The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NOVis
Contains Convention
COPYRIGHTED IN 1837 6Y WILLIAM *.
DANA COMPANY,
N^W YORK,
Proceedings of Investment
ENTERED AS
SECONO-CIASS MATTER JUNE 23. 1879.
NEW YORK, NOVEMBER
VOL. 145.
Bankers' Association
ATTHE POST OFFICE AT NEW YORK, NEW YORK,
13, 1937
United States
Chartered 1844
Government
George V.
NATIONAL BANK
OF
CITY
THE
OF
XHE
CHASE is
tra¬
ditionally a bankers' bank.
BROOKLYN
For
years
many
Federal Deposit Insurance
Member
YORK
NEW
Securities
McLaughlin
President
NEW YORK
CHASE
THE
COMPANY
NO. 3777.
Iltra
TRUST
BROOKLYN
UNDER THE ACT OP MARCH 3, l«7t.
it has
The
served
first boston
Corporation
of banks and bankers
CORPORATION
BOSTON
NEW YORK
CHICAGO
White, Weld &
Members New York
Co.
Stock Exchange
V:'
as
New York
correspondent
and
depository.
reserve
SAN FRANCISCO
PHILADELPHIA
AND OTHER
'
large number
a
PRINCIPAL CITIES
Member Federal
Deposit Insurance Cerporatien
Boston
New York
Amsterdam
London
United States
Buenos Aires
Paris
BANK
Government
°f
Representatives' Offices
Securities
New York
Brown Harriman &
Hallgarten & Co.
63
Wall Street, New York
Telephone: BOwling Green
Established 1850
London
Chicago
TRUST
San Francisco
9-5000
Chicago
Philadelphia
Boston
NEW YORK
Co.
Incorporated
Washington
Representatives in other leading
Cities
COMPANY
Wertheim & Co.
The
120 Broadway
State and
New York
Amsterdam
London
LOEB & CO.
CARL
61
BROADWAY
New\brkTrust
Company
Barr Brothers & Co.
Capital Funds
NEW YORK
Municipal Bonds
.
.
$37,500,000
INC.
Chicago
New York
Amsterdam
Berlin
London
Paris
IOO
BROADWAY
57TH ST. &
40TH ST. &
EDWARD B. SMITH & C0.
NEW YORK
Service
to
Banks and
Dealers since
1888
New York
31 Nassau Street
BOSTON
PHILADELPHIA
CLEVELAND
FIFTH AVE;
MADISON AVE;
LONDON
European
8
Representative's Office:
KING
WILLIAM STREET
HORNBLOWER
&
WEEKS
Established 1888
LONDON, E. G 4
J
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Loul»
40 Wall Street
NEW YORK
Members New
Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Member of the
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
(I
Financial
A.
Chronicle
Nov.
13,
1937
BAKER, WEEKS
Becker & Co.
G.
&HARDEN
Incorporated
J. & W.
Investment Securities
Seligman & Co.
Established 1893
Members
New York Slock Exchange
New York Curb Exchange
Investment'Securities
No.
Philadelphia Stock Exchange
52 WALL
Chicago
And
Other
Street
STREET, NEW YORK
Graybar Building, New York
New York
Wall
NEW YORK
Chicago Board of Trade
Commercial Paper
64
London
Correspondents
Commercial Trust Bldg., Philadelphia
Buhl
Building, Detroit
6 Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Cities
SELIGMAN BROTHERS
v.
'
/.'.'-.v.
Foreign
Leading Out-of-Town
Investment Bankers and Brokers
NATIONAL BANK OF NEW
ZEALAND, Ltd.
Established 1872
Chief Office In New
Zealand: Wellington
Sir James
Grose, General
BIRMINGHAM
Head Office:
NEWARK
Manager
Moorgate, London, E. C. 2,
Eng.
8
Subscribed
Capital..........£6,000,000
Paid up Capital
New
MARX & CO.
...£2,000,000
Reserve Fund
Jersey State & Municipal Bonds
£1,000,000
Currency Reserve..
Newark Bank & Insurance Stocks
The
Batik
business connected
BIRMINGHAM, ALABAMA
£500,000
conducts
every description
with New Zealand.
Correspondents throughout
London Manager, A. O.
of
banking
the World
Norwood
SOUTHERN
MUNICIPAL AND
CORPORATION
BONDS
J. S. RIPPEL & CO.
18 Clinton
St.
Newark, N. J.
Australasia and New Zealand
BANK OF
NEW SOUTH WALES
DETROIT
HARTFORD
(ESTABLISHED 1817)
MICHIGAN MUNICIPALS
and
CORPORATION
Specialists in Connecticut
Securities
BONDS
(With which the Western
Australian Bank and
Australian Bank of
Commerce, Ltd., are
Liability of Proprietors-_
WATLING, LERCHEN & HAYES
PUTNAM & CO.
Members
Members New York Stock
Exchange
6 CENTRAL ROW
HARTFORD
New York
Stock Exch.
Detroit Stock Exchange
834 BUHL
*
New York Curb.
Assoc.
Chicago Stock Exch.
BLDG.,
DETROIT
Tel. 5-0151.
A. T. T.
Teletype—Hartford
BEACH
AND
WEST
PALM
£8,780,000
6,150,000
8,780,000
£23,710,000
Aggregate Assets
A.
35
BEACH
30th
Sept., 1936. £115,150,000
C.
DAVIDSON, General Manager
780 BRANCHES AND
AGENCIES in the
Australian States,
New Zealand, Fiji,
Papua,
Mandated Territory of New
Guinea, and London.
The
Bank
tralasian
PALM
Th
amalgamated)
Paid up Capital...
Reserve Fund
Reserve
transacts
every
Banking Business.
Produce Credits
arranged.
Head
Office:
description
Wool
of
and
Aus¬
other
George Street, SYDNEY
London Offices:
PUBLIC UTILITY BONDS
29
Threadneedle Street, E.C.2
Berkeley Square, W.l
47
Specializing in
,
Agency arrangements with Banks
throughout
the
FLORIDA BONDS
U.
S.
A.
Charles A. Parcel Is & Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING,
DETROIT, MICH.
CARLBERG & COOK, INC.
Palm Beach—West Palm
Beach, Fla.
Bell System
Teletype: W-Palm Beach No. 84
NATIONAL BANK
MIAMI
of
ST.
We buy and aell for
own
Florida
•
.
.
.
•
.
.
Cairo
FULLY PAID CAPITAL
£3,000,000
RESERVE FUND ....
.
our
3,000,000
account
Municipal Bonds
LONDON AGENCY
6 and
(jOimiGAN.MlbUJR £(b.
—
EGYPT
Head Office
LOUIS
Srtx,
INC.--
§l
0*L
7, King William Street, E. C. 4
Branches in al
GAINT LOU/3
Ingraham Bldg., MIAMI
Bell System
Teletype MMI 80
the
principal Towns in
SO^OUVK ST
EGYPT and the SUDAN
Members St/Louis Stock
Exchange
MILWAUKEE
NATIONAL BANK OF INDIA, LIMITED
Bankers
u
WISCONSIN
CORPORATION SECURITIES
-
Teletype—Milwaukee
EDGAR, RICKER
,
.
i.
Milwaukee, Wis.
Stocks and Bonds
Bishopsgate,. London, E. C.
India, Burma, Ceylon,
Kenya
Colony and Aden and Zanzibar
Subscribed Capital
First Boston
Reserve Fund. J
St. Louis Stock
The
Bank-conducts
.
Corp.
Wire
Exchange
£4,000,000
Paid Up Capital
St. Louis
The
Government in Kenya
Colony
and
Uganda
Branches In
Smith, Moore & Co,
& CO.
...
the
Head Office:
26,
92
750 North Water
Street;
to
Missouri and Southwestern
.
.....
every
description o4 banking
sad exchange business
Trusteeships
£2,000,000
£2,200,000
...
..
and
Executorships also
undertaken
Volume
3051
I. B. A. Convention Proceedings
145
26th ANNUAL CONVENTION
Bankeri
of America
Y'-4
HELD AT WHITE
SULPHUR SPRINGS, W. VA., NOVEMBER 3-7 1937
INDEX
TO REPORTS AND
PROCEEDINGS
Page
-3051
Address of G. C. Mathews of SEC—............
—
S065
Address of Frank R. McNinch of FCC
3058
Address of Alex Dow of Detroit Edison Co
3062
Address of T. J. Coolidge, Formerly Under Secretary of Treasury_3064
Address of C. M. Johnson, State Treasurer of North Carolina
3066
Address of Dr* J. H. Williams, V.-P. N. Y. Federal Reserve
Bank
—...3069
Address of Ellsworth C. Alvord
3071
Address of Morris S. Tremaine, Comptroller of New York State.3073
Annual Address of President
Edward B. Hall
,1
m
-
Committee.........................3074
Report of Special Adivsory
Report of Public Service Committee
Annual
Address
of
3076
Edward B. Hall—Un¬
President,
Budget and
Tax Burden Viewed as
Reasons for Lack of Confidence in American Busi¬
balanced
ness—Harmful
distributed
Effects of
Profits
Tax
Capital Gains and Un¬
Cited Along with
Also
Financial Condition of Railways
in business and markets"
as "particularly discouraging because it tomes just as we
seemed to be making some real progress in recovery from
the great depression," Edward B. Hall, in his address on
Nov. 5s as President of the Investment Bankers Association
Unsatisfactory
Referring to "the present slump
state
and
Page
..3078
3079
3082
3083
3084
3087
n
Report of Industrial Securities Committee.
Report of Municipal Securities Committee
Report of Railroad Securities Committee
Report of Government and Farm Loan Bonds
Committee
Report of State Legislation Committee
Report of State and Local Taxation
Committee
Report of Trading Committee._
..........3087
•
Report of Real Estate Securities
3089
Committee
Report of Business Conduct Committee. .. ..... ... ....... ... • .3089
Resolutions Adopted Advocating
Repeal or Modification of
Undistributed Profits Tax and Capital Gains Tax___
3090
Officers
of
Elected..................................i....3090
America,
at its
annual
convention at White Sulphur
Springs, W. Va., stated that "the most common answer" as
to the cause of the slump "is lack of confidence in the future
of
American
business."
As to the reasons for
such lack
Mr. Hall mentioned that "there are uncertain¬
attendant on disturbed conditions in Europe and the
of confidence,
ties
Orient," and he further noted "the spectre of the unbalanced
Federal budget which has been with us for years; the fear,
the unbalanced budget, that American
the tax burden coupled with
harmful effects of the capital gains tax and the tax on
closely
related to
business cannot stand up under
the
municipal bonds
$
Phelps, Fenn &
SO
Co.
New York
Broadway
Members
ESTABLISHED 1800
%
New
York
Baltimore
Alex. Brown &
Stock
Exchange
Stock
Exchange
Sons
BALTIMORE
Offices :
WASHINGTON, D. C.
FREDERICK, MD.
Underwriters and
Distributors of
•_
Investment Securities
New York
*
TWO
e
Representative:
WALL STREET
3052
I. B. A. Convention
State and
SALMON
P.
Proceedings
Nov.
1937
13,
Municipal Bonds
CHASE
Secretary of the Treasury—1861-1864
THE
CHASE
OF THE
NATIONAL
CITY
BOND
OF
BANK
NEW YORK
DEPARTMENT
Pine Street Corner of Nassau
Tel.
JOhn
Bell System
4-2000
undistributed
profits."
"And I think," he said, "that the
unsatisfactory financial condition of our railway system is
probably
erally
a
important
more
realized."
"Some
depressing factor than
of
the
causes
is gen¬
depression," Mr. Hall noted, "it
the
investment bankers, and
ment has passed
ment
banking
with
monetary
As
gest,"
or
said Mr. Hall,
few
a
devote
I
business
discharge them
these
the
to
responsibilities
best
of
their
of
He
function and meet its payrolls and
provide a return
serve
"And to the extent
as
that
government
been
business," said Mr. Hall, "it cannot avoid responsibility for
Mr. Hall, who is a member of
Harris, Hall & Co.
of Chicago, also had
something to say regarding the Barkley and Lea bills in his address, which we give in full
my
annual
convention
be
to
come
only
privilege officially to welcome all
to
of
Association
our
favorite
our
the
delegates
meeting
and
at
White
place.
Sulphur Springs, which has
welcome
from
member
the ladies whose presence adds
to
this twentyt-sixth
This
representatives
to
of you to
is
extended
houses,
not
but
also
our
60 much to
the pleasure of the
meeting,
guest speakers, and the representatives of the
press.
Our member¬
comprises 784 firms and corporations as
against 748 twelve
months ago.
During this twelve months' period our membership reached
its highest point in the
history of the Association at 812.
Attendance at
this convention,
evidently affected by current business conditions, is 562
as compared with 912
last year.
ship
now
One of
the
on
the
financial
conventiton
writers
that
at
who
is
with
said
us
in
hie
advance
story
this
meeting "some of the varied problems of
bankers will be discussed
publicly and all of them privately."
This
emphasizes the point that forums and
meetings are only part of a conven¬
tion.
An
important feature is the opportunity to
exchange views and
make friends
among the men in our business from all parts of the
country.
Your convention committee has
provided pleasant surroundings, beautiful
weather and' an
interesting program, with the generous cooperation of
numerous distinguished
speakers.
But if the convention is a real success
the
it will be
I
am
in
Association
In
large part because each and
going to start
during the
connection
with
out
by referring
every
of you has made it
one
briefly to the
very
year.
State
legislation,
Field
our
Secretary,
than any
Committee
our
all
the
State
securities
man
in the
State
on
laws
were
of time
to
of
G.
more years of experience in fraud
prevention
country, and who works under the direction of
Legislation, has had
Legislatures
Arthur
in
were
introduced in
regular
30
busy
a
session.
and
of them.
He
in
which
had
great deal
the
special committee appointed to cooperate with a committee
Association
of
Securities
Commissioners to work for
greater
uniformity
various
State
in
the
showings
Blue
Sky Laws.
Special Uniformity Committees
Our
Committee
that
mission
leges,
was
against
and
Counsel
referred
the
to
at
him
admission
the Trading
The
are
required'
reports
of
available
on
new
the
and
of
State
merit
Washington, Paul Y.
to
issues
under
the
Legislation and
your
Keyser,
attention.
won
the only
be presented
certain
and argued before the Com¬
bonds to unlisted
trading privi¬
Committee's
report tells that 6tory.
Our activity
has led to an
understanding with the officers of the New
Exchange that in the future they will give our Association
advance notice regarding issues for which unlisted:
trading privileges
in
this
York
be
case
applied for, and it is hoped that by friendly discussion in advance
we
and
the
Stevenson
the
at
loyalty
referring
a
because
not
of
these
healthy going con¬
bring the work
work
number
national
chief
III,
and
admiration
half its
the
and
of
the
in
our
And
the
men
conventions.
I
have
market,
entire
can
office
burden
of
staff
would
say
have
to
come
administrative
26-year
the
nothing I
do
justice
Alden
Little,
for
the
have
Association
for
history.
Augusta, Mr. Landis,
stock
gone
with
ness
then Chairman of the Securities
warning against over-optimistic
was
then nearing the end of
a
which
specu¬
rise
a
on
substantial
a
compared
from
with
an
to
1930.
1920
experiencing
just
increase
of
average
At
in
the
amount
of
new
capital
raised
for
of
one
in
the
was only about $1,000,000,000
as
$4,000,000,000 a year in the period
about
present
recession
a
witnessed
we
and for
are,
important
many
steepest
declines in
months
some
lines
of
stock
have
business,
been,
and
have
that has
prices
ever
occurred.
Some
of
Dec.
on
the
intervening events
the arrangements
were
by the govern¬
of additional gold
imports which were announced
further increase in the reserve requirements announced
the sterilization
21, 1936
;
a
Jan.
30, 1937; a Berious and costly epidemic of strikes in
many
industries, notably automobiles and steel, which epidemic extended
through¬
the first half of the
year; a slowing down in several important lines
of
business which became
definitely apparent about the middle of the
year; and
finally the precipitate drop in stock prices which started in
right after Labor Day.
Within about six weeks the decline carried the
on
out
prices of shares
in many
good going concerns, which
earnings for
the
same
Since
1937, to very much less
shares earlier in the year.
the market break, on
I
are
do
de-sterilize
not
want
this
to
decline,
teristics—in
year,
Nov.
on
a
which
face
the Treasury
gold
garded by
The
for
about
days
had
is
made
this
to
it,
with
which
audience
the
for
arrange¬
in
margin
Association
our
stock
market,
panicky
charac¬
industrial companies
loans, and
of
a
were
which
difficult,
numerous
the
and
raising
it
this
large supply
very
interest—cannot be disre¬
the management of
any kind of
doubt
no
under
extremely
of
decidedly
most
absurdly low rates
condition
a
announced
reduction
a
that members
of
anyone concerned
reasons
and
excellent
report
prices quoted
day-to-day fluctuations in the
several
on
will
the high
1.
give the impression
at almost
money
brought
out
the
13,
of
half
good earnings for
relatively small volume of brokers'
bank
of
$300,000,000
effect
primarily concerned with
but
than
Sept.
to
ments
requirements took
is
and
of
not
business.
have
complex,
capital
new
to
necessary
for
point
obvious
relationship between the flow of new
capital into business enterprise and the outlook for
employment of workers.
At
last
for
12
the
six
aging.
the
It
the
is
of
part
30,
the
stocks
a
right
for
of
capital
at
$1,192,000,000.
The total
$1,460,000,000, of which $785,-
1937, is
$675,000,000
it
recovery
for
new
capital
financing is
discour¬
general knowledge that
raise
to
of
new
the
a great
many plans
have been abandoned
capital
lack
of
capital
for
slump in business and markets
comes
from
just
the
issues,
1937,
as
great
seven
since
we
seemed
depression.
years
there
the
Chronicle."
immediate outlook
matter
direction.
new
compiled by
Financial
corporations
The present
mate
1936
in
and
either
investment
or
demand.
because
new
year
moving
notes,
the firet six months of that
period and
The figures are from the.tables
indefinitely postponed because
lative
be
to
bonds,
the
months.
and
Obviously
of
for
Sept.
ended
raised in
was
last
"Commercial
seemed
we
issues
reported
months
000,000
in
December
corporate
were
Curb
may
larger
attend
by
is
importance
as
committee
group
much
very
paramount
Association
it
industry, although the amount reported
purposes
a
the
and
to
activities
group
rapidly and almost without interruption for two years.
President Orrin G. Wood at that time
reported a year of expanding busi¬
to
gave
almost
Exchange Commission, issued
Bills
also
a
able
Robert
carried
lation
Domestic
the
to
in their
Last December
because nearly
National
the
case
has
year
amend
meetings
affection
industry
Davis, who has probably had
work
the
group
are
of
Chairmen's Committee,
of
unfailing
who
60.
work of
subject
Group
committees.
ment for
is
the
over
the
maintenance
approximately
herewith:
It
pass
the
Secretary,
the
to
over
results."
with the Association,
duties.
time and thought to the work of the Association.
officers and group committees as well as to national
appreciate
Association
Our
the
on
his
of
of
to
than
full year
for
President has been made
exceedingly pleasant
prevails among the partners and officers of
willingness to accept committee assignments and
the
The
national
added:
control
assumes
I
report
in
fitness
committees, especially those on
State legislation and
municipal
securities, supplement in an important way the work of the
corresponding
stimulus to further savings."
a
undesirability
or
group
seriously and
ability."
desirability
the
their
deal
failed
the
of
group
If
the
business
"Government, Federal, State and local, has the responsi¬
bility of maintaining conditions under which business can
capital which will
in
great
have
cern.
"that either the investment bankers
take
a
activities
taking responsibilities.
Each investment
banker," he declared, "has responsibilities
to his investing
customers, to the industries for which he
acts as banker, and to the
public; and the responsible firms
our
firms,
to
you
government can be relieved from
in
the
spirit that
.
put all the blame
ago."
"I do not sug¬
years
work
wonderful
This applies to
blame the government for recent
unsatisfactory market
and business conditions."
"But I do not think it is fair,"
he went on to say, "to center the blame on
government on
this occasion any more than it was fair to
investment bankers
demonstrated special
committees.
to
on
has
usual, the
member
Federal Govern¬
.
each
by the
special legislation for the control of invest¬
and the stock exchanges
coupled
for government control of
banking credit
affairs, it seems only natural for many
.
measures
and
that the
now
about
agreement
a
Secretary, each has just completed his first
and
"During the late great
very popular to blame
was
an
•
Municipal
mentioned,"
Mr.
observed, "are beyond the control of any one in Amer¬
ica, but something could be done by Congress about these
taxation."
to
come
admitting
1-1010
certain issue, without the necessity of
appearing on opposite
sides of an argument at a
hearing before the Commission.
David Dillman, Educational
Director, and Dudley C. Smith,
Hall
two unsound methods of
Often
can
of
Teletype NY
has
have
been
to
be
is
passed,
anything
or
specu¬
particularly discouraging
making
some
Referring again
now
on
to
if you
like
a
real progress
thte
figures
include
normal
an
in
on
esti¬
amount
of
3053
Proceedings
I. B. A. Convention
145
Volume
"U
Goldman, Sachs & Co.
30 Pine Street
New York
Investment Securities
Commercial Paper
Commercial|& Travelers Letters of Credit
Foreign Exchange
75 Federal Street
208jSo. LaJSalle^St.
Boston
Chicago
314 North Broadway
1416 Chestnut St.
St. Louis
Philadelphia
treating the average for
the volume was nearly
financing,
such
when
1930,
since
the 1920's^ as normal.
Not
$4,500,000,000, has there been
which the total exceeded about $1,500,000,000.
connected with finance is frequently asked what caused this
slump, and many different answers are given.
The most common answer
is lack
of confidence in the future of American business.
This seems
correct as far as it goes, because confidence is obviously lacking when
the shares of good companies sell at only about five timeB this year's
a
in
year
Anyone
doesn't
That
earnings.
mean
that investors
will not part with their
of 20% per annum.
year's earnings will
there is a good prospect of a return
only mean they have no confidence that this
unless
money
It
can
be
duplicated.
which have no
in
conditions
the
question
more
in the future of American
Passing over
concretely.
Why do people
business and American
markets?
those answers which have a partisan political flavor, and
place here, there are the uncertainties attendant on disturbed
Europe and the Orient;
the spectre of the unbalanced
which has been with us for years; the fear, closely related
budget, that American business cannot stand up under
Federal budget
unbalanced
the
to
puts
merely
that
But
lack confidence
of the capital gains tax
and the tax on undistributed profits.
And I think that the unsatisfactory
financial condition of our railway system is probably a more important
depressing factor than is generally realized.
Nor do I overlook the other
great utilities that could be expected to spend a great deal of money
for
expansion under more favorable circumstances.
Emphasis is placed
on
the railroad problem because its importance seems to be less generally
recognized at present—perhaps because the problem has existed for such a
the
coupled with the harmful effects
burden,
tax
time.
long
Some
the
of
causes
mentioned
are
beyond the control
of anyone in
something could be done by Congress about these two
unsound methods of taxation which in effect offer immediate cash prizes
for the conduct of one's business and personal affairs in a manner which
otherwise would be contrary to all the rules of prudence and common sense.
And I want to emphasize as strongly as possible that if there is any
but
America,
these two
of invest¬
ment
is of vital
personal interest not only to investors but also to every worker on a
payroll and every man on relief who hopes to bet a job in industry.
We are going to have a forum on the general subject of Federal taxes
tomorrow morning, with addresses by two nationally
recognized authori¬
view of business men that
seriously disrupting the orderly processes
and financial management, their abolition or amendment
ties
of taxation
on
As
the almost unanimous
in
soundness
forms
are
the subject.
the railroad
to
convinced
of
its
discuss it, but I am
national economy, and really very
problem, I am not the one to
importance
in
the
that we did not plan for a forum on the subject
meeting.
I recommend to all of you that you obtain and read
of
an
address made by Fairman R. Dick, who is Chairman
much
regret
Committee
Association
I
ness
do
not
on
in
at this
a copy
of our
Railroad Securities, before the Massachusetts Savings Banks
September.
to paint too discouraging a picture of the present busi¬
wish
situation.
Our country has often
demonstrated wonderful recuperative
This year the prospect for farm income is good and, if some
of the present obsticles to progress can be identified and moved out of
the way, there is a long stored-up need for buildings and capital improve¬
ments of many kinds to be supplied.
In fact, earlier in the year there
were
very large amounts of new financing under discussion, of which a
substantial percentage was for new capital.
powers.
Mr.
Dillman,
in a few weeks ago to
the business in prospect by obtaining
Educational Director, started
our
find out something about
and
try
from some of the leading accounting firms.
He
without mentioning any names, figures showing
issues
for which the several accounting firms had
figures
asked them to
the number of
new
been asked to
prepare registration statements.
There was time to receive returns from
only three of 6uch firms, and the figures received are at least suggestive
that there is a very large amount of new capital issues under considera¬
submit,
that
had
they
asked to prepare figures for registration statements
securities for 74 issuers. These issues have a total par
and, of that amount, $147,000,000 would be for
been
covering issues of
$492,000,000
of
value
will come to market if a satisfactory investment
the near future.
These three accounting firms reported
probably
which
tion
demand develops in
capital.
new
only three auditing firms, but I
indication that a very substantial amount of new
financial business was in the making before the unfavorable market devel¬
opments of September and October made it necessary to postpone consid¬
As
think
these
indicated,
figures are from
they give a clear
eration
it.
the major part of
of
eligible for institutions and trustees are
This makes it possible to do refunding in
many
instances on an advantageous basis, but, of course, a great deal
of
that kind of refunding has already been
done. When expansion is
contemplated an established company can often raise part of the funds
by the sale of first mortgage bonds, but should properly obtain a portion
of it from
the sale of junior securities, and for the latter the markets
still
have
A
for
type that
the
of
Bonds
selling
at
are
high prices.
late.
to be that most of the money available
investment is in the hands of men who are investing other people's
been
most unfavorable of
of the market seems
feature
bankers, and trustees of
investments
The demand from such
buyers has been substantial, with the result that while the highest grade
bonds declined about five points in market price for long maturities in
the spring,
their quotations have shown very little change in the past
such
money,
estates
that
and
are
as
insurance
company
endowment funds.
officers,
Naturally, such buyers require
eligible for their conservative purposes.
stocks and the very substantial
bonds which are considered well secured
but are not in the trust fund class.
Last year, when bond yields were so exceedingly low and stocks were
advancing and paying extra dividends, principally because of the undis¬
tributed profits tax, there was a noticeable drift of private investors who
formerly were bond buyers, into the purchase of stocks for investment.
At present there are signs of a drift in the opposite direction, which is
only natural in view of the stock market's performance coupled with the
circumstance that bonds that seem well secured, and that have a long
record of prompt payment though not in the insurance company or trust
fund class, can now be purchased to yield 5% or thereabouts.
Of course, the drift towards stocks was greatly stimulated by the talk
about
possible inflation of the currency that has been prevalent since
redemption of our currency in gold was abandoned.
The recent drop in
prices, not only of Btocks but also of numerous commodities, has quite
naturally tended to check the fear of inflation, although it can be pointed
out that if we should have a recession in business with reduced Federal
revenues and increased unemployment,
the pressure for monetary measures
of an inflationary character would probably be stronger than ever.
Coming to a consideration of the regulation of our business by Federal
authority, which has been a major topic of every President's report to
two
months in spite of
reduction
in
the steep decline in
the prices of many
3054
I. B. A. Convention
Proceedings
Ames, Emerich
Nov. 13, 1937
Co., Inc.
&
105 South La Salle Street
CHICAGO
Originators and Distributors
this
Association
for
the
last four or five
years, I want to express our
thoughtful address delivered here on
Wednesday by
George C. Mathews of the Securities and
Exchange Commiseion.
There can be no doubt in
any of our minds of the
desirability of
haying all the people in our business down to the youngest salesman
gain an intelligent understanding of the real aims and
purposes of the
laws and rules
adopted by the Federal Government for the
regulation of
our
appreciation
of
Careful
consideration
of
what
he
said
will
be
helpful
that end.
to
It may be true, as he
said, that the normal course has been for
business to oppose all
regulation and, because that is the general
impression, I think it in order to review
again the record of our Association
in that connection.
As
early
1920,
when the broad public interest in
corporate securities
first developed
following the government war loan campaigns, the Investment Bankers Association
sponsored Federal securities legislation
designed
to bridge the
gaps
between the securities laws of the States.
Volstead
posal
we
the
It
Fraud
Federal
active
law,
acknowledged to be the first practical pro- *
legislation, was introduced in Congress in 1920
fraud
support
of
to
assume
its
A
the
jurisdiction
under
the
Volstead
bill
of
Bankers
Association,
Meanwhile,
the
enlisted in
were
a
Investment
but it also
Association's
it
a
and
the
Two years of
fail
After
Office
to
those
in
of
of
it
it
it
investigators
appropriation
for
impossible
get
was
in
that bill
was
to
this
the
it
who
the Federal
demonstrated
never
its
been
placed
amendment
would
of
on
the
in
to
1934
a
the
reframed
Investment
House
1927
devote
in
their
Com-
only
to
to
the
Post
their
entire
efforts
inception.
It
to
was
existing in the postal law
involved
Department of
we
an
additional
only
still
were
substantial volume
very
under
its
on
underwriters
least
in
the
and
the
opinion
provisions.
$500,000,
working on
in
the
officers
of
the
men
our
new
have
heartily in
that
carelessly,
is
offering
customers
our
features
of
of
although
issues
1934
to
the
accord
with
the
of
transactions
the
should
and not only interfere with the normal
to
the
another,
or
of
directly,
expense
As
it
such
fail
cannot
underwriting and
Early
this
spreads
risks
allowed
in
the
was
offerings
preemptive
of
in
but
conduct of
covered
long
while
into
is
it
hastily
the
business
risks
the
assumed
by insurance in
further
run
connection
to
in
and
entered
to
by
form
one
increase
and
the
cost
public criticism of the commissions
securities
new
rights,
be
increase
be
statement
securities.
some
underwriters
with
also
to
distributing
there
year
but
need
the
this procedure seem unneces-
sary
underwriters.
in
expensive,
not
delays involved in
and
issue,
an
extremely bothersome and
financial
some
to
favorable
as
add
with
of
offerings,
stockholders
common
view
public
the
in
substantial
or
and
accordance
losses
suffered
recently by underwriters of large new issues, it now seems very clear to
us in the business that the insurance rates charged for risks of that class
its
few
day
I
ago
early this
offered
year
stockholders at
own
too high.
talking with the President of
was
substantial
a
it makes
tremble
has
amend-
liabilities
issuing
com-
accept
those
if business is
going to be done.
I recognize that the
debate
possibility of doing necessary financing under the
original Act is
him
when
will again attempt to raise
ing
commitment.
and
that
it
in
underwrite
I
could
him
reflect
doubt
no
terms
on
important,
permanently
about
know
to
that
mood
however,
that
in
the
sufficient
why
I
had
of
the
if
with
the
the
of
and
recent
on
continue
only to
and
costs
cover
profits
and
them
Exchange Commission
that
the
just
are
are
return
normal
a
members
as
be
commis-
reasonable
a
to
appraised,
adequate amount of capital is to
an
frequent contacts with
our
Securities
of
again
days,
are
on capital, but also to
provide a reserve for the losses which
part of experience in the business.
We know from
way,
will
based
they
as
never
number
a
30
or
he
that
never
moment
risks
to
any
underwrit-
an
heard:
period of 20
a
that
he felt
they
underwriting business,
not
and
without
that
say
without
entirely successful
was
now,
way
stock
common
underwriting commitments will
commensurate
engaged
be
the
that
it
understand
underwriting business
statements
sions must
him
thinks
capital in that
offering of that kind for
an
be available
is
the
I have
events.
It
told
he
new
might interest
friends
my
I
large company
a
of
amount
price somewhat under the market,
a
He said that although the operation
eager
and
as
we
to gain greater simplicity and
economy of
are
both time and money in the
preparation of registration statements and presentation of material facts to
investors
in
Of
the
in
every
Association took
of
directors
who
form,
of
character
and
unworkable and
These
representatives of
changes
the
Amer-
Blue Sky
was
of
liabilities
on
of
regulation
Federal
Securities Act, which seemed
be workable in its
original
market
procedure
important
or
for
well
as
which
the
Federal
in
been,
have been too low rather than
State Securities
turned
have
underwriting.
through the
although
sum,
in the formulation of which
active part, made vital
imposed
and
ultimately
While it
Office
ments,
paniee—at
a
enlarge its staff of inspectors by
purpose.
Post
that
investments
The
etaff
came
since
an
of
unfavorable
These
1929.
1933
of
committees
failures, the Association
be made effective for
In
as
enactment.
behalf
detecting and stopping fraudulent transactions
convincingly urged that the stop order power
annual
tion
of
result
bill
1921
Association
Association
got
in
always
disclosure
willing
delegated
was
the Senate.
pass
three
special
in
special
National
work
failed
1920,
Department and proposed that
force
could
the
called the Denison
was
Originally introduced late
through the cooperative efforts of
missioners.
Bankers
efforts
fight for what
Bankers Association
introduced
was
bill.
have
which
powers
days
among
and
are,
full
after careful inquiry into all material facts
concerning an investment offering, and feel that this
legislation has
improved the practices of the business with
respect to care in the examina-
A
the
joint activities of the
ican
broad
because,
enforcement.
redraft
We
of
with
Association.
our
is
interesting to note that it failed of enactment
other things, no
department of the government in those
for
workable.
principle
The
Federal
for
with
as
Investment Securities
of purely academic
interest, but I cannot refrain from repeating that
sincerely believe the amendments were necessary to make the law
now
the
Commissioner
business.
of
way
prospectus,
we
and
that
to
end
simple rule that
one
to
tieated
measures
yourself.
who
read
to
is
Ideal
regulatory
treat others
fundamentally honest and
the
law,
complicated
are
much
procedure
less
eager
to
cooperate
follows
the
would like to
be
that
to
laws
you
as
would
employ counsel
seems
all
covers
tions, and that is the ancient rule
man
we
can.
there is
course
so
and
drafted
rule
would
interpret it.
regula-
that
be
the
have
not
The present
a
long way from that ideal, and the best
to work toward it, as Mr. Mathews has
suggested, is through coopera¬
between government and business.
It is not surprising that such
cooperation should often be difficult because of
divergent points of view.
way
tion
I heard
objective
Underwriters and Distributors
of
Lamont
didn't
told
MUNICIPAL, COUNTY
AND
in
BONDS
would
and
in
FOR 52 YEARS
often
each
FIELD
BUILDING
Street, Chicago
A. T. A T. Teletype CQO. 1168
his
in
to
the
two
On
Brother
working for the
told
was
Methodist
priest
often
his
by
same
Thomas
minister
of
the
visited
on
departure the
Lamont,
the
serve
a
Catholic
evening.
"Now,
say:
was
Roman
and
the
were
It
W.
Chicago a couple of weeks ago.
I
liberty of repeating the story as it was
father
The
friend,
endeavor
legislation
we'll
Lord—you
for
for
government
do
not
few
it
we
it
in
of
go
our
your
in
a
village
the
small
was
priest
separate
own
a
Methodist
Catholic
ways
and
way
with
I
only
than it
fair
was
to
center
blame
to
has
powers
natural
for
and
blame
of
many
business
on
fair to put all the blame
stock
administer
to
control
banking
to
blame
conditions.
government
on
the
passed
banking and the
broad
the
somebody.
popular
government
unsatisfactory market
is
blome
Government
investment
for
seems
to
very
Federal
commission
it
want
was
the
measures
affairs,
recent
years
control
a
with
this occasion any more
a
the
think
hurt
that
now
appointed
coupled
monetary
are
depression
and
and
I
we
great
Acts,
credit
the
late
bankers,
exchanges, and
these
When
party.
the
investment
bankers
Telephone Randolph 0820
the
who
men
schools.
at
Referring again to the recent steep decline in the stock
market, not
only do people want to know what caused it, but it is a human
habit to
want
somebody or some small group of persons named as the wicked
But
135 South La Salle
take
said
good
made
His."
special
THE
I
different
he
Hudson.
front porch
During
H. C. Speer & Sons Company
but
He
the
in
address
him
and
responsible
Established 1885
trained
me.
on
neighbor
pastor's
SCHOOL
amusing story about two
an
hear
to
town
an
but
on
investment
ago.
This is a very large country, and
prices of securities are established
by the action of hundreds of thousands of buyers and sellers in thousands
of communities
from
the
Atlantic
to
the
Pacific.
Volume
No
banker
investment
authority to tell
he
shall
I. B. A. Convention
145
and
government
no
any
power
or
buyer of securities what he shall buy or what price
any
and that certainly is as it should be.
pay,
has
agency
You sometimes hear
the public, as though the
investing public stood ready to take anything that is offered at the price
quoted, but there recently have been plenty of demonstrations that the
buyers have ample ability to decide for themselves whether or not they
will buy and what price they will pay; and that is fair enough, because
reference
bankers
to
they furnish
the
securities
unloading
on
Underwriters, Dealers and
money.
bankers or government can be
relieved from taking responsibilities.
Each investment banker has responsi¬
bilities to his investing customers, to the industries for which he acts as
banker, and to the public; and the responsible firms in our business take
these responsibilities seriously and discharge them to the best of their
ability.
Government, Federal, State and local, has the responsibility of
maintaining conditions under which business can function and meet its
payrolls and provide a return on the capital which will serve as a
stimulus to further savings.
These conditions include, among many other
things, a sound currency, sensible regulation of finance and industry, pre¬
vention
of fraud, and a minimum of unnecessary and costly red tape.
And, to the extent that government assumes control over business, it
cannot
avoid
responsibility for results.
Authority and responsibility
I
do
not
be
cannot
In
suggest that either investment
Distributors of
Municipal, Public Utility,
Railroad and Industrial
segregated.
closing I want to make the further report on committee
work:
G. Wood as Chairman, and
the Special Committee on Trust Indentures, under Benjamin J. Buttonwieser as Chairman, presented our views before committees of the House
of Representatives and the Senate, respectively, on the Lea bill for the
regulation of protective committees and reorganizations, and the Barkley
bill for the regulation of trustees and trust indentures.
These two bills
and the closely related Chandler bill to
amend the reorganization pro¬
visions
of the
Bankruptcy Act were introduced in the last Congress.
The
3055
Proceedings
Committee, under
Washington
Orrin
Bonds and Stocks
in New
England and New York
adjourned,
session.
They were still being worked over in committees when Congress
presumably will have further consideration at the next
and
Mr.
mittee
views
the
on
Senate.
bills
those
Foreign
Commerce, and
Mr.
Com¬
Buttonwieser pre¬
Barkley bill to the Banking and Currency Committee
The fundamental objection made to certain provisions of
the
that
was
they seemed
to us to
we
with
considerable
and
lender
the
judgment,
be
in the case of the Lea bill, and to a
between the long-term borrower
the Barkley bill on trust indentures.
These, in our
adjustments
to
in
the
impose
Securities
on
Act
any
makes
15 State St.
bargain
actual
responsibilities
are
unwise
The
degree
duty of approving reorganization
alBO the
accord, but
voluntary
and
plans
in
are
Estabrook
impose on the Securities and
Exchange Commission not only the duty of requiring full disclosure,
which
INQUIRIES INVITED
for
Prescott and George D. Woods, as spokesmen
and
Interstate
on
sented
A.
presented their views on the Lea bill to the House
Association,
our
of
John
Wood,
which
sincerely believe Congress would
we
government agency.
it a criminal offense to represent that
of
regitered issues,
ably
on
with
the
reorganization
any
and we fear that if the
by
principles
respect to business problems should be exercised by
or
property is involved or through representatives
money
In
them.
of
of
a
this
latter
connection we are all in favor of the
democracy in financial affairs and of the right of the real
business to choose their own representatives, and do not feel
in this choice as proposed in the Lea
disqualification of investment bankers or company
long as full disclosure is required.
Our views were presented
to the congressional committees not in the spirit of opposing regulation.
Our record shows that we have directly favored Federal measures for the
that
bill
they ought
by
to
be restricted
arbitrary
the
officials
as
Our views were presented in a sincere desire to
told that the members of the committees seemed
suggestions in the spirit in which they were made.
prevention of fraud.
helpful,
receive
New York
Members New York and Boston
Springfield
Hartford
.
Stock Exchanges
v.
Providence
Commission is charged
new issue or a
■
with
whose
owners
•
has been
this impression will be even more strongly fostered,
v- :f';
•••'••.: •
plan,
reason.
Judgment
chosen
Vx
responsibility of approving certain features of a
and with
those
securities
registered
40 Wall St.
f^\
V_>(
Founded 1851
approved by the Commission, and
Chairman Douglas has plainly stated that the Commission cannot hope to
prevent people from making foolish investments and will not act as
investment counsel.
In spite of these clear statements, we find that some
investors are under the impression that the Commission has passed favor¬
issue
/VfTT
yV
Boston
and
our
I
am
has a place among those causes. This I
We are too close to the times of market distress
to feel certain that causes could be appraised calmly and accurately, even
if all the data necessary for their ultimate listing and measuring were now
regulation of trading practices
am
attempt.
available.
It is important that
course
opinions which may be largely
determinative of the
be reached by as close an approach to
capabilities. The "nervousness" of
its reaction to hope and fear, to rumor and mood, emphasizes
which regulation shall take
the scientific
the market,
method
the importance
opinion
only
as
lies within our
of having opinion founded on
when all
knowledge and of expressing
available sources of that knowledge have
been
examined.
I think you ought
an opportunity to gee some suggestion of the point of view and
of a member of the Commission and in the hope that in some
this meeting will serve to improve our understanding of each
I have accepted the
be
to
not going to
to
have
attitude
measure
invitation to talk to you because
other.
Belief
Expressed
by
G.
Mathews
C.
of
SEC
that
Administration of Measures to Promote Soundness
of
Investment
Investment
Can
Be
Without Stifling
I. B. A. Urges Need of
Pressed
Itself—Before
Self-Regulation
Belief in the purposes which the Securities Act and the
Securities Exchange Act "seek to have accomplished" was
expressed on Nov. 3 by G. C. Mathews, of the Securities and
Exchange Commission, before the Investment Bankers Asso¬
Cooperation to Effect System of
ciation of America at its annual
I know that some
shall try to express,
things must be
different from what I
understanding of how we look at
approach problems that both you and the
of you will have ideas quite
but I think a better
helpful when we
Commission must try to solve
control of
things
that are being done, and to something of what should be done in the future
through the common effort of the securities fraternity and the Commission.
Many things must be omitted for lack of time, even though the circumWhat
I want to talk about
securities markets, to some
today relates to some phases of
of the things that have been done, to some
convention at White Sulphur
"Some Things Done and to be Done" was
the title under which Mr. Mathews spoke, and during the
course of his remarks he stated that "events have proved that
the administration of measures intended to promote sound¬
ness
of investment can be pressed energetically without
stifling investment itself."
"It seems to me", said Mr.
Mathews toward the end of his remarks, "that the im¬
Springs, W. Va.
be to study the methods by which
self regulation may be prompted.
As I see it," he went on to say, "there need be no surrender
of the full and final authority of the Government, but
there must be a willingness to work with the industry and to
realize that anything like perfection of the program must take
time and study, a willingness to proceed gradually, and if
mediate program should
an effective system of
which may prove to have been
direction."
"We need to work together
to complete a program and to put it into effect," said Mr.
Mathews, who earlier in his remarks stated that "when
the vicissitudes of a trying period tend to cloud our judgments
and to irk our tempers, I think we will nevertheless continue
to cooperate, because we will have to do so.
The course
will be difficult, but I am not without confidence as to the
outcome."
The following is the address of Mr. Mathews:
necessary, to
MUNICIPAL
BONDS
retrace steps
taken in the wrong
It might be
of the last few weeks, a
convention would outline theories
expected that, after the experience
speaker from the SEC addressing this
anfi state conclusions as to the causes
of the market break and whether
the
B.J.Van Ingen <5cCo.
57 William Street
•
New York
Inc.
3056
I. B. A. Convention
Proceedings
Bankamerica
INVESTMENT
SAN
1937
Company
SECURITIES
FRANCISCO
LOS ANGELES
OAKLAND
SACRAMENTO
SAN JOSE
SAN DIEGO
FRESNO
STOCKTON
LONG BEACH
BEVERLY HILLS
.
SANTA
ANA
BELL SYSTEM TELETYPE
circumstances
shall refer
are
appropriate for
their presentation.
Those
to
which
I
has
picked in the hope that they will be helpful in attaining an
understanding, and with full recognition that their discussion will leave
many
If
are
In
important questions not referred to.
we
are
ground of
program
our
to understand where we are, we must first consider
the back¬
our present circumstances.
It
seems
for regulating the sale of securities
to me that
was
a
As
comprehensive
inevitable and that the
to regulate the sale of securities
was
it,
see
bound to
billions in
resulted from
a
political drive not
party platform and the legislation
that
demand articulate
and
a
backed by real
to
public demand.
channels
determine the form of its
I think that many times an earlier
recognition by business that it could
not expect to go on uncontrolled
might
have greatly affected the form of
regulation.
must
Perhaps it is too much to expect that the business which
be brought under control should realize as
readily as the lawmaker
the economist when that control must be
asserted.
Characteristically,
the course has been to oppose all
regulation, to fail or refuse to realize the
strength of the current of popular demand until it has been too late to
affect the trend of public
thought or the actual construction of the mechan¬
ism of control.
Then it was unavoidable that the framework and
or
me¬
chanics of regulation should be
developed in an atmosphere of bitterness
and animosity.
I hope that it will be understood that
condition
peculiar
to
the
securities
exceptions might not be cited.
I
am
I
not
am
business
nor
speaking of this
as
one
which
to
as
a
many
only trying to point out that business
has not permitted itself to
play the part it might have played in shaping
the program of restriction and
regulation.
It has not had the politician's
sensitiveness to the forming of popular convictions
when the public demand
was
or
really aroused that demand
was
bound to be
to
A different attitude
might often have made it unnecessary for an industry
pin its faith on a lawyer's assurance of constitutional
protection—an
assurance which often has to assume a static
world and to
tion of thought as
public problems change and
new
ignore the evolu¬
demands and needs
compel recognition.
Now
we
have the
Securities Act and the Securities
Exchange Act.
believe in the purposes which these Acts
seek to have accomplished.
think most
of you
are
in the
methods of doing business.
more
same
position.
They have changed
They have made the conduct of
your
investment.
was
where
see
has
we
are
going.
function in
dual
a
whereby the savings of the people
In
our
are
to guide those savings into
the
Twenties,
the
investment
extremely effective in the performance of the
But,
a year.
all know to
as we
foreign securities.
dissipated in worthless
were
This failure of
or
over-valued domestic
investment mechanism
our
and
by
to include
mean
much more than the business of
offering
helped to bring about the profound dislocation in our
national economy
which
focus
to
came
in
the
crisis
of
the
early thir¬
ties.
I think
no
student of the situation would be
optimistic as to expect
the program of regulation to bring
anything like a perfect performance of
this second function
That would pro-suppose an expertness on
the part
of investors which even highly skilled
analysts could not claim on their
records.
Also,
student
no
so
fail to recognize
can
of that collapse were far
causes
that
beyond the control of
contributing
many
even
an
ideally
con¬
stituted investment mechanism.
The
Securities
Act
of
1933
and
the
Securities
designed to minimize deficiencies in
were
Exchange Act of 1934
investment
our
system
which
stood thus revealed.
A purpose of these Acts was to
given a better balance
machinery of investment by increasing its effectiveness in directing
the people's savings to useful purposes.
In this effort, the Government
to our
needed the earnest support of the thoughtful and
responsible members
business.
your
of minds
on
Unfortunately, however, there
was
no
of
adequate meeting
The proponents of the laws
naturally centered their attention
the second function, while many of the more
outspoken representatives
of the securities business seemed still to be unable to
see clearly the great
The proponents of the laws justified them
importance of that function
by arguing that they
were essential to assure soundness of investemnt; the
opposition charged that they would choke up the capital markets and pre¬
vent
the
recall
offering of securities.
how
insistently
it
We do
not
contended
was
need
that
very
the
long memories to
liability
provisions
of
the securities Act made financing impossible.
his awareness that
fulfilled.
the means
of
people's savings
"mechanism" I
ex¬
pression.
of
Millions of dollars
our
securities for sale,
The
make
in
appraisal
its record in regard
or
has it
campaign have only served to
somewhat
accepted
an
our sorrow
of
of the principal fields
spontaneous thing nor
not
turn to
us
to its second function was unfortunate in
the extreme.
not
Legislation has not been
background, let
Its organization and technique were
adequate to
dispose of millions of dollars worth of securities in a few hours and of
many
which it has reached, has been the result of the
deep-seated conviction of
the public that conditions under which business
had been done must
be continued.
frequently
were
the investment banking business
machinery of America
only the political recognition of economic and social forces that would
longer be denied.
any
which
immediate and particular situation and
more
I
was
Major regulatory legislation in this country, in
but
first of these functions.
come.
The same irresistible forces that have
brought regulation of rail¬
roads and public utilities, that have resulted in workmen's
compensation
laws covering industrial accidents, in food and
drug legislation, and in
control of competitive practices,
brought them along.
Their enactment
no
had
the light of this general
meritorious
directly concerned with their enactment, but the
a program
it
made available for productive
enterprise; and
tion, compelled by conditions in our economic system, of regulation of
business.
Their particular form and provisions, of course, are
stamped
development of
realized
national life; to furnish
enactment of the legislation which we have was
only one step in the evolu¬
with the views of those
always
practice.
Since
then,
events
have
proved
that
the
administration
intended to promote soundness of investment
without stifling investment itself.
since that time
has
demonstrated
by the Securities Act do
can
of
measures
be pressed energetically
Indeed, activity in the capital markets
so
forcibly that the liabilities imposed
not act as a brake upon
legitimate financing as to
the question from the
remove
area of controversy.
The figures are inter¬
During the period from July 27, 1933, to Dec. 31, 1933, the total
of securities registered under the Securities
Act of 1933 amounted to but
esting.
I
$401,965,000.
I
1935, the total rose to $2,677,694,000, and in 1936, to $5,064,737.
For
the nine-month period ending Sept. 30,
1937, securities registered amounted
many
business
expensive and they have imposed
obligations which ethical business
to
In
the
$3,012,130,000.
September 30, 1937
1934,
year
the
total
was
only
$640,573,000.
In
The grand total for the period from July 27, 1933 to
comes to
$11,797,099,000.
These amounts, of course,
have not reached the levels of the
previous decade, but there is no longer
any basis for a claim that the flow of capital is blocked
by the Securities
Act.
Minor amendments of the Act,
developed largely by discussions with
bankers who were genuinely interested in
improving and not
weakening it, helped to relief the fears of its consequences.
investment
NEW YORK
It is revealing to contrast the volume of securities
registered
of securities to which registration has been
denied
amount
NEW JERSEY
with
statements
refiled
so
that
the
gross
amount
somewhat
overstates
and
actual
Total
were
total.
statements
having been filed that it seemed hopeless to attempt to
complete
Stop orders and consent refusal orders account for about
the registration.
MUNICIPAL
$160,000,000 more—but here again, in
statements became effective.
BONDS
a
net
figure but it is safe
some
cases,
refilings
or
amended
I have not attempted to determine
accurately
to say
that withdrawals and the refusal and stop
order procedures have prevented
something on the order of $900,000,000
in amount of securities from
reaching the market.
This, of course, does not tell the whole story.
which would have been offered if there had been
H. L. SCHWAMM & CO.
New York
Telephone: HAnover 2-6633
the
Withdrawals fall into three general classes;
first, those due to unfavorable
market conditions; second, those due to the
institution of stop order pro¬
ceedings; and third, those withdrawals which were due to such defective
STATE
60 Broad Street
the
by. stop order
refusal order, or which have been withdrawn from
registration.
withdrawals have amounted to
$803,000,000.
Some
or
Undoubtedly
many issues
no Securities Act were
kept
from the market by the
unwillingness of a certain type of promoter to under¬
go the scrutiny inherent in the registration
process, but we have no way
of
estimating the total.
That these large amounts of securities have not
passed successfully through the registration process does not
mean that
the Act stood in the way of honest
financing.
Except for those issues which
were withdrawn from
registration because of market conditions, the causes
of failure to accomplish
registration are causes which I am confident you
would agree, if you had all the facts before
you, should properly have
them from reaching the market.
kept
3057
Proceedings
I. B. A. Convention
145
Volume
Ban cam e ri ca- Blair
CORPORATION
Investment
44 WALL
STREET, NEW YORK
DETROIT
PHILADELPHIA
BOSTON
CHICAGO
HARTFORD
Securities
ST. LOUIS
CLEVELAND
SYRACUSE
DES MOINES
MINNEAPOLIS
LONDON OFFICE
(London) Ltd.
Blair & Co.
understanding has come about between
legislation and the Commission
because in a great many ways we have worked together.
In the preparation
of forms and regulations, we have not been content to rely merely upon the
work of our experts, but have at all times invited criticism and suggestions
from the business world.
No important form or regulation has been issued
until it had been submitted to representatives of your business or to lawyers
and accountants experienced in the problems which were being considered.
We have sought criticism at the stage when criticism does the most good—
before action was taken.
We have endeavored at all times to make the
forms and rules as simple, as compact, and as concrete as possible, having
due regard to our paramount obligation to obtain information for investors
and to protect them against fraud, and I think they present no great diffi
culty to those who have had experience in their use or have specialized in
a study of them, but I admit they must still look very intricate to those who
have to deal with them for the first time.
Their subject matter is complex
and the necessity for precise statement so great that there seems no reason¬
able prospect for what we might call a "layman's" version.
The necessity
of proceeding in large part by general rules rather than by opinions and
orders has at once made simplicity more important and harder to secure.
To the expert legal mind, reasonable simplicity seems to have been atattained.
I doubt if others have reached the same conclusion.
As weaknesses or difficulties in forms or rules already adopted have been
revealed by experience, and many have been, we have not hesitated to
make changes.
We have prepared separate forms for different classes of
issuers, so that each form might be as far as possible adapted to the needs
of the particular issuer, but this program has by means been perfected.
Paradoxically, we have sought operating simplicity through the multiplica¬
tion of forms.
At first glance, in surveying the number of forms which
have been promulgated by the Commission, a registrant might well imagine
that his worst fears concerning the development of red tape had been
confirmed.
On looking further, however, and selecting the particular form
to be used by the kind of issuer which he represents, he will find that form
simpler, more economical, and better adapted to bringing our pertinent
information than could possibly have been true had a single general form
During this period
those
who
I think a better
directly affected by the
are
tion is being given to
the purpose
their
of issuers.
of you have heard, we are engaged in a general
revision of our forms, designed to retain the advantages of specialization
for different situations and different classes of issuers, and, at the same
time, to eliminate duplication and needless variation in detail, some of
which has crept in despite the care which was exercised.
I have said that in the formulation and revision of our rules and regula¬
tions and forms, we have invited criticism and suggestions from the business
world.
The results have shown beyond question the wisdom of this course.
Truth requires me to say, however, that the advice and criticism received
have not always been as realistic and helpful as we had hoped they would
be.
In many cases the comments have in effect amounted to no more than
a complaint that the particular rule or form would impose an added burden.
I can illustrate this by referring to the criticism of proposed proxy rules
submitted on behalf of one of the greater business organizations.
That
criticism consisted of nothing more or less than the statement that they
could find no good in any proposal which in any way would change what
they asserted to be existing practice.
■ '■'/
It would not be fair, however, to leave the impression that this was
characteristic of the general run of the suggestions which we received.
In
a great many cases the finest spirit of cooperation was shown.
Many able
men devoted a great deal of time and effort to the job of helping us.
Many
mistakes were avoided as a result, and I am sure that rules and forms as
finally issued were much better than it would have been possible to make
them without the help which we received.
And I think that this situation
is improving steadily.
In the formulation of the over-the-counter rules
which took effect on Oct. 1, for example, we were greatly assisted by
criticism from informed members of your business which was just as realistic
and constructive as it was direct and forthright.
Representatives of the
industry sat down with us in what seemed to me a spirit of whole hearted
been
promulgated for all classes
At present,
as
many
make the rules sensible, workable and sound. The
acknowledged from the start. Then the only
problem was to frame the rules.
I should like to speak briefly also of progress which has been made in
securing a better presentation of financial facts,
So far the Commission
cooperation to help
for such
need
has
not
conferred by Section 19(a) for
handling of certain accounting
invoked, I anticipate that
development.
The attempt to secure
the use of the powers
of announcing rules to govern the
Go the extent that these powers are
matters.
will be
use
matter of gradual
a
practices should not blind us
If the purpose of accounting is
picture of financial condition and results, great care
the picture be not distorted by the application of rules
general recognition of sound principles and
a
to
to
secure
of rigid standardization.
the dangers
a
correct
must be taken that
which may defeat
the purpose.
I think it is true, however,
that there should be
recognized certain funda¬
has not become uniform, and if the
19(a) seems to be the appropriate way
recognition, I should expect them to be utilized.
mentals, on which accounting practice
use
of the powers granted by Section
to secure that
Probably only
made in accounting matters.
Definite progress has been
of the Commission as reflected
in stop order opinions because, to a considerable extent, those opinions have
dealt with violations of accounting principles which are generally recognized
by reputable accountants.
Much more has been done informally, partly
a
small part can
be attributed to direct action
reputable accountants regarding financial require¬
partly through conferences between repre¬
chief accountant's office and those representing registrants
by utilizing the advice of
in
ments
registration
sentatives of the
and by
forms,
by the Registration Division.
standards and
rules; and second, to show in what respects
improve accounting
All of this has two results: First, to
practices without resort to
to rules and
resort
definitions may be necessary.
I have not attempted to
certain
of
review all that has been
covered by the
limited field
not
Commission has
I have mentioned
largely because they indicate
that the
arbitrarily or to rely only on
been disposed to act
of its members and
the thinking
done, even within the
Securities Act of 1933.
accomplishments
the
result
accountant, and partly as a
public statements of the chief
of the examination of statements
staff. It has sought the
benefit of the
affected by its administration.
it has received. That is
its duty.
It has been helped especially by the type of critic who was willing
to recognize where the duty of the Commission lay and to help in recon¬
ciling the performance of that duty with the facts in the conduct of honest
knowledge
and
of interests
experience
It has had to weigh and
appraise the suggestions
'
business.
At this point,
you
opportunity to reexamine
I should like to take the
community.
phrase
more
"cooperation between business and Government" is remarkable
which it is uttered than for its actual relevance
for the frequency with
to any
practical situation.
I think it is well for us at
the outset to recognize
acknowledge that it is understandable.
But I am convinced of the essential significance and validity of the concept.
In explaining this conviction and considering its implications, I shall address
myself to the relationship which I think should continue between tfie SEC
and that section of the financial community in which your Association is
the existence
of this attitude, and to
particularly interested—the
broad group of investment
bankers and over-
the-counter dealers.
objective the enforcement of law with a minimum
of interference to the normal processes of business.
It springs of course,
from the responsible citizenship of the majority of business men on the
Cooperation has as its
one
for
hand, and from the genuine concern
the needs of the group
of the majority of public
being regulated, on the
other.
officials
Beyond that,
DELAWARE
MUNICIPALS
rules they
availed itself of the power over
Offerings Wanted
accounting matters given to it
19(a) of the Securities Act, to prescribe general rules of account¬
ing.
A number of accounting questions have been discussed in stop order
opinions but mostly these opinions have dealt only with rather elementary
phases of accounting error.
A few releases of opinions of our chief account¬
ant, dealing with important accounting matters of general interest, have
been published, and it is planned to continue a policy of issuing releases
of that character.
Papers have been presented before a number of account¬
by Section
Francis i. duPont & Co.
organizations in which the purposes of the Acts as related to accounting
have been discussed, and the nature of amny accounting practices which
the Commission has criticized has been pointed out.
Constant touch has
Members New York.
ing
and a
great deal of work has been done in conjunction with such groups.
We
have had no purpose to cast accounting into a rigid mold but have recog¬
nized that there are many limitations on the usefulness of inflexible require¬
ments.
We have only recently reached the point where serious consider a.
been
kept
with representatives
of leading groups of accountants
with
of cooperation between the SEC and the financial
Many of you, perhaps, have felt from time to time that the
the whole concept
Stock Exchange
One Wall Street,
Tel.
D gby
Wilmington
4-3663
■'
„
New York
Teletype N. Y. 1-1181
Philadelphia
3058
I. B. A. Convention
Proceedings
Nov.
HEIDELBACH, ICKELHEIMER
49
Wall
13, 1937
& CO.
Street, New York
PRIVATE
BANKERS
Foreign Exchange
Import^and Export Letters of Credit
Travelers Cheques and Credits
Orders executed
however, cooperation rests upon a
part
of investment
advice constitute
bankers
most
a
and
New York Stock
on
basis
practical
dealers.
Your
valuable lubricant in the
tration.
At the risk of
our
investment system,
are so
on
the
and
machinery of adminis¬
me
while I
briefly rehearse
which I have
already touched.
on
belaboring the obvious, I
outlines of that system, which
self interest
want
to stress
elementary that
the
fundamental
we stand
in constant
danger of forgetting them.
x
In any form of economic
society, a way must be found for
putting the
savings of that society to productive use.
All of us to day are familiar
with societies in which the basis decisions as to
the allocation of the nation's
savings are made by a central authority.
Under the
competitive business
system of this nation, these decisions
left
are
to
unnumbered individual
investors, each of whom determines the channel of
industrial effort into
which he will direct his own
savings.
Patently, it is vital to the successful
operation of this syetem
and that his
ment
that
judgment should
judgment, led into
the
individual
by fraud
error
misdirection of the nation's savings.
Is
invested in
industries
that
industries which need and
of it.
It
means
investor
be
well
do
or
of
an
Invest¬
ignorance, contributes
Such misdirection
not
need it,
means that
to
the
capital
and that soundly
growing
make effective use of
capital, are deprived
overcapacity in certain lines of industry and
can
shortages of
capacity in others.
tive effect is
informed,
be misled by
misrepresentation.
not
It means the kind of dislocation of
which the cumula¬
felt in economic depressions.
In
investor
consequence, the swindling
by
an
unscrupulous dealer involves something
personal injury to that investor.
more than a
It involves something more than
unfair
It strikes a blow at the
competition against honest dealers.
of the structure of
capitalism.
In a triple sense,
therefore, you
very heart
interested in the most practical
way,
in the achievement of the
purposes of the laws administered
by the Com¬
mission; to provide full information; to eliminate
fraud and manipulation;
and, in general, to perfect and lubricate
the mechanism of the free and
open market.
You are injured by any factor which
leads to fundamental
dislocations in
unfair
our
the
successful
its objectives
are
by fraudulent
on
cannot
the direct and immediate
victims of
bankers
dealers.
or
machinery of capitalism,
maintenance
then, cooperation
are
You
economy.
competition
part of the investment
and
operation
of
As
you have
that
a
an
essential
vital stake in
machinery.
Clearly,
your part with the Commission in the
realization of
be regarded merely as
extra-curricular activity, in¬
spired by your sense of public
responsibility as citizens.
It must be
recog¬
nized as an integral and
necessary part of your business itself.
As a matter of practical
business operation, as well as of
realistic govern
mental
administration,
your cooperation is
and
2
firms
important.
The law which the
of
parts
the
throughout the
The rules must be based
upon technical
length
and
breadth
of the
land.
knowledge and understanding, and
realistically adapted to fluid and changing
situations; they must be
understood, and they must be policed.
How much easier for
your vast
business it is to operate under
in
a
which
have
The second phase of the problem is
harder to
significant.
either in
are damaging to the
mechanism of the free and
open
If necessary, these forms of
conduct could to a
plish this, however,
minute, detailed,
rigid regulation of business conduct by law which
would be certainly
disagreeable, and perhaps dangerous, to a free
people.
It is far
better that such a program of extended and
detailed regulation should
be made unnecessary, and I am
hopeful that the business can
most
by self-regulation
what
purpose it is to represent and make
articulate the attitude and desires of
their membership, without
pretense
at
impartiality, but with a firm intention to keep their
partisanship in¬
telligent and realistic, and not
merely blind.
There is also an important
place for organizations of bankers and
dealers which
will
conscientiously
strive, within the admitted limits of human
fraility, to give technical assist¬
ance in which the element
of immediate personal or
group desire is not al¬
lowed to dominate.
Such organizations endeavor to
adopt the point of
view of a public
body charged with the duty to take account of
the interests
of different
groups which conflict, or appear to
conflict, and try to make
their technical
equipment and experience available in
the light of that
attitude.
We all of us know that there are
organizations of both kinds in
no one familiar with the
record will deny that
they have
done well in the
discharge of their functions.
In the task of
enforcement, education and policing must be the
converg¬
ing courses of action.
The desirability of
your assistance in this field is
no less acute, but the
problem of making your cooperation
effective is more
difficult.
The problem has two
phases.
The first relates to
assuring
compliance with the statutes and the rules and
thereunder.
The second relates to the
membership,
one
Let
sufficient reasons, sank
centers—in
Cleveland,
Detroit
attorneys and accountants
complaints, and to make
13
individuals
were
and
areas
area of
flying
outside the largest financial
in
the
Pacific Northwest.
A few
these areas, to inquire into
certain
survey.
In the space of a few
months,
criminally convicted, 16
under indictment, 17 corporations and 41
more
more
of
well
individuals
individuals
were
were
conducted
exercise over their own
to suggest
mean
that the development Of
proper organizations
procedures, and the definition of
relationships between such organi¬
zations and the commission, can be
effected over night.
Only through
a process
of steady growth, in which full
regard is constantly had both
for the ultimate objectives and for the
concrete realities of human
behavier
and current opinion within and
without your ranks, can
the result be
achieved.
This, then, is the concept of cooperation of the
financial community
as it appears to me.
As long as we see our
respective problems
we will cooperate,
because we will want to do so.
with the SEC
clearly,
When
will have
to
confidence
It
a
trying period tend to cloud
I think
do
as
me
will
The
so.
to the
to
seems
we
nevertheless
course
will
our
judgments and
continue to
because
cooperate,
be difficult, but
I
am
the
to irk our
not
we
without
outcome.
that
the
immediate program should be to
study the
effective system of self-regulation
may be prompted.
no surrender of the
full and final
authority of the
government, but there must be a willingness to work
methods by which
an
it, there need be
realize
the
that
and study,
a
anything like perfection of the program
willingness to proceed gradually and, if
industry
must
take
necessary,
retrace steps which may prove to have
been taken in the
wrong
The business must
be given
to
direction.
encouragement to take
over its share of the
job and it must show its willingness and
capacity.
I do not think the
appeal to the business need be based
entirely on its obligation to the
public
or that it need rest
entirely on the hope of certain remote and
rather in¬
tangible business advantages.
Questions of rights, privileges and
obligations of organizations for selfregulation and of their members, of the means to
assure that
they be not
dominated by any interest, group or
clique, and that membership shall be
open to all who are willing to work for a
decently conducted market, and
questions of the status to be afforded such
organizations under the Securities
Exchange Act, are all matters for study in what I
hope may be
tive way.
No
more
than the
general nature of objectives
can
now
a
coopera¬
be suggested.
We know by experience
something of results to be sought and of
methods
We need to work
together to complete a pro¬
gram and to put it into effect.
The call for the business to
take its place
in working out the problems of
over-the-counter market must be
directed
to you but it must also
go out to everyone in the securities
business who
wants that business to have
the place of honor
and results to be avoided.
which
with the
public interest.
alone is consistent
in¬
definite illegality.
were sent into
a
administration
petty tyranny.
I do not
Frank
placed
enjoined,
R.
Claims
Commission, for
probes into three
and
discipline which they
may
and
illustrate the extent of the first
phase of the problem by reference
to certain recent experiences.
Within the last year
the
me
make it so,
rules
perceive something of the
possibilities to which I
refer.
With sound organization and
methods, and under careful
safeguards,
I believe that self-regulation can be
effective in this area of business
con¬
duct without being complex and
rigid, and can remain
reasonably general
and fluid without
degenerating into
regulations promulgated
penumbra of inequitable and
jurious methods of business which lies outside the
the
with
they are.
There is a definite
place for organizations of investment
•bankers and dealers whose avowed
field today, and
In
stock exchanges, and in the
to
useful, if frankly tendered for
to the
To accom¬
we would have to involve
ourselves in a
and
and
spirit of candid advocacy, or in a
consideration.
Both forms of criticism are
as
large extent be
time
a
large
describe, but it is just
brought within the proscription of law, either
through amendments
statutes, or through rules and regulations of the
Commission.
see
benefit
a
competitor alike, and
market.
As I
the
avoid
We are all familiar with methods of
doing business, which,
while not technically illegal, are
nevertheless unfair to customer
and decent
system of rules which you have assisted
not been promulgated
without
of the technical advice
which you were able to offer.
The criticism and
suggestions of the financial
folly to imagine that
be done, or that the
problem is less serious in other
to
country.
to
community may be offered
spirit of impartial and objective
drafting—rules
national securities
The effect of these
funds, it is imperative that you
recog¬
need and your own
interest, and give us the effective aid which
you alone are capable of giving
vicissitudes of
must be
obliged to withdraw from
our
tempers,
bankers, dealers
or
increase in the expenditure of public
nize
Commission administers, and the rules
promulgated pursuant thereto, must
become the pattern of action of
thousands of investment
scattered
expelled
Without vigorous assistance
by representative
organizations of investment bankers and
dealers, the job which remains to
be done, and which will be
done, can be accomplished
only through a very
considerable increase in the expenditure of
funds, and even then will be
extremely difficult.
Such an expansion in our
organization, which would
likewise involve a multiplication of branch
offices, would inevitably increase
the problem of preventing the evils of
bureaucracy, the importance of which
problem we fully realize.
To avoid this expansion
and
and
brokers,
were
exchanges, all for elementary violations of the
law.
efforts has, of course, been
salutary, but it would be
nothing remained
To make this clear, I shall ask
you to bear with
the essentials of
of
technical assistance
Exchange and in Foreign Markets
A
try
McNinch
Federal
of
I.
at
B.
Power
A.
Convention
Companies
Strengthened Their Financial Position
"portrayal of the present situation of the
as
I
see
it"
the Investment
was
Has
power indus¬
presented to the annual convention of
Bankers Association
Sulphur Springs, W. Va.,
now
FCC
Control of
of
America,
at
White
Nov. 4, by Frank R.
McNinch,
Chairman of the Federal
Communications
on
Commission,
Volume
I. B. A. Convention
145
3059
Proceedings
Merrill, Lynch & Co.
40 Wall
NEW YORK
.
recently Chairman of the Federal Power Commis¬
confidence in the future of private power
and until
Increased
sion.
companies was expressed by Mr. McNinch, and he stated
that one underlying fact that supports the increasing trust
in its future "is that of more effective Federal regulation
control
and
by
assured
Street
the
Public
Utility
Act
of
1935.''
Act," he said, "supplementing and strengthening the
regulatory powers of the State Commissions, affords a
measure
of protection to the purchasers and owners of
"This
securities they did not have theretofore."
Accord¬
ing to Mr. McNinch, "one of the most salient features of
the Public Utility Act is the provision giving the Federal
Power Commission authority to establish a uniform system
power
that I have observed on the
a spirit of real cooperation
and a new point of view,
recognizing their responsibility, socially and
economically, to consumers and investors.
I indulge the hope that even
yet those leaders in this industry who are out of step with an advancing
and informed public will
develop the necessary vision, public spirit and
take
I
of
part
pleasure in making the statement
not
few leaders
a
ability to make the
ordpr that
in
rendering
fair
this service
to
may
adjustments in the affairs of their companies
enjoy a fuller measure of public confidence.
and necessary
that
investment
on
this industry
companies being public utilities under the duty of
power
vital
a
return
necessary
they, too,
Privately-owned
in
public service are clearly entitled to a
necessary and legitimate in rendering
is
honestly and economically.
My experience having been in the power regulatory field, I shall refer
certain
functions
of the Federal
Power Commission, chiefly under
Title
II
the
and effectiveness which has characterized
tribute
projects either now authorized, in process of construction,
or completed and in operation, constitute some sort of threat
extended, that we were able to exercise
accounts
for
in part for the timidity of certain
to account
This is said
In part, he added:
industry."
the private power
to
industry."
the power
leaders in the
for construction of additional
requirements of consumers. These
answer
in the recital of factual
industry to respond to the demand
power
generating facilities to meet the rising
ill-founded fears and
forebodings find
tide of private power company revenue, gross
It sums up that the industry is experi¬
encing unprecedented prosperity and there is ahead of it an immediate
and
ever-increasing demand
for meeting the Nation's requirements of
electric power.
This is a challenge to put aside skepticism now discredited
by facts and go forward to the duty and great opportunity of responding
history of a constantly rising
and
to
net, during the past
few years.
the demand of the consuming
to
of 1935, but desire, in passing, to pay
the Public Utility Act
of
"As," he said, "the
accounting system is the cornerstone of the Commission's
plan to obtain more exact and detailed information relative
to the financial affairs of the electric utilities, the annual
report form, adopted by the Power Commission Aug. 6, 1937,
is the capstone."
Mr. McNinch declared himself as "not
unmindful
that
there
are
some
who feel that Federal
of
Act.
until
and
I
month
a
you
with
deals
instead,
era
new
a
realistic.
assurance
corrective
had not
before
with you
share
its adoption.
The degree of
investment bankers in the securities
privately-owned
and
part
my
part)
without works
faith
to justify our faith
honestly capitalized and
with it a duty (on your
by constructive cooperation, for
is dead.
underlying fact that supports the increasing
One
It is,
and since
power companies which are
administered with judgment and foresight carries
of
address
Doubtless I could have struck an even stronger note of
leaders in the power industry opposed every needed
would
I
of optimism based upon realism.
My
cf hope and vision, yet it is not visionary.
both
trust in the future of
Federal regulation
This Act, supple¬
menting and strengthening the regulatory powers of the State Commissions,
affords a measure of protection to the purchasers and owners of power
securities they did not have theretofore.
All of us recall as a veritable
electric power nighmare the period when the fancifully pyramided financial
structures
of the Insulls, Foshays and other promoters toppled with a
cash that appalled the Nation.
Its wide reaches of devastating losses to
millions
of investors
who had not had any protection by the Federal
Government against such financial abuses and who could not be adequately
protected by the State Commissions whose arms were not long enough to
reach across
State boundaries and control absentee holding companies
brought us face to face with the tragic fact that the national government
the
private
and
control
had
fallen
is that of more effective
assured by the Public Utility Act of 1935.
power
industry
far short of its
so
until
not
power
of
practices
the
upon
activities of
the
power and
jurisdiction were
effective control or regulation over
Commission's
securities.
company
One
the
when
1935,
the
Federal Power Commission
which had an
of the securities
power companies was
the continued effort to make America powerminded
and greatly to increase the consumption of electricity through
pointing out the necessity and' economic soundness of reductions in rates.
Thus
only could electricity become more generally and liberally used.
The national rate survey of the Power Commission, given nation-wide pub¬
licity, brought sharply to the attention of the consuming public, as well
as
to the managers of the power companies,
incredibly wide variations
in rates, as well as the puzzling complexity of rate schedules which were
not
understandable by consumers,
nor
indeed by many so-called rate
indirect
yet potent influence on the stability and earnings
of
responded
by
order
of
than
more
the publication
result of
to
by
followed
many
State
of this survey was a general demand,
for simplification of rate schedules.
voluntary rate reductions and others were reduced
companies,
some
This meant a saving to consumers of
As the rates went
Commissions.
$200,000,000 during the past three years.
the volume of consumption went up.
Each of the past four years
established a new high total of kilowatt hours consumed, culminating
down,
has
the
in
unprecedented
total
of
117,994,000,000
kilowatt hours produced
during the 12-month period ended July 31, 1937, showing the
increaee of more than 11,000,000,000 kilowatt hours over the
phenomenal
like period
Remarkable as was the increase for the year ended
July 31 of this year, it is significant that the first seven months of the
calendar year
1937 have exceeded the same period during last year by
nearly 4,500,000,000 kilowatt hours, indicating that by next July there
will be established another new high in the production of electricity.
ended
July 31,
Not only
and
1936.
did the power industry show a
consumption
in
its
history
for
record of the greatest production
ended July 31, 1937, but
the year
CONNECTICUT
Municipal and Corporation
Bonds
HARTFORD
bitter experience and because
spectacular but equally as
securities.
of
that
the Federal
duty to the public.
of many other existing abuses
unsound and unsocial, not only in the
power industry but also in other industries as well, came the Securities
and Exchange Act of 1934 and the Public Utility Act of 1935.
But in spite of these lessons of experience the power
industry, or a
large part of it, offered unprecedented opposition to the Public Utility
Act and indulged in
reckless prophecies of disaster and doom as certain
consequences of the enactment of 6uch legislation.
Concrete results flowing
from the administration of this Act, Title I being administered by the
Securities and Exchange Commission and Title II by the Federal Power
Commission, for the past two years have not only discredited these Jere¬
miahs but have demonstrated that this legislation has contributed directly
and importantly toward the steadily increasing confidence of the public in
the securities of the industry.
This legislation has also afforded a neces¬
sary and salutary measure of guidance and protection to investors in these
Out of
not
Within
the
last
two
years
we
have witnessed changes in
well as of some
of some of the electric operating companies as
holding companies which have had strikingly
their securities
and have given needed and
investing public.
licensee
Water Power Act of 1920.
Federal super¬
vision could be exercised in only a few States where there were no State
bodies or Commissions authorized to regulate such securities, and it was
There
some
measure,
confidence
McNinch, entitled "Federal Regulation
message
a
had only limited powers over securities of its
ago,
experts.
public.
Securities," follows:
Power
bring
and
companies under
Another
The address of Mr.
fairness
wisdom,
Exchange Commission in administering Title I of the
The Power Commission, of which I had the honor to be Chairman
Securities
the
beneficial effects
added assurance to the
Insurance,
Utility and Manufacturing
Stocks
PUTNAM & CO.
Member New
6
York Stock Exchange
CENTRAL ROW
Tel.
A.
T. T.
HARTFORD
5-0151
Teletype—-Hfd. 564
N. Y. Tel.:
Canal 6-1255
3060
I. B. A. Convention
Proceedings
Nov.
13,
1937
COFFIN & BURR
Incorporated
Purchasing and Distributing
Government, Municipal, Corporation
and Public Service
Company Bonds
BOSTON
NEW
also
it
enjoyed its most
that,
eo
is
that
revenues,
For
the
of
28
as
its
rates
in
both
the past year or two,
group
time in
reductions,
has
closed
1935
year
the
study of
a
holding
11.5%
of
in
companies
of
revenues
and
large
such
show,
referred
$735,000,000;
shows
and
for
1937,
in
these
figures
Edison
Utility
for
Electric
Services—
E.
I.
reports
Commission's
be
may
the calendar
over
the
Power
me
revenue
1937, $2,419,000,000.
find that the E.
I
the
operating
including
1935, $2,169,000,000;
Coordinated
1935,
than
revenue
holding company
same
1936,
1935
an
of
to
for
7.7%.
in
records
independent operating companies
ended
that,
30,
the
year
$750,000,000.
1937,
the
over
both
to
as
for
;
1937,
30,
the three years
in
was
June
ended June
year
is established
there
$697,000,000
1935,
year
year
the
Hence, it
operating income,
the
the
increase
an
and
groups
for
were,
gro6s
referred to
year
revenue
steadily
a
rising level.
In
the
order
interest
of the
determine
to
ultimate
and
equity
preferred
have
to
been
for
1936,
$260,000,000.
Thus
600,000;
the
over
compiled.
find
Such
the
The
net
income
be
may
compared
600,000
the
kilowatt
ended
year
have
the
July
increase
an
year
In
hours;
in
for
1937,
31,
follows:
as
1936,
the
for
in
light
market.
is
Service,
excess
bond
30,
1937,
of
this
factual
gross
of
market
Prices
were
105
in
along
of
were
Industrial
statement
and net
as
revenues,
(when available)
as
indicated
For the year 1935,
kilowatt
hours;
hours.
June
30,
99,398for
Here
1937,
we
over
approximately
100 in
January of this
with
likewise
other
all
to
increases
in
production,
it is not surprising that power
years
public utility bonds,
approximately
bonds
lost
January of this
in the
as
the
first
the
first
enjoyed
an
January, 1936,
year.
unusually
favor¬
according to Moody's Invest¬
Since
security
then
markets
and increased to
the
has
public
1926
declined,
but
it
that
one
throughout last September public utility
point higher than they were in January, 1936.
increased
in
price
from
January,
1936,
to
30 each
be noted
and
value, and
just
recovery
Co.
bases
find
we
its
1937
of
the
it
is
to
mentioned,
State
Rate
regulation,
unregulated
reductions
an
stocks
and
public
the
level
factors,
From
the
subject
maintained
Statistics
standpoint
index
for
index
the
twice
hand,
earnings
the
of
was,
utilities
less
of
figures
in
for
maintained
high
the
high
existing
as
Yet
and
another
that
is
financial
to
as
the
of
in
did
the
of
On
the
1926.
industries'
The
years.
falling to less than
the
in
zero
utilities.
ratio
debt
of
stocks
magnitude
of earnings
the
below
fell
depression
those
in
are
issues)
The Standard
utilities
the
that
which
security
stability
to
of
one
These
the equity
on
which
revenue
public utility
refunding of debts.
have refunded
000,000
in
in
From Jan. 1,
of
excess
industry
as
is
com¬
call
or
annual
saving
approximately
of
savings
interest
made
were
this low
industry
power
such
a
large
fidence
of
did,
Again,
of
1935,
administered, has been
his
directly
which
and
toward
the
of
strength
for
will
you
Power
of
the
Public
the
the
authority
State
Act
this
Association
Power
of
the
Power
the
in
is
been
industry
power
in
the
and
industry
that
the
one
of
provision
the
uniform
a
most
giving
the
system
of
regulatory commissions, realizing
then in effect, cooperated
accounting systems
and
Utilities
formulating
Commissioners
uniform system.
a
of the
with
On
National
the
June
Federal
16,
1936,
adopted its uniform system which is now in effect
Association, at its convention in 1936, adopted a
which
system
of
that the
has
it
Commission
National
uniform
that
Railroad
Commission
to
the
con¬
legislation.
establish
to
State
of
the
confidence,
confidence
statement
Utility
industry.
power
of
with
agree
the
Commission
in
the
market
regulation
which
in
to the
of
sure
not
that
underlying
with
manner
of
a
is
effect
fact
a
These
it
money
Federal
factor
and
degree
features
the
for
out-
and
for these refunding operations
means
lacking prior to the enactment
was
a
am
contributed
that
while
direct
any
that
submit
assert,
$100,-
an
dividends.
and
had
important
I
bulwark
a
stock
advantage of the low
provided the
rates.
Act
utilities
indicates
an
of
excess
effected
$32,000,003
market,
money
respectfully
was
utilities
in. preferred
of
take
it
low
Utility
I
to
as
investors who
unusually
Public
able
the
into consideration charges
these
approximately
low
a
securities
its
of
regulation
market,
was
extent
industry and
saving
$1,800,000
Federal
industry through
power
1935, to date, operating electric utilities
taxes, &c.,
possible by
that
producing
the
Without taking
premiums,
of-pocket
industry is most encouraging,
power
$2,600,000,600 in bonds and in
preferred stock.
amortization
of the
aspect
savings effected by
the
Power
is
State commissions
almost
identical
Commission.
sions have adopted one
or
Since
in
that
form
time
substance
the
with
regulatory commis¬
the other of the accounting systems and
have under consideration
now
and
21
adoption of
11 other
uniform
a
system.
To you
ing, I
cult,
who
need
if
well
so
financial
not
records.
Now,
and
has
comparable
in
the
that
a
power
you
public
year
utilities
a
have
and
an
because
goes
I
even
the
into
turn
of
do
not
Power
greater
to
the
necessity
with
the
same
believe
I
in
system
that
is
work
guess
of
detailed
in
to dependable
Commerce Commission
claim
of
and you
railroads.
too
as
is
now
hoped
available
much
certainty
can
It
information
Commission's
detail
accounting
uniform
for
diffi¬
interpret
confidence
Class I
measure
how
to
dissimilar
or
Interstate
two
try
information
system of accounts,
any
have
greater
experience
you
adopt
in
the
The
uniform
may
from
for
inadequate
States
eliminates
you
know
been
interested
statements.
two
or
recently compiled,
has
the
are
the statements
industry,
will
You
it
statements—may
financial
long since prescribed
that
advantages of uniformity in account¬
from
as
who
which
and
financial
uniform
readily analyze
to
prepared
rapidly
as
you—and all
analyzing
and
its benefits.
impossible,
statements
accounts,
understand the
not argue
indeed
•
stocks
pared with other industries.
and
1886
the
utilities
of
unregulated
than
greater
very
notwithstanding
emphasized
of
the
consecutive
seven
a
of
year
86%
of
these
public
of
no
than
earnings
much
course,
have
investment,
frequently
did
as
actively through the Committee of Statistics and Accounts
Telephone Randolph
year
increased
as
the depression.
earnings
and
of
index
1926
the inadequacy
Bankers Building, Chicago
utilities
the
higher than
such
regulation
throughout
the
years,
earnings
(including
record
drop in unregulated industry earnings,
year,
much
as
stability of
that
three
only
below
of
regulation
shows
indicate
fell
almost
remarkable
a
100%
other
earned
Federal
to
accounts
Floor,
of
100%.
as
for
only 16.4%
are
other
earnings
1926
of
earnings
higher than
of
of
average
industries.
Federal
36th
a
costs
and
increased
taxes,
heretofore
referred
to,
have not
the power industry to earn a substantial return on
investment, and, in fact, this industry, now subject to both Federal and
its
I
MUNICIPAL BONDS
that
had
operating
salient
C.W. McNEAR & COMPANY
group
utilities
indices
current
on
average
27.8%
are
earnings of industrial
level.
utilities
points, but from that date to Oct.
Statistics
half
industrials and
impaired the ability of
at
utility
October both
three points in
indices
the
bonds
point higher than that of January,
one
of
the industrials.
over
these
while
1926,
the
19th
they have declined along
September price of industrial
utilities, railways and industrials
Applying
for
utilities,
the
decline
Standard
public
five
the
to
slight advantage
The
to
approximately
as
from which
year,
The average
of
case
approximately
regained
1937,
revenues,
in
other securities.
suggested
significantly encouraging
bonds
stock
production
ended
year
$197,-
1935,
June
operating
113,602,000,000
utility bonds have during the past few
ment
For
117,994,000,000 kilowatt
production
6tock
common
1935 of 18.7%.
the
consumption, and in
able
in
all
ended June 30,
in
common
increases
to
by Power Commission publications
for
of
companies above
ended
increases
earnings
payment
for
were:
year
the year
in
operating income and balance available for
or
relative
after
available
balances
for
increase
an
31.9%.
of
companies,
balances
the
the
possible
of the independent operating
or
$237,000,000;
we
1935
year
as
the
of
dividends,
holding companies
referred
nearly
as
ownership
all
1936.§ From
understatement.
an
including taxes and depreciation, of the operating subsidiaries
above
This
in
aggregate operating incomes, that is, operating revenues less operat¬
expenses
the
of
in
and net,
independent
Cheeking
figures
and
that the figures emjdoyed by
60
The
ing
Electric
for the year
in
more
year
reward
gross
companies,
revenues.
corresponding
''Total
Operating Revenues,"
$8,000,000
aggregate
against
bulletin,
its
earnings,
electric operations, were for the year
1935
year
Institute
beet
high point
with
PORTLAND
.
remains,
both
increase for the year ended June 30,
an
its
find
to
1936, $2,327,000,000 ; for the year ended June 30,
This shows
of
single company that made
a
failed
cost
including increased taxes,
just
I know, not
increased
made based upon published income statements of
was
large
has
received,
revenues
the
and net.
gross
The aggregate
from other than
industry
of comparison
purpose
companies.
of all
year
rate
So far
reductions
increase
for
this
and net earnings.
substantial
in
the
HARTFORD
•
labor and other operating expenses,
or
result
net
gross
a
prosperous
notwithstanding
materials,
the
YORK
in
to
as
saying
electric
system,
being more
prescribing uniformity.
Volume
I. B. A. Convention
145
3061
Proceedings
F. S. MOSELEY & CO.
Members New
York, Boston and Chicago Stock Exchanges
Corporation Securities, Municipal Bonds
and Notes, Commercial Paper
Boston
from
Whether
not
power
would
were
of
record
we
refinements" in the system (all designed
stockholders^ investors and the public
proper
information), and they opposed also the provisions relating to
depreciation.
Retirement reserve accounting and' depreciation have, as
you know, generally been in a most chaotic state.
Through the accounting
system, we sought only to bring order out of chaos, and we are confident
that you, whose business it is to appraise the value of utility securities,
to
Public Service Commissions,
give
the
As
electric
the
of
affairs
cornerstone of the Commission's plan
detailed information relative to the financial
utilities, the annual report form, adopted by the
and
exact
more
this system by every State.
is the
system
aecountitng
obtain
of
the adoption
welcome
would
to
the "burdensome
termed
they
capstone.
This is intended to
financial and related ramifications
are public
utilities enjoying a
monopoly of market, the public has a right to a complete revelation of all
of their affairs.
These new reports are required to be filed by March 31,
1938, covering the operations of the calendar year 1937, and are to be
each
filed
they
Title I of the Public Utility Act of
of
administered by the
Securities and Exchange Commission
simplification of holding company structures, I should like to
point out the important work done in the direction of such simplification
by the Federal Power Commission under Title II of the Act, in connection
with mergers and consolidations of the facilities of public utilities subject
to the jurisdiction of the Commission.
The record of accomplishment to
date reveals substantial progress.
Many unnecessary and uneconomic corpo¬
rations
have been eliminated after application
to and approval by the
requiring
Commission.
and
Mergers
only
Commission
the
interests
of
consolidations of properties have been approved by the
after most careful scrutiny directed toward safeguarding
investors and consumers.
The Commission has refused to
for
applications
approve
the
of certain
merging
operating
companies
liquid assets of the par¬
of the parent company.
the merger of two large
operating companies on the ground' that the terms of the merger would
reduce by $2,500,000 the liquid assets of the operating properties for the
benefit of the parent company.
Upon such refusal the parties eliminated
this objectionable plan and substituted one which the Commission found
to be consistent with the public interest and therefore approved.
transaction
the
where
involved the reduction of
operating companies for the benefit
The Commission recently denied the petition for
ticipating
Such
proposed manipulation of
a
the
of
consolidations
and
is
in
due
in a
will give
This
warrant.
resignation of
Commission has since been
of all of the positions involved, and
either final approval or disapproval as the facts
provision of the statute has led in recent months to the
investigation
thorough
course
many
utility officers and directors from the
Boards of invest¬
securities of these utilities,
and also from the Boards of manufacturing companies that sell equipment
to
these utilities.
In one utility system alone,
160 reductions in the
number of positions held' by 11 individuals was voluntarily made.
underwriting companies which deal in
ment and
The
a
of
local
much
better
admittedly
interest
securities
in
the
interlocking
of
elimination
.resulted in
stronger
directors
and officers has undoubtedly
local control of the operating companies, an
operating arrangement, tending toward a development
goodwill.
The ultimate value of holding company
and
hands
of
the
public depends
the strength of the
upon
system. Unless these operat¬
ing companies are strong and healthy, the holding company securities are
of doubtful value.
The way, therefore, in which to improve and strengthen
the holding company securities is to strengthen the operating companies.
The
elimination
of
interlocking relationships is a major step in this
direction and, consequently, is of great importance to owners of holding
company securities.
Experience has exposed the old fallacy that remote
holding company control of operating companies through a New York or
Chicago board of directors is a necessary (or even an expedient) device
for the protection of security holders, and it is no longer to be accepted
as
a
vali(| argument in support of an unsound setup from both a social
operating companies in the holding company
and
an
economic viewpoint.
Federal projects
completed and in
operation, constitutes some sort of threat to the private power industry.
This is said to account in part for the timidity of certain leaders in the
power industry
to respond to the demand for construction of additional
generating facilities to meet the rising requirements of consumers.
These
ill-founded fears and forebodings find answer in the recital of the factual
history of a constantly rising tide of private power company revenue,
gross and net, during the past few years.
It sums up that the industry
is experiencing unparalleled prosperity and that there is ahead
of it an
immediate and ever-increasing demand for meeting the Nation's require¬
ments of electric power.
This is a challenge to put aside skepticism now
discredited by facts and go forward to the duty and great opportunity of
responding to the demand of the consuming public.
I have given you a fair and just portrayal of the present situation of
the power industry as I see it.
The picture carries much that is encourag¬
ing and reassuring, but I should be uncandid did I not also say that, m
my judgment, a serious factor having injurious effects upon power securi¬
ties is the attitude of die-hard opposition on the part of some leaders in
the industry
to regulatory legislation which has been enacted by the
am
either
that
not unmindful
now
authorized,
in
there are some who feel that
process
of
construction,
or
Congress.
regulation is to power securities.
responsibility, appeal to you, whose advice
is very often
the determining factor in the investment of large sums of
money by the people of this country, to give your active support to the
regulatory legislation to which I have referred and its just and fair
I
I
have
shown
you
how important this
therefore, solely upon my own
administration.
holding company.
important
most
A
possibly
the credit
affect the
operating company assets, while
benefit to the holding company, would impair
operating company and in the long run would' adversely
being of transient
securities of the
engaged
I
provisions
the
to
which is
1935,
the
is
complete
Since
thereafter.
year
addition
In
1937,
6,
utilities.
electric
the
the
view
public
to
expose,
of
Aug.
Commission
Power
Having granted this temporary approval, the
I do
industry which so vigorously
yielded to objections offered by the industry
have deleted many of the most vital provisions of this system.
told that they could not live under a system which required a
the original cost of property.
They camplained against what
Had
suggestions.
We
that the
is
fact
of
system
we
St. Louis
the Public Utility Act also vigorously objected to the uniform
accounting when submitted to the industry for its comments
opposed
and
Chicago
Kansas City
bad habit of opposition, or whatever other reason,
a
the
but
know,
New York
Indianapolis
of the Commission's regulation of mergers
found in its denial of many applications for
aspect
of which was so financially
have depreciated the value
companies and would have worked
approval to merge or consolidate companies, one
unsound that the proposed consolidation would
of the securities
a
of the other company or
hardship upon consumers.
No
utility subject to jurisdiction of
dispose of facilities without
public
lease
otherwise
or
the Commission may sell,
Commission approval. In
for the disposition of facilities, the Commission
made it an unfarying rule never to permit the disposition of facilities
less
than their true value, thus protecting the security holders of
F. S. Yantis &
Co.
Incorporated
passing upon applications
has
for
the
seeking improvidently
to an affiliate.
company
facilities
policy
of
security
prevent
company
I
in
holders
by
issues
improperly
to
inserting
the Act,
Salle Street, Chicago
t
the Power Commission
regard
one
as
and security
provisions to
information as to
connection with mergers, consolidations
in its orders for approval appropriate
the use by officers and
plans in this respect.
directors of advance
of the most beneficial
involving
upon
thousand corporate positions, have been filed with the
Because it was impossible carefully to investigate and fairly
several
Commission.
such a volume of applications within the
statute for action by the Commission,
four months' period
it was deemed neces¬
sary
and advisable, in order to avoid disruption in the industry or
injustice to any one to give provisional approval to these applications.'
allowed by the
Underwriters and
Distributors
of Investment Securities
results flowing from this new-
legislation the elimination of improper interlocking relationships between
operating utilities and between operating utilities and manufacturing and
fnance
companies having business dealings with such utilities.
Between
800 and 900 applications for approval of interlocking officers and directors,
pass
120 South La
dispose of its
has also adopted the
prohibiting "insiders' profits" at the expense of consumers and
administering
In
or
•
A
Complete Trading Service
Listed
and
in
Unlisted Securities
3062
I. B. A. Convention
Proceedings
Nov.
1937
13,
BONDS
Government
—
BOUGHT
Municipal
—
SOLD
Corporation
—
QUOTED
—
H. VAUGHAN CLARKE & COMPANY
S.
E. Cor.
15th
& Locust Sts.,
Philadelphia
PENNYPACKER 8700
Alex Dow of Detroit Edison
Co.,
Before I. B. A., Dis¬
Utility Man"—
Views Holding Company Financial
Structure "Ideal
inJVlany Cases"
"Some
cusses
Puzzles
of
a
early
Public
tion of
of
present
the
no
other
side
of that
is
nearly
stream
crossed,
there
will
be
and
that
tell
asked
on"
who
less
"Some Puzzles of
consideration
and
enactment
to
the guiltless."
Detroit Edison Co. began as a
conveniently
has worked
as
in
original plan
such
its
were
for
own
a
the
my
8,700
blew.
Now
employees,
to
company and operated
1915 onwards it
Please
of its
kit
easily wiped out before the Public Utility
"The holding company finan¬
said, "had merit—its use was ideal in
elsewhere, the
parisons invariably leave out essential
factors."
took exception to the
designation of the
industry
trust,
and
never
have been
declared that
a
"there
power trust
never
since
has
the
been
com¬
Mr. Dow
as a power
and
could
day when certain
of
enough
which
of
into
the
for
found
of
first
as
tendencies;
happiness
dropped
that
in
I
the
into
places
That
That
and
I
am
telling
my
present hope.
my
but
pair of
a
cedar
a
climber,
early
Ohms
law
and
after,
increasing
until
I
In
have
pole.
I
was
industry.
Of
goodwill
of
Western
I
good
a
my
spurs
qualified
never
wireman
of
discovered
the
and
its
of
those
its
have
those
offered
take
notice
use
me
of
is
that my
knowledge
my
shunt, and
to
I
a,skilled
as
possibilities;
to
me
my
and
story and has
business
and
accept
out
such.
laid
or
of
There¬
upon
me
created
the
you.
the
early
folks
the
Thomas
of
who
all
I valued
gone,
Brush,
others
to
you
power
on
almost
met
Francis
ask
to
petered
another
is
inductive
were
now
I
and
an
just totld to
I
pioneers,
that
methods
called
behavior
responsibilities
years
Of
light
to
job
knowledge
my
invited
was
That
of
What
electric
as
all
shipping business, where
Because of
I
States.
picture.
the
Charles
Thomson.
United
in
rooms.
shipping
.
railroading—but
of
50
likewise been
the
inquisitive
all
those
had
Atlantic
who
acquaintance and
A.
Edison,
accepted
the
and
the
Elihu
of
teachings
the
of
pioneers—who put their inventions to use—who provided
necessary capital
out of their own funds or
by persuasion of other people; those men who
commercial
with
I
good
have
River.
Of
and
sum
able
I
have
When
offer
I
the
my
I
half
of
directors have
the
They applied
is
not
That
is
much
ask
I
had
I
have
as
not
then
active.
of
by
been
is
that
assume
a
knowledge.
who
man
has
part in it, though never
desired,
still
have
may
ample
I
or
a
now.
would
willingly in
life be less active.
But
my
of
the old saying adopted
horses when crossing a stream."
stream to this seven-year business
me
swap
a
like.
seems
old
and
witht®
offered
own
remind
crossing
it
the
departures,
new
here to
you
speak
are
his
year
few
sequence,
I
that these
has
good to
of
the
fact
a
myself
what
across
keep
of
pleased to
the analogy
gone
to
of
seventy-sixth
been
by Lincoln that "It
as
part
described
have
wished
developments,
What
who
a
have
spoken—there have been few events
origin,
notice
and
Such
time
set
I
successors
few
the
motives.
opinions,
show
problems, not always wisely but
the
industry—there are few
of
therein.
far
statement
a
ago
second
and
so
industry,
the
you
whole
while
have
known
not
offer
financial
builders
fairly succeeded
the
in
and
Many of them in their
survivors
what I
up
identify
I
met.
their
have
to
when
problems
intent—these
not
horse, willing and wise
They
look
on
me
as
old
an
horse Bhould
be.
This is not my first
stream of business depression, but it is the widest such 6tream
in my
memory and the ford is the worst marked and
visibility is low.
Wherefore I am permitted to be puzzled.
crossing of
My
"to
pole
of
in
into
employers
period.
Wm. E. Shmidheiaer
business
miles.
square
inevitable.
long gaffs for
steamship engine
present
butted
very
this
David S. Soliday
born
was
their
a
and I
in
into
workman,
A
H. Boardman Hopper
and
I
phase
back
part
no
day.
front-stage part.
PHILADELPHIA
8,000
immovably into
me
class
employment
seen
WALNUT STREET,
efficiency
earning the top
importance
1420
and
and
may interest you is my
I
with
care¬
chief
swap
certain
one
which
Investment Securities
work
Re¬
the
the
was
with
graft
10-hour
a
respect
PHILADELPHIA STOCK EXCHANGE
they
homes
times—is
many
that
It
spurs
not
squirrel
inherited
I
To
MEMBERS
begins.
am
pay of those days, which was
(if you please)
had learned my trade as an incident of earlier
telegraph employment.
Still earlier I had been an Old World
railway
employee, nominally an office boy or junior clerk, but at
every chance
fussing around telegraph cabins and locomotive shops according to1 my
$3
the
CO.
to
been
have
industry with a silver
just the other way around.
I went in with a
shoulder, claiming that I was a skilled wireman and
lineman to scratch up a pole and to do the usual work on
My tools in the box were good, but soon I had to
a
time,
whom
HOPPER, SOLIDAY &
I
a
here
not
am
my
climbing
that
ever
1872
I
policies.
Co.,
service of the modern
necessity which
a
630,000
counties
at
assume
on
could
solved
ESTABLISHED
not
tools
Eastern
gross
other perplexity he
cited, viz., "when published comparisons
of my operations are made
with others
do
top thereof.
consumers and
member
of your Association would
permit it to go past as
justifying
his approval of an
offering of securities to investors." An¬
11
over
times—and
in my mouth.
spoon
am
required to collect a
bills from my domestic and commercial
pay it to the Federal Government."
As to
Puzzle No. 2, he said:
"I am told that certain
government
operations are intended to be a yardstick
whereby I must
measure my possibilities of
costs and service."
Criticizing
Tennessee Valley Authority cost
accounting practices, he
said:
"I surely am
perplexed when the setup of the
shining
example which is set before me is such that no
spread
at
that
see
than
more
of these recent puzzles
some
possible" while "I
as
its
but
person
Edison
it
required
supply, to
factories,
puzzled
It still might be useful in our
industry.
But
why wipe out a whole class of economic
structures, honest
and otherwise, to
permit control, or possibly punishment of
some offenders?"
Among his perplexities, Mr. Dow cited
as No. 1 the demand
that he "sell to the ultimate
consumer
3% of
business.
publish
a
Detroit
to
I need
you
an
electric
many cases.
cheaply
not
am
the
of
a
contentment; and set to provide
vestiges
of
power
to
nor
is
the last
head
Mr.
introduced
few
a
larger number I
and
in
but from
and
To
never
every-day electric light and power man, still
the beginnings of the
industry before he entered it, and
part of it—making his living in it—doing his
daily duty
him—for 50 years.
In early years my day's work ended when
whistle
of
discriminate between
Mr. Dow observed that "the
name,
have been
I
permits.
official
light
company
as
occasions,
surely
expired."
money;
Act of 1935 went into effect."
cial structure," he
as
the
electric
parliamentary body for
holding
and
ends when the next
day's work
sponsibilities in succession have been placed upon me until I
taker of nearly $300,000,000 of other
people's invested
should
years,
evaded,
saw
been
laid upon
as
of
these
time-table
To'the
of
name
the
speak to you
who
has
of
the
as
good laws
peoples," "a law sent
the guilty and
tax of
in
story
to
active,
the theme of Mr. Dow's
of other
the
custom
length
name—the
a
corporation
puzzling,
a Public
Utility Man" was
address, in which he referred to a
warning by him in 1925 regarding some
holding companies
whose practices might be
open to question; but, he
said, in
alluding to "the whole trend of our laws, and the
easier trails."
successfully
introduction.
personal
only
on
depression
such
at
you
Nov. 4, of the Investment Bankers Associa¬
America, indicated it as his belief "that the stream
the
were
According to the
Declaring himself to be "a puzzled manager but not a
fearful one," Alex Dow, President of the
Detroit Edison Co.,
in speaking before the Public
Utilities Forum at the annual
convention,
patents
after the long time ago when
those patents
Dow's address follows in full:
1786
They
as
are
Here
is
consumer
I
am
bring
an
a
puzzle"
puzzle
as
edition
of
Dr.
"to
be
bewildered
as
"an
embarrassment;
just
me
right
now
Perplexity No.
as
cheaply
required
money
Samuel
to
into
prove
Johnson's
in
one's
dictionary defines
own
perplexity."
notions."
I
accept
the
It
the
verb
defines
a
definitions.
1
1:
It
is
possible.
as
the
a
that
my
business
demanded
I
am
I
sell
to
if
my
prices
margin
of
profit
narrow
and
that
reproached
keep
it
there.
the
is
ultimate
are
high.
needed
Nevertheless,
I
to
am
Volume
I. B. A. Convention
145
3063
Proceedings
EXCLUSIVELY MUNICIPALS
fltranahan Jfarris & Company
required to collect
tax of 3%
a
of
gross
bills from
my
domestic and com¬
the Federal Government.
Puzzle out
consistency in these contrary requirements.
Do I enjoy being a tax
mercial
any
and
consumers
it
pay
to
I don't.
And taxes are an increasing illogicality.
puzzle is tied up with No 1.
I am told that Pertain
No. 2
going to be required to go into details
That is perhaps prophecy and it may be prophecy
opinion or of court precedents In such a direction
of the characteristics of a tidal wave and do damage as it
earnings, or other figures of that kind, are
and give a trustee's
accounting.
of evil, because any surge of public
is bound to
goes
gatherer?
notice
Pleaee
government
have some
along."
date
They omit taxation; they even
forget to show certain Federal facilities granted to them out of tax
moneys.
I am compelled to allocate every chargeable cost to my electric
business.
They are so free from that requirement that where they have
more
than one function they charge electric costs to other functions, and
in their allocations
of investment they favor those functions which are
been to punish the guilty for
required
am
publish.
and
accept
to
supposed to be a yardstick for me, at the expense of functions which I
not assume
and would not be permitted to assume.
The allocation
in
of investment
costs
the most notable yardstick operation,
do
of
between flood
production of electric energy, is such as
would not get past any straight-forward public accountant.
I surely am
perplexed when the setup of the shining example which is set before me
is such that no member of your Association would permit it to go past
navigation,
prevention,
and
justifying his approval of an offering to
as
Another
made
perplexity:
the
Thus
factors.
between
difference
public
electric
self-appointed teachers that the
supply rates in Ontario, across the river from
by
told
is
Michigan^ from those in Michigan, is inexcusably
that I
do
not know
great.
the costs and rates prevailing across
It is implied
the river—pre¬
have overlooked such an invited comparison.
I haven't.
self-appointeds do not take the trouble to find out why the costs are
different.
I have done so ever since the Ontario show began.
Those
sumably
I
that
The
is a small matter.
They say the
another small matter. And they fail to
say that the difference in wages and salaries which exists between Ontario
and Michigan would, if it were applied to my payrolls, allow me to cut
my selling
prices handsomely.
That difference is in wages, rather than
salaries.
When the other differences in costs, and taxes, and preferences
are added thereto
and applied to my costs, I know, and my critics ought
to
know
(but do not desire to know) that the difference with which
they find fault could forthwith vanish.
Coming nearer home, it is a
favorite indoor sport of those critical people to compare the rate schedule
of one power company with that of another.
Such a comparison of resi¬
dence schedules was printed the other day.
I am naming no names and
casting no aspersions, but the comparer figured that if a householder
bought 390 kilowatt hours per month he would pay more under his
existing schedule than he would if the other schedule were applied.
That
comparer omitted
to say that customers using as much as 390 kilowatt
hours per month are one-quarter of 1% of all customers.
I could do with
critics
in
difference
the
say
taxes
preference in Ontario highways is
a
lot
of them
more
Another
than
I have.
•*
*
Why is my industry still
perplexity:
damned in congressional
trust? A seven-year Commission investigation failed
to prove the existence of any such thing as a power trust.
I speak with
sufficient knowledge in saying that there never has been and could never
have been a power trust since the day when certain early patents were
successfully evaded, and surely never after the long-ago time when those
patents
expired.
Mr. Edison said that a United States patent was
merely a license to go to law, and even in his day you could not have
built up a power trust.
The people running the business were and are
the most individualistic bunch that I
ever traveled with.
I would be
speeches
as
power
a
as
it
My
warning—1925.
and
the
good laws
of
perplexity is that
other peoples, back
of stone down from Sinai
faults found in them and to let the
The
Detroit
should
Co.
Edison
began
as
a
holding company and operated
company
as
such
for years, but
structure had merit—its use was
financial
ideal in many cases.
might be useful in our industry.
But why wipe out a
economic
structures,
honest and otherwise, to permit
It still
possibly punishment, of some offenders?
And are we to have a new theory of
the
old salt
you
industries, which will establish control of the kind
as "Navy Rules"?
He said:
"In this man's navy
other
end is
To what
those
road?
in our industry, and
'til you're told, and then you
do it damn 6udden."
but I hope not.
so,
moneys
boss
of
I
•since
who
that
was
were
sorry
for
business being
guided, anyhow?
Is investment of their
speculation for profit to be made safe for the stupid and for
their own conceits, by policing every traveler on that
Are we to mark the way of the Lord through business laws and
or
over-wise in
prophet Isaiah, so that way¬
therein? Maybe so. But I have
not yet had a release to announce that Isaiah's way of the saints is to be
staked out through the New York Stock Exchange as a Federal project.
Myself, I have never been able to suffer fools gladly.
I would rather
let them be taught by experience and have them thereafter stay off the
road from Jerusalem to Jericho, where a certain man fell among thieves.
That road was badly patrolled.
Let us patrol well our twentieth century
business highway I
Let us crucify the thieves, as Pontius Pilate would
have done had he been attending to his job!
But do not ordain that
everyone moving along on his lawful occasions shall conform his pace to
that
of
the slowest and worst-equipped blunderer.
Life is much too
6hort for that.
"-V-. a
These puzzles told to you are not all of those which unduly exercise
my personal I. Q.
I have a score of others. For some of these I begin to
see the answers.
For others, ^ know what my next move must be, and that
is sufficient unto the day.
But in talking to this particular audience I
ethics
according to
faring men,
the specifications of the
though fools, shall not err
puzzles, personally, and
To put it in the ver¬
nacular, to' find the answers is not my scrape.
Time and happenings and
the grace of God are the best solvers of puzzles.
One must leave much to
these, if he is not to worry himself into premature senility.
To this audience, further, I must needs again say that these muddles I
have mentioned trouble only lightly or not at all the Detroit Edison Co.
We took our company out of the holding company class in good time, and
inasmuch
as
our
subsidiaries were always entirely owned, and never
must
that
repeat that these now
much
of the
set forth are my own
evidently academic.
puzzling it
a
man
trust.
any
dreamed of
14-year-old—all
sorts of
entirely too free with
bunches—foreign-speaking laborers
stilettos—two score or so of smart young
Investment Securities
thought that they were amateur actors good enough to be
professional; and I have been chairman of committees within the industry
which could only agree to disagree.
Sometimes I got a committee to
people who
the essential accuracy of the multiplication table, but there was
committee member to insist that one or more of the 10 Com¬
mandments needed amendment.
As for a trust to boss the industry either
on
agree
always a
board—it never could be done—and looking
the industry today, I know that it never will be done.
dictator or by a governing
by
a
at
my
Why,
friends in
then, are we addressed by press and preacher
an organized industry, instead of being the
were
we
and politician as if
entirely undisciplined
we are?
lost count of my told
aggregation that
I
12
have
years
matters
ago
I
puzzles, but here is another.
Just about
important trade association of ours about
holding companies, as follows:
McMillan, rapp &
talked to an
which touched
upon
of the holding company today is getting to require a very exact
exact observance of not merely the law hut the ethics.
Those
holding companies who have wisely restricted their dealings with their subsidiaries
or controlled
properties, first, to the receiving of a reasonable or liberal return
for money Invested and second, to the repayment to them of expenses incurred,
or payment to them for specified service actually rendered and billed, are going
to be in the happy position of not being subject to challenge; while those others
whose relations are covered by a bunched amount of so much percentage of gross
1420
company
Walnut Street
PHILADELPHIA
•"The position
definition and a very
or
I give it up 1
regulation
described
don't do nuthin'
Maybe
whole class
control,
succeeding in setting himself up as the
I have been and still am sorry for some
people who sought to build up far-flung controls which were destined to
fall apart by their own weight.
As to bossing—I myself have bossed men
exceedingly
con¬
from 1915 onwards it has worked in its
name, and the last vestiges of its original plan were easily wiped
before the Public Utilities Act of 1935 went into effect.
The holding
veniently
of
has
innocent
bound to do unselected damage
law sent to a parliamentary body for consideration
discriminate between the guilty and the guiltless.
past, but a
goes
enactment
out
our
A tidal wave of public opinion is
and
own
of
Moses brought the tables
day that
free.
pass
apparently in
investors.
When published comparisons of my operations are
the comparisons invariably leave out essential
others elsewhere,
with
the
to
trend
the
of
laws
the
are
whole
the
intended to be a yardstick whereby I must measure tny
possibilities of costs and service.
Their accepted costs are not the costs I
operations
CHICAGO
CLEVELAND
TOLEDO
DETROIT
NEW YORK
mmm—m
—■
INCORPORATED
Philadelphia
Teletype
Pen. 6000
Phila. 156
New Yprk
Hanover
2-4199
3064
I. B. A. Convention
Proceedings
Nov.
13, 1937
Maynard H. Murch & Co.
Investment Securities
Union Trust
Building
Cleveland, Ohio
Members Cleveland Stock
retained
active corporate
as
made
was
without
foresight, but
of
the
which
Recovery
we
of
summer
lished
in
a
which
in
the
knowledge.
than
the
their
something
junior
raise
them that
As
we
to
fhe
Upon
not
I
of
sign.
books
in
the
week
for
a
boys
messenger
of
their
made
in
five
the increase.
have
non-callable
spread
the
perhaps
and
property
us
was
bond
issue,
the
wound-up
making
total
a
companies,
of
for
canceled
underlying bonds could
bond
no
issue
has
been
against
struction
of'
issued
the
terms
$53,000,000,
capital.
and
paid
paid
of
of
of
we
the
under
trust
deed
our
the
excess
of
made the
but
accounting
compel
over
three
four
or
At the
of
out
In
If,
the
by
share
much
week,
of
sum
each
all
of
Guffey
to
take
people
did
when
to
possible
Act
new
permit
our
legislation,
our
customers
upon
expected
about
as
their
nominal
increases
customers.
the
will
in
New
new
us
con¬
the issue
financial
for
coal
Our
use
hours
rates
our
mean
are
service
each
and
$180,000
prices,
may
now
long
mean
or
48
as
or
to the payrolls.
only
now
now,
any
"If
the
we
that
agree
people, then
and
local
zens
and
the
of
fore the Federal
must
State
to
and
the deferment
so
law
for
that
their
reduction of
Local
Turn
Govern¬
Under-Secretary
the
that
agree
the
State
capable of caring for their citi¬
First
of
National
said T.
the
Jefferson
Treasury
Bank
of
Nov. 6.
on
made
be¬
convention
In leading
Coolidge
and
Boston,
Taxation Forum at the annual
varied
local
at White
up to
the
the
suggestion
governments."
government,"
addition
he
said,
of
"was
$3,900,000,000 dollars annually, and that in
$4,000,000,000 of dollars has been spent
are
"about
the
provisions of the law governing old
Coolidge stated that "if old age pensions
the
Federal
cost.
from
aged
age
pensions,
are
to be
Mr.
paid by
Government, let them be paid annually to the
tax
receipts, and remember that taxes must be
paid by the workers."
"Federal Taxation for Welfare Pur¬
poses"
the
was
subject
Mr.
of
Coolidge's
address,
which
follows in full:
asked
am
to
way,
and
expenditures
citizens.
I
welfare
desire
as
where
to
taxation.
in
not
These
for the people
necessary
these
Federal
on
expenditures.
welfare
our
speak
general
a
the
I
divide
whole and,
a
consider
funds
deal
to
with
two
this
shall first
my purpose
into
classes—first,
secondly, those that I shall
used
are
the effect
the
and
desire
detail, and for
shall
the
expenditures,
I
on
to
our
difficulties
aid
special
form
I
see
of
groups
government
in
the
present
methods of
handling them.
I shall then analyze the present tax laws,
showing the approximate amounts receivable.
In closing I shall have the
temerity
to suggest
in
more
ment.
The
indulgence
the
fact
aiid
is
other
that
so
better
a
accord
task
ask
with
is
from
we
are
essential
these
that
it
list
the
Williamson Building
should
be
CLEVELAND
section
of
For
or
not
would
of
arguments
I
presuppose
This has been
promised,
discuss the question
to
from any
our
country
of
the
specify
by
as
the
purposes
those
States,
and
Government.
particular
on
year,
present
that
that
against another.
Federal
one
magnitude based
Navy...
Army
for
Government;
that
necessarily,
sensible
in
These
For
but
are,
no
no
I
way
shall
rough
conditions.
We
man
can
call
convenience
give
I
Total
func¬
say
favor
one
the
essential
not
be
indicating
spend:
$600,000,000
sinking fund)
departments engaged in domestic and foreign service
For harbor and river
improvement and miscellaneous Federal purposes
our
a
could
shall
figures
j,
For pensions and
payments to veterans injured in the wars
For debt service (interest and
For
govern¬
expressed freely, and
My
budget.
be futile
representative
be
agree.
balanced
a
expenditures
performed
general
For our
the
Federal
the
expenditures
the
will
do
Expenditures
us
of
exact
form
one—ideas
point of view.
Let
tion
handling these welfare expenditures—
democratic
who
have
to
of
way
our
difficult
a
i
DAYTON
the States
to
and a reduction in the corporate
with "a broader individual income tax level to
make up the loss in revenue."
In advocating the repeal of
one
Building
back
centralization
undistributed earnings,
of
Bank
"The
annually the past four years on what will be referred to as
welfare expenses."
In what he had to say regarding the
tax
laws, Mr. Coolidge urged the repeal of the tax on
of
Investment Securities
once give up the direction
having to do with the indi¬
work
power in
exactly what our an¬
cestors tried to prevent
through the Constitution."
It was
noted by Mr. Coolidge that the essential
expenses of the
remote
call
McDonald-Coolidge& Co.
welfare
vidual, and turn the full responsibility
and
99
needs.
are
to be raised, there will be
nothing to
just have to take their medicine.
You bankers
Winters
necessarily
are
Sulphur Springs, W. Va.,
foregoing comments, Mr.
those
on
Coolidge,
Suggests
Treasury
of the Investment Bankers Association of America
analyze
CINCINNATI
that
easier trails,
Jefferson
of
property of tlieir citizens,"
formerly
Vice-President
subject in
Building
and
puzzling,
desire to retain self-government by
we
we
governments
Coolidge,
I
Union Central
less
income tax,
earning
44
were
costs
will
next
freight rate.
course, add
will
add
Year,
with few exceptions
are
customers
coal,
on
a
unreasonably I believe
nearly crossed,
T.
Secretary
of all the
by the Interstate Commerce
increase
effect
past they have had: their share in
and
wished
rate
Security Act will, of
these
rates
100
increase
freight
increased costs
our
they
as
the
The
likely
as
The Social
reductions
of
and
The
of
expenses.
us
job
per
1,
being
Convention
for
expensb in the general accounting department,
routine.
Nov.
times
40-hour
maybe 56.
The
of
is
A.
Under
But
actual
now
certainly have not crowded
which
system
additional
novel
no
as
hanging
much
us
annual
our
B.
government
new
will make
Commission
to
I.
bonds.
interest.
year
is
be
not
district,
my own
Amen!
weary.
provision
are we a bit likely to crowd them.
We have had three
refunding operations, in each instance bond for bond and at a net
saving
The
Perhaps
will
but
manager,
"that the Federal Government at
facilities; neither
of
for the
States.
there
puzzled
a
good future of
depression
present
stream
rest
am
the
and
called
new
deed
The
would
original
own
been
not
trust
I
consumer.
certainty made
ments—Repeal of Tax on Surplus Earnings Urged
Well as Old Age Pension Law
off all
corporations
custom,
basis
the
construction.
new
the
that
so
have been
with
to
you—I
United
Responsibility Back
which
off also
these
has
According
excepting
percentage
a
under
of another
issue
any
$18,000,000,
over
occasion
together
ultimate
have that
Government Discontinue Welfare Work and
of
tell
item to be wiped out some good day.
That fashion
recording purchased properties has been applied likewise to 17 municipal
plants.
These as a class were neither better nor worse than the
others,
although of some of them the only thing which we retained for our own
operation was the list of customers.
of
the
that
some
to
believe in
to
these
of
of
Formerly
we
and
of the paid price as an
debt
Before
less
of
The
the
could
not
surely
inventory accounts, and set aside the
proper
and
and
corporations
We called
remainder,
reach
ours
as
12
up
address
continue
side
They did.
wound
set
I
State
stream
pay
minimum
this
one.
the
that
was
end
other
for
of
;'
the
but
always must
consumer
him!
own
that
taxes
ultimate
of
character
and
ages
minutes
To
fearful
my
and
costs
every
months
reason
drawing
as
estab¬
Code
many
guess
for
the
that
that
clear to
the
in
Our
Draft
His
have
may
because
we
We
one.
the
boys to the junior clerk
earn
small
a
hatched.
wrangled
through purchase of their stock.
stock
our
20
decision
these
accountintg,
except
was
by
none
Even
problem which that code brought to
some
minimum
Our
did
watchful
something
was
40-hour
required
which
of
intolerable.
the
on
industry
our
wish
memory
people
those
know
because
definite policies,
to
been
blessed
President
one
they had better
debts
preferred
the
of
pay
complex
acquired
their
which
schedule
employment.
would
above
helpful, each change
was
extent
have
us
of
our
concerning
clerk
than
some
50 years
before the Blue Eagle
The
would
we
upon
put
were
end
is
have
whether
We
making of
signing
no
laid
year
minima
the
To
Administration
ready.
1932,
wage
1933-34
and
were
step.
adherence of
our
requirements
new
National
entities longer
breaking
to
more
Exchange
400,000,000
600,000,000
1.300,000,000
700,000,000
300,000,000
*3.900.000,000
Volume
I. B. A. Convention
145
HAYDEN,
ESTABLISHED
1250
1903
SECURITIES
BUILDING
TRUST
UNION
OHIO
CLEVELAND,
MEMBERS
shall
I
the
make
suggestions
no
addition to
In
past four years
criticisms
or
duty to care for the welfare of Its citizens
annually
what will be referred to as welfare expenses.
The
I am omitting
on
problem of old age pensions I shall refer to separately, and
from
the discussion the activities of the various
loaning
I
this connection
agencies.
In
should become part of
would point out that expenditures
when made under any Act such as the Wagner
housing bill, where cash for spending is obtained under a Federal guarantee
and
an
annual
subsidy
granted to make possible the repayment of
the
budgeted
expenses,
the debt.
expenditures
welfare
These
may
be 6aid
have been
to
made for the
following purposes—to help the unemployed, to help the individual
their soil, to erect buildings and other works for the use
farmers
of local
gcveinments or individuals, and to embark in the power business.
They
all
have
certain principles in common.
All these functions could be
handled by the State and local governments.
The funds are all dispensed
by Presidential appointees with broad discretion.
The demand for the
funds comes from classes or localities, who readily realize that they will
pay an insignificant fraction of the particular funds they are able to get.
This demand is unlimited in extent.
Before the present Administration
duty when Federal bureaus and officials Invade a broad part of the field In which
that duty must be performed—said Invasion changing continuously and without
advance Information in complete disregard for the responsibilities of the properly
constituted State and local authorities, thus placing our
at the mercy
This
Constitution,
known
to
it.
cope
funds were spent in this manner.
significance in this Federal expenditure for
no
the
Consider
of
spending is
The very
with
welfare under
funds cannot be
obtained from
essential expendi¬
tures
let
alone
these additional ones.
The question is, whether our
workers shall be allowed to spend this money they have earned, whether
the sums shall be taken by our State and local governments to spend as
the elected representatives decide, or whether Federal appointees without
responsibility to the voters of the individual States shall spend these sums
earned by 40,000,000 workers.
Employment will not be increased by the
latter means, as in any case the sums will be used to purchase goods or
invested
in
enduring works.
Remember that the Federal Government,
through the Constitution, and particularly the Income Tax Amendment,
has, in effect, a first lien on the earnings of the people—the more it
takes, the less there is for the States and local governments, and the more
difficult becomes the task of the latter.
What did Thomas Jefferson say
in
budget.
to Federal
regard
expenditure—
endeavoring to reduce the
"We are
to the practice of a rigorous
government
avoid burthening the people and arming the magistrate with a patronage
which might be used to corrupt and undermine the principles of our
economy, to
of money,
government.
the government from wasting the
of taking care of them, they must become
"If we can prevent
the pretense
the
consider
Then
propriety
for
happy."
welfare
look in vain in this document for any
layman I
a
spending
by Washington
of government established by the
appointees under our form
Aa
of
labors of the people, under
Constitution.
such clause as the
Congress may tax the people of the several States as
heavily as it desires, and such sums may be turned over to Presidential
appointees to distribute to such parts of the country, and such classes and
groups and individuals,
and for such purposes, as may be deemed wise
by them."
Instead, I read the Tenth Amendment as follows:
"The
following:
"The
powers not
delegated to the UnUed States by the Constitution, nor pro
reserved to the States respectively, or to the people.
hibited by it to the States, are
In
concerning
discussion
the
all
the
grant
of powers
it was clearly
Government should exercise complete powers
in regard to foreign affairs, should coin money and aid commerce between
the States, and that State authority be supreme elsewhere.
The reason
for this
division was to establish self-government by the people through
their elected representatives.
The distinction was a simple one—foreign
affairs were Federal; domestic affairs, with the exception of the monetary
brought out that the Federal
standard,
were
Jefferson
the
stated
Constitution, as
of
concern
this
sovereign
contention, time
principles of our
representative government as we have
structure of our National Government was not built
must
and
in direct conflict with the
undermine
the multitudinous demands
from groups and sections of the
begging for their own benefit.
How can we properly determine
the necessary revenues to raise, when the extent of these expenditures are
country
so
indeterminable?
Revenues
Let
us
turn
conditions have
to
the
revenues.
changed too rapidly, and
adequate, and again I
present and estimated
We
of
question
Here tax laws and business
figures for any one year are not
will use rough figures more or less in line with
collections, but with no pretense for great accuracy.
collect—
We collect—From corporate
31,300,000.000
1,600,000,000
Incomes taxes
From Individual income taxes
600,000,000
From estate and gift taxes
The figures will show that these
the rich—they have not enough to pay the
balanced
a
elected officials completely
of Washington bureaus."
form
conserve
practically
recognizes Its own primary
and the Impracticability of performing that
"Whereas, the Commonwealth of Massachusetts also
these expenses.
on
EXCHANGE
STOCK
CLEVELAND
about $4,000,000,000 has been spent
the above,
COMPANY
8c
MILLER
INVESTMENT
3065
Proceedings
From customs
500,000,000
650,000,000
550,000,000
500,000,000
800,000,000
-
From alcohol taxes
From tobacco taxes
From
manufacturers' excise taxes
From Social Security taxes
From
capital stock and miscellaneous taxes
400,000,000
56.800,000,000
A total of
the soundness of these taxes.
probably mostly passed on
to
the public, and otherwise bearing equally on small and large stock¬
holders.
It is easy to collect and not damaging at low rates.
I would
like to see the rate reduced and a broader individual income tax levied to
make up the loss in revenue.
The high tax rate on undistributed income
is, however, a most unsound feature of this tax on corporations.
It fre¬
quently forces directors to declare dividends that are unwarranted, either
on account of cash or credit needs,
or because dividends are made unneces¬
sarily irregular.
An unjustified penalty is imposed for the wise procedure
of paying debts from earnings, and the consequences may well result in
future financial distress.
Small or weak companies, who are unable to
raise funds publicly, are placed at a great disadvantage.
This tax on
undistributed earnings should be repealed.
The argument that the rich
escape is untenable, because they are taxed on whatever they do receive,
and when they die the Treasury gets its share in any case.
The country's finances would be sounder if individual income taxes at
reasonable rates were
to cover a greater number of our citizens.
We
must recognize the individual pays in the end.
My belief is that in the
upper brackets the rates are higher than the rate of greatest return and
merely prevent large incomes being produced, and that this is particularly
true of the tax on capital gains.
Capital gains are in many ways distinct
from income and should be taxed separately, if at all.
I think that in
the case of income taxes there is a point somewhere between 35% and
45% where an increase in rate definitely reduces collections, particularly
in the long run, and that on profits the same would be true at a rate in
Let
me
give my views very
The corporate
briefly
on
income tax is an indirect tax
States and local governments.
as the essence of the
after time,
for example:
and leading object of the Constitution was to leave with the States
respected their own citizens only, and to transfer to the United
States those which respected citiens of foreign or other States: to make us several as
to ourselves, but one as to all others.
"To the united nation belong our external and mutual relations: to each State
"The capital
all authorities which
severally, the care of our persons, our
property, our reputation and religious
free¬
dom."
Furthermore,
the Federal bureaucracy has power
to favor such districts
such individuals as they choose.
The question
as
to whether a
local town shall have low-cost housing in preference to
new
schools, hospitals, or other public works, rests not with the elected
as
officials
responsible to the voters, but with a
Presidential appointee with
Mayors
placed
in the position of beggars at the doors of Federal appointees, and as a
result, it becomes, part of their duty to bring pressure on the Treasury
for expenditures that in total would unbalance any budget.
The power
of spending the vast sums is a power superior to the elected officials of
our sovereign States, and destroys local rule by the people and their 6ense
of responsibility.
How can we hope for efficient responsible local govern¬
no
of
responsibility
our
ment
The
to
PETER, KEENAN & CO.
Incorporated
they determine and even
to
the
cities, and even
under
these
voters of the districts concerned.
The
elected representatives in Congress, are
circumstances?
Legislature of Massachusetts
Congress
following
last
BUHL BUILDING
our
winter,
words:
recognized this condition in a petition
direct allocation of funds in the
requesting
DETROIT
3066
I. B. A. Convention
Proceedings
Nov.
13,
1937
Missouri and Southwestern
Stocks and Bonds
Smith, Moore & Co.
St. Louis
Members St. Louis Stock
the
neighborhood of 10%.
A rate lower than the present
large profits
on
would
certainly bring
tion.
Unreasonably high rates always diminish receipts and force
nomic
low
of
use
funds,
more
and
revenue
and where there
help
is
the general
doubt
it
is
economic
safer
to
situa¬
uneco¬
err
the
on
will
few
in
the
revenue
unfortunate
the
rich
long
brackets
upper
to tax.
I
believe
at
are
too
high
rate.
a
lowering these rates would
There would not be the effort to avoid
run.
The liquidation involved in
means.
economic
Revenue from
in
taxes
be
payment by various
paying has serious
consequences.
customs, though
broad field for argument, I shall avoid
a
these
and
tobacco
luxuries
at
turers'
least,
excise
and,
the
and
taxes
in
excellent
are
general,
children
taxes,
based
falling heaviest
them
escape
by
those
on
not
consumption
on
able
most
indulging.
to
Manufac¬
social
security taxes fall broadly on all classes "of our
population.
Most of these are practically indirect and invisible, and it
might be better to make people realize the extent
they pay, but at
least they are readily collectible and sound
economically.
Old
There
that
a
special
very
The
Criticism
compel
be
20,000,000
citizens?
erable.
to
Has
class
a
individuals
generation
Only
we
be
the
in
creating
seem
for
expenses
to
old
an
Does
the
promises
attempt
than
the
soldiers'
to
$30,000,000,000 in
cash
the workers.
sovereign
to
But
States,
public
Should
for
not
of
not
be
care
the
of
and
much
bonus,
their
want
is
it
necessary,
elected
a
the
State
sick
of
these
one
legislators
public
great
and
all
have
of
the
on
the
manifold
authority
general
local
or
wise,
to
that
two weak authori¬
representatives
Presidential
to
with
government
Constitution.
our
was
great past.
exactly
My
what
suggestion
The
is
that
the
tried
of
to
Federal
our
people from
appointees?
affairs?
centralization
ancestors
our
our
of
care
It
power
prevent
Do
we
is
not
surely
in
a
remote
through the
Government
at
with
States
and
creating
Federal
States
on
and
the
alcoholic
on
in
beverages
at
to
stock
and
pro¬
basis,
per¬
for
care
the
could
tax
tobacco,
would Rlace
money
conduct
and
These
present rates.
this
the*
to
as
to
are
the
Other tax
customs.
them
capital
and
position
argument
no
through
agreed-upon
be collected
$2,500,000,000,
governments
an
enable
to"
taxes
Government
adequately
their
duties
need of furnishing these
am merely taking the situation as it now exists.
itself, would determine the best use of the funds to
welfare
I
problems, and
would
suited
point
justice
in
sovereign
our
could
that
out
distribution
to
in
distributing
adjust
these
accord
taxes
own
consumption
are
with
welfare
State governments,
their
The
meet
or
population—that
money
much
so
per
and also that these taxes
difficult
for the individual States*to
collect, than through a
The Treasury would thus become collecting agency for the
certain
sound taxes,
not easily collected by the State indi¬
more
agency.
States
on
vidually.
local
local
and
from
we
consolidated
capable
refuse
of
ington
a
welfare
we
necessarily
caring
admit
for
bureaus control
policy
and
is
method
desire
see
lines
that
retain
to
that
agree
as
it
the
like
action
the
of
between
Argentine
excellent
with
would
Treasury
results.
State
restore
and
of
the
United
by
and
self-government
State
the
people,
a
over
the
are
individual
our
destructive
happiness
these
is
relieve
and
We
Government
the
people,
pressure.
their citizens
that we,
the
and
along
taxes
the
responsibility,
that
agree
to
of
unwarranted
must
we
governments,
advantage
government
States
such
There is nothing startling in this.
of
and
local
property of
governments
their
prepared to turn
welfare.
self-government,
I
and
am
is
are
citizens.
over
to
convinced
contrary
I
Wash¬
that
to
the
of the people.
right
planning possible.
transfer the
the
without
done
our
problems concerning
means
met
population,
taxes
making
certain
a
through
far
If
locally by other forms of
children, or in reduction of local
or
A divided
no
If
is
person
are
then
of
the
to
about
local
situation.
central
will
right
Possibly it would be decided
bureaucracy in Washington running
consistent
the
to
May
that
proper
having to do
back .to
be
the
of
be
can
Minor
The
particular
great
result.
could
inheritance taxes,-plus
their
to
in
am
each for
own
recently
a
Conclusion
Now
their
The
expenditure,
work
particular sums, but
States,
State
furthered
States decide
friction, with
individuals
funds?
better
the welfare of their citizens ?
ties
to
I
the
Congresses
this
security taxes could
and
has
practical
the
element enters.
elected
the
these
would
as
another
distribution
should
use
good
expenditures such
taxes.
then
even
available
determine the
the
States
efficiently.
intol¬
an
welfare
responsibility
expenses
These
citizens.
bring
Were
$1,000,000,000.
as
so
varied
full
gift and
distributed
social
group
on
the
less
were
be
repealed.
would
the
income,
their
of
large
a
My plea is to repeal this Act, and if old age pensions
are
to be paid by the Federal
Government, let them be paid annually to
the aged from tax
receipts, and remember that taxes must be paid by
are
four
essential
proportion
be
well
this
the
annually.
could
in
the latter
force
is
law
government
to
annually
mind,
my
akin
to
this
beneficiaries?
sums
haps
the
pension ?
age
unconstitutional;
to
to
angle.
loans
$2,000,000,000
situation,
a
demand
a
forced
unwarranted
That,
generation ago total
a
not
result
future?
law covering old age
the consequences incalculable.
the form of
the right
of
by the
possible
every
make
with
citizens,
the
to
would
Congress
our
in
first
created
immense;
from
be paid in
coupled
The
this
of
are
welcomed
general taxes levied,
our
of
receipts
all
Furthermore,
the
payroll taxes, well
Age Pensions
problem
involved
sums
should
debt remains to
a
ceeds
of
turn
difficulties.
$3,900,060,000
there
is
pensions.
of
financial
excise and
Alcohol
and
governments.
welfare
discussing.
pay;
direction
Remember
estate
there
increase
the
up
individual,
local
side.
Likewise,
Soon
of
give
the
Exchange
once
Opposition
to
Lea Bill Affecting Indebtedness of
Municipalities in Default Voiced by State Trea¬
surer
I.
B.
Johnson of North Carolina in Address Before
A.—Sees
Entering
Wedge for Government
Program in His State
Control—Reviews Refunding
In voicing before the Investment Bankers Association of
America, opposition to the Lea bill, now pending in Congress,
Charles M. Johnson, State Treasurer of North Carolina,
and Chairman of the Loci I Government Commission of the
State
termed
its required onts vexatious, and he said it
"effectively stran^ 3 all reasonable committee re¬
habilitation activities, or &•: least, would considerably slow
down the effective work w; ' 'h has been performed
by bond¬
would
holders'
committees
criticisms
were
S'
or
presented
vention of the Association
activities."
3
I
o
i,
)V.
Mr.
Johnson's
7 before the annual
con¬
the title "Some
Aspects of
pon Municipal Debt Read¬
justments." Mr. Johnson p<_
i out that "the Lea bill as
written originally, would have applied to all
refinancing and
refunding operations by municipalities' and that "as rewritten
by the Interstate and Foreign Commerce Committee, the
bill now only applies to situations in which there is a default
in principal or interest payments."
"The main objection
the Lea bill and
Their
c
Lff»
,(
Investment Securities
which I have to the Lea bill" said Mr. Johnson "is that it
Stix
$
Co.
SAINT LOUIS
909 OLIVE ST.
to be absolutely unnecessary and might be the enter¬
ing wedge for ultimate control of State and municipal financ¬
ing by a bureau of the Federal Government."
"All major
defaults," Mr. Johnson continued "have been cured and
there remains only a comparatively small number of de¬
faulted municipalities
having a small defaulted debt
which is being
expeditiously rehabilitated." "The
abuses, if any, of the past" he said, "cannot be of sufficient
importance to warrant the passage of this bill."
In Mr.
Johnson's view "it seems that
Congress can find ample
justification for eliminating all reference in the Lea bill to
municipal debt arrangements, which will place burdensome
impediments on the municipal operations affected by the
bill."
We give Mr. Johnson's address herewith:
appears
.
.
Members
St.
Louis Stock
Exchange
The widespread
.
.
.
.
defaults by governmental units, which commenced in
1929, focused the attention of all concerned upon the problem of readjust-
Volume
145'
I. B. A. Convention
3067
Proceedings
Municipal & Corporation Bonds
Watling, Lerchen & Hayes
Members New
Ann Arbor Trust
Ann
ment.
York Stock Exchange'
Building
334 Buhl Building
Arbor, Michigan
Detroit, Michigan
Where readjustment is necessary and feasible, there are the further
problems of the development of
fair plan
a
chinery for putting that plan into effect.
of readjustment, and of ma¬
Your group has devoted much
study to these
matters in the municipal field, and various aspects of the
problem have been discussed by and before you at previous meetings
For
the purpose of showing
my experience with the
readjustment of local governmental
briefly
In
our activities
1934.
cities and
of
of the 267
100
our
wish to review
of which exchan
from
a
listed in default, as
were
which had
Of the counties,
some
sufficient
1
State,
bonds outstanding.
towns are
152
were
At the present
delinquent in debt service
11 have already proposed refunding plans, in
es are now
being made. Others
number of creditors.
ate awaiting assents
Of the remaining
13 counties, six
are
evolving refunding programs.
Regarding the 89 cities and towns still
default, 25 have proposed refinancing plans: and exchanges are now being
in
made in about
half of them.
one
the approval of creditors.
The others
heavy obligations in the period of
feeling
some
to the local
anything but good and certainly
was
justly proud of the success which they
we are
have had in relieving their situation.
debts of
It is true that our local units incurred
so-called
our
prosperity
the
and
era,
burdensome to the extent of causing a very depressed
were
same
over the citizens of those communities.
They
despondent and
were
balance,
a
the defaults
ble.
feeling of despondency there
the
repudiation
of
the
debts.
immediately squelched, and
was
very
Under
direction
about to find
we set
under
rectified.
In spite of
In
such
all
were
hcnorable way to relieve
an
with the holders
our contacts
Carolina,
ideas
we
have found them very '
cooperative in working with us in all meritorious activities to the end that
fair and equitable solutions could be found to the
problems which confronted
and
us
them
on
of
account
accomplished
what
creditors; but
we
the
have
we
if
default
had
we
We
situation.
not
had
this
could
have
not
cooperation
of
the
have earned it, we think, by our adherence to sound prin¬
ciples of refinancing and
sympathy
with
maximum
paying
any
the creditors that we were not in
our assurance to
proposal
ability
which
of the
did
contemplate
not
involved,
unit
being
a
a
reasonable
governmental
agency, we might not have expected to receive such confidence on the part
of the
bondholders; but after the handling of a few cases, it was clearly
demonstrated that
creditors
well
as
we
as to
careful
gave
consideration
that of the local units.
to
the
position
of the
jUnder our system, the State
Treaairer is authorized
to act as depositary, and the Local Government
Commission effects the actual exchanges of the securities.
The work has
been handled without
any expense to the bondholder and with a minimum
the governmental units.
expense to
that
the
situation
could
have
I, therefore, challenge anyone to show
been
handled
manner.
about the
more
any
more
under which
a
the
debts
of
our
ce
having been made by the creditors.
hich have
will involve any
or
jd
have been readjusted.
Tiis" already
Of the
The amount of
reduction of principal is negligi¬
run
low
as
are
$100,000 and less.
as
The defaults of these
likewise being rapidly adjusted.
The candid,
that
the ioss to municipal creditors,
during the worst depression that the
country has ever seen, has been negligible, much less than other investments.
The main objection which I have to the Lea bill is that it appears to be
absolutely
and
unnecessary
ment
be
might
control of State and municipal
the
financing by
entering
for
wedge
ultimate
bureau of the Federal Govern¬
a
All major defaults have been cured and there remains only a com¬
.
paratively small
of defaulted
number
which is
consisting of some
municipalities,
school districts, counties, cities and towns,
having
a
small defaulted debt
being satisfactorily, economically and expeditiously rehabilitated.
The abuses, if any. of the past cannot be of sufficient importance to warrant
of this bill in order to
Furthermore,
would
its
committee
present or threatening abuses.
vexatious
are
and
rehabilitation
would
activities
effectively
at
or,
short
time.
a
The(§|>£ijbill which
am
or
State activities.
In dealing with this sub¬
naturally approaching it from the standpoint of
public official,
a
under whose direction all refinancing in my State has, by Law, been placed.
I have always been cognizant of my duty to serve the best interests of the
municipalities but keeping in mind the creditor's interest
vital
consideration
that
the
dealing in good faith and is willing to
the cricumstances
bonds is
be
to
a
were
satisfactory.
fee for serving
agree to a
that
We have
had
Even
been done, when
was
the
any
by municipal
refinancing
programs
to
furnish1 the
cure
for any
cases
money
for
am not
surveys
in
a
Commenting upon the report of the North Carolina Local
Government Commission, made public June 15. 1937, one author states:
This
high satisfaction touching rehabilitation results in
favorable than the percentage of
were restored to currency in the country as a
whole; surely there is no room here for criticism.
report reflects
that State and shows progress even more
counties and
towns
whicn
one
now
and has been for two
or more years
of refunding and rehabilitation is
progressing effectively, economic¬
ally and satisfactorily, both to investors and to the municipalities; and it
would be
deeply regrettable if unwise legislation should disturb and retard
this satisfactory program.
under consideration
Covering
threatening abuses.
Southern California
The
there is
a
default in principal or interest payments.
being considered does
ipality
of
a
I
not affect
a
refinancing transaction
seeks to refund its non-defaulted indebtedness to
The bill
wherein
take
now
a munic¬
With
advantage
opposed to the bill.
we
But before stating some of the reasons for my
position, it is well to examine into the past and present situations in order
to
determine whether
municipal creditors
under the existing laws.
instances.
a
in
small
I think it is true, in the main,
years
minority.
in remedying
State and
the
8
principal
cities,
default have
that municipal creditors have
Municipal creditors have been concerned for several
default problem.
run as
of
a
high
single
$2,000,000,000.
as
a
State
coupon.
or
were
Included
Investment Securities
over
$400,000,000
a
of the
State.
bonds
t>26 SO SPRING ST
TRinity
s76i
LOS ANGELES
in
This figure, however, included
mean
were
of
Beverly Hills
Pasadena
Claremont
Redlands
that there was a $2,000,-
That total included many defaults
only temporary in nature and
$150,000,000 bonds of
were
municipality which had defaulted on
It did not
000,000 principal of bonds in default.
which
Griffith-Wagenseller 6 Durst
During that period the amount of
Estimates of the amount of these bonds which
outstanding bond of
the payment
complete facilities for primary
secondary distribution.
municipal bonds outstanding is estimated to have been about
$20,000,000,000.
every
a
and
being adequately protected
are
offer
Of course, this cannot be determined from single
fared very well and it is unwise to condemn any system upon the evidence
of
offices
favorable market condition.
am
speedily rectified.
one
and
position
which have been handled by committees.
There may have been a few abuses in other section sof the country, but not
in my State.
Lea bill as written
originally would have applied to all refinancing and
refunding operations by municipalities. As rewritten by the Interstate and
Foreign Commerce Committee, the bill now only applies to situations in
which
in
of these committees has received
Therefore, I
of organization.
JjO^&bly be pressed for passage in the
Congress, is designed
primj^. j^as contended by the proponents of
bill, to regulate alleged abus<
j principally on the part of the bond¬
holders' committees and
a
municipality is
handled by bondholders' committees, and they
No member of
criticism of
It is
well.
as
the
fair settlement under all of
some
thereon; but have advanced the
other necessary expenses
to present any
certain
Involved, if the favorable credit enjoyed
maintained.
North Carolina which
were very
be
creditor
by the last Congress and which
next
least,
considerably slow down the effective work which has been performed
by bondholders' committees
ject, 1
cure any
requirements
reasonable
all
,
so
un¬
biased consioeraticn of the entire situation will make it evident to anyone
attempts to visualize what could have -^AKpened under interference set up
by rules and regulations of a FederaU^^lhcy, it is obvious that what has
already been done in my State and Q&L fJStates of the Union could not have
been done in
more
The remaining defaults are in the smaller communities and the
communities
In my State, particularly, the process
Nortlpparolina than any other agency
units
deal of the refinancing
great
that considerably
say
satisfactory
finan^/^condition and the paying ability
of the local
governmental units in
though
in
^
1 believe I know
w
involved
amounts
small
the
little, if any, thought given to
my
the situation with respect to our local units.
of the bonds of the local units of North
them
of meeting
way
probably safe to
At the present time all of the defaults of any consequence have been
strangle
no
is
large percentage has already been refunded with some slight
very
schedules which had been set up at the time
they were tssuea.
this
It
been refunded without any sacrifice of either principal or interest.
the passage
see
speedily
were
of millions of dollars included in the
true of hundreds
half of all of the bonds included in the $2,000,000,000 total have
one
realized that, while they had incurred the
outstanding obligations and felt
that they were
just,
they could
was
$2,000,000,000 total.
than
in the process of securing
are
Our default situation with respect
governmental units in North Carolina
nothing to be proud of, but
The
est.
concession in interest
time, only 24 counties and 89 cities and
payments.
problems of refinancing and
my
along this line.
62 counties out
towns
units in
000,000 total is accounted for by these two defaults, which
rectified by refunding operations involving no sacrifice of principal or inter¬
It also
city and approximately
Thus, approximately 25% of the $2,000.-
San
Bernardino
San
Diego
Santa Monica
I. B. A. Convention
3068
Nov.
Proceedings
1937
13,
1
r
revel Miller & C o.
650 South
Spring Street
LOS ANGELES
SAN FRANCISCO
SANTA ANA
Teletype: BELL LA 477
INVESTMENT SECURITIES
CALIFORNIA
MUNICIPAL
BONDS
MEMBERS
INVESTMENT STOCKS
•
LOS
ANGELES.
STOCK
CORPORATION BONDS
•
EXCHANGE
k.
It is,
■A
perhaps, idle to speculate
Securities
and
Exchange
to the motives which
as
Commission
include
to
the
of
the
Bankruptcy Court under the Municipal Compositions Act of 1937.
States
prompted the
regulation
Courts will not render judgment on municipal bonds unless
consider whether the bill, as enacted by Congress, would result in the better
bonds must be arranged, which would
protection of the municipal bondholders than they have heretofore been
sions of the bill.
protected under existing laws.
essential
I cannot
that there will be
see
protection as claimed, but do believe that the
to many unnecessary
in
Washington to
of the bill will lead
passage
complicatioas and red tape in having
merits of refinancing
the
upon
pass
better
any
a
bureau located
in
programs
the
various States.
in
so
instrumentality of Interstate Commerce to solicit
the
deposit
of
pertaining to securities involved in the proposed municipal debt
ment unless such person
proxies
arrange¬
shall have complied with the requirements of the
are
bring this activity under the provi¬
It must be admitted that some form of unified action is
most
defaults.
municipal
depends
remedy
The
upon
the
ability to work with the officials of the municipality harmoniously, attempt¬
ing to devise
a
for curing the default,
program
a
collection
methods, all of which necessitates
municipality to
pay,
usually requires united action
to investigate operating expease3 and tax
for
the
expenditure of
an
money
and
the expense if borne
that
reason
collectively by bondholders is less burdensome.
has been
if that fails, to bring
or
It is always necessary to make studies of the
legal proceedings.
proper
ability of
Under the Lea bill it is unlawful for any person to use the mails or any
the bonds
if Court action is contemplated the deposit of the
municipal committees in the Lea bill, but it is certainly quite pertinent to
presented in Court,
The protective committee
essential agency, in many instances, to insure proper treatment
an
bill.
The maximum penalty for violating its provisions is $5,000 or five
for the bondholders, particularly where the holders are widely scattered and
years
imprisonment,
the holdings are in small amounts.
or
both.
Certain solicitations
from the provisions of the bill
cipality
its employees;
or
which he has
a
including,
a
solicitation by
exempted partially
are
in respect to securities in
beneficial interest; a solicitation for the sole purpose of enabl¬
a
The
solicitation made by the muni¬
a person
of
creation
the
j.
Securities
and
Exchange
Commission
protect
to
investors in the sale of securities doe3 not warrant the criticisms which will
be directed against the provisions of the Lea bill, I think that a clear
may
ing not exceeding 25 holders to act jointly for themselves; such particular
distinction should be made in regulations to protect investors in the sale
solicitation
of securities and to protect them when they are attempting to salvage their
the Commission may exempt by regulation or rule, but no
as
solicitation
be
may
exceeds $100,000.
exempted under
placed
the
upon those
of the bill
exempted under
bill,
who
but
other
can
where
the
amount
heavy burdens
are
do not apply to the procuring of assents
accomplish
approval of
and
It is contended by the proponents
are not exempt.
that its provisions
person
authority
substantial
more
applied to muncipal refinancing.
consent or
such
This provision imposes burdens not only upon persons
a
To the extent that
refinancing operation
owners to a
municipality
a
by
obtaining
as
deposit of the bonds is required, and
no
no
actual
discretionary authority is to be
is
tion
desirable
second
to
In the first instance, every
prevent
reasonable precau¬
being defrauded.
the investor from
In
the
instance, the investor has made his investment, and he is endeavor¬
ing to work out
a
bad situation in which he has difficulties and should not
be burdened with .too much Federal regulation.
Another important provision of the bill relates to committee personnel.
or
the
refinancing plan, definitely prepared in
advance of the attempt to obtain assents, and in instances where in
lo3se3 in default situations.
The bill requires that a committee member must be either the beneficial
owner
the respresentative of the owner of the securities, and prohibits
or
the issuer
principal underwriter
or
two to serve in that
capacity.
or any one
connected with either of the
Properly, the issuer
or one
connected with
exercised in behalf of the owners, it seems that the bill is not intended to
the issuer should not participate in the committee's activities.
apply.
affirmative provision to that effect would make that
the committee be composed entirely of representative holders or should it,
No
in part, be composed of the distributors or the
However,
an
intent more definite.
tions which
the
may
one can
foresee the nature of the rules and regula¬
be prescribed by the Commission, and
liability of the penalty for failure to disclose
material, but which in
sidered material.
might incur
might be
con¬
If the refinancing plan is such that the owners may be
required to deposit .their securities
discretionary authority
proceedings of
one
fact not considered
some
the judgment of the Commission,
as
to confer
to the selection of
character,
any
employee is not exempt.
or
such
a
on
the
municipality
some
plan, or the institution of
solicitation
by
the
municipality
or
Under the definition of "deposit" in the bill, it
would be hazardous to solicit the deposit of securities under
any circum¬
stances
on
the theory that the bill does not apply to such activity.
example, the
person
acting for
select the maturities of the
the
any
a
municipality
refunding bbnds,
exchange of securities should be made
other designated place.
In
many
or an
nor
officer thereof could
not
advisable for
The committee
or
person
whose services
to
are
a
argument
of the readjustment,
municipality must comply with all of the provisions of the bill. The refund¬
ing problem may require litigation, possibly including resort to the United
on
pay
committees is,
insist upon a plan
may
and thus not effect
which interest may not be entirely in harmony
with the best treatment to the holders of the bonds.
if he is
not
acceptable committee member, the
an
deprived of the right to
use
On the other-hand,
municipality will be
the services and facilities of the original dis¬
tributor, which services may be of great value in attempting to locate the
bonds
once
It is my
ence
for
account
involved
a
Thus, the munic¬
refunding program.
can render it
the most
municipalities
in
working
cause
serious inconveni¬
refinancing
their
out
of the many restrictions and burdens
the deposit of bonds in a
services of
acceptable service.
belief that the passage of this bill would
called exempt transactions.
the
in
meets the prohibition that it cannot retain the
agency which
an
or
be used by the
underwriter serving
an
permanent adjustment of the debt, or he may be interested in the out¬
come
outstanding
the
against
beyond the ability of the municipality to
ipality at
municipality itself to solicit deposits of bonds under a proposed refunding
plan.
In such cases, a municipality usually avails itself of the services
furnished by a committee or any independent or State
regulated refinancing
agency.
The
having sold the issue in the first instance, he
which is
not
could he determine whether
it is
that
For
at the State Treasurer's office
cases
tion?
But should
underwriters of the obliga¬
programs,
on
subjected by the bill in so-
Conceding the necessity of the solicitation of
case,
the restrictions in the bill which prohibit
of the original underwriter might render impossible the accomplish¬
ment of the refinancing
program.
Another
use
provision of the bill prohibits
the committee from representing issues where theere is a material conflict
and prevents a committee member from
serving where he owns or repre¬
sents an
sented
owner of a security which
materially conflicts with those repre
by the committee.
I do not think this question is of importance in
the municipal field, as municipal defaults have oftentimes involved
We specialize in
or
town located in
a
lapping taxing districts it is sometimes desirable that
to solve the entire
one
committee attempt
financial problem in that locality. A regulation of the
expensive and not accomplishing
the best results.
There
the requirements of
not
declaration and prospectus.
a
These features I shall
attempt to treat in detail, since undoubtedly you are entirely familiar
with them.
MUNICIPALS
'
other objectionable features of the bill including
are
There are,
mention
however,
one
before closing.
or
two
other
features which
I
should like to
The deposit agreement under the Lea bill must
•
.
contain such limitations upon the
employment of attorneys as to
extremely improbable that
Offerings Requested
be eligible for retainer.
flicting interest,
prescribe
as
tection of
mittee.
"as
acting
jaxtheimer & company
S.
W.
SIXTH AVENUE
a
the
Commission
of the
by rule,
regulation
of
or
con¬
order
may
public interest or for the pro¬
as
counsel for the com¬
Commission's reports indicates that it will rule
who has represented
member
render it
of the wellknown municipal law firms will
investors," will be barred from serving
The tenor
as
any
Attorneys "which have represented materially
necessary or appropriate in the
that any attorney
310
city
Commission would prohibit this practice,
thereby complicating municipal
debt readjustments, making them more
OREGON
V
a
On account of the over¬
county which is in default.
the
committee
a
person
who is disqualified from
will likewise
be disqualified
from
acting as attorney for the committee.
It is almost certain that any wellknown bond attorney of
any prominence will, at some time or other, have
acted as attorney for a person who will be
disqualified to serve upon a
committee by reason of having underwritten some of the bonds in default.
Not only is it a serious matter for bondholders
to be denied the right to
PORTLAND, OREGON
f
employ their choice of attorneys for handling all of the details up to the
point of declaring the plan operative, but serious trouble will arise in connec¬
tion
with
furnishing the opinion of
a
recognized
bond
attorney
on
the
Volume
3069
Proceedings
I. B. A. Convention
145
Bateman, Eichler St Co.
Investment Securities
45 3
SOUTH
LOS
STREET
SPRING
ANGELES
^J-Lellipveerl
patale
ena
42
NORTH
215
MEMBERS
The necessary effect is that
refunding issues.
LOS
the refunding issues must
be
without the benefit of the approval of national
attorneys' thus adding to the difficulties of their marketability. Unless the
opinion of a recognized bond attorney is obtained on the refunding bonds,
all refunding operations may be defeated since an owner cannot be expected
to give up a bond upon which he has a good opinion for one upon which
practically no opinion would be obtainable.
It is obvious, therefore, that under the bill it will be exceedingly more
difficult to organize a bondholder's committee and to find competent
persons
it. Assuming that such a committee
effectively as a representative of the
who are eligible to serve upon
organized, will it function more
securities.
holders of defaulted
Further the bill leaves many
important determinations to
the opinion of
311 (b) in the revised bill Com¬
solicitation of proxies, deposits or
assents to be such as to constitute an agreement containing, in addition to
limitations and restrictions on the employment of counsel, the following:
"Such provisions as to the rights and powers of the declarant and of the
security holders, as the Commission, by rule, regulation, or order, may
For instance, Section
the Commission.
mittee Print No.
2, requires that every
public interest or for the pro¬
relationship to be assumed by
for which such
proxies, deposits, or assents are to be solicited."
What rule, regulation or order the Commission may prescribe in this
respect cannot be predicted.
It may follow the thoughts of the drafters of
the bill clearly expressed in its introduction last May under Section 14(b)
which empowered the Commission to supervise the activities of any de¬
clarant or the exercise by it of any rights, powers, or duties under any
proxy, deposit agreement, or similar instrument.
This would mean that the Commission would be the directing genius of
the committee without assuming any of the responsibilities of the trust.
Under the circumstances, would any committee feel safe in taking any
action of any consequence without securing the approval of the Com¬
mission in advance, I think not, for fear that they may unintentionally
assume a liability under the rules of the Commission.
Such committee
member would undoubtedly await the approval of any move of any import¬
ance to be made by the committee before authorizing such action.
This
would cause unnecessary and costly delays in the consummation of any
refinancing proposals.
When litigation is necessary it is generally advisable
to resort to it without delay in order for a creditor to protect his investment.
I recognize the weakness of criticizing specific sections of any proposed
legislation, but in this instance it is directly related to, in fact becomes a
part of, the fundamental basic objection.
In my opinion municipal com¬
mittees should not be subjected to this type of legislation.
The effect of
it would unquestionably be to produce less effective rather than more effec¬
tive committees in protecting and advancing the rights of creditors.
It
should be recognized that the weakening of the creditors' position will have
adverse effect upon credit.
A breaking down of confidence as to inves¬
tors' rights in the enforcibility of obligations would be costly to munic¬
prescribe as necessary or appropriate in the
tection of investors, in light of the fiduciary
declarant or by
such person and the purpose or purposes
an
generally.
and Exchange Commission is doing a good
job of administering the legislation heretofore passed by Congress, but it
seems
that the Congress can find ample justification for eliminating all
reference in the Lea bill to municipal debt arrangements, which will place
burdensome impediments on the municipal operations affected by the bill.
ipalities and taxpayers
In my
Dr.
opinion, the Securities
and Vice-President
Bank Regards It as
Timely to Effect Transition from Public Deficits
to Private Investment—In Address Before I. B. A.
Suggests Removal of Obstacles in Investment Field
and Likewise in Tax System and Financial Ma¬
John
of
financial machinery.
system, and likewise in
Dr. Williams
spoke extemporaneously along the following lines:
The great depression reached a double bottom in the middle of 1932
and February-March, 1933.
Until the fall of 1934 the recovery was very
erratic.
From then until September, 1936, there was a strong and whole¬
some
upward movement, as is perhaps best indicated by the fact that
production and employment rose comparatively much and commodity prices
comparatively little.
From September, 1936, to March, 1937, there was
evidence that the recovery had entered upon an unwholesome phase, for
this period was marked by a rapid rise of prices both here and abroad.
There were evidences of an incipient boom, such as wage-price spirals,
forward buying,
inventory accumulation, and the like.
Labor disputes
undoubtedly intensified these conditions.
The period just described marked the peak of the recovery.
The Federal
Reserve Board's ir.dex reached 121 in December and 118 in March.
Since
March tbe stock market has receded, while business remained on a plateau
until August.
Since August there has been a succession of violent breaks
in the stock market
comparable in range, if not in volume, with the
breaks in 1929.
The decline from last March to the lowest point yet
reached has been 40% to 60%.
The decline since August has been accom¬
by
panied
some
recession
business,
in
the Board's index of production
and to an estimated 108
the recession has come
falling from 118 in August to 111 in September
in October.
There is no current evidence that
to
an
end.
Whereas
two
three
or
months
ago
we
were
considering the possibility
this fall, we are now faced with the definite fact
that
it
is under way.
That some recession might be necessary and
desirable for assurance of continuance of the recovery movement following
of
business recession
a
the
at that time, but
it would be accompanied by so great and
As matters now stand, probably no one
with entire confidence whether we are facing a minor or a major
excesses
last
of
winter
and spring was foreseen
probably no one foresaw that
violent a decline in securities.
can
say
depression.
It is helpful,
of
sort of
what
situation with
differences
and also upon the question
is now needed, to compare our present
in 1929. There are important
the two periods which, if taken by themselves, would
bearing upon this question
as
recovery
program
that following the downturn
between
than a minor depression. These differences
goods, (2) speculation, (3) banking.
As
regards durable goods, there is a striking difference in favor of the
present.
Our needs for housing, public utility equipment, railroad equip¬
ment, and industrial plant equipment, are all undoubtedly greater than
in 1929.
As regards speculation, there is now nothing comparable to the
great volume of speculative credit in the security markets and in real
estate, and to these should be added the difference in our foreign invest¬
ment
position.
In banking, a large number of our weaker banks have
disappeared, we have now Federal deposit insurance, and there is, per¬
point to nothing more serious
relate chiefly to (1)
durable
haps,
a
there
is
like
There
which,
confuse
On these major grounds
now have a depression
changed attitude in bank'examination.
a
strong presumption that we cannot
last.
the
however,
are,
some
other differences between
any
the two periods
our experience,
because they are wholly new in
attempt at a forecast.
One is the
partly
H. Williams of Harvard
York Federal Reserve
speaking on Nov. 5 before the
Associatfon of America, in annual con¬
vention at White Sulphur Springs, W. Va., stated that "in
my judgment the time has come to effect the transition
from public deficits to private investment."
"The trans¬
ition might well have been smoother had it started sooner,"
said Dr. Williams, "but if now the price of transition must
be some minor recession of business, it seems the better
course to pay that price."
Dr. Williams, who is Nathaniel
Ropes Professor of Economics at Harvard University and
Vice-President of the Federal Reserve Bank of New York,
spoke at a forum on Nov. 5 on "General Problems in the
Investment Field."
In his address Dr. Williams dwelt at
some
length on the problems of deficit financing, and
among measures to improve the situation as to private in¬
vestment he suggested the removal of obstacles in four
John
H.
(Drarahellcr, Ehrlirhman
& White
Williams,
Investment bankers
viz., utilities, housing, railroads,
equipment, the removal of possible
fields,
and
and general plant
defects in the tax
ESTABLISHED
1921
Managers of Investment
Underwriters of
SEATTLE
Exchange
Building
Capital
Bonds and Stocks
SAN
greatly
We
monetary situation.
New
chinery
Dr.
BLDG.
EXCHANGE
STOCK
ANGELES
placed upon the market
is
EQUITABLE
GARFIELD
FRANCISCO
155 Montgomery
St.
3070
/. B. A. Convention
CANADIAN
•
Proceedings
INVESTMENT
•.
••;
••'
'
•'
:
"
'
■
.
Nov.
13, 1937
SECURITIES
■
■
.
/4
.
\t,
•
,
-A
-V
.
: V.fc-
.
BELL, GOUINLOCk & CO.
LIMITED
25 KING STREET WEST
MONTREAL
TORONTO,
TELEPHONE:
have
through
gone
extreme
of
ease
be, though
this does
the
is
difference
is
have been
is
as
fact
the
upon
not
corrective
a
that
mean
that
has
been
there
had
relation
depression
even
by
it
as
used
for
room
and
A
We
which there
precedent in business cycle history.
We do not know how compatible
they are under conditions of business recession, or what adjustments will
or can
be made.
Perhaps this is the largest question of the three.
There appear to be two main lines of procedure for a
government policy
no
designed to hold
recovery.
One
The
is
other
specific
the
is
to
In
while
The
the
most
recent
community,
ture
for
the
similar
indicate
fiscal
budget and gets the
income
net
two
some
effects
the
if
and
when
upon
to
be reduced
We
private
face
business
encourage
be
and
lost
its
magnitude
resumed
or
alternative
an
sufficiently
fill
to
to
private
smoother had
it
price.
A
come
investment.
been
minor
some
that
started
recession
business,
minor recession
after
be
regarded
handled,
normal,
lay
major
a
the ground
self-sustaining
There appear
policy,
banks, after
holdings
bank
desire
in
year
a
upon
which
these
the
year
Any
I
because
that
of
the
fiscal
in
a
momentum,
a
occurs
designed
program
the
be
must
gap
for
for
a
well
resumption
been
bousing,
must
and
it
is
not
after
should,
recovery
Bhowing
substantially.
panied
by
a
problem and by
wisely
a
more
present
in
the
the
bu 'getary
Administration's
shake
been
the
confidence
made.
It would
government
complaint
is
even
It
come
more
at
a
and
now
have
now
and
than
time when
have
if
the
would
lead
duction
for
more
reversal
their
that
made
that
of
gram
1.
factors
specific
the
goods
budget
in
the
to
private
objectives I
of
to
3.
Huron-Erie BIdg.
ONTARIO
basis
could
now
6uch
up
demand
program.
increasing
thus created
equipment
for
At
better
hope
succeed;
a
upon
demand.
factors
for
the
the
pro¬
present
headway
by
a
importance to recognize
based
only upon
this
be
The
following
a
pro¬
remove
outline
broadly
in
four
main
fields—
possible defects in tax system—
1
of
possible defects
in
(c) Social Security taxes
financial
I
The
enumeration
action
seme
does
or
items
might
best
machinery—
real
give
to
indicate
not
taken
with
taken.
within
as
(c) Building finance
competent
be
action lie
the
be
feel
I
consideration,
investment
does
could
that
mean
basic
of
of
should
it
actions
to
I
do
promise
of
and
in
feel
that
each
every
that
I
think
item.
Still
what
case,
definite
possi¬
indicated.
area
has been earlier
possibilities
to
indicate,
But
the
necessarily
respect
is that
stated,
the
need
substantial
for
in the
expansion
In
response.
the
main
appear
case
of
residential
housing alone, which since the war has shown a range of from
$5,000,000,000 in 1925 to $250,000,000 in 1933, and in which the annual
expenditure
years,
resulting
seems
first
teed
has
there is
to
from
for
this
year
of
Whether
wages
movement
by
below
far
expansion of
removal
that
annual
housing
ruled
now
room
indicate
half
demand.
t
common
a
real
was
make
budgetary
find
f
gap
LONDON
by the
to
(c) Railroads
(d) General plant and equipment
|
Removal
sufficiently
ONTARIO
is
s
fields
-
accom¬
mind.
in
investment
I
Removal of
The
TORONTO
and
can
investment.
have
obstacles
bilities of helpful
Dominion Bank Bldg.
this
on
money
adverse
the
to set
that
could
balancing
(a) Undistributed profits tax
(b) Capital gains tax
specific
LIMITED
time
it3
(a) UtUities
(b) Housing
less
CORPORATION
last
upon
happened
were
that
consumer
plant
we
fact
emphasis
meet
(b) New capital issues market
%
has
entirely
this
business
try
main
to
that
the
feed
to
as
rely
absence
in
little
adjustments
that the
investment
of
to
offers
failure to
a
recovery
than
presented
The
present
now
of
comparative
whereas
now
problem.
(a) Stock market
Midland Securities
circum¬
Furthermore, former experiences have
the expectation
of
in
obstacles
Removal
2.
Corporation Securities
positive
a
strictly economic aspects suggests primarily
of study, and where feasible, of definite measures designed to
indicates
and
for
present
experiences
emphasis, and it is of fundamental
problem
specific
Provincial, Municipal
been
financing
assumption.
The
Canadian Government,
calls
again,
up
afford
earlier
conditions,
the
probable
policy
have
impasse.
the
conditions
turn
such
new
program
seems
There
not, under
comparatively
will
however,
all
not
increased
this
the
business
long time.
distribution
it
which
equipment,
banking
find
monetary
are
in
of
offered, then
deficit
of
had
main¬
or
possibility
were
issues.
problems
income
plant
will
attack
recent
to
and
juncture,
and
better
justify, however,
the
the
issues
capital
the
upon
had
achieve
to
market,
new
increasingly
holdings
bank
securities
approaching that kind of
cannot,
a
to
past
income
consumer
reduced
being
not
During
a
would
recently-announced
much
security buying,
increasing resistance
The
deficits.
We
constructive
a
as
prolongation of
a
and
period,
which
would
of
important
on
when
these
difficult
the failure of government and
ground
that
when
government
national
Virtually
the
and
new
becomes
rates
achieved
this program ought
railroad,
and has been for
included
been
budgetary deficits.
the possible view that because of large latent demand
change of
our
if
that
recession
events.
not
objections, under present circumstances, to
renewal of
a
would
not
of
the
are
the
form
before.
times
in
upon
the
short
interest
to recognize that the policy of budget
business uncertainty does create a definite and
of
excesses,
a
in
length
in
but
course
easy
encourage
essential
as
business
pay
by itself
it
year
utility,
speculative
to
course
recovery
winter,
of
have
better
longest period of
calamity;
public
transition
price of
of last
from
take
of
smaller,
we
some
uction
program,
to
that
at
this
re
the
have
refunding and
year
regard
in
depression,
and,
to
For this reason, probably,
adjust positions through their
short-term
money
market.
Under
progressively greater
both
up
There Is, of couise,
of
policy during the
order
to
become increasingly
setback
become
this
I
stances,
The
in
rates
avoid losses.
might
were
price,
dwelt
substantial
recovery
would
issues and mortgage financing.
and magnitude upon this process.
inclined
through
serious
have
interest
but if
kind.
rise of government
or
more
structure
which
securities
in
dry
balancing
transition
the
rise
indications
of
this
there
We
the
Results
to
with the
wrong
scale
But
than
assets
wou:d
tends
is
time
of
protect profits
conditions,
unstable.
which
of
what
probably exaggerated,
substantial
been
private
capital
prolonged
banks have appeared
Icng-terin
it
long period of
been
the
seems
to
order to
many
is
a
interest rates.
lower
to
new
a
have
investors
security prices, and
holdings of governments had become large, the banks developed
sell governments, though under no real reserve
pressure to do
to
basis.
the announcements had
a
work
abrupt change of
an
reiterated
than
when
on
difficulty
a
limits
after
private
least, is
criticism
would arise in
then
be
that
lesser
either the unbal¬
might
the
now
it
excesses
economic
to be serious
policy based
recovery
involve
as
the
transition
If
sooner.
of
to effect
The
history, and particularly after the
to
faun i
a
to
appear
Lave
so,
develop
refunding and
there
to
at
part
resumed
progressively
was
in
this
yet,
were
further difficulty
recovery
first
many
judgment, the time has
my
deficits
be
A
probability
banks
which would otherwise be available for
s
this,
As
borrowing
a
devised.
In
market.
tain.
be avoidable except
;
all
the secondary
recovery
might not
in
fun
that
issues, and
issues
government
estimate
to
change
hypotheses mentioned
investment
to
this
to
fiscal
scale
this
capital
new
securities" by
government
government
expendi¬
decrease in
a
this
in
the
upon
has
spending
latter
out-payments
Allowing for
if
be
the
adheres
conservative
that
two
budget
of
by 10% compared with what it would
fact
of considerable
budget policy must
there will
the
the other of the
or
remove
transfers
revenue
government
activity
business
deficits.
of
sa.es
of
for
actual
Administration
seems
of
success.
adjusted
dollars.
it
policy
circumstances,
balance of
continued
were
thus
must
recession
one
anced
spending,
income will
1937.
year
billion
three
to
budgetary deficit
year
business
half
a
the
budgetary
announced
when
the
resumption
a
endeavoring to
representng
there estimated,
revenue
community
upon
the
not
If
by
of sustained
estimates,
1938.
hasten
large
present
prospect
creating expenditure of
national
be
the
approximate
an
year
of
the
to
in
items
and
policy
investment
adhering
budgetary
and
accounts
the
private
judgment,
our
minimum
a
of
policy offers much the better
trust
to
renewal
encourage
obstacles,
balancing.
recession
a
2 2 36
absorbing
third
business.
for
program
dif¬
of large
program
borrowing.
government
to
effective
important
more
government
between
combined recovery and reform
a
be
not
an
public spending
a
financed
for
may
Probably
have
we
present
having
as
proceed.
we
which
proportions,
longest recovery in our history with continuing
Broadly speaking, therefore, a policy of monetary
counted
monetary action
ference
the
money.
be
cannot
ease
W1NN1PEG
CANADA
ELGIN
the
of
such
a
does
not
rapid
subsidy,
be
run-up
prove
labor,
statistical
budgetary
very
further
for building
could
the
sufficient
of
deficit.
costs
rigid
or
by
are
other
face
a
eight
the
experience
of
finance,
devices,
questions
for
replace
occurred
the
in
to
Past
as
in
improvements
generated
average
magnitude
in
the
falling
guaran¬
substantial
requiring
careful
Volume
I. B. A. Convention
145
3071
Proceedings
McLeod,Young,Weir & CO.
■
LIMITED
Metropolitan Building, Toronto
technical
field
A
is
but
study,
for
immediate
more
utilities.
the
over
point
the
Here
of attack upon the continuance of recession
need for equipment, though less in magnitude
the
in
could
of
case
housing,
be
probably
industrial
this industry to play its
to enable
and
uncertainty,
regards
in
ment
this
it
railroads,
the
field
in
the
may
current year
is over $3,000,000,000, or
roughly
outlook for future years, allow¬
ance
must be made for the long duration of the depression, the increase
of population, and the development of new technique.
The rise of wages
is in itself a powerful stimulus to technological advance, if the latter is
equal
1928
to
but
;
considering the
in
given reasonable encouragement.
There is now widespread complaint that our
especially the
undistributed profits tax in its present form, threatens seriously both to
weaken initiative and to impair corporate savings, which in the past has
been a major source of new investment.
There is also complaint that the
capital gains tax, in its present form, accentuates the instability of the
stock market.
A thorough review .of these taxes—and I understand the
is making such a
Treasury
for
direct
its
effect
results
study,
are
of
items
financial
review—would be a constructive step, not only
revision, but also because of its favorable
tax
sentiment.
business
upon
The
in
tax system,
the
program,
probably secondary to
though deserving further
those already discussed in
careful
their possi¬
to revival. The
the great extent
of the decline, exceeding that of any previous year except 1929, may well
mean
that the regulations need some further modification.
The same may
be true
of the capital
issues market, though the decline of the stock
market and the uncertainty as to the future of business conditions would
appear to be the major explanation of the drying up of new sisues.
Un¬
doubtedly the best way to strengthen the capital markets would be
providing immediately effective encouragement
thinness of the stock market, its great disorderliness, and
of
bilities
development of
suggested.
through
the
ment
such
program
for encouraging invest¬
is here
as
some
Address
Before
I.
B.
by
A.
Ellsworth C. Alvord on
Capital Gains and Undistributed
A Suggested Program for Revision
Profits Taxes—
gains and
A
As
an
amendments
should
certainly
be
enacted
the improvement
current business
of business, as a definate
stimulus to the
the payrolls
system upon a maximum-
decline, as a substantial
income";
Adequate and sensible relief should be afforded corporations in un¬
(b)
Corporations with impaired capital should be exempted from the tax;
(c)
(d)
in
A reasonable "carry-over" period for losses should be allowed;
(e)
Recognition should be given to the fact that earnings may not
a
in order to place our revenue
yield basis, 1 suggest the
following program:
ifurther below] with respect to
The recomendations
(f)
Full credit should be allowed for dividends declared
to the time of
(g)
and paid prior
filing return;
Credit should also be allowed for dividends
months after the
distributed within three
corporation's "net income", as shown on the return, has
been redetermined and increased;
expenditures for ex¬
productive facilities;
capital should be permitted;
for business contingencies should
Provision should be made to allow appropriate
(h)
pansion, replacement or development of
(i)
The accumulation of reasonable working
(j)
The creation of necessary reserves
be permitted.
his remarks Mr.
Earlier in
The
undistributed
Alvord said:
profits tax cannot be successfully defended on
credit is open to serious
The 1938
question.
the matters touched upon in
stated that he would "enjoy
entire revenue system and each of its com¬
budget
was among
Mr. Alvord's address, and he
discussing our
ponent parts" but that time, and the subject assigned to him
limited him to "a discussion of two—the capital gains tax
and the undistributed profits tax,"
As Mr. Alvord's address
is of such extended length, we are albe to make space only
for
a
portion of it, as follows:
Introduction
Funds for paying
(1)
sources:
Government expenses are
taxation;
obtainable only from three
Your Govern¬
(2) confiscation; (3) repudiation.
three"—and has resorted to all of them.
Those of us who now choose taxation who prefer to place our Government
upon a pay -as-you -go basis
and who concurrently advocate a return to a
sensible revenue system are critizied.
We are told that we have no in¬
terest in the welfare of the lower one third of our population—the "illthe past has "looked at all
I
am
ill-nourished."
willing to meet this issue
interested
in
the
so-called
lower
portunities for better homes,
HARRY B. HOUSSER
squareiy.
It is precisely because I am
one-third; interested in providing op¬
suitable clothing and proper nourishment;
F. J. PHELAN
REYNOLDS L. MERRY
Enquiries Invited
on
All Canadian Bonds and Stocks
capital gains should be
annual declaration
(5)
Immediately upon the convening
of the forthcoming Special Session,
be amended so as to exempt from its
expended during 1937 or any subsequent year, in ex¬
pansion, replacement, additions, betterments or developments;
(6) Thereafter, during the regular session of the Congress beginning in
January of next year, full hearings on the undistributed profits tax should
be held and the tax reconsidered on its merits;
the
H. B. HOUSSER & CO.
Members Toronto
Stock Exchange
of value allowed;
undistributed profits tax should
penalty all funds
the
that practical methods of avoid¬
ing it exist.
At best, the suggested devices are applicable only to special
types of situations and for limited periods of time.
Their use is severely
limited by State law.
They are generally regarded as financially unsound.
For the most part, even their effectiveness to obtain a dividends-paid
ground that adequate relief is afforded or
the taxation of
adopted;
(2) A constitutional amendment permitting the taxation of tax-exempt
securities should be proposed and submitted for ratification;
(3) Individual surtaxes should be reduced to a maximum of 50%;
(4) The capital stock and excess-profits taxes should be repealed or an
be
form available for distribution;
unemployed from the rolls of our relief agencies to
of industry and
and
sound financial condition:
Suggested Program
immediate step toward
effort to 8top the
(1)
of "undistributed net
housed, ill-clad,
undistributed profits tax were
the subject of a lengthy address at the annual convention
on Nov. 6 of the Investment Bankers Association by Ells¬
worth C. Alvord, of the Washington, D. C., law firm of
Alvord & Alvord and formerly Assistant Secretary of the
Treasury during President Hoover's administration.
While
stating that "it seems to be generally agreed—by tax and
financial authorities both within and without the Administra¬
tion—that the present method of taxing capital gains must
be scrapped."
Mr. Alvord said that he opposed repeal, and
favored "the imposition of a reasonable tax upon capital
gains."
With respect to the taxes under discussion by him
Mr. Alvord offered a suggested program as follows:
Both the capital
transfer of the
to
ment in
+
following
The base of the tax should be made to conform as nearly as possible
"book income" as distinguished from the arbitrary statutory definition
(a)
full part in' reviving
be that no substantial equipment
buying will occur until a sufficient increase of traffic is brought about
through expansion of other industries,
but there are in addition the
problems of burdensome debt structure and advancing wage costs, the
question how far the latter can be compensated for through rate adjust¬
ment, or what other measures of adjustment may be feasible.
As to industrial plant and equipment, it has been estimated that invest¬
As
the
given retroactive effect:
j
activity.
If the Congress finally determines that it should not be repealed,
however,
is more clearly
more
If my indictment stands, the tax should be promptly repealed;
(8)
defined and more pressing,
promptly released.
Whatever is to be the
final outcome of present differences between the Administration and the
utilities, some means should be found,
possibly through resumption of
the President's Power Conference, to solve the existing state of fear and
than
and
(7)
promising
period this appears to be the most
a
measures.
recovery
HAMILTON
LONDON
OTTAWA
MONTREAL
Royal Bank Building
TORONTO
3072
I. B. A. Convention
interested likewise in providing jobs for the unemployed and
maintaining
jobs for those now employed; interested in encouraging initiative,
small business
man
"life
profits tax.
(9) It imposes an unjust burden upon the taxpayer who is forced
to sell.
(10) It discriminates without cause against corporations
by denying to
them the advantages of the
decreasing percentages of recognized gain
although they are now subject like individuals, to graduated surtaxes.
(11) Finally, it is an unstable revenue producer.
freeing the
from the financial restrictions with which his Govern¬
him; interested in protecting the small investor from as
pitfalls as possible; interested in bringing to our present generation a
of greater
opportunity,
of greater security,
In so far as it taxes retained corporate earnings which are
reflected
the appreciation in the market value of
stock, the tax duplicates the
undistributed
ment now shackles
many
Nov. is, 1937
(8)
in
enterprise
and skill, and in protecting their proper reward; interested in
Proceedings
of greater happiness;"
2.
and because I refuse to pass on to your children and mine
a staggering burden
did not incur, which they cannot carry, and which will
destroy their opportunities, deny them their security, and deprive them of
their happiness—that I have taken my present position.
It is indeed
or
difficult—perhaps impossible—to discuss
government
The fundamental
It may
manner.
selves.
are
have made it extremely difficult to evolve
Tax
seems
on
Capital Gains
capital gains must be "scrapped."
There is just
as
Proposal for Repeal—Because of these
opposed
that
Before pre¬
therefore, it is appropriate to review briefly the effect
of the present law, and some of the fundamental
problems.
the
1.
a
present
in
the
Act
The percentage decreases
years
of
1934.
Under
on
a
sliding scale
the capital asset has bee held.
losses are subject to the same scale of
percentages
to the extent of capital
gains plus $2,000.
but
are
Corporations
full
on
such
$2,000.
Non-resident aliens
not
Capital
deductible only
are
not taxed upon
and
taxable in
foreign corporations—
not having an office here—
their gains from dealings in stock, securities, or com¬
modities.
Jhis method of taxing capital gains
was adopted after a prolonged study
of the problem by a subcommittee of the Committee
on
Ways and Means
of the House of Representatives.
In the
days of moderate tax rates, the present system would
perhaps
have been fair and equitable.
Under the present high rates, however, its
defects, usually urged by the advocates of repeal,
(1) Business transactions
sound business judgment.
are
tested
(2) The Government, claiming to be
the profits, but risks none of the losses.
tax upon
(1) A
ac¬
engaged in business in the United States and
are
But I have always
will
year
If
a
will produce no net
tax
seems to
me
oppose
that
revenues
over
requirements fail
revenue
a
to
repeal and favor the imposition of
capital gains, for the following
person
who realizes
to pay taxes;
be
period of
justify its
reasonable
reasons:
capital gain indisputably possesses
an
ability
(3) Tax avoidance by conversion of ordinary income into
capital gains
probably could not be prevented;
(4) Redrafting the revenue laws to draw a clear-cut distinction
between
capital gains and ordinary gains would present an almost impossible task(5) In addition to the difficulties of definition, the administrative
burden
of distinguishing capital gains from
ordinary gains would be heavy, espe¬
cially since the premiums upon exemption would be substantial;
(6) Repeal of the tax would exempt speculative gains, which
deserve
to be taxed at the highest possible rates; and
(7) Outright repeal, as contrasted with gradual revision, would
produce
administrative confusion and probably would unduly disturb
the capital
markets.
...
3. Recommendations
I realize fully that there is no such
thing as a perfect tax.
I
am
suggesting is intended
I urge your cooperation in
partner, takes the lion's share of
(3) Men of outstanding ability, who in the past have provided
employ¬
ment and opportunities for
others, are retiring from active business, and
are refusing to assume the risks of new
enterprises.
(4) The present law tends to raise market prices to unwarranted levels
by creating an artificial scarcity of securities.
(5) It accentuates a falling market, as persons hasten to sell in order
to
wipe out capital gains.
(6) It artificially measures the taxpayer's ability to
pay by the trans¬
actions of a single year, even though the net result of
his investment trans¬
actions over a period of years shows no
profit or even a loss.
(7) It retards business recovery by
discouraging profit-taking, thus
reducing the velocity of the circulation of money.
a
a
(2) Earned income should not bear the whole brunt of
taxation, while
investment income goes scot-free;
are many:
by tax liabilities, rather than by
a
taxing
difficulties, it has often
generally admitted
equitable tax upon capital gains, over a period of years,
produces no
and I am inclined to think that the revenues this
an
Nevertheless, I
it,
capital gains, but may deduct capital losses only to the extent of
gains plus
.
of
imposition.
Revenue
stated percentage of gains to an individual
(but not to a corporation) is
recognized for taxation
cording to the number of
other
or
revenues;
inconsequential.
Effect of the Tax
law originated
satisfactory method
proposal.
10 years, then it
The
single,
.
At the outset, I discard the customary
argument that the Government
cannot afford the immediate loss of revenue.
It is now
widespread disagree¬
ment, however, as to the formula to be adopted in its stead.
my program,
a
been suggested that the capital gains tax be
repealed.
to be
generally agreed—by tax and financial authorities within
and without the present Administration—that the
present method of taxing
senting
.
capital gains.
intended primarily for the other two-thirds.
(b)
It
not a
Divergent elements entering into the concepts of "gain" and "realization"
in an understandable
be assumed that the "upper one-third" will protect them¬
My remarks
difficulty is that the term "capital gains" is
unified concept but rather a combination of
complex concepts.
finance,
part of our most complicated tax system,
any
Analysis
We have been tinkering with a
capital gains tax since 1913.
Yet, despite
the efforts of the best minds in the
field, it has resisted adequate solution.
of debt which they
as a
working model for
improving
a
more
The program
equitable tax.
it.
upon
I suggest for your consideration the following specific
changes as
for the immediate future:
a pro¬
gram
(1) Capital gains should be segregated from other income, and
taxed
separately;
(2) The rates of tax should be substantially reduced;
(3) Gains and losses should be averaged over a period of
years;
(4) The capital gain and loss provision should be made
applicable to
corporations;
(5) Speculators should be taxed on gains from capital assets as
ordinary
income;
(6) Special consideration should be given to gains and losses on
liquida¬
tion; and
(7) The proceeds from the tax on capital gains should be earmarked and
devoted to debt retirement.
The advantages of these
to
changes
appear to
me
to
be
as
follows:
First, the segregation of capital gains from other income will give effect
the differences between "ordinary" and
"extraordinary" income, and
will also protect the revenues against future inroads
by
offsetting capital
losses.
Pacific Coast Securities
Second, substantial reduction in the rates of taxation—perhaps to onesixth of the present ordinary rates—will minimize the influence
of the tax
as
Corporate and Municipal
a
motivating force in business transactions, and will give recognition
to
the fact that appreciation in the value of corporate
securities, due to re¬
tained earnings, is now subject to the undistributed
profits tax.
Third, the separation of capital gains from ordinary income will
permit
a fairer treatment of losses than is accorded under
the present law.
While
losses would automatically be limited to the extent of
gains, a carry-over
period for net capital losses will be provided.
Although
is
sufficient to permit
somewhat
arbitrary,
I suggest six
years
as
any
fixed period
a
fair
approximation of capital net worth.
For the benefit of small taxpayers,
consideration might also be given to permitting the deduction of
capital
net
losses, not exceeding $5,000 in any one year, from ordinary income.
Fourth, the extension of the benefits of the capital gains provisions to
RUSSELL, HOPPE,
STEWART & BALFOUR
corporations will
tax upon
Investment Securities
case
accrued
inequity in
Building
PORTLAND, OREGON
present
law.
So
long
were at
as
the
substan¬
it was unnecessary to make the former apply to cor¬
The substitution of graduated percentages of
recognized gain
was designed to prevent appreciation
(which had
of individuals
over a
period of years) from putting
arily high surtax brackets.
Wilcox
the
same rates,
porations.
in the
remove an
capital gains and the tax upon corporate income
tially the
an
individual into extraordin¬
Similar treatment for
corporations
was
un¬
necessary, for the corporate rate was a flat 12 H % regardless of the amount
of corporate income.
Now, however, with the application of graduated
surtax
rates
to
corporations
through
the
undistributed
profits
tax,
no
distinction should be drawn between corporations and individuals
in the
application of the tax.
Volume
Fifth,
I. B. A. Convention
145
as our
capital assets are diverted to the Government, it will assure
corresponding reduction in
a
public debt.
our
It has been argued that this method is defective
because it splits the
taxpayer's ability to pay into two isolated compartments—that
is not
bundle of isolated abilities to pay."
a
attributed
measured by
ability arising from capital transactions.
The
difficulty in attempting to tax capital gains can be
But the
to
ordinary "income with his
inherent differences in the nature of capital gains as
would
to
seem
L. E. MAHAN & COMPANY
commingle the taxpayer's ability as
this very attempt to
income
based on
actually, " a tax¬
ordinary income, and that based on capital gains—while
payer
3073
Proceedings
be
basis for isolating
sufficient
a
contrasted with ordinary
the taxpayer's
ability in terms of each of these classes of income.
I cannot
Surely,
remind you that
be accused of treating capital gains too
liberally.
I
Britain,
ordinary capital gains are not taxed at all in Great
and that British revenues have been large and
remarkably constant, often
MUNICIPAL AND CORPORATION
that country
and wealth. Again,
I remind you that a fair tax upon capital gains cannot yield net revenues
over a period of time.
I believe that we should extract, from those possess¬
ing ability to pay, a reasonable portion of their gains.
But we should tax
them in such manner that normal business transactions are not prevented,
exceeding
has
but
our
from income
revenue
own
taxes,
although
approximately one-third of our population
BONDS
and that the revenues are
that the volume of transactions is not restricted,
adversely affected.
not
I recognize that much can
the tax
and
"cons,"
I
be said in favor of the complete
abolition of
However, after a careful weighing of the
capital gains.
on
convinced that, at least for the immediate future, we
am
should continue to tax capital gains at
recom"
taxes and
(12)
those imposed on owners of
Seeking "equality of tax burden on all corporate income, whether
distributed or withheld" and thus preventing the evasion of surtaxes
through the "accumulation of surplus in corporations," and,
(c) Effecting "great simplification in tax procedure."
(b)
Basic
A.
Objectives of the Tax
appeared in the proposals of the
The declared purposes are
Increased the
discrimination against small corporate
enterprise as
(c)
of small means, but still
higher brackets of wealthy stockholders; and
Raised the rates applicable to stockholders
left them lower than the
Complicated
the Administration
the present law.
Perhaps
the explanation is found in the fact that the inspiration for the tax, and the
true principles upon which it is based, come not from students of taxation,
but from economists close to the Administration.
Prominent among them
vigorously supporting the "principle" of
Tugwell and David Cushman Ooyle.
Professor Rexford G
are
Long before the adoption of the principles
operations
host of complicated calcula¬
and penalizes errors subsequently
It compels a corporation to make a
tions before the end of the
taxable year,
discovered with a retroactive tax;
It requires, unnecessarily, that all
dividends be declared and actu¬
the end of the year;
retired, by reason of age or
dependent upon income from their savings, an-
ally received by the stockholders before
(15)
It risks the income of those who have
disability, and who are
uities
pensions;
or
Government into every undertaking;
(16)
It thrusts the arm of the
It denies to youth the opportunities
which should be left open to
them;
believe that "the overwhelming
will accept the Tugwellian doctrines and
which this tax is based.
And last, but not least, I cannot
majority of the American people"
objectives upon
Sulphur Springs re¬
stating informally that he understood
the Treasury was prepared to recommend to Congress the
abolition of the Federal Board of Tax Appeals, and expressed
the opinion that such action would seriously jeopardize the
rights of the taxpayer.
He was further indicated as stating
that over the past several years, the Board had found for the
Government in only about 30% of the cases heard.
Associated Press advices from White
the revenue system
enormously
Despite this direct conflict with the stated purposes,
is still
It attempts to measure dividend-paying ability by the
12-months' period;
(18)
compared with unincorporated business;
(b)
a
(13)
(17)
proponents of the law—
(a)
of
(14)
Adminis¬
all legitimate and proper objectives.
But, strangely enough, the law which was enacted does not promote any
of these purposes.
In fact, it works in direct opposition to them.
By
piling the undistributed profits tax on top of the existing tax structure, the
No hint of economic theories
tration.
LOUIS, MISSOURI
of—
"the existing differences between corporate
unincorporated business";
Correcting
OLIVE STREET
Profits Tax
Approximately one year ago, the undistributed profits tax was
mended for the declared purpose
ST.
relatively low rates.
The Undistributed
(a)
509
"pros"
by the Administration, both
Tugwell and Coyle were ardent advocates of a penalty upon
undistributed
They were not concerned with
with the prevention of tax avoidance, or with
port Mr. Alvord as
profits—but not as a matter of taxation.
the raising of revenues, or
system, or
the administration of
equality of taxation, or with the building up of a sound revenue
with
the
problems confronting those charged with
the law, or with the very real
Morris
problems of the taxpayer.
tion
They believed in a
control over business enterprise.
National plan¬
forced to conform to the Government plans, was
They were exponents of a broader economic theory.
rigid Government
more
ning, with all activities
their theory,
According to
a
that
Retained
"call-money" market
If earnings could be forced
stockholders would be increased
and economic stability advanced.
In order to secure new funds, corporate
management would have to ask stockholders to reinvest their dividends.
profits, they felt, were used for speculation in the
and for
out
over-expansion of productive facilities
by dividends, the purchasing power of
This would enable stockholders to
pass
the desirability of contem¬
upon
If the stockholders failed to reinvest, the managers
sell new stock, thus subjecting their pains to scrutiny by the
plated expenditures.
would have to
SEC and other regulatory
bodies.
They chose to impose a penalty upon undistributed
compel distribution of corporate earnings,
social and economic reforms they
profits in order to
and thus to effect, in part, the
advocated.
succinctly summarized by
and Exchange Com¬
referred
theory of taxation" which is "premised
My views upon the Tugwell-Coyle theory are
Joseph P. Kennedy, former Chairman of the Securities
mission and now Chairman of
to
on
the Maritime Commission, who has
the tax as a "new and unexpected
a
Minds,
He
Says,
Believe
Capital
Surplus Profits Tax Retard Busi¬
Activity
Speaking before the annual Convention on Nov. 7 of the
Bankers Association of America at White
major cause of the depression was
unwisely.
Discusses
Gains Tax and
their objective.
Comptroller of New York State
Bankers Association Conven¬
"Value of Government to Tax¬
Investment
payer"—Best
ness
corporations saved too much and used their savings
Tremaine,
S.
Before
Investment
Sulphur Springs, W. Va., Morris S. Tremaine, Comptroller
York, using as his subject, "The Value
of Government to the Taxpayer," stated that "the taxpayer
of the State of New
of
course
possesses some
property and must have some earn¬
of first importance to him."
"unquestionably" a "first
cost of goods" and in observing that "Government is a
primary necessity for the orderly performance of all our
life's activities" he declared that "therefore to be successful,
a
government must meet its obligations and must maintain
its credit."
"If" said Mr. Tremaine "we levy the cost of
government as a first cost, and as part of the cost of goods,
we can eliminate many of our nuisance taxes and practically
ings. Therefore Government is
He described Government as
fallacious economic principle"
B.
A famous satirist has
The
Effects of the Tax
said that the law, in its majestic equality,
forbids
The undistributed profits
tax exhibits the same generous impartiality.
It requires all corporations
to distribute, without regard to size or financial condition.
The greater
the risk of the business, the higher the tax.
The larger the debts, thfe
rich and
poor
alike to sleep on park benches.
higher the tax.
As the need for reserves increases, the tax will increase.
funds admittedly needed in the business.
And the tax is imposed only upon
My determined opposition to this law is,
upon
(1)
and always has been, based
the following considerations:
Festus J. Wade, Jr. & Co.
ST. LOUIS, MO.
It is not a measure for raising revenues;
(2) It violates every principle of taxation,
(3)
(4)
It
and conforms to none;
Members St. Louis Stock
It cannot be administered;
jeopardizes employment,
Exchange
prevents re-employment, imperials all
sound policy
of the Administration that industry should absorb the unemployed;
(5) It promotes monopoly, and more than overcomes the continued ef¬
forts of the Department of Justice and the Federal Trade Commission;
(6) It puts small business in a strait-jacket;
(7) It encourages, in fact almost requires, unsound financing, and will
do more damage to the small investor than all the good which can possibly
result from the serious efforts of the Securities and Exchange Commission:
(8) It discourages normal growth and expansion;
(9) It penalizes the payment of debts;
(10) It imposes penalties upon those least able to pay;
(11) It arbitrarily measures the penalty by an artificially defined, statu¬
tory concept of "undistributed net income", and not by the true or book
income of the corporation—which is the only income available for the
the work of our
relief agencies, and is in direct conflict with
payment of dividends;
Distributors
Corporation Stocks and Bonds
I. B. A. Convention
3074
Proceedings
might choose to call this
Nov.
political
a
move; a
13,
charitable move, and
1937
some may
praise and some may criticize, but this did develop into the greatest piece
of financial strategy our country has ever experienced.
It takes very little mental arithmetic for you men who
familiar with
are
public debts, to know that municipal securities alone advanced over 30
points and improved the portfolios of our institutions and investors
nearly
six billions of dollars.
This improvement was undoubtedly reflected in
the
value of other types
Municipal and Corporation
of investment, such
extent of many more
of financial institutions that
basis, and it did
Bonds
as bonds and
mortgages, to the
At any rate, it did save thousands
billions of dollars.
were
bankrupt at that time
It turned
billion? of bank loans from red to black.
From this
the Civil
failed, what
from other governmental acts, such as the
management of
as
War,
find tremendous value in government.
we
had not
Lincoln
that
a
Americans.
been
able
hold
to
this
.
...
credit
&
COMPANY
to
Let
us
together.
to
suppose
If he had
the wealth of
/
....
We all know that at times the
we
benefit
can
...
.
,
by it in the
facts
same
are used to bull or bear
Railroad stocks may be boomed because the roads have
good
at one time, and those same railroad stocks
may be
market.
a
Union
tremendous difference it would have made
Why recite this little bit of history unless
future.
CROUSE
market price
on a
the fortunes of millions of individuals.
save
borrow,
driven down because the roads do borrow, so you see our
viewpoint, at
any
period, is of great importance.
Mr.
Vice-President of the Research Department of General
Motors Corp., frequently calls attention to the value of
looking at both
MEMBERS
DETROIT
STOCK
EXCHANGE
Kettering,
sides of
DETROIT
that
question, and for research purposes, taking the opposite course
Many of us are bound down by platitudes
a
to that
BLDG.
PENOBSCOT
1800
suggested by experts.
have
become such
powerful traditions
lose
we
vision.
Let
■
for research purposes,
us reverse,
be fallacious to the end that
..
.
all
~
.
of
r
-
.—
"Many of our best minds"
Mr. Tremaine added "believe that the capital loss and
gains
tax and the undistributed surplus profits tax retard industrial
and commercial activity," and he said
"they certainly do
keep the credit reservoirs closed."
"These same men believe" Comptroller Tremaine added
"if we keep the credit reservoirs
closed, and continue the
high taxes of the present type that are inqeuitably dis¬
tributed, it will be years before we can find private employ¬
ment for the one-third of
people who
our
is
I deeply appreciate your invitation to
speak at this Forum.
opportunity
to
recall
municipal field, and
why
reasons
a
I recite
as
extremely
some
municipal bond
important
in
criticize
or governmental
You
know,
of course,
I
am
obligations of the State of New York and its subdivisions, where it is virtu¬
ally Impossible for a municipality to fail because of the constitutional
debt
limit of 10%
towns
and
for cities and counties, and the statutory limit of
10%
for
villages.
influence, and I hope
we
you
VII and Article
might add
and
a
use
VIII of the
better
a
State
a
first
our
meet
its
Let
of
a
obligations and
be
to
our
examine
To Article VIII
have
is of first importance to him.
seems to me,
some
Govern¬
should be considered
Government unquestionably is
Therefore, to be successful,
must
these
property and must
a
first cost of
Government
a
must
maintain its credit.
statements.
If
one
owns
a
hotel
factory, it
or
primarily important to have
a road
or
pavement to reach it;
and water, police and"fire
protection and other public services would
be the first cost of getting to or
sewer
operating such
If
have either income
we
government
government is
activities,
we
an
essential
distribute the
value received for money spent.
than in
waste, but probably not
some
any
other human activity.
a
bigger percentage
Of course,
our
love to
we
blame it
we
short-comings
own
retarding taxes.
Many of the best minds believe that the capital loss and gains
tax, and
These
same
believe if
men
we
keep the credit reservoirs closed, and
tinue the high taxes of the present type that are
our
people who
new
called under-privileged, for the
are
enterprises on
a
first essential in order that
or
we
a
piece of property.
reason
the
one-third of
that we
can
pay-as-you-go plan, growing slowly
keep possession of such property.
So,
subject, government is necessary
only
because
the accumulation of earnings would be so small.
Perhaps the pay-as-you-go plan, or cash plan, would be better if we had
50 to 100 years to put it into effect, but, of course, that
plan would destroy
the market for all investments and the investment
business, because there
would be no notes or bonds outstanding.
We would be
spot cash
for projects that would be useful for 50
The tax rates would have to
be useful for 50
or
or
to
100 years to
100 years to
pay
come.
The
come.
would have to be higher on the
pay-as-you-go plan.
We do adopt, in part, the idea that revenues for the use of
government
part of the first cost.
If we buy an imported coat, the protective tariff
tax rates
are
tax is included in the
if
buy
we
a
price and is part of the first
package of cigarettes,
Internal Revenue
tax is
liquors,
or
a
cost.
The
same is true
bottle of perfume.
The
included.
One has to be bold to defy custom, or to make drastic
changes, but that
is the habit of Americans.
We wonder because we are
ignorant; we fear
because we are weak.
But, if we study, we may learn a
fundamental
principal—that
government is a primary cost.
Fear will then disappear, and we will be strong
enough and bold enough
to defy custom and make the drastic
changes necessary.
That is, we will
put most of the important cost of government into the cost of
goods, and
then will be able to borrow on the cost of government as well as
the cost of
labor and material.
Then
property, of course, police protection is the
may
con¬
inequitably distributed, it
be years before we can find private employment for
will
the indebtedness of towns
than all
primary necessity for the orderly performance of
life's activities.
us
Constitution.
as
some
Government, It
everything.
Government is
all of
would
first charge.
cost
goods.
principle at least,
of this—the subject of
"The Value of Government to the Taxpayer."
Therefore, Government
ment is a
in
preserve,
reason
The taxpayer, of course, possesses
earnings.
to
yours,
constitutional limitation
villages, but there is
my remarks,
our
required
At the Constitutional Convention next
year, I expect to use my humble
Article
of
ability to
Everyone
the undistributed surplus profits tax do retard industrial and
commercial
activity, and they certainly do keep the credit reservoirs closed.
obligation, is better security
speaking primarily in regard to the
surplus.
government because it is impersonal, and very often
hide
finance
that
charge for
all
on
earn a
we take the view that
If we levy the cost of government as a first
cost, and as part of the cost
of goods, we can eliminate many of our nuisance taxes and
practically all
the
than would otherwise appear.
If
It may be
on
No reasonable person will object to the expenditures of
Govern¬
We must admit there is
to
taxing only those who
levied first
be
must
in government
few facts, we may gain some
important
a
and
ment if we get
It gives us
happenings
as
first cost of goods, and that the
a
burden.
Tremaine's address follows:
<
try to find a better tax system.
we
has ability to pay a part.
earns
cost
privileged, for the reason that we can only finance new
enterprises on a pay-as-you-go plan, growing slowly because
the accumulation of earnings would be so small."
Mr.
an
construed
pay, has been
who
called under¬
are
perspective and
that the old theory of Adam Smith, that taxes should be levied
—
retarding taxes."
our
our
'#■
-
some of these older ideas that
may
cost
every
corporation and
of government,
and
every
bovernment
individual will
will
you see from any angle we approach the
the
to civilization.
have
a
pay
definite
their equalized
value
both
to
government has a value to the taxpayer.
Many people have the mistaken idea of the value of
government.
As far
as
this is
an
the
entirely
erroneous
impression,
as
a
concerned,
study of the facts will com¬
depth
of the
depression,
when
fear
was
rampant,
temporarily to
less of
meet their
will recall at this
a
threat to the very
desperate periods in
You
all know,
many
current
our
foundation of
history,
some
our
when
income to meet
and
things
were
at the
dangerous,
worst, it was impossible for
plus
borrow, and did
the
care
ordinary
not
a
have
of those
who
operation
of
a
few large cities, and hundreds of other
smaller municipalities.
United States at that time felt
that
President of the
individual
carry
helping out
municipalities
might increase
the
then
threatened
tax
strike;
that our municipal authorities might lean
entirely on the Federal Govern¬
ment, and that this would create a dangerous situation
and
billions of dollars to
appeal
was
made
might require
meet it.
by
Paul
This opinion did exist in
Betters
and
others
Washington
through
the
when the
Mayors'
Conference.
1
The leadership that is
was
will demonstrate that
Effect
and
vestment
.
Self
Other
Regulation—Assistant to
Changes as to Officers—In¬
Banking Defined
Steps through changes in the by-laws and Constitution of
the Investment Bankers' Association of America to restrict
membership therein to bona-fide investment bankers were
proposed in the report of the Special Advisory Committee
presented at the annual Convention
of the Association at
White
the lowest point,
The
to
or
leadership does develop
the immediate demand for the
perhaps
more
the Conference of Mayors appealed to the
Federal
Government, asking for what seemed a
comparatively small sum to
on in
Stand
President
was
government.
At
we
to
Constitution
Restricting Mem¬
bership to Investment Bankers—Urges Aggressive
government, but like most
government
municipalities in this country to
helpless
were
thus
Amendments
municipal
obligations.
period the unemployment situation
to bring us out of the wilderness.
great
and
Report of Special Advisory Committee of I. B. A.
Adpoted by Board of Governors—Provides for
securities sold at about the lowest
point in our history, simply because the
wave of depression came with such
force, many municipalities were unable
You
consumer,
a waste, an
extravagance and much of it unnecessary.
the State of New York and most of its
municipalities are
pletely demonstrate.
At
the
Government is the cheapest thing we buy but we do not
price it right
Many
think it is
to
seem
manufacturer and
always required to
meet
these extreme situations
shown by the President himself in his
quick action in
taking the
entire
relief burden off the backs of
our then helpless
municipalities; his action in
establishing the Home Owners Loan Corporation, more or less of a charitable
activity, and his action in providing farm loans raised, in a
comparatively
short period, the price of municipal securities from the
lowest point in their
history to the highest point at which they had
ever
sold.
Some people
Sulphur Springs, W. Va. on Nov. 5.
The recom¬
mendations of the Committee, headed as Chairman
by
Lmmett F. Connely, of the First Michigan
Corporation of
Detroit,
were
unanimously adopted by the Board of Gov¬
In accordance with the recommendations
the report the Association will discontinue the
policy of
the past few years of including in its
membership tiiose
classed as investment bankers or security
dealers, and will
ernors on
Nov. 5.
in
make
it
an association for investment
bankers only.
The
changes provide that (1) membership be limited "to invest¬
ment bankers of the highest character"
(2) to those who have
been in the investment banking business at least two
years
and (.3) to applicants having a capital of not less than
$25,000.
A change in the Constitution which the
report recommended
defines the term investment banking to mean "the business
of underwriting or distributing issues of
bonds, stocks or
Volume
I. B. A. Convention
145
other securities, or purchasing
the
same
for sale
3075
Proceedings
such securities and offering
It is added that "the
dealer therein."
as a
in the discretion of the Board of Governors,
and selling for investment or fidicuiary
accounts, whether as dealer or agent."
The Committee expressed it as "our firm belief that we
should take a progressive and an aggressive stand in matters
of
legislation, self-regulation and self-betterment."
To
accomplish this, one of the measures to be adopted call for
the employment of the services of "a full-time man" with
the title of assistant to the President whose duties it will be
definition may,
include
to
buying
keep the President of the Association advised as to
Campbell, McCarty & Company
"what
GOVERNMENT, MUNICIPAL
is going on within and without the Association.
The office
of Vice-President is to be made more important, and four
officials
such
are
and
proposed to be named to constitute an
advisory Committee to the President. There is also to be a
consolidation of the offices of Executive Vice-President,
CORPORATION BONDS
Secretary and Treasurer into a single office to be called
"Executive Secretary and Treasurer," and it is recommended
that this office be filled by Alden H. Little.
It is assumed,
the report, that Robert Stevenson, the present Secretary,
Secretary.
The
Committee recommends that the Board of Governors give
says
Detroit
Buhl Building
shall hereafter have the title of Assistant
appointment of a committee to study
consideration to the
question of regrouping the districts and reviewing the
of selecting Governors.
The correspondent at
White Sulphur Springs of the New York "Times" (Howard
W. Calkins), stated in his dispatch to that paper that
although the necessary changes in the Constitution of the
Association cannot be made officially until next year, the
recommendations will become effective immediately, ac¬
the
method
The report of the Special Ad¬
cording to Mr. Connely.
visory Committee follows:
■
This committee was
appointed by President Hall on authority
granted
Board of Governors at Hot Springs,
which stated
that "there be appointed by the President a committee to study the question
of general policy that the Association should pursue in the interests of the
business that we represent here, to make a report as early as practicable
to the board with its recommendations."
The committee recognized the
broad nature of the assignment and was in agreement from the start that
the only sound way to attack the problem was to view the question as a
composite one—the objective being a better, stronger and more useful
The purpose of the
Va.
committee is defined in the motion
have the proper
order to
background for study it was necessary to
date. After
doing so the first major conclusion reached was that the Association should
immediately take steps to reinsert in its constitution and by-laws provisions
for restricting membership to bona fide investment bankers whose character
is of the highest, whose experience in the business is adequate, and whose
review the history of the
financial
Association from its early days to
National Recovery Act and subsequently,
old
discarded or modified in an
•effort to include all who might by liberal Interpretation be classed as in¬
vestment bankers or security dealers.
While the reasons for this move
toward a broad trade association were justified at the time, the committee
is satisfied that the emergency which prompted the relaxing of membership
requirements has now passed.
If we are to justify and preserve our exist¬
ence, we must immediately return to first principles and make this an
association for investment bankers and investment bankers only.
To
accomplish this end, we suggest the inclusion in the Constitution of the
and
regulations
of membership were
following definition:
banking' as used herein shall mean the business
distributing issues of bonds, stocks, or other securities
purchasing such securities and offering the same for sale as a dealer
therein.
The definition may, in tue discretion of the Board of Governors,
include buying and selling for investment or fiduciary accounts, whether
as dealer or agent."
"The term 'investment
of underwriting or
retroactive action,
substantially the following
the constitution and by-laws that from now on will limit mem¬
It is not the thought
but
we
do,
changes in
among
of this committee to suggest any
other things, recommend
bership:
first requirement,
In no case shall
Association, and that he n ay be con¬
the services of a full-time man,
shall be to keep the President advised of what is going on
whose duty it
within
carry out
He shall be available at all tin es to
the orders of the 1 resident, to work as a liaison officer between
President,
the
the Association.
without
or
Vice-Presidents,
the
the Chairn en of Don n ittees—in
While it will be impossible to
of assistant to the President until the convention
the position
create
1938, the employment of such a person as an
This
assistant
to
the
position should be filled just as soon as possible.
President shall in
mechanical operation of the Association,
by the Executive Secretary
of which we shall
speak later.
whatever time is
no
way
and Treasurer, a new post also recon.n ended
He shall work closely with the field secretary,
going on and what is being planned in
the way of new legislation.
contemplated that he shall directly represent the Association in
not
In order
to do everything
banking to the professional category
that investment bankers may
the better serve both those who
purchase and those who sell securities through which the necessary funds
are raised for the operation and expansion of business activities and for the
carrying on of public functions, thereby contributing to the increase in
.national wealth and in its wide diffusion and in order that they may aid
through mutual co-operation, through the maintenance
of high standards
of service, through self-regulation and through the
support of appropriate legislation, this constitution is hereby adopted by
the Investment Bankers Association of America.
in
these directions
acceptable to the Board of Governors, then
the opinion of the committee
.as to what constitutes a com plete program for the accomplishing of our
objectives.
It is the feeling of the committee that with the membership
restricted as suggested, the Association can pursue a definite program of
internal and external effort that will be of real benefit and value to all of
•us.
There is much work to be done and we should utilize all of the tools
available and create such additional in plen ents as will assist in building the
-structure desired.
It is our firm belief that we should take a progressive
and an aggressive stand in matters of legislation, self-regulation, and selfbetterment.
To accomplish this end we believe the following measures
If the
that follow are submitted as
rshould be taken.
It is
Wash¬
be the duty of the President or such Vice-Presi¬
committee chairmen as the President n ay assign to the work, but
be the fact-finding body for the Association.
It shall also be his
ington matters—that will
dents or
he shall
duty to work in close harmony
with the groups, assisting them in their
problems and keeping them inforn ed of ways and means by which the
Association may be increasingly helpful to them.
It is our firm belief that
of
the addition
under
that
on
Association
for such work will be beneficial to the
a man
membership much in the way of voluntary service
and will draw from its
arrangement cannot be
the present
lacking.
that continuous direction is
the theory that continuity
expected for the simple
The plan here offered is based
of service is of inestin able value.
recommended is that the office of ViceWe advise that the Noi. inating Com¬
and select
with his assistance and advice four Vice-Presidents.
Those accepting the
office of Vice-President shall be eApected to work in close relationship with
the President and will constitute an advisory committee to the President.
The second step in the program
President be made u ore important.
mittee after determining
its choice of President confer with him
third major change
The
suggested is the consolidation of the offices of
single office to
Vice-President, Secretary and Treasurer, into a
Executive
"Executive Secretary and
that this office be
Treasurer."
We further recommend
filled by Alden H. Little who has rendered
ship policies, organize
indefatigable
The Executive Secretary and Treasurer will
service for the Association.
follow and promote u ember-
and handle the conventions and meetings, and attend
Association. This in itself is a
myriad internal comple .ities of the
to the
task of large proportions
duties cannot be
and the officer of the Association handling these
expected to have tin e to devote to matters of Association
The office of Treasurer has been incorporated with that of Executive
title of Treasurer has been a misnomer. Although,
Secretary heretofore the
traditionally, it has been given to some
member of the Association for n eri-
torious service, Mr. Little for years has
of the Association and
actually been the financial officer
therefore he should have the title, thereby coordinat¬
ing the work of Executive Secretary
and Treasurer, a move which we believe
provides the logical method of handling these positions.
It is assumed that
Mr. Robert Stevenson, the present Secretary, shall hereafter have the title
of Assistant Secretary.
The
furtner
plan
will be
representation and that such representation
discontinued.
This committee further
recommends that the Board of Governors give
consideration to the appointment of a
regrouping the districts and reviewing
order
this program will eliminate the
contemplates that
necessity of regular Washington
to
determine whether
equitable.
or
committee to study the question of
the method of selecting governors in
present method of allocation is
not the
These are big subjects and we make no definite
studied.
recommendations
other than that they be
In conclusion the committee
premise, as outlined, is
•the suggestions
spend
what
required in Washington in order to keep well posted on
policy.
The committee deems it proper
business of investment
be concerned with the
which work shall be supervised
and the municipal secretary, and shall also
the educational director,
of
appointed officer of the Asso¬
Article Eight of the by-laws and it is the thought
ciation is permitted under
possible to elevate the
where it will be
dooked up to not only by the people in the securities business but also by the
nation at large as an organization with high ideals, with a fine sense of
business ethics, and with an intelligent conception of our business both as it
relates to ourselves and to the investing public.
In a word, membership
in the Investment Bankers Association should be something to be coveted
and when once attained should be regarded as a badge of integrity and
worth.
To that end we recomm end that the present preamble of the con¬
stitution be repealed and the following one adopted:
of Governors,
a
adjutant or an undersecretary of State.
incorporate in the constitution a provision to
word perform all the duties of an
look after the fiscal affairs of the Association,
investment banking at
business,
date as possible
with the title of assistant to the President,
be admitted to membership until he has been in the business of
least two years, unless for special reasons the Board
by a favorable two-thirds vote of the quorum present, waive
this particular requirement, and
Third, an applicant shall have adequate capital for the requirements of
his business, but in no event shall this capital be less than $25,tM).
.anyone
entire
strongly urge that the Association employ at as early a
be called
First, to investment bankers of the highest character.
Second, to those applicants who, having satisfied the
have in addition adequate experience in the business.
President devote his
of office, but everyone recog¬
for anyone to completely forsake his own business
tinuous touch with the affairs of the
reason
or
have the
to
stantly advised of the problems of the moment that affect our
is
responsibility is ample.
During the days of the
rules
be
Therefore, in order that the President n ay be in con¬
interests for a year.
of the committee that this
Association.
In
would
situation
nizes that it is impossible
we
1937 May meeting of the
at the
him
The ideal
time to Association matters during his term
again wishes to state that it feels
that the
the membership a well-rounded official personnel
anticipate problems
deal with them after they have become realities, and
plan outlined will give
that
will
be
in
a
position to render real service, to
rather than to have to
to
draw upon the membership for more
has
voluntary service.
The committee
approached its work the thought in mind that changing conditions
new
methods of administration.
Elbert Hubbard once said,
demand
"Two necessities in doing a great
and important work: a definite plan
and
recommending is acceptable to
the Board of Governors, let us proceed at once.
That there may be a
minimum of delay in putting this program into effect we have rewritten
the Constitution and By-Laws to make them adaptable to what is proposed.
limited time."
Therefore, if what we are
I. B. A. Convention
3076
These changes do not constitute a part of this report but are available.
Proceedings
Nov.
We
picture and has set up certain practices and
policies,
determined the industry must conform even if the
process
suggest that the rough draft which we have prepared be refined and made
to
legally applicable to what is proposed by the report and presented for action
kills the patient.
at the next meeting
further,—namely, to adopt
If this report is
submitted to the
of the Board of Governors.
approved by the Board of Governors
Corivention.
These
others,
Cloud
Francis
Orrin G. Wood
E.
George S. Stevenson
Wampler
Frothingham
Public Service Committee of I. B. A.—
Competition Viewed as Tending to
Drive Private Industry Out of Business—Renews
Suggestion of Last Year for Complete Survey of
Remedial Legislation
Bankers
Association
of
Reference
ment is now
made to "the artificially low rates
Government, largely to provide for its
borrowing needs" and it was noted that "there is no
was
money for increased capacities where competitive
projects
have been undertaken or where Government
threats exist."
"The
secure
immediate urgency" according to the
report "is to
cooperation between all parties so that a course may
be agreed upon that
will put this industry in position to
expand its activities by an inflow of new money." To stress
the lift to business
generally, and to employment, which
could flow from
construction boom in utilities, the
report
parrallel from the assertion of A. E. Morgan, Chair¬
man of the Tennessee
Valley Authority, to the effect that
between 70% and 80% of
every dollar spent for construction
equipment goes into wages.
Applying those ratios to the
construction of power facilities, the
report said:
drew
a
a
"It takes at least
$5 of investment to produce,
gross in the business.
Gross is
now
The issue
which
outweighs all
on
$2,000,000,000
a
the average,
Thus
year.
a
$1
of
10%
increase in business would mean, in accordance
with this estimate, $800,000,000 to labor, perhaps $30,000,000 in increased taxes to
the Govern¬
ment."
"The Government
can
release
this
potentiality,
or
it
can
The
anyone.
exactly
a
matter for debate and
evidence
convinces
this
clear right to decide for itself how this
service shall
a
or
publicly
by any combination of the
or
misleading it with regard to the
or
costs and merits of TV A
and
Federal assisted power
projects, it should be given full and
comparable accounting basis of the results of
public
and private operation—information it is
definitely not now getting.
One
type of activity cannot be aided by hidden subsidies and another
burdened
with restrictions and
imposts, if the public is to understand the facts as a
preliminary to sound judgment.
ments
with
Propaganda
as such
unsupported by fact should not be made.
overstatement
carries
should
State¬
cease.
Government propaganda,
or
misstatement, by the very fact of its authorship,
quality of conviction that is particularly subversive.
The rules,
a
the evidence, must be set forward with
utter
man
win.
That is
impartiality; and let the best
than the fair play Americans
really like and to
no more
which they are entitled.
This consideration ranks in
major premise above.
Attention
to
this
importance with the
by the Government should be
immediate.
.
maintained by the
own
in that direction.
Government
the
other Federal
on
.
by
whether privately
correct information on a
the threshold of an expansion that will
like feeble beginnings
yet the
public hesitates to invest its savings in the expansion of this
industry."
the
However, if this proposition is accepted, the decision should be that
public itself, and not that of an arbitrary Government
holding
certain theories.
Unlass, therefore, the public is to be misled, as the Govern¬
of
the latter course is adopted a great
private industry will be
stimulated and its soundly issued securities
validated, with
advantage to the public interest."
The report stated that
.
determination
be conducted,
.
make the past seem
arbitrary
theless the public has
another,
or shall it cooperate with the
private and
public systems in equitable ways." "If the former course is
persisted in," said the report, "the holders of electric light and
power securities will suffer unnecessarily and
grievously; if
industry is
Shall
two.
is this—shall the Government
compete with its own citizens
in this industry, and so drive it out of business one
way or
"the
move
facts command attention.
Here is a test of statesmanship.
Immediately, collateral considerations crowd in for attention.
Among
the more important are perhaps these.
Though private industry generates
and distributes some
95% of the kilowatt hours sold in this country, never¬
America, "that this report will confine itself to them." The
committee, headed by Francis E. Frothingham, of Coffin &
Burr, Inc. stated that "the issue which outweighs all others
..
Another consideration is this.
built
or
Dams and other physical works
have been
being built by the Government.
are
undone, and
must so far
This work done cannot
be
as
possible be put to sound economic use.
The
Government may or may not have exceeded its
constitutional authority in
what has already been done.
It is to be hoped that this
question will soon
be determined by the
Supreme Court, and that no new
begun until the constitutional question is determined.
ever
constitutional
uneconomic
idleness
limits
of
are
laid
investment
down
Whether
or
by
the
already made
economic and unconstitutional future
projects will be
But within what¬
Court,
be
not
only
prevented,
investments must also
be
must
but
un¬
avoided.
not work on
uncompleted projects should be continued,
depends
also both upon questions of
constitutionality and of economic justification.
There is no use railing about what
cannot be undone, whatever
may be
one's opinions of constitutional or
economic justifications of the
enormous
sums so far
spent.
That the Government itself should have
delayed prompt
adjudication of these vital constitutional issues is
greatly to be regretted.
Yet other considerations
harassed and burdened by
another.
The
Securities
are
that private operations have been
and are
Federal and State legislation of
one
sort
and
and
Exchange Commission has imposed timeconsuming and expensive work in connection with the issuance of
securities,
which, though beneficial, has required the publication of
over-voluminous
and in may ways
confusing rather than clarifying data, as is now
recog¬
nized by the commission
itself; the Holding Company Bill has raised serious
constitutional issues and is
harassing in the extreme, though all are agreed
on
stagnate it."
the need of
a
simplification of corporate and financial
structure, which
need is in fact retarded
by taxes involved in
In the report submitted at the
present year's convention
it was noted that "the
report of the committee last year
Eroposed the representative of aboth sides ofmade
appointment of commission the
road basis
up on a
question
complete survey should be made
the basis of specific recommendations for
remedial legisla¬
tion."
"This year" said the
report, "the committee would
review its suggestion, of last
year."
It added that "if a
national problem ever merited a
searching investigation on
the broadest possible basis of
approach it is this one." We
give the report, as follows, in full:
.
to the end that
.
.
An important
a
duty of this committee is
search
out
the
causes
and
tendencies that influence the market value of
the public service securities
or to be issued.
Many factors are
issued
always involved and
of their varying influences is
a
difficult, if
not an
a
just appraisal
impossible, task. Today,
than ever, the problems of the electric
light and power business, in the
face of threats of governmental
competition, are of such major
more
consequence
that this report will confine itself to them.
This
committee has in the past urged the
simplification of corporate and
financial structures and the lowering of rates for
service.
It has also dis¬
cussed the
instability of the "reproduction new" theory of
valuation, and
has stressed the importance of intimate
and intelligent public relations.
The
validity of these suggestions has been borne out by time.
Nor
has the
committee been blind to past abuses in the
conduct of the business for which
both operators and bankers must bear
their share of
responsibility.
It
neither wishes to over-emphasize nor to
under-estimate the harm that has
been done the industry and the investors
therein
by ignorant
malpractices.
they
may
The only
reason
now
for
the industry.
or
willful
mentioning these things is that
plead for the committee its desire
to be of constructive
service to
On the wise and
just solution of the
searching problems now
confronting the industry depend the future stability and worth
of the
securities outstanding against it.
Where there is such need of
concentrating on fundamental principles, it
is sincerely to be regretted that the acts of the
Government, and the dis¬
cussions of the issues involved as between
public and private influences in
this utility field should have taken on so much of the
atmosphere of antago¬
nism rather than of constructive cooperation.
It is demeaning to our intelli¬
gence that this atmosphere should persist when national issues are
at stake.
Such
a
cauldron
can
brew
nothing good.
realistic way as it has in past to
What are
they?
This committee
will try in
a
keep to basic principles.
Fundamentally they would seem to be involved in this
proposition, that despite the immense service that the industry has rendered
the country there have been instances of unwise
managerial and banking
practices that have subjected the industry as a whole to unjust and too
general criticism. Taking advantage of these criticisms, the Federal Govern¬
effecting such simplifications;
the enlarged jurisdication of the
Federal Power Commission has increased
confusion and expense, without as
yet any demonstration of how needful
these controls may be; the
Surplus Earnings Tax interferes seriously with
prudent management, and may thus defeat its
just objective of safeguarding
interest; the constantly rising burden of taxes,
including the load
the public
of special taxes
is
particularly imposed on this industry, is becoming
serious,
already in instances back breaking; the
increasing cost of labor, and the
spread of the regulation of prices,
labor and
materials;
boards of directors,
are imposing an increasing cost of both
the proposed legislation to regulate
membership on
on
reorganization committees, to eliminate
voting
trusteeships and to regulate the contractual
provisions of trust deeds are
unless modified, to curtail the effectiveness
and
likely,
competence
management to the public hurt,
to
it
committee of the justice of this analysis.
problems of the electric light and power business, in
the face of threats of governmental competition, are of such
major consequence" said the report of the Public Service
.
broad
therefore, is this.
what remain and how they should be corrected is
not
"The
Investment
carried
If the former course is persisted in, the
holders of electric light and power securities will suffer
unnecessarily and
course is adopted a great private
industry will be
stimulated and its soundly issued securities
validated, with advantage to
the public interest.
No one disputes that evils need
correction, but
of
the
has
grievously: if the latter
Government
of
Government
public systems in equitable ways?
William M. Marshall
to
of
on
compete with its own
citizens in this industry and so drive it out of business
one way or
another,
as such competition can and
will, or shall it cooperate with the private and
John A. Prescott
Ralph Crane
Rudolph J. Eichler
Committee
And that determination
its privileges and its immunities to
E. P. Connely, Chairman
Earle Bailie
Roy Osgood
Situation with View
is
might,
Respectfully submitted,
Report
which it
behalf of the people the thesis that public
ownership and operation is better for it than private, and with its
we urge that it be
Charles S. Cheston
1937
13,
ment has entered the
of
despite the justifiable objectives sought.
Nevertheless, unhappy and burdensome
as
these and many other items
may
be, both singly and in the aggregate,
they may perhaps be taken as the
product of this particularly acute period of
readjustment, and as such they
must be handled one
way or another
through compromises and the processes
They may be accepted as part of the pains of an
evolving
They all, in the judgment of this committee,
despite their aggre¬
gate injustices and burden, and the
grave menace of
increasing taxation,
of trial and error.
society.
fall perhaps into
a
less important place, as
compared with
of Government subsidized
competition, which is
little to
be gained in overmuch
concentration
a
on
heart beat is threatened.
even
greater issue
killing thing.
There is
the surface pains
if the
But it will be well first to
get an adequate conception of what Govern¬
ment competition
means, for it works in subtle and not
readily visible ways.
The Federal Government
may compete directly or indirectly.
Directly it
reaches out for customers,
using public funds at will in uneconomic
duplica¬
tion of facilities; it takers on
business through subsidized
operations (the
subsidy not being disclosed to the public),
making income for itself and
taking business from its competitor.
and organized
grants
served.
and
Indirectly it induces municipalities
public groups, by subtle
loans
pressures
and the lure of Federal
indiscriminatively made, to compete in fields already
There follows, of course, a loss of business to
the private enter¬
prises, but they suffer also an indirect hurt of a much
more fatal kind; of
a kind which even the
mere threat of Government
competition
inflicts,—
namely, the loss of credit that makes private
industry unable to secure funds
for expansion of
operations.
This is because of the
theory and almost
universal practice in erecting a
capital structure,—namely, the division of
capital into debt and equity.
By debt is meant funded debt, a security
safeguarded by an indenture of trust and which
always provides the
cheapest funds.
But moneys so secured can,
by their very character,
supply only a part of the money needs, for these advances
demand a cushion
of junior
money for their protection.
If the sale of bonds produces,
say
50% or 60% or so of the cost of a power house or other
facility, the other
50% or 40% must somehow be raised or the bond
money not only is impo¬
tent, but, as a matter of fact, will not be
forthcoming if the junior
money
I. B. A.
145
Volume
being in a position junior to the
from the investing public in the face of com¬
petitive governmental threats, since in case of shrinkage of earnings it is
the first to suffer.
The availability of earnings i£ also lessened by the
cannot be
But this equity money,
raised.
bond money, is not
pressure
to be pried
earnings tax.
of the undistributed
3077
Convention Proceedings
should be considered as complementary to the steam plant*
of power; and that it involves greater capital
electric plant
rather than the main source
risks
the
is
than
with fuel burning plants.
case
Consequently the balance of
unprovided by funded debt cannot be secured and the
It is thus that Government indirectly, but with a
deadly effectiveness, inflicts the killing stroke.
As against these inexorable
necessities of private industry, Government, on the other hand, provides
out of the public coffer all the funds required for its competitive needs,
while its losses are concealed and are paid for out of general taxation.
If
These comments are
in connection with the expert judgment that
particularly good power stream. But is it not
interesting when taken
Tennessee River is not a
of the problem how
essence
the goal of universal
the
the
service, which the opera¬
largely achieved can be realized with¬
great a wrench to the equities and without too great a strain on
the processes of social evolution?
But in seeking this universal goal the
Government should be scrupulously careful not to allow any present system
required funds
tions of the industry
enterprise collapses.
out too
by water power oxlly it might conceivably be
economical water power will soon be exhausted, or that it is
this competition were
to
argued
in any
more or less localized, so that these threats would not be universal even
though they would be serious.
But if it is found unconstitutional for the
Federal Government to compete with private industry through the use of
its hydroelectric plants, why will it not next find some way to justify the
building of steam plants as well on the plea that the Government should
not be handicapped in the fullest use of all power generating facilities.
That
would make possible unlimited and universal competition, from the threat
of which no company would be exempt.
Nor is this fear merely academic,
for Government funds have already been provided for the erection of power
plants in cases of municipal competition.
Hence the breadth and the depth
that
case
a
And
aspect
another
The electric light and power
Government.
It is very easy to say
has
no
directions,
these
that all this is not threatened, that the Government
certainly doing all in its power to move in
But it is
such intent.
must be clear to
as
any
observer who takes
unbiased
before him.
cognizance of the evidence
if there is any way out, for a
concerned, be found. There is no issue which
so transcendentally affects the standing and
worth of utility securities as
a reasonable and just solution of the relation of Government to this private
But let
us
the subject further to see
pursue
in justice to all
way must,
industry.
Just
a
rivet attention on
few words here to
The people of the country
affected.
third of the present
all time high of
business
equal to one-
the magnitude of the
have provided it a sum
Federal debt—or some
$12,000,000,000.
and a quarter billion
70% of the population living in
electrically lighted houses; has, in round figures, an industrial revenue of
$600,000,000, a commercial revenue of $587,000,000 and a domestic revenue
of $728,000,000.
Since 1920 the industrial revenue has increased two and
doing an annual gross
It is
a
half times, while in the same
revenue
business of some two
26,000,000 consumers, with
dollars; serves
has increased over
period the price has gone
down 35%; domestic
down over 37%.
five times and the price gone
of transmission lines. Taxes paid were
almost $300,000,000, 20 times as m;uch as in 1912.
In 1936 some $360,000,000 were paid in wages.
In 1925 4% of the 6,300,000 farms of the
country were served with electricity; now over 900,000 or over 14%, or,
omitting dwellings of less than $500. over 20% are served.
In 1927 $1,000,000,000 of long-term bonds were sold, perhaps $600,000,000 of which
was new money; in
1936 $1,300,000,000 bonds were sold, of which $53,500,000 only was new money, despite an increasing demand for electricity
There are over
208,000 circuit miles
100,000,000,000 kilowatt hours, the
largest yet of record.
The present condition is anomalous to the last
degree.
The work and activities of the Government have made the Nation
electricity conscious as never before, and the industry is on the threshold
of an expansion that will make the past seem like feeble beginnings, great
servant of the people as the industry is today.
Yet the public hesitates to
invest its savings in expansion of this industry.
The recent low coupons
and low rates for the great quantity of refunding of existing debt made in
the immediate past is not providing new money, but is merely replacing
higher cost money under artificially low money rates maintained by the
Government, largely to provide for its own borrowing needs.
There is no
money for increased capacities where competitive projects have been under¬
taken or where Government threats exist, and a condition will not be long
in the coming, engendered by the repressive acts of the Government, which
will soon give it the opportunity to claim that it alone can make good a
and
current annual
a
output of over
threatened shortage in capacity
in the private plants—a
condition created
influence of Government threats that puts
and gives the Government the opportunity to pose
by this collateral and cumulative
industry in the wrong
as a
of opinion—even where there seemed no
constitutionality of Government acts, as to
There are differences
savior.
room
for two opinions—as to
practices and inadequacies.
But an outstanding fact does remain —namely, that an industry that has
mightily helped to make this Nation conspicuous for its diffusion of wealth
and prosperity, and that has
developed an unsurpassed standard and
their economic need or
abundance
of service is
that affect its very
interest that
In
a
In the
come
of
confronted by problems
life blood.
world at war, we
not those
wisdom, as to private
induced by Government
just or in the public
Is it needful or right or
It does not seem to this committee
need domestic peace—and the processes
this should be?
that it is.
of peace
war.
development of the industry
and of the country,
the time has
which means so much to individual comfort and welldisseminated to the limits of economic prudence so that as
100% of our population as possible may be its beneficiaries. With
when this service
being should be
nearly
of opinion, whether inside or outside
of Government.
And in the judgment of this committee this universal
service should be of the best standard and at the lowest cost that will make
the service self-supporting.
Cost should, of course, be low, but cost itself
is not the only criterion.
Democracy is an expensive form of government
this thesis there can
and yet we
as
no
be no differences
demand it
other systerq yet
subsidized kilowatt
for it preserves our individual rights and liberties
devised. So, too, an unsubsidized, rather than a
hour cost may preserve a
method of generation and
prefers as in its own best interests. Un¬
subsidized costs of TVA power on the switchboard, for instance, are with¬
out doubt substantially in excess of the corresponding cost of steam power
in the region.
In a report of the National Resources Committee on Thechnological Trends and National Policy, made in July of this year, a com¬
mittee headed by Secretary Ickes and whose personnel is almost wholly
distribution
which the public
Government—and, though a public document,
unknown to the public at large—it points out that high efficiency and low
fixed charges now possible in large fuel burning plants place hydroelectric
developments at a disadvantage in most sections of the United States if
low power cost is the objective; that in most regions of the country the hydro¬
representative
of
the
that the door is closed against the ultimate determina¬
they gather experience to realize their preference for
as
service, or any combination of
that ultimate social question.
today the information on
threat to the private
about
word
a
actuality.
people
private or a public
the time to determine
electric industry at large.
of this competitive threat—and
business stands out as one in which
competition by the Government is not stimulated by any new, ingenious or
cheaper methods of production, transmission or distribution peculiar to its
position; through any offer of a different, more durable or more perfected
product, the kilowatt hour.
Neither Federal nor State government nor
municipality can make a better kilowatt hour, or, without subsidy, one
cheaper than can now be made by private industry in a given locality.
Thus
Government competition becomes a mere gratuitous expression of the might
of Government.
It seems a strange
perversion
of the functions of
of the competitive
get so intrenched
tion of the
have already so
the two. This is not
The country has not
which to make a decision.
is to secure cooperation between all parties
this industry in position
The immediate urgency
that a course may
be agreed upon that will put
so
to
inflow of new money, in response to such an
urge as it has never before had; a policy that will attract literally billions of
new capital, the spending of which means industrial expansion and the
increased employment of labor.
Dr. A. E. Morgan, Chairman of the
Tennessee Valley Authority, states that after careful study he finds that
for every dollar spent for construction equipment, between 70% and 80%
goes into wages, and the rest into dividends, interest and other profits, or
taxes.
Weigh the significance of this a moment.
It takes at least $5 of
investment to produce, on the average, $1 of gross in the business.
Gross is
now $2,000,000,000 a year.
Thus a 10% increase in business would mean,
in accordance with this estimate, $800,000,000 to labor, perhaps $30,000,000
in increased taxes to the Government.
The Government can release this
expand its activities by an
potentiality, or it can stagnate it.
Or is the
Which course is in the
public interest?
political interest to be dominant ?
This Committee assumes
that every thoughtful man
is in sympathy
with
be developed in such a compre¬
hensive way that major economic and protective needs shall be realized to
the maximum.
In this effort State governments have a primary interest,
save when the Federal Government has plenary authority, as on navigable
streams, and may themselves elect to do the development work or to seek
the proposition
that every stream should
yet far from
consummation or so
costly as to make these the apprepriate agencies for their realization.
Thoughtful people do not, of course, fail to recognize that it may in the end
be wisest on the whole for either Federal or State governments to develop
and own the water powers that come under their respective jurisdiction,
but a predetermining of the question is scarcely yet justified.
The fact
should not, however, be overlooked that the grants already made for water
power developments to private interests on navigable streams or in the
public domain are in accordance with the provisions of the Federal Water
Power Act passed in 1920. which provides for revocable leases and. in any
case, for reversion of the property constructed to the Government at the
end of a 50-year period.
Also the whole cost of the dams must be borne by
the power companies, and the design must be such that locks can be
installed later if the Government so wishes.
The impression created in
the public mind by the way in which the Government states the matter is
that private interests have stolen its water power privileges on navigable
streams.
Possibly the Government does not like the Act which it passed,
but it at least effectively prevented theft.
But it is quite another thing for
Government, at its whim or caprice, to make power installations, and with
disregard of vested right, and for purposes of "discipline," as Dr. Morgan
has put it, to distribute their capacities either directly or preferentially.
It is worth pointing out here two curiously contradictory statements made
In any event the
Federal aid.
Often
clear.
recently by Dr.
"In case
best course to pursue is as
projects are so long a time
in their
Morgan, i.e.:
public power is
used as a 'yardstick,' or as a measure
of what the
services, then it is imperative
and that there be
element of such
and openness in measurement. Take away
private power industry should charge for its
that records and accounts be honest and fair and open,
no
hidden element of subsidy.
The very fundamental
comparison is honesty,
those
fairness,
characteristics, and the
rather than
supposed comparison may
becloud the issue,
clarify*it."
TVA, he states that
of the public utility
industry
public ownership of
electrical distribution systems, by preferential treatment and otherwise."
He has also commented that the utilities are entitled to know where they
stand.
This both the utilities and investor would indeed like to know.
The policies enunciated by Joseph P. Kennedy, Chairman of the Maritime
Commission, are refreshing.
He has recently said in connection with the
problems of administration before him,—"We must*be statesmen who can
harmonize the individual interests of the various groups affected by this
statute and subordinate such interests to the
national welfare. We are
agents of no class.
We are the servants of the whole American people."
And also—"Investors will ask for proof that the commission will be fair and
business-like and that its policies will not be subject to change without notice
and that in the application of the law political and other improper
the general purposes of the
other purposes, "the disciplining
by public competition, the encouraging of
And yet,
in referring to
they include, among
.
.
considerations are to
have no standing
whatever."
of hydroelectric plants in any stream develop¬
ment program, especial attention should be called to the fact that the installa¬
tion of such plants has nothing to do with the building of dams for purposes
of navigation or flood control.
It is, of course, true that the coordination of
an entire stream in order to secure the maximum of available benefits may
determine the location or height of a dam with reference to its use also at
some time for power purposes, but it is in no instance necessary to make the
power installation at the time of such construction, as an essential adjunct
to its usefulness for either navigation or flood control.
In instances it
may, of course, be desirable to make minor underwater provision for power
development in advance of possible use.
Thus the power development, as
In weighing
the position
such, falls into a
separate category,
and in either its installation or use cannot
properly be held to be a determining factor
control for navigation, flood protection, or
in the broad question
the prevention of soil
of river
erosion.
the opinion that power is a question apart from
any proper function of a TVA or of other river regulating undertakings, and
should more wisely be under an entirely different administrative depart¬
ment of the Government.
It would seem sensible that hydroelectric
installations should be made with reference to economic needs, in considera¬
tion of costs of output relative to other sources of supply, and should be
administered and coordinated to the public advantage by an agency devoted
exclusively to this complicated and difficult power supply problem.
experience in the electric business has taught anything it is that the
tion of investment to perform a given service and the separation of adminis¬
trative entitles in the same general areas is unsound both in theory and
So this
committee ventures
If
duplica¬
practice, and that
the interconnection
and coordination,
rather than the
economical, reliable and good
duplications of equipment
exist, are almost exclusively the work of Government, which now
complains of their evils and makes them an argument for public ownership.
The regulation of the electric business has been going on for a great many
segregation of services, is in the interest of
service.
And let it be here pointed out that such
as
now
3078
It
years.
I. B. A. Convention
needs
now
connections that
ment
state.
So
revision.
extensive
are
there has developed a desire
on
for Federal control of all those
systems that
This thesis needs careful
our present
day inter¬
the part of the Govern¬
are not
definitely intra¬
analysis
tinctly
questionable
should
per
perhaps is
se
whether
invoke
most
the
before accepting it.
fact of an interstate
mere
Federal jurisdiction.
likely to be,
It
It
is
dis¬
Dollar
be, and
review
authority.
control of local affairs in
The interstate compact is
too
a
ready injection of
a
The present preferential treatment of
public
so.
volume of ail industrial
financing
was
during the
12
at a
quarters of 1936.
months
under
In the last six months of
the period industrial
fin¬
ancing increased to over 57% of the total
tribution of industrial securities
issued for
super
purposes shows the
as
corporate
volume.
refunding and for
same
sharp change
financing, with two-thirds of the
as
against private distribu¬
play of the economics of wise use
tion agencies of course distorts
the free
of existing Government owned
1937
to
a sound method of
approach to many
of our national problems.
13,
higher rate than in the
preceding nine months, and amounted
approximately 40% of total corporate
financing, against 30% in the first
three
problem of interstate
community which could
effectively, as a relatively local problem, be adjusted
by an interstate
commission, with perhaps a Federal representative
participating. There is
a
most
danger to local
Nov.
properly do
transaction
might very easily
Proceedings
conditions permit, and that
the investment bankers
of the
country will be
fully alive to their responsibility for
exerting their influence toward this
end
whenever, having the best interest of both
investor and issuing
corporation
in mind, they can
The
new
dis¬
capital
seen in the growth of
common stock
aggregate proceeds
against 30% in the first nine months last
year.
representing
new
capital
broad basis representative of
both sides of the
the public interest, to the end
that a complete
survey
should be made the basis of
specific
At the convention last
year the Industrial Securities
Committee pointed
out that there had been a
considerable number of small new
issues, and it is
gratifying to be able to report that the same has been
true during the last
12 months.
In fact, issues of about a million
dollars or less numbered
209,
or
practically 60% of the number of ail industrial
issues.
The<r dollar
volume was, of course, small
percentagewise, but it did reach the con-'
siderable total of over
$100,000,000.
Naturally most of these were stock
issues, and, as in the case of the larger
offerings, most were
tion.
purposes.
projects, and should have no
place in any
equitable system of distribution.
The free flow of current
should follow
the path of least economic
resistance, if the greatest benefits of
govern¬
mental expenditures are to be realized.
Politics here should
play no part.
The report of the committee last
year
proposed the appointment
commission made up on a
question,
as
well
of
a
as
recommendations for remedial
legisla¬
The non-political
for
findings of such a commission would have
been a
But the IYesident
appointed a National Power
Policy
Committee to advise him, made
up entirely of those in
Government service.
Its conclusions must
inevitably have suffered from absence of
participation
as
co-members of the commission of
the two other
interested parties,
mentioned above.
real step
This year the committee
would review its
suggestion of last year.
national
prolem
ever
merited
a
If
There
were a number
of elements in the
industrial situation
working
the increase of "new
money" financing.
Foremost among these
the necessity for more
productive facilities caused
by rising demand,
development of new products and processes, and normal
was
a
placement
Francis E.
Lahman
Joseph
V.
Increase
tions
The
use
in
to
Pay
Rather
of
on
Stocks
on
Committee, stated.
undistributed
earn¬
to the issuance of a senior
security to
eliminate the tax, the Committee
recommended.
If common
stock
is
used
in
"capitalizing" the dividend payment, the
arguments for and against stock
dividends generally would
apply.
".
.At least no additional
.
charges would be
placed ahead of the equity," it said.
".
If the money
is needed in the
business, it is clearly to the advantage of the
corporation and its stockholders
alike, for the corporation to
pay only such dividends as it would
normally pay if the law
were not in
.
existence.
issuance
reasons
senior
a
why the
beneficial
The
of
use
to the
volume
of
.
.
rather
security."
.
than to resort to
The
report,
which
the
cited
of preferred
stocks,
company or its
"may not be wholly
stockholders," follows:
new
industrial common stock
financing during the 12
1, 1936 and Sept. 30, 1937 amounted
to $398,825,000,
industrial issues.
Moreover, bonds and preferred
stocks having
equity privileges accounted for an
additional 34%,
indicating
that, from the new issue
point of view, interest on the
part of investors in
junior securities was not confined
solely to companies which were able and
willing to sell common stock
directly under earnings and market conditions
existing during that period.
These figures reveal a
very sharp upturn in
the curve of a
months between Oct.
or
about 30% of all
new
trend which has been
developing slowly for a couple of years,
and the
figure of 30% used above is in
contrast with the
10% reported at the
convention last year for the
first nine months of
1936 and the 1% reported
for the first
eight months
of 1935.
Reasons for the increase in
common stock
financing are not hard to find.
are the related
factors of
incresaing earnings and rising
share prices
which, until very recently, made such
offerings more and more
attractive to seller and
buyer.
(In this connection it may be of
interest to
note that, in the first six
months of the
The most obvious
stock
issues
totaled
period under review,
nearly 41%
18% in the last
new common
of all industrial
financing compared
to
six months, while bonds
and preferred stocks
with conversion
privileges accounted for only about
25% in the first six months but for
43%
in the last six
months.
Thus, the correlation between
common stock
financing and the trend of common stock
prices is readily
apparent, but more
significant is the apparently
continuing interest in common stocks as an
indirect financing medium under
conditions which linited their
direct use.)
It is also
likely,
however, that good
management and sound advice
vestment bankers had
at a time when bond
a
wholesome effect in
financing could be
of in¬
encouraging the sale of stock
done at low cost.
In
some
instances
corporations even sold common stock in
order to retire bank
loans and other
short-term obligations
bearing low interest rates, instead of
funding these
publicly held debt.
While it may not be
practical under present conditions to sell new
common
commitments into longer term
stock issues, it is to
be hoped that this conservative
policy will be widely adopted when
and if
time, it is recognized that if
consumer
resistance,
or
additions to
costs rise too fast
if confidence in the future
financing which
reimburse
corporate
inspired by the law.
to
was
done,
provide the funds,
or to
treasuries, for the extraordinary dviidend
payments
It is difficult to estimate
the volume of this
new
type
of security offerings with
any degree of accuracy, for in
many cases funds for
this purpose are included in
the amount to be raised for
working capital.
In the case of just one issue of
common
Elim¬
to
senior issues in
recent months after market
conditions limited the direct use
of common shares.
"While it may not be
practical under
resent conditions to sell new
common stock
issues, it is to be
oped that this conservative policy will be
widely adopted
when and if conditions
permit," the report submitted
by
Karl Weisheit of Ewdard B.
Smith & Co., New
York, Chair¬
man of the
on
same
particularly in the latter part of 1936, in order
for
Undistributed
Securities
higher prices meet
Earnings Tax which tends to discourage
the use of earnings for such
purposes and hence to stimulate
public financing.
A more direct effect of this tax
law is seen in the
of I. B. A.—
Strikes
pay surtaxes
At the
should continue in its present low
state, corporate profits will be diminished
and the volume of industrial
financing might in such event be reduced.
Interwoven with the problem of
obtaining funds for plant expansion and
working capital is the Undistributed
of the proceeds went for dividends.
financing of industrial
corporations increased sharply
during the last 12 months,
according to the Industrial Securities Committee of
the
Investment Bankers Association of
America, which em¬
phasized the greater popularity of convertible
Corporations should
ings rather than resort
a
George N. Lindsay
stocks for the
common
required
inventory, and, at the same time,
commodity
strong upward tendency which was arrested
only in the least
working capital.
Corporations—Corpora¬
Issue
re¬
industry
and if
Common
Surtax
Than
Tax—Comments
The steel
new
resort to the sale of securities in
order to obtain the
necessary
William H. Putnam
of
a
few
George D. Woods
Use
years.
of this type of
Loring Hoover
Bower
Industrial
Urged
Earnings
inate
of
examples
months.
This combination of
higher volume and price, together with
rising labor and other costs, if continued,
may cause some corporations to
SECURITIES COMMITTEE
H. Briggs
Noted
capital goods
during the depression
greater physical volume of
prices showed
Frothingham, Chairman
Report of Industrial Securities Committee
Financing
lulated
capital financing.
Again, there was the fact that the
financing of inventories required larger
and larger amounts of
capital.
Sxpanding sales and production
Respectfully submitted,
Charles Francis Adams Jr.
Robert W
Baird
accu
provided many prominent
one.
SERVICE
capital
toward
on the broadest
Its public
importance outweighs
partisanship, the biased or the preconceived
approach.
It is the
people's
problem, and the people are entitled to the
most
thoroughgoing and im¬
partial study and import.
The future of public
utility securities hangs in
the balance.
PUBLIC
new
invalidating
adequate machinery for
furnishing long-term capital to small but
worthy business enterprises.
searching investigation
possible basis of apprach it is this
These facts would appear to
go a long way toward
frequently made that there is no
the charge so
forward.
one
of its effects will in all
and common stock
in
substantially its
present
form.
This raises the question of the
cash
as
stock, however, about $10,000,000
Regardlass of the wisdom of the
law,
probability be to continue to stimualte preferred
financing for new capital purposes while the tax
remains
advisability of
a corporation's
dividends in order to reduce
paying out
or eliminate its
liability for taxes on
undistributed earnings, and then in effect
capitalizing the payment through
the sale of stock to provide the funds
distributed.
If common
stock is used
the financing medium, the case
resembles a direct stock
dividend, though
it is not the same, and the usual
arguments for and against stock
dividends
would apply with little
modification.
Earnings per share would be spread
a little thinner and
surplus, from which to pay dividends
during periods of
low earnings, would be built
up slowly if at all, but at least no
as
charges would be placed ahead of the
equity.
If preferred stock is used as
the vehicle, the
aspect, and, although
we
additional
case
takes
on
a
different
recognize that there
may be important arguments
the other side of this controversial
question, we would like to point out
a few of the
reasons why this procedure
may not be wholly beneficial to the
company or its stockholders:
on
(1) If the corporation is considered as an
entity separate from its stock¬
holders, it may be better business to pay the
undistributed earnings tax than
the annual dividend
charge involved in the issuance of
preferred
stock.
If no part of the
adjusted net income is paid out, the tax at
present
rates will average just
20^ % of adjusted net income, but this
charge would
be made only once and thereafter
the company would have
the use of the
remaining 793^% in perpetuity without any additional
charge.
If, on the
other hand, a 5% preferred stock
were issued as a direct
or
to incur
indirect dividend
in the full amount of the
adjusted net income, the anunal
dividend charge
thus placed ahead of the common
stock would be about
25% per annum of
the tax saved.
In other
words, the company would be
paying approximately
25% per annum for the money retained in the
business through the tax
saving.
Viewed slightly differently, it would seem
proper to consider that
the 203^ % tax
charge, if paid, should be spread over the number
of uears a
preferred stock would remain
outstanding if issued in order to save the tax.
In this light the
money to be retained in the business after
paying the un¬
distributed earnings tax would be
very low cost
money.
To the extent that
corporation pays dividends in amounts
uninfluenced by considerations of
the surtax, the amount of
the tax on income retained in
the business will
be reduced below 20
H % and the annual dividend charge will be
greater than
25% of the sum saved in taxes.
a
(2) If, on the other hand. the
company and its stockholders are considered
as a
single entity, the question is whether the
stockholders in the aggregate
would pay more income taxes on
the dividends received
by them than the
corporation would pay on its undistributed
income.
The answer to this
question obviously depends on the
individual case, and in most instances
could never be determined
definitely.
Nevertheless, even in the most
extreme case, that
is, if the corporation would
normally not have paid any
dividend, but, because of the undistributed
earnings tax were to pay out all of
its net income, the stockholders
on the
average would have to be in a surtax
bracket lower than 17 % in order to
show any net
saving in the amount of
taxes paid by them in the
aggregate as against the tax paid
by the company.
To the extent that the
corporation would normally have
paid dividends
regardless of the undistributed
earnings tax, the amount of the tax to be
saved by its
paying out all of its net income would be reduced
and stock¬
holders on the
average would have to be in a
correspondingly lower surtax
bracket in order to show
any net saving.
(3) Because of the burden, however
small, during a period of restricted
earning power, it seems questionable for an industrial
company to issue a
cumulative preferred stock in
payment of dividends.
On the other
hand,
if the dividend stock were
non-cumulative, it probably would not be suitable
as a general
financing medium and hence would at best tend to
confuse the
capital structure, particularly since successive
issues of such stock for
dividends might have to be broken into
different series with different
divi¬
dend rates for the reason that the
amount of the credit
against the un¬
distributed earnings tax is not the
par value of the shares
distributed, but
their market value.
(4) As the company expands, if all income is
paid out so that there are
no further accretions to
surplus while its capital strucutre
becomes larger
and larger, the financial
rating of its securities is apt to become
progressively
less favorable.
In the last analysis it is
usually financially unsound for a
corporation to pay out its entire income, either in
cash or in
securities, over
a
continued period.
The imposition of a tax on
undistributed
hardly
earnings
to alter this fundamental
concept materially, particularly
saving of such tax would be largely offset
by the increased taxes
seems
when any
I. B. A.
145
Volume
Defaults
corporation to con¬
paid by stockholders.
It would seem preferable for a
its security issuing power to finance major new
rather than to dissipate it through a constant sucession of
out in the form of dividends which a conservative management
have considered but for the tax question.
(5) Carried to extremes, the use of a cumulative
payment of dividends would have an adverse effect upon
common
stockholders.
Eventually, a point would be
substantial prior dividend charge would have to be met before
called to the continued
time in curing defaults
among the more important municipalities.
It will be recalled that, accord¬
ing to information compiled by The Bond Buyer, 54 cities and townships,
with a population of 25,000 or over, had defaulted.
Of thees, 44 had re¬
stored their credit and were in a position to meet their obligations in cash
when due, while five others were virtually considered adjusted as they had
refunding plans which had been declared operative.
Again using The
Bond Buyer's compilations, it is found that there are now only two of the
original 54 still considered in default.
But recently, West Palm Beach,
capital requirements
small issues put
would never
serve
In
available for common
dividends, and, carried to excess, a
any amount
point could
net
preferred dividend charge would absorb all of the
ncome available for dividends.
It may be argued that if the preferred
i paid to or purchased by the common stockholders they will
full amount of the senior charge which is incurred for this purpose, and
position will not be impaired.
However, it is not
common stockholders would look upon such payments as dividends
of cash dividends, and since they would have to pay increased income taxes
because of the larger amount of dividend income received they
ably ultimately sell their preferred stock in the market to raise
the long run might well be placed in a relatively junior position
so
as their claim to future net income is concerned
be reached where the
stock
receive the
their
improbable that many
in lieu
it would seem
From the foregoing
plan and has actually
several "hold-outs" the city
seems to be prepared to carry on under its new debt structure despite the
embarrassment being caused by the "hold-outs".
"
A current check-up of the 18 counties with a population of 100,000 or
more which had defaulted shows that there is only onetillmination of w hich
from the default list does not seem justified at this time.
That is Hills¬
borough County, Fla., which is continuing to deny the validity of a large
While it
that if the money is
needed in the bus-
corporation and its stockholders
dividends as it would normally
pay if the law were not in existence and to pay the surtax on the earnings
retained rather than to resort to the issuance of a senior security to eliminate
it is clearly to the
advantage of the
alike for the corporation to pay
the
surtax
only such
very
Reference was also made in
liability.
the business situation
which no recent information
submitted,
SECURITIES COMMITTEE,
Respectfully
Karl Weisheit,
William H. Burg
State
In
Arthur E. Kusterer
Ranald H. MacDonald
James R. Page
F. Ward Paine
Hearn W. Streat
Sidney J. Weinberg
Connely
Paul H. Davis
F. Dewey Everett
Albert H. Gordon
Chapman H. Hyams
Emmett F.
Oct. 22,
upon
in this report similar
states not
pal finance adopted in the
municipal trade.
For detail reference to
California—About 4,060 bills were
.
Jr.
marized
as
follows:
Defeated by Breadth of
Requirements
of numerous
reference
and the
relation to municipals,
expressed that "the advocated purpose of the
measure is defeated
by the breadth of its requirements."
The report also declared it evident "that security holders
would be deprived from securing the service of those of their
own choosing both as representatives and counsel, regardless
of honest qualifications, experience or ability;" it was likedeclared that "provisions of the Act appear to be in direct
violation of accepted American principles of free exercise
of individual discretion and judgment."
It was brought out
was
under the Chairmanship of
John S. Linen, Vice-President of the Chas£ National Bank of
New York that the committee will act with the National
Municipal League in the development of the possibilities of
a general plan of legislation
to control public expenditures
and tax limitation.
On Nov. 17 a meeting will be held of
the league, under whose direction the work will be carried
out.
Close working arrangements
were
also reported
by the committee with the Public Administration Clearing
Bouse, the Municipal Finance Association, &c.
We give
herewith the report of the Municipal Securities Committee
as presented to the annual convention:
in the report
of the committee,
special districts and also affording various types of
involved by various special assessment liens.
of the California Toll Bridge Authority have been broadened,
organization of various
relief for property owners
lowering of price levels
took place.
financing for the first nine
has been light as
uary
is omitted.
compared with a like period
State
It
than in January
volume
of this year.
March, 1931.
December, 1933
January, 1937
So far during
1937 short term municipal
larger than during
the corresponding
financing has been somewhat
period in 1936.
also provided
issued by the California
that bonds
Authority and the income
therefrom shall be exempt
Toll Bridge
from taxes other than
Further, there was an enactment
making these bonds eligible as security for public deposits and a legal
investment for trust funds, school funds, insurance companies, commercial
and transfer taxes.
banks when certified by
and savings
As a result of
the Superintendent
several other laws which wore
of Banks.
passed, registered
warrants of
added to the eligible list of investments for
savings banks, sinking and surplus funds of cities and counties, and surplus
funds of certain districts, also as security for State of California and other
the
State of California were
public deposits, and to qualify trust companies.
A measure was adopted providing for the creation
of a "general cash
transferred money from special
the issuance of warrants
against such funds.
It further authorizes the State to obtain a legal opin¬
ion from attorneys other than the Attorney General as to the validity of any
registered warrants sold by the State.
It likewise ratifies, confirms and
validates all registered warrants previously issued by the State of California
pursuant to Section 441 of the Political Code and now outstanding, and
provides that all registered warrants hereafter issued pursuant to this Act
shall constitute negotiable instruments.
In the past almost all dealers have
revolving fund" to
funds
which account may be
by order of the Governor.
regarded the State warrants as
Another act of general interest
issuance of
It authorizes
non-negotiable.
which was passed was one authorizing
of the State of California where
duplicate bonds or warrants
originals have been lost or
the
the
destroyed.
Attention is called to a new
moratorium as follows:
provision of Chapter
Tax delinquent property may
56 extending the tax
be redeemed without
unpaid taxes are paid prior to Sept. 1, 1937.
be redeemed without penalties or costs if
unpaid taxes together with interest at 7%, computed since July 1, 1936, are
paid on or before April 20,1938.
Tax delinquent property may be redeemed
in 10 annual instalments if current taxes and interest, computed at 7%
since July 1, 1936, and the first instalment of unpaid taxes are paid on or
before April 30, 1938.
Tax sales are prohibited until Feb. 1, 1939.
Revenue bonds issued for public utility purposes by any city or county
with a population of not less than 25,000 where the net income of the
utility meets certain specified requirements, were made a legal investment
penalties, costs or interest if
Tax
delinquent property may
for savings
There have been but two
during which a larger
Bridge.
inheritance, estate,
Jan¬
months since the close of 1929
of long term municipal financing was done
The months and amounts are as follows:
_.$279,443,000
302,474,000
226,238,000
was
acquire toll bridges or
jurisdiction over the San
bonds to construct or
This Authority has
crossings.
highway
Francisco Bay
months of this year
of 1936, especially so if
by permitting the
sell or exchange
is also
The Authority
been relatively few
The volume of long-term
refinancing its indebtedness
funding or refunding revenue bonds.
authorized in its discretion to issue such bonds for
enlargements, extension, or change in structure or design, or to reimburse
the Authority for expenditures made for such purposes.
Also, „the Au¬
Authority to issue and
developments of especial
significance to the municipal field.
Those that had occurred up to the
time of the meeting of the Board of Governors last May were mentioned
in the report of this Committee rendered to the Board at that time.
Outstanding, of course, was the marked recession in prices in the munici¬
pal market which started in January and continued until about the middle
of April.
Thereafter, there was an upward trend continuing with com¬
paratively slight variations until the forepart of September when a further
During the year there have
formation and ex¬
divisions including
thority may issue revenue
Committee of
belief
adopted validating the
counties, cities, school districts
and various other districts, and the bonds issued by them. There were also
a number of laws enacted
covering procedure to be followed in the re¬
istence
A.—
made to the Lea bill in
of this
With few exceptions
A number of measures were
Report of Municipal Securities Committee of I. B.
Few Developments of Especial Significance—Belief
was
introduced in the Legislature
passed both Houses and 933 were approved
most of the legislation was noncontroversial and many measures passed were technical in character and
directed toward amending laws already on the statute books.
Develop¬
ments of interest to the municipal field in general may be briefly sum¬
became law.
and
The powers
the
Finance
compre¬
1937; of these 1,349
State during
particularly with respect to
the report of the Municipal Securities
Investment Bankers' Association of America
Acts affecting munici¬
various states during 1937, the Municipal
for issuance in phamplet form a
It will, we understand, be entitled
"Municipal Finance Legislation—1937" and will be compiled under suitable
headings.
At present it is expected that the digest will be ready some
time in December.
It may be obtained at a nominal charge from the above
mentioned Association at 850 East 58th Street, Chicago, Illinois.
Claude W. Wilhide
In
commented
legislation.
of such
digest
hensive
the volume of industrial financing have been
published by "The Commercial & Financial Chronicle."
of Lea Bill is
There will be
actions since the above mentioned, or in those
Report. It will embrace only such that
Officers' Association is preparing
1937.
that Purpose
action which
included in the Interim
be of general interest.
may
made to several court
might be considered of
May reference was
and to current legislative
significance to the
special
Note—All figures relating to
-ompiled from data
record, for
Decisions
Legislation and Court
Interim Report of last
our
decisions
James A. Jackson
Paul W. Cleveland
that the above
situations.
to the larger
formation on these situations.
Chairman.
Harold B. Clark
it is believed
well worth noting.
In the above we
There are, of course, many
smaller municipalities and districts still in the porcess of being worked out.
Although we know that substantial progress is being made we do not have
available reports that would make it possible for us to give satisfactory in¬
but as citizens.
INDUSTRIAL
of
important municipalities, is
more
have referred only
and one group of employees,
only as business men
of school
Among
category on three
is available.
Under all of the circumstances
the
indicating the predominating
importance of the conflict between various labor factions and the intensity
of the struggle for union recognition.
Recognition, in the minds of most
managements, implies ultimate domination, and the fear of current or future
chaotic labor conditions, from which even companies which have signed
agreements with unions are apparently not immune, could have a definitely
adverse effect on financial markets and industrial financing.
Labor unrest
and the strife between various union factions are undoubtedly an important
contributing factor to the current general business uncertainty.
The direc¬
tion of the progress toward a final working out of the problem in all its
ramifications is of prime importance to all members of our association, not
the employer
population of 25,000 or more.
but four remain in that
class
the 31 defaults in this
to defaults
the December report
special districts having a
and other
disturbing development in
in this case that there are
appears
outstanding bonds.
issue of
during the
last year has been the rapid spread of strikes.
There is nothing new about
labor troubles when business is prosperous, but the issues involved and the
form taken by many of the recent disputes have had rather far-reaching
implications.
Property rights were flagrantly violated by the sit-down
technique, but fortunately the wave of sit-down strikes which developed
early in the year has greatly diminished as public opinion finally became
aroused and as officials normally friendly to labor felt constrained to
combat it.
So much publicity has been given to strikes and labor relations,
that it is unnecessary to do much more than to comment very briefly on the
problem.
One of the major issues in many recent strikes has been the ques¬
tion of whether or not there should be a written bargaining contract between
One
refunding
securities.
adjusted, as it has consumated a
exchanged a large portion of the refunding
Fla., was placed among those
would prob¬
cash and in
in
far
ness,
attention was
taken place up to that
of last December
report
our
improvement which had
preferred stock for the
the interests of the
reached where a
were
3079
Convention Proceedings
banks when certified by the
A bill was
t
passed by the Legislature
Superintendent of Banks.
and signed by the
Governor known
the creation and
city, city and
county, county, local governmental agency, society, association, authority
entity rendering service to the public, and the issuance and sale of revenue
bonds for the purpose of constructing or acquiring public utilities, improving
as
the
"Revenue
establishment
Bond Act of 1937."
of a public utilities
or
them and for
other purposes.
It authorizes
commission within any
I. B. A. Convention
3080
We understand,
however, that this act having
been held
up for a referen¬
dum petition will not become effective until approved by the voters at the
general election in November, 1938, unless
electorate at
some
submitted and approved by the
structure
in force.
now
tax system will
Conservative
year in the tax
judgment indicates that the existing
produce ample revenue to meet the State budget adopted
1, 1937 to June 30, 1939 and, in addition, to
extinguish the approximate $13,000,000 deficit existing on June 30, 1937.
that
In the event that business recovery continues during the 1937-1939 biennium
predict a substantial surplus of between $10,000
000 and $25,000,000 as of June 30,
Such a picture reflects
1939.
contrast to that presented at the beginning
a
During the past several months there have been
as of June
such
a
special
assessment
districts, including
however, a number of
irrigation and reclamation districts.
While
some
of these
cases
cases
By an act which became effective June
18, 1937, Act No. 273 of the
Public Acts of 1925 is amended
by requiring that all bonds issued on and
relating
have been
after
decided in favor of the bondholder there appears to be
a tendency on the
Appellate courts to restrict the rights and remedies of the bond¬
part of the
to
Colorado—Last May
Assembly.
your
It provided for
both
tangibles
an
Committee commented
a
upon
a
disturbing
well
as
others.
An act
is
imposed
A
without any exemption or deduction
those
A
guaranteed by it
State
or
The
be
seperate
levies
operating
and
no
The
specify whether
Commissioner
regulations relating to the
act
on
left
as
before although there was
a
of the
problem,
cerned except in a limited
were
sense
passed in
Certain
8 for the
purpose of
approving ohe amendment giving Atlanta the
authority to issue
refunding bonds.
On Oct 4 the Georgia
Supreme Court upheld the validity
of this
election.
Illinois—An
act was passed
providing for a method of adjudicating tax
by taxing bodies with a population of
500,000 or more, excluding
the State.
Within 10 days after the
oridinance, providing for the annual
levy, is filed with the county clerk, a petition for
levies
confirmation of such tax
levies'is filed in the
County Court.
appear and file
objections to
Interested parties have the right to
any part or all of such tax levies.
The
County
Court determines the merits of the
objections and enters an order confirming
the levies in whole or in
part, disaffirming those found illegal.
Provision
is made for appeals from
orders of the County Court to the
Supreme Court.
The act applies only to tax levies
to be made for the
year 1938 and thereafter.
The law in this State
governing investments of insurance companies and
of fraternal
beneficiary societies restricted such investments so
as
closely
to
impose hardships upon such institutions and
societies, likewise, that
field was, because of these
restrictions, practically closed to the
municipal
market.
A very careful
study was made of this situation and as a
result,
that portion of the law
regulating investments
by amendment adopted last June.
A bill providing for
an
audit of all
municipalities
The Legislature did
adopt
Municipal Budget Law."
visions of this act are,
of little value.
The
certain
substantiallybroadened
annual
Tax Commission failed to
pass.
"The Illinois
as
was
however,
so
broad
as
by the State
a measure known
The exceptions from the
pro¬
to make its
general application
exceptions include the State,
counties, cities, villages,
preserve districts of
500,000 or more,
sanitary districts, also forest
school districts in cities
exceeding 500,000, the Chicago Park district and
other park districts.
Iowa—It is of interest to note that
the case of
certain
Hale
vs.
of Assessments and
Iowa State Board
Review, in which the Iowa Supreme Court
upheld last
January the opinion of a lower court that the tax
exemption granted by law
holders of Iowa State and
municipal bonds is not applicable to the
Iowa Income Tax Act of
1935, has been carried to the
Supreme Court of
the
to
United
States.
Michigan—It is
now
provided that any determination
made by the
Commission involving any
question of fact shall, after the
issuance of the bonds, be deemed
conclusive of such fact or facts.
Bond issues of more than
$10,000 must be sold at public sale after
notice
by publication at least seven days before the
sale.
The provision which
prohibited the issuance of general
obligation bonds where the tax delin¬
quency for the previous fiscal year exceeded
25% and which prohibited
the issuance of special assessment
bonds where the
delinquency on special
assessments for the
preceding fiscal year exceeded 25%, has been
Public
Debt
.
modified
so as
to
bonds,
permit the issuance of either general
obligation
general taxes, falling due
if the delinquent
fiscal year,
do not exceed 25%
The exceptions
special assessment
of the total of such taxes
from this prohibition
or
during the preceding
are
the
same
as
in
so
far
as
Fortunately, the
debt service is
con¬
through the Homestead Exemption Law.
This law exempts the first $4,000 of true and full
value from the State prop¬
erty tax except levies for debt service on debts created
prior to the passage
of Chapter 86, 1937.
The exemption under the Homestead
Exemption
Law may not be applied for local tax
purposes.
debts created after Jan.
a
1, 1937
To the extent that State
may not be serviced
designated
by
a property tax on
homesteads, the law
as
limitation for taxing purposes.
New York State—The bill
providing for a tax limit exclusive of debt
service which was under consideration at the
time of preparing our
report
last May and referred to in it did not
pass.
acts and constitutional amendment
the Atlanta situation
has been cleaned up and
steps taken to relieve any future deficit.
taxpayers questioned the legality of the general election
of June
municipals taxable
outstanding.
No general tax limitation bills
the exempted portion of the real estate
Through legislative
great deal of agitation to raise the
bill did not pass.
does create
understand, brought about as a
and inability, under constitutional
provisions and charter limitations
City of Atlanta, to secure adequate revenues to meet the relief
by its terms, but
have in hand that would throw
this point.
on
vide for continual refunding
operations.
was, we
and
this question.
Georgia—On June 8 this year voters ratified a constitutional amendment
which permitted the City of Atlanta to
carry through a refunding program.
This is the first refunding that has been
permitted under the Georgia con¬
stitution and it should be borne in mind that
the
amendment did not pro¬
State
obligations must
Banking Department
provided
as
we
restrictions
of the
in Minnesota.
These bonds have always been
exempt from the Moneys
and Credits tax, but the proposed law would
have affected not only those
to be issued in the future, but also those
service, likewise the so-called Pro Rata Mandamus
Distribution Law which
provided for the pro-rating of monies obtained
through mandamus suits in
that proportion which the amount of bonds
involved in the suit bore to the
The necessity for this
refunding
result of the decline in tax values
and
or not such
tax from 3 mills to 5 mills and also to make
Minnesota
debt
total amount outstanding.
An act was passed requiring the State Board
of Administration to
accept refunding bonds in exchange for those held in
the sinking funds of the various counties and
road districts.
or
any
Minnesota—A number of changes were madie in the tax
laws, but nothing
d'irectly affected municipal credit.
The Moneys and Credits Law
also the so-called Split
for
States
obligations of
that
the so-called 1935 Refunding
bankruptcy law
for
light
called upon to rule
was
provided
or to
In View of the construction of this
particular
portion of the act there would seem to be question if the Commissioner is
any
holders and dealers.
Budget Act which
excepting from its limitations
general obligations.
has issued
bill H. B 961 was however, vetoed
by the Governor.
While this is not
major legislation it holds nevertheless a position of interest to
many bond¬
Act which served as a
municipal
in
nothing appears in the regulations which
as a
passed by the Colorado Legislature providing that
special
against properties might be paid in bonds instead of cash. The
year
to principal and interest
as
municipal obligations, does
measure was
Florida—The Legislature repealed this
was adopted
becoming
By its terms the limitations and restrictions
of any political subdivision thereof.
act,
substituting for such
only the 1% to 6% graduated tax, to which interest and dividends
are subject, but by
supplementing it with the 2% gross income tax applicable
to such interest and dividends.
The latter appears to reflect discrimination
assessments
relating to dealing in, underwriting and
purchasing for port¬
respecting the above do not apply to obligations of the United
taxes not
through its application to certain income only.
It might be regarded
form of penalty for holding stock or interest
bearing obligations.
code
effective July 28 this year.
corporate stock,
The State, however, took good care of itself in
new
folio by Michigan financial institutions of
securities
at
royalties, interest from money, notes, credits, bonds, and other securities.
Ad valorem levies which
formerly were imposed upon intangibles in¬
cluding Colorado obligations as well as those of other States, have been
lifted.
moneys
consent of the
the rate of 2% upon so much of the income of
every individual
of Colorado as may consist of dividends from
resident
any
of all outstanding securities and
subject to the approval of the
Commission to reduce the
principal or interest of any funded indebtedness
by the issuance of refunding obligations.
subdivisions,
a surtax
passed which prohibits
holders
levy.
In addition to the above tax
was
funds
general
Not long
after, the measure in materially revised form was adopted and signed by the
Governor in June. It became effective as of July 1,1937.
By its terms taxes are
imposed upon net income at rates ranging from 1% to 6%.
Interest upon
obligations of Colorado, and other States and their political
is subject to the
This provision does not
apply
as
amendment.
any county from advancing out of its
for the payment of principal and interest on
drain bonds issued prior to
Sept. 5, 1927, or any refunding bonds issued
to replace them.
Another act grants permission with the
bill which had at the time passed the
as
serial bonds.
the Public Acts of 1932.
it existed prior to this amendment
the only
municipality
which could issue term bonds was the
City of Detroit.
It is our under¬
standing that representative of the City of Detroit agreed to the
income tax and with it a 5-mill levy on in¬
applying to Colorado bonds
Sept. 1, 1937, shall be
refunding bonds issued under Act. No. 13 of
Under the act
holder and to emphasize the plight of the taxpayer.
situation in this State in the form of
It also provides that all
refunding obligations here¬
hereafter issued under the
provisions of the act are or shall be the
or
legal and valid obligations of the
municipality issuing the same, notwith¬
standing any infirmity other than constitutional in the
obligations refunded
thereby.
affecting improvement bonds rendered by the California Appellate courts.
Substantially all of those related to so-called special assessment bonds and
to
not relieve
any other municipality which has
assumed
obligation, from making its contribution to the
payment of
indebtedness.
tofore
30. 1937.
provides
original issuing municipality issues the
refunding bonds,
the
refunding shall
part of the
a
-
number of decisions
a
where
where
such
happy
of the 1935-1937 biennium when
deficit of from $60,000,000 to $75,000,000 was predicted
1937
issuance of the bonds to be
for the biennial period July
many competent observers
IS,
July 22, 1937, amending the
refunding act, provides in
territory has been taken from a
municipality after the
refunded, refunding bonds may be issued
by
either the original
issuing municipality, or in part by the original
issuing
municipality and in part by the municipality
assuming a portion of such
indebtedness by reason of annexation
or otherwise.
It further
that
part
made during the
Nov.
An act effective
previously called special election.
No material changes or modifications were
Proceedings
except that the prohibition does not
apply to small issues of $10,000 and
less.
North Dakota—As of July 1 this year the State
Industrial Commission
called for payment of all of the so-called Real
Estate Bonds. Series A, B and
C, aggregating in principal amount
contain
$3,617,000.
The
bonds
themselves
no
provision that they might be called prior to their
respective
dates of final maturity which
ranged from July, 1941 to January, 1949.
Just prior to July, 1936, the Industrial
Commission issued notice of
call
of these
holder
bonds.
of
The
notice
the bonds in
was
the
cause
for
court
action
by
large
a
effort to determine the right of the
Industrial
an
Commission to redeem them prior to their
respective maturity dates.
The Supreme Court of North Dakota
handed down its decision
February.
Reference
was
last
made
to it in our May report.
It will be re¬
called that the Court held that the Industrial
Commission had the authority
to call the bonds.
"There is
no
The Court in its conclusions
stated, in part:
merit to this contention.
It may be arguable that there is
breach of its contract by the defendant, but we
cannot see where there
any basis for the contention that there is an
imjiairment.
And as we
l?ave shown the contract out of which the defendant's obligation arises
rests upon the interpretation and
effect given to Chapter 154 S.L.
1919,
a
is
which is included within and a part of such
contract.
And since the clear
meaning and intent of the Legislature as expressed in the enactment
in
question is that the bonds shall be callable at the
option of the Industrial
Commission, exercised in the manner in which it was exercised in the instant
case, there is neither breach nor impairment of the
obligations of said
contract and the plaintiff is not
deprived of its property without due process
of law."
The Supreme Court of the United States
for
an
want
of
jurisdiction denied
appeal from the decision.
In view of the conclusions of the Courts
the legal
trial Commission to exeroise the
call is
authority of the Indus¬
clearly evident.
mind,
There remains in
however, the history of the position taken by former Industrial
Commissions at the time of the sales of these
bonds.
This indicates that
those bodies believed that they' had the
right to determine at
the time of
issuance of the bonds whether the call feature
should be included or not
and that they dealt with the
buyers on the basis that it was not to be in¬
cluded.
The bonds were purchased and resold in
view
of
this
as
non-
callable obligations
and a substantially higher price was received for
the
bonds by the State, and in turn
paid by the ultimate investor as a result.
Under the circumstances, insistence
upon the exercise of prior
redemption
by a later Industrial Commission can but leave
question not of legal right
but of good faith with its
accompanying effect
upon prospective purchases
of
outstanding obligations and future
Earlier this year
which
a
bill
was
issues of North
introduced in the North
fortunately for the good of the
Dakota bonds.
Dakota Legislature
credit of the State
was defeated.
It
provided in effect for the refunding of all
outstanding bonds of the State
of North Dakota at a reduced
rate of interest not to exceed
33^%.
The
bonds outstanding bear interest at rates
ranging from 4% to 6%.
To make
the measure effective there was
provision for the transfer to the refunding
bond account of all
moneys under the control of the State Treasurer for
the purpose of
paying interest and principal on outstanding bonds, thus
transfering for service
so
falling due.
interest
the
former act,
measure
on
the
new
refunding bonds all sinking funds and
available for the outstanding bonds of the State.
The
further provided for the transfer of all
property now pledged as
money
I. B. A.
145
Volume
security for North Dakota
bonds to a pledged for the
The bill became law on Aug.
security of the re¬
A bill to improve
through footnote, to the fact that
passed by the Legislature and signed by the Governor.
similar to those of other States providing for the collection of
real property was
This law is
for
the subdivisions of Texas,
.
of last December mention was
obligations.
there is quoted below from an
address of Isaac
of Seattle, presented to the In¬
University of Washington the latter part of
Chief Accountant of the City
stitute of Government at the
July of this year.
"The 40-mili tax limit has
wrecked the credit of our cities
and counties.
Local legislative bodies have done their best to economize, in every way
possible.
In Seattle the general taxes for city purposes have been reduced
54% since 1930, and the bond debt of the city is more than $2,000,000 less
general governmental expenses were reduced 40%
of 1936 there was a current deficit
already accrued, and the city faced an additional deficit of
about $2,000,000 for 1937, making altogether $3,696,000 in deficits.
Now
we are looking forward to the preparation of another budget for 1938, and
24 years ago;
was
1930 and 1936; yet at the end
between
of $1,696,000
deficit.
another
Council, in an effort to save the city's credit, prepared an
the occupation tax and bring approximately $1,300,000
into the city treasury—and immediately the business and
"The city
ordinance to extend
of
new
revenues
professional men throughout the city rose in indignation, as one man, to
As an alternative these good citizens offer to go to the Legisla¬
1939 and make every effort to persuade that body of lawmakers to
defeat it.
ture in
give back to the city part of its misapportioned revenues.
getting more revenue than ever before—last year it took from
The State is
Seattle alone
$5,200,000 in the new sales tax and business activity tax, besides
many millions in gasoline taxes.
But the State has also new burdens of
expense.
There are old age pensions and unemployment insurance, besides
over
unemployment relief and aid to schools, to feed upon the new
How much can the State spare for its municipalities ?
"In the meantime, the municipal deficits are ever increasing.
revenues.
Seattle's
probably be $5,000,000 by the close of 1938, and other cities
badly off, proportionately.
Further, nobody will buy
their bonds.
What will the cities do if they need money for capital ex¬
of the State are as
How will money be raised to pay for necessary improvements ?
State will find a way to help, but if that
municipalities must adopt drastic measures to collect the
needed revenues locally in order that they may balance their budgets.
Efforts should be made to amend the tax limit law with purpose to remove
the limitations on general bonds and make them tax-free.
Until this is
done no city or county of the State of Washington will be able to sell its
general bonds on the open market."
penditures ?
"It is
to
be hoped that the
the
be,
The position
of the people in Seattle, as
in other cities in Washington,
of tax
pointed out above, and of course
fallacies of the theory
further emphasizes the
It is not alone the
limitations.
financial condition of the
munici¬
be reckoned with, but the effect on their
and in the future and the extra millions of dollars
palities that will in time have to
credit standing presently
increased taxes levied by the State that
problems of the cities.
Kentucky outstanding
in the form of auditor 's warrants has been cut about in half in less than two
years.
This is a fine accomplishment.
It is important, however, that
attention be directed by the Commonwealth to various counties which are
now suffering as a result of certain existing tax limitations
A continuation
of present conditions will react most adversely upon the credit position of
per annum
in the form of new or
in no way serving to
are
operation of the new Act.
"Trusting that this gives you the information
remain.
rectify the financial
The floating indebtedness
of the Commonwealth of
these municipal units.
Counties in Kentucky
in the issuance
of road and bridge bonds operate
for that purpose to 5% of the
time limits the tax for the payment
which you desire, I beg to
/
"Sincerely yours,
"J. MARK
WILCOX."
Model Legislation
being undertaken along this line is, we
What is now
believe, of material
officials, all taxpayers, and others who
are, of course, directly or indirectly affected by the status of local taxes.
With whac will be said here respecting this subject our Board is thor¬
general interest to municipal
and
The reason for setting it forth in this report is to acquaint
as a whole, with the program and its purposes.
We
oughly familiar.
membership,
the
quoting in brief
the Board last May:
"There has been a long-standing need for definitely constructive legisla¬
tion.
We have had spasmodic efforts in various States, but we have had
no model acts to which we could point and which could be used to guide us
part from our
in
best be accomplished in few words by
Chairman's remarks on the subject to
States.
various
local governments today.
there is a great deal of comment in
control of public expenditures.
men.
The municipal bond
men have an incidental interest in it.
It relates to all of us.
It relates
to the public utility people, the railroads, all taxpayers and all corporations.
Any legislation of this kind that is drafted should be sufficiently compre¬
hensive so that it covers the field pretty broadly.
This might very well
cover questions such as a suitable bonding act, which would relate to the
limitation of debt, regulation of the issuance of bonds, a sound budget act
which would relate to effective expenditure control, the matter of tax
laws and tax collections.
There is a present model tax collection act which
was prepared two years ago by the National Municipal League; a uniform
scientific assessment act on real property; a uniform accounting practice
act, State supervision of contributions by the State towards certain specific
local objects.
This needs to be studied and the different la^s related to
"We
are
much interested in the cost of
very
It gets a great deal of publicity, and
the press as to the question of the proper
That relates not alone to the municipal bond
It ought to be done by one group.
...
drawn in from time to time on the question of tax
various States, and have heard plenty of destructive
other.
each
"I have been
effort
and
in
limitation
criticism,
sound criticisms.
We have had little in the way of
propositions to offer.
We have made a general statement
very
many
structive
con¬
that
accomplish control of public expenditures, which tax
limitation legislation sought, and which was its primary object, was through
effective budgetary control measures.
But we have not had anything
we could point to directly that would accomplish that end.
"It was that thought that has gradually developed in what I am going to
place before you,
I recognize, of course, that as municipal bond men we
are not equipped
to attempt to draft legislation of that character, and
for that reason, I talked with some municipal attorneys and also with the
Executive Secretary of the National Municipal League.
We developed
the possibilities of this general program.
I think most of you are familiar
with the National Municipal League.
It is a non-profit organization.
As a matter of fact, it is recognized as such because contributions to it
are exempt from the Federal
Income Tax.
But it is in a very fortunate
position of being able to promote any such undertaking as a disinterested
party.
It is in a position to draw unto itself outstanding experts in £he
field of taxation, in bugetary measures, and legal advice covering the whole
range.
Then there are close working arrangements with, for instance,
Public Administration Clearing House, Municipal Finance Association, &c.
"They are the logical people to undertake an object of this character.
They reacted very favorably to the suggestion, and the Executive Secretary
later took it up with Harold Dodds, President of Princeton, who was Presi¬
dent of the Association, and had previously for some years been Executive
Secretary of the National Municipal League.
He became quite enthusiastic
with the possibilities.
He felt that here was a real opportunity for the
League to accomplish a constructive purpose in its activity.
He developed
a
very much broader program than we had in mind.
We were simply
discussing the question of a legislative drafting program.
I think very
wisely he recognized that legislation could be drafted and it might very
easily die there, but to be effective it ought to be promoted; it ought to be
sponsored; there ought to be an organization that could work with and act
as technical advisors to
various State Legislative bodies."
the
deficit will
cannot
provides for the assessment and collection of State taxes- it provides the
common school system and the courts for the enforcement of State laws
and otherwise performs many of the functions of the State government.
"For these reasons it was thought wise to eliminate counties from the
believe that this can
By way of illustration,
than it
Counties, on the other hand, performed many func¬
for the State government.
In most States, the county machinery
State governments.
tions
made of the rejection
by vote of the people at the general election, in several States, of proposed
tax limitations.
It will be recalled that Nevada did adopt for the first time
a tax limit of 5% and that the people of the State of Washington voted to
continue their 4% statutory limit.
In the latter State it is interesting to
note that, as a practical matter, these limitations are depriving cities and
counties of the right to levy general taxes in a sufficient amount to provide
for their operations.
The State, in turn, has pre-empted the power of
levies of numerous other types with the result that many cities and counties
are finding it impossible
to balance their budgets and to market their
Comeaux,
the prepara¬
intentionally
inseparable part of State government in all of the 48 States.
The Supreme
Court invalidated the original Act because of the fact that it appeared
to interfere with the functioning of the State government.
Municipalities
do not constitute any part of the State government and permission for them
to take advantage of the bankruptcy Act could under no circumstances
be regarded as an interference with States' rights or with the operation of
above mentioned,
by guardians
Tax Limitations
beg to advise that in
bill, counties were
wording of the decision of the Supreme Court of the
United States in the Ashton case convinced me that it was necessary to
eliminate counties because of the fact that they constitute a necessary and
wards and ward estates.
In the annual report
Wilcox's letter
The
eliminated.
again be eligible for investment
would, if the bill became law,
of Representative
"Answering your inquiry of the 25th I
of the new municipal bankruptcy
tion
year,
by the terms of which bonds of
copy
It is as follows:
the Legislature eliminated from the
statute regulating investments by guardians for wards, the bonds of cities,
counties, towns and other subdivisions in Texas.
There has since been
introduced at the second special session of the Legislature H. B. No. 124
enactment this
Texas—By
its provisions.
under date of Sept. 29,
Co., Cincinnati, Ohio, con¬
appeared in "The Bond Buyer," the "Financial Reporter," and probably
elsewhere, it is considered of sufficient interest to repeat in this report.
>'*
taxes.
tion of certain miscellaneous
While
omission.
this
cerning
Most important was an act
1937.
the act did not include counties among
1937, to Mr. McKie, of Weil, Roth & Irving
field was
providing for the re¬
allocation of gasoline taxes to the Highway Department.
At present onehalf of the 4-cent gasoline tax is diverted to the Rural Credit Department.
On and after Jan. 1, 1938, all of the gasoline taxes will be used for adminis¬
trative and highway purposes.
The State has substituted in lieu of the di¬
verted gasoline taxes other taxes including the 2-mill ad valorem tax on all
taxable property in the State, except homesteads as defined by law, onethird of the total cigarette tax, and an allocation by the Board of Equaliza¬
South
passed during
A con¬
permitted to avail themselves of
were
J. Mark Wilcox of Florida wrote
Congressman
in payment of delinquent taxes.
Dakota—Nothing of especial interest to the municipal
by official tax collectors
rents
that
divisions
the
President.
of the act appeared in the issue
Attention was called there,
Banking" of Sept. 22, 1937.
of "Investment
through the collection of rents
the collection of taxes
16 upon signature of the
densed review of the important provisions
funding bonds.
on
3081
Convention Proceedings
best
to
way
Progress is being
made in the preliminary work.
More will be known
be held Nov. 17 by the Committee of the National
whose direction the work will be carried out.
a
law which
limits the indebtedness
following a meeting to
assessed
valuation,
but at the same
Municipal League under
under
of such bonds to
were
the
carried
on
decreased materially, especially in some
several counties are in serious default and many others placed in
due to the fact that road and bridge debt previously created can¬
of 20 cents, but as
localities,
difficulty
not
now
For
a
of value. When road building programs
property values were such that
serviced without difficulty from the limited levy
20 cents per $1C0
valuations have
be serviced within
time counties
such debt service.
State has since
the tax limit.
the purpose of
been repealed and, while the
of maintaining State highways,
shared in a part of the sales tax for
This tax, however, has
agreed to bear the expense
the revenues which counties received
for the debt service prior to the repeal of the sales tax.
This is just another illustration of the dangers of tax limitations and of
the fact that unlimited ad valorem taxes for basic needs cannot, with any
degree of certainty and safety, be replaced by various and sundry special
taxes.
\ •'
It vail be recalled that last spring the State of Indiana, after a few years'
nothing
has
been done to replace
experience with tax
limitations, found it advisable to eliminate debt service
and, in addition, materially modify the limits.
The
from the limitations
Massachusetts rejected, after careful
study, proposed tax limitation measures.
A report of the Indiana. New
York and Massachusetts situations was made in our interim report of last
legislatures of
Municipal Ratings
extensi vely a few years ago
created could be
debt
both New York and
May.
Municipal Bankruptcy Act
this measure which was
permanent legislation of this type
were
briefly set forth.
Because of the specified limited period for the
exercise of the authority granted, three years, and in view of other circum¬
stances, the committee recommended a neutral attitude concerning it.
Reference was
made in our report of last May to
then in bill form.
Basic objections to
There are so many factors
with varying degrees of
relationship that must
the merits of municipal obliga¬
standard basis for rating purposes.
This has long been a problem and one which has been increased by develop¬
ments during the past few years.
Recently the Municipal Forum of the
National
Security Traders' Association Convention adopted and sub¬
consideration in determining
be taken into
tions that it is
difficult to arrive at any
mitted to us a resoluton
"Due
to
reading as follows:
the importance
which has been placed upon
municipal credit
the
at its
thoroughly
funds,
ratings by certain banking control groups and investment
we,
Municipal Forum of the National Security Traders' Association,
1937 Convention, de resolve that this subject of credit ratings be
investigated
by
the
Association, and that
their
members
Henry Hart,
Municipal Committee of the Investment Bankers
their findings and recommendations be presented to
convention in White Sulphur Springs."
at their
Rollins Andrews, Eugene
Cowell, Brownlee Currey, I.
A.
Moulton and John Nuveen, with Mr. Hart, as Chairman,
the request of Mr. Linen generously agreed to serve as a Special Com¬
Long, Francis
have at
mittee for
some
the purpose of
form or basis of
the end of proposing
be found to be better
studying the situation toward
ratings for municipals that may
generally followed.
It is a hard task and will,
at best, require considerable time.
Some of the difficulties involved may
be gathered from an address by our Chairman, Mr. Linen, on Municipal
Security Analysis and Ratings delivered on Oct. 12 before the Clearing
suited than the form now
House
Round Table Conference,
American Bankers
Association Convention.
Linen's address of Oct. 12 were
here quoted in the Municipal Securities Committee report,
these we are omitting, since Mr. Linen's remarks were given
[While excerpts from Mr.
.
I. B. A. Convention
3082
in
full
in
Bankers'
American
our
Convention
Oct. 30, 1937, page 60—
Section
of
Proceedings
Chairman
Editor.)
Subjects for Discussion
the
Among various matters receiving consideration by the committee
to
are:
Municipal ratings.
,
,
2. Means of protecting the security of holders of municipal obligations
where there occurs the removal of property in substantial amounts from
,
^
This
principle of "full disclosure" on which the Securities Act is based is dis¬
a new
is
theory adopted which might well be termed "regulation,
choosing, both
own
as representatives and as
the
The bill
discretion and judgment.
imposed,
of free
the
which
the
have
the
approved by the Government and spoken
of highly by the Administrator and by the President upon
approval, set
to
forth certain principles
its
follows:
as
(Article 3, Section 6 of the Code)
be
are
just
under
this
in
the
For
specifically excluded under the
mind in this instance the
Act.
There
is
of
and
any
security issued or guaranteed by
exempted by the terms of the Lea Bill.
any
given
by
political subdivisions of
any
our
States should also be exempted.
even
itype of legislation should not, in our opinion, be made applicable to either
State
Respectfully submitted,
John S. Linen, Ctmirman
Your
to
Vic E. Breeden
Leverett F. Hopper
Devereux C. Josephs
Joseph E. Chambers
John L.
Blair A. Phillips
appendix to the report of the Municipal Securities
Committee the ninth annual report of the Official
Depository
for Approving Opinions and
Legal Transcripts was annexed.
This was submitted
by Joseph E. Chambers, Vice-President
of the Manufacturers & Traders Trust Co. of New York.
I. B.
A.—
Sinking Funds Unsound Panacea
of the Railroad Securities Committee of
Bankers Association of America it is noted
that "the rising confidence of investors in the
industry has
been replaced" in recent months
"by an attitude of distinct
concern," undoubtedly due in part, says the report, "to the
industry is faced with higher costs of opera¬
fact that the
is
apparent, the committee states, that "barring
a
continuation of traffic gain, further increases in rates
will be necessary if the carriers are to
be compensated for
the
recent
field
of
funds
an
discussion
which
remedy
"Your
increases
for
have
the
committee
unsound
in
cost."
certain
been
ills
is
of
of
panacea
the
them
perhaps
as
measures
basis."
to
in
in
out
regard
many
"from
to
the
sinking
quarters
railroad
as
a
are
the report says:
that sinking funds are
ills."
In
essaying that
not harmful, the committee
as
failing "of their intended purpose" and
obscuring "the analysis of proper corrective
place the credit of the industry on a sound
Commenting
on
the varying business and credit
conditions between periods of
prosperity and depression, the
report says that as the depression passes and conditions
improve,
debt,
excess
accumulated
during the depression,
should be retired through the
proceeds of the sale of stock
of non-fixed
lations
interest-bearing securities.
which
tend
to
type," it adds, "would
try,
and
given
"Any rules
or regu¬
bring about sound financing of this
seem to
be for the good of the indus¬
sufficient
earnings during periods of pros¬
perity, such a method of maintaining a sound capital struc¬
ture Js practical."
"It is probably all along such
lines,"
says the report, "that sound debt control
policies can be
established and maintained."
net
the
with
public
of
of
with
service
.
.
no
railroads
standards
conditions
railroad
we
,
in
record
the
the
of
.
of
appears
expressed
facts
constitutional
also
or
short
there
as
earnings
but
carriers
for
increased
substantial
trans¬
unable
are
revenues
revenues
increases
the
in
was
wages
inception of the rate proceedings
barring
be
continuation
a
in
cost,
which
have appeared
satisfactory
if
even
are
than
believed
was
be
to
both
to
as
does
of
prediction
a
covering
so
the
for
the
the
feel
not
not
by
outlook
case
level
of
justified
estimate of the situation which would
any
nature
committee
your
com¬
is
needed
the
gain,
be
to
consideration
vitally
so
traffic
are
indications that
With these uncertainties
traffic,
of
if the carriers
necessary
believes, however, that
weed
sinking
the
from the
out
funds
which
field
it
at
neces¬
uncertain
many
be helpful at this time
may
discussion certain
of
have been
offered
will
The report, presented
by the
of the
ills
not
railroads.
materially
Your
in
proposals
quarters
many
improve
the
committee
railroad
analysis is not undertaken because sinking funds
but
because
analysis
industry
for
of
nothing
There
form
in
as
railroad
the
financial
and
the
fund,
a
the
situation.
Thi6
and
perhaps
the
obscure
credit
but
of
of
the
sinking funds
for
railroad
number of bond issues which
a
as
practical
a
proposition
generation
a
or
more
provide
sinking funds
because
ago
of
the
as
that
railroads.
sinking
railroads
funds
has
been
During the past few
would
revived
supply
and
ha6
a
years,
for
cure
been
seized
the
upon
actively publicized.
To
understand
earnings
that
in
this
future,
effect
the
at
for
of
the
of
in
flow
the
of
of
to
earnings,
retire
this
balance
the
In
with
of
in
debt
other
hand
one
stock
course
is
due
words,
to
does
with
financing
than
So long
sale
of
the
need
for
spent
for
be merely to
may
other
and
hand
not
to
sales
new
the
by
improvements
in
and
stock
as
can
the balance
the amount
the
issued,
is
modernization
exceeds
exceed
sinking funds
while
capital is
the
if
the past.
period of years,
a
investors,
effect of
unless
the reduction
fund.
return
Unless
betterments,
bond3
some
sold,
reasonable
after
capital.
and
intensive
capital exists, sinking funds
new
over
additions
in
it
relation
bear in mind
to
more
be required
as
proposal
regards the
and
be
may
future
only be effective in reducing debt if,
additional
fund
as
required,
growth
capital will
rate
same
sinking
railroads
capital
new
railroad
flow
continuous
a
of
past history of
while
continuous
a
need
real
the
the amount
to
the
continue
to
the
examine
to
extensive,
are
opinion
understanding of the facts regarding sinking funds
proper
of
suggestion
abandoned
were
theory
ills
necessary
is
a
in
dynamic industry 6uch
a
the
basis.
new
sinking
bonds
of
in themselves harmful
place
to
is
credit
are
purpose
measures
outstanding still
are
of
intended
corrective
proper
sound
a
is
bonds.
some
they will fail of their
on
There
bonds
latter
the
of
case
sinking
stock,
or
replacing debt by stock, results in
less of
railroads,"
opinion
sinking funds in themselves
regards
weeding
proposals
offered
the
for
In
budget, yet
far
are an unsound panacea for railroad ills; that if they
operating in the past they would not have materially reduced
debt; and likewise, that the establishment of sinking funds in the
of
report
It
the
the
earnings
ago.
of
the
the growth of
Industry Faced with Higher Costs of Operation—
Increase in Rates Regarded
Necessary—
tion."
the
suspension,
itself
Commission
"From
the
to
in
sinking funds
Further
the
amount
an
been
however,
In
by
for
in
of
the
since the
that,
less
attempting
in
the
an
the Investment
in
to
future
D. T. Richardson
James D. Robinson Jr.
Report of Railroad Securities Committee
The
proceeding
had
F. W. Willey
As
months
attempt to
railroad
Aaron W. Pleasants
John H. Rauscher
Howard H. Fitch
this
remedy
Harry R. Niehoff
Dickson
last year.
that
Kenower
I. A. Long
James D. MaGee
R, S.
is
committee
regard
Eugene I. Cowell
George T. Curley
of
increases
additional
volume
be
George C. Hannahs
John Dane
of
is
And again, ".
of
will
rates
recent
generally
time
L. Raymond Billett
E, Ross Col burn
of
elements.
Frederic J. Blanchett
Williams T. Childs
John S. Clark
the
and
sarily
COMMITTEE.
in
Recently there
few
a
this
MUNICIPAL SECURITIES
for
rates
municipal issues.
or
therefore
the
for
business
This
needs
employees granted
increases
industry.
exemption but consider that solicitations with respect to obligations issued
freight
in
improvement in the spread between
conideration
apparent
pensated
: >
the
on
in
part of that record.
a
is
further
State,
We ar.e fully in accord with this
not
It
the
to
as
without
railroad
reason,
particularly in
end
report,
decision
be anticipated within the reasonably near future without
Furthermore, as stated in the Commission's opinion,
can
conclusions
reached
specific exemption of State and municipal issues.
Solicitations, with respect to
are
Securities
good
its
increase of rates."
its
embraces within its provisions situations which
measure
railroad
owners,
conduct
the necessary
an
It would prevent underwriters from accomplishing what is
recognized as
essential in the protection of investors or the furtherance of their interests.
be
to
of this
increases
subject
sum
not only
private
proper
filed,
this
that
general,
in
the
be
the
by private enterprise."
expenses
the
at
example:
to conclude
that
down
Commission
attitude of
possible than
of
the
the
case.
is
rights
balance
to
portation
and
is
power
draft
annually, and some $12,000,000 to
be expected from other increased rates
While
"This Section is intended to apply in respect to issues of securities origin¬
ated prior to the effective date of the rules as well as to issues
originated
The theory of the Lea Bill is obviously directly conflicting with the above.
of
cost
to be obvious
seem
earning
certain
for
by the
might
filed.
ligations to investors.
thereafter."
industry
taxes,
the basis of 1936 traffic,
may
stated
in
inconsistent,
now
to
$50,000,000
for
after full and careful consideration and for
respect
satisfac¬
that the
respect
handed
eliminated
on
necessary
The proposed
in
very
time, although
concern.
preliminary
made
were
revenue
necessary
conclusion
to
as
in
present
the
of
authorized
already been
opinion
if
necessary
revenues,
encouragement
other
"To keep himself reasonably well informed of the financial condition of
the issuer of any issue of securities of which he acted as originator so
long
as any material part of such issue shall be
outstanding in the hands of in¬
vestors, and to endeavor to cause the issuer to meet his promises and ob¬
Congress had,
both
increasing
rising confidence of investors in the
Commission
surcharges
Commission
amount
the
railroads
the
actually
at
which
.
