Evening star. [volume] (Washington, D.C.) 1854-1972, May 05, 1937, Image 15

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Evening star. [volume], May 05, 1937, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 05 May 1937. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1937-05-05/ed-1/seq-15/>

Newspaper Page Text

TO NAM ME
Market Drifts Aimlessly,
With Small Losses Pre
dominating.
By tht Associated Press.
NEW YORK, May 5.—The curb
^market drifted in aimless fashion to
day, with slight losses predominant.
Off fractions to a point or more were
Aluminum Co. of America, Wayne
Pump, Gulf Oil, American Cyanamid
"B," Commonwealth Edison, Ameri
can Light A: Traction. Atlantic A; Pa
cific, Pan-American’Airways and Pan
tepec Oil.
Consolidated Mining & Smelting, on
^the. other hand, gamed more than 4
‘cn light volume. Other gainers up to
around a point included Brown Fence
Ai Wire. Lake Shore Mines, McWil
liams Dredging, Niagara Hudson
Power and Pennroad.
-•
EXCHANGE MEMBER
BORROWINGS GAIN
Average Market Value of All
Shares Drops From $45.26
to $41.80 in April.
Bj the Associated Press.
NEW YORK. May 5.—Total borrow- j
lngs against collateral by New York j
Stock Exchange members increased j
during April, statistics showed.
Meanwhile, the average market value
Cf all shares listed declined to $41 80
on May 1 from $45.26 on April 1 and '
r compared with $35.74 on May 1. 1036.
Borrowings against collateral by
members rose to 2.05 per cent of mar
ket value on May 1 from 1.85 per cent !
on April 1.
On May 1, 1937, there were 1,232
stock issues, aggregating 1.386.653.884
shares, with a total market value of
557,962,789,210. This compared with
1.232 stock issues, aggregating 1,380,
281,474 shares, with total market value
of $62,467,777,302 on April 1.
On May 1, 1036. there were 1.193
stocks issues, totaling 1,336.686.499
shares, having total market value of
$47,774,402,524.
The stock exchange reported mem
,ber collateral borrowings at the close ,
of business April 30 of 57.187.279,384,
an increase of $28.59.5.179 over the
March 31 total.
--—•
CUBA SHIPS MORE SUGAR.
NEW YORK. May 5 -Cuban
sugar exports from January 1 to May
1 totaled 1.004.967 long tons, raw
* value, an increase of 5 per cent over
the 957.082 tons shipped in the cor
responding period last year. Latnborn
& Co. reported today. Exports to the
United States amounted to 851,203
tons, against 805.907 in the first four
months of 1936. I
CURB BONDS
_
DOMESTIC BONDS.
.. „ . Hieh. Low. Close. !
. Aia Power 5s A joc*a 1 <‘‘J 12 lo ’i .
Ala Power 5s '51 ns *»s !»s
Aia Power 5s '68_. _ s:» sn gn
Alum Co 5s *5^ 1 n.v'* lo.V% 105%
Alum Co Ld 5 s ’4S H»534 10534 10534
Am G & E os 2078. DC, 107 107U
Am P A L (3s *J0Ui j»o>4 s»4j2 }i47*
Appalach E P 5s 56 l(»tf*a 108>2 106I-a
Ark PAL 5s '56 90 P834 9S34 .
As El Ind 4'2s 53 54 533 2 5332'
As G A* E 432s 49 4J*34 4!i'4 4.93* ,
As G Ac E 5s ’50 5134 51 511. .
As G A E 5s V,s =>1 5] 51
As G A E 53as Inv ct s-j'j x,,!4 x-’i2 '
t*.’T £l?S 55 A S*'< «*'•♦
Bald L os .78 ww stp 191 191 191 !
Bald h 6s 718 XW sip 18.7 18.;', is:!1.
Bell Te C 3s 60 C llo 119 mi
Birmine Gas 5s Mil 77 -•<
Bull Go El 3s .'in 106 loii DIO
Can Pac 6s '47 loo1, Dili', mo1.
Caro Pw & L* ."> ■ 56 ion inn ino I
Cen II P S (1 s p <i;o. him h;i.
Cent 111 PS .is '68 o 107s, 107»; 107s,
Cen O LAP os 5o A ]iiii'■ jihi> imi,
Cent Pw A L‘ 5s ’5«* ~ ju»*i «»•'"*
Cent St El 5 ;lS ;>* 6 ;,s
C^it, St El 5‘ s ’54 fitii . 5ii3. VHk
Cent St PiL .v. ; 53 tip;, tip. ij'ii;
Chi D1 El 4 1 - ; i A 1 n434 1 ii-134 Hip:
Chl Pn T1 5Mb '17 jo- jjo'* i
Cities Svc os '5o 7:; 7 *1.. 7-*'i, 1
Cit S P A L 5 1.s ’15* 7 .»3 • T.Vl ;oP
Comw Ed 4 1 j > 57 D 11 *7 11 ■’ ‘ ] j •’ “ i
Comw Ed 4s '81 P . J (157, 10.5',, 105*, !
Comw Ed 33,s 65 H 103 103 lei
Comw Sb 5Ms '4s a 103 103 103
Comply PiL 5. 7s 77.1, "3. I
Conn L & p ; ■ 51 a I •_* 7 ■ . i -j7 > . 1 •>r’ .
Cont G A E 5s 7)8 A. SO34 88M 88M
Det Cit Gs ns 750 B 1 On3, 105s, 1 On3,
Dixie GG c,Ms '37 A lol lol lol
East G A F Is 06 A SO1, 86 86.
El Pw A Lt 5s 7'n::n S47, 84 M ml
Emp Dis El 5s '57 97 97 97 8
Fed Wat 5Ms 51 8-' k-’ 8"
Florida PiL 5s 751 miM «,.!».
Gary EAG 5s 14 s:p xw 0,0 99 “ 99
Gatineau Pw 5s 56 . DMMloi lol1,
Gatineau Pw 6 11 107 in'* in"
Georgia Pw 5s '67 97 nil7. 07
Georgia PAL 5s '78 75M 751" 751s
Glen Alden Cl 4s '65 811 Tip 7 ip
Grand Tr We 4s '50 ns\ ns1* mss.
