India ports record an increase
of 3,000 bales
during the week, and since Aug. 1 show an
increase of 4,000 bales.
Alexandria

Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive

weekly
dria, Egypt.

a

1937

1936

1935

Receipts (cantars)—
This week

85,000
140,000

Since Aug. 1

To
To

80,000
120,200
This

Since

This

Exports (Bales)—

Week

Aug.

Liverpool
Manchester, &c

1

7",666
7,000

To Contin't & India

2,900
3,300
20,950

27,250

To America

Week

Tues.

17,000
22,700

Since

Aug.

This

Week

1

1,000
3,000
6,000

5,400
5,500
18,250

.10,000

29,750

100

Total exports

Since

Aug.

8

3,800
6,000
29,550

8,000

39,850

600

500

were

night from Manchester

by cable to¬

states that the market in both yarns

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:

pts.

are

Wed.

given below:

Thurs.

Fri.

1937

1936

8)4 Lbs. Shirt¬

Cotton

32s Cap

ings, Common

Middl'g

Twist

to Finest

Upl'ds

s.

d.

s.

d.

8)4 Lbs. Shirt¬

Cotton

ings, Common

Middl'g

to Finest

Upl'ds

32s Cap
Twist

d.

s.

d.

s.

d.

June

14(3.15

10

6

@10

8

7.06

10

6

@10

9

10

6

@10

9

13K@14^ 9
13)1} @14% 10
13)4@14)4' 10
13)1} @14 )4 10
12)4@14)4 10

18.

25-

10

13^@14^
13^ @15
13)*@15

11.

Close Noon Close Noon Close Noon Close Noon Close Noon Close

6

@10

9

6.98

6

@10

9

6.85

6

@10

9

6.60

11

7)4

6.12

10H @12

6

@10

9

7.31
6.92

9J4@U%
9J4@UX
10H@U%

6.95

10)4@llJi

9

0

9

1)4 @ 9
1)4 @ 9

4)4
4)4

6.82

9
9

1)4@

9

414

7.18

10)4 @11 J*
11
@12)4

9

6

@

9

9 10)4
0

7.18

9

@10

11)4@12)4

9 10)4@10

2

7.47

9 10)4@10

2

7.33

7)4

7.10

@

9

3

6.68
7.00

July
New Contract

October (1937)

d.
__

December

January (1938)

d.

5.40

5.40

5.42
_

_

March

5,44

5.44

5.48

5.48

5.52

5.52

July

5.55

5.55

October..

5.58

May

December

d.
5.37

d.

d.

5.20

d.

5.26

5.23

5.29

d.

d.

2-

5.30

9.

5.34

5.36

5.32

16-

5.36

5.32

5.30

5.25

5.31

5.34

5.42

5.36

23-

5.45

5.41

5.37

5.35

5.30

5.36

5.39

5.46

5.41

30-

5.49

5.46

5.53

5.50

5.41

5.39

5.46

5.44

5.51

5.57

5.52

5.61

March

5.63

5.60

May

5.65

5.62

-

d.

5.26

5.30

5.56

5.59

d.

5.28

5.41

January (1939)




d.
5.32

5.39

5.58

5.54
_

-

-

-

5.34

5.40

5.39

5.45

5.43

5.51

5.45

5.48

5.56

5.50

5.44

5.52

5.45

5.53

5.47

-»

@10

4)4 @10

9

6.87

@12 K

10

5

@10

7.58

Aug.
6-

5.55

12

20-

5.58

27.

5.50

5.58

5.61

5.52

5.60

5.63

3.

10

7)4

6.20

10

4)4 @10

7)4

7.02

3

@10

6

5 93

10

4)4@10

3

@10

6

5.78

6.74

4)4

5.63

1)4@10
1)4@10

7)4
4)4

1 )4@10

10P4 @11H 10
10)*@11H 10

11 34 @13

1)4 @10

4)4

5.56

10

1 )4@10

4)4 @10

10^ @12

6.92

Sept.

5.58

@ 14

12H@13H 10
12)4@13% 10
11^@13 Vi 10

13.

5.56

5.56

...

1

1,000
2,000
5,000

Note—A cantar is 99 lbs. Egyptian bales weight about 750 lbs.
This statement shows that the
receipts for the week ended Sept. 1
85,000 cantars and the foreign shipments 7,000 bales.

advance.

to

Sept. 3

67,000

11,000

16,000

1935

4.

Sat.

Total

all—

,

Aug. 28

&

China

Bombay—

Very stdy
Quiet,
Barely stdy Barely st y Very stdy., Barely st'y;
2 to 3 pts. 4 to 9 pts. 6 to 8
unch'ged
pts. 8 to 9 pts. 1 to 3 pts.
to 1 pt. dec
decline.
decline.
decline.
advance.
advance.

Prices of futures at

Japan

and

5.44d.

Barely stdy
to

1

Conti¬

Manchester Market—Our report received

doing.

to 1

pts. adv

1

55.000

10,000

Friday

'

Mid.Upl'ds

Market

Thursday

A fair

\
1

Aug.

Great

The tone of the
each

Since
Week

Aug. 1

Exports

Alexandria, Egypt,
Sept. 1

Aug. 20
Aug. 27
47,000
52,000
752,000 727,000
258,000 239,000
38,000
34,000
11,000
4,000
116,000
111,000
30,000
38,000

45,000
10,000
117,000
34,000

Of which American

Week

.53o

Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Total stocks.
Of which American

1935

Since

Aug. 1

5,000

From—

d Direct steamer.

Forwarded

Since

Week

ard

5D.

.37c.

Stockholm

Bombay

Density

.65o.

.37o.

.52o.

Oslo

*

.61c.

.39)4 o.

ard

1936

Sept. 2

Receipts—

Stand-

Density
ard
Liverpool
.42o.
.57c.
Manchester.42o.
.57c.

Density

Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated

a

-

Total

1,159,719
86,000
37,000
24,200
36,000

6,000
3,000
16,000
4,000

Deduct—

Visible supply Sept. 3

-

To

Season

4,748,325

—

-

of

out

gone

;

_

„

_

_

5.55

_

10

6

6.70

4)4

6.70

Volume

Financial Chronicle

145

unsettling international political news from Europe and Asia

BREADS7UFFS
Friday Night, September 3, 1937

encouraged buyers.

is

busi¬
fair
buying. There is little or no inter¬
bookings for deferred shipment.
Directions against
quiet compared with last

week, still report

a

volume of hand-to-mouth
in

est.

contracts

DAILY

CLOSING PRICES OF WHEAT IN
Mon.

Sat.

No. 2 red

DAILY

117%

_

CLOSING

PRICES

December

Wheat—On the 28th ulto. prices closed 2 to 234c. down.
There were a number of bearish developments responsible

May

109

for

December

occurred

reports from Argentine of much needed rains having

of that country.
Other items
favoring the downward side of the market were reports of
slow demand on the part of importing nations for North
American exportable supplies, and sagging wheat values in
all world markets.
Accelerating the decline were the usual
amount of stop loss selling orders, the September contract
liquidation and hedging as the market wiped out all of the
modest gain scored during the week. Although harvesting of
Southern Hemisphere crops is months ahead, European
importing nations have shown much concern over reports of
drought conditions in both Argentina and Australia. Earlier
this week drought was understood to have caused abandon¬
ment of 10 % of the Argentine acreage,
The recently reported
beneficial rains, therefore, were regarded as having con¬
siderably changed the outlook for the wheat crop in the
Argentine.
On the 30th ulto.
Prices closed ye. to ye.
higher.
The market ruled heavy throughout most of the
session.
However, after dipping to the lowest level in more
than a year, wheat prices rallied strongly just before the close
today and wiped out all of the day's losses. Short covering
was largely responsible for this
sharp turnabout movement.
This buying apparently was influenced by the good recovery
at Winnipeg and the outstanding strength of
September corn,
which shot up almost 4c. from an early low and closed more
than 3c. net higher for the day.
The early wheat decline
of 1 ye. occurred in a sluggish, light trade.
Persistent
liquidation, which uncovered stop loss orders, was attributed
partly to weakness of Liverpool and reports of further rains
in Argentina.
Profit taking on the part of shorts helped the
rally when it got under way.
Export demand for North
American wheat was disappointingly light.
Due to a holiday
at Buenos Aires, weather reports from
Argentina were meager
and somewhat conflicting.
On the 31st ulto. prices closed
ysc. lower to ye. higher.
A decidedly heavy undertone
prevailed throughout the session, due to the bearish outlook
and the many uncertainties hanging over the market.
The
slowness with which North American wheat is moving into
export and the uncertainty about Southern Hemisphere
crops have been doing much to discourage operations on the
upward side of wheat.
Other bearish influences were the
downward tendency of the Liverpool market and
reports of
some rain in Argentina.
Export demand for American wheat
continued very disappointing, only a small business
being
reported, and sales of Canadian wheat were estimated at
only 300,000 bushels. After original notices of intention to
deliver 1,135,000 bushels on September contracts
today and
re tender
1,330,000 were announced, buying increased and
prices rallied slightly.
On the 1st inst. prices closed l/%c.
higher to %c. lower. Buying power was absent most of the
session, permitting hedge sales to depress wheat ye. to ye.
in the early trading.
Lack of foreign demand for American
wheat, as well as for exportable supplies in general, had
quite a dampening effect on sentiment. Around noon there
was
a rally
in prices, but this was short-lived, and when
demand had spent itself, the market fell right back into its
previous rut.
The flurry of buying during midday was
attributed partly to reports of good demand for cash wheat
in Northwestern markets, particularly at
Winnipeg, and

infcimportant wheat

on the Canadian market of
Flour trade of the last week was

about 250,(XX)
On

market
after

as

bushels.
gratifying.

the 2nd

a

inst.

The wheat

up.

strengthened and broadened out considerably today
listless start.

This firmness in wheat

was

attributed

unexpected strength at Buenos Aires and Liverpool, even
though rains in the Argentine were expected to prove bene¬
ficial to dry wheat lands.
Prices scored a maximum ad¬
vance of 224 to 2%c. a
bushel, but reacted about lc. before
the close.

Issuance of crop reports by half a dozen
private
sources had no appreciable influence on trade.
The reports
indicated only slight changes from private forecasts a month

and

reduction of 7,000,000 bushels from the August
official estimates for spring wheat.
There was considerable
profit-taking on the bulge in wheat, but those with wheat
to

sell

a

found ready

Today prices closed
nervously at
the

previous

The

market

fined mostly

a

*4

to

%c. lower.

After

fluctuating

small

close
was

advance, wheat prices dipped below
today when buying power contracted.

narrow

and

to small lots.

trading

Crop

news

quiet
from the

was

and

con¬

Southern

Hemisphere was interpreted as bearish. A private estimate
placed Australia's probable production at around 175,000,000
bushels, compared with 134,000,000 last season. Another re¬
port indicated the wheat acreage
is in favorable condition.
crease

in

season

was a

now

standing in Argentina

A commercial estimate of

30% in¬
production compared with last
bearish factor, but higher Liverpool
prices and

Australian

wheat




Fri.

U9X

118%

FUTURES
Tues.

104%
106%
109%

IN

Wed.

104
106%
109%

104
105%

108%

CHICAGO
Thurs. Fri.

105%
107%
110%

When

105%
107%
109%

Made

Aug. 20, 1937
Aug. 30, 1937
Aug. 30, 1937

DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG

Mon.
122%
119%
120%

Sat.

^

October
December

122

118%
120%

May

Tues.

Wed.

122%
119%
121%

122%
119%
121

Thurs.

124%
121%
123

Fri.

124%
120%
122%

Corn—On the 28th ulto. prices closed
% to 124c. lower.
corn broke as much as 2ye. early, but recovered
a result of much
lighter receipts, estimated at

September
as

only three

Corn for

cars.

time at

a

October

low of 76c.

New crop contracts

a

delivery was quoted for the first
bushel, or 18c. under September.

were

at the lowest levels for any corn

delivery since July, 1936.
lie. off to 3 ye. up.
dropped almost
However, there was

On the 30th ulto. prices closed

The

and

a

new

cent to

crop

deliveries

heavy

were

lows since June,

new

1936.

sharp rally when September corn
displayed outstanding strength.
The comparatively in¬
active October delivery
dropped to 72c., off the 4c. limit.
Cash interests and shorts were credited with
buying that
lifted September corn just before the close.
On the 31st ulto.
prices closed %e. off to ye. up.
September corn dropped
2c. early in the
session, but then rallied.
With the expiring
of the September
delivery, a strong bullish factor has been
removed.
The strength of this contract has been a
sustaining
influence in the corn market for some time
past.
On the
1st inst. prices closed ye.
up to 2ye. down.
September
corn was 1
He. higher at one stage, but then dropped 3He.,
to close more than 2c. under
yesterday's finals.
Traders
said the wide fluctuations were
typical of delivery monh
activity when supplies are light.
Outstanding September
contracts at the opening involved more than
18,000,000
bushels, part of which was believed due to sales through
one house
against purchaess through another.
Supplies of
contract corn at Chicago are known to be small.
iNew crop
contracts were steady.
a

On the 2nd inst. prices closed % to l%c.
up.
Corn was
active as wheat.
The September contract was nerv¬

not as
ous

and

fluctuated

estimates

averaged

within

3c.

a

The private crop

range.

2,625,000,000

1937 yield compared with

bushels

the

as

probable

the official August estimates

of

2,659,000,000 bushels.
up.

Today prices closed 24 c. down to %c.
Trading was light and without special feature.
Open

interest in

corn

DAILY

was

52,380,000 bushels.

CLOSING

PRICES

OF

Sat.

No. 2 yellow

115%

DAILY CLOSING PRICES

OF

Sat.

September

94%
62%
63%

May
Season's High

and
Sept. (new)
116%
Dec. (new)... 86%
May
74
_

CORN
Mon.

117%

CORN

December

NEW

IN

Tues.

Thurs.

Fri.

115%

116%

116%

FUTURES

Mon.

97%
62%
63%

YORK

Wed.

116%
Tues.

IN

CHICAGO

Wed.

97%
62%
63%

Thurs.

95%
62%
63%

95%
62%
64%

Fri.

96

62%
64%

Seanson's Low and When Made
When Made
July
9,1937 Sept. (new)... 89%
July 30,1937
July
8, 1937 Dec. (new)... 61%
Aug. 30, 1937
July 29, 1937 May
63
Aug. 30, 1937

Oats—On the 28th ulto. prices closed ye. off to
ye. up.
This grain showed surprising steadiness in view of the weak¬

displayed in the other grains, especially wheat and corn.
prices closed ye. off to ye. up.
There
apparently was very little interest in this grain, attention of
the trade being focused largely on wheat and corn.
On the
31st ulto. prices closed ye. down to ye.
up.
Trading was
light and of routine character.
On the 1st inst. prices closed
unchanged to ye. up.
Trading was light and of routine
ness

On the 30th ulto.

Attention seemed to be focused

entirely

on

the

other grains.
the 2nd inst. prices closed 24 to 24c. up.
There was
little of interest in this market outside of its steady
undertone.
Today prices closed 24c. off to 24c. up.
Trad¬
ing was routine and devoid of any noteworthy feature.
On

very

DAILY

CLOSING

PRICES

OF

Sat.

No. 2 white

DAILY

.40%

CLOSING

PRICES

OF

OATS
Mon.

40%

OATS

Sat.

Mon.

September

28%

28%

29

29

May.

30%

30%

September

Season's High

and
47%

41%

May

33%

IN

NEW YORK

Tues.

Wed.

40%
Tues.

28%
29%
30%

Thurs.

40%

FUTURES

December

December

purchasers.

Thurs.

High and When Made
Season's Low and
129%
July 16, 1937 September
100%
131%
July
6, 1937 December
104%
122%
July 29, 1937 May..
107%

character.

prices closed 1% to 2c.

to

ago

May

areas

indicated export wheat business

reported

Season's

September

Wed.

MX

117%

Mon.

Sat.

104%
106%

today's weakness in wheat values, principal of which were

130,434,000

was

NEW YORK

Tues.

117%

WHEAT

OF

September

moderate.

are

Open interest in wheat

bushels.

Flour—Mill offices, while generally remarking that
ness

1611

IN

Fri.

41%

CHICAGO

Wed.

Thurs.

28%
29%

When Made
I
Season's Low and
Apr.
6,1937(September.... 27
July
6, 19371 December
28%
July 29, 1937|May
30%

42

30

29%
31%

When

Fri.

29%
29%
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.
October

December...

_

47%
"--44%

47%
44%

47%
44%

46%
44%

47%
47%
45% "<45%

Rye—On the 28th ulto. prices closed 1 to l%e. down.
This heaviness of rye was attributed to the weakness of wheat
and corn and heavier receipts of rye.
On the 30th ulto.

prices closed unchanged to ye. up.
Trading was very light
and without special feature.
On the 31st ulto. prices closed
lc. higher for all options.
Buying of rye was stimulated
partly by reports of a little export business in American rye.
On the 1st inst. prices closed iy to iye. higher.
At one

Financial

1612

time during the sesssion prices scored advances of 2 % to 2 %c.,
but these gains failed to hold.
However, the closing regis¬
tered

a

substantial margin over the previous finals.

nothing of real interest in the
news.
Today prices closed Vsc. up throughout the list.
Although the market was narrow and trading light, the
light

undertone
DAILY

and

there

was

was

steady.

very

PRICES

CLOSING

RYE

OP

December

September

96

84

DAILY

76%

CLOSING PRICES

RYE

OP

Sat.

October

Tues.

86%
83%

IN

81%
79 %
79%

Made

June 14. 1936
Aug. 23, 1937
Aug. 23, 1937
WINNIPEG

Wed.

87%
85%

81
79
79-5*

When

73 %
73%
73%

FUTURES

Mon.

84%
81%

December..

80 %
78 %
79%

Season's Lou> and

I

Dec. 29. 19361 September
May
6, 19371 December
Aug. 10, 1937|May__

103%

December

May

Made

IN CHICAGO
Wed.
Thurs. Fri.

79%
77%
17%

76%

76%
When

Tues.

78 %

76%

May—

FUTURES

Mon.

78 %

—_

Season's High and

Sat.

Since

Week

Since

July 1 to—

Auq. 28

July 1

Auq. 28

July I

1937

1937

July 1
1937

Auq. 28

1937

1937

1937

Barrels

Barrels

Bushels

Bushels

Bushels

Bushels

37,030

419,064

7,145
11,500

65,420

985,000
1,139,000

11,839,000
8,380,000

So. A Cent. Amer.

Kingdom-

108,500

7,000

64,000

West Indies.

19,500

180,500

2.000

11,000

United

Continent

Mon.

Tues.

Wed.

Thurs.

Fri.

OF BARLEY FUTURES
Sat.

October

Mon.

Tues.

55

55

53%

53%

_____

IN

Wed.

55%
53%

s'looo

Brit. No. Am. Col.

1~535

29"; 141

76,720

808,625

2,133,000

20,309,000

Total 1036------- 101,797

980,899

2,933,000

26,298,000

Other countries...

visible

The

81,000
1.000

comprising the

stocks in

seaboard ports

GRAIN

STOCKS

Wheat

Boston.

Corn

Oats

Rye

Barley

Bushels

United States—

Bushels

Bushels

Bushels

Bushels

2,000

—

539,000

2i~,666

73,000

321.000

1,627,000
2,095,000
172,000
2,441,000

254,000

18,000

67,000

292,000
784,000

32,000
75,000

68,000

10,245,000

Philadelphia, a.
.

New Orleans
Galveston....
Fort Worth

49,000

137,000

5,000
5,000

17,000

2,000
32,000
141,000
200,000
1,000

Wichita

2,331,000

WINNIPEG

Hutchinson

Thurs.

St. Joseph

55%
54%

Fri.

56%

56%
54%

55

6,320,000
34,913,000
,9.270,000

Kansas City

Omaha

27,000
9,000

149,000

83"000

583,000

111,000

1,434,000

153,000
76,000

5,000

FLOUR

Spring oats, high protein _6.65@7.15
Spring patents
6.25@6.60
Clears, first spring
5.80 @6 25
Soft winter straights
5.25@5.50
Hard winter straights
5.90 @6 15
Hard winter patents
6.10@6.35

43,000

13,000

197,000

33,000

2,125,000

131,000

547,000

11,000

1,000

27,000

15,107,000

1,831,000

4,186,000

948,000
2,844,000

"2J)66

620,000

Sioux City

Peoria

Chicago, c

Rye flour patents
5.00@ 5.20
Seminola, bbl., Nos.1-3- 7.15@
Oats, good
2.50

Milwaukee

Cornflour

Minneapolis.

3.30

On Lakes

Coarse

4.75

Fancy pearl, Nos.2,4&7 6.90@7.25

.175,000

2.000

6,044,000

607,000

5,000
621,000

afloat..

aORAIN
Wheat, New York—1
No.2r d, c.i.f., domestic.__118%
Manitoba No. l.f.o.b. N.Y._134%
Corn, New York—
No. 2 yellow, all rail.

1,298,000
1,651,000
4,000
27,000

1,075,000

Detroit
__

45,000

121,000

7,234,000

362~666

4,613,000

Buffalo _d

478,000

74,000

6.077,000

_

Duluth

Barley goods—

5.15@5.40

Hard winter clears

1,160.000
7,303,000

211,000

St. Louis

follows:

were as

1,000

6,843,000

Indianapolis

Closing quotations

and

principal points of accumulation at lake
Saturday, Aug. 28, were as follows:

at

granary

157666

of grain

supply

New York*

^

_

Week

Baltimore.b

DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO

December

Since

Fri.

87%
85%

Corn

Wheat

Week

87%
85%

Thurs.

86%
84%

September.
DAILY CLOSING PRICES

Flour

and Since

Total 1937.

Sat.

September

Sept. 4, 1937

Exports for Week

Approxi¬

mately 10 loads of American and Canadian rye were reported
worked for export, and Belgium was understood to have
removed the duty on United States rye.
On the 2nd inst. prices closed % to %c. higher.
Trading
was

Chronicle

386,000

On Canal

413,000
81,000
684,000

3,955,000
1,213,000
180,000
243.000
SO.OOO

47,000

Oats, New York—
No. 2 white
41%
Rye, No. 2. f.o.b. bond N. Y__101%
Barley, New York—
47% lbs. malting
71%
Chicago, cash
65@86

.116%

Total Aug. 28,
Total Aug. 21,
Total Aug.
*

1937..123,172,000

1937

_

New York also has

also

has

4,157,000
7,243,000
5,680,000
2,728,000
6,615,000 12,125,000

4,293,000 50,702,000

109,000 bushels Argentine corn in bond,

a Philadelphia
corn in bond,
b Baltimore also has 178,000
Chicago also has 163.000 bushels Argentine corn
d Buffalo also has 747,000 bushels Argentine corn in bond.

313,000

in bond,

17,246,000

5,798,000 13,780,000

78,445,000

bushels

Argentine

bushels Argentine corn in bond,

All the statements below 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

5,340,000

116,748,000

29, 1936.....

c

Note—Bonded grain not included above:

Oats—On Lakes, 38,000 bushels;

total

38,000 bushels, against none in 1936.
Barley—Duluth, 196,000 bushels; Buffalo,
120,000; on Lakes, 418,000; total, 734,000 bushels, against 807,000 in 1936.
Wheat
—New York, 1,707,000 bushels; New York afloat, 40,000; Albany, 672,000; Buffalo,

185,000; Duluth,

136,000: on

Lakes,

1,079,000; total,

3,719,000 bushels, against

19,063,000 bushels in 1936.
'

of the last three years:

Wheat

Oats

Rye

Barley

Buehsls

Canadian—

Corn
Bushels

Bushels

Bushels

Bushels

Lake, bay, river and sea¬
Flour

Wheat

Corn

bbls 196 lbs

bush 60 lbs

bush 56 lbs

Receipts at-

Oats

Barley

Rye

482,000

75,000

586,000

191,000

391,000

1,482,000

22,998,000

1,808,000

379,000

3,437,000

34,660,000

2,481,000
2,363,000

845,000

5,505,000

750,000

3.803,000

5,340,000 17,246,000
2,481,000

4,157,000
845,000

7,243,000

34,660,000

28, 1937—157,832.000
Total Aug. 21, 1937..—144,159,000

5,340,000 19,727,000
5,798,000 16,143,000

5,002,000 12,748,000
3,478,000
9.4S3.000

board

5,676.000

Ft. William & Pt. Arthur

I bush 32 lbs bush 56 lbs bush 48 lbs

1,576,000

Milwaukee

734, 000

193,000

312,000

23,000!

2,480, 000

521.000

699, 000

972,000

26,000

"F.OOO

63, 000

59,000

209,000

Duluth

1,208,000

4,145,000
3,329,000

185,000

Chicago

Minneapolis..

14,000
158,000

114, 000

23,000

1,401,000
855,000
534,000
2,000

410, 000

13,000

_.

Toledo

28,000

1,000

103,000

468,000

72,000

74, 000

12,000

20,000

Peoria

39,000

20,000

98,000

70, 000

37,000

13,000

1,578,000

13,000;

34, 000

479,000

70.000

242, 000

St. Joseph._.

179,000

37.0001

Wichita

150.000

2,000'

2, 000

26,000

2,000

37, 000

4,000

22,000

1,654,000

17,000'

659, 000

7,000

67,000

1,856,000

3,257,000
4,230,000
2,870.000

Canadian

67,000

Indianapolis..
St.

I.ouis.

...

Omaha

Sioux City

.

_.

Buffalo

elevator stocks.

Total Aug. 28, 1937.
Total Aug. 21, 1937-—
-

wk.

'37

353,000) 13,906,000

1,510,0001

Same

wk.

'36

408,000

5,086,000

3,261,000

Same

wk.

*35

349,000

13,742,000

2,022,000

5,633,000
1,454,000
9,428,000

1936

1,526,000
2,176.000

1935

1,738,000

68,286,000
55,439,000
84,623,000

7,534,000
22,084,000
8,124.000

25,386,000
24,615,000
32.756,000

405,000
474,000

::::::

27,411,000

Summary—
Amei ican

Canadian.

.123,172,000
__

Total Aug.

15, 000

Total

5,986,000

& other

43,000

Kansas City..

Other

5,505,000

The world's

shipment of wheat and corn, as furnished by
Exchange, for the week
ended Aug. 27, and since July 1, 1937, and July 1, 1936, are
shown in the following:
Broomhall to the New York Produce

Corn

Wheat
Since Aug. 1—

1937

5,961,00010,829,000
2,887,00020,262,000
2,926,000

North Amer.

Week

July 1,
1937

July 1,

Auq. 27,

1936

1937

1937

1936

Bushels

Bushels

Bushels

Bushels

Bushels

Flour

Wheat

Oats

Corn

Barley

Rye

6,600,000

6,240,000

955,000

7.831,000

1,440,000
248,000

13,472,000
5,536,000

8,550.000
9.489,000

32.8,000

3,776,000

6,096.000

7,822.000

62,254,000'

71,882,000

Australia

India
bbls 196 lbs bush 60 lbs
New York

bush 56 lbs

141,000

123,000

97,000

26,000

320.000

bush 32 lbs bush 56 lbs bush 48 lbs

80,000

PhiladelphiaBaltimore

123,000

8,000

New Orleans *

2,000
8,000
15,000

20,000

6O"66O

74,000

Galveston

2,000
1,000
27,000

~i~666

2517660

1877666

14,000

179,000

39,666

Montreal
Boston

211",000

1,614,000

~i~666

23,000

25",600

::::::

Sorel

~~2~666

Halifax

Oth. countr's
Total

wk.

'37

Since Jan.1'37

Week 1936—

*

on

26,939,000

3,735,000

3,069,000

2,962,000
80,974,000

9,889,000

244,000

54,495,000

310,000

Since Jan.1'36

213,000

2,433,000

259,000
9,063,000

59,000
3,042,000

75,000

373,000

118,000

4,753,000

3,072,000

3,469,000

250,000

281,000

1,679,000

Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.

The exports

from the several seaboard ports for the week

ended Saturday, Aug. 28, 1937, are shown in the

annexed

statement:

V

Wheat

Corn

Bushels

Exports from---

Bushels

64,000

New York

Flour

Barrels

Oafs

Rye

Barley

Bushels

Bushels

Bushels

32,710

68,000

"i'ooo

Baltimore

"TOOO

2,000

386,000

Galveston

1,614,000

Montreal

397660

2117666

2517666

"2",000

Halifax

Total week 1937

2,133,000

76,710

211,000

1936

2,933,000

101,797

36,000

Same week

1877666
25,000

Sorel

251,000

212,000

114,000

The destination of these exports for the week and since

July 1, 1937, is as below:




1,000

(7666

2,612,000

4,840,000

6,744,000

63,703,000

50,502,000

19

496,000

1,705~666 II,659766O

2,5117606

78,034,000'

57,854.000

8,645,000

Weather Report for the Week Ended Sept. 1—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 1, follows:
The week

Total

.

60,000

41,011,000

28,51,000
2,000,000

25.039,000

Black Sea

Argentina

Receipts at—

July 1,

Since

Bushels

Total
the

Since

July 1,

Since

1937

8,579,000

receipts of flour and grain at the seaboard ports for
week ended Saturday, Aug. 28, 1937, follow:

Since

Week

Aug. 27,

Exports

was characterized by persistent warmth in the interior States,
temperatures in the South, extreme East, and far West, and
daily rainfall over considerable southeastern areas.
On the morn¬
ing of Aug. 24, a tropical disturbance of small diameter and slight intensity
was reported east of the Leeward Islands.
It moved slowly westnorthwestward and passed inland over the northeastern Florida coast on the
morning of Aug. 20, after which it quickly dissipated.
Some moderately
high winds were experienced, but crop and other damage, in general, was
relatively light.
Maximum temperatures for the week ranged from about 80 to 92 degrees
east of the Mississippi Valley, but were high in the trans-Mississippi area.
Temperatures of 100 degrees or higher, were reported in western Arkansas,
northern Nebraska. South Dakota, eastern Colorado, and eastern Montana,
with only slightly lower readings generally throughout the Missouri Valley
and the Plains States.
The highest reported was 106 degrees at Phoenix,
Ariz., occuring on several days.
The weekly mean temperatures were slightly above normal in most
sections of the Atlantic area and the South.
However, in the interior
Valleys and Northern States from New England to the central and northern
Plains the week was from 6 degrees to as many as 14 degrees warmer than
normal, with hot winds reported for much of the Plains area.
West of the
Rocky Mountains, temperatures averaged from several degrees below nor¬
mal to considerably above.
Heavy rainfall was general from the lower Mississippi Valley eastward
and from New York and southern New England southward.
The heaviest
falls occurred in east Gulf sections and the area from Maryland to South
Carolina, the largest amount reported being 9.4 inches at Pensacola, Fla.
Except very locally, rainfall was light in the west Gulf area and the interior
Valleys.
There were moderate falls in some central-northern sections,
parts of extreme western Kansas, and Colorado, but west of the Rocky
Mountains there was very little rain, except in north Pacific districts.
Preliminary reports show that rainfall in August was near normal or
considerably above, quite generally east of the Mississippi River, except

moderate

almost

Volume

Chronicle

Financial

145

in Illinois and

central.

the

some

Wisconsin, where there were marked deficiencies.
Between
Mississippi River and Rocky Mountains, Minnesota, the eastern

more

Kansas

and

Nebraska,

having

aroUnd
two-thirds
of the Dakotas, and

the western portions

one-half the normal for the month.