Code of Fair Practice,
reading in part
&
1936, pointed out
time,
to the present
up
operation
completion
$15,000,000 additional
is defeated by the breadth of its requirements.
respecting underwriters
the
increase railroad
estimated
The advisability of any form of act that would
either directly or indirectly deprive citizens of these rights is indeed ques¬
tionable.
Further we believe that the advocated purpose of the measure
The
that
was
attitude of distinct
an
of
are
Commerce
increases
will
of individual
exercise
Dick
of
alone increased.
which
after
rate
Provisions of the act appear to be in direct
principles
and
costs
rates
to
Interstate
in the business not only by the burdens, limitations and liabilities
American
in
Subsequent
rates
of accepted
December,
at
traffic
supplies, and rates of pay, and it would
increases
application
but by specific prohibition.
higher
and
would estop from serving those most useful and valuable through experience
violation
of
undoubtedly is due in part to the fact
maintained, let
deprived from securing
counsel, regardless of honest qualifications, experience or ability.
in
industry
Volume
months
recent
faced- with
that
of any responsibility for results.
It is also evident that security holders would be
in
concern
materials
supervision and approval" by the Commission along with complete disclaim
the services of those of their
Committee
the
in
credit.
industry has been replaced by
study of the so-called Lea Bill it is evident that the accepted
carded and
Railroad
your
conditions
and
deteriorated
The so-called Lea Bill H. K. 6968 in relation to municipals.
a
Dick,
.
of
report
improving
earnings
R.
1937
in recent months the rate of improvement has
tapered off.
On the other
hand, the credit situation of the industry would seem to have substantially
the tax rolls.
From
the committee, Fairman
follows:
torily, and these increases have continued
1.
3.
of
Merle-Smith,
The
Nov. 13,
As
a relatively lower debt, totally
regard¬
sinking fund provision for retiring debt out of earnings.
preliminary step in analyzing the railroad economy under which
any
a
sinking funds operate, it is instructive to examine the
For
example,
railroads
from
(net
railway
$3,162,000,000.*
amounted
to
1922
Net
1930,
to
operating
of
their
in
effect, to
ing
at
desired
had
*
to
earnings
a
and
This
If
the
less
net
fixed
record
of
earnings
charges)
the past.
of
Class
amounted
I
to
betterments
figure
is
a
the railroads,
during
this
period
figure after deducting
therefore, had devoted none
net
to dividend payments they would nevertheless have
had,
bank balances by $1,376,000,000 before arriv¬
overdraw their
point
to
income
additions
$4,538,000,000.
depreciation and retirements.
inclusive,
where
devote
borrow
a
an
they
billion
could
dollars
additional
consider
to
billion
debt
retirement.
If
they
had
retiring debt,
dollars
they would then have
through the issue of bonds,
.In
analyzing the conservative financial practices followed In
regard to dividends,
including both net railway operat¬
However, in analyzing earnings in connection with
the capital expenditures for
Improving the Industry, it is necessary to eliminate
outside investments and earnings on outside investments in
the way of other income
I have used the total
earnings of all class I roads,
ing inoome and other income.
and limit the analysis to the actual
earnings of the railroads proper and the actual
expenditures for improving the railroad plant proper, and thus
reduce the problem
to its
simplest form.
Not only would the inclusion of other income
misleaa by
fusing Income and expenditures in regard to non-railroad
con¬
properties, but since in
many instances other income is derived from stocks of other
railroads, such income
would not in fact have been available on the
the railroac
s
assumption made in the analysis that
proper paid no dividends at all but devoted all their
surplus earnings to
Improvements and debt retirement.
Volume
-and the net
simply
I. B. A. Convention
145
during
where they could avoid
placed
railroads
the
supposedly
this
prosperous
in debt Would
it actually was,
in other words, $4,538,000,000 instead of $3,162,000,000, which Was
actual balance of net railway operating income remaining after pay¬
period
have
or,
the
in
position
a
increase
an
by $1,376,000,000 than
income larger
required net
I
These facts show that
position would not have been changed.
have
to
that debt could have been reduced
3083
Proceedings
presenting its report, the Committee Poes on to say:
1936 bank holdings of government securities
During the summer of
and there was a substantial advance in bank credit.
reached their peak,
Bank indices reflect increased activity and
were
Ly
fallacious, because
assuming that no dividends whatsoever had been paid and that all
available earnings
from the direct operation of the railroads had been
retained for railroad purposes, debt would not have decreased but would
the
have
since the inauguration of the "easy
ing
charges.
interest
The theory
diverting earnings to a sinking fund is thus seen to be
even
been
The
increased substantially.
to
1911
excluding the years involving government operation,
1921,
betterments
and
additions
net
and
$4,293,000,000
railroad
to
operating
railways
net
property
income,
of
carriers were
all
deduction
after
of
During this period, therefore, if debt was to
unchanged, and assuming that no dividends whatever were
charges, was $1,587,000,000.
remained
have
approximately $2,706,000,000
more
than they actually were.
Going back further, from 1901 to 1910,
the improvements to road and equipment amounted to $4,295,000,000 and
the net earnings available, assuming no dividends, were $1,431,000,000.
paid, net earnings would have had to be
to be
the railroads
If
their
to
to reduce
are
debt and/or make necessary improvements
earnings
of net earnings, a substantial increase in
out
property
would be required.
This was
clearly recognized by the Federal Coordinator of Transportation when he
said in regard to proposals for sinking funds and similar expedients:
"All such provisions, however, are in one way or another an ultimate burden upon
•earnings, and If enforced they will inevitably require a higher standard of earnings
than has been thought necessary in the past."
73d Cong. 2d Seas. S. Doc. No.
what
from
been
have
they
past
the
in
119, p. 7.
fund
sinking
included
clauses
in
many
provide that a sum equal to Vz of 1% of the
which
would
been
have
required by such a sinking fund.
debt
that
the railroad plant is built and completed is in part responsible for the
lack of
appreciation of the real effect of current proposals regarding
sinking funds.
The fact that railroad mileage in all probability is at its
peak tends to distort the true picture in regard to railroads somewhat
railroad
the
If
than
in
of
the
One
railroad
the
industry
be
would
reduction
more
the
were
of
case
is
6tatic
other mass
and
industry the problem of
perhaps the impression
production industries.
to future demands for capital in
Commissioner Joseph B. Eastman's
in regard
statements
best
industry
a
6imple,
relatively
contained
in
Congress in 1933, where he says:
report to
"A more or less continual Inflow
of capital funds Is essential to a
healthy railroad
In the past the need has sprung primarily from the constant
made necessary by Increasing traffic.
This cause does not now exist, but
system.
expansion
It Is likely
although not to the old extent.
Lack of traffic growth, however, does not
eliminate neeo for capital funds.
Improvements to permit better or more economical
to return,
operation usually entail capital expenditures.
The known opportunities
Improvements are large, and many now unknown will surely develop."
This
of
criticism
sinking
funds
does
not
mean
that
sound
for such
financial
railroads are not important.
Policies which pile up debt
money at the lowest possible interest rates at the expense
policies for the
in order to obtain
of
a
best
or
sound
debt
interests
ratio
the
of
which
regulations
are,
of course,
industry and of
in the long run detrimental to
the carrier in question.
tend to prevent unsound methods of
compel, if possible, a proper amount of financing
securities are to be commended.
On the other
guides
for
financing
and
possible for
at
the
same
should
be
practical,
and
the
Any rule*
financing ana
through non-fixed return
hand,
a
all
such rules or
study of the railroau
is not practical ca
last 40 years shows definitely that it
industry for the
even
the railroads to improve their property out
time have a balance available to retire debt.
of earning*
While th»
fund theory has never bet*
possible in the past and is highly unlikely to be possible in the future,
it has been possible for many roads
to effect a substantial amount of
financing through stock and other non-fixed interest securities, and it is
along the lines of inducing financing by such securities that a sound solu¬
tion of the capital structure problem would seem to lie.
In the very nature of the industry, business and credit conditions must
vary greatly
between periods of prosperity and periods of depression.
During periods of depression, financing generally must be effected by bonds
as it is not possible to sell stock.
As the depression passes and is followed
by a period of prosperity, conditions improve and there comes a time
when
excess
debt, accumulated during the depression, should be retired
through the proceeds of the sale of stock and other non-fixed interestbearing securities.
Any rules or regulations which tend to bring about
sound financing of this type would seem to be for the good of the industry
and, given sufficient earnings during periods of prosperity, such a method
of maintaining a sound capital structure is practical.
It is probably along
just such lines that sound debt control policies can be established and
maintained.
So far, no sinking funds have been proposed which would
seem
to hold the hope of accomplishing the desired result.
It is further¬
more true that
even if, in time, sinking funds might be effective at least
in a 6mall degree in controlling increases
in debt, it is obvious that a
method of debt control based on compound interest is too slow for the
financing indicated by the sinking
of
method
economy
under
of
is
mittee
Reserve
ills of the
Your com¬
the credit
outside the field of sinking funds.
which the railroads and the country operate.
opinion, therefore, that sound remedies for
the
railroads today muBt be found
it
R.
DICK,
Chairman, Railroad
Investment
Securities Committee,
Bankers Association of America.
The heavy
50% effective Aug.
In its
preted
gold imports during the autumn
as
committee is submitting its
report in substantially the same form as that of last year, a
general review covering briefly the high spots of the past
year has been included so that the report may be read in
the light of what transpired and of the more important
influences contributing to market developments.
stated
that
"although
your
months were primarily
from Aug. 16
meaning a continuation of the "easy money" policy,
and commodity markets
corporations in December in order to avoid the
many
It should be pointed out that in the
Eccies
ernor
of
the
forecast additional
Federal
to
moves
the
and
short-term
declined, along with corporate
the
to
bank reserves.
into effect, and at that time
had increased and
securities had
and municipal obligations.
These trends
loans
commercial
intermediate
government
Federal Reserve System announced an increase
turbance
both Gov¬
Morgenthau
On Jan. 30 the Board of Governors
continued through February.
the full limit permitted
Secretary
possibility of a further increase in reserve
December
During
for
prices
and
reduce the amount of excess
On Dec. 24 the gold sterilization plan was put
the Reserve Board hinted at the
requirements.
undistributed earn¬
in 1937 favorable.
latter part of November
Board
Reserve
the security
The large dividends paid by
continued to rise.
ings tax made the outlook for increased tax returns
of the
in reserve requirements to
effected March 1
serious dis¬
although substantial adjustments appeared to
by law, 50% of the increase to be
The March 1 increase was effected without
market,
going on during the two preceding months.
be
anticipated a more
business.
of March, long-term government securities
Up to this time, the outlook for several months had
favorable
budgetary situation
However, during the month
and
a
continued expansion in
which had resisted the lower trend in short
and medium-term government
sharp decline,
reduction in inter¬
bank balances.
The principal disturbance at this time was due to a stop¬
page of production as a result of strikes, particularly in the motor industry,
together with uncertainties over pending legislation in Congress.
Com¬
modity prices which had risen steadily began to decline coincident with the
comment of President Roosevelt that he thought them too high.
The tax
receipts for the March quarter indicated that the budget forecast had been
too optimistic, and this was confirmed by the revised estimates of the
securities during
which
the first two months of the year suffered a
accompanied by an increase in loans and a
was
budget in April.
along with other unfavorable
prompted the following statement by
the Federal Open Market Committee on April 4:
""""With a view (1) to exerting its influence toward orderly conditions in
the money market and (2) to facilitating the orderly adjustment of member
banks to the increased reserve requirements effective May 1, 1937, the
Open Market Committee of the Federal Reserve System is prepared to
make open-market purchases of United States Government securities for
the account of the Federal Reserve banks in such amounts and at such
The
severe
decline in government securities,
developments in the capital market,
times
as
may
be desirable."
$96,000,000 of government
completion of the adjustments
of the May 1 increase in reserve requirements, placed the
market in a position for the improvement which developed and carried
through the first week of August.
In May and June and part of July
business loans showed improvement.
The heavy influx of gold again
developed and labor troubles were acute.
A number of business forecasts
indicated a larger than seasonal decline during the summer and early
The action of the Committee
securities during the month
in purchasing
of April, and the
in anticipation
autumn months.
part of July as a rasult of
accompanied by substantial
liquidation of government securities on the part of the banks.
At the same
time the early weeks of the new fiscal year indicated again that the budget
estimates may have been too optimistic.
The probability of large crops
and fair prices indicated additional loans and possibly higher yields for
open-market securities as the autumn advanced.
There was even specula¬
tion as to the probabilities of an increase in the cost of money to business.
Prices of government securities were steadily lower.
The Treasury faced
a large refunding and with markets in a nervous condition found it expedient
The expansion
of loans beginning in the latter
increasing demand by business
an
for credit was
It asked for no new money.
of the September financing, the
Federal Open Market Committee announced that it had authorized its
Executive Committee to purchase in the open market from time to time
sufficient amounts of short-term U. &. Treasury obligations to meet seasonal
demands of the banks for currency and credit.
On the same day, on the
recommendation of the Open Market Committee, the Treasury released
$300,000,000 of sterilized gold which gave it that amount of additional
working funds without recourse to the market.
*
The predominant factor in the government securities market is our
national budget.
After seven years of deficits, balancing continues to be
delayed until next year.
The importance of a balanced budget is confirmed
in a statement of Governor Eccies on March 16 of this year, in which
offer short-term
to
On
13
Sept.
securities in exchange.
following the completion
he said:
"What, then, is
the function of the monetary authorities of the Govern¬
bring about and maintain the essential element of an
It is to help
ment?
and facilitate
order
make
adequate supply of funds at reasonable rates to call forth
production and distribution.
A policy of easy money in
to
available an adequate supply of capital at reasonable rates cannot, however,
of itself succeed in maintaining a stable economy.
"The Federal Reserve System, which is an arm of the Government, is
stable economy unless other essentail non-monetary
stability are brought into line either by private interests
Government.
Under present conditions of accelerating recovery a continued
powerless to maintain a
factors necessary to
or
by the
•
.
easy money
successful in achieving and maintaining a balanced
by a prompt balancing of the Federal budget
of public debt by the Government in rela¬
the expansion of private credit."
policy, to be
must be accompanied
and the subsequent retirement
recovery,
In this statement your
and Farm Loan Bonds
extended report, the Committee of Government and
Bonds of the Investment Bankers' Association
authorities
money" policy.
Following the reelection of the President, which was inter¬
Nov. 25.
to
committee heartily concurs
with Governor Eccies.
Public Debt
Committee of I. B. A.
Farm Loan
15, 1936.
This action, which
was particularly important
responsible for the increase of $420,000,000 in excess reserves
tionship to
Report of Government
situation
The reserve requirements of member
represented the first restrictive move taken by the monetary
.
FAIRMAN
System took measures to bring the credit
of their control.
increased
were
and 50% May 1.
outstanding bond issues
total issue must be set aside
annually out of earnings and applied to debt reduction.
If a similar
provision as regards sinking funds had been effective on all the funded
debt of all the
railroads from 1922 to 1929, the railroads would have
been
required to withhold from stockholders a total of $418,000,000
during that period.
The railroads actually withheld from stockholders
during that period $2,388,000,*000.
This would seem to demonstrate con¬
clusively that the policy actually pursued by the railroads was far more
conservative as
to withholding income from the stockholders than that
The
as
officials to
Under these conditions
borrowing.
effected without disturbance to markets,
was
into the past.
general situation holds if we go back further
same
From
Federal
within the scope
banks
security and commodity markets
Increasing Federal revenues caused government
strong.
look forward to the cessation of public
As of Sept.
30, 1937 the total gross
debt of the United States
Government
$36,875,090,831,
reported in the daily Treasury statement of that date was
an increase of $3,042,196,603 over the reported total gross debt
as
of Sept. 30,
September, 1937 debt consists of $36,264,236,624 in interest-bearing debt and $610,854,207 in matured and noninterest bearing debt.
In addition to this direct obligation of the U. S.
Government,
there was outstanding approximately $4,700,000,000 of
obligations of various governmental corporations and credit agendas which
were guaranteed by the U. S. Government as to both principal and interest.
1936.
The figure for the gross
3084
I. B.
A.
Convention
The aggregate debt, therefore, both direct and
guaranteed, as of Sept. 30,
1937
amounted
to
$41,600,000,000
approximately
approximately $38,500,000,000
(see also Chart No.
as
compared
Proceedings
with
tion, however, has materially improved.
the securities laws have been enacted in
as
1) reflects the trend of the public debt
the past
over
An amendment to the
hereto,
STATEMENT
*Net Balance
March 31,
1917 (pre-war debt)
Net Balance in
General Fund
$1,282,044,346
-$74,216,460
Aug. 31/19 (highest post-war debt) .26,596,701,648
1,118,109,535
306,803,320
492,926,476
Dec. 31, '30 (lowest post-war debt) .16,026,087,087
March 31, 1933
21,362,465.376
Sept. 30, 1936
Sept. 30, 1937
...33,832,894,228
2,187,582,078
36,875,090.831 > 2,859,661,772
serves
as
Oregon securities law, reported in the supplement
illustration.
an
pending
General Fund
on this
subject.
Your committee feels called upon to recommend
that in the further consideration of such
proposed legislation now pending
$1,207,827,886
25,478,592,113
15,719,283,768
20,869,528,900
31,645,312,150
34,015,429,059
in
Congress careful thought be given to avoiding conflicts and complications
between requirements
unless
of national
appropriately coordinated,
and
State laws and regulations
which,
be quite serious.
may
Respectfully submitted,
STATE LEGISLATION COMMITTEE
♦
This item represents the excess of assets over liabilities in the
general fund as
reported in the daily statement of the Treasury.
For the year 1936 silvtr
of
States amendments to
some
effort to minimize difficulties
an
In this respect, your committee cannot overlook the Federal
legislation
Gross Debt Less
in
v
Gross Debt
In
The situa¬
arising by reason of the dual requirements under State and Federal laws.
20 years.
DEBT
1937
13,
State laws has not yet been
entirely clarified in all jurisdictions.
The following table
of Sept. 30, 1936.
COMPARATIVE PUBLIC
Nov.
T. Weller Kimball, Chairman
seigniorage
in the
$329,078,269 and the balance of Increment resulting from the reduction
Jay N. Whipple, Vice-Chairman
weight of the gold dollar of $139,904,732 are included in the net balance.
For the year
1937 silver seigniorage of $382,358,918, gold increment of
$141,035,834 and the
inactive gold fund of $1,208,735,394 are included.
Harold R. Bailey
Edwin O. Baker
Paul B. Kelley
Harry W. Kerr
Loomis C. Leedy
George M. Peterson
Burle D. Branhall
Waller C. Brinker
Charles S. Cheston
The detailed report deals with the interest
bearing debt,
Treasury financing, special issues, &c.
It was presented by
Robert G. Rouse, Chairman of the
Guaranty Trust Co.,
New York, Jonas C. Anderson, C. F.
Childs, Benjamin H,
Griswold 3d, Francis M. Knight, David S. Lobdell.
William A. Simonton
Hagood Clarke
Brownlee O. Currey
James T. Wachob
R.K.Dunbar
Kelton E. White
Ellicott H. Worthington
John S. Fleek
Edwin J.
John D.
Along with the
Wuensch
Harrison
foregoing report
was
the
following
ap¬
pendix thereto:
Report
of
State
Securities
Legislation
Laws
Committee
Amended
in
20
of
I.
B.
States
A.—
SUMMARY,
During
BY
CURITIES
1937
STATES,
LAWS
The securities
laws were amended in some
particular in
during 1937 which was a year when the Legislatures
of 44 States were in
regular session, the State Legislation
Committee of the Investment Bankers Association
reported
to the annual convention.
Bills dealing with securities
regu¬
lation were introduced in 30
Legislatures, but of a total of
61 measures brought
up, 32 were enacted, 28 failed to pass
one
vetoed.
was
The
yiroblem of how to handle the issuance of securities
growing out of reorganizations concerns the committee, which
called attention to
statute
a
the
on
subject enacted in Oregon,
saying, "Unless Congress (Federal) takes some recognition
of such provisions as the above in State
laws, and should the
pending Federal legislation be enacted as now proposed,
difficulties intended to be remedied
by these State provisions
will continue to exist and
may even be further complicated."
Oregon statute referred to, proponents of a re¬
organization plan involving an exchange of securities are
required to file the plan with the Corporation Commissioner
Under the
of
the
State.
If
the
that the plan is fair,
Commissioner finds, after hearings,
permit shall issue.
A California law
a
requiring a license for anyone proposing to issue certificates
of deposits was also cited.
Licensed attorneys and brokers
investment counselors licensed under the
Corporate Se¬
curities Act are exempt under the California law.
or
The report pointed out that several States
tions
on
imposed regula¬
liquor warehouse receipts, and on instruments arising
developments, frequently doing so by defining
from oil and gas
paper
of this character
existing laws.
of
further
as
securities
A Connecticut law
so
that it
under
came
given as an example
to institute regulation of investment
attempts
was
counselors.
There a separate statute was enacted
defining
"investment counsel," providing for their
registration and
supervision, also for investigations and suspension or can¬
cellation of registration for cause.
report was submitted as follows by the Chairman,
T. Weller Kimball of Glore,
Forgan & Co., Chicago:
The Legislatures of all but four of the States
were in regular session
Bills to amend the respective State
securities laws were
1937.
during
introduced
in 30 of the 44
Legislatures thus in session.
Legislatures.
enactment, and
one
was
The securities laws
lesser
Of these 61
Sixty-one bills
bills, 32
were
were
introduced
enacted, 28 failed of
vetoed after enactment.
were
amended in
importance in 20 States,
as
some
particular and of greater
or
Kansas
Missouri
Connecticut
Georgia
Maryland
Massachusetts
New Hampshire
Texas
North Carolina
Ohio
Wisconsin
Indiana
Nebraska
Michigan
Iowa
Minnesota
Attached hereto is
Oregon
Pennsylvania
Washington
changes made
During the year much work has been done looking toward the
prepara¬
tion and adoption of uniform forms
for the registration or
qualification of
securities for sale in all the States
having a regulatory type of securities law.
It is no small
undertaking to formulate a form of application and for the
submission of detailed information
required under the provisions of the
several State securities laws such as
will be sufficiently inclusive under the
purposes and requirements
of these several Acts and yet within the field
practicability and workability
on the part
distribute securities thereunder.
of issuers and dealers seeking
Therefore, though progress is being
made, it is being made slowly.
A special committee of this Association
in conference with
the
State
on
uniformity of forms has been
committee of the Securities
Commissioners, and while
Legislation Committee has been deeply interested in and has
of the subject, a more complete report in that
a
considerable study
particular is left to that special committee.
For these
reasons
this
subject
is referred to herein
only in these general terms.
.
STATE
1.
Your committee finds that the subject of trust indentures
is still a live
Activities have been largely confined,
however, to general dis¬
one.
a
study of the recommendations made by the Securities and
Exchange Commission and of the legislation
that subject.
now
pending in Congress
on
v
of how properly to handle the distribution and
(or)
redis¬
tribution of securities issued pursuant to reorganizations under
the several
nor
of bills
(New matter is in italic)
Arkansas—No change.
an
for
exemption
certificates
of
deposit
California District Securities Commission
section,
as
amended, reads
as
for
as
securities
to
provide
approved
legal investments.
by
the
The sub¬
follows:
"Any security which has been certified as a legal investment for savings
banks and trust companies under the laws of this
State, and any certificates
of deposit for any security which has been approved by the California District
Securities Commission as a legal investment
for savings banks and trust com¬
panies under the laws of this Slate."
A
companion
bill provided
deposit by the District
Fees
law
(Sec.
and
26(12) ).
has
the
for
the certification
Securities
of such
certificates
of
Commission.
Subsection
(12)
added
was
to
Section
26
of
the
effect
of clarifying the provision for and
reducing the
charged by the Corporation Commissioner, in certain in¬
stances.
In substance, the added subsection
provides for a definitely fixed
filing fee of $25 upon filing application in connection with changes in
of fees
amount
preferences, rights, privileges
restrictions
or
in connection with the creation of
or
a new
In addition to the above, a new statute
tion of protective committees.
firms
and
brokers
corporations
or
other
as
to
outstanding securities
class of stock with preferences.
was
enacted relating to the forma¬
It provides, in substance, that all
persons,
than
(a)
licensed
practicing attorneys,
(b)
investment
counselors licensed under the Corporate Securities
holders of permits for the issuance of certificates of deposit
issued by the Commissioner of
Corporations, must obtain a certificate and
Act, and
(c)
permit from the
ceiving
any
curities
in
Commissioner
contributions
connection
with
or
or
of
Corporations prior to soliciting
compensation from
for
the
purpose
representing the rights of security holders.
the
holders
of
or
re¬
any
se¬
of protecting, enforcing
or
(All effective Aug. 26, 1937.)
Colorado—No change.
Connecticut—Two bills were enacted, (1) to amend the law
respecting
the sale of securities and the registration of
brokers, and (2) defining "in¬
vestment counsel" and
The securities law
Definitions (Sec.
amended
providing for the registration and supervision thereof.
was
substantially
as
follows:
The definition of the
term
"broker"
by deleting therefrom the words "or rendering services
relating to securities for
and
amended
1532c(3) ).
or
was
advice
consideration, or acting as investment counsel,"
by adding thereto the words "or solicit an offer to buy,
purchase or
a
otherwise acquire."
The first of these takes "investment counsel" out from
the classification of brokers and
paves the way for the other bill which, as
a
separate enactment, relates exclusively to "investment counsel."
The
latter amendment broadens the definition of the term
"broker" to include
those who sell
or
offer for sale
securities or who "solicit an
offer to buy" se¬
(Effective July 1, 1937.)
Registration of Brokers (Sec. 1534c(l) ).
This subsection was amended
by adding the words "or solicits an offer to buy, purchase or otherwise
acquire
a security," so as to make this
requirement correspond with the
1536c
was
amended
(Effective July 1, 1937.)
by adding thereto the following:
salesmen in this State only those who are,
amended
"Brokers shall employ as
or become,
registered as such under the provisions of this section.
If, at any time, salesmen
shall resign or shall be
discharged or new salesmen shall be employed, the
broker shall forthwith notify the Commissioner.
No registered salesman shall
act as a broker and no
registered salesman shall transact any business
except
for the account of the registered broker by whom he is
employed, appointed or
authorized to sell securities.
Upon the termination of the employment of a
registered salesman and upon notice to the
Commissioner, he shall suspend
such registration, which shall be void until
the same shall be reinstated
by the
Commissioner."
(Effective June 8, 1937.)
Powers of Commissioner.
the
Section
1537c, reciting the general
powers
of
Commissioner, has been amended by adding thereto
subparagraph (c),
which provides that under the
prescribed conditions of fact and findings
by
the Commissioner he is
empowered "to take possession of books,
records,
accounts, and other papers pertaining to the business
of such person and make
an examination or
investigation for any reasonable time not to exceed 30
days,
and
any person designated by the Commissioner shall
be in exclusive charge
custody of the same in the office or place
of business where the same are
usually kept.
During such possession and custody, no person shall remove
or attempt to remove
any of such books, records, accounts, and other
papers,
and
any part
or
transactions.
thereof, except in compliance with an order of the superior court or
the written consent
of the Commissioner or such other person designated by
him, proivded such persons or any officer,
employee, partner or director of such
such registrant may
inspect and examine the same, and such person or any
employee shall be permitted to make entries therein
reflecting current operations
Such possession and
custody shall not be terminated by any
suspension of such
registration.
If such investigation
or
examination shall
reveal any violation
of the provisions
Reorganizations
The problem
SE¬
1937
California—'Amendments, in substance, are as follows:
Exemptions (Sec. 2(b) (9)).
This subsection was amended
or
Trust Indentures
cussions and
TO
OCT.
definition of the term "broker."
Uniformity of Forms
made
OF
Arizona—No change.
Section
a
summary report of the amendment and
in these
respective State laws, by States.
to
AS
curities.
follows:
California
of
1937
Alabama.—No change.
The
in these 30
AMENDMENTS
passed but subsequently vetoed.
20 States
and
OF
DURING
No mention is here made of bills introduced but not enacted,
of Chapter 212 of the general statutes as
amended, the Commissioner is authorized to deliver
any such books, records,
accounts, papers or other evidence to the
proper prosecuting officials "
tive June 8, 1937.)
(Effec¬
Volume
I. B. A. Convention
145
Section 4045, relating to the power of sus¬
Suspension of Registration.
pension of registration, was amended by adding thereto a clause providing
that failure to file any statement or report
to
or
required by the Commissioner
obey the Commissioner's subpoena shall be cause for suspension of
Counsel.
Investment
(Effective June 8, 1937.)
such broker or salesman.
the registration of
defining
statute,
second
The
bill
counsel,"
"investment
enacted
constitutes
providing
for
a
and
registration thereof; also for investigation of the registrant and suspension
cancellation of registration for cause.
or
(Effective July 1, 1937.)
or
or any
receipts and agreements whereby the seller
instruments,
contracts,
issuer agrees
thereunder, or any part thereof, for the purpose of buying,
selling or dealing in securities."
Fees.
be filed with respect to
fee of 1-20 of 1 % of the aggregate
section consistent with the above amendments
amended to render that
the fee exemption heretofore
applicable to licensed dealers and
brokers.
fees, was repealed, that subject now being
amended.
first paragraph of Sec. 35a was repealed and the first
The
Penalties.
amended, so as to make the penalty sections of
thereof.
paragraph of Sec. 36 was
applicable, alike, to any and all violations
All amendments became
effective March 2, 1937.
Kansas—The law
amended, in substance, as follows:
was
Section 7 of the Act was amended to provide that the
Escrow Agreement.
requirement for escrow of stock issued against intangibles shall not apply
to securities
registerable by notification.
Section 8, relating to dealer's bonds, was amended to
Dealer's Bonds.
provide that in lieu of a surety bond the dealer may deposit with the Com¬
mission United States Government bonds or Kansas municipal bonds of a
market value not less than $5,000, or cash in the sum
one
year
following the expiration of the term for which such deposit was
made unless the Commission has been notified in writing of the
liable.
Section 12 of the Act was amended to increase the fees for filing
Fees.
applications for registration of securities by providing for a filing fee of
$10, plus a percentage of the aggregate amount of securities to be
the amount to be sold is larger.
Section
Remedies.
comprehensive revision of the existing law but with
certain instances.
An expressed objective of the
material modifications in
law is that of enabling a coordination of the ad¬
of the Federal Act and other
The law is so designed as to make such coordination
proponents of the new
18 was amended to afford a special remedy for pur¬
State securities laws.
The Securities Commission, who
sponsored the bill, has expressed the desire and intent of so formulating
forms for compliance and rules and regulations respecting its administration
as
to
of
a
avoid,
as
nearly as possible, duplications of effort in the registration
the Federal Act and other State laws.
With
of accomplishing these things, the draftsmen of the law provided
security under this law,
the view
for broad discretionary powers
respecting forms for compliance and informa¬
required, including power to omit information by classes of securi¬
tion to be
ties or classes of
information where in the judgment of the Commission such
of the public, or where sufficient information is otherwise
is in the interest
available
enable
to
Commission to determine whether the security
the
be registered.
The Commission is also given power to define
certain terms and phrases deemed necessary to that degree of flexibility
ought
to
of the above purposes.
Definitions—Under "definitions" some material changes were made. The
appropriate for the accomplishment
term
include a "certificate of deposit for a security,"
the nature of the deposit.
Under the definition
"security" is defined to
but without reference to
of
the
"sale"
terms
and "sell," the "solicitation of an offer to buy," a
"repromotion" and a "promotional
These terms may
distribution" become an offer of sale.
need some administrative interpretations to clarify their
Under the definition of the term "dealer," the
provision whereby an out-of-State dealer selling or offering to sell securities
exclusively to a broker or dealer is not to be a dealer under the Act, is
omitted.
By reason of another change with reference to exempted trans¬
actions, this, subject to possible clarifying official interpretation, may cause
application.
practical
with respect to country-wide syndicate offerings.
There
basis, however, for a sound clarifying interpretation.
An "issuer"
complications
exists a
is defined to
include "any person who makes a public offering of an outstanding
defined in the statute and
interpretation under the powers
The term "public offering" is not
security."
evidently
wrill
administrative
require
All amendments effective June 30, 1937.
Kentucky—No change.
The exemption for "equipment trust certificates" is
been suggested that the exemption for any security of a
Exempt Securities.
It has
utility corporation
mission of the
equipment
subject to regulation or supervision by a public com¬
United States, will provide an exemption for most
trust
issues.
of such
The stock exchange exemption was rewritten
providing a definite exemption for securities fully listed on the New York
and Chicago Stock Exchanges and the New York Curb Exchange.
Securi¬
ties senior to
such securities were
tion for foreign
omitted from the exemption.
The exemp¬
governmental securities was omitted.
A new thought is injected here by providing an
"transactions by registered dealers executed upon
customer's orders on any exchange or in the open or counter market, but not
the solicitation of such orders and not involving a public offering."
Under this
exemption registered dealers may readily engage in the secondary market
of an outstanding issue on orders of their cysromers.
Such dealers will be
Exempt
exempt
Transactions.
transaction
for
full and complete records to disclose the char¬
acter as well as the substance of the transaction.
These and other, but more minor, changes made by the new Act call for a
careful study of the law by those doing business under it.
required, however, to keep
Iowa—The law was
Exempt
amended in the following particulars:
Transactions.
Section 5, relating to exempt transactions, was
subsection (k) reading as follows:
amended by adding thereto
The sale by a registered dealer of any security acquired in the ordinary
of business, when such security is part of an issue wihch has
theretofore been sold and distributed to the public, in whole or in part, in this
State in compliance with the provisions of any applicable law regulating the
sale of securities at the time of original issuance and sale, or any security issued
in exchange for such security under a bona fide plan of reorganization of a
corporation by order of a court having jurisdiction or under a plan of reorgani¬
zation previously having become operative through action of security holders
"(it)
and usual course
of a corporation,
Louisiana—No change.
Maine—No change.
Maryland—Three new sections were added to the Blue Sky law.
These
Sections, 10A, 10B and 10C, in substance, provide that on and after
new
Oct. 1, 1937, no person,
State,
other
firm or corporation, resident or non-resident of this
banks and trust companies and members of national
than
exchanges registered
securities
change securities
a
without
with the Securities and Exchange Com¬
business of selling or offering for sale or ex¬
mission, shall engage in the
with the Attorney General
Such registration statement shall
having first filed
provided.
registration statement as
contain the same information as now required
be made under oath and shall
brokers and dealers engaged in over the
certified copy of such statement so filed with
by the SEC for the registration of
counter markets; or
shall be
a
furnish to the Attorney General letters
The applicant shall also
the SEC.
of recommendation from at
least two persons, residents of the State and
offering for sale securities, and who are
engaged in the business of selling or
satisfactory to the Attorney General.
issued
with any such registration and that
person engaged in the business of selling securities shall in any manner
advertise or publish or represent, for the purpose or selling securities, that
he or they have filed with the Attorney General the registration statement
provided that no form of receipt or certificate shall be
It is further
by the Attorney General in connection
no
required.
Trustees, executors,
orders of any court; or
administrators and receivers; those acting under the
those acting under the power given in any instrument
whereby the securities to be sold have
been pledged as security for a debt,
exempted from the registration provisions.
are
All
amendments
effective June
1, 1937.
Massachusetts—A joint resolution was passed providing for a survey
and study
by
Commonwealth
of securities and certain related matters,
special commission relative to the laws of the
a
relating to the promotion and sale
particularly with respect to coordination of the State and Federal
but excepting securities theretofore sold only in exempt trans8581 c5, and when such sale is made in good faith and
factions under Section
securities
laws.
Michigan—Dealer's License—Section 21
granted in the law.
omitted.
calls for rather than that which was paid or
exchanged for the security unlawfully sold.]
reasonably easy.
Some experience and experimenta¬
tion, however, may be necessary to adopt practical operations to the theory
of design.
Information required under the new law for the registration of
a security is almost identical with the information required for the registra¬
under the Federal Act.
In such instances the
is increased to 15 years.
[Note: Apparently the term "purchase price" is intendod to refer to that
which the security represents or
possible and seemingly
tion of a security
of the securities law where the "pur¬
price" is a royalty or mineral interest in land.
statutory limitation for bringing actions to recover
of the Indiana law with that
ministration
sold in
State, graduated according to such amount with a lower percentage as
the
chase
reality the new law is a
pendency
enforce a claim for which the deposit is or may be
of action brought to
chasers of securities sold in violation
In
Any such
of $5,000.
deposit made in lieu of surety bond shall, upon demand, be returned after
Illinois—No change.
enacted, effective May 1, 1937.
that he has to revoke,
in each instance upon reasonable notice and a
power
(Effective April 23, 1937.)
Idaho—No change.
Indiana—An entirely new law was
(Effective
markets.
Section 10 was amended to give to the Secre¬
Registration.
such
restricts
hearing.
15, also relating to
Section
covered by other sections as
the law
Revocation of
tary of State the same power to refuse a registration
price at which the securities are to be offered
applicant is seeking registrations, but in no
case shall the fee be less than ten dollars ($10)
Section 13, relating to the statement to be filed with respect to class "D"
securities, was also amended to change the filing fee from $5 to "a fee of 1-10 of
1 % of the aggregate price at which the securities are to be offered for sale in
this Stale for which the applicant is seeking registration, but in no case,shall
such fee be less than twenty-five dollars ($25)
Section 14b, in so far as it applies to fee3 to be paid by licensed dealers,
was
20% of the sale price, to sales by or on behalf of the
May 28, 1937.)
amended to change the "filing fee" from $5 to "a
class "C" securities, was
for sale in this State for which the
and to repeal
(Effective April 23, 1937.)
Subsection (f) of Section 8 was amended by
distributions and is not applicable to the secondary
and
11, relating to the statement to
Section
It is also provided that in case
million dollars.
Thereby such limitation of commissions is restricted to primary
issuer.
to use the proceeds thereof, or any part thereof,
or proposes
surfy deposited
one
limiting the power of the Secretary of State to allow commissions on the
sale of securities to
The definition of the term "securities" was amended
of attorney, contracts of agency, and
include "service agreements, powers
all other
exceeds
fee for the
and to provide a
be sold (presumably
is to be sold at a price greater than the par value, such sale
Power to Fix Commissions.
follows:
Definitions (Sec. 5.).
to
fee of $500 for such registration where the amount to
price shall be the basis for computing the fees.
Florida—No change.
28, 1937.
Section 8 was amended to provide that the maximum
Fees.
registration of a security shall be $300 instead of $200,
the security
Georgia—The amendments to the Georgia law involve seven sections
as
direct
in that State)
Delaware—No change.
thereof,
directly or indirectly for the benefit of the issuer of such security or for the
or indirect promotion
of any scheme or enterprise with the intent of
violating or evading any provision of this Act, provided, however, that this
exemption shall not apply where the authority to sell such security has been
revoked or enjoined in accordance with the provisions of this Act."
not
The above amendment became effective May
separate
supervision
3085
Proceedings
licensing of dealers, was
of the Act, providing for the
amended by adding thereto the following:
"Provided further, that nothing in this subdivision shall be construed to
require a bank, or trust company, or any officer or employee thereof, to be licensed
under this subdivision with respect to the sale of securities held by such bank
or trust company in its individual capacity or in
the trusts administered by
bank
such
or
trust
company."
(Effective July 9, 1937.)
Minnesota—The following amendments were made to the law:
Bonds
of Licensed Agents—Section 10 of the Act was amended
that in lieu of the
the agents
by providing
bond required under this section of agents other than
of registered brokers, any dealer or issuer may file a surety
bond covering all of its
blanket
licensed agents, or may deposit with a depository
acceptable to the Commissioner securities, cash, or other collateral of such
kind and in such amount and in such manner as may be prescribed by the
Commissioner.
an
The filing of such blanket bond by any licensed dealer or
issuer, or the deposit as above
bond required by the
Advertising Matter.
matter,
This
was
mentioned, shall operate in lieu of the
individual agents.
Section 15, providing regulation for all advertising
amended by repealing the third paragraph of that section.
repealed paragraph provided for the filing with the Commissioner
of
48 hours after the initial publication,
circulation, or distribution thereof, and that the Commissioner should
have power by order to prohibit the publication, circulation or distribution
of any advertising matter which he deemed in conflict with the purposes of
copies of all advertising matter within
the Act.
Section 30 of the Act was
repealed.
This section, in substance, provided
sell securi¬
printed or stamped on the
stock
certificate, bond, or other investment instrument licensed and issued under
the provisions of the A<^t, should upon delivery and sale be accompanied
by a certificate, on the face of which should appear a lenend stating, in
that all advertising
ties
matter containing or constituting an offer to
registered by application should have either
face thereof, in
red boldfaced type, certain legends; also, that every
I. B. A. Convention
3086
effect, that while the laws of the State permitted the sale of the security,
the
State
of
Minnesota
did
not
the
guarantee
covered by such certificate.
In addition to the above, a separate law was enacted, the effect of which
dealers and of their registered agents or salesmen.
Qualification of Securities.
Securities Law, and to provide that brokers and agents for such warehouse
Penalties for violation
the Securities law.
All amendments,
as
broker's or agent's license under the provisions of
a
were
provided.
The latter became effective April 6, 1937.
"(a) Any security issued by, or the principal and interest of which are
guaranteed by, the United States or any territory or insular possession
by the District of Columbia, or by any person controlled or
supervised by and acting as an instrumentality of the United States, pur¬
suant to authority granted by the Congress of the United States; or by
any
State of the United States or any political subdivision having the power
of taxation: or by any agency or any public instrumentality of one or more
of the States or territories or of the political subdivision thereof."
Section 28 of the law, providing limitations as to
requirements of dealers,
was
as
Securities which have theretofore been lawfully sold and distributed,
a part of an issue theretofore sold and distributed to
public, in whole or in part, in this State in compliance with the provsiions
of any applicable law regulating the sale of securities, excepting securities there¬
tofore sold only in exempt transactions under Section 5 of this Act, the sale
thereof being a resale made in good faith and not directly or indirectly for the
benefit of the issuer of such securities or for the direct or indirect promotion
of any scheme or enterprise with the effect of violating or evading any provisions
of this Act; provided, however, that this exemption shall not apply (a) where
the authority to further sell such securities has been prohibited or forbidden in
accordance with the provisions of Section 14 of this Act; (b) where the sale
of
such securities in this State has been enjoined as provided in Section 16
of
July 14,
New
"(Ifc)
This subsection shall not be construed and shall not operate to
amend,
to make investi¬
gations, to require reports or to issue any order, as otherwise provided in this
Act."
this Act.
isolated
for
Subsection (c) of Section 5, providing
transactions
by
the
owner
"such
or
his
owner
an exemp¬
representative,
or
was
representative not
being the issuer or promoter of such security," instead of "such
owner
or
representative not being the underwriter of such security."
Subsection
orders
(h), providing an exempted transaction for the execution of
by licensed dealers under certain conditions,
added and reads
was
follows:
as
The execution of orders by a licensed dealer for purchase
of securities,
provided such dealer acts as agent of the purchaser, has no direct interest in
"(h)
the sale
distribution of the security ordered, receives no commission,
profit
or
Jersey—No change.
New York—No change.
Secretary of State.
(Effective May
North Dakota—No change.
Ohio—The law
Remedies.
the fees to
and
be
7
and
8,
relating
qualification,
to
the registration
respectively,
were
of securities
amended
in
by
respect
to
paid, by clarifying these two sections and by slightliy in¬
of the securities sold
court
as
of
(d) of Section 8
was
Liquor
tions,
Warehouse
was also
All amendments effective Sept. 6, 1937.
Montana—No change.
Nebraska—The existing law was repealed and
a new law enacted.
law, however, with few exceptions, largely follows the old law.
The
Note¬
worthy changes by the new enactment were that of (a) enlarging the scope
of the definition of the term "securities"
so as to
include thereunder certain
types of instruments not heretofore defined
power
as securities; (b) enlarging the
of the Commissioner for investigations prior to the registration of the
security, and with respect to transactions in securities, either those exempted
those which have been registered; (c) clarifying the provisions with
or
to the registration of dealers and salesmen; and (d) generally
strengthening the power of the Commissioner in the enforcement of the Act.
respect
(Effective date May 13, 1937.)
Persons operating in Nebraska should carefully study the new Act.
Nevada—No securities law.
New
Hampshire—The law
Definitions.
the
troleum
amended in the following particulars:
was amended to include in
"certificates of warehousemen" and "lands from which
minerals
or
was
Section 2, defining "securities"
definition
are
Licenses and Issuance
or
pe¬
intended to be produced."
are
Thereof.
Section 3a
added to the law, pro¬
viding that " The Commissioner may issue such licenses subject to such condi¬
tions and limitations
Section
as
he may
was
deem to be in the public interest."
5, relating to the status of licensed corporations
securities,
was
amended to read
as
as
dealers in
follows:
"Such corporation and its officers, agents and employees so licensed shall
be regarded as dealers in securities under the provisions of this
chapter.
By Dec. 1 of each year such licensees shall f urnish to the Commissioner
upon a
be furnished by him under the oath of such responsible officer of the
corporation as the Commissioner amy require an annual
financial statement
for the period ending June 30 of each year exhibiting with reasonable detail
assets, liabilities, profit and loss of the corporation for a period of one year."
jorm to
Section 8a, providing for examination of dealers and the
filing of
financial statements, was added to the law and reads as follows:
annual
is
or an
applicant who desires to become registered as such dealer.
An appli¬
furnish in addition to the information required in the application
documentary evidence of condition and responsibility as the Com¬
missioner may require, including without limiting the
generality of the fore¬
going, authentic copies of articles of incorporation, partnership agreements,
by-laws, balance sheets and earning statements. By Dec. 1 of each year every
licensed dealer in securities shall furnish under the oath of such
responsible
member or members of the dealer's organization as the Commissioner
may
require an annual financial statement for the period ending June 30 of each
year exhibiting with reasonable detail, assets, liabilities, profit and loss
of
the dealer
for a period of one year upon a form to be furnished by the Com¬
cant shall
missioner.
11
was
amended to provide that "the application filed with the
Commissioner for registration as a dealer shall be held for investigation
for a
period of four weeks from the date when the application reaches the Com¬
missioner."
49,
comprising
numerous
subsec¬
This section,
Ohio
Securities
Act
and
provides for
and the registration, except
salesmen
of such
warehouse
as
the
registration,
specifically exempted, of
receipts.
This
new
section,
subject to the existing penalties of the Act.
Oklahoma.
No change.
as
was
amended by adding thereto Sec.
25-1308a, reading
follows:
"Upon application being made for a permit, if any plan
of reorganization
of the capital structure of any domestic corporation, or of any
corporation
qualified to do business in the State of Oregon, shall be proposed whereunder
bona fide outstanding stock, securities, claims or
property interests of such
corporation shall be exchanged for any other stock or security
of the same cor¬
poration, or partly in such exchange and partly for cash, the
proponents of
such
reorganization may file such plan of reorganization with the corporation
Commissioner of the State of Oregon.
Upon the filing of such a reorganization
plan with the said Corporation Commissioner as aforesaid,
together with an
application for a permit to make such exchange, the Corporation Commissioner
shall set said plan down
for hearing and require such notice as he may deem
reasonable and
sufficient to be goven to all parties in interest, and the said
Commissioner shall, upon said hearing, consider the
fairness of the terms
and conditions
of said plan of reorganization and the exchanges thereunder,
and if the said Corporation Commissioner shall,
upon the consideration of
the evidence adduced at said hearing relative to the
fairness of the terms and
conditions of said plan of reorganization and
of the exchanges of securities
thereunder, find that the terms and conditions of said plan
of reorganization
and of the exchanges to be made thereunder are
fair, he hereby is expressly<authorized to approve said plan
of reorganization and of the exchanges pro¬
posed to be made thereunder, subject to such terms and conditions as he
may
prescribe; that when such approval shall be given by order
of the Corporation
Commissioner a permit shall issue and such
approval shall be deemed to be,
within the meaning of subparagraph 10
of Section 3(a) of the Federal Securities
Act of 1933, as amended by the Federal Securities
Exchange Act of 1934 and
any subsequent amendments thereto, an approval
by a governmental authority
of the State of Oregon expressly authorized by law to grant such
approval.
At the time of
filing any such application for a permit and any reorganization
plan under this section, there shall be paid to the Corporation Commissioner
the
filing fees based upon the face value of the new securities to be issued under
such plan and at the rales provided
for by Section 25-1303, Oregon Code 1935
Supplement."
of
[Note—This section becomes particularly pertinent for
study in the light.
pending Federal legislation on the subject of reorganizations and the
distribution of securities issued pursuant thereto.
some
the
recognition of such provisions
Unless Congress takes
as the above in
State laws, and should
pending Federal legislation
intended to be remedied
be enacted as now proposed, difficulties,
by these State provisions will continue to exist
and may even be further
complicated.]
amended to provide that
was
"out-of-Staie brokers shall
permit to distribute to licensed brokers within this
Stale any security that has been
qualified for sale in Oregon or is exempt from
such qualification
ujider the terms of this Act."
not be
required to obtain
a
All amendments effective June 6, 1937.
Pennsylvania—The law
Salesmen.
ments
taken
was
amended, in substance,
Section 2(d) and Section 4
together
repealed
were each
the existing
as
follows:
amended, which amend¬
exemption from registration,
as
salesmen, employees of companies subject to the Public Service
Company
Law, and places such salesmen in the same position under the law as
other
securities salesmen.
By
(Effective Sept. 1, 1937.)
a separate enactment the Electric
amended to provide that the issuance of
atives organized under that law
Cooperative Corporation Act
membership certificates
Registration.
Section
12,
relating to
the registration
shall register
of dealers,
an
applicant
was
upon
being satisfied of "applicant's good repute, financial standing, reliability
public confidence."
Limitation
on
Authority of Agents.
Section 24a
was added to the law,
providing that "no limitations not customary in the business
on
the authority
of the agent of any dealer shall be effective to protect the dealer from liability
to third persons
actually ignorant of such limitation dealing with such agent."
was.
in cooper¬
and obligations issued
thereby to
secure
the payment of money borrowed from
any Federal agency shall be
exempt
from the provisions of the securities law.
(Effective June
21, 1937.)
amended to provide that the Commissioner
and right to
and
Section
in substance, brings the
receipts for intoxicating liquor under the control and
Oregon—The law
such other
Section
in
Section 25-1309
"The Commissioner may examine or cause to be examined at the
expense of
the applicant or dealer the
affairs and condition of a registered dealer in securi¬
ties
of warehouse
dealers
Receipts.
added to the law.
of such receipts
amended to provide that the balance
sheet, instead of 60 days.
new
recovery
All amendments effective May 20, 1937.
day not more than 90 days prior to the date of filing such balance
a
of the
with all
or
oj the purchase price after two years from ghe date of such sale or contract
for sale, and provided further, that no purchaser otherwise entitled shall claim
or have the
benefit of this section who shall have rejused or failed within 30 days
from the date thereoj to accept an offer in
writing made ajter two weeks from
the date of sale or contract
of sale by the seller or by any person who shall have
participated in or aided the seller in any way in making such sale or contract
of sale to take back the security in question and to refund the full amount
paid
by such purchaser."
sheet submitted with respect to securities registerable by qualification shall
be
"
added to the law, reading as follows:
made for the full amount paid by such
purchaser together
costs; provided that no action shall be brought
jor the
contract
taxable
creasing the fees to be paid.
Subsection
was
"Every sale or contract for sale made in violation of any of the provisions
of
the Ohio Securities Act shall be voidable at the election
of the purchaser and
the person making such sale or contract
for sale and every person who shall
have participated in or aided the seller in
any way in making such sale or
contract of sale with such seller shall be
jointly and severally liable to such
purchaser in an action at law in any court of competent jurisdiction upon
tender to the seller in person or in
open court
supervision of the
Sections
amended in the following particulars:
was
Section 48
commission, profit or other compensation."
Fees.
1937.)
1,
sale
notification
•
North Carolina—A separate bill was enacted
transferring the adminis¬
tration of the law from the Utilities Commission to
the
other compensation from any source other than the purchaser, and delivers
to the purchaser written confirmation of the order which
clearly itemizes his
or
The latter amendment became effective
1937.
New Mexico—No change.
when such securities are
modify or restrict, the right and power of the Commissioner
amendments, excepting that adding the word "mineral" to Section 2,
became effective March 18, 1937.
follows;
the
repealed.
All
(k), providing an exemption for securities theretofore
lawfully sold and under certain conditions, was added and reads
Exempt Transactions.
agents
or documentary
information as he may require.
The Commissioner
five days after such information shall have been submitted to him
dispatch notice of his approval or refusal to approve securities proposed
by
any dealer.
The Commissioner may prescribe rules and regulations
for the
qualification of securities and the effectuation of this section.,r
thereof, or
tion
or
are
shall within
Subsection (a) of Section 4, relating to the exemption
governmental securities, was amended to read as follows:
amended to provide, in the last clause,
as
statistical
Missouri—The law was amended in the following particulars:
subsection
added to the law and reads
defined in Section 2, except
legal investments for savings banks in New Hampshire,
prospective purchasers until the securities have been submitted to the Com¬
missioner and approved.
Any dealer desiring to qualify securities or invest¬
ments for sale in this State other than such as are
legal investments for savings
banks in New Hampshire shall submit to the Commissioner such
descriptive,
such securities
Exempt Securities.
new
was
to
Mississippi—No change.
A
Section 26a
follows:
"No licensed dealer in securities or its licensed securities salesmen
shall sell or offer for sale in this State securities as
excepting that relating to whisky warehouse receipts,
became effective April 26, 1937.
of
7
twice
is to declare whisky warehouse receipts to be a security under the Minnesota
receipts shall obtain
Nov. 13,
Publication of Information.
Section 25 was amended by repealing that
part of the statute which required the Commissioner to publish, at least
during each year, in a State newspaper a list of the then registered
of the enterprise
success
Proceedings
Rhode Island—No change.
South Carolina—No change.
South Dakota—No change.
Tennessee—No change.
Texas—No change.
Utah—No change.
Vermont—No change.
,
Volume
I. B. A. Convention
145
Virginia—No change.
•
Washington—The law
tax
amended, in substance,'as follows:
was
oil
or
assignment, partial assignment, agreement to assign¬
leases
or any
other
or gas
ment
instrument
and subject to
of Section 2
connection
therewith, shall be a
the provisions of the Act;
(1)
of
distribution
in
so
mining industry
"security"
(b) by amending subsection (f)
to exempt from the Act the original issuance
as
securities
which
by
are
corporations
engaged
the
in
be subject to
Section 22
Fees.
so as
to eliminate from such
definition
was
amended to increase the fees for filing applications
the details for the administration of the
Act; also providing for a measure
the issuance and sale of oil leases in this
over
All effective
Kansas
The definition of the term "agent" was
amended by ex¬
commission pursuant
other statute requiring
the licensing of agents selling securities issued by any bank, building and loan
association, or other corporation while under supei vision and regulation of
the banking department and while acting exclusively for such bank, building
and loan association, or other corporation, as an agent for the distribution of
(1) of Section 215.45 or pursuant to any
such securities."
Subsection 7 of Section 189.05 was amended to
Exempt Sales.
provide
dividend payable in
Prior to the amendment
exemption for "the distribution by a corporation of a
stock
debentures,
notes,
or
other securities."
any
applied only to stock dividends.
May 19, 1937.
the exemption
Both amendments effective
Wyoming—No change.
Report
and
State
of
Local
Committee of
Taxation
I. B. A.—Out of 50 Sessions of State
but the people of
Legislatures
Only One Failed to Initiate Tax Measures—
Formation of Country Tax Payers* Organizations to
Tax
Protest
Burdens
pal extravagance.'*
a
"Perhaps" it was added, "it is not too
day these protestants can effectively
much to hope that some
work in the national field, as
lar
or
well."
Out of
a
total of 50 regu¬
session during
special sessions of state legislatures in
legislation. The ex¬
ception was the Ohio legislature and its session is not per¬
manently adjourned, but recessed until Dec. 28.
While a
1937, only one failed to initiate tax
few
decreases
resulted,
of $25 and
continued their tempor¬
May 1939, and June 1940, respectively.
Georgia increased,
Wholesalers must pay an annual fee
Pennsylvania and Connecticut have
ary taxes to
reduced
Tennessee
similar
taxes.
South
Dakota placed a levy on
dealers and distributors.
Under
a
Exemption Tax, the advantages accruing to
Home
continue at the expense
of non-homesteader owners.
rates has served to shift the tax
the tenant-occupied
farm,
under
homesteaders
The increase in tax
tenant-operated
from the homestead to the
home and apartment house,
the vacant lot,
and other industrial and commercial proper¬
homestead group.
Homesteads are accorded special treat¬
the property
tax in 13
states—Alabama, Arkansas, Florida,
Oklahoma, South Dakota, Texas,
in
most
instances increases were
and Georgia.
been much legislation in the utility field.
New York has im¬
permits any city to im¬
pose a local tax of 1%.
The word "utilities" is given a broader meaning
under this law than is usually given, as it includes all of the public utilities
under the supervision of the Public Service Commission and all companies
which purchase utility service from such utilities and resell to others. Thus,
hotels, office buildings, and apartment houses are included, and all others
who purchase utility service and sell it to their tenants.
Alabama has re¬
duced the tax rate on gross receipts of intranstate telephone companies
from 4% to 2}4%.
Illinois has placed, until July, 1938, a 3% tax on the
gross receipts, not only of telephone, but also of telegraph companies and
companies furnishing gas and electricity.
After July, 1938, the rate will
be 2%.
In Minnesota the utility companies now pay from 6% to 9% on
gross earnings, as against the 5% to 8% formerly paid, save telephone com¬
panies, whose rate ranges from 4% to 7%.
Montana increased the rate
of the electrical energy tax.
Tennessee places a 3% tax on gross receipts
of public utilities not otherwise taxed, and Vermont, Washington and
There has
posed
a
2% tax on all gross income of utilities, and
Wisconsin also place additional taxes on
1937 has brought very little change
taxes,
in public sentiment, which will force state
but if one hopes for a change
and thereby reduce tax burdens, there is
In many parts of the country tax payers
are forming organizations.
Their avowed purpose is to protest tax bur¬
dens, and they have shown a particular interest in the poor relief situation.
This drain has become increasingly more burdensome because of the re¬
duction in funds available from the Federal Government and the policy
legislatures to practice economies
one
encouraging sign to be noted.
It perhaps is not too
will not only be
the cause of eliminating state and municipal extravangances, but will,
within the near future, be the answer to the relief situation.
Whether it
be the elimination of so-called chiseling clients or the issuance by the munici¬
of throwing the whole
much to hope
burden to the municipality.
that some day these organizations' protests
pality of fairly long-term bonds, it is
problematical, but it is felt that these
effectively in this regard as well as extend their active
beyond the scope of the State and get into the national tax field
protestants can work
interest
well.
as
In
one
(Kentucky), apparently increased levies have
state
been accom¬
off existing indebtedness. Tax associa¬
might readily insist that increased levies be
panied by a sincere effort to pay
established.
tions both local and national
increased tendency toward real
estate and homestead exemptions and less frequent use of
sales taxes, which in 1930-35 period were the most popular
and practical means of raising emergency funds.
"Under a
home exemption tax, the advantages accruing to homestead¬
ers continue at the expense of non-homestead owners", the
used
The committee noted an
utilities.
in the trend of taxation, save a grow¬
homestead exemption, as against sales
which in the 1930-35 period were the most popular and practical
of raising emergency funds.
It is difficult to forecast future trends,
ing feeling toward real estate and
means
change in public sentiment that will
force state and local governments to practice economies and
thereby reduce tax burdens, there is one encouraging sign to
to be noted, according to Harold E. Wood, Chairman of the
State and Local Taxation Committee.
"In many parts of
the country," the report said, "tax payers are forming organ¬
izations, the avowed purpose of which is to protest tax bur¬
dens which have so largely come through state and munici¬
hopes for
one
now
mill for each cigarette.
in 1937
If
for the
and sale of hard liquor,
the State refused to approve the measure.
levies a cigarette tax at the rate of three-quarters of one
legalizing, licensing and taxing of the manufacture
West Virginia, Wyoming
cluding therefrom "any person licensed by the banking
an
created an
Georgia's legislature provided
Alcoholic Beverage Control Board.
Iowa, Louisiana, Minnesota, Mississippi,
Wisconsin—The law was amended in the following particulars:
Definitions.
their State legis¬
Alabama has done likewise and has
taxes beer.
now
ties outside the
Virginia—No change.
to subsection
1932.
since
effect
store, factory, office building
State.
17, 1937.
March
in
while California voters rejected one proposed by
ment
West
been
had
Texas
Maine repealed a similar
Wisconsin lapsed its tax this
As against this,
chain stores.
lature.
and
securities
of metalliferous mining industries, a separate statute was enacted providing
for the registration with the director of licenses of all corporations engaged
in metalliferous mining desiring to sell or issue any securities, and providing
Supplementing the amendment to the securities law respecting
'
.
on
retailers $1.
permits to issue securities.
of control
which
tax
Vermont
redefined
was
"any company offering its own security for sale."
for
taxes
year,
the securities law.
"agent"
passed new gift
and Colorado and North Carolina have
law,
legislation.
levied
and
metalliferous
duly registered with the director of licenses,
but that the resale of all such securities shall, in all respects,
The word
tax
Georgia, Minnesota, Montana, Pennsylvania, South Dakota and
Section 2 of the Act was amended (a) by-
Definitions and Exceptions.
adding to the definition of the term "security" subsection (e) providing that
3087
Proceedings
tance
toward
debt reduction rather
than increased current expenses.
Respectively submitted,
STATE AND LOCAL
TAXATION COMMITTEE
Harold E. Wood, Chairman
Edward H. Hilliard
Edwin A. Barnes
Wiliiam R. Barrow
Milton G. Hulme
Thomas M. Johnson
Winthrop H. Battles
rates has served
tenant-operated
farm, the tenant-occupied home and apartment house, the
vacant lot, store, factory, office building, and other indus¬
trial and commercial properties outside
the homestead
Julian A. Magnus
John W. Denison
report pointed out.
"The increase in tax
to shift the tax from the homestead to the
Charles A. Parcells
Roy A. Dickie
Arthur G. Driscoll
Bernard W. Scharff
Wayne J. Estes
Robert O.
John C. Hagan,
Shepard
A. W. Snyder
F. Kenneth Stephenson
Jr.
H. G. Hanchett
Marshall S. Wright.
group".
The report
submitted at the annual Convention of the
Association follows:
with a hope that
decreases will be found, but 1937 proved no different from preceding years,.
Hope had no foundation in fact.
While a few decreases are noted, in most
approaches a review of any tax situation
One always
instances increases were
established.
legislatures were in regular session, and there
total of 51 altogether, and out of that number
During 1937, 44 of our state
were
also 7 special sessions, a
only Ohio's failed to
initiate tax legislation, and that
state's session is not
permanently adjourned, but recessed until December 28th.
In a report of this nature, it is impossible to more than high-spot the
state and local tax situation throughout the country. Therefore, we only
methods of raising money by taxes,
and most briefly comment on current legislation covering gasoline, sales,
chain store, liquor, tobacco, income, inheritance and gift taxes, Homestead
exemptions, and taxation of public utilities.
Missouri increased its gasoline taxes from 2c. to 3c. per gallon (effective
after Dec. 7, 1937); Rhode Island from 2c. to 3c.; New Mexico 3c. to 4c.;
New York from lc. to 2c., and West Virginia from 4c. to 5c. per gallon.
Whereas, in 1936, only one additional state enacted a sales tax and five
rejected or allowed same to lapse, in 1937 three states enacted such a law
for the first time, namely: Alabama, Kansas and Maine.
However, the
Maine law to be referred to the voters of that state and it was rejected by
them.
The Alabama tax runs to Sept. 30, 1939.
The Kansas tax is per¬
manent.
Sales taxes have again been enacted in the following states:
Arkansas, Colorado, Illinois, Iowa, Mississippi, New Mexico, North Caro¬
lina, North Dakota, Oklahoma, South Dakota, Utah and Wyoming.
At
the last session of the Missouri State Legislature the sales tax was increased
from 1% to 2%, effective the latter part of August.
Colorado and Maryland have, for the first time, voted income taxes.
call to your
California
attention the most popular
has
which formerly
tax on
while South Carolina,
basis, this year imposed a
Arizona has a new inheri¬
enacted a corporation income tax,
taxed bank shares on a property
the entire net income
of banks.
Report of Trading Committee of I. B. A. Cooperative
Procedure with New York Curb Exchange
In the report of the Trading Committee it was stated that
cooperative procedure arranged between the Investment
Bankers Association of America and the New York Curb
a
solution of the question of un¬
An
exchange of notices was agreed upon, the report explained,
following the hearings before the Securities and Exchange
Exchange should afford a
listed trading in so far as
Commission
last
June
on
this Exchange is concerned.
the Central Maine
Power Co.
general mortgage 3 Ms of 1966. In that instance
the Exchange withdrew its application for the extension of
unlisted trading privileges for the issue after the Association
had entered its protest.
Subsequently, the Curb offered to notify the Association
first and
contemplated making applications
securities to
unlisted trading privileges, and proposed that the Associa¬
tion should agree in turn to advise the Curb as to whether
or not its members would be opposed to the application in
in advance whenever it
to
the
SEC for the admission of an issue of
An agreement along these lines was worked out.
of the arrangement that the Association will
£ive advance notice to the Curb whenever it is contemplating
an application for the removal of a security from unlisted
trading privileges on the Curb, the report added. A digest
of the report also said:
question.
It is also a part
The decision
1936) that the
of the Board of Governors (at
the Augusta convention in
Association should not take a definite position on
the general
I. B. A. Convention
3088
unlisted trading was a wise one as it has turned
Instead, it was decided to judge each case on
the committee feels that distinct progress has been made
practice either for or against
out, the committee
merits, and
stated.
its
own
in
developing a satisfactory
Association's
the
position
and workable method of voicing effectively
any particular issue under discussion.
It
on
expressed appreciation to the firm of
Coffin & Burr, Inc., for proving that
neither cumbersome nor
procedure outlined by the Association was
the
tedious and
stantiation
In sub¬
of this observation, the report outlined the procedure in the
that it could
be used expeditiously and effectively.
bonds in which Coffin & Burr, Inc., had
of the Central Maine Power
case
initiated the petition that
John O.
Act, which covers the matter of unlisted trading
Commission has endeavored in a painstaking and thorough
explore all circumstances pertinent to the question as to whether
unlisted trading would or would not
cepts of the statute
governing the action of the Commission, the report said.
decisions were on applications presented by dealers
asking for termination
three securities and
for the extension of unl
applications of various stock exchanges
the other four denied.
The applications were granted on 32 of the stock
for submission of additional
denied, and
on two
were
the fact that in each of the six "listing"
no
case
Down to the present time
has been decided by the Commission where
the securities are not
exchange nor already admitted to unlisted trading privileges,
eligible because the issuer furnishes the SEC information substan¬
are
It
tially comparable to that
furnished with respect to securities registered on
exchange.
follows:
had to deal thus far, and the one
In order that the work
and the resultant position taken by the Association to en¬
being, was that of unlisted
of the committee
able the membership to
trading on exchanges.
make itself heard and felt on this question may be
advisable to briefly review the history of un¬
listed trading and to chronologically outline the steps taken by the Asso¬
ciation with regard thereto.
In the accumulation of certain of this data,
Paul V. Keyser, the Committee Counsel of the Association in Washington,
has been extremely helpful and we should like to take this opportunity of
fully understood, it seems
securities which enjoyed such
Act of 1934, restricted to
privileges prior to March 1, 1934, or were
listed on such exchange on
March 1, 1934; and even as to such securities it was provided that the
privilege should be continued only temporarily and as to the second class
should expire July 1, 1935, and as to the first class should expire June 1,
1936, and after that date it was provided that all trading in unlisted securi¬
ties upon exchanges would be prohibited.
The original Act of 1934 also provided that the SEC should make a study
of the question of unlisted trading upon exchange markets and should
report the results of its study and recommendations to Congress on or
before Jan. 3, 1936.
In its report to Congress, the Commission in sub¬
stance took the position that certain practical considerations made it
undesirable, in the opinion of the Commission, to carry out the original
legislative provision for the complete termination of this trading, and by
way of an alternative proposal the Commission's report urged an amend¬
ment to the law to provide for a continuation of trading in unlisted securi¬
ties upon exchange markets in respect of securities coming within certain
categories and subject to regulation and supervision by the Commission.
This position of the Commission reflected what was undoubtedly its
another exchange and had been
on
belief at the
time that an exchange market under
operates for the public interest
The Commission's
this subject
appropriate conditions
Number of securities involved
recommendation was accepted by Congress and there
provisions of the law upon
(Act of May 7, 1936, Public No. 621, 74th Congress).
of 1936 is generally referred to as
Section 12 (f) of
The
the Se¬
(f) the Commission is authorized to sanction
unlisted
The first
category comprises securities which were admitted to unlisted trading
privileges prior to March 1, 1934, and have enjoyed the privilege continu¬
ously since then. The second category comrpise3 securities duly listed and
registered upon another exchange. The third category comprises securities
trading upon exchange markets in
statement effective
form of
a
registration
under the Act of 1933, and annual reports supplementary
thereto filed pursuant to
a
three classes of securities.
which the issuer furnishes the Commission, in the
as to
Section 15 (d) of the Act of 1934, or in the form of
registration statement and periodic reports or other data filed pursuant to
the Act
of
1934, information substantially comparable to that furnished
with respect to
securities registered under the Act of 1934.
12 (f) in respect of its application to securi¬
The effective date of Section
ties within the first category was
within the second category
respect to securities
27,
May 27, 1936; with respect to securities
the effective date was Aug. 26, 1936; and with
within the third category the effective date was Nov.
procedure provided for by Section 12 (f) requires an application to
be made
to
the Commission by any
extend unlisted trading privileges
exchange desiring to continue
or to
for any security falling within either of the
specified categories. Such application may only be approved by the
Commission if it finds such action is necessary and appropriate in the public
three
interest
or
relates to a
for the protection
of investors.
Moreover, if the application
security falling within either the second or third categories the
acted upon by the Commission only after appropriate
notice and opportunity for hearing, and in the case of an application relating
to either of such classes of securities the applicant exchange is required
to assume the burden of proving to the satisfaction of the Commission that
there exists in the vicinity of such exchange (a) sufficiently widespread
application may be
public
distribution of the security and (b) sufficient public trading activity
render the extension of unlisted trading privileges thereto neces¬
therein to
sary or
for continuance or extension of unlisted
18
Number of securities where decision has been reserved for submission of
2
additional proof.
Three of the nine decisions related to applications
dealers for
presented by certain
termination of unlisted trading privileges for certain securities.
a
No bond issue was involved in any of these delisting cases, but four different
In these
issues of stock were involved.
the Commission granted the
cases
and denied
securities
the application as to one security.
The other six decisions related to applications of various stock
privileges for
for extension of unlisted trading
of which five were bond issues and 45 were stock issues.
the bond issues
was
one
exchanges
50 different securities
some
With respect to
application for extension of unlisted trading privileges
granted and the other four were denied.
issues the Commission
With respect to the stock
granted the applications for 32 of the securities, but
to 25 securities made the
approval conditional
that it applied only in
so
The applications were dened as to 11 of the stock
additional
proof.
A careful study
Commission
of these nine decisions will show that in each instance the
endeavored
has
in
a
painstaking
and
thorough
to
manner
carefully explore all circumstances pertinent to the question as to whether
in the
specific case unlisted trading would or would not be proper and con¬
sistent with the concepts
of the statute governing the action of the Com¬
It is believed that the Commission should be commended for its
mission.
attitude in approaching the
in such
a
problem of the administration of Section 12 (f)
No
careful and conservative manner.
reason
is known for not
expecting that this same conservative attitude will be continued.
interesting to note that in all of the six listing
by the Commission, it is
cases
the securities involved
therein fell within the second category of securities specified in Section 12 (f)
In other words, each of the securi¬
eligible for unlisted trading privileges.
as
ties
Down to the present
exchange other than the applicant exchange.
upon an
time
time of the application already duly listed and registered
at the
was
no case
has been decided
the third category,
by the Commission involving
a
security within
but it should be noted that there is now pending before
the Commission awaiting decision the recent application of the New York
Curb
Exchange
for
of unlisted
extension
trading
privileges
to
19
some
different issues of bond3, all of which come within the third category.
Thus far this report has merely defined the various practices of unlisted
trading
on
exchanges and outlined the different methods of procedure per¬
It should be of instructive interest to the membership to
taining thereto.
know of the action taken by the
and the very
Association in connection with this question
distinct progress that has been made in developing
a
satis¬
factory and workable method of effectively voicing the Association's posi¬
tion
on
any
At the
particular issue under discussion.
meeting of the Board of Governors in January, 1936, the Board
authorized the appointment of the Trading Committee as a new standing
committee of the Association to represent the trading interests of the mem¬
bers.
The committee was subsequently appointed by President Wood and
undertook
study
a
trading
of unlisted
on
As
exchanges.
that
there
widespread dissatisfaction
was
among
result,
a
the
the fall of 1936
the membership due to
the fact that the Association seemed to be doing nothing to prevent the
wide extension
of unlisted
trading privileges
protest came particularly from
so
in many
public and their
Board
tion of unlisted
of others
was
up,
as
trading
on
an
over-the-counter
and,
as
one.
The
it has turned out, the
the membership was divided
on
the ques¬
exchanges, some benefiting by it and the business
on
as a
the
was
that time
result of it, the Association should not take
practice either
general
for or against.
decided to judge each case on its own merits.
Machinery
a
Instead,
was set
outlined by President Hall in his letter to the Association under
date of Feb. 23,
any particular
SEG
decided at
being injured
definite position
it
point of view
own
wise one, that as
was a
This
the smaller members who felt, and justi¬
that the proper market from both the investing
cases,
of Governors
decision
various exchanges.
on
for the
1937, to enable the membership to make itself heard
issue on which
exchange had filed
an
extension of unlisted trading
security from such privileges.
privileges
a
or
petition with
on
the
the removal of
a
The procedure specified in President Hall's
letter provided that in order to initiate the question of whether or not the
Association shall participate in
a
case
either for
or
against,
the petition
therefor must be submitted by not less than five members of the Associa¬
tion
and
approved by certain reviewing committees.
At the time of the
1937 spring meeting in Hot Springs, no group of members had taken ad¬
1936.
The
34
trading
Number of securities disapproved
fiably
curities Exchange Act of 1934.
Under Section 12
—
continuance or extension of unlisted
Number of securities approved for
committee reported at the annual meeting at Augusta in
and for the protection of investors.
followed the enactment of what are the existing
amendment
9
54
N umber of cases decided
In connection with the ca363 thus far decided
unlisted securities upon exchange markets was, under the
original provisions of the Securities Exchange
registered
one
table:
following
his cooperation.
expressing our appreciation of
Trading in
Any
The resmts are summarized in the
1339 and 1377.
1312,
1298,
1283,
different cases.
Releases Nos. 985, 986, 1012, 1139,
issues, and as to two securities decision has been reserved for submission of
has
which really called this committee into
important question with which the Trading Committee
most
Securities Exchange Act,
follows:
12 (f) since the
in the public releases of the Commission
interested may find these decisions
respect of odd-lot trading.
The report
The
was
A. to enable members to make themselves heard, as
by the I. B
Commission has announced decisions in some nine
as
as
any
security holder,
public hearing that machinery
in view of this provision for a
was
set up
Examining the record of the administration of Section
eligible because already listed and registered upon
exchange other than the applicant exchange.
on any
issuer,
any
should believe that unlisted trading on any
applications for the termination of unlisted trading privileges as to three
an
but
decisions
proof.
The committee called attention to
the securities were
In the
reserved
odd-lot trading in the case of 25 issues.
of 11 the applications were
listed
if
In consequence,
mission.
sted trading privileges for 45 stock issues and five
With respect to the bonds, one application was granted and
issues, but only in respect to
cases
heard.
trading
denied the application as to one.
The other six decisions were on
bond issues.
be
to
exchange in any security is improper, he may present his case to the Com¬
of unlisted trading privileges for four different issues
In these the Commission granted the applications in respect to
of stocks.
case
be proper and consistent with the con¬
the nine
of
Three
entitled
is
dealer or other party in interest
date of its enactment and down to the present time, it will be noted that the
through its Chairman,
A study of the nine decisions announced will show that in
each instance the
in the proceeding,
relates, and any other person having a bona fide interest
Stubbs, of
of the Securities Exchange
manner to
hearing held by the Commission pursuant to Section 12 (f) any broker
dealer who makes or creates a market for the security to which the hearing
Knowles, Inc., Boston, commended the SEC for the
the problem of administering Section 12 (f)
Weeks &
exchanges.
At
desirable if certain standards are found not to be fulfilled.
necessary or
any
or
was
attitude shown in approaching
on
suspend unlisted trading privileges in any particular case after notice and
described in President Hall's letter to the Association dated Feb. 23, 1937.
Trading Committee,
The
Whiting,
1937
13,
opportunity for a hearing where termination or suspension is found to be
resulted in the Association becoming a party to
proceedings before the SEC.
the
Nov.
Proceedings
appropriate in the public interest or for the protection of investors.
12 (f) the Commission is also given authority "to terminate or
Under Section
vantage of this
procedure but there continued to be rather unreasonable
criticism of the Association's failure to take a position on certain petitions
then before the Commission.
one
on
As
a
result, the Board reduced from five to
the number of members necessary to institute action by the Association
any
particular issue, provided, of course, the reviewing committee had
reported favorably.
The Association owes
a
debt of gratitude to the firm of Coffin & Burr,
Inc., for proving that the procedure outlined by the Association
cumbersome
tively.
SEC
nor
was neither
tedious and that it could be used expeditiously and effec¬
On March 2,
1937, the New York Curb Exchange applied to the
for the extension of unlisted trading privileges to a number of bond
issues,
among
them $14,000,000 first and general mortgage bonds, series H,
33-3%, due 1966, of the Central Maine Power Co.
This was
a new issue
of
bonds distributed in the late fall of 1936, and in its distribution many mem¬
bers of che Association
which had been
one
participated.
At the instance of Coffin & Burr, Inc.,
of the principal underwriters of this issue, a petition was
Volume
J. B. A. Convention
145
initiated, submitted to and approved
by'appropriate Iocafand national
mittees with the result that the Association became a party to
the proceed¬
Washington par¬
ticipated in the hearing held at the Commission on June 15 and 16, 1937.
Pliny Jewell, an officer of Coffin & Burr, Inc., also attended the hearing at
the SEC and testified as a witness. In support of the Association's opposi¬
tion to this application, evidence was presented at the hearing tending to
show that adequate public trading activity would not exist upon the Curb
after admittance of this issue of bonds to trading upon that exchange, and
that extension of unlisted trading privileges to these bonds on the Curb
ings at the SEC, and through its Committee Counsel at
An important factor bearing on
would barm other markets in the bonds.
admitted
to an exchange market was the uncontradicted fact, based on reports ob¬
tained by Coffin & Burr, Inc., from the members of the selling and under¬
writing groups which had distributed this issue of bonds, that the issue
had been very largely taken by financial institutions which would not be
likely to use an exchange market to buy or sell blocks of bonds such as
ordinarily they are interested in.
The evidence also comprised exhibits
showing that in the case of the old bpnds of the same issuer which in previous
years had been traded on the Curb on an unlisted basis, the Curb market
had been very inactive and the average daily transactions represented only
the question of market activity to
one or
be expected if the bonds were
strength
counsel of the Curb and
counsel of our Association with respect to cooperative procedure concerning
future cases.
To that end, the Curb offered to notify our Association in
advance whenever It contemplates making application to the SEC for the
admission of an issue of securities to unlisted trading privileges, and pro¬
posed that our Association should agree in turn to advise the Curb as to
whether or not our members would be opposed to the application in question.
case,
certain conversations took place between
Curb and of our Association
with the result that a final agreement was worked out along the lines indi¬
cated.
The machinery which is provided by the Association to obtain an
expression of opinion from its members is outlined in a letter dated Aug. 26,
1937, which was sent by the Secretary of the Association to the members of
the national Unlisted Trading Special Committee and to the Chairmen of
the Groups in their capacities as Chairmen of the Group Special Advisory
Committees on Unlisted Trading.
While these preliminary advices will in
no way limit the freedom of action of either the Curb or our Association, the
hope and expectation is that in many instances the Curb will refrain from
going ahead with applications as to which the Association had indicated
that there is opposition.
It is also a part of the arrangements that our
Association will give advance notice to the Curb whenever it is contem¬
plating an application for the delisting of a security from unlisted trading
privileges on the Curb. This result should be gratifying to the Association
and to the Curb and should afford a satisfactory solution of the question of
unlisted trading in so far as this exchange is concerned,
Respectfully submitted.
The
should
subject was considered by the officers of the
„
TRADING
COMMITTEE
William A. Fuller,
Herbert V. B.
1931
Gallagher,
Frank Weeden.
of note that the total volume
generally recognized that among the more
It is quite
Committee of I. B. A.
in Activity of Real
Bonds—Approaching
New Construction
Estate
Point in Apartment
Field
Committee of the
The report of the Real Estate Securities
Investment Bankers Association was. presented
at
1. Insufficient actual money equity retained by the borrower.
2. Failure to require completely unprejudiced appraisals.
Lack of proper restrictions in
3.
annual
the
convention
•
on
In view
,
establishment of a reserve fund during
*
Failure to require
4.
good earnings.
Actual Money Equity Retained by the
issues
for
loan
and fixtures
operation of the property
other encumbrance during the
fixtures free from any
appraisals in connection with
Two appraisers
of
the part
a
has reviewed the
ings, hotels
activity your committee
and revenues of office build¬
and apartment houses.
It has also given particular
attention
experiences of the recent
If these recommendations had been followed
bonds during the nineteen-twenties'
by predecessor
committees.
in the issuance
of real estate mortgage
of loss suffered by holders of such bonds during the
depression would have been substantiality reduced.
It is encouraging to note that there has been a steady decrease in office
building vacancies which have declined from 27.6% as reported by 1,900
office buildings throughout the United States at Jan. 1« 1934
to 19-06%
as reported by 2,379 office buildings at May 1
1937.
Among the major cities showing a higher occupancy average than the
national percentage were: Baltimore
90.64%; New York 81.47%; Pitts¬
burgh. 84.36%; Washington, 98-93%; Atlanta, 82.79%; Indianapolis
86.03%; Milwaukee 87.21%; Denver 87-85%; Omaha* 91.09%; Dallas
84.30%; Houston 89-66%; San Francisco* 88.98%; Portland. Ore. 84.53%;
Montreal 84.83%; Toronto, 95.33%. and Winnipeg 84.83%.
From these
it is felt
that the ratio
figures it will be seen
normal occupancy
There are very
instances
that many of the
few new buildings
under construction and no important
reported during the year
wherein construction bond
bonds of good quality
during the past year have
involved.
Real estate mortgage
met with
cities are gradually approaching a
level.
have been
issues were
increasing favor.
legal for savings
basis under 4%.
real estate loans cannot be
over-emphasized.
against undue optimisim
The appraisers* fee should be based on a
should be required, to safeguard
single appraiser.
be payable in advance.
fixed standard and should
Restrictions in Connection with Deposit of Sinking Funds
bond issues should be protected by a first lien
on all income which may be derived from the property after payment of
taxes and ordinary operating expenses.
It should be provided further that
3. Lack of Proper
and Interest—Real estate
of one-twelfth of the current year's
and sinking fund requirements.
4. Failure to Require Establishment of a Reserve Fund During Periods of
Good Earnings—In view of the fact that real estate operations seldom have
the protection of substantial current assets, such as are available in most
lines of business, to bridge over a poor earning period, bond issues on office
buildings, apartment houses and hotels should be protected against the with¬
drawal by equity owners of funds accumulated during good business periods.
Such protection could be accomplished by requiring the establishment of a
reserve fund, into which would be paid a sum equivalent to between 25%
deposit be made monthly to the trustee,
taxes and
one-twelfth of the annual interest
and 75% of all net
earnings.
Administration of the Provisions of Trust
Failure to Require
5.
Indentures
and Impartial Trustees—The trustee should be a bank
or trust company wholly independent of the under writer and borrower.
The borrower should be required to file with the trustee annual reports of
by Strictly Independent
under the indenture, and to make such in¬
holders. The trustee should be re¬
sponsible for the proper filing of the indenture and for determination as to
whether the obligor has performed its major obligations under the indenture.
The trustee should be required to notify the bondholders of any and every
performance of obligations
available to the security
6.
90 days of its occurrence.
Preparation of Trust Indentures
Without Proper Consideration of Work¬
Reorganization in Event of Default—The necessity for costly
foreclosures or reorganizations may be substantially minimized by providing
for certain relief in connection with sinking fund requirements, and certain
modification of interest requirements in the event of substantially reduced
able Plans for
earnings as a consequence
of generally depressed business
conditions.
Respectfully submitted,
BEN B.
EHRLICHMAN, Chairman.
Otto Miller
Irvin L. Porter
Burdick Simons
R. H. Tinsman
Jean C. Witter
C. Prevost Boyce
Herman Duhme
Carey S. Hill
revival in this field of financial
current trend of occupancy
past and feels that it is most appropriate
at this time to summarize and call to the attention of the members of the
Association many of the important recommendations made in past years
to the
life of the loan.
integrity
Completely Unprejudiced Appraisals—The
2. Failure to Require
Kenneth H. Bitting
contributed
appreciably to the volume of new financing undertaken by investment
bankers and in consideration of the fact that there are some signs develop¬
ing, which promise a
should be pledged by the borrower as additional
be required to keep the furniture and
The borrower should
security.
on
the
finance the remaining 35% equity
No junior liens should be
additional loans.
Furniture
borrower should provide ample
without resort to
permitted.
and all equipment necessary for uninterrupted
Furthermore,
purposes.
evidence of ability to
of
Borrower—Under
circumstances should first mortgage real estate bond
exceed 65% of the value of the property owned in fee, as appraised
exceptional
only
follows
Nov. 7 at White Sulphur
bonds have in the past
periods of
5. Failure to require administration of the provisions of trust indentures
by strictly independent and impartial trustees.
6. Preparation of trust indentures without proper
consideration of
workable plans for reorganization in event of default.
Arthur C. Allyn
of the fact that real estate
connection with deposit of sinking funds
and interest.
as
Springs, W. Va.:; ,-V.
serious contributory
responsible for the failure of these securities, are:
factors
default not cured within
Report of Real Estate Securities
—Signs Promising
Revival
bankers
class of security.
formation
Oliver J. Troster,
available through that
of substantial value to investment
prove
approximately six billions of dollars.
was
the
Lee M. Limbert,
and the statistics and surveys
of real estate bonds outstanding
Of this huge total, ap¬
proximately 60% were in distress.
This percentage increased substantially
after that date, and it is estimated that the number of defaults in real
estate bonds during the last seven years has been higher than in any other
It is worthy
in
William J.JVIericka,
Frank E. Gernon,
the National Association of
interested in this field of finance.
Winthrop E. Sullivan,'
Harry Theis,
Chairman,
John O. Stubbs,
with
whom it has obtained much valuable
Building Owners and Managers, from
organization
1. Insufficient
of the presentation of the
touch
been in
has
committee
data and assistance;
two bonds.
Association's case, plus the
Association's counsel that, due to the date
of filing certain amendments, there was a real question as to whether Sec¬
tion 15 (d) applied to this registration, resulted shortly thereafter in the
voluntary withdrawal by the Curb of its application for this issue.
As a result of the protest of our Association in the case of the Central
Maine Power Co. and after the Curb had withdrawn its application in that
The
technical fact developed by the
3089
Proceedings
Your
com¬
Market quotations have
banks in many instances
improved and issues
haven been quoted on a
yield
locations where there is an
Conduct Committee of I. B. A.
Conduct Committee of the Investment
Bankers Association of America in its report presented to the
Annual Convention stated that "the current year has brought
few cases necessitating formal action by this Committee.
This indicates the usual active cooperation between mem¬
bers who seldom are unable to adjust differences in an in¬
formal manner." The report continued:
Business
the attention of mem¬
certificates of deposit
resulted in one or two mis¬
understandings.
In some cases, these have been settled locally, although
at least one case was brought to the attention of this Committee.
At least two cases arose regarding a corporate issue where certificates of
deposit were outstanding on both the first mortgage and the general mort¬
We feel, however,
that it would be proper to call
the fact that dealing in
bers of the Association to
between members
throughout the country has
the first mortgage issue
bonds also carried 6%,
although the first mortgage 6s were currently selling around 55, while the
general mortgage issue had no market. The trading departments of several
investment organizations in handling the issues failed to designate the fact
that the certificates they purchased were of the first mortgage issue, which
resulted in the purchase from clients of worthless general mortgage cer¬
tificates of deposit of the same company.
These confirmations and certifi¬
cates of deposit passed through several hands without the error being
gage
It so happened that
and the genera; mortgage
issues of a company.
carried
a
6%
coupon
discovered.
York house of
another investment organiza¬
tion in an outside area.
Under the trading rules recognized by a local
association in New York, it is understood that certificates of deposit to be
good delivery must be in $1,000 denominations.
This was not the case in
the territory where the certificates of deposit originated and resulted in a
misunderstanding between two organizations, which we feel could be
Another controversy
economic need for addi¬
tional office building space, it appears we are approaching some new con¬
struction in the apartment field, where occupancy in many localities has
risen to a high point.
The study of apartment house revenues, however,
emphasizes the fact that their rental rates must be substantially increased
in order to provide a reasonable return on the investment.
The building industry and real estate activity as a whole have always
had a profound effect on the progress of our Nation. It has, therefore, been
exceedingly disappointing to note that constructiop awards are currently
falling well below those of 1936, and further that the immediate outlook,
in view of the cost factor and general labor situation, is most uncertain.
While there are few
Report of Business
The
certificates of deposit
involved the purchase by a New
of municipal bonds from
obviated.
We therefore
suggest:
„
departments be instructed to carefully designate on all
confirmations covering purchase or sale of certificates of deposit the exact
title of the securities covered by the certificates ,so that in case more than
1.
That trading
3090
I. B. A. Convention
We
Proceedings
are an
to reap
organization of middlemen, and,
profits only
I said
Nov. 13,
perform
as we
as middlemen
We perform.
I
national service, one of fundamental
importance, so that
Colorado
we
entitled
are
a service.
do perform a great service.
we
think,
great
a
we are an essential
agency In the conduct of American business.
Our principal function
perhaps, and we have many of them, is to bring
capital to capital's need in order that industry may increase the wealth of
Municipal Bonds
the
country by increased production of goods and services, and in order
that
municipal demands may
be met with the wherewithal
those necessary improvements that are
and the safety of our communities.
DENVER WATER
This is
so
to
construct
vital to the conduct, convenience,
DENVER SCHOOL
great work and a great responsibility, and as we play our part
should constantly keep in mind a
high sense and spirit of public service,
As we perform that service we will
undoubtedly reap certain rewards, and
MOFFAT TUNNEL
in the reaping of profits to which all
good service is always entitled.
a
we
those rewards will be found in the increased
stability of our business, and
We must recognize the changed
temper of the times.
We must not
merely antagonize and criticize, but must make constructive
contributions,
We must always
study carefully to disepver the fundamental purposes of
Offmngr oj all Western Municipals Requested
corrective legislation, and do what
we can to
make constructive contribu¬
tion after
having thought out the premises carefully.
We must, on the other hand,
always have it in mind that
the front line trenches and that we have a
The J. K. Mullen Investment Co.
1717 Stout St.,
Tel.
Bell
one
Teletype DNVR 292
Mr.
6221
Rhoadea & Co. Private W
re
issue of securities of
a corporation is
outstanding there can be no mis¬
as to the security involved."
That trading departments be
advised that, in selling certificates of
deposit covering either municipal or
corporate issues, the buyer should
informed if sucn certificates or
deposit are in other than $1,000 pieces.
the denomination of the
piece is unknown, acceptance of this should
agreed upon by the purchaser, or an arrangement
mutually agreed upon
have the certificate split into the
required denominations.
be
If
be
to
BUSINESS CONDUCT COMMITTEE
Willis L. Campbell
M. J. M. Cox
Thos. W.,
Douglas
hesitate to make suggestions or make
seem
to ue
O.
Douglas,
The repeal or
was
"substantial modification" of the
advocated by the
sociation in the
capita*
either
Securities
and
borrower.
can to
the common effort to
move
forward.
We must
We must "gang up" for good service.
things, "gang up" for
public responsibilities.
serve
Modification of Capital Gains Tax
Urged by I.
B. A. in Resolution
Adopted at Annual Convention
just
But all these things,
gentlemen, cannot be accomplished unless we all
pull together, unless every member of the
organization contributes all that
our
Gregory Jr.
the
We ought and must insist that we share with the
SEC
it seems to me of all
Albert E. Van Court
Francis T. Ward
of
being the investor's advocate.
for increasingly high standards of
practice in
or
gains tax
Chairman
There is another group which
apparently has no advocate, and I think
that group also needs our
thoughtful attention and help
I refer to the
a
our
the saying is,
as
We must
business.
"gang up"
And
In doing these things I am sure
must,
we
constantly increasing
we
sense
of
will also
ourselves.
The
following officers
ensuing
were
also elected
Nov. 7 for the
on
year:
Executive Vice-President—Alden H.
Repeal
neither right nor
public service.
(William
unsocial animal.
in
Henry B. Tompkins
N. Paul Delander
Francis D. Farrell
to any matters which
"gang up."
Robert B. Hobbs
Jas. M. Hutton Jr.
Jos. J. McFawn
Jas. F. Quigg
John J. Sullivan
Albert R. Thayer
we must never
Exchange Commission) has said that there are advocates for the
exchanges,
advocates for the brokers, advocates for the investment
bankers, but that
the SEC is the investor's advocate.
It would be a pity if all these advo¬
cates, with the exception of the SEC, were
predatory.
We must not let ourselves be
put into the category of some sort of an
he
Rudolph J. Eichler, Chairman
J. Howard Arthur
Jos. H. Assel
Wm. A. Barron Jr.
Russell D. Bell
W. McCormick Blair
that
to ourselves or to the
understanding
2.
business, and
objections
Denver, Colorado
MAln
stand in
we
long, accumulated experience in
the
Little, Chicago.
Vice-Presidents—Thomas
W.
Gregory Jr., Gregory-Eddleman Co.,
Houston; T. Weller Kimball, Giore, Forgan & Co., Chicago; James J.
Minot Jr., Jackson & Curtis,
Boston; Sidney J. Weinberg, Goldman, Sachs
& Co., New York, and Jean C.
Witter, Dean Witter & Co., San Francisco.
Treasurer—D. T. Richardson,
Investment Bankers' As¬
Secretary—Robert
Stevenson
following resolution adopted at its annual
Kelley, Richardson & Co., Chicago.
3d, Chicago.
convention.
Resolved.
In
Association
the
light
of America
Association that the tax
of current
reaffirms
conditions
the
the
Investment
belief previously
Bankers
declared
by
De ath
capital gains which is now a part of the Federal
Revenue Laws is uneconomic and that its
detrimental effect upon the public
welfare of the country as a whole
outweighs its value
In the opinion of the Association
In
part responsible for
the impairment
further
P.
Garvan,
Founder
and
President
of
see
advertising
page
VI.
effects, this tax has
of values
which
has
lately
taken place upon the public securities
markets in this
country with re¬
sultant adverse influence
upon the ability of the business of the
country to
procure
F.
For text of this article
as a revenue measure.
among other harmful
been
of
Chemical Foundation—Was Former United States
Alien Property Custodian
the
on
Exception
Taken
by
Electric Institute
new
capital needed for productive industry:
Therefore, the
Assentation again advocates the
repeal or substantial modification of the
capital gains tax.
Charles
to
W. Kellogg
of
Edison
Claims by Frank T. McNinch
of Benefits of Federal Control of
Utilities
The claim of benefit of Federal control of the
Resolution Adopted by I.
B. A. Advocating Repeal
Modification of Undistributed Profits Tax
At its
annual convention
sociation
repeal
the
Investment
adopted the following resolution
"or
substantial • modification"
of
power
or
Bankers' As¬
the undistributed
profits tax.
Resolved:
It
the Federal Communications
Nov.
advocating the
the
opinion
of the
Investment
Bankers'Association
of
America that the practical
application to date of the undistributed
profits
tax has weakened the
current financial position of
many corporations,
resulting In a less favorable credit
standing and consequent necessity of
their curtailing expenses and of
reducing the number of employees, both of
which factors have been reflected in
increased unemployment and in the
inability of such companies to pursue a constructive
business policy.
The
Association, therefore, again advocates the
repeal or substantial modifica¬
tion of this tax as more
fully brought out in the Report of the
Federal
Taxation Committee of the
Association, adopted by the Board
May 10, 1937, copies of which
are
of Governors
available.
6
Commission,
was
disputed
Electric Institute.
The contentions of Mr.
McNinch,
given in that part
our
the
today in which detailed
paper
convention.
New York,
The
reference is made to
statement of Mr.
Kellogg, issued in
said in part:
It is difficult to see what "benefits" of
Federal control are comprised
in the acts of the United States
Government, which, under guise of regu¬
lation of rates, makes an
outright gift of
45% of the cost of constructing
duplicate plants where efficient and adequate service is now rendered
by
privately financed
utilities.
Or where, as in the TVA, over
$500,000,000 of money of the taxpayers
United States is poured into the Southern States to
destroy the
of the
property of private
companies through
Or where the Government exacts
E.
ment
Frothingham Elected President
Bankers
Association—Urges
of
Bankers
Invest¬
to
Share
Responsibility of Protecting Investors—Other
cers
Offi¬
Elected
At the closing session of its annual
convention on Nov. 7,
Investment Bankers Association of
America elected
Francis E. Frothingham, of Coffin &
the
Burr, Inc., Boston,
as
President for the coming
year, succeeding Edward B.
Hall,
of Harris, Hall & Co.,
Chicago. In
accepting the office,
Frothingham urged that the Association share with the
Securities and Exchange Commission the
responsibility of
protecting the investor. He declared:
Mr.
us.
We have important
We want this organization to
grow In its influence for
good and in Its service to the community.
We perform
all
a very
great service,
a
heavily subsidized
privately owned companies and
governmental
discriminatory tax of 3%
exempts
the
TVA
and
gross upon
Government
municipally owned plants from this and other Federal taxes.
Or where punitive regulations have been
established, such as the "death
sentence," allegedly to correct the
errors of a few, although the
operation
of the "death sentence" has
nothing to do with the manner in which the
companies' business is conducted.
Or
where the
Government itself in its operations is
unregulated,
refusing to comply with its
These provisions
are
not
own or
even
State regulations.
regulation, they constitute control.
.
Mr. McNinch claims that to the Government
should go the credit for
notable increase in electric
consumption in the home and the great
the
reduction in the unit rate for
electricity in the home during recent years.
The figures do not bear this out.
In the. 10-year period
ending 1937,
the average residential rate has been
reduced 35% and the
average
each
use
family increased 80%, due to the inducement rates and rate reductions
by the electric companies during that period.
Over 80% of this
made
marked reduction
Serious problems and responsibilities
confront
duties to perform.
con¬
address delivered at the annual convention of
the Investment Bankers
Association, are
an
service.
Francis
on
by Charles W. Kellogg, President of the Edison
tained in
of
is
light and
industry made by Frank T. McNinch, Chairman of
was
accomplished before the Public Utility Act of 1935
became effective.
In rate reductions the
lation.
industry led rather than followed Federal
regu¬
flttttmrrta
No. 3777.
NOVEMBER 13, 1937
Vol. 145
CONTENTS
Editorials
page
3092
Financial Situation
The Work of the
Dictatorship
the March
on
3106
.>,.3108
3109
Coming Session of Congress
.
Speculating in General Welfare Is Dangerous
Comment and Review
New
___3110
3097
3098
3103 & 3142
Capital Issues in Great Britain
Week
on
the European
Stock Exchanges
Foreign Political and Economic Situation
...
Foreign Exchange Rates and Comment
3111
Course of the Bond Market
3112
Indications of Business Activity
Week
on
Week
on
the New York Curb Exchange
3095
the New York Stock Exchange
3141
—
News
Current Events and Discussions
Bank and Trust
General Corporation
3141
3186
and Investment News
Dry Goods Trade
State and
3124
...
Company Items
-
Municipal Department
3225
3226
Stocks and Bonds
Foreign Stock Exchange Quotations
—
3144 & 3151
—3145
Dividends Declared
3185
Auction Sales
New York Stock
New York Stock
Exchange—Stock Quotations _._____.3152
Exchange—Bond Quotations ..3152 & 3162
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
Exchanges—Stock and Bond Quotations
3168
3172
3174
Canadian Markets—Stock and Bond Quotations
3179
Over-the-Counter Securities—Stock & Bond Quotations
3182
Reports
Foreign Bank Statements
3101
Course of Bank Clearings
3142
3149
Federal Reserve Bank Statements
General
Corporation and Investment News
.
3186
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Published
3215
Crops
...
.
3217
3221
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street,
Herbert D. Seibert. Chairman of the Board and
Editor: William Dana Seibert. President and Treasurer:
New York City
William D. Rte^Business
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Sal le Street (Telephone
State 0613).
London—Edwards & Smith. 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B Dana
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
®ubscriptions
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 rnontna
South and Central America, Spain. Mexico and Cuba, $18.50 per year. $10.75 for 6 months: Great Britain
(except Spain)
Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter,
cents
per
agate line
Contract and card rates on request.
NOTE: On account of the fluctuation in the rates of
for foreign subscriptions and advertisements must be made in New York funds
'
Manager.
Comp<iny
Continental Europe
45
exchange, remittances
The Financial Situation
Pump-Priming Demands
ON OCT.to12 the President issued athe for Con¬
Nov. 15 for call
of
gress
convene on
furthering
Deal
members
When
measures.
purpose
of reform and kindred New-
program
a
Let
of
legislature assemble in Washington
the
national
will
find
with
in
an
boldly and aggressively to the front.
come
have
anxiety about the possible approach of another
themselves
noted at the very outset and with
atmosphere surcharged
they
come
truly amazing.
deep and prolonged business depression, and they
a great deal more about what the Govern¬
whether the
ment
or
ought to do to prevent such
and
the
be
recession than
a
We have here not
Even
budget for the current fiscal
sessed
of
feeling
the
assuming
or
A
the
has
at least
his
hands
problem
not
covered
by funds
created through
deficit fi¬
The
on
await
tenaciously to his old
tention that his
Just what is this
specified
date.
Its
likely to find that
intended to
form
session
prove,
all
far
promises
intent
to
sired
is
of
security taxes,
preferred, transfer to the old
in
account,
housing
the
in
age
otherwise
ways
and outgo of the
relation to each other
be the
used for
There is
funds for
no
case,
President's
financial
vocating large doses of this
.
also again in
costs
reserve
are
ent
certain
Meanwhile, however,
more
a
important of the
number of
the
to
be
demanded
ters.
in
as
measures
ordinarily
some
that
are
influential
was
course,
is
wages.
1929
and
This
1933.
hap¬
hope,
of
seeing higher prices put
an
end to
a
long
war.
The
ruling social philosophy in this country, and also in
England and France, today, is to check
quar¬
govern¬
unfounded today as the expectation of
of
likely
Many people
Their last chance of seeing that
itself
degree*
unem¬
hoping * eventually to
stimulated by lowered labor and
between
as
such
day,
ployment relief and mini¬
more
js accordingly
possible at this time to determine with
pen
the
policies of
the
accounts.
mental costs.
pres¬
and
price
dominant social
are
articulate elements in the business
community
are rather
rapidly crystallizing, and it
types of
gold
purposes.
recovery
orthodox
compatible with the
would
legerdemain by which
see
via lower
type, but it is utterly in¬
Treasury
as
advo¬
himself:
the
was
mum
confronted.
of definiteness the
the limelight.
"Recovery
or
housing construction or any other
be provided by juggling social
Congress will be to the situation
and of
type of economic drug, are
can
security
number of the
advisers
Those who
the term in¬
use
hesitancy in ardently ad¬
pension
since such funds
general fund
purpose
circumstances, and before it becomes
a
shall always
we
us.
flation, and who have no
if
or,
obligations
income
same
weeks, must elapse before the public will be fully
advised regarding the course the President will take
with which it is
philosophy,' which
prefer to
days, and
possibly several more
the ideas of
variant of the in¬
a
cate expresses
the cash
stimulating
what the attitude of
only
apparently
like, but in that event additional receipts,
dollar for dollar, would be
required to keep
business and
employment.
Several more
in these
currently expounded
have with
to acquire the de¬
debt of the United
pump-prim¬
course,
as
flation
the
the
advo¬
are
pump-priming in
Here is the way one
now
of
is
the insured.
he
part
means
Of
ing
would be equally increased
reserve
devoted, if Wash¬
ington dispatches are to be
and
gross
of
its most extreme form.
of stimulating construction
The President could, if he
The
of them
two
cates
ceipts from the social
loosely termed
trusted, to possible
formal
Again, with appropriate changes in legis¬
lation, the President could invest future re¬
altogether diverted
most
but
by eigher
method, since sale of the obligations now
held by the fund would in no way
impair the
obligation of the Treasury to pay the claims
con¬
been for
funds?
States
President himself, although
reform, has
type of procedure, and one
or
nothing
Treasury obligations
new
a
attention of the
from what is
money
future
sell the Treasury obligations held by
and use the proceeds for the
pur¬
poses
in question.
But in what essential
way would this procedure differ from selling
Indeed, during the past
not
anything else?
this
of
gress,
re¬
cerned.
week the
are
be
to
of
advocates
some
sums
at
obtained the necessary legislation from Con¬
Congress, at least
as
assets
known
are
ardent
the fund
a
in the event, to be
recovery
as
be
certain
conditions
for the purpose
parts of the country. What
was
tended conferences this
week
expended for various current purposes.
Just how could such a fund be "employed"
or
from
fund?
fore
Congress is hearing a wholly
story
reserve
promises of the government to provide the
funds for this purpose.
The funds received
on
social security tax account are long be¬
depression, but if
different
cials who have been called
to the White House for ex¬
amount of cash for
individuals
under
constitute the best way to
he is
relatively small
certain
cherished so-called reforms
so
insured
to possess a strange
Apart from
ordinary
purposes, it amounts to nothing
more than
a set of
bookkeeping entries.
Its
liabilities take the form of promises to pay
con¬
prevent
day when the
seems
operating
long-
own
the
eral of the New Deal offi¬
tenacity of life.
cling
may
special
present their claims
early in the fol¬
He
to
nancing at the banks. Sev¬
are in some
manner
drawer of the Treasury
moneys
a
a
year.
other
vaults
altogether *
deficits
myth that the so-called social security
or
placed in
faced President Hoover late
lowing
governmental
expenditures increased by
Administration
billions with the resulting
taxes
different from that which
in 1929 and
would have
sort.
ap¬
partially convinced
a
most of them,
or
as
considering "employment of the social
security reserve fund" to foster a construc¬
tion and housing program of some unnamed
parently at length become
that he has
week describes the
past
or
pump-priming
advocates,
during
to
sharp downward turn in
business activity,
Myth that Will Not Down
One of the many unverified and unverifiable reports coming out of Washington
a
indifference
of
The
not.
balanced
be
will
year
pos¬
will
year
ought to be out of balance by $695,000,000
twice that amount, or whether that of the following
the
President, long either
their ideas is
question as to
a
or
with reform
like.
Not only
to the front, but the growth of the
inclination to tolerate if not to support
will hear
about progress
deep
regret that the pump-priming advocates have again
Monday they
on
be
it
wages
wages
the
it is
the
any
lowering
of
maintenance
higher
than the law of supply and demand would
afford in
ployed
and, enforce
a
were
free
market
in
which
the
unem¬
not supported by a tax on business and
employed.
now
labor
Hence, in order to promote
necessary
continuously to
use
recovery,
monetary in-
Volume
Financial
145
Given prevailing policies,
flation.
alternative to continuous inflation,
erratic inflation
margin
might be.
As in
must be offered their necessary
a
result of
Even
be no
time, business
war
Therefore they
profit inducement as
higher selling price, which can be made
a
The fear of inflation is
indispensable economic motivation for prosperity
possible only by inflation.
an
in
an
economy
which
turn downwards once
soon
in such
reason
terms
as
these
vary
great deal as to the technique
a
for the purpose of effecting in¬
greatly increase the
use
Others
would
of deficit financing at
increase
governmental
expenditures even beyond the present record-breaking
being apparently content with a balanced
levels,
budget, in the belief that money taken by taxes
and
would induce inflation by
forcing funds otherwise idle to become active.
Still
others would employ different techniques.
It seems
astounding that such reasoning could even gain an
audience in view of the experience of the past half-
spent by the Government
sult of it.
due to
a
The Treasury may be
the end of its tether
than we now re¬
cessation of inflationary
business
activitiesAon
the part of the authorities.
Do they not understand
that in the nature of the case there can be no "con¬
grossly distended with
al¬
and most of the others
lose value heavily should the
ready seriously depreciated
less certain to
more or
proceed either directly or
We have
sake.
indirectly to
campaign of profligacy for its own
launch another
been
playing with fire for years
extensive first and second
past and have suffered
No one can say how much longer we
degree burns.
play with it and escape third degree lesions—
is always the possibility that
can
and of course there
shall not even obtain the temporary
we
tion
sought.
exhilara¬
The American people owe it to them¬
nothing else to turn
prescription as the in¬
flationists are now offering. The best that could be
obtained from it would be repetition of the experi¬
ences of the past two or three years, and the worst
they owe themselves
selves as
resolutely against any such
is dreadful to
and the situation ruling today as a re¬
These advocates speak of "continuous"
inflation, and assert that recent declines in
are
spending philosophers.
Treasury
Some of them would
dozen years
apparently contemplated by
varieties of frozen assets, some of them
employment
banks.
are
as
many
That price stability is
deficit and restore the system
the
such
amounts
the
the
they would
flation.
heavily that an at¬
large scale may very
well end in quick disaster.
The public debt is at
record levels. No one can say how much longer the
Federal Government can continue to borrow in
tempt to revert to it on a
The banks are already
themselves
among
decade of pump-
alize.
inflation is shut off."
who
priming has already cost us so
a
nearer
wholly unsatisfactory is evidenced by the fact that
Those
half
much
by taxation.
business and
disconcerting is the fact that they ig¬
which does not allow of free compe¬
tition, especially in wages, and which supports
unemployed
more
the circumstance that a
nore
however slow or
result of lowered costs.
as a
can
going to be allowed to count on a profit
not
men are
there
3093
Chronicle
contemplate.
Cool to the Spenders
Fortunately, the Administration appears
cool
to
such
The Secretary
forms.
to be
suggestions, at least in their cruder
day evening told the
of the Treasury on Wednes¬
Academy of Political Science
(and presumably, the Administration) be¬
that a balanced budget is essential in pres¬
tinuous"
inflation,
that he
inflation
not
lieves
if by the term they connote
only without interruptions but also
without end ?
be
to
No
government,
matter how
no
of its people, can
sources
increase its debt and find
Sooner
any
or
later such a
government.
large the
re¬
continue indefinitely to
buyers for its obligations.
policy spells bankruptcy for
Endless additions to the money
supply inevitably at one time or another rob money
of all its value.
Regardless of what technique is
employed, inflation if long enough resorted to is selfdestructive at the same time that it Samson-like
pulls down the pillars supporting the
tem.
Those who preach
tions and without end
banners the words of
economic sys¬
inflation without interrup¬
ought to inscribe upon their
Mme. de Pompadour:
"Apres
The prophets of pump-priming are
respects like unto them. For five long years
moi, le deluge."
in many
and
more
(for pump-priming began under President
Hoover) the pump was primed day in and day out.
The
original advocates of the policy insisted that
would
it
require only a short time to get the pump
working, yet they now
complain bitterly that the
priming has ceased, and the moment that it was dis¬
continued after more than a half a decade of it we
started
on
the road to another 1932
situation. Are
admit that it may take another
five years to start the pump, and what assurance
can they offer that at the end of the period business
will not again droop as soon as the priming is
they willing now to
stopped?
the
They are silent as to the length of
give absolutely no assurance that it can ever
continued without another depression.
achieved
taxation
during the 1939
fiscal year.
of
There are
the
who not unnaturally
budget.
ministration
the
It is now difficult to see
can
how the Ad¬
consistently accept the advice of
deficit-inflationists, at least in the form
in which
Of course, there are many ways in which
a
real budget balancing can be evaded, among
them the one to which the President has at times
it is
given.
recently seemed inclined, that
is, having expendi¬
being made by the Treasury
through one agency or another and recorded in the
budget, transferred to the accounts of these or other
organizations which would obtain their funds "in¬
tures, which are now
dependently" but with the aid of a
government
obligations. It is certainly quitepossible that in considerable measure the spenders
will prevail, at the same time that the official budget
is not much if any more out of balance than is the
case today.
This seems to us to be one of the
dangers of the moment which nothing yet said or
done by either the President or any of his aides
appears to avert in the slightest.
guarantee of their
Not the Way to
time
be dis¬
such a balance ought
without increasing the burden
doubt whether any such
goal will be reached, but at least the Administra¬
tion is on record (as far as the Secretary of the
Treasury can place it upon record) as determined
to make a serious and sustained effort to balance
many
There is a somewhat
priming ought to continue and of course can
circumstances, and that
ent
Self-Destructive
of
thought
to
Stimulate
different yet kindred school
which, from all appearances, the
Members of this group
President is much inclined.
3094
Financial
would undertake to seek
ways
and
Chronicle
of getting
means
and
ways
private
to
indicated—striking
enterprise and
the
eral
not those
are
shackles
permitting natural
and
vices of
have
interferences—but
forces
no
become
so
ters
tion and
housing
formulation
at
as
are
being written there
to
interest,
In
press appears to
letting down of the bars
which
touches
to
regulation of
but
are
prevented from
doing by
so
of
Such
a
reason
policies of
in
of high
enterprises which without
remains to be
seen
such
special favors
can
real
obviously
hope
lies
of
in
Congress.
There
indicate that any fundamental
in the
thinking
or
business
and
is
little
to
change has occurred
the planning of the Administra-
tion. No evidence exists that the
President will will-
inglv abandon his plans for
governmental
vinced,
has
meddling.
if it
or
can
when
come
it
the
next
more
con-
be fully convinced, that the time
must
do
probability of constructive
during
reform and
more
If Congress is fully
few
its
own
action
months
thinking, the
at
is
Washington
certainly
negligible.
T-t
'
*
i
r>
r»
i
rederai Reserve Bank
a
/""A.
.is
gold
open market,
12
Federal
change is
one
Reserve
hanks,
statement
combined.
of
This
that needs elucidation, and
meantime
subject to various interpretations.
It
is
ques-
tionable whether the addition
merely follows along
the lines indicated on
Sept. 12, when the Board of
Governors of the Federal Reserve
System expressed
an
as
intention of adding to the
open market holdings
an
rency
total
offset to the usual autumn
expansion of
in circulation.
now
is still
As it happens, the
currency
$33,000,000 under the level prevail-
ing when the intention
more
cur-
was
expressed.
likely, therefore, that the latest
It
seems
addition
is
intended to stimulate the
high-grade bond market
through
increases
banks, and by this
of
excess
means to
demand for bonds in
general.
reserves
of
bring about
member
a
greater
In other words, the
siz-
Such is not presently the
that Great Britain and
a
drop of $5,000 in holdings
certificates, with the
891,000.
"Other
showed
emphatic drop, and total
reserves
$2,142,000 to $9,440,280,000.
in
circulation
actual
$4,277,419,000.
banks
are
at
thus
ber bank
reserve
an
more
lowered
were
with
a
lower
the
$7,501,261,000,
account variations consisting of
403.000;
$9,124,-
slightly
$6,740,000
deposits
reported
a
Federal Reserve notes
moved
Total
total
new
cash"
to
regional
with
decline of
the
mem-
deposits by $9,540,000 to $6,879,-
increase of the Treasury general account
to
$139,237,000;
an
increase
of foreign bank deposits by $18,806,000 to $272,742,000, and a drop of other deposits by $17,909,000
,
portfolio of United States Treasury securities
reflected in the current condition
the
is
$10,400,000 to the
some
appears
Reserve banks shows
on
from
AN ADDITION of
that
the recipients of the recent
shipments,
are
to $209,879,000.
o
Statement
European currencies
now appears
base.
currency
balance by $28,411,000
not
is
The current condition statement of the 12
Federal
be
very
now
A movement of
it is.
as
of
industry
change
a
monetary trend.
however, for it
France
persuaded in this way.
The
$20,-
Those countries, like the United
States, hold topheavy proportions of the world's monetary gold,
It
whether holders of funds
as
ease,
or
undertaken.
be
not
of
10.
important respect
great extent, but it
a
it
govern-
program as this would
be
inflationary tactics would
Nov.
the United States
tantamount to
undertaking by essentially inflationary inducements to persuade holders
of existing
inflationary funds to place their funds
course
ended
now are
increase
an
stock could well
drop by enormous
amounts, to the benefit of the world in general, provided the gold were to move to markets that need
proceed constructively
costs and the hazards inherent in
mental interference.
$1,070,000,000,
other
one
market'port-
open
shipments the gold stock dropped $15,000,000 in the
weekly period to $12,789,000,000. Plainly enough,
further
hours and prices—cold comfort
wages,
at
the
able shipments of gold from United States
monetary
stocks also have been made.
In reflection of such
the
for those who would like to
stretch
mark by, the Stabilization Fund
probably was util-
reason
for existing inactivity in building and other types of construction
hints that the Government
may undertake
As mat-
any
of member banks
ized to supply the demand for
security, and governmental guarantee of obligations
and the like.
About the only
report concerning the
matter
by
apprehensions of fresh currency tampering
by the
Roosevelt Administration.
Gold held under ear-
to
as
would be to
fugitive funds to Europe has been in progress on a
broad scale of late, owing in good part to
European
are
given to understand, they call for special
the industry at
artificially low rates of
a general
excess reserves
to be noted in the
said to be in process of
program
radically different from what the
have been
The
estimated
to the nature of the construe-
Washington, but unless plans
course
contended
demands additions to
folio.
000,000 for the wreek
time these lines
the
stand, it cannot be
tion
de-
five years.
or
gen-
If such is the desire of the
of the imagination that the monetary or credit situa¬
distressingly familiar during the
official word
loans
old
same
reopening and expansion of the
make that plain in a public declaration.
exhortation, subsidy, and paternalism that
past four
At
the
are
a
capital market.
Board, then surely the sensible
from
operate free of senseless and crippling restric
tions
is
apparently planned
means
obviously
real aim is
prosperity, but the trouble is that the
own
13, 1937
increase is subject to the interpretation that the
business to work providing employment and creat-
ing its
Nov.
or?
076,000,
The
reserve
tv
80.3%.
*
+
Discounts
while
industrial
$20,000 to $19,332,000.
holdings of United
ratio
dropped to 80.1%
n
fell
A
$3,343,000
advances
to
$20,down
were
The increase of
open market
States
Government
securities
took
place entirely in discount bills, and the total
now
is
$2,536,590,000.
bankers'bills
were
Open
market'holdings
of
unchanged at $2,832,000.
,
Government
s
Cotton Report
ACCORDING to the Nov.
**
this year's cotton
greater than forecast
a
1
cotton
production
crop
will
month earlier.
report,
be
even
An increase
had been generally anticipated, but again the government's figure, 18,243,000 bales, is above any of
the private estimates
and, if realized, will be the
greatest harvest
on
only
bales,
12,399,000
(1928-32),
output
and
14,667,000 bales.
was
produced.
record.
in
1926,
when
Last
the
The
year's
crop
five-year
previous
17,978,000
was
average
record
bales
were
Volume
Previous
that the
Financial
145
almost 10 pounds
1 estimate
Oct.
no
and
35.7
year,
but^the Nov. 1
less than 258.8 pounds
higher than the
an acre
pounds greater than the
previous record yield, made in 1898, of 223.1 pounds
Last year's yield of 197.6 pounds was
acre.
per
comparatively high
the
and
169.9
average
pounds.
(1866-1936)
(1928-32) was
The average yield for the 71 years
was
All of these
the basis of preceding years,
on
for the five years
177.1 pounds per acre.
showing of this year's crop, and it is well to
empha-
nothing but fortuitous
circumstances; it was not planned and
have been
it could not
from
abroad indicate that production
States will also be large this
the United
For this, New Dealers
can claim a large measure of credit, for their interference with the American product has encouraged
perhaps a record high.
year,
IVl
ing to the records of Dun & Bradstreet, were
seasonally
more
September and
higher than
numerous
with the exception of last year,
fewer than in
were
lires
were
than in October, 1936.
any
also
However,
failures in October
October since 1919.
Fail-
have lately shown" a tendency to reverse their
downward trend and rise above the number in the
Thus in the
corresponding month of a year earlier.
and including April,
1935, to
December,
period
f]ie preceding year,
there
was
an
with only
one
exception, when
But from
increase of less than 1%.
May? 1937? to October, 1937, inclusive, three months
had
]iave
more
than
failures
the
corresponding
months of 1936; the increase in May was only 2/10
planned.
Reports
outside
(V tl ERCANTILE insolvencies in October, accord-
1937? each month's casualties were fewer than in
figures demonstrate the remarkable
size that it is the result of
Business Failures in October
indicated
would this year
acre
previous
ieport places the yield at
per acre,
government
harvested
per
far and above any
e
the
of
reports
yield
3095
Chronicle
their output.
13,164,096 running bales had
In October there were 768 disasters with
ber, 25%.
HaMlities of $9,335,000 in comparison with 611
in-
Volving $8,266,000 liabilities in October, 1936; in
September last only 564 firms failed for $8,393,000.
foreign producers to increase
Of the current crop,
but in Augugt it was 8%? and in 0cto_
of 1%?
A
breakdown of the figures indicates that the
increase
over
nearly
last October was spread over
which leaves perhaps a
third of the crop in the fields.
It is therefore only
this portion of the total which is still subject to
weather damage.
However, the weather has been
aP industrial groups, the
throughout nearly the entire territory
since the beginning of this month, and the likelihood
is that less than allowed for, rather than more, has
liabilities compared
ginned up to Nov. 1,
been
dry
very
Ginnings up to Nov. 1, 1936,
damaged to date.
been
1, 1935, 7,743,612
9,882,530 bales, and Nov.
were
hales.
.
#
dropped in the markets after
the issuance of the government's report, but the
losses were more than recovered in the next day
price of cotton
The
or
single exception being the
commercial service division, in which the same number 0£ casualties, 35,
involved $571,000
with $501,000 in 1936. The
greatest percentage increase was in the manufacfliring division, where 172 organizations, with
$3?793?000 liabilities, failed this year in comparison
w^j1 7q5 involving $3,469,000 liabilities in 1936.
Next was the wholesale
~5 casuaities
with
^
Government Crop
In the largest
year.
were
^
^
division, the retail trade,
$3,116,000 liabilities
437 failures with
last month, and 382
Report
trade group, which had 87
liabilities this year compared
involving liabilities of $835,000
fapUres and $1,431,000
there
so*
occurred this year and last,
year>g failures in that group
Jn the
having $2,888,000 liabilities
construction group there were 37
THE November 1nature of the country's crops gives failures, were smaller, amountingyear $424,000 this
evidence that report has indeed been bountiful
bilities only three more than a to ago, and liayields, including cotton, are expected to
14.1% above the 10-year (1923-32) average
5.1% higher, excluding that staple; again ex-
this year;
average
and
eluding cotton, which this year
yield,
extraordinarily high
an
is expected to have
yields willi be
crop
the average for the
Reporting*Board looks
approximately 24% higher than
past four years.
for a number of
The Crop
crops
to reach
record production
and others to come close to
this year
their existing
records.
Board's tabulation is expected
this year than last except
peanuts, which is slightly lower than the Very high
1936 output; two-thirds of the J crops will be larger
this year than the average for the five years (1928-32).
Among the crops expected to reach record size are
cotton, rice, dry edible beans, Louisiana sugar (and
perhaps total production of beet and cane sugar) and
various vegetables, fruits and nuts.
The corn crop forecast has been raised to 2,651,393,000 bushels, about 90,000,000 bushels higher than
a month earlier and nearly 100,000,000 bushels above
Every crop in the
to
yield
the
was
a
greater harvest
Last! year's crop
Although total
above average, output in the
five-year (1928-32)
only
corn
production is
Western
crease
1,529,327,000
corn
average.
bushels.
belt is 18% below average.
in the Eastern
belt is 29%.
The in-
and $573,000 last.
Failures were larger in nearly all the different
geographical division also; the only decreases were
jn the Boston and St. Louis Federal Reserve Districts.
A particularly large increase occurred in
the New York District, where there were 249 casualties this year compared with only 165 in 1936. In
year
'
the Dallas District
there were only 19
failures, but
increase of nearly 100% over
a year ago.
In spite of the large gain in failures in
the New York District there was a decline in the
amount of the liabilities involved. In the Dallas
these represented an
jlistrict liabilities rose on an even
than failures
greater scale
Stock Market
t
.
.
. T
rTlHERE was a pronounced change m mancia
I sentiment this week, owing to s eps y e
which appear to rewillingness to con er wi
business leaders regarding the requirements of the
national position. The change was decidedly^ tor
the better, and to a degree it found reflection in a
more optimistic note on the New York markets for
securities. After further early pessimism, the markets engaged in a spirited advance on Wednesday,
Thursday was a holiday, which provided time for
Washington Administration
fleet a newly-developed
3096
Financial
reflection, and when dealings
day
the
upward
although
modified scale.
on a
week
are
not
gains
are
more
stocks
in
great
showed
resumed yester-
were
again
trend
evidence,
Net changes for the
these
circumstances, but
than
pronounced
in
was
losses,
Chronicle
thereby.
At
time,
one
ling moved sharply
again
thereafter.
guilders also
Utility
.
larger advances than other groups,
Nov.
In
the
bond
United
depressed
showed strength for
Roosevelt
on
regime.
;
from
of
measures
the
Obviously, the utilities have
a
change at Washington.
New York Stock
Exchange
most to gain
Turnover
was more
the
on
than 1,000,000
velopments.
Net changes for the week in
obligations
ury
minute.
were
bonds held close to
the
recognition
encouraged
financial
the
Deal promises of
ing depressions
in
recessions
trade
and
at
markets.
a
All
the
New
be hollow, for sharp
indicated by almost all
are now seen to
business
are
reports.
Administration.
accordingly,
that
The
responsibility
unavoidably upon the
for the latest downturn rests
note,
that
leveling out business and prevent-
industrial
Koosevelt
Washington
again has developed that
'
It
such
is
encouraging to
business
leaders
Swope, President of General Electric; S.
Sloan Colt, President of Bankers Trust
Co.; Robert
Wood, President of Sears, Roebuck, and Henry
Turner, President of Turner Construction Co.,
C.
were
invited to attend
velt, Wednesday,
ing industry.
the
a
conference with Mr. Roose-
on means of
Late
on
the
stimulating the build-
Treasury Henry Morgenthau Jr. declared in
address before the
Academy of Political Science in
New York that the Federal
balanced.
an
budget must and will be
As
legislators gathered in Washington
special session which is to start next Mon-
for the
day, plans
were
laid for modification of the capital
gains and surplus corporate taxes.
indicated that
invited to
of
means
The President
utility company executives would be
Washington for discussions of
ways and
Although caution still is advisable
exercised
and
is
war-
ranted that Mr. Roosevelt and his New Deal
associates were
willing at long last to listen to the voice
of business.
The
hope exists that
tive and obstructive taxes
nated.
can
of the puni-
some
be modified
elimi-
or
More important still, it is now
possible to
believe that
some
way
will be found for
decentralization of government and for
a
a
degree of
capital im-
provement program by industry which would tend
to lift the
country out of the depression.
is far from
The way
clear, of course, and the general atmos-
phere
of caution is justified.
The commodity
position remains dubious, with early declines in
prices offset by later advances.
Foreign exchange
dealings reflected a large flow of capital back to
Europe.
This movement of fugitive funds is
thing but alarming in itself, of course, for it
pears
to have resulted in gold losses by
any-
ap-
a
Brazilian
Bra-
on
zilian external debts would be suspended, tempo-
rarily.
Brazilian issues fell up to 10 points, and
other Latin American bonds also receded. Japanese
securities improved, on the other hand, owing to the
victory of that country at Shanghai,
On
New
the
touched
touched
York
Stock
Exchange five stocks
high levels for the
new
low levels.
new
On
Exchange four stocks touched
45 stocks touched
new
Curb
high levels and
low levels.
new
the New York Stock
while 81 stocks
year
the New York
Call loans
on
Exchange remained unchanged
at 1%.
On the New York Stock Exchange the sales at the
half-day
shares;
sessiou
Saturday
on
Monday they
on
Tuesday, 1,048,770 shares;
shares; Thursday
the
on
was
on
last
on
on
Wednesday, 1,924,150
Armistice Day and
exchanges, and
766,3110
were
1,377,566 shares;
were
a
holiday
Friday, 1,882,930 shares,
On the New York Curb Exchange the sales last
Saturday
shares;
were
on
166,025 shares;
on
Monday, 209,420
Tuesday, 213,245 shares;
406,650 shares, and
on Wednesday,
Friday, 338,330 shares,
on
On Saturday last the stock market opened weak,
points, followed by
in
the final
hour.
characterized the
uncertain
no
change of
Spiritless trading
At
closing
under
way,
fleeted
irregularly lower levels.
displayed
ground.
some
one
to four
material nature
on
Monday
market, and stocks moved in
manner.
but
a
a
notwithstanding
this,
prices
re-
On Tuesday stocks
vigor and moved forward to higher
In the closing hour, however, prices
slightly shaded from the day's best levels.
eral
an
slight rally got
feeling has developed
were
A gen-
among traders that the
government is at last cognizant of the fact
something must be done to prevent further
sions in business, and
on
that
reces-
the strength of this
rea-
soning equity values advanced briskly in Wednes-
day's trading.
two to six
likewise
a
Major issues recorded gains of from
points in
a
strong market.
There
was
corresponding increase in the volume of
trading and
a
well-balanced market obtained.
In
observance of Armistice Day, on Thursday, the mar-
point was reached where ship$10,250,000 gold to France and $5,000,000
England were arranged by the official funds,
toward higher prices was again present, and equi-
our
The
ments of
which
continued to exercise
trol.
Tn
foreign exchange
European centers it
was
one
new
from
of
the
Roosevelt expedients to
downturn in
the
con-
rumored that
fresh devaluation of the United States dollar
be
In the
stabil-
ization fund.
to
the establishment of
on
with prominent issues giving way from
being
everywhere, the conclusion seemed
sharply, after the initial declines.
veloped, Friday,
stimulating the long-delayed capital im-
provement programs of these great organizations.
Secondary
speculative tinge
a
dictatorship and announcement that service
day Secretary of
same
previous figures.
foreign dollar bond section sensational losses de-
as
Gerard
E.
recovered
Treas-
Best-grade corporate
rail liens and other bonds with
was
were
securities
while, but turned uncertain
a
Wednesday.
It
movements
general decline of business and the knowledge
that tax collections will be affected by the new de-
sessions, while nearly 2,000,000
national emergency once
and
the
shares in all the full
traded
francs
Government
shares
were
Swiss
and
market
States
for it is this section that has been most
punitive
the $5 level, but dropped
French
under
the
Tuesday, the pound ster-
on
over
firm.
were
listed
erratic.
13, 1937
a
might
combat the
business, and the outflow of funds
United
States
was
stimulated
mightily
kets remained closed.
Yesterday the inclination
ties in the main closed the session at levels above
those prevailing at the close on Friday a week ago.
General
Electric
39%
Friday of last week; Consolidated Edison
on
Co. of N. Y. at
Elec. at
closed
yesterday at 42% against
27% against 24%; Columbia Gas &
10% against 8%; Public Service of N. J.
at 39 against 35; J. I. Case Threshing Machine at
Financial
Volume 145
100
International Harvester at 70
against 97%;
Sears, Roebuck & Co.
against 71;
at
67 ex-div.
against 64; Montgomery Ward & Co. at 40% against
39%; Wool worth at 39% against 39%, and Amer¬
ican
&
Tel.
Tel.
closed
Union
150
at
Western
against 150%.
yesterday at 30% against 30%
on
Friday of last week; Allied Chemical & Dye at 168
against 159;
I. du Pont de Nemours at 123
E.
against 118; National Cash Register at 21 against
20%; International Nickel at 44% against 43%;
National
Dairy
National
Biscuit
at 15%
Products
Sulphur at 30%
at
against 15%;
against 20%; Texas Gulf
21
against 30; Continental Can at
47% against 47%; Eastman Kodak at 164
against
158; Standard Brands at 9 against 9; Westinghouse
Mfg. at 103% against 95%; Lorillard at
Elec. &
18%;
against
S.
U.
Schenley Distillers at 29% against 29,
Distillers at
toward higher levels
United States Steel closed
yesterday at 59%
Inland Steel
at 65% ex-div. against 64; Bethlehem Steel at 53%
against 49%, and Youngstown Sheet & Tube at 41%
against 39%.
In the motor group, Auburn Auto
closed yesterday at 9% against 10% on Friday of
last week; General Motors at 40 against 39%;
Chrysler at 69% against 69%, and Hupp Motors at
2% against 2%.
In the rubber group, Goodyear
yesterday
closed
Rubber
&
at 23%
ex-div.
United States
Goodrich
at 20 against 19.
The railroad shares show gains
and closed yesterday above the levels reached at the
close on Friday a week ago.
Pennsylvania RR.
closed yesterday at 24% against 22% on Friday of
last week; Atchison Topeka & Santa Fe at 413/4
against 38%; New York Central at 20% against 19;
Union Pacific at 94 against 93; Southern Pacific at
21% against 21; Southern Railway at 14% against
13%, and Northern Pacific at 14 against 12%.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 49% ex-div. against 50% on Friday of
last week; Shell Union Oil at 17% against 18, and
against 22% on Friday of last week;
Rubber at
Atlantic
28% against 27%, and B. F.
Refining at 23%
copper group,
against 22%.
In the
Anaconda Copper closed yesterday at
week; American
Smelting & Refining at 52% against 50%, and
Phelps Dodge at 24% against 22%.
30% against 27 on Friday of last
Trade and industrial
Steel Institute
last week and
reports tell a rather gloomy
Steel operations for the week
tale this week.
ing today were
end¬
estimated by the American Iron and
at 41.0% of capacity against 48.6%
74.0% at this time last year.
first nine months
83.12%, which affords an
indication of the sensa¬
activities.
The current rate
since July, 1935.
is the lowest recorded
of electric energy
For the
of this year the average rate was
tional decline in steel
Production
for the week ended Nov. 6 is re¬
ported by the Edison
Electric Institute at 2,202,-
2,254,947,000 in the
preceding week and 2,175,810,000 in the correspond¬
ing week of 1936. Car loadings of revenue freight
451,000 kilowatt hours against
for the week to Nov.
6 totaled 732,145 cars,
was a
and
decrease
of 27,470
accord¬
of American Railroads. This
of 39,510 cars from the previous week
cars from the similar week of last
ing to the Association
year.
closed
yesterday at 92%c. as against
Friday of last week.
on
New York closed
the close on
Friday of last week.
The spot price for rubber
yesterday was 15.12c. as against 14.68c. the close
on
Friday of last week.
Domestic copper closed
spot price for cotton here in
The
yesterday at 8.14c. as against 7.89c.
yesterday at the dual price of 11c.
and 12c., un¬
week.
changed from the close on Friday of last
price of bar silver yesterday was
In London the
19
13/16
pence per ounce as
per ounce
Friday of last week.
transfers
the
of
matter
the
In
as
against 19 11/16 pence
Friday of last week, and spot silver
closed yesterday at 44%e., the close
on
in New York
this
against 56% on Friday of last week;
Tire
in Chicago
88%c. the close
on Friday of last week.
December corn at Chicago
closed yesterday at 55%c. as against 56%c. the close
on Friday of last week.
December oats at Chicago
closed yesterday at 30%c. as against 30%c. the close
the December option for wheat
kets,
on
23% against 23.
The steel stocks turned
week.
14%;
and National
indicating the course of the commodity mar¬
As
18
Industrial Alcohol at 20%
against 19%; Canada Dry at 15% against
3097
Chronicle
foreign
exchanges,
cable
.$4.98 5/16
London closed yesterday at
on
of last
yesterday
against 3.40%c. the close on Friday
against $4.99 13/16 the close on Friday
week, and cable transfers on Paris closed
at
3.383/4c.
as
of last week.
European Stock Markets
MUCH uncertainty prevailedprincipal European
early this week on
stock exchanges in the
centers, but a sharp rally
financial
sessions
mid-week
the
of
States
a
on
reasonable attitude by the Ad¬
more
ministration toward business.
kets
the
been
have
developed in
reports from the United
All the foreign mar¬
rendered nervous and
sensitive by
happenings in this country. The fear that a ma¬
jor depression is forecast by the recent
in New York was so
stock decline
prevalent in London, last Mon¬
day, that a virtual collapse occurred in some sec¬
tions of the British market. But improvement was
buying move¬
of Secretary
Morgenthau's speech in New York were realized,
Thursday. The Paris Bourse was uncertain at first,
in progress
ment took
but
also
by Wednesday, and a fresh
place when the implications
tended
to
improve as other markets re¬
gained their equilibrium. Even the Boerse in Ber¬
lin followed the course of other markets, although
it is insulated
against events elsewhere by
German authorities.
ful controls of the
China and
the care¬
The wars in
Spain did not affect the markets to any
great degree.
The Brazilian dictatorship and the
debt service would be
announcement that external
aroused concern on the
Brazilian securi¬
ties were suspended on Thursday pending clarifica¬
tion of the situation. Trade and industrial reports
reflect no great changes in the leading European
suspended entirely by Brazil
London
market, where dealings in
countries.
Monday" occurred on the London
Another "black
Stock Exchange as
Almost all
week.
lower, and shares
with
commodities
rubber
shares
dealings were resumed for the
commodities were marked sharply
of companies concerned directly
also plunged. Base metal and
were
ended for the day.
drastically lower as
trading
Gilt-edged issues were marked
slightly lower, while industrial securities joined the
movement to lower levels on an announcement that
the
number of British
51,045 in the last
unemployed had increased
monthly accounting. The London
&3098
Financial
market
trend
was
still
sluggish
Tuesday,
prevalent
in
most
edged issues lost ground,
were
on
uncertain.
departments.
Gilt-
York.
a
Sentiment im-
modest advance took
place in nearly'all groups with the exception of giltedged issues, which again eased slightly. Iron and
steel
shares
favorites
were
Nov.
with the tone mixed.
Movements
were
1937
13,
small in all
departments,
while industrial stocks
Wednesday, and
on
downward
a
Bank for International Settlements
Anglo-American favorites improved
better advices from NeAv
proved
with
Chronicle
the
industrial
Tf UKOPEAN central
-t-4
bankers who comprise the
directorate of the Bank for International Set-
llements apparently concentrated
the international
movements of
their attention
on
fugitive funds, when
securities, owing to reports that steel prices would
they resumed at Basle, last Sunday and Monday,
their monthly official and unofficial discussions,
be maintained in Britain. The
recovery in New York
stiinulated international issues. Little
business was
velt dubbed unwanted funds
done
among
Thursday, owing to the closings at New York
Paris, but the tone was confident. Perusal of
and
the remarks
York
made
by Mr. Morgenthau at the
New
meeting of the Academy of Political Science
encouraged the London views of American
happenings, and a buying movement followed. Gilt-edged
bonds
showed
small
gains, while larger advances
appeared in British industrial stocks. Commodity
issues showed small
also
ian bonds
sion,
gains, and some improvement
Anglo-American equities. Brazil-
noted in
Avas
were
suspended from trading in this
the Rio announcement
on
would be halted.
that
Gilt-edged issues
day, but industrial stocks
debt
ses-
service
firm yester-
were
turned uncertain.
Anglo-
American stocks advanced.
Although
trading
the
on
Paris
all
The
drop at London and the prevailing
disquiet concerning New Deal developments in the
United
States
French
losses
off
Avere
on
generally,
ation
of the
drastically from
dollar
Roosevelt
Wednesday
and
Avas
fied later in the
advanced
advisers.
international securities
The Bourse
Avas
Armistice Day.
its
a
closed
opening
on
modi-
were
Avere
budgetary balance
sizable
net
gains,
Thursday, in observance
rate
international issues
on
The
of
The Bank of France yesterday loA\r-
discount
Trading
that devalu-
French equities and
showed
to
3%
occasioned firmness in rentes.
day, Avith
French
profit-taking. Rentes
on
declarations that
on
tone
International
rumors
buoyant, but the gains
day
were
from 3%%, which
French equities and
irregular.
the Berlin Boerse
nervousness
apparent
sharp declines in London
was
as
a
dull
on
Mon-
result of the
and other markets.
Heavy
industrial issues led the doAvmvard
movement and
of the
some
specialties also showed sizable declines,
Fixed-interest obligations Avere
quiet and steady,
After
Aveak
a
improve
were
on
small.
vorable
losses
market
expected,
gains.
and
Public
this
to
net
changes
were
less fa-
prompted
interest
Wednesday, and the price level
gains
and
Dividend announcements
than
than
opening, Tuesday, prices tended
the German
more
increased
advanced.
on
Small
recorded in almost all groups of
equities,
while fixed-interest
obligations also were firm. The
tone
Avere
on
Thursday
the better
a
point
or
was
atmosphere
optimistic, owing largely to
on
other markets.
Gains of
two appeared in most issues, while
potash
stocks shoAved advanced to 4
remained
firm.
/The
concern
session
points.
German bonds
yesterday
was
quiet,
to various
President Roose-
as
a
is proving
European countries, now that
year ago,
the flow toward the United States has been
reversed,
The outward movement of
United
fugitive funds from the
States is regarded with
considerable de-
a
of equanimity in this country, as a matter of
course, for the undue accumulation of
monetary
gree
gold in the vaults of the Treasury imperils the
very
use of the metal as a monetary base. It is characteristic
that European fears
of
fresh
devaluation
experiments by the Administration in Washington
have occasioned the capital transfers to
Europe,
for it was fear of
European devaluations that
brought about much of the accumulation here in
the first place. The Treasury sensibly set up its
gold
credit and
the
fund
last
currency
Dec.
system
capital flow and its
transfers,
22
to
insulate
our
against the effects of
accompaniment
and any reduction
of
of
gold
that burdensome
fund through reversal of the capital movement is
all to the good.
large
The
and
and
might be attempted again by
his
would be achieved at
any cost.
ered
Avhile
Tuesday, Avith rentes
equities little changed for the day.
issues suffered
Mr.
Rentes
appeared in international issues.
better
Avas
prompted liquidation.
equities
of
inactive
modest
was
Bourse, Monday, prices fell sharply in almost
sections.
The problem of "hot money,"
As the central
bankers
resumed
meetings at Basle, after the long
this
monthly
summer
recess,
problem of "hot money" received close atten-
tion.
Hoarding of gold has been resumed in
London
market, but this is not
bankers at the moment.
and
volatile funds
chances
as
their
of
The tendency of the liquid
is to
to
moA7e
markets
depreciation of currencies
remote.
the
problem to central
a
are
where
regarded
SAAritzerland and Holland, which main-
tained their pre-war parities to the last ditch and
only gave
up
the unequal struggle
a year ago, noAv are
a
little
more
than
the recipients of large amounts
of hot money.
Such funds, deposited in banks and
subject to immediate recall, are receiving special
and deservedly harsh treatment in Switzerland, ac-
cording to
an exposition of the SAviss procedure supplied by Dr. Gottlieb Bachmann, Governor of the
Swiss National Bank.
York
"Times"
A Basle
indicates
ment between
the
banks
in
tion.
Under this
that
central
SAVTitzerland
dispatch to the New
a
gentleman's agree-
bank
suffices
and
to
commercial
cover
the
situa-
agreement, the Swiss banks de-
cline to accept fresh deposits by foreigners and insist that existing sight deposits must be turned
quickly into time deposits of not less than three
months, normal foreign business transactions being
excepted, along with deposits that
dent to the
are
merely inci-
purchase of SAviss securities.
For time
deposits of less than six months the Swiss banks
to make
a
charge of 1% interest,
the banks further agree that
only
on
been
taken
and
they Avill pay interest
deposits for nine months
tions have
per annum,
are
or more.
Precau-
against hoarding of Swiss
bank notes by foreigners.
The
undesirable
capital
and the Swiss counter
movements
measures
in
in
general,
particular,
occu-
Volume
Financial
145
pied the central bankers at Basle almost to the exof
elusion
other
The report to
affairs, it seems.
the New York "Times" mentioned that some
perhaps inevitably so, since nothing the Swiss
and
do
can
foreigners from hoarding Swiss
prevents
currency
est
of the
regarded the Swiss measures as incomplete
bankers
deposits and even to penalize the
short-term
on
The refusal to pay inter-
in other centers.
depositors gained general approval, is was indicated.
The Netherlands also is subject to a heavy
capital funds, but Dr. L. J. A. Trip, Presi-
influx of
Bank,
dent of The Netherlands
that
counter measures are
no
of the United States
scrutiny at Basle,
apparently contented
bankers
the
Problems
considered.
dollar, which currently is sub-
ject to attack, received the closest
but
the impression
gave
with the unofficial conclusion
diate future of the dollar.
themselves
that there is no real
basis for the European nervousness
about the imme-
But even in the central
existed on this
point, since many previous incidents lead to fear
that Washington may again do something unexpected.
"The dollar question," the report to the
banking circles no great assurance
Bank
World
directly as any other bank, for it
as
must decide what to do
but
like many
this gold for dollar banknotes."
gold scare, it is understood,
the
after
about safeguarding its capi-
Once it had them in gold bars,
tal and reserves.
others it exchanged
No decision on the
the bloc of nations desiring new war-like adventures
at the expense of Bussia. The willingness of Italy
to join the pact signed by the Beich and Japan suggests that Berlin really dominates the
question was made known.
matic circles in Borne is most emphatic that the
three governments have reached an understanding,
which may be merely oral, for intimate cooperation
with the fight against
Japanese and German military
attaches attended the signature of the accord by the
Italian Foreign Minister, which lends color to the
assumption that a deeper agreement underlies the
formal text. In Paris the belief prevailed that the
essential agreement is "practical and far-reaching,"
and London was inclined to take much the same
in fields having nothing to do
communism."
view,
European
lp omacy
\ WHILE the fascist nations of Europe were
VV busily enlarging the scope and importance
of their agreements, European democracies continued to blunder along their uncertain diplomatic
course. Close on the heels of the Italian adherence
to the German-Japanese pact against communism,
Great Britain's
The Fascist Bloc
Bome-Berlin
axis, and in view of Chancellor Hitler's known desire for dismemberment of Bussia and of Japanese
aims for expansion at the expense of Bussian domains in Siberia, the pact bodes no good for the
peace of the world. In a Borne dispatch to the New
York "Times" it is remarked that "opinion in diplo-
adds significantly, "affects the
New York "Times"
3099
Chronicle
Foreign Secretary declared on Mon-
day that there is no
fundamental modification of
THE troubled diplomatic waters of the world the British attitude toward France, or of the French
lashed to additional turbulence last
attitude toward Great Britain. Captain Anthony
were
formally joined the pact
Italy
when
Saturday,
Germany and Japan
This treaty is directed against
against communism signed by
on
Nov.
25, 1936.
"international
communism," which the signatories
Just why a solemn diplomatic
combat.
to
agree
arrangement should be necessary
never
has been
Italy added no fresh
and
Galeazzo Ciano affixed
were
information when Count
his signature under those of
Japanese representatives.
the German and
natures
attached
As sig-
to this strange document,
of the three countries
officials
for this purpose
explained by the original signatories,
concerned declared
directed against any
country and is open to all who may wish to
Nothing like the anti-Bed treaty ever before
emphatically that it is not
other
join.
heretofore
has been seen in
the world, for diplomats
have adhered to
realities and have made no attempt
to
formalize
their opposition to an ideology.
In
dictatorship masquerades
under the guise of communism, the widening of the
accord against communism occasioned profound apprehensions. The Soviet regime informed Italy on
Monday that it looks upon the pact as an unfriendly
action, which is directly contrary to the treaty of
Bussia, where a simple
signed in 1933.
Italo-Bussian amity
believe Moscow will
of the
It
treaty of
is,
Italian
Some observers
follow this by a denunciation
friendship with Borne.
of course, the larger implication of the
action that caused concern in Chancelleries
throughout the world.
The agreement was regarded
indication of, or a preunderstanding between the
quite generally as either an
lude
to, a far-reaching
two fascist
ment.
In
a
ment of the
dictatorships and the Japanese
sense,
Bome-Berlin axis, and
Govern-
it represents a distinct enlarge-
possibly also of
Eden emphasized Anglo-French
cooperation in the
of a debate in the House of Commons regarding the sending of "agents" to the insurgent Spanish
General, Francisco Franco. The hopes entertained
by the British Government for American cooperation in world affairs were repeated on Tuesday by
Prime Minister Neville Chamberlain, who addressed
the Guildhall's banquet of London's Lord Mayor.
Mr. Chamberlain insisted, during a review of Far
Eastern affairs, that American influence is an
essential factor for a satisfactory settlement of the
current struggle between China and Japan. United
States participation in the Brussels conference is a
matter for gratification, according to Mr. Chamberlain, who again pledged the "fullest collaboration" of the British Government in the endeavor to
allay the Sino-Japanese animosity.
,
:
British efforts to bring the great democracies
together in a diplomatic sense, and perhaps to guide
their policies, now are a commonplace. In the
course of his Guildhall speech, Mr. Chamberlain
also expressed a desire for improved relations with
"the two great Powers now so closely associated in
what is known as the Bome-Berlin axis." Italian
authorities promptly responded to this suggestion
by hints that Italy would like to put her relations
with England on a basis of permanent friendship.
Diplomatic activities appeared to develop rapidly
thereafter, but the course of the conversations was
not revealed. It was rumored in London, Wednesday, that the question of German colonies was receiving the attention of the British Cabinet, and
it was expected that a special envoy might be sent
to Berlin to review this vexing problem. Contrasting with these halting steps by the democracies
course
3100
fresh
were
Financial
.
diplomatic
by the
moves
Chronicle
dictatorsjiips.
Germany and Poland announced late last week
adjusted.
Government
the Free
City of Danzig
expressed
in
dominated
as
by the Nazis
Poland
well, for
when
kans
appeared,
slavian
that force is futile in
overruled
the other hand, Avhen the Yugo-
on
Premier, Milan
the conferees.
at
Berlin
ports,
EFFORTS at mediation in the undeclared
betAveen
Japan made
great
China and
finally
The German
be
to
China
pied
Avould
The Japanese forces
capital
of
forward and
Shansi
justed.
of
The
this
south of the city on
Hangchow Bay. Moving rapidly toAvard Shanghai, these invading troops forced
retreat
last
Whangpoo
ment.
Avas
Monday from Pootung,
River
from
the
The Chinese defense
abandoned, and
a
International
of
retreat
Tuesday, Avhich quickly placed the invaders in
mand of the
entire
12,000 troops
French
most
retired
of
area
of
peninsula.
Avas cut
these
the
International
defenders
Settlement, but
of
up
Losses
officials of the
battles
iioav
International
are
Settle-
expected both south
for
the
defense
by the Chinese
of
Nanking, the capital,
were
enormous
as
they
re-
in
were
Tuesday
siege of Taiyuan, in Shansi, by an occupathey claimed that not a single Chiremained
alive.
The strong defense
artillery bombardment necessary,
intense
an
and hand-to-hand
ties
on
which
soldier
nese
made
fighting folloAved when breaches
made in the Avails of the town.
were
reported
on
both sides.
The
Heavy casualJapanese
pre-
viously had taken the capitals of Hopeh, Chahar and
Suiyuan Provinces, and the fall of Taiyuan almost
completed the capture of the northern
to
be
desired
by the invaders.
area
known
The occupation of
Shantung, however, remains to be effected, and reports from Tsinan, the capital of that Province, indicated
the
loyalists
on
major battle
.
increase of Japanese
military actmty
surrounding territory. Airplane scouts fleAv
repeatedly over the provincial capital, and preparations
Avere
started to resist
an
invasion of the rich
peaceful province.
military changes
The effect of the
the several mediation proposals
and suggestions remains to be seen.
on
.
Nine-Power
folloAved
now
insurgents
Aragon
has been
noAv
Skirmishes between
were
front,
numerous,
Avhere
the
is expected to take place.
next
Excep-
heavy
Concen-
said to be quite
Teruel, at the southern tip of the Aragon
near
sector.
Avere
Battles
Madrid, for
also
for combat
likely to
are
develop
near
of the insurgent troops released
some
elsewhere
by the capture of Gijon
being moATed toAvard the old capital.
Non-Intervention
Committee
are
The London
to
appears
dropped again into its old apathy, for
have
no progress
reported toAvard the aim of genuine neutrality,
Avas
rumors'that Italy
actually is withfeAv "volunteers" at the request of Gen-
Avere some
drawing
a
eral Franco, who is believed to attach greater importance to the aid of Italian airplanes and tanks
than to the troops who suffered a defeat at Guadala-
jara, early in the
don that British
year.
It
was
confirmed in Lon-
"agents" have been sent to insur-
gent Spain, to care for the extenshre British busiinterests there.
ness
on
The
Cabinet
Avas
questioned
this matter in the House of Commons,
Monday,
but Foreign Secretary Anthony Eden made it clear
that
Avas
diplomatic recognition of the insurgents
no
involved.
France had been kept fully informed
relations
Avith
and
Paris
remained
close
and
ex¬
cedent, Captain Eden declared,
an
hitherto
The
and
the
insurgent troops
in the
and
con-
tionally strong defenses haAre been built up by the
loyalists in this area, hoA\rever, and any attempt by
General Francisco Franco to capture the neAv loyal-
There
Japanese ended
to
reported this Aveek
AA^ere
ist capital, Barcelona, is apt to be costly.
Avith
bitter
developments
neAv
trations of
Far to the north the
a
is "determined
and
treated before the victorious invaders.
tion
China
that
Chi-
Shanghai and along the prepared Chinese lines
set
Generalissimo, Chiang KaiMonday, in the form
The
Fresh
Berlin
course on
arms
was turned into a rout
by Thursday,
Japanese engaged in ruthless "mopping up"
operations
that
occasioned
some
unfortunate
clashes
aloof
safety within the Settlement.
to
up
with the
ment.
Chinese
their
gave
retreat
nese
with
Avhich the conflict could be ad-
on
struggle until justice is reestablished in
especially
com-
A Chinese force of
Tuesday, however, that it
conversations
in progress almost 16 months.
on
off at Nantao, adjoining the
an
on
to
in the Spanish civil war, which
*
Settle-
began
re-
"antici-
Spain
Shanghai thereupon
general
Original
authorities,
part of the Avorld."
"T7EW
the
across
German
to
averse
statement
a
tinue the
position at Shanghai began to change over the weekend, when the Japanese landed important forces
a
The
shek, took
occu-
Province.
be
not
regarding terms
defenders, while in the north
the invaders surged
area
Taiyuan,
was
mediatory suggestion,
progressing slowly.
according
ment made it knoAvn
prog-
the battle of Shanghai, despite the stub-
Avon
born resistance of the
He
Japanese Gov-
pated events too abruptly." The Japanese Govern-
Avar
no
Aveek, but in the military arena swift and
drastic changes were effected.
The
which gained prominence last week, was declared
I
this
settling disputes.
by other countries.
Sino-Japanese War
ress
statement to the effect
a
ernment gave no indication of rushing a reply to
Stoyadinovitch, postponed
Tuesday a projected visit to Germany.
on
Even this colorless
dispute at Brussels, for Gorman
to include in the invitation
A reflection of French influence in the Bal-
day.
re-
II. Davis, the United States representative, wanted
regime
set up in Danzig, Mon-
was
"exchange views"
small number of Powers
a
to be chosen for the purpose.
message occasioned
covers
no concern was
totalitarian
a
invitation to
an
garding the conflict with
The understand-
ing between Berlin and Warsaw apparently
1937
13,
the conference last Saturday sent to the Japanese
a
treaty whereunder the question of racial minorities
in the two countries is
Nov.
an
Treaty conference at
expected course, and
tie promise of success.
After
a
one
Brussels
that holds lit-
prolonged debate,
Brazilian Dictatorship
ORAZIL supplied another instance on
Wednesday
mD
of the deplorable lack of
regard in Latin
America
for
ment.
In
there
seems
ernment
and
by
there
constitutional
all countries
is
trend in the
to be
men
a
as
reason
same
procedure
south
of
the
in
govern-
Rio
Grande
traditional preference for
gov-
against government by laws,
to
believe
direction is
that
the
European
stimulating the Latin
Volume
American
national
due to
With a
tendency toward dictatorships.
electoral
campaign in
displace him
soon as
progress
that was
President, Getulio Var¬
A state of
unwillingness to surrender his post.
was
war
proclaimed
that communists
roads
were
under the claim
ago
undermining the State.
the liberties
on
time
some
of the
In¬
people followed, and
provide
gain
opportunity for European countries to
an
sort of foothold on the American conti¬
some
This
nent.
where
it
suggestion
tion
toward
in
country.
communistic."
day, when
a
The final
Assemblies
election
and
step was taken Wednes¬
with the Federal Congress,
Municipal Councils, brings
European dictatorships
form remains the
have
deftly
been
Vargas model, but the essential
It is
same.
a
highly perturbing
development and one that is occasioning uncomfort¬
able moments in
proclaimed by President Getulio Vargas in a
radio address to the
Constitution with
trimmings that
service
not
are
A new
people of the country.
corporative feature and other
a
reminiscent of the fascist dicta¬
Equally important was a statement that the
exigencies of the situation required the suspension
agreement to replace the four-
an
Aranha plan
year
under way, with all inde¬
were
Aranha
declaration
is
dictatorship
competition,"
011
"Politi¬
external obligations.
Vargas
Dr.
in
declared
his
apologia, "nowadays aims at the domination of eco¬
recommend it.
to
Discount Rates
of|Foreign CentralfBanks
THE discount France on3to Nov. 12 lowered
Bank^of
Friday 3%. The V/2%
from
rate
its
time it
serious likelihood of class
the far more
to
In these circumstances the capacity of the
struggle.
and
peaceful dispute at the polls is transferred to the
field of aggressive turbulence and clashes of arms."
Francisco Campo, newly-appointed Minister of Jus¬
regime
resist
to
disintegration
disappears,
tice, thereafter proceeded to explain the new Con¬
stitution, which was said to be clearer and more
Under it,
President Vargas's tenure of office is extended until
new elections are held, but no date for such elections
specific than the one adopted in 1934.
was
The Presidential term
set.
of office was ex¬
leading centers
are
shown in the table which follows:
Effect
Date
Established
Rate
provides for a consultative council
with half the members to
economy,
represent workers' syndicates and half the
employ¬
ing groups of the country. A new bicameral legisla¬
ture is to consist of a Chamber of Deputies and a
The election of Presi¬
superior Federal Council.
complicated and also more
dents is rendered more
easily subject to control by the incumbent.
In
many
respects this measure by the
President follows the established
adopt all sorts of schemes
American dictators who
the prevailing
to remain in office when
makes
sonal
a.
workers
some
departure advisable from
viewpoints,
new
employers
resembles rather
and for this reason more than
that Brazil
tive
Washington.
ordinary concern was
might
endeavors
go so
with
The fear was expressed
far as to engage in coopera¬
Italy or the Reich and thus
3X
3
June 30 1932
1 1935
2X
Ireland
Italy
Batavla
July
Belgium
2
May
Bulgaria
6
7
2X
Aug. 15 1935
Mar. 11 1935
Chile
4
Jan.
24 1935
4
4
July
18 1933
5
10 1935
Dec.
*x
3.29
Japan
May
Apr.
6 1936
3X
5
18 1936
3.65
4
3
Jan.
14 1937
Jugoslavia.
5
Feb.
1 1935
6X
Lithuania..
..
Java..;
k
Czechoslo¬
5X
July
1 1936
6
4X
3
Denmark
1 1936
3X
Morocco...
6X
Jan.
2 1937
5
Norway
4
May 28 1935
Dec.
5 1936
4
..
Jan.
4
Danzig
Oct.
19 1936
3X
Poland
5
Oct.
25 1933
6
....
3X
4X
England
2
June 30 1932
2X
Portugal...
4
Aug.
Estonia
5
Sept. 25 1934
Rumania..
4X
Dec.
11 1937
7 1934
6
Finland
4
Dec.
South Africa
3X
May
15 1933
4
July
10 1935
Dec.
1 1933
3
Nov. 25 1936
2
3
.
_
Greece
Spain
5
Sept. 30 1932
5
Sweden
2
6
Germany
Nov. 12 1937
4
France
5X
*X
3X
Jan.
4 1937
7
Switzerland
IX
4 1934
Bank of
X
5X
England Statement
THE statement for the week holdings but as this
£56,463 in gold ended Nov. 10 shows
loss of
a
was
attended by a decrease
of £334,000 in note cir¬
culation, reserves rose £277,000. Gold holdings now
with £249,573,-
aggregate £327,935,277 as compared
638
a
Public deposits increased £386,000
year ago.
deposits £935,603.
decreased
which
accounts
The latter consists of
£1,473,791 and other
£538,188.
The
proportion did not change from a week
maining 26.9%;
40.70%.
a
ago
year
reserve
earlier, re¬
the proportion was
Loans on government securities
increased
securities
other securities, £584,722. Other
comprise discounts and advances which
increased
£592,717
£487,000 and
on
securities which
and
fell off
No change was made in the 2% discount
Belowr are tabulated the different items com¬
£7,995.
rule.
pared with previous years:
BANK OF
ENGLAND'S COMPARATIVE
STATEMENT
Nov. 10,
Other deposits
Bankers' accounts.
Other accounts—
Government secure..
Other securities
Disct. <fe advances.
Reserve notes <fe
coin.
Coin and bullion
Nov. 13.
Nov. 14,
1936
1935
1934
£
Circulation
Public deposits
Nov. 11.
1937
Securities
occasioned in
4 X
Nov.29 1935
15 1935
July
4
their own per¬
decree for a council of
Aug. 28 1935
3
India
Mar.
3 X
Constitution
closely
precepts of German and Italian fascism,
and
of the
the
Brazilian
traditions of Latin
2X
4
Hungary...
4 X
3X
Austria
bankers' accounts which rose
document
Rate
2 1936
4"
1 1936
Argentina..
and other
national
vious
2
and the previous pro¬
of
Date
Established
Holland
conspicuously absent.
The
Effect
Nov.12
Country
vious
Nov. 12
Country
Pre¬
Rate in
Pre¬
Rote in
hibition of
second term was
CENTRAL BANKS
DISCOUNT RATES OF FOREIGN
tended from four to six years,
a
Present rates at the
lowered from 4%
was
vakia
way
Sept. 2, 1937, at which
rate has been in effect since
Colombia
forces, and the likelihood of civil strife gives
nomic
be gauged by the
may
suspending external debt service, there
much
not
If the sincerity of the newly-
arrangement.
strengthened
Canada
of all debt service
cal
debt
suspension of external
only in the United States but also in England.
Negotiations for
torships of Europe was decreed in force at the same
time.
The
unquestionably will arouse much concern,
Washington.
sweeping dictatorship established in Brazil
The
was
An embarrassing incident thus will
terminated.
be
siderably more than the modified debt service of the
late
new
Washington for leasing six destroyers to
Vargas all the power of an
Some of the gadgets developed of
despot.
the
State obvi¬
pendent experts agreed that Brazil could pay con¬
a
absolute
fitted to
totalitarian
a
close, and concentrates
campaign to
in the hands of Getulio
in
"subversive and
constitution suddenly was pro¬
new
claimed which does away
State
as
of
ously will do will be to make impossible the legisla¬
that
public libraries and schools
One thing that the new Bra¬
dictatorship.
establishment
zilian
tion
from
European
that
stoutly
ideologies had nothing to do with the sharp turn
declara¬
as a
Brazil,
combated in
was
maintained
was
banning Mark Twain's story of "Tom Sawyer"
lately reached such stages of absurdity
the
3101
Chronicle
displayed in recent months the usual symptoms
gas.
of
Financial
145
to liabilities
15,
£
1933
485,574,000 446,622 473 401 .449,420 378,875,640
15 ,808,545
20,930,142
14,915, 895
30,670,000
127,003,172 139,627, 226 129 ,566,858 134,641,161
90,908.990 98,040, 567 92 ,886,752 97,876,448
36,764,713
36 ,700,106
41,586, 659
36.094,182
103,900,000 80,433, 337 83 ,474,999 79,051.413
29,155,697 28,914, 099 23 ,736,716 20,540,887
11 ,105,268
9,633.589
8,627, 829
8,412.836
10.887,298
12 ,631,448
20,286, 270
20,742,861
62,951, 165 55 ,927,263 73,762,698
42,360,000
327,935,277 249,573, 638 197 ,376,683 192,638,338
369,105,831
47.41%
2%
51.73%
2%
Proportion of reserve
Bank rate...
Nov.
26.9%
40.70%
38.47%
2%
2%
2%
18,728.299
141,065,519
103,988,956
37,076,563
71,163,095
23,709,002
8,556,731
15,152.271
82,676,414
191,782,245
3102
Financial
Bank of France Statement
Chronicle
000
francs, which brought the total
up
310
francs, the highest figure
recorded.
ever
also shown in bills of
An in¬
exchange and checks
and in advances against securi¬
of 293,000,000 francs.
The Bank's gold holdings
showed
change, the total remaining at 55,805,022,187 francs.
Gold last year totaled 64,358,742,no
and
francs
140
Credit
francs.
the
previous
balances
71,322,732,303
year
abroad
declined
1,000,000
francs, French commercial bills discounted, 1,103,000,000 francs and creditor current accounts, 382,000,000 francs.
The
reserve
ratio
is
compared
with
64.46%
two
ago.
The discount rate
years
Nov.
12 from
a
year
3J^% to 3%.
ago
now^51.27%,
and
we
74.40%
lowered
was
Below
FRANCE'S
a
—1,000,000
French commercial
bills
discounted.,
Nov. 6, 1936
Francs
—1,103,000,000
+ 136,000,000
+293,000,000
9,519.041,725
6,352,263,071 7,812,782,742
1,460,728,661
1,249,530,294
3,578,262,960 3,248,372,974
86,718,819,750 82,545,430,115
13,127,663,509 13,318,937.976
946,426,465
4,003,094,364
+ 555,000,000 91,891,934,310
Credit, current accts
—382,000,000 16,944,022,477
Temp. advs. with¬
out Int. to State..
No change
Propor'n of gold on
hand to sight llab.
26,918,460,497 12,302,601,962
—.09%
Includes bills purchased in France,
a
Francs
55,805,022,187 64,358,742,140 71,322,732,303
17,440,156
4,837,395
8,176,232
Note circulation
c
Nov. 8, 1935
Francs
No change
b Bills bought abr'd
Adv. against securs.
51.27%
on
Treasury
changes in rates
no
were
Monday
on
to 127
Call loans
Bankers' bills
recorded.
The
Treasury sold
issue of $50,000,000 discount bills due
an
days, and awards
computed
age,
at times, but
paper
likewise held to former levels.
on
the New
on
made at 0.201% aver¬
were
annual bank discount basis.
an
York
Stock
Exchange
were
1% throughout, and time loans held to l1/4% for
maturities
months'
90
to
days, and 1%% for four to six
datings.
New York
loans
and
74.40%
renewals.
continues'quiet,
this week.
90
Money Rates
on the
the
was
no
^The market for time
transactions having been
Rates continued nominal at
new
money
reported
134%
f°
UP
days and 134% f°r f°ur to six months' maturities.
The
market
for
prime
quiet this week.
and paper
64.46%
at
commercial
has been in fair supply.
continue
paper
The demand has
moderate
been
Rates
quoted
are
1% for all maturities.
b Includes bills discounted abroad,
c Rep
10-billion-franc credit opened at Bank.
1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and
subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept.
26, 1936, there were 65.5 mg.
of gold to the franc,
resenting drafts
was
activity in commercial
ruling quotation all through the week for both
*Nov. 4, 1937
1%.
Money Market
DEALING in detailfrom day toloan rates
-With call day, 1%
Stock Exchange
COMPARATIVE STATEMENT
Francs
Gold holdings
Friday from 3%%
rate remains at
MONEY market sessions inthis week. again were
New York There
quiet and uneventful
modest
on
Changes
for Week
Credit bals. abroad,
New York
furnish the
various items with comparisons for three
years:
BANK OF
on
1937
13,
to 91,891,934,-
of 136,000,000 francs
ties
lowered
was
3J/2% but in Switzerland the
THE statement for in note circulation of showed a
further expansion the week of Nov. 4 555,000,crease was
market rate
open
to
Nov.
on
Since the statement of June 29,
Bankers'
THE volume been
of businesslight this bankers'The de¬
in prime week. accept¬
has
ances
Bank of
Germany Statement
Acceptances
very
mand has been small and the
supply of high class
THE statement for the first quarter of bullion of
November
slight increase in gold and
rates.
30,000 marks, the total of which is
Reserve Bank of New York for
showed
a
now 70,111,000
marks, compared with 64,210,000 marks the corre¬
sponding period a year ago and 87,798,000 marks
two years ago.
in
foreign
was
also recorded in
reserves
currency of
other coin
of
A gain
200,000 marks, in silver and
16,749,000 marks and in other assets
of
23,780,000 marks.
Notes
in
circulation
fell
off
250,000,000 marks, which brought the total dowrn to
5,025,000,000 marks. Circulation last year aggre¬
gated
4,471,501,000 marks and
the
previous
year
3,979,669,000 marks.
Bills of exchange and checks,
other liabilities showed decreases,
advances, and
namely
335,000,000
marks,
8,689,000 marks respectively.
now
1.51%,
2.34% the
compared with
year
3,743,000
marks
The
reserve
1.55%
last
The
Bank is
34% for bills running from 1 to 90 days; %%
to 120-day bills, and 1% for 121- to
180-day
for 91-
bills.
bill-buying rate of the New York Reserve
Federal
The
Gold and bullion
Silver and other coin
Advances
Investments
Other assets
Liabilities—
Notes In circulation
Oth. dally matur. obllg.
Other liabilities
Nov. 9, 1936
Nov. 7, 1935
Reichsmarks
Reichsmarks
market dealers
are
quoting the
No chansre
+200,000
70,111.000
20,055,000
5,903,000
64,210,000
28,093,000
87,798,000
21,034,000
5,014,000
5,444,000
—335,000,000 5,249,921,000 4,640,869,000 3,912,213,000
+ 16,749,000
137,298,000
144,671,000
175,351,000
—3,743,000
39,800,000
29,540,000
42,330,000
397,912,000
533,864,000
660,607,000
+23,780,000
747,474,000
573,888,000
688,902.000
The rates for open
711,480,000
—8,689~ 000
307,530,000
617,751,000
269,243,000
those
as
SPOT
180 Days
Bid
Prime eligible bills.
150 Days
Asked
H
• is
'
M
120 Days
Bid
■
—90 Days
Bid
Asked
Asked
H
»i«
60 Days
Bid
?,«
DELIVERY
follows:
are as
DELIVERY
Bid
Asked
»i«
^
—30 Days
Asked
Bid
Asked
?16
H
7u
X
WITHIN THIRTY
DAYS
54% bid
bid
Discount Rates of the Federal Reserve Banks
THERE have been no changes this week banks.
rediscount
the Federal Reserve in the
rates of
The
for
following is the schedule of
the
1.51%
1.55%
various
classes
of
rates
paper
at
now
in effect
the
different
Reserve banks:
DISCOUNT
2.34%
RATES OF
FEDERAL RESERVE BANKS
288,286,000
692,116,000
Rate in
Foreign Money Rates
Federal Reserve Bank
Boston
New
York
Philadelphia
IN bills Friday market discount rates9-16%
LONDON open
for short
9-16%
against
were
as
on
Friday of last week,, and 9-16% for three months'
as
against 9-16% on Friday of last week. Money
on call at London on
Friday was 34%At Paris the
rates
market acceptances
Effect
Nov.
bills
same
ac¬
Open
reported by the Federal Reserve Bank of New York.
-250,000,000 5,025,000,000 4,471,501,000 3,979,669,000
+ 0.21%
on
holdings of
$2,832,000.
Reichsmarks
Propor'n of gold & for'n
clrcul'n.
Bank's
Eligible non-member banks
Nov. 8, 1937
+30,000
depos. abr'd
Res've In for'n currency
Bills of exch. and checks
Reserve
ceptances remain unchanged at
Eligible member banks
Reichsmarks
curr. to note
asked; for five and six-months, %% bid and 9-16%
asked.
FOR
Changes
for Week
Of which
bills
Prime eligible bills
REICHSBANK'S COMPARATIVE STATEMENT
Assets—
by the Federal
are
before. A comparison of the various
items for three years is furnished below:
change in the
no
bills-up to and in¬
34% bid and 7-16% asked; for
running for four months, 9-16% bid and 34%
cluding 90 days
is
and
There has been
The official quotation as issued
and
ratio
year
bills has been poor.
1H
1
Cleveland
1H
1H
on
12
Date
Previous
Established
Rats
Sept.
2 1937
Aug. 27 1937
Sept. 4 1937
2
May 11 1935
2
2
IX
Richmond.
1H
Aug. 27 1937
2
Atlanta..
1H
IX
Aug. 21 1937
Aug. 21 1937
2
Chicago
Sept. 2 1937
Aug. 24 1937
2
St. Louis
1H
Minneapolis
Kansas City
1H
Dallas
San
Francisco
1H
IX
IX
2
2
8ept. 3 1937
Aug. 31 1937
2
Sept.
2
3 1937
2
Volume
Financial
145
Course of Sterling Exchange I.
3103
Chronicle
entirely to central bank operations.
Private interests
STERLING exchange has This isruling firmer than will notisbe permitted to market gold from Newprivate
been quite contrary to There
York,
time this
free gold export here.
Were
at any
year.
no
seasonal trends customary during the period
of normal
exchange which preceded the World War.
actions
commercial account have had
on
Trans-
practically
nothing to do with the fall in the dollar and the
comitant rise in
con-
sterling although the high price for
foreign currencies did induce commercial selling of
such
units
sterling,
as
The
and belgas.
guilders
interests allowed to export gold, the price at dollar
parity recorded in London
ounce
on
would have attracted
Monday of $35.26 per
an
immense \olume of
Gold is in greater demand
gold from New York.
than dollars in London for the first time since 1933.
The physical
movement
striking evidence of
a
of gold is only rather
trend which has been in pro-
Owing to the
market
sharp advance is due entirely to the operations of gold
gress
hoarders in the London market,
recent sharp declines in the New York stock
prompted by insis-
for the past month or more.
United States dollar would be devalued to the full
and the recession in business activity here, there has
been a movement of foreign funds away from this
50% reduction from former parity authorized by
side, stimulated by uncertainties
tent
originating
rumors
Congress.
Such
tive quarters,
a
on
the Continent that the
reduction, denied in all authorita-
would if effected bring the American
caused
intense activity in the London gold market, with the
result that during the week the London price for gold
gold price to $41.34
on
per ounce.
the basis of dollar parity
and $35.26
there
was
The
rumors
ranged between $35.06
On Thursday, Armistice Day,
an ounce.
The range for
market in New York.
no
sterling this week has
been
$5.03 for bankers' sight bills,
of between $4.96 and
between
between
a range
The
$4.99% last week.
for cable transfers has been
and
$4.98%
compared with
range
and
$4.98 3-16
policies of the Federal
as
to the monetary
Government, and by the
known fixed policies of the London authorities,
With the exception of rather heavy movements of
funds into Holland, Belgium, and Switzerland,
hardly any of the money withdrawn from the United
States sought refuge in its own national domicile,
Extremely little went to France. Most of the dollars
sold went temporarily either into short-term British
Government issues or British municipals or vent to
buy gold and British banknotes in the London
market.
The Federal Reserve Board's survey of business
large volume of
conditions published in November was regarded as
particularly significant in view of the current weakness of the dollar in foreign exchange markets. The
Board said that a factor in the withdrawal of private
balances in October was the repatriation of French
refungee funds which followed the local elections in
France. Substantial amounts, the Board said, have
also moved to other countries. The outward movement appears to have been in part a consequence of
the fact that foreign balances here had increased to
an abnormal volume when gold dehoarding was at
its height during the spring. The Board said that
the withdrawal of balances by private interests began
in mid-September, although the first movement was
obscured by the fact that foreign central banks were
transferring funds here.
"While in the second quarter of this year," the
Board said, "the increase in the country's monetary
gold stock, including that from domestic production
and from imports, was at the rate of about $60,000,000 a week, and in the third quarter at the rate
of about $30,000,000 a week, by the middle of
October, the growth from foreign sources had laregely
ceased."
The Board stated further; "Withdrawals of private
balances were in sufficient volume to offset trade and
service items which, in view of the autumn surplus of
merchandise exports and the seasonal decline in expenditures of American tourists abroad, tended to
draw gold to this country.
Purchases and sales of
American securities by foreigners played little part
in the movement."
"While the accumulation of private balances
largely ceased with the close of the spring movement,
the building up of dollar reserves by foreign central
banks continued unabated and was a leading factor
in the gold inflow to this country during the summer
the
London open market are undoubtedly due to sharp
competition among European hoarders.
United
States gold export transactions will be confined
months. Foreign bank deposits with the .Federal
Reserve banks, which had increased from $71,000,000 at the end of March to $157,000,000 at the
end of June, reached a peak of $287,000,000 on
Oct. 6; and during the same period foreign central
$5.03 1-16,
compared
with
a
of
range
between
$4.96 1-16 and $4.99% a week ago.
A feature of the
been
foreign exchange market which has
continuously present for
the persistent
more
than
a
month
was
heavy offerings of American dollars in
the London market
mainly for Continental account,
According to British dispatches, the British control
made
only spasmodic attemps to support the market
owing to the large volume of dollar offerings.
On
Wednesday, Nov. 10, the Treasury announced
$5,000,000 of gold will be shipped to England im-
This is the first shipment to England
mediately.
since
On the
May, 1934.
gold left New York
first export
years,
March
on
same
day $10,250,000 of
the Normandie for France, the
of gold from this country in nearly two
except for a small shipment to
2,
Holland
on
These gold shipments were not
1936.
responsible for the spectacular rise in sterling exchange
and
had
activities, but
the exchange
no
relation to strictly exchange
induced by secret operations of
were
equalization funds.
Though the shipments caused much speculation
as
to the
probable extent of the outward gold move-
substantial
The
underlying unrest, uncertainty, and lack of confidence
ment,
it
is
hardly probable that
exodus is in prospect on
any
the present movement.
occasioned the heavy inflow of gold
abroad which
during the past
have not changed in any respect,
year
although it cannot be denied that international
conditions have
trade
improved in most of the European
generally
trade is
undoubtedly apparent in England, Scandinavian
countries, Holland, Belgium, and to a smaller degree
countries, and to a greater extent than is
understood.
in France
tries.
This
and
aspect of international
some
of the other Continental coun-
But confidence in the
tion is far from sufficient to
general European situadraw
a
gold from the United States.
The
high dollar values of gold on offer in
Financial
3104
banks also
placed substantial amounts in the
market in this country.
banks
had
which
Recently
previously
contributed
•
United States have been accumulating
account."
own
On Nov. 8
revealed
held
their
on
United
the
that
His remarks
were
taken
United States stabilization fund
capital by "an exchange of earmarking
both sides of the
Atlantic," but this method has
and
"exhausted"
been
necessary
actual
believed to have reached $150,000,000,
transferred to
practically all
foreign central banks.
London
vast accumulations of investment
are
in London waiting opportunity for employ¬
money
Call money against
ment.
at
)4%-
bills is in supply at all
Two- and three-months'
bills
are
9-16%, four-months' bills 19-32%, and six-months'
bills
All the gold
23-32%.
market
open
destination.
this
week
offer in the London
on
taken
was
for
unknown
Most of it is believed to have been taken
for account of private
fixing hour there
£1,078,000,
on
£505,000.
On Saturday last at
available £822,000,
Tuesday £1,036,000,
on
£585,000,
was
hoarders.
Nov. 12___140s. 4d.
BY THE UNITED STATES
RESERVE
Saturday, Nov. 6_
Wednesday, Nov. 10-___—-S35.00
Nov. 11
Holiday
$35.00
35.00
-
Thursday,
35.00
Nov. 8
Monday
on
Wednesday
on
(FEDERAL
BANK)
Friday,
35.00
Nov. 12.
Referring to day-to-day rates sterling exchange on
Saturday last
close.
transfers $5.00
reached
a
firm, strongly
was
Bankers'
sight
On Monday sterling
1-16@$5.00)4high for the
new
from previous
up
$5.00©$5.00 5-16; cable
was
The
year.
was
range
$5.01)4®$5.03 for bankers' sight and $5.01 9-16@
$5.03 1-16
United
cable
for
States
slightly.
$5.01)4;
cable
On
dollar showed
$4.98)4® $4.99;
$4.99 1-16.
On
$4.99 3-16
was
$4.99)4® $5.00)4.
were
trading.
cable
strength but
some
Bankers' sight
Closing
pound
$4.99)4®
was
Friday exchange
reduced
with
easier
On
the
$4.99%@$5.01 7-16.
Thursday, Armistice Day, there
in New York.
the
Tuesday
and
sight
Bankers'
still firm.
wras
On
firmer
was
transfers
Wednesday the
sterling
transfers.
dollar
@$5.00)4 and cable transfers
market continues extremely
money
and there
times
are
Nov. 11___1403. l}4d
Friday,
PRICE PAID FOR GOLD
receded
gold losses during the past six weeks
through transfers of gold held earmarked abroad
easy
now
shipment of gold is
to meet further demands at this time.
American
The
on
Wednesday, Nov. 10-140s. 2d.
Thursday,
-140s.
Tuesday, Nov. 9
States stabilization fund
currency.
Nov. 8
Tuesday, Nov. 9
Monday,
during previous weeks been meeting the with¬
drawal of
Monday,
Secretary of the Treasury Morgenthau
to indicate that the
had
gold
"-A;
A
foreign
no
the
funds and consequently of gold to the
movement of
140s. 4d.
140s. %<1.
Saturday, Nov. 6_
to
1937
13,
LONDON OPEN MARKET GOLD PRICE
money
of the central
some
Nov.
Chronicle
London
was
sight
Bankers'
was
$4.98 3-16@
transfers
quotations
market
was no
on
Friday
on
were
$4.9834 for demand and $4.98 5-16 for cable trans¬
Commercial
fers.
day bills at
sight bills finished at $4.98, sixty
$4,97 5-16, ninety-day bills at $4.97,
documents for payment
(60 days) at $4.97)4, and
Cotton and grain
seven-day grain bills at $4.97%for payment
closed at $4.98.
'
£440,000
Thursday
At the Port of New York the
the week ended Nov. 10, as
and
on
Friday
gold movement for
reported by the Federal
Reserve Bank of New York, was as follows:
Exports
None
258,000 from India
FRENCH francs week,on balance only slightly
are although the franc shared
firmer than last
the
reached
Monday
Net Change in Gold Earmarked for Foreign Account
with
relation
reached
$734,000 total
by the
week's range was
Decrease: $1,125,000
Note—We have been notified that
received at San
approximately $19,596,000 of gold was
came from Japan and
Francisco, of which $19,363,000
above
was
issued.
On
are
for
the
week
Friday, $122,500 of gold
India, there
ended
were
no
no
was
on
report
rediscount to
was
highest
3.42)4 cents
range
in
on
point
and this
between 3.3834 and 3.42)4?
as com¬
of between 3.37 and
received
exports of the metal,
futures
fund,
as
indicated in the
daily Treasury statements issued during the week
Wednesday,
was as
are our own
follows.
The day-to¬
calculations:
are
a
francs is
at
a
showing
week
Amount
FUND
Daily Change
Nov.
4
$1,272,305,384
5
1,272,394,024
+88,640
Nov.
6
1,272,403,890
or
8
1,272,414,142
+10,252
Nov.
9-
at
French
two ago,
but the discount
future
on
sufficiently wide to indicate that there is
On Nov. 8,
when sterling
was
highest, 30-day francs in terms of the dollar
a
discount of two points
no
the underlying monetary
at
were
under the basic cable rate,
+9,866
Nov.
its
the dollar, dollar
slightly improved tone from
a
substantial improvement in
+$93,606
Nov.
pressure on
premium in other currencies.
situation of France.
GOLD HELD IN THE TREASURY'S INACTIVE
Date—
that of
are
The latter rate had
only since Sept. 2, 1937.
Despite the so-called
change in gold held earmarked for foreign account.
Gold held in the inactive
3% from 334%-
been in effect
futures
day changes
the
$5.03 1-16,
franc
move
sterling
3.40)4 cents.
or
ended last
When
On Nov. 12 the Bank of France reduced its rate of
figures
Wednesday. On Thursday, Armistice Day,
from
agreement
currency
sterling.
pared with last week's
$233,000 from Australia.
The
upward movement of
Despite the tripartite
majority of the world's currencies still
close
$476,000 from Australia
Foreign Exchange
with all the other units in the
sterling.
GOLD MOVEMENT AT NEW YORK, NOV. 4-NOV. 10, INCLUSIVE
Imports
Continental and Other
1,272,421,328
Net Decrease for
+7,186
1,257,423,912
Nov. 10
while
90-day francs
were
-*14,997,416
The
shipment
a
of $10,250,000
United States to France
Week Ended Wednesday
at
discount
on
Nov.
Canadian exchange during the week was steady.
noted above in the
resume
Montreal funds ranged between a premium of 3-64%
largely by the spread of unfounded
dollar.
The
rate
premium of 9-128%.
following tables show the
on
-Paris, the London
and the price
open
mean
London check
market gold price,
147.17
j.147.10
Wednesday, Nov. 10
Thursday,
Nov. 11_
Friday,
Nov. 12
a
147.08
if
come
from
147.08
147.15
few days
ago
rumors
relation
which,
of
as
induced
a
lower
French Finance Minister
Bonnet told the Radical Socialist party in convention
at Lille that
that
MEAN LONDON CHECK RATE ON PARIS
147.11
Only
gold would
York to Paris.
paid for gold by the United States:
Saturday, Nov. 6
Monday, Nov. 8._.
Tuesday, Nov. 9._
no
of sterling, were
and
a
seven
of gold from the
10 had
to the withdrawals of funds from this side
$14,787,866
of
points.
in the
such
It
was
soon
be shipped from New
widely commented at the time
shipments should
occur,
they would
gold earmarked by the French authorities
course
of equalization operations
and would be
Volume
withdrawn
physical form rather than by book
in
in order
transfer
evidence
Financial
i
145
the
that
give French nationals
to
franc
situation
tangible
improving.
was
exchange on Czechoslovakia at 3.51
against 3.50J4;
on Bucharest at 0.74, against 0.74; on Poland at
18.95, against 18.95; and on Finland at 2.21, against
2.22. Greek exchange closed at
0.91%.
gold shipment from the United States was given
The
publicity in the French press in the ex-
the widest
3105
Chronicle
0.91%, against
*
—♦—
,
,
T^XCHANGE on the countries neutral during the
A slight improvement in the French situation has
I—j war is extremely firm, due largely to the symin fact occurred recently.
The French index of
pathetic relation of these currencies with sterling,
wholesale prices on Oct. 30 stood at 611, against 620
although the Holland guilder and the Swiss franc are
pectation that it would have an excellent
logical effect.
Oct.
on
,
■
,
,
Sept. 12, 1936, before the devaluation
the figure was
A few
I*
days
the Treasury
independently firm.
mind that on
It should be borne in
16.
psycho-
.
During the week ended Nov, 8 the Bank of The
Netherlands increased its gold holdings by 40,000,000
guilders, bringing its total holdings to the highest
level in its history, at 1,394,600,000 guilders. The
increase in the gold holdings reflects the movement
of capital into Holland recently which has caused the
Dutch exchange control to acquire considerable
amounts of foreign currency, mainly sterling and
dollars. Under the terms of the tripartite currency
agreement, to which Holland is an adherent, such
foreign balances may be converted into gold. Current
holdings compare with 569,900,000 guilders a year
ago, representing an increase of 824,700,000 guilders,
of the franc,
400.
ago the Finance Minister declared that
should be able to meet all expenditures
1937 without resorting to
Bank of France.
He
did not say, however, whether the sterling credit of
the railways amounting to £40,000,000, of which the
first instalment matures on Dec. 1, will be repaid or
renewed. According to late Paris reports the Government contemplates the
partial repayment of the
credit.
This can be done, Paris advices say, without
of
balance
during the
borrowing from the
further
the stabilization fund,
Swiss loan are
fund continues to benefit from the
impairing the resources of
especially
or
the proceeds of the recent
as
available and the
flight from the dollar.
The bulk of the French funds withdrawn from New
confidently asserted, was
York in recent weeks, it is
reinvested in sterling
145%. The Dutch ratio of gold to total sight
liabilities stands at 85.3%.
The increase in its gold reserves during the past
year gives Holland the fourth largest of the published
central bank gold reserves. It is exceeded only by
the United States, England, and France. A year
and in gold.
the Dutch reserve ranked ninth in size, being
exceeded also by Belgium, Switzerland, Spain,
Argentina, and Japan.
,,,
The Swiss franc, like the Dutch guilder, is also
strong, with future francs at a premium. Internafutures are at a discount of about 334 points under
national capital is again moving into Switzerland,
spot and 90-day belgas are at 9 points discount,
but the National Bank of Switzerland has adopted
There has been some movement of French and other
measures to prevent Swiss banks from being flooded
funds from Belgium recently to Switzerland and
with foreign funds and the Swiss National Bank with
Holland. The weakness in the belga is due to internal
unwanted gold. No new foreign deposits, it is underpolitical uncertainties.
The banking position is on stood, will be accepted, and a 1% penalty comthe whole extremely satisfactory.
On Nov. 4 the mission will be charged on foreign deposits of less
gold stock of the National Bank of Belgium stood at
than six months. The gold stock of the National
3,343,700,000 belgas, while the bank's balances
Bank of Switzerland now stands at 2,708,400,000
abroad stood at 1,256,200,000 belgas.
The Bank's Swiss francs, and the ratio of gold to notes at
ratio of gold to notes was 76.79% and its ratio of
190.89%. The ratio of gold to total sight liabilities
gold to total liabilities was 68.60%.
is 83.88%.
The following table showrs the relation of the
Bankers' sight on Amsterdam finished on Friday
leading European currencies to the United States
at 55.30, against 55.27 on Friday of last week; cable
dollar:
transfers at 55.30, against 55.27; and commercial
0lparittr Nparity0llar
Th^week
sight bills at 55.24, against 55.21. Swiss francs
(franc)
3.92
6.63
3.38K to 3.42^
closed at 23.07 for checks and at 23.07 for cable
S
X8.91
SM'Kg transfers, against 23.22 and 23.22. Copenhagen
Belgas continue to show firmness
in keeping with
ago
leadership of sterling. Par of the belga is 16.95 cents and
the range this week has been between 16.97 and
17.0934 for cable transfers. However, belga 30-day
the other European
currencies, following the
b France
£ 53*checks 11m
finished ** 22M and cable transfers at 22.24,
against 22.33 and 22.33. Checks On Sweden closed
HoiSa^iidrt.;:::::: 23
a
New dollar
between
devaluation of the European currencies
and Oct. 3,1936. b The franc cut from gold and allowed
parity as before
Sept. 26
to "float" on June
Friday of last week.
sight bills on the French center
3.3834, against 3.39% on
Antwerp belgas
closed at 16.9734 for bankers' sight bills and at
16.9734 for cable transfers, against 17.03 and 17.03.
Final quotations for Berlin marks were 40.3534 for
bankers' sight bills and 40.35% for cable transfers,
in comparison with 40.3134 u-nd 40.3334*
Italian
lire closed at 5.2634 for bankers' sight bills and at
transfers at
3.38%, against 3.40%-
5.2634 for cable transfers,
Austrian
schillings
against 5.27 and 5.27%.
18.90, against 18.85;
closed at
■
. —
,
..
\ '3
.
,
25.77
or
..
and 2577; while checks on Norway finished at 25 04
Paris closed on Friday
In
finished at
Friday of last week; cable
147.21, against 147.15 on
New York
and cable transfers at 25.69, against
■
The London check rate on
at
at 25.69
30.
■
and cad)le transfers at 25.04 against 25.12 and 25.12.
SPamsh Pesetas are not cluoted ln New York"
1
H'XCHANGE on the South American countries is
Hi generally firm. The radical change in the
Brazilian Government is expected to have an un-
favorable effect upon the immediate exchange situation, though nothing can be predicted with respect
to the months ahead. On Nov. 11 the London
Stock Exchange temporarily suspended dealings in
Brazilian bonds as a result of the speech of President
Vargas made on Nov. 10 on his new authoritarian
3106
Financial
constitution.
External
bond
of
issues
Brazil
have
frequently remained in default foryvarying periods of
because
years
of
inability
foreign exchange.
Brazilian
It is estimated that the external
bonded
000,000,
of
sufficient
acquire
to
debt
which
amounts
about
to
$171,000,000
$760,-
paper
pesos
closed
Friday, official
on
quotations, at 33.22 for bankers' sight bills, against
Friday of last week;
on
33.22, against 33.30.
close
completion of legislation
gins in January.
however, will
and
cable
The unofficial
transfers
or
at
free market
29.70@29.75, against 29.65(5*29.80. Bra¬
was
zilian milreis, official rates, were
8.90, against 8.92.
The unofficial or free market in milreis is
5.55@5.88,
against 5.55(5*5.65.
Chilean exchange is nominally
quoted at 5.19, against 5.19.
Peru is nominal at
25% against 25%.
no
of
new
are
closely allied with sterling and reflect
the firmness of
yen
exchange
on
London.
The Japanese
continues to be pegged to sterling at the rate of
Is. 2d. per yen.
Strong
Japan to eliminate
sion which has
opposition to
ment's program for the drastic
the
Govern¬
regulation of industry
and finance.
Closing quotations for
kong
closed
at
on
checks yesterday
yen
Friday of last week.
313-16@315-16,
were
Hong¬
against
31.24@
brought pretty much the whole New
coming session and the following
more
at any
case
look
as
particularly
will
be
found elsewhere
a
asked to
consider, and
in
the
legislation
popularly
Black's
stands
called
months which have
four years:
1937
1936
£
England
France
Germany b_
Spain
Italy
Netherlands
Nat. BIeg_.
Switzerland.
Sweden
Denmark.
£
327,935.277
293,710,643
2,502,800
c87.323.000
a25,232,000
112,887,000
96,494,000
78,269,000
26,036,000
6,547,000
_
Norway
1935
6,602,000
1934
£
249,573,638
£
197,376,683
570,581,858
3,303,650
90,329,000
42,575,000
49,066,000
98,553,000
46,707,000
391,871.164
1,815,850
88,092.000
42,575,000
47,491,000
104,714,000
80,766,000
24,243,000
6,553,000
6,603,000
1933
without
£
192,638,388
191,782,245
640,147.807
17,432,550
90,427,000
76,228,000
74,445,000
77,501,000
61,691,000
14,189,000
90,647,000
66,712,000
73,547,000
73,941,000
68,229,000
21,349,000
15,685,000
7,336,000
6,555,000
6,602.000
Congress,
There is
»
aum/uuw
6,576,000
1,044,297,652 1,132,998,191 1,255,542,133 1,257,816,602
1,061,618,683 1,044.138.843 1,137,155,545 1,258,221,814
1,261,174,432
ucm
oi,
latest/
li&urc
avauaoie.
o
ijroiu
Bank of
Holdings
oi
tn©
Germany are exclusive of gold held abroad, the amount of which 1s now
reported at £1,002,750.
c Amount held Aug. 1,
1936, the latest tigure available
The gold of the Bank of Franoe was revalued
on July 23,
1937, at 43 milligrams
of gold, 0.9 fine, equal to one
franc; this was the second change in the gold's values
within less than a year, the previous
revaluation took place on
Sept.
26.
labor
does
the other
Congress
ing the short session which
the
more
mands
not
will
exact
begin next week.
elapse between
opening of the session and the Christmas
zation to attend to, the
no
details of
holi¬
organi¬
period is too short to permit
turning out much legislative product.
a
powers
Fed¬
over
any
remedy the evils of excessively low
bill
Mr.
Unless
hours.
bill that is both
a
more
There still remains,
on
feeling that something should be
a
wages
Roosevelt de¬
comprehensive and dras¬
have committed himself to the
provisions of
a
the
bill)
Black-Connery
and
strongly to obtain it, the prospect is
which
will go little farther
scription of minimum
with
the
than
a
pre¬
Department of
Commission.
If the
and maximum hours,
wages
its
of
enforcement
requirements intrusted to
Labor
or
the
Federal
Trade
hostility between the American
Federation of Labor and the Committee for Indus¬
trial
Organization is not ended, it is possible that
this
even
attenuated
form
of
Federal
regulation
fail of support.
The
violent
controversy between
the two
For the
legislation which either of them
labor
may
any
desire.
complaisant attitude which Mr. Roosevelt has
assumed
toward
this
labor
warfare
has
irritated
Congress, and labor influence with members of that
body has obviously declined.
seems
days, and while there will be
regulations to
unlimited
to want the bill
appear
hand,
exerts himself
other
than five weeks will
at all for the proposal
organizations just named is likely to prevent
improbable that much legislation of special
Not much
any
well-nigh
tic (he seems not to
The
Coming Session
importance will be completed by the Congress dur¬
of
with
exhausting
may
It is
a
hours which the bill at first
employers desire it.
£1.
of
undergone
1936,
when the gold was given a value of 49
milligrams to the franc as compared with
65.6 mg8. previously. On the basis of 65.5
nigs., 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
The Work of the
has
longer much evidence
no
7.397,000
6,580,000
Total week. 1,063,538,720
Prev. week.
In the
measure was
industry and business of the country. Organized
than
for
it is
for the far-reaching and drastic regula¬
board
eral
and
657,317,895
2,848,000
as
Senator
"must" list.
new
elapsed since that
to commit enforcement of the
done to
Banks of—
for calling
introduced, however, opinion regarding it, both
of support
the
wages
upon
reason
Supreme bench, naturally
the head of the
us
are
emphasis
prime
notwithstanding
elevation to the
near
seems
■
as a
tion of either wages or
by special cable yesterday (Friday); comparisons
shown for the corresponding dates in the
previous
issue, but there is
number of them it
on a
contemplated, and hardly
to
much of the out¬
coming session, the Black-Connery bill,
change.
exchange) in the principal European banks as of
respective dates of most recent statements, reported
so
this
In view of Mr. Roosevelt's
and hours
and
of
will be molded
taxation and finance
concerns
practically certain to act.
marked
par
one
long list of other matters which Congress will be
first
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at
signs
time since Mr. Roosevelt
A consideration of
within
European Banks
gratify¬
are
by Congress and less by the President than
29
Gold Bullion in
debate, and there
fail, the legislation that will be enacted during the
31 %;
Shanghai at 29%@29%, against 29%@
23-32; Manila at 50 3-16, against 50 3-16; Singa¬
pore at 58 9-16 against 58%; Bombay at 37.64,
against 37.74; and Calcutta at 37.64, against 37.74.
recess, more¬
ate and House to Executive domination. Unless
still
29.05, against 29.12
During the
ing indications of increased opposition in both Sen¬
being taken in
measures are
all
from the previous session,
bills that will be introduced,
new
Deal program under
has been the
EXCHANGE on the Far Eastern countries presents
features
importance.
Most of these
A number of important measures,
come over
the business depression has stimulated discus¬
over,
took office.
currencies
shall, in most cases,
we
full calendar.
a
1937
13,
longer regular session which be¬
these, with the
will make
Argentine
Nov.
have to await the
dollar
represents
bonds.
33.30
Chronicle
little
reason
to
cation of the Wagner
Act, notwithstanding the
disadvantage which it imposes
the
demonstrated
Unfortunately, there
expect any important modifi¬
upon
ineffectiveness
of
gross
employers and
collective bar¬
gaining in preventing labor disputes.
The country
Volume
must still
Chronicle
Financial
145
decides to call a halt in the general program
(a decision which it may find it difficult to make in
endure, apparently, the operations of the
gress
National Labor Relations Board and its increasing
view of the Congressional elections next year) the
coming sessions will probably see Federal control
assumptions of authority. It is possible, also, that
another Federal board for labor may
3107
be added. The
extended to wheat, cotton and corn, and perhaps
also to tobacco, in the vain effort to adjust production to estimated consumption.
time labor, of course, is in a class by itself, and the
Mr. Roosevelt's intimation, at his press confershocking conditions" which the Commission has
ence on Tuesday, of a more friendly attitude of the
found in the merchant marine service, and of which
Government toward public utility companies if the
shippers and travelers are well aware, certainly
companies will agree to a radical change in the
call for prompt remedy. Since the proposed board,
method of valuing their properties for rate-making
however, if established, would have no jurisdiction
purposes, does little to clear the air. As between
over collective bargaining, the possibility of strikes
valuation based upon original cost less depreciaand other disturbances due to wage controversies
tion, and valuation based upon reproduction cost as
does not seem to be lessened by the proposed inter, determined by ideas of "prudent investment," there
vention of another Federal agency. The example
is difference of opinion among experts. The action
of the mediation board provided for in the Railway
of the Supreme Court in setting hearings for this
Labor Act is hardly conclusive, since there is a
week on the Pacific Gas & Electric Co. case, in
striking contrast between the highly trained emwhich the Federal Power Commission seeks a reployees of the railroads, with their marked sense of
versal of previous decisions and acceptance of the
responsibility, and the ill-trained and irresponsible
"prudent investment" theory of valuation, foreelements that predominate in the American mershadows an early ruling which may determine the
chant marine. If the creation of the proposed board
Administration's course, but a decision favorable
shall appeal to Congress as necessary or desirable,
to the Government and its acceptance by the utility
its field of jurisdiction will need to be defined with
companies would not free the companies of difficulspecial care, since of all disputes in labor organizaties if Federal competition in the production and
tions those over questions of jurisdiction are likely
distribution of power is to go on as it has been
to be the most bitter and most prolonged.
planned.
The Commission's report, an encyclopaedic surRealization of the fact that the fund which is
report of the Maritime Commission, made
public
Tuesday, recommends the creation of a board to
deal with controversies in maritime labor. Mari-
on
production, if not over the sale, of other farm products.
If the opinion of the Supreme Court is re-
being accumulated under the Social Security Act
exists, for the most part, only in Treasury bonds,
and that receipts from the States are being used for
current expenditures has left the measure of actual
security provided by the Act for old age or unemployment seriously in doubt, but Mr. Roosevelt was
reported on Tuesday as thinking it best to wait un¬
til time should show how the system would work,
The opposition which developed during the last session to the demand for a sweeping reorganization
of the Executive departments has not abated, and
while some minor consolidations may be made, the
complete financial control which the proposal would
place in the hands of the President should beyond
question be refused. The plan for the creation of
regional planning districts slumbered during the
past session because of the absence of Senator Norris, and Mr. Roosevelt's advocacy of the scheme during his western tour has apparently done nothing
to commend it. With "planning" of all kinds more
than ever on the defensive, the scheme will need
much more support than anything that has been
said about it in either house suggests. There should
be no illusions, however, regarding Mr. Roosevelt's
attitude toward his general program. None of his
main objectives has been abandoned, and while politieal expediency may dictate some yielding in regard to methods, the objectives remain. The hope
of relief, accordingly, lies in the growth of solidarity in the opposition, and the willingness of Congress to recognize, in considering the legislative
proposals that will come before it, the pronounced
hostility to financial extravagance and further extensions of Federal encroachment which is taking
form rapidly in the country. -With intelligent and
persistent effort the control of legislation which
direct establishment of production
avoided and processing taxes will be
technically different form, but unless Con-
rightfully belongs to Congress, but of which it has
been largely deprived under the New Deal dispensation, can be recovered and retained.
vey
of the shipping industry
and its problems, raises
question why such a report was not prepared
before the Merchant Marine Act was passed.
If
the
there was ever a
situation in which Congress should
have looked before
it leaped, it was presented by a
debilitated industry for
whose inherent weaknesses
subsidies or something near akin
to government ownership and operation seem now to
be forecast as approved remedies. The commendable
work which the Commission has done thus far, and
the assurance in the report that the funds in hand
will be carefully used, should not blind Congress to
the fact that a subsidized merchant marine is another long step toward the centralized control of
industry and trade which the Administration
huge government
desires.
There can
dies
for
hardly be logical
opposition to subsi-
shipping, however, so long as
agriculture holds the large place that
in the Administration program.
One
to
think that the
differences of opinion
subsidized
it occupies
would like
which have
developed among members of Congress regarding
the kind and amount of Treasury bounty that should
the
curtailment of the whole agricultural program. There is only too much reason to
fear, however, that the ever-normal granary project,
to which Mr. Roosevelt has given his approval, will
be inaugurated in some form for wheat and some
continue to be
way
granted to the farmers will open
for a substantial
other
staple crops, that
the cotton program will
be
of going on
with contracts already made and carrying through
assurances already given, and that strong efforts
will be made to extend Federal control over the
further
spected,
intrenched by the necessity
the
quotas will be
given a
3108
Financial
n,
,
...
,
,,
Dictatorship
The
adhesion
of
Italy to
agreement entered into by
November has
other
Japanese
,
the March
on
the
anti-Communism
Germany and Japan last
an-
sharp turn whose significance both Europe
States
are
seriously pondering.
On
.
.
e
sur
t
ace,
than Italian
le ac ion
ates nothing more
cooperation in the recognition of inter-
national Communism
"close
con emp
"the
as
collaboration
common
between
enemy," and
interested
States
in
the maintenance of peace and order" to the end
that
the
danger
was
natural
a
ment
be "restricted and removed." There
may
suspicion, when the original
agree-
was
announced, that secret understandings
might also exist, since a mere moral condemnation
of Communism and
to
maintain
and
peace
bating it seemed
effect.
The
that
now
to
order
joint
a
a
purpose
of
means
have
any
com-
practical
suspicion is, of course, aroused
Italy has become
a
party to the pact.
however, to
understandings of
perceive
as
unlikely to
same
is not necessary,
of secret
declaration of
a
that
the
It
the existence
assume
any
particular character
three-Power
agreement
not
only widens still further the political gulf that already divides Europe, but that it also has an important
bearing
political
upon
conditions
in
Far East and in every
country in which the
of
the
spirit
dictatorship is active.
The immediate effect
aims
and
methods
of the
icated
as
an
and
Italy, is
rope
that it
neither in
of
much
of Fascist
Whether
Italian action is
to
democratic gov-
Communism, completely erad-
organized political force in Germany
longer the political menace in Eu-
Japan
anti-Fascist
Italy enlarges the Fascist-Nazi
difficult the formation of
more
anti-Nazi combination.
or
l,oint the new move has
bearin«
a
thf B/U!fels
Roosevelt,
President
brought under
arbitrary
one
conduct
At this
uPon the Proeeed"
Thebe
Chicago speech
it
will
remembered,
category all the Powers whose
violated
personal
and
human
rights and the obligations of international law, and
proposed
scribed
State
for all
as
a
was
of
them
something vaguely de-
"quarantine."
Although
specifically named, it
no
offending
obvious that
was
the declaration included Italy and Germany notwithstanding that it seemed to be directed princi-
pally at Japan. As soon as it appeared, as it did
shortly after the conference opened, that the delegates were widely at odds on the question of what
should be done, a movement
on
one
reported, to evolving
was
launched to array
was
side the democratic Powers with
plan
some
on
view, it
a
which the
Conference might agree.
It is not unreasonable to
infer
of
that
the
adhesion
Japanese agreement
was
Italy to the
intended,
German-
among other pur-
poses, as a reply to that gesture. With both
Germany
and
on
Japan absent from the conference, the former
the ground that it was not a
party to the Nine-
Power Treaty and hence not concerned
to
with its al-
recognize the right of the conference
judgment
with
it
upon
Italy
themselves,
silent
Between
China
and
Japan
alignment of the three Powers
an
would have been
importance.
sit in
in
opposition to the proposed democratic bloc
trived
democracy, however, there is the
to
suggest how it should act, and
maintaining that
nor
doubted, and
in China does it appear to be
or
should be left to settle their controversies between
seemed to be may be
practical
nism and
and
any
once
bloc, it also makes
of
have
move may
postponing it.
If the adhesion of
an
but Italy's
war may come,
leged violation, and the latter because it declined
emphasize with increased sharpness the divergent
ernments.
Nov; 13, 1937
the effect of
given the political kaleidoscope
and the United
Chronicle
move.
a
natural
It could
Commu-
for the adhesion of
common
agreement
was
well
as
not
as a
have
shrewdly
been
con-
unexpected,
Italy to the German-Japanese
known to be under consideration be-
ground of opposition to dictatorship, and to Fascist
fore the conference got under way.
ideology the principles and practice of democracy as
they appear, for example, in Great Britain, France
reports to the effect that
and
as
the
Scandinavian
the
are
Neither
countries,
are
as
repugnant
ideology and methods of Communism,
system has any perceptible chance
gaining
a
foothold in Germany
international
Communism
is
or
of
re-
Italy, and while
put forward
as
the
apparent danger, the spread of dictatorship threatens
democracy also.
In
search for the
enemy
a
Power
looks
at which this
new
three-
agreement may
be specially directed, one
naturally to Soviet Russia. The attitude of
Germany and Italy toward Russian intervention in
Spain is now familiar history, and as far as is publicly known the influence of Russia
war
has
greatly declined.
In
so
far
in the
as
Spanish
Communist
doctrine is
on
being systematically spread in Europe,
other hand, a central
European Fascist bloc
the
offers
a
weighty obstacle to its
ing of the agreement
upon
success.
The bear-
the political situation in
the Far East would be clearer if the
purposes of the
three-Power agreement
were fully known, but
any
disposition that the Russian Government may have
to embark upon a
trial of strength with Japan will
materially qualified by the fact that Italy now
stands with Japan and
Germany in united opposi-
be
tion
to
the
political and economic system which
Russia exemplifies.
Eventually, perhaps, a Russo-
We
can
dismiss
as
unimportant, therefore, late
"more
a
has shown itself at Brussels.
hopeful feeling"
While the members
of the
conference have been
debating in public and
conferring in private, Japan has been pushing its
invasion of China, and the defeat and rout of the
Chinese at
Shanghai
are
the dubious reward of its
effort in the south, and its troops have been
steadily
advancing in the north. With one of its main ob-
jectives attained, there is less
reason
than
before
for expecting that Japan will yield to any joint
representation.
now
be
ference,
As a matter of fact, it would not
possible to obtain from the Brussels conor
from
any
other,
could fairly be regarded
pean
as
any
expression
that
representative of Euro-
opinion unless the expression were entirely
No criticism of Japan can be ex-
non-committal.
pected from Germany
cism would he useless.
or
Italy, and Russian criti-
Great
Britain, while ostensibly willing to follow the United States, is
entirely
indisposed to take any pronounced stand alone, and
France is too much engrossed with domestic
trou-
bles to add others from the outside.
The British attitude toward Italy, on the other
hand,
seems
upon
opinion
likely to have
and
a
policy in
good deal of influence
other
countries.
It
would be ridiculous to think that Great Britain is
"going Fascist," but it obviously has
no
antipathy
Volume
Financial
145
to Fascism sufficient to
self
cultivate
to
with
relations
Fascist
The demand for their restoration has now
petitor.
assumed
a
cardinal
position in German foreign pol¬
The recent announcement that consular of¬
States.
ficials
ment
prevent it from exerting it¬
friendly
3109
Chronicle
icy, and its justice, widely conceded in theory but
Franco Govern¬
stoutly resisted at London and Paris, has been en¬
had
was
been
explained
recognition, but
British
accredited to the
not involving diplomatic
as
as necessary
for the safeguarding of
subjects and their interests in the parts of
dorsed
by Italy. Meantime Japan, which also wants
colonies, has set out to expand the area of its con¬
trol
by force, and there is no Power that dares to
The colonial question has
Spain that General Franco controls, but it is never¬
interfere with its march.
theless
many
that the appointments
improbable
have ben made if
ernment
an
not
were
would
early end of the Madrid Gov¬
expected.
There is no reason to
angles and is difficult of solution from any
point of view, but there can be no assurance of peace
Europe until some satisfactory adjustment has
It is understandable that British and
in
think that the conversations which Prime Minister
.
been made.
Chamberlain has been ready to initiate, looking to
French statesmen and
adjustment of differences between Great Brit¬
an
ain
and
will not be held notwithstanding
Italy,
Italy's adhesion to the German-Japanese agreement.
The semi-official visit of Lord Halifax to Berlin has,
other object than an improvement of
with the Keich.
It is British
of course, no
British
relations
policy to "do business" politically with any
ernment that is
the
Gov¬
The
long as possible any action about the German
as
colonies, but the German demand and the claims of
Italy
be
clearly written in the list of things that
are
must
attended to before any peace
so
Germany.
political overturn which has set up a dictator¬
occasion of serious
States, although much less
to the United
if Mr. Roosevelt's
policy of the "good neighbor"
is to continue than it
when
would have been in the days
active force in
Monroe Doctrine was an
the
American foreign
Whether or not the new
policy.
regime is essentially an imitation of the Italian
Fascist model will not be clear until the new Con¬
is
stitution
available
policies
further developed, but the
for
which it authorizes are
study and the
characteristics of authoritarian rule are
essential
methods
common to democratic governments have been fol¬
lowed. The connection, if any, between the revolu¬
tion and Italy's recent action must await develop¬
ments. The event itself, however, is not to be taken
evident
enough, and in the revolution no
Fascism to a
much less than that of
,the United States, it brings Fascism across the
Atlantic and plants it in South America, it can
It marks the extension of
lightly.
country whose area is not
hardly fail to accentuate the
trend to political dic¬
Latin American
neighbor" pol¬
tatorship which is strong in most
countries, and it subjects the "good
icy to a new and
Speculating in General Welfare
unexpected test.
in China, the
strengthening of the anti-Communist bloc by exten¬
sion into the Far East, and the refusal of both the
at
"What next?"
are
and Great Britain to take any re¬
States
sponsibility
Brussels,
one
be for a
Berlin and Rome
(and it is to Berlin and Rome
the initiative has now
expense
instinctively asks
If intimations from
to be relied upon
that
largely shifted at the
of London and Paris) the next demand will
return of the German colonies and increased
colonial
opportunities for Italy.
neither Great Britain nor
position.
priated,
On that subject
France is in a defensible
colonies were appro¬
mainly by Great Britain, under' the peace
The former German
settlement, not because they were
valuable
as
inherently very
would
possessions, but because their loss
prestige of an overseas em¬
pire and impede its recovery as a commercial com¬
deprive Germany of the
is
"Speculation
of
experiment
to
admitted, that mistakes would be
made, but intending to
confident
that
.
successes
would some¬
something; if it works do it some
if it fails, try something
more;
do
do
.
rectify them as discovered,
some
He said:
where be achieved.
".
announcement of
continuously in the
and government, knowing in
legislation
advance, as he
and
assumed office on
he
when
who,
4, 1933, did so with an
determination
field
Strangely enough, the
speaking is the same President of the
States
United
March
the stock market" is "danger¬
on
spoke the Oracle.
Oracle thus
.
Dangerous
else, but above all
something."
The Oracle was not
elevated to admitted dictator¬
ship, but for months he
tion and
exercised powers in legisla¬
administration in no degree less
than those
complete
possessed by the European dictators
to
granted in express terms.
And things were done—many things.
Some were
interrupted, like the National Recovery Administra¬
tion, by a Supreme Court which thereby rescued the
Administration from the accumulating public con¬
demnation of an authority which imprisoned small
local traders for competing in prices and services,
whom
they have been
hampered industry and
trade, built up
monopolies, and generally
Looking at the Japanese advance
United
foundations
be laid that will be secure.
can
ous"—so
ship in Brazil is naturally an
concern
whole
off
changing the
position which Italy has
aggressive designs which some coun¬
the
on
the
firmly established, irrespective of
policy because of the new
tries credit to
on
going from bad to worse, should seek to stave
embody, and there is no reason for
taken
which
seems
theories that the Government may
political
diplomatists, beset by a gen¬
situation
international
eral
inefficient
increased the cost of liv¬
recognized as failures
been smothered in a
ing.
If any experiments were
and
abandoned, the record has
that
public opinion generally condemns as failures are
still in progress, their losses steadily mounting, and
now partially represented in the swelling national
debt.
Thus President Roosevelt for five years has
speculated with the people's money, with the peo¬
ple's rights, and in the general welfare. He pro¬
maze
poses
this
of official
obscurity.
to continue
issue
of
the
Many experiments
these speculations. Even while
"Chronicle" is being read, the
session,
public and the Congress, meeting in extra
will have been greeted by the President with
new
agricul¬
proposals for experimental legislation for
regulation of wages and hours, concentration
ture,
of
of
taxation. Such speculation, as
still accumulating already dem-
administrative powers
government"), and
the record
which is
(called "reorganization
3110
Chronicle
Financial
onstrates,
is
beyond the
power
Take
dangerous
and
single example,
a
threatens
of the human mind to
where
the
attained
extensive
and
These minimum requirements of corrective legis-
is
lation
sole alternative to imminent
refer, of
to the tax
calamity.
a generous
ting untaxed accumulation of
tion of
We
undistributed
follows:
are as
1- There should be
where
prompt correction amounting to reversal of policy
is the
1937
ship.
evidence
proportions,
13,
Presidents in the annals of American statesman-
disaster
measure.
already incontrovertible, where the recognized losses
have
Nov.
an earned surplus.
a
exemption permitconsiderable frac-
Any exemption less than
sur-
the 25% proposed by the Credit Men's Association
pluses of corporations, although other experiments
of' New York would be ridiculously insufficient, and
50% would not be too great.
In no case should
course,
on
might equally well satisfy the description.
There
nothing new or novel, at least to anyone except
was
determination of the ratio
President Roosevelt and the veriest
tyros in government finance and
taxation, in the idea of such a tax
when
the
it
was
public
suddenly
sprung
tion
fact, it has been recurrently proposed and
jected in the field of Federal finance even since
Income Tax Amendment to the
accounting period of
the
reasonable and
Constitution, and in
fully considered and
as
longer
recognized
unsound
period.
violates
almost
of taxation and is
canons
and
repeatedly rejected
It
over
all
such
intelligence
a
gated form
White
contrasted
as
House
Rectification
not
either publicly
readily,
from
when
be
can
or
admitting his
with
yielding.
position,
political
especially
danger,
when
The veto that welcomed the
that need nowhere be
surprising, it
his
is
indeed be anticipated, that
resistance the radical amend-
ment and modification of the tax
corporate
enact-
instance in point
an
forgotten. .Therefore, it will
can
without too forcible
as
own
accomplished and "face" preserved
ment of the soldiers' bonus
not be
in
adroit strategy of seeming opposition but
some
place
undistributed
on
surpluses will speedily
premium
on
unsound
and
bankruptcy-producing
corporate financing that complete repeal will prove
to be the unavoidable
istration
commitment
goal; but the initial Admin
was
too
complete
achieved with its consent.
minimum
of
There
modification
•
if action
no
,
is
is, however,
that
.
the dire necessities of conditions
Congress that
bilities in
„r
.
,
insisted
i•
/}
j*
plunging the
the threatened
one-lit
confidently to
ought confidently to look to a
look to a
at last awakening to its responsi-
re-acquiring that honorable independence
Executive that
Webster
now
of them may appear,
is
be
t1
disaster, and for these changes,
orid snffprim? nuhlic
and sintering public
the
close of the corporate fiscal year, should be deemed
_
and
placed the
names
of Daniel
_
Henry
,
Clay
above
those
of
man-
agement directs that they be paid out of the surplus
then
earned, thus reducing by the amount of such
dividends the amount of the taxable
the basic
4. No
that is
surplus above
exemption.
portion of
any
otherwise taxable surplus
actually appropriated to expand
renovate
or
improve the corporate property, thus increasing
or
its
output
lmit
decreasing the cost of production
or
per
increasing the utilization of labor, should be
or
subject to the tax, and the managerial decision that
expenditure has such effect much be final and
an
conclusive.
5. No
income
is
that
surplus earned by any enterprise
insolvent
committee
operating under
or
remain
should
within
a
the
creditors'
scope
of
the tax.
Jt is
true that
not
minimum
satisfaction of the foregoing
requirements would wholly solve the probinnocuous
render
a
fundamentally vicious
It would
merely relieve conditions which are fast pressing the
Nation towards
ieast that would
abyss of disaster.
serve
with
inconsistent
vicious
an
that end.
retention
They
are
the
If they are deemed
of
any
part
of
the
system, Congress will find no means to pro-
tect the
public except immediate and complete re-
peap thereby ending one speculation in the public
welfare.
=
itaj Issues in Great Britain
NeW C
bare
to afford appreciable relief from
Nation into renewed
as some
must
j
a
prescribed
a
charges to surplus within that year, when the
leave
to
early repeal within the realm of legislation to be
of
within
impracticable doctrine of taxation.
It would be far better
and
years,
days subsequent to the
and
Congress may so crystalrecognition of the intrinsic viciousness of a tax
radical
.
60
the first essential of congressional legisla-
ceivable that discussion in
upon
distributed
0r
repeal could be looked for, and it is not incon-
account-
own
five
iem
restored morale in business.
ize
(say)
take recognized
tion, the recognized and paramount prerequisite of
if
3. Dividends
period, not less than
some
Mr. Roosevelt
privately, but he retreats
confronted
untenable
an
retreat
actual
generous
be, in
may
within his contemplation.
habitually
errors,
of
the President's
upon
future, but it is possible that it
measure,
by
avowedly
severity of the
for the coming session, or for the immedi-
program
is
with the
recommendations.
this mischief is not
ate
reluctance, accepted
tax, albeit in slightly miti-
new
In order to render
exemption commensurate with the evil that
an
without administrative control in any degree,
mind warped by envy or prejudice.
this
enacted
typical accounting periods should be
ing period, not longer than
complacent Congress, though displaying much
weariness and understandable
and
but actually in-
compensatory gains by taxation, each corporation
dangerously subversive of the public
or a
year,
should be given the right to choose its
welfare that it could find
acceptance only in shallow
Yet
it
is involved in absorbing such sporadic and merely
a
the
basically
so
single
a
wholly exempt from the tax.
European countries had been
much
discretion;
sufficient to offset losses of other years within more
re-
State finance and in
amount of the exemp-
or
administrative
to
2. Sporadic gains resulting in surpluses for the
as a new avenue to the "abundant life."
In
subject
should rest firmly upon positive law.
Congress and
upon
be
most
The following statistics have been compiled by the Midland
Bank, Ltd.
which
are
British
These compilations of issues of new capital,
subject to revision, exclude all borrowings by the
Government
for
purely financial purposes; shares
issued to vendors; allotments arising from th,e capitalization
reserve funds and undivided profits; sales of already
lssue^ securities which add nothing to the capital resources
of ^ company
for conversion
whose securities have been offered; issues
or
redemption of securities previously held
in the United Kingdom;
short-dated bills sold in anticipation
of long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
the figures are based upon the prices of issue.
In all cases
Volume
Financial
145
DISTRIBUTION
GEOGRAPHICAL
UNITED
IN THE
CAPITAL ISSUES
NEW
OF
KINGDOM
as
Foreign
United
India and
Kingdom
Ceylon
Countries
Countries
Total
£
£
£
£
£
14.433,000
9,688,000
February
March
April—.——.
660,000
568,000
872,000
118,000
13.000
June........
18,788,000
19.571,000
July
49.999,000
16,592,000
12,620,000
12,386,000
4,108,000
19,728,000
20,610,000
53,909,000
3,622,000
4,761,000
7.344,000
3.940,000
1,921.000
May
August
...
September...
October
1936—January
February.
March..........
April.. ..w---—
May...........
June...........
July
August.
September......
October.........
.
.
.
221,000
84,000
1,356"666
73,000
268,000
33,963,000
19,687,000
6.961,000
10,456,000
19,505,000
18.411,000
2,014,000
3,537,000
128,000
153,000
1,770,000
78.000
2,939,000
905,000 18,622,000
1,004,000 176,071,000
30,000
2,069,000
1,572,000
April.
May...........
20,939,000
20,211,000
568,000
155,000
1,487,000
1,090,000 22,264,000
24,802,000
8,043.000
9,756,000
7,135,000
8,313,000
February.......
March..........
6.194.000
9,546,000
26,944,000
3,060.000 217,221,000
it*!
1937—January
24,403,000
1,528,000
3,763,000
45i"666
190,808,000
Year
751,000
964,000
18,271,000
16,997,000
December.......
2,852,000 182,824.000
232,000
27,000
4,346,000
8.018,000
22,730,000
..
12,544,000
11,218,000
188,000
194,000
33,019,000
18,502,000
6,877,000
8,795,000
17,196,000
15,344,000
20,712,000
10 months.... 155,540,000
November.
2,664,000 159,062,000
3,136,000
1,395,000
828,000 17,210,000
161,934,000
Year
6,682,000
7.719,000
4,707,000
15,000
137,000
9,204,000
9,686,000
December
287,000
675,000 12,679,000
10 months.... 143,044,000
November
154,000
375,000
222,000
545,066
34,000
■
27.614,000
10,672,000
11,257.000
11,947,000
11,411,000
24,515,000
20,305,000
407,000
17.000
i,o66"666
2,405,000
2,581,000
1,467,000
4,792,000
2,097,000
3I"66O
2O"66O
,'r:june...^.....i-.
July^i..........
22.611,000
396.000
830,000
678"66O
14,558,000
141,000
4,481,000
1,125,000
August.........
September
6,503,000
586,000
53,000
7,141.000
1,867,000
13,141,000
96,000
680,000
"2~ 000
1,964,000
13,855,000
October
32"6OO
1,634,000 20,016,000
116,729,000
10 months
did not decline as much
spectacularly. High grades,
represented by, the Aaa group, have not moved outside
3.32%-3.22%).
2,302,000 140,681,000
The Course of the Bond
railroad bonds have sold slightly lower.
1995, lost lVs at 108%; Louisville & Nash¬
ville 4s, 1940, were down % at 105%; Union Pacific 4s,
1947, declined % to 111%.
Second-grade railroad bonds,
after a precipitous decline, closed at levels somewhat higher
than a week ago.
Baltimore & Ohio 5s, 1995, at 49 gained
High-grade
Atchison gen. 4s,
downward this
lifted many issues from
The speculative rails, at a new low for 193T
Wednesday and closed
Monday, rallied substantially on
MOODY'S BOND PRICES
U. 8.
1937
AU
Govt.
Bonds
strong
With
of this type scored good gains. Asso¬
private utility companies was accompanied by a
market for second-grade and speculative utility bonds.
the
few
exceptions bonds
1950, advanced 3% to 38; Cities
5%s, 1952, closed at 54%, up 3% for
the week; Pacific Power & Light 5s, 1955, gained 4% at
69%; Utah Light & Traction 5s, 1944, were up 1% at 92%.
High grades, which had been firm, also advanced some¬
what.
Dayton Power & Light 3%s, 1960, at 107% gained
1%; Duquesne Light 3%s, 1965, advanced % to 107.
Industrial bonds moved lower in the early part of the
Gas & Electric 5s,
ciated
Service Power & Light
week, but improvement toward the close erased many of the
losses recorded.
Packing company issues have continued
weak; at 91% Armour & Co. (Del.) 4s, 1955, were off 1%.
Obligations of building supply companies have been mixed,
Penn-Dixie Cement 6s, 1941, sinking 2 to 93, whereas Cer¬
tain-teed Products 5%s, 1948, rallied 4% to 64%.
Softness
has been evident among the non-ferrous metals, Anaconda
Copper 4%s, 1950, closing at 102, down %.
In the tobacco
section, Liggett & Myers 5s, 1951, closed 1% lower at 122%.
Recoveries among the oils have eliminated most of the
declines registered in that group.
Little buoyancy has been
among
steels, Wheeling Steel 4%s, 1966,
the
reced¬
bond market suffered a severe setback in
sections in sympathy with the decline in Bra¬
foreign
zilian
issues,
subjected
which were
to heavy liquidation
receipt of the news of recent political unsettlement.
Moody's computed bond prices and bond yield averages
are given in the following tables:
upon
MOODY'S
(REVISED)
BOND
YIELD
(REVISED)
AVERAGES
(Based on Individual Closing Prices)
All 120
Corporate by Groups *
.
tic
95.62
120 Domestic Corporate *
120 Domestic
Domes¬
by Ratings
Corporate by Groups *
tic
Corp.
120 Domestic
by Ratings
1937
Daily
120 Domestic Corporate ♦
120
Domes¬
Corp.*
Averages
Nov. 12- 108.59
11- Stock
the Administration and
regarding the relationship between
{Based on Average Yields)
Daily
President in a press conference this week
iGomment by the
The
week, but a rally on Wednesday
on
to 66%;
3%; New York Central 4%s, 2013, advanced 1%
Southern Railway 4s, 1956, at 54 were up 3%.
'
almost all
extreme lows.
not
Governments have
States
week's level.
ing 2% to 90%.
Market
trend of bond prices has been
for six months (or between yields
United
moved far from last
noted
The general
to those of a week ago.
rails, nor did they rally as
of
254,000
1,135,000
prices comparable
of the 112.86-114.93 range
1,202,000
586.000
176,000
5,000
957,000
2,346,000
11,076,000
3,443,000
1935—January
at
Speculative utilities and industrials
as
Brit.
Friday
on
BY MONTHS
IComphed by the Midland Bank Limltedl
Other
3111.
Chronicle
Aa
Aaa
114.09
107.30
A
Baa
95.13
73.53
k.
R.
83.06
U.
Indue.
Averages
99.14
106.92
Nov. 12-
P.
3.26
4.26
11- Stock
Exchan ge Clos ed
30
For¬
Aaa
Exchan ge
A
Aa
3.60
Baa
R.
R.
U.
P.
Indus.
4.29
5.89
5.11
4.05
3.62
5.92
5.13
4.06
3.64
eign!
5.69
Clos ed
10- 108.62
95.29
114.09
106.92
94.97
73.20
82.79
98.97
106.54
10-
4.28
3.26
3,62
4.30
106.92
94.49
72.43
82.00
98.80
106.54
9—
4.30
3.27
3.62
5.19
4.07
3.64
113.89
5.99
94.97
4.33
9- 108.61
8- 108.61
94.65
72.43
81.87
98.80
106.73
8-
4.32
5.20
3.63
106.92
3.62
4.07
114.09
3.26
5.99
94.97
4.30
95.13
72.87
82.53
98.97
107.11
6-
4.27
3.25
3.60
4.29
5.15
3.61
6- 118.72
107.30
4.06
114.30
5.95
95.46
83.19
99.14
107.30
5-
4.25
3.25
3.59
4.27
5.89
5.10
4.05
3.60
561
3.25
3.58
4.28
5.87
5.08
4.06
3.62
mmm
3.24
3.58
5- 108.77
4.. 108.74
3- 108.64
2— Stock
1- 108.57
95.78
114.30
107.49
95.46
73.53
95.78
114.30
107.69
95.29
73.76
83.46
98.97
106.92
4—
4.25
96.11
114.51
107.69
95.78
74.10
83.87
98.97
107.69
3-
4.23
Exchan ge Clos ed
107.11
114.30
96.28
2- Stock
95.95
74.89
84.41
99.31
1-
107.30
Exchan ge
3.25
4.22
■
mmm.
mm.m
m
m
m'
_
4.25
5.84
5.05
4.06
3.58
3.61
4.24
5.77
5.01
4.04
3.60
6.77
5.04
4.05
3.61
5.66
4.90
V'mmm
Clos ed
Weekly—
mmm
Weekly—
Oct. 29- 108.60
22- 108.34
96.11
114.00
106.73
95.78
74.89
84.01
99.14
107.11
Oct. 29-
4.23
3.26
3.63
4.25
75.58
85.93
98.28
106.54
22-
4.21
3.29
3.60
4.10
5.77
95.95
3.64
107.30
5.71
113.48
4.24
96.44
75.24
85.93
98.11
107.17
15—
4.22
3.29
4.90
3.66
5.75
95.62
4.11
107.11
5.74
113.48
4.26
96.28
3.61
15- 108.44
88.36
99.14
107.30
8-
4.13
3.29
4.05
3.60
5.69
78.33
3.56
8- 108.39
97.11
4.73
108.08
5.48
113.48
4.17
97.78
107.69
4.01.
5.42
79.32
4.67
3.58
108.66
97.95
5.40
113.48
3.29
4.12
98.45
4.09
3.53
1— 108.36
1-
3.58
5.39
98.45
113.27
108.46
79.20
4.00
Sept.24— 108.47
98.11
4.69
17- 108.36
99.66
113.48
109.24
98.97
81.48
89.25
99.83
88.95
100.00
107.69
Sept.24—
4.09
3.30
3.54
4.11
5.41
90.59
100.53
108.85
17-
4.02
3.29
3.50
4.06
5.23
4.58
3.97
3.52
6.33
4.05
5.21
4.56
3.95
3.54
5.38
10- 107.78
99.66
113.27
109.24
99.14
81.74
90.90
100.38
108.46
10-
4.02
3.30
3.50
99.66
83.60
92.12
101.58
109.24
3-
3.96
3.28
3.48
4.48
3.50
6.28
100.64
5.07
100.70
113.68
4.02
f 3- 108.04
84.01
92.59
101.94
109.64
3.94
3.26
3.47
4.00
5.01
5.33
109.84
92.75
3.48
114.09
84.41
3.89
101.06
100.00
4.44
20- 108.86
L13- 109.12
Aug. 27—
20-
6 28
99.66
3.9T
3.50
109.44
5.04
4.45
113.89
4.02
100.70
3.27
3.49
ug. 27— 108.28
3.96
94.01
3.90
3.22
3.43
4.36
3.87
3.45
5 08
110.63
13-
4.98
114.93
110.24
3.95
101.76
102.30
3 95
5 00
4 37
3
5.09
100.88
84.83
101.58
109.24
6— 109.49
114.72
111.03
100.88
84.55
93.85
102.12
110.24
6-
3.90
3 23
§&
3 45
101.76
3 41
84.28
93.85
101.94
109.84
July 30—
3.91
3.23
3.89
3.47
5.13
100.70
4.37
110.63
5.02
114.72
3.96
101.58
3.43
July 30- 109.52
85.10
94.97
101.76
109.24
3.50
5.13
100.88
4.30
3.90
110.63
4.96
114.09
3.26
3.95
101.76
3.90
3.43
23- 109.22
23-
94.97
101.58
108.85
16-
3.91
3.27
3,97
3.91
3.52
6.20
85.24
3.45
16- 108.90
9- 108.59
100.53
4.30
113.89
110.24
4.95
101.58
85.24
101.06
3.45
3.94
3.50
5.15
100 53
3.27
4.29
110 24
3.91
4.95
113 89
9-
3.97
101.58
109.24
94.33
100.18
108.66
2-
3.95
3.28
3.9&.
5.17
100.38
3.47
2- 108.39
83.87
3.53
100.00
4.34
109.84
5.05
113.68
4.00
93.87
94.33
99.83
108.66
June 25..
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
109.64
99.83
3.45
3,98
4.96
4.29
3.96
3.50
5.13
95.13
June 25— 108.36
100.70
113.48
18- 108.44
101.41
113.89
110.24
100.35
85.10
05.13
100.70
109.24
13-
3.92
3.27
85.65
95.95
100.88
109.24
11—
3.90
3.27
3.44
3.96
4.24
3.50
101.76
100.70
3.95
110.43
4.92
113.89
100.70
109.05
4—
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
4.26
3 .&r
3.52
11-
108.53
110 24
100.35
85.65
95.46
5.11
5.19
4„ 108.59
101.58
113 48
101.41
110.04
100.35
85.65
95.62
100.53
108.85
May 28-
3.92
3.30
3.46
3.98
May 28.. 108.73
21— 108.22
113.27
4.92
95.46
100.88
108.66
21-
3.91
3.31
3.47
4.27
5.27
86.07
3.53
100.35
3.95
109.84
4.89
113.07
3.98
101.58
4.01
4,88
4.29
3.95
3.56
5.38
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
87.21
95.78
101.23
108.08
7-
3.91
3.34
3.93
3.56
6.37
100.18
4.25
109.05
4.81
112.45
3.99
101.58
3.51
7- 108.03
94.97
100.70
106.92
Apr. 30..
3.96
3.39
3.9o
3.62
541
86.50
4.30
108.27
99.48
4.86
111.43
4.03
100.70
3.55
Apr. 30— 107.59
100.70
106.54
23-
3.96
3.40
3.58
4.03
5.31
107.69
4.83
111.23
95.29
3.64
100.70
86.92
3.96
107.17
99.48
4.28
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
4.92
4.33
4.04
3 70
5.33
2316-
107.79
100.70
111.03
107.88
99.48
87.21
99.48
109.64
98.45
85.65
94.49
99.31
105.41
4.03
3.48
3.61
107.23
9-
9„
107.11
4.09
99.83
106.17
2..
3.99
3.43
3.59
4.07
4.85
4.01.
5.3fi
95.13
4.29
107,49
86.64
3.60
98.80
3.53
4.03
4.76
4.23
3.96
3.60
5.33
2- 107.19
100.18
110.63
108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar.25—
3 93
3.37
96.11
100.88
107.30
19-
3.93
3.37
3.54
4.76
3.95
5.26
87.93
3.60
99.14
4.23
108.46
4.05
111.84
108.27
12-
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
6.30
4.57
4.09
5 24
Mar. 25—
19-
109.32
101.23
12„
110.76
102.30
112.86
109.24
100.35
89.40
103.74
114.09
101.76
98.45
103.38
109.44
3.79
3.26
4.55
3.81.
111.82
5-
5-
90.75
3.49
110.43
3.90
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
102 12
90.59
3.25
3.42
3.86
4.55
4.06
3.77
3.49
5 13
Feb. 26-
112.18
103.93
19-
112.12
104.11
114.72
110.83
97.45
101.76
114.30
110.83
102.48
91.05
98.97
104.11
109.44
19-
3.77
104.30
110.04
11-
3.75
3.22
3.41
3.84
4.52
6.18
99.66
3.46
91.51
3.76
102.84
4.02
111.03
5-
3.72
3.18
3.37
3.81
4.61
4.00
3.72.
3.43
6.19
29..
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
22-
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
3.75
4.47
3.93
3.66
3.35
6.41
11-
104.48
114.93
5„
Jan.
112.20
112.34
105.04
115.78
111.84
103.38
91 66
100.00
105.04
29..
112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
92.38
101.23
105.79
112.05
110.63
,
Jan.
■
22..
112.39
106.17
117.72
113.27
104 30
118.16
113.48
104.48
92.28
101.23
106.17
112.25
3.65
3.07
112.53
15-
15-
106.36
3.29
106.17
112.25
8-
3.65
3.08
3.27
3.75
4.49
3-66
113.89
101 23
3.35
91.97
3.93
104.48
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.67T
3.34
5.08
4.22
3.75
5.77
117.94
112.71
106 36
Hlgh1937 112.78
Low 1937 107.01
106.54
118.16
113.89
93.69
109.64
105.04
116.64
8-
104.67
92.43
105.98
93.37
71.15
113.07
102.66
91.51
•
level
94.81
These prices are
or
81.87
96.28
104.48
High 1937
100.18
104.48
111.64
Nov.12'36
109.64
104.48
91.97
78.08
4.38
3.48
3.67
4.40
6.11
3.71
3.14
3.31
3.85
4.52
3.99
3.75
3.38
5.58
4.31
3.48
3.75
4.49
5.50
4.98
4.19
3.75
96.78
104.48
6.31
the average
movement of
basis of one "typical" bond (4% coupon, maturing In 80 years), and do not purport to show either
of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative
the truer picture of the bond market.
computed from average yields on the
the average movement
yield averages, the latter being
84.83
Nov.12'35
5.43
5.20
2 Yrs.Ago
2 Yrs.Ago
Nov.12'35 107.58
112.45
101.41
1 Yr. Ago
1 Yr. Ago
Nov.12'36 112.19
106.17
Low
Financial
3112
Chronicle
Nov.
Indications df Business
TRADE—COMMERCIAL
OF
STATE
THE
EPITOME
Friday 'Night, Nov. 12, 1937.
activity the past
Business
ward
of
in
pick-up.
immediate
an
shown
stock
market
in
he
of
which
be
course
attributed
was
indicated
permitted
that
overtures
for1
the
the
has
spurt
utilities
largely to the favor¬
utilities
Tuesday,
on
would
change
in
The
world
their
districts
without
Administration's
regarded
are
by
the
over
situation and bring back confidence.
the
from
encouraging.
iron
current
and
steel
determined
ing
has
orders
the
been
last
received
steel
industry
How¬
far
are
bottom of the decline in
from week to week
which in
withstanding
the
Whether the
production
now
business,
from
reports
reached
on
week
by
the
can
only
be
the basis of incom¬
has
fallen
United
off
States
not¬
bearing piles for a new press shop to be built by the Ford
Age"
"Iron
Co.,
in
says
its
current
summary of
that only in a
the steel industry.
The survey points out
few districts is steel output holding at or above the
average
for the country, 41% of capacity at mid-week.
It is stated
that there is still hope for an early improvement in
automo¬
tive
buying based
the somewhat better sales results at
Chicago Automobile Show than were obtained at the
the
New
York
this optimism is tempered some¬
what by the fear of further labor troubles in
the automo¬
bile
industry such
broke
as
in
out
the
Hudson
plant
said to
be, well stocked with steel from their own
mills.
Production of electricity in the United States for
the five-'
day week ended Nov. 6 totaled 2,202,451,000 kilowatt
are
a
gain
week
a
hours,
of
1.2%
output of 2,175,810,000 for
Production this week was
over
year ago.
watt hours below the total
week.
try
It is stated that
as
whole
a
gains, merchants
are
the outlook.
2,254,947,000 in
in
like
the previous
although retail sales for the
far
so
the
52,496,000 kilo¬
of
coun¬
Department store sales for the first few
days
of the current month scored a
gain of almost 6% over the
1936 level.
Yet even though the month has an
extra shop¬
ping day this year, observers state that retailers are
doubt¬
held for the
month.
They point
unusually erratic all fall.
The
activity is sharper than most re¬
tailers had expected, and the smaller
payrolls, it is
out
that
sales
contraction
will
have
in
have
been
industrial
decided effect
a
trade volume.
on
trial
believed,
While indus¬
schedules continued to
droop in many of the heavy
goods and textile divisions, Dun &
Bradstreet find evidence
of consumption
surpassing the restricted production
A
W
Zelomek, economist of the
Fairchild Publications and*
the
International Statistical Bureau,
Inc., told the Philadelphia
Purchasing Agents Association last night that the
recession
half
of
should
1938
and
during the latter
loadings for the week
a
during
should
turn
from
present
extend
for
was
beginning late,
rain,
temperatures.
Over¬
30 to 42 degrees; Baltimore, 40 to 46;
was
warmer
Springfield, Mo., 44 to 64; Oklahoma City, 48 to CO; Salt
City, 34 to 66; Seattle, 46 to 50; Montreal, 24 to 32,
and Winnipeg, 32 to 50.
Lake
—.—♦
"Annalist"
Prices
Nov.
Weekly
Index
Continued
9—Index
Lowest
at
Wholesale
of
Commodity
During Week Ended
Decline
to
Point
Since
December,
For the
eighth successive week commodity prices during
declined, and the "Annalist" Weekly
Wholesale Commodity Prices
dropped to 88.9,
the lowest "point since the beginning of
December, 1936,
it was announced on Nov. 11 by the "Annalist".
On Nov. 21
the index stood at 89.5, while on Nov. 10,
1936, it was 86.0.
the week ended Nov. 9
Index
of
The "Annalist" also stated:
Weakness in security markets, unsettled business conditions and a wide
break in wheat prices were responsible for further
selling in the commodity
markets.
Among the components of the "Annalist" index
products, including milk, butter and
declined.
Large losses
were
eggs.
to rise were certain dairy
Pork rose, but other meat items
sustained by
wheat,
and barley.
corn
The
decline in textile and metal prices went unchecked.
During the week under review the Bureau of Agricultural Economics
caused
a
stir in commodity circles
would show
was
a
decline in 1938.
by predicting that farm buying power
Such
a
statement from
a
government source
in marked contrast to the recent optimistic releases
bearing
Wash¬
a
ington date line.
The Bureau based its prediction on the fact that prices would be
lower
in
1938 while operating expenses would be higher.
prises have been complaining about the
same
Manufacturing enter¬
thing for
some
time, but the
Government has yet to see fit to attempt to correct the situation.
THE
"ANNALIST"
WEEKLY
INDEX
PRICES
OF
WHOLESALE
COMMODITY
(1926—100)
Nov. 9, 1937
Farm
products
Nov. 2, 1937
89.0
91.0
91.8
82.2
-
Food products.
Nov. 10,
1936
84.5
y64.6
89.9
88.9
104.3
products
83.4
X63.9
89.9
Textile
105.9
91.2
Fuels
Metals
Building
1
.........
materials
70.6
74.3
70.6
66.6
Chemicals
89.8
89.8
86.3
Miscellaneous
75.4
76.6
70.3
88.9
y89.5
86.0
All
x
commodities
Preliminary,
y
.
Revised.
November
reflect encouraging
growing increasingly pessimistic over
ful that this gain can be
Saturday rain and
on
Tuesday. The "Iron Age" states that barring strikes, motor
car
production probably will swing above 100,000 cars a
week as soon as Ford gets into
stride, but the Ford plants
been gen¬
Pittsburgh, 32 to 48; Portland, Me., 24 to 40; Chicago, 38
to 46; Cincinnati, 44 to 50; Cleveland, 36 to 46; Detroit,
26 to 44; Charleston, 56 to 66; Milwaukee, 40 to 44; Sa¬
vannah, 54 to 66; Dallas, 54 to 70; Kansas City, 40 to 56;
on
though
show,
The forecast
degrees.
night at Boston it
Steel
Corp. for 25,000 tons of structural steel and 20,000 tons of
Motor
51
to
tonight.
as
present slump in business and is anxious to do something
ever,
York City area the weather during the week has
erally fine and clear, with cool temperatures.
Today it was
cloudy and cold here, with temperatures ranging from 37
recent
some
indicating that Washington is seriously concerned
to alleviate the
Activity
rate making purposes, they
operate
business
the
to
to
if
competition.
governmental
the
This sharp turn-about in the securi¬
their methods of valuation
would
signs
no
generally
outside
interpretation of the President's speech
which
in
of
market
ties
situation
Wednesday,
showed material gains.
able
The
encouraging developments
no
the
week continued in its down¬
Some of the major industries show
course.
193 7
13,
a
large
be followed
half
of
ended
next
Nov.
week ago and
6
by
part
a
of
the
first
substantial
year.
Freight
dropped 39,510
up¬
car
cars
Revenue
Freight Car Loadings Continue Lower39,510 Cars in Week Ended Nov.
Off
6
Loadings of revenue freight for the week ended Nov. 6,
1937, totaled 732,145 cars. This is a decrease of 39,510 cars
or 5.2%, from the
preceding week* a decrease of 27,470 cars,
or
3.6%, from the total for the like week of 1936, but an
increase of 77,198 cars, or 11.8%, over the total
loadings
for the
corresponding week of 1935.
For the week ended
loadings were 5.2% below those for the like
13.1% over those for the corresponding
week of 1935.
Loadings for the week ended Oct. 23, 1937,
showed a loss of 5.4% when compared with 1936 but a rise
of 8.8% when comparison is made with the same week of
Oct. 30, 1937,
weeks of 1936 but
1935.
The first 18 major railroads to
report for the week ended
Nov. 6,1937, loaded a total of 342,896 cars of revenue
freight
on their own lines,
compared with 361,267 cars in the
pre¬
ceding week and 354,730 cars in the seven days ended Nov. 7,
A comparative table follows:
1936.
REVENUE FREIGHT
LOADED
27,470 less than the same 1936
period.
total car loadings last week
were put at
732,145 by
the Association of American
Railroads.
Mostly mild tem¬
AND
RECEIVED
FROM
CONNECTIONS
(Number of Cars)
The
peratures,
Loaded on Own Lines
Weets Ended—
fair
weather, and much sunshine favored the
country as a whole, and operations on farms
proceeded
quite generally throughout the
country.
In the
and
it
winter
is much
would
be
truck
too
South, fall
are
dry
beneficial
making
good
progress, except
in extreme southern
Texas, while
that
rain
in
southeastern North Carolina
and
the coast sections of South
Carolina and southern
Georgia.
With the exception of these local
dry areas, conditions are
unusually favorable quite generally east of the
Mississippi
River, with soil moisture ample, fall work well
advanced
and winter crops in
mostly good condition.
The
ment reports that west of the
are in much less favorable
govern¬
Mississippi River large
areas
condition.
In fact, most sections
Mississippi River and the Rocky Mountains arp
badly in need of moisture, with the subsoil
extremely dry in
many places.
In this area
Arkansas, Louisiana
between the
of Texas have
and
much
mostly sufficient moisture for present
needs,
but quite generally elsewhere
rain is needed.
In the New
Received from Connection
Weets Ended—
Nov. 6
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. P. & Pac. Ry.
Chicago <fe North Western Ry
Nov. 7
Nov. 6
Oct. 30
Nov. 7
1937
Atchison Topeka & Santa Fe Ry.
Baltlmore & Ohio RR__»_
Oct. 30
1937
1936
1937
1937
1936
25,938
30,134
23,499
19,046
20,559
16,341
Gulf Coast Lines
3,277
International Great Northern RR
2,036
Missouri-Kansas-Texas RR
5,279
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines...
Wabash Ry
Total
x
Excludes
17,832
41,678
5,216
22,355
60,261
6,803
5,223
27,746
31,500
24,841
20,862
22,277
17,627
3,090
2,077
5,460
18,089
43,956
5,144
23,706
64,355
22,969
6,645
7,552
6,926
34,397
16,310
12,075
8,778
9,015
17,437
16,831
11,943
9,901
10,687
9,006
9,021
8,866
11,489
1,823
2,758
3,028
12,043
11,480
24,808
18,482
21,683
16,156
3,243
2,257
5,010
17,088
43,219
5,071
23,440
66,021
9,342
41,800
9,601
4,467
42,299
1,691
1,370
2,690
1,956
3,128
9,876
3,255.
9,432
42,820
43,652
9,862
10,404
4,674
5,035
45,417
43,215
6,938
7,179
4,942
32,592
7,347
5,901
5,850
6,458
31.429
30,739
X8.767
x8,866
*8,935-
5,990
6,065
5,621
8,112
8,949
8,504
6,038
6,062
5,827
342,896 361,267 354,730 208,248 216,397 213,233
cars
Orleans RR. Co.
interchanged between S. P. Co.-Pacific Lines and Texas & New
Volume
(Number of Cars)
week
&
of
the
In
1936.
in
FROM CONNECTIONS
AND RECEIPTS
TOTAL LOADINGS
3113
Chronicle
Financial
145
districts alone, loading
Western
of live stock for the
of 2,573 cars below the
16,206 cars, a decrease
totaled
30
Oct.
and 1,582 cars below the corresponding week in 1936.
Forest products loading totaled 34,477 cars, an increase of 1,594 cars
above the preceding week, but a decrease of 1,902 cars below the corre¬
preceding week,
Weeks Ended—
Oct. 30,
Nov. 6, 1937
Nov. 7,
1937
Chicago Rock Island & Pacific Ry.
26,674
Illinois Central System
34,719
14,569
75,962
Louis-San Francisco
Ry!
Total
week ended Oct 30, reported as
sponding
This
a
was
decrease
1936, and a
week in
week
15,179
follows:
week ended Oct. 30 totaled 771,655
of 42,859 cars, or 5.3% below the corresponding
17.4% below the same
decrease of 163,060 cars, or
week of Oct. 30 was a decrease of
preceding week.
freight loading totaled 313,836 cars, an increase of 4,954
preceding week, but a decrease of 21,596 cars below the
Loading of revenue freight for the
Miscellaneous
above the
corresponding
week in
Four
February
March
weeks In April
Five
Four weeks in
Four weeks in June——.—
1936.
Four weeks in
below
9
Week of Oct. 16—.
REVENUE
below the corresponding
——
773,353
...
771,655
roads and systems for the week ended Oct. 30.
During this period a total of only 53 roads showed increases
for separate
when
compared with the same
week last year:
CONNECTIONS (NUMBER OF CARS)-—WEEK
ENDED OPT. 30
Total Loads Received
Total Revenue
Received
from Connections
Total Loads
Total Revenue
Freight Loaded
Railroads
Railroads
Eastern District—
Ann Arbor
1,687
7,792
1,813,
j30
1,412
5,2281
10,500^
6311
2,272
Chicago Indianapolis & Louisv.
Central Indiana
.
Central Vermont
Delaware & Hudson
Delaware Lackawanna &
West.
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line
:
772
1,151
261
9,968
2,107
51
92
1,439
5,189
10.191
p~- 631
2,348
1,216
4,234
8,815
1,865
7,912
6,770
1,983
7,706
7,009
I
511
1,176
3,650
301
360
12,666
5,204
Grand Trunk Western
13,164
4,709
111,467
4,884
|
158
Lehigh & Hudson River
Lehigh & New England
2061
1,548j
Lehigh Valley
Maine Central..—
9,127
Zjs ^153
it
1,654
8,577
1,997
1,186
8,069
1,148
16,592
it
462
238
19
26
293
260
278
1,317
43,956
Hartford
New York Ontario & Western
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie
10,226
1,389
5,144
N. Y. N. H. &
Pere Marquette
Pittsburgh & Shawmut
10,217
1,460.
til,870
1,754
9,862
5,855
6,062
4,810
5,571
6,451
444
440
Pittsburgh & West Virginia
958
1,411
1,158
Rutland
625
680
629
Pittsburgh Shawmut <fc North
.
44,536
12,124
1,962
10,923
6,460
5,816
1,361
912
928
8,949
3,239]
8,874
3,569
5,884
4,413
5,470
156,049
165,878
142,863
400
606
604
792
31,500
3,732
35,059
5,359
17,437
1,918
17,795
2,765
325
395
278
6
9
23
26
6,065.
Wheeling & Lake Erie
4,1221
——
8,903
22,448
1,529
19,457
5,096
15,007
459
484
393
644
848
189
182
176
882
835
114,378
96,535
70,612
68,040
2,458
12,043
3,396
9,006
4,190
12,650
3,556
8,810
3,348
Southbound
112,459
3,631
166,064
171,357
Bessemer & Lake Erie
Buffalo Creek & Gauley
655
Chicago Mllw. St. P. &
Pacific
Chicago St. P. Minn. & Omaha
Duluth MIssabe & Northern. ..
Duluth South Shore &
Atlantic-
Elgin Joliet & Eastern
Ft. Dodge Des
Moines & South
Great Northern..
Green Bay & Western
Lake Superior &
Ishpemlng..
Northern Pacific
Total.
Atch. Top. &
Alton.......
....—.
Bingham & Garfield
Quincy.
& Illinois Midland—
Rock Island & Pacific
& Eastern Illinois
Chicago Burlington &
1,266
5,809
11,079
11,861
705
73
51
Chicago
Cumberland & Pennsylvania...
315
392
34
Chicago
265
31
273
23
39
Colorado & Southern
136
120
Ligonier Valley*
680
842
837
1,301
64,355
14,198
9,900
1,335
71,228
15,039
14,993
1,191
60,256
11,550
2,524
1,377
43,215
15,467
2,969
2,662
1,506
47,241
17,838
5,454
0
5,852
Reading Co
Union (Pittsburgh)
West Virginia
30
80
49
3,383
4,066
3,343
138,695
159,004
Northern
Western Maryland
Total
8,7061
.....
127,551
102,786
■;i,"
3
6,860
Denver & Rio
Fort Worth & Denver
24,841
23,706
Norfolk & Western.
28,245
26,221
23,891
21,940
11,943
4,674
1,838
876
888
871
4,603
4,022
935
54,160
59,957
50,724
19,390
19,281
Line
Virginian.
Total
—
Southern District—
Charleston & Western
273
202
Toledo Peoria & Western
866
780
1,309]
222
384
397
2,318
1,365
1,490
120,409
93,864
51,339
52,166
27,746
3,488
24,626
3,346
22,144
2,872
7,552
2,362
7,054
2,560
413
20,862
20,274
2,316
12,948
3,356
1,700
1,843
14,171
3,216
1,900
5,905
,5,096
! 1,128
*| 1,500
M 2,122
109
*
1,309
11,686
2,580
1,791
5,351
116
9,901
1,056
9,409
2,749
1,571
4,094
16,923
(289
10,161
1,043
9,427
2,903
1,465
3,559
837
16
18
1,432
1,320
1,392
1,724
1,139
1,549
1,852
1,710
1,020
407
175
0
98
24,509
20,071
431
380
20,626
17,359
5,602
1,374
10,570
5,956
1,385
10,619
1,684
1,979
1,684
1,765
129
79
433
335
524
754
17
13
1,840
1,766
2,398
2,602
130,023
112,518
62,539
62,105
183
183
5,505
5,340
202
176
225
171
265
174
1,423
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City
Southern
Louisiana & Arkansas
747
877
900
4,400
482
452
396
1,522
1,240
5,174
2,593
1,225
1,949
349
Missouri-Kansas-Texas Lines.
2,843
1,188
1,884
& Texas..
Litchfield & Madison
Louisiana Arkansas
Missouri <fc Arkansas
472
341
158
140
335
375
Missouri Pacific
177
705
815
631
969
706
Natchez & Southern
534
84
104
1,208
936
1,494
1,671
392
Gainesville Midland
Georgia
487
364
Georgia & Florida
Gulf Mobile & Northern.
1,838
27,463
23,361
2,004
1,264
13,243
5,250
1,180
12,668
5,445
429
379
Wichita Falls &
Wetherford M. W. & N.
47L
.
480
Mobile & Ohio
L.
Note—Previous year's figures
206
204
188
186
406
302
206
.....
Savannah
Mississippi Central
25,494
169
System
Macon Dublin &
2,197
21,552
19,764
2,231
1,722
2,969
2,095
2,437
1,938
2,592
2,187
2,836
revised.
25,8091
3,316
* Previous figures.
Texas & New
225
1,357
1,984
1,426
2,124
191
141
2,332
1,456
1,627
1,374
2,729
2,323
357
249
260
3,051
2,398
926
165
149
472
370
251
359
382
299
916
1,026
866
905
732
270
301
165
198
327
286
5,460
18,089
5,073
18,414
5,280
15,141
3,128
9,876
3,080
9.904
45
60
224
9,881
3,733
8,546
6,472
2,965
9,549
3,174
8,276
5,642
2,618
256
18
67.602
19
52
174
Orleans
Terminal RR. Assn. of St.
Louis
Southern
W
26
124
150
8,353
2,640
8,068
5,235
2,516
4,652
2,710
3,264
4,070
18.722
4.905
2,477
3,111
4,067
18,794
317
300
82
63
13
32
40
35
64,865
57,943
63,185
62,334
•
Texas & Pacific
Total..
.
1,691
1,959
1,325
2,053
1,290
3,090
2,077
207
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
53
122
42
944
-
441
»
245
Midland Valley
268
-
2,476
1,665
—
8,083
4,321
Greenville
240
2,829
197
641
Carolina
Nashville Chattanooga & St.
2,736
3,727
1,445
179
Alton & Southern
9,516
4,601
Durham & Southern
Illinois Central
94
2,004
136,041
Total.
619
1,370
Louisville & Nashville
65
2,019
2,623
3,794
659
10,073
3,865
Florida East Coast...
1,929
1,789
6,176
10,993
2.101
Burlington-Rock Island
189
790
Clinchfield
Columbus &
2,540
1,980
7,668
12,963
Southwestern District—
215
Northern
Atl. & W. P.—W. RR. of Ala..
Atlanta Birmingham & Coast..
Alabama Tennessee &
Central of Georgia
540
566
Pacific (Pacific)
Gulf Coast Lines
Line
3,298
574
21,356
Peoria & Pekin Union
Fort Smith & Western
Atlantic Coast
3,057
689
798
4,737
Norfolk & Portsmouth Belt
14,807
442
Western Pacific
Union Pacific System
12,317
4,922
1,244
180
16,738
24,046
Nevada Northern
Western Pacific
Pocahontas District—
180
968
City...
Utah
Chesapeake & Ohio
5,515
317
719
897
Illlnols Terminal
Southern
114,885
Grande Western
Denver & Salt Lake
North
367
5,490
6,602
District—
Santa Fe System
798
Pennsylvania System
2,296
485
528
Seattle.._
1,407
7,209
Penn-Readlng Seashore Lines.
414
200
185
707
106,649
Spokane Portland &
380
Long Island
7,423
545
2,167
323
Spokane International
Chlcago
809
17,672
2,239
20,104
3,998
3,605
2,376
6,920
11,917
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
1,479
6,631
Cambria & Indiana
746
21,165
2,788
23,132
4,393
13,632
1,039
721
Chicago Great Western
19,478
2,657
21,978
4,262
7,606
1,147
5,806
16,517
Chicago & North Western
Cornwall
Central RR. of New Jersey
1,471
Northwestern District-
Belt Ry. of Chicago
Central Western
Allegheny District—
Akron Canton & Youngstown..
Baltimore & Ohio
—
741
28,568
3,877
Wabash
Total..
no
24
43,652
40,225
9,311
22,129
1,251
1,101
3,161
4,467
15,358
Total
481
New York Central Lines
272
2,1011
4,507
Winston-Salem
4.937
6.938
Montour....
2,471
2,919
3,607
339
Tennessee Central...
9,612
3,104
4,922
2,492
46.192
11,362
1,651
5,439
7,784
7,183
2,791
4,610
2,3121
Monongahela
924
397
Southern System
1.323
3.324
16,289
7,897
1,942
1,465
7,881
2,615
218
414,658
485
365
Seaboard Air Line
144
132
2,477
'
1,297
455
Richmond Fred. & Potomac—
10,483
2,408
19
1,197
384
Norfolk Southern
292
33
1,354
Piedmont Northern........
1,353
1,685
8,408
1,345
352
.
;
■; Erie--.-—.. — -
625
1,565
8,857
1,929
634
...
Bangor & Aroostook
Boston & Maine
District—(Concl.)
1936
1937
1935
1936
1937
Southern
from Connections
Freight Loaded
1936
1937
1935
1936
1937
39,905,050
show also the loadings
following we undertake to
In the
971,255
954,782
931,105
959,492
934,715
30,270,991
33,056,164
Total..—
.
819,597
820,570
826,525
816,242
814,514 7
809,944
Week of Oct. 30
week
RECEIVED FROM
FREIGHT LOADED AND
3,351,564
847,245
815,122
Week of Oct. 23
of 2,993 cars
19,402 cars, a decrease
preceding week, and 2,564 cars
the
2
Week of Oct.
corresponding week in 1936.
44,562 cars, an increase of
7,604 cars above the preceding week, and 10,950 cars above the corre¬
sponding week in 1936.
In the Western districts alone, grain and grain
products loading for the week of Oct. 30 totaled 29,191 cars, an increase
of 4,932 cars above the preceding week, and 8,151 cars above the corre¬
in 1936.
loading amounted to
September
Week of Oct.
preceding week, and 13,873 cars below the
and grain products loading totaled
stock
August
Four weeks in
2,786,742
3,572,849
2,954,522
3,062,378
3,812,088
3,115,708
3,182,943
Five weeks in July
Grain
Live
—
4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
4,475,391
3,752,048
3.725,686
2,974,553
2,512,137
2,415,147
2,543,651
2,976,522
weeks in May
Four weeks In
merchandise less than carload lot freight totaled 169,871
cars, an increase of 640 cars above the preceding week, but a decrease
of 1,056 cars below the corresponding week in 1936.
Coal loading amounted to 150,725 cars, a decrease of 5,563 cars below
sponding week
3,316,886
2,778,255
3,003,498
2,955,241
3,897,704
weeks In January
Five
Loading of
the
1930
1936
1937
1930.
in
1,698 cars, or 0.2% below the
cars
loading
preceding week, and 9,736 cars below
Coke loading amounted to 7,951 cars,
the
Loading of revenue freight for the
cars.
1936.
•
amounted to 30,831 cars, a decrease
week in
of 7,159 cars below
the corresponding week in 1936
a decrease of 775 cars below
the preceding week, and 3,082 cars below the corresponding week in 1936.
All districts
except the Central Western and Southwestern, reported
decreases compared with the corresponding week in 1936.
All districts
reported decreases compared with the corresponding week in 1930. 1
Loading, of revenue freight in 1937 compared with 1936 and 1930
Ore
75,990
82,859
St.
1936
25,635
35,176
26,814
39,804
16,241
'
3114
Financial
Moody's Commodity Index Declines Moderately
Moody's Index of Staple Commodity Prices closed
Friday at 153.4, as compared with 154.2 a week ago.
though a new low of 152.0 was made on Tuesday, the
change for the week was very slight in comparison with
Chronicle
public
CONSTRUCTION
Al¬
154.2
Nov.
6
152.4
Nov.
Nov.
Mon.
Tues.
Wed.
5
9...
8
152.2
152.0
Nov. 10
Thurs. Nov. 11..
Fri.
Nov. 12
Continued
152.3
Holiday
2 Weeks Ago, Oct. 29
Month Ago, Oct. 11__
Nov.
6—Index
Year
at
%'-V A+■;''
compiled
week,
the
wholesale
Point
7,493
12,132
were
weakness
greater
common
3,319
1,357
12,966
36,718,900
$225,767,900
81,063
Total construction.
1937—Residential building—...
Non-residential building..
12,229
209,494,600
172,434,000
7,295,600
$801,875,300
33,341
Public works and utilities-
126,633
389,224,200
$2,509,095,200
70,337
$667,695,800
32,387
13,709
183,560,700
152,390,100
5,143,600
116,433
341,094,400
Total construction.
1936—Residential building.
Non-residential building..
Public works and utilities.
Total constructlon.
trend
for
the
commodity
price
NEW CONTEMPLATED
index
WORK
REPORTED—37
ROCKY
814,408,400
785,291.900
advances in the tood group the
weighted average for the group rose slightly
result of rising prices for a few
important items; this increase followed
consistent decline in the food price
average since the first part of Septem¬
ber. Another decline in the index of farm
product prices took it to the lowest
level recorded since June of last
year.
The effect of higher prices for live¬
stock was more than offset
by the continued decline in cotton and grains.
The sharpest recession last week was
in the metal group and was
again due
to lower quotations for steel
scrap and nonferrous metals.
Lower quotations
for cotton, wooi, worsted
yarns, and silk caused another downturn in the
index of textile prices,
taking it to the lowest point recorded since the
early summer of 1935.
Indexes representing the prices of chemicals
and
drugs, fertilizer materials, and miscellaneous commodities
also moved lower
during the week. A small rise occurred in the
building material average.
Forty-four price series included in the index declined
during the week
and 16 advanced; in the
preceding week there were 38 declines and 11
advances; in the second preceding week there were 37 declines
and 22
a
^dVctQCOS
COMMODITY PRICE INDEX
EAST
1936
Valuation
$89,013,400
126,831,600
170,817,600
13,414
Total construction
Valuation
Projects
8,584
3,601
1,229
$386,662,600
Non-residenttal building
Public works and utilities
THE
No. of
Projects
Month of October—
Residential building
OF
MOUNTAINS
1937
most commodity
by industrial commodities than by
Compiled by the National Fertilizer Association.
$2,267,396,100
STATES
No. of
In spite of the fact that declines outnumbered
WHOLESALE
969,907,300
737,312,600
seventh
as a
WEEKLY
79,071,300
67,032,400
First 10 Months—
during the week to
shown
was
$79,664,200
Non-residential building
21,553,000
14.360,700
805,200
as
Although declines
$202,080,900
75,012,400
61,583,800
Public works and utilities
of
against 82.2% in the preceding week. A month
ago it registered 84.3% and a year ago
80.2%. Since the
middle of September, when the
general price decline began,
the index has declined
6.8%. The Association's announce¬
ment under date of Nov.
8, went on to say:
groups,
30,266,100
8,290
in the week ended Nov. 6 to a new low level for
1937. Based
the 1926-28
average of 100%, last week the index stood
farm products and foods.
$65,484,700
1936—Residential building.
by the National Fertilizer Association dropped,
81.7%
Valuation
16,305,900
13,567,700
392,500
1,332
on
at
THE
New Floor
3,307
Total construction.
...228.1
152.0
Low
OF
+
Continuing the broad downward
consecutive
New
EAST
Space (Sq. Ft.)
Public works and utilities
Decline
Ended
STATES
public
20%.
MOUNTAINS
1937—Residential building, j
Non-residential building
in
Wholesale
Commodity Prices
Reported by National Fertilizer Association During
Week
AWARDED—37
the
in
to
Month of October—
161.3
Low—Nov. 9
decline
No. of
162.7
-.153.4
The
Projects
186.1
208.7
Low—May 12
1937 High—Apr. 5..
45%.
of
1937
13
January-October period amounted
ROCKY
172.2
Year Ago, Nov. 12
1936 High—Dec. 28
gain
a
CONTRACTS
net
also realized by silk, corn and
coffee, while cocoa, hides,
rubber, cotton and sugar were higher.
There were no net
changes for copper, lead/silver and wool.
The movement of the Index
during-the week, with com¬
parisons, is as follows:
Nov.
construction
works classification for the
this
the
sharp breaks in previous weeks.
The principal changes were the declines in
hog and steel
scrap prices, and an advance for wheat.
Lower prices were
Fri.
Sat.
Nov.
utilities
9,927
2,982
1,122
$117,176,200
98,274,800
115,775,000
14,031
$331,226,000
First 10 Months—
Residential building
Non-residential building
98,168
$1,230,103,000
86,438
37,970
1,447,615,900
33,202
Public works and utilities
13,683
1,413,152,600
13,959
$999,949,000
986,501,900
1,182,716,300
149,821
$4,090,871,500
133,599
$3,169,167,200
Store Sales in October
Continued
Total construction
Index
Department
in About Same Volume
in
as
September According
Board of Governors of Federal Reserve
System
to
The report issued on Nov. 9 by the Board of Governors of
Federal Reserve System indicates that
the
"department
store sales in October continued in about the
same
volume
in
September. During the past year changes in sales have
been almost entirely seasonal and the Board's
adjusted
index has shown practically no change."
The index for the
last three months and for October, 1936, is shown below.
as
(1926-1928=100)
Oct.,
Per Cent
Total Index
25.3
Month
Week
Ago
Ago
Oct. 30,
Oct.
1937
9.
Nov. 7,
1936
1937
83.2
Cottonseed Oil
83.1
84.2
1936
93
94
92
90
102
100
72
100
average—100:
Adjusted for seasonal variation
65.6
60.7
79.4
68.3
Farm products
69.2
70.7
95.5
74.2
Grains
74.3
78.8
80.5
42.7
Cotton
45.3
44.4
68.1
77.3
100.5
66.9
Livestock
adjustment
81.3
67.1
Fats and oils
71.5
84.0
81.8
17.3
87.8
76.7
Fuels
84.7
85.4
10.8
86.6
79.7
Miscellaneous commodities..
82.3
83.1
83.7
79.3
8.2
Oct.,
1937
Index of department store sales 1923-25
Without seasonal
Foods..
23.0
Aug.,
1937
Year
Nov. 6,
1937
Group
Preced'g
Week
Each Group
Bears to the
Sept.,
1937
Latest
Textiles
66.1
67.2
7.1
68.6
Metals
99.6
101.4
6.1
102.9
84.6
84.3
86.5
95.6
REPORT BY
business
FEDERAL
83.1
95.1
1% smaller than in October,
day* in the first 10 months
of this year sales were
8% larger than in the corresponding
period of last year, said the Board, presenting the following
conrpilation:
were
one more
RESERVE
86.7
Building materials
Total sales in October
1936, which had
1.3
Chemicals and drugs
70.5
.3
Farm machinery
1
73.8
68.2
80.4
96.4
92.6
82.2
84.3
80.2
No.
October *
10 Months
Cities
Reporting
Included
Federal Reserve districts:
Boston
groups
combined
—2
+3
While
efforts
to
balance
the
of^ new privately-financed
tained
the
Federal
budget,
construction
the
amount
undertaken
relatively high level of the past few
53
28
31
+ 1
+ 14
28
11
—2
+5
57
27
+5
+9
27
19
Atlanta
the volume of
publicly-financed construction dur¬
ing October continued to feel the effects of the Administra¬
tion's
32
+5
+5
Richmond
Construction Contracts Awarded in October
54
—2
—2
Cleveland
All
New York
Philadelphia
100.0
main¬
months.
Compared with
a year ago the October
volume of new non¬
residential building undertaken
by private agencies showed
a
gain of 2%, according to
reports of F. W. Dodge Corp.
Compared with the preceding
Chicago
The
at
and
private,
and
contract
amounted
with
compares
usually
this time
October
of
the
total
to
contract
$225,767,900 for October
Commenting about
den,
Vice-President
total
average
month
for
throughout
the
of
public
1936,
year.
all
classes
$202,080,900
construction
a
for
of
last
October
the
F.
for
total
of
construction,
37
Eastern
both
public
States.
This
$207,071,800 for September
contracts
Dodge
construction
the amount
the
of
year.
record
W.
of
was
of
Corp.,
in
this
awarded, T.
stated
excess
of
that
per
construction dropped
$77,838,400. for October, 1937.
Private
construction, on the other
hand, reached a peak total of $195,370,300 for
April of this year, followed
by a second peak total of almost $191,000,000 in
July.
Since then the
volume of private work has
gradually declined to $124,242,500 for Octo¬
ber, 1937.
the
first
to
1936,
months
$2,509,095,200
of
10
the
of
1937
total
construction
contracts
amounted
as compared with
$2,267,396,100 for the first 10 months
gain of 10%.
Residential building showed a
gain of 20% for
corresponding period, non-residential building a
gain of 19%, and
a
34
17
44
23
21
32
+5
30
—3
+9
21
10
San Francisco
—2
+6
82
25
Total
—1
+8
530
257
(
*
October figures preliminary; in most cities the month
had
his year than last year.
,,
Electric
Production
Totaled
one
less business day
During Week Ended
2,202,451,000 Kwh.
Nov.
6
The Edison Electric Institute, in
disclosed that the production of
its weekly statement,
electricity by the electric
light and
industry of the United States for the week
totaled 2,202,451,000 kwh., or
1.2%
2,175,810,000 kwh. produced in the corresponding
power
ended Nov.
above the
6, 1937,
The Institute's statement follows:
PERCENTAGE
the
$111,000,000
69
+9
+4
—4
Hoi-
class of
+ 11
Dallas
INCREASE OVER PREVIOUS YEAR
Major Geographic
Week Ended
Week Ended
Week Ended
Regions
Nov. 6, 1937
Oct. 30, 1937
Get. 23. 1937
Oct. 16. 1937
0.7
1.1
4.8
to
For
+1
—2
Minneapolis
Kansas City
week of 1936.
S.
while
12
—2
St. Louis..
month, the September-October
decline for this class of
construction, amounting to 7%, was
no greater than the
normal seasonal decrease which
occurs
of
74.6
96.4
No. of
Stores
96.3
73.8
80.5
81.7
Fertilizers
95.6
73.2
Fertilizer materials
.3
80.5
96.4
.3
DISTRICTS
P.C. Change from a Year Ago
New England.
x5.9
Middle Atlantic
Central Industrial
West Central
2.1
*2.0
Week Ended I
4.1
6.3
xO.5
...
3.2
6.3
1.1
2.5
2.1
5.8
6.6
Southern States
4.0
3.4
4.0
Rocky Mountain
9.9
3.8
6.8]
7.0
6.7
11.5
9.2
11.0
4.6
1.2
4.1
5.1
5.0
Pacific Coast
Total United States.
x
Decrease.
i
Volume
IMPORTS
VALUE OF GENERAL
(THOUSANDS OF KILOWATT-HOURS)
DATAfFOR RECENT WEEKS
3115
Chronicle
Financial
145
8TATES, BY GRAND
Per Cent
1937
Weet Ended
Month of
1929
1932
1935
1937
1936
Imports from—
from
1936
V
UNITED
COUNTRIES
0*MERCHANDISE INTO» THE
DIVISIONS AND PRINCIPAL
Change
September
9 Months
1936
Ended September
1937
1936
1937
'
$
2,261,725
2,079,137
+ 8.8
Aug. 14
2,300,547
+ 10.6
Aug. 21
2,304,032
Aug. 28
2,294,713
2,320,982
2,079,149
2,093,928
2,125,502
2,135,598
2,098,924
2,028,583
2,170,807
2,157,278
2,169,442
+ 12.4
Aug.
7...
Sept. 4——
Sept. 11
Sept. 18
Sept. 25
Oct.
2———
Oct.
9..—
Oct.
16
Oct,
23——
30
Oct.
Nov.
-6.—.....
2,154,276
2,280,792
2,265,748
2,275,724
2,280,065
2,276,123
+ 10.0
+ 8.0
+ 8.6
+ 2.6
+ 4.4
+ 5.5
:/
+5.1
2,168,487
+ 5.0
2,281,636
2,254,947
2,170,127
2,166.656
+ 5.1
2,202,451
2,175,810
+ 1.2
+4.1
1,821,398
1,819,371
1,832,695
1,839,815
1,809,716
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
1,867,127
1,863,086
1,895,817
1,897,180
1,426,986
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
1,533,028
1,525,410
1,724,728
1,729,667
1,733,110
1,750,056
1,761.594
1,674,588
1,806,259
1,792,131
1,777.854
1,819,276
1,806,403
1,798,633
1,824,160
1,815,749
66,125,000
36,110,000
17,103,000
24,938,000
64,720,000
3,067,000
3,638,000
Europe——.——-i..—i—
Northern North America
Southern North America
South America
Asia
Oceania
•
Africa.—
6,546,000
1,723,000
6,180,000
9,455,000
5,202,000
17,051,000
35,093,000
Argentina,.—----- - —i
-——— .
.
-
.
„■
-
-.
Belgium
Index
Price
United
of
States
Department of
Canada-w...
products continued to decline
Prices of farm
Chile—
5,374,000
Colombia..
...
3.558,000
—
Cuba
only
Czechoslovakia——--i--Denmark
193,000
Egypt. .——...—-
547,000
—
FraDce
Germany.-—-..—i„i.—_
Gold Coast
IIII
Honduras.—-
prices of truck crops and
than offset by
declines in other groups.
Largely a result of a 35-cent-a-bushel drop in corn
prices, the index for grains broke sharply.
Meat animals, cotton products,
and fruit all showed price declines.
Compared with a year earlier, all groups
except meat animals and poultry were lower.
,
^
'
Although meat animals declined during the month, the prices were still
16 points higher than a year earlier.
Dairy products were slightly higher
and poultry products the same as the year previous.
The index of prices of things bought by farmers also continued to decline
during the month and in mid-October stood at 128% of pre-war.
A further
decline in feed prices was responsible for the drop in this index.
The October
index was, however, one point above a year earlier.
mid-September to mid-October advancing
seasonal advances in dairy and
poultry products "were more
Hongkong
Iran (Persia)
....
Irish Free State—
GrandjJDivisions and
by
Merchandise
and Imports of
Exports
of
Value
Principal Countries in
September
Netherland India
Nov. 5, 1937, issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
September and the nine months ended with September for
the years 1937 and 1936.
The following are the tables
Netherlands
Newfoundland and LabradorNew Zealand....—.........
2,164,000
274,000
.... —
Panama—————.—--
CIPAL
MERC^DKB
OF
PORTO
EXPORTS.
OF
VATTTF^
TfYTAT
Philippine Islands
Sweden........
' Month of
Exports to—
2,236,00(!\
Switzerland................
United Kingdom
September
1936
1937
9 Months
'
■-
•'■■■■■
'
485,000
Venezuela..
PORTS
Europe.——. — —.
Northern North America
Southern North America
South America
Asia———..——.—.
Oceania
Africa—
Australia
————.
Belgium....
..... .
_ .
.
.
.
. ...
'
Brazil
September,
1936
909,220,000
388,446,000
161,376,000
235,568,000
145,902,000
220,751,000
442,043,000
70,986,000
112,131,000
61,914,000
82,426,000
_. .
.
i„
China.........-.-...—
Colombia.
_
..... .
Cuba....
.
... .......
-
.... -
-
....
Czechoslovakia—.——.
Denmark
_
.
.
_
.———
Dominican Republic
Ecuador-.-—..—..
...
Egypt....
South America.
Oceania.———---———.
Africa—
................
39,977,000
36,634,000
39,575,000
34,884,000
64,758,000
51,892,000
66,548,000
Argentina———————
46,190,000
Brazil—————————
28,147,000
British India
Australia
Belgium
Germany
-——. .
—.
...
...
Greece
Haiti, Republic of
Honduras
.
Hongkong
Iran (Persia)
1,181,000
1,051,000
3,634,000
2,660,000
6,045,000
1,698,000
1,599,000
11,602,000
34,561,000
16,714,000
Chile
44,548,000
China—————————
3,408,000
7,604,000
1,488,000
1,524,000
19,812,000
48,806,000
3,194,000
8,583,000
3,254,000
2,593,000
7,116,000
4,667,000
85,285,000
72,085,000
2,737,000
4,908,000
2,729,000
3,671,000
6,733,000
3,297,000
5,162,000
41,792,000
2,611.000
137,148,000
28,887,000
67,018,000
Colombia——
8,639,000
12,075,000
4,720,000
3,612,000
9,746,000
7,804,000
Czechoslovakia————
868,000
313,000
329,000
840,000
680,000
516,000
983,000
958,000
14,999,000
10,427,000
17,601,000
525,000
622,000
448,000
268,000
1,192,000
2,868,000
Irish Free State ......
Italy
360,000
Jamaica
Japan
..............
Kwantong
....
.....
Nether land India
Netherland West Indies
Netherlands.
Newfoundland and Labrador.
New Zealand
...
...
Panama
Peru
Philippine Islands
Poland and Danzig
21,348,000
239,000
6,380,000
1,122,000
1,300,000
4,283,000
633,000
1,406,000
1,382,000
2,072,000
1,025,000
5,297,000
1,278,000
11,686,000
376,000
1,724,000
642,000
1,023,000
7,613,000
316,000
16,769,000
3,054,000
9,156,000
2,185,000
2,755,000
8,659,000
716,000
2,043,000
1,681,000
1,769,030
1,325,000
7,796.000
2,296,000
854,000
245,000
Spain
Sweden
Switzerland
Turkey—
Union of South Africa
...
(Russia)
United Kingdom
Uruguay
Venezuela
2,475,000
3,183,000
Portugal
U. 8. 8. R.
381,786,000
914,000
279,000
391,000
674,000
549,000
—-.
Gold Coast-.-......
Norway
277,115,000
161,000|
542,000
.—... .
Mexico.
719,000
598,000
4,849,000
551.000
580,000
5,578,000
2,145,000
47,463,000
588,000
2,076,000
553,000
706,000
1,446,000
7,259,000
2,883,000
70,731,000
1,491,000
4,091,000
2,731,000
54,846,000
9,094,000
9,558,000
37,488,000
5,293,000
14,267,000
10,787,000
16,659,000
10,214,000
44,416,000
13,322,000
6,256,000
21,256,000
28,038,000
5,470,000
4,631,000
49,688,000
27,805,000
296,227,000
5,955,000
16,744,000
1937
$
6,126,000
113,168,000
83,906,000
.4,078,000
3,802,000
2,893,000
3,927,000
8,281,000
3,389,000
5,533,000
58,322,000
3,464,000
233,581,000
8,759,000
83,028,000
18,607,000
24,505,000
66,380,000
6,504,000
17,849,000
15,935,000
18,498,000
12,639,000
63,011,000
17,611,000
10,835,000
3.139,000
43,999,000
6,885,000
10,624,000
65,006,000
28,306,000
342,763,000
9,197,000
33,053,000
British Malaya———
7,407,000
6,508,000
6,852,000
5,668,000
3,704,000
713,000
43,915,000
Canada
161,000
Ceylon
Cuba
Denmark—————————
Dominican
676,000
Republic
Ecuador
-
—
Egypt——i--—-———Finland—-———
France
Gold Coast
#■
#>**
mim
Republic
Haiti,
Honduras.
m — m **
of
—
Hongkong
Iran (Persia)
Irish Free State....
—
Jamaica..
Kwantong
Mexico.
....——
Netherland India
Netherland West Indies.—..
Netherlands
Newfoundland and Labrador.
New Zealand
Norway
-
Panama
Peru
—
Portugal—
-
701,000
Spain
Sweden
Switzerland
-
Union of South
Africa
(Russia)
United Kingdom
Venezuela
8,744,000
2,183,000
2,751,000
8,513,000
702,000
2,042,000
1,668,000
1,764,000
1,313,000
7,787,000
2,293,000
2,473,000
Philippine Islands
Poland and Danzig..
U. S. S. R.
261,000
374,000
1,715,000
642,000
1,022,000
16,701,000
3,054,000
Japan
Uruguay
622,000
443,000
7,554,000
315,000
Italy
Turkey
514,000
983,000
951,000
17,482,000
11,509,000
-
Germany
OfCGCC
1,685,000
1,559,000
3,376,000
7,476,000
1,473,000
1,521,000
—
—
4,840,000
5.50,000
1,445,000
7,249,000
2,882,000
60,421,000
1,491,000
4,069,000
67,280,000
33,972,000
13,869,000
31,875,000
76,634,000
4,220,000
6,226,000
891,778,000
374,318,000
230,992,000
219,270,000
440,559,000
70,809,000
111,974,000
293,525,0002,339,701,000
Total--———.
45,317,000
595,000
Finland
-
Southern North America
Asia.....—————.
19,926,000
3,757,000
..
_ .... ...
Chile
September,
1937
134,636,000
44,633,000
25,116,000
26,134,000
40,789,000
8,644,000
13,573,000
Europe.......——------Northern North America
126,000
Canada
September,
1937
8
721,003,000
282,568,000
279,675,000
September,
1937
371,000
...
British Malaya
France
7,422,000
6,512,000
6,913,000
5,697,000
3,710,000
9 Mos. End.
9 Mos. End.
Country
31,504,000
British India
Ceylon
4,947,000
4,226,000
4,547,000
3,558,000
2,294,000
Imports for
Consumption
Exports of United States
Merchandise
and
1937
296,729,000 1,734,864,000 2,397,145,000
Total——— 220,538,000
Argentina.....
1,932,000
4,700,000
7,213,000
4,494,000
I,421,000
34,616,000
1,190,000
159,781,000
3,482,000
48,563,000
85,411,000
15,214,000
42,483,000
6,244,000
19,761,000
19,557,000
3,588,000
12,273,000
102,908,000
15,271,000
6,960,000
II,846,000
42,867,000
19,112,000
8,691,000
11,479,000
22,405,000
158,182,000
12,903,000
17,255,000
UNITED STATES MERCHANDISE AND IMCONSUMPTION BY GRAND DIVISIONS AND PRIN¬
FOR
Grand Division
Ended September
12,546,000
COUNTRIES
$
99,277,000 135,581,000
32,148,000 46,049,000
19,353,000 25,714,000
16,638,000 26,261,000
37,934,000 40,891,000
8,649,000
5,733,000
13,584,000
9,454,000
508,000
1,979,000
4,532,000
13,033,000
34,453,000
13,977,000
6,919,000
4,602,000
16,725,000
138,783,000
10,386,000
19,100,000
5,245,000
6,428,000
2,714,000
11,444,000
12,612,000
55,895,000
59,123,000
19,516,000
EXPORTS OF
OF
VALUE
■;
297,000
1,437,000
2,753,000
14,752,000
2,205,000
Uruguay
625,000
635,000
817,000
196,000
2,262,000
17,520,000
U. S. S. R. (Russia)
123,181,000
39,521,000
61,458,000
92,892,000
84,630,000
169,035,000
313,903,000
15,176,000
38,755,000
86,476,000
39,662,000
129,393,000
27,656,000
26,215,000
1,164,000
124,C23,000
3,740.000
37,182,000
49,567,000
10,682,000
35,003,000
3,324,000
8,735,000
15,739,000
3,286,000
6,555,000
86,762,000
7,778,000
5,488,000
2,496,000
569,000
——
Union of South Africa
RE-EXPORTS, AND IMBY GRAND DIVISIONS AND PRIN¬
1,329,000
II,264,000
1,392,000
1,054,000
674,000
526,000
4,393,000
Poland and Danzig
Spain
INCLUDING
COUNTRIES
373,000
640,000
II,147,000
Peru
CIPAL
complete:
15,988,000
61,000
3,928,000
8,816,000
2,051,000
5,543,000
1,310,000
1,969,000
1,607,000
1,207,000
6,010,000
639,000
838,000
Netherland West Indies
Turkey—
Department of Commerce on
The
443,000
165,000
153,000
122,000
Portugal
Total
642,067,000
320,699,000
239,082,000
344,013,000
742,167,000
| 61,319,000
78,244,000
42,527,000
18,960,000
41,334,000
73,314,000
63,529,000
121,208,000
260,011,000
9,857,000
20,751,000
60,692,000
32,517,000
110,108,000
16,266,000
2,102,000
3,602,000
2,207,000
7,890,000
11,312,000
45,264,000
56,642,000
8,083,000
7,661,000
1,202,000
4,642,000
6,719,000
2,748,000
3,183,000
3,055,000
7,035,000
Mexico
.....
454,000
115,000
........
Norway-.
182,000
426,000
16,012,000
........
........
K want ong
620,000
3,116,0G0
Italy..————...
Jamaica——————
Japan
920,000
879,000
492,000
85,000
624,000
470,000
328,000
83,000
rifAPpA
Haiti, Republic of IIII -
I,372,000
5,517,000
7,370,000
.
Finland...-.
since June,
Agriculture
423,000
462,000
1,452,000
5,906,000
7,205,000
Ecuador
533,000
311,000
Dominican Republic
continued:
From
I,476,000
China
112% above the pre-war level (1910-14), according to the
monthly price report issued Oct. 29 by the Bureau of Agri¬
cultural Economies, United States Department of Agricul¬
ture.
At 112 the general index of prices received by farmers
was six points below the September figure, nine points below
the year previous, and the lowest index recorded
1936.
An announcement by the Department of
420,000
860,000
Ceylon.———————
during the
mid-October and by that time were
month ending in
... ... .,
10,478,000
6,202,000
22,864,000
33,584,000
1,453,000
1,612,000
5,711,000
4,070,000
6,128,000
3,528,000
278,000
British Malaya
Agriculture Continued to Declrie During Month
Ended Oct. 15—At Lowest Level Since June, 1936
9,286,000
1,785,000
7,079,000
10,049,000
2,212,000
Brazil
British India
Farm
501,114,000
263,975,000
193,909,000
210,396,000
532,497,000
28,985,000
37,463,000
2,427,591,000
215,701,000 233,361,000 1,768,339,000
Total
Australia
67,043,000
35,075,000
15,336,000
30,137,000
75,778,000
3,855,000
6,137,000
627,519,000
316,413,000
231,669,000
331,937,000
731,140,000
54,727,000
76,604,000
234,076,000 2,370,009,000
64,463,000
51,773,000
66,093,000
45,924,000
28,074,000
6,041,000
357,722,000
1,179,000
16,521,000
44,437,000
28,515,000
66,023,000
8,476,000
12,033,000
4,641,000
3,576,000
9,716,000
7,785,000
110,177,000
81,268,000
4,078,000
3,752,000
2,847,000
3,870,000
8,150,000
3,389,000
5,519,000
57,324,000
3,436,000
232,756,000
8,747,000
80,117,000
18,569,000
24,472,000
61,652,000
6,441,000
17,810,000
15,731,000
18,404,000
12,560,000
62,900,000
17,533,000
10,803,000
3,120,000
43,912,000
6,713,000
10,570,000
64,910,000
28,244,000
338,131,000
9,126,000
32,893,000
10,069,000
1,965,000
7,153,000
10,415,000
6,271,000
22,891,000
32,895,000
1,449,000
2,514,000
5,959,000
4,060,000
6,042,000
3,485,000
386,000
460,000
412,000
120,003,000
34,333,000
60,666,000
91,364,000
84,146,000
169,052,000
311,071,000
15,145,000
34,931,000
82,891,000
39,650,000
127,867,000
26,790,000
5,091,000
6,413,000
2,666,000
725,000
11,059,000
1,372,000
5,497,000
7,418,000
12,608,000
833,000
18,866,000
10,411,000
1,918,000
4,666,000
.1,129,000
179,000
419,000
435,000
379,000
168,000
3,521,000
144,000
15,687,000
202,000
3,269,000
8,805,000
1,438,000
5,536,000
896,000
2,142,000
1,824,000
372,000
1,199,000
11,262,000
1,355,000
619,000
854,000
5,492,000
2,466,000
928,000
1,402,000
2,398,000
14,250,000
778,000
1,979,000
53,234,000
68,026,000
6,803,000
3,790,000
1,179,000
35,145,000
1,194,000
152,527,000
3,045,000
42,959,000
85,454,000
14,821,000
42,448,000
4,790,000
18,366,000
18,451,000
3,585,000
10,624,000
102,907,000
14,924,000
6,671,000
11,625,000
42,793,000
18,621,000
10,336,000
11,258,000
21,537,000
155.032.00o
11,560,00n
17,247,00
83116
Financial
Monthly Business
Indexes
of
Board
Governors
of
Chronicle
All
of
Federal Reserve System
or
On Oct. 29 the Board of Governors of the Federal Reserve
beef
and sirloin
offset
items
to
relatively
decreases
9.7% for pork chops.
ranging from
smaller
for
fresh
in
increases
the
fresh
4.5%
1%
month
a
pork prices
for
pork
All lamb items
0.8% for chuck to
all
cured
11.2%
wrere
declined, with the
for rib chops.
Three-Year Average 1923-25=100
/
Seasonal Adjustment
Oct.
Commodity Group
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
1937
1937
1936
,1937
1937
12, Sept. 14 Aug. 17 Oct. 13,
Oct. 8,
Oct.
15, Oct. 15,
1936
1937x
1937
1937
1936
1935
1932
1929
84.9
85.8
85.5
82.8
79.9
66.3
107.6
All foods
Cereals & bak'y prods-
General Indexes—
94.7
95.1
95.6
92.3
93.4
73.9
98.4
108.8
111.4
111.6
94.7
101.3
73.1
121.6
85.1
83.9
81.9
82.5
73.5
65.4
103.5
Pill
pl09
pis
107
Meats
110
pi 06
114
107
Dairy products
Pi 15
—
109
118
112
102
P125
120
110
Eggs
81.6
79.0.
83.8
73.2
120.3
59.2J
61.0
67.1
51.7
51.3
105.5
63
59
P57
66
60
Fruits & vegetables
Fresh
56.5
P57
Minerals
117
pllO
Industrial production, total
Manufactures
L
"
53.5
56.3
58.0
65.6
48.8
49.7
106.1
40
47
P38
81.0
82.0
82.7
81.7
79.9
68.5
81
69
P73
67.9
72.2
75.0
66.9
60.7
53.2
108.4
70.3
70.4
70.7
67.8
68.1
74.5
110.1
Construction contracts, value:
-
IP Residential
p38
All other
p72
Factory employment.
P100.7
——j.
Factory payrolls
102.4
P100.1
103.8
.»
Dried
Beverages & chocolate.
95.5
75
87
81
88
100
72
83.7
95.2
Fats and oils
84
92
71.9
94
77.5
78.4
79.9
76.3
87.2
50.5
92.6
Sugar and sweets
83.6
79
94
.
-
Canned
47
70
102.3
78
sales, value
store
40
88
93.8 pi 02.1
.—
Freight-car loadings
Department
by
The
ham.
showed decreases of
5.0% lower than
was
The sharp break
Without
Seasonal Variation
r
liver
of
1937
13
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Adjusted for
k Total
exception
price of round steak
4.9% lower.
extent
some
and
the
with
steak
whole
except
for loin roast
decreases
BUSINESS INDEXES
(1923-1925 average=100)
Nov.
of
The average
more.
ago
was
System issued as follows its monthly indexes of industrial
production, factory employment, &c.:
items
67.4
66.5
64.8
64.8
66.7
58.9
76.5
Preliminary.
x
wm
The
Selected Production Indexes—
125
142
119
123
139
117
pi 08
115
120
pi 07
108
120
87
78
100
83
Manufactures—Iron and steel
Textiles...
Meat packing
Automobiles
135
157
70
than
advanced
to
the
in
Mobile.
107
53
116
42
109
112
pll5
120
130
162
159
157
179
170
173
P80
78
82
p91
77
87
P5 3
37
58
P04
37
58
P176
181
146
pl82
184
150
126
93
218
257
178
creases
116
110
97
110
103
93
77
82
60
73
79
57
Anthracite
Iron Ore
shipments
Zinc
reported
Preliminary.
carloadings,
Note—Production,
dally averages.
and
department store
Indexes
sales
based
normally
for
to
of
Construction contract indexes based
by Bureau of Labor statistics.
FACTORY EMPLOYMENT AND PAYROLLS: INDEXES BY GROUPS AND
INDUSTRIES (1923-1925
average=100)
of
items,
vegetables
an
Without Sea¬
sonal
Without Sea¬
Adjuslm't
in
The
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
1937
1936
1937
1937
1936
1937
1937
1936
was
100.7 102.4
L
Durable goods
[I
Non-durable goods
98.5
93.8 102.1 102.3
95.5 100.1 103.8
86.6
99.3
85.7
97.3
98.1
77.2
102.9 105.6 101.6 107.3 106.9 105.9 100.9 103.5
91.6
108.4 108.7
96.8 108.7 108.7
97.2 113.0
130.2 131.3 106.8 130.7 130.2 107.5 134.3
123.9 121.3 100.8 107.0 111.8
87.3 104.3
35.3 131.9 108.8 112.3 118.7
90.3 105.4
120.4
94.7
112.8
76.3
Sept.
Iron and steel
Machinery
Transportation equipment
__
Automobiles
Railroad repair
115.3
77.3
60.1
62.4
59.1
60.4
62.1
59.3
67.3
63.1
113.7 115.9 102.5 114.1 112.8 102.9 110.2 109.9
69.2
71.3
65.8
71.7
73.0
68.2
71.4
68.1
70.5
70.3
66.1
72.7
71.9
68.2
70.5
69.9
shops
Nonferrous metals
Lumber and products
Stone, clay and glass
B.
Wearing apparel
Leather products
Food products—..
90.0
93.0
91.4
92.7
96.6
85.3
and
petroleum refining
60.3
Census of Manufactures through 1933.
September, 1937, figures
for
in
°f
cities
for
of
dron
declined
90.0
80.5
92.4
87.0
3.2%;
75.7
meats
12
"A
Statistics, United States Department of Labor, announced
Nov. 3.
"The decrease
try," Mr. Lubin said.
the
51
tinued
The
This
cities
cost
2.5%
those
than
the
with
of
the
costs
shown
were
Bureau."
Mr.
44
in
Lubin
Oct.
level
1936.
October,
of
costs
the
Food
1932,
in
year
in
were
was
were
1923-25
advance
costs
October
month
groups
the
The
the index
current
commodity
of
ago.
current meat
costs
when
the
84.9%
was
one
cost
of
reported
fruits
and
flour
and
and
The
was
a
corn
average
of
reported
"bread
37 of
nine
66.3%.
21.1%
considerably
bakery products declined 0.4%.
of
the
13
items
included
in
higher
Compared
lower.
below
The
those
Price decreases
the
51
price
Prices of
wheat
flour
were
lower
These
group.
in
29
for wheat
of
the 51
unchanged in 20.
of
increases
white bread
in
for Omaha,
15
items
in
The
where
the
0.3%
higher than
The largest
price
was
in
September
change for white bread
1.6c.
per
were
cities
2.3%
lower
than
on
Sept.
reporting to the Bureau.
pound
for each of the sub-groups
Beef and veal
Pork
—2.1%
—1.5%
14,
with
The percentage
lower
due
decreased
change
costs
over
was:
Lamb
Chickens
5.9%
fall
below
month
a
ago.
respectively.
Tea
lower
five
0.6%.
Prices
in
were
for
of
2.9%,
and
9.6%.
In
vegetables
the
and
meats
decreases
greatest
other
of
fruits
reflected
cities
vegetables.
In
The
3.3%;
Detroit
the
was
four
Detroit,
the
declines
augmented by substantial
were
1.7%.
decreased
the 44
Richmond,
cities
a
cities,
for molasses and
for
and
upward
0.4%.
food
2.8%.
three
0.3%
decline
were
Birmingham,
the
moved
were
costs
than
reported from 28
declined
syrup
retail
1.3% higher
was
were
combined
the group
Corn
the
group
sugar
cities
major factor in
prices
Higher food costs
and
meat
fruit
showed
or
less
in
cost
of
for
meats
decreases
in the
bread
cities
all
were
and
prices
reported for
vegetable
negligible
a
prices
decrease.
except Newark,
increased
more
cities.
seven
were
The
In
all of these cities
either higher
than
increases amounted to
where food
costs
Sept.
on
%
of
1%.
rose
14
1%
or
In Newark
1%.
than
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
Three-Year Average 1923-25=100
12,
1937
Sept. 14, Aug. 17,
1937
1937
y
x
Oct. 13.
Oct. 15,
1936
1932
Oct. 15,
1929
United States
84.9
85.8
85.5
82.8
66.3
107.6
New England,.
Middle Atlantic
85.0
85.6
84.4
80.1
67.1
107.4
68.9
108.0
86.1
86.7
85.9
83.0
East North Central
85.0
86.4
86.5
83.8
64.3
West North Central
85.7
87.2
88.1
86.6
64.9
108.2
South Atlantic
83.4
84.8
85.2
82.7
65.2
107.2
East South Central
79.7.
81.3
82.5
80.4
61.0
106.1
West South Central
82.8
83.3
83.5
83.0
63.2
104.9
Mountain
87.0
87.3
87.5
86.4
65.1
104.7
Pacific
82.1
82.6
81.8
80.5
65.8
105.5
x
„.
108.6
Preliminary.
Report
of
Lumber
.—2.8%
+0.2%
a
Movement—Week
Ended
Oct. 30, 1937
The lumber
stood at
industry during the week ended Oct. 30, 1937,
62% of the 1929 weekly average of production and
64% of
average
duction
was
1929 shipments.
The week's reported pro¬
26% greater than new business booked and 1%
less
than
reported
considerably below
slightly
greater;
shipments.
the
new
corresponding week
of
Reported
preceding
business
three items, as reported,
one
was
cities.
for the
cause
0.3%,
and
1.2%.
sweets
51
preserves.
last
war."
costs
month ago
meal.
remained
result
Meat
for
and
and
the
average.
over
28.0%
ranged from 0.2% for wheat cereal and cake to
1.9%
cities
a
cereals
fruits
Canned
of
14.9% higher
are
were
and
prices of corn meal and wheat flour.
Weekly
12
of
Each
fruits
con¬
October, 1929.
were
in
of
1929,
each
decreases
to
for
the
October,
level
of
The
as
index
above
October,
of
"Lower
reporting to
chiefly due to the fact that
was
than
levels
general throughout the coun¬
:
food
is
year
was
Fresh
more.
0.2%
was
increased
granulated
for
1.1%
the
Norfolk,
dropped
for
Regional Area
decrease of 1.1% in the average retail cost of food
between Sept. 14 and Oct. 12 resulted from a
drop in meat
prices and a continued decline for prices of fruits and
vegetables," Commissioner Lubin of the Bureau of Labor
on
The declines
preliminary.
are
Department of Labor Reports Decrease
Retail Costs of Food
During Month
Oct.
4.7%.
Central regions.
or
chief
0.2%
declined
oils
other
in
showing
83.7
in
Ended
fell
South
3.0%
the
was
chocolate
and
Oct.
United) States
3.1%
2.5% below the level
were
vegetables.
sugar
price
cities.
44
sharp
and
the
average
decline
The
71.6
Note—Indexes of factory employment and
payrolls without seasonal 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
significant
were
4.9%, with lower prices reported for 12
of
beans
and
and
for strawberry
58.2
127.8 127.3 118.1 128.8 124.1 118.8 137.7 137.7 110.6
125.5 126.9 120.4 127.4 128.2 122.3 143.4 150.5 116.3
99.8
99.4
95.8
98.0
97.9
94.3
97.4
97.0
92.2
Petroleum refining
Rubber products
which
prices
egg
lower, due chiefly to a decline of 3.0% in the
and 1.8% for canned peas.