Guard Inv 5s 'IS A 57 M 57 57
Hall 6V Ft 6s ’47 stn 00 os1, 99
Hygrade Fd 6s 19 B K-’ h- in*
I £*. * L 'is ;•'*••! A . 104 ', 1114 1, DM3,
1 ? pLn’-S ’54 K 107 107 107
T p" a* tL t’l *'«3i "I 7, 983,
iup A- L >Ms .1, _ 96', 95 ’, 96',
Indian AM E 5s 55 D16M 106M loo’a
Indian El c 6s 47 A 9H3, OK3, OS3,
Indian E C 5s 751 C no 90 On
Indiana Ser 5s *5n OHM 69'.. 60',
Indnap P A- I. 5' 57 A 106M DiOM 1 oil',
Tnterst Pow 5s 757 ni3, ui rim
Inters! P s 5s 56 D S"3, s->\ s-’3! !
Intern P s 4Ms 758 F 7H3, tk3, 7h3.
Jackson O 5s '47' stp 51 50M 50M
Jfr C P A L 4 ‘ -s 6 1 C HI4', 104 ', 104 ',
Kan GAE 6s 7077 A 11 S' , 11 s', 1 1 S',
Kan Pw Co ns '47 A . 107 107 10”
Ken U 6Ms '48 p 1033, ion3, m33:,
Lehigh P S 6s 7076 A . 1077, I077, DI7M
Lex Util ns 757 _ 103 103 m3
Lone Star G 5s ’47 _ 105M 105' . I05M
La Pw A Lt 5s 757 _. 10.33, 1(15*, Din3. I
Mil G A E 4 Ms '67.. m.77„ ln.77, m.37,
Minn PAL 4 Ms '78 !'87, or3, 98M
Miss POW 5s 755 . 85 84 85
Miss PwAL 5s 757 89 M sti' j snM
Nass A Su L 5s '45 .. 105 ln.5 DIP,
Nat PAL 5s 2030 B 86 8,3M 86
Nelsner Bros Rs '48 1 nit lm; mil
New E GAE 5s '47 12M 7" 7’M
New E GAE 5s '4 8 _ 771, 7f3, 713
New E GAE 5s 750_ 77M 7° 703,
New E Pow 5s '48 97', 971, phi
New E Pw 5' s 754 . HRt, hr hr
NY P A' Lt 4Ms '67 106M D16', D'6M
X Y S EAG 4Ms 'SO _ 100', DKI1, DlllM
X Y A W Lt 4s 2904._ 102 Hi” |n"
N YAWL 5s '54 117 117 117
No Con U 5 Ms '48 A 57', 57 M 57',
No Ind GAE 6s 752 1I173, D'73, 107 3,
No Ind PS 4 Ms ’70 E 90 99 119
Norw El 6s '45 stod. _ 103’, 10.37, 1031,
1 Ohio Pwr 5s '52 B _ 105’, 1057, 1057,
Okla PAW 5s 'ts a . no no on
Pac G A E 6s '4 1 B 11S*. 1 In5, 1 155,
Pac P A L 5s 755 . 77 77 77
Penn C LAP 4 Ms '77. 99 ns7, on
Penn C PAL 5s '79. 102 102 102
Penn El 4s '71 F . 95M 943, 943,
Penn O E Os 750 A 101 ■« lol ', lot7,
?eon GLAC 4s '81 B 92 92 92
eop LAP 5s '79 . . 1PM 19M 19M
Phtla El P 5Ms ’72 __ 1105, 11(1“., 110“.
Portland GAC 5s '40. so', SO', so1,
Potomac E 5s 756 E Dll', 107V, D171,
Pub Scr N J (is ctls.. 1304, 130V, 130',
Pub S N I 4Ms '78 D 1 02' 1 107', 107',
Pub S N I 4Ms '80 E 107M 107M 107M
Pub S Okla 5s ’61 C . J 0.7M 1 OnM 105M
Pug S P A L 5Ms '49 A NSM S73; 88M
Puk S P A L 4Mi ’50 D. so3, so3, 80*,
St L G & C 6s ’47 mat. I43, 14M 14M
Ban An P A S 5,s '58 B. lol 101 104
S E P A L Hs 2025 A lol', 101 Dll
Sou Cal Ed 33,s 4.7 _ 10,3 Din 10.3
Sou Cal Ed 33,s '60 . 1(U M 101*4 101M
Sou Cal E 33,s '60 B mi3. Dll3, 1013,
rou Cal E 4s '60 . 10.3M lOn'i 105M
DUW PAL 6s 2022 A 93 93 9,3
td O A E cv 6s 45 cod 80'a So S0'4
Std G A E 6s '66 B . 80 SO 89
ftand Pw A Lt 6* '57. . 793, 70*« *»*«
xas Elec 5s ’60 __ 1 (11 3, lo 1 ", lol3,
ex Pw A Lt 5s 776 __ 105 105 105
Tide Wat P ns ’70 A 97“, 973, 97*a
Twin CRT 5 Ms 752 A 81 81 81
Ulen A Co Os ’44 Illst 51 51 51
un E L A P M ns 7)4 A 107M 107M m7Va
unit El N J 4s ’49 _ 113 J 13 1 1.3
Unit Lt A Pw 6Ms ’74 87 87 87
Unit L A R D 5Ms 757 88 88 ks
Utah P A L Os 7027 A 94 94 94
West News U 6s ’44 (47 oi5, 61M
west T Ut ns 757 A 95 114 M 9.7
we U G A E .5Ms ’5.3 A D>47, DU7, 1R47,
Wls-Min LAP ns '44. 106M 106M DlllM
Wls PAL 4s 756 A . 94M l>33, 94',
York Rwy Co 5s '37.._ 89', 89 89
FOREIGN.
Cuban Te 7Ms '41 A _ 99 99 99
Ger Con Mun 7s '47 . I!)-1, 1H3, 193’,
Ital Su Pw 6s ’63 A 583-, 58*, 58*,
Mendor P 4s 73] stp 9.7M 9.5M 95M
Qante F A 4s '45 St . 72 72 72
*w—with warrants, xw—Without war
grants n— New. st (stp'-—Stamped
(Negotiability impaired by maturity.
♦ Companiea reported In receivership.
* i
NEW YORK CURB MARKET
| By private wire direct to the Star.
All time shown below is daylight saving
on which the Exchange is now operating.
3:30
Stock and Sales—
Dividend Rate. Add 00. High. low. Close.