,

the
normal,
and
Montana less than

1

East of the Mississippi River the weather of the week was

1613
corn

matured

or

localities in hills by dryness.

nearly matured; late badly damaged in

Tennessee—Nashville: Progress and condition of corn very good account
neavy rains at close of preceding week, except only fair in limited areas of
west; early maturing.
Heavy rains unfavorable for cotton in eastern
portions, but progress and condition mostly good and opening to some
extent.
Sunshine needed for tobacco; rains causing wildfire and
dropping of

Eortions of the normal, but in other sections, August rainfall and Louisiana
ad
than Dakotas, northern Iowa, eastern Oklahoma, was deficient;
Missouri

Early

lower

generally favor¬

leaves; condition

averages

good and considerable cut.

able for crop progress, except that it was too wet for cotton in much of the
Southeast and moisture is needed in most of Wisconsin and Illinois, and

locally in Indiana, Ohio, and Kentucky.
There was some flood damage
in parts of the south Atlantic area and too much rain was unfavorable for
truck crops, especially tomatoes, in the Middle Atlantic States.
However,
in general, the crop outlook continues favorable in the eastern area.
Between the Mississippi River and the Rocky Mountains conditions
continue variable.
In most southern seer,ions late crops show improvement
since the rains of last week, but in Central-Northern States it was too dry
and warm in large areas; crop maturity was hastened by high temperatures,
with some premature development.
Rainfall is needed badly in the western
Great
Plains from Kansas northward, especially in northeastern New
Mexico, the western third of Kansas, Nebraska, South Dakota, Montana,
and eastern Wyoming.
In Colorado fairly good rains in much of the State
favorable.

were

THE DRY GOODS TRADE
New York,

'

outlook

outlook is maintained, with
helpful moisture during the week in northern Idaho, and at its close
in the north Pacific area.
There was some frost damage to tender vegeta¬
tion in the more northwestern sections of the country, but this was not
West of the Rocky Mountains a satisfactory

certain

some

for

fall

business

continues

degree of confidence.

to

be

viewed

with

a

With the waning of vacation

influences and the start of the back-to-school movement, a
revival of consumer buying is anticipated, the force of which

material.

Small Grains—Threshing spring wheat is mostly done in North

Friday Night, Sept. 3, 1937.

High temperatures and vacation influences continued to
put a damper on retail trade during the past week, and the
weakness in the security markets, due to fears of
major
foreign complications, also acted as a retarding factor. Not¬
withstanding the current spottiness of trade, however, the

will, in the opinion of

Dakota,

many

observers, be augmented by the

while in Minnesota shock threshing is nearing completion, although much
stack threshing remains.
Harvest is nearing completion, with threshing
in full swing, in Montana, while it continues in the Pacific Northwest,

increased purchasing power of the rural population as well as
of industrial workers.
Best sales results for the past week

where only about one-third remains to be cut in Washington.
Fall plowing was delayed by rain in many eastern district's but
of the Ohio Valley, the western Lake region, and southern Iowa,

sections.

were

in parts
the soil
working.
In Kansas preparation of the soil was pushed
vigorously, with half to three-fourths or more done; soil moisture in this
State is deficient in the northern half and very deficient in the western
third.
Considerable plowing was accomplished in Oklahoma, while this
work is well advanced in Nebraska.
Seeding winter wheat is progressing
in northwestern Kansas and is expected to start elsewhere in that State "in
about two weeks, except in the southwestern part where farmers are await¬
ing rain.
Some seeding of winter wheat and rye has been done in north¬
is

too

western

Iowa and in parts of South Dakota.

Michigan, Indiana, and west-central Kentucky eastward
generally favorable for the development of corn,
rains of the week helpful in many of the more eastern sections.
However, less favorable weather prevailed from the Mississippi Valley
westward, because of the general dryness and abnormally high temperatures.
In Illinois progress is still mostly fair to good, except that moisture in
many
localities is insufficient to maintain previous development.
In
Missouri early corn is mostly good, but late fields in a northeast-southwest
belt across the State need rain, with some firing.
In Oklahoma and Texas
late corn shows improvement since the recent rains.
In Kansas maturity
was rapid, with the crop being gathered for feeding over much of the eastern
two-thirds, while cutting for silage is general.
Dryness and hot winds were unfavorable in much of Nebraska and
South Dakota, with corn largely a failure in the former State, except in
the extreme east.
In Iowa high temperatures and the absence of rain were
unfavorable in many places, with further deterioration in the south, and
many upland localities in other sections; the crop matured too rapidly, with
the bulk well dented and up to three-fourths now safe from frost in some
Corn—From

the weather

continued

with generous

northwestern counties.

Cotton—In the eastern cotton belt the week was cloudy and wet, with
almost daily rains, while in the west it was mostly fair and moderately warm.
Conditions in the east were decidedly unfavorable, but in western sections

they were mainly satisfactory.
In Texas cotton shows favorable
and

response to

the improved soil moisture,

from fair to good rather generally, though in the ex¬
there was some lowering of grade by rainfall, and premature

averages

now

treme

east

opening continues in some central districts; picking and ginning are pro¬
gressing rapidly.
In Oklahoma progress was fair to good and condition of
cotton good in the east, but poor to only fair elsewhere, with considerable
beyond recovery in south-central and southwestern counties; much bloom
has formed since the rain.

excellent, except in some wet southern
Also satisfactory advance is reported from

In Arkansas progress is good to
sections and

dry-hill districts.

portions of Mississippi and Alabama.
In all
other sections of the belt cloudy weather and frequent rains were unfavor¬
Tennessee and the northern

,

fields in many places, with more or less boll rot and local sprouting.
Dry
weather and sunshine are needed generally from Louisiana eastward to the

The

northward to Virginia.

Weather Bureau furnished

the following resume of

conditions in the different States:
Virginia—Richmond:

Cloudy, rainy week stopped farming operations.

and quality of peanuts poor. Cutting
tobacco in full swing.
Southeastern truck excellent. Pastures
and meadows excellent, but haying difficult.
Peach harvest nearly com¬
Rain making cotton maturity uneven

and curing

pleted; apple harvest just begun.
North Carolina—Raleigh:
Frequent showers to heavy rainfall; eastern
Progress of cotton poor to fair in east and fairly good in
west; weather favorable for weevil activity, some complaints of bolls rot¬
ting. Harvesting ripe tobacco under difficulties and some damaged. Corn
and hay crops good to excellent, but some damaged by flooding.
South Carolina—Columbia:
Considerable cloudiness and frequent mod¬
erate to heavy rains increased growth, but retarded farm work.
Weather
very favorable for weevil activity and caused some boll rot and some
sprouting; cotton becoming sappy and weedy; picking slow advance and
soil too wet in sections.
Molasses making begun. Sunshine needed.
Georgia—Atlanta:
Too frequent rains and picking cotton slow progress
in most places, with weather generally favorable for weevil activity; local
wind damage to open cotton in south.
Week favorable for growing corn,
but too wet for harvesting.
Pastures and truck mostly improved. Peanut
vines becoming diseased and some ripening prematurely.
Alabama—Montgomery: Daily rain in all sections since 23d, with totals
moderate to heavy.
Favorable for cotton in north, but in middle and
south picking delayed and staple damaged, with some reports of bolls
rotting and open sprouting locally in south; numerous complaints of ginning
wet, with damage to staple and seed. Other crops benefited by showers.
Mississippi—Vicksburg:
Progress of cotton fairly good in extreme
but poor to fair elsewhere account frequent rains in south and central
where picking mostly slow, staple stained, and heavy shedding locally;
weather favorable for weevil activity; occasional sprouting with lowest
bolls rotting. Progress of late-planted corn generally very good.
Progress
of gardens and pastures mostly good.
Louisiana—New
Orleans:
Temperatures somewhat
below normal;
general rains, locally heavy, first of week and scattered thereafter.
Late
rice, late corn, cane, potatoes, gardens, and pastures helped by moisture.
Cotton in urgent need of dry, sunshiny weather; progress only fair and
condition still fairly good, but scattered damage to open by rain; picking
only slow advance in many localities, but good progress in a few areas.
Harvesting and threshing early rice delayed by rains.
Texas—Houston;
Averaged warm in west and about normal in east.
Light to locally heavy rains general in northeast and mostly light and
scattered elsewhere.
Condition of cotton greatly improved by rain of
rivers flooding.

previous week and averages fair to good, although grade of staple lowered
by frequent rains in extreme east; some premature opening
continued in middle districts; picking and ginning progressed rapidly to
northward.
Pastures improved, except in central and southwest.
Cattle
continue good.
Rice harvest delayed. Preparation of soil for fall plowing
making good progress.
Oklahoma—Oklahoma City: Warm, with a few scattered light to excessive
showers.
Considerable plowing accomplished and some winter wheat
sown for pasture.
Progress of corn fair; condition fair in east, but poor to
fair elsewhere due to previous dryness; crop being gathered in south.

somewhat

Progress of cotton fair to good; condition good in east, but rather poor to
fair elsewhere;

considerable injured beyond recovery in southwest and south-

central; much blooming since rains; picking good advance in south.
Arkansas—Little Rock:
Progress of cotton good to excellent, except in
some southern portions where too wet recently and in some hill sections
where too
some

dry; bolls opening rapidly; picking good advance in south and
but slow in north; ginning beginning in south and

central portions,




reported

from

the

Southwestern

wheat

belt

In the local.area, on the other hand,

Cotton

Domestic

able, with complaints of increased weevil activity, sappy plants, and weedy

coast and

again

gains over
last year were limited to small fractions.
Early estimates
for the month of August forecast increases ranging from 5 to
10%, partly however, due to the fact that the month con¬
tained one more business day than last year.
Trading in the wholesale dry goods markets continued in
its previous desultory fashion.
The persistent price decline
in the raw cotton market again was largely responsible for
the cautious buying attitude of both retailers and whole¬
salers.
Although numerous downward price readjustments
were announced,
buyers refrained from entering the market
preferring to await a clearer view of early fall business de¬
velopments, and the further course of the cotton market
following the next official crop estimate scheduled to be
released on Sept. 8.
Some active buying of apparel and
accessory lines for nearby delivery developed, presumably
due to the somewhat depleted state of inventories in these
goods.
Business in silk goods expanded moderately, with
some
covering of spring requirements being in evidence.
Trading in rayon yarns, although receiving an impetus
through the opening of books for November deliveries,
quieted down perceptible relfecting the current curtailment of
production in the weaving plants where stocks of cheaper
cloth are reported to have accumulated of late.
The slack¬
ening demand from this source, however, was partly offset
by increased purchases of the knitting trade.
While yarn
stocks in producer's hands showed a moderate increase, they
still amount to but a fraction of one month's supply and,
moreover, are largely confined to inactive counts, whereas
popular numbers continue scarce.

dry for

,

Goods—Trading in the

cloths

gray

markets continued listless, with the further fall in

raw

cotton

prices being chiefly responsible for the reluctance of buyers.
Prices pursued their declining trend, notwithstanding grow¬
ing talk of widespread curtailment plans among the mills.
Towards the end of the week a slightly better tone developed,
in sympathy with the moderate rally in the cotton market.
While no broad revival in buying interest is anticipated until
after the passing of the holiday and the release of the Septem¬
ber crop report by the Government, intermittent flurries are
looked for in some quarters who continue to emphasize the
depleted state of stocks, particularly in the hands of the
smaller converters.
Business in fine goods remained quiet,
although reports of further shutdowns of plants served to
improve sentiment and strengthen the belief that buyers
will again enter the market shortly after the turn of the
season.
Combed broadcloths met with slightly increased
interest, and a moderate call continued for card&d piques.
Closing prices in print cloths were as follows: 39-inch 80s,
7Mc.; 39-inch 72-76s, 7c.; 39-inch 68-72s, 6 to 6^c.; 38^inch 64'60s, 5J4 to 5%c.; 383^-inch 60-48s, 4% to 4%c.
Woolen

Goods—Trading in men's wear fabrics con¬
with clothing manufacturers retaining their

dull,

tinued

waiting attitude in view of the uncertain outlook for the
fall business.
Further reports of curtailed operating sched¬

by mills came into the market, as backlogs of
contracts were either exhausted or reduced to small
ules

unfilled

figures.
tropical worsteds and overcoat¬
ings were received but not in sufficient volume to neutralize
the dirth of business in regular suitings.
Reports from
retail clothing centers continued their spotty showing, with
Some

additional orders

on

high temperatures tending to accentuate the indifference of
the consuming public.
Business in women's wear goods

improved moderately as the new garment prices became
firmer
established in the market.
Fleeces and tweeds
moved in fair volume, and interest in velour and boucle
coatings continued its moderate expansion.

Goods—Trading in linens gave no indication
immediate revival in buying. Reports from the
primary markets abroad stressed the growing adverse in¬
fluence of the Far Eastern conflagration on the linen trade.
Business in burlap remained at a virtual standstill. Reports
of alleged heavy Chicago buying for war purposes had little
effect
on
the market.
Domestically lightweights were
quoted at 3.95c., heavies at 5.30c.
Foreign Dry

of

any

1614

Financial

Chronicle

Sept. 4, 1937

3,353,500 Cleveland, Ohio, refunding bonds, comprising $2,229,000
2^s and $1,124,500 2%s, each series maturing on an annual
basis from
1939 to 1952 incl., were purchased by Halsey,
Stuart & Co., Inc. of New York, and associates, at a
price of
100.22, an interest cost to the city of about 2.56%
Reoffering
was made to yield from
1.30% to 2.70%, according to interest
rate and maturity.
.

2,500,000 Boston, Mass., various purposes bonds, consisting of $2,075,000 2^4s and $425,000 3s, with maturities from 1938,to 1967
incl., were sold to an account headed by Phelps, Fenn & Co.,
Inc. of New York, at a price of par. The bankers reoffered part
of the bonds at prices to yield from
1.40% to 2.95%, and the
rest at par, the scale being based on
coupon rate and maturity.
2,280,000 Orleans

Levee

District,
La., refunding bonds, bearinf
3J^%, 4% and 4H%, due serially from 193*
a syndicate managed by R. W.
Pressprich & Co. of New York, at a price of 100.065, an
interest cost basis of about 4.15%.
They were reoffered on a
yield basis of from 1.25% to 4.05%, and at a price of 100.50,
depending oh coupon rate and date of maturity. The bonds are
callable in whole or in part at any interest date, in inverse
numerical order, at 110 and interest.
interest rates of

1959 incl., were awarded to

to

The month of

field of
This

August proved

financing by
not

was

the

only the

sales, but also insofar
issued and

rather dull period in the

and

investment interest in previously

concerned.

was

Banks, insurance

companies and other institutions which in the past could

usually be depended

on

to readily absorb large amounts of

tax-exempts, continued throughout the past month to display
the

reluctance

same

that

has

add

to

characterized

months of this year.

materially to their portfolios

their

attitude

for

the

to the method to be

its

of

course

particularly in August,
as

interest

was

uncertainty

rates.

The

the

issues

the

which

Name

Page

Columbia Heights, Minn

1460

Courtney, N. Dak
Day County, S. Dak

Douglas Co. S. D. 21, Wash

1144

Epping Special S. D., N. Dak..

1622

Garrison, N. Dak

1146

Girardsville S. D., Pa

not exc.

learned that

was

solely to

re¬

aCuyahoga County, Ohio

information

was

made

x

adopted in the Federal lien department, most dealers

hold the view that very little

improvement

in the tax-exempt field until the

can

be expected

Treasury has concluded its

forthcoming borrowing.

8,000

No bids

4%

110,000

No bids

30,000

1619

cGrass Lake, Mich

exc.
exc.

month and awards of

total includes

a

$112,042,339 during June. The August
$15,000,000 by the Port of New

flotation of

York

Authority, while the figure for July reflects awards of
$40,000,000 by the State of New York and $10,066,000 by
the State of Tennessee.

A feature of the borrowings in the
the confusion which obtained with regard
the sale of $3,000,000 bonds
by the State of Missouri.

past month
This

loan

was

originally sold privately during July to a
Criticism of the transaction by other
investment bankers on the ground that the State could have
obtained a better price through
competitive bidding, impelled
the issuer to offer the loan at
public sale during August.
Although the one banking group that participated in the
bidding named a higher price than that originally offered
to the State, no award has been made as
yet owing to liti¬
gation subsequently instituted by the syndicate which
purchased the loan m the fust instance.
was

large banking broup.

Another

development in the recent period was the signing
by President Roosevelt on Aug. 16 of the new Municipal
Bankruptcy bill, designed to replace the original measure
which

1455

1623
x

declared unconstitutional
by the United States
Supreme Court in May, 1936. The present law is virtually
similar in its provisions to the invalidated bill and is
designed
was

4J^%

Sheffield, 111

4^%

was optional with the bidder,
a High bid was considered for
rejected by county commissioners on ground that interest
high.
New offering will be made about Sept. 25.
b New sale date is
Amount of issue was increased to $55,500 and tenders will not be

Sept. 11.
received

c

on

Sept. 15.

ment of sale,

e

d Poor market conditions was given as reason for postpone¬
been announced for Sept. 7.
f Sale date was

A new offering has

changed to Sept. 13.

Temporary financing by municipal units during August
restricted to the sale of comparatively few issues,
aggregating in principal amount no more than $44,369,808.
Of that figure, $30,500,000 was accounted for by the City

was

of New York.

The interest cost

was confined to the sale of several issues amounting
only $240,000.
This was unquestionably the smallest
output in any month in recent years. Temporary borrowing
reached $50,000,000, all of which, as is usually the fact, was
accounted for by the Dominion Government.

to

For

the
of

successive

seventh

the

United

Gen.fd.bds.(N.Y.C)

The

issues

of

then

on

$1,000,000

the statute books.

or more

sold during August were

follows:

$15,000,000 Port of New York Authority, N. Y.,
3%% general and
refunding bonds awarded to the National City Bank of New
York and associates, at a price of
99.517, a basis of about
3.27%.
The bonds mature Aug. 15, 1977, and are callable
prior to date under various conditions cited in the indenture.
Public reoffering of the loan was made
by the banking group
at a price of 101, to yield about
3.20%.
"

3,408,000 Maryland (State of) 2% % certificates of indebtedness, all
maturing serially from 1940 to 1952 incl., were awarded to
an account beaded
by Halsey, Stuart & Co., Inc., at a price of
108.66, a basis of about 1.97%. The obligations were reoffered
for public investment at prices to
yield from 1.10% to 2%,
according to maturity.




month

in

the

present year,

Possessions

States

appeared in this
market for funds.
The initial financing from that source is
scheduled to take place on September 14, when the Territory of
Hawaii will consider bids for a total of $4,500,000 bonds—
V. 145, p. 1455.
A comparison is given in the table below of all the various
forms of securities placed in August in the last five years:
none

units which

measure

loans of that character is

the month

240,000
None

bankruptcy

on

considerably higher than was the case throughout 1936.
Among the municipalities, excluding New York City, which
contributed somewhat heavily to the August total were the
State of California and the City of Boston, Mass.
Permanent financing by Canadian municipal units during

Placed in Canada.

and, of even
greater significance, a large number of debt compositions
were arranged without recourse
by debtors to the original

Bids rejected
Sale postponed

Rate of interest

50,893,322

in difficulties in recent
years

10,000

500,000

several days and finally

Perm, loans (U. S.)_
*Temp. loans (U. S.)
Can. loans (perm't):

were

No bids

Sale postponed
Not sold

30,000

..not exc. 6%

assist defaulting units in
composing their obligations
through refunding programs.
It is generally assumed that
only relatively minor drainage and other districts of that type
may take advantage of the revised legislation in order to
solve their debt problems.
As a matter of fact, considerable
progress has been achieved in refinancing the debts of those
to

Bids rejected

125,000

4)^%

fSummit County, Ohio

rejected

No bids

145,000

not exc. 6%

Rittman, Ohio

Bids

55,000
200,000

x

eRaritan, N. J

Offering canceled

22,500

3%

Old Forge, Pa„___

1462
1458

1461

4H%
6%

x

...

Sale postponed
Sale postponed
Sale postponed

55,000
148,000
2,375,000

not exc. 6%

Indianapolis San. Dist., Ind__.not
1626 dKing County, Wash
not

cost was too

The grand total of State and
municipal bonds brought out
during the month of August was only $50,893,322.
This
compares with disposals of $84,339,511
in the previous

rejected

Not sold

not exc. 6%

1625

municipal market ordinarily follows the

Bids

42,000

1148 bGrand Co. H. S. D. 115, Wash.not exc. 6%

Treasury will employ in order to raise the required funds.
the

150,000

x

Newport Township, Pa
Ogden,TTtah

as

of

No bids

Mamou, La

Inasmuch

3,000,000

4,000

1146

course

time

Report

3,000

not exc. 6%

1455

no

the

Sale postponed
No bids
Bids rejected

$4,000

x

1618

as

at

Amount

x

not exc. 6%

1462

Although it

sale

Ira Rale

1619

1622

employed by the Treasury in meeting

of

for reference purposes:

to the type of security and the coupon rate which

public

as

failed

offering last month.
There are no less than 20 separate
issues, involving an aggregate principal amount of $7,016,500
The tabulation includes the page number of the " Chronicle''

1302

financing impending maturities,

to

of

account

situation,

Government would confine its operation

the

over

Continuing with our discussion of municipal financing dur¬
ing August, we find further factual evidence of the poor
character of market conditions in that period in the following

further confused by speculation

Sept. 15 debt requirements.

the

throughout previous

The usual explanation given for this

lack of investment interest has been the
outlook

1,175,000 Minneapolis, Minn., 2.30% public relief and permanent
improvement school bonds, maturing annually from 1938 to
1947 incl., were sold to Phelps, Fenn & Co. of New York and
associates, at 100.15, a basis of about 2.27%.
Reoffered to
yield from 0.85% to 2.25%, according to maturity.

subdivisions.

their

with regard to the volume of

case
as

offerings

new

a

States

1937

Total

None

56,769,681
15,762,180
573,666

1933

$

65,703,316
35,973,000

$

27,708,331
56,371,500

41,602,539
33,224,575

18,706,000 101,116,500 a85,598,475
76,000,000
None

50,000,000

None

None

None

None

None

None

None

73,105,527 196,382,316 235,196,331

160,425,589

None
-

None
95,503,130

1934

$

$

44,369,808

Placed in U. S
Bonds U.S. Poss'ns.

1935

1936

$

None

*

Including temporary securities issued by New York City, $30,500,000 in August.
1937; $6,000,000 in August, 1936; $26,000,000 in August, 1935; $38,300,000 in

August,

1934;

$14,828,055 in August,

1933.

a

Including

$66,500,000

placed

in

London.

The number of
nent bonds and

places in the United States selling

the number of separate issues made

perma¬

during
This contrasts
with 287 and 330 for July 1937, and with 277 and 339 for
August, 1936.
For comparative purposes we add the following table
showing the aggregates for August and the eight months for
a series of
years.
In these figures temporary loans, New
York City's* "general fund" bonds and also issues by Cana¬
dian municipalities are excluded:

August, 1937

were

285 and 321, respectively.

Financial

145

Volume

Month of

Month of

For the

A ugust

8 Months

August

$50,893,322

692,030,468

1936

56,769,681

713,522,262

1913

1935...

65,703,316

298,422,720

1910

1932

27,708,331
41,602,539
37,839,907

753,182,433
042,092,065

1,912...:

1934

594,140,739

1909

1931

74,963,933

1,022,918,595

1930

98,068,445
80,872,773

975,963,112

1907

836,370,593

1906

928,136,644

1905

1925

83.727 297

1924........108,220,267
1923
56,987,954

1,060,936,272
909,425,840
9S0,196,004
1,014,088,919
709,565,710

1904

1926.-

68,918,129
92,086,994
71,168,428

1922

69.375,996

819,077.237

1899

1921

94,638,755
59,684,048
59,188,857
38,538,221
32,496,308
25,137.902
22,970.844

665,366,366

1898

439,355,455
448,030,120

1897.

213,447,413
346,903,907
346,213,922

1895

389,789,324

$10,332,193
19,801,191
15,674,855
22,522,612
14,878,122
22,141,716
18 518,046
20,075,541
i 16,391,587
8.595,171
16,124,577

1914

1892

1937-...

1933

1929

1928
1927

1920

1919...
1918
1917

1916
1915

....

1911

1908

....

1903
1902
1901

....

1900..

....

1896

1894.....

1893...

7,737,240
10,009,256
15,430,390
7,112,834
5,865,510
25,029,784
6,449,536
4,045,500
8,464,431
7.525,260
2,734,714
4,408,491

1615

Chronicle
the public although
investments.

For the
8 Months

$394,666,343
262,178,745
292,443,278
288,016,280
214,557.021
249,387,680
208,709,303
151,775,887
144,171,927
131,196,527
187,220,986
102,983,914
108,499,201
84,915,945
93,160,542
87,824,844
76,976,894
97,114,772
52,535,959
80,830,704
82,205,489
37,089,429
57,430,882

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.

State bonds in several

In studying debt burdens, says Mr.

are

held by State agencies as

Ratchford,

a

first and most enlight¬

ening step is to reduce net debt and debt service payments as a per capita
basis.
Although the average per capita debt for the entire country is
$20.03, six States have a higher figure—Arkansas ($80.11), Louisiana
($70.29), South Dakota ($62.39), Oregon ($47.92), West Virginia ($44.85),
and North Carolina ($41.42).
Against an average State debt service for
the entire country of $1.93 per capita, nine States have a higher burden—
South Dakota with $7.96; Oregon with $5.44; North Dakota, $5.16; Louisi¬
ana, $5.15; Arkansas, $4.87; West Virginia, $4.57; New Hampshire, $4.34;
Minnesota, $4.62, and North Carolina, $3.87.
The growth in the use of serial bonds has caused a decline in the impor¬
tance of

sinking funds.
Only about a third of the States, the most imporare Massachusetts, Michigan, New Jersey and New York,

of which

tnat

maintain sinking funds of any consequence, and these are principally
bonds issued before serial bonds reached their present popularity.

for
On

July 1, 1936, Connecticut eliminated her entire funded debt, having ac¬
cumulated sinking fund assets exceeding the amount of the debt.

Texas—Legislature Called in Special Session—We were
on Sept. 3 that Governor James V. Allred issued a
call for the Legislature to convene in special session on
Sept. 27 for the purpose of enacting tax measures which
would produce several million dollars of additional
State
informed

revenue.

Wisconsin—Special Session Called—Governor La Follette
legislators recently that he had set a tentative date of
Sept. 13 for the convening of a special session of the Legisla¬
ture and would limit the original call for the subject of relief,
according to an Associated Press dispatch from Madison.
The Governor is reported as saying that if the subject of
relief is dealt with quickly, he may amend the call to include
other matters, but that he wants the session limited to three
weekfe.
:" U
V
■->
Governor La Follette is said to have informed the legis¬
lators he would name a steering committee of three Assem¬
blymen and three Senators, one from each part, to formu¬
late a set of rules for the session.
He proposed that no
memorials to Congress or other resolutions be introduced
and that the houses hold joint hearings.
told

News Items
Massachusetts—Changes in List of Legal Investments—
following bulletin (No. 2), was made public by the
Commissioner on Aug. 26, showing the latest
changes in the list of investments considered legal for savings
The

State Bank

banks#
Added to List of

Utilities—As of July 23,

Public

mortgage 3 Hs,

1967.

As

of Ai
ug.

July 1, 1937

1937: Westchester Lighting Co. general
~~
~
* "*
25, 1937: Ohio Public Service Co. first

mortgage 4s, 1962.
Railroad Equipment TrustsAs of July 21, 1937: Spokane Portland
Seattle Ry. equipment trust series A 2%s, due serially to July 1, 1947.
Municipal Bonds {only)—City of Newport, Ky.; City of Phoenix, Ariz.
,

&

Removed from the List
Baltimore & Ohio RR. equipment trust 5s of
Louisville &
Nashville System—Nashville
1st 5s 1937, matured Aug.

1922, matured Aug. 1,1937.
Florence & Sheffield Ry.

1, 1937.

'WE OFFER SUBJECT—

$15,000 DELAND Imp. 6% Bonds

Bankruptcy Bill Detailed—The complete
of the revised municipal bankruptcy bill, which was

Municipal
text

Due—Jan. 1, 1955

signed by President Roosevelt on Aug. 16, as noted in our
Aug. 28—V. 145, p. 1452—is given in this issue on a
preceding page, under the section devoted to "Current Events

Prioc—6.25

Basis"

issue of

Thomas M. Cook &

and Discussions."

Company

Harvey Building

Jersey—Governor Declines Special Session—Governor
on Aug. 31 to call a special session of the
Legislature, as requested by State Senator Lester H. Clee, to
change the date of the primary election, which coincides
with a Jewish holiday on Sept. 21, according to Trenton ad¬
vices of the 31st.
The Governor is said to have asked
Senator Clee whether he could Justify the expense of a special
session and suggested that the matter should have been
brought up at the regular session.
New

WEST

PALM

BEACH, FLORIDA

Hoffman refused

Bond

Proposals and Negotiations

$200,000 Jefferson County, Alabama
bonds due May 1, 1953 to 1955

3H%

Price

100%

to

100

New York

City—Proportional Representation Discussed—
A pamphlet has been prepared by the Municipal Civil Service
Commission on proportional representation, explaining what
it is and how it works, giving the new city charter provisions
on the election of councilmen.
Questions and answers on
various angles of the subject and instructions on how to vote
under the proportional system are contained in this pamphlet
which may be obtained in the office of the Supervisor of the
City Record, 2213 Municipal Building, Manhattan, at five
cents

a

copy.

(The subject of "Proportional Representation" is treated in
considerable detail in our Department of "Current Events
and Discussions," on a preceding page of this issue.)

Pennsylvania—Revised List of Eligible Trust Investments
Issued—A revised edition of "Trust Investments in Pennsyl¬
vania" lists 129 railroad bonds aggregating $1,351,600,000;
eighty-nine utility bonds amounting to $1,793,000,000, and
11 telephone bonds aggregating $394,800,000.
The edition
is being distributed among Pennsylvania banks and trust
companies by Frank G. Sayre, Vice-President of the Pennsyl¬
vania Co. for Insurance on Lives and Granting Annuities.
Rhode Island—Income Tax

Proposed—It is reported that
Quinn will ask the Legislature to set up
a State income tax and also to revise the State tax system with
a view to increasing revenues in order to cope with the sub¬
stantial increases in public welfare expenditures.
Recently
the Governor rejected a proposal to issue bonds to meet
relief expenditures on the ground that such expenditures
have become a permanent fixed charge and therefore should
be paid from current revenues, thereby increasing the possi¬
bility that some new tax measure would be enacted.
At the
present time the State imposes a 4% levy on personal prop¬
Governor Robert E.

erty.

of

Debts

Connecticut

and

had

Debt
no

net

Service

debt in

Surveyed—The State
1936, compared with

per capita for the entire United States, according to
study of State debts and debt service by B. U. Ratchford
of Duke University,,in the current issue of the "Annalist."