A decrease of
cocoa
Advances
1.5%
114.7 116.2 113.3 137.7 132.5 135.9 133.0 131.2 116.5
Tobacco products
60.2
60.8
61.7
62.1
61.8
63.6
56.5
57.2
53.3
Paper and printing
107.8 107.4 102.7 107.7 106.3 102.6 103.8 102.6
92.0
Chemicals & petroleum prod. 127.4 127.2 118.5 128.5 124.9 119.5 139.1 140.7
112.0
A. Chem.
group,
except
B.
index
ago.
the
87.0
94.1
prices
fruits and vegetables
navy
and
fats
Increases shown
83.9
from
where
in¬
Price
the advance
cities
corn
beverages
of
59.2
92.1
87.1
October.
region
only
egg
and
14.
The
the
100.9 105.9 102.6 101.6 102.8 103.4
95.9 100.8
96.8
94.9
97.3
95.8
109.8 115.1 113.6 114.5 113.0 118.4
0.1%, with increases
these
21
England,
month
higher and chocolate
cost
month
costs
Textiles and products
A. Fabrics
of
88.0
Non-durable Goods—
reporting
of the seven
items
in the group.
The most significant decreases were
3.8% for lard compound, 2.4% for oleomargarine, and 2.1% for vegetable
shortening.
The average price of lard
was
slightly higher than on
87.1
137.1
W Durable Goods—
butter
of
in Los Angeles to 8.5%
of
In
Atlantic and East
1.2%
fruits
coffee
of
0.1%
The
83.6
99.4 104.0
dried
cost
Prices
1937
Total
of
greater
a
much less than the advance
was
eight of which decreased
were
price of canned
costs
sonal Adjustm't
The
New
was
average
12.7% in the price of
Adjusted for
Seasonal Varla'n
1.7%
to
price
51 cities
sub-groups in the index showed lower costs.
vegetables declined
13
the
ago.
three
the
chiefly
average
all of
September
cities.
more.
heaviest in the South
the
of
42
During the current
average
Payrolls
or
reported
composite index for
and
Employment
5%
eggs
between
place
year
were
in
from
ranged
due
The
of milk also advanced,
3.4% in the cost of
The
3-month moving average of F. W. Dodge
on
1.4%,
butter.
higher
were
increases
one
data for 37 eastern States.
for
cities.
takes
were
advanced
increase
occurred in
eggs
amounted
on
Employment index, without seasonal adjustment, and payrolls index compiled
The
15
The increase of
lower.
products
The average price
from
decreases
Lead
p
dairy
seasonal
Bureau.
which
113
Minerals—Bituminous coal
of
4.1%, and prices
94
pi 00
Leather and shoes
Tobacco manufactures
Petroleum, crude
cost
normal
were
last
week;
was
production
shipments
somewhat
was
were
less.
All
appreciably less than in the
year.
of the highest months of 1936.
October
was,
however,
National production
re¬
ported for the week ended Oct. 30, 1937, by 9% fewer mills
13% less than the output (revised figure) of the pre¬
ceding week; shipments -were 1% above shipments of that
week; new orders were -7% below that week's orders, ac¬
cording to reports to the National Lumber Manufacturers
was
Association from
tions of
tion
in
regional
associations covering the opera¬
important hardwood and softwood mills.
the
week
ended
Oct. 30, 1937, was
shown
Produc¬
by soft-
Volume
Financial
145
23% below
output in corresponding week of 1936; shipments were 18%
below last year's shipments of the same week; new orders
were 42% below orders of the 1936 week.
The Association
both 1937 and 1936 as
wood mills reporting for
further
the
booked
week
of
orders
573;
mills produced 205,413,000
shipped 207,692,000 feet;
figures for the preceding
236,296,000 feet; shipments, 204,-
Revised
feet.
163,522,000
522
combined;
softwoods
and
Mills,
were ;
1937,
30,
production,
week ended Oct. 30.
All but Southern pine, West Coast, Southern cypress and Northern hard¬
woods reported shipments below production.
All regions but Northern
hemlock reported orders below those of corresponding week of 1936 j all
but West Coast reported shipments below last year's week, and all soft¬
wood regions but
Northern pine and cypress reported production below
reported orders below production in the
All regions
of 1937, deliveries of sugar
During the first nine months
table.
the following
Oct. 30, 1937, by 443
20% below the production
of the same mills.
Shipments as reported for the 6ame week were 198,143,000 feet, or 1% above production.
Production was 195,298,000 feet.
Reports from 99 hardwood mills give new business at 6,314,000 feet,
or
38% below production.
Shipments as reported for the same week were
Lumber
softwood
orders
the
week
ended
157,208,000
feet,
or
for
reported
totaled
mills
9,549,000 feet, or 6%
Production was 10,115,000 feet.
below production.
Mill
Identical
Reports
25,410
59,125
Deliveries for local consumption in Hawaii and Puerto Rico will here
after be reported in the statistical statements of sugar consumption issued
Hawaii....
Rico.
Puerto
The
feet
and
follows:
(Tons of 2,000
pounds—96 degrees)
feet.
....
.♦—■—
.
of Lumber During Four
and Shipments
Production
"*We give herewith data on identical
ended Oct. 30, 1937 as
mills for four weeks
reported by the National Lumber
Nov. 9:
Manufacturers Association on
,
2,115,987
1,085,304
86,805
1,929,371
915,748
(In 1,000 Feet)
Softwoods
Hardwoods....
...
Total lumber....
.
.
loss
consumption
The last column shows the
weight and polarization for each cargo
entered against the quotas.
(In short tons—96 degree equivalent)
Sugar Polar¬ Sugar Polar¬
izing Less
izing 99.8
1937
Quota
279,403
113,690
95,597
12,343
375,000
29,616
3,368
18,810
22,178
59,886
5,594
65,480
14,734
Philippines .......
80,214
610,803
456,347
132,344
588,691
22,172
the four weeks ended Oct.
Total
Quotas for Full
Countries
countries other than
■
against the quotas
the year.
Charged
1937
Quota
a
2,837 ,292
Belgium
-
Colombia......
—
—
Association.
reported that shipments of American
car-makers during the first 10 months of this year reached
a total of 4,295,933—an increase of 16% over last year and,
except for the record year of 1929, the largest 10 months'
mobile Manufacturers
Association
.. .
.
—
Mexico
......
.....
Netherlands
.
954,090
2*041
2,575
196,525
198 ,566
2,538 ,374
64,287 ,821
2,037 ,859
1,500 ,855
2,538,374
51,735,843
2,037,859
1,500,855
901,022
.
....
.
.....
.... .
.
Peru....
United Kingdom
....
Unallotted reserve..
Total..
Quotas as Increased
Scri&s ^ 3NTo
2
a
4,154 ,180
1,348 ,881
2,100 ,337
24,854 ,576
107,146 ,044
3,380 ,624
6,216 ,140
12,551*978
3,253,158
1,030,062
2,100,337
5,293,472
107,146,044
3,380,624
2,158,440
229,282,000
Haiti
Nicaragua
3,824,080
283.943
... _—.—
Czechoslovakia
.
l" 615468
2 ,575
--
Costa Rica .........
.
2,837,292
5,439 ,248
1,238 ,033
i...........
China and Hongkong
Guatemala.
Balance
Remaining
595
Brazil....,-
Dominican Republic
Sharply in October
October factory sales of motor vehicles are estimated at
340,920 units—an increase of 94% over the previous month
and 48 % over shipments for the same month of last year,
in the regular monthly report released Nov. 8 by the Auto¬
Against
Quota b
Canada.
Factory Sales Rise
foreign
first 10'
for the individual full duty countries.
The following table shows, in pounds, the 1937 quotas for these countries,
the amounts charged
against the quotas during the January-October
period, and the amounts which may be admitted during the remainder of
months of the year
softwood mills were
130 days' average production (three
feet on Oct. 31,
"7~438
value, charged against the quota for
Cuba is the total of charges made during the
Area
stocks as reported by 467
126,033
The 91,925 short tons, raw
/Dutch East Indies.
on
Balance
Remaning
Total
Charges
than 99.8
126,033
375,000
..........
Puerto Rico
production.
volume
based on
of direct con¬
into polarization groups is
The separation of sugars
of the year.
reports of the outturn
Cuba..
reported by 460 softwood mills were
491.771,000 feet, the equivalent of 16 days' average production compared
with 846,288,000 feet on
Oct. 31, 1936, the equivalent of 28 days'
The
period January-October, showing separately sugar
above and sugar polarizing less than 99.8 degrees.
balance available for entry during the remainder
the
during
quotas
Hawaii..........
1937, unfilled orders as
Motor Industry's
V:>
is included in the
sugar
727,169 1,143,452
1934-5-6) as compared with 3,756,566,000
the equivalent of 122 days' average production.
,
On Oct. 30,
4,597,267
-
above amounts charged
against the various' quotas since the direct consumption sugar quota is
included in the total quota for each area.
The following tabulation indi¬
cates in 1937 direct consumption sugar quotas and charges against such
Direct
corresponding weeks of 1936.
1936,
Sugars
696,302 1,088,942
54,510
30,867
those of corresponding
average,
5,516
5,160,632
Direct Consumption
Deg.& Above
weeks ended Oct. 30,
4,011,926,000 feet, the equivalent of
91,925
Cuba
Foreign countries other than
1936
1937
of 24%.
30, 1937, gross
800,046
Virgin Islands..
Quantity Charged Against Quota
30, 1937, were 36%
weeks of 1936.
Softwood orders in 1937
were 36% below those of similar weeks of 1936 and 8% below the same
weeks of 1935.
Hardwood orders showed loss of 43% as compared with
year
...
854,661
9,869
114,641
Hawaii.... ........
847,591 1,060,689
921,853 1,094,906
Orders received during
On Oct.
883,303
1,038,333
Puerto Rico...........
Lumber
1937, as reported by
these mills, was 16% below that of corresponding weeks of 1936.
Soft¬
wood production in 1937 was 16% below that of the toe weeks of 1936
and 1% below the record of comparable millsj during the same period of
1935.
Hardwood output was 5% below production of the 1936 period.
Shipments during the four weeks ended Oct. 30, 1937, were 20% below
those of corresponding weeks of 1936, softwoods showing loss of 20% and
below
reallotted on Sept. 10....
810,678 1,012,042
48,647
36,913
876.147 1,046,803
48,103
45,706
Production during the four
hardwoods,
...
Less amount
Area
1936
1937
1936
1937
_
...
Philippines
Orders Received
Shipments
Production
Charged
Against Quotas
998,499
Cuba........
sumption sugar
mills reported as follows to the National
for the four weeks ended Oct. 30, 1937:
An average of 554
Trade Barometer
Amounts
Latest Regulations
polarizing 99.8 degrees and
Weeks Ended Oct. 30, 1937
_
Sugar Quotas
1937
Established Under the
Area
production of 432 identical
270,209,000
first^lO
off-shore areas during the
quantities charged against the
months of the year are as
Total...
softwood mills were 194,125,000
feet, and a year ago it was 253,114,000 feet; shipments were, respectively,
197,094,000 feet and 238,941,000 feet; and orders received, 156,528,000
Last week's
for local con¬
shown in
of Hawaii and in Puerto Rico were as
Data for October are not yet available.
sumption in the Territory
of similar 1936 week.
that
fc»
the continental sugar beet area during the
Data for October are not yet available.
monthly by the Sugar Section.
879,000 feet; orders, 176,664,000 feet.
.
against the quota for
(Short tons, raw value)
ended Oct.
week
hardwoods
of
value,
first nine months of this year.
reported:
During
feet
3117
Chronicle
183,850,133
by Supplements 1
318,819
19,561404
4,057,700
45,431,867
and 2 to General Sugar Quota Regulations,
f
v
10 short tons
Cuba have not
with Sec. 212 of the Sugar Act of 1937 the first
of sugar, raw value, Imported from any foreign country other than
been charged against the quota for that country.
b In accordance
record.
The Association's report
is summarized below:
October, 1937
September, 1937
October, 1936...
4,295,933
3,691,517
340,920110 months 1937...
230,0491
175,620110 months 1936
Sugar Exports
from Java During September
September Year Ago
Reported
Above
During September, exports of sugar from Java amounted
101,949 long-tons, according to B. W. Dyer & Co., New
York, sugar economists and brokers, an increase of 14,866
tons over the same month a year ago.
The total exports for
to
4,597,267
Short
States
from
Tons
of
Sugar Received by United
Areas During First 10
Off-Shore
Months of 1937
months of 1937 amounted to
the first nine
Sugar Section of the Agricultural Adjustment Adminis¬
tration' issued on Nov. 5 its 10th monthly report on the
status of the 1937 sugar quotas.
The report shows that the
The
quantity of sugar charged against the quotas for all off-shore
including the full duty countries, during the 10 months
period January-October amounted to 4,597,267 short tons,
raw value.
Quotas are shown as established by General
areas,
Sugar Quota Regulations, Series 4, No. 2, and Supplements
1, 2, and 3 thereto, issued pursuant to the provisions of the
Sugar Act of 1937. The announcement of the Sugar Section
860,762 tons com¬
corresponding period of
The Oct. 1 estimate of
Javan sugar production for the present crop remains un¬
changed at 1,393,000 long tons compared with 583,031
tons produced during 1936.
To the end of September 1,227,200 tons have been produced while to the same date
last year 516,534 tons had been registered.
According to the Dyer firm, stocks in Java on Oct. 1, 1937
716,735 tons compared with 892,329 tons on the same
pared with 604,396 tons for the
1936, an increase of 256,366 tons.
were
date in 1936.
continued:
the Philippines, Puerto Rico,
recorded as entered or certified for entry
from those areas prior to Nov. 1, 1937.
Statistics on full duty countries
include, in addition to the sugar actually entered before Nov. 1, 1937, all
quantities certified for entry, including such certified quantities in transit
on Nov.
1, 1937.
The figures are subject to change after final outturn
This report includes
the
all sugars from Cuba,
Virgin Islands, and Hawaii
weight and polarization data for
all importations are
There were 186,805 short tons
of sugar, raw value,
quota for
the continental sugar cane areas
available.
charged against the
and 974,458 short tons, raw
During Current Season
Record
Production of sugar in Japan, including the Island of
Formosa, during the current 1937-38 season is forecast at
1,318,000 long tons, raw sugar value, as contrasted with
1,194,000 tons manufactured last season, an increase of
124,000 tons, or approximately 10.4%, according to advices
Sugar
Production in Japan
Expected to Reach New
Financial
3118
received by Lamborn
further disclosed:
the
production
production
record for the Japanese Empire.
on
Last year's
the highest up to that time.
was
Of the 1,318,000 tons
anticipated this season, 1,268,000 tons
be produced from sugar
to
of which is now under way, promises to be
last year*8 outturn,
and 50,000 tons from
cane,
are
expected
beets.
sugar
Of
1,151,000 tons came from sugar cane and 43,000 tons
Sugar
consumption
Japan
in
The surplus production is
A
1,050,000
approximates
tons
annually.
Held in Hawaii Nov. 29 on Wage
on 1937 Sugar Cane
Crop
Purchase Rates
hearing will be held in Honolulu, Hawaii,
Nov. 29, to receive evidence bearing on wage rates for the
harvesting of the 1937 sugar cane crop between Sept. 1
and Dec. 31, 1937, and upon prices to be paid by processors
Nov.
of
producers
are
6
by
sugar
Agricultural
the
it
cane,
announced
was
Adjustment
on
Administration,
which said:
and
will
be
been
held
in
called
the
connection
in
conference
with the Sugar Act of
the
of
room
Honolulu
1937,
Chamber
The
Act
"fair
pliance
with
1937
of
authorizes
reasonable"
wage
established
and
is
rates
by
growers
who
The
payment of these
apply for payment
Secretary
for
the
of
of
Agriculture
agricultural
conditions
the Secretary
labor.
of
establish
to
the
on
prices
sugar
they
cane
other growers
to
is a
to
Com¬
the
Beth
in
Sugar
the
Agricultural
Adjustment
Administration
deficits
in
the
countries
(foreign
reallotted
to
deficit
after
countrties
other
after the
Sept. 1
foreign
initial
of
of
quotas
sugar
other
than
countries
Duty
reallotment
each
has
to
been
made,
in the
first
inquired whether in
could
be
Sept
1
made.
any
be
Section
full-duty
any
July 1 in
will
unable
204(b)
view
fill
to
the
fact
1937
the
Sugar
Act
have
countries
of
not
filled
be
that
an
for
any
or
quotas
reallotted
that
reallotment of
had
Some
has
reallotted to
was
time
tries
of
as
Sept.
1,
1937,
for
Prior to
the
full
have
solely
filled
their
regarding those
this
quotas
The
quotas.
countries
question
which
are
of
not
Nov.
duty
an
over
with
a
fill
to
During Month of October, 1937
OF
FLOUR
(NUMBER
OF
Month
BARRELS)
4 Months Ended Oct. 31
of October
'
1937
1936
1937
1,285,942
2,271,176
1,425,280
2,332,611
1,902,233
_
1,792,006
508,424
4,742,916
9,095,654
7,140,437
1,854,986
& Southern.
Pacific Coast
508.494
1936
5.691,808
a
6,058,321
22,833,993
on
Milk
New
Price
York
Increased
One
Area—Third
Cent
Rise
in
per
8,908,818
that
retail
of
the
price
heavy
Sheffield
tributors
in
of
cream
Farms
milk
2c.
a
Co.,
was
half
the
increased
pint,
Borden
24,078.248
Quart
in
Five
Months—
lc.
quart
and
effective Nov. 7, by
Co. and other dis¬
Greater
New York, Westchester County and
The increase is the third in five months, lc.
price rises for milk having been put into effect on July 1
Aug. 25.
is 17c.
cream
The
new
price of milk delivered at the home
quart for Grade A and 14c. for Grade B.
Heavy
is now 24c. a half
pint. The price of milk and cream
a
at stores,
which usually is lc. below the delivered price, has
also been increased.
Announcement of the increase
followed
ratification
agreement reached
that
on
day
was
by
made
the
on
Nov.
distributors
5
of
and
an
Nov. 3 granting increases to farmers
for their milk.
Regarding this agreement we take the fol¬
lowing from the New York "Times" of Nov. 6:
The minimum price
up
on
Nov.
Metropolitan
senting
York
3
at
a
schedule for producers ratified yesterday was drawn
in Syracuse of the board of directors of the
meeting
Cooperative
50,000
Milk
dairy farmers,
Producers
and
the
Bargaining Agency, Inc., repre¬
Bargaining Committee of the New
Metropolitan Milk Distributors Bargaining Agency, which includes 20
among them Sheffield Farms and the Borden's Farm Products
distributors,
Division
of
the
Borden
Co.
increase
an
14% compared
of
pounds
for
reported
the
also established
a
high record
a new
For the quarter
ended
Sept.
30,
record, amounting
new
said
for 1937 will substantially
issued
announcement
an
of
by
in
curtailment of
producers'
stocks
Producers'
shipments of
deliveries
measured
by
the
average
to
workable
a
of
"Organon"
of 669 and
to
yarn
index
366,
a
1.1
time
during
compares
month's
with
month's supply reported
0.5
a
decline
rayon
trades
products
in
broad
and
has
recent
has
This
states the "Organon," centered
In the knitting trades and the narrow
fairly
well
paralleled
not
been
partially
another
way,
the
field troubled by
its sheer
supply
months.
the close of September.
at
demand,
weavers.
demand
Stated
rayon
for its
first
mills
which
monthly shipments during the past 12
view of
the
of 654 for the first 10
the average
the
resulting
yarn,
for
domestic
of
an average
the Bureau,
"■S;
rayon
size
exceed
excess
consumer
diverted
rayon
broad
into
goods
cloth inventories, both
size and also relative
the
to
rate of
demand
increased
industry
for
cloth
is
the
from the point
consumer
demands
products.
Petroleum and Its Products—Texas Slashes Allowable
in
Surprise
Move—Thompson
Finds
Industry
Stable—Marland
Threatens
Tax
Boost—Crude
Stocks
Gain—Byles Re-elected API President—
Petroleum Production Slumps—Anti-Trust
Suit Progresses
Daily
The Texas Railroad Commission in
10 posted
a
surprise
move
Nov.
orders forfa reduction of 70,000 barrels in the
daily allowable crude oil production to 1,316,949
barrels, effective Nov. 16, which is nearly 100,000 barrels
below the total recommended for the Lone Star State
during
November by the United States Bureau of Mines.
Contraction in demand for crude and refined petroleum
products in keeping with the normal seasonal trend
at this
time of the year was held responsible for the lowered
quota.
The reduction, in the opinion of many oil men, will act to
strengthen the price structure of both crude and refined
petroleum products. The quota originally was set at 1,351,677 barrels daily—61,625 barrels under the Federal recom¬
mendation—but, on Oct. 30, was lifted 35,272 barrels to
1,386,949 barrels.
A
few
O.
days prior to the new production control order,
Thompson, member of the Railroad Commission,
and also Chairman of the Interstate Oil
Compact Commis¬
said in Austin that the closing months of 1937 find the
petroleum industry in a "more stabilized and satisfactory
condition" than ever in its history.
Production and con¬
sumption are fairly evenly balanced and the statistical posi¬
,
tion of the
a
Long Island.
and
period.
monthly
inventories.
7,467,275
Farmers Granted Higher Payments
The
1937,
159,300,000
1937.
main
these
sion
Retail
plus cuprammonium,
Output this year established
year.
are
of
weavers'
E.
5,967,845
of
of
similar
1936
compares
2,010,347
Grand total of all mills
reporting
viscose
yarn,
Surplus stocks at the close of October increased to
based
reallotment
likely
'
Northwest
Southwest
Lake, Central
months
output
increase
October
that
General Mills, Inc., summarizes the
comparative flour
production as totaled for the mills reporting in the following
milling centers. These mills annually account for approxi¬
mately 65% of the total estimated United States flour
production.
J * m 4-4
* *
PRODUCTION
rayon
October experienced a
coun¬
year.
Production
was
and other elements of cost.
taxes
10, which continued:
State's
Flour
distributors
caused by wage increases,
62,600,000 pounds compared with an output of 55,100,000
pounds produced in the third quarter of 1936.
Based upon
been made.
countries
arisen
their
foreign countries other than Cuba.
deficits
declaring
on
full-
duty countries which have filled their quotas by that date.
No provision
is, however, made for subsequent reallotments of any deficit.
On Sept.
10, 1937, the Philippine deficit of 86,805 short tons, raw
value,
accruing to the
the cost of production
pounds.
hundred
increase,
by
effect
in
if
the other
to
the
reallotment
provides
pounds
a
the
States aggregated 181,300,000 pounds for the
production
The
of
defend
to
among
further
some
quotas,
their
the deficit may then
year,
of
their
hundred
in
47c.
to
amounts
statements
corresponding period last year, according to the "Rayon
Organon," published by the Textile Economics Bureau, Inc.,
main
have
full-duty countries
milk
retail
Sheffield
a
of
United
nine
with
be
on
were
During Quarter Ended Sept. 30
such
cannot
supply
Administration
The
year.
"full-duty"
Cuba)
able
prices
year,
announced:
Importers
profit
Production
announced
so-called
old
hundred pounds,
full
cane
Nov. 4 that under the provisions of the Sugar Act of 1937
any
and
security and other
months
Tlie
19c.
for
rise
Borden
a
of 1936, which amounted to 214,900,000 pounds for the
Countries Not Subject to Further Reallotment
on
The
cream.
increase of 28c.
an
output to date the total
themselves.
Full
of
pay
Production of Rayon Yarn During First Nine Months
of 1937 Reached New Record—Also at New Peak
condition of payment
Quotas
fluid
as
the farmers
less than increases
still
in
Deficits
distribution
for
price
the
in
Rules
will
that
the processors.
AAA
distributors
the
to
to
sugar
produce
1931,
be
payment
prices
who are themselves producers of
processors
and
the
rates
one
The Act also authorizes
growers.
for
while
1937,
Sugar
paid to
milk
The schedule gives to
of
Commerce.
establish
for
pounds
New York.
The hearing has
November,
since
$2.35 and $2.
public
who
paid
prices
1937
13,
plan, which will give to New York farmers
new
hundred pounds for milk for fluid distribution and $2.25 a hundred
a
social
expected to be marketed in China.
Public Hearing to Be
and
highest
$2.63
that
from sugar beets.
Nov.
Under the terms of the
& Co., New York, from Tokio, which
The current crop, harvesting
the largest
Chronicle
industry is excellent.
encouraging to me to note that the oil industry as a
whole expects to come through the year 1937 with profits
running from 25% to 35% over a year ago," he continued.
"Earnings of the oil industy in 1936 were the best since
1929; operations continue at record levels; executives of
companies throughout the mid-continent field are quoted as
saying that there will be no cut in the price of crude.
"Stability has been brought to the oil industry and it is
approaching a fair and profitable basis of operation and at
the same time it has been able, under regulation, to
give the
consumers of gasoline of the Nation a
constantly improved
product at greatly decreased prices. Eleven thousand wells
have been drilled in Texas this year, 123 counties of the State
are sharing in this development and the sale of oil
alone in
Texas, during the year closed Sept. 1, last, brought more
money into Texas than all agricultural products combined."
Rumors circulating that there was a possibility of a
pricecut in crude petroleum in the mid-continent field
brought an
"It is
immediate
from
Governor
Marland
of Oklahoma,
production tax on oil
should crude prices be lowered,/ the inference being that the
amount of the increase would depend upon the amount of
the price cut. He said that if it should become
necessary to
who
answer
threatened
to
boost
the
gross
Financial
Volume 145
would be done by
session of the Legis¬
lature, adding that he believed he could initiate an oil tax
boost the production tax quickly, it
initiative petition rather than a special
increase
"very" quickly.
After shoving a drop of nearly 2,500,000 barrels net for
the two previous weeks, the down-trend in stocks of domestic
and foreign crude petroleum was checked in the final week of
October with an increase of 584,000 barrels. The Bureau of
Mines reported on Nov. 9 that stocks as of Oct. 30 were
307,140,000 barrels. The increase was comprised of a gain
of4790,000 barrels in stocks of domestic crude, and a decline
of4206,000 barrels in foreign crude petroleum holdings. Ex¬
port demand for crude and refined petroleum has broadened
100,000 barrels daily as a result of war scares and "unde¬
clared wars," Axtell J. Byles, President of the American
Petroleum Institute, told delegates to the eighteenth annual
convention of the group held in Chicago this week. Mr.
Byles, along with the five leading executive officers of the
trade group, was re-elected, Mr. Byles being named to his
)
fourth term
as
3119
Chronicle
President.
The industry has struggled to maintain the quality of its
products while trying to keep prices down despite heavy
taxation, he also declared before the attending oil men.
Although prices have shown a sustained down-trend since
1920, taxes have steadily risen, wiping out any advantage
that might otherwise have accrued to the purchaser.
Oil
workers' wages for one hour in 1920 would buy two gallons
of tax-free gasoline, he cited as an example of the decline in
prices, while today they will buy 6H> gallons.
The trade group head charged that the Government,
"the country's biggest business," is making no attempt to
lower operating costs, and that "capital alone, in a moderate
state, makes employment possible." He added that "labor
is essential to the creation of capital.
The combination
creates wealth. When unwise laws and taxation so handicap
business, large or small, that it cannot create wealth, society
ceases its forward march, and falls into poverty and despair."
A reduction of nearly 70,000 barrels in daily average pro¬
duction of crude oil during the initial week of November
carried the total off to 3,533,150 barrels—the lowest since
last July—and only about 24,000 barrels in excess of the
November market recommendation of 3,509,000 barrels set
by the Bureau of Mines, the American Petroleum Institute
reported. The total compared with actual output a year
earlier of 2,973;800 barrels.
Every major oil-producing State contributed to the 69,800barrel cut.
Texas was off 45,700 barrels to 1,425,100,
against a State quota of 1,386,949 and the Federal recom¬
mended total of 1,413,300 barrels.
Kansas output dipped
11,350 barrels to 174,250 barrels, against the State quota
of 180,215 and the Federal 189,700-barrel total. Oklahoma,
although under its Federal figure, exceeded its State quota
with production at 582,400, off 4,350 barrels.
Louisiana
slumped 8,350 barrels to 235,150, which was below both
allowables. California dipped 700 barrels to 696,300 barrels,
against a joint quota of 674,600 barrels.
The Government closed its prosecution in the anti-trust
price fixing suit currently being tried at Madison, Wis.,
Friday and turned the trial over to the defense.
The closing
of the Government's case followed the voluntary dismissal of
the charges against four of the major defendant oil companies,
three trade publications and one individual.
Judge Stone on Thursday afternoon granted dismissal of
the charges against the Tidewater Associated Oils, Deep
Rock Oil, Louisiana Oil and Cities Service Export, Piatt's
"Oilgram, the "National Petroleum News," the Chicago
"Journal of Commerce," and Warren C. Piatt, publisher.
The case was adjourned Friday afternoon until Monday
when Chief Defense Counsel Donovan has announced he will
ask for a directed verdict of "not guilty" for each case of the
a full point carried refinery operations
capacity from 82.1% a week earlier. Daily
average runs of crude oil to stills sagged 20,000 barrels to
3,325,000 barrels.
Daily average production of cracked
gasoline dipped 15,000 to 765,000 barrels.
Seasonal ex¬
pansion in demand for gas and fuel oil brought the first drop
in months, stocks easing 145,000 barrels to 120,925,000
A decline of almost
off to 81.2% of
^
barrels.
^.r....r
September exports of gasoline set a new high at 4,456,000
barrels, up 685,000 barrels from the total recorded for the
previous month.
October, although showing a gain over
September, is not expected to show as broad improvement.
Exports for the first nine months of 1937 of 28,438,000 barrels
compared with 20,649,000 barrels a year earlier.
Delegates to the annual meeting of the American Petroleum
Institute in Chicago this week were told by Axtell J. Byles,
President, that calculations recently made of the estimated
economic demand for motor fuel in 1938 showed minimum
requirements of gasoline inventories as of
March 31, next,
approximately 80,000,000 barrels.
Should a major re¬
cession in business develop, however, he warned, this figure
would be far too high.
"Economically, it would appear that an average daily
crude oil production of 3,500,000 barrels in the country as a
whole for the six months commencing Oct. 1, last, a decrease
in the area east of California of H of 1 % in gasoline yields
established last winter and an increase of the same per cent in
of
the distillate yields established during that period would
bring the industry, economically speaking, into a relatively
satisfactory gasoline inventory situation on March 31,
next," he added.
Markets were quiet after the wide-spread reductions of
the^ previous week with the only feature readjustments by
various companies to bring their quotations into line with
the
led
newly-established postings of the major companies who
the price-cutting parade that marked the first week of
November.
U. S. Gasoline (Above 65 Octane),
Tank Car Lota, F.O.B.
$.07 H
.08 H
.07 %
Texaa
Stand. 00 N. J._$.07>*
Sooony-Vacuum.-
.08
Gulf
Tide Water OU Co
.08 H
Shell Eastern
Richfield Oh (Cal.)
Chicago
New
.07 X
.07 H
Warner-Qulnlan..
I
Los Angeles— .0334-.05
.05M
05H-.05 H
New Orleans
plus D
$1.00-1.25
California
N. Y. (Bayonne)—
I New Orleans.$.05K--05
| Tulsa...
03J4-.04
F.O.B. Refinery or Terminal
Fuel Oil,
$1.25
Bunker C
$.05 -.05 H
.06H-.07
Car, F.O.B. Refinery
$.04
I North Texas
$.05H
(Bayonne)
Orleans.
Gulf ports...
Tulsa
Kerosene, 41-43 Water White, Tank
New York
Refinery
Other Cities—
New York—
New York—
$.105
C
PhUa., Bunker
1.36
C
2.20
Diesel 28-30 D
Gaa Oil, F.O.B.
N. Y. (Bayonne)—
27 plus—.
$.04H
Refinery or Terminal
1 Tulsa.
I Chicago—
I 28-30 D
$.053
Gasoline, Service Station,
a
New York „......$. 19
*
Brooklyn....... .19
I
$.02H--03
Tax Included
INewark
$.1051
| Boston........... .18 I
Buffalo...-*
$1.75
Chicago.......... 1*32
sNot Including 2% city sales tax.
*
individual defendants.
title to oil
Bakersfield, Calif., was featured by
claims
and counter-defense arguments between Federal
counsel and Donald R. Richberg, Chief Counsel for the de¬
fendant Standard Oil of California.
Federal counsel claimed
the Company operated on the property in violation of the
Govermnent's rights while Mr. Richberg defended its opera¬
tions as entirely .legal.
The Government's $22,000,000 suit to recover
lands in Elk Hills
There
were
no
near
crude oil price changes.
Prices of Typical
Crude* per Barrel at Wella
(All gravities where A. P. I. degrees are
...
...
REFINED
PRODUCTS—MOTOR
REFINERY
OPERATIONS
FUEL
$127
...
1.35
1.09
1.42
1.22
1.22
1.43
3 10
STOCKS AGAIN RISE-
DECLINE—GASOLINE EXPORTS
SPURT—AXTELL J. BYLES SEES
MOTOR FUEL—MARKETS
HEAVY' 1937 DEMAND FOR
ARE QUIET
unfinished gasoline continued their
435,000 barrels during the
initial week of November lifting the total to 67,271,000
barrels, according to the weekly report of the American
Petroleum Institute.
Refinery stocks gained 151,000 barrels,
bulk terminal stocks 264,000, and unfinished motor fuel
Stocks of finished and
normal seasonal climb, a gain of
gained 20,000 barrels.
The
During the
September, 1937 <
Production
Month
of
monthly petroleum statement of the United States
showed that the daily average production
Bureau of Mines
September 1937, was 3,666,000
the record of August,
hut 633,600 barrels, or 21%, above the average of September,
1936.
The Bureau's report further disclosed:
of
crude
in
petroleum
barrels; this is 46,600 barrels below
increased in September
declines in Oklahoma
and Texas.
With the exception of East Texas, all the major districts of
those two States decreased in daily average output in September.
The
daily average production in the East Texas field rose from 482,200 barrels
in August to 483,400 barrels in September, the number of oil wells completed
increased from 202 to 204, and the average production per well per day
declined from about 19.6 to 19.5 barrels.
Production in California con¬
tinued to forge ahead toward the 700,000-barrel mark, while that in
Arkansas and Illinois reached the highest level in years.
The changes in
daily average production in Louisiana, Kansas, and New Mexico were
relatively small, although both Louisiana and New Mexico hit new peaks.
Daily average crude runs to stills rose to a new high mark of 3,450,000
barrels, or 55,000 barrels above the August level.
Increased runs in the
face of declining production can be explained by the trend of crude stocks,
which changed from an increase in August to a decline (1,181,000 barrels)
majority of the States
Daily production in the
but these gains were more
in
not shown)
$2.35 Eldorado. Ark., 40
Lima (Ohio Oil Co.)
1.25 Rusk, Texas, 40 and over
Corning, Pa
1.27 Darst Creek
Illinois
1.35 Central Field. Mich..
Western Kentucky
1.40 Sunburst. Mont
Mld-Cont't, Okla., 40 and above-. 1.30 HuDtington. Calif, 30 and over
Rodessa, Ark., 40 and above
1.25 Kettle man Hills, 39 and over
8mackover, Ark., 24 and over
0.90 Petrolia, Canada
Bradford, Pa
Petroleum
than neutralized by large
September.
Refined Products
yields in the East coast district returned to
rose from 43.2% in August to 43.5%
Largely because gasoline
"normal,"
the
national
average
in September.
The
indicated
demand for motor fuel in
domestic
September, as in
reach the levels generally predicted; however,
exports were so much higher than anticipated that total demand showed
a 10% gain over a year ago.
The indicated domestic demand was 47,245,000 barrels, or 6.5% above a year ago.
Exports were 4,456,000 barrels,
79% higher than a year ago.
Despite the heavy demand, stocks of motor
fuel declined less than generally expected and only 1,376,000 barrels were
withdrawn from finished gasoline stocks.
Natural gasoline stocks, how¬
ever, showed a material decline after increasing steadily since January.
According to data of the Bureau of Labor Statistics, the price index
for petroleum products in September was 62.2, compared with 62.0 in
August and 57.5 in September, 1936.
July and August, failed to
The
refinery data
These
refineries operated
ratio in August,
compiled from schedules of re¬
capacity of 3,946,000 barrels.
87% of capacity, compared with the same
of this report were
fineries having an aggregate
at
daily crude-oil
and 80% in September,
1936.
3120
Financial
SUPPLY AND
DEMAND
OF ALL
Chronicle
OILS
Nov.
The consolidated report of both
(Thousands of barrels of 42 gallons)
Jan. to
Sept.,
Sept.,
Sept.,
1937
1936
1937
ESTIMATED UNITED STATES PRODUCTION
Jan. to
Aug.,
1937
COKE
(IN
Bituminous coal:
3,713
4,237
90,972
3,032
3,584
955,957
3,666
4,272
256
265
216
2,228
114,508
119,592
94,772
993,795
3,817
3,858
3,159
3,640
846,314
3,089
187
284
220
1,482
1,853
2,164
2,661
2,624
18,750
a
—-i
—
Total production
Oct. 23, 1937
Oct. 31, 1936
c9,152,000
d9,412,000
1,569,000
10,060,000
1,677,000
a
22,149
-
Natural gasoline
Benzol,
115,090
109,980
NET TONS)
Oct. 30, 1937
Supply—
Daily average..
COAL AND BEEHIVE
OF
1936
Week Ended—
New
of the above-mentioned'
organizations follows:
Sept..
Domestic production:
Crude petroleum
1937
13,
Daily average
814,051
3,502
Total, including mine fuel
Dally average
Pennsylvania anthracite: b
Total, Including mine fuel
Daily average
2,971
35,610
30,430
1,833
cl,525,000
1
1,010,000
202,000
1,172,000
962,000
1,116,000
1,033,000
206,600
984,000
47,500
52,700
50,100
7,917
—
8,783
8,350
Commercial production.!.
Imports b:
195,300
Beehive coke:
Crude petroleum:
United States total
Receipts in bond
...
—
Receipts for domestic
use
Daily
average
_
Refined products:
Receipts in bond..
2,464
Receipts for domestic
new supply, all oils
c2,429
433
Daily average
1,764
125,356
17,735
13,385
595
5,983
99,975 1037,745
c390
119,756
use.....
Total
Calendar year to date f—■
888,364
3,992
4,044
3,333
3,801
d5,879
9,686
d41,003
119,477
996,742
897,584
3,988
3,854
109,661
3,655
3,651
3,276
Demand—
Total
demand
Daily average
Exports:
374,653,000
1,444,000
h45,041,000
h59,938,000
161,500
178,400
237,400
6
i"
6,602
5,025
48,833
37,665
Dally
6,785
78,823
58,867
a
47,245
............
Kerosene..—.
7,423
10,352
^
Motor fuel
.—....
.
.i-
Residual fuel oils—
......
Lubricants.......
49,597
26,259
....
Wax
44,346
4,305
8,238
25,913
1,924
4,397
8,672
26,544
1,968
2,059
3,667
7,197
82
Coke
84
391,276
37,841
69,459
80
36,018
verage.
*
includes for
operations,
1937
225,004
and
799
806
586
476
529
4,206
2,974
18,345
Subject to revision,
c
1,068
1,590
1,108
7,044
WEEKLY
5,369
5,653
4,743
46,298
40,727
218
180
215
1,756
1,704
3,528
2,292
3,341
19,788
101,702
801,052
3,281
97,851
3,262
S69.086
3,423
3,183
5,645,000
21,795
5,014
and statistical convenience the1
f Sum of 44 full weeks ended Oct. 30,
AND
fi Comparable data not yet
1 Excludes mln
fuel
23.
MONTHLY
PRODUCTION
OF
COAL
BY
(IN THOUSANDS OF NET TONS)
arc
based
2,924
railroad
24,299
102,686
STATES
(The current estimates
6,501
Still gas
d Revised,
h Sum of 43 weeks ended Oct.
ESTIMATED
16,911
Road oil..
11,007
purposes of historical comparison
4,598
2,783
6
1,298,600
corresponding 44 weeks of 1936 and 1929.
vaL'abo
17,006
3,009
Asphalt....
2,850,700
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
bIncludes washery and dredge coal and coal
shipped by truck from authorized"
358,026
79,953
243,897
17,876
6
Beehive coke:
10,346
...
demand:
Gas oil & distillate fuels
Miscellaneous
Losses
Total domestic demand
Daily average
6,278
other
State
sources or
imports
4,945
231,842
559,527
532,480
559,649
140
145
and
Oct. 23, Oct. 16,
1937
1937
295,693
532,480
Alaska
4,945
from
Bureau
of
OF
CRUDE
PETROLEUM
BY
STATES
1936
3
14
10
256
232
1,145
1,150
993
109
92
333
292
334
16
180
170
176
1
2
2
2
1,128
1,131
4,353
3,200
3,756
334
366
375
1,456
1,090
1,316
*
Iowa
72
Kansas and Missouri
AND
1937
2
*
Indiana
69
582
73
403
260
565
175
266
171
160
144
546
456
527
848
864
919
3,652
3,058
3,373
201
188
190
735
596
695
Western
PRINCIPAL FIELDS
Sept.,
1937
1,123
Illinois
Kentucky—Eastern
PRODUCTION
Aug.,
1936
112
•_
Georgia and North Carolina
d Increase.
Sept.,
257
Arkansas and Oklahoma
reported to Bureau of Mines; al
Foreign and Domestic Commerce,
Oct. 24,
2
Alabama
231,842
b Imports of crude as
exports
Monthly Production
State
146
....
river shipments
receipt of monthly tonnage reports from district and
of final annual returns from the operators.)
Colorado
...
Coal Division,
Revised.
7,041
241,563
559,649
Total, all oils
From
295,693
309,742
6,278
243,629
...
Days' supply
a
310,923
243,629
Natural gasoline
loadings and
car
Week Ended
309,742
Refined products
on
and are subject to revision on
Stocks—
Crude petroleum
c
446,294,000
1,712,000
h40,781,000
Commercial production.i
349,836,000
1,348,000
United States total
Crude petroleum
Refined products
Domestic
1929
1936
a
Total, Including mine fuel
Daily average
Pennsylvania anthracite: b
Total, Including mine fuel
Dally average
9,220
119,634
Bituminous coal:
3,242
dl22
Decrease in stocks, all oils
1937
4,663
Maryland
34
32
32
135
124
142
Michigan
1937
August, 1937
Jan. to Sept.
11
16
50
22
54
77
74
72
234
208
265
New Mexico
September,
7
Montana
(Thousands of barrels of 42 gallons)
40
39
35
137
130
118
North and South Dakota
73
Total
Arkansas
Dally
Average
Total
Pennsylvania—Eastern. e
1937
Average
1936
74
170
537
545
2,080
1,680
1,843
2,270
2,454
J 3,187
1 6,464
2,709
3,069
6,139
6,637
117
470
436
456
15
15
72
66
10,005
Utah
86
98
81
337
240
333
21,608
22,111
Virginia
329
327
271
1,276
16,541
19.028
1,160
1,060
Washington
11,945
12,358
West Virginia—Southern.a
114,033
97,768
7,827
9,951
Kettleman Hills
2,418
80.6
2,434
78.5
Long Beach
1,779
1,261
59.3
1,797
58.0
42.0
1,326
42.8
14,017
467.3
14,214
458.5
20,556
685.2
20,876
673.4
174,078
161,270
Total California
172
115
33.5
35.6
Santa Fe Springs
Rest of State
/
72
16
1,038
1,105
.
.
1
110
37.3
36.0
_
Western.f......
Tennessee
....
Texas
1,120
1,081
...
California—Huntington Beach.
62
522
2,155
Ohio
Dally
7,956
Colorado
120
4.0
130
4.2
Illinois
1,111
1,282
849
28.3
674
21.7
4,439
....
.
46
45
1,897
1,920
567
574
594
149
145
1
9,802
Northern, b
Wyoming
153
38
67
145
126
176
1,975 110,688
10,033
10,440
526
402
515-
6
5
2
39,055
33,984
37,192
J
3,302
Indiana
71
Kentucky
2.4
73
2.4
619
596
5,918
Kansas
197.3
6,229
201.0
53,639
42,791
448
*
Rest of State
_
_
_
_
_—
15.2
4,175
175.5
46,425
37.4
1,167
8,184
1,566
_
Montana
1,577
52.2
50.9
13,826
*
9,412
Pennsylvania anthracite, d
9,580
1,172
1,150
890
3,596
2,593
3,874
10,584
1,491
8,001
5,906
68,252
58,427
48.1
All coal
10,730
10,692
42,651
36,577
41,066
13.799
37.6
264.0
•
11,056
9,225
468
15.6
515
16.6
4,571
4,095
3,410
New Mexico
Total bituminous coal
38,722
264.1
*
c
4,145
5,440
51.2
1,121
7,923
„.. _....
Total Louisiana
Michigan
472
175.5
1,536
_
15.0
5,266
Louisiana—Gulf Coast
Rodessa
Other Western States,
113.7
3,445
111.2
28,924
19,454
3,404
New York
453
15.1
469
15.1
Ohio
332
11.1
312
10.1
4,118
2,740
4,916
163.9
5,370
173.3
47,962
4,084
136.1
4,319
139.3
37,838
89,522
anthracite
from published records of the Bureau of Mines,
e Represents
that
portion of the State not included in western Pennsylvania,
f Figures are com¬
with records for 1935 and cover production of western
Pennsylvania as
defined by the NRA Sub-Divisional Code
Authority.
* Less than 1,000 tons.
38,297
152,367
a Includes
operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G„
and on the B. & O. in
Kanawha, Mason and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and
Oregon,
d Data for Pennsylvania
Oklahoma—Oklahoma City
Seminole
Rest of State
9,523
356.7
7,462
240.7
57,187
46.323
483.4
14,947
482.2
127,443
126,794
78.7
2,493
80.4
21,004
16,705
33.4
1,177
38.0
10,544
1,133
daily
318.9
10,128
326.7
81,459
62,645
1,483.2
Nov.
47,265
1,524.7
383,867
316,998
327
10.9
323
10.4
2,888
2,882
467
15.6
479
15.4
1,252
41.7
1,242
40.1
9,654
5,780
1,719
Wyoming
11,058
226.4
9,566
44,494
Rest of State
342.4
175,322
14,255
86,230
1,002
Wyoming—Salt Creek.
55.0
14,501
2,361
Rest of State
650.5
1,703
6,794
Total Texas
West Virginia..
337.9
20,165
55.9
10,270
Panhandle
Rodessa
10,476
617.4
1,678
Texas—Gulf Coast
West Texas
East Texas......
317.4
18,523
....
Total Oklahoma
Pennsylvania..
Total
57.3
1,721
55.5
14,031
10,330
45
41
9,55,957
814,051
Other, a
5
Includes
Mississippi, Missouri, Tennessee
and
73,636
12,576
Daily
Average
4,550
Crude
Oil
Production
Ended Nov. 6 Placed at
63,398
4,377
5
109,980 3,666.0 115,090 3,712.6
a
2,910
40,434
parable
The
American
Petroleum
average gross crude oil
6,
1937,
was
During
3,533,150 Barrels
Institute
estimates
that
the
production for the week ended
3,533,150 barrels.
This
was
loss of
a
69,800 barrels from the output of the previous week, and
the
current
week's
figures remained above the 3,509,000
barrels calculated by the United States
Department of the
Interior to be the total of the restrictions
imposed
various oil-producing States
during November.
Utah.
Week
by the
Daily
aver¬
production for the four weeks ended -Nov. 6, 1937, is
estimated at 3,587,900 barrels.
The daily average output
age
Weekly Coal Production Statistics
The National Bituminous Coal
Commission reported that
the total production of soft coal in the week ended
Oct. 30
is estimated at
9,152,000. net tons, a decrease of 260,000
tons,
the
2.8%, from the preceding week.
Production in
final week of October,
1936, amounted to 10,060,000
for the wek ended Nov. 7, 1936, totaled
2,973,800
Further details, as reported
Imports of petroleum for domestic
United
or
net tons.
The cumulative production of soft coal for the
year 1937
to date stands at
7.1% ahead of 1936; the cumulative
duction of all coal in
of that in 1936.
1937
to
pro¬
date stands at 5.6% ahead
The
United States Bureau of Mines, in its
weekly coal
statement, said that observance of Mitchell Day, Oct. 29,
barrels.
by the Institute, follow:
States ports for
use
and
receipts in bond at principal
the week ended Nov.
6
totaled
824,000
barrels,
a
daily average of 117,714 barrels, compared with a daily average of 177,286
barrels for the week ended Oct. 30 and
137,857 barrels daily for the four
weeks ended Nov. 6.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Nov. 6 totaled 69,000 barrels, a
pared with
and
a
daily average of 9,857 barrels com¬
daily average of 20,000 barrels for the week ended Oct. 30
16,714 barrels for the four weeks ended Nov. 6.
Reports received from refining companies owning 89% of the 4,159,000
daily potential refining capacity of the United States,
barrel estimated
indicate that the industry as a whole ran to stills, on
in the anthracite region caused an
apparent decrease in the
total output for the week ended Oct. 30 when
compared
with the preceding week.
Based on a
pipe lines
ever,
a
Bureau of Mines'
unfinished gasoline and
five-day week, how¬
the daily average of 202,000 tons increased
3.4% over
the six-day average of the week of Oct. 23.
Compared with
the corresponding week of 1936, also a
five-day week, there
was a
decrease of
2.2%.
*
basis, 3,325,000 barrels of crude oil daily dining the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
as
of the end of the week,
67,271,000
barrels of finished and
120,925,000 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 765,000 barrels daily
during the week.
Volume
Financial
145
Industrial Bituminous
OIL PRODUCTION
AVERAGE CRUDE
DAILY
(Figures In Barrels)
B
Four
of M.,
Week
Change
Weeks
Ended
from
Ended
Ended
Previous
Nov. 6
Nov. 7
Week
1937
1936
1937
lations
Industrial consumption in September is
of
Oklahoma.
598.000
575,000
582,400
—4,350
588,600
Kansas...,
189,700
180,215
174,250 —11,350
184,350
526,800
143,450
67,100 —11,900
75,950
63,600
64,800
33,800
153,200
64,650
440,550
73,450
West Central Texas...
+ 250
74,000
34,800
North Texas
+ 100
34,650
213,400
West Texas
206,550 —10,800
East Central Texas...
109,700
—500
109,550
East Texas.
482,900
—50
482,350
Southwest Texas
247,950 —20,550
202,650 —2,250
260,150
Coastal Texas........
Total Texas.
.......
68,400
—7,850
72,950
167,250
—500
169,850
77,850
156,350
235,650
Louisiana
253,150
246,200
Louisiana....
Total
—8,350
242,800
234,200
33,100
47,800
—850
46,600
27,900
133,900
+ 600
132,200
Michigan
47,400
55,150
+ 850
54,300
Wyoming
56,300
56,600
—800
58,450
Montana
17,100
17,700
+50
4,500
4,150
17,600
4,200
111,600
29,700
49,500
19,100
4,850
83,600
Eastern
.... .....
*
.
.
.
674,600
....._.
_
Recommendation of Central Committee of California
Oil Producers.
W Note—The figures indicated above do not Include any estimate of any oil
might have been surreptitiously produced.
which
INDUSTRIAL STOCKS AND CONSUMPTION OF
Daily Refining
Crude Runs
Capacity
Stocks of
to Stills
each)
Association
Finished and
of
Sept., 1937
P.
Total
C.
Oper¬
At Re¬
age
ated
fineries
669 100.0
669
533
79.7
5,472
Appalachian.
146
129
88.4
102
79.1
842
Ind.,111., Ky.
529
489
92.4
461
94.3
5,280
Okla.,
452
383
84.7
265
69.2
Inland Texas
355
201
56.6
122
60.7
833
797
95.7
734
92.1
La. Gulf....
174
Mo
8,944,000
7,761,000
Gas
and
1,177
11,611
1,552
4,108
3,342
1,426
6,307
Fuel
Oil
300,000
956
621
400,000
365,000
+ 9.6
11,880,000
+ 11.7
6,929,000
7,174,000
—3.4
38,896,000
37,051,000
+ 5.0
Electric power utilities.a
3,872,000
4,034,000
—4.0
By-product coke ovens, b
6,284,000
6,492,000
409,000
—3.2
Other industrial.d
Railroads (Class l).e
Total industrial stocks.
Industrial Consumption by—
401,000
Beehive coke ovens, b
383
168
96.6
154
91.7
914
63;7
50
86.2
227
46
74.2
1,212
Callfornla...
821
746
90.9
638
72.1
8,699
11,347
3,644
105
69.7
478
670
58
62
89.0
3,702
...
81.2
469
638
1,455
2~434
33,811
320
74
103
—7.8
120,000
+ 13.3
478,000
513,000
—6.8
9,160,000
Railroads (Class I).e
6,867,000
8,790,000
6,738,000
+ 1.9
28,198,000
28,181,000
+0.1
324,000
283,000
+ 14.5
155,000
160,000
—3.1
Steel and roiling mills, c
Coal-gas retorts.c
.
..........
Cement mills.b.
„.
700
Coal mine fuel....
...
fuel/ foreign trade............
3,325
3,345
4,159
4,159
4,159
4,159
36,471
36,320
23,949
6,851 120,925
23,685
+ 4.5
69 days
.........
.
+ 11.9
+ 13.6
42 days
+ 2.4
30 days
„..........
59 days
22 days
43 days
....
—2.5
33 days
—9.1
41 days
Other industrial
+ 2.8
40 days
25 days
Cement mills............
36 days
39 days
66 days
Coal-gas retorts
66 days
37 days
...
Steel and rolling mills
Total industrial.
41 days
0.0
of Mines,
on
Commission, b Collected by the U. S. Bureau
Collected by National Bituminous Coal Commission, d Estimates based
Collected by the Federal Power
c
reports collected jointly by the National
32,197
19,295
Association of Purchasing Agents and
selected list of 2,000 representative
reporting are chiefly large consumers and
e Collected by the Association of American
the National Bituminous Coal Commission from a
The concerns
satisfactory basis for estimate,
manufacturing
afford
a
plants.
Railroads.
Industrial Anthracite
Stocks, consumption,
power
and days supply of anthracite reported by electric
utilities, class I railroads, and miscellaneous industrial plants are
table:
ANTHRACITE
ELECTRIC
6,831 121,070
z2,971
6 '37
Oc*. 30 *37
Days Supply
Days Supply
shown in following
xEst.tot.U.S.
Nov.
+4.2
Additional Known Consumption—
72,136
6,571 117,675
280
3,250
23,249
2,660
3,005
457
3,952
1,900
340
1,718
91
—2.0
1,000,000
136,000
1,085,000
a
181
89
+ 4.1
+ 30.4
13,270,000
Cement mills, b
7,488
257
Mt.-
+4.5
—6.9
15,145
222
2,331
Rocky
Reported
8,558,000
7,456,000
1,388,000
230,000
1,292,000
Days Supply, End of Month, at—
Terms., Nap'tha
Distil.
cfee.
No. La.-Ark.
Estd.unrepd.
Net Tons
utilities-a
By-product coke ovens
Kan.,
Texas Gulf..
Change
Net Pons
By-product coke ovens, b
Steel and rolling mills.c
■Railroads v (Class I)......
•East Coast..
Per Cent
(Revised)
Electric power utilities
Unfin'd
P. C.
Aver¬
tial
Aug., 1937
Stocks, End of Month, at—
Electric power
Stocks
in
Daily
Reporting
Poten¬
Ilate
Agents.)
Purchasing
of
Finished
-
(Preliminary)
Bunker
Unfinished Gasoline
District
BITUMINOUS COAL IN
THE UNITED STATES, EXCLUDING RETAIL YARDS
,
(Determined jointly by F. G. Tryon, Market Statistics Unit, National Bituminous
Coal Commission, and Thomas W. Harris Jr., Chairman, Coal Committee, National
Total industrial consumption.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED NOV. 6. 1937
(Figures In thousands of barrels of 42 gallons
August to 939,933 tons in
September, a gain of 3.4%.
Other industrial.d._
3,533,150 —69,800 3,587,900 2,973,800
3,509,000
*
103,850
2,836,850 —69,100 2,888,750 2,387,400
586,400
—700
699,150
696,300
x674,600
Total east of Calif.. 2,834,400
California
"+800
104,150
104,800
104,800
Mexico
New
f
.
.
The average daily consumption
in all industries increased from 909,065 tons in
Coal-gas retorts.c
124,000
Arkansas............
•Colorado
However, September was a shorter month, and on a daily basis
0.1%.
the increase in consumption was greater.
164,100
172,000
205,750
placed at 28,198,000 tons, as
In total tons, there was thus an increase
1,413,300 1,386,949 1,425,100 —45,700 1,455,800 1,156,700
North Louisiana......
Coastal
of percent were recorded by the coal-gas
plants and "other industrials."
against 28,181,000 tons in August.
(Nov.)
Panhandle Texas
;
consumers
The largest increases in terms
mills.
Week
State
Allowable
,Nov. 6
■;
built up their stocks during
September, the exceptions being the railroads and the steel works and
Interior
Nov. 1
twojclasses of industrial
All but
Dept. of
Calcu¬
3121
Chronicle
AT
POWER
UTILITIES,
RAILROADS, AND
6,397 112,653
OTHER INDUSTRIAL PLANTS
(NET TONS)
of Change
Percent
U.S. B. of M.
xNov. 6 '36
Aug.,
x
zNov. 1936 dally average.
Estimated Bureau of Mines' basis.
Stocks of Coal in
Consumers' Hands
on
1937 d
Oct. 1, 1937
Department of the Interior in its latest
coal report stated that bituminous coal continued to flow
into storage during the month of September.
The total
reserve in the hands of industrial consumers and retailers
The United States
from 43,851,000 tons on Sept. 1 to 46,036,000 on Oct. 1,
an increase of
2,185,000 tons.
The Department's report
further disclosed:
rose
An increase in consumers' stocks
instance
usually occurs during the fall.
the increase is added to the relatively large carry-over
first quarter of 1937, when consumers were
pation of a suspension of mining on
In comparison with
42.6%.
consumption, the stocks on hand Oct. 1,
the year. At the current rate of
1937 were sufficient to last 40.6
against 33.1 days a year ago.
Stocks on the upper
Unbilled loads, however, have declined.
amounted to
1,139,000 tons
a
previous quarter and of 10.9% as
On Oct. 1, 1937
From
From
1937
1937
1936
Previous
Year
Ago
+ 22.4
1,287,978
1,276,117
1,099,486
+6.5
160,302
154,477
174,763
+ 2.1
—9.7
255.9 days 249.3 days 247.8 days 188.8 days
+3.3
+35.5
1,345,791
157,795
Consumed dur. mo.
Days supply, end of
month
------
Railroads (CI. I) b
333,843
326,750
307,986
+2.3
+8.6
99,727
105,570
106,320
—0.2
■""■"0.9
95.3 days 103,7 days
92.9 days
86.9 days
+ 2.6
244,920
86,213
239,949
274,244
266,164
—10.7
—8.0
86,415
89,429
108,400
—3.6
—20.5
85.2 days
Stocks, end of mo
86.9 days
92.0 days
73.7 days
—7.4
+ 15.6
334,425
105,330
_
Consumed dur. mo.
Days supply, end of
month..-—
'
+9.7
Industrial
Other
Consumers—c
Stocks, end of mo.
Consumed dur. mo.
Days supply, end of
month
Federal Power Commission, b Collected by the Association oJ
American Railroads,
c 110 firms reported for June, August and September, 1937
and 116 for September, 1936. d Subject to revision.
Collected by the
Domestic and Retail Fuel
Stocks of anthracite and coke held
by a selected group of retail dealers
summarized in following table:
are
lake docks also show an increase over last year.
Sept.,
-a
Stocks, end of mo.
a
This is greater than the increase in
consumption which has occurred during
as
building up reserves in antici¬
April 1.
the same date last year, the stocks on Oct. 1 show an
increase of 11,432,000 tons, or
days
In this
from the
Elec. Pow. Utils.-
,
June,
Quarter
Sept..
SUMMARY OF STOCKS OF
the no-bills
DOxMESTIC AND RETAIL FUEL
decrease of 27.8% as compared with the
Percent of
Change
compared with Oct. 1,1936.
COAL,
Percent
of Change
Oct. 1,
Sept. 1,
July 1,
Oct. 1,
From
1937
1937
1936
Previous
Year
Quarter
Ago
Consumers' Stocks
Industrial, net to us 38,896,000 37,051,000 37,736,000 27,264,000
Retail
dealers,
+ 3.1
+42.6
+ 15.2
—2.7
July 1,
Oct. 1,
From
From
1937
1937
1936
Previous
Year
Ago
352
Stocks
Selected Dealers
From
1937 d
Retail
Sept. 1,
Quarter
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS
INCLUDING STOCKS IN RETAIL YARDS
Oct. 1,
1937 b
Anthracite net tons
416,704
455,631
441,199
497,483
—7.8
—18.2
Anth.,dayssupplya
51.3 days
70.8 days
92.9 days
62.1 days
—44.8
—17.4
92,016
76,192
103,280
+ 12.8
—16.8
80.5 days 157.7 days
89.9 days
77.2 days
—10.5
+4.3
2,260,634
1,482,640
2,347,381
+ 61.3
Coke, net tons
Coke, days supplya
Anthracite
In
85,974
pro¬
ducers' stor. yds-
2,390,824
+ 1.9
net
7,140,000
tons
6,800,000
6,200,000
7.340,000
a
Calculated at the rate of deliveries to customers
In the preceding month,
b Sub¬
ject to revision.
Total tons
46,036,000 43,851,000 43,936,000 34,604,000
+ 4.8
—4.9
+ 22.7
40.6 days
42.3 days
42.7 days
Coal in Transit—
Unbilled
loads b._
1,139,000
1,662,000
1,578,000
1,278,000
—27.8
—10.9
fcLake Superior..
Lake Michigan..
t
Total
6,574,000
2,876,000
+ 13.5
2,327,000
5,844,000
2,631,000
+ 30.3
3,071,000
+ 32.0
+ 16.7
9,704,000
9,450,000
7,419,000
8,475,000
+ 30.8
5,092,000
of householders is not included.
September, 1937
production of natural gasoline increased in.
+ 14.5
6,633,000
Figures for retailers from
sample data,
b Coal in cars unbilled at the mines or In classification yards as re¬
ported to the Association of American Railroads, c Covers all commercial American
docks on Lake Superior and on the west bank of Lake Michigan as far south as Racine
and Kenosha, Wisconsin, but not including Chicago and Waukegan, 111.
Based on
figures courteously supplied by the Maher Coal Bureau for Duluth-Superior and
Ashland-Washburn docks and on direct reports from all other commercial operators,
not reptoting to that Bureau.
Figures Include certain tonnage of railroad fuel which
Is also included in reports of consumers' stocks,
d Subject to revision.
Coal in the bins
Natural Gasoline Production in
The
Stks.on lake docksc
a
^
+ 33.0
33.1 days
Days supply
Septem¬
ber, according to a report prepared by the Bureau of Mines
for Harold L. Ickes, Secretary of the Interior.
The daily
average
which
gallons greater
were
gallons,
063,000
Material increases
in September was 5,081,000
241,000 gallons more than is August and
production
was
than September, 1936.
recorded in the Appalachian,
Illinois-Kentucky-Michi¬
and Oklahoma City fields in September.
Material withdrawals were made from stocks of natural
gan,
gasoline
in
September,
the total declining 32.046,000 gal-
Chronicle
Financial
3122
b Total
in stocks
totaled 128,142,000 gallons
Sept. 30 compared with 154,224,000 gallons the first of
Ions.
The
of the decreases was
portion
major
on
Including
colliery
fuel,
washery
and
dredge
andXcoa
coal,
shipped by truck from authorized operations. v c Final figures.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
plants and terminals, which
at
1937
13
Nov.
production,
the month.
PRODUCTION
AND STOCKS OF NATURAL,
GASOLINE
Non-Ferrous
Metals—Copper, Lead, and Tin Prices
Sharp Fluctuations Abroad
J
Lowered in Week of
Sept. 30.
Jan.-
Aug.,
Sept.,
Sept.,
At
1937
1937
1937
1936
Refin¬
1937
Jan.-
Sept.,
Aug. 31, 1937
At
At
Plants
eries
dk
At
minals
924
4*422 53,071 47*554
912
7,631
5,544
8,795
43,131 356,771 302,886
4,452
4,279 40,950 25,235 Kt \ 42
5*,176
Appalachian
1,031
44,921
4,652
56,056
111., Mich., Ky..
Kansas
Texas
minals
4*909
5*198
1,050
552
4,914
586
30.758
4,452
42,060
2,961
84
3,278
89.255
77,856
8,232
5,953
126
126
181
84
112
46,064
7,350
2,666
90,384
,987
Rocky Mountain
7,046
6,682
50,626
8,414
54,270
8,975
Dally
aver.
179.424 177,954 1495620 1278060 135,534 128,142 141,498 154,224
5,750
5,478
5,981
4,665
of interest
on
the
reflected in the week's business
part of domestic
smelter from llHc. to 11 He. on
4,272
Daily
4,237
35,610
30,430
142
137
130
111
aver.
3,227
3,051
3,672
3,369
Washington
present business slump
October Production and Shipments of Slab Zinc
on
However
ZINC STATISTICS
Nov. 5 released the follow¬
Business in
Stock at
Retorts
prices abroad
During
During
Period
Period
End of
Period
631,001
Average
Orders
for
Export
End of
During
Period
Period
68,491
18,585
26,651
6,352
504,463
602,601
430,275
75,430
Year 1930
143,618
196
57,999
31,240
300,738
314,514
129.842
41
19,875
/ear 1932
213.531
218,517
170
21,023
Year 1933
324,705
27.190
366,933
344,001
352,663
239
Year 1934
124,856
105,560
119,830
148
Year 1935
431,499
465,746
83,758
69
32,944
38,329
47,769
23,099
18,560
23,653
28,887
32,341
End
on
was
Export
made up
The sharp decline in
believed to have been in sympathy
copper
sold at 9.625
c.
i. f.
that
on
Nov. 10 at 10.150c., reflecting the improved sentiment.
from
copper
United
the
States
chiefly of foreign
during
August.
September
The exports
are
refined here in bond.
copper
Lead
Lead
reduced 25 points on
was
New
York,
which
the
also
was
Nov. 4
establishing the market at 5c J
contract
basis
settling
15.978
Smelting & Refining Co. and at 4.85c., St. Louis.
30,780
St.
51,186
11c.
of the American
On the following day,
Joseph Lead Co. announced that at the 5c. level its offerings of lead
would be restricted to those buyers who have been using its brands exclu¬
This was interpreted in the market as pointing to a desire by St.
Joseph Lead to accumulate lead at the lower price under prevailing cir¬
sively.
January
41,642
46,341
79,059
38,205
February
36,156
39,846
38.087
75,369
38,004
March
42.411
April
43,180
42,239
44,833
43,905
81,562
44,875
41,582
84,855
June
...
35,872
34,334
36,189
37,778
37,888
38,176
*36,972
38,135
*36,734
37,922
79,693
80,634
May
41,400
41,048
40,700
♦36,934
July
45,481
41,819
88,517
41,308
August
43,542
46,013
86,046
♦37,350
41,308'
September
42,211
51,775
76,482
October
40,225
53,963
68,744
♦36,418
40,672
♦36,843
.
41,733
♦38,052
November
45,670
December
46,940
.
56,887
43,103
♦38,607
42,965
57,527
59,512
44,955
♦38,461
Total for yr
523,166
40,642
the
40,047
40,285
33,776
37,794
46,953
65,173
54,064
The
October
75,891
78,126
Another
under
55,201
13,774
♦39,019
43,724
*43,270
June
50,526
50,219
14,081
49,181
49,701
August..
48.309
50.643
43,205
46,199
40,171
*45,147
48,520
*47,190
51,715
50,027
47,737
*45,175
50,163
*48,387
51.809
11,227
September
13,517
*49,860
October..
52,645
40,345
25,817
50,324
*47,552
Equivalent
retorts
computed
on
24-hour
89,846
basis,
a
*49,760
50,578
*48,110
Export
inquiry
other than
in
stocks
November requirements of domestic
So far ther 'has been
of
con¬
com¬
the
on
here
price structure
82,596
St. Louis.
75,086
are
a
depressing
remained
The trade believes
un¬
consumers
which indicated
a
drop in shipments, increase of production, and
'/■;
business
placed
during
October by the
Prime
Western
division
in October.
Tm
Until Nov.
on
10, when
a
fair tonnage of tin
bought by
was
consumers
the moderate improvement
in sentiment growing out of developments
Washington, the market seemed to be in a bad way. London prices
broke sharply on Monday,
Standard, spot, moving down to £181 5s.
ton, which compares with £199 10s. a week previous and £237 15s.
Malayan
grounds that
a
opposition
to
the
proposed reduction
in
a
output
per
month
the
on
drastic revision in standard tonnages is in order added to the
The tin-plate industry in this country, which has been operating
at
capacity until recently, is now down to 60%, also tending to depress
the market.
Straits tin on Nov. 8 was offered here for forward delivery as
low
shipments
Included In total shipments.
exerted
quotation
disposed to make large commitments in view of the statistics for
confusion.
92,319
Nov. 8
but the
gain in stocks.
ago.
106,187
The sharp decline in price
totaled only 3,521 tons, against 13,201 tons in September and 47,689 tons
in
59,209
the period again
Shipments to consumers continue in moderate volume
■
*42,186
13,561
a
New
*42,519
44,186
*43.007
July
76,644
67,143
13,963
increase
an
quiet week developed in zinc* with sales for
1,000 tons.
not
are
*38,938
43,429
18,183
55,012
May
expected to show
the London Metal Exchange on Monday
on
81,448
59,635
56,229
when
little encouragement in
paratively little buying of December metal.
influence
77,969
53.202
—
April
are
and unfilled orders now stand at 75,371 tons.
♦37,851
40,588
*38,417
41,177
*38,289
43.635
*38,979
43,660
yesterday,
a
Zinc
40,613
*38,447
39,948
52,009
March
statistics
believed to be about 65% covered.
sumers are
60,513
42,786
24,616
until
totaled 1,936 tons.
average-price contracts
refined lead of about 5,000 tons.
37,915
51,227
dull
Business booked during the week
changed for the week at 5.75c.
♦35,719
February
remained
the rise in London and
on
from Washington.
news
October
January
market
improved somewhat
44,458
*38,538
46,831
aver.
The
cumstances.
41,638
35,968
28,370
27.090
561,969
43,597
38,358
*37,006
38,326
*36,897
39,157
*37,893
40,125
*38,588
42,219
56,829
1937
*
Nov. 8 in London
of refined
18,273
8,478
the
on
in good volume during the week, with
was
amounted to 22,164 tons, against 22,294 tons in
of
1936
Monthly
abroad
speculative interests participating.
on
but closed
Exports
Period
Year 1931
Year 1929
day
Unfilled
Retorts
Shipped Operating
confidence among consumers.
some
yesterday were confined to small lots
with the downward trend here.
(a)
Shipped
copper
and
consumers
(ALL GRADES)—1929-1937
(Tons of 2,000 Pounds)
Produced
to
Prospects seemed
Valley basis.
ing tabulation of slab zinc statistics:
SLAB
a custom
Nov. 5, failed
on
do something constructive to relieve the
may
which injected
actual sales
is
consumers
compared with
Lowering of prices by
Nov. 4, and to 11c.
bring in much business in the early part of the week.
brighter that
The American Zinc Institute
copper
which totaled 3,418 tons
7,271 tons in the previous seven-day period.
Total (thousands
of barrels)
The markets
Copper
2,202
Definite lack
Total
Nov. 10.
on
2,558
52,445 454,027 432,292
6,930
2,306 108,024
little rosier hue
a
inquiry did improve in copper,
lead, and tin.
In reference to lead/the leading producer
restricted offerings of the metal after the price moved down
to 5c., New York.
Copper in the domestic market was
reduced to 11c., Connecticut, and held at that quotation
even after London dropped to below 10c. on Nov. 8.
Straits
tin touched 42c., which compares with the high for the year
of 66%c. The publication further reported:
7,602
294
940
-
eries
on
remained far from active, but
Ter¬
9,009
Arkansas———.
California
&
15,876
56,260 446.329 365,861
8,836 72,993
41,628
8,976
Louisiana
circles took
Plants
Refin¬
Ter¬
10,542
East coast
Oklahoma
"Metal and Mineral Markets" in its issue of Nov. 11,
reported that signs that the Administration is finally taking
notice of business conditions, sentiment in non-ferrous metal
Stocks
Production
as
noted
42c. per pound, with spot at 42%c.
here at
prices ranging from
On Nov. 10
44He. to 44He.
however sales
per
pound
were
spot and
near-by delivery.
Chinese tin
Preliminary Estimates of Production of Coal for Month
of October, 1937
99%, was nominally as follows:
Nov. 4, 43.375c.
Nov. 5.
42.500c.; Nov. 6, 42.125c.; Nov. 8, 40.500c.; Nov. 9, 41.250c.; Nov. 10.
42.625c.
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous Coal
Commission, bituminous coal output during the month of
October, 1937, amounted to 40,040,000 net tons, com¬
pared with 43,321,000 net tons in the corresponding month
last year and 39,055,000 tons in September, 1937.
Anthra¬
cite production during October totaled 4,579,000 net tons,
as against 4,608,000 tons a
year ago and 3,507,000 tons in
September, 1937.
The consolidated statement of the two
aforementioned organizations follows:
Total
Number
for
Month
of
Working
(Net Tons)
Days
Electrolytic Copper
Average
per Working
Day
(Net Tons)
Calendar
Year to End
of October
(Net Tons)
New York
Nov.
4
Nov.
5
6
10.775
10.250
10.775
Nov.
Nov.
11.275
Lead
New York
45.125
Zinc
St. Louis
5.00
St. Louis
4.85
5.75
9.900
44.250
5.00
4.85
5.75
9.900
43.875
5.00
4.85
5.75
10.775
.
._
42.250
5.00
4.85
5.75
9.850
43.000
5.00
4.85
5.75
9.850
44.375
5.00
4.85
5.75
10.858
9
Nov. 10.
9.325
10.775
10.775
8
Nov.
Average
.
Straits Tin,
Dom.,Refy. Exp\, Refy.
9.846
43.813
5.00
4.85
5.75
Average prices for calendar week ended Nov. 6 are:
Domestic copper f. o. b.
11.175c.; export copper, 10.242c.; Straits tin, 45.375c.; New York lead,
5.150c.; St. Louis lead, 5.000c.; St. Louis zinc, 5.750c.; and silver, 44.750c.
refinery,
The above quotations are
"M. & M. M.'s" appraisal of the major United States
producers and agencies.
They are reduced to
St. Louis, as noted. All prices are In cents per pound.
markets, based on sales reported by
the basis of cash. New York or
October,
1937
(Prelim.)
Bituminous coal.a
Anthracite, b
Beehive coke...
26
1,540,000
367.102,000
4,579,000
25
183,200
227,500
8,750
2,849,200
39,055,000
25
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
40,932,1)00
26
40,040,000
Dally London
Prices
Sept., 1937 (Revised)—
Bituminous coal.a
Anthracite, b
3,507,000
25
1,562,000
140,300
Beehive coke
253,500
26
9,750
43.321,000
27
1,604,000
346,435,000
Nov.
Anthracite.b
4,608,000
26
222,700
27
177,200
S.248
45,479,000
Beehive coke
1,235,000
-
Copper, Std.
V
Copper
Lead
Tin, Std.
Zinc
Electro.
3M
Spot
3M
(Bid)
Spot
Spot
3M
Spot
4
40H
40",s
45 %
198
197 H
3M
im
16H
16 %
16H
Nov.
5
39 X
39 %
44
192 %
192
Nov.
8
36316
369,6
42
i8i a
180 %
Nov.
9
39^,6
39",6
397,6
43 %
188%
187 a
16H
16 «
15%
15H
159,6
16',6
153,6
16%
17',6
43 H
192 X
191 %
17
14 H
15%
14,5,6
15",6
16K
October, 1936 (Revised)—
Bitmunous coal.a
a
Includes for purposes of historical comparison and statistical convenience, the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania
Nov.
10---
—
30 %
15%
Volume
Financial
145
Correction:
In the Issue of Nov. 4 the dates on London quotations
read Oct. 28 and 29, Nov. 1, 2, and 3.
Prices for lead and zinc are the official buyer's
London
Metal Exchange:
prices.
All are In pounds sterling
should have
buyers*
(2,240 lb.).
per long-ton
Steel
prices for the first sessloD of the
prices for copper and tin are the official closing
3123
Chronicle
Ingot Production Drops to 41%
The
"Iron
production has declined to 41%, the lowest rate
steel ingot
the month's total represented 38.86%
since July, 1935, when
Ingot Tonnage Off 21% During October
of
Production of open-hearth and Bessemer steel ingots
October
in
21% below the total for September,
amounting to 3,392,691 gross tons, as against 4,301,869
in the preceding month, according to a report released
Nov. 9
The
dropped
by the American Iron and Steel Institute.
^total for October was 25% below the output of 4,-
534,246 gross tons in October, 1936, which was the record
month of last year.
Peak of monthly output in 1937 was
March, when 5,216,666 gross tons were produced.
During the first 10 months of 1937 ingot production
totaled 45,891,460 gross tons, 20% above the total of
38,060,388 gross tons produced in the corresponding period
of 1936, and only 4% below the total of 47,888,156 gross
tons produced in the first 10 months of 1929.
In producing the tonnage of ingots poured during October,
the industry operated at 58.31 % of capacity, compared
with 76.52% in September and 78.15% in October, 1936.
Average tonnage produced per week in October was
against 1,005,110 gross tons per
in September and 1,023,532 in October of last year.
765,844
week
tons,
gross
as
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER
INGOTS—JANUARY. 1936, TO OCTOBER, 1937
(Calculations based on reports of companies which In
STEEL
1936 made 98.29% of the
Orders Lag
as
Age" in its issue of Nov. 11 reported that
the
country's capacity, and steel scrap, at an average
price of $13.50 a ton, has dropped to the lowest figure since
July, 1936.
The "Age" further reported:
above the average
34%, the Chicago
district to 36%. the Ohio Valleys 40%, the Cleveland-Lorain area 37%
and Buffalo 32%.
The Wheeling-Weirton district, although 4 points
below its rate last week, is at 68%, the South is holding at 49%, while the
Only in
few districts is steel production holding at
a
The Pittsburgh district is down to
the country.
for
Some individual plants are entirely
plants are averaging 85%.
Detroit
only as sufficient orders can be accumulated for eco¬
idle and will operate
nomical rollings.
Further
is also in process.
of pig iron production
reduction
Chicago district three merchant furnaces
In the
have been withdrawn from blast.
decline has been reached can only
Whether the bottom of the production
the basis of incoming business, which in
be determined from week to week on
has fallen off generally, notwithstanding the receipt by United
Steel subsidiaries of orders for 25,000 tons of structural steel and
the past week
States
shop to be built by Ford Motor
20,000 tons of bearing piles for a new press
Co.
in small volume as consumers and jobbers
Miscellaneous steel buying is
work toward the
steel
the expected volume for the manufacture of 1938
the most surprising element in the present situation to
models is, however,
the
The failure of the auto¬
liquidation of their inventories.
mobile industry to buy in
underestimated the amount of
There is still
companies, which had evidently
from the 1937 model season.
steel inventories carried over
hope of an early improvement in
automotive buying, based on somewhat
better sales results at the Chicago
hearth and 100% of the Bessemer Ingot production)
Calculated Morjihly
Production
Number o
Calculated
~
Weekly
Cross
*Per Cent
Tons
of Capacity
Weeks in
Production
Month
automobile show than were obtained at
the New York show, though this
open
optimism is tempered somewhat by the
fear of further labor troubles in the
19324
a
The United Auto Workers' Union will hold
then rescinded.
other plants,
(Gross Tons)
Barring strikes, motor car production
week as Ford gets into stride, but
this week-end.
strategy conference
probably will swing above 100,000 cars a
1937—
4,724,939
February.
4,413,832
84.25
1,066,578
1,103,458
4.00
March
5,216,666
89.91
1,177,577
4.43
14,355,437
85.23
1,116,286
12.80
5.071,875
5,153,559
90.27
1,182,255
4.29
88.82
1,163,332
4.43
4,183,762
74.46
976,238
4.29
14,409.196
84.50
1,107.548
28,764,633
84.89
1,111,891
78.49
First quarter
April
81.43
The
fares, upon the successful outcome
of which may depend the resumption of
large-scale railroad buying, is being
expedited by the Interstate Commerce
date for the beginning of hearings.
and equipment has appeared.
The
Commission, which has set Nov. 29 as the
......
June.
•
"
*83.79
1,030,904
*1,100,603
1,005,110
4,556,596
.....
Meanwhile,
some
Southern Pacific will buy
13.01
ket
The Burlington
cars.
4.43
Reading
4,301,869
13,734,136
79.64
1,046,012
13.13
Nine months..
42,498,769
83.12
1,089,712
39.00
3,392,691
58.31
765,844
52.39
680,186
February.
54.53
714,225
4.14
3,333,853
57.46
752,563
4.43
9.330,548
54.80
717,734
13.00
3.932,605
4,037,375
69.99
914,593
4.29
69.58
911,371
4.43
926,706
13,500 tons of steel.
4.43
March
New projects total only 10,600 tons.
Three American
the award of 45 tanks for Japan that will require
plate fabricators share in
4.43
3,039,804
2,956,891
4.29
announced first quarter prices without change.
merchant furnaces have ample backlogs if
Pig iron producers have
Domestic business is dull, but
1936—
January..
First quarter..
April
May
...
June
3,975,569
Julyi-...........
3.914,370
67.61
885.604
England.
Steel export sales are largely governed
milis to accept the prices available from
abroad, which are usually lower than have recently been quoted here.
Steel ingot output in October totaled 3,392,691 gross tons, according to
the American Iron and Steel Institute, a 21% drop from the 4,301,869
50,000 tons or more to
August...............
4,184,287
4,151,388
72.11
944,534
4.43
74.05
969,950
4.28
Third quarter......
12,250,045
71.23
932,981
13.13
Nine mouths......
33,526,142
65.40
856,570
39.14
4,534.246
4,323,025
78.15
November............
December
4,424,367
76.42
tons
4.42
September.
.
October.......
-.... ... -
-..
of
The 10-months' total is 45,891,460 tons,
for the same period in 1929. The October rate
produced in September.
only 4% below the figure
operations was 58.31%.
Finished
Nov.
1,023,532
1,007,098
1,000,988
4.43
One year ago
4.42
1,010,779
77.17
13,281,638
13.14
895,329
68.36
46,807,780
52.28
Vv
of capacity operated are calculated on weekly capacities
of 1,309,760 grosa tons based on annual capacities as of Dec. 31, 1935 as follows:
Open hearth and Bessemer Ingots. 68.475,509 gross tons.
*—The
percentages
States
United
Steel
Corporation Shipments
Smaller
.
1934
1933
1932
1931
1930.
Pig
1937
since 1929,
shipments are 2,884,032 tons
above those for the comparable 1936 period, showing an
increase of 32%.
Following is a tabulation of the monthly shipments since
For the 10 months of 1937
One month ago
One year ago..
SHIPMENTS OF STEEL
OF
PRODUCTS BY MONTHS FOR
YEARS INDICATED
Year 1933
Month
Year 1934
Year 1935
256,793
331,777
385,500
588.209
April
335.321
643,009
534.055
582,137
668.056
591,728
May
455,302
745.064
598,915
June
603,937
701.322
985,337
July
August.
668,155
369,938
378.023
578,108
547,794
624,497
285.138
January
February
.........
March
.....
...
575,161
September
.
275,929
_
_
_
.
.
.
....
343,962
614,933
686,741
721,414
676,315
783,552
979,907
984,097
886,065
.... .
_
Yearly adjustment.
Total for year
1,149,918
1,133,724
1,414,399
1,343,644
1,304,039
1,268,550
950,851
1,186,752
1,107,858
961,803
1,047,962
792,310
1,007,417
882,643
366,119
600,639
418,630
681,820
661,515
+ (44,283)
-(19,907)
-(23,750)
-(40,859)
5,805.235
5,905,966
7,347,549
10,784,273
Year 1937
923,703
430,358
November
December.
370,306
572,897
Year 1936
1,067,365
2.008c.
8
Jan.
2
1.867c.
Apr.
18
1.926c.
Feb.
2
1.945c.
Dec. 29
2.0180.
Dec.
9
Iron
Low
High
.....
-
1935
1934...
-
—
1931...;
1930
-
..$23.25
19.73
18.84
17.90
10.90
14.81
15.90
18.21
Steel
Nov. 9, 1937,
$14.42
16.25
One year ago..
$20.25
Mar. 9
Nov. 24
NOV. 6
May 1
Dec. 5
Jan.
5
Jan.
6
Jan.
7
Feb.
16
18.73
Aug. 11
17.83
May
14
16.90
Jan.
27
13.56
Jan.
3
13.56
Dec,
6
14.79
Dec.
15
15.90
Dec.
16
Sc*ap
Based
$13.50 a Gross Ton
One month ago
TONNAGE
Jan.
'
;
on
No.
1
heavy,
melting
steel
quotations at Pittsburgh, Philadelphia
Chicago.
10.33
One week ago
1933:
Mar.
Mar. 10
2.124o.
$23.25-j
23.251
18.731
One week ago
11,749,156 tons.
October, 1937 shipments show a decrease of 255,652 tons
from September, but it is- the highest October, but
one,
2
2.330c.
2.084c.
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan. 13
Jan.
7
(Based on average of basic iron at Vallej
furnace and foundry irons at Chicago,
Philadelphia,
Buffalo,
Valley, and
Southern Iron at Cincinnati.
1937, $23.25 a Gross Ton
Nov. 9.
Shipments of finished steel products by subsidiary com¬
panies of United States Steel Corp. for the month of October,
1937 were 792,310 tons and for the 10 months of this year,
1936.
Low
High
1936
plates
85% ot the United States output.
2.605c.
2.330c.
2.130c.
2.199c.
2.015c.
- 1.977c.
2.037c.
2.273c.
1935
Total
beams, tank
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
2.605c.
2.605c.
2.197c.
One month ago
4.29
Steel
Based on steel bars,
9,1937, 2.605c. a Lb.
One week ago
76.94
COMPOSITE PRICES
THE "IRON AGE"
1937
Fourth quarter
Export sales include
originally scheduled.
they were permitted to ship as
by the willingness of American
70.75
.
The
has bought
jects are not large.
October
has ordered 11 stainless steel passenger cars.
14 diesel switch engines. The South Manchurian
Railways may buy from 25 to 100 steam locomotives in this country.
Aside from the Ford Motor Co. orders, lettings of steel for building pro¬
4.28
Third quarter
It is doubted, however, that aggregate
will equal that of 1937, which was upward of 1,000,000 tons.
Western has inquired for 500 steel hopper
The Delaware Lackawanna &
4.42
76.52
75,000 tons of rails for early 1938 delivery, and
heard from yet, are expected to come into the mar¬
the end of the year.
before
rail buying
25.87
for rails
inquiry
other roads, though not
*4,875,671
July.
August
September
said to be well stocked with steel from its own mills.
application of the railroads for higher freight rates and passenger
the Ford plants are
4.43
January,.
October
automobile industry, such as that which
9.
Strike votes were taken at two
broke out in the Hudson plant on Nov.
Low
High
1937
-
1930
-
—
1935
1932
193]
1930
The
and
American
Iron and
—
$21.92
17.75
13.42
13.00
12.25
8.60
11.33
15.00
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
30
21
10
13
8
12
0
18
$13.50
Nov.
12.07
June
10.33
Apr.
9
9
23
9.50
Sept. 25
6.75
Jan.
6.43
July
5
8.50
Dec
29
11.25
Dec.
3
9
Steel Institute on Nov. 8 an¬
nounced that telegraphic reports
which it has received indi¬
operating rate of steel companies having 98%
of the steel capacity of the industry will be 41.0% of capacity
for the week beginning Nov. 8, compared with 48.6% one
week ago, 63.6% one month ago, and 74.0% one year ago.
This represents a decrease of 7.6 points, or 15.6%, from the
cated that the
Financial
3124
Oct.
Oct.
19
Oct.
26
Nov.
2
Nov.
9
Nov. 16
Nov. 23
Dec.
Dec.
Feb.
22
Aug. 23
77.4%
Sept. 13
76.2
Sept. 20
Sept. 27
1
8
4..,..79.4%
83.8%
84.1%
71.6%
80.4%
76.1%
Aug. 30
7
Sept.
Oct.
4
74.4%
66.1%
Oct.
85.8% June 14
87.3% June 21
76.6%
75.9%
75.0%
88.9% June 28
5
Mar. 22
67.3%
89.6% July
Mar. 29
82.7%
90.7% July 12
82.5%
Apr.
5__...89.9% July 19
Apr. 12
90.3% July 26l"Il84.3%
85.5%
Apr. 19
91.3% Aug. 2
Mar.
Mar.
84.6%
83.2%
9
Aug. 16
Mar. 15
1937—
Jan.
15
Aug.
11
63.6%
Oct.
18
Oct.
25
55.8%
52.1%
1
1,155,993 gross tons, excluding
However, September
exports were 29.7% lower than those of August.
For nine months steel
exports were 205% larger than during the corresponding portion of 1936.
Scrap exports for nine months were the largest in the history of the industry,
3,335,194 tons, of which Japan took 1,806,943 tons, neariy half.
Pig
iron export tonnage continued to lead in September, though with smaller
tonnage than in August.
Imports in September dropped sharply from the
August total and were less than in September of last year.
Total imports
Nov.
81111141.0%
|
of steel during third quarter,
Exports
reaches the highest quarterly level since 1920.
scrap,
.48.6%
Nov.
on
This is the best record since 1929 and the 10 months*
the year to 51,061.
and in pig iron produc¬
volume of steel exports and hesitation among automotive
lighter
appeared
on
the favorable side in the past
structural and bearing piling by Ford Motor
shop, divided between mills in the Pittsburgh district,
Placing of 45,000 tons of
Co. for
a new press
by the Southern Pacific and taking of
of Coulee dam,
inquiry for 75,000 tons of steel rails
bids Dec. 10 for about 79,000 tons of steel for the extension
bring an aggregate of about 200,000 tons before steel
It is likely
mills.
The order for steel piling
producers.
this will be distributed widely as to
of material.
by Ford is said to be the largest ever placed for that class
mills continued curtailing production, the rate of decline is
Last week the national average was off 4 points to 47%.
At
Though
slower.
points to 42%,
51,
Wheeling 8 points to 54 and Cleveland 5 points to 54.
In the smaller pro¬
ducing centers, Buffalo lost 28 points to 23%, Birmingham 10 points to
54, St. Louis 9.2 points to 42.4, and Cincinnati 26 points to 44.
New
England gained 5 points to 30 and Detroit held steady at 90 %.
!t Considerable inquiry is current for pig iron and steel for export but offered
prices are so far below the market that producers are not interested.
Pittsburgh the 41% rate was maintained, Chicago lost 2
bids received Oct. 29
It is understood the Navy will reject ail
of manganese
tonnage
on a
Considerable complaint was made of the original specifi¬
specifications.
cations.
daily rate, to 93,259 tons.
September aver¬
This is the lowest daily rate since Septem¬
15.4%
Total production dropped
1936, when it was 96,509 tons.
ber,
Output for 10
gain of 3,590,064 tons over the
2,891,026 tons, also the lowest since September, 1936.
to
months this year totals 33,197,634 tons, a
same
At present levels there is some tendency to hold stocks and it
likely that a slight increase in steei production would bring an
In three months this year, since July, a total
period last year.
blast furnaces have been blown out, 30
being lost during October.
of 41
declined 42 cents last
week, the smallest recession in the past six weeks, reaching $14.04.
Scrap
weakness brought a drop of 16 cents in the iron and steei composite, to
$39.17.
The finished steel composite is unchanged at $61.70.
composite price of steelmaking scrap
"Steel's"
production for the week ended Nov. 8 is placed
47% of capacity, according to the "Wall Street Journal"
of Nov. 10.
This compares with 52% in the previous week
and 55% two weeks ago.
The "Journal" further reported:
Steel ingot
at
bank
reserves
compared with 60% in preceding week and 64% two weeks ago.
from
increase
an
the
corresponding period of previous
nearest
$3,000,000 in Treasury
banks
on
Nov.
10
$1,070,000,000,
Inactive
an
currency.
to
bank credit and
be
1936
the week.
gold included in the gold stock and Treasury cash
amounted
to
$1,257,000,000
on
Nov.
10,
decrease of
a
1934
an
date last year, will be found on pages 3150
and 3151.
items
during
the week
and
the
year
endecl
Nov. 10, 1937, were as follows:
Increase
(+)
or
Decrease (—)
Since
HBBi-Vop. 10, 1937
Nov. 3,
1937
$
Bills discounted
Nov. 11, 1936
$
21,000,000
U. S. Government securities
advances
—3,000,000
+ 14,000,000
3,000,000
2,637,000,000
Bills bought
+ 11,000,000
+io7,bob"66o
(not
Including
$14,000,000 commltm'ts—Nov. 10)
Other Reserve bank credit
Total Reserve bank credit
19,000,000
—4,000,000
—7,000,000
+9,000,000
reserve
+106,000,000
+1,684,000,000
+95,000,000
Treasury cash
Treasury deposits with F. R. bank..
2,576,000,000
+ 17,000,000
—15,000,000
+ 3,000,000
6,879,000,000
6,564,000,000
3,648,000,000
—10,000,000
139,000,000
+ 28,000,000
+ 54,000,000
+171,000,000
+1,282,000,000
+84,000,000
746,000,000
balances
Money In circulation
+ 1,000,000
+293,000,000
—1,000,000
—14,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
Member Banks in New York
City and
Chicago—Brokers* Loans
Below is the statement of the Board of
Federal Reserve
Governors'of"the
System for the New York City member
banks and also for the Chicago member banks for
rent
72
—3
—5
85
—3
+2
64
75
80
71
+1
67
the
cur¬
week, issued in advanc° of full statements of the member
banks, which latter will not be available until the coming
Monday:
Yx
19)4—
Yx
—
LIABILITIESAOF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
IN
(In Millions of Dollars)
Chicaga
New York City
Nov. 10
Nov. 3
1937
1937
$
Assets—
Loans—total
__
Commercial,
industrial,
Nov. 3
Nov.
10
1936
1937
1937
1936
$
$
7,888
3,628
Loans and investments—total..
Nov. 10 Nov. 10
$
$
$
7,913
8,642
1,949
1,936
2,048
3,657
3,420
681
677
587
and
agricultural loans:
♦
34
34
*
*
428
424
*
♦
31
30
*
973
38
39
238
*
76
76
134
134
130
14
14
37
59
39
2
2
239
236
22
22
235
237
1,653
1,644
Open market paper..
188
182
Loans to brokers and dealers-
709
732
237
On securities
Otherwise secured & unsec'd
Other loans for
35
purchasing or
carrying securities
Real estate loans.
*
14
On securities
196
2,929
2,907
*
36
36
3,742
912
904
195
U. 8. Govt, direct obligations—
*
6
Obligations fully guaranteed by
United States Government
Other securities
*
*
1,102
462
11100
100
93
949
957
1,018
256
255
266
2,499
2,539
2,610
576
589
652
382
*
Reserve with Fed. Res. banks._
392
55
28
29
35
68
68
78
146
146
198
482
462
456
61
61
69
5,850
62
Balances with domestic banks..
Other assets—net
62
Liabilities—
5,812
6,396
1,474
1,475
1,587
759
736
567
453
452
436
228
245
111
45
47
72
1,895
Demand deposits—adjusted
1,954
2,545
517
517
641
Time deposits
United States Govt, deposits—
Inter-bank deposits:
Domestic banks..
4
409
437
418
6
6
Other liabilities
377
374
363
19
18
23
Capital account
1,481
1.480
1,441
246
246
239
Foreign banks
6
Borrowings
----
—
Comparable figures not available.
—7,000,000
2,611,000,000
Treasury currency
Returns of
—5
—±Yx
83 Yx—3 Yx
'
12,789,000,000
Gold stock..
Member bank
—3
Cash in vault
Changes in the amount of Reserve bank credit outstanding
Industrial
41
Otherwise secured & unsec'd
$10,000,000 in United States Treasury bills.
The statement in full for the week ended Nov. 10, in com¬
related
28)4
73
—
Other loans:
parison with the preceding week and with the corresponding
and
18
47 Yx—1Yx
—4
-
Yx
34Yx + lYx
43
-
+ 1
26)4 + 1
Yx
30Y+
1927
+
30
—1
Yx
19
1931
1930.
principal change in holdings of bills and securities was
increase of
63
23
1932...
1928
—7
79H+1H
Yx
23 Yx
Yx
25^
1929
53
—
42
27 Yx +
-
-
Independents
—3
68
Yx
52^
Loans to banks
$15,000,000 for the week.
The
40
—5
74H+
-----
1933
approximately
increase of $20,000,000 for
U. S. Steel
Industry
47
1937
7i
Excess reserves of member
estimated
were
together with
•
in member
of $28,000,000 in
Reserve
years,
approximate changes, in points, from the week immediately preceding:
ASSETS AND
Treasury deposits with Federal Reserve banks, offset in part
by increases of $17,000,000 in
comparison of the percentage of production
The following table gives a
with
the
Reductions
$10,000,000.
arose
Leading independents are credited with 53%,
two weeks ago.
During the week ended Nov. 10 member bank reserve
decreased
in the week before
United States Steel is estimated at 40%, against 43%
and 45%
This
The Week with the Federal Reserve Banks
balances
imme¬
diate rise in scrap prices.
1935
Pig iron production in October declined 18.1% from the
age
Philadelphia and 25 cents at Pittsburgh were considerably less than in pre¬
large
and ferromanganese and readvertise on new
ore
declines of 50 cents in steelmaking grades at Chicago and
ceding weeks.
Pennsylvania dropped 5 points to 38, Youngstown 3 points to
eastern
downward move¬
In
being reached.
becoming less precipitate and that a bottom is
the past week
appears
week.
that date.
Although scrap continues weak, there are signs that the
ment is
Despite a further decline in the steelmaking rate
tion,
builders, several developments
for
Freight car awards in October numbered 1,355, bringing the total
of the iron and steel
Nov. 8, stated:
period in 1936.
for nine months were also below those for the same
total exceeds the total for most years since
"Steel" of Cleveland, in its summary
markets
May,
Since Nov. 1 several more stacks have
out.
gone
*1937-
92.3%
91.0%
91.2%
90.0%
91.0%
Apr. 26
3
May 10
May
May 17
80.6% May 24
81.6% May 31
7
82.5% June
1
8
Feb.
75.9%
7
76.6%
14
79.2%
21.....77.0%
28
77.0%
Dec.
25
Feb.
Feb.
Nov. 30
Deo.
78.8%
80.6%
77.9%
79.6%
11
18
Jan.
M«
1937—
1937Jan.
Jan.
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%
74.1%
74.3%
5
12
1937
13,
number of furnaces blown out in a single month since
is the largest
1924, when 47 were withdrawn.
operations since Oct. 5, 1936, follow:
P» 1936—111
Oct.
Weekly indicated
1,1937.
estimate for the week ended Nov.
rates of steel
Nov.
Chronicle
Complete
Returns
of
Reserve System
Member Banks (of the Federal
for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until
the following Monday, before which time thejstatistics 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 Nov. 3:
The
condition
statement
of
weekly ^reporting
member
banks in
101
leading cities shows the following {[principal changes
Nov.
3:
tural
loans
Decreases of
for the week ended
$19,000,000 jn commercial, industrial and agricul¬
and $55,000,000
Jn loans to brokers >nd dealers in securities;
Volume
Financial
145
increase of $35,000,000 in holdings of United States Government
an
direct
decreases
of $194,000,000 in demand deposits—adjusted and $24,000,000 in Govern¬
ment deposits; an increase of $94,000,000 in deposits credited to domestic
banks and a decrease of $16,000,000 in deposits credited to foreign banks.
>
Commercial, industrial and agricultural loans declined $9,000,000 in the
Boston district, $8,000,000 in the Cleveland district, and $19,000,000 at all
obligations and a decrease of $22,000,000 in "Other securities";
member
reporting
Loans
banks.
to
brokers and dealers in securities
at ail reporting
3125
Chronicle
item on page 2766 of our Oct. 30 issue, it was noted that
Japan and Germany had declined an invitation to participate
in the Brussels conference.
The note sent to Japan this
week
was
framed by Foreign
Minister Paul Spaak of Belgium
Associated
at the
request of the full conference, said Brussels
Press advices Nov. 6, which also stated:
the Belgian
The note is to be transmitted immediately to Tokio through
declined $47,000,000 in New York City and $55,000,000
Ambassador there. Baron Albert de Bassompiere, arid
member banks.
through the Japanese
Ambassador here, Saburo Kuruso.
United States Government direct obligations increased
$58,000,000 in New York City and declined $17,000,000 in the Richmond
district, all reporting member banks showing a net increase of $35,000,000
for the week.
Holdings of "Other securities" declined $17,000,000 in
New York
City and $22,000,000 at all reporting member
banks.
declined in nearly all districts, the principal
being $129,000,000 in New York City, $35,000,000 in the Chicago
Demand deposits—adjusted
decreases
district,
the San Francisco district, $11,000,000 in the
and $194,000,000 at all reporting member banks.
$15,000,000 in
district,
Cleveland
Government deposits
declined $12,000,000 in New York City and
$24,-
member banks.
► Deposits credited to domestic banks increased $67,000,000 in New York
City, $10,000,000 in the Chicago district, $8,000,000 each in the Boston
and Cleveland districts, and $94,000,000 at all reporting member banks.
000,000 at all reporting
foreign banks declined $16,000,000 in New York City.
p Borrowings of weekly reporting member banks amounted to $13,000,000
on Nov. 3, an increase of $7,000,000 for the week.
Deposits credited to
of the principal assets
A summary
(+)
Increase
Decrease
or
Since
Nov. 3,
The
communication left it to Japan to decide whether she would collaborate
with the conference in a search for peace or with "a small number of Powers."
In
(—)
our
made
reference to the conference a week ago, mention was
2936 of advices Nov. 4 to the New York
Germany had offered her services
for mediation of the Sino-Japanese conflict, and that, ac¬
cording to those advices, the offer had been accepted by
both powers.
Later advices to the same paper from Freder¬
ick T. Birchall at Brussels, Nov. 5, said:
on
page
"Times" to the effect that
foreshadowing Chancellor Hitler's mediation in the Sino-Japanese
conflict indicated
it
was
plainly today that while the American
"premature"
—792,000,000
+ 900,000,000
21,654,000,000
9,625,000,000
—40,00G,000
—57,000,000
590,000,000
and unsee'd 4,171,000,000
—3,000,000
—16,000,000
477,000,000
—4,000,000
agri¬
.......
Otherwise secured
Open market paper
Loans to brokers and
-
What
901,000,000
for
loans
purchasing
Real estate loans
-
-
96,000,000
732,000,000
Otherwise secured and unsee'd
829,000,000
S. Govt, direct obligations
7,968,000,000
U.
Obligations
------
----——
+15,000,000
1,137,000,000
2,924,000,000
-
+4,000,000
—22,000,000
1,744,000,000
—79,000,000
—16,000,000
+ 2,000,000
14,610,000,000
Time deposits
5,278,000,000
United States Government deposits
447,000,000
—194,000,000
+4,000,000
—24,000,000
5,325,000,000
318,000,000
Fed. Res. banks
Reserve with
Cash in vault
Balances with
Demand
domestic banks....
deposits—adjusted
5,040,000,000
•
*
+26,000,000
+42,000,000
—116,000,000
—294,000,000
+1,000,000
—84,000,000
596,000,000
+236,000,000
—179,000,000
1
Comparable figures not
—16,000,000
+23,000,000
+7,000,000
+13,000,000
conflict.."
The text of Japan's reply, said the Associated Press,.was
not made public, but it was understood to indicate that
Japan would welcome mediation in the conflict, but not
from the Brussels conference.
Under date of Nov. 10,
United Press advices from Bussels, stated:
Great Britain, France and the United States cooperated closely behind
the scenes today in an effort to salvage something from the deadlocked
settlement of the
negotiations.
A brief meeting of the
compared with 718,852,864
Swiss francs on Sept. 30.
A year ago the assets of the
Bank stood at 602,888,230 Swiss francs.
The principal
assets which declined during October were gold in bars,
cash on hand, holdings of rediscountable bills and accept¬
,
Eden
stant
Mr.
Sasle
Associated Press advices from
Swiss francs at par):
Nov. 4 (figures in
ASSETS
Oct. 31
and further Anglo-American
148,389,289.40
felt that the Japanese reply would offer little of concrete
value to settle the Far Eastern conflict so long as Russia is represented at
the conference.
According to reports from Tokio, Japan objects to Rus¬
Between
Between
68,368,169*70
Total
(a)
(b)
2.
3.
............
„
•
46,231,801.99
103,113,305.36
Total
296,328,435.15
.
Guaranty of central
2.
1,014,682.34
1,177,122.81
banks on bills sold
Sundry Items
relative to the opening of
306,465.654.90
,
1,030,321.48
265,882,78
2,191,805.15
1,296,204.26
671,259,623.87
718,852,864.48
..125,000,000.00
Total..
125,000,000.00
4,237,607.60
4.237,607.60
6,315,304.73
12,630,609.44
—
Total assets
LIABILITIES
Capital paid up
Reserves:
2.
Legal reserve fund
Dividend reserve fund
General reserve fund
1.
__
.
French Government deposit (Saar)
French Government guarantee fund
Short-term and sight
1.
152,973,750.00
76,486,875.00
1,045,100.00
31,875,464.93
262,381,189.93
6,216.420 00
154,238,299.22
40,984,856.72
206,264,996.70
40,758,144.86
201,439,575.94
German Government deposit
3.
23,183,521.77
163,280,000.00
.
76,640.000.00
1,030,800.00
31,439,316.10
262,390,116.10
2.
4.
6,315,304.73
12,630,609.44
23,183,521.77
Total
Long-term commitments:
1. Annuity trust account deposits
247.023,141.56
deposits (various currencies):
Central banks for their own account:
(a)
(b)
Six and nine months
Not exceeding three months....
(c)
Sight
Total.
2.
Central hanks for account of others:
Other depositors:
adhered to the Nine-
the Brussels conference
appeared in these columns Nov. 6, page 2935. In an earlier
An item
55,231,729.38
35,603,309.65
,
1.
(a)
(b)
,
2,622,445.86
Total
Sight deposits (gold)
3,408,355.80
1,154,453.51
6.450,239.20
7,604,692.71
8,415,411.61
Not exceeding three months
Sight
1,025,859.12
6,019,129.60
7,044,988.72
Sight....
Washington where the
invited to the Brussels meeting
signed, but was
because of her interests in the Far East.
The chief Russian delegate to the conference, Foreign Commissar Maxim
Litvinov, believing that Japan would reject the Brussels invitation, left
for Moscow yesterday after a clash with the Italian delegate, Luigi Aldrovandi-Marescotti, over representation on the proposed "steeringcommittee."
29,616,634.26
35,425,019.10
47,500,442.79
35,444,946.37
Sundry Investments.
and six months
(a> Treasury bills
(b) Sundry Investments
Over six months:
(a) Treasury bills.
—
(b) Sundry Investments
38,289,189.00
112,299,773.51
29,654,933.64
34,383,005.00
Treasury bills...
Between three
Othor assets*
invited to the 1922 conference in
Nine-Power treaty was
66,403,149.05
,
Sundry bills and Investments:
1. Maturing within three months:
3.
grounds that Russia never
Power Treaty.
64,876,209.91
1,526,939.14
•
months
three and six months
six and nine months
Not exceeding three
i
...
277,307,217.41
50,552,702.40
1,630,667.36
6,184,800.00
Time funds at Interest:
Many delegates
here on the
16,986,715.78
263,947,583.43
Total
Russia was not
18,338,375.76
33 055,547.32
113,423,148.51
163,884,068.90
Treasury bills
Total
conversations were ex¬
said that Japan may reject the conference's media¬
proposals because of Russia's insistence on participating in the nego¬
sia's presence
Sept. 30
13,401,493.92
20,212,304.69
16,809,831.87
Goldinbarg
.
.
Cash on hand and on current account with banks..
conference, which adjourned until
Diplomatic sources
tiations.
is the Oct. 31 statement, as compared with
The following
Sept. 30, as contained in
pected.
tion
and sundry bills and in¬
vestments.
Japan to enter peace
Saturday Nov.
conversations among the
States, Foreign Secretary
of Britain and Foreign Minister Delbos of France were in almost con¬
contact during the day.
Mr. Delbos leaves for Paris tonight, but
Eden will stay
as
at interest,
time funds
ances,
3.
the Far East and persuade
served as a screen for important private
three Powers.
Norman H. Davis of the United
13
for International
which lists assets at
Oct. 31 statement of condition,
671,259,624 Swiss francs,
2.
Nine-Power Conference on
31
Sight funds at Interest
Rediscountable bills and acceptances:
1. Commercial bills and bankers'acceptances...115,558,294.03
available.
Nine-Power Conference to Japan to
Exchange Views on Sino-Japanese Conflict—Japan
Reported to Have Been Declined
It was reported in Tokio advices (Associated Press) Nov.12
that the Japanese Foreign office had declined an invitation
extended by the Nine-Power Conference at Brussels to have a
representative of Japan exchange views with "representatives
of a small number of Powers to be chosen for that purpose."
The invitation contained in a note to Japan sent by the
Brussels conference and made public, Nov. 6, said that
"such an exchange of views would take place within the
frame work of the Nine-Power Treaty and in conformity
with provisions of the treaty.
Its aims would be to facili¬
tate
International
for
of Oct.
A decrease in total resources of the Bank
by
Invitation
Bank
as
Settlements, Basle, Switzerland, during October is shown in
+ 94,000,000 —1,147,000,000
476,000,000
-
of
Settlements
—691,000,000
13,000,000
Foreign banks
Borrowings
—267,000,000
+6,000,GOO
*
■
*
+35,000,000 —1,282,000,000
by
guaranteed
Government
fully
United States
Other securities
been put out by one side or the other and cor¬
Condition
of
Statement
the
660,000,000
1,169,000,000
Loans to banks
On securities
—55,000,000
or
carrying securities
happened is that suggestions looking toward mediation
to have
seems
dially received.
*
dealers in
securities
Other
fact, have been put in detailed and concrete form.
It may not even, in
cultural loans:
On securities
sub¬
nor has
formally accepted the mediation proposal.
China or, perhaps, even Japan,
*
'Commercial, Industrial, and
comment that
in some respects correct, the report itself had a
Apparently no formal mediation agreement has been reached
*
investments—total
Loans—total
was
stantial basis.
at a convenient season had
.
Nov. 4, 1936
night's Ber¬
Diplomatic inquiries from the Brussels conference into last
lin report
$
$
$
Assets—
Loans and
Get. 27. 1937
1937
for the
Japan
with China is really her intention.
will find it hard to reject if peace
and liabilities of the
reporting member banks, together with changes
week and year ended Nov. 3, 1937, follows:
,
Delegates said that the note constituted a peace appeal which
Holdings 'of
8,408,089.31
2,432,451.78
38,731,112.09
1,410,589,16
40,433,284.18
Miscellaneous:
1.
Guaranty on commercial
2.
Sundry Items....
Total...
Total liabilities
bills sold
41,163,563.87
41,843,873.34
671,259,623.87
718,852,864.48
Financial
3126
Japanese
Shanghai,
Capture
Chinese
as
Troops
Chronicle
Japanese
gained important victories this week,
troops
rout
on
Nov. 8, although the retiring troops managed to
burn many
of
Winter
up a
The retreat assumed the proportions of
front to the West.
a
Shanghai retreated from almost
city, and prepared to set
all contact with the
buildings before they hastily left the city.
South
Shanghai three Japanese columns advanced from the Hang-
chow
In North China the Chinese forces
Bay district.
tinued
resistance against Japanese attacks,
strong
con¬
a
Japanese spokesman at Peiping declared on Nov. 9 that the
captured
Japanese had
this week
Taiyuan, capital of Shansi. Late
(Nov. 12) Hallett Abend, reporting to the New
York "Times" by
of Shanghai laid down their
were
arms last
night
Concession, but occasional
out¬
of machine-gun fire this
breaks
morning indicated stragglers and snipers
still in Nantao in large numbers.
At the
same
time
the evacuation of Nantao the political department
as
of the Chinese Military
farewell address to
Shanghai-Woosung
for the
three
Affairs Commission in Shanghai issued
the Chinese populace, promising
Another shattering
of
lengthy
the recovery of the
months of support.
Shanghai,
Take
Nansiang
blow has been given to Chinese defense lines
where Japanese forces,
from Kiangkow, captured the town
after making
of Nansiang,
points of the whole defense position.
one
west¬
night attack
a
of the main pivotal
The evacuation of Nansiang, about
10 miles west of Shanghai, was necessitated because late yesterday after¬
noon
the Japanese army, pushing
Rome
to
pact with Germany and Japan.
Russia
construed
The pact was
the
the
on
Nov.
on
8
formally
anti-Communist
an
The Ambassador said that
agreement
signed by Italy
as
unfriendly action.
an
Nov. 6, and
on
the
same
day
Japanese Foreign Office said is to have stated that the
agreement was a safeguard for peace, and that Russia was
responsible for the conflicts in Spain and China. The original
agreement was concluded between Germany and Japan on
Nov. 25, 1936.
Imjdications seen in the Italian adherence
discussed in the following
Rome dispatch of Nov. 6
to the New York "Times" from Anraldo
Italy has not committed herself
to any very
Cortesi.":
definite
of
course
action'by
the
undertaking which she entered today. The new obligations she has
assumed consist substantially in the promise to
fight communism in all its
to
exchange
information
with
other
signatories
bearing
the activities of the Communist International and in concert
with them
on
necessary defense measures,
northward in forced marches from Tsingpu
captured the town of Anting and are now threatening to cut the Shanghai-
join
a permanent committee whose purpose
it is to facilitate the attainment of the above
objects and,
severe
measures
directly
or
against all
who
persons
either at
home
indirectly for the Communist International
or
finally, to take
abroad
or
work
favor its activities.
Measures against Communist propagandists and
sympathizers have been
taken in Italy for years, as many
people serving terms of confinement on
penal islands know, wherefore the last point
an
can
scarcely be
considered
innovation.
and thanking the 3,000,000 Chinese of this city
area
Japanese
ward
a
Ambassador
Soviet
on
Acting under orders of the Chinese high command, most of the Chinese
troops in the Nantao section
The
protested the action of Italy in joining in
manifestations,
wireless from Shanghai said in part:
and withdrew for internment in the French
liances
ment
were
but
Italy's Adherence to German-Japanese
Pact—Important
Political
Al¬
Expected as Result of Tri-Partite Agree-
Anti-Communist
—Japanese Also Occupy Taiyuan,
Northern
Metropolis—Foreigners
in
when Chinese defenders of
13
7
Russia Protests
Flee Westward-
Important
Shanghai's International Settlement Endangered
/"•*' —Pembroke
Stephens Correspondent for London
"Daily Telegraph" Killed
Nov.
Full Cooperation Seen
Interest in the agreement signed today,
therefore, lies in not so much
what it does say as what it does not say: in other
words in the implication
that the political relations between
Italy,
already have entered
and cordiality.
or are
about to enter
Italian circles
are
a
Germany
new
and
Japan
either
phase of extreme closeness
loud in protestations that the text of
the
protocol, published today after its signature, represents the sum
total of
the commitments the three signatories assumed. Even
admitting this to be
so, opinion in diplomatic circles in
governments
have reached
for
cooperation
Naking railway at Anting station, a short distance northward of the town.
intimate
an
in
Rome is
most
emphatic that the three
understanding, which
fields
be merely oral,
may
having nothing to
do
with
the
fight
against communism.
Fighting continued sporadically close to the International
Settlement, and some foreigners were killed and injured.
The
Sino-Japanese conflict
last referred to in the
"Chronicle" of Nov. 6, page 2936.
Its latest aspects were
described as follows in United Press Shanghai advices of
was
Nov. 11 to the New York "Sun":
Various things give substance to this
supposition
not the least among
them being the fact that German and
Japanese military, naval and air
attaches attended the signature
ceremony.
And Virginio Gayda lets the
cat out of the bag somewhat when he writes
in the "Giornale dTtalia":
"Peace can be safeguarded also with
guns.
The presence of the armed
forces of the anti-Communist
pact confers on the political instruments
significance of warning of immediate interest."
concrete
Chinese forces fled in complete rout west of Shanghai tonight while for¬
eign circles apprehensively watched ruthless Japanese mopping up activities,
which were accompanied by theats to "take steps" against any interference.
Tension between British guards on the International Settlement borders
and Japanese
forces reached a more serious point, the Domei News Agency
reported, quoting Gen. Iwane Matsui, Japanese commander-in-chief, as
saying
he would take "resolute action against
any
one
intercepting
Held
Significant for Peace
Signor Gayda may mean, of course, that the three
signatories' armed
forces
sufficient
are
hand, he
guns
are
may
not
command the respect of
Russia, but, on the other
something quite different, since battleships and
big
to
mean
the most suitable instruments
for counteracting Communist
propaganda.
our
operations, regardless of nationality."
The
declaration
was
reported to have been
made
by
Gen.
Matsui
to
Charles Little, British naval commander in China.
Admiral
Gen.
supplies toward the front along Soochow Creek,
near
the
after Gen. Matsui had informed Admiral Little that the
[In London it
Settlement
no
in
was
stated that if Japanese forces attack the International
Shanghai,
the British
will open fire immediately.
While
official cognizance has been taken there of the Japanese commander-in-
chief's statement, it was reiterated that British commanders have the fullest
take the strongest action to protect the settlement.]
At a conference with foreign press correspondents, Gen. Matsui made
clear that Japan might be forced to "take steps" unless
foreign Powers
powers to
showed
inclinations
toward
"co-operation."
He declared that if the
"necessity arises, we will have to take steps to
remedy the situation," and asked the correspondents if they believed the
International
Settlement was maintaining a neutral attitude.
French police admitted that an undetermined number of
Chinese troops
had reached the French concession under arms.
They said it was
impossible
flight of the terrorized Chinese along the boundary,
despite the barbed wire fences.
to withstand the frenzied
A Japanese
kongtang
the
on
communique said that Japanese troops had occupied WuCreek, six miles southwest of Anting station on
Soochow
Shanghai-Nanking railway, which would widely outflank Nanziang
and Kaiting.
Driving
the remnants of "suicide" squad
men
parts of the city, the Japanese announced that it
was
Chiang Kai-shek, China's leader, whether they marched
left
in
up to
on to
the
outlying
Generalissimo
take
Nanking,
the national capital.
Pembroke Stephens, correspondent for the London
Daily
killed and two Frenchmen were wounded
seriously by
Telegraph,
was
Japanese machine
gun
bullets
as
the Japanese hemmed in suicide
men
in the Nantao district
bordering the French concession.
Japanese landed shock troops in the Pootung section
across
the river
and sought to land men in Nantao from the water
front.
Japanese spokesmen said that the Chinese
were
in full
flight
west
of the
city, that the Japanese had captured the key town of
Tsingpu on the new
Chinese defence line, that they had advanced four miles
westward from the
Shanghai suburbs and that
was
a
new
army advancing from Hangchow
Bay
moving rapidly northward after effecting contact with the
army here.
From
wireless message
a
Nov. 11 to the "Times"
A Japanese Army spokesman,
expressing regret for the
Pembroke
Stephens, London Daily Telegraph
mitted Japanese responsibility,
i
we
quote:
killing today of
correspondent,
freely
were
many
the Nantao
Japanese battery raking Nantao roof-tops, upon which there
Chinese snipers.
Mr. Stephens was first wounded in the
leg
a
head.
The watertower is about 50
yards from
boundary.
Two other
on
insurgent communiques reported on Nov. 11,
to Associated Press accounts from
Hendaye,
that Generalissimo Francisco Franco's
troops had thrown
back attacks by government forces on the
northern Aragon
front, "crushing whole regiments" in furious action.
part these advices also stated:
foreigners, employees of the French tramways,
the tower.
In
The reports said government
troops, preceded by an artillery barrage of
several hours, started their attack on
military positions known as Hill 1100,
Hill 1062 and Coseta del
Batanero, in the Orna-Sabinanigo sector.
It
soon became a general offensive.
Contradicting the insurgent reports,
Catalan
militiamen
had
broken
Aragon in guerrilla warfare.
two positions near
government
through
The Catalans
sources
the insurgent
were
asserted
line
in
that
northern
reported to have recaptured
Sabinanigo, which they had held before the
insurgents
recently began to strengthen their line.
Madrid advices said government
troops in counter-attacks recaptured
Hills 963 and 925 and inflicted
heavy insurgent losses.
The reports said
insurgent pressure was eased but sporadic
fighting continued.
Insurgent officials at Salamanca declared Franco's
the
government
posed to
by Japan and Portugal.
name consular
They said Poland
agents in the insurgent zone.
Portugal,
soon
was
one
dis¬
of the
first governments to break with the
Madrid regime at the start of the
Span¬
ish civil war, thus far has failed to
give diplomatic recognition to Franco.
On Nov. 10 Spanish Government
advices, it was indicated
by the Associated Press, reported militiamen blasted a rail¬
road bridge deep within
Insurgent territory in northeastern
Spain to cut their enemy's supply line.
In part the advices
added:
The bridge was
Gallego
near
Navasa,
on
the
Jaca-Sabinanigo road
River front in the upper Aragon.
Franco-Spanish border
and the
General Franco's forces
were
This region lies
insurgents' front lines
said
to
in
northern
the
occupy positions of "first impor¬
insurgent dispatches said, would be the base for
across
behind the
between
Aragon.
tance" in the Gallego River
valley and to be constructing a
line from the Guara Mountains to the
French frontier.
a
heavily fortified
The river positions,
drive
east
and
south
Spain.
Under date of Nov. 9 United Press accounts from
stated:
immediately by the Japanese in cooperation
with the French authorities established that Mr.
Stephens, who was atop
a water tower
watching the fighting, had been hit twice by machine-gun
and then shot through the
Spain Reported to Have
by Government Troops on
according
ad¬
An investigation conducted
bullets from
in
Attacks
Spanish
would be recognized
on
Forces
Back
Aragon Front
Garden Bridge
Japanese intended
using the Whangpoo and Soochow Creek.
Franco's
Driven
Domei said that the British had intercepted a Japanese boat
transporting
Nationalist Generalissimo Francisco Franco
Hendaye
was
reported today to have
withdrawing foreign volunteers from his armies in
exchange for
as a belligerent
by the major European Powers.
Insurgent sources asserted that their leader intends to reduce
started
recognition
the number
of his foreign
fighters to 40,000 before a neutral commission of the
Interna¬
tional Non-intervention Committee
arrives in Spain to take a census.
were wounded
at
Forty warplanes were reported on Nov. 6 to have struck
Saragossa, the heart of the Insurgent offensive in north-
Volume
eastern
Financial
145
Hendaye,
Associated Press advices from
learned, also stated:
Spain.
from which this is
Government
and had crashed into
of
the
ment
a
forces
insurgent
now
terrific
caused
bombs
explosions
strategically massed to
That
in
and
the bonds
settlement
the
fires
large munitions depot at Sarragossa, headquarters
said
reports
/
Nov.
of the
coupons,
be dealt in "flat" and to be a delivery
1937, must carry
with the exception
due May 1, 1934, to Nov. 1, 1937, inclusive.
($19
beginning
made
Nov.
8,
and subsequent coupons,
paid),
L. FISHER, Secretary.
ROBERT
Francisco
Franco's
Pedro Hill, east of Jaca.
fantftF had successfully stormed San
2936.
'
:
Tax
Law
12
to
pertaining to the State of Minas Geraes, Brazil, secured
external gold loan of 1929, series A, 6%% bonds, due 1959,
was issued
by the Exchange Nov. 8:
Policy Submitted
by Presi¬
Vargas—54,244,000 Bags of Coffee Destroyed
dent
114
Since 1931
Committee
is
Committee
$11,375
announced intention of the Brazilian
price-control policy and to adopt
a policy of open competition.
The Government at that time
also resolved to lower the export tax by 75 %. Reference to
week the
the
March
made in
was
our
issue of Nov. 6, page 3028.
Janeiro, bearing
on the legislation submitted by President Vargas on Nov. 9,
was received by the New York Coffee & Sugar Exchange:
following cablegram from Rio de
The
projected law
as
presented to the House of Deputies by
President
Vargas recommends the following:
Getulio
ating the Bank of Brazil from such
(3) That the Bank of Brazil will open a
special credit account for the
300,000 contos guaranteed by the
National Treasury, and debiting said account with the balance of the
National Coffee Department's debt and with such payments to State's
banks and private parties ae the National Coffee Department may legiti¬
Coffee
National
Department
up
to
That the National Treasury will assume the responsibility for
balance of the 20,000,000 sterling loan as contracted by the State of
(4)
Paulo.
the
Sao
■
paragraph 3 and 4 and from amounts
strictly necessary for the National Coffee Department's maintenance be
coverable by an export tax of 12 milreis per bag collectible by the Bank of
(5) That all debits arising from
Brazil.
(6) That at least 4$000 per bag be
applicable towards paragraph 3 and
transactions
of
coupons
Brazil's
reached
half
first
by cablegram, that day,
learned
The Exchange's
month.
the
announcement
continued:
bond.
July
1,
the
start
of the
crop
new
year,
must
carry
L.
Secretary.
FISHER,
Commerz-und Priyat-Bank
Nov.
Due
1,
& Co., both of New
authorized
made
Nov. 15, 1937, at 3 p. m.,
Reference to an alternative offer
Commerz-und Privat-Bank to
by the
holders of its
2938.
0^2% notes was made in our issue of Nov. 6, page
♦
Odd-Lot Trading on New York Stock Exchange
Weeks Ended Oct. 30 and Nov. 6
The
Exchange
and
Securities
Commission
During
has
made
public summaries for the weeks ended Oct. 30 and Nov. 6,
1937, of the daily corrected figures on odd-lot transactions
of odd-lot dealers and specialists in stocks, rights and war¬
rants on the New York Stock Exchange, continuing a series
of current figures being published weekly by the Commis¬
sion.
The figures for the week ended Oct. 23 were given
2938.
based upon reports filed daily
with the Commission" by odd-lot dealers and specialists,
the following are the figures for the weeks ended Oct
30
our
The
issue of Nov. 6, page
data
published
are
and Nov. 6:
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEKS ENDED OCT. 30 AND NOV. 6, 1937
PURCHASES
SALES
Orders
to
(Customers'
Buy)
,
|-
Orders to Sell)
Trade Date
No.
Shares
Ord.
338,949
9,462
245,682
2,202,493 $68,759,590
53,321
494,034
20—........
14,718
Oct.
27
11,145
16,989
361,203
249,420
443,608
—
24,559
054,228
Total for week..
87,812
Oct.
28
29 and 30-
Nov.
-
Shares
12,521
20,401
Oct.
No. Ord.
Value
15,231,164
11,005,372
8,117,555
13,792,719
20,552,780
25.....
5,536
148,741
9,884
284,598
15,819
446,040
Value
10,938,491
8,355,544
5,269,416
9,076,469
13,602,577
1,464,010 $47,232,487
150,918
$4,757,103
11,218
273,409
$8,210,167
5,471
Exclfange
1
Closed
396,322
12,401.688
10,221,564
12,580,542
7,661
224,802
7,586
211,731
6,724,366
9,083
260,044
8,806,195
1,364,593 $43,419,961
29,801
2
3
Nov.
4
16,279
12,305
302,438
Nov.
5 and 6
15,940
392,424
Total for week..
55,742
Member
general coffee policy.
1937,
9,
expires
offer
The
Eastern Standard Time.
Nov.
Brazil has destroyed
6,763,000 bags, bringing the grand total since .June 1931 to 54,244.000
bags. Brazil's plans for the crop year, which will end next June 30, call for
the destruction of slightly over 20,000,000 bags and it is believed in trade
circles that this program will be carried through despite the recent revision
Since
Nov.
jtay for Commerz-und Privat-Bank American certificates
5%% notes due Nov. 1, 1937, with May 1, 1937, and Nov. 1,
1937, coupons attached, $66,925 flat per $100 principal value
bond, or without such coupons $65 flat per $100 principal
Nov.
of
"flat" and to be a delivery
to
Oct.
that
coffee burning during the last half of October
886,000 bags, compared with 811,000 during the
9 that it had
Nov.
beginning
6^% Notes
Nov. 15, 1937
Oct.
to present law.
;
the excep¬
1934, to Sept. 1, 1937, inclusive.
due Sept. 1,
(Customers'
Sugar Exchange announced on
The New York Coffee &
1937
Bear, Stearns & Co. and E. A. Pierce
Coffee Department's debt to the
of Brazil is liquidated, the export tax will be reduceable to 8$000 only.
That the recent coffee convention's resolutions will be maintained
in their entirety except where contrary
bonds be quoted ex-interest
that the
York, announced on Nov. 8 that they have been
(7) That immediately the National
(8)
9,
made
1937'—Offer Expires
both debts which will not be increasable or
Bank
6t&%
A,
series
($6.56 paid), and subsequent coupons, with
of
paragraph 4 until final liquidation
renewable.
6$000 per bag applicable towards
Nov.
on
to Be Paid on
American Certificates
in
mately authorize.
rules
Securities
bond
Payment
payment to said National Coffee Depart¬
will apply said amount towards amortization
National Coffee Department's debt.
\
ment, but the Bank of Brazil
1929,
of
ROBERT
value
Department's responsibilities will cease
regarding the acceptance of exchange bills of 300,000 contos in accordance
with Decree No. 24457 of June 25, 1933 and also those arising from Law No.
493 of Aug. 30, 1937, except that theissuing of 500,000 contos as authorized
therein will be completed and delivered to the National Coffee Department
for the purposes indicated at the last coffee convention.
(2) That the National Treasury will take over up to 500,000 contos from
circulation of National Coffee Department's rediscount bills thus exoner¬
That the National Coffee
(1)
loan
shall continue to he dealt in
1932
1,
of the
tion
on
$1,000
per
the bonds
settlement
in
Government to modify its
The
•'
1937.
due 1959:
The
gold
external
secured
bonds,
]
due Sept, 1, 1937, from State
surrender of the coupon
on
Geraes
Minas
That
of Brazil on Nov. 9 sent to the
Brazilian Congress a draft of legislation proposing to reduce
the present export tax on coffee from 45 milreis a bag to 12
milreis. Other legislation was also submitted "necessary to
normalize" Brazil's coffee policy. The proposed laws follow
this
r~C
EXCHANGE
Securities
on
received that payment of $11,375 per $1,000 bond
having been
being made
of
•
President Getulio Vargas
one
STOCK
YORK
NEW
Nov. 8,
Reduction in Coffee Export
Per Bag—Other Legislation to
Nation's
"Normalize"
/
;
Proposes
Milreis
of 1929, Series
following announcement of rulings adopted by the
Committee on Securities of the New York Stock Exchange
Notice
Brazilian
State of Minas
on
The
Spanish conflict appeared in our Nov. 6
Reference to the
page
to the report that
legionnaires and Moroccan in-
foreign
Rules
Exchange
A, 6)^ % Bonds, Due 1959
Saragossa was not made known.
Outside observers attached considerable importance
Generalissimo
Stock
York
Geraes, Brazil, External Gold Loan
de Guixolos.
A govern¬
ment communique said the planes bombed military objectives and returned
safely.
The insurgent communique said the defending planes engaged the
attackers over Saragossa and downed one of them.
The extent of the damage in
issue,
New
key government defense position east of the insurgent headquar¬
a
ters, and the Catalan village of San Felix
of
continue to
smash into govern¬
yesterday's aerial combat insurgents raided supply stations at Bar-
In
of
shall
transactions
of
1931
1.
Spain.
bastro,
by
3127
Chronicle
Trading
on
7,285,926
847,495 $27,573,590
New York Stock and New York
During Week Ended Oct. 16
Curb Exchanges
Improvement in Credit Conditions and Collections
Latin-America Noted by National Association
in
of
Credit Men
For text of this article see
Sao
1952
The New York Stock Exchange
announced on Nov. 6 the
adoption of the following rules by its Committee on Securi¬
ties affecting the City of Sao Paulo, Brazil, 30-year 8%
external secured sinking fund gold bonds, due 1952:
NEW YORK STOCK
,
Committee
on
EXCHANGE
Securities
Nov. 6,
Notice
having
being made
Sao
Pauio
The
$13
on
been
that
payment
surrender of the coupon
1937.
of $13 per $1,000 bond is
due Nov. 1, 1937* from City of
secured sinking fund gold bonds, due 1952:
Securities rules that the bonds be quoted ex-interest
30-year 8% external
Committee on
per
received
$1,000 bond on Nov.
8, 1937;
trading by all members
(except odd-lot dealers)
Exchange for their own account
preceding week ended Oct. 9 in relation
to total transactions on those Exchanges, it was shown in
data issued yesterday (Nov. 12) by the Securities and Ex¬
change Commission.
Trading on the Stock Exchange dur¬
ing the week ended Oct. 16 for the account of members (in
round-lot
transactions) totaled 3,962,925 shares, which
amount was 18.32% of total transactions on the Exchange of
10,817,690 shares.
This compares with member trading
during the previous week ended Oct. 9 of 3,318,875 shares,
or 22.06% of total trading of 7,522,490 shares.
On the Curb
Exchange member trading during the week ended Oct. 16
amounted to 748,356 shares, or 16.51% of the total volume
on that Exchange of 2,266,985 shares; during the preceding
week trading for the account of Curb members of 577,540
shares was 20.44% of total trading of 1,413,200 shares..
The data issued by the SEC are in the series of current
and of the New York Curb
decreased from the
advertising page VII.
of New York Stock Exchange on City of
Paulo, Brazil, 8% External Gold Bonds, Due
Rulings
During the week ended Oct. 16
of the New York Stock Exchange
figures being published
gram
weekly in accordance with its pro¬
in June, 1936, on
embodied in its report to Congress
Financial
3128
the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Oct. 9,4were given in these columns of
Nov. 6, page 2938.
In making available the data for the
week ended Oct. 16 the Commission said:
figures'
The
given for total round-lot volume for the New York
York Curb Exchange
Exchange and the New
Stock
Chronicle
Nov.
On Oct. 1 there
were 1,385 bond issues aggregating $47,value listed on the Exchange, with a total
market value of $43,270,678,790.
In the following table,
listed bonds are classified by governmental and industrial
groups with the aggregate market value and average price
283,743,291
par
for each:
represent the volume of all
round-lot sales of stock effected on those exchanges as distinguished from
the
volume
reporteid by the ticker.
Aver.
Market
Aver.
Value
Price
Value
Price
$
$
$
$
On the New
York Curb Exchange total round-lot volume in the same week, 2,266,985
shares, exceeded by 8.2% the ticker volume (exclusive of rights and war¬
A::- '
rants).
"'
...
'V
.
► The data published
25,618 ,841,701 103.82 25,572 ,667,834 103.64
2,059 .859,838 63.02 2,165 ,455,650 65.31
U. S. Govt. (incl. States, cities, &c.).
Foreign government
■/:/•
16 ,852,142
Autos and accessories
based upon reports filed with the New York Stock
are
Chemical
These reports are
94.85
New York
New York
Slock
Curb
Exchange
Number of reports received
Exchange
Initiated off floor
361
139
423
570
Reports showing no transactions
75
•Note—On the New York Curb Exchange the round-lot transactions of
specialist8
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
——....
Gas and electric
Gas and electric
....
_
received because, at times,
a
single report may carry
entries in more than one classification.
FOR ACCOUNT OF
MEMBERS
Week Ended Oct. 16,
a
IN
STOCK8
ALL
(SHARES)
Per
Week
Round-lot
1.
transactions
members
of
except
94.55
35 ,978,557
7,990 ,348,232
505 ,205,024
97.12
28.18
2 ,868,503
31.54
,562,238
2,588 ,075,439 102.00
85.83
168 ,392,650
1,013 ,770,654 100114
98.50
20, ,575,000 102.88
Shipping services
Shipbuilding and operating
15, ,505,149
50.49
15, 485,419
50.43
13 ,663,440
59.50
14 ,611,140
63.62
4, ,531,455 104.59
42, ,681,827 123.78
42, ,705,688 123.85
57.81
175, ,947,948
1,059, ,869,463 64.92
35, 200,000 100.57
Miscellaneous businesses
180, 097,507
59 21
1,081, 556,257
66.17
35,,229,375 100.66
Cent, b
42,591,139,774
following table, compiled
by
price of bonds listed
5.89
1,273,820
on
91.51
90.11 43,270,678,790
us,
gives
a
two-year
comparison of the total market value and the total
677,270
596,550
Total
54.04
269, ,482,333
4, ,508,210 104.05
...
Tobacco..
The
Sold
74.48
49.53
of
specialists and odd-lot dealers in stocks In which registered:
Initiated on the floor—Bought
96.30
19, ,700,000
10,817,690
transactions
96.85
247 ,010,175
All listed bonds
Total volume of round-lot sales effected on the Exchange
75 ,477,328
96.12
Business and office equipment
Foreign cos. (Incl. Cuba & Canada)
Total for
99.24
168 ,116,999
85.69
1,013 ,020,920 100.07
U.S. companies operating abroad
1937
66.14
415 ,971,709
2,598 ,775,822 101.68
(operating)
(holding)
Leather and boots
EXCHANGE—TRANSACTIONS
STOCK
YORK
NEW
147 ,693,833
....... _
.
Miscellaneous utilities
the number of reports
61.67
2
Communication (cable, tel. & radio)..
The number of reports in the various classifications may total more than
55.84
55 ,876.040
489 ,476,625
dealer, as well as those of the specialist.
which
in
92.83
12 ,156,131
92.30
,835,273 100.55
72 ,596,696
93.76
34 ,946,820
93.53
69.28
7,418 ,393,906
Textile
stocks
81 ,948,985
50.41
416
registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
"In
77.38
38 ,636,134 104.56
236 718,137 100.42
155 ,648,846 102.94
99.55
10 ,679,761
...
Petroleum
297
23 ,827,405
72.25
96.40
53 ,200,286
136 ,875,991
Machinery and metals
Mining (excluding iron)
floor
on
93 ,435,143
154 114,256 101.93
79 ,178,937
89.69
:
Amusements
Land and realty
Other than as specialists
Initiated
Rubber and tires
208 ,343,890 100.18
38 ,194,920 103.37
234 456,474
Food
108
206
specialist*..
22 232,045
Electrical equipment manufacturing..
867
1,074
Reports showing transactions
as
...
91.08
17 ,932.353
99.88
95 ,129,471
Building
follows:
as
85.60
242 .688,580
Financial..—.
Exchange and the New York Curb Exchange by their respective members.
classified
Oct. 1, 1937
Market
10.817,690 shares,
larger than the volume reported on the ticker.
9.8%
Nov. 1, 1937
The total round-lot volume for the
week ended Oct. 16 on the New York Stock Exchange,
was
13, 1937
average
the Exchange:
■
Initiated off the floor—Bought
Market
386,985
385,380
Sold
Average
Market
Average
Value
2.
Price
Value
Price
1935—
S
%
Nov.1
Total
3.57
772,365
—
38,171,537.891
90.24
Dec.
38,464,704,863
91.08
1
$
1936—
Dec.
$
97.01
43,779,640,206
1
1937—
_
1936—
Round-lot
transactions
of
specialists
In
In
stocks
registered—Bought-.
97.35
Sold
1
45,053.593,776
1
39,398,759.628
91.85
Feb.
1
45,113.047,758
96 83
Feb.
1
40,347.862,478
93.50
Mar. 1
45.007,329,915
96.64
Mar. 1
974,280
942,460
Jan.
Jan.
which
-
40,624,571.422
94.44
Apr.
44,115.628.647
93.88
Apr.
1
—-
1
1
41,807.142,328
94.47
May 1
43.920.989.575
41,524,856.027
93.90
June
1
44,170.837,675
93.89
1
39,648.252,468
93.83
July
1
44,001.162,031
92.98
July
1
1
Sept. 1——
41,618,750,056
94.24
93.93
41,685,172,818
94,78
Aug. 1
Sept. 1
44,296.135.580
Aug
8.86
1,916,740
—-
May
June
Total
43.808,755.638
92.76
42,235.760.556
95.39
Oct.
1
43.270,678,790
91.51
43.305,464,747
43,179,898,504
95.79
Nov. 1
42,591,139,774
90.11
93.33
"
Total round-lot transaction^ of members, except transactions
of odd-lot dealers in stocks in which registered—Bought-_
Sold
2,038,535
1,924,390
-
Oct.
Total
-
18.32
3,962,925
-
1
Nov. 1„._.
95.92
Transactions for account of odd-lot dealers In stocks In which
registered:
1.
In round-lots—Bought
510,170
-
Sold
2.
Compilation of Capital, Resources, &c., of State and
National Banks, by R. N. Sims of National Asso¬
ciation of Supervisors of State
Banks—Deposits
in State Banks Reported
23% in Excess of National
193,350
Total
703,520
In odd lots (Including odd-lot transactions of specialists):
Bought
1,613,045
-
Sold
Institutions
1,829,007
At the 36th annual convention of the National Association
Total
AEW
3,442,052
-
YORK
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT OF MEMBERS
a
IN
ALL
of
STOCKS
Week Ended Oct. 16. 1937
Total for
•;
Per
Week
Total volume of round-lot sales effected
Round-lot
transactions
specialists
1. Initiated
of
members,
which
In stocks In
on
on
the Exchange
except
of
registered:
the floor—Bought
48,850
Sold....
68,525
Total
2.
Cent.b
2,266,985
transactions
2.59
117,375
Initiated off the floor—Bought
Sold
61,630
—
56,310
%
Round-lot
transactions
of
specialists
in
in
stocks
Sold
during the last several
On June 30,
11.32
513,050
-
were
Total round-lot transactions for accounts of all members:
Bought
is made up from figures covering the close of business
Total
years.
1937, there
State banks and
was a
5,299
were
total of 15,752 banks, of which
deposits of all banks
were
On June 30, 1937, in round
134,131
Sold
profits of the State banks
139,281
Total
273,412
Includes
all
Exchange members,
in
their firms and their
partners, including special partners.
b Percentage of members'
culating
those
twice the
percentages
transactions to total Exchange transactions.
the total of
members'
$213,279,948 above, total
resources were
numbers, the capital, surplus and undivided
were
$4,652,500,312, and of the national banks
$3,050,113,000, showing the capital
"members"
were
$1,320,404,629 above, and total
$1,676,256,808 above figures of June 30, 1936.
Bought-.—
term
a
capital,
surplus and undivided profits of all banks
16.51
748,356
Odd-lot transactions of specialists in stocks in which registered.
The
10,453
national banks, and in round numbers
total capital, surplus and undivided profits of $7,702,613,312, total
deposits
of $59,794,120,587, and total resources of
$68,981,848,035.
Total
372,620
375,745
-
Sold
a
on
The figures are very gratifying when we consider the most
distressing conditions which have confronted the business of the whole world
262,140
250,914
—
Mr. Sims said:
This report
June 30, 1937.
which
registered—Bought.
Total
2.60
117,940
-
tion a statement which shows in detail, by States, the
capital,
surplus and undivided profits, deposits, loans and discounts,
stocks, bonds and securities, and total resources of all State
banking institutions of the United States, together with
totals of these items of the national banks, and all as of
June 30, 1937.
The report of Secretary Sims, it is said,
offers the only available accurate and detailed data of State
banking institutions comparable with the report of the
Comptroller of the Currency, which covers the national
banks.
—
Total
Supervisors of State Banks, held in New York City Oct. 7,
Sims, Secretary-Treasurer, submitted to the Associa¬
R. N.
(SHARES)
transactions
Is
In cal¬
compared
total exchange volume for the reason that the total of members'
with
trans¬
actions Includes both purchases and sales while the total exchange volume Includes
excess
of the national
banks.
resources of the State banks to be
52%
The
deposits of the State banks were
$33,028,207,587, and of the national banks $26,765,913,000, showing the
deposits of the State banks 23% in excess of the national banks.
The
total
resources
of the State banks
were
$38,644,777,035, and the national
banks $30,337,071,000, showing the resources of the State banks
27%
excess of the national banks.
in
only sales
♦
Federal Reserve
Total
Market
Value
of
Bonds
Listed
on
New
York
Stock
Exchange Nov. 1 Below Oct. 1
following announcement showing the total market
value of listed bonds on the New York Stock Exchange was
issued by the Exchange on Nov. 8:
As of Nov.
1, 1937, there were 1,376 bond issues aggregating $47,264,on
the New York Stock Exchange, with
market value of $42,591,139,774.
a
total
Banks
of all member Federal Reserve banks
resources
June 30, 1937*
on
$47,468,613,000.
Total
The
366,806 par value listed
were
resources
$30,280,025,000,
Total
or
resources
$17,188,588,000,
of
the
64% of total;
of the
or
5,293 national
banks
an average
on
June
30,
of $5,720,767
per
1,064 State member banks June 30,
36% of total;
an average
of $16,154,688
All of the above figures show our banks to be in
per
1937,
were
bank.
1937,
were
bank.
a strong position and
they also emphasize the important part which the State banking institu¬
tions play in our great Federal Reserve
System, through their voluntary
membership.
Volume
them.
f- (Six national banks, in Alaska, Hawaii and Virgin Islands, with assets of
in
$57,046,000, are not members of Federal Reserve System.)
Nineteen years ago, when my first report in its present form was
the total
3129
Financial Chronicle
145
of our State banks were 25% in excess
resources
than 27% in excess
banks
place in the hearts of the American
Mltf
following is the compilation submitted by Mr. Sims
the convention of the National Association of Supervisors
The
to
of the national banks, showing the continuous growth
of the State banks despite unfair criticisms
testifies both to the need of the State
system and to their
people.
issued,
of those of the
of the State banks are more
national banks, and today the total resources
This is significant and
financial
our
of State Banks:
which some have leveled against
ETC., OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL. COMPILED FROM STATE¬
BANKING DEPARTMENTS.
ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES, ETC.,
REPORTS OF THE COMPTROLLER OF THE CURRENCY, AND FIGURES EXHIBITING TOTAL BANK
BY R. N. SIMS, SECRETARY-TREASURER NATIONAL ASSOCIATION OF SUPERVISORS OF STATE
STATEMENT SHOWING AGGREGATE RESOURCES,
MENTS FURNISHED BY
HEADS OF STATE
OF ALL NATIONAL BANKS TAKEN FROM
STATES.
UNITED
THE
RESOURCES OF
LOUISIANA, NEW ORLEANS, LA.
BANKS, FORMERLY BANK COMMISSIONER OF
'
_
-/V
\
Date
Undivided
of
Insti
tutions
-
Surplus
Capital
3,139,255
Colorado
6-30-37
71
Connecticut
6-30-37
154
23,902,100
66,375,203
Delaware
6-30-37
41
0-30-37
109
9,996,280
7,064,188
15,874,000
23,522,115
Florida
149
6-30-37
7
Arkansas
6-30-37
173
6-30-37
133
_
California
_
..
...
Georgia
6-30-37
:.
230
6-30-37
33
Illinois
6-30-37
579
Indiana
6-30-37
405
Iowa
6-30-37
54o
',v
925,000
1,823,429
35,461,430
2,001,660
3,235,773
7,829,524
1,013,408
27,886,080
2,518,000
52,481,550
34,519,163
23,551,500
Idaho
.
.
Kansas...
6-30-3?
515
Kentucky
6-30-37
337
Louisiana
6-30-37
116
Maine....i,
13,617,016
9,432,502
6,841.542
11,030,066
3,656,277
15,602,330
23,906,900
6-30-37
.........
63
12,864,442
9,050,727
24,528,753
11,903,596
28,492,406
190,058,688
338,240
11,114,731
21,361,374
986,089
32,231,153
4,826,514
778,480
3,302,200
130,088,587
6,239,249
122,508,456
38,344,909
11,078,441
6,107,938
7,622,202
2,990,580
3,728,883
1,945,181
9,738,243
16,670,051
6-30-37
6-30-37
459
40,989,275
Michigan..
6-30-37
374
45,446,480
Minnesota
6-30-37
492
Mississippi.....
6-30-37
182
15,492,600
11,947,130
Missouri
6-30-37
582
60,413,022
Montana
6-30-37
74
4,478.775
Nebraska
6-30-37
296
7,848,400
Nevada
6-30-37
5
265,000
117,500
68,320
New
Hampshire
6-30-37
57
15,935,970
New
Jersey
6-30-37
184
6-30-37
19
1,256,500
76.772,166
805,000
68,180,192
241,200
New Mexico
...
9,165,302
7,279,800
3,510,764
21,503,542
1,479,900
2,235,252
1-
6-30-37
460
6-30-37
199
549,972,860 *1,656,989,289
9.985.410
19,510,120
North Carolina
North Dakota
6-30-37
138
2,660,200
1,050.059
Ohio
6-30-37
465
65,829,172
35,891,006
187
4,012,375
1,573,347
6-30-37
51
2,562,000
Pennsylvania
6-30-37
420
Rhode Island
6-30-37
23
13,368,750
1,432,115
277,228,270
28,146,232
South Carolina
6-30-37
137
South Dakota
6-30-37
134
Tennessee
3-31-37
240
4,671,505
4,260,100
13,082,233
22,891,292
6,826,050
Oklahoma
6-30-37
...
Oregon..
Texas
6-30-37
Utah
6-30-37
145,713,632
46
6-30-37
49
Virginia
6-30-37
191
Washington............
6-30-37
125
West
6-30-37
107
6-30-37
500
Wyoming
6-30-37
32
(Territory of Hawaii)
6-30-37
12
12,100,000
42,208,500
1,520,350
6,119,730
6-30-37
10,453
1,578,086,971
Comptroller's
(National
of
Excess
report
6-30-37
banks)
State
5,299
1,587,726,000
5,154
Totals—
1,147,948
11,625,128
2,206,962,149
34,500,502
14,624,837,880
279,528,235
6,582,209,656
3,932,592
21,792,724
113,972,039
1.298,635,290
10,280,785
528,287,583
19,256,197
5,004,971
222,333
12,251,861
1,078,158
54,530,848
6,663,880
4,684,996
40,486,688
15,720,512
2,482,650,690
751,046,154
56,236,259
382,973,305
134,832,991
21,868,760
14,988,190
59,811,462
13,674,672,291
15,366,391,554
38,644,777,035
1,073,154,000
3,050,113,000
26,765,913,000
8,812,895,000
12,122,287,000
30,337,071,000
42,707,896
1,602,387,312
6,262,294,587
4,861,777,291
3,244,104,554
8,307,706,035
258.882.640
295.274.641
318,844,745
21,632,822,011
23,954,838,611
12,257 134,526
1,533,327,012
2,899,662,677
3,341,012,552
3,587,081,143
1,584,458,465
319,108,843
1,450,746,035
335,458,195
346,360,002
386,578,187
424,871,070
451,252,333
462,974,328
555,378,055
549,789,244
530,874,750
409,324,369
3,700,677,924
3,641,444,001
8,497,523,011
8,235,427,676
8,877,828,333
9,414,104,361
7,438,708,895
8,055,053,931
8,471,967,470
9,368,247,394
9,910,820,131
10,644,546,769
11,473,648,518
10,875,944,008
11,804,090,092
9,540,471,533
9,381,023,262
12,309,850,913
13,725,353,393
15,652,637,920
15,366,391,554
25,965,675,836
29,191,455,648
29,412,657,029
28,808,553,358
32,081,329,235
33,641,174,127
36,679,382,463
39,105,787,890
40,046,661,611
1,332,891,448
1,450,494,206
4-
3-23
22,084
State banks
3-31-24
21,350
State banks..
4- 6-25
21,122
State banks. i
4-12-26
20,289
2,065 024,071
1,798,466,761
State banks
3-23-27
2,146 819,043
1,949,198,673
State banks
2-28-28
19,597
18,965
State banks
3-27-29
18,357
2,184, 487,497
2,018 ,061,21C
2,091,822,178
State banks
3-27-30
17,298
2,166, 931,918
1,547,908,798
1,652,290,607
3,000,462,075
3,447,404,292
3-25-31
15,865
1,998, 703,493
3,421,015,492
12-31-31
13,882
1,791, 643,006
3,030,422,391
State banks....
6-30-33
11,513
State banks......
6-30-34
10,903
1,447, 040,110
1,701, 426,345
State banks.._—..._
6-29-35
10,742
1,678, 353,292
State banks.....
6-30-36
10,622
6-30-3?
10,453
1,622, 053,546
1,578, 086,971
2,282,256,186
2,287,419,357
2,478,505,691
2,459,375,940
7,977,308
66,169,257
5,981,513
19,131,722
123,062,476
2,642,472,444
33,909,408
10,651,208
22,489,176
212,821,337
163,334,577
138,156,024
32,706,742
14,955,757
22,933,085
3,809,603,398
4,029,394,489
4,288,361,903
4,547,270,050
4,739,284,004
5,573,901,341
6,164,175,456
5,950,593,736
5,231,389,767
4,347,001,993
4,551,204,401
4,496,865,625
4,478,526,364
4,552,500,312
617,705,696
143,062,528
407,066,446
16,218,283
61,580,409
562,358,698
340,006,641
397.096,877
431,940,896
70,907,211
32,509,206
64,118,182
122,731,138
71,603,230
62,302,617
155,586,071
75,887,367
117,893,727
32,008,385
15,334 ,616,394
15,449 ,134,595
23,780,750,818
23,510,877,185
27,013,525,116
28,402,756,641
31,114,361,942
34,116,035,973
34,662,024,564
34,435,434,860
35,737,701,757
35,805,022,535
34,266,550,658
30,969,845,615
25,642,739,879
14,108 585,847
15,547 076,777
16,264 679,542
15,836 362,018
18,832 ,589,370
18,975 015,724
19,374 343,741
24,787 946,990
25,139 287,003
22,794, 530,611
15,344 574,234
11,270, 099,320
13,743, 332,131
12,941, 899,804
12,870, 297.263
13,674 672,291
26,807,167,858
28,919,983,063
32,273,262,957
33,028,207,587
6-30-19
7,785
1,118, 603,000
872,226,000
372,649,000
2,363,478,000
National banks.
6-30-20
8,030
1.224, 166,000
986,384,000
1,273, 205,000
1,289, 528,000
1.029,406,000
411,525,000
431,204,000
508,560,000
486,172,000
2,622,075,000
2,733,815,000
17,lo5,421,000
15,478,354,000
15,390,438,000
17,036,281,000
10,588,801,000
12,396,900.000
15,924,865,000
National hanks.
2-21-21
8,143
3-10-22
8,197
4-
3-23
8,229
National banks,
3-31-24
National banks,
4-
National banks,
4rl2-26
National banks.
3-23-27
National banks,
3-28-28
8,115
8,016
8,000
7,828
7,734
6-25
1,319, ,144,000
1,335, 572,000
1,361, 444,000
1,410, 434,000
1,460, 491,000
1,537, 214,000
1,633, ,271,000
507.905,000
2,834,272,000
2,872,968,000
2,916,840,000
1,106,544,000
1,188,704,000
1,239,810,000
1,330,096,000
1,528,326,000
1,553,544,000
1,529,896,000
490,4o7.0G0
2,958,445,000
19.382,947,000
500,519,000
20,175,798,000
20,912,209,000
22,279,082,000
541,195,000
3,109,657,000
3,219,971,000
3,425,957,000
3,700,341,000
3,799,147,000
1,036,184,000
1,067,652,000
1,073,363,000
519,670,000
558,647,000
538,744,000
17,598,696,000
22,872,880,000
21,640,978,000
National banks,
3-27-29
National banks,
3-27-30
7,575
7,316
3-25-31
6,935
1,704, ,408,000
1,716, ,254,000
532,759,000
3,77.8,909,000
22,344,166,000
National banks,
12-31-31
351,597,000
National banks,
940,598,000
235,600,000
National banks.
6-30-34
1,621, 449,000
1,633, ,525,000
1,738, 792,000
1,381,612,000
6-30-33
6.373
5,887
"5,422
854,057,000
257.311,000
National banks,
6-29-35
5,431
1,813, 970,000
831,846,000
973,393,000
297,967,000
1,073,154,000
389,233,000
3,354,658,000
2,809,723,000
2,850,160,000
2,943,783,000
3,010,807.000
3,0.50,113,000
19,244,347,000
National banks,
National banks,
6-30-36
5.374
National banks.
6-30-37
5,299
*
Includes undivided
All banking
1,691, 375,000
1,587, 726,000
New
346,039,000
surplus and
undivided profits
June 30,1937, show:
-
15,752
$7,702,613,312
Shortens Required Notice
of Dividend at Requests of Listed Corporations—
New Rule Covers Remainder of Year
York Stock Exchange
announced on Nov. 4 that
at the requests of listed corporations the Committee on
Securities had ruled that for the balance of 1937 "it will
accept notice of the amount of a dividend declared as late
as three full business
days in advance of the record date
for the dividend provided the corporation will furnish the
Exchange with official notice of the record date for the
The New York
17,802,462,000
19,932,660,000
22,518,246,000
26,200,453,000
26,765,913,000
11,680,837,000
11,293,874,000
11,679,621,000
11,963,102,000
12,4S0,246,000
13,312,259,000
13,660,302,000
•14,411,603,000
14,862,183,000
14,658,696,000
13,729,109,000
11,926,828,000
8,116,972,000
7,697,743.000
7,368,717,000
7,763,342,000
8,812,895,000
146,185,158
200,704,874
87.387.546
150,274,373
252,432,971
179,276,900
167,337,701
469,524,011
18,709,267
83,429,246
41,865,784,224
43,644,840,001
44,690,008,270
42,686,420,579
38,468,264,964
31,727,245,993
32,621,179,428
34,372,157,450
37,602,752,227
38,644,777,035
5,047,621,000
4,498,771,000
4,028,059,000
4,118,160,000
5,041,122,000
5,005,950,000
5.753,440,000
6,074,916,000
6,323,680,000
7,080,900,000
7,070,755,000
6,555,672,000
7,662,377,000
7,201,425,000
7,371,631,000
9,348,553.000
10,716,386,000
12,482,625,000
12,122,287.000
20,799,550,000
22,196,737,000
20,307,651,000
19,815,402,000
21,612,713,000
22,062,888,000
23,832,463.000
24,893,665,000
25,699,147,000
27,573,687,000
29,021,912,000
27,348,498,000
28,126,467,000
24,662,286,000
22,301,925,000
23,901,592,000
26,061,065,000
29,702,839,000
30,337,071.000
profits.
Institutions of the United States on
Total banks
Total capital,
3,040,118,479
443,645,985
74,702,269
40,150,338
389,233,000
State banks
National banks,
45,491,906
1,545,458,100
244,921,722
23,969,690
11,799,702
31,942,732
45,716,050
29,437,505
52,399,730
60,137,504
65,579,525
45,487,008
207,563,084
3,925,097
31,250,050
66,782,875
State banks
National banks,
321,600,203
27,348,280
1,471,534,884
61,290,925
33,028,207,587
3-10-22
National banks,
17,228,058,340
6,273,887,369
115,245,813
4,300,401
538,348,505
14,741,930
18,126,172
108,367,469
484,082,009
690,881
61,140,106
1,452,810,210
12,828,720
4,652,500,312
1,307 ,888,585
...
158,138,919
101,748
*5,335,113
1,595 ,243,703
1,734 ,909,385
1,794 ,110,615
1,855 ,237,769
1,915 ,334,597
1,990 ,525,694
State banks............
13,186,560
70,796,939
5,191,841
207,159,862
1,261,448,417
431,940,896
8,345.614
•
22,705
22,302
...
11,827,988
450,820
25,597,634
49,702,561
337,874,399
23,791,875
21,585,303
2,020,743
141,217,084
876,589,096
3,442,798
2,642,472,444
5,279,094
21,923
......
8,405,163
17,507,724
33,545,296
1,394,974
71,753,522
219,261,510
4,180,093
8,462,184
26.724,021
1,807,698
8,148,586
21,028
State banks
255,833,838
57,359,521
354,089,676
142,919,432
2,342,928
11.454,843
2,161,000
.
3-10-21
State banks
759,973.800
6,887,764
463.028,081
424,083,480
197,011,003
270,699,778
150,560,979
260,570,814
578,333,290
3.408.346.421
719,887,936
295,028,366
136,380,592
877,609,293
64,593,169
82,748,259
5,726,153
232,836,332
175,387
5,644,182
6-30-20
.........
State banks
94,357,714
266,477,196
1,240,580,186
647,190
3,663,235
6-30-19
State banks
75,679,671
113,421,339
44,515,054
71,860,137
148,313,445
118,180,555
4,498,743
1,163,375
12,441,149
929,089
1,744,336
215,733,061
90.503.545
154,067,937
57,494,700
8,238,083
987,099
banking
institutions
State banks
227,387,084
500,871,216
3,043,803,075
639,527,492
1,351,181,870
61,541,011
1.133.065.420
92,325,145
31,892,065
28,048,377
22,731,289
578,333,903
176,667,483
77,135,824
51,309,025
79,215,054
52,791,244
140,073,145
306,816,405
1,341,212,650
74,787,770
14,753,528
275,337,873
148,515,163
1,590,514,578
120,449,049
92,136,754
39,757,748
117,061,410
11,225,574
29,373,206
78,123,154
452,148,351
21,998,386
77,996,627
123,046,591
50,651,377
1,112,841,793
404,131,524
383,193,883
170,106,852
213,487,904
129,653,109
238,366,930
90,826,389
27,304,401
9,997,252
21,204,968
540,938,161
18,776,132
35,270,501
7,920,000
24,865,002
511,214,753
20,078,047
492,245,262
71,084,093
14,721,276
1,280,391
734,313
2,386,253
3,472,911
1,664,158
2,794,769
3,754,325
2,783,863
2,487,471
11,133,826
2.025.411
17,886,708
20,803,830
6,892,800
Wisconsin
Totals (averagedate)..
Resources
1,569,318,444
417
Vermont
Virginia
Total
Securities, &c.
1-37
/Savings bks.
[Other banks.
New York
Bonds, Stocks,
Discounts
175,241,698
27,005,725
4,312,023
96,860,716
54,244,117
40,606,205
25,434,453
38,665,850
18,465,900
30,692,56?
69,691,212
348,109,373
65,837,356
27,271,143
16,621,269
780,614
16,493,085
Massachusetts
..... ...
Loans and
72,404,934
27,008,907
65,853,697
1,050,892,086
33,773.344
994,817,757
13,313,477
2,338,240
1,548,051
1,889,275
136
Maryland
Certified and
Checks
Cashiers'
Rrojits
,S
$
8,284,946
1,075,000
7,743,250
73,265.781
3,251,500
6-30-37
Arizona
Alabama.. i-
Undivided
&
Profits
/ ' •..
,
Deposits, Incl.
Capital,Surplus
No. of
Report
States
(Cents Omitted)
v
Stock Exchange
.$59,794,120,587
68.981,848,035
Total deposits..
.
Total resources.
dividend
least
at
seven
days
in
advance
following is the announcement of the
Corporations
current
proposing
calendar
undistributed
requested
to
shorten
to
allow
profits
time
furtherance
mittee
on
in
tax
for
The
to distribute dividends before the end of
order to obtain the benefit of the credit
purposes
under the Revenue
determination
of their full
the
for
Act of 1936, have
the Committee on Securities of the New York Stock
the requisite advance notice of the record date for
more
for distribution of
In
year
thereof."
Exchange:
Exchange
dividends
year's earnings and
the dividends.
of
Securities
the
policy adopted at
has determined
this time last year, the Com¬
that for the balance of
this calendar
Financial
3130
it
year
three
will
full
provided
of
the
business
the
days
Corporations who find it
of
the
record
date
for
earnestly requested to do
practicable to furnish at least 10 days' notice
dividend
a
and
the amount of
of
so.
•
,
the
dividend
Labor unions of the usual type.
Volunteer fire companies and ladies' auxiliaries thereof.
are
Cemetery associations.
:
,
m7
13,
ciations, and chambers of commerce.
Business men's clubs, such as Rotary Clubs and Kiwanis Clubs.
Recreational clubs, such as golf and tennis clubs.
Social clubs, such as luncheon clubs and college fraternities.
will
the dividend
for
Nov.
Professional associations, such as bar, medical, and dentists' associations.
Trade associations, including manufacturers' associations, retailers' asso¬
advance of the record date for the dividend
furnish the Exchange with official notice
at least seven days in advance thereof.
in
corporation
record date
Chronicle
of the amount of a dividend declared as late as
accept notice
School districts.
Police or firemen's pension or relief associations (including a special fund
held by a political subdivision to provide pensions for police or firemen).
American Automobile Association, Retired Officers Association, and other
similar organizations.
Association of Stock Exchange Firms Seeks Opinion of
Listed Companies on Provisions of Securities Ex¬
change Act Prohibiting "Inside"
Trades
The Board has also reached the conclusion that deposits of the organiza¬
The Association of Stock
Exchange Firms, New York, on
Nov. 9 sent a letter to the Presidents of corporations whose
securities are listed on the New York Stock Exchange, re¬
questing them to give their opinion on the regulations
imposed by the Securities Exchange Act of 1934 prohibiting
them from trading in the securities of their corporations.
The letter explains that it is not the Association's purpose
to make the results of the study public, but to use it as a
basis in seeking relaxation of the regulations.
The particular
sections of the Securities Exchange Act in question are
tions listed below may not be classified by member banks as savings
either because the
or
of
letter
the
A.
of
your own
knowledge
may not be classified
or otherwise under cir¬
or
member banks.
been
16A and 16B would
helpful in checking the severity of the decline in
materially
security values culminating—thus far—in the break of Oct. 19?
C.
Did
officers
there
or
to
come
"principal
attention
your
stockholders"
instances
any
where
directors,
purchased shares of your
company
during the break for the purpose of stabilizing the market therein?
D.
Are you in a position to affirm that were it not for the existence of
deposit
or
purpose
deposits, which may be either in the
time deposits open account, member
banks may pay interest in accordance with the provisions of
and maintain
reserves
in accordance with
the provisions of
Regulation Q
Regulation D
relating to time deposits.
The above lists of organizations which may or may not maintain savings
purchase?
Is it your opinion that a relaxation of Sections
With respect to such
form of time certificates of
"prin¬
by such persons; if so, will you state all the relevant circumstances,
including, if known, the reasons given by such persons for refusals so to
savings deposits for the
as
the fact that any of such organizations may maintain time
deposits with
authenticity, of specific attempts made during the
1937, to induce directors, officers
by member banks
of payment of interest or of computation of reserves, attention is invited to
to do
have
because they are operated for profit.
political subdivisions.
cipal stockholders" to support the market in such securities, and of refusal
B.
other similar purposes
Although deposits of the types of organizations listed immediately above
period of September-October,
so
or
or cooperative fire or life insuranoe associations.
Reciprocal or inter-insurance associations.
Cooperative marketing associations, such as citrus growers' or dairy¬
men's cooperative
marketing associations.
Credit unions, Federal or State.
States and municipalities and other political subdivisions thereof (except
school districts) including departments, boards, and commissions of such
Association, signed
Do you know, either
deposits
operated primarily for religious,
Building and loan associations.
by E. A. Pierce,
President, requested information along the following lines:
cumstances of reliable
not
are
Mutual
Sections 16A and 16B.
The
organizations
philanthropic, charitable, educational, fraternal
deposits in member banks
contain
intended
not
are
examples compiled from various
to the Board.
Any
necessary
inquiry
be complete
to
but
merely
which have been submitted
cases
the proper classification of other
as to
organizations for this purpose should be submitted directly to the Federal
Reserve bank of the district in which the inquiry arises rather than to the
Board.
The Federal Reserve banks will, in so far as possible, answer such
questions in the light of the illustrative
stated above.
cases
Sections 16A and 16B securities of your company would have been bought
during the break by directors, officers
or
"principal stockholders" of
your
company?
B.
your
September Loans
opinion would bring about
a
condition whereunder the real purpose of
Sections 16A and 16B could be accomplished and at the
directors, officers and
"principal stockholders"
same time
feel
to
that
of either the authorities
Chairman
Eccles
Reserve
Board
or
of
Board
of
Denies
banking publication today
This statement is
unqualifiedly
untrue.
Ruling of Board of Governors of Federal Reserve Sys¬
tem
Describes
Types
of
Organizations
Whose
Deposits May Be Classified as Savings Deposits
The Board of Governors of the Federal Reserve
System
recently issued a ruling with respect to the classification of
deposits of certain organizations as savings deposits under
definition of the Board's Regulation
Q, which relates
to payment of interest on
deposits, and its Regulation D,
relating to reserves of member banks. The ruling of the
the
Board follows:
Classification of Deposits of Certain Organizations
Savings Deposits
The definition of savings deposits in
Regulation Q, which relates to pay¬
deposits, and in Regulation D, which relates to
reserves
banks, reads in part
as
follows:
similar purposes and not operated for
pfofit, or (ii) in which
beneficial interest is held by one or more
individuals or
or
by such
other
organization,
the
(1)
such
organization
is
is
operated
not
or
a corpora¬
primarily for religious,
that
the
obviously operated for religious, philanthropic,
charitable, educa¬
or other similar purposes.
However, numerous questions
as to whether deposits of certain
other types of organizations
have arisen
the border-line of the definition
may be classified by member
The Board has given careful
study to these
questions and has reached the conclusion that the
types of organizations
are near
as
savings deposits.
set
forth below may be considered to be
operated primarily for religious, philan¬
thropic, charitable, educational, fraternal or other similar
purposes
therefore, that deposits of such organizations
banks
and
as
may
savings deposits if the organizations
if the
are
and,
be classified by member
not
operated for profit
deposits otherwise comply with the requirements of the defi¬
nition
estimated
loans
of
the
institutions
totaled
Morton Bodfish, League Executive Vice-President, said that loans
for
home purchase totaled $36,394,100, or 35.2%, the largest proportion of the
loan total they have accounted for since May.
They were a quarter of a
million dollars larger than in August and $1,300,000 larger than
September
a
Modernization loans also amounted
year ago.
to more in
September than
in the previous month.
Meanwhile the total amount of savings and loan financing for all
purposes
was 3.2% less than in August and constituted a
drop of 10.6% from the
volume for September a year ago.
Construction loans showed fall-offe of
$3,000,000 and $5,351,000, respectively, when compared with last month
and with
of the
tion
September, 1936.
value
total
measured
They
were still
of all residential
equivalent, however, to 45%
contracts
by the F. W. Dodge Corp.
awarded
in
September,
Although savings and loan
as
construc¬
financing lost 9.2% between August and September, the value of
all
residential
construction took a larger slide, 10.8%.
Thus, Mr. Bodfish
points out, of the home construction still going on, savings and loan asso¬
ciations
financing proportionately
are
than
more
hitherto.
The September loan estimate brought the total for the third
quarter up to
$323,292,000 for all savings and loan advances, and the cumulative esti¬
mate for the first three quarters of the year to
$960,774,700.
For the first
corresponding
total for last year,
but for the third quarter alone, 1936
was
$16,000 000
ahead of this year.
The analysis of September loans according to
purpose and the per cent
of the total loans on each account follows:
Estimated
Purpose
September Loans
Made by All Associations
in the
New construction
United States
Per Cent of
Total
$29,509,000
28.5
7,023,600
Other purposes
Total
35.2
9,600.100
Refinancing
6.8
36,394,100
20,S44,800
Home purchase
9.3
20.2
8103.371.600
New
Offering of $50,000,000,
Day
tional, fraternal
which
Loan
philanthropic,
(2) such organi¬
(3) such deposits comply in other
associations, fraternal orders and endowed educational institutions
which
are not operated for
profit, no questions have arisen since such organiza¬
banks
and
other similar
purposes;
operated for profit; and
churches, charity hospital
are
VII.
Savings, Building
During September
Repair and modernization
.
respects with the requirements of the regulation.
With respect to many organizations such as
tions
page
entire
savings deposits unless
zation
by
other
It will be noted that under this definition
member banks may
classify
deposits of one or more individuals as savings
deposits if the deposits comply
in other respects with the
regulation; but they may not classify
deposits of
any corporation, association or other organization as
charitable, educatio*al, fraternal
Loaned
Associations
The term "savings deposit" means a
deposit, evidenced by a pass book
consisting of funds (i) deposited to the credit of one or more
individuals
or of a
corporation, association or other organization operated
primarily
fw religious,
philanthropic, charitable, educational, fraternal or
tion, association
advertising
nine months of 1937 the estimated volume was
11% above the
as
ment of interest on
of member
$103,371,600
said
on
bill "which would make the Federal Reserve Board the
supreme
Reserve Board."
see
4%
$103,371,600 during the month and the number of borrowers
were
47,$00. The announcement of the League continued:
Federal
to
policy-making, chartering and supervising authority for all banks in the
country is now being written at the behest of Marriner S. Eccles, Chairman
of the Federal
York
Nov. 6 by Marriner
of Governors of the
of
Bill
High Powers
An article which appears in a widely circulated
a
New
Give
Governors
following statement was issued
S. Eccles, Chairman of the Board
Federal Reserve System:
by
Loans by savings, building and loan associations
during
September, as in the past six months, were in excess of
$100,000,000, it was announced in Chicago on Nov. 6 by
the United States Building and Loan
League. The League
Planning
The
states that
at the hands
their security holders, and attendant publicity?
System
Mortgages
could
operate legitimately in the securities of their companies without subjecting
themselves to the risk of attack from the authorities and of material
liability to their respective corporations; of adverse criticism
For text of this article
enable
they
Home
on
State Savings and Loan Associations
Reported
Above Year Ago
What modification of restrictions, if any, would you
suggest that in
Treasury
Bills—To
or
Thereabouts, of 120-
be
Dated Nov. 17, 1937
offering of $.50,000,000, or there¬
abouts, of 120-day Treasury bills, dated Nov. 17, 1937, and
maturing March 17, 1938, was made on Nov. 11 by
Secretary
of the Treasury
Henry Morgenthau Jr. Tenders will be
Announcement of
a
new
received at the Federal Reserve
of,
up to
2
p. m.,
banks, or the branches there¬
Eastern Standard Time, Nov. 15, but will
be received at the
Treasury Department, Washington.
The bills, which will be sold on a discount
basis to the
not
highest bidders, will,
their
face
amount
on
their maturity date be payable at
without
securities in amount of
The following is from
interest.
An
issue
of
similar
$50,027,000 w/ill mature on Nov. 17.
Secretary Morgenthau's announcement
of Nov. 11:
Volume
Financial
145
They (the bills; will be issued in bearer form only,
of
denominations
$1,000.
$10,000.
$100,000.
3131
Chronicle
and in amounts or
and $1,000,000
$500,000.
the
responsibility which is theirs.
gravity of the
Very sincerely yours,
(maturity value).
No tender for an amount less than $1,000 will be
must be in
multiples of $1,000.
must
places, e.
be used.
not
incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
Tenders will be
bank
or
FRANKLIN
considered.
The price offered must be
basis of 100, with not more than three decimal
tions
Each tender
expressed on the
g., 99.125.
Frac¬
accepted without cash deposit from
trust company.
insisting in his address that to
of tenders on Nov. 15,
1937, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final.
These
17,
Above all else, he bears in
principal and interest, and any
thereof will also be exempt, from all
bills will be exempt, as to
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of its pos¬
sessions.
418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Treasury
Department Circular No.
issue.
Offering of $50,Bills Dated Nov. 10—
$50,044,000 Accepted at Average Rate of 0.201%
Secretary of the Treasury Henry Morgenthau Jr. an¬
nounced on Nov. 8 that the tenders to the offering last week
of $50,000,000, or thereabouts, of 127-day Treasury bills,
totaled $126,458,000, of which $50,044,000 were accepted.
As noted in our issue of Nov. 6, page 2942, the tenders to the
offering were received at the Federal Reserve banks and the
$126,458,000 Received to
of
Tenders
000,000 of 127-Day Treasury
branches thereof up to 2 p. m.,
The Treasury bills are
Nov. 8.
will mature
on
Eastern Standard Time,
dated Nov. 10, 1937, and
March 17, 1938.
to
Membership Roll-Call
bids:
—99.937 Equivalent rate approximately
Low.
—99.925 Equivalent rate approximately
Average price
—99.929 Equivalent rate approximately
(78% of the amount bid for at the low price was accepted)
Offering of $27,000,000
Bank
0.179%
0.213%
0.201%
Credit
Over-subscribed
of Federal Intermediate
1^% Debentures—Issue
consolidated debentures in amount
of approximately $27,000,000 was sold last week by the Fed¬
eral Intermediate Credit banks at a slight premium over par
value.
The issue was offered on Nov. 4 and the subscription
books were closed within an hour, following an over-sub¬
scription.
The debentures, which are the joint and several
obligations of the 12 Credit banks, are dated Nov. 15, 1937,
and are due in six and nine months.
On Nov. 15 there will
mature approximately $33,000,000 of similar securities, and
after that date about $170,000,000 of the debentures will be
issue of 13^%
new
of the utmost importance
Amer¬
that we further increase
the popular
support always given to this great organization," the Presi¬
dent urged "our people everywhere to respond generously
and promptly to the Red Cross membership roll-call."
The
President's statement follows:
Armistice Day to Thanksgiving, the
people for the membership support
work through the coming year.
It is the aim of this great organization of mercy to enroll as many Americans
as possible so that they will have a conscious share in its service to humanity
—local, national and international—through individual membership.
Each
during the period from
year,
Cross appeals to
Red
American
our
the continuance of its
which makes possible
gratitude that we look back upon
during the year, when the country
Acting as
our national relief agency, the Red Cross gave practical assistance to more
than a million people driven from their homes by the floods which swept
through the Ohio and Mississippi River valleys.
In order that the ever-increasing calls for Red Cross service may be met
of deep pride and
It is with a feeling
accomplishments of the Red Gross
the
was
in its peace-time history.
faced with the gravest disaster
they are sounded, it is of the utmost
further increase the popular support always given to
promptly wherever and whenever
importance that we
this great
generously and promptly to the
Red Cross membership
Confers
Roosevelt
at
Press Conference
mates at
House
With
Planned—Inti¬
That if Companies Base
There Might be Less
a power
conference held by
House on Nov. 9 with
of the Federal Power
at the White
Chairman
roll-call.
Competition
Government
Following
Valuation
Fair
on
White
Talks
Interests-—Further
Utility
people everywhere to respond
I therefore urge our
organization.
President Roosevelt
Clyde L. Seavey, Acting
Commission; John M.
Carmody, Rural Electrification Administrator, and Ervine
E. King, Master of the Washington State Grange, Seattle,
the President held a press conference the same day, as to
Washington
the
which
correspondent of the New York
had the following to say in part:
"Times", Turner Catledge,
The President
indicated very clearly at
his press conference that
he was
the construction problem, and the opportunity
presented by the status of the electric utilities. The opportunity as presented
to the President by his advisers lies in this field because there the greatest
giving serious thought to
single need for
the
creating direct Government
competition, have made
impossible to attract
securities.
investors to their
As to Utilities
intimated
President
The
with construction, con¬
governmental policies, expressed in the holding company
Administration's program for hydro-electric development,
that
and
law
building and expansion exists.
been reluctant to go ahead
utilities have
The
tending
outstanding.
♦"
10 issued a call to the
people to enroll in the 21st annual membership drive of
the American Red Cross, which began on Nov. 11, and will
continue to Thanksgiving, Nov. 25.
In stating that "it is
ican
Secretary
following
^
American Red
Prompt Response to
Generous and
President Roosevelt on Nov.
Total accepted, $50,044,000
applied for, $126,458,000
High
to
of
Issues Appeal for
Roosevelt
Cross—Urges
Rates
Range of accepted
A
s.'
■
President
say:
Tota
•
President
pfc Regarding the accepted bids to the offering,
Morgenthau's announcement of Nov. 8 had the
fundamental fact that the
of his administration is not simply
interests of the United States
••
/
but to promote the best
victories,
America.
taxation, except estate and inheritance taxes.
mind always the
of the Democratic party and
purpose
1937.
gain from the saie or other disposition
retain their influence the
avoid omissions and inde¬
President and
speech, said:
rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
The Treasury
\
the "Times" as
cision and keep on the job.
In eulogizing the
his policies, Mr. Farley in the course of his
submitting tenders will be advised of the acceptance or
Nov.
of the Nation must
Democrats
ROOSEVELT.
D.
Farley was quoted in
Postmaster General
win
Immediately after the closing hour for receipt
know that they are alive to
and it is most heartening to
meet this challenge
that
and Competition
the utilities might
take the first step
capital structures and paring down the valuations
on which rates are based.
He suggested that if this were done, the private
utilities might expect less competition from the Federal Government,
although he pointed out that he could not give any guarantees for muni¬
cipalities which might decide to build plants of their own.
He added,
however, that if the utilities got their rates down to a fair basis he could not
imagine many municipalities building plants.
Discussions so far have not revealed what the Administration has in
mind relative to costs and prices, other than that some step should be
by reorganizing their
President
Roosevelt in Message to Young Democratic
Their Interest in Problems of Govern¬
Is "Hopeful" Sign—Points to Need of Work¬
Clubs Says
ment
ing out Readjustments to
People—Address
Our
Insure Well Being of all
by
Postmaster
General
Farley
To
the
Nov.
400
Young
Democratic Clubs throughout the
from President Roosevelt was read on
9 by Pitt Tyson Maner of Montgomery, Ala., President
Nation
a
message
Democratic Clubs of America.
The message
Mutual Broadcasting Co.
Postmaster
General James A. Farley, speaking from New York City,
was introduced by Mr. Maner to the Young Democrats who
were gathered at dinners in various cities to observe, it was
noted in the New York "Times," the "fifth anniversary" of
the first Roosevelt election and the launching of a campaign
for 10,000,000 members.
In his message President Roosevelt commended the interest
of the Young Democrats in Government problems and policies
as a hopeful sign of the times.
As contained in his letter to
Mr. Maner his message follows:
of the Young
was
broadcast by the
taken to control
The
continued Interest of the
Young Democrats in
the problems and
is one of the mo6t hopeful signs of the times. This is
particularly true in view of the momentous issues which face our own
people in common with people everywhere.
Our task is to find a new approach to the solution of ago-old problems, a
solution which involves the happiness and security, of every person now
policies of government
living.
We must examine anew
the political, social
and economic sciences
well-being of aU of our
a challenge to
of America will
what readjustments are necessary to insure the
eople.
The magnitude and complexity of this task are
outh.
I have full faith that the Young Democratic Club6
to see
coupled with buyer resentment of
factor in the Washington situation.
Runaway costs,
(Nov. 12) President
have
later,
presumably, (says the Associated Press) about his effort to
get them to lower property valuations with a view to bringing
At
a
conference yesterday
press
said to have indicated that he would
further talks with private power utility executives
Roosevelt
is
down electric rates.
From
we
United Press accounts from
quote the
President
Washington, Nov. 12,
following:
Roosevelt said today he
private utility
would confer soon with a group
executives to discuss, among
The Supreme
of
other things, property-valuation
in the industry.
which the
My dear Mr. Maner-
them.
of living, are no minor
the high cost
,
Court yesterday
government seeks to
evaluating utility
completed hearings on a test case
obtain a reversal of a
under
39-year-old policy of
properties.
with utility heads—to be held probably
announcement Tuesday (Nov. 9; that he be¬
should receive a monopoly if they would agree
to the change in evaluation principles under which valuation—upon which
rates are based—Would represent their "prudent investment" values rather
than on what it would cost to replace the properties.
Mr. Roosevelt said he did not know what the company officials desired
to discuss with him, but assumed that property evaluation as a basis of
Mr.
next
conference
week—will follow his
lieved
rate
Roosevelt's
private concerns
determination would be part
of the conference agenda.
3132
Financial
Chronicle
President
RooseveltTConfers with Industrialists and
Government Officials on Plans for Building Con¬
struction
Financed
Nov.
1937
13
the members object to
granting the legislation right of way and protection
in the House, despite Administration
pressure for action.
The White House visitor related that there
are four ways in
whichXto
deal with the legislation: (1) The House Rules
by Private Capital—Group to
Study Problem
Committee might change
its attitude and permit the bill to reach
the floor of the House for considera¬
President Roosevelt on Nov. 10 conferred with a
group of
industrialists and Government officials on means of stimu¬
tion; (2)
the House Labor Committee might appeal to the House for
animous
consent
lating
might prepare
building construction financed by private capital.
Those attending the conference were invited
by the Presi¬
dent and have been designated as a
study committee. They
Mr.
to
and
now
to
reporting the conference, Washington advices, Nov. 10,
New York "Herald-Tribune" of
Nov. 11, had the
following to
A
of
group
after
a
say:
and
Government
officials
revealed
tonight
conference at the White House that the
President had authorized
them to study the
feasibility of putting the good faith of
behind construction loans
as
has been done
on a
the Government
limited scale by the Federal
Housing Administration. The aim would be to make
the Government a
partner of private capital in
sharing the risks and thus reducing interest
rates on
building loans to a level that would prove attractive to
purchasers
of private homes and
apartment houses.
Mr. Eccles,
spokesman for the group, said that he was not in a
posi¬
tion to reveal details of the
contemplated program. "This group of men,"
he said, "were
brought in to consider a housing program that would
involve
the use entirely of
private capital.
It is our hope to be able to
develop a
program that will be national in
scope and will reach full force next year."
Mr. Eccles declined to
speculate as to how much private
capital it was
hoped to attract to private construction.
"The aim is to have a
large
volume of construction,
including both private homes and rental units,"
he said.
as
The
group, Mr. Eccles said, had been
designated by the President as a
study committee and would meet
again, although no definite date for the
next meeting had been set.
The conferees devoted
ing
materials
and
good deal of discussion
a
high
labor
costs,
to
which
present stagnation of the
to
building industry. The
investigate the feasibility of definite proposals
One
was
a
present wage scales.
employer
year,
attribute
the
withholding 20% of
wages earned, according to
The withheld wages would be
paid only in the event
unable
was
to
weeks.
make good the guaranteed number
of work
Another, and similar, proposal was that the
employee accept a 25%
decrease in hourly
wage rates with a guarantee that he
would be paid
for
40 weeks.
Special Session
of
in
to
to Convene Next Week—
Send Message but Will Not
Person—Farm
Legislation
Not
Yet
Ready—Wage and Hours, Power and Government
Reorganization Bills to Be Considered
The special session of
Congress called by President Roose¬
velt will convene on
Monday, Nov. 15, and various Congres¬
sional committees this week
were
shaping legislation for
action.
President
Roosevelt will
President's message, Mr.
Bankhead said, will recommend
that Congress consider four
important pieces of legislation,
namely, the wage and hours
bill,
farm
legislation, reorganization of governmental
departments, and the measure to create seven
regional
Tennessee Valley Authorities.
Although the farm legisla¬
tion, more than any other,
prompted the President to issue
the call for the
special session, it appears likely that a bill
will not be
ready for consideration when
Congress
next week.
meets
At the last
session, Congress voted to make farm
first order of business at its
next regular
session.
The Senate
Agriculture Committee has not
yet
held any
meetings, while the House Agriculture
Committee,
although in continuous session the
past few weeks, has not,
it is
reported,
legislation the
passed finally
on a
single
major provision in
the bill.
In answer to the
query as to whether the House
committee will
report a farm bill to the House
early next
week, Chairman Marvin
Jones, on Nov.
10, said:
am
making
to be done.
and pass its
no
predictions about that.
As for the
own
progress, but all
bill first if it
our
far.
Senate, it has
so
my
desires.
There
special
I
still
are
a
lot of things
permission to go ahead
think
we
have been making
discussions have been tentative and
inconclusive thus.,
a
petition for the discharge of
Outlines
Views
of
the
wheat,
and
cotton
corn
commodity groups
$500,-
how
seen
the
3c tax
a
cotton and
on
a
20c tax
on
wheat, but it
remaining $75,000,000 could be raised through
a
was
tax
on corn.
Consideration also
effect upon
priced
is
being given by committee members
the fortunes of the textile industry
cotton
on
and
to
possible
by the application of
Manufacturers with large inventories of high
products would undoubtedly be handicapped, it was
was
directed to the
possibility of graduating the
that it fall less heavily on such as came within
that category
so
and heaviest upon the low cost
staple and its
products.
The question of jursidiction also has risen in
respect to providing pro¬
taxes.
It has not been decided whether this feature should be
handled by the Agricultural Committee or
go to the House Ways and Means
Committee, which is the agency of the House for
cessing
dealing generally with
tax matters.
It
was
indicated
in
press advices from Washington last
night (Nov. 12) that President Roosevelt plans to ask
Congress to consider legislation at the special session to aid
private interests in
a
house
building drive.
House
Group Tentatively Agrees to Ease Capital Gains
and Losses Tax—Would Permit Losses
to Be Carried
Over to Second Year to Offset Gains
Continuing its hearing the past week
on
projected revision
of the Federal tax
structure, the sub-committee of the House
Ways and Means Committee on Nov. 9
tentatively agreed
change in the capital gains and losses provisions of he
law, and also requested the Treasury Department to
submit revenue possibilities of a
capital gains tax based on
on
a
tax
flat rate.
a
The tentative
change would permit taxpayers
losses into the second year to be offset
from any net gains that
may be made in that year.
It is
estimated that a change such as this would cost the
Treasury
approximately $19,000,000 a year.
The sub-committee,
to
carry over any
named at the last session of
Congress, and which
by Representative Fred M. Vinson, of Kentucky,
began its hearings on Nov. 4.
Previous reference to the
hearings was made in our issue of Nov. 6, page 2944.
was
is headed
The
following bearing
advices
that
on the hearings held Nov. 9 is from
day from Washington appearing in the New
York "Herald-Tribune" of Nov. 10:
Although the alteration would
cost the
Treasury
an estimated
$19,000,000
annually in revenue, Under Secretary Roswell Magill is
reported to have
no
opposition if it
were
understood
clearly that the loss
must
made up from other
sources, a stipulation the
be
Treasury is said to be making
changes proposed for the capital-gains and the
undistributed-surplus
taxes, now the targets of criticism
by business and industry.
to all
Once in virtual agreement
requested the Treasury for
on a flat rate similar in
on
the carry-over
revenue estimates
provision, the committee
on
a capital-gains
tqx based
type to that which operated prior to enactment of
Revenue Act of 1934 and a modification of
existing provisions which
adjusts the rate of the tax based on the
length of time the capital asset is
the
held.
The tax discussion reached the
White House late today when President
Roosevelt called into conference
Representative Fred M. Vinson, Chairman
of the tax
subcommittee; Robert L. Doughton, Chairman of the
Ways and
Means Committee, and Marvin
Jones, of the House Agriculture Com¬
mittee.
The progress of the tax
study, possible changes in both capitalgains and the undistributed-surplus taxes and
the method of financing the
Administrations'
new
farm program all
were
discussed, the House leaders
said, with the President doing the most of the
talking.
The carry-over provision in the
capital gains and losses tax approved
by
the committee
today would operate as follows:
A
taxpayer who took a capital loss of $10,000 in one
year but hadfno
capital gain is permitted under
present law to deduct only $2,000 from his
income.
The carry-over proposal would
permit him to apply the
remaining
$8,000 the following year or
possibly during the next two years, against
expected capital gains.
The other suggestions for
changing in the capital gains levy discussed
by
on which the
Treasury was asked to submit estimates
the committee and
were:
A proposal to
reimpose a flat tax
on
capital gains.
The amounts
men¬
tioned
In advices from
"Journal
of
commented
Washington, Nov. 11, to the New
Commerce," of Nov. 12, Clarence L.
as
York
Linz
follows:
juggle the Government departments
and
agencies in a reorganization
plan.
The House will mark time with
noncontroversial bills of
relatively little importance while waiting for its farm
bill.
Speaker Bankhead reported to the
President
ation
aurrounding the highly controversial
This is
now
A change in the
provision relating to length of time
property is held.
At present the
taxpayer gets maximum relief by waiting 10 years before
taking his profit.
In such a case only
30% of his capital gain is taxed.
One proposal mentioned
today was to give maximum relief at five
years,
thus encouraging faster turnover.
A more detailed breakdown of
the
on
wages
the
parliamentary situ¬
and
hours legislation.
"frozen" in the House Rules
Committee where
were 15, 20, 22 M and
25%. At present capital gains are taxed as
ordinary income but the amount taxed depends on the
length of time
property has been held prior to
profit-taking.
Formerly a flat 12 H% tax
prevailed.
The Senate will start the
special session with consideration of
proposals
to authorize the
President to
a
majority of
a
cotton.
said, and the discussion
floor tax
a
message to the
session on Nov. 15 but will
not appear in
person, Speaker
William B. Bankhead disclosed
on Nov. 11
following a con¬
ference with the President.
The
I
not
offered
send
might circulate
$200,000,000 could
which
Congress
President Roosevelt
Appear
representatives
readily be raised by
high cost of build¬
committee was authorized
to bring down labor costs.
that employers of construction
labor undertake to guarantee labor
40 weeks of work in
the
to the
economists
passport through the House for revised draft;
Department of Agriculture on the question of cost.
It was estimated that the
program would run $275,000,000 over the
000,000 limit fixed by the President.
Of this amount
processing tax
industrialists
un¬
Committee
of the
the
to
Labor
prophesy what would be the ultimate fate of the pending bill.
Mi
Farm legislation is
causing a great deal of worry because of the heavy
entailed.
The House Agricultural Committee today conferred
with
adviser to the
In
the House
expense
financial
Federal Housing
Administration; and Isador
Lubin, Commissioner of Labor Statistics of the United States
Department of Labor.
(3)
bill, desert the present legislation and ask
new
a
bill;
not want the House Rules Com¬
mittee amending this or other
legislation.
Any tinkering with the wages
and hours bill should be
done either in the House Labor Committee or in
the House
proper, he indicated.
Speaker Bankhead said he was unable
System; J. M. Daiger,
Eccles
entirely
sponsors of the bill
Bankhead
Labor Relations of
special assistant
(4)
the
Speaker Bankead explained that he did
the Radio Corp. of
America; Henry C.
Turner, President of the Turner Construction Co., New
York; Robert E. Wood, President of Sears, Roebuck & Co.,
Chicago; Marriner S. Eccles, Chairman of the Board of
Reserve
withdraw
the Rules Committee from further
jurisdiction over the measure.
expected to meet again with the President shortly.
The group includes S. Sloan
Colt, President of the Bankers
Trust Co., New York; Gerard
Swope, President of the
General Electric Co.; Edward F.
McGrady, former Assistant
Secretary of Labor, now Vice-President and Director of
Governors of the Federal
to
the Rules Committee for
and
are
former
an
five-year period. At present a property
a capital gain in less than one
year pays on 100% of the
gain; but he pays only 80% if the profit is taken between one
and two years,
60% if between two and five years and 40% if between five and
10 years.
holder realizing
Volume
Financial
145
11 from its Washington bureau
In its advices Nov.
the
the Standard Education Society
begun
the
subject, Chairman Vinson disclosed that the committee has uncovered
what it believes to be a workable plan by which the income from tax exempt
obligations—Federal, Srate and municipal—can be brought into the tax
Announcing that the Committee (House "Ways and Means) has
exploratory discussions with experts of the Treasury Department into
}. )X}.V* ■
New York "Times":
Justice Black said in the opinion:
"The fact that a false statement may be
of those with whom he transacts
"Laws are made to protect
New York Upholds SEC
Against Electric Bond & Share Co. Under
Utility Holding Company Act—Sustains Lower
Court Ruling Restraining Company from Use of
Mails Unless It Registers with Commission
Federal Appellate Court in
*n
ruling in favor of the Securities and Exchange Com¬
a case to test the Public Utility Holding Company
mission in
United States Circuit
City on Nov. 8, when the
court upheld the law in sustaining a decision by Federal
Judge Julian "WV Mack restraining the Electric Bond and
Share Company from using the mails in interstate com¬
merce, unless it registered with the SEC under the Act. The
Appellate Court also upheld the dismissal of the counter
claim of the company and its subsidiaries and affiliates
for dismissal of the injunction against them and for in¬
Act of 1935, was handed down by the
Court of Appeals in New York
junctions against the SEC and Attorney General Cummings
and others. The Court's decisions were summarized as fol¬
lows in the New York "Times" of Nov. 9:
judge
Martin
Manton
T.
Thomas W.
Judge
Hand
Learned
which
opinion,
was
signed by
Swain.
concurred
in
Hand
the result,
"It
to me doubtful whether Sections 4
seems
the
of
rest
the statute
was
though In a separate
and 5 could stand alone if
stripped away.
I do not say that they
would not."
C.
stand alone without
other part of the act.
E. Groesbeek, Chairman of the board of the company, said
had
been referred to
affected
nates
a
Judge
the company's attorneys for
Manton
used
a
pronouncedly Southern voice was
as
he proceeded.
Florida
oil
"Accordingly, Congress employed in this statute its
in the use
authority to prevent
of the Federal Trade Commission to
of the mails and channels of interstate
commerce."
"may prohibit use of the mails for
purposes it deems objectionable to sound public policy.
The use of the
mails has been denied to those engaged in fraudulent schemes.
The Fed¬
eral Government need not suffer the continuance nor permit the develop¬
ment
of
financial superstructures
upon instrumentalities
of interstate
commerce which impair or tend to
impair their credit or effectiveness to
serve both the investing and
the consuming public."
The court also upheld Judge Mack's refusal in a countersuit to dismiss
"Congress," the opinion continued,
the
injunction and his refusal to enjoin
mission
and the
was
case
based on protests of
threatened seizures of
and Exchange Commission, the litigants
pointing out that Mr. Black, while Chairman of the Sentate Lobby Com¬
mittee, had enthusiastically favored similar seizures in the committee's
investigations.
Justice Black's eligibility was rejected,
to the Court by Elizabeth S.
Shortly after this challenge to
attack
him was brought
against
N. Y., and Robert Gray Taylor of Media, Pa.,
Chairman of the Philadelphia Court Plan Committee.
Seymour of Salamanca,
The!
Ask Right
to
File Charges
J
"file a brief containing certain al¬
regarding the legality of the oath taken by the Justice, and they
petition sought permission to
legations"
asked the Court to "find a
method" to permit the
proposed action "on con¬
stitutional grounds."
"Plaintiffs are not members
of the bar," they
the Court and to the
solution satisfactory to
explained, "and seek a
American people as
well in
spiritual and Judicial convictions of the Court."
Mr. Black's opinion in the Federal Trade Commission case rebuked the
Second Circuit Court of Appeals for modifying a cease order issued by the
commission against the Standard Education Society of Minnesota, the
Standard Encyclopedia Corp. of Illinois and three officials of the two
concerns, H. M. Stanford, H. W. Ward and A. J. Greener.
light of the deepest
the
exist
.
Black recalls that made by
practice employed by Justice
study.
wrote,
Used Authority
the evils and abuses found by a report
Opinion Only
should govern
be relied upon
low as he began reading
He displayed no nervousness. He
Roberts and some others of reading
only a comparatively few paragraphs of the six printed pages before him.
An hour and a half after he read his first opinion the Court, through
an unexplained order,
refused the demand of Florida oil share brokers
for a rehearing, which they asked largely on the assertion that Mr. Black
was prejudiced against
the principles of their case.
They had strongly
urged that he disqualify himself from considering the petition for rehearing,
but the Court's order failed to show it if he did stand aside.
In some quarter there was a disposition to regard as very significant
the fact that an opinion was given to Justice Black to write despite the fact
that the Florida petition was still pending at the time.
It was felt in those
quarters that the other Justices would hardly have approved this assignment
had they considered his appointment illegal and subject to successful attack.
The Justice's
but grew stronger
who said he was
good. Section 1 declares that such companies are affected with a national
public interest when they build up and maintain control over operating
companies by the use of the mails and channels of interstate commerce.
Congress
deceive
honesty
President Roosevelt
in his special message to Congress on March 29, 1933.
Urging Govern¬
ment supervision of dealing in securities, the President said:
"This proposal adds to the ancient rule of caveat emptor the further doctrine of
'let the seller also beware.'
It puts the burden of telling the whole truth on the seller."
the de¬
"that a utility company is
with a public interest, as is a company which controls and domi¬
public utility company, and is subject to restraint for the public
found,"
"Congress
of caveat emptor should not
Reads Part of
This statement by Justice
.
cision
the trusting as well as the suspicious.
since decided that honesty
"The best element of business has long
another
Judge Mack had held that the two sections would
any
who are trained
nor take away its power to
upon a citizen to suspect the
private telegrams by the Securities
opinion he wrote;
all
obviously false to those
business.
competitive enterprises and that the rule
to reward fraud and deception."
The
by Judge
Opinion
Judge
the
wrote
and
These rulings of the Court were reported as follows in a
Washington dispatch of Nov. 8 from Lewis Wood to the
and experienced does not change its character,
others less experienced.
There Is no duty resting
exempt picture without fear or constitutional inhibitions.
A
in sellingjencyclopedias
other reference books.
New York "Journal of Commerce" said in part:
♦
3133
Chronicle
The
petition of the Florida oil
companies seeking a rehear¬
ing of the case involving the right of the Securities Exchange
Commission to subpoena telegrams, and which review the
denied this week, was
Supreme Court
Nov. 6 issue page
the Securities and Exchange Com¬
referred to in our
2945.
Budget Stressed by Secretary of
Morgenthau, Who Asks Help of Industry
to "Keep Up Total Tax Receipts"—Address Before
Academy of Political Science in New York City
Need of Balancing of
Attorney General.
Treasury
United States Supreme Court Upholds Right of Virginia
to Tax "Foreign'' Corporations Doing Business in
State
"out-of-the-State" corpora¬
tion for the privilege of doing business in the State was upheld
by the United States Supreme Court on Nov. 8.
As to the
decision a dispatch from Washington to the New York
The
right of Virginia to tax an
"Times" said:
The Atlantic
Refining Co., a Pennsylvania corporation,
had protested
fee to sell gasoline in Virginia. The concern,
which had previously done an interstate business without paying a fee,
sought to do intrastate business on the same basis.
The company paid
under protest the $5,000 entrance fee on its capital of $100,000 and was
eventually rebuffed in the Supreme Court of Appeals of Virginia.
The Supreme Court upheld the high Virginia court in an opinion by Justice
Brandeis, in which Chief Justice Hughes took no part.
against a $5,000 entrance
United
States
Supreme
Court,
in
Divided
Rulings,
Rejects Federal Taxation of Oil Company Bonus
Tax and Upholds Iowa Levy on Bonds—Justice
Black Delivers His First Opinion in Unanimous
Decision
on
Trade Commission Case—
Rehearing of Oil Case Involving
Federal
Petition Denied for
Right of SEC to Subpoena
Telegrams
Supreme Court by a 5 to 4 decision on
declared unconstitutional a Federal tax on bonuses
The United States
Nov. 8
given to employees of the Universal Oil Products Co.
The
majority opinion was concurred in by Chief Justice Hughes
McReynolds, Sutherland, Butler and Roberts.
other split opinion handed down on Nov. 8 upheld
by a vote of 6 to 3 an Iowa tax oh income from what had
previously been declared tax-exempt bonds of the State and
its political subsivisions.
The minority in the latter ruling
consisted of Justices Sutherland, McReynolds and Butler.
Justice Black, as the newest member of the Court, voted with
the minority in the first instance and with the majority in the
second.
Justice Black on Nov. 8 also delivered his first
and Justices
The only
opinion since joining the Court,
when he issued a unanimous
ruling upholding the Federal Trade Commission in its en¬
forcement of orders against allegedly fradulent practices of
In
presenting "a comprehensive
Federal
Academy
picture of the
expenditures and budgetary outlook" before the
of Political Science on Nov. 11, Secretary of the
Treasury
Morgenthau added that "I have tried to make plain the
underlying economic reasons, as well as the humanitarian
ones, for the past deficits; and I have tried to bring out clearly
the considerations that now demand further definite steps
toward a balanced Federal budget."
In his further re¬
marks, Secretary
Morgenthau said: "I have shown
why, in
opinion, this balance should be sought by a reduction in
expenditures without an increase in the total of the tax bur¬
den.
But," he added, "I have also shown that there is a
limit to reduction; and that balancing of budgets needs the
my
help of industry to keep up total tax receipts unless
again to resort to deficit financing."
Elsewhere in his remarks Secretary Morgenthau
we are
stated:
"Our tax revenues come largely from individual earnings and
business profits.
We do not wish to impose levies which tend
to dry up the sources of tax revenue."
He went on to say:
be so written and
The laws should
continue to make a
his own Federal
his
administered that the taxpayer can
reasonable profit with a minimum
of interference from
the taxpayer cooperates with
the purpose and the spirit of the tax laws.
Government; provided that
government in carrying out
principal aims of our budgetary policy have been,"
Morgenthau, "and I hope will continue to be,
to promote a high level and healthy character of business
activity, a maximum volume of employment at good wages
in private industry, a reasonable return to capital and enter¬
prise, fair treatment for our agricultural population, and
adequate reveuues to meet the services now demanded of
"The
said Mr.
In concluding he declared that
these ends rests very greatly on private
initiative and on the cooperation of private enterprise."
Mr. Morgenthau made plain "that in no event will this
Administration allow any one to starve, nor will it abandon
the Federal Government.
"the attainment of
to protect the weak, to give human security
wider distribution of our National income,"
its broad purpose
and to seek
and he
a
expressed himself as "confident that,
with the full
3134
Financial
cooperation of the business world,
Chronicle
difficulties
present
our
plish
will be overcome."
we signed the Armistice,
ending the World
War.
That war was enormously
costly in human values, and it was
enormously costly in material values.
In the two years between the
middle
of
This time
war.
our
great economic disaster.
a
to save farmers from
In
believe that
homes; to give not only bread but work
unemployed; to increase the security of jobs,
property values and
business profits, and to bring order out of chaos
in our economic
system.
This war, like that other war,
required a many-sided campaign under
courageous
leadership—a leadership that
was
Let
Finally, this
like that other
war,
required
war,
a
Let
to
criticize
concede that there
us
of the
some
was
some
detailed
waste.
penditure program of such magnitude this is inevitable.
as
We
deliberately used
four years to meet
a
unbalanced
an
great emergency.
recently been under
and
I
that our business indexes
further
am
have recently shown
a
aware that some persons
severe
there
we are
different
measures are
from
those
which
required for their solution.
one, in the present
juncture is
faced
us
four
years
economic mechanism
was
of progressive
years
further
and
the
balanced
a
whole
our
demoralized.
Under these conditions there was
no agency outside of the
Federal Government with the
resources and the
courage to bring about a business revival.
Today the situation is greatly changed. We
are now
nearing the end of
of the most active years in the
business history of this
country.
On
the whole, this high level of
activity has been of a healthy character—not
of the character that
usually marks an unhealthy boom and
precedes a
serious depression.
The present situation is not
one
characterized
existence
of
positions
huge
inventories,
high
interest
rates,
not
by
over-extended
or great
surpluses of housing and capital equipment.
reached the stage of full
employment of our productive
contrary,
from
all
these
standpoints, conditions
the
credit
We have
resources.
the
On
favorable for
are
continued increase in the level of business
activity.
This stands in contrast to the
unhealthy excesses of 1929.
even sharper contrast to the
banking
a
by
year,
Not
absolutely
once
during
even
un¬
the darkest
days of the depression, did
Treasury experience the slightest difficulty in
borrowing all the funds
that were required.
Moreover, the rates of interest on our
borrowings
have
been lower, for comparable
securities, than at any other time in the
history of the country.
But
the
underlying
conditions
that
made
deficit
spending
the wisest kind of policy
during the depression have been altered
during the
progress of recovery.
Thus, when we borrowed during the
depression to
finance our deficit spending, a
large part of the
funds
an
expansion of bank credit.
To this extent, our
capital funds that might otherwise
highway
was obtained
through
spending did not absorb
have gone into private
industry, nor
did it absorb by taxation funds that
might otherwise have gone into
private
consumption.
Even to the extent that our bonds and
notes were purchased
by non-banking investors, the effect was
largely to put to work capital
funds that would otherwise have
remained idle.
out¬
estimated
call
programs
$400,000,000
for
the
next
depression, especially
the
field
was
of
public
works,
this
other
than
This is
year.
highways,
greater
a
on
sum
spent for this purpose during the entire
five-year
Conservation
of
reason
I turn next to
year's
active
more
our
in
our
Corps
more than
expenditures
expenditures,
outlays
for
unemployment
Land
Bank
additional
business,
these
expenditures
exclusive
behalf of agriculture.
of
public
highways,
now
am
strongly in favor of
a
in
Behalf of
long-range
take into consideration the farmer's
well
as
in those at
regular
for Federal
Despite the magnitude of
involving large
Farmer
to
program
pendence and the purchasing power of the farmer.
as
the
rates
being discussed.
Long-Range Program
I
The total of
for
conservation program, rural electrifi¬
borrowers, exceeds $900,000,000.
are
are
$750,000,000 below last years'.
on
Department, the soil
expenditures
relief
During the present fiscal
camps.
private
this sum, you are all aware that
possible further measures
home; and,
maintain the inde¬
Such
opportunities
in
a
the
program must
foreign markets
agricultural program
no
long endure
can
which makes excessive demands
upon the Federal
Treasury or is unfair to
The farmer himself does not want
subsidies, but rather such
fair prices and such balanced
production of crops as will make subsidies
consumers.
for
unnecessary
his
decent
Balancing the budget is
as
economic
status.
much in the interest
of farmers
of other parts of our
population; and it requires
the farmer as well as of other sections of the
terest
in the in¬
as
the cooperation of
public.
Only with the solid backing of the public can we hope to achieve economies
totaling $700,000,000 in the four fields that I have cited.
There may be some persons who would counsel a
more drastic reduction
of expenditures or a program of far heavier
taxation in order to make certain
a
substantial reduction in the
more
are
serious
public debt in the
objections to either of these
fiscal
next
year.
course.
Favors Progressive Reduction
of Federal Expenditures
I have alteady indicated that I believe it
undesirable to increase taxation.
There are equally compelling reasons
why we should not reduce expenditures
too
suddenly and too drastically.
the
progressive
manded
reduction
ditures at which
is
I strongly favor
Federal
a
expenditures
vigorous program for
to
mean
and slowing
no
one reaches a
the
minimum
de¬
point in reducing Government expen¬
further reductions
can
be made, unless it is decided to
essential governmental activities—in
many
decided to
would
of
by the Government's responsibilities.
Obviously, however,
cripple
deliberate
that
already being reduced by
There
the
Federal
are
time to return to the average annual level
existed prior to the
now
substantial reduction
It stands in
collapse, the bread lines, the bank¬
ruptcies and the general demoralization of
1933.
Despite the substantial increase in the public debt
during the past four
years, the credit of the Federal Government
has remained
impaired.
is
Civilian
Many
ago.
deterioration,
than
more
total
expenditures
cation, resettlement, commodity loans and lower interest
budget.
Early in 1933, after three
totaling
the
year
existing
definitely toward a lower level of public works outlays.
Third, I sincerely hope that employment conditions will make
possible
a
One of these
measures, but only
determined movement toward
a
This
emergency
the
Prior to the depression
highwajr construction generally
move
this
I claim no prophetic insight into
the future.
But, after giving serious
and careful consideration to all of
these and other factors, I
have reached
the firm conviction that the
domestic problems which face us
today are
essentially
of
addition,
spending $573,000,000
activities of the
Domestic Problems Today
Different from Four Years Ago
of ex¬
period between 1926 and 1930, inclusive
Next year, despite the fact that
there will be available from
appropriations and allocations already made for
this purpose more than
$600,000,000, I believe that we can and should
spending
depression.
in
appropriations
Second,
The
declining tendency.
contend that another great
program is desirable to ward off the risk of
another business
inclusive
expenditures
which
past
pressure,
new
than the total that
may have oc¬
Federal budget during the
That policy has succeeded.
the several classes
on
because during the past few years
many other millions of dollars have been
spent for highways out of relief appropriations.
In any ex¬
emergency that we faced in 1933 no longer exists.
I am fully aware that
many of our problems remain unsolved.
I am
aware that there still remains a
considerable volume of
unemployment;
that the speculative markets have
highways
of highway
But, contrasted
with the human and material values at
stake, such wastes
curred shrink into insignificance.
for
I believe it is
of
uses
I do not
our •expendi¬
idea of the possibilities for
savings in these fields.
two years.
..
Of course, it is easily possible
an
$253,000,000; and,
for
large spending program.
!*?■'.• "■ Uv-:
the relief funds.
Further"
next year.
take the item of highway
expenditures.
annually.
at
Emergency
This program, plus the special needs
arising out of the great drought and
the prepayment of the soldiers'
bonus, necessitated net outlays
during the
four years ended June 30,
1937, of some $14,000,000,000 in excess of our
receipts.
give you
me
First
lays
Use of Unbalanced. Budget in Past Four
Years to Meet
by focusing attention
the Federal grants to the States for
public
ran
under
$100,000,000
magnificently
supplied by President Roosevelt.
the public debt,
on
Security Aid will increase
penditures that have been mainly responsible for our
past deficits—namely
public highways, public works, unemployment relief and
agriculture—
it is apparent that great savings can be made.
to the
intelligent and
impose
we
should plan to bring next year's expendi¬
we
find large savings in this field.
we can
On the other hand
this war,
losing their farms;
to save home owners from losing their
increase in
an
year's income.
tures under the Social
this country has been engaged in another
years
enemy was
fought with jobs and with dollars
Instead,
including the National defense and interest
net
a
$22,000,000,000.
During the past four
we
1919 the Federal Government sustained
this
on
Nor should
But where can cuts totaling $700,000,000 be
made?
After a careful
study of the whole problem. I have come to the following
conclusion:|On
the one hand
while everything possible is being and will be done to
keep
a tight rein on the
regular operating expenses of the Federal Government'
Feederal budget.
Nineteen years ago tomorrow
of 1917 and the middle of
within
1937
13
budgetary position,
our
should not count
we
from the existing tax structure.
additional taxation.
tures
subject of Federal spending and its
relation to the balancing of the
To be prudent,
revenues next year
■
I welcome the
opportunity to discuss before the members and guests of
the Academy of Political Science, the
deficit
last estimated.
as
Mr. Morgenthau's address follows in full:
Nov.
net improvement of about $700,000,000 in
a
make drastic changes in
other
words, unless it
National policy.
For example, it
consideration of such things as
weakening our National defense,
abandoning flood control, soil erosion prevention, and
relief for the aged and the
unemployed.
Such a course, I believe, would
not have the approval of either the American
people or their elected represenatives in Congress.
*
up
or
Moreover, it would clearly be disastrous to many of the
needy unem¬
ployed, and disruptive to many sections of private
industry, if we were
to
Government expenditures in the
coming fiscal year by much more
I have indicated.
cut
than the amount
Industrial
Our
new
Recovery of Last
industrial
recovery
Year Creates New Demand
for Private Capital
of the
demands for private capital.
utilizing their credit
the present
have
resources
calendar
substantially
year,
last
year, however, has created
large
Our commercial banks have
been again
for the
financing of private industry.
the insured commercial
reduced
their
holdings
of
banks
of the
Government
During
country
securities
in
order to meet actual and
prospective demands for commercial
credit.
The
obligations that they sold, plus an amount
equal to the securities newly
marketed
by
the
Treasury,
were
purchased
by
investors.
Any deficit
spending under conditions of active demand for
private capital would have
to be financed in
large part by capital funds that would otherwise
be
avail¬
able for business purposes.
The basic need today is to foster the
full application of the
driving force
We want to see capital
go into the productive channels
of private capital.
of private industry.
We want to
see
private business expand.
that much of the remaining
unemployment will disappear
funds
that
are
increasingly
employed
in
productive
as
We believe
private capital
enterprises.
We
believe
of the most important
ways of achieving these ends at this
time
is to continue progress toward a balance of
the Federal
one
budget.
the
now
to the immediate
coming fiscal
year.
What
practical aspects of budget
are
the
definitely in
a transition
period between unbalanced and balanced
as
much
economy as a whole in moving too rapidly in this direction
be in not moving at all.
danger to
as
balancing for
controlling figures?
$695,000,000.
persons realize the striking fact that the net
improvement
budgetary position of the Federal Government as estimated
will amount to more than $2,000,000,000.
this year is estimated at less than
$2,700,000,000
last
In other words, the net deficit
$700,000,000
as
year.
compared with
more
than
*
This net improvement of
more
than
$2,000,000,000 in
a
single
year pro¬
vides the best
answer to those who, in most cases
ignorant of the true facts,
have publicly despaired of our
ability to balance the Federal budget.
True,
from
much
increased
reductions
in
of this
year's
revenue,
but
anticipated
we
are
budgetary improvement
comes
supplementing this by also seeking
expenditures.
In addition to these considerations
I should like to
point out that as a
of the Social Security Act and related
State laws, it is estimated
that the Federal Government next
year will receive more than $1,000,000,result
000 net
for investment in
Government securities
for the
Unemployment
Although this investment
budget result in the transfer
Even
a
balanced
to these reserve accounts of more than
000,000 of Government obligations
during the decade of the
now
$1,000,-
held by private investors.
Twenties,
when
ceiving large payments of interest and principal
on
the
war
Treasury
was
re¬
debts, and from
the sale of surplus war
materials, the maximum reduction made in any single
year in the public debt held by private investors was about
$1,300,000,000.
To
attain an ordinary balancing of the
budget next year—that is,
balance after full provision for
accruing liabilities for old-age benefit
our
there would
Relatively few
this year in the
will not change the total amount of the
public debt, it will with
Our total receipts for this year were
estimated in the President's
budget
summation of Oct. 19 at about
$6,650,000,000, and our total net expendi¬
tures
at
about
$7,345,000,000,
leaving an estimated net
deficit
of
a
pay¬
ments, but exclusive of debt retirement—it would be
necessary to accom¬
are
Trust Fund and the Old-Age Reserve Account.
Aspects of Budget Balancing for Coming Fiscal Year
I turn
,
We
Federal budgets; but I firmly believe that there is
just
The rate at which it is safe to reduce the
public debt in private hands depends
which private funds flow into investment
channels.
It
upon the rate at
is unsafe to go too fast.
Financial
Volume 145
Although
The Federal
tax structure is
our
tax
In
contemplating any increase in the total tax burden,
we are not
the character of
a
being given earnest consideration.
We in the
system affects every one in the country.
Treasury in studying tax problems have two objectives always before us:
First, that the tax burden shall be distributed as fairly as possible, and,
second, that the collection of
taxes
be as
shall
little burdensome to
3135
Chronicle
the
the
Circuit Court decision refusing to
a
bus company
from
Study of Tax Structure
The Circuit Court said the Wagner Act
Court refusal
:
It is with these aims that, by direction of the President, we
have been
recognition for collective bargaining purposes
V
Act case, the Labor Board
appealed from a Circuit
to bargain
Delaware-New Jersey Ferry Co.
the
direct
to
4
formed.
did not authorize what the Labor
Board attempted to do.
In the other Wagner
taxpayer as possible.
all
withdraw
organization it was alleged to have
labor
a
Greyhound Lines case, the Labor Board sought
enforce an order that the
Pennsylvania
review of
collectively with the Marine Engineers
Beneficial Association.
reviewing the whole tax structure in the last few months and are just now
in
the process of presenting
have collected.
we
tional revenue.
to a committee of Congress
Instead,
the information
been directed toward raising addi¬
The study has not
Secretary of Agriculture Wallace
there
are
and
taxes whose cost of collection and whose
some
outweigh
the
make
the
of them
laws
our tax
We realize
so.
many
as
that
we
In making this
are too
there
are
complicated: we want to make them
inequalties;
study,
side of the story.
eliminate as
can.
we
have invited the assistance and the advice of
We want to hear the taxpayer's
of taxpayers and of individuals.
groups
want to
we
We want all the facts we can get and we have
obtained
both facts and opinions.
Our
tax
largely from
individual earnings and business
We do not wish to impose levies which tend to dry up the sources
profits.
tax
come
revenues
The laws should
revenue.
be
taxpayer can continue to make a reasonable
interference from his
profit with a mninimum of
Federal Government: provided that the taxpayer
own
cooperates with his government m carrying out
of the tax laws.
the purpose and the spirit
Of course, tax policy cannot properly
cases.
decisions
extensive information and upon
revenue.
tion pay
people
Less than three million
We base our
analysis of actual tax records.
The amount of our income-tax revenue is only
ternal
be determined from
We must look at the whole picture.
exceptional
on
of
written and administered that the
so
out
of our total popula¬
number of income tax¬
are
bound to be keenly alive to the way
the money is being spent
burdens
by
their
budget now nearing completion is
1939 than the present system
and marketing was
Let
repeat: We want to
me
tax laws.
In doing
given him
a
adjust inequalities and remedy defects in the
this, we have sought the help of the taxpayers
sympathetic hearing.
and have
If we find that the operation of any
particular tax is unfair, we stand ready to say so
publicly.
Industry
been to present, as clearly and as frankly
comprehensive picture of the Federal expenditures and
I know how, a
as
I have tried to make plain the underlying
the budgetary outlook.
economic
for the past deficits; and I have
that now demand further
definite steps toward a balanced Federal budget.
I have shown why, in my opinion, this balance should be sought by a
reduction in expenditures without an increase in the total of the tax burden.
But I have also shown that there is a limit to reduction; and that balancing
reasons, as
tried
of budgets
we
are
well as the humanitarian ones,
bring
to
clearly
out
total tax receipts unless
again to resort to deficit financing.
policy have been, and I hope will
of business
activity, a maximum volume of employment at good wages in private
industry, a reasonable return to capital and enterprise, fair treatment for
our agricultural population,
and adequate revenues to meet the services
now
to promote a
high level, and healthy character
demanded of the Federal Government.
The attainment of these ends rests very
on
the
to any
is
greatly on private initiative and
This is a necessary supplement
forth. This Administration
cooperation of private enterprise.
efforts which the Government can put
possible to promote a continuation of recovery
budget through cutting expenditures.
going to do everything
and to balance the
But I wish to emphasize
that in no event
will this Administration allow
will it abandon its broad purpose to protect the weak,
give human security and to seek a wider distribution of our National
income.
We are confident that, with the full cooperation of the business
any one
to starve, nor
to
world, our present difficulties
have set forth above,
those of the
efforts at corn crop control, Mr.
the facts with an open mind must
as
things are today, it is
competition; second, that there
that will iron out the cycles
of glut and scarcity; create an ever-
giving farmers and consumers
granary
better protection against
the ruthless destruction of
soil which has resulted from cut-throat competition among farmers, and
safeguard agriculture, business and labor against the disaster- of a farm
due to drought; stop
food and feed shortages
price collapse.
farmers must have
"To do these things,
the help of their Government.
accomplish them is fully justified because such a program
vital to the public welfare."
Mr. Wallace asserted that the present falling prices have hurt farmers
Social action to
is
"because hogs now
being sold were
fed on dollar corn."
last few months was due
mostly to the
he said.
"This level
slackening
and consumer buying power weakening.
Even before the good corn crop
of this year has had an opportunity to affect hog supplies, the price has
gone down materially and is already below parity.
"If this year's good corn crop should be followed by crops as large or
larger than this one, and if there should be a further decline of consumer
purchasing power farmers easily could be faced again with the calamity
"The extremely
high level of the
1936 coming on the heels of the '34 drought,"
could not be maintained, especially with business
great drought of
principal aims of our budgetary
The
continue to be,
Governmental
"any one who faces
unfair to subject farmers alone
is no magic way of re-opening
quickly our big export markets, and, third, that corn belt farmers can not
afford to rely on chemistry for a quick solution of their problems.
"All of which leads to this fourth conclusion: The best way now open
to deal with the corn problem is through cooperation of farmers in a pro¬
"First, that,
the considerations
needs the help of industry to keep up
production
stock, chiefly hogs, and to
conclusions:
to these
normal
My object this evening has
closely linked to raising live
previous
Wallace asserted,
come
gram
Balancing of Budget Needs Help of
Iowa, Kansas,
said that the problem of corn
soil conservation.
to unlimited
would yield.
Wisconsin, Missouri,
Dakota,
South
and
Secretary of Agriculture
Recalling
predicated on a definite estimate
of receipts, based on the existing tax structure.
It is a cardinal point of
our policy that the tax system, as revised, must not yield a smaller return
for
North
proposals
Ken¬
Nebraska, Minnesota and Indiana.
government.
The
producing and marketing
from Illinois, Michigan, Ohio,
farmers and their representatives
The
and at the same time to increase the
an
Mr. Wallace outlined his corn crop
to
tucky,
Taxpayers who are squarely confronted with their own tax
Vy.'* V
■,
ever-normal granary for corn as the
solution to prevent disturbances of the Nation's economic
stability by droughts, was outlined by Henry A. Wallace,
Secretary of Agriculture, in addressing a conference in
Indianapolis, Nov. 8, of farmers and business men from 13
States.
The conference had been called by Governor M.
Clifford Townshend, of Indiana, to obtain the opinion of
the farmers and business men on legislation to be intro¬
duced at the coming special session of Congress to convene
on Nov.
15.
Secretary Wallace estimated that an annual
carry-over of approximately 350,000,000 bushels would be
necessary to establish an ever-normal granary that "should
work like a reservoir," by setting aside surplus in years of
plenty to be drawn on in years of scarcity. The following is
from Associated Press advices from Indianapolis, Nov. 8:.
for
program
We would be applying the prin¬
reduce the number of
individual Federal income taxes.
payers.
Necessary
A
about half our total in¬
ciple of capacity to pay more justly if we were to
consumer taxes
nual
burdensome effect
want to simplify collection
we
taxpayer's record-keeping less difficult.
We realize that
less
In addition,
gain.
revenue
Outlines Ever-Normal
Granary—Tells Indianapolis Conference An¬
Carry-Over of 350,000,000 Bushels Would Be
Corn
have sought to determine whether there are
we
inequalities and injustices in the distribution of the tax burden and whether
will be overcome; and that the aims that I
of private business as well as
which are properly those
National Government will be
achieved.
of $3 hogs.
■
of drought years is to pro¬
good years to the bad. The
fact that we usually have had only 170,000,000 bushels carried over is a
serious reflection on the economic setup in the Corn Belt and the Nation.
"The only way to
guard against the disaster
grain over from the
vide for carrying more
Secretary proposed
The
determine the desire for a
■V
■
'••••
a
referendum in the
corn-producing States to
surplus corn sealing program.
-ry
■>.
Be Cut From 8,000,000 to
Annually to Maintain Balanced
Supply, Secretary Wallace Tells House Group—
Must
Plantings
Cotton
12,000,000 Acres
Withholds Ruling on
Union to Show
Decision—Other Court Action Bears on
Would Incurr Loss to
Court
Supreme
States
United
"Sit-down" Strikes—Orders Hosiery
Need
for
Appeals by NLRB
Court on Nov. 8 indicated that
the constitutionality of "sit-down"
when it directed the American Federa¬
tion of Hosiery Workers to show cause before Dec. 6 why
an appeal from an injunction granted
by the Third Circuit
Court of Appeals against such a strike by employees of the
it believed no ruling on
strikes is necessary,
Philadelphia should not be dismissed
on the ground that the question is no longer pertinent.
Other Court decisions on Nov. 8 are discussed elsewhere
Apex Hosiery Co. of
"Chronicle."
The ruling on the "sitdown" strike, and a few other decisions, are described as
follows in Associated Press Washington advices of Nov. 8:
Other
issue of the
cases
before the Justices at their
regular weeklymeeting included two
appeals by the National Labor Relations Board requesting compliance with
orders issued against Pennsylvania Greyhound Lines, Inc., and the Dela¬
ware-New Jersey Ferry
There
also
sideration
was
a
of recent
Co.
petition by
action by
three
Florida companies seeking recon¬
the tribunal on the ground that
Hugo L. Black was ineligible to sit on the bench.
The conference on about 60 petitions was in
Justice
preparation for a session
opinions of this term will be delivered.
One
or more of them may be by Justice Black.
The sit-down strike petition was filed by the American Federation of
Full Fashioned Hosiery Workers.
It appealed from a Circuit
Court
decision directing members of the organization to vacate the plant of the
Monday at which the first
Apex Hosier Co. of
Philadelphia.
Producers of from
$200,000,000
$300,000,000
Secretary of Agriculture Henry A. Wallace on
* to memorandum to the sub-committee
submitted
The United States Supreme
in this
to
Nov. 5
of the
Agriculture Committee, drafting the new farm con¬
trol legislation, in which he declared that cotton farmers, in
House
order to
few
a balanced supply of cotton for the next
will need to plant annually from 8,000,000 to
maintain
years,
12,000,000 fewer acres. Such a course, he
a
sacrifice by producers of from
mean
$300,000,000* a year in production.
Secretary Wallace's memorandum:
explained, would
$200,000,000 to
The following is
V
few years cotton
from 8 to 12 million fewer acres of
cotton than they planted annually during the 10 years immediately pre¬
ceding the A. A. A. progtams.
For the past ten years the value of cotton
has averaged over $25 per acre.
Cotton farmers will therefore have to
sacrifice from $200,000,000 to $300,000,000 annually in production
to
achieve and maintain a balance of production.
Balanced production will probably maintain cotton prices around 9c to
maintain a balanced
To
farmers
will need to
12c or from 50 to
70% of parity.
han¬
conservation pay¬
If the combined
from $200,000,000 to $300,000,000 annually, it probably
necessary to resort to marketing quotas unless loans were
Farmers believe that
dled
without
ments
will
supply of cotton for the next
plant annually
during most years
the use of
the cotton problem can be
marketing quotas, assuming
with additional payments.
be supplemented
payments are
would not be
used to keep the price
If the total amount
of cotton above world prices.
should be between
$150,000,000 and
$200,000,000, it
often
probably would be necessary to have marketing quotas at least as
as one year in three.
If total payments should be less than $150,000,000
3136
it
Financial
probably
would
be
two years out of three and
have
to
necessary
possibly
marketing quotas
every year.
much
as
Chronicle
•.
Judging from the evidence presented at the Senate subcommittee hear¬
ings held throughout the South, it appears that 85% or more of the cotton
favor compulsory
growers
of acreage if the
control
However, it is doubtful if
marketing quota
vote
favorably for
majority of them would vote favorably for
a
saiable basis.
on a
Commission
of
ination
In
its
Act—Reviews
First
Robinson-Patman
Act—To
Occupy
Year's
annual
New
Building
for
report
the
the fiscal
Federal
Trade
the
"unfair
Lea
competition"
character,
would
the
near
corporation
one
certain
make
tion
made
well
as
unlawful.
This
S.
the last
the
1077, known
and
session,
last session
is
the
that
proposed
bills
organization
its
to
This will be the first
1915
in
that
Present
needs.
Commission
the
permanent home,
a
headquarters
815
at
are
of
and
acquisition of
tendencies
the
Congress, and
now
in
and
of
7
Section
of
both
the
the
Clayton
where
does
not
corpora¬
The Commission
be
may
House and
It
competing
a
result.
also
assets
result.
may
conditions may
introduced in
were
conditions
made
Act
Senate
Taber, Master of National Grange, Before Annual
Convention
a
the
on
competing corporation
a
Tennessee, and Robert E. Freer of Ohio.
Ten-Point Basis for Farm Program Suggested by L. J.
At the annual convention of the National Grange in Har-
Wheeler bill,
also contained in
physical assets of
acquisition
changes
which
session of the
tendencies
stock of
lina, Vice-Chairman; Charles H. March of Minnesota, Ewin
L. Davis of
is
largely of
the
as
Com¬
7 of the Clayton Act makes unlawful the acquisition
of the capital
where similar
These
its
are:
William A. Ayres
Kansas, Chairman; Garland S. Ferguson of North Caro¬
"unfair
as
amendment
It, with certain other amendments,
close of
monopolistic
unlawful
recommends
since
Clayton Act.
calendar.
The present Section
by
early in 1938 it expects
under construction at the
now
The members of the Commission
of
its
bill, reported favorably by the House Interstate and Foreign Commerce
Committee
in
be
contained in
are
the Senate at
passed
House
that
announces
building,
new
says:
deceptive acts and practices"
or
pending in the Congress.
which
its
adequate
made
renews
proposed amendment to Section 5 of the Federal Trade
Act,
procedural
which
most of
Executive Orders.
or
of the government triangle between Constitution and
time
Coming
1936-37,
year
Commission
As to its recommendations the Commission
of
conducted
studies
100,
farm
inquiries
These
or
than
more
and its staff shall have been housed in
Discrim¬
recommendations for amendment of Section 5 of the Federal
methods
investigations
to congressional resolutions
Commission
occupy
apex
Adminis¬
Act—Price
Trade Commission Act and of Section 7 of the
Under
investigation of
to
Connecticut Avenue, N. W.
public Nov. 1,
mission
general
an
resolution).
Pennsylvania Avenues, Washington.
Year
■
of
inquiry
was
year
(congressional
an
tax on production in excess of an acreage allotment.
a
Report of FTC—Reviews Recommendations
Changes in Clayton Anti-Trust Act and Trade
tration
number
total
made pursuant
were
The
for
machinery
and
Order),
by the Commission during its existence to
It is probable that 85% or more would
to
Annual
and
the
brought
a
(Executive
Pending at the close of the
implements
payments is not sufficient to keep production in line with market demands.
industries
textile
General).
available for
money
1937
13
Nov.
determine
the manner in which a consent decree entered against Standard Oil Co. of
California, Inc., and ethers, had been observed (by request of the Attorney
tion),
as
unlawful.
contained
are
risburg,
Nov.
10,
Louis
J.
Taber,
suggested
10 basic principles
cluded
any
in
in
Master
which
workable agricultural
the
of
he said
Grange,
be in¬
should
"Congress,
program.
redeeming
its pledge to pass such a law," he said,
give full play to the processes of democracy, of dis¬
cussion, of elimination, of compromise and of approach to
"should
a
sound, workable program."
Mr.
Taber
the basis
as
follows
as
in
for
Associated
The principles suggested by
farm
a
Press
program
advices
reported
were
from
Harrisburg,
Nov. 10:
during the last
It
Congress.
should
seek to
increase
the
farmer's share of
the
Nation's
income and
give to agriculture parity of income.
Activities
reported
by
the
Commission
include
general
investigations, general legal work under the Federal Trade
Commission, Clayton, Robinson-Patman and Webb-Pomerene
Export Trade Acts, and trade practice conferences. Review¬
ing its general legal work during the fiscal year, the Com¬
reports that 2,100 investigations of cases were
mission
made and 294 formal complaints
issued, 10 of which charged
associations or groups with violation of the Federal Trade
Commission
Act
Violation
the
of
alleged
in
23
tration
of
that
entered
through
price-fixing and other unlawful
A summary of the report also says:
agreements.
Robinson-Patman
complaints.
Act,
The
noting
Robinson-Patman Act.
the
and
its
conform
with
law
indicated
of
year
and
cease
adminis¬
desist
Hundreds
of
business
and
men
is
the
entire
law.
by
industries
The
revised
Commission
enactment
in
general
notes
that
States
11
attorneys called
practices
60
84% increase is shown
issued,
161
the
issued
cases
for the year
the
last
Commission
handed
down
in
legislation
sustained
United
in
States
Circuit Court of Appeals involved
decree
affirming
which
of
corporation
required
in
order
to
respondents
by
result
a
one
the
exacted
ever
an
its
a
similar
was
all
cease
its
fined
to
and
One
which
in
case
$10,000.
This
Federal
decisions
United
the
United
a
by the
were
States
a
States
largest
District
with
Court,
information
investigation.
Proceedings
Trade practice conference proceedings advanced to the stage of promul¬
gation
in
of
excess
These
rules
of
for
industries
or
groups
with
total
annual
sales
estimated
$1,000,000,000.
industries
or
included:
Paper
drinking straw
manufac¬
turers, buff and polishing wheel
manufacturers, cotton converting industry,
flat glass manufacturers and
distributors, juvenile wheel goods manufac¬
turers, ladies' handbag manufacturers, preserve
manufacturers, rubber tire
industry, private home study schools, school
supplies and equipment dis¬
tributors, mirror manufacturers, covered button and buckle
manufacturers,
tubular pipings and
trimmings manufacturers, wet ground mica industry,
and
of
concrete burial
fiscal
vault
manufacturers
year).
(rules promulgated following close
Export Trade Associations
Under
the
the Webb-Pomerene
antj-trust
laws
to
associations
organized
Commission
at
organization
papers
the
Export Trade Act, granting exemption from
engaging solely in export trade, 45
associations
pursuant
close
of
the
to
the
fiscal
Act
had
year.
papers
Three
of
on
file
these
with
groups
the
filed
during the fiscal
year.
They were:
California Alkali
Export Association, Los Angeles; Pacific Fresh
Fruit Export Association,
Francisco, and Scrap Iron Associates of
America, New York.
Associa¬
San
tions
organized
goods
over
during
under
the
this
calendar
the exports of such
Act
year
groups in
exported
1936,
an
approximately
increase
Five
$150,000,000
about
of
$11,600,000
1935.
Regarding its general investigations,
of the Commission
says:
of
the
of
than
farmer
regulation
as
governmental
a
control.
maximum
benefits
possible
the
to
on
com¬
operators.
sections
the
and
of
Conservation
sufficiently
special
market
Act, with benefits going
good soil practices.
be
give
his
the Soil
follow
must
American
limit
around
who
flexible
assistance
be
must
to
to surplus
guaranteed
ability to supply
and
export
the
to
efficiently
the
protect
interests
of
crops.
American
farmer
to
the needs of the consuming
Loans
for
storage
crop
farms
on
surplus commodity corporation
should
increased.
be
provided and
funds
for
the
Marketing agreements should be
strengthened.
A
larger amount of
find
new
tariff
farm
for
uses
revenue
products,
should
be
set
plants
new
aside for
and
new
research,
to
and
to
crops,
equalize prices.
The
the
consider
must
program
of
ultimate
the Federal
It
consumer.
Treasury and protect the inter¬
be
must
workable and constitutional.
The Associated Press advices summarized
Taber's
further
"Unless
efficiency
in
will
program
ening
in
we
the
recognize
that
production
than
fail.
route
the world.
knows
the
how
has
developed
distribution,"
cooperative
producer
to
as
"Agriculture must be the last
farmer
in
in
We yet must solve
Referring to regimentation
to
the
Research
between
farmer
follows
as
Mr.
remarks:
a
and
produce
Mr.
much
Taber
marketing
consumer
better
than
is
greater
said,
and
"this
short¬
in
essential.
any
other
The
farmer
the great problems of marketing."
"sinister influence," Mr. Taber said:
of
all
institutions
in
our
land to surrender
the
philosophy that individual initiative, ability and freedom of choice
are things
of the past.
The grange should today dedicate its future not
only to fight for cooperative purposes, but fight against
unnecessary regi¬
mentation
in
every
form."
Declaring that neither
were
bringing the
of
of
1937
our
desired
tariff system nor
results,
trade
our
Mr.
deficit
our
Taber
reciprocal trade treaties
asserted
that
in
the
first
serious, with agricultural imports
$1,151,038,222 and exports of $435,099,385, an agricultural trade deficit
$715,938,837.
Railroads
The
Ask
Pelley, President,
merce
ICC
Association
of
on
Commission
for
was
15%
American
Freight
Rate
Increase
Railroads, through J. J.
Nov. 5 filed with the Interstate Com¬
petition for authority to make a hori¬
zontal increase of 15% in freight rates,
except for five com¬
modities for which maximum rates are
requested, and also
for permission to change rates for
passenger coach travel
from 2 to 2^ cents a mile in the Eastern
territory.
The
petition said that railroads operating in the Southern and
a
Western districts recently made increases in
passenger fares.
It is estimated that the increases would add
$508,000,000
annually to the income of the railroads.
The exceptions in the freight rate
proposal asked for
maximum increase of 15 cents
a
ton
on
a
bituminous coal and
coke; 25 cents
the
announcement
general investigations, directed
by the President or Congress, or
requested by the Attorney General, were
completed during the year and a
sixth
was
pnding at the year's close.
Completed inquiries included:
Agricultural income (congressional
resolution), fresh fruits and vegetables
(congressional resolution), milk and dairy
products (congressional resolu¬
give
resources.
be built
six months of
groups
much
as
rather
continuing
and
public.
fine
Trade Practice Conference
t
wild-life
program
American
Commission,
placing
large-unit
farmers
The
Commission order.
supply the Commission
income
the
was
Trade
and
should
all
to
desist.
in
desist issued
a
It
desist
compared with
as
provide for
exemptions
legislation should contain
water
ests
cease
voluntary cooperation
basic
a sound framework for a long-time land
policy; provide for retirement of submarginal land, and increase of forestry,
to
contempt proceeding for violation of
and
proceeding in
required
and
cases
courts.
a
cease
were
agricultural
to
on
should
farm,
and
The
Six hundred and twenty-four
year.
for violation of
court
mandamus
a
of orders
1936-37 having been 296
by stipulations to
was
the
the number
preceding fiscal
disposed of
were
The
total
in
in
family-sized
mercial
It
grant
to
as
public reaction to the
of
should
was
Act.
An
in
first
to
It
The
offices during the year to discuss the new Act's
pro¬
application to their business. Pursuant to such conferences,
instances
some
As
order
built
be
was
Commission
visions
this
the
reviews
first
the
should
straight-jacket.
all
Act
year covered in the report.
During
the Commission instituted field investigations in 306 cases under
year
the
in
report
that
Discrimination
shortly after the close of the
the
at
Anti-Price
It
on
a ton on anthracite
coal; 6 cents a 100 pounds
lumber; 15% applied to rates on sugar which become
effective Dec. 15, with a maximum of 6 cents
and 15 cents a 100 pounds on fruits and
a
100 pounds,
vegetables.
The proposed increases, which the Commission
was urged
promptly because of the "critical situation"
confronting the railroads, would be in addition to recently
granted increases of about $47,500,000 yearly.
Effective
to
approve
Volume
applied only to the heavy
Nov. 15, those increases
Short Line
estimated
increases
$508,000,000 additional
yield
to
revenue.
Open Rate Rise Case on Nov. 29—New Unit Set Up
on Nov. 8 that hearings on the petition
ICC to
The ICC announced
by the country's railroads for a horizontal 15% rail
freight increase and a half-cent-a-mile rise for coach passen¬
gers in the East would be opened in Washington on Nov. 29.
The Commission created a new division, to be known as
filed
It will be composed of
Caskie. In accor¬
dance with law, the Commission said, the cooperation of
State regulatory bodies will be asked.
hearings.
Division 7, to conduct the
and
Porter
Aitchison,
Commissioners
our
paper.
+.
.
,
'
attended the annual meeting of
the Academy.
Among the other addresses at the sessions
was one
by General Hugh S. Johnson, former head of the
National Recovery Administration, who said that "vested
interests" in Federal spending, resulting from Adminis¬
tration handling of relief and the Tennessee Valley Author¬
ity, threatened the collapse of the country's traditional
politico-economic system.
vV:.
A summary of some of the principal addresses at the
meeting follows, as given in the New York "Times" of
More than 1,000
Association, with 323
operating more than 11,000 miles of rail¬
Nov. 6 filed with the ICC a petition in support of
the application made Nov. 5 by the Class I railroads for
annual
of
issue
Group Also Asks Rate Rise
on
rate
700,000,000 annually. Secretary
detail elsewhere in this
Morgenthau's address is given in
member carriers
road,
by
appropriations
ment
commodity
list.
The American Short Line Railroad
3137
Chronicle
Financial
145
li:
Nov.
New
Declaring
liberal
how
persons
they
themselves
consider
Dealers
liberal
in
"with other people's money," Senator
are
proportion to
Byrd demanded
adopt a "pay-as-you-go
basis" through economies.
He urged that " the most costly and wasteful
bureaucracy in the history of the United States" be checked.
Unless the
Government
retrenches, he
argued,
impairment of the national credit
is
inevitable.
Progress and welfare are impossible, he added,
without
checks"
writing
"stop
Government
the
that
and
solvency.
Dr. Koht Gratified Over
and
of
Secretary
Talks with President Roosevelt
State Hull—Reciprocal Trade
Agreement Between United States and Norway
Discussed—-Norwegian Minister of Foreign Affairs
informal discussions with Secretary
Following a series of
President Roosevelt
Y., home, Dr.
Halvdan
Koht, Minister of Foreign Affairs of Norway,
sailed for his country from New York on Nov. 6 aboard the
Stavangerfjord of the Norwegian-American Line.
During
his 11-day stay in the United States Dr. Koht also con¬
ducted a series of lectures at Harvard and Columbia Uni¬
versity on unemployment and other problems. *
Hull and a visit with
of State Cordell
latter
the
while
Roosevelt
at Hyde Park on Oct. 29.
The visit was described as "very
informal."
The Norwegian Minister's conversations with
Secretary Hull on Oct. 27 and 28 were for the most part
directed toward the negotiation of a reciprocal trade agree¬
ment between the United States and Norway.
In an inter¬
view prior to his departure for Norway, Dr. Koht reviewed
his talks with
President Roosevelt and Secretary Hull;
this interview was summarized as follows in the New York
Koht
Dr.
"Times"
In
was
Nov.
of
interview at
an
luncheon
a
guest
7:
the Waldorf-Astoria prior to
his sailing he expressed
to
I
But
sure
am
been
had
has
sides
both
difficult
arrive
to
itself
union
policies
concerned
are
agreed on general
principles, and it may not
be
at a solution."
visit
with
President
Roosevelt,
day,"
he continued.
"We are following
We are trying to keep out
Norway.
cooperate
Asked
I
and
at the general
analogous political principles
with other nations to preserve peace."
he thought war would soon break out on
are
very
a
in
time
world-wide scale,
with the remark that he was no prophet, but added:
anxious and have much fear about the whole situation,
personally I think there
governments
questions of the
of war, but at the same
if
Koht parried
"We
negotiating
will not be a universal war. The
with each other will prevent a
general
clearly that
the
the greatest
in their arguments for economy. The audience showed
Senator's views were highly popular with it, giving him
Koht, said to
country."
a
1
.
that
asserted
Gilbert
Mr.
revised in such
present extremes and revitalizing agriculture,
that they would yield at least as much revenue
have "probably the worst tax system of any civilized
the
"moderating
way,
should be reduced and
taxes
industry and employment,"
as
Saying
now.
we
country," he went on:
unscientific, our tax system is hypocritical, un¬
This may be due in part to general indif¬
unwillingness to face facts and to a strange preference for
and
ference
taxation.
of
methods
emotional
"The
un-American.
and
democratic
being
to
addition
"In
however,
result,
is
that we
have a tax system
which puts impos¬
developments and on
world, thus threatening the chief
mainsprings of individual and corporate activity which over our history
have accounted so largely for the growth of the country and the great im¬
burdens
sible
struggling new businesses and new
on
to make in the
who has his way
man
provement
"Present
in the general standard of living.
taxes
actually favor established
interests and accumulated
one of the most wicked
undistributed profits tax,
so-called
The
heaviest on small and growing businesses and
on
those which are struggling and burdened with debt.
"The tax produces little or no 'revenue, it paralyzes the capital goods
industries, and it greatly exaggerates extremes of boom and depression.
taxes
while
"And
government
the
pursues
monopolies
of Justice, through
Department
the
and
monopoly
promotes
falls
devised,
ever
Commission
than
more
itself
not
and
ness
through the Trade
this tax it actually
by confirming already-established interests and
preventing the growth of competitors. After a
be the first diplomat
Gilbert Argue Against
Federal Spending—Tell Meeting of Political Science
Academy Sharp Reduction Is Needed to Maintain
Nation's Credit—General Johnson Says "Vested
Interest" Are Threat to Economic System
Drastic reduction of Federal expenditures is essential to
the maintenance of the Nation's credit, Senator Harry F.
Byrd of Virginia declared on Nov. 10 at the annual meet¬
ing of the Academy of Political Science in New York City.
Senator Byrd criticized the spending and taxation policies
of
the Administration.
Similar declarations were made
at the meeting by S. Parker Gilbert, partner of J. P. Mor¬
gan & Co.
These addresses wrere followed by a speech by
Secretary of the Treasury Morgenthau, in which he asserted
that a determined effort would be made to balance the Fed¬
eral budget next year through reduction of expenditures.
He predicted
that by curtailing relief, farm and public
works expenditures it would be possible to lower Govern¬
be taken.
Finds
Individual
Burdened
much the same way by the present
income tax system, Federal, State and local.
The extremes of the income
tax
are
arbitrary and capricious in their operation from year to year,
individual
"The
high
so
as
is
affected
to deaden if not
in
destroy individual
initiative and enterprise,
they are known to be relatively unproductive.
"While there exists a full-fledged system of tax-exempt
and
securities which
for accumulated wealth, no such relief
to make his way in the world and who
must pay taxes to such a point that it is becoming steadily more difficult
for him ever to get ahead or to
accumulate enough savings to provide
provide a refuge from these taxes
is open for the individual who has
his
for
wife
and family after his
death."
Ex-President Hoover Defines
Free Press as Bulwark of
Commemor¬
of Elijah Lovejoy—Re¬
publican National Committee Rejects Mr. Hoover's
of his rank from
of Commerce.
Byrd and S. Parker
dis¬
little
the undistributed profits tax has proved
merely a complete failure, but a destroyer of constructive busi¬
employment.
Its immediate repeal is one of the most helpful
of operation,
year
a
steps that could
Plan
Free
human
Liberty—Speaks at Ceremonies
100th
ating
the guest
Senator
States probably had "the worst
United
said the
Mr. Gilbert received particular applause when-he
tax system of any civilized
the night.
applause of
Human
Scandinavian country ever to visit the United States,
of honor at a dinner at the Waldorf-Astoria
Hotel, Nov. 5, tendered by the Norwegian-American Cham¬
ber
applause for every
point
any
was
Pleas Applauded
Gilbert received enthusiastic
Powers
outbreak."
Dr.
Economy
Mr.
and
Byrd
Senator
are
questions of foreign policy.
"We look very much in the same way
but
political demands.
only "general" problems
discussed, Dr. Koht said.
The impressions carried away from his
with the President were that the two were in general agreement on
were
Dr.
with
eventually.
I think that the union of the
out here in America as it has in most
received "encouragement" from Secretary Hull, he said.
we are very anxious to arrive at
a trade agreement,"
conference
his
In
with
couraging and perhaps
most
"We
remarked.
he
that the American Federation
have not come into real
with completion of trade agreements.
"searching the ground," trying to arrive at an acceptable
was
formula, and
"On
come
work
strange
labor organizations
trade
their
will
little
a
American
new
Senator
budget,
wealth.
countries."
Koht
Dr.
it
will
classes
European
He
all
combining
politics,
labor
Europe
in
us
and
Labor
1
in the near
said:
he
is
"It
said, complete labor
labor unity would come in this country
Asked if he believed
future,
he
U-i;
existed.
unity
of
Norway,
In
action.
political
for
unite
would
a
Secretary Morgenthau's optimistic outlook for a bal¬
Byrd predicted that the actual deficit on July 1,
1938, the end of the fiscal year, would be twice the $895,000,000 deficit
estimated by the Government.
He also predicted reduced revenues for the
1939 fiscal year as a result of the current business recession.
the
that eventually the Committee for Industrial Organization, the
Federation of Labor and "all American labor organizations"
prevent
and
:
,
Disagreeing
of President
the opinion
American
depression.
his Hyde Park, N.
at
was
profits tax, and other
urged a repeal of the undistributed
to
encourage
business activity
Byrd
modifications
anced
Home
Sails for
Senator
tax
for
Anniversary
Mid-Term
Convention
speech and a free press constitute the "bulwark of
liberty," former President Herbert Hoover told a
The oc¬
of Elijah
Parish Lovejoy, publisher of the St. Louis "Observer" and
the Alton "Observer", who was murdered by a mob because
of his championship of a free press.
Mr. Hoover and three
members of the Lovejoy family were granted honorary de¬
special convocation of Colby College on Nov. 8.
casion was the 100th anniversary of the killing
grees by Colby College.
The Republican National
Committee, meeting at
Chicago
rejected a proposal by Mr. Hoover for a mid¬
term conference to adopt a party platform for the 1938 Con¬
gressional campaign, but voted to appoint a program com¬
mittee to define the party's stand on national issues and report
to the National Committee.
Associated Press advices of Nov. 8 from Waterville, Me.,
on
Nov. 5,
reported Mr. Hoover's address on a
Declaring propaganda,
free press as follows:
"magic formulas" and
"potent catch phrases
played a key part in post-war revolutions abroad",
"It is a paradox that we find every dictator who
has
climbed
on
the ladder of free
had
Mr. Hoover asserted:
has ascended to power
speech and free press.
Immediately
3138
on
Financial
attaining
dictator has suppressed all free speech
except his
power each
own."
a
free press as "far more than
publishers' priv-
a
It is the right of the people," he said, "but the
publishers
are
its
first line of defense.
They deserve the gratitude of the country for the
they have driven back every attempt at legal restrictions."
zeal with which
|6fc Three descendants of the Lovejoy family also received
honorary degrees.
They were Frank W. Lovejoy, Rochester, President of the Eastman
Kodak
Co., Doctor
capacity
of Laws; John M. Lovejoy, New York
City, President
of the
American
Institute of Mining and
Metallurgical Engineers, Doctor of
Science, and Clarence E. Lovejoy, New York City,
family historian, Master
Governor Leyyis O. Barrows, Mr. Hoover's host for
the night, and
-George Otis Smith, of Skowhegan, former Chairman of the Federal
Power
Commission, were among those at the ceremonies.
in
ministration
his
address
current
or
ganda called for
did
Mr.
political
Hoover
mention
problems.
Of
type of "improved poison
a
.
If you don't like an argument on
currency or the
what
or
not,"
he said,
the
politics
.
Roosevelt
he
said
ad¬
propa¬
budget
At
his cousin is employed in Wall Street
is
or
Communist
a
or
a
have
been such
little
Adams, President of A. B. A., Urges Balancing
of Government Expenditures—Endorses
Action of
A. B. A. in Declaring Against
Any Move to Legalize
Branch Banking Across State Lines
In
addressing the Nebraska Bankers Association, at
Lincoln, Neb., on Nov. 5, Orval W. Adams, President of the
dent
of
the
Utah
State National Bank
at
and
necessarily
exists,"
now
and
chant,
added
are concerned with
that
fill
budget
so
If
other
I
those
sufficient
outlined."
"therefore,
In
sure
the
at
pledging
all
you
that
felt,
recent
did,
meeting
Association
to
legalize branch banking
this
I
as
the
he
con¬
the
with
oppose
State
across
American
all
its
lines.
It
in
the
Bankers
Association,
resources,
attempt
any
was
The Association,
by the adoption of this resolution, has placed itself
squarely on record against a direct attempt to
impair our traditional
banking system, and so far, this is good and
encouraging.
But we must
not deceive
ourselves, grow overly optimistic and think that the
fight is
won and the
system preserved.
There will still be
attempts, and vigorous
ones, notwithstanding the position of the
Association, to legalize branch
banking
State
across
organize
What
has
been
ourselves
Moreover,
in
opposition to
such
legalization of branch banking
a
number
a
lines.
accomplished
attempts
in
moment
supervision
last
with
ymous
statutory
destruction
quite
the
rights
is
one
in
whatever
form
of
State
of
our
present
departments
in
the
be
found
supervision.
Close
thing—surrender
another
thing.
Let
-
banking
of
in this respect.
cooperation
our
eyes
synon¬
for
agencies
a
their
supervisory
State agency,
a
and
direction,
be
to
between
open
results.
Never
other
statutory functions by
keep
us
same
system.
to
be
may
serious
will
surrender
one
in the Federal
or
as
to
occur.
only
system
leads
analysis unification, so-called,
should
agencies
is
of
the
is
of
produce
Unification
been
they
lines
ways
in which our existing
banking
impaired and perhaps ultimately
destroyed.
Compulsory membership in the Federal Reserve
System
Deposit Insurance Corporation may in time
and
has
when
State
across
be
not
deceived
The
abandonment of the office of
Comptroller of the Currency is
being
I cannot but feel that
should this
proposal be enacted into
law it would constitute a
first step toward that
so-called unification of
the banking
system which means the destruction of
State autonomy in
banking, the loss of those safeguards essential
advocated.
the
to
preservation
traditional
banking system.
like danger lies in the
proposed
A
Reserve
System.
what could
ican
Such
the
American
banks, when
government
ownership would
create
a
monopoly ?
banking
conditions
system
our
banking monopoly, and
repugnant
to
the
Amer¬
.
is
become
of
ownership of the Federal
a
more
be
preserved,
intolerable,
be
must
place of
a
refuge
preserved.
When
hasty, ill-considered legislation would
impair or destroy the usefulness, the
proper functioning of National
Danks, it must always be possible for such
banks
to
enter
the
State
system,
with
the
privilege at the
surrendering their
the
membership in either the
Deposit Insurance Corporation, or
Federal
like
conditions,
State
National system.
The
relief
.
obligation
is
equally
source—the
perhaps
.
to
is
taxes
not
have
to
time
the
paid
assistance
by
equally
citizen,
every
this
the
privilege
good,
but
it
ultimately
great
appreciated
all
of
the
ability
of
this
also
do all
that
we
Congress is shortly to
men
among its
to
can
assemble
members who have
hearts to bring about
do but little without
a
special session.
from
great
content
seen
the
There
Senators
town.
Every
savings
and
account;
American
they
and
will
urge
owner
form
wire,
on
Representatives will
of
every
of
a
life
home
government,
phone,
them
or
that
a
should
interview
stop
listen
insurance
owner;
be
mass
now
to
policy;
of
be
their
to
word
every
farmer;
every
put
are
aroused
Senators
the
the
from
to
and
the
a
system.
equitably
more
,
that
taxes
the
in
voting
eractions
laboring
have
higher brackets
whom they
upon
limited
of
their
in
injure the
bottom
dollar
to
about
bring
whole industrial
our
to
directly
were
and
power
injure the
the
man,
operated
to
out.
available
Neither
is
can
small
mer¬
increase
the
You
balance
you
incentive
an
of
whole
the
spend
two
to
affairs
people
of
this
the
government,
your
in
children
the
to
as
country
trail
banks
in
convince
desire
ahead
this
their
country,
evidence
Senators and
Repre¬
the restoration of
will
once
again
be
sound
secure—
be guaranteed—but this great task
Foreign Traders Discussed
Foreign Trade Convention
at
at
Cleveland
Farrell Approves Adminis¬
Trade
Policy—Message from
Wallace—Chester C. Davis of Federal
Foreign
Major problems of foreignjtraders were discussed at the
Foreign Trade Convention held at the Cleve¬
land Hotel, in Cleveland, Ohio, Nov. 3 to
5, the program
for which was recently issued
by the National Foreign Trade
Council, Inc., New York, of wlrch James A.. Farrell ;s Chair¬
..;,C •"i';C
An
address
Farrell
Jr.
C-K"
by Mr. Farrell, read by his
President
of
the American
and
son,
James A.
South
African
Steamship Line, approved|the administrations foreign trade
policy, according to Clevelandjadvices Nov. 3 to the Chicago
"Journal of Commerce" and urged extension to Great Britain
other countries in the British
Empire of trade agree¬
ments similar to that between the United States and
Canada.
and
From the
same
advices
we
quote:
The reciprocal agreement with
Canada, Mr. Farrell said, is advantageous
not
only in adjusting tariffs, but in abolishing customs regulations
which,
duty.
in effect, increase the rate of
"It is to
discriminatory import regulations of all kinds
that
the
we owe
continued lag in international trade
recovery," he said.
A lack of international
co-operation has
given rise, according to Mr.
Farrell, to the growth of "the strange doctrine of
self-sufficiency."
"The continued increase in our trade with the rest of
the world," he told
the delegates, "gives proof that it is neither
expedient nor sound policy to
lend an ear to the
sophistry of those who on various grounds advocate
economic isolation."
Exponents of self-sufficiency, he said, base their relief
principally on the
a policy
wouldAcircumvent international entanglements
theory that such
and make for peace.
Charging that the lag in the rate of
recovery in foreign trade as com¬
pared
with domestic is largely due to artificial impediments to multi¬
lateral trade, Mr. Farrell warmly endorsed the
reciprocal trade agreements
policy of the present administration.
"The trend toward
self-sufficiency has not yet spent its force
turbing influence in international trade.
.
as
a
dis¬
.
"In these days of loose
thinking we should guard against the mistaken
theory that the depression
economic
caused
was
recovery will be found in
inevitable
day
of reckoning
a
by the raising of tariffs and that
general lowering of tariffs.
attaches
to
prosperity
based
.
.
.
on
ex¬
penditures for armaments and for purely consumers' goods, W. F.
Gephart, Vice President of the First National Bank, St. Louis, told convention
delegates.
telegram from Secretary of Agriculture Wallace to Mr.
Farrell
read at the Convention in which Mr. Wallace
was
said in part:
The abundant crops of 1937 bring the
export problem to the fore again.
surpluses over domestic requirements (which are bound to exist
If the
with
our
present productive capacity in years of ordinary weather) are to
on the basis of fair returns to the
producers, it is
be disposed of abroad
that
into
this
the
nation
hands
of
be prepared to put the necessary
purchasing
foreigners through increased purchases of their
Such meetings as yours can contribute to the under¬
standing by the American people of this fundamental proposition.
Regarding the final days' session Nov. 5 and the declara¬
tions adopted Cleveland advices to the "Wall Street Journal"
said:
army
Further reduction of trade restrictions and the maintenance in all
coun¬
tries of
save
with
a
this.
many able
self-reliant
the
lover
depositors
own
It
being
home¬
possessor
every
to
necessary
willing
are
one
light who desire with all their
budget.
These men can
prompt balancing of the
the support of the
great
citizenry.
Your
on
always
bring it about.
in
you
Week—Chairman
goods and services.
people
not
but
that
Urge
own.
back to the
24th National
the
of self-reliant Americans.
army
that
is
come
our
Secretary
Reserve System a Speaker—Declarations
Adopted
Urged Lessening of Trade Restrictions
essential
entering
unfortunate
perhaps
can
be
us
of
Federal Reserve System or
both, and conversely, under
to
pay taxes,
to carry on
government, and to provide
relief, is
steadily impaired by the present practices of
government.
Let us hope that the
promises to truly balance the
budget and
general collapse will be
fulfilled, but let us not
Let
of
National
power
by
that
should
assistance
same
.
render
recognized
realized
banks
the
Important Problems of
A
to
as
and
stop
a
our
An
vicious—what could be
more
people—than such
If
for
be
real
centralized
can only
accomplished through the concerted demand of the self-reliant
citizenry
country.
be
of
resolution
especially gratifying
should have been
adopted without a single dissenting
resolution
voice.
of
policies
the
their
the
happiness of
we
indi¬
any
part
deep gratification
of
with
every
of
that
man.
am
that
above
as
trations
:
adopted
to
than
to
if
in
futility of increasing taxes without stopping leaks.
barrel
a
long
interest in
City,
tendency leading or looking toward a change in our
banking system, which might, in improper or unskilled
hands, result in diverting the resources of such
system, to
tinued
country
Candidly admit
corporations
particularly
Urge also the
cannot
Lake
cated
ends
a
that
worthy needy,
inevitable
large part be passed
employees, and
the government for relief.
upon
This
proposal, with
any
in
lower-salaried
the
demands
are
and
large
only to injure those
and
community,
interested in the preser¬
vation of the American
banking system as it has heretofore
existed
them!
the
to
favoritism
seriously questioned
not
as
Vice-Presi¬
Salt
so
relief
appeal to the politician—but
fiscal
Utah, declared that "you and I
in
of
them
upon
afforded
and
■
be
now
imposed—individuals
reactionary.
Orval
Executive
be
point out the necessity of levying taxes
broader base.
a
sentatives
and
relief
burden
with
Urge
pay.
to
graft
time,
cannot
such
Association
such
the
frank
same
over
It
You switch the premise and set up a straw man and then
attack him with
Bankers
of
waste,
1937
13
dollars.
fierce courage."
American
continue
the
that
Be
the
and
labor relations
or
"you put out slimy and if possible annonymous
your opponent's grandmother or the fact that
propaganda reflecting upon
them
to
to
bear your share of
any
fair increased tax
balancing of the budget and a preservation of
artistically done.
.
is
administration
upon
government
to
put
States.
Nov.
the
relief
be
must
ofArts.
Nowhere
of
adequate
Mr. Hoover described
liege.
Chronicle
of
of
a
the
point where
Representatives
expenditures beyond the
a stable internal
economy were urged in the final declaration adopted
by delegates at the closing session of the 24th national foreign trade con¬
vention,
as
the
essential factors
"When the present
ments
to
continued
expansion
of world trade.
period of emergency expenditures, including
building, has exhausted itself, the world
may
arma¬
again be confronted
with industrial recession and
unemployment," the final declaration stated.
"The alternative is the widest
possible expansion of foreign trade.
If we
be prepared, we must formulate plans now to achieve this.
"Our national prosperity is dependent on world
prosperity. The recovery
are to
of international trade
since
attainment in 1929, to 92%
ment in world commerce.
1932
from
a
quantum of 73%
of maximum
in the first half of 1937 reflects the improve¬
This increase of international trade in spite of
tariffs, quotas, exchange controls, bilateral conventions and other
barriers,
is evidence of the desire of all
expansion."
countries
to
seek recovery through
trade
Volume
145
.
international trade, the final de¬
Regarding specific issues which affect
claration of the convention
gram;
soon
3139
Financial Chronicle
endorsed the reciprocal trade agreements pro¬
Doherty and Assistant Secretary
As to the remarks of Mr.
of War Johnson
urged stabilization of world currencies to the end that the world may
return to a gold standard; recommended that the Export-Import
also quote from the same
we
advices:
recollection," said Mr. Doherty, "is also a day
task of making permanent the blessings of peace.
"This day of glorious
rededication of the
of
discounting obliga¬
tions issued therefor; commended the policy of protection extended by
United States authorities to American citizens and interests in the present
vividly the realization of
the futility of war.
It spurs us to renewed determination that our sons and
daughters shall never know an America involved in war if we in honor
situation in China.
can
refunding American blocked balances by
Bank aid in
"Each
by the United States
Government aimed at an early settlement of the inter-governmental war
debt; recommended amendment of economic provisions of the TydingsMcDuffie Act to eliminate export taxes to be levied commencing in 1941
and to extend the period of reciprocal free trade "for such indefinite period
after i ndependence as may be desired to facilitate American and Philippine
trade"; asked an increased mercantile marine be encouraged through
Government subsidies and legislation be enacted to aid in settlement of
The declaration urged
that negotiations be initiated
forms an important part of our
general agricultural
Federal
policy, Chester C. Davis, member of the board of governors of the
Reserve System, told delegates that any system of reciprocal trade
agree¬
but brings to use more
prevent it.
"The American people treasure
of any other
We covet not one inch of territory
of any other nation's
peace.
We do not seek one penny
nation.
treasure.
tribute, to our departed
attainment the ideals for
honor, no more sincere
"We can pay no greater
comrades than to bring to
and to our disabled
suffered and died. These ideals envisioned
and the enthronement of an enduring peace.
which they fought,
ment of war
"It is
sacred obligation to carry on
our
and security of
maritime labor disputes.
Declaring foreign trade
new anniversary
their fight to protect the peace
America."
of measures
and capital in war time, abolition of
adequate national defense and rigid enforcement of
Doherty said the
Mr.
the banish¬
Legion would press for enactment
providing for equal drafting of men
profits from
war,
agricultural
products, even though it increases markets for our industrial exports, will
not stand unless balanced by trade agreements with such industrial nations
as the United Kingdom which buy our raw materials and market finished
neutrality.
goods.
in this country.
nations
with
ments
whose chief concern is
to sell us their
convention, William 8. Culbertson, of
Culbertson & Leroy, urged liberalization of our trade relations with Great
Britain, declaring it would be the first step toward breaking down the
"old Colonial regime" wherever it still exists.
Asserting lumber is being deprived of its export position as a result of
reciprocal treaties which have been negotiated, Walter B. Nettleton,
President, National Lumber Manufacturers' Association, said that any
Canadian session of the
In the
with Britain should include
Canadian softwoods.
agreement
provision for parity of American
lumber with
Mr. Johnson said that
Powers
world
maintains
"In
"We maintain an army
nations.
Roosevelt
Have No
Other Nations"
of
9,
urged that we "give humble and hearty thanks for the bounty
and goodness of Divine Providence."
He pointed out that
while many parts of the world are marked by strife and
threats of war," our people are "enjoying the blessings of
have no selfish designs against
proclamation, dated Nov. 9, follows:
peace" and that "we
The
nations."
By the President
A
I, Franklin
PROCLAMATION.
of the United States of America,
of November, 1937, as a
thanksgiving began in Colonial
times and has been given the sanction of national observance through many
years.
It is in keeping with all of our traditions that we, even as our
fathers in olden days, give humble and hearty thanks for the bounty and the
goodness of Divine Providence.
The harvests of our fields have been abundant and many men and women
have been given the blessing of stable employment.
A period unhappily marked in many parts of the world by strife and
threats of war finds our people enjoying the blessing of peace.
We have
,«
selfish designs
We have been
against other nations.
devoting our
energies and our resources to
We have sought to fulfill our
national heritage by common effort for the common
fortunate in
constructive purposes
obligation to use our
and useful works.
good.
Let us,
in
therefore, on the
i
In witness
of the
usual occupations and,
humbly ac¬
good and perfect gift.
worship, each in his own way,
of God, from whom comes every
whereof, I have hereunto set my
America to be affixed.
hand and caused the seal
United States of
Done
year
day appointed, forego our
accustomed places of
our
knowledge the mercy
at the
City of Washington
in the
and Thirty-seven and of the Inde¬
the one hundred and sixty-second.
this Ninth Day of November
of Our Lord Nineteen "Hundred
pendence of the
sobIJ
United States of America
FRANKLIN D.
ROOSEVELT.
President:
SUMNER WELLES,
By the
Acting Secretary
of State.
of Armistice Day—Silent Tribute by Presi¬
Roosevelt at Tomb of Unknown Soldier in
Observance
dent
Washington—National Commander Doherty of
American Legion Declares It Our Sacred Obliga¬
tion to Protect Peace and Security of America
—Assistant Secretary of War Johnson
Declares
United States Makes Every Effort to Preserve Peace
in World—International Broadcasts
President Roosevelt led the Nation in observance of
Armistice Day (Nov. 11) with the placing of a white chry¬
santhemum wreath on the tomb of the Unknown Soldier in
The President's tribute
the catafalque, in
the presence of high ranking officials.
The day marked the
19th anniversary of the signing of the armistice, and joining
in the observance of the day were the other nations of the
world.
At Washington, said United Press advices, the
ceremonies, brought warnings in brief addresses from Daniel
J. Doherty, National Commander of the American Legion,
and Louis Johnson, Assistant Secretary of War, that dis¬
turbed international conditions threatened the Nation's
peace and security.
From the United Press we also quote:
Arlington Cemetery,
was a
silent one, as
Washington.
he laid the wreath on
of War; Mr. Johnson; Charles Edison,
Assistant
and Admiral Adolphus Andrews stood
beside Mr. Roosevelt as he placed the wreath on the tomb at 11 a. m.,
the armistice hour.
Millions throughout the Nation, meanwhile, observed
Woodriug, Secretary
Secretary of the Navy,
Harry H.
a
two-minute silence.
uniform,
dress
sounded
Army, Navy and Marine escort in glittering
Mr. Roosevelt drew himself to rigid attention as a bugler
Surrounded by a picked
"Taps."
strive in every way to keep our
national honor free from
blemish that would mock or anger another nation.
endeavor to check the spread of the disease of war from reaching our
the calamity that cut
It if is up to us,
shoras.
short the lives of our com¬
ourselves, upon our children and upon
rades will not be visited upon
the
generations that follow.
example in foreign affairs has not
been
effort to keep peace in
and conquest, have kept the
international pot boiling and seething with distrust and fear.
"We can say in the midst of such international chaos that we may never
again be called upon to defend ourselves."
While we have made every
universally followed.
bent upon aggrandizement
the world, others
Services
held in the Washington
were
Cathedral for the
Bishop James E. Freeman paying
time President.
Principal among the
Woodrow Wilson,
late
to the war
tribute
ceremonies in New York City was one at the Eternal
Light in New York City at which Mayor La Guardia was
the chief speaker.
In the New York "Herald Tribune" of
Nov. 12 it was noted that among the five speakers delivering
Armistice
national thanksgiving.
of observing a day of public
The custom
no
...
"In short, we
many
Thursday, the twenty-fifth day
hereby designate
day of
other
of the United States of America.
D. Roosevelt, President
but we keep it modest
fear among the rest of the
and strive for its efficiency,
"Unfortunately, our national
proclamation designating Nov. 25 "as a day
thanksgiving," President Roosevelt, on Nov.
In his
"We
We encourage the reduction
proportions, too modest to arouse envy or
in its
force," he said.
the internal affairs of others.
We cooperate.
overburdening military armaments.
and limitation of
"We
national
We conciliate.
any mar or
Thanksgiving Day Proclamation of President
—In Urging Observance, Declares "We
Selfish Designs Against
other nations we use no
We do not interfere in
threats.
no
We arbitrate.
solely to maintain peace
efficient national defense
relations with
our
make
continents, and other
the United States
while wars rage on other
engaged in costly armament races,
are
small but
a
Day messages
over
Dr. Nicholas Murray
were
an
international broadcast
Butler, President of Columbia
University the Marquis of Lothian, in Lcfodon, and V. K.
Wellington Koo, Chinese Ambassador to France, in Brussels,
Belgium.
Cablegrams from King George VI and Prime
Minister Neville Chamberlain it was noted were read at an
Armistice Day luncheon of the Canadian Club at the
Waldorf-Astoria.
MacDonald, Thrice Prime Minister
Britain—Succumbed to Heart Attack
While on Health Trip—President Roosevelt and
Secretary of State Hull Voice Regrets
J. Ramsay MacDonald, three times Prime Minister of
Great Britain, died of a heart attack on Nov. 9 in midAtlantic aboard the liner Reina del Pacifico, of the Pacific
Steamship Navigation Co., bound for South America. He
was 71 years old.
Mr. MacDonald had sailed from Liver¬
pool, England, on Nov. 4 for a three-month rest in South
America because of poor health.
The body will be taken
ashore when the liner arrives in Bermuda on Monday
(Nov. 15). In a statement issued on Nov. 10, President
Roosevelt expressed deep regret at the death of Mr. Mac¬
Donald. The President's statement follows:
Because Ramsey MacDonald labored long and successfully for the good
of his fellow-men, he will be mourned by those throughout the world who
call themselves liberals.
I am glad to have known him as a friend and I
Death of J. Ramsay
Great
of
deeply regret his
death.
Secretary of
State Cordell
Hull also paid tribute to Mr.
following statement issued on Nov. 9:
I have learned with the deepest sorrow of the death of the Right Honor¬
able Ramsay MacDonald.
His death removes from the world a great
leader, profound statesman, and a loyal friend.
In my association with
him in our individual tasks of making clear to each other the point of view
of our respective countries I always found him a forthright and helpful
representative of the great people he was privileged to lead. His untiring
efforts for peace placed him in the front ranks of those who tried to make
MacDonald in the
a
better world
for us to live
in.
bearing on the Tatter years of Mr MacDonald's official life, is from the New York ''Herald Tribune"
The following
of Nov. 10:
Mr.
MacDonald, after six years
the
This election
Stanley Baldwin.
enabled Mr.
through the stirring
succession of King
his
Prime Minister on
7,1935, but
of his successor,
the
in office, resigned as
remained, as Lord President of the Council, in the Cabinet
He was defeated at Seaham Harbor in
general election the next November, but early in 1936 was returned to
House of Commons by the Scottish Universities by-election.
June
MacDonald to retain his place in
political farewell
the House of Lords.
not into
The King
honor,
offered him a peerage,
but the Scottish statesman
for the Dominions,
declined the
his friends called him.
Malcolm MacDonald,
whose public career would have been virtually
preferring to remain plain "Ramsay Mac," as
had in mind the political future Of his son,
He also
Secretary
the Cabinet
abdication of King Edward VIII and the
whom the former Prime Minister made
last May, following Mr. Baldwin into retirement but
days of the
George VI, to
3140
Financial
at an end if he had to enter
the House of Lords on
title at his father's death.
assuming
a
Chronicle
hereditary
Floyd
;
Virtually the only important authority remaining with the Privy Council,
empire.
But
as
supreme
1937,
the headquarters staff of the American
as
Assistant Secretary,
in^ which
capacity he will be Assistant to Richard W. Hill, the National
by
delegates from 22 nations, who
were
V
trouble
keynote speech of the
conference when it opened last April in the Locarno
Office.
severe eye
room
of the
'"1':
Foreign
"
Death of Edward A. St.
John, Vice-President National
Surety Corp.
Edward Atkinson St. John, Vice-President of the National
Surety Corp., New York, died on Nov. 5 of pneumonia at
his home in Garden
in
Buffalo, N.
Y.,
City, L. I.
where
he
Mr. St. John
ing
in
lie
Austin
firm,
1908, he met
a
print¬
Chicago,
William B. Joyce, then President of the
Surety Co., who offered Mr. St. John the Presi¬
dency of Joyce & Co., general agents of the National
Surety
Co. in Chicago.
He remained President of the
National
until 1916, when he came to New
President of the National
Surety Co.
York
a
was
elected
Surety Agents, the Chicago Surety Asso¬
ciation, and the International
Surety Underwriters.
Association
of
Casualty
&
Winthrop W. Aldrich
of Chase National Bank
of New
York Returns From Abroad
Winthrop W. Aldrich, Chairman of the Board of the Chase
National Bank of New
York, who was, recently appointed
chairman of a commission to
study world monetary policy
and credit
by the council of the International Chamber
of
Commerce which met in
Paris, arrived in New York Nov. 8
after having
spejjt several weeks on the continent.
The
departure of Mr. Aldrich for Europe was noted in
our issue
of Oct. 23,
page 2637.
Richard
W.
Hill
Appointed Secretary of American
Association—Position Vacant Since 1931
W. Hill, who has been
connected with the
member
American Institute of
Banking since 1916, first
Educational Director and since 1919
as
appointed to
serve
also
as
with the
of the New York
City Municipal Civil
In 1914 he was
appointed Secretary of the
Borough
Bronx, New York City,
holding that office until 1916, when
he
became associated with the
American Institute of
Banking. Mr. Hill is a
graduate of the Institute.
of the Public
Education
and as Registrar of
He has served for
a
number of years
the Graduate
the Association and
Rutgers
as
Secretary
Association,"
conducted jointly
by
Commission
of the American
Bankers
School of Banking,
University,
since its organization in
1935.
Barney & Co.,
the
on
on
Exchange since
Oct. 13.
1933,
appointed
was
1
Gibson
Named
Director
of
News
Bureau
of
American Bankers
Association Succeeding Gurden
Edwards Now Director
of Research
Council
Lester Gibson, for
nine years Associate
Editor of the
American Banker,
published in New York, has
joined the
American Bankers
Association as director of
its News
Bureau, it was announced Nov. 9
by Dr. Harold Stonier,
Executive Manager of the
Association. He succeeds Gurden
Edwards, who has been named Director of
the Association's
new Research
Council.
Mr. Gibson has been
a familiar
figure at A. B. A. and
other banking conventions
wherever held for several
a
years, as
representative of.his
paper.
While with the
American
Banker he also served as
publicity director of the New
Bankers Association and
Jersey
the New York State
Bankers As¬
sociation, and handled the
publicity and
press-room ac¬
tivities of the Financial
Advertisers Association at
several of
its recent annual
conventions.
Before joining the
American
Banker he was associated
with a
group of business publica¬
tions in New York.
a
ford, President of Great Atlantic & Pacific Tea
Co.; Leo
J.
Fischer, President of Thompson-Starrett
Co., Inc.,
and 30 other prominent business men
were elected to mem¬
bership in the Chamber of Commerce of the State of New
York
at
the
monthly meeting Nov. 4.
The Chamber
described the group as one of the
largest and most repre¬
sentative admitted to
membership in the organization in
some time, and it includes
other executives in several of the
Nation's leading industries.
Charles
T.
Gwynne,
Executive
Vice-President
of
Chamber, said:
It is
the
indication of the increasing interest which
business men today
are taking in public
affairs, particularly those acts of government
which
directly affect industry and the economic welfare of
the Nation.
an
The others elected to
membership on Nov. 4 were:
George S. Armstrong, President of George S.
Armstrong & Co., Inc.
Earle Bailie, of J. & W.
Seligman & Co.
Leonard J. Beck, of Leonard J.
Beck, Inc.
Frederic C. C. Boyd, of the Union News
Co.
Axtell J. Byles.
Clark T. Chambers, of Clark T.
Chambers, Inc.
W. L. Conwell, President of
Safety Car Heating &
F. D. Coster, President of
William H
Lighting Co.
McKesson & Bobbins, Bridgeport,
Conn.
English Jr.
Roy K. Ferguson, of the St. Regis Paper Co.
H. Hays, President of Motion
Picture Producers
America, Inc.
Will
of
&
Distributors
John O.
Hegeman, of Hegeman-Harris Co., Inc.
Charles O. Heydt, Vice-President of
Rockefeller Center, Inc.
George H. Howard, President of New York United
Corp.
G. Ellsworth
Huggins, President of Catlin Farish Co., Inc.
Frederick W. Kelly, of J. Edward
MacDermott & Co.
H. Edward
Manville, Chairman of Executive Committee of
Johns-Man-
villeCorp.
Walter G. Kimball, Senior
Vice-President of Commercial National Bank
& Trust Co. of New
York.
John
McAuliffe, President
J. Edward
of Isthmian
Steamship Co.
MacDermott, of J. Edward MacDermott & Co.
William S. Paley, President of
Columbia Broadcasting System, Inc.
Clyde R. Place, Consulting Engineer.
H. Smith
Richardson, Chairman
Hugh S. Robertson
of the Board of Vick Chemical
Co
Maurice R
Scharff, Consulting Engineer.
Leon C. Stowell, Executive
Vice-President of Elliott Fisher Co.
Herbert Bayard Swope.
Webster B. Todd of Rockefeller Center.
•
Lester
as
Public
late
Board, and Simon
Assistant
Examining Division
Service Commission.
of the
Committee
Guggenheim, President, of the American
Smelting & Re¬
fining Co.; A. W. Robertson, Chairman of the Board
of
Westinghouse Electric Manufacturing Co.; John A. Hart¬
Secretary, has been
Mr. Hill, who has lived in
New York the greater
part of his life, graduated
from the New York
City public schools and studied law
at the Law School
of New York
University, being admitted to the New York
Bar in 1902.
He
practiced law in New
York City for 12
years.
In addition to his
legal
practice, he took up public
accounting and in 1905 and 1906 he
was con¬
nected
the
New York State Chamber of
Commerce Admits 34 New
Members at Monthly
Meeting Nov. 4
Francis H. Brownell, Chairman of the
as
Secretary of the American Bankers
Association, of which the Institute is a
section, it was an¬
nounced Nov. 8,
by Dr. Harold Stonier, Executive
Manager
of the Association.
The office of
Secretary of the Association
has not been filled since
the death of the former
Secretary,
William G. Fitzwilson in
1931, the functions of the office
having been divided among various members
of the staff.
He will be in
charge of detailed arrangements of all
associa¬
tion conventions and
regional conferences and other
assigned
administrative functions.
An announcement
issued by the
Association outlining Mr. Hill's
career added:
of
of
Governor
Bankers
Richard
member
Relations.
Mr.
Alphaus C. Beane. He has been
a
member of the
Exchange since 1929, a Governor since
May of this year, and is also a member of the Committee
on Abitration and
Securities.
Mr. Brown, who has been a
President
of the
company,
and in 1931 Vice-Chairman.
When the National Surety
Corp. was formed in 1933 to suc¬
ceed the National
Surety Co., Mr. St. John became its VicePresident.
At his death he was also a
director of the
Bankers Bond &
Mortgage Co., the Bankers Bond & Mort¬
gage Guaranty Co. of America, and the
Independence Fund
of North America.
He was also a
past President of the
Casualty & Surety Club of New York, the National
Associa¬
tion of Casualty &
Brown
Harding succeeds the
company
become Vice-
to
In 1922 he
Banking
and
Charles S.
Harding Elected to
Committees by New York Stock
Exchange
The New York Stock
Exchange announced on Nov. 10
the election of Austin
Brown, partner of Dean Witter & Co.,
as
a member of the
Committee on Customers'
Men, and
Charles B. Harding,
partner of Chas. D.
08 years old.
Born
attended the public
schools,
was
began his career as an office boy with
later becoming a salesman.
While in
of
Secretary, Dr. Harold Stonier, Educational Director of the
Institute announced on Nov. 9.
It is also announced that
Professor W. A. Irwin, head of the Economics
Department
of Washburn College at
Topeka, Kan., for the past 16 years,
has been made Assistant Educational
Director of the Am¬
erican Institute of
Banking at the headquarters office in
New York.
invited by the Secretary General of
His
Secretary of
Banking—W. A.
Irwin
has joined
Institute
few weeks of his retirement from official life, Mr.
MacDonald
presided in London at the International Sugar
Conference, attended
a
the League of Nations at Mr. MacDonald's
request.
of the last few years was evident as he read the
1937
Floyd W. Larson, Executive Secretary of
Minneapolis
Chapter of the American Institute of Banking from 1929 to
the
Council in January, 1936, the announcement of the death of
King George V
and the accession of Edward.
Within
13,
Assistant
Named Educational Director
authority of the
Lord President it fell to Mr. MacDonald to read to
W.
Larson Appointed
American
Institute
of
which Mr. MacDonald headed in the last
years of his public life, is its legal
function through the Judiciary Committee, the
Nov.
John Hay
Whitney, Chairman of the Board of Freeport Sulphur Co.
Joseph Wilshire, President of Standard Brands, Inc.
New York State Chamber of
Commerce
to
Hold
169th
Annual
Banquet on Nov. 18—Dr. Chengting T.
Wang, Chinese Ambassador to United States, to
Speak
Dr.
United
Chengting T.
Wang, Chinese Ambassador to the
States, will speak on "What China Has Achieved
During the
Past Decade"
at the 169th annual
banquet of
Chamber of Commerce of the State of Newr York
on
Nov. 18. Having contributed
materially, says the Chamber,
to the modern industrial
development of his country through
the formation of
banks, railroads, cotton corporations and
mining companies, Dr. Wang will be able to give the members
of the Chamber and their
guests a business man's view of
the China of
today. Miss Dorothy Thompson, commen¬
tator on world
affairs, who will be the other speaker, will be
the first of her sex to whom
the Chamber has extended its
the
hospitality
at
an
annual
banquet since its organization in
Financial
Voiumt 145
She will be the only woman at the dinner, which will
held at the Waldorf-Astoria Hotel in New York City.
1768.
be
Winthrop W. Aldrich,
President of the
toastmaster.
W.
Richard
is
Lawrence
Chamber, will be
Chairman of the
Banquet Committee, and the other members are Gano Dunn,
Frederic W. Ecker, James L. Kilpatrick and John Sloane.
National
The
Industrial
Traffic League to Hold
Meeting in Chicago Nov. 18-19
Annual
Port Washington
National Bank & Trust Co., Port Washington, N. Y., and
the Harbor National Bank of that place, capitalized, respec¬
tively, at $325,000 and $72,000, were consolidated under the
title of the Port Washington National Bank & Trust Co.
The new institution is capitalized at $500,125, consisting of
$328,000 preferred stock and $172,125 common stock.
Its
surplus fund is $34,425.
""
As at the close of business Oct. 30, the
*
annual
meeting of the National Industrial Traffic
League, a national shippers' organization, will be held at the
Palmer House, in Chicago, Nov. 18-19, and it is expected
that there will be a record attendance of industrial traffic
from all
sections of the country.
The occasion will
anniversary of the founding of the League.
A
feature of the meeting will be a luncheon Nov. 18, also to
be held at the Palmer House, at which W. M. Jeffers, of
Omaha, new President of the Union Pacific RR., will be the
guest speaker.
Among the subjects to be discussed at the annual meeting
will be the application of the railroads for a 15% general
increase in freight rates; the Pettengill bill proposing the
elimination of the long and short haul clause of the Interstate
Commerce Act, as well as other transportation bills now
pending in Congress.
>
men
3141
Chronicle
mark the 30th
Announcement
was
made
Nov. 10 by Carl K. Withers,
on
Commissioner of Banking & Insurance for
New Jersey, that
Vice-Chancellor, Vivian M. Lewis, had approved payment
of a final dividend of 9%, amounting to $32,274, to approxi¬
mately 1,600 depositors and other creditors of the defunct
Merchants' Trust Co. of Paterson, N. J.
Two previous
dividends, each of 10%, have been paid by the institution.
*
■
John C. Meighan has
been elected President of the Duquesne Trust Co., Duquesne, Pa., to succeed the late Dr.
L. H. Botkin, it is learned from "Money & Commerce" of
Nov. 6, which added that other officers named were:
O.
F.
McDonald, Vice-President, and William M. Ewing, First Vice-
President.
the former President, was elected to
Robert L. Bofckin, son of
the Board of Directors.
♦
A
Congress of American Industry to Meet in New York
Dec. 7-9—Will Be Preceded by Annual Convention
of National Industrial Council
For text of this article
see
advertising
page
VI.
5% dividend, amounting to $608,000, will be distributed
to the 18,500 depositors of the defunct Security-Home Trust
Co. of Toledo, Ohio, beginning Dec. 15.
The trust company
has already returned 45% to its depositors.
The Toledo
"Blade" of Nov. 5, from which this is learned, also said:
Ross
Meeting
American
Forum
Bankers
of
Institute
New
of
of Banking to Be
Chapter
York
F.
Walker, cordinator of closed
bank liquidations, and William
M. Konzen, liquidator, announced today that application for payment
the dividend will be filed in common pleas court
Held Nov. 17
immediately.
.
Mr. Konzen said there is another cash, including $22,000 of
Dr.WalterJE. Spahr, Chairman, Department of Economics,
of Commerce, Accounts and Finance, New York
University, will address the Bankers Forum of the New York
Chapter, American Institute of Banking, at a meeting to be
held in the auditorium of the Chapter located in the Woolworth Building, New York, on Nov. 17 at 7.30 p. m.
Dr.
Spahr has chosen as his topic "The Current Economic Out¬
School
look."
be the second in
This will
a
the
present
17.
Nov.
Forum Meeting of New York Chapter National
of Credit to Be Held Nov. 18
Institute
be
necessary to
forum
Banking, will address the gathering on the topic
a Banking Standpoint."
"Credit
extension from
file
an
make the payment.
to
ditional cash may
$608,000,.
of
.
Mr. Walker, however, is
are revenue
producing, so that it
application to borrow a small amount of money
Between now and Dec. 15, however, enough ad¬
be accumulated
so
the borrowing will not be necessary.
The work of preparing the necessary
checks will be started immediately.
I
•
The election of Earl R. Muir
as
President of the Louisville
Trust Co., Louisville,
Ky., was announced on Nov. 9, following the regular election meeting of the Board of Directors.
Mr. Muir succeeds William J. Rahill, who was made Chair¬
man of the Board.
In outlining the careers of Mr. Muir and
Mr. Rahill, the Louisville "Courier-Journal" of Nov. 10
had the following to say:
Both the officers
meeting of the New York Chapter National
Institute of Credit will be held at the Hotel Pennsylvania,
in New York City, on Nov. 18 beginning at 7.30 p. m., the
second of the season.
George T. Newell, Vice-President of
the Manufacturers Trust Co., New York, and a past Presi¬
dent of the New York Chapter, American Institute of
A
may
series of meetings to
problems of banking and finance.
William S. Gray Jr., President of the Central Hanover Bank
and Trust Co., New York, will preside at the meeting
discuss
make the total dividend payment of
opposed to the sale of the bonds which
.
bonds, to
1931, Mr. Rahill
Mr.
Muir
came
as
had
to the bank upon
its reorganization in the fall of
President, and Mr. Muir as a Vice-President.
been
with
the
of the Federal Reserve
Louisville branch
Bank for 14 years prior to that time.
A native of Rockport, Ky., he was
Illinois Central Railroad and the Cadillac Motor Co. in the order
with the
named previous to his
affiliation with the Federal Reserve Bank.
Cashier of that institution when he
He was
accepted the position with the Louisville
Co.
Trust
Mr.
Rahill
was
Secretary of the Chemical National Bank
of New York at the time he accepted the Louisville
& Trust Co.
position.
♦
Effective at the close of business Oct. 30, the First Na¬
ABOUT
ITEMS
TRUST
BANKS,
Manufacturers Trust Co., New
The
COMPANIES,
&c.
York, announced this
37-39
for its
new Avenue B
office.
The present Avenue B branch is lo¬
cated at No. 55, northeast corner of Fourth Street.
The
main floor of the newly acquired building will be converted
into a modern banking office, and the upper stories will
be used for apartments. Plans are now being drawn up by
the architectural staff of the bank, and it is expected that
the alterations will be completed in February, at which
time the present office at 55 Avenue B will be discontinued
and its business and personnel transferred to the new loca¬
tion. The Avenue B office is one of the oldest branch banks
of Manufacturers Trust Company, having been •established
purchased the four-story building at
week that it has
northeast corner of Third St., Manhattan,
Avenue B,
Manufacturers
Trust also announced that
Henry J.
Jr., Assistant Vice President at the office at 513
York, has been elected a Vice President.
Ruppel,
Fifth Avenue, New
•
ft
New
The
York
State
in
on
Nov.
$25 each share to $10 each share and of an increase
of shares from 80,000 to 200,000 shares.
4
Conway
meeting of
November
the
The Bank
of
for
was
the Board of Trustees of
Savings in the City of New York,
elected
a
Trustee.
W. Palen
Mr. Conway is President
Guaranty Trust Company.
the
4
York
Stock Exchange, died on Nov. 8 at his home in Narragansett, R. I.
He was 61 years old. Born in New York, Mr.
de Coppet graduated from the School of Mines, Columbia
University, in 1893.
In November, 1898, Mr. de Coppet's
father bought a Stock Exchange seat for him for $23,000.
He joined the firm of de Coppet & Doremus in 1902 from
Theakston de
which
seat
price
branch
of
he
on
of
Coppet, former member of the New
retired
the
Stock
14
years
later.
Exchange
$90,000.
—4
in
Phoenix,
at
Phoenix,
Arizona,
the consolidated bank.
#
Peoples National Bank of Washington in Seattle,
Seattle, Wash., representing a conversion to the national
system of the Peoples Bank & Trust Co., of Seattle, was
chartered by the Comptroller of the Currency on Oct,' 30.
The
The
new
institution is
stock.
A.
new
capitalized at $1,350,000, all common
Brygger is President, and C. L. Yost, Cashier,
bank.
On the
same
date the
new
institution
was
branches in the the
City of
Seattle, and branches in City of Kent; City of Renton;
City of Iloquiam, and City of Everett, all in Washington.
authorized
to
4
number
At
Arizona
of
maintain
three
t
Department
Banking
approved plans of the Morris Plan Industrial Bank of New
York to reduce the par value of shares of capital stock
from
Bank
(capitalized at $300,000) and the Phoenix National Bank of
the same city, (capitalized at $400,000) were consolidated
under the title of the "First National Bank of Arizona,
Phoenix."
The new organization is capitalized at $550,000
with surplus of like amount.
The former branch of the
Phoenix National Bank at Tempe, Ariz., has become a
of the
in 1882.
The
tional
Mr. de Coppet sold his
1919 for the then record
THE
CURB
EXCHANGE
the New York Curb Exchange was quiet at
the start of the week and prices were generally lower, but
there was considerable pick up as the week advanced, and
while the transfers continued comparatively quiet, the trend
Trading
on
of
prices moved toward higher levels.
Public utilities, par¬
ticularly the preferred stocks, attracted the best attention
and there was a fair amount of buying interest among the
mining and metal stocks.
Oil shares were quiet during the
fore part of the week but improved on Wednesday; spe¬
cialties have shown little change.
Curb market stocks were moderately active during the
opening hour of the abbreviated session on Saturday but late
selling drove many of the market leaders downward from
fractions to a point or more.
Public utilities which held a
prominent place in the trading during the early part of the
week sold off and mining and metal issues did comparatively
little.
Industrial specialties were down and the oil stocks
were steady.
Outstanding among the changes on the down
side were such trading favorites as Aluminum Co. of America,
,
Financial
3142
Chronicle
1937
13
Nov.
5
points to 85; Jones & LaughlinJSteel, 4 points to 30; NewMining, 3 points to 60; Royal Typewriter, 3 points to
49; and Public Service of Northern 111., 5% points to 78.
Losses of a point or more were registered during the early
trading on Monday but prices stiffened as the day progressed,
and while the market, as a whole, was lower, many of the
more
active stocks recaptured part of their early losses.
Public utilities were active, particularly the power group; oil
shares were steady and there was a firm tone
apparent in
the mining and metal issues.
Industrial specialties, on the
other hand, were quiet with only minor changes.
Among
the trading favorites closing on the side of the decline were
American Potash & Chemical, 6 points to 30; Great Atlantic
6 Pacific Tea Co. n v stock, 5 points to 55; National Power &
Light pref., 3 points to 61; New Jersey Zinc, 3% points
to 6034; Penn.Salt, 9% points to 140; Royal
Typewriter, 3
points to 46; and Safety Car Heating & Lighting, 3 points
mont
With
correspondents
countries,
wide
moved
to
moderately higher levels as the Curb
market worked out of its rut on Tuesday.
The gains were
not particularly noteworthy but the upward movement was
fairly steady throughout the session.
Mining and metal
shares
quiet and the oil issues failed to show much
improvement.
Public utilities, especially the preferred
group, were fairly active and some of the merchandising
stocks were higher. The volume of trading continued small,
the turnover totaling approximately 213,000 shares
against
209,000 on Monday.
The advances included among others
Babcock & Wilcox, 4 points to 69%; Cities Service
pref., 4
points to 2534; Aluminum Co, of America, 3 34 points to
8834; and Alabama Power 7 pref., 3 points to 69.
Public utilities led the upward movement as Curb stocks
continued their gains on Wednesday.
The advances, how¬
ever, were not confined to this grouj) as the improvement
extended to practically every section of the list and the
gains ranged from 1 to 3 or more points.
Oil stocks were
stronger and were featured by Humble Oil which forged
ahead 434 points to 62.
Lower priced industrial specialties
were in good demand and there was a
strong pick up in the
mining and metal stocks.
The transfers for the day were
409,555 shares against 213,195 on Tuesday.
Outstanding
among the advances were Babcock & Wilcox, 534 points
to 7534; Brown Co. pref.
434 points to 43; Jones & Laughlin
Steel, 4% points to 3634> and Sherwin Williams, 4% points
were
to 91.
444/ :•;•■;?/
The
New
York
Curb
Exchange, the New York Stock
Exchange and the commodity markets were closed on
Thursday in observance of Armistice Day.
Modest gains were registered throughout the list on
Friday, and while there were occasional flurries of profit
taking, the upward swing was strong enough to absorb most
of
before
it
demand and
the
market
some
closed.
Public
utilities
were
in
modest gains were
registered as the day
Alabama Power 6% pref. was higher by 4 points
62; American Gas & Electric pref. moved up
2 points to 104 and New
England Power pref. advanced
534 points to 6734- Industrial specialties were represented
on the
up side by Singer Manufacturing Co. which moved
ahead 6 points to 245 and Babcock & Wilcox which
regis¬
tered a gain of 3% points at 79.
As compared with Friday
of last week, prices were higher, American Gas & Electric
closing last night at 28 against 25% on Friday a week ago;
American Light & Traction at 15
against 13%; Carrier Corp.
at 33 against
30; Commonwealth Edison (new) at 28%
against 26%; Creole Petroleum at 26 against 2434; Electric
progressed.
as
it closed at
Bond & Share at 12% against 10; Fisk Rubber
Corp. at 7%
against 734; Hudson Bay Mining & Smelting at 2234 against
1934; Humble Oil (new) at 6134 against 5834; Newmont
Mining Corp. at 66 against 63; Niagara Hudson Power at
934 against 8%; Singer Manufacturing Co. at 245 against
239; Sherwin Williams Co. at 9134 against 8534 and United
Shoe
MANUFACTURERS TRUST COMPANY
PRINCIPAL! OFFICE AND FOREIGN DEPARTMENT:
55
BROAD
TRANSACTIONS
AT
THE
YORK
NEW
CURB
STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
FOREIGN
EXCHANGE
RATES
CERTIFIED
BANKS TO TREASURY
[ NOV. 6,
Nov.
12, 1937
of
Shares)
Bonds (Par
Value)
Saturday
Monday
Foreign
Domestic
166,025
209,420
$644,000
1,027.000
213,245
406,650
Tuesday
Wednesday
Thursday
Friday
Government
Nov. 6
Nov. 8
Nov. 9
Nov. 10
$
>
S
,188600
Austria, schilling
1,529,000
2,254,000
$11,000
$42,000
33,000
22,000
39,000
17,000
35.000
$697,000
1,082,000
1,585,000
2,320,000
31,000
HOLIDAY
338,330
1,879,000
,
12,000
Nov. 12
$
.189450*
.189433*
.189516*
.188933*
.170815
.170513
.170152
.169713
012862*
.012900*
.012875*
.012850*
.012975*
035000
.035116
.035237
.035206
223223
Denmark, krone
England, poundsterl'g 5. 001041
.224225
.223616
.223188
.222525
>.023333
5.009125
.000375
4.985666
.022140
.022125
.022100
.022018
Czechoslo'kla.
koruna
Finland, markka
,022100
France, franc
Germany,
,033997
.034160
403775
.034058
.035100
.033998
.033867
.404483
.404733
.404116
.403330
Greece, drachma
,009137*
.009203*
.009187*
.009169*
.009146*
Holland, guilder
Hungary, pengo..
.553742
.556235
.555235
.553996
.553260
.197475*
.198375*
.198750*
.198625*
Italy, lira
.052649
.052647
.052648
.052640
.052624
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
.251292
.252420
.251670
.251207
.250520
.189133
.189475
.189433
.189433
.189166
relchsmark
.198375*
.045166
.045206
.045229
.045266
.045150
,007289*
.007317*
.007317*
.007387*
.007300*
,062642
.063062*
.062750*
.063500*
8weden,krona.
,257788
.258987
.258254
.257769
Switzerland, franc
Yugoslavia, dinar
,232450
.232753
.232117
.231676
,023060*
.023180*
.023160*
.023120*
.294270
.295125
.294854
.294645
Hankow(yuan) dol'r .294270
Shanghai (yuan) do! .294270
Tlentsln(yuan) dol'r .294270
Hongkong, dollar.. .311875
Indla, rupee
.377359
Japan, yen
.291192
Singapore (8. S.) dol'r .586250
.295125
.294854
.294645
.294166
.295125
.294854
.294645
.294166
.295125
.294854
.294645
.294166
.062444*
.257033
HOLI¬
DAY
.230789
.023100*
Asia—
China—
Chefoo (yuan) dol'r
.294166
.312984
.312906
.311750
.311000
.379306
.378178
.377500
.376437
.292555
.291729
.291325
.290368
.588750
....
.587500
.586250
.584750
Australasia—
Australia, pound
New Zealand, pound.
Africa-
.986428*4 002562*3.993035*3 983875*
.014285*4 034464*4.020178*4 015714*
3.974062*
4.002946*
South Africa, pound._ 4.955156* 4 977343*
4.963392*4.953515*
North America-
4.940535*
Canada, dollar.
Cuba, peso
.000468
1.000468
.000528
.999166
.999166
.999166
.999166
.999166
Mexico, peso
.277500
.277500
.277500
.277500
.277500
.997968
.997968
.997949
.998013
.997968
.335033*
.334050*
Newfoundland,
dollar
.000540
1.000492
South America—
Argentina,
Brazil
.333229*
peso
.332412*
.087438*
.087405*
.087372*
.087659*
.055722
.055666
.055937
.056500
.051680*
.051680*
.051680*
.051680*
.051680*
.569905*
.569905*
.569905*
.569705*
.569905*
.791200*
Colombia, peso
Uruguay.peso
.333387*
.087355*
.055437
(official) mllreis
(Free) mllreis
Chile, peso
.791200*
.791200*
.791100*
.791400*
*Nomlnal rates; firm rates not available.
COURSE
OF
BANK
CLEARINGS
Bank clearings this week will show
with
upon
a
a
decrease compared
Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country,
year ago.
indicate that for the week ended today
(Saturday, Nov. 13)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be
those for the
total
the
stands
same
25.5% below
corresponding week last year.
Our preliminary
at $4,810,325,461, against
$6,458,503,347 for
week in 1936.
week ended
At this center there is
Friday of 30.0%.
a
loss for the
Our comparative
summary
for the week follows:
Clearings—Returns by Telegraph
Week Ending Nov. 13
Per
1937
1936
$2,179,273,058
$3,112,622,617
255,986,057
278,000,000
202,274,453
241,000,000
138,940,471
61,720,692
59,500,000
92,495,000
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
.-
—
..--
—
-J.—.