Apia Ansco_ I 35 85 85
Air Device Corp... 6 344 344 344
Air Invegtors -no. 1 35* 354 354
A la Pwr pf < 6) .. 10s 6754 6754 6754
Alum’nCoof Am SOOs 185 129 129
Alum (Am) pt (6) 950r 116 11444 116
Alumn Goods b25o 2 1744 174* 1744
Aluminum Ltd_S50s 107 44 1 07 4J 10744
Am Rook Co < 4)_10s 65 65 65
Am Box B’od (1). 20 22!4 2154 21*4
Am Clt P&L i A) 3 25s 34*4 3444 84*4
Am CltP&L B a20c 2 4*4 444 454
Am Cynam B t60o IS 31 29*4 2954
Am Eqit (a22>ic) 2 444 4*4 44*
Am & For Pvv ww 2 254 254 254
Am Fork & H < tl) 1 16*4 18*4 1R*4
Am G*E ( 1.40)... 5 8 4 44 33*4 3444
Am G*E pf (6)... 25s 111 111 lit
Am Gen C’p (aSOC 3 1044 1044 1054
Am Gen C pf 12) 100a 3 4 44 3 4 3 144
Am Inv of 111 (2). 1 20 20 20
Am Laun y Rl sue. 3 so so so
Am L A T (tl 20). fi 214 204 204
Am MfE Co Ia3)_60s 60V$ 504 604
Am Rlaracalbo ... 124 2 24
Am Superpower R 1** l*j 14
Am Superpw 1 st 6 1 9: 92 92
Anchor Post 9 2 44 44 44
Angostura (t20c> 4 TVS 7 7
Appalach E P pf 7 20# 1074-4 107Vi 1074
I Arcturua Radio T 1 14 1V4 14
Ark Nat Gas ... 2 84 74 74
Ark Nat G eu of __ 1 84 84 84
Ark Nat Gas 1A).. Ifi 84 8 84
Art Met W (80c) 2 13 13 13
Ashland OAR t40o 3 64 64 64
Aaso Gas & ERc . 1 14 14 14
AssoGAE(A) .. S 34 34 84
Atlas Coro war 2 24 24 24
Atlas Ptvw'd' 14' 1 22*4 22*4 2i4
Austin Silver 5 24 24 24
Auto Vot Mch jOc 3 lOVt 104 104
Axton-Fisher (A) 30# 32 32 32
Babcux & W11 t4) t0> 128 128 128
Raldw L bd rts(d) 2 24 14 24'
Bardstown Dlst... 4 34 34 34
Barium Stain KtR. 7 54 54 54
Baumann Co (!■)_. 1 104 104 104
Beech Aircraft ... 2 44 4 4
Bell Aircraft ... 3 12V1 114 124
1 Hellanca Aircraft 1 64 54 64
Bell Tell Pa pf 64 10# 1144 114V1 1144
Berke.v&Gay F Co 6 24 24 24
| Bliss Co IE W) 4 184 184 184
Blue Ridge (bl5c) 2 34 3 3
Blue Ridge cv pf 3 6 47 46*; 47
Bhimenthal S .. 6 23 224 224
Bower Roll B (2). 3 294 29** 294
Row man-RHtmor# 6 2 2 2
Brazil Tl<AP 40c 6 23 224 22*1
Breeze C Inc a75c. 3 104 104 104
Brld p t Mch b25c 1 19 19 19
Brow n Co Df £0. 724 724 724
Brown F&YV bl5c 3 12 12 12
Buff N&E Pf 1.60 1 244 24Vi 244
Buff Nlag&E 1st 5 £0# 701 101 101
Rurcolncwar 1 •„ *„ 4
Burma Ltd b 16#c 1 44 44 44
Can Car&Fdry pf. 25# 27 26 27
Can Marconi _ 1 14 14 14
!'arlh Syndicate . 43 24 24 24
Carnegie Metals.. 1 24 24 24
Caro L&P nf (6).. 10# 84 84 8!
Carter 1JIV1 80c 1 10!*' 104 104
I Catlln Corn (a4tip) 7 74 74 74
, Calanase 1st pf t7 125# 122 1194 1194
Celluloid Corn pf £0# 524 524 52**
Celluloid 1st pf b2 80# 105 1044 105
, I'en Hud G&E R"c 1 16 16 is
! Cent Me P pf a3’V 100# 93 93 93
I Cent P & Lt 7% pf
(b3.no 4) ... 75# 87 87 87
ICent&SWiTtll . 1 3-4 34 34
! Cent States Elec 6 14 14 14
Cent St El cv pf n 25# 19 19 19
Cent St El 6% pf 25# 174 174 174
Cenrrif Pine *40c 1 54 54 54
Chi Flex Shaft (1) 50# 68 674 68
Chief Consol_ 2 14 14 14
Childs Co pf_60# 89 89 89
Cities Service_ 18 34 34 34
Cities Service of.. 11 62 514 52
Cities Sv c pf B 2 44 44 44
Cities Svc pft BB) 20# 49 48 49
I Cltv Auto St t60c) 2 11 104 104
Claude Neon Lts.. 13 3 3
Clev Tractor _ 8 144 14 ]*
Cllnchfield Coal_ 1 74 74 74
Colon Dev Rtd .. 9 6 64 54
, Colo FuelA I r war 2 17 114 ]6»t
| Columb O&G l)20c. 11 8V< 74 74
Comwlth Edls t4. 3 111 110 110
Corn with & S war 2 4 4 4
Community PS tl 100# 28 28 28
Cons Aircraft 2 254 25 254
Consol Biscuit 60c 1 64 64 64
Consol Copper (2 S4 94 94
Consol Gas Util ..2 3 24 3
j Cons Mln&Sm t2. 100# 824 824 824
Consol Retail Strs 2 74 74 74
Consol Steal Corn. 4 114 11 114
Cont'l Roll & S Fy 1 214 214 214
Cooner Bessemer. 1 244 244 244
Cord Corp 4 34 34 .74