$20.03
a

funded debt of the various States has increased 17%,
1936, according to Mr.
Ratchford, and now amounts to $3,021,641,000.
Five States account for
47% of the total net State debts of the country—New York, Illinois,
California, Arkansas and Louisiana, in the order named.
These and the
next
five—North Carolina, Pennsylvania, Missouri, New Jersey and
Minnesota—comprise all the States with net debts of more than $100,000,000 each, and their debts comprise 70 % of the total for the country.
At the
other extreme, Arizona, Connecticut, Florida, Idaho, Indiana, Kentucky,
Nevada, Ohio and Wisconsin have little or no indebtedness in the hands of
The

or

total

more

NEW YORK

BROAD STREET

67

Telephone WHitehall 4-6765

GREENVILLE,

S.

C.

CHARLESTON, S. C.

ALABAMA
BESSEMER, Ala.—REFUNDING PLAN DISCUSSED—In connection
in these columns of the submission to bondholders
of a refunding plan agreed to by the city and Bondholders' Protective Com¬
mittee, we quote as follows from the Birmingham Age-Herald of Aug. 24:
A refunding plan involving $1,786,500 worth of bonds of the city of
Bessemer has been offered bondholders by the Bessemer City Council and
the Bessemer bondholders committee afer two years' of study of the sit¬
with the recent report

uation.
Under

bonds

requested to surrender their old
exchange new bonds which mature in from 10 to

the plan the bondholders are

and receive in

30 years, to be secured by specific pledges of revenues to pay the interest
and retire the principal of each issue on or before their respective maturities.
Details are set forth in a printed letter from Mayor

Jap Bryant, of Besse¬

the bondholders.
In this letter he gives the reasons why, he says,
for the city to default in the payments of the bonds during
the depression and names the taxes and revenues which will be set aside to
assure'the payment of the new issues of bonds.
In a letter on the first page of the printed form, Oscar "Wells, Chairman
of the board of the First National Bank, of Birmingham, and Chairman
of the Bessemer bondholders committee, said that the committee, represent¬

mer, to

it

was necessary

ing institutions owning substantial amounts of Bessemer bonds, has gone
into the matter thoroughly and recommends that all bondholders deposit
their bonds either with the First National Bank of Birmingham or the First
National Bank of Bessemer, designated depositories.
Other committee members besides Mr. wells were J. Warren Andrews,
Vice-President of the First National Bank of Montgomery; S. F. Clabaugh,

Protective Life Insurance Co.; Ben W. Lacy, President, All
Insurance Co.; John Shearer, Manager of bond department,
Bank of Mobile; Thomas W. Wert, President, Ameri¬
can Life Insurance Co. of Alabama, and Bradley, Baldwin, All & White,
Attorneys for the committee.
W. Berney Perry, of Milhous, Gaines & Mayes, Inc., has been appointed
Refunding Agent under the plan.
In a letter to the bondholders he con¬
tends that the new issues of bonds will be better secured and "in better
President,
States

Life

Merchants National

position as regards prompt payment of principal
ponding bonds which are at present outstanding

and interest than corres¬

BRUNDIDGE, Ala.—BOND SALE—Anissue of $8,000 5% coupon re¬

.

State

McALISTER, SMITH & PATE, Inc.

gross

than $400,000,000, between 1931-32 and




funding bonds was sold Aug. 16 to A. E. Johnston of Brundidge'at par.
Dated Aug. 1, 1937.
Denom. $500.
Due Aug. 1, 1947.
Callaole any
interest date.
Interest payable F. & A.

CULLMAN,

Ala.—BOND SALE CONTRACT—We are informed that
and the City Council recently contracted with Milhous,
of Birmingham, to market $200,000 of water bonds.

the Water Board
Gaines & Mayes,

FLORENCE, Ala.—BONDS TO BE EXCHANGED—An Associated
dispatch from Florence on Aug. 25 had the following to say:
"S. B. Howard, Florence City Clerk, Wednesday at Birmingham com¬

Press

pleted the signing of $2,368,000 m city bonds as part of the recently ap¬
proved refunding program and letters were sent out to all holders notifying
them that they may now exchange their old bonds.
The Birmingham
Trust Co. and the Central Trust Co. of Cincinnati are depositories for the
new

bonds.

"Mayor W. I. Collier and City Treasurer C. L. Haley had already
signed the bonds, which represent the total indebtedness of the city, ex¬
clusive of bonds against its municipal power and water plants.

1616
"The

Financial

refinancing program under which the city's debt is to be
paid off over a period of 30 years, with low interest rates, puts the city
in its best financial condition in many years, the mayor said."
new

Chronicle
for
to

Sept. 4, 1937

payment on or about Nov. 30,1937.
Proceeds of the sale will be applied
the revolving fund from which general fund State expenses are paid.
COUNTY (P. O. Placerville), Calif.—PLACERVILLE
BONDS SOLD—A $30,000 issue of Placerville School District
Kaiser & Co. of San Francisco, as 3Ms,

ELDORADO
SCHOOL

ARIZONA

bonds was awarded recently to

RIVER PROJECT AGRICULTURAL

IMPROVEMENT AND
Phoenix), Ariz .—ADDITIONAL INFOR¬
the offering scheduled for Sept. 7, of the
$3,197,000 4% district bonds described in our issue of Aug. 28, the follow¬
ing information is furnished by Charles A. Lambie, Specia [Counsel to the

DISTRICT BOND SALE—The $65,000 issue of school

Water "Users' A.ssociationn

sale

SALT

POWER

DISTRICT

(P.

O.

Due from 1938 to 1952

paying a premium of $88.00, equal to 100.293.
''V

incl.

.

MATION—In connection with

of a contract between the Associa¬
is enclosed for your information.
information as to the Association
taken from a prospectus covering this bond issue now in course of prepara¬
tion.
The complete prospectus will be mailed to you on or about Sept. 1.
In explanation of this proposed issue, and in addition to the information
contained in the enclosures, the Association was incorporated in 1903, under
Arizona laws, to cooperate with the Secretary of the Interior in carrying
out the purposes and provisions of the Federal Reclamation Act in the con¬
struction and operation of the Salt River Project.
Although incorporated
for a public purpose, it was necessary to take a private charter, inasmuch as
the Territory of Arizona had, at that time, no laws providing for public
irrigation districts.
In 1921 the State Legislature passed an Act authoriz¬
ing the organization of irrigation, drainage, electric and agricultural im¬
provement districts, giving them the status, privileges, powers and immuni¬
These bonds

are

issued in pursuance

and the District, a copy of which
There is also enclosed some explanatory

tion

ties

COUNTY

KERN

(P.

O.

Bakersfield),

Calif.—MAPLE

SCHOOL

bonds offered for

Aug. 30—V. 145, p. 1138—was awarded to the Bankamerica Co.
of San Francisco, paying a premium of $161, equal to 100.247, a net
interest cost of about 3.29%, on the bonds divided as follows:
$10,000 as
on

5s, due on July 26:
$2,000, 1938 and 1939, and $3,000, 1940 and
the remaining $55,000 as 3 Ms, due on July 26:
$4,000, 1942 to

1941;
1944;
$5,000, 1945 and 1946; $6,000, 1947 and 1948, and $7,000, 1949 to 1951.

LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—GAS TAX
ALLOCATED FOR DISTRICT BONDS—From the $1,500,000
gasoline taxes and license fees, the Los Angeles County Board of Super¬
visors has allocated $618,086.86 to 55 districts to help pay principal and
interest on their bonds for the fiscal year 1937-38. according to a report
issued by Gatzert Co., specialists in California municipal and district bonds.
The difference, $881,913.14, is being kept in one special fund to permit the
county to buy in bonds at discount prices and (or) to contribute to bond
refinancing programs.
FUNDS

of municipal

corporations.
a private corporation pays on its outstanding obliga¬
higher.rate of interest than is required of public bodies performing
the same service, whose securities are tax exempt.
It was impossible for
the Association to convert itself into a public district, because of certain
The Association as

tions

a

provisions in its contracts with the United States for the construction and
operation of the works of the Salt River Project.
The officers of the As¬
organizing an agricultural improve¬
ment district, providing by contract between the Association and the Eistrict that the District should assume the outstanding obligations of the
Association, and that the Association should continue to operate the project
under its contracts with the United States as agent of the District.
In order to save taxes on trucks, supplies and other personal property of
a transient nature
purchased by the Association but used for the benefit
of the United States property entrusted to it, the Association agreed to
turn over the nominal title to these properties to the District.
There
were other agreements between the parties embodied in the contract, as
wiil appear by examination of the copy supplied you.
The organization of the District, the contract with the Association and
the validity of the District bonds have all been tested before the Supreme
Court of Arizona and received the approval of that body.
The contract
has been approved by the Secretary of the Interior of the United States
and is now in force.
Messrs. Chapman & Cutler of Chicago have given
a favorable opinion as to the validity of the bonds and their exemption from
Fed era 1 income taxes under present laws.
The present proposed issue of
$3,197,000 of District bonds is part of a first issue of $13,000,000 of District
bonds voted and authorized by the District pursuant to the provisions of
sociation therefore conceived the idea of

its contract with

MADERA COUNTY (P.
BONDS SOLD—The

O. Madera), Calif —RIPPERDAM SCHOOL

$40,000 3M%

coupon

semi-ann.

Ripperdam School

District bonds offered for sale on Aug. 31—V. 145, p. 1292—were awarded
to Kaiser & Co. of San Francisco, for a premium of $326, equal to 100.815,
basis of about 3.415%.

a

Dated Sept. 1, 1937.

Due $2,000 from Sept. 1,

1939 to 1958 incl.
Redfield, Royce & Co. of Los Angeles, was second high, offering a prem¬
ium of $207.

COUNTY (P. O. Madera), Calif.—ASH VIEW SCHOOL
$20,000 3M% bonds of Ash View School District
on Aug. 23—V.
145, p. 1138—were awarded to the
County of Madera at par.
Dated Aug. 23, 1937.
Due $1,000 yearly on
Aug. 23 from 1940 to 1959.
MADERA

BONDS SOLD—The
which

were

BARBARA

SANTA
BONDS

offered

COUNTY

(P.

VOTED IN CARPINTERIA

O.

Santa

Barbara),

Calif.—

SCHOOL DISTRICT— On Aug.

21

the voters of Carpinteria School District gave their approval to the proposal
to issue $100,000 school building bonds.

Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA

the Association.

NEW MEXICO—WYOMING

ARKANSAS

DONALD F. BROWN & COMPANY

BONDS

DENVER

Telephone: Keystone 2395—Teletype: Dnvr 580

Largest Retail Distributors

COLORADO
WALTON, SULLIVAN A CO.
LITTLE

COLLBRAN
Colo.—BOND

ROCK, ARK.

UNION HIGH

SCHOOL DISTRICT

(P. O. Collbran),

OFFERING—Sealed bids will be received until 7 p. m.

on

Sept. 3, by Elsie D*. Webber, District Secretary, for the purchase of a
$5,000 issue of 4% school bonds.
Denom. $500.
Due serially.
It is said
that no other bonds have been issued by this district.

DENVER, Colo.—DISTRICT BONDS SOLD—It is reported that $12,000

ARKANSAS BONDS
Markets in all

suburban special improvement district bonds

4%
J.

H.

Goode

&

Co.

of Denver for

a

were

slight premium.

sold recently to
Due in 12 years,

optional at any time.

State, County & Town Issues

DENVER, Colo.—BOND OFFERING CONTEMPLATED—We

are

in¬

formed by our Western correspondent that the above city may offer $750,000

feneral obligation air school siteincl.
bonds about the middle of next week.
>ue $75,000 from 1947 to 1956

SCHERCK, RICHTER COMPANY
LANDRETH

BUILDING, ST. LOUIS

EL PASO

MO.

COUNTY

SCHOOL DISTRICT

NO.

43

(P. O. Colorado

Springs), Colo.—BOND SALE—The $7,500 issue of building bonds offered
on Aug. 27—V. 145, p. 1453—was awarded to Brown, Schlbssman,

for sale

Owen & Co. of Denver, as 3 Ms, according to the District Secretary.
Sept. 1, 1937.
Due $500 from Sept. 1, 1938 to 1952 incl.

ARKANSAS
ARKANSAS, State of—BOND TENDERS INVITED—It is announced
by Earl Page, State Treasurer, that he will receive tenders until 11 a. m.
Sept. 22, of 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 submitted.
Tenders must be at a flat price, not exceeding equivalent of par and ac¬
crued interest.
No accrued interest will be paid on bonds accepted, and the
right of acceptance of any part of bonds so tendered is reserved.
Tenders
must be submitted on forms prescribed by the Treasurer, and may be ob¬
tained by request at his office.
Immediate confirmation will be made of
accepted tenders, and payment made on or before Oct. 12.
A certified
check for 3 % of the face value of the bonds tendered to guantantee delivery
s required or delivery must be
guaranteed by a bank or trust company.
on

SOUTHEAST ARKANSAS LEVEE DISTRICT (P. O. McGehee),
Ark.—DISTRIBUTION OF FUNDS SOUGHT—Mercantile-Commerce
Bank & Trust Co. and Mercantile-Commerce National Bank, St. Louis,
District Court petition for distribution of
$363,000 held by H. Grady Miller, receiver of the above named district, for
payment of interest on its bonds and bonds assumed by it.
Hearing is
scheduled for Sept. 20.
Involved in litigation are issued of Southeast
Arkansas Levee District and Linwood and Auburn Levee District, Chicot

trustees, have pending in U. S.

Levee District and
Total of

Red Fork Levee District, which were absorbed by it.
outstanding bonds is $2,413,500.

Dated

PROWERS COUNTY SCHOOL DISTRICT NO. 6 (P. O. Holly),
Colo.—BOND SALE DETAILS—In connection with the previous report
in these columns of the sale to Amos C. Sudler & Co. and Donald F. Brown
& Co., both of Denver, of $75,000 3% school bonds at a price of 100.164—

V. 145, p. 1453, we learn that the issue is for refunding purposes.

Dated
Sept
1, 1937.
Denom. $1,000.
Due as follows: $2,000, July 1, 1938;
$2,000, Jan. 1 and July 1 in 1939 and 1940; $2,000, Jan. 1 and $3,000,
July 1 from 1941 to 1947 incl.; $3,000, Jan. 1 and July 1 from 1948 to 1952
incl.

Principal and interest (J. & J.) payable at the County Treasurer's
Legality approved by Pershing, Nye, Bosworth & Dick
The bankers made public reoffering of the issue at prices
yield from 1.50% to 3%, according to maturity.

office, Lamar.
of
to

Denver.

-

Financial Statement

;

Assessed valuation, 1936
Total bonded debt, including this issue
School census, 564.
Population estimated,

$2,072,392
107,000
2,800.

The above statement does not include the debt of other subdivisions
which have power to levy taxes upon the same property.

RIO BLANCO COUNTY HIGH SCHOOL DISTRICT (P. O. Meeker),
Colo.—BONDS OFFERED TO PUBLIC—A $65,000 issue of 3M% refund¬
ing bonds is being publicly offered by Charles J. Rice & Co. of Denver.
Denomination $1,000.
Dated Oct. 1, 1937.
Due $5,000 from Oct. 1,
1938 to 1950, incl.
Prin. and int. (A. & O.) payable at the County Trea¬
surer's office.
Legality to be approved by Myles P. Tallmadge, of Denver.
RIO BLANCO COUNTY HIGH SCHOOL DISTRICT (P. O. Meeker),
Colo.—BOND CALL—It is said that the County Treasurer is calling for
on Oct. 1, the entire issue of 4M % bonds, numbered 1 to 75.
It
is reported that bonds numbered 1 to 65 should be presented to Peters,
Peters, Writer & Christiansen, of Denver, together with the October interest
coupons.
Bonds numbered 66 to 75 should be presented to the County
Treasurer, together with the October interest coupons.
payment

CALIFORNIA

MUNICIPAL

BONDS

Revel Miller & Co.
MEMBERS:

650 So.

Los Angeles Stock Exchange

Spring Street

Telephone: VAndike 2201

•

CONNECTICUT

Los Angeles

ANSONIA, Conn.—BONDS AUTHORIZED—The Board of Apportion¬

Teletype: LA 477

SAN FRANCISCO

ment and Taxation has authorized the issuance of

SANTA ANA

CALIFORNIA
CALIFORNIA.

of— WARRANT SALE—The $1,900,000
registered general fund relief warrants offered forsaleon Aug. 31—V.
1453—was awarded to R. H. Moulton & Co. of Los Angeles, at
pus a premium of $577.
An estimate of the State's revenue indicates
State

ol

p.

issue
145,
1%,
that

these warrants will be called for payment, on or about Nov. 30,

Blyth & Co., Inc., of San Francisco, and associates,
offering a premium of $568.10 on 1% warrants.

were

1937.
second high,

WARRANT SALE—The
issue
of $4,531,118.42
registered warrants
27 was awarded to R. H. Moulton & Co. of Los Angeles at
1% interest at par plus a premium of $531.
Warrants are dated Aug. 31,
1937, and, according to an estimate of the State's revenue, will be called

offered Aug.




$50,000 relief bonds.

NEW HAVEN, Conn —TAX COLLECTIONS EXCEED
BUDGET
ESTIMATE—The city tax department has received $7,287,418 for taxes,
this amount being about $130 in excess of the collections anticipated in the
preparation of the city budget.
At no time before in the history of the
city has the collections of the estimated amount been obtained at such an
early date.
These collections represent 88% of the total levy.
It will be
insufficient to take care of increased charity and Works Progress Adminis¬
tration expenditures, which amount will require collections of 93% of the
total levy.
Automobile owners whose taxes are not paid by Oct. 1 will
be reported to the motor vehicle department,
Liens will be filed and 7 %
interest will be added Dec. 31, when the fiscal year ends.

STAFFORD, Conn.—TO ISSUE BONDS—Plans

are being readied for
of the $100,000 school building bond issue voted last
Public Works Administration has approved a grant of

the early issuance

January.

The

$73,350 toward the

cost of the

project.

Volume

HAWAII

DELAWARE
DISTRICT NO. Ill (P. O.

P REHOBOTH SCHOOL
SALE—'The

—BOND

1617

Financial Chronicle

145

of

issue

$160,000

school

Rehoboth), Del.

Sept. 1—
of New York

bonds offered

145, p. 1293—was awarded to Francis I. duPont & Co.
City, as 3%s, at a price of 100.119, a basis of about 3.74%.
15, 1937 and due Sept. 15 as follows: $2,000, 1938; $7,000
1949 incl. and $9,000 from 1950 to 1958 incl.
Second high
for 4s was made by Schmidt, Poole & Co.
Philadelphia.

V.

Dateci Seixt.

from 1939 to
bid of 100.06

HAWAII, Territory of—CASH SURPLUS REPORTED—'The Territory
has just closed a most prosperous fiscal year, according to C. W. McGonagle, Treasurer of Hawaii.
The Territory operates its budget on a bi¬
annual rather than an annual basis.
The two-year period ended June 30,
1937, not only showed a balanced budget, but a cash surplus of $1,315,133.51.
This compares with a deficit of $949,620 in the biennium ending
June 30,
1935.
Thus the biennium 1937-39 starts out with balanced
figures.
of its

Because

FLORIDA

record,

financial

BONDS

Barnett National

IDAHO
W

FLORIDA

IDAHO,

State

of—BONDS

AUTHORIZED—The

State

Board

of

Aug. 25 ordered more than $500,000 worth of bonds issued to
finance the construction of new buildings at three State hospitals, according
Examiners

■f"

Manager

on

dispatch from Boise.
Authorized by the 1937 Legislature, the bonds will be in the denom. of
$10,000, bearing 3)4% interest and payable in from two to 20 years after
Sept. 1, 1937, the date of the issue. From the proceeds the State will spend
$270,000 for new buildings at the State Hospital for the Insane, $107,000 at
another State hospital, and $125,000 at a State school in Nampa.

to a news

FLORIDA
(P. O. Miami), Fla.—BONDS OFFERED FOR IN¬
VESTMENT—B. J. Van Ingen & Co., Inc., John Nuveen & Co., Chicago,
The Natco Corporation, Miami, and Robert H. Cook, Inc., Miami, are
offering a new issue of $913,000 3V\% refunding bonds, issued to refund a
like amount of outstanding callable building, and highway and bridge
bonds at a lower rate of interest, resulting in a substantial annual saving
to the county.
The bonds mature Sept. 1, 1940 to 1947 incl., and are
priced to yield 2.50 to 3.70% according to maturity.
DADE

refunding bonds
to be offered in

City about the middle of September.
(See issue of Aug. 28.)
Detailed information concerning these issues will be sent to prominent
buyers shortly, and Mr. McConagle will be at Bankers Trust Co., 16 Wall
St., N. Y. City, for consultation after Sept. 6.

Bank BuildLng

Branch Office: TAMPA
First National Bank Building
T. S. Pierce, Resident

mm
McConagle stated, the Territory

New York

Clyde C. Pierce Corporation
JACKSONVILLE

Mr.

expects very satisfactory bids on the $1,500,000 of serial
and the $3,000,000 of serial public improvement bonds

COUNTY

Municipal Bonds of

INDIANA MICHIGAN IOWA WISCONSIN

ILLINOIS

Bought— Sold—Quoted

COUNTY (P. O. Miami), Fla.—BOND CALL—E. B. LeatherClerk of the Board of County Commissioners, is said to be calling tor
redemption at the Chemical Bank & Trust Co. of New York City, on Oct. I,
on which date interest shall cease, the following refunding bonds; JNos. jl
332, of highway and bridge, part of an original issue of $351,000, of which
$19,000 bonds have already been retired; Nos. 466 to 1350, part
an
original issue of $885,000 building bonds, of which $304,000 have
been retired.
Dated April 1,1933.
Due on April 1,1958.
DADE

man,

MUNICIPAL BOND DEALERS
135 So. La Salle St., Chicago

of
already

NO 1
LOAN—

JEFFERSON COUNTY SPECIAL TAX SCHOOL DISTRICT
(P. O. Monticello), Fla.—BONDS TO BE ISSUED ON PWA
is stated by W. J. Bullock, County Superintendent of Schools, that a
loan of $65,000 for school construction was approved by the Public VVorKS
Administration, against which an issue of $48,000 4% bonds will be made.
Denom. $500.
Dated June 1, 1937.
Due on June 1 as follows: $2,000,
1939 to 1945; $2,500, 1946 to 1952; $3,000, 1953 to 1957, and $1,500 in
1958.
Principal and interest (J. & D.) payable at any bank in Monticello,
or at the Guaranty Trust Co., New York.
,
,
(The issuance of $48,000 in bonds for this purpose was authorized by
the Board of Public Instruction early in June, as noted here.)
It

POLK COUNTY SPECIAL TAX

SCHOOL DISTRICT NO.

18 (P.

0$

Bartow), Fla.—BOND SALE— The $10,000 issue of 4% coupon semi-ann.
school bonds offered for sale on Aug. 27—V. 145, p. 978—was awarded to
the Peoples Savings Bank of Lakeland, at a price of 97.00, a basis of about
4.32%.
Dated Oct. 1, 1936.
Due $500 from Oct. 1, 1939 to 1958 inclPORT

PALM BEACH (P. O. Palm Beach), Fla.—BOND RE¬
AUTHORIZED—A resolution authorizing the issuance of

OF

FUNDING

$3,308,000 refunding bonds was adopted by the Port of Palm Beach Com¬
mission on Aug. 20 and Willard Utley, attorney for the district, was in¬
structed to file a validation petition in Circuit Court.
The First National Bank of Chicago was designated by the Commission
as escrow agent for the exchange of oonds under the refunding plan being
handled by Thomas M. Cook & Co., of West Palm Beach.
E. W. Jackson, Secretary of the company, said the exchange will proba¬
bly take place about the middle of October.
Although the validation proceedings will be instituted at once the re¬
funding bonds will not be printed until 75% of the old bonds have been
deposited with the escrow agent, as the contract with Cook & Co. requires
the assent of that percentage

of the bondholders before the

plan can become

effective

bonds will be issued in two series, all to be dated July 1,
1937.
Series A bonds, amounting to $2,978,000, will be exchanged for
three issues of old bonds, bearing interest at the rate of 5H%.
Tney will
bear interest at the rate of 5% to July 1, 1939 and 5)4 % thereafter.
To replace two issues of 6% bonds, series B bonds, totaling $330,000 will
be issued.
Their interest rate will be 5)4% until July 1, 1939 and 6%
The refunding

tb.6r6Eft8r

^ *

will

Interest

be

payable

semi-annually either at the Chase National
of the Treasurer of the port district, at

ALTAMONT, 111.—BOND OFFERING—Henry W. Finfrock, City Clerk,
Sept. 7, for the purchase of $22,000

5% coupon sanitary sewer bonds.
Dated Sept. 15, 1937.
Denom. $500.
Registerable at Bank of Altamont.
Due serially from 1939 to 1954, incl.
Callable at any interest date.
Interest payable M. & S.
No good faith
check required.
Legality approved by Cnapman & Cutler of Chicago.
(This report of the offering supersedes that given in a previous issue.)
w

JOHNS

$55,000 5% road bonds of issue of 1936, due 1946 or
41,000 5)4% refunding bonds, due 1944.
13,500 6% certificates of indebtedness, of issue of
and that of $100,000.
All offers

to

remain firm until Sept.

1956.

1924 and mature Oct. 1 as follows:
incl. and $7,000
interest coupons

24, 1937, and must give complete

details, including full name of tenderer, detailed
certificates offered for resale and the price at which

description of bonds and
the securities will be sold..

GEORGIA
AUGUSTA, Ga.—BOND SALE—The five issues of 3% semi-ann.
coupon or registered bonds aggregating $930,000, offered for sale on Sept. 2
—V. 145
p. 1294—were awarded
to a syndicate composed of Lazard
Freres & Co., Inc., Eldredge & Co., both of New York, the Boatmens'
National Bank of St. Louis, Bosworth & Co. of Cleveland, and Milhous,
Gaines & Mayes, of Atlanta, paying a price of 104.77, a basis of about
2.605%.
The issues are divided as follows:
$400,000
200,000
100,000
60,000
170,000

water works bonds.
Due from 1938 to 1967 inclusive.
hospital bonds.
Due from 1938 to 1967 inclusive.
sewer

bonds.

Due from 1938 to 1967 inclusive.

prison bonds.
Due $2,000 from 1938 to 1967 inclusive.
street improvement bonds.
Due from 1938 to 1967 inclusive.

The second highest bid was a tender of 104.19, submitted
National Bank of New York, and the Trust Co. of Georgia,

by the Chase

of Atlanta.
BONDS OFFERED FOR INVESTMENT—1The successful bidders reoffered the above bonds for general subscription priced to yield from 0.90
to 2.55% for maturities of $31,000 annually ranging from 1938 to 1957.
It
was stated on Sept. 3 that of the total issue of $930,000 purchased, $310,000
of the bonds, maturing from 1958 to 1967, had been sold.
DUBLIN, Ga.—BONDS SOLD—A $38,000 issue

of 4% semi-annual re¬

funding bonds was offered for sale on Aug. 31 and was purchased by John¬
son, Lane, Space & Co. of Savannah, according to report.
Due on Jan. 1,
as follows:
$3,000, 1962; $10,000, 1963 and 1964; $4,000, 1965 and $11,000
in 1967.

O.
of $7,000 by
building construction, it is stated by
that the bonds have been sold to Norris

RIVERDALE SCHOOL DISTRICT (P.
SOLD—In connection with a loan
tration for
Board

ROSSVILLE CONSOLIDATED

Riverdale), Ga.—BONDS
the Public Works Adminis¬
the Chairman of the School
& Hirshberg, of Atlanta.

SCHOOL DISTRICT (P. O. Ross-

ville), Ga.—BOND OFFERING—Sealed bids will be received until 11 a.m.
on Sept. 18, by O. L. Sims, Secretary and Treasurer, Board of Trustees,
for the purchase of a $35,000 issue of 3)4% school equipment bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Due $5,000 from Feb. 1, 1943 to
1949 incl.
Principal and int. (F. & A.) payable in legal tender at such
bank or banks as may be designated.
These bonds were approved by the
voters at an election held on Dec. 5, 1936, by a wide margin.
The issue has
been validated and confirmed by the Superior Court of Walker County
A $500 certified check must accompany the bid.




to D165. They are dated Oct. 1,
$5,000, 1938; $6,000 from 1939 to 1941

from 1942 to 1944 incl. Oct. 1, 1937
must be attached to the certificates

and all subsequent
when presented for

redemption.
COOK

COUNTY

(P.

Michael J. Flynn, County

O. Chicago), III.—WARRANT OFFERING—
Clerk, will receive sealed bids unti 10:30 a. m.

for the purchase of $450,000 highway fund taxanticipation
warrants.
A price of par or better is required, the highest bidder to be
determined by the lowest rate of interest.
The current offering, together
with warrants of the same series previously sold, represent 50% of the
Sept.

on

9

for 1% of the bid,
the Board of County

1937 levy for highway purposes.
A certified check
payable to the order of Clayton F. Smith, President of
Commissioners, must accompany each proposal.

UNION SCHOOL DISTRICT NO. 46, 111.—BOND SALE—
composed of Blair, Bonner & Co., Illinois Co. of Chicago and
O'Gara & Co., all of Chicago, recently purchased an issue of
$300,000 2)4% school building bonds at par plus a premium of $3,016,
equal to 101.005, a basis of about 2.38%.
Dated July 1, 1937 and due
$30,000 each July 1, from 1942 to 1951 inclusive.
ELGIN

A

group

Harrison,

HARRISBURG HIGH SCHOOL DISTRICT, 111.—BOND OFFERING
the Secretary of the Board of Education,
1 p. m. on Sept. 7 for the purchase of $82,500 3)4% school building
addition bonds.
Dated June 1, 1937.
Due Jan. 1 as follows: $2,500 in
1943, and $8,000 from 1944 to 1953 incl. Interest payable J. & J. A certified
check for $2,500 must accompany each proposal.
Legality to be approved
by Chapman & Cutler of Chicago.

i

—Sealed bids will be received by
until

INDIANA
CARROLL COUNTY (P. O. Delphi), Ind.—BOND OFFERING—
Wade Farr, County Auditor, will receive sealed bids until 10 a. m. (Central
Standard Time) on Sept. 20 for the purchase of $88,000 not to exceed 3)4 %
interest Lockport Bridge bonds.
Dated Sept. 15, 1937.
Denom. $1,000.
Due $4,000 on May 15 and Nov. 15 from 1938 to 1948. incl.
Bidder to
name

$114,000 due in 1943,

REDEEMED—Joe A. Rickenand accrued interest, at
Chicago, 6% special water fund

CARMI, III .—CERTIFICATES TO BE

bach, City Clerk, has called for payment at par
the Chicago Title & Trust Co., trustee,
certificates of indebtedness numbers D78

of the holders.