Cleveland
Cent
—30.0
—21.0
—13.3
176,300,000
—21.2
73,201,737
64,500,000
108,016,000
77,070,779
58,950,155
56,711.384
Baltimore
46,000
Nov. 11
170350
Belgium, beiga
Bulgaria, lev
Boston
Total
RESERVE
1930
S
Europe—
Chicago
Philadelphia
Foreign
Corporate
OF
Noon Buying Rate for Cable Transit, in New York
Value in Unitea ^aies Money
New York
Stocks
FEDERAL
ACT
12, 1937, INCLUSIVE
Unit
EXCHANGE
(Number
Week Ended
BY
UNDER TARIFF
1937, TO NOV.
Country and Monetary
Machinery at 7634 against 73.
DAILY
extend world¬
to
banking facilities to exporters and importers.
to 73.
Stocks
all foreign
practically
in
position
in
are
we
—15.7
92,359,531
77,721,756
65,483,646
51,258,259
44,585,614
—7.8
—14.4
—16.6
—24.2
—13.4
—13.0
1,937,000
1,333,670
Sales at
$7,333,000
Week Ended Nov.
$153,000
12
$135,000
Total all cities five days
All cities, one day
$7,621,000
Jan. 1 to Nov.
12
New York Curb
Exchange
1937
Stocks—No. of shares.
Bonds
1936
1937
Foreign corporate
Total
801,720,910
1,353,999,814
—40.8
$4,810,325,461
$6,458,503,347
—25.5
1,333,670
3,116,579
95,287,612
$12,726,000
$704,636,000
452,000
$373,353,000
10,957,000
9,014,000
$13,504,000
$393,324,000
$731,603,000
EXCHANGE
RATES
326,000
15,948,000
11,019,000
In
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the, buying rate for
cable transfers in the different countries of the world.
record for the week just passed:
$5,104,503,533
—21.5
+ 6.3
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
a
$4,008,604,551
112,964,102
$7,333,000
153,000
135,000
FOREIGN
give below
—26.2
796,082,945
$4,355,449,603
749,053,930
1936
$7,621,000
Domestic
Foreign government-..
$3,212,521,606
Total all cities for week
Total
Eleven cities, five days
Other cities, five days
We
cases
has to be estimated.
the elaborate detailed
present further below,
results
for
the
week
For that week there
statement, however, which we
able to give final and complete
we are
previous—the
was
a
week ended Nov. 6.
decrease of 3.1%, the aggregate
of
clearings for the whole country having amounted to
$5,800,299,372, against $5,986,761,425 in The same week in
1936.
Outside of this
eity there
was an
increase of 4.4%,
Volume
Financial
145
this center having recorded a loss of
the cities according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
the totals register a loss of 8.0%, and in the Boston Reserve
District of 5.3%, but in the Philadelphia Reserve District
the totals record a gain of 1.3%.
In the Cleveland Reserve
District there is an improvement of 5.8%, in the Richmond
Reserve District of 12.4%, and in the Atlanta Reserve
District of 3.3%.
The Chicago Reserve District has
managed to enlarge its totals by 9.9%, and the Minneapolis
Reserve District by 11.8%, but in the St. Louis Reserve
District the totals are smaller by 2.4%.
In the Kansas
3143
Chronicle
the bank clearings at
8.5%.
We
group
increase of 3.1%, in the
of 10.3%, and in the San Fran¬
City Reserve District there is
Dallas
District
Reserve
an
Inc. or
$
furnish
Rapids.
2nd
New
York. 13
*
2,406,248
1,558,010
1,390,681
19,767,000
1,595,032
5,613,637
1,129,879
18,626,000
1,503,639
4,782,040
20,232,567
1,173,755
9,437,576
..
South Bend
Terre
Haute..
22,270,712
1,416,627
Wis.—Milwaukee
Iowa—Ced. Raps.
Sioux City.
111.—Bloomtngt'n
4th
17,325,000
1,309,451
4,368,185
+20.7
17,606,344
951,754
+ 8.6
9,449,041
+ 1.4
360,844
+ 14.0
310,986,222
311,931,472
Chicago
+ 6.1
+6.1
+ 17.4
+ 10.1
435,044
78,466.625
2,308,962
1,224,303
1,048,413
3,478,771
10,253,176
3,527,450
411,205
Das Moines..
+ 0.3
3,243,256
360,530
276,210,252
1,173,878
904,530
+29.8
680,093
4,198,214
1,195,237
1,638,690
4,850,597
1,138,258
1,367,618
—13.4
+ 19.8
2,827,001
861,513
1,044,802
521,301,507
474,223,827
+9.9
419,720,569
Rockford
1934
287,380,372
211,015,264
3,608,028,941
—S.O
3,034,514,672
2,409,575,163
111.—Jacksonville
350,806,049
+1.3
322,163,871
245,375,039
221,448,666
169,261,220
3,320,465,730
355,473,111 <>
Cleveland-. 6
"
287,615,251
271,780,552
+5.8
97,178,755
6
"
150,584,731
133,939,354
6th
Atlanta
10
"
152,660,667
147,768,231
+ 12.4
+3.3
130,707,139
Chicago
18
St. Louis.. 4
Minneapolis 7
"
"
521,301,507
474,223,827
+ 9.9
419,720,569
147,524,824
151,213,399
—2.4
132,234,461
100,419,523
111,051,463
98,517,445
81,072,892
10th KansasClty 10
"
135,636,312
+ 11.8
+3.1
131,522,270
62,039,042 + 10.3
+4.1
245,953,763
115,188,367
99,694,735
56,039,102
42,544,435
216,981,317
163,285,610
x
'X
-
619,000
+ 6.1
518,000
147,524,824
cities)
151,213,399
-2.4
132,234,461
Reserve Dls trlct—Minne
299,864,404
"
23,717,687
+ 1.6
113,206,480
7th
79,700,000
28,298,774
-14.6
657,000
Quincy
Total (4
+5.0
—2.4
86,500,000
34,609,474
29,484,925
87,900,000
33,787,240
25,180,584
Ky.—Louisville..
Tenn.—Memphis
S
9
%
,
Reserve Dls trlct—St. Lo uls—
Eighth Federa
—5.3
$
-
310.141,188
"
+2.0
+ 54.4
+23.1
Indianapolis
Mo.—St. Louis.
293,602,653
"
3rd Philadelphia 10
+ 44.6
3,234,016
Lansing
Ind.—Ft. Wayne
Total (18 cities)
1935
Dec.
193Q
1937
12 cities
Boston
89,078,289
Springfield
Reserve Dlsta.
l8t
%
Chi ago—
+ 11.9
381,216
128,786,922
3,298,715
Detroit
Inc.or
Federal
—
426,611
1935
Decatur
by Federal Reserve
a summary
SUMMARY OP BANK CLEARINGS
Week Ended Nov. 6, 1937
■; ;
Seventh Feder al Reserve D istrict
Mich.—AnnArbor
Grand
Dec.
1936
1937
Peoria————
cisco Reserve District of 4.1%.
In the following we
districts:
Week Ended Nov. 6
Clearings at—
6th
8th
9th
Richmond
.
6
"
Fran—11
"
Uth Dallas
12th San
68,406,553
5,800,299,372
5,986,761,425
—3ll
5,153,234,313
4,032,493,520
2,601,757,215
2,492,846,686
+4.4
2,216,115,914
1,702,493,599
434,941,157
Total.....—112 cities
Outside N. Y. City
525,337,994
—17 2
392,652,083
368,086,777
....32 cities
Canada.
We
add
now
99,344,809
255,976,570
,
118,338,332
our
detailed statement showing last week's
figures for each city separately for the four years:
.
687,452
873,311
St. Paul
N. D.—Fargo...
Mont.—Billings
.
Helena.......
Tenth Federal
Reserve Dls trlct
1936
First
Federal
%
Mass.—Boston..
Fall River.;
717,140
2,323,743
254,000,334
1,096,440
Lowell...——
579,867
New Bedford..
1,051,478
4,426,555
2,398,731
Springfield
..
Mo.—Kan. City
..
+ 1.6
+ 7.3
N.H.—Manches'r
476.299
293,602,653
7,292,100
Wichita Falls..
592,748
436,470
La.—Shreveport.
287,380,372
211,015,264
7,409,593
976,386
4,916,671
779,961
21,400,000
391,584
+2.8
+2.5
10,064,000
567,620
Hartford
9,133,200
—16.1
1,048,883
4,304,110
2,339,734
11,298,946
4,209,791
11,477,143
4,517,817
10,537,100
—
New Haven...
3,493,122
+4.7
—6.7
+33.5
+23.4
+ 0.2
Total (12
cities)
310,141,188
—5.3
Second
Feder al Reserve D istrict—New
12,464,928
1,177,149
9,158,229
30,500,000
+36.1
+3.6
+3.6
736,258
—22.2
583,485
+ 50.7
N. Y.—Albany..
Binghamton...
Buffalo
Elmira
1,136,033
879,583
3,198,542,157 3,493,914,739
7,949,832
8,545,011
3,869,187
4,478,242
Syracuse
2,551,256
Westchester Co
3,767,581
4,303,047
Conn. —Stamford
4,837.298
Jamestown
1,729,651
185,485,846
180,956
—11.1
2,300,885
31,054,390
—3.5
30,494,838
1,825,116
3,395,722
87,788,705
2,709,544
637,069
+32.3
2,348,521
+ 15.2
2,773,319
72,759,960
790,584
—22.0
619,975
131,522,270
+3.1
115,188,367
678,431
617,002
+ 4.8
+ 1S.1
+6.5
2,957,899
639,944
Total (10 cities)
135,636,312
724,772
364,349
449,044
27,000,000
582,868
489,176
366,749
New York
—8.5 2,937,118,399
2,329,999,921
Rochester
+ 7.5
6,684.220
3,145,630
2,173,397
3,120,003
235,000
15,740,961
29,833,039
5,273,313
2,838,266
2,149,220
+ 15.7
+47.7
+ 12.4
565,456
529,638
...
20,547,870
20,504,744
Northern N. J.
32,487,327
32,292,493
+0.6
3,320,465,730 3,608,028,941
—8.0
N.
J.—Montclair
Newark...
Total (13 cities)
Third Federal
Pa.—Altoona
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
Scranton
Wilkes-Barre..
York
N
112,070
3,060,648
Eleventh Fede ral
Texas—Austin...
Dallas
Ft. Worth
Galveston...
Reserve
1,614,153
50,484,710
8,165,648
3,398,000
1,136,725
3,607,317
District—Da Has—
+ 3.6
1,558,536
1,204,551
41,374,575
6,781,597
2,804,000
46,144,425
6,547,443
3,594,000
+ 9.4
+24.7
809,911
+40.4
883,169
3,384,727
+6.6
2,991,210
62,039,042
+ 10.3
56,039,102
—5.5
York-
31,600,000
573,128
City
+ 4.0
551,660
2,444,962
1,121,573
7,828,230
2,586,607
+ 5.6
2,200,669
272,133,768
821,375
469,989
98,517,445
—18.4
Colo.—Col. Spgs.
587,812
1,873,834
251,000,000
612,757
368,590
728,660
6,525,513
1,795,841
10,668,295
+5.1
as
608,597
2,362,941
121,433
139,059
Pueblo
682,303
R.I.—Providence
Conn.
9
S
Kans
24,897,704
2,110,269
556,181
2,720,823
29,966,687
2,413,839
3,911,493
92,019,747
3,064,548
Omaha
Reserve Dist rlct—Boston
Me.—Bangor
Portland
Worcester.
$
—
5,110,302
62,871,451
99,116
144,626
.
St..Joseph
$
2,315,528
111,051.463
Wichita......
1934
25,259,530
Total (7 cities) .
Kan.—Topeka
Inc. or
1937
+ 11.8
S. D.—Aberdeen.
Hastings
kly
1935
99,344,802
Minneapolis...
Neb.—Fremont.
Week Ended Nov. 6
Dec.
2,421,752
apolis+ 1.4
+ 14.9
+ 1.8
+ 11.3
+ 12.3
+20.3
+29.8
3,577,431
64,432,402
3,986,048
74,062,312
25,722,849
2,576,093
Lincoln
vtCU/ ifliyo
612,067
726,099
3,143,398
Ninth Federal
Minn.—Duluth..
J.—Trenton..
Total (10 cities)
+ 6.8
.
+0.2
2,705,008
375,850
15,350,388
23,028,232
3,034,514,672 2,409,575,163
rlct—Phllad elphia
+ 5.0
608,040
638,608
*490,000
+3.0
504,491
+ 12.6
353,143
397,713
—8.1
1,411,512
1,296,790
+0.9
338,000,000
341,000,000
1,146,093
—0.8
1,186,298
2,078,876
961,977
767,062
1,513,101
3,445,000
+ 14.2
1,300,008
4,251,000
Jose
Santa Barbara.
Stockton..
Total (11 cities)
Fourth
1,582,567
2,284,626
1,450,744
1,728,572
4,589,000
355,473,111
X
Cleveland
58,420,078
89,820,639
Columbus
11.880,300
Mansfield
1,922,043
Youngstown...
Pa.—Pittsburgh.
350,806.049
+ 1.3
483,363
308,632
322,163,871
266,632
(5cities).
(112
5.986,761,425
cities)........ 5,800,299,372
245,375,039
Outside New York 2,601,757,215 2,492,846,686
Fifth Federal
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Canada—
X
■
+2.9
50,840,746
77,255,444
11,536,700
1,015,068
+ 16.3
66,410,080
+3.0
9,528,000
1,187,093
+ 89.4
X
X
X
X
41,487,206
46,119,153
7,380,900
833,670
X
Macon
Fla.—Jack'nvllle.
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
Vicksburg
La.—NewOrleans
Total (10
cities)
+ 13.7
3,448,794
2,947,651
126,914,710
2,926,627
1,253,452
1,860,016
+4.1
216,981,317
+25.4
Vancouver—
Quebec.Halifax
Hamilton
125,183,712
+0.3
93,482,747
73,440,291
Calgary
271,780,552
+ 5.8
221,448,666
169,261,220
Victoria
...
Edmonton
Reserve Dist rlct—Rlchm ond—
411,553
311,367
+32.2
182,915
89,630
2,862,000
45,696,104
1,261,276
71,651,375
28,702,423
2,676,000
40,413,371
1,263,997
63,492,952
+ 7.0
2,193,000
+ 13.1
38,101,287
2,127,000
33,289,578
—0.2
1,119,844
886,460
+ 12.8
56,966,933
+ 11.3
19,774,353
45,650,306
15,135,781
150,584,731
133,939,354
Reserve Dist rlct—Atlant
+ 12.4
118,338,332
97,178,755
Reg in a..
+ 13.4
3,314,267
15,727,389
53,700,000
57,100,000
+ 11.0
—6.0
1,393,288
—11.7
1,146,905
16.658,000
18,494,881
1,643,004
1,195,653
—4.1
14,474,000
+ 15.1
19,285,190
—4.1
1,610,108
+2.1
3,759,342
X
X
X
220,130
+2.0
38,340,783
33,448,206
152,660,667
147,768,231
224,586
3,070,836
13,225,197
45,200,000
1,219,435
900,000
13,320,000
15,269,687
1,340,942
X
2,083,266
11,510,325
43,000,000
1,069,104
895,364
10,060,000
14,441,105
1,012,398
118,604,943
—26.1
109,279,764
62,887,369
451,700
+ 12.4
643,912
+26.7
676,564
1,644,571
2,072,759
—20.7
2,115,356
926,895
—19.8
1,146,614
980,789
813,280
350,372
763,991
739,595
1,060,302
+8.1
976,445
905,476
+ 8.3
828,378
792,212
+2.7
+ 15.5
692,085
307,204
683,681
+ 8.2
701,670
1,370,413
2,842,471
—1.4
1,215,625
2,438,897
Saskatoon.----.
Moose Jaw
Brant ford
New Westminster
X
Sherbrooke
Kitchener
Windsor
+ 14.6
28,994,268
+3.3
130,707,139
303,361
703,922
Moncton
—
Chatham
Sarnia
Sudbury.,
*
+3.3
—7.1
—7.7
+ 10.3
+20.1
—15.9
—2.4
+ 5.5
+9.1
—8.5
—4.4
+ 8.5
+ 13.1
19,069,120
28,142,600
6,501,917
2,655,708
5,119,496
8,136.367
1,986,014
1,991,455
3,122,001
4,492,866
4,870,208
421,070
907,088
747,167
457,867
—6.7
894,154
666,304
610,236
+ 13.9
423,405
793,728
—1.8
684,083
+93.9
502,501
+2.0
466,040
544,429
952,272
—11.5
853,021
434,941,157
525,337,994
—17.2
392,652,083
113,206,480
Total (32
—22.6
842,680
Prince Albert
140,650
196,318
30,958,724
$
—15.9
178,077,234
71,478,956
21,466,917
28.723,917
7,504,755
2,603,508
5,492,513
6,300,780
2,157,348
1,922,821
3,122,780
5,288,256
5,053,033
Lethbridge
Kingston
1935
169,304,738
Brandon
Peterborough
a—
Dec.
1,351,339
3,215,195
427,395
1,018,788
654,615
1,183,319
512,585
—
Ottawa.-
125,572,191
25,781,667
-3.1 5,153,234,313
4,032,493,520
+ 4.4 2,216,115,914 1,702,493,599
743,669
Winnipeg
287,615,251
1,230,115
Augusta.
+ 9.6
+2.8
—0.7
507,596
815,639
Montreal
X
X
56,789,628
17,462,451
Nashville
Ga.—Atlanta...
13,578,990
142,433,100
131,683,373
55,323,697
22,184,935
26,698,060
6,927,126
2,872,374
6,595,461
5,300,583
2,106.275
2,028,450
3,406,918
4,836,818
4,831,955
•
Tenn.—Knoxville
24,229.832
—1.7
%
Medicine Hat
Sixth Federal
954,433
+ 17.5
Inc. or
1936
1937
Fort William
Total (6 cities).
29,836,812
9,030,000
Week Ended Nov. 4
Clearings at-
London
W.Va.—Hunt'ton
+0.5
—0.3
X
217,982
St, John,.
Total
225,976,570
245,953,763
Grand total
447,624
Feder al Reserve D istrict—Clev eland-
Cincinnati
+ 15.0
3,746,000
Reserve Dist
Toronto..
Ohio—Canton
+ 14.4
2,126.623
906,945
+33.2
Franci
3,637,549
3,808,411
144,771.131
2,821,775
1,457,582
1,781,981
+57.5
Pasadena.....
San Francisco.
889,635
—7.5
920,869
Yakiina
Ore.—Portland.
Utah—S. L. City
Cal.—Long Beach
San
31,888,887
10,586,000
1,319,515
28,298,483
15,237,807
36,483,165
10,644,000
1,316,217
33,239,594
14,984,974
3,985,324
3.915,312
143,775,000
3,539,468
1,676,608
2,418,908
Spokane
236,009,000
1,595.269
2,469,115
istrict—San
Twelfth Feder al Reserve D
Wash.—Seattle..
798,802
310,000,000
68,406,553
Total (6 cities)
cities)
Estimated,
x
Figures not
available.
3144
Financial
THE
EXCHANGE
STOCK
LONDON
THE
Quotations of representative stocks as received
each
Canadian
Mon.,
Central Mln <fe invest.
Cons Goldflelde of 8 A„
Courtauids S A Co.—.
...
Electric A M uslcal Ind.
Ford Ltd
Gaumont Pictures ord.
A
(E)
Geduld Prop Mines
Gold
Exploration
P 8
HOLI¬
View South
Gold
Box
Rand Mines...
£8%
Cop M.
15/6
— mm
mm
2/9
25/3
153 /1%
152/6
mm
25/9
153
/9
217/6
Corp
United Molasses
35/9
163/9
25/3
33/9
£8
»*!/-
£7
"'mm
mm
mm
£7%
;;:V'
;..v... gold
The Bank of England gold reserve against notes amounted to £326,406,625 on Oct. 20, showing no change as compared with the previous
Wednesday.
V
-I
In the open market about £2,650,000 of bar gold changed hands at the
daily fixing during the -week.
There was a large general demand and
prices were maintained at a premium over dollar exchange parity ranging
from l%d. to 3d.
Per Fine
Equivalent Value
Quotations—
'
Ounce
of £ Sterling
Oct. 21
140s. 7d.
12s. 1.03d.
Oct. 22
Oct. 23--
140s. 8d.
—
J.
12s. 0.95d.
12s. 0.99d.
7%d.
140s. 7d.
12s. 1.03d.
---140s. 8d.
-
12s. 0.95d.
140s. 7.58d.
12s. 0.98d.
Exports
Africa
United States of America.
£1,141,421
£307,930
1,499,068
4,020
23,111
206,481
629,636
316,500
98,000
421,784
5,625
8,725
3,000
2,620
Argentina
British India
—.
Australia
New Zealand
British India
British Guiana.
Venezuela
France
Germany
Netherlands
Switzerland
Other countries.
£7
£7%
12s. 0.95d.
140s. 8d.
140s.
——
Oct. 25
Oct. 26
Tanganyika Territory
Kenya.
7/3
208/9
59/36/3
165/25/3
32/6
25/9
circular of
weekly
Imports
£4%
59/36/-
the
Oct. 27, 1937:
British South
16/3
mmmmmrn
MARKETS
SILVER
British West Africa,_208,977
£37
£4%
AND
The following were the United Kingdom imports and exports of
gold*
registered from mid-day on the 18th inst. to mid-day on the 25th inst.:
£7%
17/%
£37%
GOLD
Montagu & Co. of London, written under date of
Oct. 27
48/9
7/3
210/59/36/165/25/3
33/1%
59/-
£6%
....
68/9
16/-
7/3
217/6
58/35/170/25/3
33/9
West Rand Consol M._
West Wltwatersrand
ENGLISH
Average
17/-,
68/-V
13/6
"mmmmmrn
£37%
£4*32
£49,6
7/-
Ltd
Areas
£8
£36%
£37%
£42'32
Triplex Safety Glass...
Unilever
£8%
15/-
Royal Dutch Co..
8hell Transport
Bo Kalgurli Gold M
Sub Nigel Mines
Union
17/68/9
13/6
49/4%
17/1 %
69/13/6
49/4%
Palmletkuil Gold M_._
Rand Fr Est Gold
Roan Antelope
17/1%
68/9
13/9
48/9
153/9
152/6
3/24/9
154/4%
154/4%
1937
13
Nov.
reprint the following from
Frl.,
Nov. 12
107/6
51450/71/10%
290/47/6
£11%
107/6
17/9
24/512/192/6
185/-
DAY
Mines of Kalgoorlle.
Metal
3/24/9
153/1%
153/1 %
3/25/3
Imp Tob of G B A I..
I M
Nov. 11
A
Finance of Australia.
Hudson Bay Mln A 8m
Lake
Nov. 10
mmmmmrn
Distillers Co..
Geduld
Thurs.,
Nov. 9
■
Crown Mines
Beers
Wed.,
106/10% 106/3
106/10% 107/6
5/3
5/5/5/3
460/450/470/76/10%
73/9
73/9
74/4%
295 /297/6
296/3
48/3
48/9
48/3
48/1%"
£11%
£11%
£11%
£12%
106/6
106/9
107/108/17/9
17/6
17/6
17/9
23 /6
23/6
24/24/3
5h
5/5/5/2/2/2/2/192/6
191/3
192/6
187/6
185/—
185/-
Marconi
We
Samuel
Tues.,
Nov. 8
Sat.,
Nov. 6
De
by cable
day of the past week:
British Amer Tobacoo.
Chronicle
11,438
5,001
274,451
35,728
287,480
9,533
22,551
54,447
3,046
24,565
45,606
8,407
Finland
France
Netherlands
;
SwitzerlandAustria
Yugoslavia
Italy
Syria
Egypt-—---
Luxemburg
Other countries
210
£2,132,651
The
SS.
£3.526,710
Cathay which sailed from Bombay
on
Oct. 23 carries gold to
the value of about £126,000.
ENGLISH
The
as
FINANCIAL
MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
as follows the past week:
reported by cable, have been
Sat.,
Mon.,
Tues.,
Wed..,
Thurs.,
Frl.,
Nov. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nor. 12
Silver, per oz.. 19 11-16(1. 19 3-16(1.
Gold, p.rineoz.l40s. 6d.
140s. %d.
Consols, 2%%_ Holiday
77
19%d.
140s.
76%
British 3%%
War Loan...
Holiday
102
101%
101%
101 %
Holiday
112%
112 %
112%
112%
112%
Movements in prices during the past week were negligible and the market
be quiet.
continued to
Offerings were again moderate and consisted mainly of sales by the
Indian Bazaars and a little speculative reselling, these
being offset by bear
covering purchases and some demand for American trade purposes.
Neither buyers nor sellers show any inclination to press the
market, which
presents a steady appearance at the present level.
101%
British 4%
1960-90
Bar N.
19 13-16(1.
19 13-16(1.
140s.l%(l. 140s. 4(1.
76%
76%
76%
The following were the United Kingdom imports and exports of
silver,
registered from mid-day on the 18th inst. to mid-day on the 25th inst.:
Imports
Exports
Japan
price of silver per ounce (in cents)
the same days has been
in the United
Belgium
Other countries.
on
Y.(for.) Closeu
United States of America.
£9,230
1,395
8,234
6,300
1,266
New Zealand
France
The
States
19 11-16(1.
140s. 2(1.
3ILVER
/
£69,575
11,622
5,450
6,527
5,020
1,132
1,390
x25,850
xl,850
x6,783
2,141
Canada
Egypt...
France
Denmark
___
Norway
44%
44%
44%
45%
U. S. Treasury.
U. S. Treasury
50.00
50.00
50.00
50.00
50.00
50.00
(newly mined)
77.57
77.57
77.57
77.67
77.57
77.57
44%
Anglo-Egyptian Sudan
—
Aden
Palestine
Irish Free State
Other countries
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each day of the past week:
Nov.
Nov.
x
received by cable
as
6
Berliner Handels-Geeellschaft
Berliner Kraft
Llcht
u.
(6%)
8
9
117
117
11
120
12
133
133
133
134
168
169
169
118
118
117
118
118
118
118
117
119
119
122
122
122
-
141
141
129
144
129
129
145
(7%)
129
Hamburger Elektrlzltaetswerke (8%)
114
114
114
114
155
156
157
158
145
147
148
148
149
149
149
Norddeutscher Lloyd
Relcbsbank (8%)
79
80
79
116
117
118
118
210
82
82
208
210
211
210
231
231
232
230
231
162
160
160
204
202
202
(8%)
(6%)
Siemens A Halske
78
116
207
Rhelnlsche Braunkohlen
Salzdeturth
79
116
(4%%)
(8%)
Oct. 23----—
Oct. 25
Oct. 26------
19.854d.
45 cents
————
—
—
—45 cents
45 cents
...
204
$4.94%.
149
80
Mannesmann Roehren
19%d.
19%d.
19%d.
45 cents
45 cents
149
148
Hapag
--.45 cents
*
159
144
Oct. 21
Oct. 22
Oct. 20
The highest rate of exchange on New York recorded during the
period
from the 21st to the 27th October was $4.95% and the lowest
129
114
156
145
Farbenlndustrle I. G.
Gesfuerel (6%)
19 13-16d.
19 13-16d.
Average—19.917d.
118
144
19%d.
19%d.
19 15-16(1.
Oct. 26
19 15-16d.
Oct. 27--.19 15-16d.
122
Deutsche Erdoel (6%)
143
Deutsche Relchsbahn (German Rys pf7%)-129
Dreedner Bank (4%)
114
YORK
19%d.
Oct. 23
Oct. 25
119
122
NEW
19 15-16d.
Oct. 22
168
(5%)-122
Deutsche Bank und Dlsconto-Geeell.
IN
(Per Ounce .999 Fine)
Oct. 21
134
168
LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
120
133
Commerz-und Prlvat-Bank A. G. (5%)
Dessauer Gas (7%)
*
10
119
IN
Nov.
--.168
(8%)..*
£137,340
Quotations during the week:
Per Cent of Par
Nov.
Nov.
Nov.
118
Allgemelne Elektrlzltaets-Gesellscbaft
£26,425
Coin not of legal tender in the United Kingdom.
163
164
204
NATIONAL
BANKS
»
The
following information regarding National banks is
from the office of the Comptroller of the Currency,
Treasury
Department:
206
CHARTERS ISSUED
Amount
Ex-dlvldend.
30—National Bank of Frederick, Frederick, Okla
Capital stock consists of $50,000, all common stock.
President,
G. W. Smith; Cashier, C. M. Crawford.
Conversion of The
Bank of Frederick, Frederick, Okla.
$50,000
30—The First National Bank in Claremore, Claremore, Okla.
common stock.
President,
50,000
Oct.
.
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of dally Treasury statements)
Oct.
Capital stock consists of $50,000, all
F. V.
Aug. 31, 1919,
March
Gross debt..
Net bal. in general fund.
31, 1930,
When War Debt
Lowest Post-War
Was at its Peak
31, 1917,
Pre-War Debt
,..
Dec.
Askew; Cashier, H. O.McSpadden.
Debt
Oct.
30—Peoples National Bank of Washington in Seattle, Seattle,
1,350,000
Wash
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05
1,118,109,534.76
306,803,319.55
-
Capital stock consists of $1,350,000, all common stock. Presi¬
dent, A. Brygger; Cashier, C. L. Yost.
Conversion of Peoples
Bank & Trust Co., Seattle, Wash.
Gross debt less net bal.
in general fund
COMMON CAPITAL
rate
Nov. 1—The
$12.36
$250.18
$129.66
per annum on
int.
of
interest-
bearing debt outstand(per cent)
2.395
Oct.
a
31, 1936,
4.196
Sevt. 30,
Year Ago
3.750
Last Month
In general fund
rate
of
Oct.
31, 1937
$32,068,898,667.18 $34,015,429,059.42 $34,280,567,995.89
$262.81
a$284.61
a$285.07
from $37,500 to $50,000
2.578
2.550
2.550
Int.
—James
Talcott,
—Mackey,
1918,
NOTICES
Co., Incorporated
become associated with them.
as
under the provisions of the Act of Nov. 7,
amended, under the charter of the First National
Bank of Arizona at Phoenix, Charter No. 3728, and under the
title of "First National Bank of Arizona, Phoenix," with com¬
mon
capital stock pf $550,000 and surplus of $550,000.
The consolidation becomes effective close of business today.
The branch, located at Tempe, Ariz., operated by The Phoenix
National Bank, which was authorized since Feb. 25, 1927, was
reauthorized for the consolidated bank.
30—The Port Washington National Bank & Trust Co., Port
Washington, New York.
$125,000; total
Preferred stock A, $200,000;
corn-
rayons.
announce that
325,000
The Harbor National Bank of Port Washington, Port Washing¬
ton, N. Y.
Pref. stock, $22,000; com. stock, $50,000; total-_
Inc. has been appointed factor for Denis-Greenberg,
Dunn &
12,500
stock,
Inc., New York City, distributors of dress
40,000
Consolidated today
Oct.
Subject to revision.
CURRENT
$12,500
Amount
Oct. 30—First Nat'l Bank of Arizona at Phoenix, Phoenix, Ariz— $300,000
The Phoenix National Bank, Phoenix, Arizi.
400,000
per annum on Interest-
bearing debt outstand¬
ing (per cent)
Increase
Arendtsville, Pa.,
CONSOLIDATIONS
1937,
$33,832,528,147.60 $36,875,090,831.26 $36,956,368,228.85
general fund.
1,763,629,480.42
2,859,661,771.84
2,675,800,232.96
Gross debt per capita
a
Bank of Arendtsville,
from $25,000 to $37.500--Nov. 1—The Commercial National Bank of Spartanburg, Spartan¬
burg, S. C., from $120,000 to $160,000
Nov. 2—The National Bank of Arendtsville, Arendtsville, Pa.,
Gross debt less net bal.
Computed
Amt. of
National
-
INCREASED
-
Computed
Net bal. in
STOCK
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
Gross debt per capita
Gross debt
Conversion of The
Bank of Commerce of Claremore, Okla.
Woolsey Bill has
Consolidated today under the provisions of the Act of Nov. 7,
1918, as amended, under the charter and title of "The Port
Washington National Bank & Trust Co.," Charter No. 11292,
with capital stock of $500,125, consisting of $328,000 par
value of preferred stock and $172,125 par value of common
stock, and surplus of $34,425.
The consolidation becomes
effective close o J business today.
.
72,000
Volume
3145
Chronicle
Financial
145
branches authorized
Per
Nov. 1—Seattle-First National Bank, Seattle, Wash.
Location of branch, North 101 Crosby Street, City of
Washington.
County,
Nov. 1—Bank
of
America
Name
Tekoa, Whitman
Certificate No. 1391A.
Trust & Savings
Association,
National
General
San
Finance Corp.
When
Share
of Company
Payable
5c
Certificate No. 1382A.
Certificate was also issued authorizing the consolidated association to
continue the operation of the branch of "The Phoenix National Bank,"
which branch is located in the Town of Tempe, Maricopa County,
Arizona, and which was originally authorized by this office on June 17,
1935 by Certificate No. 1174A.
_
^
Oct. 30—Peoples National Bank of Washington in Seattle, Seattle, Wash.
Location of branches: 6300 Roosevelt Way, City of Seattle, King County,
Wash.; 801 First Ave., City of Seattle, King County. Wash.; 4213 West
Alaska St., City of Seattle, King County, Wash.; S; W. corner First
and Gowe Sts., City of Kent, King County, Wash.; 800 Third Ave.,
City of Renton, King County, Wash.;402 Eighth St., City of Hoquiam,
Grays Harbor County, Wash.; 2927 Colby Ave., City of Everett,
Snohomish County, Wash.
Certificates Nos. 1383A to 1389A, incl.
Oct. 30 The Port Washington National Bank & Trust Co., Port Wash¬
ington, N. Y.
Location of branch, 303 Main St., Incorporated Village of Baxter Estates,
Port Washington, Nassau County, N. Y.
Certificate No. 1390A.
,
VOLUNTARY
LIQUIDATIONS
stock, $25,000; pref. stock A,
JN
•
Dak.
Common
$25,000; pref. stock B, $5,000
total
55,000
N. Dak.
Thompson, N. Dak.
stock, $25,000; preferred stock, $15,000; total
Effective Sept. 27, 1937.
Liquidating agent, S. N.
Thompson, N. Dak.
Succeeded by First State
Buxton, N. Dak.
40,000
Lommen,
Bank of
1937
Under date of Aug. 31,1937, the Auburn National Bank, Auburn, Wash.,
Charter No. 14038, was reported in voluntary liquidation effective Aug.21,
1937, with capital stock of $27,000 common and $23,000 preferred, based
ON WEEKLY
CORRECTION
REPORT OF SEPT. 7,
advised of a $1,000 retirement of preferred
subsequent increase by common stock dividend of $1,000.
Finance Corporation, owner of the preferred stock,
now advises that they had canceled the bank's permission to retire the
$1,000 of preferred stock.
The retirement of preferred stock and the
subsequent increase by stock dividend in common stock was not effective.
The correct capital structure at date of liquidation should, therefore, have
been $26,000 common and $24,000 preferred.
on
the fact that the bank had
and
stock
The
a
Reconstruction
DIVIDENDS
grouped in two separate tables. In the
together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
Dividends
first
we
are
bring
When
Per
Name
Share
of Company
Nov. 15
$1
Dec.
Dec.
5c
Dec.
Nov. 20
SIM
Addressograph-Multigraph (quar.) _ _
Ahlberg Bearing Co., class B (quar.)
Alabama Water Service Co., $6 pref. (quar.)
Allen Industries, Inc. (quar.)
Allis-Chalmers Mfg. Co., common
Amalgamated Leather Cos., 6% pref. (quar.)
American Box Board Co., cumul. pref
Dec.
35c
Acme Steel Co. (quarterly)
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 30*
75c
Jan.
Dec.
25c
m
$2
8% preferred (quarterly)
American General Corp., $2
2
SIM
American Dock Co
17
9
Nov.
Nov.
Dec.
Nov. 20
Dec.
Nov. 20
50c
Dec.
Nov. 17
62 Mc
75c
pref. (quar.)
$2M preferred (quarterly)
$3 preferred (quarterly)
American Investment Co. (111.) (quar.)
Dec.
Nov. 17
Dec.
Nov. 17
Dec.
Nov. 22
40c
Dec.
Nov. 22
10c
Nov.
Oct.
50c
Dec.
Nov. 20
75c
Dec.
Dec.
10
$1
Dec.
Dec.
10
SIM
$3M
Dec.
Dec.
10
Nov.
Oct.
22
40c
Extra
Applied Arts Corp. (quar.)
Archer-Daniels-Midland Co.
Associates Investments (quarterly)
Extra
Preferred
(quarterly)
Atlantic Steel Co., 7% pref. (semi-ann.)
Atlas Corp., 6% pref. (quar.)
Atlas Powder Co. (Del.), common
Bankers National Investing Co. (Del.)
75c
75c
30
Dec.
Nov. 16
Dec.
Nov. 30
Nov.
Nov. 12
3c
12c
Class A & B
Nov.
Nov. 12
15c
Nov. 17
Dec.
Nov. 17
Dec.
Nov. 20
50c
Dec.
Nov. 20
$1M
Dec.
Nov. 15
$3
Bigelow-Sanford Carpet Co
Biltmore Hats, Ltd., 7% pref. (quar.)
Boston Woven Hose & Rubber Co., pref
Nov. 12
Dec.
30c
25c
Bendix Aviation Corp
Nov.
30c
60c. preferred (quarterly).
Barlow & Seelig Mrg
Class A (quarterly).
Brown Fence & Wire
Holders
Payable of Record
Dec.
Dec.
1
15c
1
Jan.
Dec.
17
Dec.
Nov. 19
Dec.
Nov. 15
tS6M
SIM
Dec.
Nov. 18
Dec.
Dec.
SIM
Dec.
Nov. 15
75c
Oct.
Nov.
Sept. 15
Oct. 30
Dec.
Nov. 15
Dec.
Nov. 19
Dec.
Nov. 19
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 15
Dec.
Nov. 19
87!p
•—
Ltd
Dec.
Dec.
Nov. 30
25c
Preferred
Bulolo Gold Dredging,
Dec.
SIM
SIM
Bucyrus-Erie Co., com. (interim)
Nov.
50c
Co
Nov. 15
10c
Campe Corp. (quar.)
Cable, pref
Canfield Oil Co., pref. (quar.)
Central Arkansas Public Service Corp.—
7% preferred (quarterly)
Central Steel & Wire, 6% pref. (quar.)
Central Vermont Public Service, $6 pref
Chicago Corp., conv. pref. (quar.)
Columbian Carbon Co., voting trust
Special
Consolidated Paper Co. (quar.)
Canada Wire &
_
_.
_
SIM
75c
$1
75c
—1.
Extra—
Continental Casualty Co. (Chic.,
Creameries of America, Inc., pref.
111.) (qu.)
(quar.)
Creole Petroleum Corp
Inc
$2M preferred
$214 preferred (x. w
Curtiss-Wright Corp., class A
Dayton Power & Light Co., 4 M % pref
Distillers Corp .-Seagrams (resumed) _•
Draper Corp., one sh. for each sh. held
Eastman Kodak Co., common
(w.w.^.
Dec.
Nov. 30
50c
Dec.
Nov. 22
56 Mc
56 Mc
Extra
Crown Cork & Seal Co.,
2tl
3§c
Dec.
Nov. 30
Dec.
Nov. 30
50c
Dec.
Nov. 26
SIM
Dec.
Nov. 20
50c
Dec.
6
Nov. 13
.
Extra
$2
Dec.
Dec.
Jan.
Nov. 20
Dec.
5
60c
Co
—
-_
Dec.
shstro held
Extra
Oct.
4
Dec.
SIM
t$l
Highland Dairy Ltd., 7% pref. (quar.)_____.__
Hudson Bay Mining & Smelting Co__
Hutchinson Sugar Plantation (monthly)
Idaho-Maryland Mines (quar.)
10
5c
10
Dec.
10
Dec.
10
11c
Dec.
15
9c
Dec.
15
$2
Jan.
$3
SIM
SIM
___
Dec.
5c
Jan.
3
3
International Rys. of Central America—
5% preferred (resumed)
Interstate Home Equipment Co., Inc. com
Extra
Intertype Corp., 1st pref. (quar.)
2d preferred (semi-annual)
;
Ironwood & Bessemer Ry. & Lt.. 7% pref
Jacobs (F. L.) Co
Payable in five-year 5M % notes.
Jewel Tea Co., Inc. (quar
'.)
Dec.
1
Dec.
6
Dec. 20
$1
72c
Dec.
Dec.
Nov. 18
Nov.
Nov. 10
S1H
(quar.)
Co., $1M class A
Libbey-Owens-Ford Glass
Life Savers Corp. (quar.)
Special.
—
Lincoln Stores, Inc. (quar.)
Preferred (quarterly)
Louisville Gas & Electric Co., class A
Martin Custom-made Tires, 8% pref. (quar.)__
Mead Corp. (quar.)
$6 preferred A (quarterly)
$5M preferred, class B w w (quarterly)
Midco Oil Corp., voting trust ctfs. (quar.)
Knudsen Creamery
Extra—
t3M5
il
.____
(quar.)_
Moran Towing Corp., partic. pref. (quar.) _____
Morris Finance Co., class A, common (quar.)
Class A common (extra)
Middlesex Water Co.
Dec.
Nov. 20
40c
Dec.
Nov. 20
70c
Dec.
Nov. 20
25c
Dec.
Nov. 23
SIM
Dec.
Nov. 23
Dec.
Nov. 30
10c
Dec.
Dec.
1
50c
Dec.
Dec.
1
Dec.
Nov. 15
Dec.
Nov. 15
si;
Nov.
-——
(quar.)
Murphy (G. C.) Co. (quar.)_
Muskegon Piston Ring
- - - National Life & Accident Insurance Co., Nash¬
ville, Tenn (quar.)
National Pressure Cooker Co. (quar.)
National Standard Co. (quar.)
National Supply Co. (Penna.), stock div
1-10th of a sh. of $2 10-year prior preference
stock for each share held.
5M % prior preferred
$2 10-year prior preference
Newberry (J. J.) Co. (quar.)
New York Air Brake Co__
Ogilvie Flour Mills preferred (quar.)
Parkersburg Rig & Reel Co. (quar.)
SpecialPreferred (quarterly) —
Patterson-Sargent Co. (quar.)
_______
Motor Wheel Corp.
Dec.
Nov. 24
35c
Dec.
Nov. 15
S3M
S3M
Dec.
Dec.
10
Dec.
Dec.
10
65c
Dec.
Dec.
10
Dec.
Dec.
10
SIM
Dec.
Dec.
10
40c
Dec.
Nov. 20
$1
Dec.
Nov. 19
$1
Dec.
40c
Dec.
Dec.
Jan.
3
Dec. 22
Dec.
Dec.
6
50c
Dec.
Dec.
6
60c
Dec.
Dec.
50c
Dec.
10
Nov. 19
SIM
SIM
Dec.
Nov. 19
40c
Dec.
Nov. 20
80c
Dec.
SIM
Dec.
Nov. 20
Nov. 20
25c
Dec.
Nov. 16
25c
Dec.
Nov. 20
Jan.
Dec.
1
20
Jan.
Dec. 20
Dec.
Nov. 20
Oct.
Oct.
Nov.
Nov.
Dec.
Nov. 19
Dec.
Nov. 19
Dec.
Nov. 24*
22
5
Dec.
Nov. 17
Dec.
Nov. 12*
Dec.
3*
Dec.
Dec.
Dec.
Dec.
Nov. 27
Dec.
Nov. 15
Dec.
9
Dec.
62;
Safety Car Heating & Lighting Co
Safeway Stores, Inc., stock div
--1-100th of a share of 5% pref. stock for each
share held.
Div. resulting in a fraction of
l-10th of a share
Dec.
Dec.
Dec.
25c
(quar.)-
Steel, pref. (quar.)
4
1
50c
—
—
Dec.
1
15c
II
$75c
less than
Nov. 10
75c
Pennsylvania Gas & Electric class A (quar.)
$7 preferred (quar.)
7% preferred /quar.)__
Pennsylvania RR. Co
50c
Pennsylvania Sugar Co., common
t$3
Peoples Water & Gas Co. $6 preferredS2M
Pittsburgh & Lake Erie RR—
60c
Placer Development Ltd. (semi-annual)
SIM
Procter & Gamble, 5% pref. (quar.)
SIM
Public Electric Light Co. 6% pref. (quar.).—
20c
Radio Corp. of America, common
87 Mc
$3M cumul. conv. 1st preferred
tS31M
B preferred
Rustless Iron &
Nov. 10
Nov.
75c
Class B, common (quarterly)
Class B, common (extra)
Preferred (quarterly)
Rike-Kumler Co.
4
of a share
stock.
Penick & Ford, Ltd
5
Nov.
10c
Dec.
10*
1
will be paid in
Dec. 21; based on market
preferred stock on Dec. 15.
cash not later than
value of 5%
Jan.
Preferred
(quar.)
- - - -
1
15
Dec. 21
Dec.
Dec. 21
—
Dec.
1
Dec.
15
SIM
Nov.
50c
Dec.
SIM
Spear & Co
1st & 2d preferred (quar.)
Sterling Products, Inc. (quar.)
Dec.
95c
40c
(s.-a.)
Dec.
50c
$1s4
Mining Co
Liquidating.
Vick Chemical Co. (quar.)
50c
10c
Extra
$2
tSIM
SIM
Virginian Ry. Co
West Coast Telephone Co. 6% preferred
Wheeling Electric Co. 6% pref. (quar.)
Wilson Products, Inc. (quar.)
preferred (quar.)
Nov
50c
25c
50c
Extra
Wright Aeronautical Corp
Dec.
25c
—
Corp. (increased)
Swift International Co., Ltd., dep. ctfs
United Merchants & Manufacturers, Inc.
United States Gypsum Co. (quar.)
Storkline Furniture
Wolverine Tube
1
Dec.
Co., Ltd. (quar.)___—___
Soundview Pulp Co. stock dividend
---Payable at rate of 2-100th of a sh. of 6%
pref., $100 par, for each sh. of common.
6% preferred (quar.)
Preferred (quar.)
United Verde Extension
1
Jan.
Sontag Chain Stores
Special
1
Jan.
preferred (quarterly).
preferred (quarterly)
% preferred (quarterly)
Laura) Candy Shops (quar.)
jilCo
Sloss-Sheffield Steel & Iron (special)
25c
—
—
"8
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec. 23 Dec. 13
Dec.
1 Nov. 20
Dec.
Dec.
Dec.
Dec.
Dec.
9
1 Nov.
10 Nov. 30
1 Nov. 22
14 Nov. 26
Below
we
give the dividends
announced in previous weeks
Nov. 23*
5
Dec.
40c
■
Equity Corp., $3 conv. pret. (quar.)
Equity Fund, Inc. (quar.)
Falcon bridge Nickel Mines, Ltd
Firestone Tire & Rubber Co., 6% pref. A
Goodall Securities Corp
Jan.
SIM
Preferred (quarterly).
Electric Boat Co
Electrolux Corp. (quar.)
Extra
Dec.
Nov.
Hercules Powder Co., stock dividend.
Distribution of one additional share for each
Dec.
50c
Extra
Ely & Walker Dry Goods
20
Dec.
15c
10c
Kobacker Stores, Inc., pref.
Com¬
mon
Dec.
$3
R.R. Co. (semi-annual)
Dec.
63c
Hein-Werner Motor Parts Corp.(quar.)
common
Nov. 2—The First National Bank of
Oct.
25c
Extra
King-Seeley Corp
Option dividend of cash or '2iooth
Effective Sept. 25, 1937.
Liquidating agent, Joseph A. Olson,
Buxton, N. Dak.
Succeeded by First State Bank of Buxton,
Oct.
SIM
"
Nov. 2—The First National Bank of Buxton,
Jan.
15c
:
Dec.
50c
Gray & Dudley Co. (quar.)
7% preferred (quar.)_
Great Northern Paper Co. (quar.)
Greene
Nov.
25c
Globe-W ernicke
Preferred (quar.)
County, Arizona.
Nov.
30c
(extra)
Preferred (semi-ann.)
Francisco, Calif.
Location of branch, City of Vernon, Los Angeles County, Calif. Certif¬
icate No. 1392A.
Oct. 30—First National Bank of Arizona, Phoenix, Phoenix, Ariz.
Location of branch, 1 East Washington Street, City of Phoenix, Maricopa
Dec.
Dec.
Nov. 15
25c
Nov.
Nov. 15
Dec.
paid.
Nov. 15
30c
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
and not yet
Nov. 15
75c
6
8
n
Nov.
Nov.
Dec.
5c
Dec.
Dec.
Nov. 15
Nov.
Oct.
26
Per
Name of
Acme Wire
Company
$1
Co
Albany & Vermont
Allegheny Steel Co
Preferred (quar.)
Share
RR. Co
$1M
When
Holders
Payable of Record
Nov. 15 Oct.
Nov. 15 Nov.
40c
Dec.
SIM
Dec.
16 Dec.
30
1
1
1 Nov. 16
3146
Financial
Per
Name of Company
Allied Laboratories, Inc. (quar.)
Extra
15c
15c
Allied Stores Corp., 5% pref.
(quar.)
Aluminium, Ltd., 6% preferred6% preferred (quar.)
Aluminum Manufacturing, Inc. (quar.)
7% preferred (quar.)
American Arch Co. (quarterly)
American Bakeries Co
7 % pref (semi-annual)
u
50c
$1M
—
75c
$3M
_
35c
-
American Capital Corp., $5M pref. (quar.)
—
M
American Chicle Co. (quar.)
Special-—American Cyanamid Co., cl A & B com
This is a special div. payable in cash or in
5% cum. conv. pref. stk. at the rate of one
$2
$1
Dec.
Nov.
Dec.
13
,
Name of Company
Central Eureka
Nov. 15
Dec. 16
Dec.
Chain Belt Co. (new)
Dec.
13
Dec.
21
Nov. 15
15
Nov. 19
Dec.
10
Nov.
9
Nov. 15
Dec.
1
Dec.
1
Oct. 18
Dec.
Dec.
Nov.
for 10.
6c
—
Nov.
$1H
Dec.
Nov. 25
25c
Dec.
Dec.
Dec.
Nov. 15
Nov. 15
Nov. 19
Dec.
Nov. 19
20c
50c
Preferred
(quar.)-.American News N. Y. Corp. (bi-mo.)
HP
50c
American Paper Goods, 7% preferred (quarterly)
American Reinsurance Co. (quar.)
American Rolling Mill Co. (extra)
American
SIM
~S1M
40c
40c
Smelting A Refining
SIM
American Steel Foundries
50c
American Thermos Bottle %7 pref. (quar.)—
American Thread Co., pref. (semi-ann.)
American Tobacco Co., com. and com. B (quar.)
87 He
nm
American Toll Bridge Co. (quar.)
2c
Amer. Water Works A Elec. Co., Inc., com
Anaconda Wire & Cable
$1
&
Extra
15c
Arkansas-Missouri Power, 6% preferred
$3
Armour & Co.
(Del.), preferred (quar.)
Armour & Co. (111.)
$6 preferred (quar.)
7% preferred (quar.)
Armstrong Cork (interim)
Artloom Corp. 7% preferred
15c
49c
25c
50c
Automobile Finance Co
10c
6% preferred
7% preferred
37Mc
43Mc
5c
Baltimore Radio Show, Inc. (quar.)
Bandini Petroleum Co.
(quar.)
3c
Bangor & Aroostook RR. Co., common
62c
Cumulative preferred
Bankers A Shippers Insurance (N.
Y.)
m
(Quarterly)
Barber Co., Inc
Barber (W. H.) Co. (special)
Bath Iron Works Corp.. payable in stock-.....
Beacon Mfg. Co.. 6% pref. (quar.)
Beaunit Mills, Inc., pref. (quar.)
Beech-Nut Packing Co. common
1 Nov. 10
1 Nov. 15
10
1
Nov. 15 Nov."!
Nov. 15 Nov.
1
Dec. 15 Nov. 22
Nov. 15 Oct. 25
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Nov.
...
—
-
Dec.
Nov. 6
Nov. 6
Nov. 20
25c
Champion Paper A Fibre (quar.)
6% preferred
Chartered Investors, Inc., $5 pref.
(quar.).
Chester Water Service Co., $5M preL (quar.)
Chicago District Electric Generating Corp.—
$6 preferred (quarterly)
Chicago Mail Order Co
Chicago Yellow Cab
Chile Copper Co
Chrysler Corp., common
City of New Castle Water Co. 6% pref. (quar.).
City of Paris Dry Goods Co. 7% 1st pref. (qu.)Clark Equipment Co. special
Payable in 7% cum. pref. stock. Scrip ctfs.
Nov.
Nov.
50c
Nov.
Jan.
Oct.
30
Dec.
16
Dec.
Nov.
1
Nov.
Nov.
6
10c
Nov.
10c
Nov.
SIM
SIM
SIM
SIM
1 Nov. 15
1 Nov. 30
1 Nov. 30
Nov. 16 Nov.
8
Nov. 16 Nov.
8
Nov. 16 Nov.
9
Nov. 15 Nov.
Dec.
sin
(special)
15c
Jan.
SIM
1
16
Jan.
25c
30c
87 He
62Hc
5% preferred (quar.)
Birmingham Water Works 6% pref. (quar.)
Blackstone Valley Gas & Electric, 6%
pref
Blauner's (quarterly)
Preferred (quarterly)
Blue Ridge Corp., $3 pref.
(quar.)
Opt. div. payment of 1-32 sh. of com. or cash
30 Dec.
Nov. 15 Nov.
1
Dec.
1 Nov. 15
Dec. 15 Nov. 22
Nov. 15 Nov.
5
$1
Bethlehem Steel Corp
7% preferred (quar.)
3
Jan.
Jan.
25c
$1H
S3
25c
75c
3 Dec.
15
3 Dec. 15
Dec. 18 Dec.
1
Dec. 20 Dec.
1
Dec. 20 Dec. 13
Nov. 15 Oct. 25
Dec. 24 Dec. 17
Jan.
3 Dec.
3
3 Dec.
Jan,
3
Dec.
Dec.
15 Dec.
1
1 Nov. 16
Nov. 15 Nov.
1
1
75c
40c
(quar.)
Borg-Warner Co. (quar.)
Extra
Boss Mfg. Co., common
Boston Fund, Inc
Dec.
1 Nov. 15
50c
common
Nov. 15 Nov.
Dec.
1 Nov.
Dec.
10 Nov. 26
50c
i.__
$2
18c
Bourjols, Inc., pref. (quar.)
Brewer (C.)A Co., Ltd.
(monthly)
Brewers & Distillers of Vancouver
Bridgeport Gas Light Co. (quarterly):
Bright (T. G.) & Co., 6% pref. (quar.)
Common (quarterly)
Bristol-Myers Co. (quar.)
68Mc
5
Dec. 10 Nov. 26
Nov. 15 Oct. 30
Nov. 20 Oct. 30
Nov. 15 Nov.
1
SI
Nov. 20
X$l
-
Nov.
Nov.
Oct.
Dec.
Dec. 15
Nov. 30
50c
50c
Dec.
7Hc
Dec.
60c
10c
Dec.
15
$1.10
Brompton Pulp & Paper Co., Ltd.
(resumed)
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Transit—
Preferred (quar.)
Nov.
$2
Extra
Nov. 30
Nov. 15
Nov. 15
Nov. 1
Nov.
Nov.
Jan.
Dec. 31
118
Preferred
(quar.)
Brooklyn Teleg. & Messenger Co. (quar.)
SIM
Brooklyn Union Gas
Dec.
5
Apr.
Apr
Dec.
Nov. 21
1
40c
3M% cumulative preferred (quar.)
Buckeye Pipe Line Co
Buck Hill Falls Co. (quar.)
Buffalo Ankerite Gold Mines, Ltd.
(quar.)
Feb. 14
Nov. 20
SIM
Bruce (E. L.) Co., 7% cum.
preferred (quar.)__
Dec.
Feb.
Jan.
87 He
(semi-ann.)
(quar.)
Jan.
SI
75c
Brown Fence & Wire Co.
pref. A
Brown Shoe Co., common
Jan.
Dec.
I
Dec. 24
Dec. 24
Dec.
1 Nov. 15
25c
Dec.
1
25c
50c
1 Nov. 19
Nov. 29 Nov.
9
SIM
S3
S3
Dec.
Dec.
13 Nov. 12
1 Nov. 20
Nov. 15 Nov. 10
Dec.
1 Oct. 30
Clear Springs Water Service Co., $6
pref
Clearfield A Mahoning Ry.
Dec.
40c
25c
SIM
SIM
SIM
68 Mc
Columbia Pictures Corp., $2M conv. pf.
(quar.)
Columbia A Xenia RR. Co
Columbus Foods Corp., $3M pref. A
4c
Commonwealth Ut lities 6H % pref. C (quar.)..
Compania Swift Internacional (quar.)
Compressed Industrial Gases (quar.)
Confederation Life Assoc (Ont.) (quarterly)
Concord Gas Co. 7% preferred
SIM
t50c
ilk
1 Nov. 15
1 Nov. 15
1 Nov. 15
5
15 Nov.
Dec.
Nov. 15 Oct. 15
Dec.
1 Nov. 15
Nov. 20 Nov.
5
30c
75c
5Hc
SIM
50c
Nov. 15 Oct.
25*
Nov. 15 Oct.
30
Jan.
Nov. 15 Oct.
preferred (quar.)
Jan.
Dec.
56 Mc
20c
20c
43 Mc
„
(quar.)
m
SIM
—
30c
$1S
(quar.)
SIM
50c
SI
—
Cushman's Sons, Inc., 7% pref.
Darby Petroleum Corp. (s.-a.)
t87Mc
Deere A Co.,
preferred (quar.)
Dentists Supply Co. of N. Y.
(quar.)
7% preferred (quarterly)
Denver Union
Stockyards 5H % pref. (quar.)Detroit Gasket A Mfg. Co.
25c
35c
6 Nov. 22*
Dec. 15 Nov. 30*
Nov. 15 Oct. 30
Nov. 15 Oct. 30
Nov. 15 Nov. 10
Dec.
1 Nov. 13
Nov. 30 Nov. 20
Nov. 30 Nov. 20
Dec. 24 Dec. 14
15 Dec.
1
Nov. 22 Nov.
6
Dec.
Jan.
3 Nov. 30
1 Nov. 15
15 Jan.
4
Dec.
Jan.
Dec.
1 Nov. 15
76c
pref. (quar.)
Dec.
1
Dec.
23
Dec.
30c
Nov. 20
Dec. 23
1 Nov. 20
1 Nov. 15
Dec.
$2
Detroit Hillsdale A Southwestern RR.
(».-a.)
Diamond Match Co
15
15 Dec. 31
15
Dec.
SIM
SIM
—
15
30
Nov. 30 Nov. 15
Nov. 15 Oct. 31
Nov. 15 Oct. 30
50c
—
3 Dec.
3 Dec.
Jan.
teMS
u&
Crown Cork A Seal Co., Ltd.
(quar.)
Extra
preferred
Dec.
Dec.
Dec.
50c
SIM
SIM
Crown Zellerbach Corp., $5 conv.
pref. (quar.)
Crum A Forster Insurance
Shares, A and B
1 Nov. 15
15 Nov. 30
Dec. 31 Dec. 24
Nov. 15 Oct. 30
Dec.
1 Nov. 15
20c
SIM
-
Preferred
Dec.
SIM
6M% preferred (quar.).
ooksville "
CooksvilleCo., Ltd.". 5% pref. (quar.)
Copperweld Steel Co. (quarterly)
Corporate Investors Ltd
Cosmos Imperial Mills
(quar.)
5% preferred (quar.)
(quar.)
3
1 Nov. 10
Dec.
62 He
7% partic. pref. (quar.)-
Curtis Mfg. Co. (Mo.).
Curtis Publishing 7%
Dec.
Nov. 15 Oct. 15
Dec.
1 Novl 15
50c
Continental Can Co., Inc., common
(quar.)
Continental Cushion Spring
7% preferred (quar.)
;
8% preferred (quar.).
Cuneo Press, Inc. Preferred
Nov. 15 Nov.
50c
Connecticut Light A Pow. Co.,
5M% pr«L (qu.)
Connecticut Power Co. (quarterly)
Connecticut River Power 6% pref.
(quar.)
Consolidated Cigar Corp. pref. (quar.)
Consolidated Edison Co. (quar.)
Consolidated Oil Corp. (quar.)
Preferred (quar.)
Container Corp. of America (quar.)
Crown Drug Co., 7% conv.
pref.
Dec.
Dec. 13 Dec.
6
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Nov. 15 Oct
20
Nov. 15 Nov. 3
Dec. 10 Nov. 24
68 Mc
31Mc
Commonwealth Edison Co. (special)
Commonwealth International Corp. (quar.)
cum.
Dec.
1M%
Cresson Consol. Gold Min. A
MillingCrown Cork A Seal
Co., Inc., common
15 Nov. 26
15 Nov. 26
1 Nov. 19
1 Nov. 19
Dec.
$1
preferred (quarterly)
preference (quarterly)
Continental Telep. Co.
Dec.
vO
Broadcasting, class AAB
cum.
15 Nov. 26
15 Nov. 26
15 Nov. 26
Dec.
Dec.
-
cum.
S2M
1 Nov. 10
1 Nov. 10
15 Nov. 26
$2
Columbia Gas A Electric Corp., common
6% cum. preferred series A (quar.)
5%
5%
Dec.
Dec.
Dec.
$1s1
Class A (semi-ann.)
Collins A Aikman Corp., common
Preferred (quar.)
Columbia
Jan.
87 He
50c
75c
—
Coca-Cola International (quar.)
Extra
Nov. 15 Nov. 5
3 Dec. 20
t$lM
SIM
(s.-a.)
Cleveland A Pittsburgh RR. Co. gtd. (quar.)
Special guaranteed (quar.)
Coca-Cola Co. (quar.)
Extra.
Class A (semi-ann.)
Jan.
25c
Dow Chemical Co
Preferred (quar.)
Dow Drug Co
Dec
5 Dec
1 Nov
20
15
75c
Mar.
1
Feb.
15
$2
Dec.
1 Nov. 12
$2
(semi-ann.)
Dictaphone Corp
Preferred (quar.)
Diem A Wing Paper Co.
5% pref. (quar.)
Dixie-Vortex Co. (quarterly)
Class A (quarterly)
Doctor Pepper Co. (quarterly)
Dominion Bridge Co., Ltd. (quar.)
Dominion Tar A Chemical,
5M% pref. (quar.)
Dec.
SIM
37Mc
62 He
20c
t
—
30c
tSIM
75c
*ift
Dwight Mfg. Co
East Shore Public Service Co.
$6M pref. (quar.)
$6 preferred (quar.)
East St. Louis A Interurban Water
Co. 7% pref.
6% preferred..
Eastern Utilities Assoc., conv. shares
50c
SIM
SIM
SIM
SIM
1 Nov. 12
Nov. 15 Oct. 31
Jan.
3 Dec.
10
Jan.
3 Dec. 10
Dec.
I
Nov. 15 Oct! "§5"
Nov. 15 Oct. 29
Nov. 15 Nov.
1
Nov. 15 Nov.
1
Nov. 15 Nov.
4
Nov. 26 Nov. 17
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Dec.
1 Nov. 20
Dec.
1 Nov. 20
10c
Nov. 15 Nov.
8
50c
Nov. 15 Nov.
9
75c
(Quarterly
Nov. 15 Nov.
75c
Dec.
Nov. 16
Eaton
Nov.
Nov.
1
Eddy Paper Corp..
|12Hc
Nov.
Nov.
1
El Dorado Oil Works
t
1
Electric Shareholding preferred
Div. of 44-1000ths of a sh. of com. stk.
or,
at option of holders,
$1H in cash.
Electrograpbic Corp. (quar.)
Preferred (quarterly)
Butler Bros
Dec.
Nov. 10
Dec.
E! Paso Electric Co., $6
pref. (quar.)
Jan.
Nov. 10
Dec. 31
Nov. 20
Nov.
5
Nov.
Nov.
Nov.
50c
2.
Preferred (quar.)
Butler Water Co. 7% pref.
(quar.)
Byron Jackson Co
Extra
Nov.
Dec.
25c
.—II
50c
25c
Dec.
Dec.
Oct.
Oct.
15c
Dec.
Nov. 12
37 He
Bullock's, Inc. (quar.)
Burlington Mills Corp
Burroughs Adding Machine Co. (quar.)
Special.
SIM
SIM
Nov. 10
Dec.
12Mc
Bonus
Dec.
10c
Nov. 11
5
30
30
Dec.
Nov. 12
Dec.
1
50c
Nov.
Nov.
1
50c
40c
Nov.
Jan.
Nov.
1
5c
Dec.
37Hc
62Hc
S1H
Nov.
Nov.
Nov.
Nov.
Dec.
SIM
Calamba Sugar Estates
(auar.)
Calgary & Edmonton Corp., Ltd
California Packing Corp.
(quar.)
Preferred (quar.)
California Water Service, pref.
(quar.)
Campbell, Wyant & Cannon Foundry (quar.)
Canada & Dominion Sugar, Ltd.
(quar.)
Canada Iron Foundries, Ltd..
6% pref
Canadian Car &
Foundry, 7% preferred
7% preferred (quar.)
Canadian Oil Cos., Ltd.
(quar.)
8% preferred (quar.)
Carman & Co.. Inc., class A
Caterpillar Tractor (quar.)
25c
t37Hc
SIM
tt50c
t44c
tl2Hc
$2
Nov.
Nov.
Jan.
Nov.
Jan.
Payable at rate of 3-100 shs. of 5% pref. stk.
Preferred (quar.)
t50c
50c
Manufacturing Co
$1.35
(quar.)
40c
Empire A Bay State Telep., 4% gtd. (quar.)
Empire Capital class A (quar.)
Class A (extra)
Emporium Oapwell Corp., 4H% cum. pf. A(qu.)
Employers Re-Insurance (quar.)
Emsco Derrick A Equipment (quar.)
Engineers Public Service $5 preferred
$5 preferred (quarterly)
$5H preferred
$5M preferred (quarterly)
-
Dec. 15
Dec.
1
Oct
30
Oct. 30
Oct. 31
Nov.
3
Nov. 15
Oct. 31
Nov. 10
Dec. 27
Nov.
1
Dec.
Dec. 20
Nov. 15
Nov.
Nov. 15
Dec.
Stock dividend
Nov. 15
$6 preferred
(s.-a.)
(quar.)
Nov.
Nov. 15
Nov.
Dec.
Fajardo Sugar
Oct.
25c
Nov.
Nov.
5
Nov. 20
Nov. 20
Fansteel Metallurgical Corp $5 pref.
(quar.)
Farallone Packing Co. (initial)
Faultless Rubber Co. (quar.)
Federal Compress A Warehouse (quar.)
Federal Light A Traction, pref.
$1
SI
Dec.
Dec.
Dec.
1 Nov.
Dec.
Nov.
Nov.
5
Jan.
Nov.
5
Dec. 23
Nov.
Oct.
Nov.
Nov. 10
Dec. 10
Jan.
Jan.
30
Dec.
10
10
10
Dec. 10
Dec. 10
Jan.
Dec.
Jan.
Dec.
Jan.
Nov.
Nov.
5
Nov. 30
Dec.
Dec.
Nov.
Nov. 30
Nov.
5
Nov.
Dec.
Nov. 12
Nov. 12
Dec.
SIM
30
15
1
10
Dec.
Extra
S3H
Dec.
28 Dec.
Nov. 30 Nov. 16
Nov.
Extra.
Fairbanks Morse A Co. (quar.)
Preferred
Dec.
Jan.
$6 preferred (quarterly)
Equity Shares, Inc
Erie A
Pittsburgh RR. Co.. 7% gtd. (qu&r.)
Guaranteed betterment (quar.)
Ewa Plantation Co.
(quar.)
75c
Cedar Rapids Mfg. & Power
(quar.)
5
will be issued in leu of fractions.
-
Dec.
Nov. 20 Nov.
25c
Bellows A Co
class A (quar.)
Beneficial Industrial Loan
Corp., com
Preferred series A
Best & Co
Dec.
3%
(quarterly)
Belding-Oorticelli, Ltd. (quar.)
Preferred (quar.)
6% preferred—
2 Dec.
Dec.
1 Nov. 12
$1M
Dec.
1 Nov. 12
SIM
13.322c Nov. 15
42c
Central Illinois Public Service, $6 pref
10
2 Dec.
15 Nov. 25
2 Dec. 10
Dec.
Feb.
—
-
Celanese Corp. oi Am. 7% cum.
lstpf.
Central Cold Storage Co. (quar.)..
10
Dec.
50c
-
$6, 1st preferred
Atlantic Refining Co. (quar.)
Atlas Plywood Corp
Borden Co.,
Dec. 24 Dec.
Jan.
Associated National Shares A
Associated Telephone & Telegraph, 7% 1st
pref-
Belden Mfg. Co.
Nov. 20 Nov. 13
Nov. 30 Oct. 29
Nov. 15 Oct. 15
Nov. 15 Oct. 15
Jan.
Asbestos Mfg. Co.. $1.40 pref. (quar.)
Associated Dry Goods Corp., 1st preferred
Second preferred
1
15 Dec.
15 Nov. 19
Jan.
SIM
-
5
Dec. 15 Dec.
6
Nov. 15 Oct. 29
Dec. 15 Nov. 15
Nov. 30 Nov.
5
Dec. 15 Nov. 30
Jan.
3 Dec. 20
Jan.
1 Nov. 30
Dec.
1 Nov. 10
Dec.
Dec.
20c
Anglo-Iranian Oil (interim)
Argo Oil Co. (semi-ann.)
Nov. 15 Nov.
Nov. 2
Oct. 21
Oct. 30
Nov.
50c
Central Massachusetts
-
American Envelope Co.. 7% pref. A (quar.)—
American Forging A Socket Co
American Home Products (monthly)--American Metal Co
Holders
of Record
Mining Co., non-cum. pref
Light A Power (quar.)—
6% preferred (quarterly)
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, Inc
Pref. (quar.)
Dec.
Dec.
Dec.
Dec
Dec
Dec.
Jan.
Nov.
Dec.
1937
13
Holders
Payable of Record
Jan.
sin
,
American Box Board Co
When
Share
Chronicle
Dec.
(quar.)
Dec.
5
Nov. 12
_
Nov. 15
17|Dec. 15
Nov. 15 Oct.
31
Jan.
1 Dec.
15
Dec.
1 Nov. 18
Dec.
1 Nov. 15*
Volume
Financial
145
ef America (Bait.), class A & B
(extra)
Payable in class A 7% cumul. pref. $5 par,
stock one share of pref. for each 10 shares of
class A or B
held.
Scrip ctfs. issued for
Finance
Co.
common
50c
Nov.
Oct.
Nov.
Oct.
Fireman's Insur. Co. of Newark (N.
15c
Nov.
First National Bank of N. Y.
$25
Jan.
87 Mc
Jan.
J.) (s.-a.)__
(quar.)
First National Bank (Toms River, N. J.) (qr)-Fishman (M. H.) Co., Inc. (quar.)
Fitz Simons & Connell Dredge & Dock (quar.)..
Florida Power 7% preferred A (quar.)
7% preferred (quar.)
Forest Cleaners & Dyers, Inc
Freeport Sulphur Co. (quar.)...
Preferred (quar.)
General Acceptance Corp., conv. pref. (initial)..
$1M preferred (quarterly)
General Box Co. (quar.)
General Cigar Co.. Inc., 7% preferred (quar.)..
7% preferred (quar.)
7% preferred (quar.)
General Foods Corp. (quar.)
General Metals Corp., new (initial, quar.)
General Motors Corp
Preferred
(quarterly)
Georgia RR. & Banking Co. (quar.)
Globe Democrat Publishing Co.. 7% pf. (qu.)_
Golden Cycle Corp
Goodyear Tire & Rubber Co., common
$5 convertible preferred (quar.)
Gorham Mfg Co., common
—
Gossard (H. W.) Co
Grand Union Co.. $3 conv. preferred
Graton & Knight 7% pref. (quar.)
SI .80 prior preferred (semi-ann.)_
Great Atlantic & Pacific Tea Co
Preferred
22
22
Oct. 20
Dec. 15
Dec. 22
$1
50c
(semi-ann.)
Extra
15c
Dec.
Nov. 20
Nov. 15
Dec.
Nov. 15
30c
Nov.
Nov.
50c
Dec.
1
Nov. 15
MM
Feb.
Jan.
Nov.
Nov.
5
Nov.
Nov.
5
Dec.
Dec.
4
30c
^c
Dec.
Nov
18
June
50c
Nov.
25c
Nov.
Feb.
May 20
Oct. 25
Oct. 30
Nov. 12
Jan. 10
Jan.
Jan.
Dec.
Nov. 20
Dec.
Nov. 30
50c
Dec.
Nov. 15
MM
Dec.
Nov. 15
50c
Nov.
Nov.
%2M
Nov.
Nov. 15
on
90c
Nov.
Oct.
$1
Dec.
Nov. 12
Nov.
Nov.
3
25c
Nov.
Nov.
3
Dec.
Dec.
1
$1
Nov.
Nov.
$50
Great Western Fuse Co. common
preferred
Grocery Store Products Co. (initial)
Gulf States Utilities, $6 pref. (quar.)
$5M preferred (quarterly)
Gurd (Chas.)& Co.. Ltd.. 7% pref. (quar.)
Hackensack Water Co. (semi-ann.)
SIM
\2Mc
Class A preferred (quar.)
Hale Bros. Stores (quar.)
Greenfield Tap & Die. S6
%\P,
Hammond Clock Co. 6%
Dec.
Nov. 30
Nov.
Nov.
Dec.
Nov. 30
5*
Nov. 15
Dec.
Nov. 16
Dec.
Dec.
Dec.
25c
Nov. 25
75c
Dec.
Nov. 26
$1^
Dec.
Nov. 12
75c
Nov.
Nov.
25c
pref. (quar.)
Nov. 30
43 Mc
Hancock Oil of Calif., class A & B (quar.)
Dec.
Nov.
Dec.
Nov. 15
17
20c
Dec.
Hanna
(M. A.') Co., $5 cum. preferred (quar.)„
Harbison-Walker Refractories Co., common—
$1^
Dec.
Nov. 15
(quarterly)
Harris burg Steel Corp
MM
_
—
Hart-Carter Co. $2 conv.
Dec.
Dec.
Nov. 15
Nov.
Nov.
20c
Nov.
Nov. 24
75c
Hawaiian Agricultural Co. (monthly)
Hawaiian Commercial Sugar
Hazel-Atlas Glass Co. (quar.)
Nov.
Nov.
5
Jan.
Dec.
11*
$1fs
Brewing Co. (quar.)
Hercules Powder Co. preferred (quar.)
Hers hey Chocolate Corp. (quar.)
Preferred (quar.)
Heyden Chemical Corp. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hires (Chas. E.) Co.—
Dec.
1
Dec.
Nov.
Nov.
Nov.
1
1
Nov.
& Worts
(quar.)
Hobart Mfg. Co. class A (quar.)
Hollander (A.) & Son. (quar.)
Holophane Co.. Inc..
Holt (Henry) & Co., class A
Homestake Mining Co. (monthly)
Hooven & Allison Co. 5% pref. (quar.)
Horn & Hardart Co. (N. Y.) pref. (quar.)
Hummel-Ross Fibre Corp. (quar.)
Huntington Water Corp. 7% pref. (quar.)
1.
6% preferred (quar.)
Huttig Sash & Door Co. 7% preferred (quar.)__
Illinois Water Service Co., 6% pref. (quar.)
Securities7% pref. (quar.)
Imperial Life Assurance of Canada (quar.)
Illuminating & Power
...
Nov.
Oct.
4
25
Nov.
Oct.
25
Dec.
Nov.
Nov. 19
Dec.
Dec.
50c
$1
Dec.
1 Nov. 15
15 Nov. 26
25c
Dec.
37 Mc
25c
50c
10c
37Mc
$ik
%\M
20c
$1M
MM
MM
$1M
MM
S3M
50c
Ingersoll Rand
15 Nov. 26
Dec.
1 Nov. 17
Nov. 15 Oct. 29
Dec.
1 Nov. 10
Dec.
$1M
International Harvester Co., pref. (quar.)
International Metal Industries, Ltd.—
1 Nov. 12
1 Nov. 15
Dec. 30 Dec. 20
Dec.
1 Nov. 15
Dec.
A
—
—
Iron Fireman Mfg. Co.
--
--
Co
(quar.)
1 Nov. 15
5
1 Nov.
Oct.
25
Nov.
Oct.
25
50c
Dec.
Dec.
1
62^c
$1.60
30c
Deo.
1
Nov.
Nov.
Mullins Mfg. Corp., pref. (quar.)
Muncie Water Works 8% pref. (quar.)—
Muskogee Co. 6% cum. pref. (quar.)
Muskegon Motor Specialties class A (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Nash-Kelvinator
—
Nassau & Suffolk Lighting preferred
National Acme Co
—
Fibres, Inc., new com
Payable at option of holder in cash or shs. of
6% cum. pref. stock ser. A, $100 par, at the
rate of l-400th of a pref.sh. for each com. shJ
National Automotive
National Biscuit Co
Preferred (quar.)
Nov. 30
Dec
Nov. 10
National Credit Co., A
Opt. paym't of 1-20 sh.
(quarterly)
preferred (quarterly)
Kayser (Julius) & Co._
Kendall Co participating preferred A (quar.)
Kemper-Thomas Co —
7% special Dreferrred (quar.).
Kentucky Utilities Co., 7% jr. pref. (quar.)
Keokuk Electric Co. 6% pref. (quar.)
Keystone Custodian Fund, B-2 (semi-ann.)
Klein (D. Emil) (quar.)
6% preferred (quar.)
Neiman-Marcus Co. 7% pref.
(quar.)
Knapp Monarch Co., new (initial)
Kresge (S. S.) Co.
Kroehler Mfg. Co. 6% pref. A (quar.)
Co. (quar.)
7% preferred (quar.)
Lake-of-the-Woods Milling preferred
(quar.)
Lake Superior District Power, 7% pref. (quar.).
6% preferred (quarterly)
Landis Machine (quarterly)
7% preferred (quarte'lyi
—
Lanston Monotype Machine
Lee (H. D.) Mercantile Co
Lehigh Coal & Navigation (semi-ann.)
Leslie Salt Co. (quarterly)
Le Tourneau, (R. G.) Inc. (quar.)
Lexington Water Co. 7% pref. (quar.)
Libby, McNeill & Libby pref. (semi-annual)
Preferred
(quar.) —
(quarterly)
5% pref. A
New Mexico Gas
6% cum conv. pref (quar.)
New York & Queens Elec. Light
1
Nov.
Nov.
1
Nov.
Nov. 13
Nineteen Hundred
Dec.
Nov. 25
(Quarterly.)
Nonquit Mills
Dec.
Nov. 15
Nov.
Nov. 15
Nov.
Nov.
MM
Dec.
Nov. 10
MM
Dec
25c
62l8c
30c
MM
40c
MM
MM
MM
1
1
Nov. 20 Nov.
Nov. 15 Nov. 10
Nov. 15
Dec.
24 Dec.
14
2 Jan. 20
lOct. 1
Dec.
1
Dec. 13 Dec.
Feb.
Dec. 31 Dec. 24
Dec.
1 Nov. 10
Ohio Oil Co
Preferred
Nov. 15
Nov. 15
Nov. 15
Ohio River Sand
Dec.
Nov. 15
Nov. 15 Nov.
5
5
25c
15 Dec.
Nov. 30
Nov. 15 Nov.
5
3
15c
Dec.
25c
Dec.
15 Dec.
1
Ohio Public Service.
6% preferred
7% preferred
5%
ovo
pr
pref.
(monthly)
(monthly).
r).
(monthly
Co., 7% preferred
"
Service, class A
Old Dominion Co
Old Joe Distilling Co. 8% pref. (quar.)
Ontatlo & Quebec Ry. (semi-ann.)
Ontario Steel Products, 7% pref. (quar.)
Oshkosh B'Gosh, Inc., common (quar.)
$2 preferred (quar.)..
1
Nov. 15
1 Nov. 20
Dec. 27 Dec, 20
Dec.
Nov. 10
Nov.
Nov. 30
tlOc
Dec.
Nov. 15
50c
Dec.
Nov.
Dec.
Dec.
prior preferred
1st preferred (quar.)
Oxford Paper Co. new $5 pref. (quar.)..
Otis Steel 7%
■%
5
1
1
Dec.
Dec.
1
Dec.
Nov.
5
20c
Nov.
Nov. 19
Nov.
Nov.
5
>c
Nov.
Nov.
1
5c
Nov.
Nov.
1
Dec.
Nov. 10
'40c
Nov.
Nov.
Nov.
Nov.
1
Nov.
Nov.
8
1
Dec.
Nov. 15
Dec.
Nov. 15
Nov.
Nov. 10
75c
Dec.
Nov. 15
Nov.
Oct.
31
Nov.
Oct.
30
37Mc
Dec.
30c
Dec.
25c
Nov.
81
If
Nov.
5
Nov.
26c
Nov.
5
Dec.
Nov. 20
Dec.
Nov.
8
$3
Jan.
Dec. 22
50c
Dec.
Nov. 15
15c
Dec.
Nov. 15
75c
$1
Nov.
Nov.
Dec.
Nov. 20
$1
Dec.
Nov. 15
4
1
Nov.
Nov.
SIM
$1.64 Dec.
Nov. 10
Dec.
Nov. 24
June
May 10
50c
Nov.
Oct.
Nov.
Nov.
Jan.
Jan.
Dec.
Nov. 26
$2
$1
Nov.
Oct.
Nov.
Nov. 10
25c
Dec.
Nov. 15
30c
Dec.
Nov. 15*
25c
Nov.
Nov.
8
Nov.
Nov.
8
Dec.
Nov. 13
Dec.
Dec.
SIM
Dec.
Nov. 15
50c
Dec.
Nov. 20
MM
Dec.
75c
MM
$1
30
1
2
28
1
Dec.
16
Oct.
25c Nov.
30
Dec.
Nov. 15
25c
Nov.
Nov.
5
25c
Nov.
Nov.
5
niM
40c
MM
$2
15 Nov. 12*
Dec.
Nov. 30 Nov. 12*
Nov. 15 Oct.
25c
Nov.
25c
u&
30
1 Nov. 10
Dec.
\Mc
MM
MM
16 Oct.
Nov. 15 Nov.
30
1
22 Dec.
4
Dec. 22 Dec.
4
Dec.
Dec.
15 Nov. 26
Dec.
10 Nov. 26
1
15c
Dec.
1 Nov.
%1M
MM
Dec.
1 Nov. 12
Dec.
1 Nov. 12
Dec.
1
Nov. 20
Nov. 15 Nov.
MM
M
MM
Dec
Dec.
Dec.
.
1
1 Nov. 16
1 Nov. 16
10 Nov. 20
5
Nov. 15 Nov.
Nov. 15 Nov.
5
Dec.
14 Dec.
3
Dec.
1 Oct.
25
50c
Nov. 15 Nov.
25c
Nov. 15 Nov.
Nov. 15 Oct.
Dec.
22 Dec.
Nov. 19 Oct.
1
5
26
3
30
MM
Dec.
1 Nov. 15
25c
Dec.
MM
Dec.
10 Nov. 29
1 Nov. 16
25c
Dec.
1 Nov. 12
M
Dec.
$1
Dec.
1 Nov. 20
1 Nov. 10
niM
mM
MM
Dec.
1 Nov. 20
Dec.
1 Nov. 20
20c
30c
50c
1 Nov. 15
5
15 Nov.
5
Nov. 15 Nov.
Dec. 15 Nov. 30
Dec.
Nov.
SIM
Ohio Water
50c
Nov.
Nov.
$1
(quar.)..
Dec.
Nov. 30 Nov.
Nov.
43 Mc
$1
Edison Co. preferred (qu.)
North River Insurance Co
Northern Oklahoma Gas Co. 6% pref. (qu.)
Northern Pipe Line Co
Northern RR Co. of N
J , 4% pref (quar.)...
Northeastern Water & Elec. $4 pref. quar.)
Northwestern Public Service Co. 7% pref
6% preferred
Nova Scotia Light & Power Co. 6% pref. (qu.)
Oahu Sugar Co. (monthly)
Occidental Insurance Co. (quar.)
Dec.
Dec.
Jan.
$1
25c
M
$2M
(quar.)
North American
Dec.
25c
MM
3%
Corp., class A (quar.)
Norfolk & Western Ry.
Preferred (quar.)
Feb.
$1M
$1
& Power
5% preferred (quar.).,
3 Dec. 20
Jan. 20
Jan.
«g
1
5
30
Dec. 15
20c
Co., common
3
MM
$1.03
Oct.
81fl
New Jersey Zinc Co
Nov.
50c
Nov.
(quar.)
Neptune Meter Co., 8% pref.
Newberry (J. J.) Co., pref. A
Nov.
50c
Preferred (quar.)
of com. for each sh. held
(quar.)
Co. 7% pref. (quar.)
Nov.
$1M
—
(quar.)
National Power & Light common
Nov.
MM
MM
Jarvis (W. B.) Co.
Koble Bros. Co. 6%
Wash.)5% pf. (qu.)
Gypsum Co., 1st pref.
2d preferred (quarterly)
National Lead Co. pref. A (quar.)
National Oil Products
National
50c
Jaeger Machine Co., common.
Jantzen Knitting Mills, pref. (quarterly)
(quar.)....
National Credit Co.(Seattle,
5c
(quar.)
(semi-annual)
(Del.)
National Casket Co.
National Container Corp.
1
Dec.
Dec.
(s.-a.)
Extra
50c
Island Mountain Mines
Kroger Grocery & Baking
6% preferred (quar.)
3 Dec. 31
t$iM
25c
Extra
Interstate Natural Gas
Dec.
30
10c
Nebraska Power
preferred
Interstate Hosiery Mills. Inc
30
22
Nov. 15 Oct
8
Dec.
1 Nov.
Nov.
2
Oct.
25c
(Quarterly)
MM class A pref. (semi-ann.)
Montreal Light. Heat& Power Co. (quar.)
Moody's Investors Service pref. (quar.)
Moore (Wm. R.) Dry Goods (quar.)
Morris Plan Insurance Society (quar.)
Morse Twist Drill & Machine Co
Motor Products Corp
Mountain Fuel Supply Co
Mountain Producers Corp. (semi-ann.)
Mueller Brass Co..
llNov. 15
Dec.
Nov. 15 Nov.
1
Nov. 15
Dec.
Jan.
Dec.
Nov.
MM
25c
(quar.)
(qu.)...
Missouri Gas & Electric Service Co., common—
Monmouth Consol. Wire Co., $7 pref. (quar.)__
Monsanto Chemical Co. $4M cl. A pref. (s.-a.)_
Represents proportion of the s.-a dividend
for the unexpired period ending Dec. 1.
1 Nov. 10
.Nov. 20
Nov. 24
Nov. 15 Oct.
Jan.
3im
MM
(quar.)
Mil nor, Inc., increased
Minneapolis-Honeywell Regulator (quar.)__
Dec.
Dec.
Inland Steel Co
Jackson (Byron) Co.
Extra
;
Dec.
21
30
22
Oct.
Nov.
10c
May Department Stores Co
Meadville Telep. Co. (quar.)
Mercantile Acceptance Qorp. of Calif.—
6% preferred (auar.)
5% preferred (quar.)
Mercantile Stores Co., Inc., 7% pref. (quar.) —
Merchants & Mfrs. Security class A & B (quar.)_
Pre!erred (participating)
Metal Textile Corp., pref. (quar.)
Mid-Continent Petroleum (interim)
Nov. 15
20c
Class A common (quar.)
Nov.
$1
50c
20c
Preferred
Co
Jan.
5c
Hiram Walker-Gooderham
6% cumulative convertible
1
lc
—
6% convertible preferred series
International Nickel of Canada
Nov. 15
25c
(quar.)
Heileman (G.)
Indiana Pipe Line
5
t$l
Extra
6
Nov.
50c
conv.
Hedley Mascot Gold Mines, Ltd.
Nov. 12
Jan.
Nov.
50c
t75c
preferred
preferred (quar.)
Havana Electric Utilities 6% 1st pref
$2
Dec.
Jan.
20c
Preferred
Oct.
Nov.
SIM
Preferred
Nov. 15
Class A & B (extra)
Nov. 30
25c
(Phila.) (quar.) —
Midland Grocery Co 6% pref.
Midwest Oil Co. (semi-ann.)
1
Nov. 17
Dec.
75c
(quar.)
Matson Navigation Co.
5
Dec.
Nov.
—:
Extra
Dec.
Jan.
50c
;
Marlin-Rockwell Corp. (special)
Masonite Corp. (quar.)
Preferred
31
common.
Manufacturers Casualty Ins.
MM
75c
Hamilton Watch Co. (quar.)
Preferred (quar.)
the
Manhattan Shirt Co.
30
30
20
Dec.
Oct. 29
Dec. 17
Nov.
Extra
Nov. 12
Dec.
$2
Great Northern Ry., pref. (resumed)
Great Western Electro-Chemical Co
Oct.
Dec.
Nov.
Dec.
SIM
Square Garden (quar.)
Magnin (I.) & Co. (quar.) 6% Dreferred (quar.)
Managed Investments, Inc. (quar.)
Nov. 10
25c
...
•
Dec.
Nov.
Nov. 20
Jan.
liS
Madison
50c
Nov. 10
37 Mc
$7 1st pref. (qu.)
$3 preference (quarterly)
Macy (R. H.) & Co. (quar.)
MM
Nov. 10
Dec.
$1H
...
$1
MM
(quarterly)
Dock (quar.).
Great Lakes Dredge & ]
Extra
(quar.)
Dec.
1
Dec.
Nov.
25c
MM
SIM
%2M
MM
1
Nov. 26
$2
Lynchburg & Abingdon Telegraph Co. (semi-an.)
Lynch Corp
!
Mac Millan Co. (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
McColl Frontenac Oil (quar.)
Mclntyre Porcupine Mines, Ltd. (quar.)
McKesson & Bobbins, Inc., stock dividend
Div. of l-25th of a share of $3 pref. stock
20
Feb.
Dec.
75c
$6. 1st preferred (quarterly)
Mar.
15
Nov. 26
75c
Luzerne County Gas & Electric,
*1H
%IM
MM
15
Dec.
Dec.
I25c
Lumberman's Insurance Co. (Phila.) (s.-a.)
Lunkenheimer Co
Pref.
Nov
Jan.
$1.10
Ludlum Steel Co
13
Nov. 16
Dec.
50c
8% preferred (quar.)
Loew's, Inc., $6M preferred (quar.)
Loose-Wiles Biscuit Co pref. (quarterly)
Lord & Taylor 1st pref. (quar.)
Louisville Gas & Electric class A & B (quar.)
Nov. 15
Dec.
Nov. 16
Dec.
MM
Monthly
Dec.
Dec.
tl2Mc
Extra
25c
37
$1
$1
50c
Lock Joint Pipe Co. (monthly)
MM
87 Mc
Payable of Record
Share
of Company
Liggett & Myers Tobacco Co. (quar.)
Common B (quar.)
Link Belt Co. (quar.)
Preferred (quar.)
Little Miami RR., special guaranteed (quar.)..
Original capital
Loblaw Groceterias, class A & B (quar.)
5
Nov. 15 Nov.
fractional shares.
Fire Assoc. of Philadelphia
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
3147
Chronicle
Dec.
41 2-3 c
Dec.
50c
Dec.
15 Nov. 30
1 Nov. 15
1 Nov. 15
Dec.
1 Nov. 15
t$l
Dec.
$1
Dec.
1 Nov. 15
24 Dec. 10
58 1-3 c
25c
10c
5
Nov. 22 Nov.
1 Dec. 15
Jan.
$3 Dec.
MM
10c
50c
t$43K
SIM
MM
1 Nov.
Nov. 15 Oct.
Dec.
Dec.
Nov. 15 Nov.
Dec. 15 Dec.
Dec.
1
31
1 Nov. 19
1 Nov. 19
5
1
1 Nov. 15
3148
Financial
Per
Name of Company
When
Share
Owens-Illinois Glass Co., common
Nov.
5H 7o preferred (quarterly)
Pacific Lit
lighting (quar.)
50c
Nov.
Nov.
Nov.
50c
Dec.
3?Jf
Extra
Parker Pen Co. (quar.)..
Parker Rust-Proof Co., common (quar.)
Extra
—
3715
Preferred (semi-annual)
Park Utah Consol. Mines (resumed)
Pender (David) Grocery class A quar.)—
Peninsular Grinding Wheel Co.
Dec.
Dec.
Dec.
Dec.
Nov. 10
Nov. 10
Nov. 10
Nov. 22
Nov. 20
Nov.
-
5
Feb.
5
Nov.
Nov.
5
Nov. 12
Dec.
Dec.
Dec.
Nov.
Nov. 20
Nov. 20
Nov. 20
Nov. 12
Nov. 10
Nov. <5
Dec.
Dec.
Nov. 20
Nov. 12
Dec.
Nov.
Dec.
Dec.
Nov.
Pharis Tire & Rubber quar.)
Phila. Germantown & Norristown RR
Philadelphia Suburban Water, 6% pref
Phillips Petroleum Co
Dec.
.
Phoenix Finance Corp., 8% pref. (quar.)
Phoenix Hosiery Co., 1st pref--
5
5
Nov.
Jan.
Preferred
Pillsbury Flour Mills (quar.)
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bess. & Lake Erie RR. 6% pf.(s.-a.)
Pittsburgh Coke & Iron, $5 pref. (quar.)
Pittsburgh Suburban Water Service Co.—
$5H preferred (quarterly)
SIX
Pittsburgh Youngstown 6c Ashtabula Ry. Co.—
7% preferred (quar.)
SIX
Polaris Mining Co
3c
Pollock Paper & Box Co. 7%
pref. (quar.)
SIX
Poor & Co., class A
I
t$1.125
Class A (quarterly)
37Hc
Procter & Gamble Co. (quar.)
50c
Prosperity Co., Inc., pref. (quar.)
SIX
Pressed Steel Car 5% 1st preferred
6Hc
6% 2nd preferred
62 He
Public National Bank & Trust
(quar.)
37Hc
Public Service Co. of Colorado
7% pref. (mthly.) 58 l-3c
6% preferred (monthly).
50c
5% preferred (monthly)
41 2-3 c
Public Service of New
Jersey, $5 pref. (quar.)
SIX
7% preferred (quar.)
$1X
8% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
—
Dec.
Dec.
Dec.
Dec.
Dec.
Pick (Albert; Co
Nov. 19
Nov.
1
Nov.
1
31
Public Service Co. of Nor. Illinois
(special)
Public Service Electric &
Gas, $5 pref. (quar.)..
7% preferred (quar.)
Pullman, Inc. (quar.)
Pure Oil Co., common
5% preferred (quarterly)
5H% preferred (quarterly)
6% preferred (quarterly)
Purity Bakeries Corp
Quebec Power Co., com. (quar.)
5
20
29 Nov.
15 Dec.
1 Nov.
1 Nov.
15 Oct.
5
15
25
28 Dec.
20
15
15
6 Nov. 20
24 Dec. 10
3 Dec.
21
1 Nov. 15
1 Nov. 15
1 Nov. 15
20 Nov. 20
20 Nov. 20
20 Nov. 20
30 Nov.
1
20 Nov. 20
1 Nov. 10
20 Nov. 20
20 Nov. 20
15 Oct. 25
1 Nov. 10
1 Dec.
1 Dec.
10
10
1 Dec. 10
1 Nov. 15
15 Oct. 25
30 Nov.
1
-
Quaker Oats Co.
preferred (quar.)
Quaker State Oil Refining Corp.
quar.)
Rapid Electrotype Co (quar.)
Reading Co., 1st preferred (quar.)
15 Nov. 30
15 Dec.
1
9 Nov. 18
1 Nov. 15
Regent Knitting Mills, non-cumu..
pref. (qu.)
Republic Insurance Co. (Texas)
(quar.)
Republic Petroleum Co., 6H% pref. A
(quar.).
Republic Portland Cement, 6%
preferred (quar.)
Reynolds Metals Co., common
5H% cum. preferred (quar.)
25 Nov. 10
15 Nov.
5
1 Nov. 20
1 Nov 16*
3 Dec. 21*
Rochester Gas & Electric
6% C & D (quar.)
5% preferred E (quar.)
1 Nov. 12
1 Nov. 12
25c
:._i.
23 Dec. 11
Nov. 15 Nov.
5
Dec.
Nov. 15
Jan.
Dec. 10
Dec.
Roxborough Knitting Mills, Inc.Participating preferred (quar.),
Dec.
Nov.
1
Remedial Loan Assoc. (quar.)
Savage Arms Corp
2nd preferred
Securities Acceptance
o
ir.
(Quarterly)
Shawinigan Water
Oct.
40c
2H%
(quarterly)..
$i
25c
& Power Co. (quar.)...
$20c
$1
Sherwin-Williams (quar.)
Preferred Series AAA
(quarterly)
Sign ode Steel Strapping
(quar.)
Preferred (quar.)
Socony-Vacuum Oil (special)
Solvay American Corp., 5 H % pref.
(quar.),
Sonotone Corp
elite
3230C
Dec.
3 Nov. 18
10c Nov. 24 Nov.
9
6% pfd.ser.B (qu.)
Southern Canada Power
Co., Ltd. com. (quar.)
Southern Pine Chemical Co.
6% pref—
Spiegel. Inc. pref. (auar.)
Sovereign Investment, Inc
Stamford Water Co
(quarterly)
Standard Brands, Inc.
$4>3 pref. (quar.),
Standard Cap & Seal
Corp. (quar.)....
37t^
$V.&
lc
$2
$1,125
40c
Extra
20c
Preferred (quarterly)
Standard Dredging Co. pref.
(initial)
Standard Oil of Calif,
Dec.
1 Nov. 15
Nov. lo Oct.
12
Dec. 15 Nov. 20
Nov. 15 Oct. 3
Jan.
Dec.
15 Dec.
Nov. 20
Nov. 15
Dec. 15
Dec.
1
Dec.
1
Oct.
Nov.
20
1
30
5
Dec.
1
Nov. 15
Nov. 15
Standard Oil Co. (N. J.),
Extra
com.
$25 par (s.-a.)
.
(semi-ann.)
1 Nov. 15
Dec.
1 Nov.
25c
55c
25c
75c
50c
Dec.
15 Nov. 15
Dec.
Dec.
Dec.
75
Extra
Dec.
40c
Dec.
15 Nov. 15
15 Nov. 15
15 Nov. 15
15 Nov. 15
15 Nov. 15
$2
$3
Dec.
Dec.
Dec.
20
15 Nov. 15
15 Nov. 15
Standard Steel Construction Co., $3 cl. A.
Standard Steel Spring
t$lH
Stanley Works (The) 5% preferred (quar.)
Htecher-Traung Lithograph 7H% pref. (quar.).
50c
Nov. 26 Nov. 13
31Hc
Nov. 15 Oct. 30
Dec. 31 Dec. 18
Nov. 15 Nov.
1
Stein (A.) & Co
....
SIX
40c
Jan.
1 Dec.
15
Jan.
3
Dec.
1
50c
60c
60c
Jan.
3
Dec.
1
Jan.
3
Dec.
1
SIX
Dec. 23
10c
Dec.
Nov. 15
Dec.
1
Dec.
1
Dec.
4
Dec.
4
1
Nov. 15
2c Nov. 22
lc
58 l-3c
50c
412-3c
25c
-
Toledo Edison Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Trane Co
$6 preferred (quarterly)
Troy & Greenbush RR. Assoc. (s.-a.)
Truax-Traer Coal Co., 6% pref. (quar.)
S1H
SIX
Twin Coach Co
Union Bag & Paper Corp.
(new)
Union Gas Co. of Canada
(quar.)
Union Tank Car Co. (quar.)
Dec.
1
Nov. 15
Dec.
1
Dec.
15
15
15
Nov. 15
Nov. 18
Dec.
15c
12Hc
J20c
Dec.
40c
SIX
t75c
15
Dec.
Dec.
Feb.
40c
-
Nov. 22
Dec.
1
Dec.
1
Dec.
tig
5H% preferred (quar.)—
United Biscuit Co. of America
Preferred (quar.)
United Corp., Ltd., $1H class A
United Drill & Toll (payable indiv.
10c
75c
1
1
1
Nov. 15
80c
United Drug, Inc
United Dyewood Corp.. pref.
(quar.)
Dec.
1
25c
notes)
Dec.
15
Jan.
SIX
United Engineering & Foundry Co.
(quar.)
Preferred (quarterly)
United Fuel Invest., Ltd., 6% preferred
United Gas Corp. $7 preferred
50c
3
Nov. 16
Nov. 16
SIX
t$l Dec. 15
SIX
(quar.)
—
Dec.
25c
Dec.
24
Dec.
24
58$l-3c
Light & Ry. Co., 7% pref. (mo.)
(monthly)--
-
1
Dec.
1
Dec. 24
58 l-3c
ilyf—IIIIIIIIIIIIII
53c
Dec.
53c
Dec. 24
Dec.
1
6% preferred (monthly)
50c
6% preferred (monthly)
50c
United Linen Supply $3 H con v. pref. A
f87Hc
United New Jersey RR. & Canal
(quar.)
$2H
United Profit Sharing Corp
10c
United States Graphite Co. (quar.)
50c
United States Pipe & Foundry Co.. com.
75c
(quar.)
United States Steel Corp.
(resumed)
$1
Preferred (quarterly)
SIX
United States Sugar Corp preferred
(quar.)
SIX
Preferred (quar.)
SIX
Preferred (quar.)
six
United Wall Paper Factories, pref.
(quar.)
SIX
1
Dec. 24
Nov. 20
Jan. 10
Dec. 15
Dec.
8
Dec. 20
Dec. 20
Nov. 20
Jan.
15
15
Apr.
July
15
Dec.
1
Dec.
1
Dec. 27
Dec.
2
Dec.
1
Dec.
1
Dec.
10
Dec.
1
Nov. 15
Dec.
1
Dec. 20
Dec. 15
Dec.
1
Dec.
Dec
1
1
Dec.
—
1
Nov. 15
Dec.
1
1-3- -38
Dec.
1
Nov. 15
Nov. 15
Nov. 15
spec,
pref. (quar.)
West Virginia Water Service Co.—
$6 cum. preferred
$6 cum. preferred (quarterly)
Western Cartridge Co., pref, (quar.)
Western Dairies, Inc., $3 preferred
Western Maryland Ry., 1st preferred
Western Public Service, preferred, A
Dec.
Dec.
Nov.
Nov.
Nov.
Dec.
Nov.
Western Tablet & Stationery
(quar.)
Westinghouse Air Brakes (irregular)
31
31
20
20
15
1
Dec.
15
23
Jan.
30
Subject to approval of stockholders.
Quarterly
Quarterly
Quarterly
Quarterly
Westinghouse Electric
Apr. 30
July 30
-
-
&
Mfg. Co
Preferred
Oct.
31
Nov. 30
-
.'
Nov. 30
Westminster Paper Co. (semi-ann.)
Westvaco Chlorine Products
(quar.)
Whitaker Paper Co
May
1
Dec.
1
2
Jan.
Jan.
2
Nov. 15
Jan.
3
-
1 Dec.
40c
(quar.)
Standard Oil (Indiana)
(quarterly)
Extra
37 He
.
Nov. 15 Nov.
1
Dec. 15 Nov. 18*
15
3
SIX
27Hc
(s.-a )
Dec.
1 Nov. 17
Nov. 15 Oct. 27
Nov. 15 Oct. 30
Dec.
1 Nov. 15
Nov. 15 Nov.
1
10c
40c
(qu.)_—,
Common $100 par
Dec.
Jan.
3
3
Jan.
25c
10c
gtd—
West Penn Electric 6% pref.
(quar.)
7% preferred (quar.)
West Virginia Pulp & Paper Co.,
10
6 Nov. 24
8 Nov. 16
3 Dec. 20
SIX Nov. 15 Oct.
South American Gold &
Platinum Co
South Bend Lathe Works
(quar.)
Sou. Calif. Edison,
Ltd., common
Extra
k
Dec.
Jam
Jan.
90c
(quar.)
Thatcher Mfg. Co., pref. (quar.)--Tidewater Assoc. Oil Co. (quar.)
6%
tock.
....
Terre Haute Water Works
Corp. 7% pref. (qu.)_
Texas Gulf Producing Co
Texas Pacific Coal & Oil Co.
Extra
30
Dec.
Corp.
Payable in $25 par 6% pref.
Selby Shoe Co. (quar.)
Selfrldge Provincial Stores
Servel, Inc. preferred
Nov. 15
Nov. 15
Nov. 15
50c
—
Vogt Manufacturing Corp
Nov. 20
Nov.
5
Nov. 15
Dec.
1
..
25c
SIX
$1H
$1M
$1.80
Vulcan Oils, Ltd. (semi-ann.)
Walgreen Co. pref. (quar.)
Warren (Northam) Corp., $3 pref. (quar.)
Washington Ry. & El. Co.. 5% pref. (quar.)
5% preferred (seml-ann.)
Weisbaum Bros. Brower (quar.)
Wentworth Mfg. Co., preferred
(quar.)
Wesson Oil & Snowdrift Co., Inc.,
pref. (qu.)
West Jersey & Seashore RR. Co.
Nov. 10
Nov. 10
(quarterly)
Savannah Gas, 7% pref.
(quar.),
Scotten-Dillon Co...
Sears, Roebuck (quar.)
Seaboard Oil Co. of Dela.
(quar.)
Seaboard Surety Co
28
56c
Vapor Car Heating Co., inc. 7% pref. (quar.)-.
Virginia Coal & Iron (quar.)
Dec. 15
Dec. 15
Nov.
2
Dec.
1
3 % 2d preferred (seml-ann.)
San Carlos
Milling, Ltd
S*n Francisco
Dec.
Nov. 15
Dec.
1
SIX
Vanadium-Alloys Steel Co
0
„
—
15
1
Nov. 24
20c
Van Raalte Co., Inc
1st preferred (quarterly)
6
Dec.
Dec. 15
Dec.
Dec.
68Hc
Debenture (semi-ann.)
Nov. 20
Ruud Mfg. Co.
(quar.)
Extra
Nov. 15
Utica Clinton 6c Binghamton RR
Nov. 15
St. Lawrence
Corp., prelerred
St. Louis Bridge
Co., 6% 1st pref. (s-a)
1
1
37 He
5% first prererred (quar.)
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
United Gas Improvement
Preferred (quarterly)
1
Dec.
Dec.
10c
Preferred A (quarterly)
Tennessee Electric Power Co.—
Extra
1
12 He
25c
Universal Insurance Co
Mar. 10
June 10
Apr.
July
Juarterly
Rose's 5,10 & 25c. Stores
(extra)-.
31
ilH
Sunray Oil Corp
Preferred (quarterly)
'
Super Mold Corp. (Calif.) (quar.)
Swan-Finch Oil Corp. pref. (quar.)
Sylvania Industrial Corp
Tampa Electric Co. (quar.)
United
1
Dec.
Dec.
S1H
Tobacco Products
Export Corp
Toburn Gold Mines, Ltd. (quar.)
1 Nov
Dec.
Dec.
$1X
2Hc
—
Preferred
Nov. 20
—
quar.)
25c
25c
Stromberg-Carlson Telep. Mfg
Preferred (quar.)
Sullivan Consol. Mines, Ltd
Sun Oil Co., common
Common (stock dividend)
Dec.
Nov. 15 Nov.
Payable
43 He
Extra
Timken Roller Bearing
(quar.)
Extra..
.
Rochester Telephone Corp.,
6H% pref. (quar.).
Stewart-Warner Corp. (semi-ann.)
Extra
Stix-Baer & Fuller 7% pref. (quar.)
Strawbridge & Clothier. 6% pref. A (qu.)
1937
When
Share
Name of Company
Nov. 15
Nov.
1
Nov. 15
Nov.
13,
Per
I
Dec.
-
Preferred (quar.)
Roeser & Pendleton, Inc.
(quar.)
26
Nov.
Feb.
.
—.—-—-
Extra
Oct.
Nov.
7% pref. (quar.)
7% preferred (quar.)
Penmans, Ltd. (quar.)
Pennroad Corp
Pennsylvania Power Co. $0.60 pref. (monthly)—
$6 preferred (quar.)
Pennsylvania State water $7 pref. quar.)
Peoples Gas, Light & Coke (resumed)
Pepeeko Sugar Co. (monthly)
Holland Paper Co.
Oct. 20
Nov. 15
Dec.
(quar.)
Peninsular Telephone,
Oct. 30
Nov. 15
Oct. 30
Oct. 30
Oct. 20
Dec.
37Hc Nov.
Nov.
Holders
Payable of Record
75c
10c
Paauau Sugar Plantation (monthly)
Pacific Gas & Electric, 6% pref. (quar.).
Chronicle
Preferred
(quar.)
White (8. S.) Dental Mfg. Co. (quar.)
Whitman (Wm.) & Co., Inc., 7% pref.
(qu.)
Will & Baumer Candle
Williams (J. B. ) Co. (quar.)
75c. preferred (quar.)
Nov. 15
Nov. 15
Nov. 15
Williamsport Water $6 pref. (quar.)
Dec.
Wood (Alan) Steel 7%
preferred
Dec.
1
Nov. 20
Wilson & Co.. Inc., common
Wool worth (F. W.) Co. (quar.)
Worcester Salt Co.. 6% pref. (quar.)
Worthington Pump & Mach'y, 4H% prior pref4H% convertible preferred
;——
1
Dec.
1
Nov. 15
Ymir Yankee Girl Gold Mines, Ltd
—
15
Dec.
15
Dec.
Jan.
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Dec.
3
Dec.
1
1
•Transfer books not closed for this dividend,
t Od
account
of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a
tax of
5% of the
amount
case of non-residents of Canada,
of such dividend will be made.
Volume
Financial
145
York
Weekly Return of the New
Clearing House
OF
MEMBERS
FOR
THE
OF
WEEK
THE
Net Demand
Time
Deposits.
Deposits,
Profits
Capital
Average
comparison with the previous week and the corresponding
date last year:
SATURDAY,
Undivided
•
•
Clearing House
in
CLEARING HOUSE
NOV. 6, 1937
YORK
NEW
ENDED
York
New
following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 10, 1937,
The
York City
weekly statement issued by the New
Clearing House is given in full below:
ASSOCIATION
Condition of the Federal Reserve Bank of
City
The
STATEMENT
3149
Chronicle
A vert age
Surplus and
Members
1937 Nov. 10, 1936
3,
Nov. 10, 1937 Nov.
$
$
$
Assets—
$
$
Bank of N Y 4 Trust Co
Gold certificates on hand and due from
13,252,400
11,643,000
45,203,000
202,020,000
20,699.000
136 ,027,000
25,804,400
389 ,771,000
Bank of Manhattan Co.
6,000,000
20,000,000
National City Bank
77,500,000
Chem Bank 4 Trust Co.
Guaranty Trust Co
20,000,000
90,000,000
Manufacturers Trust Co
42,661,000
Cent Hanover Bk4Tr Co
21,000,000
15,000,000
58,932,400 al-,422 ,059,000
412 ,163,000
54.330,900
180,657,900 51,306 .135,000
431 ,600,000
44,247,000
676 ,553,000
68,756,100
242 ,409.000
17,632,600
Flrst National Bank
10,000,000
105,095.400
412 ,299,000
4,279,000
Irving Trust Co
50,000,000
452 ,048,000
61,140,100
37 ,609,000
4,095,300
126,158,500 Cl.861 ,596,000
47 ,499.000
3,529,900
7,654,000
Corn Excb Bank Tr Co.
Continental Bk 4 Tr Co
4,000,000
Chase National Bank...
100,270,000
500,000
Fifth Avenue Bank
72,212,000
99,064,000
53,457,000
24,785,000
72 ,674,000
75 ,804.000
25,000,000
Title Guar 4 Trust Co..
10,000,000
1,301,800
12 ,928,000
Marine Midland Tr Co..
5,000,000
9,061,900
98 ,197,000
12,500,000
7,000,000
7,000.000
28,125,700
7,976,700
8,665,900
264 .442,000
New York Trust Co
Total
t
3,639,943.000 3,665,527,000 3,385,028,000
reserves.
Bi is discounted:
Secured
U.
t.y
8.
Govt,
obligations,
6,197,000
7,061.000
3,156,000
2,218,000
2,675,000
2,251,000
9,135,000
9,736,000
5,407,000
Bills bought in open market.
1,009,000
1,009,000
Industrial advances.
4,641,000
4,647,000
1,098,000
6,473,000
direct
Other
61,098,000
d751 ,456,000
76,151,400
Other cash
8,150,000
58,939.000
3,198,000
51,691,000
2,428,000
3,285,000
33,530,000
3,066,000
Bankers Trust Co
3,557,116,000 3,586,525.000 3,321,289,000
1,304,000
1,183,000
1,183,000
62,435,000
77,819,000
81,644,000
United States Treasury.*
Redemption fuhd—F. R. notes
lully guaranteed
or
Mils discounted
Totai
discounted.
bills
United States Government securities:
Public Nat Bk 4 Tr Co.
9,103,269,000'
894,916,300
523,431,000
Totals
National, Sept. 30, 1937; State, Sept. 30.
♦As per official reports:
Bonds.
212.136,000
Treasury notes
332,964,000
Treasury bills
Comm l Nat Bk 4 Tr Co
183.964,000
211,830,000
332,485,000
180,714,000
100,883,000
383,222,000
161,138,000
729,064,000
725,029,000
645,243,000
743,849.000
740,421,000
658,221,000
66,000
66,000
766.401,000
Total U. S. Government securities.-
1937; trust
companies, Sept. 30, 1937.
branches:
Includes deposits in foreign
532,000; d $38,731,000.
\
The
$276,749,000; 5 $91,756,000; C$126,-
Total bills and securities.
Due from foreign banks
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
not
following
"Times"
York
New
returns
are
a
,
are
INSTITUTIONS
NOT
IN
129.980,000
9,987,000
12,530,000
12,221,000
10,860,000
30,902,000
4,611,852,000 4,558,811,000 4,221,696,000
OF
FOR THE
NATIONAL AND
BANKS—AVERAGE FIGURES
STATE
Liabilities—
850,471,000
961,352,000
948.408,000
3,035,501,000 3,037,275,000 3,013,247,000
15,990,000
48,739,000
64,485,000
19,045,000
91,899,000
98,706,000
70,063,000
167,965,000
148,146,000
F. R. notes in actual circulation.......
Res
Other Cash,
Loans,
D\sc. and
N.
Including
Investments
Bank Notes
Dep. Other
Dep.,
Y
Deposits—Member bank reserve acc't..
Banks and
Gross
Trust Cos.
and
Elsewhere
Deposits
U.S. Treasurer—General account
Foreign bank
-
Manhattan—
20.510,800
22,612,000
6,774,900
7,418,000
1,913,570
523,000
5,467,806
313.059
6,370,100
277,500
4,921,000
Trade Bank of N. Y.
105,000
3,866.800
124,197
26,513,000
6,150,231
151,000
7,467,600
189,000
Total deposits.....
27,483,700
1,452,000
1,539,900
717,000
136.400
Sterling National
Other deposits
$
$
$
$
$
Grace National
5,368,000
Capital
National.
People's National
3,346,838,000 3,345,878,000 3,118,345,000
...
paid in
Surplus (Section 7)
...
Reserve for contingencies
TRUST
FIGURES
COMPANIES—AVERAGE
Dep. Other
Y. and
Banks and
Deposits
Elsewhere
54,164,400 ♦11,626,000
193,005
9,206,262
11,275,600
1,422,554
4,543,500
*994,884
1,234,602
19,351
*6.289,700
618,300
314,400
Lawyers
27,664,800 *11,413,500
726,800
United States
65,342,503
21,742,890
15,277,411
78,580,000
31,052,349
3,492,000
2,342,956
40,919,000
11,743,797
Empire
Federation
10,858,992
20,480,100
Fiduciary
Fulton
?
1,802,675
for foreign
70,778,900
10,609.374
10,587,092
23,127,500
37,761,500
72,319,368
Kings County
Federal
with
amount
♦Includes
Reserve
1.877,000
as
Fiduciary, $617,953; Fulton, $5,998,700; Lawyers,
T
industrial
make
to
ad
uuw
iuuiuuc
—
rsuciai
■
1
the United States
—
.
_
These are certificates given by
„
„nlr.
t»k.n
S9,571.100;
the Reserve banks when the dollar was, on
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
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns
figures are always a week behind those
the Federal Reserve System upon the figures for
„
Treasury for the igold ta e
Jan. 31, 1934. devalued rro
100 cents to 59.00 cents, these certificates being worth less to the extent or tne
difference, the difference itself having been appropriated as profit by the i reasury
under the provisions of the Gold Reserve Act of 1934.
*
over from
$10,806,200.
These
9,262,000
4.969.00C
4,956,000
uueo
uiuw
Reserve bant notes
39,324,324
Empire,
780.00C
Y,
bances
57,000 115,060.000
follows:
85.3%
85.1%
84.7%
correspondents.
Commitments
Brooklyn—
Brooklyn
7,744.000
9,117,000
i
%
$
%
$
$
51,474,000
Gross
Trust Cob
N.
Cash
51,077,000
4,611.852,000 4,558,811,000 4,221,696,000
Total liabilities
Res. Dep.,
Loans
Disc, and
Investments
Manhattan—
All other liabilities
127,708,000
50,239,000
50,825,000
7,744,000
8,849,000
7,515,000
130,292,000
195,151,000
51,077,00(1
51.474.00C
7,744,000
9,117,000
2,043,000
Deferred availability Items.
Brooklyn—
Lafayette
6,620,000
123,825,000
All other assets...
Total assets.
CLEARING HOUSE WITH THE CLOSING
WEEK ENDED FRIDAY, NOV. 5, 1937
6,764,000
198,309,000
9,987,000
Bank premises
the figures for the week ended Nov. 5:
BUSINESS
85,000
7,168,000
Uncollected items.
for the Reserve banks themselves.
the principal
are obtamea.
The comment of the Board oj hovernors o;
the latest week appears in our department of "Current Events and Discussions,
mmediately 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 made in the breakdown of loans as reported In this statement, which were
described in an announcement of the
Federal Reserve Bank of New York of April 20,
1937, as follows:
of loans and discounts. This classification has Ibeen changed P«marily to show tne
loans (other than to brokers and dealers) for the purposeof purchasing w carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities locattri in Newt York.Cityand th^eiocatgi
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted
with acceptances and commercial
paper bought in open market" under the revised caption "open market paper," instead of in "all other loans,
as at present.
^
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans
and other loans
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590The changes in the report form are confined to the classification
of (1) commercial, industrial and agricultural loans, and (2)
amounts
REPORTING MEMBER BANKS IN 101 LEADING
ASSETS AND LIABILITIES OF WEEKLY
21,654
—
—
S
i
3. 1*37 (In Millions of Dollars)
Minneap. Kan. City
San Fran
Dallas
S
t
t
S
5
631
555
2,993
659
405
701
515
1,865
253
284
1,010
321
191
288
249
4,102
719
694
>1,048
15
12
52
52
11
40
44
13
253
18
35
590
4,171
2,130
f
100
134
570
143
90
144
341
1,770
254
162
290
24
4
37
88
194
18
14
4
53
11
7
3
7
47
5
3
16
741
23
4
32
1
901
16
57
371
carrying
315
19
15
90
13
176
29
27
86
46
6
21
242
21
84
2
2
6
9
3
5
1
6
59
1
96
Loans to banks
35
9
660
40
14
1,169
securities..
Real estate loans..
Otber loans:
St. Louis
477
Open market paper
Loans to brokers and dealers
Otber loans for purchasing or
Chicago
8,780
*
Otherwise secured and unsecured-.
$
Atlanta
1,273
Commercial. Indus, and agrlcul. loans:
On securities..
CITIES BY DISTRICTS. ON NOV-
S
Cleveland Richmond
%
9,625
Loans—total
Phila.
%
%
ASSETS
Loans and Investments—total
New York
Boston
Total
Federal Reserve Districts—
47
12
15
10
79
„
732
65
268
118
30
26
13
41
59
30
104
41
37
260
29
59
54
829
57
unsecured..
272
1,402
193
185
673
3,118
823
247
425
157
7,968
157
United States Government obligations
437
188
47
13
by U. 8 Govt.
79
393
98
44
51
291
1,123
263
117
131
65
Other securities
1,137
2,924
35
30
118
60
49
101
802
137
312
132
Reserve with Federal Reserve
Bank..
332
115
2,662
167
263
76
5,325
80
18
11
61
10
11
37
5
318
39
10
96
295
94
64
171
139
182
180
145
29
201
On securities
Otherwise secured and
Obligations fully guar
Cash in vault
23
19
Demand deposits—adjusted
Time deposits
United States Government deposits.-
108
79
576
105
38
40
92
23
17
23
325
2,206
402
265
898
417
391
6,377
1,076
476
989
186
869
122
998
198
126
1,146
744
147
272
184
5,278
Other assets—net
LIABILITIES
1,744
1,309
14,610
Balances with domestic banks.....—
39
10
2
16
252
64
11
21
11
5
447
7
222
183
706
235
114
344
186
235
323
7
3
8
331
56
92
81
327
Inter-bank deposits:
—
Foreign banks
5,040
207
2.020
476
Domestic banks
9
439
1
6
2
1
1
7
22
13
Borrowings
Other liabilities
143
41
—...—
Capital account..
1
865
""25
387
16
28
3,621
237
1,614
349
92
89
368
15
1
7
1
8
89
Financial
3150
Chronicle
Nov.
1937
13
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
Friday afternoon, Nov.
on
12,
Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the
returns
Federal Reserve banks.
for the latest week
in
appear
COMBINED RESOURCES AND
our
on
The comments of the Board of Governors of the Federal Reserve System
the
upon
department of "Current Events and Discussions."
LIABILITIES
OF
THE
FEDERAL RESERVE
BANKS
AT
THE
CLOSE
OF
BUSINESS
NOV.
10, 1937
l
Nov.
Oct.
27,
1937
$
9,124,891
hand and due from U. 8. Treas.a
3,
Oct.
1937
S
ASSETS
Gold ctfs.
Nov.
10.
1937
Three ciphers (000) omitted
20,
1937
$
%
Oct. 13,
1937
$
%
9,124,89(
9,381
308,145
8,120,391
306,008
on
315,48£
303,903
293,765
9,440,280
9,442,422
9,451,301
9,439,730
9,430,300
14,711
6,265
16,950
7,369
17,890
13,193
5,536
5,291
20,976
24,319
23,426
2,830
19,450
19,478
9,381
Redemption fund (Federal Reserve notes)
Other cash *
Total reserves..
9.421
9,120,389
9,438
Oct. 0,
1937
9,126,889
9,646
Sept. 29,
Sept.
1937
S
9.127,389
10,422
22,
Sept.
1937
15,
1937
9.129,890
300,809
9,438,020
9,453,957
13,268
12,327
11,951
10,183
10,729
18,484
23,451
2,830
10,
1936
$
S
S
9,127,392
10,422
316,143
Nov.
308,416
9.129,890
9,192
290,320
8,726,337
11,853
243,801
9,446.969
9,435,402
8,981,991
13,350
10,839
13,151
10,047
4,128
11,639
23,050
23,590
24,195
23,198
6,866
2,830
19,622
2,813
19,080
3,026
3,067
20,598
3,020
20,601
20,603
3,086
26,281
738,073
1,157,713
738,073
1,157,713
738,073
738,073
379,960
1,157.713
8,003
Bills discounted:
Secured
by
U.
direct
or
fully guaranteed
S.
Government obligations,
Other bills discounted
Total bills discounted
2,738
'
Bills bought in
2,832
19,352
2,832
open market
Industrial advances...
19,332
United States Government securities—Bonds..
-
Treasury notes
Treasury bills
1,158.463
738,073
1.158,463
1,158,463
1,157,713
738,073
1,157,713
640,054
629,654
630,404
630,404
030,404
630,404
630,404
1,157,713
630,404
1 443,363
629.654
Total U. S. Government securities...'
2,536,590
2,526,190
2,520,190
2,520,190
2,526,190
2,520,190
2,520,190
2,520,190
2,520,190
2,430,227
2,579,730
2,572,693
2.571.890
2,506,982
2,572,093
2,571.739
2,573.404
2,574.012
2,573,058
2,466,460
"""173
173
"""173
"""173
738,073
738,073
738,073
606,904
Other securities
Foreign loans
gold
on
;
Total bills and securities
Gold held abroad
...
Due from foreign banks
Federal Reserve notes of other banks.....
Uncollected items
""173
27,262
190
190
25,427
"""190
"""231
"""226
27,814
581,920
28,520
622,341
28,431
638,847
45,365
28,172
714,261
45,364
033,125
27,370
637.059
27.419
45,435
693,328
45,455
657,615
45,456
41,720
40,730
45,456
45,514
40,807
45,417
23,289
573,938
48,067
39,679
40,849
39,114
37,952
37.292
29,143
859,544
45,428
30,704
12,771,542
12.710.564
12,760,479
12,834,711
12,774.300
12,750,416
12,775,446
12,824.627
12,979,510
12,134,953
Bank premises
All other assets
Total assets
40,988
LIABILITIES
Federal Reserve notes I
n
actual circulation....
Deposits—Member banks'
reserve account
United States Treasurer—General account..
Foreign banks
4,277,419
4,284.159
4,250,097
4.270,223
4,291,519
4,284,339
4.240.268
4,253,150
4,271.313
4,142,981
6,879,403
139,237
272,742
6.888,943
110,826
0,950,730
0,938,802
6,918,902
83,231
283,014
7,003,033
7,032,833
287,311
140.273
243.378
174,745
134,065
125,612
124,734
0,804,732
347,086
199,837
112.978
6,824,565
70,183
0,977,186
193.490
209,879
253,936
227,788
7.501,261
642,771
132,541
145,854
27.615
94,046
265.891
81,557
54,589
48,804
218.679
276,444
202,130
7,481,493
7,529,340
7.498,933
7,459,892
7,500.592
7.542,090
7.532.742
7,525,233
7,070,398
595,440
624,534
716,041
132,682
672,090
132,683
132,679
834.534
570,910
132,656
145,854
27,015
35,768
637,764
132,604
090,025
145,854
132,005
145,854
8,582
27,615
35,769
7,597
145.854
27,490
35,803
27,490
35.803
8,996
7,330
27,490
35,803
7,567
132,590
145,854
27,490
35,803
130,219
145,854
8,339
145,854
27,615
35,742
7,579
022,374
132,627
145,854
27,490
6,952
6.693
13,565
12,771,542
12,710,564
12,760,479
12,834,711
12,774,300
12.750,410
12.775,440
12,824.627
12,979.510
12,134,953
80.2%
80.1%
80.2%
80.2%
80.0%
80.1%
1,511
1,365
1,338
1,543
1,579
Other deposits.
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
__
Surplus (Section 13-B)
Reserve for contingencies
35,742
All other liabilities
Total liabilities....
35,804
237,332
142,440
145,501
27,088
34,291
Ratio of total reserves
to deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
Commitments
to
bills
80.1 %
80.3%
80.2%
80.2%
2,586
purchased
2,219
2,326
1,855
14.488
U4.554
tl4,654
14,739
14,880
14,970
15.021
22,436
16,604
21,534
5,130
for
14,403
13,522
make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
21,956
21,044
704
650
823
21,744
456
21,300
429
301
291
434
515
612
21,219
1,429
21,223
426
347
448
824
954
492
1,012
850
854
860
478
966
836
348
430
556
334
603
209
552
318
234
187
174
141
73
156
20,976
24,319
23,426
18,484
23,451
23,056
23,590
24,195
23,198
6,866
391
18,533
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-16 days bills bought
16-30 days bills bought
31-60 days bills bought
61-90 days bills bought
445
511
In open market
232
297
171
26
485
544
26
in open market
in open market
232
297
1,200
1,271
1,966
200
1,919
49
117
1,016
391
391
204
222
196
25
273
278
302
723
227
2,310
2,285
1,235
2,331
2,486
1,317
200
682
2,514
3,086
in open market.—
Over 90 days bills
bought in open market
Total bills bought in
open market
2,832
2,830
2,830
2,830
2,813
3,026
3,026
3,067
1,014
1,086
1,057
337
468
960
257
1,009
1,179
1,133
887
852
161
916
J/days industrial advances.__
16-30 dayB Industrial advances.._
31-60 days industrial advances
61-90 days industrial advances
2,832
1,032
1-
784
301
290
190
712
209
422
433
818
645
664
572
561
423
880
721
791
Total industrial advances
827
876
830
16,256
Over 90 days Industrial
advances..
16,259
928
903
696
16,519
723
728
16,612
16,788
10,814
17,961
17.975
18,143
23,|95
19,352
19,450
19,478
19,622
19,680
20,598
20,601
20,603
26,281
29,685
30,190
31,370
60,168
29,539
27,472
27,549
61,055
26,006
25,282
59,729
28,366
27,472
42,362
60,794
57,034
51,768
156,053
2,352,114
59,486
60,168
63,358
2.351,335
27,349
29,685
59,655
57,016
2,352,485
25,282
30,190
52,853
2,350,438
2,350,146
2,351,815
59,655
2,353,663
2,143,477
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,520.190
|| 2.520,190
2,430,227
4,443,261
19,332
1-16 days U. S. Government
securities
16-30 days U S. Government
securities
31-60 days U. 8. Government
141,932
2,277,987
29,539
31,255
59,486
139,147
2,266,763
2,536,590
2,526,190
31,370
28,285
securities
57,016
...
81-90 days U. 8. Government
securities
°ver 90 days U, 8.
Government securities..-.
.
.
Total U. 8. Government
securities
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
141
63.358
44,586
43,749
..II"..
-IIIII.III
Over 90 days other securities
Total other securities
—
«
-
~
-
•___
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
4,609,218
331,799
4,604,267
320,108
4,612,569
356,472
4,618,979
348,756
4,608,405
316,886
4,609,199
4.602,269
356,001
4,613,505
360,349
4,620,315
324,860
349,002
300,280
4,277,419
4,284,159
4,256,097
4,270,223
4,291,519
4,284,339
4,246,268
4,253,156
4.271,313
4,142,981
4,637,132
23,186
32,000
4,641,132
4,639,132
23,149
32,000
4,636,132
4,633,132
4,633.132
4,632,132
4,395,838
18,276
32,000
22,822
32,000
22,183
22.755
22,807
5,147
32,000
32,000
32,000
93,000
4,692.318
4,691.408
4.694.281
4,690,954
4.687.315
4,687,887
4,080,939
4,493,985
Collateral Held by Agent as
Security for
Nates Issued to Bank—
Gold ctfs.
on
By eligible
hand and due from U. 8. Treas..
paper
United States Government securities
Total collateral
•
x
"Other cash" does not Include Federal
These
are
cents on Jan.
provisions
4,643,132
20,443
20,000
4,645,132
23,938
20,000
4,683,575
4,689,070
Reserve
certificates given by the United States
notes,
r
Revised figure.
Treasury for
the gold
taken
over
from the Reserve banks when the dollar
31, 1934, these certificates being worth less to the extent of the
difference, the difference
the Gold Reserve Act of 1934.
of
was
devalued from 100 cents to 59.08
itself having been appropriated as profit by the
Treasury under
Volume
of the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors
Three Ciphers
(000) Omitted
Feaeral Reserve Agent at—
Total
Boston
New York
RESOURCES
%
S
Cleveland Richmond
Phila.
$
I
Gold
certificates
hand
on
St
Chicago
S
Louis
%
324,060
895
495
141
293
1,300
15,726
8,074
20,512
13,897
27,364
203,534
298,938
192,915
727,155
125
272
240
496
215
1,195
176
33
1,467
416
529
9,381
1,028
1,183
908
566
624
29,657
81,644
22,380
21,808
16,935
497,181 3,639,943
526,591
708.325
341,619
243,467 1,767,557
293,055
6,917
2,218
2,205
791
277
320
30
345
144
103
9,440,280
Total reserves
S
698.491
178,725
278,285
194,965
276,434
306,008
*
685,951
$
*
%
San Fran
Dallas
Minneap. Kan. City
%
230,005 1,731,060
629
1,319
12,143
35,868
503,303
466,496 3,557,116
9,124.891
Redemption fund—Fed. Res. notes..
Other cash
Atlanta
I
«
due
and
from United States Treasury
BUSINESS NOV. 10, 193f
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
AND LIABILITIES OF EACH
WEEKLY STATEMENT OP RESOURCES
3151
Chronicle
Financial
145
Bills discounted:
8ecured by U. S. Govt, obligations.
direct and (or) fully
Industrial advances
70
2,030
9,135
2,550
935
380
2,774
390
30
340
1,009
293
269
110
99
353
78
54
80
201
206
2,855
4,641
3,620
798
1,864
144
769
239
707
486
1,109
38,818
32,395
81,293
23,977
36,209
28.788
37,635
20,793
56,831
31,400
2,100
63,970
100,405
24,965
55,475
80
53,785
212,136
62,355
71,850
1,158,463
84,420
332,964
97,873
50,847
127,596
46,642
183,964
54,074
112,773
62,308
60,927
640,054
33,663
28,092
70,497
32,497
51,009
28,181
2,536,590
729,064
214,302
246,931
133,408
111,334
279,386
111,687
82,405
124,440
98,936
219.850
184,847
189,938
743,849
220,765
248,933
135,762
114,351
280,898
112,034
83,506
126,473
100,541
222,680
2,579,730
13
66
17
16
7
6
21
3
2
5
5
173
2,278
28,532
933
1,502
660
i,947
16,595
31,595
25,267
2,349
1,553
1,510
1,455
3,165
1,363
29,670
3,363
1,787
1,476
3,088
463,465
322,227
987,915
U .8. Government securities—Bonds.
Treasury notes
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
foreign banks
25,427
557
7,168
914
638,847
198,309
42,806
51,506
Uncollected Items
4,847
6,241
4,893
4,462
45,365
41,720
Bank premises
AH other resources
-
Deposits:
U. 8. Treasurer—General account.
139,237
Foreign bank.
272,742
435,816
215,220
165,813
181,420
138,721
167,031
90,108
348,073
182,646
537,106
4,314
1,378
7,070
7,898
7,898
25,057
403,399
,501,424
255,534
Surplus (Section 7)
145,854
490
does not include
•"Other cash"
Total
582,991
32,297
2,891
4,069
3,116
1,003
2,027
3,613
26,751
3,878
3,851
1,262
1,847
2,043
20,647
79,624
4,391
4,869
15,616
1,690
12,908
21,504
1,416
7,721
382
1,459
382
378
248
295
735
385,006 2,138.487
439,804
307,535
463,465
322,227
987,915
754
3,422
1,497
1,007
3,121
864
738
325
800,833 1.020,748
540,265
545
1,174
1,142
941
10,016
9,645
2,121
2,037
253
238
111
90
300
78
59
75
75
184
934
135
872
1,682
353
10
183
52
115
269
3,064
4,956
Boston
"
Atlanta
Chicago
$
144,834
6,113
177,320
98,095
10,289
7,987
389,021
40,948
984,144
181,420
138,721
167,031
90,108
348,073
168,000 1,020,000
390
2,545
196,632
148,000
180,000
99,500
399,000
30
274
1,434
415
529
196,662
148,274
181,434
99,915
399,529
12,777
318,849
435,816
215,220
165,813
341,000 1,060,000
9,125
2,030
337,000
2,381
464,000
230,000
935
355
343,030 1,069,125
339,381
331,626
283,816
948,408
4,643,132
%
195,243
13,823
227,721
331,955 1,059,439
111,031
48,139
S
S
S
S
San Fran
Dallas
Louis Minneap. Kan. City
183,588 1,008,982
24,838
17,775
461,394
25,578
4,609,218
331,799
St.
S
$
S
i
t
S
NOTE STATEMENT
Cleveland Richmond
Phila.
New York
4,277,419
Bank
In actual circulation
194,235
31,386
189
S
Federal Reserve notes:
Held by Federal Reserve
255,035
16.495
1,831
Omitted
R. Agent
142,904
29,737
3,844
4,655
Federal Reserve notes.
Federal Reserve Bank of—
Issued to F. R. Bank by F.
218,047
4.878
FEDERAL RESERVE
Three Ciphers (000)
185,713 1,029,711
54,520
3,000
753,405 4,611,852
2,586
13,522
Commitments to make Indus.advances
51,474
1,570
12,771,542
19,337
19,478
14,323
12,259
13,362
4,325
7,744
9,117
Contingent liability on bills purchased
correspondents
2,313
201,272
51,372
12,947
44,775
195,151
51,077
9,383
9,826
2,874
Total liabilities
261
976,541
9,533
2,778
4,690
60,016
All other liabilities
131,206
3,119
6,264
2,315
11,711
13,048
132,541
Reserve for contingencies
8,171
5,535
3,302
6,257
642,771
27,615
35,742
8,339
3,069
170,100
8,195
26,691
Deferred availability Items
Surplus (Section 13-B)
20,168
31,594
1,408
230,974
15,914
98,706
Capital paid In
984,144
242,562
447,405
385,430 3,346,838
7,501,261
Total deposits
3,809
307,535
148,164
19,882
3,650
209,879
Other deposits
4,610
439,804
366,522
3,929
357,568 3,035,501
64,485
4,330
6,879,403
Member bank reserve account
2,201
1,572
12
385,006 2,138,487
318,849
948,408
283,816
4,277,419
3,418
78,174
540,265
LIABILITIES
F. R. notes In actual circulation
2.509
45,183
800,833 1,020,748
753,405 4,611,852
12,771,542
Total resources
9,987
12,530
.
20,900
2,276
55,272
2,719
2,610
1,265
60,221
3,010
2.485
Fed. Res. notes of other banks
for foreign
1,768
1,006
2,832
19,332
738,073
bought In open market
Due from
760
20,976
Total bills discounted
Bills
1,270
14,711
6,265
guaranteed..
Other bills discounted
12,501
held by Agent as security
for notes Issued to banks:
Collateral
Gold certificates on
from
hand and due
United States Treasury
20,443
20,000
Eligible paper
U. 8. Government securities-
4,683,575
Total collateral
United
States
York Stock
Securities
Government
on
20,000
190,545 1,020,196
230,355
464,935
Transactions
the New
Stock and Bond
United States Treasury
Rates
quoted
are
the
at
for discount at purchase.
Bid
Ailed
Mar. 30 1938
0.25%
6 1938
0.25%
1938
0.25%
0.25%
0 25%
0.29%
0.15%
Dec.
1 1937.
0.17%
Dec.
8 1937
0.17%
April 13
April 20
April 27
May
4
May 11
May 18
May 25
181937
20 21 & 22 1937.
Dec. 15 16 17&
Dec.
0.17%
0.17%
Dec. 29 1937
0.17%
5 1938
0.20%
12 1938
Jan.
PARIS
BOURSE
Atled
Quotations of representative stocks as
April
Nov. 24 1937
Exchange,
3167.
Bills—Friday, Nov. 12
0.15%
Nov. 17 1937.
Stock
York
Averages—See page 3167.
THE
Bid
New
Daily, Weekly and Yearly—See page
Exchange—See following page.
1938
1938
1938—.
1938..
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nov. 12
Francs
Francs
Francs
Francs
Francs
Francs
6,300
6,200
6,300
1,080
1,077
1,095
421
416
423
231
231
279
234
23,900
23,400
23,700
23,800
642
635
640
1,320
1,310
1,320
Bank of France
Pays Bas
de l'Unlon Parlslenne..
Banque de Paris et Des
0.29%
1938
received by cable
day of the past week:
Nov. 6
0.29%
0.29%
1938—
each
Banque
Canadian Pacific
Canal de Suez cap
Jan.
19 1938
0.20%
0.20%
June
1 1938
Jan.
26 1938
0.20%
June
8 1938
0.32%
Cle
2 1938
0.20%
June 15 1938
0.32%
Cle Generale
48
48
Feb.
0.20%
June 22 1938—
0.32%
Citroen B
516
0.20%
675
July
200
200
23 1938
200
Feb.
205
225
mmmm
682
16 1938
685
Feb.
June 29 1938
mmmm
512
9 1938
513
Feb.
6,300
'
228
Jan.
0.32%
Cle Dlstr d'Electrlclte.
0.32%
Generale
_
d'Electrlclte
Transatlantlque
1938
0.35%
Comptoir Nationals d'Escompte
Coty S A
13 1938
July 20 1938
0.35%
Courrleres
0.35%
Credit Commercial de France..
6
—
Mar.
2 1938
0.20%
0.23%
Mar.
9 1938
0.23%
Mar. 16 1938
0.23%
Credit Lyonnalse.
0.25%
Eaux Lyonnalse cap..
Mar. 23 1938
July
mmmm
456
451
1,330
1,430
1,300
298
300
497
653
658
1,120
1,110
1,120
790
800
839
777
792
S23
373
379
373
du Nord
Littoral..
—
L'Alr Llqulde
a
Holi¬
Lyon (PLM)
Nord Ry
day
Orleans Ry 6%
Pat he
represent one or more 32ds of
Capital...
Pechlney—
Rentes.
Rentes
Rentes
Maturity
Dec.
15 1938—
Deo.
15 1941...
Sept
15 1939...
Dec.
15 1939...
June 15 1941...
Mar. 15 1939...
Mar. 15 1941...
June 15 1940...
Dec.
15 1940-.
Rate
1
X%
IX %
IH%
IX %
1 X%
1X%
IX %
IX %
ix%
Rentes
Int.
Int.
Bid
Maturity
Atled
100.29
100.31
Mar. 15 1940.
100
100.2
Mar. 15 1942.
101
101.2
Sept
15 1942.
101
101.2
June
15 1939..
Sept. 15 1938..
100.15
100.17
101.5
101.7
Feb.
1 1938..
100.28
100.30
June
15 1938..
101.2
101.4
Mar. 15 1938..
101
101.2
Rate
Bid
Ailed
101.15
101
101.2
2%
101.31
102.1
2X%
102.6
102.8
2X%
2X%
2H%
101.29
101.31
100.25
100.27
101.21
101.23
3%
101.9
101.11
Perpetual 3%
4%, 1917
4%, 1918
4H%. 1932 A
Rentes 4
Rentes
101.13
IX %
1 X%
mm
503
649
mm
1,430
1,330
297
509
mm
200
'
«««,*
1,450
1,330
Kuhlmann
Figures after decimal point
point.
mm
459
1,420
—
Energle Electrlque du
Notes—
49
mmmm
'
-
Energle Electrlque
Quotations for United States Treasury
Friday, Nov. 12
1,320
mmmm
34 %. 1932 B
5%, 1920
Royal Dutch
C <fe C
Cle
Francalse Ford
Generale Fonclere
Saint Gobaln
Schneider A
Soclete
Soclete
Soclete Lyonnalse
Soclete
Marseillaise
Silk, pref
d'Electrlclte..
Tubize Artlflcal
Union
Wagon-Lite—
24
23
•
•••
mmmm
1,110
-
-
--
384
23
1.960
1,957
1,995
71.75
71.70
71.90
69.00
68.90
68.80
68.90
67.80
67.70
67.60
07.80
mrnmm
—
72.30
75.40
75.40
75.40
75.40
74.40
74.40
74.40
74.30
94.40
94.20
94.40
95.00
5,460
5,440
5,410
5,280
2,035
1,095
2,079
1.090
66
66
66
113
113
113
1,326
1,305
1,335
469
470
127
128
133
400
396
399
87
84
85
2,036
1,082
....
66
....
....
470
....
....
-
---
r
3152
Nov.
Stock and Bond Sales—New York Stock
1937
13
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless
they are the only transactions of the day.
computing the range for the year.
No
account Is taken of such sales In
3X
United States
Below
furnish
Government Securities
on
the New
York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the curcent week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices
Nov. 6
Nov. 8
Nov. 9
Nov. 10 Nov. 11 Nov. 12
High
115.25
115.19
115.22
Low
115.23
Close
Treasury
4Kb, 1047-62...
Daily Recrod of U. S. Bond Prices Nor. 6
115.21
Treasury
2 he.
j
Nov. 8
Nov. 9 Nov. 10 Nov. 11 Nov. 12
100.28
100.25
100.27
100.25
100.24
100.24
100.27
(High
{ Low.
100.25
100.24
100.24
100.24
100.29
115.19
115.22
115.21
115.25
115.19
115.22
115.21
Total tales in SI,000 units...
5
*9
2
2
Total tales in $1,000 units...
(Hlgh
106.23
106.20
106.24
100.24
106.20
100
{Low.
(High
99.29
{Low.
100
99.27
99.27
99.29
99.28
100
99.27
99.31
99.29
99.29
37
3Ka, 1943-46
,;i
-
106.23
106.20
106.19
106.21
106.20
{Close
106.23
106.20
106.24
106.21
156
1
10
12
1
(High
111.21
111.19
111.22
Low.
111.20
| Close
111.22
Ci08€
1948-61
y-i.
106.20
Total sales in $1,000 units...
(.
4s. 1944-64
111.17
111.21
111.18
111.21
9
5
(High
109.26
3KS. 1946-66
Low.
109.26
16
22
68
99.20
99.20
99.18
{Low.
99.22
99 20
99.16
99.17
Close
99.22
99.20
99.16
99.18
16
v3
8
Total sales in $1,000 units.
1
3HB. 1943 47
2KB. 1949-63
107.1
107.3
106.31
107.1
107.2
107.51
107.3
106.31
107.1
107.5
107.51
Total tales in $1,000 units...
107.5
Federal Farm
107.5
5
Mortgage
102.31
102.30
102.30
102.26
102.29
102.30
102.26
102.30
102.30
Total tales in $1,000 units...
9
5
2
(High
104.16
Low.
104.14
104.11
104.11
Close
104.14
104.11
267
2
103.2
103.2
102.12
102.13
102.16
102.12
102.13
102.16
102.12
102.13
102.16
2
18
1
(Close
Total tales In $1,000 units.
Federal Farm Mortgage
3s, 1942-47
(High
102.28
102.17
{Low.
102.24
102.24
102.17
80
*1
HOLI¬
(Close
Total tales In $1,000
DAY
105.25
105.24
105.25
2
1
Total sales in $1,000 units...
102.17
1
106.19
Federal Farm Mortgage
(High
101.18
101.24
Low.
101.18
101.24
(close
101.18
101.24
106.22
Home Owners' Loan
106.21
8
(High
102.17
1944-62..__{Low.
102.14
102.16
102.16
102.15
106.16
106.22
106.21
102.17
102.11
102.12
106.19
102.16
106.22
102.14
106.21
102.17
102.11
102.16
7
(Close
102.16
1
1
Total sales in $1,000 units...
102.14
8
21
18
30
14
104.30
High
104.28
104.26
_
ClOS6
„
----
104.30
104.28
104.27
104.28
-
104.29
104.29
104.29
104.30
1
6
Home Owners' Loan
7
104.10
3s, series A,
104.28
13
Low.
Total sales in $1,000 units...
(High
104.16
104.18
Low
104.16
104.18
100.26
100.28
100.29
100.28
100.23
100.25
100.28
100.26
(Close
100.26
100.28
100.29
100.27
o
11
33
19
100.16
100.20
100.22
100.21
Total sales in $1,000 units.
Home Owners' Loan
104.10
4
(High
2Kb, series B. 1939-49..{Low.
104.10
104.18
*3
Close
Total tales in $1,000 units...
104.16
-
3
106.16
106.16
106.18
106.20
106.16
106.16
106.18
106.19
Close
106.16
106.16
106.18
106.20
1
4
7
100.18
Low.
100.17
100.14
100.19
100.19
100.20
Close
Total sales in $1,000 units...
106.19
106.19
1
High
100.18
100.16
100.20
100.19
100.21
4
18
11
51
11
2 KB. 1942-44
106.19
Low.
(High
Total tales in $1,000 units...
*
1
(High
{Low.
106.18
106.15
106.18
106.19
106.15
106.17
106.15
106.18
106.17
(Close
3Ks, 1944-46...
103
103
HOLI¬
1
(High
t2
Close
Total tales in $1,000 units...
3Ks, 1941
12
103
{Low.
.
2KB. 1942-47
3^8, 1941-43.Low.
3^8, 1949-52
Mortgage
3s, 1944-49.
105.22
Close
(High
17
102.26
1
105.24
Total sales in $1,000 units.
3KS. 1946-49
Federal Farm
Low.
■
*5
98.5
102.26
102.26
105.22
(High
3^s, 1940-43
98.3
[ C10B6
26
-
98.3
98.5
{Low.
102.27
14
■
98.5
98.6
25
103.2
i
102.27
102.29
v.
98.6
Total sales in $1,000 units...
102.29
102.29
QJOgg
Total sales In $1,000 units...
98.3
98.3
31
(High
3KB. 1944-64
,
1
Low.
3s, 1946-48
98.9
98.8
DAY
103.2
(High
3s. 1951-66
98.0
98.9
{Low.
Close
106.31
23
98.7
Total sales in $1,000 units...
107.3
(High
{Low.
(Close
98.9
(High
109.26
1
-
99.29
46
2Kb. 1956-59
109.26
109.26
■
-
17
100
99.24
109.26
V'v:
(JiOfiNB
Total tales in $1,000 units...
8
99.31
High
15
■
30
Total sales in $1,000 units...
111.21
3
1951-54
(Close
111.21
111.20
Total salts in $1,000 units...
2
5
106.15
106.17
106.15
106.18
106.17
106.15
9
2
18
13
2
Odd lot sales,
t Deferred delivery sale.
Note—The
bonds.
1
above
(High
....{Low.
100.25
100.22
100.21
100.18
100.21
100.19
100.17
100.17
I Close
Total sales in $1,000
units...
100.20
100.19
100.18
109
20
29
102.31
102.27
102.26
102.27
{Low.
102.27
102.24
102.25
(Close
102.31
102.24
102.26
102.25
12
102.28
3
3
6
2
Treasury 2%s, 1951-1954
102.25
of
coupon
102.22 to 102.22
106.14 to 106.14
100.17 to 100.17
102.28
102.26
Treas. 3s, 1951-55..
Treas. 3 Hs, 1944-46
1
sales
were:
Treas. 2%s, 1955-60
14
(High
only
100.16
15
includes
100.16
100.21
1
2
Total sales in $1,000 units...
table
Transactions in registered bonds
2%8. ly66-60
2Kb. 1945-47
,
Total sales in $1,000 units
100.16
United States
United
99.25 to 99.25
Treasury Bills—See previous
States
Treasury
Notes,
page.
&c.—See
previous
Page.
New York Stock Record
LOW
AND
Saturday
HIGH
Monday
Nov. 6
Nov. 8
$ per share
37
37
*4n4
51
10i8
23
48i4
•
1%
*
12l2
$ per share
*40
48i2
511*
*40
*5312
57
*53
934
978
2078
10*8
2()78
*2038
22l2
1*8
2212
2214
2278
24
24
49
497„
li4
1»4
♦
1*8
88
12i8
1*8
16
*12
16
*12
14
14
183S
183S
*9*8
10
*52
1258
138
*ll2
4934
13S
*68
12is
1*8
131
5038
138
123s
36
*11
16
*13i2
16
131?
*11
16
*13
131*
14
14
153s
16
1734
1914
19
20
19
20
*9*8
978
*912
10
9
150
*10
13'4
93s
1531?
l?l4
13*8
10
3934
4134
39l4
411?,
12l2
27fi
12l2
12i2
2*8
12l2
62
*60l2
62
1334
1334
55
55
»
*22
234
152
*10
1434
978
*52
42l2
1234
278
3 57
160
12'4
343,}
303s
53
431?
1234
278
*22
5712
231?
581?
60
601?
60l2
601?
60
60
1314
131?
131*
1378
58
56
56
*_.
25
Bid and asked prices, no sales
*10
1*8
Exchange
1534
9l2
165
1214
243S
1,300
134
300
54i4
20,300
138
2,200
123g
15
Closed—
Armistice
1612
14l2
1412
15
200
1412
100
16
16
1934
Day
20l2
9i4
9
166
168
*10
53
56
56
47^2
1438
4678
13i2
4914
14i4
*23
3
2534
113g
278
"V.966
14,100
3,100
3
1,400
200
3,100
64
63
63
62
62
63
14
15
1434
I5i8
56
56
t in receivership,
800
18,700
23
23
61l2
*6U2
this day
700
3,800
1,900
7,700
15
1412
105s
56
on
3,300
12i4
1278
3
13",300
"Itg "l34 "lTeoo
44
11
100
88
"11^5
I4i2
1012
527g
15
"""600
6,700
*
Stock
16
131 J>
53
24
"11?
88
12
800
U38
21
13s
a
Del.
Lowest
Shares
52
li4
Range Since Jan 1
On Basis of 100-Share Lou
STOCK
Weet
48i2
57
YORK
Range for Previous
Year
1936
EXCHANGE
*203s
24i8
*li2
134
1112
37
11
5134
1*2
1412
53
60
*u2
5058
li4
*
88
lli4
14
1334
56
*22l4
"112
1034
14
13
10's
27«
36i2
21
1334
97S
36i2
207„
13S
14
36i2
STOCKS
NEW
th
$ per share
481?
*20
60
12i4
$ per share
51
50
1*8
155
$ per share
*36
1J2
14
Nov. 12
*40
1334
*1214
*1214
*10
Nov. 11
48i2
5078
97«
361*
Sales
for
Nov. 10
9
1 4.ft
15218
CENT
Friday
36i4
1038
1278
NOT PER
Thursday
36
21
85
SHARE,
Wednesday
*4114
1
481*
23
1*8
PRICES—PER
Tuesday
Nov
$ per share
61
*20's
SALE
600
5,300
30
delivery.
Par
Abbott Laboratories
Abraham 4 Straus
$
share
$
Lowest
share
per
$
per
No par
36
Nov
8
55
Mar
49
Nov
4
69
Mar
6
42
25
45
Oct 19
9
Oct 19
85
Aug 13
22«s Mar 11
69
No par
Express
Adams-Mllils
No
Address Multlgr Corp
Advance Rumely
1712 Oct 19
16i2 Oct 19
112 Oct 15
par
10
Ne par
Air Reduction Ino
Nt par
Atr Way El Appliance..No
par
Aia 4 Vjcksburg RR Co..100
48'4 Nov 6
i2 Oct 19
3
36
9
Mar 11
Oct 19
80>4
5U
1004
15*4
Oct
166
146
1
5
Jan
4»s Jan 26
8
Allegheny Corp
..Ne par
5K%Pref A with $30 warlOO
5 4%Pref A with $40 warlOO
5 4%Prel A without warlOO
conv
28K Feb
97
Alaska Juneau (Jotd M1B...10
Albany 4 Susq RR
100
Jan
7
Apr
9®8 A.or
177« June
22ia Jan
xli* Jan
Apr
68
Jan 25
2
Jan 22
91
Mar
13
July
Aug 10
Oct 19
bh Feb 18
Oct 19
59«4 Feb 11
11
Oct 20
59
Feb 11
2i*
12*8
Oct 19
681* Feb 17
10i2 Oct 19
521 s Feb 18
27
10
13
miustrles Inc
1
Aide' Chemical 4 Dye.No
per
150
Oct 19
6t2 Oct 19
„
Oct 19
455s Mar 15
237g Apr 12
2581* Mar 9
Jan
178 Aug
12U
12i*
No par
Allen
Mar
Feb 25
11
pre!.No par
Allegheny Steel Co
Apr
Jan
Aug
34
Nov
Jan
Jan
39*4
19*4 May
Amalgam Leather Coa Inc
6% couv preferred
...No
8i2 Oct 19
1
114
19
60
6%
n
Preferred
New stock
10
55
50
r
Cash sale,
Oct 19
87$ Mar 13
Oct 20
62i4 Mar 15
1147* Mar 11
57i2Nov 8
53i2 Oct 19
par
Am Agrlc Chem (Del). -No
par
American Bank Note
10
x
Jan 28
Oct 19
Nov
Ex-dlv.
6
y
10H* Jan 22
41*8 Jan 16
75»s Feb
4
Ex-right
Nov
541* Nov
40*s Oct
246
69
No par
fti* Nov
61 lj
Jan
35*8
9
Mar
Aug
85
Mar
Nov
171* Sept
195
23
831* Jan 22
6i8 Oct 18
N« par
17ia Aug 14
33'a Jan 16
217, Mar 6
103
157
Oct 19
Oct 19
Feb
35*4 Feb
37U Oct
211* Jan
881* Nov
6i8 Apr
60
Oct 19
Oct 29
10
Nov
15*4 Nov
Jan
50
11
7444
Apr
267« July
34
Amerada Corp..
share
Nov
601* Nov
A1 he-Chalmers
Mfg..
per
70
Jan
Allied Kid Co
5
Allied Mills Co Inc....No par
Allied Stores Corp.
V« par
6% preferred
..100
Alpha Portland Cem
Highest
share $
8
No par
Acm« Bteoi Co
Adams
$2.50 prior
per
Highest
6*4
4
Jan
Oct
3U» Nor
7ft
Jan
49
July
36
Dec
65
Jan
20i« Nov
90
81
Nov
Deo
341* Nov
5*4
3914
Dec
Deo
1251* Mar
89
55i*
73
Nov
Apr
Nov
5 Called for redemption,
Volume
PRICES—PER
SALE
HIGH
AND
Saturday
Monday
Tuesday
Nov. 8
Nov. 9
Nov. 10
% per share
37k
127k
8 63s
39k
88
43k
1634
1778
18
*90
150
100
101
101
200
39k
17
16k
*16k
17k
16k
87
85
85
4
4
4k
*6k
*175
*6k
9
434
25
438
25
*175
83i2
4k
434
*6k
8k
*175
25k
10k
5
26
4k
24k
23
83k
4k
300
438
4k
83k
4k
9
*6k
300
*175
300
16k
11
12k
20k
19
19
20k
21
11
11
*1034
334
11
*1034
11
3k
4
25
22k
37k
37
19
7k
17k
7k
18k
69
69
14k
5k
1434
28
12k
13k
4,100
2334
11
11
11
534
29k
26
*100
700
American
2
300
American
*17k
19k
7k
9
8k
18k
19k
20k
20k
70
70
70
70
14
14
15
1458
15k
5k
30 k
7
42
4234
37
40k
35k
4034
3534
42
36
ilk
12
ilk
12
Ilk
50
41
43
43k
13k
1334
1478
50k
*25
23k
24k
24k
25k
77
77k
76k
77
77k
80
81k
21k
21
21
2034
77k
2034
78
21k
2034
21
21k
21k
233g
2134
23k
15k
30
30
30
115
115
30k
118
117
6934
6934
72
Ilk
28k
3034
14,700
12ig
12
12k
700
30
7
67g
37
267a
24k
25k
20
41
43
40k
40k
42
42
17
17
17
*11
12k
4k
*3
*3k
678
74
*72k
*
*
100
~3778
38k
~37k
77g
8k
*734
4k
4k
434
*80
93
*80
7k
72k
70k
100
7
*98
987g
7
678
7k
*97
39
8k
47g
93
71k
71k
*70k
*70
7k
100
*
42k
834
478
*80
21
May
10
Jan
Feb
69
43
Feb
87k Sept
26
Oct 19
72k Jan 12
29k Feb 3
Jan 21
157
9U
140
Oct 19
Oct 23
93
*80
36
Feb
»
31
Dec
39*4
29
Feb 20
18
Apr]
28*4 Nov
68
Mar 19
Amer Ship Building
45I4N0V
American
26
46
127
Amer Steel Foundries..No par
No par
American Storee
American Sugar Refining.. 100
100
Preferred
24k
Dec
6078 Jan 11
48k
Apr
Jan
145
4 Teleg Co.-.100
....25
140
Oct 19
187
66
Oct 19
99
25
Common class B
100
10
6% preferred
Type Founders Inc
Am
Am Water Wks 4 Elec.No par
No par
82
No par
1
3012 Oct 19
314 Oct 19
25
*27k Oct 19
$5 prior conv pref
Anchor Cap Corp
Copper Mining
Andes
W Paper Co
99k
7k
15,900
3k July
4
24
May
28
Jan
Feb 23
35
97
2484 Aug
Jan
Nov
7
Nov
Feb 13
37
Apr
60
Jan
121k Feb
8
118
May
122
Jan
Mar
0
105k
110k
7k
Jan
46
111
126
Jan
70k Mar '3
Oct 19
16k Feb 27
17k Jan 21
100
July 23
10
10k
77
*75k
75k
75
75
*85
95
*83 k
95
*8 3 k
95
47
40
40
*367s
42
*367g
42
*40
47
100
Assoc Investment Co.-2V# par
35
*40
78
81
*78
80k
Nov
78
5% pref with warrants.. 100
78
78
120
79
*72
80
*73
73
35
Nov 12
Oct 19
88
*71
..100
78
Oct 20
104
Atlantic Coast Line RR...100
18
Oct 19
78
78
80
73
75
36k
38 k
35
3734
3734
39
39k
41k
41
79
80k
78
79
78
78k
78
79
78
43k
78
25
25k
7k
23k
7
13k
13k
13k
22k
•103
8k
*7
»46k
4378
49k
50
*114
115
115
*78
79
*72
2534
24k
2434
*7
7k
734
14k
14k
1334
22
2134 22k
21k
2234
106
104k *104
10578 *103
834
8k
8k
8k
834
45
*44
78
44
49k
117
4378
43k
*46k
634
6k
6k
9
8k
9k
3k
312
»3k
23
277s
3k
37*
334
10
10k
44
44 k
900
900
6,200
300
3,600
1,300
54
*47
53
100
117
117
117
30
3k
23
23
37g
334
378
22k
104k 104k
10
9k
*4334 45
8,900
*48
10
3k
3k
23
734
14k
14k
2334
23k
103k 103k
14k
23k
6k
9k
*3k
*24
37g
678
10
7
934
6k
10
*3k
334
*22
25k
3k
4
334
26
37s
6% preferred
1,500
*115
6k
87g
*22
29k
734
100
1,000
1,500
200
20
9,600
Atl G 4 W I
...100
....25
4% conv pref series A... 100
Atlas Corp...
........1
6% preferred...
.60
12k
ilk
14
1434
*31
3434
7k
8
35
*33
*9934 1037g
*
5% conv preferred... ..100
Tack Corp
..No par
Auburn Automobile...No par
16k
xil"
Ilk
Ilk
10
30
14k
ilk
*
ilk
ilk
34k
99
99
*99
100k
16
1034
17
11
11
ilk
♦17
♦
14k
11«4
18
*
30
"l4"
1434
"1434
30
1534
12I2
*1178 -12k
*lllk 115
*108k 111
♦ilk
17k
17k
94
94
*92
34
♦32*
33k
*32
96
96
96
96
*94
100
9
9
9
9
9
9
♦81k
87k
94
*_.__
33k
No par
3
tBaldwln Loco Works.No par
15 prior A
A via a
Corp of Del (The)
9i2
9k
87k
13 k
*81k
13k
86k
14k
17k
18
18
1834
3678
367s
34
3478
36k
37
3884
45k
49k
44
47k
3434
47k
49
4934
15k
15k
92k
15
15k
93»4
94
*24k
29
12
12k
,
Ilk
1578
ll7s
15k
1534
98k
55k
2,600
29
29
29
31
31
200
15k
1534
17
17
17
12
12k
12k
16k
13k
1,100
6,200
*27
*17k
18
*55
64
29k
2,300
75,200
2,400
3,100
97
18
29
39k
53
64
20k
20,400
96
18
227g
15k
1834
53k
1534
*54
30
1,400
86k
15k
18
»
9k
93
65
213g
14
*18k
38k
70
300
15k
18
*29
9k
*81k
42
102
93k
*58
2234
♦93
1734
*55
2234
23k
23k
30k
307s
29k
Bid and asked prices; no
13k
1784
64
24k
30k
sales on this day,
17k
*55
2334
29k
t In receivership,
14
18
190
...100
Bangor 4 Aroostook.......60
Conv 5% Dreierred
100
4% preferred
Barber Co
30
Ine
10
....
No par
Barker Brothers
5
5
Oct 19
25
No par
Beech Creek RR
50
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref....
6
Bendlx Aviation
Beneficial Indus Loan..Ns var
Best 4 Co
No par
(Del).No par
22,700
1,900
107
Oct
49
Deo
13k Apr
26k June
109
Sept
Feb
116k Feb 6
18k Mar 6
52 k Mar 10
48
Jan
84
Nov
Jan 13
xll2
Jan
131
Nov
9
2
1
25
12
29
30
18
17
17
14
June
36«4 Feb
9k Feb
62k Mar
9k Jan
99
Oct 19
Oct 19
9k
108
13k
Oct 19
Jan
Jan
Aug
Mai
Mar
Feb 11
110k Feb
43k Mar
8
9
32
Jan 21
42
29k June
46k Jan
7*4 Mar
3
Apr
2k July
2*s July
~27k
Nov
41k
49k
Oct
Feb
24*g Nov
38k
13k
Jan
2k
Deo
Nov
14k
J%n
Jan 21
35k Feb
1
20k Jan 17
Aug 16
Oct 20
115
Oct 19
28*4 Feb
105*4 Mar
16*4 June
May
110
9
18
Jan
8
100
Aug
33
Oct 13
43k Feb 19
35
114*4 July 14
85
Feb
16*4 Feb
8
13
Dec
16k Mar
88k July
4
83
June
89k May
7% Oct 19
84
Jan 16
8U
15
34
Feb
30k Feb 11
Jan
32k
5
20
Jan
25k
8
8
48
Jan
72
Nov
23*4 Jan
62*4 Jan
105k Mar 11
21k
107it July
Blgelow-Sanf Carp Inc. No par
Black 4 Decker Mfg Co No par
...No par
9
41
Oct 19
_
4278
112
Oct 19
Oct 19
Jan 18
r Cash sale.
July
9034 Oct 19
0934 Feb 10
n New stock,
Deo
28k Nov
105
Nov 10
129k Feb 16
Bohn Aluminum 4 Brass
28k Deo
22 k Nov
115
92
Oct 25
a Pet, delivery,
Deo
Deo
Oct 20
100
5
6
Deo
Apr
Oct 19
Boeing Airplane Co
Ilk
97s
Apr
14
Bloomingdale Brothers.No par
Jan
21
87
Biaw-Knox Co
10k
39
"l5k
28
7% preferred
Feb
64k Mar
100
6% preferred...........20
30k
26k June
5k June
Apr
16k Apr
Bethlehem Steel
Deo
Mar 11
18k Jan
45
Oct 19
118k
94
Oct 19
9
31k Oct
64*4 Nov
36k Apr
133
Oct 19
10k
88k Aug
Jan
21k Apr
11
Apr
10
Oct 19
J5 preferred w w
Jan
9
7
65k Mar 17
29
Mar 13
30
Oct 19
Beatrice Creamery...
fi 9
90*4
June 29
04«4May
Ilk
9k
2384
40k
47*4
10
inc
Oot
57k Feb 18
Feb 18
100
Jan 18
28
...
..No par
preferred......
100
Bayuk Cigars
Oot
124
Mar 11
8k Oct 19
Feb
May
277g Nov
112
44
Oct 19
22k
108
Feb
37
5
Jan
12k Apr
62k Mar
18k Nov
Dec
Oct 19
3
Jan
95
Deo
95
Oct 19
29
19
19
19
20
19
19
25
19
19
10
Sept 11
Feb
Jan
8k
Jan
128
98
9
1013s Sept
7k Oct
3914 Oct
4012 Oct
II284 Oct
4i2 Oct
6U Oct
2
Sept
1514 Oct
2k Oct
3i8 Sept
47k
7k
Jan
84
9
Mar
18
..5
Barnsdall Oil Co
Blumeothal 4 Co pre!
64
2478
13
.100
Baltimore 4 Ohio..
1st
*32k
18
15k
300
33k
102
....
...
tr ctfs
,
125
Oct 19
5
104
Jan
Aug
Jan 28
101
5
Nov
96
5k% preferred.........60
13,100
92
33k
*94
Vot
30
157g
15k
12k
*12k
♦111k 115
100
13
16k
900
800
*81 k
28
7,400
18
17k
16k
1878
123g
93
13
»26k
♦
20
18
17k
15k
93k
117g
100
*91
12k
91
"18"
35k
18
18
~
3,300
92
13k
m
33,100
1734
17k
13
*81k
14
100k
*35
*
Ilk
*32k
♦
13-k
16k
1734
10
*108k 111
18
*17
34k
15k
30
"1334
15
*108k 111
17k
34k
*33
1378
16k
....No par
Austin Nichols
"9k "Ok 24,3o6
9k
13
100k
16k
•20
8k
8k
1278
16k
778
12lg
1534
7k
117*
15k
7k
..No par
Atlas Powder
Atlas
Assented
12k
15k
8S Lines..No par
6% preferred
Atlantic Refining:
Oct 19
76
100
53
6
8k
28
28k
77g
$5 pref without warrants
Atcb Topeka 4 8aata Fe..
117
*114
6k
26k
7»4
1334
100
25,800
6
Oct 19
2484 Mar
Jan
4k June
66k
1
2k Oct 19
95
Mar 2
*75
200
Deo
20*4 Mar
89k
43
95
10
Deo
65k Nov
July
77
934
50
June
*85
9k
Deo
3
Feb
Oct 19
Mar
18
27*4 Oct
109*4 Sept
Ilk Feb
70«4 Feb
7*4 Mar
9
96
638
150
37k Jan 12
10k Feb 10
99k Mar
478
Jan
190k Nov
102k Feb
104
Feb
111
Oct 19
30
Aug
May
Oct 20
4
Jan
Sept
26k
97
1384 Feb 27
458
Illinois
<6 conv pref
Jan
15k
2
Mar
Jan
Dec
Deo
Jan
Feb 13
111
*75
9k
7k Sept
62*4 Bept
Feb 23
65
.6
No par
7% preierred
100
Armstrong Cork Co._.Ak var
Arnold Constable Corp
5
Artloom Corp
No par
Preferred
..100
Associated Dry Goods
1
6% 1st preferred....... 100
7% 2d preferred
100
Armour 4 Co of
Jan
79k Feb 23
Oct 18
93
92*4
1
Apr
69k Mar 10
8
Oct 19
31
11634May
87g June
19k
79
20
2k Oct 19
Daniels Mldl'd.Ne par
Jan
136
14k Jan 18
Jan 12
3i2 Oct 19
100
Preferred
Feb
Mar
88k Mar
4
3
29k Jan 13
107
Apr
87
20k Feb
Oct 20
Amer Zinc Lead 4 Smelt
149k
8
150k Jan 26
Oct 19
J6 1st preferred
American Woolen
Jan
Jan 28
9978 Feb
68f2 Oct 19
128i4May 13
414 Oct 19
8
20k Mar
2578 Jan 25
Oct 19
Amer Telep
129
143«4 Jan 13
14
7% preferred
100
Armour4Co(Del)pf 7% gtdlOO
3,200
20k
26k Jan 20
Apr
Oct
45k Dec
103
Nov
152*4
73 k
145k
64
36
63k
148
Am Sumatra Tobacco..No par
American Tobacco
Jan
73k Jan 21
24
19
19
19
11
Sept
22i2 Oct
10i2 Oct
28i4 Oct
10478 Oct
Jan
136k Jan
67k Mar
133k Jan
68k Jan 29
Feb 5
Oct 19
100
Snuff
6% preferred
25k
6684
1
106<4 Mar 11
Jan 28
154
12712N0V 10
100
Preferred
6
8
26i2Nov
Co.No par
Amer Smelting 4 Refg.A* par
94
9
Jan
Nov
7l2 Oct 19
77
8k
37
101k Aug 18
*85
9
23k July
45k Mar 11
*75
87g
74k Sept
27k
165k Aug
American Seating Co_.tvo par
Archer
93
Jan
17i2 Oct 19
100
600
Apr
100
4k% conv pref
500
7,700
Feb
18*4
14k July
American Safety Razor.. 18.50
25
Mill
7
2,500
36k
170
.20
No par
5k
Feb 16
1512 Oct 19
70
Oct 19
A P
87s
Nov
z35k
7k
Oct 26
Oct 19
44
July
547( Nov
16k Jan 13
Oct 19
434
134
75
Oct 20
834
Dec
87k Jan 18
10
"4314
118
Oct 19
96
100
Feb
15
27
1
Oct 19
39
*
122k Nov
297„ Jan
3
No par
600
Jan
Apr
Apr
129k Feb
16.50 conv preferred.No par
71
4
6884 Mar 10
8
Anaconda W 4 Cable..No par
71
5
93
8
1,400
1,700
*98k
7k
71k
434
*80
5
9k
6k
31
100
American Rolling
170
7k
100
~40~
Feb
1834
*
15k Nov
48k Deo
13k Jan 20
49
33k
Jan
24
29k Mar
18k
*3k
*3lk
Jan
16k Sept
125
24f2Nov
500
6178 Nov
Oct 19
Anaconda Copper Mining..60
47g
46
Jan
2 k Sept
Oct 19
200
15
Oct
37
Oct 19
19,100
105
31k
17«4 Mar 11
8
15
Mar
587g Feb
317s 119,000
105
Deo
2lk July
434 Mar 16
38
7k
Day
Deo
60k
27k Feb 15
10134Nov 10
53
Oct 20
No par
No par
S5 preferred
22k
Oct
3
Nov
Oct
Jan
Apr
23k Apr
66
Apr
26
Feb
9*4 Mar
60k Deo
4k
1018
No par
S6 preferred
13
Deo
175
Apr
53
100
Amer Metal Co Ltd
Oct
25
•
Co..No par
Sept
8k
14k
55k Mar 13
6238 Mar 3
29k
Armistice
99k
8k
39k
100
Preferred
2,700
*119
8k
z38k
*734
4k
No par
101
11U Mar 13
49
*99
99
1,800
5878 Jan 22
21
Feb
5
38
7k
30k
46
*43
*119
99
100
*99
47g
31k
*119
..
38k
38
28k
6k
39k
6
Closed—
55,300
300
88
*75
83k
6
15k
1434
Exchange
3,700
8
38k Jan 22
2i2 Oct 19
2012 Oct 19
3214 Oct 19
118 Oct 19
14
Oct 20
60
Home Product8_._l
Aug
6k Apr
29*4 Jan
12
Apr
Jan 18
Deo
16k
32
Jan
175
4
Oct 19
734 Oct 19
Amer Mach 4 Metals..No par
500
139
734
39k
1834
18k
100
101
*101k 105
*11
14k
14k
14k
47g
47g
*3k
*3k
32k 3234
*31k 32k
15
31k
32
32
*119
1434
138
18k
1734
17k
101k 102
110
71k
Stock
77s
6
2734
18k
687g
Apr
Apr
984
534 Oct 19
17
10
pref
Internat Corp
3k
89
2
Mar
Deo
36*8 Nov
13«4 Jan 22
Oct 19
19
No par
ice
225
212 Oct 19
No vat
No par
Amer Mach 4 Fdy
5,900
*32
36
25
12k
72k
38k
7k"
7k
36
*103
72
13k
37
*30
20,356
3,200
7k
5k
6k
70k
69k
71k
3734
*30
15134
69
82
5k
37k
7
18k
150
139k 139k
82
*75
2,000
15134
18k
Oct 19
6k Oct 19
800
114
69
69k
5k
114
300
150
37k
30k
2934
30k
114
*1712
17k
150
5k
38
634
29k
37k
5k
5k
600
12k
114
100
175
14l2 Oct 19
30
131
28k
30k
z68k
80
*75
82
82
3734
131
230
35,200
12
*138
6k
1134
6k
50k
50k
*125
Oct 19
Dee
60k
3584 Deo
13k Jan 28
17
Jan 18
Oct 19
5
No par
700
128
128
51
*50k
71k
X70k
139k *13834 139k
7
634
6k
6k
13k
107g
12k
12k
72k
139
139
149
51
27k
17k
18k
*17k
14734 150
69k
6834
72k
7134
18k
*17k
148k 150
29k
54k
29
52k
127k 127k
112
112
29
49k
*125
129
25k
1178
*2978
12
*1U2
Ilk
129
25k
2334
26
24k
Ilk
130
130
130
*125
15344
28
14 k
15
1434
14k
14k
14k
27k
27k
26k
26k
26k 26k
4634 49
47k
45k
4678 49k
*123
128
127k
12834 12834 *123
51
*50
50k
5034
50k
5034
2,100
16
16
99i4 Mar
2
137k July
7k July
20k July
16k Jan
3
8312 Nov 10
100
Deo
141
Nov
27
30«4 Mar 31
33k Jan 21
No par
Sees
23k Mar
12i2 Oct 19
Encaustic Tiling.. 1
Preferred
21,500
2,000
1,200
2578
82k
22k
23k Oct 20
5k Oct 19
8k Oct 19
Jan 25
American Locomotive..N0 par
165
*147
Aug 12
29
Am Rad 4 Stanu San'y.Ne par
4434
12k
165
112
4,600
6,300
65,800
160
8k
49k
*147
165
*147
Deo
Oot
Oct 19
69,300
60
778
49k
8
113 k
Oct 19
90
6% conv preferred
100
Amer NewsN Y Corp..No par
Amer Power 4 Light
No pat
200
102
c60
63
7k
45k
39k
12k
38
3334
*100
10134 10134
60
6k
87k May
86
non-cum
Amer
400
8,900
2,500
5,500
6
5k
32k
*60
*58k
63g
165
31
102
102
60
6
534
32k
534
5k
28k
109
59k
*147
4,200
10,800
2134
72
1378
5k
120*4
6% preferred
6%
9
18
6k
165
734
*65k
14
6
*148
2
19
7178
20
*100
63
400
17k
1378
109
60
4,400
38k
2k
2
Nov
IH4 Oct 19
American Hide 4 Leather... 1
4k
2334
*17
Dee
111
Hawaiian SB Co
Amer
2334
2
100
104k Feb
Oct 19
36
^referred A...No par
2d
*38k
17k
7k
Apr
Apr
30k
100
S3 preferred
26
7k
5
27k
500
%7
39
*178
67
Express Co
37g
*23k
*16k
Feb
No par
17 preferred
1,500
4
174
4
3334 Aug 25
150
Apr 25
Amer 4 For n Power
*38k
2
16k
*6534
22,900
2,700
5k
38k
19
*17g
*1634
7k
2k
*178
*1634
Amer
22k
4k
May
6% 1st preferred
American
Amer European
23
4
Deo
162
71
9
9
4
110
Jan
Colortype Co
10
Corp..20
American Crystal Sugar.
10
38
378
Jan
174
6% preferred
23
37g
22k
37k
121
Am Comm'l Aloohol
160
27
12k
79f2 Oct 19
15178 Oct 22
1514 Oct 19
American
8,300
13k
11
*22k
37k
3,400
1,200
24k
28
*23
9k
May
100
American Chicle
300
5k
5k
27
10k
21
*175
300
5k
10k
*6k
124
Am Chain 4 Cable Inc.Ak par
"3"666
8k
16
1734
8312
514
812
17i2
Apr
Feb 18
No par
70k
share
Dec
40
160
26
Preferred
*'
per
Oct 19
Mar 25
Am Coal Co of N J(AUeg Co)25
29
83g
15i2
18
4k
9
*2334
87
*83k
4'8
19
17k
16k
16k
*85
25i4
4514
share S
per
28
100
American Car 4 Fdy
5,500
1,700
13,000
4034
39
21
40
17
share
per
Highest
Lowest
t
share
80*4 Feb 18
per
100
pref
conv
Prelerred
600
8
125
American Can
7,800
4434
16
29
8k
13k
778
13
125
23 k
39
*100k 109
*2334
6k %
50
887g
9134
15834 159
$
Am Brake Shoe 4 Fdy.N* par
3,000
3912
'
Highest
Lowest
Shares
$ per share
On BatU of
Par
233g
18
88
Week
150
*90
*90
150
*88k 150
104k *10078 102
100k 100k *100
*2384
28k
*2334 29
*2334
29
*8
8k
7k
8
7k
778
15
1584
13k
14k
12%
13k
2038
40
17k
Nov. 12
125
89k
*158k
2134
EXCHANGE
3712
125
87
158k 158k *159
19
20k
20k
$ per share
37k
125
85
86
8434
160
20
36
127k 127k *120
*12712 130
86k 87k
160
35
34
Nov. 11
$ per share
$ per share
% per share
34
37
37k
the
NOT PER CENT
Wednesday
Nov. 6
Range fon Previous
Year 1936
1
100-Share Lots
Range S*nce Jan.
STOCKS
NEW YORK STOCK
Friday
SHARE,
Sales
for
LOW
3153
New York Stock Record—Continued—Page 2
145
20
45*4
Oct
Deo
Oct
Oct
Nov
77k
Dee
20
Deo
135k Nov
23
Jan
651b
Deo
28*4
DOO
Deo
Dec
(34k
Oct 19
297s Mar 10
14k July
247*
17k Nov 12
Oct 2
7
18k May
38k Nov
1312 Oct 19
86
16
21
Oct 19
Oct 19
38
Jan 21
32k Jan
94k Jan 16
49*4 Mar
48k
3
Feb 13
77k July
120
Oct
1078 Apr
37k
Deo
Deo
03 k
Mar
40k
New York Stock
3154
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page
SHARE, NOT PER CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nov. 12
$ per share
$ per share
$ per share
82
*40%
4H2
♦15
8134
$ per share
8134
4H2
♦40
*80%
8134
41%
*40
16
15
15
15
19%
30i2
♦412
434
20
3012
4%
19%
30%
484
19%
31
484
*1
1%
21
20
1
29U
*4l2
1
1
1
21
21%
♦2112
9%
25is
♦3278
26
3334
2534
3234
25%
32
32
32
3134
3134
31%
3134
2%
214
214
2%
934
Q
U
2%
11
12h
3712
2114
1318
3812
2114
*37
38
*37%
9
9%
2%
*9%
13
24%
13>s
39l2
♦3712
22
22
*37%
38
Q
*37
Q
812
914
8%
*90
50
49
434
35%
16
15%
3
3
3
3
*10i4
*15i4
11
16'4
*934
1514
834
1 l7g
9
2012
3*8
2134
314
2134
2134
3%
3%
978
9-%
*3214
19%
24i2
1018
3512
195S
24i2
*50
5218
*50
16
16
16
77g
8I4
I8I4
1834
834
1834
19
9
9
21
21
33s
3l2
*ioi8
n%
35i2
21
2458
35
*19%
24%
*50
178
8%
2
16
1378
1434
46
7
*35
42
10%
10
6
20%
8%
20
*34
40
39
40
rl9%
25%
19%
25%
20
20%
25%
26
11%
10
*7
10
*35
45
*7%
2634
*1112
5%
*5l2
*95
*24
2634
3%
*96
334
27
3%
~85~
*10
12
6
*95
434
40
078
28%
25%
90
30%
*1%
5%
*258
4%
13%
13%
1%
23g
2%
1%
238
*2%
5%
11%
3034
13
6
*2%
5
13%
13%
"""800
1%
2%
1%
2,300
2%
2,700
2%
2%
3,600
2%
1134
12%
30%
3034
1%
3%
2%
9%
1458
6%
49%
70%
13%
10
68
1458
*13
6:
50
*4
4%
28
27
*105
26
82.
29
30
3134
14%
13%
14
*12334 127
*12334 127
118
118
119
120%
*58%
59
*58% 59
26%
*
30%
2034
14%
14
*12334
118%
*58%
10%
11%
*4
*105
29
*78
98
*10
*95
30
1734
16
15
35
31
31
*9%
1938
19%
7934
80
8%
79%
41
4134
72
*8234
89
4534
*99
101%
83S
85g
134
1%
*38%
39
45%
»
78
*77
:
*82%
4^
7%
7%
12
12
1584
1584
31
"421a
43
88
86%
90
45
86%
45%
*85
44
46
47
*99
100
79%
101%
*99
8
8%
8
8%
8%
1%
1%
134
2
2
38
40
40
101
41%
42%
8%
2%
4434
2~5(K)
"9", 100
98
3134 33%
*101% 105
*10
"2",800
50
18%
9%
8
"2", 900
320
12%
60
11%
20
20%
20%
8334
18%
31%
20%
20%
82%
17%
31%
1,000
10%
11
80%
80%
*
600
900
5,600
800
107,000
300
72
42%
43%
*86%
90
46%
100
47%
100
6,800
100
200
9
11,100
2%
46%
98,300
8%
2%
45
1 In receivership.
"8~, 900
a
6,100
Def. delivery.
1
Nov
8
Oct 19
Chlckasha Cotton Oil
Chllds Co
12
Oct 19
No par
3
Oct 19
25
36
Oct 19
52% Oct 19
11
100
No par
6% conv preferred
100
Colonial Beacon Oil
No par
Colo Fuel A Iron Corp .No par
7% Mar 17
2%
2% Apr
634 May
4
9
Feb
12
1%
Apr
Aug 28
3% Mar 17
10% Feb 19
884 Mar 8
27% Jan 14
22% Jan 29
15% Mar 3
80
Mar 11
135% Feb 11
21% Feb 18
Feb 18
3% Apr
3% Apr
1934 Jan
17% Sept
7
Jan
25
Jan
85%
15%
72%
Jan
Jan
Jan
July 15
10% Mar 1
45
484
Jan
48
2334
Jan
Aug 10
7
Mar
3
Jan
July
32% Oct
30% Jan
1434 Deo
51
23
Nov
89®4 Nov
50
Nov
13% Nov
46% Mar
Jan
200
Jan
III84
Dec
July
47%
Oct
Jan 14
82
Feb
90
48
Mar
51
48
Apr
77%
11% Oct 19
5% Oct 19
Deo
13834 Nov
50% Feb 26
Oct
Deo
Oct
Oct 26
29% July 15
132%June
170% Apr
59
Feb
8
90
Jan 18
Feb
8
37
26
Feb
45
8
95% Nov 1
2034 Oct 19
100
Sept 25
Feb
12% Oct
24% Deo
33
13% Oct 19
125% Aug 11
9334 Oct 19
56% Jan 29
8% Oct 19
Jan
2%
5%
4%
47% Mar 31
28% Oct 19
June
3
Jan
129
July
2
84
Jan
134
Nov
9
55%
Jan
58
Nov
21%
Dec
2584 Mar 19
104% Jan
124
Dec
6
62% Feb 13
ll234Marll
45
Apr 12
51% Feb 10
27% Mar 5
13
June
100
Aug
39% Apr
8%
Jan
106% Feb
6684 Nov
30
Oct
28% Sept
48
Dec
19
Dec
36%
Feb
Oct 19
30
Jan 14
19%
Jan
37% Mar
8% Oct 21
29
Jan 25
16
Jan
36
32
2
2
Oct 19
17% Oct 19
Aug
31% Aug
12534 Apr
75
Oct 19
1
94
Jan
10
Oct 19
39% Jan 20
31
May
27
Oct 19
46% Jan 20
20% Jan 14
39%
£4% Oct 19
£68% Oct 19
71
Nov
4
33% Oct 19
100
14
Jan
108
Jan
8
90%
Jan
101
Jan 14
8034
Jan
103
44
Jan
69% Jan
114
par
120
8
Jan 12
80% Jan 26
par
95
Oct 19
par
5
Oct 19
21% Jan 21
par
1
Oct 19
No var
34
Oct 19
4% Jan 13
75% Jan 13
x
Ex-div.
y
Mar
136% Aug
£45% Jan
51% Jan
23% July
10834 Oct
86% Nov 9
39% Oct 19
rC cash sale.
Apr
150%
Oct
Nov
33% Nov
Apr
12%
107%
Columbian Carbon v t c No par
Columbia Plct v t c...No par
92.75 conv preferred. No par
Columbia Gas A Elec.-No par
nNewstock.
May
Oct 18
2.50
86 preferred series
Jan
6
Jan
82
100
48% Aug 16
9
6% preferred series A... 100
5% preferred
100
Commercial Credit..
10
4
25% May
1% Apr
179
18
Comm'l Invest Trust..No
$4.25 conv pf ser *35.No
Commercial Solvents.-No
Commonw'lth & Sou...No
Jan 20
113
Oct 19
100
preferred
3% Jan
8% Deo
2% Feb
14% Deo
Oct 18
23
4% 2d preferred
100
Columbia Broad SysIncclA2.50
conv
1% May
2% Jan
1% Apr
10234june 21
100
Class B
7734 Nov
6% Mar
92
No par
Colorado A Southern
4% 1st preferred
Jan
Jan
74
24% Oct 19
Deo
3884 Deo
69% Apr
59
19% Feb 17
33
111
51
3% Mar 18
9
Colgate-Palroollve-Peet
434%
Oct 19
Jan
6
0
Oct 19
par
57% Sept
19% Mar
72% Deo
4
18% Mar
Feb 16
100
No
in ov
8
2
No par
Oct
74
Mar 11
Mar
66% Nov
Coca-Cola Co (The)
Class A
108
8% June
484 Mar 10
4
60
Special guar 4%
50
Climax Molybdenum..No par
Cluett Peabody A Co...No par
97% May
47®4 j an
13% Mar 17
5
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7% gtd.50
Collins & Alkman
90% Mar
08% Mar
100
179
Nov
Aug
100
Clark Equipment
No pa1
C C C & St Louis
Ry Co. —100
Clev El Ilium $4.50 pf.No par
Fefi
12
Mar
Oct 16
6% Oct 19
No par
57
19
100
86
Sept
37% Dec
9% Dec
Apr
22%
Feb 13
Deo
Apr
0%
48
Oct 19
158 Oct 19
5
4
Dec
39%
Jan
101
Oct 19
1
10
35
12%May 19
634 Oct 19
29
Feb 10
Feb
32
No par
634% preferred
City Investing Co
City Stores
82
110
6% Nov
63%June 10
Oct 13
Chicago Yellow Cab
6% preferred
30
17%
79%
Bid and asked prices; no sales on this
day,
1134
Oct 15
Jan 14
868s Mar 10
23% Feb 10
111
25%
3
Oct 19
100
Chrysler Corp
City Ice & Fuel
115
Oct 19
100
Preferred
59
*95
10%
72
*99
122
11%
16%
3134
♦
4,700
121
81
72
16%
12
79%
¥
2,200
*58%
20
9%
33"
*10
31%
1,800
*12334 127
10
80
"~~50
16
20%
9%
30%
90
12
*1934
800
"33"
17%
9%
10
310
"566
107
29
30
20
4,600
*78
98
10
135", 600
29%
107
7% preferred
6% preferred
Chile Copper Co
4%
*28%
90
2,900
75
*4
29%
19%
19%
79
13
68
*63
108
41%
40%
13
67
4%
~40%
80
72
39%
1634
6
50
72%
75
15%
31%
8%
79%
8
85S
*75
*
834
12
23%
19%
19%
7984
15%
*10
6
*40%
29
31
r28% 28%
3134
101% 101% *101% 105
*1534
7%
*10%
*9%
19%
19%
20
6
50
71%
12%
66%
*95
15
10
20
800
29
30
*19%
500
13%
30%
3034 33
15
1438
15%
127
*12334 127
119
120
122
59
*58%
59
1034
10%
11%
15
*9%
*19%
9%
13%
28
28%
7834
*10
*7
9%
13%
99%
101% 102
*10%
800
*63
4%
16
9%
12
234
Oct 19
3
93 conv preferred..-No par
fChlc Rock la 1A Pacific... 100
2%
9%
Oct 19
par
1,300
800
Oct 19
14% Mar
Oct 19
31%
200
8
Oct 21
4%
10%
%
1%
Jan
2484 Jan 11
Oct 19
31%
1%
Oct 19
32%
May
1
Chicago Pneumat Tool. No
3
54
3
5,700
1%
7
12% Jan 28
107% Jan 26
4184 Jan 15
100
Preferred
14%
3
82% Jan
39% Jan 12
1
..100
Nov
Dec
2
Chic Ind & Loulsv 4% pf__100
Chicago Mall Order Co
5
13%
1%
75
30
*10%
13%
3034
800
3%
2%
2%
9%
*13%
534
27
16
6
*1%
67
*10
*8
534
*3
*40%
26884
12%
66%
108
2%
2%
2%
534
4% preferred
£91
Apr
Nov
JChlcago & North West'n.100
2%
1,400
Jan
19
89% Oct 19
34 Oct 19
JChlc Mil St P A Pac..No par
5% preferred
100
23a
6
5484
2184 May
Oct 19
31
25
I
106
41% Oct 19
par
100
1
5
13%
1%
2%
1%
27
Preferred series A
1334
*1
5%
*234
*2%
9%
*94%
Chesapeake Corp
No
Chesapeake A Ohio Ry
1
*1234
1%
*104% 108
3084
*101% 102
500
*2%
13%
5
13%
*63
30
1,100
15.800
5%
75
100
90
534
5
67%
*
40%
89%
115
Feb
8
29% Oct 19
JChlc & East 111 Ry Co...100
6% preferred
100
1%
10%
52
40
95
July
9
Sept 23
tChlcago Great Western.. 100
67%
11%
52
40%
June
Oct 19
5
Feb
186
143
Oct 21
105
9%
Jan
Jan
June
3% Oct 19
18% Oct 19
5
200
69%
11
50
Checker Cab
May
48% Mar
40
100
"""906
538
41%May 20
95
No par
1%
2%
2%
26
100
prior preferred
Common
2
30
*
12
6%
4%
69
82
ChampPap A Fib Co 0% pf 100
1,200
*1%
14
27
1,090
20
35
*3%
*1%
14
*26
Preferred
100
Cerro de Pasco Copper .No par
Certain-Teed Products.
1
6*84
92%
116
105% Aug 11
3% Oct 19
15,200
"
Oct 19
52
par
11,300
3334
*11
100
9
June 29
9
30
8
4
45%
10538 105%
9% Apr 20
19184 Aug 3
12984 Jan 22
Oct 19
17
8
6%
8
33
50% Nov
102% July
IO384 Dec
2
35%June
2% Oct 19
96
106
44
Jan
Central 111 Lt 434% pref--100
1%
14
*104% 108
*95
91
Central RR of New Jersey. 100
Central Vloleta Sugar Co...19
400
2
14
*
7
38%
6
4
106
*90%
2
*63
1234
*534
Jan 18
2
3%
2
*25
Day
Oct
106
24
'
7
Feb
Oct 19
Oct 16
*1%
*5%
11%
*29%
4%
12%
Feb
18%
Nov
Oct 19
3%
*1%
5%
5%
*40%
68%
1234
66%
75
Armistice
7%
Aug
16
53
Nov 12
3%
1%
2
28»4
"12%
60
6884 Nov
Jan £100
Oct 23
14,700
Jan
Apr
12»4 May
4584 Jan
87
21
600
4%
Jan
10%
37
8
100
99
54
6
9
16% Nov
40% Apr
30»4 Deo
Feb
Century Ribbon Mills._No
28
4
99
Jan
Jan
10% Apr
102
50
27«2
Closed—
6
30
18% Mar 11
52% Jan 2
Nov
18
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer. No par
7% prior pref
100
Celotex Co
Jan 12
Jan 14
Dec
3
8
Oct
No par
610
4834
Jan
17% Mar
Oct 18
5% preferred
100
Central Agulrre Assoc--No par
Central Foundry Co
1
i'Soo
%
Nov 12
90
89
3%
1%
5%
*2%
1%
68%
*4%
2884
4
2834
63
2
Feb
Nov
Mar
29% Deo
88% Deo
3334 Oct
22
Sept 29
Feb 25
Nov
Nov
85
1,200
27
0234
Exchange
15,300
"
2
61
Oct 25
108
335
6658
*63
300
2334
103
33
16% Apr
54% June
Apr
30% Apr
Jan 11
61% Jan
6
100
2
*13%
534
*40%
64%
50
103
23
*92
50
96
5%
1138
10
6,400
£103
6%
14% Apr
13% Dec
29% Dec
2% Jan
373« Feb 13
Oct 19
—100
Preferred
*1%
1%
2%
6
38%
*90
54%
Dec
38% Mar 19
Oct 21
6%
30% Nov
1
2
2%
*238
10%
133g
*41
37
96
29
3
2%
*9%
37
2
158
*2%
48
70
27%
*95
46%
*5%
11%
5%
1134
3034
*1%
44
36
138
10
*88%
*1%
33s
*1%
5%
*2%
13%
1%
2%
4
13s
*5%
1053a
30%
44
2
*33s
26
*8%
1158
44%
106
102
108%
£52
40% 41%
42%
45
6%
7
7%
7%
2534 27%
29% 29%
105% 105% *104
105%
30% 31
31%
32
10% 1038
*10%
11%
03g
*105
37%
90
41
0
30%
*95
034
434
45
25
Case (J I) Co...
300
100
26
334
12
*534
Oct 19
10% Oct 19
9% Oct 19
100
1,100
19
Mar
48%
52%
6%
20%
Oct 19
4
Oct
9
34% Mar
Mar 22
1
No par
5,100
40
108
Stock
6234
*9834
12%
*6%
*5%
50
34%
33%
3134
1634
33%
6%
91
12% Oct 19
20% Oct 19
$3 preferred A
10
Carolina Clinch A Ohio Ry. 100
Stamped
100
Carpenter Steel Co
5
Carriers & General Corp
1
90
434
*60
4
98%
*5%
106
4212
106
*10
6
534
*53g
26
Oct 19
Capital Admin class A
85%
19
*24
27
3%
98%
6
3684
27
334
6
534
30%
*878
44%
25%
02%
98%
41
•105
25
60
*96
98i2
12i8
106
27
25%
02%
25%
*58
200
9%
♦
103
Canada Sou Ry Co
Canadian Pacific Ry
Cannon Mills
10
15,200
45
19
4%
600
8%
*35
93
90
92
91
95i2
95
98
94%
10858 10858 *105
108% *104
108% *104
108%
54i2 5514
50% 54
53
51% 52%
56%
*103
100
*103
10434 *103
10434 102% 103
2II4 22
20% 21%
23
21% 2234
2334
20
Oct 19
Oct 19
1
Apr
Jan
6
No par
50
Deo
Jan
1
5% preferred
Callahan Zinc-Lead
Mar
8%
2
24
14
69%
35% Dec
2%
1
18% Mar
Calumet A Hecla Cons Cop..5
47
25
9
45% Feb
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
32
Feb
Feb
30% Mar 3
9% Feb 25
33«4 Mar 9
100
115% Sept
1184 Jan 29
Oct 19
No par
Deo
Sept
15% May
39
Oct 19
Fartlc preferred
Byron Jackson Co
California Packing
2I84
July 14
Oct 19
6
Dec
115
8% Apr
10
2%
Oct
Jan
Jan
85
Jan 18
Oct
57
65%
22%
11% Jan
2034 Apr
5%
16%
No par
51% Mar
58% Sept
Jan
9%
7
Apr
106
107% Sent
2
10
1,500
90
0212
134 Oct 19
834 Oct 19
Dec
Feb 15
Mar
30
13,900
8
Jan
13
5% conv preferred
Butte Copper A Zinc
Byers Co (A M)
18,200
*45
98
65%
45%
183s
353g
IBush Term Bldg gu pf ctfa 100
17%
9%
Oct 19
Butler Bros
16%
*30%
*92
7*900
7
117% Mar 12
14% Jan 11
2% Oct 19
100
9%
89
20
900
35
par
1034
90
*58
180
1,100
"
47
103
5,500
3,900
2%
45
*90
Oct 13
2% Oct 19
No par
15%
89
103
4%
12%
2
8%
33%
*18
6% Oct 19
94%
par
I784
15%
90
*90
40
*50
33%
4%
24% Jan 11
24% Feb 3
5
100
-9%
7%
34%
1934
Oct 19
Oct 19
19%
4%
6
par
par
40
8
Jan
Oct 19
25%
11%
*45
Jan 14
7
800
50% July
12% Mar
Jan
40% Jan
9734 Feb
44% May
45
Sept
8% May
8% Jan
52®4
15
3,000
69
Jan
33
2
50
1
934
Dec
4%
Jan 12
Oct 21
Burlington Mills Corp
Burroughs Add Mach.-No
JBush Terminal
No
22
4
47
41
53
102% Jan
37
2,800
*33
*18
par
No par
Debentures
18% Feb
64% Mar
38% Jan 14
Oct 19
32% Sept 24
19% Oct 19
9,800
93a
4
17
678 Oct 19
8
par
No
5% Nov
1/12% July
43% Apr
Jan 13
8%
20%
19%
*23%
*35
8
Oct 19
10%
*6%
Oct 19
10 prerfered series A .No
Nov
1% July
Jan 23
1
10%
22
7
47
par
2,600
9%
22%
47
Oct 19
Bullard Co
800
734
29
18%
2,300
15%
8
5
16 preferred
..No par
Bklyn-Manb Transit...No par
Budd (E G) Mfg
Oct 19
Nov
47
34
Oct 19
33&
16%
15%
18
32
Jan 18
100% Apr
June
50% Aug 25
Oct 19
7
No par
80% June
1534 Mar 23
4% Jan 11
Aug 14
23% Feb 23
59% Feb 11
53% Feb 13
26
16
1534
14%
Bearing Cojl7
Bridgeport Brass Co—No par
Brlggs Manufacturing .No par
7% preferred
4,500
11%
2
Oct 19
% Oct 19
18% Oct 19
7% preferred
100
Budd Wheel
.......No par
Bulova Watch
No par
3%
*50
3
Roller
Bruns-Balke-Collender.No
Bucyrus-Erle Co
490
28
5,700
5%
11
1%
Tl% "Jan
Oct 18
Oct 19
Oct 19
100
Brooklyn Union Gas...No
13,000
57
5%
3
834
Apr
Jan 22
15
-,-5
Brown Shoe Co
10
6%
18%
89
103
9,500
95
17
90
*90
1034
*94j
17%
8%
2
18%
4%
3,700
16
*45
4
10%
10%
*31
18%
3,700
200
39
89
2034
418
40
56
*
4*8
24%
40
38
*
*1818
1,100
52%
5%
8%
42
8,500
1534
49
*35
400
13%
38
1%
6~
Corp
Maine RR
1.800
35%
16%
83s
7%
32% Aug
2%
10%
10
.
Jan
Bristol-Myers Co
Brooklyn A Queens Tr.No
6
3
25%
Oct 19
17%
24%
1
15
-
Brlggs & Stratton
10%
5
39
700
39
share
per
93
400
13
Highest
share 9
per
46% Apr 13
25
Aug 16
31%
38%
23
$
share
per
7634 Oct 19
fBotany Cons Mills class A.50
Bower
9
share
per
39
34
*15%
z9%
*21%
334
10%
*934
*15
8%
31%
734
31%
*6%
7
18%
11,300
Boston <fc
9
No par
2%
95
5%
2
*45
8
31
10
8I4
15%
14i2
734
155g
1358
46
778
30is
_
178
83s
16%
■
8
3
1514
34
*9%
Year 1930
Lowest
Highest
No par
Class B
£31%
10%
62
4%
35%
16
83g
18%
3%
11%
15%
9%
Borg-Warner
8,700
95
50
3514
13,600
600
11%
27%
38
9%
5%
Borden Co (The)
10%
26%
38
934
Bond Stores Inc
1,100
33
2%
38
95
900
10,500
22%
38
9
16%
20
22
13
5%
230
500
36
Bon Ami class A
81%
41%
22
10%
26%
21%
10%
25%
*3334
*32%
2%
*934
9%
Par
30
1%
23
49i8
434
36l2
5
1937
Range for Previous
100-Share Lots
Lowest
*1
13%
*90
33%
5
5
3934
22%
2\\
34
5
35
15%
On Basis of
13,
EXCHANGE
1%
11
1334
38%
24%
53«
50
47S
51
47S
*9%
12%
95
5
53s
*20%
9%
•
9U
83s
*90
99
514
10
81%
40%
1534
£19%
32%
32%
5
33
*31
934
10
41%
1534
20
*1
10%
2534
22
8134
41%
*15%
19%
31%
15
20'8
31 h
*80%
Nov.
Range Since Jan. 1
STOCK
Shares
$ per share
*80%
*31
YORK
Week
S per share
80
3
Jan 25
Ex-rights.
Dec
100% July
55
Jan
97
Jan
/14% June
2% Apr
59%
Apr
Aug
84% Sept
128
Nov
9134 Nov
130
Nov
24%
Feb
5%
Feb
82
Feb
5 Called for redemption.
Volume
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
On Basis of
STOCK
NEW YORK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nov. 12
Week
24
235g
912
10
95s
9k
1*812
1112
105g
74
*2
237g
2314
97
*96
47g
47g
984
10
50
13i2
3,500
Consol Aircraft Corp__
7l2
734
1,000
Consolidated Cigar
70
*68
75
*6884
74
*6834
74
8
24U
24
2534
26i2
27i2
27
28
96
95
95
94
94
95
9534
1,400
47g
', 95g
5i2
10
2,000
18,400
5
97g
478
*17
8434
83
16
155g
12
434
21 |
12
74
453g
46i2
9ig
914
10
914
178
178
74
*727g
46
29U
15S
28ig
29
28
32
29ia
H2
3014
ll4
3012
1534
1514
16
50
51
49i2
50
55
555g
535g
547S
29
u2
31
*15
13g
200
1,700
Consol Coal Co (Del) v t C..25
3
Oct 19
100
16
Oct 19
Consumers P Co$4.50pfNo par
80*4
America.20
Continental Bak class A No par
1034
223g
200
17l8
1334
10,100
4,800
3,900
14i8
2
178
*7514
83
473g
48
48U
9i2
2834
IOI4
4634
IOI4
2834
30i2
29
r
J
H2
13g
33
1034
H2
13g
:
32
1
7,000
2,000
3,400
9,900
I6I4
167s
5012
16i2
5012
4934
56
57
56
*159
♦158U 165
3,500
11,600
5i2
514
5
5
5is
53g
25
25l8
2578
2612
30
30
3H2
90
90
90
90
90
90
9034
92
92
95
*2314
24
*2314
834
24
23l2
2312
*2334
25
23i2
24
327g
37i2
*3212
1178
34
9i2
37l2
39
6,000
41
36i8
1412
15,600
77i2
400
3434
6,400
36
*3512
41
*32i2
1214
37
125g
*67
28
75
6
123g
63g
65g
50
334
1314
137g
9
*8l2
147g
8i2
14i8
22
24
20
2214
*2234
23
2238
22l2
14l2
13i2
14i2
*14
77g
1612
8'4
16
*25g
234
15
15
*14lg
100
2358
Exchange
100
24
22l2
225g
15
15
2558
2234
1514
1634
22ig
2212
167g
Closed—
2534
4,600
834
834
1412
*14ig
*98l2 100
2634
247g
1,000
25
19
8U
8
Stock
812
8ig
147g
100
*98
2434
*22ig
Armistice
*15
18
8I4
87g
3
3
834
Day
*3 |
98 ,
300
20
38,100
12,900
314
ft!200
101
98
99
97l2
97
9814
7
*5
10
*5
10
*7
9
*7
19
*13
19
*13
19
*13
19
*13
19
*13
38
38
*35
20
20*2
2078
21
*2034
3014
3014
*30i2
40
*38
87S
1514
*68
9
1512
75i2
17i2
8i2
1434
*68
36U
40
21l2
83g
83g
36i4
36
21
2134
32l2
x2H2
*31
32
32
3212
87g
15l2
1634
17
70
69U
1712
*16l2
3134
3134
17
17i2
16
16
32
32
32
2078
48l4
197g
20
21
22
22ig
4614
46i4
4712
467g
473g
*512
7
*534
7
6
6
4512
534
30i2
32
30lg
32i2
3234
34
34U
35l2
8912
89l2
86
88
86'8
86ig
88
90i2
207s
*315S
*12ig
6i8
9,500
1,200
3634
18,800
93i2
1,500
40
*3414
36i2
*117g
17
*1314
15
h
li4
27g
12i2
*38
Us
3
2,100
4512
6
*35
1
1
*1
3
*1
24
45
16
58
212
25g
*25g
13
121g
12i8
*12ig
5S
*3g
*1
*212
12lg
114
27g
1234
112l2 112l2
112i2 112l2
*11212 114
*112l2 114
11734 122l2
112l2 115lo 114l2 117
115ig 1171*
133
133ig
*1307g 13312 *132
*133
1337g 133
1095g llOU
lioig noi2 1103s 11038
*109l2 IIOI4
111
111
634
*6
111
162
65g
111
_
15912 159l2
164
164
163l2 16312 *162
23
22ig
2112 22
5
4 &8
5U
47g
223g
233g
21&S 225g
20's
2114
434
47g
45s
2134
22l2
2Hs
47g
2214
634
67g
6i2
67g
43g
438
43g
43g
*35
Al4l2
.1*38
6*1
*)27g
7ig
167
162
162
2212
45g
23i2
4l2
4i2
11
12
1034
1218
12t4
13
38's
3914
36i2
40
42
44U
4914
137g
48i4
37
37
3534
37
41U
42U
4314
49
47
25ig
*34
*234
267g
243g
2334
2412
*34
78
*34
78
1412
234
234
25g
18
1712
*377g
403s
900
7012
Jan
20U Nov
27
Oct 29
18i2
Jan 16
75g Apr
"l*97g
Nov
16814
Deo
6% pflOO
preferred. .100
234
24
Feb
Jan
5
27
Nov
5
583s Mar 17
3634
5
Oct 19
241* Mar 17
1478 Apr
Apr
117s
June
213g
Jan
Nov 13
I8I4 Oct 19
76ig Feb 19
36i2 Feb 2
42
Jan
63
Deo
30ig
40ig Feb 4
23
Apr 10
Oct
Oct
40i2
Oct 15
I8I4 Apr
345s
1
634 Oct 19
10
Oct 19
9
93
Dec
Feb
9
19
Oct
No
CastlngCo No
Dome Mines Ltd
No
Dominion Stores Ltd ..No
Douglas Aircraft
No
Dow Chemical Co
No
Dresser(SR)Mfg conv ANo
Class B
No
27
Aug
407b Deo
Jan
6II2 June
I23g Deo
Class A
par
Oct 19
41i4 Jan 25
40
Doehler Die
par
1612 Oct 19
par
35
4634 Feb 17
51
Jan 28
4H2
par
14334 July 13
55
Jan 16
par
par
86
30
Nov 8
Oct 19
par
9
Oct 19
preferred
100
de Nemours(E I)& Co 20
100
No par
pf.100
Duquesne Light 5% 1st
Eastern Rolling Mills
Eastman
-.5
Elec & Mus Tnc
Electric Power A
Am shares._.
Light-No par
No par
No par
preferred
preferred
$7
$6
{Elk Horn Coal Corp..No par
6% preferred
50
El Paso Natural Gas
3
400
40
3,300
Endlcott-Johnson
50
Corp
preferred
Engineers Public Service
5%
100
1
112
May 28
1135g Oct 19
130
Oct 20
10712 Oct 21
109i2 Oct 27
87g
78l2
*71
4l2
2
11
9
*95
*32
*97S
1178
*
78l2
*75*
84
10H4
*92
*
134
2
134
*92
4l2
1134
12
2
2
*2
-
17g
2
2ig
1234
10114
*96
*96
78i2
78i2
78l2
"75"
75
78
78
94
95
3i2
*3l2
35g
*35s
37g
4
4
*37g
4i2
*4
4i2
2U
23g
2i8
2is
214
Bid and asked prices; no
23g
Fairbanks Co
1,040
34
75
800
3,500
5,000
1214
*
2l2
*95l2 101U
37g
37g
418
4ig
234
2i2
sales on this day,
127g
*
34
'"406
13
700
30
*75
82
300
*95
IOH4
200
37g
45g
2%
4,400
334
4i2
212
t In receivership,
a Pet,
Eureka Vacuum
8%
600
500
delivery.
25
100
preferred
Fairbanks Morse A
6%
....
81
i34
—50
800
Tioo
125g
34
1H4
5
127g
17g
..100
100
Cleaner
5
Evans Products Co
5
Exchange Buffet Corp.No par
31
IH4
-
78l2
107B
32i2
-
4% 1st preferred
4% 2d preferred
Erie A Pitts RR Co
30
3212
IH4
-
5,900
3,000
11
10^4
27h
r28
15
11
29i2
10
333g
10l2
434
12 lg
123g
214
263g
*97l2
3l2
•
4l2
*17g
*71
78i2
4l2
9
78i2
"75"
4i8
*lll2
*71
26i2
83g
32i2
7812
*71
2
26
*9712
*10
1034
134
9
27
32l2
143g
105s
178
2
2
27
1412
912
78i2
4I8
IH4
4'g
11&S
2
*71
4l2
IH4
115g
9i2
12i2
9l2
Co.No par
100
preferred
t Cash sale.
4
152
July
166
Mar
Nov
Mar 17
534 Apr
4012 Nov
1578 Nov
45i2 Feb 11
16
Feb 23
3034 Apr
47i2 Nov
37i2 Feb 11
16
28i2
Jan
Jan
875g Deo
393g
Dec
55U
i2
Jan
Jan
22«4 Nov
15g
li2
6U
l2 Oct 19
ll2 Oct 19
14l2 Oct 19
37
Oct 15
Jan
2
Jan 19
8
Jan 18
29
Jan 18
60
Feb 11
105i2June 10
3
Oct 19
1151? Jan 19
\7\ Jxo 16
Oct 21
78U Jan 30
Nov
63i2Sept
134 Oct
414 Oct
8I4 Oct
5
3
24
19
19
19
Oct 19
a:753gMay 27
3
Oct 19
7
Oct 19
H4 Oct 14
1
Oct 19
712 Oct 18
2312 Oct 19
150
75
New stock.
Deo
Aug
123s
29i2
26
»
185
8
100
Co... 100
Preferred
100
Federal Motor Truck. .No par
Federal Screw Works..No par
Federal.Water Serv A..No par
Apr
4412 Jan 16
Fajardo Sug Co of Pr Rico. 20
Federal Light A Traction.. 15
$6 preferred
Federal Min A Smelt
Deo
156
6
87
69ig
3i4
1034
116
Aug 16
Mar
Oct 19
52
912
17
zlllUJune
5i2 July
Oct 19
*45
8i2
IH4
136i2 Deo
9
Oct 19
65
9i2
Feb
110l2Nov
115i2 Jan 22
22
*45
734
129
135ij Feb 19
24
41
11
180ig Jan 18
18434 NOV
27
45
914
120
7U Feb 6
265g Jan 14
92U Jan 7
No par
812
Jan
Deo
Feb
Oct
Oct
Oct
Oct
$5 conv preferred
100
19
19
19
19
Oct
15i2
334
35g
6ig
$5M preferred w w..No par
$6 preferred
No par
Bidg..No par
Oct 19
884
18U
Apr
164
Apr
Jan
478 July
1318 Aug
133
2
3
1«4
3
Jan
114
198
1512 Oct 19
5g May
Jan 19
122
2i2 Oct 19
Oct 19
100
Erie Railroad
Deo
Jan
8U Jan 16
600
Equitable Office
36U
17i2 Jan 19
51
5,500
Jan
Oct 19
♦48
""760
Deo
10
150
3
51
lis
100
Boat
Oct
Jan
5i2
145
Eaton
8214
29
7
5
138 Jan
Nov
Jan
312 Feb 19
39U Jan
25
605g
14 Oct 25
l2 Oct 19
ll2 Oct 19
Kodak (N J).No par
6% cum preferred
7i2 Apr
8
77U Jan 25
No par
6% non-voting deb
$4.50 pref
l23gMar
534 Oct 20
26i2 Oct 19
{Duluth S S & Atlantic—100
6% preferred
100
Dunhlll International
1
Duplan Silk
Oct 19
par
50i4
1134
Jan
95i2 Deo
Mar
50I4
8
Jan
Aug
Mar 17
48
1H2
43
25
400
9
37i2
Oct
96
Corp-Seagr's Ltd No par
*4312
*497g
3
Feb
4
13
48
*50
Feb
19
*42
2&g
Feb
9 >g
May 13
48
9
23ig
153
May
*43
69ig
May
22
48
8U
Jan
43g
128
7
30
5
48
25g
Jan
12ig Oct 15
4612
*52
116ij
Nov 10
Oct 19
97
Jan
107b Feb 18
134 Oct 19
46l2
8I4
33i2 Nov
5434 Oot
6
29
Oct 19
44
234
19i2 Apr
Jan
31«4 Mar
Oct 19
42i2
65
323g Nov
Oct 20
42
8U
Jan
29
100
234
Deo
Oct 15
3,200
234
Jan
27
8
42
25g
Deo
90
107"
13
50
234
914 Mar
2178
1
*42l2
234
Jan
Sept
5
109
8
Nov
30
2,100
3
12i2 Oct 19
pref..-.25
2534
207g
20
Jan
4
10i2
96i2 Oct 21
36
.2
8
Oct 19
6
A..No par
No par
Elec Storage Battery ..No par
♦377g
39ig
106i2 106i2
7i2
8i2
Deo
36is May
Electric
145g 160,800
7,900
50>4
48
3,000
Jan
Apr
114
Feb 27
13,000
3,100
Dec
44i2
24U
62
25,600
s"
99i2 Mar
6
4
6
109i2 Jan
4
Deo
14U Mar
59
7a
25l2
1734
39
8U
4i2
Nov
1
Mar
20
129
Jan 14
Manufacturing Co
4
Eltingon Schlld
No par
Electric Auto-Lite (The)
6
2,900
20®8 Feb 11
Deo
15
100
227g
5i8
245g
78
3
*234
27S
20
19
18ig
18is
39ig
*377g
*377s 39is
*106i2 115
*106i2 115
*106i2 115
*106l2 115
7
8l2
77g
6U
634
6U
7l2
*6i8
25g
18
39
240
3,800
3,400
43
Oct 18
Deo
33s
60i2 Oct 20
100
7%
Oct 19
4
Jan
Jan
35i2 May
167g June
Oot
56»4
125
5% pref with warrants.. 100
Dlxle-Vortex Co
No par
Distil
800
112
16
Sept
618
63i2
127
Deo
86
...100
6% participating
Du P
111
Oct 28
19is
67ig Aug 19
30
Sept 20
Diamond T Motor Car Co.
15,300
133
11038 110i2
68I4 Nov
100
Ry Co...100
Match
Diamond
12U2 .125
*132
*43g
1312
4534
243g
5% non-cum
8%
43g
78
100
800
9
173g Jan 4
143g Jan 12
Jan 11
Oct 19
234 Oct 19
21
Devoe & Raynolds
30
77g
2414
......
3
H4 Sept
Jan 11
75
20
10
100
Lack & Western..50
Det A Mackinac
113
*111
77g
78
.58
H4
278
9512 Apr
135
3
Apr
28
81»4 Mar 3
MarlO
Oct 20
No par
Detroit Edison..
100
7&g
2414
100
1412
Oct 19
20
{Denv & Rio Gr West
14
k*1218
734
714
43g
40
164
163
155
164
"21
3514
1 92
714
153
15612 158
*164
20l2
11134
111 1* 11134 *111
6
63g
6i2
534
160
2334
35i2
*3g
5g
1,400
17
3134
6
*117g
16
*3g
600
2312
4712
*34
33
*11
16i2
2,300
18,200
9
32
*31
914
17i2, 18
75i8
74ig
493g NOV
714 May
83gMar
Preferred
300
91i2 Nov
Dec
44
2334 Mar
Deere & Co new
m
1,700
70
33
17U
*32
•»
22lz
18
70
.
600
32121 3212
9
858
15i2
70
-
353g Sept
Oct 19
Diesel-Wemmer-Gllbert
.W
Deo
8ig Oct 19
Delaware 4 Hudson
1,500
9
3778 Nov
2
1,100
99
Mar
50i2
47
7,600
37
*514
234
Oct
1
No par
Cutler-Hammer Tnc newATo par
Davega Stores Corp..
5
Conv 5% pref—
25
Dayton Pow & Lt 4J4 % Pf-100
Delaware
738 Mar
July
10834 Apr 15
5g Oct 19
preferred
$8
Oct
Deo
170
1
Class A
700
2212
1512
1934
914
234
97i2
3
*234
*99
30
Apr
82i2 June
No par
Preferred
Curtlss-Wright
Cushman's Sons 7% pref..
65
30
2284
23
19,600
16,000
378
Oct 19
70
Packing
(The)—No par
2,900
51
37g
135g
812 Oct 19
56i2 Jan
Oct 29
35
Curtis Pub Co
3,200
50
334
13U
22
Preferred
Cudahy
Deo
691S
1558 Mar
8
4714 Jan 28
25U Apr 13
90
260
Mar
46
4358 Jan
46i4 July
2834 Jan 15
1007g Feb 3
Oct 19
7
100
10
100
50
4
447b
35
Jan 16
21
Sugar
Feb
4
3
37
100
Cuban-American
Aug
Jan
46
Aug 13
No par
Cuba RR 6% pref
Nov
243g Mar
41
Mar 16
Feb
Nov
87U
Dec
158
Jan 14
115
$5 conv pref
No par
Crucible Steel of America. .100
(The)
Jan 15
Oct 19
313g Oct 19
8
6
Preferred
71U
17H2
1014
56i2
4
109
55U Apr
63»g Aug
Feb 13
77
8
25
8
355gMar
37J2 Nov
$2.25 conv pref w w.-iVo par
Pref ex-warrants
No par
Cuba Co
July 19
2134 Oct 20
No par
..No par
Crown Zsllerbach Corp
Nov
90
No par
Crosley Radio Corp
Crown Cork A Seal
1,100
185g
634
48
*27
100
40
78
334
13i8
30
83g
14'g
8*4
7734
18&g
*27l2
*98
8
1834
21 a4
2014
16
77
18
30
98
16
77
30
98
14i2
3,300
3H2
*30
9
1,200
612
514
65
32
1512
1
514
*55
*30
*83g
*7g
6
5
24
25
100
Co
6% conv pref
Cream of Wheat ctfs
200
1
6lg
100
Coty Inc......... ....No par
Crane
49
Oct 19
912 Oct 19
47U Oct 25
60i2 Oct 20
153
Apr 14
3
Oct 19
Co..20
Corn Products Refining
25
...
6i2
*7g
*5i2
47g
65
65
2,100
100
*55
*55
*l4ig
33
*94
100
*55
65
223g
3034
400
48
35g
125g
*55
21
*93
6
48
334
115g
1234
1134
13
*74
78
6i2
434
57b
48
35g
37g
3»8
773g
32i2
77
19
6
48
49
*473g
1378
135g
77
18
534
*3212
19
80i2
6U
36i2
98
7B
434
18
*32i2
*5I2
45g
*76l2
6i2
*76i2
18
1712
41
77l2
29l2
28
1
*7g
*38
1,600
934
*38
3612
133g
*91
4l2
47g
*76i2 100
38
*75i2
96
*5
6*2
9i2
38i2
1234
28i2
45g
91 z
37l2
*32l2
123g
*92
1
*7g
*5
37
75
93
10
36
38
37l2
2712
7812
29i2
92
*9ig
34
914
78 Oct 19
Continental Steel Corp .No par
200
912
9
34
5
5-08
24
Jan
6714 Jan
6384 Dec
17i2 June
3512 Apr
2i8 Apr
2818 June
158
Jan 9
Jan 23
Jan 23
Feb 11
69ig
2534
4234
37g
Oct 19
Oct 19
1
5
Preferred
24
353g Nov
Continental Insurance... 12.50
165l2
*159
165l2
6,100
26U Mar
Jan
23
390
57
1534 May
612 Oct 19
Corn Exch Bank Trust
50i2
Jan
103g
41i4
20
Motors
Deo
Deo
158
92i2 Aug 16
Oct 18
Continental Oil of Del
9U
377g
3g May
2
514 Jan 15
10934 Feb 17
65
Continental Diamond Fibre..5
Continental
June
12U June
3734 Jan 14
100
12,400
1,300
33
Dee
5*2 Sept
373g Apr 13
Oct 19
Continental Can Inc
95s Nov
17U
10618 June
1284 Nov
Oct 19
Oct 19
1
preferred
8%
Oct 16
No par
B
Class
Jan
7i2 Oct 19
Container Corp of
200
1612
81
2
5% preferred v t o
200
88
*86
July
109
18g Feb 27
13U Apr 6
6
Oct 19
3g
483s
4
10^ Jan
2&g
Feb
Oot
20is
37g Apr
lli2 Apr
101
52*4 Apr
preferred
Jan
102
Feb
718
Apr
27U
177b Apr 5
1057g Jan 23
1
1,400
27
5ig
Nov
12
25
51g
7
101
9
13i2 Feb 26
Oct 19
Oct 19
314
5
No par
Jan
534
*74l2
55
Oct 27
<5
2
54
16512 *15714 165
*157
13
497g
1834
4978 Jan 23
108
Jan 12
412
17ig
13i2
16l2
4912
Oct 19
38
89
16
414
534 Jan 20
5l2
2H2
4l2
22
3H4
1534
*15
Nov
1
h
*84
9i2
28i8
lSg
3H4
9i2
Nov
94
No par
Consol RR of Cuba 6% pf-100
{Consolidated Textile..No par
*19
8314
16l2
12I2
178
7612
46l2
Nov
95
73i2
93
104
*100
4i2
38
514
38
"8
85
5
No par
Consol Oil Corp
Jan
Feb
4i8 Sept
15U Apr
72U
Mar
Oct 19
Consol Laundries Corp
6534 June
Mar 11
1
preferred
Deo
92
Nov
68
22
$5
Jan
1934
96
1
Oct 19
63
Consol Edison of NY ..No par
51,400
33i2
June
Oct 21
65
No par
Aug
8
7
Oct 18
100
100
100
_
Dee
15
Jan 14
July
1511
44i2 Jan
25»4 Mar
Jan
16
share
per
July
3078 Aug
1878 Jan 15
87
Mar 2
5i2
*4
4
434
26
434 Oct 19
No par
12 partlc pref
1,400
1058
IOI4
10i2
104
*100
4
4
%
434
514
5i2
5ig
10
104
*100
""8"
22
Oct 19
8
1
Consol Film Industries
500
2's
8I4
734
21
47
*
8*4
*82l2
153g
IP4
134
2
20
9U Nov 8
6»4 Oct 18
No par
share $
per
7
19ig Feb 11
45i2 Mar 11
19U Jan 23
Oct 19
21
4^ % pre!-100
7% preferred
8H % prior pref w w
Prior prf ex-war.
10
6838
683g
8
*17
76i2
4714
68
x68
7i2
85
*74
Conn Ry & Ltg
2
2212
1184
178
7h
7U
7i8
Cigar
Congress
700
2
*82i2
16'g
12i2
13
2
*18
1534
9l2
9i2
2
,38
434
5
1034
*66
73g
*358
J2
*3g
5
10
*914
1234
6884
104
384
*3l2
*9
12
9U
*9
2ig
*100
104
*100
10i2
*9
714
2314
94l2
*47g
912
8
734
27i8
9U
934
2
2i4
1,300
26
share
Oct 19
per
4ig
No par
25h
.
$
Congoleum-Nalrn Jnc.-lVo par
25i2
123g
6834
Conde Nasi Pub Idc
245g
70
*66
70
♦68i2
1,200
7i2
7
714
*115g
*634
11
714
734
*66
Shares
S per share
*634
24i4
914
9i2
,
*8i2
m8
*714
$ per share
712
$
share
$ per
Highest
Lowest
Highest
Lowest
Par
*63g
24
2334
$ per share
$ per share
$ per share
7
7l2
7
100--Stare Lots
EXCHANGE
Saturday
7
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
for
jur
$ per share
3155
New York Stock Record—Continued—Page 4
145
Mar 31
Oct 18
712 Oct 19
173s
Dec
638
Jan
Jan
784
2578
Deo
94U
Deo
3234
69
Feb
Aug
116
July
7i2
Jan
45i2
Dec
Oct
8434
Jan
89i2 June
Jan
97
11 a4
Jan
29
Oct
Jan 14
68
Jan
69
Jan
14ig Jan 21
34U Mar 3
12
Jan
1578 Aug
80
634 Jan 21
538 Jan 28
5U Apr
11
16
Apr
Apr
2318 July
Jan
484 Mar
Apr
812
3434
Jan
1221?
Jan 11
315g
Jan
Feb
70
407b
Oot
8I4 Mar
Jan 28
293g Jan 18
Deo
I8I4 Sept
34i2
Jan
7178 Jan 15
21014 Jan 14
28
107s
June
25s June
438
1834
Apr
25
Deo
Deo
Dec
61i2 Deo
2784 Deo
IOII2 Dec
7184
210U
4
84
Jan
150
Mar 11
37
Aug
129
Apr
6978 Mar
1231? Nov
Jan
12U Mar
Jan
2
Oct 19
llSg Feb 19
738
214 Oct 19
lli2 Feb 25
6
Jan 14
3
* Ex-dlv.
1618
Jan
Oct 19
li4 Oct 19
29U Deo
53i2 July
110
55
66i2 Jan 27
2
Jan
Feb
Dec
48
Feb 19
8612 Feb
934 Jan
235gMar
353g Mar
103
90
Apr
6
10
15
17
17
28i4 Mar 17
81
3
Nov
Feb
Feb
10
y Ex-rights.
2ij
92
Mar
Apr
6
Deo
Jan
6
Oct
T Called fo rredeaptlon.
New York Stock
3156
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page 5
SHARE, NOT PER CENT
Sales
STOCKS
f(VT
NEW
JOT
Saturday
Monday
Tuesday
Nov. 6
Nov. 8
Nov. 9
S per share
$ per share
I per share
20
20 %
*20
25
72
72
28
*20
223,
21%
91
90
32
32%
15
13%
36
♦32%
*20
26
72%
*70
30
21 %
901,
21%
33
907,
3434
35%
1734
1U2
634
*3278
34
No par
31
Oct
8
*21
231;
"""260
Florabelm Shoe class A .No par
22
Nov
1,100
1 FoLlansbee Brothers. .No par
33%
86%
2,000
Food
9,800
16%
70
16-%
18
*2%
30%
33
33
80
86%
86
19
21
21
75
77
78
*4%
234
434
434
*11%
12%
2
2
2
534
23%
5%
5%
15
21%
14%
2178
14%
*20
15
90%
91
90
90
*89
678
6%
95
38
8%
4
10%
034
20
20
♦73
80
*65
25
25
25
10%
19%
8%
1978
*115
4%
11%
12
*08
2534
*18
40
*54
55
38%
29
5
*11%
*104%
2
19
88
1%
19%
26%
19
26
25
1%
18%
1%
18%
*85
10%
24
*22
400
12
58
11,800
58
*56
60
60
500
28
287g
57%
4,400
47%
%6
%
5,900
46
46
40
46
'l6
278
3%
16
284
3%
96
»
■
1878
"17%
18%
"18%
59%
♦82
56
20%
82%
50%
2134
83%
*56
22%
86
434
2
4%
*2
2%
4%
83
5
66
1%
4%
2
2%
4%
2%
13%
17%
1778
1778
13%
1634
30%
13%
25%
29%
30%
29
13%
2434
26%
29%
29
*115
5%
2
2
2
15
*13
14%
17%
2934
13%
29%
2934
*14%
29
*
*45
19%
20%
19
19
19
1034
11%
10%
1034
1034
834
8%
1%
1%
25
*5%
*16
6%
*45"
8%
1%
8%
1%
25
13%
2034
26%
29%
2934
132% *_
50%
*8%
1%
16%
29%
*16
64%
19%
11%
11%
834
1%
85S
1%
*17%
6%
25
128
7%
*73
234
64%
20%
11%
.
17
17
*70%
234
90
90
•*91
7%
7
92
*91%
7%
92
*125% 154
*125% 154
17
*16%
17%
*16%
8%
1%
3
115
*114
129
*118
129
128
128
*50
53
50
50
92
*21%
23%
8934
21%
21%
*20
21
19%
20
*
94
*
*4878
91
94
51
4878
*88
94
*
"l2'
Bid and asked prices; no sales on tnis day.
55
Oct 19
30
4,400
"966
7%
"
1,800
800
778
7,500
200
10
Oct 19
23*2 Oct 19
2312 Oct 19
100
131% Oct 27
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
50% Sept 14
15% Oct 19
Greyhound Corp (The)-No
712 Oct 19
par
5H% preferred
10
Guantanamo Sugar...-No par
preferred
100
778
Jan 28
Oct 19
Feb 17
Jan
90i2 July
June
4i2 Feb
11'4 Mar
6*s Jan
*26&s Nov
28i2 Mar 8
60%May 20
Jan
Jan
65
391* Mar 10
22
Apr
3978 Nov
167s Feb
14*4
Deo
177s Nov
8%
■
'*
8%
9
11,800
6,600
400
684
100
13,800
2%
12%
2%
8,400
133s
15,600
21
21
200
40%
42
330
10
60
9%
In receivership,
a
Del. delivery,
8
Oct 19
lli2 Mar 18
434 Jan 11
59
15s July
4*4
Oct
Deo
6
30ig
2678 Oct 23
26i2 Apr 17
434 Oct 19
8
30
Jan
36
7
33
June
6
Jan
15%
19
Oct 19
31
Feb 16
14
Jan
32
preferred
100
Hanna (M A) Co 95 pf.No par
Harbison-Walk Refrao.No par
101
Oct 27
108
Feb 18
*104
Dec
92
Oct 26
Oct 19
105
100
June
6% preferred...
Hat Corp of America cl A
6M % preferred w w
Hayes Body Corp
100
123
140
1
5
Oct 28
Oct 19
7134 Oct 19
107
Feb 26
115
Jan
8
Jan 14
45s
Apr
9
Mar
1171a Auk 13
157a Jan 25
995s
Dec
133
Mar
6% preferred
Hackensack
100
Water.!
25
25
Hall Printing
10
Hamilton Watch Co ...No par
100
2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t o.No par
Helme (G W)
25
Preferred
100
6%
3% Oct 19
12
Oct 19
18
li2 Oct 19
89
Oct 20
6
91
140
Oct 19
Nov 10
May
11
6
No par
No par
105
Oct 19
100
125
May 22
cum preferred
No par
7% preferred
2%
Deo
60i2 Mar
Oct 19
..100
Homes take Mining
12.60
Houdallle-Hershey oi A. No
Class B
Household Fin
par
4878 Nov 10
1512 Oct 19
1512 Oct 19
109
Oct 19
i3934 Oct 19
Jan
Jan 22
68i2 Mar
5
Jan
08
Deo
19*4 Mar
62% Oct
347t Dee
37
Aug
Deo
Nov
125% NOV
105% Mar
Jan
55
Deo
Jan
135%
Deo
1784 Jan 11
12
Jan
104
Nov
12*8 Aug
18% Nov
21*s
Jan
126
Feb
9
117
May
141
Jan
166
Jan
6
150% July
25% Apr
165
Deo
395s Feb 11
185
41
Oct
Feb
3
84
Jan
150
Deo
I35ia Feb
2
126
Aug
135
Apr
587g Sept
Sept
80
Jan
119
Feb
0784 Jan 21
Jan 19
June
102
4
62*4 Feb
120i| Jan
30«4 Mar
4312 Jan
114*4 Mar
52i2 Nov
30*s
Jan
108
June
9
Jan
19%
Jan
4934 Deo
124
Deo
33*4 Oct
427s Deo
108
Oct 19
41
277t Feb 11
Jan
Feb
115
Oct
407
23
Dec
644
Feb
397g June
6
Oct 19
44
Oct 19
73
Jan 11
82
Oct 12
94
4414
Feb
Mar 20
Houston Oil of Texas
v
t c..25
Howe Sound Co
Hudson A Manhattan
100
5
5% preferred
100
434 Oct 19
37
Oct 19
U8 Oct 19
3% Oct 19
17% Jan 22
90i2Mar 10
67« Jan 21
ll2 Oct 19
1678 Jan 21
2314 Feb 17
4U Aug 17
8
Oct 19
38
6% preferred series A... 100
16
Oct 19
Leased lines 4%
RR Sec ctfs series A
40% Nov 12
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central
100
r
30%
Jan
120
100
5% preferred
n New stock,
July
9U
Feb 26
stk. No par
No par
com
24
205s Feb 10
Oct 20
52
44
5214 Not
223s Oct
403s Oct
4214 Deo
14912 Aug
64U Mar 10
Oct 19
8%
Jan
31
136
10
4734
2%
*6%
32%
2
94
900
Jan
2
6% conv preferred..No par
Hollander A Sons (A)
5
Holly Sugar Corp
No par
300
16
42i2 Jan
2,000
8,600
3%
145i2 Mar
23%
1278
Dec
8ig
Apr
10
Apr
24i2 Aug
28ig Jan
37
85
Deo
2
111
54
Oct
35i2
9
215s July
*100
55s Jan 22
Oct 15
12%
Feb
Feb
Apr
Mar 11
1*8 July
Oct 19
*52%
*8178
Jan
Sept
Jan 12
21
1,100
7i2
IOI4
118
4*4 Feb
88
14,466
Feb
77
16
Hershey Chocolate
51%
Jan
Deo
5
96
94 conv prelerred...No par
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
28%
Jan
6U Nov
13ia Jan 18
500
27%
55U
56
Jan
473s Mar 11
300
49%
Nov
80i2 Nov
317s Apr
1057s Deo
145s Deo
141
400
*109% 110%
37s
116
135s
89
2,800
Dec
52U Sept
74
50
24%
37%
87*4 Mar 11
21%
24
92
50% Mar 11
89
2,166
Oct
6
Hercules Powder
13
Jan
27ig Nov
84
9
Hercules Motors
94
90
Jan
Jan
10
"l234
'l9~% *Oct
Aug
0*4
17ia Mar
59i2 Mar
3434 Feb
300
*
Deo
2
Oct 15
78
12
Gulf Mobile A Northern.. 100
~~1~,2O6
22%
%
Oct 19
3% Oct 18
Deo
13*8 June
814 Feb 19
21%
22%
22%
♦
9334
278
pref series..-No par
6%
26%
19%
50
94
13
12%
*12"
*1134
13%
"l2% 13
22
2234
21% 2134
2234
23% 24%
♦109% 110% *109% 110% *109% 110% *109% 110%
51
51% 5134
51%
52%
51
51%
4934
25
24
24
25%
25%
27
27
25%
11
1178
12%
12
11%
11%
12%
12%
50
*52%
5334
50
4978
52
4978
52
85
82
*83%
85
82% *8278
*82
85
8
734
7%
7%
734
8
7%
8%
44
45
45
46
42% 4334
46% 49%
*2
2
2
*2
2%
*2
2%
2%
634
*5%
6%
6%
634
*5%
*5%
634
8
8
8
8%
7%
8%
9
8%
2%
2%
2%
2%
2%
2%
2%
2%
12
11%
11%
11%
11%
1134
11%
1234
*18% 20%
21
*18% 20% *18% 20% *20
42
42
41
41
*40
41%
41
42%
*7%
9%
*7%
*7%
9%
9%
9
*8%
200
73
conv
130
18
*120
25
21
*21%
21%
Motors
*128% 129
91
20%
*
88
36
100
7% preferred class A
"""806
9134
*90
4878
88
100
8
*125% 154
127
*21%
1,000
27%
92
7%
*128% 129
*91
20%
128
2%
1734
113
"""366
100%.
91
7%
91
91%
*125% 154
6
93
8%
24
25%
91
30
34
*121
7%
*128
Preferred
Preferred
800
*91%
25
120
16% Oct 19
77
No par
71
89
31*4 Deo
44i8 Nov
678 Feb 25
115
Oct 19
1,800
*734
94
129
Oct 18
ll8
25
*5%
197s
120
par
13
55%
9
»,» Oct
Oct 19
1
134
*1%
*17
6%
*128
68is Jan 18
5H2
*32 Oct 6
1% Oct 19
Grand Union Co tr ctfs
834
*8%
25
7%
17
43
Oct 19
2,700
*70%
90
90% Mar
138 Oct 19
17,100
73
278
49i2 Oct 19
20% Oct 19
No par
48i2 Deo
Apr
32i2 Apr
17
July
30 ig July
70
3
11%
7
90
278
preferred
Apr
1
784 Oct 19
par
2
Aug 30
No par
No par
Gotham 811k Hose
Graham-Paige
6
No par
1
21%
128
*70%
234
conv
Jan
Feb
Deo
20i2 May
33 U
88ig Feb 23
293s Mar 9
5
11%
7
73
7
7%
92
75
24%
95
88
June
03s
118ij Mar
47t Deo
24
Oct 28
Oct 19
16*4 Deo
Jan
207s Feb
2
Jan
106
Oct 19
96
59% Deo
67
Oct 19
1
Nov
123is Nov
3i2 Apr
32i2 Apr
Oct 19
Oct 25
77
Jan
Jan
110
8
Rights...
Aug
Jan
56
Granby Consol MS&P
2034
*121
7%
4378 Feb 11
8
3,600
64%
*85
24%
117ia Jan 22
534 Jan 20
4878 Jan 7
70% Feb 4
1912 Oct 19
912
45,400
*50%
100%
128
Oct 19
5*4
105
4
2,600
24
*67S
1
8
Oct
Jan
123
Jan
185s
63s Jan 13
65i8 Feb
34,800
23%
90
2%
*125% 153
*121
Nov
2-%
5%
132
*23%
7
85
Jan 19
Feb
71
70ig
Mar 20
30
29%
23%
*70%
234
92
7%
128
Oct 19
1
19
110
30
2834
*
734
6%
75
92
*91
*121
7%
17
15U Feb
537s
9
10
*32
*121
118
60i2 Jan
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
Great Western Sugar. .No par
34
94
7012 Feb 11
1225s Feb 2
21% Oct 19
312 Oct 19
2,400
734
94
Oct
14
27
*92%
23%
16
1
27
*85
1
Feb
6
7%
100%
Jan
124
Deo
4*s
July
Gen Time Instru Corp.No par
General Tire & Rubber Co.. 5
6% preferred
No
Goodyear Tire A Rubb.No
140
14
8
*32
100%
93% 93%
23% 24%
Jan
48is Feb
28
23%
7g
27>4 Feb
34
*90
Jan 18
475s Jan
*7
24
3«4
Oct 19
*32
*23%
Nov
165s Nov 9
2512 Oct 19
*2534
*90
Deo
44
Granite City Steel.....No par
(W T)
No par
7
26
65
3334 Jan 25
60
12834 Nov
59i2 June
152
Oct 19
preferred
Deo
Jan
Jan
Dec
Jan
13i2 Oct 19
(The)
605s
17
70%
49
Feb
Gen Steel Cast 96 pref.No par
Gen Theat Equip Corp .No par
conv
Jan
Deo
68
8i2 Oct 19
10334 Oct 15
158 Oct 19
Oct
II84
28
Jan 29
Oct 25
Nov
Oct
64%
31% Oct 19
Deo
20
155
Apr
Oct 19
4H%
76
33»s
Oct 19
96 preferred
145g Nov
104i2 Apr
Jan
6578 Jan 18
1
Nov
34i2
18
Glldden Co
30
105i2 Aug
177s Nov
9
14
Brothers
Jan
Deo
7
Jan 21
Grant
34
100%
*93%
94%
2434 25
Jan 13
647s
44U Feb
1,900
28
*90
162
78
584
4
Man
96 preferred
...No par
Genera] Refractories
No par
Glmbel
141
4
65
Jan
Oct
Feb
Apr
53i2 Feb
73s Aug
42U Apr
10*4 Apr
Oct 22
111
Railway Signal
No par
6% preferred....
100
Gen Realty & Utilities
.1
Gillette Safety Razor..No par
95 conv preferred...No par
97
Feb 11
3212 Mar
1,900
7
*23
14
4
1734
*32
7%
50
Feb
Nov
1514 Dec
8i2 May
5
2934
28
*18%
1,600
1,400
Jan
17
34
*7
18
153
Jan
Jan
11% May
100
86i2 Feb 17
191* Jan 14
200
*32
18
105%
1,000
»2534
18
6%
18%
No par
3*4
Jan 16
2%
20%
*2634
18
*5%
1
No par
47*8
Oct 19
May
Feb
97*4
355s
31% Apr
1434
5%
17%
*2534
5%
96 preferred
4
2934
1334
132
*50%
20%
30,300
5%
2
5%
13%
1,700
61
2%
17
13",400
60
24%
5
General Printing Ink...
Gobel (Adolf)
92
2
28%
400
20%
5%
5
10%
28%
13%
25%
33
Oct 19
117
No par
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
£23%
61
Common
Jan
48
10
5,000
£86
5%
Corp
2,600
86
60
2
"50%
*16
57%
Motors
$5 preferred
No par
Gen Outdoor Adv A...No par
3%
2334
2%
*1234
26
29%
132%
50%
60
57
300
95
"26"
20%
General
100
3%
3%
*
2
13%
133
3%
3%
43s
30
13%
*
56
22%
*83%
5%
5
*60
Day
116
3%
95
"l9%
83
5
*2
15
3
3%
*
22%
66
51
%6
57
21%
Armistice
27%
*45%
187s
5
2%
*13%
90
00
27
%6
3%
3%
*60
434
66
2,600
6534
51
*60
15%
640
65%
11%
*46
2134
27
14,000
Closed—
58
preferred
Gen Public Service
15
2%
11%
6%
453s Deo
127
Nov *135
38
Gen
50
26
24
J6 conv pref series A. No par
General Mills
No par
1,700
5,500
Stock
100
Electric
1,900
23%
95
1134
66%
11%
2678
*
70
11%
*61%
11%
11
26%
*57
22%
800
11%
64
26%
*18%
1134
1134
104% 104%
*2%
2%
1,700
8,000
25%
100
3,100
137„
1134
58%
3%
700
2,600
22
27
3%
4138 142,800
113% 113%
31%
33%
578
578
13%
58%
♦
40
80
22
61%
1038
1078
'
119
Exchange
10%
'16
2%
3%
"I'm
137s
13%
27
%6
3%
3%
40
52%
13
1338
10%
58
',6
No par
119
15%
64
11
63
Gen'i Gas & Elec A
1%
*33
27
10%
*61%
9%
1058
34
preferred
Nov
Sept
Deo
Nov
Nov
Dec
11*4 Mar
48i2 Deo
June
108
106U Jan 28
19% Feb 1
15i2 Mar 9
2812 Oct 19
84 Oct 19
1,300
15%
13
No par
No par
23
20
12%
General
Nov
Nov
56*4 Deo
34U Deo
July
231* July
52U Jan 23
General Foods
Dec
63
1265s Mar 31
10,500
12,500
7%
45
7i2 Mar
153s July 19
z39%June21
Oct 25
96,300
Jan
Feb
Apr
30i2 Sept
9
22i2 Oct 19
110
Sept 27
66
31%
134
29%
14%
100
No par
44
2
26
..No par
preferred
30%
20%
2734
14%
cum
General Cigar Inc
40
Mar 25
73
2i2 Oct 19
6I4 Oct 19
14i4 Oct 19
No par
z247s
100i2
48i2 Jan
Oct 19
Oct 13
42
28
13%
5
117
50
21%
25%
7%
5
Jan
32U Jan 13
9
..5
5
Class A...
7,700
Nov
No par
Cable
2
1%
*20
13
General
91
35l2Nov
6
Bronze
17,200
5i2 Oct 19
No par
$8 1st preferred
General
Oct 19
110
*80
19
13
10%
1%
*22
2,500
~3"66o
4
110
90
25
21%
63
88
24
22
834
Oct 19
Jan
117
10i8 Oct 19
8978 Nov
No par
preferred.
5%
52%
24
22
$6
800
*18%
13%
21%
Gen Amer Investors
Gen Aro Transportation
General Baking
125
20
10
No par
16 pf..No par
Gar Wood Industries Inc
3
6,700
"
500
40
87
Oct 19
conv
4,600
7%
93
40
26%
24
25%
1334
2,100
87
25
1334
Gannet Co
26
23
23
13 preferred
Gamewell Co (The)
130
25%
53
1%
85
500
270
7%
13
118% *118% 120
*118% 120
39%
37%
39%
39%
40% Z3934
41%
112% 112% 113% 113% 113% 113%
114
30
29
30
29
30
29%
32%
5
5
5%
*5%
5%
5%
578
12
12
*11%
11%
11%
11%
11%
105
*104% 105
*104% 105
*104% 105
2
*2
2%
2%
2%
2%
2%
20
20
19%
*20% 23
21% 22
85
5,300
87
53
Oct 19
102
.100
2014
40%
115*8
49*4
40ls
30%
10534
585s
42*s
Apr
Jan 14
83
4
612 Oct 19
li8 Oct 18
33s Oct 19
26
*33
Nov
18
Jan
Dec
38
183s Jan 12
20i2 Oct 19
26
54
50
16 2d preferred
No par
Gabriel Co (The) cl A.-No par
Galr Co Inc (Robert)
1
80
40
53%
88
I84
24is Apr
9584 July
136
284 Oct 19
630
434
118
119%
*112%
*33
Oct 25
70
2,900
137S
27%
*25%
conv preferred
90
*115
4%
13%
6%
23
80
*25
5534
4,400
80
19%
68
2534
40
118
3
11% Oct 19
10
preferred...No par
conv
98
Fuller (G A) prior pref. No par
7
125
4%
17
16
39%
8%
8%
Foster-Wheeler
Oct 19
Oct 20
2%
6%
24%
*88
3934
8%
125
934
19%
7%
93
39
115
121% *110
121% *110
*110
115
37
38
3734 39%
38%
43
39%
40%
31
30% 31%
30%
31
3084
30%
31%
1%
1%
1%
1%
1%
1%
1%
158
*54"
3
9
32
Sept
27
~~70
7%
*110
*
25i2 Mar
37s Aug
80
Machinery Corp....100
conv pref...
100
16%
90
7%
*88
38%
*4
23
6%
93
*115
4
934
90
7
8
8%
125
10%
*89
7
35%
4
4%
1534
90
*88
*115
125
*115
38
8%
9
1
20i2
105
Mar
39ia Mar
978 Feb
58
Apr
ll2 Oct 19
Francisco Sugar Co
No par
F'k'n Simon <fc Co Inc 7% pf 100
Free port Sulphur Co
10
__
31%
13%
2%
6%
*21%
1534
6%
23
*15
0%
95
36
0
534
15
10
31
2%
22
678
6%
*88
3834
*8%
7
6%
678
♦88
5%
14%
51
lll2 Oct 19
4H%
80
700
23% 23%
*104% 114
13
12%
2%
300
478
50
Fllntkote Co (The)—..No par
Florence Stove Co
80
4%
11%
22%
18,900
_
22
75
27s
*51
2
197,
2%
30%
80%
18%
*65%
*438
434
*4%
*51
7%
9
1
5
5
9
2 7,
2%
*29%
86
11%
Feb
Mar
Feb
Feb
54i2 Feb
34
2%
*65
4
9
Jan 18
Feb 19
Mar 11
107%
52%
40%
58i2
8
Oct 18
25
10%
7
Nov
*3278
86%
2%
90
30
*22
30%
11%
6% preferred series A—100
First National 8tores-_.No par
16
10
2
600
2,300
43*4 Mar
Highest
share f per share
S per
tnare
per
10878
455s
39»4
413s
i
22i2 Oct 19
25% Sept 30
16i2 Oct 19
22
60
I *51%
0378
60
23
22i8
21%
22%
22%
23% 1
23%
2334
*104l2 114
*104% 114
*104% 114
*104% 114
23
*23% 28%
23%
23%
23%
28%
28%
*5012
3,800
Fllene's IWm) Sons Co.No par
Firestone Tire A Rubber... 10
Stores 4X % pf-_100
Y..2.50
34
86%
434
.
Oct 19
Fidel Phen Fire Ins N
15
30
70
■
265
1,000
1,200
1,400
Fed Dept
f
Oct 19
22
2%
64
:
share
per
*3278
1434
17%
*67i2
4*8
\
Year 1936
Lowest
Highctt
17
363,
2234
£90%
•
9
201,
231,
901;
*20
2234
9078
Par
Federated Dept Stores. No par
727,
29%
1937
Range for Previous
100 Share Lou
Lowest
Shares
22
29%
26%
Range Since Jan. 1
On Basil of
STOCK
Week
$ per share
% per share
YORK
13,
EXCHANGE
35
86%
86i2
10*4
12
.
22
♦20
the
23
23
2%
32%
32
Nov
2Hi
'
258
Nov. 11
33
21%
90%
32%
90
33
Friday
29
285,
201,
91
10
% per share
73
29%
26%
217*
*32%
*14i2
♦3278
Thursday
72%
71
293
201.
22
Nov
28%
*21%
21%
73
7212
2934
*2U2
20 h
20%
Wednesday
Nov.
100
1000
Cash sale.
*
4
6
Oct 19
Oct 19
Ex-dlv.
y
Mar 17
22% July
54*4 June
Mar
6*8
Jan
137s Deo
48*4
Jan
65
3% June
8%
Apr
13*2 May
185s Apr
07i2Mar 11
30
June
72
Jan 20
58
Jan
25i2 Mar 11
11
Ex-rights
33
*785g Nov
May
Deo
57s Jan
173g Feb
225s Nov
29is Oct
54*s 8ept
73U Oct
20
Called for redemption.
Oct
Volumt
LOW
SALE
HIGH
AND
PRICES—PER
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nov. 12
Week
$ per share
$ per share
$ per share
Shares
8%
8%
21
20%
79%
20
132
*126
63
64
60
10
11
4
4
4
5%
5
26
81
85
138
40
63%
10%
11%
434
5%
26%
5
z65%
12
13%
*3%
534
534
*3%
5%
5
27
110
*98
110
4
4
4
9%
10
*26
3
3%
26%
3%
67
150%
6%
*4%
8%
43%
42%
mm
11%
4634
45
48
'
5
5%
9
9
"49%
52%
Apr
2%
Jan
5%
Deo
No par
Oct 19
28% Mar 11
9% July
18%
Deo
Agricultural. .No par
2
Oct 19
9% Apr 14
2% July
I8I4 Oct 19
63% Apr 14
2234 July
160
Apr
Iron
Harvester
m
5
4%
5
4%
49%
49%
50%
6
*5%
534
5%
49
46
50
48%
5
56%
Jan
105%
Deo
14478 Apr 30
162
Jan 18
148%
Jan
160
Apr
167g Jan 29
284
Apr
3
*20
"49%
51%
22%
*20%
22%
34%
35%
35%
35%
500
International
*23
24
24
24
300
*73%
35%
35%
36
36
*34%
22
22
*19%
22
*22
*71
84
*71
78
*71
79%
80
80
100
80
'mrn
4%
Jan
8
Feb
Ian
7
13%
Deo
18%
Dec
3934 Oct 19
12778May 27
733s
135s4
tfarlO
Jan 5
7i2 Oct 19
884 Sept 13
4% Sept 10
36% Oct 19
No par
100
30
Oct 19
16
Oct 19
52
Mar 11
15
Apr
100
65
Oct 19
110
Feb 19
50
June
4
Oct 19
1578 Feb 19
63s Oct 23
9% Oct 19
858 Nov 10
36i8 Jan 18
107% Apr 6
634
7%
7%
8%
7%
7%
63,600
734
734
7%
8%
734
14%
8%
15%
12,200
3,000
Interstate Dept Stores. No par
14
1134
23%
*10%
12%
*10%
1434
14%
14%
14%
88
*78
88
*78
88
14%
*78
*10%
13%
*10%
12%
*10%
m
m
m
m
24
23
*22
25
*21
*116
118
118
118
*116
125
*116
54
52
52%
52
52
53
53
71%
73%
75
76
7934
8034
8534
70
76
74
*122
123
*122
123
78
79
74%
77
*74
18
18%
18
18
18
23%
23%
*122
77
12234 123
12234 12234
74%
74%
18%
18%
■■
118% 118% *118% 120%
*8
10%
10%
9%
18%
18%
17%
1734
18%
18% *18% 20
*11834 120% *118% 120%
9
9
8%
8%
19
*15
16%
18%
15%
18%
18%
*16
17%
1734
18%
16
16
16
92
*82%
93
10
*9%
10
9%
*6%
7
6%
30%
29%
*9
30%
234
234
2%
24
*22%
16
17
17%
*7
8
16
*82%
93
94
94
34%
36%
3%
Stock
25
17
17
17
8
7
29
29
*28
17%
17
*8
16%
1234
1634
12%
*8%
1234
1234
18
20%
20%
22
21%
24
16%
*6%
13%
133s
17%
*95
125
*95
7
6%
Armistice
1734
3,500
140
*7
16%
1,600
14%
700
20%
2,800
101
101
1%
1%
8%
7%
1%
""
100
100
100
8%
1%
5,400
2,300
5%
5%
5%
5%
534
1,400
27%
26
2634
27
27%
2734
29%
2834
29%
5,600
11
1034
11
10%
10%
1034
1034
10%
10%
700
25%
5
24%
25%
25%
25%
26
26
26%
28%
5,200
41
41
43%
4434
10,900
9%
1,500
434
5%
26%
*1034
25
41%
8%
25%
85%
43
88
88
40%
834
8%
25%
85%
*24%
84%
86
159% 159% *158
*17
17%
*17
25
26
23
39%
39%
18%
39
18%
5634
55%
60
102
105
*100
17
1%
1%
33
34%
3%
19%
3%
19%
32%
3%
*19%
1%
102
105
*102
18
17%
18%
129
129
*17
18
55%
18%
5
5%
*24%
85
*84%
87
86%
*54
55%
22
31%
10
24%
*234
*2%
9%
7%
87
87
89%
89
159% *157% 159% *158% 159%
*17
17%
17%
17%
17%
30
28
25
2534
24%
39
39
39
37% 38%
160
17%
8
17%
5634
*102
134
1%
20%
17%
1834
*30
102
17%
17%
*126% 129
1734
17%
*54
1934
20%
102
129
9%
♦
12
*6%
7%
17
734
12
13%
*9%
9%
*1%
*7
9
*6%
*7%
9
17
*17
26
8
8
12
zl2
*17
8
12
2
1%
8%
7%
9
27
8%
12
1234
1%
2
2lg
7i2
4%
20%
106
15,000
5,300
3,500
1,000
3,700
2,100
56%
58
20
2034
31
*123% 128%
*5
Cement..-25
4% conv preferred......100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)
Lehn A Fink Prod
Liquid Carbonic Corp .No par
Loew's Inc
No par
5,000
100
^mrn'm
No parr
$6.50 preferred
inc
Loft
Lone Star Cement
—No par
Corp No par
Long Bell Lumber A...No par
Loose Wiles
Biscuit
.-25
preferred
-100
Lorillard (P) Co
10
5%
7%
290
900
No par
Link Belt Co
100
preferred
Louisville Gas A EH
A..No par
Louisville A Nashville
Ludlum
Steel..-.-
MacAndrews A Forbes
6%
m
100
1
10
26%
28
11,300
1,300
1,700
*6%
200
2%
610
160
100
*17
25
20
8
8
1,700
1,000
1,200
Maracalbo
712
3,300
Marine
Shirt—
Manhattan
2
25'
Oil Exploration.. 1
Midland Corp......5
7%
7%
7%
1%
*1%
1%
*114
H2
*1%
1%
Market Street
7
*6
7
*6
7
*6
7
preferred
100
6% prior preferred
100
6% 2d preferred
100
Marlln-Rockwell Corp
1
Marshall Field A Co...No par
Martin (Glenn L) Co..
1
Martin-Parry Corp
No par
Masonlte Corp..
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$6 1st cum pref
No par
McCall Corp
-No-par
McCrory Stores Corp
-.1
11%
11%
lll2
*178
1H2
2
1112
2i8
2
30
29
12%
13%
12%
12%
12%
13*2
13
133s
12%
13%
13%
14%
14U
1478
13%
3%
*3%
13%
3%
3%
28
24
*145
157
42
*27
28%
24
42
5%
*25
24%
29
30
25
26
25i2
*145
152
40
42
6
26%
*93% 100
9%
10
•
29
24l2
157
*15
,
76
3%
334
28
24%
41
*93% 103
*15
15%
133s
14i2
28
3%
*145
5%
3i2
1118
*178
*2818
25
41
*25%
76
*338
32
28
157
6%
10
*28
29
*145
26%
76
*1%
15%
9%
76
5
*25%
512
25%
5
25l2
43i2
z43%
100
300
9,700
4,500
1,500
1,700
3,000
152
44l2
2~200
5%
6%
6,200
25%
2534
200
15
10
10%
82
*72
*93is 103
*15
11
11
78
*75
this day,
1 In receivership,
10l2
1478
414
33%
255S
320
5%
*93i8 103
15
15i8
*72
*145
1438
155s
1114
78
Ry—.....100
6%
25%
15
*93%
Bid and asked prices; no sales on
43%
11%
214
32
4% Apr
Z25
Oct 19
47% Jan 23
3534 Aug
14i4
Oct 19
24% Jan 14
19% June
800
2,600
200
o Def. delivery,
6%
n
conv
preferred-....100
New stock,
r Cash sale,
June
Mar
6
5% Oct 19
17«4 Mar
1
934 Oct 19
Oct 19
27% Mar 11
12
51% Feb
1
15% Apr
Feb
1
94% Apr
14
203
Nov 12
100
7%
Jan
July
Jan
8%
Oct 19
24% Mar 17
34 Oct 19
3
Oct 19
334 Jan 18
18% Jan 18
2384 Oct 19
43%June 10
89
May
Oct 19
213S Feb 11
58% Jan 9
12
Jan
38% May
4%
8
Oct 19
23
2
July
9% Apr
47%
Jan 16
Jan
3812 Oct 19
5
Oct 19
79
153s Mar
2
7
May
Oct 19
29
Aug
5
25
May
113% Feb
4
97
Mar
23
8212 Oct 19
83i2 Oct
May
1512 Oct
I8I4 Oct
151
19
20
19
19
114
9784 Mar
Jan 28
175
Jan 13
23%May
160
Oct
19
5
Apr
25%
37
Oct 19
83% Feb 15
63
Aug 14
14
Oct 19
Jan
26% July 26
36
July
"43
Apr
53
Oct 19
101
Oct 19
1
June22
Oct 19
75% Mar 11
2i8 Oct 19
IOS4 Jan 26
35%
3%
8
x38%
32
18
Oct 19
101
Oct 30
87% Aug 11
Jan 23
A04% Feb
110
3% Feb
43% Jan
110
Apr
2
May 12
107
Jan
Jan
Oct
May
21% Apr
Oct 29
28% Feb 8
14734 Jan 20
140
Dec
14i2 Oct 19
2834 Jan 13
20
May
1578 Oct 19
125
49
Oct 19
99
Mar 17
13*8 Oct 19
4184 Mar 11
2634 Oct 20
36
18% Oct 19
No par
Card..No par
Magma Copper
10
t Manatl Sugar
100
Certificates of deposit—100
Preferred.
100
Pref ctfs of deposit
100
Mandel Bros
...No par
t Manhattan Ry 7% guar. 100
Modified 5% guar
..100
7U
12l2
15% Jan 16
127% Aug 10
Madison Square
2
12i2
Oct 19
No par
Macy (R H) Co Inc
11
8%
9%
20% Apr
4
No par
preferred
32%
mm
2
12
No par
5
Lee Rubber A Tire
Lehigh Portland
11
m
6
29% Jan
Apr
30
15% July
31%
m
3% May
938 Mar 30
Feb 30
35% July
Jan
18%
32
7%
2
71
Oct 19
Jan
1784 June
4684 Apr 14
16% Oct 19
Feb
28%
8
No par
Mack Trucks Inc..
8%
20i2 Mar
Lambert Co (The)
5,300
----
87
4
6938 Mar 10
20% Apr
2434
*2%
109% Feb
8
24
*5
11%
Oct 29
512 Oct 19
41% Jan 14
*1%
30
92
28% Nov
27% Jan 14
1%
2%
17% Dec
Oct 19
7%
30
*2
19%
19% Jan 14
Oct 19
7U
12
12
*28
2338 Feb 11
Oct 19
Oct 19
100
«%
7%
*1%
Oct 19
8
2334
'
Jan
Dec
7
4
6
120
18%
*30
31
10
1%
42
par
80
Jan 14
110
4
13
800
130% 130%
18%
17%
2034
7
10
18
19
8%
934
*103
129
*123% 128% *123% 128% *123% 128%
22
24%
22%
21%
2134
21%
22%
32
32%
32
33
30% 31%
3034
*11
11%
1034
11
*10%
10%
10%
•24
24
2534
26%
24
24%
24%
3
*214
3%
234
*2%
2%
3%
*2
2%
*2
2%
2%
*2%
2%
22,300
20
18%
19%
6134
1%
57
*30
5,800
3%
1934
102
56%
19
900
18%
39
4
17%
56
31
39
500
61
38%
334
82% Nov
23% Deo
27U Jan 18
14l2 Oct 19
100
preferred
5%
Lima Locomotive Wka.No par
1,100
3,200
18
par
'500
87%
30%
par
4,200
1,500
90%
160
103% 104
1%
34%
3%
„
9%
X38
104
33%
102
18%
2934
26
10
No
No
Kroger Grocery A Bak.No
Laclede Gas Lt Co St Louis
Kresge Dept Stores
Kress (S H) A Co
1
Corp——5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Libby No par
Life Savers Corp—
...5
Liggett A Myers Tobacco..25
Series
B._._
....—25
Preferred
100
Lily Tulip Cup Corp..-No par
18
1%
18
*17
60%
59
5734
104
86%
18
3%
20
102
1734
17%
33%
1%
3%
30
2
2
56
*102
33
18
83s
*12%
17%
56%
102
30
18
18
9%
25%
88
19%
12
*7
9
25
87
32
*30
*123%
42%
834
*24%
8%
25
87%
*126% 129
17%
4134
4134
8%
834
25
preferred
15 prior preferred...-No par
Kresge (S S) Co
350
19%
1%
Jan
35
Lane Bryant
13
2434
9%
$8
80
14
1%
Jan
17
Oct 19
15
No par
Kinney
30
17
19
1%
19%
20% Oct 13
14
1%
Jan
Jan 16
Mar
5
1
200
16
8%
13
4478
14l8 Oct 19
(G R) Co
29%
13
734
Mar 17
400
200
17%
100% 100%
29
3%
17%
7%
No par
Nov
Oct 19
5
2212 Oct 25
134 Oct 19
*13%
7%
A .No par
Kennecott Copper
116
No par
17
7
Kendall Co $6 pt pf
39% July
Mar 17
Klmberly Clark..
734
16%
*7
1
B
75% May
6
46
121
1,300
14
9%
Class
Feb
8
2,200
7,300
*22
Day
100
Kaufmann Dept Stores.$12.60
Kayser (J) & Co
1
..5
Kelth-AIbee-Orpheum pf__100
Kelsey Hayes Wheel oonv cl A1
preferred
12134
Feb 15
Jan
Jan
May
4
1734 Nov
11512 Apr
9%
17
7
12%
6%
1%
1%
20
77,000
16
17
9%
m'
15%
*6%
*12%
15%
*15%
*6%
12%
*17
16
m
125
1534
136
4%
17
1534
Oct 27
L pf ser B No par
Kansas City Southern
100
Kan City P &
*28%
13
19
72
10
Kalamazoo Stove A Fura
*6%
Closed—
17%
17%
2
Jones A Laugh Steel pref-.lOO
18%
18
28%
*8%
Jan
1,500
2,300
25
*15%
Exchange
7
126
Keystone Steel A W Co No par
*2%
17%
*7
Mar 18
24%
23
*22
*23
17
17%
16%
*16
7%
9%
9%
23%
*2%
22%
rn'mmrn
94
35%
17
33
10%
7
9
3%
*16
'•
10%
23%
120
500
7
9%
Jan
400
16
93
8%
*29
*18%
88
155
100
20
58%
8
8
1,200
15%
16%
*7
19%
19
5
9
Nov
900
10%
"32%
23
*2%
22%
16
16%
30%
9
10%
9%
4
Nov
70
1,800
Apr
113
Aug
87% Jan
52
100 j
Jan
24% Aug
No par
Preferred
Jan
15
No par
630
19%
18%
*118% 120%
7
31%
22%
24
*22%
*15%
16
*29
9
23
■'v.
127
Apr
10%
82
Johns-Manvllle
100
10%
*
94
~30~
23%
234
834
9%
24
24
*
94
*82%
10%
6%
6%
6%
"28%
♦
94
*90
15%
93
*82%
*9%
*83
81
76%
18
123
11% Sept
Jewel Tea Inc
500
10,600
Oct
47
26i2 Jan 30
30
Apr 15
93s Oct 20
20% Oct 19
1
Sept 23
1 3116
preferred
16
72U Oct 18
100
Island Creek Coal
10
1
No par
Corp
Intertype
mmmmmm
125
*52
52%
No par
Preferred
m'
'
25
125
No par
Foreign share ctfs
300
*23
*116
*51
7%
"
rn
Jan
Jan
Apr
23
100
6%
88
Jan
3
19%
No par
634
13
384
Feb 16
10
83, Jan 30
57% Feb 16
2834 Jan 25
4938 Jan 4
Shoe
6%
*78
Jan
Jan
International Silver
6%
14
1%
1912 Oct 19
preferred
Inter Telep & Teleg
88
1334
2%
6
No par
Salt
7
*78
Apr
91,
68% Sept 22
Oct 19
35
100
43% May
125% Feb
19% Sept 22
18
Apr 6
214 Oct 19
4i8Sept 25
100
7%
6%
684
Deo
9
18%
preferred
International
mm'
mm
10%
No par
51
50
22%
35%
24%
Oct 19
15
;
*20%
53%
50%
22%
*20
22%
Deo
4
Aug
Voting trust certlfs..No par
*20
Deo
Jan
120
15*4 Apr
Internat Rys of Cent Am..
5%
194
189
Oct 19
Oct 19
Co
B
C
~1~440
7%
Oct 19
1
5% conv pre!
760
5
5
5% Mar
100
Inter Pap A Pow
Class
4834 Nov
112
Sept
63
100
Preferred
'
Jan
5
132
No par
Mining Corp
Class
45%
100
178 Oct 19
37~206
m
m
107
lli2Mar 16
6
100
6
60",i 00
•
Sept 20
218 Oct 19
llli2 July 16
No par
Rubber
Int Nickel of Canada..No par
61,800
Jan
Jan
May
Internat
14%
Deo
7%
18%
37
Int Mercantile Marine-No par
45%
44%
*125
mm
24%
Oct
Dec
64U Apr 20
20
Int Hydro-Eleo Sys Cl A...25
13%
mm
13%
Nov
Oct 19
Preferred
200
34,700
5,000
3,800
8%
7%
Deo
122
6%
1
-
Int Business Machines.No par
Internat
140
10%
-
Prior preferred
600
147
147
45%
*125
13%
12%
18,500
147
Aug
88% July
1384 Jan 20
Interlake
13%
44
44
*125
mm
1234
48%
12%
11%
42
41%
40%
*125
*125
2734
May
125
6
33% Feb 23
6
Jan 18
preferred
Internat
106
Feb
143
131% Mar
8
Feb
5
July 30
144
8
Oct 16
Nov
li2 Oct 19
Intercont'l
500
*26
26%
23%
26%
24% *25
139% 139%
*135% 139%
135% 137%
68
70
65
66
64%
697s
63%
*138% 147
150% *138% 148% *138% 147
7
7
7
734
8%
7%
6%
5
5
5%
534
5%
4%
4%
9
9%
9%
8%
8%'
8%
834
23%
6%
20
Nov
25% May
6% Oct 19
378 Oct 19
20
-100
No par
100
Intercbemlca! Corp
140% 141%
69
7134
334
60
X Inter bo ro Rap Transit
3%
10%
3%
11%
78
132
Inspiration Cons Copper
Insuransharee Ctfs Ino
1,000
25,800
2,600
4%
11%
47i2 Apr 20
100
Steel
4%
22% Jan 20
Oct 19
No par
.
share $ per share
15% Nov
Jan
41% Nov
$ per
share
per
5% Oct 19
No par
preferred
Inland
1,300
26%
110
4%
10%
10%
3%
3%
26%
27%
137
137
6
*98
4
4%
26
*98
334
100
6%
$
share
per
16
No par
Ingersoll Rand
5,400
33,700
3,700
2,600
6734
434
11%
*3%
65%
12%
64%
4
23%
22%
$
10
Industrial Rayon
4,900
1,200
*126
23%
9
-
3%
23%
89
138
21%
63
26%
10
3%
*80
*126
21%
10%
100
334
9%
83
138
20%
334
27
110
384
*75
62%
,
Par
Indian Refining
300
9%
*8%
9%
9%
Lowest
Highest
Lowest
*126
138
9%
*100
8%
8%
20%
7834
78
79%
132
5%
$ per share
$ per share
934
Year 1936
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
Saturday
*8%
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
SHARE, NOT PER
NEW
$ per share
3157
New York Stock Record—Continued—Page 6
145
27
Oct 19
8I4 Oct 19
18i2 Oct 19
ll2 Oct 19
Feb 11
57%
9
8
8
153s Jan 20
127%
Mar 10
34%
7% Jan 12
1%
132% Feb
62% Mar
58% Mar
63
Oct 15
7
Oct 16
30
Jan 11
7
Nov 10
Oct
Jan
27%
Jan
40%
Apr
8%
Jan
Jan
Jan
Mar 30
6
Jan
22% July
33
1
6I4 Oct 20
10
4%
June
Jan 14
32
Dec
39
Oct 19
16% Jan 20
5i2 Oct 19
1
Sept 10
29% Jan
684 Feb
14% Feb
3% Mar
30'
17
13
29
3
Oct 19
20
Jan 21
9
Oct 16
39
Jan 20
13g Oct 19
26
9U
10
Oct 21
Oct 19
Oct 19
134 Oct 19
6% Mar 27
6134
30%
29%
13%
Oct 18
74
22i2 Oct 19
May 17
165
20
142
Jan
7
Oct 19
9% Oct 19
H4 Oct 19
7%
21% Apr 6
16% Jan 11
Mar
4
Mar lu
12% Dec
17% May
2% Jan
8% Apr
1% Jan
6% July
I884 Jan
2% July
41
11%
May
Jan
Apr 30
Jan 10
6% Apr
Feb
5
4184 Jan
8
"27%
Apr
Jan 25
153%
Jan
Oct 19
66% Mar 11
43% May
4l2 Oct 19
24i2 Oct 20
15% Jan 11
13% Apr
43% Deo
36
44
Jan 13
3
45
Jan 13
44
93% Oct 21
13% Oct 19
784 Oct 19
x66
Oct 19
111
Jan 22
103
Jan
2
29
Feb
35
June
x Ex-dlv.
36
Jan
24% Feb 11
106% Mar 2
gEx-rtghts.
Nov
2% May
02
June
T Called for redemption.
■E
New York Stock Record—Continued—Page 7
3158
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nov. 12
% per share
$ per share
$ per share
17
17
$ per share
$ per share
Range Since Jan. 1
On Basu
STOCK
Week
$ per share
YORK
Shares
1534
1534
1014
37i2
lOU
38i2
233g
912
36i8
8i2
23
9U
36i8
812
*90
16
15i2
10
38
23
35i2
8
15
1412
135s
76i2
36U
812
89
14
*62
80
*55
65
*5414
53g
58
16
3,100
Mead
75l2
65
*55
65
*55
*54
58
54
54
*5314
6U
25i2
1612
43i2
914
54
Sl2
22
23
15
15
584
24
57g
25
1534
1534
6I4
25
25
16l2
43i2
*16i8
40
3914
40
*41
714
1912
213g
778
197s
203g
22
7'<g
19%
*2212
83g
20
22lg
8l8
20l2
22h
23
23
96
96
95
95
*94i2
9834
9834
*9212 100
61l2 65
»104l2 120
6*4
7i8
*60
6934
*J>4
1
*134
2
*114
2
*17l2
177S
3%
338
10
10l2
*2
23fi
*3l4
334
18
»9234 100
*55
58
104l2
6%
7
66
*34
2D4
2412
9884
2038
*9212 100
7
70
♦84
1®4
*134
1 4
2
314
lOifi
2
7l2
15g
17g
15g
18ig
3I2
1034
181s
384
1178
34
9
3l2
I8I4
80 ig
81
81
82
7812 80
83
107i2 10712 *107i8 10734 *1043s 10784 *106
10734
366s 39%
3512 377g
3734
387g
393g
405g
*24
24
24
*24
263*
247g *24
253s
40
41
*43l«
46
42
43l2
42
42l2
7b
7s
1
7g
1
7«
1
20
2114 217S
21ig
20i8 2114
2114 22
1334
14i8
13«4
15
14&8
1438
143g
15
19
19
17
186s ♦18l2 22U *1913 2134
7
578
*47
13l2
59
59
105
105
612
684
47
47
123g
1434
1414
12i8
1H2
14l2
12
1412
12
12
1234
*7M
*73s
o734
20 ig
734
65g
16514
65
*17
*75
*44
45
42
44
20
19«4
16
I9I4
147S
19l2
15i2
111
44
44
1934
21
8
834
*4l2
534
22i2
734
23
8
714
*58
23l2
778
23
23
77«
*5g
*6g
a4
*u
6114
2214
6314
23l2
*h
5914
2112
605g
2234
26
26
26
26
*25
2314
2634
75
75
75
75
*75
78
38
484
434
*4
4l2
912
914
*26
34
9
32
27
*66i«
75
*38
447g
*66'8
*37i2
9912
*99l2 103
59l2
225g
412
4l2
914
93g
27
75
38l2
h
6134
*2678
*66i8
38l2
*99
*7
12
*7
99i2
1284
15i2
16'8
1434
1514
*9l8
1514
2912
33
32
32
33
18i8
1914
175g
19
30
75
38l2
18
19l2
36i4
Stock
118
123
*12
684
5
*37
*88
*98
23l2
458
1034
11
4i2
10
115
123
*
234
634
17g
514
4314
9112
102
h
4l2
978
115
*115
78
*134
23
58
*_
"25s
23
22
*114
118
*115
h
Closed—
78
"~258
614
*184
434
3
""284
634
65g
178
5I8
n2
514
234
67g
184
538
12I4
*35i2
*2I2
♦185g
1284
27i2
lll2
6ig
*95
93
llBg
*3512
2l2
*18i2
7
97
93
125s
3634
212
20
13ig
12io
13
28l2
2514
30
12
11
95
*91
95
8
*8
9
1134
108
63
*45
16
1412
*45ig
*11414
6414
11«4
4i2
13
13
*7l2
♦
8
Bid
6314
lll2
4
12l2
*714
67g
27l2
~9~§66
'
77«
13,000
28,4
*1525g 156 i
*132
6,300
914
38
671?
2614
271?
78»
45«
9ig
12,100
14,400
1,300
27,900
34
»18l2
1314
30
12
*9H2
*8
*57
14i2
*14
50
♦45ig
*114l4
63l2
6412
11
lll2
414
414
....
8
14
*7i2
13i4
*35
2l2
20
*2012
1312
Xl3ig
3012
123g
3II4
1258
95
8i2
*91
8U
23
125
*99
300
2334
40i4
233g
20
22
13U
80
50
*
«.
.
M
1234
61
50
50
67
11
12
43s
14
8
1112
10
«.
—
700
20
82,800
28,400
500
900
50
■
25,700
30
21?
1,600
22
20,100
6,400
11,700
100
9
900
255g
7,300
130
20
127g
13,700
60~~
'"206
1512
300
123s
4i2
45g
5
1412
15
9l2
t In receivership,
10
•
69i4
12i2
51?
163g
10i2
a
107i2
Apr
Apr
325g Nov
28U July
11284 Mar
26ig Feb
21
8
May 20
24^8 Mar
9
Oct
112
Deo
June
24U Nov
1078 Jan 28
35
Mar 17
2558
19'
38
Mar
28
3
June
333g Mar
Oct
Oct 19
Oct
377b Apr
18ig Apr 22
155
Oet
171
Dec
137«4
Jan
147
Nov
64
Dec
National
5
Steel Corp
55
25
$2;pref..
»
-
.
-
Jan 14
214 Jan 18
9^8 May
78 Jan
Jan 18
i2 Jan
57U Apr
1
99U Aug 14
26j4 Nov 12
24
Oct 27
30
Oct 27
80i8
6H2
1478
3
li2
78
No par
3i2 Oct 19
658 Oct 19
2334 Oct 20
1
65
37
100
Oct 27
Oct 19
99l2Nov 8
12
Sept 25
10ig Oct 19
100
29i2 Nov 6
15ig Oct 19
No par
12ig Jan 15
13ig Feb 25
67U Feb 13
87
Sept 21
"778
64*4 Mar 10
41
Apr
104i2 Apr
10U Feb
109
Jan 11
37
Mar 17
July
10U June
3234 Apr
"1214
1314
60
*6414
Nov
110
Nov
43
Apr
Deo
98i2 Feb 10
Jan
83
Dec
6514 Mar 17
32i2
2784
Jan
495s
Marl7T
1784
Jan
Jan 22
36i2
Jan
72
Oct 19
100
NYC Omnibus Corp..No par
New York Dock
No par
15
Oct 19
317s Mar 19
234 Oct 20
1278 Jan 22
253g Jan 22
No par
5
50
110
10% pref
50
120
par
Conv preferred
100
7% preferred
69
2
Oct 15
Jan
Feb 10
90
Jan
934 Mar
Oct 15
30
Oct 19
19i2 Feb 11
7612 Jan 22
10234May 3
112i4May 6
434 Mar 3
9
100
180
102
Oct 19
272
Apr 8
14l8 Oct 19
48i4June 18
50
114
Jan
57U Feb 3
173g Jan 21
104i2 Jan 8
Oct 14
105
Jan 28
36&8 Mar 11
Oct 19
40
9
Oct 19
227s Apr
25
Oct 19
Oppenhelm Coll A Co ..No
Elevator
par
No par
6% preferred
100
125
No par
prior preferred
Nov 10
6ig Oct 19
112ia Jan 23
100
$5.50 conv 1 st pref--No par
Outboard Marine A Mfg
5
55
Outlet Co
48
Oct 22
114
12.50
63
Jan 18
5
73
Apr 20
26i2 Feb 16
114
Feb 13
193s Mar
45U
140
1
Jan 21
Feb
3
243g Mar
8
154i2 Oct 25
97
Mar
8
8
28
Feb
Jan
Jan
97i2 Apr1
237g July
Aug
75
Jan 12
2
17
Jan
July
107
Jan
8
Jan
24U Apr
123
Jan
12i2 July
70
July
79
Dec
Jan 26
Oct 13
14i2 Nov
No par
100
_
19
24
19
19
65g
19
Aug
12ig Aug
24ig Jan
15
612 Oct
90i2Sept
5i2 Oct
20*8 Oct
52»4
98
50
50
.No par
Omnibus Corp(The)vtc No par
8% preferred A
100
23is Apr
6312 Jan 22
67g Mar 3
No par
...
Mar
May
Oct 27
978 Oct 19
Sept 25
13g Oct 19
83
9312 Apr
lis Aug
105
Oct 19
34
May
210
8
91
100
July
9i2 Apr
57
Jan
Jan 14
3
Telegraph...50
Apr
73g Apr
4
Jan 14
347s
93
50
3
8
26i2 Feb 25
67g Feb 11
100
Otis Steel
Jan
1
Oct 19
June
Jan
125
7
Jan
1
i2 Oct 19
No par
Ohio Oil Co
Oliver Farm Equip
4
May
Oct 25
115
June
9
47
Jan
114
July
13
July
10334 Aug 11
23
1
3i2
40
Mar
3
8U July
No par
r
9«4 Oct 19
2i2 Oct 19
7*2 Oct 19
153s Feb
No par
1st preferred
2d pref
New stock,
97
73
Norwalk Tire A Rubb.-No par
n
Oct 23
63i2June 14
preferred
Preferred.
119
Mar 12
2
4ig Oct 19
100
Northern Central Ry Co
Northern Pacific
Otis
Jan 20
137
No par
North Amer Aviation
1
No Amer Edison $6 pf. No par
Northwestern
135
5
No par
Adjust 4% pref
North American Co
6%
Oct 19
3i8 July
10U May
^ Get 18
Mi
3
100
N Y Steam $6 pref
$7 pref series A
J Norfolk Southern
Norfolk A Western
Oct 19
Nov
4
27U Feb
2
4U
Cash sale,
x
Oct 19
Ex-div.
y
Jan
40
Oct 19'
N Y A Harlem
Nov
Nov
Apr
14
IN Y Investors Inc..-No
Feb
9
31
6% preferred
Feb
Deo
4134 Jan 18
preferred series A—100
6%
Deo
Feb
Oct 30
Natomas Co
5% pref series A
t New Orl Tex A Mex
36i2 Nov
Oct 29
73
Pacific Amer Fisheries Inc...5
Pacific Coast
10
Def. delivery,
3
263g June
14»4
40
1,600
240
Oct 19
21J8 Nov
No par
Owens-Illinois Glass Co.
750
6178 Jan 22
100
prior pref
National Tea Co..
6,000
290
Oct 19
Mar 11
44
i2Sept 9
14 Sept 11
100
National Supply (The)PcnnalO
17%
50
6734
Dec
21
Jan 22
Preferred
135g
3334
131?
*11414
8i4
10
50
1434
15l2
100
Jan 29
N Y Lack A West Ry Co.. 100
37
*
3
171
6% 2d preferred
—
52ig
8l«
1218
14i4
8
-
10Ug
*59
1434
*11414
66I4
6584
-
245g
2434
*125
3884 Jan
164i2 Deo
37»4 Deo
150
Nat Mall A St Cast's Co No par
National Power A Lt—No par
340
108
8i2
247g
and asked prtoes; no sales on this day,
*91
83s
Oct
Deo
15&8 Mar
Oct 19
N Y Chic A St Louis Co—.100
4,200
3,900
2,400
D?,
2021?
13
100
Jan
3078 Dec
47i2
19i2
6714 Aug 17
387g Feb 25
103i2 Feb
4l2 Oct 19
N Y Sblpbldg Corp part stk..l
13
2284 Mar
6212 Nov
Oct 19
5,900
3H8
153
17
1NY Ontario A Western. .100
*19
13l2
32
Deo
July 9
2H2 Oct 20
1NYNHA Hartford—.100
2l2
108
18
400
1334
Deo
79i2 Aug
153
3,200
3,900
*35
2l2
2
Jan 18
33»4 Jan 13
18
No par
95
Oct
127
17«
*92
Feb
4312
100
77«
75«
3338 Mar
167
Oct 19
1
Feb
2ig Nov
100
7l2
14ig
1484
No par
*112
37
50
Nat Distillers Prod
Nat Enam A Stamplng.No par
Nat Gypsum Co.—.
1
National Lead
10
3«
52
20i2 May
1212 Apr
9i2 Apr
2834 Oct
9
Dec
N Y Air Brake
New York Central
78k
x99
Mar
Apr
3
23i8
Jan
10
1
1,200
108
Apr
107«4
Newport Industries
118*
*199
14
1
107
4
Nov
71
Nov
43
Mar
183g Jan 21
Oct 19
10
68
59*4
3 6«4
112i2 Mar 11
preferred
Mar
i0l"r2
4478 May
102i8 July
112
No par
Deo
103
Jan
21
100 xl0734June
18,000
36
2,900
213g 120,500
237g
51?
115g
*
12
Oct
May
"70"
71
Oct 19
1
104i2 Oct 19
5U Oct 19
Feb
Nov
20»4 Feb 11
Oct 19
13
4H% conv serial pref... 100
Newberry Co (J J)
No par
20
131?
173g
123
Aug 20
39
Feb
784
33i2
x245g Jan 28
Oct 19
90
.
Feb
4
27
100
100
75
42
512
lll2
16
No par
No par
25l2
2018
8
....
Nat Cash Register
Nat Dairy Products
Nelsner Bros Inc
103
12i2
1658
34l2
24l4
52i2
1158
10
7% cum pref
100
Nat Bond A Invest Co-No par
600
1,200
2,800
40
*115
5912
1434
60
24
6ig Oct 19
18ig Oct 19
145 May 18
95g
333g
Jan
jr&la
47i2Marll
Oct 19
No par
200
*114
125
Oct 20
8
1
-
Nat Rys of Mex 1st 4% pf.100
32
*66l8
*38i2
93
234
10
200
87«
98
1314
Nashv Chatt A St Louis.. 100
National Acme
Feb
7% pr'ferred A
2534
*27
108
37
Oct 19
Nat Aviation Corp
National Biscuit
2«4
5U Feb
6i2 Feb
2978 Deo
6% preferred B
2534
412
108i2 Jan 26
Oct 19
138<
6
3634
234
400
Mar 13
Oct 18
6%
'
8
Apr
Jan
283g Apr
Feb 13
5
Day
27
102
Deo
M
3
*4l2
23l2
*20l4
26
8
47
Nat Depart Stores
73g
178
93
61
Nov
6
3,200
6
95
38i2 Jan 15
par
9i8
534
24
3
*92l2
1238
3i2 Feb 26
414 Oct 19
No par
100
Myers F A E Bros
.No
Nash-Kelvlnator Corp
8
b8
98
2258
Dec
«4May 12
12i2 Oct 19
8I4 Oct 19
6% preferred
Murray Corp of America...10
Armistice
2234
3934
24l2
5U2
714
63
14
*106
C)
(G
7% pref class A
7% pref class B
75
97
7i8
97
22
2314
2384
22
2214 227g
•120i2 128
♦120l2 128
*120«4 128
11
11
IH4
lOU 107s
in*
II84
*414
5,000
11,200
Co
40
40
2178
52l2
738
Jan
41i2
60i2
»4
.........6
6% pref ser A w w
100
Nat Bond A Share Corp No par
""560
98
20
50
900
88
*li8
8
*14l2
*45ig
*11414
63a4
200
4512
2Hg
157g
98
*91
*40
23,000
1834
*9734 102
*51i2
23
2138
*Hs
Hs
195l2 197
197g
1284
3634
2B8
3,000
90
5H2
95
90
634
461?
*106
*93
200
153
*86
108
678
8,700
13,300
700
*40
1812
96
76s
47
13l2
15i2
14l2
40
5H2
3534
Feb 17
66i2 Jan 18
30
90
*106
MarlO
46
8
90
40
1918
69
8
Oct 20
*8734
53
Oct 19
Nov
Mother Lode Coalition.No par
Motor Products Corp.-No par
94
Sept 24
52
88
108
185g
109
Murphy
40
*106
23
107l2 Aug 27
401, Nov
24
60
Wheel
Sept
37g Jan
197g Aug
79
May
Deo
I23g Mar
2
17
500
87
*97i2 102
*li4
1»2
*19212 197
30
17
17
62
*37
193
9
Oct 19
_.
1514 Aug 16
993gMar 19
36i2 Feb 11
88
*96i2 102
*li8
1»4
Essex
19
77I4N0V
105
2i2 Aug
234 Jan
1634 June
5i2 Jan
14i2 Jan
Apr
934 Mar
346g Mar
6U Mar
12i4Mar
407s Jan
Oct 20
39
192
*5H2
6i2
*95ig
7,300
*37
194
ih
8,400
*86i4
193
*li8
7
Morris A
50
78
*184
5&S
100
60,700
111
123
~~27g
200
10714
118
78
Mobawk Carpet Mills..--.20
Monsanto Chemical Co
10
1,200
107
30
i2
-.100
34
19
13
19
Oct
Oct
Oct
Oct
Oct 20
*110
5
*115
h
conv preferred
360
*75
11U
118
123
!2
5
6%
100
$4.60 preferred
No par
Mont Ward A Co lno..No par
Morrel (J) A Co.—.
No par
*43ig
2034
155g
21
37
Oct 19
5ig
16g
15g
14i4
12
I8I4
35
22
2
63
2014
167g
19i2
16ig
No par
5h Mar
6U Jan
Mulling Mfg Co class B...1
$7 conv preferred...No par
Munslngwear Inc
No par
153
10
36
8
No par
23l2
156g
14ig
8l2
103
19
2U Jan 23
Oct 19
Oct 19
190
78
35l2
SgSept 15
112 Oct 15
100
6i2 Jan
57U Jan
13g July
Aug
500
4l2
914
19l2
108
3,700
78
195g
Oct 28
16i8 Mar 11
7
4l2
33
Nov
120
Jan
14
2434
27i2
36
2034
412
984
6
118
33
Sept
112
Dec
Mo-Kan-Texas RR
2,400
834
*7
109
Apr
7g
1
15l2
3g
16
Mar
*65
119
100
43
714
47*
1258
84
*99
88
Mar
100
J Missouri Pacific
485g Sept
131i2 Mar
Mar..
7% preferred
4% leased line ctfs
Mission Corp
500
307s NOV
Jan
Feb
120
Nov
65
par
Preferred series A
Apr
Deo
124
Minn St Paul ASS Marie. 100
900
Nov
1634
9
91
69
65
17I4
10
♦115
1234
16i8
Minn Mollne Pow lmpl No par
100
65
98lg Oct 19
43g Oct 19
17
2412
2634
35
22
10
101
7,000
1,060
Oct
Jan
2l5g
Mueller Brass Co.........-1
2312
2634
*753g
*66i8
*38l2
106
Deo
Jan
110
3,900
2,400
9
9ig
Oct 26
58
""166
12
45
X17U
Jan
23
*5g
38
6414
*27
Mtlw El Ry A Lt 6% pf-100
Minn-Honeywell Regu.No par
4% conv pref ser B
100
preferred .No
Nov
"91" "Oct
Jan
48i2 Mar
*105| 107
2484
8i2
•&S
*14
6I84
4i2
914
18l2
36i4
*2034
*4i2
23
122
conv
122
534
353g Mar 10
Oct 19
$6.50
108U Deo
2834 Deo
31i2
40&8
__
61
27
20
27
20i8 *20
20
20
5>4
578
6
6l2
5b8
614
638
684
23
24
24i2 25
233s 2458
2512 27
*15258 156
*1525g 156
♦1525s 156
♦15258 156
*126
138
*13H4 135
*126
138
*132
138
24
Oct 19
Oct 19
1st pref...
2818
♦20
24
14
10
26U Feb
15
cum
Jan
1434 Nov
49U Nov
2138 Nov
8
72i4 Mar
45g Oct 19
Deo
A
Jan 16
14
Exchange
15i8
1538
15U
1534
110l2 ♦110
110l2 110i2 110l2
10712 107l2 106
106
*107
109
7l2
8
8
7i2
8l2
8i2
6
*4i2
*4i2
578
*434
534
2118 22
2134 227S
23
2312
-
Jan
55U Jan
678 May
9
41
3
Oct 19
65g
6834
44
1934
*110
10712
22
*4H2
1914
15ig
163g Feb
47«4 Mar
Oct 18
Nov
Dec
Dec
—
Motor
67g
65l2
*13i2
14i2
135a
14
60
67i2
60
5712
105l2 10512 *105
107
684
67g
634
7ig
*40l2 46
*4114
47
12
1214
12l2 13
14l2
1412 *15
1678
14
12l2
12l2
14l2
77fi
7^3
8ig
834
20l2
20i8 201
*20i8 2078
153
*149l2 153l2 *152
153l2 *150
153l2
17l2 *16i2
18
1712
17l2 17l2
I8I4
*75
88
*75
85l8
88
*75
88
34
Oct 19
15
24U
493g
Oct
1234
Jan 13
78
22l2
147g
2214
20
2012
153
110
612
64I2
64
1312
62
12
*106
6:
64
65'% 6683
15
♦13i8
*5612 60
10634 10534
7
678
6i
5
5
2,100
43
86
88
2,400
11,500
*25
93i2 AU.
Oct 19
100
35g
4
195g
1984
83»4
85
10734 10784
40l2 4214
384
197g
Oct 25
170
1
*2
x95
No par
35g
12i2
2i4
9
x95
Feb 16
101
50
3
8%
8
Jan
62
.No par
Mid Continent Petrol
1,500
17S
16g
19
3l2
1H2
19
X75l2 Nov 12
20
50
818
16s
18i2
47ij Jan 12
112ia Ji~-3434 Apr 19
lli2 Oct 19
1
66
*a4
I84
-...-No par
Midland Steel Prod
2,000
105
*60
34
*134
314
1034
2lg
33g
I8I4
*314
1734
7714
33g
18
105
66
114
I8I4
*17
314
*60
1,900
20,800
4,500
*92l2 100*
66i2
6734
64
78
178
1J4
103g
2i4
596s
Corp
Meeta Machine Co
130
98
Oct 19
Mengel Co. (The)
470
21ij!
2534
Oct 19
79
5% conv 1st pref
100
Merch A Mln Trans Co.No par
4,200
98
6
100
Miami CoDDer
63*
1634
101*
No par
..—1
Melville Shoe
500
2512
Oct 19
preferred
conv preferred
16 pref series A
No par
$5.60 pref ser B w w'bNo par
•
44
6
Stores
conv
McLeUan
30
.
25
*104i8 105
73s
7U
734
*60
17l2
93g
104
134
3l8
912
214
3i8
*173g
85g
58
104
7g
17
43
*9284 100
59
104
*60
42
$3
600
65
5414
514
Sl2
33
155g
z75i2
54U
June
85g Apr
3784 Jan
lli2 Apr
Oct 19
Oct 19
19ia Oct 19
53g Oct 19
10
McKesson A Robbing
6%
77
16
12i2 Oct 19
share $ per share
381s
20
*73
Highest
per
9
McKeeeport Tin Plate
1512
1514
$
3018
90
77
15
•6i2
3,000
1
new
$ per share
21
Sept 21
share
$ per
Mclntyre Porcupine Mines..5
*37
9
Year 1936
Lowest
Highest
McGraw-Hill Pub Co—No par
*80
*68
2314
18
9i8
McGraw Elec Co
600
90
*55
15
7l2
2,400
8,700
3,700
10,000
76i2
23
20
17
36V8
8Y8
*80
15
14l2
Par
1012
3534
2514
1012
3778
1018
Range for Previous
of 100-SAoro Lou
Lowest
17
24Y8
10i8
1937
13,
EXCHANGE
IOI4
3514
2434
10l2
3712
65
*55
5i2
40
934
»35i2
8i2
80
97g
3534
243g
97g
36i4
812
2334
*80
8l2
80
10i4
3734
2314
9i2
912
35i2
90
16i2
15i2
lOM
373g
10
37U
22i2
914
Nov.
Jan
Ex-rlghts.
7
Jan
Jan
5 Galled for redemption.
Oct
3^
New York Stock Record—Continued—Page 8
Volume 145
HIGH
AND
1 per share
17
38
] °r
the
Nov. 10
Nov. 11
Nov. 12
% per share
% per share
$ per share
25
1312
121
120
120
120
*134
138
134
134
14
14
133i2 133i2
1334
1334
514
5i2
*8l4
IO84
13i2
5U
1334
53g
5%
*8ig
10*4
*8i8
1034
1*4
55
1*2
*U4
13g
60
401#
4012
40
*95ig
131#
991#
*95
14i8
13
9914 IOU4
12i2
1214
96
512
52
*40
*95i8
135s
12*8
237s
25
3i8
27g
3
33
33
21 ig
191#
2is
658
Pacific Ltg Corp..
No par
1,100
Pacific Mills
No par
14*2
14*2
5i2
*8*4
57g
46,600
10
13s
13g
43
42
44
*95
33
22l2
*19
21
2i8
2ig
2
2
2
6I4
63s
6i2
658
33
21*2
2*8
65g
113s
478
2*4
2l8
6i8
25
3*8
32*2
7
21
118
Jan
153
Dee
133
Apr 28
149
Jan
2
140
Jan
152
July
29*4 Apr
6
12ig Oct 19
Oct 19
29
Oct 19
38
Oct 19
41# Jan 25
J fay 13
Mario
67
10978Mar 18
103
8
28*4 Jan 28
200i2 Jan 28
26*4 Jan 28
90
Sept 30
8i2 Oct 19
801# Oct 19
100
1
100
2d preferred........10
Utah
Park
17i8 Jan 20
121
x95
No par
Park-TUford Inc
11,800
2,400
314
Oct 19
100
Oct 19
18i2 Oct 19
1
34i8 Jan
1
Oct 19
69
Oct 19
2.50
12
Oct 19
44*4 Feb 3
29">8 Aug 25
2,000
Parker Rust Proof
2,500
6,400
PanneleefTransporta'n.JVo par
1U Oct 19
75g Jan 14
7
Oct 19
3,300
Pathe Film Corp
No par
Patlno Mines A EnterprNo par
4
1134
8
Oct 19
10i2 Jan 5
2378Mar 11
5
Co.|
June
231# Deo
13*8 Oct
20*t
Jan
414
741#
97i#
109i#
Apr
Apr
Feb
Deo
25
Deo
174
Deo
81# Aug
171# Jan
2*4 July
40*4 May
23
Apr
8U Feb 25
28
".No
Apr
July
7i8 Aug
5
1
par
CM.
Parke Davis A Co..
11*4 Apr
67g Jan
12U Aug
1*8 Jan
18i# Jan
123$ Feb 18
Oct 19
6%
47U Deo
4
6% 1st preferred
4,200
11,900
68*4 July
Jan
1
4% conv preferred
Paramount Pictures Inc
1,100
*23i2
20*2
33
2034
1,500
share
152
7
conv preferred
Parafflne Co Inc
97,700
44*4 Dec
1414 May
per
39*8 Nov
41
July
Oct 20
No par
8%
99*2
14&s
15*8
10658 109
1334
133g
Jan
120
{Panhandle Prod A Ref No par
590
54
Deo
30*4
53*4 Jan 14
4478 Jan 9
s3434 Oct 19
10i8 Oct 19
Pan-Amer Petrol A Transp._5
2,100
138
54
54U
Western OU Corp
Packard Motor Car
Pac
900
Jan 12
38
100
10
6% preferred
110
30
32*4 Jan 14
Oct 19
22
100
Pacific Telep & Teles:
140
*133*2 139
99l2
1414
147g
10412 105
13
133s
*231# 25
3
318
33
321#
3
2,700
15
534
521#
40i4
2434
27g
33*8
3318
203s
*2314
39*4
14
*95
13
123g
1212
2378
3
385s
121*2 121*2
10
U4
102
100
*22
538
99i2
14l4
200
11,900
Highest
1 per share 9
S per share
$ per share
11
Oct 19
Pacific Finance Corp (Cal)_10
Pacific Gas A Electric
25
16*4
27*8
15
*8i4
5314
4178
40
9912
137g
100
14
13«
1*4
52
49
12014
Par
Shares
share
Lowest
Highest
Lowest
*1514
1514
27
38
39U
131#
131#
12012 120i2
1331# 1335s
15
*1312
*120
% per
Year 1938
10O-Share Lou
EXCHANGE
2612
15U
26
38i4
377g
38U
1312
161#
26i4
*1514
25
38
15ig
On Basis of
Weel
151#
151#
2478
38
15
Friday
Nov. 9
$ per share
25i8
25ig
Thursday
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Wednesday
8
Nov.
SHARE, NOT PER CENT
Tuesday
Monday
Nov. 6
*141#
SALE PRICES—PER
Sales
■fjyf
LOW
Saturday
3159
22*4 Deo
10
371# Deo
5U Jan
47U Mar
32U Nov
'
*2
*6i4
11
107S
11
11
1U2
4i2
3812
Peerless
407g
41
41
1,300
Penick A Ford........No par
74
45s
38i2
74i2
2l2
334
434
391#
73
41#
381#
7334
*2i8
334
2014
15i2
2134
2,900
38
77l2
234
41#
77
79
5,900
Penney
11
*38
73
10*8
4%
3834
7612
*10*8
4*8
4i2
2
2
4
214
3?a
2ig
334
4i8
22
15i2
217s
1914
20
1512
2214
♦19
15l2
15i2
20*4
2134
36
*35
114
*110
35
36
*41#
1534
6I4
1534
*13
45*8
*44
6U4
3412
25
25
514
27*4
8,000
*221#
900
Penn-Dlxle Cement...No par
$7 conv pref ser A
No par
*16i4
17
*16*2
17*2
400
Penn G1 Sand Corp v t cNo par
2458
25*2
30,900
35#
23
2478
2358
38
*37
5
*5
6% conv preferred
100
People's G L A C (Chic)..100
*4l2
3912
534
3914
•
18
*1534
44
45
45
49
5U4
50
51
*14
15
11*4
100
25
24*4
25^8
29,100
38
37
37
37
37
37*2
600
72
*
72
*60
72
*
"*2"
*4
212
"*2"
*61#
8i2
41*s
44
39U
*31#
4
*3114
35
31#
3U2
*6l2
6*8
684
23i2
*
40
"*61~#
7
35
*32
*61#
8i2
22
*
*60
4H2
3i2
41
3H2
*32
6i2
22I4
21
314
*65s
*
40
"e*"#
*32
612
3534
5*4
5i4
*
*4
84
?8
77
77
*60
70
*32
37«
34
4414
45i2
3l2
*318
50
35
36
7
784
22
2214
*
■
*7
*166
169
*166
169
*166
169
*166
169
*32
8
59
40
"*634
Stock
40
*58
8
1U#
87g
1U2
52
*45
*U4
176l2 176i2
8
8i4
214
*9
214
23s
*60
96
14
*11
914
*3
*1
*4*4
81#
*8
25
47i2
17*2
147g
914
3*4
13g
11S4
52
*9
18
23g
2*4
10
10
96
14
15
18
141#
9
778
8l2
25
461#
117
934
"934
3
9
9
*1
1*8
4i2
834
812
*27
47
46*2
*11514
3414
3334
97l2
97ig
117
3338
34*8
3434
98
967#
*96*4
113
*109
*108i2 113
♦
♦109ig
m
~
20
1,200
96
16
17
*58
1834
*
""660
100
1*4
19
5,000
"3",400
500
1*8
1*4
H4
5
5
5
91#
9*2
10
400
1*4
45g
2,700
1012
10.900
10
1014
4,200
30
30
1,300
10
10*4
2834 30
28i2
47
4934 5034
116l2 11612 11612
36
37*4
38*8
99
97i2
9834
*1103s 113
113
50
5234
4,200
115
11534
3734
8*2
141#
75g
*105
87g
14l2
*14
8
110
73g
*98
52
5*8
5234
5*2
24i2
2478
*24
515s
5
15
1312
13is
111" 16 lll"l6
♦14
•14i2
Z734
77#
734
15
8
*95
95i2
9i8
1434
8*g
9
105
*92
105
52i2
514
55
55
25
25
25
*85
5314
514
5i2
25i2
512
29
778
600
*92
25l2
2512
56i4
578
6,500
21,700
700
2512
2434
24
36
3012
50
*25i8
134
50
1U2
*9
1U2
1334
62
3*8
25g
134
*1*2
10
10
11
*9
10*2
10
10
1012
1012
12
*1038
1314
*62
*80
234
1178
1334
*10
12
*10
14
15%
63
63
63
84
*80
84
*80
3
3
27g
3
15,700
400
84
2014 117,500
400
18
165g
18
1934
19i8
80
82
*75
85
*82
84
82
82
70
70
70
*65
73
*69
75
70
70
1312
13*2
*25
36
1834
153s
I6I4
17
1678
*25
38
35
36
36
141#
14i4
35
li",500
3l8
70
185g
100
1534
66I4
83
1778
400
1,300
11
1458
66l4
17
131#
""466'
11
10
83
*26
200
5
*9
27g
8334
27g
1^4
600
""600
81
1*2
135#
*80*4
134
9
6H2
8334
61*2
*80*8
43s
*....