Corr’n-R pf A bl'j 2 89 88 gs'
Coauen OH ile (d; 4 2 2 0
Creole Re" ia50c). 7 35 31 34
Crocker-Wh alOc. 1 144 14*4 144
Croft Brewing 4 * #
' rnwni ("i Isfic 10 24 24 24
Cro'n Ck Int All). 2 13 13 13
Crown Dr ( b20c). 2 34 34 34
Cusl Mu Mining. 5 4 4 4
Dayton Rubber... 2 234 2S4 234
Dennison 7% pf._. 10. 85 85 35
Derby Oil A Ref . 3 74 74 74
Detroit Gasket tl. 9 194 184 194
Det Gas nf (1.20). 1 19 19 19
DomlnSAC(R) 1 :o4 204 20’<
Dow Chemical (3). 1 1444 1444 1444
Draper C < T2.40 ).. 10* 81 81 81
Driver Harris 14. 1 874 374 374
Dubelier Condens. 14 4 4
Duke Power (3)_ 60. 73 70 4 73
Duval Tex S s50e. 1 84 84 84
tag Tit Lead blOc. 12 204 194 194
East'n GAF Asso. 2 64 64 64
East'n States Pwr 2 44 44 44
Elsler Elec (a5c)_ 1 24 24 24
Elec Bond A Shara 60 194 19 19 *
Elec B A S pf (5).. 2 67 67 67
Elec R A S pf (6). 6 784 77 784
Elec P&L opt war. 2 84 84 84
Elec P&L 2d pf A. 20« 60 60 60
Elec Shareholding 3 4 4 4
Electrol Inc v.t.c.. 1 84 34 34
Eaultv <'oruia25c) 27 24 24 24
Europ'n El bd rta. 1444
Evans Wall Lead 9 14 14 14
Excello Alr(b20c) 6 22 21 2l«4
FalstaftBr (Jltj) 4 94 94 94
Ferro Enam b75c. 1 384 3<4 384
Fldello Brewery.. 2 4 4 4
Fisk Rubber ... 9 154 15 15
Fisk Rub pf (6) . 25« 82 82 82
Ford Ltd al81-10o 6 7 64 64
Ford (Can) A (1). 2 244 i’44 244
Fox (P) Brew 80c. 19 9 9
Franklin Rava60o 2 124 1?4 124
Gen Flrepr’f b25c. 8 194 184 184
Gen Invest Corp . 1 14 14 14
Gen Ravon Ltd A. 8 2 2 2
Gen Teleph (b25c) 1 174 174 174
GenTtre&Rub 8 82 814 814
Gilbert(AC)pf 34 20. 41 41 41
Glen Alden C (tl) 2 114 114 114
Godchaux Sug(B) 2 SO 294 SO
Gorham (A)- 2 64 64 64
Gorham Mf vtc tl 1 26 4 264 254
Gray Tel PS d).. 1 154 154 154
Grt A&P TnrtS 80. 1014 1004 1004
Great Nor Pap tl. 100. 42 42 42
Gulf Oil (Pa) b25o 14 664 66 664
Hall Lamp (80c) .. 4 54 64 64
Hat Corp (B) 80c. 2 12 12 12
Hazeltine (b75c) _. 1 164 164 164
Hearn Dep S bl.65 1 164 154 154
Hecla Mining b45c 4 164 l«4 164
Helena Rub (A) 1. 4 9 84 84
Hoe & Co. Inc (A). 1 29 29 29
Holllnger (t65c).. 2 12 12 12
Holophane (b50c). 1 24 24 24
Hudson BM&S 11) 28 804 294 294
Humble Oil <18fc). 8 79 784 784
Hydro El Sec b20c 1 94 94 94
riygrade Food 244 4
Illinois Iowa Pow. 7 114 114 114
III Iowa Pw pf 2 4 1 824 324 824
111 Iowa Pw d ctfs. 6 13 13 13
Illinois Zinc_60. 804 304 304
Imp Oil Ltd t60c. 3 214 214 214
Imp Oil reg (t60c) 1 214 214 *14
Xnd'ap P&Lpf 6H E0. 92 92 92
Ins Co of No A 72. 600. 69 67 67
lntl Cigar M ta . 2 28 23 28
Int HE Sep A war 2 % 4 4
lntl H.v El 8 ctr pf 16 324 80 814
lntl Metals Inc A . ICO. 134 134 184
lntl Petrolm tlH- 6 854 864 354
lntl Utli (B) 1 14 14 14
lntl Vltamln(50c) 1 64 64 64
Interst P(DeI)pf. 20. 124 124 124
Ital Sup’pw d rts. 6444
Jacobs! FLIC011) 6 164 16 164
JerCen P&Lpf 64 26. 804 80 80
JersCen P&L pf * 60. 86 844 86
Jones&Laugh Stl 1 109 109 1 09
KansG&Epf (7). 10. 1114 1114 1114
Kingston Prod 40c 10 64 64 64
Klelnert Co (*0c). 2 11 11 11
Kreuger Brew tl_ 2 164 164 164
Lake Sh M <t4>_ II 504 604 504
Leh Coal AN 80c.. 7 84 74 74
Leonard OH- • 14 14 14
< L
2:30
Stock and Sales—
Dividend Rate. Add 00. High Low. Close
Lion Oil Ref (1).. 4 22!* 12!* 22!*
Lit Brothers_ 6 ft ft 6
Loblaw Gr(A)(l) 100» 28!* 23 23!*
Lockheed Aircraft 4 U!* 12V* 12V*
Locke Stl Ch t80c, 1 15V* 15V* 15V*
Lone Star Oas 8Cc SO 12V* 12«* 12V*
Long island Ltg . 1 4Vi 4V* 4V*
Long I L pf A(7) 20« 82 82 82
Lone Isl Lt nf B 6 76a 70 70 70
Loudon racking,. ft 4 V* 4 4
La Land (40c) ... 7 124* 124* 124*
Lynch Corp < 12) _. 1 40 40 40
McWilliams D (t2 2 294* 29 29
Mapes Cons (2)... 2 254* 23 254*