COUNTY
(P. O. St. Augustine), Fla.—TENDERS
WANTED—The
Board of County Commissioners will receive sealed
offerings until 9 a. m. (Eastern Standard Time) on Sept. 14 of the following
described outstanding obligations:
ST.

Teletype CGO. 437 1

will receive sealed bids until 7:30 p. m. on

Bank in New York or at the office
the option

State 0640

ILLINOIS

one

rate of interest,

expressed in a multiple of M of 1%.

Interest

payable M. & N. 15.
A certified check for 3 % of the bonds bid for, payable
to the order of the Board of Commissioners, must accompany each
pro¬
posal.
County will furnish at its own expense approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
No conditional bids
will be considered.
The bonds will be ready for delivery within two weeks
after award.
Said bonds are being issued under the provisions of the gen¬
eral statutes relating to the issuance of bonds by counties for the purpose
of securing funds to be used in paying the cost of construction of the Lockport Bridge in said coimty.
The bonds will be the direct obligations of
the county, payable out of unlimited ad valorem taxes to be levied and
collected on all the taxable property in the county, and when issued will
constitute the sole indebtedness of the county.
The net assessed valuation
of taxable property in the county is $25,000,800.
(This report of the offering supersedes that given previously in these
columns.)

TOWNSHIP SCHOOL TOWNSHIP (P. O. Evansville,
No. 4), Ind.—BOND SALE—The issue of $15,000 school
26—V. 145, p. 1139—was awarded to the City Securities
Corp. of Indianapolis, as 2Ms at par plus a premium of $169, equal to
101.12, a basis of about 2.53%.
Dated Aug. 26, 1937 and due $750 on
June 1 and Dec. 1 from 1938 to 1947 incl. Other bids were as follows:
GERMAN

Rural

Route

bonds offered Aug.

Int. Rate
2M %

Bidder—
McNurlen & Huncilman

Indianapolis Bond & Share Corp
Bryan R. Slade & Co
Fletcher Trust Co
Kenneth S. Johnson
A. S. Huyck & Co

-

__

2)4%
2M%

Premium
$151.50
38.00

3%
3)4%
3)4 %

31.50

177.60

78.10
309.00

(P. O. Vernon), Ind—BOND OFFERING—
Howard Daringer, County Auditor, will receive sealed bids until 10 a. m.
on Sept. 16 for the purchase of $18,000 not to exceed 3)4% interest county
welfare bonds, first issue of 1937.
Dated Sept. 15, 1937. Denom. $450.
Due $1,800 each on June 30 and Dec. 31 from 1938 to 1942 incl. Bidder to
name a single rate of interest, expressed in a multiple of )4 of 1%.
Interest
JENNINGS

COUNTY

payable semi-annually.
A certified check for 3% of the bonds bid for,
payable to the order of the Board of Commissioners, must accompany each
proposal.
County will furnish the successful bidder with approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis.
No con¬
ditional bids will be considered and bonds will be ready for delivery within
10 days after date of award. The bonds are direct obligations of the county,
payable from unlimited ad valorem taxes on all taxable property.

MUNCIE,

Ind.—BOND OFFERING— Hubert

L.

Parkinson,

City

bids until noon on Sept. 20, for the purchase
$80,560.16 not to exceed 3)4% interest funding bonds.
Dated July 1,
1937.
One bond for $560.16, others $1,000 each.
Due June 15 as follows:
$10,000 from 1943 to 1949, incl. and $10,560.16 in 1950.
Interest J. & D.
15.
Legal opinion of competent bond counsel of Indianapolis will be
furnished at the request of the purchaser.
Comptroller, will receive sealed

of

1618

Financial

PUTNAM
issue

COUNTY (P.

of

O. Greencastle), Ind.—BOND SALE— The

$47,000 hospital bonds offered Aug. 30—V. 145,
p. 1139—was
Co., Indianapolis, and the Central National
Greencastle, jointly, as 2 Ms, at par plus a premium of
$585, equal
to 101.24.
Dated Aug. 15, 1937 and due as follows:
$2,500 on June 15
and Dec. 15 from 1938 to 1946, incl. and
$1,000 on June 15 and Dec. 15,
1947.
awarded to the Fletcher Trust
Bank of

Other bids

follows:

were as

Bidder—

Int. Rate
2 M %

Indianapolis Bond & Share Corp

Premium

$261.50
131.60

2M%
2M%
2%%
2%%
2%%

Fletcher Trust Co

City Securities Corp
Indianapolis Bond & Share Corp
S.

Johnson

LEAVENWORTH

COUNTY

(P.
O. Levenworth),
Kan.—BOND
Dunne Israel Investment Co. of Wichita
recently purchased
$40,000 relief bonds as lMs, at par, plus cost of
printing and
attorney's fees.
They will mature in four instalments of $10,000 each.

SALE—The
issue of

NEOSHO, Kan.—BONDS SOLD—It is stated that $20,000 relief bonds
awarded recently to Callender, Burke &
MacDonald, of Kansas City,

were

Mo., at

414.00

second

273.00
236.25

&

RICHLAND TOWNSHIP SCHOOL TOWNSHIP
(P. O. Rushville),
Ind.—BOND OFFERING—Sealed bids will be received
by Trustee Angus C.
a. m. on Sept. 21 for the purchase of
$10,000 4% improve¬
ment
bonds.
Dated
Sept.
1, 1937.
Denom. $500.
Due as follows:
$1,000, Sept. 1, 1938 and $500, March 1 and Sept. 1 from 1939 to
1947 incl.
Principal and interest (M. & S.) payable at the Rushville National
Bank.
Rushville.
WEST LAFAYETTE SCHOOL

Sept. 4, 1937

SCHOOL

DISTRICT (P. O. Garnett), Kan.—BONDS
SOLD—It is reported by C. E. Cox, District
Clerk, that the $66,000 build¬
ing bonds approved by the voters last May, as noted in these columns at
that time, have been sold.

507.00

Miller until 10

of $12,500 bonds offered

GARNETT

an

•

McNurlen & Huncilman

Kenneth

Chronicle

OBERLIN COMMUNITY
Kan.—BONDS SOLD—It is

SCHOOL

DISTRICT

(P.

O.

Oberlin),

stated by the
Secretary of the Board of
Education that the $150,000 high school bonds
approved by the voters at
the election held last March, were sold
recently.

SEDGWICK. Kan.—BONDS AUTHORIZED—An ordinance has been

gassed which authorizes the issuance of $25,000
onds.

CITY, Ind.—BOND SALE—The issue

Sept. 1—Y. 145, p. 1139—was awarded to the
Lafayette Savings Bank of Lafayette, as 2Ms, at par plus a
premium of
$50, equal to 100.40.
Dated Sept. 1, 1937 and due as follows:
$1,500
July 15, 1938; $1,500 Jan. 15 and July 15 from 1939 to 1943 incl. and
$1,500 Jan. 15, 1944
Second high bid of par plus a premium of
$34 for
$2 Ms was submitted by the City Securities Corp. of
Indianapolis.

a price of 100.386.
Due in from one to four years from date. The
highest bid was an offer of 100.385, tendered by Baum, Bernheimer
Co. of Kansas City.

SPRING

HILL SCHOOL

gas distributing system
.

DISTRICT, Kan.—BONDS VOTED—The

residents of the district recently

approved

a

proposal to issue $18,000 school

building bonds,

KENTUCKY

.

KENTUCKY,

of—REDUCTIONS SHOWN IN DEBTS OF
dispatch from Frankfort on Aug. 17
follows:
James W. Martin, Commissioner of Revenue, announced
today that
the figures from county budgets indicate that county debts have
decreased
from $34,712,212.32 to
$29,642,618.02, or approximately 14% in the
two fiscal years preceding July
1, 1937.
Mr. Martin made available
the following figures from the 1937-38 budget:
Total appropriations, $10,598,725.89; total debt,
$29,642,618.02; and
assessed valuations, $1,700,955,783.
Comparable figures for the fiscal
year 1936-37 are: Total appropriations, $10,699,550.30; total
debt, $31,571,271.46, and assessed valuations. $1,669,231,838.
COUNTIES—An Associated Press

reported

IOWA
BLACK HAWK COUNTY (P. O.
Waterloo), Iowa—BOND OFFERING—Bids will be received until Sept. 13, at 1.30
p. m., by Anna M. Decker
County Treasurer, for the purchase of a $65,000 issue of funding bonds.
Interest rate will be determined at the time of
making award and will be
accord with

in

purchaser's bid.
Denom. $1,000.
Dated Sept. 1, 1937.
Sept. 1 as follows: $5,000, 1946, and $15,000, 1949 to 1952 incl.
payable M. & S.
Successful bidder must furnish
printed bonds
and legal opinion.
It is suggested that the purchaser have form of resolu¬
tion which can be passed on date of sale to enable
early delivery of the bonds.
Principal and interest payable at the office of the County Treasurer.
Bonds
will be delivered to the purchaser at Waterloo.
A certified check for
3%
of the bonds offered, payable to the
County Treasurer, must
Due

on

Interest

State

as

Commissioner Martin observed that the

decrease In appropriations, in
spite of increased assessed valuations, between the fiscal years 1936-37 and
1937-38 was occasioned largely by discontinuance of the
gross receipts tax
as a county revenue producer.
';v
•-/:iV:

accompany

bid.

Black Hawk County Statistics

Offerings Wanted:

1936 assessed value real estate
Taxable value real estate

.--$57,939,688.00

Taxable value monies and credits

Acreage

:__j

Bonded debt Aug. 31,

1937—Miscellaneous funding

Primary road bonds
Population; 69,146.
*
Sept. 1, 1937 proposed issue of $65,000 not included.
„

.

Amount Current

.

Levied

Collect-

in

Amount

iblein

1929

1931

1931

1932

1932
1934

1933
1934
1935

1935

1936

1933

CEDAR

Collected Dec.

$2,534,635.19
2,550,924.23
2,155,072.60
1,814,606.51
1,646,203.95
1,804,531.53
1,827,658.90

a.

Bidders

are

m.

accompany the bid.

CONSOLIDATED

EDDYVILLE SCHOOL
DISTRICT, Iowa—BOND OFFERING—C. E.
Baldwin, Secretary of the school board, will receive bids until 10:30 a. m.
Sept. 4, for the purchase of $15,000 coupon school
house bonds, to bear
interest at no more than
3M%.
Denom. $1,000.
Dated Sept. 1, 1937.
Principal and semi-annual interest (May 1 and Nov.
1) payable at EddyDue in 1952.

FREMONT

COUNTY

(P.

O.

Sidney),

Iowa—BOND OFFERING—

C. C. Case, County
Treasurer, will receive bids until 2 p. m. on Sept.
23,
for the purchase of $4,342.15 Prairie
Township Drainage District No. 1
bonds.
Interest rate is not to exceed
5%, payable M. & N. Dated Oct. 1
1937.
Principal and int. payable at the County Treasurer's office.
A
certified check for 3% must
accompany the bid.

JEFFERSON COUNTY (P. O.
Fairfield), Iowa—CERTIFICATES
SOLD—We are informed by the Carleton
D. Beh Co. of Des Moines, that
on
Aug. 25 they purchased $35,000
2M% secondary road anticipation
certificates, paying a premium of $5.

OFFERING—Carl

T.

TOWNSHIP (P. O.
Kensett), Iowa—BOND
Rone, Secretary, Board of
Directors, will receive
9 for the purchase at not less than
par of $3,250

bids until 8 p. m
Sept.
school building bonds.

Sept. 1,1937.

Bidders

are

to

name

rate

Interest payable March 1 and
Sept. 1.
on March 1 in 1940 and
1941.
The

1939, and $1,000

attorney's opinion.

(We had previously reported these bonds
Sept. 2—V. 145, p. 1455.)
'

LYON COUNTY (P. O. Rock

y

ING—It is stated by L. J.
bids until Sept. 13, for the

as

of

interest.

Dated

Due $1,250 March 1,
purchaser is to furnish

being scheduled for sale

on

OFFER-

.MUSCATINE.INDEPENDENT SCHOOL DISTRICT
(P. O. Musca¬

tine), Iowa
which

a

BOND ELECTION—An election has been
called for Sept. 21
to issue $280,000 high school
building bonds will be

proposal

voted upon.

ROBERTSON INDEPENDENT SCHOOL
DISTRICT (P. O. Robert-

,owaT
P
—The $3,000 coupon school building bonds
offered for sale on Aug. 24—V.
145, p. 1140—was purchased by the Ackley
State Bank, of Ackley, as 3
Ms, at par, plus expense of
furnishing bonds
and legal opinion.
Denom. $500.
Dated Sept. 1, 1937.
Due on Nov. 1,
1938.
Interest payable May 1.
Iowa
as

the date of

a

BOND ELECTION—The
City Council has set Sept. 9
at which a
proposal to issue $18 000 swim¬
to the voters for
approval.

special election

ming pool bonds will be submitted

STANTON,

Iowa—BONDS

VOTED—The

voters

proposal to issue $24,000 electric light plant bonds.
STORM

LAKE,

Raymond 5409

6%, payable A. & O. Denom. $500. Dated Oct. 1, 1937. Due on Oct. 1
follows:
$500, 1939 to 1947; $1,000, 1948 to 1956, and $1,500 in 1957.
of payment to be designated by bidders.
Legality approved by
Campbell & Holmes, of New Orleans.
It is said that these bonds are
payable from unlimited ad valorem taxes to be levied each year sufficient
to pay principal and interest.
Authority: Article XIV, Section 14, Louisiana
Constitution of 1921, and Act 46 of 1927, as amended.
A $300 certified
check, made payable to the Village Treasurer, must
accompany the bid.
as

Place

BERNICE

CONSOLIDATED

SCHOOL

DISTRICT

Farmerville) La.—BOND OFFERING—Sealed

NO.

2

(P.

O.

bids will be received until

2 p. m. on

Sept. 7, by the Secretary of the Parish School Board, for the
purchase of a $25,500 issue of building bonds. Interest rate is not to exceed
6%, payable M. & S. Denom. $1,000. Dated Sept. 1, 1937. Due on Sept. 1
as follows:
$1,000, 1939 to 1947; $1,500, 1948 to 1954. and $2,000. 1955 to
1957.
Place of payment to be designated by the bidders.
It is said that
these bonds are payable from unlimited ad valorem taxes to be levied
each
year sufficient in amount to pay principal and interest.
Legality to be
approved by Campbell & Holmes, of New Orleans. Authority for issuance:
Article XIV, Section 14, Louisiana Constitution
1921, and Act 46 of 1921,
as amended.
A $600 certified check, payable to the Treasurer of the Parish
School Board, must
accompany bid.
(This report supersedes the offering notice given in our issue of
Aug. 28—

V. 145, p.1456.)

DeSOTO PARISH (P. O. Mansfield), La .—OFFERING OF LONGM. Snows, Superintendent of
Department of Education, Mansfield, will receive sealed bids until 2 p. m.
on Oct. 6 for the
purchase of $7,500 not to exceed 6% bonds of the abovementioned school district.
Dated July 15, 1937.
Denoms. $1,000 and
$100.
Due July 15 as follows: $1,300, 1938; $1,400, 1939; $1,500. 1940;
$1,600 in 1941, and $1,700 in 1942.
Rate of interest to be expressed in
multiples of M of 1%.
Coupon bonds, general ODligations of the school
district.
Principal and interest payable at the First National Bank, Mans¬
field, or at the School Board Office, Mansfield.
A certified check
or 2%
of the issue, payable to the order of the
Superintendent, must accompany
each proposal.
Approving opinion of Thomson, Wood & Hoffman of
York City will be furnished the successful bidder.
STREET SCHOOL DISTRICT BONDS— S.

MAMOU, La.—BONDS NOT SOLD—It is stated by Mrs. H. Reed,
Village Clerk, that the $22,500 public improvement bonds offered on Aug.
19—V. 145, p. 1140—were not sold as the one bid received, an offer on
6s,
was rejected.
Dated July 1, 1937.
Due from July 1, 1939 to 1957.
A private sale of the bonds within 60
days from date is offered, according
to report,

Rapids) Iowa—CERTIFICATE

Dehn, County Treasurer, that he will receive
purchase of a $20,000 issue of 2M%
secondary
road certificates.
Due $5,000 on April,
May, June and July 1, 1938.
A
certified check for 3% must
accompany the bid.

at

Teletype N. O. 182

LOUISIANA

SCHOOL
DISTRICT
(P.
O.
Colesburg), Iowa —BOND SALE—The $10,000 school
refunding bonds
offered on Aug. 21—V. 145, p. 1294—were
awarded to Shaw, McDermott &
Sparks of Des Moines on a bid of 101.325 for
3s, a basis of about 2.88%.
Due Sept. 1,1950, redeemable on and after
Sept. 1, 1940.

ville.

BANK

ORLEANS, LA.

BENTON, La.—BOND OFFERING—Sealed bids will be received until
2 p. m. on Sept. 28, by the Village Treasurer, for the
purchase of a $15,000
ssue of water works construction
bonds.
Interest rate is not to exceed

required to furnish the bonds and the
city will furnish the
A certified check for 3% must

COLESBURG

NEW
Bell

Oct. 1 as follows:
$4,000, 1939 and 1940: $3,000, 1941 to 1943.
13,000 park improvement bonds.
Dated Sept. 1, 1937.
Due on Sept. 1
as follows:
$7,000, 1938 and $3,000 in 1939 and 1940.

legal opinion.

Department

WHITNEY NATIONAL

31

$14,212.50
15,967.82
16,303.44
151,786.98
319,583.25
358,909.67
125,438.51

Iowa—BOND OFFERING— Sealed bids will be
on Sept.
16, by L. J. Storey, City Clerk, for the
purchase of two issues of bonds, aggregating
$30,000 divided as follows:
$17,000 fire department equipment bonds.
Dated Oct. 1, 1937.
Due on
10

Bond

o.wv.w

RAPIDS,

received until

MUNICIPALS

1,243 000 00

of all Years

Dec. 31

$2,568,438.63
2,619,232.55
2,445,800.45
2,158,255.83
1,856,818.72
1,868,697.75
1,864,682.00

8,571,412 00
340,143.50
*69,000.00

Amount Delinquent

Collected

Levied

1930

1930

LOUISIANA & MISSISSIPPI

Same

have

approved

a

NEW

bridge

ORLEANS, La.—BOND REDEMPTION—Public Belt
bonds, issued under indenture, dated Oct. 1,

1932 as
by supplemental indentures, dated June 1, 1933, and Oct. 1,
1935, aggregating $116,C00, are being called for redemption on Oct. 1,
at 105% of the
principal amount, together with accrued interest to date.
Payable at the Hibernia National Bank, New Orleans, trustee, or at the
option of the bearers, at the Chemical Bank & Trust Co., New York City,
the fiscal agent, or at the Manufacturers Trust
Co., New York City, the
paying agent, upon surrender of said bonds and of the coupons maturing on
and after said
redemption date. Due on Oct. 1, 1956.

ORLEANS LEVEE DISTRICT (P. O. New Orleans), La.—BOND
CALL—It is stated by Paul J. Donner, Secretary of the Board of Levee
Commissioners, that 4M% semi-annual Levee of 1927 bonds, numbered
from 221 to 2500, in the amount of
$2,280,000, are now called for payment.
Dated April 1, 1927.
Due from April 1, 1938 to 1965.
Bonds will be re¬
deemed by the Board of Commissioners at par, a premium of
5% and ac¬
crued interest

on Oct. 1, 1937.
The bonds may be redeemed at the office
Bank & Trust Co., New Orleans, or, at the option of the
holder, at the New York Trust Co
New York.
Holders of the said bonds
are notified that if
they are not presented for redemption on or before said
date, interest shall cease to run from and after Oct. 1.

of the American

,

ORLEANS

Iowa—BONDS

Railroad

revenue

amended

LEVEE

DISTRICT

(P.

O.

New

Orleans)

La.—BOND

DEFEATED—The voters of the city
recently rejected a proposition calling for the issuance
of $330,000 electric
light plant bonds.

SALE DETAILS—In connection with the sale of the $2,280,000 refunding
bonds on Aug. 23 at 100.065, a net interest cost of about 4.15%, for $327,000
3 Ms, $1,532,000 4Ms, and

KANSAS

p. 1456—we are advised that the complete syndicate on the purchase was
made up as follows:
Whitney National Bank of New Orleans; Stranahan,
Harris & Co., Inc., of Toledo; B. J. Van Ingen & Co.; Eldredge & Co., Inc.;

AUGUSTA SCHOOL DISTRICT NO. 13
(P. O. Augusta), Kan.—•
BIDS REJECTED—We understand that the
City Commission on Aug 24
rejected all bids for the purchase of a $61,270 issue of
school building bonds
due to a technicality in connection with the
Public Works Administration
grant.
The City National Bank & Trust Co. of Kansas
City, had offered
the highest tender of 103.017 for
2Ms, while the Small-Milourn Co. of
Wichita, was second, bidding 100.43 for 2%s.
It is stated
will oe reoffered in the




that the bonds

near

future.

$421,000 4s,

as

noted in these columns—V. 145,

R. W. Pressprich &
Co., all of New York; the Equitable Securities Corp. of
Nashville; The American Bank & Trust Co.; Scharff & Jones, both of New
Orleans; Kelley, Richardson & Co. of Chicago; The Provident Savings Bank
& Trust Co.; the
Weil, Roth & Irving Co.; Breed & Harrison, all of Cin¬
cinnati; Morris Mather & Co. of Chicago; Johnson, Lane, Space & Co. of
Savannah: E. W. Jones & Co., T. J. Feibleman, Nusloch, Baudean & Smith,
Dane & Weil, Weil & Co., Woolfolk, Huggins & Shober, Lamar, Kingston &
La Bouisse, and W. Edward Brown & Co., all of New Orleans.

Volume

Financial

145

MARYLAND
BALTIMORE COUNTY

(P. O. Towson), Md.—BOND OFFERING—

sealed bids until 11 a. m.
(Eastern Standard Time) on Sept. 14 for the purchase of any one or more
series (meaning the amount due in each year) or for the entire issue of $385,000 not to exceed 5% Interest Baltimore County Metropolitan District,
ninth issue, public improvement bonds.
Dated Sept. 15, 1937.
Denom.
$1,000.
Coupon in form, registerable as to principal only.
Due annually
on Sept. 15 as follows:
$10,000, 1942 to 1951, incl.; $12,000 from 1952 to
1961, incl.; $16,000 from 1962 to 1971, incl., and $5,000 in 1972.
Prin¬
cipal and interest (M. & S. 15) payable at the Second National Bank,
Towson.
Rate of interest to be expressed in a multiple of M of 1% and all
bonds in each particular bidder's proposal must bear the same rate.
A cer¬
tified check for $5,000, payable to the order of the County Treasurer, must
accompany each proposal.
Legal opinion will be furnished free of charge
to the successful
bidder, if requested, by James P. Kelley, Attorney,
The Board of County Commissioners will receive

Chronicle

1619

All of the bonds are dated July 1, 1937.
Whiting, Weeks & Knowles,
Estabrook & Co. and R. L. Day & Co., all of Boston, jointly, submitted
the second high bid of 100.017 for 154s.
Other bids

were as

follows:

For 2 % Bonds
"
w
Rate Bid
Kidder, Peabody & Co.; Brown, Harriman & Co.; F. S. Moseley
& Co., jointly
101.131
Harris Trust & Savings Bank, Chicago.
100.957
Halsey, Stuart &|Co., Inc
100.731
Goldman, Sachs & Co.; Hornblower & Weeks; Schoellkopf, Hutton
& Pomeroy, jointly
100.729
Newton, Abbe & Co.; Lee, Higginson Corp.; Jackson & Curtis,
jointly
100.627
Salomon Bros. & Hutzler.
100.149

Bidder—

<

~

-

—

_

-

Towson.

We

The principal and interest of these bonds will be paid by assessment of
on the property benefited by the construction of any water or sewer¬

Buy for Our Own Account

benefits

provided in said Act, but the full faith and credit of Balti¬
more County is pledged to make up any deficiency in the payment of said
bonds by an annual levy by the Commissioners on all taxable property
age system,

MICHIGAN MUNICIPALS

as

in the county.
Baltimore County

297610

Cray, McFawn & Company

has no incorporated towns and has an assessable basis
ofat least $225,871,960.
The total indebtedness of the county is $206,000
serial sewer certificates, for which the Towson Sewerage Area is primarily

liable; and the issue of public road and school bonds of Baltimore County,
amounting to $3,000,000, of which $805,000 have been paid; and $3,500,000
public school bonds of Baltimore County, of which $761,000 have been
paid; and $2,000,000 public road bonds of Baltimore County, of which
$400,000 have been paid; and $6,357,000 Metropolitan District bonds,
of which $402,000 have been paid.
The tax rate of Baltimore County for 1937 is $1.49; total State and
county

rate,

$1.71^.
County Metropolitan bonds that may

of Baltimore

The total issue

be

outstanding at any one time is 7 % of the total assessable basis of real and
tangible personal property assessed for county taxation purposes in the
Baltimore County Metropolitan District.
The basis at tne pressent time
is at least

$123,000,000.

These bonds

exempt from State, county and municipal taxation

are

the State of Maryland, and the interest thereon from

in

Federal taxation.

COUNTY

(P.

O.

LaPlata), Md.—BOND SALE—W.

Lanahan & Co. of Baltimore purchased on Aug. 31 an issue of $25,000

bid

107.66.

was

Three other offers were made.

MASSACHUSETTS
BROCKTON, Mass.—BOND OFFERING—Leo V. Clancy, City Treas¬
will receive sealed bids until noon (daylight saving time) on Sept. 9
the purchase of $145,000 coupon, fully registerable, municipal relief
bonds.
Dated Sept. 1, 1937.
Denom. $1,000.
Due Sept. 1 as follows:
$15,000 from 1938 to 1942 incl. and $14,000 from 1943 to 1947 incl. Bidder
to name rate of interest in multiples of H of 1 %.
Principal and interest
(M. & S.) payable at the City Treasurer's office, with interest coupons
payable at holder's option at the National Shawmut Bank of Boston.
The bonds are exempt from taxation in Massachusetts and will be engraved
under the supervision of and certified as to their genuineness by the National
Shawmut Bank of Boston.
Legal opinion of Ropes, Gray, Boyd en &

urer,

for

Perkins

of Boston

incident to

be furnished

the successful bidder.

Legal papers
the issue will be available for inspection at the National Shawmut
will

-

BIRMINGHAM,
TION—H.

Mass.—NOTE

SALE—The

issue

of

First National Bank of Boston

100.29
100.231

Tyler & Co., Inc

100.09

LEXINGTON, Mass.—TAX RATE HIGHER—Tax rate for this

year

has

been set at $33.50 per $1,000 of assessed valuation, a rise of 50 cents over
year ago.

MALDEN,

SALE—The $300,000

Mass.—NOTE

revenue

anticipation

offered Sept. 2 were awarded to the National Shawmut Bank of
Boston, at 0.81% discount.
Dated Sept. 3, 1937 and due $150,000 on
June 24, 1938, and $150,000 July 22, 1938.
Second high bidder was the
First National Bank of Maiden, at 0.83% discount.

43

46

1937

1936

1935

$5,570.33
Net

$2,640,351.36

Cash

$411,960.61

on

$2,884,564.25
2,616,375.16
258,189.09
476,687.14

hand

SPRINGFIELD, Mass.—NOTE OFFERING— G. W. Rice, City Treas¬
will receive sealed bids until 11 a. m. (daylight saving time) on Sept.7
Notes to be dis¬
March 10, 1938,
and $200,000 April 14, 1938.
These notes will be issued in ten pieces of
$50,000 each.
They will be payable in either New York or Boston.
A
legal opinion by Storey, Thorndike, Palmer & Dodge of Boston.will be
furnished with the notes.
Proposals by letter, telephone or telegram will
be accepted and discount will be figured for 182 and 217 days on the 360-day
urer,

for the purchase at discount of $500,000 revenue notes.
counted Sept. 9, 1937.
They will mature $300,000 on

basis.

particularly bright tax picture:
99.3%
Tax for 1934 collected
99.9%
99.9%
All previous taxes collected..100.0%
Tax titles reduced from $1,533,587 on Jan. 1,1935 to $454,749 on Aug. 1,
Springfield presents

1937.

Mass.—BOND SALE—The $30,000 tax funding bonds
Sept. 1 were awarded to Lazard Freres & Co., Inc., New York
2s, at 100.89, a basis of about 1.815%.
Dated Sept. 1, 1937, and
due Sept. 1,1942.
The First National Bank of Boston, second high bidder,

WALTHAM,

City,

on

as

offered

100.866 for

2s.
Financial Statement, Aug. 27, 1937

$51,721,250
2,796,500

Assessed valuation for year 1937
Total bonded debt (not incl. this issue)

335,000
None

Water debt, included in total debt

Sinking funds other than water

Population, 39,425.
Tax levy 1935$1,935,614
Tax levy 1936
1,949,879
Tax levy 1937
1,825,341

Uncollected to date—
$3,078.98
Uncollected to date—
142,147.35
Uncollected to date—1,715,926.67

Other bids were as follows:

Bidder—

Waltham National

475.00

736

Amount
$500.00
500.00

...
——

500.00
360.00
500.00
500.00
182.50
487.50
97.50
500.00
500.00
235.00

bonds. Dated July 1, 1937.
Denom. $1,000.
1939 to 1943, incl. Callable in whole or in part

Mich.—BONDS NOT SOLD—Due to an error in the
village was unable to conduct the sale of $55,000 not to
water works bonds on Aug. 23—V. 145, p. 1296.

GRASS LAKE,
call for bids, the

exceed 6% interest

RE-OFFERED—The amount of the issue has been changed to

will be received until Sept. 15.

Mich.—BONDS AUTHORIZED—The City Commission
resolution authorizing the issuance of $395,000 refunding bonds>

has

passed a

in

Mich.—TO SELL DEFAULTED BONDS—'To City
authorized the finance committee to dispose of $59,000
several city funds, including the general sinking

defaulted bonds held in

fund.

NAPOLEON
TOWNSHIP FRACTIONAL SCHOOL DISTRICT
1 (P. O. Napoleon), Mich.—BONDS SOLD—The issue of $20,000
which all bids were rejected on Aug. 16—V. 145, p. 1296, was
sold later to the Jackson City Bank of Jackson, as 3%s, at par plus a
NO.

bonds for

premium of $26,

equal to 100.13.