1012
13
14i4
62
134
18
3734
,
300
5,500
1,500
*92
95
*92
95
95
95
95
95
*95
120
*60
69
*60
90
*60
65
65
65
65
65
171#
167g
1778
80
80
80
1112
12
1,200
S6 preferred B
No par
S3.50 conv 1st prat.. No par
{Radlo-Keith-Orph
No par
Raybestoe Manhattan.No par
Reading
.....60
4 % 1st preferred .......60
4% 2d preferred
..50
Real Silk Hosiery...
....6
Preferred...
100
Rels (Robt) A Co
No par
1st preferred
..100
Reliable Stores Corp...No par
Co....
...10
Remington-Rand
...1
Preferred with warrant#..25
Rensselaer A Sar RR Co
100
Reo Motor Car......
5
Reliance Mfg
Republic Steel Corp...No par
1634
18*8
1634
*70
90
*70
11
*105g
107g
455g
*60
90
*1034
46*4
46
46l4
67
*61
*10
111#
5
53s
*11
5*4
1134
*11
*45*#
55
*42l8
50.
•20
22l2
19
4534
*61
67
115g
1058
201#
*61
»
"514
234
32
1*2
*21#
234
32
3212
1*2
*3
*
18
*
♦
111#
*44lg
20
234
3284
*11#
234
3234
3
6
9
5
1112
*U#
27g
33g
*6
10*4
6
158
18
3
*6
*
*70
80
1034
4534
105g
46ig
4534
46*4
463g
40
150
6,200
6,200
63
♦61
63
*61
63
10*4
♦10*#
518
113g
*1014
11
534
5%
5h
10,500
111#
♦47U
205s
12
*1U4
123g
500
54
*48
53g
1U2
49i2
20
234
3334
•
»ll2
3l2
9
♦6
7% preferred..
5k % preferred
Reynolds Metals Co
Mar 10
,4fi Jan 12
28
Jan 12
8*8 Feb 1
141
July 14
47U Mar
3
6
Jan 12
2978 Apr 22
221# Aug 30
33i8 Feb 4
1178 Jan 22
231# Dec
49
6,200
15s
300
312
1,100
9
{ In receivership
Jan
1U May
14
June
2*8
Oct
58i#
Jan
21
Jan
li# Apr
117s Jan
20
May
12
Jan
4i8
Jan
19
19
19
19
19
43i4 Oct 19
651# Jan 15
4
116*4 Deo
31
Feb 10
86
Feb 11
1181# Jan
39
Apr
1031#
20
5H% conv
a Def delivery,
110
85
June 17
Oct 18
107
Feb 15
534 Oct 19
23*4 Feb 25
Oct 20
1878 Jan 21
14
434 Oct 19
12*4 Mar
6
Nov
5
7
115
48i2 Oct 19
80
103
Jan
214 Oct 19
Jan 15
Deo
29
Deo
110
Dee
4*s
Do
301# De
91# Apr
II214 Nov
Apr
41U
3*4
27*4
261#
29*8
11U
3*4
1318
2814
28U
7314
Feb
Deo
Mar
Deo
Deo
Deo
Deo
Deo
Deo
Deo
56
Deo
1221#
Feb
501# Nov
113
July
Aug
247# Mar
May
133*4 Apr
9D4 May
9*g May
16i8 Oct
9*4 May
1171# Mar
831# Jan
681# Apr
80
July
107# Nov
38*8 Nov
Jan
60*4
Jan 11
39
Jan
50
Deo
8
37
Jan
47
Nov
Jan
Oct
100
47
5
49
Mar
43*4 Jan
8
13*8 Jan 16
Jan 20
83
97#
65i8
6
17# Apr
Mar
6
125# May
22*8 Feb
8
16
4'g Mar
30
Aug
Oct
16*4
Jan
Deo
4i# Deo
31
Deo
24*8 NOV
351# Mar 31
9
171# Aug
94U Jan 30
Feb 18
99i# Sept
91# Feb 18
4i# July
291# Mar
110
47U Mar 11
Apr 23
81
Dec
167# Apr
Oct 19
124
77
Oct 26
78I4 May
9
Oct 19
35
Oct 28
.100
90
Oct 28
110*4 Mar 10
493# Apr 14
98
Apr 14
139
Apr 17
100
No par
65
Oct 30
95*4 Jan 26
1284 Oct 19
80
Nov 12
30*8 Jan 14
pref........100
20i# Nov
19U Oct
14U Jan
1081# June
Jan
Oct 19
12i4 Oct 19
Apr
697# Deo
Jan
21
6U2Nov 8
7978 Oct 19
1«4 Oct 19
114
6
37i8 Aug 25
812 Oct 19
9«4 Oct 19
8i8 Oct 19
July
287s
3512
Oct 19
3578 Nov
Jan
July
164
10i8 Apr 19
20
25# Nov 4
3'8 Oct 19
50
Oct 19
1
Sept 11
8
Oct 21
367b
Feb
72
112
Jan
8
10
May
Apr
24U June
"25"
Nov
901# Nov
Apr
114
8I4 Mar
297# Deo
128
Deo
10414
Oct
39*4 Deo
791# Deo
90
Apr
138
Oct
92
Deo
98
Nov
221# May
105
Apr
34
Feb
117
Jan
1
8
Oct 19
34U Jan 22
25
July
36I4 Nov
Reynolds (R J) Tob class B.10
Common.
10
43
Oct 19
58
8
60
Apr
65
Oct 19
67
Jan 26
601# Nov
65*8 Feb
El A Pow—
Richfield OU Corp
No par
RJtter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberoid Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
..10
{ St Louls-8an Frandaoo„. 100
10*4 Nov 9
4i8 Oct 19
9i2 Oct 19
14
Feb 23
Reyno ds Spring
Rhine Westphalia
6% preferred..........100
{ st Louis Southwestern . . 100
100
5% preferred
18
18
sns
300
37
3*#
this day.
"l",706
314
35
1«4
*6
9
54
*3
35
100
24l2
23
3
1*8
3*4
1»4
3*4
18
2U2
3
34
Bid and asked prices; no sales on
17*4
1714
,
67
6% conv preferred
100
6% conv prior pref »er A. 100
Revere Copper A Brass
..5
Class A
.......10
100
11
17*2
17
No par
Quaker State Oil Ref Corp..10
Radio Corp of Amer...No par
*25i2
1*2
100
100
100
*27
10*2
6% preferred
Purity Bakeries
3,500
105
534
45g
H8% conv preferred..
87S 110,500
23
*8
122
Oct
137#
Jan
Pub Ser El A Gas pf S5.No par
1434
25l2
1«4
8
1*4 Jan
6*4 May
17i# Oct
17*4 Oct
5712 Oct
40U May
f 91
Oct 20
.100 103l2 Oct 19
..100 '117a Oct 25
100 132 Sept 29
912
*1412
36
10*2
Mar
10
103
22
12
43
243, Feb 3
112*4 Feb 27
*25
1012
187
37# Jan 22
151# Jan 20
3178 Feb 11
No par
f
19
Feb
71# Apr
884 Oct 19
107i2June 28
3778
255g
478
*9
Oct 19
160
176
8
No par
24
*U2
7
No par
Mar
7
Pure OU (The)
55l2
55s
*43g
.
May
155
Jan
1,020
*25
*43g
Oct 19
1412 Oct 20
j 13
Deo
Mar
20
26,600
*22
*40i2
>
81# Oct 19
1# Oct 19
77
i Jan 18
190
1358
28
434
<
175
13l8
377S
50
13s Oct 19
x97h Apr 29
.
18U Deo
37U Jan
6218 Aug
I8I4 Deo
1414 Aug 16
111«32 11123,2
95i2 9612
24
*43s
Oct 22
Feb
84
1001# Aug 14
112
*2538
*40
4
Oct 19
49*4 Dec
7i8 June
351# Apr
113i8 Jan 25
72i8 Feb 4
*25
434
9
Nov
Jan
Dec
25l2 Oct 19
*215s
50
1
Oct 19
2
8
27*8
No par
28
*4i2
8
12
174l8 Apr 23
45s Oct 19
Feb 17
I8I4 Jan
761# Jan 22
11*8 Deo
Pullman Inc...
23
*4712
6l2 Oct 19
59 n Nov
165
Apr
56
Mar
6i# July
70
July
100
377s
25
Oct 19
Nov
52*8 Deo
18,000
*2538
25
25
16
88
Jan
3234
*20
23
741# Jan 13
20*4 Apr 5
333g Jan 18
91# Jan 20
May
38*8
11312
56
109
July 26
Mar
7*4 Apr
68
3112
3034
rl278 13*4
Hl"l6 lH"l«
95
95i2
9
81#
6
130
*111
127g
87U Jan
1441# July
113*2
I2ig
66
Apr
Apr
♦111
lll"l6 111" 16
*90
95i2
87g
*81#
li# July
1
Jan 16
146
113
13
20
167# Mar
3*8 Jan
101*4 July
128
113
121#
3i8 Feb
951# Aug 31
Oct 19
6% Pf (ner of Feb. 1 '29).100 ill4i2Mar 25
303g Oct 19
300
6111' * 16 ill" 16
95
95
Mar
Oct 19
) 112 Oct
ft »4 Oct
{Postal Tel A Cable 7% pf.100 K\ 212 Oct
Pressed Steel Car Co Inc
1
>■] 5l8 Oct
5% conv 1st pref
....5 ft 512 Oct
Oct
5% conv 2d pref
50 k 20
""206
137
28*8
12
4
1
No par
Jan
Jan
27
Porto Ric Am Tob cl A.No par
Procter A Gamble
314
8i8
113i8 Apr
127
*135
28*4
Oct 20
20l4 Oct 19
40
July 16
4l2 Oct 19
50
Class B
2
Jan 12
64
...100
Poor A Co class B
Oct
71# Feb
14
3018 Oct 19
234 Oct 19
Pittsburgh Steel Co....No par
Sttston Co (The).....No par
ymouth Oil Co
6
1021#
12812 Jan 21
127
137
275g
64
8
6% preferred
...100
Pittsburgh United
25
Conv pref unstamped
100
Pittsburgh A West Va
100
Oct 19
55s Oct 19
100
7% pref class B
Jan
l2 Oct 15
65
100
Pitts Term Goal Corp...
81is
Oct 18
2»4 Oct 19
...100
Corp No par
No par
100
pref
100
Jan
8
1401# Jan 20
162i8 Jan 25
129
136
—
2 J
54*# Aug
451#
10W14 Jan
6% preferred
7% preferred
8% preferred
*124
28
(June 28
No par
Pittsb Screw A Bolt...No par
*11038 113
128
136
27
76
$5 preferred........No pat
*135
*111
10i8 June
25*8 Jan
54i2 Jan 14
3
1,000
99
*124
29
1314 Feb 19
8
j Oct 15
6978 Mar 10
35
18U Deo
19'g Mar
56*4 Deo
10,700
3912
98l2
124
28*4
Oct 19
20*8 Nov
25
50
$5 conv pref
Pitts Ft W A Chicago
7% Btd conv
12*8 June
Nov
52*4 Jan 21
112U Feb 8
136
*111
Nov
21*8 Mar 11
122
Pub Serv Corp of N J..No par
124
128
Deo
31
Pirelli Co of Italy "Am shares'
180
1361# 136*2 *135
*124
90
Jan
1
Ills
3*2
*3
Jan
16
93s Oct 19
Pond Creek Pocahon..No par
147S
"1014
3
56
8% conv pref... 100
PUlsbury Flour Mills
25
90
25»
*51
16l2
1*4
181#
1478
1034
*58
1818
27g
1*8
4*2
914
9i2
278
26
1*8
18*8
14i2
4*4
87g
9
1*8
9
♦10
3
*43g
1012
25i2
4758
*58
1734
1*4
212
96
m
200
1*2
18
♦9
—
2,100
13
55
*1*8
21#
*51
14
12*2
Day
10
238
23g
*51
14
3
Armistice
8
Pierce Oil
40
55
1*2
\m
5,600
-
7
Pitts Coke A Iron
m
—
Feb
Jan 11
100
Pittsburgh Coal of Pa
Oct
71#
461# Aug
Jan
50
..50
6% preferred
9*4
m
53
*118
1*2
96
*10
478
*115*8 117
11
52
m
40
169
884
11
*1
17*8
1
1
*166
Closed—
11
1*4
— —
400
58
9
83s
814
m
mm
8
*7*2
•••
•
1314
*5g
*50
14
1634
8*4
1U#
50
•1*4
18
*9
....
«.
73g
58
Jan
.......6
Phoenix Hosiery
Preferred
Oct
691# Nov
116*4 June
25
Phillip Morris A Co Ltd...10
39ig
56
Exchange].
♦48
*11
*40
1*2
734
227«
*
73g
*32
60
1,900
1,400
8*8
778
*22
40
"7%
7i8
36
300
36
35
67g
22i2
59
*1761#
20,300
Deo
91
Phlla A Read C A I....No par
7% preferred
Phillips Petroleum
74
45
87
No par
{Phlla Rapid Tran Co
7% preferred
;
5
101# Mar
27*4 July
Oct 15
Phillips Jones Corp....No par
4
*58
*7
2,200
70
*60
4534
59
8i2
10,200
8*2
4234
31#
59
*7
78
8114
*734
70
64
8i2
60
7914
8l2
*59
*71#
2*2
4*4
4238
314
40
"*614
"*2"
2l2
4*4
34
8OI4
*6i2
8i2
$6 preferred
4
Feb
Oct 21
11
6
Phelps-Dodge Corp
Philadelphia Co 6% pref
72
72
"*2~
2i2
4I4
»4
7534
78
70
*60
2312
*4
76
74
70
*60
•2
34
*4
76
*61#
2i2
4
4
414
h
73
5i8
21
6
Mar
481# Mar
3*4 Dec
73
1121# Nov
67# Jan
39'4 Oct 19
Pfelffer Brewing Co...No par
6
23
*---.
5i2
651# Feb
Apr
117# Apr
171# Nov
25ig Apr
641# Jan
par
1,300
6
2278
37
2134
No
Milk
Petroleum Corp of Am
*___.
5i8
42
3,000
12ig
22
20 ]8
Prior preferred.....100
100
Pet
15
38
57g
Jan
17
Oct 19
6% preferred....
21
*5l2
Apr
4
Oct 15
6%
1178
38
Oct 19
9
350
*14
Feb
Mar
3
630
28U Apr
30
22
50
June
110
100
44
17
9
100
49
117g
5U
Mar
Feb
116*4 Jan 27
110l4Sept27
Pere Marquette
44
;:v
15
II84
1U4
5*2
18
461#
52
18
63
Oct 25
Mar
3i8 June
41# Jan
28*4 Jan
2
Feb 1
Feb 10
Mar 17
Peoria A Eastern
41
*5*8
*15
*13
*14
"
69
121#
76i2
2934
50U
Oct 19
34
Peoples Drug Stores...No par
40
114
8
63g Jan 23
145g Oct 21
20
9
7«s Feb 18
64
Oct 19
15
......60
6*300
*37
*110
36i4
Pennsylvania RR
200
39
114
15
No par
Coal A Coke Corp
10
Jan
103*4 Mar
2i2 Oct 19
371# Oct 19
65i2 Oct 19
U4 Oct 19
214 Oct 19
3
(J C)
16
♦37
lUa
11
484
Corp
21
45
*14*8
Penn
*110
5
IU4
1,000
37
35i2
*41#
15
21#
114
3534
114
5114
2*2
36
1434
45*8
5012
III4
*2
*110
*35
*110
*1458
5
76
4i8 Jan
6*8 June
10i8 May
li8 Jan
60
Aug
n
New stock,
r Cash »Ale,
50
Nov
5
17U Oct 19
1
Oct 19
27«4 Oct 19
1
Oct 19
U# Oct 15
3i2 Oct 20
Sept 20
18
x Ex-dlv.
Jan
687s Sept
8*4 Nov
Jan
13*#
61# Oct 29
4
86i# Mar 10
3U# Feb
38
June
Mar 11
4*4 Mar 17
lli8 Feb 25
20*4 Mar 5
371# Mar 11
y Ex-rights.
32
"Fob
Jan
35
Mar
75*4 Deo
4
9*4 Feb 19
65
191#
6*8 June
22
July
101#
Feb
50*8
Deo
3*a Mar
6*4 Deo
li#
2*s
Jan
Jan
778
Jan
15
Oct
Jan
37
Oct
18
? Called for redemption.
New Vork Stock Record—Continued—Page 9
3160
LOW
AND
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Nov
Monday
6
.
Not
$ per share
24*4
*90
24
97
95
*101*2 102*4
17
16*2
28
28%
2012
1
377«
37*4
78
7S
27g
20*4
27fi
78
234
■„
15
15
1838
19
6934
695s
69%
6
6
6
50
4914
*28
30
1758
*93*2
8*4
95
18
1658
9412
8*8
22*4
834
24
2334
2l2
*2234
325g
33*s
*86
8
8
95
*65
*48
30
*25
17
*93
8*4
24
24%
*2%
1*8
16
*6l2
8
38U
580
1
33s
2334
233s
4%
64
1
3*4
*7g
27g
21%
*4%
412
x657a
66
71%
16
8*2
*65
Si8
723s
6
6%
2,100
48
*45
4912
300
28
30
30
18%
96%
834
1714
1734
98
8i2
878
3,900
25
25%
2534
27%
7,300
*212
3
33
3
*2%
-
23
23
3334
2234
353s
76
80
80
80
83
*100
103
103
103
16*4
16
17
16*4
17
15
*16%
11%
15*4
1178
18
17%
140
20
20
19*4
1278
20*2
14
19
20*4
18*4
19*4
♦30
*136
20
20
18*4
1978
13%
19*2
1234
1978
*2478
*334
*35*2
4
3*4
*136
12*2
44
4
*35*4
140
42
3*4
3*8
19%
*30
4
*3%
42
*36
3%
3*8
*87g
400
3,600
90
19%
17
17%
17
*12%
1334
1314
16
21
21
13%
1434
1978
35%
21
22%
40*8
4%
*33
*4
*36%
3%
3%
10%
50
2,600
500
13%
135
2178
22%
1334
4
800
136
2218
2112
13%
22
2214
1,100
4,200
*1*2
32
3378
«
2
*1*2
35
35s
6,000
1Q34
500
1%
3078
33%
31%
3334
31%
32%
*32
35
z34%
3278
35
50%
27
*
30
35
51
"47%
49%
"48%
4934
27
2412
25
*23%
27
55
55
54
5478
64
11*4
*934
1178
6&8
1138
1078
11
11
54%
11*4
1034
1214
10
10
12l2
11*4
12%
31
34%
*25%
4934
35
50%
55
56
56
11%
*10
125
125
125
*124
125
124
1378
14
13%
1334
14
14
1438
1434
21
23
20*2
234
21
22%
23
25
26%
278
*8*2
17
25*2
8*8
6*4
13
15
22
12*2
17*2
25*2
8*2
634
*8*2
12%
17
17%
*7*2
278
3
15*2
17
21%
12%
2178
*8*2
2178
12%
1734
17%
18
2534
8%
26
27
738
5534
58
*120% 125
14i2
1478
26l2 30
278
3i8
1634
1712
2U2 21%
10i2
10%
1734
I8I4
*26% 2634
800
40
4,500
3,600
10,300
2,800
634
7
*7%
758
758
4312
5i8
*40l8
5i2
43i2
6l2
4312
5i8
7
7
5%
600
7
*40%
514
43%
7
*4018
5i8
7%
8
8
39
612
714
4U2
4i8
41
43%
438
8%
4438
4,200
46,600
378
4
4058
4178
4218
4
4i8
9
9
9%
7%
7l2
758
43
8
2914
838
29i2
8i2
7
678
7
7
*16
19
1934
2638
25
93S
758
22t2
*24l2
263s
*24
*55
2H2
263s
21
*2212
17%
*22l2
4i8
2978
834
7i8
1934
*24
62
*55
62
*55
*55
62
6
*55
6
70
70
484
*25
478
35
2
6I4
15
214
5»4
16
2l2
2l2
10%
10i2
1558
29i8
•
538
k
17l2
538
*25
*2i8
4%
1434
35
*2
*458
700
2,200
*25
35
2l2
478
212
2i2
5
5
17%
378
1578
14
13l2
1434
14
1434
4634
1134
634
8%
4*4
4734
48i2
1178
678
5012
1214
788
51%
54
12
12%
9
9
412
478
46%
11%
12
6%
678
734
8
8
8
412
4%
4%
4%
*88
92%
*88
1678
278
16%
11
11
12
14%
8412
1458
1514
15
15%
83
85
8512
85%
12
7
8%
4*?
92
90
634
634
7
10
*8%
934
*8%
934
23%
22%
23%
29%
23*2
29%
*5
2234
29%
5*2
50
50
5%
20
5
*2U
434
*28
*5
*50
25jj
7
90
7%
5%
52
*8%
24i2
30i4
7U
934
2434
3014
*512
55g
52
53
87g
9
10
2%
2i8
6H2
3
714
*9
60
62
11%
72
2*2
1034
69*2
19%
11%
11
11%
11
113s
7034
71
73
74i2
75
20
203s
20i2
91
92
94
2078
9312
87%
2234
18%
87i4
2314
1834
20
9284
90
2234
1878
♦
89
*96%
*22%
16%
60*2
19%
1978
90%
897S
87%
2234
89
2234
1778
18
61%
Bid and asked prices.; no sales
on
218
62
100
978
1014
3,900
2%
500
63i2
12%
765s
2138
2,000
61
95
86
2314
x23%
1914
this day
800
23s
8714
1978
1,600
54
xll%
6934
75*2
*2
"MOO
63s
534
*2
600
934
53
6434
*2
834
7,500
25
3H2
*29
834
7,800
1,400
14,100
1,000
4,300
200
7%
24i8
8
3,700
88
88
9%
900
11,100
5,100
1,100
7,500
734
9
$ in receivership,
86
235s
203s
a
Def
$3
conv
115
20% Oct 19
130
Oct 25
1734
Jan
Deo
132
Apr
85
Nov
40*4 June
72
Jan
21
30*2 Deo
17*t Nov
8
Feb 16
June
Sept
12*2 May
9
110
26
155
473s
Dec
Sept
63g Feb 26
4212 Jan 12
1% Oct 19
Oct 21
76
1% Oct 19
7
Jan
2
Jan
31
Feb 26
94
Feb
2
Oct 19
36
Jan
2
10
Oct 19
14% Oct 19
85s
No par
55
__1
16
No par
35
Aug 14
50
Jan 18
2834 Feb 11
95% Apr 28
4838Mar 8
Oct 19
Nov
101
8
Oct 20
212
No par
2384 Jan 12
Oct 19
7% Oct 19
$4.50 pref
No par
Stand Comm Tobacco.
1
,
Oct 20
40
Square D Co class B
Standard Brands..
Oct 19
2l2 Oct 19
I6I4
10412
123g
14%
325s
Jan 20
Oct
Mar
37g July
Apr
150
Jan
25
Feb
114
July
7*2
Feb
35*2 Aug
160
Mar
cum
Mar
8
Mar
8
cum
prior pref
Oct 19
No par
No par
prior pref
$7
5
10
Oct 19
65
14
Oct 19
5*4 Apr
67g Jan
32*2 July
477g
Oct
Oot
117g Nov
Oct
114*4 Nov
984 Mar
27
Oct
92*2
3684
Jan
735s June
2934 May
1578 Apr
1338 Jan
37
44
Jan
53*4 Mar
Apr
43*4 Nov
143s Apr
18*8 Nov
21*4
Oot
24*8 Aug
Nov
2
Jan 22
No par
$6
7
Jan 28
Oct 19
Conv $4.50 pref
$4 preferred..
Mar 17
20
2
t Stand Gas A El Co
65i8
1178
775s
104i2
9%
735s Sept 20
preferred A..No par
Spiegel Inc
723g Jan
Jan 12
9*2 July
5*8 Apr
9*2 Jan
24*4 Apr
13*4 Mar
978 Feb
2778
Deo
62
Deo
Deo
4
7
Jan 11
26*4 Apr
138 Nov 10
2
Feb
72*4
3*4
Standard Oil of Calif..No par
Standard Oil of Indiana
25
28% Oct 19
50
Feb 19
35
Aug
47*8
Feb
26l2
50
Feb
32*4
Jan
48*2
Deo
30%May 14
42% Oct 19
22i8 Oct 19
36% July 12
25
31
Deo
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No par
76
Mar
9
55*8
Jan
703g
Deo
48
Mar
5
24*4 May
40»4
Sterling Products Inc
54
8
75
Jan 29
65
78*2 Nov
512 Oct 19
834 Oct 19
6i2 Oct 19
21
Feb 11
16*2 Apr
24i2
17*2 Jan 20
33% Jan 29
Oct 19
20
145s
9*8
Jan
3
30*2
157g
54
Oct 19
77% Jan 11
70
Dec
91
Mar
Nov
Stand Investing Corp ..No par
10
10
Stewart-W aruer
6
Stokely Bros A Co Inc
1
Stone A Webster
...No par
Studebaker Corp (The)
1
Sun Oil..
.........No par
6% preferred
5,200
25,100
6,100
5,500
300
1,200
34,600
delivery.
Oct 19
Nov
118
100
Sunshine Mining Co
6
Aug
10
9
Oct 19
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
18
Oct 19
1% Oct 19
...
8
1
Talcott Inc (James)
9
534% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Oct 13
734
15U
2214
434
4i8
612
50
25
Without warrants
Oct 19
118
10
(The)
Symington-Gould Corp ww__l
50
Oct 19
Oct 19
42
5
Oct 19
Oct 19
Oct 19
Oct 19
4
5
Nov
5
Oct 19
9
Feb 17
125
Jan
20%
6134
784
47%
3978
4
Mar
Jan
Jan
118
Jan
125
Feb
3
27
Jan
60
Mar
2
3
Jan
Mar 11
Jan 25
20i2 Jan 20
28% Mar 8
3378 Mar 31
9% July
23
65g
Jan
3778
Oct
Jan
13*2 Nov
26*8 Nov
357s
Jan
2384 Jan 20
15
Nov
20*8
Deo
173s Jan 21
12% Nov
15*2
Deo
1534 Jan
8
57% Feb
3
83s
153s
65i8
95s
Mar 15
6
Nov
44
Mar 30
33
Jan
Jan 12
6*4 May
5&s Apr
2334 Oct 19
53s Oct 19
558 Oct 19
Texas A Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
16% Oct 19
153g Jan 28
54U Mar 6
28
19
Oct 19
48
Feb 19
337s Apr
55
Oct 19
64
Jan 13
59
Preferred
.........No par
100
Thermotd Co
3% Oct 20
70
1
Oct 29
2i8 Oct 19
Dec
6*4 Mar
20*4 Apr
28*2 Apr
Texas Pacific Coal A Oil...10
Texas Pacific Land Trust
1
The Fair
Dec
Oct
Deo
25
Oct 19
Oot
Apr
425g
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
2
Jan
July 12
514 Oct 19
3434 Oct 19
Mar
3
Apr 22
1658 Jan 22
13»4 Mar
1
93% Jan
4
13% Feb
3
2
287g
7*2
Jan
Jan
9*4 June
Jan
Mar
8*4 June
85
Oct
938
Jan
13
Deo
55*4
Deo
878 Deo
4434 Nov
15*4 Feb
143s Mar
49
July
487s Nov
63*8
Oct
16
Nov
110
Feb
8*2 May
12% Mar
3*4
8*4
Jan
"9*2 "Feb
8
8% Jan 13
15% Mar 5
Jan
Oct 19
287g Feb 11
24%
Jan
13% Nov
3234 July
Oct 19
47g
JaD
13% Oct 19
10% Jan 25
4084 Jan 25
215g Feb 4
8178 Oct 15
884 Oct 19
98i2 Aug 13
287g Feb 11
Tlmken Roller Bearlng.No par
36
Oct 19
79
Tr ansa mer lea Corp
10
Oct 19
17
Aug 2
22% Jan 11
273$ Jan 22
1138 Mar 8
$3 dlv
"l'Mb
5
738
8i2
478
2*2
884
1,000
70
912
234
1,100
5
1638
16
6,100
70
13i2
46
2834
6
1314
12%
7%
53
35
3,700
7,500
*83
48
5i2
514
578
6,800
15
11*4
*50
70
5
934
U2 Oct 19
35% Oct 19
Swift International Ltd
438
8312
47
634
6
Spalding (A G) A Bros.No par
1st preferred
100
Spang Chalfant A Co 6% pflOO
Sparks Wlthlngton
No par
Spear A Co
1
$5.50 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc
1
Splcer Mfg Co
No par
1,300
4,900
5,100
31%
9%
7i2
1514
2i2
9i2
arl4l2
13l2
634
20
*25
212
434
9i8
73S
7i8
10
2i2
133s
94
35
31
834
10
1438
83i2
12i2
♦88
*25
5
30
*5i2
*58i4
4l2
2i2
1478
2i2
6
70
412
8378
7
*5l2
70
4%
1434
83*8
•
*8%
'
_
Swift A Co
62
30
29»4 Feb 15
23U Aug 14
25
6,000
2734
62
2938
8%
678
4'4
30%
Oct 19
Sutherland Paper Co
7*2
8
5% preferred.
Sweets Co of Amer
7%
8%
40ig
Southern Calif Edison
100
734
8
54i2 Jan 11
Oct 19
100
700
6*2
25%
*40%
5i8
44
4
3
15*4
7
*8%
17%
25*4
8*8
6%
25*8
77g
63s
7*2
8
*40%
*6%
7%
40%
234
15*4
21*4
4,500
53,500
23,900
$123
22
58
1634
1578
7%
278
300
400
5534
15%
37*, 166
4,200
7
22i2
22,000
16,100
12%
1434
Mar
Oct 19
13
19i2
Standard Oil of Kansas
100
10%
55%
234
15*2
22,300
35,300
4,200
17,100
12
14*8
67g
*22
1,700
10%
1538
55
123
900
1134
55
120
13
8% preferred
30
1034
55
634
100
21,600
1,330
5,200
22,400
35
x49%
*2512
*54
67g
*
27
55
6l2
Day
*25
*54
678
20
1%
Armistice
MarlO
82
134
13*8
267g
12%
197
June 17
59
29
26
Oct 28
Oct 19
96
54*4
26*2
*1%
Closed—
54
70
Jan
12%
25*4
11
4
6%
975s
92
100
Smith A Cor Typewr..No par
Snider Packing Corp...No par
z3% June
8
6*4 July
63*4 June
101*2 Mar
6
*3%
Oct
60% Apr 22
IO214 Feb 4
34
5«4
*25
*10
Stock
9
_49%
IO84
21
26
Jan 20
Mar 16
*42
104
Oct 19
127*2 Nov
14*2 Jan
4878 Oct
684 Jan
Oct 16
334
24
34
35
CD
00
104
414 Apr 21
4
Oct 19
Dec
8*4 July
Jan
19*4
31
4%
3134
♦
»-*
9
Marl6
Nov
28*4 Deo
Mobile A Ohio Stk tr ctfs 100
"""366
*3*4
2
3034
33*8
3214
34%
18%
104
58
100
16 preferred
Smith (A O) Corp
38%
438
42
' 4378
13%
137S
60i8
6212
21% 22
878
9
104i4 10414
358
358
6%
612
12%
1358
26% 28l4
2812 3134
*13g
134
834
2% Nov
19
102
1778 Mar 11
17l2 Oct 19
Deo
45
Deo
4378
13%
60*8
17
94i2 Nov 8
5% Oct 19
28*4
8
64
Deo
11,300
104
Feb
3434 Feb 19
1053s Feb 2
43ig Jan
3014 Apr
14*4 Apr
Deo
26*2
1412
16
44
Deo
Jan
14i8
*18%
17
2478 Oct 20
15% Oct 19
Deo
11*4
19
14%
18%
9
9
878
834
*10378 104
*103*2 104
*338
4l8
3*8
3*4
5
478
458
5*8
11 10*8
9%
1034
2li4
2ll4
20*4 22
26
2538
2334 26
Jan 21
Jan
6
1212
60
65
4*4
327g
104*2
601 j Mar
13*8
17*2
4378
59
Oct 19
1984 Nov
Jan
July
89
1
Jan
Deo
778 Nov
101*2 Nov
313s Nov
Oct 18
"""166
58
MarlO
Jan
Deo
44
15
75
58*2
16%
155s
lli8
20*4
No par
10
SI088 Sheff Steel A Iron
6,700
2634
5978
Slmonds Saw A Steel..No par
25
4
Feb
10
Skelly Oh Co
Aug 18
Apr
30*2 Aug
3i2 July
595s Jan
100
| 23%
*23
18*4
Slmms Petroleum
1
14
47
Deo
23*2 Jan
1284 Apr
*50
4378
1234
534 % conv preferred
100
Silver King Coalition Mlnes.5
Simmons Co
No par
5
2
2
Feb
120
Feb
2*8
87g
Jan
3212 Jan 13
65% Mar 11
433g Mar 17
27
1234
No par
Jan
Apr
Mar
7$
Oct 19
Oct 19
75
43
Shell Union Oil
2
Oct 19
*23
20
$3.50 conv pref ser A.N0 par
Sheaffer (W A) Pen Co. No par
Jan
9
*50
12*4
69% Nov 8
384 Oct 19
Feb
17
27
*42
Sharpe A Dohme
34
Oct 19
4*4
20i2
Jan 14
175„ Feb 10
4212 Mar 10
6% Oct 19
1778 Nov
5578 Nov
101*4 Mar
...100
*23
*17
No par
No par
$5 conv pref
15
Nov
...100
22
12%
No par
No par
15s May
77g June
Feb 10
Dee
114
114i2 Mar
Southern Railway
22
18%
4134
Oct 19
Dec
99
Southern Pacific Co
26
41*2
11*%
57*4
Oct 19
312 Oct 19
9
Feb
June
4958 Nov
56,900
*21
*17
1
16
Dec
11
share
per
July
96
28,300
75
13*8
60*4
173s
1% Oct 19
100
27
15
*50
12*4
No par
6
23 ig
338
*978
3%
Line
Shattuck (F G)
Sharon Steel Corp
80
*30
1034
Air
4-2% preferred
Oct 19
9
*17
1 Seaboard
Jan 13
Mar
314
23%
45U
2i8
8i2
54i8
IU4
985s
35^4 Oct 28
34 Oct 19
Mar 18
4%
*36i2
42
100
No par
13
75
13%
8% preferred..
110
9
*41*2
JSchulte Retail Stores
Scott Paper Co
Socony Vacuum OH Co Inc. 15
*50
13%
93
77*2 Oct 29
% Oct 19
3% Oct 19
Solvay Am Corp 5 Yt % pref 100
11
1234
377a July
98i4 Mar 15
Oct 19
24% Oct 19
100
1
South Am Gold A Platinum. 1
So Porto Rico Sugar...No par
75
1234
27*2 Mar 2
51«4 Mar 17
53^ % preferred
49,900
*9
1258
108
Aug
110*8 Sept
9
"~8~866
*50
11
3
6% preferred
"""940
18
1638
16%
*11158 115
3
3i8
2578 25?8
140
20*2
20*2
42
6
Feb
99%
88
17
*136
500
35
12
140
300
23
*103i2 110
20
21l2
15*2
153s
157g
163g
*11158 113
*11158 113
*111% 115
♦111% 115
358
33s
338
3
z3%
3%
3%
3%
*25
25
25
25
26*4
26
26
25%
*136
98
23
91
103
20
6,900
34%
*90%
*89% 100
103
1178
Jan
113
190
17%
96*2
8%
95
113
Nov
13% Oct 19
28
3
Nov 12
11
Servel Inc
17%
96
93
101
57
30
8%
2434
46
103
Seagrave Corp
No par
Sears, Roebuck & Co..No par
*69
Highest
share $
per
Oct 29
Seaboard Oil Co of Del. No par
48
33
*16
17%
8%
22
$
Oct 19
200
23,800
19,600
3,100
2,700
share
per
21
6,400
49%
*22
1678
1,800
$
92
2,000
6
6
80
16*2
1
3%
2334
412
6734
f per share
Lowest
No par
100
37l2
6
*86
12*8
2,000
8
21
95
1678
Ha
Year 1936
Highest
5% preferred...
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
Safeway Stores
400
37%
16
22%
32%
12*8
1,300
5,900
*6*2
110
76l2
*104
10
80
1
Par
690
37*2
21%
2i2
*86
79
15*4
22I2
3U2
24
81
*1
Range for Previous
On Basis of 100-Share Lou
Lowest
2,200
93
8%
20
2i2
2*2
93
1937
13
EXCHANGE
30
*101% 102
17
173s
2912 2984
8*4
19%
6934
6
49*4
17*4
94l2
8*4
*78
25%
95
15%
8
19%
1
24l2
*92
101% 101*2
17
17%
29
29%
21
61%
14i2
93
4*4
627S
4
62l2
15*8
92
27g
*4
4
60*8
8*4
20
24%
92
8*4
37*4
78
21
21
24%
*90
1
*6
6%
6%
4*2
*247S
101
101
1
8
50
9534
28%
81*4
36
63*2
6
241<
92i2
92%
80*4
Range Since Jan. 1
STOCK
Shares
*90
15
19*2
6934
$ per share
27
21*2
*4
$ per share
*77
3
61*4
$ per share
24
921 j
96
7g
1
78
$ per share
YORK
Week
*77
37
3
Nov. 11
Nov. 12
16*j
7
*6%
Nov. 10
zl6%
1
37
the
101*2 101*2
16*2
16*2
26*2 2734
81*4
1
Friday
Nov. 9
24i4
92l2
*90
Wednesday
8
.
$ per share
24*4
*92i2
*79
Tuesday
Nov.
conv
pref
36
10
Third Avenue Ry
100
Thompson (JR)
Thompson Prods Inc..No
Thompson-Starrett Co .No
par
25
458 Nov
10
par
U8
6i8
$3.50 com pref
No par
Tide Water Assoc Oil
10
$4.50 conv pref.....No par
Tlmken Detroit Axle
10
2
Transcont A West'n Air Inc.5
Transue A Williams St'l No par
Trl-Contlnental Corp..No
$6 preferred
Truax Traer Coal
Sept 25
U2 Oct 19
►
Oct 19
4
par
N# par
Oct 19
5%
33g
Oct 19
Oct 19
88
Nov 12
z40
Sept
Feb
4
109ig Jan 21
26
Apr
39*4
21*4
Deo
12*s
Jan
277g
Deo
56
Apr
74*2 Nov
Jan
27*8 Apr
22*8 Deo
1478
108s May
7*8
93
Jan
12
Jan
110
No par
414
Oct 19
12
Mar
3
478
Jan
Truscon Steel
10
20th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rap Trans..No par
7%
Oct 16
26%Mar
8
7*8
Apr
407g Mar 13
.....100
40
Oct 19
94
Jan 20
1
Preferred
18i2 Oct 19
25% Oct 19
234 Oct 19
7
Oct 19
25
No par
U8 Oct 19
Oct 19
9
Oct 19
67
Oct 19
111
100
17% Oct 19
865s Oct 19
100
78
25
r
...5
Cash sale,
Oct 19
22i2 Oct 19
1034 Oct 19
No par
United Aircraft Corp..
Mar 13
17% Jan 22
57
Union Oil California
Union Pacific
4% preferred
Union Tank Car
50
u7g Jan 25
100% Jan 8
1838 Sept 17
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
Union Carbide A Carb. No par
New stock,
Feb
Feb
Oct
938 Nov
28
Deo
Mar 29
Twin Coach Co
Ulen A Co
»
8*2 Mar
Jan
14*4
t
fci-dlv.
y
Feb 20
28% Feb 4
148*4 Mar 16
99*4 Jan 13
31% Feb
35t8 Mar
Ex-rights,
22*2 June
31*8 Apr
8*4 May
65*4 Jan
2% June
745s June
385s Nov
47*4 NOV
17*i
109
Deo
Deo
85s
Jan
102*8
Deo
"715s "Jan
105% Nov
20*4 Aug
Jan
28*2 Feb
149*4 Aug
90*8
100
108*2
Jan
June
4
22*8
Jan
315g
Feb
5
20*8
Apr
323s
Feb
t Galled for redemption.
Volume
LOW
SALE PRICES—PER
HIGH
AND
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
Nov. 12
8*4
*8*4
8
834
*9*2
20
♦19
12
19
19
19%
*113*4
*113*4
*113*4
Shares
20*4
7,700
200
21
w
-
*
-
53
53
50
52
50
53
24
24
22
22
22*8
378
23*2
31%
3478
33*4
7*4
7*8
738
11*2
3
3*s
28
29%
7*2
7*4
734
*10*4
12*2
*
7*8
434
478
29i2
58*4
58
10%
10%
10*2
1034
*10438 10534 *104*2 10534
105
5834
58
5834
5*2
5*2
734
5*2
7*2
*1
*1
1*2
57
155
*154*8 155
9
41
18*2
5*4
8%
19*2
5*2
834
9
40
18*2
*37*4
5*2
83s
5*2
108
28
29
5U2
57
65
65
66
64
6634
6684
6634
*6634
6734
54l2
234
*11
34
1*4
1*8
7g
78
*20
15
157g
24%
24l2
*101
36*2
*4
*56
67*2
5
*4
7%
44%
*18%
*13
378
Mar 11
51
*4
11%
5
*4
8*2
8%
21%
5
v
2,500
18
11,800
1,600
47g
4,800
29*2
3,400
47g
11%
10
65
30
120
20
3%
/
700
5%
1,900
5
8*2
900
22*4
1,900
*78
8%
8*4
87g
878
9%
36,900
43%
44*4
43*2
43%
2,900
*177g
18%
*177g
18%
*13
14
3%
3%
1,700
49
*43
8%
4%
4%
400
15
15
42
42
42
8
*39*2
8%
8%
*40*2
4%
12%
45%
47g
13%
300
44,200
9%
8%
45*8
4%
*41*2
45
«»
8,600
4%
4*2
*
m
400
14
14
12
12
*12
15
*13
15
22
22
22
22
*22%
23
23
23
16%
29*2
*2%
17
17%
17%
2,400
31%
31%
31%
2,700
3
*27g
3
15
15%
1478
15%
147g
16%
28
28
27
28
28%
29
*234
*234
*1%
3*2
*1%
2
*29
29
31
278
29
27g
*1%
30<4
3*4
2
1%
30%
24
23
1,200
100
1*2
1*2
1*2
140
30%
1*2
30
30*4
31%
2,100
100
75*4
*73
74%
74%
*8834
90
89%
90
90
90
95
78
90
95
78
93
*75
*8834
*93*2
*74*8
*8834
*93
93
93%
94
94%
94%
9434
82
83
80
80
80
81
82*4
82*4
85%
*74*2
78
*119
113
113
19
19
120
119
112
112
112*2 112%
112% 112*2
19
19
18%
187g
4%
434
*7%
934
187g
30
140
160
85%
119
119
119
*119
120
*119
120
oO
190
112% 112%
19
19
8%
*1%
3
30
25%
47g
8*2
1%
4*2
*734
1%
2%
29
25
3
3034
25%
93
119
£91%
96
118
13%
*35*2
15
*25*2
*75
*75
25%
*115
95
1*4
1%
1*2
900
3%
3%
3%
3%
1,800
29
30%
30*2
31%
13,500
25%
28
26*2
29
92
*115
25
*75% 100
35*2
35*2
*33
14*4
14%
27%
*25%
14%
27
*25*2
*75
110
*75
*75*2 100
63
*62
70
18
*16
1734
11%
11%
2%
1519
*2%
219
3%
2%
15
3%
3%
*7
7%
*7%
2%
3*2
7*2
6
6%
6
2
2*4
15*2
*2%
6%
*59%
65
2%
*59
387g
39%
3778
18%
19
18
65
68*2
*63*2
12
15
2%
15
12%
2%
12*8
*2%
17
*2%
12*2
127g
9,700
11%
11*2
300
2%
2*2
2,500
18%
18%
1,600
2%
2%
200
3,200
3*2
3%
37g
v%
7%
75g
800
6%
£6%
634
8,200
62
*59
617g
61%
61%
200
38%
£37%
383g
39%
39%
40%
17,400
197«
60*2
38%
20*4
2134
20%
221S
4,400
68
68
70
70
70
*60-%
65
19
*64%
*60
68
*55
70
36
36
36
*45
54
*50
56
*56
597s
55
56
*57
61
*62
65
63
63%
*6178
63
29
29
28
28
27*2
27*2
27
11%
11%
11%
90
90
11%
10%
11%
*90
98
90
90
*26*8
38*4
25
26
39%
3678
38%
*80
83%
3%
100
6%
*53
21
200
7%
*33
*3%
17%
338
51%
19%
•
68
*15
6*4
18%
83*8
*247g
38%
*75
2578
40
82
3712
63%
38*2
*60
38*4
*51
38%
280
"""500
14
£11412
Jan
Oct 23
98
Mar 12
70
Aug
120
Aug
2
122*2 Jan 11
Oct 16
10*8 Mar 16
1838 Mar 16
16
2U Aug
5
Jan
4% June
Mar 17
Oct 19
1978 Jan
No par
2
100
6
No par
fWarren Bros..
..No par
$3 convertible pref-.No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
5
Oct 19
1
20
Preferred
6%
Co
1
Snowdrift No par
west Peuu
6%
4%
1st preferred
2578
1,400
43%
34,800
200
Youngstown S
83%
Zenith Radio Corp
16,400
3i2
4,500
96
Jan
87
Feb
102
Young Spring A
II84 Mar
Jan
II684
Deo
8*8
Apr
12*8
6
Feb
Apr
23*4 Sept
15
17g Nov
4
Feb
978
Feb
484 Mar 17
83*2 Jan 22
72*2 May
5784 Mar
6
3484
Jan
94*2
Jan
Deo
153*2 Oct
123*2
Jan
160
5*8
11*4 Mar 17
Oct 18
167% Jan 22
170
Jan 22
1034 Oct 19
3038 Jan 22
35i2 Oct 11
39
1034 Oct 19
Oct 19
24
Oct 19
Jan
19'4 June
32
July
3478 Jan
3184 Nov
35*4
Oct 19
115
126
Oct 18
60
.
35*2
6
7
Apr 13
34
6
Mar 11
99
Aug
65
91
Jan
July £120
21*2 July
84
July
Oct 18
126*4 Aug 14
9O84 Aug 31
14l2 Oct 19
338s Feb 16
18%
187g Jan 25
1384 July
Oct
Nov
Oct
3978
Deo
109*4
Feb
23*2May 15
Oct 19
8*2 Oct 19
6
1% Oct 19
11
Oct 19
684 Mar 22
Jan
46*8
4
3*4
16
2s4
Feb
Apr
Apr
Jan
2888 Nor
17»8 Nov
6*4 Nov
43
Nov
5*4 Mar
134 Oct 19
278 Oct 19
6*4 Jan 25
5*2 Sept 7
6*2 Oct 19
458 Oct 19
5684 Oct 20
12*4 Feb 27
91*4 Mar 2
70
638 June
June
87
Jan
658$ Jan 20
4484
Apr
71
Nov
23*8
Apr
56
Apr
3684
8684
47
Jan
80%
35
Oct 19
12
Oct 19
5412 Oct 20
40
Oct 19
34*2 Nov
3
51
12
Sept
47
7
Jan 22
112*2 Mar 25
100
Mar 10
11
Jan
Deo
Dec
Oct
38*2 Nov 10
3
54
Nov
5
Oct 19
128
Mar
6
6238
58*2 Oct 19
76
Jan
7
38
Nov
Jan
63
Aug
Nov 10
62*2 Jan 27
33%
Apr
7l2 Oct 19
884
Jan
83*2
Jan
27
8
Wlre.-No par
No par
100
21
Oct 19
463s Feb 15
35
Oct 19
1017gMar
70
Oct 25
115
No par
12
Oct 19
1
Oct
Jan
3384
27*4 Feb 23
Jan 18
Oct 19
£5078
39
75
19
96*8 Nov
6ct
May
114
85
Aug
22% June
90
Corp..
Sept
124*2 Sep
III84
5
23*2 Mar
Jan
Jan
116*2
100
A T
preferred
Zonlte Products
9184
373s Feb 16
142
Jan 23
Preferred
Feb
Oct 15
90
convserieslO
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
83%
22%
78
623g Deo
8384 Dec
107
Sept
110
Apr
115*2 Jan 8
29%Julyl2
9
Oct 19
Jan
331% June
84*2 Feb
113
Prior pref 4H %
41 ig
3%
Feb
Mar 17
56
Oct 19
U2 Oct 19
25*8 Oct 19
1784 Oct 19
Mach—No par
preferred
No par
Wilcox Oil A Gas6
Willys-Overland Motors
1
6% conv pref..
10
Wilson A Co Inc
No par
$6 preferred
100
Woolworth (F W) Co
10
WorthlngtonPAM(Del)No par
Preferred A 7%-100
Preferred B 6%
100
Prior pref 4^»% series
10
2534
21%
11*4
2«4
Oct 19
1
$4 conv
82
3%
Dec
6*8 June
1
Aug
38*4 Feb 19
5084 Aug 10
984 Feb 1
2*4 Jan 6
258 Oct 19
5*2 Oct 19
White Sewing
42%
22%
39*2
16
Corp.—No par
100
$5 conv prior pref—No par\
WhlteDent'lMfgCo(The 8S>20.
White Motor Co
1
White Rk Mln Sprctf.-No parI
26
3*2
Apr
110*2 Apr
Wheeling Steel
2534
21%
Dec
Deo
19*2
MarlO
46
Get 19
30
Co-100
preferred—100
39*2
3%
Apr
Oct 19
11714
Instrum't-No par
Class A
No par
Westvaco Chlor Prdd.-No par
*93%
21*2
21
38%
37%
123% Mar
Weat on Elec
93%
3*2
Jan
AUK 26
50
50
Westlnghouse El A Mfg
91*2
20*4
157g
103
Telegraph-100
12%
3%
Deo
35*4 Jan 16
109
Westlngh'se Air Brake.No par
12
20*4
Dec
1234
108
100
12%
3%
Deo
69
44
Oct 23
100
5
18%
Apr
5
Oct 20
100
27%
90
Apr
Jan
Oct 25
100
600
97
P%
Nov
Nov
105
Jan
74i8 NOV 10
Co.-.10
100
conv
Jan
7% Nov
4%
2314
Power 7% pref. 100
Western Union
52
47%
Nov
20
Jan
76
preferred
6%
Apr
84
Western Pacific
Apr
123g Deo
49»4 Nov
Apr
88
Maryland
Jan
2%
4
Aug 26
Feb 11
2d preferred
Deo
39%
177g
100
preferred
Nov
61
107g
100,
preferred
1038 Mar
784 Mar
12*4 Jan 25
218 Oct 19
1
July 15
No par
preferred
Feb
4*2
8
18
11% Oct 19
$4 conv preferred
No par
West Penn El class A..No par
7%
Feb
137*2 June
69*2 Jan 23
16
Wells Fargo A
Wesson Oil A
Deo
86
Oct 19
36
$3.85 conv pref
Wayne Pump Co
Deo
41*2
131*2 Aug
25g Oct 19
11
Sept 25
434 Oct 19
Warner Bros Pictures
Webster Elsenlohr
Deo
1384
1
1034 Feb 26
99*8 Mar 2
Oct 19
40
Deo
26%
503s Feb
Class B
8*2
6884
114*2 May
5*2
515s July 15
Oct 20
314
Aug
48*4 July
80
Aug
Apr
30
8
77g Oct 19
1,600
31,300
Feb
an
9*8
19% Feb 11
17
30
18%
5
4
32
63
*77
Jan
Mar
7l2 Oct 19
A...No par
Ward Baking class
625s
285s
63%
May
37
Walk(H)Good A W Ltd No par
Preferred
No par
70
*62%
Apr
135
Oct 19
*54^4
69
Jan
Oct 20
92*2 Aug 18
1884 Mar 11
100
63
4938 Nov
Mar
4
7
49
100
56
12s4 Jan
Dec
116
2834 Aug
109
Oct 20
55
*53
6
2i8 Oct 19
Preferred
7*4
70
*80
5,000
3%
38*2
267g
29*2
6
69
4i8
6
Feb 15
Oct 19
5^%
7%
*36
11
2%
1234 Apr
7438 Apr
115
June 29
Deo
30*8
May
2l2 Oct 19
Wheeling A L Erie Ry.
90
*62
'
72
2
5% conv preferred-
27
3%
*50
51%
2%
19
30
600
110
28%
13
12
,
.
15*2
*75
16
*11%
30,300
*75% 105
*75*2 105
70
*62
16
35*2
*75
29
63
*11%
*2578
90
27
*16
11*2
15*2
110
27
16
15%
*75
95
*26%
66
*2%
17%
3534
100
1134
110
2,300
17%
16
*11
122*2
16%
*62
11%
H%
106%
117
15%
*75
1034
11%
102
117
17
*
6,700
9734 102
117
*35*2
£14%
26*2
23%
25*2
95%
119
15
110
95
*
100
1*2
94
14*4
*75
1,700
27g
29%
25
1478
3534
*25%
28*2
110
5*8
10%
1*4
28%
Mar 27
18
Western
5%
*8%
5
80
5
75
Co
Western Auto Supply
2%
"
25%
14%
15
4%
*8
Sept 27
Mar
Oct
57
Apr
44% Jan 20
pref with warrants 100
Walworth Co
No par
Walgreen
2,800
10%
1%
119
13
*35*2
13%
3534
26
4%
9*2
1%
2%
2978
40
11734 Feb
No par
No par
Waldorf System
1934
1
4%
Feb
May 12
52
100
100
100
«258
Jan
£110*4
47
8
4 Yx %
85
18%
*41
2834
115
8
11934 Sept 23
100
-
Apr
Oct 19
Oct 19
3% Oct 19
100
6*2 Mar
June
16*4
Jan 13
,
'
8*2
3%
Apr
30
105
Virginia Ry Co 6% pref—100
Vulcan Detlnnlng
100
t Wabash Railway
5% preferred A
6% preferred B
Aug
3938 M ar 11
47«
2% Oct 19
18% Oct 19
No par
Preferred
3*8
68*2 Jan 20
14l4
--.---.100
preferred
Nov
116
Oct 19
66
6%
92
165
Jan
50-
Oct 19
9%
Nov
Chem
Nov
Apr
153
1
97
preferred
Jan 18
2% Jan 20
36
6%
Jan 19
102
Mar
57*>8
Jan 21
Oct 19
5
Va-Carollna
86
164
July
884 Nov
Jan
July
-.100
1st preferred
Vlck Chemical Co
6734 May
108
Nov 10
Oct 20
16
Virginia Iron Coal A Coke. 100
40
43*4
3%
May 17
58 Oct 19
Va El A Pow $6 pref...No par
734
3%
21
34
5
Van Raalte Co Inc
210
107
42%
3%
84*2 Jan 11
Oct 18
Oct 26
Vlck Shreve A Pac Ry Co. 100
70
217g
14
Oct 25
11%
Vanadium Corp of Am.No par
2,800
*177g
14
Apr
Vadsco
7%
37
3%
Day
8*4
21%
5
46
futilities Pow A Light A
1
Sales
.No par
Preferred
100
11,600
32
47g
85
*78
1
65
.1
85
1%
*4
~
5
29
120
Armistice
8*s Feb
50
*112% 118
Closed—
Oct 19
136
11%
*112% 118
118
Oct
1
100
107
Exchange
160
9
No par
28
5
*10%
131
5
Mar
169
preferred...
34*2
Deo
168
9
Jan
136
No par
Apr
7978
154«4 Nov
144
July
9*4 Feb
Oct 22
Apr 29
56 conv pref. A
76*8
Jan
Jan
Apr
278 Oct 19
147
1
10384 Nov
Jan
463s
115*2
,
Jan 22
150
114
United Stores class A..No par
47g
5
Oct 19
100
Stockyards Corp
72*4 July
Deo
Nov
101
68*2
7538 Jan 18
126%Mar 11
..No par
United
8%
9
8
100%
100
Preferred
72*4 Mar
Oct 21
Nov
Universal Pictures 1st pref.100
~~4%
Stock
57
Universal Leaf Tob
*
107
107
21%
8
378
4%
105
63
Preferred
U S Steel Corp
50
26
4%
11%
*76
43
*38
55
Oct 19
50
100
U S Smelting Ref A Mln
110
29%
21*8
42
7%
8%
734
Jan
30
£367g
70
4%
27%
8*2
3%
42
42
42
*38
47
100
25
37*2
*54
4%
107
_*4
14%
3%
3%
Feb 18
55
*101
110
37
26
*4
8%
21%
84
8
43
18%
21*4
*76%
7*4
42
*18
13
3%
5
8*2
18%
13
24
70
4%
25%
*110
118
*4
22%
82
734
44lo
118
10
*'8
65
*60
65
*53
55
56
*118% 120
*118% 120
*118% 125
3
3
3%
*234
*234
3
5
4%
4*2
4%
412
4*2
87g
22%
*747g
#_
*10
534
*&t4
Oct 19
147
17
17%
24%
*101
36%
11*4
*93s
*118*2 125
*234
3
*4%
36
4%
25*2
*110
118
*110
16
23%
107
1138
48
1st preferred
Universal-Cyclops Steel Corp 1
*25
35
*26
16
110
108
108*4
4%
4%
4%
*10*8
.100
50
8%
300
1%
78
7g
41
15%
2334
*101
62
108*2
4988 Nov
Oct 19
13
34*2
1*2
1%
78
%
*20%
36
4
24
4!g
26
19*4
Jan
U S Tobacco.---
6334
*136
33
33
1*4
1*8
53%
136
136
33
*3134
15
*
79
4*8
25%
Apr
163s
5,900
278
25g
*11%
*50*2
12%
53%
56
137
137
23%
110
36
37
*
*108
13%
23*g
*101
110
12%
*11
*50%
41
*20
41
*50
Deo
Jan
7%
7238 Mar 31
Preferred
*50
6334
55
*11
12
55
147
*31*4
34
1*8
1J4
7g
1
13978 1397g *136
*31
2%
2%
637s
21*2
19% Jan 12
Oct 19
3,200
47g
Jan
Jan
Sept
104
3% Oct 18
*146
47g
Jan
20
1,200
*1167g 117*2
m
—
71
24
110*2 113
47g
234
*45g
2%
4%
*50
55
11*2
*50*2
537g
117
*146
43g
412
234
2*2
*46*8
12*4
5378
117
*115*2 117
*146
438
60
108
978
1838
Aug
No par
61% 202,400
5,400
583s
57
108
56l2
106*8 107
100
10
Apr
59
Oct
20
No par
300
64
6*8
4*4
U S Rubber.-..-
3,700
673s
4934
878
31*4 Aug
9
U S Realty A Impt
U S Pipe A Foundry..
7,800
*148
*46
17,700
52,700
54
117
*115
434
234
64*4
5,400
7
55
5534
*4*2
34
52
53
117
108
3038
*6634
435s Feb
22% Mar 17
112
Mar30
28*2
65
49
Oct 20
£34
6i8 Oct 19
85
Sept 23
29
67*2
51
54%
10734 1097g
23*2 Mar 22
70
Mar 22
Partlc A conv class A.No par
32
62*4 Nov
160
6i2 Oct 19
3
5,100
27*4
67*8
Feb 10
9*2
273g
63
Feb
172
15*8 Mar 13
26*8
48
137
4
334 Oct 19
*70
Aug
80*4 May
May
8
54
No par
Prior preferred
Jan
2384 Nov
393s Jan
125*4 Nov
169*4 Feb
2058 Nov
2414 June
3478 Jan 13
Nov
1 54j8 NOV
U S Leather
57g
66*2
67*2
Apr
1,600
31*2
50
Jan
10
20*2 Jan 19
6*4
5%
66*2
108*8 110*4
93g
8%
Nov
5
16l8 Oct 19
30*8
49
*149
6
Feb
100
U S Industrial Alcohol-No par
5*2
*6634
*115
20%
20
Jan
Jan
4,100
53g
26*4
495g
2334
27*2
25*2
2078
6*4
Apr
2
34 Oct 19
-.50
Jan
113*4 July
91
438 Oct 20
512 Oct 19
No par
5k6% conv pref
100
13
Nov
3
100
20
100
U S Hoffman Mach Corp
5
1,600
10*4
9
2484 Mar
100*2 Feb
084 Nov
1938
14*8 Nov
Jan
Nov 10
Doe
87
109
358 Jan 28
preferred-..
8*4
f
Jan
8
612 Oct 19
29*2 Aug
June
105
66*2
Jan 14
par
No
Jan
32*8 June
2
16% Feb
78
U S Gypsum
7%
Mar
1137s
3% Oct 19
100
S Freight
U
90
28*2
30
8684 Mar 19
17
Jan 14
preferred
6,300
21
86
Conv
2,400
37*4
*70
108
*70
63
Oct 19
preferred
U S Dlstrlb Corp
538
5
Oct 19
52
No par
27*2
27*4
5*4
5
24
Feb
487g Aug
16*2 Feb
July
USA Foreign Secur
10%
10*4
884
834
8*2
Jan
4
Oct 20
165
37*4
6
15
93
9% Mar 11
Oct 19
preferred
6734
65
*156
2634 Apr 19
106U Feb 26
6
Jan
9*4
Apr
Oct 25
82
9
350
8
6
101
100
Mar
No par
Fruit
56 first
Mar 17
258 Oct 19
6i2 Oct 19
10
100
5,300
10
20*8
19*2
57g
Apr
No par
10
100
117
Apr
10'4
2,100
38
9*2
*37*4
41
19*4
108
*70
*70
154*8 154lg
9
95g
155
53g
40*4
No par
9
10*4
1012
9*4
6334
61*2
154i8 154ig
9*4
58
*37*4
18*8
5*2
734
9*8
9*8
*37*4
9
8*2 Jan 14
United Gas Improvt
1*2
8*4
35*8 Nov
16
Nov
United Paperboard—
80
1*2
Jan
4678 Jan 14
123g
7*2
96*4 Nov
22%
Oct 19
United Eng & Fdy
834
Jan
Oct 19
1,200
834
68
Oct 19
4,100
32,000
*75
3
5
4,800
.
Feb
•
2
59
1*2
7*2
6i8
56
54
9
*1
1*2
5%
6
834
54
57*4
*1
1*2
5*2
834
7
95S
6l2
9i8
6*2
111
2514
5
12
78
78
80
Oct
33% Nov
6
No par
-
34
$5
37*4 Nov
117a4 Feb
No par
preferred
United Dyewood Corp
400
25*2 Sept
35
Preferred
10434 10434
7%
6*2
Apr
Oct 19
United Drug Inc
United
Jan
16*2
20
United Electric Coal Cos
5%
13
24*4 Mar
91
United Corp
$3
Highest
share $ per share
per
9
5778
117g
8*4
734
7*8
*75
50
34
105
6
5*2
5*2
73g
80
No par
13,200
~~5%
5838
11*2
105
Oct 15
8634
5*8
58
11*4
105
85,500
11
32
32
5838
1038
5l2
73s
*70
80
*75
"~4%
30
4*4
3478
*
8634
5
29*2
4%
2834
400
4
12
*103g
S634
24*2
*23*4
4*4
7
11
*10*4
*
8634
478
32l2
434
30
31
7
7*2
11*4
*10*8
*
6634
3%
3*s
29
110
United Carr Fast Corp No par
200
3*4
30*8
100
United Carbon
7,200
3*8
29*2
...No par
Oct 19
United Biscuit....
3,700
56
Oct 19
Preferred
25
5334
7
$
2438 Jan 12
31% Feb 10
30% Jan 11
538 Oct 19
5
15
•
54i2
54
*24
? per share
No par
United Amer Bosch
1,000
ml*
*113*4
-
Un Air Lines Transport
9*4
20*2
20*2
*113*4
Lowest
$ ver share
Par
10'2
9
10*4
*10
Lowest
Highest
Wee I
$ per share
9*8
117g
87g
87g
12
20
8*2
*8*2
$ per share
$ per share
$ per share
$ per share
834
12
Year 1936
100-Share Lou
On Basis of
STOCK
EXCHANGE
the
Saturday
YORK
NEW
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
for
% per share
3161
New York Stock Record—Concluded—Page 10
145
Nov
2lg Oct 19
6
Jan 27
4384 Aug 31
9*4
Jan 16
42*4 July
4184
105
Jan
Jan
11*8 Jan
584 July
140'4 Sept
79
Feb
51
23*4
Nov
Deo
163*2 Dec
55
Apr
87»4
122
Oct
Aug
423s Nov
9%
Jan
3162
Nov.
NEW YORK
Bond Record,
NOTICE—Prices
STOCK
1937
13
EXCHANGE
Friday, Weekly and Yearly
"and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the week's range,
unless they are the only transactions of the week, and when
selling outside of the regular weekly range are shown In a footnote In the week in which they
occur.
No account Is taken of such sales In computing the range for the year.
are
Fridai
BONDS
N.
Y.
Week Ended Nov.
Week's
Last
Range or
Friday
fcl
STOCK EXCHANGE
£
12
Sale
5
Price
Bid
A
Friday
Range
Low
No.
115.25
18
Low
Y.
STOCK
15 19'
O
115.21 115.19
5 A
O
106.20 106.19
106.24
180
D
111.17
111 .25
2?
Week Ended Nov. 12
113.16121.14
104.2 109.26
2
109.12115.20
107.12114.9
106.31
107.5
11
104.28110.18
1
102.27 102.26
103.2
56
101
D
104.11
6 M
S
7 J
D
5 M
8 J
3 J
D
3 M
109.26
107.5
109.2(
104.1€
105.22
mm
269
105.25
5
106.28
102.10107.30
104.20 107.27
♦Colombia Mtge Bank 6*1... 1947 A O
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927.... 1947 F A
Copenhagen (City) 5s
1952 J
25-year gold 4*s_.
♦Cordoba (City) 7s
♦7s stamped...
Cordoba (Prov) Argentina 7s..
106.21 106.16
106.22
9
104.24108.24
104.28 104.26
104.3C
27
102.20108.24
O1104.16
104.18
10
102.24108.18
A
106.H
106.16
106.20
14
104.24108.24
External 5s of 1914
O
106.15 106.15
104
109.25
External loan 4*s
99
104.30
S
100.16 100.16
100,25
187
S
102.28 102.24
102.31
26
S
4 J
D
m
m
100.24
a*
-
99.29
99.27
60
100,2S
189
100
100.18106.16
99.2 104.16
98.4
103.17
9 M S
99.18
99.16
99.24
50
98
98.3
98.3
98.9
90
96.6
101.22
102.26
103.2
8
101.7
106.10
i M N
102.12
102.16
21
100.11105.17
7 J
J
102.17
102.28
81
101.8
105.23
7 M
S
101.18
101.24
9
99.6
104.10
D
Federal Farm Mortgage Corp—
1M
15 194
1 194
ser
1944 M
S
103
A
June 30 1945 J
...
Denmark 20-year extl 6s
External gold 5*s
A
O
2d series sink fund 5*s
J
100.21 100.14
100.22
95
98.16102.31
♦El Salvador 8s ctfs of dep.
Estonia (Republic of) 7s
21*
21*
2
21*
22*
22*
1
22 X
30
97
100M
J
100
J
99*
100
4
6*
7
10
7*
7*
22
7*
6*
J
7
J
J
7*
7*
O
7 A
O
7 A
O
i J
D
M N
♦6
1940 A
98*
96*
96
88*
88*
105*
105*
100*
103*
S
Austrian (Govt) s f 7s
J
J
88
99*
5
6
99*
91*
91*
105*
105*
.146
333
126
41
55
101
60
104
9
20*
17*
16*
6
£
88*
105*
105*
100*
103*
M
6*
20
6*
6
O
M N
20
6
A
J
9
7
6
A
J
16*
98* 102
96
103*
88*
95*
88
94*
104* 110*
104* 110
99* 103*
98
.1948
.
J
1967
.
F
A
M
S
J
J
J
D
M
A
*20*
O
J
D
D
18*
107
1
104*
112*
opll2*
S
1941 J
22
107
mmmmmm
106
22
114
21
*
21*
mmmmmm
101
21
21
25*
111
103*
25*
3
18
2
18*
25
26*
26*
39*
O
26*
19*
136
19
30
254
19
69*
47*
A
O
20
19
19
21
102
M
S
20
47*
99* 103*
99* 103*
F
A
J
20
100*
D
100*
100*
102*
of)—
♦6s July 1 1935 coupon on
1962 J D
f Buenos Aires (City) 6*s B-2.1955 J
J
♦Buenos Aires (Prov) extl 6s—_1961 M 8
♦6s
stamped
1961 M 8
..1961 F
1977 M
A
8
1976 F
A
A
23*
100*
-—mm-
80
80
——————
69*
O
1075 M N
f $ bonds—...1984 J
J
71
*80
69*
71
O
.1952 M N
1945 F
25-year
3Mb.
2Mb..
A
.1961 J
J
J
J
J
J
J
M
S
9
24
24
14
84
86*
74*
74
74
55
55
7*s unstamped
1941
<z30
33*
77
External 7s stamped
7s unstamped..
1949 J
♦5*8 of 1930 stamped
1965 J D
♦5*s unstamped
1965
♦5 *s stamp (Canad'an
Holder)'65
♦German Rep extl 7s stamped. 1949 A O
♦7s part paid
♦8ink fund secured 6s
♦6s part paid
107*
HI*
98*
98*
107*
111*
107*
111*
98*
93*
93
48*
47*
98*
99*
98*
93*
48*
38
38
-----
•
98*
*98*
J
32*
31*
32*
O
32
32
F"
1968
A
J
♦7s unmatured coupon on...1946
21
103*
81*
65
69*
81*
81
56*
99*
105*
20*
103*
21
19
27
26
55*
56*
99*
106*
66*
98
100*
105* 109
21
17*
103*
95
102
24
98
*108
26
95
25*
124*
119*
105* 130
100
25*
124
32*
30*
*24
29*
*30*
*30*
27*
*27*
89
20*
168
18*
25*
26*
26*
24
*20
A
19*
N
♦Hungary (Kingdom of) 7*8—1944
O
101
105*
22*
33*
102*
97* 106*
80
93*
92
83*
67*
84*
100
F
Irish Free State extl s f 6s...
1960 M N
Italy (Kingdom of) extl 7s
D
1951 J
Italian Cred Consortium 7s ser
B,'47 M S
Italian Public Utility ditl 7s_..1952 J
Japanese Govt 30-yr s f 6*8—.1954 F A
Extl sinking fund 6*8
1965 M N
24
m
mmmm.
32*
26
36
35
30*
23*
29*
29*
34
32*
mmmmm
27*
31*
28*
25*
23
28
42
32*
27*
35*
26*
28
100
22
26
20*
104*
19*
*17
17*
28
96* 101*
17
25
15*
104
20*
107
19*
17*
23*
19
17*
17*
19*
30*
30*
30*
27*
47*
62*
♦Mexico (US) extl 5s of 1899 £
8
55
65*
50
55
30*
22
33*
♦4s of 1904
54
91
95
6
47
60
1
32*
64*
7
40
1945 Q
1945 Q
34
13
33
14*
34
11
.10*
20
11*
21*
21
21
21*
12
18*
26*
O
15*
15
15*
15
18*
17*
87
J
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on..Jan 1961 J
14*
14*
38
39
38
*3*
D
..1952
♦6s series A
—
External sink fund 4*s
External
4s
s
s
f
1943 F
A
Oriental Devel guar 6s...
Extl deb 5*s
Oslo (City) s f 4*s
Panama (Rep) extl 5*8.
♦Extl
s f
5s ser A
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off....
♦Peru (Rep of) external 7s
s
101
7
30
21
104* 108*
105* 109
104*
102*
101*
104*
104*
102*
101*
104*
25
101* 106*
103
127
102*
104*
139
99* 104*
95* 102*
102* 104*
17
25*
85
52*
2
A
21
21
21
S
60*
60
62*
35
59*
60*
26
102*
105*
11
..1958 M N
1955 A
O
105
107
S
1953
60*
68*
101* 105*
106*
104*
A
1953 M
4
26
106
O
D
67*
76
105*
1965 A
F
82
'64*
102*
102*
13*
106
1956 M
Municipal Bank extl a f 5s__.1970
♦Nuremburg (City) extl 6s
1952
101*
101*
A
1944 F
66
102*
1963 F
4*s
f ext loan
♦Nat Loan extl
♦Nat Loan extl
i
13
31
12*
12*
12*
12*
73
9
4*
2*
23
12
8*
39*
1*
5*
18
12
21
3
67
13*
11*
9*
9*
13
12
40
2*
64*
11*
11
3*
13
12
*20
2
1959 M S
♦Sec extl s f 6*s
♦Montevideo (City) 7s
29
11
3*
12*
14*
14*
14*
S
9
2*
3*
3*
60
13*
13*
1960 M
5*
3*
3*
34
13
13*
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 5 *8.1950 M 8
Colombia (Republic of)
3*
80
14
22
3*
17*
13*
9*
8*
8
11*
11*
11
"63*
20-year external 6s
9*
3
...
12*
Norway 20-year extl 6«
79
17
~60~~
25
23
6
2*
6*
5
13
1958 M
25
12
6*
3*
60
f 6*s
12
11*
12*
26
100*
S
s
12
12
42
19*
O
♦Sec extl
12
11*
12*
29*
95
J
71
12
6*
3*
*3*
*3*
39*
104*
J
55
O
39*
♦STreas 6s of *13 aasent(large) *33 J
♦§Small
48
24*
24*
24*
24*
21*
21*
21*
82*
Milan (City, Italy) extl
6*s...1952 A
Mlnas Geraes (State)—
14*
14
170
3
D
14*
D
67*
94
60
67* 100*
52 *
89*
7*
♦AssentlDg 48 of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small..
13*
1961 J
64*
95
3*
13*
13*
1962 M N
65*
115*
65*
93*
65
~14
D
14
...1961 A
79
J
13*
♦Extl sinking fund
6s..Sept 1961 M S
♦External sinking fund 6s.-.1962 M 8
♦External slicing fund 6s_..1963 M N
♦Chile Mtge Bank 6 Mb
1957 J D
76
J
1954 J
21*
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
97
101*
96* 103*
98
99*
127
*21
A
J
77
♦Medellln (Colombia) 6*8
D
1954 J
♦Mexican Irrig assenting 4*s.l943 M N
104* 110*
109* 114*
76*
75
64*
*100
88
57
111
60
D
85*
86*
80
73
*69*
A
73
'
57*
"60"
O
69
2
24
*114*
73
♦7s with all unmat coup.....1957 A
71*
29
56*
Jugoslavia State Mtge Bank—
♦Extl sinking fund 6s...Feb 1961 F
Jan 1961 J
*17*
57*
♦Leipzig (Germany) s f7s
1947 F
Lower Austria (Province)
7*s_1950 J
1959 M N
New So Wales (State )extl
5s..1957 F A
External s f 5s
Apr 1958 A O
Toe*
N
40*
48*
25*
3167.
21
56*
J
♦Hungarian Land M Inst 7*8.1961 M
♦Sinking fund 7*s ser B
1961 M
12
page
71
65
104
Helslngfors (City) ext 6*s
1960
Hungarian Cons Municipal Loan—
♦7*s unmatured coup on...1945
5
see
71
69*
*15
8
footnotes
82
*21
14*
For
70
(Republic) sf 6s ser A....1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7*s *50
31*
♦Chilean Cons Munlc 7s
71
99
12*
6*8 of 1926
82*
70
26*
14*
f 6s
60
82
99
14
f 6s
45
69*
28
31*
s
104* 107*
100* 103*
97* 101*
70
..1968
O
A
s
32
68*
70
65
1964
A
♦Guar
64
47*
70
71
♦7s unstamped...
1949
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6*8
1958 J D
♦Greek Government s f ser 7S-.1964 M N
M N
♦Guar
43
*101*
26*
26*
30*
♦Sink fund
105*
101*
101*
70
D
31*
31*
f 6s
104*
101*
100*
102* 105
103* 105*
103* 105*
70
1949
18
33*
A
s
3
9
German Govt International—
27
330
J
♦Ry ref extl
103*
103*
70
95
25
56
J
♦Cent Agrlc Bank (Ger) 7s
8
15
73*
74*
78*
74*
♦81nk fund 7s July coup off
J
J
♦Sink fund 7 *s May coup offl968 M
N
A
5
100*
100*
102*
100* 10023,2
*95
108*
Bulgaria (Kingdom of)—
7-year
103*
103*
47
D
29*
31*
156
J
A
Canada (Dom of) 30-yr 4s.
5s
l
104*
103* 110*
112* 118*
99
21*
21
107
99
25*
36*
100* 105*
101
104*
97* 102
*60*
J
(Republic) ext 6s
1946 M S
♦Frankfort (City of) s f 6*s...1953 M N
French Republic 7 *s stamped. 1941
D
Haiti
s
101*
100*
O
Finland
20*
6
6
30
6*
1
F
8% external
9
5*s 2nd series
.1969 A O
♦Dresden (City) external 7s...1945 MN
A
80
91
268
59
Customs Admins 5*a 2d ser. 1961 M S
6*s 1st series
1969 A O
7 A
4*s-4*s_
9
"i
66
^Stamped extd to Sept 1 1935.. M S
Dominican Rep Oust Ad 5*8..1942 M S
1st ser 5 *s of 1926
1940 A O
98.28103.2
!> J
4*s-4*b
s f 4*s-4*s
29
104*
104
105
1942 J
1955 F
External g 4*s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s... 1932
99.24105.3
O
90
60*
2
102
103*
72
± J
f
100*
102
O
91
5 J
s
101*
77
mm + m
102*
O
Czechoslovakia (Rep of) 8s.._. 1951 A
Sinking fund 8s oer B
1942 A
102.17
j
Extl
96
93
2
102
63*
100.29
J M N
Refunding
13
34
91
*103*
104*
D
100.27 100.23
S A
Extl s f
81
102*
1949 F
♦Public wks 5*s
102.14 102.11
7 F
♦6 Ha stamped
99*
97*
26
A
A
Foreign Govt. & Municipals—
(City
31
30*
30*
63
8
1949 F
A
1 J
♦7s (Central Ry).
20
(Republic of)—
(Republic) 5s of 1904
) F
Antwerp (City) external 5s
191
Argentine (National Government)-
20
1
98*
96*
97
♦7s Nov 1 1936 coupon on... 1951 M N
2 M N
1 193
8
mm —
—
103.18
i J
Rica
20*
22*
91
Sinking fund 5*s...Jan 15 1953 J
106 .IS
44
Costa
Cuba
30
24
81
"99*
1942 J
S
1 M
Budapest
High
21
A
D O1104.K
9M
Home Owners' Loan Corp—
3s series A
May
1 194
D
1957 F
D
7 M
Treasury 2*s..
♦Brazil (U 8 of) external 8s
Low
24
A
5 A
2*8 series B—Aug.
Since
Jan. 1
High
*21
21
1953 M N
1957 F
1 F
Mar.
Range
Asked
A
Loto
9 J
Jan.
Bid
Price
2 J
Treasury 3*s„
3s
Friday
Foreign Govt. & Mun. (Cont.)
2 A
4 J
2*s
Range or
Sale
EXCHANGE
High
U> S. Government
Treasury 4*s—.Oct.
N.
Jan. 1
Higf
Week's
Last
BONDS
Since
Asked
To2~"
D
102
105*
5
5
47*
79*
97* 103*
104* 107
1963 M N
55
55
20
54
1963 MN
49
50
7
43
76
12
12
15*
13*
11*
12
11*
10*
30*
28
1947 M S
1959 M S
f 6s 1st ser.. 1960
s f 6s 2d ser..1961 A
♦Poland (Rep of) gold 6s
1940 A
♦Stabilization loan s f 7s
1947 A
♦External sink fund g 8s
1950
O
10*
11*
10*
10*
O
57
56
O
67*
66
J
53*
52*
D
11*
57*
67*
53*
37
.
27
11*
192
10*
85
26
51
10*
26
21
47
62*
4
40
60
80
45*
64
Volume
3163
New York Bond Record—Continued—Page 2
145
Week's
Friday
Friday
Week's
Last
Ranee or
Ranee
Sale
Friday
Bid
dk
Atled
Since
BONDS
N.
STOCK EXCHANGE
Week Ended Nov. 12
Y.
Pries
Jan. 1
40 <2
Bid
♦8s June coupon off........1961
D
J
14
12
107 H
M S
"25H
31
92
6
17H
25ft
5
106 H
112
113
j
"16
20
32 H
19ft
35
14
34H
1st M 5s series II
17
75
33
1st g 4fts series
Rio de Janeiro (City of)—
14
14
11ft
lift
11ft
1955
1961
JJ
{♦Boston A N Y Air Line 1st 4s 1955
Rio Grande do Sul (State of)—
♦88 April coupon off..
1946 A O
14H
15
14H
10 ft
16H
39
10H
40
33
11
11
17
21
11
32 H
Brooklyn City RR 1st 5s
13
12
17ft
16
12
32 H
62
62
65
27
60
83 H
D
off........1966 M N
♦7s June coupon off
...1967 J D
Rome (City) extl 6 Ha
1952 A O
(Kingdom of) Monopolies —
♦78 August coupon off......1959 F A
♦Saarbruecken (City) 6s
1953 J
J
Sao Paulo (City of,
Brazil)—
...1952
off..1957
♦8s May coupon off
♦Extl 6 Ha May coupon
15ft
15ft
13
13
25
43
43
21H
H
1941
Bklyn Edison cons mtge 3Hs—1966
Bklyn Manhat Transit 4Hs
1966
Bklyn Qu Co A Sub con gtd 56.1491
♦External
♦External
Secured
s
O
J
j
78
115H
IWI N
113K
112H
114
30
111
122H
112
111
112
10
111
1
87
106
112
99
109
16
34
44
Brown Shoe s f deb
16
21H
17H
13
16
43 H
15
31
15
35 H
12
12
18
78
12
34 H
57
56
80 H
159
56
98
1957
F a
1950
j
J
Bruns A West 1st gu g 4s....—1938
F A
Buffalo Gen Elec 4 Hs ser B——1981
j D
Buff Niag Elec 3Hs series C..1967
Ml N
Buff Roch A Pitts consol 4 Hs. 1957
19 H
25
{{♦Burl C R A Nor 1st A coll 5s
22
25
1934
♦Certificates of deposit.....
1952
.....1955
Consol 5s
31H
24
31
40 H
57
28
28
39 H
♦Camaguey Sugar 7s ctfs
90 H
98H
Canada Sou cons gu 5s
105"
4
59 ft
61ft
17
"54""
50 ft
54
60 H
60 H
105
100
55
55
60
51H
51H
51H
51ft
58 H
78 H
49 H
.——1940
1942
A......1962
j
55
49
12 H
A
O
78
88
52
50 H
52
62
5s....—1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s...1948
6s with warr assented
1948
Alb A Susq 1st guar 3 Ha
—1946
Alleghany Corp coll trust 5s—.1944
Coll & conv 6e
1949
Ala Gt Sou 1st cons A
J
62
64
♦5s stamped
Allegh <fc West 1st gu 4s
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ha
4 Hs debentures
Allls-Chalmers Mfg conv
Am Internat Corp conv
Amer
*90
k
9
93 ft 105 H
80 H
3
76
103"
1955
99
112H
115H
113H
115H
117H
117H
118
22
A
118
15
j
D
"IIBk
117H
U5H
F
A
113K
115ft
113ft
22
113
112H
113
11
J
J
123
3
j
"86 k
122H
85H
88 ft
130
103 X
103 H
103 ft
47
111H
112
102
103 ft
98 ft
j
J
d
"103H
J
65
60 H
96 H
O
38
38
1
38
93 H
Central Foundry mtge
24H
72 H
A
O
O
S
A
O
F
A
92
101H
88 H
7
88
100 ft
{♦Cent New Eng
103 ft
313
96
105
Central of N J gen g
88
S
*98 X
ioik"
footnotes see
page
O
99
D
"45
99
104 ft
97
41
114
67
28
*
M N
8H
a
O
8x
j
D
j
J
j
J
j
J
1941
E 1st A ref 3 Hs.
Gas 1st 5t
1951
Cent Illinois Light 3 Hs
Cent Hud G A
"*7"
142
M
A
O
j
J
18
34
244
67
2
67
106
2
102
98
30
125ft
109
104ft
38
j
a
O
a
*vvi
100
J
99 ft
99 H
109
103
N
96 M
98
105 H
45
48
49
37
38
35
*26
33
102 ft
101
99
99 H
*
"66 H
"74"
*
O
Jan
102"
101H
"42
M N
"76"
*116H
121
ft
104 H
105
8
104H 108
106 ft
20
105ft 109
S
118H
117H
118ft
2
95
94 H
95ft
40
94H
94
95ft
22
"64k
A
A
O
J
109
18
95
200
M N
4
91
110H
F
a
J
j
j
k
106 ft
J
J
113H
113ft
J
J
110ft
M
9
*109H
*106 H
38 H
"66 k
91ft
42 H
74
23
3
40
99ft 105
93 ft
85 H
102
100H
86
64
93
90 ft
91
Warm Spring
1941
V 1st g 6s.
99 H
100ft 116
68
102
104
"l9
106
2
105 H
6
112
100
104 H
*
M N
109ft
78 H
77
35 H
32
29
54
63
62 H
83 H
33
26
85 H
99 H
99 H 107 H
102
1
102
104
50
137
41ft
A
O
83 H
79
84 H
186
79
116H
J
D
55 H
50
56
171
50
103 H
M N
72 H
72 H
58
48
73 ft
65
41H
48 H
36 H
42
42
105H
107 H
49
181
554
129
15
108ft 119
A
O
"i ek
14
13H
15H
M N
M s
"I!"
92
10
10
9
112
128
15
51ft
.
16ft
15ft
112
112
18H
101ft
1
52
9
92
21ft
46 ft
45ft
124
J
J
17
17
5
16
J
j
*10
20
....
22
44ft
43
J
j
17
mmmm
15
39 ft
♦
.....
"
7ft
M N
J
j
D
J
J
J
~7H
J
j
105k
60
117H
ink
ink
127H
126
127 H
Chic Mllw A St.
♦Gen 4s series
Paul—
A
May 1
B..May 1
♦Gen 4Hs series C—May 1
♦Gen 4H8 series E
May 1
♦Gen 4fts series F.__May 1
{♦Chic Mllw St P A Pac 5s A—
♦Conv adj 5s
...Jan 1!
{♦Chic A No West gen g 3Hs—
♦Gen g 3 Hs series
♦General
4s..
♦Stpd 4s non-p
Fed lnc tax
72 H
105
58
107 ft
99H
stpd Fed lnc tax..
♦Gen 5s stpd Fed lnc tax—
93 H
♦4 Hs
38H
33
38 H
♦Gen 4fts
82 H
stamped
{♦Secured 6H8
93 H
♦1st ref g 5s
3
116
J
6
93 H
"4
7ft
9
93ft
4
4
110H
♦1st
"16
60
78H
103 H
115H 121H
120
131
—
♦Conv 4fts
series A
*110
5ft
26ft
6
26H
93 ft 107ft
28 H
30
*25H
110ft 112ft
112ft
77
30 ft
40
mmmm
J
J
"32"
30 H
32ft
25
J
J
31H
31H
32
10
41
mmmm
*
J
J
F
A
—jj—
"16"
A
O
4H
3%
M N
M N
27 ft
66
25
57ft
30ft
69 H
31
69ft
38ft
71H
30ft
12ft
_
lift 1155
8
611
3
17H
19
23
16
18H
18 H
MN
19 ft
12
17H
49 H
52 H
18
18ft
7
18
52 ft
54ft
4ft
M N
"19"
19
19
2
19
M N
20 H
20
21
28
18
56
m*»m
37
M N
M N
May 1:
♦1st A ref
106 H 116H
—
4Hs stpd.May 1:
A ref 4Hs ser C.May 1
111
103
....
107 ft
94H
101
60
64
110
j
72
8
53
64 ft
*112H
107 H
137
106 ft
60 H
30 ft
♦
gold 5s
1982
{♦Chicago Great West 1st 4s.—1959
{♦ChJc Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C..
1947
♦1st A gen 5s series A..
1966
106H
99 H
42 ft
40 H
109 ft
108 H
92
....
99 H
94
104 H HO
26
.
104
113H
96 H
19
110ft
108 X
111
75
107
109 X
108
104 H
9
78 H
105 H
"i6§k
111ft
109 H 116
89 H 105 ft
58 ft
30
39
105 H
S
Chicago A Erie 1st
94
109ft 115
108
108ft
m
A
114
104ft
2
mmm
A
110
k
92ft 102ft
105ft 111ft
108
120ft
2
F
3
106
93ft 102ft
107ft 111
m *m
M
113
D
"48 H
1971
107
73 % 108H
*52
series A
105
102
65
1st A ref 5s
2
110
J
1949
105 H
118ft 118ft
111H
107
m
31ft
30
31
m
108ft 113ft
107ft 117ft
102ft 116ft
"25
104ft HI
109 ft
106
J
105ft
108
79 H
J
J
{{♦Chicago A East 111 1st 6s.—1934 M N
{♦C A E 111 Ry (new Co) gen 58.1951
♦Certificates of deposit..
104
103 H
73 ft
O
"l06k
O
J
*
110H 128ft
F
4s
Illinois Division
112
104 ft 109 H
103 ft 110
79 H
49
A
A
J
108 H
108 ft
NOV
J
M
99 H 107
45
40 H
116ft 126ft
55
96 ft
—
105 %
S
102 H
102 ft
100
92
76
4
"105k
M
65
58
96 ft
168
108 ft
M N
S
96 H
40
*
m
mm -
112ft
66ft 104ft
88
95 ft
26
M
175
34 H
38
J
S
mm m
77
MN
.
101
87ft
131
103
99
99
74 ft
100
94 H
90
100ft 108ft
45
75 ft
28
88 ft
35
78 ft
3
105ft
100 ft
94
23ft
lift
90
"48"
j
May 1 1942——
31
14
106
S
F
a
100H 113
100 x
VVii w
DAK
OL
24
67
M N
XVXV
40
....
"_3
M S
F
5s extended to
25
108
106"
M S
A
86H 106 ft
23ft
....
25
*
F
5s
23ft
7
7
8ft
24 ft
15
J
1st gu 4s
7H
81ft
36ft
7
8
40
9ft
"74
15
97 ft
18
71
8ft
7
*
J
Cent 111 Elec A
75
70
"10 k
"14k
O
a
111H 114
ft
1943
3167
24 ft
90
J
A
1951
1951
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3Hs
1951
Bell Telep of Pa 5s series B
1948
1st A re 5sBeriesC
1960
For
19H
"24 H
i ?
F A
87 H
100
109H
87
96
H3H
100 H
113H
100«732
1960
1996
4s stamped
9
102 H
55
195
64 H
103H
95ft
95ft
J
93 H
101
59 H
*93
J
93 H 102 H
107 H 112H
89 ft 106ft
71
93
77 ft
General 4s
59 H
M N
J
9
101H
102 ft
D
J
92 H
92
S
M
"'5
92
""2
71
76 X
Gen mortgage 5s
29ft
108 H
»
M S
M
203
24H
107k
28 H
6
71
4s..
6s
107 ft
101ft 105ft
107ft 111ft
d
♦Mobile Dlv 1st g 5s
A
2
16
A
5s....
♦Mid Ga A Atl Dlv pur m 5s.
69
2000
Con ref 4s
101H
90ft 105ft
50
83 ft
34
101ft
F
♦Mac A Nor Dlv 1st g
64
stmpd.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
PLEAWVa Sys ref 4s
1941
Southwest Dlv 1st 3HB-5S.-1950
Tol A Cln Dlv 1st ref 4s A—.1959
Aroostook 1st 5s
107
67
Baldwin Loco Works 5a
Bangor A
99
D
M N
'102k 102 "
1995
J
D
106
Conv gold 4s of 1909
1955
J D
165" 105
Conv 4s of 1905
-.1955
*
J D
Conv gold 4s of 1910
I960
J
D
104 k
Conv deb 4Hs
1948
J
J
105H
Rocky Mtn Dlv 1st 4s
1965
J
J
113
Trans-Con Short L 1st 4s—1958
M S
111ft
Cal-Arlz 1st A ref 4fts A—..1962
J
D
*99 ft
Atl Knox A Nor 1st g 5s
1946
*
J
J
Atl A Charl A L 1st 4 Hs A
1944
J
J
*102"
1st 30-year 5s series B
1944 M
S
92 H
92 ft
Atl Coast Line 1st cons 4s July 1952
J D
75 H
76
General unified 4 Hs A
1964
M N
94
10-year coll tr 5s
May 1 1945 MN
77
"78"
LAN coll gold 4s
Oct 1952
J
J
32
35H
Atl A Dan 1st g 4s
1948
J
29
30
Second mortgage 4s
1948
J
62 H
62 H
Atl Gulf A W I SS coll tr 5s
1959
J
33
33
Auburn Auto conv deb 4Ha—1939
♦
J
Austin A N W 1st gu g 5s
1941
5s series D
1
♦Chatt Dlv pur money g
98ft 110ft
50
50
"l07k
109ft 115ft
*80
{♦Central of Ga 1st g 5s—Nov
♦Consol gold 5s
♦Ref A gen 5Hs series B
♦Ref A gen 5s series C
—
J
1995
M 5s series F
99
d
97
101H
107 X
105ft
100
7
33
J
deb 5s w w
gold 4s
Celotex Corp deb 4 Hs w w—.
♦Cent Branch U P 1st g 4s
71
1995
4Hs
74
57
4
50
D
110ft 116ft
110ft 116
120
128ft
80
99 ft
19
MN
Cart A Adlr 1st gu
69
F
General 4s.
76
97 H
J
j
Carriers A Gen Corp
79 H
(Del) 4s series B.1955
J
1st M s f 4s ser C (Del)..... 1957
Atchison Top A Santa Fe—
Adjustment gold 4s
Stamped 4s
110
51
J
j
trust 4Hs..
78
M
118ft
114ft 121
114ft 121
112ft 118ft
M S
78
A
113
5
M S
J
A
8 f Income deb
......
1967
Q
{Ann Arbor 1st g 4s
1955 M
Ark A Mem Bridge A Term 5s. 1964
Armour A Co
*
109ft 116
18
115 H
1956
Guaranteed gold 4Hs..8ept 1951
42
106 ft 119 ft
5
108
112 H
June 15 1955
F
M N
f deb 4 Ha 1950
♦Anglo-Chilean Nitrate—
103
2
57
57
A
ioBk "39
54
51
54
A
2030
1953
1949
5Ha.. 1949
99 H
110H 115
A
1950
1951
4s—1952
105ft
95H
80
J
Anaconda Cop Mln s
Ref A gen
90
94
106
95
95
a80H
20-year sinking fund 5HB-—1943
J
TConvertible debenture 4 Ha. 1939
A
3fts debentures
1961
J
3Hs debentures
1966
J
♦Am Type Founders conv deb. 1950
M
Amer Wat Wks A Elec 6s ser A. 1975
Conv
94 ft
J
Telep A Teleg—
Ref A gen
57 H 109 ft
32
68ft
93
A
—.1998
...1942
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s..
American Ice s f deb 5a
Amer I G Chem conv 5H8
106 H
4ft
j
57
86H
51H
D
—1950
—1950
♦Coll A conv 5s...
108
73 ft
102ft 105ft
j
Guaranteed gold 4 Hs
Collateral
F
10-year deb 4Hs stamped.. 1946
A
Adriatic Elec Co extl 7s
..1952
12
30
83
57
16
12 H
O
100H
39 H
65 ft
60
10
-
90ft
43ft
13
104 X
104 H
31
85
84 H
46
J
J
83H
99 ft
68 ft
32
9
F
4H8———1957
54
82
*95H
S
93
10
A
Canadian Nat gold
Guar gold 4ft s
70H
70H
49
*65"
D
47
20
57
"ioik
104ft 105ft
69
H
.
j
J
J
108ft 111ft
----
15
55
"45"
______
132ft
103ft 107
100
102
.....
*
O
AND INDUSTRIAL
COMPANIES
M
Il3"
*106H
50 H
*9H
*8H
A
RAILROAD
{{♦Abltlbl Pow & Paper 1st 5s. 1953
4s
1948
Coll trust 4s of 1907
1947
*112H
54 H
o
a
J
{♦Car Cent 1st guar 4s...
Adams Express coll tr g
106
J
30
149
52
*
102
*105
J
80 ft
99 ft 103
72
50
99
o
73 H
50
3
100
1960
{Bush Term Bldgs 5s gu
CalPack conv deb 5s
49
38
63 ft
101
1
a
87H
87H1
.
"99"
o
a
101H 106
4
D
.
25
*92
J
IV! N
3fts—
*19
105
M N
1st lien A ref 5s series B
51ft
mmmm
mmmm
2
37
28ft
27ft
83
■
84
35H
26ft
104
55
48 H
"83H
34 H
28 ft
105ft
58
89
101H
97 H
64
60 H
"84"
13
a50
72
"40
A
F
15ft
{Bush Terminal 1st 4s.—.
8
10 H
60
10
Bklyn Union El 1st g 6s
17
57 H
j
11
51ft
34ft
41H
41H
*...._
17
*22 H
9H
7H
7ft
63
21
25H
85 H
3
|10H
101H 1102
M N
20H
♦22H
44 H
10
16
1945 J D
♦Sinking fuDd g 6Ha-1946 J 9
Serbs Croats A Slovenes (Kingdom) —
♦8s Nov 1 1937 coupon on...1962 M N
♦7a Nov 1 1937 coupon on...1962 M N
♦Silesia (Prov of) extl 7a
1958 J D
♦Slleslap Landowners Aasn 6s..1947 F A
Syria (Province of) 7s
1946 F A
Sydney (City) s f 5 Ha
1955 F A
Taiwan Elec Pow s f 5 Ha
1971 J
J
Tokyo City 5s loan of 1912
1952 M S
External s f 5Hs guar
1961 A O
Trondhjem (City) 1st 5 Ha——1957 M N
♦Uruguay (Republic) extl 8s...1946 F A
♦External a f 6s
1960 M N
♦External s f 6s
1964 M N
3 ft-4-4H % extl readj
1979 M N
Venetian Prov Mtge Bank 7a..1952 A O
Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7s...1958 F A
Yokohama (City) extl 6s......1961 J
91H
64
*._.
1
♦Saxon State Mtge Inst 7s_
90
49
9HJ AH
"I62"
16
...1940 A O
48
37
10 K
M N
112
107
163
Hi *53H
i *53H
49 H
44 H]
11
M N
25
99ft 106ft
89 H
99 H
48
a
a
1950
Bklyn Un Gas 1st cons g 5s....1946
1st Hen A ref 6s series A—.1947
Debenture gold 5s
1950
..1936 J
f 7s
F
27
26H
49
49
o
35H
M N
M N
J
8s July coupon off. 1950 J
J
7s Sept coupon off 1956 M S
6s July coupon off. 1968 J
J
♦External
a
J
78
103
*107H
"53"
53 H
1941
1st 5s stamped
43
27
San Paulo (State of)—
f*8s July coupon off
D
♦Certificates of deposit—..
Roumanla
41ft
21H
23
mmmem
101H11102 H
92 X .*93 H
93H
M N
1934
{{♦Botany Cons Mills 6Hs
1968 J
14H
10 H
20 ft
♦6s June coupon off...
♦7s May coupon
*21
"102H
28"
18 H
18K
22 H
22
*21
Big Sandy 1st 4s..
—..—1944
M S
Boston A Maine 1st 5s A C
1967
25H
High
26"
20
*21
♦Debenture 6s
10ft
25 H
104 H 113H
12
107 H
♦Deb sinking
100
1
Low
5
26
26
fund 6 Hs.—.. 1959
a o
1955
A O
♦Berlin Elec El A Undergr 6 H> 1956
J
j
Beth Steel cons M 4 ft s ser D..1960
A O
Cons mtge 3fts series E
1966
21ft
*107ft
25H
off........1946 A O
♦6Ha Aug coupon off..
1953 F A
A
33 H
12 H
21
Queensland (State) extl s f 7a..1941 A O
25-year external 6s
..1947 F A
♦8a April coupon
F
14
45
94
20 ft
107 H
♦Rhlne-Matn-Danube 7s A....1950
Hs—1951
17
16H
H
21
21ft
d
No.
High
j
J
af /]q«m a v * vj
vuuo
♦Berlin City Elec Co deb 6
94
"2l"
a/vmnthv
18 H
14
12 H
♦7Hs July coupon off
..1966 J
J
Prague (Greater City) 7 Ha
1952 M N
♦Prussia (Free State) extl 6 Ha. 1951 M S
♦External s f 6s
1952 A O
iwm v
Since
Jan. 1
Atked
A
Low
j
t
Range
gS
Friday
Sale
Price
High
Low
No.
High
Low
Foreign Govt. &Munlc. (Concl.)
Porto Alegre (City of)—
2
Range or
Last
SI
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 12
m
"24"
"23"
24
7
21ft
52
61
J
D
11H
9H
lift
52
9ft
38
J
D
10 %
53
9
36ft
D
10 H
9H
9H
10 ft
J
10 ft
196
9
36ft
7ft
335
5H
24ft
M N
6H
6H
New York Bond Record
3164
Continued—Page 3
Nov.
Friday
•0
BONDS
N
Bennett Uros. &
tMembers
STOCK
Last
EXCHANGE
Week Ended Nov.
Johnson
Gen A ref M 4s
F
ser
♦1st 4s assented
135 So.
Connections
A
10934
A- 'Bell
La Salle St.
{{♦Dul Sou Shore A Atl
Last
BONDS
N.
Y.
STOCK EXCHANGE
Week Ended Nov.
Range or
Friday
Sale
12
Price
Bid
tfe
F
A
J
J
{♦Refunding gold 4s
1934 AO
"10
♦Certificates of deposit.—
8
{♦Secured 434s series A
♦Certificates of deposit
1952 MS
834
9 >4
♦Oonv g 4)*a
1960 M N
"~534
Cb St L A New Orleans 5s.
1951 J
J
J
O
June 15 1951 J
„
D
Inc
334s
gu
6s
58
634
634
2234
Gen
6
7
4
Series
2534
2234
91
16
100
105
1944 A
10734
1st mtge 4s series D
1963 J
1951 M
guaranteed
Chic A West Indiana
1st A ref M
4)*s
con
"ios"
105
4s—1952 J
"9734
1962 M
D
ser
Chllds Co deb 5s
{♦Choc Okla A Gulf
cons
9534
68
67
68—1962 IV! N
Cincinnati Gas A Elec 33*8
1st mtge 3 348—
F
1966
1967 J
A
D
Cln Leb A Nor 1st con gu 4s...1942 M N
Cln Un Term 1st gu 5s ser C...1957 M N
1st mtge guar 3348 series D—1971 M N
Clearfield A Mah 1st gu 4s
J
1943 J
Cleve Cln Chic A St L gen 4s— .1993
97
9534
1943 A
D
General 6s series B__
1993
1977
J
I
'102"
1975 A
O
1955 J
Genessee River Jst s f 6s
1957 J
J
78
9934
N Y A Erie RR ext 1st 4s
1947 IVI N
50
91
10634
1939
St L Dlv. 1st coll tr g 4s
3
110
'
29
105)4
9734
9534
34
19
31
27
69
10634
*67
102
10634
12
10934
"7
*10034
10934
105
10934
105
89
8534
105
11
Cleve Elec Ilium 1st M 3 3* s—-1966
Cleve A Pgb gen gu 434s ser B.1942 A
"74"
"72"
"74"
Series B 334s guar
1942 A
1942 J
Series A4^s guar...
10434
O
110
11034
4
O
*109
110
J
Gen 434s series A
1977
10934
A
s f
s
5s series B guar.
O
o
1973
434s Berles C
1977
Coal River Ry 1st gu 4s.
D
1945
Colo Fuel A Iron Co gen s f 5s. .1943
A
♦5s Income mtge
O
1970
Colo A South 434s series A
1980 IV! N
o
ColumbiaG A E deb 6s...May 1952 M N
Apr 16 1952
Debenture 5s
Jan
Columnla A H V 1st
ext g
A
15 1961
4s. .1948
Columbus A Tol 1st ext 4s
Columbus Ry Pow A Lt 4s
O
J
A
1965 F
Conn A Passum Rlv 1st 4s
1943
1951
1951
Consol Edison (N Y) deb 3348.1946
3 348 debentures
1956
O
O
♦Good Hope Steel A Ir sec 78—1945 A' O
Goodrich (B F) conv deb 6s....1945 J D
9934
96
43 34
40
67
40
7734
94
93
4334
9434
Grand R A I ext 1st gu g 434s..1941 J
Grays Point Term 1st gu 5s..-.1947 J
9334
13
A
93
90
10534
9234 105
Gt Cons El Pow (Japan) 7a——1944 F
91
9134
11234
106
.
9734
10034
102
105
103
Copenhagen Telep 5s__Feb 15
1954 F
A
Crane Co s f deb 3 34s
Crown Cork A Seal s f 4s
1951 F
A
Stamped
as to
1951 J
1942 J
J
D
102 34
89
30
31
54
10734
9634
J
"18"
55
89
5
103
10334
101
102 34
8634
9934
105
10334
103
40 34
4734
3934
4734
*46
*40
D
10234
89
fllOO
9934
10534
10334
42
10334
*10534
*10734
1951 IVI N
13
*15
A
12
2
36
1534
1634
*334
43*
■
9934
101
General 434s series E
General mtge 4s series G
Gen mtge 4s series H
55
106
27
40
15
4034
7134
10334 11034
9934 10734
9834 10834
50
10334
10134 10534
7934 10334
9934
10234
97
23
9
152
----
23
61
29
•
10334 107
10134 106
30
65
6434
6234
55
10134 108
6134
104
9534
107
10134 104
10434 10634
10634 10834
10634 10834
11
3634
11
38
534
23
4
734
2234
3234
234
12
Gulf States Steel s f 4 34s
Gulf States Utll 4s series C
42
6734
■■
m
40
W
~
mm.
10434
51
10134
1023*
32
95
89
4
55
24
2134
10
22 34
2
2434
9234
983*
1013*
2434
9634
983*
1023*
95
5134
2434
963*
92
r
*88
"95"
1123*
106 34
35
10034
9334
23
10034
93
92
9134
10434
9534
74
92
10234
92
10534
9534
81
8334
*52
10
1940 M N
734
1034
O
O
1952
J
*80
*80
o
90
100
1966
o
36
100
24
104
J
J
o
107
233*
115
*613*
47
11834
16
34
39
11834
108
10734
J
"98"
O
98
s
"98"
98
O
5034
49
C
"4634
Litchfield Dlv 1st gold 3s_
1951
Loulsv Dlv A Term g 3 34s.—1953
98
98
65
4034
*
48
"~5
11
~~5
25
65
2
95
87
84
"26
45
104
*
"§4"
553*
5334
86
7934
7934
8934
334s—.1951
1951
14
10834
65
"4634
"443*
1950
Omaha Dlv 1st gold 3a
1951
St Louis Dlv A Term g 3a—.1951
Gold 334s
1951
64
93
~54~"
J
A
108
5
61
I
1955 M N
1 1968 F
11834
5234
183*
t
J
1953 M N
"li
9934
O
1952 J
7
10
6934
47
Illinois Bell Telep 334s ser B—.1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 334s
1951 J
1955 M N
"3
32
16
1951 A
24
99
50
1952 A
107
11634
43
"333*
1834
1951 IVI
8334
9934
J
1999
"95"
*1033*
o
5234
g
47
156
90
O
Western Lines 1st g 4s
118
8934
A
Aug
552
9134
1961
83
A.1957 F
Refunding 5s
40-year 4j*s—
Cairo Bridge gold 4s
7
44
91
J
*8534
83
♦Adjustment income 5s Feb 1957 A
Collateral trust gold 4s
5
7
*10434
1950 A
1949 M N
Extended 1st gold 3 348
1st gold 3s sterling
Collateral trust gold 4s
Refunding 4s
Purchased lines 334s
12
60
1950
{{♦Housatonlc Ry cons g 5s...1937 M N
Houston Oil sink fund 534s A.. 1940 IVI N
Hudson Coal 1st s f 5s ser A—.1962 J D
ser
10
7634
10634
1944
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
191
1043*
7534
7234
101
1952
434s
133
7534
73J4
J
J
10
*10634
J
1946
89
,
J
J
9934
10334
89
11134
1053*
1949
g
Hoe (R) A Co 1st mtge
2
40
1033*
J
...1946
10-year deb 4 34s
Hackensack Water 1st 4s
Springfield Dlv 1st
6
33
"mi
1952
Stamped
♦Harpen Mining 6s
Hocking Val 1st cons
--
101
104
103
35
22
J
1977
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 34s B
1st mtge 5s series C
Gulf A S I 1st ref A ter 5s Feb
10234 10634
9954 10734
~
101
*393*
*393*
J
J
1946
Gen mtge 33*8 series I
J
1907
♦Green Bay A West deb ctfs A.
Feb
♦Debentures ctfs B
Feb
10534 11234
10434 10734
10034 10834
26
1834
10534 10834
9234 10734
15
4134
15
4134
-1950 J
Great Northern 43*s series A..1901
General 534s series B
1952
General 5s series C
1973
General 434s series D
1976
10834
10034
4234
107
734
73*
113*
1134
94
35
10334
63*
634
934
7
S
7
10
*107
1534
1936 J
O
5
50
107
1969 J
4
10
52
10734
6634
O
32
4734
107
{♦Des Plains Val lstgu 434s__.1947 IVI
2
104
10634
6134
A
"I
1
1943 IVI N
3167.
72
10734
al00
"9934
D
g 4s...1936 J
103
101
103
1969 J
page
101
1971 J
{♦Den A R G West gen 5s.Aug 1955 F
♦Assented (subj to plan)
♦Ref A lmpt 6s ser B
Apr 1978 A
{♦Des M A Ft Dodge 4s ctfs.__1935 J
For footnotes see
37
10734
10334
f 5a_..1951 IVI N
Penna tax
105
103
1950 M N
Cuba RR 1st 5s g
1952 J
734s series A extended to 1946... J
{{♦DeD A R G 1st cons
{♦Consol gold 434s
7
18
55
IV! N
D
s
10534
2
D
1st mortgage 434s
10734
19
J
10534
11434
9934 10534
10734
10434
10434
10734
9534
1st A gen s f 0 348
11134 115
102
104
1
19
1943 J
Den Gas A El 1st A ref
22
*18
1946 J
Dayton Pow A Lt 1st A ref 3 34s 1960
102
186
O
1966 M N
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4 34s
1st A ref 434s
10034
10
1970 M N
1946
43
19
1st mtge 3348
Container Corp 1st 6s...
15-year deb 6s
to
20
9734
J
1956 i
6s series B extended
106"
18
♦Consolidation Coal s f 6s
1960 J
J
Consumers Power 334s.May 1 1965 IV! N
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5348—
10134
109
*19
10434
J
1st mtge 3 34s
100
11334
*104
non-conv deb 4s..1954
3348.......May 1 1965
97
90
*10734
9634
1st mtge
*10534
10534
62
-V
100
D
92 34
93
D
1955 A
D
60
1951
1955
—I960 J
14
Consol Oil
♦Debenture 4s
♦Debenture 4s
43*s
Goodyear Tire A Rub 1st 58—1957 M N
Gotham Silk Hosiery deb 5s w w '46 IVI S
Gouv A Oswegatchle 1st 5s
1942 J D
61
J
♦Debenture 4s
1st mtge
9434 10534
11234
9934 108
109
60
10734
{♦Consol Ry
25
"5
61
D
deb,3 348—
*11634
10034
{{♦Ga Caro A Nor 1st ext 6s..1934
99
9734
8634
2234
108"" 11034
166"
52
*
21
105
♦Consolidated Hydro Elec Works
of Upper Wuertemberg 7s...1956
Consol Gas (N Y) deb 434s
1951
eonv
52
55
13
*105
107"
107
95
52
97
234
254
234
1023*
15-year 33*8 deb—
..1951
Gen Pub Serv deb 5 34s
1939
Gen Steel Cast 534s with warr.1949
{♦Ga A Ala Ry 1st consSs Oct 1 *45
102
J
A
♦Sinking fund deb 034s
D
1940 J
♦20-year s f deb 6s
1948 IVI N
Gen Motors Accept Corp deb 3s '40 F A
10634
J
1961
*1
*1043*
J
10034
9534
O
Conn Ry A L 1st A ref 4 34s
Stamped guar 4 34s
Conn Rlv Pow s f 3J4s A
1134
10534 11134
11034 11034
106
A
1965 M N
*334
D
534a A
10634
O
Commercial Credit deb 334s...1951 A O
234s debentures
-.1942 J D
Commercial Invest Tr deb 334s 1951
J
83*
101
11134
8
734
100
113
"67
73*
O
10034
10634
5
,1
""m
J
11134
943*
05134
583*
83*
A
10734
3
9434
♦Gen Elec (Germany) 7s Jan 15 1945 J
105
1
102
87
*55
1947 J
106
10634
98
100
1952
Gen Amer Investors deb 5s A.. 1952 F
109
^
a5134
a5134
Gen Cable 1st
107
108
98
87
deposit
Galv Hous A Hend 1st 6 34s A—1938 A
Gas A El of Berg Co cons g 5s. .1949 J
f
45
983*
m
83*
S
10
■
9834
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
s
100 34
*92
D
1974 M
7
6734
*92
Fort St U D Co 1st g 4 34s
J
1941 J
Framerlcan Ind Dev 20-yr 7 34s 1942 J
J
Francisco Sugar coll trust 6s—1956 M N
103
160"
166"
10034
10434 108
J
f
Debenture 6s
*10534
10634
A
of
175
11234
100
J
J
4734
1153*
*---.
J {♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
10934 113
10934
O
1st
♦Certificates
104
101
1940
♦1st A ref 5s series A
9834
104
f 7s
Fonda Johns A Glov 434s
8934 104
9434 10434
*10134
a
348
*10834
8
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 34s.. 1959 J
10434 10634
104J4 108H
10534 10934
101
11034
10434 10434
6934
10434
Gen A ref mtge 4 34s series B.1981
Cleve Short Line 1st gu 434s—-1961
Cleve Union Term gu 534s
1972
Flat deb
94
9134
1948 M N
1950
55
35
4034
9734 10434
80
41
s
1942
2
49
1153*
1st lien s f 5s stamped——.1942
S
1st lien 6s stamped
1942 IVI S
30-year deb 6s series B
1954
D
10334 10634
26
Series C 334s guar
Series D 3 34s guar
11134
10134 10834
95
10834
9334 10534
10334
J
J
5s International series
103
1
473*
*
A
1956 J D
Federal Light A Traction 1st 5s 1942 IVI S
10734
10434 113
8534 10734
89
1990 M N
Spr A Col Dlv 1st g 4s
1940 M S
W W Val Dlv 1st g 4s
J
—.1940
Cleve-Cllffs Iron 1st mtge 43*8.1950 M N
1st
1938 IVI
1954 F
Fairbanks Morse deb 4s
11534 118
J
Cln Wabash A M Dlv 1st 4s_1991 J
5
10734
108
24
"413*
J
98 34
3434
10134
D
Ref A lmpt 4 34s series E
Cairo Dlv 1st gold 4s
47
11334
9434
50
10734
10934
10734
1963 J
1st mtge 33*8 series E
334s
47
90
104
50
5134
*
1967 IVI N
3d mtge 4348—
85
59
4734
—..1953
Ernesto Breda 7s
Guaranteed 4s
85
56
473*
86
50
10
95
*102
80
50
31
10134
*102
"85*
Chicago Union Station—
110
95
1953
4s series D
Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
"84
6
*903*
1953
B
conv
10134
O
1940
Conv 4s series A
♦86
D
Dec 1 1960 M S
-
1996
17
9
1033*
110
85
2634
1033*
10134
1940
1st consol gen
103 3*
10134
10234
1996
734
96
1033*
1905
4s prior
lien g 4s
11
1033*
1941 IVI N
cons g
107
*135
Erie RR 1st
4 2 34
3
2
*107
10334
8334
4334
1634
1534
2
2
28
10634
5s stamped
Erie A Pitts ggu 3 34s ser B
Series C 334s
115
10
,^834
834
934
834
834
5
534
D
Gold
115
55
11134
10134
27
El Paso Nat Gas 434s ser A....1951 J
El Paso A S W 1st 5s
1965 A
D
49
11134
10134
10134
High
50
8
D
Memphis Dlv 1st g 4s
1951 J
Chic T H A 8'eastern 1st 5s..-I960 J
56
*1834
21
1734 -.1734
♦Certificates of deposit
10
13
*38
g 5s—1937 J
Elgin Jollet A East 1st g 5s
Jan. 1
Low
High
♦4834
21
Since
Asked
Txnc
{{♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% par paid
{♦Chic R I A F Ry gen 4s
1988
Range
26
1043*
*38
1950 M N
Ed El 111 Bklyn 1st cons 4s
1939 J
J
Ed El 111 (N Y) 1st cons g 5s.. 1995 J
J
Electric Auto Lite conv 4s.....1952 F A
Week's
30
10934
65
D
D
East T Va A Ga Dlv 1st 5s
Friday
No.
*40
D
Duquesne Light 1st M 334s....1965 J
Cgo. 543
High
11234
108
70
1995 J
Detroit Term A Tunnel 4 34a.-1961 IVI N
Dow Chemical deb 3s
1951 J
D
%andolph 7711
System Teletype
Asked
*40
1995 J
East Ry Minn Nor Dlv 1st 4S..1948 A
eN.. Y. 1-761
<S
11234
10734
10934
104?*
108
O
1995 J
♦2d 4s assented
Chicago, III.
T)Igby 4-5200
bid
O
1965 A
♦Second gold 4s
Trtrate Wire
or
Friday
Price
Gen A ref mtge 334s ser G...1966 M S
♦Detroit A Mac 1st lien g 4s—.1996 J D
%AILROAD 'BONDS
One Wall Street
"-.a.
Detroit Edison Co 4 34s ser D..1961 F
Gen A ref 5s ser E
1952 A
^ew Tmrk Curb £xchangg
^itw York, <2^. Y.
Range
Sale
12
Low
f ^ew r°rk Stock Exchange
\
Y.
13, 1937
Week's
"8734
Friday
Week's
Last
Range or
Sale
Friday
Bid
<k
Asked
lb
BONDS
N.
Y. STOCK EXCHANGE
Week Ended Nov. 12
Price
L A N O—
A
1963
1963
1940
1st ext 4s.. 1940
g 4s
1950
series C
Illinois Steel deb 4 Ms
1st A ref 4 Ms
Ind Bloom A West
Ind 111 A Iowa 1st
51
45 M
Int Agrlc
Teleg deb g
t*Iowa Central Ry 1st A
James Frank A
Jones A
55 M
55 M
85
50
97
49
95M
51/
28
22 M
43
56 M
57
78
81
95
98 M
99
22 M
5%
75
39
21
13
"22"
19/
5%
5M
21
62
8
55
92 M
85
J
85
F
J
J
M
S
16
89 M
If A I Namm A Son 1st 6s
92
M 102 M
Marlon Steam Shovel s f 6s
41
76M 101/
222
74
75
94 M
61M
80
40
80/
3M
84/
97
*92
O
28
33
J
115
11/
31
35
J
J
*_..
J
F
A
J
J
J
J
J
102
101M
102 M
100/
100 M
M
8
24 /
A
O
93 M
A
F
A
Lehigh Val (Pa) cons g
102 M
23 M
58
50 M
93 M
2
65/
69
53 M
70M
16
54
70 M
89
101
J
1st Chicago Term s
68 M
♦General 4s
54
49
70
♦1st A ret 5s series
90
D
100 1
101
101M
28/
30 M
74 M
J
72 M
2003
2003
Leh Val Term Ry 1st gu g 5S...1941
Lex A East 1st 50-yr 5s gu
1965
Liggett A Myers Tobacco 7s...1944
5s
1951
72M 104M
H* 90
80
100 M
*35/ !S 45
1 33 M
34
35
*78
33 M
66
S
94/
78
30
20
34
33
33
77
20
75
90
86
100M
Ji 76
77
107
*86 M
1938
1954
4s——2003
74 M 106 M
105M
A
General cons 4Ms..
35 M
21/
138
Ml 100
*
S
F
109M
99 M
66
*97
O
M
General cons 5s
98
84
75
72 M
30
1940
J
102
J
A
99 M
100M 106/
91M
*
IVI N
64 M 103M
72
26
Mo Pac 3d 7s ext at
.
76 M
Montana Power
33 M
86
Gen A ret s f
O
117/
117M
3
116
129/
Gen A ret at
O
127M
128
4
126
136
Gen & ref 8 f
F
A
122 M
122 M
123
29
117
126 M
D
106/
105 M
108
29
103
108
A
Long Dock Co 3Ms ext to
Long Island gen gold 4s
Unified gold 4s
Guar ref gold
4s
4s stamped
Lorlllard (P) Co deb
F
A
1952
1950
1938
1949
1949
1949
J
D
—1944
7s
1951
Louisiana A Ark 1st 5s ser A—1969
Louisville Gas A Elec 3 Ms
1966
Louis A Jeff Bdge Co gu 4s
1945
5s—
Louisville A Nashville
A
IVI
s
f deb 58.1951
deb 5 Ms. 1950
McCror> Stores Corp s
A—1945
--I960
7 Ms—1942
Maine Central RR 4s ser
4Ms ser A
|J*Manatl Sugar lstsf
♦Certificates of
93
106 M
93
93 M
93
104 M
7
125/
118
118/
J
93/
73
99 M
106
102 M
112M
48
105
102 M
7
101
109 M
111
98/
5
93
108M
92
2
92
103 M
m
«.
112M
4
108 M
91
IIIM
+
19
86
84
108 M
s
F
10
105 M
+
M S
Ml N
67M 100M
92
92
A
J
32
98 M
101
o
J
135
116M 124M
109
105
102M
O
o
126
101M
.
101M 103M
4
73
101 Mi
*108
J
O
i
70 M
8
-
—
—
—
90
112M
112M
-
1
111M
*86
-
83
/
98
105 M 111/
96 M
85 /
110M 115
92
--
Gen A ref s f
Morris A Essex
Constr M 5s
99 M
IVI N
99M
100 M
16
99 M 106
99M
98 M
101/
78
99
105M
J
D
95
96
96/
2
95
105M
j
i
O
J
D
M
19
55
86M
46
4
25
90
45
48
55
25
90 M
33 M
30%
33/
70
25
57 /
32 M
D
A
43 H
47
J
29M
32/
45
23,
53
15
15
10
12
33 M
92 M
67 M
-----
55% k 57M
86
IVI N
J
82 M
70
69 M
92/
90
78M
27
32
41
S
M N
J
*68
91M
17
16
46 M
57
57
3M
21H
3M
2%
3M
2M
10
3
2M
13
16 /
11*.
13
8
14
16
12 /
*8
70 /
"37 / "~~8
1978
•
37
72 M
96 H
46
49/
36
43
88 M
39
43
28
38 M
76
43 /
41M
43 /
14
41M
79 H
26
22
22
80
20
26 M
22 M
91
21M
122
20
48 H
M
18M
6M
18M
18M
18 /
8
22
19
5
18M
8M
298
5H
22 M
269
18 M
49
18M
5
18M
47
22 M
90
18M
48 M
19
45 H
MN
22 M
"T/
5M
22/
19 M
22 M
118
17/
17M
1
18 /
22 M
19
90
19M
M
18M
83
"20"
2
88
*.....
2
86
6
/
F
A
22
22
4
S
17
13
17
52
M
S
17
14/
17
9
81
83
4
M S
45 M
24
18 M
5
19 M
48 H
17M
46 M
18M
49 H
18M
47
92 M 100
97
93
M
18M
8M
9M
64M
80
98 M
39 M
39 H
106 M
A
O
1
105
111K
104
7
100
90
104
O
A
106 M
103
IVI N
94
7
90
108M
110M
89/
91/
78
J
100 /
100 M
2
O
*73 M
74/
98 M 104 M
85 M
79 H
*73 M
74 /
74
86 M
82 M
74 %
80
80 M
*73/
74
75
74
64
66
58 M
62
♦113M
115
90M
D
O
*
o
o
D
75
M N
1955
1955
M N
"62"
M N
99 H
89M
84
79 H
M
64
97 M
102
58 M
106
81
8
81
30/
29 M
30 M
9
24
100 M
IW N
~99 M
*97 M
98 M
99 M
IVI N
102 /
102 M
102 %
F
J
J
D
1965
1954
5s—1948
England RR guar
6s—-1945
81
A
J
J
J
J
111
98 H
63 M
95
101
187
96
37
100
107
106 M
*l/8
*l/8
J
J
97
112M 119
IVI N
Mexico—
♦4Mb Jan 1914 coup on—...1957
♦4Mb July 1914 coup on
1957
♦4M July 1914 coup off
1957
♦Assent warr A rets No 4 on '57
♦4s April 1914 coupon on...1977
♦4s April 1914 coupon off
1977
♦Assent warr A rets No 5 on *77
Nat RR of Mex prior lien 4 Ms—
♦Assent warr A rets No 4 on. 1926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off...1951
♦Assent warr A rets No 4 on *51
coll s f 4s
^♦Naugatuck RR 1st g 4s
19M
*
S
National Rys of
J
*1M
4
1/8
*2M
*2M
1/8
*2
1/
AO
3/s
2M
20
105 X
51
A
O
J
J
A
O
2M
*l/s
A
O
J
D
2M
2M
6H
4
"2"
'6M
2M
7H
2M
IH
*l/s
*1%
105 M
105 M
84
IVI N
J
J
J
1945
J
New England Tel A Tel 5s A.. 1952
M
1st g 4 Ms series B
1961 F
N J Junction RR guar 1st 4s.-1986
N J Pow A Light 1st 4Mb
I960
New Orl Great Nor 5s A
1983
N O & N E 1st ref A imp 4 Ms A 1952
New Orl Pub Serv 1st 5s ser A.-1952
1st A ref 6s series B
1955
New Orleans Term 1st gu 4s... 1953
♦Consol guar 4s
22
MN
5s...1947
Mut Un Tel gtd 6s ext at 5%..1941
If Namm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4 Ms extend to
1946
Nat Dairy Prod deb 3/s w w—1951
Nat Distillers Prod deb 4 Ms—1945
Nat Steel 1st
61M
76
42/
3/8.1966
series B
96
74
49 /
ret 5s
1941
5s series A
1955
5s series B
1955
4Mb series C—1955
5s series D
1955
1st gu 3 Ms
2000
Constr M 4Mb
95 M
35
76
•
series A
28 M
67 M
95
35
J
30
9
10
8
*96
M N
37 M
32
9
12
68
68
J
8H
10
*9M
Mutual Fuel Gas 1st gu g
^♦New
99 M
77
16
Newark Consol Gas cons
IVI N
85
90
13
100 M
109 M 115
93
*97
A
—.2013
Manila Elec RR A Lt s f 58—1953
Manila RR (South Lines) 4s—1939
1st ext 4s_
1959
f^Man G B A N W 1st 3 Ms.—1941
4
*121
O
3167.
108
95 M
A
A
page
94M
O
deposit
For footnotes see
3
94/j
95 M
S
106/
"2
F
M
79M
94 %
A
J
65
101H
s
M
101M
95 M
101
5
101
Mi,
94 M
IVI
t^Manhat Ry (N Y) cons
4s. 1990
♦Certificates of deposit
♦Second 4s
78
69
i
101
s
1940
B
2003
1st A ref 4Mb series C
2003
1st A ret 4s series D
...2003
1st A ret 3/s series E
2003
Paducah A Mem Dlv 4s....1946
St Louis Dlv 2d gold 3s
1980
Mob A Montg 1st g 4Mb
1945
South Ry Joint Monon 4s—1952
Atl Knox A Cln Dlv 4s
1955
Lower Austria Hydro El 6 Ms—1944
99 X
69
D
IVI
1st A ref 5s series
Gen mtge
~98M
69
RR—
Unified gold 4s
McKesson A Robbins
~99M
108
108
110M
O
J
I
83
15/
Montreal Tram 1st A
A
1946
3 Ms
Lombard Elec 7s ser
•
1st A ret
29
J
Loews Inc s f deb
"•
1
•
50
109
95
6M
F
1960
1965
4 Ms
A
Liquid Carbonic 4s conv debs..1947
M N
Little Miami gen 4s series A—1962
Q
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
6s debentures—
90 M
55
s
♦Ref A lmpt 4 Ms
51
96
105
26
"6M
IVI
^♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 58.-1947
33 M
93 M
105
97
*
M N
4%-July 1938
37 M
t
O
J
5 Ms
1949
A O
♦1st A ref g 5s series H
1980
♦Certificates of deposit
F A
♦1st A ret 5s series I
....1981
♦Certificates of deposit
31
33/
37
98
22
17
S
J
gold
35
IVI N
M N
A
133
32
29M
31M
3
65
38
M N
G
♦Certificates of deposit
1st mtge
65
J
J
IVI
of deposit
♦1st A ref 5s series
♦Conv
5
101
83
1975
1977
F
26
99
89/
of deposit
43
108
96
100 /
100M
D
D——-1978
♦Cum adjust 5s ser A
Jan 1967
^♦Mo Pac 1st A ref 5s ser A
1965
♦Certificates
90
88
26
1962
40-year 4s series B
Prior lien 4/s series
53 M
*
J
J
f 4s
104M 110M
95/
J
J
^♦Mo-Ill RR 1st 5s series A
1959
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A—.1962
54
J
J
J
B
1st ref 5 Ms series
52
54
1974
4 Ms
90
5 Ms
♦Certificates
Lehigh C A Nav s f 4Mb A
1954
J
Cons sink fund 4 Ms ser C—1954
4s A—1965
4s
1945
Lehigh Val Coal 1st A ref s f 58.1944
1st & ref s f 5s
1954
1st A ref s f 5s
1964
111M
1st A ret 6s series A
25-year
5H
28
21
103 M 105 M
*77
D
1938
1940
1949
1978
1941
int
1st cons 5s gu as to
16M
m
103 M
J
.1938
1st cons 5s
64
"53 /
99 H
7H
105
4s Int gu.1938
M St P A SS M con g
*85
A
100M
J
4Ms(1880) 1934
1939
Con ext 4 Ms
1939
^♦Mll Spar A N W 1st gu 4s... 1947
^♦Mllw A State Line 1st 3 Ms—1941
j*Mlnn A St Louis 5s ctfs
1934
♦1st A ref gold 4s
1949
♦Ref A ext 50-yr 5s ser A
1962
63
A
Lehigh A New Eng RR
Lehigh A N Y 1st gu g
104/
99
33 M
64M
65 /
F
1975
99 M
37
jlioi
93 M
F
1997
33
*92/}* 93 M
A
F
98 M 102
98 M
23 M
1941
Leh Val N Y 1st gu g
112M 119M
?98M
J
83 M 108#
114
100
111/
*
M N
F
146 M 161
100
100 d
D
J
5
4/
*88
107/
109 M 109M
107 M 108 M
...
84/1*84/
84 M
100
D
J
99
102
*150
O
89 M 101M
109
.
*100
A
115/
108
99
.
J
J
88 M 100
29
96
*
J
RR—
extended at 3% to.. 1947
gold notes
5s
n
«88M't91
*108/f—_
89
Lake Erie A Western
Leh Val Harbor.Term gu
1st mtge 5s
25
8
O
J
J
t {♦MlIw&No 1st ext
1st ext 4M8
25
M
A
*
IVI N
1961
1971
21
Ma ext to
Koppers Co 4s ser A.
.1951
Kresge Foundation coll tr 4s..1945
3 Ms collateral trust notes—1947
^♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 58.1939
Coll A ref 5 Ms series C
1953
Coll A ref 5 Ms series D
1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
1st & ref s f 5s
3 Ms—
Ref A lmpt 4 Ms series C
J
M S
1940
*24
1954
1941
♦1st mtge Income reg
1st gold
J
t*Mld of N J 1st ext 5s
*35
*26
1940
1951
1952
1979
107M
102M 109 M
100 M 104 M
"2l"
21
103
93
2
7%
7/
*1/
*2/
21
D
Mllw EI Ry A Lt 1st 5s B
*16Mil20
1961
unguaranteed
1961
Kings County El L A P 6s
1937
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s-_
1954
3 Ms
Nitrate Co Ltd—
4
12
103
102
"~7H
J
102 M 105
44
40
108
Mi: 104
A 50
107/
104
A
58 M 100
109 /
106
56
66
M N
4 Ms
2d gold 5s
95
73/J 75/
64
107 %
J
D
Plain
Lake Sh A Mich So g
69
27M11 29M
51
M S
64
M N
1961
Kinney (G R) 6
27M
65
O
O
coupon)
1977
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
66 M
75 X
29 M
deposit
1st & ref 6 Ms
26
13
A
F
City Air Line 4s
68
107/
102
s
Jack Lans A Sag 3 Ms.
71M 100
85
106 /
107 /
IVI
1977
106
2
72
High
97M 104
"25
GQ
M S
97 M 108
Low
11
100 M
"loo"
♦4s (Sept 1914
No.
103/
91
J
4s. 1938
|f*Met West Side El (Chic)
♦Mex Internat 1st 4s asstd
9M
72
O
IVI N
1968
1950
Metrop Wat Sew A D 5 Ms
97
33
1st 6s with warr.. 1945
Metrop Ed 1st 4 Ms ser D
84 / 102 M
15
Ml f 96/
A
1943
38 M
97 /
O
D
Since
Jan. 1
as
High
103 M
72
D
J
1947 A
A...April 1940 Q
93 M 102
2M
84/
8
A
partlc In
Market St Ry 7s ser
Mead Corp
57 M
86
J
Stamped
Mfrs Tr Co ctfs of
95
82
IVI
1st gold 3s
Secured 6%
90
63
Range
12
§
Asked
&
Low
40 M
51
27
A..1961
4s..1990
M Ry ref g 4S.1936
Bid
Price
Week Ended Nov. 12
46
95
3M
Friday
40 M
2M
60
A
1950
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4Mb—1980
♦Karstadt (Rudolph) 1st 68—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 A Ind Term 4MS---1961
Lautaro
21
~26
83 M
Range or
Sale
EXCHANGE
N. Y. STOCK
17M
4/
Week's
Last
BONDS
42 M
58M
56 *
84
F
Ref & lmpt 5s
102
17
53 M
A
J
Friday
104M
98 M
93 /
J
1-1598
91
20
193 M
KS7m
Hi 841
♦82
M N
A. T. * T. Tele. N. Y.
Telephone WHltehall 4-2900
"74
69
* 57
57
93 M
A
ref 4s. 1951
|
NEW YORK
Wall St.
91M
67
9
r 221
♦17
67 M
A
56
53
I 56 M
57
80
J
M
13 M
Stock Exchange
Members New York
63
54 M
Clear 1st 4s...1959
♦Certificates of
5s 1937
98/ 105 M
21
J
Laughlln Steel 4Mb
Kan City Sou
52
J
Kanawha A Mich 1st gu g
C Ft S A
108
A
1955
Debenture 5a
101
O
J
1947
4Ms~1952
1939
1st lien A ref 6 Ma
Conv deb 4 Ms
37
J
A
1st 5s B...1972
Int Rys Cent Amer
104 /
50
1955
Ref s f 6s series A
29M
101M
104
IVI N
1942
J*Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
♦1st 5s series B
1956
♦1st g 58 series C
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A & B—1947
Int Telep A
J
D. H. SlLBERBERG & Co.
43
20
♦14
♦100
104 M
"22 M
1932 A"o
M S
1932
1947
4s
Corp 5s stamped
106 M 108
104 M 104 M
96 M 107
102
J
JInterboro Rap Tran 1st 5s...1966
♦Certificates of deposit
Interlake Iron conv deb
87M
10
FOR BANKS AND DEALERS
91/
43 /
J
J
|*10-year conv 7% notes
♦Certificates of deposit
48 M
77
O
^♦Ind A Louisville 1st gu 4s.-.1956
Ind Union Ry 3 Ms series B
1986 M S
Inland Steel 3/s series D
1961 F A
§♦ 10-year 6s
107
107
O
A
BROKERS IN BONDS
High
Low
141
43 /
A
Jan. 1
51/
46
48 M
D
J
Since
£3
107/
D
Joint 1st ref 5s series
Range
I
High
Low
Ill Cent and Chic St
3165
New York Bond Record—Continued—Page 4
145
Volume
*U6M
D
*25
J
*25
J
N
_50"
49 M
122 M
123
120 M
D
120 M
120 M
>
100
A
105M
105/
1
105 H
72H
*45"
102 M 107 H
93 M
65
116M 122 M
52
82
52 M
74 M
118M 127M
116M 125 M
101
100
104 M 108 M
98
75 H
63
70
85 H
103 M
95 M
94 M
95 H
90 H
95
94 M
95 M
89 M 103
78
78
78
78
100 H
New York Bond Record—Continued—Page 5
3166
BONDS
N. y.
Last
STOCK EXCHANGE
Week Ended Nov.
Bid
A
A
O
1954 A
♦1st 5s series B
O
High
35
30
35
51%
69%
64%
32
60
Paris-Orleans RR ext 5%s
Parmelee Trans deb 6s
30
65%
Pat A Passaic G A E
A
"32""
35""
35
32 M
32%
2
77 M
81%
86
36%
O
32 M
""5
♦110
A
81 %
O
A
.....1946
A
2013
2013
secured 3%s—
1952
10-year 3%s sec s f
"17
34
A
Newport A C Bdge gen gu 4%sl945 J
N Y Cent RR 4s series A
1998 F
91
90
92%
A
O
66
%
62
67
C
A
O
73 M
69
Conv
M N
N Y Cent A Hud River M 3 %s.l997 J
87
J
81%
91%
102%
61%
91%
1942 J
Debenture 4s
Ref & lmpt 4
%s ser A
2013
gold 3 %s.—1998
Mich Cent coll gold 3%s
1998
A
Lake Shore coll
F
{♦N Y Chic A 8t L 1st g 4s
1937
Ref 5%s series A
1974
Ref 4%s series C
-.1978
3-year 6fi
Oct 1 1938
A
4s collateral
66%
A
N Y Connect 1st gu 4%s
1st guar 6s series B
A
N Y Edison 3%s ser D
1st lien A ref 3Ma ser
8
82%
4
77
78
11
92
93
28
66%
108%
*109%
50%
50 %
6
"50%
"_6
48
*40
E
A
O
A
45
101%
O
247
108%
*43
1965
1966
81% 109%
91% 105
101% 108%
59%
96%
83%
98%
82
97%
101
102
101
1949
A
95%
77
100%
92
105%
106
109%
108% 109%
47%
72%
37%
72
40%
60
102
122
97
105%
97% 105%
122
112%
113
113%
N Y A Long Branch gen 4s
90
103
43%
43%
19
119%
119%
119%
5
1968
93
1944
116% 125%
109% 117%
1942
95
95
97% 101%
*102
99% 107
93
105%
*85
98
98
98
*88
102
*105%
.1941 M
it
98
106%
105% 106%
106
108%
103
{♦N Y A N E (Boat Term) 4s.. .1939 A
*97"
109%
99% 102
100
4%s series B
1981
Pennsylvania PAL 1st 4 %s—1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3%s ser C
1970
Consol sinking fund 4%s
1960
General 4%s series A
1965
104%
1968
110%
Debenture g 4%s
General 4%s series D
1970
93
99%
99
1984
100%
1943
1947
111%
1952
6s
93
Peoria A Eastern 1st cons 4s.-.1940
4s
7%
Peoria A PeklnUn lst5%s
1956 J
Marquette 1st
ser
A 6s
107
Phlla Bait A Wash 1st g 4S-.-1943 M N
General 5s series B
-1974 F
General g 4%s series C
General 4%s series D
Phlla Co
sec
1948 J
J
♦Collateral trust 6s
1940 A
O
♦Debenture 4s
1957 M N
♦1st A ref 4 %s ser of
1967 J
1927.
D
♦Harlem R A Pt Ches 1st 4s. 1954 M N
{♦N Y Ont A West ref g 4s—. 1992
♦General 4s
S
M
1955 J
J
N Y A Rlchm Gas 1st 6s A
9
11
21
24
25
59
85%
85%
10M
10
11
10%
7
6
68
105
96 M
96%
*97%
107%
F
A
j"j
{♦N Y Westch A Bost 1st 4%s.
Niagara Falls Power 3 %s
Nlag Lock A O Pow 1st 5s A...
Niagara Share (Mo) deb 5%s_.
1950 IVI N
Nord Ry ext sink fund 6 Mb
1950 A
1946
1966 M
1955 A
{{♦Norfolk South 1st A ref 5s.. 1961
F
S
A
♦Certificates of deposit
{{♦Norfolk A South 1st
103M
102
S
102
1974 IVI
♦Oct. 1 1934
guar
99%
6%
18
Ref A lmpt 6s series B
2
108
75
104
12%
23
95% 109%
9
32%
10
16
70
9
55
117%
13
112
106
12
31
10
82%
97
102
104
-
100
44
111
125
122
106%
98% 105%
101% 106%
95%
107
120
120
72%
83
87
72
66
J
95
64%
J
93%
62%
74
J
2047 J
J
2047 J
J
1938 A
96%
69
64%
48
72
F
74
O
"78%
78M
♦Og A L Cham 1st
Stamped
gu g 4s___ .1948 J
J
16%
J
J
13
Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1st mtge3%s
Oklahoma Gas A Elec 3Ha
4s debentures
1966 J
87
95
%
95%
A
D
1943 F
A
g 4s... 1946 J
D
5s... 1946 J
108M
"l2
91% 100
109% 112%
95
100%
97% 104
110
1938
1960 A
Pitts Y A Ash 1st 4s
75%
37
103%
45
99%
92
93
102
102
1966
102
*
8
A
115
115
106
"97%
63
54
62%
107
102""
102
1955
ser
A
.1948 J
1st gen 5s series B
page
3167.
13
A
1st gen 5s series C
1974 J
12
8
108
5
106
1977 J
Port Gen Elec 1st 4%s
1st 5s 1935 extended to 1950
conv
88
6
5
110%
..
98%
63%
37
82
103
111
99% 107%
94% 100%
102%
102%
99
105%
98% 104%
108% 108%
97
101%
62
75%
114%
114%
125%
124%
-
..
»
—
113
-
„
.
-
-
—
111
110
111%
3
110
110%
110%
4
110% 123%
104
103
105%
22
*106
*
~
_
-
78
*60
«•
—
-
124
103
107%
112% 113
64%
90%
75%
63
64%
*
*108%
64%
110
108
96
97%
110%
119% 124%
-i
*110
57%
53%
J
104
~
«■.
59
148
41
104
10
104
3
48
52%
80
52%
12%
102%
13%
102%
14%
1
100
106
2
80
*6%
{♦Providence Sec guar deb 4s—1957 IVI N
{♦Providence Term 1st 4s
1956 IVI s
75%
108%
88%
9%
45%
164
102%
80
80
100
10
7%
85%
"85%
J
28%
90
4
85
1
86%
84
120%
77% 104%
91% 108%
91% 108
101
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)..
J
D
{♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
Gen A ref 4%s series A
1997 J
Gen A ref 4%s series B
1997 J
97
77%
79%
56
91%
91%
93%
137
92%
53
97%
J
97
79%
92%
92%
J
Remington Rand deb 4%s w w.1956 IVI
s
95
97%
41
Rensselaer A Saratoga 6s gu—1941 IVI N
Republic Steel Corp 4 %s ser A. 1950 M S
*
s
f 7s
1946 J
♦Direct mtge 6s
s
85%
f conv debentures
118
105
85
J
106%
172
85%
44
101%
39
*20
27
*17
J
21%
.
-
22
-
28%
25%
28%
26
19%
26%
25%
28%
42
19%
28%
5
19%
84%
92
1955
27
1
19
A
91
56
104
104
5
a50
a50
87%
D
101% 104%
60
53%
"69%
J
O
19
20%
1977 M S
108%
•
108%
8%
..
*30
1949
14%
4%s...l941
*14%
♦Stamped
15
101
100
••
«.
*.
_
99%
—
_
2
9
20
36
1
14%
22
13%
15
3
15
4s
*
1933 IVI N
55
58%
♦Certificates of deposit
*56
{♦S L Peor A N W 1st gu 5s._.1948 J
St L Rocky Mt A P 5s stpd...1955 J
{♦St L-San Fran pr lien 4s A.. 1950 J
♦Certificates of deposit
♦Prior Hen 5s series B
♦Certificates of deposit
♦Con M 4 %s series A
♦Ctfs of deposit stamped
J
15
33
99% 103%
100
10
97
109
1
107
104%
112%
96
103%
92
102
58%
32
55
89%
77
63
88%
21
*
J
34%
101%
St Louis Iron Mt A Southern—
g
84
52%
116% 117
107% 109%
8%
28%
20%
25%
13
32%
_
108%
91%
18%
93
*
1966
_
50
100
109
.
1996
91
2
14
20%
*115
s
{{♦R I Ark A Louis 1st 4%s„1934
♦Ruhr Chemical s f 6s
1948
♦{Rlv A G Div 1st
32
18
.
28
91
St Lawr A Adlr 1st g 5s._
2d gold 6s...
99% 130%
84% 100
100% 106
28%
104
♦Rut-Canadian 1st gu g 4s
112
83% 100
A
J
1962 IVI
115%
212
O
27
_
S
Roch G A E 4%8 series D
Gen mtge 5s series E
88
112
110
26%
27%
28%
28%
28%
N
1952
{♦Rio Grande June 1st gu 58—1939
♦Rio Grande West 1st gold 4s..1939 J
♦1st con A coll trust 4s A.
1949 A
1st con
19
84%
100%
105%
..1952 IVI
Rlchm Term Ry 1st gen 6s
♦Rima Steel 1st s f 7s
RR
__
118
85%
83%
100%
1952 IVI N
♦Cons mtge 6s of 1928---..-1953 F
♦Cons mtge 6s of 1930
1955 A
Richfield OllCorp—
110
116
90
95
111
_
_
6s..1942
f deb 5s.__-.1948 J
100%
109
120
*116
{♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951
s
87
107% 111%
109
113%
106
113%
110% 113%
108
112%
109
111
*117
1960 M S
J
30
108%
110
D
Porto Rlcan Am Ton
50%
20%
85% 102
D
1st 4%s series D
105
12
20
48
1950
j"j
1978
m's
74%
12%
74%
70
85
15
15
99
10%
37%
13%
J
13
14%
35
10
33%
1
14%
13%
14%
62
11%
14%
12%
10%
9%
14%
23
10%
12%
161
9%
36%
33%
33%
11%
108
9
30%
12%
11
'
For footnotes see
102
7
4%
*
D
1962 F
119
92
*111
O
4%s series C
♦Stamped
Safeway Stores s f deb 4s
1947
Saguenay Power Ltd 1st M 4%s '66
TSt Jos A Grand Island lst.4s-.1947
*
1966
1955 F
1st mtge
123
J
1938
110%
129
110
108% 117
87
106%
39
102%
87
O
117
1962 J
f g 3s loan ctfs
1959 A
103% 107%
99% 103%
69%
92%
101
Panhandle Eastern Pipe L 4s.. 1952 M
Paramount Broadway Corp—
104%
107%
33%
13%
109% 109%
96
106%
*118
99%
95
*108
14
106""
Pac RR of Mo 1st ext g 4s
1st mtge 4%s series B
♦Rutland
101
D
87
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4%s ser A... 1958 J
D
114
102%
-
16%
6%
11
107%
103%
97% 119%
107
113%
116
_
105
5%
*_
J
121%
104%
2d ext gold 5s
Pacific Tel A Tel 3%s ser B...
Ref mtge 3%s ser C
Paducab A 111 1st s f g 4 Mb
78% 109%
107%
106
1966 J
O
1977 J
116
*55%
106%
102%
99%
*85%
3
2
93%
16
D
1975 A
4%s series C
106
101
ser I
1970 J
Gen
116%
J
3 Mb
Gen mtge 5s series A
Gen mtge 5s series B
108%
8
D
104%
1963 F A
1964 IVI N
4%s
116%
1961 J
D
4%s
108%
D
92
A
♦Rhelnelbe Union
82%
12%
102%
96
1963 IVI
ser H... 1661 J
cons guar
♦Rhlne-Westphalla El Pr 7s—1950 M
110%
73%
84%
A
61
107
Ore-Wash RR A Nav 4s.
3%s
cons
♦Rhine-Ruhr Water Service 6s. 1953 J
17%
13%
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A 4 Mb
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G... 1964
Series I
Series J
4s
112
100%
74M
110
*114
O
72%
81%
93% 112%
103
110%
J
Guar stpd cons 5s
357
O
1960 F
cons guar
110
*115
J
1946 J
cons g
79
100
1945 IVI N
100%
110%
123%
12
Series H
106
110'332 1101332
99%
99%
D
99%
6%
F
85%
.
161%
101%
101
71
16%
Gen mtge 4%s series B
1961 F A
Purch money 1st M conv 5 %s '54 M N
Gen mtge 4%s series C
1956 IVI N
Revere Cop A Br 1st mtge 4 %s. 1956 J
J
J
1946 J
Ontario Power N F 1st g 5s
Ontario Transmission 1st 5s
con
J
106
75
1953 J D
1957 M N
4s
1965 M N
1972 J
gold—..1949
72
1943 M S
Ohio Indiana A West 5s.-Apr 1 1938
Q
fOhlo Public Service 7s ser B.. 1947 F
113
80
105
Series F 4s guar gold
Series G 4s guar
83
*103
*
107
3
1942 A O
1942 M N
1945 M N
Series C 4%s guar
•Series D 4s guar
Series E 3%s guar
99
26%
5
32
92%
1940 A
42
85
J
107
117%
5%
27
J
366
83
*
69
75%
125%
119
J
s
98
22%
109%
106
Northwestern Teleg 4 %s ext... 1944
1st M
4%
100
19
*70
..2047 J
Nor Ry of Calif guar g 5s
1st A ref mtge
1st A ref mtge
75
39
104%
April 1 '33 to
Ref A lmpt 5s series C.
Ref A lmpt 5s series D
Oregon RR A Nav
Ore Short Line 1st
94%
8
April 1 1937 lncl coupons.. 1945
North Pacific prior lien 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
Ref A lmpt 4 Mb series A
2047 J
Ohio
103%
5s—fc
Aaub coupons. 1945
as to sale of
101
22
♦Oct 1937 and sub coupons.. 1945
♦Stpd
46
"~3
75
90%
8
1974 IVI
Gen A ref 4%s series A
100%
109%
77
103%
106
107%
*40%
116%
101%
101%
102%
98%
11734
A
1957 M
North Cent gen A ref 5s
44
107
100%
10
110
8
78%
1949 IVI
PlTts C C C A St L 4%s A
Series B 4%s guar
Purity Bakeries
1961 F
♦{Northern Ohio Ry 1st
50
90
91
89%
98%
12M
2
35
69%
107%
"oo"
IVI N
Deb 6%s series B..._Aug 15 1963 F A
Deb 5s series C
Nov 15 1969 N M
8
5%
104
100%
1996 O A
A
16
13
80
.
6M
North Amer Co deb 5s
ser
108%
102% 108%
98% 107%
98
107%
13
92%
16
"75"
104
95
100
107%
23
[
"l5~"
Norf A W Ry 1st cons g 4s
No Am Edison deb 5s
96%
100
29
9
g 5s...1941
68
101% 109%
91% 105%
37
106%
102%
O
O
"68
106%
16
*31
106 M
46%
42%
101%
100
105%
.
"ij"
1943 IVI N
N YTelep 1st A gensf 4%s—. 1939 M N
ref mtge 3%s ser B—
1967 J
J
N Y Trap Rock 1st 6s
1946 J
D
6s stamped
1946
8%
105
14
I
65
6
105
16
37%
99%
7%
104%
A
1940 F
♦General gold 5s
♦Terminal 1st gold 5s
J
7%
20
85%
*98%
1956 M N
J
12
25
1951 IVI N
{♦{N Y Susq A West 1st ref 6s. 1937
1937
{♦2d gold 4%s
"ill
85 M
1947 IVI N
1st mtge 6s—
1st mtge 6s
71
40
111%
111%
82% 111%
116% 121%
7%
60
35
26%
39
1951 IVI N
N Y Steam 6s series A
20%
22%
23%
40
D
J
45
26%
{♦N Y Providence A Boston 4s. 1942 A O
N Y A Putnam 1st con gu 4s... 1993 A O
N Y Queens El Lt A Pow 3 %s.. 1965 M N
IN Y Rys prior lien 6s stamp.. 1958
47
20
107
99
82%
110
Pirelli Co (Italy) conv 7s.»
1952 IVI N
Pitts Coke A Iron conv 4%s A. 1952 IVI s
18%
20
88
98
69%
110
{♦Philippine Ry 1st s f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s.. 1943 A
24
254
93
111%
*109
19%
23
118
77%
1967 J
♦Conv deb 6s
240
..........
1981 J
5s series A
128
94
100%
100%
110
22
22
111%
70
110
*18%
20
271
1977 J
{♦Phlla A Reading C & I ref 68.1973
*19
89% 103%
115% 120
101
115%
106% 123
105%
100%
3 %s deb—1952 J
Phlla Electrlo 1st A ref 3%s...1967 IVI
23
109% 116%
77
75
46%
J
3
94%
121
84
1980 IVI
conv
96% 106%
112%
116%
108
109
77%
1956 J
1st g 4%s series C
Phelps Dodge
109% 111
15
6%
1974 F
Pere
102
105%
103% 107
112%
112%
69
April 1990
47
1956 J
108%
99%
89%
*116%
98
1956 M N
103
"188
113
91%
1981
Gen mtge 4%s series E
Conv deb 3%s
98
♦Conv debenture 3%s
♦Conv
debenture 6s—
100%
General 5s series B
20%
♦Non-conv debenture 4s
102
12
*117%
21
10
12
112%
112%
93%
94%
22
22
88
103
104
"99%
112%
21
♦Non-conv debenture 4s_... .1955
44
*109%
22
44%
47%
95% 106%
94
106
92
"166%
*19
♦Non-conv debenture 3%s_. .1954
10
32
102%
103
cons
101% 106%
104
107
104
Penn Glass Sand 1st M 4%s..l960
Pa Ohio A Det 1st A ref 4%s A. 1977
Refunding gold 5s
96
98%
93
Peop Gas L A C 1st
3
103%
77%
85
103% 107%
104% 110
1963
deb 4s__.. .1947
n-c
..
103%
104%
96%
40
116% 122%
8
95
*105
♦Non-conv debenture 3%s.. .1947
{♦N Y N H A H
95
1944
E trust ctfs
1st 4s series B
N Y A Greenwood L gu g 5s._, .1946 M N
N Y A Harlem gold 3%s
N
. .2000 M
N Y Lack A West 4s ser A.... -1973 M N
.1973 M N
4%s series B_
N Y L E A W Coal A RR 6 %s. .1942 IVI N
N Y L E A W Dock A lmpt 5s. .1943
J
94
13
105%
96%
1952
♦Income
Purchase money gold 4s
72%
Penn-Dixle Cement 1st 6s A—1941
70% 105
101%
D
92
34
5s... 1949
cons
28-year 4s
53
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 58-1948
47
Guar 3 %s trust ctfs D
991*1,102%
"78% "33
59
92
1951
1938
Serial 5% notes
Certificates of deposit
132
66 M
77
O
1953
1953
N Y Dock 1st gold 4s
3
66%
84%
*99%
70%
78 M
S
M
37
High
98
80%
Guar 4s
ser
Low
96
77%
♦Paulista Ry 1st ref s f 7s
103
High
No.
79%
Penn Co gu 3%s coll tr ser B_. 1941
Guar 3%s trust ctfs C
1942
68
119
102%
82
1940
trust
93%
83%
F
72
104
Since
Jan. 1
96
62%
113#
Range
eS
<§£
1947
67
77% 106%
90
104%
59%
96%
2
or
1955
3%s conv debentures
30
31
74%
87%
Paramount Pictures deb 6s
32%
110
Ref A lmpt 4 %s series
Ref A lmpt 58 series
33%
....
A
Low
35
1937
Asked
Friday
Bid
Price
na.
High
35
A
1956 F
.1956
1954
Low
Range
Sale
12
13,
Week's
Last
EXCHANGE
35
#
♦1st 6s series C
No.
STOCK
Week Ended Nov.
Jan. 1
♦25
35
♦Certificates of deposit
♦lst4%s series D—
♦1st 6%s series A
♦Certificates of deposit
N. Y.
Since
Asked
Low
BONDS
Range
Friday
Pries
{{♦N O Tex A Mex n-c Inc 6s..1935
Friday
Range or
Salt
12
Nov.
Week's
Friday
1
Friday
Last
Range or
Sale
Friday
Bid
<t
Asked
STOCK EXCHANGE
Week Ended Nov. 12
Y.
Price
High
No.
74
76 H
39
74
40
3
36
28
{♦1st terminal A unifying 58-1952
J
J
31
28
31 %
28
A-——1990
1st con g 4a—1968
J
J
24
17
24
28
J
D
96
96
102
4
J
*8
25
A
9
{♦St Paul E Gr Trk 1st 4 Ha—1947 J
4HS-1941
{♦St Paul & K C Sb L gu
F
*"l4
1942 J
D
1955
M N
Va Iron Coal A Coke 1st g 5s
Va A Southwest 1st gu 4s
1949
2003
M
54
1st
♦
1943
San Antonio Pub Serv let 6a.-1952
San Diego Conaol G A E 48—1965
Santa Fe Pres A Phen let 53—1942
{♦Schulco Co guar 6 Ha
1946
8 A & Ar Pass l8t gu g
4a
J
109H
1946
M S
J
J
110
1959
A
14
16H
4H
2
7
7H
18
*7
1945
M S
1933
{♦Seaboard All Fla 6s A ctfs—1935
MS
cons
6s aeries A
8%
1935
♦Series B certificates
F
F
9H
8H
•
8
20
20
A
A
355
27
1951 M S
1952 J D
Shlnyetsu El Pow lst6Ha
J
S
A
A
1952 A O
1951 J J
1950 A O
♦Silesia Elec Corp 6 Ha
Simmons Co
deb 4s
7s
.
Skelly Oil deb 4s
Socony-Vacuum Oil 3 Ha
22H
Wash Term 1st gu 3 Ha
14 H
1st 40-year guar 4s
-
-1965 F
Southern Kraft Corp
76
"25
1955
1955
Southern Ry 1st cons g 5a
1994
Devel & gen 4a series A
1956
Devel & gen 6s
---1956
Devel & gen 6Ha
-------1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
1951
East Tenn reor lien g 5s
1938
Mobile & Ohio coll tr 4s
1938
S-western Bell Tel 3 Hs ser B—1964
S'western Gas A Elec 4s ser D-.1960
So Pac RR 1st ref guar
2
101H 107 H
39
100H 106H
89 H 100 H
97
6
74
44
51
70
76
61H
124
61H
74 H
78
61H
61H
65
61 K
65H
65H
65H
89
88 H
90
120
104H
105
3
159
"84
"82 k"
84 X
^4.
47 H
54 %
202
65H
62
65H
80
64H
68
82
68
♦
J
~
*
107 H
107 H
101 %
108 H
100 %
101H
14H
D
M N
14 H
J
A
lol"
1961
D
99
4Hs
1943
♦Studebaker Corp conv deb 68.1945
Swift A Co 1st M 3H8
1950
Tenn Coal Iron A RR gen 5s.—1951
Tenn Cop A Chem deb 6s B—1944
105H
J
6
9
1953
Texarkana & Ft S gu 5 Ha A—1950
Texas Corp deb 3 Ha
---1951
Tex A N O con gold 5s
1943
Texas A Pac 1st gold 5s
2000
39
99
106
"76"
~7§H
100
look
"84H
"87 H
107H
114"
115H
123
85H
7
87H
87 H
18
109H
109H
O
1960 A
Jan
♦AdJ lnc 5s
{♦Third Ave RR 1st g 5s
1937
1952
J
7H
36
7
8
112
"99H
100H
82
J
Tide Water Asso Oil 3 Ha
Tokyo Elec Light Co Ltd—
D
Tol W V A Ohio 4s ser C
S
♦116H
.1949 M
—
deb A—.1953
Tyrol Hydro-Elec Pow 7H8—.1955
.1952 F
f 7s
.1962
J
{{♦Union Elev Ry (Chic) 5s— .1945
Union Oil of Calif 6s series A... .1942
o
.1952
J
3 Ha debentures
35-year 3 Ha debenture
United Biscuit of Am deb 5s.
111H
S
106 H
76
2
105H
106
58
14
"5
103
106 H
41
8
D
D
76 H
80
109
25
J
♦Un Steel Works Corp 6 Ha A-. .1951
.1951
♦Sec s f 6 Hs series C
63H
108 H
103H
109
25H
108 H
109
103 X
104 H
25
25
25
25H
25H
24
116H
109 H
111H 116H
91
101H
42
85
103 H
96
2
95
105
91H 101H
62
42
1961
3
109
24
34
103 H 107 H
33 H
22
23H
27
19H
32 H
32 H
J
90
92 H
19
88
.1944
A
93H
93
94 H
90
Utah Power A Light 1st 5s
.1947
D
54
51
59
41
J
IVI N
98 H
99
.1959 F
A
53 H
51
53H
88
41
O
87
86 H
87
13
58.1941
1955
1957
A
86H 111
F
A
1934
J
{♦July coupon off
J
107H
""2H
105
t Accrued
maturity
^Bonds called "for*redemption or nearlng maturity.
'{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or
""♦"Friday's
♦
reorganized under
such companies.
transacted during current week.
securities assumedby
bid and asked price. No sales
Bonds selling flat.
j
.
^
A
,
<
Deferred delivery sales
transacted during the current
week and not included
In the yearly range:
1968, Nov. 9 at 27.
Greek Govt. 6s,
_
Exchange,
at the New York Stock
Daily, Weekly and Yearly
Transactions
Railroad &
Stale,
United
Total
Stocks.
Mis cell.
States
Shares
Bonds
Municipal &
For'n Bonds
Bond
Number of
Week Ended
Bonds
1937
Sales
$748,000
$783,000
$5,346,000
1,222,000
220,000
1,313,000
1,572,000
321,000
7,625,000
7,610,000
10,778,000
1,924,150
13,815,000
6,183,000
6,121,000
8,885,000
1,882,930
7,424,000
2,448,000
213,000
10,085,000
6,999,806
$32,428,000
$7,303,000
$1,713,000
$41,444,000
766,390
1,377,566
Tuesday
1,048,770
Saturday
Wednesday
HOLIDAY
Thursday
Friday
...
Week Ended Nov.
12
Jan. 1 to Nov.
12
1936
1937
1036
1937
Exchange
176,000
6,999,806
12,652,820
364,269,010
420,965,340
$1,713,000
7,303.000
32,428,000
$12,101,000
9,316,000
51,460,000
$331,673,000
305,602,000
1,856,244,000
$276,628,000
288,115,000
2,498,686,000
$41,444,000
$72,877,000
$2,493,519,000
$3,063,429,000
Stocks—No. of share8.
Ponds
Government..;
State and foreign
Railroad and
Industrial
Total
Stock and Bond Averages
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
are
the
stocks and bonds
as
105H
'16
10
30
Date
4
20
Total
10
10
First
Second
10
Grade
Utili¬
40
Rails
ties
Bonds
Rail¬
Utili¬
70
Indus¬
Grade
trials
roads
ties
Stocks
trials
Rails
104.65
102.94
5H
4
20
Indus¬
113H
2
Bonds
Stocks
111
110
"2H
99
7
96
133
week_and.not included in the yearly
67 H
Cons a f 4s series B
24
7
28
*6H
J
10H
9H
{Negotiability Impaired by
of $4.8484.
Ex-Interest.
69
{♦Utll Power A Light 5 Ha
{♦Vera Cruz A P 1st gu 4 Ha
25 H
35 H
payable at exchange rate
x
88 H 106 H
M N
32 H
6H
during current week, a Deferred delivery sale; only
week.
» Under-the-rule sale; only transaction during
during current
week,
170H
184
O
Vandalla cons g 4s series A
12H
10
Cash sale; only transaction
r
transaction
36 H
106
.1944
Vanadium Corp of Am conv
14H
*8%
the current
Cash sales transacted during
e
114H
5
26
A— .1947
♦Debenture 5s
10 H
8H
8H
100 H
106 H 115
72 H 103H
64H
Utah Lt A Trac 1st A ref 5s
♦Sink fund deb 6Hs ser
89
90 H
104 H
"15H
13 H
13 H
14
IVI N
1943
1st mtge s f 4s ser C
95
97
90
62
101H 104
102
*108 H
1949
{♦ Wor A Conn East 1st 4 Ha
Youngstown Sheet A Tube—
47
7H
95
15H
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36
♦Certificates of deposit
47
12H
8M
7%
101H
12H
23 X
19
23
1960
{♦Wis Cent 50-yr 1st gen 4s
24H
*15H
95H
105 H 109
21
25H
*19
92
1947
Conv deb 3 Ha
U3H
95
D
Winston-Salem S B 1st 4s
106
90
Wilson A Co 1st M 4s series A--1955
Sales at
44
25
.1944
1938
107 H
8
95
D
Wllmar A Sioux Falls 5s
96
70 H
105
New York Stock
106 H
93 H
94
.1934
{{♦United Rys St L 1st g 4s
M N
U S Pipe A Fdy conv deb 3Hs .1946
J
U 8 Rubber 1st A ref 5s ser A-. .1947
1942
100 H
75
1
111H
111H
{♦WUke8-Barre A East gu 5s
63 H 109 H
25 H
19
9
90 H
A
M N
{♦Wlckwlre Spencer St't 1st 78.1935
J
J
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref conv 7s A.1935 MN
Total
110
62
F
39 H
107 H
107 H
M
1949 M
-
116H 121H
114H
101
105 H
70 H
2361
97 H
98
105H
111H
115H
79
10
102 H 106
23
11
42
118
110H
93 H
S
4a
100
93 H
O
73
2361
Registered
Monday
103
90
115 H
.1953
108H
98
S
.1952
24
Nov. 12,
83
51
97
O
United Drug Co (Del) 5a
78
46 H
101H
123
101H
.1971 M N
.1950 A O
Un Cigar-Wbelen Sts 5s
5H
79
96H 101H
90
105 H
75
73 H
30
104
25
.1970 A
34-year 3 Hs deb
107 H 110H
96
--?
104H
J
87
78
74
D
J
40 H
104 H
108
97
118
A
Union Pac RR 1st A Id gr 4s... .1947
1st lien A ref 4s
June 2008 M
M
1st Hen A ref 5s
June 2008
106H
*07
76
106
52
72 H
21H
z
102H 107H
116
119
♦11H
S
65 H 111H
66 H 107 H
87 H 108H
101
104H
-
32
75 H
•
97H
97
A
.1945
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ha
275
103
128 H
105
J
M N
"60
93 X
104 H
Trl-Cont Corp 5s conv
U N J RR A Can gen
62 H
60
*101X
D
4s—.1946
Trenton G & El 1st g 5s
sec 8
60 H
1950 A O
.1942 M S
Tol St Louis A West 1st 4s
Toronto Ham & Buff 1st g
D
1960
Tol & Ohio Cent ref A Imp 3J£8
Guar
loo"
1953
1st 6s dollar series
3
45
110
85 H
87 H
33H
72 H
70
105 H
85
22
85
35H
108 H
114
85H
J
111H
105
85H
1960
109H
118H
100
"~6
85H
Third Ave Ry 1st ref 4s
98
21
Interest
89H
1979
1980
87 %
16
73 H
current
105 H
2
1977
A--.1964
99
"*
Gen A ref 5s series C
Gen A ref 5s series D
16H
21
159
115
104H
18
No sales.
"82H 104"
106
104 H
111H
16 H
range:
93 H 105
21
90 H
105
108 M
"69
♦Westphalia Un El Power 68—1953
103
59 X
Gen A ref 5s series B
Tex Pac Mo Pac Ter 5 Ha
102
102 H 107H
126
115
"59
109k
98
106
59
99 %
109
70 H
106H
95
"16
H5H
109 H
103
6
♦
95 H
101
"58
105H
105
"72 k
IVI N
123H
106H 111H
109 H
102
89 H 106 H
70 H
J
1960
127H
96 H 100 H
117
98 H 106H
40
11H
10
104H
*114H
*116H
108H
108M
90 H
90 H
85 H
102
14
♦105H
1944
98 H
1950
—.1951
25-year gold 5s
30-year 5s
112H
80
"87H
1947
Ha—-1939
-
18 H
1966
1940
90 H 103
105
100
ioo"
Tenn Elec Pow 1st 6s ser A
1st cons gold 5s
Gen refund sfg4s--
98 H
~78"
J
M N
deb 6s ser C—-1944
Term Assn of St L 1st g 4
101
18 H
1938 J
4 Ha
g
"19k
135
19 H
19 H
White Sew Mach deb 6s
105H
63
110H
101H 105H
102
D
1946
A
Western Union coll trust 5s
Funding A real est
s
Wheeling Steel 4Hs series A
60
85H
85
ser
98
*107 H
18 H
97 H
43 H
100
~85
S
91
99H
98
100 H
82 H
89H
*11111
J
M S
{♦Western Pac 1st 5s
~~9
107H
93 H
92 H
o
1966
94H 108 H
100 H 100 H
"44
J
o
3
J
Wheeling A L E Ry 4a ser D
RR 1st consol 4s
97 H
61H
88 H 102 H
103 H 109H
98
96 H
98
94 H
*
o
Staten Island Ry 1st
Tennessee Corp
94H 101H
99 H
70M
64H
94 ys
119H
West Shore 1st 4s guar
29
94 H
o
M
107 H
6
102
70 H
J
♦{Spokane Internat 1st g 5s—1955
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
105
107
104H
100 H
o
1943
1946
4s
♦5s assented
98H 101H
77H
65M
J
4a
1st 4s stamped
West N Y A Pa gen gold
130
118
96 H
O
1950
San Fran Term 1st 4a
1st A ref 5 Hs series A
107
72
16
1946 IVI S
Western Maryland 1st 4s
94H 102H
100H 107 H
101H
O
1951 A
So Pac coll 48 (Cent Pac coll) -.1949 J D
S
1st 4 Ha (Oregon Lines) A—1977
s
Gold 4Ha
1968
Gold 4 Ha
1969 IVI N
M N
Gold 4 Ha
—1981
J
10-year secured 3Hs
---1946
4 Hs
S
82 H
Southern Natural Gas—
1st mtge pipe line
116
100 H
107
107
D
1946 J
4Hs
104H 108H
5
119H
J
: 102H
93 H
5
121H
k
*108
85
94 H
108H 112H
106
121H
99 H
J
68
102
1
106
J
106H
J
109
121H
1966
1952
1977
14
A
110H
1961
52
101H
102 H
106
1st mtge 3 Ha series 1
14
80
100
5
1st mtge 4s ser H
96H
106H
H
76
77
70
100
107
25H
91 %
100 H
H
100H
107 H
109
*
73
79
'loiH
30
18H
90
105H
*112H
47
50 H
75
"look
70
1
95
1947 J
1st mtge & ref 4s
Southern Colo Power 6a A
1967
Gen mtge 3Hs
99
83
85
*
A
West Penn Power 1st 5s ser E-.1963
100
90
67 H
85
41H
J
f 5s
44
40
103 H 109 H
81
44
D
s
39 H
*78
A
1939
89 H
79
58---1963 A O
South Bell Tel & Tel 3H8
1962 A O
Southern Calif Gas 4 H8
1961 M S
F
Westchester Ltg 5s stpd gtd—1950
102
43 H
10H
34
104 H
71
69
71
"85~
S
M
1945
—1945
41
10H
13H
104
1939 M S
1941
44
12
1
13
12
12 H
3 Ha.--2000 F A
Washington Cent 1st gold 4s.—1948 Q-M
91
South & North Ala RRgu
10H
1
13
6
a61H
22 H
a61H
20 H
"ilk
Warren RR 1st ref gu g
64H
10H
14
13
D
14 H
100
13H
"l2"
12 H
O
1980 A
38 H
5
78
*56 H
"l2"
O
22 H
93
*98 H
1935 J
1951 M
1946 F
1941 F
♦{Siemens A Halske a f 7a
♦Debenture a f 6 Ha
Sllesian-Am Corp coll tr
98
71H
99 H
44 H
41H
106 H
12
6s debentures.
Wash Water Power
Shell Union Oil deb 3 Ha
97 H
*
{♦Warren Bros Co deb 6s
3H
108
98
81
60
91
"l3"
Warner Bros Plct deb 6s
23 H
17
6
*5
96 X
60
"13"
O
20
6H
21
97
63 «
55
13
A
1955 A
20H
6H
102
82 H
93H
*
♦Certificates of deposit
Walker (Hiram) GAWdeb4Hs.l945 J
Walworth Co 1st M 4s
1955 A
13H
5
5H
21H
5H
4H
5H
2H
7H
8H
9H
♦Certificates of deposit--
{♦Alt & Blrm 1st gu 4a
36 H
4H
"7 X
♦Certificates of deposit
♦1st A
35 H
10
86
65
*11111
*11111
1978 AO
♦Ref A gen 5s series D_-
16
107 H
66 H 103H
98 H
30
36 H
♦Certificates of deposit
121
22
16H
101
30 H
♦Certificates of deposit
43 H
25
101H
*
♦Ref A gen 4 Hs series C
"~2
"l6
16
O
44
110
*110H
O
A
6
32
31
O
M N
13
67
110
84
*
1976 F
♦Ref A gen 5s series B
43
27H
21
32
30
30
19
21H
45
103
104 H
67 •
67
A. 1975
gen 5 Ha
♦Certificates of deposit
41H
109H
82 H
36 H
1941
1941
{♦Wabash Ry ref A
41H
High
8
104 H
2
45
67
1939
4s
♦Toledo A Chic Dlv g
115
16
33
20
20
It ♦Seaboard Air Line 1st g 4a.-1950
{♦Gold 4s stamped
1950 A O
♦Adjustment 5a
Oct 1949 F A
I ♦Refunding 4s
114H
*20
O
A
1989
Scioto V & N E 1st gu 4a
108 H
J
A
♦Stamped
109H
108H
♦111H
108H 112H
105H 110H
J
M N
4s
♦Omaha Dlv 1st g 3 Hs
103H
88
92
88
89H
4
"
i04"
104 %
A
1954
1941
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st g
J
♦Stamped
♦Guar a f 6 Ha aeries B
118H
M N
--1939 F
♦1st Hen g term 4s
101H 106H
113
124
104
118H
s
IVI
1939
{Wabash RR 1st gold 5s
19
110
*_-.-♦
Low
No.
12 X
45
J
O
1966
Virginian Ry 3Ha series A
27
♦2d gold 5s
1940
1972
High
108 H
10
S
J
1958 A
5s
cons
37
7H
St Paul Minn A Man—
{Pacific ext gu 4a (large)
St Paul Un Dep 5a guar
108 X
108 H
Jan. 1
Asked
12 H
Virginia El A Pow 4s ser A
109H
10
9H
♦Vertlentes Sugar 7s ctfs
65 H
15H
96
&
Bid
74H
r
Since
Friday
Sale
Price
Low
High
100
Low
Range
Range or
Last
STOCK EXCHANGE
Week Ended Nov. 12
Jan. 1
40
St Paul A Dulutb
N. Y.
Since
§8
40
♦Gen & ref g 5s series
BONDS
Range
la
{St L SW 1st 4a bond ctfa
1989 M N
J
♦2d g 4s inc bond ctfs
Nov 1989 J
Low
Week's
Friday
Week't
BONDS
N.
3167.
New York Bond Record—Concluded—Page 6
145
Volume
133.09
33.97
23.28
45.07
103.41
93.57
62.99
103.11
93.38
102.69
62.39
103.03
93.12
102.69
62.36
102.81
93.07
103.13
63.06
102.91
93.47
Nov.
12
Nov.
11
Nov.
10
132.16
34.03
23.48
44.94
104.56
102.85
Nov.
9
126.16
32.08
21.96
42.65
104.35
21.31
41.89
104.40
8
123.98
31.70
Nov.
6
125.25
31.67
21.21
63.29
Holl day
Holl day
Nov.
Total
42.13
104.76
tz
New York Curb
3168
Exchange—Weekly and Yearly Record
nov.
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
week
beginning on Saturday last (Nov. 6, 1937) and ending the present Friday (Nov. 12, 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:
■"
■
.■
,
Sales
Friday
Last
stocks
Sale
Par
Acme w ire
v
Week's
Low
Range Since Jan. 1 1937
for
16
Oct
Class B._.—
2*
1
Alnsworth Mfg common..6
Air Devices Corp com
1
2*
3
"§*
3,100
22
22
500
7X
IX
IX
8*
IX
Alabama
OX
Oct
X
1*
Oct
7
Gt
X
61
125
67
Oct
80
June
71*
280
65
Oct
87
Jan
Oct
77
Jan
Bridgeport
62
X
80
60*
2*
*
100
5
18
18
18
100
16
Oct
90
85
92
1,800
76
Oct
1UX 111*
100
120
American Airlines Inc.—10
Amer Box Board Co com.l
American Capital—
Class A common...10c
"16*
1
Oct
10
60
Sept
700
5
Oct
*
1st preferred
Preferred
*
Atlas Plywood
Corp
*
Austin Sliver Mines
1
Automatic Products
6
Automatic Voting Mach..*
Avery (B F)
6
Bardstown Distill Inc
Barium Stainless Steel..
1
Barlow & Seelig Mfg A...5
Bath Iron Works
Corp.—1
Baumann (L) & Co com..*
Beaunlt Mills Inc
com..
Conv pref
1
Bliss (E W) & Co
see
-
page
-
Jan
12,100
Bunker Hill & Sullivan 2.50
Burco Inc common
*
18
26X
13*
1*
Oct
31*
Aug
2X
MX
23X
28X
100X 105
2,300
1
Oct
700
12
Oct
21*
Oct
99
Oct
IX
14
5
27*
17*
3*
23,700
1,225
Oct
37
Aug
Oct
37
Aug
Nov
6*
4*
24
Jan
Jan
Feb
48*
112*
5X
25X
1,400
4*
Oct
12
150
22*
Oct
36*
12 X
25X
450
10 X
Jan
Jan
Mar
Feb
Oct
42
8
Oct
32
Jan
May
37
Mar
Feb
19 X
200
14
Oct
38
Feb
13
15X
24 X
27X
5,300
10
Oct
Jan
100
23
Oct
200
15
Oct
26*
28*
54*
Oct
82
24*
80
190
»16
21*
1
26
2,600
1,300
20
33
150
25
700
3
OX
IX
1
77
MX
21X
4X
4
79*
*
16,800
100
Jan
10*
3
Oct
100
7%
X
4X
4X
7,100
13,400
7
400
8
7X
4X
10
1,200
500
Oct
Oct
3
10X
IX
12*
Feb
Oct
Feb
Oct
13*
10*
nx
8X
'32
84
*
5*
*32
600
20
3
Oct
Oct
Oct
Jan
5*
39*
Jan
7S2
1*
Feb
OCt
July
Sept
1
13X
X
2X
7X
IX
Oct
90
3
Oct
20
"l'x
Oct
13*
57*
3",800
*
9*
1,600
*
Oct
2X
8X
9X
1,200
Oct
800
1*
6*
9
200
6
Oct
4
Oct
300
",6
15
Oct
Oct
Jan
* May
83
800
Jan
29*
3*
9
11*
16*
Sept
Feb
Mar
Jan
Mar
Mar
Feb
Mar
Aug
18
16*
18
380
10
Oct
43
Jan
79
65*
79
1,125
60
Oct
156
Jan
3*
5
8,400
1,000
2
Oct
10
Sept
15*
12*
Nov
15*
Nov
com
Cent P & L 7% pref
100
Cent & South West Utll 50c
Cent States Elec com
1
6% pref without
7% preferred
warr
100
Chesebrough, Mfg
Chicago Flexible Shaft Co
Childs Co preferred
Cities Service common
Preferred
Preferred B
May
Sept
10
IX
3,000
9
1,000
*
*
7*
30*
8
*—
IX
34*
7
Mar
Mar
Feb
4
Jan
Columbia Oil <fe Gas
1
Columbia Pictures com..*
Commonwealth Edison..25
Commonwealth & Southern
30*
Oct
6*
Oct
14*
July
Oct
15
Sept
8*
1,800
200
100
4*
6*
15
Oct
Oct
Oct
Mar
Feb
Jan
Oct
10
Sept
41
Aug
4*
48*
43*
Jan
900
1*
Oct
37*
8X
400
34*
Nov
1,600
4
24*
Feb
Oct
IX
Oct
*
5*
17*
10*
Jan
Jan
Oct
19
Jan
96
Feb
88
Oct
Oct
Feb
700
75
Sept
22*
91*
1
Oct
6*
Jan
*
Oct
9
2*
Oct
2*
27*
Jan
20
300
7
Oct
52
Jan
,516
11
7*
100
2*
Oct
33*
300
3
Oct
26*
2*
Oct
6
7*
1,100
800
100
98*
""250
100
200
7
41
45*
2*
29*
325
30
Warrants
32
1*
21*
53,200
2,800
1*
15
1*
Jan
Jan
Oct
19
May
Oct
16*
27*
Oct
Oct
11
Jan
Mar
95*
43
Apr
7
Oct
7u
Oct
Feb
Sept
Apr
76* May
123
18*
2*
July
Sept
Oct
92*
Apr
Oct
5*
Oct
Oct
60
5*
Feb
Jan
Jan
Jan
13
36
100
5*
Oct
58
Jan
27
Oct
79*
Feb
28
30
1*
1*
Oct
76
Feb
6*
900
1*
1,200
*
"40*
"266
32*
3
Jan
15*
4*
Feb
40
Apr
3*
Feb
Mar
5*
6
1,500
Oct
10*
Oct
48*
2
Oct
18
Aug
3
"40"
Oct
9
Apr
""766
*
Oct
7*
12
2*
.....
52
Conv 5% preferred.. 100
19
Mar
Mar
Mar
70
2*
3*
5*
2*
3*
4,900
2
Sept
Sept
Sept
100
3
5*
7
1,700
47
52
500
59*
4*
60
75
5*
12,200
"26* "28* "7",300
316
*
5,500
Jan
Jan
Mar
Mar
9*
8*
Feb
Feb
Feb
2*
24
H
Feb
74*
Apr
Sept
57
Oct
Oct
2*
41
29
"28*
2*
22
Oct
Columbia Gas & Elec—
25
7X
22
Sept
700
12
7X
170
Jan
June
2,900
8,900
1,025
2*
*
125*
5*
2*
16*
37*
9
30*
Oct
9
78
2
com..*
6% conv pref
£1
Colorado Fuel <fc Iron warr.
Colt's Patent Fire Arms. 25
Feb
Oct
Oct
July
Jan
Aug
Oct
Oct
Cohn <fc Rosenberger
Inc.*
Colon Development ord
Cockshutt Plow Co
15
57
105*
Jan
83
10*
Cleveland Elec Ilium
*
Cleveland Tractor com
*
Clinchfleld Coal Corp. .100
Club Alum Utensil Co
10*
124
Feb
12
Sept
27* Aug
4* May
1
Oct
4
Nov
$
Oct
Oct
3
July
Oct
Feb
3
20
7*
4
July
43
*
22*
*
159
38*
42*
1
100
113* June
Feb
Oct
June
10
"760
"20
76
_*
7X
U7~
700
'"120
"96"
28*
"l'x "l'x
117"
13*
86*
*
"4*
Mar
14*
Sept
23*
22
2*
Feb
Oct
12*
8*
*
Feb
Oct
1516
.*
8
Jan
Oct
Oct
300
2*
45*
21
July
July
Oct
Oct
5
7*
78
100
Oct
Jan
Jan
74
Preferred BB
Cities Serv P «fe L $7
pref.*
City Auto Stamping
City & Suburban Homes
Jan
3*
102*
97*
67*
*
78
1
Oct
8
7,700
86
..4
Mining
3,000
2
10
25
5
Chic Rivet & Mach
Chief Consol
"600
800
1,100
5
25
2*
400
35
Oct
8*
8*
2*
3X
Oct
Oct
19
Not
8
4*
13
Oct
100
400
com..5
2X
May
3*
2*
26*
8*
2
8
new
4*
118
Oct
88
Chamberlln Metal Weather
Strip Co...
5
Charls Corp
10
Clark Controller Co
Jan
*
7,200
175
8*
Claude Neon Lights Inc.. 1
Clayton & Lambert Mfg..*
103
23* May
4,100
4
Aug
80
4*
3*
Mar
Aug
Oct
91
6
5
3
3*
8*
15
June
6
100
88
4
Oct
11*
11*
Oct
6
*
Oct
Oct
Jan
6,200
7*
3*
Oct
75
11
'29.100
ser
1*
11
33*
100
Conv preferred
Centrifugal Pipe
5
Oct
Apr
Feb
2*
*
Mar
10
27*
100
500
4*
20
31*
8*
28
86
8*
19*
800
3*
1*
86
13
9
1*
Oct
Oct
Oct
*
1*
10
Jan
Feb
Feb
72*
$7 div preferred
1st preferred
8*
1*
7X
1*
86
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
Oherry-Burrell
1*
5*
32*
15
3X
20
33
Conv pref opt
Oct
Oct
Oct
14*
3*
*
$6 preferred
14
IX
3%
1
com
$6 preferred
Mar
1
9
19
Cent Hud G & E
1,700
24,500
2,400
26,900
1*
1
♦
Cent Maine Pow 7% pf 100
Cent N Y Pow 5%
pref. 100
Cent Ohio Steel Prod
13*
1*
"lX
common
Jan
Jan
*
400
*
Jan
Oct
OX
1*
25c
Feb
10*
84
Jan
5*
9
Carman & Co class A
Class B
Jan
Mar
11
5*
1
98
100
4
Capital City Products
Carlb Syndicate
8
Mar
Mar
4*
22*
*
Oct
*
5X
non-voting
Canadian Marconi
Oct
Oct
Feb
Mar
Jan
38*
*
5*
Oct
"500
Fdy pfd 25
B
5
Aug
*
3*
700
Co com..*
Oct
iox
16
"* '"*
Alcohol A*
4*
66*
4*
Oct
12 X
1 16
Feb
Feb
1*
IX
Jan
3*
Estate. .20
Carrier Corp
Jan
3*
70
Oct
2
Carter (J W) Co common. 1
Casco Products
Castle (A M) com
...10
Catalin Corp of Amer
Oct
400
2
Calamba Sugar
Canada Cement
Canadian Car &
Canadian Indus
Jan
2
4X
IX
IX
32
3*
Cables & Wireless Ltd—
Amer dep rets pref shs £1
Carolina P & L $7 pref...*
Feb
2,800
*
Jan
Oct
18
Warrants
Carnation Co
Oct
15*
8*
4*.
$3 convertible pref
Carnegie Metals
2*
8*
100*
*
2*
Oct
3*
Burma Corp Am dep rets..
Burry Biscuit Corp.. 12*c
Cable Elec Prod vtc
*
Jan
59*
4*
5*
8*
42*
110*
Oct
Oct
1
5
Jan
Jan
99
Nov
6*
3*
Mar
Brown Rubber Co com
Bruce (E L) Co....
Apr
2*
63
Oct
77
1,200
59
Oct
Sept
Jan
Apr
Mar
2*
Oct
Oct
*
2,500
300
14
3X
3X
OX
3173.
Apr
Jan
Apr
106*
7
footnotes
Oct
Feb
Oct
22
*
60
zl5*
28*
12*
90
»
*
Oct
250
Crtfs for u v common..*
Bliss <fc Laugh 11 n com
5
Blue Ridge Corp com
1
$3 opt conv pref
Oct
3
96*
*
Blumenthal (S) & Co
Oct
20
95*
15*
X
IX
35X
8*
4
900
96*
X
com
2,200
June
Mar
14
*
3*
85
Oct
Oct
warrants.
com
3*
30
20
103X 103X
Blckfords Inc common...*
$2.50 conv pref
*
Blrdsboro Steel Foundry &
1,250
600
X
IX
44*
7*
3*
Class A pref
Brown Forman Distillery. 1
$6 preferred
*
38*
6*
Mar
21*
.*
Berkey & Gay Furniture.
44*
7*
Feb
Feb
9*
21*
2
Mar
1
117
2*
Jan
20
Bell Tel of Canada
100
Bell Tel of Pa 6* %
pf-100
Benson & Hedges com
*
39
8* May
8
4
Bell Aircraft Corp com... 1
Bellanca Aircraft com
1
Oct
Sept
1*
33
Oct
4
1
Feb
1,200
77
10
32
3X
5%
1*
Jan
Oct
Sept
100
$1.60 conv pref
Beech Aircraft Corp
£1
reg
British Celanese Ltd—
5*
IX
9
33
30*
51*
25*
*
4*
15*
Oct
21
|Baldwin Locomotive—
Purch warrants for com..
7% preferred
30
Baldwin Rubber Co com.l
Mar
25*
25*
Buff Nlag & East Pr
pref25
$5 1st preferred
*
Axton-Flsher
Tobacco—
Class A common
10
Babcock & Wilcox Co
*
Mar
25
Jan
30
8X
26*
Oct
47
25
X
2X
Oct
19*
Registered
Am dep rets ord bearer£l
Nov
79*
15
10
British Amer Oil coupon
22*
*
Atlanta Birmingham &
Coast RR Co pref
100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Atlas Corp warrants
Feb
May
1,800
Option warrants
Assoc Laundries of Amer.*
V t c common
Mar
28
30X
IX
$5 preferred
31
Mar
Oct
Industries
Class A
Mar
Oct
1
1
12*
Oct
Oct
Oct
4*
4*
Common
77
Oct
700
9
24.X
£1
Oct
200
4*
3
24 *
Assoc Gas & Elec—
2
Jan
Apr
Feb
Feb
42
15
1
Oct
200
10
7% 1st pref
July
*
Amer deposit rets
Feb
Feb
18*
5
*
1*
2*
16*
200
*
600
Angostura
Ashland Oil & Ref Co
Oct
Apr
7*
716
1*
3*
Brown Co 6% pref
100
Brown Fence & Wire com.l
Oct
Aug
7
108*
2,100
British Col Power class A.*
Class B
*
42
Mar
Mar
42
"26"
Arkansas P & L $7 pref..
Art Metal Works com
Oct
British Amer Tobacco—
Apr
Oct
27
Common class A
30*
14*
5*
21*
108*
3*
7*
16*
Oct
2
42
*
Preferred
Nov
3
900
Am dep rets ord
reg—10s
020
1
12*
400
Jan
50
5
Arcturus Radio Tube
Arkansas Nat Gas com..
4,500
Jan
Jan
Buckeye Pipe Line
12
Wupperman.
Apex Elec Mfg Co com...*
Appalachian El Pow pref
8
Jan
Amer Pneumatic Service. *
Amer Potash & Chemical.*
Amer Seal-Kap com
2
American Thread pref
Anchor Post Fence
10*
Sept
41*
5
Superpower Corp com*
17*
ex
3*
11*
6*
3
1*
Mar
Oct
25*
1
12*
"166
*
Jan
25
Oct
Oct
Oct
23
104
500
1*
26
2%
*
23*
3*
14 *
28
Jan
Sept
Oct
Jan
525
100
Amer Maracalbo Co
Amer Meter Co
1*
*
7*
2*
32*
*
3*
*
*
Mar
11
Oct
12*
*
Amer dep rets
Feb
'166
"2X "2X
_*
Mar
75
24*
Oct
Jan
'16
...100
Brlllo Mfg Co common
Class A
Jan
19
"moo
Amer Mfg Co common 100
.....
100
32*
3*
Corp class B
56*
10
*
Class A
Oct
Oct
31X
26*
23X
3X
30
*
25
25
"l'x "2"
Amer Foreign Pow warr—
Amer Fork & Hoe com...*
For
Oct
1
Jan
Feb
11
50
*
11*
cl B
11
89*
5*
31*
Amer Cyanamld class A. 10
Class B n-v
10
Amer Equities Co com___l
Machine Co
Blauner's com
Nov
7*
Mar
Mar
Brill
18
100
Bright Star Elec
High
Oct
3*
25
'16
Machine
Preferred
7% preferred
Feb
78*
25
6% preferred
May
119*
900
*
Class A with warrants 25
Class B
1
Amer Invest (111) com
*
Amer Laundry Mach...20
Amer Lt & Trac com
25
131
300
4
Am Cities Power & Lt—
Elec
11*
65
300
54
25
S5.50 prior pref
*
Amer Centrifugal Corp.—1
Preferred..
200
IX
54
xlOX
*
Preferred
*
American General Corp 10c
$2 preferred
1
$2.50 preferred
1
Amer Hard Rubber com.50
Mar
Oct
4*
10c
com
140
Oct
14
150
1*
Amer Gas & Elec
Oct
109
400
6*
119 X 122
11
14
12*
American Beverage com__l
American Book Co
100
S3 preferred
Oct
200
MX
70
Jan
July
OX
66
Jan
16*
26*
177*
119*
17*
14*
MX
70
Jan
Mar
24
Oct
Aluminium Ltd common.*
Purchase
Nov
12*
6% preference
100
Aluminum Goods Mfg...*
Aluminum Industries com*
Associated
Oct
12*
12*
25
Class A
5*
6*
2*
Sept
12*
Aluminium Co common..*
Am
Sept
Jan
Low
9
Brewster Aeronautical... 1
56
Oct
10
Common class B
1*
Jan
60
pref
6% preferred
Jan
66
Allied Internat Invest com*
Class A
May
60
Sept
2
com
Feb
4
5*
34*
62
Alles <k Fisher Inc com...*
conv
22
Oct
Range Since Jan. 1 1937
for
Week>
Shares
4*
18
§Botany Consol Mills Co
Bourjols Inc
Bowman-Blltmore com
*
7% 1st preferred
100
69 *
*
*
Alliance Invest common
S3
Mar
of Prices
High
Low
4*
2d preferred..
.100
Brazilian Tr Lt & Pow_.
Breeze Corp
1
Southern..50
Allied Products
Sept
May
Week's Range
Price
Bohack (H C) Co com..
7% 1st preferred
100
Borne Scrymser Co
25
600
X
$6 preferred
38
400
-
....
Ala Power $7 pref
Feb
1,000
Investors common—*
Conv preferred
Warrants
Oct
AP.
Par
Jan
66*
24*
6*
Sales
Sale
High
Oct
...1.
Agfa Ansco Corp com
Last
Continued)
Low
25
A-*
stocks"
Week
Shares
20
t c com
Aero Supply Mfg class
Air
Range
of Prices
High
Price
Friday
104*
10*
Oct
Jan
Jan
June
39
Jan
20*
Oct
33
Aug
*
Sept
ht
Jan
Volume
Sales
Friday
Range Since Jan. 1, 1937
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Week
Par
Commonw Dlstribut
Low
Price
High
1
27%
20X
Cities Service Co.
High
Low
Shares
Oct
2X
Jan
1
200
23
28
200
13
Oct
64
22
550
18
Oct
34
Common
Jan
16
X
X
1,700
X
Oct
2X
Mar
11X
11H
200
8X
Oct
17X
Jan
Oct
38
BOUGHT—SOLD—QUOTED
Oct
Compo Shoe Mach—
t c ext to 1946
WILLIAM P. LEHRERCO.,
Conn Gas «fc Coke Secur—
1
3%
Consol Copper Mines
5
Consol GELP Bait com *
5X
4X
3%
Consol Gas Utilities
1,800
Consol Mln & Smelt Ltd .5
54
1
Consol Retail Stores
4X
3«
Oct
25
69 X
Oct
102 X
Jan
*16
Oct
2X
26X
X
2,300
X
com
*
prior preference
iox
200
*
9X
7X
9X
1,900
3X
Oct
35
Apr
Nov
Jan
Jan
Oct
34
Amer dep rets... 100 frcs
Fox (Peter) Brewing
5
2X
2X
1,800
IX
Oct
15X
15X
10
13X
Oct
20
IX
Oct
2
Oct
72
Oct
Oct
Crocker Wheeler Elec
*
8X
X
Croft Brewing Co
1
Crowley. Mliner & Co
*
Crown Cent Petrol (Md)*5
23X
6X
716
26X
9X
X
7,700
2,900
3,100
20
Oct
Crystal Oil Ref
6% preferred
com
"li
X
100
Cuban Tobacco
com v
Sept
Oct
IX
16X
3X
300
100
5
50
102
8
5
900
500
65
100
9,X
13X
IX
10
200
20
15X
IX
1
3X
3x
Detroit Steel Products—*
23%
500
15X
IX
2,300
3X
3
600
3X
20X
3X
23X
19
19
700
1,100
10
.......10
Diamond Shoe Corp com. *
Distilled Liquors Corp
5
25
Jan
Feb
IX
IX
62 X
ov
Oct
Nov
IX
Oct
2
Oct
89
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur....*
Apr
Apr
20
Feb
3X May
Feb
Oct
iox
Jan
Oct
2X
15
11
64
Feb
28X July
10X Sept
16X Sept
35X
Sept
10X
Sept
30
May
Nov
IX
'566
200
Apr
Mar
Oct
2X
17X
100
Apr
9X
*
4X % prior preferred-100
....100
3X
3X
"32"
Edison Bros Stores
14
Oct
Aug
IX
52
Oct
-
42X
111
6X
Elsler Electric
Gray Telep Pay
Jan
July
Aug
Mar
Apr
Sept
Jan
May
Feb
Feb
15 preferred
*
*
61
4X
1
com
Class A
4X
1
Elec P <& L 2d pref A
26X
6X
82X
82X
13X
3
Oct
X
*
—~
•
6X
Option warrants
4X
3%
Oct
5X
Sept
23
Jan
Oct
10
24
Mar
Oct
4X
28X
Jan
Oct
300
48
Oct
80
Feb
61
2,200
50
Oct
87X
Oct
11X
Jan
Jan
1,800
4X
4X
400
800
37 X
28
Oct
56
IX
150
6X
1,300
X
5X
2X
IX
Oct
9X
Jan
2X
15
27X
27X
27X
25
20
Oct
32 X
32X
50
22 X
Oct
60
Oct
175
60
Oct
Oct
11X
""166
10
Oct
70
Jan
IX
Oct
Jan
Jan
Feb
Feb
Mar
Mar
Jan
39
50
25 X
37
25
26 X
Oct
Oct
72X
37
74
Feb
37 X
37X
50
24
Oct
77
Mar
42
42
150
26
Oct
81
Feb
37
100
100
22
9X
IX
10X
1
50
X
10
600
IX
200
Nov
6,200
IOX
9
.5
10c
7
Oct
X
Oct
31X
19X
2%
Feb
Feb
Mar
Jan
Oct
8
24 X
10X
Nov
Oct
47X
Feb
Option warrants
7% preferred
Corp
4,800
X
.16
9X
iox
9X
11
IOX
3X
9X
'16
1
3X
2X
1
8X
7X
Fanny Farmer Candy
Fansteel Metallurgical
Feddere Mfg Co
1
*
5
Fidello Brewery
800
11
*
.100
3
Falstaff Brewing
Corp
H
16
Falrchlld Aviation
Ferro Enamel
;
19X
19X
19X
15
13X
'316
15
'*16
100
19
Oct
23
Feb
300
10X
X
Oct
Oct
25X
IX
Aug
Mar
'516
1,800
'16
'16
1,200
Oct
»32
75
75
75
50
75
45X
43 X
45 X
60
43
X
Nov
Jan
100
Jan
X
Mar
3X
Feb
"l3X
"ilk
13 X
"806
8X
Oct
22%
51X
Feb
Jan
45
45
200
45
85 X
86
20
85
Oct
7
Sept
Oct
32 X
74 X
76
125
76
65
Sept
Oct
107
Feb
11X
36X
95X
Apr
Apr
Jan
Nov
55
Nov
6
Oct
16
Feb
32
....
July
Feb
Aug
54X
....
100
5
Oct
45X
12X
6X
27X
14X
6X
27X
1,900
5
Oct
15
Jan
100
24
Oct
51
F
15X
500
Oct
39X
Feb
X
X
3X
X
3X
300
3X
6X
9X
85
26
200
50
26
Sept
X June
107
Feb
%
7%
Feb
Oct
2X
24
38
Jan
Apr
Oct
Oct
33X
Aug
1
Oct
4X
Jan
8
Oct
18X
Jan
4X
Oct
22X
Jan
705
54 X
Nov
117X
160
116X
16 X
IX
IX
VX
6,200
T
"~6X
500
54 X
119
61
120
128
Feb
Oct
47
Apr
1,000
4
Oct
16X
200
3
Oct
300
6X
7X
3X
®16
38X
3X
*16
42
Co
8,900
3X
3X
3X
100
12
12
"55"
"55"
*5X
July
90
Nov
95
Sept
Oct
2X
Jan
24
Oct
Sept
Nov
Oct
Oct
Jan
15M
70
""25
64X
IX
100
X
500
X
Aug
Jan
3X
Apr
4
Jan
100
5
Oct
15
Feb
13
200
7
Oct
Feb
10
700
18X
17X
5X
5X
5
Oct
40
9X
Sept
Feb
Feb
52
11X
5X
Oct
300
4X
Oct
25X
9X
7
Oct
11
4X
"lix
5",600
5X
Oct
IOX
28X
Jan
Oct
16X
47X
July
Jan
45
June
Nov
35
Apr
*
2
25
com
ww
150
20
20
"35"
"266
"13 X "14 X
"366
34X
12X
15X
32
12 X
15X
13 X
24X
103X
200
10
Oct
33X
Jan
Oct
Sep t
11X
22X
Feb
200
18 X
Hus8man-Llgonier Co
Oct
16X Sept
Oct
42
Oct
87
18X
23
10,600
57 X
63
5,300
6X
7
600
4X
X
X
12X
July
23
Mar
100
Illinois Iowa Power Co...*
Ctfs of deposit
♦
Zinc
50
4X
4X
4X
100
2X
37X
2X
38
5X
20 ;
8X
200
~38~"
Sept
100
Oct
8
Nov
4X
Nov
IX
Oct
35
Oct
Oct
Feb
2
27X
Feb
26
Apr
13
Feb
5X
Jan
53X Mar
11X May
33X May
13X May
3X
14 X
4X
14
10
14
4,400
2X
2,500
5,700
8
300
10
Nov
34
50
5
18X
7X
50
Preferrred
X
6
8
Feb
Oct
JHylers of Delaware Inc—
8
Feb
JaD
17
8
Jan
Oct
61X
1
Jan
11
"22X
100
7% pref unstamped.. 100
Hydro Electric Securities
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
July
Nov
*
Common
9
41X
112
100
*
7
Oct
Mar
60
15 X
55
Hummel-Ross Fibre Corp 5
Jan
15X
*
Hud Bay Mln <fc Smelt
Humble Oil & Ref
Jan
Aug
100
12
12
Inc...5
Apr
Oct
2X
24
100
Apr
9
16
100
Oct
Mar
700
5%
*
100
Oct
36
14X
1
Co com
20
7X
5
Rubber com.
Heyden Chemical
10
Hires (C E) Co cl A
*
Hoe (R) & Co class A... 10
Holllnger Consol G M...5
Holophane Co com
»
Holt (Henry) & Co cl A..»
Hormel (Geo A) Co com.*
Illinois
Jan
Apr
12
1
Rubenstein
preferred.
Hubbell (Harvey)
Feb
Oct
IX
13
10
Jan
Jan
33
1
IX
Jan
IX
63X
8
12
1
Class A
Hewitt
500
Mar
6
10
6%
Preferred
Oct
82
Hazel tine Corp..
Hearn
®i6
100
72
41
Jan
Oct
27
34 X
30
Sept
62X
Feb
8X June
9X
24X
Mar
Mar
Illuminating Shares cl A.*
3X
3u
X
Oct
Aug
250
5
Oct
2,200
7
Oct
IX
Oct
5
Oct
2,800
600
16 X
6
6
""306
5X
25
800
15X
Oct
Oct
Oct
Oct
900
X
Oct
8X
.1
24 X
23 X
1
X
X
X
IX
3X
45X
27X
8X
11X
25X
17X
15X
47X
IX
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
Feb
Jan
ord reg_.£l
Imperial Oil (Can) coup..*
Registered..
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Am dep rets
Oct
Oct
Britain
and
10
Indiana Service 6% pf.100
7% preferred
100
Indpls P & L 6X % PreflOO
Indian Ter Ilium Oil—
17X
5*2,900
18
18X
400
14 X
14X
Oct
Oct
13 X
13X
300
12 X
Oct
38X
1,500
35 X
Oct
Oct
July
44X
36
IOX
Oct
Oct
84
Oct
105
9X
18X
18X
38
Ireland..£1
Indiana Pipe Line..
200
9X
18X
9X
8
7X
.
8
400
5X
70
10X
17X
18X
14
14
18X
60
87 X
87X
87X
150
17X
page
3173.
•
=
IX
Class B.
For footnotes see
Feb
96X
Oct
Non-voting class A...
s
100
Oct
Nov
Imperial Chem Indust—
European Electric Corp—
Ex-Cell-O
Feb
7% pref stamped
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick <fe Equip.
*
Hartman Tobacco Co
Horn (A C)
700
"iix "iik
Empire Dist EI 6% pf.100
Empire Gas & Fuel Co—
Evans Wailower Lead
*
5
Horn <fc Hard art
IX
Electrol Inc vtc
com
Hartford Elec
Jan
IX
Electrographlc Corp com. 1
Oct
Nov
com.*
Light
25
Jan
5
62 X
70
56 conv. pref ww
Elec Shovel Coal 54 pref..*
IX
Jan
6X
9X
Hamilton Bridge Co
14
IX
1
1,800
Mar
9X
92
36 preferred.:
*
Gypsum Lime & Alabas..*
Hall Lamp Co...
Haloid Co
80
1
Common
Esquire-Coronet
Eureka Pipe Line
25
Oct
7X
98X
22X
17X
5X
40X
2X
98
70 X
7X
5%
IX
Jan
Oct
Grocery Sts Prod com..25c
Guardian Investors
..1
Oct
22
Electric Shareholding—
2 X
140
Oct
Oct
*
Greenfield Tap & Die
Heller Co
Oct
Oct
400
12X 139,600
July
IX
34X
Jan
Jan
Jan
11X
IX
16
9
21X
8X
60 X
Helena
Jan
23
53 X
55
19
Oct
65 X
25
Jan
Jan
71
75
Jan
Oct
12 X
75
100
*
100
7%
Feb
80
Oct
75
14X
14
310
1st preferred
Non-vot com stock
*
Dept Store com..5
preferred
50
Hecla Mining Co......25c
10X
Oct
26 X
30
IX
12 X
Oct
150
600
Gt Northern Paper
Jan
1,100
""456
300
6X
2X
Statlon.10
Harvard Brewing
3X
14
400
Great Atl & Pac Tea—
Feb
Oct
28
5X
8X
15X
Rapids Varnish...*
Oct
3X
13X
1
Corp
Equity Corp com
Grand
Mar
Mar
Jan
Oct
900
14
14
Elec Bond & Share com..5
6X% preferred
Vtc agreement extend.*
Grand National Films Inc 1
79
4
22
5X
8X
15X
Jan
11X June
14X Feb
70 X
*
Oct
"33X
5X
Oct
Gulf States Util 65.50 pref *
28
2
6% preferred
$3 preferred
Jan
2
IX
*
$7 preferred series A
*
16 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Oct
4
Gorham Mfg Co—
96
Oct
Iron.25
Elgin Nat Watch Co
*
Oct
Oct
11X
5
100
_._*
Jan
52
"3§"
Corp
16 preferred
Elec Power Assoo
$7 preferred
Gorham Inc class A
55
7
100
400
5X
9X
Goldfleld Consol Mines.. 1
Gulf Oil Corp
2
6
1,900
7X
Jan
2
*
Apr
6,900
6
Tin
6X
5X
66
A. *
Class B
Hat Corp of Am cl B com.l
Common
Malleable
Godchaux Sugars class
;
50
IX
7X
10X
27X
5X
Oct
17X
*
...»
Oct
X
6X
29X
31X
Feb
Oct
*
Preferred
Aug
East Gas & Fuel Assoc—
Eastern
$3 preferred
*
Georgia Power 16 pref...*
S5 preferred
*
Gilbert (A C) com
*
Jan
19X May
28X
65
Oct
17
Gen Water G <fc E com...!
Feb
Glen Alden Coal
>
8X
13 X
105X
100
Feb
14
25
"70"
100
6% preferred A
Feb
Gilchrist Company
Oct
300
Mar
8X
Rubber—
&
Jan
Oct
20
65
Oct
90
*
pref
Tire
July
13
18
Oct
5X
5X
18X
1
Telephone com.20
conv
General
May
m
10
30
21X
37 X
5X
_
19 X
Dubilier Condenser Corp. 1
Eastern States
$3
Feb
16
100
10
6% preferred
General
Feb
87
Oct
400
100
10
June
Oct
2,000
69 X
1,250
2,600
6,900
31
li
'16
Warrants
June
6X
2X
52 X
4X
69
Eagle Plcher Lead
33
14X
14X
100
*
Duke Power Co
Oct
15
50X
108X
16X
X
18X
15X
28X
15
"l4X
3X
14X
12X
100
Douglas (W L) Shoe Co—
7% preferred
Oct
6X
13
83
4 X
5X% preferred
Driver Harris Co
Aug
2X
10X
29X
5X
22X
Domln Tar & Chem com.*
7% preferred
Draper Corp
Sept
'u
9
1
com
Dominion Steel & Coal B 25
Oct
26
£1
Dlvco-Twin Truck com__l
Dobeckmun Co
Nov
102
Oct
64
Detroit Gray Iron Fdy
1
Det Mich Stove Co com.. 1
Distillers Co Ltd
May
m Sept
Oct
1
com
4*
5
*
Preferred
*
16
300
Mar
65
Gen Pub Serv $6 pref
Gen Rayon Co A stock.
100
""850
Mar
$6 preferred
Jan
300
9
Feb
Investment com.l
loo
11X
"4X ~~4X
General
Sept
Gen Outdoor Adv 6% pf
Oct
60
4X
Oct
18X
92
90
2X
Amer dep rets ord reg.£l
Gen Fireprooflng com...
Feb
Jan
22
8X
1
16
100
Feb
10X
100
Derby Oil & Ref Corp com*
8X
Jan
Mar
8X
15X
*
com
6% preferred
General Alloys Co
Gen Electric Co Ltd—
5
22
11X
Gatlneau Power Co
25
10
35
Jan
115
Oct
300
60 X
1
Oct
10
X
x
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
De Vllblss Co
Oct
IX
12
1
15
preferred
Sept
30
Cusl Mexican Mining..50c
Detroit Paper Prod...
Jan
Oct
3,000
6% pref ww
14X
Conv
Gamewell Co $6 conv pf..*
X
6X
IX
19X
3X
82X
50
5,800
8
6X
5X
July
3
IX
19X
X
102
109X June
3 X
Oct
6X
Fruehauf Trailer Co
20X
"Hi
Preferred
2|*
Common
Mar
Feb
Crown Drug Co com..25c
Preferred
25
*
20
17X
Franklin Rayon Corp
1
Froedtert Grain & Malt—
Aug
4X
8X
t c
113X
17
18
*
July
IX
1,100
*
10
Class B
Jan
94^
38 X
5X
25
Ford Motor of Can cl A..*
Jan
Oct
5X
Crown Cork Internat A
Am dep rets ord
May
Oct
5X
Detroit Gasket & Mfg
5X
Mar
X
26
High
Oct
Ford Motor of France—
Oct
52X
18X
12
5
Dennlson Mfg 7% pref.
5X
Oct
300
£1
Creole Petroleum
Low
41
Ford Motor Co Ltd—
Jan
Cramp (Win) &Sons com.l
Delay Stores..
"37"
Florida P <fc L $7 pref
Feb
3,300
50
Class A
*
reg..£l
Feb
15
21X
61X
2X
400
80
60
Oct
2X
Darby Petroleum com
7X
100
Oct
22 X
*
54 X
2%
1
$6 preferred
Oct
2X
....
com..
52
113
113
9
22 X
Corroon & Reynolds—
Common
6% % preferred
100
4
2X
10
5
Curtis MfgCo
7% 1st pref
Flsk Rubber Corp
4
.•
Range Since Jan. 1, 1937
Shares
First National Stores—
17X
4X
9X
100
*
Cuneo Press Inc
Mar
53 X
52
*
Courtaulds Ltd..
Price
Fire Association (Phila). 10
Jan
78 X
5
S6 preferred A
Jan
78 X
78 X
8X
Cord Corp
Par
Jan
Mar
3X
17X
Oct
Sales
Friday
Mar
Oct
5X
x
iox
135
Jan
IX
2X
4X
5
preferred
Oct
100
Mar
1,600
5X
N. Y. 1-1943
Week
400
7
conv
for
of Prices
Low
High
4X
5
5%
Week's Ranoe
Sale
4
8
Cosden Petroleum
Last
(Continued)
Oct
*
com..
STOCKS
4X
48 X
Continental Secur Corp..5
Copper Range Co
Copperweld Steel
Feb
Mar
1,850
Cont Roll <fc Steel Fdy
S3
114X
Oct
600
Cooper Bessemer
Oct
X
1
...
11X
89X
2,800
Continental Oil of Mex
$4 preferred.
Oct
90
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com—*
Cont G & E 7% prior pf 100
Cook Paint & Varnlsn
11
Oct
IX
54 X
1
Teletype:
Oct
60
49
IX
Jan
INC,
Street, New York City
2-5383
3X
16,400
110
1
HA
2X
600
5X
69X
3%
67
68
100
5% pref class A
Wall
60
38
*
S3 preferred
Consol Biscuit Co
Preferred
and
Jan
20
X
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv-_1
v
3169
New York Curb Exchange—Continued—Page 2
145
IX
Oct
Oct
24
Feb
15
Mar
Jan
Mar
15
39X
4%
4X
,
Jan
Jan
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 3
3170
Sales
Friday
STOCKS
Last
Sale
(Continued)
Par
Industrial
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1937
for
—100
preferred
3*
10
10
5134
19J4
5334
134
International Cigar Mach *
Inv.
Internat Holding &
25
10
52%
*
50
93.50 series
534
1,100
46
1934
100
18
134
100
Oct
Oct
Oct
Oct
13*
Oct
193*
163*
3*
203*
3*
3,600
3*
200
934
34
Internat'l Paper A Pow war
434
23*
223*
753*
2854
43*
43*
31
16,900
4,200
233*
3 34
73*
400
313*
23*
Oct
Nov
1,200
103*
500
44
Oct
303*
33*
293*
23*
International Petroleum. _*
A stock purch warr
Internat Metal Indus A..*
Registered...
—
10
.....*
International Products...*
334
1
Internat Radio Corp
7%
63*
Oct
Oct
Sept
4
Oct
Oct
Internat Safety Razor B_*
Feb
Feb
July
Feb
Feb
34
Oct
734
34
Oct
43*
1834
9
Jan
Nov
Mar
Sept
393*
Mar
38
Mar
834 Apr
1534 May
15*
Feb
International Utility—
*
Class B.
.....—1
91.75 Preferred
♦
Class A
10
8
3*
New warrants..
Investors Royalty..
Italian Superpower A
53*
63*
Oct
423*
243*
Jan
Nat Service
3*
200
3*
Sept
I'm
Jan
153*
153*
83*
250
113*
53*
Oct
Feb
3*
1,200
2734
185*
234
34
1834
73*
200
Oct
3*
Oct
Sept
43*
2,200
934
Oct
Feb
National Transit
Feb
Nat'l Tunnel A Mines
Nat Union Radio Corp
Oct
14
Jan
Oct
89
Jan
Nebel (Oscar) Co
9654
Jan
234
30
72
Nov
10
83
Oct
100
Oct
93*
12634
500
33*
37
3,300
Julian A Kokenge com—*
134
29
Oct
2334
10
10734 10734
Keith (GeoE) Co 7% pflOO
10734
30
"T
Oct
Oct
30
11454
Aug
7% preferred
103*
Oct
Feb
New Bradford OH
Jan
New Engl Pow Assoc
134
23*
Oct
Klrkl'd Lake G M Co Ltd.l
«i«
Feb
Klein (D Emll) Co com..*
1534
Oct
21
1
Oct
41
4334
120
41
Nov
33
33
10
29
Nov
1
3 34
3
33*
4,100
1
33*
33*
33*
1,100
Klelnert (I B) Rubber.. 10
Preferred
334
13*
OH
434
Develop
26
Inc.-l
Le Tourneau (It G)
Line Material Co
1053*
125
113*
834
100
•
Llpton (Tho* J) cl A..)
34
's'ooo
334
1,300
"52
4
"l6
18
203*
6
Oct
213*
Oct
Oct
< 'Ct
783*
593*
93*
454
Oct
20
23*
..5
1
83*
Lone Star Gas
*
11
New Process
Jan
N Y Auction Co
Feb
N Y
4.000
Oct
1,400
3*
Sept
1354
23*
Apr
%
1834
400
13 3*
20
Oct
39
Aug
Oct
303*
Feb
203*
3,'00
123*
200
123*
Oct
3*
200
234
12
Nov
Nov
('Ct
34
13
213*
7
Jan
Feb
July
Oct
Nov
Mar
11 34
11
200
lH
Oct
834
4.000
4
Oct
83*
2.400
634
Oct
7,000
1
Oct
20
63
Oct
93
Mar
350
48
Oct
80
Jan
Oct
Jan
Aug
83*
734
73*
*
234
2H
2%
100
693*
6834
69 3*
100
583*
54
583*
183*
1634
1434
Jan
Feb
7%
preferred
Packing..
*
3*
3 34
3 34
73*
3*
393*
13*
834
200
654
X
Oct
Oct
Oct
82
Jan
*
1034
Oct
153*
Apr
*
19
Oct
2554 May
...
Mapes Consol Mfg Co
Marconi Intl Marine—
13*
393*
50
13*
*
Mass Utll Assoc vtc
1
Hosiery
$4 preferred w
"634
163*
*
w
McCord Rad A Mfg B.__*
McWllllams Dredging
*
Jan
6
734
600
5
Oct
23*
200
2
Oct
634
1,900
163*
550
6
153*
53
"43*
60
3 3*
300
10
133*
1013* 104
33*
43*
2,300
60
213*
Oct
Oct
150
333*
223*
334
163*
253*
Feb
Jan
Jan
Mar
Mar
Jan
Mar
Aug
23*
73*
90
3
234
Oct
7
Nov
73
18
Oct
33*
3*
1,500
200
"3*
®16
13*
100
"78""
25
1st pref
Michigan Sugar Co
13*
3*
13*
10,900
3*
3*
43*
43*
43*
400
23*
100
5
10
10
10
2d pref cl B
Class A
v t c
*
Class B
v
t c
♦
pref...*
Midland Steel Products—
92 non-cum dlv ahs
*
Mid vale Co
*
3
43*
10
33*
1,900
3*
43*
34
50
$6 preferred
*
North Amer Rayon cl A..*
Class B com
*
6% prior preferred
Nor European Oil com
Nor Ind Pub Ser 6 % pf-100
7% preferred
100
Northern Pipe Line
10
Nor Sts Pow
Novadel-Agene Corp
Ohio Brass Co cl B com..*
Ohio Edison |6 pref
*
6% 1st preferred
Ollstocks Ltd
Oklahoma Nat Gas
53 preferred
6%
conv
Jan
Pacific Ltg 56 pref
*
Pacific P A L 7% pref.. 100
Pacific PubUc Service
*
Mar
Feb
Jan
2
Feb
10
Jan
com
51.30 1st preferred
Pacific Tin spec stock
*
103*
Oct
24
Mar
Oct
90
Mar
Oct
454
145*
Patchogue-PlymouthMills*
Pender (D) Grocery A
*
Mar
13
Aug
500
100
673*
"113* "1234
59
15*
60
Oct
Oct
Oct
Nov
Oct
50
13
100
58
Oct
Nov
"l"666
Nov
65
15*
66
Qct
200
Oct
5
1,000
5134
Oct
13554
Oct
1,750
Oct
13*
293*
Oct
16
29
10
34
29
10
1034
98
100
93
100
94
50
Oct
34
22
200
83*
Oct
30
963*
Nov
43*
33*
43*
43*
43*
40
90
700
234
Oct
100
4
1,100
153*
93*
83*
1034
17,900
4
Jan
163*
Feb
74
77
600
69 34
Oct
100
93
Feb
94
Feb
66
66
100
65
July
793*
Aug
98
76
Feb
316
516
2,200
Oct
Sept
98
Apr
30
Oct
62
Aug
15
75*
65*
33
75*
34
1,600
800
Aug
15
Aug
Feb
Jan
13*
13*
2
1,500
5
800
15*
2J*
Sept
434
Oct
35*
1134
10,600
13*
Oct
734
23*
383*
263*
253*
15*
383*
254
383*
50
25
263*
300
23
Oct
253*
253*
100
25
Oet
134
....
13*
"""600
4734
X
Oct
1
434
43*
2,400
3*
3*
1,100
3*
Class B...
*
37
Oct
354
H
Oct
Oct
Sept
68
80
80
1134
1
80
155*
1
90
1254
2354
"34"
11
24
31
34
90
903*
30
4,400
1043* 105
1075* Z107
1073*
Oct
783*
5)4
Oct
7
100
Oct
Oct
H
Oct
1,000
11
Nov
200
20
Oct
350
2834
Oct
Nov
110
Nov
1113*
190
1023*
June
98
Oct
90
Sept
65*
Oct
215*
215*
50
193*
Oct
87
87
25
85
Oct
106
8
9
1,900
234
2
234
2,600
Oct
7
2854
73*
200
2934
600
Oct
10
23*
73*
Oct
8
29
1H
Oct
1054
7
263*
Oct
Oct
25)*
513*
1023* 1023*
513*
513*
4
"19""
19
53*
19
""75
20
200
100
Oct
1023*
513*
Nov
25*
143*
3134
19
55*
323*
500
26
1734
45*
"19"
"l~,266
zl5
554
12,000
1013*
1734
20
700
Nov
Oct
Oct
Oct
Apr
Oct
30
1434
Oct
3034
4
"26"
4
~26~"
4
"50
600
63*
Oct
53
20
Oct
43
33*
Oct
28
Oct
*
65
June
Oct
25
1
Oct
Nov
6
400
1333*
310
12
534
130
273*
Feb
Apr
May
25* Sept
434 Feb
215*
*
1
1
*23*
*
10
Pa Pr A Lt 57 pref
56 preferred
*
*
50
2.50
Oct
17
Jan
Nov
157
Feb
Pa Water A Power Co
Sept
37
Jan
Pepperell Mfg Co
100
873*
82
140
3
8,000
10
100
903*
175
82
120
14454
125
Oct
123*
3054
35*
23*
93*
Oct
Oct
Sept
110
423*
72
854
55*
173*
86
Oct
113
793*
Oct
112
Oct
179
79
82
350
Sept
62
80
115
2
*
100
19
10914 May
Pennroad Corp vtc
Penn Salt Mfg Co
Penn Traffic Co
215*
100
Pa Gas A Elec class A
Perfect Circle Co
3173.
95*
25
26
*
2
page
89
83*
2454
543*
1063*
2634
Oct
Oct
52.80 preferred
900
•
1S8
293*
1075*
Oct
55 preferred
Penn Mex Fuel Co
300
Montreal Lt Ht A Pow
6
254
354
153*
Oct
134
53*
112
11154
10454
143*
1454
325*
934
Jan
234
130
67
90
4
13*
13134
63*
3554
104
98
2
*
41
37
175
Oct
134
10
77
5134
5054
513*
45*
63*
54
9634
1033*
1254
200
Oct
2
Montgomery Ward A
16
5
Peninsular Telp com
Preferred
165*
115*
Feb
45*
913*
Oct
Penn Edison Co—
1
200
5*
25*
Oct
Jan
1
133*
115
Feb
3i«
J*
Feb
Oct
Oct
Jan
65
5
Monogram Pictures
Monroe Loan Soc A
com.
Mar
Feb
Mar
Oct
43
534
234
Feb
Mar
Oct
Oct
*
1,700
Mar
153*
11554
1053*
Oct
Oct
134
Monarch Machine Tool
634
634
1254
55*
Oct
29
1
53*
133*
37
Oct
4
293*
88
1034
Z573*
13*
60
"134
35
1403*
303*
943*
134
Parkersburg Rig A Reel._l
53
13*
13
6234
10
400
Nov
5*
93*
123*
334
33*
283*
23*
1123*
593*
803*
1954
193*
23*
2354
893*
63*
20
64
*
Page-Hersey Tubes Ltd..*
Pan-Amer Airways......5
Pan tepee OH of Venez
1
Paramount Motors Corp.l
300
Molybdenum Corp
*
16
293*
Oct
53*% 1st preferred...25
64
Jud, Voehringer
Common..'.
2.50
see
1
143*
Minnesota P A L 7% pf 100
For footnotes
"12"
50
Pacific Can Co
Oct
13*
634
63*
100
Oct
Nov
98
100
Pacific G A E 6% 1st pf.25
Oct
8
100
1
13
673*
com. 15
pref
Jan
3*
100
7H
5
com
Jan
Feb
600
Oct
100
Feb
7
300
3
43*
.*
37
Oct
8
100
61
155*
106
23*
13*
8
6
1
"l254
59
13*
Oct
7%
A..100
com cl
Oct
Jan
8
Oct
June
200
7854
}Nor Texas Elec 6% pf.100
Northwest Engineering..*
Jan
334
115*
1834
13*
30
Oct
40
Oliver United Filters B.._*
Overseas Securities
*
8
734
400
6
1
16
"x8~~
Oct
1
134
54
103*
3*
50
No Am Utility Securities.*
Nor Cent Texas OI1
5
Feb
Mock,
__
1
64
Missouri Pub Serv com..
Montana Dakota Utll.
Common...
Oct
Oct
3
600
Nor Ainer Lt A Pow—
Oldetyme Distillers
Oct
1,000
43*
2
40
*
Nineteen Hundred Corp B1
Nlpissing Mines
5
Noma Electric
.1
Parker Pen Co
Mid-West Abrasive....50c
Midwest Oil Co
Midwest Piping A Sup
*
Mining Corp of Can
*
Minnesota Mining A Mfg. *
Jan
Jan
23*
Middle States Petrol—
154
Ohio P 8 7% 1st pref... 100
Jan
Oct
28
Oct
S16
Jan
23*
803*
Oct
Oct
Sept
734
100
Apr
Mar
k
434
Vs
734
573*
400
102
Class A opt warr..
Class B opt warr
Ohio Oil 6% pref
100
Ohio Power 6% pref.-.100
July
Mar
Oct
Oct
1
100
Feb
Oct
10
Oct
100
2d preferred
Nov
78
*
Preferred
...100
2d pref cl A
Oct
1
263*
*78"
Oct
Nov
Oct
3*
*
6354
Oct
Oct
134
3*
l",506
13*
Edison pref.*
125
60
27
*16
Oct
Oct
Oct
553* May
143* Feb
443* Feb
100
1,100
*
Michigan Bumper Corp._l
Michigan Gas A Oil
1
Michigan Steel Tube..2.50
Nov
24
33*
63*% A preferred...100
Mesabl Iron Co.'.
1
Metal Textile Corp com..*
Mexico-Ohio Oil
53
3J4
3*
conv
43*
14
10
25
60
Warrants
Partlc preferred
50
213*
Mercantile Stores com
*
Merchants A Mfg cl A...1
Participating preferred.*
Merritt Chapman A Scott *
53
334
133*
*
Memphis Nat Gas com
5
Memphis P A L 97 pref..*
Midland Oil
Sept
Jan
Jan
Inc
Mead Johnson A Co
Metropolitan
Oct
17
1
Mills
Sept
23*
734
_*
common.
Master Electric Co
26
83*
*
Marlon Steam Shovel
Oct
34
2,700
Communication ord reg£l
Margay Oil Corp
134
7
100
Sept
100
23*
4234
May
5%
5%
5%
5%
10
Jan
1
Massey Harris
Common
5
*
4,900
'
1
common
95 conv preferred
Manlschewltz (B; Co
Vh
3*
854
13*
*
Class A pref
Nlles Bement Pond
Mangel Stores
"83*
19
20
Feb
Feb
Niagara Share—
654
1534
234
6554
55*
103*
Louisiana Land A Explor. 1
Lucky Tiger Comb G M. 10
Lynch Corp common
6
Majestic Radio A Tel
J
Oet
5)4
New York Transit Co
5
N Y Water Serv 6% pf. 100
Niagara Hudson Power-
Class B
6% pref class B
Loudon
3*
33*
Shipbuilding Corp—
Founders shares
Jan
Long Island Ltg—
Common
3*
913*
123*
T,800
47
33*
$6 preferred
N Y
133*
Oct
18
N Y A Honduras Rosarlo 10
Feb
Jan
1334
193*
Oct
City Omnibus—
N. Y. Merchandise
10
N Y Pr A Lt 7% pref._100
2 34
Oct
23*
Oct
Warrants
Feb
Mar
100
12
Nov
*
com
18
45
55
*
common
Oct
Oct
Oct
63*
85*
1
Jan
Jan
200
18
2
Jan
25
July
June
83*
25
Newmont Mining Corp. 10
13*
21 3*
Lockheed Aircraft
New Jersey Zinc
New Mex A Ariz Land
Feb
121*
12
Locke Steel Chain
Corp
Oct
Jan
Apr
453*
134
H
1034
25
»
Oct
103* Sept
.100
143*
33*
10)4
Oct
5*
3*
*
6% preferred
95*
Oct
3*
22
5
New England Tel A Tel 100
New Haven Clock Co
*
23
Nov
200
100
Feb
Feb
43*
3
13*
123*
"16
1
6% preferred
Lit Brothers com
63*
100
133*
1734
1113*
125*
400
*
Lion (»il Refining.
Oct
60
*
Lehigh Coal A Nav
Leonard
6
1
Lakey Foundry & Mach._l
Lefcourt Realty com
1
Oct
Mar
133*
Nov
1,500
100
com
12
1
"503* "16"
Nev-Calif Elec
Oct
6% preferred D
Kingston Products
Klrby Petroleum
'"*834
Jan
63*
Kings Co Ltg 7% pref B100
1
800
"53* "V
6
1st preferred
*
Nelson (Herman) Corp..5
Neptune Meter class A...*
Nestle-Le Mur Co cl A
*
"700
""734
283*
33*
883*
6534
85*
854
15*
Lackawanna RR (N J). 100
1
Jan
Mar
300
113*
734
Jan
Mar
52
13
105
Jan
Oct
1234
Kreuger Brewing Co
1,900
33*
Oct
Nov
4
Nebraska Pow 7% pref-100
Nehi Corp common
*
30
Lake Shores Mines Ltd
""600
13 5*
13
"93*
*
com
954
123*
93*
754
4
"9-
1
13*
1553*
283*
7
*
6334
33*
363*
653*
3
Nov
'4",300
'""766
Nov
43
12.50
125
84
105
""l3*
"I"
*
Jan
300
84
100
10
2,200
National Sugar Refining..*
National Tea 53* % pref. 10
Feb
3
84
Koppers Co 6% pref
Kress (SII) A Co pref
100
.....
1
common
70
7% preferred... _—100
Knott Corp common
400
93*
83*
123*
93*
754
Conv part preferred
*
National Steel Car Ltd...*
Navarro Oil Co
100
"83*
133*
"103* "ii'x
133*
66
4
National P A L S6 pref
*
National Refining Co...25
Nat Rubber Mach
*
73*
1
129
233*
134
75
Breweries
Oct
60
260
7234
Kingsbury
43*
534
2334
X
73*
7
3
Ken-Rad Tube A Lamp A *
1,600
5
53*
6334
Oct
9 3*
6
13
254
Oct
75
Kennedy's Inc
5
Oct
33*
233*
*
3*
Oct
8
43*
1334
Feb
4554
184
Oct
3" 500
Nat Mfg A Stores com
National OH Products
Mar
Oct
Aug
"i5k "~634
6
Aug
3*
Kansas G & E 7% pref. 100
27
44
1,200
conv
33*
.100
Jones A Laughlln Steel. 100
S3
High
Oct
234
pref
50
National Container (Del).l
National Fuel Gas
*
July
Mar
Low
25
180
National Candy Co com. .*
National City Lines com .1
23*
70
Jonas & Naumburg—2.50
1
com
National Baking Co com. 1
Nat Bellas Hess com
1
200
100
6% preferred
75
26
Feb
Feb
Sept
Jersey Central Pow A Lt—
634 % preferred
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.23*
Nachman-Sprlngfilled
*
83*
*
Jeannette Glass Co
Range Since Jan. 1. 1937
Week
Shares
Mountain States Power..*
Mountain Sts Tel A Tel 100
Nat Auto Fibre
1937
Apr
700
'32
1
253*
2
Mountain City Cop com 5c
Mountain Producers
10
500
16
Warrants
Jacobs (F L) Co
of Prices
High
Mtge Bk of Col Am shs
334
25
"l5X
253*
Week's Range
Low
•
43*
16
634
1
*
Irving Air Chute
Oct
Price
100
Moore (Tom) Distillery..1
334
1
Iron Fireman Mfg v t C..10
38
*
3*
3 X
I4H
Interstate Hosiery Mills..*
Interstate Power 97 pref. *
Oct
4,800
13*
Oct
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
*43*
*16
—
Vitamin—1
Interstate Home Equip.. 1
Oct
2134
334
153*
30
13
-*
93.50 prior pref
International
10
Sale
Par
High
Internat Hydro-Elec—
Pref
Last
(Continued)
Low
1
Insurance Co. of No Am. 10
STOCKS
Week
Shares
13,
Sales
Friday
nance—
V t c common.,—
7%
Price
Nov.
Oct
95
65
Oct
151
25
Oct
37
434
Feb
Jan
Volume
of Prices
{Continued)
for
Pilaris Tire & Rubber
1
•
•
4%
8%
8)4
114
114
8%
300
4
3%
4%
10
4%
15%
Feb
5% original preferred. 2 5
6% preferred B
25
Oct
11%
Mar
5% % pref series C
25%
Oct
40
Mar
Feb
100
19
300
13
13
6%
Oct
1%
Oct
3%
3%
3%
3,900
2%
Oct
*
Pitts Bessemer & L ERR 50
5)4
5%
5)4
1,200
4%
Pittsburgh Forgings
1
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
"8)4
Pioneer Gold Mines Ltd-.l
Jan
South Penn Oil
27%
116%
Feb
Oct
16%
June
Oct
147%
2%
Feb
39
6
Oct
620
58
Oct
'92)4
"l~566
82
1)4
1)4
300
1%
Oct
8%
1)4
8%
500
8%
Nov
500
2%
Oct
1
1,300
H
Oct
4%
1,500
25c
5
3)4
%
4)4
3%
%
5
Polaris Mining Co
Potrero Sugar com
4%
Powdrell & Alexander
3%
Pratt & Lambert Co
*
Premier Gold Mining
1
2%
Pressed Metals of Amer..*
21)4
Producers Corp
2)4
2%
7%
9
9
9
6%
6%
17%
8%
8%
600
25 %
22%
25%
800
Oct
14%
Jan
103
Jan
Oct
109
June
105
Oct
150
Oct
Feb
Oct
Standard Steel Spring
Standard Tube cl B
10%
3,700
1,000
Oct
Jan
3%
200
22
Oct
68%
580
10%
Oct
41
150
74
Oct
98
Oct
93
"50
110
Nov
120
Aug
Sept
117%
Apr
Mar
Jan
.
79%
20
77
Nov
103
Feb
79
92
20
90
Oct
106%
Jan
90
Oct
4%
Jan
Puget Sound P & ]
38)4
29
39%
300
26
Oct
18)4
•
*
Pyrene Manufacturing.. 10
preferred
14%
19%
825
10%
Oct
96%
96 %
93
136 )4
100
15%
...
Ry. & Light Secur com
Railway & Utll Invest A—
136%
15%
Nov
93
80
Jan
90%
60%
14%
124%
Jan
Feb
Jan
Jan
150
125%
Apr
50
15%
Nov
Nov
25%
28%
Jan
11
Oct
1%
~%
9,e
Class 3
July
Raytheon
16%
18%
100
preferred
Mfg
Reliance Elec & Engln'g
I
Oct
3%
Oct
23%
25
1,200
Oct
21
4%
4%
4%
100
4%
Sept
716
%
716
1,200
%
12%
Oct
Oct
.
2%
%
Reynolds Investing.
2VB
300
2%
Nov
%
%
1,700
%
Oct
Oct
4
Rice Stlx Dry Goods
Richmond Radiator
2%
1%
2%
1,200
Oct
1
Voting trust ctfs..
1,000
16
Rochest er G A E 6 % pf D100
Rochester Tel 6 % %
Rolls Royce Ltd—
%
97%
Oct
110
pf.100
June
26
5%
Oct
1
1,000
6%
Oct
2
Oct
Roosevelt Field Inc
3%
3%
Root Petroleum Co
11.20 conv pref
Rossia International
T,206
%
200
Oct
II
.20
%
)4
"is
Oct
32
Rotallte Oil Co Ltd
Russeks Fifth Ave
7%
500
7%
9%
2,500
"3% "3%
"ioo
$2.50 conv pref
•
Ryan Consol Petrol...
•
Ryerson & Hay nee com_.l
2%
2
900
150
80
73
Safety Car Heat <fc Lt ...*
St. Anthony Gold Mines. 1
$2 conv pref A
5
100
4)4
Samson United Corp com. 1
Sanford Mills com
....*
3)4
3%
70
Savoy Oil Co
3%
4%
70
3%
Oct
2%
1%
Oct
11,100
25
700
15%
16
400
27%
29
29
1,500
Seeman Bros Inc
Oct
May
1
*
1%
1%
200
1%
1%
3H
900
Feb
Sept
I®
% Apr
Mar
Feb
32% Mar
5% Jan
2% Feb
13 H
7%
Mar
Feb
% July
104%
Feb
July
112
27%
15%
4%
13%
Aug
Aug
Feb
Jan
18
Jan
1
Jan
55% Mar
110% July
14% Apr
Jan
17%
July
51
6%
Jan
%
15%
38%
11%
Jan
Taggart Corp com
__l|
Tampa Electric Co com
Tastyeast Inc class A
1
Taylor Distilling Co.—._l|
Technicolor Inc
common.*|
$5.60 prior stock
Selfrldge Prov Stores—
Amer dep rec
8%\
Securities
Am dep rets ord reg
Common
Trl-Contlnental
Tublze Chatlllon Corp
1
1
1%
Oct
Oct
%
Oct
Oct
2
Oct
Jan
Feb
9%
Mar
30
Jan
28
Mar
Oct
101
Mar
Oct
104
June
1%
Jan
%
%
United
200
1%
2
Mining..6
8%
6%
9
Shawlnigan Wat & Pow..*
20%
20%
20%
.25
91)4
85
91%
1,700
107% 107%
110
Sherwin-Williams
com.
"2
5% cum pref ser AAA 100
Sherwln Williams of Can. •
17
17
1,300
5,.500
400
Aircraft
100
6%
Sllex Co com
6%
7
300
Slmmons-Broadman Pub—
Corp warrants
Un Cigar-Whelen Sts—10c
United Elastic Corp
•
United Gas Corp com
1
1st $7 pref
9%
9
2%
Simmons Hard're <fc Paint
Simplicity Pattern com...
.100
Singer Mfg Co
~
Singer Mfg Co Ltd—
Amer dep rec ord reg £1
Sioux City G &E 7% pf 100
6
245
245
2%
6%
245
1
3%
1,000
7
7%
500
10%
12
100
12",600
X
1,900
4%
4%
31%
4%
22",700
1,700
17,400
$3 preferred.
Molasses Co—
Jan
United N J RR A Canal
Feb
United Profit Sharing...
Oct
154%
Mar
Oct
114
Oct
Oct
Nov
6
2,500
2,800
4%
29%
6%
28%
33%
17
61,706
4%
87%
1%
«
$6 1st preferred
Oct
106%
900
12
1,300
pref.1001
Common class B
%
3%
85
*
48
United Lt A Pow com A."
Feb
28%
Aug
Feb
35
Feb
Feb
700
5
Oct
July
20
230
Oct
Apr
100
Jan
Apr
Jan
July
5%
Sept
29%
Mar
Oct
7
Preferred
United Shoe Mach
Aug
6%
dep rets ord reg...
Feb
10%
370
Am
Apr
Oct
Oct
United
United Shipyards cl
Class B
Jan
Sept
Oct
Jan
2
100
United G & E 7%
Mar
Oct
Smith (H) Paper Mill
100
38
2%
United Milk Products;
1,400
Skinner Organ com..
7%
10%
38
'3%
non-voting."
2%
1%
29%
Conv pref
1.2001
1,400
3,700
%
6%
•
$3 cum & part pref
United
12%
H
25
4,100'
%
•
Oct
Shreveport El Dorado Pipe
Line stamped
1,200.
6%
Transport
Oct
18
100
3
Warrants.
4
100
4%
Seversky Aircraft Corp...l
Jan
Oct
Nov
%
Seton Leather com
4%
1
66
Oct
100
Union Stockyards
United Chemicals com
*58
Mar
»
Oct
Jan
18%
10%
10
109
Jan
Oct
com..*
Oct
78%
5%
Sept
25
2
Union Premier Foods Sts.l
Oct
Jan
25%
3814
Vs
7%
Investment
Mar
6%|
1001
1
com.25
Preferred
25
United Specialties com
1
U S Foil Co class B
1
U S and Int'l Securities..*
1st pref with warr
•
U S Lines pref
*
U S Playing Card
..10
U S Radiator com
1
U 8 Rubber Reclaiming..•
U S Stores Corp com
*
$7 conv 1st pref
*
United Stores v t c
...•
Jan
6%
Oct
300
"l%
Oct
Oct
..10
A... 1
Jan
Oct
5%
1
Class A
Tung-Sol Lamp Works
Jan
10
4%
~~2%\
7%
...
Jan
7%
2%
6%'
warrants..|
Trunz Pork Stores
Feb
1,000
3814
2%\
.....
Aug
350
4%
14%
8%
Trans Lux Pict Screen—
Transwestern Oil Co.... 101
112
Jan
Jan
Mar
Oct
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.
Mar
54% May
6%
77%
£11
May
Sept
31
Oct
July
£1[
Am dep rets def reg
Todd Shipyards Corp
Toledo Edison 6% pref. 100
55
4%
53$
Feb
500
"2%
*|
26
68 %
%
3,400
Oct
8,300
I"
Trust
Oct
100
£1
Sentry Safety Control
21541
2%
5%
Oct
..1
Oct
100
Allotment certificates..
"i%\
Tobacco and Allied Stocks*!
Union
69%
25
Oct
"466
Tlshman Realty & Const."
5% preferred
Unexcelled Mfg Co
Union Gas of Canada.
70%
1,800
i
7%
80c dlv preferred
10
1%
41
12%
Ulen & Co 7% % pref
10
1%
Oct
Oct
4%
5
Apr
July
[
Apr
2
Thew Shovel Co
Feb
69
100
Nov
Texon Oil & Land Co
Apr
Jan
"Sfi
30%
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref—.100
Tobacco Prod Exports
Feb
Aug
16%
I ""1%
20M| 17%
Feb
Mar
Jan
17
Oct
30%
Feb
Feb
Feb
Mar
119
i
1
6
Feb
Oct
3,100
5%
com
;
650
6%
5
1
Jan
300
8
110%
10814
Teck-Hughes Mines
Apr
70%
1%
5
Convertible Stock
Apr
7%
100| 110%|
Option warrants
Common
Feb
46
Apr
Oct
16%
Selected Industries Inc—
Jan
22%
100
13
40
Selby Shoe Co
50
Oct
9", 600
;
23%
3,800
3
1%
Oct
T%
300
Union Oil of Calif deb rts..
23%
•
Segal Lock & H'ware
1%
36%
8cranton 8prlng Brook
Securities Corp general
Nov
70
109
Scranton Elec $6 pref—..*
Scran ton Lace Co com
»
*
•
Oct
19%
4%
34%
Apr
Jan
Oct
~1
Mar
Nov
28
Oct
5% % conv pref
50
Superior Ptld Cement B
8
27%
2%
Oct
Feb
141
Apr
Oct
•
Oct
X
200
Oct
Sunray Drug Co
Sunray Oil
Nov
73
200
Sept
8%
1
*
Manufacturing. .25
Selberllng Rubber com
Oct
Oct
58
5
Schlff Co common
Water Service pref
Nov
5%
5
5%
%
316
*
50
St. Lawrence Corp Ltd
46
36%
"«k
Rustless Iron & Steel
7% preferred
850
7
2%
St Regis Paper com...
50
46
50
Royal Typewriter
Sept
Oct
600
•
Tobacco
Amer dep rets ord reg.£l
Rome Cable Corp com..."
25
Jan
Sept
July
Oct
12%
1%
12%\
5
Tilo Roofing Inc
Rio Grande Valley Gas Co-
Oct
100
700
14
»|
Swiss Am Elec pref
100
Reybarn Co Inc
Solar Mfg Co
Stetson (J B) Co com
Stlnnes (Hugo) Corp
Mar
200
900
Mar
Feb
Mar
2%
Mar
4%
25
Reeves (Daniel) com....
Relter-Foster Oil
Denn
5%
4%
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
53%
7%
2%
Sept
15%
13%
7%
6%
27%
5%
33%
20
49
4%
13%
40
Oct
400
5%\
5%
50
preferred
Oct
2%
Oct
Oct
"56
"5%\
*
1st preferred
Feb
Feb
100
Oct
4%
Reed Roller Bit Co..
Shattuck
6%% preferred
Sterchl Bros Stores
Oct
1,200
Sept
14
2%
50c
com
Red Bank Oil Co
Scovlll
'3%\"~2% "~3%\
v t c. 1
Steel Co of Canada ord..*
Stein (A) & Co common. _*
38
18%
Common
conv
Feb
20
Starrett (The) Corp
^
Oct
Wholesale Phosp
& Acid Works com
$3.30 class A partlclpat *
Swan Finch Oil Corp...15
Raymond Concrete Pile—
$3
1
Oct
Jan
% June
3i«
10
Stroock (S) & Co
Sullivan Machinery
Jan
Rainbow Luminous Prod
Class A
Standard
16
51
2d
40
175
12
11
12
Oct
6%
200
8
8
com.
Preferred
Feb
119"
%
Oct
800
370
50
Oct
10",000
1,000
19
%
100
*
84
%
Oct
Oct
Standard Products Co...l
Standard Sliver Lead
1
34%
74
$6 preferred
5% preferred
Standard Pow & Lt___
Common class B_.
Jan
Pub Service of Okla—
6% preferred
Quebec Power Co..
Jan
(Ky)
Sept
Oct
10
Oil
18%
Oct
3,300
Standard OH (Neb)
25
Standard OH (Ohio) com 25
119"
6% prior lien pref... 100
7% prior lien pref...100
Pub Utll Secur $7 pt pf
*
Oct
100
17%
Jan
Oct
.100
119
350
16%
Feb
115
.100
7% preferred
16
16%
Mar
Sept
.60
6% preferred..
16
16
®i«
14%
18
Oct
17%
11%
35%
78
29
34%
Oct
300
Oct
98
16 preferred
16
900
18
11
17%\
Oct
Oct
6
7% 1st pf 100
6% preferred
100
Public Service of Indiana—j
17 prior pref
Oct
Jan
Jan
Oct
600
6
Sept
Conv preferred...
10
Standard Dredging Corp—
$1.60 conv preferred. .201
Standard Invest 15% pref*
98
500
16 preferred....
Pub Serv of Nor 111 com..
Oct
May
5%
7%
Pub Ser of Col
Quaker Oats
Jan
Feb
4%
Oct
Oct
*
.*
Standard Brewing Co
Standard Cap & Seal com.
Feb
100
5%
Oct
17
H
25
Prudential Investors.....*
Oct
1,400
1,500
6
500
Providence Gas
37%
Standard
1,500
%
Prosperity Co class B
Common
41
Oct
16
300
316
Oct
1%
1,900
21)4
21
316
Oct
Oct
Spencer Shoe Corp
Stahl-Meyer Inc com
July
6%
4%
12%
33%
15
700
21
19
21
Apr
19
7%
25
West Pa Pipe Line..50
Spanish <fc Gen Corp—
Am dep rets ord reg..£l
Am dep rets ord bearer £1
Jan
>!*
Power Corp of Can com..*
Oct
800
2%
7%
38%
2%
7%
So
Mar
25
1,600
6%
Plough Inc
July
Southland Royalty Co...5
9
"85"
Oct
July
*
Apr
39
91
Oct
2
9%
6
63
Jan
Oct
24%
42%
39
56
Feb
Sept
37%
27%
27
25
Oct
Nov
61
Mar
Southern Union Gas
Pitney-Bowes Postage
Meter
Sept
7% preferred
100
South New Engl Tel... 100
Southern Pipe Line
10
2%
.1
13"
*
Oct
400
Southern Colo Pow cl A.25
33%
3%
6%
,
800
3%
36%
Oct
Oct
2,200
7%
3%
2
4,600
25)4
1
Pines Winterfront
3%
30
300
*
Conv pref series A
Pierce Governor com
1
34
Phoenix Becurltlee—
Common
Feb
116%
Oct
High
Low
1%
1%
6%
June
Week
Shares
HighI
1%
7%
Soss Mfg com
South Coast Corp com
Southern Calif Edison—
Jan
20
Oct
6%
Sonotone Corp
July
8%
Oct
Range Since Jan. 1, 1937
for
Range\
of Prices
Low
Price
111
100
Phlla El Power 8% pref. 25
Phillips Packing Co
Par
High
4
600
4%
Philadelphia Co com
Phlla Elec Co $5 pref
Shares
High
Low
Price
Sale
(Continued)
Low
Week's
Last
STOCKS
1, 1937
Week
Sale
Par
Range Since Jan.
Week's Range
Last
Sales
Friday \
Sales
Friday
STOCKS
15
3171
New York Curb Exchange—Continued—Page 4
145
2%
2%
""266
Oct
1%
1%
500
Oct
72%
76%
1,325
Oct
39%
6%
39%
7%
30
Apr
300
Oct
6%
7%
5,100
Oct
1
1
300
Oct
55
56
400
2
1,100
Oct
100
Oct
1,000
Oct
Oct
,
2%\
76%
39%
6%
7%
1
55
—--
5
3J
1%
19%
19%
4%
5
3
7
3%
600
%
%
500
5%
5%
60
%
716
600
Oct
4%
Jan
Jan
July
New York Curb Exchange—Continued-Page 5
3172
Friday
STOCKS
Week's
Last
Par
Wall Paper
Friday
Range Since Jan. 1,1937
for
3%
2%
25*
2**
1**
""760
25*
Universal Corp v t o—.-1
Universal Insurance.—-8
*25*
"2
Universal Pictures com—1
'I
*4"
Oct
18
July
Oct
8X
22**
Utah-Idaho Sugar
5
2
48
2
—
57
67
1st M 5s series A
1953
Jan
1st M 5s series B
1st
Sept
Oct
Jan
1st M 4s series F
1981
Sept
45*
Apr
35*s series H
1965
6
Jan
500
1
42
"766
55
X
Oct
2%
23*
250
Oct
Nov
47
X
2%
100
2
Oct
700
89**
Oct
Jan
Jan
516
716
2,900
165*
3X
1SX
3X
350
700
2
Oct
34
Class B
6**
1**
3%
28**
10**
35
225
26
Oct
73
Feb
15
155*
300
14**
3**
Oct
33
Apr
Oct
1
i
7%
preferred..
100
Valspar Corp v t c com..l
pref
Van Norman Mach Tool
15
Venezuela Mex Oil Co..10
"ix
805*
Vogt Manufacturing
IX
SOX
Waco Aircraft Co
200
Oct
2,100
**
Oct
10
72**
Oct
100
2X
8
200
2X
Wahl (The) Co common
Waltt A Bond class A..
ds ser A stamped... 1943
Cont'l Gas A El 5s...1958
Crucible Steel 5s
Feb
1940
Oct
10
Jan
Oct
23
Aug
Delaware El Pow 5** s 1959
98
Aug
Denver Gas A Elec 6s. 1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
1
Oct
Oct
5*
l5is
15*
IX
8
7X
1
75*
1.25
'OX "~7X
2X
3X
35*
Western Air Express.....1
West Cartridge 6% pf.100
4
3X
45*
2,500
Oct
H
6
Oct
4**
Oct
200
2*200
5
Oct
1,900
2
Oct
1,100
2**
Oct
101
Feb
9
Oct
Grocery Co...20
18**
>
4**
11**
2**
Nov
Western Maryland Ry—
7% 1st preferred
Western Tab A Stat
Jan
Feb
5
Jan
Jan
Jan
Feb
95* Aug
10** Apr
18** Apr
7% Mar
13** Mar
1025*
Jan
21** Mar
76
*
19X
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost) 35*8 *65
Elec Power & Light 5s.2030
Elmlra Wat Lt A RR 5s '56
150
Empire Oil & Ref 5** s. 1942
July
Aug
Oct
Oct
Nov
Ercole Marelli
60
77
77
77
.
West Va Coal A Coke
*
Weyenberg Shoe Mfg
1
2X
0%
Williams (R C) A Co.
*
Williams Oll-O-Mat Ht..*
4X
5
—
IWll-low Cafeterias Inc.-l
X
10
2X
OX
400
300
74**
1**
65*
5
100
4
1,300
2
X
X
IX
12%
IX
400
•u
Banks 6s-5s stpd._.1961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
Sept
Oct
465* June
685*
Nov
Jan
Apr
1135*
1135*
1125*
Apr
Sept
July
Apr
112
May
80
Jan
Conv preferred..
Wilson-Jones Co
*
10
Oct
Wlllson Products
First Bohemian Glass 7s '57
Florida Power & Lt 5s. 1954
1
11
Oct
45,000
102
Oct
1075*
Aug
31,000
1005*
Mar
1065*
Jan
103
1025* 103
41,000
14,000
995*
Oct
56
Oct
93
Sept
Aug
6
Jan
66
695*
985*
7,000
3,000
3,000
3,000
70
955* 985*
{1245* 130
13,000
38,000
1035* 1035*
107
107
119
119
1235*
68
1095*
Jan
118
Apr
1255*
Jan
60
Oct
605*
995*
Oct
935*
985*
1045*
July
101
July
60
"735*
70
1035*
"81%
1
88,000
785*
1065*
12,000
73 5* 238,000
19",066
575*
Oct
109
Mar
Jan
Jan
965*
115
Jan
Feb
101
July
1045*
Oct
85
Oct
65
Oct
1035*
935*
Jan
64
9,000
20,000
73
Jan
Oct
735*
Feb
1035* June
1085*
Mar
63
1015*
{1015*
1035* 104
1045* 1045*
104
Mar
Jan
Jan
Mar
5,000
87
835*
58
715*
Oct
1005*
135*
125*
45*
45*
95%
51,000
1035* 1035*
{50
72
Sept
Sept
1025* May
1045* 105
"72X
Oct
15*
106
865*
815*
Oct
4
4
2
{105
1075*
Apr
1065* May
Oct
Oct
7,000
{1
Jan
Mar
97
4,000
Jan
1055*
1095*
975*
25*
80
Jan
Oct
12*000
55*
755*
Oct
Mar
Jan
985*
65,000
65*
106
Oct
Nov
106
995* 1005*
775*
92
52
"2', odd
1045* 106
{15*
Feb
1045*
2,000
1005* 101
7
Jan
Apr
30,000
94
65*
Jan
July
{1085* 1085*
166"
Jan
101
130
4,000
70
{54
101
905*
105
755* 795* 130,000
1015* 1015*
20,000
92
1045* June
3,000
1075*
1195*
68
79
1015*
985*
Jan
Oct
935*
Jan
Jan
103
1055* Mar
1055* June
12,000
102 5*
Oct
14,000
1035*
2,000
93
Aug
Sept
68,000
72
Oct
1005*
1015*
1045*
1025*
1015*
1015*
1045*
995*
Sept
Gary Electric
Winnipeg Electric cl B_._»
1105*
1105*
1075*
1075*
1045* 105
Elec Mfg—
1953
Erie Lighting 5s
1967
Federal Water Serv
5**s '54
Finland Residential Mtge
Oct
36
1115* 1125*
112
1125*
1115* 1115*
1115* 1115*
1065* 1075*
6**s series A._
Oct
5
•
95,000
47,000
lllX
1115*
1065*
1952
Nov
Westmoreland Coal Co...*
WeetiN J & Seashore RR 50
West/Texas Utll $6 pref..*
1950
Empire Dlst El 5s
Oct
19**
8**
20X
112 J*
Detroit Internat Bridge¬
ts
..Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
El Paso Elec 5s A
100
57
675*
1035*
1939
Gen mtge 4**s.....l954
Consol Gas Utll Co¬
July
Oct
6
Walker Mining Co._.__
Wayne Knit Mills
5
Welsbaura Bros-Brower..l
Wentworth Mfg
(Balt) 3**s ser N...1971
6b
IX
.......
Wellington Oil Co
100
Oct
67
Consol Gas El Lt A Power-
Consol Gas (Bait City)—
Cuban Telephone 7**s 1941
Cuban Tobacco 5s
1944
7
*
ICO
preferred
Com'wealtb Subsid 5**s '48
Community Pr <fe Lt 5s '57
Community P S 5s
1960
Conn Light A Pow 7s A '51
Jan
9**
35*
Sept
IX
80 X
8
Jan
Mar
Jan
Feb
Jan
365*
1045*
4**s series C...1956
1st 45*8 series D
1957
nu
*
*
Wagner Baking vtc
4
3X
Petroleum... 1
Va Pub Serv 7% pref.. 100
Sept
11**
Feb
High
795*
565* 120,000
49
1954
Feb
Jan
Low
Shares
Edison—
19
550
25*
25*
%
f UtU Pow A Lt common.-l
Class B
1949
5**a
35**
*25*
80**
Oct
High
Ooinmerz A Privat 5**s'37
Commonwealth
Range Since Jan. 1 1937
for
Week
of Prices
485*
Oct
2
47
Week's Range
Low
555*
Oct
48
42 5*
"2~X "~2X
Utility Equities Corp.
*
Priority stock....—.*
Utility A Ind Corp com...5
Conv preferred
7
Venezuelan
Apr
5**s. 1952
35*
"55* ""466
Utah Radio Products..
conv
Cities Serv P A L
Jan
12**
Utah Pow A Lt 17 pre!—*
Western
Feb
6
4,700
Universal Products
7%
4%
Oct
10
Universal Consol Oil
Vot tr
Oct
13,300
1937
13,
Sales
Sale
Price
1H
9**
2%
2
Last
High
8
3 5*
2
BONDS
(.Continued)
Low
Low
Price
United Verde Exten—60c
Range\
Sales
of Prices
I Week
High Shares
Sale
C Concluded)
United
I
Nov.
»
Wise Pr & Lt 7%
pref. 100
Wolverine Portl Cement-10
Wolverine Tube com
2
645*
Wood ley Petroleum
1
Wool worth (F W) Ltd—
Amer dep rets
5c
75*
63
13
645*
300
200
1
20
61
3
3
100
2
55*
7
1,500
4**
Oct
5
Oct
65*
75*
400
175*
175*
200
"75* "~7X "7%
Youngstown Steel Door..*
185*
16
185*
1,200
25*
2
25*
1956
Deb gold 6s. June 15 1941
Deb 6s series B
1941
General Bronze 6s
15 H
6
Oct
23**
Jan
Apr
65*
Apr
55*
Oct
8**
Jan
S2H
Mar
1,500
5
Gatlneau Power 1st 5s
Oct
65*
A Gas—
5s ex-warr
stamped. 1944
Oct
3
6% preferred
£1
Wright Hargreaves Ltd..*
Yukon Gold Co.
Oct
1*9",800
16
Nov
1**
Oct
103
103
103
Jan
Jan
35,000
71
Oct
105% 106
26,000
106
106% 155,000
78
85% 168,000
105X 106X
3,000
96
96
2,000
105X 105% 27,000
107
107X
7,000
111X 113
20,000
100
100** 28,000
102
Apr
104
Oct
103**
105**
Oct
55
Oct
6,000
Oct
835* May
62**
Jan
Oct
61
1968
36
32
38
69,000
22
Conv deb
1977
Convertible 6s
1950
Bell Telep of Canada—
1st M 6s series A
1955
72
{95
59
74
100,000
U3X
"121
113% 114**
118** 119**
121
121**
130
1998
"84
"90
"106
98 X
F.1967
99%
.1981
"92"
70
1954
Cent States P & L 55*8 *53
Chic Dlst Elec Gen 45*s'70
68 series B
88 X
44 X
42%
46%
104 X
1961
Chicago A Illinois Midland
Ry 45*8 A
1956
95
Chic Jet Ry A Union Stock
Yard8 5s
1940
{♦Chic Rys 5s ctfs
6s series B
Service 5s
Conv deb 5s
Nov
74
Jan
6s series A
6 **8 series B
5s series C
1951
Jan
Nov
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 6s '55
115**
Jan
124
Jan
114**
Mar
125
Jan
130
♦Indianapolis Gas
1,000
128
Oct
145
Jan
84
37,000
99
Jan
Ind'polls P L 5s ser A. 1957
International Power Sec—
6**s series C
1955
73**
Oct
60
Oct
90
90
1,000
85
Sept
26,000
101
Mar
102?* 103**
105?* 106 *
95**
98**
98
t90**
93**
995*
Indiana Service 5s
.1950
1st lien A ref 5s....1963
Oct
Jan
International Salt 5s.. 1951
Sept
{055*
Jan
111**
Feb
113**
July
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate Public Service—
20,000
97,000
99**
86**
Oct
42,000
95
Oct
20,000
37,000
95
102
91
Jan
Aug
87**
7s series E...
7s series F
5s series D__
Oct
"98"
925*
89
5,000
84
Oct
23
Jan
1957
1956
58 series B
92
"i"66o
88
70
18,000
63
91
Oct
98
Nov
96
Nov
96
305*
64
65
3,000
25
n~666
1065* 1065*
97
985*
91
925*
88
905*
{78
815*
90
50,000
73
Oct
39
445*
26,000
31
Oct
31
Oct
"2, odd
Oct
Apr
Mar
Stamped
Jersey Central Pow A Lt—
435* 217,000
465*
32,000
104?* 105
{1055* 107
9,000
1035*
104**
Jan
108
Aug
845*
Oct
1065*
Feb
Oct
1065*
Jan
61,000
79
Oct
75
Oct
1045*
995*
Jan
25,000
82
Oct
105
1,000
16,000
855*
Oct
1065*
70
Oct
99
1075* 1075*
81
815*
1,000
1065*
Aug
108
Oct
7,000
Oct
101
Jan
3,000
106
{111
Isarco Hydro Elec 7s. 1952
Isotta Fraschinl 7s...1942
Mar
Feb
Jan
1075* June
111
June
"605*
24~66o
45
Oct
795*
Jan
55
605*
14,000
48
Cct
78
Jan
{50
1055*
57
57
1055* 1055*
545*
57
{55
1065*
505*
4O"666
57
615*
60
5,000
1035*
Mar
1065*
Apr
52
Oct
Oct
835*
Feb
Oct
81
Feb
Mar
109
May
Oct
Oct
72
735*
24,000
62
64
68
31,000
585*
935* 94
{915* 94
1055* 1055*
995* 100
555* 575*
72
725*
435* 46
37
Jan
53
18
735*
77
60
20,000
~
32
68
40
Jan
105
265*
72
825*
9~66o
40
555*
Nov
465* 178,000
30
42,000
1065* 1075*
455*
30
94
53
Oct
Oct
T.666
92
June
92
2,000
July
1045*
Apr
765*
695*
Jan
96
Jan
Jan
885*
Jan
1045*
Feb
1045* Feb
1065* May
1055*
Jan
795* Feb
11,000
9,000
99
54
Oct
3,000
71
Oct
80
Feb
325*
Oct
71
Feb
28,000
Oct
95
1,000
91**
35
Oct
565*
Jan
105
1045* 105
103
Mar
1035*
103 X 1035*
97
98
99
Oct
1055*
1055*
Apr
1961
12,000
51,000
Kansas Elec Pow
3**s. 1966
8,000
106
Mar
110
Jan
8,000
48
Oct
84
Jan
87
12,000
1947
4** 8 series C
Oct
40
5s series B
95
Kansas Gas <fc Elec 6s. 2022
Kansas Power 5s
1947
Kentucky Utilities Co—
1st mtge 5s ser H...1961
4,000
{1105* 117
1005*
98
1015*
19.666
Nov
90
90
~4~66O
101**
90
Nov
1055*
64
19,000
81
83
45
Oct
82
5,000
Jan
54
615* 285,000
98
98
Oct
83
1,000
Jan
94 X
93**
94**
16,000
65*8 series D
5**s series F
1948
42
1955
{86
90
88
Oct
103
Jan
5s series I
1969
5,000
92
Oct
104**
Apr
78
1055*
109?*
Jan
Jan
55
57
99** 100
3173
Jan
885*
915*
785*
915*
755*
595*
For footnotes see page
275* Aug
1045*
Feb
1055* Sept
1035* June
335* Apr
885*
Feb
865*
Feb
835*
63
1943
Oct
Feb
Sept
12,000
1950
1955
106
1025*
375*
Jan
54,000
Jacksonville Gas 5s—1942
42
Sept
107
Jan
Jan
605*
Italian Superpower 6s. 1963
33
37
Oct
Oct
Nov
74
69
64
62
755*
1095*
Jan
60 5*
Iowa Pow A Lt
4**s._1958
Iowa Pub Serv 5s
1957
Oct
Mar
205*
945*
106
"8l"
1951
92
67 J*
88
'
Apr
89
87
785*
Feb
Jan
825*
"825*
Lake Sup Dlst Pow
3**s '66
Lehigh Pow Secur 6s __2026
1025*
♦Leonard Tietz 7**s_.1946
Lexington Utilities 5s. 1952
6s
865*
1966
Cities Service Gas 55*s '42
Cities
Service
Gas
Pipe
Line
102
265*
{635*
1952
4**s series F
1958
Iowa-Neb LAP 5s...1957
Oct
~4~66o
96
5s A1952
885*
1015*
104**
114**
Jan
105"
{2 5*
645*
1957
Mar
Mar
5,000
Oct
101
{215*
1953
110
62**
Oct
Sept
{80
1947
Jan
Feb
43
28
1005*
Oct
Jan
Electric Corp—
113
106** 106**
48
48**
{86
89**
1927
Cincinnati St Ry 55* s A '52
Cities
59
83**
61**
92 X
...1968
Cent Ohio Lt A Pr 5s..1950
ex-warrants
Oct
915*
105**
68
Oct
{100
5**s—May 1957
2,000
101** 103
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 58.1956
Cent States Eleo 5s
1948
65*s
69
Oct
C...1956
4,000
J112** 117
...1956
ser
Oct
69
Jan
5 f deb
Indiana
7,000
84
6s series B
1949
111 Northern Utll 5s...
1957
111 Pow A Lt 1st 6s ser A '53
1st A ref 5**s ser B.1954
ser
3,000
1045*
warrants. 1943
1st & ref 5s
52
41
{22
24,000
Central 111 Public Service—
45*8
32**
95
98
Oct
65**
655*
Oct
Jan
6**s with
50
38
1947
♦Hungarian Ital Bk 7**s'63
Hygrade Food 6s A...1949
5s
1957
1st & ref
Jan
1,000
355*
Debenture 6s
5s series G
Jan
63
65,000
45*s series H
Jan
34
69,000
6s series E
1025*
104**
675*
63
385*
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s... 1956
Cedar Rapids M A P 5s '53
110** June
1195* Jan
Oct
365*
Broad River Pow 5s.. 1954
Canada Northern Pr 5s '53
Oct
1065*
"i",666
715*
{101
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s..1943
89
33
Birmingham Elec 45* s 1968
Birmingham Gas 5s
1959
Mar
May
107
Oct
31
Bethlehem Steel 6s
Nov
108**
Mar
35
i960
106**
Oct
28
3,000
Hall Print 6s
stpd
Jan
98
38
52
405*
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry
5**8
..1938
109
1950
715*
1977
107** June
108** June
106J*
Jan
87,000
43,000
31,000
5s series A
Oct
96
Conv deb 5s
1st M 5s series B
Jan
Guardian Investors 5s. 1948
Hackensack Water 6s. 1938
Sept
68
103**
23**
20**
22**
5s series C
95
Jan
355*
39
Feb
Jan
77 X
785*
895*
895*
June
105**
995*
77
Aug
107
Oct
38
Jan
31
Jan
Oct
77
Jan
88
110
Oct
55*8
1055*
{107
7,000
Assoc T A T deb 55*s A'55
Gas Lt 45*a_1955
Baldwin Locom Works—
Oct
Oct
Mar
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58
91
Atlanta
74
58
215*
Jan
78**
Conv deb
265*
2,000
1085*
86
45*s C...1948
45*8
1949
14,000
Jan
Oct
97
13,000
Conv deb
84,000
70
Jan
97
105
81X
Associated Gas A El Co—
Conv deb 55*8
1938
89
Oct
Oct
79 X
95
865*
725*
Mar
Oct
90
44
17",600
Jan
77
94
74
93
80
Jan
56
77 X
40
78
265*
Oct
Oct
Jan
60
81X
93 5*
73
68
885*
Oct
705*
{70
"785*
81
85
585*
6,000
1956
435*
5,000
14",000
765*
28,000
1st A ret 5s....
2024
91
72
Jan
Jan
21,000
105
Debenture 6s
Sept
95
87
Ark-Loulslana Gas 4s 1951
Arkansas Pr A Lt 5s.. 1956
Associated Elec 45*8.-1963
96
Jan
Jan
695*
21,000
41,000
107X
nix
Oct
70
94%
ioh'x
Sept
96
94
98 X
Appalachian El Pr 58.1956
Appalachian Power 5s. 1941
Georgia Pow A Lt 5s._1978
♦Gesfurel 6s
1953
Glen Aid en Coal 4s...
1965
Gobel (Adolf)
81
Oct
99
60
97
100X
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
Georgia Power ref 5S..1967
81
{88
76
82
4,000
1,000
69
92 X
45*s._1947
1940
General Pub Serv 5s..1953
Gen Pub Utll
6**s A. 1956
12,000
47,000
875* 90
1025* 103
995* 1005*
1005* 1005*
Jan
Jan
94
MX
Amer Seating 6s stp.,1946
89
103
96
66
98 X
105X
895*
695*
1951
106 X
85
845*
4**s___l941
Jan
1946
Am Pow A Lt deb 6s..2016
Amer Radiator
895*
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd
1950
102
1st A ref 5s
90
93
Apr
$1,000
1st A ref 5s
1st A ref 5s
1968
1st A ref 45*8
1967
Aluminium Ltd debt 5si948
Amer G <fc El debt 5s..2028
93
1045*
BONDS
Abbott's Dairy 6s
1942
Alabama Power Co—
93
"935*
80
82 5*
935*
94
98
65
Nov
Oct
10",000
93
Oct
85
{925*
935*
1005* 103
{21
29
935* June
1105* Nov
Oct
655*
93
41",000
ii"666
995*
185*
93
Oct
Mar
Oct
Mar
Oct
98
1215*
1045*
995*
1075*
1035*
995*
Jan
Oct
Jan
Jan
Jan
Jan
Jan
Jan
1015*
Jan
1115*
Jan
265* July
105
Jan
Volume
Price
Week
Libby McN <fc Llbby 5s '42
Long Island Ltg. 6s.-.1945
Louisiana Pow & Lt 5s 1957
10234 10334
534# 1951
Feb
Oct
107
Oct
10654 May
July
87
♦7s without warr'ts.1941
2734
2234 May
*2134
9734
*7634
43£s_1952
McCord Rad & Mfg 6s '43
9834
8934
"(>"666
9734
76
84
89
Middle States Pet 634s '45
9234
Jan
Oct
104
Jan
118
Apr
10734
9934
9734
10634
Nov
74
74
9234
92
9734
7,000
93
Oct
Oct
10254
Jan
16,000
106
Jan
6,000
68
Oct
7834
5,000
78
Nov
107
Feb
-
9334
434
10134
79
Nov
75
Oct
92
June
10034
Feb
Oct
1434
Jan
234
Oct
74#
36,000
1,000
71
107
Jan
Oct
100J4
49,660
10754
9734
Feb
Oct
67
8,000
44
May
10634 June
1,000
11334 11334
*90
92
7634
7934
*116
11734
Nelsner Bros Realty 6s
Apr
70
4434
4434
10834 10834
4434
10834
-
83 *
7734
6834
7134
-
27,000
4,000
75
*99
-
Jan
2,000
70
"8l"
Nat Pow <fc Lt
.
Jan
9954
10034
10934
10634
51
Jan
110
May
Oct
12634
Jan
Oct
90
lif.ooo
Jan
110
Jan
9934
12134
8434
Jan
69
Oct
113
Apr
Jan
Jan
6134
"45",000
4734
Oct
59
62
Oct
85
Jan
6134
12,000
43,000
45
59
44
Oct
84«
Jan
8234
84 fc
27,000
81
Oct
10134
Jan
85
871
32,000
8434
Oct
10254
Jan
88
90
85
Oct
9554
Jan
75
7734
6,000
16.000
60
Oct
92
Jan
*99
10234
"el"
59
6034
6034
84
86
6s.
"7734
9934
May
New York Penn <fc Ohio—
10234
10254 10334
10634
10534 107*
97
94
96
1,0334 10434
10434
*11234
-
—
19,000
98,000
15,000
19,000
•
—
-
-
-
94
Nov
10034
6934
Jan
Oct
10434
10934
10734 Aug
Jan
10434
104345NOV
11254 July
Feb
8654
Jan
10834
Nov
Nov
Oct
Nov
100
Apr
11034
-
Apr
54
No Amer Lt <fe Pow-
8434
4034
8,000
10834 10834
195
8434
5,000
8,000
85
42
8434
35
10654
Indiana P S—
99
9934
99
99
9334
10034
100
9234
9334
10234 10334
"92"
91
92
10334 10334
10634 10634
10434 10534
"10534
9534
9534
9534
8634
Okla Nat Gas 434a..
86
8954
8234
11,000
13,000
22,000
8,000
20,000
5,000
2,000
42,000
41,000
10234
10234 103
56,000
19,000
2,000
11434
11434 H534
14,000
"6934
*11234 H334
6434
70
80
8134
Oct
95
84
Pacific Invest 5s ser A. 194
Jan
Jan
105
Jan
Oct
11154
Jan
10454
Jan
107
Oct
Oct
10554 May
Jan
10054
Jan
10834
80
Nov
100
Jan
102
Oct
108
Jan
H334
Oct
119
Jan
*10134 102
*37
41
84
11134
—
—
—
9934
-
Oct
Nov
Oct
51
52,000
-
Jan
10134
Oct
Mar
30
Oct
8334
Oct
10234
117
9334
Jan
Jan
Oct
Oct
103
Jan
96
1,000
89
Oct
106
Mar
89
14,000
80
Oct
10554
Jan
106
1,000
105
May
109
Apr
10034
May
Jan
10734
Mar
10634
11134
10134 10134
*10834 10834
12,000
------
8734
11134
5^8..197
Transit 6s 196
634a '6
97
1,000
105
Mar
108
June
38,000
76
Oct
100
Jan
11
30,000
11134 H234
*7034
76
5634
57
*105
108
9634
97
*1934
22
65
65
10734 10734
*10654 HO*
*6034
65
99
9934
2134
2134
534
10834
24,000
—-
-
-
Oct
Mar
1,000
113
9934
77
Jan
108
Oct
107
Jan
Apr
25
Aug
96
1834
57H
10554
Oct
July
Jan
108
------
104
Apr
109
Jan
------
60
Nov
81
Mar
96
Oct
104
Feb
18
Mar
25
July
15,000
11,000
1,000
13334
20,000
12834
Oct
147
10934 HO
10454 105
103
10334
2.000
10734
10354
Oct
105
11234
10554
103
10254 103
12,000
5,000
6,000
10,000
Mar
100
Oct
101
Mar
10034
102
*10354 104
Oct
Mar
105
9934
9834
7234
69 34
9934
7 3 34
6934
68
6934
l
6634
65
6634
i
9134
9134
*23
*21
r.
San Antonio P S 5s B.
102
10 1 34
110
Sauda Falls 5s
*26
25
9934
99 34
1 02 34
127
110
10334
25
10554 May
10334 105
10334
10354 104
60 34
6034
103 34
10334
6034
80
Southeast P & L 6s.
80
80
9334
93 34
9434
10534
9834
Jan
94
6034
Oct
57
Oct
96
Jan
5434
Oct
9234
Jan
7,000
9154
Nov
2234
Mar
18
6,000
11,000
20,000
______
4,000
Apr
10434
Jan
7
Oct
10034
125
10754
107
2854
IM/o
Jan
Tide Water Power 5s.. 1979
Tietz (L) see Leonard
Toledo Edison 5s
Twin City Rap Tr
Oct
106
Oct
10534
22,000
70
Nov
6 3 34
5734
9734
9834
10234 103 34
J90
100
8334
8634
22,000
55
Oct
1,000
53
Oct
108
10834
34,000
63
66 34
36,000
55
Oct
42
42
31
Oct
11334 11334
1,000
13,000
111
Mar
6134
8,000
74
74
70
6334
59 34
5734
"8534
1962
10834
66
534a '52
9234
10234
41,000
Oct
102
87,000
Oct
Oct
80
17",000
Oct
10634
Jan
UlenCo—
Conv 6s 4th stamp. 1950
11334
59
1956
United El Serv 7s
♦United Industrial 634s.'41
♦1st s f 6s
1945
*2334
634s
534 s
1974
1959
Un Lt & Rys (Del) 534a '52
Oct
Mar
2034
1934
25
*2334
6134
4934
25
Mar
66
7034
38,000
47
Oct
27,000
53
Oct
10134 10134
6434
8,000
9734
Oct
19,000
6134
Oct
67
7034
10134
7234
7534
76
United Lt & Rys (Me)—
6s series A
1952
10534
105
10534
10,000
103
June
6s series A
.-...1973
6234
62
62 34
5,000
62
Oct
82
83 34
7,000
79
*90
9134
------
*8134
8934
8634
8354
------
Utah Pow & Lt 68 A..2022
434s
Va
mma
Wat
Va Pub Serv
1944
Pow 534s_'57
634s A.. 1946
—
—
—
— —
91
Oct
10234
Feb
91
30,000
85
88
8,000
81
Oct
80
6,000
75
Oct
18
25,000
11
105
5,000
80
1654
1946
6s
Waldorf-Astoria
Oct
88
Oct
Hotel—
1954
♦5s Income deb
4s
Wash Water Power 5s 1960
2030
West Penn Elec 5s
105
1958
1951
10634 10634
—
-
—
10434 10454
——
West Penn Traction 5s '60
—
—
June
3,000
10434
104
—
July
Apr
103
37,000
94
94
-----
Oct
10434
10534
1,000
93
Oct
8,000
104
Nov
75
Oct
Oct
West Texas Utll 5s A 1957
"8854
88
89
61,000
'44
West United G & E 534 s *55
Wheeling Elec Co 5s.. 1941
Wise-Minn Lt & Pow 5s '44
4434
44
45
12,000
39
16,000
102 J
Oct
1053
Feb
West Newspaper Un 6s
10434
104
*10734
10734 10634 10734
-
-
-
------
17,000
1966
90
90
9054
12,000
Yadkin River Power 5s '41
104
104
10434
8,000
1937
86
Wise Pow & Lt 4s
York Rys Co 5s
122,000
86
89
2234
2234
2234
2134
2334
2134
105
Oct
90
Nov
10334 June
8134 May
*
Agricultural Mtge Bk (Col)
♦20-year 7s...
1946
♦20-year 7s
1947
2234
1951
♦Baden 7s
2,000
11,000
21
22
Apr
10,000
18
Sept
(Province)—
Buenos Aires
*80
♦734s stamped
92
7
8
7
1948
♦Cauca Valley 7s.
92
*80
1952
1947
♦7s stamped
------
♦Prov Banks 6s
♦6 series A
2434
*23
2434
B..1951
1952
534s.......-.1955 '10034
634
1934
10,000
2734
------
External
2134
2134
2134
*21
2054
1947
♦Secured 6s
-----
1939
♦Hanover (Prov) 6348.1949
♦Lima (City) Peru 6348-'58
♦Hanover (City) 7s...
—
— —
~20 Va.
Jan
17
Jan
17
Mar
1734
18
18
2,000
13
24
1,000
;
1927
————
2334
*20
"11
♦Mtge Bk of Chile 6s. 1931
6s 8tamped
1931
Oct
15,000
85
Oct
24
10,000
22
Apr
28
—
1154
*5
18
98
"98 "
Mtge Bk of Denmark 5s '72
98
-
— -
Oct
11
1134
9534
5,000
July
Apr
Nov
16
16
1954
10,000
12
♦Rio de Janeiro
12
12
17
36,000
3,000
2,000
12
♦Russian
♦6348 certificates... 1919
♦534s
1921
♦534a certificates... 1921
♦Santa Fe 7s stamped-1945
—
-
♦7s
34
54
"54
54
*54
*54
—
"7254
7254
1
1
34
34
------
7254
12
*1034
Nov
34
------
*1034
1949
1961
♦Santiago 7s
34
-
Oct
2154
-
2,000
------
♦Parana (State)
7s...1958
634s.-1959
Govt 6340---1919
Oct
7
954
11
—-
Sept
2,000
92
91
91
Apr
2134
1947
♦Issue of Oct
17
2,000
------
1,000
954
1951
Mtge Bk of Bogota 7s.
♦Issue of May 1927
"7~66O
2054
♦Medellln 7s series E.1951
Mendoza 4s stamped..
30
Apr
Apr
24
-----
1958
♦Maranhao 7s
Apr
97
2134
♦German Con Munlc 7s '47
34
6234
2,000
1034
15
------
1034
Oct
Oct
Oct
Oct
Jan
Oct
Oct
Aiic
10854 May
1834
Mar
♦
No par value,
107
Jan
132
Jan
Oct
range,
a
Deferred delivery sales not Included
In year's range,
the rule sales not
Feb
24
Oct
Oct
Apr
Aug
Sept
Feb
Apr
50
67
t
1952
634 s
21
Mar
99
Danzig Port & Waterways
96
Oct
20
3,000
*9954 10254
1953
5s
2434
10034 10134
9434
8334 May
8434 Mar
16,000
Cent Bk of German State &
Danish
Oct
Jan
11134
35
Sept
47
Oct
105
Feb
Oct
Feb
11,000
10134
Mar
10434
10534
Oct
72
Mar
70
Oct
101
Jan
77
Oct
10934
year's
x
week.
Bonds being traded flat.
{ Reported in receivership.
1 Called for redemption.
e Cash sales transacted during the
^
current week and not
,
included in weekly er
yearly range:
ISTo 8B]<6S
July
60
n Under
included In year's range,
r Cash sales not included in
Ex-divldend.
y Ex-intereet.
•
^
♦ Friday's bid and asked price.
No sales were transacted during current
Mar
Jan
10354
10734 May
10134
10134
3,000
7,000
32,000
2,000
Aug
2,000
14,000
Mar
41
10634 10634
10534 10534
2022
Apr
Mar
9954
10554
Mar
10234
4234
*39
10634
10334
68 series A
♦
1,000
10,000
May
102
42
Texas Power & Lt 5s.. 1956
Nov
22
*10654
105
July
June
33,000
8,000
20,000
3034
1 0034
Apr
25,000
26
23
10734 108
8
834
*125
L & P 6s 3
92
Oct
Jan
Aug
10434 June
Pub Serv of Oklahoma—
19C
Jan
Jan
130
10334
Feb
85
110
102
Mar
Oct
13334
10334
Oct
Oct
10654
•
37
"3",000
>1:
"9834
Jan
7834
6,000
------
3034
52
-
5,000
Public Service of N J—
534s series A.
Jan
8734
84
834
{♦Peoples Lt & Pr 5s—197
4s series A
Jan
10634 10634
19(3
Peoples Gas L & Coke—
4s series B
198
16,000
Apr
2034
Oct
FOREIGN GOVERNMENT
87
Penn Pub Serv 6s C.
Oct
37
61
Oct
AND MUNICIPALITIES—
Penn Ohio Edison—
)
16
2034
634s._1953
Jan
95
9534
8734
96
87
-
Oct
11,000
"5934
Texas Elec Service 5s. 1960
Nov
85
95
8634
)
—
35,000
35
*673*
6134
1734
Jan
11,000
23,000
8634
Ternl Hydro-El
Aug
3754
10534
10554
8434
8O~666
Tenn Public Service 5s 1970
103
106
8634
Nov
62
...1957
Wash Gas Light 5s...
------
-
H5a series B
Wash Ry <fc Elec
85
72
Tennessee Elec Pow 5s 1956
Jan
92
75
64 %
1970
tSyracuse Ltg 534s___1954
10534
Feb
3934
4^8
Oct
103
54
6534 102,000
1940
Oct
Oct
40
1946
Super Power of 111 434 s '68
8934
5,000
84
2d stamped 4s
2d stamped 4s
10134
88
6534 130,000
♦Starrett Corp Inc 5s. 1950
Stlnnes (Hugo) Corp—
10554
10434
Oct
95
Oct
13,000
53
1st ref 5s series B...1950
107
Pacific Gas & Elec Co—
194
Jan
Oct
*53
6434
1951
United Lt & Pow 6s... 1975
.Jan
Oct
10254
2,000
6034
6034
Feb
10454
Oct
42
42
United Elec N J 4s... 1949
New Orleans Pub Serv—
Oct
42
14,000
60
"62"
♦Certificates of deposit
Debenture 6s
1st
Oct
56
Standard Investg 534s 1939
{Standard Pow & Lt 6sl957
73
92
62
Debenture 6s. Dec 11966
Oct
Feb
Oct
9934
40
1935
95
72
75
6234
♦Certificates of deposit
♦Convertible 6s
86
9934
434
Jan
{♦Stand Gas & Elec 6s 1935
7634
28,000
80
7934
5,000
10134 10134
33,000
53
6234
53
6234 102,000
So'west Pub Serv 6s..1945
Nov
9934
9334
San Joaquin
Oct
97
95
7234
53<8.
Pledm't Hydro El
87
19,000
25,000
*10834 10934
Phlla Rapid
53
2,000
Oct
78
Phlla Elec Pow
4,000
90
64
9934
Mississippi Pow 5s..
Jan
Nov
53
90
Oct
92 34
10234
53
79
97
8,000
1951
"i",666
95
Apr
Mar
9,000
104
S'western Assoc Tel 5s 1961
Mar
Oct
10034
_
Mar
9934
9934
35,000
10634 106 5*
105
10534
434 s 1968
Mar
103
25,000
Jan
8034
5,000
"9534
434s series B
10234 103
S'western Lt <fc Pow 5s 1957
Aug
104
11,000
Midland Valley RR 5s.
1st 6s series B
10534 106
102 34 10334
103
B.July 1 '60
let & ref mtge 4s
1960
Sou Indiana Ry 4s
101
81
15,000
Low
21,000
10334
324s
Sou Counties Gas
Oct
10134 102
*8034
85
Metropolitan Ed 4s E.1971
Northern
105%
3^8
So'west Pow & Lt 68..2022
83
84
Mengel Co conv 4>4s-1947
No Indiana G & E 6s.
1945
3%8. May 1 1960
Ref M
Aug
Nov
1
Memphis P & L 5s A..1948
eel
Ref M
Memphis Comml Appea
Deb 4 34s
Shares
Debenture
Jan
105
Mansfield Mln & Smelt—
Marlon Res Pow
for
of Prices
Low
High
Sou Calif Edison Ltd—
May
Nov
100
10234
10234
26,000
Week's Range
Sale
Price
106
1,000
10234 10334
*
80
Last
High
Low
73,000
104
104
"163"
!
Shares
Range Since Jan. 1 1937
BONDS
{Concluded)
1,1937
Range Since Jan.
for
of Prices
Low
High
Sale
{Continued)
|
Week's Range
Last
Sales
Friday
Sales
Friday
BONDS
♦Manitoba Power
3173'
New York Curb Exchange—Concluded—Page 6
145
y
Jan
Under-the-rule sales transacted
during the current week
and not included in
weekly or yearly range:
INTO S&166
z
Deferred delivery sales
in weekly or
transacted during the current
week and not
included
yearly range:
No sales.
Abbreviations
Used Above—'"cod,"
certificates of deposit;
•cons," consolidated;
"cum," cumulative;' *conv," convertible; "m," mortgage; "n-v,"
"v t c," voting truEt) ertiflcates "w i," when issued; "w w," with
without warrants.
non-voting stock;
warrants; x-w,
3174
Financial
Chronicle
Nov.
1937
13
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (.Concluded)
Closing bid and asked quotations, Friday, Nov. 12
Par
Week's Range
for
Sale
Exchange
of Prices
Week
Price
Pacific Mills Co
Unlisted Bonds
Bryant Park Bldg 6%sl945
11 West 42d St 6%s—1945
Internat Commerce Bldg—
Unlisted Bonds
Ask
Bid
35
40
Place
Bid
.25
Dodge Corp—
6
10 East 40th St Bldg 5sl953
250 W 39tb St Bldgs 6s *37
Shawmut Assn tr ctfs..
»
12
•.
■
*
Stone A Webster
*
Suburban El Sec 2d pref
•
78
4
——————
*
Torrington Co
—
-
—
—
Baltimore Stock
on
Exchange
S.
6
Established 1853
Calvert St.
BALTIMORE,
39
MD.
Louisville, Ky.
Last
Broadway
Par
Arundel Corp.
Bait Transit Co com v t
*
*
c.
1st pref vtc
1%
2%
16 %
*
com
Brager Elsenberg Inc
6% preferred
*
126
16%
%
1X
2%
2 X
16
."17%
Houston Oil pref
Mfrs Finance com
Feb
72
76%
50
68X
13
9
8%
X
23%
41% May
Oct
98
51c
Oct
15
1%
Apr
8%
120
19%
Feb
285
7%
2%
Oct
4%
Oct
12%
Jan
4
3
65
64
66
$17,000
64
Nov
89
Feb
78
78
1,000
78
Nov
101
Jan
SECURITIES
Unlisted
Chicago Stock Exchange
Chicago Curb Exchange
9
Jan
Oct
Nov
62
St., CHICAGO
Jan
Oct
38
Jan
25
Nov
Nov
2
13 X
23 X
Oct
89X
Chicago Stock Exchange
Nov. 6
Nov. 12, both inclusive, compiled from official sales lists
to
110 X
5
496
Jan
Oct
30$*
Friday
Jan
115
Oct
Last
Week's Range
for
of Prices
Low
High
Week
Aug
Stocks—
Par
19
18
19
443
10
Oct
48
103
213
89
Oct
136
Apr
16
17%
1,210
14
X
7%
226
Common (new)
*
Adams (J D) Mfg com...*
Adams Royalty Co com..*
Range Since Jan. 1 1937
Shares
Low
High
Abbott Laboratories—
17
Price
Sales
Jan
102
100
*
t
X
7%
X
X
2 X
2X
Jan
Oct
2X
Jan
Oct
1,885
Aug
12 X
4k
Jan
4%
Apr
200
2 %
2%
2%
23%
1%
Oct
15
1
Oct
% July
22
"7k"
.26
Common class A
Merch <fc Miners Transp..*
New Amsterdam Casualty5
North American Oil com..
11%
2
2
Oct
15
16
258
15
Nov
24
75
22
Oct
61
21
61
Nov
10%
11%
307
2%
2,000
2
2
Northern Central Ry...50
Penna Water <fe Pow com.*
U S Fidelity A Guar
7X
23 %
61
16
Monon W Penn P 87% pf25
Mt Ver-Wdb Mills pref. 100
93
69 X
14%
Jan
82
18%
2%
Sept
Mar
Nov
Feb
350
3
Oct
190
9%
Oct
Allied Products Corp com 10
Class A
25
17%
Apr
12%
fii%
12%
18%
350
Oct
12
Oct
54
55
130
48
Oct
23%
26%
84%
Feb
150
Amer Pub Serv pref
100
Armour A Co common...5
,4%
Oct
13%
Feb
6
Oct
July
Aro Equipment Corp com 1
90
Oct
104
Feb
68
Oct
95
Feb
Athey Truss Wheel
11
Oct
Jan
Automatic Products
24
24
25
$15,500
27
27
28
5,000
com
6%
Bastlan-Blessing Co
22 X
Oct
41%
Jan
Oct
48
Jan
Bendk
Aviation
10
Nov
7
350
-
Established
500
%
o~t
250
34%
Oct
3%
Oct
17
Jan
2%
850
IX
Oct
9
Mar
10%
50
10
13%
15
250
13%
300
13
13
15%
1.600
O-t
9
13
------
New York Stock
Boston Stock Exchange
0 t
Aug
Feb
150
4%
Oct
500
16%
Oct
8
33
30%
33%
1.650
7%
350
5
Oct
350
6
Oct
6%
5H
(
Exchange
Common
Private Wire System
30 State St., Boston
Boston Stock
Nov. 6
to
Lewiaton
Exchange
Nov. 12, both inclusive, compiled from official sales lists
Friaan
Sales
Last
Par
American Pneumatic Servlst preferred
50
Amer Tel & Tel
100
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
Low
High
12 X
150%
12% 12%
147% 151%
102
101
100
125%
63%
19%
125
100
Boston-Herald-Traveller .*
Range Since Jan. 1 1937
Shares
70
100
..
_
Boston Pers'l Prop Trust. *
Boston & Providence.. 100
Calumet & II eel a
25
Copper Range
25
Nov
128%
52% 63%
18%
19%
Oct
615
-
360
52%
18%
Nov
Oct
69%
30%
Jan
Mar
Jan
4%
4%
6
2%
5
4
Oct
20
Mar
Consumers
4%
4%
5
1,396
1,058
24%
Mar
23
Mar
10%
10
90
9%
7%
7%
6%
9%
7%
201
500
4
Oct
3%
4%
Oct
18
Jan
Nov
151
Feb
Oct
Oct
20%
17%
Jan
Jan
54
33%
100
%
51%
33%
Co
of
Cudahy Pack'g Co pref. 100
Cunningham Drg Stores 2%
51
Oct
81
135
26%
Oct
48%
Aug
Dexter Co (The)
Dixie Vortex Co
com
3%
Mar
Dodge Mfg Corp com
Eddy Paper Co (The)
30
112
20
25
25
20
15%
7%
16%
8%
11%
320
Employers Group
*
16
..*
*
Class B
"11%
10%
*
cum preferred...100
Jan
Jan
Mar
15
Oct
6
Oct
14%
Mar
8%
Oct
20%
Feb
200
25c
2%
630
2
23
Oct
Mar
25%
25
15
20
Oct
2
225
2
Nov
192
23
27
3%
3
2
2
60
New England Tel & Tel 100
"101%
100
102
505
N Y N H & H RR (The) 100
North Butte
2.50
2%
National Tunnel A Mines.*
2%
3%
2,095
2
Jan
6%
Jan
*
Elec Household Util cap. 5
Elgin Nat Watch
15
Fuller Mfg Co com..
1
Gardner Denver Co—
New common
Gen Candy Corp A
Mar
Jan
..5
Gen Finance Corp com
Gen Household UtU—
230
25c
50c
35
110
Godchaux Sugar—
Class B
1
Oct
x6
Nov
5
25c
Oct
26%
6%
33%
Oct
48
Feb
40
43%
950
35
Oct
77
Mar
Ys
30
X
Nov
3
Feb
60
95%
Oct
108
Feb
200
6%
Oct
2
2%
7,850
1%
Oct
1
1
1
Oct
27%
5%
2%
%
97%
97% 100
10
2%
10
100
32
Oct
37
12,900
20%
Oct
750
21%
Nov
33%
48%
40
23%
3%
3X
2
350
2
Oct
11
50
2
Oct
60
5
Oct
3%
14%
10
2
6
6%
98
2 %
Mar
Jan
Jan
Mar
May
97
Oct
Aug
Feb
Jan
98
1H
Oct
5%
Feb
50
70%
Nov
110%
Mar
Oct
26%
28%
32%
17%
Feb
10
71%
14%
11%
20
20
50
14
Oct
7
7
10
7
Nov
116%
17
150
15
§14%
15%
150
14%
7
23
.....
23.
3%
26
3%
<128
2%
.....
500
400
i
100
300
450
2%
150
12
5%
20
2%
21
2%
Oct
Oct
8%
15%
Oct
Oct
*
200
11
50
4%
1,500
2*
7,200
1%
Oct
10
13%
Nov
L4
12
Oct
23%
9%
Oct
19
3%
Oct
^1
1.1%
14
8
8%
900
5%
Oct
650
9
Oct
8
170
6
Nov
6%
7
400
5
Oct
5%
6
500
24
24
10
6%
6
July
Feb
5% May
10%
Jan
38
Feb
•
14
14% 115%
6
— — —-
Feb
Aug
41% Aug
Jan
12%
40% Mar
5% May
Oct
14
8
—
Jan
25
Oct
11
.....
10
Helleman Brew Co G cap.l
Apr
Apr
26%
Nov
13
.....
Apr
1,450
70%
11 %
4
July
2%
14
3%
28
105
Aug
2%
......
com.
Heln-Wern Mot Pta com.3
Heller pref ex-warrs
25
Hlbb Spencer Bart com..25
3%
22
12%
29%
July
20
Mar
Mar
Jan
Oct
11%
13%
Oct
25
Oct
52% May
Jan
Jan
1%
Jan
45
45%
Hormel A Co (Geo) com A*
16
16
50
15
Sept
23
Jan
Hubbell Harvey Inc com.5
Oct
Nov
Sept
1%
150
li
*
98
Oct
1,420
6
Nov
100
7,100
%
Gossard Co (H W) com..*
Great Lakes D A D com..*
Sept
55c
7%
5%
20
Jan
2%
33%
1
Harrischfeger Corp
4%
50c
6%
Nov
20%
2
Feb
40c
65c
7
15
,43
1
Apr
Oct
Oct
Nov
•
11%
Mar
3%
14%
2%
33%
*
56
1%
6
3178
3%
100
100
14%
20
5
com
Oct
120
100
25
64
Jan
Jan
2%
33%
Cumul class A pref...35
Oct
2%
2%
Certificates of deposit—
51
53%
26%
126
%
2
Linotype..*
Narragansett Racing Ass'n
For footnotes see page
20%
------
Common
25
*
1
Oct
Nov
340
2%
Mergenthaler
Inc
26%
%
Isle Royal Copper Co...25
Maine Centra—
Mass Utilities vtc
75
*
30
Gillette Safety Razor
Hathaway Bakeries—
Oct
*
% Nov
100
Mar
Oct
Continental Steel pref.. 100
Cord Corp cap stock
5
214
Eastern Steamship com..*
Preferred
*
6%
110%
78
30
Conv part shs v t c B._*
Vtc pref part shares..50
54
40
Oct
640
4
Feb
Jan
Feb
III—
34
Jan
3%
19
*81%
330
4
Dayton Rubber Mfg com.*
100
100
Oct
Nov
Mar
Nov
90
23
4
90
1H
July
36
32%
5
50
9.500
Mar
43
87%
14%
Compressed Ind Gases cap*
Consolidated Biscuit com.l
5%
11%
%
6%
49
leb
July
1S%
36%
Oct
Nov
31
29
Mar
90
2%
2
Oct
Aug
Mar
90
32
Mar
4%
11%
100
250
620
26%
21%
Oct
90
1%
7
53%
32
Nov
4%
1%
28
13
Nov
22%
60%
15%
Edison—
420
4%
17
500
25
Commonwealth
15
3%
200
Feb
Mar
30 X
13
36
*
13
4%% prior pref
Old Dominion Co
160
124
1,20ft
24%
7
Cities Service Co com
*
Club Aluminum Uter Co.*
Coleman Lp A Stove com.*
15
6% preferred
Old Colony RR
Jan
428
East Mass St Ry—
Gilchrist Co
147
101
30
9%
22%
49
Chicago Yellow Cab Co..*
253
109
East Gas & Fuel Assn—
1st preferred
Chi Towel Co—
Conv pref
Jan
Oct
New
Prior pref
...100
Class A 1st pref stpd. 100
Class B 1st pref std._ 100
Class C 1st pref std-.lOO
Common
Jan
187%
Nov
850
Oct
H
8
1%
Prior lien pref
*
Preferred
*
Cent States Pr <fe Lt pref. *
Chain Belt Co—
(New) common..
*
Cherry-Burrell Corp com.5
Chicago Corp common
*
7%
24
21 H
53%
1
.....
10
22%
------
Preferred
*
Chic Flexible Shaft com..6
High
12%
139%
2,527
Boston A Maine—
Common
Low
*9%
24%
Chicago Rys part ctfs 2.100
100
Boston & Albany
Boston Edison Co
Boston Elevated
5%
Common
7
*22
1
$1.50 conv pref
..*
Cent III Pub Serv pref
*
Central S W—
N. Y. Tel. CAnal 0-1541
Portland
.
7%
5% conv preferred
30
Castle (A M) common.. 10
Central Illinois Sec—
UNLISTED TRADING DEPARTMENT
Boston Tel. LAP 7010
7
Feb
22
30%
14%
43%
23
8
Feb
Oct
8
7%
Feb
O-t
21
9%
Mar
8%
23
Piston Ring com.._l
Butler Brothers
..10
New York Curb Exchange (Asso.)
20%
23%
Warner Corp—
Burd
Members
Jan
250
1%
42
4
-
2%
(New) com
5
Brown Fence A Wire com l
Bruce Co (E L) com.
*
Tyson
and
1887
Feb
4%
2 *4
1%
40
-
15
Borg
Jan
Mar
10%
-
5
com
Feb
12%
4%
57%
1%
42
--
com.*
Belden Mfg Co com
25
7
3,600
Nov
4%
1,100
7%
7
_
5
com.
49%
7%
*
cap... •
118
18
1
com
9 4%
------
9%
410
4%
Berghoff Brewing Co
I
Bliss A Laughllu Inc cap.5
Townsend, Anthony
Feb
5
10
9%
— — -
—
—
mrnmmmm
Barlow & Seellg M fg A com 5
Bait Transit Co 4s (flat) *75
A 53 flat
1975
Nov
36
11
10
29%
400
f 10
30
15%
37
36
10%
Advance Alum Castings..5
Allied Laboratories com..*
1.368
70
15%
Jan
27%
36
55%
17%
12%
12%
Asbestos Mfg Co
Associates invest
93
"69k
41
Oct
!8
Jan
Bonds—
1
Jan
2% June
2% Mar
Apr
102
Mar Tex Oil
Bangor
Jan
Oct
555
1%
8%
8%
4%
Nov
1,675
1
1%
-
40
27%
64%
90c
mm
10 So. La Salle
High
Oct
78
318
302
9
pref...25
2d preferred
56
10
708
Pml H.Davis &
20
v
16%
33%
Feb
Oct
Members
New York Stock Exchange
New York Curb (Associate)
1
Mfrs Finance 1st
Jan
Oct
6%
Sale
-.100
Fidelity & Deposit
3%
10%
Listed and
Low
14
265
23%
60%
Sept
150
3,211
76
CHICAGO
Range Since Jan. 1 1937
112 X 112 X
"68"
Eastern Sugar Assoo—
Common
...1
Preferred
High
23%
com.