Massey Harris 5 134* 1:4* 125*
Mem Slat G (hlOc) 16 6 6
Merritt Chap A S 2 6** 64* 64*
Mesa hi Iron _ 15 4* 9* a*
Mex-Ohlo Oil_ 1 24* 24* 24*
Mich Bumper C_ 8 24* 24* 24*
Mich Gas A 011 4 104* 10 10
Mich Stl T P b25c. 2 124* 124* 124*
Mich Sugar __ 1 14* 14* H*
Mid Sta Pet (A)._ 8 44* 44* 44*
Mid Sts Pet (B) 1 14* 14* n*
Midwest Oil (.tl) . 4 114* 11 114*
Molybdenum t'orp 19 9 9
Montr HLtAP 14*. 2 304* 304* 304*
Moore Distillery 3 44* 4 4
Mount Prod 160c). 2 64* 64* 64*
Nat Baking Co ... 1 12)* 124* 124*
Nat Bella Hess 2 24* 2 2
Nat'l Contaln’afiOc 30 13!* 124* 134*
Nat Fuel Gas 111 6 16 15J* 154*
Nat Leather 11 11
Nat P A Lt pf (6) 450a 784* 78 78)j
Nat Hub Mch a20o 1 154* 154* 154*
Nat Service pf 1 5 5 5
Nat Sugar N J (2) 2 26 26 26
Nat Transit (7Re) 7 114* 11V* 11**
Navarro OH (40c). 1 23’* 234* 237*
Nehl Corn 3 53!* 63>* 53'4
Neisner Br pf (7) 50a 115 115 115
New HavCI (1 >4) 1 271* 22'* 22'*
N EngPw As pf( 6) 60* 774* 774* 774*
New Jer Zinc (t3> 800s 794* 794* 79)*
Newmont M1n h75' 2 111 110 110
N Y & Hon (b75c) 150a 29<* 29 29
N Y Tel pf (64* ) 450a 1114* 11)4* 1114*
Niag Hud Pwr new 32 134* 124* 13
N'lag H P< A) wsr 2 4* 4* 4*
Niag Hud 1st (5) 20P« 874* 874* 874*
Niag Sh Md B a60e 2 134* !2*4 12*i
Niles Bm Pnd b50c 1 414* 414* 414*
Niplssing (60c) .. 3 24* 24* 24*
Noma Elec (blOc) 2 64* 64* 67*
North Am LAP _ 1 34* 3** 3>4
North AmLS-P pf 60a 66 654* 654*
No Am Ray A b50c 5 46 45 45
No Am Kay B b50c 3 454* 444* 44)*
North n ICurop OH 5 >t
No IPS 6% pf b75c 20a 85 85 85
Nor Tex El 6% pf. 1 24* 24* 2'*
Novadel Acene<2( 1 334* 83 33
Ohio Brass B b75c 25a 564* 564* 564*
Ohio Kills pf (61 . 76a 10)4* 1025* 1024*
Ohio Oil cu pt (6). 1 1084* 107 lu7
Okla Nat Gas Co:. 6 ll7* 111* 114*
Okla Nat Gas pf.. 100a 27 27 27
Oldetyme Distil . 4 11* 41* 41;
Pac CAE 1st (1 4 ) 1 30 297j 294
Pac Tln spec 112) ICO, 42 <2 42
I'an-Am Air (tl). 2 65 fit** 65
I’antenec 011 X 6*4 64 n;
I’atchague Ply a7. S0« 354 35 35
Pender O (A >3 4 10(J« 38 3K sx
Pender Gr(Bla50e l lo 10 in
Petinroad ia'-’5c> 16 44 44 4*4
Penna P&L pf (7) 6u« 1024 1024 1024
Penn Wat & P (4 ) 1 79 79 79
Tepperell Mfg t6 . 60, 1314 1314 1314
Phoenix Secur . 4 1C7* 104 104
Pion'r G Ltd b30c. 2 44 44 44
Pitney Bow(t40c) 5 74 74 75,
Plttsbch Forging 4 ..4 224 724
Pitts & L E b2 4 .. 120s 1054 105 1054
Potrero Sugar . 2 3 24 3
Powdrell&AI t60o • 4 104 104 104
Pratt & Lamb <a2 1 344 344 344
ProducersCorp 1444
Prudent’l Inv a50c 1 124 124 134
Prosperity B a I 4 1 144 114 144
Prudent lnv pf(6) IOC, 1014 101 101
Pub Svc Irirt pt SO, 31 294 3u
I Pub Sv Okla pl(B) 10. 96 96 96
I’ll! Sd P&L pf b5 125s 75 734 734
Pug Sd P&L S6 pf 25, 374 374 374
Pyrene Mfg aSOe. 4 10’* 104 104
ltaym'd Cone <tl) 100, 42 42 42
Raytheon Mfg vtc 1 5** 54 54
Reed K B new tSOi 3 394 394 3,14
Reiter-Foster __ 1 14 14 1(.
Reynolds Invest_ 1 14 14 ]t(
Klcbm'd Radiator. 3 5*4 54 54
Royal Type b75c. 1£C, 108 108 I0l>
Ryan Consolld'd 5 64 6 s
Rverson & Hai nes 15 5 5
St Reels Paoer 16 94 9 9
Samson Unitd C’p 1 54 54 64
Scovill Mfg (|>S0c)s00e 43 4 42** 424
Segal Bock * H 6 24 24 24
Selberllng Rubber 9 84 74 74
Selected indua .53 24 3
Sel Ind all cfs 54 100, 103 1024 103
Sel lnd prpf (54)500, 1004 1004 1004
Seversky Aircraft 11 54 5 54
Shattnck Hen Min 5 174 164 161;
ShawinW&P80c 1 234 234 734
Simmons Hd&P. 1 44 44 *45 ‘
Solar Mfg (blOc). 2 64 54 54
Soni lime ( callic) 2 14 14 14
Soss Mfg Co (50). 2 64 64 64
So Penn OH' 11 4 ) 2 424 42 42"
So Cal Ed pf C18i 2 264 25 25
Southn I’nion Gas ] 4 374 37.