PICKFORD TOWNSHIP SCHOOL DISTRICT (P. O. Pickford),
Mich.—BOND SALE DETAILS—In connection with the previous report
in these columns—V. 145, p. 1457—of the sale to local banks of $30,000
school bonds, we learn that the purchasers were the First National Bank
of Sault Ste. Marie, Sault Savings Bank, Central Savings Bank, all of
Sault Ste. Marie, and the Pickford Bank of Pickford.
The bonds were
issued as 3MS» 3Ms and 4s.

a

Tax for 1936 collected
Tax for 1935 collected

offered

60.00
500.00

C.I. No.
170
171172
175
717724
729730
731
732
735—

interest date on or after July 1, 1939, by written or published notice
given June 1 or Dec. 1, preceding said interest date.
Principal and interest
(J & J.) payable at the City Clerk's office." Bonds shall not be a general
obligation or indebtedness of the city, but will be payable solely from
revenues of the water works system.

MUSKEGON,

debt

273.75

-

Amount
-$500.00
500.00
110.00
456.25
500.00
500.00
500.00
500.00
500.00
500.00
110.53

167

Commission has

Sinking funds

FOR REDEMP¬

I RON WOOD,

1936

Gross debt.

CALLED

on any

Uncollected Taxes
1935

-

C.I. No.
95
96
98
140
153
155156158
161
162
163

ing water system revenue
Due $5,000 on July 1 from

1937

$2,606,308.58

$2,550,236.06

-

$55,500 and new bids

Levy

253%

CHEBOYGAN, Mich.—BONDS AUTHORIZED—The City Council has
enacted an ordinance providing for the issuance of $25,000 5% self-liquidat¬

BONDS
Tax

—-

$115.00
91.25
62.50
500.00
500.00
500.00
500.00
10.00

94

notes

Financial Statement as of Aug. 26,

2%
2)^%

City Treasurer, announces that the following de¬

Amount

1

per¬

Rate Bid

Mich.—CERTIFICATES

Corson,

CI. No.

pavement

(all for 1 %s)—

254%

Bank of Detroit.

54

$16,000

27.00

37.00

511.77
215.00

dated Oct. 1, 1935, and due Oct. 1,
1940, were drawn by lot Aug. 17 and are called for payment at par on Oct. 1,
1937.
They will be redeemed at the office of the paying agent, the National

741,600
None

Jackson & Curtis

a

H.

7

notes offered Aug. 31 was awarded to the Merchants
National Bank of Boston, as l^s, at a price of 100.333.
Dated Sept. 1,
1937 and due serially from 1938 to 1942, incl.
Other bids were as follows;

2>4%

scribed certificates of indebtedness,

63,132

EASTHAMPTON,

2M%

£%
$76.30

.

BELDING, Mich.—BOND CALL—Kathleen Maloney, City Treasurer,
the call for payment at par on Sept. 7, at her office, for the
following numbered refund interest bonds:
14, 32 and 40, all $1,000 each;
52, 57, 58 and 60 of $500 each.
No tenders has been received in response
to the city's offer to purchase these bonds, the Treasurer reports.

$74,456,900
2,204,600

Water debt (included in total debt)

Int. Rate

—

announces

4.

Sinking funds
Population

Bidders

Premium

Bidder—

Bay City Bank
Stranahan, Harris & Co., Toledo
Channer Securities Co., Chicago—
Crouse & Co., Detroit—___
Clayton & Co., Detroit
Ryan, Sutherland & Co., Toledo

Financial Statement, Sept. 1, 1937

manent

MICHIGAN

CITY, Mich.—BOND SALE—The issue of $51,000 special assess¬
ment bonds offered on Aug. 30—V. 145, p. 1457—was awarded toBraun,
Bosworth & Co. of Toledo, at par plus a premium of $20.40, equal to
100.04, for a combination of $34,000 2)4s and $17,000 2s.
Dated Sept. 1,
1937 and due Sept. 1 as follows: $14,000, 1939; $10,000 in 1940 and 1941;
$9,000 in 1942, and $8,000 in 1943.
The following is a list of the unsuccess¬
ful bids, all of which named a single interest rate on the issue:
BAY

Bank of Boston.

Net valuation for year 1937, less abatements
Total debt (including present loan)_

A. T. T. Tel. DET 347

National Bank of Bay City

W.
4%
school bonds at a price of 108.90, a basis of about 3.16%.
Dated Sept. 1,
1937 and due $1,000 annually from 1938 to 1962 incl.
The second highest
CHARLES

DETROIT
Telephone CHerry 6828

Bank

Bancamerica-Blair Corp

Newton, Abbe & Co

Int. Rate
2%
2%

2}4%

WORCESTER, Mass.—BOND SALE—The $587,000 coupon

Rate Bid

ROUGE,

Mich.—BOND

Savings Bank, River

Rouge.

100.299

100.957
100.75
or regis¬

bonds offered Aug. 31—V. 145, p. 1456—were awarded to Lazard
& Co., Inc. and First Boston Corp., both of New York, jointly, as
154s, at a price of 100.109, a basis of about 1.73%.
The sale consisted of:

tered

iS'eres

$75,000 municipal relief bonds.
Due July 1 as follows: $8,000 from 1938
to 1942, incl. and $7,000 from 1943 to 1947, inclusive.
375,000 municipal relief bonds.
Due July 1 as follows: $38,000 from 1938
to 1942, incl. and $37,000 from 1943 to 1947, inclusive.
137,000 municipal relief bonds.
Due July 1 as follows: $14,000 from 1938
to 1944, incl. and $13,000 from 1945 to 1947, inclusive.




OFFERING—Raymond J. Peters,
8 p. m. (Eastern Standard Time)
not to exceed 4% interest coupon
Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1 as follows:
$21,000,1938 to 1940, incl.; $22,000,1941 to 1943,
incl • $23,000, 1944; $24,000 from 1945 to 1953, incl.
Rate of interest to
be expressed in multiples of M of 1%.
Principal and interest (A. & O.)
payable at the River Rouge Savings Bank, River Rouge.
City will furnish
at its expense printed bonds and coupons and approving legal opinion of
Miller
Canfield, Paddock & Stone of Detroit.
A certified check for 2%
of the bonds bid for, payable to the order of the city, must accompany each
proposal. Award will be made on the basis of the lowest net interest cost
to the city.
Payment of purchase price plus accrued interest to date of
delivery to be made when delivery of bonds is effected.
*
BOND CALL—In connection with the above offering, the City Clerk
announces the call for redemption on Oct. 1, 1937, at par and accrued
interest, of the outstanding principal amount of $15,000 bonds of the
4H% series E refunding issue, dated April 1, 1934 and due April 1, 1954.
Payment of the bonds will be made upon delivery at the River Rouge
RIVER

City Clerk, will receive sealed bids until
Sept. 9, for the purchase of $368,000
non-callable refunding bonds.
Dated
on

MINNESOTA
PRAIRIE, Minn.—BOND OFFERING—Sealed bids will
be received until 8 p. m. on Sept. 10, by K. D. Wold, Village Clerk, for the
purchase of an $8,000 issue of 3H% sewer extension and water bonds.
Denom. $500. Due $1,000 from Aug. 1,1938 to 1945 incl.
Redeemable on
any interest date.
These bonds were approved by the voters at an election
held on July 9. A $400 certified check must accompany the bid.
BLOOMING

COLUMBIA HEIGHTS, Minn.—CERTIFICATE SALE
by A. J. Netkow, City Manager, that the sale
improvement certificates of indebtedness, originally

—It is stated

local

Aug. 30—V. 145, p.

1296—was postponed for two weeks.

POSTPONED
of the $18,500
scheduled for

1620

Financial

Chronicle

HOPKINS, Minn.—CERTIFICATE OFFERING—Frank N. Whitney.
Village Recorder, will receive bids until 8 p. m. Sept. 7, for the purchase
of $925 4% water main construction certificates of indebtedness.
check for $92.50, required.

Certified

MINNEAPOLIS, Minn.—BIDS RECEIVED—In connection with the
Phelps, Fenn & Co. of New York and the WellsDickey Co. of Minneapolis, on a bid of 100.151 for 2.30s—V. 145, p. 1457—
Geo. M. Link, Secretary of the Board of Estimate and Taxation, sends
us the following list of the other bidders:
sale of $1,175,000 bonds to

DEER

SCHOOL

DISTRICT

NO.

33

(P.

for the

Clerk,

$2,400 issue of special improvement bonds.

HARLOWTON, Mont.—BONDS SOLD—We are informed that an issue
bonds was sold recently to the State Land Board, paying par for
Kalman & Co., bidding on serial bonds, offered $15 premium on 3s,

according to report.

State of—BONDS SOLD

MONTANA,

Administration recently

TO PWA—The Public WorKs
purchased $50,000 of State Water Conservation

Board bonds. Governor Ayers said on Aug. 25.
Proceeds of the bond sale,
he said, would be used for the construction of a big dry irrigation project
in Garfield County.
It is said that the PWA has also made a $44,000 grant
for

use

the project.

on

HIGH

SAVAGE

SCHOOL

DISTRICT

(P.

O.

Savage),

Mont.—

BOND OFFERING—Sealed bids will be received until 8 p. m. on Sept. 25,

O.

by Frank Balogh, District Clerk, for the purchase of a $33,890 issue of
building construction bonds.
Interast rate is not to exceed 6%, payable
J. & J.
Dated July 1, 1937.
Amortization bonds will be the first choice
and serial bonds the second choice of the School Board.
The bonds, whether
amortization or serial in form, will be redeemable in full on any interest
payment date from and after five years from the date of issue.
A certified
check for $1,500, payable to the Clerk, must accompany the bid.

District Clerk, that he will receive sealed and open bids until
Sept. 13 at
2 p. m. for the purchase of a $50,000 issue of building bonds.
Interest

%, payable A. & O.
Denom. $1,000.
Dated Oct. 1,
on Oct. 1 as follows: $2,000, 1940 to
1943, and $3,000 in 1944
Payable at any suitable bank or trust company designated by the
purchaser.
The approving opinion of Junell, Dorsey, Fletcher, Barker &
Coleman of Minneapolis, will be furnished.
A certified check for $1,000,
payable to the district, must accompany the bid.

a

of airport

rate is not to exceed 3

1937.

purchase of

2.90s.

Stewart), Minn.—BOND OFFERING—It is reported by P. L. Schmitz,

Due

1957.

to

LODGE, Mont.—BOND OFFERING—It is reported that sealed

bids will be received until 6 p. m. on Sept. 2 by Walter Holt, City

Chemical Bank & Trust Co., F. S. Moseley
& Co., Bigelow, Webb & Co., offering a premium of $1,750, with interest
at 2.30%.
Salomon Bros. & Hutzler and R. W. Pressprich & Co., offering a
premium
of $1,175 with interest at 2.30%.
Halsey, Stuart & Co. and the First Boston Corp., offering a premium of
$225 with interest at 2.30% .
Blyth & Co., R. H. Moulton & Co., E. H. Rollins & Sons, Eldredge & Co.,
offering a premium of $2,450 with interest at 2.40%.
Lazard Freres & Co., Goldman, Sachs & Co., Newton, Abbe & Co., Stern
Bros., Allison-Williams Co., offering a premium of $250 with interest
at 2.40%.
Bankers Trust Co., Brown Harriman & Co., Northwestern National Bank
& Trust Co., offering a premium of $200 with interest at
2.40%.
INDEPENDENT

1937

a

Sections 5277.1 to 5277.5 incl., R. C. Montana, 1935

Harris Trust & Savings Bank,

STEWART

Sept. 4,

$3,800 issue of Special Improvement District No. 312 bonds. Interest
rate is not to exceed 6%, payable semi-annually.
Denom. $100.
Dated
Oct. 1, 1937.
The bonds will be redeemed from the proceeds of a special
assessment, which may be paid in 21 instalments, covering a period of 20
years, against all of the property in the district.
Bonds are guaranteed
both as to principal and interest by a general property tax, as provided in
of

WINIFRED HIGH SCHOOL
BONDS VOIED—At

approval to

a

a

DISTRICT, Fergus County, Mont.—

recent election the voters of the district gave

their

proposition to issue $30,000 high school building bonds.

MISSISSIPPI
JACKSON COUNTY (P. O. Pascagoula), Miss.—BONDS SOLD—
Fred Taylor, Clerk of the Board of Supervisors, that the
$100,000 industrial building bonds of Supervisors' Districts Nos. 1, 2 and
3,
offered for sale on Aug. 2—V. 145, p. 643—were sold as follows:
$50,000 to
local banks and $50,000 to the County Treasury.
The bonds are divided

NEBRASKA

It is stated by

foliows:

as

^

$15,000 Series

No. 1 bonds.

Due

13,000

from June 1,1938 to 19427incl7~
Due $6,000 from June 1,1943 to 1952, incl.
Due on June 1 as follows: $7,500 from 1953

60,000 Series No. 2 bonds.
25,000 Series No. 3 bonds.
to 1955 and $2,500 in 1956.

MISSISSIPPI, State of—NOTE REDEMPTION— It is announced by
Greek L. Rice, Secretary of the State Highway Note
Commission, that the
Commission is calling for redemption and will
pay on Oct. 1, the following
highway notes:
r—«.w„

$192,000
208,000
114,000
32,000
69,000

First series, sub-ser. A. Dated ApriiT7l9367~Due on April
ill956.
First series, sub-ser. B. Dated April 1,1936. Due on April 1,1956.
First series, sub-ser. C. Dated April 1,1937. Due on Oct. 1, 1955.
Second series, sub-ser. S. Dated Oct 1,1936. Due on Oct.
1,1960.
Second series, sub-ser. T. Dated April 1, 1937.
Due on April 1,

1961.
Said notes shall be presented for
payment at the Chemical Bank & Trust
Interest shall cease on dates called,

Co., New York City.
NOXUBEE

COUNTY

PROHIBITED—We
of

(P.
O. Macon)
Miss.—BOND
OFFERING
informed by Kate B. Augustus, Clerk of the Board

are

Supervisors, that

recent

ruling of the Attorney-General forbids the
issuance of the $50,000 Separate Road District No. 1
refunding bonds,
which had been scheduled for sale on
Sept. 6, as noted here recently—V.
a

145,p.1296.

MISSOURI
KIRKSVILLE, Mo.—BOND ELECTION—A special election is sched¬
uled tor Sept. 21, at which the voters will
pass on the question of issuing
$210,000 paving bonds and $60,000 water works improvement bonds.
MISSOURI, State oft—RESTRAINING

ORDER

ON BOND SALE

EXPIRE SEPT.

TO

4—We are now informed that Judge Nike Sevier of the
County Circuit Court, in issuing the temporary restraining order to
stop the resale of the $3,000,000 State building bonds, as noted in these
columns recently—V. i45, p. 1458—ordered the
Sinking Fund Commis¬

CENTRAL

NEBRASKA

PUBLIC

POWER

AND

IRRIGATION

DISTRICT,Neb.—POWER DEVELO PMENT ALLOTMENT APPROVED
BY PWA—The following press release (No. 3224), was made public by the
Public Works Administration on Aug
26:
PWA Harold L. Ickes today announced approval by the President of

an

allotment of $20,096,000 consisting of a loan of

$11,053,000 and a grant of
$9,043,000 to the Central Nebraska Public Power and Irrigation District
to complete its program of power development.
The allotment will be used to complete Keystone Dam, to construct the
Jeffrey Canyon Power Plant and the Johnson Canyon Power Plant, and to
erect transmission lines.
A previous allotment of $10,000,000 was made in
1935 to start the program.
This allotment is being used for construction
of irrigation ditches and for the initial construction phases of the Keystone
Dam.
Delay in construction of this work has been caused by litigation.
With the additional allotment announced today, the Keystone Dam, the
two power plants and transmission lines can be completed, and the program
put upon a self-liquidating basis.
The transmission linas will connect the
Central Nebraska Public Power and Irrigation District program with two
other large Nebraska power projects, also financed by PWA funds, and will
greatly enchance the financial stability of all three projects.
The Central Nebraska Public Power and Irrigation District program,
known as the "Tri-County Project" is one of the five projects
comprising
the "Nebraska Grid." The development has its beginning at the 160 feet
high and Wi miles long Keystone Dam.
This dam, impounding 2,000,000
acre-feet of water will be the second largest earth dam in the world, exceeded
in size only by the Fort Peck Dam.
Water released by the dam passes
through the North Platte River, to a point just below the South Platte
River, where it is diverted into a power canal passing along the hills.
After
falling through the Jeffery Canyon power-house, the water enters a second
portion of tne power canal, passes along the hills and falls through the
Johnson Canyon power-house and then is returned to the Platte River.
The combined generating capacity of the Jeffrey Canyon and the Johnson
Canyon power-houses is 52,000 KW.
Transmission lines of the develop¬
ment, combined with those of the other projects will form a high voltage
transmission system which will transmit electrical energy from the middle
and western parts of the State to the load in the eastern part.
Secondary
transmission lines are to be constructed in the southern part of the State.

Cole

sion to appear in his court on
Sept. 4
should not be made permanent.

to show

cause

why the iniunction

ATTORNEY GENERAL ENTERS APPLICATION FOR

WRITUFIW)-

HIBITION—According
an
on

to a news dispatch from Jefferson City on Aug. 28,
application for a writ of prohibition was filed in the State Supreme Court
that day by Roy
McKittrick, Attorney General, on behalf of the State

Fund

COLUMBUS,

Neb.—PWA

"The text suit

competing

has

the

status until

effect

of freezing

in

case

its

The

high

court's
undecided

present

Sept. 24. the date

set by the court for arguments on whether
The rule is said to have been made returnable

rule shall be made final.
in

Attorney General.

the bond

^ v.da^s. anc* ^r* McKittrick
and

was given until Sept. 13 to file an abstract
brief in support of the
proposal to make the rule permanent.

ST.
Sealed

LOUIS
bids

COUNTY

will

be

(P.

received

O.

Clayton), Mo.—BOND OFFERING—

until

noon

Sept. 9 by Maurice Dwyer,
County Treasurer, for tne purchase of an $800,000 issue of judgment fund¬
bonds.
Bidders are requested to designate in their bids the
price they
pay for bonds bearing interest at a rate likewise to be
designated,
P^°X1, ng *"at aH
sal(l bonds shall bear interest at the same rate, which
shall be an even
multiple of M of 1%.
Denom. $1,000.
Dated Sept. 1,
l^'nnPu?o°rn Feb- 1 as fo"ows: $10,000, 1945; $25,000, 1946 to 1950;
f2°0,000, 1951; $350,000, 1952, and $115,000 in 1953. Prin. and int.
(F. & A.) payable at the First National Bank of St. Louis.
No bid for less
on

ing

will

than par and accrued interest will
be considered.
a form to be furnished

by the County Treasurer.

All bids must be made on
The approving opinions

°C Ueorge E. Henneghan, County Counselor, and Charles
?
bouis wiR be furnished. Delivery of the bonds will
*

before

Sept. 29 at the County Treasurer's office.

P© general obligations, payable from unlimited

$8,000 certified

These

ad

&

be made

bonds

are

on

numbers, and maturities,

OFFERINGS

filed by Fred Drummond, Columbus carpenter, after
$250,000 revenue bond issue a year ago to purchase

was
a

Northwestern

Public

Service

beginning

Co.

distribution

system

or

construct

facilities.

"Mr. Drummond as
which the bond issue

a consumer

voted

was

and taxpayer, charged the statute under
is unconstitutional.
Later, the utility

company was asked to intervene.
The case is scheduled for the fall term
of court, but no date has been set.

"The PWA allotment is the result of a $400,000 grant request by the city
year ago.
Recently the application was amended with a $250,000 loan
being requested."

a

GERING SCHOOL DISTRICT (P. O. Gering) Neb.—BOND OFFER¬
A. Geil, Secretary of the Board of Education,
Sept. 13, at 8 p. m., a $50,000 issue of coupon
high school bonds. Denom. $1,0001. Due from 1942 to 1957. Prin. and int.
payable in Gering.
Authority for issuance:
Section 79, Chapter 2523
Nebraska Laws, 1929. A certified check for 10% must accompany each bid'
ING—It is stated by Charles
that he will sell at auction on

SCOTTS BLUFF COUNTY (P. O. Gering) Neb.—BONDS SOLD—
The $85,000
semi-ann. refunding bonds approved by the voters
recently, as noted in these columns—Y. 145, p. 1142—have been purchased
by the State Board of Educational Lands and Funds.
Dated Sept. 1, 1937.
Due

on

Sept. 1, 1947, optional

on

Sept. 1, 1942.

NEVADA

or

said to

taxes.

An

check, payable to the county, must accompany the bid.
Delivery of said bonds will be made simultaneously with the
payment
and cancellation of the indebtedness
funded thereby and the county reserves
the right to cancel such an amount of
the above issue as may not be needed
for that purpose.
It is estimated that it will be necessary to deliver the
entire amount of the authorized
issue, but in the event that the whole amount
of bonds should not be
necessary, the surplus bonds to be canceled will be
taken in the inverse order of serial
the last bond of the authorized issue.

the

Trauernicht

valorem

FUNDS-

a municipal electric distribution system here.
Before the money can
be used, however, an injunction action pending in District Court remains
be settled.
' ■;

through injunction proceedings.
SUPREME COURT GRANTS APPLICATION—We
were-informedln
later news reports that the
Supreme Court en banc granted the provisional

ru]e of prohibition sought by the
order

PLANT

for

voters authorized

building

POWER

to

Board, to test the right of Nike Sevier, Judge of the Cole County
Circuit Court, to interfere with the resale of the
$3,000,000 of State

bonds

APPROVES

BOND ISSUE IN LITIGATION—An Associated Press dispatch from the
City, dated Aug. 25, said as follows:
V
"Public ownership advocates expressed pleasure today at news the Public
Works Administration has allotted a $220,000 loan and a $180,000 grant

with

LINCOLN COUNTY (P. O.
Pioche),
Nev.—BOND OFFERING—
John W. Cole, Chairman of the Board of County Commissioners, will re¬
ceive sealed bids until 2 p. m. on Sept.
exceed

4% interest bonds, divided

$60,000

house

construction

14 for the purchase of $87,500 not to
follows:

bonds.

Each issue is dated Sept. 1, 1937.
issue.
Both issues are payable

Separate bids may be submitted on
from ad valorem taxes sufficient for
all property suDject to taxation by
Lincoln County, including the net proceeds of mines.
Bidders are requested
to submit bids
specifying: (a) the lowest rate of interest and premium, if
any, above par at which such bidder will purchase said bonds; or (b) the
each

the purpose,

WANTED

as

Denom. $1,000.
Due $3,000
annually on Sept. 1 from 1938 to 1957, inclusive.
27,500 county hospital bonds.
Denom. $500.
Due Sept. 1 as follows:
$2,000 in 1940 and $1,500 from 1941 to 1947, inclusive.
court

to be annually levied on

lowest rate of interest at which said bidders will purchase said bonds at

UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS

SALT

LAKE

CITY
Bell

Teletype: SL K-372

bids

will

be

received

Sept. 10, by L. G. Shadoan, City Clerk, for the purchase




5% is required.

HAMPSHIRE

HILLSBOROUGH COUNTY (P. O. Manchester), N. H.—BOND
OFFERING—Sealed bids will be received by the County Treasurer until
2 p. m. (Eastern Standard Time) on Sept. 20 for the purchase of $300,000
3% funding bonds. Dated Sept. 1, 1937 and due serially from 1938 to 1957
incl. The bonds are issued under a special Act of the Legislature, approved
on Aug.
20,1937.

NEW

MONTANA
BOZEMAN, Mont.—BOND OFFERING—Sealed
until 7:30 p. m. on

A certified check for

NEW

FIRST SECURITY TRUST CO.
Phone Wasatch 3221

par.

JERSEY

EWING TOWNSHIP, Mercer County, N. J.—BONDS AUTHOR¬
IZED—The Township Committee has given final approval to an ordinance
authorizing the issuance of $85,000 sewer bonds.

Volume

Financial

145

1621

Chronicle
*

Of the 25,442 parcels of

MUNICIPAL BONDS
New

Jersey and General Market

B. J. Van

193654-.

Telephone: John

4-6364

Tax levies, total

(4)
(5)

Taxes paid to date of tax sales
$2,779,575.99
* Taxes of 1932-36 paid to Jan. 1, 1937--622,240.73

(6)
(7)

* Taxes paid, total
Total tax delinquency 1932-36

*

It will be observed that the total taxes paid

INCORPORATED

York

were

fault to be

MArket 3-1718

of them.

ard Time)

JERSEY

AVALON, N. J.—TAX COLLECTIONS—The following report on tax
of the Aug. 19 meeting of
the Municipal Finance Commission:
Current Year's Taxes Collected Jan. I to June 30
Year—
Amount Collected
Percentage
S29.256.85
16.2%
25.z38.30
13.7%
35,294.64
18.5%
1937
33,156.36
19.9%
collections in the borough was part of the record

R. D. No. 2), N. J.—
Clerk, will receive sealed
Time) on Sept. 15 for the purchase
general refunding bonds.
Dated
Sept. 15, 1937.
One bond for $500, others $1,000 each.
Due Sept. 15
as follows: $1,000 from 1938 to 1958, incl., and $500 in 1959.
The sum re¬
quired to be obtained through the sale of the bonds is $21,500.
Prin. and
int. (M. & S. 15) payable ac the Burlington County National Bank, Medford.
A certified check for 2% of the bonds bid for, payable to the order of
the Township Treasurer, must accompany each proposal.
SHAMONG TOWNSHIP (P. O. Vincentown,

bids until 7:30 p. m. (Eastern Standard
of $21,500 5%
coupon or registered

J.—SEEK

N.

TRENTON,

LEGISLATION

TO

PERMIT

BOND

REFUNDING—'The following report appeared in the Aug. 30 issue of the
State Gazette, published at Trention:
To keep a looming tax rate increase as close to the $4 mark as possible,
the City Government is planning to seeK State legislation that will permit
it to refund maturing bond issues in excess of the city's bonded indebtedness.
Following a conference with the city's bond attorneys,
Washburn, in New York City, City Manager Morton said:

"Although
refunding

at

Reed, Hoyt &

have in our possession competent opinions that discourage
old bonds, which, unfortunately, do not carry a

we

maturity

recall provision, still legislation can be enacted that will permit the city
issue new bonds to pay them at maturity.
Such a procedure is desirable

to
in

burden."
Debt service costs of the city will rise $22,000 above the 1937 figure of
$1,577,725.88 next year, Mr. Morton said.
In 1939 and for the following
four years the maturing bond issues and interest costs will be $500,000
order to avoid a tremendous increase in the tax

higher.
Mr. Morton links the coming rise in bond service costs directly to a
$2,384,000 bond issue floated by the former commission government
May 1, 1935, a few days before it relinquished control to tne councilmanager government.
That issue matures between 1939 and 1943.
State Auditor Darby, chairman of the State Funding Commission, last
January said in his opinion the city could not refund any of its debt of
$21,402,713.
it has reached and exceeded its bonded debt limit of 7%
of the average assessed valuation for the past three years.
The special
legislation that Mr. Morton indicated will be sought from the State would
get around this restriction.

WALDW1CK,

N.

J.—BOND

SALE—The

$87,000

4^%

private tenders were received Aug. 27 were awarded
Noyes & Gardner, Inc., New York City.
The sale consisted
which

bonds for
to Schlater

of:

$82,000 refunding bonds of 1937.
Dated Aug. 1, 1937 and due Aug. 1
as follows:
$3,000, 1938 to 1944 incl.; $7,000, 1945 to 1950 incl.;
$9,000 in 1951, and $10,000 in 1952.
5,000 water bonds of 1937.
Dated Aug. 1, 1937 and due $1,000 on
Aug. 1 from 1938 to 1942 incl.

Fin-

NEW

MEXICO

Mayor Lembke's intention was re¬
audit, which dislosed
$772,500 worth of paving bonds outstanding.
The delinquent list, according to an analysis of the audit by Linder,
Burke & Stephenson, shows that approximately $190,500 worth of bonds
are in default.
These bonds were issued more than 10 years ago and include
the Districts 6 to 20.
Mayor Lembke said he did not know how many
pieces of property are involved.
disclosed recently.

vealed simultaneously with release of the fiscal year

NEW

FALCONER, N. Y —BOND SALE— The $42,000 coupon or registered
disposal plant bonds offered Sept. 1—V. 145, p. 983—were awarded
Co., Inc., New York, as 3s, at a price of 100.42,
Dated Sept. 15, 1937 and due Sept. 15 as follows:
$2,000 from 1938 to 1940, incl. and $3,000 from 1941 to 1952, incl.
The
Manufacturers & Traders Trust Co. of Buffalo, second high bidder, offered
to pay 100.29 for 3s.
The following is a list of the bids submitted at the sale:

sewage

to George B. Gibbons &
a basis of about 2.95%.

Int. Rate

Bidder—

AVON, N. Y.—BONDS VOTED—At a recent election the voters approved
issue of $59,000 bonds for street improvements.

3%

125.63

Union Trust Co., Jamestown

3.10%
3.10%
3.20%

142.68
109.20
^.OO

J. & W. Seligman &
A. C. Allyn & Co.,

Co
lnc-__
Bancamerica-Blair Corp
Bacon, Stevenson & Co

123

to

76.

BROOKHAVEN

COMMON

SCHOOL

DISTRICT

NO.

8

(P.

O.

Brookhaven), N. Y.—BOND OFFERING—Melville S. Warner, District
Clerk, will receive sealed bids until 11 a. m. (Eastern Standard Time) on
Sept. 10 for the purchase of $46,000 not to exceed 6% interest coupon or
registered school bonds.
Dated Sept. 1, 1937.
Denoms. $1,000, $500 and
$700.
Due April 1 as follows: $1,700, 1938 to 1941, incl.; $2,500 from 1942
to 1956, incl., and $1,700 in 1957.
Bidder to name a single rate of interest,
expressed in a multiple of A or l-10th of 1%.
Principal and interest
(A. & O.) payable at the Bank of Port Jefferson, Port Jefferson, with New
York exchange.
The bonds are direct general obligations of the school
district, payable from unlimited taxes.
A certified check for $1,000, payable
to the order of Hewlett H. Davis, District Treasurer, must accompany
each proposal.
The approving legal opinion of Clay, Dillon & Vandewater
of New York City will be furnished the successful bidder.

CHEEKTOWAGA, N. Y.—DEBT REDUCTION NOTED—'The publica¬
of the Buffalo Municipal Research
following report on the

tion "Just A Moment," official medium

Bureau, Inc., White Bldg., Buffalo, contained the
above town in its issue of Aug. 26:

debt of this town deserve more than passing
1931,
reduced by more than 50% to July 31, 1937.