Consol Gas E L & Pow
2%
11%
16%
Jan
York, Pa.
Shares
16 %
*
Black & Decker
for
Mar
Week
of Prices
Low
Mar
11%
40
...1948
Exchange
Week's Range
Price
50
Oct
28%
*
Series D 6s
Sales
Sale
Stocks—
Oct
3%
2%
Bonds—
Nov. 6 to Nov. 12, both inclusive, compiled from official sales lists
Friday
19%
50
40
-mm
Eastern Mass St Ry—
Series A 4%s—...1948
Members New York, Baltimore and Chicago Stock Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
553
1,270
4
27%
*
Warren Bros Co
NEW YORK
Hagerstown, Md.
44%
40
*
Venezuela Holding Corp
Waldorf System Inc...
Stein Bro s. slBoyce
Oct
25%
11%
Utah Metal A Tunnel.. ..1
Orders Executed
High
10%
27%
(new)..
United Shoe Mach Corp.25
Low
140
15%
11
m
15%
Range Since Jan. 1 I937
Shares
High
13%
20%
3%
2%
14%
25%
50
Pennsylvania RR
Qulncy Mining Co
Ask
Reece Folding Machine. 10
Income bonds v t c
—
6
1943
6%s
Park
Low
11%
11%
100
11
Oct
12
Nov
2%
2%
50
Hupp Motor
com
(new)__l
-----
130
43%
1%
Oct
4%
Aug
Volume
Last
Price
Par
111 North Utll pre!
23
Nov
54
15%
50
5
Oct
10*4 May
Lunkenhelmer
15
Oct
27
Feb
Manischewitz.
1,550
13%
Oct
29%
Feb
Moores Coney
200
19%
Oct
51
Feb
Procter & Gamble
Randall B
Iron Fireman Mfg vtc
*
15 %
1
21
19%
21X
22
25
Jefferson Electric Co com.*
-45"
50
39
Oct
55
Aug
1,250
64
4
Oct
16%
12%
Mar
6
5
13
13
100
50
Kerlyn Oil Co cl A com..5
Kingsbury Breweries cap.l
26
25
27
80
Leath & Co com
1
IX
9
_..*
31
31
20
45
Oct
33%
6%
July
Oct
48%
Feb
Oct
4%
9
Oct
30%
2
21
120
18
AV*
t3X
♦
com.l
1,050
4%
1,350
4
Oct
60
22
Oct
4
28
26
*
Prior preferred
H
14%
12 4
44
Oct
1,600
1%
Food Prod
Jan
Feb
Mar
July
Jan
GILLIS
Jan
Feb
7
1H
Oct
3%
Oct
15%
Jan
%
Oct
7%
Jan
500
%
Oct
1%
Jan
Friday
4%
34
5X
1,300
1%
Oct
12%
Jan
Last
•
24
2
2A
70
1%
Oct
: 2
2X
40
2
|Oct
9%
9%
500
21
Oct
46%
Jan
20
131
Nov
156
Feb
50
4
Nov
17
Apr
40
2
Oct
12$*
Jan
50
18
Oct
36 %
Feb
450
1
Oct
3%
Feb
.
"24"
24 A
23
132
131
7
7
24
24%
2%
24%
244
1
1
Feb
Stocks—
25 A
1,450
20
Oct
2%
2A
100
2
Oct
9%
7X
2,500
5%
Oct
16%
200
10%
Oct
37
58
394
12 4
16
174
17 A
81
54
50
15%
Oct
29%
Oct
2%
40
Nov
U
Oct
24%
Oct
35
4%
X
VA
%
4
*VA
W
*
25
50
28
7%
A
3%
134
Nov
21
70
5
70
Oct
70
1
Cleve Cliffs Iron pref
*
Cleve Elec Ilium $4.50 pf-f
Cleveland Railway
100
21
204
21
35
18
Oct
Clark Controller
73
106
100
Rath Packing Co com...10
Preferred
99%
1.100
66
Oct
116
11S
1,100
104
Oct
120
119
750
105
Oct
122
Jan
92
98
84 H
80
""18"
125 4
Mar
40
43
215
30
Jan
56
Aug
60
65
112
60
Nov
100
23
23
20
20
Oct
10c
17
Oct
Oct
X
150
6
Oct
100
Nov
:
H
Oct
37%
Jao
Apr
1%
150
23%
Nov
144
14%
5C
11 A
Oct
284
Feb
Oct
144
Jan
40
9
250
6%
21
20
21
300
16%
25 *
25
26 A
84
84
Slgnode Steel Strap—
..
42
Nov
350
12
Oct
3
110
2
Oct
7
107
Jan
92%
10
89
Nov
784
78%
100
75
Oct
95
65%
20
65
Oct
834
Jan
4A
1,850
54
2 X
Oct
Oct
9%
16
250
16
100
16
Sept
450
23
334
Oct
284
284
750
X
15%
14
200
12 A
Oct
44
300
14
13 X
2
4X
11%
Oct
Thompson (J R) com...25
Trane Co (The) com
2
5
Oct
164
264
1A
Oct
44
5%
400
14
2%
A
1,550
200
A
Sept
2%
2*
"24
900
1X
Oct
18
110
16%
Oct
IX
22%
5A
200
%
Oct
400
2%
5A
2,150
2,050
2,850
18
IX
224
21X
54
5%
5
5
64
54
6A
18%
22 A
•
com.*
2
Woodall Indust com.
214
Zenith Radio Corp com
Mar
Nov. 6 to Nov.
Mar
67
Mar
204
Mar
Oct
34
Oct
424
34
Oct
Feb
7%
10
20
Oct
50
4
Oct
290
6
Oct
674
94
644
104
134
335
3
Oct
80
34
24
2
O-t
Mar
Mar
14
50
44
3
244
Feb
24
Oct
Apr
Aug
Apr
Mar
Feb
49 4
124
Feb
4A
Oct
12
5A
Nov
154
Feb
12%
Oct
434
Aug
Mar
Par
Stocks—
Price
Baldwin Rubber com
Briggs Mfg com
Burroughs Add Mach
Freuhauf
363
of Prices
High
Low
95%
5A
19
18
Shares
High
Low
16%
Oct
36%
5
30 A
105
30
Oct
63
June
20
105
Oct
111
Jan
95 A
253
95
Oct
108
5A
7
5
Oct
10
207
79
Oct
100
Oct
22
2
95
5
A
50
2
Sept
Jan
X
Jan
27 A
115
Feb
82 A
14
83
14
14
20
10
10
10
300
10
13
105
Oct
10
14
Sept
25
90
24
Oct
36
16
23
Oct
83
105 A
1054 105%
14
14
14
25A
25A—25H
24
24
3178.
Feb
105 A 105 A
2
24
Graham-Paige com
Sales
of Prices
High
Low
Range Since Jan. 1, 1937
for
Week
Shares
12 A
Nov
30%
Jan
Jan
Feb
Jan
Feb
A
9%
2,200
4,279
High
Low
Oct
Oct
3
10
1
_1
65
70
17%
17
200
14%
1%
'is
17%
14%
1%
'l6
600
Oct
15%
14% Nov
Oct
1X
*16 May
98
99
260
98
'16
99
IX
3%
3%
"10%
13%
7%
40%
3%
2%
19
3
175
24
Oct
945
16
Oct
515
2
Oct
1,076
27%
20%
3%
55
Oct
150
200
400
1%
Oct
3
3%
690
2
Oct
3X
3%
1,945
2%
Oct
16%
10%
13%
17
302
10%
13%
230
2,395
7
37%
3%
2
120
414
3%
2%
4%
3%
4,365
Oct
Oct
3
%
3%
1,800
3%
2.50
Mich Sugar com
*
Micromatic Hone com
1
Mid-West Abrasive com 50c
Murray Corp com
10
Musk Pist'n Ring com 2.50
Packard Motor Car com..*
Parke-Davis com
*
Penin Metal Prod com
1
Mich St Tu Prod com
*
"i%
%
9%
%
"i%
7%
14
5%
33
632
1,930
18
1,150
1,130
9^
%
20%
1%
%
9%
3^
?'
IX
6%
14
5%
33
3%
5
250
45
1,500
100
100
120
420
Hi
14
Oct
Oct
8%
»16
16%
%
20%
1%
Oct
4
com__l
10
%
Oct
2%
4,004
■
32
Oct
Oct
4
9
18
4%
2*
16%
%
19
3% May
Oct
1,135
8
1
8%
13
5,070
4%
3X
pref
*
Masco Screw Prod com—1
McClanahan Oil com
1
15
2%
1%
2,435
4%
3%
Mahon Co R C A
Oct
ix
IX
1
*
Hudson Motor Car com..*
Hurd Lock & Mfg com—1
Hall Lamp com
prPfelffer Brewing com
%
5%
8%
27%
General Finance com
Kingston Products
Kresge (SS) com
Feb
30 A
compiled from official sales lists
Rarige\
70
-
Kinsel Drug com...
145
5530
9X
27%
20%
3%
124
5
Gar Wood Ind com
Range Since Jan. 1,1937
for
2
Si Hayes
DETROIT
%
1
1
*
*
Auto City Brew com
10
Cunningham Drug com2.50
Det A Cleve Nav com. —10
Det Cripple Creek Gold_.l
Detroit Edison com
100
Det Gray Iron com
6
Det-Mich Stove com
1
Det Paper Prod com
1
Det Steel Corp com
6
Federal Mogul com
*
Week
30 A
.Ta
Feb
Oct
Sales
105 A
54
New York Curb Associate
Chicago Stock Exchange
Week's
Sale
Jan
5
Unlisted Securities
Week's Range
19
24
Last
Oct
18
750
6711—Bell Sys. Tel. Cln.
Sale
For footnotes see page
104
Oct
Oci
3
21
Friday
CINCINNATI
BLDG.
Friday
pref
284
104
174
75
44
374
34
44
74
44
74
34
24
Jan
Cincinnati Stock Exchange
Nov. 12, both inclusive, compiled from official sales lists
100
Cincinnati G A E pref..100
Cincinnati Street Ry
50
Cincinnati Telephone...50
Cincinnati Un Stock Yd--*
Eagle-Plcher Lead
10
Early A Daniel pref
100
Formica Insulation
*
Gibson Art
*
4%
36%
34
21
Feb
Goebel Brewing com.
Mach—20
Burger Brewing
*
Champion Paper A Fibre.*
112
12, both inclusive,
General Motors com
Amer Laundry
Oct
169
64
BALLINGER & CO.
Price
2
19
2
Markets in
Cincinnati and Ohio Listed and
Par
Mar
Detroit Stock Exchange
July
Cincinnati Stock Exchange
Active Trading
Last
Mar
85
114
34
Consolidated Paper com.
Phone Cherry
114
Aug
18
Telephone: Randolph
Chrysler Corp com
UNION TRUST
Nov
75
Stock Exchange
Exchange
Burry Biscuit com
Members
3
11%
21
leb
60
78
19
4%
84 June
Oct
114
37
Nov
20
300
34
34
Jan
44
13
24
24
24
27
270
75
75
75
34
?
Jan
9
Oct
230
34
Buhl Building
Apr
18 A
13 A
Williams Oil-O-Matlc com
3
Feb
14
100
5
21
20
3
30
Oct
310
124
Detroit Stock
Mar
25A
174
*
20
Mar
Nov
5
174
75
350
6
124
4%
5
Oct
Mar
Mar
25
14
Walgreen Co common
20
734
374
Mar
18
Wahl Co (The) com
138
174
6
124
Works—*
—2
New York
204 May
214 July
15
2
Iron
Dorn
Jan
34
4
16
15
25
pref
Viking Pump Co com
20
174
Feb
May
50
Members
Jan
65 X
924
65%
Sundstrand Maeh Tool Co*
Convertible
20
Jan
Oct
Utll A Ind Corp com
Oct
Watling, Lerchen
Mar
Mar
25
17
2 4
Stein & Co (A) com
•
6
7
*
•
41
6
Warren Refining
Apr
35
274
280
164
164
Van
Apr
16
Utah Radio Products com
39
24
Aug
494
Mar
Schwltzer-Cummlns cap..l
—30
So Bend Lathe Wks cap..5
South Colo Pow A com..25
Southw Gas & El 7% pf 100
Southw Lt A Pow pref...*
St Louis Nat Stockyds cap
Standard Dredge com
*
Convertible preferred..*
11
42
174
...——1
1
Mfg
Upson-Walton.
39
42
20
Brass B
Troxel
July
24
39
Nov
42
*
*
Packer Corp
—*
Patterson-Sargent
*
Peerless Corp
—-3
Rlchman Bros
*
Seiberling Rubber..
*
8% cumul pref
100
Feb
34
36 4
111
25%
14
Preferred
39
preferred-100
7% cumul
Mar
25
1
23
Ohio
Jan
600
1
*
644
National Tile
Jan
150
Apr
20
114
100
..100
Nov
121
850
1
%
10
10
86
90
50
Rollins Hos Mills—
60
43
—
18
18
...5
250
136%
136
Reliance Mfg Co com... 10
Preferred
634
Oct
*
Mfg...*
Mills—*
Halle Bros, preferred..100
Interlake Steamship
*
*
Leland Electric..
—*
Lima Cord Sole & Heel—1
Medusa Portland Cement *
Metro Paving Brick
*
Jan
Oct
14
ctf--*
Lamson & Sessions
Jan
112
31
164
*
Tra—*
Feb
Mar
2,005
19
Federal Knitting
Jau
116
r
Raytheon Mfg—
Stocks—
5
Oct
40%
1014
353
Elec Controller A
Jau
118 %
96
Swift A Co
70
106
394
194
Kelley Isl Lime <fc
Oct
58%
103% June
635
71
106
374
Jaeger Machine
124
55
394
Cliffs Corp vot trust
Jan
1184
Quaker Oats Co com
Serrick Corp cl B com
4%
1A June
100
f
Jan
Feb
124
Jan
250
100
70
Mar
Oct
Oct
12
Jan
Nov
Oct
70
Mar
4%
50
11
80
100
Feb
55
70
July
75
205
pref. 100
*
Preferred
Jan
250
Feb
204
Oct
114
Jan
%
High
14%
6
25
8
8
Low
Shares
High
80
Jan
14 X
44
84
Swift International
Week
of Prices
Low
8
*
5
lists
1, 1937
Range Since Jan.
114
Jan
Oct
40X
28
100
100
Co
Oct
14
.
Common
32
12
50
1
1
20
40
40
100
A..10
Perfect Circle Co com
*
Pictorial Paper Pack com.6
Prima Co com...
..*
Process Corp com
*
Public Service of Nor 111
Hilton Davis
Jab
21
80
Mar
150
38
16
Penn El Switch conv
Nov. 6 to
Fep
►
OLEV. 565 & 566
for
Commercial Bookbinding
12
12
Peabody Coal Co B com. .6
Wisconsin Bank shs
Oct
114
City Ice & Fuel
Jan
10
Parker Pen Co (The) com
Common.
6
80
Apex Electric Mfg
Feb
7%
"m
100
100
Sangamo Electric
Oct
Sales
Week's Range
Price
Par
.
Amer Coach & Body
Feb
23 4
'25*
—
Preferred...:...
6%
1
Jan
compiled from official sales
12, both inclusive,
Akron Brass Mfg..
..
6% pref v tc
Fe.
Cleveland Stock Exchange
Nov. 6 to Nov.
Sale
2
preferred
34%
Mar
Tr pref..*
National Standard com..10
Natl Union Radio com___l
Noblitt-Sparks Ind com..5
North American Car com20
Northwest Bancorp com..*
Northwest Eng Co com.
*
7% preferred..
Jau
Oct
194
Jan
5
250
Natl Repub inv
Common
u A
Cleveland
A. T. & T.
Telephone OHerry 5050
Jan
31%
1,300
National Pressure Cooker
6%
65 A
0
Union Trait Building,
100
100
6% pref
4X
Oct
Nov
Mar
10,950
•
„
Oct
3
Stock Exchange
Members Cleveland
7%
preferred A
preferred
Feb
1
44
Unlisted Securities
Ohio Listed and
Aug
24
Montg Ward A Co cl A
7%
May
n
2X
Midland Utll—
pref
20
Mar
14
Common
Prior lien
Oct
35
50
24
54
purchase warrants
Midland United Co—
N'west Utll
10
35
74
Stock
7% prior lien.
Modlne Mfg Co com
Mar
100
24
...
Middle West Corp cap..
6% prior lien
37
50
A
Common
Oct
147
*
Mar
16
250
14
Jan
23
387
Jan
27%
50
3
204
Manhatt-Dear'nCorp com*
Conv
Oct
10
20
Loudon Packing com
McCord Rad A Mfg A__
M lckelberry's
15%
8%
5%
2 4
$34 preferred
Lion Oil Refining Co com
Mer A Mfrs Sec cl A
Oct
Oct
50
200
94
9
Marshall Field com
Oct
Jan
24% lOct
40
24
9%
94
10
1%
3
50
Llbby McN A Libby.__10
Lincoln Printing Co—
Le Roi Co com
Oct
3%
% Oct
550
5%
.^'5:
244
50
Jan
750
3
Feb
43%
7%
3%
3%
13%
34%
19%
400
44
_*
Cumul pref
4%
28%
Oct
11A
Oct
25
10
Preferred
Oct
Jan
Oct
484
10
*
*
Card
8
Feb
49%
15
*
A
Oct
50
*
_
High
Low
35
120
...»
U S Printing
10%
Week
50
..
U S Playing
Feb
19
3
4%
Oct
5
650
8 V'
7H
5
*
La Salle Ext Univ com
4
•
100
45
45
Co com
1
Kellogg Switch A Sup com*
Ken-Rad T & Lamp comA*
Ky Utll Jr cum pref
com
200
Jarvls (W B) Co cap
5
Little Miami Spl
25
5%
Katz Drug
Kahn
23
49
Shares
.*
*
Hobart A.
Aug
Mar
290
23 %
for
of Prices
Low
High
Price
Par
(Concluded)
105
54
15%
Joslyn Mfg A Supply com
Oct
92
Jan
19%
111%
Oct
4%
800
Stocks
High
'
100
105
Indep Pneum Tool vtc..*
Indiana Steel Prod com__l
Low
Shares
Range Since Jan. 1,1937
Week's Range
Sale
Week
74
54
7
10
100
Illinois Brick Co cap
of Prices
Low
High
Last
1 1937
Range Since Jan„
Week's Range
Sale
Sales
Friday
Sales
Friday
Stocks (Concluded)
3175
Chronicle
Financial
145
Oct
Oct
Oct
Nov
Oct
Oct
1% June
%
Oct
7%
Oct
%
Oct
2% June
1%
Oct
2,713
4
Oct
100
13
July
3,427
4
Oct
5%
33%
2,087
28
3X
5%
900
2%
Oct
315
3%
Oct
Oct
5% June
3176
Financial
Friday
Last
Par
Week's
Invest com__.l
Rlckel (H W) com
2
River Raisin Paper com..*
Scotten-Dlllon
2%
2%
3%
10
com
Standard Tube B
com
Tlmken-Det Axle
com...
1
3%
1
4%
1
2
United Shirt Dist
Unlv Cooler A
*
com
*
B
*
Walker & Co B
Warner Aircraft
*
1
com
400
4%
24%
3%
615
2
Wayne Screw Prod com..4
Wolverine Tube
6
2
3,776
622
4%
2%
7%
5%
5%
2%
2%
%
3%
e%
High
,
2% Nov
Oct
2%
Oct
3%
Oct
22%
Oct
2%
12% Nov
140
14
%
3%
com
1,872
2
1,775
1%
5%
3%
4%
1%
425
6
200
for
of Prices
Week
Low
*
30
*
60 %
28%
60%
5
7%
7 %
200
28 %
00%
200
58%
5%
8
300
Lot Angelee Stock
Oct
8
13
11
Feb
Oct
Feb
Los
9%
8%
7%
1%
7%
Oct
Feb
New York Stock
Exchange
Philadelphia Stock Exchange
Feb
Jan
Feb
18
PHILADELPHIA
Feb
NEW YORK
Nov. 12,
to
both inclusive, compiled from official sales lists
Friday
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Teletype L.A. 290
12%
American Tel & Tel
BANK
Curtis Pub Co
STOCKS
&
Co.
'Imi
"~b%
*
com
ANGELES
STOCK
SPRING STREET
6
Lehigh Coal & Navigation *
Lehigh Valley
50
•
FRANCISCO
SANTA
Mitten Bank Sec Corp..25
Preferred
..25
1%
m
9%
*
to
Nov.
Angeles Stock Exchange
Friday
Sales
Last
Par
Week's Range
for
Sale
of Ibices
Price
Low
High
Range Since Jan. 1, 1937
Shares
Low
Barnhart-Morrow Cons-.l
Berkey & Gay Furniture. 1
47c
47c
50c
1,400
35c
Oct
90c
Apr
1%
Bolsa Chtca Oil A com..10
1%
2%
1%
200
3
700
62 %c
1.10
Oct
2%
Oct
3%
7%
Jan
Buckeye Un Oil pref...._1
Gen Motors Corp com..10
Goodyear Tire & Rubber.*
Hancock Oil A
7c
6c
7%
9%
9%
6c
8
1,300
9%
7c
100
Nov
17c
Feb
Oct
16c
5
1
12%
17%
1%
Jan
Oct
500
Oct
15
410
Nov
460
,
38
40%
10%
400
38
Nov
9
1,200
8
Oct
6%
6
6%
200
5
Oct
30%
11%
Oct
46
22%
72 %c
21
12
16
24
21
72 %c
21
12
16
24
200
16%
22%
400
18
77 %c
400
10
Oct
60
200
Ocf
10
100
50c
Oct
1.45
65c
Menasco Mfg Co.
1
Mid-Western Oil Co.._10c
Mt Diablo Oil M & Dev__l
Nordon Corp Ltd
5
1%
1%
|
1%
90c
Oct
4%
Jan
10c
10c
10c
7,000
lc
Jan
23c
June
55c
55o
55c
100
50c
Oct
97%c
17c
17c
1,600
13c
July
45c
100
25c
Oct
80c
Feb
30c
30c
30c
1.15
1.25
Pacific Distillers Inc
2,000
70c
Jan
1
2.00
Mar
65c
65c
65c
200
55c
Nov
10
1%
16%
20%
102%
17%
15%
15%
20%
300
12%
Oct
32
Jan
200
15
Oct
35
Feb
102% 102%
17%
17%
50
102%
Nov
107
Mar
200
17%
Nov
Nov. 6
Republic Petroleum com.l
Richfield Oil Corp com...*
Warrants
1.50
24
Southern Pacific Co...100
Standard Oil of Calif
*
4%
5%
1%
4%
1.50
24
2%
30
2%
30
1,800
2,100
2%
Oct
13%
Feb
4%
Oct
10%
May
100
1.25
Oct
1.50
300
24
100
100
2%
30
100
20
4
1.35
24
2%
29
Wellington Oil Co
Yosemlte Port Cem pref
July
9%
Jan
Oct
3.25
Feb
Nov
25%
6%
Oct
Oct
Oct
56
Feb
Feb
7c
7c
1,000
2c
Jan
15c
Aug
8%
300
8%
Nov
Jan
22%
27%
24%
28%
24%
28%
8%
22%
27%
24%
28%
Mar
Aug
19%
27
1,000
600
300
100
19
Oct
25%
24%
27%
Oct
14%
32%
29%
28%
Oct
31
31
.25
35
32
35
1,400
12
29%
11%
19%
12%
21%
2,600
2,300
9%
17%
8%
200
7%
3%
8%
6%
7%
800
3%
3%
100
20c
20c
20c
l%c
l%c
1%C
22c
22c
23c
1
3%
Oct
7c
21%
32%
3%
Transamerica Corp
*
Union OH of California..25
Universal Consol Oil
10
Jan
5%
5%
1%
4%
..1
.
23%
8%
*
Sou Calif Gas 6% pref..25
Sunray Oil Corp..
Superior Oil Co (The).
5%
5%
1%
4%
20%
21%
8%
19%
2%
22%
32%
3%
1,600
300
200
17%
28%
2
Oct
Oct
Oct
Oct
62%
49%
Jan
Jan
Mar
Feb
5
Feb
Oct
55
Mar
Oct
16%
28%
Aug
Oct
Oct
18%
July
5
Oct
13%
Apr
3%
Oct
5% June
12c
Oct
39c
June
lc
Mar
4c
Feb
5
Feb
Mining—
Blk Mammoth Cons M.lOc
Calumet Gold Mines...10c
50
'16
2%
4%
34%
12%
3
29
10%
104% 106
'i6
1%
1%
400
2,858
393
6,822
Jan
Oct
Oct
25
Oct
188
8%
100%
Oct
463
8%
Oct
5%
Feb
Jan
Feb
Feb
20
Jan
45%
Jan
l*i« May
7%
Feb
8%
Jan
46%
Jan
17%
Jan
114%
Jan
14%
Jan
Oct
10
BLDG.,
Oct
16%
Mar
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
Nov. 12, both
to
inclusive, compiled from official sales list®
Friday
May
25
Apr
Pittsburgh Stock Exchange
Feb
1.15
25
Feb
35%
7%
13%
16%
9%
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Apr
17c
1
6% preferred B
117%
Feb
1
5%% preferred C
26
Jan
Apr
Mar
New York Curb Exchange (Associate)
120
Mar
900
Occidental Petroleum
Oceanic Oil Co
Sou Calif-Edison Ltd...25
133
161
115
2,420
Tel. Court-6800
Feb
4%
..
50
Apr
Feb
I Pittsburgh Stock Exchange
MnmhAPi
Members
UNION BANK
Feb
6%
65o
Sontag Drug Stores
120
589
2%
Oct
19%
Oct
109%
Oct
30% Nov
1%
Oct
2%
Oct
4%
Oct
2% Nov
5%
Oct
35%
Oct
7,000
*
Feb
16%
65c
12
105
Aug
Oct
1
Samson Corp B com
*
Security units of ben Int.
Sierra Trading Corp...25c
6,703
2,560
Mar
4%
5%
14%
5%
50%
Oct
Oct
Oct
Jan
H. S. EDWARDS Si CO.
Jan
Oct
Mascot Oil Co
*
%
1
12
El & Peoples tr ctfs 4s. 1945
Jan
5%
1%
4%
400
1,200
Safeway Stores Inc
Oct
Feb
Bonds—
Mar
72%
16%
Nov
3,800
*
Preferred.
Westmoreland Inc.
Jan
12
8%
Roberts Pub Mark Inc...2
Ryan Aeronautical Co...l
Jan
5
38
2»
2%
4%
33%
._*
United Gas Improv com..*
Aug
50
2%
Pacific Lighting 6% pref..*
13%
24%
495
11
.1
50
Mar
12
7%
Pacific Pub Service com..*
Oct
Nov
810
36%
Union Traction
United Corp com
Preferred
Feb
1.50
June
2%
4%
com
70%
Oct
Mar
Jan
27%
16
17
70
Mar
Oct
21,600
8%
2%
4%
Pacific Finance
243
Feb
Feb
3%
4%
255
Jan
13
134%
20%
44%
Nov
3%
21%
355
Mar
Mar
Oct
55c
21
Los Angeles Indust Inc...2
Los Angeles In vestment. 10
Pacific Indemnity Co... 10
12
Oct
Oct
37
4%
8%
127%
14%
Oct
343
Jan
Mar
Feb
Oct
40%
10%
24
Jan
5c
2,200
410
Jan
6%
7%
300
9%
410
Oct
2%
1,000
1,000
80c 87 %c
85c
410
*
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
4%
7c
6c
7%
Holly Development Co
1
Kinner Air & Motor Ltd_.l
Knudsen Creamery
com
3%
7c
-.1
Gladding McBean & Co..*
Globe Grain & Milling..25
50
Tonopah-Belmont Devel
High
3%
Preferred vtc
"~4X
50
2%
2%
Feb
43
Week
Bandlni Petroleum Co ...1
Claude Neon Elec Prod
Consolidated Oil Corp
Exeter Oil A com
.1
Farmers & Merch Nat'l 100
112%
30%
50
7% pref
542
450
1
1%
1%
1%
7%
9%
2%
3
20%
25%
112% 114%
30%
30%
2%
2%
4
4%
5%
6
2%
2%
3
Philadelphia Traction
Reo Motor Car Co
Salt Dome Oil Corp
I
Scott Paper
May
1,086
7
25
Phila Rapid Transit
12, both inclusive, compiled from official sales lists
Stocks—
1
Pennsylvania RR
50
Phila Elec of Pa $5 pref—*
Phila Elec Pow pref
25
ANA
Oct
1.058
f"
26%
187%
Nov
10
112
2,048
8%
Nat'l Power & Light
Pennroad Corp v t c
Teletype: LA 477
148
15
26%
EXCHANGE
LOS ANGELES
640
504
41
3%
High
Oct
10%
23%
25%
10
.
Telephone: VAndike 2201
Nov. 6
Low
442
37
Battery—100
-
Los
Range Since Jan. 1. 1937
Shares
12%
148
151%
17%
17%
115% 116%
5
5%
4%
5%
64%
71%
10
General Motors
Revel Miller
SAN
High
im
100
Barber Co
Elec Storage
650 SOUTH
Low
San Francleco Stock Exchange
ANGELES
LOS
Sales
Last
Chrysler Corp*..______
MEMBERS
30 Broad Street
Philadelphia Stock Exchange
Nov. 6
Bell Tell Co of Pa pref. .100
Budd (E G) Mfg Co
*
Budd Wheel Co
»
LOS
Feb
Nov
Members
Mar
^
Angeles
July
17%
DeHaven Si Townsend
American Stores
523 W. 6th St.
117 %
Oct
30
Established 1874
Jan
Oct
Chicago Board of Trade
Exchange
High
Nov
Oct
Jan
Wm.Cavalier&Co.
Exchange
Low
30
Feb
Oct
MEMBERS
Range Since Jan. 1, 1937
Shares
Feb
10
High
Warner Bros Pict Inc
Jan
Oct
Nov
Week's Range
Price
Mar
10%
28%
Oct
200
%
2%
100
550
1,884
Par
US Rubber Co
U S Steel Corp
Feb
35
Oct
280
Jan
6%
6%
6%
Oct
2
200
Stocks (Concluded)
1513 Walnut Street
New York Stock
1937
13
Sales
Last
Sale
Low
225
6%
5%
5%
2%
5%
5%
2%
2%
%
Shares
3%
2
Union Investment com...*
Friday
Ranoe Since Jan. 1,1937
for
Week
2%
22%
3%
12%
4%
10
Tlvoli Brewing com
Tom Moore Dist com
Range
of Prices
Low
High
Price
Prudential
Nov.
Sales
Sale
Stocks rConcluded)
Chronicle
Saies
Last
Stocks—
Par
Allegheny Steel com
Armstrong Cork Co
Week's Range
Sale
of Prices
Price
*
..*
Blow-Knox Co..
*
Byers (A. M.) Co
*
Carnegie Metals..
1
1%
Clark (D. L.) Candy Co..*
Columbia Gas & Electric. *
Devonian Oil
Follansbee Bros.
*
pref..100
Fort Pitt Brewing
1
H urb-Walker Refrac
Jeannet Glas pref
4
230
115
615
10
1,213
4
Low
14%
31%
9%
5%
90c
100
89%
3%
4%
440
4
Oct
8%
20%
Feb
Jan
Feb
226
17
Oct
26
11
Oct
24%
12
11
12%
143
5
Oct
41
July
1%
58%
Mar
80c
70c
80c
725
205
104
8%
'"~2%
2%
Plate Glass. .25
Screw & Bolt..*
104
7%
6%
2%
2%
6%
87%
8%
105%
8%
6%
2%
2%
6%
30
102
100
2,498
360
685
250
75
220
91
8%
60c
18%
10
582
5%
3%
1%
2%
6%
81%
4%
Oct
Oct
Nov
Oct
Oct
Oct
Oct
Oct
Nov
Oct
Oct
1%
1%
2%
1%
2%
500
20
Nov
"~2c
2%
1
2c
2c
2c
1
3%
Standard Steel Spring
United Engine <fc Fdry
Victor Brewing Co
*
10%
28%
3%
10%
28%
*
5
__1
3
65c
Westinghouse Air Brake..*
Westinghouse El & Mfg. 50
160
100
1
Oct
Feb
Jan
99
Jan
111%
14%
12%
Feb
Jan
Jan
10
Mar
8%
Feb
27
Feb
147%
19%
Jan
Shamrock Oil & Gas
25,300
1,900
....
Reymer & Bros com
Toy Mining Co..
Feb
Oct
Oct
258
1
San
Mar
14%
30
1
Mar
July
20
25%
*
Mar
70%
29%
21%
19
30
Forging Co
43
14%
24
Brewing Co
High
Oct
Oct
Oct
Oct
14%
*
Mountain Fuel Sup Co. 10
Natl Fireproof Corp com_5
Renner Co
18%
41%
13%
10%
1%
Range Since Jan. 1, 1937
for
Week
Shares
100
com.
Hoppers G & Coke pref. 100
Lone Star Gas Co
*
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
17%
37%
11%
10%
1%
High
88
10
Duquesne Brewing Co..
Low
Feb
Mar
2% Mar
4% May
4c
Jan
7%
Jan
2%
Oct
9
Oct
12
23%
Oct
61%
60c
Oct
Mar
65c
500
Oct
1.25
Feb
26%
99%
571
18
Oct
Feb
162
89%
Oct
56%
163%
113%
5%
Oct
Mar
Imperial Development_25c
20c
Sept
82 %c
Feb
2c
2c
2c
Tom Reed Gold Mines...1
1,200
1,000
1,000
16,000
l%c
Jan
9c
34c
Feb
34c
34c
400
30c
Oct
48c
Jan
24%
2%
2%
37%
18%
29%
24%
24%
2%
2%
100
24%
Nov
200
Oct
38
300
1%
1%
37%
68%
5%
4%
Mar
700
2%
37%
18%
29%
Nov
62%
Feb
100
Friday
Nov
49
Mar
Last
Week's Range
for
Nov
38
62%
68%
17%
12%
Mar
40%
18%
29%
40%
Sale
of Prices
Low
High
Week
Cardinal Gold Mining
1
25
891%
Unlisted—
Lone Str Gs 6% % pref. 100
Pennroad Corp V.T.C...*
111
2%
111
50
88
83%
111
2%
Apr
Oct
Jan
Unlisted—
Anaconda Copper Min._50
Cities Service Co
*
Curtlss-Wrlght Corp
1
General Electric Co
*
Goodrich (B
F) Co
*
Kennecott Copper Corp..*
Montgomery Ward Inc..*
2
100
300
18%
29%
32%
3%
North Amer Aviation....1
8
6%
Radio Corp of America...*
Standard Brands Inc
*
8%
8
8%
300
5
9
8%
9
300
United Corp
8%
4
4
4
100
3
(The) (Del).*
For footnotes see page 3178
8
1,700
Oct
Oct
Oct
Oct
Nov
Oct
16
8%
Jan
St. Louis Stock Exchange
Nov. 6
to
Jan
Mar
Nov.
12, both inclusive, compiled from official sales lists
Stocks—
Par
Price
Sales
Range Since Jan. 1,1937
Shares
Low
High
Jan
Jan
American
Jan
Inv common..*
Brown Shoe common
*
Jan
Burkart Mfg common
1
21
Aug
Nov
49%
Feb
Nov
37
Jan
20
Oct
38
41
37
23
965
22
21
37
"23~
25
490
20%
22
Volume
Financial
145
3177
Chronicle
Sales
Friday
ST. LOUIS MARKETS
stocks
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
(ConcludedI)
Price
Par
Business Established
Enquiriss Invited
1874
*
Meier & Frank Co
300
252
10
9%
9*4
834
9%
8*4
9*4
2,766
620
9*4
Natomas Co
Mid-Western and Southern Securities
*
5
Jan
28
Feb
Oct
8
16*4
Oct
Oct
*4
11*4
110
9*4
8*4
Oct
5
787
1*4
15
High
Low
8*4
1%
1%
15
NatAutomotlveFibresnew*
all
on
1
Magnin & Co (I) com
Marchant Cal Mach com.5
13*4 May
13*4
12*4
Nov
10
6
Nov
13*4
16*4
12
12
797
13*4
O' Connor M off att & Co A A *
9*4
Oct
9*4
4*4
12
Feb
Oct
8*4
10
North Amer Oil Cons...10
1937
Week
15*4
8
Lockheed Aircraft
I. M. SIMON &CO.
Range Since Jan. 1,
«
lin¬
...a.CdAI
'
IP
Feb
Mar
MEMBERS
New York Curb (Associate)
Chicago Board of Trade
New York Stock Exchange
St. Louis Stock Exchange
315 North Fourth
Sale
Stocks
(Concluded)
Central Brewing com
Price
Par
of Prices
High
Low
5
2
Dr Pepper common
25
*
Ely & Walker D G com.25
Second
10
7
350
7%
1
Falstaff Brew com
10
100
100
100
preferred
24%
19%
21%
99%
4%
145
465
5% Apr
39% May
Nov
2
150
2
24%
21*4
Oct
Oct
Oct
Jan
Feb
48
32
Feb
106
Apr
11%
Oct
Mar
Griesdieck-West Brewing—
Huttlg S & D com
1%
Nov
14
15
80
11
11
5
10
7
75
June
35
36
503
33
Oct
12*4
12%
125
11
Oct
16
International Shoe com..*
16
84
12
Feb
July
Feb
Apr
*49%
Jan
J 23
Nov
84
Oct
14
Apr
6
Nov
84
15
100
Preferred
263
40%
Oct
24
5
2
1%
1%
*
5
Hussman-Ligonier com
26
26
*
Common
Hamilton-Br'wn Shoe com*
i20%
i
90
Laclede-Chrlsty Clay Prod
*
Common.
16
20
Laclede Steel com
12 %
com*
Nat Bearing Metals com.*
Nat Candy common
*
Nich Beazley Airpl com..5
12*4
m
Midwest Plp'g & Sply
Second
Scruggs-V-B Inc com
First preferred
Scullin Steel Pref
Sterlin Alum
"l2o"
134
134
20
133
Nov
150
Jan
*
44
39
44
391
39
Nov
87
Feb
18*4
89*4
Jan
6% preferred
Ry Equip & Realty com..*
6%
100
Republic Petroleum
1
Rheem Mfg Co common.. 1
Richfield Oil Corn com
*
Roos Bros common
1
6*4
15*4
100
1941
1934
Standard Oil Co of Calif..*
%
170
10*4
35*4
Oct
Oct
Oct
75
Nov
70
Nov
13%
Super Mold Corp of Calif 10
14
12*4
14
Tide Water Ass'd Oil com 10
153-4
15*4
12*4
21*4
July
102
Feb
8%
4%
19%
Union Oil Co of Calif_._25
Victor Equipment com
Preferred
29%
128
61%
$2,000
61%
Nov
25%
25%
8,000
25
Sept
5,000
24
Sept
19
Oct
11*4
13*4
%
Last
20
20
345
16
Oct
40%
37
39
60
32
Oct
64
Jan
...50
35
35
35
20
35
Nov
59
Jan
Series II
Sale
Par
Stocks—
Price
Range
133
102
Exchange: San Francisco Stock Exchange; San Fran¬
Exchange; Chicago Board ofTrade; New York Curb Exchange (Assoc.)
Members: New York Stock
cisco Curb
Jan
Teletype S. F. 138
Direct Private Wire
Jan
Sales
Par
Stocks—
High
12
11%
12*4
18
17
18
9*4
15%
600
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc...10
355
Atlas Imp Diesel
Eng Co. 5
A. .80
Bank of California N
5
*
BishopSOil Co
Byron Jackson Co
Calamba Sugar
common.20
com...*
Calaveras Cement
100
Calif Packing Corp com..*
Preferred
50
Calif Water Service pref 100
5
Chrysler Corp
Claude Neon Elec Prods..*
100
*
Creameries of Amer Inc._l
Crocker First Nat Bk__100
Crown Zeller Corp com..5
Preferred
—*
Cst Cos G & E 6 % 1st pfd
Cons Chem Indus A
3*4
9*4
20
665
19*4
4
4
22*4
309
450
Vs
575
*4
Oct
25*4
Oct
51
51
51
20
50
May
95
95
95
10
95
Nov
70
69*4
7*4
70
7*4
,
30
100
Oct
33
Oct
440
3
Oct
70
320
320
320
12
4*4% cum pref w W..50
Emsco Derrick & Equip. .5
31
Fund Insur..25
77
9*4
9*4
76
4*4
30
9*4
77
183
70
225
138
1,831
Mar
Jan
Mar
Feb
Apr
Mar
Feb
Mar
Apr
6*4 May
Apr
327
Oct
25
2*4
22*4
5*4
19*4
9*4
320
Jan
Apr
108*4
Apr
Oct
17*4
Mar
Oct
59
Mar
Oct
Oct
9
Sept
Oct
27
Jan
Oct
24*4
47*4
Mar
Mar
Mar
400
27
Oct
509
6*4
69*4
Oct
19*4
Oct
96
27
Oct
57*4
Mar
16*4
Oct
22
Mar
Nov
40
for
of Prices
Low
High
Week
Price
Min
American Tel & Tel—100
American Toll Bridge
.1
1,250
30
32*4
18
18
18
20
Galland Merc
Laundry—*
10
General Paint Corp com..*
Gladding McBean & Co..*
Golden State Co Ltd
*
Hale Bros Stores Inc
*
Hancock Oil Co
*
Hawaiian Pineapple new.*
30
28
30
220
General Motors com
40*4
8*4
10*4
40
40*4
8*4
10*4
4*4
12*4
21*4
680
•
28
32*4
Oct
70*4
18*4
31*4
8*4
Jan
1,256
8
Oct
2,239
2%
Oct
9
Oct
22
Feb
Oct
1.30
Gold^..J__._.l
1
Central Eureka
2 Preferred.
75c
1.20
Home F & M Ins Co
37*4
37*4
37*4
20
35
Oct
40*4
20
20
20*4
300
16
Oct
31
8
Nov
23
1%
Nov
8
1*4
16
12
18
8
1*4
16*4
12*4
19*4
45c
Jan
3.10
Nov
6c
Jan
50c
Feb
40c
Sept
85c
Aug
Oct
186*4
Jan
97c
Feb
15c
15c
900
60c
250
148*4 151*4
150
206
1,175
55c
Oct
57c
61c
13*4
13*4
300
12*4
Oct
6*4
6*4
16
6*4
3,136
3*4
Oct
13*4
110
13*4
Oct
31
60
10*4
Nov
16
63
18
18
10*4
25*4
Feb
95*4
Mar
Aug
50c
July
900
10c
Oct
82c
Feb
3,350
40c
Jan
1.90
Mar
406
Jan
1.90
Mar
1,200
35c
24c
25c
1.70
1.70
1.75
1.70
1.70
300
2*4
2,171
Oil
1*4
Oct
5*4
Jan
42c
42c
100
40c
Sept
2.50
Mar
9*4
9*4
230
9*4
Nov
Apr
3*4
292
Oct
17*4
8*4
Mar
Nov
45*4
Jan
2
42c
....
3*4
1
Curtiss-Wright Corp
1,110
160
1,047
14,675
200
220
19*4
24
75c
4*4
50
14
Oct
25
2*4
40
60
40
Domlnguez Oil Fields
Electric Bond & Share
5
General Metals.
Grt West Elec Chem com.*
2
40
12
10*4
12
598
6*4
Oct
28*4
8
7*4
8
300
7
Oct
10*4
Oct
79
Oct
23*4
Feb
60
20
Preferred
60
50
50
21
21
30
20
400
10
Oct
2,035
14
Oct
16*4
45*4
34*4
100
34*4
Nov
48*4
Mar
20c
20c
18
20c
Nov
2.50
Mar
Development-_..l
80c
75c
80c
600
50c
Oct
1.60
Mar
5*4
6*4
3.60
Apr
7*4
58c
65c
2,540
1,200
Jan
Idaho-Maryland Mln____l
International Cinema
1
5*4
45c
Oct
1.85
Mar
43c
48c
400
30c
Oct
1.25
Mar
2.40
2
Holly
2
1
Italo Petroleum
21c
2
Petroleum..1
Coast Aggregates. 10
Occidental
Pac
Pac Ptld Cement
1,150
7*4
Mar
25c
3,025
10c June
72c
Feb
5*4
500
4.50
Oct
10*4
75c
Oct
4.80
Jan
Oct
63c
Feb
1.45
1.90
1.50
1.90
550
32c
31c
32c
900
24c
4
4
100
2
5*4
6*4
"6*4
35c
1.40
Oct
June
4
25
25
25
5*4% preferred
6% preferred
Oct
17*4
17*4
Jan
Feb
6*4
260
4*4
35c
35c
100
25c
Oct
82c
1.35
1.50
1,010
90c
Oct
4.15
Jan
46
75
60
Feb
Oct
12*4
Feb
Oct
27
July
50
5*4
13*4
5*4
13*4
330
21*4
526
19*4
Oct
32*4
Jan
23*4
Oct
Mar
25*4
Oct
28*4
29*4
4*4
13
20
24*4
24*4
24*4
93
27
26*4
27*4
400
Schwabacher fit Co.
Members New
York Stock Exchange
111 Broadway, New
York
Cortlandt 7-4150
Santa
Barbara
—
Mar
4*4
2,690
20
"5*4
Schumacher Wall Board pf *
So Calif Edison
Nov
50
pref..100
Packard Motors
Jan
Oct
6*4
North American Aviation. 1
2
2.55
21c
5
1
Preferred
Kinner|Airpl & Motor.. 1
McBryde Sugar Co
5
2 Menasco Mfg Co
1
M J & M & M Consol
1
Monolith Ptld Cement
Mountain City Copper..5c
2
Private wire to own offices
Feb
Oct
34*4
Hobbs Battery Co B
Feb
Jan
Jan
July
20c
20
Hawaiian SugarICo
Feb
Mar
Oct
Jan
Aug
Nov
63
35c
1594
25c
10*4
63
2*4
Consolidated
141
60c
Cities Service
Aug
1*4
2,930
1
Mar
Honolulu Oil Corp
8
Feb
2.80
60c
Co en Co's Inc A
Nov
1.20
16*4
12*4
18*4
50c
35c
Carson Hill Gold
Sept
Nov
Apr
3*4
10
-*
Hudson Motor Car Co—*
Hunt Bros Common
10
Hutch Sugar Plant
*
Langendorf Utd Bak A..*
LeTourneau!(R G) Inc—1
Jan
13*4
1
Bunker Hill & Sullivan..10
2 Calif Art Tile A
Cal-Ore Pw 6% pref '27 100
Aug
Oct
27*4
36*4
Feb
21*4
24*4
Rights
10c
Jan
Oct
4%
26
300
2.50
2.80
25c
Feb
190
7
12*4
21*4
25*4
12
25c
Anglo-American
Cardinal
High
'Low
Shares
Mar
40
32*4
9
46
8*4
64*4
7,559
Foster <fc Kleiser A
8*4
Aug
106*4
12*4
106*4
373
30
14*4
53
125
33
5*4
32*4
12*4
1*4
46*4
48*4
Oct
102
4*4
Mar
Mar
Oct
33
33
320
65*4
6%
495
258
102
,102
5*4
7*4
31
com—10
pref. .25
Oct
11
22
5*4
19*4
12*4
Food Mach Corp
Oct
455
4*4
29*4
5*4
19*4
Fireman's
34*4
225
75
*
Corp. *
Feb
14
4*4
29*4
5*4
19*4
12*4
Oil Works
Feb
July
10
26
76
Emporium Capwell
25
214
14
14
26
Feb
Oct
Oct
3
78
Eldorado
13
20
%
%
4*4
4*4
22*4
22*4
Feb
Mar
Oct
185
580
15*4
31*4
7*4
Oct
4
25
6
14*4
Fruit com... 10
$3 preferred
100
Doernbecher Mfg Co
*
Oct
360
186
11*4
Di Giorgio
Oct
6
6
19*4
Oct
Nov
2
436
186
186
California-Engels Mining. 1
Calif Cotton Mills com.
3%
7*4
3*4
8*4
Alaska-Treadwell
Alaska-United Gold
2
Alaska Juneau Gold Min 10
5
25
5
Alaska-Mexican
2
High
Low
Shares
Range Since Jan. 1, 1937
Week's Range
Sale
Bancamerica-Blair
Week
of Prices
Low
compiled from official sales lists
Last
Baltimore & Ohio com
Range Since Jan. 1, 1937
Exchange
Francisco Curb
12, both inclusive,
Nov. 6 to Nov.
Private Leased Wires
Honolulu Los Angeles
Ppsadena Long Beoch
San Francisco
BROAD STREET
(Hanover 2-9050)
May
36%
34*4
Montgomery Street,
NEW YORK OFFICE: 25
Feb
& Co.
for
Mar
STRASSBURGER & CO.
Jan
Sales
Week's
Jan
20
Mar
compiled from official sales lists
Friday
July
July
39
Mar
Nov
9*4
18*4
Steel..-10
Aug
117% June
8%
Oct
Sept
Mar
102
100
17
180
June
83
Oct
Oct
1,886
Apr
Nov
5
4,387
Yel Checker Cab Co A..50
Mar
5
360
12
2
Transamerica Corp
Mar
100
880
Nov. 12, both inclusive,
Nov. 6 to
Feb
365
Mar
2
Francisco Stock Exchange
San
Jan
1
12*4
Mar
25
New York
Oct
i
40%
32%
186
Beverly Hills
400
12
Oct
Stockton IFreino
500
1
1
Oct
Oct
39
7
Portland
Tacoma
Seattle
Oct
Oct
%
32*4
*
B
10
40%
.
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Sacramento
Oakland
Oct
13*4
9*4
17*4
31
Co.... 100
So Pac Golden Gt A.....*
Members: New York Stock Exchange, San Francisco Stock Exdxtnge, Chicago Board ofTrade
San Francisco
11
510
*4
%
32%
Southern Pacific
San
New York Curb Exchange
49*4
3,050
5
10
BONDS
Oct
23
Waialua Agricultural Co.20
8
MUNICIPAL AND CORPORATION
28
19
Oct
Oct
Dean Witter
3,244
30*4
28*4
23
pref..25
3*4
Nov
25%
July
Aug
Mar
Aug
25*4
28*4
4,485
28*4
Bonds—
t Scullin Steel 6s
t United Rys 4s
t 4s C-D
Oct
28
Sou Calif Gas 6%
736
61%
27
Wagner Electric com—15
27*4
18*4
*4
*4
Soundview Pulp Co com..5
6*4
25
Stix Baer & Fuller com.. 10
Mar
69*4
30*4
65*4
2*4
5*4
120*4
6
6%
8%
8%
24%
27
8%
33
Oct
5%
12%
3
148
Oct
22
1
75c
120
Oct
15
470
5*4
16*4
Oct
Oct
Mar
27
35
4
315
300
14
Nov
13%
Oct
75c
13%
1,653
Jan
13*4
Feb
19*4 Jund
10*4 May
645
5*4
4*4
96
70
14
Oct
52*4
2*4
9*4
50
55
787
100
100
52*4
4*4
13*4
5*4
15*4
5
709
5*4
5
5*4
52*4
5*4
Jan
23*4
7*4
Nov
6
1
com
100
134
Jan
7%
6
11*4
Jan
24
152*4
7*4
100
70
Oct
21*4
23*4
6
100
Nov
119
10
Sept
13 *4
11
88
Universal Consol Oil
8
*
2,344
Jan
8*4
19%
4*4
534
Mar
75c
100
Souwestern Bell Tel pfd 100
Oct
12134
Western Pipe &
Securities Inv pref
2
Jan
70
5
5
100
6,771
Jan
107
Nov
28
175
Oct
Oct
25
50c
3%
98
Union Sugar Co com
100
3%
50
835
104
103
Aug
275
3%
38*4
103
Mar
7
*
Jan
Mar
100
*
32*4
29*4
53*4
13
Mar
*22
Qp
St L Pub Serv Pref A
Oct
Oct
26%
6
St L Bank Bldg Eqpt com
27*4
25*4
35*
866
58
85c
6*4
1,302
25*4
39*4
Oct
7%
10
29
21*4 June
21*4 Feb
16*4 Aug
28*4
Feb
28*4
Oct
18*4 Mar
85c
7
85c
100
preferred
28
28
Rice-Stix Dry Goods com
PI
100
Jan
28*4
25*4
37*4
Oct
11
155
38
15*4
11*4
19*4
23*4
Nov
32
20
32
McQuay-Norrls, com
*
Mo Portl Cement com..25
Oct
*
Paraffine Cos common
High
Low
23
340
Pacific Tel & Tel com..100
Week
Shares
27*4
25*4
21%
27
Coca-Cola Bottling com__l
Range Since Jan. 1,1937
2,397
8*4
5*4
18
19*4
120*4 121*4
Preferred
for
17*4 Apr
12*4 May
27
8*4
26
25
Pacific Lighting Corp com*
6% preferred
*
Pac Pub Ser (non-v) com.*
Sales
Week's Range
25
.6% 1st preferred
5*4% preferred
Telephone Central 3350
Last
..
Oct
Oct
25
8%
26%
28%
Oliver United Filters B.
St., St. Louis, Mo.
Friday
*
Pacific Gas & Elec com..25
Chicago Stock Exchange
Del
In San Francisco —
Monte
—
Hollywood
Los Angeles —
—
Beverly Hills
Mar
Jan
3178
Financial
Last
Stocks {Concluded)* Par
Week's Range
Sale
to
■
of Prices
Low
Closing bid and asked quotations, Friday, Nov. 12
Bid
r
834
185
1634
Jan
60c
69c
5,210
50c
Oct
2.70
Mar
634
16
210
534
Oct
1434
Aug
1.05
1.10
200
1
45
834
Nov
12
Oct
75c
21
Oct
♦
5.08
*
1.40
1
_
U S Steel
Warner Bros
100
1.55
1.40
61
100
com
Vlca Co com..25
4%
3,990
95c
75
58 34
334
434
61
61
1.25
1.25
m
8 34
5
1.25
100
9
770
3
Oct
♦
| Oct
2.90
12634
Mar
Assoc. Stand Oil Shares.
2
2.50
Jan
Bankers Nat Invest Corp
•
18
Feb
0
c
Cash sale,
A. M. Castle & Co. split Its common stock
a
on
16.36
.55
25.95
1434
1534
3.6(1
20.93
22.56
y
3.78
2.30
2.23
2.23
t Company In bankruptcy, receivership or reorganization.
Series
A A mod
I
-
-
-
-
—
-
-
8.9/
7.49
8.11
Electrical equipment
Insurance stock
2.73
8.98
8.29
8.14
8.81
8.16
8.83
Common B
shares...
Machinery
8.07
8.76
9.47
9.34
10.16
7.27
7.87
8.60
8.66
Oils
Railroad equipment
24
)
Steel
27
) 110
•
[
Series 1955
2.78
2.57
-
-
-
.
Tel. HAnover 2-5422
)
3.70
I
5.50
6.15
e
1.26
2.71
1
2.66
1
2.46
acific Southern Inv pref. *
Class A
*
8
C.
D.
1
Series 1956
Series 1958
1.72
I
2.18
19.23
Dividend Shares.
-----
Class B
26.98
7s.
/25
/22
/22
8
hid
/1934
/21
/21
24
Hungarian Cent Mut 7s '37
/18
22
5
/2034
22 34
Hungarian Ital Bk 734s '32
Hungarian Discount & Ex¬
5
/1434
7
/11
14
Ilseder Steel 6s
5
/10
13
change Bank 7s
7
*
7s-.
J
6s_.
J
3
22
50 34
52
Agricultural shares
50 34
52
Automobile
/2034
22 34
Koholyt 634s
7034
Land M Bk Warsaw 8s '41
Nov 1935 to May 1937
1943
/2234
Leipzig O'land Pr 634s '46
Leipzig Trade Fair 7s. 1953
)
/19
7M«
196 2
Brown Coal Ind
6^s
/25
195 3
3
1
/7 34
/12
62
Municipal Gas & Elec Corp
Recklinghausen 7S..1947
...
/22
I
/63
/65
/25
/25
f25
>
mi
3
/2034
/2034
/2034
/2034
/2034
/20J4
3
3
3
)
6^s.
3
3
3
7s_.
7
7
5
2
(A & B)
634s. 1946-1947
6^8-1948-1949
68
Hungary 734 a
1962
rational Hungarian & Ind
Mtge 7s
1948
4s.
.1947
65
27
7b
30
to
a nam a
City 634 s
-
-
-
many) 7s
1946
5s.
.1941
.1941
102
/9934
4s scrip
/9934
8s
5
/21
7s ctfs of
24
23
deposit. 1957
5
3
.
.
1948
8s ctfs of deposit. 1948
8%.
.1947
.
32
Scrip.
6Mb.
/3234
-
/31
.1951
5s
-
-
/24
/24
-
-
26
-
26
/6J4
/9
/18
-
Apr 15 *35 to Apr 15 '37.
German Young coupons:
034
1956
2d series 5s
1956
/H 34
/14
-
-
4
Oct 1932 to April 1935
Oct 1935 to April 1937
12 34
Certificates
4s... 1936
1946
Certificates 4s... 1946
15
107
9
112
/1934
.65
1.21
B
50
7% gold ruble
1943
8
96
No
I
234
334
.94
/90
value,
par
2.05
.85
1.28
1.03
I
1
134
Voting shares
34
34
\
.45
.85
I
13.92
1.22
1.36
1.23
1.37
C
class B
17.13
*
F
1
134
z
15 32
6 34
30
F
Ex-coupon,
e
.98
.90
35
734
2
5
14
1234
S
Pomeroy Inc com...10c
Ex-divldend.
234
134
Ex-Stock dividend.
y
/21
/21
/9 8
60 34
100
Margin Requirements Reduced by Montreal Stock and
Curb Exchanges and Toronto Stock Exchange
The
58
Montreal
change
and
nounced
38
16
/19
724
/24
/18
Stock
/20
/20
140
/20
/32
/2734
This
to
/20
/20
/20
/360
54 34
54
99
.1945
obtain
cash;
at
/58
f55
fl7
unique
identical
similar
of
as
the
following to
of
the
for
Nov.
Toronto
short sales
1,
the
Curb
Nov.
on
margins
action
an¬
required
the New
by
Ex¬
3
of
York
following margins
selling
at
$1
Margin
same
of 33
and
regulations
exception
of
of
selling
a
Montreal
Stock
share applies
provisions
for
$1
at
minimum of
long contracts, the
the
65c.
a
adopted
new
selling under $1,
40%; stocks selling
stocks selling at $40 and over,
;
short
contracts
contracts.
by the Montreal
and
a
under
share
with the
$4,
on
apply
also
to
Curb
required
mining and oil issues.
are
$1 and
short
Market, with
where the
the
exception that
to all stocks selling between
long
of
Toronto requirements
Exchange,
of
Stocks
margin
on
65c.
establishment
Exchange requires members
from clients:
under $4,
1/3%
the
was
purchases.
Stock
is required
were
stocks
margin is 40%, with
On
1/3%
say:
revisions
and
Montreal
$4 and under $40, margin of 33
The
81
7 34
15
feature
stocks
30%.
the
20
Montreal
the
Exchange
minimum
the
follows
requirements
Effective
28 34
14
in
Stock
Stock Exchange and the Board of Governors of the Federal
Reserve System, referred to in our issue of Oct. 30,
pages
2769-2770.
Regarding the revisions in the requirements
made by the Canadian exchanges, the "Wall Street Journal"
A
1534
Exchange,
Toronto
the
reductions
members.
/18
sales
same
a
$4.
and
as
those
minimum
of
The Toronto
are
effective
today (Nov. 4).
390
CURRENT
5634
56
/60
/42
NOTICES
—On the occasion of the 52nd anniversary of H. C.
Speer & Sons Co. the
firm moved into
new
and enlarged offices on the second floor of the Field
Building, 135 South La Salle St., Chicago, following 30 years' occupancy
of quarters in the First National Bank
Building.
H. C. Speer & Sons Co., established in the
Spring of 1885, is the oldest
/55
/43
investment house in Chicago specializing in municipal bonds.
/48
/36
career
ment
7H
opening in the Middle West of the broad market for invest¬
securities.
,
—The membership application of Harold N. Scott, a
partner of Harrison,
J92.27
22
/2034
/2034
was
22
22
The firm's
has paralleled the development of Chicago as an important financial
center and the
/2034
/2034
3184.
1.95
.77
Bank Group shares
Insurance Group Shares
Incorporated Investors..•
•
.73
1.17
shares
Guardian Inv Trust com. *
Huron Holding Corp
1
Institutional Securities Ltd
/91
/634
113
/42
2234
22*4
70
3
For footnotes see page
62
/2034
934
19
Great Britain & Ireland-
7
shares
RR equipment shares
Coupons—
7a unstamped
.
68.
1.11
Steel
/8*
/34
-
Guatemala 8s
Petroleum
97
/36H
/3534
-
July to Oct 1937
German Dawes coupons:
Dec 1934 stamped
/31
/93
/40
-
Jan to June 1937.
/2034
/2034
/79
/80
/58
-
July to Dec 1936.
1434
fl2
e
Jan to June 1936.
1.07
1334
#3 34
/99 34
July to Dec 1935.
.98
I
shares....
of Nov. 4 had the
7
July to Dec 1934.
1
/50
1
Jan to June 1935.
1
/32
/34
/14
6s.
■m-'rn,
3
Jan to June 1934.
.97
/2034
/2034
/20
5.81
1.26
1952
734
6s.
3
2.37
6.43
Series B.
1.11
1945
30
/29
/22
/29
/22
97
1
1
.88
Merchandise
/2034
69
6s.
July to Dec 1933.
Investing shares
10.53
2.42
[at Central Savings Bk of
1434
1434
/22
5s.
22 34
Insuranshares Corp (Del)l
City Savings Bank
>
.86
834
/12 34
/12 34
/64
3
1.32
.78
shares
1
Series D
1.46
1.21
9.69
Series C
/23
(C&D)
7s assented.
1.34
Chemical
/2034
834
/734
/4
Ceara (Brazil) 8s
1
Central German Power
shares
1
1.15
/2034
/2034
14
J7
1.04
5.85
£
Tobacco shares
1945
Munlc Bk Hessen 7s to *45
834
.95
5.85
1.01
Munich 78 to
fill
/59
1948
3.25
2.13
Mining shares
Mannheim & Palat 78.1941
Meridionale Elec 7a... 1957
/20
J
1.38
Food shares
...
Corp—
.
/5 8
/41
/19 34
/52
/22
Luneberg Power Light &
Water 7s
2.13
_
D__
5.38
1.27
Building shares
Nov 1932 to May 1935
734
_
C__
Group Securities—
Coupons—
534
AA.
33.42
4.94
534
3.13
B
31.08
.69
85
BB.
/1934
/434
/434
/534
British Hungarian Bank
5.35
82
4.43
1948
534
/84
17.50
4.85
B.
3.10
.64
..
4.15
16.78
Fundamental Invest Inc.
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
5
6s.
7.53
/24
/434
".79
16.23
2.90
3.90
1936
0934
7s-.
B.
1734
Bavarian Palatinate Cons
.71
15.42
2.981
3.51
9.52
/78
/93
8
8s.
Ask
Housing & Real Imp 7s '46
.45
.75
10.56
4.21
2.68
24
/2034
0
7
.40
.55
3.13
Hansa S3 6s stamped. 1939
6s unstamped
1939
10.35
9.69
20.43
Fiscal Fund Inc—
22 34
28
.58
9.85
3034
18.97
Closing bid and asked quotations, Friday, Nov. 12
Ask
134
.50
28.99
*2734
hid
10
34
11.20
>
6
29
8
*
Eaton <fe Howard
Foreign Unlisted Dollar Bonds
27
1.38
17.90
St., N. V.
8.73
5334
4.80
L
Deposited Insur Sbs A...
9.71
Metals
25
e
Inactive Exchanges
13.78
Building supplies
-
-
1.50
5.40
Agriculture
9 115
Crum & Forster Insurai
BRAUNL
3.48
1.37
Bank stock
-
-
22
9
com..
-
2.73
[
Crum & Forster
WALTER E.
12.3/
3.28
N Y Stocks Inc—
834
t In default.
52 William
21.62
11.32
N Y Bank Trust Shares..1
6
7
Ex-rights,
Foreign Stocks, Bonds and Coupons
20.38
234
3.53
L
Ex-dlvldend.
4
Accumulative series... 1
x
1
1
Cash sale—Not Included In range for year,
Listed,
"7.61
12.82
9
r
z
6.72
6.30
Voting shares.
National Investors Corp.l
New England Fund
.1
4.00
1
Stock dividend of 100% paid Sept. 1, 1930.
0
18.67
6.06
234
Mass Investors Trust
1
Mutual Invest Fund
10
Nation Wide Securities 25c
17.50
.40
•
17.09
Major Shares Corp
*
Maryland Fund Inc.._ 10c
1
d Stock split up on a two-for-one basis,
13.26
Series S-4
634
24.26
1
17.34
18.63
12.06
Series S-2
434
1
Bullock Fund Ltd.
25.64
15.85
17.13
Series K-2
334
5
ft Ex-stock dividend.
23.43
Series K-l
3.6€
-
•No par value,
two-for-one basis on March 9, 1937.
11.07
.76
434
554
234
Feb
Oct
1.00 {.Oct
434
Oct
36
10.42
10
.68
c
Jan
834
Ask
33
1
Keystone Cust Fd Inc B-2
Series B-3
.82
.74
9
Bid
10
com.
Investors Fund C
18
1634
C
Feb
Par
Invest Co. of Amer
13.40
4.60
Feb
3.75
Ask
12.60
i
-
United Corp of Del
U S Petroleum
1937
13
Investing Companies
High
634
1534
10
Texas Consol Oil
Range Since Jan. 1, 1937
for
Week
Shares
High
8%
65c
Superior Ptld Cement B
z
Low
Price
S P Gold Gt Fer 0% preflOO
z Stearman-Hammond 1.25
Studebaker com
Nov.
Sales
Friday
!£»
Chronicle
Chicago resident
O'Gara & Co., 209 South La Salle Street, Chicago,
approved by the Governing Committee of the Chicago Stock Exchange.
—D. M. S.
Hegarty & Co., Inc.
announce
that A. P. de Forest Allgood,
E. "Graham Boyd and Rufus E. Taylor are now associated with the firm
in
ts
retail
sales
department.
new
members
Telephone
UTILITY
CANADIAN
IN
SPECIALIZING
145
ROYAL BANK BUILDING
TORONTO
YORK
OFFICES
CONNECT
WIRES
PJMVATE
3179
Canadian Markets
AND
LISTED
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Nov. 12
Province of Alberta—
..Jan
1 1948
11956
Askk
Bid£
/5 5
Oct
5a
523*
4>*s
1003*
1 1953
95
963*
.Oct
5s.
92
90
Quebec—I
mm*.
92
94
Mar
2 1950
Feb
1 1958 4107 i
1083*
May
1 1961 .110
112
Prov of Saskatchewan—
104
Apr 15 1960
Apr 15 1961
5>*s
43*s..
Mar
1073*
1 1960
.75
Canadian
Pacific
43* s
Ry—
4s perpetual debentures.
6s
43*8
Dec 15 1944
5s
1 1944
July
1023*
1 1954
1033*
1043*
1 1960
963*
973*
July
1003*
993*
112
1 1946
Sept
49* s
107 3*
Ask{
103 3*
..Dec
5s
87
863*
Sept 15 1942 /1063*
43*8
49*s
43*8
43*s
Canadian Northern Ry—
June 15 1955
383*
10
36
2,035
17
Oct
32
151
29
Oct
373*
"293*
32
*
__*
10C
5s
July
1 1969
"839*
100
pref
100
.
.
_
21
Rolland Paper vt
25
Oct
1 1969
Feb
1 1970 11179*
Jan
1 1962
Jan
1 1962
107
105
3s
94
953*
11179* 1189*
5s
Canada
99
Feb
130
Oct
11,959
15
Oct
195
493*
Oct
79
15
Oct
253*
Oct
11
June
19
Jan
25
Aug
10
18
Oct
33
Apr
5
153*
69*
193*
61
52
61
20 3*
203*
183*
16
21
183*
95
Oct
2,270
1,755
1,080
1,829
4
Oct
15
12
Oct
393*
Apr
43
Oct
98
Aug
173*
Oct
339*
Feb
Oct
30
Apr
2
79*
275
15
119*
13
66
1,063
53
51
49
Oct
3
Oct
20
20
85
19
Nov
100
*
110
110
5
115
Oct
43*
415
3
B
23*
3
29*
23*
180
Apr
35
Feb
Mar
Mar
Mar
June
,115
Oct
Jan
Oct
103*
10
Jan
Oct
1.85
43
Jan
823*
Jan
..100
15
14
16
45
123*
100
50
50
50
20
55
Sept
Woods Mfg pref
Apr
Oct
2
465
29*
Winnipeg Electric A
Jan
1033*
Oct
60
43*
Mar
963*
883*
113*
123*
60
"43*
Feb
Apr
183*
*
....
Jan
333*
483*
Sept
205
633*
"633*
United Steel Corp
Preferred
1189*
Nov
12
60
19
*
25
Jan
82
127
99
59*
Power.*
Steel Co. of Canada.
Mar
7
20
99
"63*
Feb
300
30
25
20
20
*
Saguenay Power pref.. 100
St. Lawrence Corp
*
83
Oct
93*
93*
*
25
Preferred
Feb
54
Oct
727
16
15
i*
Feb
Feb
Jan
625
839*
80
423*
433*
573*
170
20
1233* 125
143*
16
173*
21>*
50
523*
523*
_
Quebec Power
Regent Knitting-.
499*
2,800
205
205
"ie"
Western Grocers pref..
4s
1153* 1163*
5a
Grand Trunk Pacific Ry—
453*
499*
Ogilvle Flour Mills
Noranua Mines
Jan
Feb
100
Oct
303*
31
Wabasso Cotton:
1153* 116J*
1133*
1 1956 ill3
1 1957 41129* 1133*
.Feb
July
124
123
Oct
27
Preferred
1 1946
July
63*s
1 1951 ill29* 1133*
Sept
Ask
Bid
33
383*
25
Preferred
Sherwln Williams of Can. *
Bonds
Ashi
482
38
Southern
kfiid£
May
373*
50
St Lawrence Paper pref 100
Shawinigan W & Pow
*
Canadian National Ry—
80
38
A preferred
113
Dominion Government Guaranteed
78
3
*
National Breweries
Preferred
Railway Bonds
Bid
Mar
369*
1,599
893*
of Canada..*
Price Bros & Co Ltd
*
Canadian Pacific Ry
Mar
48
Oct
8J*
303*
87
Power Corp.
Ask
15
Jan
259*
109*
45
87
Ottawa L H & Pow
1751
117
Bid
Apr
38
906
10
293*
109*
*30"
*
Mtl L H & P Consol
High
Low
Shares
45
*
100
Montreal Cottons
Niagara Wire Weaving...*
1083*
114
Sept 15 1952
Nov 15 1946 170
Oct
1 1951 173
Week
Penmans
Province of Nova Scotia—
5s
June 15 1943
for
of Prices
Low
High
Price
National Steel Car Corp..*
J*
75
?73f
5s
106
1023* 104
43*8
112
110*
Par
Oil
McColl-Frontenac
Week's Range
Sale
Stocks (Concluded)
1,1937
Range Since Jan.
Last
Montreal Tram ways.. .100
43*s
94
2 1959
Prov of New Brunswick—
43*8
43*s.
119
1 1962 il05 3* 106 3*
15.1965 1112 H 1143*
43*s
94
Dec
Jan
1^1959 11173*
4s
Aug
1 1941
...JunelS 1954
5s
June
Province of
Province of Manitoba—
43*8
Sept
May
4s
43*s
99
111 3*
/11034
1511943 |1163* 1173*
6s
5s.
543*
...July 12 1949
43*8
If 1942
Oct
5s
563*
Sales
Friday
Ask
Bidg
Province of Ontario—
Prov of British Columbia—
5s
BONDS
INDUSTRIAL STOCKS AND
AND
NEW
MONTREAL
Volume
Cable Address Hartwal
1-395
52 WILLIAM STREET
BUILDING
ALDRED
association
york security dealers
Bell System Teletype NY
2-0980
HAnover
Banks—
Montreal Stock Exchange
Nov.
6 to Nov.
12, both inclusive, compiled from
Last
Sale
Par
Stocks—
Agnew-Surpasa Shoe
Alberta Pacific
*
10
83*
Jan
12
Oct
423*
Jan
16
103*
13
40
12
12
145
11
10
110
Oct
100
*
Grain
Bell Telephone
1.35
"129*
British Col Power Corp A. *
*
siik*Miiiv;;::::" *
Building Products A_.
*
Canada Steamship
(new).*
203*
3
100
Preferred
Canadian Car & Foundry. *
*
173*
34
324
15,384
310
93*
.25
157
123*
30
40
Nov
43*
42
230
8
9
4,648
73*
953*
246
86
15
15
265
10
Oct
19
20 3*
160
163*
Oct
3
33*
188
2
July
93*
103*
276
9
Oct
"io"
2,980
223*
635
199*
190
9
213*
199*
199*
63*
53*
"83*
*
Cockshutt Plow
Con Min & Smelt new...25
59*
33*
4
83*
4
*
25
53*
83*
8
8
54
50
83*
83*
Dominion Bridge
..*
Dominion Coal pref
20
100
Preferred
Dominion Steel & Coal B 25
Dom Tar & Chemical
*
Dominion Textile
Feb
Sept
30
Jan
Oct
33
Feb
17
Oct
5
Oct
3,992
7
Oct
73*
Oct
45
Oct
83*
73*
233*
173*
223*
1003*
Eastern Dairies
1
Enamel & Heating Prod.
.
Jan
Mar
Mar
Mar
189*
30
100
Nov
118
Mar
145
Sept
*
Gatlneau
10
140
Mar
10
Oct
850
5j*
Oct
1834
Apr
743*
100
70
Oct
853*
July
1.25
Oct
5.00
11
Oct
24
153*
1,920
95
2
Oct
875
9
Oct
113*
General Steel Wares
*
10
93*
Gurd, (Charles).
*
93*
143*
10
71
103*
5
764
219
1,815
20
Oct
143*
3
2834
53*
235
71
*
Preferred-
55
8,915
1.25
"143*
43*
55
83*
83*
31
Aug
18
Mar
Oct
153*
183*
183*
153*
343*
243*
153*
383*
8
65
73*
7
600
53*
Oct
9
15
5
Oct
Hollinger Gold Mines
5
123*
123*
Howard Smith Paper
*
173*
153*
1,175
103*
Oct
1.170
13
Oct
Imperial Oil Ltd
Imperial Tobacco of Can. 5
189*
143*
Oct
139*
133*
123*
173*
183*
133*
1,235
123*
Oct
Industrial Acceptance.
26
26
26
138
243*
Oct
43
43
25
373*
June
46
Nov
15
"83*
*
*
*
443*
409*
83*
453*
30
29 3*
313*
8,802
4,612
43*
43*
35
76
169*
13
17
Intl Nickel of Canada
Internat-Pet Co Ltd
International Power
43*
76
100
100
"17"
*
"63*
Lake Sulphite
Massey-Harris
8
63*
200
8
Apr
14
69*
83*
A..25
Jan
753*
8
100
Jan
Mar
Oct
69*
Intercolonial Coal
Apr
Oct
8
8,345
Mar
Jan
Gypsum Lime <fe Alabas..*
Hamilton Bridge
*
173*
Mar
149*
73*
83*
1.25
3
Nov. 6 to Nov.
Municipal
Public Utility and
Montreal
733*
393*
123*
Aug
Feb
Mar
Apr
Jan
Apr
Mar
Mar
Jan
June
Jan
Mar
393*
Oct
233*
Oct
4
Oct
45
76
Nov
17
425
10
Oct
433*
133*
390
9
Oct
27
Aug
425
43*
Oct
163*
Mar
98
Mar
Jan
Jan
Jan
Industrial Bunds
Montreal Curb Market
compiled from official sales lists
12, both inclusive,
Sales
Friday
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Shares
Price
Abltibl Pow & Paper Co.
.
23*
*
23*
23*
Week
High
Low
9,990
1.85
173*
19
24
5,163
35
24
100
100
6% cum pref
7% cum pref
35
10
60
122
10
118
3,036
40
Oct
15i2
Apr
Oct
80
Apr
Mar
97
Apr
Oct
130
Mar
July
Limited—
Aluminium
122
100
6% cum pref
63
*
Asbestos Corp Ltd
52
643*
3
4
4
Beauharnois Pow Corp—*
63*
73*
2,234
Brewers & Distill of Van..*
53*
53*
215
.....
1 1937
Range Since Jan.
Last
Mar
583*
233*
143*
Jan
330 Bay SI, Toronto
Sparks St., Ottawa
Bathurst Pr & Pap class B *
29
*
Foundation Co. of Can...*
Lake of the Woods
Jan
Oct
8
Feb
1883
255 St. James St.,
56
Mar
Oct
*
Electrolux Corp
Preferred
Jan
Oct
*
226
INCORPORATED
established
Feb
103*
73*
Oct
1733*
Aug
HANSON BROS Canadian Government
Apr
15
145
Mar
24
Apr
24
129*
63*
743*
240
177
Jan
455
.*
Dry den Paper
Intl Hydro-Elec Sys
Jan
217
145
Nov
177
Apr
183*
133*
Feb
290
100
Feb
Mar
3
6,940
203*
293*
63*
183*
213*
30
145
214
Mar
25
5,556
100
Nov
Mar
22 h
31
1,440
430
73
111
32
Oct
54
100
193
5
Jan
Jan
15
100
Dominion Glass
106
294
Jan
293*
183*
195
294
Mar
126
33*
795
303*
393*
113*
113*
30
25
193
'l95"
Jan
173*
Distill Corp Seagrams
211
100
Feb
Oct
10
18
5.75
170
Apr
Oct
25
'
1613*
Oct
Nova Scotia
Apr
Oct
11
18
Oct
1103*
233$
153*
11
Cndn Foreign Invest
Jan
159
43
Jan
Jan
Mar
12 3*
Converters-.100
Canadian Pacific Ry
Oct
Oct
110
..*
Oct
Oct
17
Class B
Nov
2
109
Canadian Locomotive
May
185
108
*
Canadian Indust Alcohol.*
Oct
Oct
10
100
Preferred 7%
Oct
43*
63*
93*
25
Preferred
Canadian Celanese
161
123*
339*
63*
93*
95
"11"
Canada North Pow Corp.*
80
40
9
100
Preferred
Can Forgnings class A..
4,119
1.35
1.35
4
*
Canada Cement
123*
10
161
100
Brazillian Tr Lt & Power
B
111
1103*
123*
150
165
58
High
Low
13
103*
June
Oct
75
161
573*
Royal....
for
Week
Shares
103*
Preferred
Canadian
of Prices
High
*
Bathurst Power & Paper A
Brack
Week's Range
Low
1, 1937
Range Since Jan.
GrainpflOO
Associated Breweries
Bawlf (N)
Price
100
...100
Commerce...
Montreal..
Sales
Friday
60
55
160
159
159
100
Canadlenne
159
573*
50
Canada
official sales lists
Oct
92
33*
Oct
4
Oct
123*
OH
9
Apr
Jan
Apr
103*
103*
15
163*
103*
Nov
Oct
Oct
22
Mar
83
83
15
84
Aug
68
68
25
60
Apr
913*
823*
Aug
Canada Malting Co Ltd..*
34
343*
120
32
Oct
39
Apr
pref 100
*
Canadian Breweries Ltd-
108
108
11
109
Feb
18
18
10
"203*
*
Brit Amer Oil Co Ltd
103*
B C Packers Ltd
Calgary Pow 6% cm pf.100
Can & Dom Sugar Co
*
"68_W
Can Nor P 7% cum
Canada Vinegars Ltd
Pref erred
1.50
*
*
Can Vickers Ltd
7% cum pref
Catelli Food Prods Ltd
43*
20
1.50
Oct
Works.*
A
*
35
5
23*
43*
Mar
20
1.00
Oct
33*
Jan
23*
25
1.50
Sept
7.75
Jan
43*
100
2
Oct
16
Jan
40
20
43*
8
75c
113*
Feb
10
Oct
65
Jan
10
5
Sept
Nov
113*
113*
Feb
8
70c May
2.50
Mar
30
35c
300
20c
1.65
225
1.25
73*
83*
15,591
45
Apr
Oct
195
30c
45
47
200
9
1.60
83*
Jan
Aug
1.45
8
65c
Jan
4.00
233*
383*
73*
43*
"8
FeD
80c
Jan
Jan
Sept
Oct
4.00
Jan
6
Oct
243*
5
51
Sept
73
Apr
Apr
B
Apr
Fairchild Aircraft Ltd
5
73*
83*
935
5
Oct
193*
73*
Donnacona Paper
7
73*
350
5
Oct
19
5
5
3
Oct
13
Jan
"83*
Foreign Power Sec Corp..*
Fraser Cos Ltd
*
173*
183*
803
149*
Oct
299*
Feb
75c
17
95c
Oct
2.50
Feb
Apr
16
183*
346
123*
16
19
5,223
139*
Oct
Oct
50
Apr
75
Oct
110
Mar
78
Sept
92
July
Nov
133*
GenStlWare87% cum pflOO
70
77
36
Goodyear Tire & Rubber. *
80
80
5
No oar value
50
"173*
183*
Voting trust ctfs
Hydro-Elec Sees Corp
Apr
53*
430
75c
173*
Ford Motor Co of Can A
•
112
12
20
*
Paper Ltd.*
Dom Engineering
Jan
5
1.25
100
5% cum pref...
15
City Gas & Elec Corp
*
Claude Neon Gen Adv...*
Commercial Alcohols Ltd.*
Consolidated
375
Mar
Aug
16
9
*
Marconi Co.—1
Can Pow & Pap Inv
1.60
263*
173*
35
Can Dredge & Dock Co.
Canadian
1.50
2,225
21
16
-
Cndn Gen Investments
203*
53*
*
43*
43*
50
43*
Feb
3180
Financial
Chronicle
1937
13
Nov.
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Sales
Friday
{Concluded)
Par
Week's Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Inter-City Baking Co--100
Loblaw Groceterias A
~i"05
11
70c
505
39
10
48
24
23 X
3 Ys
Oct
87
May
New York Curb {Associate
July
Apr
1.80
15
65c
100
65c
Nov
22 X
893
13 H
Oct
37H
42
91
32 X
Oct
73 H
Mar
89
89
91
10
89H
June
100H
Mar
Last
Week's Range
2
2
1.50 June
for
8
9.00
Feb
SaU
of Prices
Week
ex
ex
9H
Feb
"ex
Mitchell (Robt) Co Ltd.
14
Page-Hershey Tubes Ltd
Power 6% cum 1st pref. 100
Quebec Tel & Power A—*
10
89 H
5
14
760
2
26
Oct
7 X
60
2
Oct
87 X
Friday
Stock* {Continued)
June
110
107
Feb
Jan
5
July
22
104H
Sept
Sept
108
Brazilian....
Mar
Oct
89 X
98
10
4H
25
44
8
10
7
105
106
8
95
8
~44H
12 X
Brit Col Power A
*
Jan
British Dominion Oil
Feb
Brown Oil pref
15c
100
60
11H
2Hc
40 H
Oct
Oct
20
Feb
Bunker Hill
*
15Hc
13c
16c
33,800
10c
Sept
Nov
18
Apr
Burlington Steel...
*
12 X
12 H
13H
330
12 H
Nov
19
Aug
36
36
18
35
Sept
60
Feb
32
30
45
18X
10
1,125
32
180
17 X
10
25
July
.1
*
50
25
40c1
1.90
Feb
Burt (FN)
lHcj
2c
9,450
1,500
Oct
2c
l^c
Oct
4Hc
Jan
28c i
30c
14,750
19c
Sept
65c
Fen
Calgary & Edm
Calmont OILs
52c
30c
32 H
15
*
1.78
1.75
1.85
37c
35c
37c
52c
250
44c
Sept
79c
Aug
Canada Bread
37c
4,800
36c
Nov
72c
Feb
Canada Cement
*
14c
5,100
10c
Oct
1.15
Feb
Canada North Power
*
3c
3c
600
1.06
1,960
2,500
28
1.00
12c 14Hc
Central Patricia Gold M..1
Consol Chibougamau
1
35c 41 He
2.60
2.73
"~22c
13c
Nov
2H
20
Jan
Canada Packers—
*
70
Canada Permanent
100
144
*
3
lie
Oct
47HC
Jan
Sept
65c
Mar
Canada Wire A
1,900
2,750
2.00
Oct
5.15
Feb
Canadian Wire B
*
21X
22c
22o
Sept
2.70
Feb
Can Bank of Commerce 100
1.55
90
30X
Oct
50%
Jan
Canadian Breweries.....*
Preferred
*
*
6Hc
5Xc
6Hc
7,300
60
Sept
15c
Mar
•
1.85
1.70
1.85
4,350
1.45
Oct
3.60
Apr
4.90
6.00
620
4.70
Oct
12.75
Feb
40c
42 c
4,200
34c
Oct
1.58
Feb
8c
8c
200
60
Oct
60c
Feb
145
15H
Oct
41X
Feb
7,900
1,000
18c
Oct
57c
Feb
20c
Nov
45c
Apr
1.64
Apr
"~40c
1
Graham-Bousquet G M..1
Hudson Bay Mln & Smelt *
19
23
J-M Consol Gold
21c
23c
Klrkland Gold Rand Ltd.l
20c
20c
Kirkland Lake Gold
1
1.29
Lake Shore Mines
1
50 H
...
Canadian Canners.
1st preferred
2nd preferred
20
300
07Xc
Mar
255
46 X
Sept
Jan
..*
Canadian Malartic
Canadian Oil
3,700
3Xc
Oct
27HC
Jan
C P R
Oct
30C
Jan
Canadian Wineries
Lebel Oro Mines Ltd.
1
16c
15c
200
10c
Macassa
59
-.*
5.20
5.25
1,350
3.95
Oct
8.50
Jan
Cariboo Gold..
1.75
300
1.61
Oct
4.80
Feb
20c
100
10c
Oct
45c
Mar
Normetal Mining
O'Brien Gold.
Carnation pref
Castle Trethewey
100
20c
75c
80c
400
95c
Oct
2.15
July
Central Patricia...
4.35
5.60
41,640
2.45
Oct
13 K
Jan
2.15 June
3.10
350
4.-05
Jan
44c
40c
44c
Oct
1.10
Mar
8c
9Hc
18,400
18,599
20c
8c
8C
Nov
42c
Feb
2.40
2.30
2.40
200
1.70
Oct
3.80
Feb
1.85
2.90
1
.
Pend-Orellle
1.55
1
1.21
Oct
6.50
2.51
Jan
Coniagas Mines
Coniaurum Mines
9.10
Feb
Cons Bakeries..
3.55
650
3.40
Oct
6.75
Feb
100
2.15
June
4.15
Jan
17H
9X
10H
500
30c
Oct
85c
Feb
Consumers Gas..
3.40
3.35
3.70
5,800
2.25
Oct
6.85
Feb
47c
38c
47c
14,850
20c
Feb
%
6Hc
6,500
6c
22c
Feb
Davles Petroleum
3c
1,100
2c
Oct
16c
Feb
1.01
Oct
1.55
1.55
1.55
100
1.35
Jan
1
37c
39c
30c
Oct
1.13
Feb
1.35
1.15
1.35
97c
4.00
Slscoe Gold Mines Ltd.._l
Sladen Mai
1
Oct
Feb
3.60
65c
3.70
2.25
Nov
6.65
Jan
93c
93c
1.00
74c
Oct
2.50
Jan
37c
Nov
2.90
Mar
Oct
6.50
Mar
Oct
1.05
1.02
1.10
10.300
80c
2.25
Jan
5.00
5.00
15
4.50
Oct
6.10
Feb
^42 He
16c
Oct
2.15
Jan
45c
19c
Oct
73Hc
Apr
7.40
7.60
300
5.80
Oct
8.10
Jan
%
■
1
1.75
23c
"54"
196
20
20
13c
75
45 X
"l8"
4Hc
14
40
Aug
10H
66 H
Oct
28 H
Mar
94H
Feb
65
Oct
51
250
Jan
17
Oct
24
Mar
Oct
15c
Oct
28 U
Mar
Nov
12H
Mar
Sept
18
Apr
Nov
116
355
5H
6H
70
85c
"1.80
1.75
25
4
5X
Falconbrldge..
Fanny Farmer
*
5.25
*
21X
1
Firestone Petroleum...25c
6% preferred
100
Afton Mines Ltd
1
Alberta Pacific Grain pf 100
A P Consol Oils
1
Copper
Alexandria
*
Gold
24
20
2 He
2 He
15
15
2H
Ford A
30
15
Foundation Pete
21c
*
17c
Francoeur
*
40c
*
Preferred
*
Preferred
3c
15
27He 27Hc
49c
40c
52c
1
2c
1
28Hc
lHc
24Hc
Anglo-Con Hold Dev....*
Anglo-Huronlan
*
Argosy Gold Mines
1
1.46
1.25
1.50
3.60
3.50
3.60
30c
26c
30c
Amm Gold Mines
Arntfleld Gold....
1
Ashley Gold
1
Bank of Canada
50
Bagamac Mines
1
Bank of Montreal
100
Bankfield Cons
1
Bank of Nova Scotia... 100
Bank of Toronto
100
Base Metals Mln
Bathurst Power A
*
*
Beauharnote
*
Bell Tel Co of
Canada...
18
Oct
80
Apr
9
..100
98c
12
Oct
24
Feb
May
80
Apr
4X
135
1.85
4,910
95c
Feb
4.75
Oct
Oct
21c
18H
6,995
70
17c
12c
19c
5,700
43c
16,900
11H
20
6
50
100
10
306
36,715
3.500
30o
Oct
1.89
Feb
Apr
July
30c
Jan
1.02
Jan
30c
34c
6Hc
6Hc
3 Ho
4c
58 H
20c
65c
58
fl8Ho
195
65c
58 H
292
290
236H
236H 243
14
294
1.27
7
161H
160
1.37
7
163
Feb
Mines......_.*
Great Lakes Paper
*
Preferred
*
Jan
Grull-WIksne Mining
10
12
33 X
Hard Rock
& Alab
1
8c
83c
Apr
Holllnger Cons
Home Oil Co
5
Mar
100
Oct
1.70
Jan
Huron <fc Erie 20%
72c
Feb
Imperial Bank
100
Nov
3X
May
iex
ey8
Feb
Jan
Imperial Oil..
Imperial Tobacco
40
Jan
Intl Milling pref
Oct
29c
Jan
International Nickel
6.40 May
23
Oct
9.00
Feb
International Pete
26 H
Jan
•
No par value.
Oct
33c
Feb
Oct
90c
Mar
Oct
22H
Jan
9H
Oct
15H
80
Oct
405
25c 25 He
29c 30 He
2,300
11
100
Oct
9
8c
8c
10c
4,975
*
893
Jan
5,590
Hunts A
5,000
3.44
1.12
Feb
11c
Oct
1.06
30c
7.90
Jan
70c
12 H
1
*
5
100
*
._*
11
8
199
8
198
200
13H
13
18H
13H
98
97
98
44 H
40 H
30
29H
45 H
31H
18H
17H
Feb
Apr
1.06
Howey Gold
7.80
18c
1.25
12 X
Jan
10Hc
Nov
16H
12H
9*4
Oct
7c
Apr
18H
95
24^
105H
Jan
Aug
Oct
1,500
Oct
18c
26X
53X
Oct
31,350
Sept
30
7
Oct
Oct
4Hc
23 X
65c June
14c
15H
Jan
5H
12 He
11 He
12c
July
555
12 He
*
Oct
7
Feb
*
*
29c
Feb
57c
19,706
Hlnde & Dauche
36c
63c
Oct
1.10
10
1
Oct
1.00
Highwood Sarcee
176
6c
5Hc
1,000
1,933
2,000
1,090
1,428
"T05
Harker
Apr
Apr
Aug
7 He
2,000
Feb
154
22c
97H
16,950
Aug
Jan
Apr
57
8c
Mar
68
Oct
83c
65c
Oct
39c May
Oct
7
99
325
22
Mar
72H
1
_
12c
49
52 H
80c
Oct
12o
4Xc
7c
Oct
50
6H
*
4X
33
24
4 He
28
25c
33
23 X
Jan
4Xc
11H
31
i
Gold
Gypsum Lime
8c
1
30
24
Gunnar
Feb
7Xc
7c
Homestead Oil
4
7.90
1.85
Apr
7XC
Feb
4
1
49c
7Hc
7XC
1.75
30
50
Sept
60
245
55
Oct
4,450
Blue Ribbon
Oct
53c
33,956
46c
Oct
1
40c June
15
Aug
90
53 X
96c
40c
46c
Oct
15c
1
Mines
78
54
425
9
Grandoro
Feb
9c
1
15,350
52c
pref.25
Feb
13c
25c
273
9
Brantford Cordage
1.15
Oct
340
36c
*
Oct
Sept
Oct
*
Bobjo Mines
Granada
Sept
J
Bralorne Mines
Feb
235
Bldgood K'rkland
Big Missouri
Blue Ribbon pref
Feb
1.42
290
Blltmore Hats
1
8.75
Oct
56
5
ex
34,800
Nov
194
355
1.15
10 He
79 H
50
82
12
9c
.1
Preferred
Graham Bousquet
23
100
10,300
5c
8,250
10
39c
3o
17,034
100
""12'
32c
18c
8
17
1,500
Goodyear Tire
3.40
2,525
68c
30c
Oct
22
43
20c
195
25o
Jan
23,600
195
2,600
Sept
4%
Oct
Aug
3Ho
10,200
31c
14
May
18c
1.50
Oct
Oct
65c
56c
Oct
7H
109H
18H
18c
Nov
Feb
11
75H
54Xc
Sept
Feb
1.58
Oct
Oct
6 He
11c
1.25
Oct
July
Sept
Oct
5c
IX
Jan
Jan
55c
1.00
31c 221,346
July
12c
5Hc
33c
35o
Jan
26c
29H
8
1
1
16Hc
54c
Oct
58
80,550
21,300
Gold Eagle
Goodflsh Mining
Aug
July
270
10H
17Hc
...50c
25H
131
70
67
8
12.90 May
Oct
16c
15
40c
9
Apr
6Hc Sept
107H 107H
9H
Apr
16H
16c
Belt
5
Feb
3.65
100
17c
9XC
Jan
9H
Oct
4.190
1,150
18,850
13,700
2.05
Nov
1.50
5H
9X
Gold
Oct
4
Oct
5.25
10H
Jan
60c
21H
5H
4.95
20
16 He
Jan
18c
Feb
60
*
lOHc
43H
Sept
Jan
65
1
Sept
2c
83
Jan
100
28,775
Gillies Lake Gold..
Gienora
God's Lake Mine_....__*
Goldale Mines
1
690
33c
*
Beattle Gold
Apr
3Hc
*
Beatty Bros Ltd
15X
1,700
1,141
8,395
8,200
2,300
1
Astoria-Rouyn
2c
Oct
75
24
2
10
HH
100
Gatlneau Power
17X
70
I17H
9Xc
18
Frost Steel....;
1,911
1,025
6,000
Jan
Nov
3HC
6H
Feb
36
1,500
5,840
84
2.95
196
4Hc
14H
6
Oct
27H
46
4Xc
il2H
Oct
4,058
General Steel Wares
2H
Oct
175
95c
Federal-Kirkland
Aldermac
Oct
12c
18H
83
*
Equitable Life
High
20
20
Feb
Feb
Low
75
47 X
202
75
29,000
11,100
14,730
Feb
Mar
Shares
16c
Oct
Jan
Jan
Feb
45c
Sept
High
21
20c
3.50
2.14
23
Oct
16c
Low
54 H
198
Oct
9c
4.10
2H
May
39,300
59H
Price
Nov
1.00
14H
Oct
♦
1.75
16
%12X
17X
Oct
Abitibl
Mar
112 X
Oct
Week
22H
1.22
80c
of Prices
Oct
Nov
24c
Sale
Jan
Feb
7H
110
95c
.*
Eastern Steel
Range Since Jan. 1 1937
Jan
1.47
Oct
16c
9H c
Par
1.44
Oct
\ 17,200
500
Stocks—
Oct
15c
22c
745
for
40C
38
18
6H
a.2,610
Range
7Ho
Jan
Jan
Feb
20c
1.11
Week's
75
45 H
5Vs
*
Last
Feb
43c
1.75
107
20c
1
official sales lists
5.25
Oct
1
Eldorado Mines
Sales
Oct
Oct
13c
196
100
Easy Washing
inclusive, compiled from
50
197
*
Feb
Friday
Jan
1.85
18X
Feb
Nov. 12, both
1.66
15
i;3.60
to
Nov
17H
re.4o
Nov. 6
Oct
57c
27
East Malartic
Exchange
97H
25
Oct
Toronto Stock
1.30
30
26
Oct
.
Mar
2,100
65c
9
8H
Jan
4
f1,450
2.75 34,970
10c A.4,200
99
*
38c
%
Oct
Feb
1.25
*
1H
185
Mar
100
35
Mar
Mar
11,000
1.04
18H
17H
2.68
55c
32
Oct
100H
1.75
10Hc 10 He
Feb
Nov
3
211
55c
1.06
2.30
11
Oct
1.75
33H
June
90
4,104
Oct
*
10 He
85c
Jan
45
*
/
May
8X
192
Daihousie Oil Co
_*
Jan
47
66
Calgary & Edmonton
_.*
32
Oct
1,300
4,177
Eastern Theatres pref-.100
1
'
m'.
Oct
Oct
23c
25
East Crest Oil
Oil—
13
29H
3H
149
100
Dorval Slscoe
33c
69,472
67,300
Wright Hargreaves M Ltd*
1.70
Jan
Jan
Feb
200
._.*
Dominion Tar
Preferred
33c
40c
Cad
3
Oct
30
24,300
8X
Oct
2,725
100
Dominion Coal pref.....25
Dominion Explorers
1
39c
'
.1
6H
5H
35
1.05
*
Dominion Stores
Sullivan Cons Mines Ltd.l
Teck Hughes Gold
1
17
50
810
Jan
Mar
1.77
...
....
Dom Steel Coal B
2.50
2.48
9 He
DomlnionjiBank
3.50
100
390
-
780
I?
98H
Oct
5H
12
1.62
99
1
Dome Mines...
1
44c
1.00
12
3
1.40
*
Shawkey.
2.60
36
5X
8
338
Aug
16H
Cosmos
Sherritt- Gordon
40c
22 X
35
Oct
1.25
5
Dlst Seagrams
Preferred
2.60
22
5H
12
16H
100
Dark water Mines
6c
Sept
Sept
2.00
6Hc
40c
9X
9X
Oct
148
162
Jan
3Vs
23X
10X
20 H
12H
2lVs
1.25
Cons Smelters
38c
2.60
Aug
210
Oct
16H
Cons Chibougamau
2.34
38c
*
34
Nov
1.25
*
3.50
*
Jan
158
65
..*
2.34
2.38
19
455
17
-.5
.
1
7,100
4,953
8,375
10,500
41,350
250
1.55
17H
23c
..1
1
21X
1.50
21 He
Oct
3c
21
23c
Sept
1
Apr
Aug
700
60c
Apr
18
79
3,025
3,500
Pioneer Gold Mines of B Cl
Reward
Feb
July
7
60c
Premier Gold
1
98
160
55c
1.25
Jan
Oct
55c
4.30
Jan
Apr
July
56c
600
10H
23
28H
Sept
56c
8,800
25,410
Nov
2
Chromium Mining
*
Commonwealth Petroleum*
Cockshutt Plow
*
1.35
Oct
7X
65
"2'60
5.55
Oct
3H
20
Jan
140
-.1
Central Porcupine....... 1
Chemical Research
1
1.08
Feb
Mar
July
1
5.50
1
Feb
1.75
May
17H
..1
1.75
Pamour Porcupine M Ltd *
Cad
6.55
Oct
9
*
1
Pandora
44H
Oct
30c
50
"lO"
*
Montague Gd Mines Ltd. 1
5.40
Oct
1.15
9
5X
25
Mining Corp of Canada..*
1
Feb
41
5
35
1.29
Mar
185
5H
22
60 H
4c
23c
10
158
25
1.29
■
50
3H
158"
Canadian Dredge
*
Canadian Ind Alcohol A..*
50 H
Oct
65
.....*
3Hc
Lamaque Contact G M..*
Mar
35
71H
145
16
*
Can Car & Foundry
Preferred
6Hc
74H
9X
47 H
Duparquet Mining Co
Feb
63H
._._._*
22c
Eldorado Gold M Ltd
Falconbrldge Nick M Ltd. *
50
12.50
40
808
Can Steamship (new)
Preferred new
45 X
*
9
20
Feb
2.28
22o
26,150
57,350
8
Apr
2c June
45
4X
4H
20
8%
20
Feb
30
Oct
June
90C
8.25
7,900
2.750
j
27
20
1
....—.*
.....—
52c 1
1.00
12
*
Building Products
52c
13c
*
Oct
Buffalo-Canadian
38c
Royallte Oil Co
Jan
Jan
Central Cadillac G M Ltd 1
Pacalta
Jan
75
3X
51H
Cartler-Malartic G M Ltd 1
Home on Co
2,071
3,000
Nov
Oct
"27"
Wood
60
1.00
Brownlee Mines (1936)
1
Bulolo Gold Dredging
5
Can Malartic Gd M Ltd--*
Cad
12H
2 He
43 H
10
1.10
370
13c
Thompson
60
Mar
Oct
1.45
36c
.
lie
1,500
Mar
Buffalo-Ankerlte
13c
Stadacona-Rouy ri
Sudbury Basin Mlnesf
15c
39
Jan
36Hc
Ritchie Gd Mines Ltdf
San Antonio Gold...
29
30
1.15
1
Quebec Gold Mining
Read-Authier Mine
Red Crest
16H
10
Apr
Big Missouri Mines Corp.!
Bouscadlllac Gold Mines. 1
Perron Gold Mines Ltd
2,970
33
2638
OCt
4H
20H
'33
Mar
Oct
Oct
321
20
*
29c
1
Pickle Crow Gold
High
30X
9X
Jan
21,274
5
"20 H
*
Burry Biscuit pref
Aldermac Copper Corp...*
Pato Gold.
Low
17H
5H
65c
10
Alexandria Gold Mines—1
new..
12 H
Brewers & Distillers.....5
B A OH
Mines—
Parkhill Gd M Ltd
Range Since Jan. 1 1937
Shares
100
18X
*
Mines
High
90c
42 X
_.*
Francoeur Gold M Ltd
Low
1.40
Walker-Good & Worts(H)*
Dome Mines Ltd
Price
90c
90c
Walkervllle Brewery Ltd.*
Bldgood-Kirk Gold
Par
Sales
Jan
1.50
Sept
88 X
98
8
106
Jan
30
1.50 June
4X
Sarnla Bridge Co A
Sou Can Pow 6 % cum pf 100
United Distillers of Can..*
Gold.......
WA. 3401-8
21
Montreal Island Power..
Beaufort
King Street West, Toronto.
42
65c
—*
/
Aug
25H
Nov
•
Members Toronto Stock Exchange
Canadian Commodity Exchange, Inc.
Feb
22 H
42
100
p1100
$1 cum pref
Weston Ltd (Geo)
39H
Sept
23 H
cu pi
....
Nov
3
39
48
McColl-F Oil 6% cm
Melchers Distilleries Ltd.*
Preferred
25
25
350
Jan
Jan
25
3X
1.05
25
Co.
&
STOCK BROKERS
High
85c
*
Mackenzie Air Service...*
MacLaren Pow & Paper.. *
Massey-Harr 5%
Low
Shares
3X
25
25
Intl Paints (Can) A
*
Internatl Utilities Corp B_ 1
Lake St John P & P
Duncanson, White
Range Since Jan. 1, 1937
Last
12,750
5
14
3c
21c
Jan
Oct
72c
Jan
Nov
51
8
Nov
126
198
Nov
14H
Oct
350
12
Oct
78
97
July
33,013
9,134
Jan
87c
11
7,588
Jan
May
19
Mar
15H
240
Mar
May
24 X
Mar
15X
Mar
105
Feb
39 H
Oct
73
X
Feb
23 H
Oct
39X
Mar
Volume
3181
Chronicle
Financial
145
Unlisted
Canadian Markets—Listed and
Sales
Friday
F. O'HEARN a CO.
11 KING
ST. W.
Sylvanite Gold
2.75
1.75
Oct
6.90
13c
13 He
1,700
9c
Oct
40Hc
1.02
1.07
6,440
80c
Oct
3.25
Jan
6,710
2.50
Oct
4.80
Feb
150
14H
Nov
Feb
1
—
3.05
3.05
3 20
14H
15
Hamilton
Kirkland Lake
Sarnla
North Bay
Canadian Commodity Exchange
Owen Sound
Bourlamaque
Toburn Gold
(Inc.)
Towagmac
Week
17
18
135
17
Nov
46
Apr
46
48
15
46
Nov
52
Aug
Exploration
78
S3
15
78
Nov
110
Feb
—
47c
1
*
United Steel
*
Ventures.
*
Jack
9H
10
8%
Nov
21%
Mar
85c
1.00
550
65c
Oct
3.25
Feb
2,200
9,934
90,720
9,625
15c
June
1.62
Mar
Walkers
40c
25HC
28c
81c
93c
21c
21c
23c
45c
...
Mines
Cons
Jeilicoe
J M Consolidated...
Kelvinator—
100
Kerr Addison
1
1.73
1.84
1.05
1.05
1.10
1
Kirkland Lake
1.76
1.25
1.25
Lake of Woods
*
—
17
3
Lapa Cadillac
Secord
*
68
46c
Gap Gold——_1
Lebel Oro.......
—1
Lava
1
Gold
Loblaw
52 H
Oct
20
Oct
59c
Feb
Westflank Oil
*
28c
500
Western Canada Flour.
*
Oct
3.30
Apr
White Eagle.-.
Oct
2.65
Feb
Wiltsey-Coghlan
Nov
59H
Oct
28c
Oct
1 33
Nov
20c
Oct
77c
Feb
5.80
Oct
8.10
Jan
18c
Oct
52c
Feb
7.20
7.20
7.60
20,450
*
Jan
77
Oct
Wright Hargreaves
Ymlr Yankee Girl
20c
20c
20c
2,500
16,450
3,345
4 00
Oct
8.40
Oct
25
Feb
Oct
23H
Aug
472
22
Jan
275
19 H
9,060
3 70
Oct
8.60
48,977
60c 136,275
80c
Oct
4.85
Jan
44c
Nov
1.20
Mar
2,000
10c
Oct
5.25
1.14
99c
July
June
Jan
4.00
Oct
11
Jan
100
60
1,508
555
Canadian
4c
Mar
Coast Copper
Mar
Cobalt Contact
Mar
Consolidated Press
*
Mar
Consolidated Paper
*
2.50
..5
37 H
1,725
Oct
42 M
Jan
Dalhousle Oil
1.06
1.18
25,650
85c
Oct
2.03
Jan
Dominion Bridge....
Oct
57c
Feb
Dom Found & Steel
Hamilton Bridge
'
Merland
Minto
9,600
24c
Oct
1.18
Jan
14c
Oct
63c
Mar
Sept
39c
Feb
5.00
Feb
Preferred...
1.85
4,915
1.25
Oct
3Hc
4Hc
9,550
3He
Nov
35c
1
_25c
.......
.
22c
1.83
1
*
Moneta Porcupine
Moore Corp
6c
21c
1
Kirkland
35c
700
32c
Oct
1.15
21c
Oct
56c
July
1.87
40,550
96c
June
1.98
Oct
45H
Oct
88c
Feb
1.74
560
33
25
15c
10c.
100
25c
Oct
1.50
Jan
National Steel Car
1,000
2 He
July
10c
Feb
Oil Selections
2Hc
42 %
Feb
11
Apr
5
125
Nov
140
June
125
125
39c
32c
8
Feb
12c
Feb
Robb Montbray
Robt Simpson pref
3c
4,500
34c
3,100
30o
Nov
1.49
Jan
2.00
650
1.55
Sept
3.60
Feb
83
30c"
Feb
49 H
5,605
36 H
70c
75c
7,060
65c
Oct
Nov
3c
3 He
19
6,000
4,100
2 HC
14c
Sept
49C
Feb
45
1.00
Oct
4.00
Feb
3c
16
125
125
*
Oct
2.23
July
16Hc
Jan
3H
-—5
5.40
1
Oct
18%
41%
Oct
32 H
5
135
7
75
18H
Oct
20
8H
Oct
81
81
15H
25
10
Apr
Feb
Feb
Jan
Mar
108
18c
18c
700
14Hc
Oct
55c
Apr
lHc
lHc
lHc
6,000
1 He
Oct
4%o
Feb
15c
2,900
12c
Oct
69c
Jan
112
26 H
Oct
18H
Oct
37H
57H
Jan
Jan
Oct
12c
Jan
Oct
60
Feb
Oct
6.65
Feb
29 H
26 H
3H
301
3Vs
Aug
4H
Feb
4.30
5.55
57,470
2.50
Oct
13.25
Jan
4.10
Feb
..*
90c
90c
1,500
65c
Oct
Olga Oil & Gas...
Omega Gold
.*
2 He
3c
3,700
lc
Oct
120
Jan
1
41c
16,300
30c
Oct
1.28
50
106H
lHc
500
3Hc
lHc
1.85
22,240
1.25
4H
100
5
Oct
2Hc
2Hc
Oct
16c
Feb
2c
5,750
35,000
2c
1HC
100
lHc
Oct
12Hc
Jan
1
107H
Oct
122
Feb
4H
200
2H
June
20 H
290
17H
Oct
2H
75
2H
Oct
4H
4H
20
2H
Stand Paving...
........ —
.
.———.
8%
34
9H
Jan
Feb
Mar
Jan
56
Nov
21
20c
*
*
100
*
*
June
2
21c
10,100
16c
Oct
58o
2H
21c
Fuel pref
5
21
21
100
Preferred......
Temiskamlng Mines
preferred
110
110
110
Shawinlgan W & P
1st
2,500
2H
130
1%
Jan
Mar
2H
Oct
24
24
108
17
June
25
Feb
36
38 H
39
10
30
Oct
62H
Jan
1.50
1.50
145
1.25
Oct
3.25
Jan
1.25
1.25
60
1.20
Sept
500
Feb
Jan
Ontario Loan
4c
1.55
2c
Rogers Majestic
United
500
31
4c
4c
1
1
Ritchie Gold
Thayers
30
4H
1.05
Oct
45 H
O'Brien Gold...
Oct
Cities
Oct
2.00
2 He
Prairie
20c
2 He
1
Preferred-....
.20
3,090
1.78
85,950
75c
North Star Oil.
8
26
lHc
Pend Oreille
....1
Nordon Oil...
Aug
Pawnee-Kirk land
Oct
"49"
Norgold Mines...
Apr
43
8
*
*
*
Montreal LH&P
31,800
*
Normetal
58H
Oct
.....
16c 22 He
..*
Noranda Mines......
Oct
24
15c
1
Mandy..
Oct
5
Nlpisslng
24
20
8
Malroblc—.......
6
30c
Feb
140
18H 23
Apr
35
2 He
3.60
1,320
26
Aug
40
1
New Golden Rose
Oct
55c
28
1
135
..*
Newbec Mines....
35c
Jan
June
30 H
26
Kirkland Townsite
7H
38c
19% May
*
38H
1
Oct
4,325
3 He
28
100
7H
100
Preferred
Nay bob Gold
6
1.95
29 H
28
_■
*
National Grocers
22
22H
Humberstone
2Hc
38H
National Brewing
Feb
*
Hudson Bay M&S...
1
Murphy Mines
Oct
Oct
12H
Feb
4,000
40c
*
M ill r heads
6c
22c 23 He
32
33
_*
*
*
Inter Metals A
33Hc May
6c
1.65
4c
Monarch Oils
Morris
8,400
6c
Gold
Model Oils
15c
41 He
1.80
Oil
Corp
Mining
13c
35c
1,500
2,500
lc
105
55c
12c
14Hc 14Hc
37c
Feb
550
4,000
8H
7
8H
Mar
lc
15
14
Jan
Jan
25
2.50
lc
—1
...
35 H
30
10.00
9,310
14 H
101
31c
15
5 He
16H
Oct
Oct
19H
5c
74
Feb
3%
Oct
Sept
19 H
Oct
21
Oct
5C
Oct
Apr
Feb
1.00
19H
4H
Jan
10H
38H
1,270
1
Central Manitoba
12
Oct
16
20
1.40
Canadian Wirebound—_*
Jan
June
18
30 H
19 H
Mar
b%
115
1.15
1.40
1
Marconi
36c
86 H
34 H
18
*
Canada Vinegars
12H
15
7
34
*
Malting..
Canada
Oct
707
75
21c
Oct
Oct
10
8H
7H
Feb
Oct
3c
4
8H
July
70
Sept
40
14,000
4%
*
Oct
32
6Hc
*
Canada Bud
60
5Hc
Bruck Silk...
1937
High
Low
Shaies
5
60
1
Brett Trethewey
High
Low
Price
Range Since Jan. 1,
for
Week
of Prices
Sale
Bissell pref
lists
Sales
Week's Range
Par
Stocks-
8c
3
5,862
10H
Feb
2c
10c
90
16c
75c
7
10H
44c June
1
5,700
43
9c
6
Jan
compiled from official sales
12, both inclusive,
1.10
13Hc
Jan
Exchange—Curb Section
Toronto Stock
Nov. 6 to Nov.
"35 H
*
Jan
2H
Jan
Aug
27
5
1
10
210
#
McKenzie Red Lake.-.-.l
Mercury Oils
10
34,910
70c
89 H
McWatters Gold
Nov
45c
Last
40 H
McVittie-Graham
2H
3
Friday
28
Mines.
66
Jan
33c'
Jan
4
Mclntyre
Feb
2H
Feb
3%
10H
17c
2H
*
B
Wood Cadillac
1.35
5
*
Oct
41c
Winnipeg Elec A
7Hc
35
100
3c
3
5.05
5.05
Jan
500
Jan
Feb
58
2 H
Preferred
Jan
Oct
Oct
3e
2.75
McColl Frontenac
Jan
6c
Nov
2H
Oct
16c 16Hc
6H
Feb
42
*
Sept
67c
9 He
Apr
1.10
Oct
Oct
Oct
3c
3c
1
2c
44c
43
1.70
l-ei-
9H
lHc
Oct
25c
4
50
iySG
——
—
2,206
4
10H
10
10 H
*
Jan
Aug
36HC
12H
18H
1,500
4
*
Westons
35c
16c
*
Feb
Mar
Jan
46c
100
39
108
33c
2 He
—
Oct
Nov
28c
28c
July
24
Mines.———1
Feb
July
Oct
16 H
17
2H
Preferred———-
4.65
2.25 June
31
90c
2.75
Maralgo
Oct
1,445
25o
2Hc
Massey Harris....
1.00
30c
21
2 He
22,691
1.30
5.10
*
—
1.40
6.057
75c
*
East
Maple Leaf Gardens
1.20
18 H
1.40
Maple Leaf Milling......*
Preferred
*
Manitoba &
1.40
Oct
21H
*
McDougail-Segur
Sept
June
24
....1
Madsen Red Lake
Oct
90c
10c
2c
1.05
3.30
300
68c
23
1
MacLeod Cockshutt
3,372
1.10
4
45
11M
110
*
—
Mines
May
2H
5.00
1.01
9,525
21,766
I,000
1
B
Macassa
9.10
1,655
4.65
4H
18
9,200
1.00
4.90
11%
4H
5.00
Vulcan Oils.
42
6,000
16c
5.00
Feb
Mar
18
4c
23
..*
A
Jan
70c
43 H
10H
14Hc
68c
*
Llttie Long Lac
Oct
*
45 %
...1
Lee Gold...
Oct
*
30
2c
15c
12c
Preferred
4,381
68
500
19
Oct
Feb
13H
93c
11H
Mar
52
65
96c
790
14c
14c
14e
31,000
53c
104H
10
45c 47 He
1.04
14
2.15
3Hc
He
1
1,
Aug
18c
43,773
1,650
34,725
2,500
17
1.10
Oct
50
50 H
——1
Lamaque Contact
Leitch
41c
Feb
50c June
Oct
13H
Lake Shore...
Lake Sulphite.
Laura
1.30
40c
Gold...........1
Laguna
2.60
24c
5
1
.......
Kirk Hud Bay
2.00
Oct
60c
45
13
13H
104H 104H
——
.
Preferred
Oct
20c
*
Walte Amulet
87c
Waite—.
Jacola
38c
1,000
1.05
9H
45c
6,200
13H
9H
B
48c
45c
78c
94c
1.00
Intl Utilities A
Feb
40c
45c
»
—
United Oils
High
Low
Jan
17
Union Gas..
Shares
High
Jan
4.65
Oct
1.79
Aug
48
Uchi Gold
1 1937
Range Since Jan.
of Prices
450
Jan
2.35
16
*
Tread well-Yukon
Sales
Low
Price
2.30
Oct
Feb
I 00
10
50
Preferred
Toronto General TrustslOO
Par
12 H
50
2.30
2.30
Toronto Elevators
Tlmmins
Stocks (.Continued)
10,300
1.30
Chicago Board of Trade
for
11,740
1.39
4c
5.10
1.35
♦
Montreal Curb Market
Week's Range
5,35
5.15
*
Winnipeg Grain Exchange
Jan
6.00
Teck Hughes
The Toronto Stock Exchange
Sudbury
Sale
Oct
Oct
Tip Top Tailors
Noranda
Ottawa
Last
3c
4.25
Texas Canadian
Montreal
Friday
2.700
3 He
1
*
4c
Jan
16H
28HC
12 H
*
Tashota
MEMBERS
Cobalt
2,300
15
1
.
Tamblyns
Toronto
Feb
2.40
1.05
Sudbury Contact
OFFICES
High
Low
2.75
Sullivan Cons
TORONTO
WAverley 7881
1937
Range Since Jan. 1
for
Shares
High
Low
Price
*
Sudbury Basin
GRAIN
BONDS
STOCKS
Par
Week
of Prices
Sale
Stocks (Concluded)
Range
Week's
Last
Okalta Oils
Orange Crush pref
Ora Plata
Pacalta
*
46c
13
106
Jan
112
35
5
4
Oct
10
1.06
Oils............*
1.18
9 He
11c
30,100
55
60
88
*
1
v..l
Payore Gold..
3.00
2.90
3.05
12,006
5H
5H
5%
1,050
1
Pantepec Oil
8c
Park hill
Partanen-Malartlc
9 He
Nov
Oct
81
90 June
1
2H
43HC
Feb
118
4.00
Jan
18c
20c
10,550
15c
Oct
35
7 He
9c
26,884
7Hc
Nov
40
7c
1,500
5c
Oct
41C
8c
Oct
46c
Jan
33c
Oct
1.38
Jan
Feb
Apr
10c
18c
45c
44c
47c
18,500
23,250
.1
1.22
1.08
1.32
38,175
50Ho
Oct
2.50
lc
Oct
3Hc
...
5.60
5.40
5.65
II,500
4.10
Od
9.20
3.40
3.50
7,261
2.35
Oct
6.85
June
2.20
Feb
Oct
33 H
Feb
Oct
29c
July
4.50
Jan
1.29
Prairie Royalties
Premier...
Pressed Metals
Preston E Dome
15H
1.23
25c
15
1.31
23,850
15H
110
25c
27c
4,500
2.13
2.13
21H
21
95c
90c
2.35
5,030
22 H
496
1.08
74,890
12
15c
1.50
Oct
Nov
21
36
Feb
50c
Oct
1.47
Jan
—
"
Red Lake G Shore..
Reeves-Macdonald.
1
*
*
*
1.00
1.00
500
1.00
Nov
2.00
Aug
"3.30
3.30
3.65
12,940
2 25
Oct
6.85
Feb
46c
39 He
46c
8,300
20c
Sept
1.95
Feb
21c
21c
24c
20.800
16c
Oct
1.78
Feb
40c
32c
40c
1,500
25c
Oct
1.52
Apr
73c
Prospectors Airways
73c
80c
16,750
70c
Oct
1.35
10c
13,100
7c
Oct
48Hc
Oct
227
Mar
Oct
60
Mar
Reno Gold
100
....
St Anthony
—
St Lawrence Corp
San Antonio
10c
-.1
Roche Long Lac
...
*
-.1
*
1
170
34 H
9 He
170
175
32
35
16c
16c
1.52
1.42
5 7A
"
17c
6
76
169
1,350
24
12c
June
32c
3H
Oct
14%
Apr
19
Oct
2.40
Jan
13,800
100
1.60
8,400
41c
20,400
Jan
Feb
1
Jan
Feb
35c
35c
29c
Oct
1.10
—50c
1 "l"35
Silverwood Dairies pref.
93c
95c
7,400
60c
Oct
1.40
30,748
90c
Apr
Oct
1.00
1.15
3.95
Feb
3H
4H
1,000
3H
Aug
4H
Aug
5
5
5
5
Nov
85
85
89
3.45
3.70
26,932
2.53
Shawkey Gold
Sheep Creek.
Sherritt Gordon
SimpsonsB
Simpsons pref
Slscoe Gold
100
1
3.55
69
83
Oct
Oct
17
110
6.65
Jan
Feb
Jan
90c
90C
97c
11.200
74c
Oct
2.49
Jan
Sladen Malartlc
20c
25c
12,500
16c
Oct
2.50
43c
40.950
66 X
650
New York •
40c
Stadacona
63
Steel of Canada
Preferred
Straw Lake Beach
IIAnover 2-6363
—25
Gold..*
12c
40c
62
57 %
12c
58
14c
35
10,600
36
Nov
2.85
Apr
52 H
Oct
96
Bia
Oct
88
Oct
15HC
-
Bid
-
•
•
6s
Co 6s—Jan 1
Eastern Dairies
Fraser
5s—1956
Gt Lakes Pap Co 1st 5s '55
lot Pr & Pap of Nfld 5s '68
Gatineau Power
50
-
«
-
-
B
1966
Shawinlgan W & P 4%a '67
4%a
55
101
-
102 H 103 H
94 H
95 H
100 H 102
..1961
96
ser
No par value,
68
—
57 H
96 H
95 H
103H 104 H
44 H
43 H
103 H 104 H
n
50
50 H
100 H
101
94 H
95
104 H
99
»
•
*
99 H
102 H
101
99 H 100 H
99 H
104
'64
76
Nominal.
H
100 H 101H
100H
105
102
70
t Flat price.
Ask
102
75
4Hs '51
United Grain Grow 5s. 1948
United Securs Ltd 5Hs '52
Smith H Pa Mills
98
..1961
5Hs.
101
-
Winnipeg Elec 6s_Oct 2
•
Oct
12
Ask A
MacLaren-Que Pr 5%b '61
'53 /67H 68
Manitoba Power 5^8-1951
74
Alberta Pac Grain 6s. 1946
Maple Leaf Milling—
66
65 H
Beauharnols Pr Corp 5s '73
2%a to '38—5Hs to '49
114H
113H
Bell Tell Co of Can 5s. 1955
Massey-TIarrls Co 5s.. 1947
52
Burns & Co 5s
..1958
McColl Frontenac Oil 6s '49
96
Calgary Power Co 5s.. 1960
Minn & Ont Paper 63.1945
110
Canada Bread 6s
1941 108
103
103H Montreal Island Pr 5%a '57
Canada North Pow 5s. 1953
Montreal LH&P (?50
99 H 100
Canadian Inter Pap 6s '49
par value) 3s
1939
101
Canadian Lt & Pow 5s 1949
3Ha
1956
91
Canadian Vickers Co 6s '47
3Hs
1973
111 H 113
Cedar Rapids M & P 5s '53
Montreal Tramway 5s 1941
Consol Pap Corp 5Hs 1961 /62H
Ottawa Valley Pow 5H9'70
51
5%s ex-stock
.1961 /50
79 H Power Corp of Can 4Hs '59
78
Dom Gas & Elec 6HS-1945
5s
Dec 1 1957
Donnaconna Paper Co—
Provincial Pap Ltd 5% a '47
78
76 H
4s
19
98
Saguenay Power 4%b A '66
95
East Kootenay Pow 7s 1942
Abltibl P & Pap ctfs 5s
Mar
9 He
Bonds
quotations, Friday, Nov.
Closing bid and asked
Feb
55
Tele. NY 1-208
Industrial and Public Utility
Feb
Slave lake
22c
•
Bell System
Feb
76c
.
Power Corp
Red Crest Gold.
Corporation
Montreal and Toronto
Royal Securities Corporation
30 Broad Street
Feb
3.25
1
*
25c
1
*
1
*
Powell Rouyn
Read Authier
•
between New York,
Jan
1
1
1
1
...1
1
Pet Cobalt Mines
Private wire connection
Jan
2,500
Perron Gold
Pioneer Gold
Municipal
•
July
""15c
Paymaster Cons
Pickle Crow
Government
Jan
Oct
SECURITIES
CANADIAN
Mar
..1
,
—
Jan
Mar
1
Paulore Gold
Waterloo Mfg A
Aug
2.20
6Hc
19c
1
...
85c June
15,650
90
*
Page Hersey
Pamour Porcupine
1.05
10c
Mining
Royal Bank
Royalite Oil
41c
106H 106H
5
~
Walkerville Brew
...
75
'
66
-
-
-
3182
Financial
Quotations
New York
a3a
Jan
1 1977
03149
a3*s
a3*s
a3*s
a3*$
a3*a
July
1 1975...
May
Nov
Mar
1 1954
July
1 1975
a4s
May
1
a4s
Nov
1 1958
a4s
May
1 1959
a4s
May
1 1977
aia
Oct
1 1954
15 1976
Jan
Bid
97*
1957
1 1980
110
111
115*
115
116
114)4 115*
Bid
Par
Ask
23*
24*
Klngsboro
National... 100
63
68
Merchants Bank...—100
100
Bensonhurst National ...50
95
125
National Bronx Bank—50
40
Chase
33
35
National Safety Bank. 12*
13
29*
31*
Penn Exchange
Ask
63
Bank ot Yorktown..66 2-3
13.55
City (National)
Commercial
-12*
National -.100
,
Peoples National
900
100
,
145
950
Public National
First National of N Y -.100 1830
Flatbush National... -.100
15
11
54
60
25
65
45
30*
32*
Sterling Nat Bank A Tr.25
25
27
Trade Bank
1870
35
45
9*
...—10
140
115"
22
26
12*
115 * 116*
115 * 117
116
117
117*
118*
118
119*
113
Bid
Bank of Manhattan Co. 10
Fifth Avenue
114* 115*
15 1971
111* 112*
112
1 1964
114
1 1967
1 1960
1
1962
113
1 1979
a4*s Sept.
o4)48 Mar
a4*s Mar
Par
Ask
112* 113*
114*
113* 114*
113* 114*
113 * 115
99* 100*
1 1960
1937
13,
New York Bank Stocks
City Bonds
1 1966
a4*s Apr
a4)48 Apr 15 1972
1 1974
103* 104* a4*s June
103* 104* a4)48 Feb 15 1976
1 1977
102* 103* a4*s Jan
102
103
a4*s Nov 15 1978
1 1981
104* 105* a4*s Mar
1 1957
108* 110
04)48 May
1 1957
a4*s Nov
108* 110
1 1963
108* 110
a4*s Mar
1 1965
108* no* a4*s June
97 *
Nov.
Over-the-Counter Securities—Friday Nov. 12
on
Ask
Bid
Chronicle
New York Trust
Par
112* 113*
Banca Co mm
Bid
Companies
Ask
Par
As*
Bid
I ta liana. 100
100
106
Fulton
100
230
250
Bk of New York A Tr._100
415
425
Guaranty
Irving..
100
10
249
254
Bankers..
Bronx
10
.......
County.
50*
52*
88"
93
7
Brooklyn
New York State Bonds
9
100
Central Hanover
20
Lawyers..
Bid
3s 1974
52.70 less
1
3a 1981
52.80 1688
1
Canal
A
World
War Bonus—
4*8 April 1940 to 1949.
Highway—
Highway
5s Jan & Mar 1964 to '71
52.95
Highway Imp 4*8 Sept '63
126*
.
.
—
48
53
60
25
14*
Manufacturers
20
Preferred
Title Guarantee A Tr
20
50
51
Underwriters
23*
24*
United States....
10
108
105
7*
6*
100
...
49*
47*
25
13
42
40
20
New York
16*
14*
Empire
Improvement—
120*
Canal Imp 4s JAJ '60 to '67 120*
Barge C T 4s Jan '42 & *46 109 *
Barge C T 4*8 Jan 1 1945. 113
___
129
98*
46
50
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
62.15
4s Mar A Sept 1958 to '67
129
Canal Imp 4*8 Jan 1964..
Can A High Imp 4*8 1965
Ask
Clinton Trust
Colonial Trust
Ask
95*
Chemical Bank A Trust. 10
Bid
12*
11*
1700
...100 1660
40
35
25
Kings County
80
70
1600
100 1550
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
Port of New York
A Trust
Authority Bonds
Ask
Bid
Port ot New York—
Holland Tunnel
4*s
107
108
1938-1941
.MAS
Gen A ref 2d
ser
103
104*
1942-1960
MAS
Gen & ref 3d
ser
Gen & ref 4th
Gen A ref
ser
3s 1976
3*8..... 1977
George Washington Bridge
4*s ser B 1940-53.M N
101* 102*
96
94*
98
Inland Terminal
4*8
Ask
A
Trust...33 1-3
First National
100
60.76
Bid
Ask
300
325
Northern Trust Co
510
550
100
89
93
202
207
SAN FRANCISCO
Bk of Amer
42*
NTA8A..12*
MAS
110* 112*
1942-1960
MAS
61.00
Insurance Companies
1.75
106* 108*
Par
Aetna Cas A Surety
Aetna
Bid
10
Ask
73*
44*
24*
..10
Par
Bid
Ask
76
Home Fire Security..
10
2*
3*
46*
Homestead lire
10
15*
25*
Importers A Exporters
Aetna Life...
25
Ins Co of North Amer—10
14*
7*
52*
American Alliance
109* 111*
10
Agricultural
10
18*
19*
Knickerbocker
5
10*
5
27*
29
Lincoln Fire
5
2*
1
American Equitable
American Home
United States Insular Bonds
67
10
American of Newark
4h
Bid
1Q4ft
100
4*s Oct" ~1959"_~"II
4*s July 1952
American Reserve
Ask
101*
Bid
Honolulu 5s
101* 102
U 8 Panama 3s June 1 1961
3.00
Govt of Puerto Rico—
5s
Apr
1955
101* 102
100* 102
5s
Feb
1952
106
109
109
111
113
116
5*8 Aug 1941
Hawaii 4*8 Oct 1956..
Ask
53.50
4*8 July
5s
July
114
1948
109
3.50
110*
110*
3*
10*
Maryland Casualty
Mass Bonding A Ins..12*
Merch Fire Assur com
5
38*
41*
41
45
Merch A Mfrs Fire New'k5
Merchants (Providence)-.5
4
31*
19*
20*
38*
40*
10
25*
26*
2*
Bankers A Shippers
Boston
54*
12*
12*
.10
118
d3.7t
8*
9
...25
American Surety
Automobile
Baltimore Amer
1958
71
5
11*
29*
2*
American Re-Insurance. 10
Philippine Government-
44*
1.75
D
ser
1938-1941
98*
195
ser E
Gen A ref 4s Mar 1 1975.
3*8 '65
3*8 '76
165
Continental Illinois Natl
Bank
Bid
Par
Harris Trust A Savings. 100
100
5*
6*
25
76
79
100
528
540
National Casualty
National lire..
National Liberty
.....
10
10
4
8*
20
New Amsterdam Cas
2
9*
6
14*
54
2
National Union Fire
5
16
56
7*
100
8*
115
10*
iniino
I.Ill133 Vi/i
108* 111
17
19
10
25*
20*
22*
New Hampshire Fire
10
42
44
18
19*
New Jersey
20
36
10
26*
27*
New York Fire
2
16
17*
5
2*
Employers Re-Insurance 10
Conversion 3s 1947
10
Connecticut Gen Life
108
11*
27*
City of New York
U 8 conversion 3s 1946
x22*
24*
Northern
12.50
83
87
2*
3*
North River
.2.50
24
25*
Camden Fire
5
Carolina.....
.....10
Continental Casualty
Eagle Fire
^-Federal Land Bank Bonds
Excess
Bid
3s 1955 opt 1945......JAJ
3s 1956 opt 1946
JAJ
38 1956 opt 1946
MAN
101
Ask
101*
101
101*
101*
102* 102*
101
Bid
4s 1946 opt 1944
4s 1958 opt 1938
JAJ
MAN
4*8 1958 opt 1938..MAN
Ask
109* 109*
101* 101*
103* 103*
42
5*
10
34
Northwestern
36
Fidelity A Dep of Md
20
101
106
Fire Assn of Phila
10
53
56
Fireman's Fd of San Fran25
76
National-25
116
121
Pacific Fire
25
100
105
10
78
Firemen's of Newark
5
5
8*
27
Preferred Accident
5
9*
28*
16
29*
31*
Reinsurance Corp (N Y)-2
Republic (Texas)
10
6*
21*
7*
22*
18*
20
Atlanta 5b
100
...
Atlantic 5s
100
mmm
Burlington 5s
/35
California 5s
100
Chicago
/5*
Dallas 6s.4
Denver 5s
100
96*
First Carollnas 5s
55
—
mmm
97*
95
First of Fort Wayne 4*s__
Montgomery 5s...
m
6*
97
100
102
First of
95
First of New Orleans 5s...
First Texas of Houston 5s.
99
100*
99* 100*
99* 101
First Trust of Chicago
4*8
Fletcher 3*8
4.
Fremont 5s
100
100
Illinois Midwest 5s
80
...
...
81
4*8
City 4*s
86
100
111 of Montlcello
Iowa of Sioux
100* 102
75
Greenbrier 58..
Greensboro 5s
97
101
92
Kentucky 5s
97
100
La Fayette 5s
99* 100*
Lincoln 5s
85
28*
20
22
Gibraltar Fire A Marine. 10
Glens Falls Fire..
5
Globe A Republic
5
Bid
26
10
Revere (Paul) Fire
Rhode Island.
Rossia
19
21
St Paul Fire A Marine
36*
38*
Seaboard Fire A Marine. .5
13*
15
Globe A Rutgers Fire...15
Ask
35
40
100
100
'mmm
100
.........
99
75
80
5
21
22*
Stuyvesant
1
8
10
23
Hanover
100
99* 100*
98* 100
/60
Pacific Coast of Portland 5s
Pac Coast of Los Ang 5s_.
Pac Coast of Salt Lake 5s.
100
Pennsylvania 5s
100
Phoenix 5s
106
65
100
Pac Coast of San Fran 5s..
_
100
100
Potomac 58
m
100
•
-
Southwest 5s
Virginia-Carolina 5s
Virginian 5s
mm
98*
24*
mm
mm
m
100
Denver
100
-
31
U S
14*
15*
U S Fire
.4
44*
46*
U S Guarantee
10
43
46
Home
.5
28*
27*
29
Bid
-
m
Asi
New York
....100
11
14
42
North Carolina
100
43
48
74
77
Pennsylvania
100
24
Potomac
100
65
100
38
5
1
100
50
15
60
3
6
Virginia
100
1
3
Virginia-Carolina.
Surety Guaranteed Mortgage Bonds and Debentures
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Ask
*
82
86
,
77
mmm
54
43
Cont'I Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s'53
44
1945
1953
2
.
....
75
45
m
Bond
1954
Corp
Ask
53
47
mmm
73
(all
1953
71
Potomac Cons Deb Corp—
3-63
.1953
41
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
3-6s
....1953
44
41
44
41
44
32
Potomac Maryland Deben¬
86
ture
/30
71
74
41
44
Deb
33
Corp 3-6s
Realty
Corp 3-6s
Realty
Bond
A
1953
70
...
Atlantic
.1953
41
44
Mortgage
Par
Bid
6 .30%
F I C
6 .35%
15 1938 6 .40%
15 1938 6. 40%
F I C
1*8...Mar 15 1938 6.45%
F I C
F I C
l*s—Apr
l*s...May
l*s...June
l*s...July
100
15 1938 6.60%
42
45
31
33
Bell Telep of Canada
Bell Telep of Pa pref
Bid
81
Ask
86
Ask
Par
New York Mutual Tel. 100
100
160
163
Pac A Atl Telegraph
100
115
117
Cuban Telep 7% pref..100
45
Peninsular Telep com
Preferred A
56
60
Franklin Telegraph
100
Gen Telep Allied Corp—
$6 preferred
*
36
40
86
89
82
128
Int Ocean Telegraph... 100
Mtn States Tel A Tel.. 100
15 1938 6.65%
For footnotes
see
Bid
Ask
20
25
14
19
113* 116*
page 3184.
Rochester
25
100
21
23*
107* 111
*
Telephone—
16.50 1st pref
100
110
115
17
22
147* 149*
88
So A Atl Telegraph
25
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
132
Wisconsin Telep 7% pf.100
115* 118*
15 1938 6.50%
16 1938 6.55%
1953
Telephone and Telegraph Stocks
1*
4
A St
deb 3-6s._
Unified Deben Corp 5s 1955
42
Emp A Bay State Tel.. 100
Bid
Series B 2-5s
Issues) 2-5s
mm
mmm
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6s.l953
65
ederal Intermediate Credit Bank
Debentures
F I C
.
Potomac
Bondholders part ctfs
(Central
Funding
series)
Preferred
F I C l*s
Jan
I C 1*8...Feb
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
...
Associated Mtge Cos Inc—
Debenture 3-6s
1953
Am Dist Teleg (N J) com.*
1*8..-Nov 15 1937
■ IC l*s...Dec 15 1937
2.50
70
San Antonio
10
55
100
F I C
Westchester Fire
28
..100
100
Fidelity A Guar Co.-2
Potomac
60
Fremont
Lincoln
434
66*
61*
30*
Inc 2-5s
50
First Carollnas
Des Moines
424
64*
...
38
100
100
29*
Nat
Dallas
Travelers
59*
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Par
480
10
90
Ask
7
430
10
Bid
~
Joint Stock Land Bank Stocks
Bid
6
100
Hartford Fire
2-3s
....100
109
5
Sun Life Assurance
9
Empire Properties Corp—
Atlanta
106
28*
Hartford Steam boiler
Allied Mtge Cos Inc—
All series 2-5s
1953
30
17
100
27*
m
85
100
10
23*
~
mmm
/15
100
8
7
6*
189
108
80
Southern Minnesota 5s..._
Tennessee 5s
Union of Detroit 4*s
10
179
mmm
100
St Louis 5s
San Antonio 5s
5*
Great Amer Indemnity
Halifax
mmm
North Carolina 5s
5
"...15
mmm
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
New York 5s
25
5
5
Great American
Ask
Louisville 5s.
Ohio-Pennsylvania 5s
Oregon-Washington 5s
10
Seaboard Surety
10
Security New Haven
10
Springfield Fire A Mar..25
2d preferred
74*
Providence-Washington .10
General Reinsurance Corp5
Bid
72*
14
Georgia Home
Joint Stock Land Bank Bonds
39
Phoenix
6*
Federal
Franklin Fire
3*8 1955 opt 1945..MAN
39
5
New Brunswick..
118* 121
Financial
145
Volume
3183
Chronicle
Nov. 12—Continued
Quotations on Over-the-Counter Securities—Friday
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
Earning! and Special
on Request
3o$*pb Walkers Sow
York Stock
Extboago
41 Broad St., N.
GUARANTEED
NEW YORK
Y.
Monthly
Studies
Bulletin
co.
e. sloane &,
HAnover 2-2455
-
Dealers Association
-
Since1855
Railroad Bonds
Bid
Akron Canton A Youngstown
(Guarantor in Parenthesis)
Augusta Union Station 1st 4s
Baltimore A Ohio 4 Ms
Dividend
Par in Dollars
6.00
Hudson)
68
75
10.50
100
100
Alabama & Vlcksburg (Illinois Central)
Asked
Bid
137
145
72
76
50
100
100
34
Convertible 5s————
100
100
2.85
46
50
4.00
83
86
100
pref (N Y Central) ..100
5.00
84
88
5.00
90
3.50
78
82
2.00
47
50
2.00
40
43
Hoboken Ferry 1st 5s
Kansas Oklahoma
(New Haven)
8.75
100
106
8.50
90
stamped
Cleve Cinn Chicago A St Louis
Cleveland
50
50
25
100
(Pennsylvania)
Pittsburgh
A
Betterment
stock
Delaware (Pennsylvania)
Fort Wayne A
Jackson pref (N Y Central)
5s
Buffalo Creek 1st ref
5.50
65
70
10.00
175
183
57
60
900
45
100
100
4.00
Michigan Central (New York Central)
Morris A Essex (Del Lack & Western)
100
50.00
3.875
50
100
50
(D L & W)
Northern Central (Pennsylvania)
"
1st ref 5s
5s
Choctaw & Memphis 1st
Western 1st 5s
Cleveland Terminal & Valley 1st 4s
Georgia Southern A Florida 1st
Goshen A Deckertown 1st 5 Mb
Long Island ref mtge
Maryland A Pennsylvania
46
1st 4s__
50
56
50
38
42
New York A Hoboken
3.00
77
82
Piedmont A Northern
(Pennsylvania)..100
7-00
165
170
7.00
176
180
6.82
80
84
6.00
141
70
(Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
—.
-— 100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)....100
Utica Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna & Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
Preferred
(Del Lack A Western)
(Pennsylvania)
EQUIPMENT TRUST
141
238
242
6.00
65
70
5.00
80
5.00
56
62
5.00
63
70
3.50
35
Rock Island Frisco
3.00
67
Terminal 4Mb.-
Alabama Power
'■
Original
61.90
1.20
3.00
63.75
2.25
5s..
1 1936-1944...
63.60
Canadian National 4Mb.—
63.25
2.50
«8
N Y Chic & St L 4Mb
63.20
2.40
Cent RR
63.00
2 00
5s
N Y N H A Hartf 4Mb
5s
Northern Pacific 4Mb
62.75
2.00
5s
61.75
1.00
4s series E
4.00
65.00
4.00
4.75
Pere Marquette
4.75
4Mb
Reading Co 4M8
5s
64.00
3.00
63.75
5B.. s
2.50
63.75
5MS
62.50
5 Ms
2.25
Southern Pacific 4Mb
1.75
Southern Ry 4 Ms
62.50
4MB
1.75
63.10
6s
1.75
61.80
1.25
61.80
1.25
Hocking Valley 5s
61.75
1.00
Illinois Central 4 Ms
63.25
2.50
62.50
1.75
Great Northern 4Mb
5s
63.15
2.60
2.00
64.25
3.06
3.00
61.75
1.20
62.00
1.25
1.00
62.90
2.00
62.75
2.00
63.10
2.40
63.20
2.40
1.10
95
98
98
63.75
3.00
2.00
63.00
2.40
62.60
2.00
63.25
2.50
62.75
2.00
63.20
2.40
63.20
.25
Texas Pacific 4s
4Mb—..
5s
Union Pacific 4Mb
100
pref—100
Consol Elec A Gas $6 pref
Consol Traction (N J). 100
Consumers Power $5 pref. *
ContlnentallGas A El—
7% preferred
100
Dallas Pr A Lt 7% pref. 100
Derby Gas A El $7 pref..*
preferred
Cent Pr A Lt 7%
63.75
3.00
7M%
50
preferred
94
Maryland 4 Ms
66
45
80~
75
106
110
89
92
45
50
Stocks
Ask
Bid
Par
61
59
107 M 110
pref.100
Line..6
Monongahela
West Penn
Pub Serv 7% pref....25
Mountain States Pr com..*
6
7
23
25
3
1
100
20
24
7% pf 100
Nebraska Pow 7% pref.100
Newark Consol Gas
100
X27
29
EngGAE5M% Pf-*
N E Pow Assn 6% pref.100
New Eng Pub Serv Co—
$7 prior lien pref
*
New Orl Pub Serv $7 pf..*
New York Pow6r A Light—
$6 cum preferred
*
32
93 H
95M
7% cum preferred... 100
Northern States Power—
98 H
100 M
preferred
Nassau A Suf Ltg
106 M 108 M
120
New
Ohio Edison $6
40 M
42
47
49
75
85 M
86 M
*
90
*
99
—
100 107
88
Ohio Pub Serv 6% pf—100
97
7% preferred
100
100
Okla G A E 7% pref...100
52
Pacific Pr A Lt 7% pf—100
90
Penn Pow A Lt $7 pref... *
60
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf.100 *101M
Queens Borough G A E—
59
6% preferred
100
Ohio Power 6%
...
31H
33
33
35
34 M
37
23 M
25 M
pref
1
Republic Natural Gas
6%
41
46
Southern
85"
Tenn Elec Pow
Sioux
99
55
91M
64
105
81
4H
88
90
25
27
28 M
El. 100
178
H
Calif Edison—
6% pref series B
South Jersey Gas A
6% pf.100
54 M
56 M
100
106
109
pref. .100
6% pf-100
40
43
58
60
Toledo Edison 7% pf
preferred
100
Memphis Pr A Lt $7 pref.*
Mississippi Power $6 pref.*
68
70
United Gas A El
Kings Co Ltg 7%
90
104
95
pf.,100
Kan Gas A EI
108 M
94
preferred C
100
City G A E $7 pf.100
9
7% pref. 100
Jer Cent P A L 7%
3M
91M
101
Rochester Gas A Elec—
7
52
34
67 M
72
pref
preferred
$7
mmrn
.
66
100
*
(Del) 7% pref
(Minn) 5% pref
83
Long Island Ltg
7%
$7
*'
preferred
58 %
60 M
Lt 7% pf-100
97
99
A. 100
(Conn)—
x96
99
preferred
100
78
$7 pref..*
47
49
—100
145
155
preferred
7%
Texas Pow A
Par
1.00
95
60
62 M
44
49
Utah Pow A Lt
47
52
Virginian
Bid
100
62.75
2.25
62.66
2.00
64.00
3.00
BIckfords lnc
$2.50 conv pref
*
*
Bo hack (H C)
7%
10
88
11
2M
11M
30 m
31H
VA
4
—100
16
preferred
100
4M
81
Stocks
Par
Kress (S
Bid
11H
H) 6% pref
98
common...*
7% preferred
Diamond Shoe pref
Ry
Ask
8
3.00
64 00
7%
Chain Store
1.00
1.00
Fishman (M H)
3184.
114
36
109
Gas
*
Interstate Power $7 pref..*
Iowa Southern Utilities—
7% preferred
100
Jamaica Water Supply—
Interstate Natural
Kobacker Stores
For footnotes see page
no
111
100
Minn St P & S S M 4s
92
90
108
95
6s
5Ms
79 H
105
—
62.75
5s
77H
—*
100
preferred
7% preferred
$6
7% preferred
100
B /G Foods Inc common..*
Western Pacific 5s
95
178
Berland Shoe Stores
2.50
49
120
100
2.50
44
93 M
Gas..-100
Hudson County
100
63.25
8
11
Gas A Elec of Bergen.. 100
95
63.25
75
78 M
178
95
5 Mb
72
76 M
Gas
100
Federal Water Serv Corp—
$6 cum preferred
$6.50 cum preferred
*
$7 cum preferred
*
Essex Hudson
5 Ms
Maine Central 5s
22
100
preferred..
1.00
61.70
61.70
5s
Wabash Ry 4 Ms
Western
70
21M
85
5s
1.10
68
80
3.00
1.10
—
7%
125"
83
2.00
61.75
115
87
2.50
61.75
11H
110
77
63.15
5b.....
80
88
1.50
61.50
61.50
Virginia Ry 4 Ms
...
85
64.00
Loulsv A Nash 4Mb
86
75
Miss Riv Pow 6%
*
pref.
preferred
Long Island 4 Ms
■ 5s
65
83
Ask
11
Internat Great Nor 4Mb..
—
92
62
76
5
*
preferred
2.40
62.25
5s
5s
■ 5s
1.25
2.40
62.25
W 5b
2.25
63.00
St Louis Southwestern 5s
5s...
Erie RR 5 Ma
62.90
96
St Louis-San Fran 4s...
4Mb
Denver & R G West 4Ms.
2.75
62.00
65.50
89
65
90
Mississippi P A L $6 pref. *
Idaho Power—
1937-49
2 Mb series G non-call
Dec 1 1937-50
65.50
86
2.75
63.80
due
Jan A July
65.00
2.75
61.50
Pennsylvania RR 4 Ms
Chesapeake A Ohio—
3.00
64.00
New York Central 4Mb..
Canadian Pacific 4Mb
64.00
62.50
2.75
3.00
2.50
Ask
62.00
2.75
63.25
60
Missouri Kan Pipe
preferred
7%
63.75
5 Ms....
63.65
63.65
Chicago R I & Pacific—
Trustees' ctfs 3 Ms
35
90
71
Buffalo NiagaraAEastern—
63.75
Missouri Pacific 4 Ms
I.
Central Maine Power—
Bid
New Orl Tex & Mex 4 Ms.
5s
93
25
74
$7 pref.
7% pref *
*
pref
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref
Bonds
Ask
64.00
Chic MUw A St Paul 4Ms.
52
90
69 M
Atlantic City El 6%
$6
Bid
5s
48
1955
4s
Associated Gas A Electric
Philadelphia, Pa.
Railroad Equipment
Chicago & Nor West 4Ms.
102
1954
Bid
Arkansas Pr A Lt
6%
5s
96
99
...1955
1951
1957
1966
—.
1st 3 Ms
Washington County Ry
Carolina Pr A Lt $7
4MB
U
94
—1951
-
...
Public Utility
CERTIFICATES
York
—
-
St Louis 1st 4s
$1.60 preferred
N^jv Jersey 4Ms.
95
/8
60
Stroud & Company Inc.
■ 5s
70
92
1946
1966
1951
1945
1957
-
Shreveport Bridge & Terminal 1st 5s
Somerset Ry 1st ref 4s
Southern Illinois & Missouri Bridge 1st
Toledo Terminal RR 4 Ms
Toronto Hamilton A Buffalo 4Mb
$7
3 Ms Dec
102
65
.---1949
1956
Marie 2d 4s
Consolioated 5s
$6.50 preferred.
4Mb.—
52
90
40
Quotations-Appraisals Upon Request
5s
47
1955
Ferry general 5s
Ry 1st mtge 3 Ms
Par
Boston & Maine
73
1951
-
—
Portland RR 1st 3 Ms
St Clair Madison &
6.00
10.00
100
50
50
..
5s
76
70
145
3.00
(U S Steel)
Rensselaer A Saratoga
4Ms.
-
—
1.50
100
100
100
Baltimore A Ohio 4Mb
4s
Meridian Terminal 1st 4s
52
4.50
Preferred
Atlantic Coast Line
34
71
1965
72
95
60
A Western)
Pittsburgh Fort Wayne A Chicago
Private Wire* t€ New
75
f25
1978
1946
1978
—1939
1st 5s
Macon Terminal
68
92
...50
West Jersey A Seashore
96
71
1949
Minneapolis St Paul & Sault Ste
Montgomery A Erie 1st 5s.-.-
Preferred
Warren RR of N J
80
91
.1945
4s
4.00
4.00
Pittsburgh Bessemer & Lake Erie
-
5s
& Gulf 1st 5s
Springs Western 1st
Little Rock & Hot
5.00
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack
60
75
1949
1965
1995
.
Cincinnati Indianapolis A
1050
42
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
New York Lackawanna A Western
—
98
Chateaugay Ore A Iron
York Central)
Clinchfleld A Ohio (L A N-A C L) 4%
Canada Southern (New
Common 5%
54
96
100
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston & Albany (New York Central)
Carolina
56
50
-1942
Prior lien 4Mb
32
100 M
50
1942
1944
1940-45
1961
Prior lien 4s
6.00
2.00
100
98 m
April 1, 1943
1950
3s
Boston A Maine
98
1957
-
•
70~~
66
1939
Birmingham Terminal 1st 4s
Boston A Albany 1st 4Mb
54
93
1953
.
54
52
1945
1945
5 Ms
6s
Asked
52
Guaranteed Railroad Stocks
Boston & Providence
1-624
Bell Syst. Teletype NY
2-6600
STOCKS
Albany & Susquehanna (Delaware A
.
.
QUOTED
.
Members New York Security
Telt REctor
Dealers In
120 Broadway
john
Il"
A*
SOLD
.
Sons common..*
6M% preferred
100
Murphy (G C) $5 pref. 100
Miller (I)
Reeves
(Daniel) pref...100
6
Ask
11H
10
23
30
105
107
100
...
20
96M 102 M
Co Inc..*
x7
9
*
8
10
100
71
81
United Cigar-Whelan
$5
preferred
Stores
*
21M
23 H
3184
Financial
Quotations
Public
Nov.
1937
13,
Over-ttie-Counter Securities—Friday Nov. 12—Continued
on
Utility Bonds
Bid
Amer States P S 5348.1948
Amer Utility Serv 6s. 1964
Chronicle
Specialists in
Ask
Bid
6934
Federated Util 5348--.1957
Green Mountain Pi 5s. 1948
Amer Wat Wk & El 5s '75
85
89
Houston Lt & Pow 3 34s '66
Associated Electric 5s J 961
Assoc Gas & Elec Corp—
48
—
Ask
Water Works Securities
50
78
6734
deb 3 34s. ..1978
Income
Income deb 3 34 s.
Income deb 4s
Income
82
3234
3234
10134
10234
103
10334
Complete Statistical Information—Inquiries Invito
9934
36
Swart, Brent & Co.
38 34
3934
Idaho Power 334s..-.1967
Iowa Sou Util 534s
1950
9834
2934
10834
33
3534
deb 434s... 1978
Conv deb 4s
64
Kan City Pub Serv 4s. 1957
Kan Pow & Lt 1st 434s '65
3134
1978
1978
_.
61
1973
62 34
6434
Conv deb 434s.....1973
Conv deb 5s
1973
6434
7034
77
88
8s without warrants. 1940
88
99
INCORPORATED
3034
10934
40
EXCHANGE PLACE,
Tel. HAno*er 2-0510
NEW YORK
66
Conv deb 5 348——1973
8-year 8s with warr. 1940
97
91
92
Metrop Edison 4s ser G *65
Missouri Pr & Lt 3 34s.1966
103
79
92
Mtn States Pow 1st 6s. 1938
93
72
Narragansett Elec 3 34s *66
Newport N & Ham 5s. 1944
Assoc Gas <fe Elec Co—
Cons ref deb 434s-.1958
Sink fund inc 4s
1983
Sink fund lnc 4 34s..1983
Sink fund lnc 5s
1983
Sink fund lnc 534S..1983
Keystone Telep 5 Ms..1955
30
mmm
'
mm
mm
34
'
36
m
m
mm
m
'
mm
Sink fund lnc 4-5s..l986
S f inc 434s-534s... 1986
mm
mmm
»'
m
mm m m
Sink fund lnc 5-6S..1986
■
mmm
S f lnc
534-634s... 1986
Atlantic City Elec 434s '64
m
m
m
mm
98
38
43
34
N Y State Elec & Gas
4s.
94
10354
9734
9834
9434
Secured notes 3 Mb.. 1947
Northern N Y Util 5s. 1955
North'n States Pr 3 34s '67
38
43
9834
102
Calif-Oregon Pow 4s-.1966
90
91
Cent Ark Pub Serv 5s. 1948
86
88
Central G & E 5J4s.„.1946
67
69
71
ser
G '60
■'.v.—-
10034 102
Central New York Power—
Bid
92 34
10434
Ashtabula Wat Wks 5s *58
101
Atlantic County Wat 5s '58
101
93 34
94
Ask
New Rochelle Water—
105
95
Morgantown Water 5s 1965
103
103
103
Muncle Water Works 5s '65
New Jersey Water 5s 1950
5s series B
10134 10234
mmm
"
V
•
1951
64
C
1957
10134 103 H
534s
1951
New York Wat Serv 5s '51
88
91
5s series
9734
Ohio Edison 4s
1967
Ohio Pub Service 4s.-1962
Old Dominion par 5s_.1951
B
1954
10034
Newport Water Co 5s 1953
97
101
534s series A
1954
Butler Water Co 5s... 1957
10434
Cities Water 5 34s '53
69
73
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
Ore-Wash Wat Serv 5s 1957
Penna State Water—
106
5s
9834
9934 10034
9734
9734
55
Parr Shoals Power 5s.-1952
'mmm
■
10334
mm
m
Calif Water Service 4s 1961
Chester Wat Serv 434s '58
Ohio
Pennsylvania Elec 5s. 1962
9834
loo"
Penn Telep Corp 1st 4s '65
Peoples L & P 534s
1941
10534
/6234
64"
Public Serv of Colo 6s. 1961
Pub Util Cons 534s...1948
103 34 10434
Citizens Wat Co
1951
534s series A.
1951
City of New Castle Water
5s
6534
94
95
102
10234 104M
(Wash)—
5s
64
100
1941
102
5s
series B
1st & ref 5s
10034
1954
10434
38 34
3934
1st 5s series C.
1957
Clinton W Wks Co 5s. 1939
60
62
8934
1950
9034
9734 10034
1st consol 4s
'
mm
-
m
m,
m
::m
m
m
Community Water Service
..1948
1948
98
1948
103
105"
106
108
92
95
99
101
9834
Income 5 34s with stk '52
/234
Colorado
Power 5s
1953
10534
43 34
Consol E & G 6s A...1962
6s series B
1962
334
Tel Bond & Share 5s..1958
Utlca Gas & El Co 5s—1957
45"
Western Mass Co 334s 1946
Western Pub Serv 534s '60
103
Wisconsin G & E 3 348.1966
Wis Mich Pow 3^8.-1961
10034
102
103"
Wisconsin Pub Service—
1st mtge 4s
1961
102
103
43
Dallas Pow & Lt 3 34s. 1967
4434
96
Cumberl'd Co P&L 3 34s '66
534s series B__
9934
97
10434 10534
118
10334
74
76
1946
59
63
Phila Suburb Wat 4s.. 1965
Pinellas Water Co 5 34s. '59
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 5s '61
6s series A
General mtge 434s.. 1962
Central Public Utility—
1946
61
65
Richmond W W Co 5s. 1957
104
Roanoke W W 5s
1950
Roch & L Ont Wat 5s. 1938
85
88
95
100
Connellsville Water 5s 1939
99
99
Consol Water of Utica—
434s
.1958
93
96
434s
Public
100
mmm
1942
101
mmm
5s series D
1960
100
5s series A
Utilities—Industrials—Railroads
150
Broadway,
mmm
Shenango Val 4s
Alden 1st 6s
1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s..1956
B'way & 41st Street—
1st leasehold
614s..1944
Broadway Motors Bldg—
4-6s
1948
Chanln Bldg inc 4s...1945
Chsebrough Bldg 1st 6s '48
Court & Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) 1st 6s...1941
/3334
37
/36
'
,rnm m-
mmm
Water—
5s series B___._.
1954
...1954
101
mm
10234
1st mtge 3348
mm
—
103
99
1966
/21
23"
ioi
1958
87
103
Kokomo W W Co 5s..1958
Lexington Wat Co 5 34s '40
103
106
52
55
N Y Eve Journal
52
55
N Y Majestic Corp—
4s with stock
1956
N Y Title & Mtge Co—
/33
36
/2534
28
6
62
60
38
48
Film Center
Bldg 1st 6s *43
/42
534s unstamped
Graybar Bldg 5s
1949
1946
Harrlman Bldg 1st 6s.l951
Hearst Brisbane
Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
Lefcourt Manhattan
Bldg
1st 4-5s extended to 1948
Lewis Morris Apt
4834
45
51
1st 6s.
1947
London Terrace Apts 6s '40
Ludwlg Bauraan—
1st 6s
(Bklyn)
/5«4
48
/3734
56
7
6134
4134
5834
Par
Bid
39
41
68
71
40
44
4134
43
60
64
/48
/33
Z4834
/38
/19
51
36
1st 6s
5934
8734
/43
21
46
60
83
87
87
93
...
1951
70
103 E 57th St 1st 6s...1941
165 Bway Bldg 1st 5 34s '51
1953
5J4s stamped
.1961
Realty Assoc Sec Corp—
93
98
94
...
5s income
1943
1st fee & l'hold 6 34s. 1940
134s
....April 1938
134s
July 1938
5s series B.
1956
5s series C_
1960
6s series A..,
1949
101
104
W'msport Water 5s... 1952
102
95
100.13 100.16
100.12 100.15
__1
1
Ask
13
1834
\
15
8
10134
103 34
Par
104"
Bid
Haytian Corp Amer
*
Savannah Sug Ref com___l
9*
20
value,
a
Ask
34
1
2934
3134
3 34
434
West Indies Sugar
Corp__l
5 Basis
Interchangeable.
/ Flat price,
n
Nominal quotation,
selling on New York Curb Exchange,
on
w
t
Ex-rights.
Ex-dividend.
7/ Now
price,
When issued,
d Coupon,
x
e
Ex-stock dividends.
z
New York Stock Exchange.
per 100 gold rouble bond,
equivalent to 77.4234 grams of pure gold.
--A.
/4034
Bureau of Agricultural Economics Forecasts
Farm Production Costs in 1938
57
/54
59
/4534
47
1956
3-534s deb inc (w s).1956
60 Park PI
(Newark) 6s '37
616 Madison Av 1st 634s'38
61 Broadway Bldg—
334-5s with stock...1950
2434
2634
/18
20
35
38
/22
25
40
42
64
Textile Bldg—
1st 3-5s (w s)
1958
38
40
Trinity Bldgs Corp—
1st 5 34s
1939
76
79
5434
57
Walbridge Bldg (Buffalo)—
1st 634s
Oct 19 1938
Westinghouse Bldg—
1st
fee & leasehold 4s '48
June 1 1939
revenue
prices for farm machinery, automobiles, building
materials,
equipment and supplies.
Fertilizer prices also will be a
little higher but advances in these
prices are not expected
to be as large as for other
groups," according to the Bureau,
the prices of feed,
which represents
proportion of the costs of many farmers, will be
year
an
important
substantially lower
than
a
earlier, at least in the first half of 1938.
Seed prices, during the
spring
planting season, will also be considerably lower than in the
spring of 1937.
Farm wage rates are expected to
average
higher.
Although prices received by farmers have been declining since
January,
1937, farm income has been maintained above a
year earlier as a result of
larger crop production.
A continuance of the relatively
high level of
67
| Ask
1977.A&0
4s serial revenue 1942-68
a
strengthening effect on wages of farm workers next year.
A rise in prices of farm
machinery is expected in 1938, mainly due to
increased costs of manufacture.
Retail
.
the 1938 fertilizer
104
season
the highest since 1931.
Corp
Reynolds Investing 5s. 1948
Triborough Bridge—
f
wage
rates, farmers apparently will have to pay somewhat
higher
have
Aug 15 1938
s
Economics, U. Si Department of Agriculture,
annual outlook for farm labor,
equipment and fer¬
The Bureau said that ''along with
higher
farm
income and high hourly wage rates in industries
other than agriculture will
Henry Hudson Parkway—
4s
April 1 1955
Home Owners' Loan
in
which added:
/18
Bid
4s
its
tilizer.
On the other hand,
2 Park Ave Bldg 1st 4s 1941
Rise
a
A slight rise in
many of the farm costs of producing crops
and livestock in 1938 was forecast on Nov. 3
by th^ Bureau
of Agricultural
in
3s with stock
Sherneth Corp—
134s
100.29 101
par
10
Roxy Theatre—
2s
Federal Farm Mtge Corp—
134s
Sept 1 1939
Federal Home Loan Banks
103
92
94
9734 100
49
Ask
Mountain-Hudson
River Bridge 7s
No
t Now listed
P
Miscellaneous Bonds
Bid
*
X Quotations
60
Associates Invest 3s..1946
90
99
5134
(The)—
Nov 15 1939
1 Park Avenue—
2d mtge 6s
6l"
89
Cuban Atlantic Sugar... 10
Eastern Sugar Assoc
Preferred
41
Syracuse Hotel (Syracuse)
1st 634s
Oct 23 1940
/40
.1948
Bear
96
Sugar Stocks
...
2734
Savoy Plaza Corp—
1936
6s.
97
25J4
Prudence Co—
38
1942
1st 634s (L I)
5 34s series Q
19th & Walnut Sts
(Phila)
1st 6s
July 7 1939
55
36
Bldg—
1st 634s
Apr 15 1937
Lincoln Bldg lnc 5 34s.1963
Loew's Theatre Rlty Corp
534s series BK
534s series C-2
Oliver Cromwell
36
1st 3 34s-634s
stpd._1948
Fox Theatre & Off
Bldg—
1st 6 Mb
Oct 1 1941
Fuller Bldg deb 6s
1944
100
43
/45
1939
1400 Broadway
Bldg—
6348.1937
5 34s series F-l
Nov 1947
1958
Monongahela Valley Water
534s
1950
96
92
60?4
/5
40 Wall St Corp 6s
42 Bway 1st 6s
102
25
5834
60
6s
99
94
10434
/23
...
10134
25
40
East Ambassador
Hotels—
1st & ret 5 34s
1947
634s stamped
1949
52d & Madison Off
Bldg—
101
23
101
10134
1st mtge 5 34s
1950
Westmoreland Water 5s '52
Wichita Water—
99 34 10134
Long Island Wat 5348.1955
1st mtge 2s stpd & reg '55
1st & gen 6s
1946
93"
Western N Y Water Co—
5s series B
1950
1st mtge 5s
..1951
106
Monmouth Consol W 5s '56
25
...
90
Texarkana Wat 1st 5s. 1958
Union Water Serv 5 34s '51
92
1957
Ask
/21
...
102
105
W Va Water Serv 4s.. 1961
5834
Munson Bldg 1st 6348.1939
N Y Athletic Club—
3734
Equit Off Bldg deb 5s. 1952
Deb 5s 1952
legended
50 Bway Bldg 1st 3s
lnc '46
500 Fifth Avenue—
5634
103
1960
100*4 10234
Middlesex Wat Co 534s '57
Bid
Metropol Playhouses Inc
1945
62
Springf City Wat 4s A *56
Terre Haute Water 5s B '56
6s series A
1949
.
'
Indianapolis Water—
Mortgage Certificates
S f deb 5s.
59
South Pittsburgh Water—
1st mtge 5s
1955
5s series A
1960
5s...
Ask
101
95
Joplin W W Co 5s
Bid
87
98
92
108
87
84
1961
..1967
ser B
104
Indianapolis W W Securs—
Real Estate Bonds and Title Co.
84
South Bay Cons Wat 5s '50
5s
...1962
Illinois Water Serv 5s A '52
Bell System Tel
N Y 1-588
N. Y.
1st & ref 5s A
■
95
6s
INCORPORATED
2360
Water Service 5s_1961
92
Huntington
AMOTT, BAKER & CO.
9834 10134
Scranton-Spring Brook
1952
5s series B
BArclay 7
10434 10634
1958
5s series B
1952
Hackensack Wat Co 5s. '77
5 34s series B
1977
Reports—Markets
106"
'
.....1942
Greenwich Water & Gas—
Estate Securities
mmf
104
St Joseph Wat 4s ser A.. '66
Scranton Gas & Water Co
E St L & Interurb Water—
5s series A..
101
92
1958
1st mtge 5s
88
6s series B
Real
mm
8534
1st consol 5s
Prior Hen 5s
...
100 34
m
92
83
Peoria Water Works Co—
m mmr
City Water (Chattanooga)
Sioux City G & E 4s. .1966
Sou Cities Util 5s A—1958
76
89
1st coll trust 434S-.1966
10234
68
72
■
57
9034
101.2
101.8
100.29 101
75
79
105 34 106
52.40
3.60
-
10034 10234
series
Birmingham Water \yks—
10334
73
1st lien coll trust 6s. 1946
Cent Maine Pr 4s
10334
Ask
Alabama Wat Serv 5b.1957
Alton Water Co 5s.-.1956
103
36
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s 1965
108
Water Bonds
Bid
10234 103
Corp
1965
North Boston Ltg Prop's—
Teletype: New York 1-1073
110% of the
tively high
in
.
prices of fertilizer during
.
will average higher than
a year
earlier and probably
Retail prices of fertilizer will be between
105 and
compared with 102% in 1937.
The rela¬
1910-14 average,
level
of
agricultural
income,
which
is
an
important
determining the quantity of fertilizer purchased, indicates
strong demand for fertilizer during 1938.
The tonnage sold
as large as in the
preceding season even though retail
prices
a
may
are
factor
relatively
be about
higher.
■
Volume
Financial
145
Quotations
Over-the-Counter Securities—Friday Nov. 12
on
American Arch
American
Bid
Ask
*
28
52
Garlock Packing com
*
Extinguisher...*
Golden Cycle Corp
10
Good Humor Corp
1
Graton & Knight com
*
pref
cum
100
..100
Hardware. ___25
American
Amer Maize Products
22)4
20)4
48
50
Petroleum
Gen
59
American Hard Rubber—
8%
17
18
32
35
Publication Corp com
*
Remington
*
100
6A
7A
4)4
13)4
85
51
Scovill
33)4
Great Northern
33
36
Paper...25
5
1
King Seeley Corp com
1
1834
48
50
Harrisburg Steel Corp
20)4
21)4
Kildun Mining Corp
Bankers Indus Service A.*
Radio
Corp
k
*
7
Beneficial Indus Loan pf_*
51
52)4
10)4
16)4
Bowman-BIltmore
Burdlnes Inc
8A
100
1
7
10
common
4
4)4
preferred.
30
109
10
2
10
35
*
51
117
(Jos) Crucible... 100
Douglas Shoe preferred. 100
Draper Corp
*
cum
90
1
31
United Merch & Mfg com *
United Piece Dye Works.*
...
Preferred
Mock Judson & Voehrlnger
7%
*
46
*
110
Casket
Preferred
Nat Paper & Type
5%
50
...
6)4
4)4
com...*
100
preferred
23
27
*
23
25
New Britain Machine
90
'
23
Preferred 6)4%
100
71
Northwestern Yeast
100
51
54
4
5
5
37
39
30
17
20
2A
3)4
Ohio Match Co
*
2
2H
Pathe Film 7%
Norwich
Pharmacal
Leather common...*
Ohio
17
12
*
9)4
8
*
pref
109
95
84 A
85
Chicago Stock Yds 5s. 1961
Cont'l Roll & Steel Fdy—
93
1940
88
k"
96
90
1st conv
s
f 6s
93
95
1955
95 A
95)4
/71
1 9%
73
75
82
Cudahy Pack conv 4s. 1950
1st 3As
Vs
2A
Deep Rock Oil 7s
1937
x8H
9A
Haytian Corp 8s
1938
A
1A
Kelsey Hayes Wheel Co—
Conv deb 6s
1948
6
100
4%
*
Welch Grape Juice com..5
25)4
17)4
Martin
$3
7%
preferred
95
98
105
100
West Va Pulp & Pap com.*
Preferred
100
1939
120
1946
/17
Shipbuilding 5s—1946
95
$3 cum preferred
22)4
1)4
,18
*
27 A
Nat Radiator 5s
19)4
N Y
23"
108
98)4
t c I
com v
UH
(Glenn L)—
Conv 6s
preferred
conv
West Dairies Inc
New Haven Clock—
53
106
Wire Fabrics 7s. .1942
Am
Warren (Northam)—
y...
-
126)4
Bethlehem Steel 3)48.1952
3A
95
80
100
preferred
National
90
Bonds—
95
29
19
shares..
16 A
38
114
68
Foundation Co For shs__
14)4
100
preferred
*
Federal Bake Shops
Preferred.
American
Tubize Chatillon
80
ISA
2%
36)4
United ArtistsTheat com.*
3
48
*
13)4
65)4
8
6)4
*
Muskegon Piston Ring_2)4
-
17
*
pf.10
Corp
52
55
100
Preferred
Dixon
...
120
9
7)4
*
common
Trico Products
49
6%
40
Dictaphone Corp
Steel
Tennessee Products
...
Merck & Co Inc common .1
50
Devoe <fe Raynolds B com *
250
110
33)4
100
18)4
16)4
200
14
107)4 108)4
_
$7
Taylor Wharton Iron &
100
.100
Preferred
6
12)4
preferred
Continental Can 4 )4 % pf *
Crowell Publishing com..*
cum
Dennison Mfg class A
Dentists' Supply Co
1
100
5
Columbia Baking com...*
$1
8)4
1st 6% preferred
2d 8% preferred
Macfadden Pub common.*
Chilton Co
33 A
7)4
)4
Lawyers Mortgage Co-.20
Lawrence Portl Cement 100
9)4
common
31«
Lord & Taylor com
Hotels
1st preferred
Skenandoa Rayon Corp..*
Standard Screw
20
Stromberg-Carlson Tel Mfg
*
preferred
7%
58
62
American Tobacco 4s. 1951
9)4
1)4
9Vs
Sylvania Indus Corp
100
100
-.100
5)4
:%
7)4
7% preferred
Young (J S) Co com
15)4
12)4
250
4)4
8H
8H
*
29 A
240
Ask
14
54
York Ice Machinery
w
28 A
Manufacturing..25
10
100
Woodward Iron com
Worcester Salt
45
3%
Singer Manufacturing..100
Singer Mfg Ltd
Corp...*
9)4
39
Bid
Par
1A
514
A
4)4
6)4
arms com
33 M
Preferred
Art Metal Construction. 10
Belmont
1
48
16)4
7954
Andlan National
Conversion
As*
Bid
Petroleum Heat & Power, *
Fire
Great Lakes SS Co com__*
*
American Mfg 5s pref. .100
American Republics com.*
Par
Ask
Bid
Par
32
100
Book
Concluded
-
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
Par
3185
Chronicle
24)*
Scovill Mfg 5Hs
107
1945
108
Standard Textile Products.
101
1942
/21
22)4
Witherbee Sherman 6s 1944
/30
34
1st 6s assented
2)4
21)4
Woodward Iron—
White Rock Min Spring—
$7 1st preferred
100
99
93
1st 5s
1962
102
12)4
2d conv Income 5s.-1962
81
Wickwire Spencer Steel..*
Wilcox & Gibbs com
50
10)4
15)4
25)4
86"
18)4
WJR The Goodwill Sta__5
27)4
For footnotes see page
3184.
Tennessee Products Common
S.
H.
EDWARDS
Members
I
WICKWIRE SPENCER STEEL
& CO.
New Common
Pittsburgh Stock Exchange
\ New York Curb Exchange (Associate)
120 Broadway, New York
Tel. REctor 2-7890
£xptie4A
Teletype N. Y. 1-869
Union
Building, Pittsburgh
Bank
52 Wall
New York City
Street,
A. T. & T. Teletype N. Y.
HAnover 2-3080
1-1642
QUAW & FOLEY
Members
30
York
New
Curb
Exchange
Houston Oil Field Material
Company, Inc.
Preferred and Common Stock
New York
Broad Street
Prospectus on request
Telephone HAnover 2-9030
ROBINSON, MILLER & CO.
The
following securities
were
INC.
SALES
AUCTION
Telephone
sold at auction
on
52 William Street,
HAnover 2-1282
Wednesday
N.yeIi-f
N.Y.
of the current week:
By R. L. Day & Co., Boston:
Sh&res
Storks
-
$ per Share
•
14
7 Nonquitt Mills
5 Berkshire Fine Spinning Associates, common
5%
5 Florida Telephone Corporation, common, par $100.---—4 Lamson & Hubbard Corp., preferred, par $100-.-,
-
—'
5A
35
pref., par $10; 49 74-80 Central Public
Utility Corp., class A, par $1; 20 Simbroco Stone Co., pref., par $50: 25 An¬
droscoggin & Kennebec Ry. Co., 1st pref.-ctf. ben. Int., par $100; 10 Isaban
Coal Co., par $1; 60 British Type Investors, Inc., class A,
par 25c.;
$100 Evansvllle & Ohio Valley Ry., 1st & ref. 5s, Jan., 1949, coupon Jan.,
1928 and subsequent on ctf. of deposit
$35 lot
50 Ozark Corporation
75c
57
Dyer
Co.,
Manufacturing
7%
$ Per Share
Stocks
150 Amoskeag Mfg. Co., com. $3.50
5 Boston Woven
paid in liquidation
Hose & Rubber Co., preferred, par $100
8 Mass. Power & Light Associates, common,
w w
30 Rhode Island Public Service,
preferred, par $27.50
Colony Silk Mills,
Utah Mines & Smelters Co; 50 Whaling Film Co.
(stamped), par $4.50; 10 American Social Register, prefereed, par $100;
2 3-10 American Social Register, common, par $100; 1,320 Florida Peninsular
51c
113
1 A
29)4
10 Laurel Lake Mills, par $100; 53 Mission Corp.; 128 Old
par
$100,
300 South
$908 lot
preferred, par $100, and 1,320 Florida Peninsular, common
$ per Share
Stocks
as
Whole Well Above 1936
degree is
come
now to
be noted in indus¬
Manager of
says A. E. Arscott, General
the Canadian Bank of Commerce, Toronto, in
review of Canadian business issued under
two-thirds
over
included in
our
of the numerous industries whose activities are
monthly sur veys have been able to maintain their operations
high level of former months and many have a large volume
at the
orders,
These
losses
not
were
confined
to
the two
major branches
newsprint and lumber, whose operations have recently
extended
and
other
to
sundry
manufacturing
remains
we
$1
11
Fosgate Investment
Co., capital, par $100
—
2,500 Jarilla Copper Co., capital, par $1
—
10 Macomber Motors Co., capital, par $5.
——
50 International Steel Corp., interim certificate, common
80 International Steel Corp., capital, no par
14 Marconi Wireless Telegraph, capital
1
25 Ninth Bank & Trust Co., par $10
•
Building Corp., Reading, Pa., 6% cum. pref
Reading Medical Arts Building Corp., Reading, Pa., common
26 Reading Medical Arts
26
35 Guardian Bank & Trust Co
—
—
$1 lot
$1 lot
$1 lot
$1 lot
$1 lot
$1 lot
$1 lot
$2 lot
10)4
$2 lot
$1 lot
---$1 lot
that recorded at this time in
of uncompleted
CURRENT
Group,
Inc., 63
quarterly study of the Sept. 30,
NOTICE
1936 and that all the
1937 poistion of 11 leading investment
companies.
The study gives statistics
regarding capitalization, earnings, portfolios,
&c., as well as comparative leverage
The
companies
included
are:
Equity
Service,
Corporation,
Prudential
Adams
Securities.
previous.
be occupied for several
months to come on work arranged and contracted
for
during
decline
losses,
the
the
in
but
past
year
leading
yields have not
or
so.
Sales of the highest-priced goods may
urban centers
merchandising
conditions
as
a
result of recent stock market
in most rural areas
of good crop
been affected by the downturn in the security markets.
Speculation of the last two years was not prevalent in rural Canada, and
while the agricultural price structure is not as strong as a
we
over
that of 1936.
As
the
we
have
<
.
frequently pointed out, the growth of artificial elements in
world recovery movement
from
month or two
estimate that total farm income has increased slightly this year
ago,
such
over-stimulation
of recent years and the probable reaction
were
of interest
to
Canada
because
of the
possible effects upon her export trade, and, in turn, upon all branches
At this juncture, therefore, we should consider
of the industrial recession in the United States, one, It
might be noted, which is part of a downturn to which we drew attention
last
July.
recession.
There is scarcely any country which can be immune to this
But Canada, though still producing a large
quantity of goods
for the American market, is less dependent upon it than
formerly.
Express,
CURRENT
American European
NOTICE
International, Capital Administra¬
General American Investors,
Investors,
a year
factors.
Securities, American General, American
tion,
than
work in the heavy industries is close to, if
formerly in hand, while the construction trades will
the repercussions
Wall St., New York, has released its
were
it does not exceed, any
of her domestic business.
—Distributors
gains
should emphasize, also, that industrial production as a whole
well above
The volume
par
The
units.
Having made it plain that an irregular tone is now noticeable in Canadian
10 First National Bank & Trust Co.,
1,000 North Penn Minning Co., capital, par $1
of forestry,
been curtailed, but
mainly in the heavy industries group.
20 Democracy Photoplay Co., 8% cum.
1,000 American-Mex Mining Corp., capital,
of forward
October.
losses in production than gains were recorded in
more
indications point to a more active early winter season
Woodbury, N. J., par $50. - 70
pref., par $10———$1 lot
20 Feature Pictures Corp., common, par $10
$1 lot
20 Democracy Photoplay Co., 8% cum., common, par $10
$1 lot
25 Eagle Macomber Motor Car Co., common, par $1—
$1 lot
1,000 Falk Telephone & Telegraph Co., common, par $1
$2 lot
50 Falk Telephone & Telegraph Co., preferred, par $10
$1 lot
100 National Life Preserver Co., capital, par $1—
$1 lot
his monthly
date of Nov. 9.
He added:
industry,
By Barnes & Lof'land, Philadelphia:
Shares
Production
"Irregularity in
trial operations,"
While
By Crockett & Co., Boston:
Shares
Irregularity in Canadian Industrial Operations During
October Noted by A, E. Arscott, General Manager
of Canadian Bank of Commerce—However, Reports
General Public
and Foreign
Tri-Continental and U. S.
—John
B.
Cornell
Jr.,
formerly with
Holt, Rose & Troster and more
recently a partner in Callahan, Cornell & Co., has become
Wilson, Warkentin & Co.
associated with
Chronicle
Financial
3186
Nov.
1337
13,
SSHE
General
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
The SEC has announced that at the request of
consented to the withdrawal of the
the appli
following
cants it has
registration statements filed under the Securities Act of 1933:
RIGHTS-SCRIP
Ambassador
Pictures, Inc. (3368) covering 1,176,000 shares (par $1)
Filed Aug. 25, 1937.
capital stock.
American
Specialists since 1917
Republics Corp. (3290) covering 218,008 shares of common
(par $10).
Filed July 12, 1937.
stock
Petroleum
Amtex
5M%
cum.
stock.
McDonnell &ro.
New York Stock Exchange
Broadway, New York
(3125)
Detroit Steel Products Co.
(no par).
lierhbort
120
Corp.
A stock and
1937.
class
conv.
Filed May 1,
covering 175,000
1,300,000 shares
shares
common
(3258) covering 9,692 shares of capital stock
Filed June 28, 1937.
Douglas & Loma8on Co. (3367) covering 206,900 shares of
stock (par $2).
Filed Aug. 24, 1937.
New York Curb Exchange
Foster Wheeler
Talaphona REctor 2-7810-30
($10 par).
Ball Teletypa NY 1-1640
$10)
(par
(no par)
Corp. (3398) covering 41,820 shares of
common
stock
common
Filed Sept. 3, 1937.
Mar Tex Oil Co. (3451)
covering $2,000,000 10-year conv. debentures.
Filed Sept. 30, 1937.
Miami
FILING
OF
REGISTRATION
SECURITIES
STATEMENTS
UNDER
Herald
ACT
Publishing Co. (3199) covering $800,000 5% 1st lien
(par $10) class A common stock.
Filed
bonds, and 24,000 shares
conv.
May 29.
1937.
Rustless
The
following additional registration statements (Nos.
3500-3513, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is
cum.
approximately $75,355,750.
The last previous list of registration statements
our issue of Nov.
6, page 2998.
Mode
O'Day Corp. (2-3500, Form A-2) of Lob Angeles, Calif., has filed
registration statement covering $400,000 6% 10-year convertible de¬
bentures, and 240,000 shares capital stock, $5 par value.
Of the common shares
registered, 20,000 are to be presently offered;
40,000 are reserved for conversion of the debentures, and 180,000 are out¬
standing and not to be presently offered.
Banks, Huntley & Co. will be
the underwriter.
Offering prices will be filed by amendment.
Proceeds are to be used in
retiring indebtedness to banks, officers and
in
Alaska Juneau Gold Mining
Period End. Oct. 31—
Gross income
4, 1937.
Manufacturers Trading Corp. (2-3502, Form
A-l) of Cleveland, Ohio*
has filed a registration statement
covering 100,000 shares 75 cents cumu¬
lative convertible preferred
stock, $10 par, and 287,500 shares common
stock, $1 par, to be reserved for conversion of the preferred.
The preferred will be offered at
$11.50 per share.
Proceeds are to be
used to pay rediscounts and for
working capital.
Distributors Syndicate,
Inc. will be underwriter.
Alfred H. Sacks is President of the company.
Filed Nov. 4, 1937.
Financial
(2-3503, Form A-l) of Denver, Col¬
registration statement covering 1,000 cumulative pur¬
purchase
a
chase agreements to be offered at
$500 each and 4,000 systematic
agreements to be offered at $1,200 each.
Proceeds are to be
investment.
Investors Independence Corp., Robert J.
Long &
others may be underwriters.
Charles F. Smith is President of
pany.
Bond
Associates,
used
for
the
com¬
National Investors
a
x
2379.
Aldred Investment
Period End. Sept. 30—
Net profit
Corp. (Canada)—Earnings—
1937—3 Mos.—1936
x$l,150
loss$l,514
1937—9 Mos.—1936
x$7,284
loss$5,227
Includes $52 loss on securities sold for the three months and
on securities sold of $4,948 for the nine months.
The Sept. 30, 1937, balance sheet shows securities of
x
a
profit
$2,408,708 book
value
had bid or nominal quotation of $1,204,462.
Liquidating value
Sept. 30, 1937, was $78.26 per $100 bond.
On June 30, 1937, liquidating
was $85.38 per $100 bond.—V.
144, p. 3318.
value
Aldred Investment
x
Period End. Sept. 30—
Net loss
Trust—Earnings—
1937—3 Mos.—1936
y$38,714
y$19,297
1937—9 Mos.—1936
y$225,457 zprof$38683
After all charges,
y Includes loss on securities sold of $47,262 for the
three months ended Sept. 30,1937, $29,641 for three months ended
Sept. 30,
1936 and $270,095 for nine months ended Sept. 30,1937.
z After allowance
for profit of $1,307 on securities sold.—V.
145,
Corp. (2-3505, Form A-l) of New York City, has
registration statement covering 5,000,000 shares $1
par capital stock.
(For further details see subsequent page).
Filed Nov. 6, 1937.
"ST"E. Hyman
595.
The directors have declared
a dividend of $1.50
per share on the common
value, payable Dec. 22 to holders of record Nov. 30.
This
with $1 paid on Sept. 30, last; 50 cents paid on June 30 and on
March 31, last; an extra of 50 cents and a
regular quarterly dividend of
37M cents paid on Dec. 24,1936; a dividend of 37H cents paid on Sept.
30,
1936, and 25 cents per share distributed on June 30, 1936, this latter
being
the first dividend paid since
May 16, 1932, when a payment of 12)4 cents
per share was made.—V. 145, p. 2833.
no par
compares
Ambassador
drawn—
Co. (2-3506) of Fremont, Ohio, has filed a registration
statement covering 10,000 shares
6% cumulative convertiole preferred
stock, $20 par value, to be offered at $20 per share and
203,500 shares com¬
mon stock, $1 par value.
Of the common shares registered,
37,500 are to
See list
Pictures, Inc.—Registration Statement With¬
T'T
"7;::7;
v.
given on first page of this department.—V. 145, p. 1407.
Amerada Corp.
be reserved for conversion of the
preferred
136,000 are to be offered by two
stockholders through underwriter at $5.25
each, and 30,000 are to be op¬
tioned to underwriter at $5.25
per share and are not to be presently offered.
Proceeds received by company will be used
for payments of debt and fop
plant additions.
Stemmler & Co. will be underwriter.
Filed Nov.
p.
Allis-Chalmers Mfg. Co.—$1.50 Dividend—
stock,
Inc.
(2-3504, Form A-l) of Jersey City,
N. J., has filed a registration statement
covering 200,000 shares common
stock, 10 cents par value.
Distributors Group, Inc., will be underwriter.
Proceeds will be used for investment.
Robert S. Byfield is President of
the company.
Filed Nov. 5, 1937.
filed
1937—10 Mos.—1936
$4,598,000
$4,352,300
2,194.000
2,157,400
Includes other income and is after operating expenses and
development
charges, but before depreciation, depletion and Federal taxes.—Y. 145, p.
Co., and
Filed Nov. 4, 1937.
Foreign
given
x
Security Fund, Inc.
orado, has filed
was
Co.—Earnings—
1937—Month—1936
$424,000
$470,800
173,700
237,500
Profit
x
directors, and others in the aggregate amount of approximately $394,000.
The balance of proceeds will be used for
working capital.
W. B. Malouf is
President of the company.
Filed Nov. 3, 1937.
shares held.
Unsubscribed-for shares will be offered publicly.
Proceeds
will be used for working
capital.
There will be no underwriter.
D. W.
McMillen is President of the
company.
Filed Nov.
Iron & Steel
Corp. (3371) covering 16,964 shares of $2.50
pref. stock, second series, and 42,410 shares of common stock.
26, 1937.
Saco-Lowell Shops (3370) covering 77,157 shares
(par $20) $1 cum.
class A conv. pref. stock, and 112,181 shares
($5 par) common stock, for
exchange of existing pref. stocks plus warrants, &c.
Filed Aug. 26, 1937.
a
Central Soya Co., Inc. (2-3501, Form
A-2) of Fort Wayne, Ind., ha8
filed a registration statement
covering 20,0Q0 shares no-par common stock
and rights to subscribe to the common
shares.
The stock will be offered to
present stockholders in the ratio of one aditional
share for each three
conv.
Filed Aug.
(& Subs.)—Earnings—
Period End. Sept. 30—
Gross oper. income
Oper. costs, admin, exp.,
leases abandoned, &c_
1937—3 Mos.—1936
1937—9 Mos.—1936
$3,618,322
$2,799,961 $10,266,381
$7,995,766
1,597,570
1,384,348
4,568,896
3,920,633
$2,020,752
1,118,294
$1,415,613
551,255
$5,697,485
1,966,184
$4,075,133
1,483,660
$3,139,046
$1,966,867
$7,663,669
$5,558,793
2,535,274
1,491,531
5,989,790
4,153,160
$603,773
$475,336
$1,673,879
$1,405,633
$0.76
$0.60
$2.12
$1.78
6,1937.
Railroad Employees
Corp. (2-3507) of New York
has filed a registration
statement covering 150,000 shares class A
common stock,
no par value.
The shares are to be offered first to
stockholders at $8.25 each.
Any
unsubscrioed for shares will be
disposed of as follows: $10,000 shares to be
reserved for employees and
others; 20,000 shares to be optioned to under¬
writer at $7 each, and balance to
be offered publicly through underwriter
at not more than $8.75 each.
Heinzelmann Ripley & Co., Inc., will be
underwriter.
Proceeds will be used for payment of
debt, for loans to sub¬
sidiaries and to acquire additional loan
offices.
Filed Nov. 6, 1937.
George Putnam Fund of Boston (2-3508) of
Boston, Mass., has filed
registration statement covering 250,000 shares
of beneficial interest to
be offered at market.
Proceeds will be used for investment.
S. H.
Cunningham Co. will be underwriter.
Filed Nov. 6, 1937.
Total income..
Depreciation,
depletion
and Federal taxes
Net income..:
Earns, per sh. on net shs.
outstanding
145, p. 930.
—V.
a
Economy Baler Co. (2-3509, Form A-2) of Ann Arbor, Mich., has filed
registration statement covering 80,000 shares of
$1 par common stock.
15,000 shares are to be offered by the
company and 10,000 by a trustee for
two stockholders at $3.75 a
share.
The remaining shares have been
op¬
tioned to an underwriter
by certain stockholders.
a
The issuer's part of the proceeds
will be used to redeem 7% cumulative
preferred stock and for office
building and working capital.
H. W. Noble
& Co., Inc., were named
of the company.
underwriters.
Filed Nov. 9, 1937.
George W. Langford is President
Desert Silver, Inc. (2-3510, Form
AO-1) of Silver Peak, Nev., has filed
registration statement covering 1,200,000 shares of
10-cent par stock, of
which 1,000,000 are
outstanding and 200,000 may be issued for properties
which are held under option.
Of the outstanding shares 650,000 were
issued for properties and 350,000 for cash sale
at 10 cents each.
No under¬
writer was named.
Ira B. Joralemon is President of the
company.
Filed
a
Nov. 9, 1937.
Service
Insurance
Associates, Inc. (2-3511, Form A-l)
of
9 Months Ended Sept. 30—
Total income
Expenses
Interest,&c
Discount on sales
Provision doubtful accounts
Loss on sale corn options, &c
.
Depreciation
Subsidiaries preferred dividends
Provisions special reserve, &c
Federal income taxes
Profit
1936
1935
$3,510,021
196,964
$3,088,379
125,506
$3,316,254
1,692,814
208,538
62,897
73,718
$3,706,985
1,869,680
139,043
54,837
143,199
$3,213,885
1,684,561
242,218
38,756
152,429
117,654
230J382
169,388
88", 825
130,186
$727,229
Other income
$924,813
$809,280
68,000
475.000
600,000
x$659,229
1,855,193
260,930
$2.79
x$449,813
2,135,595
260,875
$1.73
$209,280
1,717,632
Appropriation
for reserve for esti¬
mated unrealized profit on sales
Massachusetts Investors Trust
(2-3512, Form A-l) of Boston, Mass.,
has filed a registration statement
covering 2,000,000 shares of beneficial
interest to be offered at the market
price.
Proceeds will be used for in¬
vestment.
Massachusetts
Distributors, Inc., was named underwriter.
Merrill Griswold is Chairman.
Filed Nov.
10, 1937.
Realty Shares Corp. (2-3513, Form Al) of Chicago, 111., has filed a
registration statement covering 200,000 shares of $10
par value 50-cent
cumulative participating class A stock to be offered at
$10 a share.
The
proceeds will be used to acquire improvedreal estate.
The Realty Finance
Corporation was named underwriter,
Ward Farnsworth is President of
the company.
Filed Nov. 10, 1937.
Net profit
Earned surplus Sept. 30
Shares
common
Earnings
x
p.
Subs.)—Earns.
1937
$2,917,521
398,733
Operating income
Seattle
Wash., has filed a registration statement
covering 4,000 $50 par value
preferential shares to be offered at $100 a share for cash or $120 on deferred
payments.
The proceess will be used for capital and
surplus.
No under¬
writer was named.
R. B. Platts Jr., is President of the
company.
Filed
Nov. 10, 1937.
American Commercial Alcohol Corp.
(&
per
stock outstanding...
share
175,343
84,332
45,352
107,883 /'
46,844
216,622
260,901
$0.80
No provision made for possible surtax on
undistributed profits.—V. 145,
1574.
American Hide & Leather
w
3 Mos. End. Sept. 30—
Oper. profit after depr.,
int. and
res.
for exp
Res. for income taxes
Net profit
x
No
p. 1088.
Co.—Earning
1937
1936
$54,670
8,201
$32,488
4.873
x$46,470
1935
1934
$122,279 Ioss$107,858
18,342
x$27,615
$103,9381oss$107,858
provision made for any surtax on undistributed profits.—V. 145,
Financial
145
Volume
American Gas & Electric Co. (&
30—
Period End. Sept.
x
1937—12 Mos —1936
Sub. cos. consol. oper.
$5,948,712 $73,683,458
1,887,398
22,814,415
337.876
4,172,755
770,107
9,736,858
837,528
10,160,499
$6,390,484
2,014.422
revenue
Income Account for
Subs.)—Earnings—
1937—Month—1936
3187
Chronicle
Period End.
Company Only
xl937—12 Mos.—1936
$4,802,197 $5,128,064
1,465,265
1,112,870
xl937—9 Mos.—1936
&c $4,205,189
$3,538,728
1,098,094
853,929
Sept. 30—
Income—Divs., int.,
Expenses.
$68,885,981
21,538,796
-
388,670
817,605
861,439
$4,015,194
Depreciation
Taxes
$2,115,802 $26,798,930
44,492
263,717
$2,308,347
Operating income
Dr965
Other income
$2,684,799
$3,336,932
633,334
756,992
829.442
1,137,521
$2,293,759
Operating
Maintenance
900,000
$1,927,807
900,000
$2,507,489
1,200,000
$2,877,673
1,200,000
$1,393,759
$1,027,807
$1,307,489
$1,677,673
$2,927,094
.
3,893,881
9,040,918
9,215,587
discount, &c.
$25,197,799
.
'
459,410
Bal. for common stock
$2,160,294 $27,062,647 $25,657,209
945,066 10,914,207
11,247,631
417,883
5,014,397
5,014,392
$2,307,382
900,053
417,884
Total income
Int. & other deductions-
Pref. stock dividends...
$9,395,186
$797,345 $11,134,042
$989,445
Co.:
.
$797,345 $11,134,042
3,120,914
286,204
$9,395,186
3,351,018
1,910,050
191,527
1,910,050
$1,423,530
117,036
Expense
170,853
Int. & other deductions.
177,811
Pref. stk. divs. to public
$1,257,243 $16,356,534
789,656
55,680
2,176,956
213,567
2,133,738
177,811
$14,882,859
$957,829
$810,185 $11,256,184
$989,445
270,389
i
y Bal. of sub. cos. earns
Int. from sub. cos.:
Pref. stock divs.
sub. companies
from
159,171
14,523
159,171
4,525
Other income
Total income
Balance:
eliminated.
items
Intercompany
x
Electric
226,604
593,172
2,562,802
2,133.738
$9,593,147
Applicable to American Gas &
y
Co.
1, 1937 restated for
Note—Figures for periods prior to Jan.
comparative
Illinois—Extra Dividend—
American Investment Co. of
dividend of 40 cents in addition
to the regular quarterly dividend of 40 cents per share on the common stock,
both payable Dec. 1 to holders of record Nov. 22.
Dividends of 40 cents were paid on Sept. 1 and on June 1, last; a stock divi¬
dend of 75% was paid on March 25, last, and a cash dividend of 50 cents per
share was paid on March 1, last.
Stockholders have the option of purchasing common stock at $20 per share
and applying their dividend payment thereon provided notice is received by
the company not later than Nov. 29.—V. 145, p. 2537.
Inc. (& Subs.)—Earnings
1937—3 Mos.—1936
1937—12 Mos.—1936
$927,043
$964,894 $3,903,264
$3,608,954
650,848
679,810
2,753,732
2,544,498
American Machine & Metals,
Period End. Sept. 30—
Net sales
Cost of sales
y75,299
Total income
Expenses
Depreciation & depletion
Interest
$323,585
237,196
27,656
10.655
$56^856
$85,354
306,593
$0.27
298,260
$0.19
profits,
Before surtax on undistributed
profit on sale of capital assets of
$200,973 "
306,593
$0,165
less reserve 2,813,805
70,585
2,458,788
6% notes due 1936
22,167
Long term liabil-.
receivables.
Cash deposit..—
......
buildings,
mach., equip
2,626,708
Cash in closed bks.
1
Land,
2,593,973
4,103
investments
$6,883,0491
$8,025,229
at Jan. 1, 1937, in
as
448,990
58,796
18,000
1,668", 000
.
1,668.000
22,073
3,414,875
1,065,083
Total
...$8,025,229 $6,883,049
transferred to
the amount of $306,349 was
'capital surplus."
b Represented
th Guaranty Trust Co. of N. Y. to
202,875 no-par shares in 1936.
c
;ed for extension.
retire 6% notes due July 1, 1936, not deposited for extension.
The earnings for the nine months ended Sept. 30 were published in
V. 145, p. 3000.
bj^r 221,062 no-par shares in 1937_and
American Steel
Foundries—Earnings—
1934
tax
...
Reserve for surtax
Net profit
x$269,149
7:020
$438,292
47,242
$2,705,020
x$262,129
4,012
47,000
$485,534
4,883
$3,562,637
Total income
Minority interest, &c
$2,657,159
47,861
$4,778,348
'
13,911
827,000
374,800
(net)
$3,440,557
783,398
$4,653,308
125,040
Operating profit
Other income
1936
$5,697,362
1,044,054
Depreciation
per
1935
$306,365
1937
9 Mos. End. Sept. 30—
Profit after expenses
$1,849,069
x$313,141
$431,401
9,701
422,250
424,000
sh. on com.
stock
x
Loss.—V.
$1.57
$2.84
...
Nil
$1,149,459
711,167
49,250
$0.14
Notes & accts.rec
26,710,208
20,546,510
$17,964,024 $18,055,344 $24,149,730 $24,302,674
6,541,282
4,283,231
discount, &c., of subs.
.
Preferred divs. of subs..
.
$7,139,510
.
Int., amortiz. of debt
discount., &c., of Am.
W. W. & E. Co., Inc.
.
ments and
632,893
$7,116,190
754,096
8,914,368
5,711,841
$9,523,520
829,001
8,903,608
5,713,169
$9,685,896
1,130,246
$6,362,094
$8,694,519
3,317,412
2.855,293
$3,189,204
900,000
$3,506,801
$4,427,672
1,200,000
$4,704,186
1,200,000
share
All figures shown are
Capital surplus
497,375
Earned surplus
1,068,240
1,387,325
737,198
850,000
Accounts
70,992
132,373
567,776
78,359
56,749
560,150
Goodwill b
payable.
Notes payableAccr.
Insurance
and taxes
wages,
11,940
Com. treas. stockDrl36,818
Drl36,818
900,000
subject to
1937.
11,077,096 10,630,568
Total
x
After depreciation of $5,110,282 in 1937 and $4,707,225 in 1936.
After allow, for doubtful rec'bles of $119,137 in 1937 and $122,601 in 1936.
Represented by 40,905 no par shares of $6.50 conv. pref. stock, a Repre¬
sented by 276,698 no par shares of common stock,
b Stated value of
capital stock, issued in exchange for the capital stock of a subsidiary ac¬
quired during 1934, in excess of the book amount of the net assets other
than goodwill of such subsidiary,
c Represented by 3,000 no par common
earnings for
9 and 12 months ended Sept.
30 were published in
V. 145, p. 3000.
South Africa, Ltd.
Month of October, 1937—-
Anglo American Corp. of
x
Declared
(In
Brakpan Mines
Limited—140,000
x
Each of which is
Costs
Profit
Currency)
£137,442
£107,946
136,462
128,010
147,891
155,001
73,980
41,152
African
South
£245,388
264,472
302,892
115,132
Daggafontein Mines Ltd—126,500
Springs Mines Limited
151,200
West Springs Limited
86,500
Note—Revenue has been calculated on the
p.
-Results
Value of Gold
Milled
Companies
basis of £7. 0. 0. per ounce fine,
Africa.—V. 145,
incorporated in the Union of South
2538.
Anglo-Canadian Telephone Co.—To
With the object of
Recapitalize—
simplifying its capital structure this company
is sub¬
mitting, for approval of its shareholders on Nov. 30, an arrangement elimi¬
nating class B stock and giving the holders of class A shares the right to a
straight 6% non-cumulative preferential dividend with participation on
a share-for-share basis with the deferred stock in any additional dividends.
The elimination of the class B stock will be effected by conversion of
143,550 shares into class A, and conversion of the remaining 100,000 out¬
standing shares into deferred stock.
The unissued balance of
class B will be converted into authorized class A and the r&sult will be 487,-
authorized
100 class A shares outstanding out
and to increase the deferred stock
of an authorized total of 850,000 shares,
to 200,000 shares, both authorized and
issti6(i
As
presently constituted, the class
A shares are entitled, after 5Jf%
preferred stock dividends have been provided for, to non-cumulative divi¬
dends of 2K% in any year and after 2 lA % has been paid on the class B
stock a further dividend of 3% may be paid on the class A stock, which
means that the class A shares, cannot receive the full 5K% dividend unless
at least 2H% is paid on the class B stock,
Further, the participation right
does not begin to operate until the class B stock has received 5%.
Under the proposal, class A shares will be entitled to a straight 6% noncumulative preferential dividend and the participation will will arise as
soon as the 6% non-cumulative dividend has been paid on the class A stock
in any year, when further dividends in such year would be payable at equal
rates a share on class A and deferred stock.
No change is to be made in rights of class A shareholders upon distribution
of assets, and shares of class A and deferred would continue to rank equally
in that respect.
It is expected that the immediate effect of the change in capital, as con¬
templated under the arrangement, will be to permit an increase in dividend
A shares from 5 H % (the rate of dividend payments main¬
tained in 1937) to 6%.—V. 145, p. 2062.
Earnings—
Archer-Daniels-Midland Co.
y
Earns, per
x$358,450
Net profit
=
x
Before
$0.56
share
$3,227,672
1934
1935
1936
1937
30—
$523,444
$0.85
$397,059
$0.62
$529,528
$0.86
undistributed earnings, y After depre¬
On 549,546 shares common stock (no par).
provision for surtax on
ciation and Federal taxes,
—V. 145, p. 2217.
Arizona Power
z
Corp.—Earnings—
al936
1937
9 Months Ended Sept. 30—
Operating revenue
b Operating expenses
$483,283
$429,895
320,832
Sinking fund
11,133
66.689
appropriation
Bal. for pref. & common
$155,469
stocks & surplus
66,690
$98,189
98,189
Net income
c
$144,336
$164,877
Non-operating income.
285.559
$162,451
2,426
Income deductions.
$3,504,186
2,342,999
2,092,483
$1.38
$1.67
audit in so far as they contain earnings
$2,606,801
338,300
6,000
Federal taxes
11,077,096 10,630,568
Total
915,000
76,541
243,415
7,661
14,925
68,894
Unearned income.
c
497,375
1.075,630
619,959
com¬
missions, &c
Contractual oblig.
$88,779
88,779
Nil
Nil
figures restated for comparative purposes,
b Federal income
included in operating expenses do not include any provision for surtax
on undistributed profits, as such tax cannot be estimated untl the close
the fiscal year,
c Net income is appropriated for sinking fund purposes to
a
and surplus
$2,289,204
Shares common stock outstanding
for the year
1
3,851,464
Bal. for common stock
Earnings per
3,226,380
$8,555,650
4,266,847
$6,506,617
depletion..
Preferred dividends
6,654,660
4,284,492
Common stock..
280,505
3 Mos. End. Sept.
29,974,363
Oper. exp., maintenance
22,711,244
a
4,090,500
3,226,380
>
1,072,799
2,495,613
Other assets......
and Subs.)
Mos.—1936
$51,012,881
and taxes
6,010,510
2,572,280
Inventories
$
4,090,500
1
372,201
Cash
Prepaid
1936
$
Preferred stock..
rate on the class
xl937—9 Mos.—1936
xl937—12
$40,675,268 $38,601,853 $54,124,093
Sept. 30—
Gross earnings
buildings,
Patents & rights..
y
1937
z
Liabilities—
$
$
machinery, &c.. 6,369,117
Electric Co., Inc.—Earnings
Consolidated Income Account {Co.
Period End.
575,514
145, p. 1248.
American Water Works &
x
Land,
Sheet Sept. 30—
1936
1937
x
department.—V. 144, p. 3486.
Corp. (& Subs.)—Balance
Assets—
def62,768
10,242
181,625
5,664
165,409
Prep'd & del. exp.
Total
$250,000
33,358
b Common stock.. 3,778,615
Capital surplus... a758,734
a463,739
Earned surplus
Deferred income.
1,253,483
18,000
1,911,381
Inventories
given on first page of this
Anchor Cap
Tons
Accts.
Customer accounts
Earns,
See list
1936
accrued liabil—
With¬
Statement
Corp.—Registration
Petroleum
drawn—
of Operations for the
2686.
payable
payable..$700,000
payable &
502,693
120,091
Res. for Fed. taxes
56,183
—life insurance.
Federal
145, p. 931.
The
Statement With¬
Notes
Notes
$282,926
59,510
Cash surrender val.
Deficit
V.
z
$176,694
298,260
$0.59
1937
$373,728
Cash
Dec1,J.936.^V^45, p. 2833.
Spring & Mfg. Corp.—Offering Postponed—
Offering of the stock of the company has been indefinitely postponed
according to Sills, Troxell & Minton, Inc., Chicago, the underwriters.—
y
Includes an extraordinary
Liabilities—
Liabilities—
which was determined
American
Cr.V,013
Cr. 602
of this department.—V. 145, p.
1936
entire calendar year 1936,
and^recorded in the month of
Co.—Consol. Balance Sheet Sept. 30—
1937
Assets—
Misc.
cable to the earnings for the
(
i
American Seating
rec.,
for the year
appli¬
for the year ended Sept. 30, 1936.
In the income accounts
ended Sept. 30, 1937, however, there has been deducted the surtax
.
See list given on first page
Other
122,455
and recorded until the
1937 will not be deter¬
the month of Dec., 1937.
Accordingly, no dededuction for such surtax has been made in the above income accounts for
either the 9 months periods ended Sept., 30, 1937, and Sept. 30, 1936, or
mined and recorded until
$50,960.—V. 145, p. 930.
drawn—
the amount of Federal surtax on undistributed profits
determined until the end of each calendar year,
the surtax for the year 1936 was not determined
month of Dec., 1936, and the surtax for the year
849,676
110,429
52,675
27,620
5,100
Republics Corp.—Registration
American
a
y
as
is not and cannot be finally
Cr. 1,550
"
x Net profit
stock
Earnings per share
2,092,483
$0.56
$0.80
subject to audit insofar as they contain earnings
2,342,999
$1,186,911
Cr. 8,778
Shares capital
c
$1,288,304
940,827
114,387
bonds called--
Fed. income tax accr
Profit on bonds retired.-
x
$1,064,456
38,501
$351,494
230,927
28,308
6,905
-
$1,149,532
yl38,772
$285,084
$276,195
Gross profit..,
Other income
All figures shown are
Note—Inasmuch
Amtex
The directors on Nov. 8 declared an extra
on
x
for the year 1937.
145, p. 2379.
purposes.—V.
Prem.
and surplus
Shares common stock outstanding
Earnings per share
1936
taxes
the full extent
charge to the
of
fo the corporation's sinking
prior
dividends.—V. 145, p. 748.
fund requirements, and is a
declaration and payment of any
3188
Financial
Arkansas
Chronicle
Atlantic
Valley Interurban Ry.—Reorganization—
The Interstate Commerce Commission on Nov. 3 refused to approve the
trustees, plan of reorganization, or to approve any plan of reorganization
at this time, but, without prejudice to continuation of the reorganization
proceedings.
In its Conclusions the Report
Nov.
Gulf
&
West
Period End.
Operating
It is apparent that the probable future earnings of the debtor's property.
In the light of its earning experience and all other relevant facts, are insuf¬
assure the payment of operating
expenses, with much less prob¬
Sept. 30—
revenues
Oper. exps.
(incl. dep.).
below.
Arlington & Fairfax Ry.—Successor—
This company went out of business Jan. 17, 1937, under foreclosure
pro¬
ceedings instituted by holders of 1st mtge. note held by the trustees under
the 1st mtge. purchase fund composed of a group of 2d mtge. bondholders
who subscribed to the fund which was used to
in
January,
A
purchase the 1st mtge. interest
1935.
company known as the Arlington & Fairfax Auto RR. was formed
to take over the assets and certain liabilities of the former
railway.
Sub¬
scribers to the 1st mtge. purchase fund received their pro rata share in
new
49% of the stock in the new company, while 51% of the stock in the new
company was purchased by E. S. Evans of Detroit for a consideration
specified in an agreement entered into with him.
NTTho new company sold and disposed of the electric car equipment of the
former railway also the transmission and distribution system and sub¬
station equipment and is operating the property of the former
company with
Evans's Auto-Railers, a newly developed type of rubber-tired,
gasoline
engine propelled vehicle equipped with retractable flanged steel wheels
which enable it to operate
equally well upon rails or upon public streets and
highways.—V. 141, p. 2581.
Artloom
Net oper. revenue
$88,964
38,103
Interest, rentals, &c
Net income
x These
operating
Loss
$62,409
32,287
Other income.
Loss.
U. S. & State taxes, other than income and
excess
profits.
Net loss
Associated Gas & Electric Co.—October
$30,122
10,108
Output Up 4%—
An increase of 4.0% in electric
output was reported for the month of
October by Associated Gas & Electric System.
Production amounted to
403,612,576 units, (kwh), which is 15,405,831 units above October a year
ago.
This moderate increase extends the downward trend which
began
in September and has continued
throughout the past two months.
For the year ended Oct. 31,
output amounted to 4,681,536,510 units,
which is an increase of 501,411,384 units or
12.0% above the comparable
figure for the previous 12 months.
Gas sendout for October was 1,877,395,600 cubic feet or
9.2% above last
October.
For the year ended Oct. 31, sendout was up
4.3% to 22,007,504,600 cubic feet
Weekly Electric Output—
For the week ended Nov. 5, Associated
Gas & Electric System reports
90,160,055 units (kwh).
This is an increase of 1,871,-
2.1% above the comparable week
a year ago.
Gross output, including sales to other utilities, amounted to
98,931,603
units.—V. 145. p. 3001.
Associates Investment Co.—Earnings—
for
collision,
(incl.
confiscation
&
1937
$8,325,914
1,678,065
627,287
1936
$6,270,366
1,244,985
455,477
1935
,282,459
464,225
783,645
prov.
1,180,530
391,184
705,527
311,650
441,840
333,123
$4,448,848
2,211
$3,552,727
1,937
$2,259,624
20,756
$4,451,059
1,418,621
Other operating expenses.
no
$3,554,664
1,305,437
$2,280,381
576,097
_
Net income from operations
Other income credit
...
Income charges
saying that "the board will give con¬
sideration later to declaration of a
special dividend on the common stock
to be paid between Dec. 10 and Dec;
distributed profits applying to
termined."—V. 145, p. 2538.
Net income
$3,032,438
225,000
830,210
$2,249,228
190,867
601,923
$1,704,283
99,700
240,000
$1,977,228
_
x
30—
x
After
surtax
$1,456,438
S
Cash
undistributed profits.
Officials—•
This corporation has notified the New York Stock
Exchange that at a
meeting of the board of directors held Nov. 3, R. H. Strain was elected a
Vice-President and E. H. Graham a director.—V. 145,
p.
x
Net loss
x
After
Aviation
Net
'
8 ,594,100
$
6,854,927
Repossessed
Accts.
autos.
114,997
70,866
rec.—sun..
5,957
1937
Acer.Fed.,State
Capital
stock
30—
subsidiary
Ins.
Inc
of
Prepaid int.
____
Total
250,000
250,000
dealers
Baldwin Rubber
Period End. Sept. 30—
Net profit
446,931
250,000
395,355
Res. for losses
1 ,920,061
4 ,714,924
1,215,908
4,050,050
10-yr. 3% debs...12 ,000,000
Pref. capital stock,
cum,,
6 ,000,000
Common cap. stk 2 ,796,364
Earned surplus
9 ,037,729
x
6,000,000
1,981,123
per
share
Represented by 418,235
—V. 145, p. 1409.
no
par
1937—3 Mos.—1936
$66,162
$56,643
$0.21
$115,896
on
un¬
1937—9 Mos.—1936
$401,828
$301,706
$1.26
$1.08
$0.20
x After
charges and Federal income taxes, but before provision for
Federal surtax on undistributed profits.
Note—As the result of distributions made to stockholders no
profits re¬
main undistributed and the
company is not liable for surtax on undistributed
profits in the nine-month period of 1937.—V. 145, p. 2218.
Baltimore
Radio
Reduced—Initial Div.
Th
Show
on
Inc.—Stock
Split,
Par
Value
New Stock—
e
company recently reduced the par value of its common stock from
$1 per share to 20 cents per share and accordingly increased the
number of
outstanding shares five times.
The directors on Oct. 28 declared a regular dividend of five cents
per share
on the new common stock,
par value 20 cents, payable Dec. 1 to holders of
record Nov. 15.
The following dividends were paid on the old
$1 par
common stock:
25 cents on Sept. 1, June 1 and March 1, last $2
per share
on Dec. 28, 1936
$1.25 on Dec. 1, 1936; 50 cents on Sept. 1, 1936 and 25
cents per share paid on June 1, 1936, this latter
being the first dividend
paid on the common stock.—V. 143, p. 2991.
Bangor & Aroostook RR.—Change in Collateral—
The Old Colony Trust Co. as trustee under this
company's consolidated
refunding mortgage deed, dated July 1, 1901, has notified the New York
Stock Exchange that it has received the
following securities as additional
collateral
under
said
deed:
Bangor & Aroostook Railroad Co., Washburn
1, 1939 and
56,000 principal amount Bangor & Aroostook Railroad Co., St. John
River Extension 5% bonds, due Aug. 1, 1939.—V.
145, p. 2835.
mortgage
amount
Extension 5% bonds, due Aug.
Bangor Hydro-Electric Co.—Earnings—
1937—Month—1936
$191,962
$182,308
67,357
60,047
29,700
20,000
11,181
10,890
Gross earnings
Operating
expenses
Depreciation
Net oper. revenue
1937—12 Mos.-
$2,210,657
761,358
325,000
137,131
$2,153,008
724,835
242,350
175,055
$83,724
23,985
on com.
pref. stock.
stock.
Balance
—V. 145, p.
shares in
$987,168
301,692
$1,010,769
375,888
$53,796
25,483
18,101
$685,476
305,794
217,216
$634,880
305,794
181,013
$16,155
on
$91,372
37,575
$59,739
25,483
18,101
charges
$10,212
$162,466
$148,073
2382.
Beneficial Industrial Loan
1937
$16,382,491
(incl.
--
Operating income
Operating
exps.
provision for doubtful
loans)
Net operating
Income credits
Corp. (& Subs.)- -Earnings
1936
84,437,513 61,047,587
1937 and 403,080 in
1936.
The directors at a special
meeting held Nov. 8 declared an extra dividend
of $1 per share in addition to the
regular quarterly dividend of 75 cents per
share on the common stock, no par value, both
payable Dec. 31 to holders of
record Dec. 10.
An extra dividend of 75 cents per share was
paid on Dec.
31, 1936.
See V. 144, p. 3486 for detailed record of previous dividend
pay¬
ments.—V. 145, p. 1409.
on
6%
conv.
Corp.—Earnings—
The hotel earned at the rate of
2.05% on Its $2,376,000 of outstanding
income bonds for the eight months ended
Aug. 31,
1937, as compared with
0.70% for the full year 1936, according to a report issued by Amott, Baker
& Go., Inc.
The hotel reported net profits before depreciation for the
eight months ended Aug. 31, 1937, of $14,052, against a net loss of
$17,963
n the like period of 1936.—Y.
142, p. 1457.
'
1934
8,850,544
7,742,947
7,602,447
6,741,590
$5,625,279
79,951
$5,272,456
46,349
$4,763,515
238,907
$7,537,762
500,427
$5,705,230
332,275
$5,318,805
(190,665
1,579,704
903,388
1,304
839,449
40,212
$5,002,422
191,877
304,769
635,000
243,339
$5,457,631
$4,468,263
$3,923,307
$3,627,438
_
debs._l
Other interest
Prov. for Fed. inc. taxes
Other income charges
Net income
Net inc. applic.
J
(325,172
to min.
stockholders of subs__
5,470
18,577
$4,468,263
6,389,487
$3,917,838
5,340,358
$3,608,861
$12,089,532 $10,857,750
Surpl .chgs. & credits (net) Dr149,349
Dr74,166
Preferred dividends
565,482
565,482
Common dividends
3,067,387
3,110,876
$9,258,196
Cr8.345
2,354,083
$9,298,482
Drl36,381
565,485
2,354,065
Earned surpl. Sept. 30 $8,307,314
Shs. common stock out¬
$7,107,225
$6,346,974
$6,242,551
2,314,989
$1.68
2,092,444
2,092,444
$1.45
Net income
Earned surplus Jan. l._
$5,457,631
6,631,901
Total surplus
Atlantic City Ambassador Hotel
1935
$13,368,226 $12,874,903 $11,505,105
income $7,531,946
.5,815
Gross income
Total..--
Associates Investment Co.—Extra Common Dividend—•
$82,681
on
capital stock
Int.
x
1937—9 Mos.—1936
6,913,295
111,070
84,437,513 61,047,5871
1410.
-
Co.—Earnings—
9 Mos. End. Sept. 30—
651,716
5%
on col.
trust notes, &e_.
1,363,995
666,529
Co.,
-
1,431,406
Unearned income.
92,119
1937—3 Mos.—1936
$60,475 prof$58,374
loss
.
Assoc.Build.Co.,
a
Emmco
&
local taxes (est.)
auto,
119,116
$949,316
p.
After depreciation, Federal income taxes, &c, but before surtax
distributed profits.—V. 145, p. 1249.
Dividend
Funds with'd from
equip.— deprec.
value
$1,418,617
x
1936
Liabilities—
S
5
Col. tr. notes pay.45 870,500 38,871,500
Accts. payable
38,213
Office furniture &
1937—9 Mos.—1936
$100,028
Corp. of Del. (& Subs.)—Earnings—
Period End. Sept.
x
1937—3 Mos —1936
$703,449
2217.
Subs.)—Earnings—
depreciation, taxes, minority interest, &c.—V. 145,
Dividend
1936
Notes receivable. .74 ,511,057
53,380,392
$0.49
$1,364,583
Condensed Balance Sheet Sept. 30
1937
$71,095
$0.75
capital stock
depreciation, Federal and State income taxes, &c. but before
on
New
1936
$46,739
on
Surplus
Assets—
1937
Net profit
Earnings per share
Fixed
Surplus
31, when effect of the surtax on un¬
1937 earnings may be more accurately de¬
Atlas Tack Corp.—Earnings—
9 Months Ended Sept.
Taxes accrued
Preferred dividends
Common dividends
Pay lb-Cent Dividend—
and extra dividends of 25 cents in addition to
regular quarterly dividends
of 50 cents per share were
paid on Dec. 10, Sept. 10, June 10, and March 10,
1936.
In connection with the declaration of the current common
dividend,
the company issued a statement
Period End. Oct. 31—
Gross income
$1,837,122
1,048.982
par
$40,000 principal
con¬
version losses)
$1,283,450
998,343
a dividend of 75 cents
per share on the com¬
value, payable Dec. 10 to holders of record Nov. 30.
This compares with $1 paid on
Sept. 10, last; 75 cents paid on June 10 and
March 10 last.
A special dividend of 50 cents was
paid on Dec. 24, 1936,
stock,
Earnings
'
$231,083
112,015
Atlas Powder Co.—To
x
Salaries
Branch office expenses
Prov. for losses on recs.
$1,796,622
40,500
The directors have declared
$40,230
-V. 145, p. 3000.
9 Months Ended
Sept. 30—
Gross income from operations
$1,244,678
38,772
no
Period End. Aug. 31—
31,774,354
1,774,196
5,050
58,062
.
or
$227,913
3,170
Ioss$55,176
$119,068
$285,107
$788,140
earnings are before any year end audit adjustments,
provision has been made for surtax on undistributed profits as the
earnings cannot yet be determined.—V. 145, p. 2538.
and
Earnings for 9 Months Ended Sept. 30, 1937
318 units
$2,108,682
312,060
Auburn Automobile Co. (&
Cost and expenses
Adjustment of inventory to market value
Idle plant expenses
net electric output of
$1,706,325
461,647
$54,056
109,232
Gross income...._
$278,965
51,052
$50,861
3,195
Operating income
Other income
Corp.—Earnings—
Net sales
(&
1937—Month—1936
x 1937—9 Mas.—1936
$2,056,467
$2,155,969 $20,764,699 $18,598,818
1,967,503
1,877,003
19,058,374
16,490,136
Taxes
mon
Arlington & Fairfax Auto RR.—Acquisition—
Lines
x
ficient to
See Arlington & Fairfax Ry.
Steamship
Subs.)—Earnings—
of the Commission States:
ability of earning the fixed interest and sinking fund charges on such se¬
curities as would be required for securing sufficient new capital to affect a
reorganization.
The trustees may have some ground for hopes of increased
traffic, particularly from the Burrton oil field, but the evidence as to the
probable realization of those hopes is not sufficiently persuasive to support
the plan of reorganization proposed.
The result of operations during the
first eight months of 1937 tends to negative rather than justify the forecast
of increased earnings for the current year.
In the light of the facts disclosed
by the record, we are of the opinion that we would not be justified in pro¬
posing a plan of our own.
We accordingly refuse either to approve the plan of reorganization pre¬
sented or to approve a plan of our own at this time, without prejudice to
further proceedings herein.—V. 145, p. 1409, V. 137, 1237; V. 135, p. 4211.
Indies
13
7
standing
Earnings
per share
2,314,989
$2.11
.
565,484
$1.60
5,689.621
Financial
145
Volume
$
rec.68 ,012,321 52,885,100
Fed.
Miscell.
and
283,194
354,387
Other curr. liabil
notes
24,381
Real estate
c
Income tax..
69,244
Due to assoc.
15,202
28,276
672,661
198,141
45.433
15,503
28,800
Furn. & fixtures.
Deferred charges..
Other assets
230,616
205,654
676,408
691,122
2,556,926
Empl. thrift accts.
2,442,589
Deferred income
receivable
accts.
S
bks.27,060,000 10,630,000
b Instal. notes
Investments
1936
$
Liabilities—
Notes pay. to
3,464,992
7 ,482,829
Cash
1937
1936
$
co._
776,536
566,440
2,112,335
Res. for ins., &c__
139,091
Unearned discount
......
1,205,313
304,506
Outside int. in sees,
12,500
12,500
Preferred stock
10,770,650 10,770,650
16,585,168
a Common stock__16,5S6,168
6,983,828
Paid-in surplus
6,983,828
7,107.225
Earned surplus... 8,307,314
of sub.
76,479,244 57,169,170
Total
cos.....
76,479,244 57.169.170
Total....
shares of common stock which are now
being paid a guaranteed dividend of $5 a year jpaider the Public Control Act.
It was pointed out to trustees by GoveiT"y Hurley that tremendous*
savings were made in 1931 at the time of the extension of the Public Control
Act by retiring the preferred stock of the elevated, which had been receiving
dividends at the rate of $7 and $8 per share, and substituting bonds of the
company which were taken up by the Boston Metropolitan District from
funds which the District raised at very low interest rates.
The Governor directed the trustees' attention to the substantial savings
that would result by Refinancing the common stock and taking advantage
of low interest rates on which it is now possible for the Boston Metropolitan
District to sell its tax exempt securities.
The Governor stated that it was
his intention to recommend to the incoming legislature enabling legislation
to provide means of securing this substantial reduction in the present cost
now being borne by car riders of the Boston Metropolitan District.
The
savings which would be effected, together with resulting savings in Federal
taxes, the Governor believes, should reduce by at least half the present
cost of service expense with reference to the common stock.
(Boston "News
Bureau").—V. 145, p. 1893.
District to refinance the 238,794
Consolidated Balance Sheet Sept. 30
1937
Assets—
3189
Chronicle
Represented by 2,314,989 no par shares,
b After reserve for doubtful
$3,330,159 in 1937 and $3,135,328 in 1936.
c After depreciation
reserves of $613,034 in 1937 and $640,331 in 1936.—V. 145, p. 2686.
Borg-Warner Corp.—Earnings—
a
notes of
[Including Constituent Companiesj
Registration—
listing and registration
cumulative preferred stock, par $34 and the refunding mortgage
March 1, 1950. (Interest dates M.-S, 1).
V. 145, p. 3001.
The New York Curb Exchange has admitted to
the
1936
:
1935
$7,164,941
$6,202,445
379,288
307,111
$8,592,797
1,433,907
379,234
1,218,501
$7,544,229
1,365,773
249,557
1,067,255
$6,509,556
1,268,197
M0,343
8,009
$4,552,801
1,156,598
360,254
514,697
Net profit
x$5,561,156
Pref. divs. of constituent
x$4,861,644
$4,213,008
$2,521,252
88,564
167,496
168,616
Profit after expenses
Other income.
____
7%
Net
x$29,976
profit
Federal income taxes and provision
for surtax estimated to June 30, last, but no provision has been made for
normal Federal income and surtax on undistributed profits for third
quarter, July 1 to Sept. 30, 1937—V. 145, p. 2218.
x
After interest, depreciation, normal
Corp.—Sued for Payment in Guilders—
Bethlehem Steel
bondholders
Two
to con
on
Oct. 23 instituted separate suits in Federal
pel Bethlehem Steel Co. to redeem bonds on
Court
Sept. 1 last.
Under the indenture,
according to the plantiffs, the bonds were to
be
paid in gold if presented in the United States, and in guilders if presented
Mr. Glaser's bonds were offered on Oct. 2 in Amsterdam
and Mr. Schwalbe's on Oct. 24.
Both demanded 2,480 guilders for each
in Amsterdam.
bond but payment was
refused, they set forth.
Bigelow-Sanford Carpet Co., Inc.—50-Cent Dividend—
dividend of 50 cents per share on the
common stock, no par value, payable Dec. 1 to holders of record Nov. 20.
This compares with $1.75 paid on Sept. 1 last; 75 cents paid on June 1
last; 50 cents paid on March 1 last, and dividends of 25 cents per share
previously distributed each three months.
In addition a special dividend
of $2 per share was paid on Dec. 3, 1936.—V. 145, p. 1091.
directors
have declared
Birman Electric Co.
Period End. Sept. 30—
Net inc. before Fed. tax.
The
stockholders
a
1937—3 Mos.—1936
$107,937
$121,768
1937—9 Mos.~ 1936 *
$407,196
$337,490
have been called to a special
of ten large preferred stockholders have agreed to
with the cash dividends they will receive on account of arrearages on
a group
buy,
their
stock and serial notes of the com¬
The management is therefore seeking authority to increase the
proposed 5% convertible preferred stock issue from 52,601 shares to 80,000
pany.
sh&rfts
'
'•<*
20,074 shares of 8% first preferred stock, or 66.6% of the total;
of 20,117 shares of class A second preferred stock, or 98.6% of the total,
and of 15,959 shares of class B second preferred stock, or 54.8% of the total
have agreed to the purchase of new convertible preferred stock and notes.
It is proposed to issue to the ten holders of the above preferred shares
23,260 new 5% convertible preferred shares and $273,795 unsecured serial
notes.
There will be payable to all other preferred holders the sum of
*236,753 in cash, in the manner provided in the original plan.
Assuming
consummation of the plan, these issuances and payments will be made on
Dec. 10.
(For details of original plan, see V. 145, p. 1250.)
Net income of E. W. Bliss Co. and domestic subsidiaries, exclusive of
the London branch, totaled $560,082 for the first nine months of 1937,
equal after normal dividend requirements on senior stocks of $1.20 a share
on 336,587 outstanding no-par common shares.
Ended Sept. 30, 1937
[Including domestic companies, exclusive of London branch]
for
Nine Months
depreciation, Federal taxes, &c
$560,082
Earnings per share on 336,587 common shares (no par)
_
x$l .20
x After allowing nine months,
dividend requirements on 30,000 shares
(par $50) of 8% 1st pref. 20,400 shares (par $50) of 7% 2d pref. class A
and on 29,503 shares (par $10) of 6% 2d pref. class B stocks.
As of Sept. ,30, 1937, accrued unpaid dividends on the outstanding 1st
pref. stock, 2d pref. stock class A and 2d pref. stock class B aggregated
$1,052,335.—V. 145, p. 2383.
Net income after
Boeing Airplane Co. (&
Period End. Sept.
30—
Subs.)—Earnings—
1937—3 Mos.—1936
Sales, oper. revenue and
other income.
1937—9 Mos.—1936
$333,566
271,500
$5,040,231
4,507,467
$1,786,734
1,566,885
17,736
88,167
69,154
61,256
5,041
$121,546
695,653
$0.17
$39,289
521,882
$0.07
$375,443
695,653
$0.54
Earnings per share
26,881
$131,712
521,882
$0.25
—V. 145, p. 1250.
Bohn Aluminum & Brass
Period End. Sept. 30—
x
Net
profit
After
taxes
and
1937—9 Mos.
$1,001,535
$1,74
$0.87
$4,94
$2.84
Federal surtax on
$0.85
Bond Stores,
charges but
Inc.—Sales—
Period End. Oct. 30—
—V. 145, p.
Boston
1937—Month—1936
1937—10 Mos.—1936
$2,425,466 $16,052,430 $13,417,611
$2,823,429
Sales.
2383.
Elevated Ry.—Governor
StOCk
Hurley Would Refinance
.
5 with the trustees with a view to
devising means of reducing the deficit under which the company has
operated for several years.
The Governor advised trustees that he was
much concerned because of increasing annual deficits and desired to exhaust
every means possible to bring about a reduction in this charge upon tax¬
payers.
He laid stress upon the possibility of making a substantial reduc¬
tion in the present cost of service by utilizing the Boston Metropolitan
Governor
Hurley conferred Nov.
Federal surtaxes on
$4,045,512 .1 !2,349,865
1,150,938
1,150,938
$2.04
$3.52
undistributed profits.
Consolidated Balance Sheet Sept. 30
$
■-xyv
9,763,320
898,533
y Investments2 669,639
117,332
Goodwill, pats., &c
1,258,322
2,362,190
133,287
Prepayments & de¬
ferred charges
After
x
common
p.
Accounts
depreciation,
y
9 ,091,577
7,357,236
208.046
Includes
stock
204.171
911,289
673,323
974,859
payable,
Federal tax, &c_
Adv. royalties
and
other def. lnc___
Refrigerator main¬
tenance fund...
Special reserves.
_.
Appraisal and cap.
surplus
...11 321,172 11,406,016
9,812.193
Earned surplus
14 ,234,130
48,748,877 43,443.395
Total
48,748,877 43,443,395
Total
1
$
12 ,309~340
1,380,000
12,308,920
Preferred stock
Common
'
%
Liabiltties—
$
13 ,691.586
Inventories
1936
1937
1936
1937
Assets—
Prop, plant &eq. 14 680,945 13,910.677
Cash
5 ,590,864
7,417,869
Marketable secur. 3 199,667
3,254,437
Notes <fc accts. rec_ 7 ,900,312
5,340,269
Due fr. closed bks.
3,024
x
159,850 (79,925 in 1936) shares of
of Borg-Warner Corp.—V. 145»
and 296 shares of pref. stock in 1936
3002.
v
:
Boston, Revere Beach & Lynn RR.- —Earnings—
Period End. Sept.
30—
Net loss.
1937—3 Mos.—1936
2,057,213
2,251,622
10.28 cts.
10.28 cts.
$14,278
prof$8,963
1937—9 Mos.—1936
5,538,228
5,980,607
10.27 cts.
10.34 cts.
$91,356
$44,635
—V. 145, p. 599.
Co.—Earnings—
Earnings for 9 Months Ended
Sept. 30, 1937
but before
profit after deprec. and Federal income taxes
Net
$1,030,057
$3.43
undistributed profits taxes
$5)
Earnings per share 300,0000 shares capital stock (par
—V. 145, p. 1250.
British Columbia Power Corp.,
Period End. Sept. 30—
Operating expenses
Net
Ltd.—Earnings'—
1937—3 Mos.—1936
$3,685,148 $3,605,079
2,166,885
2,063,360
1937—Month—1936
$1,234,222
$1,171,584
711,708
649,631
$521,953
$522,514
earnings
p. 2383.
V-
^
$1,541,719
$1,518,263
145,
-V.
Brooklyn-Manhattan
Law—
.
Transit
Corp.—Court
Upholds
Closed Shop
The
legality of the closed shop for labor
unions has been upheld by State
Supreme Court Justice Mitchell May of New York, who ruled against six
employees of four companies affiliated with the Brooklyn-Manhattan
Transit Corp., which has signed closed shop agreements with the Transport
Workers Union of America, a C. I. O. affiliate.
The Court denied their
application for a temporary injunction to restrain the companies from
discharging them for their failure to join that union, holding that labor
unions, under the general business law, are exempt from offense of pro¬
visions forbidding monopolies.
The Court also ruled that a contract between an employwr and a union
Srovidingexpressed by shopLegislature."—V. 145, p. 3002.
for a closed the "is in consonance with the public
tate as
Brown
Co.
Assents Are Not
Herbert J.
Speeded—
Brown,
for delay in approving
reorganization plan has now been removed" by
Portland, Me., of
the Coverdale & Colpitts
properties and earning power.
letter he
Nov. 8, told security
the company's
the filing in Federal Court,
report on the company's
President of the company, on
holders that the "last serious reason
a
policy of the
(Me.)—fteorganization May Be Jeopardized if
urged bondholders and stockholders to
immediately assent
plan so as not to jeopardize the company's efforts to eliminate the
trusteeship which he pointed out would prove costly to all security holders.
"The report substantiates in nearly every detail the calculations and
to the
estimates upon
which the company's reorganization
plan was based," he
declares in the letter which was sent to more than 10,000
stockholders and general creditors and included a 20-page
bondholders,
digest of the
engineers' report as it relates to the proposed reorganization of New Eng¬
land's largest pulp and paper producer.
"That this is so is not surprising," he added, "because the officers of the
company's affairs
plan."
<
naturally had a very definite knowledge of the
and its future earning power before drafting the reorganization
1936
before provision for
undistributed profits.—Y. 145, p. 1250.
x
No provision was made for
x
$4,773,080
1,150,967
$4.14
company
Corp.—-Earnings—
1937—3 Mos.—1936
$301,778
$307,693
Earns, per sh. on 352,418
shs. cap. stk. (par $5)
Surplus after pref. div. $5,561,156
common stock.._
2,302,018
Earnings per share.
$2.41
Shares
In
x
$1,634,595
Costs and other deduct1,459,662
Depreciation
29,062
Federal income taxes
24,325
Net profit
Shares cap. stock
...
Gross earnings
Holders of
Earnings
2,771
Borg-Warner
Bower Roller Bearing
which
public
at this time.
holdings, additional new 5% preferred
divs.
Corp.
meeting on Dec. 9 to
amendments to the recapitalization plan of Aug. 17, under
it will be provided that no additional securities will be sold to the
approve
Instead,
Pref.
$4,084,452
468,349
______
Passengers carried
Average fare
(& Subs.)—Earnings—
Co.—Recapitalization Projmsed—-
(E. W.) Bliss
...
of the bonds and interest
the bonds were offered.—
sought represent the principal
on the exchange valuation of the guilder when
V. 145, p.2836.
The amounts
The
____
companies..
the basis of the value of
guilders in Amsterdam, Holland, and sought recovery of a total of $173,917.
In the first action, Benjamin Glaser, of 109 East 153rd St., the Bronx,
sued for $84,034, and in the second, Milton I. Schwalbe, of 940 St. Nicholas*.
Avenue, demanded $89,883.
In complaints filed by their attorney, Abraham
I. Pomerants, Mr.
Glaser said he holds 57 first consolidated gold bonds, Series A, issued by
Lackawanna Steel Co., and Mr. Schwalbe 60 bonds of the same issue.
The
bonds were taken over by Bethlehem Steel, which called them for redemption
on
__
Depreciation
Interest, &c
Federal tax
Earnings for 9 Months Ended Sept. 30, 1937
■
_
Total income
bonds, 6% convertible series, due
Berkey & Gay Furniture Co.—Earnings—
1934
1937
$8,120,812
471,985
9 Mos. End. Sept. 30—
Locomotive Works—Listing and
Baldwin
the plan, he reminded
by representatives of a
urging that bondholders now act to support
them that the principal reason advanced for delay
In
minority of bondholders was that no action should be taken until receipt
of the Coverdale & Colpitts engineering report which was ordered by the
trustees with the approval of the court.
The letter said that the sustained earning power of the company, as
estimated by Coverdale.& Colpitts, was
$3,500,000 a year after depreciation
and depletion, but before fixed charges and income taxes.
Mr. Brown pointed out that such earnings year in and
cover
bond interest by more than 2 H
year out would
times, adding that in view of this
longer any reason why any bondholder should not speedily
assent to the proposed reorganization.
He told preferred stockholders
that further delay in putting the plan into operation can only work against
the interests of this group who have had no return on their investment for
fact there was no
six years.
He declared
'
that the company's indicated
sustained earning power would,
by
the average, be sufficient to cover preferred dividend requirements
more than three times, after increased depreciation charges, interest charges
on
debt requirement, according to the estimates
contained in the report, provided the expansion at La Tuque, Quebec, and
the improvements at Berlin, N. H., as proposed in the reorganization plan,
on
are
bonds and notes and yearly
carried out.
,
3190
Financial
Chronicle
The
digest of the Coverdale report, which was prepared for security¬
holders, in order that theyjgght see exactly how the report parallels the
reorganization plan, ended Mtn the following conclusions which the com¬
pany arrived at after carefurstudy of the complete report.
1.
That
current
and
immediately
prospective
earnings
justify
Nov.
California Oregon Power
Years Ended Sept.
Operating
Operating
an
immediate reorganization of the company.
2.
That the expansion of La Tuque is an essential and vital element in
Co.—Earnings—
30—
1937
$2,794,411
£>r44,943
equities of this company in
Amortiz. of prelim, costs of projects abandoned
Amortiz. of debt discount & expense
Other income deductions
__
balance sheets.
-
Net income
The bondholders' protective committee of which Charles
Francis Adams
is Chairman and Serge Semenenko is
Vico-Chairman, has been advised that
the trustees of the company have just filed in the U. 8.
District Court at
Portland a letter from Forester James W. Sewall
denying that he placed a
valuation on the timberlands of the
company.
Mr. Sewall's letter states
in part:
300,000
$2,449,468
238,073
841,724
45,047
203.132
19,684
$2,341,731
239,589
943.927
33,785
179,800
12,000
$1,101,807
Gross income.
Rent for lease of electric properties.
Interest charges (net)
of those shown in the
$2,641,731
300,000
$932,630
reserve
That the Berlin improvements classified should be undertaken and
financed out of earnings.
6.
That the report on timberlands indicates very large values for the
excess
$2,678,374
Dr36,643
$2,749,468
Net opeating revenue & other Income
(before
appropriation for retirement reserve)__
Ex-pert Forester Denies Any Valuation Made in Company
Report—Bondholders' Committee Formulating Plan—
$4,304,720
al,626,345
expenses, maintenance and taxes.
Appropriation for retirement
5.
1936
$4,685,976
1,891,565
revenues
Net oper. rev. (before
approp. for retire, res.)
Other income
the Brown Co. destiny.
3.
That the study of sustained earning power indicates that the
capital
structure proposed in the plan, assuming the La Tuque
expansion, is
reasonable and sound and will amply support the proposed
capital structure.
4.
That the study of working capital requirements supports the
plan
in every respect.
13, 1937
a
Including $50,006 for amortization of extraordinary operating expenses
deferred in 1931.
Note—No provision has been made for Federal income taxes or surtax on
undistributed profits for 1936 as the company claimed as a deductiion in
its final income tax return for that
year the unamortized discount and ex¬
pense and
rtUnder date of Oct. 29, 1937 I received from Coverdale &
letter calling to my attention certain statements in
the
Colpitts a
public press which
might be interpreted as our having put a valuation on the timberland of
the Brown Co. and the Brown
Corp.
"No attempt at such valuation is
made in my report or the summary
thereof, which latter forms a part of the Coverdale &
Colpitts report
moreover, the summary above mentioned refers
specifically to my full re¬
port and to all qualifying statements therein.
redemption premium
bonds and debentures
ana expense on
deemed in 1936 which will result in
taxable income for 1936—V.
no
2539.
p.
Canadian International
Accumulated Dividend—
The
directors have declared
a
Investment
dividend
of accumulations
of $1.25
Trust,
per
share
re¬
145,
Ltd.-
on
account
on the 5% cumulative
preferred stock, par $100, payable
Dec. 1 to holders of record Nov. 15.
Similar amount was paid on Sept. 1
and June 1 last, and dividends of
$2.50 were paid on March 1 last and on
Dec. 1, 1936.—V. 145, p. 2066.
"In order to arrive at a
reasonable estimate of cost of wood at plants,
fair present stumpage worth
per cord is set up for both the Brown Co.
and
a
Corporation wood.
But, as stated on page 17 of my Brown Corp.
report, 'ft is not fair to place those values on the whole amounts of
stump-
age as of this
date, as a long period would necessarily elapse before so large
quantities of wood could be liquidated.
The prices set are of a retail na¬
ture, to be cut immediately from year to
year.
Increasing demand and
decreasing supply may strengthen them.
Cost of carrying must neces¬
sarily diminish them.' "
Canadian National
Ry.—Earnings—
Earnings of System for Week Ended Nov. 7
1937
—V. 145,
1936
$4,068,109
Gross earnings
In order that bondholders
may be in a position to paBs independent and
informed Judgment upon the information
developed by the Coverdale &
Colpitts survey, the committee is
arranging to have the full text of the re¬
port available for distribution to security holders next week.
In the mean¬
time, the committee is requesting bondholders to refrain from
any action
based on the debtor
company's recent press releases purporting to interpret
the survey.
The committee is now
reviewing the situation in the light of a complete
study of the Coverdale & Colpitts
report and is
$3,917,926
Increase
$150,183
p.3003.
Canadian Pacific
Week Ended Nov. 7—
Traffic earnings.
Ry.—Earnings—
1937
1936
$3,052,000
$3,023,000
—V. 145, p. 3003.
Increase
$29,000
Capper Publications, Inc.—Registers with SEC—
formulating definite plans.
The company on
Oct. 29 filed with the Securities ^njl Exchange Com¬
registration statement (No. 2-3492, Form E-l) under the Securi¬
1933, covering the issuance of 4 % 6-month 1st mtge. certificates,
series 2; 4>A% 1-year 1st mtge.
bonds, series 3; 5% 5-year 1st mtge. bonds,
series 4; and
5J4 % 10-year 1st mtge. bonds, series 5, in an aggregate amount
not to exceed $5,000,000.
Part of the securities are to be issued in exchange
on a dollar-for-dollar
basis, for 5% to 7% Capper certificates issued by
Arthur Capper as an individual and
outstanding in the amount of $3,971,350.
According to the registration statement, any of the securities being
registered which are not required for the exchange offer, are to be offered
publicly and part of the cash proceeds will be used to redeem the
It will shortly present its
proposals and recommendations.—V. 145, p. 2837.
mission,
a
ties Act of
Brown Fence & Wire Co.—Sales—
•
««Tj!1£~company
sports gross sales for Oct.,
$282,273 for October last year.
1937,
$255,151
as
against
Sales for the first four months
of the current fiscal year, ended June 30,
1938, were $1,046,086, as against $1,037,977 for the similar
period last year.
A special Christmas
catalog was mailed to the company's customers on
Nov. 1.
This is the first time in the
history of the company that an attempt
has been made to secure
holiday business.—V.
145,
p.
3002.
Capper
certificates which are not
exchanged for the new securities.
The balance
of the proceeds are to be used
by the company for general working capital,
a portion of which
may be used, in the absence of other available funds,
for the payment of interest
upon Capper certificates.
'
The company was formed in
Bucyrus-Erie Co.—Larger Interim Dividend—
The directors have declared an
interim dividend of 50 cents per share on
the common stock
payable Dec. 16 to holders of record Dec. 1.
An interim
dividend of 25 cents per share
was paid on Oct.
16, last, this latter being
the first payment made since
July 1, 1931, when a regular quarterly divi¬
dend of 25 cents per
share was
distributed.—V. 145,
Buffalo Niagara Electric
p.
October,
1893.
new
Corp.—Earnings—
revenues.
Operating income
Non-operating income (net)
Amortization
profits.—V. 145, p. 1250.
Bullard Co.—Abandons Plan—•
ei'eo^» t0 take
no action with relation to the amendment of the
incorporation.
This constitutes complete abandonment of
the proposed plan to
authorize and issue the convertible preferred stock and
the additional common
stock.—V. 145, p. 3003.
of
Butler's, Inc.—Sales—
Period End. Oct. 30—
-
1937—Month—1936
$111,271
$89,613
1937—10 Mos.—1936
$992,664
$808,926
The company is
operating 17 stores in 12 cities.—V. 143, p. 1868.
per share.
1937—3 Mos.—1936
$43,009
$7,425
$0.07
_
1937—9
$93,984
on
shares capital stock
undistributed profits,
(par $5).—V. 145,
Bulova Watch Co.
(&
3 Months Ended
Gross income
$0.02
Sept. 30—
y
Earnings
per
share
1937
a
tax...
$903,103
bl70,081
$ 912,066
$2.81
stock
600,000
$1,073,184
$744,122
351,742
~~$392,380
12,518
163,560
cl31,609
$404,898
167,400
66,939
$778,015
$170,559
$2.67
1937
Premium
on
Net earnings
—
V
«
I4d, p. &Oou*
$374,253
145,308
$246,356
$228,945
$3,676,688
1,534,502
$3,370,646
1,285,552
4,340
5,509
7,008
13,661
$350,335
244,380
65,298
14,940
$463,454
286,766
93,581
$544,434
320,541
132,909
"
1
sale of Dominion of Canada
Total
385
revenue
Development and mining expenditure
Mill operating
Re-treatment of tailings
-
_
Silicosis assessment
Insurance
Bullion expenses.
_
1,604
5,356
5,357
5,855
8,529
7,325
9,059
18,033
18,782
23.749
47,597
49,481
43,305
55,895
57,171
78,316
$100,607
Administrative and general expenses.
Revenue for deprec. of bldgs., plant
equipment-
Other charges
Loss for the period.
$2,142,186
$2,085,094
—
$50,366
$84,638
Balance Sheet Aug. 31
Assets—
1937
$137,598
Bullion on
hand..
Acc'ts receivable._
Call loan
Mat'.s A suppliesInvestment
x
Plant, equip.
buildings
8,138
5,730
50,000
69,676
1936
$41,827
31,526
432
125,000
68,176
Assets
(.Concl.)—
Comm. A disc,
The directors have declared a dividend
of $6.75 per share on account of
on the
0y2% cum. pref. stock, par $100, payable Dec. 1
to holders of record Nov. 18.
This compares With $6 paid on
Sept. 7 last;
$2 paid on June 18 last; $1.75 paid on March 20
last; $2.75 on Dec. 23,
1936, and $3.25 per share paid on Oct. 1, 1936, this latter
being the first
payment made on the stock since Dec. 15,
1932, when a regular quarterly
dividend of $1.62>£ per share was
accumulations
distributed.—V. 145,
p.
1895.
Co., Ltd
Mining property
Mine devel.
Organlza'n,
1937
$156,530
$156,530
3,936
3,868
1,010;919
Unexpired insur'ce
Workmen's Comp.
1,828
909,960
Board..
Deficit
_
A
83,697
108,794
16,259
3,012,700
28,455
3,048,700
__
acc't.
44.763
75,380
2,979
18,952
Total
Liabilities—
Accounts payable,
y
$4,602,927 $4,619,429
1937
1936
$16,555
$33,057
Capital stock... 4,586,372
4.586,372
adm.
A gen. expense.
1936
on
sale of shares
Adv. to Man. Pow.
Canada Wire & Cable
Co., Ltd.—Accumulated Div.—
16 Months
$310,051
209,201
6,167
18,629
revenue
Cash
$419,956
173,600
1935
Year
$444,284
bullion sold
Interest
on
1936
Year
$338,987
$0.46
Canada Northern Power
Corp., Ltd.—Earnings—
Period End. Sept. 30— 1937—Month—1936
1937—9 Mos—1936
expenses
Ltd.—Earning,
Period Ended Aug. 31—
Bullion revenue..
1935
513,642
,
'
bonds
1936
$1,416,745
$1,453,322
265,707
c275,549
$13,782
Central Manitoba Mines,
f a Includes provision for doubtful notes and
accounts, &c.
b Including
profit on gold conversion, less loss from
foreign exchange transactions,
c No provision
made for Federal surtax on
undivided net income.—V. 145,
p. 1893.
Gross earnings
$19,767
5,984
owned by the Central Foundry Co. are carried
by the latter as an invest¬
ment, at a value of $49,300 for the first mortgage bonds of that
company
and at a nominal value for the stock and other
indebtedness of that com¬
and
Net profit.
on com
673
Note—This income account is prepared on the same basis as
the proforma income account submitted with the annual
report to the stockholders
for the year 1936.
The book loss of Central Iron & Coal Co. for the period
is not included, because the securities and
indebtedness of that company
Profit
$1,439,544
13,778
income
Other charges
•_
Depreciation & Federal income
on
934.
$2,199,604
760,060
Operating profit
share
p.
Subs.)—Earnings•—
Other income.
^
2,791
17,732
...
30, 1937, resulting in a
net income for the nine months ended
Sept. 30, 1937 of $99,402 after all
charges, including estimated Federal normal income tax of $9,420 but before
provision for Federal undistributed profits tax.
Sundry
Expenses
Operating
13,430
expense
$12,057
$0.15
$0J)1
After expenses and
Federal income taxes, but before
depletion and pro¬
vision for surtax
per
$14,860
and
The net loss of $13,782 for the third
quarter ended Sept. 30, 1937 com¬
with net income of $27,984 for the quarter eneded March
31, 1937
and $85,199 for the second quarter ended June
Mos—1936
x
Earnings
and
pares
pany.—V. 145, p. 2219.
Copper & Zinc Co.—Earnings—
Period End. Sept. SO—
Net income
Total
deprec.
Net loss
At the adjourned
stockholders meeting Nov. 9 it was decided, due to the
present condition of the securities
market and the likelihood of a continua-
Earns
discount
charges,
Net loss before adjustment of Federal income tax
Adjustment of provision for Federal income tax
Net income
y
of debt
interest
interest-.-----——------Depreciation
$728,645
Note—No provision has
been made for possible surtax on undistributed
Butte
3003.
Other
$1,252,022
523,377
Deductions from gross income.
x
p.
income from oper. before
Federal income tax.
Interest on funded debt
Dr97
Gross income
certificate
145,
Foundry Co. (& Subs.)—Earnings-
Net
$1,252,120
.
has issued to Arthur
and
Earnings for Third Quarter Ended Sept. 30, 1937
$5,365,542
4,113,422
deductions
revenue
company.—V.
Central
Earnings for 3 Months Ended Sept. 30, 1937
Operating
Operating
1937
Capper 100,000 shares of $10 par value common stock in consideration of the
transfer by him of certain of the assets of The
Capper Publications.
Arthur Capper, United States Senator from
Kansas, is President of the
Total
$4,602,927 $4,619,429
After reserve for depreciation of
$428,939 in 1937 and $381,342 in 1936
y Divided into 5,000,000 shares of $1 each.
Issued and fully paid (incl.
176,605 shares sold at a discount of 30 cents per
share), 4,586,372.—V.
143, p. 3141.
r
x
Volume
Financial
145
Central Indiana Power Co.
9 Months Ended Sept.
Total gross earnings—
1937
xl936
$3,802,068
$3,355,009
2,259,803
1,965,556
178,316*
139,916
270,000
270,000
388,791
326,198
___
Operation.
-
Maintenance
—
Provision for depreciationTaxes
Net earnings--.
—
on funded debt on subs. co. bonds
$653,337
66,986
362,857
18,656
38,499
6,876
$705,157
66,192
362,857
19,307
Amortiz. of debt discount and expense
38,326
MisceUaneousincozne deductions..,
7,958
— — _
Int.
Int.
funded debt
on
on
City Auto Stamping Co.—Earnings-
(& Sub.)—Earnings—
30—
parent co. bonds.-
-
General interest
3191
Chronicle
Period End.
-
___shs. common stock
undistributed profits.—Y.
Coca Cola Co.
145,
x
y
9 Months Ended Sept. 30—
Net profit
Earnings
x
y
-
share.
per
(& Subs.)—Earnings—
Earnings for 3 Months Ended Sept. 30, 1937
Gross earnings.
$15,311,007
5,190,106
Expenses
Other income (net)
$10,120,901
17,499
Total income
Provision for income taxes
$10,138,400
1,646,700
share
per
on
1937
$189,470
$1.44
132,000 shares capital stock.—V. 145,
Net income
Class A dividends
first
on
1936
$209,694
p.
Coca-Cola International
Class
A
Chrysler Corp.—Plymouth Price Lowered—
The Plymouth division has reduced prices on its de luxe models
by $15
from the initial price list for the 1938 models announced last month.
No
change has been made in the price of the Plymouth standard business
models.
Plymouth originally announced its 1938 model prices on Oct. 18, before
either Chevrolet or Ford, its two principal competitors, had established
their 1938 prices.
Subsequent announcement of 1938 prices by these two
companies showed that the increases on the Plymouth de luxe models were
considerably larger than on the comparable Chevrolet and Ford models.
Plymouth's revised price list for its de luxe line ranges from $730 for the
de luxe coupe to $850 for the de luxe convertible
coupe.
These are Detroit
delivered prices. With the exception of the de luxe convertible coupe, which
is now only $20 higher than the comparable 1937
model, the revised prices
$65
higher
The Plymouth seven-passenger sedan and sedan-limousine, on a
longer
wheel base than the other models, also were reduced $15 from the
original
list, the present prices being $1,005 and $1,095, respectively.—V. 145,
960,070
965,330
111,467
of
Commerce * and
have
received
Colonial Beacon Oil Co.—
Operating expenses—
Interest
1936
1935
1,912
$5,880,492
7,902,152
12,104
$6,083,293
8,657,836
81,394
1934
$8,427,166
9,615,237
130,450
$2,033,764
$2,655,937
$1,318,521
46,293
55,060
10,647
Dr.3,924
$727,763
Gross profit
x
$1,978,703
$2,645,290
$1,322,445
1937
$6,487,980
7,260,123
.
—
Net loss..
applicable to minority interest
Profit
Net
loss
^
Colonial
to
Beacon Oil
amortization included in operating expense, $1,082,698 in 1937; $1,112,876 in 1936; $1,152,439 in 1935, and $1,257,479 in
Depreciation
1934
Note—No
145,
p.
and
deductions
made
for
surtax
Co.—Earnings—
1937—9 Mos.—1936
$369,552
$336,595
230,484
206,008
14,781
16,829
37,332
34,134
28,314,290
4,529,554
35,414,375
13,185,030
1,281,969
32,843,844
13,738,501
4,992,608
1,504,374
16,057,732
7,274,206
3,500,000
12,608,361
7,321,159
1,348,000
5,283,526
Depreciation and depletion
$
143,719,076
30,162,210
5,252,165
-
3,939,202
$109,417
$115,444
Income from operations
Non-operating income (net)
Gross
Interest
on
450
790
$60,085
long term debt
$52,432
$73,865
interest
Taxes assumed on
Before
interest
Net income.
x
provision
Federal income and
for renewals and replacements
undistributed profits taxes, &c.
39,662
1,127
(depreciation)
Note—It is the company's policy to make an appropriation
for renewals and replacements (depreciation) at the end of
and
to the reserve
each calendar
months ended Sept. 30,
therefore, the above statement for the nine
year;
6,027
$84,358
30,298
1,177
540
-.
x
20,234
50,718
816
income
Miscellaneous
$484,781
304,411
before deducting such appropriation.
1937 and 1936, shows results
Balance Sheet Sept. 30
1937
Assets—
Property,
plant
equipment
y
Sinking fund
g.
48
43,096
55,908
4,581
Accts. receivable--
82" 112
Inventories
21,696
75,834
22,468
961
1
Cash
Notes & accts. rec.
investments
5K %
f.
s.
bonds, ser. A,
38,844
22,042
9,787
441,281
300,000
10,669
416,451
300,000
153,688
$720,500
_
Accrued items
Consumers'
meter
deposits
Misc. unadi, cred.
Reserves
Common stock
3,072
3,144
x
807
3,048
Surplus
—
$729,500
20,345
49,695
1,1946
Accounts payable
22,356
149,817
due Dec,
811
—
Special deposit-_.
Misc.
1st mtg.
1936
1937
Liabilities—
1936
&
.-$1 562,922 $1,524,548
__
20,086
1936
$
176,996,028
125,392,676
21,441,142
9 Months Ended Sept. 30—
Expenses, maintenance and taxes
(excl. Federal income tax)
$79,623
4,735
$91,211
29,769
Maintenance
12 Mos. '37
$86,954
4,257
Period Ended Sept. 30—
Taxes
profits.—V.
undistributed
on
1580.
Deferred assets
xl937
Gross operating revenues
-Earnings—
$774,055
9 Mos. End. Sept. 30—
Prepayments
(& Subs.)-—Earnings—
$4,972,817 $4,898,960
Total
Operating revenue—electric
letters
—
1936.
Operation (incl. uncollectible accts.)_
outlining a plan for extending the
maturity and adjusting the interest and sinking fund charges on the out¬
standing 6% first mortgage bonds.
K The plan proposes that the maturity of the $1,204,500 issue be extended
10 years from April 15, 1942, to April 15, 1952; holders are asked to consent
to substitution for the present coupons of new coupons,
payable semi¬
annually, beginning April 15, 1938, at following rates of interest: 3% for
1938-39; 3^%, 194(M1; 4%, 1942-44, and 4^%, 1944-52.
If the plan is approved the Chamber of Commerce will pay into the sink¬
ing fund not less than $12,045 (1% of outstanding bonds) each year, be¬
ginning Oct. 15, 1938, and all earnings from the Chamber of Commerce
Building after payment of fixed charges and sinking fund requirements,
and in addition, such further amounts as directors may appropriate from
any annual operating surplus of the Chamber of Commerce.
I* The plan may be declared effective at any time after holders of bonds
aggregating $850,000 par value shall consent and deposit their bonds with
the First National Bank of Cincinnati, as trustee.
► The proposal was occasioned by expiration on Oct. 15 of the five-year
plan approved by bondholders in 1933, under the terms of which the entire
net income from the building, without deduction for depreciation or sink¬
ing fund, was to be paid to bondholders.
During the five years the bond¬
holders waived the original provisions for interest at 6% per annum and
sinking fund payments of 2% per annum.
During that time bondholders
received regular distribution of income ranging from $40,374
(3.35%)
in 1934 to $49,491 (4.11%) in 1937.
With expiration of the five-year period it was obvious, directors said,
that anticipated net income from the building, plus any surplus arising from
general operation of the Chamber of Commerce, was not sufficient to permit
resumption of the 6% interest and 2% sinking fund payments, amounting
to $104,000 a year.—V. 137, p. 2980.
Cities Service Co.
Surplus..
Represented by 96,007 no-par shares in 1937 and 96,533 no-par shares
y Represented
by 195,064 (195,839 in 1936) no-par shares,
z Represented by 1,560,512 shares no-par in 1937 and 1,566,712 shares nopar in 1936.
a Represented by 192,014 no-par shares in 1937 and 193,066
no-par shares in 1936.
The earnings statement for three months ended Sept. 30 was given in
V. 145, p. 3005.
Merchants'
Exchange—Plans to Extend Bonds—
Bondholders
i6~850
16,850
Colorado Central Power
Chamber
10,445
__
x
P. 3004.
Cincinnati
$965,330
3,916,780
Total-.$4,972,817 $4,898,960
in
x
are
$960,070
Common stockw_ 3,901,280
Reserve for taxes.
101,022
y
stock,
Coca-Cola
1936
1937
Liabilities—
Class A stock.
x
stock,
Coca-Cola-....$3,901,280 $3,916,780
Cash.
of this department.
represent increases of from $58 to $80 over the 1937 list.
Prices on Plymouth's three standard business models
than in 1937.
$2.01
_ _
undistributed profits.
Corp.—Balance Sheet Sept. 30
1936
1937
Assets—
Chicago Burlington & Quincy RR.—Abandonment—
y
share on 3,991,900 shares common stock (no par)
per
Common
z
2540.
The Interstate Commerce Commission on Oct. 29 issued a certificate
permitting abandonment by the company of part of its Quincy^Pike branch
line of railroad extending from milepost 23.19 at Rockport, in a
southwesterly
direction to a connection with the Alton RR. at milepost 29.27 at Pike,
approximately 6.08 miles, all in Pike County, 111.—V. 145, p. 3004.
r
450,000
$8,041,700
$1.59
Inc.—Registers with SEC—-
page
$8,491,700
Surplus
a
Central Soya Co.,
See list given
-
—V. 145, p. 3004.
After depreciation, Federal income and undistributed profits taxes, &c.
Earnings
$1.33
taxes, but before surtax
753.
p.
Note—No provision was made for Federal surtax on
Co.—Earnings—
$498,884
$1.03.
$0.37
$0.51
andliormal Federal income
^
After depreciation
x
on
Earnings
Central Ohio Steel Products
Mos.—1936^
$385,125
Earns, per sh. on 375,000
Operating profit
Net income-----$210,514
$159,461
x To place the results of operation for the
respective periods on a com¬
parable basis, the revenues and expenses for the nine months, period ended
Sept. 30, 1936 have been restated to give effect to certain year-end adjust¬
ments which were applicable to the entire year.
Note—Cumulative preferred dividends of Central Indiana Power Co. not
declared and unpaid at Sept. 30, 1937, amounted to $2,004,917. Preferred
stock dividends at full cumulative rate amount to $32,869 per month.—
V. 144, p. 3491.
1937—9
1937—3 Mos.—1936
$140,056
$192,794
Sept. 30—
Net profit
x
97,711,242
l7,693,544
$1,715,479 $1,689,582
Total---
.-$1,715,479 $1,689,582
Total..
x Represented by
10,000 no-par shares,
y For retirement of bonds.
Note—It is the company's policy to make an appropriation to the reserve
for renewals, replacements and retirements at the end of each year; therefore
proportionate part of
appropriation for the years 1937 and 1936 applicable to the first nine
year.—Y. 145, p. 1094.
,
this balance sheet does not reflect in such reserve the
'
Net operating revenue
income.
Other
Total
income..
Subsidiaries interest and amortization
Subsidiaries preferred divs. paid and
accrued-4,889,644
Minority interests
such
months of the
Columbia
Broadcasting
39 Wks. End. 40 Wks.End.
Oct. 2, *37
Oct. 3, '36
$24,926,420 $18,898,722
income from sales
Operating profit after depreciation
Other income (net)
Gross
Balance
____________________
__________
Interest and amortization of Cities Service Co
Reserve for contingencies
___
Net income
Includes profit and loss adjustments made to Sept. 30,
cludes provision for normal Federal income tax and reserve
x
liability for Federal surtax
p. 2386.
on
1937.
y In¬
for possible
undistributed profits for both years.—V, 145,
Operating income
Other income
Gross income________
Int.
on
long-term debt._
Taxes assumed
on
int
Other interest charges._
Misclll. inc. deductions.
Net income.
—V. 145, p.
________
1093.
—
------
95,931
$3,703,495
650,079
$2,952,546
500,806
$3,053,416
Federal income and surtax
Net profit----
$2,451,740
Earnings per share on 1,707,950 shares combined
class A and B shares
—V. 145, p. 3005.
Columbian Carbon Co.—75-Cent
$53,257
2,186
$47,597
1,581
$363,539
15,445
$366,199
16,069
$55,443
27,743
$49,178
23,743
$378,984
249,708
$382,268
249,321
988
859
6,867
4,752
452
396
3,893
47
47
$26,213
$24,180
$118,468
3,474
— —
$124,721
The directors have declared
2,856,615
59,488
Total income-.—
(& Subs.)—Earnings—*•
(Excl. of Central America Power Corp.]
Period End. Sept. 30—
1937—Month—1936
1937—9 Mos.—1936
Total oper. revenues
$175,854
$155,838
$1,421,738
$1,268,411
Total open. rev. deduct122,597
108,241
1,058,199
902,211
r
3,644,007
—
Citizens Utilities Co.
Subs.)—
(&
Inc.
System,
Period—
a
x
$1.44
$1.79
Special Dividend—
special dividend of 75 cents per share in
addition to the regular quarterly dividend of $1 per
share
on
the common
(v. t. c.) stock, no par value, both payable Dec. 10 to holders of record
19.
Similar amounts were paid on Sept. 10 last.
Special dividends
of 50 cents were paid on June 10 and March 10 last.
A special dividend of
$1.25 was paid on Dec. 10, 1936; 50 cents was paid on June 1, 1930; 40 cents
on Dec. 2, 1935; one of 20 cents was paid on Dec. 24, 1934, and a special
distribution of 25 cents per share was made on March 1, 1934.—V. 145,
Nov.
p.
1253.
Commonwealth Edison Co.—Stock Redemption
The Illinois
Authorized
Commerce Commission on Nov. 5 granted the joint
appli¬
of Northern Illinois for
authority to redeem the $100 par preferred shares of Public Service at $120 a
share, a price fixed in the charter.
It declined to permit payment of the
20% premium on shares held by Edison.—V. 145, p. 3005.
cation of this company and the Public Service Co.
Financial
3192
Columbus & Southern Ohio Electric Co. (&
(Formerly known
as
Subs.)—
Gross operating revenue
General operating expenses
-
—
Maintenance
-
Provision for retirement
State, local, Ac. taxes
Federal income taxes
$3,783,508
120,594
Net earnings
on funded debt..
$3,904,102
1,040,000
2,508
CV27,591
69,359
15,000
Interest
unfunded debt
on
l
Interest charged to construction.
Amortization of debt discount and expense
Amortization of preferred stock discount and expense
Net income
$2,804,826
Note—No provision has been made for surtax on undistributed profits.—
V. 145, p. 1253.
Commercial Credit Co.
(& Subs.)—Earnings—
Period End. Sept. 30—
1937—3 Mos.—1936
1979—9 Mos.—1936
$
$
$
$
Gross purch.receiv'le...230,191,149 188,527.099 726,388,069 590,986,969
Net income after charges
and Federal taxes
3,655,509
3,356,525
10,755,784
8,434,395
a Earns, per sh. on com.
$1.91
$1.77
$5.62
$4.30
a After
providing for minority interest and dividend requirements on
preferred stock.'
Note—No provision made for Federal taxes on undistributed earnings.
Profit for the 12 months ended Sept. 30, 1937, was $14,481,277
against
$10,710,803 for the 12 months ended Sept. 30,1936, while balance applicable
to common stock was equal to $7.57 a share, against $5.42 a share in 12
months ended Sept. 30,1936. Gross receivables purchased for the 12 months
were $924,909,517 against $732,323,848.—V.
145„p. 2068.
Commonwealth Telephone Co.
(Wis.)—Earnings—
Consolidated Cigar
Period End. Sept. 30—
Net profit
Earns, per sh.on
2,650
Balance
$1,130,543
857,512
Net earnings from operations
$273,031
1,893
Other income
Net
earnings
Interest
funded
on
$274,924
109.999
debt
Other interest deductions...
Amortization of debt discount and expense
Other
on
55
charges
Interest during construction
$0.08
1937—9 Mos.—1936
$522,760
$443,553
$0.03
$0.10
Consolidated Edison Co. of New York, Inc.—Hearing
Bond Issue Postponed to Dec. 1—
Milo R. Maltbie, Chairman of the Public Service Commission, has post¬
poned hearing on the application until Dec. 1.
NLRB Orders Company to Break Contract with A. F. of L.—
Company Planning Court Battle—
The National Labor Relations Board on Nov. 11 ordered the company
and six affiliated companies to break their contracts with the International
Brotherhood of Electrical Workers, an affiliate of the American Federation
of Labor, on the ground that the companies had imposed the A. F. of L.
union
the 30,000 employees and
on
had discriminated against the United
Radio and Electrical Workers of America, affiliate of the Committee for
Industrial Organization.
The Board directed the companies to past notices to employees that
they were free to join any labor union they chose.
The A. F. of L. union
has exclusive bargaining rights under the Edison contracts.
Further, the Board ordered the companies to end their alleged use of
to investigate labor organizations and to reinstate with back
six employees held to have been discharged for union activities. ,
The decision has caused a storm of protest in federation circles.
Presi¬
detectives
pay
dent William Green of the A.
F.
of L.
and
Dan
W.
CV902
income
Floyd Carlisle, Chairman of the Board of the Edison company, declared
the Labor Board's findings were "utterly unwarranted," and said
145, p. 3005.
that
that appeal would be taken to the Federal courts.—V.
Consolidated
Equities,
Inc.—Statement
profits.—V.
143,
p.
on
Cash
on
deposit in > anks
$10,988
Investment in voting trust certificates for 29,800 shares of In¬
corporated Investors at $20.46 per share liquidating value._
Investment in other securities at market value
Dividends
Total
receivable
40
resources
$699,318
•
Against which company owes:
Period End. Sept. 30—
1937—3 Mos.—1936
Taxes
State
$851,211
59,446
51.820
222.301
194,144
$425,347
$402,917
$1,202,009
$1,109,585
16,123
a56,182
67,423
$440,469
85,312
$419,041
86,590
$1,258,191
342,614
2,129
1,843
7,520
7,173
98,890
95,989
275,470
265,945
.
&c.*
40,139
$2,730,996
1,266,701
160,566
Sundry int. paid public &
inter-co. int. (net)
Provision for renewals &
replacements
Federal & State inc. tax.
6,230
Net income
Divs.
on
$254,137
$234,618
preferred stock.
$626,356
$551,053
487535
128,605
4,641
19,560
Divs.
on common stock.
8~8~873
42,868
Includes $8,000 dividend from subsidiary.
Note—No provision has been made for income
assessed against 1937 earnings.
a
'
$
s
Plant & property 12,392,047
Inv. in sub. cos...
77,654
Miscell.
Funds
invest'ts.
dep.
Bank
12,155,509
may
1, 1960
Accounts payable.
92,366
869,789
Accts. receivable
Ins. & other depos.
629,927
3,863
1,121,859
562" 519
4,402
Letter of credit for
6,885,000
59,000
Acer.
Int.
on
13,163
4,648
on
85,312
86,063
33,285
32,247
con¬
deposits.
2,600
11,712
Acer, insur.,wages,
379,328
309,355
20,990
16,021
Fed. inc. tax)..
Consumers' depos.
mat'l
134,904
127,265
256,701
225,866
Unred. ice coupons
1,606
Reserves
1,777,707
Preferred stock...
Common stock... 4,443,675
Earned surplus
790,894
1,155
1,801,754
202,700
4,286,825
651,151
Total
14,452,684 14,363,6731
Total
14,452,684 14,363,673
After reserve for retirement of $2,961,018 in 1937 and
$2,982,765 in
1936.
y After reserve for uncollectible accounts of
$52,976 in 1937 and
$56,082 in 1936.—V. 145, p. 2386.
x
Connecticut River Power Co.—Earnings—
Period End. Sept. 30—
Gross oper. revenue....
Other income
Consolidated
profits.—V. 145,
Paper
1937—9 Mos.—1936
$3,052,142
$2,971,206
5,945
10,786
$541,023
$0.17
After depreciation, Federal taxes, &c.,
surtax on undistributed
1937—9 Mos.—1936
p.
before
3005.
Co.—Extra
$776,290
Nil
$0.33
provision
for
Federal
Dividend—Bonus
to
Employees—
to
The directors have declared an extra dividend of $1 per share in addition
the regular quarterly dividend of 25 cents per share on the common
stock,
par $10, both payable Dec. 1 to holders of record Nov. 20.
An extra
dividend of $1 was also paid on Dec. 1, 1936.
The directors also voted to pay a service bonus to all employees who have
been with the company since Dec. 31, 1936.
Men employees will receive
not less than $50 and women
p.
employees not less than $35.
930.
Retail
Sales
The bonus is
Stor.es, Inc.—Sales—
1937—Month—1936
$957,559
$989,927
1937—10 Mos.—1936
$7,699,979
$7,146,635
—V. 145, p. 2541.
Co., Utica, N. Y.—Earnings
9 Months Ended Sept. 30—
Operating revenues—water
Operation.
1937
$510,923
103,730
27,124
75,939
Taxes (other than Federal income tax)
Net operating revenues
Non-operating revenues (net)
...
Provision for depreciation
Interest on funded debt
Interest
on
unfunded debt.
$4,062,375
7,303
$3,966,729
12,338
$4,069,679
421,253
111,518
300,000
649,479
$3,979,067
406,103
210,319
300,000
506,672
$304,129
3,561
$311,705
2,447
$314,152
52,209
193,124
531
Provision for Federal income tax
Net income..;
257
12,959
25,029
6,826
13,063
22,536
6,086
$18,708
...—
Amortization of debt discount and expense
Amortization of deferred charges
$26,877
Note—Giving effect to the exclusion from both periods of revenues from
dispute on the basis of $120,000 per annum and the resultant
reduction in the provision for Federal income tax.—V. 145, p. 2690.
rates under
Continental Can Co.,
The New
1937—12 Mos.—1936
1936
$504,513
103,014
23,016
66,777
$307,690
52,155
191,482
Maintenance
Total income
taxes (other than
and supplies
Deferred items...
Nil
Consolidated Water
90,435
...
int.
funded debt
sumers
material & suppl
6,825,000
Divs. declared
Accrued
5,000
y
$
Liab. for pref. stk.
called for red...
on hand..
Notes receivable..
com¬
bds.
68,530
& cash
Inventory of
1st mtge. 5%
1936
$
21,400
2,900
68,585
dep.
Liabilities—
1937—3 Mos.—1936
$162,606
$290,282
Earns, persh. on 524,973
shs. com. stk. (par $1)
Consolidated
1937
that
be
series A due Jan.
with
trustee
$352,796
$2.26
so
Consolidated Film Industries, Inc. (& Subs.)—Earns.
Period End. Sept. 30—
xConsol.net profit
Period End. Oct. 30—
1936
x
of
payable Dec. 13.—V. 144,
which
taxes
Balance Sheet Sept. 30
1937
Assets—
resources
Sept. 30 it has been deemed advisable to reduce the loans
pany has bank loans of only $100,000 at present time.
x
operations
Bal. avail, for int.,
Interest on bonds.
Total net
$1,177,008
352,837
$3,075,223
1,446,398
204,515
356,334
Fed.
income)
Net inc. from oper
Net from merch. & other
misc.
1937—12 Mos.—1936
15,122
(other than
and
x.300,000
46,522
x
$953,895
416,737
52,365
Operation
Maintenance
'
Interest, taxes, &c
Asset value per sh. on 155,491 shs of Consolidated Equities Inc.
Community Public Service Co.—Earnings—
Total oper. revenues
609,708
76,987
1,594
Prepaid interest
undistributed
2046.
Condition
of
Sept. 30, 1937—
$161,689
Note—No provision has been made for Federal surtax
Tracy, President of
the International Brotherhood of Electrical Workers, have declared that
they will fight the decision in the courts, Mr. Green pledging the legal
Bank loans
Net
Nil
& Federal tax, but before prov. for surtax on un¬
145, p. 938.
At the request of the company for the postponement on the hearing on
the proposed issuance of $30,000,009 debentures for new capital, Chairman
3.565
517
fixed
After int., deprec.
x
Corp. (& Subs.)—Earnings—
stk
distributed profits.—V.
$103,984
$0.34
$63,579
$0.20
1253.
1937—3 Mos.—1936
$184,133
x$177.721
x
com.
1937—9 Mos.—1936
services of the federation to that end.
$1,133 ,193
Operating expenses and taxes
1937—3 Mos.—1936
$26,889
$80,785
$0.08
$0.27
After charges and Federal taxes.—V. 145, p.
x
Income Account for the Year Ended Sept. 30, 1937
Total operating revenues
Provision for uncollectible accounts
1937
Congress Cigar Co., Inc.—Earnings—
Net profit
Earn, per sh. on cap stk.
x
$11,618,321
3,990,107
696,108
1,463,535
1,223,860
461,201
Net earnings from operations
Non-operating income
Nov. 13,
Period End. Sept. 30—
Columbus Ry, Power & Light Co.)
Consolidated Income Account for the 12 Months Ended Sept. 30, 1937
Interest
Chronicle
York
Initial
Inc.—Listing—
Stock Exchange
shares of $4.50 cumulative
has authorized the listing of 200,000
preferred stock (no par).
Preferred Dividend—
The directors
Total gross
earnings.
Operating costs
_
t
Maintenance
Depreciation
Fed., State &
mun. taxes
Bal. before cap. chgs.
:
,058,088
313,026
73,801
225,000
544,755
$2,981,992
301,728
180,979
225,000
352,442
: ,901,506
$1,921,843
Interest on funded debt.
Amort. of dt. disc. & exp.
Other interest charges..
570,215
79,290
113,097
688,093
79,099
Bal. before dividends.
$1,138,903
54,000
$1,019,055
$1,084,903
Preferred
dividends
Bal. for
and
common
surplus
$2,587,427
760,528
105,633
152,506
$2,555,972
913,093
103,099
210,349
54,000
$1,568,760
72,000
$1,329,430
72,000
$965,055
$1,496,760
$1,257,430
135,594
divs.
Note—No provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1937 periods, the amount of such
liability, if any, being determinable only at end of calendar year.—Y. 145,
p.
1095.
per
share
on
on Nov. 10 declared an initial quarterly dividend of $1.12
H
the $4.50 cumulative preferred stock payable Jan. 1, 1938 to
Dec. 10.—V. 145, p. 3006.
holders of record
Continental
Securities
Corp.-—New Control—
Having received inquiries with respect to the change in management of
the corporation, J. Henry Schroder Banking Corp., confirmg that it has sold
to Fiscal Management Co., Ltd. of Toronto, the common
stockholding in
Continental
Securities
years
The
ago.
Corp., which it had acquired in the market a few
purchasers also acquired from other parties additional
shares of stock which had given them voting control of Continental Secur¬
ities Corp.
Consequently, at the request of the new interests, the directors
and officers of Continental Securities Corp., who had been in office for the
past few years, had resigned and the management contract between J. Henry
Schroder Banking Corp. and Continental Securities Corp. had been ter¬
minated.
•
'
It was further stated that in view of recent tendencies and the possibility
of legislation with reference to affiliation between banking houses and
trusts, the Banking Corp. had for some time past been con¬
sidering the advisability of disposing of its Shares in Continental Securities
Corp.—V. 145, p. 2541.
investment
1936, and
31, 1935.—Y. 145,
*1936
1937
30—
(after eliminating
Gross oper. earns, of sub. cos.
inter-company transfers)
Provision for retirement
and estimated Federal income taxes.
1937
1,713,278
1,846,708
4,922,936
4,318,701
Maintenance
$
Accounts
9,973,977
3,732
9.693
8,505,000
payable.
165,800
Unred'med coup's.
204.081
Taxes
interest..
Mlscell.
Notes receivable..
4,712,711
Acer. Int. on notes
102,781
22,825
3,232
90.725
24,446
Mlscell. liabilities.
75
Deferred liabilities
287,009
2,558
253,058
3,048
$7,219,840
65,881
Interest on bonds.
769
15,169
$7,537,311
252,609
loo
$7,235,009
18,236
12,868
275,773
5,137,528
$7,555,547
2,094
Accts. receivable..
$12,268,258 $12,372,537
subsidiary cos
Total income of
Int., amortization
42,805
and pref. divs. of subsidiary cos.
Acer. int. receiv
..
Mat'ls & supplies.
Balance
attributable to min.com. stk.
Proportion of earns.,
Prepayments
Misc. curr. assets.
Unamort. debt dis¬
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary cos
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
count & expense
Suspense
$7,603,192
120,756
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp...
$7,449,298
$7,106,290
2,600,000
Balance
Total
35,598
42,945
197
$4,685,126
$4,342,118
1,320,053
$3,022,065
$15.69
$14.09
Balance
Earnings per share
Adjusted.
Note—No provision for taxes on undistributed profits
—V. 145, p. 2541.
x
Continental
Sheet Sept.
Oil
'h
$
Assets—
from
450.000
20,000
20,000
7,523,295
99,116
20,438,235
106,054
49,538
3.002,918
284,910
135,989
2,526,205
Mat'Is & supplies
688.835
Other curr.assets
205,962
615,053
184,042
annut. <fecont.
3,605,250
Paid-in surplus.
48,977,360
18,819,447
4,456,707
47,581,334
12,678,839
Deferred
credits
Mln. interest
adv.
controlled
&
for
328,349
138,231
accts.
<fe
952,304
833,411
9,172,740
Other operating revenues
Other income
y 14,098
subsidiary..
4,000
1
$334,402
$235,628
4,326
4,475
2,512
1,796
2,024
2,245
14,781
12,445
13,329
15,674
13,348
12,983
3,522
37,200
42,310
19", 475
14,966
Int.
on notes
and accts.
payable to others
Rentals
on
unoccupied
buildings
620
Lossonsaleoffixedassets
Fed. & State inc. taxes..
$229,160
$269,697
$185,511
$155,106
55,135
69,422
88,488
88,486
x Income for 1934 includes operations of predecessor company for period
from Oct. 1, 1933, to June 8, 1934, date or commencement of business of
new company,
y Operating accounts of two subsidiaries disposed of during
1935 have been excluded from consolidated income accounts for years
1934 and 1935; the profit on the sale of capital stock of these companies,
$14,098, is stated as an item of non-recurring income.
Net income
dividends
Common dividends
Balance Sheet Sept.
Prepaid
a
554.369
538.686
105,016.447
98,919,062
charges
Total..
98,919,062
intangible development costs,
105,016,447
Total..
depletion and
Including shares held in treasury.
The earnings statement for 3 and 9 months ended Sept. 30 was
the "Chronicle" of Nov. 6—V. 145, p. 3006.
z
given in
Cash sur.
30,106
46,569
6,913
6,084
1,257,772
1,099,745
Creameries of America,
sales
Net
x
Cost of sales
$7,525,556
6.729,990
229,325
$6,524,440
5,897,066
224,119
90,804
87,772
Other income (net)
$284,654
8,091
$231,404
5,142
Total income.
$292,745
$236,545
$604,248
23,573
29,500
20,608
12,500
58,837
39,500
44,807
50,476
46,306
105,112
79,490
$189,196
$157,132
22,166
$400,798
$286,997
66,697
Depreciation
Operating profit
Int. & amort, of bonds or
debentures discounts.
Reserve for contingenciesi
for
Federal
territorial taxes
Prov.
Net income—
dividends
Common dividends
y
expenses.
Invest,
$403,255
20,539
securities.
21,852
133,785
57,341
Including
x
exclusive of
$387,734
4,489
13,064
maintenance
administrative
and
$152,642
4,348
interest
and repairs, taxes, rentals, seeling, general
and provision for doubtful accounts but
expenses
Consolidated Balance Sheet Sept.
510,929
Inventories
Investms.
102,201
167,585
136,162
50,000
2,412,550
Deferred income..
1,014
2,622,436
Plant <fc equ. (net)
1.175,000
1,225,000
296.893
284.901
1,077,163
382,275
412,205
84,978
121,269
Debs,
1
2,741,366
Stock
Prepaid
76,728
94,693
expenses.
Debt disc. &exp_.
55,994
105,497
11,613
Organlz. expenses.
payable
of
Preferred stock
a
$4,845,960 $7,468,618
Represented by 382,275 shares
surplus
31,417
reserves
Earned
Total
in 1937 and
761,419
697,694
$4,845,960 $7,468,618
381.675 shares in 1936.
1737.
Manufacturing Co.—Extra Div.—
dividend of 70 cents per share
24 to holders of record
be paid as a result of
the Undistributed Profits Tax.
The regular quarterly dividend or 30 cents
per share was paid on July 10, last. A special extra dividend of 10 cents in
addition to a quarterly dividend of 30 cents was paid on Dec. 10. 1936.—
declared an extra
the common stock, no par value, payable Nov.
Nov. 15. The company stated that the dividend will
after interest,
depreciation, taxes, &c
2205.
Dividend—
Creole Petroleum Corp .—To Pay Extra
,
declared an extra dividend of 25 cents per share in
dividend of like amount on the capital stock, both
payable Dec. lb to holders of record Nov. 30.
Like amounts were
on
June 10, last.
Oct. 9,
$117,003
$77,499
Oct. 3,
'37
*36
$563,724
$212,153
-Earnings
$81,592
..
interest, deprec., Federal income taxes, provision
receivables, minority interests and other charges.—V.
After
Dejay Stores,
1936
$9,414
1937
Sept. 30—
.
-
for possible
145, p. 1737.
Inc.—Sales—
Period End. Oct. 30—
Sales
1937—Month—1936
$382,568
$345,862
1937—9 Mos.—1936
$1,947,309 $1,574,241
2692.
—V. 145, p.
Delaware Power &
Period End. Sept. 30—
Net income
Light Co.—Earnings—
1937—3 Mos.—1936
$307,455
y$292,065
n
1937—12 Mos.—1936
z$l,393,112 y$l,288,165
renewal and replacements, Interest,
amortization, &c.
y Revised,
z Includes provision for surtax on undis¬
tributed profits for the year 1936, recorded in December, 1936, amounting
to
After
Federal
income
taxes,
$10,808.
.
„
made in the current year s figures for surtax
determinable until the close of the year.
Note—No provision has been
as
the amount
V. 145, P.
thereof is not
939.
Desert
Silver, Inc.—Registers with
of this department.
SEC—
See list given on first page
The directors have
addition to a regular
-40 Weeks-
*
Net income
losses on
x
■»
Oct. 3, *36
Chemical Corp. (& Subs.)-
3 Months Ended
x
TX/pplfQm-
145, P. 3006.
—V.
on
V. 143, p.
.1 O
.
Oct. 9, '37
loss
Net
x
Creamery Package
The directors on Nov. 10
«...
2,746,190
756,968
'
a
Cushman's, Sons, Inc.—Earnings—
Period—
x
In
public-
declared
payable Dec. 15 to holders
Davison
subs.
hands of
Surplus
—V. 145, p.
dividend of 50 cents per share on the class
of record Nov. 26. An initial dividend
1936.
.
.
that during 1937 the corporation has
lg facilities
expended approximately $1,500,000 in increased manufacturln
and in modernizing equipment.—V. 145, p. 939.
1,075,272
Common stock..
Dairy herd.
Cost of trade routes
but before provision for
of like amount was paid on Dec. 15,
G. W. Vaughan, President, stated
3,907
Fed. taxes.
$1,262,132
$1,591,584
$440,312
Dividend—
Pay 50-Cent Common
25,000
Stock of allied cos.
a
13,404
(annual
payment)
and
$2,243,837 $2,146,62
Total
$690,987
profit
The directors have
Debs. pay.
lb",495
Dr8,625
1,526
$475,611
Paid In surplus-..
(fixed).
Total
$469,003
40,000
preferred
stock at par
After
Dividends payable
Accounts
300
(mark't'le)
Recelv. (non-curr.)
1,686
$2,243,837 $2,146,629
A stock,
Acer, county, State
35,116
145,908
710,284
569,940
33,811
174,779
104,245
tracts receivable
93,377
Treasury
312,725
Curtiss-Wright Corp. (& Subs.)—Earnings1937—3 Mos.—1936
1937—9 Mos.—1936
Net
1936
1937
568,354
-
31,918
110,610
369,390
Period End. Sept. 30—
x
4
payable.
Notes pay. (banks)
Acer. Int. payable
$657,522
$374,065
Accts., notes & con
30
Liabilities—
1936
1937
Assets—
Invests,
$273,916
13,801
19,264
798,300
110,610
311,544
281,028
Capital surplus...
Earned surplus
depreciation and Federal income tax
possible Federal surtax on undistributed income.
depreciation.
Cash
_
doubtful accounts,
b After reserve for depreciation
of $110,628 in 1937 and $82,389 in 1936.
c At written-down amount,
less provision for amortization,
d Accounts only.—V. 145, p. 2388.
To
$184,848
Inc.
Minority
18,991
780,175
7% cum. conv. pf.
stock (par $25)
After reserve for
a
x
Creameries of America,
100,000
447,120
89,153
Leasehold lmpts.
Net inc. allocated to—
y
2,376
31.285
$423,794
12,500
Long-term debt
contingent
2,000
97,252
49,510
132,000
Leasehold & utility
Total
65,619
47,516
2,376
456,503
Inv.inland&bldgs.
c
37,200
Com.stk.(par25c.)
7,340
7,192
60,928
receivable
deposits
and
Preferred
acc's.
Prepaid
b Fixed assets
$566,241
38,008
9,584
1,870
Empl's' notes and
1937—9 Mos.—1936
117,015
Prov.for Inc.taxes
44,244
liabilities
Advs. to em pi's for
purch. of capital
Inc. (& Subs.)—Earnings—
1937—3 Mos.—1936
$2,894,022 $2,567,590
2,518,564
2,248,413
1,000
Res. for
1,278
Notes receivable
stock
Period End. Sept. 30—
within one year.
1st
policies..
insur.
a
$309,492
Divs.
val. life
Inventories
1936
1937
$396,731
Accounts
Other notes and
accts. receivable
depreciation,
After
x
Par $5.
y
21,797
payable.
payable....
mtge. note, due
Accrued liabilities.
$335,896
24,470
Accts. rec., oust,
a
def.
&
$268,081
Cash
922,281
955.368
30
Liabilities—
1936
1937
Assets—
Unadjust. debits,
<kC
$201,441
$286,039
Other Invest. <fc
advances
$176,287
11,285
13,867
$192,577
13,630
11,321
13,168
Miscellaneous income...
8,733,056
rec.(non-curr.)
2,097,693
Profit on sale of cap. stk.
Preferred
insur.,
3.374,355
3,037,263
companies
Res.
$303,584
17,650
trading.
Prov. for loss on bad dts.
Earned surplus.
199.038
22,754.939
(current)
Notes
z23,692,966
5,125,684
2,341,207
co's
(current)
oil, &c
Net inc. from
5,748,280
2,188,870
(real estate mtge.)___
con¬
trolled
Acer, liabilities.
Invent, of crude
to
to
Due
con¬
co's
trolled
Invest.
Accts.
5,744,184
U.S.Govt.securs
Notes&accts.rec.
Capital stock_z23,692,960
payable..
6,391,550
Div. payable...
y
$8,240,734
$6,274,066
4,318,450
1,779,328
$255,726
14,633
15,679
goods sold
Operating expenses
$
$
Liabilities—
$
43,912,421
13,054,220
Property accts 49,284,219
Cash
9,218,113
Ctfs. to deposit.
450,000
x
xl934
$7,624,327
5,334,056
Total gross income...
Int. on long-term debt
1936
1937
1936
1935
$8,562,946
5,943,136
2,364,084
Cost of
of former
Balance
30—
1937
Due
has been made.
(& Subs.)—Consolidated
Co.
1936
1937
Years End. Sept. 39—
Gross sales, less returns
and allowances
1,320.053
$3,365,073
consolidated surplus
stock
Dividends on prior preference
Co. (& Subs.)—Earnings—
Crown Drug
164,172
164,172
account
income
11.799,044 10,829,080
for 9 and 12 months ended
30, page 2841.
Total
11,799,044 10.829,080
consolidated
Note—The
Sept. 30 was given in "Chronicle" of Oct.
2,600,000
Holding company deductions—
Interest on 5% debentures, due 1958
Amortization of debenture discount and expense.
Balance transferred to
Common stock
8,454
1,607.685
10,895
219,811
1,068,760
60,610
294,950
$7,262,645
110,948
Unrealized profit.
Pref. stk. (sub. co.)
6,904
49,104
......
167,790
Misc. defer, assets
Total
Reserves
Deficit
Unamort. property
abandoned
7,794,000
104,494
88,019
98
105,195
91,463
109
128,511
5,019
52,400
11,250
14,593
1,722,784
10,076
226,250
1,057,100
60,610
251,925
Consumers'deps..
9.693
199,494
Cash
$
$
Liabilities—
Long-term debt
592,353
Investments
567,344
1936
1937
$
Plant, property &
equipment
10,133,142
cos__$ll,670,267 $11,805,193
597,991
Consol. Bal. Sheet Sept. 30
1936
Assets—
4,694,521
3,068,828
Special deposits...
Net earnings from operations of subsidiary
Non-operating income of subsidiary cos
756.
p.
Crescent Public Service Co.
$36,935,218 $34,792,499
14,176,605 13,510,678
General operating expenses
General taxes
Dividends of 25 cents per share were paid on Dec. 15, and on July 15,
an initial dividend of 20 cents per share was distributed on Dec.
Subs.)—Earnings
Continental Gas & Electric Corp. (&
12 Months Ended Sept.
3193
Chronicle
Financial
145
Volume
paid
Detroit Steel Products
Co.—Registration Statement
drawn—
See list
given on first page
ofthis
department.—V. 145, p. 2071.
With-
3194
Financial
Distillers
Chronicle
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
A
(Expressed in Canadian Currency)
Gross profit on sales..$24,149,722 $19,381,853
Miscellaneous income—107,970
107,561
1934
$19,225,851
85,907
$24,257,692 $19,489,415 $19,311,759
12,713,656
11,565,893
8,150,365
2,000
1,000
1,500
Executive salaries
319,366
294,035
Legal fees
188,029
237,573
Int. paid or accrd., net..
523,820
431,840
216,027
Prov. for depreciation..
xl30,205
xll8,063
xl36,021
Loss on disposal of cap¬
ital assets
70,172
on
and
not
for
income
profits taxes
Special charge..
$8,791,580
1,742,645
$941,255
1,742,645
$2.42
$5.05
$695,545
130,205
$428,536
118,063
$249,810
136,021
5,751
$
$163,281
equipment,
goodwill, trade¬
Adv.
38,740,100 24.640,382
501,682
6,390,913
1,276,423
purch. of grain.
Prop. ins. & other
150,750
401,374
deferred assets..
522,059
under
future
stock
Total
$823,060
29,735
$277,644
$1,082,746
Net profit.
Shares capital stock
outstanding
$852,795
570,683
$277,644
560,880
$0.50
$1,082,746
467,403
$2.31
_
3,748,521
Earnings
—V.
22,639,744
Total.
.78.308,482
See list given on first
page of this
Durham
54,793,217
shares.
present issued and
of the 6% cumulative
preferred stock (par
are at present accrued and
unpaid dividends
the preferred stock
amounting to $38.50 per share, or
$1,260,393.
There¬
fore, by writing down the assets of the
company to their present market
value, the company has a surplus deficit of
$912,928.
No dividends can
legally be paid on any of the stock of the
company until this surplus deficit
has been eliminated."
"Your company," he
adds, "is faced with the problem of, while
currently
earning about enough to pay its preferred
dividends and not being able
legally to do so, on account of this
surplus deficit, at the same time
having
to
to the
outstanding 32,737Yz shares
$100), or $3,273,750.
There
on
Assets—
$946,450
$910,488
$2.46
$2.29
excess
Net income to surplus
Earnings for 6 Months Ended Sept. 30, 1937
discount, &c
Gross earnings—from
interest,
Operating profit
Portion of deferred net
operating losses of
charged off
Provision for doubtful accounts...
$466,363
small loan offices
•
sale of capital assets
Profit
Other income.
$1,002)
Consolidated net profit.............
dividends
Common
Earnings
....
dividends—
...
.....
...
.........
...
per share on common
16,500
60,570
1,185
$388,107
9,570
Profit before provision for Federal
income tax
Provision for Federal income tax for
period (less net over-pro¬
vision for prior years in amount
of
$397,677
58,707
$338,970
70,684
50,000
$1.34
H
Accrued
itemR
6,975
5,223
x29,714
17,030
2,322
421,208
x
.$3,307,566
$3,092,5851
Includes $729 balance due
tax for the year 1936.
Note—It is the company's
on
13,600
72,874
27,489
11,757
4,890
377,860
10,547
32,999
350,690
16,201
def70,224
1934
Total
1936
30,517
350,690
Com. cap. stock..
Mar. 1,
Total
$3,307,566 $3,092,585
Federal income and undistributed
profits
policy to make
an appropriation to the
reserve
for renewals and
replacements at the end of each
year; therefore, this bal¬
ance sheet does not reflect in
such reserve the
proportionate part of such
appropriations for the years 1937 and
1936, applicable to the first nine
months of the year.
The consolidated income account
for 9 and 12 months ended
given in "Chronicle" of Oct.
30, page 2843.
was
East
Month of September—
Gross earnings
Operating
1937
$38,927
13,146
$31,511
12 Months Ended
Sept. 30—
Total income
Federal income taxes
(est.)
$25,781
-Earnings—
1937
Interest
Debt discount and
expense
Minority interest
Net income
$3,075,675
Dividend requirements on
4J^ % prior pref. stock.
1,108,732
Dividend requirements on 6
% cumulative prefererd
stock, exclusive of stock owned by Eastern Gas &
Fuel Associates...
2,253,228
State taxes on dividends....
105,384
Deficit
Per share of common
stock—deficit
Earned per share of
6% cumulative stock
of treasury
stock)
no
provision
for
surtax
1936
11,190,240 $10,516,469
519,850
477,934
4,015,340
3,564,174
3,006,154
3,179,245
571,594
420,462
1,627
89,478
;
and depletion
Note—There is
145, p. 2224.
1936
$46,705
15,194
expenses
Net earnings
-V. 145, p. 2389.
„
Sept. 30
Kootenay Power Co., Ltd.—Earnings—
Depreciation
new
$2,260,100
Eastern Gas & Fuel Associates-
$1,023,687
557,324
...
Liabilities—
1937
Long-term debt
$2,283,100
Notes payable
77,240
Accounts payable.
79,543
Capital surplus...
Subs.)—Earnings—
Cost of financial services
Balance
Earn, surplus since
2842.
Domestic Finance
Corp. (&
items...
Co.—Consolidated
Consumers'
dep.,
121,157
refundable
85,760 Deferred credits..
1,983 Reserves
4,903 Unrealized profit
83,105
3,826
5,142
189,196
$1,121,926
p.
in taxes upon its undistributed
191
4,247
133,212
Prepayments
Deferred
52,051
175
Miscell. deposits..
518,065
a The net
income of $1,457,926
represents the net income of
for the 9-month
$1,209,333,
period ended Sept. 30, 1937 and
subject to annual audit
and any
necessary year-end adjustments resulting
therefrom, plus the
net income of
$248,594 for the 3-month period ended Dec.
31,1936, the year
end adjustments for
the year ended Dec.
31, 1936 having been reflected
therein,
b Surtax on
undistributed profits
amounting to $110,000 repre¬
sents the tax
computed at the rates now in effect on the
net income of
$1,457,926 after giving effect to the dividends and
premium of preferred and
preference stocks
amounting to $544,539 paid within the 12-month
period
ended Sept. 30, 1937.—V.
Preferred
1,112
43,004
Inventories
$12,338,416.
9,593,531
___a$l,k57,926
226,000
bllO.OOO
profits taxes
1936
and
Notes receivable..
Accts. receivable..
$2,037,625
368,616
Crl 1,514
222,596
Net income before Federal
taxes.:
on
plant
Service
equip.,Iran., &c.$3,031,013 $2,817,069
Cash
Other expense
Loss
Prop.,
Co.—Earnings—
Other income..
Depreciation
sums
a
1937
Misc. in v. at cost.
"Netprofit...
145,
Therefore,
East Coast Public
Sheet Sept. 30—
on
Earnings for the 12 Months Ended Sept. 30, 1937
Sales, less returns and allowances
Cost of goods sold
1
Selling expense.
Administrative expense
Provision for Federal income &
Surtax on undistributed
profits
Federal Government large
pay
earnings.
reorganization of the capital stock structure of the
company in line with present market
values is immediately
necessary."
For the six months ended
June 30, 1937, company showed net sales
of
$1,515,077 and net profit of $94,332, after all
charges and provisions.—
V. 145, p. 2224.
Sept. 30 *37 June 30, '37
per share on common stock
p. 1255.
1416.
p.
President A. H. Carr in his letter to
stockholders previous to the
meeting,
referring to an appraisal of the
company's properties that had recently
been made, said: "This
appraisal shows the net assets of the
company as of
June 30, 1937, to be worth
$2,465,978.
There is at
\..>
145,
department.—V. 145,
Hosiery Mills—Plan—
Holders of 99% of the common and
87% of the preferred stock have
approved recommendations of the board
for reorganization of the
capital
structure.
Subs.)—Earnings—
Doehler Die Casting
$1.49
Douglas & Lomason Co.- -Registration Statement With-
1,452,504
16,854,325
undistributed earnings
Earnings
—V.
p.
drawn-
237,112
Federal surtax
_
share.
434.
per
145,
......
are
and
tax
Profit
129,041
deductions, incl. Federal &
$1,321,832
33,937
205,149
Undistributed profits
buying represents part of the preferred authorized but not
issued in the
treasury at this time, and is in addition to the $15,000,000
cumulative preferred stock
5% series brought out last year.—V. 145,
taxes
$364,218
42,696
43,878
income
Adj. minority interest
Nov. 11 declared a dividend of 50 cents
per share on the
common stock, payable Dec.
21 to holders of record Dec. 6.
This will be
the first distribution to be made on
the common shares since 1931.
At the same time directors
accepted an offer, made on behalf of the Bronf¬
man
family, which holds over 55% of the
outstanding common stock, to
turn the cash for the dividends
they would receive, approximately $480,000,
back to the company,
together with an additional cash sum for the purchase
of $500,000
cumulative preferred stock 5% series with warrants
attached,
at a price of $100 plus accrued
dividends per share.
It was stated that the Bronfman
family believed it sound policy to reward
the public
stockholders, at the same time withdrawing only a minimum
amount of the cash resources
from the rapidly
expanding business.
The $500,000 par value
cumulative preferred stock which the Bronfman
Canadian income
$1,282,975
38,857
298,328
on
12 Months Ended—
Net income after all
$334,510
29,708
Depreciation.
Pay 50-Cent Common Dividend—
'
$1,369,488
Dr71,677
..
.
13,000,000
Canada and U. S 2,502,464
no par
1935
$6,483,127
5,200,152
$1,297,811
98,451
171,300
205,000
Operating profit.