Southl’d Roy blOc. 1 104 104 104
Snanish&Gen rrta 3444
Spencer Ch S b75c 1 94 94 gw
Stand C Spfl.SO- 1 25 25 25
Stand Dredging.. 1 44 44 44
Stand Dr cv pf_ 250, 194 19 19
Stand Oil Ky (tl). 2 194 194 194
Stand OH Ohio tl. 1 38 38 38
Stand Oil Oh pf 5. 50, 105 1044 105
Stand Pwr & Lt 2 44 4 44
Stand Prod (b25c) 1 184 184 184
Stand Sll&Ld (4c) 2444
Sterchl Bros a30c 1 94 94 94
Sterl Alum (b25c). 1 10 10 10
Starl'g Braw a75c. 5 74 74 74
Sterling, lnc(20c) 10 64 54 64
Stetson (JB >b50c_. 60, 194 194 194
Siroock & Co (2).. 1 254 254 254
Sunray Oil (b5c).. 7 44 44 44
Sunshine Min l|). 11 ]84 184 184
Superior Port C B 25, 174 174 174
Swiss-Am Elec pf 60, 1124 1124 1124
Taggart Corp- 23 134 124 134
Tastveast(Del)A- 2 14 14 14
Taylor Dlst (30c). 1 4 4 4
Technicolor a50c. 18 234 224 224
Tecb Hughes t40c 1 54 54 54
Texon OH & L 60c 1 54 54 54
Thew Shovel a50c 100, 614 Ey fio
Tilo Roof Inc (1). 3 164 164 164
Tob&All Stks a3 4 60, 614 614 614
Tonopah M <a6c). 2 14 14 14
l’r-Lux DPS t20c. 2 44 44 44
Transwest Oil Co. 3 124 124 124
rf 1 -ContI C war ..2 2 2 2
Triplex S G(new). 2 16 16 je
Tublze ChatlUlon. 1 274 274 274
Tublze Ch A (bl)_ 1 81 81 81
Un Gas of Can 50c. 1 144 144 144
Unit Air war- 1 20 20 20
Unit Gaa Corp- 34 104 94 94
Utd Gas war- 8 24 24 24
Unit Gas pf b3 4— 1 1154 1154 1154
Unit Lt & Pw (A). 5 74 64 64
Unit Lt A Pw pf 4 E0 49 49
Unit Milk Prod (2) 26, 284 284 284
Unit Shoe M T24 125e 89 89 89
Unit S Mch pf 1.50 50 , 384 38 4 384
U S Foil (B) (1)._ 4 144 14 14
US&lDtl Secur_ 2 24 24 24
USLlneapf ... 6 34 34 34
U S Rub Reclaim. 3 84 74 71*
US Stores . ..1 4 X 2
U S Stores 1st pf.. 20, 74 74 74
Unit Verde Ex (l) 3 34 34 34
Unit Wall Paper . 10 44 44 44
Unlv Corp'n v.t.c.. 2 64 64 54
Un vlnsurd)... uo, 1*4 154 154
Unlv Pictures_ 1 9 9 9**
Utilities P&L((J) 9 4 4 u
Util P & L pf (d)_. 60, 18 18 18
Valspar vtc_ 2 7 7 7
Valspar pf vtc- 60, 81 61 61
Van Nor Ala b40c. 2 294 29 29
Walker Mining .13 3 3
Wayne Pump 60c_. 11 46 444 444
Weisbaum B B 40o 1 94 94 94
Wntwtb Mfg bl5c 3 64 64 64
vv Va Coal A Coke 1 44 44 44
Western Auto Sup 8 274 274 274
Willson Prod, tl, 4 ^ 2.1A
Wolver Tube b20o 2 16H 1614 tsu
Woodley Pet T40c. X 84 84 84
Wright Kara »40o 15 64 64 *4
Yukon Gold(al3c) 7 34 34 34
Dividend rate, m dollar, Dased on laat
quarterly or eeml-annuai payment tAn
nual rate—not Including extra, lAe
curamated dividend! a Paid last rear
b Paid this vear. d Companies reported e,
being in bankruptcy or In recelverahlp or
being reorganlaed under the bankruptcy
act. or securities assumed by such com
Danlet,
METAL MARKET.
NEW YORK. May 5 OP).—Copper steady:
,/c,to?lytlc-?D0t *nd future 14.50; export.
>122 2-. Tin easier: spot and nearby.
55.62',,ao5. <o; future. 55.25a55.H7b,.
Uad steady; spot New York, fi.00afi.05:
East St. Louis, 5.85. Zinc steady: East St.
Louis spot and future. «.75 Iron, alum
inum. antimony, quicksilver, plaitnum and
wolframite unchanged
i
AT STEEL PUNTS
April Bookings Heavier Than
Expected After March
Record.
Ey the Associated Press.
NEW YORK, May 5.—New busi
ness in steel continues to taper off.
but the decline is moderate, and
April bookings were heavier than
expected in view of record-breaking
March tonnage and third-quarter
price stability, Iron Age said today in
the weekly review of the Industry.
Deliveries are easier on some prod
ucts, but backlogs are still extremely
heavy, equaling two to three months
production of some companies, the
review said.
“The outlook for the remainder of
Ihis quarter and for third quarter
continues promising despite the ap
pearance of an easier delivery situa
tion.” the trade publication stated.
"Automobile production, continued
purchases of railroad equipment and
a high rate of tin plate output will
help to support Summer steel opera
I tions. Although building work is
making discouragingly slow gains, a
considerable volume of structural
steel was placed in April.
"A new labor threat is the principal
cloud on the horizon. Two large in
dependent steel companies have re
ceived warning from the Steel Workers
Organizing Committee of the C. I. O.
that failure to sign contracts, similar
to that signed by Carnegie Illinois
Steel Corp. and some other companies,
may result in a strike call. The mat
ter will probably come to a sharp issue
within a week.
"Steel production for the country I
is estimated at 92 per cent for the
current week. Indications point to a j
continuation of output at around 90 ,
per cent cr hither during May at least.
"The decline in scrap prices has
not yet been cheeked The Iron Age
scrap composite yielded to $19.58, a
; loss of $2.34 from its high point in
March.”
-.
Loomis Elected
Hoard Chairman
Of Lehigh Valiev
“ j
B5 the Associated Press.
PHILADELPHIA, May 5.—President
E. E. Loomis of thi Lehigh Valley
Railroad Co. was today elected chair
man of the board and was succeeded
in the presidency by D. J. Kerr, New
York, who was assistant to the presi
dent.
Loomis also will be chairman of the
; Executive and Finance Committee.
! Loomis had been president of the com
j pany since 1917, when he succeeded
| E. B. Thomas
The changes were announced after
the regular board meeting held at the
offices here.
--«—.
NEW YORK COTTON
By the Associated Press.
NEW YORK, May 5—Cotton ad
vanced moderately today in quiet
trading influenced by steadier foreign
markets and reports rains and cool
temperatures had been unfavorable
for cotton east of the Mississippi River
during the past week.
Outside interest was still small and
prices moved over a narrow range.
July, which reacted from an opening
1 high of 13.19 to 13 11 under scattered
selling, had recovered to 13.14 by mid
1 afternoon when prices were 6 to 10
i points net higher.
Futures closed steady, n lo 1'! hieher.
I High. Low. Close.
; May Pi Pi Pin.-, LI.VJ
July -- 1.1. in l.l.iili 13,15-18
October _ 1C.U4 lest P’
December p; <)•: l •’ p’mi
1 January lCiiti p’«•, p’ <i:;
March 1C.OS PU>': l'J.tlii-97
J Spot steady; middline 13.03.
Cottonseed Oil.
Blraachable cottonseed oil futures
closed steady, unchanged to 3 higher.
Sales, 85 contracts. May, 10.03; July.
10.09 September, 10.15; October, 10.03;
December, 9.94b.
b—Bid.
New Orlean* Prices.
NEW ORLEANS. May 5 i^.-—Cotton
prices started 9 to 11 points net higher
today on good buying which was based
on much better foreign markets than had
been expected.
Most active portions crossed the 13-cent
line in the early trading. July onened at
J 3.05. October at 12.91. December at
12.98 January 13 00 and March 13.02.
There was a slight further rise after the
oprning but a flurry of selling ensued and
toward the end of the first half hour the
market was selling around 7 to 11 points
above the previous close
Liverpool reported a demand based on
higher Eastern advices. There was also a
scarcity of contracts in the English mar
ket. trade calling and straggle buying
against Egyptian sales, the cables said.