While the debt of Buffalo has been increasing yearly since

$3,391,400
1,603,315

Debt at Dec. 31, 1931

Debt at July 31, 1937

Reduction in 5 7-12 years
In 1932 a definite

policy

was

$1,788,085
instituted looking toward the reduction of the

load, first, by issuing no new bonds, and, second, by paying off the old
they matured.
Except for two small equalization issues aggregating
$67,000 in 1936 and 1937, this policy has been adhered to, in a praiseworthy




58.80

HEMPSTEAD

SCHOOL DISTRICT NO. 12 (P. O.
SALE—The issue of $100,000 coupon or regis¬

UNION FREE

Malverne), N. Y —BOND

bonds offered Aug. 31—V. 145, p. 1459—was awarded
to George B. Gibbons & Co., Inc. and Roosevelt & Weigold, both of
New York, jointly, as 3.10s, at a price of 100.28, a basis of about 3.08%.
Dated Sept. 15, 1937 and due $4,000 annually on Sept. 15 from 1940 to
1964, inclusive.

tered school building

HOOSICK (P. O.
coupon or
were

$30,000

Hoosick Falls), N. Y.—BOND SALE—The

registered home relief bonds offered Aug. 30—V. 145, p. 1298—
Seligman & Co. of New York, as 2.40s, at par

awarded to J. & W.

Si.ug. a1, 1937 and due $3,000 annually ona Feb. 1of about 2.35%. Dated
us premium of $78, equal to 100.26, basis from 1938 to 1947 incl.
Other bids were reported as

follows:

Int. Rate

Bidder—

Rate Bid

2.40%
2.50%
2.60%

100.13
100.079
100.179

Gertler & Co

Rensselaer County Bank & Trust

turers Trust Co.,

Co_

of),

100.144

2.60%

Trust Co

(Village

—

N. Y.—PAYING AGENT—Manufac¬
for $75,000 Village incinerator

New York is paying agent

plant bonds.

MECHANICVILLE,

N. Y.—BOND ISSUE DETAILS—As
the city plans to issue $40,000 work

noted in these columns,

previously
relief and

disposal plant construction bonds—V. 145, p. 1298.
They will be
general obligations of the city, payable from unlimited taxes, and bear
interest at not more than 6%.
Denom. $1,000.
Due serially on Oct. 1
from 1938 to 1947, incl
Principal and semi-annual interest payable at the
New York State National Bank of Albany, with New York exchange, or
at the National City Bank, New York City, at holder's option.

sewage

MIDDLETOWN,

N.

for
issuance of $12,500

Y.—BOND ELECTION—At an election set

NEWBURGH, N. Y.—BOND
the Board of Commissioners,

OFFERING—John L. Sloan, Secretary of

will receive sealed bids until 10 a. m.

(Eastern

Sept. 8 for the purchase of $60,000 not to exceed 6%
interest land acquisition and improvement bonds.
Coupon in form, registerable as to both principal and interest.
Dated Aug. 1, 1937.
Denom.
$1,000.
Due $4,000 on Aug. 1 from 1939 to 1953 incl.
Bidder to name a
single rate of interest on all of the bonds, expressed in a multiple of A or
l-10th of 1%.
Principal and semi-annual interest (F. & A.) payable at
the Commissioner's office or at the option of the holder, at the principal
office of the Chase National Bank in New York City.
A certified check
for 2%, payable to the order of the Board of Commissioners, must accom¬
pany each proposal.
Approving legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder,
on

N. Y.—A UGUST FINANCING—During the month of
issued the following securities:

NEW YORK,

August the city

$5,000,000 2%
5,000,000 2%
11,000,000 2%
2,500,000 2%

special corporate stock notes.

Due Feb.

2, 1938.

special corporate stock notes.
Due Feb. 5, 1938.
special corporate stock notes.
Due Feb. 13, 1938.
special corporate stock notes.
Due Feb. 28, 1938.
2 500,000 2% special corporate stock notes.
Due Feb. 28, 1938.
2,500,000 4% special assessment bonds for Ward's Island sewage disposal
plant.
Due on or before Aug. 2, 1967.
2,500,000 2% special revenue bonds of 1937. Due Aug. 31, 1938.
50,000 4% old law tenement assessment bonds.
Due on or before
Aug. 10

1947.

N. Y.—BONDS AUTHORIZED—Common Council recently
voted to issue $42,000 refunding bonds in order to redeem temporary loan
certificates of indebtedness maturing during September.
OLEAN,

SALTAIRE, N. Y —BONDS VOTED—At the Aug. 28 election the voters
approved an issue of $15,000 water system bonds.
They will be dated
Sept. 1, 1937, bear interest at a rate of not more than 6% and mature
$1,000 annually on Sept. 1 from 1940 to 1954 incl.

as

manner.

70.00

3.20%

Y —BOND SALE—The $200,000 coupon or regis¬
tered series D water bonds offered Sept. 1—V. 145, p. 1297—were awarded
to Halsey, Stuart & Co., Inc. of New York, as 2Ms, at a price of 100.29,
a basis of about 2.725%.
Dated Aug. 1, 1937 and due Aug. 1, as follows:
$8,000, 1940 to 1950, incl.; $12,000, 1951 to 1957, incl.; $10,000 in 1958 and
1959, and $8,000 in 1960.

Recent press references to the

that of Cheektowaga has been

3.20%

N.

FREEPORT,

Standard Time)

BELLPORT, N. Y —BONDS DEFEATED—At a recent election the
proposal to issue $40,000 park and bathing beach bonds was defeated by a

$179.51

3%

Sept. 9 the voters will be asked to approve the proposed
hospital bonds and $7,500 property purchase bonds.

YORK

Premium

George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co

MAMARONECK

M.—CITY TO SUE FOR PAYMENT OF DE¬
LINQUENT ASSESSMENTS—Pressed by holders of defaulted paving
bonds in several Albuquerque districts, the city, as trustee, is preparing
suits against property owners on which assessments are delinquent. Mayor
Lembke

ELLENBURG COMMON SCHOOL DISTRICT NO. 9 (P. O. Ellenburg Depot), N. Y.—BOND SALE— The $3,955 school issue offered Aug.
31—V. 145, p. 1459—was awarded to the State Bank of Ellenburg as 5s
at par plus a premium of $10, equal to 100.25, a basis of about 4.95%.
Dated Aug. 1. 1937, and due June 1 as follows: $955 in 1938 and $750 from
1939 to 1942, incl.
Second high bid of par and a premium of $9.88 for 5s
was made by the Cheeseman Muncil Co. of Ellenburg Depot.

A. C. Allyn ct Co.. Inc
Manufacturers & Traders

ALBUQUERQUE, N.

notice.

OFFERING—Frank

on

—.

------

BOND OFFERING—William D. Miller, Township

of

Y.—BOND

N.

sealed bids until 2 p. in. (Eastern Stand¬
Sept. 14, for the purchase of $25,000 not to exceed 4% int.
coupon or registered Harmon Fire House bonds, being general obligations
of the village, payable from unlimited taxes.
Dated Oct. 1,1937. Denoms.
$1,000 and $500.
Due Oct. 1, as follows:
$1,000 from 1938 to 1947, incl.
and $1,500 from 1948 to 1957, incl.
Bidder to name a single rate of
interest, expressed in multiples of A or l-10th of 1%.
Principal and
interest (A. & O.) payable at the Marine Midland Trust Co., New York
City.
A certified check for 2% of the bid, payable to the order of the
village, must accompany each proposal.
Successful bidder will be furnished
the approving legal opinion of Thomson, Wood & Hoffman of New York
City.
nerty, Village Clerk, will receive

NWRK 24

NEW

one

CROTON-ON HUDSON,

A. T. & T. Teletype

Wire:
REctor 2-2055

New

foreclosures.
(6), are a little more than

required to cover the expenses for town purposes (1), and that
$73,012.77 was contributed for county purposes (2).
This t$x delinquency situation in Cheektowaga is one which prevails in a
number of towns in Erie County in which "development" property failed
to stand the depression.
It is Cheektowaga's misfortune rather than its

Colycr, Robinson $ Company
Raymond Blvd., Newark

$3,401,816.72
1,386,024.03 $4,787,840.75

Includes tax sales certificates canceled through

what

1180

vote

$4,787,840.75

(3)

3-3124

New Jersey State and Municipal Bonds

an

1936, no less
13,115 of which became held

No doubt much of this property should be taken from the
rolls under county foreclosure.
Pending some disposal of the matter the
town's obligations will have to be met in part by the remainder of the
county.
A summary of the financial operations in this respect for the
five years 1932-1936 is as follows, the amounts being the totals for the period:
(1) Tax levies for town purposes
$3,328,803.95
(2) Tax levies for county purposes
1,459,036.80

by the county.

Issues

Newark Tel.: Market

A. T. & T.: N. Y. 1-730

Charles

Delinquency

land on Cheektowaga's tax rolls in

than 13,403 went to the tax sale of that year,

Ingen & Co. Inc.

STREET, N. Y.

57 WILLIAM

Tax

of

SCHENECTADY, N. Y.—APPROVES RELIEF ISSUE—A
$60,000 has been authorized by the City Council to meet
remainder of the present year.

during the

bond issue
relief costs

1622

Financial

TRENTON, N. Y.—BONDS VOTED—At
tojissue $30,000

recent election the proposal
water system installation bonds carried by a vote of 63 to 33.
a

UT1CA, N. Y.—BOND OFFERING—It is reported that Thomas J.
Nelson, City Comptroller, will receive sealed bids until Sept. 15 for the
purchase of $7,900,000 water revenue bonds, the proceeds or which will be
used to acquire the properties of the Consolidated Water
Co., as authorized
by vote of Common Council on Sept. 2. Acquisition of the plan and the
financing thereof will be made in accordance with provisions of Article 14-C
of General Municipal Laws of New York State.
/

UTICA, N. Y.—TO ISSUE REVENUE

BONDS FOR

Chronicle

NOT SOLD—'The $8,000 issue of not to
exceed 6% semi-ann. municipal auditorium bonds offered on
Aug. 27—V.
145, p. 1299—was not sold as no bids were received, according to the City
Auditor. Due $500 from Nov. 1, 1940 to 1955 incl.

SCHOOL DISTRICT NO. 95 (P. O. Hamlet)
NOT SOLD—The $4,000 certificates of in¬
Aug. 10—V. 145, p. 985—were not sold as no bids
received, according to the District Clerk.

Dak.—CERTIFICATES

were

OHIO

700 CUYAHOGA
CANTON

WHITE PLAINS, N. Y .—BOND OFFERING—Gustav E. Olson
."Com¬
missioner of Finance, will receive sealed bids until 10 a. m.
(Eastern Stand¬
ard Time) on Sept. 9, for the
purchase of $465,000 not to exceed 5% interest
coupon or registered bonds, divided as follows:
Due Sept.

1

as

follows:

§25,000 in 1944 and 1945; $80,000 from 1946 to 1948, incl. and
10.000 in 1949.
165,000 general city bonds issued to finance its share of Works
Progress
Administration construction
costs.
Due
Sept. 1 as follows:
$15,000 from 1939 to 1941, incl. and $20,000 from 1942 to 1947,
•

Each issue is dated Sept. 1, 1937.
Bidder to bid for all of the bonds and
state a single rate of interest,
expressed in multiples of y or l-10th of 1%
Principal and interest (M, & S.) payable at the Citizens Bank, White
Plains, with New York exchange, or at holder's option, at the Central
Hanover Bank & Trust Co., New York
City.
The bonds are general
obligations of the city, payable from unlimited taxes.
A certified check
for $9,300, payable to the order of the
city, is required.
Legal opinion of
Clay, Dillon & Vandewater of New York City, will be furnished the success¬
ful bidder.

CAROLINA

BURLINGTON,

N. C.—NOTE SALE—It is reported that $7,800
anticipation notes were sold on Aug. 31 to the National Bank of
Burlington, at par at 6% interest.

revenue

CATAWBA COUNTY (P. O.
Newton), N. C.—NOTESALE DETAILS
now reported by the
County Accountant that the $20,000 revenue
purchased by the Farmers & Merchants Bank of Newton, as noted in
these columns recently—V. 145, p. 1459—were sold
at 1.45% (not 2%),
are dated Sept. 1, 1937, and mature on
March 1, 1938.

—It is
notes

CHOWAN COUNTY (P. O.
Edenton), N. C.—BOND SALE— The
$90,000 issue of coupon or registered school bonds offered for sale on
Aug. 31
—V. 145, p. 1299—was awarded
jointly to R. S. Dickson & Co., Inc., and
the Interstate Securities Corp., both of
Charlotte, paying a premium of
$20.75, equal to 100.023 for the first maturing $24,000 bonds as
5s, the
remaining $66,000 as 4)^s.
Dated Sept. 15, 1937.
Due on March 15 as
follows: $3,000, 1939 to 1948; $4,000,
1949, and $7,000, 1950 to 1957.
Lewis & Hall of Greensboro was second
high, offering a premium of $36.00
for $69,000 as 5s, the
remaining $21,000 as 4?|s.
GUILFORD COUNTY (P. O.
Greensboro), N. C —BONDS AUTH¬
ORIZED—The County Commissioners have
adopted an order authorizing
the issuance of $200,UO0
refunding bonds.
KINGS MOUNTAIN SCHOOL DISTRICT
(P. O. Shelby), N. C.—
BOND SALE^-The $25,000 issue of
coupon school building bonds offered

for sale

on Aug. 31—V.
145, p. 1299—was awarded to R. S. Dickson & Co.,
Inc., of Charlotte, paying a premium of $18.75,
equal to 100.075, on the
bonds divided as follows: $17,000 as
4Ms, the remaining $8,000 as 4Mb.
Dated May 1, 1937.
Due on May 1 as follows:
$1,000, 19* ; tcl952, and
$2,000, 1953 to 1957.

m.

are

requested to

name

awarded to the bidder offering to
purchase the bonds at the
lowest interest
town, such cost to be determined by
deducting the total amount
of the premium bid from the
aggregate amount of interest
cost to the

bonds until their respective
maturities.
crued interest will be entertained.
Bids must be accompanied

all of the
No bid for less than par and ac¬
upon

by a certified check upon an incorporated
bank or trust company,
payable unconditionally to the order of the State
Treasurer for $500. The right to
reject all bids is reserved.
The approving
opinion of Reed, Hoyt & Washburn, New York
City, will be furnished the

purchaser.

Financial Statement, June 30, 1937

Population—

1930 U. S. census.
Estimated present

1,388

1,700

Taxes—

Assessed

val.

1934 Levy

1935 Leiy

1936 Levy

approximate.___$1,863,596.00 $1,760,000.00 $1,934,872.00

Tax rate per $100 valuation
Amount levied

^

.25

4,858.99

Collection to June30, 1936
4,734.77
Collection to June 30, 1937
Estimated actual property valuation
No bonded indebtedness at
present time.

.25
1

.25

4,600.02
3,920.72

5,037.18

4,521.70
---$2,225,000.00

ROCKINGHAM COUNTY (P. O.
Wentworth), N. C.—BOND SALE
—The $40,000 issue of
coupon or registered court house bonds offered for
sale on Aug. 31—V. 145, p. 1459—was
awarded to R. S. Dickson & Co. of
Charlotte, paying a premium of $166.00, equal to
100.415, for the first
maturing $24,0UU as a^s, and the remaining $16,000 as 3s.
Dated Aug.
15, 1937.
Due $2,000 from Aug. 15, 1938 to
1957, incl.
The Wachovia
Bank & Trust Co. of Winston-Salem
offered par for $10,000 as 3s and $30,000 as 3Ks.

WILSON,

N. C.—BOND OFFERING—Sealed bids will be
received
(Eastern Standard Time), on Sept.
14, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in
Raleigh,
for the purchase of $64,000
coupon public improvement bonds.
This issue
until 11

is

a.

Ohio—BOND

ISSUE

DETAILS—The

$45,000

sewer

ATHENS,

Ohio—BOND

ELECTION—Five
bond
issues,
totaling
$93,000, will be voted upon separately in Athens at the November
election,
following recent action of council in approving the issues. The issues and
amounts are:
$15,000 to purchase new fire-fighting equipment, $18,000 for
remodeling city hall, $10,000 for relief, $47,000 to
pay for paving of five
streets, done several years ago, and $3,199 to
pay for Mill St. storm sewer,

installed several years ago.

BAY VILLAGE, Ohio—BOND OFFERING—
Sealed bids will be re¬
by Jesse L. Saddler, Village Clerk, until noon (Eastern Standard
Time) on Sept. 11 for the purchase of $123,800 4%
refunding bonds.
Dated
Oct. 1, 1937.
Denom. $1,000, $500 and $100.
Due Oct. 1 as follows:
$12,800, 1942; $12,500 from 1943 to 1948 incl., and $12,000 from 1949 to
1951 incl.
Redeemable in whole or in part at
par on Oct. 1, 1941.
Prin.
and int. (A. & O.) payable at the First National
Bank, Rocky River.
Bids
may be made for other than 4% bonds, although where a fractional rate is
bid such fraction must be in
multiples of y of 1 %.
The bonds to be re¬
funded are special assessment
obligations which matured in 1936 and 1937.
A certified check for 1 % of the bonds bid
for, payable to the order of the
village, must accompany each proposal.
ceived

BUTLER COUNTY

(P. O.

Hamilton), Ohio—BOND ELECTION—

At the November election the voters will be asked
to approve an issue of

$750,000 to finance cost of

a new

tuberculosis hospital.

CINCINNATI, Ohio— TO INVEST IN GOVERNMENT SECURITIES
—The Treasury Investment Board announced
Aug. 26 that $1,500,000 of
its funds would be invested in United States
Government bonds and notes.
Under a new law, banks are not
permitted to pay interest on inactive
accounts.

CUYAHOGA COUNTY (P. O.

Cleveland), Ohio—BIDS

REJECTED—

The Board of County Commissioners on
Sept. 2 rejected the bids which were
submitted at the Aug. 31 offering of
$3,000,000 refunding bonds.
A syn¬
dicate headed by Blyth & Co.,
Inc., of New York, was the highest bidder,
with an offer of 100.05 for a combination of
$2,200,000 3%s and $800,000
3Hs.
It is understood that the county will seek new tenders in the near
future.
Associated with Blyth & Co. in
making the bid were Lehman
Bros., Bancamerica-Blair Corp., Phelps, Fenn & Co.,
Paine, Webber &
Co., all of New York; Hayden, Miller & Co., Cleveland; C. F. Cbilds &
Co., Bacon, Stevenson & Co., Hannahs, Ballin & Lee and Burr &

Co.,
Inc., all of New York; Hawley, Huller & Co., Cleveland; Lowry
Sweney,
Inc., Columbus; Breed & Harrison, Cincinnati, and
Wells-Dickey Co.,
Minneapolis.
The offering consisted of:
$800,000 refunding bonds, series A, issued to refund general bonds
payable
from taxes levied inside limitations.
Due $40,000 on April 1
and Oct. 1 in each of the years from 1943 to
1952.
200,000 refunding bonds, series A, issued to refund general bonds
payable from taxes levied inside limitations.
Due $10,000 on

March 15 and Sept. 15 in each of the
years from 1943 to 1952.
2,000,000 refunding bonds, series B, issued to refund road,
sewerage and
water supply improvement
special assessment bonds payable
from taxes levied inside limitations.
and Oct. 1 in each of the
years from

Denom.

Due $100,000 on April
1943 to 1952.

1

$1,000.
Dated
Sept.
15,
1937.
Prin.
and semi-ann. int.
(April 1 and Oct. 1) payable at the County Treasurer's office.
All bonds
are subject to call in whole or
in part as follows: $200,000 on
Sept. 15, 1947,
and $2,800,000 Oct.
1, 1947.
SUIT SEEKS

TO

HALT

PENALTY

TAX

REFUND—Six attorneys,

including former Mayor Ray T. Miller, filed a taxpayers' suit Aug. 26 in
Common Pleas Court to enjoin the
Cuyahoga County Auditor from re¬
funding $1,600,000 in real estate tax penalties and interest under
provisions
of the Ogrin Act.
The suit claimed there is no constitutional
authority
for the rebates.

MAHONING COUNTY (P. O.
Youngstown), Ohio—BOND OFFER¬
ING—Earl F. Peitz, Clerk of the Board of
Commissioners, will receive
bids until 11 a. m. (Eastern Standard
Time) on Sept. 20 for the
purchase of $500,000 coupon refunding bonds. Dated Oct.
1,1937. Denom.
$1,000. Due $50,000 annually on Oct. 1 from 1939 to 1948 incl.
Principal

sealed

and

semi-annual interest (A. & O.) payable at the
County Treasurer's
office. A certified check for $5,000 must
accompany each proposal. Legality
approved by Squire, Sanders & Dempsey of Cleveland, and cost of
opinion
to be paid for
by the successful bidder. The bonds will bear interest at 6%
such

other rate named
by the successful bidder. Fractional rates must be
expressed in multiples of y of 1%. Bonds must be taken
up not later than
Oct. 1, 1937, the funds to be deposited at one of the
local banks in the city
or at the office of the
sinking fund trustees.
or

MAPLE HEIGHTS, Ohio—REFUNDING PLAN
NEARING REALI¬
ZATION—Immediate cancellation of the Maple Heights municipal bond

debt

and

near at

of

issuance of new bonds
hand as the city is now

at a
sharply decreased interest rate is
seeking approval of the plan by a final group

bondholders.
The plan,
'

proposed

by City Auditor G. E.

Mansell, has already met

the approval of
60% of the bondholders. It calls for wiping out $3,000,000
outstanding bond debt and establishing a new 1 % interest rate as
compared
to present 5y2 to
6% rate.
The city is a year and a half behind in its interest

&

'

payments, Mr. Mansell
said.
Under the proposed plan,
principal payments will be postponed for
30 years.

m.

consolidation of $30,000 sanitary sewer
extension, $14,000 water works
extension, and $20,000 bonds for acquiring land for a new
municipal building
site.
Interest rate is not to exceed
6%, payable J. & D. Denom. $1,000.
Dated Sept. 1, 1937.
Due on Dec. 1 as follows:
$8,000, 1938 and 1939,
and $6,000, 1940 to 1947, all incl. There will
be no auction. The bonds are
a

registerable

as

to

New York City.

Unlimited tax.

principal only.
Prin. and int. payable in legal tender in
on or about Oct. 1, at place of purchaser's choice.

Delivery

NORTH

DAKOTA

COTTONWOOD LAKE SCHOOL DISTRICT
NO. 64 (P. O. WillisN. Dak.—CERTIFICATES NOT SOLD—We are informed

ton)

Clerk

SPRINGFIELD

payable at the Alliance First National Bank, Alliance.

the

interest rate or rates, not
exceeding
multiples of y of 1%. Each bid may name one rate for
part of the bonds (having the earliest
maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
per annum in

COLUMBUS

10, as previously reported, will be issued
bearing date of Sept. 1, 1937, in denoms. of $1,000 and $500 and mature
$4,500 on Nov. 1 from 1939 to 1948 incl. Principal and semi-annual interest

on

Bidders

6%

BUILDING, CLEVELAND

CINCINNATI

OHIO
ALLIANCE,

bids will be received until

Sept. 7, by W. E. Easter ling, Secretary of the Local Govern¬
ment Commission, at his office in
Raleigh, for the purchase of a $25,000
issue of street improvement bonds.
Denom, $1,000.
Coupon bonds,
registerable as to both principal and interest. Dated
Sept. 1, 1937. Due on
Sept. 1 as follows: $1,U0U, 1938 to 1952, and
$2,000, 1953 to 1957, all incl.
Prin. and int. (M. & S.) payable in lawful
money in New York City.
Delivery at place of purchaser's choice. It is stated that these bonds are
general obligations, payable from unlimited taxes.
a.

AKRON

construction bonds voted Aug.

_______

LANDIS, N. C.—BOND OFFERING—Sealed
11

MUNICIPALS

MITCHELL, HERRICK & CO.

should be submitted for consideration of the voters.

NORTH

on

WATER PLANT

PURCHASE—The above city apparently intends to proceed with
plans
toward acquiring the Consolidated Water Co.
system.
As previously
these columns, the purchase price would be
$7,900,000.
It is
reported that the necessary funds would be obtained through the issuance
of revenue bonds and, in this
connection, it is noted that the task of pre¬
paring a proper form of authorization has been assigned to Clay, Dillon &
Vandewater, New York City. The project is being opposed by Dr. E. B.
Terry, Republican candidate for mayor, who is said to have threatened
toiinstitute court action to prevent council from consummating the deal.
Dr. Terry has declared that the question of
acquiring the water system

inclusive.

SPECIAL

HAMLET
N.

debtedness offered

noted in

$300,000 series of 1937 debt equalization bonds.

Sept. 4, 1937

GARRISON, N. Dak.—BONDS

of the

School

Board

offered for sale without

that

success on

by the
$3,500 certificates of indebtedness were
Aug. 27, as no bids were received.

DES LACS SPECIAL SCHOOL DISTRICT NO. 33
(P. O. Des Lacs),
County,
N.
Dak .—CERTIFICATE OFFERING—Sealed
bids

Ward

addressed,to Harry C. Tooley, District Clerk, will be received at the
County Auditor's office until 2 p. in. on Sept. 11 for the purchase of $4,000
7% interest certificates of indebtedness, due Sept. 11, 1939.

not to exceed




MARTINS

FERRY,

Ohio—BOND

ELECTION—The

City

Council

has decided that at the November
general elections a proposition to issue
$50,000 fire station bonds is to be submitted to the voters.

MONTGOMERY COUNTY (P. O. Dayton), Ohio—BOND OFFERING
Treon, Clerk of the Board of Commissioners, will receive sealed
a. m. (Eastern Standard
Time) on Sept. 21 for the purchase of
$600,000 6% refunding bonds. Dated Sept. 1,1937. Denom.
$1,000. Due
$30,000 each on March 1 and Sept. 1 from 1942 to
1951 incl.
Interest
—F. E.

bids until 10

payable M. & S.
Bids may be made for other than
6%
where a fractional rate is bid such fraction
must be in

bonds, although
multiples of y of
1%.
A certified check for $6,000, payable to the order of the
County
Treasurer, must accompany each proposal.
Approving legal opinion of
Peck, Shaffer & Williams of Cincinnati will be furnished the successful

bidder.

All bids shall be separate and
unconditional, except as to optional
bids at fractional rates of interest as
set forth in the conditions of sale.

MUSKINGUM

WATERSHED

CONSERVANCY

DISTRICT

(P.

O-

New
Philadelphia), Ohio—BOND OFFERING—Bryce C. Browning.
Secretary-Treasurer, will receive sealed bids until noon on Sept. 18 for the

purchase of $1,500,000 3% bonds.
Dated Oct. 1, 1937.
Denom. $1,000.
Due $150,000 annually on Oct. 1 from 1939
to 1948 incl.
Interest payable
A. & O.
Bonds will be issued under
authority of Section 6828-44A and of
the Uniform Bond Act of the
general code of Ohio. A certified check for 1

%

Volume

Financial

145

must accompany
within 60 days of

of the bonds bid for, payable to the order of the District,
each proposal.
Bidder must accept delivery of bonds
award.

PARMA, Ohio—BOND REFUNDING O. K.'D—Final steps were taken
Aug. 23 in the bond refunding program that is expected to save the city
more than $2,000,000.
Actual bond exchange will begin imme¬

on

1623

Chronicle
Due

Sept. 15 as follows: $1,000, 1942 to 1951, and $1,200 in 1952.
The
bonds are registerable as to principal only and were approved by the voters
on June 24.
No bid for less than par and accrued interest will be consid¬
ered.
Prim, and int. payable at the County Treasurer's office or at the
fiscal agency of the. State in N. Y. City.
Legality approved by Carl H
Coad of Nyssa.
>
on

of Parma

Samuel S. Nowlin announced.
Consent to exchange
bonds for new ones bearing a lower rate
already been gained from more than 85 % of the bondholders,
it was reported.
At a special meeting Aug. 23 the Parma Council approved
the plan.

diately,

Auditor

Parma's $4,000,000 outstanding

of interest has

Ohio—REJECT CHARTER

SANDUSKY,

cent election the voters

defeated

a

AMENDMENT—At a re¬

proposed city charter amendment

which

empowered the city to issue $1,400,000 municipal light plant
bonds on preliminary plans only.
Without the amendment, the charter
provides that the bonds cannot be authorized prior to the completion of full
plans and specifications for the project.
Prior to the election the Appellate
Court ruled the bond issue invalid on the ground that it was predicated

_

MALHEUR COUNTY SCHOOL DISTRICT NO. 42 (P. O. Jamieson),

Ore.—BOND OFFERING—Sealed bids will be received by Dorothy C.
Harris, District Clerk, until 8 p. m. on Sept. 11 for the purchase of $6,500
5% school bonds.
One bond for $500, others $1,000 each.
Due as follows:
$500 in 1942, and $1,000 from 1943 to 1948, incl.
Principal and semi¬
annual interest payable at the County Treasurer's office or at the fiscal
agency of the State in New York City.

only on

a

preliminary plan.

Redd,
be sold

SEBRING, Ohio—STATE TO PURCHASE BONDS—John A.
Village Clerk, reports that an issue of $31,000 refunding bonds will
to the State.

COUNTY

SUMMIT

Akron), Ohio—BOND OFFERING—
of County Commissioners, will receive

O.

(P.

W. B. Wynne, Clerk of the Board

(Eastern Standard Time) on Sept. 13 for the purchase
of $500,000 not to exceed 6% interest refunding bonds.
Dated Oct. 1,
1937.
Denominations as the County Auditor may specify.
Due $100,000

sealed bids until

noon

annually on Oct. 1 from 1942 to 1946, inclusive.
Rate of interest to be
expressed in multiples of M of 1%.
Principal and interest (A. & O.)
payable at the County Treasurer's office.
County will furnish at its ex¬
pense final approving opinion and each bid must be on the basis of Akron
delivery.
A certified check for 2% of the oonds bid for, payable to the
order of the Board of Commissioners, must accompany
P.

(This issue
986.)

was

each proposal.

postponed—V. 145,

originally offered Aug. 18 and the sale

COUNTY SCHOOL DISTRICT NO. 118 (P. O. Salem)
Ore.— WARRANT OFFERING—It is reported that sealed bids

MARION

would have

Route 6),

will be received until 8 p. m. on Sept. 2 by Karl Krehoiel,
for the purchase of $o,600 interest-bearing warrants.

District Clerk,

MULTNOMAH COUNTY SCHOOL DISTRICT NO. 17 (P. O. Port¬
land), Ore.—BOND SALE—The $29,000 issue of school bonds offered for
on Aug. 30—V. 145, p. 1461—was awarded to Baker, Fordyce & Co.
of Portland as 3)4s, paying a price of 100.32, a basis of about 3.33%.
Dated Sept. 1, 1937.
Due from Sept. 1, 1939 to 1952; subject to call after

sale

Sept. 1, 1939.
The second best bid was an offer of

100.27

on

3)4s, tendered by E. M.