Other income, net—.
1936
$3,545,943
3,211,433
concr.
Earned surplus
78,308,482 64,793,217
1937
$15,283,066
13,913,578
Federal income taxes
187,500
—...
1937—44 Weeks—1936
$1,459,935 $16,414,076 $16,280,849
$
bank
for future purch.
of grain.
Prov. for taxes in
Dixie-Vortex Co. (&
1937—4 Weeks—1936
$1,498,566
Cost, expenses, &c_
1936
$
operat'ns
Liab. under
p. 2692.
Stores, Ltd.—Sales—
$ Months Ended Aug. 31—
Net sales
States import
Notes pay. to bks. 2,150,000
Accts. pay. & accr.
liabilities
3,997,306
Dlv. on cum. pref.
403,405
interests
ton.
.
United States
credit agreem't. 12,500,000
Deferred credit to
546,682
9,298,174
5,311,225
Contract for future
To
a
Douglas Aircraft Co. (&
Subs.)—Earnings—
stocks in their
inventories in
Common stock..19,202,427 19,202,427
5% cum. pf. stock. 15,000,000
Represented by 1,742,645
being $12.65
Dominion
x
blends.23,784,492 21,134,038
The directors
,
to
—V.. 145, p. 2543.
119,588
4,492
1937
Liabilities—
Plant,
x
Mines, Ltd.—Output—
_.
1936
$
Total
713,502
by 219 shares.
Period End. Oct. 30—
Sales
Consolidated Balance Sheet July 31
Investments
Earned surplus since July 1, '34
Note—No provision has been made for Federal
surtax upon undistributed
profits for the period of six months ended
Sept. 30, 1937, the amount of
which, if any, will depend upon net income and
dividends paid for the fiscal
year ended March 31, 1938.—V.
145, p. 1899.
$0.54
1937
Accts. receivable..
Capital surplus..
.$8,017,7151
recovery
Canada.
Cash
x99,839
58,782
Production for the first 10 months of 1937
(including premium), amounted
$6,262,549, compared with $5,983,958 in the same
period of 1936.
—V. 145, p. 2692.
$4,208,674
1,742.645
y Special price allowances made to customers in
respect of
hands Jan. 2, 1936, and also
adjustment of duty paid on
hands of the companies,
following the reduction in United
duties in conformity with the trade
agreement between the
marks &
X>r4,494
z200,000
1,369,983
Common stock
293,978
2,001,705
Profits as above
Loss of sub. company.
Inventories
6,717
Treasury stock............
a
552
The company reports gross
production for October at $625,815 from
the milling of 49,700 tons of
ore, indicating average recovery per ton of
$12.59.
In September, output was
$601,631 from 47,600 tons, average
$7,444,258
1,742,645
$3.95
Assets—
6,982
.
23,819
907,350
yl ,724,987
Production
and
70,293
97,337
discount
Cumulative preference stock_.yl,514,378
accounts
Dome
Deprec'n
provided
charged to:
x
Unearned
Total..'.
$8,017,715
After allowance for depreciation of
$56,134.
y Represented by 70,971
par shares,
z
Represented by 200,000 no par shares,
a Represented
no
173,211
xl 19,588
2,017,627
Earned per share
1,080
sundry notes
$4,050,000
........
14,559
and
Net profit
Shares outstanding
1937
x
73,266
775,293
wholly owned
6,747,687
Total
Prov. for loss of subsid.
Prov.
and
Notes payable to banks
Accounts payable
Federal income tax
loans
Office furniture and fixtures—
Deferred assets
invest¬
ment (net)
Loss resulting from flood
co-maker
Run dry securities
$3,290,716
1,737,362
1,500
gen. & adm. exps—
Prov. for loss
Employees
23,412
Directors' fees
and
receivable
Cash in closed banks
$3,267,304
13,
1937
Liabilities—
$1,102,794
__
Chattel
$8,919,679
5,652,375
Total income
Sell.,
qofilQ——
Cash.
Years End. July 31—
1937
1936
1935
Sales, less frt. & allow---$81,872,168 $60,585.917 $55,082,723
Cost of goods sold
57,722,446
41,204,063
35,856,871
Nov.
Consolidated Balance Sheet
Sept. 30,
$391,669
$0,197
$2,785,176
1,108,769
2,100,525
101,448
$525,566
$0,264
(excl.
$5.24
on
$4.79
undistributed profits.—V.
9 Months Ended Sept.
dividend of 50 cents per share
in addition to the regular quarterly dividend of $2 per share on the common
stock, no par value.
The extra dividend will be paid on Dec. 10 to holders
of record Nov. 20 and the regular quarterly distribution will be made on
Jan. 3, 1938 to holders of record Dec. 5.
A dividend of $2 was paid on
Oct. 1 and on July 2, last; $1.50 was paid on April 2, last, and regular
quarterly dividends of $1.25 per share were previously distributed.
In
addition, extra dividends of 25 cents were paia on Jan. 2, 1937, and in
each of the five preceding quarters; an extra of 75 cents was paid on Jan. 2.
1935, and extra dividends of $3 per share were paid each Jan. 2, from 1925
to 1932 inclusive.
A special dividend of 75 cents was paid on Dec. 10,1936.
Nov. 10 declared an extra
x
x
published under "Reports and Documents" in the
of Nov. 6, page 3026.
Our usual comparative
given in V. 145, p.. 2844.—V. 145, p. 3008.
1937, the kilowatt-hour system input
American Power & Light
Co—109,829,000
55,937,000
82,795,000
Electric Power & Light Corp._
National Power & Light Co.—
—V. 145, p. 3007.
105,545,000
51,838,000
75,270,000
recapitalization for the company.
explaining the reasons for the corporation's decision to register under
Holding Company Act, Mr. Chenery said:
present
earnings of the corporation are sufficient to enable it to declare
to its stockholders, but the payment of such dividends is prevented by the
existence of a capital deficit.
The only practicable way to eliminate this
deficit at the present time is through a capital readjustment.
It is our
understanding, however, that the SEC has taken the position that it would
not issue a report on a plan of reorganization or permit the issuance of new
securities under such a plan while the question of the Commission's juris¬
diction over the corporation remained undetermined.
"Under these circumstances, the need for prompt reorganization to elimi¬
nate the present deficit and make current earnings available for dividends
In
of
Amount
4,284,000
4,099,000
7,525,000
seemed
Inc.—Sales—
1937—Month—1936
1937—10 Mos.—1936
$2,053,308 $19,660,265 $16,069,315
Period End. Oct. 30—
$2,226,963
—V. 145, p. 2390.
80 John Street
Corp.—Trustee, &c.—
is trustee under a supplementary indenture
general mortgage income bonds of the corporation,
and registrar and agent to exchange the old bonds
bonds.—V. 141, p. 273.
Trust Co.
Manufacturers
covering
$1,268,000
and also paying agent
for new
Co.—60-Cent Common Dividend—-
Electric Boat
declared a dividend of 60 cents per
The directors have
share on the com¬
23. An initial
p. 3330.
stock, par $3, payable Dec. 8 to holders of record Nov.
dividend of like amount was paid on Dec. 5, 1936.—V. 144,
mon
Electric Bond
& Share Co.—Test
of Holding Company
Refused—Court Says Company Must
decision which is
a
Register—
expected to be appealed to the U.S.
Supreme Court,
the Federal Circuit Court of Appeals unanimously upheld
on Nov. 8 Federal Judge Julian W. Mack in the latter's ruling against the
company's attempt to test the validity of the Public Utility Holding Com¬
pany Act.
The Court upheld Judge Mack's order restraining the company from
using the mails or other means of interstate commerce until it, and its
affiliates, register with the Securities and Exchange Commission in com¬
pliance with Sections 4 and 5 of the Act.
Judge Martin T. Manton wrote the opinion, which was signed by Judge
three Judges of
Thomas W. Swan.
Hand concurred in
Judge Learned
the result, though in a seaprate opin¬
ion he wrote:
5 could stand alone if
I do not say that they would
doubtful whether Sections 4 and
"It seems to me
all the rest of the statute was
stripped away.
not."
Judge Mack
had held that the two
sections would stand alone without
other part of the Act.
E. Groesbeck, Chairman of the Board of the company, said the de¬
cision had been referred to the company's attorneys for study.—V. 145,
p. 2544.
any
C.
Musical Industries, Ltd.—Earnings—
Electric &
Divs. rec'd &
£364,335
1934
1935
1936
1937
30—
receivable.
Years End. Sept.
£266,948
£409,410
£565,720
Contribs. from sub. cos.
for
management, &c.,
109,078
Total income
received
.
Admin. & gen. expenses.
Directors' fees
—
99,550
115,868
104,975
£473,413
105,547
3,902
and other income
the directors
to
£366,498
95,709
4,000
£681,588
112,042
4,000
£514,386
91,276
2,400
i
for year before
£363,964
201,872
Balance
To be paid on
ord. stock.
To be carried
forward.
£420,710
£464,347
21,131
20,000
£608,164
21,390
108,000
£420,710
57,442
95,676
£423,216
221,344
£478,774
281,216
£267,591
224,972
£277.334
Income tax
£565,546
42,618
£495,050
217,716
dividends
Preferred
£266,789
197,558
£565,836
20,786
50,000
Previous surplus.
£201,872
£197,558
£42,618
Balance Sheet Sept.
1936
1937
Assets—
Inv. in sub. cos
£3,440,301 £3,440,301
Amounts due from
sub.
365,790
500
85,937
9,369
cos
Trade investments
Sundry debtors
Cash in bank
-=V.
245,588
500
67,794
66,381
£3,901,897 £3,820,564
Total
145,
p.
30
1937
1936
shares..£2,902,875 £2,902,875
shares.
460,000
460,000
Sundry creditors &
accr'd liabilities.
43,972
34,473
Liabilities—
Ordinary
Preference
Proposes Reclassification of
be reclassified
495,050
count
Total
are to
The holders of the $7 preferred stock (15,296 shares outstanding)
each share 14 shares of the new common stock and a dividend
certificate in the sum of $43.75 which may be converted into nine
shares of common stock.
(1)
will receive for
arrears
(2) The holders of the $6.50
eight shares of common stock.
(4) The holders of the $4 preferred
stock (2,379 shares
dividend
outstanding) will
receive for each share eight shares of the new common stock
arrears certificate in the sum of $25 which may be converted
and a dividend
into five shares
of common stock.
The holders of the class A stock (568,775 shares outstanding) will re¬
share one share of common stock.
The holders of the class B stock (542,450 shares outstanding)
receive for each share one share of special stock.
The conversion privilege for the dividend arrears certificates will expire
60 days after the consummation of the plan.
The plan proposes the issuance of 2,570,967 shares of the common stock,
542,450 shares of the special stock and dividend arrears certificates in an
aggregate amount of approximately $6,256,850.
As long as th,e dividend arrears certificates remain outstanding no divi¬
dend will be paid on any class of stock.
The special stock will not be en¬
titled to receive dividends until the holders of the common stock have
received dividends aggregating $13.50 per share.
After dividend arrears certificates have been paid in full and the common
stock has received dividends aggregating $13.50 per share, the special stock
is entitled to dividends at a rate per snare of one-eighth of that paid per
share on the common stock, and during the time it is outstanding it shall
have the privilege of conversion into common stock upon the surrender and
payment of $5 per share in cash or in like face amount of the
debentures now outstanding.
The debentures are not otherwise affected
in the proposed plan of reorganization.
(5)
ceive for each
will
(6)
company's
special stock will be
retired by Jan. 31,
and
redeemed at 50 cents per share
1948.
Each share of common
stock and each share of
special stock entitles the
Corp., the name of which is to be changed to
is a system which includes more than 40 sub¬
operating in Alabama, California, Delaware, Florida, Georgia,
The Federal Water Service
Federal Water & Gas Corp.,
sidiaries
Illinois, Louisiana, Mississippi, New York, New Jersey, Ohio, Oregon,
Pennsylvania, Virginia, Washington, West. Virginia,
two
sidiaries operating in Yugoslavia.
A subsidiary company, Southern Natural Gas Co. (Del.) previously
foreign sub¬
and
as a holding company
The combined assets of all the
registered
under the Act (File
has
No. 30-90).
companies as of June 30, 1937, amounted
to $229,500,106.
Their combined operating revenues for the year ended
June 30, 1937, were $23,032,583.
_
A hearing on the application of the corporation has been ordered by the
Commission to be held Dec. 7.—V. 145, p. 1584.
Financial Security Fund,
Period End. Oct. 30—
—V.
Corp.—Extra Dividend—
declared an extra dividend of 30 cents per share in
the
Extra
15, last.
to
SEC—
Inc.—Registers with
of this department.
Inc.—Sales—
1937—Month—1936
$382,812
$387,381
1937—10 Mos.—1936_
$3,102,725 $2,965,773
145, P. 2391.
Flintkote Co.—New Director—
The company
has advised the New
at a meet¬
Vice-President
succeeding Thomas
York Stock Exchange that
directors on Nov. 3d, Frank H. Neher,
Secretary of the company, was elected a director,
Nelson Perkins, deceased.—V. 145, p. 2844.
ing of the board of
and
SEC—
Foreign Bond Associates, Inc.—Registers with
first page of this department.—V. 145, p. 2844.
See list given on
Cleaner Co.—Earnings—
Eureka Vacuum
Period End. Sept.
Net profit
Earnings
per
30—
share
capital stock
x After
Federal
Federal surtax on
1937—3 Mos.loss$50,525
$9,904
1937—9 Mos.—1936
$53,179
$165,766
on
NO
$0.04
$0.22
deprec., &c. but before
undistributed profits.—V. 145, p. 1256.
Corp.—New Director—
$0.69
provision for
board of directors held Nov. 10, Mr. Theodore
Manager, was elected a member of the board.—V. 145,
meeting of the
Mets, General
1417.
-1936
income taxes,
Exchange Buffet
a
outstanding)
certificate in the sum of $40.63
Sales
2843.
At
preferred stock (69,888 shares
each share 13 shares of the new common stock and a
which may be converted into 8H
shares of common stock.
(3) The holders of the $6 preferred stock (71,706 shares outstanding)
will receive for each share 12 shares of the new common stock and a divi¬
dend arrears certificate in the sum of $37.50 which may be converted into
will receive for
arrears
(M. H.) Fishman Co.,
£3,901,897 £3,820,564
1936.—V. 145,
x
and a special stock, and in addition,
certain accumulated preferred dividends
is to be as follows:
The reclassification of securities
be issued.
423,216
the regular quarterly dividend of 40 cents per share on
common stock, both payable Dec. 15 to holders of record Nov. 15.
dividends of 10 cents were paid on Sept. 15, June 15 and March
An extra of 30 cents was paid on Dec. 15, 1936, and extra divideneds
of 10 cents per share were paid on Sept. 15 and June 15,
p.
Capital—To Change Name—
into common stock
dividend arrears certificates for
See list given on first page
Profit and loss ac¬
2073.
Electrolux
Therefore
holder thereof to one vote.
The directors have
addition
outweigh all other considerations.
The corporation on Nov. 9 filed with the SEC a notification of registration
(File No. 30-94) under the Holding Company Act as a holding company.
At the same time, the corporation filed an application (File No. 34-9) for
a report by the Commission on a plan for the voluntary reclassification of
its capital structure and a declaration (File No. 43-88) covering the issuance
of the necessary securities to carry out the proposed reclassification.
At present the company has outstanding four series of preferred stock,
class A stock and class B stock.
These different classes of stock are to
All shares of
Profit
to
has withdrawn its application for exemption, has applied
registration and has filed with the Commission a reclassification plan
which, if finally approved by the stockholders, will put the corporation in a
position to disburse its current earnings as dividends.
"In arriving at this decision," Mr. Chenery said, "the directors were also
influenced by the fact that failure to register under the Holding Company
Act might prevent Federal or its subsidiaries from acquiring any additional
utility properties or securities.
The directors considered the removal of
such a restriction on the corporation's activities to be a very definite gain."
the corporation
of this department.
Edison Brothers Stores,
Sales
"The
dividends
for
Co.—Registers with SEC—
Economy Baler
See list given on first page
holding company under
has registered as a
of
Increase
1936
Co.—Registers Under Holding
Company's Decision Explained—
Service
the Public Utility
Light
Co., as
1937
tables were
the Public
application for ex¬
this effect was
Nov. 8
by the Securities and Exchange Commission that Federal Water Service
Corp. had filed application requesting the SEC to report on a proposed plan
The corporation
the operating companies which are subsidiaries of American Pow er &
Co., Electric Power & Light Corp. and National Power & Light
compared with the corresponding week during 1936, was as follows:
Operating Subsidiaries of—
"Chronicle"
Utility Holding Company Act and has withdrawn the
emption which it had previously filed.
Announcement to
made by C. T. Chenery, President, shortly after announcement
Inc.—Weekly Input—
ended Nov. 4,
week
Water
Federal
Company Act—Reasons for
$1,430,000 increase in the wage dividend over the one paid in 1937
is due both to the increase in dividends declared on the common stock, on
which the wage dividend rate depends, and to an increase in the number
of eligible employees, the company stated.
As the wage dividend works out, it was explained, each employee who
has completed five years' service at the end of 1937 and who is in the service
of the company March 1, 1938, will receive a check for more than five and
a half times his average weekly wage during the five years from 1933 through
1937.
Those with proportionately less service will receive a proportionately
smaller wage dividend.—V. 145, p. 1256.
The
the
ended July 31, 1937, were
balance sheet for the year
and
$3,555,000.
Ebasco Services,
2390.
Sugar Co.—Annual Report—The remarks of
John Bass, President, together with the income account
of the company.
In
Subject to year-end and
1936
$1,050,535
124,827
25,116
auditor's adjustments, but after provision for
1937
$1,251,256
Fajardo
voted the 26th annual wage dividend, amounting to approxi¬
The wage dividend, which is based on the common
dividend payment, is payable March 1, 1938 and is the largest in the history
Act
Net profit..
Federal taxes.—V. 145, p.
Directors
mately
For
30—
Unfilled orders
Employees Wage Dividend—
To Pay
Corp.—Earnings—
Fairchild Aviation
Co.—Extra Common Dividend—
Eastman Kodak
The directors on
3195
Chronicle
Financial
145
Volume
T.
p.
Foster Wheeler
See list
Corp.—Registration Statement Withdrawn
this department.—V. 145, p. 1738.
given on first page of
Frost Steel & Wire
Co., Ltd.—Pays
Up All Pref.
on
Accruals
of accumu¬
first preferred
paid a dividend of $19.25 per share on account
the 7% cumulative redeemable sinking fund
stock, par $100, on Nov. 10 to holders of record Nov. 1.
clears up all back dividends on the preferred stock. See V.
detailed record of previous dividend payments.
The company has informed us that its first preferred
called for redemption prior to Dec. 30, 1937.
The common
The company
lations
This
145, p. 2547 for
.
.
shares are being
and class A
3196
Financial
preferred shares
V. 145, p. 2547.
purchased during October,
were
Gatineau Power Co. (&
see
V.
145,
p.
Chronicle
2225.—
Period End. Sept. 30—
1937—3 Mos.—1936
Gross oper. revenues,. $2,156,876
$1,027,169
y Consol. net income
410,128
169,633
Expenses
1937—12 Mos.—1936
$8,472,233
1,445,379
$8,276,204
1,051,700
outstanding.—V.
General Investors
or
losses
or
Income—Cash dividends received
Interest on bonds..
on
account of income on shares
—
Undistributed income July
Total income
Dividend paid Sept.
$21,832
4,132
$1,080,657
20,231
$1,083,398
29,598
$784,485
120,923
prof $1,049,112
705,221
$1,060,426
702,640
$1,053,800
702,664
$663,562
702,664
profx$343,891
$1,763,067
145, p. 1098.
$1,756,464
$1,366,226
income)
repurchased.
l",
—
Prov. for deprec. &
depl.
Int. on subs, funded debt
$25,309
10,429
1937.
debt
Amort,
$35,739
21,741
1937
Sept.
30,
Accrued Interest
$2,034,391
77,198
on
bonds
705
x
Prov.
$13,998
Capital surplus
Unrealized depreciation of
on
$1,641,326
284,792
$1,610,591
259,791
471,451
651
res.
30,716
debt
4,588
35,235
4,544
29,784
29,368
38,565
34,907
25,029
26,355
22,536
61,492
34,578
46,970
29,736
81,959
285.642
&
exp
for amort, of der.
213,267
264,755
50,220
52,412
59,283
64,754
$336,218
$320,484
$424,144
$377,806
Non-recurring
inc.
de¬
ducted above
1,460
990
20,306
$2,112,293
beneficial interest, par $1; 367,136 shares
outstanding, of
held in escrow for exchange of
certificates.—V. 145, p. 1585.
28,190
36,440
$362,324
$452,334
$414,246
$5.56
$0.90
Earned per share:
y $3 preferred stock
Common stock
41.840
$356,524
Balance
56
x
Total
$4.94
$0.69
were
General Motors
Corp.—September Car Sales—The
following statement:
com¬
October sales of General Motors cars to
dealers in the United States and
Canada, together with shipments overseas, totaled
166,939, compared
with 90,764 in October a
year ago.
Sales in September were 82,317. Sales
for the first 10 months of 1937
totaled 1,761,317, compared with
1,606,856
for the same 10 months of 1936.
Sales of General Motors
cars
to consumers in the United
10 months of 1936.
General Motors cars to dealers in
the United States totaled
136 370 in October compared with
69 334 in October a year ago. Sales in
September were 58,181.
Sales for the first 10 months of
1937 totaled
of
1,329,488 for the
10 months of 1936.
same
Total Sales to Dealers in United
States and Canada Plus Overseas
Shipments
1937
1936
1935
1934
103,668
158,572
98,268
62,506
February..
74,567
144,874
121,146
100,848
March
260,965
196,721
169,302
153,250
April
238,377
229,467
184,059
153,954
May
216,654
222,603
134,597
132,837
June
203,139
217,931
181,188
146,881
July
226,681
204,693
167,790
134,324
August
188,010
121,943
124,680
109,278
September.
82,317
19,288
39,152
71,888
October
166,939
90,764
127,054
72,050
January
November.
December.
191,720
239,114
182,754
185,698
61,037
41,594
2,037,690
Total.
1,715,688
1,240.447
1937
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
April
May
June
JulyAugust
September
October.
November
December
"
Total.
1935
102,034
96,134
181,782
200,117
195,628
189,756
163,459
133,804
85,201
44,274
155,552
173,472
54,105
77,297
126,691
143,909
137,782
108,645
127,346
66,547
68,566
136,589
122,198
106,349
95,253
112,847
101,243
86,258
71,648
69,090
62,752
41,530
1,720,213
March
1,278,996
927,493
109.051
1937
March
April
May
180,085
199,532
162,390
187,869
157,000
58,181
136,370
July
.
August
September
October
November
December
^
1,682,594
1,370,934
Chevrolet, Pontiac, Oldsmobile, BuicJr, I a
Salle
cars are
of
a
deducting
been given to the resultant
reduction in the provision for Federal income
tax.
Consolidated Balance Sheet Sept. 30
1937
1936
$
$
Assets—
a
Fixed capital
Misc.
investments
Reacq.
367,391
in
Cash
34,401
585,000
640,260
States
431,000
539,524
tax
(est.)
5,075
10,199
57,096
pref. stock
Subs, funded debt
56,627
57.096
4,733
45,118
6,733
49,782
85,372
115,499
538,987
343,581
334,824
447,510
Other curr. liabs..
110,359
120,213
Consumers' & oth.
mat. or called for
red
Unbilled rev.—est.
accr.
86,446
pref.
on
stocks of subs..
Divs. pay. on S3
56,627
value
Int.
dep
rec
Loans
70,077
400,000
107,441
676,278
book
less res
&
374,292
459,436
Accts. & notes rec.,
Divs.
650,000
167,832
367,069
Pro v. for Fed. Inc.
Acer. divs.
dep. for
dlv. pay. Oct. 1sec.
S
pay.—bank
Accts. payable
Accr. Int. & taxes-
1,868,782
on
on
Market
Notes
16,402,600 16,646,400
—sec
El.
& Gas Corp
Cash in banks <fc
hand
1936
$
Funded debt-
(par
sec.
value)
Special deposits
Inv.
1937
Liabilities—
20,207,398 23,541,689
37,365
74,529
128,467
rec
Inventories
Accts. rec.—Non-
Res.
for
rate
duction
175,620
In
re¬
liti¬
gation
500,000
380,000
198,067
290,000
250,938
1,314,950
36,344
12,339
3,818,605
Res. for contlngs.,
current
2,952
26,828
1,157,978
&c
32,408
989,559
Min.
Pref. stks. of subs.
in.
stock
in
&
com.
surplus
of subs
—
b S3 cum. pf.stock
Com. stock(par SI)
Paid-in
& capital
surplus
3.814,400
217,622
217.615
3,345,364
3,028,744
Earned surplus.379,147
c Pref. stk. in treas
Dr41,218
514,753
Total
26,594,233 27,391,8371
Total
26,594,233 27,391,837
a After
reserves for depreciation of
$3,667,411 in 1937 and reserves for
depreciation and depletion of $4,668,627 in
1936.
b Represented
by
76,288 no par shares in 1937 and
76,362 no par shares in 1936. c
Repre¬
sented by 1,114 shares of
$3 preferred stock, at cost.—Y.
145, p. 2694.
—Fourth
Period
Week of Oct.
1937
Operating
—V.
revenues.
145,
p.
Jan. 1 to Oct. 31
1937
1936
1936
$28,800
121,964
118,789
107,554
87,429
53,738
50,514
39,048
28,344
959,494
and Cadillac
145,
gain of 1,630
Globe
$34,231
$1,122,215
3009.
$989,185
Indemnity Co.—Financial Statement Sept. 30—
1937
Cash
in
office
banks
1937
1936
$
Liabilities—
Reserve for
$
claimsl4,577,896 14,213,159
1,722,166
1,339,324
U. S. Govt, bonds. 15,461,641
State, mun„ rail¬
15,266,138
premiums
Res. for comms.
13,494,841
1,538,934
Res.
road & other bds.
& stocks
Real estate
Prems. in
collec.
course
not
14,589,306
1,000,000
of
Sund. bals. due.—
Res.
for
unearned
7,662,300
609,870
551,070
sundry
934,700
739,000
2,200,000
2,200,000
3,488,684
2,500,000
5,000,000
2,993,615
2,500,000
5,000,000
accts
reported
3,207,195
2,801,787
or
developed)
Vol.
230,267
762,875
for
res.
233,621
tlngs.
644,922
tuation
.
un¬
_
con¬
Incl. fluc¬
in
mkt.
value of secure._
10
Capital
Surplus
6.13%
Total
36 973.451
-Y. 145, p. 1419.
35,319,570
7,122,725
on
uncoll'd prems
for taxes
&
Res. for losses (un¬
more
accrued
October, 1937, as compared with a
gain
1,992 telephones for the month of
October, 1936.
The gain for the first
months of 1937 totals
20,554 telephones (exclusive of
459 purchased)
as compared with a gain of
17,431 telephones, or
5.55% for the
corresponding period of 1936.
The subsidiaries now
have in operation a
total of 356,052
company-owned telephones.—V.
145, p 3008
$
&
than 3 mos. due.
Int. & rents due &
comnanv-
1936
$
Assets—
of
are stated after
103.844
in Stations—
This corporation
reports for its subsidiaries
owned te eph.nee for the month
periods
New York,
affecting
Consolidated Water Co. of Utica, N. Y.t a
subsidiary, is upheld on appeal
pending before the United States Supreme Court.
Effect has also
1934
46,190
80,222
119,858
included in the above
figures.—V
Telephone Corp.—Gain
nipnber of shares out-
average
Georgia & Florida RR.—Earnings—
1935
75,727
92,907
132,622
105,159
152,946
150,863
139,121
103,098
22,986
97,746
148,849
150,010
—
Unit sales of
passenger and commercial
General
131,134
116,762
162,418
187,119
194,695
186,146
177,436
99,775
4,669
69,334
156,041
197,065
216',606
June
3otal
1936
70,901
49,674
On
now
1934
23,438
58,911
98,174
Sales to Dealers in United
States
January.
February
y
revenues for above
Prepaid expenses.
1936
92,998
51,600
income,
nine months and $120,000 for the 12 months
in respect of
estimated reductions which will result in the
event that a rate case decision
of the Public Service
Commission of the State of
Deferred charges.,
Sales to Consumers in United
States
January
February
standing.
Note—The operating
States totaled
107,216 in October, compared with 44,274 in October a
year ago.
Sales in
September were 88,564.
Sales for the first 10 months of
1937 totaled
1,387,146, compared with 1,391,189 for the same
compared with
Before non-recurring
x
$90,000 tor the
pany on Nov. 8 released the
or
453,001
Net income
13,998
shs. in escrow.
Contingent capital liability
$2,112,2931
$1,252,552
195,138
353,266
Z>r252,966
Reserve for accrued expenses..
Reserve for taxes
of
$1,245,037
212,077
336,606
198,030
se¬
hand
Undistributed Income
Total
$1,455,149
155,441
(estimated)
1,980,968
-
Unpaid divs.
260,541
137,434
$1,456,906
184,419
_
of subs,
Divs. on subs. pref. stks.
Int. on 15-yr. 5%
1st
lien & coll. trust bds__
Prov. for Fed. inc. tax
$367,136
on
282,281
$1,132,269
120,282
charges
Capital
curities
198,560
$1,107,603
unfunded
pref. stock disct. &
1937
Liabilities—
Securities owned
Cash in bank
subs,
on
Subs.)—Earnings
1937—12 Mos.—1936
$2,814,384
$2,703,495
932,552
867.340
142,645
120,464
$2,072,626
648,066
93,731
654
-
-
15,
1937—9 Mos.—1936
$2,129,728
704,218
103,419
214,487
Net oper. revenues...
Other income
Balance Sheet Sept. 30,1937
A
prof $1,023,833
25,279
Operation
Maintenance
(other than Fed.
2,597
$25,964
A. 88Bt8"~~~
418,608
$88,994
873,479
Period End. Sept. 30—
Total oper. revenues.
Int.
Undistributed income
"
870,919
Total income
Hdiltinco
Sales
872,603
General Water Gas & Electric Co.
(&
783
1934
877,977
Beforj Federal taxes.—V.
x
$25,988
1,559
shares sold.
3,105
Castings Corp.—Earnings—
Net loss
Total
Shares
$435,734
Taxes
Net income for period
Received on account of income
x
$1,142,775
698,150
8.891
Other income
145,
—
which 506
$1,498,684
727,718
5,104
Loss
$25,205
...
on
$572,151
234,678
250,180
1,494
Depreciation
capital exp.)
Total income.
Trustees' compensation (6% of gross income).
Other expenses
Paid
$684,963
Loss.
Bond int. & amortiz
securities
on
$1,078,405
64.370
General Steel
^ Months Ended Sept. 30, 1937
(Not incl. realized and unrealized gains
$1,435,235
63,449
9 Mos. End. Sept. 30—
1937
1936
1935
Profit from operation
$1,901,810 loss$208,055 loss$212,479
Trust—Earnings—
Income Statement for
$.543,612
28,539
Net profit
$433,290
$334,368
$765,863
Note—No mention made of taxes.—V.
145, p. 1418.
Fireproofing Co.—Notes Called—
1901; V. 144, p. 4345.
1937—9 Mos.—1936
$3,336,925 $10,221,745
$8,981,264
7.902,859
2,793,313
8,786,510
3,192,193
$669,599
15,364
Total income
The company has called for retirement by lot
$26,000 par value 4% notes
for Dec. 24.
Retirement is annual instalment of $131,000
original issue
given to preferred shareholders in 1935 in lieu of accumulated
dividends.
After this year's retirement, $51,000 will remain
p.
Advertising Co., Inc.—Earnings—
Deprec. & amortiz., &c.
Interest, &c
Finance Corp.—To Pay Extra Dividend—
The directors have declared an extra dividend of five cents
per share on
the common stock payable Nov. 20 to holders of record
Nov. 10.
The regular quarterly dividend of 15 cents per share was
paid on Sept. 15,
last; a similar distribution was made on June 15, last, and
prior thereto
regular quarterly dividends of 10 cents per share had been
distributed.—
V. 145, p. 2694.
General
j..
Other income.
After taking into account profit or loss on
exchange of currenciesy After all expenses and charges.—V. 145, p. 1900.
x
General
1937
Period End. Sept. 30— 1937—3 Mos.—1936
Gross revenue.$3,861,791
Subs.)—Earnings—
x
Nov. 13,
General Outdoor
Total
36,973,451 35,319,570
Financial
145
Volume
Globe Wernicke Co.—Smaller Common Dividend—
have declared a dividend of 25 cents per share on the
common stock, payable Dec. 15 to holders of record Dec. 4.
This com¬
pares with a dividend of 30 cents paid on Sept. 15 last, and one of $1 paid
on Dec. 10, 1936, this latter being the first dividend paid since the company
was reorganized in 1934.—V. 145, p. 1259.
The directors
(W. T.) Grant Co .—Plan of
"i.".
joint
Finance Corp.,
proposed and is recommended by the respective boards of directors of
the above companies for favorable action
by the stockholders of each
company.
Co. whose stock is listed on the New York Stock Ex¬
Delaware holding corporation.
Its sole asset, other than a
cash, is all of the stock of a Massachusetts corporation of
the same name, which is the operating company.
The Massachusetts
operating company in turn owns all of the stock of W. T. Grant Realty
Corp., a New York corporation, which holds title to certain parcels of real
estate on most of which stores are located.
A majority interest in W. T.
Grant Co. (Del.), the holding company, is owned by Grant Estates, Inc.,
a
Delaware corporation, and all of the common stock of Grant Estates,
Inc. is owned by Grant Finance Corp., another Delaware corporation.
When these five corporations were organized there were good reasons for
the separate incorporation of each company.
However, in recent years
The W. T. Grant
is
change,
which make the continued existence
separate companies expensive and undesirable.
In view of existing conditions, the end to be desired
of the
is to combine all five
corporations (or perhaps all except the Realty corporation) into a single
company.
However, it is not practicable to accomplish this immediately
and that is not proposed.
The only feasible way to deal with the operating
companies is to dissolve those corporations, and the present W. T. Grant
Co. (Del.) is not satisfactory as the corporation to take over their assets
and to conduct their business.
Also, liquidation of the operating companies
involves problems which have not yet been worked out satisfactorily.
For
these reasons those companies are not included in the plan of reorganization
and only W. T. Grant Co. (Del.), Grant Estates, Inc. and Grant Finance
Corp., the constiuent corporations) are now being consolidated.
Thereby
a new corporation will be formed and it is hoped that in the not distant
future it will be possible to liquidate the operating companies into the new
consolidated corporation.
An agreement of consolidation to accomplish the plan of reorganization
has been entered into by the respective boards of directors of W. T. Grant
the
Co. (Del.), Grant Estates, Inc. and Grant Finance Corp., subject to
approval of the stockholders of such companies.
The stock of W. T. Grant Co. (Del.) has been on a regular dividend basis
of $1.40 per share per annum, with extra dividends paid whenever earnings
reasonably justified.
Unless adverse business conditions develop, it is not
contemplated that the dividends to be paid on the new preferred stock will
affect the regular dividend rate on the new common stock.
The directors and officers of W. T. Grant Co. (Del.) will be the directors
and officers of the consolidated corporation.
Application will be made for the listing on the New York Stock Exchange
of the common stock and preferred stock of the consolidated corporation
and for the registration thereof under the Securities Exchange Act or 1934.
Your directors have been advised by counsel that, in their opinion, under
the Federal Revenue Act now in effect:
1.
The exchange of securities pursuant to the plan of reorganization will
not result in the recognition of any taxable gain or deductible loss to the
stockholders of any of the constituent corporations;
continue as the
allocated between
to relative values at the time received:
in the recognition of any taxable gain or
The cost or tax "basis" for stock surrendered will
basis for the new preferred and common stock received,
the
new
securities in proportion
3.
The plan will not
deductible loss to any of
result
the constituent
Action to Be Taken
1937—Month—1936
1937—9 Mos.—1936
$3,027,656 $23,484,359 $21,942,269
$2,897,508
Sales.
—V. 145, p. 2392.
Greyhound Corp.—Earnings—
(Comparative statement of earnings of the Greyhound Corp. incl. equity in
undivided net profit or loss from operations of affiliated companies]
9 Months
Year Ended
Period Ended Sept.
and who take appropriate action to dissent
the fair value or them shares as provided by
law if the agreement of consolidation is adopted.
The plan of reorganization cannot be consummated without the favorable
action of two-thirds of the stockholders of each constituent corporation.
$4,732,246
106,342
26,557
47,815
52
339
7,131
1,264
$1,634,595
$1,163,377
$4,846,984
199,714
19,865
20,200
136,299
25,845
11,453
345,100
26,573
46,747
6,000
$1,394,816
$989,780
$4,422,564
2,569,167
2,491,307
157,204
96,755
235,955
109,125
$4,121,187
$3,577,843
$4,767,644
before inc. tax, of East¬
Greyhound Lines of New
ern
England (a division of
hound Corp.)
The Grey¬
Miscellaneous..
General expense
Interest expense
Federal income tax
Surtax
undistributed profits.
on
Equity of Greyhound Corp. in com¬
bined net profit from operations
of affil. cos., based upon inter¬
ests owned at the end of each
deducting
after
period,
divs.
received:
Other companies.
representing net income
Total,
of
Greyhound Corp. for the
period and equity in undivided
net profit or loss from opers. of
affiliated companies
Whereof earnings per share of com.
the
stock
based upon
stock outstand¬
period
$1.55
x$1.41
$1.79
4 for 1 split-up of common shares.
has been made for Federal surtax on undistributed
profits in the nine month periods.
The deduction shown for such surtax in
the year ended Sept. 30, 1937 is applicable to the calendar year 1936.
Earnings of Affiliated Bus Companies of the Greyhound Corp.
ing at end of each
x
After
giving effect to
Note—No provision
Plan of
Reorganization
Year End.
9 Months
Period Ended Sept.
Net
retirements..
operating revenue..
$6,911,441
300,096
-
1936
$7,384,783
Operating revenue
Operating expenses
Depreciation and
1937
$33,531,738 $29,946,173 $43,413,638
23,969,849 21,306,187 31*611,915
2,177,106
1,728,545 2,854,431
1937
30—
264,311
Other income
Total income
Interest and
Surtax on
$7,684,879
95,632
1,246,176
profit, from opers.
bus companies
Note—No provision
$9,494,831
117,437
1,621,585
72,738
277,558
442,421
undistributed profits
deductions
Miscellaneous
Combined net
$8,947,293
547,537
$7,175,752
62,566
1,191,326
163,380
—
amortization
Income taxes
$6,179,691 $5,479,439 $7,405,512
Federal surtax on undistributed
has been made for
the in the nine month
grofits year ended Sept. 30,periods.
1937 is
i
The deduction shown for such surtax
applicable to the calendar year 1936.
Equity of Greyhound Corp.
Year End.
9 Months
in
Consolidation—W. T. Grant Co. (Del.), Grant Estates, Inc., and Grant
Finance Corp., are to be consolidated into, and all of their properties and
assets will be combined in, a new Delaware corporation to be called "W.
1937
44,079
Net profit,
of affiliated
the plan of reorganization
therefrom must accept in cash
1936
$1,071,144
90,742
$1,517,244
Interest
by Stockholders
stockholders of W. T. Grant Co. (Del.), Grant Estates,
Inc., and or Grant Finance Corp., will be held Nov. 26, 1937, to consider
and take action on the agreement of consolidation.
Minority stockholders who do not wish to accept the changes set forth
1937
30—
Income—Dividends
corporations.
A meeting of the
1099.
(H. L.) Green Co., Inc.—Sales—
a
2.
.
Dec. 1,1936.—V. 145, p.
on
small amount of
there have been developments
the regular
to
Period End. Oct. 30—
letter of W. T. Grant Co., Grant Estates, Inc., and Grant
dated Nov. 1, 1937, has been mailed to security holders
outlining a plan of reorganization and agreement of consolidation to form
W. T. Grant Co.
The letter addressed to the stockholders of the above
mentioned companies states in substance:
Directors have given careful study to the desirability and to the method
of simplifying the corporate setup of the companies in which your company
is included.
To accomplish that end, a plan ef reorganization is now
A
Paper Co.—Extra Dividend—
declared an extra dividend of 63 cents per share in
quarterly dividend of 25 cents per share on the
common stock, par $25, both payable Dec. 1 to holders or record Nov. 20.
An extra of 12 cents was paid on Sept. 1, last; one of 13 cents was paid on
June 1 last and extra dividends of 12 cents were pa d on March 1 last and
Great Northern
The directors have
addition
Reorganization and Agreement
of Consolidation—
3197
Chronicle
Period Ended Sept.
1936
1937
SO—
Greyhound Con?, in the
net profit from
operations, based upon interests
owned at the end of each period
$4,069,420
Dividends rec. from affil. bus cos.,
incl. net profit of Eastern Grey¬
hound Lines of New England, a
division of the Greyhound Corp.1,500,253
1937
$3,561,500
$4,874,948
1,070,192
4,638,993
$2,491,307
$235,955
Equity of the
above
combined
T. Grant Co."
Capitalization—The consolidated corporation will have an authorized
capitalization of 400,000 shares of 5% cumulative preferred stock (par $20),
red. at $22 per share and 1,500,000 shares of common stock (par $10).
The new preferred stock will be entitled to preferential dividends at the
Basis of
Stockholders of the three
the consolidated
Exchange
will receive stock of
their present shares on the
constituent corporations
corporation in exchange for
following basis:
W. T. Grant Co.—For
each of the 1,195,355 shares
of capital stock (other
Finance
share of new
654,801 shares held by Grant Estates, Inc., and Grant
Corp.), one share of new common stock and one-quarter
than the
preferred stock.
Grant Estates, Inc.—For each of the 17,000 shares of $5 dividend class B
preferred stock, five shares of new preferred stock.
For each of the 16,000 shares of $5 dividend class C preferred stock, five
shares of new preferred stock.
Grant Finance Corp.—For each of the 50,000 shares of capital stock, 13
shares of new common stock and one share of new preferred stock.
consolidated corporation shall be issued with respect
(1) the 654,801 shares of capital stock of W. T. Grant Co. (Del.) owned
Grant Estates, Inc., and Grant Finance Corp.: (2) the 50,000 shares
common stock of Grant Estates, Inc., owned by Grant Finance Corp.
Resulting Distribution
No stock of
As
a
Issued
the
result of such
as
exchanges, stock of the
to
by
of
consolidated corporation will be
follows:
Preferred
No. of Shs.
540,554 shares of capital stock of
Co. (Del.) held by stockholders
Grant Estates, Inc., and Grant
Common
No. of Shs.
With respect to
W. T. Grant
than
Finance Corp
other
With respect to 33,000 shares of $5 dividend class B
and class C preferred stock of Grant Estates, Inc.
With respect to
Grant Finance
50,000 shares of capital
stock of
Corp
135,13834
540,554
165,000
650,000
50,000
the
value, in
of
of
$8,956,756
Sales..
—V.
145
p.
2847.
Subs.)—Earnings—
Oct. 2, '37
mnmwm
royalties and other operating revenue..$36,157,447
Cost of goods sold, incl. materials purchased, main¬
tenance and repairs, labor, royalties paid, taxes
and other operating costs
28,689,553
Provision for depreciation
728,184
Selling, general and administrative expense—
2,920,838
Gross
'
operating profit
Other income
Loss on
—
doubtful accounts and
property retired
contingencies.
charges
$930,000
100,000
270,000
Ended October
1937— 10 Mos.—1936
$9,332,966 $74,370,914 $72,530,628
24,434,516
723,059
2,850,065
$3,918,008
19,590
$3,074,119
58,671
94,566
4,658
602,451
477,367
$2,426,430
$3,230,244
7,348,749
(net)
148,197
$2,954,053
7,629,218
84,362
;
income taxes (estimated)
for year...
balance—beginning of year
applicable to curr. year
17,084
527,623
from sale of securities
Misc. adjustments not
....$10,727,189 $10,667,633
Total
Cash
$30,942,780
$3,818,872 $2,935,141
99,135
138,978
61,065
Profit
Net profit
Surplus
new
Sep*. 26,'36
$3,230,244
Miscellaneous
Net profit
$1,300,000
Total
and 10 Months
Hazel-Atlas Glass Co. (&
Years Ended—
Net sales,
1.190,554
Co.
held by Grant
1937—Month—1936
$2,569,167
Preferred for Stock Dividend on Common—
Corporation has applied to the Interstate Commerce Commission for
authority to issue up to $1,368,300 by2% preference stock to provide a
stock dividend of 50 cents a share on common stock.
The company has already applied to the ICC for authority to issue 133,228
additional shares of common in exchange for common stock of Atlantic
Greyhound Corp., an affiliated company.
There are now outstanding
2,603,380 common shares, which together with the proposed new stock
would leave outstanding by the end of the year 2,736,608 shares on which
the dividend would be paid.—V. 145, p. 2075.
Seeks New
Provision for Federal
Acquired by Consolidated Corporation
Sales for Month
owned at
Provision for
As a result of the consolidation of the constituent corporations, the
consolidated corporation will acquire all of the assets of W. T. Grant
(Del.) and, in addition thereto, the following property now
Estates, Inc. and Grant Finance Corp.:
(a) Life insurance policies on the life of W. T. Grant, in
sum
of $3,792,000, having a cash surrender value of approximately.
(b) Bonds, notes and mortgages having a realizable
the opinion of the directors, and a book value, in excess
(c) Net cash, after providing for all liabilities, in excess
Period—
interests
each period
upon
Total income
350,13834
Property to Be
based
the end of
$1 per share per annum.
rate of
of the Greyhound Corp.
in combined undistr. net profit
from operations of affil. bus cos.,
Net equity
2,849,723
dividends._T
3,318,885
$7,348,749
stock)..
434,474
434,474
$7.43 plus $6.80 plus
charges for the three months ended Sept. 30 was
Surplus balance at close of year
Capital shs. outst. (incl. 65 shs. treasury
Earnings per share
$7,877,466
Net profit after all
$672,885.—V. 145, p. 942.
Hecker Products Corp.—Earnings—
30—
1937
1936
depreciation. & Fed. income taxes..
$27,940 xpf$424,109
xEqual to 23 cents per share on 1,794,402 com. shares.—Y. 145, p. 2076.
3 Months Ended Sept.
Net loss after
3198
Financial Chronicle
Hecla Mining
Period End.
Operating
Taxes
expenses
accrued
Earns, per sh. on 1,000,000 shares (par 25c.)
$241,277
$157,561
$948,748
other
income,
$0.15
$0.94
been
(S. E.) Hyman Co.—Registers with SEC—
$0.51
y Contains
provision
no
profits tax.—V. 145, p. 1260.
for
an
See list given on first page of this department.
$517,657
$0.24
capital stock
Includes
$554,891
257,705
18,882
39,278
81,464
y89,577
42,227
91,442
Depreciation
Depletion of ore bodies,.
x
cars equipped with this device in actual use.
Improve¬
especially those of the higher priced Hudson cars have
important factor in 1938 sales results in 1938 models to date ac¬
cording to Mr. Tracy who also said that sales of the higher priced Hudson
cars were representing a larger proportion of the company's business than
was the case last year.—V. 145, p. 2695.
ments in interiors
1937—9 Mos.—1936
$2,691,090
$1,613,302
1,038,827
709,780
y275,449
47,262
124,240
98,873
303,825
239,730
1937—3 Mos.—1936
$790,318
325,795
Illinois Bell
Telephone Co.—Earnings—
Period End. Sept. 30—
undistributed
Operating
■
revenues
Uncollectible oper. rev__
Hein-Werner Motor Parts
both payable
stock,
v. 145, p. 281.
Dec.
20
^holders of
to
record
Dec.
Operating revenues
Operating
5.—
$7,225,057
4,985,458
Powder
Net oper. income
Sept. 30—
—V.
1937
1936
1937
*1.8SCtS
Liabilities—
Plants & Prop. .17,795,348
5,000,000
1936
$
Cash.......
2,685,957
Accts. receivable..
4,648,214
4,029,110
131,232
1,679,309
Deferred credits..
13,310
Federal taxes (est.)
751,010
1,849,983
205,636
2,498,531
1,363,792
3,958,137
3,819,054
971,892
541,357
922,153
5,217,562
4,707,515
171,867
1,349,133
surplus... 11,309,270
10,211,330
$9,967,950
Co.—Earnings—
68,822
69,597
$1,064,357 $10,655,952
2550.
Period End. Sept.
1,159,790
153,104
1,679,309
27,484
p.
Illinois Northern Utilities
$
Common stock.. 15,463,375
15,869,001
5,000,000
4,209,934
145,
$2,194,981 $20,829,629 $19,612,264
1,130,624
10,173,677
9,644,314
$1,152,194
Net oper. revenues...
Co., Inc. —Consolidated Balance Sheet
$6,746,173 $64,939,353 $60,078,441
4,551,192
44,109,724
40.466,177
$2,239,599
1,087,405
expenses
Operating taxes
Hercules
1937—Month—1936
1937—9 Mo.?.—1936
$6,762,538 $65,092,537 $60,225,320
16,365
153,184
146,879
$7,241,940
16,883
Corp.—Extra Dividend—
The directors on Nov. 9 declared an extra dividend of 10 cents
per share
dividend of 15 cents per share on the
in addition to the regular quarterly
common
1937
13
has about 150,000
Co.—Earnings—
Sept. 30—
Gross income
x
Nov.
y
Goodwill
z
Hercules Powder
9,619,400
Otherassets
U. 8. Govt, secur.
secur.
Invest, security...
Mat'ls & supplies.
Finished products.
Deferred charges..
210,101
15,155,850
Operating
9,619,400
Accts. pay. & accr.
accounts.."
x
2,080,620
Pref. dividend
Co. cap. stock..
Marketable
x
Preferred stock...
Reserves
Capital surplus...
Earned
Net income....
available
common
stock.
Cash
1,240,691
Notes rec. (less res)
1,337,448
234,840
Inventories
2,474,677
1,981,832
Accounts payable.
bank loans)
261,185
Accrued
Miscell. investm'ts
pay
625,000
15,507
15,835
3,889,484
3,743,949
Deferred charges..
1
1
141,387
261,084
5%
79,619
$339,421
x61,410
$397,709
101,651
$2,902,294
x755,125
96,563
108,702
825,180
694,509
Net ry oper. income._
Other income
$181,448
1,912
$187,356
808
$1,321,989
17,404
$1,617,821
18,116
Misc. deduc. from inc...
$183,360
3,307
37,252
$188,164
3,246
37,810
$1,339,393
29,208
337,044
$1,635,937
28,646
342,662
$142,801
$1.88
$147,108
$1.94
973,141
1,264,629
$12.80
$16.64
137,142
70,908
Net income
Surplus
Less
reserve
for
depreciation.—V. 145,
Holland Furnace
16,300
78,100
714,650
2,226,700
1,500,000
1,725,128
of com.
.$8,278,275 $7,389,878
2848.
1937—9 Mos.—1936
1937—3 Mos.—1936
deprec. & Fed. inc. tax
of shs
p.
1,500,000
1,470,084
Co.—Earnings—
Period End.
Sept. 30—
Net profit after interest,
No.
Total.
$633,054
$753,865
$736,125
x$695,809
450,212
426,397
450,212
426,397
$1.35
$1.67
$1.43
$1.37
x
stk.
outstanding
Earns, per sh. on com.
stk. (no par)
x After deducting surtax
on undistributed earnings.
Net income for 12 months ended Sept. 30, 1937 was $1,423,412
equal to
$2.87 a common share against $1,204,224 or $2.52 a share for the 12 months
ended Sept. 30,
1936.—V. 145, p. 1587.
Net inc. per sh. of stk
Includes $13,424 for the month of September, and $109,784 for the nine
months ended Sept. 30, account Carriers Excise Tax in connection with
Railroad Retirement Act, at 2 %% of pay rolls.
No similar charge in 1936.
—V. 145, p. 2550.
Insull
Utility Investments, Inc.- -Closing Suits Against
Banks—
Federal Judge James H. Wilkerson at Chicago on Nov. 5 entered decrees
approving the settlement of suits brought on behalf of note and debenture
holders of the Corporation Securities Corp. of Chicago and Insull
Utility
investments, Inc., against Chicago, and New York bank creditors of these
He also issued an injunction restraining such creditors from
bringing new suits against the banks.
Under the terms of the agreement the banks are to pay $3,435,088 in
full settlement of Insull utility bondholders' claims against the bank credi¬
tors and also procure the withdrawal of certain claims against the estate.
Bank creditors also are to pay $1,200,000 to the Corporation Securities
Co. and to procure the withdrawal of certain claims.—V. 145, p. 3011.
companies.
Interchemical
Corp.
(& Subs.)—Consolidated Balance
Sheet Sept. 30, 1937—
Assets—
Hotel Governor
The
hotel
Clinton, Inc.—Earnings—
has
been filed with
LiabilUies—
Cash in banks and
reported
earnings at the rate of 2.63% on the $5,000,000
15-year 2% mortgage bonds to be outstanding when reorganization is
completed, after estimated 1st mortgage interest but before depreciation,
in the year ended July 31,1937, according to a statistical
report from Amott,
Baker & Co., Inc.
This compared with earnings at the rate of 1.66% on
the same basis in the year ended July 31, 1936.
The report showed net profit, after estimated 1st
mortgage interest but
before depreciation and bond interest, of $131,585 in the
July 31, 1937 year,
against $82,988 in the preceding year, and a net loss of $80,138 in the July
31, 1935 year.
A reorganization plan was approved for consummation on
Sept. 10, 1937,
under Section 77-B, but an appeal of this confirmation
by former equity
owners
a
on
hand.
$922,723
_
Notes and accts. receivable-
pay.
on
purchase contracts
Investments and advances
b
5.864,608
formulae,
exps.,
patents and goodwill
94,823
4156.
Hudson Bay Mining & Smelting
Si Dividend—
The directors have declared
Co.,
Ltd.—To Pay
dividend of $1 per share on the capital
stock, payable Dec. 10 to holders of record Nov. 20.
This compares with
75 cents paid on June 28, last, and dividends of 50 cents
paid on Dec. 21,
and June 29, 1936, and on Dec. 16, and
Aug. 31, 1935, this latter being the
initial distribution on the issue.—V. 145, p. 2549.
a
Hupp Motor Car Corp.—-Earnings—
Period End. Sept. 30—
Net sales.
Afos.—1936
Costs and expenses
1937—3
$253,367
748,709
Other income.
$495,342
72,415
$181,505
3,832
$829,364
139,611
$541,302
16,477
Depreciation
Idle plant expenses..
$422,927
34,037
2,213
$177,673
42,480
8,872
$689,753
112,676
6,714
$524,824
143,948
39,803
$459,177
$229,026
$809,143
$708,576
Net loss
$75,120
256,624
—V. 145, p. 2849.
Hudson Motor Car Co.—October
1937—9 Mos.—1936
$372,256
$350,064
1,201,620
891,366
Prov.
for
6% cum.pref.stock($100 par)
c
Common stock
Capital surplus
.
„
„
.
.
Earned surplus
Total
$16,012,483
Total
.
6,691,700
2,890,580
1,105,501
1,441,086
$16,012,483
a Less reserve of
$379,272 for doubtful accounts and outstanding drums,
b After reserves for deprec. of
$3,333,230.
c Represented by 289,058
no par
shares.
The earnings for nine months Sept. 30 was published in the "Chronicle"
of Nov. 6, V. 145, p. 3011.
International Business Machines
Corp.—Earnings—
[Including Foreign Subsidiaries]
Period End. Sept. 30— 1937—3 Mos.—1936
1937—9 Mos.—1936
x Net
profit
$2,608,618
$2,261,905
$6,572,666
$5,738,406
Shs. capital stk.(no par).
775,880
738,934
775,880
738,934
Earnings per share
$2.83
$2.58
$8.47
$7.76
x After
interest, reserves, depreciation and estimated Federal
but before provision for Federal surtax on undistributed
profits.
The earnings reported above include those of the
taxes,
company's foreign
subsidiaries, of which $639,960 was in countries where exchange is at present
blocked by governmental restrictions.
Similar blocked profits for the
years 1936 and 1935 were fully covered by reserve.—V. 145,
p. 2849.
International Ry.
Co.—Earnings—
I Including rail and bus operations.]
9 Months Ended Sept. 3
1937
Total revenues
$4,866,764
$4,790,283
673,405
337,599
1,307,394
607,501
412,499
$1,451,885
744,632
32,636
42,542
818,853
$331,740
$186,779
-
-
Conducting transportation
Net earnings
Interest.
1938
Rentals, transfer taxes, &c
Amortization of discount
Depreciation
1936
706,008
308,433
1,402,738
552,683
501,188
$1,395,713
767,412
23,910
44,181
891,949
_
Maintenance
Power operation—
cars
_
Deficit-...
—V. 145, p. 944.
Interstate Department Stores, Inc.—Sales—
general trend in the industry toward automatic gear shifting has greatly
improved Hudson's sales prospects for the reason that Hudson introduced
Sales.
its selective automotive shifting transmission three years ago and already
—V. 145, p. 2551.
40,045
285,900
General and miscellaneous
Shipments in October totaled 15,269 cars a gain of 56% over the 9,782
shipped in October, 1936.
October shipments consisted entirely of
models.
The total shipments of 1937 models now completed were
122,791 cars.
W. R. Tracy, Vice-President in charge of sales stated that
an earlier start this year on new model production was in
part responsible
for the large October increase.
Production schedules for early November
have been set at the October rate.
Preliminary figures on United States retail sales of Hudson built cars for
October show a gain of about 12% over October of last year.
Retail sales
have shown a steady increase in recent weeks.
Mr. Tracy stated that the
388,839
to
un¬
609,257
Taxes.
Shipments Up 56%—
compensation
officers and employees
der profit sharing plan
Other liabilities
aggregating 60%
p.
180,152
Res. for Fed. income and cap¬
ital stock taxes.
Reserves
net income over the fixed interest is to be
been obtained with interest at 4>^%.
The hotel, assessed for 1937 at
$5,150,000, showed average occupancy
for the first seven months of this year of
64.69%, the highest rate for any
similar period since the hotel opened.—Y.
143,
106,505
Other current liabilities
536,967
no
of the authorized stock issue.
All
applied to retiremetn of a first
mortgage of not over $750,000, provided to meet tax arrears, reorganization
expenses and working capital.
A commitment for this new mortgage has
Accrued taxes
Unexpired insurance, prepaid
expenses, supplies, &c
1,000,000
191,849
152,771
Accr. payrolls and comm
55,784
785,838
Land, bldgs., mach. & equip
Develop.,
Customers' deposits
material
raw
$928,297
Notes payable
5,169,416
Merchandise Inventories
Adv.
Accounts payable
2,582,324
decision handed down as yet.
Under the
plan each holder of an old series A 6% first mortgage bond will receive a
$1,000 registered 15-year 2% fixed interest bond and 2 shares of
voting
trust common stock,
593.788
x
3,487,000
(par $25)
$2,906,118
68,558
2d pf. (par $100)
a
from ry oper.
rents
552,800
1st pf. (par $100)
Series B 1st pref.
$8,278,275 $7,389,878
rev.
Total fixed charges
Cap. stock series A
Total.
Net
expenses..
Ry tax accruals
Equip. & joint facility
deb.
Com. (par $25).
RR.—Earnings—
1937—9 Mos.—1936
$7,976,227
$7,494,673
5,073,933
4,588,555
revenues..
150,000
614,600
10-year
bonds
$216,356
1937—Month—1936
$900,465
$918,501
561,044
520,792
Ry operating
Ry operating
Prov. for Fed. inc.
taxes
$262,164
,
rolls,
taxes, &c
(market value).
Plants & equip't
Pats. & goodwill..
a
Sept.30,'37 Jan. 1, '37
$233,299
$236,799
Notes payable (for
251,774
.
Period End. Sept. 30—
x
Accts. rec.Oess res)
251,774
$66,933
$68,161
Indiana Harbor Belt
Total
Liabilities—
83,925
v
54,647
54,647
54,647
54,647
$2.78
$2.76
$9.40
sh. on pref. stk
$8.57
x
After charges for taxes, interest and providing for
depreciation, but
before allowance for dividends.—V. 145, p. 2227.
Earn, per
65,230
Sept.30,'37 Jan. 1, '37
$184,930
$66,766
83,925
for
Shares of pref. stock in
the hands of the public
in 1936.
Assefs—
1937 9 Mos.—1936
$3,202,894
$2,716,419
513,939
468,130
.
Amount
3,403,7.54
Heywood-Wakefield Co.—Consolidated Balance Sheet—
1937—3 Mos.—1936
$1,105,841
$972,010
152,086
150,858
Div. require, on pref. stk
in the hands ofthe pub
3,096,015
44,911,028 41,479,717'
Total
.....44,911,028 41,479,717
Represented by 618,535 no par shares in 1937 and 606,234 no par shares
y After depreciation reserve of $16,319,062 in 1937 and $14,793,918
in 1936. z Includes 8,706 shares pref. and 22,355 shares common.
The earnings statement for the nine months ended
Sept. 30, was given
in the "Chronicle," of Oct. 30, V. 145, p. 2848.—V. 145,
p. 3010.
30—
revenues
Period End. Oct. 30—
1937—Month—1936
$2,344,343
1937—9 Mos.—1936
$2,462,016 $16,929,988 $16,726,101
Volume
Financial
145
International Nickel Co. of
Period End.
Earnings
head
&
Administrative
office expense
(F. L.) Jacobs Co.—To Pay Common Dividend in Notes—
Canada, Ltd. (& Subs.)—
Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
$18,548,574 $13,774,468 $54,321,061 $38,940,357
423,515
390,852
1,203,383
1,278,314
3199
Chronicle
a dividend of $1.50 per share on the common
$1, payable in five-year 5^ % notes on Dec. 6 to holders of record
A cash dividend of 50 cents per share was paid on June 25, last
and dividends of 25 cents per share were paid on Dec. 26, Oct. 1 and on
July 15, 1936.—V. 145, p. 2697.
The directors have declared
stock,
par
Nov. 22.
Net
operating profit._$18,125,060 $13,383,617 $53,042,747 $37,736,973
Other income
118,295
62,630
389,123
263,691
Total income
$18,243,355 $13,446,247 $53,431,870 $38,000,664
Inc. and franchise taxes.
2,596,956
2,043,899
5,825,365
8,116,165
1,308,470
3,858,363
Deprec. and depletion..
2,161,669
5,102,538
Retirement system and
other purposes...
521,773
454,702
1,268,787
1,287,856
Net profit.
Earned
surplus
ning of period
--—$13,030,029
begin¬
67,265,377
Total.
Common divs
Transferred
44,176,488
$577,512
380,501
$1,842,005
1,309,202
$1,704,643
1,161,913
Net operating income-
$173,807
$197,010
$532,802
304
830
785
$542,730
1,972
$174,111
46,763
Cr 776
$197,841
68,750
1,186
$533,588
134,263
1,278
$544,703
206,250
3,658
4,700
10,133
99,973
273
855
943
30,401
2,565
$123,150
44,682
$116,916
44,682
$297,129
134,046
$301,828
134,046
$72,234
$163,082
$167,782
Other income (net)
Gross income
1,510,326
—
funded debt-
^
count and expense.
on int
Taxes assumed
Net income
4,510,326
...
.......
on
General interest (net)
Amortiz.
of bond
dis¬
■;-r;v:;v>^
retirem't
to
system reserve
Adjustment 1935taxes—
—
_
Pref. stock dividends..
,
264,896
Balance
Earned surplus end of
period
_
conv.
a:
$71,012,520 $56,369,896 $71,012,520 $56,369,896
share
Earnings
per
stock
on
>
$0.86
$0.62
$1.75
$2.57
$
'
:
Investments
Securities
held
Liabilities'—
y
7% cum.. 27,627,825
Common stock 60,766,771
Accts.
483,475
12,386,388
6,772,957
678,884
1,958,461
Capital surplus.
60,606,500
71,012,520
2,006,053
60,606,500
59,896,144
8,766,431
Retire,
304,018
2,241,531
44,871,895
318,855
212,908
Insur.,
Insur. and other
x
252,163,728 233,530,4671
252,163.728 233.530,467
Total
After depletion and depreciation of $50,013,243 in 1937 and $44,910,705
in 1936.
Represented by 14,584,025
y
International
Rys.
Preferred Dividend—
of
$972,024
547,602
$2,522,641
1,644,779
$2,695,548
1,643,452
a
Divs.
$348,955
114,016
$424,421
114,016
$877,861
342,049
$1,052,095
342,049
$310,405
c$535,812
c$710,046
6% pref. stk.
on
conting.
Earned surplus.
Total
$895,440
546,485
..
Net Income
system
reserve
prepaid items.
$2,626,932
68,616
Total int. & other deduc.
Exchange res...
48,898,728
Cash
Gross Income
9,386,309
pay.
10,261,474
se¬
curities
$2,436,699
85,941
594,987
div.
Nov.1, 1937.
receivable....
$949,188
22,835
Net oper. income
483,475
Pref.
Accts. and notes
Government
*$6,361,582
3,734,650
5,389,448
& other res...
22,989,406
26,017,053
$6,561,390
4,124,691
Other income (net)
6,703,639
9,939,266
Pro v. for taxes
12,335,307
system reserve
Inventories
V'
1937—9 Mos—1936
$858,853
36,586
Operating revenues
Oper. exps. & taxes
27,627,825
60,766,771
payable
and payrolls..
against retire.
S
$
Pref.
Sept. 30—
1937—3 Mos.—1936
$2,329,276
$2,303,778
1,470,422
1,354,590
$234,939
Sept. 30, '37 Dec. 31, '36
j;
■
153,058,512 153,696,746
969,781
751,550
Federal undistributed profits tax.—
Kentucky Utilities Co. (& Subs.)— ■Earnings—
Period End.
Sept. 30, '37 Dec. 31, '36
AsS&3'~mmm
Property
$78,467
No provision has been made for
Y. 145, p. 2697.
Consolidated Balance Sheet
X
1937—9 Mos.—1936
$600,394
426,586
Interest
59,896,144
Co.—Earning
1937—3 Mos.—1936
Operating revenues
a Oper. expenses & taxes
$9,572,106 $38,944,380 $27,029,080
52,383,624
$80,295,405 $61,955,730 $98,840,524 $71,205,568
483,475
483,475
1,450,424
1,450,424
7,289,085
5,102,359
21,867,254
13,120,352
Preferred divs
Kansas Electric Power
Period End. Sept. 30—
no par
shares.—V. 145, p. 3011.
America—Resumes
Central
The directors have declared a dividend of $5 per share on the 5% cumu¬
lative preferred stock, par $100, payable Dec. 10 to holders of record Dec. 1.
This will be the first dividend paid since Aug. 15, 1931 when a regular
quarterly dividend of $1.25 per share was distributed.—Y. 145, p. 3011.
Of Kentucky Utilities Co.
b Before dividends on 7% junior preferred
stock of Kentucky Utilities Co.
c The balance of $535,812 for the nine
months ended Sept. 30, 1937, includes net income of Lexington Utilities
a
in excess of preferred
$51,651 is not avail¬
stock, all of which is
owned by Kentucky Utilities Co.
Such restricted net income in the nine
months' period ended Sept. 30, 1936}, amounted to $169,842.67.
Notes—(1) Cumulative junior preferred stock dividends not declared or
accrued at Sept. 30, 1937, aggregated $188,291, or $1.75 per share.
A divi¬
dend of $1,623^ per share was declared Oct. 16, 1937, payable Nov. 20,
1937.
(2) No provision has been made for Federal undistributed profits tax.
—V. 145. p. 2697.
Co. and subsidiary company amounting to $59,893
stock dividend requirements for the period of which
able for the payment of dividends on its common
King Seeley Corp .—Optional Dividend—
The directors have declared a dividend of 72 cents per share in
Interstate Home
Equipment Co., Inc.—Extra Dividend
The directors have declared an extra dividend of nine cents in addition
to the regular quarterly dividend of 11 cents per share on the common
stock, both payable Dec. 15 to holders of record Nov. 15.—V. 145, p. 283.
Interstate Power Co. (&
Subs.)—Earnings—
1936
$6,123,074
2,543,044
517,029
608,647
562,950
432,782
339,197
509,628
Balance————-------———————- $2,234,764
$2,298,422
3,015
.
Maintenance
-
Provision for retirements
Taxes
—....
...
Non-operating income
10,931
(net)
a
Condensed Consolidated Income Statement
Interest on funded debt
1,888,750
199,965
Cr5,856
117,419
32,505
Interest on unfunded debt
Interest
charged to construction
Amortization of debt discount & expense
Taxes on interest and other charges
Divs.
on
Eastern
Iowa
Elec.
Co.
stockin hands of public
(a sub.)
$2,301,438
1,888,750
204,901
Cr3,764
117,361
37,721
pref.
2,664
2,569
1,664
$7,678
2, 1937
Period from Dec., 31, 1936 to Oct.
.
;
..$4,376,179
sold.....................................— 4,304,661
Gross income.
Cost of goods
$71,517
Gross profit
Depreciation, $39,899.97; taxes, $24,047.58; general and admin¬
istrative expense,
$38,905.37; selling expense, $188,047.34;
interest paid, $26,511.84
i
Consolidated net income
Net operating loss
Loss on capital assets
Note—The provision made in the above statement for Federal surtax on
undistributed profits is in respect of the calendar year 1936.
No provision
has been made in the nine months ended Sept. 30, 1937.—Y. 145, p. 1262.
Final consummation of the plan of reorganization dated March 1,
1937,
with modifications filed Oct. 23, 1937, has been effected with'the confirma¬
tion of the modified plan by the U. S. District Court for the District of
Delaware at Wilmington on Nov. 3, 1937.
The plan
provides for organization of a new company under Delaware
as Oklahoma Interstate Mining Co., with authorized capi¬
laws to be known
$50,000 of 7% prior preferred stock, $45 par, all to
shares of 5% cumulative preferred stock, $50 par,
of which 8,449 shares are to be outstanding, and 250,000 shares of 25 cent
par value common stock, of which 205,000 shares will be outstanding.
The company will have outstanding a 1-year 6% note in the amount of
talization consisting of
be outstanding; 8,500
$25,000.
Holders of unsecured claims of the old company, including outstanding
5-year 7% debentures, will receive for each $1,000 of such claims, together
with all accrued interest and unpaid coupons on the debentures, 13 shares
of 5%
new
cumulative preferred stock and 104 shares of common stock of the
company.
Present common stockholders will receive one share of new common
each
for
shares of old common now held.
seven
Distribution of these new securities is expected to be made about Nov. 15,
1926 to engage in the business of
owning and operating mining leases in Oklahoma and Kansas for the pro¬
duction of lead and zinc ore.
Offices of the company were in Joplin, Mo.,
but the head offices of the new company will be located in New York City.
—V. 134, p. 516.
Island Creek Coal Co.
Period End. Sept. 30—
Net income after deprec.,
—V. 145, p.
$214,914
$1,103,705
$786,453
$0.76
$0.30
$1.67
§1.13
_
2697.
Jones &
Pro-Forma Consolidated Balance Sheet Oct.
taxes, &c
1937—3 Mos.—1936
$4,207,938
392,430
Interest
2,064,812
Deprec. & depletion
Net profit.
$1,750,696
share on 576,stock
1937—9 Mos.—1936
$4,021,579 $12,930,115
353,125
1,141,601
1,797,588
5,603,448
$7,438,496
766,519
4,618,657
$6,185,066
$2,053,320
$1,870,866
_
$1.46
$5.38
Nil
Note—Net for the first nine months of 1937 does not include non-recurring
profit of $377,324 on sale of U. S. Government securities during that
period.—V. 145, p. 3011.
320 shs.
"
~
"
"
2,1937
-
Liabilities—
Assets—
hand and in banks...
$58,436
379,858
1,317,394
180,954
on
Inventories.......
....
Loans receivable
—
8,440
721,907
35,553
1
Sundry stock
L
Plant (less depreciation)
.
Prepaid Insurance, interest, &c
Goodwill, trade-marks, &c—
Taxes accrued and reserved
See also V.
145,
p.
Preferred stock
Capital surplus
Total...
13,150
19,204
1,492,740
106,258
461,129
$2,702,544
3012.
Knudsen Creamery
on
(par $20)
Common stock (par $1)
Co.—Accumulated Dividend—
The directors have declared a dividend of
of accumulations
27,530
...
Res. for allowances & discounts
Reserve for credit risk
■
$200,000
382,533
Accts. payable & accr. expense
$2,702,544
Total
'
,
Notes payable—banks
the
$1.50 class
A
37H cents
cum.
and
per
share on account
shares, no par
partic.
value, payable Nov. 25 to holders of record Nov. 10.
A similar payment
was made on Aug. 25, and Feb. 25 last and on Nov. 25,
Sept. 10, May 5
and Jan. 27, 1936, this latter being the first payment made on the issue
since Aug. 1, 1934, when a regular quarterly dividend of like amount was
distributed,—V. 145, p. 1263.
Kobacker Stores,
Inc.—Common Dividend Deferred—
defer action on the payment of a common
Dividends of 50 cents per share were
paid on Sept. 1, June 1, March 1 and on Jan. 25, last, and a dividend of
$1 per share was distributed on Dec. 21, 1936, this latter being the first
dividend paid since May 31,1930 when a $1 dividend was also distributed.—
V. 145, p. 1744.
have decided
to
dividend until their January meeting.
1937—Memth—1936
1937—10 Mos.—1936
$13,423,207 $13,539,905$117,558,625$112,145,077
31, 1937, the company had 738 stores in operation of which 683
were American and 55 Canadian.
A year ago stores in operation totaled
730 with 682 American and 48 Canadian stores.—V. 145, p. 2397.
Period End. Oct. 30—
Sales
On Oct.
(S. H.) Kress & Co.—Sales—
Laughlin Steel Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
Profit after Federal inc.
Earns, per
1937—9 Mos.—1936
$488,389
Federal taxes, «&c
Earns. per sh. on 593,865
shs. com. stk. (par $1)
5,797,196
6,043,717
(S. S.) Kresge Co.—Sales—
(& Subs.)—Earnings—
1937—3 Mos.—1936
$246,521
................
_.
Dec. 31, 1936
1937.
[After giving effect to proposed plan of reorganization of B. B. & R. Knight
Corp., Fruit of the Loom Mills, Inc. and Knight Finance Corp.]
Directors
1937.
The Interstate company was formed in
sold or scrapped-—..—....—..—.....
Notes and accounts receivable
Co.—Reorganization/—
317,412
$245,895
626
.....
.........
....
Consolidated capital (deficit) Oct. 2,
Cash
Interstate Zinc & Lead
.....
Net loss for period—
Consolidated capital (deficit)
$52,235
2,569
——■
Minority interest in net income
or
Gross sales, less returns and allowances.
.-.....$4,343,210
Rentals ana other income...32,969
...
Grossincome—--———^-——$2,245,696
cash
share of common stock on the common stock, par $1, payable
option of common shareholders on Dec. 4 to holders of record Nov. 12.
A dividend of 50 cents was paid on Oct. 25, last, and compares with 40
cents paid on June 15, last, and on Dec. 22 and Oct. 12, 1936, this latter
being the initial distribution on the common stock.—V. 145, p. 2229.
at the
(B. B. & R.) Knight Corp. (& Subs.)—Earnings-
1937
$6,516,480
2,593,089
12 Months Ended Sept. 3
Operating revenue
Operating expenses
12-100 of
com.
$1.25
Period End. Oct. 30—
Sales
—V.
—
145,
p.
1937—Month—1936
1937—10 Mos.—1936
$7,113,521
$7,306,525 $65,857,626 $64,698,176
2397.
Lamson & Sessions Co.—To
Recapitalize—
A recapitalization plan Intended to erase back dividends on the preferred
stock, thus paving tne way for a resumption of. cash disbursements and
reduction of stock transfer taxes will be placed before stockholders at a
meeting to be held on Nov. 16.
<
The plan provides for exchanging each of the present 9,508 shares of 7%
$100 par preferred stock for seven shares of new no par $1 dividend pre¬
ferred, redeemable at $21 a share and one share of new $10 par common.
For each of the no par common share 277,862 shares of $10 par common
would be exchanged.
Stockholders will be asked to authorize issuance of
3200
Financial
Chronicle
Lionel
DEAL IN
Lone Star Gas
take
care of
Loomis-Sayles Mutual Fund, Inc.—To Pay $15 Div.—
the 9,508 additional shares
preferred stock.
The stated capital of the new
preferred would be unchanged at
but that of the common would be reduced to $2,873,700. thus
$950,800,
Louisiana Ice & Electric Co., Inc. (&
cutting the
stated
total
transfer of
$3,824,500 from $4,666,596.
This would permit
$842,096 to capital surplus.—V. 145, p. 2080.
capital
to
Lane Bryant,
Period End. Sept. 30—
Operating
Oper. (incl. uncoil, accounts)
Maintenance.
1937—Month—1936
1 937—10 Mos.—1936
$1,474,302
$1,406,132 $12,134,259 $11,561,879
Sales
—Y. 145, p. 2397.
Taxes (excluding Federal income)
$114,004
25,758
.
Non-operating income (net).
Lehigh Valley RR.—Bonds—
The IOO
Nov. 3 authorized the company to pledge and
repledge from
time to time, to and including June 30, 193, all or
any part or $3,600,000
of general consolidated mortgage 5% bonds, due
Subs.) -Earnings
1937—9 Mos—1936
12 Mos. '37
$532,976
$583,821
$649,430
44,163
45,127
59,491
263,273
298,384
331,893
59,244
71,731
75,423
52,292
49,636
64,307
revenue
Power purchased
Inc.—Sales—
Period End. Oct. 30—
,
The directors have declared a dividend of $15
per share on the common
stock, payable Dec. 1 to holders of record Nov. 8.
A dividend of $1 per
share was paid on Oct. 1, last, and each three months
previously.
The
company on Dec. 18, 1936 paid a special dividend of $10, an extra dividend
of $1 and a quarterly dividend of $1 per share.
See V. 143, p. 4006 for
detailed record of previous dividend payments.—V. 145,
p. 1425.
Philadelphia
new common to
to be issued to holders of
1937—12 Mos.—1936
$6,379,086
$6,108,874
$1.06
$0.94
a
After depreciation, depletion, interest, amortization, Federal income
taxes, minority interest, &c., but before Federal surtax on
undistributed
profits,
b On 5,537,717 shares of common stock.—V. 145, p. 2398.
A. T. & T. Teletype—Phila. 22
350,000 shares of
1937—9 Mos.—1936
$4,548,084
$4,361,603
$0.75
$0.66
b Earnings per share
YARNALL & CO.
St.
at a
Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
&
Walnut
Corp.—New Director—
Net profit
a
Susquehanna 1st 4s, 1963
Missouri Public Service 1st 5s, 1960
1528
1937
13,
Herbert W. Mar ache was selected a Director of this corporation,
stockholders' meeting held Nov. 8, 1937.—V. 145, p. 1745.
WE
Philadelphia Electric Co. Common Stock
Pennsylvania Sugar Co. Common Stock
Lehigh Valley Annuity 4K* and 6s
Buffalo
Nov.
$118,942
30,293
$118,316
30,874
on
2003, in the respective
stated, and such additional amounts of like bonds as may be
required to maintain the pledging ratio requested, as collateral security for
two short-term notes amounting to $1,400,000 or for
any renewals thereof.—
Y. 145, p. 3012.
Interest
on
long-term debt.
$139,762
3,375
$149,235
4,500
Interest
on
unfunded debt.
984
819
$149,190
4,837
1,283
$135,403
$143,917
$143,069
.
amounts
Lerner Stores
Corp.—Sales—-
Period Ended Oct. 30—
1937—Month—1936
1937—9 Mos.—1936
Sales
L
$3,299,048
$3,192,000 $28,480,904 $26,290,041
—V. 145, p. 2397.
Balance to surplus
x
x Before
provision for renewals and replacements (depreciation), Federal
income and undistributed profits tax.
Notes—It is the company's policy to make an
appropriation to the reserve
for renewals and replacements (depreciation) at the end of each calendar
therefore, the above statements for the first nine months of 1937 and
1936 show results before deducting such appropriation.
year;
Consolidated Balance Sheet Sept. 30
Lessings, Inc.—Earnings—
9 Mos. End. Sept. 30—
Assets—
Fixed
1936
1935
1934
$281,362
Cost of sales,
1937
$274,342
$260,240
$248,734
266,738
Crl,840
262,771
Cr2,264
263,040
01,832
and
oper.
general expenses
Other income.;
Provision for Federal and
State taxes
Net
loss
from
sale
on
258,799
02.559
Invests., stocks &
bonds
a
2,339
100
ylOO
3,925
$11,496
13,508
loss$ 1,067
sur$66
$2,012
56,856
1,100
$1,067
54,693
0105
Cr2",286
$53,848
$55,905
$56,024
90,000
90.000
z30,744
z31,432
ing (par $1)
per share
$0.15
$0.13
Nil
Nil
Five hundred shares Lessings, Inc., transferred to
treasury, $1,062 and
19 shares purchased for treasury, $38.
y New York State franchise tax.
x Par Value $3.
Balance Sheet
Assets—
$12,753
455
13,995
13,567
1,957
-
1936
$19,532
4,483
152
Cash
Notes & accts. rec.
2,231
31,868
rec
Inventories
Prepaid insurance.
Investments
6,450
20,565
99,453
Fixed assets
Deferred charges..
Goodwill
2,500
1,381
31,171
5,917
35,285
29,000
34,324
122,132
101,457
Acer.
1,149
on
int.
on
con¬
dep
sumer
Accrued taxes
Inv. at cost
37,765
21,632
Misc. curr. liabs..
Acer. liab. insur..
15,390
12,827
Deferred
778
788
Reserves
1,059
1,222
Misc.
1937
Federal
&
1936
$11,472
Accounts payable.
Accrued payroll..
$12,867
taxes
4,067
90,000
53,848
2,450
Earned
Sept. 30—
Net profit...
Total
Earnings per share
450,000 shares
on
Lowell Gas
for surtax on
$1.12
Federal
income taxes, but
undistributed profits.—V. 145,
p. 2229.
before
provision
Net oper. income
Other income (net)
$141,645
11,396
Gross income
al937—9 Mos.—1936
$1,311,538
$1,355,235
955,139
890,391
$176,434
10,746
$464,843
32,187
$389,985
$207,982
Non-operating income.
11,190
$135,819
7,611
$125,617
42,750
10,760
24.031
$219,173
46,708
$143,430
52.250
13,000
32,196
49.569
600
2,043
4,063
Ol,526
Cr2,145
Crl8,830
$49,002
$127,370
$44,334
Gross income
Interest
on
long-term debt
on
other debt
Prov. for retire. & replacements
Amort, of debt dicount & expense
Int. on indebt. of American Utilities
Associates (not rec'd in cash)
expense
amort.
Miscell.
55,969
1,744
166,243
5,812
168,328
5,774
7,382
22.138
&
2,522
1,260
1,853
1,320
11,433
3,780
5,559
3,960
inc.
on int
b Net income
$85,068
$118,909
$180,578
$291,259
a Effect has been
given to adjustments made
subsequent to June 30,
1937, but applicable to six months ended that date,
b Before
preferred
dividends.
Notes—Cumulative preferred stock dividends not
declared
or
accrued at
Sept. 30,1937, aggregated $47,964 or $1.93 % per share.
Dividends totaling
$2.12H Per share were declared Oct. 12, 1937,
payable on Nov. 10, 1937.
No provision has been made for Federal
undistributed profits tax.—V.
145, p. 2552
Libbey-Owens-Ford Glass Co.—To Pay $1 Dividend—
The directors have
declared
dividend of $1 per share on the common
stock, no par value, payable Dec. 15 to holders of record
Nov. 30.
This
compares with $1.50 paid on Sept. 15,
last; 75 cents paid on June 15 and
March 15, last; $1.25 paid on Dec. 15 and on
Sept. 15, 1936; 50 cents paid
on June 15 and March 16,
1936, and 30 cents paid each three months from
Dec. 15, 1933, to and including Dec.
16, 1935, and on Oct. 2, 1933.
This
latter was the first dividend paid since
Sept. 1, 1930, when a quarterly
payment of 25 cents per share was made.—V.
145, p. 2552.
Life Savers
Property,
a
Corp.—Special Dividend—
The directors have declared a
special dividend of 70 cents per share in
addition to the regular quarterly dividend
of 40 cents per share on the
common stock, par $5, both
payable Dec. 1 to holders of record Nov. 20. A
special dividend of 40 cents was paid on Sept. 1, last, and one of
60 cents
per share was paid on Dec. 14,1936.—V.
145, p. 2851.
1937
1936
plant,
Cash
in
banks
&
hand
Accts. receivable.
Merch.,
10,869
104,561
_
21,365
176,280
materials
35.367
93,779
Liabilities—
1937
260,929
3,184
3,717
ican Util. Assoc.
53,013
51,487
series A,
due Mar. 1, 1966
Notes pay. (bank)
Notes
4,760
4,760
117.500
Accrued taxes.
on
•
40,000
110,339
143,562
90,028
81,909
3,562
Accounts payable-
3,562
'
*»
long-
term debt...
«»
accr.
Cust.
meter & exp.
liabils.
-
-
9,526
46,471
Unadjusted credit.
51,295
42,837
9,996
49,243
-
40,886
49,061
Common stock (par
1,630
3,246
803,738
789,535
1,524,050
1,524,050
630,628
694,917
Reserves
charges
$950,000
37,000
deposits
Prepaid & deferred
$25)
Surplus
Total
$950,000
(trade
pay.
Other
Corp
Long-term appli'ce
1936
4J^ %
mtge.
Acer. Int.
Inv. in P. U. Mgt.
12.043
bonds,
creditors)
228,259
$731,302
419,739
50,211
125.532
Sheet Sept. 30
1st
equipment, &c.-$3,712,917 $3,699,495
22,148
long-
General i iter est
Amortiz. of bond disc't &
-
$497,031
$187,180
55,260
1,550
7,379
&
1935
$117,625
7,992
contracts.
$356,398
33,587
1936
Taxes, local and State
& supplies
$153,041
funded
term debt
deductions
Taxes assumed
1937—3 Mos.—1936
$464,549
$506,623
322,904
330.189
88,644
$1,707,703 $1,607,710
1937
Insurance deposits
Due
from
Amer¬
Lexington Utilities Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating revenues
Oper. exps. & taxes
1,096,518
$746,850
409,720
Assets—
$2.57
97
1,096.518
149,713
$744,135
437,953
47,384
141,173
ice
$2.69
69,001
80
Light Co.—Earnings—
Net income
1937—9 Mos.—1936
$4,755,388
$3,266,399
1,212,787
1,155,802
surplus...
Total.
12 Months Ended Sept. 30—
Gross operating revenues
on
$1.13
depreciation and
$1,707,703 $J,607,710
Interest
1937—3 Mos—1936
$1,850,704
$1,373,028
510,693
501,500
69,018
a At
par.
b Less reserve for doubtful accounts,
c Less
revenue for
inventory adjustment, d Pineville Electric Co. 1st mortgage 6% bonds.—
V. 145, p. 2698.
value shares.—V. 145, p. 1263.
Net sales
2,701
149,750
(frac¬
Capital surplus
(R. G.) Le Tourneau, Inc.—Earnings—
Period End.
"3*205
695
tional shares)-..
90,000
55,246
Capital stock...
Surplus
3,910
229,630
Com. stock (whole
State
y
271
liabilities
shares)
Com. stock
1,393
1
par
assets-
»
Maintenance
$160,785
$160,548
Total
$160,785
$160,548
for depreciation of $129,159 in
1937 and $119,024 in 1936.
reserve
curr.
mum m ~
Operations
367
1
Represented by $1
on
1,875
Acer. Int.
3%
Sept. 30
92,853
648
Total
Int.
524
bonds
Treasury
Liabilities—
1937
After
707
b Accounts receiv.
x
x
23,350
liability
400
011,563
$55,246
Earnings
x
depos.
Ice coupon
$18,300
63,262
55,180
Profit & loss surplus..
Shs. cap. stk. outstand¬
y
8.
Consumers
loss$l 1,994
6,306
...
19,369
34,196
830
155,162
Deferred assets
$13,566
13.500
Deficit
Balance Jan. 1
x Deducts, for stock
acq.
Miscellaneous adjust
After
U.
bonds
c
1936
$100,000
830
Prepayments
abandoned store
Net profit
x
1937
$75,000
24,380
78,106
Interest receivable
463
.
Dividends paid
x
Liabilities—
d Funded debt...
Accounts payable-
Notes receivable..
fixtures
Accr. int.
1936
$1,451,239 $1,249,316
Cash
X
of
securities
Loss
2,898
1937
assets
$4,209,745 $4,307,341
Total
...$4,209,745 $4,307,341
—V. 145, P. 1264.
Ludlum Steel Co.
Period End. Sept. 30—
Net profit
Shares of com. stock
Earns, per share
a
(& Subs.)—Earnings—
1937—3 Mos.—1936
$301,994
$270,968
497,600
496,076
$0.60
$0.54
a
__
1937—9 Mos—1936
$1,201,197
$705,350
497,600
496,076
$2.41
$1.30
After depreciation, normal Federal income
taxes,
minority interest, &c.
Sept. 30, 1937,
&c., $2,563,793; depreciation
$77,375; ordinary taxes, $57,206; profit from operations $368,362; other
income $26,337; total income $394,699; other deductions
$21,193 net profit
$301,994.—V. 145, p. 2230.
The consolidated income account for the
quarter ended
follows: Net sales $3,066,736; cost, expenses,
McCrory Stores Corp.—Sales—
Period Ended Oct. 30—
Sales!
Stores in operation
—V. 145, p. 2398.
McKesson &
1937—Month—1936
1937—10 Mos.—1936
$3,333,124
$3,150,805 $30,931,720 $30,311,516
,
198
194
Robbing, Inc.—Sales—
Period End. Sept. 30—
1937—Month—1936
1937—9 Mos.—1936
Net sales
$16,070,704 $13,591,895$126,457,627 $108,495,742
Buys Denver Company—
This company has purchased W. A. Hover & Co., wholesale
drug house
The transfer is to be made onDec. 1.
of Denver, Colo., for about $350,000.
—V. 145, p. 2699.
McWilliams Dredging Co.—Common Dividends
The directors announced
the effect that
no
Deferred
on Nov. 6 that they had
passed a resolution to
further dividends would be declared payable on the com-
3201
Chronicle
Financial
145
Volume
Cash
1936.—V. 145,
Mkt.
100% was paid on Sept. 1,
1, 1936, and a stock dividend of
2699.
p.
Macon Gas
Co.—Earnings—
$442,985
$457,864
347,523
Notes
payable
Acer,
int.,
396,346
taxes, & exp—..
223,994
863,100
1,804
399,364
7,892
Res. for Fed. taxes
190,162
conting..
5,921
3,982
8,605
39,806
Amts. due fr. offics
331.113
Other assets..
$110,340
$111,871
552
919
$110,893
before prov. for retirements
Non-operating income
Net oper. revs,
$112,791
16,072
19,330
Provision for retirements.
$91,562
31,957
2,333
14,377
1,320
long-term unsecured notes
Other interest
Amortization of debt discount & expense
$96,719
31,360
$41,574
1,000
47,570
Gross income
Interest on 1st mortgage bonds
$45,864
1,000
48,718
incident
applic.
for
to
less
531,030
758,676
779
779
210,000
202,050
1,466,903
341,101
21,529
1,080,430
_
stock—
Earned surplus.—
Paid-in surplus.—
Capital surplus...
264,600
21,528
res.
19,350
19,912
12,343
amort
23,684
.
—$2,625,863 $2,012,540
Total
$2,625,863 $2,012,540
Total
—V. 145, p.
127,518
estate
Common
pat.
Deferred charges.
19,495
Mtge. loans on real
& legal exp.
Pats.
Res. for
wages,
Deferred Income.
&
eqpt. at cost, less
res. for deprec..
plant
Prop.,
121,649
118,117
57,301
45,000
Other accts. rec'le.
30^1936 V
$75,866
45,170
Inventories
1936
1937
payable—
588",692
sees, at cost-
Notes & accts. rec.
Operating expenses & taxes
on
Accts.
Sept.
1937
$65,474
100,000
Liabilities—
r
$492,201
$324,140
Bldg. & loan stks-
12 Months Ended Sept. 30—
Interest
1936
1937
Assets—
Sheet
(& Subs.) —Balance
Master Electric Co.
pany's common stock this year.
A dividend of 25 cents was paid on Sept. 1,
last, and prior thereto regular quarterly dividends of 50 cents per share were
distributed.
In addition, a special dividend of 12>£ cents was paid on Dec.
2853.
Transportation Co.—Earnings—
1936
1935
1934
$2,334,236 $2,015,420 $1,852,512
x80,280
x364,992
253,786
115,756
236,902
236,902
236,902
245,914
$0.34
$1.54
$1.07
$0.49
Merchants & Miners
Net income
Preferred dividends..
-
Common dividends
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 Sept. 30.
1937 and no provision therefore has been made.
3 Mos. End. Sept. 30—
Total
revenues.
1937
$2,180,689
yNetincome
Shs. cap. stk. (no par)..
Earnings per share
x No provision has been made for Federal surtax on undistributed profits,
After deduction of oper. expenses, rents, taxes & deprec.
Net income for the 12 months ended Sept. 30, 1937, was $236,609, equal
to $1 a share, comparing with $814,538, or $3.44 a share, in the 12 months
ended Sept. 30, 1936.—-V. 145, p. 946.
*
y
Comparative Balance Sheet Sept. 30
plant &
equipment.....$1,389,495 $1,633,380
42,601
Special deposit
«.
29,654
107,566
770
199
Merchandise,
24,092
2,937
2,354
28,094
1,207
76,529
terials & supplies
...
475,500
Long-term debt—
4j^ %
Def. debit items..
$20,000
475,500
par)
ma¬
Appl, on rental
$20,000
par)
sold
Depreciation, taxes, prov. for doubtful
general administrative expenses
1st mtge.
750,000
bonds
bonds
m mm mm —
5%
448,000
unsec.
-
»
Consumers' dep
16,471
Accrued accounts-
31,052
19,119
40
40
162,095
-
-
-
■
extension
Service
deposits
Reserves
Donated,
surplus
4mm
mm*>m
-
47,716
Earned surplus
65,339
229,712
Total income.
..$1,677,037 $1,822,925
Total
..$1,677,037 $1,822,925
Netprofit
Balance Sheet Sept.
receivable
receivable
Commission on Oct. 22 authorized the company
to issue not exceeding $10,000,000 of prior preference stock (par $100), in
exchange for and in conversion of a like amount of general-mortgage bonds,
series A. 4H%, due Dec. 1, I960.—V. 145, p. 2853.
Majestic Apartments (Majestic
Deferred charges
zl ,549
68,049
Other assets
23,059
$2,500,000 1st mtge. on the building.
If placed, the proceeds will be dis¬
tributed pro rata to bondholders in an amount estimated at $230 per bond
outstanding.—V. 140, p. 4073.
Co.—New Secruities Ready■—
7% cumulative preferred stock, old common stock and certificates of de¬
posit therefor may obtain the new securities to which they are entitled upon
surrender of their securities at the New York office of Bankers Trust Co.
Holders of coupons due prior to Oct. 1, 1931, in respect of the old bonds
of such coupons is
Hanover Bank &
of the company, are reminded that interest in respect
available for payment at the New York office of Central
Trust Co.
Applications for the listing of the new bonds and common stock on
New York Stock Exchange and for the listing of the option warrants on
the
the
Exchange, are now pending.
recapitalization plan holders of old preferred will receive three
shares of new common and a 10-^year warrant to buy another share at $12.50;
holders of common will get a half share for each share held and warrants to
buy 1 Yi shares of new common at $12.50, and holders of 7H% bonds will
receive equal amounts in new 20-year 4% bonds and 50 shares of common
stock for each $1,000 principal amount.—V. 145, p. 3013.
Under the
Mar Tex Oil
See list given on
Corp.—Registers with SEC—
department.—V. 145, p. 2699.
first page of this
Co.-—Registration Statement Withdrawn•—
first page of this department.—V. 145, p. 2398.
Market Street
[Including South San Francisco
Year Ended Sept.
Net oper. rev.
1937
& taxes
-_
res.)...
Other income—
Net oper. rev.
& other inc. (before approp.
for
$7,498,095
6,244,764
$970,801
7,432
$1,253,331
7,843
$978,233
$1,261,174
500,000
Mexican
Amortization of debt discount
& expense-
deductions
$761,174
23,424
25,079
4,608
486,318
3,503
$14,237prof $245,167
Net loss
p.
30—
Period End. Sept.
Gross earns, from oper..
Oper. exps. & deprec
2552.
Miami
Herald
Publishing
Co.—Registration Statement
See list
given on first page
$5,848,715
4,237,659
$150,040
$1,866,743
$1,611,056
Minneapolis & St. Louis
RR.—Court Orders Payment of
25% of Receivers' Certificates—
of receivers'
of 25%
still out¬
reduced to 4%
District Court at Minneapolis has authorized payment
certificates amounting to $201,450, leaving $604,350
standing.
The interest rate on the remainder has been
from 4^% for a saving of $3,021 annually.
,
This is the third reduction in certificates since Jan. 1935, when
department.—V. 144, p. 3843.
the present
there were $1,200,000 in certificates
as possible to retire all certificates
of the $1,750,000 in preferred creditors, claims
management took charge, at which time
outstanding.
The road plans as early
then begin
and
it is said.—v.
reduction
145, p. 3014.
Missouri Pacific
RR.—Interest—
St; Louis Iron Mountain &
4% 30-year gold bonds,
Interest of 2% was paid Nov. 1, 1937, on
Southern Ry. River and Gulf Divisions 1st mtge.
1933, upon presentation
145, p. 3014.
due May 1,
of bonds for endorsement
O'Day Corp.—Registers with
first page of this department.
Mode
of payment.
SEC—
See list given on
Montgomery
Ward & Co.—Sales—
—V.
.$48,825,203
1936
9 Mos.
1937
1937—Month—1936
Period Ended Oct. 30—
Sales
$45,455,404$319,788,818$265,598,051
145, p. 2399.
Morris Finance
9 Months Ended
Gross income from
Bend, Ind.—Earnings
Co., South
Sept. 30—
operations
—
Condensed Balance
1037
$767,980
receivable.. 4,715,251
Cash on deposit...
Prepd.
$412,631
164,296
$299,474
88,347
$248,335
26,250
42,000
$211,127
23,156
25,925
$180,085
$162,046
26,250
63,000
$116,594
N et surplus
5,795,466
18,486
Coll.
trust
1937
payable
$3,110,900
payable and
accrued tax s
106,404
3,219
11,368
Fds. withheld from
355,389
181,630
207,291
dealers
Reserve for losses.
12,599
commls'ns
12,732 Unearned Income.
7% preferred stock
$4,093,600
165,190
221,094
140,973
340,600
500,000
500,000
250,000
100,000
stock:
Class A (par $50)
250,000
*100,000
Common
receiv'les pur¬
53,541
94,918
Class B
118,735
Capital surplus—
Earned surplus.--
Total
1936
notes
Accts.
re¬
12,670
Sheet Sept. 30
Liabilities—
1936
$519,378
auto¬
Prepaid int. on coll
trust notes, <fcc_
10,605
$308,110
102,266
-
paid on pref. stock
...
Cash divs. paid on com. stock..----.
frigerators
Accts.receivable..
$288,868
9,599
$205,844
credits.
Net income
and
178,016
$403,032
7,598
151,415
Cash divs.
mobiles
$466,885
260,273
$300,512
Income charges
Notes
$663,306
$451,927
from operations
Net income
1935
1936
1937
•
Operating expenses _
x
of this
Mos.—1936
$6,624,074
4,757,33 1
Trust- -Registers with SEC—
of this department.—V. 145, p. 2699.
Withdrawn—
1937—9
1937—Month—1936
$738,916
$677,189
545,804
527,149
$193,112
Net earnings
chased.--.
given on first page
Ltd.—Earnings—
—V. 145, p. 2553.
on
145,
Light & Power Co.,
Massachusetts Investors
See list
52,018
(Canadian Currency)
Repossessed
$478,233
465,5-43
85,062
——
ended Sept.
period
1937-
Total.
$876,727
x After reserve for
doubtful accounts of $24,310.
y After reserve for
depreciation of $241,822.
z After reserve for amortization of $2,719.
a Represented by 60,316 no par shares.—V. 145, p. 120.
>
A
500,000
Appropriation for retirement reserve.
1936
$7,292,401
6,321,599
stock
for
3,250
268,900
4,000
a301,583
$876,727
Total...—
Gross income
RR. & Power Co.)
30—
(before approp. for retire,
Preferred stock (par $100)
11,
Other income
Ry.—Earnings—
Operating revenues
Operating exps., maintenance
Into common), cue
Sinking fund debenture
Profit
The company's common
Exchange.
(conv.
In 1938.
bonds.
$117,132
11,409
23,691
4,338
5,343
6%
notes
Debenture
Surplus...
—V.
stock ($100 par) and 7% cumulative preferred
($100 par) have been suspended from dealings on the New York Stock
officers
payable—machinery...
Notes
Common
The U.S.
Company is advising all creditors and stockholders that the new bonds,
stock and option warrants, issuable under the plan of reorgani¬
zation which became operative on Nov. 5, are now available for distribution.
Holders of the company's first mortgage 20-year 7 H % sinking fund bonds,
new common
Manufacturers Trading
Due by
Hotel Corp.)—Earnings
The Majestic Apartments report for the year ended Sept. 30, 1937, net
profit, before.interest and depreciation, of $177,538, which is at the annual
rate of 1.78% on the $9,998,333 of outstanding 4 % income bonds, according
to Amott, Baker & Co., Inc., in an operating report on the property.
This
compared with net profit of $161,024 for the 12 months ended Sept. 30, 1936,
or at the rate of 1.61% on the outstanding bonds.
The apartments have been assessed for 1937 at $7,550,000.
They are
currently approximately 91% occupied with real estate taxes paid to date.
A reorganization plan for the property was finally consummated in August,
1937, under which each holder of an old 1st mtge. certificate received a
$1,000 4% new cumulative income bond, 10 shares of voting trust common
stock representing in aggregate about 94% of the quity. and a cash payment
of $15.
Fifty percent of net earnings is to be for income interest on and
retirement of the 4% bonds.
Holders of the new bomls are now voting on a proposition to place a new
See list given on
Accrued liabilities
y202,315
Patents
payable----.
Accounts
241,595
122,770
equipment-
payable.
Notes
$13,289
*181,546
22,554
Cash and cash items
Property, plant &
The Interstate Commerce
11, 1937
Liabilities—
Investments
RR.—Stock—
income tax or undistributed
been made for Federal
period.
Assets—
Notes
$52,018
-
Note—No provision has
profits tax for the above
Inventories
—V. 145, p. 119.
—V.
8,060
paid—
Interest
Accounts
Other income
$60,079
178,294
-
33,562
Accts. payable
stock
168,370
$52,094
7,985
Operating income-
-
331,517
28,001
13,755
13,646
«•
Dividend payable-
New York Curb
accts., selling and
Other income
'
140,000
notes.
Manati Sugar
$421,287
200,824
Cost of goods
Notes payable
Maine Central
31 to Sept. 11, 1937
Earnings for Period Jan.
sales
Net
7% 1st mtge. gold
20-yr.
Total
Ind.—Earnings—
Messenger Corp., Auburn,
Common stk. ($100
130.307
Due from affil. cos.
1936
1937
5% non-cum.
2d
pref. stock ($100
«.
30,772
Accts. receivable..
Cash
'
Liabilities—
1936
1937
Assets—
Property,
$5,580,527 $6,437,081
Represented by 10,000 no par
Total
shares.
650,177
118,735
500,881
$5,580,527 $0,437,081
'
3202
Financial
Chronicle
Extra Dividends—
Period End. Sept. 30—
1937—9 Mos.—1936
1
1937—12 Mos.—1936
Gross operating revenue $9,542,316
$9,219,080 $12,832,270 $12,382,406
Other income
185,366
125,638
Total gross earnings._
Operating
Assets—
Liabilities—
Land, bldgs.,ma¬
y
chinery, Ac
Cash..
739,271
Marketable securs.
100,146
Notes A accts. rec. 2.369,366
Inventories
5,172,273
Other assets
245,691
Prepaid taxes, Ins.,
bond disct., Ac.
»
828,013
106,033
1,605,825
alties, Ac
3,277,937 Federal Income tax
287,730 Timber
purchase,
Consolidated bal. before
capital charges
$3,067,492
on funded debt.
892,500
Amort, of debt dis. & exp
87,497
Miscellaneous interest.
28,167
Other
167,075
80,517
Total
14.754,155 11,819,3171
476,881
Total
June 1936, have been included in this
statement only to the extent of divi¬
received.
(2) No provision has been made in this statement for
on undistributed net
income applicable to the 1937
amount of such
year.—V.
years up to and including Dec. 15, 1942, in ac¬
a letter sent to
stockholders dated Oct. 22,
1937.—V. 145, p. 3015, 2855.
National Acme
14,754,155 11.819,317
Loss
on
revenues:
145,
chgs.
on
$200,258
long-term indebtedness secured
Total income
Interest paid.
Provision for income taxes
Provision for surtax on undistributed
2,722
Commission,
Cash
National
shs.
715,778
282,956
256.722
54,778
523,293
279,874
Accts.
306,363
39,648
wages pay., Ac.
Notes
A
drafts
1,434,200
507,655
a Receivables
Stores A supplies..
Prepaid insurance.
Spl. deps., claims,
mlscell. invs. Ac.
Invs. in A amounts
not consol'd
b986,077
4,577,412
9,033 076 10,852,101
557,750
557,750
Deferred charges..
4,908
21,397
for
140,110
181,180
Excess of revs.over
exps. on voyages
not completed..
1, 097,296
Funded debt..
10, 013,162
Owing to sub. cos.,
not consol
in
cap.
stock
A
990,693
992,881
104,500
Common stock.. 2 451,000
1,104,500
2,451,000
1,405,589
stock,
6%
cum
1
Deficit..........
Total...
13,326,246
17,675,4941
790,273
71,126
19,009
int.
Burp, of subs—
Pref.
c
618,697
9,771,373
443,286
Other reserves
Min. stkhldrs
Total
After reserve for bad
debts of $23,452 in
b After reserve for
6 226,198
13,326,246 17.675,494
a
1937 and
$49,698 in 1936.
investment in and amounts
owing from Bahamas Hotel
Co., Ltd., in the amount of
$1,877,377. c Represented by
at stated value.—V.
125,100 shares
144, p. 4188.
(G. C.) Murphy Co .—Sales—
Period Ended Oct. 39—
Sales
1937—Month—1936
$3,895,668
Larger Dividend—
The directors have
declared
1937—10 Mos.—1936
$3,636,717 $32,487,484
$28,348,594
dividend bf $1 per share on
the common
stock, no par value, payable Dec.
1 to holders of
record Nov. 19.
compares with 90 cents
This
paid on Sept. 1 last; 80 cents
paid on June 1 last;
65 cents paid on March
1 last; an extra
dividend of $1.30 paid on Dec.
1936; an extra of 75 cents paid on
28,
Dec. 23, 1936; a
dividend of 50 cents
paid on Dec. 1, 1936; one of
40 cents paid on
Sept. 1, 1936, and one of 30
cents per share
distributed on June
1,1936, this latter being the initial divi¬
dend on the
larger
2399.
a
amount of common stock
now
outstanding.—V. 145,
p.
Muskegon Piston Ring
Co.—Listing and Registration—
The New York Curb
Exchange has admitted
par, to listing and
registration.
the common
stock, $2.50
Dividend Again Doubled—
The
mon
directors have declared
stock, payable Dec. 22 to
50 cents
was
paid
cents was
paid
on
dividend of $1 per share on
holders of record Dec.
4.
A
per
com¬
Paper Co.—Earnings—
$348,111
46,058
share
'
1936
y$240,672
39,558
$6.08
After all ordinary taxes but
before provision for
Federal excess profits
undistributed earnings taxes,
y Before provision for
$59,763 of extra¬
ordinary expense representing flood loss.
After provision for such
expense,
earnings on 39,558 shares for the first nine
months of last year
to $4.57 a.share.—V.
amounted
145,
x
p.
1267.
$0.34
,
Nil
$0.70
undistributed profits.
Corp.—Earnings—
1937
1936
x$300,024
$151,756
Federal income
Exclusive of divs. of $10,002 received from
subsidiary of the Company.
for $43,684 for debenture
interest, and
b]/2% debentures issued May 19, 1937, which
not outstanding in 1936.
Corporation's share in the net income of its three
manufacturing sub¬
sidiaries during the nine months ended
Sept. 30, 1937 amounted to $114,679
(including earnings of a subsidiary which commenced
operations on Jan. 1.
1937), compared to $55,772 for
corresponding period of 1936.
Including the company's share in the earnings of its
manufacturing sub¬
sidiaries, combined net income, for the nine months ended
Sept. 30, 1937,
was $414,703,
compared to S2C7.528 reported for the first nine
months of
1936.
These earnings are equivalent to
$1.25 a share and 62c. a share
respectively, on the 330,482 shares of common stock
outstanding.
As of Sept. 30, 1937, consolidated
balance sheet shows total assets of
$6,445,772.
The assets include an item of
$3,260,000 set aside in trust for
the Florida pulp and kraft
paper board plant now under construction.
Of
this total,
$618,900 had beep advanced for plant
construction up to
Sept. 30, the balance of $2,641,099
remaining in cash in the trust fund.
The Florida plant, which is to
supply the company and its subsidiaries with
a source of raw
material, is expected to be in operation in the
early part of
1938.—V.
145,
p.
2856.
National Investors
Corp.—Registers with SEC—
The corporation on Nov. 6 filed
with the Securities and
Exchange Com¬
mission a registration statement
(No. 2-3505, Form A-l) under the Se¬
curities Act of 1933
covering 5,000,000 shares ($1 par) capital stock.
The
corporation states that the price of the shares as of
Oct. 28, 1937, was $5.75
a share, the asset
value at the close of business the
previous day being $5.40
a share.
According to the registration statement the proceeds from
the sale of
the stock will be added to the
corporation's general funds and
may be in¬
vested in securities where deemed
advisable by the
management, or may
be used for the repurchase of the
corporation's capital stock, or
may be
otherwise used in carrying on the business
of the corporation.
The names of the underwriters are
to be furnished by amendment
to the
statement.
registratioh
of the corporation.—V.
Fred Y. Presley, of New York
City, is President
145, p. 2700.
National Oil Products Co.
Balance Sheet Sept. 30, 1937—
Assets—
Cash
a
(&
Subs.)—Consolidated
Liabilities—
hand and in banks...
$86,632
Accts. and notes receivable.
Vouchers payable
372,616
Accts.
on
Securities..
Inventories
.....^
1,927,482
....
Salesmen's advance funds
Due from officers A
employees
Advances
on
Notes
purchases
(secured
rec.
..._
by
(secured
24,735
203
real
25,384
by
real
estate) non-current)
5,725
1,176
b Fixed assets
1,229,661
Prepaid exps. A def. chgs
Goodwill, pats., trade marks
A formulae
rec.
Expenses accrued
43,054
Res. for Fed. income tax
Res. for undistrib. profits
tax,
a
for
140,364
2
5,255
$3,826,732 1
845,500
3,749
Real estate assessment
pay'le.
Deferred credits to income
Res.
for
executive
incentive
plan.
Reserve for contingencies
Reserve for adjustments
Common stock <.$4 par)
Earned surplus
Paid-in surplus
...
Total
After reserve for bad debts and
allowances of $25,853.
depreciation of $410,839.
Earnings for nine months Sept. 30
Nov. 6, V. 145, p. 3015.
111,725
1936
Revaluation surplus..
Total
$138,589
9,422
100,000
319,616
20,326
...
credit balances....
Notes payable to bank
Letters of credit payable
Sundry taxes accrued........
Debs. pay. (due June 1, 1952).
1,500
.....
rec.
6,907
2,841
and
estate) current
Investments
Notes
1,502
$7.56
or
1937—9 Mos.—1936
$561,807 prof$237,069
_
Treasury stock
1937
Net profit
Shares outstanding
Earnings
the
were
Nashua Gummed &
Coated
x
Sundry receivables
a
x
Nil
commodity futures contracts
dividend of
Sept. 30, last, and
previously regular quarterly divs. of
distributed.
In
addition, an extra dividend of 25
Dec. 19, Sept. 30 and
June 30, 1936.—V.
145, p. 2232.
on
25 cents per share
$243,614 prof$99,601
stk. (no par)
were
2.901,959
com-
lnsur., Ac.
net
The earnings are after
allowing
discount amortization on the
injury claims,
pens.
undistributed
(Including Airdepot Realty Corp.)
198,094
personal
cargo claims
Ac
com.
taxes
...
Res.
1937—3 Mos.—1936
9 Months Ended Sept. 30—
Net income after all
charges and
A
282,908
on
After charges, depreciation and Federal
taxes.
was made of Federal surtax
on
x
drafts
Accrued interest,
taxes, Ac
3,,010,479
surtax
Note—No mention
145, p. 1105.
$
pay., accts. pay.
owing from sub.,
Property
Goodwill.
A
salaries
pay.,
for
—V.
1936
S
$3,072,005
made
Candy Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Net loss
Earns, per sh. on 192,815
x
National Container
Liabilities—
profits
Sept. 30, 1937, because the amount of
subject to the dividend policy of the
company during the remainder
the year 1937.—V. 145,
p. 1105.
of
but
1937
$4,243,244
469,353
636,071
65,816
—
—
Note—No provision has been
income for the 9 months ended
Consolidated Balance Sheet June 30
(Exclusive of Certain
Subsidiaries)
1936
$
$6,981,412
2,747,063
surtax is
$213,245 during the year ended
by the U.S. Maritime Commission
pending the adjustment and settlement of the
company's mail contract
covering the New York-South America Route.
The companies' mail con¬
tracts were canceled
by operation of law on June 30, 1937.
$
Sept. 30, 1937
8,896
Net income
5,671
2,380
mail revenue of
June 30, 1937 which has been
withheld
to
$4,234,348
—
7,007
—
Subs.)—Earnings
Profit
Other income
$281,268
by
including uncollected
1937
3015.
...
Bal., before int. chgs. not accrued on
funded
debt, prov. for deprec., &c
$185,200
x After
$278,547
deducting $205,042 during the year June
30, 1936 and $330,359
during the year ended June 30, 1937 in
respect of uncollected mail revenue
arising from disputed claims against the U. S.
Maritime
Assets—
p.
$264,867
16,402
$174,978
25,280
mtgs. on San Jose prop
Other interest charges
Prov. for Fed. normal income taxes
$1.00
$0.32
$2.39
$0.93
After charges and
taxes, but before surtax on undistributed
profits.—
$295,233
30,366
59,065
Non-operating
Int.
$5,909,885
5,614,652
$234,043
miscellaneous operations.
1937—9 Mos—1936
$1,196,155
$468,946
Earnings for the 12 Months Period from Oct. 1, 1936
Operating income
Operating, general and administrative expenses
1936
$6,948,567
6,714,524
.
1937—3 Mos.—1936
$160,816
$498,244
Earns. per sh. on 500,000
shs. cap. stk. (par $1)
National Bond & Investment Co.
(&
1937
Steamships.
Co.—Earnings—
Period End. Sept. 30—
Net profit
x
Steamship Line (& Subs.)—Earnings—
Years Ended June 30—
Operating
periods, the
being determinable only at end of calendar
any,
1909.
cordance with the plan outlined in
(Exclusive of Certain
Subsidiaries)
x
p.
(Conde) Nast Publications, Inc.—Extension
Ratified—
a
x
Munson
liability, if
Stockholders at
Represented by 50,000 shares of $5
par value,
y After depreciation
of $5,026,521 in 1937 and
$5,586,977 in 1936.
The earnings statement for
three and nine months ended
Sept. 30, was
published in the "Chronicle" of Nov.
6, V. 145, p. 3014
x
145,
special meeting held on Nov. 9 approved and ratified
the extension of the
corporation's first mortgage securing its first
mortgage
bonds for a period of five
354,004
6,030,463
6,676,768
$4,631,149
1,601,514
91,900
27,017
362,200
dends
78,169
47.089
Reserve for contin¬
$4,391,974
1,214,666
114,995
39,058
for
Federal tax
50,000
gencies, Ac
Profit and loss
charges.
bal.
163,348
div. & surplus.....
$2,059,328
$1,850,832
$3,023,253
$2,548,517
Notes—(1) Earnings of The Mystic Power Co., a
subsidiary prior to
1,009*593
176,929
132,854
$3,487,187
1,184,133
67,484
22,536
362,200
_
4.250,000
contra
1,077,434
Interest
$
Common stock.. 4,250,000
Notes payable
1,600,000
Accounts payable. 1,440.723
Accrued taxes, roy¬
5,633,263
tax
227,668
$9,344,719 $13,059,938 $12,545,755
4,019,820
5,835,659
5,434,962
410,928
534,637
565,110
639,250
938,052
839,000
787,534
1,359,615
1.075,532
708,302
Fed., 8tate & munic.
1936
x
5,960.333
costs
Depreciation
Consolidated
1937
$9,727,682
4,503,422
371,031
Maintenance
Motor Wheel Corp.—Balance Sheet
Sept. 30—
1936
$
1937
13
Narragansett Electric Co. (& Sub.)—Earnings—
The directors on Nov.
8 declared an extra dividend of
$3.75 per share
addition to the
regular quarterly dividend of $3.25 per share on
the
class A common stock and an
extra dividend of 75 cents in
addition to the
regular quarterly dividend of 65 cents
per share on the class B common
stock, all payable Dec. 31 to holders of record
Dec. 10.
A detailed record
of previous dividend
payments is given in V. 144, p. 3510.
President E. M. Morris, in a letter sent
to stockholders in
connection
with the current
dividend, stated in part:
"The policy of this
company has been to retain a large
portion of the
earnings in surplus for the reason that our institution is a
constant borrower
of funds; in
fact, banks and financial institutions advance to this
company
more than three times the
amount of the common
stockholders' equity.
It is essential that at all times
we maintain a fine credit
standing with the
financial institutions from which we
borrow; however, by reason of the
good earnings and by reason of certain tax
measures, it was felt by your
board of directors that some extra
dividend should be paid at this
time."
—V. 145, p. 1428.
in
1937
Nov.
were
7,808
65,000
...
12,603
17,540
676,512
1,051,263
338,616
60,154
$3,826,732
b After
reserve
published in the "Chronicle" of
Financial
Volume 145
Other
record Dec. 6.
At the
61,548
$6,780,107
xl99,116
$5,366,487
194,223
$1,278,613
341,191
$6,580,991
1,358,018
$5,172,264
1,356,070
$1,340,161
50,536
other deducs $1,393,223
Int. & other deductions.
341,474
—
(incl. taxes)
Exps.
same
each common share, payable
of this dividend
terest &
carried
to
earned surplus
$1,051,749
$937,422
$5,222,973
$3,816,194
Includes Federal surtax of $1,410 on undistributed profits for the year
Balance
x
initial dividend on the new
share of $2 preference stock, for
Dec. 22 to holders of record Dec. 8.
Payment
will result in the distribution of 115,596 shares of preference
time the directors declared an
stock in the form of l-10th of a
common
stock.
Net income before in¬
the dividend action, J. M.
In announcing
in $2
Nevada-California Electric Corp. (&
Summary of Earned Surplus for the 12 Months Ended Sept. 30,
Earned surplus
Balance from statement of income for 12 months ended Sept. 30,
1937 (as above)
1937
$5,530,865
5,222,973
__
$10,753,838
1,678,296
3,273,670
Total
Dividends on $6 preferred stock
Dividends on common stock
$167,972
4,252
Net oper. revenues
Other income
(book val.)142,102,924 140,764,971
9,757,197
10,410,436
Time deps.in bks
2.650,000
250,000
x
Inv.
Cap. stock (no
Cash
7,049
1,185
receive
to
Accts. receivable
283,021
22,078
$48,348
others
Unamort'd
Sundry
debits..
$953,966
Cr32,955
Drl4,065
Drl ,489
Dr 1,559
Cr23,519
Dr3,512
$46,858
$79,125
$749,716
$936,388
debits &
Other miscell.
_ —
surplus
a
Earned
a
Available for redemption of
15,587
bonds, divs., &c. *
omits extraordinary
Note—This statement properly
500,000
281,378
281,378
p.
5,530,866
junior
Surplus
2554.
England Gas & Electric Association
Ended Sept. 30—
1937
New
154,907
157,289,422 157,511,503
Total
Represented by $6 pref. stock (value in liquidation $100 a share).
279,716 shares: common stock, 5,456,117 shares.
Note—The consolidated income account for 3 and 12 months ended
x
...
1,084,422
1,288,744
383,158
2,076,232
Operating income
(net)
National
Supply Co. of
Balance Sheet
Del. (& Subs.)-
-Consolidated
Sept. 30—1937
$
$
&
a
Accts. rec.—Offics.
&
6,294,000
12,994,000
Acer, taxes, wages,
Bond sink. fund..
124,774
Miscel. inv., &c__
3,563,778
5,447,687
_
229,781
234,243
Patents & licenses.
20,382
28,092
Deferred charges.
2,137,425
Notes—(1) This statement; includes for both periods the results of operations
properties now subsidiaries of New England Gas & Electric Association,
irrespective of dates acquired. No income is included above from
invest¬
ments in transportation securities. (2) No provision is made in this state¬
ment for Federal surtax on undistributed profits, if any, for the year 1937.
—Y. 145, p. 1267.
New
1,010,664
1,130,857
Dividends payable
486,028
Insur.
&
Total gross
793,986
pension
2,326,999
surplus...13,437,813
96,153
4,977,609
Depreciation
State
Taxes—Fed.,
municipal
75,802,241 67,401,798
Int. on
Represented by shares of $10 par in 1937 and $25 in 1936.
b Less
for doubtful accounts of $1,453,397 in 1937, and $1,305,968 in 1936.
c After depreciation,
d Market value of $1,255,711 in 1937 and $1,091,500
in 1936.
e Excluding $29,853 in closed banks.
The earnings statement for three, nine and 12 months ended Sept. 30
appeared in the "Chronicle" of Nov. 6, V. 145, p. 3015.
Amort,
Total.
a
reserve
Nestle-Le Mur Co.
6,921,210
9,416
Deductions from income
4,776
Net loss for the period
$40,138
50,928
Cr'1,200
Previous deficit.
Net adjustments
before
Surp.
divs.
on
Dr
$54,294
13,946
7,348
1,895
$53,286
27,892
def$50,928
def$84,564
class A stk.
286
Canadian income tax
150
sur$24,958
$50,928
$84,564
31.
sur$31.105
Consolidated Balance Sheet Aug. 31
Liabilities—
1936
1937
Assets—
$12,377
Notes & accts. pay..
Notes & accts. rec—
$15,942
142,535
157,160
Advance
194,454
162,455
Accrued
expenses...
4,529
7,545
Reserve
for
Other receivables—
Advances
&
c
gent
invest.
to subsidiary..
Rentals withheld..
35,263
8,222
28,838
12,861
86,692
chines
e
Plant & equipment
Deferred
charges—
7,022
61,889
23,454
$98,160
1
5,165
4,977
$2
cum.
par,
l4wer°SnWE.D.!"
2,983,138
Declared during the
1,988,837
4,308,921
2,651,782
$1,166,770
$1,340,750
$2,215,622
$2,366,187
period.
1937, cumulative preferred divs.
of New England
England Power Co.—Earnings—
1937—9 Mos.—1936
1937—12 Mos.—1936
oper. revenue
$9,166,340 $8,415,912 $12,335,861 $11,346,007
income.
14,450
18,388
34,820
19,086
New
Capital stock
Deficit
Other
Total gross earnings..
Operating costs..
246,303
480,000
Depreciation..
67,891
122,101
352,449
84,564
123,827
352,449
50.928
$8,434,301 $12,370,682 $11,365,093
7,008,225
a7,056,523
5,195,460
314,534
317,531
246,054
640,000
640,000
480,000
918,074
714,587
1,135,214
932,666
Bal. before cap.charges
$2,116,817
$3,221,413
debt..
and
245,383
$1,798,199
377,512
$2,469,667
505,477
32,817
18,767
11,577
42,495
23,165
13,305
19,468
22,989
$1,819,849
360,630
$1,394,721
360,630
$2,732,147
$1,921,731
480,840
480,840
$1,459,220
$1,034,091
$2,251,307
cipal taxes
Interest on fund.
expense.-----.
Other interest charges._
14,388
Other charges
Balance before divs..
Preferred
dividends....
410,300
Bal. for com. divs. and
21,242
$573,807
$9,180,790
a5,419,595
Maintenance
12,232
liabilities
Deferred income, &c.
a
Gross
Amort, of debt disc,
surplus
Total
$493,311
$573,807
class A 157,500 shares no par, $157,500; class B 40,000 shares
$6,250; less purchased and held in treasury at cost, in 1937, 18,941
shares class A, and 6,250 shares class B at $41,649, and in 1936, 18,441
shares class A and 6,250 shares class B at $39,923.
c By finance companies
on machines licensed,
b After reserve for depreciation and obsolescence
of $9,808.
e After reserve for depreciation of $195,486 in 1937 and $181,528
in 1936.—V. 143. p. 2852.
a
$5,017,970
1910.
p.
1
$493,311
Total
974,204
$6,524,543
in arrears $3 for each 6% preferred share and $1
for each $2 dividend preferred share outstanding, amounting to a total of
$1,988,759. (2) No provision has been made in this statement for Federal
tax on undistributed net income applicable to the 1937 periods.—V. 145,
a
no
1,032,578
$3,329,587
Notes—(1) At Sept. 30,
$61,911
1,446
8,267
76,368
Goodwill
3,851,095
Power Association were
1936
contin¬
Capital surplus
d Finished rental ma¬
Depos. in closed bks.
166,611
582,482
3,851,235
638,307
Federal, State and muni¬
1937
deposits—
Inventories
Cash
2,888,362
487,462
535,771
146,938
Cr51,611
$4,149,908
Consolidated balance.
a
r,n_
^
363,406
117,238
495,110
696,342
Consol. bal. bef. divs.
land
7,779,801
8,878,689
Period End. Sept. 30—
Federal income tax
Deficit, Aug
of
subs
Cr2,313
253
&
inc. taxes
Dividend
prof$79,909
27,928
sur31,105
50,000
Transfer from cap. sur__
interest..
Min. int. in net earns,
10,234
$166,935
87,026
$27,566
$77,086
sur24,958
Cr6,503
12,879
$13,817
41,383
,036
14,049
loss$35,362
Gross income
^
404,262
108,823
Other charges.18,000
Pref. divs. of sub. cos
2,888,309
8
5,992,295
$18,300,693
.$13,084,162 $13,194,017 $18,568,752
7,220,727
5,362,005
6,529,435
4,818,515
funded debt
of debt disc't &
Miscellaneous
prof$937prof$156,701
$73,415
10,378
$44,778
Net loss from opera...
Other income
1934
$560,390
403,689
1935
$507,195
506,258
1936
$516,632
590,047
&
expense.
(& Subs.)—Earnings—
1937
$476,127
520,905
Years End. Aug. 31—
Gross profit from sales..
Operating expenses
15,223,415
-
2,544,076
7,053,241
75,802,241 67,401,798
$39,771,622,$55,658,428 $53,550,414
19,153,293
14,306,495 19,960,823
3,746,622
2,851,186
3,511,560
4,570,004
3,485,509
3,427,628
4,738,603
earnings..$41,258,374
Operating costsMaintenance
Consol. bal
Total
1937—12 Mos.—1936
$54,001,217 $51,835,406
1,657,211
1,715,008
389,820
1,710,724
......
reserve, &c
2,488,356
Minority interest.
126,792
Capital surplus... 3,727,680
Earned
(& Subs.)—Earnings
1937—9 Mos.—1936
revenue....$39,973,727 $38,549,088
Otherincome
1,284,646
1,222,533
Reserve for Federal
taxes.—.
England Power Association
Period End. Sept. 30—
Gross oper.
&c
$356,421
2,266
19,409
of all
2,900,000
2,800,000
2,487,051
payable
Accounts payable.
21,102,833 20,792,213
_
debt
unfunded debt
Amortization of debt discount and expense
222,900
preferred stock.
Notes
86,972
32,801
Inventories.
9,569,700
6.294,000
employees (less
res.)
New
Interest on funded
Balance of income
16,635,300 16,635,300
11,483,640
bonds
8,595,315
12,012,109
stock
Spang,
Chalfant,
preferred stock.12,994,000
National-Superior,
acc'ts
receivable
Com.
Spang, Chalfant
7,274,674 e4,418,666
2,468,427
2,468,427
b Market secure..
d Notes
deductions from income
England Gas & Electric Association:
$
Liabilities—
Preferred stock...
buildings,
machinery, &c_.28,972,682 25,330,182
Cash
Gross income
Subsidiary companies
1936
1937
1936
Assets—
Land,
357,953
Other income
Interest on
(Including Spang Chalfant & Co., Inc.)
a
-
2,127,993
$418,586
Corp.—Sale Postponed—
auction of 712,411 shares of Jersey Central Power & Light
Co. common stock, collateral supporting National Public Service Corp.
debentures, has been further adjourned until Dec. 10, by New York Trust
Co., trustee for the debenture holders.—V. 145, p. 2233.
$2,716,902
210,812
2,113,560
15,663
19,349
Other taxes.
National Public Service
Sales at public
$2,497,442
219,460
$2,807,249
240,091
Provision for retirements
1,260,966
372,302
1,935,145
$2,449,295
Maintenance
Federal income taxes..
2856.
Sept. 30, was given in "Chronicle" of Oct. 30, page
Operating revenues
Operating expenses
(& Subs.)—
1936
$14,098,690 $13,733,893
6,581,544
6,816,837
1,086,491
12 Months
157,289,422 157.511,503)
Total
credits and debits
amortization of pension fund, &c.
statement results from adoption of
Federal Power Commission Uniform System of Accounts, Jan. 1, 1937.
Comparisons with earlier periods will be approximately accurate.—V. 145,
surplus arising from sale of property,
The slight change in presentation of this
Electric Co...
2,614,079
2,585,862
154,907
disct. & exp_.
$693,241
to
Reserve
debt
$81,282
Dr598
credits to surplus.
425,004
of Birm.
sees,
Accts. receivable
94,728
13,077
5,801,872
vest. in
763,149
6,502
subs
accts..
Conting. liab. for
add'l cash in¬
500,000
Electric Co.__
22,183
425,319
payable..
Accrued
84,956
14,479
& debs
9,500,000
Accts.
jr.
of Birm.
sees,
7,113
1,000
\
Profits on retire, of bonds
15,000,000
419,574
series B_
rights
Conting.
9,500,000
15,000,000
Divs. declared..
419,574
series A
199,689
1,495,769
securities
$2,132,837
1,340,160
expenses
5% gold debens.
Other short-term
42,960
$200,967
111,571
of debt disc't &
Net income
value)...125,839,095 125,839,095
par
$2,374,992
$2,417,953
1,356,181
Miscell. inc. deductions.
6% gold uebens.
85,433
U. S. Govt, sees
$
$
TAabUities—
$
Assets—
1936
1937
1936
$2,028,004
104,834
$196,478
4,489
$172,225
115,642
Interest
Amort,
Balance Sheet Sept. 30
1937
Subs.)—Earnings
1937—12 Mos.—1936
$5,660,058 $5,734,696
3,068,068
2,758,100
563,986
601,604
1937—Month—1936
$467,182
$486,403
251,287
242,277
47,922
47,648
Period End. Sept. 30—
Operating revenues
Oper. rev. deductions
Depreciation
Gross income
$5,801,872
Earned surplus, Sept. 30,1937
i
Wilson, President of the com¬
pointed out that payment of dividends on the common stock
preference stock would enable the company to conserve cash for the re¬
quirements of its business and at the same time obtain a deduction against
the surtax on undistributed profits.—Y. 145, p. 2700.
pany,
No provision has been made to date for 1937.
1936.
5 declared initial
Nov.
on
the new prior preferred stock,
1937—3 Mos.—1936
1937—12 Mos.—1936
$1,407,710
$1,333,113
$6,655,878 $5,306,111
36,049
7,048
124,229
60,376
$1,443,759
Total income
Dividends—
dividends of S1.37H Per share on
5K% series, of $1.50 per share on the new
prior preferred stock, 6% series, and of 50 cents per share on the new $2
preference stock.
These dividends are payable Dec. 20 to holders of
Directors
Comparative Statement of Income (Company Only)
Period End. Sept. 30—
Supply Co. (Pa.)—Initial
National
National Power & Light Co.—Earnings—
Gross income: From subs
3203
Chronicle
„
Included in operating costs
above is $297,000 balance
„
$1,440,891
of provision for
created during the six months ended June 30,
1937 because of "better-than-normal" water conditions which reserve will
be available for equalization of generating costs in subsequent 1937 months
a
fiowage equalization reserve
as
required.
_
Note—No provision has
undistributed net income
such liability,
V. 145. p.
if any, being
1107.
,
...
Federal tax on
The amount of
determinable only at end of calendar year.
been made in this statement for
applicable to the 1937 periods.
Chronicle
Financial
3204
(J. J.) Newberry Co., Inc.—Sales—
Period Ended Oct. 30—
—V.
145,
p.
1937—10 Mos.—1936
1937—Month—1936
safes.?;_.17
$4,427,051 $38,193,459 $36,202,533
$4:475,401
2399.
Machine Co.—Amends Statement—
New Britain
Company has filed
Abandonment—
amendment with the Security and Exchange Com¬
an
mission reducing the offering price of its 15,000 shares common stock to
$20 each from $25 originally stated.
The shares are to be offered common
stockholders of record Nov. 20 for subscription at the rate of one share for
six shares held.
Subscriptions rights expire Dec. 10.—V. 145, p. 2233.
New Jersey
The
1937—3 Mos.--1936
Surplus
cap.
stock outstanding (par $25)
Earnings per share.....
$208,881
$272,181
1,963,264
$1.11
1,963,264
$0.63
Shates
New York
1937—9 Mos.—1936
$6,523,927
$3,593,585
5,889,792
3,926,528
$1,253,813
981,632
$2,172,145
1,963,264
Dividends
$1.82
pletion, maintenance, repairs and contingencies.—V. 145, p. 2857.
$4,646,196
290,845
Gross income..__
$5,001,941
Annual interest requirements on funded debt out-
$4,937,041
^
standing at end of respective periods__________
Interest on unfunded debt, &c
New York Central
Netry oper. income.. $3,165,634
1,488,623
$4,356,071
1,658,643
Other income...
Total income
$4,654,257
138,989
4,290,773
Misc. deduc. from inc...
Total fixed charges
10,983,537
New York Central Electric Corp. and Empire Gas & Electric Co.
(2) Inter¬
1937 includes $317,689 representing the excess of
actual
interest
charges
over
the annual
interest requirements
undistributed profits, if any, for the year
New York
3 Months
._
...
....
Total net income
—V.
Operating income.... $6,098,408
Non-oper. inc. (net)
51,761
Gross income
Deductions
Month
Net
Divs.
x After
deprec., normal Federal income taxes, interest on
equip, obliga¬
tions, interest on bonds assumed from N. Y.
Railways Corp. amortiza¬
tion and other charges but before
any provision for Federal surtax on un¬
distributed profits or excess profits tax.
y Before deduction of $58,058 for three months
and $19,353 for the
month charged to income in
respect of provision for amortization of
x
New
York
New
Haven
&
Hartford
Kann.
This
sroup
Brewster Jr.,
Mr.
committee
Vice-President
of
s
the
was
and after
capitalizable
obligations
The
insurance
more
mtgG' 4% b°ndS due 1972 and
committee
than
is
will receive
40% in 5% participate
lecmltlS
obligations would
amount
tn^9^9QXQ9nC
$20,329,920.
a
Under the road
maximum
of
°f F16 N*ew Haven in 1935
s own
$9,942,909.
>
companies
to
$212,-
amounted
plan of reorganization these
charges
Order—
The War Department has ordered 95 basic combat planes and
spare
parts from this company for a total of $1,490,972.—V. 145, p. 1108.
North American Cement
coTnnjmies
annual interest requirements
would be $9,300,373.
With allowance for contingent
sinking funds and a capital
fund, total fixed
and contingent charges would reach a
maximum of $10,699,003.
to
Gets Army
$*>7 000 000
composed of 14 large insurance
$55,000,000 of New Haven
^cFSoq1" the *i,laii lutaI fixed charge
456,888, on which the
would reach
profit for nine months ended Sept. 30 last of $455,095.
This net profit of
$455,095 would be reduced to $300,452 if there were included
therein,
North American Aviation's proportion of the net loss of its
subsidiary not
consolidated in which a majority stock interest is held.
Note—No provision has been made for Federal surtax on undistributed
profits.
H
bondsTuS^iSistK,
?ng prefSl Sock
depreciation charges amounting to $528,722, but before including
debt, 18% of $5 participate
24% common stock.
Approximatelv
equipment trust obligations and divisional
to the groups
plan, and the holders of
which hold
32,126,354
117,812,409
amounting to $458,696. The above net profit
includes a credit adjustment of $57,974 applicable to the six months
period
ended June 30, 1936, reflecting changes in rates of
depreciation of plans
and engines of the Eastern Air Lines Division,
c After
including accounted
profit of $33,205 realized from the sale of securities and after depreciation
of $470,340.
d Before profit realized from sale of securities,
including
profit from sale of securities in the amount of $1,199,941, there was a net
the
assets of the
and allocated new securities
in such a manner
8?«ry 58% se™red
ing preferred stock and
34,932,374
133,530,231
profit of $1,267 realized on the sale of securities.
Including the latter,
the first nine months of 1937 showed a net profit of
$227,055.
b The above
consolidated net profit of $137,957 is after provision for Federal income taxes
and after depreciation charges
Insurance Co
xrX1 Haven at
New u1onAura^%^Pr,Ltnn!;ativ?ly,,e8timates
$365,000,000
made public.
bv James
presented
2,082,212,400
9,710,153,700
1937
1936
1935
1934
a$225,788
b$137,957closs$117082dlos$744,846
Federal excess profits and normal income taxes,
After provision for
a
severance of the
Old Colony
Kann formally presented and ex¬
plan
Aetna
2,166,469,300
10,187.963,900
Aviation, Inc. (& Subs.)—Earnings—
a
proposes
previously have been
1,843,201,011
7,351,255,325
North American
Commission's scrutiny during the dav
independent bondholders'
committee, headed by
plained insurance details of which
the plan,
X no
1936
2,067,116,121
8,366,462,946
9 Mos. End. Sept. 30—
Net profit...
security holders in the New
plan also
in reorganization of New
Haven.
$5,328,764
Changed to give effect to major adjustments made later in the year
12 months ended Sept. 30
A third plan to come under
the
the proposal of the
J.
$8,422,063
—V. 145, p. 2234.
Haven System.
This question again was
brought to the fore by the filing of an
entirely
plan of reorganization by the insurance
group committee, under the
terms of which Old
Colony is left out of the system and the
way is kept
open for the New Haven to
develop an alternative route into Boston
In addition
Philip Stockton, President of the First
National Bank of
Boston and Chairman of the Old
Colony RR.'s plan committee,
formally
presented and explained that road's
separate plan, under which Old
Colony
would be kept in the New Haven
system.
The plan contains a threat
however, to set up the Old Colony as an
independent system unless "fair
James
11,864,353
1.616,350
$1,064,672
Sales of natural gas (in therms):
3 months ended Sept. 30
Nov. 9 focused its attention on
the question
Colony RR. should be included as a part of
the New
was
573,677
$996,802
Sales of mfd. & mixed gas (in cubic feet):
3 months ended Sept. 30
12 months ended Sept .30
RR.—Insurance
on
reOTg£iizationment 18 accorded to its
9,021,236
1937
new
Haven
pref. stocks of
Corp...
Kilowatt hours generated and purchased:
3 months ended Sept. 30
12 months ended Sept. 30
.
Resuming public hearings in the reorganization
proceeding, the Inter-
of whether the Old
2,958,813
$1,570,479 x$l,064,672 $10,038,413 x$5,328,764
Note—No provision has been made for possiole surtax on undistributed
profits for calendar year 1937 under the 1936 Federal income tax law.
Group Files New Plan—Objects to Old Colony Merger—Two
Other Proposals Made—
stote Commerce Commission
10,844,718 xll,414,673
$4,023,486 $19,059,649 $17,193,118
1936.
of taxes
Inc
1,876,638
income
on
$6,849,604 $29,904,367 $28,607,791
x2,826,118
pref. stocks
Balance
"amount
the dividend income from Madison
Avenue Coach Co..
on
N. H. Power
recapture contract in monthly instalments."
Non-operating income and net income for the month of
September and the
September, 1937 quarter have been reduced by $16,312 as a result
Eighth Avenue Coach. Corp.—V. 145, p. 2234.
$3,447,117
of subsidiaries
y$321,231
basis of
2,703,052
Dividends
$6,763,404 $29,606,600 $28,466,533
86,199
297,766
141,257
gross
Balance
3 Months
y$124,066
$6,150,169
from
income
[Consolidating Madison Ave. Coach Co., Inc. and Eighth Ave. Coach
Corp.]
on
$704,341
2554.
p.
Niagara Hudson Power Corp. (& Subs.)—Earnings—
City Omnibus Corp. (& Subs.)—Earnings—
1937—
145,
Period End. Sept. 30—
1937—3 Mos.—1936
1937—12 Mos.—1936
Operating revenues
$21,617,542 $19,620,481 $87,270,334 $78,941,373
Oper.rev. deductions... 15,519,134 xl2,857,076
57,663,733 x50,474,840
Note—Exclusing commutation passengers and revenue, interline and local
Sept. 1937, increased 161,875. or 09.67%, but revenue re¬
sulting therefrom increased only $303,938, or 05.78%, and for the nine
months of 1937, the increase in interline and local
passengers amounted to
3,309,975, or 26.88% with an increase in revenue of only $3,292,295, or
07.78%.—V. 145, p. 2857.
imposed
def$l ,850,548
$0.70
passengers for
and
$7,823,381 $39,815,403
1,180,429
4,120,812
$6,642,952 $35,694,592
8,493,500
34,990,250
Dividends...
$434,968, account of carriers excise tax in connection with
Railroad Retirement Act, at 2% % of pay rolls.
No similar charge in 1936.
y Includes $3,759,242, account of carriers excise tax in connection
with
Railroad Retirement Act, at 2% % of payrolls for
period Jan. 1, to Sept. 30,
1937.
No similar charge in 1936.
on
$37,409,642
2,405,761
635,988
Total income
Includes
Period Ended Sept. 30,
Net income
1748.
12 Months
$7,187,393
Interest deductions
$3,501,306
$1.12
p.
$50,157,232 $204813,533
35,465,471 138,767,730
7,504,367
28,636,160
Net operating income
Other income (net)
12,335,545
$7,235,793
1937.—V. 145,
Telephone Co.-—Earnings—
Period Ended Sept. 30, 1937—
Operating revenues
Operating expenses
Operating taxes..
$32,155,055 $32,679,976
16,302,446
15,031,353
$1,133,374
$0.23
funded
outstanding at Sept. 30, 1937. This excess is a result of the fact that
the bond issues which were recently refunded could not be redeemed until
various dates later than the date from which interest had to be paid on the
new bonds.
(3) No provision is made in this statement for Federal surtax
$6,014,714 $48,457,501 $47,711,329
125,596
1,307,817
1,184,982
4,755,744
39,913,891
43,02o,041
$224,495
$0.03
Net inc. per sh. of stk.
on
debt
a
Balance
Net income
$1,586,639
174,931
est on unfunded debt for
on
1,195,317
$1,439,838
Balance of income
$7,787,077 $67,330,539 $64,422,062
2,235,689 y24,191,947
19,406,541
1,175,183
118,063
07,525
602,372
Notes—'(1) This statement includes the full 12 months' operations for
both periods of all companies recently merged into New York State Electric
& Gas Corp. The merged companies are Elmira Light, Heat & Power Corp.,
facility
rents
101,891
025,521
Interest charged to construction
RR.—Earnings—
$6,476,076
x2,135,259
2,462,560
—
(Including All Leased Lines)
30—•
1937—Month—1936
3 937—9 Mos.—1936
Ry operating revenues..$30,603,439 $30,568,132 $278404,921 $261539,073
Ry operating expenses.. 24,127,363
22,781,055 211,074,382 197,117,011
from ry oper.
2,375,197
943,535
167,000
Amortization of debt discount and expense
Amortization of miscellaneous suspense—...—
Period End. Sept.
be amortized
146,538
$4,630,915
371,027
Operating income.
Ambassador, Inc.—Earnings—
depreciation, compared with 0.82% for the full year 1936 according to
report issued by Amott Baker & Co., Inc.—V. 142. p. 1479.
to
?9i'!oo
1,494,193
-
...
Other income.
The Hotel in the eight months ended Aug. 30, 1937 showed a net
profit
before depreciation of $2,531, against a loss of $35,842 in the same
period
last year, earning at the rate of 2.74% on its
$2,376,000 of outstanding
income bonds, on an annual basis, before interest on
delinquent taxes and
x
***
1,959,o36
2399.
New York
»o-.
.
constructing the vessel in a foreign shipyard.
This cost was estimated by
Chairman Kennedy at $10,500,000.
On this basis, the Government's
construction-differential subsidy would amount to 33.33%.—V. 145,
p.
x
™
115,614
„
sold to the United States Lines for the commission's estimate of the cost of
Ry tax accruals
Equip. & joint
-
-
Other taxes.
line to replace the S. S. Leviathan
Building of the new liner, which will be the largest ever constructed in
an American shipyard, will
begain at once at the Newport News yards,
Chairman Kennedy said, adding that it would give the United States "the
finest and safest ship afloat."
Under terms of the 1936 Merchant Marine Act, the new vessel will be
rev.
certificate
bids for
1946, to
102M and interest.
A9A7,
expenses
Maintenance
The Maritime Commission's shipbuilding program was officially launched
Oct. 22 when the company was awarded a $15,750,000 contract to con¬
Net
a
522,797,179 $21,480,464
12,936,043
12,446,714
1,605,958
1,841,659
1.549,112
revenues
Provision for retirements
Federal income taxes—
Newport News Shipbuilding & Drydock Co.—Awarded
Contract for $15,750,000 Liner to Replace Leviathan—
New York
issued
AA'
Corp.—Earnings
12 Months Ended Sept. 30—
Operating
Operating
patents,
struct a passenger
1
Shipbuilding Corp.—Tenders—
New York State Electric & Gas
1,963,264
Includes dividends received from subsidiary companies, proceeds from
&c., and after deductions for expenses, taxes, depreciation, de¬
x
Nov.
exhaust the sum of $240,137 at prices not exceeding
—v. 145, p. 1267.
v;
$634,136 def$332,943
1,963,264
$3.32
on
The Union Trust Co. of Pittsburgh will until Nov. 24 receive
the sale to it of sufficient 30-year 5% s. f. gold bonds due Nov. 1,
„
...
Commission
Commerce
Interstate
permitting abandonment by the trustees of the company of part of a
branch line of railroad extending from Melrose station to a point about
1,080 feet northwest of Ellington station, approximately 3.3 miles, all in
Hartford and Tolland counties, Conn.—V. 145, p. 3016.
Zinc Co.—Earnings—
Period End. Sept. 30—
Net income....
x
1937
13
Nov.
Admitting that some changes in capitalization may be necessary when
pending suits are settled, the insurance committee tentatively proposed
the new capitalization should be $365,000,000, consisting of '$13,084,000
of equipment trusts, $39,921,000 undisturbed mortgages,
J*35,266,600 of
special series bonds, $124,185,288 of series A bonds, $64,978,936 of pre¬
ferred stock, and $97,564,176 of common stock.—V. 145, p. 3016.
Corp.—Earnings—
12 Mos.End. Sept. 30—
x
Net loss
x
After
taxes,
1937
1936
1935
1934
$484,828
$320,565
$438,112
$129,569
depreciation, depletion, interest and amortization.—
V. 145, p. 2235.
Norfolk & Western Ry.—Abandonment—The
Interstate
Commerce
Commission
on
Oct.
25
issued
a
certificate
permitting abandonment by the
company of its
Speedwell
extension
extending from Speedwell Junction, near Ivanhoe, in a westerly direction,
Financial
145
Volume
through Cripple Creek, to Speedwell, 16.45 miles, together with its append¬
ant Norma branch, extending 1.38 miles southward from Cripple Creek,
all in
Wythe County, Va.—V. 145, p. 2858.
North American Light &
Power Co. (& Subs.)—Earns.
1937
1936
-$15,333,766 $14,589,344
6,027,518
5,685,760
Sept. 30—
12 Months Ended
Operating revenues
Operating expenses
»
832,361
626,459
1,108,608
511,727
1,095,505
458,995
Maintenance
Taxes, other than income taxes
Provision for income taxes
a Prov. for Fed. surtax on undistributed income._
"
Net operating revenues
Non-operating revenues
$7,488,935
i
$6,722,624
965,108
$7,687,733
1,763,981
152,913
24,740
Crl6,318
870,671
1,867,498
129,041
28,058
Cr23,261
838,890
subsidiaries:
debt
Amortization of bond discount and expense..___
Interest charges of
Interest on funded
Other interest charges
Interest during construction.....
Dividends on preferred stocks of
subsidiaries
Cr687
Cr710
$4,693,635
2,221,700
$4,848,215
2,235,027
1,237,426
1,281,215
Minority interest in net loss of subsidiaries..
Balance after above deductions
Appropriations to reserve for retirement of property
Interest charges of North American Light & Power
Co. (incl. amortiz. of bond disct. & expense)
preferred stock of the parent over a period
conducted by declarant. In the
the addition of the conversion
privilege would facilitate future financing through the issuance of common
stock.
In this connection declarant's president testified that substantial
blocks of its common stock would be sold during the next five years.
In
the meantime, the underwriters, according to their agreement with de¬
clarant, would have converted 5,000 shares of preferred into 20,000 shares
of common which the underwriters would offer to the public.
It is declar¬
ant's contention that in this manner a market for its common stock would
stockholders who had bought the
of years in "customer ownership" drives
third place, declarant maintained that
be prepared and future sales of the common made the easier.
We find none of these arguments persuasive.
On the other
find
$6,762,552
726,383
...
Gross income
91,000
3205
Chronicle
that
issuance
the
the
of
security in
hand, we
question is not "necessary or
appropriate to the economical and efficient operation" of the business of
the applicant within the meaning of Section 7(d)(3).
If the foregoing features had been added to the preferred stock at the
time of the filing of the original declaration under Section 7, a different
issue might have been presented.
But the situation then was substantially
different than the situation now.
At that earlier time, the company would
have been seeking a market for the preferred stock and would be entitled
to the leeway permitted by Section 7 in determining the appropriate features
and characteristics of the preferred necessary for the desired price and
marketability.
At this time, the company has received the proceeds from
the sale of the securities.
The addition of the above-mentioned features
to the preferred stock could have only a remote and conjectural benefit so
far as declarant is concerned.
In the first place, we cannot conclude that
bring
would
they
about
any
substantial
improvement in the
financial
exercise
several years
There is no good reason to believe that any substantial
of the proposed conversion right would be made, at least for
to come.
In the second place, the fact that unexercised rights to
structure.
convert
large amount of preferred stock would exist might well have an unfavor¬
unon the ability of the company to do common stock financing,
to offset which the company would not have derived an advantage upon
the sale of the outstanding preferred stock.
In the third place, the assump¬
tion by the company of the payment of the Pennsylvania tax is neiither
necessary nor appropriate, to the economical and efficient operation of
declarant's business in view of the fact that the declarant would receive
no real benefit from the assumption of the tax.
These conclusions are reached without deciding whether it would be
a
Balance, before deducting net results of opera¬
tion of Illinois power & Light Corp. & subs..
b Net results of operation of Illinois Power & Light
able effect
$1,234,507
$1,331,973
Crc36,199
Dv522,004
$1,270,707
$809,969
Corp. and subsidiaries
d Balance carried to consolidated surplus.
for Federal surtax on undistributed income for the 12
1937, was made in December, 1936, for the year
1936.
No provision has been made for the surtax for the nine months ended
Sept. 30, 1937, and no provision for the nine months ended Sept. 30, 1936,
is included for the 12 months ended on that date,
b For respective periods prior to May 1, 1937, representing excess of
preferred dividends of Illinois Power & Light Corp., accumulated but not
declared, over the consolidated net income of that company and subsidiaries,
c Addition, excess of consolidated net income over preferred dividends,
d The foregoing statement does not reflect provision made or to be made
by charges to surplus (deficit since Dec.,31, 1932), or to reserves previously
provided, for adjustments of carrying values of properties and investments
(including losses realized by sale) which may affect the availability for dis¬
tribution of the balance shown above.
Note—On May 1, 1937, a plan of recapitalization of Illinois Power &
Light Corp. (now Illinois Iowa Power Co.) became effective as a result of
which the 100% interest of North American Light & Power Co. in the
common stock of that corporation was reduced to a minority interest and
a
The provision
months ended
Sept. 30,
to give any consideration to the benefits which the underwriters
might derive from the proposed addition of the conversion privilege and to
the close relationship which exists between certain of the principal under¬
writers and the issuer.
The latter circumstance has caused us to be especi¬
proper
ally careful to determine whether the
standards
proposed changes meet the statutory
''
■
opinion that the proposed addition of these features to the
preferred stock requires the above adverse findings under Section 7(d) (3).
Accordingly, an order pursuant to Section 7(b) refusing to permit the decla¬
ration to become effective will issue.—V. 145, p. 2554.
It
is
our
Telephone Co.—Earnings—
1937—Month—1936
1937—9 Mos —1936
$3,534,545
$3,316,762 $31,351,463 $29,048,147
oper. rev
11,050
8,932
43,710
64,097
Ohio Bell
Period End. Sept. 30—
Operating revenues..
Uncollectible
Operating revenues.
Operating expenses...
$3,523,495
2,217,488
$3,307,830 $31,307,753
1,969,673
19,482,961
$28,984,050
consolidated in¬
the operating revenues, expenses and other
details of the consolidated income statement of Illinois Power & Light Corp.
Net oper. revenues.
$1,306,007
484,402
$1,338,157 $11,824,792
471,642 , 4,362,085
$11,407,062
4,109,859
$7,462,707
$7,297,203
that corporation and its subsidiaries accordingly ceased to
subsidiaries of North American Light & Power Co.
This
come
be consolidated
and subsidiaries,
of their operations for
145, p. 2234.
but includes the net results, only,
the respective periods prior to
May 1, 1937.—V.
Sale
stockholders' meeting has been called for Nov.
Operating taxes
22 to consider
Paper
Mills—To
Vote• on
-V. 145,
Properties—
A special
Northern States Power Co.
(Del.)—Weekly Output—
Northern States Power Co. system for the week
26,052,063 kilowatt hours, an increase of 2.8%
compared with the corresponding week last year.—V. 145, p. 3017.
9 Mos. End. Sept.
Permission
States
Power
Co.
(Minn.)—SEC
Costs and
Allowing Company to Reclassify Preferred Stock—
Nov.
Securities
cumul. preferred stock, into a like
stock $5 cumulative series.
After examination of the
number of shares of convertible preferred
record in the matter, the Commission makes
the following findings:
"In Feb., 1937, declarant
issued and sold to underwriters 275,000 shares
stock, $5 series.
At the same time it sold to the
ref. mtge. bonds, 3J^% series due
1967.
Shortly prior thereto, it had reclassified all its preferred and common
stocks into 4,000,000 shares of common stock.
A declaration regarding such
reclassification, issue and sale of securities had become effective under
Section 7 of the Act.
Northern States Power Co. (Del.), which obtained
said 4,000,000 shares of common through reclassification of stock owned by
it, still owns said common stock.
And certain of said underwriters owned
when the declaration was filed approximately 88,500 and still owned at
Oct. 14, 1937 approximately 69,500 shares of said cumulative preferred
stock, $5 series.
The bonds and the rest of the preferred have been dis¬
tributed by the underwriters.
Declarant received 99 for the bonds which the underwriters offered to
the public at 101.
Declarant sold the preferred to the underwriters at
100H and received payment therefor.
The preferred was initially offered
to the public at 103.
About a month later, the underwriters lowered the
public offering price to 98 M.
About the time of the public offering of the preferred, the market for
utility preferred stocks weakened.
Declarant's preferred, as reflected in
over-the-counter prices, also weakened.
It reached a low of approximately
94 in June and had risen to about 97K when the declaration was filed on
July 30.
During the early part of August, the stock was quoted as high
as 98
bid 99 asked.
In the week preceding Sept. 20, when news of the
proposed dissolution of the underwriters' syndicate spread and prices of
other stocks were falling, declarant's preferred sold off, and continued to
decline until it was about 81 bid 82 asked at the date of the oral argument.
Initial sales by the underwriters amounted to 73,915 to dealers and
60,431 to the public and thereafter continued in fairly substantial quantity
until the end of July when this declaration was filed and sales by the
underwriters practically ceased.
By the proposed reclasslficiation of its 275,000 shares of preferred stock,
the declarant proposes first to obligate itself to reimburse preferred stock¬
holders for the Pennsylvania five mill tax.
No reimbursement of taxes of
any other State is proposed.
It is estimated that this tax wrould cost the
declarant between $12,800 and $21,000 a year.
The stock, when issued
of cumulative preferred
by the company, contained no provisions for reimbursement of
The alleged justification for obligating the company to reimburse
Pennsylvania taxes is that the underwriters fee that, if the tax
reimbursement feature is added, they can sell from 20.000 to 30,000 share
in Pennsylvania primarily to trust department,
in addition to approxi¬
mately 12,000 shares already sold in Pennsylvania, and that a stock which
is well received in Pennsylvania obtains a certain standing with investors
taxes.
these
in otfa©r
By the proposed
reclassification, the declarant would also make its
276,000
preferred stock convertible into common stock at the option of
time within the next 10 years at the rate of one share of
preferred stock for four shares of common stock (subject to limited dilution
provisions set forth in the proposed amendment to Article V of declarant's
Articles of Incorporation).
The addition of the conversion feature to the
preferred stock would, in declarant's judgment, be beneficial to declarant
in several respects.
In the first place, it is claimed that the conversion
shares
of
the holder at any
privilege would raise the current market price of the preferred stock and
thus tend to mitigate any dissatisfaction that might exist among investors
who had seen the preferred sink below the prices at which they had bought
it.
In the second place, it is claimed that any such increase in the market
price of the preferred stock would have a similar beneficial effect as respects
the 6 and 7 % preferred stock issued by declarant's parent company which
owns all of the common stock of declarant.
In this connection declarant
pointed out that after declarant's new preferred stock was issued, the
market price for the parent's preferred stocks fell substantially.
It was
therefore reasoned that a rise in declarant's preferred would cause a sympa¬
thetic rise in the parent's preferred and so mitigate any dissatisfaction among
,
...$18,377,547 $12,547,761 $10,106,153 $10,224,098
4,810,351
4,216.673
6,501,338
5,404,769
1,163,669
925,302
Profit
1,592,260
$5,893,672
614,461
$4,132,133
47,870
$5,082,123
$11,318,602
5,435
$6,508,133
3,071
292,081
$4,180,003
2,609
225,409
$5,439,737
998,156
$10,315,011
2,466,347
3,281,688
$6,212,981
$3,951,985
2,479,082
984,506
$5,018,616
2,512,449
1,968,989
$4,566,976
Other income
1,249,320
$10,283,949
xl,034,653
Profit
$2,105,790
6,563,377
$488,397
6,563,377
$0.22
$537,178
6,648,052
Total Income
Minority interest
Prov. for Fed. income tax
Net
profit
Preferred dividends
Common dividends
underwriters $75,000,000 of 1st &
and sold
expense
Depreciation
Depletion
and
-PJarnings—
1936
1935
1934
1937
$48,433,758 $39,315,034 $33,825,092 $33,036,605
28,170,570
25,242,552 22,196,445 21,218,690
1,524,721
1,522,494
1,593,817
1,885,641
Ordinary taxes
Refuses
Exchange Commission in a decision made public
8 denied the company's application to reclassify its outstanding $5
The
(& Subs.)
30—
Sales.
Electric output of the
ended Nov. 6, 1937, totaled
$866,515
p.2859.
Ohio Oil Co.
the proposed sale of company's electric properties to the Wisconsin-Michigan
Power Co., a subsidiary of the North American Co.—V. 145, p. 2235.
Northern
$821,605
Net oper. income
of Electric
Northern
same
17,576,988
statement does not include
Surplus
Shares com. stk.
(no par)
6,563,377
Earnings per share
$1.20
x Includes $641,213
non-recurring
2,466,347
1,640,844
$0.57
357,614
418,000
$0.37
interest income.
Note—No mention was made of any provision for
undistributed profits.
Consolidated Balance Sheet Sept. 30
Federal surtax on
„
1937
$
Assets—
a
96,510,185
5,963,618
Property...
Investments.
3,936,459
Cash
$
94,120,004
6,080,765
5,145,727
2,786,178
Accrued taxes..
Notes
2,792,110
Short-term notes
4,941,574
Accts. receiv—
6,186,784
Crude & ref. oil. 18,773,234
Material & suppl
2,411,370
Miscell.
payable
Deferred liablL.
8,470,723
Minority
int...
19,113,667
Capital surplus.
1,738,307
Earned surplus.
2,210,463
1,195,450
98,090
10,432,351
12.618,171
*
54,807,700
59.235,791
3,100,789
33,250
1,465,051
1,297,195
99,578
10,432,351
9,570,299
notes &
accounts
1,407,348
1,376,158
rec.
Deferred charges
1,242,520
1,344,113
144,298,840 140,042,004
Total.
x
$
54,807,700
b Common stock 59,235,791
Accounts pay..
3,700,824
Liabilities—
Preferred stock.
Market bds., less
reserves
1936
1937
1936
and depletion,
3017.
After depreciation
shares.—V. 145, p.
Omaha
&
Total
b
144,298,840 140,042,004
Represented by 6,563,377 no par
Council Bluffs Ry. & Bridge
Co.—Bond¬
Unite to Enforce Rights Under Lease—
Ames, Enierich & Co., Inc., Chicago, in a letter to tne holders of the
1st (closed) mtge. 6% sinking fund gold bonds, state in part:
*<■
All interest and sinking fund requirements of the mortgage securing.the
above bonds have always been promptly met since the bonds were issued in
1927.
The outstanding bonds have been reduced from $2,000,000 to
$1,399.000.
While we are aware of nothing that would indicate that a
default of any kind is in prospect, there are certain facts which we (as under¬
writers of this issue) should call to your attention, so that if the bondholders
desire to take any steps to further their interests they may do so.
4
The bonds are secured by a first mortgage upon the property of Omaha
& Council Bluffs Railway & Bridge Co., including a bridge connecting the
cities of Omaha, Neb., and Council Bluffs, Iowa.
At the time the bonds
were issued and sold, all the properties of the Bridge company (including
the bridge) were operated by the Omaha & Council Bluffs Street Iiy..
under lease dated Dec. 1, 1902, which provided for payment of rental to
the Bridge company in an amount sufficient to satisfy the interest and sink¬
ing fund requirements under the mortgage securing the bonds.
holders Urged to
1929 the Bridge company and the Railway company
trustees which provided in substance
and the Railway company would, at the expira¬
tion of a 6M-year period from the effective date of the arrangement (Oct.
31, 1929), convey the bridge property to the cities, free and clear of all
liens and encumbrances, if no competing bridge were constructed during
this period and certain other conditions were observed or performed,
in
order that a conveyance to the cities free and clear of liens and incum¬
brances might be made, it was necessary, of course, that as regards the
bridge property the lien of the mortgage securing the bonds and of a mortIn the latter part of
entered
into
an
arrangement with
that the Bridge company
§age on the interest of the Railway company (as lessee arrangement and to
discharged and released.
To consummate the under the 1902 lease)
provide funds wherewith to discharge the bonds and to secure aor
e
the lien of the
Railway company's interest in
the bridge property, the Bridge
Financial
3206
company and the Railway company
substituted for the 1902 lease.
entered Into a new lease which was
,,
,
Under the terms of this new lease and of a
,
...
supplemental indenture which
executed and delivered by the Railway company to the Guaranty Trust
Co. of New York, as trustee under the mortgage securing its bonds, provi¬
sion was made for the application of the net revenues derived from the
was
operation of the bridge property in such manner that sufficient funds would
be created to allow the Bridge company and the Railway company to
cities, free and clear of all liens.
By
supplemental indenture, after a certain
amount had been accumulated and applied to the payment of the Railway
company's bonds, the net revenues then remaining were, once each year,
to be applied by the Railway company to the purchase of Bridge company
bonds in the open market, or to their redemption in accordance with the
Chronicle
to the
,
and the Railway company applied
the revenues from the bridge property to the purposes specified, and eventu¬
ally the amount necessary to secure a release of the lien of the Railway
company's mortgage on its interest in the bridge property was deposited
with the trustee under its mortgage and was, in turn, applied to the retire¬
ment of a portion of the Railway company's bonds.
Thereafter the Rail¬
way company was obliged under the terms of the new lease and the sup¬
plemental indenture, to apply the net income derived from operation of the
bridge (after making deductions for certain specified purposes) to the pur¬
chase of bonds in the open market or their redemption, at least once each
year.
The Railway company, however, failed to purchase or redeem any
bonds and has since retained such net income.
We are informed that over $500,000 of this income has in fact been segre¬
gated by the Railway company, but has not been applied by it to the pur¬
poses for which the fund was created.
We understand that $150,000 of
this amount is deposited with the Guaranty Trust Co. of New York, trustee
under the Railway company's mortgage, and the balance of the fund has
been placed in escrow in an Omaha bank.
Apparently the Railway company does not intend to apply the segre-
Co.—To
Par
Reduce
Value
and
Distribute
John
President
Skinner,
of this
company,
in
notice
will follow payments
of $20 per share in December, 1930, and $35 per share
January, 1937, which reduced par value of the stock from $100 to $80
in
and then to $45 per share.
Net proceeds of sales for the
■
53 weeks to Oct. 2, 1937, other than sales of
After depreciation there was a profit
capital assets, were $2,868,303.
from operations of $3,530, which compared with substantial losses in the
seven preceding years, that for the year ended Sept. 30, 1936, having been
$217,207.
After miscellaneous charges, including loss on sale of certain
capital assets during the recent fiscal year, net amount of $24,939 was
charged to profit and loss, while surplus was charged to $747,569, repre¬
senting the difference between net sales price and book value of Palmer and
Boston Duck properties.
As of Oct. 2, 1937, Otis Co. had current assets total in $1,511,186, and
current liabilities of $100,950, making net working capital $1,410,236.
Annual meeting will be held on Nov. 16 to act on proposed reduction in
par value of the shares and to consider changing location of the principal
office of the company from Ware, Mass., to Boston.—V. 145, p. 2400.
Pacific Coast Co. &
It seems ap¬
(Subs.)—Earnings—
3 Months Ended Sept. 30—
Oper.
expenses
1937
$739,071
596,821
1936
$698,097
589,266
$142,250
67,077
$108,831
77,033
$75,174
12,484
-
(incl. deprec., deplet. & taxes)
$31,799
8,662
This will necessitate the institution and prosecu¬
tion of suits in New York
City and Omaha, where the funds collected are
by the Railway company or its agents.
Considerable expense
will, of course, be entailed infconnection with these suits.
It is estimated
that the minimum amount required for necessary expenses will be approxi¬
mately $5,000.
These funds must be supplied by the bondholders on whose
behalf the suits would be prosecuted.
Bondholders desiring to aid in establishing and enforcing their rights
are asked to send their contribution of $10 for each $1,000 bond owned to
Ames, Emerich & Co., Inc., 105 South La Salle St., Chicago.—V. 129,
p. 2072.
held
Interest and bond discount—Net.
Income for period
Minority interest, P. C. Cement Co
Net income for period before charges to surplusNote—The figures
Pacific
Interstate Mining
Old Dominion Power Co. (&
Period End. Sept. 30—
Operating revenues
Oper. exps. & taxes
Co.—Organized—
Operating
Operating
al937—9 Mos.—1936
$578,959
$537,890
446,829
412,096
$46,234
$56,501
$132,130
$125,793
48
30
154
90
Gross income.
Interest deductions.....
$46,283
41,707
$56,531
41,739
$132,284
125,050
$125,883
125,187
$4,576
$14,792
$7,234
expense
-
Balance
$41,124,508 $40,044,233
133,922
88,007
Other income (net)
$696
a Effect
has been given to adjustments made subsequent to June 30,
1937, but applicable to the six months ended that date, b Before pref. divs.
Note—No provision has been made for Federal undistributed profits tax.
—V. 145, p. 1595.
Depreciation
Interest.
-
*
Taxes.
Other charges
-
Net income
Earnings per share
stock (par $100)
on
—
$41,258,430 $40,132,240
13,094,227
13,026,671
2,000,730
2,399,285
07,308
Dr90,826
11,714,186
10,030,984
2,250
9,000
--.$14,454,345 $14,575,474
1,805,000 shares common
$5.96
$6.03
.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 145, p. 2555.
Pacific Western Oil
Equipment Co.—Listing—
The New York Stock Exchange has authorized the listing of 19,800 addi¬
tional shares (no par) common stock on official notice of issue and payment
in full upon the exercise of
undis¬
1937
1936
$84,267,999 $77,363,350
43,143,491
37,319,117
revenue
Amortization
b Net income
$23,137
or
Telephone & Telegraph Co.—Earnings—
Total income
Net oper. income
Other income (net)
$62,690
include any provision for income
145, p. 1431.
not
9 Months Ended Sept. 30—
Subs.)—Earnings—
1937—3 Mos.—1936
$201,554
$188,755
155,319
132,254
do
tributed profits tax.—V*
See Interstate Zinc & Lead Co. above.
Oliver Farm
stockholders,
excess
rights to the funds collected by the Railway company, it will be necessary
Oklahoma
to
being of the opinion that the company's cash on hand
of requirements, have voted to recommend reduction in par
value of the shares from $45 to $30, through a payment of $15 per share,
to be made on Nov. 23 to stock of record Nov. 19.
This payment, if made,
in
Gross earnings
to resort to the courts.
to
states that directors,
parent, therefore, that if the bondholders desire to assert and enforce their
now
Cash
Stockholders—
Sated funds or any other net revenues obtainedthe purchase or redemption
ridge property during the 61^-year period to by it from operation of the
of the bonds, unless it is compelled to do so by court action.
^payment of principal and interest on the extended bonds.—V. 143,
Otis
is
of the mortgage.
For some time the Bridge company
1937
May 1, 1937, and agree to a reduction in the rate of interest payable after
May 1, 1937. from 5% to 3%.
The Spokane Portland & Seattle Ry., parent company, has asked the
Commission for authority to assume obligation and liability with respect
convey the bridge property to the
the terms of the new lease and the
terms
Nov. 13,
It is proposed to enter into an agreement with the bondholders under
which tney would waive past due interest for the period Nov. 1, 1932, to
9 Mos. End. Sept. 30—
Corp. (& Subs.)
Earnings—
1937
$2,912,391
420,376
1936
$2,788,933
428,446
1935
$2,746,833
458,124
$2,492,015
$2,360,487
536,315
178,771
145,512
397,278
$2,288,709
547,368
7s ,340
362,000
options now issued making the total amount
Gross inc. from all opers.
Oil and gas royalties—-
Under the plan of recapitalization dated May 22, 1935 there were re¬
served 75,000 shares of common stock for sale to officers and employees or
for other corporate
purposes on such terms and conditions as directors may
Expenses
664.157
Provision for abandon--
165.064
125,654
342,732
1934
$3,259,691
531,791
applied for 547,607 shares.
determine.
At their annual
meeting held June 4, 1937, the stockholders adopted a
resolution authorizing the sale by the directors directly or under options
to officers and
employees of the company, or its subsidiaries, selected
by
the directors (but not to directors who are not also officers or
employees),
°t not to exceed
25,000 shares of the 75,000 shares of common stock.
Directors at a meeting held on
Sept. 29, 1937, authorized the issuance
to officers and
employees of option agreements dated Oct. 4, 1937, to 49
Persons, all officers and employees of the company, covering 19,800 shares.
The option agreements provide that the
rrespective holders thereof may
purchase at the price of $45 per share, payable in cash, a stated number of
shares from Oct. 4, 1937 to Dec.
31, 1938; an additional number of shares
during the calendar year 1939; and an additional nulnber of shares between
J^n*time1940 and Oct. 31, 1940, which is the final termination date.
.1,
the
At
of any purchase of shares
thereunder, the purchaser is required to
writing that he is purchasing the same for investment and not with
a view to distribution.
The shares purchasable during any one of such
tnree periods may be
purchased in whole or in part and from time to time
state in
within the respective
periods.
agreements covering
5,450 shares thereof between Oct.
thereof during the calendar
year
Jan
1, 1940 and Oct.
the 19,800 shares permit the purchase of
4, 1937 and Dec. 31, 1938, 6,390 shares
1939, and 7,960 shares thereof between
31, 1940.
p.
applied for have not been allocated to
4356.
Oliver United Filters,
Inc.—Earnings—
,
Period Elided Sept. 30, 1937—
JNet
profit after current charges
charges and taxes
x
x
«1
3 Months
9 Months
$139,645
to allowance for Federal surtax
on undistributed
profits tax and after provision for dividend on A stock.
aocrron ^88®tsi. after deducting
9
including $550,326
2555
m
reserves,
cash.
as
Current
12 Months
$335,419
Prior
excess
p
144,
of Sept.
liabilities
$401,766
and
profits
30,
were
1937
were
$489,644,
current assets of $1,448,994, a ratio of 3.96 to 1.—V. 145.
End- SepL 30—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues$73,896
$67,873
$760,739
$729,900
45,954
469,859
442,600
12,364
135,977
109,348
$9,555
$154,903
$177,952
31,256
35,294
$20,742
$11,922
$186,159
$213,246
3'299
355
3'950
309
47,400
47,400
44,428
11,040
Oth?rei"nSinc0me---Other income
Oth^intprSf
utner interest
2,314
-
Other deductions
Divs. accrd. on pref. stk
Balance—
-
2,367
1
^30
9
138
47
345
&455
3 638
6,657
6,694
80,014
86!348
$624
$57,661
$73,722
$9,733
"
iondepreciation of transportation, shop, stores and laboratory
^9yyP^eent and depreciation of non-operating property, such depreciation
ot' Sftaer^ accOTmsafp0ptobleVanOUS operatta« property' operating expense
income
P»
^4UU»
taxes
included
in
operating
expenses.—Y.
145,
Oregon Electric Ry.—To Extend Bonds—
The company has applied to the Interstate
Commerce Commission for
authority to extend to "May 1, 1958 the maturity date
first mortgage bonds which became due
May
65,704
16,233
87,161
254,243
20,181
123,423
516,628
$805,388
217,891
$472,709
$483,959
$1,307,249
75,000
$1,023,279
$472,709
$483,959
$1,232,249
$913,279
$472,709
$483,959
1, 1932
of $1,951,000
of
79,3261
62,048
483,663
17,608
101,059
142.065
Intangible devel. cost—
Insurance
Taxes
Interest
Profit..
Other income
Profit.
Federal income tax
Net profit
Earnings per share on
1,000,000 shs. cap. stk
mention
was
undistributed profits.—V.
18,475
101,762
97,219
$387,965
919,284
contracts.
*
110,000
$1.23
made
of
145, p.
441/
any
1110.
$0.91
provision
for
$0.47
Federal
$0.48
surtax
on
,
Panhandle Producing & Refining Co.-—Amended Plan
Wilmington, Nov. 5, approved the amended
Elan of reorganization of the company, according to advices the company.
received here
y Gleason, McLanahan, Merritt & Ingraham, counsel for
The amended plan as filed by the company is understood to have been
approved by the court in its entirety with the exception of the provision
to grant the management options to buy 50,000 shares of common stock
over a period of five years.
Counsel for the company had heretofore in¬
dicated that such change would be acceptable to the management.
The amended plan provides, among other things, for the sale of $600,000
of five-year convertible 5% secured notes to net the company $558,000
for
Orange & Rockland Electric Co.—Earnings—
SSwS!?8;* mcl' taxes"
ajDepreciation
62,652
Depl. & lease amortiz—
Depreciation. &c
drill & oper.
The U. S. District Court at
The proceeds of sale of the shares
any specific purposes.—■V.
408,003
$2,727,900
629,102
71,701
324,715
492,487
Amortiz. of
Note—No
The option
_
Balance
the
stock
exchange
on
the
of the
presently outstanding 16,800 shares of preferred
basis of 35 shares of the company's new common stock for
each share of preferred, and for the issuance to the present common stock¬
holders of one-half share of new common for each share of the now out¬
standing common stock.
The plan also provides for the settlement of the company's past due in¬
debtedness at a saving of approximately $143,000.
The exchange of the
now outstanding preferred for common will eliminate from the
company's
capital liabilities about $3,595,200.
The book value for the new common
stock will be about $2.25 per share before taking into consideration more
than $1,000,000 in asset value which was admitted by the
company before
Special Master William Prickett as fair value in excess of balance sheet
figures.
As the company's current interest charges are only slightly less than the
interest on the obligations to be outstanding following consummation of
the plan, little adjustment is necessary in figuring the earnings on the new
capitalization.
Net income, after all charges, including interest, depre¬
ciation, depletion, amortization of undeveloped leases and intangible de¬
velopment costs for the nine months ending Sept. 30, 1937, as reported by
the company, amounted to $227,886 as compared with $105,131 for the like
period in 1936.
Such earnings would approximate 33 cents per share for
the period on the new common stock which is to be outstanding in the
amount of 687,385 shares.
Common Stockholders Win Two Points—r
The protective committee for common stockholders (Luigi Criscuolo,
Chairman), points out that the decision of Federal Judge Nields favored
the committee's contentions on an additional important point.
The Judge's
decision denied the company's management the right to subscribe to 50,000
shares of new common stock for a period of 5 years at $3 per share. Pre¬
viously, Special Master William Prickett had expressed the opinion that
the preemptive right of common stockholders with respect to 492,615
shares of additional common stock should not be taken away from the
stockholders.
The result was that the company amended the plan so that
common
Financial
145
Volume
stockholders would have the first right to subscribe to
The protective committee stressed both of these
ditional stock.
Consolidated Balance Sheet Sept. 30
Preferred
64,299
421,436
Inventories
181,245
60,716
Accrued liabilities.
receivable
65,785
Deferred charges..
123,783
obllga'ns..
$2,712,174 $2,199,510
36*844
1,090,612
1,427,791
Park &
a
1934
$612,125
1935
$1,022,618
1936
$1,456,320
1937
$1,700,084
,
150,-
shs.
cap.
stock
($50 par)
$11.33
$9.71
$6.82
$4.08
After deprec., depletion, Federal and State income taxes, provision for
Federal surtax on undistributed profits, &c.—V. 145, p. 2238.
Peoples Drug Stores, Inc.—Sales—
1937—10 Mos.—1936_
$18,224,742 $16,944,003
'
1937—Month—1936
$1,904,764
$1,932,481
Period End. Oct. 30—
Sales
—V. 145, p. 3018.
Peoples Water & Gas Co.—Accumulated Dividend—
directors
have
declared
a
dividend of $3
share on account of
per
on the $6 cum. pref. stock, no par value, payable Nov. 5
holders of record Nov. 5.
Similar amount was paid on Sept. 1, last.
Dividends of $1.50 were paid on June 1 and on March 1 last, and a dividend
accumulations
1937—3 Mos.—1936
1937—9 Mos —1936
$199,995
$98,643
$612,640
$275,239
charges and Federal income taxes, but before provision for surtax
After
on
x
The
Tilford, Inc.—Earnings—
Period End. Sept. 30—
Estimated net profit..
a
share on the
000
$2,712,174 $2,199,510
Total
depletion and amortization of $4,352,202 in 1937
y Represented by 198,770 shares of no par value.
The earnings for the 3 and 9 months ended Sept. 30 were published in
V. 145, p.3017.
and $4,778,782 in 1936.
on
Net profit.
Earned per sh.
x
After depreciation,
x
per
.
25,160
Reserves
Deficit
Total
444,235
256,554
154,795
75 cents
Nov. 10 declared a dividend of
12 Mos. End. Sept. 30-
1,054,872
174,503
Purch.
acc'ts
and
Notes
Notes payable.
1,054,872
497,085
• 247,383
on
Pennsylvania Salt Mfg. Co.—Earnings—
stock—$1,680,000 $1,680,000
Common stock..
Accounts payable.
y
31,437
444,222
301,242
Cash
The directors
capital stock, par $50, payable Dec. 20 to holders of record Nov. 20. This
compares with 50 cents paid on July 22, last; $1 paid on Dec. 21 and on
Feb. 29, 1936, and dividends of 50 cents per share distributed on March 15,
1935, Sept. 15, and March 15, 1934.—V. 145, p. 2861.
1936
1937
Liabilities—
1936
1937
Assets—
Prop, account—$1,859,411 $1,430,274
51,617
Other investments
x
Pennsylvania RR.—To Pay 75-Cent Dividend—
such ad¬
points in
July 6f 1937.
The Chairman stated that he hoped that the Judge's decision wold pave
the way for a speedy reorganization of the company.
its letter to common stockholders dated
3207
Chronicle
to
of $13.50 was
paid on Dec. 1, 1936.—V. 145, p. 2401.
undistributed profits.—V. 145, p. 2555.
Petroleum Heat & Power Co. (v&
Parke, Davis & Co. (& Subs.)—Earnings—
Subs.)—Earnings—
Consolidated Income Statement Year Ended June
1937—3 Mos.—1936
1937—9 Mos.—1936
a
$2,437,793
$2,625,460
$6,776,646 b$6,748,843
Shares capital stock
4,892,333
4,891.608
4,892,333
4,891,608
Earnings per share
$0.50
$0.54
$1.39
$1.38
a After depreciation, amortization, Federal income taxes, &c., but before
surtax on undistributed profits,
b Revised.
Net profit for the 12 months ended Sept. 30, 1937, was $9,240,927,
equal to $1.89 a share, against revised net profit of $9,124,657 or $1.87 a
share for the 12 months ended Sept. 30, 1936.—V. 145, p. 1270.
Period End. Sept.
Net profit
30—
„
—
30, 1937
$14,231,732
Net sales
Cost of sales and operating expenses
13,534,743
_
Net profit from operations
Other income less financial deductions
•
$696,989
—
73,498
— T -
Net profit before provision for Federal
Provision for Federal income taxes.
$770,487
income tax.
157,726
$612,761
159,766
Net profit transferred to surplus
Parker Pen
Surplus from operations
Co.'—Earnings—
1937
1936
a
$262,782
$230,257
Shares of common stock outstanding
196,052
192,744
Earnings per share
—;
$1.34
$1.19
a After
charges, depreciation and normal Federal income taxes, but
before provision for surtax on undistributed profits.—V. 145, p. 1911.
6 Months Ended Aug. 31—
Consolidated net profit
of June 30, 1936
as
Total
$407,542
special dividend of 80 cents per share in
addition to the regular quarterly dividend of 40 cents per share on the
common stock, both payable Dec. 1 to holders of record Nov. 20.
Dividends
of 40 cents were paid on Sept. 1 and on June 1, last, this latter being the
initial distribution on the issue.—V. 145, p. 951.
a
Penn Western Gas & Electric Co.
Liabilities—
$9,517,053 $13,438,757
4,128,872
5,854,799
551,501
764,170
1,050,795
1,460,231
$9,991,021
Total gross earnings
Operation
4,447,245
.
575,629
1,079,967
Maintenance
Prov. for retire. & depletion reserves.
Provision for non-productive wells &
abandoned leaseholds, &c
60,117
Federal and State income taxes
undistributed earnings
,
30,640
700,356
227,099
35,950
784,595
264,120
Cr3,990
General taxes
on
1,041,568
371,793
16,660
$2,807,504
$2,798,312
$3,898,894
1,496,390
1,601.976
21,899
100,119
3,104
783,168
2,004,096
19,563
182,321
8,839
1,043,018
Cr5,763
132,170
Cr4,490
179,510
07,734
$257,237
$160,364
Interest on funded debt.
14,493
Interest on unfunded debt
Amortiz. of organization expense
Divs. on pref. stock of sub. cos
common stockholders
in net income of sub. cos
Minority
135,907
7,804
782,221
119,212
Net income
gas deliveries during the
periods under gas sales contracts for
which payments were made in ad¬
vance in prior years
2,242,335
58,911
Patents, franchises & goodwill
1
provision has been
commissions
243,334
198,621
170,867
106,250
75,000
254,198
a
Surplus
stock......
-
_
$6,107,795
Total
$6,107,795
Total...
Philadelphia Co. (& Subs.)—Earnings—
and its subsidiary.]
1937
1936
$55,788,618 $50,573,804
31,363,678 26,163,120
[Not incl. Beaver Valley Traction Co. (in receivership)
Ended—
,
Operating revenues
Operating expenses, maint. and taxes
(before approp. for retire. & depletionreserve)
$24,424,940
Net oper. rev.
,
Net oper. rev. & other income (before approp.
for retirment & depletion reserves) —
$24,594,760
$17,095,302 $17,508,821
Gross income
Provision
530,408
440,341
143,010
472,427
.
for retirements
Federal income taxes
Other taxes.
..
Guaranteed divs. on Consolidated Gas Co. of the
City of Pittsburgh pref. capital stock
Approprpriation for special reserve.
69,192
500,000
Other income deductions
323,402
$8,501,977
capital stocks—cash:
Duquesne Light Co. 5% 1st pref
Kentucky-West Virginia Gas Co. 5% 1st pref—
Common incl. minority intterest
Philadelphia Co.: Preferred stocks.
'
$2,336,762
on
funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to
$2,429,802
1,265,250
14,491
85,781
CY5.167
C'rl,341
$1,038,097
$1,065,620
construction
Balance of income.
Note—No
73,969
__
Gross income
Interest
$2,355,833
60,234
$2,396,996
1,265,250
13,034
85,781
Operating income
(net).
provision
is made
in
for Federal surtax on
1937.—V. 145, p. 1270.
this statement
undistributed profits, if any, for the year
Pennsylvania Electric Co. (& Subs.) — Earnings—
1937
$11,014,100
12 Months Ended Sept. 30—
145,
p.
Operating revenues
Operating expenses
—
4,714,183
Maintenance
—
Federal income taxes
Other taxes
—
—
—
Operating income
Other income (net)...
$3,629,714
—
—
132,085
— —
$3,761,799
1,816,905
173,357
51,945
Gross income
Interest
on
889,867
679,054
276,671
824,610
.
Provision for retirements.
funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
CY3,155
.
Balance of income
$1,722,747
1,375,000
Cost of sales, incl. depr.
Cost of sales, incl. depr. &
40,971.364
39,642,684
$2,209,661
285,262
$107,857
$2,240,748
306,936
165,514
$1,924,399 prof$57,657
3,066,382
3,052,760
1,293,642
882,453
Loss before charges
Interest, &c
Other charges
$6,284,423
$3,877,556
$5,882,197
debt reported at $3,066,382
1937, there was paid during the period
$322,202, and accrued, but not paid $2,744,180.
Other income charges
amounting to $1,293,642 were made up as follows:
Extraordinary expense
due to strike, $662,508
provision for doubtful accounts, $293,266; taxes
other than on real estate and for social security, $290,267, and miscel¬
laneous, $47,601.—V. 145, p. 1432.
Net loss.
12 months ended
9 Months Ended
Sept. 30,
Package Corp.—Earnings—
1937
Sept. 30—
...
Net operating profit-..-^
Net income before Federal tax and bonus
Net income per share
145, p. 2556.
$591,220
62,236
70,332
55,238
79,032
60.996
:—
Pierce Petroleum
79,275
CY3,623
$1,394,700
52.2
57-7
.
1936
$638,867
75,530
Net sales
—V.
169.192
57,217
$1,933,812
3,160,843
787,542
Note—Of the total interest, &c., on funded
for the
134,705
492,978
$3,436,667
1,819,180
(& Subs.)
39,900,315
deplet
Loss from operations.
Other income
Net income
$3,357,392
186,250
149,411
2,343,604
3,840,233
186,250
60,537
2,343,552
1937
1936
1935
$37,690,654 $40,863,507 $37,401,936
12 Months Ended Sept. 30—
Net sales & other oper. income.
300,684
Federal surtax on un¬
1937.—V. 145. p. 1111.
Note—No provision is made in this statement for
1,375,000
3,840,261
.
Corp.-—Earnings—
Earnings for Quarter Ended Sept. 30,
1937
Income
Expenses
.....
;
$37,500
10,612
—_..
Net profit for the
period.
Note—The
income
above
—$26,888
—
account
may
to adjustment for
by the Lnited Stat
Petroleuni Corp. and
1927, 1928, 1929 and 1930.
be subject
and interest and penalties thereon, claimed
Bureau of Internal Revenue to be due from Pierce
taxes,
distributed profits, if any, for the year
$8,909,330
2703.
Pictorial Paper
1936
$9,979,754
4,657,624
1,036,370
69,192
500,000
294,890
on
.
Other income
539,541
—
Philadelphia & Reading Coal & Iron Corp.
469,721
405,878
105,216
407,043
989,975
6,206,163
539,270
989,387
6,171,802
,
charges (net)
Common stock
Maintenance
$24,575,090
7,066,269
7,499,458
Approp. for retirement & depletion reserves
—V.
1936
$24,410,684
164,406
169,820
Other income (net)
145, p. 2401.
$5,282,436
1,538,745
407,542
a Arising from
valuation of common stock sold less dividends paid on
preferred and common stock to Dec. 31, 1935.
b Represented by 912,464
no par shares,
c After reserve for doubtful accounts and notes of $116,802.
d After reserve for depreciation of $1,692,599.—V. 144, p. 3850.
1937—Month—1936
1937—10 Mos.—1936
$29,989,924 $28,941,846 $210,272,854 $195,124,143
[Formerly Penn Central Light & Power Co.]
12 Months Ended Sept. 30—
1937
Operating revenues.__
.
$5,732,088
Operating expenses.
_
1,809,139
2,708,503
1,477,109
Surplus from operations
Net income
Pennsylvania Edison Co. (& Subs.)—Earnings—
262,492
interest, taxes, &c
b Common
Divs.
(J. C.) Penney Co.—Sales—
111,250
637,266
wages,
Mtges pay'ble due on demand
Reserve for contingencies....
Amortiz. of debt discount & expense.
made for Federal surtax on undistributed
30, 1937. inasmuch as the
determinable at the present
&
Notes
Deferred income
Interest
profits for the period Jan. 1, 1937, to Sept.
amount, if any, applicable to this period is not
time.—V. 145, p. 1111.
Sales
-
Rents for lease of properties
x-Includes
—V.
Accrued
Other assets & def. charges..
int.
Interest charged to construction
Period Ended Oct. 31—
129,899
Prepaid, insur., com. tax. &c.
Invest, in & adv. to other co.
$469,279
Charges of Sub. Cos.-
Amortiz. of bond discount & expense.
Note—No
116,538
Inventories
d Fixed assets..-.-
$68,185
bank
payable to
bank
others—(unsecured)
Accounts payable
1,797,341
1,382,519
cAccounts & notes receivable
Year
Net earnings
Int. & Other
Note payable to
$380,251
1937—9 Mos.—1936
12 Mos. *37
$9,880,819
$9,371,143 $13,296,162
110,202
145,910
142,595
Period Ended Sept. 30—
x Operating revenues.
Non-operating revenues (net)
Surtax
(& Subs.)—Earnings
1937
Consolidated Balance Sheet June 30,
Assets—
Cash
Parkersburg Rig & Reel Co.—Special Dividend—
364,985
—
Surplus
_______
The directors have declared
$772,527
----- -
_
Common stock dividends paid
its late subsidiaries as taxpayers
—V. 145, p.1271.
for the years
Financial
3208
Pierce Oil
*66.205
-
12,847
Expenses
Net income for
$53,358
period
1271.
Operation
......... .
_
Maintenance.
. -
.
-
-—
-
- -
-
46,897
1,036
1.436
■
18,337
18,475
$127,984
1,524
$129,508
19,304
$118,208
13,500
$110,204
$104,708
Other income (net).
Provision for depreciation.
Balance available for fixed charges
-V. 145, p. 1750.
Period End.
Postal
Telegraph Cable Corp.—Third Trustee Appointed
Federal Judge Alfred C.
Postal
Telegraph Land Lines System—Earnings—
Period End. Sept. 30—
Tel. & cable oper. revs..
1937—Month.—1936
-
Profit
income
$124,383 def$245,485
2,341
31,888
$937,976
24,146
Gross income._______
Deudc. from gross inc...
def$42,814
248,886
$126,723 def$213,596
239,103
2,211,363
$962,122
2,130,384
$1,143,087
15,000
-
Allowances for obsolescence of replacement parts
Interest
1,550
sinking fund bonds:
Parent company
Subsidiary company
on 10-year debentures
107,780
2,680
30,971
7,590
.
Interest
Amortization of bond discount and expense
Provision for Federal and State income taxes
176,180
a
Net income
Dividends paid on preferred stock
a No
provision
profits.
been
has
$801,335
49,821
...
made
Federal surtaxes
on
undistributed
Accounts payable (trade)
Consolidated Balance Sheet Sept. 30, 1937
Assets—
Cash
$593,13!)
892,012
Inventories.....
e
Fixed assets
Prepaid insurance
.......
TJnamort. bond dlsct. & exp.
Other deferred charges-_
—
1,839,968
9,584,971
22,024
127,468
33,425
fund
within
291,267
payments
due
231,000
2,802,000
a year
Long-term debt
Res, for relining blast furnace
a
150,667
Serial preferred stock
1,865,592
b Common stock
c
America, Inc.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net profit after
fore surtax
depreciation and Federal income taxes, but be¬
$265,284
x$2.13
Earnings per share on common stock
On
124,288
145, p. ,1597.
x
shares
which
Pressed Steel Car
were
outstanding
Co., Inc.
a
Net profit
a
$13,093,008
Total
$13,093,008
Without par value, authorized 60,000 shares: issued 19,818 shares, $5
preferred stock (entitled to $105 per share on liquidation. b Without par
value: authorized 1,200,000 shares (306,927 shares reserved for conversion
of 1st mtge. bonds, 10-year convertible debentures and $5 preferred stock),
issued 609,341 shares,
c 1937 series, non-dividend bearing, non-voting—
1.34 shares,
d After reserve for doubtful accounts of $70,491.
e After
reserve for depreciation and depletion of $2,676,017.—V. 145, p. 2703.
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Sept. 30—
Railway
Railway
Net
oper. revenues.
oper.
rev.
expenses.
from ry. op.
_
Railway tax accruals—
Equip. & jt. fac. rents..
Net ry. oper. income.
1937—Month—1936
1937—9 Mos.—1936
$2,080,194
$2,118,552 $18,654,935 $15,761,358
1,547,181
1,513,347
14,661,341
12,052,925
$533,013
xl79,681
0222,718
$605,205
$3,993,594
$3,708,433
178,884
xl,637,139
1,327,115
0178,716 01,631,757 01.536,680
Other income..
$576,050
13,008
$605,037
14,544
$3,988,212
273,748
$3,917,998
131,796
Total income.
Misc. ded. from income.
Total fixed charges
$589,058
74,797
3,472
$619,581
84,876
5,444
$4,261,960
512,345
43,410
$4,049,794
620,656
61,585
$510,789
$529,261
$3,706,205
$3,367,553
$0.59
$0.61
$4.29
Net income..
Net
inc. per
sh. of stock.
Includes $30,376 for the month of September and
$270,705 for the nine
Sept. 30, account of carriers' excise tax in connection with
Railroad Retirement Act, at 2% % of
pay rolls.
No similar charge in 1936.
3 Months
$76,316
$0.02
_
To
Pay $2.50 Dividend—
The directors have declared
dividend of $2.50 per share on the capital
stock, par $50, payable Dec. 15 to holders of record Nov. 19.
This com¬
pares with $2 paid on June 15, last; $2.25 paid on Feb. 1 last; $1.50 paid on
Dec.
23, 1936, and
1936^gV
a
a
regular semi-annual dividend of $1.25 per share paid
145**p 2861Xtra t^v*t*enc*
per sfiare was paid on Feb. 1,
of class A
5% preferred stock, upon official notice of issuance in connection
exchange of prior preferred stock, first series, 5*4%, and class A
stock for the company's outstanding class B
7% preferred
,ivS
6 Ea£,e pf 4r-10 of one share of prior preferred stock, first series,
%. and a, full share of class A 5% preferred stock for each share of class B
Prudence Bonds
Corp.—Distribution—
City Bank Farmers Trust Co., as successor trustee, is notifying holders
bonds, seventeenth series, that a distribution
equivalent to 1M % of the principal amount of the bonds will be made,
pursuant to order of Robert a. Inch of the U. S. District Court for the
Eastern District of New York, upon presentation of the bonds at the office
of the trustee, 22 William St., New York.—V. 145, p. 2403.
Public Service Co. of
Indiana—Earnings-—
9 Months Ended. Sept. 30—
Total revenue and other income.
y
Provision for loss
on ry. property
...
Total gross earnings
on
funded debit
;
General interest-
...
___
$10,319,660
7,794,967
$2,734,072
1,900,799
62,901
183,007
32,331
$2,524,693
1,909,977
65,359
$555,032
29,377
Net earnings.
Interest
1937
x 1936
$10,880,884 $10,475,433
234,020
155,772
$10,646,863
7,912,791
Total operating expenses and taxes
$340,417
29,647
__V
Armortization of debt discount and expense...
Miscell. income deductions.
;i—-Net income.--.-.---
Miscell. reservations of net income
Service
Co.
J/o preferred stock; (c) 143 ,203 shares of
yilJ
,as
.
common stock (no par), as follows:
upon the conversion
maximum number to be issued
?£
4ii900 shares of prior preferred stock, first series, 5H%,
y.,690 shares to be issued upon the exercise of a stock purchase
aforesaid;
option by
Henry A. Roemer; 12,250 shares to be issued to
employees, and 14,263
shares to be issued to Hecla Coal & Coke
Co. in part payment for properties
purchased from Hecla Coal & Coke Co.—Y.
145,
p.
3019.
Pittsburgh Terminal Coal Corp. (& Subs.)—Earnings
Period End. Sept. so—
a
Net loss.
a
After
1937—3 Mos—1936
$50,938,
depreciation,
Plume & Atwood Mfg.
The directors have declared
a
1937—9 Mos.—1936
$59,173
depletion, &c.—V.
145,
$213,029
p.
$334,011
1271.
of
Northern
Illinois—Stock
Re¬
demption Authorized—
See Commonwealth Edison
Public
5 %fpreferred
j
183,946
24,992
Balance transferred to surplus
$525,654
$310,769
x To place the results of operation for the
respective periods on a com¬
parable basis, the revenues and expenses for the nine months period ended
Sept. 30, 1936 have been restated to give effect to certain year end adjust¬
ments which were applicable to the entire year,
y Leased to receiver of
Indiana RR. Oct. 1, 1934.
Note—Cumulative preferred stock dividends not declared and unpaid at
Sept. 30, 1937: prior preferred $6 and $7 series, $2,648,410; and $6 pre¬
ferred, $1,975,932; total $4,624,342.—V. 145, p. 1112.
with the
p
$1.15
of first mortgage collateral
Public
(b) 104,750 shares
b$682,732
1913.
Pittsburgh Steel Co.—Listing—
The New York Stock
Exchange has authorized the listing of (a) 41,900
shares of prior preferred stock, first
series, 5M%, and
9 Months
After
x
months ended
Dec. 31,. 1936.—V.
depreciation, interest, normal Federal and State income taxes•
but before provision for surtax on undistributed profits,
b Including non¬
recurring profit of $185,074 arising from the sale of patents.—V. 145t
a
$3.90
^
on
(Pa.)—Earnings—
Earns, per sh. on 420,353 shares common stock
Total...
$5,000,000 Bonds
..C
Period Ended Sept. 30, 1937
1,078,594
-
$1,168,262
Company, a subsidiary of North American Co., a registered holding com¬
pany, has filed an application (File No. 32-73) under the Holding Company
Act., for exemption from the requirement of filing a declaration with respect
to the issue of $5,000,000 of its first mortgage bonds, 3 \i% series, due 1966.
The applicant proposes to sell these bonds to a limited number of private
purchasers.
The names of the purchasers and the consideration will be
supplied by amendment to the applicatin.
The applicant is applying to
the P. U. Comm. of the District of Columbia for authority to issue the bonds,
the proceeds of which will be used to reimburse its treasury for expenditures
for plant and equipment and for working capital.
Opportunity for hearing in the above matter will be given Nov. 26.—
V. 145, p. 2862.
6,035,679
19
Common stock scrip
$2,424,959
Potomac Electric Power Co.—To Place
Earned surplus, since Jan. 31,
1936
$112,380
,
Pressed Metals of
Accrued liabilities
Sinking
$291,699
145, p. 2556.
Privately—
Liabilities—
hand & demand dep.
d Accts. & notes receivable..
on
Net deficit...
—v.
$638,189
for
$1,340,476
42,500
360,000
def45,948
3,135
$1,128,628
14,459
Miscellaneous other income..'
first mortgage
$498,509
44,000
699,994
Operating income
Non-operating income..
Selling, general and administrative expenses..
Allowances for doubtful accounts
on
$166,883
2,500
40,000
1,341
214,582
9,000
g.x)ds sold
Depreciation and depletion
taxes)
Interest
$31,755
4,000
73,704
Taxes assignable to opers
7,299,055
311,446
97,143
Cost of
Taxes (other than income
Rents and royalties
Total
1937—9 Mos.—1936
$1,967,663 $17,648,331 $17,356,606
1,800,781
17,149,822
16,016,130
$1,901,791
1,870,035
Uncollectible oper. revs-
$9,061,196
Kramer the
Coxe recently named Raymond C.
third permanent trustee in reorganization proceedings of the corporation.—
V. 145, p. 1750.
:
Net tel.& cable op. revs
Earnings for the 9 Months Ended Sept. 30, 1937
less discounts, returns and allowances
s
1937—9 Mos.—1936
$109,691
$88,517
$302,304
$302,775
x After taxes & charges, but exclusive of company's proportionate share
of net profit of Congress Cigar Co., Inc.—V. 145, p. 1271.
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings—
sa
Co.—Earnings—
1937—3 Mos.—1936
Sept. 30—
Total tel.& cable op. exps
Gros
letter sent to stockholders said that di¬
Net loss
x
$116,683
1,524
Taxes (other than Federal income tax).......
Co.—Defers Preferred Dividends—
a
Rico American Tobacco
Porto
$183,093
McKee in
dividends on the preferred stocks but in view of current
business uncertainty and problems confronting company it has been decided
to defer action until later time.
Company's 7% preferred is $27.05 a share
in arrears and 6% preferred is $23.68 a share in arrears as of Sept. 30, 1936.
The last previous payments by the company were $1.06 on the 6% preferred
and $1.25 on the 7% preferred on Feb. 1, last.—V. 145, p. 2861.
1936
1937
$194,479
46,721
B.
13,
7
rectors desire to pay
Co.-—Earnings—
9 Months Ended Sept. 30—
Operating revenues—water.
Paul
President
Account—Quarter Ended Sept. 30, 1937
Pinellas Water
Nov.
Portland Gas & Coke
Corp.—Earnings—
Income
Income
—V. 145, p.
Chronicle
Service
Co., above.—V. 145,
Corp.
of
p.
3019.
Texas—Would
Liquidate In¬
debtedness—
The
corporation,
registered holding company, has filed with the SEC
covering the issuance of securities in liquida¬
$467,478 to Keystone Pipe & Supply Co., and of
$52,946 of indebtedness of its subsidiary, Mobeetie Gas Co., to Keystone
Pipe & Supply Co. The declarant proposes to issue the following securities
to Keystone Pipe & Supply Co.: 40,000 shares (no par) common at $1 per
share; 30,000 shares (no par) common at $1.60 per share; 4,800 shares
($100 par) 6% preferred stock at $90 per share.
Public Service Corp. of Texas also filed an amendment to its application
(47-15) to acquire the assets of its subsidiary, Mobeetie Gas Co., subject to
indebtedness of $52,945, which indebtedness will be liquidated as above.
The company has also filed an application (30-61) for an order when such
acquisition is completed, declaring that it has ceased to be a holding com¬
a
a
declaration (File No. 43-86)
tion of its indebtedness of
pany.
Co.—Special Dividend—
special dividend of $2.50 per share
on
the
stock, payable Dec. 10 to holders of record Nov. 2.
A regular
quarterly dividend of 50 cents per share was distributed on Oct.
1. last.
—V. 145, p. 25o6.
Opportunity for hearing in all three of these matters will be given Nov. 30.
143, p. 3330.
—V.
common
Pullman, Inc. (& Subs.)—Earnings—
Period End.
xNet
Poor & Co.
Period End.
(&
Subs.)—Earnings—Operations—
Sept. 30—
1937—3 Mos.—1936
x
1937—9 Mos.—1936
x]Net prof, after int., deprec'n & other chgs.
$8,000
y$129,000
$958,000
y$463,000
Approximate figures,
y Before provision for Federal surtax on un¬
profits.
► For the 12 months ended Sept. 30, net profit was $913,000 (after surtax
of $58,000), as against $438,000 for the 12 months ended
Sept. 30, 1936.
—V. 145, p. 2861.
x
distributed
Sept. 30—, 1937—3 Mos—1936
1937—9 Mos.—1936
profit..$3,892,672
$2,525,948 $10,503,873
$5,219,929
$1.02
$0.66
$2.75
$1.36
Earns, per sh. on cap. stk
on
After depreciation
and normal Federal income taxes, but before surtax
undistributed profits.
the 12 months ended
For
Sept. 30,
1937, net income
was
$11,629,051
after depreciation and Federal income taxes and surtax on undistributed
profits, equal to $3.04 a share on the capital stock, compared with $5,451,769
or $1.42 in the 12 months ended Sept. 30, 1936.
Net income for the 12 months ended Sept. 30,1936, does not include any
surtax provision, as such charge was made in the final quarter of the calendar
year and thus is included in the 12 months ended Sept. 30, 1937 figures.
Volume
Financial
145
Consolidated Balance Sheet Sept.
1937
Cash..
7,217,705
Marketable securities
Inventories at cost.;
Inv. in affil.
& other
cos.
sec. at
7,070,450
1,952,093
14,907,524
4,074,949
3,901,711
cost..
14,907,357
9,625,933
2,461,047
24,097,781
Equipment trust & other car accounts
c
$
12,937,477
9,949,178
12,688,080
10,034,960
bU. S. Government securities
Accounts and notes receivable
13,978,628
a2,161,066
11,050,981
4,128,519
158,783
193,885
238,539
Pension and insurance reserves
8,966,827
8,679,586
Deferred charges
1,001,248
1,056,706
8,349,032
1,916,846
275,807,509 266,094,714
Total.
I
dl91,009,450 191,009,100
6,728
8,810
12,833,658
10,397,118
6,963,305
5,486,941
9,209,940
8,878,380
3,350,000
3,350,000
3,331,123
3,236,211
2,963,782
3,371,502
46,139,523
40,356,652
Liabilities—
Capital stock—Pullman, Inc
Pullman Co
Accounts payable and payrolls
Accrued Federal taxes, .fee
,
Pension and insurance
Reserve for
Other
reserves
contingencies
reserves.
Deferred credits
Surplus.
..275,807,509 266,094,714
Total
'
191,009,000
8,810
7,425,297
4,457,338
8,550,768
3,350,000
3,199,933
1,403,686
The company, representing a recent consolidation of three companies
manufacturing dissolving pulps, has been authorized by the New York
Stock Exchange to list its $2 cumulative preferred stock and common stock.
The authorization covers the outstanding 626,205H shares of $2 cumulative
preferred stock (convertible share for share into common stock on or before
Aug. 1, 1942); 963,872 shares of common stock and also 626,205M shares of
common stock reserved to be issued upon the conversion of the $2 cumula¬
tive preferred stock.
Preliminary application has also been made by the company for the listing
of its shares on the San Francisco Stock Exchange.
Dividends Declared
The directors
260,339,455
value $13,541,636 in 1937; $14,106,741
in
c Market value $2,413,647 in
1937;
$2,198,368 in 1936 and $1,988,973 in 1935.
d Represented by 3,820,189
no.par shares excluding 54,363 shares held in treasury—V. 145, p. 1272.
After depreciation,
b Market
1936 and $15,831,660 in 1935.
Co.—Earnings—
[Revenue and Expenses of Car and Auxiliary
Total expenses
the full
for
is
Net revenue
$574,041
revenues
$5,659,282
$664,361
$1,574,203
1,298,339
$159,861
131,690
$176,990
150,462
revenues
$26,528
$28,171
$275,863
$692,532
334,987
$5,935,146
2,344,429
Operating income
-V. 145, p. 2403.
$357,545
$3,590,717
$2,494,146
the balance is
p.
$68,777
29,569
$1,065,898
256,971
$499,565
284,521
$39,207
$808,927
$215,044
$115,656
28,757.
11-
with SEC-
Co.—Earnings—
1937
1936
$1,808,266
30
before Federal taxes
$1,455,009
2241.
of Illinois—Earnings—
1937
1936
1935
Reliance Mfg. Co.
~9 Mos. End. Sept. 30—
Net profit after deprec.,
$71,811
222,055
int. & Federal tax
Shares com. stk.
outstdg
Earned per share
$0.01
$3.47
•,
$0.22
$0.12
$112,383 after
depreciation, interest, taxes, &c.
This compares
(George) Putnam Fund of Boston—Registers
See list given on first page of this
with SEC—
department.
Oct. 2 '37
Period Ended—
Net
a
9 Months-
(& Subs.)—Earnings
1937—9 Mos.—1936
1937—3 Mos —1936
Period End. Sept. 30—
sales (ex. of inter¬
Net
company
$7,667,701
sales)
6,417,192
Cost of sales
$6,485,681 $23,557,463 $19,396,558
5,261,317
19,012,251
15,723,232
1,024,342
$4,545,212
93,572
$3,673,326
125,154
$1,250,509
$1,224,364
31,410
44,109
$1,281,919
$1,268,473
878,153
192,469
716,336
181,086
38,566
_
65,890
229,726
193,350
$305,159
$0.33
$1,052,291
$1.13
$857,218
Other income
$639,564 b$l,705,028
960,322
1,024,342
$0.59
$1.46
_ —
Prov.
Fed.
for
State
&
income taxes
$172,731
Net income
Ear. per sh. on com.
Note—No
distributed
$3,798,480
$4,638,784
2,205,862
2,759,078
542,049
597,689 ♦
$0.18
stk
provision has been made in
profit.—V. 145, p. 1914.
$0.92
Steel
30—
rate of 1 pengo—$0.1749]
1936
1935
$1,972,195
538,973
149,797
297,858
235,784
403,333
$1,610,809
457,603
147,791
264,568
199,394
369,244
$1,444,242
344,046
185,730
265,915
198,257
$346,448
$172,209
$88,207
584,273
Depreciation.
Taxes and duties-___'
155,586
326,998
386,573
Employees'welfare
450,046
Interest charges
General expenses
._v__
Net income
—
$434,832
_
1937
$
%
Liabilities—
Total
gross
all
227,629
251,177
599,550
690,752
inc. from
$69,727,837
devel., selling &
admin,
22,751,523
72,310,665
63,104.928
property
Securities
521,876
521,876
961,271
108,844
984,135
97,072
227,220
946,037
150,000
2,278,927
450,000
2,434,582
450,000
728,650
._
Prov. for Fed. inc. taxes
317,500
1,581,500
on
hand
116,674
188,001
659,100
271,459
3,139,959
2,844,893
583,256
portfolio,
Debtors
Stock on hand
Capital stock
547,212
Net profit
dividends
$1,951,726
$1,083,604
$6,599,112
Pension
x808,491
2,425,473
Bal. for eommon stock
$1,143,235
$275,113
$4,173,639'
$0.08
x$0.02
sh.
(13,880,963
x
On
a
$421,911
shares)..
$0.30
Radio-Keith-Orpheum
Corp.
(& Subs.)—Earnings—
Sept. 26, '36
$1,543,511 $1,316,922
debt not currently
Oct. 2, '37
39 Weeks Ended—
Consolidated profit
After charges
being paid, and
including interest on outlying funded
de
Radiomarine Corp.
Total tel.
_
$90,218
69,045
!__
$54,455
$21,172
Uncollectible oper. revs.
250
250
10,739
4,246
$43,466
$16,676
Operating income
Non operating income.
_
Gross income
—V. 145, p. 2403.
38,658
12,791,957 12,347,133
Total
Mfg. Co., Inc.—Earnings—
share
Roanoke Gas Light
Assets—
1937—9 Mos.- -1936
$994,463
$762,911
Co.—Balance Sheet Sept. 30—
Liabilities—
1936
1937
1936
Liabilities—
,756,621 x Common stock
equ.$2,785,554 $2,756,621 x Common stock
Cash
Accounts receiv...
700
8,000
14,700
245
19,682
102,013
10,947
17,013
103,354
1st
mtge.
1937
_
_
. _
5H %
bonds
-.
1936
$100,000
$100,000
1,447,000
1,447,000
403,636
381,146
6,885
53,959
13,229
Due to parent and
affil.
companies
669,159
593,618
$325,304
2,250
66,186
$169,293
2,250
$132,730
$133,709
764
190
$256,868
4,787
$44,230
$16,866
$261,654
73,871
20,203
44,571
Consumers' deps..
Appli. on rental..
$135,458
81,002
Taxes assignable to oper.
b Earnings per
Special deposits-__
of America—Earnings—-
1937—Month—1936_.
Net tel. & cable oper.
revenues
367,025
Net profit
Misccll. investm'ts
& cable oper.
expenses
41,513
43,031
458,564
Borbely
1937—3 Mos.—1936
1937—9 Mos.—1936
$20,773
$147,656
$210,525
$338,148
Nil
$0.65
$0.50
$1.29
a After charges, depreciation and Federal income taxes,
but before pro¬
vision for Federal surtax on undistributed profits,
b On 159,800 no par
common shares.—V. 145, p. 954.
a
Prop., plant &
trustees.—V. 145, p. 3019.
Period End. Sept. 30—
Tel. & cable oper. revs..
192,540
45,885
Fund
Period End. Sept. 30—
include any provision for Federal surtax
on undistributed profits, as such liaDility, if any, cannot be determined at
this time.—V, 145, p. 3019.
x
...12,791.957 12,347.133
777.
Ritter Dental
$0.03
comparable basis.
Note—The above figures do not
x
—V. 145, p.
com.
on
419,764
201,285
foremen
Profit balance
Total
per
2,553,820
Arm in de Biro Aid
x2,425,473
Earns,
10,416
1,885,000
18,072
inspectors &
Lewis
$2,847,384
808,491
3,428.071
419.764
fund
supp. fund
pension
Work. Aid Fund
Preferred
3,392,252
of officers
Settle't
for
Bills of exchange in
231,843
78,537
804,939
150,000
_
Depreciation.
Amort, of patents.
32,998
2,699,101 Unclaimed dlvs___
2,869,787
3,080,709 Creditors
Cash
26,565,951
expenses
Interest
110,646
2,656,929
equlp't— 3,205,315
Mine
Inventory
Cost of goods sold, gen.,
oper.,
Banreve-
Forest & land prop.
Mach. &
$30,279,803 $25,345,736 $83,447,424
sources..
Ry.
of
Ozd
3,383,297
581,270 Capital res. fund__ 3,428.072
24,274
Regular res. fund_
115,832 7% pref. bond loan 1,885,000
667,427
676,475
555,927
1936
1937
$
$
Assets—
362,087
30
1936
Buildings
Other inc., incl. int. and
divs. from investments
1934 m
1937
$2,338,308
Gross earnings
Balance Sheet June
Period End. Sept. 30—
1937—3 Mos.—1936
Gross income from oper.$30,052,174 $25,094,559
Iron
(Rimamurany-Salgo-Tarjan
Corp.
Works)—Earnings for Years Ended June
the foregoing for surtax on un¬
of America (& Subs.)—Earnings—
1937—9 Mos—1936
$82,847,874 $69,037,085
Radio Corp.
$1,557,773
960,322
a
[Conversions have been made at
Total income
Expenses & taxes
Depreciation
Sept. 26 '36
$1.41
$0.50
After depreciation, Federal income taxes, &c., but before surtax on
undistributed profits,
b Before undetermined loss from flood damage to
company's Louisville plants.—V. 145, p. 1273.
Earnings per share _
Rima
Profit
Oct. 2 *37
Sept. 26 '36
$581,391
profit
Shares common stock
Quaker State Oil Refining Corp.
214,055
Earnings—
Subs.)
Reynolds Metals Co. (.&
3 Months
I
_.
.
with net income of $383,912 or $1.67 a share on
1936, quarter.—V. 145, p. 777.
shares in Sept. 30,
common
3019.
1934
$111,801
219,580
$128,399
214,055
$821,179
214,055
ended Sept. 30, 1937, net loss was
For the three months
interest existed.
into the hands
$102,095
397,470
given on first page of this department.
Reed Roller Bit
W The Committee on Securities of the New
Approximately only 8,000 shares have found their way
of the public of the original recent offering of 442,434 shares,
still presumably with the underwriting syndicate.—-V. 145,
$371,085
69 ,813
$
$86,899
9 Months Ended Sept.
Profit after charges but
Exchange Asked Report on Pref. Issue
York Stock Exchange on Nov. 5
Pure Oil Co.—Stock
1,007
47,769
338.509
2556.
—V. 145, p.
requested all members to file with the Committee by Nov. 8 a report of
all open contracts in the 5% cumulative convertible preferred shares of the
company showing the number of shares involved whether when issued or
on a regular way basis and the names of the firms with whom the contracts
stood.
Pending consideration by the Committee as to what method may
oe devised to facilitate the settling of such contracts members were requested
not to take any steps that would affect the present status of such contracts.
The action of the Exchange was primarily to determine how large a short
19,000
323,873
$304,737
298,038
344,042
9,000
147,638
Realty Shares Corp.—Registers
$4,842,686
2,348,540
$215,136
Taxes accrued..
$761,565
290,901
$28,555
87,101
Net income
-Y. 145, p.
See list
revenue
$44,519
32,779
36,377
1,000
18,914
44,326
Gross income
$288,419
$600,570
385,434
Net revenue
Total net
3,009,054
assignable to opers
Operating income
Non-operating income
$1,432,442
1,144,023
3,180,296
$78,645
32,430
37,194
1,000
Deduct, from gross inc..
Total expenses...
332,466
& cable oper.
Auxiliary operations;
Total
1937—9 Mos.—1936
$3,941,861
$3,313,791
370,563
expenses
$4,554,266
Inc.—Earning
1937—Month—1936
$376,985
$449,208
Period End. Sept. 30—
Tel. & cable oper. revs..
Total tel. and cable oper.
Net tel.
145, p. 2862.
quarterly period.—V.
initial
R. C. A. Communications,
Taxes
$4,929,266 $47,342,049 $42,306,878
4,264,905 41,682,766 37,752,612
$5,377,048
4,803,007
Total
Operations]
1, 1938 to
Although the effective date of the consolidation of predecessor companies
into Rayonier Inc. was Nov. 2, it was provided that the $2 cumulative pre¬
ferred stock should be cumulative from Oct. 1 and the dividend now ordered
Other operating revenues
Other operating expenses
Uncollect, oper. revenues
1937—9 Mos—1936
1937—Month—1936
Period End. Sept. 30—
Sleeping car operations;
quarterly dividend of 50 cents
a dividend
15.
holders of record Dec.
revenues
Pullman
Preferred and Common Stocks—
on
Nov. 10 declared an initial
on
per share on the $2 cumulative preferred stock and also declared
of 50 cents per share on the common stock, both payable Jan.
40,934,623
a
of this department.
Rayonier, Inc.—To List Stock—
260,339,455
Special dep. under comp. accounts..
Employees Corp.—Registers with SEC—
See list given on first page
172,081,688 181,332,786 187,181,315
33,162,577
21,339,943
9,436,478
Equipment and property
a
1935
$
$
sscts
Railroad
30
1936
3209
Chronicle
27,386
Accrued
accounts-
27,539
72,580
13,630
21,281
Def. debit items..
23,983
23,844
Service exten. dep.
7.J.35
7,135
465,775
479,371
471,347
Due from affil. cos.
Merch.,
10,289
Accounts payable-
materials
and supplies
Def.
Earned
Total
x
$3,051,655 $2,991,324
Total
Represented by 10,000 no par shares.
__
493,078
.$3,051,655 $2,991,324
12 months ended Sept. 30 was
2862.
Note—The income account for
'Chronicle" of Oct. 30, page
surplus.
31,240
9
credit items-
Reserves
34,313
979
Notes payable
given In
3210
Financial
Rustless Iron & Steel Corp.—Not 1 o Issue New
Chronicle
Schulte Retail Stores
Pref.—
In view of changed conditions in the securities markets, the directors
have repealed authorization of an issue of 16,964 additional shares of pref.
stock and application for registration of such issue by the Securities and
Jan.
the common
stock, thus reducing its undistributed profits
2558.
-V. 145, p.
tax
Period End. Sept. 30—
Net
oper.
penalty.
from ry. oper.
Railway tax accruals
Equip. & jt. fac. rents..
$23,130
x25,923
03,961
$38,233
13,366
Net ry. oper. income.
Other income
$1,168
24,537
rev.
Month of
allowances
for
administration
373
$248,699
x213,026
Cr 14,330
$50,003
54,809
Sears, Roebuck & Co.—Sales—
Period End. Nov. 5—
1937—4 Wks—1936
Sales
$55,414
59,687
1937—40 Wks.—1936
$51,032,236 $49,200,311 $437376,443 $387932,818
—V. 145, p. 2558.
Sedalia Water
Co.—Earnings-
Nine Months Ended Sept. 30—
1937
1936
$119,110
35,216
4,910
-r 9,186
$123,871
Net oper. rev. before provision for deprec.----income (net)
$69,798
$73,783
108
165
Total income
$69,906
9,451
31,590
$73,948
Maintenance.
$104,812
3,602
306,397
$115,101
4,986
308,499
Taxes
33,901
$37,118
365
34,136
$8,656
prof. $2,617
$205,187
$198,384
Other
460
Net deficit
special
A hearing in the reorganization proceedings of the
corporation scheduled
Nov. 8 before Referee in Bankruptcy Peter B.
Olney Jr., has been
adjourned until Dec. 6.—V. 145, p. 2406.
$173,811
117,205
1,192
$24,494
12,624
$25,705
....
depreciation,
expenses,
Operation
Total income
Miscell. ded. from inc..
Total fixed charges
Mont of
Aug., 1937
$6,057
Hearings Adjourned—
1937—9 Mos.—1936
$2,699,783
$2,550,354
2,451,084
2,376.543
$299,184
260,951
$295,742
272,612
expenses.
'37 to
Sept., 1937
$79,900 prof$38,893
for
1937—Month- -1936
oper. revenues.
1
Sep*. 30, *37
charges and credits.
Rutland RR.—Earnings—
Railway
Railway
After
a
13, 1937
Corp. (& Subs.)—Earnings—
Period—
Loss...
a
Exchange Commission has been withdrawn.
The purpose of the contemplated offering of pref. stock was to finance
further plant expansion and make 1937 earnings available for dividends
on
Nov.
Includes $6,240 for the month of September and $44,505 for the nine
months ended Sept. 30 account carriers' excise tax in connection with Rail¬
road Retirement Act, at 2%
% of pay rolls.
No similar
—
-
—
33.988
7,290
8,809
x
Provision
charge in 1936.—
for
....
Saco Lowell
on
funded debt
on
unfunded debt
145, p. 3020.
Safety Car Heating & Lighting Co.—$3.50 Dividend—
Net income
-Y.
The directors have declared
a dividend of $3.50 per share on the common
value, payable Dec. 23 to holders of record Dec. 9.
This
compares with $2.50 paid on Oct. and on July 1, last.
A dividend of $1.50
was paid on
April 1, last; an extra dividend of $1 per share in addition to a
dividend of $1 was paid on Dec. 23 and on Oct. 1, 1936, and prior to this
stock,
no par
lat^o^ayment, regular quarterly dividends of $1
directors
preferred stock
of record Dec.
on
dividend
of
l-100th
of
a
share
of
5%
1.
previously paid cash dividends of 50 cents per share on
Oct. 1, July 1 and on April
1, last.
See latest issue of "Railway & In¬
dustrial Compendium" for detailed dividend record.
Listing—
The New York Stock
Exchange has authorized the listing of 8,065 shares
5% cumulative preferred stock ($100 par), representing the maximum
amount to be issued on Dec. 15 to the common stockholders
of record on
Dec. 1, 1937, on account of a dividend
payable in 5%
preferred stock,
applied for 23,918 shares.—V. 145, p. 2558.
amount
Year Ended Sept. 30—
$8,159,178
4,812,124
revenues
expenses, maintenance and taxes
Reserve
not
for
$1,987,633
620,862
61,819
116
income
£37,500
£22.500
2,152
2,113
3,154
tax
4,950
7,314
£44,564
843
£77,152
£32,969
850
912
•
t"
£73,418
3,255
£43,721
4,534
£32,119
£76,674
£48.255
£39,534
Crl5,000
.
2,840
£102,109
1,425
reserve1
892
12,270
£103,533
025,000
.
»• •
,
.
/•
7,415
-
fund
Divs.
paid and accrued
Sept. 30 on pref. shs
60,000
60,000
60,000
£43,533
Credit of rev. account
£16,674
£3,255
60,000
1937
Liabilities—
1936
considera¬
1937
1936
tion of the whole
1,000,000 6% com.
pref. shares
£1,000,000
of the issued or¬
1,000,000 ordinary
shs.
Selfridge
&
Reserve fund
..£2,000,000 £2,000,000
31,084
31,083
Acer. div.
320
616
41,434
Cash
Total
£1,000,000
1,000,000
1,000,000
shsr&s
cap.
Co., Ltd
Investment-.
$1,304,177
440,475
/22..340
£4,534
'
Comparative Balance Sheet Sept. 30
r
Assets—
14,487
10,000
18,750
on
10,000
19,062
pref.
shares
Unclaimed divs
Revenue
£2,072,838 £2,046,187
773
$1,393,474
440,475
802,600
£75,000
2,791
Total
of
610,831
61,953
1934
for int. &
Transferred from
dinary
$2,066,375
(net)
1935
£112,500
rec.
Debtors
Interest charges
1936
1937
Previous surplus
Net operating revenue and other income
(before
Amortization of debt discount and
expense.
Other income deductions
108,000
$1.14
required
Purch.
$3,237,633
1,250,000
108,000
$1.01
£115,291
$3,236,284
1,348
$3,351,375
1,285,000
108,000
$1.01
ordinary
Selfridge &
Secretarial expenses, &c_
Income tax
$7,782,945
4,546,661
$3,347,055
4,320
Other income.
$122,797
108,000
$0.79
Co., Ltd.
-Earnings
1936
1934
$109,512
transfer fee
to
1937
1935
$109,300
on
of
Add. amt.
of
San Diego Consolidated Gas & Electric Co.
rec.
shares
pay¬
be determined by the market value of the said
preferred stock
on Dec. 15.
The company had
1936
$85,348
(Gordon) Selfridge Trust, Ltd., London—Report-
each share of common held, payable Dec. 15 to holders
ment will
Operating
Operating
1937
Sept. 30—
Years End. Sept. 30—
a
$21,449
650
Brothers, Inc.—Earnings-
End.
ing (no par)
per share
$29,295,924 $27.060,4771322,584,624$285,678,482
3,314
3,362
declared
2,925
$25,629
—.
Earnings
The company stated that where the dividend on the common
stock will
result in a fraction of less than l-10th of a share of
preferred, the payment
will be made in cash not later than Dec, 21.
The amount of the cash
making the total
—
335
2,875
—V. 145, p. 1273.
1937—4 Weeks—1937—44 Weeks—1936
Divs.
have
10,315
38,610
26
Net profit after charges
and Federal taxes
Shs. com. stk. outstand¬
Stock Dividend—
The
—
1751.
P.
Seeman
Safeway Stores, Inc.—Sales—
Period End. Oct. 30—
Sales.
Stores in operation
145,
t'uar.
paid.—V. 145,
were
—
Amortiz. of debt and pref. stock discount & exp_.
Provision for Federal income tax (estimated)
Shops—Registration Statement Withdrawn—
See list given on first page of this department.—V.
-
depreciation
Interest
Interest
V. 145, P. 2863.
—
554
Total
449
43,534
account.
16,674
£2,072,838 £2,046,187
—V. 143, p.3011.
—Y. 145, p. 3020.
Works—Earnings-
Period End. Sept. 30—
1937
Other
I
(other than Federal
income
II
income)!...1.111.1
1936
$561,255
155,438
32,303
36,741
revenue—water
Operation
Maintenance
Taxes
$572,175
145,820
23,675
37,477
$336,772
$365,203
778
Gross profit
Expenses
Operating profit
Charges (net)
Depreciation
x
$244,757
32,393
37,248
4,437
,
Fed. inc. taxes, &c
867
(net).
$366,070
65,400
74,200
Amortization of debt discount and
expense
Provision for Federal income tax
(estimated)
$337,551
69,211
70,028
11,447
6,719
27,022
—V.
$153,123
I
I
145, p. 1751.
9 Months Ended
Sept. 30—
1937
1936
$116,193
$98,822
™e*nta a58ets as ofspvt-. 30, 1937 including
current
current
cash of $166,637 were
$114,308.
These compare with cash of
$260,512 and current liabilities of $87,673 on
of
Sept. 30, 1936.—V. 145, p. 954.
expenses.
475,023
$1,378,388
-
Other income.
20,976
$1,399,364
-
Deprec. & depl. Fe
taxes,
&c
.
Net profit—
Earns, per sh. on 1,244,383 shs. capital stock
847,200
357,879
$1,273,332
12,387
1937—9 Mos.—1936
y$5,529,478 x$4,729,102
1,399,318
998,239
$4,130,160
67,405
674,651
$4,197,565
2,415,183
$611,068
$1,782,382
-M
$0.26
$0.12
on
undistributed
$48,139
$0.04
$126,318
1937—9 Mos.—1936
$0.10
$429,060
$0.34
On
1,269,170 shares of capital stock outstanding.—V.
V. 144, p. 3692.
x
Shawmut
9 Mos. End.
$482,402
$0.38
145,
p.
7781
Association—Earnings—
Sept. 30—
Interest and dividends._
1937
$253,050
31,091
1936
$231,345
30,840
1935
1934
7,792
47,100
$183,450
25,904
7,164
Balance, surplus
Previous surplus
Adjust of prior periods.
$214,167
2,783,005
$153,405
2,781,992
$150,382
2,771,408
$147,445
2,715,628
3,096
$3,730,863
31,242
$2,997,172
$2,935,397
Cr91,375
119,975
.921.790
167,758
119,970
52,866,169
,
Total surplus
on securities sold
Loss
$3,762,105
xCr 171,686
1,924,828
$1,837,277
(no par)
199,965
Amt. necessary to adjust
stock &c
Adjust, of divs.
counted for
$552,164
$808,407
$0.35
(
Nil
after
Dividends paid
$1,285,719
$872,354
Federal cap. stock tax..
Subs.)—Earnings—
Period End. Sept. 30— 1937—3
Mos.—1936
Gross earnings
y$l,853,411 x$l,631,211
$294,064
Sept. 30— 1937—3 Mos.—1936
profit
Expenses and interest
Seaboard Oil Co. of Del.
(&
r
Operating
net
deprec., Fed. taxes, &c
Earnings per share
liabilities
assets
75,673
$1,252,430
196,583
111,466
135,974
111,512
145, p. 1273.
Period End.
x
Before Federal income taxes and
undistributed profits surtax.
$105,426
~
$1,170,929
111,390
(Frank G.) Shattuck Co. (& Subs.)—Earnings—
Inc.—Earnings—
Profit...
$423,681
42,346
36,878
50,393
Note—No provision has been made for Federal surtax
profits.—V.
Consol.
Schmidt Brewing
Co.,
1937—9 Mos.—1936
$4,307,272
$4,109,279
3,136,343
2,856,849
Includes provision for contingencies.
x
452
4,480
31,362
$170,679
Earns, per share on com.
stock
$190,175
Provision for depreciation
Interest on funded debt...
Interest on unfunded debt
a
-Registers with SEC
.
1937—3 Mos.—1936
$1,249,177
$1,354,039
1,004,420
930,358
Net profit
a
Inc.
Sharp & Dohme, Inc.—Earnings—
San Jose Water
Nine Months Ended
Sept. 30—
Operating
Service Insurance Associates.
See list given on first page of this department
of treasury
reacquired
$0.44
>.49
$1.43
$1.46
After deducting share of products
accruing to operators of Kettleman
Hills
absorption plants,
y After
deducting gasoline extraction costs
(Kettleman Hills) and related expenses, j
surtax
T7 New
64,680
120,293
y462,181
prev. ac¬
on
the
ac¬
crual basis
Cost
$181,828
25,983
8,400
33,59shares
19,414
participation,
x
Director—j|
Ogden Phipps has been elected[aldirector to^succeed'the
late.Ogden Mills.
955,
*
—V. 145, p.
Surplus Sept. 30
$2,506,712
$2,906,797
$2,600,465
$2,661,782
Less
$59,665 income tax applicable thereto, (including estimate for
undistributed profits); and less $24,500 reserve for management
y Amount necessary
to adjust stock in seven suburban
banks from original cost as previously shown on books, to net asset value
of the sharas as shown by statements of condition of the
banks, June 30,
x
1937.
on
m*
Volume
Financial
145
Balance Sheet Sept.
1937
$400,039
Assets—
Cash
1,718,975
recelvI
_
Securities
Est.
1,936,625
$43,288
2,500
possible
a34,200
5,000,000
59,945
x5,667,700 y5.743,021
Capital surplus
Unreal,
000.000
2,506,712
zCapltal stock
906,797
for taxes.—V. 145, p.
1435.
Sherbrooke St. Realty Corp.—Plan in
£
1937
30,
$8,281,085
Gross sales less discounts, returns & allowances
Cost of goods sold
$3,624,911
1,100,123
457,112
—7,968
Selling expenses...
General & administrative expenses..
Bad debts written off (less recoveries)
Profit from operations.
...
Other income
. .............
36,710
——
2,841
Net profit
Earned surplus—Aug.
1 ,662,442
on
1,1936
$8,289,447
1,244,256
-
5,960
bonds redeemed
$9,539,664
Total.
Write-down of non-operating mill to nominal
179,335
value
4,850,000
Dividends paid
$4,510,329
Earned surplus—July 31, 1937
—V. 145, p. 621.
Ry.—Earnings—
—Fourth
Period—
1937
Gross earnings (est.)--—
—V. 145, p. 2864.
-—Jan. 1 to Oct. 30—
1937
1936
$3,873,337 $111,774,450 $104,545,181
Week of Oct.—
1936
$3,514,980
Southwestern Gas & Electric Co.-
-Earnings—
1937—9 Mos.—1936a
$5,544,627
$4,947,246
3,308,076
2,810,933
Period End. Sept. 30—
1937—3 Mos.—1936
Operating revenues—$2,101,239
$1,900,660
Operating exp. & taxes..
1,221,601
1,017,662
Net
$879,638
7,313
on
funded debt.
General interest (net)
Amortiz.
of bond
dis¬
},236,550
22,351
$2,136,312
26,851
$891,679
205,000
11,659
J,258,902
601,500
15,819
$2,163,164
614,999
30,981
48,471
Gross income
Interest
$882,998
8,680
$886,951
200,500
6,216
operating income.
Other income (net)
$2,059,708
...
— —
—„
Provision for Federal normal & State income taxes
4,656,174
......
Gross profit.........
$12 ,564,851
583,689
1 ,039,601
...
114,874
871,956
Interest to parent company.
Southern
Subs.)—Earnings-
Months Ending Sept.
9
31,725,291
Depreciation..
Depletion
(& Subs.)—Earnings—
Years Ended Aug. 31—
1937
1936
aINet profit.
$6,034,955
$5,887,629
b Earnings per share
$8.41
$8.04
Ida After depreciation, depletion, interest. Federal income
and undis¬
tributed profits taxes, &c.
b On 633,927 shares common stock, $25 par.—
V. 145, p. 778.
Earnings for
31
Amortization of debt discount & expense.
Profit
Effect—
reorganization plan of the corporation has become effective and
holders of the 6}4 % first mortgage 15-year sinking fund bonds may now
surrender them at the office of the Montreal Trust Co. at Montreal and
Toronto, so that bonds in new form and one share of $5 par value may be
issued for each $500 in principal
amount of the
bonds surrendered.—
V. 121, p. 2765.
Simonds Saw & Steel Co. (&
280,682
--$44,290,143
Total income
Cost & expenses
J®The
Sherwin-Williams Co.
$44,009,460
Interest to public—
$7,950,085
x Cost
$5,439,934.
y Market
value, $6,917,700.
x Represented
by
shares having no par value,
a Estimated possible income taxes, other
than excess profits tax or surtax on undistributed profits, on the indicated
appreciation, if realized, of securities, other than bank stocks,
b Un¬
realized appreciation of securities other than bank stocks after provision
Total .........$7,826,028
$7,950,085
$7,826,028
1937
allowances and discounts
Total
bl93,566
sec
Total..
Gross sales, less returns,
Other income—net
of
apprec.
Corp.—Earnings—
Earnings for the 12 Months Ended July 31,
-j.—
inc.
taxes...
39,314/
10,844
\ :A 44,693
receivable—/
Accts. receivable.
1936
$89,050
Accounts payable.
affll. banks
Notes
1937
Accrued taxes
Invest, in shares of
Accrued int.
Southern Kraft
30
Liabilities—
1936
$154,957
3211
Chronicle
51,176
145,416
153,494
count and expense
Taxes assumed
int. &
on
3,672
misc. deductions.—537
Profit from operation
& other income
....
Other charges.
_i——_. —
...... *
Provision for Federal & Canadian income taxes
_
...
Provision for Federal excess-profits tax
Provision for Federal surtax on undistributed profits.
1
Consolidated net income..
$2,096,418
22,313
305,621
38,837
164,236
.,565,411
588,905
...,
Common dividends
^
Net income.
Pref. stock dividends.
in these columns.
Mark'blesec. (cost $184,166)
Inventories
in
not
& local taxes
Accrued
of
excess
not current
Investments
Plant
■■
f
Assets—
a
State
of
Invest.
workmen's
N.Y.
Land, buildings,
equipment, &c.2l,177,370 17,809,979
Notes
&
1,550,214
8,880,459
801,356
8,241,881
Inventories
Siscoe Gold Mines,
$956,313.—V. 145, p. 2864.
30—
and income taxes
Shares of capital stock ($1 par)
Earnings per share
—V. 145, p. 1752.
■
4,747,997
$0.20
1936
$872,318
4,610,065
$0.19
Skelly Oil Co .—50-Cent Dividend—
of 50 cents per share on the
of record Nov. 22. A like amount
paid on Sept. 30 and on July 1, last, this latter being the first dividend
paid on the common stock since Dec. 15,1930 when a quarterly dividend of
50 cents per share wax paid.—V. 145, p. 3021.
The
directors
have declared
a
dividend
stock, payable Dec. 15 to holders
common
was
Sloss-Sheffield Steel & Iron
The directors have declared a
Co.—Special Com. Div.—
special dividend of $1.50 per share on the
stock, payable Dec. 21 to holders of record Dec. 10.
This will
paid on the common shares since March 20, 1929
quarterly payment of $1.50 per share was made.—V. 145, p. 779.
common
a
Co.—Stock Dividend—
Soundview Pulp
The directors have declared a stock
dividend of 2-100th of a share of $100
6,294,000
6,294,000
.
78,675
78,675
194,910
389,820
967,716
327,842
1,835,704
1,810,772
345,716
272,988
9,864,254
& ac¬
pay.
crued liabilities
Reserves
-
-
.
.
15,009,967
Surplus..—«
41,470,687 35,782,351
Total-
$5,602,725 in 1937 and $8,071,622 in
1936.
b Represented by 750,000 shares of no par value but of the declared
value of $5 per share,
c Market value of $1,252,836 in 1937 and $1,086,050
After
a
in
reserves
for depreciation of
1936.
statement for 3, 9 and 12 months
The earnings
Spear & Co.—50-Cent Common
Directors at
share
on
ended Sept. 30, was pub¬
Chronicle" of Nov. 6, Vol. 145, page
lished in the
a
dividend of 50 cents per
meeting held Nov. 9 declared a
the common stock, par
3021.
Dividend—
$1, payable Dec. 1 to holders
paid on Dec.
An initial dividend: of like amount was
Nov. 20.
of record
1, 1936.
—V. 145, p. 2559.
Spicer Mfg. Corp.—Earnings—
9 Months Ended Sept.
Before Federal surtax on
x
1936
1937
$983,564
$2.75
30—
Net profit after expenses, deprec. & Fed. inc. tax.
Earns, per sh. on 300,000 shs. of common stock..
x
6% preferred stock for each share of $5 par common stock held payable
15 to holders of record Nov. 15.
A dividend of 25 cents per share was paid on the common stock on Sept. 1
and on May 25, last.
Prior to this latter payment a stock dividend of
300% was distributed.
See V. 144, p. 1299 for detailed record of previous
$911,843
$2.51
2245.
undistributed profits.—V. 145, p.
the common shares on Dec.
dividend
payments.—V. 145, p. 2706.
Southern Bell Telephone
$5,242,819
3,520,719
Operating revenues
Operating expenses
Spiegel, Inc.^-Sales—
Period End. Oct. 30—
& Telegraph Co.—Earnings
1937—9 Mos.—1936
$46,679,900 $42,406,792
180,369
132,454
1937—Month—1936
1937—10 Mos.—1936
$6,146,747 $43,409,669 $34,135,596
$7,492,835
Sales
—y.
Period End. Sept. 30—
1937—Month—1936
Operating revenues
$5,261,392 $4,866,661
Uncollectible oper. rev..
18,573
15,520
145,
P.
3021.
Standard Gas & Electric Co.—Weekly
$1,722,100
Net oper. revenues...
$4,851,141 $46,499,531 $42,274,338
3,099,001 30,822,813 27,878,564
669,503
633,214
income. $1,052,597
2244.
$1,118,926
Operating taxes...
Net operating
—V. 145, p.
Southern
California Edison
Period End. Sept.
30—
Operating revenue
-
$1,752,140 $15,676,718 $14,395,774
"
5,411,968
$9,778,614
$8,983,806
Lt d.—Earnings—
1937—12 Mos.—1936
1937—3 Mos.—1936
$11,854,114 $11,727,956 $42,051,477 $41,124,243
429,816
161,238
672,646
758,485
604,450
1,715,250
Production expense—_
Transmission expense...
Distribution
Co.,
5,898,104
expense
Commercial expense
Admin. & general exp._
Taxes
399,977
166,582
502,107
855,443
563,263
1,551,520
1,659,079
698,172
2,647,925
2,951,355
2,415,782
6,739,427
Standard Investing
Corp.—Asset Value—-
1937, at cost of $4,438,585, and investments in
$2,709,686.
assets on Sept. 30, 1937, including $47,292
$7,506,176 —V. 145, p. 1116.
30,
601,750
1,945,142
2,821,654
2,964,628
5,544,103
at cost of
$7,512,228
11,881
$7,524,110
1,747,038
1,916,737
$7,707,021 $25,296,986 $25,979,994
1,836,433
7,068,489
7,832,983
1,778,472
5,993,381
5,453,008
Common dividends
$3,860,334
1,256,293
1,193,480
$4,092,116 $12,235,115 $12,694,003
1,256,281
5,043,756
5,025,240
1,193,465
5,172,206
4,774,225
r*Remainder
$1,410,561
$1,642,370
■*
■■Total income
Interest & amortization.
Provision for deprec
SP Balance
Preferred dividends
Sterling Products, Inc. (&
Net profit after all chgs.
Shs. cap. stock outst'g..
Earnings per share
y
y
.
Subs.)— -Earnings—
1937—3 Mos.—1936
$1,944,513 $1,927,894
1,706,152
1,715,656
$1.14
$1.13
Before provision for surtax on
•
cash, amounted to
1937—9 Mos.—1936
$7,117,194
$6,952,803
1,706,152
1,715,656
$4.17
$4.05
undistributed profits.
Special Dividend—
declared a special dividend of 40 cents per share in addi¬
quarterly dividend of 95 cents per share on the capital
The directors have
$2,019,152
$2,894,539
Earned per share on com-
$0.82
$0 89
$2.26
p Note—No provision has been made in the above figures for excess
lax or surtax: on undistributed profits.—V. 145, p. 956.
C
jj, mon stock
Sept.
affiliated companies
^
Total
Period End. Sept. 30—
Net oper. revenue
Net non-oper. revenue..
applicable to the preferred stock at
30, 1937, was $39.92 per share, comparing with $72.67 per share on June 30,
1937, and $95.52 per share on Dec. 31, 1936.
For nine months ended Sept. 30, 1937, profit from cash dividends re¬
ceived and interest received and accrued was $18,788, after expenses,
interest and taxes, but exclusive of results of security transactions.
Ex¬
cess of realized profits over losses sustained for the period on security trans¬
actions in the amount of $811,065,
after deducting $90,000 estimated
Federal taxes payable thereon, was carried to capital deficit account.
Investments in bonds and stocks were carried in balance sheet as of Sept.
1,523,530
$7,689,062 $24,939,735 $25,723,435
17,958
357,251
256,559
Output—
of the public utility operating companies in the Standard
the week ended Nov. 6, 1937, totaled 105,906,499 kwh., a decrease of 2.4% compared with the corresponding week
last year.—V. 145, p. 3022.
^
Electric output
Gas & Electric Co. System for
The indicated net asset value
-
Accts.
...41,470,687 35,782,351
Total
par
on
98,838
10,271
Patents & licenses.
be the first dividend to be
when
......
1,835,240
104,149
15,513
4,715,055
Deferred charges..
1937
$969,790
—
3,126,614
1,055 Res. for Fed. Inc.
taxes.
2,459,128
3,841,841
175
2,459,127
Bond sink. fund..
124,774
Marketable sees,
Cash...
Ltd.—Earnings—
W 9 Months Ended Sept.
Net profit after charges
gold
5%
bonds.
Bond Interest
Oct. 1
Employees' notes.
c
After reserve for obselescence of
x
b Common
Pref. divs. payable
accounts
receivable (net).
.........$11,855,176
Total.
...$11,855,176
Total.
12,994,000 12,994,000
3,750,000
stock.. 3,750,000
6% pref. stock
20-year
other
&
assets
38.000
3,000,000
7,379,507
$
$
Liabilities—
$
$
1936
1937
1936
1937
»*-
compensation law
Capital stock
Consolidated surplus
Subs.)—Consolidated
Balance Sheet
Res. for unlnsur. losses under
x3,911.835
....
been made for Federal undistributed profits
V. 144, p. 3518, 2677.
Spang, Chalfant & Co., Inc. (&
Sept. 30—
■■
179,000
compensation from 1-1-37.
66,325
79,451
24,856
294,982
______
...
acc. rec.,
payrolls
Provision for additional staff
Insurance policies
Prepayments
v.:
869,452
114,471
13,912
-
Other accrued liabilities
3,803,628
cost or market
Cash surrender value of life
''Vy:
;uVv\-
provision has
260,835
Accru. Fed., State,
140,640
1,304,937
Accounts & notes receivable.
Notes &
Note—No
payable, trade
Canadian
Accounts
$2,228,523
Cash..*......
463,816
$1,028,678
$469,238
$476,620
tax.—V. 145, p. 780. 621;
Liabilities—
$1,363,689
$899,872
a Adjustments made subsequent to Sept. 30,
1936, but applicable to the
three and nine months' periods ended that date have been given effect to
Balance
Consolidated Balance Sheet Sept. 30, 1937
Assets—
1,492,494
463,816
$623,844
154,605
$631,226
154,605
_.
outstanding
^
$2.41
profits
tion to the regular
stock, par $10, both payable Dec. 1 to holders of record Nov. 16.
extra dividend of 30 cents was paid on Dec. 1, 1936.—V. 145, p. 127o.
Storkline Furniture
An
Corp.—Dividend Increased—
declared a dividend of 25 cents per share on the com¬
Nov. 27 to holders of record Nov .15. Previously
regular quarterly dividends of 12H cents per share were distributed.—
The directors have
mon
stock, par $10, payable
V. 144, p.
625.
ittaBtifti
Financial
3212
Sun Oil
The
New
Chronicle
and
Co.—Listing—
York
Exchange has authorized the listing of 171,594
stock (no par) on official notice of issuance as a
stock dividend, making the total amount applied for 2,349,719 shares.
common
The stock will be issued
as
a
stock dividend
on
the
common
1937—Month—1936
$544,503
$4,884,091
$4,314,741
of 10
1936
1937
1935
depreciation, &c
x$474,0l4
1,910,248
$0.24
y $844,490
2,005,000
$0.37
Earnings
x
per
share
Before Federal income and other taxes,
y
y$179,297
1,587,526
y$158,748
1,585,401
$0.11
$0.09
After Federal taxes.—V. 145,
2865.
p.
Superheater Co.—Earnings—
(Including its
Canadian Affiliate)
9 Months Ended Sept. 30—
1937
$1,748,514
1936
1935
$637,330
511,092
$300,489
104,875
491,334
$1,148,422
81,167
202,812
$658,450
69,206
$2,318,498
Earnings applic. to minority interests
78,511
$864,443
72,397
$480,477
40,228
Other income.
Total
yl,166,194
income
—
$2,914,708
Depreciation
Federal, Dominion & for'n inc. taxes-
•
—
Consolidated earnings
357,961
108,767
Net earnings
x$2,239,987
x$792,046
$440,248
Shares common stock outstanding—
904,855
882,805
876,629
Earnings per share
$2.47
$0.90
$0.50
x No provision made for Federal surtax on undistributed
profits,
y In¬
cludes $425,115 non-recurring income, viz., profit on sale of
reacquired
company shares of capital stock in treasury.—V. 145, p. 2560.
—_
Sweets Co. of
America, Inc.-—Earnings—
9 Months Ended Sept. 30—
1937
1936
$1,659,103
$1,177,006
130,256
86,538
After expenses, depreciation, &c., but before Federal income taxes.—
144, p. 4200.
Net sales
a
Profit
a
Y.
..
(James) Talcott, Inc.—Business Volume—
This company reports a business volume of
$23,487,583 for the third
quarter of 1937, as compared with $21,802,472 for the corresponding
quarter of 1936, an increase of 8%
The volume was $74,652,810 for the
first
nine months of 1937, as compared with $59,857,674 for the
sponding period of 1936, an increase of 25%.—V. 145, p. 2707.
years in order that, among other things, the present management of
the railroad may be continued.
The proposed stock will be issued in the total amount of not
1934
Net profit after deple'n,
Shares common stock
portion of their investment in the syndicate by a sale
The syndicate managers intend to invite the syndicate members to deposit
the stock and rights which they are to receive, in a voting trust for a period
Sunray Oil Corp.—Earnings
30—
or a
other items.
—V. 145, p. 2407.
9 Mos. End. Sept.
exceeding
$590,525, which includes the 15,405 shares of stock to be represented by
No holder of the stock will be entitled as such
to any preemptive or preferential or other right to purchase, subscribe for,
or receive any part of any stock of the applicant, or any bonds, certificates
of indebtedness, debentures, or other securities convertible into stock of
the applicant, but any stock or securities convertible into stock may be
issued and disposed of by the applicant's board of directors to such persons,
firms, corporations, or associations and upon such terms and conditions
as the board of directors may determine, without offering
any thereof on
the same terms and conditions, or on any terms and conditions, to the
stockholders then of record or to any class of stockholders.
The proposed bonds will be secured by a trust indenture, dated Oct. 1,
1937, to be made by the applicant to the Commercial National Bank &
Trust Co., New York trustee, providing for a total issue thereunder of not
exceeding $1,027,000 of bonds.
Coupon bonds, registerable as to principal,
in the denominations of $500 and $1,000, will bear interest at rate of 4%,
payable semi-annually on April 1 and Oct. 1, and will mature Oct. 1, 1957.
Red. as a whole or in part by lot, at any time, upon not less than 60 days'
notice, at 105 if red. prior to Oct. 1, 1947, and at a reduction of Yt of 1%
in the premium for each one-year period thereafter, plus accrued interest
in any case of redemption on other than an interest-payment date.
A sinking fund is to be provided for the retirement of the bonds.
All
bonds retired through the operation of the sinking fund are to be forthwith
canceled and cremated by the trustee.
•
Commissioner Porter, dissenting, stated:
The capital structure here approved is an improvement over the present
one.
The amount of the bonded indebtedness is considerably reduced.
There is a lessening in the rate of interest on the debt remaining and the
part of the capital structure represented by stock is considerably increased.
However, the capital structure here authorized is far from a desirable one.
the subscription rights.
The ratio of bonds to stock is 63 to 37%.
The large proportion represented
by bond necessitates the setting up of a sizable sinking fund.
The one
provided only reaches 1% after 1945, which is entirely too long deferred
and the amounts to be applied in the meantime are grossly inadequate.
—V. 145, p. 2707.
Thatcher Mfg. Co. (.&
Period End. Sept. 30—
corre¬
Net sales..
Costs and expenses
Telautograph Corp. —Balance Sheet Sept. 30—
A rjnftfn
a
IQO7
1936
Plant accounts..$2,376,955 $2 ,374,592
.
Cash
Accts. receivable..
Inventories
Other
Investments
Deferred charges
122,619
41,639
3,808
1,573
113,423
Liabilities—
45,749
3,675
Accrued accounts.
1,573
25,063
18,478
.
Total
Rentals rec. in adv
$1,143,800
9,177
5,590
5,807
34,483
941,792
420,764
941,792
420,130
_
i
Alabama
&
Georgia Ry.
Authorized—
Nov. 4 authorized the company
to issue (a) not exceeding $590,525
capital stock (par $5); (b) rights to sub¬
scribe for 15,405 of such shares of stock, and
(c) not exceeding $1,027,000
of first (collateral) lien 20-year 4% sinking fund
bonds; 102,700 shares of
the stock, the rights to subscribe for the
15,405 additional shares of stock,
and the $1,027,000 of bonds to be delivered to a
syndicate in exchange for
all the outstanding common stock of the
Tennessee, Alabama & Georgia
Ry. (Ga.), consisting of 2,000 shares (par $100), and certain other assets,
and the 15,405 additional shares of
stock, represented by the rights, to be
sold at not less than $5 a share, and the
proceeds used to pay company's
organization expenses, certain taxes, and other items.
The report of the Commission
says in part;
The
The applicant was
incorporated on Aug. 31, 1937, in Delaware, for the
others, of engaging in transportation by railroad in inter¬
with an authorized capital stock of $750,000
(par $5).
A syndicate, formed under an agreement dated
March 27, 1929, is the
owner
of all the outstanding common
stock, consisting of 2,000 shares
(par $100), of the Tennessee, Alabama & Georgia Ry.
(Ga.), which operates
a line of railroad in the
States of Alabama, Georgia and Tennessee.
The
syndicate is also a creditor of the Georgia
corporation, an open account,
to the extent of approximately
$1,830,000 and the interest credited or to
be credited thereon during 1937.
Pursuant to a plan of reorganization of
the syndicate adopted by Coverdale &
Colpitts, as syndicate managers,
dated Sept. 28, 1937, they have offered to
transfer to the applicant all
the assets of the syndicate,
consisting, in general, of (a) the stock of the
Georgia corporation, (b) all cash, if any, held by the
syndicate at the time
of such transfer, after certain
payments have been made, (c) the openaccount indebtedness of the
Georgia corporation, unless tne syndicate
elects to forgive and cancel the same
prior to the transfer, and (d) all other
claims which the syndicate then held or
may acquire prior to such transfer.
The right is reserved to the
syndicate, at its option, to effect as the sole
stockholder of, and as a capital contribution
to, the Georgia corporation,
J)r^9r
8Uch transfer, a gratuitous cancellation of the open-account
indebtedness, as affected by the
interest paid thereon.
In either event,
the applicant is to receive all the
equity, whether represented by stock alone
or by stock and the
indebtedness, in the assets of the Georgia corporation,
except current accounts payable owed to persons other than the
syndicate
or the applicant.
In exchange for the assets
mentioned, the syndicate is
to receive (a) 102,700 shares of the
applicant's capital stock, (b) rights to
subscribe, within 30 days from the date of their issue, to
15,405 additional
shares of identical stock at $5 a share in
cash, (c) $1,027,000 of the appli¬
cant's first (collateral) lien
20-yea,r 4% sinking fund bonds, (d) an agree¬
ment by the applicant to assume
liability for any tax claims or tax liabilities
of any kind which may be asserted
against the syndicate or the syndicate
managers, as such, for any period up to the date of
liquidation of the
syndicate or June 30, 1938, whichever date occurs
first, and (e) an agree¬
ment by the applicant to assume all
expenses of its organization and of
formulating and consummating the plan.
This offer has been accepted in
writing by the applicant.
purpose, among
state commerce,
In accordance with the provisions of the
plan, the stock of the Georgia
corporation will, upon such transfer, be pledged by the
applicant under
the trust indenture securing the
proposed bonds as collateral security
therefor, and, if the open account indebtedness is not canceled
by the
syndicate, it will also be so pledged by the applicant.
Upon the liquidation
or dissolution of the Georgia
corporation, the railway property of that cor-
8oration will be substituted for theindenture
stock thereof, and for
canceled, under the
collateral
"
The
trust
as
the indebtedness
security for the
plan further provides that upon the surrender for cancellation of the
participation certificates in the syndicate now held by the members, the
syndicate managers will exchange therefor, with the syndicate members,
the bonds, stock and rights received from the applicant.
By such exchange
f
$1,160,000
56,246
$503,120
$1,277,510
$1,216,246
35.727
60,450
95,669
121,441
142,815
123,723
343,053
287,433
$324,148
107,265
36,706
$318,947
110,199
36,706
$838,788
324,109
110,119
$807,372
330,598
110,118
$180,177
$172,042
$404,560
$366,656
$1.48
$1.42
$3.50
$3.24
Federal income taxes,
surtax, &c
Net profit
Convertible pref.
divs_.
Common dividends
Surplus.
Earns, persh. on 146,832
shs.
stk.
com.
(no par)
on
company, on Sept. 30,1937, applied for authority to issue
(a) $1,027,0C0 of first (collateral) lien 20-year
4% sinking fund bonds; (b) $590,525 of
capital stock (par $5), and (c) rights to subscribe for 15,405 of such shares
of stock.
bonds.
$1,210,341
67,169
$502,690
Total income.
$482,729
20,391
—V. 145, p. 1276.
The Interstate Commerce Commission
not
$478,342
24,348
losses, &c
v
(Del.)—Securities
Subs.)—Earnings-
1937—3 Mos.—1936
" 1937—9 Mos.—1936
$1,952,156
$1,821,581
$5,178,548
$4,749,700
1,422,460
1,287,763
3,814,587
3,437,409
51,354
51,089
153,620
152,291
Provision for sundry
$2,565,073 $2,564,075
a
After depreciation of $1,663,631 in 1936 and
$1,571,584 in 1936.
b Reprecented by 228,760 shares, $5
par.
The earnings for 3 and 9 mos. Sept. 30 were
published in the "Chronicle"
of Nov. 6.—V. 145, p. 3022.
Tennessee
Operating profit.
Other income
8,887
34,989
Capital surplus
Total
1936
8,260
Federal tax
$2,565,073 $2,564,075
Depreciation
1937
b Common stock..$1,143,800
Accounts payable.
9,878
Earned surplus
.
1937
13.
terminated, the liquidation and
sale of the 15,405 shares of stock, approximating $77,000, will furnish the
applicant with cash to pay its organization expenses, certain taxes, and
1937—10 Mos.—1936
$484,539
syndicate will be
offered for sale by the applicant, privately or to the public, at the market
value thereof as determined by the applicant's board of directors, but at
not less than its par value.
The money expected to be realized from the
Co.—Sales—
Period End. Oct. 30—
the
of the securities which they are to receive.
If any rights to subscribe to the additional shares of stock are not exer¬
cised within the prescribed time, the stock represented thereby may be
eight shares per 100 shares held, payable Dec. 15, 1937, to holders
of record Nov. 24.
Stock when issued will be charged against the earned
surplus of the company at the r'ate of $34.30442841 per share.—V. 145,
p. 2707.
Sales
readily all
more
stock at the
rate of
Sun Ray Drug
cancellation
termination to occur not later than June 30, 1938.
It is stated that the
substitution of the applicant's bonds and stock for the participation certifi¬
cates will enable the syndicate members, if they desire to do so, to realize
Stock
additional shares of
Nov.
Tilo
Roofing Co., Inc.—Earnings—
40 Weeks Ended—Oct. 9,'37
Sales..
$2,693,474
Net profit
x
x
on
After providing for Federal income and
undistributed profits.
Share
Oct. 10, '36
$2,067,782
277,215
324,730
excess
Oct. 5,'35
$1,596,922
208,654
profits taxes and surtax
Offering Reduced—
The company has filed an amendment with the Securities and Exchange
Commission reducing the number of shares of common stock being registered
60,000, all of which are to be reserved for conversion of 60,000 shares of
$1.40 convertible preferred stock covered by the pending registration
to
Originally,
the
company
registered
145,000
common
in
addition
to
the
60,000 preferred.
Of the common originally registered, 60,000 were to be
reserved for conversion of the preferred and 85,000 were to have been offered
for sale.
The offering price of the
ing to
was
the amendment.
preferred will be $25 per share, accord¬
Originally, the initial offering price of the pref.
given at $25.75 per share.—V. 145, p. 2708.
Timken Roller Bearing Co.
Period End.
x
Net
Sept. 30—
profit.......
Earnings
per
share
(& Subs.)—Earnings—
1937—3 Mos.—1936
$2,756,246
$2,023,773
1937—9 Mos.—1936
$9,548,428 $6,630,768
cap.
stock
$1.14
$0.84
$3.96
$2.75
x After
provision for depreciation, taxes and all other charges except
provision for possible Federal surtax on undistributed profits.-—V. 145,
p. 3023.
Twin Coach
Co.—Earnings—
3 Mos. End.
Period—
Net
profit
Earns, persh. on472,500shs. com.stk
a
Sept. 30 '37
$132,239
$0.28
—9 Mos. End. Sept. 30—
1937
$561,862
$1.19
1936
$524,731
$1.11
After depreciation and normal Federal income taxes, but before surtax
undistributed profits.—V. 145, p. 2866.
a
on
Union Bag & Paper
Period End. Sept. 30—
Sales
x
Net profit
y
Earns,
Corp. (& Subs.)—Earnings—
1937—3 Mos.—1936
..
sh.
48,218
$0.45
per
469,194
$0.05
1937—12 Mos.—1936 ^
$15,575,320 $10,661,779
1,360,129
246,307
on com.
stock.
$1.30
$0.23
After depreciation, interest, estimated Federal income and capital stock
taxes and other charges, but before provision for surtax on undistributed
x
profits,
last
y Based
September.
on
1,045,733 shares
now
outstanding after 4 for 1 split
Offering of $7,000,000 Debentures Deferred—
The offering of $7,000,000 convertible debentures announced earlier thi®
year to pay
off all bank loans and other debts incurred in building the second
and
third units of the company's new mill at Savannah, Georgia,?has
been deferred "due to the generally unsatisfactory situation in the securities
markets since the date of the authorization of such offering," Alexander
Calder
President says.—V. 145, p. 2866.
Union Street
Ry.—Earnings—
Period End. Sept. 30—
Net income
1937—3 Mos.—1936
$14
Revenue fare passengers
Average fare (cents)...
—V. 145, p. 1438, 1276.
„
2,685,832
7.04
$8,529
2,609,728
7.27
1937—9 Mos.—1936
$1,316
8,487,903
$3,625
8,498,111
6.66
6.72 fl&i
Volume
Financial
145
Union Investment Co.
Sheet
Liabilities—
hand and In banks—
Collateral trust notes
$881,509
7,257,915
Notes payable (not
Accounts
Repossessed merch. (at market
other notes
receiv.,
Accounts
30,687
and
72,005
------
94,948
Mtge. pay. on bldg. and site-
170,000
303,656
299,293
Deferred disc,
15,291
deprec. of $20,894)
notes receiv.
on
10-year 5% conv. debs,
March 16, 1946)——
56,025
Deferred charges.
(due
181,000
750,000
1st pref. stock
Capital surplus
732,152
369,767
Earned
342,440
a
$8,564,999
Total
Common stock
surplus
Total
Balance
Depreciation,
and
United
■
admitted the common stock, 10 cents
listing and registration.—V. 145, p. 2247.
United Drug, Inc. (&
Period End. Sept. 30—
Net
profit
from oper.
after deprec., int.,
income taxes, &c
-1936
Fed.
$928,481
x$159,542
$132,302
x$836,382
$0.66
$0.60
Figures shown are
x
$0.12
before extraordinary income.
$0.09
94 cents a share.
made for Federal surtax on undistributed
profits.—V. 145, p. 3023.
United Gas Improvement
x
Nov. 7 '36
90,693,956
90,171,566
3023.
United Light &
Power Co. (& Subs.)—Earnings—xl936
1937
of subs, and controlled cos
$88,556,111 $83,404,288
(after eliminating inter-co. transfers)
41,237,338
38,811,428
General operating expenses
4,581,913
4,949,613
Maintenance.
8,592,203
8,286,757
Provision for retirement
8,809,373
General taxes and estimated Federal income taxes 10,504,717
earns,
_
_
_
_,
Net earns, from opers.
——— -
_—_
of sub. and controlled cos.$23,639,940
$22,547,116
2,404,346
3,128,572
Non-oper. inc. of subs. & controlled
companies—
No. of shs. of
companies
15,807,312
16,225,863
-$10,236,973
$9,449,825
-
Balance
—
attributable to minority
of earnings,
Earnings—
Equity of United Light & Power Co. in earnings
of subs, and controlled companies
$7,909,017
com.
$1,947,627
$4,857,560
$4,189,401
1,193,156
1,192,103
1,193,156
1,192,103
$1.11
$1.52
$3.73
$3.17
stock
The directors have declared
an
extra
dividend of 50 cents per share in
addition
to the regular quarterly dividend of like amount on the common
stock, par $20. The extra dividend will be paid on Dec. 24 and the regular
quarterly payment will be made on Dec. 31, both to holders* of record
Dec. 8. An extra dividend of $1.25 was paid on Dec. 24, 1936; an extra of
was
distributed
paid on Dec. 24, 1935, and extras of 25 cents per share were
Oct. 1, 1935 and on Dec. 24, 1934.—V. 145, p. 961.
on
Corp.—October Shipments—
See under "Indications of Business
Activity" on
United Verde Extension Mining Co.—To
ore
bodies
ore
bodies being now practically exhausted and no future profitable
bunches are possible to have.been overlooked because of the
or
exhaustive development work
23,717
y73,628
received from subsidiaries)
$7,982,644
$7,366,601
176,228
197,277
57,782
50,674
$7,748,634
Balance.
Group of mining claims has resulted in no ore be¬
Work is still in progress, but with such faint expectations
justify the board of directors in recommending imme¬
diate steps in liquidation.
"This will be done by judiciously disposing of marketable securities and
paying dividends in liquidation as cash in the, treasury may be available.
The sale of the physical properties of the company will take some time, but
will be handled by the management with as little delay as reasonably pos¬
sible, but the liquidation will be finally completed and finished before
ment work in the Vulcan
ing discovered.
of success as to fully
1939.
the legal formalities, to pay $2
before Dec. 20, 1937, to be the first and largest of a series of
"It is intended, after complying with all
share on
per
or
distributions in complete cancellation or redemption of
stock in accordance with the said plan of liquidation.
"After making this distribution of $2 per share, it will
consolidated surplus
$5,273,806
$4,611,368
Adjusted,
y Includes $43,825 profit on sale of temporary
145, p. 2561.
investments.
Balance transferred to
2,318,073
189,209
144,
p.
1937
Sept. 30—
Net profit after charges
& Fed. income taxes,
x
1936
$331,070
x
$0.45
No provision made
$0.66
36,248,007
33,996,801
4,053,872
7,550,359
9,303,989
4,444,729
7,161,146
7,738,042
of sub. and controlled cos.$21,093,028
Non-oper. income of subs. & controlled companies
1,775,840
$20,298,665
Provision for retirement-.
General taxes and estimated Federal income taxes.
2,110,428
controlled companies.$22,868,868 $22,409,093
dividends of subs.
13,158,618
13,587,471
'j.
$9,710,250
Proportion of earnings, attributable to minority
common stock
2,331,904
$8,821,621
Balance.
Equity of United Light & Railways Co. in earns.
of subs, and controlled companies
$7,378,346
Income of United Light & Railways Co. (excl. of
income received from subsidiaries)
646,524
Total
$8,024,870
-----
240,696
Expenses of United Light & Railways Co
Taxes of United Light & Railways Go
;
a
result
principally of the development
the past year of a number of outstanding stars and to the
quality of pictures as production difficulties have been
said Mr.
had completed 15 pictures, as com¬
Utility Equities Corp.—Dividend Deferred—
stock,
on
Extra Dividend—
dividend of 10 cents per share in
quarterly dividend of 50 cents per share on the capital
$5, both payable Dec. 1 to holders of record Nov. 15.
Extra
dividends of 10 cents per share have been paid in each of the sixteen preced¬
ing quarters.
In addition, a special year-end dividend of $1.80 per share
was paid on June 1 last.—V. 145, p. 2561.
addition to the regular
897,247
$7,608,739
155,933
par
Vulcan Detinning
1,375,000
42,988
42,988
$6,272,967
1,229,854
$6,018,268
1,239,271
consolidated surplus.—.
preferred stock dividends
Expenses, deprec., &c_
Profit-
Total income
Tax reserve, &c_
Balance
$5,043,113
-
b Net income
6 Months Ended Sept.
1937^,,
30—
$14,244
16,495
Net income
Earnings per share
x
After
surtax on
deducting operating
—
expenses,
$0.86
2?36
$19,854
17,995
$1.10
but before provision for Federal
undistributed income.—V. 145, p. 3024.
Earns, per sh. on 32,258
shs.
(par $100) com¬
Co.—Earnings—
Number of shares outstanding
1937—9 Mos.—1936
$2,326,414
2,783,533
2,113,151
$3,179,435
1,045,171
888,227
$148,656
23,266
$84,066
20,012
$395,902
80,862
$213,263
57.983
$171,922
90,560
$104,078
26,399
$476,764
163,004
$271,246
66,076
$81,362
$77,679
$313,760
$205,170
$4,778,997
Adjusted.—V. 145, p. 2561.
United Linen Supply
Co.—Earnings—
1937—3 Mos.—1936
$972,293
$1,193,827
Sales
Other income
Balance transferred to
dividend
no par
Vick Chemical Co.—New Vice-President and Treasurer—
Announcement was made by the board of directors of this company of
the election of Karl E. Prickett as Vice-President and Treasurer of the
organization.
W. Y. Preyer, recently made Executive Vice-President
of the organization, will relinquish his work as Treasurer of the corporation.
a
1,375,000
of the semi-annual
ordinarily due on Dec. 1 on the $5.50 cumulative priority
value.
The last previous payment was the $2.75 distribution
June 1 last.—V. 145, p. 785.
of $2.75 per share
stock,
$7,690,955
5Mj % debentures, due 1952.i
and expense
improvement
ironed out,"
pared with 12 at this stage of last season.
During the 60 days to Jan. 1,
1937, the company will place in production 13 pictures, all but four of which
are expected to be completed by that date."—V. 145, p. 2248.
16,549
Amort. of debenture discount
by Universal
Cowdin.
Period End. Sept. 30—
:
.
The directors have declared an extra
$6,711,492
$7,436,257
Holding company deductions:
$1.80
$1.36
profits.—V. 145,
.
2,110,129
93,218
—
$608,472
Sroximately Oowdin, Chairman of the Board, announced on Nov. 11. ago,
17% over the total for the corresponding quarter a year
Cheever
made
Total income of subs, and
Interest, amort, and preferred
and controlled companies
$ 901,134
Universal Pictures Co., Inc.'—Domestic BillingsDomestic billings during the 13 weeks ended Oct. 30, 1937, representing
the fourth quarter of the company's fiscal year, showed an increase of ap-
The directors have decided to defer payment
Net earns, from opers.
1937—9 'Mos.—1936
for Federal surtax on undistributed
785.
"Universal at the end of the quarter
$78,249,256 $73,639,384
transfers)
$224,230
outstanidng
in
of sub. and controlled cos. (after
eliminating inter-company
General operating expenses
Maintenance
Corp.—Earnings—
1937—3 Mos.—1936
Earns, per sh. on 500,000
shs of com. stk (par $1)
"The increase is
x
that amount in
145, p. 3024;
3522.
over
Co. (& Subs.)—Earnings—
12 Months Ended Sept. 30—
leave in the treas¬
in cash about one-half million dollars and about twice
Universal Cyclops Steel
—V.
United Light & Rys.
all the company's
marketable securities based on present market prices."—V.
p.
2,318,073
156,754
Balance
of
on
such resolution to liquidate and completely dissolve the company.
"As stockholders have from time to time been informed, the develop¬
$7,118,650
Holding company deductions:
Interest on funded debt
Amortization of bond discount and expense
Gross oper. earns,
persistently carried on during the years
a
Period End.
Total
x
Liquidate—
reference
proposed plan of liquidation, which read in part as follows:
"The board of directors of your company at a special meeting held on
Nov. 1, 1937, voted to recommend to you the dissolution and complete
(excl. of in¬
Expenses of United Light & Power Co
Taxes of United Light & Power Co
x
preceding page,—
President J. S. Douglas on Nov. 1 sent a letter to stockholders in
v
Prior
a
145, p. 2867.
$7,342,884
— _—
Interest on
•9 Mos.—1936
1937
$1,456,307
After provision for Federal surtaxes on undistributed profits.
x
ury
2,106,941
2,327,957
stock
Income of United Light & power co.
x
Co.-
1937—3 Mos.—1936
-
V.
come
undistributed
1119.
outstanding (par $20)
Earns, per share on (par
$20) common stock
Dec. 31
companies—$26,044,286 $25,675,688
Interest, amort. & pref. divs. of subs. & controlled
common
p.
Period End. Sept. 30—
after charges
Total income of subs. & controlled
Proportion
145,
Eroduction, to stockholders to meet board of directors at such meeting to
call it was decided by the
Nov. 29 to consider and act upon
12 Months Ended Sept. 30—
„
$115,569
Net inc.
;sue
oper.
$31,405
$225,214
Note—No provision has been made for Federal surtax on
Our
Oct. 30 '37
90,380,814
(kwh.)
Electric output of system
Gross
loss$478
38,892
liquidation of the United Verde Extension Mining Co.
Co.—Weekly OutputNov. 6 '37
Week Ended—
p.
Cr25,3l8
228,064
to the
Note—No provision has been
145,
Cr28,291
31,325
United States Steel
12 months ended Sept. 30, 1937, was $1,302,556 equal
with net profit for the 12 months ended
Sept. 30, 1936, of $2,707,099, which included extraordinary income of
$1,390,037, equal to $1.93 a share.
Excluding extraordinary income, net
profit for the 12 months ended Sept. 30, 1936, was $1,317,062, equal to
93 cents a share as compared
—V.
433,990
Cr 12,987
Net profit
Net profit for the
to
479,195
Z>r36,575
12,000
x Includes excess of
par value over cost of bonds purchased and retired,
amounting to $36,404 in 1937, $41,361 in 1936, $63,900 in 1935 and $93,578
in 1934.
50 cents
capital stock
($5 par)
441,854
Cr3,852
22,313
Extra Dividend—■
1937—9 Mos.
Earns, per sh. on 1,400,.-
560 shs.
$816,515
minority interest..
Subs.)—Earnings—
1937—3 Mos.—1936
$764,638
230,781
416,083
amortization
& Federal taxes
The New York Curb Exchange has
par, to
$631,369
199,823
United States Gypsum
Cigar-Whelan Stores Corp.-—Listing and Regis¬
y V"'
•
tration—
$625,728
190,787
Loss applic. to company
145, p. 2561.
—V.
$616,463
148,175
depletion
Prof, on sale of prop. ,&c.
Federal taxes
profits.—Y.
1937—4 Weeks—1936
1937—44 Weeks—1936
$1,270,162
$737,141 $11,276,561
$7,056,284
Sales
$548,321
83,048
$834,180
174,545
Interest (net)
Union Premier Food Stores, Inc.—Sales—
Period End. Nov. 6—
$744,175
90,005
Other income
x
$8.564,999
„
Represented by 167,594 no par shares.—V. 145, p. 2409.
a
revenue
State
Reserve for losses—---
251,495
deprec. of $23,505) ——
Furniture and equipment (less
1
1937
1936
1935
1934
$14,825,222 $15,693,663 $15,985,726 $19,078,509
14,081,047
15,145,342
15,369,263
18,452,781
Costs and expenses
56,148
1, 1937-—
Reserves withheld from dealers
30,893
(less
site
and
building
Office
taxes
24,671
Investments
and
Cash value of life insur. policies
Fed.
for
Reserves
payablel$4,532,500
630,401
secured)..
payable and accruals
Divs. payable Oct.
47.200
value)
^
Subs.)—Earnings
9 Mos. End. Sept. 30—
Gross
Assets—
on
3213
United States Distributing Corp. (&
(& Subs.)—Consolidated Balance
Sept. 30, 1937—
Notes and accounts receivable
Cash
Chronicle
$3.89
$7.25
$1.58
$1.70
adjustments and charges at curernt prices for tin-bearing
(other than tin plate scrap) used in operations, less credit for
finished and in process inventory as of Sept. 30.
b Exclusive of surtax on
undistributed profits,
c Net from other transactions, from interest and
dividends and miscellaneous adjustments of inventories.
mon
a
stock.
Includes
materials
Financial
3214
Chronicle
Comparative Balance Sheet Sept. 30
$973,238 $1,124,289
2,794,677
Pats., good will ,<fcc. 2,794,676
889,388
Cash...
601,273
Inventories
1,083,533
866,445
276,197
Investments
1,287,167
Other
Def.
288,314
196,975
27,404
Investments
Dividends
27,025
132,380
for
Price
x
equal,
170,355
115,000
res..
1,315,911
for maintenance and for capital improvements
of which $2,307,870 will be for re-laying rail and
170,355
62,202
1,217,538
for depreciation of $1,979,552 in 1937 and $1,-
After deducting reserve
1278.
806,530 in 1936.—V. 145, p.
Walgreen Co.-—Sales—
1937—Months-1936
1937—10 Mos.—1936
$5,529,076 $55,701,718 $51,372,240
Period End. Oct. 30—
Sales..
-
Issue New
The petition requests that the certificates be authorized to be issued and
sold in such denominations
Co.—To
Walworth
issued..
$5,872,643
145, p. 2410.
—V.
expenditures
approximating $3,993,423,
reballasting track, $391,725
for improving and modernizing equipment, and $1,293,828 for constructing,
repairing and improving facilities, extending tracks and miscellaneous items.
The trustees expect to use material in stock and other items amounting to
$335,423 of the cost of the proposed expenditures, and to pay not exceeding
$58,000 thereof from funds on hand, leaving $3,600,000 to be furnished from
other sources.
They are of the opinion that this amount may be realized
from the sale of a like principal amount of trustees' certificates.
The Court has not yet authorized the issue and sale of the proposed
certificates, nor the expenditures for the payment of which they are to be
..$6,753,322 $6,465,495
Total
$6,753,322 $6,465,495
The report of the Commission says in
part:
The trustees state that in 1938 it will be necessary to make
contings,
Surplus
Total
58,934
payable
and in general..
9,097
6,143
than par and accrued interest if they bear interest at the rate of 4% per
annum, but if they bear interest at a lower rate, to be sold at such an amount
less than par as would make the effective rate not exceeding 4% per annum,
and the proceeds used for maintenance and capital expenditures.
181,725
26,640
Res. for taxes and
Res.
prepaid expenses
244,550
accruals.......
Certificates—
The Interstate Commerce Commission on Nov. 4 authorized the issuance
of not exceeding $3,600,000 of trustese' certificates, to be sold at not less
Accts, payable and
other govt. chgs.
and
charges
1936
Preferred stock...$1,522,300 $1,522,300
Common stock... 3,225,800
3,225,800
.
Accts. receivable..
1937
Liabilities—
1936
1937
Assets—
Plant & equip't-
z
1937
13
Nov.
Western Pacific RR.—Trustees
Initial
Pay
Common
Dividend and
Preferred Stock—
undistributed earnings and at the same
for its business, directors of this company have
approved a plan contemplating the payment of a dividend on the common
stock partly in cash and partly in a new issue of 6% convertible preferred
stock which shareholders will be asked to authorize.
President W. B. Holton Jr., announced that the company proposes to
In order to reduce the surtax on
time conserve cash needed
initial dividend on the common shares consisting, at the option of
either 25 cents in cash or 30 cents in par value of new
6% convertible preferred stock, subject to authorization of the new issue.
It is further proposed that this initial dividend will be followed before the
close of the year by an additional dividend of 70 cents per share, payable
only in the new preferred stock.
A special meeting of stockholders has been called for Nov. 23 to authorize
to authorize an issue of $1,500,000 of the new 6% preferred stock and
pay an
such stockholders, of
150,000 shares of additional common stock.
It is proposed that the new
preferred stock be issued in shares of the par value of $10 each and that it
be convertible into common stock on a share-for-share basis from April 1,
1938, to Dec. 31, 1938, inclusive; at the rate of four-fifths of a share or com¬
stock throughout 1939, and at the rate of three-fifths of a share of
common stock throughout 1940.
It is also proposed that "this stock shall
be redeemable by the company in whole or in part at any time at the par
as the trustees may find
advisable, to be dated
Dec. 1, 1937, to be payable Dec. 1, 1938, or Dec. 1, 1939, according as the
certificates can be more advantageously sold with one term or the other
under market conditions existing at the time of sale, with the option to the
trustees to call them for payment at any time on 30 days' notice, to bear
interest at
a
rate no greater
than 4% per annum, payable in instalments
at six-month intervals from their dates, either with or without detachable
interest coupons.
If the certificates bear interest at 4%, they are to be
sold for not less than par and accrued interest, but if they bear interest at
a lower rate, the trustees desire to sell them for less than
par, but in no case
for
an amount less than par that will, when added to the interest to the
maturity date of the certificates, equal interest thereon from the time of
a rate greater than 4% per annum.
The remaining terms of
their sale at
the certificates and the conditions of their issue
are
to be such as the Court
advisable and may provide in its order, but all the certificates
one issue regardless of any difference in the dates of their
actual issue, and are to rank equally as expenses of administration. The
petition further states that the proposed expenditures will be spread
throughout the year 1938, and in order to save interest the trustees request
that they be not required to sell all the certificates at one time but be
may deem
are to
constitute
authorized to sell them from time to time in the amounts necessary to make
such payments.—V.
145,
2870.
p.
mon
value thereof together with all dividends accumulated, accrued, and un¬
paid thereon, subject, however, to the right of the holders to convert the
same as aforesaid at any time prior to the date fixed for such redemption."
The authorization of additional common stock, increasing the total au¬
thorized issue to 1,550,000 shares, is proposed in order to provide for such
conversion.
The directors have recommended that they be given authority
to
sell, in case it becomes advantageous to do so, such amounts of common
preferred stock not to be required for dividend purposes,
Mr. Holton announced that consolidated net earnings of Walworth Co.
Western Union
Period End.
Gross
x
other
Repairs & res'd
for deprec'n
Other oper. expenses._
y
Balance
Interest
on
and expenses, are estimated in excess of $1 per share on the
represented entirely by an increase in cash.
In the case of Walworth Co.,
a large part of this year's earnings is representid by increases in working
capital items other than cash.
The larger volume of business has increased
our requirements for currently due accounts receivable from our customers.
Similarly, a larger volume of business than in previous years, together with
increases in the labor factor represented in the value of our inventory, has
required us to invest more dollars in inventory in order to maintain our
directors
(& Subs.)—Earnings15 Weeks
16, '37 Oct. 17, '36
Oct.
Earnings
y
x$913,320
$1,535,863
$1.46
$2.71
$3.57
shs.
x
per share
Westvaco Chlorine Products Corp. (&
256,008
7% pref. stock—
Does not include processing tax
1937—3 Mos.—1936
Federal taxes, &c
NOi of shs. com.stk.out_
Earnings
145,
$216,494
339,362
$0.42
share.-
per
Note—No
provision
1441.
p.
made
was
White Sewing Machine
$6.00
Earns. per sh. on
&
tax
-
Exp., int., deprec., &c._
1937—3 Mos.—1936
$235,459
$290,217
278,840
310,177
Net loss
;——V. 145, p. 962.
1937—9 Mos.—1936 *
$656,118
$808,892
834,731
906,863
a
$178,613
$97,971
Co.—Accumulated Dividend—
dividend of $1.12K per share on account
the 6%
cum. pref. stock, par $25, payable Dec. 1
This compares with 75 cents paid on Sept. 1,
and on June 1 last 37H cents paid on March 1 last; 75 cents paid on Dec. 21,
1936, and dividends of 37^ cents per share paid on Dec. 1, Sept. 1, June 1,
and April 1, 1936, this latter being the first payment made on the preferred
stock since June 1, 1932, when a regular quarterly dividend of 37 M cents
per share was distributed.—V. 145, p. 1441.
on
to holders of record Nov. 20.
West
Texas
Gas
Co.— To
Pay
Dividend
Waive
and
Sinking Fund Requirements—Company, a subsidiary of Southwestern Development Co., a registered
holding company, has filed with the SEC an application (File No. 51-6)
under the Holding Company Act for approval of the payment of dividends
not to exceed $315,000
and a declaration (File No. 43-87) covering the
waiver of 1938 sinking fund requirements on its $3,550,000 outstanding
bonds.
Opportunity For hearing in the above matters will be given on
Nov. 23.
West Virginia Pulp & Paper Co .—Reported Negotiating
for $10,000,000 Bond Issue—
The company, according
the issuance
consideration
$0.23
surtax
on
$627,850
339,362
$1.21
$419,205
284,962
$0.98
undistributed
profits.—
Corp.—Earnings—
$78,598
$70,211
1937—12 Mos.—1936
$486,568
$214,818
25,151
12,000
162,098
12,000
$53,447
$58,211
$32.4,470
$202,818
$0.53
$0.58
$3.24
$2.03
contingencies-.
Earns. per sh. on 100,000
shs. pref. stock
—V.
1279.
p.
Willson
Products, Inc.—Earnings—
Sept. 30, 1937—
3 Months
charges and Federal and State
&c
$38,337
Earnings per share on 128,162 shares of common
stock (par $1)
$0.30
—V. 145, p. 2411.
;X, ^
profit
9 Months
after
income taxes,
$173,926
-
$1.36
Winnipeg Electric Co.—Earnings—
Period End. Sept. 30—
Gross earnings
1937—Month—1936
$511,839
316,227
$501,265
302,335
1937—9 Mos—1936
$4,952,915
$4,836,995
2,933,195
2,801,438
$195,612
$198,930
$2,019,720
Oper. expenses & taxes-.
Net earnings
—V. 145, p.
$2,035,557
2411.
Worcester County Electric Co.—Notes—
Company, a subsidiary of New England Power Association, a registered
holding company, has filed a declaration (File No. 43-85) covering the issu¬
ance of $250,000 of 2% notes payable in six months.
The proceeds of the
proposed borrowing will be applied to the payment of open-account in¬
debtedness to New England Power Association incurred to pay for exten¬
sions, additions and improvements to the plant and property of declarant.
Opportunity for hearing will be given Nov. 19.
Wright Aeronautical Corp.—Earnings—
Period End Sept. 30—
to reports in the financial district, has under
of
145,
Period Ended
Net
West Coast Telephone
of accumulations
$19,960
$43,381
The directors have declared
$128,236
284,962
for
Subs.)-—Earns.
refund.—V. 145, p. 1440.
Eisenlohr, Inc.—Earnings—
Period End. Sept. 30—
Gross profit
$0.80
1937—9 Mos.—1936
1937—3 Mos—1936
Profit after depr. & int.
Fed. inc. & undist. prof,
Netprofit-.-
Webster
yl936*
$533,389
303,492
375,882
After all charges, including depreciation and preferred dividends,
Exclusive of McCormick's, Ltd., acquired in 1937.—V. 145, p. 1757.
Period End. Sept. 30—
Net profit after deprec.,
42 Weeks
Oct. 16, '37 Oct. 17, '36
$692,624
undistributed profits.—
1937
$588,971
297,443
400,882
$0.74
profit.
Balance available for common dividends
Number of shs. of com. stock outstanding
V.
$374,157
on
x
Period End. Sept. 39—
Net profit after deprec.,
interest and taxes
$9,422,990 $11,993,559
4,408,859
5.139,937
3,806,787
16,533,914
68,805,701
(George) Weston, Ltd. (& Subs.)—Earnings—
on
of various
Period Ended—
$8,817,233
9 Months Ended Sept. 30—
Net
largely
Ward Baking Corp.
$6,126,331
3,300,874
Note—No deduction has been made for surtax
V. 145, p. 2562.
x
its cash reserves at this time for dividends.
After careful study
plans and after consulting counsel, the board of directors feels
Federal tax laws the plan
now being presented to the stockholders for their approval will best serve
the interests of the company and its stockholders, will not draw excessively
on the company's cash, and will reduce materially the tax on undistributed
profits which the company would otherwise be required to pay."—V. 145,
p. 3025.
18,545,215
75,853,673
$2,825,457
$5,010,446
$5,014,131
$6,853,622
Including dividends and interest,
y Including rents of leased lines
x
believe, therefore, that the company should not draw
that under the conditions imposed by the present
12,614,991
52,065,301
and taxes.
standard of service to our customers.
"The
funded debt,
13,858,359
57,298,110
Net income.
1937, after deduction of normal Federal income taxes and all
reserves
1,310,504 shares of common stock which are now outstanding.
"The present Revenue Act," Mr. Holton stated, "does not take into
consideration the fact that the earnings of corporations are not as a rule
Sept. 30—
1937—9 Mos—1936
1937—12 Mos.—1936
.$77,282,800 $73,497,525 $103821,878 $97,333,174
revenues
Maint.:
and
thus far in
Telegraph Co., Inc.—Earnings—
1937—3 Mos.—1936
$610,596
$276,917
Net profit.—
$10,000,000 bonds.
Negotiations on this
financing are understood to be in progress with Brown Harriman & Co.,
Inc., and associates.
The issue, it is said, is expected to be registered with the Securities and
Exchange Commission within a week and the public offering made within
a month.
The issue under consideration will be the first public financing
for the company and it is understood the funds will be applied to extinguish¬
ment of bank loans incurred for
$1
1937—9 Mos.—1936
$1,647,190
$890,506
stock,
and for
a
new
mill and other
promulgation of further plans of
Western Auto Supply
Period End. Sept. 30—
a
like nature.—v. 144,
purposes,
p.
4204.^
Co.—Earnings—
1937—3 Mos.—1936
Net profit after deprec.,
Fed. & State inc. taxes
Earns, per sh. on com.
expansion
1937—9 Mos.—1936
$727,218
$2,001,703
$1,312,195
y$0.97
$2.66
y$1.14
No provision for surtax on undistributed profits,
y Figured on the
number of shares outstanding at Sept. 30, 1937, totaling 751,368 shares.—
V. 145, P. 2411.
x
Western
Maryland Ry.—Earnings—
—
Period—
Gross earnings
—V. 145, P.
2870.
To
Pay $2 Dividend—
The directors have declared a dividend of $2 per share on the
Week End. Oct. 31
1937
$386,600
common
payable Nov. 26 to holders of record Dec. 14.
This compares with
paid on Dec. 14, 1936, this latter being the first dividend paid since
Nov. 30, 1930, when 50 cents per share was distributed.—V
9 Mos. End. Sept. 30—
Gross after deprec—
Other income
—
$924,761
$1.23
$10)
After depreciation, interest and taxes, Dut before provision for possible
Federal surtax on undistributed income.
x
145,
p.
964.
(L. A.) Young Spring & Wire Corp. (& Subs.)—Earns.
x
stock (par
x
Total income
Expenses
Int. disct. & other chgs.
Federal taxes
Netprofit
Jan.
1
to
Oct.
31—
1936
1937
1936
$518,175 $14,963,892 $13,418,404
Shs. cap. stock (no par).
Earnings
x
145,
per
share
No provision
p.
787.
1937
$2,587,992
1936
$2,457,468
58,216
56,153
1935
$2,100,301
41,684
1934
$1,482,107
42,098
$2,646,208
985,961
136,941
262,000
$2,513,621
803,270
102,879
249,000
$2,141,985
' 672,552
61,097
205,500
$1,524,205
649,974
28,675
127,000
x$l,261,306 x$l,358,472
408,658
408,658
$3.09
$3.32
$1,202,836
389,198
$718,556
389,198
$3.09
$1.84
made for
Federal surtax
on
undistributed profits.—V.
Volume
Financial
145
Chronicle
3215
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
Terminal Cocoa Market
COMMERCIAL EPITOME
Friday Night, Nov. 12, 1937
■55 Coffee—On the 6th inst. futures closed 9 to 35 points net
lower in the Santos contract, with sales of 60,250 bags, one
ofjjthe largest Saturday's totals for several years past. The
Santos contract opened 18 to 25 points below the previous
close.
On continued selling, further losses were registered,
with the market at one time 38 to 40 points under the
previous day's figures. The Rio contract opened 2 to 13
points off and closed 4 points lower to 2 points higher, with
sales of 3,500 bags.
Futures at Havre were 17 to 20 francs
off for the day.
Brazilian exchange eased off, a decline of
50 reis to 17.7 to the dollar being reported during the day.
Cost and freight markets remained unsettled today (Satur¬
day). Offerings of Santos 4s for deferred delivery at 7.25c.
and up were reported.
Milds were also irregular, with
Manizales reported sold for January-June shipment at 9Mc.
A report received from unofficial sources Saturday indicated
that Brazil's coffee exchanges would reopen Monday.
On
the 8th inst. futures closed 15 to 34 points net higher in the
Santos contract, with sales of 213 lots.
The Rio contract
closed 26 to 30 points up, with sales of 32 lots.
The improve¬
ment was attributed to nothing but a readjustmet of the
technical position of the markets after the recent drastic
declines.
The market still awaits final word from Brazil as
to the amount of reduction in the export tax.
This is not
expected at least before Friday. The markets in Brazil re¬
mained closed, although many had expected they would
reopen.
Meanwhile the fluctuations of the open market
dollar rate were narrower.
On the opening it showed an
improvement of 50 reis at 17.65 milreis to the dollar over
Saturday's close, but the closing price was back to 17.70. On
the 9th inst. futures closed 4 points higher to 8 points lower,
with sales of 163 lots.
The Rio contract closed unchanged
to 3 points higher, with sales of 20 lots.
Initial prices in the
Santos contract were 3 to 17 points higher and in the Rio 6
to 12 points up.
There was an improvement of 100 reis in
the open market dollar rate to 17.60 milreis to the dollar. A
sustaining factor for a time was the rally of 17 H to 19 H
francs in the Havre market.
However, on the early rally
liquidation increased and became rather heavy for the ac¬
count of a cotton commission house, presumed to be acting
for Brazil, and a Wall Street commission house believed to be
acting for the trade. The market still awaits final announce¬
ment of new Brazilian procedure and meanwhile remains
unsettled.
On the 10th inst. futures closed 17 to 23 points down in
the Santos contract, with sales of 315 contracts.
The Rio
contract closed 8 to 14 points off, with sales of 51 contracts.
Uncertainty increased
from
Brazil
indicated
among
that
the trade today when cables
another
chain
in
the
Fascist
might be in the making. President Vargas, by edict,
was reported to have dissolved the entire Federal and State
legislative bodies and was ready to present a newly promul¬
gated constitution. Santos contracts here started 16 to 34
lower and later stood 15 to 33 points lower, with March at
6.69c., off 18 points.
Rio contracts were 5 to 6 points
lower, against opening losses of 6 to 10 points, the market
sustaining further substantial losses at the close. Cost and
freight offers were unchanged to 15 points lower with Santos
4s. at from 7.40c. to 7.75c.
Manizales were reported to have
sold at a new low of 9%c.
The Brazilian milreis, in the free
group
market,
It
was
150 reis weaker at 17.75 milreis to the dollar.
reported the new export tax would be 12 milreis per
bag, the equivalent of about 1.61c. per pound.
Today
futures closed 3 points up to 7 points down in the Santos
was
contract, with sales totaling 343 contracts.
tract closed 2
points
up
The Rio
con¬
to 7 points down, with sales of 68
Coffee futures continued abnormally active, but
irregular, with March at one time selling at a new alltime low price of 6.42c. for the Santos contract.
Later
March advanced to 6.54, but still was 13 points net lower.
Rios were 3 points higher to 8 lower, with July at 4.38c.
However, prices fluctuated rapidly without trend as the
market awaited news from Brazil.
Cables reported that a
new coffee plan would be announced within 24 hours.
Cost
and freight offers from Brazil were quoted at 7.20 to 7.50
for prompt shipment.
Prices of mild coffees were barely
steady.
In Havre futures were 5% to 6% francs lower.
contracts.
were
Rio coffee
prices closed
December
Santos coffee
as
follows:
-4.73I March
4.53
4.461 July__
May
September
4.40
4.391
prices closed
March--
May
July
as
follows:
4.531 December
4.73
4.461 September
-4.401
4.37
mCocoa—On the 6th inst. futures closed 6 to 8 points net
lower.
The opening range of prices was 3 to 8 points off from
the previous close. Transactions totaled 32 lots, or 429 tons.
London outside prices ruled 3d. easier, while futures on the
ran 3d. to 6d. easier, with 40 tons
trading.
Local closing: Nov., 5.77; Dec., 5.77; Jan., 5.77;
March, 5.76; May, 5.85; July, 5.95; Sept., 6.04r. On the 8th
inst. futures closed 12 to 8 points net lower.
The opening
range of^prices was 7 to 9 points off.
At the lows of the day
the various deliveries stood as much as 15 to 20 points under
Saturday's close.
Sales of 280 lots, or 3,752 tons were
recorded.
losses
of
London advised of
a
9d. break
the outside and
on
7%d. to
Is. lp£d. for futures, with 1,250 tons
traded.
Local closing: Nov., 5.65; Dec., 5.65; Jan., 5.66;
March, 5.66; May, 5.76; July, 5.86; Sept., 5.96. On the 9th
inst. futures closed 8 to 10 points
up.
The market opened 8
to 13 points up from the previous close, with the maximum
advance for the day 11 to 15 points net higher. Transactions
totaled 242 lots or 3,243 tons.
London came in 3d. easier
on the outside but
ranged 3 to 9d. higher on the Terminal
Cocoa Market, with 270 tons of futures trading.
Local
closing: Nov., 5.75; Dec., 5.75; Jan., 5.75; March, 5.76;
May, 5.84; July, 5.94; Sept., 6.03.
On the 10th inst. futures closed 14 to 18
Transactions
reflected
totaled
242
contracts.
points net higher.
The
market
cocoa
the
improvement in other commodities, with ad¬
vances
in the early trading ranging
up to 15 points on
December, which went to 5.90c.
There was no change in
the market position, but some people think December may
tighten up before approach of first notice day late this month.
Sales to early afternoon totaled 200 lots.
In the actual
market manufacturers continued their hand-to-mouth
buying
Warehouse stocks decreased 8,015 bags.
They
now total 1,274,295
bags.
Local closing: Dec., 5.93; Jan.,
5.92; March, 5.92; May, 6.00; July, 6.09; Sept., 6.18. Today
futures closed 2 to 3 points down.
Transactions totaled 272
contracts.
The cocoa market was firm and fairly active,
with buying based on the general improvement in commodi¬
ties and the holding movement in cocoa.
December was
bid up to 6.03c., a gain of 10 points.
Altogether sales to
policy.
mid-afternoon
totaled 225 lots.
There were reports of a
moderately good demand for spot cocoa. Warehouse stocks
continued to decline, losing 5,000 bags over night.
They
total now approximately 1,269,000 bags.
Local closing:
Dec., 5.90; Jan., 5.90; March, 5.90; July, 6.07; Sept., 6.16.
Sugar—On the 6th inst. futures closed 1 point down to
point up. Domestic sugar contracts attracted little trading
interest with the resumption of Saturday trading, transac¬
tions totaling only 350 tons.
Trading in spot raws was
virtually nil in today's session. At the close of the week
limited offerings were reported at 3.25c. and upward, with
buying interest at 3.22c. to 3.23c. for specified arrival sugars.
The world sugar contract closed unchanged to 1% points
net higher, with sales of 1,400 tons. Futures were unchanged
in the London market, with the undertone steady.
Spot
raws
continued easy in that market, with offerings con¬
tinued Saturday at 6s. %d. per 100 pounds.
On the 8th
inst. futures closed unchanged to 1 point higher.
Trans¬
actions totaled but 113 lots. This market has been showing
surprising steadiness in the face of declining stock and com¬
modity markets, and is attributed largely to the steady raw
market.
Although no sales were confirmed, reports were
current that late last week 4,000 tons of Philippines for
December-January shipment were sold to an operator at
1
3.30c. delivered.
Denial
entered that the business
was
was
effected.
Prompt offerings of Cubas, Perus and duty-frees
were on offer at 3.25c., but reports varied as to where
buying
interest stood.
The world sugar contract closed l/2 to 1%
points lower, with volume of trading very light, sales totaling
only 45 lots. In London the terme market closed 3^d. to
%d. lower in active trading, which amounted to 40,000
tons.
Raws there were offered at 6s., equal to 1.07c. f.o.b.
Cuba, with freight at 24s.
Refined was advanced l^d.
On the 9th inst. futures closed unchanged to 1 point higher.
The market at one time during the session was 2 to 3 point?
above the previous close, but the improvement failed to
hold. Transactions totaled 74 lots. As refiners prepared for
a
better demand for refined sugar at a lower basis, their
interest in raw offerings broadened yesterday, and before
the close they cleared the market of offerings at 3.25c.,
which represented an improvement of 2 points in the spot
price. At the 3.25c. basis they got about 18,000 tons, while
4,000 tons in forward position went at 3.27c. National
bought about half the quantity of the total sold. The world
sugar contract closed 2 to 3 points higher, with sales totaling
180 lots of 9,000 tons. In London market prices were 3^d. to
Id. higher in the terme, while raws, after sales at 6s., equal
to 1.07c. f.o.b. Cuba, were offered at 6s. Md., equal to
1.083^0. f.o.b. Cuba with freight at 24s.
On the 10th inst. futures closed unchanged to 1 point up
in
the
tracts.
domestic
At
one
contract.
time this
Transactions
market showed
points, with March at 2.37c.,
best.
In the market for
up
raws
totaled
165
con¬
gains of 2 to 3
2 points and 1 point off the
operator paid 3.30c. for
an
Financial
3216
4,300 tons of April shipment of Puerto Ricos.
On offer at
3.30c., against bids of 3.25c., were a cargo of Cubas, No¬
vember shipment, and a cargo of Philippines, NovemberDecember shipment.
The refined picture was confused with
most refiners
offering today at $4.80, a cut of 5c. in the East,
Arbuckle and
World sugar
moved higher in active trading.
This contract
and returning to $4.85, or $4.90 at the close.
C. & H. on the West Coast, did not follow.
contracts
closed 1 to
futures
1Y points
were
up,
with sales of 82 contracts.
London
3^d. to Id. higher, while raws there were not offered
under 6s.
23^d., equal to about 1.11c. per pound, f.o.b. Cuba,
freight at 24s. per ton.
Today futures closed 4 points
up to unchanged in the domestic contract, with sales of 228
contracts.
The world sugar contract closed unchanged to
y2 point up, with sales of 30 contracts.
Sugar markets were
strong all around—raws, domestic futures and world futures.
All was due to a heavy movement in refined at the special
price of $4.75, which terminates tonight.
Domestic futures
after opening unchanged to 3 points higher, stood 2 to 4
higher this afternoon, with March at 2.39c.
In the raw
market as high as 3.35c. was paid for sugar duty-paid basis.
Sales were large.
Both futures and raws were in new high
ground.
The world sugar market also was higher, showing
gains of about Y2 a point this afternoon, with March at 1.14c.
after selling at 1.15c.
In London futures were unchanged
to Yd. higher, while raws were offered at about 1.11 Yd.
with
f.o.b. Cuba.
Closing quotations
were as
ollows:
July
2.42 January
2.38
December
2.37 March.
2.39
November
2.41
2.41
May
Lard—On the 6th inst. futures closed 7 to 10
points net
lower. This market displayed heaviness throughout the ses¬
sion, influenced by the slight falling off in the export de¬
mand, the decline in cash corn prices the past few clays and
the lower cotton oil market.