Cottonseed oil opened steady. May.
9.40b; July. 9.55b; September. 9.09b, Oc
tober 9.55b: December. 9.45b.
b—Bid.
DOLLAR MOVES HIGHER
IN LONDON DEALINGS
£y the Associated Press.
LONDON, May 5.—Trade buying
helped the United States dollar gain
VB cent in foreign exchange transac
tions today. The closing quotation waa
4.93 9-16 to the pound, compared with
yesterday’s closing Newr York rate of
$4.93sb
French francs fell back to 110.03 to
the pound, compared with 109.78 yes
terday.
PARIS, May 5 UP~ ~ per
cent, 65 francs 70 cer. A.”
71.30; 4'is 1937, 94.L
Exchange on London, 110.22. The
dollar was quoted at 22.325,
-«
ASSOCIATED OUTPUT UP.
NEW YORK, May 5 (JP).—Net elec
tric output of subsidiaries of Asso
ciated Oas Sc Electric System for the
week ended April 30 totaled 86,329,
739 kilowatt hours, an increase of 16.9
per cent over a year ago.
CHICAGO LIVE STOCK.
CHICAGO. May 5 UP\ <1J. S Dept. Acr.).
—Hogs. 15.000. including 5.000 direct;
early market fully steady with Tuesday’s
average; few choice hogs. 5 higher: early
top. 10.40; market now slow: binding weak
to 10 lower: bulk good and choice 300
300 lb.. 10.15-30; lo()-iP0 lb.. 0.75-10.25;
packing sows mostly 0.50-80.
Cattle. 0.000; calves. 1.500: largely steer
run: killing quality improved; bulk of crop
grading good and better: more weighty
steers in run than recently; cows very
scarce: fat steers and yearlings very slow:
prospects 15-25 low-er with most down
turn on strictly good and choice offerings
with weight; liberal supply 1.050 to 1.150
!k >- yearlings and light steers here;
tnese ~.» lower for week to date and under
PJ„ei?sure aKain today; prime weighty bul
at few loads. 11.50-13.50;
below 0.75: bulk crop
n/i'c0 liberal share of run without
?*dt’ „ d belters steady; best light offer
y< <1choice koshers with
3; Promise to sell above 13.00: cows
steady to strong; bulls and vealers steady
dUn respeMvely10 50 down: mo,tly 10 00
aofnine' .'3!n0' nflne direct; fat Iambs
sSuetiv® -hi??.' "I1*. undertone ttrong:
avBnah!»ChS.<^l WoJ>i,d lambs scarce; best
» 5n»n.*bovc, 12.25; early bids
IV'cllnned b,ni«lo»d merely good 76
IewC«onUui a Hn sbeep about steady;
5 ooWdowa ****• 6-00'°0; moat thorn ewea.
Net Income of the United States
Steel Corporation by Quarters
million Quarters Ended
dollars March 31
40i 11 — -
35 n
30- -
25- - -
20
15- - -
10
0,-1Lj34 fL
10 11 Lf36 37
* io— -
*§ 15
o u
20
251_
I MILLION
DOLLARS
million Quartan Endad
°°Ly Juna 30
35
30 JT
I
25' -
20- --
15 -
10- -
imE
30 '34^36'37
5 —<— -
± 10- -
• is
20-LI
25 ___
MILLION
DOLLARS
MILLION
DOLLARS
1UT
MILLION 0 I
DOLLARS
Dividend Resumed!
On Common Stoek
Of Skellv Oil Co.
J
By the Associated Press.
NEW YORK, May 5—Skelly Oil
Co. resumed dividends with a dec
laration of 50 cent* on common
stock, payable July 1 to stock of
record June 1. It is the first dis
tribution for common shareholders,
since December, 1930, when 50 cents
was paid.
Company's principal properties are
in Oklahoma Texas, Kansas, New
Mexico, Arkansas and Louisiana.
DIVIDEND ORDERED.
NEW YORK. May 5 W i—Van
Raalte Co. directors declared a divi
dend of 75 cents on the common stock,
payable June 1 to stock of record
May 18. On March 1 the company
paid 6212 cents. The concern manu
factures silk gloves, hosiery and knit
goods at plants at Paterson and Boon
ton, N, J., and Saratoga Springs and
North Tonawanda, N. Y.
FIRST TRUST LOANS
Reasonable Rates and Commissions
Tyler fir Rutherford, Inc.
1312 L Street N.W. National 0173
Loin Correspondent
Mutual Benefit Life Insurance Co.
NEW YORK BAR SILVER.
NEW YORK. May 5 iJPj.—Bar sliver
firmer, up 'g at 45'g.
_
BY NICKELPLATE
1936 Profit Represents 561
Per Cent Gain Over
1935 Total.
Bt the Associated Press.
CLEVELAND, May 5 —W J Hara
han, president of the Nickel Plate
Railroad, reported to stockholders
today a net income of $7,380,481 for
1936. an increase of $6,264,552 or 561
per cent over 1935.
The net railway operating income
W'as $9,137,723. an increase of $2,378,
176 or 35 per cent. Passenger revenue
was $969,176, an increase of 21 per
cent.
Stockholders of the railroad re
elected directors at their annual meet
ing today and added C. C. Collister.
assistant secretary of the road, to the
directorate. Spokesmen said other
business was routine.
PHILADELPHIA PRODUCE.
PHILADELPHIA. May 5 'A' —Live n il
tiy fowls cross breds fancv ° „
ducks, white Peklns old rjalf '*n r\
colors. 12a 13: turkeys, young toms. 10a 1« .
lancv hens 1 Ka2o.
Dre.sspd Dour.rv unchanged.
Butler—Top grace i1 02 33
33‘2: 01. 32*2l 00. so. 31-3iVa.
Do You Need Advice on
INSURANCE?
You can depend on this firm to
advise you, according to your
best interests, in the matter of
complete insurance protection
and coverage. Our friendly
counsel and efficient service arc
at your command.
J. Blaise de Sibour
and Company
INSURANCE BROKERS
1700 Eye St. N.W. Natl. 4fi7.3
This is not an Ottering Prospectus. The offer of these Debentures is made only by means of the Offering Prospectus.
This issue, though registered, is not approved or disapproved by the Securities and Exchange Commission,
ichich does not pass on the merits of any registered securities.