Adams & Co. of Portland.

i

(State of)—BOND OFFERING—H. B. Glaisyer, Secretary,
State Highway Commission, will receive bids until 11 a. m. Sept. 14 for the
purchase at not less than par of $1,000,000 coupon highway bonds.
Bidders
are to specify rate of interest, not to exceed 1%.
Denom. $100,000. Dated
Oct. 1, 1937; payable April 1, 1938, subject to redemption Jan. 1, 1938.
The bonds will registered as to principal in the name of the purchaser in
the State Treasurer's office, where interest and principal will be payable.
Certified check for $25,000, required.
The purchaser will be furnished
with the legal opinion of the Attorney general of the State of Oregon.
OREGON

_

"ac¬

O. Toledo) Ohio—NOTE
SALE—We are informed by May P. Foster, Clerk-Treasurer of the Board
of Education, that the $300,000 tax deficiency notes offered for sale on
Sept. 1 were awarded to a group composed of Mitchell, Herrick & Co.;
Otis & Co.; Hawley, Huller & Co.; Johnson, Kase & Co., ah of Cleveland,
and Assel, Goetz & Moerlein, Inc., of Cincinnati, as 1 Ms, paying a premium
of $62.00, equal to 100.0206.
Dated Sept. 15, 1937. Due on Sept. 15,
1939; callable in whole or in part on Sept. 15,1938.
The second highest bid was submitted by Ryan. Sutherland & Co.;
Braun, Bosworth & Co., and Stranahan, Harris & Co., all of Cleveland,
and the Provident Savings Bank & Trust Co. of Cincinnati, at 2%, plus a

OF| ASTORIA, Ore.—REFINANCING COMPLETE— In
cordance with the plan approved by the holders of approximately 93%
of the outstanding bonds of the Port of Astoria, Ore., the Port's entire
bonded debt has been refunded into bonds bearing 3)4 % interest due Jan.
1, 1965, and optional serially in numerical order commencing with Jan. 1,

premium of $333.33.

bondholders' committee, should be sent
of A.stori3)
Astoria Qj*0

TOLEDO CITY SCHOOL DISTRICT (P.

Bids

were

as

follows:

Int Rate

Bidder

Mitchell, Herrick

&

Cleveland; Assel,

Co.,

Premium,

Goetz &

Cincinnati; Otis & Co., Cleveland;
Hawley, Huller & Co., Cleveland; Johnson, Kase &
Co., Cleveland
Provident Savings
Bank & Trust Co., Cincinnati;
Stranahan, Harris & Co., Toledo; Braun, Bosworth
& Co., Toledo; Ryan, Sutherland & Co., Toledo
Pohl & Co., Inc., Cincinnati
Van, Lahr, Doll & Isphording, Inc., Cincinnati
Bancohio Securities Co., Columbus
The First Cleveland, Corp., and Prudden & Co., Inc.,
Moerlein,

Inc.,

Toledo

Siler, Carpenter & Roose, Toledo
SCHOOL

TOWNSHIP

333.33
489.99
156.31

2%
2)4 %
2)4 %
2)4%

300.00

DISTRICT,

378.00
328.00
Defiance

County, Ohio—BOND ELECTION— It is planned to submit a $60,000

school

1938.
These new
to

refunding bonds are now ready for immediate delivery and
of the Port's outstanding debt of approximately

date over $2,500,000

$3,200,000 have been exchanged.
Certificates of deposit should be forwarded to the
Omaha, Neb., the official depositary, and bonds

building bond issue proposal to the voters at the

November elec¬

tions.

SALEM, Ore.—BOND OFFERING—A. Warren Jones, City Recorder,
until 8 p. m. on Sept. 20 for the purchase of $20,000
Dated Oct. 1,1937.
Denom. $1,000. Due $1,000 each
year on Oct. 1 from 1938 to 1957, incl.
Redeemable, in numerical order,
at par and accrued interest at any interest period at or after five years
from date of issue.
Principal and semi-annual interest payable at the City
Treasurer's office.
Bidder to name the rate of interest and none of the
bonds will be sold at less than par and accrued interest.
A certified check
for 2% of the issue, payable to the order of the city, must accompany each
proposal.
Successful bidder will be furnished the approving legal opinion
of Teal, Winfree, McCulloch, Shuler & Kelley of Portland.
(This report of the offering supersedes that given previously in these
columns.-—V. 145, p. 1461.)
will receive sealed bids

WASHINGTON COUNTY
Grove) Ore.—BOND

Forest

WOOSTER,

Ohio—BOND

ELECTION—At the November election
bond issue of $325,000 for construction

the voters will be asked to approve a
of a new sewage disposal plant.

YOUNGSTOWN, Ohio—BOND SALE—The issue of $350,000 refund¬
ing bonds offered Aug. 30—V. 145, p. 1145—was awarded to the BancOhio
Securities Co. of Columbus as 3s at par plus a premium of $3,801, equal to
101.08, a basis of about 2.87%.
Dated Sept. 1, 1937, and due $35,000
annually on Oct. 1 from 1942 to 1951, incl.
Second high bid of par and a
premium of $1,330 for 3s was made by McDonald-Coolidge & Co. of CleveOther bids

were as

follows:

Int. Rate

Bidder—

Co., Columbus
_3%
McDonald-Coolidge & Co., Mitchell, Herrick & Co.,
Cleveland, and Ryan, Sutherland & Co., Toledo
3%
Provident Savs. Bank & Trust Co., the Weil, Roth &
BancOhio Securities

Premium

$3,801.00

Irving Co., Van Lahr, Doll & Isphording, Inc., Cin¬
cinnati, and Fullerton & Co., Columbus
3)4 %
Seasongood & Mayer, Cincinnati
___3M%
Johnson, Kase & Co., Cleveland; Charles A. Hinsch &
Co.,
Inc., Walter, Woody & Henmerdinger, and
Widmann & Holzman, Cincinnati3)4%
Fox, Einhorn & Co., Pohl & Co., Inc., Edw. Brockhaus & Co., Cincinnati, and E. H. Rollins & Sons,
Philadelphia
3)4%
Field, Richards & Shepard, Inc., Cleveland, and Merrill,
Turben & Co

—

1,330.00

2,765.00
3,155.85

-3)4%

Todd, District Clerk, for the pur¬
Interest rate is not to exceed
and $500. Dated Oct. 1,
to 1955; $3,500,1956, and
$4,000 in 1957. Prin. and int. payable at the County Treasurer's office.
These bonds were approved by the voters at the election held on Aug. 6,
as noted in these columns—V. 145, p.
1300.
The approving opinion of
Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished,
2M%. payable A. & O.
Denominations $1,000
1937. Due on Oct. 1 as follows: $2,500 in 1939

"'WASHINGTON

COUNTY

HIGH SCHOOL DISTRICT NO.
Ore.— WARRANT OFFERING—Sealed bids will be
14, by John A. Dopp, District Clerk, for the
purchase of a $5,000 issue of warrants. Interest rate is not to exceed 5%,
payable M. & S. Denom. $1,000. Dated Sept. 15,1937. Due $1,000 from
Sept. 15,1939 to 1943, incl.

City of Philadelphia
2,727.27
3.010.00

4Bonds due Dec. 1, 1975/45
Price:

109.737 & Intterest to Net 3.16%

Moncure Biddle & Co.
Philadelphia

1520 Locust Street

CITY OF

$50,000
PHILADELPHIA 41/48

December 16, 1980, Optional
At 110.15 & Interest
To

To

the Optional

net

1950

3.30%

Period and 4.25% thereafter

YARNALL & CO.

CALL—The municipal government

A.

was to call for payment Sept.
1 a total of $186,239 in special assessment
paving bonds, with payment of interest on the bonds to stop Oct. 1, whether
surrendered by then or not, Ollie J. Black, Assistant City Treasurer, has
announced.
The called bonds are of 1938, 1939, 1940 and 1941 maturities,

bonds will

save

Okla.—BOND OFFERING—L. R. Wilhite, Clerk of the
Board of Education of the town, will receive sealed bids until 7:30 p. m.
on Sept. 8 for the purchase of $16,500 school building bonds.
Due as fol¬
lows: $2,000 in three years from date of issue and $2,000 each year there¬
after, except that the last payment shall amount to $2,500.
Award will
be made to the bidder naming the lowest rate of interest and agreeing to
pay par and accrued interest for the issue.
A certified check for 2% of the
amount of the bid must accompany each proposal.
Okla.—CONFIRMATION ON BOND EXCHANGE—In
5% refunding bonds approved on Aug. 2 by

connection with the $74,800

City Commissioners, as noted in these columns—V. 145, p. 1300—
W. C. Kohlenberg, City Auditor, confirms our report on this exchange.

the

T.

&

T.

Teletype—Phila. 22

1528 Walnut Street,

Philadelphia

PENNSYLVANIA

the

PERKINS,

SAPULPA,

BELL TOWNSHIP

SCHOOL DISTRICT, Westmoreland County,

pa.—BOND OFFERING—Sealed bids will be received at the office of Crowell
& Whitehead, Solicitors, Bank & Trust Bldg., Greensburg, until 10 a. m.

bonds to bear interest at either
follows: $3,000 in 1939 and 1940,
$5,000, 1943 and 1944; $6,000 from 1945 to 1948.
incl., and $7,000 in 1949.
Interest payable April 15 and Oct. 1.
A certi¬
fied check for $500 must accompany each proposal.
Sealed bids will be received by W. McWilliams, District Secretary, at the
offices of Crowell & Whitehead, Bank & Trust Bldg., Greensburg, until
10 a. m. (Eastern Standard Time) on the above-mentioned date.
Issue is
dated Oct. 15, 1937 and the bonds will mature annually as previously
on Sept. 24 for the purchase of $55,000
2M.3.3M or 4%.
Issue will mature as

$4;000, 1941 and 1942;

mentioned above on Oct. 15.

BROOKVILLE, Pa —BONDS AUTHORIZED—1The

OREGON
(P. O. Ontario,
Route 1), Ore.—BOND OFFERING—Sealed
bids were received until
9 a. m. on Sept. 3 by Clarence O. Barrett, District Clerk, for the purchase
of an issue of $11,200 coupon school bonds.
Interest rate is not to exceed
5%, payable M. & S.
D«noms. $500 and $1,000.
Dated Sept. 15, 1937.
MALHEUR COUNTY SCHOOL DISTRICT NO. 36




(P. O.

O. Forest Grove)

OKLAHOMA

drawing 6% interest.
The call now for payment of the
city a total of $11,172 in interest, Mr. Black said.

92

WASHINGTON COUNTY UNION

Long Distance 158

OKLAHOMA CITY, Okla.—BOND

NO.

3,661.00

City, Oklahoma

Cy 19

DISTRICT

received until 8 p. m. on Sept.

Due

Ok

SCHOOL

Garden Home), Ore.—PURCHASER—We are now informed that the
$2,500 registered school bonds sold on Aug. 21 as 3 Ms, at a price of 100.17,
a basis of about 3.22%, as noted in these columns—V. 145, p. 1461—were
purchased by Tripp & McClearey, Inc., of Portland.
Due $500 from
Aug. 15, 1942 to 1946, incl.

Municipal Bonds Since 1892

AT&T

SCHOOL DISTRICT NO. 15 (P. O.
OFFERING—Sealed bids will be received

until 8 p. m. on Sept. 13, by Elizabeth
chase of a $50,000 issue of school bonds.

5 (P.

R. J. EDWARDS, Inc.

Oklahoma

Omaha National Bank,

not deposited with the
direct to the Treasurer of the Port
* *
At the time the exchange is effected at either of these places, check will
be mailed covering the July 1, 1937, interest payment.
m

refunding bonds.

2)4%
2)4 %

.

WASHINGTON

$62.40

1M%

PORT

Town Council has

improvement bonds.
The additional
municipal debt load to $43,200, according to report.

voted to issue $16,000 street
increase the

debt will

SUMMIT, Pa.—BOND SALE— The issue of $14,000 4%
bonds offered Sept. 1—Y. 145, p. 1146—was awarded to E. H. Rollins &
Sons, Inc. of Philadelphia, at 100.562, a basis of about 3.97%.
Dated
Jan. 1, 1937 and due $5,000 Jan. 1, 1962
and $9,000 Jan. 1. 1967.
CLARKS

1624

Financial Chronicle

FOSTER

TOWNSHIP

SCHOOL

DISTRICT (P. O.
Freeland, Box
207), Pa.—BOND OFFERING—Joseph J. Stoffa,
Secretary, School Board
will receive bids until 7
p. m. Sept. 11 for the purchase of
$23,000 5%
coupon bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Interest payable
March 1 and Sept. 1.
Due $1,000 in 1938, and $2,000
yearly from 1939
to 1949.
Certified check for 2%, required.

Financial Statement
Total bonded indebtedness:

delinquency.

(1) Created by vote of electors

GIRARDVILLE SCHOOL
DISTRICT, Pa.—BONDS SOLD—The
issue of $110,000 school bonds for which no
bids were received on
Aug. 2—
V. 145, p. 1146—has since been
sold.
Dated July 1, 1937.
Issue was

Less amount in

Less permissible deductions:
Liens of record

were

Authority,

and

Docket

Gross
Loan*

Location and Type—

No.
State Hos¬

pital

Total

Allotment

1801

$1,072,000

$195,000

$1,267,000

1802

1,642,000

298,000

1.940,000

1803
Post Ad¬

572,000

104,000

676,000

102,000
1,847,000

19,000
336,000

121,000
2,183,000

322,000
82,000

58,000
15,000

380,000
97,000

Torrance—-Torrance State Hos¬

Shippensburg—State
College

Harrisburg—Military

Teachers

ministration Building.

1804

Norristown—State Hospital.__ 1805
Muncy—State Industrial Home
for Women

1806
1807

Harrisburg—Armory

Elizabethtown—State Hospital
for Crippled Children
1808
Selinsgrove—State Colony for
Epileptics
1809
Nanticoke—Nanticoke State
Hospital Nurses' Home
1815
Lancaster—Lancaster Armory. 1832

Including

grant of 133 1-3%

508,000

92,000

600,000

1,690,000

307,000

1,997,000

58,000
62,000

10,000
11,000

68,000
73,000

$7,957,000

Total
*

Cash
Grant

$1,445,000

$9,402,000

building

program from

the sale of bonds to the State

Employee's Retirement Fund rather than the Public Works
Administration.
Through this plan of financing, the
Authority believes it will be able

to

remain

save

3M %

•

Issue

$7,000,

to

street repair bonds offered

the

WYOMISSING, Pa.—BONDSVOTED—At theAug.24

to issue $260,000

election proposal

high school building bonds carried by a vote of 428 to 116.
Sale plans will not be
availably pending favorable action on city's applica¬
tion to Public Works Administration for
grant toward cost of the project.

SOUTH

CAROLINA

ABBEVILLE COUNTY

(P. O. Abbeville) S. C.—BOND SALE—'The
$270,000 issue of coupon highway reimbursement bonds offered for sale on
Sept. 1—V. 145, p. 1146—was awarded to a group composed of the Trust
Co. of Georgia, of Atlanta;
Kelley, Richardson & Co. of Chicago; lvinloch,
Huger & Co. of Charleston, S. C., and James Conner & Co., also of Charles¬
ton, as 3Ms. paying a premium of $4,185.00, equal to 101.55, a basis of
about 3.35%.
Dated Sept. 1, 1937.
Due $27,000 from Sept. 1, 1945 to
1954, incl.
The second highest bid was an offer of
$2,781.75 premium on 3Ms,
tendered by R. S. Dickson & Co. of
Charlotte, and the First National

Bank of St. Paul.

DARLINGTON

COUNTY

(P.

O.

Darlington),

S.

C .—BONDS

OFFERED FOR INVESTMENT—'The $110,000
coupon highway reim¬
bursement bonds that were purchased on Aug. 24 by R. S. Dickson &
Co.,
Inc., of Charlotte, as 3Ms, at a price of 100.685, a basis of about 3.18%,
as noted in these columns—V.
145, p. 1462—were offered for public sub¬
scription at prices to yield from 2.80 to 3.05%, according to maturity.
Due $11,000 from Sept. 1, 1945, to 1954, incl.

RICHLAND COUNTY SCHOOL DISTRICT NO. 4 (P. O.
Columbia,
924), S. C.—BOND SALE SCHEDULED—It is stated by C. S.
Hutchinson, Secretary of the Board of Trustees, that the $100,000 building
construction bonds approved by the voters on
July 19, will be offered for
Box

sale Oct.

15.

relief labor wages.

PENNSYLVANIA STATE AUTHORITY
(P. O. Harrisburg), Pa.—
MAY ISSUE BONDS TO
EMPLOYEES F UND—General State
Authority,
it was learned Aug.
24, has about decided to finance the borrowing
portion
of its
institutional

or

Due Sept. 15 as follows:

Pa.—BOND SALE—The $7,500 3M% coupon
Sept. 1—V. 145, p. 1301—were
Peoples Bank, Enola, at par plus a premium of $18.75,
equal to 100.25, a basis of about 3.22%.
Dated Sept. 1, 1937 and due
$500 annually on April 1 from 1939 to
1953, incl.
The Lemoyne Trust Co.
of Lemoyne bid par.
awarded

spent on

The allotments provide for the
construction of these 11 General State
Authority projects which include seven hospitals, one school
and three
military undertakings, as follows:

3M

Denom. $1,000.

FAIRVIEW,

refunding and

gross

a

grant of 133 1-3% of relief
labor wages not to exceed
$10,000,000.
In other words, for every dollar
certified relief labor by the State
Authority at the site of con
struction, it will be reimbursed by the PWA at the rate
of 133 1-3% up
to the $10,000,000 limit.
Overcrowded conditions in State-owned
hospitals and institutions will
be greatly relieved as a result
of this work.
Although planned as early
as 1933, and some
even
earlier, this work was temporarily held up by an
adverse court ruling which has been
reversed by another decision
of the
State Supreme Court.

AUTHORIZED— City Council recently passed

first reading providing for sale of
$80,000 bonds to take
now in progress under Works
Progress Administration

Sept. 15,1937.

WEST

improvement program is being made possible
by
State

on

improvements

1940 and 1941; $8,000 in 1942, and
$7,000 from 1943 to 1957, incl.
Interest
payable M. & S. 15.
Bonds will not be sold at less than
par and accrued
interest.
A certified check for
2% of the bonds bid for, payable to the
order of the District
Treasurer, must accompany each proposal.
The
approving legal opinion of Townsend, Elliott & Munson of
Philadelphia
will be furnished the successful
bidder.

announced today by Administrator
Harold L. Ickes.
Eleven projects call for
allotments totaling $9,402,000 for which there
cash grants of $1,445,000 and
gross loans (including a grant of
133 1-3%
of relief labor wages) of
$7,957,000.
The $65,000,000 State
the

of

is dated

are

$10,000,000 to

ordinance

WAYNESBORO

The second allotments for
specific Public Works Administration projects
by the Pennsylvania General State
Authority throughout

$55,000,000, which figure includes

29,512,054.00
3,570,000.00

SCHOOL
DISTRICT, Pa.—BOND OFFERING—
G. G. Vink, District
Secretary, will receive sealed bids until 7 p. m. (Eastern
Standard Time) on Sept. 13, for the
purchase of $127,000 coupon, registerable as to principal
only, funding and refunding bonds. Bidder to name one
rate of interest from the
following:
2M.2M.2M. 3,

to be constructed

pital.

in

supervision and to refinance outstanding notes.

agency:

*

property

$661,641.08
2,315,743.78

SHARON, Pa.—BONDS
an

care

Aug. 1, 1937 and will mature annually on Aug. 1.
PENNSYLVANIA GENERAL STATE
AUTHORITY, Pa .—SECOND
ALLOTMENTS MADE BY PWA—The
following is the text of a statement
(Press Release No. 3202), made public on
Aug. 13 by the above Federal

.

taxable

120,000.00

2% limit
7% limit...

The issue is dated

Waymart—Fairview

of

Amount of debt to be refunded

Pa.—BOND

of

$1,536,507.61
valuation

Occupational

OFFERING—Sealed bids addressed to Ernest
Stull, Borough Secretary, will be received until
8 p. m, on Sept. 3 for the
purchase of $35,0uu 3 M % coupon bonds.
Interest payable F. & A.
Issue
due annually as follows:
$1,000, 1938 to 1946, incl.; $2,000, 1947 to
1950,
incl.; $3,000, from 1951 to 1956, incl.
A certified check for
5% must ac¬
company each proposal.

grants

assessed

county of Somerset real estate

SALE—The issue of $20,000
coupon, registerable as to principal, bonds
offered Aug. 20—V.
145, p. 986—was
awarded to Chandler & Co. of
Philadelphia, as 3s.
Dated Sept. 1, 1937,
and due Sept. 1 as follows:
$1,000 from 1938 to 1942, incl., and $3,000
from 1942 to 1947, incl.

cash

preceding

120,000.00

$118,000.00

$21,558.20
207,089.16

Outstanding taxes
Total debt of all kinds
Last

LAURELDALE, Pa.—BOND

outright

$1,298,507.61

(2) Created by councilmanic action
(3) Floating indebtedness: Temporary loans

HAZELTON, Pa.—BOND OFFERING—It is reported that the
city will
offer for sale on Sept. 21 an issue
of $95,000 not to exceed
4% interest bonds.
Of the proceeds, $45,000 will be
used for repairs to the
city hall, $15,000
for Works Progress Administration
work, $18,000 for new fire department
apparatus and the balance for new sewers and
sidewalks.

loans,

$1,700,000.00
401,492.39

sinking fund

Net electoral bonded debt

offered to mature in not less than
5 years or more than 30
years from date
of issue.

the State

1937

payable A. & O. 1.
Both principal and interest of said bonds are
payable in lawful money of the United States and shall be free from
any
taxes except gift, succession, or inheritance
taxes, and shall be registered
upon the bond registry book of the
County of Somerset, to be kept at the
office of the County Treasurer of Somerset
County, Somerset, Pa., and no
transfer shall be valid unless the same shall be
registered.

FREELAND, Pa —PROPOSED BOND ISSUE—The borough is
making
preparations to issue $40,000 bonds against tax

MOOSIC,

Sept. 4,

terest

clear of
monetary obligations to the Federal Government and
the general fund sums it has
had to pay into the Retirement till each

year to make up

4% interest the latter agency is obligated to earn.
Authority would have to pay at least 4% interest to the PWA if it
bonded itself with that
agency, and, it was pointed out, the Retirement
Fund yearly is forced to
accept bonds upon which it can receive no more
than 2M%.
Therefore, by selling its entire bond issue to the Retirement
F und the
Authority would pay the same rate of interest and still save the

SOUTH

DAKOTA

CODINGTON COUNTY (P. O. Watertown) S. Dak.—BOND SALE—
The $250,000 school fund debt
refunding bonds offered for sale on Aug. 31—
V. 145, p. 1146—was awarded to the Northwestern National Bank &
Trust Co. of Minneapolis, and associates, as

3Ms, paying a premium of
$675.00, equal to 100.27, according to the Chairman of the Board of County
Commissioners.

The

general fund
Under

the

a

considerable amount of
money.

plan,

however,

the Authority

grant from the Federal Government and
as

would

accept

half the

use

stipulated by PWA.

sum

a

$20,000,000
labor,

for relief

State fiscal officers have checked
the plan
thoroughly in the past several
weeks and are convinced it is
the most workable
proposal yet suggested,
it was learned.
They have consulted Washington authorities and learned
the Authority will be able to
accept the grants without

bonding itself there.

PHILADELPHIA, Pa .—SEEKS TO EXEMPT
BORROWING LIMIT—The

WATER DEBT FROM

city on Aug. 30 began formal action to exclude
from calculation of its
borrowing capacity money spent and to be spent
for construction and
improvements to the city water system.
A petition
to have $33,975,900 ruled
out of computation of the
total indebtedness was
filed in Common Pleas Court No.
4 by Assistant
City Solicitor G. Coe
Farrier.
The action was authorized
by City Council in a resolution passed
Aug. 26.
Of the sum named, all but
$2,500,000 already has been used for
work on water and sewage
disposal systems.

PITTSBURGH, Pa.—BOND ELECTION—At

the November election
issue of $5,000,000 general improve¬
A bond issue of the same
amount was defeated at the general

the voters will b© asked to
approve

an

ment bonds.
election last year.

PITTSBURGH CITY SCHOOL
DISTRICT, Pa.—BOND OFFERING

—H.

W. Cramblet,
Secretary of the Board of Public Education, will re¬
ceive sealed bids until 2
p. m. (Eastern Standard
Time) on Sept. 21 for
the purchase of $1,500,000 not to
exceed

3% interest coupon, registerable
principal only, school building bonds.
Dated Oct. 1, 1937.
Denom.
$1,000.
Due $60,000 annually on Oct.
1, from 1938 to 1962 incl.
Rate
to be expressed in a multiple of
M of 1 % and all of the bonds will be issued
with the same coupon.
Interest payable A. & O.
District will refund or
pay any tax which may be legally levied or
assessed upon the bonds, under
any present or future law of the Commonwealth
of Pennsylvania.
Proposals
as to

must be unconditional and for the
entire issue.
of the issue, payable to the order of the
District

A certified check for 2%
must accompany

Treasurer,

each

proposal.
Legal opinion of Burg win,
Schully
burgh will be furnished the successful bidder.

for the issue

on

or

before Oct. 20,

& Churchill of Pitts¬
Successful bidder to pay

1937.

(This report of the offering supersedes that
given previously in these
columns.)

ROSCOE,

Pa.—BOND

ELECTION—At

election the voters will be asked to
approve

SOMERSET COUNTY

the

an

September

14

primary
issue of $20,000 bonds.

(P. O. Somerset), Pa.—BOND OFFERING—
Sealed bids will be received by the Board of
Commissioners until 2 p. m. on
Sept. 20 for the purchase of $120,000 2% refunding
(councilmanic) bonds.
Dated Oct. 1, 1937.
Denom. $15,000.
Due $15,000 on Oct. 1 from 1938
to 1945, incl.
Callable in whole or in part at
any anniversary date.
In¬




LAKE COUNTY (P. O.
Madison), S. Dak.—BOND SALE—The $130,of coupon debt funding bonds offered for sale on
Aug. 30—V.
145, p. 1301—was awarded to the Northwest Security National Bank &
Trust Co. of Sioux Falls, as 3s, paying a premium of $50,
equal to 100.038,
a basis of about
2.99%.
Dated Sept. 1, 1937.
Due $13,000 from Sept. 1,
1939 to 1948; optional as follows: 1946 to 1948 maturities after three
years,
and maturities from 1943 to 1945, after five years.
mm
The second highest bid was a premium offer of $900 on
3Ms, tendered by
the Thrall West Co. of Minneapolis.
000 issue

MARSHALL COUNTY (P. O. Britton), S. Dak.—BOND SALE—
The $275,000 issue of coupon funding bonds offered for sale on
Aug. 27—
V. 145, p. 1147—was awarded to John Nuveen & Co. of

Chicago, as 3Ms,
a premium of $577.50, equal to 100.21, a basis of about
3.70%,
according to Lulie McDougall, County Auditor.
Dated Sept. 1, 1937.
Due from Sept. 1, 1938 to 1957; callable on and after
Sept 1, 1942.
The Allison-Williams Co. of Minneapolis, bid on 4s, while the
George
C. Jones Agency, Inc., of
Minneapolis, submitted a tender on 4Ms.

paying

RAPID

CITY, S. Dak.—LEGALITY OF BONDS TO

BE TESTED—A

"friendly" suit to test the validity of the Rapid City
bond issue of $30,000 was started
recently with the

municipal airport
serving of a summons
members of the city commission, the mayor, auditor,

and complaint on
treasurer, and city manager.
Appearing as plaintiff in the suit was Frank V. Rehurek, a taxpayer
represented by the law firm of Turner Rudesill and George A.
Bangs, while
representing the city officals will be Boyd Leedom, City Attorney; George
Philip and Richard Denu.
The suit, which will be carried upward to the
supreme court from

Pennington County Circuit court, was determined upon following refusal
bond purchasers, Piper and Jaffray of
Minneapolis, to accept the
issue when their
attorneys ruled South Dakota statutes had no
of the

provision

permitting issuance of municipal bonds for improvement and equipment of
an
airport site.
State statues, however, specifically permit issuance of

bonds for purchase of a site.
The bond attorneys suggested that a favorable
supreme court ruling on
the validity of the bond issue would make them
salable.
Another firm of
bond attorneys offered similar advice to
city officials.

TURNER COUNTY (P. O. Parker) S.
Dak,.—BOND SALE—The
$50,000 coupon refunding bonds offered for sale on AUg. 31—V.
145, p.
1301—was awarded to tRe Northwest Security National Bank of
Siou;x
Falls, as 3Ms, paying a premium of $575.00, equal to 101.15, a basis of

about 3.02%. Dated
Sept. 1,1937.
and after Jan. 1, 1943.
The second highest bid was a

on

by the First National

Due from Jan. 1, 1939 to 1949; optional

premium offer of $525

on

3MS. tendered

Bank & Trust Co. of Sioux Falls.

VIBORG, S. Dak.—BOND

SALE—The $8,000 issue of 4% semi-annual
Aug. 30—V. 145, p. 1462—■
purchased by the Security National Bank of Viborg,
according to the
City Auditor.
Dated July 1,1937.
Due $1,000 from Jan. 1,1938 to 1945,
water works extension bodns offered for sale
on
was

incl.

No

other bid

was

received.

Volume

it is reported by the County Treasurer that
W. K. Ewing Co. of San Antonio.

TENNESSEE
$25,000 coupon or
2—V. 145, p.
Nashville, as
4J^s, at par plus expenses, and a premium of $50.00, equal to 100.20, a
basis of about 4.426%.
Dated Sept. 1, 1937.
Due on Sept 1, 1957;
callable on Sept. 1, 1947.
The second highest bid was by the Union Plant¬
ers National Bank & Trust Co. of Memphis, at par plus expenses, and a
BROWNSVILLE,

Tenn .—BOND

SALE—The

registered street improvement bonds offered for sale on Sept.
1403—were awarded to the Cumberland Securities Corp. of

premium of $25.00.

Trenton), Tenn .—BOND OFFERING—
Sale Committee, announces that
$320,000 4% refunding bonds were offered for sale at 1 p. m. on Sept.. 3.
A contract to exchange the bonds for outstanding county obligations and
to purchase all bonds not exchanged will be considered.
GIBSON

W.

R.

COUNTY

Kinton,

(P. O.

Chairman of the Bond

Tenn.—BOND OFFERING—
17, by S. O. Houston,
of school building bonds.
Denom. $1,000.
Dated
Oct. 1,1937.
Due on Oct. las follows: $25,000,1940,1942,1947 and 1952,
and $150,000 in 1957.
The bonds will not be sold for less than par. Bidders
to state a single rate of interest for all of the bonds.
No bids will be ac¬
cepted for separate maturities.
Puichaser shall pay the expense of the
preparation of the bonds and of the attorneys passing on the validity and
any other expense incident to the issuance thereof.
A certified check for
$2,500, payable to the County Trustee, must accompany the bid.
KNOX

COUNTY

O.

(P.

Knoxville),

Sealed bids will be received until 10 a. m. on Sept.

County Judge, for the purchase of a $250,000 issue
Interest rate is not to exceed 4%, payable A. & O.