Liverpool lard futures were
unchanged to 6d. lower.
Hog prices at Chicago today
(Saturday) were nominally steady at Friday's average. Total
receipts at the leading western markets were 16,000 head,
against 10,000 head a week ago and 27,000 head for the same
day last year.
Lard exports as reported today (Saturday)
from the Port of New York were heavy and totaled 575,935
pounds, destined for Liverpool, Antwerp, Hamburg and
Malta.
On the 8th inst. futures closed 7 to 10 points net
lower.
The distant July ended 22 points lower.
At the
opening prices were 7 to 10 points off from the previous close,
this decline being extended in the later trading to 12 to 17
points bfclow the previous finals.
Lard exports totaled
24,136 pounds, destined for Southampton, Naples and
Messina, the latter two ports in Italy. Liverpool lard futures
closed 6d. lower on the spot position, 9d. lower on November,
3d. lower on December and 6d. lower on the distant January.
Chicago hog prices were 15c. to 25c. lower, with the top price
$9.55. Most of the sales ranged from $9.10 to $9.50. Western
hog receipts were fairly heavy.
Marketings at the leading
packing centers amounted to 84,900 head against 127,700
head for the same day last year.
On the 9th inst. futures
closed 7 to 12 points net higher.
The ojiening range was 5
to 7 points below the previous closing.
These losses were
subsequently erased, due to short covering.
This demand
lifted prices 10 to 12 points above the previous close, the
maximum advance for the
Western
run
were
day last
day.
Total hog receipts for the
87,500 head against 117,200 head for the
The top price for hogs late in the
were reported through¬
out the day at $8.85 to $9.10.
Liverpool lard futures were
unchanged to 9d. lower.
On the 10th inst. futures plosed 10 to 2 points net
higher.
Trading was light and without any special feature.
Lard
exports from the Port of New York as reported on Wednes¬
day, were light and totaled 59,160 pounds, destined for
Antwerp and Malta.
Chicago hog prices were mostly 10c.
to 15c. lower, due to the
moderately heavy receipts at the
leading Western markets.
Total receipts for the Western
run were 70,500 head
against 94,400 head for the same day
last year.
The top price reported on the day was $9 and
scattered sales were reported at prices
ranging from $8.65 to
$9.
Liverpool lard futures on Wednesday were quiet, 3d.
lower to 3d. higher.
Today futures closed 7 to 15 points up.
The strong grain markets and better
feeling generally dis¬
played in all commodity markets, gave a strong impetus to
lard which ruled steady throughout most of the session.
same
session
was
,
/
Sat.
OP LARD
Mon.
FUTURES
Tues.
IN
Wed.
CHICAGO
Thurs.
Fri.
9.60
9.52
9.65
9.75
H
9.82
December....
9.45
9.35
9.42
9.45
O
9.52
January
May
9.42
9.32
9.40
9.42
L
9.52
9.45
9.32
9.42
9.45
9.52
Pork—(Export), mess, $33.75 per barrel (per 200 pounds);
family, $31.75 (40-50 pieces to barrel), nominal, per barrel.
Beef: (export) steady.
Family (export), $26 to $27 per
barrel (£00 pounds), nominal.
Cut Meats: Pickled hams,
picnic, loose, c. a. f.—4 to 6 lbs., 19%c.; 6 to 8 lbs., 18c.;
8 to 10 lbs., 1534c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
203^c.; 18 to 20 lbs., 183^c.
Bellies: clear, f. o. b. New
York—6 to 8 lbs., 24c.; 8 to 10 lbs., 24c.; 10 to 12 lbs., 24c.
Bellies: Clear, dry salted, boxed, N, Y.—16 to 18 lbs.,
16J4c.;
18 to 20 lbs., 16%c.; 20 to 25 lbs., 16Kc.; 25 to 30 lbs.,
16Butter: creamery, firsts to higher than extra and
premium marks— 303^ to 37)/£c.
Cheese: State, held, '36,
22 to 24c.
Eggs: Mixed colors—checks to special packs—
18 to 303^c.
1937
13
Oils—Linseed oil
prices are considered rather fair at 10.2
but buyers are not inclined to buy.
Quotations: China Wood: Resale, nearby, drums, 17c.
nominal.
Coconut: Crude, November forward—.0434c.
Pacific Coast, nearby—.04c.
Corn: West tanks, nearby—
.06Yd. to .06%c. Olive: Denatured, nearby drums—$1.18;
New crop, shipments—90c.
Soy Bean: Crude, tanks, West,
forward—.05 Y to .06c.; L. C. L., N. Y.—.08c.
Edible:
76 degress—10 Ye.
Lard: Prime—1.234c.; Ex. winter strained
—11c.
Cod: Crude, Norwegian light filtered—39c.
Tur¬
pentine: 31 %c to 35%c.
Rosins: $6.40 to $8.85.
Cottonseed Oil, sales, including switches, 178 contracts.
Crude, S. E., 6c.
Prices closed as follows:
November-,^
7.20(
December.
April
7.26(
7.30 May
7.27(
June
7.28®
January-"—.
February.--;
March
—
.
—
7.29® 7.31
7.30@
7.37®
7.35@
;
Rubber—On the 6th inst. futures closed 27 to 37
lower.
net
The market
points
opened 14 to 27 points lower on
weaker
foreign markets and renewed commission house
There was very little support to the market outside
some short
covering. Transactions totaled 2,860 tons.
The London and Singapore markets closed dull, prices de¬
clining l-32d. to Yd. Local closing: Nov., 14.43; Dec., 14.45;
Jan., 14.50; March, 14.59; May, 14.66; July, 14.73; Sept.,
14.78.
On the 8th inst. futures closed 14 to 19 points net
lower. The market started off with losses of 22 to 51 points.
The rally that followed was attributed largely to short cover¬
ing. Transactions totaled 8,320 tons. Prices in the outside
market were quoted on a spot basis of 14 y%c. The London
and Singapore markets closed quiet and easier, respectively,
prices declining Yd. to 5-16d. Local closing: Nov., 14.28;
Dec., 14.30; Jan., 14.33; March, 14.40; May, 14.49; July,
14.56; Sept., 14.62; Oct., 14.65. On the 9th inst. futures
closed 4 points lower to 3 points up.
Transactions totaled
4,300 tons.
Prices showed gains of 9 to 20 points at the
opening, but failed to maintain the improvement. Outside
prices were quoted unchanged on a spot basis of 14
for
standard sheets.
Shipment offers were liberal, but mostly
too high for this market.
The London and Singapore markets
closed steady, prices in Loncon l-16d. to Yd. higher, while
Singapore was unchanged. Local closing: Nov., 14.25 Dec.,
14.27; Jan., 14.30; March, 14.42; May, 14.49; July, 14.55.
On the 10th inst. futures closed 74 to 82 points net higher.
Rubber futures responded to the generally better feeling with
gains in the early trading ranging up to 38 points. Buying
became so strong and active that these early gains were
virtually doubled in the later trading.
Sales to the early
afternoon totaled 2,870 tons.
Both London and Singapore
were higher,
the former advancing 1-16 to 3-16d.
C.I.F.
offerings were reported to be light. Local closing: Dec. 15.01;
Jan. 15.09; March 15.17; May 15.30; July 15.37; Sept. 15.44;
Oct. 15.47. To-day futures closed 11 to 17 points net higher.
Transactions totaled 499 contracts.
Rubber futures opened
9 to 20 points lower, but quickly recovered in
sympathy with
other markets.
Eearly weakness was ascribed to uneasiness
over the political situation in the Far East.
However, both
London and Singapore closed firm at advances of Y to 3^d,
and our market followed. In the early afternoon prices were
23 to 33 points net higher, with December at 15.25 cents.
Trading was active with a total to that time of 3,290 tans.
Local closing: Dec. 15.12; Jan. 15.20; March 15.34; May
15.43; July 15.50.
selling.
of
year.
October
Nov.
to 10.4 for tank wagons,
Hides—On the 6th inst. futures closed 20 to 21 points net
The market was unusually active, but at the expense
$9.15 and scattered sales
DAILY CLOSING PRICES
^
Chronicle
lower.
of
prices.
The list opened from 10 to 17 points off, this
tendency continuing right up to the close. Trans¬
actions totaled 4,720,000 pounds. Local closing: Dec., 10.30;
March, 10.65; June, 10.95; Sept., 11.26. On the 8th inst.
downward
futures closed 1 to 15
was
20 to 26
points net lower. The opening range
points below the previous finals. Transactions
totaled 5,160,000 pounds. The situation remains unchanged
in the domestic spot hide market. No new developments were
reported in the Argentine markets.
Local closing: Dec.,
10.16; Mar., 10.50; June, 10.82; Sept., 11.13. On the 9th
inst. futures closed 15 to 16 points net higher.
At the
opening prices showed gains of 9 to 20 points. Transactions
totaled 4,560,000 pounds.
According to reports there were
62,000 big packer hides sold by Cudahy, SAvift and Wilson
at steady prices; that is, at 12c. for light native cows, 14}^c.
for Colorados and 153^c. for native steers.
The total sales
since the deadlock was broken between the big packers and
the United
States tanner-manufacturers, is reported to
amount to 170,000 hides. Local closing: Dec., 10.31; March,
10.65; June, 10.97; Sept., 11.28.
On the 10 inst. futures closed 48 to 54 points net higher.
Transactions totaled 194 contracts.
The improvement in
the
raw
hide market continued,
with the movement stimu¬
lated
by further evidence that spot hides once more are
moving. The market Avas strong and active during most of
the session, with sales through the forenoon totaling 3,120,000
pounds.
Sales in the domestic market yesterday totaled
7,000, Sept .-Oct. take-off Avith butt branded steers bringing
15 cents. In Argentina 14,000 October frigorifico steers sold
at
13Y cents.
Local closing: Dec. 10.85* March 11.15*
June 11.45. Today futures closed 34 to 23 points net loAver.
Transactions
totaled ; 159
active and steady on
contracts.
Hide
futures
were
of further spot sales.
Opening
unchanged to 20 points lower, the market quickly rallied,
standing 2 to 8 points higher this afternoon.
Trading Avas
news
Volume
Financial
145
active, with sales of 3,800,000 pounds at the time.
sold for 10.87 cents, up 2 points.
Certificated
December
stocks de¬
creased 4,005 pieces and now total 817,640 hides. Spot sales
in the domestic market totaled 6,600 hides, while in Argen¬
tina 7,000 hides were sold.
Local closing: Dec. 10.51;
March 10.90; June
Ocean
3217
Chronicle
11.22.
Freights—The feature of the freight market re¬
cently has been the active demand for scrap tonnage.
Charters included: Scrap: Atlantic range to Genoa, Savona,
Gagnoli, $8.25; Civita Vecchia, $8.50; Corte Vecchia di
Pionbino, $8.75; December.
Baltimore-Jacksonville range
to Rotterdam, 25s. one port loading, 25s. 6d. two ports
loading, end November early December.
Atlantic range to
United Kingdom, early December, 26s.
Atlantic range to
Rotterdam, 25s., option Gydnia or Danzig, 28s., NovemberDecember.
Atlantic range to Rotterdam, November-De¬
cember.
Atlantic range to Rotterdam, November-Decem¬
prices scored very sub¬
The price of crack double extra
market declined y2 cent to $1.67.
The Yokohama Bourse closed 4 to 6 yen lower.
Grade D
silk in the outside market was unchanged at 725 yen a bale.
Yen exchange declined y to 2934Local closing: Nov.
1.63^; Dec. 1.60; Jan. 1.58; March 1.55; May 1.53K;
June 1.53.
Today futures closed y2e. lower to lc. higher.
Transactions totaled 96 contracts.
Raw silk futures, after
opening unchanged to 2 cents higher, held a firm tone
throughout the morning on sales of 650 bales. December
was
a
sharp turn-about in which
stantial gains at the close.
silk in the New York spot
The improvement was in
in Yokohama futures and
in grade D silk to 725 yen a bale. In the New York
spot market crack double extra silk advanced 2 cents to
$1.69 a pound.
Local closing: Nov. 1.63; Dec. 1.603^;
sold at
$1,623^,
up iy2 cents.
to a rise of 26 to 34 yen
response
of 5 yen
to Rotterdam, Dec. 15,
loading, 28s., two ports
Gydnia, one port loading,
ber, 25s.
North of Hatteras range
Gulf of Rotterdam, one port
25s.
loading, 28s. 6d.; option. Danzig or
31s.; two ports, 31s. 6d., December.
Sugar: Philippines to
United States, north of'Uatteras, Nov. 25-Dec. 25, $10.50.
Cuba to Antwerp, November, 23s.
Grain booked: Ten
loads, Montreal to Antwerp-Rotterdam, November, 25c.
Coal—The unseasonably mild weather that
has prevailed
trend
trade.
production of Pennsylvania anthracite for
together with the downward business
been anything but conducive to a healthy coal
in most areas,
has
Total estimated
the final week in October was
9.9
and 5.2 % from the same week
The recent detailed report of the National
% from the preceding week
last
year.
Bituminous Coal Commission throws
light on the current
pessimism in the industry.
As compared with the year
previous retail dealers' stocks of bituminous, 7,140,000 tons
as of Oct. 1, show a slight reduction of 2.77%, but the hold¬
ings of industrial consumers, at 38,896,000 tons, disclose an
increase of 42.6%.
The total, 46,336,000 tons, represents a
40.6 days' supply, compared with 42.3 days' supply on Sept.
1, and 33.1 days' on Oct. 1, 1936.
Metals—The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more
COTTON
grams
by those who hold the bulk of the available supply.
It is reported from Boston that a large volume of wool is
held there on consignment.
No disposition is yet shown by
be met
responsible for its marketing to meet the market now
current.
It is reported that the situation is so mixed up
and so many conflicting influences are operating on the wool
position that there is not a single leader in the market who
is willing to hazard a definite forecast. Under these circum¬
stances all interests appear to be adhering to a "watchful
waiting" attitude. Where wool is being sold, prices are at
the low of the year.
Greasy combing wools are low and
offerings of fleece wools from the country tend to an easier
basis.
Texas fall wools in the grease sell occasionally at
63 to 65c., scoured basis, while the scoured fall wool is taken
for woolen manufacture at 67 to 70c., so observers report.
those
closed 2 to 3 ^c. net lower.
As a result of weak cables from Japan, prices in the local
market dropped sharply 2 to 3c., from which there was little
or no recovery.
The later options sold at levels even with
the season's lows.
Trading increased to the moderate total
of 1,110 bales.
Grade D broke 10 to 15 yen, being quoted
at 735 yen at Yokohama and 730 yen at Kobe.
Bourse
quotations in these centers registered respective losses of
20 to 27 and 19 to 25 yen.
Cash sales on these Bourses
totaled 1,050 bales, while there were 7,650 bales of futures
traded.
Local closing: Nov., 1.60; Dec.,
1.57 }4; Jan.,
1.54H; March, 1.51 H; May, 1.50H; June, 1.51.
On the
9th inst. futures closed lc. lower to lc. higher.
At one
time the May and June deliveries broke through $1.50,
both going at $1,493/2March and April were also weak,
going at a low of $1.50.
Transactions totaled 1,150 bales.
Grade D was 5 yen lower at Yokohama at the price of 725
yen, while at Kobe it was 10 yen lower at 725 yen.
Bourse
quotations at both places were 5 to 11 yen and 1 to 10 yen
lower.
Cash sales were 850 bales, while transactions in
futures were 6,825 bales.
The yen gained another hgc.,
Silk—On the 8th inst. futures
putting it up to 29%c.
Local closing: Nov., 1.60; Dec.,
1.563^; Jan., 1.55; March, 1.51; May, 1.51; June, 1.51 l/2.
On the 10th inst. futures closed lj/£c. to 4c. net higher.
Transactions totaled 71 contracts.
Raw silk futures after
with November up 2 cents, lost their
gains in sympathy with the Japanese markets where prices
were generally lower.
In the later trading, however, there
Aug. 1, 1937, of
period of 1936, showing an increase since
582,688 bales.
Tues.
11,465
6,029
573
28,253
8,232
13,717
Galveston..
84
166
252
13,613
....
Houston—
Corpus Christi..
New Orleans
19,593
1,995
24,964
1,803
10,883
1,469
344
332
249
292
Savannah
345
477
Charleston
850
Mobile
10,846
-
11,779
1,211
376
237
375
-
«.
24
31
-
«*'•»'
2,806
-
457
479
186
2,402
1,094
1,094
....
23,960
52.647
59,238
33,775
788
12
499
17
....
Baltimore.
73,600
51,235
1,220
101,718
6,823
2,141
4,481
788
—
54
568 i.v':
48
399
Totals this week.
145
-
20,886
230
v
Wilmington
■■
'
Lake Charles
Norfolk
9,717
15,872
5,263
5,312
5,185
4,944
Total
Fri.
Thurs.
Wed.
Mon.
Sat.
Receipts at—
31,715
44,353 245,688
table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
The following
with last year:
This
This
Galveston
*
_
_
1. 1937
1, 1936
Texas City
51,235 1,122,444
381,411
1,220
Corpus Christi
7,493
Beaumont
101,718 1,116,836
New Orleans
130,743
6,823
Mobile...
43,991
Pensacola, &c
3,103
Jacksonville—
106,228
2,141
Savannah
151,580
4,481
Charleston
788
67,246
Lake Charles
186
5,426
Wilmington
21,593
2,402
Norfolk
Houston
909,514
904,913
839",739
834",090
575,833
79,884
26,193
784,435
120,778
11,904
2,667
159,323
66,335
29,435
15,443
30,553
71",753
3,580
78",295
7,439
708
51
1,296
7,349
1,230
839
1,578
50
91,197
16,106
894,049
85,141
14,833
4,134
157,511
77,998
42,235
11,078
24,428
270,625
8,039
1,016,866
136,290
67,990
3,437
93,237
123,023
51,151
9,35
17,435
100
—
_
245,688 4,333,249 264,096
Totals
In order that
we
Houston
*
.
N
*
Orleans.
Mobile
Savannah....
Brunswick
Charleston.
Wilmington
Norfolk-
1932
1934
1933
1,296
38,664
33,532
27,380
7,163
5,105
77,738
88,974
60,905
6,587
5,002
118,512
146,051
86,978
12,877
2,355
"7",349
*8*,672
~4~,69i
"1,769
"3",053
186
839
648
2,298
2,402
1,516
1,497
1,107
1,578
2,654
1,179
1,848
"3", 102
6,2l6
11,037
14,131
14", 324
51", 250
245,688
264,096
330,485
134,427
257,126
425,222
1935
1936
89,337
71,7.53
78,295
7,439
4,481
._
__
Newport News
others
Total this wk.
other years,
leading ports for six seasons:
73,600
51,235
101,718
6,823
2,141
.....
All
3,750,561 3,166,462 2,812,188
78,328
88,579
112,857
18,729
9,270
1937
Receipts at—
New
975
comparison may be made with
give below the totals at
Galveston
3,367
925
9,017
641
9,734
1,094
Baltimore
100
3,123
New York
Boston.
1936
1937
89,337 1,104,355
73.600 1,165,422
-
_
Since Aug
Week
Since Aug
Week
Nov. 12
Stock
1936
1937
Receipts to
,
2,524,390 4,118,528 4,155,091
Since Aug. 1... 4,333,249 3,750,591 3,963,821
The exports
for the week ending this
evening reach a total
269,373 bales, of which 93,564 were to Great Britain,
58,644 to France, 54,291 to Germany, 18,393 to Italy, 4,967
to Japan, 3,800 to China, and 35,714 to other destinations.
In the corresponding week last year total exports were
108,401 bales.
For the season to date aggregate exports
have been 2,042,099 bales, against 1,844,625 bales in the
of
period of the previous season.
same
Below are the exports
for the week.
Exported to—
Week Ended
Nov.
12, 1937
Exports from—
Galveston
28,480
Houston
12,015
Corpus Christi..
8,146
17,189
New Orleans—.
Ger-
Great
Britain
France
Mobile
13"; 799
Pensacola, &c...
Savannah......
Italy
32", 54l"
18,973
16,164
Japan
China
267
15*722
751
2,984
10,017
3,016
1,200
816
11,818
9",051
10,722
3,913
156
85,225
4,027
13,799
41
791
3,470
976
2,300
58,644
54,291
18,393
4,967
3,800
Total 1936
25,975
52,816
19,403
26,749
14,684
Total 1935
37,873
2,325
12,561
26,160
94,991
1,400
....
10,383
1,050
874
341
""62
Total
82,170
51,649
13,174
276
"""9
93,564
Los Aneeles
Other
3,843
3^828
17,122
7,820
10,042
Norfolk.....*..
many
114
Lake Charles...
showing early strength
For the week
from the South tonight, is given below.
ending this evening the total receipts have reached 245,688
bales, against 263,182 bales last week and 313,437 bales
the previous week, making the total receipts since Aug. 1,
1937, 4,333,249 bales, against 3,750,561 bales for the same
fully.
Wool—Although wool inactivity continues, dealers are
reported as still unwilling to make concessions. Therefore
trading in the wool market is practically at a standstill.
Worsted manufacturers are showing but little interest and
topmakers are unwilling to take on any further supplies
unless their very low bids are accepted.
Despite an un¬
checked decline in domestic wools, large holders refuse to
concede defeat and continue out of the market on the ground
that a more substantial mill demand for wool will have to
1937
indicated by our tele¬
Friday Night, Nov. 12,
The Movement of the Crop, as
1,010,000 net tons, against
1,172,000 tons for the previous week and 1,033,000 tons for
the same period in 1936.
The estimated output of beehive
coke for the week of Oct. 30 is 47,500 tons, a decrease of
June 1.54.
1.581/2; March 1.541/2\ May 1.54;
Jan.
7,620
35,714 269,373
19,854 108.401
45,807 272.197
Financial
3218
Chronicle
Nov.
1937
13
result of which much of the
Exports
France
from—j Britain
Italy
many
137.183
94,156
113,934
Houston
.
88,170
61,084
97^354
1,900
53,842
81,818
3,178
.
114,276
7,991
41,315
New^Orleans.
Lake Charles
--
Mobile
Jacksonville
Savannah
Charleston.
39*629
6,960
3,500
52,984
9*850
"700
381,483
"l30
33,074
2,991
68,877
27,495
85,318
247
9,415!
~ioo
648
1,694
25,604
21.502
8.752
420
1,395
1.339
92,738
12,709
"~4
2*524
3,034
250
712
1,046
"677
1,062
14,981
6,880
1,484
45,284
1.676
5,984
393,783 188,563
91,557
17,053 343.919 2042,099
503,205
512,071
1853104,938 1911,849
166
166
"374
New York
132
""84
Boston
"70
Baltimore..--.
~~Q9
515
10,504
5,629
Philadelphia.
Los Angeles ...
1.788
800
1,720
Francisco.
645,837 361,387
Total.......
70
200
6,228
Total 1936
390,960338,196
287,876
Total 1935
482,127 210,770
251,144 137,614
NOTE—Exports to Canada—It has
86,339
never
been
our
135 2132,8541844,625
practice
above table reports of cotton shipments to Canada, the reason
to
Include
In the
being that virtually
all the cotton destined to the Dominion comes overland and It Is Impossible to give
concerning the same from week to week,
returns
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, we 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
14,007 bales.
For the 11 months ended June 30, 1937, there were
262.709 bales exported, as against 217,827 bales for the 11 months of 1935-36.
exports were
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
France
Other
Coast¬
Foreign
wise
6,400
15,568
17,401
—
Houston
New
Orleans.
Savannah
_—
Charleston.
Mobile.
—
.
9,100
10,906
8,090
10,000
3,958
6,469
19,200
15,153
2,530
of
advance
an
Slock
47,200
46,320
34,490
735
_
_
—
3",789
7",876
—
2", 145
13",810
Norfolk
Other
ports—
were
view
862,314
787,770
859,559
157,511
77,998
71,331
24,428
183,731
the
of
1937--, 47,245
Total 1936—
Total 1035-—
31,885
43,199
45,178
29,008
54,154
20,427 39,028
18,876 102,684
33,817 100,228
buyers.
as
assurance
at
that
not
they
can
selling their
place it
prices well above prevailing
in
cotton
the
owing to the
government
loan
values.
On the 6th inst. prices closed 4 to
The market
was
7 points net lower.
relatively inactive with prices influenced
largely by outside factors.
The declining securities market
to be an overshadowing influence on all markets.
appears
The extensive
decline in values is responsible for
amount of cotton going into the Government loan.
was little in the situation
encouraging to those
a
large
New
liquidation
December
materially
checked
the
movement and
cotton is
'
being diverted from the ordinary channels of trade.
Southern spot markets as officially reported, were
unchanged
to 5 points net lower.
Average price of middling at the
10 designated spot markets was 7.71c.
On the 8th inst.
prices closed 11 to 12 points up.
These gains being in the
face of a highly bearish Government crop
report that esti¬
mates the cotton yield at 18,243,000
bales, the largest on
record.
The fact that the crop estimate failed to
bring out
heavy selling, led to active covering as well as trade buying,
while
toward
the
close
there
were
evidences
of
broader
demand
through commission houses.
This was probably
attracted by the failure of the market to break into new
lows, which gave rise to the theory that present values may
have discounted the abnormally big
yield.
At any rate,
there was little pressure on the market, and with
hedge
selling light and contracts scarce, the reaction to the upward
side found little resistance.
The spot market was
practically
deadlocked.
Textiles
were
dull and mills did not
buy be¬
yond moderate amounts and seemed inclined to await de¬
velopments.
Reports from Washington indicated sentiment
was
swinging more toward voluntary agricultural control
rather than the compulsory method.
Southern spot markets
aslofficially reported, were 7 to 15 points higher.
The
average price of middling at the 10 designated spot markets
was
7.82c.
higher.
On the 9th inst. prices closed 3 to 5 points net
Offerings
continued
this being largely
farmers, which is offer¬
ing a more profitable outlet than the open market.
Con¬
sequently, there was no pressure and prices were steadier,
at one time up 11 to 14 points on trade price fixing,
covering
and scattered buying.
On the bulge realizing developed, as a
scarce,
the result of the Government loan to
move¬
closing
at this
of
most
the
performance in
foreign markets.
transacted
was
of
levels
to 3 points higher.
the call.
on
active
more
Prices also
Orleans.
With
South
the
There
were
good
sold,
was
supported by the
commission
house
particularly
in
scattered
some
Japanese interests in forward
the
support
positions.
quotation fpr middling upland cotton in the
New York market each day for the past week has been:
Nov. 6 to Nov. 12—
Sat.
Mon.
7.85
7.97
Middling upland
Tues.
8.00
Wed. Thurs.
8.01
Hoi.
Fri.
8.13
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade, Middling
established
for deliveries
on contract on Nov. 18,1937.
Premiums and
discounts for grades and staples are the average
quotations
of 10
markets, designated by the Secretary of Agriculture,
premiums represent 60% of the average premiums
y&-inch cotton at the 10 markets on Nov. 10.
and staple
over
There
upward side.
The monthly Bureau crop estimate to
be published Monday is generally expected to show an in¬
crease over last month's estimate of
17,573,000 bales.
It
is pointed out that the full effect of the
large crop has been
modified by the Government loan, which offers farmers a
better price than is obtainable in the open market.
Con¬
sequently, farmers are either placing their cotton in the
loan outright, or are carrying it through other financial
agencies, or hauling it back to their farms to await develop¬
has
in
the
was 1
both sides of the list, were
contract.
%
15-16
1 In. dk
Inch
the
This
from
disappointed
reported,
friendly to
ments.
Prices
upward
The official
lower.
are
on
current
The Continent, Liverpool and Bombay interests
and
through
farmers
points
trends
good purchasers.
were
Speculation in cotton for future delivery during the past
week
was
moderately active, with the trend gradually
where
8
to
rather
firm
Locals, although
3,235 141,820 3,024,642
4,345 198,112 2,614,076
2,717 236,094 2,705,459
The feature of the market has been the scarcity of
contracts, a result of the holding movement in the South,
market
the
and
In the late trading the list showed
A moderate amount of business
trade
Total
5
their
The opening range
Wednesday.
Total
2,500
sale
13 points net higher.
continued
quiet dealings.
Traders
Galveston—
for
cotton
9 to
closed
futures
cotton
ment in
Leaving
Gertryany
Great
little
was
Today prices
for
Shipboard Not Cleared for—
Nov. 12 at—
Britain
There
generally hardened, and at the high point was 33 to 44
points above the low established Monday, after the publica¬
tion of the Government crop estimate indicating a record
yield of 18,243,000 bales.
Firmness in stocks and more
stability in most commodities had a sustaining influence,
and traders were not inclined to aggressively sell cotton.
Southern spot markets as officially reported, were 2 to 5
points higher.
Average price of middling at the 10 desig¬
nated spot markets was 7.86c.
On the 10th inst. prices
closed 1 to 7 points up.
Though the market was sluggish,
the undertone was steady throughout the session.
The
chief factor again was scarcity of contracts, as a result of
the holding movement in the South, where farmers are not
selling their cotton owing to the assurance that they can
place it in the Government loan at prices well above prevail¬
ing values.
This lack of offerings renders the market
particularly susceptible to even moderate buying. A better
feeling appears to prevail as a result of the turn for the
better in the stock market and more optimistic view of
general business developments, especially in view of recent
statements from Washington.
It was reported that cotton
is hard to buy in the South, and merchants complained
that it was equally as hard to sell to the mills.
Southern
spot markets, as officially reported, were unchanged to
5 points higher.
Average price of middling at the 10 desig¬
nated spot markets was 7.88c.
436,065
323,339
5.278
671
69,841
504
Gulfport
orders.
518,408
65,826
14,762
9,075
3",588
"l2
39,634
Norfolk
Total
93,398
89,350
200
23,644
7,696
23,417
Ac.
Pensacola,
41,060
5,893
39
4,703,
180
__
27,235
13,992
23,031
50,217j
Other
China
Japan
51,857
108,686
82,599
50,705
Corpus Christ!Beaumont.
market opened quiet and 2 to 5 points
Ger¬
Great
Galveston
San
early gains were erased.
The
lower as a result of
overnight liquidation and accumulation of Southern selling
Exported to—
From
Aug. 1, 1937, to
Nov. 12, 1937 !
Inch
Longer
15-16
1 In.dk
Inch
Inch
White-
Longer
Spotted-
Mid. Fair...
.90
on
Good M3d
.14
on
.33
on
.54
on
St. Good Mid..
.58
on
.83
on
.07
on
St. Mid
.05 off
.15
on
.36
on
Good Mid
.50
on
.75
on
.99
on
Mid
.64 off
.43 off
on
.65
on
.14
on
.23 off
St. Mid
.35
.61
on
.84
on
•St. Low Mid.. 1.48 off 1.32 off 1.18 off
Mid
Basis
.25
on
.48
on
•Low Mid
St. Low Mid-
.61 off
.36 off
.18 off
1.41 off 1.25 off
.13 off
Good Mid
.05 off
St. Mid
.73 off
•Mid
Low Mid
•St.
Good Ord. 2.15 off 2.10 off
•Good Ord
2.76 off 2.75 off
Extra White—
Good Mid
.50
on
.75 on
St. Mid
.35
on
.61
on
.84
Even
.25
on
.48
on
St. Low Mid
.59 off
.35 off
Low Mid
.39 off 1.22 off 1.11 off
♦St. Good Ord.
*
Good Ord
.99 on
.16 off
♦Low Mid
1.22 off 1.05 off
♦St. Mid
.93 off
1.72 off 1.52 off 1.43 off
•Mid
2.41 off 2.28 off 2.22 off
Gray—
Good Mid
.56 off
.36 off
.19 off
.80 off
♦Mid
on
.59 off
.43 off
1.40 off 1.26 off 1.15 off
future contract.
New York
Quotations for 32 Years
1937
8.13c.
1929
17.00c.
1921
1936
-12.10c.
1928
19.40c.
1912
12.00c.
1927
1926
1919.
39.20c.
1911
10.05c.
1918.
1917
29.40c.
1933
1910
1909
1932
6.55c.
6.60c.
9.65c.
20.30c.
13.05c.
1925
20.80c.
1924
24.60c.
1923 —34.25c.
1922
26.15c.
1920
1935
1934
12.60c.
1931
1930——11.00c.
.13 off
2.89 off 2.84 off 2.80 off
St. Mid
Not deliverable
.29 off
Yel. Stained—
Good Mid
.13 off 2.08 off 2.02 off
2.74 off 2.72 off 2.71 off
.45 off
.71 off .53 off
.36 off
1.50 off 1.39 off 1.27 off
•St. Low Mid.. 2.30 off 2.24 off 2.17 off
on
Mid
2.24 off 2.14 off 2.07 off
Tinged—
16.70c.
.
.
29.45c.
-
1913
1916-
19.40c.
1908
1915-
11.80c.
1907
1906
1914-
13.60c.
12.20c.
9.50c.
14.80c.
14.75c.
9.35c.
10.80c.
10.30c.
Market and Sales at New York
The total sales of cotton
week at New York
For
the
are
convenience
on
the spot each
indicated in the
of
the
reader,
day during the
following statement.
we
also add columns
which show at a glance how the market for
spot
closed on same days.
Futures
Spot Market
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
Total weekSince Aug. 1
Steady,
Steady,
Steady,
Steady,
4 pts. dec..
12 pts. dec.
3 pts. adv..
1 pt. adv—
Market
Closed
and futures
SALES
Spot
Contr'ct
Total
Steady
967
Firm
300
967
300
'300
'300
Steady
Steady
HOLI DAY.
Steady, 12 pts. adv. Steady
—
200
200
1,767
28,474
1,767
106,474
78",600
Volume
Financial
245
highest, lowest and closing prices
week have been as follows:
Futures—The
Monday
Tuesday
Wednesday
Thursday
Nov. 8
Nov. 9
Nov. 10
Nov. 11
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Friday
Nov. 6
movement—that is,
the
Towns
Interior
the
At
at
New York for the past
Saturday
3219
Chronicle
Nov. 12
year—is set out in
corresponding period of the previous
detail below:
JVoc.(1937)
Movement to Nov.
Range..
Range.
7.70
Closing.
7.75- 7.94
7.53- 7.82
7.66- 7.74
_
7.98
7.86
7.50- 7.80
7.73- 7.94
7.87-
7.80
7.85
7.88
—
Jan. (1938)
Range—
7.74
7.66-
Closing
7.68
Week
—
—
7.71M
7.83M
7.87 n
7.71- 7.80
7.61- 7.86
7.80- 7.99
Closing
7.75
7.86
7.89
7.96
8,795
1,625
62,685
4,134
Hope
4,962
55,474
1,658
Jonesboro
5,023
25.540
1,214
28,938
41,420
24,529
27,578
.
—
—
Little Rock..
12,703
103,826
3,665
94,673
3,281
14,271
31,071
889
109,335
8,141
1,029
554
40,809
15,036
2,935
28,088
Atlanta
8,528
Augusta
4,258
67,994
109,195
Ark., Blythville
Forest
-8.09
8.05- 8.06
7.98
7.99
HOLI¬
—
DAY.
April—
Range..
7.77 n
Range..
7.76- 7.84
7.66-
Closing.
7.80- 7.81
7.92 n
7.98M
8.08M
7.86- 8.04
7.88 n
Closing.
7.98- 8.04
8.03- 8.14
8.01- 8.02
8.11
May—
7.93
7.96
7.95-
7.91- 7.93
Walnut Ridge
Closing
Closing
7.73-
7.91
7.82-
_
7.99
8.13M
8.03- 8.09
8.08-
8.06
8.08
7.90-
7.97
7.96- 7.97
7.84- 7.85
8.03M
7.97 n
7.93M
7.82 n
.
5,578
Ga., Albany
Range..
July—
Range..
City..
Pine Bluff..
June—
8.16
—
Range.
_
.
771,949
126,038
2,392 133,966
500 34,650
13,106
121,725
13,788
2,292
147,377
12,892
196,396
3,314
53,187
870
10,591
_
.
Natchez
....
29.373
7,978 87,090
1,180 31,132
11,199 125,089
1,613 35,990
780
7,282
1,373 19,912
940
7.91- 8.00
7.93- 8.06
7.99- 8.16
8.11- 8.17
485
Closing
7.94
8.05- 8.06
8.10
8.12
8.25-
.
8.26
Nov.—
Range..
30,428
4,228
49,313
2,169
35,880
6,316
49,758
6,112
2,316
17,102
243
949
101
2,005
470
52,692
4,361
298,200
Tenn.,Memphis 135,213
2,701
8.15- 8.26
3,724
Yazoo City..
Mo., St. Louis.
Range..
Vlcksburg..
N.C.,Gr'nsboro
Oct.—•
1,636
2,479
976,035
Oklahoma—
Closing.
15 towns
S. C.,Greenville
'/
Nominal.
at New York
and since trading began on
Range for future prices
Nov. 12, 1937,
week ending
for
410
177
12,840
1,954
5,214
Nov. 1937.
Range Since
Range for Week
Beginning of Option
73,002
8.15 Oct.
1937—
7.5*3
Nov.
8
8.00
1938—
7.50
Nov.
8
8.02
Nov. 12
Feb.
1938
7.61
Nov.
8
8.09
Nov. 12
7.66 Nov.
8
8.14 Nov. 12
Nov.
8
8.19
—
Mar. 1938—
Apr.
1938—
May
1938—
7.73
2,341
18,567
Waco
5 1937
2,252
78,909
2,361
20,836
Total, 56 towns
*
Sept. 1938-_
combined totals of 15 towns
6
Nov.
7.91
8.26
Nov. 12
4 1937
7.85 Nov.
8.52
of Cotton tonight, as
The Visible Supply
1937
660,000
121,000
Nov. 12—
bales.
Stock at Manchester
Total
—
1936
712,000
88,000
20,000
8,000
6,000
438,000
6,112
5,725
184
&c
Island
410,000
364,000
stocks
1,219,000
Europe—
17,000
cotton afloat for Europe
654,000
- — --
——
36,000
9,000
2,000
Stock at Venice and Mestre
Stock at Trieste
Total Continental
stocks
Total European
American
Egypt, Brazil,&c.,
274,000
571,000
3,166,462
Egypt
Stock in Bombay, India
in Alexandria,
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports
163,000
afl't for Europe
today
2,387,570
56,491
Of the above,
American—
Liverpool stock
bales. 280,000
Manchester stock
55,000
Bremen stock
123,000
Havre stock
177,000
Other Continental stock
40,000
American afloat for Europe
654,000
U. S. port stock
3,166,462
U. S. interior stock....
2,387,570
U. S. exports
Total to be
66,000
45,000
32,000
21,000
17,000
_
163,000
.....
Total East India, &c
Total American..
274,000
571,000
T
iSL,
199,000
332,000
592,000
staple,s'fine.Liv
4.63d.
8.13c.
9.49d.
3.98d.
5.98d.
4.08d.
6.7ld.
12.15c.
I2.07d.
5.54d.
7.93d.
5.55d
of
increase
29,000
288,000
122,000
91,000
271,000
3,082,737
1,963,293
24,053
162,000
246,000
386,000
24,000
61,000
53,000
188,000
296,000
591,000
459,440 bales over 1934.
The
6.77d.
12.35c.
10.12d.
6.21d.
641
9,017
4,296
125,966
9,734
3,005
70,773
12,176
8,957
8,957
83,512
13,089
139,279
258,505
52,329
282,707
7,647
this year
the week
8,049,083
6.88d.
A CQrl
12.55c.
9.25d.
5.47d.
4,333,249
413,170
160,647
to Nov.
Total marketed
264,096
52,329
135,000
3,750,561
282,707
1,965,000
451,425
41,102
5,998,268
1,160,119
6,371,754
1,566,015
42,482
12.125,000
Southern mill takings
consumption to Oct. 1_...
Aug. 1
Week
245,688
Nov. 12
Nov. 12
Interior stocks in excess
over
Since
Since
Aug. 1
Week
Southern consumption
date the
1936-
1937
and Spinners'
Receipts at ports to
bales for
exhibits a decrease from a year ago
Takings
258,505
1,780,000
of
Came into
*108,248
*253,838
—-
492,527
573.817
sight during week
Total in sight Nov.
7,050,139
7,683,931
12
North. spinnV takings to Nov.
466,154
12 63.130
506,445
62,912
♦Decrease.
Movement into
Week—
1935—Nov. 15
1934—Nov. 16
1933—Nov. 17
sight in previous years
Bales
501,408
306,534
474,705
-
-
Quotations for Middling
Since Aug.
Week Ended
Nov. 12
Galveston
New Orleans
Mobile--.
Norfolk-
Montgomery—
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
7.54
7.85
7.80
7.90
8.05
7.80
7.95
7.75
7.55
7.55
7.66
7.92
7.15
7.15
.
7,123,143
4,789,295
6,988,667
Cotton at Other Markets
for Middling Cotton on—
Tuesday
Saturday Monday
Bales
1—
1935
1934
1933-
Closing Quotations
Savannah
-
week's net overland movement
has been 42,482 bales,'against 52,329
last year, and that for the season to
aggregate net overland
of 24,202 bales.
Excess
272
by rail to Canada.
foregoing shows the
1,258,000 1,943,000
6,210,805 6,016,083
been 112,000 bales.
increase over last
264,288 bales, a gain of 530,021 over 1936, an
of 1,039,718
bales over 1935, and a gain of
Continental imports for past week have
The above figures for 1937 show an
week
19,000
53,000
19,000
67,000
52,000
8,508,523 7,978,502 7,468.805
A an A
a 7ld
A 77H
Liverpool
New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l
41,000
65,000
37,000
28,000
82,000
1,569,000 1,841,000
6,939,523 6,137,502
supply
Middling uplands,
Middling uplands,
465,000
61,596
196,520
421,986
342,017
.
overland*
Including movement
Net overland to
627,000
30,000
73,000
-
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
i
follows:
235,000
6,106,083
380,000
232
4,741
.42,482
42,482
deducted
Leaving total net
254,000
Brazil, &c.—
Other
ji«
20.000
368,000
39,000
108,000
55,000
62,000
455,000
.
35,193
1,094
216
6,939,523 6,137.502 6,210,805
Total American
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Total visible
47,000
107,000
153,000
172,000
2,812,188 2,941,553
2,342,886 2,316,783
56,491
40,428
61,469
today
East Indian,
247,000
100,059
56,490
2,367
4,954
65,418
.
In Sight
_
4,891
34,527
.
8,049,083
8,508,523 7,978,502 7,468,805
as
totals of American and other descriptions are
Since
Aug. 1
Week
17,102
8,150
.51,439
848,000 1,580,000
53,000
52,000
271,000
455,000
188,000
162,000
296,000
246,000
591,000
386,000
2,812,188 2,941,553 3,082,737
2,342,886 2,316,783 1,963,293
24,053
61,469
40,428
Total visible supply
...
Deduct Shipments—
*
India cotton afloat for
----
Via Virginia points..
Via other routes, &c
659,000
Stock at Barcelona
Stock at Genoa
.
Via Louisville
1.210,000
82.OC0
368,000
199,000
332,00(
592,000
Stock at Rotterdam
1936
Aug. 1
49,986
51,045
1.041
1.732
59,684
178,529
Week
Via Rock
59,000
484,000
Aug. 1
Since
Via St. Louis.
921,000
360,000
146,000
25,000
67,000
46,000
9,000
6,000
800,000
172,000
190,000
14,000
stocks have
the Week and Since
.
Shipped—
862,000
165,000
74,000
10,000
34,000
69,000
10,000
2.000
781,000
168,000
209,000
14,000
Great Britain
Stock at Bremen.
Stock at Havre..
268,6083.408,576 227,5062342886
In Oklahoma.
1937
Nov. 12—
1934
1935
426,000
58,000
7,444
week last year.
same
Overland Movement for
Via Mounds,
Stock at Liverpool
659
12,603
during the week
the
made up by
follows. Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
246
2,067
2,926
160,647 bales and are tonight
44,684 bales more than at the same period last year.
The
receipts of all the towns have been 91,783 bales more than
16 1937
Oct.
5,988
29,157
65,784
1,728
2,885,
that the interior
show
totals
above
The
cable and telegraph, is as
Stock
360,3913,350,753 199,7442387570
Includes the
increased
Aug. 1938—
1938—
7
34,286
_
6,896 61,392
1,097 35,452
9,482 116,831
2,042 32,052
7,889
1,224
1,769 20,518
2,869 24,197
533
17,102
315
2,864
98,714
5,069
138
548
7,139
3,034
San Antonio
8 1937 12.96 May 21 1937
9.63 Aug. 27 1937 11.36 July 27 1937
7.65 Oct.
8 1937 11.36 July 27 1937
Nov. 12
15,655
"70
Texarkana
5 1937
13.94 Apr.
5 1937
13.85 Mar. 31 1937
Apr.
13.97 Apr.
78,989
Robstown
12 1937
July
7.60 Oct.
June 1938—
1938—
13.93
19 1937
8 1937
7.50 Oct.
9 1937
7.69 Nov. 3 1937
7.52 Oct.
8 1937
Nov. 12
Jan.
12.40
7.53 Nov.
.
Dec.
Paris
28,137
43,570
3,681
118,581 11,548 113,156
12,714
3,406 69,264
89,3101
11,101
96,671 714,317
92,034 595,043 113,7181 ,263,629
1,997
4,641
30,649
1,6751
6,575
1,159
1,600
1,608
12,193
8
1,099
1,844
200
2,691
200,
4,389
92
3,245
1,622 15,877
64,069
2,198
1,261 16,925
1,783 12,389
59,183
1,640,
723 24,686
324
2,179
13,264
128
41
1,239
15,384
Austin...
option:
39,861
450
23,349 202,506
2,037 66,168
35,425
Texas, Abilene.
Brenham
each
Dallas
Option for—
42,576
34,000
541
107,990
32,260
204,532
53,896
12,562
30,705
43,269
10,863
18,166
500
6,225
29,152
13,328
92,652
1,865
3,650
6,394
1,745
_
62
2,640 23,477
3.384121,192
6.487138,963
16,100
681
21,728
74,643
5,707 120,011
1,933 19,523
3,509 66,676
3,378 24.669
80,692
650
36,234
Jackson
8.22M
8.10M
8.07w
8.02M
7.91 n
.
10,583
1,255
19,040
5,652
4,070116,373
400
Columbus
.
36,524
167
360
Greenwood
Range.
11,898
2,667
18,899
28,557
2,224
23,907
13,547
906
74,937
36,644
918
29,596
3,071
139,729
22,244
13,200
850
3,701
23,975
510
10,464
15,315
1,053
6,425
1,841
34,912
8,775
343
24,329
45,942
47.601
2,246
56,326
1,690 67,099
1,422 77,058
9,244 112,541
2,174 15,547
137,778
1,804
630
Mlss.Clarksdale
Sept.—
Closing
462
800
Rome
8.19n
8.08M
8.03M
7.99M
7.87 n
1,872
224
1,033
Macon
La., Shreveport
Closing
593
Columbus..
8.19
Aug.—
j
4,984105,915
5,249
Newport
7.93-
2,743
14,025
99
504
13
5,497
48,659
7,487
35,529
49,527
4,237
5,222
Selraa
8.03M
7.92M
Range..
Closing
March—
•
31,287
10,280
52,534
64,932
1,670
Helena
1,752
Season
Week
32,857
9,200
39,172
63,523
105,025
33,168
341
Eufaula
Montgomery.
Oct.
Nov.
12
Week
Week
Season
2,106
Ala., Birmlng'm
8.01
Range..
July
ments
Receipts
Athens
—
Feb.—
n
Stock
Nov.
Stocks
ments
—-
7.89- 8.02
7.90
Ship¬
Ship¬
Receipts
Towns
7.87- 8.00
7.93
7.85-
7.85
7.82
—
13, 1936
Movement to Nov.
12, 1937
7.86 n
7.85 n
7.82n
7.70 n
Closing
Dec.—
7.69
7.98
Wed'day Thursday
Friday
7.69
<
HOL.
7.80
8.03
HOL.
8.14
HOL.
8.08
HOL.
8.16
HOL.
8.30
8.05
7.92
8.02
7.95
8.13
8.15
7.96
8.05
8.20
7.93
7.95
7.95
HOL.
8.07
7.85
7.65
8.10
8.11
HOL.
7.90
7.95
7.75
HOL.
7.95
7.85
7.70
7.75
HOL.
HOL.
7.27
7.30
7.30
HOL.
7.43
HOL.
7.43
7.27
8.05
7.70
7.80
7.31
7.31
8.23
7.90
3220
Financial
New Orleans Contract Market—The
for
leading contracts in the New Orleans
Chronicle
Nov.
1937
13
The statistics in this report include 233,793 round bales for
1937, 186,459
for 1936 and 143,163 for 1935.
Included in the above are 5,347 bales of
American-Egyptian for 1937, 5,691 for 1936 and 7,325 for 1935; also 3,199
bales of Sea Island for 1937.
The statistics for 1937 in this report are subject to revision when checked
closing quotations
cotton market for
the past week have been as follows:
against the individual
Thvrsday
returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season
prior to Oct. 18 is 11,068,285
bales.
Friday
Nov. 11
Nov. 12
CONSUMPTION,
Nov (1937)
December-
February
-
bales, and in public storages and at compresses 6,926,365
The number of active consumming cotton spindles for the month
The total imports for the month of September, 1937
bales.
23,886,948.
was
DAY.
June.....
were
July.
August
were
5,042 bales and
617,444 bales.
the
September
in
Tone—
Spot
Optlons.
Steady.
Steady.
Very
Steady.
Steady.
Steady.
stdy.
Steady.
Steady.
Steady.
Steady.
the year
of
Agricultural Department's Report on Cotton Acre¬
age,
Condition and Production—The Agricultural De¬
partment at Washington on Friday (Nov. 8) issued its
report on cotton acreage, condition and production as of
Nov. 1.
None of the figures take any account or linters.
Comments on the report will be found in last week's issue in
the editorial pages.
Below is the report in full:
A United States cotton crop of 18,243,000 bales of 500 pounds
average
weight is forecast by the Crop Reporting Board of the Bureau of
Agricultural Economics, based on conditions as of Nov. 1, 1937.
This
would be the largest crop on record, and compares with
12,399,000 bales
produced in 1936, 10,638,000 bales in 1935, and 14,667,000 bales, the
five-year (1928-32) average.
The largest previous crop was produced in
1926, when the total production in the United States was 17,978,000 bales.
The indicated yield per acre for the United States of 258.8
pounds is the
highest on record and compares with 197.6 pounds in 1936 and 169.9
pounds, the ten-year (1923-32) average.
Most of the unpicked cotton is open and subject to weather
damage.
Inclement weather would therefore materially interfere with
picking and
gross
ending July 31, 1937, was 30,820,000 bales.
The total number
spinning cotton spindles, both active and idle, is about 149,000,000.
Weather Reports by
cotton belt from the west will
cotton crop,
ably above
COTTON
REPORT
AS
OF
NOV.
1,
issued by the Census Bureau.
Rain
Rainfall
Days
Inches
High
Low
2
0.87
78
59
38
3
1.00
72
78
2
0.56
Texas—Galveston.
Amarillo
-Thermometer
dry
4
Del
62
50
0.55
86
56
68
71
3
_
4.01
76
52
64
Rio.
1
0.08
78
50
2
0.20
72
42
57
1
0.16
82
56
69
4
5.06
78
48
63
67
67
Port Arthur
San Antonio
(Ginnings)a
500-Lb. Gross Weight Bales
Harvest
State
1937
1937
Average
(Pre-
1923-
limin'y)
1932
1
0.78
80
54
3
0.28
82
52
2
74
48
61
Arkansas—Fort
2
1.79
2.61
76
38
2
1.15
74
42
57
58
...
Smith
Louisiana—New
Orleans.
;
1
0.30
54
68
4
3.18
77
56
1
0.76
78
36
67
57
57
64
82
1.30
78
48
Alabama—Mobile.
Birmingham
Montgomery
2
0.56
79
44
1
0.78
74
46
1
1.50
76
44
Florida—Jacksonville.
1
0.38
80
cated
19231932
82
50
66
Indi¬
Pensacola
1
0.06
74
32
cated
1936
1937
Miami
63
Tampa.
1
0.60
82
54
3
2.67
81
45
68
63
Average
Crop
dry
Nov. 1
Thous.
Thous.
Acres
Virginia
Us.
1,074
1,635
2,631
South Carolina.....
Georgia
Florida
269
Thous.
Bales
Bales
299
298
Atlanta
Augusta.
Thous.
Bales
Lbs.
298
270
64
North Carolina
Lbs.
45
320
752
33
40
,
597
720
208
279 *
278
856
816
228
267
1,241
1,086
dry
125
173
35
31
256
360
377
228
308
197
250
320
475
433
1,145
2,558
3,344
1,547
12,667
Mississippi
Louisiana
Texas
Oklahoma
172
236
284
191
305
368
1,259
1,559
1,911
192
260
334
745
761
121
191
4,580
2,933
149
62
160
858
227
287
1,109
1,352
290
188
1,295
1,830
136
:.
318
457
475
90
111
135
New Mexico
Arizona
269
327
:
438
463
128
191
386
574
530
200
442
313
50
54
74
3.76
76
42
59
3.56
72
43
59
4
0.24
70
40
55
3
The
0.74
70
34
52
0.72
All other..
graph, showing the height of rivers at the points named at
a. m. on the dates
given:
8
Nov. 12, 1937
33,736
169.9
197.6
258.8
Arizona Egyptian b.
21
230
4.5
132
181
Florida Sea Island b.
15.3
97
100
210
14,667
273
Georgia Sea Island b
11
181
Lower
|
22
zero
18,243
Above
zero
140
Allowances made
12,389
zero
12
Above
zero
of gauge.
19
18
242
0.6
48
nor
3.2
61
53
for interstate movement of seed cotton for
ginning,
b Ina
c 70 bales,
d Not included in Callforni-
in United States total.
Cotton
Ginned from
Crop of 1937 Prior to Nov. 1—
on Nov. 8, compiled from the
individual returns of the ginners, shows 13,164,096
running
bales of cotton (counting round as half bales and
excluding
linters) ginned from the crop of 1937 prior to Nov. 1, com¬
pared with 9,882,530 bales from the crop of 1936 and
7,743,612 bales from the crop of 1935.
Below is the report
The
Census
report issued
in full:
of
bales
ON
COTTON
cotton ginned from the growth of 1937
prior to
Nov. 1, 1937, and comparative statistics to the
corresponding date in 1936
and 1935.
Running Bales
1937
Alabama
,344,271
95,128
,262,159
273,346
34,044
,250,108
Arizona
Arkansas
California
Florida
Georgia
Louisiana
918.640
Mississippi
,905,067
209,868
62,422
Missouri
New Mexico
North Carolina.
508,435
Oklahoma
480,471
South Carolina-
770,471
Tennessee
355,059
,664,927
Texas.....
as
Half Bales and Excluding Linters)
1936
1,052,114
78,551
1,061,613
202,203
27,079
926,062
713,674
1,703,634
251,925
63,670
347,900
224,545
1935
969,358
50,352
544,862
103,659
25,805
960,872
515,590
1,125,847
88,083
29,178
393,357
203,339
557,861
340,989
615,011
197,760
2,302,429
1,903,142
Virginia
18,562
18,012
14,012
All other States.
11,118
10,269
3,385
*13,164,096
*9,882,530
*7,743,612
United States..
♦Includes 142,983
8.3
15.0
8.9
crop of 1937 ginned prior to Aug. 1 which was
counted in the supply for the season of 1936-37, compared with
41,130 and 94,346
bales of the crops of 1936 and 1935.
nor
which finally reaches the market through the outports.
crop
Wee11
Receipts at Ports
Stocks at Interior Towns
Received from Plantations
Ended1937
|
1936
i
1937
1935
|
1936
1935
1937
1936
1935
Aug
13..
I 94,093: 52.801; 61,492
796,1501,144,6501.097,283 79.061 30,140 47.243
788,4081,132,176 1,094,124 141.468 63,862 92,915
806,6491.140.7811.119.686239,811 149,970 184,700
20.. 149,210 76.336 96.074
27.. I 21.570141,365159.138
I
I
836,7391,219.8311,178,879|330,292 280.892
248,136
10.. 309,808 271,456215,017
918,178:1.339,6821,274.081|361.614391.307 310,219
17.. 347.270 340,815265.021 1,050,914 1.499.275 1,414.604480.006 500,408
405,544
24.. 411.538314,287330,897
1.245.5391,677.8621,610.222,606.163,492,874 532.515
Oct.
'479,801319,754326.252 1,490,5641,832,0261.784.489'724.826;473,918 500,419
8.. 441.721 330.033 387.060 1,715.693 1,980.336 1,990.723 666.850 478,343
593,294
15.. 379.066370.723 372,945 1,904,035 2.098,733 2,132.345 596,889 489,120 514,566
22,. 323,319378.683 405,164 2,051.912 2,179.563 2,220,751 471,196 483.163 493.570
29.. 313.437385,111372,14912,129,8042,266,37112,253.100391,329,471,919 404.498
Nov.
5_. 263.182 259,641363,686
2,226,9232,301,7842,287,554388,719295.054398,140
12.. 245,688264,096330,485
2,342,8862,316.783 406,335305,198359,714
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1937, are 5,917,150 bales;
4,908,168 bales and in 1935 were 5,140,252
bales.
(2) That, although the receipts at the outports the
past week were 245,688 bales, the actual movement from
plantations was 406,335 bales, stock at interior towns
having increased 160,647 bales during the week.
from the
in
1936
were
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
bales of the
5.6
10.1
receipts
1..
(<Counting Round
2.3
16.9
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
3.. 300.222 201,842 188.943
GINNING
of
State
2.6
12.3
9.3
Receipts from the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
Sept.
REPORT
Number
of gauge.
of gauge-
1.7
(c)
eluded in State and United States totals,
figures,
Feet
of gaugeof gauge-
16
California
(Old Mexico) d
s
253
zero
Above
United States total
Nov. 13, 1936
Feet
Above
Aoove
310
58
following statement has also been received by tele¬
680
225
61
30
38
42
260
614
30
California
47
70
70
2
5,050
3,056
2.569
...
Arkansas.
75
0.20
0.94
2
1,080
139
59
4
1,520
2,575
Alabama
55
57
40
2
630
170
38
78
2
385
941
76
1.08
2.42
2
41
488
38
0.02
1
1,470
113
Missouri
72
74
1
Macon.
South Carolina—Charleston
North Carolina—Asheville
950
176
Tennessee.
...
60
60
65
Crop
Indi¬
1936
64
Oklahoma—-Oklahoma City
3
Production
Yield ver Acre
55
63
44
El Paso.
Houston
1937
for
69
48
80
86
0.18
Mean
5
Dallas.
Mississippi—Meridian
Acreage
the
delay the final picking of the
but it is doubtful if they will have any effect
average.
Crop Reporting Board of the Bureau of Agricultural Economics
makes the following report from date furnished by crop
correspondents,
field statistics, and cooperating
State agencies.
The final outturn of
cotton will depend upon whether the various influences
affecting the crop
during the remainder of the season are more or less favorable than usual.
across
the number of bales to be picked from now on.
These
rains will have some effect on the next
ginning report to be
running consider¬
The
by tele¬
us
on
This report is an estimate of the
of cotton that is expected to be ginned, allowing for
average loss
In most States, average bale weights are
amount
Telegraph—Reports to
graph this evening indicate that rains spreading
result in considerable loss in the fields.
in the fields.
excluding linters,
STATISTICS
The world's production of commercial cotton, exclusive of linters,
grown
1936, as compiled from various sources was 30,024,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United
States) for
8.31
..
of domestic cotton,
exports
WORLD
October
EXPORTS-
STATES
991,224
was
HOLI¬
.....
IMPORTS AND
UNITED
Cotton consumed during the month of September, 1937, amounted to
601,837 bales.
Cotton on hand in consuming establishments on Sept. 30,
8.08
March....
April
May
STOCKS.
8.07&- 8.08
Jan. (1938)
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
or
from which statistics
amounts
gone
out
of
Volume
3221
Chronicle
Financial
145
Bales
1937'
Cotton Takings,
Mulkenleuhr, 2,557
Week and Season
12.
573", 817
7,683,931
492,527
25.000
4,000
92,000
13,000
161,000
88,000
741,200
120,000
27,000
21,000
88,000
14,000
196,000
148,000
193576
Visible
8,508.523
7,978,502
4,624,630
454,260
337,260
117,000
Of which other
Salem, 4,943
To
25,000
Bombay
Week
Since
35,000
196,00(
27.000
161,000
235,000
,
Conti¬
!
■'
1
Bombay—
5,000
3,000
8,000
4,000
23,000
32,000
7,000
5,000
13,000
20,000
7,000
246,000
181,000
61,000
77,000
2:600
181,000
122,000
178,000
55,000
9,000
1937
1936
265,000
Other Indla-
4,000
4,000
27,000
61,000
88,000
i2"666
9,000
21.000
02.000
Sfi.OOO
148,000
1,000
1935
6,000
53,000
83,000
136,000
7,000;
•
Total all—
9,000
3,000
12,000'
31,000
18,000
23,000
53.000
69,000
13,000
27.0001
60,0001
1937
I2"6OO
1936
1935
11,000
3,000
116,000
147,000
160.000
122,000
269,000
178,000
394,000
181,000
401,000
show a
compared with last year in the week's receipts of
2,000 bales.V Exports from all India ports record a decrease
of 41,000 bales during the week, and since Aug. 1 show a
According to the foregoing, Bombay appears to
decrease
decrease of 125,000
bales.
Japan—Nov. 8-—Fernbank, 1,130
Nov.
5—Nicolo Odero, 3,828-
Alexandria, Egypt,
1,304
300
2,170
17,164
25
6,307
200
25
2,561
7,481
341
156
62
_41
791
Nov. 4—Stell Exporter,
Nov. 10
10,329
3,470
6,539
1,607
5—Bronisville, 70 1,200
3,828
PENSACOLA, &c.—To Manchester—Nov. 8—Vacosta, 267
To Havre—Nov.9—Hastings, 9-- —
LOS
ANGELES—To Liverpool—Nov. 3—Lochkatrine,
1935
1936
14,418
r"
To Genoa—Nov.
Shipments
1937
2,429
Gdynia—Nov. 4—Vigrid, 2,429
Bremen—Nov. 3—Hanover, 14,418
Hamburg—Nov. 3—Hanover, 1,304
To Ghent—Nov. 10—Bloomersdijk, 300---- —
To Rotterdam—Nov. 10—Bloomerdijk, 2,170
1
To Liverpool—Nov. 5—Counsellor, 10,786—Nov. 8—Syd¬
land, 6,378
----To Manchester—Nov. 5—Counsellor, 25------—- —
—To Genoa—Nov. 6—Mongioia, 6,307-To Havana—Nov, 6—Santa Marta, 200
—
To San Jose—Nov. 6—Santa Marta, 25-SAVANNAH—To Liverpool—Nov. 8—Schoharie, 701—Nov. 6—•
Nordlys, 1,860__
To Manchester—Nov.
8—Fluorspar,
4,966—-Nov.
6—
Nordlys, 2,515.
—
- —
To Hamburg—Nov. 8—Schoharie, 341_
—
NORFOLK—To Manchester—Nov. 9—Quaker City, 156
To Marseilles—Nov. 9—Quaker City, 62
m
To Rotterdam—Nov. 8—Maasdam,41
To Hamburg—Nov. 12—City of Norfolk, 791
MOBILE—To Liverpool—Oct. 30—Warrior,
6,467---Nov. 3—
Antinous, 3,862—;
i
——— —.
To Manchester—Nov. 3—Antinous, 3,470
CORPUS C H RI ST I—To Liverpool—Nov. 6—Fribesman, 6,539-To Manchester—Nov. 6—Fribesman, 1,607
To
Alexandria Receipts and
4,102
To
Total
China
nent
875
2,452
Antwerp—Nov. 5-—Floride, 2,452
Dunkirk—Nov. 5—Floride, 4,102
To
Japan &
Conti-
j
Britain
Total
China
nent
Britain
Great,
Jap'n &
1.650
400
-
To
Exports
Great
300—Nov. 9—Lama C,
-
To
From—
2,765
-
-
1,350
To Sydney—Nov. 5—Erlanger, 400
To Melbourne—Nov. 5—Erlanger, 875
To
Since Aug. 1
For the Week
28,439
9, Laura C,
6—City of Omaha, 650—Nov.
2,115
To Trieste—Nov. 6—City of Omaha,
Aug. 1
114
1,950
200
-
-
To Venice—Nov.
Week
Aug. 1
4,975
1,701
1,913
50
1,462
10—Tabor, 1,701
—
Ghent—Nov. 4—West Comack. 1,913
To Antwerp—Nov. 4—West Comack, 50
To Havre—Nov. 4—West Comack, 114
To Rotterdam—Nov. 4—West Comack, 1,950
NEW ORLEANS—To Bombay—Nov. 6—Emsley City, 200-----To
Havre—Nov. 5—Floride,
10,676—Nov. 6—Eglantine,
Gothenburg—Nov.
To
1935
Since
Since
Aug. 1
958
3,843
43
LAKE CHARLES—To
Nov. 11
Week
2,984
To Oslo—-Nov.
17,763
Receipts—
651
751
9—Fernbank, 661
To Genoa—Nov.
India Cotton Movement from All Ports
1936
1,137
18,322
Copenhagen—Nov. 10—Tabor, 958
10—Mongioia, 3,843
10—Tabor, 43.
Gdynia—Nov. 10—Vigrid, 3,513; Tabor,
To
15,985
10—Jomar,
Nov.
15,595
To Hamburg—Nov. 9—Dusquene, 651
To Japan—Nov. 8—Bronsville, 90
Nov.
To China—Nov. 8—Bronsville, 2,984
Embraces receipts in
1937
4,812
10—Winston-
-
—
1137
2,727
9—Dusquene,
Bremen—Nov.
To
Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 1,780,000 bales in 1937 and 1,965,000 bales in 1936—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 2,844,630 bales in 1937 and 3,251,095 bales in 1936,
of which 1,381,830 bales and 2,038,895 bales American,
b Estimated.
*
606
To Dunkirk—Nov. 9—Tafcomo,
5,216,095
4,003,895
1,212,200
3,161,830
1.462,800
Mulkenleuhr, 300; Bloom¬
9—Tribesman, 4,812
9—Tafcomo, 11,042—Nov.
Havre—Nov.
To
7,978,502
443,529
340,529
103,000
12_a_-
1.434
ersdijk, 306
763,200
138,000
8,508,523
supply Nov. 12
Total takings to Nov.
Of which American
300
6—Bloomersdijk, 668—Nov. 10—Winston
To Manchester—Nov.
8,432,762 13,194,597
8,952,052 13,133,153
Total supply
Deduct—
6—Bloomersdijk, 100—Nov. 10—Winston
Salem, 766
To Rotterdam—Nov. 6-—Johannes
7,050,139
Bombay receipts to Nov. 11 —
Other India ship'ts to Nov. 11
Alexandria receipts to Nov. 10
Other supply to Nov. 10*5
Grent—Nov.
To
4,899",258
4,339",022
Visible supply Aug. 1
American in sight to Nov.
23,668
Hybert, 8,559
Antwerp—Nov.
Salem, 200.
To
7,790,235
8,244,235
Visible supply Nov. 5
Season
Week
Season
Week
6—Sydland, 12,546; Johannes
Nov. 9—Tribesman, 6—Nov. 10—
GALVESTON—To Liverpool—Nov.
1936
/
3,470
100
876
100
774
2,200
100
3,020
Antwerp—Nov. 6—San Jose, 100
Jose, 876
To Dunkirk—Nov. 6—San Jose, 100
To Rotterdam—Nov. 6—San Jose, 774
To Bremen—Nov. 4—Seattle, 2,200--
To
To Havre—Nov. 6—San
Receipts (cantars)
Since Aug. 1
440,000
3,414,619
440,000
460,000
3.740,268
This week--
3,816,273
I
Week
Exports (Bales)—
Week
1
Aug.
Aug.
Hamburg—Nov. 4—Seattle, 100
To
1
Total
To Manchester, &c.
155,514
8,052
ing statement
28,000 326,404
Forwarded--
8,000
27",660
37,000 309,457
6,000
49,553
46,462
2,000
Liverpool we have the lollo wof the week's imports, stocks, &c., at that port:
Liverpool—By cable from
Oct. 22
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Nov.
460,000 cantars and the foreign shipments were 37,000 bales.
-
Of which American
10 were
Total imports.
Of which American
Amount afloat
cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are buying very sparingly.
We give prices today below and leave those for previous weeks
Market—Our report received by
Manchester
of this and last year
for comparison:
8H Lbs. Shirt¬
Cotton
ings, Common
Middl'g
Upl'ds
Twist
to Finest
Upl'ds
d.
d.
8V2 Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
d,
s.
d.
Aug.
20..
12H@13K 10
12H&13X 10
27..
llh@13K
10
11H @ 13
10
13..
3
@10
3
@10
1K@10
6
6
5.93
4X
5.63
5.78
Sept.
10..
ll*i@13
10
1H@10
1 >4@10
17-
11H@13
11H @13
10
1H@10
3_.
24-
10
0
@10
81522..
29-
12..
1 H@10
0
@10
3
0.98
3
@10
3
IX
4.89
10H@H&
10
0
@10
3
7.02
4.75
11
@12 H 10
0
@10
3
11
4.89
10H @12
10
3
4.83
10H@12
10
9
10^@12
10>6@12H
9
IX
IX
4.55
@12
4H@10
0.99
@11
7X
Japan—Nov.
2,382
— -
0
6.92
9
6.71
0
—
10—Fernbank,
--
-
Copenhagen—Nov. 8—Tabor,
1,072—Nov. 5—Svanhild,
-
---
Rotterdam—Nov. 8—Johannes
8—Tabor, 57
Gdynia—Nov. 8—Vigrid,
Endicott, 250
3,678; Hyhert,
-
Mulkenleuhr, 50
To Oslo—Nov.
To
— - —
2,108; Tabor, l,840---Nov.
Gothenburg—-Nov. 8—Tabor, 2,7326—Winston Salem, 1,309
To Antwerp—Nov. 6—Winston,300
To Bremen—Nov. 6—Dusquene, 6,022--.Nov.
9—
—.---
——
To
—
To Ghent—Nov.
9—Endicott,
10,142
To
To
Gdynia—-Nov. 5—-Svanhild, 1,100-i
Oporto—Nov. 6—Dusquene, 500
Wednesday
Thursday
Friday
More
Quiet.
Quiet.
4.69d.
4.63d.
Quiet.
demand.
Quiet, un¬
Quiet, un¬
Steady,
Very stdy.,
changed to
to 4 pts. 7 to 9 pts. 5 to 6 pts. changed to
Quiet.
advance.
advance.
opened 1 2 pts. adv.
4.63d.
4.57d.
4.52d.
4.53d.
Quiet,
un¬
changed to 3
advance.
Quiet but Very stdy.,
Barely stdy Very stdy.,
8 to 9 pts.
4 pts. unchged. to stdy., 6 to
Market,
1 pt.
decline 1 pt.decllne
Steady,
Quiet, but
2 to
4
1 pt. adv.
decline.
P. M.
8
pts. adv.
advance.
unchanged
steady
3
4
to
to 1 pt.
pts.
decline.
advance.
~ .*
Prices of futures at
to
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Nov. 6
Liverpool for each day are given below:
Close Noon Close Noon Close
Close Noon Close Noon Close Noon
Nov. 12
d.
d.
d.
d.
d.
New Contract
d.
d.
d.
d.
d.
d.
4.50
4.53
4.50
4.42
4.42
4.42
4.49
4.48
4.53
4.56
4.59
4.58
4.59
4.47
4.47
4.47
4.54
4.53
4.59
4.62
4.65
4.64
4.65
March
@11
Bales
— —
9—Bronisville, 816
Liverpool—Nov. 8—Johannes Mulkenleuhr,
500To
Quiet,
demand.
j
Market
6.81
9—West Camack, 3,608---Nov. 6
9—Bronisville, 634—Nov.
8,337
To
Moderate
\
Futures.
0.96
To China—Nov.
To
Tuesday
Mid. Upl'ds
0.99
0
7H@10 10X
@12H
4.63
@10
News—Shipments in detail:
HOUSTON—To Havre—Nov.
—Winston Salem, 4,212
To
Monday
f
{
12:15
P. M.
4.52
4.52
4.52
4.59
4.49
4.64
4.67
4.70
4.09
4.70
May
4.54
4.55
4.54
4.61
4.62
4.67
4.70
4.73
4.72
4.73
4.73
4.76
4.79
4.78
4.78
December (1937)
January
Shipping
been as
Saturday
Market,
■-
4.82
9
spot cotton have
0.80
@12H 10
and futures
and the daily closing prices of
follows:
0.73
IX
IX
IX
10H@10
10X@10
0.70
0
10H@10
10H@10
9 10X&10
9
0.70
10
@10
9
0.74
10H@H H
910H@10
9
4X
7X
0.92
5.08
4H@10
11*@12H
UX@12X
11H&12H
11M@12H
11M@12H
9
7X
4X
6
e.
5.33
5.46
Nov.
5..
4H@10
1H@10
134@10
10H@11H 10
10H@11« 10
10H@11 H 10
d.
s.
loxmix 10
10
10Ji @12
10H@11H 10
5.56
4H
4X
4X
Oct.
1-
d.
s.
203,000
day of the past week
each
Spot
32s Cap
Cotton
32j Cap
-—
56,000
781,000
334,000
72,000
25,000
351,000
274,000
66,000
769,000
336,000
58,000
39,000
290,000
58,000
770,000
323,000
62,000
33,000
211,000
135,000
Liverpool market for spots
The tone of the
1936
1937
s.
Of which American
Nov. 12
Nov. 5
Oct. 29
49,000
773,000
322,000
109,000
93,000
171,000
96,000
—
Total stocks..--
Note—A cantar is 99 lbs.
269,373
-
60,631
39,234
21",066 218,963
7,576
1,000
37,000 259,581
52.099
7,000
53,081
6,000
To Continent and India__ 23,000 196,455
7,822
1,000
To America
To Liverpool
Total exports
Week
1
Aug.
Since
This
Since
This
Since
This
267
.9
450—
-
(1938)
—
July
7,820
3,016
816
12,015
October...
4.62
January
(1939)
—
16,164
1,100
500
4.64
-
—
4.39
-
4.60
4.59
December.
«
•
—
-
—
~
-
-
4.62
4.64
May
4.68
-
July
4.69
--
4.70
4.45
-
4.66
--
-
--
-»
-
--
-
4.67
—
4.79
4.70
4.72
-
—
4.81
-
-
-
-
--
-
—
-
-
--
--
--
—
4.82
4.84
4.87
4.74
4.67
4.69
~
~
4.59
4.67
March
1.572
50
57
4,198
2,732
1,309
300
4.39
-
-
-
-
4.83
4.76
4.85
4.88
4.78
4.86
4.89
—
--
--
__
--
-
-
--
4.82
4.84
4.86
4.87
4.89
BREADSTUFFS
Friday Night, Nov. 12, 1937
Flour—It
ness
all
was
was
reported that a
comparatively good busi¬
worked both Tuesday and
of this was in
Wednesday.
Virtually
hand-to-mouth lots for later shipments.
Financial
3222
Also
reported
was
Chronicle
13, 1937
Nov.
Corn—On the 6th inst. prices closed %e. to 7/gc.
corn fell to 55F2C., a new low since June,
the purchase of a large round lot of
bakery.
The size of this
down.
Southwestern by a leading chain
December
purchase was put at 150,000 to 300,000 barrels, with most
of the trade favoring between 200,000 and 250,000.
Mills
The later deliveries just about equaled the previous lows of
the season.
A break of 1 to 3c. in cash corn as a result of
were
again forced to adjust their flour prices sharply higher
market as wheat in North America extended its
this
on
Iiye patents were 15 to 20c.
of government plans
absorb the surplus for relief purposes.
recent
from
recovery
lows.
stronger, that grain soaring on reports
to
Wheat—On the 6th inst.
prices closed 2\i to 3c. below
previous finals.
The session registered a maximum
decline of 3%c. a bushel at one stage, prices touching the
lowest level in two years on this downward swing.
Before
the
market recovered about
the close the
There
cent.
a
was
liquidation in most wheat markets of the world,
holders apparently being discouraged by the outlook.
A
decline of 8 to 10c. at Chicago since the first of the month
depressed long interest, while the day's developments, in¬
cluding weakness in stocks and sharp declines abroad,
accentuated the selling.
The early break brought a large
extensive
volume of ston-loss orders into execution, and prices broke
•
precipitately.
Short covering by leading professionals who
took their profits, and buying by cash interests, caused the
closing rally.
On the 8th inst, prices closed unchanged to
7/gG. higher. For the first time in several days, wheat values
showed gains at the close.
However, prices touched new
lows for the season during the earlier part of the session.
Acting as a stimulus in the late rally was announcement of a
1,400,000 bushels decrease in the United States visible wheat
supply.
There also were late unfavorable crop advices from
Argentina and an estimate that Argentina's new wheat crop
would furnish only 50,000,000 to 60,000,000 bushels for
shipment to Europe.
Upturns in Chicago wheat were at
first not well maintained and temporary dips to as much as
2c. under Saturday's finish were witnessed.
It was reported
that Argentine rains were doing more harm than good in
certain areas, that a production of 220,000,000 bushels of
wheat in Argentina is now impossible and only 200,000,000
probable, allowing total exports of not more than 100,000,000
bushels.
On the 9th inst. prices closed Yg to 1 >£c. net higher.
The wheat market was buoyant and substantially higher in
the early trading, prices scoring gains of 2^c. a bushel.
Enlarged export purchases of North American wheat of
1,250,000 bushels did much to hoist prices on the Chicago
Board.
Unconfirmed estimates that recent frost damage
in Argentina had caused the loss of 29,000,000 bushels of
wheat, served also as a stimulating factor. So, too, did re¬
ports that critical moisture conditions in the Southwest
were affecting adversely next year's domestic crop propsects.
Besides, talk was current that a decline of 47c. a bushel by
Chicago May wheat in a little over three months had dis¬
counted many bearish factors in the general situation.
Most
of the day wheat prices on the Chicago Board were on the
upgrade, due to the wholesome influence of a much better
stock market and strength of Liverpool markets, together
with the bullish weather advices from the Argentine.
Profit
taking cut down much of the early gains, however.
On the
10th inst. prices closed 7/g to 2c. higher.
The outstanding
factor in today's rise was the report that much concern is
felt over possible serious crop damage in Argentina, with
freezing weather there predicted for tonight.
This resulted
in a rise today of 2c. a bushel.
Argentina areas already
affected by the frost include the region that, as a rule, pro¬
duces 40% of Argentina's wheat yield.
Adding impetus to
wheat upturns were advances in securities and a jump of
4c. a bushel in rye.
Buoyancy of Liverpool wheat played its
part in the Chicago wheat rise.
Liverpool wheat quotations
due unchanged to YgO. down, showed in some cases jumps of
2j^c.
Disturbing advices regarding abnormally dry weather
in domestic winter crop territory in the Southwest continued.
Export purchases of North American wheat today were esti¬
mated at but 500,000 bushels, chielfy Canadian wheat.
Today prices closed 3% to 4c.
prices shot up more than 3c.
buying in the
pit
of the
a
a
bushel net higher.
bushel
Chicago
on
a
Board
Trade today.
This buying was
of
Other markets witnessed gains of 4 to 5c.
based
tine
Wheat
rush of sudden
reports of extended
on
crop.
December
frost damage to the Argen¬
wheat opened at 92*4c., up 3c., and
July futures started
buying
and
as
out at 88c., a gain of 3%c.
Added
trading progressed extended these gains to 4c.
Profit-taking reduced gains moderately in later
Liverpool traders were the first to start a heavy
buying movement on the reports of damage to the Argen¬
tine wheat crop and gains in the British wheat market
ranged 4c. to more than 6c. a bushel.
Open interest in
more.
dealings.
wheat
was
DAILY
„
104,254,000 bushels.
CLOSING PRICES
101%
CLOSING
PRICES
OP
December
May
July
Season's
December
May
July
86%
86%
82%
-
High and
131%
122%
105%
When Made
July
101
WHEAT
Sat.
6, 1937
29, 1937
IN
Tues.
NEW YORK
Wed.
102
Mon.
86 %
86%
82%
July
May
Sept. 28, 1937 July-
Thurs.
104
FUTURES
Season's
December
May
-
November
106%
104%
111%
receipts, estimated at 356 cars today (Satur¬
depressing factor along with the weakness in
However, there were reports of some further export
business to Europe and this helped in a measure to offset the
early bearish influences.
On the 8th inst. prices closed un¬
changed to
lower. This grain sold at new lows for the
season.
Despite wet weather in the corn belt, corn failed to
rally with as much power as wheat did. Receipts of corn in
Chicago were large, 453 cars today (Monday). On the 9th
inst. prices closed 7/gC. to l%c. net higher.
Reports were
current that the country was not offering new corn to arrive
as freely as of late.
Today's corn receipts in Chicago totaled
but 223 cars.
The activity and strength of wheat had a
wholesome effect on corn.
On the 10th inst. prices closed
unchanged to Yc. off. Corn ruled higher earlier, sympathiz¬
ing with wheat, but later reacted on rumors that the Govern¬
ment report would very likely be bearish.
The report, when
received, pointed to corn production of 89,457,000 bushels
larger than officially forecast a month ago.
day),
was
Tues.
HOL
IN
Wed.
87%
87%
83%
Low
89 %
89
84%
Fri.
107%
CHICAGO
Thurs.
H
O
L
and
When
84%
85%
81%
Nov.
Nov.
Nov.
107%
105%
111%
109%
107%
113%
H
O
L
a
wheat.
Today prices closed 1% to ^4c. down.
rather
were
corn
surprising
Fri.
92%
93
87%
These declines in
of
view
pronounced
the
Open interest in corn
45,271,000 bushels.
was
DAILY
CLOSING
PRICES
OP
Sat.
No. 2 yellow...
CORN
Mon.
71
Sat.
December
May
July
_
55%
57%
58%
.
-
Season's High and
Dec. (new)
86%
May
July
Wed.
the
6th
inst.
71%
IN CHICAGO
Wed.
Tues.
55%
57%
58%
Fri.
Thurs.
70% HOL.
71%
56%
58%
59%
Fri.
Thurs.
H
O
L
55%
58%
59%
When
Nov.
Nov.
Nov.
Made
8,1937
8, 1937
8,1937
56%
58%
59%
When Made
Season's Low and
July
8,1937 Dec. (new)
54%
July 29, 1937 May—
56%
Sept.30, 1937 July.
57%
74
66%
Oats—On
Mon.
YORK
NEW
IN
Tues.
70%
DAILY CLOSING PRICES OF CORN FUTURES
prices closed
}4g. to YgG. off.
by the weak¬
ness of the other grains,
especially wheat. On the 8th inst.
prices closed l/gC. to j^c. off. Trading was light in this
grain, with no noteworthy feature. On the 9th inst. prices
closed %c. to lc. net higher.
With the other grains all
showing gains, it was natural for oats to follow the upward
trend. On the 10th inst. prices closed Yc. to Yg. up. The
excellent showing of wheat and rye had its effect on oats,
which ruled firm throughout most of the session.
Today prices closed % to %c. down.
There was abso¬
The heaviness of this market
lutely
rye
no
and
response
the
markets,
to the strength displayed in wheat and
better feeling in most commodity
ruling heavy during most of the session.
oats
DAILY CLOSING PRICES
OP
OATS
Sat.
December
May
July
Season's
High and
41%
33%
32%
May.
July
FUTURES
Mon.
29%
29%
28%
December
influenced
was
generally
Tues.
CHICAGO
IN
Wed.
Thurs.
Fri.
29%
29
30%
30%
H
30%
30
O
30
28%
28%
30%
29%
When Made
I
Season's
July
6, 1937 December
July 29, 1937 May
Oct.
2, 1937[July
Low
27%
28%
28
29
When
and
L
Made
Oct. 13,1937
"Oct. 13,1937
Nov. 6,1937
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
December
43%
—
November
43%
45%
41%
46
May
42%
_
43%
46%
42%
44%
47%
43%
H
O
45%
48%
44%
L
Rye—On the 6th inst. prices closed \lAc. to 2c. down.
Rye touched new lows for the season. The pronounced
weakness of wheat together with little demand for spot or
export, contributed to the heaviness in rye. On the 8th inst.
prices closed unchanged to
down. Trading was not as
active and fluctuations not as violent as the previous day.
However, there was no appreciable rallying power in evidence.
On the 9th inst. prices closed lc. to l%c. net higher. With
the other grains advancing and reports of export business in
rye, the substantial improvement in rye values was quite in
order. On the 10th inst. prices closed 3FgC. to 4c. a bushel
net higher.
The pronounced strength of rye was the out¬
standing feature of the grain markets today. The soaring of
rye to the extent of 4c. a bushel followed notice that the
United States Government would buy up
surplus domestic
grind it into flour and turn it over to relief agencies.
Talk was current that this might be an atempt to make
rye the lever for higher grain prices all around.
Today prices closed 2% to l%c. higher. With the strong
rye,
and
active
scarcity
to
of
market
in
rye
buy up the
rye
wonder the rye
in
wh£at
view
of
the
and
the
plans
for
prospects
of the
a
government
surplus for relief purposes, it was small
market advanced
so
substantially in today's
session.
CLOSING
PRICES
OF RYE FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
66
65%
67%
71%
H
73%
May
July
65%
62%
Season's
High and
December
96
May
July
84
70
DAILY
CLOSING PRICES
OF
62%
RYE
Sat.
December
65
Season's
When Made
May
6, 1937 December
Aug. 10, 1937 May
Oct. 21, 1937 July
Made
8, 1937
8, 1937
8, 1937
in
strength in wheat and rye markets.
December
DAILY CLOSING PRICES OP BONDED WHEAT IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
December
continued big
DAILY
WHEAT
Sat. Mon.
.
„
No. 2 red
DAILY
OP
1936.
------
69%
66%
63%
Low
70%
64%
63%
62
72
68%
Nov.
Nov.
Nov.
Tues.
72%
IN
Made
8, 1937
8, 1937
8,1937
WINNIPEG
Wed.
74%
November.
Thurs.
H
Fri.
77%
O
70%
May
DAILY
O
L
When
FUTURES
Mon.
69%
66%
and
72%
73%
76%
L
79%
CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
116%
December..
114
November
121
May
-
56%
58%
54%
56%
58%
55%
58
60
56%
57%
60%
56%
H
O
L '
59%
62%
58
Volume
Financial
145
3223
Chronicle
follows:
were as
5.60 @5.85
Spring patents
6.50@
Seminola, bbl.,Nos.l-3_
5.50@5 80 Oats, good
4.80@4.90 Cornflour
Clears, first spring
Soft winter straights
Hard winter straights
5.45@5.60
4.80@5.00
Fancy pearl,
"
Milwauke
Nos.2,4&7 5.60@6.10
Wheat, New York—
<4
No. 2red, c.i.f.. domestic
107 ^
Manitoba No. l.f.o.b. N.Y..154M
Oorn, New York—
No. 2 yellow, all rail
Buffalo
Oats, New York—
No. 2 white
43%
N. Y_. 88^
Rye, No. 2. f.o.b. bond
Barley, New York—
47% lbs. malting
Chicago, cash
71%
57%
.41-58
grain
regarding the movement of
All the statements below
prepared by us
figures collected by the New York Produce Exchange.
we give the receipts at Western lake and river ports
—receipts, exports, visible supply, &c.—are
from
First
for the week
9,642,000
105,000
8,254,000
2,133,000
355,000
Duluth
"
ended last Saturday and since Aug. 1
for each
of the last three years:
afloat
Total Oct.
Total Nov.
New York also has
47,000
9,970,000
10,076,000
17,304,000
above:
grain not included
Note—Bonded
bush 32 lbs bush 56 lbs bush 48 lbs
4,276,000
1,007,000
668,000
37,000
370,000
471,000
169,000
830,000'
289,000
325,000
50.000
1,230,000
307,000
651,000
591,000
237,000
Chicago
965,000
Minneapolis.
Duluth
32,000
Indiana polls
437,000
65,000
13,000
118,000'
132,000
46,000
15,000
35,000
934,000
60,000
14,000
16,000
Milwaukee..
Toledo
.
343,000
1,085,000
62,000
14.000
42,000
37,000
8,000
1,196,000
50,000
20,000
53,000
Kansas City.
11,000
936.000
585,000
New York, 45,000;
10,000; on Lakes, 3,466,000; on
24,186,000 bushels in 1936.
Canal, 271,000: total,
1,215,000
120,000
11,000
215,000
1,248,000
63,000
457,000
7,892,000; 12,750,000
2,375,000
3,624,000
3,394,000
2,147,000
5,954,000 bushels, against
Wheat
Corn
Bushels
Bushels
Barley
Bushels
68,000
840,000
Other Canadian & other
2,459,000
2,466,000
360,000
976,000
516,000
14,464,000
19,668,000
board
Rye
Bushels
Oats
Bushels
6,936,000
34,313,000
9,340,000
68,445,000
68,478,000
69,560,000
10,832,000
8,851,000
118,961,000
68,445,000
9,179,000 25,573,000
10,832,000
6,211,000 9,970,000
1,268,000 11,861,000
1937.-187,406,000
188,842,000
139,194,000
9,179,000 36,405,000
4,597,000 35,190,000
3,929,000 51,766,000
7,479,000 21,831,000
7,476,000 21,483,000
7,435,000 25,080,000
elevator stocks
Total Nov. 6, 1937...
30, 1937
7, 1936
Total Oct.
1,268,000 11,861,000
1,288,000 11,407,000
1,425,000
7,776,000
5,928.000
Summary—
80,000
170,000
133,000 bushels;
Lakes,
Oats—On
133,000 bushels, against none in 1936.
Barley—Duluth, 167,000 bushels;
Buffalo, 34,000; on Canal, 25,000; on Lakes, 839,000; total,
1,110,000 bushels, against 3,059,000 in 1936.
Wheat—New York, 532,000 bushels;
New York afloat, 50,000; Buffalo, 1,231,000; Buffalo afloat, 394,000; Duluth,
total,
Total Nov.
Peoria
110,000
700,000
147,000
Ft. William & Pt. Arthur
bush 56 lbs
bbls 196 lbs bush 60 lbs
Barley
Rye
Oats
Corn
175,000
776,000
5,353,000
1,724,000
106,000
1,355,000
1,887,000
2,000
597,000
1937.-118,961,000
30,1937
120,364,000
7, 1936
69,634,000
Total Nov. 6,
Canadian—
Wheat
Flour
652,000
146,000
Lake, bay, river and sea¬
Receipts at—
6,000
1,302,000
75,000
700,000
10,000
3,727,000
9,179,000 25,573,000 6,211,000
4,597,000 26,339,000 6,188,000
3,929,000 45,838,000 6,010,000
180,000 bushels foreign corn In bond afloat.
On Canal
*
11,000
331,000
546,000
81,000 14,002,000
346,000
2,442,000
4,000
2,000
1,104,000
532,000
182,000
135,000
82,000
11,089,000
Minneapolis
Detroit
GRAIN
(bush.)
266,000
afloat
On Lakes
4.00
Coarse
Peoria
544,000
581,000
38,000
3,955,000
1,286,000
1,705,000
2,300,000
Indianapolis
Chicago
2.50
2.15
...
5.25@5.40 Barley goods—
Hard winter patents..
Hard winter clears
6,364,000
1,777,000
/ 7,000
12,724,000
St. Louis
4.55@ 4.75
Rye flour patents
Barley
(bush.)
Rye
Oats
(bush.)
Com
(bush.)
(bush.)
FLOUR
8prlng oats, high protein -6.15@6.40
|
Wheal
\
Closing quotations
113,000
Louis
St.
Omaha
40,000
St. Joseph..
258,000
Wichita
8,000'
Sioux City..
3,558,000
Buffalo
Same week *36
414,000
420,000
4,265,000
Same week '35
362,000
6,669,000:
Total week *37
American
Canadian
Total Nov. 6,
19,000
Total Oct.
"9" 000
7,000
372,000
5,000
3,032,000
259,000 1,678,000
900,000 2,717,000
337,000
608,000
Total Nov.
30,1937
7, 1936
The world's
shipment of wheat
and
ended Nov.
1937
5,557,000158,769.000! 48,823,000
1936
6,253,000109,350,000
5,807,000;i98,548,000
55,354,000 16,459,00040,959,000
36,072,000 7,098,00046,635,000
75,201,000 10,185,00037,928,000
1935
Total receipts
the week ended
50,372,000
31,051,000
of flour and grain at the seaboard
Saturday, Nov. 6, 1937, follow:
—-—
Wheat
Corn
Week
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
1,000
191,000
52,000
75,000,
5,000
1,000
38,000
48,000
296,000
10,000
Philadelphia..
Baltimore
bush 56 lbs bush 48 lbs
63,000
102,000
8,000
173,000
33,000
New York
19,000
15,000
Montreal
63*000
Boston
15,000
Halifax
—
111,000
199,000
267,000
8,000
58,000
3,172,000,
329,000
78,361,000; 28,470,000
317,000
8lnce Jan.l '37 11,937,000
285,000
4,019,000
prweek 1936.
Since Jan.l '36; 12,823,000111,640,000
603,000;
8,166,000
316,000
5,081,000
225,000
5,533,000
179,000
33,000
36,000
6,643,000! 4,316,000 3,716,000
for foreign ports
passing through New Orleans
Receipts do not include grain
330,000
9,000,000
through bills of lading.
on
The exports from the several seaboard ports
ended Saturday, Nov. 6, 1937, are shown in
for the week
the annexed
statement:
July 1,
1937
1936
Bushels
Bushels
Bushels
Bushels
Bushels
Australia...
India
74,000
"slow
4,1191666
1,000
508,000
7,366,000
2.775,000
137;207,000 141,766,000
2,551*1666 39,2781666
9,2541666
6,670,000 179,768,000 158,387,000
11,840,000 157,973,000 174,350,000
Agricultural Department's Official Report on Cereals,
Crop Reporting Board of the United States
Department of Agriculture made public late Wednesday
afternoon, Nov. 10, its forecasts and estimates of the grain
crops of the United States as of Nov. 1, based on reports and
data furnished by crop
Montreal
1,117,000
2,057,000
....
1991666
631666
bushels in 1936 and a five-year (1928-32)
production of 623,220,000 bushels. The production
spring wheat is estimated as of Nov. 1 to be 198,750,000
of 519,013,000
of
report will be found
below the report:
000 bushels in 1936
82,000
3,758,000
Total week 1937.
4,159,000
and
199,000
122,940
86,540
destination of these exports for
Since
July 1,
1937
1937
Barrels
Barrels
Bushels
and. Since
Week
Nov. 6,
West Indies
Brit. No. Am. Col
Total 1937
122,940
Total 1936
86,540
The
visible
p*anary
July 1,
1937
1937
Bushels
Bushels
Bushels
174,265
1,880,000
1,563,000
25,588,000
19,423,000
247,000
787,000
417,500
2,000
52,000
22,000
8,000
52,000
407,000
82,000
613,000
17,000
912,849
oi'dii
661666
1,827,185
2,013,875
46,415,000
57,199,000
154,000
eooTooo
3,758,000
4,159,000
15! 905
Other countries
Since
Nov. 6,
1937
231,500
52,845
16,190
13,500
24,500
Kingdom.
-
Week
July 1,
Nov. 6.
1937
Since
Week
July 1 to—
Corn
Wheat
Flour
Week
So. & Cent. Amer.
the week and since
below:
July 1, 1937, is as
Continent
392,000
34,000
186,000
123,000
1,000
comprising the stocks in
points of accumulation at lake and
Saturday, Nov. 6, were as follows:
supply of grain,
at principal
seaboard ports
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
2,000
Boston
326,000
15,000
New York *
Philadelphia.
III""-..
Baltimore
New Orleans
Galveston....
Fort Worth
Wichita
-
Hutchinson.
St. Joseph..
Kansas City.
Omaha.....
Sioux City ......
1,424,000
1,817,000
225,000
2,976,000
6,845,000
1,787,000
5,137,000
5,243,000
27,258,000
7,320,000
-
845,000
41,000
1,000
26,000
48,000
~5~5~,odd
29,000
18,000
113,000
34,000
23,000
286,000
95,000
61665
69,000
434,000
96,000
62I660
624,000
222,000
1,004,000
335,000
1,460,000
263,000
32,000
28,000
13,000
1321666
641665
56,000
44,000
70,000
1,000
20,000
3,000
in our editorial
department.
We give
in the central
2,651,000,000
indications a month ago.
Record yields are now
Indiana, and the average
yield in the United States, estimated at 27.6 bushels per acre, is expected
to be as high as in any|year since 1923, a very favorable showing con¬
sidering that in Nebraska and Kansas where one-eighth of the acreage was
grown, yields were cut half or more by drought. Potatoes are quite generally
yielding slightly below earlier expectations in late States, but the average
yield will still be close to previous high records and the crop of nearly
392,000,000 bushels is slightly above average. Beans and several kinds of
fruits are also yielding above the indications of a month ago, but the
estimates for sweet potatoes and grain sorghums have each been reduced
WCorn
yields arejexceeding earlier expectations particularly
corn belt and the crop is now estimated at
eastern
bushels, an increase of
Sane week 1936
107,448,
2871666
II1I666
"¥,666
W
with a production of only
and a five-year (1928-32) average pro¬
duction of 241,312,000 bushels.
Comments concerning the
58.000
Fort William
Halifax
Exports for
correspondents, field statisticians and
cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 688,145,000 bushels, the same as the Depart¬
ment's estimate a month ago, and comparing with a harvest
bushels, which compares
20,000
1,000
4,000
New Orleans
Galveston.
Bushels
50,940
2,000
Baltimore
Barley
Bushels
75,000
448,000
76,000
New York
The
85,344,000
30,432,000
20,391,000
23,703,000
4,120,000
10,360,000
105,000
Bushels
Barrels
Bushels
Rye
Oats
Fiour
Corn
Wheat
Bushels
United
Nov. 5,
1937
July 1,
1936
average
Exports from—
1
July 1,
&c.—The
William.
Total week '37
*
—
Since
July 1,
1937
744,000
Galveston
Fort
Argentina...
Total
4,000
Orleans*
Since
60,237,000
39,730,000
14,978,000
25,180,000
9,072,000
296,000
8,696,000
320,000
Oth. countr's
21,000
2,057,000
New
Week
5,068,000
4,184,000
214,000
1,758,000
Black Sea...
12,000
Since
Bushels
Barley
Since
Nov. 5,
1937
Exports
ports for
Rye
Oats
.
Corn
Wheat
North Amer.
Flour
Receipts at—
furnished by
shown in the following:
1
Since Aug. 1—
corn, as
Produce Exchange, for the week
5, and since July 1, 1937, and July 1, 1936, are
Broomhall to the New York
89,000,000 bushels over
expected in Illinois and
about 2%.
Excluding cotton, crop yields are now expected to average about 5.1%
higher than duringlthe 1923-32 period but they will be about
very low average of the last four years.
Including the
yield of cotton, the composite of prospective yields of all crops, at
of average, is markedly higher than in any recent year. Even In 1920, the
year of heaviest total crop production, yields were only 110.3%
same
period average.
This season's high yields, particularly those of cotton and fruits, were
24% above the
exceptionally heavy
114.1%
of the
methods of
soil conservation
comparison with farm
improved varieties
barley,
beans, soybeans, sugar cane, grain sorghum, potatoes, and other crops.
With good yields being secured on a total crop acreage that is only about
3% below the 1928-32 average, several crops will approach or exceed past
high records of production. Some of the food crops are particularly heavy.
Thus rice and dry edible beans seem likely to show record high yields and
production. The soybean crop will probably be 12% below the high record
set in 1935, but larger than in other years.
Louisiana sugar production,
which has been revived by new varieties of cane, will probably exceed all
due primarily to weatner conditions.
However, more intensive
farming and good cultivation have been encouraged the
program and by crop prices that were fairly high in
wage rates.
Furthermore, the development and use of
or strains is having an important effect on the yields of corn, wheat,
{>revious records. the total production of beetnear-recordsugar seems rather
arge acreage and Sugar beets are showing a
and cane yield on a likely
to
be higher than in previous years, except possibly 1933.
also favorable for commercial vegetable crops grown for
Record crops of snap beans, carrots, cauliflower,
The season was
market and for canning.
and tomatoes were grown for market and there
canned vegetables -with string beans, corn, lima beans
particularly heavy, and peas the second largest to date.
The fruit crop and nut crops are quite uniformly large. The apple crop is
the largest since 1926, the grape fruit crop is expected to be the largest
except that of last year, and the orange crop will be large. Pears, grapes, and
celery, green peas, peppers,
was
~
15,000
5,000
7,000
23,000
176,000
119,000
a
record pack of
and beets
cranberries
are
above previous records.
Pacific Coast walnuts,
crops.
Improved varieties of pecans,
almonds, and filberts are all expected to
the nuts are showing a high yield
Peanuts harvested for
be record
per acre,
Financial
3224
probably higher than in any of the last 20 years, and production is expected
to be only slightly below the high records of the last two years.
The November reports on corn yields indicate a further easing of the feed
situation. Supplies are not evenly distributed, but in the country as a whole,
there is an ample supply of feed grains and roughage for present live stock,
for feeding the increased number of pigs and chickens expected next spring
and for rebuilding normal reserves on farms.
Hay and roughage supplies are also ample in the country as a whole, but
reports regarding the quantities on hand on Nov. 1 confirm other indi¬
cations of light supplies in a large central area that includes northeastern
and central Montana, the western third of the Dakotas, most of Nebraska
and Kansas, the eastern third of Colorado, the western half of Oklahoma,
western and southern Texas, and more
southwest Iowa, northwest Missouri, and portions of
Outside of this area, which lacked adequate rainfall again
this year, supplies of hay and other roughage appear to be rather generally
above average and ample for live stock on hand. The increasing number of
mechanical corn pickers in use in the corn belt and the rapid increase in the
number of small combines in operation in some areas are tending locally
to reduce the quantity of straw and corn stalks available for the feeding of
live stock but, on the other hand, in most of the areas which have suffered
severely from recent droughts, farmers appear to have made unusual
efforts to accumulate reserves of roughage.
Milk production showed somewhat more than the usual seasonal decline
during October and on the first of November, it was about 4% lower than
the temporarily high production at that time last year, but farmers are
feeding fairly liberally and milking a large proportion of the cows and pro¬
duction is expected to be fairly well maintained during the current feeding
period as a whole.
of extreme northern,
portions
limited
Chronicle
Nov.
13,
1937
above the 10-year (1923-32) average and in Iowa, Ohio and Pennsyl¬
or more
vania,
they exceed the 10-year average by more than five bushels per
The yields in Indiana and Illinois exceed the previous high records
by three and two bushels per acre, respectively. On the other hand, yields
acre.
in Nebraska and Kansas are below average by 14.5 and 9.3 bushels, re¬
spectively.
fg 4
;
The production of corn this year is above the five-year (1928-32) average
nearly everywhere except in the Great Plains area. Production in the corn
belt as a whole is about average, but it is about 29% above average in the
eastern corn belt, and 18% below average in the western corn belt.
Com¬
parisons of this year's production with averages for other groups of States
show the North Atlantic States
129%, South Atlantic 126%, South Central
110%, and United States 63%.
,
in
areas
CORN
New Mexico.
a
Pasture
Yield per Acre
Production
Condition Nov. 1
State
Avge.
1936
1937
Avge.
1928-32
1,000
1923-
1,000
1,000
Bushels
Bushels
Bushels
Prelim.
1936
1937
1936
1937
Percent
Percent
32
Bu.
Bu.
Bu.
Maine
38.6
39.0
38.0
508
468
418
75
N. H
41.6
41.0
42.0
551
656
630
70
76
Vermont
39.9
39.0
39.0
42.0
42.0
2,886
1,680
80
41.9
2,964
1,638
74
Mass
2,604
1,621
82
82
Egg production continues heavy. With ample feed available, farmers are
apparently saving an unusually large proportion of their hens and pullets
and production of eggs per hen continues at a record level for this season
Rhode
of the year.
76
REPORT AS
GENERAL CROP
OF NOV.
40.0
341
342
360
80
78
38.0
39.0
82
36.0
1,938
19,840
77
31.0
24,408
79
79
39.1
36.5
42.0
39.0
41.5
46.0
2,024
20,033
6,755
45,487
1,989
34.2
Pennsylvania
Ohio
1937
1,
Crop Reporting Board of the Bureau of Agricultural Economics
makes the following report from data furnished by crop correspondents,
field statisticians, and cooperating State agencies.
38.0
39.4
New York
New Jersey.
The
40.1
Conn
36.6
33.0
42.5
Island
.
Indiana
34.6
25.5
45.0
Illinois
36.0
23.5
46.0
Michigan....
29.8
24.5
36.0
32.0
20.0
129,257
155,968
Wisconsin
336,738
39,171
32.0
7,373
54,572
8,652
61,686
66
76
71
78
121,605
115,413
217,751
166,005
209,790
434,746
75
78
74
78
66
68
36,750
58,320
78
73
25.0
8.0
North Dakota
STATES
UNITED
18.5
3.4
16.5
69,926
143,136
438,792
146,489
18,522
40,032
2,530
496,620
124,308
17,804
South Dakota
19.2
3.4
14.5
78,447
8,446
45,748
Nebraska
24.0
3.5
9.5
223,843
26,859
11,036
4,118
18,396
30,014
11,569
43,475
23,635
33,624
83,106
34
40
126,756
3,680
14,431
30,388
11,054
38,415
20,240
32,280
39
41
4,380
18,576
63
75
66
80
38,844
14,784
45,357
25,017
47,368
9,020
79,482
68,592
45.834
68
88
66
79
Minnesota
Total Production
Yield per Acre
Prelim.
Average
1923-32
1936
1937a
25.4
16.5
27.6
(in
Thous.)
Prelim.
Average
1928-32
1936
1937a
31.2
19.0
35.5
Iowa
Crop
37.8
20.0
45.0
27.0
......
Missouri
Kansas.
Corn, all, bushels
Wheat, all, bushels...
30.0
36.0
36.0
21.7
21.5
26.0
West Virginia
25.0
23.0
28.0
Maryland
13.0
14.6
9.6
9.4
5.3
10.0
10.3
9.3
623,220
241,312
53,687
187,625
30.2
23.8
32.1
1,215,102
22.6
17.7
20.9
281,237
38,212
8,277
15,996
25,554
6,218
51.869
Kentucky
6,802
Tennessee
5,908
46,833
7,634
52,227
95,492
74,576
9,943
12.0
9.3
13.1
15.7
16.8
16.3
6.9
5.0
7.1
43.2
50.1
52.1
519.013
107,448
688,145
198,750
8,175
99,273
28,335
170,415
789,100 1,152,433
147,452
232,878
14.7
8.0
12.6
42,826
97,760
1.29
1.11
1.34
70,146
63,309
.82
.65
.79
10,719
6,915
31.0
Virginia
12.8
13.8
12.6
....
...
N.C.
17.8
18.5
19.5
s.c
13.6
14.5
15.5
Georgia
10.4
8.0
11.5
Florida
10.8
9.0
11.0
22.4
18.0
26.0
20.9
20.0
24.0
12.9
12.5
14.5
58,519
35,533
14.7
14.5
17.5
32,192
20.0
...
Alabama
Mississippi
..
36,288
6,506
60,301
44,080
88,331
212,240
76,864
169,974
7,029
54,486
57,160
41,162
39,570
26,738
Hay, wild, tons.i
timothy
1.15
.97
1.24
30,554
2.06
1.76
1.93
23,544
c61
c65
d666
d712
d835
fl3.0
14.0
17.3
tons.b
Hay, alfalfa, tons.*
21,324
24,750
24,412
27,364
—
bag
Soybeans (for beans) bue
Cowpeas (for peas), bu.e
Peanuts (for nuts), lb._e
Apples, total crop, bu.
Peaches, total crop, bu.
Pears, total crop, bushels
Grapes, tons.!..
f6.8
6.4
6.0
690
749
767
£58
£42
£78
£62
.
11,122
14,982
12,181
29,616
12,491
38,997
7,626
5,392
8,569
946,231 1,300,540 1,277,130
hl64,355
117,506
211,100
47,650
h57,298
59,626
26,956
h24,334
30,139
h2,214
1,916
2,732
40,135
62,965
76,608
329,997
372,115
391,707
£54
£65
£68
£69
£69
£47
£62
£31
£88
112.7
107.9
121.5
bushels.
88.5
78.0
89.3
Sorgo sirup, gallons
Sugar cane sirup, gallons
Sugar beets, tons
62.1
55.1
61.8
154.2
164.2
170.8
fll.O
11.6
11.7
Hops, lb
1,274
740
1,254
£75
Pecans, lb
Potatoes, bushels
Sweet potatoes,
For certain crops,
a
802
770
Tobacco, lb
£55
879
64,144
73,774
66,368
1,427,174 1,153,083 1,485,148
11,848
12,467
12,239
17,800
22,995
23,569
9,028
8,118
9,089
28.011
23,310
44,024
figures are not based on current indications, bu. are carried
b Excludes sweet clover and lespedeza. c Condition
Covers only mature crop harvested for the beans, peas, or
forward from previous reports,
Nov. 1.
nuts,
d Pounds,
e
f Short-time average,
£ Production in percentage
quantities not harvested,
juice, wine and raisins.
some
of a full crop,
h Includes
Harvested
For
Average
1936
1928-32
1937
Harvest
Percent of
1937
1936
103.6
96,146
103,419
92,829
60,138
48,820
68,198
139.7
39,724
37,608
125.2
11,212
47,079
21,119
1,544
2,841
184.0
9,668
18,278
189.1
40,015
12,645
Wheat, all
Winter
All spring
20,414
Durum
4,775
15,639
Oats
Barley
Other spring
35,933
8,322
2,757
11,166
134.2
3,960
143.6
568
370
418
Flaxseed
2,772
1,180
1,081
91.6
925
935
1,003
107.3
7,016
7,000
7,552
107.9
Rice
Grain sorghums..
,
113.0
57,055
55,773
13,288
10,694
12,546
117.3
26,872
22,010
19,674
89.4
Hay, alfalfa
11,720
1,806
14,034
101.0
Soybeans (for beans) _b
875
2,113
14,177
1,794
2,259
Cowpeas (for peas)_b
Peanuts (for nuts).b
799
1,261
1,334
105.8
1,417
1,736
1,666
55,153
Beans, dry edible
,
a
106.9
96.0
158
141
89.2
3,058
3,224
105.4
771
822
826
100.5
1,872
201
1,437
1,690
215
198
111
140
138
98.6
717
776
778
100.3
23
Hops...
32
35
117.6
,'
92.1
b Covers only mature crop harvested
for
Grown alone for all purposes.
Corn—The preliminary estimate of 1937 corn production is 2,651,593,000
bushels.
This is about 73% larger than the short crop of 1936 and nearly
4% above the five-year (1928-32) average of 2,554,772,000 bushels.
The
present estimate is about 3% above the production indicated a month ago.
All figures in this report refer to production of corn for all purposes, including
the grain equivalent of corn used for silage, forage and hogging off, as well
as that harvested for grain.
October weather conditions in the corn belt were only moderately favor¬
able for harvesting the crop. In the eastern corn belt, progress of harvesting
was about average by Nov. 1, but in the western part of the belt, harvesting
was somewhat more advanced than usual for that date.
Yields per acre were
reported higher than earlier expectations in most of
half of the corn belt, and moderate increases were reported
in the east central States.
Changes elsewhere were insignificant.
Yields
this year are above average
nearly everywhere except in the Great
Plains area
In Indiana and Illinois, the 1937 yields per acre are 10 bushels
the southern
82
64
65
59
68
56
71
52
70
62
35
17.5
31,540
18,756
6.5
18.0
51,842
16.8
15.0
16.0
68,925
Montana.-.1
11.8
7.5
8.5
Idaho
33.7
33.0
36.0
81,922
1,401
1,322
13.9
6.0
9.5
2,341
984
1,156
1,152
2,574
20,734
11,772
540
957
66
78
58
69
79
52
82
13.2
California
...
U.S
11,169
2,185
8,133
3,105
70
56
58
72
474
490
525
86
83
25.0
27.0
504
76
84
26.0
30.0
51
52
60
83
35.1
34.0
37.0
73
82
33.0
85
33.5
33.5
2,310
2,010
59
31.0
1,054
1,922
2,178
1,184
30.5
1,246
1,902
2,620
73
76
25.4
Oregon
20,847
3,528
15.0
30.4
._
6.3
13.5
14.0
24.7
Utah.
Nevada
Washington
9.0
11.5
25.5
.
14.2
16.3
Mexico
Arizona
16.5
27.6
2,554,772 1,529,327 2,651,393
61
65
465
525
81
Grain equivalent on acreage for all purposes.
Buckwheat—The November, 1937, preliminary estimate of buckwheat
production is 6,802,000 bushels compared with 6,218,000 bushels produced
in 1936, and the five-year (1928-32) average of 8,277,000 bushels.
The
November estimate is 307,000 bushels less than was indicated on Oct
1,
most of the decline taking place in the important producing States of NewYork and Pennsylvania.
The current crop is about 18% less than the
five-year average, but about 9% above the 1936 production.
The average
yield per acre in 1937 is 16.3 bushels compared with 16.8 bushels last year
and the 10-year (1923-32) average of 15.7 bushels.
Potatoes—Nov.
1
preliminary
harvest
reports
from
growers
of
late-
five-year (1928-32) average production of 372,115,000 bushels.
November
yield indications were below those of the previous month in all of the three
eastern and three of the five central surplus late potatoe States, but in the
more important western States, excepting only
California, yield indications
were the same or slightly higher than in October.
The harvest was practically over by Nov. 1 in many of the late
States,
but 10 to 15% of the acreage remained unharvested on that date in several
surplus late States. The frost line has been advancing southward during the
past month, and, as a result/some harvested potatoes left uncovered in the
fields have been damaged.
Rains in October came too late to help the crop
York, where dry wheather had
The north central and northeastern areas in Ohio suffered
heavy acreage abandonment due to seed rotting in the ground and yields
in many other fields were reduced by late blight.
Similar conditions pre¬
vailed, to some extent, in northwestern Pennsylvania.
Lack of rain and
hot weather late in the season resulted in poor yields on many farms in
Portage, Waupaca, and Waushara counties in Wisconsin. Sizes are running
smaller than expected in northern Michigan.
The increased acreage of irrigated potatoes in western Nebraska was
mainly responsible for the higher average yield indications this year for that
State.
Digging has been unusually slow the past month in the Tule Lake
section in northern California.
This area has experienced a series of light
frosts since mid-August. The Idaho crop has been dug with but few losses
reported from freezing.
Yields were more spotted than expected, but the
quality of the crop is good.
Movement of the 1937 crop by rail to date is about 2,500 cars behind
1936 shipments.
Auto truck movement from important producing areas,
however, appears to be heavier than a year ago. Supplies of potatoes grown
close to metropolitan areas have been much heavier than in 1936, and these
are being trucked to market.
Car lot shipments are not expected to gain
much in volume until present local-grown and market supplies are sub¬
stantially reduced or freezing weather invades the northern part of the
country.
Rail shipments of potatoes from Minnesota, Nebraska, and
North Dakota are far in excess of a year ago, but movement from the other
surplus late States is less than in 1936.
111.4
Excludes sweet clover and lespedeza.
c
'
114.9
81
Sugar cane for sirup
Sugar beets
the beans, peas, or nuts,
1,562
3,327
Sorgo for sirup
79
,
97.8
Hay, wild
Hay, clover and timothy a
Hay, all tame
Tobacco
68
retarded growth.
108.2
33,213
3,315
Sweet potatoes
62
67
in western and central potato areas of New
188.4
Rye
Buckwheat
Potatoes
76
61
show a decline in 1937 production prospects of about 7,078,000
bushels since the Oct. 1 report.
Total production this year is now indicated
to be 391,707,000
bushels compared with 329,997,000 in 1936 and the
Crop
Velvet beans.c_
75
crop potatoes
STATES
Acreage (in Thousands)
..
43
44
12.5
14.0
16.6
i Production includes all grapes for fresh fruit,
UNITED
Corn, all
44
30,636
72,048
16.3
14.4
a
51
19
68
Louisiana
New
50
20
72
Arkansas
Colorado
Beans, dry edible 100-lb.
67
52
Oklahoma
*
Pasture
57
64
45,378
40,640
24,360
Wyoming....
55,701
78
50
68
63
Texas
bushels
Hay, all tame, tons
&
10.0
29.0
11.6
Flaxseed, bushels
Rice, bushels
clover
4.0
27.1
14.4
Barley, bushels
Rye, bushels
Buckwheat, bushels
Hay,
19.3
Delaware
12.4
Durum, bushels—
Other spring, bus_.
Grain sorghums,
2,554,772 1,529,327 2,651,393
626,461
886,895
864,532
15.2
Winter, bushels
All spring, bushels
Oats, bushels
'
-
Weather Report for the Week Ended Nov. 10—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 10, follows:
At the beginning of the
week a depression was central over the eastern
Provinces just north of the Great Lakes.
It was attended by
weather in the eastern portion of the country and by more
less rain in the Northeastern States.
At the same time an extensive
Canadian
much
or
warmer
"high"
had advanced to the
northern
Great Plains, with much
colder
weather prevailing in that area.
The "high" moved slowly southeastward
to the south Atlantic area during the following two days, with a sharp
drop in temperature carrying the line of freezing weather as far south as
Atlanta, Ga., and Birmingham, Ala.
About the middle of the week light to moderate rains were general in
the middle Mississippi and Ohio valleys and also in the middle Atlantic
area.
Thereafter the weather was mostly fair and pleasant until the 7-8th
when considerable cloudy and rainy weather developed in the upper Mis-
Volume
Financial
145
week was
In most areas the
sissippi Valley and Lake region,
by fair, pleasant weather.
Moderate to rather high temperatures for
week,
whole.
as a
the season
In Central and Southern States east
to
of
prevailed for the
of the Mississippi •
slightly below normal, but were drom
4 deg. above normal in most of the Northeast and Lake region.
the Mississippi
River abnormally warm weather prevailed,
temperatures averaged near normal
From the Rio Grande Valley northward
that
THE DRY GOODS
characterized
River the weekly means were
New Yorkj
West
except
in most Pacific coast sections.
the week was generally from
with
along the Atlantic coast as
helped to stimulate con¬
divisions. The better
sentiment displayed by the security markets following the
receipt of Washington advices forecasting important moves
to reverse the downward trend of industrial activities, also
tended to create a somewhat more favorable atmosphere for
however,
sumer
mostly
favorable
condition.
In fact, most sections between the Mississippi River and the|
Rocky Mountains are badly in need of moisture, with the subsoil extremely
dry in many places. In this area Arkansas, Louisiana and much of Texas
have mostly sufficient mositure for present needs, but quite generally
fall work well
advanced, and winter crops in
condition.
good
West
of the
Mississippi River large areas are
elsewhere rain is
needed.
Light showers were
helpful in Missouri, but
in much less
they afforded only tem¬
southwestern Great
Iowa and the
relief. Dust storms were again reported in the
Plains, while it is too dry for grains, grass, and plowing in
northern two-thirds of Minnesota. Water supplies were failing in some sec¬
tions, notably in southern Iowa and northeastern Wyoming.
West of the Rocky Mountains the outstanding feature of the
s
weather was the beneficial rains in western Colorado and the Pacific
west.
Conditions in southern New Mexico and southeastern Arizona are
favorable, and showers were helpful during the week in
but precipitation is needed in Utah and much of
damage to truck locally in some south Atlantic sections, there was no
by low temperatures. In the northern Great Plains
saving much feed.
porary
week
North¬
northern Idaho,
California. Except for
harm
stock grazed freely,
wheat made fair to very good
Winter Wheat Belt, but moisture is still
Small Grains—Winter
parts of the
progress in eastern
needed in western
sections
Valley mostly mild weather was favorable
and condition of winter wheat are fair to very $ood; rain is
Ohio
the
In
and progress
needed locally
Kentucky plants
in Missouri,
of only tem¬
needed.
In Kansas wheat deteriorated in some central and southwestern parts,
but
improvement was noted in northern and eastern counties; moisture
is needed generally over the State, with the subsoil reported very dry,
except in south-central sections.
Rain would be very beneficial in north¬
Texas and most of Oklahoma, but progress and condition of grains
sections, while in parts of Illinois and
are
rather undersized.
Light rams were of some benefit
favoring germination of recently seeded grain, but it was
porary value and a good soaking rain is generally
in
some
eastern
the
fair to very
good in the latter State.
Corn—Under favorable
weather conditions for
price concessions.
This caused predictions in some quarters
that, in the event of a pickup in consumer buying, an urgent
demand for holiday merchandise may easily eventuate, re¬
sulting in the usual delivery difficulties.
A few orders on
wash goods for Spring were placed by wholesalers but their
total volume left much to be desired.
Business in silk goods
continued very quiet, with prices showing an easier trend.
Trading in rayon yarns remained dull, and surplus stocks in
producers' hands were reported to have shown a further
moderate increase.
While no changes in list prices are an¬
ticipated in the near future, the belief is growing that a
tendency to curtail operations will make further headway
among producers.
Goods—Trading in the gray cloths
week in its previous quiet fashion, with
converters remaining out of the market and with buying
activities restricted to scattered purchases by bag manu¬
facturers.
Following the release of the Government cotton
Domestic
outside activities, pick¬
crop
husking corn made good progress generally,
rain on a couple of days in the Ohio
has furnished the following resume
of conditions in the different States:
North Carolina—-Raleigh; Weather very favorable for gathering crops,
seeding small grains, and marketing tobacco.
Truck fairly good, but
southeast.
Picking cotton good to excellent advance.
Carolina—Columbia: Averaged somewhat cool; killing frosts
5th, except in coastal regions; generally fair.
for additional small-grain sowing, though soil becoming hard.
Sweetpotato digging completed.
Late corn housed. Pastures about dormant,
except in south.
Coastal fall truck good progress, but rain now
Rather slow progress in picking cotton in north.
needs rain in
South
Favorable
fairly general on
needed.
good to excellent advance where all
Favorable for sowing wheat and oats, grinding sugar cane,
Georgia—-Atlanta: Picking cotton
gathered.
digging yams, and gathering pecans.
conditions satisfactory elsewhere.
not
Southern section needs
rain, but
and
moderate
upland farms,
north and
Mississippi—Vicksburg: Light rains in north and central Friday
locally heavy this morning; otherwise adequate sunshine and
tempera times.
Cotton picking near completion on small
but considerable damaged staple unhoused on large Delta plantations.
Good progress in housing corn and approaching completion in
central.
Generally good progress of routine agricultural activities.
Louisiana—New Orleans: Dry weather very favorable for harvesting
cane, threshing rice, gathering late corn, digging sweet potatoes,
saving hay.
Rice harvest well advanced.
Fall plowing
good progress.
gathered; mainly low
made
Texas—Houston:
Citrus ripening.
and
and planting
being
Remnants of cotton crop
grade.
Temperatures
averaged about 6 deg
above normal;
rains over northeast and scattered, light to locally heavy
showers elsewhere, except in Panhandle.
Only scraps of cotton remain
in fields.
Newly planted winter wheat coming up nicely, but needs rain
in northwest; planting continues.
Truck and ranges need rain badly in
extreme south and cattle are rather poor on southern coastal plains, but
elsewhere continue generally good.
Citrus rather small due to lack of
Oklahoma—-Oklahoma City: Warm, with only light rains.
Favorable
week for harvesting and other farm work.
Progress of winter wheat fair;
condition fair to very good, but crop needs rain; some damage by
heavy to excessive
rain.
worms
northwestern counties.
Picking cotton good
gathered in south.
Livestock fair to good.
in a few
bulk of crop
grub-
advance and
cotton, except
during week, but
favorable for gather¬
oats, rye, pastures,
Arkansas—Little Rock: Weather favorable for picking
4th and 8th when rain interfered; much cotton picked
much still to be picked on eastern lowlands.
Weather
ing corn and other feed crops, also for growth of wheat,
and winter truck; all good to excellent.
and corn,
headway.
excellent condition.
seed saved.
Tennessee—Nashville: Rapid progress in harvesting cotton
considerable yet in fields.
Plowing and sowing made good
Growing fields of winter grain and clover good to
Not favorable for stripping tobacco.
Fine crop of lespedeza
but
report forecasting a
record production of 18,243,000
bales, trading came to a virtual standstill although it was
held that in view of the huge size of the current crop a further
million bales would not greatly change the
whole.
Prices held fairly steady as reports
addition of half a
situation
some
The Weather Bureau
Cotton
markets started the
local delay by
vance,
the country
to the usual
1% as com¬
_
Nebraska and Iowa northward,
although wheat is in good
are growing very
sections where germi¬
condition in the South
favorable for harvesting
though there was
Valley. Husk¬
ing has been about half completed in Indiana, Illinois, and Missouri, and
much cribbing was accomplished during the week.
In the Great Plains
States husking is well advanced.
In Iowa good progress was reported
with
two-thirds done, and nearly completed in many drier western
and northern counties.
However, in this State, stalks and shanks are so
dry that many ears have blown off, and in some cases mechanical harvest¬
ing has been abandoned for hand work to save the ears on the ground.
Cotton—There was considerable rainfall in the upper Mississippi Valley
cotton districts,
but otherwise, where gathering the crop has not heen
completed, there was very little and the week was favorable for harvest.
Picking made good advance in the northern portions of the belt.
In
Oklahoma the bulk of cotton has been picked in the southern half of the
State, while in Texas only scrapping remains.
In the nortb-central belt
considerable cotton is still out, with more or less damage reported to un¬
protected staple.
In the Northeast picking made good to excellent ad¬
though inactivity is reported in some districts because of low price.
and
some
Department store sales
expansion of trade.
pared with October 1936, although allowance should be made
for the fact that last year the month had one more business
day than in 1937.
Best results were recorded by the Atlantic
district with an increase of 5%, while the least favorable
showing was made in the Kansas City area where sales de¬
clined .4%.
In the New York district a decline of 2% was
registered.
Trading in the wholesale dry goods markets remained
inactive. Reflecting the uncertain nearby outlook for general
trade, merchants continued their policy of limiting new com¬
mitments to a minimum, while exerting growing pressure to
reduce inventories, through special promotions at substantial
Precipitation is also badly needed from
topsoil is reported dry in Montana,
condition there and continuing growth.
Winter grains
well in the Pacific Northwest, except in some drier
nation is unsatisfactory.
They are in satisfactory
and East.
The weather during the week was
and threshing rice in Texas and Louisiana.
ing
drop in temperatures
during the month of October, according
compilation of the Federal Reserve, declined
western
while the
a
buying, notably in the apparel
over,
some
are
and Southwest
other sections registered
appreciable declines in the volume of sales, compared with the
corresponding period of last year.
In the local area mild
temperatures prevailing at the beginning of the week served
to somewhat retard the volume of business: later in the period,
making favorable showings, whereas
than normal.
had subfreezing temperatures though
far north as Boston,
Mass.
Inland, however, freezing extended well south into Georgia and
Alabama, but in the Central valleys freezing temperatures were not ex¬
perienced south of Cairo, 111., Kansas City, Mo., and southern Nebraska.
The lowest temperature reported for the week was 10 deg. at Moorhead,
Minn., on Nov. 3.
West of the Rocky Mountains freezing weather was
general, except in southern sections and Pacific coast districts.
Light to moderate precipitation, heavy in a few localities, occurred over
a belt from eastern Texas northeastward to the Lake region.
Also, there were
some rather heavy rains in the north Pacific area, amounting to as much
as 3 inches along the coast.
Elsewhere there was very little rainfall, with
most stations in the Southeast, much of the Great Plains, and considerable
sections of the far West reporting amounts too light to measure.
Mostly mild Temperatures, fair weather and much sunshine favored
outside operations on farms quite generally over the country.
In the South,
fall and winter truck are making good progress, except that it is much
too dry in extreme southern Texas, while rain would be beneficial in south¬
eastern North Carolina, and the coast secsions of South Carolina, and
southern Gergia.
With the exception of these local dry areas, conditions
are unusually favorable quite generally east of the Mississippi River, with
soil moisture ample,
1937.
week continued rather spotty,
particularly in the South
stores,
some
TRADE
Friday Night, Nov., 12,
Retail trade during the past
2 deg.
5 deg. to as many as 9 deg. warmer
About two-thirds of the country
minima were above 32 deg.
3225
Chronicle
as
a
reiterated that a strong agitation for the
from Washington
•
imposition of a processing tax is under way.
Towards the
end of the week, sentiment was also helped by the better
tone of the security markets caused by reports reaching from
Washington indicating a series of major measures designed to
reverse the present slump in business.
Business in fine goods
continued listless.
Sales were confined to occasional spot
lots, whereas inquiries for next year delivery at current prices,
A little more
in print
cloths were
39 inch
72-76's 6 He., 39 inch 68-72's, 5He., 38 H inch 64-60's,
4 He., 38H inch 60-48's, 4Hc.
Woolen Goods—Trading in men's wear fabrics continued
in its previous desultory fashion.
Following the recent price
reductions on men's wear worsteds for Spring, similar cuts
were announced on woolen suitings and topcoatings, without
however resulting in an appreciable revival in buying activi¬
ties on the part of clothing manufacturers.
A further re¬
duction in unfilled orders was reported causing a majority
of mills to resort to even more drastic curtailment schedules.
Some fill-in orders on tropical worsteds and gabardines for
met
with scant response on
interest was
use
the part of mills.
shown in organdies.
Closing prices
as follows: 39 inch 80's 6 He. to 6 He.
in the cruise
and winter resort trade, were
received, but
total continued to fall below expectations.
Reports
from retail clothing centers made a slighly better showing as
their
lower
temperatures
Business in
induced consumers to cover
seasonal
women's wear goods displayed little
animation, as the opening of the new Spring lines was further
delayed while business for the Fall season has come to a close.
needs.
Foreign Dry
Goods—Trading in linens turned
quiet. A
additional reorders on dress goods and suitings were re¬
ceived, and scattered fill-in purchases of gift items for the
holiday season also came into the market, but the
few
volume of sales
mary
remained small.
markets reflected the
Reports from
total
foreign pri¬
depressing effect of persistent
Business in
restricted to
large continental offerings of raw materials.
burlap continued negligible with transactions
occasional small lots of spot merchandise.
A slightly
lower
market, due to unfavorable monthly
neutralized by the stiffening of foreign ex¬
trend in the Calcutta
statistics, was
change rates.
Domestically lightweights were
3.85c. heavies at
5.25c.
quoted at
3226
Financial
State and
Chronicle
'•
''..y
'-•••
r
..'V
'
"
''
1937
13
City Department
Specialists in
•A"
Nov.
'
FLORIDA MUNICIPALS
^
Illinois & Missouri Bonds
Thomas M. Cook &
Harvey Building
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
DIRECT
CHICAGO
WIRE
314 N.
WEST PALM BEACH,
Broadway
ST.LOUIS
News Items
circulated
before
at
Little
Rock intimate that
Governor
to call the Arkansas legislature
in special session about Nov. 15 to consider
changes, the
nature of which is also
undisclosed, in Acts No. 103, No. 151
and No. 278 by which the
Advisory Finance Board received
authority to refinance the $150,000,000 highway debt.
Carl
E.
Bailey
principles involved in the setting up of
be to translate this general
proposes
Governor Bailey, who is in the east, has made
the reports.
no
comment
on
So far, the
Advisory Finance Board has limited its action to appoint¬
ment of Stifel, Nicolaus &
Co., Inc., and A. C. Allyn & Co., Inc., as
syndicate managers.
The State recently received an Arkansas
Supreme
Court decision on a four-to-three vote
sustaining validity of the program.
In a taxpayer's suit, the
program was attacked because of an
appropria¬
tion against the
highway fund to cover expenses of refinancing.
Iowa—U.
the
Investment
earlier
statute,
according
to
press
enacted after
impaired the
the purchase of the bonds
contract of
unconstitutionally
exemption.
The Supreme
Court's majority opinion does not
appear to constitute a
general precedent for the taxation of hitherto tax
exempt bonds.
Justices
Sutherland, McReynolds and Butler are stated to have dissented
from the
majority opinion in the case.
It is reported that the
high Court examined
closely the Iowa statutes and the
ruling of the Iowa court and decided that
the bonds had been
exempted from property taxes and that a tax on the
income from the bonds was not a
property tax within the meaning of the
Iowa statute.
The
Court did
not
expand
municipal financing by
view
into
a
general
precedent.
The
times
exempt by their express terms from income taxes
to any degree,
sometimes from income taxes other than
surtaxes or excess profits taxes."
The Supreme Court said
with reference to this case that tax
exemption
provisions should be strictly
construed, in other words that the State
Government rather than the
taxpayer be given the benefit of the doubt.
In their
dissenting opinion it was held by the three above named
Justices
that the Iowa statute
expressly provided that the bonds: "Shall be
exempt
from taxation."
"These are plain
words," the dissenters said, "and there
is no room for
construction—we are not concerned with the
name given to
the tax—the
exemption is in unqualified terms and includes all
taxes."
In connection with the above
report we quote in part as.
follows from the comments on the
decision which appeared
in the "Wall Street Journal" of
Nov. 9:
When the United States
Supreme Court in a decision in an Iowa income
yesterday hinted that the State goverment rather than
the bond¬
holder should be given the benefit of
the doubt in
interpreting income tax
laws, some investment men questioned whether
tax case
that attitude
was
not at
varience with the Federal
Government's apparent concern over the
securi¬
ties purchaser as
expressed inthe Securities Act of 1933.
In short, they
questioned whether the buyer of
municipal securities musn't "beware ,
while in the corporate field it is
the seller who must be careful.
Under Sec. 12 of the Securities
Act, the seller is made liable for "mis¬
leading facts or omissions".
This Act which makes
necessary the
filing of
every precaution to protect the buyer of corporate
ana
municipal obligations.
An owner of state or
the other hand, may
purchase his obligations believing
that a certain set of facts
exists, but will find out later that he had mis¬
interpreted the law.
The State, unlike the
corporation, accepts no liability
over facts which are
registrations and takes
securities exempts state
municipal bonds,
on
not
America,
a
bureau of the Federal Government.
The bill, he contended, so restricted
the activities of bondholders' com¬
as seriously to
hamper the successful completion of
any
reorganization plan.
proposed
Under consideration by the last session of
Congress, the Lea bill probably
will be pressed for passage at the next
session,
It is designed primarily to
end alleged abuses, principly on the
part of bondholders' committees,
lderi
and to furnish a guard against threatened
abuses.
As originally written it
would have applied to all
refunding and refinancing operations by munici¬
palities, but as rewritten by the Interstate Commerce
Commission, it now
applies to situations in which there is a default in
principal or interest.
The emergency for such
legislation, it if ever existed, has passed, in the
opinion of Mr. Johnson, who declared that all
major defaults had been
cured and that there remained
only a
comparatively small number
Mr. Johnson
of de¬
questioned the motive which
ation of
{jromptedmunicipal committees in the Commission
the Securities and Exchange
measure.
to include the regu-
distinction, he argued, between regulation by the SEC
to protect investors in the
purchase of securities and regulation to
protect
them when they are attempting to
salvage their losses in default situations.
Requirements of the bill affecting solicitation of bond
deposits in reorgan¬
izations, personnel of the committees; eligible legal
talent, etc., would, in
the opinion of Mr. Johnson, mean that the
commission would be the direct¬
ing genius of the committee without assuming
any of the
responsibilities.
(This and
various
other
covered in greater detail in
cussions" in this issue.)
matters
our
covered
at
the
IBA
convention
are
Department of "Current Events and Dis¬
United States—Tax Limitation Movement
an address made
recently, Charles J.
—In
Losing Ground
Fox, City Auditor
of Boston, made the
following remarks in regard to the de¬
cided slackening of approval on tax limitation
forward
this
majority opinion said: "Doubtless a contract of
exemption can be phrased
in such terms as to forbid the
imposition of a net income tax or indeed a tax
of any sort; bonds issued
by the Government of the United States are some¬
of
mittees
to There is a clear
Washington, D. C.
Henry and Elizabeth Hale, holders of
$752,000 of tax exempt bonds, contended that such a tax
Association
the Local Government Commission of
North Carolina, that
this bill not only was
absolutely unnecessary, but appeared
to be the entering wedge for ultimate
control of State and
the 1934 Iowa income tax could be
applied to interest from
State bonds which had been
specifically declared tax
exempt
advices from
Bankers
Sulphur Springs, W. Va., on Nov. 7, it was asserted
by Charles M. Johnson, State Treasurer and Chairman of
faulted municipalities.
j»In discussing the Lea bill,
an
The
design into legal form.
at White
S. Supreme Court Holds Interest
from State
Subject to Income Tax—The United States Supreme
Court on Nov. 8 upheld the earlier decision
which ruled that
Bonds
by
model fiscal program.
a
Municipal Provisions in Congressional Bill
Opposed—
In an address entitled "Some
Aspects of the Lea Bill and
Their Effect Upon
Municipal Debt Readjustments," made
Arkansas—Special Legislative Session Contemplated—Re¬
ports
tial
second step will
Company
FLORIDA
proposals put
by various States throughout the country in re¬
cent years:
The movement for over-all tax limitation met
with its greatest success
in the years 1932 and 1933.
Indiana, Michigan, Washington and West
Virginia adopted limits in 1932.
In this same year Kansas
by State-wide
referenda defeated a
proposal for constitutional over-aU limitation.
New
Mexico
adopted its law in 1933.
Oklahoma and Ohio the same year
changed their limits which were already in effect prior to the
depression of
1929.
The
movement
made
no
headway
Oregon defeated by State-wide referenda
a
over-all limitation.
in
1934.
In
that
same
year
proposition for constitutional
During 1935 an avalanche of tax limitation bills was introduced in the
legislatures of the various States but most of thpm were defeated.
Pro-
fiosals Illinois, Maryland, Minnesota, Nebraska, New
owa, for constitutional limitation were introduced in
Arizona, Florida,
York,
Ohio
and
Texas and for statutary limitation in
Illinois, New Jersey, Pennsylvania
In Ohio it was proposed to reduce
further constitutional limit
from $10 to $5.
All of these proposals failed of
passage.
Again in 1936 the proponents or over-all limits fought
virtually a losing
fight.
Five States had the proposals on the ballot.
In
and Utah.
Colorado, Georgia
and Oregon
proposed constitutional amendments were defeated.
Nevada
adopted a $50 constitutional limit and in Washington voters decided to
continue the
existing
$40 limit for
another
two
unanimously rejected tax limitation in 1936.
charteredj|municipalities are exempt from the
years.
Under
Michigan cities
Michigan law
the
constitutional
limit unless
the voters elect to place their
community under the law.
Five cities voted
upon the proposition last year and the voters in all five
rejected it.
Advocates of tax limitation scored their sole victories in
the two years
when the depression had its
strongest grip on the country, namely 1932
and *1933.
The only State to adopt a limitation law since that
time has
enacted a limit ($50) which is clearly not restrictive.
Since
1932, 17 States
have rejected limitation proposals.
The background of this movement,
therefore, is not a record of outstanding and
overwhelming success.
brought to the buyer's attention.
The decision does not set
a precedent for
state taxation in so far as
ap¬
states already tax
income from their own obliga¬
With few exceptions the
states also tax income from
bonds of other
proximately half of the
tions.
states.
Members of the law
fraternity saw
no connection between
the decision
and the power or lack of
power or the federal government
to tax state bonds.
There is nothing in the federal
constitution to prevent states from
their own obligations or those of
taxing
their political
subdivisions, it
pointed
out; adding that the power of states in
such matters was limited
their own laws.
only by
Should the federal
government tax obligations of the
various states under the
existing constitution, it would be
interfering with
the sovereignity of the
states, it
was
was
said.
Municipal League Meeting Scheduled—The 43d annual
meeting of the National Municipal
League will be held
on
November 18th to 20th in the Hotel
Seneca at Roches¬
ter, N. Y.
The first two days will be devoted
to discussion
of reorganization of
county government, and the problems
of municipal finance.
The reports on
problems of metro¬
politan areas, tax limitation and other
subjects
for Nov. 19th.
are
scheduled
Representation in government will be discussed on Nov.
20,
after4which the annual meeting of the National Association
of Civic Secretaries will be held.
Dr. Harold Dodd, President of
Princeton
National Municipal League, has
University and President of the
announced the formation of a
committee on
"Improvement and Standardization of
Municipal Fiscal ^Programs", the
first meeting of which will be held
at
Rochester, N. Y., Nov. 17.
The first
aim of
the
committee, it
was
said, will be
to obtain
agreement on the ess en-
Bond Proposals and Negotiations
ALABAMA
ALABAMA, State ot—SINKING
FUND BOND PURCHASES—It is
stated
by W. W. Brooks, Financial Secretary to the Governor, that the
State purchased for its sinking fund at the
offering on Nov. 9, a total of
$416,000 3%% refunding bonds, maturing from 1955 to 1965, at a
yield
basis of from 3.05% to 3.16%.
|H EUFAULA, Ma.—REFUNDING PLAN OFFERED TO BONDHOLDERS
—The following letter,
accompanying a proposed refunding plan, has bee"
sent out to the holders of bonds of the above
city, by Milhous, Gaines &
Mayes, Inc., Webb Crawford Building, Birmingham:
Dufing recent years our company has made comprehensive studies of the
financial condition of several cities in Alabama, whose bonds have been in
default as to either or both principal and
interest, in an effort to determine
the ability of said cities to
pay their debts, and to re-arrange when necessary
bond structures in line with ability to
pay.
As a result, we have successfully
carried through several bond refunding
operations, all of which have proven
highly satisfactory to bondholders, who now own bonds which are not only
current, but command ready markets at substantially higher prices than
those which prevailed before such
refundings took place.
The under-lying cause of those defaults which have occurred in some
of
the municipal bonds of thisIState is that no
specific revenues were pledged
and set aside in the past
and sold to the
tojamply secure the bonds when they were issued
public.
Asia result, no sinking funds were set up annually
tojprovide for tne payment|of principal and interest as same became due.
However, a recent law passed in our State (1935) provided that mu¬
nicipalities may make definite pledges of certain revenues in return for their
receiving a reduction in bond interest rates, and we have taken advanof this law in formulating bond
"refunding plans which in each instance
have provided that the new refunding issues
shall, in addition to being gen-
Volume
Financial
145
obligations, carry pledges of sufficient revenues to be set aside in trust
year to properly provide for the payment of principal and interest,
l bus we believe that the new law has provided a medium through which
bondholders can obtain bonds set up in a manner which will avoid defaults
m
future, and also command a ready market.
About one year ago some of our clients, who together own substantial
amounts of practically every issue of Eufaula bonds, requested that we
analyse this situation and make suggestions to them as to what should be
done with their holdings.
We have completed our survey of this city's
capital structure, giving particular consideration to the history of the
each
(J. & J.).
Denom $1,000.
$5,000, 1943: $10,000,
1965, and $24,000 in 1966.
quist, of San Francisco.
lows:
which
OXNARD DRAINAGE DISTRICT NO. 3
VOTED—At the election held on cOt.
study
0
for general purposes
levying excise taxes
to the full extent deemed wise for the continued growth of the city.
In
addition, the city is permitted under the law, to levy a special five mills ad
valorem tax for the payment of bonds representing indebtedness incurred
prior to the year 1875.
There are $63,000.00 of such bonds outstanding,
and the city officials have, despite opposition of a considerable number of
its citizens, agreed to continue to levy this tax, and to pledge the revenues
therefrom to the service of principal of and interest on the said $63,000.00
bonds until such bonds are retired in full, provided these bonds are ex¬
changed under the refunding plan.
We strongly recommend that holders
of these bonds which are included in Group 2 under the plan, take ad¬
offer by the city.
administration of Eufaula is very anxious to straighten out
the city's finances, and has cooperated fully with us, as refunding agent,
toward that end.
We believe the refunding plan enclosed herewith, which
has been approved by the City Council of Eufaula, is both sound and con¬
structive, and if put into operation will result in materially improving the
security and market position of all outstanding Eufaula bonds.
We further
believe that the plan represents the reasonable limit of the city's ability to
vantage of this
The present
plan and deposit your Eufaula
& Trust Co., Eufaula, Ala.,
May we urge, therefore, that you study the
bonds without delay with the Eufaula Bank
Bank, Birmingham, Ala., which banks have been
designated as depositories and exchange agents.
Bonds should be ac¬
companied by the letter of transmittal, properly executed, copy of which is
The
First National
attached hereto.
ARIZONA
MIAMI,
Ariz.—BONDS
Called for payment on
bonds and coupons:
Street fund, to
CALLED—Oren F. Frary, Town Treasurer,
date interest ceased, the following
Nov. 1, on which
and including No. 16,528, Dated Sept.
including No. 19,613, dated Aug.
of which were due on Jan. 1, 1936.
General fund, to and
15 1935.
15, 1937.
Bonds coupons, all
office of the Town
WATER DISTRICT (P. O. Hollister), Calif.—
OFFERED FOR INVESTMENT—The Wm. R. Staats Co. of
Angeles, and Donnellan & Co. of San Francisco, reoffered the
4% water supply bonds that they purchased on Nov. 1, as noted
columns—V. 145, p. 3040—for public subscription at prices to yield from
2.50% to 3.90%, based on maturities ranging from 1940 to
PACHECO PASS
The city is levying the five mills ad valorem tax
which is allowed it under the Constitution, and is also
or
construction
4 4M % •
by the
Jan. 1,
BONDS
interest requirements on its bonds
of maturities and interest rates.
There are at present outstanding $14,000.00 of past due Eufaula bonds of
various issues, some of them having matured as far back as 1931.
During
the past few years the city has been paying such interest coupons as were
presented at times when there were funds available for such payments.
This meant that coupons which matured and were presented promptly at
such times during the year when the city's revenues were the greatest, re¬
ceived payment of their coupons more promptly than was the case with
other bondholders.
The unfairness of this practice was recently pointed
out to the city officials and corrected.
The city cannot sell refunding
bonds since the market is currently quoted around 70 flat.
It will be necessary, therefore, in order to place Eufaula bonds on a sound
basis, to re-arrange its bonds indebtedness, and for bondholders to grant
the city a small reduction in coupon interest rates and allow the city to
its debts.
(P. O. Oxnard), Calif.—
28—V. 145, p. 2578—the
approved the issuance of $210,000 in drainage system
bonds by a count of 65 to 12.
The interest rate will probably be or
Due in from 11 to 20 years after date of issuance.
It is stated
District Clerk that these bonds will probably be offered for sale about
voters
already past due, and meet principal and
in
the future under present schedules
pay
Interest rate is not to exceed 5%, payable
Dated July 1, 1926. Due on July 1 as fol¬
1944: $11,000, 1945 to 1950: $13,000, 1951 to
Legality approved by Orrick, Palmer & Dahl-
BONDS
present bond debt, present revenues, and the Amount of revenues
might reasonably be expected to accrue to the city during the coming years;
also the existing legal rights of each issue of bonds outstanding.
Our
has convinced us that Eufaula cannot pay its bonds and interest which are
with ability to pay.
bonds.
000 issue of harbor
eral
extend bond maturities in line
3227
Chronicle
$108,000
in these
Los
1968.
INVESTMENT—Raise1"
PALO ALTO, Calif.—BONDS OFFERED FOR
& Co. of San Francisco, offered for public subscription
annual water and sewer bonds at prices to yield from
bonds.
.
.
REDDING, Calif.—BOND SALE DETAILS—In
sale of the $200,000 water system bonds to Stone &
Treasurer.
connection with the
Youngsberg, of San
recently—V. 145, p. 3041—it is
now reported
that the bonds are described as follows: Denom. $1,000.
Dated July 1, 1937.
Due $10,000 from July 1, 1940 to 1959 incl.
Prin.
and int. (J. & J.) payable at the City Treasurer's office.
Legality approved
by Orrick, Palmer & Dahlquist, of San Francisco.
Francisco, as 3Ms, at par, as
noted here
BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
BONDS VOTED—At the election held on Oct. 8—V.
SAN
UPLAND SCHOOL
145, p. 2262—the voters approved the issuance
building bonds by a count of 595 to 102.
Due
offering has not been set as yet.
FRANCISCO—Oakland Bay Bridge
SAN
of the $175,000 4% school
in 20 years. The date of
District (P. O. San Fran¬
CONTEMPLATED—
dispatch to the "Wall
Read & Co.,
Frank F.
Public Work Earl
refunding of San
$62,000,000
the Recon¬
struction Finance Corporation.
Interest payments during construction of
the bridge have been modified by the RFC to make a net interest rate to
cisco), Calif.—REFUNDING OF BRIDGE BONDS
quote in part as follows from a Sacramento
Street Journal" of Nov. 10: W. H. Draper, Jr., of Dillon,
New York investment firm, has been conferring with Governor
Merriam, Chief Engineer C. H. Purcell and Director of
Lee Kelly for the last few days relative to prospective
Francisco-Oakland Bay bridge bonds.
Outstanding are some
of bonds on the bridge, bearing a 4M% coupon and held by
We
4%.
completion of bridge rail facilities in the fall of 1938, interest pay¬
bonds will return to the specified coupon rate.
Meanwhile,
the issue will be callable at par and accrued interest next March 1, at
time private bond dealers have signified their intention of
on re¬
funding bonds proposed to be issued.
The visit of Mr.
to be in connection with this proposed refunding.
the bridge of
With
ments on the
which
bidding
Draper is reported
SANTA MONICA,
Calif.—BOND ELECTION—At the municipal elec¬
to issue $80,000 fire department bonds
tion scheduled for Dec. 6 a proposal
will be submitted to a vote.
TULARE COUNTY (P.
Payable at the
$106,000 5% semi¬
1.90% to 3.00%,
It is stated that these
bonds were
for a large premium.
PLACERVILLE, Calif.—BOND OFFERING— On Nov. 15 at 8 p. m.
the City Council will offer for sale an issue of $50,000 sewer improvement
which run from 1943 to 1966.
purchased from the city's sinking fund
based on maturities
O. Visalia), Calif .—TERRA
BELLA SCHOOL
OFFERED—Gladys Stewart, County Clerk, will receive bids until
Dec. 6 for the purchase at not less than par of $40,000 school
building bonds of Terra Bella Union School District.
Bidders are to
specify rate of interest, not to exceed 5%.
Dec.
1, 1937.
Prin. and semi-ann. int. (June 1 & Dec. 1) payable at
County Treasurer's office.
Due yearly on Dec. 1 as follows: $2,000,
1948, and $3,000, 1949 to 1954.
Cert, check for 5% of amount of bonds
bid for, payable to the Chairman of the Board of County Supervisors,
BONDS
10
a.
m.
Denom. $1,000. Dated
1938
required.
COLORADO
reported in these
or Finance and
the purchase at
Denom. $1,000.
Due on Feb. 1
$2,000, 1940 to 1949, and $3,000 1950 and 1951.
payable to the city, required. The purchaser is
BOULDER, Colo.—BOND OFFERING—As previously
columns—V. 145, p. 3041—Mayme Graham, Director
Record, will receive bids until 7.30 p. m., Nov. 16 for
not less than par of $27,000 4% bridge refunding bonds.
Dated Feb. 1, 1938.
Interest payable Feb. 1 and Aug. 1.
as
follows:
$1,000, 1939;
Certified check for
to
ARKANSAS
Largest Retail
opinion.
$750,000 general obli¬
145,
2886—were
Denver;
Blodget, New
about 2.22%. Dated
1956. A syndicate
100.229 for 2Ms.
GUNNISON COUNTY HIGH SCHOOL DISTRICT (P. O. Gunni¬
son), Colo.—BONDS VOTED—At an election held on Nov. 4, the voters
approved the issuance of $25,000 2M% construction bonds.
Due as
follows: $8,000, 1940 and 1941, and $9,000 in 1942; optional after three
Distributors
LITTLE ROCK.
and the approving
DENVER, Colo.—BOND SALE— The issue of
gation air school site bonds offered on Nov. 12—V.
p.
awarded to Lazard Freres & Co., New York; Gray B. Gray, Inc.,
Garrett-Bromfield & Co., Denver, and Stone & Webster and
York, jointly, on a bid of 100.329 for 2Ms, a basis of
Nov. 1,1937. Due $75,000 yearly on Nov. 1 from 1947 to
headed by Brown, Harriman & Co. submitted a bid of
BONDS
& CO.
WALTON, SULLIVAN
$500,
furnish the bonds
ARK.
years. '
It Is stated
by the District Secretary that these bonds are being handled
Sudler & Co. of Denver.
NEW CASTLE, Colo.—BONDS OFFERED FOR INVESTMENT—
Oswald F. Benwell of Denver, is making a public offering of $11,000 5%
water refunding bonds.
Denom. $500.
Dated Oct. 1, 1937. Prin. and
semi-ann. int. (Apr. 1 & Oct. 1) payable at the First National Bank,
Denver.
Due serially from 1938 to 1955.
by Amos C.
ARKANSAS
INCREASE —
the State in
compared with
$425,576, with
ARKANSAS, State of — REVENUES SHOW SHARP
Paced by the 2% retail sales tax, special tax revenues to
October showed sharp increases to a total of $1,848,702,
$1,527,577 in October, 1936.
Sales tax was
at
$279,403 as the relative figure for October, 1936, a
Gross revenue for credit to the highway fund includes $39,835
■
reported
gain of $146,576.
from motor
vehicle license, $905,805 from gasoline tax and $52,619 from bridge tolls,
total of $998,260.
The relative 1936 figure was $925,578.86.
Liquor tax revenue at $156,623 was sharply up from $106,894 in Septem¬
ber and $100,350 in October, 1936.
Severance tax at $43,792 showed a
gain over $29,952 collected in October of the preceding year, reflected further
a
development in south
oil
Arkansas.
of water bonds
4, were awarded to Redfleld,
premium of $534.60, equal to
are divided as follows:
1938 to 1954 incl.
1938 to 1947 incl.
FRESNO COUNTY (P. O. Fresno), Calif.—COALINGA SCHOOL
BONDS VOTED—On Nov. 2 the voters of Coalinga High School District
approved the proposition to Issue $350,000 school building bonds.
INDIO, Calif.—BOND OFFERING—Iona T. MacKenzie, City Clerk,
wLl receive bids until 8 p. m. Nov. 17 for the purchase at not less than
rate of
furnished by the city.
SCHOOL
7, on
(P. O. Independence), Calif —LONE PINE
OFFERED—The County Clerk will receive bids until Dec.
of $13,000 school bonds of Lone Pine School District.
INYO COUNTY
BONDS
an
issue
ANGELES, Calif.—BONDS OFFERED
Schwabacher & Co. of San Francisco, r©offered
block of $100,000 3 H% Bureau of Power & Light
to yield about 3.52%, to maturity.
LOS
OAKLAND,
until Nov. 18,
Calif.—BOND
by W. W.
FOR SUBSCRIPTION—
for general investment a
bonds at a price of 99.50,
OFFERING—Sealed bids will be received
the purchase of a $300,-
Chappell, City Clerk, for
$68,000 as 3Ms, the remaining $69,-
noted here recently—V. 145, p. 2986—are coupon bonds in
of $1,000 each.
Final date of maturity is 1959; optional
on any interest payment date, in inverse numerical order.
Interest paya¬
ble (M. & S.).
the domination
SALE—The two issues
Sar of $20,000 highway6%. Denom. $1,000. Dated Jan.2, 1937. In¬
iterest, not to exceed
relocation bonds. Bidders are to name
terest payable Jan. 2 and July 2.
Due $2,000 yearly on Jan. 2 from 1938
to 1947.
Cert, check for 5% of amount of bonds bid for, payable to the
City Clerk, required.
Approving opinion of O'Melveny, Tuller & Myers
Angeles will be
of Denver, as follows:
000 as 3Ms, as
WALSENBURG, Colo .—BOND
aggregating $48,600, offered for sale on Nov.
Royce & Co. of Los Angeles, as 4s, paying a
101.10, a basis of about 3-87%.
The issues
$38,300 Series A bonds.
Due from Oct. 15,
10,300 Series B bonds.
Due from Oct. 15,
of Los
Colo.—BOND SALE DETAILS—We are now informed by
that the $137,000 refunding bonds sold through the Inter¬
SALE—The city has sold an issue of
$150,000 4% refunding bonds to Bosworth, Chanute,
of Denver at par.
Due serially from 1940 to 1969.
CALIFORNIA
ESCONDIDO, Calif.—BOND
SALIDA,
the City Clerk
national Trust
Loughbridge & Co.
CONNECTICUT
DARIEN,
Conn .—NOTE
Selectman, will receive sealed
Corbin, First
Nov. 19, for the
Dated Dec. 1, 1937. Due
satisfactory legal
be accompanied
Payable in New York
OFFERING—J. Benjamin
bids until 10:30 a. m. on
purchase of $250,000 tax anticipation notes.
May 15, 1938. In calling for bids, Mr. Corbin says that a
opinion will be furnished and offers on a discount basis must
by a certified check for 2% of the principal amount.
City.
tax anticipation
awarded to the
.50% basis and $150,000
The notes are dated Nov.
Stuart & Co. of Boston
FAIRFIELD, Conn.—NOTE SALE— Of the $250,000
offered on Nov. 8—V. 145, p. 2886—$100,000 were
notes
Co. of Bridgeport on a
Boston on a .53% basis.
15, 1937 and payable June 15, 1938.
Halsey,
Bridgeport City Trust
to R. L. Day & Co. of
bid .54%.
MILFORD,
& Co.' of Boston pur¬
notes at 0.49% discount. Dated
Other bids were as follows:
Conn.—NOTE SALE—R. L. Day
10 an issue of $100,000
and due April 15, 1938.
chased on Nov.
Nov. 15, 1937
Bidder—
Discount
0.50%
0.52%
0.53%
RIDGEFIELD, Conn.—BONDS VOTED—At a town meeting held
Oct. 29
bond issue of $250,000 for construction of additions to school
Bridgeport-City Co
Lincoln R. Young & Co. (plus $1.25 premium)
Putnam & Co. (plus $2.50 premium)
a
buildings was
approved by the voters.
3228
Financial
Chronicle
r
FLORIDA
office.
Building
?ar plus aDenom. $1,000. Dated equal to 102.52,
premium of $1,310.40, Dec. 1, 1937.
.80%.
FLORIDA
Branch Of Pica: TAMPA
Flnrt Natlomal
Bank Building
T.
(.June 1 and Dec. 1) payable at the Continental Illinois
Bank & Trust Co., Chicago.
Due on Dec. 1 as follows:
$12,000, 1939; $10,000, 1940 and 1941, and $20,000, 1942.
National
The following warrants, totalling $36,050, offered at
the same time,
were awarded to the Channer Securities Co. as
3s at par plus a premium
of $91.25, equal to 100.25:
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
(P. O. Tampa), Fla.—BOND ELECTION—An election is said to
$21,000 193/ general corporate fund tax anticipation
warrants, numbered
C-96 to C-137, in the denomination of $500 each.
4,500 1937 garbage fund tax anticipation warrants, numbered G-32 to
G-40, in the denomination of $500 each.
8,500 1937 street and bridge fund tax anticipation warrants, numbered
SB-60 to SB-76, in the denomination of $500 each.
2,500 1937 public playground fund tax anticipation
warrants, numbered
PP-15 to PP-19, in the denomination of
$500 each.
NO. 29
1 in order to vote
the issuance of $7,000 in con¬
on
struction bonds.
JACKSONVILLE, Fla .—CITY COMMITTEES APPROVE ELECTRIC
CERTIFICATES—Approval of the laws and rules and the budget
LIGHT
committees
worth
was
given
on Nov. 8 to the proposed issuance of $1,000,000
of indebtedness for the completion of a
program of
of certificates
improvements to the city's electric light plant.
MONTGOMERY
PENSACOLA SCHOOL DISTRICT (P. O.
Pemacola), Fla.—BONDS
TO BE SOLD TO PWA—It is stated by J. H.
Varnum, Superintendent of
the Board of Public Instruction, that the Public Works
Administration
has offered to buy the $20,000 school
building bonds that were approved
by the voters last April, as 4s at par.
It is understood however, that the
bonds have not been advertised and this will not be done
until the Federal
attorneys have determined the validity of the bond proceedings.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 8
(P. O. De Land). Fla.—BOND OFFERING—Geo. W.
Marks, County
Superintendent of Public Instruction, will receive bids until 10 a. m. Nov. 30
for the purchase of $30,000
6% coupon bonds of special Tax School District
No. 8, New Smyrna Beach.
Denom. $1,000.
Dated July 1, 1937.
Prin¬
cipal and semi-annual interest payable at the Chase National Bank in
New York.
Due on July 1 as follows: $1,000, 1940 to
1963, and $2,000,
1964 to 1966.
Certified check for $300, payable to the Board of Public
Instruction, required.
WALTON
Springs), Fla.—BOND ELEC¬
Underwood, Clerk of the Circuit
Court, that at the election to be held on Nov. 23, the
5% bridge bonds
mentioned in these columns recently—V.
145, p. 3041—will be submitted
in an amount not to exceed
$350,000.
It is said that the estimated cost
of the project is
$550,000, on which a Public Works Administration grant
of $247,500 is expected.
by R. B.
HONOLULU
(City and County), Hawaii—BOND OFFERING—It is
stated by D. L. Conkling, Treasurer of the
City and County, that he will
receive sealed bids until 9:30 a. m. on Dec.
1, for the purchase of a $500,000
issue of 4% coupon sewer, series A bonds.
Denom. $1.000.
Dated Dec. 1,
1937.
Due on Dec. 1 as follows: $17,000,
1938 to 1965, and $24,000 in
1966.
Bids will also be received at the office of the
Chemical Bank &
Trust Co., New York City, at 3
p. m. on said date.
Principal and interest
(J. & D.) payable at the office of the Treasurer of the
City and County, or
at the Chemical Bank & Trust
Co., New York City.
The bonds are issued under an Act of the
Congress of the United States
entitled "An Act to enable the
Legislature of the Territory of Hawaii to
authorize the City and County of
Honolulu, a municipal corporation, to
issue sewer bonds," approved
July 10, 1937, and pursuant to Act 210 of
the Session Laws of Hawaii,
1937, approved May 12, 1937.
The bonds are
exempt from taxation under the Federal income tax law and
by a decision
of the United States
Supreme Court are exempt from taxation by
any State
in the United States or
any municipal or political subdivision of
any such
State.
The bonds are the absolute and
unconditional general obligations of the
City and County of Honolulu, payable as to both
principal and interest
from the consolidated net revenues of
the city and county and will be
passed
upon as to their legality by
Thomson, Wood & Hoffman, Esqs., of New
York, and successful bidders will be furnished with their
opinion that the
bonds are valid and legally
binding obligations of the
$3,500,000 annually,
out of which
annual amounts so raised
provision is required to oe made for the
payment of the principal and interest of the
bonded debt.
The real prop¬
erty tax levied against taxable property in the
city and county for the re¬
quirements for 1937, including the
general fund, special school fund and
principal, interest and sinking funds for bonds, issued for
other than high¬
way purposes, was $3,266,988.06.
Principal, interest and sinking fund re¬
quirements of bonds issued for
highway purposes are paid out of a fuel
tax
on gasoline.
There are no highway bonds
outstanding at present.
Unless otherwise stated in the
bid, each bid will be understood as an offer
for all or
any part of the total amount of bonds for which application is
made.
No bid will be
accepted for less than the par value of the bonds
bid for and the right is reserved to
reject any and all bids.
The bonds will
be delivered
as
be mutually agreed upon by the
purchaser and the
and County of Honolulu.
Form of proposal for
purchase of bonds may be secured from the
Chemical Bank & Trust Co.
of New York, the above
attorneys.
Enclose a certified check for
2% of
the par value of the
bonds bid for,
payable to the Treasurer of the city
and county.
Treasurer
of
City
HANOVER SCHOOL TOWNSHIP
(P. O.
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
Kenneth S.
were
:
-
Johnson.
$2,018.10
1,966.00
1,909.00
1,824,00
1,821.00
1,650.00
Indiana Bond & Share Corp
City Securities Corp
Union Trust Co. of Indianapolis
A. S.
also
Premium
Huyck & Co
McNurlen & Huncilman
(P. O. Bedford), Ind.—BOND
SALE—The issue of $7,500 4% school bonds, offered Nov.
9—V. 145, p.
2724—was awarded to the Fletcher Trust Co. of
Indianapolis, at par plus
prtmium of $326,equal to 104.34, a basis of about
2.89%.
Dated
11, 1937 and due $500 each six months from July 1, 1938 to
July 1,
1945, incl.
vrr
a
Oct.
-
Other bids
were as
Premium
Kenneth S. Johnson, Indianapolis
City Securities Corp., Indianapolis
..-$317.10
313.00
296.50
203.50
166.50
Bedford National Bank, Bedford
A. S. Huyck & Co., Chicago
McNurlen &
Huncilman, Indianapolis
UNION TOWNSHIP
(P. O.
Zionsville), Ind.—BOND OFFERING—
Karl Kouns, Township Trustee, will receive bids until 9
a.
m.
the purchase of $20,000 bonds.
Nov. 20 for
IOWA
ALBERT
annual
CITY, Iowa—WARRANTS NOT SOLD—The $10,000 3H%
water
wroks
improvement warrants offered
2887—were not sold due
Westholm, Town Treasurer.
p.
soon
on
Nov.
8—V.
145,
an error in procedure,
according to W. E.
He states that these bonds will be voted on
Due $2,000 from Oct. 15, 1938 to 1942 incl.
to
and will be readvertised.
EARLING, Iowa—BOND OFFERING—A.
J. Jeese,
Town
receive bids until 3 p. m. Nov. 17 for the
purchase of the
$5,278.07 street improvement bonds.
Clerk, will
following bonds:
9.000.00 funding bonds.
EMMETSBURG, Iowa—BOND OFFERING—Ida G. Sands, City Clerk
will receive bids until 8 p.m. Nov. 15 for the
purchase of an issue of $79,000
4% gas system revenue bonds.
Dated Nov. 1, 1937.
Due serially on
Nov. 1 from 1940 to 1952.
Cert, check for $1,500, required.
The city
will furnish the legal opinion.
FREMONT COUNTY (P. O.
Sidney), Iowa—BONDS NOT SOLD—
$4,342.15 issue of not to exceed 5% semi-annual Prairie Township
Drainage District No. 1 bonds offered on Nov. 4—V. 145, p. 2887—was
The
sold as no bids
Dated Oct. 1, 1937.
not
were
received, according to the
Due from Nov. 1, 1938 to 1942.
County Treasurer.
IOWA CITY INDEPENDENT SCHOOL
DISTRICT, Iowa—RESULT
OF BOND ELECTION—At a recent election the residents of the
district
approved a proposal to issue $398,500 high school building bonds, but
rejected
a
proposed $90,000 bond issue to purchase the site for the building.
IOWA, State of—FULL HOMESTEAD
TAX CREDIT ALLOWED—
The State Board of Assessment and
Review, on Nov. 3 voted to allow the
or maximum homestead tax credit of
$62.50 on homestead tax valuations
full
of
$2,500.
This is on the basis of a tax credit of 25 mills on the dollar of
up to $2,500.
Should the taxes of a homesteader be less than
$62.50, he would in that case receive credit for the value of his taxes.
Per¬
valuation
who have established homesteads after June
1,
on
1937, will be allowed
1938 taxes.
KNOXVILLE, Iowa—BONDS SOLD—We are informed by the Carleton
D. Beh Co. of Des Moines that they
purchased two issues of bonds aggre¬
as follows:
gating $55,043.80, divided
a
premium of $5, equal to
100.01.
17,971.29 3% improvement fund bonds, for
a
premium of $63, equal to
100.35.
McGREGOR, Iowa—BOND SALE—The $8,000 issue
MUNICIPAL BOND DEALERS
135 So. La Salle
St.,
Chicago
Stato >5M
*
Teletype CGO.
437
ILLINOIS
of flood protection
bonds offered for sale on Oct. 30—V. 145, p. 2887—was awarded to the
Carleton D. Beh Co. of Des Moines, as 3Ms, paying a
premium of $10,
equal to 100.125, a basis of about 3.73%.
Dated Nov. 1, 1937.
Due
$500 from Nov. 1, 1939 to 1954 incl.
PANAMA, Iowa—BONDS SOLD—We
ATV^°19P SCHOOL DISTRICT NO. 154, III.—BOND SALE—An
Bpammond
°° gymnasium bonds has been sold to the State Bank of
,
Beh
Co.
of Des
Moines, that on Oct.
plus expenses.
funding bonds at
informed by the Carleton D.
they purchased $5,000 3%%
are
26
par,
r/Su^nLL^hOUNTYV(P-
POSTVILLE, Iowa—BOND SALE— The $20,000 issue of sewer bonds
offered for sale on Nov. 8—V. 145, p. 2887—was awarded to the Citizens
State Bank of Postville, as 2%s at par, according to the Town Clerk.
Dated Dec. 1, 1937.
Due on June 1 and Dec. 1 from 1938 to
to
deemable
°* Mt- CarrolD. 111.—BOND SALE CONPr~TJie copty has contracted with the H. C. Speer & Sons Co.
$25(f 000°r
an iSSUe °f r°ad bonds' amounting to from $200,000
le A-
1957;
on
bondAs^J'M?^tt I
mature
EDINBURG
v^;iP"
r,
in
10 years.
TOWNSHIP
Price paid
HIGH
u.,n3>Urfp' J —BOND
cfifered
Nov.
on
t1
EZ2?
was par.
SALE—The
4—-V. 145, p.
no7of Ohjcago, at
DISTRICT NO.
308
issue of $50,000 4% school
2887—was awarded to the
a price of 108,
a
basis of about
i939;
$1,000 denoms.
0ctobert bear date
of June
1,
1937.
Coupon, in
DISTRICT,
Iowa—BOND ELECTION—An
$20,000 gymnasium bonds.
BLUFF,
Iowa—BOND
OFFER ING—Frank
D.
Byers,
Town Clerk, will receive bids until 7.30 p. m. Nov. 18 for the purchase of
issue of $4,000 5% water works bonds.
Denom. $500.
Dated Dec. 31,
an
1937.
on
Due serially from 1939 to 1946, the last $2,000 bonds being callable
and after Dec.
VAN
Home),
j»NSISSf2Si dunng
^nnc2lunms
SCHOOL
election is to be held Dec. 1 for the purpose of voting on a proposal to issue
SARGEANT
SCHOOL
re¬
and after June 1, 1950.
ROCKWELL
columns,
.yV
follows:
Bidder—
$37,072.51 3^i % street improvement bonds, for
Bought—Sold—Quoted
III.—
Morristown), Ind.—OTHER
reported in these columns,
follows:
as
Bidder—
credits
of
103,
BIDS—The $30,000 4% school
building bonds awarded Nov. 3 to Fletcher
Trust Co., Indianapolis, at par plus a
premium of $2,261, equal to 107.536,
a basis of about
2.80%, as previously
sons
Municipal Bonds
NO.
INDIANA
may
the
DISTRICT
ELKHART COUNTY (P. O.
Goshen), Ind.—BOND SALE—The $22,300 refunding bonds offered on Nov. 8—-V.
145, p. 2426—were awarded
to the Indianapolis Bond & Share
Corp., of Indianapolis, as 2^s, at par
plus a premium of $172, equal to 100.771, a basis of about
2.33%.
Dated
Nov. 15, 1937.
Due $2,230 on May 15 and Nov. 15 in each of the
years
from 1940 to 1944.
A. S. Huyck & Co. of
Chicago bid a premium of
$41.25 for 2^8.
City and County of
Honolulu, and for the payment of said bonds and the
interest thereon ad
valorem taxes within the limits
prescribed by the statutes of the Territory
of Hawaii must be levied
upon all property within said
city and county
subject to city and county taxation, it being
specifically provided by the
Acts of the Legislature of the
Territory of Hawaii that ad valorem taxes
against the real property subject to taxation in
the city and county may be
levied sufficient to raise the sum
of
SCHOOL
REFUNDED—According to Otto Arnold, School Principal, the dis¬
trict's debt has been refunded and
payment of prin. and int. is current.
SHAWSWICK SCHOOL DISTRICT
HAWAII
said
COUNTY
DEBT
bid for
COUNTY (P.O. De Funiak
TION DETAILS—It is stated
a basis of about
Prin. and semi-
int.
ann.
S. Pierce. Resident Manager
FLORIDA
be scheduled for Dec.
1937
13
$93,000 bonds
Due on Dec. 1 as follows:
$2,000, 1939 to 1944; $3,000,
1945 to 1953, anf $2,000, 1954.
52,000 2M% refunding bonds to Bartlett, Knight & Co. of Chicago at
Clyde C. Pierce Corporation
Barnett National Bank
SALE—The
offered on Nov. 8—V. 145, p. 3024—were awarded as follows:
$41,000 3% fire equipment bonds to the Channer Securities Co. of Chicago,
at par plus a premium of
$1,267, equal to 103.09, a basis of about
2.65%.
Denom. $1,000.
Dated June 1, 1937.
Prin. and semiann. int.
(June 1 and Dec. 1) payable at the City Treasurer's
BONDS
JACKSONVILLE
Nov.
EVANSTON, 111.—BOND AND WARRANT
HORNE
1, 1941.
INDEPENDENT
SCHOOL
Iowa—BOND SALE—The $20,000
DISTRICT
building
(P. O. Van
bonds offered on
Nov. 10—V. 145, p. 3040—were awarded to the Carleton D. Beh Co. of
Des Moines as 3s, at par plus a premium of $250, equal to 101.25, a basis
of about 2.86%.
Due $1,000 yearly on Nov. 15.from 1938 to 1957.
W.D.
Hanna & Co. of Burlington bid a premium of $245 for 3s.
Volume
Each proposal must be accompanied
tional bank or trust company, or by
KANSAS
urer.
by the purchaser.
Tax rate,
COUNTY (P. O. Dodge City), Kan.—BOND OFFERING—
offering for sale an issue of $10,000 2H%
relief bonds.
Denom. $1,000.
Dated Nov. 6, 1937. Interest pay¬
able Jan. 5 and July 5.
Due yearly on Jan. 5 as follows: $1,000, 1939 to
1942; and $2,000, 1943 to 1945.
FORD
defaulted
Nov. 1
an
Holton),
issue of $10,000 2% coupon
public assistance bonds was
Co. of Kansas City, Mo. at a price
Dated Oct. 1, 1937.
Interest payable April 1
Due Oct. l in 1939 and 1940.
PITTSBURG
Thelma
Werne,
-.—$62,027^49.89
1937
62,099,063.80
61,631,865.90
63,061,757.84
1936.
1935
1934—
1933 and prior years
awarded
and Oct. 1.
SCHOOL
DISTRICT, Kan.—BOND OFFERING—
Board of Education, will receive bids until 7:30
Clerk,
$15/740,933.35
16,800,173.97
18,622,131.49
Debt Statement as of Nov. 8, 1937
Gross Debt
Sinking Funds
$65,264,856.75
55,623,700.00
347,668.29
12,074,019.55
19,152,331.71
43,549,680.45
$153,585,833.27
$23,218,581.71
$130,367,251.56
DISTRICT (P. O. Topeka), Kan.—BOND OF¬
FERING INFORMATION—In connection with the offering scheduled for
Nov. 12, of the $87,725 2% and 2H% semi-annual school bonds, noted
in these columns recently—Y. 145, p. 3043—It is reported by E. E. Sallee,
Business Manager of the Board of Education, that these bonds will be
offered to the State School Fund Commission immediately after Nov. 12
and will probably be accepted or rejected by the Commission very soon
after that date.
If the bonds are rejected by the Commission they will
be sold at private sale within a day or two after rejection.
Rapid Transit debt-
_
TOPEKA SCHOOL
Kan.—BOND OFFERING—The City Clerk will receive
Dec. 6 for the purchase of the following coupon bonds:
bids until 7:30 p. m.
and Nov.l.
1937.
D.
& N.
one-tenth
required.
Fizzell & Rhodes, Kansas City, Mo.
$18,000 2}4% park bonds, dated Nov. 1, 1937.
Interest May 1
143,000 2)4% refunding bonds, dated Dec. 1,
Interest J. &
54,268.71 2>^% paving and sewer bonds, dated Nov. 1, 1937. Int. M.
Denom. $1,000, except one for $268.71.
Due approximately
of each issue yearly.
Cert, check for 2% of amount of bid
Net Debt
$10,686,943.25
109,950.62
2A %, bonds numbered 49 to 96, running from 1944 to 1949,
will bear interest at 2% %, and the remainder of the issue, numbered from
97 to 156, coming due from 1950 to 1957, will bear 3% interest, all payable
semi-annually on Feb. 1 and Aug. 1.
Due on Aug. 1 as follows: $8,000,
1938 to 1953; and $7,000, 1954 to 1957.
bear interest at
Bowersock,
$19,941,372.22
5,456,938.68
475,984.24
434,983.17
1,685,765.13
Tax titles in possession of the City of Boston and not included in the
outstanding tax figures, $8,045,058.89.
Taxes are due and payable
July 1 and Oct. 1; 4% % interest begins Oct. 1 on all taxes remaining unpaid
after Nov. 1; 6% interest begins Oct. 1 on all taxes in excess of $300 re¬
maining unpaid after Dec. 31.
City debt.......... $75,951,800.00
1,658,333.27
County debt...
Water debt
852,000.00
Traffic Tunnel debt..
19,500,000.00
Legality approved by
Uncollected
■^Npv. 3, 1937
above
&.m. Nov. 15for the purchasenumbered 1 building bonds. 1938 to 1943 will
ated Nov. 1, 1937.
Bonds of $156,000 to 48, due from Denom. $1,000.
WICHITA.
'
Year of Levy
of 100.781.
Denom. $1,000.
$23.09; school tax,
The City of Boston has never
$2.23.
debt or other obligation.
Tax Collection Statement
any
Uncollected End of
Kan.—B9NX> SALE—On
to the Baum. Berheimer
Information
1937, $38.70, divided as follows: City tax,
on
"
HUTCHINSON SCHOOL DISTRICT, Kan.—BONDS VOTED—The
people of the district on Oct. 29 approved a proposal to issue $369,500
school building bonds.
O.
Statement—General
$9.93; State tax, $3.45; county tax,
T. E. Young, County Clerk, is
(P.
;<■
Financial
Incorporated as a city Feb. 23, 1822.
Population: 1930 Federal Census,
781,188; 1935 State Census,, 820,190.
Financial year dates from Jan. 1
to Dec. 31.
Assessed and actual valuation, Jan. 1, 1937, $1,590,544,700.
poor
COUNTY
by a certified check on a Boston na¬
cash, equal to 1% of the amount of
the City of Boston, John H. Dorsey, City Treas¬
Accrued interest from Dec. 1, 1937, to date of delivery is to be paid
loans bid for, payable to
COWLEY COUNTY (P. O. Winfield), Kan.—BOND OFFERING—
Eva Yorke, County Clerk, will receive bids until 10 a.m. Nov. 15for the
purchaseof $20,000 2j^% poor relief bonds.
Dated Nov. 15, 1937. In¬
terest payable May 15 and Nov. 15.
Due $4,000 Nov. 15,1939, and $2,000
yearly on Nov. 15from 1940 to 1947. Cert, check for 2% of amount of bid,
required,
; •■v;,v
JACKSON
3229
Financial Chronicle
145
1,548,382.65
852,000,00
Rapid Transit Debt—The income received from the rentals of the subways
tunnels in the City of Boston, with the exception of the Governor
Square extension of the Boylston Street subway, is more than sufficient to
meet the interest requirements and provide for payment into the sinking
funds established for the retirement of the debt at maturity.
and
Total Rapid Transit debt
Governor Square extension
$55,623,700.00
4,940,000.00
(partially self-supporting)
$50,683,700.00
(entirely self-supporting).........
Balance
Under the legislative Act authorizing the construction of the Governor
Square extension, it is provided that if in any year the rentals received are
not sufficient to meet interest and sinking fund requirements, one-half of
the amount unpaid shall be paid to the City by the Commonwealth of Massa¬
chusetts and the other half shall be raised by the City in the next ensuing
taxlevy.
Traffic Tunnel Debt—Under
legislation authorizing the construction of
provided that interest and sinking fund
the Sumner Traffic Tunnel, it is
KENTUCKY
requirements shall constitute a prior lien on tunnel receipts
During the
year 1936 interest and sinking fund requirements totaled
whereas revenue produced $788,329.72.
From these figures it is evident
that in 1936 76.8% of debt and interest requirements were financed directly
from receipts.
During the first ten months of 1937 interest payments on
outstanding bonds totaled $503,182.50, whereas receipts during the same
period totaled $680,486.47.
Floating Debt
$1,026,440.25,
BARBOURVILLE, Ky.—BONDS DEFEATED—At the election
on Nov.
2—V. 145, p. 2888—the voters defeated the proposal to
$190,000 in bonds by a count of 73 "for" to 420 "against".
held
issue
BEATTYVILLE, Ky.—BONDS VOTED—At an election held on Nov.
approved the issuance of $90,000Jtin^power plant bonds^by
the voters
3
a
1937 in anticipation of all revenue
$12,000,000.00
titles in possession
Less—Reserve for repayment in hands of City Treasurer.
$8,024,094.46
243,362.25
'
$7,780,732.21
Temporary loans issued in
substantial majority, according to report.
Covington), Ky .—BONDS DEFEATED—
At the election held on Nov. 2—V. 145, p. 2888—the proposal to issue
$70,000 industrial home bonds was rejected by the voters, the count being
5,709 "for" to 8,353 "against".
KENTON COUNTY (P. O.
LEXINGTON, Ky —BONDS DEFEATED—At the general election on
145, p. 3039—the voters did not approve the proposal to issue
$4,800,000 in property purchase bonds, according to the
Manager.
Nov. 2—V.
City
MAYFIELD, Ky—BONDS SOLD—It is reported that $85,000
semi-annual school building bonds have been purchased by a local firm.
4%
OWENSBORO, Ky.—BOND ISSUANCE APPROVED—It is stated
contract providing for the issuance of $150,000 in hospital bonds
approved by the County Fiscal Court and the City Commissioners.
that a
will be
VANCEBURG, Ky.—BONDS VOTED—At the election held on Nov. 2
145, p. 2108—the voters approved the issuance of the $148,000 in
eiectric light and power plant revenue bonds by a majority of 39 votes,
according to the City Clerk.
Tax title loans against tax
.
issue of $100,000 notes was sold
the Merchants National Bank of Boston, alt 0.44% discount.
1938.
Other bids were as follows:
IPSWICH, Mass.—NOTE SALE—An
on
Nov. 10 to
Due May
12,
Bidder—
"Wrenn Bros. & Co-
-
a-
-
-
-
-» .......
±--
- - .
Discount
.0.46 %
—0.47^
-*- —-
First National Bank of Boston....................
Jackson & Curtis........---0.48;
Frederick Swan & Co....—
R. L. Day & Co
Edward B. Smith & Co
—V.
KINGSTON,
0.53'
0.64(
- —
of $35,000
Boston at #. price
Mass.—NOTE SALE—On Nov. 9 an issue
1% % water notes was awarded to Jackson & Curtis of
100.707.
Due serially from 1938 to 1947.
Blyth
bid 100.701 for l^s.
of
& Co. of Boston
METHUEN, Mass.—NOTE SALE— On Nov. 12 an issue
awarded to Chace, Whiteside & Co. of Boston on a
Payable Aug. 12,1938.
Offerings Wanted:
was
of $50,000 notes
.539% discount
basis.
LOUISIANA &, MISSISSIPPI
MUNICIPALS
MIDDLEBOROUGH, Mass .—NOTE OFFERING—Chester L. Shaw,
will receive bids until 7 p. m. Nov. 16 for the purchase
less than par of the following coupon notes:
Town Treasurer,
at not
Bond Department
WHITNEY NATIONAL
NEW ORLEANS,
Bell Teletype N.
$33,000 schoolhouse loan notes.
Due Nov. 1 as follows: $4,000,
1940, and $3,000, 1941 to 1947.
6,000 water loan notes.
Due $1,000 yearly on Nov. 1 from 1938
BANK
LA.
Bidders are to name rate
Raymond 5489
O. 182
LOUISIANA
Donaldsonville), La.—BONDS SOLD—
of court house and jail bonds offered for sale on Nov. 2—
V. 145, p. 2725—was purchased by Anagnosti & Walker of New Orleans as
4s, paying a premium of $125.00, equal to 100.50, a basis of about 3.94%.
Due on Jan. 1 as follows: $2,000, 1939 to 1942; $2,500, 1943 to 1946;
$3,000, 1947 to 1951; $3,500, 1952 to 1955, and $4,000 in 1956 and 1957.
Prin. and int. (J. & J.) payable at the Hibernia National Bank, New Orleans.
The $55,000 issue
MAINE
BANGOR, Me.—PLANS BOND
undertake immediately the
$6,000 annually.
multiple of M%.
Principal and semi-annual interest
of interest, in a
Dated Nov. 1, 1937.
payable
National Bank of Boston.
The notes will be certified
as to their genuineness by the Director of Accounts, Department of Corpo¬
ration and Taxation, Commonwealth of Massachusetts.
at the Merchants
ASCENSION PARISH (P. O.
to
$1,000.
1938 to
to 1943.
Denom*
SALE—The water board recently voted
sale of $108,000 2M% water system
bonds,
to mature
MARYLAND
GEORGES COUNTY (P. O. Upper Marlboro), Md.—
BOND SALE—The $250,000 coupon school bonds offered on Nov. 9—
V. 145, p. 2725—were awarded to Halsey, Stuart & Co. of New York on a
bid of 100.57 for 3s, a basis of about 2.95%.
Dated Nov. 1,1937. Due
Nov. 1 as follows: $5,000, 1939 and 1940; $10,000, 1941 to 1958, and $12,000, 1959 to 1963.
Braun, Bosworth & Co., Toledo; Y. E. Booker & Co.,
Washington, and W. W. Lanahan & Co., Baltimore, joined in submitting
the second high bid, offering 100.39 for 3s.
PRINCE
WATERTOWN,
Mass .—BOND OFFERING—Harry W.
Brigham,
will receive bids until 3:30 p. m. Nov. 15 for the purchase
than par of $50,000 coupon municipal relief loan bonds.
Bidders
are to specify rate of interest,
in a multiple of lA%.
Denom. $1,000.
Dated Nov. 1, 1937.
Prin. and semi-ann. int. (May 1 & Nov. 1) (paya¬
ble at the First National Bank of Boston, in Boston.
Due $10,000 yearly
on Nov. 1 from 1938 to 1942.
These bonds will be valid general obligations of the Town of Watertown,
exempt from taxation in Massachusetts, and all taxable property in the
town will be subject to the levy of unlimited ad valorem taxes to pay both
principal and interest.
These bonds will be engraved under the supervision of and authenticated
as to their genuineness by The First National Bank of Boston.
The favor¬
able opinion of Storey, Thorndike, Palmer & Dodge as to the validity of
this issue will be furnished without charge to the purchases.
The original
opinion and the complete transcript of proceedings covering all details re¬
quired in the proper issuance of the bonds will be filed with The First Na¬
tional Bank of Boston, where they may be inspected.
Bonds will be delivered to purchaser at The First National Bank of
Boston, 17 Court Street Office, Boston, on or about Nov. 22, against pay¬
ment in Boston funds.
Financial Statement, October 15, 1937
Assessed valuation for year 1936 (including motor vihicle excise)$54,938,015
Total Bonded Debt (not including this issue)
1,162,000
Town Treasurer,
at not less
^
6,000
Water Bonds_--__.__—.
Population (estimated)
35,827.
MASSACHUSETTS
BOSTON, Mass.—BOND OFFERING—John
urer, will receive bids until noon Nov. 15 for the
par of the following serial bonds:
We
H. Dorsey, City Treas¬
purchase at not less than
MICHIGAN MUNICIPALS
$2,257,000 municipal relief loan, Act of 1937, bonds, issued under authority
of Orders of the City Council dated Sept. 28, 1937, and Oct. 20,
1937.
Due annually on Dec. 1 as follows: $226,000, 1938 to
1944, and $225,000, 1945 to 1947.
50,000 Boston Airport improvement loan, Act of 1931, bonds, issued
under authority of Order of the Council of June 29, 1937.
Due
$5,000 yearly on Dec. 1 from 1938 to 1947.
interest, in a multiple of A %.
A1 loans will
bond certificates of $1,000 each, with interest payable
semi-annually on June 1 and Dec. 1 at the office of the City Treasurer,
Boston.
In comparing bids, preference will be given to the bidder whose
bid provides for the lowest net interest cost to the city (total interest for the
duration of the loan from Dec. 1, 1937, less the amount of premium bid).
The bonds will oe dated Dec. 1, 1937, and will be ready for delivery and
Buy for Our Own Account
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
A. T. T. Tel.
DET 247
Bidders are to name rate of
be issued in coupon
payment on or
about Dec. 15, 1937.
Interest wil
begin Dec. 1, 1937.
MICHIGAN
BENTON HARBOR, Mich.—BOND
to
SALE—The issue of
$20,000 water
awarded
bonds offered Nov. 1—V. 145, p. 2726—was
E. W. Cress & Co. of Benton Harbor, as 4s, at par plus a premium
works junior revenue
of
3230
Financial
Chronicle
$46, equal to 100.23, a basis of about 3.96%.
Dated Oct. 1, 1937 and due
$2,500 on Oct. 1 from 1940 to 1947, incl.
A bid of par and a premium of
$27 was made by the Channer Securities Co. of Chicago.
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWN¬
SHIPS SCHOOL DISTRICT NO. 1, Mich.—REFUNDING COMPLETED
Cutler, Hubble Co., Penobscot Bldg., Detroit, report under recent date
that only two bonds have not been accounted for in the refinancing of the
district's bonded debt, and that interest is paid to date.
In addition, the
certificates of indebtedness issued pursuant to the refunding plan are be¬
ing retired in orderly manner.
HOLLAND, Mich.—BOAT) OFFERING—Oscar Peterson, City Clerk,
will
receive sealed
bids until 7:30 p.
17 for the purchase of
$13,365 not to exceed 5% interest, special assessment street improvement
bonds.
Dated Nov. 1, 1937.
Denoms. $1,000 and $485.
Due $1,485
on Feb. 1 from 1939 to 1947 incl.
Int. payable annually on Feb. 1.
The
bonds are part of a total issue of $14,863.27, of which $1,498.27 due on
Feb. 1, 1938 will not be sold.
m.
on
Nov.
HOUGHTON, Mich.—BOND SALE—The $20,COO 4% refunding bonds
offered on Nov. 4—V. 145, p. 2889—have been awarded to J. H.
of Houghton and the Houghton National Bank of
Houghton, each
$10,000 bonds at a price of 101.50.
yearly on Sept. 1 from 1938 to 1942.
LEXINGTON.
Oct.
29
approved
Dated Sept.
1937.
1,
Knauf
taking
Due $4,000
Mich.—BONDS VOTED—'The voters of the village on
a proposition calling for the issuance of $34,500 water
works bonds.
MICHIGAN, (State of)—SINKING FUNDS OF $50,000,000 AVAIL¬
AGAINST $72,000,000 DEBT— Retirement of more than $3,000,000
Michigan's bonded indebtedness in the past two months has reduced the
State's debt to approximately $72,500,00(5, Theodore I. Fry, State Treas¬
urer, pointed out in a discussion of the States fiscal condition.
ABLE
of
Bonds of the State, the treasurer said, are selling close to those of the
best grade State bonds throughout the nation, and this he attributed to
strongly entrenched sinking fund and the fact that the State consistently
Nov.
MONTI
CELLO, Miss.—BOND OFFERING—Joseph
will receive
Dale, Town Clerk,
bids until 10 a. m. Nov. 19 for the purchase of an issue of
registered water works and fire department bonds.
Dated
1937,
Prin. and semi-ann. int. (May 1 & Nov.
1) payable at
Treasurer's office.
Due annually as follows: $500, 1938 to 1941;
$30,000
Nov.
5%
1.
Town
$1,090,
1942 to
1944; $2,000,
1945;
$1,000,
1946; $2,000, 1947 to 1952;
in inverse order on
premium of 34% for each year
234%.
Sale will be made subject to
$3,000, 1953 and 1954, and $4,000 in 1955; redeemable
any interest payment
or
date at par plus
part of a year, but not to exceed
a
approval of the State's Bond Attorney.
PASCAGOULA RURAL SEPARATE SCHOOL DISTRICT
(P. O.
Pascagoula), Miss.—BONDS TO BE SOLD TO PWA—It is stated by the
County Superintendent of Schools that the $100,000 school building bonds
approved by the voters on Oct. 30, will be purchased by the Public Works
Administration, as 4s at par.
SENATOBIA SEPARATE SCHOOL DISTRICT
(P. O. Senatobia),
Miss.—BOND OFFERING—Sealed bids will be received until 2
p. m. on
Nov.
17, by Harper Johnson, Town Clerk, for the purchase of
a
$57,000
issue of 4% building bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Due
Mar. 1 as follows: $2,000, 1938 to 1942;
$3,000,1943 to 1957, and $2,000
in 1958.
The Town reserves the right to buy at par and accrued interest
the $2,000 bonds maturing on Mar.
on
1, 1938.
These bonds are part of the
$65,000 issue of bonds approved at the election on May 10, as noted in
these columns, and will be sold subject to the
approving opinion of Charles
& Trauernicht, of St. Louis.
The cost of attorney's fees and of
furnishing
prepared bonds may be included as an item of the bid.
Int. payable
(M. & S.).
This issue will be the only indebtedness of the district, the
assessed valuation of which
was
a
$1,193,625 in 1936.
TUNICA COUNTY SUPERVISORS' DISTRICT NO. 2
(P. O. Holly¬
met its
obligations during the depression years and in addition made sub¬
stantial additions to the sinking funds.
Although the State government has outstanding bonds of more than
$72,000,000, it also has nearly $50,000,000 in cash and securities on hand
with which to pay these obligations when due.
The State's net bonded
debt might thus bo stated as being some $22,000,000, rather than
$72,000,000, approximately.
Earnings of the State sinking funds average about 4 %, or some $2,000,000
a year.
State bonds, unlike federal bonds, are not callable before maturity.
While some short term maturities yield (because of their attractiveness as
relatively brief investments) as little as 1.6%, many of the State's older
issues carry interest rates as high as 5M %
On Nov. 1, the State retired the last of the original war loan
bonds, the
issue being floated for $3,000,000 in 1917, to assist civilian officers to
pur¬
chase their military equipment.
In 1927, the State refunded $2,250,000
of this issue, maturing Nov. 1 last.
A month ago, the State treasurer paid $1,000,000 of the 1919
highway
bond issue of $50,000,000.
The State administrative board recently au¬
thorized Mr. Fry to pay off the last of the State Fair
$1,000,000 bond issue
of 1923.
These recent payments reduced the total bond debt of the State
to $72,419,000; sinking fund reserves total
$50,408,346.89.
Outstanding
highway bonds total $47,419,000; the soldiers' bonus bonds stand at $25,000,000.
1937
13
KEMPER COUNTY (P. O. De Kalb), MiBONDS SOLD— The
$70,000 4M% semi-ann. refunding bonds that were
approved as to legality
recently by Charles & Trauermcht, of St. Louis, as noted in these columns
—V. 145, p. 3045—are said to have been
purchased by the First National
Bank of Memphis, for a premium of $85.
wood), Miss.—MATURITY—In
connection with the sale of the $15,000
bridge bonds to the Planters Bank of Tunica, as 334s, at par,
here recently—V. 145, p. 2890—we are now informed that the
bonds mature as follows: $2,000 on April 1 from 1938 to
road and
noted
as
1943, and $3,000
in 1944.
•
NILES,
MISSOURI
Mich.—BOND OFFERING—Walter
Enger, City Clerk, will
Nov. 18 for the purchase of $230,000
4% self-liquidating sewer revenue bonds.
Dated Oct.
1, 1937.
Due
Oct. 1 as follows: $6,000, 1940 and 1941; $7,000, 1942 to 1945
incl.; $8,000,
1946 and 1947; $9,000, 1948 to 1950 incl.; $10,000, 1951 to 1954
incl.;
$11,000 in 1955, and $12,000 from 1956 to 1963 incl.
Principal and interest
(A. & O. payable at the City Treasurer's office, or at the First National
Bank of Niles.
Proceeds or the issue, together with a PWA
receive sealed
bids until 8 p. m.
of
grant
$166,910, will be used in the construction of a sewage disposal plant and sys¬
tem of intercepting sewers.
They are not general obligations of the city,
being payable solely from revenues of the sewer system.
The legal opinion
and cost of printing the bonds to be paid for
by the successful bidder.
(This report of the offering supersedes that given in a previous issue.)
OAKLAND
COUNTY
(P.
O.
Pontine),
Mich.—REFUNDING
AGREED FOR ROYAL OAK DRAINAGE DISTRICT
Wedge, County Drain Commissioner, reports that
reached with the bondholders'
will refund $2,986,000 534%
LEMAY FERRY SANITARY SEWER
on
DEBT—Henry W.
an agreement
Protective Committee
Bidders are to specify rate of interest, in a
multiple of 34%Denom.
$1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (Feb. 1
and Aug. 1) payable at a place to be
designated by the purchaser, subject
to approval of the Board of Trustees.
Due on Feb. 1 as follows: $4,000,
1940; $5,000, 1941; $6,000, 1942; $7,000, 1943; $8,000, 1944 and 1945;
$9,000, 1946 and 1947; $10,000, 1948, 1949 and 1950; $11,000, 1951 and
1952; $12,000, 1953, 1954 and 1955, and $13,000, 1956 and 1957.
Cer¬
tified check for $3,000, payable to the district,
required.
The district will
furnish the legal opinion of Charles & Trauernicht of St. Louis and will
pay
for printing the bonds and for the registration fee at the office of the State
Auditor.
has been
whereby the county
Royal Oak Drainage District bonds
over
a
period of 30 years.
The new bonds will bear interest at 3% for the first
10 yeans, 4% for the next five
years, and 4)4 % for the remaining 15 years.
Accrued interest
amounting to about $980,000 will bo cared for through
the issuance of
non-interest-bearing certificates of indebtedness maturing
in 1947.
Although the plan has not as yet been approved by the State
Debt Commission, Mr.
Wedge states that no objection from that source
PACIFIC CONSOLIDATED SCHOOL DISTRICT (P. O.
Pacific),
Mo.—BOND ELECTION HELD VALID—It is reported
by E. W. Gross,
Secretary of the Board of Education, that the State Supreme Court on
Nov. 4 declared valid the election held on Apr. 20, at which the voters
approved the issuance of $42,000 in construction bonds.
PLEASANT
bonds
is anticipated.
was
HILL, Mo .—BOND SALE—An issue of $13,500" paving
sold recently to the Pleasant Hill Bank at a
price of 103.50.
THOMASVILLE
ADDITIONAL REFUNDINGS
DISTRICT, St. Loui. County,
Mo.—BOND OFFERING—Henry Pohlman,
Secretary, Board of Trustees,
will receive bids at 152 Lemay Ferry
Road, St. Louis County, until 8 p. m.
Nov. 12 for the purchase at not less than par of
$170,000 sewer bonds.
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
ther states that the county at
present is negotiating with the bondholders'
committee to refund 235,000 Acacia Park
Drain
Thomasville) Mo.—BOND SALE CLNTEMPLATED—11 is reported by
J. L. Edwards, Clerk of the Board of
Education, that the district has ready
for sale a $9,500 issue of construction bonds.
Campbell Road and Red Run Improvement
Drain, 6% bonds, $230,000
East Clawson S. S. Drain
5H% bonds, $168,000 Lawson Drain 6% bonds,
and $50,000 Royal Oak No. 3 Drain
6% bonds.
No agreement has been
reached as yet as to the rates of
interest.
UNIVERSITY CITY, Mo.—BOND OFFERING—We are informed by
E. L. Bruns, City Clerk, that sealed bids will be received
by the Board of
Aldermen until 8 p. m. on Nov. 17, for the
purchase of a $25,000 issue of
CONTEMPLATED—Mr.
6%
Wedge fur¬
bonds,
$321,000
WAYNE
COUNTY (P. O. Detroit), Mich.—BONDS NOT
SOLD—
$802,000 issue of 4% coupon semi-ann.
garbage disposal system
bonds offered on Nov,
12, was not sold as no bids were received
for the purchase of these bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due on Jan. 1 as follows:
$66,000, 1940; $70,000, 1941; $74,000, 1942 and
*943;. $82,000, 1944 and 1945; $87,000 in 1946 and $89,000 from 1947 to
The
revenue
1949 inclusive.
has ordered
be
held Nov. 22 for the
purpose of voting on a proposal to
$120,000 sewage disposal plant bonds.
issue
™FR£°£ST9,N' Mi.nn.—WARRANT
receive
bids until Nov.
improvement warrants.
as
23
informed by the District Clerk
that no election was
Nov. 2 to vote on the issuance of
$31,000 in school building bonds,
reported would be held in a recent issue—V.
145, p. 2889.
we
awarded to the
indebtedness
offered
SALE—The $1,055.20 4%
on
Nov.
KELLOGG, Minn.-
BOND
m*
I?
rinn
$1,000.
145,
p.
coupon
2727—were
SCHOOL DISTRICT
NO.
89
Wcdcome), Minn.—BOND OFFERING—L. E. Wilkinson, Clerk,
kill receive bids until 8 p. m. Nov. 23 for the purchase of
TV€^f oil Jan.
bonds Interest rate is not to exceed 3%. Denom.
Dated budding 1938.
1,
Interest payable
semi-annually. Due yearly
to 1953 and $3,000 in 1954;
t8 payment date. Bonds will be made payable at any suitable
v, coJ?.pai?y'named by
payable to the District, required. the purchaser. Certified check for $700,
Approving opinion of Junell, Fletcher,
wMnhw-nai
Colman of Minneapolis will be furnished by the district,
which will also supply the executed
nnJnavii?loWs: S2 000 1940
redeeffile
bonds.
WELCOME
struction
of an
MONTANA
SCHOOL
DISTRICT,
£?
Minn.—BONDS
addition toVOterl aPP™ved a
a school
building.
FLATHEAD AND LAKE COUNTIES SCHOOL
(P.
DISTRICT
NO.
38
O.
Bigfork) Mont.—BOND SALE—The $15,000 issue of registered
building bonds offered for sale on Nov. 8—V. 145, p. 1936—was
purchased by the State Board of Land Commissioners, at par plus accrued
interest for 4^s. No other bid was received, according to the District Clerk.
school
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 16 (P. O. Bainville, Mont.—BONDS NOT SOLD—The $6,000 issue of school bonds of¬
on Nov. 8—V. 145,
p. 2890—was not sold as no bids were received,
according to the District Clerk.
Interest rate was not to exceed 6%,
payable J. & D.
fered
OFFERING—Jerry Keenan, Village Clerk,
v' ^ ^or
Purc'iase an issue of $18,000
rpMnRw^i C°VNTY ^DEPENDENT
;
2—V.
Security National Bank of Hopkins.
^wagesj^tenfbonds
Sv.
district prior to and subject to the election.
M. Loken,
for the purchase of $1,616.30
(P. O. Fairmont), Minn.—COR¬
^.OPKINS, Miinn.—-CERTIFICATE
of
Delivery
OFFERING—Bergetta
on
certificates
printing of the
bonds and the registration fee at the office of the State Auditor.
be made on or before Dec. 10. All bids must be made on a form
supplied
by the above-named Clerk.
A certified check for $500, payable to the
city, must accompany the bid.
Certified check for 2%, required.
FAfRMONT SCHOOL DISTRICT
RECTION—We are
i?
held
bonds shall bear interest at the same rate.
Bonds will be sold at not less
than par and accrued interest.
The city will furnish the legal opinion of
Charles & Trauernicht, of St. Louis, and will
pay for the
WEST PLAIN SCHOOL DISTRICT, Mo.—BOND SALE—The $50,000
school building bonds approved by the voters on Oct. 29 were sold
by the
MINNESOTA
City Clerk, will
Denom. $1,000. Dated Nov. 15, 1937. Due on
as follows: $4,000,1952 to 1956, and $5,000 in 1957.
Prin. and int.
(J. & J. 15) payable at the St. Louis Union Trust Co., St. Louis. Interest
rate is to be specified by the bidder in
multiples of M of 1 %, and all of said
will
YPSILANTI, Mich.—BOND ELECTION—The City Council
an
election
to
bridge and culvert bonds.
Jan. 15
VOTED—At
$31,000 bond issue for
a
con-
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 17 (P. O. Colbertson), Mont.— BOND OFFERING—Oliver Lab, District Clerk, will receiv6
bids until 8p.m. Dec. 1 for the purchase of an issue]of $7,000 gymnasiumauditorium construction bonds.
Interest rate is not to exceed 6%.
Bonds
will mature
1937.
eighter serially
or
on
the amortization plan.
Dated Dec.
1,
Interest payable June 1 and Dec. 1.
SHERIDAN
SCHOOL
DISTRICT, Mont.—BONDS VOTED—At an
proposition to issue $32,000 school building bonds
approved by the voters.
election held on Oct. 30 a
was
THREE FORKS, Mont.—MATURITY—In connection with the sale
$32,000 4% semi-annual water main bonds to the Public Works
Administration, at par, as noted in these columns recently—V.145, p.
2728—it is stated by the City Clerk that the bonds mature on Sept. 1, 1957.
of the
WHEATLAND COUNTY SCHOOL
DISTRICT NO.
16
(P. O. Har-
lowton),
MISSISSIPPI
ABERDEEN, Miss.
BONDS AUTHORIZED—On Oct.
7 the Board
authorizing the issuance of $25,000 street
of Aldermen passed an ordinance
repair bonds.
OFFERING—It
a
cnini received until Nov. 19 by
issue of
$75,000
refunding bonds.
is reported that sealed
the City Clerk for
the purchase of
Mont.—BOND SALE—The $55,000 school building bonds offerred on Nov. 9—V. 145, p. 2728—were awarded to the State Board of
Land Commissioners as 3.70s.
Dated June 1, 1937.
Kalman & Co. of
St. Paul bid for 3 Ms.
NEBRASKA
HASTINGS,
Neb.—BONDS AUTHORIZED—On Oct. 25 the City
Council adopted an ordinance authorizing the issuance of $35,000
refunding
onds.
Volume
Financial
145
Rutherford National Bank, Rutherford, $25,000
ized issue of $350,000) 4]A% refunding bonds of
HAMPSHIRE
NEW
3231
Chronicle
HILLSBOROUGH COUNTY (P. O. Manchester). N. H.—BOND
OFFERING—As already reported in these columns—V. 145, p. 2890—the
County Commissioners will receive bids until 3p.m. Nov. 22 for the pur¬
chase at not less than par of $25,000 3% coupon farm and hospital bonds.
Denom. $1,000.
Dated Oct. 18, 1937.
Prin. and semi-ann. int. (May 1
& Nov. 1) payable at the Manchester Trust Co., Manchester.
Due $5,000
yearly on Nov. 1 from 1938 to 1942.
These bonds will be engraved under
the supervision of and certified as to genuiness by The Manchester Trust
Co. of Manchester, N. H., will bear on face a certificate of registration
signed by the Clerk of the Superior Court of said County, and their legality
will be approved by Ropes, Gray, Boyden and Perkins of Boston, Mass.,
whose legal opinion will be furnished the purchaser.
the bonds will cease to
on
SAYREVILLE,
N. J .—NOTE SALE—The Borough
$42,000 on temporary notes from the First National Bank
anticipation of the issuance of $42,000 sewer bonds.
determined by the State Tax
Commission, as of Apr. 1, 1937, was $157,645,614.
The valuation of County property as given by the Board of County
Commissioners Dec. 31, 1936, was $1,051,027.24.
Outstanding funded
debt $1,280,000.
The bonds will mature serially from
57
WILLIAM
Ingen & Co. Inc.
YORK
Other bids were as follows:
J.
Seligman & Co
W.
&
Newark Tel.: Market 3-3124
NEW
CHILI AND BRIGHTON COMMON SCHOOL DISTRICT NO. 9
(P. O. Scottsville), N. Y.—BOND OFFERING—Dora Curtice, District
Clerk, will receive sealed bids until 12:15 p. m. on Nov. 16 for the purchase
of $74,000 not to exceed 4% interest coupon or registered building bonds.
Dated Nov. 15, 1937.
Denom. $1,000.
Due Nov. 15 as follows: $2,000
from 1938 to 1953 incl. and $3,000 from 1954 to 1967 incl. Bidder to name
one rate of interest, expressed in a multiple of \i or 1-10th of 1 %.
Principal
and interest (M. & N.) payable at the Union Trust Co., Rochester, with
New York exchange.
The bonds are direct general obligations of the
district, payable from unlimited taxes. A certified check for $1,200, payable
to the order of Gerald Phelps, District Collector, must accompany each
proposal.
The approving legal opinion of Clay, Dillon & Vandewater£of
New York City will be furnished the successful bidder.
Colyer, Robinson $ Company
INCORPORATED
MArket 3-1718
Raymond Blvd., Newark
1180
A. T. & T. Teletype
NWRK 24
York Wire:
New
REctor 2-2055
JERSEY
NEW
TOWNSHIP, N. J.—BONDS APPROVED—The State
Funding Commission has approved the proposal calling for the issuance of
$40,000 refunding bonds, with the understanding that the ordinance include
provision for a full cash basis.
DELANCO
DISTRICT, N. J.—BOND OFFERING—
receive sealed bids until 8 p. m.
exceed 6% interest coupon
or
registered school bonds.
Dated Nov. 1, 1937.
Denom. $1,000.
Due Nov. 1 as follows:
$2,000 from 1938 to 1950 incl., and $3,000 in
1951 and 1952.
Rate of interest to be expressed in a mulitple of
or
1-10 of 1 %.
Bids for less than all of the bonds may be submitted, provided
that those bid for are the first maturing and the amount bid equals or
exceeds $32,000.
Principal and interest (M. & N.) payable at the First
National Bank, Eatontown.
A certified check for 2% of the bonds bid
for, payable to the order of the District Clerk, must accompany each
proposal.
The approving legal opinion of Caldwell & Raymond of New
York City will be furnished the successful bidder.
Bids to be on forms
available at the District Clerk's office.
(These are the bonds for which no bids were submitted at a previous
EATONTOWN
Nov.
SCHOOL
Roberts, District Clerk, will
Richard B.
on
19 for the purchase of $32,000 not to
HAMBURG COMMON SCHOOL
Y.—BOND OFFERING—Henry
ceive bids until 3:30 p. m.
DISTRICT NO. 2, TOWN OF INDIAN LAKE
Lake), N. Y.—BOND SALE—The $16,500 coupon
registered building and apparatus bonds offered on Nov. 5—V. 145, p.
2891—were awarded to the Manufacturers & Traders Trust Co., Buffalo,
as 35^s, at a price of 100.156, a basis of about 3.72%.
Dated Oct 1,1937
and due Oct. 1 as follows: $1,500 from 1938 to 1942 incl.; $2,000 from 1943
to 1946 incl., and $1,000 in 1947. The First National Bank of Old Forge
bid a premium of $16 for 3.90s, and the North Creek National Bank of¬
INDIAN LAKE FIRE
(P. O. Blue Mountain
or
fered par
RUTHERFORD, N. J .—BONDS
APPROVED—Proposal of the
bonds has been approved by
FAIRFIELD TOWNSHIP, N.
J .—BONDS AUTHORIZED—'The
1946
State
ordinance providing for the issuance
the township of $29,000 funding bonds.
Funding Commission has approved an
by
LEE, N. J.—ASSENTS TO REFUNDING
of the Municipal Finance Commission
FORT
the
minutes
PLAN—According to
him to
for the
Oct. 8.
Sinking Fund Commission, the aggregate
Including holdings of the State
amount thus far agreeable is $758,500.
At the same meeting, counsel for the Commission was requested to apply
to the Supreme Court for an order providing for distribution in proportionate
interest to creditors of the free balance in the hands of the borough available
for payment in conformity with the terms of certain writs of mandamus
outstanding.
GLASSBORO, N. J .—BONDS APPROVED—'The State Funding Com¬
approved the plan for the issuance of $198,000 general refunding
bonds.
The borough has advised that the issuing expense will not exceed
$1,980.
The issue will mature as follows: $5,000, 1942 to 1944 incl.; $15,000,
1945; $20,000, 1946; $18,000. 1947; $20,000, 1948; $25,000 from 1949 to
1952 incl. and $10,000 in 1953.
mission has
HADDONFIELD, N. J.—BOND CALL—J. Ross Logan, Borough Clerk,
that the following described bonds have been called for payment
and accrued interest on Dec. 1, 1937, at the Haddonfield National
Bank, Haddonfield:
Nos. D-5 to D-8, and numbers 90 to 96, maturing June 1, 1940.
Nos. D-13 to D-16, and numbers 107 to 112, and 114 and 115, maturing
announces
at par
to
1944 incl.
(F. & A.)
of holder
National Bank, New York City. A certified check for 2% must
accompany each proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow of New York City will be furnished the successful bidder.
the Chase
Financial Statement
Assessed valuation
Total bonded debt
suggested that a date be set for a conference with William H.
Albright, State Treasurer, to discuss the proposal, according to report.
The township has a gross debt of $821,4o9, excluding school bonds.
The
total includes $144,700 4s which would not be included in the plan.
mitteeman,
J.—BONDS APPROVED—The State Funding
Commission has approved the proposal looking toward the issuance by the
borough of $117,000 funding bonds in 1937.
The bonds will bear 4Yt% interest and mature serially from 1938 to 1967
LINDENWOLD,
N.
franchises
---------
8,500
:
-
Tax Collection Report
$19,903,505
1,504,000
1936-37
1935-36
1934-35
1933-1934
:__S177,119.00 $182,307.50 $191,632.50 $197,026.22
Uncofl'd end fiscal year.
None
None
None
None
Uncoll'd on Aug. 2, 37None
None
None
None
Fiscal Year—
Levy■
_
JOHNSON CITY, N. Y.—BOND OFFERING—C. R. Nimmons, Village
Clerk will receive bids until noon Nov. 15 for the purchase of an issue
$15 000 coupon or
registered street improvement
bonds.
of
Bidders are to
interest, not in excess of 5%.
Denom. $1,000. Dated
Nov
1
1937. Prin. and semi-ann. int. (Jan. 1 & July l)payable at the
Workers Trust Co., Johnson City.
Due 1942. Cert, check for $300 re¬
quired.
Legality approved by Clay, Dillon & Vandewater
rate
name
of
of New York.
(P. O. Schenectady), N. Y —BOND OFFERING—
Rov E
Whamer, Town Supervisor, will receive sealed bids at the offices
of Roy'W. Peters, 505 State St., Schenectady, until 11 a. m. on Nov. 19
for the purchase of $94,966.85 not to exceed 6% interest coupon or regis¬
tered bonds, divided as follows:
NISKAYUNA
Water District No. 5, Extension, bonds.
One bond for $600,
$500 each.
Due May 1 as follows:
$1,600 in 1938,
from 1939 to 1956, incl.
366.85 Sewer District No. 1, Extension bonds.
One bond for $366.85,
others $500 each.
Due May 1 as follows:
$3,366.85 in 1938,
and $3,500 from 1939 to 1956, incl.
$28 ' 600.00
*
others
and $1,500
'
Each
The
is dated Nov.
all of the bonds,
issue
interest for
bonds are
assessments on
1, 1937. Bidder to name a single rate of
expressed in a multiple of
or 1-10 of 1%.
general obligations of the town,
various parcels
payable primarily from
of property in the respective
districts, but
will be
both
payable at the
exchange. A
taxable
order
paid from that source, then all of the town's
property
subject to the levy of unlimited ad valorem taxes in
to pay
principal and interest.
Bonds and M. & N. interest
Schenectady Trust Co., Schenectady, with New York
certified check for $1,900, payable to the order of the town, must accom¬
if not
pany
each proposal.Legal opinion of Clay,
furnished the successful bidder.
Dillon & Vandewater of New
York will be
inclusive.
NORTH PLAINFIELD, N. I.—BOND SALE—The $20,000 coupon or
registered emergency relief bonds offered on Nov. 5—V. 145, p. 2891—
were awarded to Van Deventer, Spear & Co. of Newark, as 2%s, at par
plus a premium of $39.40, equal to 100.197, a basis of about 2.70%.
Dated
Nov. 1, 1937.
Due Nov. 1 as follows: $3,000, 1938 to 1943; and $1,000,
1944 and 1945.
H. B. Boland & Co. of New York bid a premium of $24
for 2%s.
OCEAN CITY, N. J.—BOND CALL—Henry Roeser
Revenue and Finance, announces that pursuant to
loan, the city will redeem on Dec. 1, 1937,
City, or at the City Treasurer's office, the
the issue
real property, incl. special
(incl. this issue)
Population, estimated-
66
°
136, maturing June 1, 1941.
LAKEWOOD TOWNSHIP, N. J.—CONSIDERS REFUNDING PLAN
—After considering at a recent meeting a refinancing plan prepared by the
Auditor of the State Sinking Fund Commission, Sam Kite, Finance Com*
of
interest coupon or registered school building bonds of 1937.
1,1937. Denom. $1,000. Due Aug. 1 as follows: $26,000,1939
$32,000, 1945 to 1950 incl.; $36,000, 1951 to 1957 incl. and
$39 000 from 1958 to 1967 incl. Bidder to name one rate of interest, ex¬
pressed in a multiple of M or l-10th of 1 %. Principal and Interest
payable at the South Side Bank of Bay Shore, or at option
at
Dated Aug.
to
1940.
Nos.'126
FREE SCHOOL DISTRICT NO. 1 (P. O. Bay Shore),
OFFERING—Glenn Hendrickson, District Clerk .(will receive
10:30 a. m. on Nov. 19 for the purchase of $990,000 not to
sealed bids until
meeting of Oct. 29,
Secretary G. C. Skillman reported that there had been filed with
date assents by holders of $285,500 bonds to the refunding plan
borough which was promulgated by the Commission under date of
Dec. 1
N. Y.—BOND
exceed 5%
1938 and 1939; $20,000, 1940
1943 and 1944; $30,000, 1945; $35,000 from
1948, incl. and $35,400 in 1949.
1942 incl.; $25,COO,
to
for 3.90s.
ISLIP UNION
borough to issue $290,400 general refunding
the State Funding Commission.
The bonds will mature as follows: $5,000,
to
DISTRICT NO. 3 (P. O. Hamburg),
B. Caudwell, Sole Trustee, will re¬
Nov. 15, for the purchase of $2,640 registered
school bus bonds.
Bidders are to name rate of interest, not to exceed 4%.
Denom. $500, except one for $640.
Dated Dec. 1, 1937. Prin. and semiann. int. (June 1 & Dec. 1) payable at the Bank of Hamburg or the Peoples
Bank of Hamburg.
Due $500 yearly on Dec. 1 from 1938 to 1941; and
$640 Dec. 1, 1942.
Cert, check for $500, payable to the Sole Trustee, re¬
quired.
Approving opinion of Deane H. Andrew, attorney for the district,
will be supplied to the purchaser.
N.
offering on Oct. 25.)
"EAST
100.518
DISTRICT NO. 12 (P. O. Bath), N. Y.—
BOND OFFERING—Mrs. Lottie Walker, District Clerk, wilt receive bids
until 2 p. m. Nov. 12 for the purchase at not less than par of $5,000 coupon,
fully registerable, school site bonds. Bidders are to name rate of interest,
in a multiple of
% or 1-10%, but not to exceed 6%. Denom. $500. Dated
Oct. 1 1937. Principal and annual interest (Jan. 1) payable at the Farmers
& Mechanics Trust Co.
in Bath. Due $500 yearly on Jan. 1 from 1939 to
1948. Certified check for $100 payable to the District required.
BATH COMMON SCHOOL
MUNICIPAL BONDS
JERSEY
100.079
100.005
3.25%
Peoples Bank, Hamburg
A. T. & T.: N. Y. 1-730
Rate Bid
Int. Rate
2.70%
...3.20%
Bidder—
Manufacturers & Traders Trust Co
Telephone: John 4-6364
N. Y.
J.—BOND SALE DETAILS
—Appropos of the report in these columns some time ago of the sale of
$120,000 bonds to the Teachers' Pension Fund, Trenton, we are advised by
Edward F. Rapp, District Clerk, that the amount was $101,000. The bonds,
issued for funding purposes, bear 4% interest and were sold at par.
ANGOLA, N. Y.—BOND SALE—The $10,000 coupon or registered
general obligation judgment bonds offered on Nov. 9—V. 145, p. 3046—
were awarded to the Marine Trust Co. of Buffalo, as 2j^s, at a price of
100.147, a basis of about 2.45%.
Dated Nov. 1, 1937 and due $2,000 on
Nov. 1 from 1938 to 1942 incl.
and General Market Issues
STREET,
1938 to 1950 incl.
WOOD-RIDGE SCHOOL DISTRICT, N.
NEW
MUNICIPAL BONDS
B. J. Van
has borrowed
of Sayreville in
ISSUE REPORT—In
J.—BOND
N.
TOWNSHIP,
WASHINGTON
Interest
1943.
announcing acceptance of the plan for formal consideration, the State
Funding Commission stated that in connection with its proposal to issue
$26,000 funding bonds, the township is accepting a full cash basis and has
agreed to keep the issuing expense within $400.
The valuation of Hillsborough County, as
New Jersey
(being part of an author¬
1934, dated Dec. 1, 1934,
both inclusive, due Dec. 1,
accrue after Dec. 1.
being numbers 256 to 280,
dated Dec. 1, 1933:
Jr., Commissioner
the terms of the
Bank of Ocean
following 6% airport bonds of
at the National
Numbers 29 to 82, both
inclusive.
PARK,
N. J.—BOND CALL—Amelia H. Hackett,
Borough Collector-Treasurer, announces that, pursuant to its option,
the city will redeem at par and accrued interest on Dec. 1, 1937. at the
PALISADES
Village
Village
22 for the
Y.—BOND OFFERING—James H. Adams,
sealed bids at the office of Leroy B. Iserman,
OCEAN BEACH, N.
Clerk, will receive
Attorney,
39 Broadway, New
York City, until noon on Nov.
Surchase of $18,000 not to exceed 6% 1937. Denom. $1,000. Due general
nprovement bonds.
Dated Nov. 1, interest coupon or registered Nov. 1
as
follows:
and $1,000 in 1946 and 1947.
all of the bonds, expressed in a
Prin. and int. (M. & N.) payable at the
1938 to 1945 incl.
single rate of interest on
$2,000 from
Bidder to name a
multiple of y* or l-10th of 1%.
South Shore Trust Co., Rockville
exchange. The
unlimited taxes.
must accom¬
Caly, Dillon & Van¬
bidder.
W ONEIDA, N. Y.—BOND OFFERING—Walter C. Hubbard, City Clerk
will receive sealed bids until 4 p. m. on Dec. 7 for the purchase of $45,000
bonds
are
general obligations of
Centre, with New York
the village, payable from
certified check for $360, payable to the order of the village,
pany each proposal.
The approving legal opinion of
dewater of New York City will be furnished the successful
A
3232
not
to
Financial
Chronicle
exceed 5% Interest coupon or registered water refunding bonds.
Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1 as follows: SI,000.
Dated
Nov.
1937
13
which a sinking fund has been set
up that will be sufficient to take
the bonds at maturity.
1938; $2,000, 1939; $5,000, 1940 to 1945 incl., and $6,000 inl946 and 1947.
Bidder to name a single rate of interest, expressed in a multiple of % or
l-10th of 1%.
Prin. and int. (J. & D.) payable at the Chase National
Bank, New York City.
The bonds are general obligations of the city, pay¬
able from unlimited taxes. A certified check for $900, payable to the oredr
of the city, must accompany each proposal.
Legal opinion of Clay, Dillon
Concord has
on any
never
bond.
care
of
defaulted In the payment of
any bond, or any interest
,
As stated in the sale notice, each of the
five ordinances authorizing the
now offered was
approved by the vote of a
bonds
majority of the qualified
voters of the
City of Concord who voted at an election held Oct. 5, 1937.
The vote upon each of said ordinances was:
213 votes for the $22,000 sani¬
tary sewer bonds and 18 votes against; 212 votes for the
$4,000 sidewalk
bonds and 18 votes against; 212 votes for the
$43,000 street improvement
bonds and 17 votes against; 212 votes for
the $21,000 street improvement
& Vandewater of New York City will be furnished the successful bidder.
ONONDAGA COUNTY (P. O. Syracuse), N. Y.—TAX RATE CUT
77 CENTS—Board of Supervisors has fixed tax rate for the 1937-38 fiscal
year at $5.21 per $1,000 of assessed valuation, a reduction of 77 cents from
the previous year.
County Treasurer John Giminski was authorized to
borrow $400,000 in anticipation of tax collections.
County appropriations
funding bonds and 17 votes against; 213 votes for the
$30,000 street and
sewer funding bonds and 17 votes
against.
GUILFORD
COUNTY
(P. O. Greensboro) N. C.—BONDS AUTH¬
Commissioners are said to have authorized the
refunding bonds, approved recently by the Local
Government Commission. Dated Dec.
15, 1937. Due from 1942 to 161.
for the
ORIZED—The
year.
issuance of $200,000 in
new year amount to $3,069,798.89, or $331,589.22
less than last
Amount to be raised by taxation, however, is $1,918,985.74, which
is $367,962.71 below the recent year.
Bond principal due in 1937-38 will
be refunded.
OSSINING, N. Y.-r-BOND ELECTION—At the annual village election
on
Dec.
14
proposition to issue $40,000 swimming pool bonds will be
a
submitted to the voters.
Dated Dec. 1, 1937.
to 1942 incl.
only.
Denom. $1,000.
Bidder to
Due $200,000
on
Dec. 1 from 1938
of interest, expressed in a multiple
name one rate
of yx of 1 %.
Principal and interest (J. &
of the City of Rochester in New York
D.) payable at the paying agency
City.
A certified check for 2% of
the bonds bid for, payable to the order of the
City Comptroller, must
accompany each proposal.
The approving legal opinion of Reed, Hoyt
& Washburn of New York City will be furnished the successful bidder.
The
bonds will be ready for delivery at the place in New York indicated
purchaser
by the
about Dec. 1, 1937.
on or
TO LOWER TAX
RATE—According to final budgetary action of the City
tax rate for 1938 will be $27.34 per $1,000 of assessed valua¬
reduction of 8 cents from the 1937 figure of $27.42.
In
Common, the
tion,
a
commenting
recently on the prospect of the lower rate for 1938, Paul B. Aex, City Comp¬
troller, pointed out that since 1933 the city's debt has been reduced by
$7,000,000 and annual interest requirements slashed by more than $700,000.
The city, he added, has never refunded a
maturing bond issue and noted
that for the past two years combined collection of current and
delinquent
taxes had been
COMMON
SCHOOL
NO.
2
p.
2891—was awarded to
the Marine Trust Co.,
Buffalo, as $3.20s, at 100.34, a basis of about 3.165%.
Dated Nov. 1, 1937 and due
$1,000 on May 1 from 1939 to 1957 incl.
Other bids were as follows;
v
Int. Rale
3.20%
Roosevelt & Weigold
100.07
3.40%
3.70%
_
P. B. Roura & Co
100.34
100.34
T
SYRACUSE, N. Y.—BONDS AUTHORIZED—Chester
Comptroller, has been authorized to issue $900,000 bonds
1937-4028
Rate Bid
1199327--4876508
struction purposes.
IT.
King, City
for school
con¬
(P.
SALE— The $290,000 coupon or registered bonds
described below, which were offered on Nov. 12—V.
145, p. 3047—were
awarded to Ilalsey, Stuart & Co. and the
Bancamerica-Blair Corp., both
of New York, as
2s, at par plus a premium of $768.50, equal to 100.265, a
basis of about 1.96
%:
$150,000 general city bonds, series of 1937, issued to finance the
city's
share of the cost of various
projects being undertaken in coopera¬
tion with the State and
(or) Federal agencies and for home relief
purposes.
Due $15,000 yearly on Oct. 1 from 1938 to 1947.
140,000 debt equalization bonds, series of
1937, issued to refund a like
amount of outstanding bonds for the
purpose of equalizing the
city's debt burden.
Due
on
Oct.
1
as
follows;
$15,000, 1943,
$40,000, 1944 and 1945, and $45,000 in 1946.
Dated Oct. 1, 1937.
Lehman Bros, and Adams, McEntee &
of New York, offered a
premium of $348 for 2s.
_
Co., both
WALDEN, N. Y.—BOND SALE—The village has sold an issue of $2,550
4H% judgement funding bonds to the Walden
Savings Bank.
YONKERS, N. Y.—NOTE OFFERING—James E. Hushion,
City
Comptroller, will receive sealed bids until 11 a. m. on Nov. 16 for the
purchase of $650,000 not to exceed
6% interest notes, divided as follows:
$300,000 public works projects notes.
350,000 local improvement notes.
AH of the notes will be dated
Nov. 19, 1937, and mature
May 19, 1938.
Bidder to express the rate of interest in a
multiple of M or l-10th of 1%.
Denoms. to suit purchaser in
multiples of $5,000 each.
Principal and
Interest payable at the
City Comptroller's office or at the office of the holder
in its equivalent in
New York exchange.
A certified check for 2% must
accompany each proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow or N. Y.
City will be furnished the successful bidder.
Total
NORTH
CAROLINA
Commission, that pursuant to the provisions of the
respective Bond Orders
Ordinances authorizing their
issuance, tenders will be received until
or
Nov. 27, at noon, for the
purchase by the respective Sinking Funds in the
and on behalf of the
issuing units, of the
N.
C .—FINANCIAL
debt
...$3,501,700.00
Bonds owned by county
Cash in bank
$125,000.00
6,463.84
Notes receivable
280.06
Total
131,743.90
Net debt...
$3,369,956.10
Statement
Fiscal
of
Tax
Collections
Assessed
1936-37--.
—
1933-34
Tax
Tax
Valuations
1935-36
1934-35
Rate
Levy
$455,618.00
444,836.73
453,305.69
374,312.35
378,513.91
......$34,200,000
32,122,751
31,574,713
31,566,559
31,385,382
$1.34
1.30
-
1.35
1.10
.93
Prior years.
Uncollected
Oct. 1, 1937
Amount collected of 1937-38 levy, Sept.
30, 1937, $72,494.05.
Bond Maturities to June 30,
Serial
1948
Long Term
$150,000
152,000
153,000
174,000
176,000
176,000
175,000
181,000
176,000
176,000
226,000
$76,711.34
59,723.41
21,530.96
21,626.37
111,846.25
Total
$150,000
152,000
153,000
224,000
186,000
413,500
240,000
181,000
176,000
176,000
226,000
$50,000
10,000
237,500
65,000
Due to unfavorable economic conditions
and extraordinarily
heavy
arrangement of maturities of outstanding bond
principal, and the generally
depressed market which would not warrant the sale of
refunding bonds, the
county found it necessary to request the holders of
$353,000 of its bonds
(maturing between March 15, 1933 and July 15, 1935,
inclusive) to accept
new refunding bonds of like amount and
interest rates and due in 1950 in
exchange.
All of the outstanding bonds included in the
refunding plan
were exchanged for the new
refunding bonds.
Such refunding bonds were
dated Jan. 1, 1934 and consisted of
$24,000 refunding oonds, $9,000 re¬
funding school bonds and $320,000 refunding bridge and road
bonds, the
latter to be retired in whole or in
part (depending upon whether the award
is made for the bonds described in
paragraph 1 or in paragraph 2 of the within
sale notice) from the
proceeds of the bonds herein offered for sale.
All
interest which was in default was
paid at the time of the consummation of
the refunding plan.
Since that time all maturities have been met
promptly.
WRIGHTSVILLE
BEACH,
N.
C.—NOTE
SALE—The $3,500 issue
9—Y. 145, p. 3047—was pur¬
chased by the Peoples Savings Bank & Trust
Co. of Wilmington, at
6%.
No other bid was
received, according to report.
Due in six months.
of revenue notes
offered
for
sale
on
NORTH
Nov.
DAKOTA
DIVIDE COUNTY (P. O.
The
t*SH£POMBE COUNTY (P. O. Asheville), N. C —BOND TENDERS
INVITED—It is stated by Curtis
Bynum, Secretary of the Sinking Fund
Statesville),
Less—Sinking fund:
1941-42..
TROY, N. Y.—BOND
O.
the City
Financial Statement as of Oct. 1, 1937
Population, 1930 Census, 46,693; present estimated,
50,000.
Bondsoutstaiiding (including bonds to be retired from
proceeds
of bonds now offered)
$3,346,500.00
Notes due State of North Carolina
Literary and Building Fund
155,200.00
1937-38
DISTRICT
(P. O. Box
145, St. James), N. Y.—BOND SALE—The issue of $19,000 coupon or
registered school bonds offered Nov. 9—V. 145,
Bidder—
Bank of Smithtown
COUNTY
1
STATEMENT—In connection with the
$419,000 refunding bridge and road
bond offering scheduled for Nov.
16, notice of which appeared in these
columns recently—V. 145, p. 3047—we
give herewith the financial data
furnished to us:
Year—
approximately 101% of the levy.
SMITHTOWN
HENDERSON, N. C.—BONDS AUTHORIZED—On Nov.
Council authorized the issuance of
$42,000 funding bonds.
IREDELL
ROCHESTER, N. Y.—BOND OFFERING— Paul B. Aex, City Comp¬
troller, will receive sealed bids until 11 a. m. on Nov. 17 for the purchase
of $1,000,000 not to exceed 6% interest coupon tax revenue bonds of
1937,
registerable as to both principal and interest, but not as to principal
County
State
Board
of
Crosby), N. Dak.—BONDS REFUNDED—
University and School Lands has agreed to accept
$125,000 2% bonds in exchange for
county now held by the Board.
a
similar amount of 4%
bonds of the
FORMOSA SCHOOL DISTRICT NO. 39
(P. O. Bonetrail), N. Dak.
—CERTIFICATE OFFERING—Mrs. F. K.
Kruger, Clerk. Board of Edu¬
cation, will receive bids until 2 p. m. Nov. 22 for the
purchase of an issue
of $1,500 certificates of indebtedness.
name
following bonds:
Buncombe County refunding, dated
July 1, 1936.
City of Asheville general refunding, dated
July 1, 1936.
Asheville Local Tax School District
refunding, dated July 1, 1936.
Barnardsville Public School District
refunding, dated July 1, 1936.
Biltmore Special School Tax District
refunding, dated July 1, 1936.
Black Mountain Special School
Tax District
refunding, dated July 1,193 6
Grace Special School Tax
District, 5H % refunding, dated July 1,1936.
Johnson Special School Tax
District refunding, dated July
1, 1936.
Reems Creek
Township Special Sch. Tax Dist. refdg., dated
July 1, 1936.
Sandy Mush Special School Tax District
refunding, dated July 1,1936.
Weaverville Public School District
refunding, dated July 1, 1936.
Beaverdam Water and Sewer
District refunding, dated
July 1, 1936.
1
Caney Valley Sanitary Sewer District
refunding, dated July 1, 1936.
South Buncombe Water &
Watershed Dist. refunding, dated
July 1, 1936.
Swannanoa Water and Sewer
District refunding, dated July
1, 1936.
CONCORD, N. C.—FINANCIAL STATEMENT—The
following in¬
formation is furnished in connection
with the offering scheduled for
Nov. 16
of the
sanitary sewer and public improvement bonds,
aggregating $120,000,
notice of which was
given in these columns
recently—V. 145, p. 3047
Financial Statement
Outstanding bonded debt—Water and electric
light bonds
$89,000
Other
MINNEWAUKEN TOWNSHIP (P. O. Devils
Lake), N. Dak.—The
$3,000 refunding bonds offered for sale on July 15, were
purchased by
S. L. Miller, of Devils
Lake, as 4s, according to the Township Clerk.
OHIO
_
_
,
,
,
.
bonds
Bonds
587^000
shortly.
now
offered.
Total debt, including bonds
now
offered
.
x
valuation
'
Tax rate.
Tax levy...
Amount uncollected
For
1934-1935
1935-1936
1936-1937
$11,395,000.00 $11,423,476.00 $11,581,000.00
1.10
1.10
125,345.00
3,506.00
1.20
127,286.66
4,855.00
140,965.72
7,777.00
1937-1938 the assessed valuation is
$12,331,000; the rate is $1.20
valuation, and the tax levy will be $148,000.
Bond Maturities to June
30, 1947
$48,000
1942-1943.
$43,000
48,000
1943-1944
49 000
48,000
1944-1945
29,000
99,000
1945-1946
14 000
197,000
1946-1947
13,000
Included in the above statement of bonded
indebtedness is one term issue
of $89,000 of water and electric
bonds, due July 1, 1941, for the payment of
per $100
ANNA SCHOOL
DISTRICT, Ohio—BONDS VOTED—At the election
Nov. 2 the voters approved an issue of
$55,000 school building and
on
equipment bonds.
$796 000
present estimated, 15,000.
Tax Data
.
Assessed
$676,000
120,000
——
Population—Censps 1920, 9,903; 1930,11,827;
.
AMITY SCHOOL DISTRICT (P. O. Mount
Vernon), Ohio—BONDS
VOTED—At the Nov. 2 election an issue of
$37,000 school construction
bonds was approved.
Offering will be made
AKRON, Ohio.—BOND OFFERING—As previously reported in these
columns—Y.
145, p. 3048—Don H. Ebright, Director of Finance, will
receive bids until Nov. 22 for the
purchase of $898,000 bonds.
Bids will
be received until noon for the
bonds, which are divided into five issues,
as
follows:
$300,000 sewer bonds.
Due $12,000 yearly on Oct. 1 from 1939 to 1963.
256,000 street improvement bonds.
Due Oct. 1 as follows: $10,000, 1939
to 1957. and $11,000, 1958 to 1963.
84,000 street improvement bonds.
Due Oct. 1 as follows: $8,000, 1939
to 1944; and $9,000, 1945 to 1948.
67,000 grade crossing elimination bonds.
Due Oct. 1 as follows:
$2,000,
1939 to 1961, and $3,000, 1962 to 1968.
185,000 water works improvement bonds.
Due Oct. 1 as follows:
$7,000,
1939 to 1953, and $8,000, 1954 to 1963.
The bonds
will
be
coupon in form,
bearing interest at 4%.
Denom.
$1,000.
Dated Nov. 1, 1937.
Principal and semi-annual interest (April 1
and Oct. 1) payable at the
City Treasurer's office.
Certified check for
2%
of amount bid for,
payaole to the Director of Finance, required.
Volume
Incorporated March 12, 1836.
Assessed valuation of taxable property
FEATED—A proposal to issue
on
Nov. 2.
voters
$266,680,559.00
37,162,364.62
2,644,500.00
Total debt
(including current offering)
Special assessment debt included in above
Waterworks debt included in above
Sinking fund general debt—investments
Sinking fund—unincumbered investments
Sinking fund water debt—investments
Scrip
Ohio—BONDS DEFEATED—The proposed $50,000
municipal storehouse bond issue failed to obtain the required 65% majority
vote necessary for approval.
The percentages were 56% for and 44%
501,289.00
-v.;
Tax rate 27.30 per $1,000.
This
principal, only; for years 1932-1933-
ASHLAND SCHOOL DISTRICT, Ohio—BONDS
the voters of the district approved a proposition to
improvement bonds.
BARNESVILLE SCHOOL DISTRICT,
mmm*
Ohio—BONDS DEFEATED—
At^the^Nov. 2 election the proposed $80,000 school building boruMssue^as
BELLEFONTAINE, Ohio—BONDS DEFEATED—The
by the voters on Nov. 2,
1,497 for and 1,586 against.
$27,500 swim¬
the vote being
Ohio—BONDS VOTED—A pro¬
approved by the voters on Nov. 2.
DISTRICT,
BOLIVAR, Ohio—BONDS VOTED—At the Nov. 2
rejected the proposed $14,000 water works bond issue.
receive the 65% favorable vote needed for passage.
election the voters
The measure failed
CARROLL TOWNSHIP SCHOOL DISTRICT (P.
DEFEATED—The voters on Nov. 2
O. Oak Harbor),
defeated the pro¬
(P. O. Mon¬
TOWNSHIPiRURAL SCHOOL DISTRICT
roe), Ohio—BOND SALE—The issue of $20,000 school building bonds of¬
on Nov. 8—V. 145, p. 2731—was awarded to the State Teachers Re¬
fered
tirement
premium of $185,
of Columbus, as 3Ms, at par plus a
System
equal to 100.925, a basis of about
$500 each six months from Apr. 1,
3.15%.
Dated Oct. 1, 1937
1939 to Oct. 1, 1958 incl.
and due
Ohio—BONDS DEFEATED
2 election the voters refused to approve an issue of $340,000
MOUNT VERNON SCHOOL DISTRICT,
—At the Nov.
school building construction
bonds.
Ohio—BOND
OFFERING—E.„
Auditor, will receive sealed bids until Nov.
F.
DeVore, City
$90,000
27 for the purchase of
4% light plant bonds, dated July 1, 1937 and due in 1954.
Issue was
approved by the voters on Nov. 2.
The city originally proposed to sell
these bonds on July 31.
Circulation of a referendum petition caused can¬
cellation of the sale and the decision to submit the loan to the voters at
NEW KNOXVILLE
boncl
$60,000
SCHOOL DISTRICT, Ohio—BONDS VOTED—
2 gave their approval to a proposal to
lldUtifaMi
The voters of the district on Nov.
$78,000 school bonds.
issue
}■■■ NEW PARIS, Ohio—BONDS VOTED—A proposition
sewer bonds received the approval of the voters on Nov.
election the proposed issue
a
1,300 to 677.
vote of
OLIVER TOWNSHIP
Batavia), Ohio—BONDS DEFEATED
proposed $175,000 road construction bond issue failed of passage
CLERMONT COUNTY (P. O.
No.
R.
issue was
at the Nov. 2 election.
Union R.
$16,000 school bond
SCHOOL DISTRICT (P. O. West
3), Ohio—BONDS VOTED—A proposed
approved by the voters on Nov. 2.
SCHOOL DISTRICT (P. O.
PALMYRA
DISTRICT (P. O. Green Springs),
Ohio—BONDS VOTED—At the Nov. 2 election the voters approved an
issue of $30,000 high school building bonds.
issue]$25,000
to
2
(P. O. Dayton), Ohio—BONDS VOTED—At the Nov. 2
of $98,500 storm sewer bonds was approved by
r OAK WOOD
bonds.
Ohio—NOTE SALE—The city has issued
to Myer, Smith & O'Brien of Cincinnati.
CIRCLE VILLE,
anticipation notes
(P. O.
SCHOOL DISTRICT
recent election.
Hamilton). Ohio—BONDS DEFEATED—
A proposal calling for the issuance of $750,000 county hospital bonds was
rejected by the voters of the county on Nov. 2.
—
BUTLER COUNTY (P. O.
Ohio—BONDS
VILLAGE
Education, required.
MONROE
NELSONVILLE,
to
—The
Board of
Ml
posed issue of $60,000 school building construction
EXEMPT
MIDDLEPORT
Middleport), Ohio—BOND OFFERING—Paul Smart, Clerk, Board of
Education, will receive bids until noon Nov. 20 for the purchase at not less
than par of $7,000 3M% funding bonds.
Denom. $500.
Dated Oct. 15,
1937.
Interest payable semi-annually.
Due $500 each six months from
April 15, 1939, to Oct. 15, 1945.
Certified check for $350, payable to the
VOTED—On Nov. 2
issue $85,000 school
).'■/■•
ming pool bond issue was rejected
•
against.
$14,468,358.66
"
$22,694,005.96
SCHOOL
Nov.
MIDDLEPORT,
Population, census of 1930 , 255,040.
BELMONT
on
jected by the voters.
169,099.76
286,474.01
1,637,503.89
Net debt..
posed $27,000 school bond issue was
FERRY, Ohio—BONDS DEFEATED—At the general elec¬
2 a proposition to issue $50,000 fire station bonds was re¬
MARTINS
tion
9,229,492.00
■':
city has defaulted in payment of its
1934-1935.
O. Delphos), Ohio—BONDS DE¬
$92,000 school bonds was rejected by the
RURAL DISTRICT (P.
MARION
Financial Statement
r
t
3233
Financial Chronicle
145
■
_
Diamond), Ohio—BONDS
bonds was ap¬
CLINTON TOWNSHIP SCHOOL
auditorium and construction
proved at the Nov. 2 election.
COLDWATER, Ohio—BONDS VOTED—The voters of the village on
issue $15,000 water filter bonds.
—At
Nov. 2 approved a proposition to
COSHOCTON,
Ohio—BONDS
VOTED AND DEFEATED—At the
of $25,000 hospital bonds by a
Nov. 2 election the voters approved an issue
count of
1,676 to 895, and defeated the proposed
$15,000 fire truck purchase
loan.
CUYAHOGA HEIGHTS SCHOOL
R. F.
DISTRICT
D.), Ohio—BOND OFFERING—G. C. Lang,
(P. O. South Park
Clerk, Board of Edu¬
cation, will receive bids until noon Nov. 29, for the purchase of $500,000
5% school building bonds.
Denom. $1,000.
Dated Dec. 1, 1937. Prin.
and semi-ann. int. (June 1 & Dec. 1) payable at the Cleveland Trust Co.,
Due $33,000 on Dec. 1 in each of the years 1939, 1940, 1942,
1945, 1946, 1948, 1949, 1951, and 1952; and $34,000 on Dec. 1 in
1947, 1950 and 1953.
Cert, check for 1%
of amount of issue required.
The bonds will be approved as to legality by Squire, Sanders & Dempsey
of Cleveland, whose opinion will be furnished the successful bidder.
Cleveland.
1943,
each of the years 1941, 1944,
EAST
LIVERPOOL
SCHOOL
DISTRICT,
proposition to issue $235,000 school
bynthe voters on Nov. 2.
FEATED—The
EAST PALESTINE,
Ohio—BONDS DE¬
bonds was turned down
VOTED—An issue of $42,400
PEMBERVILLE SCHOOL DISTRICT, Ohio—BONDS DEFEATED
the Nov. 2 election the voters defeated an issue of $70,000 school
building bonds.
RIVER, Ohio—BOND OFFERING—Frank Mitchell, City
Auditor, will receive bids until noon Nov. 29 for the purchase of $41,600
4% city's portion sewage disposal plant bonds.
Denom. $1,000, except
one for $600.
Dated Dec. 1, 1937.
Interest payable Jan. 1 and July 1.
Due $5,600, July 1, 1939, and $4,000 each six months from Jan. 1, 1940
to Jan. 1, 1944.
Certified check for $416, required.
ROCKY
TOWNSHIP SCHOOL DISTRICT (P. O. Ross),
VOTED—A proposition to issue $100,000 school bonds
approval of the voters on Nov. 2.
ROSS
BONDS
the
SHARONVILLE, Ohio—BONDS DEFEATED—An issue
and disposal plant bonds failed of approval at
system
election.
sewer
$20,000
SPRIGG
R.
EATON, Ohio—BOND OFFERING—H. N. Swain, Village Clerk, will
Dec. 6 for the purchase of $2,500 4% municipal
bonds.
Denon. $500.
Dated Oct. 15, 1937.
Interest pay¬
able April 15 and Oct. 15.
Due $500 each six months from April 15, 1939
to April 15, 1941.
Certified check for $100, required.
gg inrrf'F
receive bids until noon
warehouse
EDGERTON,
Ohio—BOND OFFERING—Earl J. Dunlap, Village
Clerk, will receive bids until noon Dec. 3 for the purchase of $8,500 4%
water works bonds.
Denom. $500.
Dated Dec. 1, 1937.
Interest paya¬
ERIE
1938 and 1939, and $500
cehck for 1% of amount
required.
COUNTY
(P.
O.
Sandusky), Ohio—BONDS
house construction
to issue $130,000 court
DEFEATED—
bonds failed of
LORAMIE SCHOOL DISTRICT, Ohio—BONDS
At the Nov. 2 election the proposal to issue $11,000 additional
ment bonds was approved .|||
FORT
VOTED—
and equip¬
m4
FOSTORI A, Ohio—BONDS VOTED—At the general election on Nov. 2
the voters approved the issuance of $50,000 hospital and swimming pool
construction bonds.
OFi i o—BONDS VOTED—The voters on Nov. 2 approved
issue $70,000 sewer system and sewage disposal plant bonds.
FRAN KLIN,
proposal to
(P. O. Chardon), Ohio—BOND OFFERING—
Board of County Commissioners, will receive
22 for the purchase at not less than par of $1,915.20
4% special assessment street improvement bonds.
Denom. $200, except
one for $115.20.
Interest payable March 1 and Sept. 1.
Due $115.20
Sept. 1, 1939 and $200 yearly on Sept. 1 from 1940 to 1948.
Certified
check for 5% of amount of bonds bid for, required.
GEAUGA
Ethel
L.
COUNTY
Thrasher, Clerk,
bids until 1 p. m. Nov.
GENEVA, Ohio—BONDS DEFEATED—At the Nov. 2 election the
proposed $50,000 sewage disposal system improvement bonds failed to
obtain the required 65% vote needed for passgae.
HARLAN
TOWNSHIP SCHOOL
Ohio—BONDS VOTED—At the general
district
approved
a
DISTRICT,
Warren
County,
election Nov. 2 the voters of the
proposal to issue $44,000
school building bonds.
TOWNSHIP SCHOOL DISTRICT (P.
Ohio—BONDS VOTED—The Electors on
R. No.l),
O. Manchester
Nov. 2 approved
school bonds.
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P. O. Bellbrook), Ohio—BONDS VOTED—At the Nov. 2 election the voters ap¬
proved an issue of $35,000 building Donds.
proposition to issue $42,000
TRENTON, Ohio—BONDS VOTED—On Nov. 2 an issue
apparatus purchase bonds was approved.
They will be
1947, callable 1940.
fire
of $3,250
issued to
mature in
VERSAILLES, Ohio—BONDS REJECTEDthe voters refused to approve an issue of $87,000
WADSWORTH, Ohio—BONDS
bond issue failed to
swimming pool
At the Nov. 2 election
sewer system bonds.
DEFEATED—The proposed $25,000
obtain the 65% majority vote needed
for passage.
tedimmudSmjgUimi
approval at the Nov. 2 election.
a
CHARLESTON, Ohio—-BONDS DEFEATED—The proposed
bond issue failed to obtain the 65% majority vote needed
SOUTH
a
The proposal
of $50,000
the Nov. 2
for passage.
Ohio—BONDS DEFEATED—A proposed
Nov. 2 elections.
ble April 1 and Oct. 1.
Due $500 on Oct. 1 in
each six months beginning Apr. 1, 1940.
Cert,
Ohio—
received
$32,000 sewer
library bond issue was defeated at the
of bonds bid for
the Nov. 2 election the
approved by a large majority.
PORTSMOUTH, Ohio—BONDS VOTED—At
$100,000 flood protection bond issues was
WARD RURAL
SCHOOL DISTRICT (P. O. Logan),
DEFEATED—At the Nov. 2 election
construction bonds was defeated.
Ohio—BONDS
$89,000 school
the proposed issue of
WASHINGTON COURT HOUSE, Ohio—BONDS DEFEATED—The
of the city on Nov. 2 turned down a proposal to issue $425,000
works purchase bonds.
voters
water
WASHINGTON-LIBERTY RURAL SCHOOL
County, Ohio—BONDS
school building bonds was
DISTRICT, Mercer
VOTED—The proposal to issue $143,000
approved by the voters on Nov. 2.
high
TOWNSHIP SCHOOL DISTRICT (P. O. Ney),
Ohio—BOND OFFERING—George Gunther, District Clerk, will receive'
sealed bids until 8 p. m. on Nov. 15 for the purchase of $60,000 building
WASHINGTON
bonds.
ALEXANDRIA,
WEST
WEST
of
MANSFIELD, Ohio—BONDS
$16,000 water system
needed for
of the
proposal to issue $25,000 sewer
Ohio—BONDS VOTED—The voters
2 gave their approval to a
and sewage disposal plant bonds.
village on Nov.
system
DEFEATED—The proposed issue
bonds failed to obtain the
65% favorable vote
approval.
UNION VILLAGE SCHOOL DISTRICT, Ohio—BONDS
VOTED—On Nov. 2 the residents of the district voted approval of a $20,000 school addition construction bond issue.
WEST
HICKSVILLE SCHOOL DISTRICT, Ohiq—BONDS DEFEATED—
2 election the voters refused to approve an issue of $89,000
school building bonds.
Of the votes cast, 578 favored the measure and
466 were against.
A 65% majority was needed for approval.
WESTERN RURAL SCHOOL DISTRICT (P. O. Hanoverton,—
Ohio—BONDS DEFEATED—A proposed $225,000 school bond issue was
defeated by the voters on Nov. 2.
..
HOPEWELL-LONDON SCHOOL DISTRICT, Sandusky County,
Ohio—BONDS DEFEATED—On Nov. 2 a proposal to issue $180,000 school
building bonds was rejected by the voters,
approved an issue of
At the Nov.
I
RONTON, Ohio—BONDS VOTED— Issuance
authorized by the voters on Nov. 2.
of $200,000 flood
control
negative.
bonds was
KENT, Ohio—BONDS VOTED—An iasue of
equipment purchase bonds carried at the Nov. 2
LAKEWOOD, Ohio—BONDS
2 gave their approval to the
Nov.
$23,000 fire department
election.
VOTED—The voters of Lakewood on
proposition to issue $420,000
hospital
bonds.
LANCASTER SCHOOL DISTRICT, Ohio—BONDS DEFEATED—
the Nov. 2 election the proposed $225,000 school building bond issue
rejected.
.
At
was
SCHOOL DISTRICT (P. O. Monroe), Ohio—
BONDS VOTED—A proposal to issue $90,000 school bonds received the
approval of the voters on Nov. 2.
■
LEMON TOWNSHIP
MARIETTA, Ohio—BONDS VOTED—The proposed
ment bond issue carried at the Nov. 2 election.
VOTED—At the Nov. 2 election the voters
$12,0G0 water system bonds.
WILLARD, Ohio—BONDS DEFEATED—The $35,000 sewer bond
issue failed to obtain the required 65% favorable vote for approval at the
Nov. 2 election.
Of votes cast, 781 were in the affirmative and 449 in the
WESTON, Ohio—BONDS
$15,000 fire equip¬
for the
approved
WOOSTER, Ohio—BONDS VOTED—A proposition providing
$325,999 sewer and sewage disposal plant bonds was
issuance of
by the voters
of the city on Nov.
2.
TOWNSHIP RURAL SCHOOL DISTRICT, Ohio—
REPORT—Paul Graham, Clerk of the Board of Education,
school board will be in session on Nov. 11 to consider dis¬
posal of the $65,000 building bonds authorized at the Nov. 2 election.
WOOSTER
BOND ISSUE
states that the
the voters
1,583
XENIA, Ohio—BONDS DEFEATED—At the Nov. 2 election
to authorize a $90,000 hospital bond issue, the vote being
against.
A 65% majority was necessary for passage.
refused
for and 874
YORKVILLE
VOTED—An
VILLAGE
SCHOOL DISTRICT,
$75,000 school building bonds was
issue of
Nov. 2 election.
They will be sold next January.
Ohio—BONDS
approved at the
3234
Financial
Chronicle
Nov.
DUNMORE, Pa.—BONDS DEFEATED—At
voters refused to authorize
AT&T
Ok
HAVERFORD
for and
Erick),
receive
bids until 2 p. m. Nov. 15 for the purchase at not less than
par of $12,500
Bidders are to name rate of interest.
Due $1,000
yearly beginning four years from date of bonds, except that the last in¬
check
amount
$1,500.
to
Certified check for 2%
MARS
each
proposal.
These
bonds
on
were
ap¬
Sept. 1.
the
election
not to
held
145, p. 2892—the voters failed to approve the issuance of
$70,000 in water system improvement bonds, according to the City
MIFFLIN TOWNSHIP SCHOOL
DISTRICT, Allegheny County,
Pa.—BONDS VOTED—On Nov. 2 the proposition to issue
$100,000 school
building bonds was approved by the voters.
Clerk.
OKLAHOMA
CITY, Okla.—BOND ELECTION SCHEDULED—The
City Council is said to have voted to call an election on Dec. 7 in order to
the
following
bonds
aggregating
$6,500,000: $2,357,000
Fort
Supply Reservoir; $2,000,000 water main extension; $1,343,000
fairground,
and $800,000 sewage disposal
plant bonds.
submit
..
.
OREGON
BEND, Ore.—BONDS DEFEATED—At the election held on Nov. 2—
145, p. 2271—the voters rejected the proposal to issue
$45,000 in city
hall bonds, according to the City Clerk.
-y V.
CITY, Ore.—BOND SALE—An
water system
bonds
awarded
was
Nov.
1
issue of
$4,000 4%
coupon
the First National Bank
$26, equal to 100.65, a basis of about
3.85%.
Denom. $500.
Dated Nov. 15, 1937.
Interest payable Jan. 1
and July 1.
Due $500 yearly on Jan. 1 from 1939 to 1946 incl.
on
to
of Sheridan at par plus a premium of
Hm
HARNEY COUNTY SCHOOL DISTRICT NO. 29
(P. O.
Ore.—BOND OFFERING—Sealed bids will be received
Andrews),
until 2
Nov.
18, by Mary Crump, District Clerk, for the purchase of
issue of building bonds.
Denom. $500. These bonds were
p.
m.
on
$5,000
approved by
the voters at an election on Oct. 27.
Prin. and int. payable at tne
County
Treasurer's office, or at the fiscal
agency of the State in New York.
KLAMATH
a
FALLS, Ore.—BOND ELECTION—On Dec. 3
will be called upon to vote
of
accompany
DISTRICT, Pa.—BOND OFFERING—E. L. Knaell,
District Secretary, will receive bids until 8
p. m. Nov. 22 for the purchase
$15,000 coupon bonds.
Interest rate is to be in multiple of M%. but
exceed 3Yi%.
Interest payable June 1 and Dec. 1.
Due $1,000
yearly from 1942 to 1956.
Cert, check for $1,000 required.
of amount of
Nov. 2—V.
CUTLER
$500 must
SCHOOL
of
HOLDENVILLE, Okla.—BONDS DEFEATED—At
on
the
for
proved by the Pennsylvania Department of Internal Affairs
school building bonds.
shall
3,296 against.
MANORVILLE, Pa .—BOND OFFERING—Willis A. Baum, District
Secretary, will receive sealed bids until 8 p. m. on Nov. 19 for the purchase
of $6,000 4% coupon street
improvement bonds.
Dated Oct. 1, 1937.
Due Oct. 1 as follows: $1,000 in
1940, 1943, 1946 and 1949, and $2,000 in
1952.
Principal and interest (A. & O.) payable in Kittanning.
A certified
OKLAHOMA
bid required.
O. Loganton), Pa.—
was approved by
TOWNSHIP
SCHOOL DISTRICT (P. O. Upper
Darby), Pa.—BONDS DEFEATED—At the Nov. 2 election the proposed
$275,000 school building bond issue was
defeated, the vote being 2,754
*
HEXT CONSOLIDATED SCHOOL DISTRICT NO. 40 (P. O.
Okla.—BOND OFFERING—J. H. Hardin, District Clerk, will
stalment
the
election
BONDS VOTED—An issue of $15,000 construction
bonds
the voters at the Nov. 2 election.
Long Distance 158
Cy 19
13, 1937
2
$500,000 funding bond issue.
a
GREEN TOWNSHIP SCHOOL
DISTRICT (P.
Municipal Bonds Since 1892
City, Oklahoma
Nov.
GALETON SCHOOL
DISTRICT, Pa.—BONDS VOTED—On Nov. 2
the voters of the district gave their
approval to the proposal to issue $23,
225.16 school building bonds.
R. J. EDWARDS, Inc.
Oklahoma
the
the electors
proposals calling for the issuance of a total
on
$215,000 bonds.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 45
(P. O. Port-
land, Route 3. Box
1178), Ore.—BOND OFFERING—Sealed bids will be
received until 7:30 p. m. on Nov.
22, by Alfred Blatchford, District Clerk,
for the purchase of a
$40,000 issue of school bonds.
Interest rate is not to
exceed 6%, payable J. & D.
Dated Dec. 1, 1937.
Due on Dec. 1 as
follows: $2,000, 1939 to 1955 and
$3,000 in 1956 and 1957.
Prin. and int.
payable at the County Treasurer's office or at the
fiscal agency of the
State in New York.
The approving opinion of
Teal, Winfree, McCulloch,
Shuler & Kelley, of Portland, will be
furnished.
A $2,000 certified check
muct accompany the bid.
NYSSA, Ore.—BONDS SOLD—It is stated by M. F.
Solomon, City
Recorder, that $4,000 6% semi-ann. street improvement bonds
were sold
recently at par, to two local investors.
BIDS REJECTED—The two issues of
5% semi-ann. bonds aggregating
$8,500, offered on Sept. 7, as noted in these
columns—V. 145, p. 1461—
sold as all bids were rejected.
The issues are divided as follows:
were not
$7,500^cit^ hall bonds. Due from Oct. 1,
1,000 park bonds Due $500
on
1942 to 1956; optional
on Oct. 1,
IOct. 1, 1948 and 1949.
PLEASANT HOME WATER DISTRICT
(P. O. Portland), Ore.—
BONDS SOLD—It is stated
by the Attorneys for the District that the
$18,000 water system bonds offered on
May 19, as noted in these columns
at the time, have been
sold.
Dated July 1, 1937.
Due on Jan. 1 as
follows: $500, 1941 to
1944; $1,000, 1945 to 1957, and $1,500 in 1958 and
1959.
Payable at the First National Bank of
Portland, Gresham Branch.
WASHINGTON COUNTY SCHOOL
DISTRICT NO. 48 (P. O.
Beaverton), Ore.—BOND OFFERING—Althea
Haulenbeck,
District
9J£rlf»,
r,eceive bid8 until 8 p.m. Nov. 24 for the purchase of $38,500
4% high school building bonds.
Dated Dec. 1, 1937.
Certified check
for $1,000 required.
MONACO,
Pa.—BONDS
softening plant bonds
was
DEFEATED—An
issue
of $90,000
water
defeated by the voters at the Nov. 2 election.
NEVILLE TOWNSHIP (P. O. Neville
Island), Pa .—BONDS DE¬
FEATED—At the Nov. 2 election the voters defeated the
proposed issue
of $20,000 fire house bonds.
NEW FLORENCE SCHOOL
DISTRICT, Pa.—BONDS VOTED—At
the Nov. 2 election the voters
approved an issue of $20,000 auditorium and
equipment bonds, the vote being 237 for and 61 against,
NORTH CHARLEROI SCHOOL DISTRICT
(P. O. North Charleroi)
Pa .—BOND
OFFERINGS.
W.
Sharpneck,
District
Secretary,
wil
receive bids until 7 p.m. Nov. 16 for the
purchase of $36,000 coupon bonds.
Bidders are to name rate of
interest, in
a
multiple of Yx%, but not to
exceed 4%. Denom. $1,000. Dated Nov.
1, 1937. Interest payable May 1
1.
Due $2,000 yearly on Nov. 1 from 1940 to
1957.
Certified
check for $500, payable to the District
Treasurer, required.
and Nov.
Approving
opinion of Burgwin, Scully & Churchill of
Pittsburgh will be furnished by
printing the bonds.
the district, which will also pay for
OXFORD, Pa.—BONDS DEFEATED—At the Nov. 2 election the
proposal to issue $135,000 sewage system bonds was defeated by a count of
646 to 371.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The De¬
partment of Internal Affairs, Bureau of Municipal Affairs, has
approved
the following bond issues.
Information includes name of the municipality,
amount and purpose of issue and date
approved:
Municipality and Purpose—
Date
Camp Hill Borough School District, Cumberland
County; erecting an addition to High School
building, furnishing and equiping same
—Nov.
Elk
Lick
Township
School
District,
Somerset
County; acquire sites and erecting two new school
buildings; equip and furnish same
Nov.
Wilkes-Barre Township School District, Luzerne
County; Funding floating indebtedness
N9v.
Approved Amount
5 1937
$67,000
5 1937
25,000
5 1937
40,000
PHILADELPHIA, Pa.—SINKING FUND HEARING IN JANUARY
—Mayor Wilson's petition for a second modification of the State Supreme
Court's order concerning the payment of funds due to the
city's sinking
fund has been set for hearing the first
Monday in January. The situation
is the outgrowth of the city's
original failure to provide about $7,500,000
to the fund several years
ago.
The Commission sued to obtain the funds
and the Court, in ruling against the
city, permitted the payment of an
instalment of $1,000,000 on Feb. 1, 1937.
The city asked that the entire
amount be liquidated at the rate of
$1,000,000 annually in order to avert
a large increase in the tax rate.
The Court, in ordering the initial payment
$1,000,000, said that the matter of future appropriations would be con¬
sidered at
a
later date.
PHOENIXVILLE, Pa.—BOND SALE—The $155,000 coupon registerable as to principal only, sewer improvement bonds offered on Nov.
9—
V. 145, p. 2687,were awarded to Yarnall & Co. and Moncure
Biddle &
Co., botn of Philadelphia, on a bid of 101.267 for 2J4s, a basis of about
2.13%.
Dated Dec. 1, 1937.
Due Dec. 1 as follows: $8,000, 1940 to
1949; $9,000, 1950 to 1954, and $10,000, 1955 to 1957.
Eastman, DiUon
& Co. and Stone & Webster and Blodget
joined in bidding 101.2177 for 2>£s.
SHAMOKIN SCHOOL
of the district
on
DISTRICT, Pa.—BONDS VOTED—The
voters
Nov. 2 approved the proposition to issue $120,000 school
building bonds.
SKIPPACK TOWNSHIP SCHOOL DISTRICT
(P. O. Skippack,
Pa.—BOND SALE—The issue of $20,000 coupon, registerable as to
prin¬
cipal only, school bonds offered on Nov, 8—V. 145, p. 2732—was awarded
to Halsey, Stuart &
Co., Inc., Chicago, as 2Ks, ar par plus a premium of
$25, equal to 100.125, a basis of about 2.49%.
Dated Dec. 1, 1937 and
due $1,000 on Dec. 1 from 1938 to 1957 incl.
City of Lancaster
3
Fully Registered Bonds
Maturities and Prices
on
Application
SOUTH CANAAN TOWNSHIP SCHOOL
Ariel R. D. 2), Pa.—BOND SALE—The
DISTRICT (P. O. Lake
$25,000 3% coupon, registerable
principal, school bonds offered on Nov. 9—V. 145, p. 2732—were
awarded to the Farmers & Merchants Bank of
Honesdale at par plus a
premium of $100, equal to 100.40, a basis of about 2.96%.
Dated Jan. 1,
Moncure Biddle & Co.
to
as
1520 Locust St.,
Philadelphia
1938.
Due on Jan. 1 as follows:
$500, 1939 and 1940; $1,000, 1941 and
1942; $500, 1943; $1,000, 1944 to 1954; $1,500, 1955; $1,000,
1956; $1,500,
1957; $1,000, 1958; $1,500, 1959 to 1961, and $1,000, 1962.
The Hones-
PENNSYLVANIA
'
approveS^fct6.OOoTwimining^poof"and7l0,00{H?re deptStMl™
BENTLEYViLLE, Pa.—BOND
Secretary, will
coupon
receive bids until
bonds.
8 p.
Bidders are to
%°'-n •^e?orn* $1,000.
toM?oCiQrQ Dno
Dated
OFFERING—W. J. Wilson,
^.000,
] PS
f
BorS®
m. Nov. 19 for the
purchase of $75,000
specify rate of interest, in a
multiple of
Dec. 1, 1937.
Interest payable June 1
1941 to 1950, and $5,000,
cbe.ck for $1,500, payable to the Borough Treasurer,
LiiSi.nffi0!!111! opinion of Burgwin, Scully & Churchill of Pittsburgh
will be furnished
by the
«
i
•
*
T
borough, which
will also pay for
printing the bonds.
SCHOOL DISTRICT
,??.
proved by
X.
—An
a vote of 184 to
dale National Bank of Honesdale offered
SUNBURY
Nov. 2 election
by
a vote of
bonds
was
premium of $62.50 for the issue.
DISTRICT, Pa .—BONDS VOTED—At the
the proposal to issue $77,000 school
building bonds carried
3,344 to 1,344.
WEST VIEW SCHOOL
DISTRICT, Allegheny County, Pa.—BONDS
VOTED—The voters of the district on Nov. 2 approved the
proposal to
$125,000 school building bonds.
issue
YORK HAVEN, Pa.—BONDS DEFEATED—At the
Nov. 2 election
the voters refused to
approve an issue of $22,000 water supply bonds, the
count being 146 for and 166
against.
(P. O. Mattawana),
issue of $18,000 construction
69 at the Nov. 2 election.
a
SCHOOL
SOUTH
ap¬
CAROLINA
DARLINGTON, S. C.—PURCHASER'— It
^!^O^8-7T145 'p^lgs'-S-'iwari^
inc}03"60^
3-68%'
Due'
CI^,NJ?.ERRY TOWNSHIP SCHOOL DISTRICT (P O 27 Seneca
St., Oil City), Pa .—BOND
SALE—The $9,000
coupon, registrable as to
principal only, refunding bonds offered
is now reported by the City
that the $41,000 4% semi-ann. sewage disposal plant bonds
sold recently at par, as noted here—V.
145, p. 3049—were purchased by
O. W. Haynes & Co. of Columbia.
Due from Oct. 15, 1942 to 1961.
Attorney
SPARTANBURG
COUNTY
r.
awarded to E
on
H
Rollins & Sons, Inc. of
/?'!
Nov. 8—V
145
p
Phtad^L;al'S',
2586
at par
'
Nov. 15, 1937 and due l?Uf?nnto 100-23. a basis of about 2.95%.
$1,000 on Nov. 15 from 1938 to
1946 incl.
The following other bids
were received:
Singer,^Deane
&
InLRate
Scribner, Pittsburgh
Chandler & Co.,
Johnson & McLean,
Pittsburgh
Glover & MacGregor,
Philadelphia..^...
Inc.,
CUMRU
TOWNSHIP
feated the proposed
DONORA, Pa.
h
defeated.
principal only.
Premium
2?
^
on
DISTRICT
(P
O
Mohnton
R
2 election the votem de¬
$95,000 construction bonds.
BONDS DEFEATED—At the
general election on Nov
f ^00,000 sewer and street improvement bonds was
Of the votes, 1,403
approved and 1,805
disapproved.
(P.
O.
Spartanburg),
S.
C.—BOND
Rate of interest to be in
a multiple of
of 1%, and must
The bonds will not be sold for less than
Prm. and int. payable in N ew York.
The success¬
ful bidder will be furnished with the
approving opinion of Reed,
be the
Pittsburgh..52.00
SCHOOL
of
p?™
Dated
3%%
~3#%
^be Nov.
issue
were
OFFERING—Sealed bids will be received until 2 p. m. on Nov.
29, by
R. H. Ashmore, Clerk of the County Board, for the
purchase of an issue of
$130,000 issue of coupon highway bonds.
Interest rate is not to exceed
4H%, payable J. & D.
Denom. $1,000.
Dated Dec. 1, 1937.
Due
$13,000 from Dec. 1, 1945 to 1954, incl. The bonds are registerable as to
same
for all of the bonds.
par and accrued interest.
Washburn, of New York.
Hoyt &
No particular
form of bid is
required but the
must comply with the notice of sale.
Issued under authority of Act
1314, Acts of South Carolina, 1936, and by reimbursement
agreement
made by the South Carolina State Highway Commission
and the County
Board, March 25, 1937.
A certified check for 2% of the bonds bid
for, is
required.
same
No.
.
.
.
-
YORK
COUNTY
(P. O. York), S. C.—BOND ISSUANCE CON¬
TEMPLATED—It is said that $380,000 State
Highway Reimbursement
bonds approved at the last session of the
Legislature may be offered for
sale in
the
near
future.
Volume
Financial
145
3235
Chronicle
WORTH, Texas—BOND SALE—The three issues of coupon
bonds, aggregating $632,500, offered for sale on Nov. 10—V. 145, p. 2733—
awarded jointly to Halsey, Stuart & Co., the Bancamerica-Blair
Corp., and Burr & Co., of New York, as 3Ms, at a price of 100.578, a basis
of about 3.70%.
The issues are divided as follows:
$137,500 hospital, series 65 bonds.
Due from Nov. 1, 1938 to 1967.
275,000 city hall, series 66 bonds.
Due from Nov. 1, 1938 to 1967.
220,000 library, series 67 bonds.
Due from Nov. 1, 1938 to 1967.
A syndicate headed by Brown Harriman & Co., Inc., offered a price of
100.45 for $275,000 3Ms, and $357,500 4s."«
Ml
EFFORT
DAKOTA
SOUTH
SCHOOL
INDEPENDENT
ABERDEEN
DISTRICT (P. O. Aber¬
deen), S. Dak.—BOND SALE—The $150,000 coupon school building bonds
offered on Nov. 5—V. 145, p. 2732—were awarded to a group composed
of Paine, Webber & Co., Chicago, Kalman & Co., St. Paul, Bigelow, Webb
& Co., Minneapolis and Brown Harriman & Co., Chicago, as 3Ms, at par
plus a premium of $2,026, equal to 101.35, a basis of about 3.35%. Dated
Dec. 1, 1937.
Due $7,000 yearly from 1938 to 1947, and $8,000 yearly
from 1948 to 1957.
The C. S. Ashman Co. of Minneapolis bid par plus
$1,875 premium for 3 Ms.
LOAN CANCELLED—It is
PWA
the sale of the above bonds cancels
last August by
the Public Works
reported by the District Clerk that
that was approved
the loan of $165,000
Administration.
INDEPENDENT SCHOOL DISTRICT
TO PWA—The $9,000 issue
BOWDLE
Dak.—BONDS SOLD
S.
(P. O. Bowdle),
of 4% semi.-ann.
purchased
District
building bonds offered for sale on Nov. 5—V. 145, p. 2894—was
by the Public Works Administration, at par, according to the
Clerk.
No other bid was received for the bonds.
SCHOOL DISTRICT (P. O. Elk
Point), S. Dak.—BONDS VOTED—At the election held on Nov. 1, the
voters approved the issuance of the $50,000 in 5% construction bonds by
a
very wide margin, according to the Clerk of the Board of Education.
Dated Nov. 1, 1937.
Due in from three to 20 years,
to It is stated that these bonds are to be offered for sale during this month.
POINT
ELK
INDEPENDENT
OFFERING—Sealed bids will be received until
C. Schlepp, for the purchase of an $18,000
Denom. $1,000.
Dated Nov. 23, 1937.
Due $1,000 from Nov. 23, 1939 to 1956 incl.
The bonds are optional on
any interest date.
Prin. and int. (M. & N.) will be payable at a place to
be designated by the purchaser.
These bonds are issued under-authority
of Section 6415, Chapter 188, of the Laws of the State, 1931, and were
approved by the electors on Oct. 19—V. 145. p. 2894.
Legality approved
by Lakeman & Mickelson, of Java.
A certified check for 2% of the amount
WJAVA, S. Dak.—BOND
8 p. m. on Nov. 23, by Mayor A.
i ssue of 5% water system bonds.
of bonds must accompany
1939
1950.
o"f
of)—BOND SALE—The $1,000,000 issue
refunding bonds offered for sale by the Rural Credit Board on Nov. 9—
V. 145, p. 3049—was awarded to a syndicate composed of Phelps, Fenn &
Co., Stranahan, Harris & Co., Inc., Eldredge & Co., E. H. Rollins & Sons,
Inc., R. H. Moulton & Co., and Harold E. Wood & Co. of St. Paul, as
3Ms, at a price of 100.01, a basis of about 3.87%.
Dated Nov. 15, 1937.
SOUTH DAKOTA, (State
Due
Nov. 15, 1947.
on
BONDS
FOR
OFFERED
INVESTMENT—The successful bidders resubscription priced to yield 3.65% to
offered the above bonds for general
maturity.
We
were
(P. O. Kaufman), Texas—BONDS
School Fund is said to have purchased
LAWRENCE SCHOOL DISTRICT
SOLD—The
Permanent
State
$6,000 4% semi-ann. school building
bonds.
►^MISSTOnTTe^s—BONDS^XCHANGELh^lt is stated by R.'J. Rome,
City Secretary-Treasurer, that the city has exchanged $401,500 of the
$475,500 refunding bonds with the original holders, under
ated in August, as noted in these columns at the time—V.
MONTGOMERY COUNTY
(P. O. Conroe),
the plan formu145, p. 1625.*
Texas—BOND SALE—
145,
Worth
2.24%.
of hospital bonds offered for sale on Nov. 8—V.
2895—was awarded to the State Investment Co. of Fort
as
2Ms, paying a premium of $13.80, equal to 100.011, a basis of about
Dated Dec. 1, 1937.
Due $25,000 from Dec. 1, 1938 to 1942-, inclusive.
The $125,000 issue
p.
CREEK
PAINTED
RURAL HIGH SCHOOL DISTRICT, Texas—
is scheduled for Nov. 20 at which a pro¬
BOND ELECTION—An election
posal to issue $35,000 school building
vote.
Anahuac),
have been
bonds will be submitted to a
POINT COMMON SCHOOL DISTRICT (P. O.
Texas—BONDS SOLD—It is reported that $3,000 school bonds
SMITH
purchased by the State
Board of Education.
O. Tenaha) Texas—BONDS
bonds has been purchased by the
report.
SCHOOL DISTRICT (P.
SOLD—An $18,000 issue of school building
TENAHA
StateJBoard of Education, according to
the bid.
ROSCOE, S. Dak.—BOND OFFERING—John L. Fetzer, Town Treas¬
urer, will receive bids on Nov. 15 for the purchase of an issue of $6,000 5%
water works system bonds.
Denom $500.
Dated Nov. 1,1937. Interest
payable May 1 and Nov. 1.
Due $500 yearly on Nov. 1 from
to
were
informed by the head of
the successful syndicate on
Nov. 12
sold to investors.
named members a group of
that the above bonds had all been
Minesota banks and
Wells-Dickey Co. of Minneapolis, participated in
In addition to the above
dealers, headed by the
the successful bid for these bonds.
UVALDE
INDEPENDENT SCHOOL DISTRICT*(P.
SALE—The $50,000 issue of 4% semi-ann.
Texas—BOND
offered for sale on Nov. 9—V. 145, p. 8050—was
State Bank of Uvalde, at a price of 105.00, a basis of
Dec. 15, 1936.
Due from Dec. 15,
O/'Uvalde],
school bonds
awarded to the First
about 3.60%. Dated
1938 to 1967.
VICKERY, Texas—BONDS SOLD—It is stated that
ing bonds approved by the voters on Aug. 14, as noted
the $80,000 build¬
here at that time,
have been sold.
Texas—BOND
WEATHERFORD,
C.
E.
Canafax,
ELECTION—We are informed by
be held on Nov. 23
exceed 5% semi-ann.
Due serially over a 30-year period.
City Auditor, that an election will
issuance of $600,000 in not to
in order to vote on the
electric light and water system
bonds.
PLACE (P. O. Houston) Texas—BONDS NOT
SOLD—The $100,000 issue of sewer revenue bonds offered on Nov. 5—-V.
145, p. 3050—-was not sold as no bids were accepted pending a further
consideration of rates to be charged for sewer connections, according to
Harvey T. Fleming, City Secretary. Dated Dec. 1, 1937. Due from Jan.
1939 to 1958 redeemable at par after Jan. 1, 1944.
WEST UNIVERSITY
1,
TENNESSEE
$25,000
OFFERING—Sealed bids will be re¬
Town Recorder, for
city hall bonds. Bidders to
of M of 1%.
Denom. $1,000.
Dated Oct. 1, 1937.
Due Oct. 1 as follows: $1,000, 1938 to 1942, and
$2,000, 1943 to 1952, all incl.
Prin. and int. (A. & O.) payable at the
First National Bank, Centerville, or at the office of the Town Treasurer.
Tenn.—BOND
CENTERVILLE,
ceived until 10 a. m. on Nov. 26,
by James R. Brown,
NEWPORT NEWS,
purchase of a $25,000 issue of coupon
name the rate of interest, stated in a multiple
the
Due December,
F. W. CRAIGIE
accrued interest.
Authorized by Sec¬
of Tennessee, 1932; authorized at an election
7.
A certified check for $500, payable to the Town,
must accompany the bid.
(These bonds were offered for sale on Oct. 29, without success, as noted
in these columns—-V. 145, p. 3049).
Bids
must
be for at least par and
tions 3696 to 3798 incl., Code
by
DISTRICT (P. O. Dyer),
DYER SPECIAL SCHOOL
Tenn.—BOND
5% semi-ann.
here—V. 145,
CANCELED—The $50,000 issue of not to exceed
be offered on Nov. 8, as noted
p. 3049—-was not sold on that date as the sale was called off.
1937.
Due from 1939 to 1967.
SALE
building bonds scheduled to
MARYVILLE, Tenn.—BOND
Dated Nov. 1,
OFFERING— Sealed bids will be
received
J. I. Walker, City Recorder, for the purchase
semi-ann. building bonds.
Dated Nov. 15,
Due from 1938 to 1953.
These bonds were approved by the voters
until 7 p. m. on Nov. 15, by
of an $85,000 issue of 3M%
1937.
at an
election held on Oct. 30.
O. Spencer), Tenn.—BOND OFFERING
C. R. Safley, Chairman of the County Court, will
22, for the purchase of a $20,000 issue of
VAN BUREN COUNTY (P.
is reported that
—It
bids until Nov.
receive sealed
school bonds.
TEXAS
VIRGINIA
ESTIMATED
budget hear¬
the budget, ex¬
$5,000,000 in its
in reply to a
Combs said his
official estimate was $4,651,000, but that this was conservative.
Governor George C. Peery asked the Comptroller if in making his esti¬
mate he had considered the possibility of some recession in the tide of
Combs replied that he had.
expenditures, he said, are due to savings in interest charges
refunding notes and also to fewer Confederate pensioners,
some other reductions.
Interest charges will be decreased as much as
$260,000 in the second year of the next Diennium.
increased business, and Mr.
Decreases in
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
SPRING
Texas—BONDS VOTED—At a recent election the
approved a proposal to issue $27,000 gas system revenue
BOGATA,
voters
bonds.
and
by reason of
and will be offered for sale at once.
of Bogata
(Drumhdkr; Ehrltchraan & HHub
[SAN FRANCISCO
SEATTLE 1 ^
Angleton), T ex.—AMOUNT OF BONDS
BEFORE VOTERS—The amount of the bridge bond issue which is to be
submitted to a vote on Nov. 20 is $300,000, not $3,000,000 as reported in
BRAZORIA COUNTY (P. O.
our
Tel. Rich. Va. 83
VIRGINIA, State of— SURPLUS ON JUNE 30 1938
AROUND $5,000,000—State Comptroller E. R. Combs, at a
ing before the Governor and the advisory committee on
pressed the belief that Virginia would have a surplus of
treasury on June 30, next.
His statement in this regard was
question from State Senator Aubrey G. Weaver.
Mr.
BENAVIDES, Texas—BONDS TO BE OFFERED—It is stated by Mayor
$140,000 water and sewer revenue bonds approved
by the voters last August, have been approved by the (Attorney General
INDEPENDENT SCHOOL DISTRICT (P. O. Big
Spring), Texas—BONDS VOTED—At the general election the voters ap¬
proved the issuance of the $65,000 in 5% construction bonds by a wide
margin, according to the Secretary of the Board of Education.
A. T. T.
Phone 3-9137
J. M. Momeny that the
BIG
& COMPANY
Richmond, Va.
count of 310 to
a
Va. Street & Sew. 5y2s
1950 @ 5.25% & int.
Teletypes
SEAT 187. SEAT 188
ITeletype SF 2901
columns.
SCHOOL DISTRICT (P. O. Caddo Mills), Texas—
stated by Joe E. Morrison, Superintendent of Schools,
gymnasium bonds approved by the voters on Aug. 17, were
the State Department of Education.
ADDITIONAL BOND PURCHASE—It is also stated by Mr. Morrison
that $17,000 4% semi-ann. refunding bonds were sold to the BrownCADDO MILLS
WASHINGTON
BONDS SOLD—It is
that $45,000
taken up by
SCHOOL DISTRICT (P. O. Celeste), Texas—BONDS
SOLD—The State Board of Education is reported to have purchased $10,000 building and gymnasium bonds approved by the voters at an elcetion
CELESTE
held
on
June 12.
HARDIN ROAD
Texas—BONDS
issue of road
the County
Due $9,000 annually from Mar. 1,
DISTRICT NO. 1 (P. O. Kountze),
SOLD—It is stated by the County Judge that the $225,000
bonds offered on Sept. 27—V. 145, p. 1941—has been sold to
Dated May 15, 1937.
without prior option.
Sinking Fund.
1938 to 1962, incl.,
HENDERSON
INDEPENDENT SCHOOL
DISTRICT (P. O. Hen¬
Trustees
derson), Texas—BONDS SOLD—The Secretary of the Board of
$37,500 of the $75,000 ouilding bonds approved by the voters
last April, as noted here, have been purchased by the First National
Henderson, as 3Ms.
He says that the remainder of the issue is expected
to be sold at private sale.
Dated June 1, 1937. The entire issue matures
as follows: $3,000,
1938 to 1942; $3,500, 1943 to 1947; $4,000, 1948 to
1952, and $4,500, 1953 to 1957; optional after 10 years.
states that
Bank of
IRELAND
SOLD—The $4,000 sewer
not sold, as no bids were
Dallas.
Crummer Co. of
WENATCHEE
EAST
SEATTLE,
provement district
Texas—BONDS CALLED—'The City Treasurer
called for payment on Nov. 1, at the Austin National Bank,
LAREDO,
have
the following
is said to
in Austin,
bonds:
$24,000 storm sewer
bonds.
Dated Oct. 1, 1914.
Due in 1954, optional
in 1934.
74,000 school bonds.
6.000 bridge bonds.
Dated Jan. 1, 1916. Due in
Dated Sept. 1, 1915. Due in
1956, optional in 1936.
1955, optional in 1935.
bonds.
W. Carroll, City Comp
the purchase of $500,000
bonds. Denom. $1,000. Dated
Feb. 1, 1938.
Interest payable Feb. 1 and Aug. 1. Principal and interest
payable at the fiscal agency of the State of Washington in New York, or
at
the City Treasurer's office.
Due in four equal annual instalments
beginning in 1945.
Certified check for $25,000 required.
Legality
approved by Thomson, Wood & Hoffman of New York.
SEATTLE, Wash.—BOND OFFERING—H.
troller, will receive bids until noon Dec. 31, for
coupon or
registered water improvement
SALE—
8—V. 145,
only bidder, at
WAHKIAKUM COUNTY (P. O. Cathlamet), Wash.—BOND
$100,000 general obligation bridge bonds offered on Nov.
3050—were awarded to the State of Washington, the
par.
Due serially within 15 years.
The
p.
SCHOOL DISTRICT (P. O. Ireland) Texas—BONDS
the Secretary of the Board of Education that $6,000
$3,600 to the State Board of
Wash .—BOND CALL—H. L. Collier, City Treasurer, is
for payment from Nov. 4 to Nov. 17, various local im¬
said to be calling
WEST
SOLD—It is stated by
gymnasium bonds have been sold as follows:
Education, and $2,400 to Coryell County.
(P. O. Wenatchee), Wash.—BONDS NOT
bonds offered on Nov. 6—V. 145, p. 2895—were
received.
VIRGINIA
VIRGINIA, State of—BOND OFFERING— Sealed
received until 10 a. m. on Nov. 13, by Burr H. Simpson, State
missioner, for the purchase of a $360,000 issue of 3M%
WEST
bids were
Road Com¬
Parkersburg-
Belpre,
Marietta-Williamstown,
St. Marys-Newport bridge revenue.
bonds. Coupon bonds in $1,000 denomination, registerable
Project No. 4
$20,000,
principal only. Dated July 1, 1937. Due on July 1 as follows:
1939 to 1941; $25,000, 1942 to 1947, and $30,000, 1948 to 1952.
are callable on any interest period after three years from date of issue
as
to
The bonds
at a
3236
Financial
Chronicle
premium of 3%, and will bear interest at the rate of 3*A% or in any lesser
rate which is a multiple of M of 1 %.
A part of the issue may bear one rate
and a part a different rate.
Not more than two rates may be considered
in any one bid.
The lx>nds will be sold to the bidder offering to take the
bonds bearing the lowest interest rate and to pay the highest price offered
fr»f
K/iii/ifl
hpiarino1'
Principal and
1937
13
Canadian Municipals
fatA
semi-annual'interest
Nov.
Information and Markets
(July 1 and Jan. 1) payable in lawful
money of the United States of America at the office of the Treasurer of the
State of West Virginia, or, at the option of the holder, at the National
City
Bank In New York City.
■
These bonds are issued under authority of the Official
Code of West
Virginia known as Article 17 of Chapter 17 of the Official Code of West
Virginia 1931. and under authority of Acts of the Legislature of the State of
West Virginia, known as Chapter 1 of the Acts of the Legislature of West
Virginia, Extraordinary Session of 1932, Chapter 40, Acts of the Legislature
of West Virginia, First Extraordinary Session of 1933, and
Chapter 26,
Acts of the Legislature of West Virginia, Second
Extraordinary Session
RRAWLEY, CATHERS & CO.
^
25
KING ST.
ARTHABASKA,
This, the unsold portion of a total authorized issue of $1,820,000.00, for
purpose of acquiring the St.
Marys, West Virginia, and Newport
Township, Ohio, bridge, will constitute a closed mortgage under which no
more bonds may
be issued, $1,460,000.00 having already been issued to
acquire the Parkersburg-Belpre and Marietta-Williamstown bridges.
as
3Ms. at
a
1 to 30 years.
The successful bidder submitted an alternative tender of
98.17 for the first fifteen maturities as 3^s and the remainder as 4s.
The
following other bids were for the same combination of rates; La Banque
Canadienne
Operating Expenses for all Three Bridges
__
—
$252,849.00
30,000.00
Balance available annually for interest and sinking
fund—..$222,849.00
Estimated amount required annually for interest for entire issue.
57,700.00
Average amount required annually for retirement of bonds—121,300.00
Annual interest requirement as above will Iks reduced with each annual
retirement of bonds.
These bonds are payable solely from a special fund
administered by the State Sinking Fund Commission of West
Virginia, into
which shall be paid monthly tolls and other revenues collected for the use
of said
bridges, after deducting therefrom maintenance and operating
expenses.
Tolls are to be collected, for the use of said bridges and payment
made into said special fund until all of the bonds issued shall have
been paid
or a sufficient sum of
moneys accumulated in said fund to provide for their
payment.
^
Each bid must be accompanied by a certified check
upon a bank or trust
company for 2% of the face value of the bonds bid for, payable to the order
of the State, for security for the performance of such bid and
as liquidated
damages in case a successful bidder fails to take up and pay for the bonds.
The bonds cannot be sold at less than par and accrued
interest.
Purchasers
will be required to pay accrued interest to the date of
delivery.
Delivery
will be made in New York City.
The purchaser will be furnished with the
final approving opinion of
Chapman & Cutler, Attorneys of
111., but will be required to pay the fee for approving said bonds.
Chicago,
WISCONSIN
Ont —BOND SALE DETAILS— In purchasing during
October an issue of $90,000 4% 20-instalment school
bonds, Isard, Robert¬
son
& Co. and Goulding, Bulmer &
Co., both of Toronto, paid a price
of 100.113.
BARRIE,
serial bonds
of 101
columns
recently— V. 145, p. 2734—were sold as 3s, paying a premium of
$650.00, equal to 101.30, a basis of about 2.83%.
Due from Feb. 1, 1938
DANE
COUNTY (P. O. Madison), Wis.—NOTE OFFERING—It is
by Austin N. Johnson, County Clerk, that he will sell at public
auction on Nov. 16, at 10 a. m., a
$400,000 issue of l}4% corporate pur¬
notes.
Denominations to be designated by the purchaser and the
Chairman and the Audit Committee of the
County.
Dated Nov. 16, 1937.
Due on June 15, 1938.
Interest payable at maturity.
Prin. and int. pay¬
able in lawful money at the
County Treasurer's office.
Notes and legal
opinion to be furnished by the purchaser.
A certified check for
pose
$1,000
any
bid is offered.
VOTED—At
an
election held
on
Oct. 26
Hartford), Wis.—BONDS
the voters
are
said to have ap¬
proved the issuance of $100,000 in high school addition bonds.
LA CROSSE COUNTY
(P. O. La Crosse), Wis.—NOTES SOLD—It
is reported that
$200,000 corporate purpose notes have been purchased
the Midland Securities Co. of
Chicago, paying a premium of $400.00.
by
MANITOWOC COUNTY (P. O. Manitowoc), Wis.—BOND SALE—
$110,000 3% coupon road bonds offered on Nov. 8—V.
145, p. 2734—
The
BOURGET
awarded to the Marshall and
Ilsley Bank of Milwaukee at par plus
premium of $5,726, equal to 105.205, a basis of about
1.85%.
Dated
1, 1937.
Due Mar. 1, 1942.
Halsey, Stuart & Co. of Chicago
offered a premium of $5,390 for the issue.
a
WAUKESHA COUNTY (P. O.
Waukesha), Wis.—BOND OFFER¬
ING—Sealed bids will be received until Nov.
16, by the County Clerk, for
the purchase of a
$250,000 issue of 2}4% semi-ann. court house and jail
addition bonds.
Dated April 1, 1937.
Due on April 1 as follows:
$75,000
in 1940, and $25,000 from 1941
to 1947, inclusive.
WEST ALLIS, Wis.—BOND SALE—'The
$200,000 school bonds of¬
on Nov. 6—V.
145, 2896—were awarded to John Nuveen & Co. and
A. S. Huyck & Co., both of
Chicago, as 3s, at par plus a premium of $2,096.96, equal to 101.048, a basis of about 2.88%.
Dated Oct. 1, 1937.
Due $10,000 yearly on Oct. 1
from 1938 to 1957.
The second highest bid was an offer of 100.57 on
3s, submitted by T. E.
Joiner & Co., Paine, Webber &
Co., and the Channer Securities Co.
The bonds were reoffered for
public subscription at prices to yield from
1.25 to 3%, according to
maturity.
a cost
basis of about 3.15%.
TOWNSHIP,
Que.—BANK
INTEREST PAYMENT—
to
deposit funds in the Banque Canadienne Nationale, at Jonquiere, suf¬
ficient to cover payment of Mar. 1,1937, coupons and interests from
Sept. 1,
1936 to Mar. 1, 1937, and interests from Dec. 1, 1936 to June
1, 1937, on
past due securities.
Non-registered holders are urged to communicate
with Secretary-Treasurer
coutimi, Que.
CAMPBELLTON
Ed.
Gauthier,
La
Decharge,
df Chi-
County
\
SCHOOL
■'
DISTRICT,
N. B.—PRICE PAID—In
issue of $45,000 4% 20-year school bonds,
purchasing during September an
W. C. Pitfield & Co. and Irving, Brennan &
Co., both of Toronto, paid a
price of 98.67,
CANADA,
Dominion
of—TREASURY
BILLS
SOLD— On
behalf
latest
sale
matches
a
000,000 the total of treasury
maturity and leaves
bills outstanding.
JOLIETTE, Que—BONDS NOT SOLD—'The
improvement
bonds
withdrawn from
scheduled
the
market.
for
sale
Dated
Nov.
Nov.
unchanged
issue
at
$150,-
of $45,000
3K%
145, p. 3050—was
1937, and due serially in
8—V.
2,
30 years.
LATERRIERE,
Que.—BOND
INTEREST
PAYMENT—'The
village
has been authorized by the Quebec Municipal Commission to
deposit in
the Banque Canadienne Nationale at Chicoutimi funds sufficient to
provide
payment of Nov. 1, 1937, coupons and interest from May 1 to Nov. 1,
1937, on bonds matured Nov. 1, 1934, 19,35 and 1936.
Non-registered holders are urged to communicate
Treasurer Roland Fournier, Laterriere, Que.
with
Secretary-
MOOSE JAW. Sask.—DECLINES TO PAY DEBT SERVICE PENDING
SUBMISSION OF REFUNDING PLAN— The City Cou _cil is reported to
have
decided by resolution to refuse to pay either principal or interest
charges on the city's debt after Dec. 31, 1937, unless a refinanceing pro¬
is presented by bondholders.
In this connection, it is also stated
gram
that the council has decided to ask the Saskatchewan Local
Government
Board to relieve it of responsibility of levying debt service taxes.
Follow¬
ing
inquiry last March into the city's financial condition, the board
a 40% reduction in interest rates on the
city's capital indebtedness.
Fortin, Secretary of the Dominion Mortgage and Investments Asso¬
ciation, agreed at the inquiry to present an alternate plan of refinancing,
it is said.
No plan has yet been submitted.
an
ordered
J. E.
PRESQU'ILE PARK COMMISSION
(P.
O.
Village of
Brighton),
Ont.—BOND OFFERING—Frank R. Whitton, Secretary, will receive
sealed bids until Nov. 15 for the purchase of $2,500
4% bonds, payable in
20 years.
Interest payable annually on Sept. 1 at the Canadian Bank of
Commerce, Brighton.
Payment of principal and interest is fully guaranteed
by the Province of Ontario.
Coupon bonds
QUEBEC (Province of)—$10,000,000 LOAN RENEWED—Premier
Maurice Duplessis announced Nov. 2 renewal of a
$10,000,000 loan held
by the Bank of Montreal.
The debt was renewed at l%% interest to
mature May 1, 1938.
ST.
fered
offered
HYACINTHE, Que.—BOND SALE—'The issue of $47,000 bonds
on
Nationale
Nov. 2—V. 145, p. 2896—was awarded to
Banque Canadienne
Dated Nov. 1, 1937 and due Nov. 1,
as 4s, at a price of 100.13.
1959.
Other bids were as follows:
Bidder—
L.
G.
Beaubien
&
Co—
McTaggart, Hannaford & Co
Rate Bid
99.95
—
-
99.81
°* Cneyemle and Geor&e
Vallery & Co. of Denver, jointly,
$56,000 building bonds.
Due as follows: $2,000, 1940 to
1942, and $2,500
1943 to 1962; optional 15
years after date.
6,000 funding bonds.
Due $500 from 1951 to
1962; optional 15 years
after date.
The Stockgrowers National Bank of
Cheyenne bid 101.62.
The bonds will bear interest at
3
K %, making the net yield about 3.32%.
HOT SPRINGS COUNTY
(P. O. Thermopolis), Wyo.—BOND SALE
—The $60,000 issue of court house
bonds offered for sale on Nov. 4—V.
145, p. 2896—was purchased by a
group composed of the American National
Bank, the Stockgrowers National Bank, both of
Cheyenne, and Geo. W.
Vallery & Co. of Denver as 3%s, according to the County Clerk. No
other bid was received.
Due $4,000 from 1942 to 1956;
optional in whole
or in part at
any time after five years.
LANDER, Wyo.—BOND
CALL—All of the outstanding
4^% general
obligation refunding bonds, dated Dec. 1,
1927, due on Dec. 1, 1957, op¬
on Dec.
1, 1937, being Nos, 46 to 76, for $1,000 each, and Nos.
78
to 90, and 92 to 96, for $500
each, are being called for payments on Dec.
1,
and will be redeemed at
par, interest ceasing on and after date called.
Bonds should be presented at the American
National Bank, Cheyenne.
tional
RAWLINS, Wyo.—BONDS PUBLICLY OFFERED—Edward L. Burton
& Co. of Salt Lake City, are
offering for general investment $60,000 3H%
water bonds.
Denom. $1,000.
Dated June 1,
1937.
Due
on Dec.
1 as follows: $20,000, 1938;
$10,000, 1939, and $15,000 in 1940
and 1941.
Prin. and int.
refunding
(J. & D.) payable
Legal approval by Myles P.
at the City Treasurer's office.
Tallmadge, of Denver.
WWHEATLAND, Wyo.—BOND
gation bonds
are
date interest will
CALL—The following 4J^% general obbeing called for payment at par, on Dec. 1, on which
cease:
Nos. 1 to 12, of sewer
refunding bonds.
office.
Nos. 1 to 35, of water
National Bank, Cheyenne.
Denom.
able
on
$1,000.
Dated Dec. 1,
1, 1937.
Dec.
Payable at the Town Treasurer's
refunding bonds.
1927.
Due
Payable
on
99.52
99.50
J. E. Laflamme & Co
CAMPBELL COUNTY SCHOOL DISTRICT
NO. 1 (P. O. Gillette),
Wyo.—BOND SALE—The $62,000 bonds described
below, which were
offered on Nov. 8—V.
145, p. 2734—were awarded to the American Naatl02-
Credit Anglo-Francais
Societe de Placements
Savard, Ltd
WYOMING
Dec.
at
the
American
1, 1957, redeem¬
of
the Finance Department, the Bank of Canada announced on Nov. 12 the
sale of $25,000,000 Treasury bills at an average discount
price of 99.79475,
to yield 0.816%.
The last previous sale of a similar amount of bills on
Oct. 29 brought 99.80358, to yield 0.781%.
were
Sept.
SALE—An issue of $50,000 31-5 year
sold Nov. 8 to J. L. Graham & Co. of
Toronto, at a price
The township has been authorized by the Quebec
Municipal Commission
1952.
stated
Ont —BOND
was
and-interest,
This
CITY OF MAUSTON AND PARTS OF THE TOWNS OF
LEMONAND LINDINA, JOINT SCHOOL DISTRICT NO. 1
(P. O.
Mauston), Wis.—PRICE PAID—It is now reported that the $50,000
school building bonds purchased by the Bank of
Mauston, as noted in these
:/
AYLMER,
WEIR
deposited before
Nationale, 98.03; La Banque de Montreal, 96.25; J. E. La-
flamme & Co., 95.40.
Average annual reported gross earnings for the past five years.
Estimated annual operating expenses under State operation.
HARTFORD SCHOOL DISTRICT (P. O.
Que—BOND SALE—The issue of $45,000 bondsl4o, p. 2734—was awarded to Credit Anglo-Francais,
price of 95.78.
Dated Oct. 1, 1937 and due serially in from
offered Nov. 3—V.
the
must be
ELGIN MS8
CANADA
of 1933.
to
WEST, TORONTO
99.72
98.52
RIVIERE-du-MOULIN, Que.—BOND INTEREST PAYMENT—'The
Quebec Municipal Commission has authorized the village to deposit in the
Banque Canadienne Nationale, Chicoutimi, sufficient funds to cover
payment of coupons of Nov. 1, 1937, and interest from May 1 to Nov. 1,
1937, on bonds matured May 1, 1934, 1935, 1936, and 1937.
Nonregistered holders
are requested to communicate with
J. A. Ouellette, Riviere-du-Moulin, Que.
Secretary-Treasurer
1
SASKATCHEWAN (Province of)—DOMINION TO WRITE
OFF% 17,000,000 RELIEF DEBT—Under the terms of a general scheme of debt
adjustment in the drought area of Saskatchewan, the Dominion
ment will write off
govern¬
$17,000,000 of debt due to the Dominion from Saskatch¬
by Attorney-General T. C. Davis of Saskatchewan
recently.
The write off will be made in recognition of the Dominion Gov¬
ernment's responsibility for relief of residents of the province's
drought area.
As a result, the public debt of the province will stand at
roughly $180,000,000, or an increase of $20,000,000 since the present government was
returned to office, he declared.
Negotiations have not been completed
ewan, it was announced
and details were not announced.
WALKERVILLE, Ont.—RATE PAYERS OPPOSE BOND EXCHANGE
PLAN—AMALGAMATION CYANENGED—In a letter issued
recently
the Property Owner's Association of
Walkerville, Ont., is urging all de¬
benture holders not to exchange their present debentures for the
new ones
offered under the plan of reorganization, which followed the
amalgama¬
tion of the Border Cities
municipalities into the city of Windsor.
The
Court of Appeal of Ontario is now
considering the challenge made in the
courts early last year of the
validity of amalgamation and the powers of a
province "forcibly to compel the municipalities' creditors to
accept some¬
thing less than their debtors had agreed to pay".
Surrender of debentures now might involve the
signing away of rights
to enjoy "the
right to the old contract rate of interest and more satis¬
factory terms of principal repayment," states the Association.
The reference to what "the debtors had
agreed to pay" is explained by
saying that in 1934 debenture holders agreed to city proposals for an ex¬
tension of maturity of all debentures
by five years, interest rate to be
maintained, and $100,000 to be set up in place of the contract sums to
retire debentures.
YORK TOWNSHIP, Ont.—INCREASE IN TAX
COLLECTIONS—In¬
creased tax collections of $218,683 in the first nine
months of this year
compared with last year, were reported by C. M.
Wrenshall, York town¬
ship Treasurer.
Of the total roll of $2,721,828, which is
nearly $600,000
higher than last year, approximately $1,570,323 has been
paid in five in¬
stalments, the treasurer reported.
•
@FedFRASER