$45,000,000
{of which $42,500,000 are publicly offered)
Southern Bell Telephone and Telegraph Company
Twenty-Five Year 3J/4% Debentures
Dated April 1, 1937 Due April 1, 1962
Interest payable April 1 and October 1 in Xew York City
Coupon Debentures in denominations of (1,000 and $500, registerable as to principal. Registered
Debentures in denominations of f1,000. f5,000, (10,000 and (100,000. Coupon Debentures
and registered Debentures, and the several denominations, intercharigcable.
Redeemable, at the option of the Company, in whole or in part, upon at least 60 days’ notice, on any interest payment date,
at the following prices with accrued interest: to and including April 1, 1941, 105%; thereafter to and including April 1,
1945, 104%; thereafter to and including April 1, 1949, 103%; thereafter to and including April 1, 1953, 103%; thereafter
to and Including April 1, 1957, 101%; and thereafter, 100%.
The following is merely a brief outline of certain information contained in the Offering Prospectus
and is su bject to the more detailed statements in the Offering Prospectus and the Registration Statement,
which also include important information not outlined or indicated herein. The Offering Prospectus,
which must be furnished to each purchaser, should be read prior to any purchase of these Debentures.
THE COMPANY Southern Bell Telephone and Telegraph Company, 99.99% of the stock of which is owned by
American Telephone and Telegraph Company, was incorporated in New York in 1879. The
Company is engaged in the telephone business in Alabama. North Carolina, South Carolina, Florida. Georgia,
Kentucky, lx>uisiana. Mississippi and Tennessee. The properties of the Company consist mainly of telephone
instruments and facilities for their interconnection, the latter consisting chiefly of central office switching
equipment and connecting lines. The Company is subject to regulation by the Federal Communications
Commission and by state authorities in each of the states in which it operates, within their respective jurisdictions.
The Federal Communications Commission is presently engaged in an investigation of American Telephone and
Telegraph Company and its subsidiaries.
Outstanding as of
CAPITALIZATION * December 31. 1936*
Thirty Year First Mortgage Sinking Fund Five Per Cent. Gold Bonds, due January 1, 1941... $47,070,500
Real Estate Mortgage Notes... 5,000
Notes Sold to Trustee of Pension Fund (4% Demand Notes). 3,871,000
Advanqps from American Telephone and Telegraph Company, parent (5% Demand Note)..., 8,000,000f
Capital Stock—par value $100 per share.;. 124,999,000
* Xxcludrx $H,040,000 mortgage bonds due January 1,1947, funds for the payment of which were deposited with the
Trustee on December 41, 1946. whereupon the mortgage was released,
idn additional advance of ft,000.000 was obtained on March 41, 1947, of which f700,000 had been repaid by April t8th.
PURPOSE The net proceeds, exclusive of accrued interest, from the sale of the Debentures, after deducting
OF ISSUE the estimated expenses of the Company in connection with such sale, are expected to approximate
$42,394,000 and are to be applied toward the retirement of the Company’s presently outstanding *
issue of $47,t70£0O of Thirty Year First Mortgage Sinking Fund Fire Per Cent. Bonds, due January 1, 1941, which
the Company intends to redeem on July 1, 1937, at 105% of their principal amount ($49,424,025) and accrued
interest. The Company expects to obtain the balance (approximately $7,030,000) of the requirements for such
redemption, exclusive of accrued interest, from borrowinys from American Telephone and Telegraph Company,
Its parent.
EARNINGS The following figures are taken from the Income Statements of the Company in the Offering Prospectus.
Years Ended Operating Total Fixed Net
December 31 Revenues Income Charges Income
1934 $49,841,354.57 $10,288,269.34 $3.415,611.35 $6,872,657.99
1935 52,526,407.74 11,121,862.25 3,399,627.71 7,722,234.54
1936 57,290,776.50 12,762,189.09 3,362,172.46 9,400,016.63
RKBKNTURKS The Tiventy-Five Year 3l/4% Debentures will be issued under an Indenture dated as of April 1,
1937, between the Company and Bankers Trust Company, New York, X. Y.. Trustee. This issue
of Debentures is not secured. It is limited to $45,000,000 but the Indenture does not restrict the amount of other
securities or indebtedness, either secured or unsecured, which may be issued, incurred, assumed or guaranteed
by the Company. Reference is made to the Offering Prospectus for information as to certain covenants in the
Indenture with respect to the creation of liens on, or sales of, property of the Company.
UNDERWRITING! Subject to certain terms and conditions, the Underwriters named in the Offering Prospectus
have severally agreed to purchase an aggregate of $42,500,000 of these Debentures from the
Company at 941/2%, or « total of $40,162,500. plus accrued interest. Such Debentures are to be offered to the public
at 961/2%,ot a total of $41,012,500, plus accrued interest. The underwriting discounts are 2%, or a total or $850,000.
There Is no firm commitment for the remaining $2^00,000 of Debentures but the Company is withholding such
Debentures for sale, on or before July 1, 1937, only to the Trustee of Pension Funds established by affiliated
companies, without underwriting discounts or commissions, at 94t/2c7c, or a total of $2,362,500,plus accrued interest.
Price 96V2% and Accrued Interest
The Underwriters, including the undersigned and the others named in the Offering Prospectus,
have agreed to purchase 3^2,500,000 of these Debentures on the terms and conditions set forth in the
• Purchase Agreement, including the approval of legal matters by Messrs. Davis Polk Wardwell Gardiner
4‘ Reed, counsel for the Underwriters, and by Mr. Eduard D. Smith, counsel for the Company. It is
expected that delivery of Debentures in temporary form will be made at the office of J. P. Morgan 4' Co.
on or about May 11, 1937, against payment therefor in Xew York funds.
The Underwriters have authorized the purchase and sale, in the open market or otherwise, of these
Debentures for their several accounts, either for long or short account, within the limits and during the
period set forth in certain agreements referred to in the Offering Prospectus.
Further information, particularly financial statements, is contained in the Registration Statement on file with the
Securities and Exchange Commission, and in the Offering Prospectus which must be furnished to each
purchaser and is obtainable from the undersigned or from any other Underwriter of this issue.
MORGAN STANLEY & CO.
Incorporated
KUHN, LOEB & CO. KIDDER, PEABODY & CO.
LEE HIGGINSON CORPORATION THE FIRST BOSTON CORPORATION
BROWN HARRIMAN & CO. EDWARD B. SMITH & CO.
Incorporated
Dated May 5,1937

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Evening star. [volume], May 05, 1937, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972