PARIS, Tenn.—BONDS SOLD—We are informed that the City Council
recently sold a $50,000 issue of refunding bonds to W. N. Estes& Co. of
Nashville, as 4^s, at par and accrued interest, to take up an outstanding
6% issue in the same amount. Denom. $1,000. Dated Sept. 1, 1937. Due
$25,000 on Sept. 1 in 1947 and 1952. Prin. and int. (F. & S.) payable at the
Central Hanover Bank & Trust Co. in New York City.
SCHOOL DISTRICT (P. O. Rossville), Tenn.—BONDS APPROVED—It is said that $35,000 construction
bonds have been approved in connection with a Public Works Administra¬
ROSSVILLE

CONSOLIDATED

ABILENE, Texas—BOND OFFERING—Mayor W. W. Hair will receive
the purchase of $200,000 4% water
Denom. $1,000.
Due serially on
May 1 from 1939 to 1965, incl.
The entire offering will be divided into
two blocks of $100,000 each, with each series maturing in approximately
the same amounts from 1939 to 1965.
Tenders must be made on each of
the two series and on the entire $200,000 bonds as a unit.
sealed bids until 3 p. m. on Sept. 3 for
bonds.
Dated May 1, 1937.

KILDARE

DISTRICT (P. O. Andrews),
Secretary that $40,000
purchased recently by the State Board

ANDREWS INDEPENDENT SCHOOL

Texas—BONDS SOLD—It is stated by the District

CORPUS

CHRISTI,

Texas—INTERIM REPORT ISSUED ON RE¬
bondholders' committee for the city's

DEVELOPMENTS—The

water plant revenue bonds and water plant revenue 6% refunding
bonds, of which Fred W. Hubbell, Vice-President of Equitable Life In¬
surance Co. of Iowa, is Chairman, has issued the following interim report
to holders of certificates of deposit concerning recent developments in this

6%

situation:

depositors, the committee advised that it
City of Corpus Christi upon the coupons
At that time no answer had been filed by
the city.
An answer has now been filed in which the city attacks the juris¬
diction of the U.S. District Court to consider the case, excepts to various
allegations in the complaint, alleges that the complaint does not set forth
a
good cause of action against the city and, likewise, denies all of the
allegations of the complaint.
A hearing upon the plea to the jurisdiction
of the Court, the exceptions and demurrer will probably take place early in
October, and, if a decision of the U.S. District Court is rendered in favor
of the committee, the case will be tried upon its merits as soon as practicable
In the last communication to

had

brought suit

against the

which became due Feb. 1,1937.

SCHOOL

DISTRICT

of Corpus Christi accepted a bid from
Co., inc., for the purchase of from
$400,000 to $700,000 of gas revenue bonds of the City of Corpus Christi,
payable solely out of revenues of the city's gas system. Out of the proceeds
of these bonds, the city proposes to construct a water main from Calallen,
Texas, at which the filtration plant is located, to the city reservoir in
Corpus Christi, and to make extensions to its gas system. The water main
which the city contemplates constructing out of the proceeds of the gas
revenue bonds is the same main which
was proposed to be constructed
under the refunding plan agreed upon between the city and this committee
but which was defeated at the election held in Corpus Christi.
The gas
revenue bonds, likewise, must
be submitted to the voters and the com¬
mittee is informed that attorneys for the city are preparing an ordinance to
submit the proposition at a special election to be called in the near future.
No water revenues are pledged for the payment of the proposed bond
issue.
Nevertheless, under the terms of the mortgages securing the out¬
standing water revenue bonds, the water main, although constructed out
of the proceeds of the gas revenue bonds, will become subject to such
mortgages, and counsel for the committee advise us that the result will be a
material addition to the properties pledged for the security of the out¬

MISSION, Texas—BONDS TO BE EXCHANGED—We are informed
by the City Secretary that $477,500 refunding bonds will be exchanged for
bonds presently outstanding.
The new bonds will not be offered for sale,
but will be exchanged only for bonds and warrants.
ROBSTOWN INDEPENDENT SCHOOL DISTRICT (P. O. RobsTexas—BONDS SOLD—It is said that a block of $25,000 of the
$110,000 school bonds approved by the voters last March, as noted in
these columns, has been purchased by the State Board of Education.

town)

SAN

ANTONIO, Texas—BOND CALL—C. K. Quin, Mayor, announces

calling for payment as of Oct. 5, at the City Treasurer's
office, through the National Bank of Commerce, San Antonio, at par and
accrued interest on said date, the following 5% semi-annual bonds:

that the city is

$31,000 Street Improvement District No. 3 bonds, numbered 1 to 14,
17 to 30 and 36 to 38, all incl., being all the bonds outstanding of
an original issue of 38 bonds, dated Feb. 1, 1905.
16,000 Sewer Improvement District No. 7 bonds, numbered
12, 18, 19, 27, 28 and 30 to 37, incl., being a part of
outstanding of an original issue of 45 bonds, dated Aug.

15,000

88,000

1, 10, 11,
the bonds
1, 1908.
Street Improvement District No. 8 bonds, numbered 15, 16, 36 to
45 and 51 to 53, all incl., being a part of the bonds outstanding
of an original issue of 75 bonds, dated April 1,1905.
Street Improvement District No. 9 bonds, numbered 3 to 17,
27, 30, 31, 32, 34 to 37, and 50, 51 and 52, being all the bonds out¬
standing of an original issue of 55 bonds, dated April 1, 1905.
Street Improvement District No. 11 bonds, numbered 1, 5 to 9,
11 to 20, 31, 32 and 33, 37 to 43, 47 to 51, 55 to 64, 69 to 76, 78,
79, 81 to 92, 94 to 114, 116, 117, 118 and 120, being aU the bonds
outstanding of an original issue of 120 bonds, dated Jan. 5, 1906.

Bonds shall cease to bear interest

son

& Pancoast, of San

Antonio.

COUNTY (P.
O.
Wharton) Texas—HOHN ROAD
DISTRICT BONDS SOLD—It is stated by Gus Seydler, County Judge,
that $25,000 road bonds were purchased jointly by the Gregory-Eddlemann
Co. and Dillingham & McClung, both of Houston, as 4^s, paying a pre¬
mium of $2.12, equal to 100.008, a basis of about 4.748%.
Due as follows:
$1,000, 1938 to 1952, and $2,000, 1953 to 1957.

J. H.
the
18, as
previously reported in these columns—V. 145, p. 1463.
Due in 20 years.
WILLACY COUNTY ROAD DISTRICT NO. 2 (P. O. RaymondWICHITA FALLS,

Texas—BOND ELECTION—It is stated by

Crouch, City Clerk, that an election will be held on Sept. 25 to vote
of $350,000 in water plant revenue bonds, not on Sept.

ville), Texas—BOND REFUNDING PLAN ADOPTED—Commissioners*
Court of Willacy County has adopted a refunding program for the bonds of
which will be undertaken by the J. R. Phillips Invest¬
ment Co. of San Antonio.
A total of $453,000, bearing interest at 5}4%
and maturing serially to 1958, is outstanding for the district.
It is hoped
in the refunding program to cut the interest to 5% and to extend the repay¬
the above district,

ment time.

UTAH
OGDEN, Utah—BONDS NOT SOLD—The $200,000 sanitary sewer
refunding bonds offered on Aug. 31—V. 145, p. 1463—were not sold as all
the bids were rejected due to the fact that the intention to refinance was not
properly advertised.
BONDS REOFFERED—It is stated that sealed bids will be received until
Sept. 13 for the purchase of the above bonds.
WEBER COUNTY (P.
It is now

the Reinbert National

Bank of Longview.

Kountze),
2 p. m. on

Sept. 13, by A. L. Bevil, County Judge, for the purchase of a $225,000 issue
Bids will be considered on bonds bearing 3 H %, 3 % %, or

of road bonds.

4%, or on a combination of any two of these rates.
It is the intention of
the Commissioners' Court to sell these bonds at the lowest interest cost
that will bring a price of approximately, but not less than, par and accrued
interest.
If a rate lower than the above rates will warrant a bid of as much

and accrued interest, bidders are required to name the rate or com¬
their bid which is closest to par and accrued in¬
Any rate or rates named must be in multiples of y± of 1 %.
Denom.
$1,000.
Dated May 15, 1937.
Due $9,000 annually from March 1, 1938
to 1962 incl., with no option of prior redemtpion.
Prin. and int. (M. & S.)

as

par

bination of two rate with
terest

.

payable at the County Treasurer's office, or at the Central Hanover Bank
& Trust Co., New York.
These bonds were approved by the voters on
April 24, 1937.
The district will furnish the printed bonds, a copy of the
proceedings, the approving opinion of Chapman & Cutler of Chicago, and
will deliver the bonds to the bank designated by the purchaser, without cost
to him.
It is anticipated that delivery can be effected within 30 days
from the date of sale, as the preliminary approval of the Attorney General
and of Chapman & Cutler are said to be already in hand.
It is stated that
no litigation is pending or threatened and the district has never defaulted
in payment of its obligations.
A certified check for $4,500, payable to the
above County Judge, must accompany the bid.
(This report supersedes the offering notice given in these columns recently.
—V. 145, p. 1463).

IRAAN

SCHOOL DISTRICT

(P. O.

Iraan), Texas—BOND SALE

DETAILS—We learn that the State School Board has purchased the issue
of $25,000 school building bonds mentioned recently in these columns.
Issue was sold as 3)^s at par plus a premium of $250, equal to 101.

NO. 4 (P. O. Karnes City)
the sale on June 30 of the
$30,000 4semi-ann. road, series E bonds, at a price of 100.33, a basis
of about 4.47%. as noted in these columns at the time—Y. 145, p. 163—
KARNES COUNTY ROAD DISTRICT
Texas—PURCHASER—In connection with




O. Ogden), Utah—BOND SALE DETAILS—

reported by the County Clerk that

the $75,000 2% tax anticipation

noted in these columns in July—V. 145, p. 649—are
dated Aug. 1,1937, mature on Dec. 1,1937, and were disposed of as follows:
$25,000 to the Commercial Security Bank, and $50,000 to the First Se¬
curity Bank, both of Ogden.

bonds sold recently, as

$132,000.00
DICKENSON COUNTY, Va. Road Sy2s
Jan.

1941-68

@ 2.50%-3.90% basis

F. W. CRAIGIE &

COMPANY

Richmond, Va.

Longview), Texas—BOND SALE DETAILS
—The $75,000 road bonds that were purchased by the Peoples National
Bank of Tyler, as noted here recently—V. 145, p. 1463—were sold as 2s
at par.
Due in three instalments of $25,000 each.
They are issued to
take up 5H% bonds callable on Sept. 14, 1937.
It is said that a bid of 98.00 for 1% bonds was received and rejected.

COUNTY ROAD DISTRICT NO. 1 (P. O.
Texas—BOND OFFERING—Sealed bids will be received until

on

issuance

GREGG COUNTY (P. O.

HARDIN

1937.

WHARTON

Soars.

district has been sold to

from and after Oct. 5,

"SAN ANTONIO, Texas—BONDS SOLD—It is stated by the City Clerk
that $79,000 refunding bonds were purchased on Aug. 27 by Dewar, Robert¬

New York, is Secretary of the com¬
of which are Fred P. Hay ward and Francis P.

GREGG COUNTY (P. O. Longview), Texas— WHITE OAK SCHOOL
DISTRICT BONDS SOLD—An issue of $90,000 bonds of the above school

have been
optional in

five years.

standing water revenue bonds.
W. D. Bradford, 115 Broadway,

mittee, the other members

Kildare), Texas—BONDS
that $35,000 4% semi¬

O.

building bonds authorized at an election held in April
purchased by the State Board of Education.
Due in 20 years,

annual

thereafter.
On July 22, 1937 the City Council
Fenner & Beane and W. K. Ewing

(P.

columns at that time—
1938 to 1972.

SOLD—C. R. Snelgrove, District Secretary, reports

revenue

4% semi-ann. building bonds were
of Education.
Due in 30 years.

the

KERRVILLE INDEPENDENT SCHOOL DISTRICT (P. O. Kerrville) Texas—BONDS SOLD—It is said that $100,000 building bonds ap¬
proved by the voters on May 25, as noted in these
V. 144, p. 2879—have been sold. Due serially from

26,000

TEXAS

the bonds were purchased by

KENEDY, Texas—BOND SALE DETAILS—In connection with the
sale of the $20,000 city hall bonds to the W. K. Ewing Co. of San Antonio,
reported here early in July—V. 145, p. 163—it is stated by the City Secre¬
tary that the bonds were sold as 4s at par, and mature as follows: $1,000,
1947 to 1952; $2,000, 1953 to 1956, and $3,000 in 1957 and 1958.

tion grant.

CENT

1625

Financial Chronicle

145

A. T. T. Tel. Rich. Va. 83

Phone 3-9137

VIRGINIA
APPOMATOX, Va.—BONDS VOTED—A $23,000 issue of sewer
approved by the voters at a recent election, according to report.

bonds

was

VIRGINIA, State of—COUNTY

TREASURERS SEEK CLARIFICA¬

LAWS—An Associated Press dispatch from Roanoke to
"Dispatch" of Aug. 28 reported as follows:
The County Treasurer's Association of Virginia at its annual meeting
here yesterday reelected all officers and appointed a committee to confer
with representatives of the County Clerks' Association, looking toward the
clarifying of laws regarding the collection of delinquent taxes.
Officers reelected at the afternoon session are- Richard Leigh Burke of
Appomatox, President; J. F. Wysor of Pulaski, First Vice-President;
B. J. Jenson, Williamsburg, Second Vice-President, and Joseph K. Irving
of Amelia, Secretary-Treasurer.
Members of the executive committee, also reelected: J. N. Montgomery
Jr., Franklin County; O. B. Watson, Orange; W. O. Rogers, Sussex; A. M.
Bowman Jr., Roanoke; C. T. Jesse, Arlington, and R. P. Bagwell, Halifax.
District Chairmen appointed:
Frank H. Roberts, Elizabeth City; S. S.
Kellam, Princess Anne; B. J. Jenson, James City; H. W. Goode, Powhattan;
R. P. Bagwell, Halifax; A. M. Bowman Jr., Roanoke; William A. Adair,
Rockbridge; G. W. Mitchell, Culpeper; and J. F. Wysor, Pulaski.
The tax committee which will confer with the county clerks is composed
of Mr. Wysor, Mrs. Terry and Mr. Adair.
C. H. Morrissett, State Tax Commissioner, recommended that county
and city treasurers seek the revision of existing statutes regarding delinquent
real estate taxes and termed them "unnecessarily complicated."
TION OF TAX

the Richmond

WASHINGTON
BRIDGEPORT SCHOOL DISTRICT (P. O. Waterville), Wash.—
BOND SALE DETAILS—It is now reported by the County Treasurer that
the $12,500 school bonds purchased by the State as 4s, as noted in these
columns in June, were sold at par, and mature from July 1, 1939 to 1962,
optional on July 1, 1942.

COUNTY SCHOOL DISTRICT NO: 58 (P. O. Port
Wash.—BOND SALE—The $7,000 issue of coupon school bonds
1147—was purchased by the State of
the County Treasurer. Due in from
eight years from date of issuance. No other bid was received.

CLALLAM

Angeles)

offered for sale on Aug. 28—V. 145, p.
Washington, as 3s at par, according to
two to

1626

Financial

Chronicle
$11,000 general

3,000 water works
Dated April

5)riunWW, Ehrlkhman & lPhito

date.

urer's office.

OZAUKEE COUNTY (P. O. Port

Teletype SP 296j

the City Treasurer
Paine, Rice & Co. of
Seattle, as 4s, at a price of 100.23, as noted in these columns recently—V.
145, p. 1464—are due $4,000 from July 1, 1938 to 1945, giving a basis of
about 3.94%.

PIERCE

COUNTY

SCHOOL

DISTRICT

Wash.—BOND OFFERING—Paul Newman,

NO.

7

County

(P. O. Tacoma),
Treasurer, will re¬

ceive bids until 10:30 a. m. Sept. 25 for the
purchase of an issue of $47,000
bonds of School District No. 7.
Denom. $100 and multiples thereof, not
to exceed $1,000.
Interest rate is not to exceed 6

%.
Principal and inter¬
payable at the County Treasurer's office, or at the office of the fiscal
agency of the State in New York, or at the State Treasurer's office.
Certi¬
fied check for 5% of amount of bid
required.
est

PORT OF OLYMPIA (P. O.
Olympia), Wash.—MATURITY— It is
now reported by the General
Manager that the $40,000 port bonds pur¬
chased by Grande, Stolle & Co. of
Seattle, as 2Ms, at a price of 100.47, as
noted here recently—Y. 145,
p. 1464—are due on Sept. 1 as follows: $4,000,
1939 to 1943, and $5,000, 1944 to 1947,
giving a basis of about 2.67%.

SEATTLE, Wash.—CITY

„

TO

DEFAULT

ON STREET RAILWAY

UTILITY BONDS—H. L. Collier, City
Treasurer, announced Aug. 30,
that the city will be unable to
pay $295,325 principal and interest due on
Sept. 1.
It is stated that the default will be on street
railway utility bonds

only and will

not

affect interest

principal

or

on

$1,000, 1940 to 1942; $7,000, 1943 to
1952, and $8,000, 1953 to 1957.
Redeemable at the option of tne city on
Sept. 1; 1940, or any Sept. 1 thereafter at a premium of 1% and accrued

Basis of about 3.36%, to
maturity.
It is stated that this sale is predicated
upon the obtaining by the pur¬
of an approving legal opinion from their
bond attorneys.
The
agreement also provides that upon the final maturity on July 1, 1942, of the
first mortgage bonds, which are still
outstanding in the amount of $52,500,
the second mortgage bonds shall become a first lien on
tne property of the
water department and this is to be
expressly stated on the bonds.
interest.

chaser

WEBSTER, Wis.—BONDS SOLD—A $12,000 issue of 4% semi-annual
community hall bonds approved by the voters last April, has been purchased
by the State Trust Fund, according to the Village Clerk.
Due $800 from
1938 to 1952.

WYOMING
WORLAND, Wyo.—BOND SALE—We
$60,000 water works extension bonds offered
awarded

and power system and the water bonds

distribution system,
the bankers stated.

and all

on

interest payments

are

of school

bonds.
Interest rate is not to exceed 6%, payable semi¬
Said bonds shall be
payable, beginning the second
year after
issuance, with option to redeem any or all on or after 10 years
issuance, and snail run over a period of 20 years, to be in such
may be met by equal annual tax levies to cover bonds and

from date of
interest.

as

KING

ST.

WEST, TORONTO

ELGIN

€438

CANADA

being met promptly,

STEVENS COUNTY SCHOOL DISTRICT NO. 22
(P. O. Colville),
Wash.—BOND OFFERING— Sealed bids will be received until 2
p. m. on
Sept. 16, by G. E. Gilson, County
Treasurer, for the purchase of a $25,000

amounts

BRAWLEY, CATHERS & CO.
25

the revenues of Seattle's light
the revenues of the city's water

& Co.

the date of

the

on

STEVENS COUNTY SCHOOL DISTRICT NO. 15
(P. O. Colville)
Wash.—BOND SALE—The $25,000 issue of school bonds offered for sale
on Aug. 30—V.
145, p. 1302—was awarded to the Colville Valley National
Bsnk, of Colville, as 3Ms, paying a premium of $12.50, equal to 100.05, a
basis of about
3.74%.
Due serially in from two to 20 years.
The next
highest bid was an offer of $37.00 premium on
4s, tendered by Paine, Rice

annually.

that

Information and Markets

RAILWAY UTILITY DEFAULT NOT TO AFFECT OTHER BONDS—
As pointed out in the
original report on the bond default, given above, it was
reported on Aug. 30 by the Bancamerica-Blair
Corp., who have acted as
bankers for several issues of
municipal light and power revenue bonds, that
these bonds and the water revenue bonds
are not affected in any way by the
Sept. 1 default.
lien

informed

Canadian Municipals

employees'

a

now

George W.

general obligation bonds

wages in cash.

issue

jointly to

V. 145, p. 1464.)

Mr. Collier said that the revenue bonds could
not be serviced because of
impounding of street railway cash receipts for the payment of

power bonds have

are

on Aug. 16—V. 145, p. 810—
Vallery & Co. of Denver, and the
American National Bank of Cneyenne, as
3Ms, at a price of 100.101, a
basis of about 3.485%.
Due in 20 years, optional in 10 years. The success¬
ful bid included the blank bonds and the attorney's
approving opinion.
(This report supersedes the sale notice given in our columns recently.—

were

promptly.

light and

CANADA (Dominion of)—SELLS TREASURY BILLS AT NEW LOW
YIELD—The Bank of Canada announced Aug. 81 acceptance of tenders for
$25,000,000 Treasury bills at an average price of 99.84374, which resulted
in

low

a new

yield of 0.628%.

The bills

are

dated Sept. 1, 1937 and mature

Dec. 1, 1937.

CANADA (Dominion of)—1937 YEAR BOOK ISSUED—The Canada
Year Book for 1937 has just been issued. It is the official statistical annual
of the country and contains a thoroughly up to date account of the natural
of the Dominion and their development, the history of the
country,
its institutions, its demography, the different branches of
production, trade,
transportation, finance, education, &c.—in brief, a comprehensive study
within the limits of a single volume of the social and economic condition
of the Dominion.
This new edition has been thoroughly revised
throughout
and includes in all its chapters the latest information available
up to the

resources

date of going to press.

Persons requiring the

Year Book may obtain it from the King's Printer,
the supply lasts, at a price which covers merely the cost
and binding.
Financing During August—With no Dominion Government or Provincial
financing during the month of August, the total of new Canadian bond
financing for the month amounted to $50,224,000 and consisted almost
entirely of two issues of Treasury bills for $25,000,000 each, one of which
was sold yesterday
(Tuesday), according to figures compiled by Wood,
Gundy & Co., Ltd.
Of the total of $450,000,000 of Treasury bills sold
in the Canadian market during August, $40,000,000 was for
refunding
purposes and $10,000,000 Avas for new money.
The total for the month
compares with $20,514,000
and $112,296,700, respectively, in the same
Ottawa,

as

long

as

of paper, printing

TOPPENISH, Wash .—BOND
have set

Sept. 8

as

the date of

an

ELECTION—The City

COUNTY

(P.

Commissioners

election at which the voters will be asked

to approve a proposal for
the issuance of

O.

$30,000 water improvement bon

Colfax),

Wash.—COLTON SCHOOL
a. m. on Sept. 16,
for the purchase of a $41,000 issue of
school bonds.
Interest rate is not to exceed
6%, payable semi-annually,
or annually, as bidder
prefers.
These bonds are to run a maximum period
of 20 years, their various
maturities beginning the second year after the
date of issue; provided that the said school
district (Colton School District
No. 235), reserves the
right to pay or redeem said bonds or any of them,
at any time after five
years from the date thereof; the bonds, both principal
and interest to be
payable at the office of the County Treasurer.
A certified
check for 5% of the amount bid is
required.
BOND OFFERING—Sealed bids will be received
until 10

^

Manring, County Treasurer,

YAKIMA COUNTY SCHOOL DISTRICT NO. 120
(P. O. Mabton)/
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m.
Sept. 18, by C. D. Stephens, County Treasurer, for the
purchase of a
$15,000 issue of coupon high school
building bonds.
Interest rate is not
to exceed
6%, payable M. & N.
Denom. $100, or any multiple thereof
not to exceed $500.
Dated Nov. 1, 1937.
Due over a period of 22 years.
Principal and interest payable at the County Treasurer's office.
A certified
check for 5% must
accompany the bid.

WEST VIRGINIA
TERRA ALT A, W. Va .—BONDS OFFERED
TO PUBLIC—Magnus &
Co. of Cincinnati are
making public offering of $46,000 4M% water works
revenue bonds at prices to
yield from 3.75% on the earliest maturities up to
4.00% on the latest maturities.
Denom. $1,000.
Dated

July

1,

1937.

Pu^2 Jul? Las folIows: $1,000,

1951; $2,000, 1952 to 1954; $3,000, 1955
1963, and $4,000, 1964 to 1966.
Prin. and int. (J. & J.)
payable at the
Kanawha Valley Bank & Trust
Co., Charleston, W. Va.
Legal opinion
of Chapman & Cutler of
Chicago.
It is stated by Magnus & Co. that be¬
fore the bonds could be delivered
to them $26,000 of the issue were sub¬
scribed for and purchased
by local parties in Terra Alta.
It is said that these bonds are under the
jurisdiction of the State Sinking
Fund Commission at
Charleston, to whom funds must be remitted for the
payment of all principal and interest.
to

WISCONSIN
BARRON JOINT SCHOOL DISTRICT NO.
1 (P. O. Barron)
BONDS SOLD—It is stated by C. C.

Wis.—
Morrison, District Clerk, that the
$50,000 high school addition bonds offered for sale without success on
April 23, as noted in these columns at the time, have been
purchased by
Harold E. Wood & Co. of St. Paul.

DANE

COUNTY (P. O. Madison), Wis.—NOTE OFFERING—It is
by Austin N. Johnson, County Clerk, that he will sell at
public
on Sept. 10, at 10 a. m.
(Central Standard Time) a $250,000 issue
of 1M % corporate
purpose notes.
Denominations as designated by the
purchaser.
Dated Sept. 16,1937.
Due on Aug. 1,1938.
Interest payable
at maturity.
Principal and interest payable at the Fist National Bank,
Madison.
Notes and legal opinion to be furnished
by the purchaser.
A
certified check for $1,000 must accompany the bid.
,
stated

auction

DRESSER JUNCTION,

Wia.—BOND SALE—The State Land Office
on Aug. 17 at 3M % net cost the following

Commission, Madison, purchased
described 4% bonds:




a

second mortgage revenue bonds purchased
by the Milwaukee Co. of Mil¬
waukee, as noted in these columns recently—V. 145,
p. 1464—were sold at a
discount of $4,237.50, a price of 96.25. The bonds are
dated Sept. 1, 1937,
and mature on Sept. 1 as follows:

issued for street railway
purposes and on which payments have been met

The

offered

POINT, Wis .—BOND SALE DETAILS—It is now stated
by Michael B. Liss, City Clerk, that the $113,000
3% semi-ann. water,

sale scheduled for Aug. 30 of the

date of issue.

bidder,

STEVENS

WITH¬

County Auditor, that the
$2,375,000 not to exceed 6% semi-annual
coupon emergency funding, 1937 bonds, as noted in these columns
recently
—V. 145, p. 1148—was withdrawn temporarily, due to
present market con¬
ditions.
Dated Oct. 1, 1937.
Due serially in from 2 to 10 years after

high

premium of $1,600.a

is stated by

bonds purchased by

KING COUNTY (P. O. Seattle), Wash.—BOND OFFERING
DRAWN—We are informed by Earl Millikin,

Washington), Wis.—BOND SALE

—The $30,000 highway impt. bonds offered
Sept. 3—V. 145, p. 1464—were
awarded to the Harris Trust &
Savings Bank of Chicago, at par plus a
premium of $1,617, equal to 105.39.
Dated June 1, 1937, and due June 1,
1947.
The Securities Co. of
Milwaukee, second

WASHINGTON
revenue

revenue

Principal and semi-annual interest (A. &
O.) payable at the Village Treas¬

SAN FRANCISCO

DAYTON, Wash.—MATURITY—It

that the $32,000 water

7

works

bonds, secured by statutory mortgage lien.
1, 1937.
Denom. $100.
Due April 1 as follows:
$100 from 1940 to 1965, incl., and $200 in 1966 and 1967.
Call¬
able by lot after three years with
premium of M of 1 % of principal
amount of bonds for each
year or fraction thereof from redemption

Washington—Oregon—Idaho—Montana

SEATTLE

water

bonds.
Dated April 1,
1937.
Denom. $500.
Due April 1 as follows: $550 from 1938 to 1955,
inch, and $1,000 in 1956 and 1957.

NORTHWESTERN MUNICIPALS

Teletypes SEAT 187, SEAT 188

Sept. 4,
obligation

month in 1936 and 1935.

Canadian financing for the first eight months of this year was the largest
in any of the past five years, totaling $755,468,510, as compared with a
total of $684,397,615 in the same period last year and $434,680,873 in the
first eight months of 1935.
Of the total this year, $709,937,850 was for
refunding and $45,530,660 was for new money.
Corporate financing in the eight months through August totaled $121,605,800, unchanged from the total at July 31, of which $76,948,000 was
for refunding and $44,657,800 for new money. This compares with a total of
$173,725,724 in the eight month period of 1936 and $23,310,000 in 1935.

MONTREAL,

Que—FUNDED DEBT TOTALS $330,357,394—LacRoberge, Director of Finance, in his report on the status of the city's
at tne close of the fiscal year on April 30, 1937. presented to
City
Council meeting, placed the gross funded debt of the municipality at
$330,357,394.
This figure, comprising the consolidated debt, the additional
debt and working capital, contrasts with $327,016,789 at the close of the
previous fiscal period, the net increase in the recent period being $2,622,501,
according to press advices from the city.
In connection with the gross debt
total of $330,357,394, it was nointed out that there was not issued in loans
at April 30 amounts of $5,314,017 of consolidated debt of
$24,271,035
classified as additional capital, and $22,564,963 of working capital, which
brinjs the net funded debt down to $278,207,378, as against $275,584,877
on April 30,
1936.
The average nominal rate of interest at April 30, 1937, was
4.45%,
as compared with
4.48% the year preAuous.
V ;
The net increase in the funded debt during the year under review was
$2,622,501.
The assets representing the net debt of the city on April 30,
1937, are
given as follows: Public works, building roads, &c., $189,685,636; deferred
expenses, $244,829; revenue deficits and extraordinary expenses funded
or to be
funded, $49,121,440; bond discount, $6,712,797; a total of $245,764,704, an increase of $4,330,694 for the year, but against this $245,764,704
there is deducted $44,183,688, leaving the net debt of
$201,581,016, or
$2,577,114 increase for the year.
This deduction of $44,183,688 is made up
of $38,529,257 in the sinking fund (exclusive of schools'
sinking fund), of
$377,326 in revenue surplus and $5,277,104 of capital surplus.
This net
debt is used as the basis to show percentage to assessed value of taxable
real estate amounting to $920,005,859. the
percentage working out at
21.91 of this valuation, and on the Board of Health's figures of population
this means a net debt of $227.78 per capita.
The borroAving power has
been exceeded by $3,815,420.
There is no sinking fund for loans totaling $32,617,645.
tance

finances

ST. COLOMB DE SILLERY PARISH ROMAN CATHOLIC SCHOOL

DISTRICT, Que.—BOND SALE—The issue of $42,000 4% school bonds

offered Aug.
of

Quebec at
ST.

4M%

30—V. 145, p.
price of 99.06.

a

JOSEPH, de
sewerage

1464—was awarded to Lageux
Dated Aug. 1, 1937.

& Darveau

GRANTHAM,

Que.—BOND SALE— The $75,000
and fire prevention bonds offered on Aug. 30—V. 145, p.

1464—were awarded to Comptoir National de Placement of Montreal, at a
price of 101.01, a basis of about 4.40%.
Dated Aug. 1, 1937, and due
serially on Aug. 1 from 1938 to 1967, incl.